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Post Draw Effects of Prize Bonds’ Investment on Bullion Returns

Author

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  • Rabbani, Malik Ghulam Shabbir
  • Butt, Babar Zaheer

Abstract

The study was conducted with the view to test the impact of cash out flow from the Pakistan Prize Bond market to Gold and Silver markets as a result of the bonds’ draw. The data from July 2007 to June 2019 was selected, which included Returns of Gold and Silver Markets. The data was tested with Event Study and AR, AAR & CAR were calculated. The results of AR & CAR did not endorse both the hypotheses on the basis that significant readings were found both in pre and post draw dates, to rule out any impact of cash flow from Prize Bond market into Gold and Silver markets. Whereas, AAR results were insignificant as such, hence fortifying the inference of rejection of both the hypotheses. So, both the hypotheses of having different returns on prize bond draw dates in Gold and Silver markets were not supported. Though the results were incongruent with the hypotheses, yet study outcomes as such are significant enough to propose regulators to contemplate legislations to fetch more funds from this comparatively cheaper source through enhanced documentation, which ultimately would make the economy more compliant.

Suggested Citation

  • Rabbani, Malik Ghulam Shabbir & Butt, Babar Zaheer, 2021. "Post Draw Effects of Prize Bonds’ Investment on Bullion Returns," Public Finance Quarterly, Corvinus University of Budapest, vol. 66(2), pages 291-302.
    • Handle: RePEc:pfq:journl:v:66:y:2021:i:2:p:291-302
    DOI: https://doi.org/10.35551/PfQ_2021_2_7
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    More about this item

    Keywords

    prize bond; gold; silver; undocumented economy; tax;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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