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Post Draw Effects of Prize Bonds’ Investment on Bullion Returns

Malik Ghulam Shabbir Rabbani () and Babar Zaheer Butt ()
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Malik Ghulam Shabbir Rabbani: University Professor, Riphah International University, Islamabad, Pakistan
Babar Zaheer Butt: Post Doctorate Research Fellow, Tohoku University of Community Service & Science, Sendai, Japan

Public Finance Quarterly, 2021, vol. 66, issue 1, 291 - 302

Abstract: The study was conducted with the view to test the impact of cash out flow from Prize Bond market to Gold and Silver markets as a result of formers’ 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 were quite different in AR & CAR calculations and AAR result was entirely drifted away from both the hypotheses. A few denominations showed significant results in Gold and Silver Markets in AR & CAR. However, in AAR neither of the variables showed significant results. So, both the hypotheses of having different returns on prize bond draw dates in Gold and Silver markets were not supported.

Keywords: Prize Bond; Gold; Silver; Undocumented Economy; Tax (search for similar items in EconPapers)
JEL-codes: G14 G18 G23 G41 (search for similar items in EconPapers)
Date: 2021
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