Since 1987 many stock markets of the world have experienced volatility. This has been true of many emerging stock markets. Our study of daily stock market data from Pakistan between June 1987 and May 1993 finds the results to be consistent with the impression of great volatility and...

In this study, data relating to construction firms of five developing countries are analysed to explore the possibilities of substitution between capital and labour and between skilled and unskilled labour. The study concludes that, in general, both the elasticities are quite low.