This study examined the long-run and causal relationships between international tourism, biodiversity loss, environmental sustainability, and specific growth factors under the premises of sustainable tourism in Austria, by using a consistent time series data from 1975 to 2015. The results reveal that inbound tourism, per capita income, and population density affected the potential habitat area while population density largely affected the food production in a country. Inbound tourism and population density both deteriorate the environmental quality in a form of increasing carbon dioxide (CO) emissions and fossil fuel energy consumption while per capita income reduces the fossil fuel energy consumption. Food exports increase per capita income, while food imports and population density both decrease economic growth. Inbound tourism and economic growth advance population density while forest area and food exports decrease the population density. The study supports growth-led tourism and growth-led food production in a country.

The study aims to explore the effect of behavioral biases on financial decision making in the real estate sector of Pakistan. The data of a sample of 244 real estate investors are collected through a survey carried out using different sources. The findings of the study show the relationship of different biases, including overconfidence, herding effect, gambler’s fallacy, and regret aversion on prices of real estate. Real estate prices are more affected by overconfidence and gambler’s fallacy than herding effect and regrets aversion bias in Pakistan. The findings furthermore reveal that these biases do not depend on gender, education, and demographics. It is recommended to carefully consider the market factors while making decisions in real estate, as the prices do not always show the real value of the property.

This study aims to determine the firm and sector efficiency using data envelopment analysis for 121 listed firms, 3 from 2004 to 2016. Based on the efficiency score of 1 and 0, DEA analysis results indicate that 10% firm was highly efficient in the whole sample, 80% are semi-efficient in selected sectors and 10% slightly inefficient. Thus, we can conclude that all firms are not equally efficient. Also, the study used a Logit/ Probit Regression model, and results indicate that the brand value and type of sector has a positive impact on firm efficiency. The study concludes that Brand value increases firm efficiency, so managers should put more focus on building firm brand value.

This study examines the impact of macroeconomic variables on stock returns of Pakistan, India and Sri Lanka for the period of 1997-2014. GMM approach is used to analyze the impact of macroeconomic variables on stock returns. Variables of the study were T-Bills, Exchange Rate, Consumer Price Index (CPI) and the Industrial Production Index (IPI). The results of study show that T-bills rate has significant negative impact while Exchange rate has a significant positive impact on the Stock Returns of the study period.