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The study tested the response of stock prices around the dividend declaration dates in Pakistan stock exchange. It estimated the data of 1110 dividends announced by 91 firms of the highest ten active sectors of Pakistan Stock Exchange. To empirically investigate the relationship between stock returns and dividend announcement, the panel regression was employed by creating dummy variables for 61 days around the dividend declaration dates. Cumulative average abnormal returns and average abnormal returns were also stimated around the events with the help of event study methodology. Outcomes of the empirical analysis revealed strong evidence of market abuse in the term of insider trading and supported the argument of the information content hypothesis and semistrong form of efficient market. Moreover, the study also found a robust impact of the probable ex-dividend date. The study recommended that it is a responsibility of stock exchange regulatory authorities, whistleblowers, registered companies, and the investors collectively to detect and punish this white-collar financial crime.

City zones have become increasingly overcrowded due to the extensive population widening ratio and the swift relocation of people from villages. The traffic monitoring process is a significant issue in these areas due to the massive traffic flow on the roads. This research proposed a cluster-based improved authentication and communication protocol for an Intelligent Transportation System in Vehicular AdHoc Networks (VANETs). Our primary objective is to optimize resource sharing in vehicular communication. We enhanced the reliability, scalability, and stability of fast-moving VANETs by introducing cluster-based routing protocols for Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communications. We used a third-party certification authority for vehicle authentication to address security and privacy concerns. Our proposed protocol support minimizes the end-to-end (E2E) delay and route request and reduces link failure. Our protocol’s leading yield includes throughput enhancement, TCP Socket Initialization time minimization, TCP handshake response speedup, and DNS lookup improvement. The protocols are centered on short-range peer-to-peer (P2P) wireless communication in a 400 m radius cluster. They include innovative P2P wireless communications on VANET using minimized resources. The proposed protocols deliver a secure authentication mechanism with a securely generated vehicle authentication key provided by a certification authority. Furthermore, we have developed RESTful APIs in vehicular communication for implementation purposes and also offered and implemented algorithms for resource sharing regarding V2V and V2I communication. Ultimately, we evaluated the performance of our experiments.

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