The study tests the relationship among stock markets of selected developed countries and Pakistan stock market for 12 years from the period Jan. 1994 to Dec. 2016. The objective of this research is to analyze the long-run relationship of stock markets of USA, Japan, and Australia with Pakistan stock market. Researcher includes KSE 100 Index as dependent variable and S&P 500, ASX 200, and Nikkei 225 as independent variable for this particular study and applies Augmented Dickey-Fuller Test (ADFT), Co integration test, OLS regression and VECM test on secondary data of weekly index prices with total observation of 1200 to find out long run and causal relation between selected variables. Results of models indicate that models are valid and are applicable in the stock markets of selected countries. By applying these tests researchers conclude that all independent and dependent variables have a positive and significant relationship during the proposed period of this particular study.

The objective of this study is to investigate the effect of human resource management (HRM) functions on innovation capabilities through mediation of intellectual capital. This study has also tried to examine the effect of HRM practices on both components of intellectual capital: human and social capital. This study has been carried in the hotel industry of Pakistan. A random sample of 300 hotel HR managers was collected in Lahore, Pakistan. Structural equation modeling is used to analyze the most important relationships. Findings show that HRM practices: recruitment and selection, training and development, and information technology are positively related to human and social capital. Moreover, findings reveal that there is positive relation between human and social capital, and innovation capabilities. Finally, findings show that human and social capital fully mediates the relation between HRM practices and innovation capabilities. These findings could be of greater importance for the companies working in hotel industry. This study could help the managers in realizing that firms can increase competitive advantage based on innovation by managing their intangible assets (human and social capital).