“…The trading of shares on the KSE has continued to increase in 1990s following the liberalisation policy of 1991 (Kemal et al, 2002;Ahmed and Javid, 2009). However, trading declined again at the end of 2009 after the enactment of a new Code of Corporate Governance whose requirements were not satisfied by some firms (Mir and Nishat, 2004;Shaheen and Nishat, 2005;Iqbal, 2012;. During the last 10 years, the KSE achieved tremendous growth rates despite the deteriorating law and order situation in the country (Husain, 2005(Husain, , 2008(Husain, , 2009(Husain, and 2010.…”