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It’s Easier Than Ever To Get Government Grants

There are big changes happening with USA Government Grants. Thousands of people receive FREE MONEY from the US Government every month in the form of government grants.

According to the Government Accountability Office there’s over $460 Billion Dollars Available. (and rising!)

If you are an American citizen over the age of 18 you may be eligible for some kind of government grant.

Imagine what you can do with $25,000, $100,000 or more!

- Pay Off Debts
- Buy a Home
- Invest in Real Estate
- Start a Business
- Get an Education

AND… with Your FREE Government Funding Info all you need to do is figure out how much you need
and this information will help you take care of the rest. (click here)

Introduction:

Unsecured loans for people on benefits are the perfect loans facilitator for the people who are unable to earn sufficient money because of inefficiency in their work due to some defaults and living on the benefits provided by social security department. Individuals who need cash can arrange convenient money at a very short notice. You can easily bail you out from the financial crisis when you don’t have enough expenses as expenses provided by dss are not enough to live by and certain unexpected requirement of funds erupt at anytime without any prior knowledge and information. You can achieve the best suitable deal and financial help that you are looking for your unexpected expenses and surely negotiate a better deal.

Advantages:

Loans for people on DSS benefits are perfectly suitable to those individuals who always prefer to go for an unsecured loan as there are risks of loosing the collateral in cases of defaults. These loans require no collateral and it has made the loans one of the most sought after loans. In this loan scheme, there is no risk of loosing your valuable asset or being the repossession of your property. The funds can be used for nay reason and these are designed to support the people who even do not have an employment status. There is no credit checking facility is considered. These loans can be availed by both good and bad credit holders. Even if you have bad credit history due to arrears, defaults, CCJ’s etc you are eligible to avail these loans. The online applications make the whole process easy and attract many borrowers to go for these loans. With this mode you don’t need to meet your lender in personal and avoid the stress of following heavy schedule and waiting and wasting your tome and efforts. Availing money with these loans helps you utmost to overcome your entire monetary needs in a hassle-free way.

Approval demands:

Few criteria should be considered to grant the easy approval of these loans. These are as follows:

1. The applicant should be permanent citizen of UK.
2. He should be 18 years of age or more.
3. He should be having some source of earning so that will be easily repayable enough to pay back the loan money on time.
4. He should have valid and active bank account for online transaction to get the money fast in your bank itself without hassle.
5. You should be living on dss benefits from the past six months to get eligible for this loan scheme.

Summary:

To configure the all in all summary, you can say that these loans are simple and fast source of getting instant cash. The amount which you can get varies ranging from £500-£1000 depending on your saving or your ability to pay it back. With this loan, the bad credit people can also avail loan amount to fulfill their needs. Cash loans are especially designed for those who are trapped in financial crisis.

Donald Hawke
http://www.articlesbase.com/loans-articles/unsecured-loans-for-people-on-benefits-risk-free-cash-for-low-budget-people-743445.html

There is over $75 billion dollars in home mortgage grants that can be claimed by any American citizen that is at least 18 years old. Depending if the area you are buying or currently live in qualifies to receive these funds, you could walk away with several thousand dollars in free money to help you pay your mortgage.

These grants are available in a variety of formats, for a variety of reasons, and for all income levels. You’ve seen how the government bailed out millions of Americans from foreclosing on their homes. They also provide funding for other people and options as well.

For example, there are home mortgage grants for single mothers who need financial assistance. There are home mortgage grants for those buying their first home and need down payment money. There are even grant funds for families who want to do some home improvement but don’t want to put up the money themselves.

The interesting thing is that there is so much free grant money available right now and so few people that know about it, that the money is incredibly easy to obtain. The government is mandated by law to give this money out to the most qualified individuals who ask for it. But when there is not enough people submitting applications, they are faced with giving the cash to people who are not exactly the most qualified.

That won’t last long though. More and more people are finding out about these programs and finding a way to get their hands on this money, whether they need the cash or not. Why? Because one of the greatest benefits of government grants for homes is that they never have to be paid back.

Once you receive your grant check, it is yours to spend for your own personal needs and you will never be asked to repay the money. It’s just a matter of finding the available funding and asking for it, but that’s the easy part.

Once you have the resources you need to find and apply for the money, you can receive grant check after grant check. That’s because there is no limit on the number of programs you can apply for and receive. Plus they don’t look at your credit score, there is no down payment needed, and no collateral. It’s just free money that you get to claim from the government and use towards your home.

See if you qualify to receive home mortgage grants in your area by going to http://www.govfunds.info

Austin Warty
http://www.articlesbase.com/mortgage-articles/free-home-mortgage-grants-737528.html

Every year the government provides billions of dollars in personal government grants to individuals who are looking for financial assistance. This is money that never has to be paid back. All you have to do is apply for these grants and if you qualify you’ll receive a check in the mail. Take it to the bank and it’s yours to keep.

These are checks that range anywhere from a few hundred dollars to several thousand dollars. For example, you could receive $500 to help pay off your debt. You could also say that you are starting an online, home-based business and receive another grant for $50,000. Once you receive the money, just use it to pay down your debt and buy yourself a nice laptop and office furniture, and you’ll never have to repay the money.

There are hundreds of grant programs that are sending millions of Americans free grant money every day. As long as you are at least 18 years old and an American citizen, you are eligible to receive some of this money.

Just like the government sent millions of Americans a tax rebate check for several hundred dollars, they are also helping people out financially. Interestingly enough, you don’t necessarily have to have a low income to receive this money. In some cases, they don’t even verify your income.

There is no credit check, no down payment, and no collateral needed because you are not receiving a loan. You are asking for free money from the government, which they are happy to send you if you qualify.

These government agents review applications for the grant programs and approve them because they are mandated to give the money away. With $400 billion available just for small businesses and entrepreneurs, there isn’t even enough people applying for all the money. That’s why these agents are often just approving application after application, and sending out check after check.

And since there is no limit as to how much free grant money you can receive, the best method is just to ask for cash any time you think you qualify.

Austin Warty
http://www.articlesbase.com/personal-finance-articles/personal-government-grants-701663.html

Introduction:

Unsecured loans for unemployed are short term unsecured loans which are available to all unemployed people who are currently laid off from their job or don’t have any source of income to fulfill their day to day requirements. These loans provide help to those people who are not having any source of income and help them providing cash till they get a satisfied and income generator funds to meet their expenses. These loans require no security for the approval. Money has become the necessity of life that is why it is needed in every sphere of life. Unemployed people do not have enough income to make their ends meet. The unemployed person can re-establish himself by acquiring debt consolidation.

Features:

The signifactory factor of cash loans for unemployed is that these loans do not any valuable asset to pledge against the loan amount. They can be availed by you even without nay criteria of credit checks. Unemployment is a huge burden and a big problem. These loans provide stress free and well desired life without even having any source of income. These loans are a big relief to the unemployed persons. Both home owners and non home owners can make use of these loans. These loans are convenient and flexible enough to tackle the needs and demands of the borrowers. It has simple and hassle free online application in which you just have to complete a simple online form with requisite details and submit it to the lender’s website. In this application, there is no need for documentations and paper work. The basic quality of these loan schemes is it has simple and easy application and instant approval. These loans provide you immediate cash within 24 hours of application in your pocket. These loans also offer secured loans and unsecured loans.

Requirements:

There are certain qualifications that the borrowers should be possessing before applying up the unemployed tenant. To consolidate your debts you need to consolidate some of the terms and conditions of this loan to grant the amount from it. These are as follows:

The borrower should be permanent citizen of United Kingdom.

1. He should possess a valid bank account under his name for necessary electronic transactions.
2. He should be an adult with the age of 18 or more.
3. He should be having residential address in UK.

Summary:

Unsecured loans for unemployed are thus designed in such a way that they don’t become an additional burden to you. Their only aim is to help you during that time in your life when you can only obtain finance through outside help. These loans can be availed in the range of £100 to £1000 and the repayment is flexible enough. It is quite difficult for the jobless people to make their ends meet during times when there is emergency. As unemployed people can’t afford to pay off their debts which could rise unexpectedly without prior indications as they don’t have any other source of income. The loan amount from unsecured loans for unemployed helps you to consolidate tour debts.

Arnold Noster
http://www.articlesbase.com/loans-articles/unsecured-loans-for-unemployed-absolutely-hassle-free-funds-for-unemployed-674765.html

1) Expired Domain Finder Script:
This PHP script has become a very hot item within the last 6 months! This Script will look up domains that have expired, or are about to expire in both the Yahoo! Directory, AND Dmoz Directory! This script will also allow your customers to monitor domains that they are interested in; it has a domain digger, and has PayPal IPN functionality built right into the script! There are many websites selling memberships using this script for up to as much as $29.99 per month! The script comes with an administrator section where you can manage the look, and feel of your website, as well as manage your members, set up different membership packages and more! The fact that this script uses MySQL means that it is extremely fast, and can look up expired or soon to expire domains in an instant!

2) PHP Auto Hits Script:
With this new PHP Auto Hits script, you can set up a profitable traffic exchange service, complete with an auto-surfer and everything else.

The Following Scripts ALL come with Royalty-Free License!

3) PHP Link Listing Script:
The Script Is Unique from Other Link Listing Scripts In That It Creates Different “Rooms” For Different Links! Making This Powerful Script its Own Little Web Surfing Tool For The Visitor Of The Site! It Is More Or Less A Nice Little Search Engine! Once A Visitor Signs Up For The Website they are placed on a mailing list, and the script automatically sends out an email to each visitor every time a new link is added! You Can Make Money Selling Advertising To Other Webmasters! The Automatic Email Will Guarantee Your advertisers that their link will be seen! The Visitor will have a choice on whether to receive an email for each link OR one email with all new links listed! There is a top ten list for the most popular links! When you add a new wing, you choose a name and also who can get there. You may have rooms that are off-limits to the public. These private rooms will never be shown to the public or appear in the Top 10, Last 10 and Random lists! A very nice script!

4) PHP MySQL Yahoo Style Link Directory/Search Engine:
This Script is a PHP and MySQL powered links database which allows You to run a database driven categorized links section on a web site – similar in structure to Yahoo or any other categorized links collection. Features include:
* Fully database driven utilizing MySQL.
* Full template system allowing you to control the HTML output of the script without needing to alter any of the PHP code.
* Easily customizable if you wish to alter the script in any way.
* Very easy to admin via the web – log in and add / edit categories and links.
* Visitors to your site can recommend new links, which you can then validate.
* Allows visitors to rate your links from 1-10, and displays average rating.
* Rating a link more than once is discouraged using cookies.
* Number of hits each link has received is recorded and displayed.
* Very easy to set up and use, thanks to an installation script and config file.
* Built in Search Feature.
* Most popular, top rated and newest links pages.

5) PHP MySQL Website Stats Business:
This script is simply awesome! It is a new PHP script, and will allow you to set up your own link tracking business! There are two different memberships you can sell with this script, and both are beneficial to you! The lite membership costs less, but requires your customer’s to keep a banner to your website on theirs in order to track their stats! The pro membership of course costs more (Whatever price you set!) and does not require the customer to link to your site! The script automatically takes payments via the PayPal subscription method so you are insured to receive your fees every month! It also keeps track of your customer’s statistics daily, weekly, and monthly! This is a VERY nice script!

6) Automated Form Submission Prevention Script
Did you ever sign up for a website that makes you enter a combination of distorted letters and numbers to prevent automated signup and wish you could add that script to your site? Well now you can. This script generates distorted images of random sequences that most humans can read, but computers cannot, therefore to prevent automated robots from submitting forms and signing up for your service.

7) A Sophisticated PHP Ecommerce Site
This script will allow you to run a very nice, and very secure ecommerce area or store front from your website! It is very easy to install and comes with an installer script so that all you need to do to set it up is point and click! This in-depth script will keep your customer’s entire records safe in a database, and will allow you to update orders and more! Highly Recommended!

The Well Known osCommerce PHP Shopping Cart!
osCommerce is quickly becoming the shopping cart of choice for many online merchants! This script is simply AWESOME! You can literally have a store set up and ready to take orders within an hour! The script comes with a VERY easy to use admin section where you add all of the products, manage customers, shipping, tax, payment process, inventory, and just so much more to mention! You can use MANY, MANY different payment gateways with osCommerce including PayPal, 2Checkout, authorize.net, and many more! This version of the script is NOT simply the snapshot version THIS IS THE MILESTONE RELEASE!

9) Your Own FTP Program Written In PHP:
This is another truly GREAT PHP script! This script actually allows you to set-up and run YOUR OWN FTP SERVER! The best thing about having your own FTP server is You know who is using your FTP and if there is someone trying to retrieve your password for your server (which is impossible to do with this script I might add)! You will be able to set up and use your own FTP program with ALL of the benefits of the expensive FTP software! If you are a web host, or have any anonymous FTP users this script will also let your customers use it for their uploading purposes as well!

10) A FAQ Generator PHP Script:
Have you ever wanted to find an easier way to add your customer’s frequently asked questions to your website? This script will easily allow you to add topics, and questions to your new FAQ page! It is very easy to install, And comes with an administration section so that you can add the information to your page/pages directly from your web browser! Every site needs to have a FAQ page for the sake of its clients, and this script provides the easiest way to build one! Comes With Reseller Rights

11) Two Very Nice PHP Toplists Scripts!
The First Is A Detailed PHP Script With MANY Features: If you have ever wanted to run your own toplist website THIS IS THE SCRIPT FOR YOU! It comes with such advanced features as Anti-Cheating, Rules members MUST follow, Easy to match the look of your website, looks up lost passwords, allows you to decide if you want to allow banners to be used by your visitors, Allows you to sell advertising for your toplist, and a lot more! A very sophisticated script!

12) The Second Is A VERY Nicely Designed PHP Topsite Script:
This toplist script has a VERY nice design to it! It is very easy to install, and is template based so all of the HTML work has already been done for you! This toplist script is limited ONLY BY YOU! You can allow as many or as few links to be added to the entire list, or even page by page! Many toplists make the major search engines fast due to the amount of links, and visitors they receive! This is a great way to SELL advertising Or simply advertise your own websites!

13) Two Auction Scripts 1 PHP, And 1 Perl/CGI!
The First Is a Popular PHP Auction script! This is a VERY nice PHP auction script! It Is a very easy script to install! There are Many Premium features that come with this auction script! Once it is installed you can easily manage your new auction site from a secure administration section! You can manage the look of your website, manage all of your users, approve, and delete members, send out a newsletter, and much more right from your browser! The script will automatically notify your customers when they register, get outbid, win an auction, or owe you money! Once it is installed it is virtually a hands off business! Comes With Reseller Rights

14) The Second Is Another Popular CGI Auction Script!
A Perl Auction Script That Is Used WIDELY By webmasters! The Script Create auction sites with unlimited categories, and set the price you wish to charge! There is only 1 file to upload to your CGI-Bin! Make a few changes, and WOW! You’ve got your own Auction website! Comes With Reseller Rights

15) Two Affiliate Scripts Both Written In PHP!
The First Is A Very Simple Script To Run: This PHP MySQL script will allow you to run your own affiliate program! One of the easiest ways to get QUALITY traffic to your website is to start your own affiliate program! Pay your affiliates per click, per sale, or in tiers! You will find that when you get more and more affiliates signed up, your sales will skyrocket!

16) The Second Affiliate Script Is A More Sophisticated Script:
This PHP MySQL script has taken running an affiliate program from your website to the next level! It is very easy to install, And The use of MySQL will securely keep your user’s information confidential, and keeps excellent track of all commissions earned by your affiliates! To further secure the scripts it also makes excellent use of sessions! If you have a business online, and do not have an affiliate program, you are missing out on some serious cash!

17) POP-UP Creator:
This set of scripts will amaze you when you see how easy it is to create your own POP-UPS on your website! The Simple To Use Software Makes Creating Popups So Easy, A Child Can Do It! If You Ever Wanted To Use The Power of Popups, This Software Is For You! This version of the POP-UP generator also supports the cookie based pop-ups!

18) PHP Authentication Script NICE!:
If you are looking for a way to secure an area of your website this is one of the most powerful, and secure ways to do so! This PHP MySQL script secures your member’s passwords via the powerful MD5 in MySQL! Your members can finally feel secure about their passwords being secure when you use this script! The script is VERY easy to install!

19) The Perpetual Traffic Generator:
If you are in need of traffic to your website this script is for you! It Will Increases your traffic by a whopping 927%, Allows you to generate traffic 24/7 absolutely FREE! Frees you up from clicking away mindlessly in front of the PC to chalk up traffic credits. Just set it up and it’ll do all the work for you. Sends a stampede of visitors to your website the very day you invest in this incredible web marketing tool Makes you kick butt profit in the traffic generation process!

20) A PHP Links Exchange Website Script:
This link exchange script is a PHP script that allows your visitors to sign up for an account, and add their link to your website! It keeps track of all dead links on your website so that you can easily maintain your site, and keep dead links off of your link exchange! It also has an administration section that is password protected, and allows you to add categories, links, approve, disapprove, and delete links right from your browser! This would be a very nice script to start up a paid or free link exchange! Either way you win because Linking is the best way to get listed in the major search engines!

21) Two ClickBank Scripts
The First Is The Affiliate Linkmaster: This Script Stops you from losing your hard earned affiliate commission. No HTML coding! Just click ‘Generate Code’ and Instant affiliate link masker does The Rest For You! Instant affiliate link masker puts more money in your bank account and NOT somebody else’s! Makes sure you get credit for your affiliate referrals. Quickly create your masked affiliate link in less than 5 minutes. No coding involved, Instant Affiliate Link Masker automatically creates your affiliate web page for you With Instant affiliate link masker you can instantly protect and encrypt your affiliate link. Encrypt an unlimited number of affiliate links. No software to install, just download, unzip and run!

22) The Second ClickBank Script Is The Instant Site Maker:
You can automatically build profit pulling web pages in an instant! Quickly create stunning web pages in less than 5 minutes. No coding involved, Instant Site Maker automatically creates your web pages for you. No HTML coding! Just click ‘Generate Code’ and Instant Site Maker creates your sales page, thank you page and even automatically creates your ClickBank instant download link. No software to install – just download and run. (Requires Internet Explorer version 5.5 or higher) Forget about difficult and tedious hand coding of your web pages . . . Instant Site Maker does it for you and without HTML errors. Instant Site Maker lets you create your own custom web pages instantly. No need to learn HTML or spend hours debugging code, just paste your sales copy straight from MS Word. With Instant Site Maker you can instantly and easily add testimonials to your web page. Quickly and easily create the ClickBank order links so customers can immediately order products from your site. Quickly and easily create your ClickBank thank you page. Quickly create your product download link – so customers’ get their products automatically as soon as their order is processed. Quickly and easily create web pages that are fully optimized for high search engine ranking because Instant Site Maker is designed to automatically include search engine friendly HTML code (meta tags) for your pages.

23) A “Suggest My Site” Script
Let your visitors suggest your site easily by just filling out a form. This script checks the required fields, sends a thank you message to the person who suggests your site and attaches a pre-defined text to the suggestion mail. Supports both English and Turkish languages.

24) A PHP Script For Building A Web Ring:
A Webring Script! Create Your Own Network Of Websites by creating a webring with this nice script! It will automatically email the members of your webring, and keeps detailed stats of the visitors you receive to your webring! A Very nice well designed script, and very easy to install!

25) A PayPal Store Shopping Cart:
This shopping cart script is a data base driven content management system using PHP and MySQL on a Unix platform (it may work on a windows but I have not tested yet). It supports PayPal IPN, LinkPoint, Worldpay and Authorize.net integration and for those who have a merchant account at their bank there is a way to store credit card info encrypted on the server using mcrypt; it uses a key for encrypting/decrypting CC numbers to and from the data base in SSL.

26) PHP Form To Email Script SECURE!:
It is hard to find a form mail script that will securely deliver your client’s results every time, while concealing your email from the SPAM bots! This Script Will Do Just That! The script was cleverly written to disguise your email address, and yet get the results of every form filled out straight to your inbox! We recommend this script highly, and our clients LOVE it!

27) A Online MultiPlayer Chess Script
This is an advanced WebChess game where two people can meet up online and play vs. each other. It has many advanced features such as Pawn Promotion, Move Validations, Tells if King is checked, and many, many more. It requires PHP and at least one MySQL Database.

28) A Super Easy Administration Program
With this super easy admin program user’s can create, modify, and delete files and directories. The code is in a modular format so new modules can be easily created and added. The download is small and contains no un-necessary images or advertising. This is the newest version which has encrypted passwords and now works on newer PHP systems and does not require register_globals to be on.

29) A Sharable Web-Based Address Book Script
This script is a web based address book, sharable, multilingual with data import/export features and is based on PHP4 and MySQL. Main features include Create/Access your address book on an internet website; import/export your addresses from/to your email client and/or other address manager applications, users and contacts groups management, group’s members messages send facilities (small mailing list utilities which won’t replace a mailing list manager). This script is also tunable (colors, fonts, content display, language). This script also comes with installation instructions in French (other than English).

30) A News Publishing Script
With this state-of-the-art news publishing script written in PHP and using MySQL, you can post news any time anywhere to your website by using the password protected administration section. Some features include; post news, delete news, delete all news, edit news, delete multiple news, change status (make visible/invisible), supports multi-language, supports CSS, you can call the script via JavaScript, allow/disallow html, display news as NEW for any amount of time, display the latest news, display all the news, display full story and display how many times an article has been read.

31) A “Users Online” Script
This “Users Online” script is written in PHP and allows you to display the exact amount of online users on your website in a very convenient and efficient way. “Users Online” scripts make your website look high-tech and professional and are something no webmaster should be without on his/her website.

32) Awesome File Transfer Script
This awesome file transfer script allows your users to upload and download files from your server; it id highly configurable with user accounts support. Users can give descriptions to files, create and delete their own files and directories and sort lists by filename, upload date or downloads. Currently supports English, Italian and Spanish, but you can customize the application in your language too. If you own a community website such as an online forum or wish to start one, this is the perfect script for you either as a stand-alone or an extra service on your website. This script can get visitors to come and keep coming back time and time again.

33) Affiliate Banner Rotation Script
This affiliate banner rotation script is probably the most easiest to install ad manager on the web! All you’ve have to do is upload a list of all your affiliate advertising codes in a list and that is about it. Simply include the script using a PHP include code (included) and you’re on you way fast and easy. The script changes which advertisement will be viewed next making sure that all your adverts get equal viewing (does NOT show at random like most scripts) and the script requires the page to be refreshed to change the advertisement seen so that you get extended viewing per banner.

34 Simply AWESOME Dating Website Script
This is simply one of the best dating scripts available written in PHP & MySQL. Several cool features available in this script are users can add, edit and delete profiles, upload up to three photos, user messaging system, users can set to be notified when another user will reads their message, users are given numeric usernames to increase privacy, who is online feature, recommend us feature, current birthday list and statistics on the main page (amount of men and woman members).

35) Simple yet Powerful Download Counter Script!
This simple yet powerful download counter will log the details of anyone who downloads any file you specify. It will log their IP Address, Remote Address, browser type and even operating system and you can easily modify and add new downloads through a powerful password protected admin panel. This script can keep track of an unlimited number of files. MySQL and SSI (Server Side Includes) are required.

36) Another “Users Online” Script!
This Users Online script shows how many users are on your website, you can change the time in which the MySQL Database Table is refreshed so you can count users online per minute, hour, week etc! This script is more user friendly and comes with a “setup.php” installation file which will set the script up for you.

37) Text based counter written in PHP
You can quit paying for traffic counter services. This script is a very simple and super easy to install webpage hit counter. The font and color of the counter are completely customizable and there are only 2 files to upload to your web server. Plus you will even have the ability to separate the thousands for added customization.

38) A FAQ manager written in PHP and MySQL
This PHP “FAQ” manager is a simple script yet powerful script that will help you to create (and manage) a FAQ (Frequently Asked Questions) page on your site. It is written in PHP, MySQL and FastTemplate so it is fast and easy to configure. Every website needs a FAQ page so you don’t look like just another “fly-by-night” website that won’t be in business for longer than a month or two.

39) A Sports League, Fixture and Prediction Management Script written in PHP and MySQL!
This powerful script is a football management software written in PHP that use a MySQL database. It has a modular design and comes with two free modules. The league module features wizards for managing a football league, fixtures, games, teams, results, divisions, etc. League team statistics are automatically calculated and updated every time a game is played/entered. The news module features an HTML news creator/editor that can be used to post news.

40) A PHP Whois Lookup Script!
This script is a ready to use WHOIS lookup PHP script that all you have to do is unpack, upload and you are ready to go. The script checks for .com, .net, .org, .biz and .info domain names. No PHP knowledge required! This is the latest updated version which is super easily to customize; you can easily change the language (few lines) or disable domains you don’t need.

41) HOT PHP Visitor Logging Script!
This Hot PHP script is a state-of-the-art visitor logging script that can easily display 10 vital statistics about your users. The advanced visit logs this script generator tells you the IP Address, language, browser, operating system, if the user is new to your website, date and time of visit, last visit, days since last visit, referrer page and the keywords they used to find your website (if applicable).

42) Awesome LiveHelp Script!
A live Help support chat system that allows the operators of the websites to monitor their visitors as they are browsing the site and proactively open a chat session with the visitor. Other features include either text based database or MySQL database, chat notification, user is typing message, multiple chat sessions and multiple operators.

43) PHP & MySQL Content Management System
This hot script installs in just minutes on any Windows, UNIX, Linux, or BSD based web server and setup is made super easy through a complete web-based installation system and an included installation guide. Once this software is installed changes to the content of your website is made in complete real-time through an easy to use web-based administration control panel. The control panel allows you to tune every aspect of your web sites visual appearance and layout and also provides an easy to use content authoring & management approach unique to this script. The visual appearance, layout properties, and navigation scheme of the web site can be instantly changed at a global level selecting from installed professional looking skins and navigation bars which will automatically reformat the look of your content “on the fly” while leaving your database driven content completely untouched. Users of this script will find that authoring and editing content for the web site is a snap by making use of the enhanced authoring interface which includes support for both WYSIWYG editors and plain text/HTML markup languages. Uploading and managing your files is also simple using the included file management utility allowing you to upload your images, documents and other files directly from your computers hard disk to the web server where it will become available for use in your websites content. This script is a must have for webmasters who are looking to make completely managing their website a breeze without a lot of programming knowledge.

44) An Electronic Reminder Script
This script allows web-clients to set up reminders to automatically email them at a certain time to remind them of special events. They can set up a one-time reminder or a recurring reminder and they can have it notify them in advance.

45) Hot Mailing List Script!
This mailing list management script is written in PHP and all subscriber info is stored in a MySQL database for security. Features include checking whether a subscriber is or isn’t already registered/subscribed, sending out messages at the time of subscribing and unsubscribing. A powerful and user-friendly administration control panel allows you to send messages, list and delete subscribers, supports HTML emails, gives a preview of the message before sending, logging system, Multilanguage support for English, French, Italian and German, plus a user-friendly web configuration and installation system.

46) Web-based Image Management System!
This hot web-based image management system is written in PHP and uses MySQL. It features cataloguing by standard comment fields or Photoshop-type embedded comment fields, sub-categorizing into separate repositories, database searching capability, and more. This is a great script!

47) Web-based POP Email Client!
This script is a web-based POP mail client and is very simple to install but nevertheless a quite advanced program. Some of its features include easy to install (does not require PHP to be compiled with IMAP support), reads and sends attachments, displays text/HTML attachments in-line (while still giving you the option of saving them to your hard drive), all the basic functions (send, receive, reply, reply to all, forward, delete), view all headers or the full source of the email, works even if the user has disabled cookies, localized date field, translated into several languages, can be set up to check for new messages automatically, customizable page layout, and more. Awesome Script!

48) Hot Fully Featured Web Portal System
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49) Nice FFA Link’s Page Script
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50) Highly Advanced Guestbook Script
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51) Powerful Portal with Content Management
This script is highly customizable and high powered all in one system; it provides content management combined with the power of a portal by including in the core package modules features such as FAQ, polls, and forums. This script uses dynamic-template-design which means you have the power to control what your site will look like. Themes are included, but not required as you can create the page however you want and this script will just insert code wherever you want it. Written in PHP and utilizing MySQL to make it amazingly fast and secure, this script is a great solution for all size website communities.

52) PHP Online Classifieds Script
This classifieds script is an easy way to set up a classified ads website; it is designed in such a way that it is extremely easy to change the look and feel of your website. You can design your pages around the functionality of the application. Although this script does give you a lot of control over the look and feel of the site, it lacks an interface for advanced administration features. However all the administration can be done through an interface such as phpMyAdmin. If you know how to use phpMyAdmin or a similar application and are familiar with relational databases, it should be really easy to administer categories and users, etc.

53) Fully Featured Web Event Calendar
This is a customizable web calendar developed using PHP and powered by MySQL. The calendar is viewed in month format with a popup window detailing the events of each day as they are clicked on. The title and colors are fully customizable within a single file and the application can be modified to work with other database types.

54) A PHP Bookmarks/Favorites Script
This PHP Bookmarks script is a web-based program that allows you to store your bookmarks and display them in many useful ways. This script will sort your bookmarks with usability in mind, keeping often-used bookmarks at your fingertips. It has a bookmark search, private/public bookmarks, nested groups, usage rankings, popularity sorting, and a quick add feature.

55) Client Invoicing Script (HOT)
This is a MySQL powered PHP program for invoicing clients so they can view/download invoices. The system allows an administrator to enter the client details and invoices. Each client must be given a username and password to login to view their invoices and the administrator can view the full database by client, date, amount etc. There is an optional email notification system and full setup instructions included.

56) ICQ Pager Script
This script enables you to put a ICQ pager form on one or more of your web site pages; the visitors to your website then can use this form to send a short message to any ICQ user. A cool script that will keep your visitors coming and coming over and over again.

57) Frequently Asked Questions Management Script
This cool script allows you to administer a website’s frequently asked questions. It blends easily with your site, allows unlimited category depth, is searchable and allows questions to be in multiple categories. And optional user question submission option is available, along with most recently added and most popular lists.

58) ClickBank “Thank You” Page Protector Script
This is a fully automated “Thank You Page Script” which is much more powerful than a Static HTML Page. This System will verify whether your buyer is forwarded from ClickBank after payment, order Details including the ClickBank “Receipt #” will be displayed on your Thank You page, this System will collect the name and email address of your buyer, a sales report will be sent to you Instantly, a Thank You message will be sent to your buyer without any delay, it adds the buyer to your Autoresponder System so that follow-up emails will be sent to promote your other products, the whole system is fully automated and easy to customize with any text editor. With this script you don’t have to send a thank you message to your buyer manually, you don’t have to add them to your customer database yourself, you don’t have to send them promotional emails manually to promote other products, you don’t have to worry about getting repeated sales and you don’t have to worry about ebook and software Hackers.

59) MySQL Database Backup Perl Script
With so many scripts in this package using MySQL databases, I only thought it be fitting to add a script that would easily allow you to make backups of them. But this script can be used anywhere you have a MySQL database and Perl is supported, this script will save your skin over and over again.

60) CGI-Based Autoresponder Script
This script is very easy to install and in less than 10 minutes you can have it up and running which could be the reason it is the number one choice of website owners who want to take control of their online operations. It has highly advanced features that every autoresponder script should have. With this script you can send an unlimited number of follow-up emails and send follow-up emails everyday if you want (some autoresponder scripts allow you only 20 follow-up emails). This script also works on an unlimited number of subscribers and it will work great even if you have 100 or 1 million subscribers.

61) Fully Featured PHP Message Boards Script
This is a fully featured message board system and is meant to be both powerful and easy to use for the users and the administrator. With this script you can setup an online message board community which is sure to keep your visitors coming back again and again and is especially useful for people to ask support questions for your members to answer for free

62) PHP “Submit-A-Link” Style Script
This “Submit-A-Link” style script gives you the ability to offer instant links on your site. Your ads appear above and below the links and also on the submit page. You only need to edit one file and upload which makes this script very easy to use. This script also doubles as an opt in list! When anyone submit their link they give you permission to send them email. All email addresses are stored in one .txt file, making it very easy for you to add the emails to your current email program/newsletter script!

63) USENET News Client
This PHP script is a USENET news client based totally on a web interface and written in PHP4 with a MySQL database at its backend which allows you to develop useful tools such as search engines, SPAM filters, subscriptions, stats, and much more. The web interface of the “news group” script is very easy to use, and has all the advantages of the modern webmail systems because you can search through any news group anywhere in the world without the need of setting up any program.

64) PHP Image to ASCII Generator
This is a PHP program that generates ASCII images from JPG, GIF or PNG images. There are several options to alter the generated output, such as color, inversed color, font sizes, background color, line height or letter spacing only to name a few. So if you are looking to generate ASCII images from regular jpg, gif or png images, look no further as this is definitely the PHP script for you and will get the job done.

65) MySQL-Based Office Intranet Suite
This hot script is a PHP and MySQL-Based office intranet suite similar to other more expensive scripts. It includes a news page, calendar (WebCalendar), rolodex, contact log, network status page, task list, time sheet, office survey, and more. All-in-all this is a great script and will be very useful for those who are looking an office intranet solution.

66) Another PHP Web FTP Program
This tool can be used to access FTP sites from behind any firewall or proxy. Simply enter the server name (e.g. ftp.ebay.com), username and password or click the anonymous button and enter your e-mail address. The script will make a FTP connection from the server it is running from. When the file is fetched from the FTP server, it will send it to the browser via the HTTP protocol.

67) PHP Based Image Watermarking Script
This script aims to provide a simple way of marking an image with a digital “watermark” to prevent unauthorized use. It is implemented as a PHP class and should be usable inside most PHP scripts. Images are accepted either as a filename or as a reference to a PHP resource.

68) Nice Looking PHP-based eCard Script/Website
This script is a PHP-based eCard system that is easy to setup and use. The simple Administration Console allows the administrator to upload images (JPEG’s or GIF’s), add eCard categories, and modify existing settings – no more messing with HTML or PHP to get your eCard site up and running and comes with a nice looking template design to close the deal.

69) A Simple Document Management System
This script uses PHP to provide you with a great interface to a MySQL server that allows you to store and retrieve documents and to share those documents between users. In addition, the system uses ACL (Access Control Lists) to grant access rights to documents on a per-user basis. It allows you to distribute project documentation on a need-to-know basis, whilst keeping a central repository of documents that is accessible to all team members and easy to manage.

70) PHP-based Instant Photo Gallery Script
This script is a tool for posting customizable, template based galleries, by simply uploading images to the server the script is running on. The script scans the directory you point it to (via a query string), and then it stores the list of images it retrieves in an array that is POSTED from page to page as the user moves through the gallery. This method of file-list-passing makes this script significantly more efficient than gallery tools that scan image directories each time they generate a page.

71) Anchor Tag Creator Script
This nifty little script pre-processes HTML before displaying it to the browser locating user-defined keywords in the HTML string (or plain text for that matter), and subsequently replacing the keywords with anchor tags of user-defined URL’s. Pre-defined ‘template’ anchor tags are available for Google.com searches or Dictionary.com lookups. This script takes care that no replacement inside an HTML tag is made and also avoids matching keywords which were found inside of a pre-existing anchor tag’s text. With this script your website vistors experiences are enhanced by providing links to dictionary definitions, web searches or any user-defined URL’s. And whats even better is that web content developers are provided with a simple way to link keywords without having to manually create all those anchor tags.

72) CGI Customer Tracking System Script
You can now let your customers submit their request/questions and you will get email notifications in order to respond to your customers. A simple and colorful way of tracking customer requests with an easily configurable customer request form. A sort on customer, status of ticket, date submitted and even agents is available.

73) Advanced Photo/Image Gallery Script
This PHP & MySQL based photo album features include unlimited albums and photos, users and comments, automatically add and remove photos, thumbnail support, multilanguage and themes.

74) Awesome PHP-Based Chatroom Script
This easy to install, simple to handle, cross-browser compatible chat system comes with its own socket server. If you have a modern browser with frame support and JavaScript enabled, it makes use of these technologies; if you have an older browser, have JavaScript disabled, or even a text browser, you can still chat using this script. In contrary to many other PHP/MySQL webchats, this script can (but must not) be run using a non-forking socketserver to handle all message transport.

75) PHP Counter Hosting Script/Website
This script is a complete counter hosting tool. It lets you offer counter service to others from your site. Your members don’t need any PHP-support on their webserver, they just pass the required data through JavaScript to another script that is hosted on your server. It supports IP-check with timeout, show online-users, visitor-paths, download-count, multi-page count, email-notification, admin-mode to create/del users, request new password, visitors per day, search-function and a mailing list.

76) Perl Visitor Welcome Script
With this handy little perl script you can welcome your visitors depending on the time of day. The greeting text can be modified and is inserted by SSI. Features include the ability to greet the visitor depending upon the time of day, ability to insert the script by SSI, greeting words can be adapted freely, time offset between local time and server time can be adjusted.

77) Website Indexing and Searching Script
This sophisticated, powerful, versatile, customizable and effective site indexing/searching suite comes as a pair of distinct scripts. The indexer automatically scans and indexes a web site, and the search engine, a cgi script that serves search queries for keywords over the index, displays results pages in HTML, in a standard format including title, description and relevance ranking for each matching document.

78) PHP-Based Help Desk Script
With this script you can own your ticket based help desk system that allows you to completely manage and answer your clients questions with speed in ease. Messages are archived so you can refer back to questions when they are the related which will greatly reduce the time you have to spend managing your business.

79) Complete PHP Bug Tracking Script
This highly-usable PHP and MySQL based script is an easily deployable, web based bug tracker to aid in product bug tracking. Features include easy installation, platform independent, supports multiple projects and languages, emailing, searching and more. This script is a great thing to have if you are developing scripts or real-life projects and want a way for your users to submit bugs and for you to keep track.

80) Document Management System
This super script expertly programmed in PHP is a web based document management system designed to comply with ISO 17025 and OIE standard for document management. It features fine grained control of access to files, and automated install and upgrades.

81) Banner Management and Tracking System
This powerful script is a banner management and tracking system written in PHP; it can manage multiple banners (any size) per advertiser and allows you to view daily, overall and summary statistics plus send statistics to advertisers via email.

82) Web Form Generator Script
This script is an easy-to-use tool to create reliable and efficient web forms and the best part is that absolutely no programming of any sort is required and it has the ability to create up to 100 different form fields plus can add a variety of field types including text boxes, drop down selection and more.

83) Directory Indexer Written in PHP
 This PHP script makes a table that lists the files in a directory and lets you access the files and subdirectories. It includes searching, icons for each file type, an anti-leech feature, bandwidth limiting, access logging, and more.

84) Web-based Reservation System
A web-based reservation system that allows administered management ofreservations on any number of resources. Typical applications are room or machine reservation management.

85) PHP Online Project Management Script
You can now have online project management with team collaboration, user management, multiple access levels, tasks, projects, and time tracking, task change history, files approval tracking, notes, client project sites and more with this super useful script that can really help organize your business.

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Introduction:

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Abstract

The current study looked at the relationship between risk free rate and stock market return. A five year monthly basis time series data from 2003-2007 of T-bills and KSE-100 index were taken for research study. For the analysis of data, simple regression model approach was applied. Stock market return was taken as dependent variable whereas Risk free rates as independent variables. Also, Pearson Correlation Matrix was also obtained through correlation model. The results suggested that risk free rates had no effect on dependant variable. Furthermore, no correlation between risk free rate and stock market return was found. Consequently, a bivariate relationship cannot exist between risk free rate and stock market return. A multiple regression model of the risk free rate and stock market return exhibits a strong autocorrelation, indicating that the stock market return is a function of more variable than risk free rate.

1. Introduction:

The risk free rate is the return on the security or a portfolio of securities that is free from default risk. Theoretically, the return on a zero-beta portfolio is the best estimate of the risk free rate. The CAPM predicts the relation ship risk of an asset and its expected return. This relationship is very useful in two important ways. First, it produces a benchmark for evaluating various investments. Second, it helps us to make an informed guess about the return that can be expected from an asset that has not been traded in the market.

Risk free rate is an increasingly essential ingredient of every return computed on financial assets. The security market line (SML) predicts a simple linear relationship between expected return and standard deviation while capital market line (CML) contributes a relationship between risk free rate and straight line emanating from risk free rate(Rf) to tangential to the efficient frontier.

Investors combine their uncorrelated securities help to lesson the risk of a portfolio. They want to know the reasonable level of risk reduction about their portfolios. Research studies look at what happens to portfolio risk as randomly selected stocks are combined to form equally weighted portfolios. When we begin with single stock, the risk of the portfolio is only the standard deviation of that one stock. As the number of randomly selected stocks held in the portfolio is increased, the total risk of the portfolio is reduced.

The total risk of comprise systematic risk and unsystematic risk. Systematic risk is due to risk factors that affect the overall market- such as changes in the nation’s economy, world energy situation, world political and economic situation. This kind of risk is not diversifiable even the well-diversified portfolio expose to this type of risk. The second component, unsystematic risk, is unique to particular company. It is independent to all factors regarding systematic risk. Investors always want to be compensated for taking systematic risk. They should not, however, expect the market to provide any extra compensation for bearing avoidable, diversifiable, unsystematic risk. It is this logic that lies behind capital asset pricing model (CAPM).

2. Significance of study:

This study aims to investigate the relationship between risk free rate (T-bills) and market return of Karachi stock exchange KSE-100 index. There was a controversy among the investors; some were of the view that Risk Free Rate affects the market positively while others were of the view stock market return moves independently irrespective of Risk Free Rates.

Thus in order to resolve this controversy, current study was conducted with the following objectives.

3. Objectives of study:

The following objective would be fulfilled during the study:

·        To see quantitative impact of Risk Free Rate on Stock market return.

·        To workout the correlation between risks free rate and stock market return.

·        Suggestions and recommendation for investors.

4. Literature Review:

Peter Easton at el (July 2000) elaborated the empirical estimation of the expected rate of return on a portfolio of stocks. They inverted residual income valuation model to obtain an estimate of the expected rate of return for a portfolio of stocks. They used analogous approach in estimation of internal rate of return on a bond using market value and coupon payments. They contributed through the use of stock price and accounting data to simultaneously estimate the unique implied growth rate and internal rate of return. They recommended adjusted growth rate for valuation return of stocks. They proved that estimated market premium over the risk free rate is closer to the historical premium that that obtained by other studies using earning forecast data.

Roger G. Ibbotson (July 2002) estimated long run stock market return participating in the real economy. He decomposed the 1926-2000 historical equity return into supply factors including inflation, earnings, dividends, price to earning ratio, dividend payout ratio, book value, return on equity and GDP per capita. He concluded that the growth overall economic productivity is in line with the growth of corporate productivity measured by earnings. The bulk of return comes from dividend payment and nominal earning including inflation and earning growth. In order to calculate incremental risk and return, bonds have been used as reference point.

Christian Lundblad (February 2004) discussed risk-return tradeoff which is fundamental to finance. Previous studies found weaker relationship between the risk premium on the market portfolio and variance of its return in spite of the positive relationship. He explained this weakness is due to the fact of small nature of available data, as an extremely large number of time- series observations are required to precisely estimate this relationship.  His main focus was on large span of data of each component required to compute the risk-return trade off which is indispensable for theory of finance.

Hui Guo and Robert F. Whitelaw (April 2005) developed evidence of intertemporal capital asset pricing model (ICAPM) and proved with the positive the relationship between stock market risk and return and  the extent to which stock market volatility moves stock prices. They provided new evidence on the risk-return relation by estimating a variant of Merton’s (1973) intertemporal capital asset pricing model (ICAPM). They identified the two components of expected return- the risk component and the component due to the desire to hedge changes in investment opportunities. They proved that the estimated coefficient of relative risk aversion positive, statistically significant.

Rong Huang at el (May 2005) in the study of BM company, used residual-income valuation model simultaneously to estimate relationship between long term growth rate in abnormal earnings and cost of capital. They related forward, earnings-to- price (FEP) and book- to-market ratio in a linear fashion. The slope coefficient on BM is the long-term growth rate of abnormal earnings (g), and the constant term is the effective cost of capital, i.e., the difference between the cost of capital (r) and the growth rate in abnormal earnings. To empirically implement this valuation representation, they used the analysts’ one-year-ahead earnings forecasts to compute FEP and  regressed  the difference between FEP and the risk free rate (rf) on BM diminished by one, such that the intercept captures the firm-specific risk premium (rp) and the slope coefficient captures the firm-specific, long-term growth in abnormal earnings (g). They extracted the risk-free rate from FEP to account for the covariance in FEP and the risk-free rate.

Mika Vaihekoski (2007) discussed how to compute risk free rate from money market instruments, especially for test of capital asset pricing model and event studies. He used US T-bills and CDs for calculation. He presented two alternative approaches: the interest compounding approach and price difference approach. He concluded that the price difference approach is superior to commonly used compounding method. He did event studies and time series with the help of US T-bills whereas they are used for calculation of risk free rates.

Tamal Datta Chaudhuri (April 2008) used a structural approach to stock market return, risk-free rate and Capital Asset Pricing Model (CAPM). He developed a structural model, which shows interdependent relationship between risk free rate and stock market returns. It gives a new macroeconomics structural features which shape the price movement in stock exchange. He used a Granger test and a Sims test to prove the interdependence of two variables. He suggested that instead using of exogenous values of stock market returns and risk free rate, one should use estimated values of these variable form reduced form equation of Capital Asset Pricing Model (CAPM). He tested and proved with the data of individual companies.

5. Methodology:

5.1              Data collection

In order to conduct the current study all the stock markets of Pakistan were proposed, to be taken for study purpose. The stock markets in Pakistan were Lahore stock exchange (LSE), Islamabad stock exchange (ISE) and Karachi stock exchange (KSE) with different indices. Among these all, KSE-100 index was most important and working at top level in Pakistan. One hundred top companies from Karachi Stock Exchange comprise KSE-100 index. Historical data indicated that most of the investors were investing in the KSE-100. The performance of the total businesses of Pakistan can be viewed by the movement of KSE-100 index. Keeping in view, the importance of KSE-100 index, a sample of indices from (2003-2007) was selected for data collection and was taken as dependent variable.

Similarly T-Bill is an important instrument of monetary policy, operated by State Bank of Pakistan. Through the T-bills, the central bank of Pakistan controls the economy and interest rate of the country. T-bill rates were collected from the State Bank of Pakistan for same period and were taken as independent variables. Then the data were feed into the computer software in the work sheet form.

5.2              Hypothesis Formulation

Ho:         The risk free rate has no impact on market return.

Ha:         The risk free rate has impact on market return.

5.3              Hypothesis Testing

In order to test these hypotheses, simple regression model in the following form was applied. The regression model was as under:

Y = ? +? X1 + €

Where

X1       =         values of risk free rate

?          =         Y intercept

?          =         Slope coefficient

Y          =         values of stock market return

€          =         Error Term

It is estimated by the regression equation.

Where

?           =         values of stock market return in the sample

a          =         y intercept

b          =         slope coefficient.

x          =         values of risk free rates in the sample.

Whereas

b          =         slope of estimated regression equation

X         =         values of the risk free rates

Y          =         values of the stock market return

=         Mean of the risk free rates.

=         Mean of the Stock market return

n          =         Number of observations in the sample

Whereas

=         Mean of the Stock market return

=         Mean of the risk free rates

a          =         y intercept

b          =         slope coefficient.

The coefficient of determinant, R2 measures how well independent variable explains the dependent variable, that is, the degree of association between dependent variable and independent variables.

The applied model included one dependent variable and one explanatory variable. In the current study the risk free rate was considered as explanatory variable while market return as dependent variable.

6. Results and discussions:

Data collected from 2003-2008 years on monthly basis was analyzed by applying Simple Regression Model Approach in the following form.

Y = a +b X1 + €

Whereas

Y          =         Stock Market Return

X1        =         Risk Free Rate

b          =         Coefficient of X1

a          =         intercept

€          =         Error

6.1              Empirical Results

Empirical results drawn through regression model approach are given in the table below.

Table -1

Variables

Coefficients

t-Stat

Intercept

0.0399

2.782

Risk free rate

-0.0055

-0.843

R Square

0.012

6.2              Hypothesis Testing:

Ho       =         0

Ha       ?         0

Data in the table (1) revealed that there was negative association between risk free rate and market return. But statistically this variable was found insignificant. Thus null hypothesis was accepted that risk free rate was not significant explanatory variable. Alternative hypothesis was rejected. Figure (a) also indicates that there is no relation between them.

6.3               Coefficient of determination (R2)

It is the primary way, we can measure the extent or strength of association that exists between two variables, dependent and independent variables or in other way the coefficient of determination is developed to measure the amount of variation in dependent variable that is explained by the regression line.

Data given in the table-1 indicated that the estimated value of R2 was 0.0123 showing that the strength of association between stock market return and risk free rates was very poor or in other words, only 1.2% of the total variation in stock market returns was being explained due to independent variable.

Figure a

6.4              Correlation Coefficient

Coefficient of correlation is the second measure that can be used to describe how well one variable is explained by another variable. When study is based on some sample date, then coefficient of correlation is denoted by (r) and statistically is the square root of sample coefficient of determination.

Coefficient of correlation (r) = 2     —————— (b)

When the slope of estimation equation (b) is positive r is the positive square root but if (b) is negative, r is the negative square root. Thus sign of r indicates the direction of relationship between two variables-stock market return and risk free rate.

In the present study scenario the value of (r) coefficient of determination was found

r   = -0.11

Thus relationship between two variables was negative indicating that slop is negative. The amount of r was 0.11 which indicated that risk free rate was poor explanatory variable for stock market return.

In order to see the two way relationship between the two variables that is RFR and market return.  Pearson Correlation Matrix was obtained by analysis the data, through correlation model.

The results obtained through this analysis are given in the table-2.

Table-2

Correlation

RFR

M Return

RFR¹                Pearson Correlation

Sig. (2-tailed)

1.000

-0.110

0.403

M Return²        Pearson Correlation

Sig. (2-tailed)

-0.110

0.403

1.000

¹ Risk Free rates

² Stock Market Return

The above table-2 indicates that the correlation between risk free rate and stock market return is negative. The correlation -0.110 is in-significant as the P value is 0.403 > 0.05.

Data given in the table-2 indicated that there was found no significant relation between these two variables; it was found that RFR and Market return move independently with each other.

7. Conclusion:

Correlation coefficient is a standardized statistical measure of linear relationship between two variables. A positive correlation coefficient indicates that the returns from two securities generally move in the same direction, while a negative correlation coefficient implies that they generally move in opposite direction. A zero correlation coefficient implies that implies that the returns from two securities are uncorrelated; they show no tendency to vary together in either positive or negative linear fashion.

The current study had the prime objective to identify the some relationship between risk free rate and stock market return. It was concluded that the risk free rates had no effect upon stock market return. These variables move independently ineffective from each other as there was very poor correlation and weak association between the two variables. These results also consistent with the study of Confidence A. Amadi, (Associate Professor of finance at Florida A &M University) who conducted the study on the relationship between the market risk premium and risk free interest rate.

8. Recommendations:

In the current scenario of Pakistan, it was the dire need of the investors to find the securities having less correlation that can be used to diversify their portfolios for investments. In the volatile markets like Karachi Stock Exchange (KSE), the T-bill is a useful instrument for investors who want to shuffle and readjust their portfolios. Keeping in view the findings and conclusion of the current study, it was proposed and recommended for the investors that they may include T-bills in their investment portfolios in order to save their investments from total collapse. Such diversified investment reduces the risk and increase returns comparatively more. The applied regression model also supports this recommendation.

References:

1.              Empirical estimation of the expected rate of return on a Portfolio of stocks by Peter Easton 2000.

2.              Stock market returns in the long run: participating in the real economy by Roger G. Ibbotson, PhD. July 9, 2002.

3.              A structural approach to Stock Market Returns, Risk Free Rate and CAPM Tamal Datta Chaudhuri Investment Bank Of India, ltd. – Ibs Kolkata the ICFAI journal of applied finance, vol. 14, no. 4, pp. 21-31, April 2008.

4.              The risk return tradeoff in the long-run: 1836-2003 Christian Lundblad¤ October 2004 uncovering the risk–return relation in the stock market Hui Guo and Robert F. Whitelaw working paper 2001-001c January 2001 revised April 2005.

5.              An Intertemporal capital asset pricing model by Robert c. Merton Econometrica, vol. 41, no. 5. (Sep., 1973), pp. 867-887.stable URL: econometrica is currently published by the econometric society.

6.              On The Calculation of the Risk Free Rate for Tests of Asset Pricing Models Mika Vaihekoski* Comments are Welcome 01-03-2007.

7.              BM Company, Residual-Income Valuation Model to Estimate Relationship between long term growth rate in abnormal earnings and cost of capital. Rong Huang at el  (May 2005) Accounting Association, Goteborg

8.              Wadhwani, S.B., (1999) “The US Stock Market and the Global Economic Crisis,” National Institute Economic Review, 86-105.

9.              Stock Market Risk-Return Inference, an unconditional non-parametric approach by Thomas Mikosch and C¸At¸Alin St¸Aric¸a and the Danish Research council grant no 21-01-0546.

10.          Bond Portfolio Optimization A Risk-Return Approach by Olaf Korn and Christian Koziol Prof. Dr. Olaf Korn of Corporate Finance, ( March,2002) Aduate School of Management, Burgplatz 2, D-56179 Vallendar, Germany Dr. Christian Koziol, Chair of Finance, University of Mannheim, D-68131 Mannheim, Germany.

11.          On the relationship between the market risk premium and the risk-free interest rate by confidence w. Amadi (Sep, 2005) Finance at Florida A&M University.

S.M. Zahid
http://www.articlesbase.com/investing-articles/impact-of-risk-free-rate-on-stock-retuns-evident-from-karachi-stock-exchange-pakistan-694525.html

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