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UNPUBLISHED THESIS:

Poudyal , Prabhat Kumar, Share Price Behavior of Joint Venture Banks in Nepal, MBS

Thesis, Nepal Commerce Campus, T.U., Kathmandu, Nepal, August, 2002

Timilsina, Sadakar, Dividend and Stock Prices: An Empirical Study, MBA Thesis,

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of Management, T.U., Kritipur, Kathmandu, Nepal, 2001

REPORTS, SEMINAR PAPER, ACTS AND OTHERS:

Bhattarai, Bijaya Nath, Governor, Nepal Rastra Bank in Fifty Years, Nepal Rastra

Bank, Kathmandu, Nepal, July 2005

BSE, “Annual Capital Market Review,” Economics and Research, The Stock Exchange,

Mumbai, India, 2004

_____, “Public Equity Capital Markets,” Economics and research, The Stock Exchange,

Mumbai, India, October 2003

_____, Annual Capital Market Review (2003-2004), Economics and Research, The Stock Exchange, Mumbai, India, 2004 _____, Review of Markets, “Annual Review of Global Financial Markets,” Economics

and research, The Stock Exchange, Mumbai, India, 2005

Introduction to General Insurance: A Text for General Insurance Agents and

Brokers, The Insurance Institute of Canada, 1990

Life Insurance Business Manual for agents, Rastrya Beema Sansthan, Nepal, 1970

MoLJ, Ministry of Law and Justice, Companies Act 1997, Kathmandu, Nepal: Nepal

Law Books Management Board, 1997

_______, Ministry of Law and Justice, Security Exchange Regulation Act 1993 (2nd

Amendment), Kathmandu, Nepal: Nepal Gazette, 1998

NEPSE, Membership and Transaction Bye-Laws (1999), Nepal Stock Exchange Ltd.,

Kathmandu, Nepal, 1998

_______, Trading Report, F/Y 1996/1997, Nepal Stock Exchange Ltd., Kathmandu,

Nepal, 1997

_______, Trading Report, F/Y 1997/1998, Nepal Stock Exchange Ltd., Kathmandu,

Nepal, 1998

_______, Trading Report, F/Y1998/ 1999, Nepal Stock Exchange Ltd., Kathmandu,

Nepal, 1999

_______, Trading Report, F/Y 1999/2000, Nepal Stock Exchange Ltd., Kathmandu,

Nepal, 2000

_______, Trading Report, F/Y 2000/2001, Nepal Stock Exchange Ltd., Kathmandu,

Nepal, 2001

_______, Trading Report, F/Y 2001/2002, Nepal Stock Exchange Ltd., Kathmandu,

Nepal, 2002

_______, Trading Report, F/Y 2002/2003, Nepal Stock Exchange Ltd., Kathmandu,

Nepal, 2003

_______, Trading Report, F/Y 2003/2004, Nepal Stock Exchange Ltd., Kathmandu,

Nepal, 2004

_______, Security Listing Bye-Laws (1996), Nepal Stock Exchange Ltd.,

Kathmandu, Nepal, 1996

Nepal Planning Commission, Tenth Plan (2002-2007), Kathmandu, Nepal, 2002

NRB, Annual Report (2002-2003), Banking Supervision, Bank Supervision

Department, Nepal Rastra Bank, Kathmandu, Nepal, 2003

Ramamurthy, C.B., Nabil Bank Limited, Nepal, Trends and Developments in

Insolvency System and Risk Management: Experience of Nepal, Insolvency

System and Risk Management in Asia, The Oberoi Hotel, New Delhi, India, 3-5

November 2004

SEBO/N, Five Year’s Performance (1993-98), Securities Board, Nepal, Kathmandu,

Nepal, 1998

_______, Securities Registration and Issue Approval Guidelines, Kathmandu,

Nepal, 2000.

_______, List of Listed Companies, “Annual Report,” Securities Board, Nepal, 2004

NEWS PAPERS:

Times of India, Advertisement, “Times Business/ Economy,” Times of India, Mumbai,

India, October 4, 2006

NRB, Notice Issued by Nepal Rastra Bank, Gorkhapatra, Year 105, No.110,

Kathmandu, Nepal, August 24, 2005

T., Madhu, “Future Proofing, Times Business/ Investing,” Times of India,

December 7, 2006

WEB SITES:

http://www.adb.org

http://www.bseindia.com

http://www.icfai.org

http://www.nepalstock.com

http://www.nrb.org.np

http://www.nseindia.com

http://www.sebi.gov.in

http://www.sebonp.com

http://www.worldbank.org.np

ANNEX- I

PERFORMA OF STRUCTURED QUESTIONNAIRE

STUDY ON

DILEMMA OF STOCK MARKET PRICES

Note: All the information’s given by respondent are confidential and strictly used for academic research only. 1. General Information

1.1 Name of the respondent: ………………………………….……. 1.2 Profession: ……………………………………………………… 1.3 Address: ………………………………………………..………. 1.4 Date: ……………………………………………………………

QUESTIONNAIRE

I. Please make a tick mark [√] appropriate answer from following questions

1 to 13.

1. Do you think that company’s announcement of earnings will help to increase

stock market price?

[ ] Yes [ ] No [ ] Don’t know

2. Stock market price of some companies is higher and out of reach of ordinary

investors in Nepal. Do you think these companies to go for stock split to make

more popular trading range?

[ ] Yes [ ] No [ ] Don’t know

3. Do you suggest that company’s buy back policy of common stock gives the

better value to the shareholders?

[ ] Yes [ ] No [ ] Don’t know

4. Do you believe that stock market prices are more volatile (i.e. price changing

quickly) than expected dividend?

[ ] Yes [ ] No [ ] Don’t know

5. In your opinion, do you consider that insiders’ access to valuable information

allows investor to earn statistically significant trading profits?

[ ] Yes [ ] No [ ] Don’t know

6. Can financial reports publication change a company’s stock market price?

[ ] Yes [ ] No [ ] Don’t know

7. Can publicly available information fairly and consistently be used to identify

true value of common stocks?

[ ] Yes [ ] No [ ] Don’t know

8. Do you feel that investors are indifferent whether the company makes or do not

make information public in Nepal?

[ ] Yes [ ] No [ ] Don’t know

9. Do you agree that usually stock market prices on the stock exchange fully reflect

all publicly available information in a short period of time?

[ ] Yes [ ] No [ ] Don’t know

10. Do you believe that rising interest rate has negative effect on the stock market

prices?

[ ] Yes [ ] No [ ] Don’t know

11. Do you think foreign direct investment policy in capital market will give

positive impact on the stock market prices?

[ ] Yes [ ] No [ ] Don’t know

12. Have you feel secured return while investing in financial institutions common

stock?

[ ] Yes [ ] No [ ] Don’t know

13. Could you think investing in the securities is a best alternative as compare to

other assets in Nepal?

[ ] Yes [ ] No [ ] Don’t know

II. Please make a tick-mark [√] appropriate answer in the following

questions from 14 to 17.

14. In general, what do you think about current trading stock market prices in the

market?

i High

ii Moderate

iii Low

iv Don’t know

15. What are the problems you face while dealing with the brokers in Nepal?

i Not helpful

ii Giving misleading information

iii Slow documentation process

iv Delay of payment

16. How to make more efficient Nepal Stock Exchange’s personnel to deal the

business activities in better way?

i By giving better facility

ii Through training and development

iii Giving more job responsibility

17. Which of the given factors do you think affect more to stock market prices?

i Dividend paying policy

ii Retained earnings

iii Others (please specify)

III. Please rank in order of their more to less effectiveness in the following

questions from 18 to 19 by assigning 1 to most important one and so on.

18. Which of the following factors are more responsible for the state of shortcoming

for the development of stock market in Nepal?

i Poor stock market operation system

ii Poor management and information system

iii Companies are less profitable

iv Government policy in the area of stock market

v Investors negative buying and selling behavior

19. Which of the following factors are more responsible for changing behavior of

stock market price in Nepal?

i General public have not well informed.

ii Speculators are playing a major role in market

iii Due to internal and hidden information

iv Poor performance of market intermediaries

v Shortage of professionalism in the investment

IV. Please make a tick-mark [√] at the appropriate number as per following

scheme in question 20:-

20. Please give your opinion (agree/disagree) in the following observation of

statement on stock market price in Nepal.

1 = strongly agree 2 = agree 3 = don’t know

4 = disagree 5 = strongly disagree

S.No. Statement 1 2 3 4 5 i Prospect of information on favorable future

would increase stock market price

ii Political uncertainty and other events also effects the stock market price

iii Growing company has a better stock market price.

iv Governments’ liberalization policy has a better impact on stock market price.

v Dividend tax has a negative impact in the stock market price.

V. Opinion Survey:-

21. In your opinion, what are the problems you face while trading the securities in

Nepal?

Suggestions:

22. In your opinion, what are the recommendations to modify some of the present

activities in Nepal Stock Exchange Ltd.?

Suggestions:

23. What are your key opinions for developing the activities of Nepal Stock

Exchange Ltd. to provide more facilities?

Suggestions:

24. In your opinion, the existing governments’ rules and regulations are adequate to

protect the general investor’s rights?

Suggestions:

25. In your view, what will be the scenario of capital market of Nepal after

implementation of South Asian Free Trade Agreement (SAFTA)?

Suggestions:

ANNEX II

LIST OF LISTED COMMERCIAL BANKS

S.N. Name of the Company Address

1 Nabil Bank Limited POB 3729,Nabil House, Kamaladi, Kathmandu, Nepal. Tel.No.4429546-47 Fax No.4429548, 2 Nepal Investment Bank Ltd. POB 3412, Durbar Marg, Kathmandu, Nepal. Tel. No. 44228229-30 Fax No. 4226349 3 Standard Chartered Bank POB 3990, Naya Baneshwor, Kathmandu (Nepal) Limited Nepal. Tel. No. 4782333 4 Himalayan Bank Limited POB 20590, Tridevi Marg, Thamel Kathmandu, Nepal. Tel. No. 4250201 Fax No. 4222800 5 Nepal SBI Bank Limited POB 6049, Hattisar, Kamalpokhari Kathmandu, Nepal. Tel. No.4435516 Fax No. 4435612 6 Nepal Bangladesh Bank Ltd. POB 9062, Bijuli Bazar, New Baneshwor Kathmandu, Nepal. Tel. No.4490195 Fax No. 4490824 7 Everest Bank Limited POB 13384, EBL House, Lazimpat Kathmandu, Nepal. Tel. No.4443377 Fax No. 4443160 8 Bank of Kathmandu POB 9044, Kamal Pokhari Kathmandu, Nepal. Tel. No.4414541 Fax No. 4418990 9 Machhapuchhare Bank Ltd. POB 41, Naya Bazar, Pokhara Nepal. Tel. No.977-61-530900 Fax No. 530500

10 Nepal Industrial & Commercial POB 252, Main Road, Biratnagar, Nepal. Bank Limited Tel. No.977-21-521921 11 Laxmi Bank Limited POB 61, Adrashanagar, Birgunj, Parsa Nepal. Tel. No.977-21-521921 Fax No. 977-21-530393

ANNEX-III

LIST OF LISTED INSURANCE COMPANIES

S.N. Name of the Company Address

1 Rastriya Beema Sansthan POB 527, Ramsaha Path, Kathmandu, Nepal. Tel.No.4262520 Fax No.4262610 2 Nepal Insurance Co. Limited POB 3623, NIC Building, Kamaldi, Kathmandu, Nepal. Tel. No.4221353 Fax No. 4225446 3 National Life & General POB 4332, Lazimpat, Kathmandu, Nepal. Insurance Co. Limited Tel. No.4412625 Fax No. 4416427 4 Himalayan General Insurance POB 148, Durbar Marg, Kathmandu, Nepal. Company Limited Tel. No.4231788 Fax No. 4223906 5 United Insurance Co. Limited POB 9075, I. J. Plaza, Durbar Marg, Kathmandu, Nepal. Tel. No.4230958 Fax No. 4246687 6 Everest Insurance Co. Limited POB 10675, Siddhi Bhawan, Kantipath, Kathmandu, Nepal. Tel. No.4240363 Fax No. 4240083 7 Premier Insurance Co. Limited POB 9183, Ram Rukmani Sadan, Kamaladi, Kathmandu, Nepal. Tel. No.4417765 Fax No.4420554

8 Neco Insurance Co. Limited POB 12271, Hattisar, Laldarbar, Kathmandu, Nepal. Tel. No.4427354 Fax No. 4418761 9 Alliance Insurance Co. Limited POB 10811, Durbar Marg, Kathmandu, Nepal. Tel. No. 4222836 Fax No. 4241411 10 Sagarmatha Insurance Co. POB 12211,Kathmandu Plaza, Kamaladi, Limited Kathmandu, Nepal. Tel. No.4240896 Fax No.4247947 11 N.B. Insurance Co. Limited Bagbazar, Kathmandu, Nepal. Tel. No.4418862 12 Nepal Life Insurance Co. Ltd. Heritage Plaza, Kamaladi, Kathmandu, Nepal. Tel. No.4223440 Fax No.4240143 13 Life Insurance Corporation POB 21905,Kathmandu Plaza, Kamaladi, (Nepal) Limited Kathmandu, Nepal. Tel. No.4229688 Fax No.4229689

ANNEX-IV

LIST OF LISTED FINANCE COMPANIES

S.N. Name of the Company Address 1 Nepal Finance & Saving POB 6867, Kamaladimode, Kathmandu, Company Limited Nepal. Tel. No.4220031 Fax No.4241237 2 NIDC Capital Markets Ltd. POB 7423, Kamal Pokhari, Kathmandu, Nepal. Tel. No.4423398 Fax No.4423401 3 National Finance Co. Ltd POB 6942, Pako New Road, Kathmandu, Nepal. Tel. No. 4242302 Fax No. 4222920 4 Nepal Share Markets POB 7958, Ram Shah Path, Kathmandu, Company Limited Nepal. Tel. No.4425864 Fax No. 4430109

5 Annapurna Finance POB 288, Chipledhunga, Pokhara-4 Company Limited Nepal. Tel. No.00977-61-522671 Fax No. 00977-61-525797 6 Kathmandu Finance Limited POB 5090, New Plaza, Putalisadak, Kathmandu, Nepal. Tel. No.4430506 7 Peoples Finance Limited POB 9416, K.K.M. Building, Tripureswor Kathmandu, Nepal. Tel. No.4255829 Fax No.4260951 8 Union Finance Co. Limited POB 9263, Kathmandu Plaza, Kamaladi, Kathmandu, Nepal. Tel. No.4240779 Fax No.4246551 9 Citizen Investment Trust POB 5823, Putalisadak, Kathmandu, Nepal. Tel. No.4228759 Fax No.4240645 10 Nepal Housing Development POB 5624, Naya Baneshwor, Kathmandu, Finance Company Limited Nepal. Tel. No. 4780259 Fax No.4782753 11 HISEF Finance Limited POB 8857, Hattisar, Kamalpokhari, Kathmandu, Nepal. Tel. No.4444739 Fax No. 4444743 12 Narayani Finance Limited POB03, Sahid Chowk, Narayanghat, Chitwan, Nepal. Tel. No.00977-56-520313 Fax No. 00977-56- 522230 13 Ace Finance Co. Limited POB 13383, Kantipath, Kathmandu, Nepal. Tel. No. 4249396 Fax No.4249477 14 Yeti Finance Co. Limited POB35, Main Road, Hetauda, Nepal. Tel. No.00977-57-520822 Fax No. 00977-57-521842 15 Gorkha Finance Co. Ltd POB 10951, Siddhi Bhawan, Kantipath, Kathmandu, Nepal. Tel. No. 4222508 Fax No. 4258239 16 Shamjhana Finance Co. Ltd POB 10457, Kamalachhi, Kathmandu, Nepal. Tel. No. 4231051 Fax No. 4231050

17 Universal Finance Ltd. POB 12396, Siddhi Bhavan, Kantipath, Kathmandu, Nepal. Tel. No.4230234 Fax No.4245895 18 Nepal Housing & Merchant POB 10609, Batule Ghar, Dillibazar, Finance Ltd. Kathmandu, Nepal. Tel. No.4430528 Fax No. 4436183 19 General Finance Ltd. POB 20258, Chabahil, Kathmandu, Nepal. Tel. No.4484753 Fax No. 4484753 20 Mahalaxmi Finance Ltd. POB 65, Alikiiya Road, Birgunj, Nepal. Tel. No.977-51-523271 Fax No. 977-51-524340 21 Lalitpur Finance Co. Ltd POB 8975- EPC 585, Lagankhel, Lalitpur Nepal. Tel. No.5536598 Fax No.5531916 22 Goodwill Finance Co. Ltd POB 8867, Dillibazar, Kathmandu, Nepal. Tel. No.4422290 Fax No.4416052 23 Pashchimanchal Finance POB 11, Butwal, Rupandehi, Company Limited Nepal. Tel. No.00977-71-541609 Fax No. 00977-71-541924 24 Pokhara Finance Co. Ltd POB 470, Gairapatan, Pokhara, Nepal. Tel. No. 00977-61-524942 Fax No. 00977-61-531610 25 Lumbini Finance & Leasing POB 11503, Tidevi Marg, Thamel, Company Limited Kathmandu, Nepal. Tel. No. 4423443 Fax No.4425655 26 Siddhartha Finance Co. Ltd Siddhartha Nagar, Bhairahwa, Rupandehi, Nepal. Tel. No. 00977-71-521478 Fax No. 00977-71-523272 27 Nepal Merchant Banking & POB 11543, I. J. Plaza, Durbar Marg, Finance Co. Ltd Kathmandu, Nepal. Tel. No. 4246160 Fax No.4246156

28 Alpic Everest Finance Co. Ltd POB 12034, Aradhana Complex, Bagbazar, Kathmandu, Nepal. Tel. No. 4241605 Fax No.4241605 29 Nepal Bangladesh Finance & Main Road, Biratnagar, Nepal. Leasing Co. Ltd Tel. No. 00977-21-530903 Fax No. 00977-21-521851 30 International Leasing & POB 8975 Naya Baneshwor, Finance Co. Ltd Kathmandu, Nepal. Tel. No. 4480067 Fax No.4482267 31 United Finance Co. Ltd POB 12311, I. J. Plaza, Durbar Marg, Kathmandu, Nepal. Tel. No. 4241648 Fax No.4241645 32 Shree Investment & POB 10717, Dillibazar, Kathmandu, Finance Co. Ltd Nepal. Tel. No. 4422038, Fax No. 4421779 33 Central Finance Co. Ltd POB 7062, Kupondole, Lalitpur, Nepal. Tel. No. 5522289, Fax No.5523526 34 Nepal Shrilanka POB 12248, NSLB Building, Kamaladi, Merchant Bank Ltd. Kathmandu, Nepal. Tel. No. 4440300 Fax No. 4441034 35 Premier Finance Co. Ltd POB 13471, Manbhawon-5, Lalitpur, Nepal. Tel. No. 5521402, Fax No.5550412 36 Navadurga Finance Co. Ltd POB 25, Itachha, Bhaktapur, Nepal. Tel. No. 6612999, Fax No.6611999 37 Butwal Finance Co. Ltd POB 25, Amarpath-7, Butwal, Rupandehi, Nepal. Tel. No. 00977-71-44288 Fax No. 00977-71-48711 38 Janaki Finance Co. Ltd POB30, Bhanuchok, Janakpurdham, Dhanusha, Nepal. Tel. No. 00977-41-21586 Fax No. 00977-41-23340

39 Standard Finance Ltd POB 8973-NCP.164, Ramsah Path Kathmandu, Nepal. Tel. No.4244504 Fax No.4253368 40 Om Finance Co. Ltd POB 538, New Road, Pokhara, Nepal. Tel. No.00977-61-32600 Fax No. 00977-61-32800 41 Cosmic Merchant Banking POB 21507, Lal Durbar, Kathmandu, Finance Co. Ltd Nepal. Tel. No. 4222154, Fax No.4232678