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افراد کے ہاتھوں میں اقوام کی تقدیر

افراد کے ہاتھوں میں ہے اقوام کی تقدیر
قوم کسی پتھر کا نام نہیں ہے ،کسی ویرانے میں کھڑے درخت کا نام نہیں ہے کسی بہتی ہوئی ندی کا نام نہیں ہے، کسی لہلہاتے ہوئے کھیت کا نام نہیں ہے، قوم افراد کے مجموعے کو کہتے ہیں ۔قو میں بنتی ہیں اور قومیں بگڑتی بھی ہیں، قو میں سنورتی بھی ہیں اور قومیں بر بادبھی ہوتی ہیں کبھی قو میں تنزلی کا شکار ہوتی ہیں اورکبھی ترقی کی معراج پر فائز ہوکر دنیا میں ایک منفرد مقام حاصل کرتی ہیں۔
اقوام کے بگاڑنے اور سنوارنے میں افراد کا ہاتھ ہوتا ہے کیونکہ فرد قوم کی ایک اکائی ہے، اکا ئی ایک جُز ہوتا ہے اور جُز سے اجزاء بنتے ہیں اور پھر یہ اجزاء مل کر ایک قوم کی شکل اختیار کر جاتے ہیں۔ اقوام کی قسمت اور تقدیر افرادہی کے ہاتھوں میں ہوتی ہے، اگر افراد پڑھے لکھے ہیں تو قوم پڑھی لکھی ہے اور اگر افراد ان پڑھ اور گنوار ہیں توپھر قوم بھی اسی طرح کی ہوتی ہے۔
علامہ اقبال رحمۃ اللہ علیہ اپنے اس مِصْرَعَہَ میں اپنی قوم کی تقدیر کے بارے میں اظہارِ خیال اس طرح کرتے ہیں کہ اگر ایک شخص ہاتھ پر ہاتھ دھرے بیٹھار ہے اور بے عملی کا شکار ہو تساہل اور غفلت اس کی عادت ثانیہ بن چکی ہو تو وہ اپنی قوم کے لیے کوئی قابلِ قدر خدمات سرانجام نہیں دے سکتا۔ اس نے قوم کی تقدیر کو بدلنے کے لیے اپنارول ادا کرنا ہے۔ کوئی فلکی مخلوق نہیں آئے گی کہ اس کے حالات بدل دے۔ اس لیے خودتگ و دو کرنا پڑے گی ، بستر استراحت کو چھوڑنا پڑے گا، زرق برق لباس زیب تن کر کے نمودونمائش کے بت کو پاش پاش کرنا پڑے گا، خلوص دل سے اپنے ملک وقوم کے لیے...

Compatibility of Education and Training in the Light of the Seerah of the Holy Prophet

Humankind has been granted a special status due to its being vicegerent of Allah on earth for he has been entrusted with the responsibility to keep order in the world according to the directives of its Creator. Humans are guided by Prophets in history. Some of these Prophets have got greater value, sphere and depth of influence on humanity due to different factors. Muhammad (Peace Be Upon Him) is the last Prophet of Allah, for the eternity and whole humanity. After him, Islam is completed for all times to come. Islam is a complete code of life; education and training constituting its crux. Prophet Muhammad (Peace Be Upon Him) was greatly concerned and cognizant of education and training of his followers which is evident from multifarious events of his life.  Major emphasis was laid on training coupled with education and both are, thus, inevitably interlocked with each other. It is clear that education was considered an assimilation of knowledge and training was taken as its reflection in daily life. The verses of the Holy Quran and sayings of the Holy Prophet (Peace Be Upon Him) bear a perfect testimony to this aspect of foremost significance. The earlier people in the fold of Islam were much concerned about training and nurturing, hence they avoided mere memorization of facts. The present paper is an attempt to discover the compatibility between education and training in the light of the paradigm of secret of the Prophet (Peace Be Upon Him) of Islam.

Asset Pricing Anomalies: the Role of Liquidity, Volatility and Investor Sentiment - Evidence from Pakistan Stock Exchange Psx

This thesis examines the existence of anomalous returns and their risk modeling from various perspectives in Pakistan Stock Exchange (PSX). Anomalous returns are empirical results that are unexplained by the theory of “Efficient Market Hypothesis” (EMH). EMH states that returns are a linear function of risk and it is impossible to earn superior returns without taking extra risk. However, empirical evidence shows that there exist numerous anomalies and risk-return models failed to provide a good description of returns. To study the risk modeling of returns, first, this study focuses on the role of liq uidity in explaining the anomalous returns in PSX. In emerging markets such as Pakistan, liquidity is considered as an important risk factor and returns are assumed to be associated with liquidly. However, traditional risk-return model(s) such as “Capital Asset Pricing Model” (CAPM) do not explicitly incorporates the liquidity factor. To test wether liquidity is priced in PSX, portfolios are constructed as test assets by using size and volatility related information. It is identified that portfolios constructed based on size and volatility generate 30% to 50% annualized returns in PSX during the period from 1994 until 2015. By measuring liquidity as the average of zero return days in a month and then using the “Liquidity Augmented Capital Asset Pricing Model” (LCAPM), findings reveal that these enormous returns are not violation of EMH. Instead, a reward to investors for bearing the market and illiquidity risk. Secondly, emerging markets are considered to be weakly integrated with the global markets. Hence, it is assumed that there exists better investment opportunities for international investors in emerging markets. Therefore, in this study it is explored that whether PSX provides risk adjusted opportunities to international investors after controlling for the global risk factors. Results show that PSX provides risk adjusted returns to international investors. Thirdly, momentum anomaly is considered to prevail across the global markets.However, in emerging markets such as Pakistan, on average this anomaly has histori cally low returns due to the high volatile nature of such markets. Therefore, this study explores whether volatility is linked with the poor performance of momentum strategy. To test this, the momentum strategy is adjusted for volatility and then compares the performance of traditional momentum strategy with volatility/variance scaled momentum strategies during the period from 1994 until 2016. By using simple descriptive analyses, results show that the scaled momentum strategies outperform traditional strategy in terms of higher raw returns and the Sharpe Ratios (SR). In addition, rationalizing the returns of traditional and scaled momentum strategies in the framework of standard asset pricing models reveal that the scaled strategies pro duce larger risk adjusted returns than the traditional momentum. Furthermore, the probability of negative returns for scaled momentum strategies reduce in comparison to traditional momentum strategy. Lastly, this thesis examines the ability of investor sentiment to predict conditional volatility and excess returns at aggregate market and industry level in PSX by using daily data from 2001 until 2015. The results show that sentiment induced investors overreact to information which results in excess demand. As a result, investor sentiment predicts lower future expected returns. However, this miss pricing corrects in the next period which brings the sentiment induced prices towards the equilibrium level. It has also been confirmed that bullish (bearish) sentiment increases (decreases) volatility which in-turn affect the mean variance relationship. However, the commonality of the effect of investor sentiment via conditional volatility has not been uniform across industries.
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