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درد کا حد سے گزرنا ہے دوا ہو جانا

درد کا حد سے گزرنا ہے دوا ہو جانا
نحمدہ ونصلی علی رسولہ الکریم امّا بعد فاعوذ بااللہ من الشیطن الرجیم
بسم اللہ الرحمن الرحیم
معزز اسا تذہ کرام اور میرے ہم مکتب ساتھیو!السلام علیکم! آج مجھے جس موضوع پر گفتگو کرنی ہے وہ ہے:’’درد کا حد سے گزرنا ہے دوا ہو جانا ‘‘
جنابِ صدر!
دکھ درد، تکلیف ہم معنی الفاظ ہیں، زندگی میں ہر شخص کوکسی نہ کسی موقع پر رنج وغم اور دکھ و تکلیف سے واسطہ پڑتا ہے خوشیاں روٹھ جاتی ہیں، رنج و الم کے بادل گھٹائیں بن کر برسنا شروع ہو جاتے ہیں گھر کے آنگن میں نوید ومسرت کی چاندنی بکھیرنے والا قمر گہنا جاتا ہے۔
صدرِ ذی وقار!
زندگی کے نشیب وفراز سے انسان ہمکنارر ہتا ہے۔ افراط و تفریط کا سلسلہ شروع رہتا ہے، کامیاب انسان وہ ہے جوایسے حالات میں مستقل مزاج رہتا ہے ان بوقلمونیوں سے اس کے پائے استقلال میں لغزش نہیں آتی اور یوں اس کی زندگی کی گاڑی رواں دواں رہتی ہے۔بقول غالبؔ
رنج سے خوگر ہوا انساں تو مٹ جاتا ہے رنج
مشکلیں اتنی پڑیں مجھ پر کہ آساں ہو گئیں
صدرِ محترم!
جب کوئی چیز حد سے بڑھ جاتی ہے، اپنی انتہا کو پہنچ جاتی ہے تو اس کا وجود عنقا ہو جاتاہے اس کی حیثیت بدل جاتی ہے اس کے نفع نقصان کا تصور تبدیل ہو جاتا ہے۔ اس کے مضر اثرات مصلح ہو جاتے ہیں اس میں یکسر تبدیلی آجاتی ہے اور ایّام کے ساتھ ساتھ وہ قصہ پارینہ بن جاتی ہے۔
محترم سامعین!
رات اپنی انتہا کو پہنچتی ہے تو بادِ نسیم صبح کے حیات بخش جھونکوں سے آشنا ہے۔ دن اپنی بلندیوں کومس کرتا ہے تو قمر کی برووت بھری چاندنی قلب و ذہن کی طراوت کا باعث بنتی...

The Influence of Scientific Approach on Increased Interest, Creativity and Learning Outcomes: An Action Class Research

Class Action Research (CAR) was conducted to analyze the increase of interest, creativity and interest, creativity, and learning outcomes of students in the Mattayeom 4 class Phatanakansuksa Foundation School Thailand by implementing the Scientific approach method. During the observation and review with the English teacher Mattayeom 4, the researcher was able to describe the profile of student learning outcomes in grade 1 as a class with great potential but not well-honed. The low interest of students in this learning process can result in a learning process that is not optimal so that the results obtained are not optimal. The results of the implementation of classroom action research in the Mattayeom 4/2 Phatanakansuksa Foundation School's Real Work Lecture program which shows an increase in learning outcomes through a direct learning process applied by teachers/researchers.

Information Environment Quality and its Impact on Return and Investment Decision

This study contributes to literature in four ways to explore the dynamics of stock price synchronicity (SPS). Firstly, it tests the weak form of market efficiency. Secondly, measures the effect of information environment on SPS by using firm specific variables i.e. liquidity, illiquidity, cost of information, trading cost and investor attention. Thirdly, this study attempts to investigate the relationship between information environment and foreign investment. Fourthly, role of information environment premium or SPS premium in explaining equity returns is explored. This study investigates the weak form of efficiency of Karachi stock exchange using a set of parametric and non-parametric tests that include Jarque-Bera and Kolmogrov-Smirnov (KS) test for normality, autocorrelation and Run test for autocorrelation, Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) for stationarity and multiple variance ratio (MVR) test. The results of the study indicate that daily, weekly and monthly returns do not follow random walk. So, investors can use technical analysis to devise investment strategies. This study also examines the relationship between SPS and firm specific variables associated with information environment. Results indicate that age, size, institutional ownership, book to market ratio, trading cost, liquidity, illiquidity and returns have significant impact on SPS. Various proxies of liquidity and illiquidity are used to test the robustness of results. These proxies include volume, turnover rate, value traded, Amihud illiquidity and percentage of zero volume days. The results suggest that the differences in idiosyncratic volatility are not linked with the more or less information of firm specific attributes. It appears to be linked with noise in returns. Findings of this study are in line with West (1988) and Lettau Malkiel and Xu (2001). This study further suggests that low stock price synchronicity is a result of imbedding of firm specific variables information in to stock prices. If quality of information environment is good, market model R square will be higher represented by large institutional holding, greater age, lower trading cost, large size, value stocks, low illiquidity, high liquidity and large information events. In next phase, this study examines the relationship between foreign investment and information environment. Results indicate that Institutional ownership, age, trading cost, size, liquidity and illiquidity influence foreign investment. Institutional ownership, size and percentage of zero volume days have significant and positive impact on foreign investment and trading activities have negative association with foreign investment. Such deviations might be the effect of herding, noise trading and instable dynamics of emerging markets. Finally, this study explores the impact of size premium, value premium, information efficiency premium on average equity returns using the methodology proposed by Fama and French (1992, 1993). Result indicates that size premium, values premium and information efficiency premium are priced by the market. Market premium, size premium, value premium and information efficiency premium significantly explain equity returns in single factor, three factor and four factor model. Capital asset pricing model (CAPM) is valid for explaining average equity returns but multifactor model captures additional information. Therefore, it can be concluded that size premium, value premium and information efficiency premium are considered as systematic risk and priced by the market.
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