ہر اک سے تیرے واسطے دل بیر لے گیا
پر تُو تو کاٹ کر ہی میرے پیر لے گیا
اِک رشتے کی زمین کو سینچا تھا عمر بھر
اور فصل جب پکی تو ثمر غیر لے گیا
The research deals with the exegesis of the meanings of the Holy Qurānic. It sheds light on the Qurānic context and to what extent it has been taken care of in the modern dictionaries compiled for the meanings of the difficult words of the Holy Qurānic. Cocntext is one of the most prominent phenomenon for help in determining the meanings of the Qurānic words and its exegesis. The research defined context, both as a lexical and technical word. It described its importance in the Holy Qurānic. It then differentiated between context and Nazm (order) which is discussed by both exegete and scholars of rhetoric. It was followed by Qurānic context, its features and importance. It then brought examples from some selected dictionaries which gave importance to the Qurānic context while explaining the meaning of the difficult words. The research concluded that there is great role of Qurānic context in explanation of the words. It is a phenomenon which has been taken care of right from the Holy Prophet and his companions up to the exegete of modern world.
Generally, in most traditional markets one can observe a rapid escalation in the trading price of many IPOs on the first day. The closing price on the first day of trading is quite often much high then the offering price six hours earlier.It is a well established fact that initial public offerings of common stock (hereafter IPOs) are mostly underpriced, sometimes astronomically and subsequently underperformed in long-run period. There remains a question as to why this is such a common occurrence. However, virtually all the statistical studies draw their data from large highly liquid markets-traditional or main markets. To test these propositions, we selected various categories of IPOs i.e. local IPOs, cross-listed IPOs and demutualized firms’ offeringthat are listed on AIM during 2001 to 2017. Findings of the study depicts that on average, IPOs are underpriced by 2.48%, 2.62% and 2.16% on the first, fifteen and thirty day of trading respectively. We further identified that demutualized IPOs are less underpriced then local IPOs. In addition, cross-listed IPOs are more underpriced on the fifteenth and the thirtieth day of trading relative to local and demutualized IPOs. This study also reports that offer price is emerged as a robust determinant of short-run performance of unseasoned issues. In long-run price performance, it is found that investors in the AIM earn significant positive returns if the stock is hold for three years, and the price variation is dependent upon the firm size. As for as the spillover is concerned, the results show that only mean spillover effects from US and Australian market and volatility spillover effects from US, Canada, Australia and Irish market transmit to their respective cross-listed IPOs on an alternative markets. That finding implies that in short-run, a lower offer price leads to greater underpricing. In long-run, Investment in small firms seems more profitable compared to those of large firms in the AIM. These findings suggest that prospective investors can develop and diversify their portfolio in an alternative markets. The findings of the study have also a practical value for those investor who are especially interested in earning abnormal excess returns in an alternative market