مری نظر میں محبت وہ کامیاب نہیں
اٹھایا جس نے کبھی ہجر کا عذاب نہیں
مری خطائوں کا رکھا تو ہے حساب اس نے
مری وفائوں کا رکھا مگر حساب نہیں
ہر ایک تیر نشانے پہ جا کے لگتا ہے
نگاہِ ناز کے تیروں کا تو جواب نہیں
وہ میرے پہلو میں آکر ہیں یوں دراز ہوئے
یقین ہی نہیں آتا یہ کوئی خوب نہیں
ہم ایسی بزم میں تائب جی کس لیے جائیں
جہاں شباب نہیں، شیشہ و کباب نہیں
Dr. Najib Al- Kailani (1931-1995) is one of the prominent poet and writer of Arabic literature. The multidimensionality of his personality is rare example of the history of Islamic literature. He was a renowned poet, writer, a medical professional, a thinker and overall a great human being. He laid the foundation of the Islamic literature and introduced a sound methodology. His precious literary works in Arabic and Islamic school of thought made his personality more prominent. He not only discusses the issues and challenges faced by Egyptian Muslims but also covers the whole Islamic world and as well as those Muslims who are in minority in their countries. His literary works are a good source of knowledge for not only the general readers but for the intellectuals and writers as well. Research works are being carried out on different dimensions of his personality in different ways by the different universities in the world. Research articles and discussions are being carried out and conferences are also organized in different Arab countries in the memory of Dr Najib Al-Kailani. Kailani was paid rich tributes by Arab writers and thinkers for his unique wealth of literary works. In this article we present the views of Arabian writers about his literary status.
Investors play a vital role in stock exchange. Sometimes the decisions are based on rational behavior and
sometimes these decisions consist of irrational behavior. Traditionally researchers argued that investors
behave like a rational agent. This study explores the investor's cognitive biases and how these biases put affect
on investor decision. At the same time due to globalization stock market situation is changed day by day even
after few seconds.
The research examined and explored the impact of cognitive biases on risky investment decision and foremost
intention of this study to check the effect of cognitive biases on risky investment decision and more specifically
the effect of mediating variable on risky investment decision. There are numerous biases which are putting
affect on investor decisions but this study explores the combined effect of two biases i.e. heuristic and
overconfidence on risk perception, which is mediating variable and also examined the effect of these cognitive
biases on risky investment decision.
This study is conducted at three stock exchanges; KSE, ISE and LSE. As this study belongs to the behavior of
investor so it comprise of primary data. For this purpose adapted questionnaire is used. 450 questionnaires
are distributes out of which 400 questionnaires are returned. The data is run on SPSS. To check the reliability
of questionnaire, Cronbach's alpha is applied and the result of reliability is above than 0.7 which is considered
to be fit tool for research. Descriptive statistics are used to check the frequency of each respondent towards
their age, business tenure and respective stock exchange.
The study finds a significant relationship between cognitive biases (heuristic and overconfidence) and risky
investment decisions. There is partial mediation between overconfidence and risky investment decision and
full mediation between heuristic and risky investment decision while risk perception is a mediating variable.
Study also indicates that risk perception have also positive and significant relation with risky investment
decisions.