دور الشباب في رقي الأمم وازدهارها الحضاري على أساس الدين والعلم والأخلاق من منظور السيرة النبوية

Islam took great care of youth, because youth in Islamic nation are the shining stars, they are the backbone of nation and source of its survival and the pillars of advancement in the peace, and the soldier of victory in the war, and the hope of nation's present and future. Nations achieve greatness on the shoulders of their faithful and committed youth those who want progress, innovation and scientific competition in all sphere of the life, and serve great in uplifting of their Islamic nation. This article is an attempt to answer some questions, such as: possibility of the renewal of ideas of youth and concepts of the religious texts to work on drafting a practical approach for the advancement and prosperity based on the teachings of the religion that urges to wisdom with knowledge and ethics? This article deals with the Importance of youth’s role in progress of the nations and development of their civilizations in light of Holy Qur’an, Writing the idiomatic concept of the word "civilization, the impact of religion, science and ethics in advancement and property of nations, the causes and factors that led to the decline of the Islamic civilization, the foundations and pillars of western civilization, and the most important foundations on of the youth for advancement and prosperity of the nation. All these points are discussed in the article with a special reference an as taken is (صلى الله عليه وسلم) Prophet Holy of life the and Sunnah and Quran of excellent example for the development of nation with special reference to its youth.

Performance of Demutualized, Cross-Listed and Newly Listed Ipos: Evidences from Alternative Investment Market Aim

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