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Comparison of Mutual Fund Performance Measures: A Case of Pakistani Islamic Mutual Funds

Thesis Info

Access Option

External Link

Author

Zehra Khan

Institute

Virtual University of Pakistan

Institute Type

Public

City

Lahore

Province

Punjab

Country

Pakistan

Thesis Completing Year

2018

Thesis Completion Status

Completed

Subject

Software Engineering

Language

English

Link

http://vspace.vu.edu.pk/detail.aspx?id=198

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676720992305

Similar


This research measures and evaluates the performance of 13 Shariah Compliant Mutual Funds of Pakistan from September 2009 to August 2017 by using 18 performance measures including Sharp Ratio, Treynor Ratio, Jenson?s Alpha, Beta, Absolute Performance, Standard Deviation, Modigliani Risk-Adjusted Performance, Appraisal Ratio, Information Ratio, Adjusted Sharpe Ratio, Downside Risk, Downside Potential, Tracking Error, Number of Negative Periods, Number of Positive Periods, Max Drawdown, Sortino Ratio, Fama?s Decomposition Measure. Few measures declare some funds to have outperformed the benchmark while others declare them to have underperformed. The research also analyzes and compares the performance measures to characterize the relationship between them and find if they lead to an identical ranking by using three analysis techniques: Pearson?s r, Spearman?s rho, Kendall?s tau coefficient. The study concludes that there is a high level of correlation among performance measures which indicates that the performance measures classify mutual funds in a similar manner in the three sub-periods i.e. 6 months, 1 year and 3 years. Change of frequency doesn?t disturb their classification ability.
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جھوٹ کے نقصانات

جھوٹ کے نقصانات
نحمدہ ونصلی علی رسولہ الکریم امّا بعد فاعوذ بااللہ من الشیطن الرجیم
بسم اللہ الرحمن الرحیم
صاحبِ صدر اور میرے ہم مکتب ساتھیو!
آج مجھے جس موضوع پرلب کشائی کا موقع ملا ہے وہ ہے:’’جھوٹ کے نقصانات‘‘
معزز سامعین!
جہاں تک کذب بیانی کے نقصانات کا تعلق ہے تو وہ تو شمار سے باہر ہیں چند ایک ہوں تو انہیں احاطہ تحریر میں لایا جاسکتا ہے لیکن ان کی تعدا در یت کے ذرّوں اور سمندری پانی کے قطروں سے بھی زیادہ ہوتو پھر ان کی گنتی مشکل بھی ہے اور ناممکن بھی اس کا سب سے بڑا نقصان یہ ہے کہ جھوٹا انسان نہ صرف خود اپنے جھوٹ کی نجاست سے تن، من ، دھن کو ناپاک اور غلیظ کرتا ہے بلکہ اس کے جھوٹ کی غلاظت سے اٹھنے والی گھن محلے، معاشرے اور قوم کے خوشگوار ماحول کی پرفضارونق کو بھی مکدر کر دیتی ہے۔ وہ اپنا اعتماد کھو دیتا ہے، اپنی سماجی زندگی کا حلیہ( بگاڑ لیتا ہے ) احباب، اصدقا اور عزیز واقارب میں اس کی حیثیت مرد بیمار کی سی ہوجاتی ہے۔
صدرِذی وقار!
نبی کریمؐ نے ارشاد فرمایا ہے کہ مسلمان میں دیگر عیوب پیدا ہو سکتے ہیں لیکن سچا مسلمان کبھی جھوٹا نہیں ہوسکتا۔ آپؐ نے منافقین کی علامتوں میں سے ایک اہم علامت جھوٹ بتائی ہے، بلکہ ایک مقام پر یہ بھی ارشاد فرمایا گیا ہے کہ اگر کسی شخص کا جھوٹ ثابت ہو جائے تو پھر اس کی گواہی قبول نہیں ہوسکتی۔ یہ اس کے لیے ڈوب مرنے کا مقام ہے کہ ایک واقعہ اس کی آنکھوں کے سامنے ہور ہا ہے اور وہ بالکل عینی گواہ ہے لیکن جھوٹا ہونے کی بنیاد پر اس کی عینی گواہی بھی قابلِ قبول نہیں ہے۔
معزز حاضرین!
جھوٹے آدمی کی جہاں دنیا بر باد...

امت مسلمہ کى عالمگیریت قرآنى تعلیمات کى روشنى میں

The spirit of Islam binds Muslims into an Ummah. This bonding of a unique feature of any Muslim Society. As Muslims, we should defy splits or differences within our societies to avoid factions or divisions. There must prevail tolerance peaceful co-existence to promote the universal brotherhood amongst Muslims. Only then, the Muslims may rise to supremacy and lead the nations of the world.

Role of Crop Field Boundary Vegetation in Population Ecology of Passerine Birds in Pothwar Plateau, Pakistan

An agro-ecosystem demands intensive human activities related to farm operations to get optimum crop yield but such actions negatively affect local biodiversity including avifauna. Pothwar plateau of Pakistan covers an area of ~ 23,160 km2, totally dependent on rain water. About 110,600 haarea of the plateau is under cultivation while the rest of it contains scrub forest and rangeland. The agriculture consists of two major traditional cropping systems i.e. wheatmaize/millet and wheat-groundnut. Due to its unique topography and climatic conditions the plateau is famous for hosting important floral and faunal diversity of Pakistan. Like other regions of the country the Pothwar landscape is also under tremendous pressure of urbanization and agriculture expansion. An inverse relationship between agriculture expansion and loss of wild habitat is 15 reducing food and shelter to its native species including avifauna.This is causing many bird species (mostly Passeriformes) to adopt croplands for nesting, feeding and breeding. Since no reliable record of passerine birds associated with field boundary vegetation in this region is available therefore, the present study was conducted to investigate anthropogenic use, diversity and abundance of the cropfield- edge vegetation, seasonal diversity and species richness of passerine birds utilizing this vegetation for feeding, nesting and breeding. The study was carried out at four isolated patches of croplands, each covering an area of 1 km2. The anthropogenic practices were studied by interviews of 94 farmers and/or their workers. The farmers reported two main cropping systems i.e. wheat (intercropped with mustard) - groundnut and wheat-maize/millet. The livestock mainly consists of goats and cattle which are usually grazed on wild vegetation adjacent to the farmlands. Animal grazing in croplands is allowed after harvest or during pre-monsoon season. The farmers plant fast growing shrubs along crop field margins for fodder browse and fuel wood. Burningof crop residues and dry vegetation is not a common practice. Inorganic fertilizers commonly urea and DAP are used to enhance crop yield. Weeds, insect and rodent pests infest the food crops. Weeds are usually removed manually with some use of surface herbicides. Chemical control of insect and rodent pests is a popular practice while the farmers lackany knowledge on beneficial roles of birds in their croplands.Vegetation analysis revealed occurrence of 51 floral species on crop field boundariesincluding 12 tree species among which dominant were Acacia modesta and Zizyphus mauritiana, 14 species of shrubs and 25 species of herbs/grasses. Seasonal avian densities were estimated by point countswhich scored 25 species of birds including 20 resident and five migrants/winter visitorspecies. Most common and abundant bird species were house sparrow (Passer domesticus), common myna 16 (Acridotheres tristis), redvented bulbul (Pycnonotus cafer) and Himalayan bulbul (Pycnonotus leucogenys)while comparatively less common species were Indian tailor bird (Orthotomu ssutorius), common lark (Alauda arvensis), ashy drongo (Dicrurus leucophaeus) and ashy prinia (Prinia socialis). Other avian species were rare and confined to specific cropping systems. The migrants/winter visitors were recorded from November to March. Bird density and diversity decreased during summer due to absence of migratory birds as well as low availability of food. More numbers and species of birds were present at sites that had wheat-maize/millet cropping system and were in close proximity to rain water ponds which provide better living conditions to rare and infrequent birds in this arid ecosystem.Food habits of nine bird species determined by microhistological analysis of fecal droppings revealed that red-vented bulbul and Himalayan bulbul inhabiting this agro-ecosystem were frugivores. Ashy prinia, pied bushchat (Saxicola caprata) and ashy drongo fed exclusively on insects many of which are crop pests in this agro-ecosystem while common myna, common lark, large grey babbler (Turdoides malcolmi) and Indian tailorbird were omnivorous in their dietary habits. These species fed on wheat, maize and millet during some part of the year and they also visited crops for invertebrates particularly insects pests. None of these birds have status of pest in this agroecosystem. The breeding ecology of ashy prinia, red-vented bulbul, Himalayan bulbul, ashydrongo and large grey babbler revealed that prinia and the bulbuls utilized shrubs bordering the crop fields for nesting while drongos and babblers used the trees. The nests were constructed at low heights and were prone to ground predators like snakes and domestic cats while humans were also observed disturbing the eggs and nestlings of these birds. Due to these predators and general disturbance low hatching, fledging and breeding success of these species was observed in this agro-ecosystem. The study suggests enhancement and 17 conservation of roosting, foraging and nesting sites of birds in this arid agroecosystem region which could be accomplished by maintaining heterogeneity of native natural vegetation and patches of uncultivated land that act as bird refugeesas well as reduction in unwanted human activities and habitat degradation.