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

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

Thesis Info

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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

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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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تیراک

تیراک

وجیہہ ضمیر

پورا دن گزر گیا اور شام ہونے والی ہے۔ دریائی پانی کے بہاو پر شفق کے عکس کی چادر تن گئی ہے۔ بوڑھا ماہی گیر، جس کے ماتھے کی شکنیں مزید گہری اور ایک دوسرے کو کاٹنے لگ گئیں۔وہ تھکن کے احساس سے بڑبڑانے لگا۔"آج کا دن ہی کچھ منحوس تھا۔کوئی بڑی مچھلی ہاتھ نہ آئی"۔ بوڑھے ماہی گیر کا معاون، اٹھارہ برس کا کھلنڈرا جوان ہے۔جسےاس کی بوڑھی بیوہ ماں نے، مچھلیاں پکڑنے کے گر سیکھنے کےلیے اس کے پاس چھوڑ رکھا تھا۔یہ انتہائی جذباتی، متجسس اور ہر وقت اپنی ذات کے اندر بے تکے سوالوں کی ٹر ٹر لگائے رکھتا تھا۔ وہ ہر لمحہ کچھ نہ کچھ سوچتا ہی رہتا،خود ہی سوال اٹھاتا اور خود کو ہی جواب دے کر مطمن کر دیتا۔ لیکن پچھلے کچھ عرصے سے خدا کا منطقہ اس کے ذہن میں یوں اٹک گیا جیسے گلے میں ہڈی پھنس جاتی ہے۔سارا دن یہ سوال مسلسل پوچھ پوچھ کر اس نے اپنے استاد کا سر کھا لیا۔استاد اسے بےوقوف لڑکا سمجھتے ہوئے کئی طرح سے ٹالتا رہا۔ لڑکے نے آخری بار پوچھنے کا فیصلہ کرتے ہوئے ذرا تیکھے پن سے کہا:

"استاد! اب بتاو ہی دو، یہ خدا کس بلا کا نام ہے؟"

استاد نے جال سمیٹے اور تیوری چڑھاتے ہوئے، اسے دیکھا اور بولا۔"بکو مت، یہ کیا بکواس کر رہے ہو سنو ۔ خدا نظر نہیں آتا، لیکن رحم و کرم سے بھرپور اور انسان سے محبت کرتا ہے۔" لڑکے کے ذہن میں اٹکا یہ معاملہ جیسے سلجھ گیا ہو۔ وہ پہلے زیر لب مسکرایا، پھر ہنسا، پھر قہقہے لگانے شروع کر دیے اور رواں گہرے پانی میں چھلانگ لگا دی۔ شاید اس نے یہ سوچا ہو گا کہ مجھے بھی نظر نہیں آ...

ڈاکٹر وھبۃ الزحیلی کے تفسیری آراء کی روشنی میں اسلام کے عادلانہ نظام کا تحقیقی جائزہ

It is an admitted fact that Islam is “Universal Din” and a complete code of life. Its universality and conciseness is proved from Quran itself. Quran identifies the universality and surmounts it upon all over other Ady┐n and says, “And He sends his messenger along with righteousness and fait Din-e- ╓aq, so that surpass it upon other Dins, though it will be unpleasant for the polytheists”. The Holy verses shows and argues that Dine- Islam is a superior to all other Dins, it may be through love, arguments, conclusiveness or through state and governed on its completion Quran says, “Today I completed your “Din” for you along with all the blessings and liked Islam as a Din for you”. In a nutshell, the above two mentioned the Holy verses indicate clearly the universality and comprehensiveness, because the “Din” which will be superior and must be universal and precise. Islam is the only religion which is beneficial for all mankind in each and every aspect. Its universality is declared that it is a surety for mankind prosperity. Allah says in His Holy Book, “The Holy Quran” that do justice as it is more nearer to piousness. Allah has described “Justice twenty six times His Holy Book and it is also among one of His qualities. All these show the importance of justice.

A Comparative Study of Ausubelian and Traditional Methods of Teaching Physics at Secondary School Level in Pakistan

The work reported here is an investigation about the effectiveness of two teaching methods (i.e. Ausubel teaching method and traditional teaching method) in the teaching of physics at secondary level in Pakistan. The main objectives of this study were to compare the relative effectiveness of these teaching methods on students’ achievement and attitude, and to find out the impact of pre-lab on the learning of the students. This experimental work was carried out for the period of thirty-five weeks in the physics classroom and laboratory of Govt. Comprehensive School, Jhelum (Pakistan). Sixty-two secondary school science students of class X were randomly selected for this experiment. The posttest-only equivalent group design was used for this study. It involved two groups; experimental and control. These groups were equated on the basis of marks achieved by the students in a test of 8 th class science. The different tools used to collect the data were; the Achievement tests, Post labs, and Attitude scale. Experimental group was taught through Ausubel’s teaching method while control group was taught through Traditional. To measure the achievement of the students in the science theory and practical, the researcher administered the following tools; Experimenter’s tools 1 & 2, and post-labs. The other achievement tests used in the study were the Term Tests 1 & 2 administered by the school, and the question paper of physics theory and practical constructed, administered and evaluated by the Board of Intermediate and Secondary Education Rawalpindi (SSC annual examination 2005). To measure the scientific attitude of the students, an instrument was constructed and validated and then administered to the whole sample. Data collected by tools were analyzed by the application of software, SPSS and presented in the form of mean scores. To compare the mean scores of experimental and control groups, t-test was employed. The study indicated that Ausubel’s teaching method was found more effective than traditional teaching method in improving the achievement of the students in the subject of physics as measured by experimenter’s tools, term tests and in the SSC examination, v2005. The study also showed that the use of pre-labs significantly improved the performance of the students. It has found in various significant indications that the new way of teaching has improved performance of the students in various tests and some evidence that attitude have changed. The nature of pre-lab and post-lab need more improvement and further investigation at other levels and regions. There relative effectiveness should be evaluated so that the more effective tool can be used in the future. The persistence increase in the standard deviations for the experimental group suggests that not all students benefited equally. This gives rise to another area ‘cognitive learning styles’ that should be explored. This study can be seen as an exploratory study and offers encouragements that the new approach has considerable value for the learners. It needs replication, using many teachers, with boys and girls, and in all disciplines of science.