عارفہ ثمین اختر نے دور طالب علمی میں تحقیق و تنقید اور شعر گوئی سے بیک وقت اپنا شغف ظاہر کیا تھا؛ لیکن عمدہ دسترس کے باوصف اول الذکر سے ان کا ناتا نصابی مدار تک محدود رہا جبکہ ثانی الذکر سے وابستگی سرمدی ثابت ہوئی؛ یوں تخلیق سے منسوب ثروت ایک بار پھر اپنی فوقیت کا اثبات کرانے میں با مراد ٹھیری۔ یہ درست ہے کہ انھیں عہد طفولیت ہی سے ادبی علمی فضا میسر آئی مگر اس معاونت کا دایرہ اثر تحدید کی تقدیر اپنے ہمراہ لاتا ہے۔ فرد اگر اپنی ذات میں اساسی تخلیقی جوہر نہیں رکھتا تو محض ماحول قلب ماہیت کا اعجاز نہیں دکھا سکتا۔
عارفہ کی مذکورہ وہبی استعداد کا اعتراف ان کی غیر موجودگی میں اکثر سننے میں آتا رہا اور انھیں سننے کے بلا واسطہ مواقع بھی ملے۔ اس کے بعد ایک ایسا طویل وقفہ آیا کہ سچی بات ہے وہ رفت گزشت ہو گئیں کیونکہ وہی لکھنے والے قاری کے حلقہ ء نظر میں رہتے ہیں جو اس کے آئینہ ء ابصار تلک رسائی کا اہتمام بلکہ تردد کرنے میں کامیاب رہتے ہیں۔ اس دوران میں ادبی جراید یا سوشل میڈیا کے توسط عارفہ کے سخن قرطاس یا اسکرین پر نہیں ابھرے۔ اب کوئی تین دہائیوں کی گزران کے بعد یکایک ان کا شعری مجموعہ: ”سر شام“ کے عنوان سے سامنے آیا ہے تو خوشگوار حیرت نے اپنے حصار میں لے لیا ہے! مسرت اس لیے ہوئی کہ عارفہ نے اپنے وجود کی مناسبت سے عرفان آگہی کی آن کو حرز جان بنائے رکھا اور اس انمول خوبی کی اضاعت کا سانحہ نہیں ہونے دیا وگرنہ کڈھب مسائل حیات ان گنت دلنشیں تخلیق کاروں کو نگل گئے!
”سر شام“ کی غزلوں اور نظموں میں ضو ریز شاعری خود متکلم ہے کہ اس...
It is generally agreed that every legal system claims authority, however, the notion of authority is one of the most controversial concepts found in western legal philosophy. There are various distinct problems involved in the notion of authority and the problem of its paradoxes. The first section of the present paper introduces the viewpoints of various western schools of thought and the philosophical analysis of the concept of legitimate authority. The conflict about the concept of legitimate authority reflects their code of life and concept of religions. The second section of the paper presents a study of the origins of the Islamic law as well as the contemporary western legal thoughts in connection with authority. In Islamic law authority-which is at once religious and moral is the will of the Creator which is basic source of Islamic law, however, jurists differentiate between legal and moral values. It concludes with the comparison between Islamic and western notion of authority.
Over the last four decades, the performance of initial public offerings (IPOs) has remained an interesting topic for the academia, researchers and policy makers. Questions pertaining to how the prices of new issues behave in short-, intermediate- and long-term have been shown to have economic and academic implications. Empirical evidence suggests that IPOs significantly outperform most benchmarks from the listing day to one-month trading periods. The conclusions reached in studies of longer-term IPO performance have been controversial because researchers generally disagree on the methodologies used to identify longer-term abnormal performance. The problems investigated in this study are whether: (a) IPOs generate abnormal returns on initial trading day and subsequently in short- and intermediate-term and (b) IPOs systematically produce abnormal price performance. The purpose of this study is to assess whether IPOs produce abnormal returns over a period of six-months and to identify abnormal IPO performance over three-year period lasting from issuance to the three years anniversary of the newly issued shares. The research has accomplished this by developing matched-firm benchmark, based on market capitalization, to gauge abnormal performance using event- and calendar-time strategies. In addition, this study has investigated the determinants of short-, intermediate- and long-term performance using Extreme Bounds Analysis, which analyzes the sensitivity and robustness of explanatory variables and identifies true predictors. Moreover, this study has examined the growth rate implicit in offer prices using a reverse engineering DCF model. Based upon the implicit growth rate, the research will determine the estimated degree of overvaluation of IPOs by underwriters. The findings of this study are that: (a) IPOs outperformed in short-term, which indicates that investors can earn significant abnormal returns up to 15-trading day from listing day, (b) IPOs outperformed in intermediate-term, which illustrates significance of abnormal returns over two months of trading, (c) IPOs underperformed over three-year period, and (d) the growth rate embedded in IPO prices illustrating that on average the cash flow of IPO firm is expected to grow by one-fourth annually over five-year. The robust factors influencing short-term and intermediate performance include: oversubscription, aftermarket risk level of the IPO, offer price, rate of return on assets and percentage of shares offered. In terms of longer-term IPO underperformance, the observed pattern is not always statistically significant. Equal-weighted buy-and-hold abnormal returns and cumulative abnormal returns are used to find true predictors of three-year underperformance. The results suggest that underpricing, financial leverage, hot activity period, issue proceeds, oversubscription, age of the firm, aftermarket risk level of the IPO, post issue promoters‟ holding and affiliations with textiles, technology & communications and other industries caused long-term underperformance. This study concluded that short-term implied growth rate, market momentum, firm‟s age and size of sales significantly affect longer-term IPO performance. These findings provide opposition to the theory of market efficiency and infer that there is an unfair distribution in the premarket IPO pricing and allocation process. A review of the pre-market pricing as well as the method of allocation may bring significant positive change; revisions to the process could avert unfair benefits obtained by investors with privileged premarket IPO allocations, which would provide identical opportunities for investors participate in the price discovery process.