مسٹر چرچل
بالآخر مسٹر چرچل کو بھی پیام اجل آگیا، وہ ا س صدی کی عظیم ترین شخصیتوں میں تھے، ان میں اتنے کمالات جمع تھے کہ مشکل ہی سے ایک انسان میں جمع ہوتے ہیں، وہ صحیح معنوں میں صاحب السیف و القلم بلکہ کچھ اس سے بھی زیادہ تھے، ایوان سیاست میں بے نظیر و مدبر، عرصۂ رزم میں جنگ آزما سپہ سالار میدان علم و ادب میں سحر طراز ادیب و خطیب، وہ اپنی قوم کے بہت بڑے محسن تھے، انھوں نے جتنی طویل مدت تک اپنے ملک و قوم کی خدمت کی اس کا موقع کم لیڈروں کو ملتا ہے، انھوں نے نوے سال کی عمر پائی اور ستر سال تک مسلسل کسی نہ کسی حیثیت سے خدمت کرتے رہے، وہ برطانوی قوم کے ناخدا تھے، انھوں نے ایسے نازک موقعوں پر اس کو ڈوبنے سے بچایا جب اس کی امید بہت کم رہ گئی تھی، گو وہ قدامت پرست طبقہ سے تعلق رکھتے تھے جس کا نقطہ نظر برطانوی شہنشاہیت کی توسیع و استحکام اور دنیا میں اس کی بالادستی تھا لیکن وہ اتنے بڑے آدمی تھے اور انھوں نے اپنی قوم کی اتنی گوناگوں خدمات انجام دیں کہ ان کی ذات دنیا کے لیڈروں کے لئے نمونہ ہے جس سے ان کو سبق حاصل کرنا چاہیے۔
(شاہ معین الدین ندوی،فروری ۱۹۶۵ء)
Court Marriage means a marriage that a wise and mature boy & girl performs only by mutual consent to court and performs some legal requirements without permission of their parents. Due to distance from religion, misuse of media, co-education, vulgarity and male female freely intimacy, in our Islamic society the trend of this marriage is increasing every day. The process of giving more proof of this marriage by judicial decisions and some religious circles has also played an important role in promoting it. Mostly, the result of this is girls run from their homes, parental insult, and destruction of their own lives, public disturbance and social disorder. Today’s need was that in a neutral way this important social issue should be discussed and by giving independent research, the issue of parents’ permission for marriage, particularly for the girl, should be presented in the light of Islamic teachings and in this regard different opinions of the scholars should also be analyzed. So on one side, where the importance of parent's role in marriage will be highlighted, on the other hand, we can be protected from social destruction, ruination of the family system and public disturbance. The following article is presented in detail on this subject.
Beyond the traditional verdict of efficiency/inefficiency of market, the current thesis aims to provide additional insights to portray the clear picture of behavior of stock market. Although the previous studies have broadly examined the classical EMH, but there exists no consensus among academicians and researchers whether markets are efficient or not. Earlier studies favor EMH and claim that it holds. However, the recent studies cast a serious doubt by showing a strong evidence against the validity of the EMH. In addition, numerous research studies used a predetermined sample-period to investigate the EMH while ignored the fact that the levels of market efficiency may change/evolve over time. Thus, testing efficiency in previous studies is confined to investigate whether the returns generating process of an asset is stochastic (market efficiency) or deterministic (market inefficiency). In this regard Lo (2004) tries to reconcile both the varying degree of market efficiency and EMH through Adaptive Market Hypothesis (AMH). This theory facilitates the efficiency of capital markets to evolve over time and allows market inefficiencies to co-exist along with market efficiency (EMH). The thesis aims to examine the behavior of stock returns and calendar effects through AMH to identify whether AMH delivers a better depiction of behavior stock return and calendar anomalies than traditional EMH. For the purpose 107 listed companies from Pakistan Stock Exchange (PSX) are selected over the period from 1996 to 2015 to contribute to limited literature available on emerging markets. Similar to the studies of (Urquhart, 2013; Urquhart & Hudson, 2013), five different types of behavior are studied. The data set is divided into 4 equal 5-yearly-subsamples to detect the evolution of market efficiency (through linear & non-linear tests) and calendar effects (through GARCH model & Kruskal-Wallis test). The simultaneous utilization of linear and non-linear methods would probably improve the prediction of market participants. The results of linear & nonlinear tests reveal that firms exhibit significant predictability of returns during certain sub-samples while insignificant in others indicating that returns go under periods of market efficiency and inefficiency thus, consistent with AMH. Similarly, the results of GARCH (1,1) and Kruskal-Wallis test show that behavior of calendar effects fluctuates and goes under periods of predictability and no predictability . Overall, results of study suggest that AMH well elucidates the behavior of stock return and calendar effects than conventional EMH. The findings of the study may helpful to investors to assess the time varying volatility to manage their portfolios, investment decisions and trading strategies at (PSX).