The basic purpose of this research is to investigate herding behavior, the role of culture, the effect of macroeconomic shocks on herding behavior, and the existence of contagion of herding due to the crisis and extreme shocks in the market. This study investigates the herding behavior towards market consensus in a set of Developed, Emerging and Frontier Markets of Asia, Asia Pacific and Europe. For the identification of herding behavior towards market consensus this study employs return dispersion models and the state space model. The time variation in herding behavior is identified by estimating return dispersion model through Kalman filter estimation. One of the main objective of this research is to determine the role of culture in driving herding behavior. This study employs Hofstede’s six cultural dimensions of culture and introduces them as an explanatory variable in the return dispersion model. This study utilizes ARIMA residuals of macroeconomic variables and introduce them in state space model to figure out the effect of unexpected shocks of this variable on investor herding behavior. This study focuses on behavioral link namely contagion of herding (pure contagion) in a given set of market and determines the cross country linkages of each market with a global leader (US) through extreme shocks in macroeconomic components or crisis. For the said purpose conditional correlation between herding measures is generated through diagonal VECH bivariate GARCH (1,1) model. The major findings of the study report significant effect of herding behavior in the majority of the markets. state space model measure provide better results for all measure. Culture play a significant role in the determination of herding behavior. The presence of cultural dimensions changes the magnitude of the herding behavior in sample countries. The herding behavior of investor is affected by some macroeconomic shocks hitting the specific market. But macroeconomic shocks do not seem to play a major role in defining herding behavior in most of the markets. Majority of the markets exhibit a strong correlation with US market which is seen as turning vii points of herding measure during a global financial crisis of 2007-2009. This correlation also increased due to some specific macroeconomic shocks. This study provides a complete analytical framework in developed emerging and frontier markets of Asia, Asia Pacific and Europe, where economic, cultural, behavioral and external factors are simultaneously integrated to provide a better explanation of herding behavior. Therefore, in its unique design, this research is an attempt towards bridging a gap between, cultural finance, behavioral finance, and standard finance. Keywords: Herding Behavior, Cultural Dimensions, Macroeconomic Shocks, Financial Crisis, Contagion of Herding.
امینِ حزیں (۱۸۸۲۔۱۹۶۸ء) سیالکوٹ میں پیدا ہوئے۔ آپ کا اصل نام خواجہ محمد مسیح پال ہے۔ سکاچ مشن سکول سیالکوٹ میں انہیں مولوی میر حسن جیسے استاد سے اکتسابِ فیض کا موقع ملا۔ مولوی صاحب کی تربیت نے ان کے شعور کو اجاگر کیا۔ ان کی ملازمت کا بیشتر حصہ گلگت میں انڈین پولیٹیکل سروس میں گزرا۔ ۱۹۳۹ء میں خان بہادر کا خطاب پا کر ملازمت سے سبکدوش ہوئے اور اپنے آبائی شہر سیالکوٹ میں سکونت اختیار کی۔ (1) ۱۹۰۲ء میں ان کی پہلی غزل لکھنو کے ’’پیامِ یار‘‘ رسالے میں چھپی اور اس کے بعد شعر و شاعری کا سلسلہ برابر جاری رہا۔ ابتداء میں مولانا ظفر علی خاں اور مولانا جوہر کے رنگ سے متاثر تھے بعد ازاں حضرت علامہ اقبالؒ کو پسند کرنے لگے اور یہ رنگ ایسا بھایا کہ پھر کسی اور کا نقش نہ جم سکا۔ امینِ حزیں کا کلام بر صغیر پاک و ہند کے مختلف ادبی رسائل میں چھپتا رہا جن میں ’’پیامِیار‘‘، ’’مخزن‘‘، ’’ساقی‘‘ اور ’’ہمایوں‘‘ قابلِ ذکر ہیں۔(2) امینِ حزیں کا پہلا شعری مجموعہ ’’گلبانگِ حیات‘‘۱۹۴۰ء میں شائع ہوا۔ دوسرا شعری مجموعہ ’’نوائے سروش‘‘ الفیصل ناشران و تاجران ادارے نے شائع کیا۔ تیسرا مجموعۂ کلام ’’سرودِ سرمدی‘‘ بھی الفیصل ناشران و تاجران ادارے نے شائع کیا۔ امینِ حزیں کی شاعری کے آٹھ مسودے ابھی تک شائع نہیں ہو سکے۔ یہ آٹھوں مسودے ان کے عزیز و اقارب کے پاس موجود ہیں۔ امینِ حزیں کے ہزاروں کی تعداد میں مشاہیر کے نام خطوط بھی محفوظ ہیں۔ اردو ادب کے محققین کے لیےیہ شعری و نثری فن پارے قیمتی سرمایہ ہیں۔ امینِ حزیں ایک مشاق اور قادر الکلام سخن ور تھے۔ انہوں نے تقریباً ہر صنفِ سخن میں طبع آزمائی کی ہے۔ انہیں اردو‘ عربی‘ ہندی ‘ سنسکرت‘ انگریزی‘ پشتو اور دیگر...
هدفت الدراسة الحالية إلى التعرف على الحوكمة المؤسسية بمدارس دولة جنوب أفريقيا وإمكانية الإفادة منها بسلطنة عُمان، واتبعت الدراسة المنهج الوصفي، كما استخدمت نظرية تحليل المضمون في تحليل الوثائق في جمع البيانات والمعلومات. وتوصلت الدراسة إلى مجموعة من النتائج أهمها: حاجة المدارس في سلطنة عُمان إلى هيئة مُحددة تتولى مسؤولية الحوكمة المؤسسية في المدارس، وتضم هذه الهيئة ممثلين عن كافة المُشاركين والمستفيدين من العملية التعليمية من إدارة مدرسية ومعلمين وأخصائيين وطلبة وأولياء أمور وأعضاء مجتمع محلي، ويتم تدريب هذه الهيئة على القيام بواجبات ومسؤوليات وأدوار مُحددة، وقيام هذه الهيئة بتشكيل مجموعة من اللجان المتنوعة لدعم عملها
The research study was aimed to find out the application level and gaps between the theoretical knowledge and professional practice of teacher education in Pakistan. The study was designed to meet the following objectives; (1) To find out the level of application of the theoretical knowledge by the student teachers during their teaching practice. (2) To explore the differences among the perceptions of student teachers, teacher educators and the observation records of the researcher. (3) To find out the gaps between theoretical knowledge and professional practice of student teachers. (4) To develop strategies to fill the gaps between theoretical knowledge and professional practice of student teachers. All the student teachers, enrolled in the B.Ed (elementary) one year program, and the teacher educators, in the campuses of the University of Education Lahore as well as in the Government Colleges of Elementary Teachers (GCETs), comprised the population of the study. Multi-stage cluster random sampling technique was used to select the sample. Eight teacher education institutions from both streams of GCETs and UE campuses were selected in equal proportion. 522 student teachers and 100 teacher educators comprised the sample of the study. The mixed method approach was used to collect the data through observation checklist, questionnaires for student teachers and teacher educators, focus group discussion and interview technique. Data triangulation design was used through the cross tabulation on SPSS for analysis of the quantitative data. Mean score, chi-square test and Tukey''s HSD were applied to analyze the quantitative data. Whereas, the qualitative data was analyzed through the thematic analysis. A mixed picture of application of the theoretical concepts, regarding the different categories of pedagogical skills, were found with considerable, significant, moderate and critical gaps. The observation records usually identified the low level of application of the concepts with greater level of gaps as compared to the perceptions of student teachers and teacher educators. It was also found that the student teachers did not succeed to apply the theoretical concepts regarding the innovative methods of teaching as well as the computer applications in the classroom. Different challenges and problems were identified for the application of theoretical concepts during the teaching practice of student teachers. The coordination and collaboration among schools and teacher education institutions, freedom and power for student teachers, availability of resources for technology integration, training of school teachers for helping student teachers, expansion in the duration of teaching practice, feedback and reflective practices and the concept of laboratory schools associated with teacher education institutions were identified as the strategies to fill the gaps between theoretical knowledge and professional practice in teacher education. Close collaboration and coordination, with integrated concept of schools and teacher education institutions, expanded duration of teaching practice, free hands on experience of student teachers, availability of resources and necessary materials as well as the curriculum of teacher education program compatible to the needs of schools were recommended to fill the gaps between theoretical knowledge and professional practice in teacher education.