Over past few decades, the mutual fund industry has grabbed attention of researchers. However, mutual funds in emerging markets including Pakistan has not undergone rapid pace due to number of constraints. Therefore, the models/ theories applied to developed markets cannot be applied to emerging markets. Hence, the present study tries to reveal new dimensions by investigate the timing abilities of fund manager. This study investigates whether fund managers are actively managing the funds or just adding additional costs to the investors in case of Pakistan. To be more specific, three questions are addressed in this study in three different essays for the period December 2009 to February 2016. The empirical findings of first essay suggest the existence of market timing and volatility timing abilities at an aggregate level. However, stock-timing ability is absent at an aggregate level. The results indicate a weak connection between timing abilities and fund attributes. The second essay provides an insight about variation in performance and timing abilities during bull and bear market conditions using Exponentional Generalized Autoregressive Conditional Heteroscedastic (EGARCH). This is the first study to estimate the timing abilities by using EGARCH specification. The empirical findings confirm that mutual funds perform better during bull market conditions than bear market conditions. As far as timing abilities are concerned, this study provides evidence in favor of market timing and volatility timing abilities during bear market conditions and stock-timing ability for bull market conditions. However, these results remain insignificant for style timing abilities under both market conditions. The robustness test using OLS also support these findings. The third essay explores the persistence phenomenon in timing abilities of fund managers. The closing value of PSX 100 index is used as median to divide sample period into two sub-periods. The empirical findings fail to find any evidence of persistence with regard to performance, selectivity skill, market timing skill and volatility timing skill under single-index, three-index and four-index model. These findings offer certain policy implications for various stakeholders, including management, regulators and investors. For investors, as mutual fund possess timing skills so they can be better pay off by investing in mutual funds and they should consider mutual fund industry as a new investment avenue for their future investments. These results also help the regulators to set a minimum legal framework for mutual funds to continue their operations in the said industry. Managers can reduce risks by utilizing information in advance and develop those skills that can help them to analyse market conditions, coping with new trends and challenges in industry and implementing and devising strategies to follow government regulations.
آہ! الا ستاذ الاجل ۸؍مارچ کے اخبار الجمعیۃ میں جب یہ خبر نظر سے گزری کہ حضرت الاستاذ مولانا محمد اعزازعلی صاحب پرقلب کادورہ پڑگیا اوراس کی وجہ سے کچھ بے ہوشی رہی اوراب تھوڑی تھوڑی دیرکے بعد دورے پڑرہے ہیں تواسی وقت ماتھا ٹھنکا کہ خدا خیرکرے۔چٹان جب گرتی ہے تو مٹی کے تودہ کی طرح رِس رِس کے نہیں اچانک ہی گرتی ہے۔چنانچہ دوسرے دن کااخبار آیاتو دل کے دغدغہ کی تصدیق ہوگئی اور جس خبرِوحشت اثر کوسننے کے لیے کان تیار نہ تھے اس کایقین کرنا پڑا۔ یعنی حضرت الاستاذ راہی ملک بقا ہوگئے۔اِنّا لِلّٰہِ وَاِنَّا اِلَیْہِ رَاجِعُوْنَ۔ دارالعلوم دیوبند شروع سے معدنِ لعل وگہر رہا ہے۔کتنے ہی ذرے اس کی آغوش میں پلے اور بڑھے اورعلم وفضل کے آسمان پرآفتاب بن کر چمکے، کتنے چاند اورستارے اس کے آسمان پرطلوع ہوئے اوراپنی اپنی روشنی دکھا کراسی دارالعلوم کے دامن میں روپوش ہوگئے، کیسے کیسے گُہر ہائے آبدار اس کی خاکِ پاک سے اٹھے اورعلم وعمل، تقوی وطہارت اورزہد و ورع کی بزم قدس کوجگمگاکر پھرخاکِ لحد میں جاملے ۔آج وہ نہیں ہیں لیکن ان کی یادگاریں باقی ہیں خودان کا وجود فنا ہوگیا لیکن ان کے کارنامے زندہ ہیں اور وہ گویا خود زبانِ حال سے کہہ رہے ہیں: تلک آثارنا تدل علینا
فانظر وا بعدنا الی الآثار دارالعلوم دیوبند اگر شاندار عمارتوں ،درسگاہوں،اقامت خانوں اور وسیع و فراخ دروازوں اور اونچی اونچی دیواروں کانام نہیں بلکہ درحقیقت وہ انھیں نفوسِ قدسیہ کاایک پیکرِ محسوس اور انھیں ارواحِ طیبہ کاایک مظہرِ مادی وجسمانی ہے تو کوئی شبہ نہیں کہ حضرت الاستاذ اس عمارت کے ایک اہم ستون اوراس بزمِ انس و قدس کے ایک لعلِ شب چراغ تھے۔گزشتہ نصف صدی میں اس درسگاہ کوتعلیم و تعلم کے اعتبارسے جوشہرت وعظمت حاصل رہی ہے اس میں ایک بڑا حصہ...
The research deals with the exegesis of the meanings of the Holy Qurānic. It sheds light on the Qurānic context and to what extent it has been taken care of in the modern dictionaries compiled for the meanings of the difficult words of the Holy Qurānic. Cocntext is one of the most prominent phenomenon for help in determining the meanings of the Qurānic words and its exegesis. The research defined context, both as a lexical and technical word. It described its importance in the Holy Qurānic. It then differentiated between context and Nazm (order) which is discussed by both exegete and scholars of rhetoric. It was followed by Qurānic context, its features and importance. It then brought examples from some selected dictionaries which gave importance to the Qurānic context while explaining the meaning of the difficult words. The research concluded that there is great role of Qurānic context in explanation of the words. It is a phenomenon which has been taken care of right from the Holy Prophet and his companions up to the exegete of modern world.
This research work explores the Impact of leverage, performance and efficiency measures
on Market value added (MVA) using data of 120 firms listed on Pakistan Stock Exchange for a
period of 6 years from 2011 to 2016. The main focus of this study is on manufacturing sector
only because manufacturing sector is the major in the gross domestic product (GDP) of Pakistan.
In this study leverage is found to be significant with MVA, similar results were found in regards
to all performance measures e.g. Economic Value added (EVA), Return on Equity (ROE),
Return on Capital Employed (ROCE) and Earning per share (EPS). Whereas, efficiency measure
i.e. Sales to capital employed (SOCE) is insignificant contrary to Sales to Fixed assets (SOA)
which is found to be significant with MVA. Contribution of this research will help the investors
for decision making about investments in Pakistani firms.