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.
حد ودکی اقسام حدود کو مندرجہ ذیل دو حصوں میں تقسیم کیا جاتا ہے: 1۔معاملات میں حدود اس قسم میں معاشرت ، معیشت ، نکاح، طلاق، کھانے پینے ، رہن سہن اور دیگر معاملات میں حدود مقرر کی گئی ہیں جیسا کہ علامہ زبیدی لکھتے ہیں "فَحُدُودُ اللّهِ عزّ وجلّ ضَرْبَانِ ضَرْبٌ منها حُدودٌ !حدَّها للنّاسِ في مَطَاعِمِهم ومَشارِبِهم ومَنَاكِحِهِم وغيرها ممّا أَحَلّ وحَرَّم"۔ 58 "حدود اللہ کی دو اقسام ہیں۔ ایک تو ایسی حدود جو لوگوں کے لیے ان کے ماکولات ، مشروبات اور مناکحات وغیرہ میں بسبب حلال اور حرام متعین کی گئی ہیں ۔ " قرآن مجید میں انہی معاملات کے بارے میں آیا ہے، جیسا کہ اس آیت مبارکہ میں حرام مال کا تذکرہ کر کے اسے کھانے سے منع فرمایا جا رہا ہے : ﴿ِ إنَّ الَّذِينَ يَأْكُلُونَ أَمْوَالَ الْيَتَامَى ظُلْمًا إِنَّمَا يَأْكُلُونَ فِي بُطُونِهِمْ نَارًا وَسَيَصْلَوْنَ سَعِيرًا۔ ﴾59 "بے شک جو لوگ یتیموں کا مال ناجائز طور پر کھاتے ہیں وہ اپنے پیٹوں میں آگ بھرتے ہیں اور دوزخ میں ڈالے جائیں گے۔ " اس آیت مبارکہ میں نکاح کے بارے میں فرمایا کہ اپنی ماں سے نکاح نہیں ہوتا۔ ﴿وَلَا تَنْكِحُوا مَا نَكَحَ آَبَاؤُكُمْ مِنَ النِّسَاءِ إِلَّا مَا قَدْ سَلَفَ إِنَّهُ كَانَ فَاحِشَةً وَمَقْتًا وَسَاءَ سَبِيلًا۔ ﴾60 "اور جن عورتوں سے تمہارے باپ نے نکاح کیا ہو ان سے نکاح مت کرنا مگر(جاہلیت میں ) جو ہو چکا (سو ہو چکا) بے شک یہ نہایت بے حیائی اور (اللہ کی) ناخوشی کی بات تھی اور بہت برا طریقہ تھا۔ " 2۔ عقوبات میں حدود ایسی سزائیں جو اللہ اور اس کے رسولﷺ نے بعض جرائم پر مقرر فرمائی ہیں۔ یہ حدود کی دوسری قسم ہے۔ ان عقوبات سے متعلق ابن منظور تحریر کرتے ہیں "والضَّرْب الثانِي عُقوباتٌ جُعِلَتْ لمنْ رَكِبَ ما نَهَى عنْه ، كحَدّ السّارِق"61 "دوسری وہ...
Family Business is a very important form of business in this era and especially because of this it merely does not matter the business, but more sensitivity is of close relatives and relationships. That is why it has many administrative, Shariah and ethical complications. That is why, this theme has been created as a field of discussion and research. The most important thing in the family business is to successfully move to the next generation. It is very important to successfully succeed in transferring business towards next family generation. The “Succession Planning” is very important for this purpose. We would like to describe this plan with brief detail in this article. Along with this, whatever is written by Shariah, it will also be mentioned. The most important point is that it should be documented when the business is transferring from one generation to another generation. In this article, you will be able to get special guidance on both aspects of topic: management and sharia law.
The present study investigates the enactment of the mathematics curriculum in class 7 at a government school in Karachi. Using classroom observation, interviews of a teacher and sampled students and analysis of the curriculum document, the textbook and written work of the students, an attempt was made to understand how far the objectives of the elementary mathematics curriculum were being realised. Also, the constraints on the translation of these objectives from theory into practice were explored. The study focused on the curriculum statement', delivery' and enactment' of four lessons on the simplification of algebraic expressions, each followed by a test' question given to a mixed ability sample group from the class. It was discovered that the very generally stated curriculum was differently implemented in the textbook and by the teacher, which produced unnecessary conceptual and terminological confusion. When students received no help from the teacher, they drew upon their prior arithmetic knowledge. Upon probing, it was found that due to situational constraints, the teacher was herself unclear about the symbolic property of algebraic signs and procedures. A proper understanding of and distinction between operational symbols and quantity symbols was missing. Besides, the bilingual terminology, duplication was found to be an important complicating factor. Addressing the teacher's understanding of algebraic concepts can help reduce the gaps between the stated curriculum and the enacted curriculum. The research findings underlie the need for re-sequencing the curriculum objectives and textbook topics.