This study contributes to literature in four ways to explore the dynamics of stock price synchronicity (SPS). Firstly, it tests the weak form of market efficiency. Secondly, measures the effect of information environment on SPS by using firm specific variables i.e. liquidity, illiquidity, cost of information, trading cost and investor attention. Thirdly, this study attempts to investigate the relationship between information environment and foreign investment. Fourthly, role of information environment premium or SPS premium in explaining equity returns is explored. This study investigates the weak form of efficiency of Karachi stock exchange using a set of parametric and non-parametric tests that include Jarque-Bera and Kolmogrov-Smirnov (KS) test for normality, autocorrelation and Run test for autocorrelation, Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) for stationarity and multiple variance ratio (MVR) test. The results of the study indicate that daily, weekly and monthly returns do not follow random walk. So, investors can use technical analysis to devise investment strategies. This study also examines the relationship between SPS and firm specific variables associated with information environment. Results indicate that age, size, institutional ownership, book to market ratio, trading cost, liquidity, illiquidity and returns have significant impact on SPS. Various proxies of liquidity and illiquidity are used to test the robustness of results. These proxies include volume, turnover rate, value traded, Amihud illiquidity and percentage of zero volume days. The results suggest that the differences in idiosyncratic volatility are not linked with the more or less information of firm specific attributes. It appears to be linked with noise in returns. Findings of this study are in line with West (1988) and Lettau Malkiel and Xu (2001). This study further suggests that low stock price synchronicity is a result of imbedding of firm specific variables information in to stock prices. If quality of information environment is good, market model R square will be higher represented by large institutional holding, greater age, lower trading cost, large size, value stocks, low illiquidity, high liquidity and large information events. In next phase, this study examines the relationship between foreign investment and information environment. Results indicate that Institutional ownership, age, trading cost, size, liquidity and illiquidity influence foreign investment. Institutional ownership, size and percentage of zero volume days have significant and positive impact on foreign investment and trading activities have negative association with foreign investment. Such deviations might be the effect of herding, noise trading and instable dynamics of emerging markets. Finally, this study explores the impact of size premium, value premium, information efficiency premium on average equity returns using the methodology proposed by Fama and French (1992, 1993). Result indicates that size premium, values premium and information efficiency premium are priced by the market. Market premium, size premium, value premium and information efficiency premium significantly explain equity returns in single factor, three factor and four factor model. Capital asset pricing model (CAPM) is valid for explaining average equity returns but multifactor model captures additional information. Therefore, it can be concluded that size premium, value premium and information efficiency premium are considered as systematic risk and priced by the market.
آغا شورش کا شمیری ایک دن بھٹو صاحب کے پاس گئے تو بھٹو مرحوم نے کہا :آکسفورڈ یونیورسٹی میں میری لڑکی اور لڑکا دو نوں پڑھتے تھے ۔آپ بھی اپنی لڑکی اور لڑکے کو بھیج دو ،حکومت وظیفہ دے گی ۔
شورش نے کہا میں مشرقی طرزکا آ دمی ہوں ۔مغربی تہذیب میں اولاد کو بھیج کر خراب نہیں کر نا چاہتا ۔
تو بھٹو مرحوم نے کہا کہ شادمان کا لونی ،لاہورمیں دو پلاٹ پڑے ہیں ،تم کم ریٹ پر حکومت سے خرید لو اور ایک کو بیچ کر اپنا پلاٹ بنا لو ۔تو شورش نے جواب دیا :جناب سر چھپانے کے لیے جگہ موجود ہے ۔میں کوٹھی نہیں بنا نا چاہتا ۔
شورش اپنے گھر واپس آئے اور سارا قصہ اپنی بیٹی کو سنا دیا ۔تو بیٹی نے کہا کہ :ابو بھٹو صاحب پلاٹ دے رہے تھے تو لے لیتے ،سرکاری زمین ہے ہم پیسے جمع کرا دیتے ہیں بات صرف اتنی ہے کہ وہ کوئی اور لے جائے گا ۔بس ہمیں رعایت ہی مل جاتی ۔آپ نے ہمارے مستقبل کے ساتھ زیادتی کی ہے ۔
تو جواب میں شورشؒ نے فرمایا کہ :دنیا یہیں رہ جائے گی ۔میں بھٹو صاحب سے ایک ایسا تحفہ لے کر آ یا ہوں جو قبر میں مجھے کام آئے گا بس یہ بات کہنی تھی ۔
تحریک ختم نبوت کے اکابرین بھٹو مرحوم اور شورش ؒ کے درمیان کی گفتگو سے بالکل ہی لا علم تھے ۔کچھ ہی دنوں بعد شورشؒ بیمار ہوئے اور انتقال فر ما گئے ۔جنازے میں حضرت مفتی محمود صاحب ؒ مولانا غلام غوث ہزاروی ؒ ،مصطفی کھر ،کوثر نیازی ،معراج خالد ،حفیظ پیرزادہ اور دیگر حضرات شریک...
Background: Plant derived medicines are widely used in traditional culture all over the world. Objectives: To determine the effect of Celery Seed Extract (CSE) on uric acid levels in hyperuricemic rats and to compare the effect of allopurinol and CSE. Methods: It was an animal experimental research study. Group A served as negative control whereas Group B served as positive control. CSE was given orally to three groups of rats (C, D, and E). One hour prior to administration of CSE; potassium oxonate was injected intraperitoneally in all groups except negative control to induce hyperuricemia. Similarly, group F was given allopurinol one hour after injection of potassium oxonate. Blood samples were collected for uric acid estimation. Results: It was found that administration of both CSE (group C, D, E) and allopurinol (group F) significantly lowered serum uric acid levels (p<0.001) as compared to positive control (group B). Serum uric acid lowering effect of both drugs CSE and allopurinol was found to be statistically significant on day 3rd and day 7th and was almost comparable. Conclusions: Celery seed extract significantly reduces serum uric acid levels in potassium oxonate-induced hyperuricemic rats and its uric acid lowering effect was comparable with that of allopurinol.
The general misconception about women politicians is that they were just silent spectators and very few women participated in the parliament, raising voice on women issues only. Those women who became members of the National Assembly on reserved seats were mere rubber stamps in the hands of their male counterparts, having neither knowledge nor experience to make any qualitative contribution. In addition, the books related to political history of the country also never ever mentioned the role of women parliamentarians in the politics of Pakistan. There is a plethora of material related to women parliamentarians’ contribution in Pakistani politics in the libraries of the parliament of Pakistan in the form of Official Reports of National Assembly and Senate Debates which is necessitated to be explored. The present study has been done to explore and bring to the knowledge of one and all, the performance of the women parliamentarians in Pakistani politics particularly from 1970 to 1988 along with the background which delves into the political contribution of women during the freedom movement, Pakistan movement and their role in the politics of Pakistan till 1970. This study explores how women have been performing an indispensable role more than proportionate to their numbers in the national legislature of Pakistan on both general and reserved seats since 1947, particularly during 1970-1988. They had taken up a broad spectrum of issues and demonstrated their awareness of matters in discussion and debates. The performance of some women parliamentarians was beyond comparison. It is because of their countless efforts and struggle that the Pakistani women got jobs in almost all the spheres of life and more space in the parliament of Pakistan.