سر زمینِ سیالکوٹ صدیوں کی انسانی تہذیب و تمدن ،ادب و ثقافت اور فنونِ لطیفہ کا عظیم الشان گہوارہ ہے۔اس دھرتی کے تاریخی آثار ایک طویل مدت سے مورخین و ماہرین آثارِ قدیمہ کی دلچسپی کا سامان رہے ہیں۔اب بھی اس کی عظمت رفتہ کے قصے اہلِ تحقیق کو ورطۂ حیرت میں ڈالے ہوئے ہیں۔سیالکوٹ بہت قدیم شہر ہے۔اطہر سلیمی اس کی قدامت کے حوالے سے لکھتے ہیں:
سیالکوٹ کی تہذیب ٹیکسلا او رموہنجو ڈارو کی تہذیبوں کے ہم پلہ ہے۔(۲۴)
اس عظیم شہر کے رخ سے اگر ماضی کی تاریخ کے گہرے پردے کاٹے جائیں تو ہمیں اس کی تاریخی عظمتوں کا اعتراف کرنا پڑے گا۔سیالکوٹ نے قدیم شہر ہونے کی وجہ سے سینکڑوں روشن اورتاریک رخ دیکھے ہیں۔اس شہر کے سینے میں ہندوراجاؤں ،تاتاریوں اور مغلوں کے تاریخی افسانے پوشیدہ ہیں۔اس کے ذرے ذرے میں ہزاروں ہنگامے پنہاں ہیں۔سیالکوٹ کی ابتدائی تاریخ کی ورق گردانی کرنے پر سب سے پہلے ’’مہابھارات‘‘میں ہمیں اس کا ذکر ملتا ہے۔تقریباً پانچ ہزار سال قبل صوبہ پنجاب کے بہادر راجہ پانڈو خان کے بھتیجے راجہ سل نے اس شہر کو تعمیر کروایا تھا۔یہیں اس نے ایک قلعہ بھی بنوایا اور اپنے ہی نام پر اس کا نام سلکوٹ رکھا۔(۲۵)یعنی سل کا قلعہ جو بعد میں بگڑ کر سیالکوٹ کے نام سے مشہور ہوا ۔اس ضمن میں آتش لدھیانوی رقمطراز ہیں:
یہ راجہ سیاذات کا تھا۔ کہتے ہیں کہ اپنی ذات کی نسبت سے اس جگہ کا نام سیالکوٹ رکھا۔(۲۶)
جیسا کہ اوپر ذکر ہوا ہے کہ اس شہر کا ذکر ہندوؤں کی مذہبی کتب ’’مہابھارت‘‘ اور’’یران ‘‘ میں بھی آیا ہے۔محمد دین فوق نے بھی اس سلسلے میں لکھا ہے:
اس زمانے میں سیالکوٹ کانام شاکل...
In its development, madrasas have undergone various changes, namely from the pesantren learning system to the madrasa system; from traditional to classical methods; from halaqah system to benches, desks and blackboards; from traditional to modern curricula; from classical education to modern educational reform. The change indicates the existence of process or efforts of development of madrasah education in the direction of more advanced, qualified and competitive from time to time. Conceptually, one way to improve the quality of education and competitiveness of madrasah in the era of globalization competition is to implement strategic management which includes 4 stages such as environmental analysis, formulating, implementing and evaluating strategic decisions between functions that enable an organization to achieve its goals in the future. Strategic Management is based on the entire scope of the work. Thus it can be utilized well for makronya environment for example in government management and also can be utilized also for in mikronya environment for example in company management or organization or pengeloalan Madrasah. However, it should be understood only here that in the use of macro and micro scope there are a number of fundamental differences such as the following exposures.
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.