پروفیسر باور
پچھلے مارچ میں جرمنی کے ہالے یونیورسٹی کے علوم مشرقیہ کے پروفیسر باور کا انتقال ہوگیا، وہ لسانیات کے ماہر تھے، وہ یورپ کی تقریباً جملہ زبانوں کے جاننے کے علاوہ ساری سامی زبانوں سے واقف تھے اور تورانی زبانوں خصوصاً چینی زبان میں خاص مہارت رکھتے تھے۔ اس حیرت انگیز وسیع لسانیاتی واقفیت کے سبب سے وہ راس شمرہ کی کھدائیوں میں بعض نئے خطوں کے کتبوں کے برآمد ہونے پر ان کو حل کرسکے، ماسوف علیہ کو امام غزالی کی احیاء العلوم سے خاص دلچسپی تھی، اس کے متفرق ابواب کے ترجمے اکثر شائع کرایا کرتے تھے، اسلامی علم مرایا و مناظر پر بھی بعض اچھے مضمون لکھے تھے، انسائیکلوپیڈیا آف اسلام کے شریک ناشر بھی تھے اور فلک، حاء، حفص الفرد، وغیرہ عنوانوں پر اس میں مقالے لکھے تھے، ’’حرف تہجی کی ابتداء‘‘ پر ان کی ایک جرمن تالیف اس وقت مطبع میں ہے۔ (سید سلیمان ندوی، جولائی ۱۹۳۷ء)
One of the main features of the property that Islam does not allow the wealth is concentrated around few peoples; any group or class of society, but according to Islamic point of view money should be in circulation so that poor class of the society could enjoy this blessing from Almighty Allah. Zakat Distribution System is a system of fair procedure for this world by Islam; if it is implemented with true spirit of Islam it can end poverty from the society. Islam obligate rich people of the society to distribute Zakat from their wealth amongst poor people however Islam has ordered not to receiver Zakat more than their needs so that it could be distribute to other poor people of the society. Zakat is an important and has significance in Islam. Islamic law imposed the duty on the Islamic government to collect Zakat from the rich and distribute it to the poor of the society, which caused not only undermined the dignity of the poor. Islamic law imposed the duty on Islamic government to take steps of receiving Zakat. If the government imposed the proper procedures in current banks and other financial institutions to receive Zakat from the rich people of the society and distribute it amongst the poor of the society than it could help to get rid of poverty from the society and it also help for the stability of the economy of any Country?
Beyond the traditional verdict of efficiency/inefficiency of market, the current thesis aims to provide additional insights to portray the clear picture of behavior of stock market. Although the previous studies have broadly examined the classical EMH, but there exists no consensus among academicians and researchers whether markets are efficient or not. Earlier studies favor EMH and claim that it holds. However, the recent studies cast a serious doubt by showing a strong evidence against the validity of the EMH. In addition, numerous research studies used a predetermined sample-period to investigate the EMH while ignored the fact that the levels of market efficiency may change/evolve over time. Thus, testing efficiency in previous studies is confined to investigate whether the returns generating process of an asset is stochastic (market efficiency) or deterministic (market inefficiency). In this regard Lo (2004) tries to reconcile both the varying degree of market efficiency and EMH through Adaptive Market Hypothesis (AMH). This theory facilitates the efficiency of capital markets to evolve over time and allows market inefficiencies to co-exist along with market efficiency (EMH). The thesis aims to examine the behavior of stock returns and calendar effects through AMH to identify whether AMH delivers a better depiction of behavior stock return and calendar anomalies than traditional EMH. For the purpose 107 listed companies from Pakistan Stock Exchange (PSX) are selected over the period from 1996 to 2015 to contribute to limited literature available on emerging markets. Similar to the studies of (Urquhart, 2013; Urquhart & Hudson, 2013), five different types of behavior are studied. The data set is divided into 4 equal 5-yearly-subsamples to detect the evolution of market efficiency (through linear & non-linear tests) and calendar effects (through GARCH model & Kruskal-Wallis test). The simultaneous utilization of linear and non-linear methods would probably improve the prediction of market participants. The results of linear & nonlinear tests reveal that firms exhibit significant predictability of returns during certain sub-samples while insignificant in others indicating that returns go under periods of market efficiency and inefficiency thus, consistent with AMH. Similarly, the results of GARCH (1,1) and Kruskal-Wallis test show that behavior of calendar effects fluctuates and goes under periods of predictability and no predictability . Overall, results of study suggest that AMH well elucidates the behavior of stock return and calendar effects than conventional EMH. The findings of the study may helpful to investors to assess the time varying volatility to manage their portfolios, investment decisions and trading strategies at (PSX).