پروفیسر محمد عمرالدین
افسوس ہے پچھلے دنوں پروفیسر محمد عمر الدین کا ۶۲ برس کی عمر میں انتقال علی گڑھ میں ہوگیا،اوریہیں دفن ہوئے۔ مرحوم علی گڑھ یونیورسٹی میں ۲۴ء میں داخل ہوئے تھے، اُس وقت سے دمِ آخرتک اُن کا رشتہ اس درس گاہ سے منقطع نہیں ہوا۔ انھوں نے تعلیم یہیں مکمل کی، پھر یہیں لکچرر، ریڈر، پروفیسر اورصدر شعبۂ فلاسفی ونفسیات، وارڈن، اور پروووسٹ اورخداجانے کیاکیا ہوئے۔انھوں نے یونیورسٹی میں بڑے بڑے اتار چڑھاؤ اورانقلابات دیکھے تھے،اوراب آخر میں خود انقلاباتِ زمانہ کی عبرت انگیز تصویربن کررہ گئے تھے۔اسلامی فلسفہ اُن کا خاص مضمون تھا، امام غزالی ؒ کے فلسفۂ اخلاق پرانگریزی میں اُن کی ضخیم کتاب چند سال ہوئے یونیورسٹی کی طرف سے شائع ہوئی ہے۔بلاکے ذہین، بہترین منتظم،بے نفس وبے ریا، مجّسم خلوص، پیکرِ وضع داری، اور نہایت سادہ اوربے تکلّف! راقم الحروف سے دیرینہ اور بڑے مخلصانہ تعلقات تھے، یونیورسٹی سے ملازمت کے تعلق کے اعتبارسے مرحوم اس چمن کی پرانی بہار کی آخری نشانی تھے۔ ’’خدا بخشے بہت سی خوبیاں تھیں مرنے والے میں‘‘۔ [ستمبر ۱۹۶۴ء]
The present study aims at determining the extent to which the values, derived from the second-generation curriculum and introduced in the third-year middle school English book, are adopted by teenagers to help them overcome their identity crisis, in Algeria. To achieve this aim, two questionnaires applied to 70 third year teenage pupils were carried out. One prior to the study with the third year English book, the other one after the study.The results of the two questionnaires were compared and showed that the values total average has increased from 16.06 in the first questionnaire to 21.33 in the second. An increase has also been noticed in the averages of the four value dimensions: national identity (from 4.76 to 6.10), national awareness (from 3.63 to 5.36), citizenship (from 4.13 to 5.31) and openness to the world (from 3.50 to 4.50). The previous results confirm that there is an improvement in the values of pupils yet the commitment to the values of « openness to the world » dimension is still weak compared to the other ones and needs further research to be improved.
Stock market performance is generally considered to be the reflector of financial and economic conditions of a country. There are number of macroeconomic and industry related factors that potentially can affect the stock returns of the companies. The primary purpose of this study is to examine the stock returns variation to specific macroeconomic and industry variables by applying multi-factor model. The model consists of macroeconomic and industry variables including market return, consumer price index, risk free rate of return, exchange rate, money supply and industrial production. The study attempts to determine which, if any, of the macroeconomic and industry variables are of use in explaining the variability of stock returns of Pakistani Industries. The firms relating to 09 different sectors are selected for this study on the basis of data availability, profitability and performance on the Karachi Stock Exchange 100 index. These sectors are Banking, Cement, Fertilizer, Automobile, Ghee, Pharmaceutical, Petroleum, Tobacco and Textile. The stock prices data for the selected firms and economic variables obtained for the maximum period of 10 years. Descriptive statistics performed for the temporal properties of the data and Augmented Dickey Fuller (ADF) test applied to find out the data stationarity. GARCH model used to analyze the risk and returns relationship. The tests applied on the stock returns of each firm of the industry and on the data set of the entire industry as well to generalize the results. An attempt was therefore made to ascertain whether a multi index model was better than a single index model in explaining the variation in stock returns of Pakistani Industries. The results reveal that market return is mainly responsible for the stock returns variation, however the inclusion of other macroeconomic and industry related variables has added additional explanatory power in - xii` describing the stock returns variation. It is evident from results that stock returns volatility depicts time varying characteristics across the industries and there is some statistical relationship between risk and return. It is found that industry stock returns are more responsive to changes in economic conditions than firm level stock returns. Results also indicate that stock returns of different industries behave differently in similar economic conditions that acquaint investors about the risk diversification opportunity in the stock market. The contribution of economic variables towards stock returns can help researchers/practitioners/investors to understand the risk return relationship and pricing of economic risk and for the legislators to undertake certain measures for the improvement of economic conditions and hence stability and growth of the stock market and economy.