عدالتی خلع اورپاکستانی عدالتوں کے فیصلوں کی روشنی میں اس کی قانونی بنیادیں Judicial Khul’ and its Legal Grounds in the light of Decisions of Pakistani Courts

The doctrine of Khul’ has, within the course of last few years, assumed a great deal of importance in Pakistan because literacy rate in women is increasing rapidly and their dependency on men is decreasing. Now, women can easily make their own decisions with free consent due to their some awareness about their rights, especially regarding dissolution of marriage. Majority of women is still ignorant about dissolution of marriage on the ground of Khul’. Therefore, it is very necessary to explain all different aspects of “doctrine of Khul’” for ensuring justice in our society. The present research has mainly explored the grounds of judicial Khul’ and other relevant incidents in the light of Pakistani Case Law based on Islamic family Law. The research is based primarily on the decisions of superior courts of Pakistan. The decisions of family courts of Pakistan have been included in the discussion. The relevant provisions of the Dissolution of Muslim Marriages Act, 1939 and the Family Courts Act, 1964 have also been debated. The difference between Khul’ and other modes of dissolution of marriage have also been elaborated briefly.

Determinants of Value Premium in Pakistan Stock Exchange

The purpose of this research is to investigate the ability of six value-growth indicators to produce value premium and to investigate the factors that influences value premium. The six value growth indicators used in this study are book to market, earning to price, dividend to price, cashflow to price, gross profit to total assets and sales to price ratio. The explanatory variables selected in this are transaction cost, idiosyncratic volatility, institutional ownership, distress risk, investment irreversibility, operating leverage, financial leverage, information asymmetry and accrual quality. Furthermore, the sampling technique used in this research is purposive sampling from year 2004 to 2014. In order to avoid survivor bias, the sample size varies from year to year, however the maximum number of firms included in the analysis were 383. Additionally, the sample size also varies across the six value-growth indicators selected in this study. The value premium is estimated using value weighted two-dimensional portfolio formation technique. The result indicates that value stock earns higher return as compared to growth stocks irrespective of the value-growth indicator used to disentangle stocks into value and growth firms, suggesting that value premium is positive and significant for all the value-growth indicators. Value premium is highest when earning to price ratio is used as value-growth indicator. On the other hand, sales to price ratio produces lowest value premium. Furthermore, small stocks earn higher value premium as compared to big stocks. The impact of explanatory variables had been measured on value premium generated through all the six proxies. The significance of explanatory variable varies with the value-growth indicator used to form value premium, however their direction is consistent irrespective of the value growth indicator used. Indirect cost, volatility, oscore,investment irreversibility, financial leverage,information asymmetry and dividend cut have positive effect on value premium. Direct cost, operating leverage, financial constraint and accrual quality have negative effect, however, intuitional ownership is insignificant irrespective of the value-growth indicator used.