گلوبلائزیشن: تعارف, محركات اور مقاصد

The humanity witnesses a strange international phenomenon called the Globalization which endeavors to make an intellectual unification in the sphere of norms — education, social, economic and politics. 77m carries a strong challenge for the Muslim societies across the world. Through a focus on the educational, cultural, economical and politiiclal spheres and to employ the devices of communication — media and the internet. The world has shrunk into a small village which is diminishing the geographical, historical, political and educational boundaries. The world is undergoing the transition in materialistic and educational values and principles which are not accorded as per the Islamic values. Through media and interactive modes of communication. Hence, it becomes necessary to examine all aspects of this subject to be on a firm position of this transformation to preserve and safeguard our Muslim identity. In this context, the concept of globalization by Muslim and western scholars and its impact on globalization are discussed along with some proposals in order to cope with the negative effects of globalization in the Muslim societies.

Performance of Demutualized, Cross-Listed and Newly Listed Ipos: Evidences from Alternative Investment Market Aim

Generally, in most traditional markets one can observe a rapid escalation in the trading price of many IPOs on the first day. The closing price on the first day of trading is quite often much high then the offering price six hours earlier.It is a well established fact that initial public offerings of common stock (hereafter IPOs) are mostly underpriced, sometimes astronomically and subsequently underperformed in long-run period. There remains a question as to why this is such a common occurrence. However, virtually all the statistical studies draw their data from large highly liquid markets-traditional or main markets. To test these propositions, we selected various categories of IPOs i.e. local IPOs, cross-listed IPOs and demutualized firms’ offeringthat are listed on AIM during 2001 to 2017. Findings of the study depicts that on average, IPOs are underpriced by 2.48%, 2.62% and 2.16% on the first, fifteen and thirty day of trading respectively. We further identified that demutualized IPOs are less underpriced then local IPOs. In addition, cross-listed IPOs are more underpriced on the fifteenth and the thirtieth day of trading relative to local and demutualized IPOs. This study also reports that offer price is emerged as a robust determinant of short-run performance of unseasoned issues. In long-run price performance, it is found that investors in the AIM earn significant positive returns if the stock is hold for three years, and the price variation is dependent upon the firm size. As for as the spillover is concerned, the results show that only mean spillover effects from US and Australian market and volatility spillover effects from US, Canada, Australia and Irish market transmit to their respective cross-listed IPOs on an alternative markets. That finding implies that in short-run, a lower offer price leads to greater underpricing. In long-run, Investment in small firms seems more profitable compared to those of large firms in the AIM. These findings suggest that prospective investors can develop and diversify their portfolio in an alternative markets. The findings of the study have also a practical value for those investor who are especially interested in earning abnormal excess returns in an alternative market