The existing research aims to seek the herding effects on stock returns at the industry level in Pakistan Stock Exchange. Moreover, the relationship between stock returns and herding has been studied by taking some macroeconomic and fundamental control variables. Herding is actually imitating other’s behaviour. This phenomenon indicates a situation where the investors follow the crowed and ignores their personal information, despite knowing the correctness of their information. Herd behaviour may drive from fundamental factors leading to efficient markets. However, it (...) may not be associated with fundamental information causing unstable prices. The stock price data of PSX listed companies from 1999 to 2017 have been the point of focus. The underlying herding measure was the cross-sectional absolute deviation, proposed by Chang et al.. The significant analysis technique facilitating the current research is pooled mean group /panel autoregressive distributed lag approach. Findings revealed that some sectors are evident for positive effect of herding on stock returns, whereas some others are witnessed for its negative effects on stock returns, in both long run and short run. As far as the control variables are concerned, they demonstrated both significant and insignificant effects on stock returns in different sectors of PSX. The study has important implications for policymakers. (shrink)

al-kitāb 1. al-Nasq al-ʻilmī lil-manẓūr al-ẓāhirī lil-ʻulūm al-ijtimāʻīyah -- al-kitāb 2. [Taṭbīqāt al-nasq al-ʻilmī lil-manẓūr al-ẓāhirī fī majāl al-ʻulūm al-ijtimāʻīyah].

International Institute of Islamic Thought; Islam; essence, genius, nature; history.

Jamal al-Din al-Afghani (1838-97) was a pan-Islamic thinker, political activist, and journalist, who sought to revive Islamic thought and liberate the Muslim world from Western influence. Many aspects of his life and his background remain unknown or controversial, including his birthplace, his religious affiliation, and the cause of his death. He was likely born in Asadabad, near present-day Hamadan, Iran. His better known history begins when he was 18, with a one-year stay in India that coincided with the Sepoy Mutiny (...) of 1857-59. In what would become a life of constant travel, he soon went to Mecca to perform Hajj, before returning to Afghanistan to join the service of the country's ruler, Dost Mohammad Khan (1793-1863). He later sided with Dost's son Mohammad Aʻzam, who ultimately lost in a power struggle with his British-supported brother Sher Ali. Al-Afghani's political activism eventually took him to Paris, London, Tehran, Saint Petersburg, and Constantinople. It was during his second stay in Egypt (1871-79) that he cemented his role as a reformer. He found in Cairo a class of young intellectuals who gathered around him, established newspapers, and used these papers to disseminate his ideas. Chief among al-Afghani's Egyptian disciples were scholar Muhammad ʻAbduh, journalist ʻAbd Allah al-Nadim, and nationalist politicians Mustafa Kamil and Saʻd Zaghlul. Al-Afghani's influence on both modernist and traditionalist Islamic thought continues to the present. An activist who sought to effect change through political journalism and public speaking, he did not write many books. This treatise, entitled al-Radd ʻalā al-dahrīyīn (Refutation of the materialists), was a rebuttal of the views of the pro-British Sir Sayyid Ahmad Khan, who had argued that science is more important than religion in the rise of civilizations. First written in Persian following al-Afghani's exile from Egypt to India, it was translated into Arabic by his student Muhammad ʻAbduh, with the help of al-Afghani's assistant Arif Efendi. (shrink)

This book defines, perhaps for the first time in the history of the intellectual and religious tradition of Islam, the meaning of worldview from the perspective of Islam. The definition is articulated in the gathering together of the fundamental elements in the vision of reality and truth that projects the worldview of Islam into a meaningful whole. This articulation of the definition involves also explanation and contradiction of the challenges to that vision encountered throughout the ages to the present time.

The Buyide wezir Abū I-Faḍl Ibn al-‘Amīd became famous as a poet and expert in epistolary literature, but also as a scholar and scientist. His letters, published here together with translation, commentary and complete glossary, inform us on questions of meteorology, physics, mechanics and psychology.