http://www.allprojectsmba.com/Finance.

htm

Finance Projects: Working Capital management Capital structure Ratio analysis Financial Modelling of a company for last 10 years, leading to a analysis of its ratios. Liquidity Analysis Comparative Valuation Corporate lending Industry analysis and company analysis on a scenario basis, competitiveness, growth potential and credit analysis Debtor management Research in Risk management, Banking, Derivatives etc International Banking, Foreign Exchange, Monetary Economics, Micro Finance, Rural Finance The Effects of Financial Constraints on Corporate Investment Decisions and Demand for Liquidity Corporate finance Capital budgeting Virtual finance Financial Planning and forecasting Structured Finance Computational finance Optimization Methods in Finance Dependence on external finance: an inherent industry characteristic? Project Finance as a Tool for Growth Creating Value through Financial Management Cost Reduction and Control New Financial Approaches for the Economic Sustainability in Manufacturing Industry Activity-based costing and management Fundamental Analysis to Assess Earnings Quality EQA Earnings quality Analysis Zero Base Budgeting International business International finance Investment banking Investment management Venture Capital

http://www.ijar.lit.az/pdf/13/2011(13-21).pdf

B a k u , A z e r b a i j a n | 109 INTERNATIONAL JOURNAL Of ACADEMIC RESEARCH September, 2011, I Part PERFORMANCE PERSITENCE OF MUTUAL FUNDS IN PAKISTAN As. Prof. PhD. Zafar Zaheer, BBA. Arsalan Siraj Mir, BBA. Aliya Saeed Assistant Professor, Institute of Management Sciences Peshawar (PAKISTAN) Zafar.zaheer@imsciences.edu.pk ABSTRACT This research analyzes the performance of mutual funds in Pakistan. The main purpose of the study is to find out the difference in returns of Islamic and Non-Islamic mutual funds as well as the difference between open ended and close ended firms. This research proceeds further with the aim of finding any consistency in the performance of the two funds over the past three years. The data for the research study is secondary obtained from the websites of the mutual funds considered in the study. Data were analyzed through panel regression models using Gretel. Considering Pakistan as an under-developed economy, the set of variables selected for analysis are those, which affect the fund performance significantly (positively or negatively) in economic conditions of Pakistan. The analyses showed that persistence exists in conventional funds and not in Islamic funds. It is revealed that liquidity and lagged return are the significant variables in fixed and random affects models. Key words: mutual funds, economic conditions, investors 1. INTRODUCTION Past performance of a mutual fund is important for investors as well as fund managers. Investors can examine the performance of funds by past data while managers can analyze the strengths and weaknesses of their portfolio from past performance. Mangers must know the optimal returns on mutual funds as a specific level of risk. Vol. 3. No. 5.

Mutual funds were introduced in 1962 by the name of National Investment Trust (NIT) In Pakistan, which is an open-ended mutual fund. Investment Corporation of Pakistan (ICP) followed this mutual fund in 1966. The purpose of ICP was to establish closed-end mutual funds. The number of mutual funds in ICP rose to 26 by 1990. The ICP was operational till 2000. In 2002, the Government of Pakistan decided to split the ICP in an attempt to privatize the mutual funds market. 25 funds from the total 26 of ICP were split into two parts. The first part consisting 12 funds was bought by ABAMCO Limited. ABAMCO Limited converted 9 of the 12 funds into one closed-end fund by the name of ABAMCO Capital Fund on 20 th December 2003. The remaining three funds were combined and named ABAMCO Stock market Fund. PICIC Asset management Company Ltd obtained the 13 remaining mutual funds of ICP. A closed-end fund was introduced by combining the 13 funds and given the name of PICIC Investment Fund. The Net Asset value for closed-end funds in Pakistan was 48 Billion Rupees while for open-end mutual funds; it was 63.86 Billion Rupees in 2004. The growth in NAV has been on the rise since 1997 where it was 29 billion Rupees for both open-ended and closed-ended mutual funds. In comparison with developed countries, mutual funds in Pakistan are still far behind. The reason is use of debt and equity securities for financing in developed countries instead of taking loans from banks. Past performance of mutual funds has been regarded as the benchmark for investment in future. Mangers of actively managed funds are thought to outperform the market consistently. On the basis of this fact, investors should only consider actively managed portfolios. But if actively managed firms cannot outperform the market on a

regular basis, then investment decisions should not rely solely on past performance. Studies on the performance of actively managed firms have shown that top quarter and bottom quarter show some persistence whereas the middle half shows no persistence at all. So there is no conclusive evidence of the fact that actively managed firms consistently outperform the market. This study is being conducted to evaluate the past performance of mutual funds for a set of variables. 2. LITERATURE REVIEW Empirical evaluation of mutual funds has been the subject of research for quite a while now. A number of researchers have studies the performance of mutual funds. The notable among them work came from Gorman (1991), measurement of mutual funds by net assets show that small sized funds perform much better than large sized funds over a period. This work was further studied (Becker and Vaughan, 2001; Chen et al; 2004) which concluded that mutual funds reach exhaustion quickly thus leading to smaller returns as its life span increases. The work of Soderlind (2000) on Swedish markets also exhibited the same trend. The performance of actively managed firms in comparison with normal funds has been insignificant thus incurring losses. Livingston and ONeal (1998) have shown in their research that fund returns and fund expenses have a negative relationship. Their research was based on an earlier study conducted by Elton (1993), who also found negative relation of returns and expenses empirically. Droms and Walker (1995) analyzed expense Load, through pooled cross sectional regression to find out the difference between load funds and non-load funds. They found no difference in the returns of the mutual funds under observation. The research was carried out using unadjusted as well as risk-adjusted returns of funds. However, 12B-1, another expense showed that fund returns were considerably higher when managers charged the 110 | www.ijar.lit.az

INTERNATIONAL JOURNAL Of ACADEMIC RESEARCH September, 2011, I Part

Vol. 3. No. 5.

expense, thus justifying the expense (McLeod and Malhotra, 1995). An opposite conclusion was given about expense of funds in the research conducted by a study (Kormeaki and Smythe, 2004). Difference in types of funds depends upon different factors that are part of the territory of its operations to succeed. Studies conducted (Narayan, 2003, Mukul and Amarendu, 2006), showed that mutual funds in India, apart from provident and pension funds attracted investors with demand for excess returns. Whereas, provident and pension funds attracted investors with demand for professionalism and systematic perspective. The poor performance of Pakistani mutual funds in comparison with the international market was studied (Cheema and Shah, 2006), highlighting the need of corporate governance as a means to protect minority investors rights for mutual funds of Pakistan to flourish. Portfolio performance of mutual funds was analyzed (Blake and Timmermann, 1998), which showed that portfolios consisting of mutual funds that performed well historically gave higher returns as compared to portfolios of low return mutual funds historically in the UK. Persistence of mutual funds performance (Brown and Goetzman, 1995), indicate that mutual funds that performed well in a certain year also outperformed other mutual funds in the coming year. This occurrence was calculated to have a probability of 60% in the above-mentioned research. The period of 1970s and 1980s was analyzed (Malkiel, Burton G. 1995), in which the persistence was present in the 70s but the 80s showed very little performance persistence of mutual funds. Adjusted returns from 1975 to 1995 (Phelps, S. and L. detzel, 1997), showed no performance persistence of mutual funds that were studied. Star system was used to assess the persistence in performance of mutual funds (Blake and Morey, 1999), by forming portfolios ranking from 1 star to 5 stars from the database. The results showed that mutual funds in the top quartile showed persistence in performance whereas the lower quartile showed none or little persistence.

Study of risk adjusted funds in Pakistan was conducted (S.M Aamir Shah and Syed Tahir Hijazi, 2005) which showed slight increase in return of funds than the market. Although insignificant the return might have been, it showed positive signs for the future of mutual funds industry in Pakistan. Researchers also stressed on the active participation of regulatory bodies for the performance and growth of mutual funds. Demand for mutual funds, was suggested, and could increase if the industry has strict regulations as well as efficiency in its activities. Funds with 12B-1 plans have been put up against funds without 12B-1 plan (Talat Afza and Ali Rauf, 2009). Funds with 12B-1 plans showed significance improvement in return of mutual funds. Performance of the funds as well as the amount of cash held has also been considered as important in the process of funds selection. Size of the asset was also observed as a potential factor to affect fund return but results showed that it had insignificant impact on the overall return. The same was true for load funds against no load funds. A positive relation was found for risk adjusted return with age, turnover and expenses but statistically they were insignificant. The first ever research to discuss the persistence in performance for returns which are not risk adjusted showed consistency in performance of mutual funds in the UK (Charles River Associates, 2002). The work consisted of empirical evidence to support the conclusion. Past performance as an indicator of funds return has also been considered as invalid by some researches (B & W, 1999). Comparative information was considered insufficient to conclude past performance as a benchmark for mutual funds return. The reason was given that data should be of Qualitative as well as Quantitative nature. Thus fund performance was described as to be based on risk and return factors. Persistence in funds was labeled as the effort of the management in a recent study (Rhodes, 2000) by stressing on the fact that some fund managers are able to have an edge over their counterparts. The reasons were given as: Managers must have access to information that is not widespread

Managers use the existing information to their maximum capabilities Thus performance of mutual funds has a direct relation with managers efficiency and work ethic. This explains why mutual funds show little persistence in performance in large markets compared to smaller markets. Markets become more efficient thus not allowing one manager to be dominant all the times. Demand increases when risk decreases and a fund with consistent lower risk will show persistence against a fund whose risk varies considerably. Certain funds, which have existed for a long time, will stop showing performance persistence after a period (Berk and Green, 2002). This fact can be explained by the law of diminishing returns, where, after a certain point of growth, the funds returns tend to decrease year after year. Competition is a big factor in determining whether the fund will show persistence in performance or not. In a highly competitive market, mutual funds might show fluctuations in return, which could range from high to low (Waring, 1996). 3. METHODOLOGY The data was taken quarterly for the period 2007-2010 for various Islamic and Non-Islamic mutual funds operating in Pakistan. Almost all the data is collected from the annual reports of the mutual funds published on the companies websites. There were approximately 46 funds in Pakistan in different classes. Firms were excluded from the analysis due to unavailability of data, comprised of 15 such firms. Most of the excluded funds were Islamic funds as they were launched in the mid of 2007 or in 2008. The set of variables included in this report had also been considered by a number of researchers for persistence in mutual funds returns from 1990 onwards. The study was carried out to find the difference in returns of Islamic and non-Islamic funds in Pakistan as well as to find

persistence in their returns. In addition to this, open end and closed end mutual funds were also compared. Panel data regression model was used for 12 quarters and 31 firms. Gretel software was used for the analysis. B a k u , A z e r b a i j a n | 111 INTERNATIONAL JOURNAL Of ACADEMIC RESEARCH September, 2011, I Part The model is given as it = + it + eit Y= return t= time (3 years or 12 quarters) i= firms (31) Xi =Assets, Expense, Turnover, Age, Liquidity, Lagged return Fig. 1. Theoretical framework Hypotheses On the basis of literature review and objectives following hypotheses were drawn. H1: funds return has inverse relation to fund size H2: funds return has inverse relation to expenses H3: funds return has inverse relation to turnover ratio H4: funds return has direct relation to fund age H5: funds return has direct relation to liquidity H6: funds return has direct relation to lagged return 3. ANALYSIS The data was analyzed under three different situations. Firstly, we considered all the mutual funds with no classification such as open end/closed end or ethical/conventional mutual funds. Secondly, we classified the data as ethical and conventional funds. Finally, we analyzed the data by classifying it as open end/ closed end mutual funds. Below are the statistical analyses for mutual funds combined, Islamic and non-Islamic as well as open end Vol. 3. No. 5.

and closed end funds. Hausman Test was used for the selection of fixed and random effect model. Table 1. All Mutual funds Model: Random-effects (GLS), using 456 observations Included 38 cross-sectional units Time-series length = 12 Dependent variable: RETURN Coefficient Std. Error t-ratio p-value Const -6.8766e+06 8.29083e+07 -0.0829 0.93393 Lagged return 0.207018 0.0473364 4.3733 0.00002 *** Liquidity 0.0706611 0.0162427 4.3503 0.00002 *** Turnover ratio 992.464 3139.14 0.3162 0.75203 Assets -1.10638e+06 9.13949e+06 -0.1211 0.90370 Expense ratio -1.0304e+07 2.40123e+07 -0.4291 0.66805 Age of firm -4307.65 341606 -0.0126 0.98994 Adjusted R-squared = 0.072025 Hausman test Null hypothesis: GLS estimates are consistent Asymptotic test statistic: Chi-square (6) = 8.63559 P-value = 0.195133 The result shows that significant variable are liquidity and lagged return while the rest were insignificant. The p-values of liquidity and lagged return are.00002 each with coefficients of.0706611 and.207018 respectively. The positive coefficient values of significant variables show positive relation with return. Another positively related but INDEPENDENT VARIABLES

INDEPENDENT VARIABLES

und age

DEPENDENT VARIABLE Return MUTUAL FUNDS CLOSED END MUTUAL FUNDS OPEN END MUTUAL FUNDS ISLAMIC MUTUAL FUNDS MUTUAL FUNDS NON-ISLAMIC MUTUAL FUNDS112 | www.ijar.lit.az INTERNATIONAL JOURNAL Of ACADEMIC RESEARCH September, 2011, I Part Vol. 3. No. 5.

insignificant variable is turnover ratio with coefficient value of 992.464. Assets and age of the fund showed negative relation with funds performance, but statistically insignificant. Thus a positive change in liquidity of a fund will increase the fund return and vice versa. The positive relation of lagged return with return shows the existence of performance persistence among the mutual funds. Negative relation indicates that fund returns will vary indirectly with the change in those variables, but the variables being statistically insignificant will have no major impact on the dependent variable. Table 2. Islamic Mutual funds

Model: Fixed-effects, using 48 observations Included 4 cross-sectional units Time-series length = 12 Dependent variable: RETURN Coefficient Std. Error t-ratio p-value Const 1.37818e+08 2.23338e+08 0.6171 0.54086 Lagged return 0.186828 0.148086 1.2616 0.21478 Liquidity 0.906673 0.361557 2.5077 0.01654 ** Turnover ratio -638272 2.34897e+06 -0.2717 0.78730 Assets -3.04498e+07 2.16834e+07 -1.4043 0.16835 Expense ratio 2.73523e+07 1.37784e+08 0.1985 0.84370 Age of firm -3.04985e+06 3.2051e+06 -0.9516 0.34733 Adjusted R-squared =0.166685 The most notable difference in the results is seen when Islamic funds are analyzed. Liquidity is the only significant variable here and is positively related. The p value and coefficient of liquidity are.01654 and.906673 respectively. Analysis reveals the absence of persistence in Islamic funds and liquidity of the firm has the only impact on return. With a coefficient of 2.7352e+07, expense ratio is the only other positively related variable but insignificant statistically. The remaining variables are turnover ratio, assets and age of firm. Their coefficients are 638272, -304498e+07 and -3.04985e+06. They are insignificant and negatively related. Table 3. Non Islamic Mutual funds Model: Random-effects (GLS), using 252 observations Included 21 cross-sectional units Time-series length = 12 Dependent variable: RETURN Coefficient Std. Error t-ratio p-value Const -9.97368e+06 8.79642e+07 -0.1134 0.90982

Lagged return 0.185759 0.0626955 2.9629 0.00335 *** Liquidity 0.0615037 0.0110514 5.5652 <0.00001 *** Turnover ratio 140790 172617 0.8156 0.41551 Assets 2.72443e+06 1.04428e+07 0.2609 0.79440 Expense ratio -1.53898e+07 1.89522e+07 -0.8120 0.41756 Age of firm -459956 477346 -0.9636 0.33621 Adjusted R-squared = 0.272661 Hausman test Null hypothesis: GLS estimates are consistent Asymptotic test statistic: Chi-square (6) = 9.17537 With p-value = 0.163953 After classification of the mutual funds into Islamic and non-Islamic funds, the same analyses were conducted. Non-Islamic funds indicate that lagged return and liquidity are indeed the significant variables again. They are positively related with coefficient for liquidity being.0615037 and.185759 for lagged return. Their respective p values are.00001 and.00335. Operating expense and age of the firm are the two negatively related variables having coefficients of -1.53898e+07 and -459956 respectively. The remaining two variables i.e. turnover ratio and assets are also positively related but insignificant with coefficients 140790 and 2.72443e+06. The result can be summarized by the fact that performance persistence is there in non-Islamic mutual funds. Another conclusion is that returns of the fund will be higher as the liquidity of a firm increases. Table 4. Open end mutual funds Model: Random-effects (GLS), using 156 observations Included 13 cross-sectional units Time-series length = 12 Dependent variable: RETURN Coefficient Std. Error t-ratio p-value

Const -5.43013e+07 1.97445e+08 -0.2750 0.78368 Lagged return 0.21768 0.0826505 2.6337 0.00934 *** Liquidity 0.204417 0.104705 1.9523 0.05277 * Turnover ratio 715.002 4535.88 0.1576 0.87496 Assets -2.45095e+06 2.08795e+07 -0.1174 0.90671 Expense ratio -2.06565e+07 5.62522e+07 -0.3672 0.71398 Age of firm 321957 603425 0.5335 0.59445B a k u , A z e r b a i j a n | 113 INTERNATIONAL JOURNAL Of ACADEMIC RESEARCH September, 2011, I Part Adjusted R-squared = 0.016468 Hausman test Null hypothesis: GLS estimates are consistent Asymptotic test statistic: Chi-square (6) = 6.1128 P-value = 0.410674 Statistical analysis was conducted for open-end funds. Lagged return and liquidity are significant with lagged return being more significant than liquidity. If returns of the previous quarter are high, the present returns will also be higher for open-ended funds. Significant variables p values are.05227 (liquidity) and.00934 (Lagged Return) having coefficients of.024417 and.21768 respectively. Operating expense and assets are negatively related while the rest of the variables are positively related. The coefficients of insignificant variables turnover ratio, assets, expense ratio and age of firm are 715.002, 2.45095e+06, -2.06565e+07 and 321957 respectively. Table 5. Closed end Mutual funds Model: Random-effects (GLS), using 300 observations Included 25 cross-sectional units Time-series length = 12 Dependent variable: RETURN Coefficient Std. Error t-ratio p-value Vol. 3. No. 5.

Const 2.2885e+07 7.17984e+07 0.3187 0.75015 Lagged return 0.170751 0.0572143 2.9844 0.00308 *** Liquidity 0.0684598 0.0121831 5.6193 <0.00001 *** Turnover ratio 176031 199076 0.8842 0.37729 Assets -1.56423e+06 8.521e+06 -0.1836 0.85448 Expense ratio -8.59732e+06 2.10476e+07 -0.4085 0.68323 Age of firm -612451 538777 -1.1367 0.25657 Adjusted R-squared = 0.154473 Hausman test Null hypothesis: GLS estimates are consistent Asymptotic test statistic: Chi-square (6) = 1.5574 P-value = 0.955591 Statistical analysis of closed end funds shows that past returns are the benchmark for present returns and increase in the cash availability of the firm can lead to an increase in the returns of the funds. Liquidity stands at.00001 p value and lagged return p value is.00308. Insignificant variables of operating expense, firm size and age of firm are negatively related. Turnover ratio has a positive relation to return but statistically insignificant. Coefficients of turnover ratio, assets, expense ratio and age of firm are 176031, -1.56423e+06, 8.59732e+06 and 612451 respectively. Table 6. Summary Table The table given below summarizes the entire analyses by pointing out the significant variables and their respective p values in each case. It should be noted that models are selected with respect to the Hausman test results. Persistence is absent only in the Islamic funds. R squared value is the highest for Non Islamic funds (.272661) and lowest for open end funds (.016468). MUTUAL FUNDS MODEL ADJUSTED R-SQUARE SIGNIFICANT VARIABLES P-VALUE ALL FUNDS RANDOM EFFECT MODEL 0.072025 LAGGED RETURN

LIQUIDITY 0.00002 0.00002 ISLAMIC FUND FIXED EFFECT MODEL 0.166685 LIQUIDITY 0.01654 NON-ISLAMIC FUND RANDOM EFFECT MODEL 0.272661 LAGGED RETURN LIQUIDITY 0.00335 <0.00001 OPEN-END FUND RANDOM EFFECT MODEL 0.016468 LAGGED RETURN LIQUIDITY 0.00934 0.05277 CLOSED-END FUND RANDOM EFFECT MODEL 0.154473 LAGGED RETURN LIQUIDITY 0.00308 <0.00001 4. DISCUSSION AND CONCLUSION Researchers in the past conducted analysis on the significance of past performance of mutual funds. There are also a number of comparative analyses of ethical and conventional funds in developed countries. This research has elaborated the comparison in terms of performance between Islamic, non-Islamic and open-end, and closed end funds in Pakistan. Syed Elfakhani, M Kabir Hasan, conducted the only notable work as a comparative analysis of Islamic and secular funds, and Yusuf Saidani (2005) This study is the first ever attempt to evaluate the performance of Islamic mutual funds against their non-Islamic counterparts in Pakistan. The results of the analysis agree with various researches in which mutual funds performance was analyzed without comparison of conventional and

Islamic funds. Previous researches stressed upon evaluation of the fund performance as a whole, which could not 114 | www.ijar.lit.az INTERNATIONAL JOURNAL Of ACADEMIC RESEARCH September, 2011, I Part Vol. 3. No. 5.

show varying behavior of funds to different variables. The presence of persistence for mutual funds (combined) is also shown in the study of Talat Afza and Ali Rauf (2009). Persistence in ethical mutual funds was also not present in the study of Ming-Ming Lai and Sok Hwa Lau (2010). A major reason for Islamic funds absence of persistence is the short span of its operations. Large portions of Islamic funds were launched during the same period as was selected for analysis. Returns of a fund can only be uniform when it reaches an optimal point in terms of performance. The optimal point is achieved after the fund operates for a considerable amount of time. Liquidity, another significant variable in the statistical analysis can be explained by the fact that cash holdings need to be sufficient to meet the requirements of the firm (both routine and emergency), so that the ongoing business activities are not disturbed. With that in mind, the impact of liquidity on fund returns can be easily explained. If the fund activities remain at an optimal level due to the presence of cash or other highly liquid assets, mutual fund returns will be higher as opposed to the case in which liquidity is comparatively low. The impact of liquidity in ethical and conventional funds can be explained by the fact that established firms working for quite some time now operate conventional funds. The same firms have initiated Islamic funds, which prove liquidity as a major factor in the fund performance. Performance persistence is found in all mutual funds, open-end funds, closed end funds and non-Islamic funds during their respective analysis. Islamic funds showed no reliance on its past returns to provide a benchmark for its present performance. All the other funds showed dependence on past performance as well as the level of cash they hold (liquidity), which was consistent with the results of a number of studies conducted in the past. When

it comes to Islamic funds, persistence rarely exists. It is as such due to the fact that Islamic funds do not involve periodic payments in the form of interest. Islamic funds also invest in a handful sectors compared to the conventional funds. Thus it can be said that fund managers are somewhat reluctant to add Islamic funds to their portfolio as it attracts lesser number of investors especially in an economy dominated by conventional mode of financing. The analyses of open end and closed end funds revealed that both rely on the same factors for optimal returns. Attaining stability can only standardize the returns. Highly liquid firms are comparatively more stable as their activities are not crippled by lack of resources. In the end, it can be concluded that mutual funds apart from Islamic funds in Pakistan show persistence in their performance. While past returns (persistence), for Islamic funds cannot be considered as a measure of its present performance. 5. FUTURE RECOMMENDATIONS It is clear from the above discussion that persistence in performance is highly likely to occur in case of conventional funds. Therefore, while choosing a portfolio of funds, one should always try to select those funds, which outperformed their competition in the previous few quarters. Persistence exists but it is not uniform and should not be considered as the only benchmark for investing in mutual funds. The present situation of the firm offering the fund is also of great importance. The foremost factor is liquidity. A firm has to be liquid to pay back the investments in case of default. Liquidity also covers against delay in the periodic payments of funds returns. These results have been confirmed by a number of studies, which have been mentioned. So, if a person is investing in mutual funds, past returns as well as liquidity of the firm should be their utmost consideration. The effects of the two mentioned factors should also be analyzed in same manner for open end as well as close end funds. An investor, who prefers Islamic mode of financing, should consider those funds, which comply with the

Shariah regulations and are highly liquid. The returns of Islamic funds in Pakistan can primarily be maximized by introduction of Shariah compliant funds, which can satisfy the needs of the investor without any significant difference in its returns from conventional funds. For this purpose, extensive study is required in the future for designing Islamic funds that attract investors as much as conventional funds. Regression model needs to be selected carefully for analysis. The model should suit the needs of the analysis and one should have a clear understanding of the interpreting the outcomes. In this regard, the method for studying fund performance that should be adapted for comparing mutual funds in Pakistan is the matched pair approach. This study also follows the same approach with a few alterations, of which, taking returns as the basis for funds performance is the most prominent. Size of the firm is taken as the basis for the abovementioned approach in various studies. The approach has been in use for the comparative analysis of Ethical and non-Ethical funds in European and Western economies. Ethical funds can be substituted for Islamic funds in case of Pakistan. In addition to the discussed factors, others can be considered for measuring the firm performance in the future as required by the then economic condition. REFERENCES 1. Afza T and Rauf A. (winter, 2009) Performance Evaluation of Pakistani Mutual Funds. Pakistan Economic and Social Review. Pakistan Economic and Social Review [Online] 47 (2), 199-214. Available from World Wide Web: <http://www.pu.edu.pk/economics/pesr/PDF FILES/4%20AFZA%20Performance%20 Evaluation.pdf> [Accessed on 1 st July 2010]. 2. Agarwal V. Daniel D.N. and Naik Y.N (2003), Flows, Performance, and Managerial Incentives in the Hedge Fund Industry. European Finance Association (EFA) 2003 Meeting in Glasgow. USA. Georgia State University, Robinson College of Business. Available from World Wide Web:

http://docs.google.com/viewer?a=v&q=cache:O08N5DOzOKIJ:www.edhecrisk.com/research_news/choic e/RISKReview1065431829078471996/attachments/Agarwal%2520DanielB a k u , A z e r b a i j a n | 115 INTERNATIONAL JOURNAL Of ACADEMIC RESEARCH September, 2011, I Part %2520Naik.pdf+dainal+agarwal+2003&hl=en&pid=bl&srcid=ADGEESiX3JPxCUjl8ooGWTunVrNFIpFosi9UdVxvR9MBybX8qegrCotHGyaVSol_o81NR-OxkDJw5TVDI65lds4DxjmPgTlxapVjoYY8fhb8woGGyyLzoXp4M4VNyardBkw1djyZu&sig=AHIEtbQFOo yf89IyzVU5VTQ5A28JM_mJbQ> [Accessed on 11 th July 2010]. 3. Berk B.M. and Green B.J (2004), Mutual Fund Flows and Performance in Rational Markets. Journal of Political Economy [Online] 112 (6), 1269-1294. Available from World Wide Web: <http://finance.martinsewell.com/fund-performance/BerkGreen2004.pdf> [Accessed on 15 th July 2010]. 4. Becker S. and G. Vaughan (2001), Small is beautiful. Journal of Portfolio Management, pp. 9-17. 5. Bollen B.P.N. and Busse A.J. (2003), Common Cents? Tick Size, Trading Costs, and Mutual Fund Performance [Online]. Goizueta Business School, Emory University working paper. Avaialable from World Wide Web: <http://www.bus.emory.edu/jbusse/docs/Decimalization.pdf> [Accessed on 13 th July 2010]. 6. Boyson M.N. (2003), Do Hedge Funds Exhibit Performance Persistence? A New Approach [Online]. EDHEC-Risk Institue Research Working Paper Series. Avaiable from World Wide Web:http://www.edhecrisk.com/research_news/choice/RISKReview1076512980486833155/attachment/ Boyson%20persistence.pdf> [Accessed on 4 th July 2010]. 7. Brown S.J. and Goetzmann N.W (1995) Performance Persistence. The Journal or Finance [Online] 50 (2), 679-698. Available from World Wide Web: <http://finance.martinsewell.com/fund performance/BrownGoetzmann1995.pdf> [Accessed on 11 Vol. 3. No. 5.

th July 2010]. 8. Carhart M.M (1997), On Persistence in Mutual Fund Performance. Journal of Finance [Online] 52 (1), 57-82. Available from World Wide Web: <http://www.seligson.fi/resource/carhart.pdf> [Accessed on 13 th July 2010]. 9. Chen J; Hong H; Huang M. and KubiK B.J (2004), Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization. The American Economic Review [Online] 94 (5), 1277-1302. Available from World Wide Web: <http://www.princeton.edu/~hhong/AER-SIZE.pdf> [Accessed on 16 th July 2010]. 10. Dahlquist M. Engstrom S. and Soderlind P (2000), Performance and Characteristics of Swedish Mutual Funds. Journal of Finance and Quantitative Analysis [Online] 35 (3), 409-423. Available from World Wide Web: <http://www.sifr.org/PDFs/dahlquistetal2000.pdf> [Accessed on 18 th July 2010]. 11. Dow Jones Indexes (2002), Guide to the Dow Jones Islamic Market Index, http://www.djindexes.com/jsp/islamicMarket.jsp?sideMenu=true [accessed on 9 th july 2010]. 12. Droms, G.W (2006), Hot Hands, Cold Hands: Does Past Performance Predict Future Returns? Journal of Financial Planning [Online] p60-p66. Available from World Wide Web: <http://www.dromsstrauss.com/files/Hot%20Hands%20Cold%20Hands%2020Jrl%20Finl%20Planning%20May%202006.pdf> [Accessed on 14 th July 2010]. 13. Elfakhani S. Hasan K. M. and Sidani Y. (2005) Comparative Performance of Islamic Versus Secular

Mutual Funds. [Online]. University of Orleans. Research Working Paper Series. Available from World Wide Web: < http://www.business.uno.edu/econ/workingpapers/2006WP/10-IslamicMutualFunds.pdf> [Accessed on 3 rd July 2010]. 14. Elfakhani S. and Hasan K.M. 2005, Performance of Islamic Mutual Funds (Islamic Research forum Islamic Research forum, 12 th annual conference 19 th -21 st December, Economic Research Forum. [Online]. Available from World Wide Web: <www.erf.org.eg/CMS/getFile.php?id=470> [Accessed on 6 th July 2010]. 15. Elton Edwin Gruber Martin J. and Christopher R. Blake, 1996, the persistence of risk adjusted mutual fund performance, The Journal of Business 69(2), 133-157. 16. Foepner F.G.A. Ramal G.H. and Rezec G. M. (2009). Islamic Mutual Funds: Reviewing their Financial Performance and Investment Style around the World [Online]. Available from World Wide Web: <http://www.kantakji.com/fiqh/Files/Accountancy/0308811.pdf> [Accessed on 3 rd July 2010]. 17. Grinblatt M. and Titman S (1992), the Persistance of Mutual Fund Performance. The Journal of Finance [Online] 47 (5), 1977-1984. Available from World Wide Web: <http://finance.martinsewell.com/fundperformance/GrinblattTitman1992.pdf> [Accessed on 16 th July 2010].

18. Hamilton, S. Jo, H., and Statman M (1993), Doing Well While Doing Good? The Investment Performance of Socially Responsible Mutual Goods. Financial Analyst Journal [Online] p62-p66. Available from World Wide Web: <http://www.scu.edu/business/finance/research/upload/doing-wellwhiledoing-good.pdf> [Accessed on 12 th July 2010]. 19. Holmes A.K. and Faff W.R (2007), Style drift, fund flow and fund performance: new cross-sectional evidence. Journal of Finance [Online] 16, 55-71. Available from World Wide: http://www2.stetson.edu/fsr/ abstracts/vol_16_num1_p55.pdf> [Accessed on 13 th July 2010]. 20. Jensen C.M (1967), the Performance of Mutual Funds in the Period 1945-1964. Journal of Finance [Online] 23 (2), 389-416. Available from World Wide Web: http://citeseerx.ist.psu.edu/viewdoc/download? doi=10.1.1.139.6166&rep=rep1&type=pdf> [Accessed on 13 th July 2010]. 21. Kazemi H. Schneeweis T. and Pancholi D. (2003). Performance Persistence of Mutual Funds [Online]. Center for International Securities and Derivatives Market. Available from World Wide Web: <http://www.edge fund.com/KaSP03.pdf> [Accessed on 2 nd July 2010]. 22. Keswani A. and Stolin D. (2004), Determinants of Mutual Funds Performance Persistence: A Cross Sector Analysis, CEMPRE (Centre for Macroeconomic and Forecasting Studies), [Online]. Available on World Wide Web: <http://www.fep.up.pt/investigacao/cempre/actividades/sem_fin/sem_fin_01/PAPERS _PDF/paper_sem_fin_25mar04.pdf> [Accessed on 6 th July 2010].116 | www.ijar.lit.az INTERNATIONAL JOURNAL Of ACADEMIC RESEARCH September, 2011, I Part Vol. 3. No. 5.

23. Gorman L. (1991), A study of the relationship between Mutual Fund return and asset size, 1974-1987.

Akron Business and Economic Review, Volume 22, pp. 53-61. 24. Lai M.M. and Lau, H.S. (2010) The Performance Persistence and Simulated Returns of Malaysian Mutual Funds [Online] issue 44. Available from World Wide Web: <http://www.eurojournals.com/irjfe_44_15.pdf> [Accessed on 5 th July 2010]. 25. Mukul G. Asher and Amarendu Nandy (2006), Reforming provident and pension fund regulation in India. Journal of Financial Regulation and Compliance, Volume 14, Issue 3, pp. 273-284. 26. Narayan Rao and Ravin Daran Madava. (2003), Performance evaluation of Indian Mutual Funds. Available at SSRN: http://ssrn.com/abstract = 433100 [Accessed on 19 th July 2010]. 27. Livingston M. and E. ONeal (1998), the cost of Mutual Fund distribution fees. Journal of Financial Research, Volume 21, pp. 205-218. 28. Malkiel G.B (1995), Returns from Investing in Equity Mutual Funds 1971 to 1991. Journal of Finance [Online] 50 (2), 549-572. Available from World Wide Web: < http://www.seligson.fi/resource/malkiel.pdf> [Accessed on 17 th July 2010]. 29. Rhodes M. (2000), Past imperfect? The performance of UK Equity Managed Funds [Online]. FSA (Financial Services Authority) Occasional Working Paper Series 9. Available from World Wide Web: <http://www.fsa.gov.uk/pubs/occpapers/op09.pdf> [Accessed on 8 th July 2010]. 30. Russ W. (2001), Predicting Mutual Fund Returns. [Online]. Inquire Europe. Available from World Wide Web: <http://www.inquire-europe.org/project/finished%20projects/wermers.pdf> [Accessed on 12 th July 2010].

31. Shah A.M.S and Hijazi T. (2005), Performance Evaluation of Mutual Funds in Pakistan. The Pakistan Development Review [Online] 44 (4), 863-876. Available from World Wide Web: <http://www.pide.org.pk/pdf/PDR/2005/Volume4/863-876.pdf> [Accessed on 1 st July 2010]. 32. Shah S. and Cheema, M (2006), Corporate Governance in Developing Economies: The Role of Mutual Funds in Corporate Governance in Pakistan. Hong Kong Law Journal [Online] 36 (?), p341. Available from World Wide Web: <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1430981> [Accessed on 17 th July 2010]. 33. Sharpe F.M (1966), Mutual Fund Performance. The Journal of Business [Online] 39 (1), 119-138. Available from World Wide Web: <http://finance.martinsewell.com/fund-performance/Sharpe1966.pdf> [Accessed on 16 th July 2010]. 34. Sharpe W. (1964) Capital Asset Prices: A Theory of Market Equilibrium under conditions of Risk. The Journal of Finance [Online] 19 (3), 425-442. Available from World Wide Web: <http://www.e-m-h.org/ Shar64.pdf> [Accessed on 7 th July 2010]. 35. Smyth J. Thomas, I. and Korkeamaki, P.T. (2004) Effects of Market Segmentation and Bank Concentration on Mutual Funds Expenses and Returns: Evidence from Finland. European Financial Management [Online] 10 (3), 413-438. Avaiable from World Wide Web: <http://www.hanken.fi/staff/korkeam/blog/files/EFM%202004.pdf> [Accessed on 8 th July 2010].

36. Timmermann A. and Blake D. (2003), Performance Persistence in Mutual Funds: An Individual Assessment of Studies Prepared Charles, Pansions Institute. [Online]. Available from World Wide Web: <http://www.pensions-institute.org/reports/performance_persistence.pdf> [Accessed on 7 th July 2010]. 37. Waring, Geoffrey F., 1996, Industry differences in the persistence of firm-specific returns, American Economic Review, 86(5), 1253-126

S. No 122 415 613 659 907 948 1370 1412 1421 1556 1581 1611 1646 1651 1666 1693 1697 1712 1783 1815 1869 1870 1893 1899 1924

Project Title The Importance of a Leaders Emotional Intelligence in Improving Employee and Organization Performance Z-Score Analysis of Pakistani Textile Sector OVER-THE-COUNTER (OTC) MARKET IN PAKISTAN Pricing Strategy in telecom industry Consumers buying behavior towards adopting online ticketing THE INFLUENCE OF CULTURE ON CONSUMERS: EXPLORATORY AND RISK TAKING BEHAVIOUR The Affect of Marketing Mix on Market Share Comparison of ASEAN Countries based on the Financial of Banking Industry CUSTOMER LOYALTY IN BANKING IMPULSIVE BUYING BEHAVIOR OF CONSUMERS impact of interest rate changes over bank profitability EFFECTIVE TECHNIQUES IN SELECTION OF EMPLOYEES IN BANKING SECTOR EFFECT OF SERVICE BUNDLING OF MOBILE USER (MOBILINK AND WARID) ZTBL WITH COMMERCIAL BANKS IN TERMS OF AGRICULTURAL LENDING RATES AND AGRICULTURAL CREDIT IN PAKISTAN CONSUMER WILLINGNESS TO PURCHASE COUNTERFEIT PRODUCTS Impact of E-Recruitment ON EFFICIENCY AND EFFECTIVENESS OF HR Customer Satisfaction and Loyalty Comparison of Banking Sector Faysal Bank MCB, RBS and NIB PEER INFLUENCE ON CONSUMER PURCHASE DECISION Foreign Direct Investments and Its Impact on Economic Performance Role of Media - Positive and Negative Comparison between print media and Television Commercials for creating better product recognition VOLATILITY OF EXCHANGE RATE ON EXPORT GROWTH IN PAKISTAN ESTABLISHMENT OF ISLAMIC INDEX AT KARACHI STOCK EXCHANGE AND COMPARATIVE STUDY OF ISLAMIC INDICES On-the-Job Training vs. Class Room Training BRAND EXTENSION: DAWN NEWS LAUNCHING DAWN ENTERTAINMENT TV CHANNEL

2051 2061 2064 2070 2072 2079 2093 2095 2118 2137 2144 2174 2181 2263 2270 2297 2320 2330 2371 2378 2389 2391

TACKLING PESTER POWER Retention Factors in Consumers through TVCs RELATIONSHIP BETWEEN CUSTOMER SATISFACTION, CUSTOMER LOYALTY AND CUSTOMER PROFITABILITY CONCEPT OF INTEREST IMPACT OF STRESS ON PERFORMANCE AFTER WORKING FOR EXTENDED HOURS IN THE BANKING INDUSTRY THE IMPACT OF TEMPERATURE (WEATHER) ON MARKET BEHAVIOR IN TERM OF KSE 100 INDEX Pakistans Capital Market, a comparison with Indian and United States of Americas Capital Markets can i become an entrepreneurs? THE IMPACT NON-MONETARY INCENTIVES / REWARDS ON THE PSYCHOLOGICAL HEALTH AND MOTIVATION OF AN EMPLOYEE TO PERFORM AT WORKPLACE Services satisfaction survey of nib bank SOCIAL IMPACT OF MOBILE PHONE THE PERFORMANCE OF MUTUAL FUNDS OPERATING IN PAKISTAN FOR THE PERIOD OF 2006-08 CHALLENGES AND OPPORTUNITIES IN MICROFINANCE Effects of Sales Promotion on consumer Impact of Corporate governance on Firms profitability THE CORRELATION BETWEEN Non-Peroformaing Loans AND LENDING BEHAVIOR OF SCHEDULED BANKS IN PAKISTAN COMPENSATION MANAGEMENT MAXIMIZE PRODUCTIVITY AND EMPLOYEE SATISFACTION ENTREPRENEURSHIP The Impact of Technology on HRM CO-BRANDING IDENTIFYING THE FACTORS THAT INFLUENCES CONSUMERS TOWARDS EXCESSIVE BUYING Emotional Branding

2464 2487 2540 2777 2783 2862 3019 3118 3362 3521 50214 50911

TALENT MANAGEMENT THE LINE OF ATTACK FOR RETAINING EMPLOYEES OPERATIONAL RISK MANAGEMENT UNDER BASEL-II role of foreign banks in pakistan Website Influence on Customer Value Improper workforce planning causes poor performance and job dissatisfaction among employees in the organization Launching A New Detergent In The Competitive MARKET OF SURF EXCEL & ARIEL Mutual Fund Industry Performance & Growth Size In Pakistan DEVELOPING A PROFILE of investment banking INDUSTRY (BROKERAGE HOUSES) OF PAKISTAN Impact of Cause Related Marketing on youth and their consumption behavior Comparative Study of Different Dimensions of Mutual Funds with Related Case Studies High risk firms exhibits weak Financial Ratios: study of Textile Weaving, Synthetic and Rayon, Jute and Woollen sectors of KSE listed firms Growth of General Insurance Industry With reference to Competitiveness Of UBL Insurers Limited

51033 51090 51101 51175 51190 51207 51209 51219 51231 51257 51274 51296 51316 51346 51354 51370 51401 51409 51430 51438 51439 51457 51461 51463 51475 51476 51521 51531 51532 51534 51541 51554 51555 51562 51571

CUSTOMER RETENTION IN FINANCIAL SERVICES Role Of PR in Launching New Brand Relationship Between Oil Prices & Stock Market Returns Analysis of Capital Structure of Cement Sector E-Procurement & its effects SCADA SYSTEM in load dispatch management of KESC TAKAFUL: AN ALTERNATIVE OF CONVENTIONAL INSURANCE Stock Brokerage House Establishment, Management And Recommendation For Converting Into Shariah Compliant Business Avenue SCOPE OF FUND/TREASURY MANAGEMENT IN EXPORT ORIENTED CONCERNS FROM SHARIAH COMPLIANT PERSPECTIVE AND APPLICATION The impact of product innovation on sales of consumer goods High risk firms exhibits weak ratios, A study of Textile Spinning Sector of K.S.E listed firms Does compulsive buying exist among local shoppers? High Risk Firms Exhibits Weak Financial Ratios, A Study Of Textile Composite, Sugar & Allied Sectors of KSE Listed Firms Effectiveness of Brand Activations INFLUENCE OF ADVERTISEMENT ON TOOTHPASTE Brand Extensions - Factors Influencing Brand Extensions High risk firms exhibits weak financial ratios, A study of Insurance sector of K..S.E. listed firms AGRICULTURAL LOANS DISBURSED BY ZTBL AND NBP AND ITS IMPACT ON AGRICULTURE GROWTH EMPLOYEES SHOW RESISTANCE TOWARDS CHANGE Comparative Analysis of brand Equity of Coke and Pepsi CELLULAR INCURSION: A Research Project on cellular industry of Pakistan Adoption Issues of Internet Banking To guage the awareness level of mobile number portability among CELLULAR USERS AND ISSUES FACED BY THEM IN ITS ADOPTION Impact of Celebrity Endorsement on over all Brand FRAUD AS EVIDENT FROM THE FINANCIAL STATEMENTS OF KARACHI-STOCK-EXCHANGE-LISTED COMPANIED Role Of M-Commerce In Economic Growth Of Pakistan Comparitive Study of Administrative Expenses Between Private Banks AND Foreign Banks Operating Locally Relationship of Mutual Funds Industry Growth Vs Growing Interest Rate Impact of Packaging on Sells The Impact of Advertising Slogans on BRAND RECALL Profitability Decline of Auto financing Loan of banks CRITICAL ANALYSIS OF MERGER AND ACQUISITION OF FINANCIAL INSTITUTION IN PAKISTAN Human Resource Performance Issues Can Be Resolved Through Hiring The Best Employees By Proper Job Analysis Does Bank Size Matter in Pakistan? DETERMINANTS OF PROFITABILITY OF BANKS IN PAKISTAN

51575 51580 51584 51586 51587 51588 51589 51594 51597 51602 51613 51614 51647 51674 51675 51677 51678 51683 51684 51686 51689 51703 51712 51730 51736 51738 51739 51753 51754 51759 51763 51791 51798 51801 51810 51815

The Effect of Marketing Efficiency, Brand Equity & Customer Satisfaction on Firm Performance CONSUMER BEHAVIOUR TOWARDS USAGE OF HBL PHONE BANKING Customer Relationship Management (CRM) in Hotel Industry RELATIONSHIP BETWEEN NON-CURRENT ASSETS AND COMPANIES PROFITABILITY KEY ACCOUNT MANAGEMENT PRACTICES IN HOME APPLIANCE INDUSTRY OF PAKISTAN Factors Influencing the Success of Telemarketing Islamic Banking; A real Innovation or a Marketing Gimmick !! THE APPROPRIATE HUMOR FOR ADVERTISING HIGH RISK FIRMS EXIBITS WEAK RATIOS ,A STUDY OF FOOD AND PERSONAL CARE , GLASS AND CERAMICS & MISCELLANEOUS SECTORS OF KSE-100 LISTED FIRMS ANALYSIS OF Risk Management & its mitigation Techniques In Islamic Financial Institutions Consumer Trust in E-Commerce EVENT MARKETING AS PROMOTION TOOL Rules of merger in banking industry of Pakistan, India and America: analysis of the impact of these rules on banking industry SERVICE QUALITY OF RETAIL STORES To compare the Risk in income Mutual funds with respect to return THE LEVEL OF ADAPTATION OF 360 DEGREE FEED BACK IN BANKS Employees retention and willingness to work can be improved by giving them sufficient Training and Development Induced smoking: A factor exploration study INFLUENCE OF POLITICAL/ SOCIAL ISSUES ON TV PROGRAMME GENRES Study of Takaful Industry & Products in South East Asia, Middle East, Africa and Pakistan Critical analysis of the role of CFS/ Badla financing/ margin financing in the recent Stock Exchange crash Factors influencing employees turnover Continuous training and development enhances productivity and efficiency of workforce Risk Management: Techniques and Products for Islamic Capital Market Comparative Analysis of Legal Documents of Islamic and Conventional Mutual Funds EFFECTS OF INFLATION ON PURCHASING POWER OF PEOPLE IN PAKISTAN Establishment of Islamic Microfinance Bank in Pakistan Consumer Behavior on Biometric Devices Perception Of Quality Management Systems (ISO 9001:2000) certification in FMCG sector Consumer Attitude Towards Mobile Advertising DIVISORS OF JOB ANALYSIS AND TRENDS OF RECRUITMENT IN AN ORGANIZATION Work Force in Aviation MRO setup needs continuous training on technological advancements to perform better THE IMPACTS OF MONETARY POLICY TOWARDS INCOME FUND RETURN ON INVESTMENT OF ERP SYSTEM IMPLEMENTATION Internet Marketing v/s Traditional Marketing ROLE OF FOREIGN DIRECT INVESTMENT IN DEVELOPMENT OF EQUITY MARKET

51819 51828 51833 51843 51848 51859 51860 51866 51890 51901 51906 51914 51916 51927 51928 51932 52000 52012 52018 52032 52062 52068 52069 52075 52078 52125 52250 52333 52408 52584

Fraud Indicators As Evident From Financial Statements of High Risk Firms ANALYSIS OF INVESTMENT AVENUES & FINANCING PRODUCTS FOR MUTUAL FUNDS & DEVELOPMENT OF THEIR SHARIAH COMPLIANT ALTERNATIVES What would be the strategies & tools applicable in printing industry for getting competitive advantage over rivals Foreign Direct Investment and its impacts on manufacturing industries and overall economy of Pakistan Consumers Behavior - The effects of Brand Loyalty & other factors on Purchase Decision To examine the effect of software base performance appraisal system on organization effectiveness Outsourcing of recruitment and selection is beneficial for an organization HIGH RISK FIRMS EXHIBITS WEAK FINANCIAL RATIOS, A STUDY OF CEMENT, PHARMACEUTICAL & FERTILIZER SECTOR OF KSE LISTED FIRMS Media Influence on Marketing Communications The Empirical Relationship between Stock Exchange Index & Volume Analysis of capital structure of Automobile Assembler Industry Benefits of Relationship Marketing to Children in the Sweet/Confectionary Industry Impact of Mobile Phones on Fishermens life Assessment centre is an effective tool to select the potential candidate for future management needs of an organization RELATIONSHIP BETWEEN NET WORKING CAPITAL AND PROFITABILITY Comparative study of the different models of Takaful The Co-relational Analysis in between SBP Monetary Policy & KSE 100 Index Media Habits Among Adults & Teenager in Karachi TO GAUGE CONSUMER PREFERENCE IN CHOSSING MILK IN DAILY LIFE

Consumers Behavior towards Online Buying Study of Loan Approval Process adopted by MFI in Karachi Study the Barriers In Development Of Micro Finance Institution Of Pakistan CONTRIBUTION OF FIVE BIG COMMERCIAL BANKS, DOMESTIC PRIVATE COMMERCIAL BANKS AND SPECIALIZED BANKS IN AGRICULTURE CREDIT FARMER'S REQUIREMENT Analyze Investment Pattern of INDIVIDUALS LIVING IN THE AREA OF DEFENCE, KARACHI Impact of Electronic Media on Society TV Channels Driving Motives of Consuming Chocolate Chip Products with reference to Chocolate Chip and Chip Munch Biscuits resistance to change LEADS AN ORGANIZATION TOWARDS COMPETITIVE DISADVANTAGE IMPORTANCE OF SUPERVISORS ROLE IN EFFECTIVE PERFORMANCE APPRAISAL FOR EMPLOYEES Influence of Brand Name on Consumer Decision in Car Choice

http://www.mutualfundspakistan.com/fundtype.aspx