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This study aims to determine the stock selection ability and market timing ability of mutual fund managers, focusing on conventional funds and Islamic funds in Pakistan.  Although there has been significant growth in the number and assets of mutual funds in recent years, few studies measure the performance of mutual funds managers. The scarcity of existing literature motivates this study. In this study, two models are used to measure the stock selection and market timing on a sample of conventional mutual funds and Islamic mutual funds over 2010 and 2019 using annual returns. Overall, the results indicate that the performance study of conventional mutual funds and Islamic mutual funds indicates that manager performance is not superior in all three portfolios, i.e., conventional funds, Islamic funds, and overall funds in over sample period. This also indicates that both Conventional and Islamic fund managers do not outperform the market (KSE 100 index). Thus, there is a lack of market timing ability. Using Tranoy and mazuy and Jansen models found a lack of stock selection and market timing ability of mutual fund managers in Pakistani mutual funds. In this study, I have applied only two models to examine both the timing and selection ability of conventional and Islamic Pakistani equity funds. For future possibilities, the study suggests adopting several methods and approaches like the TMFF3 model and HM-FF3 model, making the study more comprehensive and accurate than this research.

LIST OF TABLES. xaxim~a and mrnlmum temperatures i n 3ajaur Agency Eunlhly rainfall in Bajaur Agency T Locations ~f ainerals in Eajaur Agency Population s i z e , Lntercensal change and a n n u a l grcwlh Populaticn by tehsil in Bajaur Agency Literacy of population 10 Years of age and above in 1981 Refugee camp population The refugee population by province The refugee population by t r i b e Number of schools for Afghan refugees Land use in Bajaur Agency i n 1989-90 Land utilizatio~ in 3ajaur Agency-Land use in Bajaur in I980 Land use in Bajaur Agency 1984-85 and 1989-90 Area under major crops in Bajaur Agency 1975-80 through 1985-90 Crop calendar f o r B a j a u r Agency A r e a , total production and y i e l d cf wheat in Sajaur Agency Area, totaZ production and y i e l d of barley in Bajaur Agency Barley area by tehsil B a j a u r Agency 1991-92 Area, t o t a l production and yield of maiz i n Eajaur Agency Arean total production and y i e l d of r i c e i n Bajaur LIST OF MAPS gaps # 1.1

A griculture is a fundamental part of Pakistan's economy contributing 18.5% to gross domestic product (GDP), providing employment opportunities to almost 38.5% population and providing raw material for different agro based industries (GoP, 2019). It is therefore, considered as a backbone in overall national development, food security and poverty reduction. Majority of the population i.e. 67% belongs to rural areas, and their livelihood directly or indirectly depends on agriculture (Sanaullah and Abstract | The current study assessed the mechanization challenges and scenario prevailing in rural area of district Peshawar of Khyber Pakhtunkhwa province in Pakistan. This study employed a multi stage sampling technique to gather data on the socio-economic features of the farmers and available machinery. A total of 240 rural farmers were randomly selected from two local union councils of provincial government Khyber Pakhtunkhwa Peshawar. The accumulated data were analysed using mean and standard deviation with an acceptance mean value of ≥3.00 and estimating logit model. Socio demographic features revealed that majority (52%) were in middle age group of 41-50 years, 64% were literate, while 68% respondents had farming as their income source and land owners were 64% with small landholding (46%). The study exposed that illiteracy of the respondents (4.10), et al system (3.98), lack of trained machinery operators (4.27), access of roads to the farm (4.45), adequate capital (4.00) and costly inputs (3.80) were some of the challenges plaguing the use of agricultural mechanization in the rural area. It was established that agricultural mechanization has significant role in boosting farm productivity, improving farmers' livelihood, ensuring economic growth, availability of off-seasonal farm produce, increasing income generating opportunities and reduction in time of operation among others. Logistic Regression indicated a highly significant (p<0.01) positive effect of key determinants including; income source (0.008), farm size (0.001), farming experience (0.004), extension visits (0.009), access to credit (0.002) and access to agricultural machines (0.006) on farm mechanization adoption. The study emphasized that government may make agricultural mechanization and farming resources available and reachable to the farmers in order to persuade farmers in using them to maximize production, arrange awareness trainings and subsidize costly agricultural inputs.

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