Measuring portfolio performance

Measuring Portfolio Performance i Dedications I dedicate this thesis to my beloved parents and teacher (Prof. Abdul Hafeez Sh), who played the most vital role in my upbringing and grooming. Today what ever I am is due to virtue of their nurture and prays. My Degree (Master in Financial Mathematics) would not been completed without their support and encouragement. May Allah bless them. Measuring Portfolio Performance ii Acknowledgement All prays to Allah Almighty who induced the man with intelligence, knowledge and wisdom. It is He who gave me ability, perseverance and determination to complete this thesis. Teachers are lighthouses spreading the light of knowledge and wisdom everywhere and guiding the new generation so that they can cruise safely towards their destination. They are really lamps that are kindling the candles of knowledge in the heart of young generation. They are performing the job, which Allah himself acknowledge as the noblest to all jobs; the job of teaching. They will get its reward not only from Allah but also in the form of immense respect that every student carries for them in the core of his heart. I offer my sincerest thanks and deepest gratitude to my research supervisor Prof. Johan Tysk for his inspiring and valuable guidance, encouraging attitude and enlightening discussions enabling me to pursue my work with dedication. I would like to say a big thanks to all the teachers who taught me in the entire program. They did not only teach me how to learn, they also taught me how to teach, and their excellence has always inspired me. I also wish to express my feeling of gratitude to my parents, sisters, brothers and friends, who prayed for my health and brilliant future. A very special thanks and appreciation goes to my dearest teacher Prof. Abdul Hafeez Sh, though you were for away, your persistent telephone calls and the thought of you gave me the enthusiasm to carry on with my academic work.