This paper is a straightforward exercise in estimating earnings functions and computing the private rates of returns to different levels of education. The latter summarizes the incentives to the individual to invest in human capital formation, while the former helps in ascertaining the influence of both human and non human capital variables on the earnings of the individual. A few studies conducted in the past found the rates of returns to education in Pakistan not in conformity with those of the majority of the developing countries for which such estimates exist. The estimated rates were lower for all levels of education in Pakistan than in the developing world. Moreover, the computed rates of returns had a positive association with the level of education.

The Covid-19 is an unexpected event in the world history with substantial socio-economic impact on the global economy. The global financial market was also badly affected as reflected by the extreme volatility as well as weak performances in the stock markets all over the world.  How do the Islamic stock markets in various parts of the world behave during the Covid-19 shock? The objective of this study is to identify the impact of the Covid-19 pandemic as declared by the World Health Organization on the Islamic stock markets. Using the threshold volatility and event study models, the study analyses the impact of the Covid-19 announcement on the Islamic stock indices in the Indian Stock Exchange (represented by the Bombay Stock Exchange - BSE Shariah Index) and Indonesian Stock Exchange (represented by the Jakarta Islamic Indices - JII). With the date of event identified as 11th March 2020, the event window consists of 60, 30, and 20 days. The results show that the BSE Shariah and JII have positive coefficients, with the BSE Shariah Index shows negative response to the announcement of Covid-19 as global pandemic. On the other hand, the JII reacted positively to the event. The study shows the reaction of a stock exchange is dependent on other economic factors unique to the country, resulting in the events impact of the Covid-19 to vary from one country to another.

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In recent yean, due to a virtual unanimity about the critical role of hmnan capital in economic development, increased efforts are being made in the developing countries to eradicate illiteracy. Despite a significant increase over time in the number of educational institutions and the government's expenditure on education in Pakistan, the performance of the education sector in terms of output has been at best meagre. This non-correspondence between the growth in the educational institutions and the resultant output implies that failure to enlist the participation of the population in education can hardly be attributed exclusively to an insufficiency of the schools. To the extent that child schooling reflects parental capacity to invest in hmnan capital formation, there is a need to reckon with factors bearing parental decision regarding child schooling. This paper investigates family's decision regarding child schooling through an assessment of the determinants of child school-enro1ment, using choice theoretic framework. The regression results are indicative of the influence of household status, both economic and social, on the propensity to invest in child schooling. A positive association between the household income, parental education, and tenurial status as land-owner bear out the importance of these factors in shaping the household's decision regarding investment in human capital formation. The study also fmds traces of the quantity-quality trade-off in family's preferences regarding the nmnber of children, and it is found to be male-specific. The most disturbing fmding of the study appears to be the predominance of the influence originating from parental education. It is this inter-generational transfer of human capital which needs more attention as it also implies that illiteracy, and hence poverty, of the parents gets transmitted to the off-spring. The analysis also brings out the fact that the labour market hiring practices serve as an important feedback to the household's human capital formation behaviour.

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