The purpose of this research is to look into financial management behavior during the COVID‐19. Without a doubt, financial knowledge is an important, but in the COVID‐19, the majority of people are experiencing economic insecurity, which is regarded as unique contribution when testing financial management behavior. Furthermore, Pakistan is an Islamic country, so, financial knowledge, is further subdivided into objective, subjective, and Islamic financial knowledge, with financial wellbeing serving as mediating variable. Pakistan has a diverse population of respondents, this model was tested on university students in Pakistan between the ages of 20 and 40, with the majority of respondents experiencing job and food insecurity as a result of COVID‐19. The research employs a two‐stage method, PLS‐SEM, for reliability checking via composite reliability and average variance extract, and discriminant validity checking via HTMT ratio. According to the findings, Islamic financial knowledge as positive, and other financial knowledge as negative, and economic insecurity (food and job insecurity) also has negative and significant impact on students' financial management behavior. Financial well‐being significantly acts as a bridge between independents and dependent variables. The findings imply that financial knowledge has a significant impact on financial management behavior. Policymakers and administrators should improve information disclosure while promoting financial education in order to foster trust and responsible financial conduct among people.

This study is aimed to test the validity of the postmodern theory of portfolio with the help of the market-based model, and 100 companies’ data has been used for the period 1st Jan, 2005 to 1st Feb, 2021 for listed companies at PSX. The explanatory power of CAPM is tested with the risk measures beta, idiosyncratic risk, semivariance/downside risk (Yildiz & Erzurumlu, 2018) and value at risk (VaR). Results of the GARCH (1,1) model indicates that E(R) DR and E(R) VaR has a significant impact on volatility by adding the-se explanatory measures in the variance equation. Whereas risk parameters significantly impact volatility, as shown by adding explanatory measures in the mean equation. The estimated returns and risk indicators of both global and local companies have essential explanatory capacity. In contrast, results suggest that to the MSCI index, the downward market integration is greater, and T-Bill prices may be the dominating factor.