Islamic Calendar Anomalies: Evidence from Pakistan

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type 10 Sep 2017Publisher:Institute of Management SciencesJournal:Business & Economic Review, volume 9, pages 104-122 (issn: 2074-1693, eissn: 2519-1233,

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Authors: Fatima Syed; Naimat U. Khan;

doi: 10.22547/ber/9.3.4

Islamic Calendar Anomalies: Evidence from Pakistan

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Abstract

This study investigates Islamic calendar anomalies in Pakistan Stock Exchange (PSX), using KSE-100 Index data over the period 1991-2014. The findings show significant volatility of stock returns during Islamic months of Safar, Rabbi-ul-Awwal and Zil-hajj. However, there is no evidence of abnormal returns in any Islamic month. These findings do not provide a compelling evidence of Islamic calendar anomalies in Pakistani market.

Related Organizations

University of Peshawar
Pakistan
IMS Unison University
India

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