Islamic Calendar Anomalies: Evidence from Pakistan
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.
Published
2017-09-30
How to Cite
SYED , Fatima; KHAN , Naimat U..
Islamic Calendar Anomalies: Evidence from Pakistan .
Business & Economic Review, [S.l.], v. 9, n. 3, p. 104-122, sep. 2017.
ISSN 2519-1233.
Available at: <https://bereview.pk/index.php/BER/article/view/193>. Date accessed: 24 apr. 2024.
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Articles