Abstract
Aim:The objective of this study is to explorehow investors execute decisions in persistence of Islamic anomalies in context of Pakistan stock exchange. Applying interpretive approach, data wasacquired from PSX investor by asking a series of questionsthrough an interview protocol. Interviews were conducted by using semi-structured interview approach. The responses were explored using NVivo 10.0plus software. The results of the study indicatedIslamic anomalies are changing emotions and perceptions of investors due to their past experience and perceived market consequences, and biased behaviors. Due to Islamic anomalies investors decisions are found to be biased and depict aself-serving, anchoringand overconfidentbehavior. Moreover, various conventional market factors (e.g. market capitalization, priceearning and capita market line fluctuation etc.) are constant and reshaping investor decisions.Promotion of corporate culture, controlling mispricing, conducting awareness/ training sessions on rationality, capital gain than price gain is seriously required in local context.This is the first qualitative studyinvestigating Islamic Calendaranomalies and PSX investors, leading to the formulation of sound policy implications
Sajid Iqbal, Nadeem Iqbal, Arshad Muneer. (2019) Islamic CalendarAnomalies Reshaping Investor Behavior: A QualitativeStudy, Journal of Islamic Thought and Civilization, Volume IX, Issue 2 .
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