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Introduction
To date, all studies investigating Islamic calendar anomalies in Pakistan applied quantitative analysis to historic share prices. None of the prior studies in this area has sought the views of Pakistani Stock Market participants when investigating Islamic calendar anomalies; therefore, the current study makes a contribution in an area that has not been previously explored. In particular, this study aims:
* to ascertain the views of Pakistani Stock Market participants to gain some insights and in-depth understanding of investor perceptions about the share price regularities with regards to the Islamic calendar; and
* to ascertain views about the role of investor sentiment in the Pakistani Stock Market and its impact on investment practice.
It was also thought that such interviews would provide some insights into the behaviour of Pakistani investors and supply an in-depth understanding of investor perceptions about share price regularities with regards to the Islamic calendar.
Pakistan, a country with over a 97 per cent Muslim population uses the Islamic calendar concurrently with the Gregorian calendar (Rehman and Masood, 2012; Halari et al. , 2015). Although Pakistan's financial markets use the Gregorian calendar for business and government to coordinate business dealings with the rest of the world, the Islamic calendar is used to date events in the country and mark annual Islamic holidays, such as Eid .
All the financial markets in the country are closed during Muslim festivities and holy days based on the Islamic calendar. For example, the stock markets are closed nine days (on average) every year to celebrate Islamic holidays and festivals. The Islamic calendar is approximately 11 days shorter than the Gregorian year, as it based on lunar months. Owing to this, Islamic calendar days vary by a few days each year on the Gregorian calendar. The Islamic calendar, similar to its Gregorian counterpart, has 12 months but only a total of either 354 or 355 days in a year (Halari et al. , 2015). The 12 Islamic months are: Muharram, Safar, Rabiul Awwal, Rabiul Thani, Jamatul Awwan, Jamatul Thani, Rajab, Shaban, Ramadan, Shawwal, Zil Qa'ad and Zil Hajj.
Islamic calendar months vary in significance and emotions that they evoke within the Muslim community. Prior studies have shown that this may have an impact on investment...