Islamic Calendar Anomalies: Pakistani Practitioners' Perspective Anwar Halaria*, Christine Helliarb, David. M. Powerc, Nongnuch Tantisantiwongd a Faculty of Business and Law, The Open University, Walton Hall, Milton Keynes, MK7 6AA, UK Email:
[email protected] b School of Commerce, University of South Australia, Adelaide, SA 5001, Australia Email:
[email protected] c School of Social Sciences, University of Dundee, 1 Perth Road, Dundee, DD1 4HN, UK Email:
[email protected] d Southampton Business School, University of Southampton, Southampton, SO17 1BJ, UK E-mail:
[email protected] Abstract Purpose Studies on Islamic calendar anomalies in financial markets tend to apply quantitative analysis to historic share prices. Surprisingly, there is a lack of research investigating whether the participants of such markets are aware of these anomalies and whether these anomalies affect their investment practice. Or is it a case that these practitioners are completely unaware of the anomalies present in these markets and are missing out on profitable opportunities? The purpose of this paper is to analyse the views of influential participants within the Pakistani stock market. Design/methodology/approach The study documents the findings for 19 face-to-face semi-structured interviews conducted with brokers, regulators and high-net-worth individual investors in Karachi. Findings The paper's major findings indicate that the participants believed that anomalies were present in the stock market and market participants were actively attempting to exploit these anomalies for abnormal gains. Interviewees suggested that predictable patterns can be identified in certain Islamic months (Muharram, Safar, Ramadan and Zil Hajj).