The turn-of-the-month effect in Pakistani stock market

Irtiza, Muhammad Sarmad; Khan, Shahbaz; Baig, Nida; Tirmizi, Syed Muhammad Ali; Ahmad, Iqbal

doi:10.1186/s43093-021-00087-4

Cited by 4 publications

(4 citation statements)

References 35 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The average real return over the last five years for the KSE-100 index is particularly low and even negative mainly because the stock market is quick to reflect changes in political and economic activity and has been deeply affected by the COVID pandemic and other political happenings. This is despite the belief that the Pakistani stock market is considered very resilient and has performed relatively better than the other world markets even during the pandemic (Irtiza et al, 2021). To smooth out the impact of the fluctuations caused by unprecedented external environment factors, even if we compare the Adhyara return with the 20-year average real return of the KSE-100 Index of 16.98%, Adhyara deals still come out at the top.…”

Section: Discussionmentioning

confidence: 95%

Section: Discussionmentioning

confidence: 97%

See 1 more Smart Citation

Assessing the financial sustainability of a rural livestock practice: a case of Pakistan

Lakhani

Tauseef²,

Chattha³

2022

AFR

View full text Add to dashboard Cite

PurposeThis research aims to investigate the feasibility of formalizing an old, informal livestock financing practice in Pakistan known as Adhyara through assessment of estimated return and risk.Design/methodology/approachThe hedonic pricing model was employed to estimate the impact of breed, weight, pregnancy status and milk yield on cattle sales price, and appropriate estimates were used for monetization. The stochastic simulation was then used to estimate the distribution of capital returns for investors in the informal livestock practice. Primary data on animal prices and attributes were obtained from a survey of dairy farms and data on terms of Adhyara deal were obtained from a survey of nomad pastoralists and current investors. In-depth interviews were also conducted with different stakeholders to get insights into this informal livestock practice and social elements.FindingsResults from the hedonic model show that the animal prices in Pakistan are highly variable depending on the animal attributes of breed, weight, milk yield and pregnancy status with an average value of PKR (Pakistani Rupee) 191,771 and standard deviation of PKR 66,762. Our stochastic simulation reveals mean estimated real return of 24 per cent. This return is competitive considering local and international investment alternatives.Social implicationsThe research identifies a lucrative and market competitive investment option and thus opens the window of opportunity to introduce grass root entrepreneurship in the livestock sector. Recommended formalization of this traditional livestock practice can boost investment creating substantial potential for the uplift of local communities and simultaneously contribute towards the goals of poverty eradication, food provision and employment generation for women.Originality/valueThis research lays out the possibility of formalizing the practice of a traditional livestock financing in an agricultural country.

show abstract

Section: Discussionmentioning

confidence: 95%

Section: Discussionmentioning

confidence: 97%

Assessing the financial sustainability of a rural livestock practice: a case of Pakistan

Lakhani

Tauseef²,

Chattha³

2022

AFR

View full text Add to dashboard Cite

show abstract

“…And their study provides new insights into the efficiency of the Indian stock market exchange. Irtiza et al (2021) explored the presence of the turn of the month effect in the Pakistani stock market. Results showed a temporary increase in the prices of registered shares on the last operating day of the month.…”

Section: Literature Reviewmentioning

confidence: 99%

Impact of Substantial Events and Leadership Style on Stock Market Anomalies: Evidence from the Pakistan Stock Exchange

Rehan,

Alvi,

Qamar

et al. 2023

JISR-MSSE

View full text Add to dashboard Cite

This is an event based study focused on the stock market anomalies due to substantial events such as monsoon season, the holy month of Ramadan, and leadership style. Data for this research was collected from the Pakistan Stock Exchange from KSE All Shares, KSE-100, KSE-30 KMI-30, and KMI All Shares daily observations. ARCH family models (EGARCH) were applied to encounter volatility (Market Anomaly) in each selected event. Findings revealed that there is no such substantial impact of the holy month of Ramadan and monsoon on the stock market returns (No impact on any indices), however it is interesting to reveal that the market witnessed sizeable improvement & considerable stability in the Dictatorship regime in Pakistan, this is because of controlled market situation, stable macroeconomic environment and favorable investment opportunities due to trust on the government. Going forward, findings unveiled the importance of monitoring the market closely for all of the above-mentioned events and investors may get benefits from findings by making sound investment decisions. The core limitation of the research is that we could not cover more data and more countries which is a future direction for researchers and stakeholders.

show abstract

“…Recent research by Singh et al (2021), found a turn-of-the-month effect on the Stock Market Indices of Brazil, India, and China from January 2000 to 2017, as evidenced by the higher average return in the turn-of-themonth effect period compared to the non-turn of the month effect. Irtiza et al (2021), found a turn-of-the-month effect on the National Stock Exchange and Bombay Stock, where the presence is more robust in companies with small and medium capitalization, and , found a turn-of-the-month effect in the Indian Stock Market Index (NSE).…”

Section: Introductionmentioning

confidence: 99%

Analysis of anomaly turn of the month effect on stock return in the Indonesian capital market before and during the COVID-19 pandemic

Argantha

Rahyuda

2023

ijbem

View full text Add to dashboard Cite

This study aims to examine the presence of an anomaly in the turn-of-the-month effect in Indonesia before and during the COVID-19 pandemic. The population of this study are companies listed on the LQ45 index for the 2019-2021 period. Using the purposive sampling technique and obtained 36 samples of companies. This study will compare the average return and average abnormal return of each sample which has been grouped based on the turn of the month and the rest of the month both before and during COVID-19. This study used a different test, namely the paired sample t-test which was tested using the SPSS application. The analysis result provides evidence that there was an anomaly in the turn-of-the-month effect before COVID-19 and the effect disappeared when Indonesia experienced the COVID-19 pandemic. This study also found a difference in abnormal returns in the turn of the month before and during COVID-19 where the abnormal return value was higher during the COVID-19 pandemic.

show abstract

The turn-of-the-month effect in Pakistani stock market

Cited by 4 publications

References 35 publications

Assessing the financial sustainability of a rural livestock practice: a case of Pakistan

Assessing the financial sustainability of a rural livestock practice: a case of Pakistan

Impact of Substantial Events and Leadership Style on Stock Market Anomalies: Evidence from the Pakistan Stock Exchange

Analysis of anomaly turn of the month effect on stock return in the Indonesian capital market before and during the COVID-19 pandemic

Contact Info

Product

Resources

About