Journal of
Economics and International Finance

  • Abbreviation: J. Econ. Int. Finance
  • Language: English
  • ISSN: 2006-9812
  • DOI: 10.5897/JEIF
  • Start Year: 2009
  • Published Articles: 363

Full Length Research Paper

Calendar Anomalies, reality or an illusion? KSE-Pakistan

Muhammad Ibrahim khan
  • Muhammad Ibrahim khan
  • Department of Management Sciences, Grafton College Islamabad
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Muhammad Suleman Khan
  • Muhammad Suleman Khan
  • Department of Economics, University of Peshawar
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Aima Khan
  • Aima Khan
  • Faculty of Economics, Commerce and Management Sciences, The Women University, Multan
  • Google Scholar

  •  Received: 12 February 2013
  •  Accepted: 11 March 2014
  •  Published: 30 April 2014


This paper investigates the calendar anomalies in Karachi Stock Exchange (KSE) of Pakistan, during 2002-04 periods. The data for this study was taken from KSE 100, involving the daily stock exchange and were tested for turn of the month and time of the month effects. The results, regarding mean returns showed the presence of both effects. Results after regression analysis didn’t show the presence of Turn of the Month (TOM) effect in KSE. Slight evidence was witnessed regarding the time of the month effect in KSE, which confirmed the presence of anomalies and proved the market inefficiency. Limitations to this study are the time period, which was short. Future studies may consider a longer period of time for testing KSE, regarding the calendar anomalies. 
Key words: Turn of the Month (TOM), Karachi Stock Exchange (KSE), Calendar Anomalies, Pakistan, KSE-100 index, Investor’s psychology in Pakistan.