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


  • Muhammad Rehan Business Administration, Social Sciences, Gaziosmanpaşa University, Tokat, Turkey
  • Jahanzaib Alvi Business Administration, Iqra University, karachi, Pakistan
  • Mehjbeen Qamar School of Economics, Warsaw, Poland
  • Ismat Mohinuddin Mohammad Ali Jinnah University, Management Sciences, Karachi, Pakistan
  • Nazish Bibi College of Management Science for Women, Abbottabad, Pakistan



political risk, ramdan turn effect, monsoon turn effect, efficient market hypothesis


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.


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How to Cite

Rehan, M., Alvi, J., Qamar, M., Mohinuddin, I., & Bibi, N. (2023). Impact of Substantial Events and Leadership Style on Stock Market Anomalies: Evidence from the Pakistan Stock Exchange. JISR Management and Social Sciences & Economics, 21(3), 27–49.