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SEMI-STRONG FORM EFFICIENCY OF GOLD MARKET: COLLECTIVE RATIONALISATION AND ISLAMIC CALENDAR ANOMALY
Corresponding Author(s) : Taqadus Bashir
Humanities & Social Sciences Reviews,
Vol. 9 No. 2 (2021): March
Abstract
Purpose: The current study aimed to test the impact of two religious months on the return behaviour of the gold market in Pakistan under informational efficiency hypothesis i.e. to empirically test the semi-strong form of EMH in gold market for religious calendar anomaly.
Methodology: Weekly gold prices in rupees per one gram that prevailed in Pakistan for the period January 2007 till December 2015 were selected, summing up to 468 observations. Data was taken from World Gold Council and the Bullion-rate database. Event methodology was employed for capturing and analyzing the pre and post event reactions by calculating abnormal returns. Furthermore, average security return variability was employed for robustness check.
Main Findings: Opposing results were achieved for both the lunar calendar occurrences where the gold market is inefficient for the month of Ramazan but is found efficient in Muharram's case concluding into mixed evidence and findings.
Implications/Applications: The contribution of this study differs from previous gold studies in two aspects; first the research investigated the effect of Ramazan and Muharram as Islamic calendar events, and second is that gold market prices of Pakistan that had not been examined earlier. So this study is adding to the literature in the sense of examining the new relationship in Pakistan.
Novelty/Originality of this study: Extensive literature can be found about the global gold market that tested the weak form efficiency, but empirical evidence related to the semi-strong form efficiency of the gold market in Pakistan is not available neither the calendar anomaly related to the gold market is available. The dynamics of this very highly valuable and volatile asset market require investigation of such type.
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- Aggarwal, R. & L. Sonen (1988). The Nature and Efficiency of the Gold Market. Journal of Portfolio Management, 14(3), 18-21. https://doi.org/10.3905/jpm.1988.409152 DOI: https://doi.org/10.3905/jpm.1988.409152
- Ahmad, M. U., & Mahmood, A., (2009). Zakat Fund-Concept and Perspective. International Journal of Monetary Economics and Finance. 2(3/4): 197-205 https://doi.org/10.1504/IJMEF.2009.029058 DOI: https://doi.org/10.1504/IJMEF.2009.029058
- Ahmed, K., (June 2020). Gold Hits All-Time High in Pakistan as Coronavirus Drives Investors to Safe Haven. Arab News. https://arab.news/z53ha, https://www.arabnews.pk/node/1694351/pakistan.
- Ahsan, A. F. M. M., Chowdhury, M.A.R., & Sarkar, A. H. (2014). An Empirical Study on Market Reaction Around the Bonus Issues Announcements in Bangladesh. Int Journal of Economics and Finance. 6 (1): 82-94. https://doi.org/10.5539/ijef.v6n1p82 DOI: https://doi.org/10.5539/ijef.v6n1p82
- Akhter A, Sandhu A, Butt S (2015). Islamic Calendar Effect on Market Risk and Return Evidence from Islamic Countries. Journal of Business & Financial Affairs 4: 140. https://doi.org/10.4172/2167-0234.1000140 DOI: https://doi.org/10.4172/2167-0234.1000140
- Al-Ississ, M. (2010) The Impact of Religious Experience on Financial Markets. Harvard Kennedy School of Government, Doctoral Students Mailboxes, 79 John F. Kennedy Street, Cambridge,
- Azimi, J., Adin, M. M., Torkamanzadeh, H., & Farahdoust, M. B. (2012). The effect of Muharram and Safar Months on Stock Return in Listed Firms on Tehran Stock Exchange. Interdisciplinary Journal of Contemporary Research in Business, 4 (7), 762-768.
- Baber, P., Baber, R., & Thomas, G. (2013). Factors Affecting Gold Prices; A Case Study of India. Presented at National Conference on Evolving Paradigms in Manufacturing and Service Sectors, Madhya Pradesh, India.
- Bacheliers, L. (1900). Theory of Speculation: The Origin of Modern Finance. Francia: Gauthier-Villars.
- Bashir, T., Ahmad, M., Ilyas, M., & Malik, U. (2011) Weak-Form Efficiency of Textile Sector: An Empirical Evidence from Pakistan. Interdisciplinary journal of contemporary research in business. 2(12): 600-611.
- Bashir, T., Ilyas, M., & Furrukh, A. (2011). Testing Weak-Form Efficiency of Pakistani Stock Markets—An Empirical Study in banking sector. European Journal of Economics, Finance & Administrative Sciences. Issue 31: 160-175.
- Bhatia, A., Dempster, N., & Stanley, G. M. (2011). Liquidity in the Global Gold Market. World Gold Council. 10 Old Bailey, London EC4M 7NG, United Kingdom.
- Białkowski, J., Etebari, A., & Wisniewski T. (2012). Fast Profits: Investor Sentiments and Stock Returns During Ramadan. Journal of banking & Finance. 36 (3): 835-845. https://doi.org/10.1016/j.jbankfin.2011.09.014 DOI: https://doi.org/10.1016/j.jbankfin.2011.09.014
- Bloom, B. (2011). Applications of event study methodology to lodging stock performance. Graduate Theses and Dissertations. 11930.
- Booth, G. G., & Kaen, F. R. (1979). Gold and Silver Spot Prices and Market Information Efficiency. Financial Review, 14(1): 21-26. https://doi.org/10.1111/j.1540-6288.1979.tb01743.x DOI: https://doi.org/10.1111/j.1540-6288.1979.tb01743.x
- Chappell, D., & Dowd, K. (1997) A Simple Model of the Gold Standard. Journal of Money, Credit and Banking, 29, 94-105. https://doi.org/10.2307/2953688 DOI: https://doi.org/10.2307/2953688
- Ciner, C. (2011) Commodity Prices and Inflation: Testing in the Frequency Domain. Research in International Business and Finance, 25, 229-237. https://doi.org/10.1016/j.ribaf.2011.02.001 DOI: https://doi.org/10.1016/j.ribaf.2011.02.001
- Davis, D. (2007). The Future of Gold: Price Forecast. Credit Suisee Securities Research. Economic Research Centre of the University of Western Australia, Perth, Australia.
- Fama, E. (1965). The behavior of stock market prices. Journal of Business, 38, 34–105. https://doi.org/10.1086/294743 DOI: https://doi.org/10.1086/294743
- Fama, E. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25, pp. 383-417. https://doi.org/10.2307/2325486 DOI: https://doi.org/10.2307/2325486
- Fama, E. (1998). Market Efficiency, Long-Term Returns and Behavioral Finance. Journal of Financial Economics. 49 (3): 283-306. https://doi.org/10.1016/S0304-405X(98)00026-9 DOI: https://doi.org/10.1016/S0304-405X(98)00026-9
- Gold Core (2013). A Comprehensive Guide to the Gold Price. Retrieved from https://cdn2.hubspot.net/hub/233034 /file-381572308-pdf/Ebook_PDF_Uploads_2013/A-Comprehensive-Guide-to-the-Gold-Price(1).pdf
- Grossman, S. J., & Stiglitz, J. E. (1980). On the Impossibility of Informationally Efficient Markets. The American Economic Review. Pp 393-408.
- Husain, F (1998). A Seasonality in the Pakistani Equity Market: The Ramadhan. Effect, Pakistan Development Review, 37, pp 77-81. https://doi.org/10.30541/v37i1pp.77-81 DOI: https://doi.org/10.30541/v37i1pp.77-81
- Iqbal, M. S., Khan, R. & Ahmed, M. (2013). Conventional and Islamic anomalies in Karachi Stock Exchange. Sci. Int. Lahore, vol. 25(4), pp. 999-1007.
- Jacobs, B. and Levy, K., (1988). Calendar Anomalies: Abnormal Returns at Calendar Turning Points. Financial Analysts Journal, 44(6), pp. 28-39. https://doi.org/10.2469/faj.v44.n6.28 DOI: https://doi.org/10.2469/faj.v44.n6.28
- Kendall, M. (1953). The Analysis of Economic Time Series, Part I: Prices. Journal of the Royal Statistical Society, 116(1), 11-25. https://doi.org/10.2307/2980947 DOI: https://doi.org/10.2307/2980947
- Konchitchki & O'Leary, (2011) Event study methodologies in information systems research. International Journal of Accounting Information Systems, 12(2), 99-115. https://doi.org/10.1016/j.accinf.2011.01.002 DOI: https://doi.org/10.1016/j.accinf.2011.01.002
- Levin, E., & Wright, R. (2006) Short-run and Long-run Determinants of the Price of Gold. World Gold Council, Research Study No. 32.
- Mackinlay, C. (1997) Event Studies in Finance and Economics. Journal of Economic Literature, 35(1), 13-39.
- Mahdavi, S., & Zhou, S. (1997) Gold and Commodity Prices as Leading Indicators of Inflation: Tests of Long-run Relationship and Predictive Performance. Journal of Economics and Business, 49, 475-489. https://doi.org/10.1016/S0148-6195(97)00034-9 DOI: https://doi.org/10.1016/S0148-6195(97)00034-9
- Majeed, U., Reheman, A., Sohail, K., Bhatti, G. A., Zulfiqar, B. (2015). Islamic Calendar Events and Stock Market Reaction: Evidence from Pakistan. Science International, 27(3): 2559–2567.
- Masroom, M. N., Yunus, W. M. A. W. M., & Huda, M. (2020). Understanding of Significance of Zakat (Islamic Charity) for Psychological Well-Being. Journal of Critical review, 7(2): 693-697. https://doi.org/10.31838/jcr.07.02.127 DOI: https://doi.org/10.31838/jcr.07.02.127
- McWilliams, A., & Siegel, D. (1997). Events studies in management research: Theoretical and empirical issues. Academy of Management Journal, 40(3), 568-592. DOI: https://doi.org/10.5465/257056
- Montier, J. (2010). The Little Book of Behavioral Investing: How Not to be Your Own Worst Enemy. Hoboken, NJ: John Wiley & Sons. https://doi.org/10.5465/257056 DOI: https://doi.org/10.5465/257056
- Moore, G. (1990) Gold Prices and a Leading Index of Inflation. Challenge, 33, 52-56. https://doi.org/10.1080/05775132.1990.11471444 DOI: https://doi.org/10.1080/05775132.1990.11471444
- Nadeem, W., Zakarya, M., & Kayyani, F. N. (2015) Impact of Macroeconomic Factors upon Gold Prices in Pakistan. Pakistan Journal of Social Sciences. 34(1), 383-395.
- Ntim, C. G., English, J., Nwachukwu, J. & Wang, Y. (2015). On the efficiency of the global gold markets. International Review of Financial Analysis, 41, 218-236. https://doi.org/10.1016/j.irfa.2015.03.013 DOI: https://doi.org/10.1016/j.irfa.2015.03.013
- O'Callaghan, M. G. (1991). The Structure and Operation of the World Gold Market. IMF Working Papers 1991/120, International Monetary Fund. https://doi.org/10.5089/9781451939590.001 DOI: https://doi.org/10.5089/9781451939590.001
- Ranson, D., Wainright, H.C. (2005). Why Gold, Not Oil, is The Superior Predictor of Inflation, Gold Report. World Gold Council. Retrieved from https://www.gold.org/goldhub/research/why-gold-not-oil-superior-predictor-inflation
- Schoenberg, E. (2011). Why is Gold Valuable? Nature, Social Power and the Value of Things. Cultural Geographies. SAGE Publications, Inc. 18(1): 3-24. https://doi.org/10.1177/1474474010377549 DOI: https://doi.org/10.1177/1474474010377549
- Seyyed, F. J. & Abraham, A., & Al-Hajji, M. (2005). Seasonality in stock returns and volatility: The Ramadan effect. Research in International Business and Finance, Elsevier, 19(3): 374-383. https://doi.org/10.1016/j.ribaf.2004.12.010 DOI: https://doi.org/10.1016/j.ribaf.2004.12.010
- Shah, S. A. H. (2018). Strategy for Mineral Sector Development in Pakistan. Planning Commission of Pakistan, Ministry of Planning, Development & Reform Policy, 33, 118–124.
- Sherman, E. (1986). Gold Investment: Theory and Application. Prentice Hall.
- Smith, G. (2002) Tests of the random walk hypothesis for London gold prices. Applied Economics Letters, 9(10), 671–674. https://doi.org/10.1080/1350485021012458 DOI: https://doi.org/10.1080/1350485021012458
- Thaler, R. H. (1987). Anomalies: The January Effect. Journal of Economic Perspectives, 1 (1): 197-201. https://doi.org/10.1257/jep.1.1.197 DOI: https://doi.org/10.1257/jep.1.1.197
- Thaler, R. H. (1987). Anomalies: Weekend, Holiday, Turn of the Month, and Intraday Effects. Journal of Economic Perspectives, 1 (2), 169-177. https://doi.org/10.1257/jep.1.2.169 DOI: https://doi.org/10.1257/jep.1.2.169
- Tripathy, N., & Tripathy, A. (2016). A Study on Dynamic Relationship Between Gold Price and Stock Market Price in India. European Journal of Economics, Finance and Administrative Sciences. Issue 88, 1-17.
- Tschoegl, A.E. (1980) Efficiency in the gold market — A note. Journal of Banking & Finance, 4, 371–379. DOI: https://doi.org/10.1016/0378-4266(80)90015-1
- Wang, K.M. and Y.M. Lee (2011) The Yen for Gold, Resources Policy 36 (1), 39–48. https://doi.org/10.1016/0378-4266(80)90015-1 DOI: https://doi.org/10.1016/0378-4266(80)90015-1
- Wang, Wei, & Wu, C. (2011) Analysis of the Efficiency and Multifractality of gold markets based on multifractal trended fluctuation analysis. Physica A, 390, 817–827. https://doi.org/10.1016/j.physa.2010.11.002 DOI: https://doi.org/10.1016/j.physa.2010.11.002
- Weber, M., (1930) The Protestant Ethic and the Spirit of Capitalism. (New York: Scribner's).
- Williams, J.B. (1938) The Theory of Investment Value. Harvard University Press, Cambridge, MA. 1997 reprint, Fraser Publishing.
- Wright, W., Bower, G., (1992) Mood Effects On Subjective Probability Assessment. Organisational Behavior and Human Decision Processes, 52, pp. 276-291. https://doi.org/10.1016/0749-5978(92)90039-A DOI: https://doi.org/10.1016/0749-5978(92)90039-A
- Yousef, I., & Shehadeh, E. (2020). The Impact of COVID-19 on Gold Price Volatility. International Journal of Economics and Business Administration. 8 (4), 353-364. https://doi.org/10.35808/ijeba/592 DOI: https://doi.org/10.35808/ijeba/592
References
Aggarwal, R. & L. Sonen (1988). The Nature and Efficiency of the Gold Market. Journal of Portfolio Management, 14(3), 18-21. https://doi.org/10.3905/jpm.1988.409152 DOI: https://doi.org/10.3905/jpm.1988.409152
Ahmad, M. U., & Mahmood, A., (2009). Zakat Fund-Concept and Perspective. International Journal of Monetary Economics and Finance. 2(3/4): 197-205 https://doi.org/10.1504/IJMEF.2009.029058 DOI: https://doi.org/10.1504/IJMEF.2009.029058
Ahmed, K., (June 2020). Gold Hits All-Time High in Pakistan as Coronavirus Drives Investors to Safe Haven. Arab News. https://arab.news/z53ha, https://www.arabnews.pk/node/1694351/pakistan.
Ahsan, A. F. M. M., Chowdhury, M.A.R., & Sarkar, A. H. (2014). An Empirical Study on Market Reaction Around the Bonus Issues Announcements in Bangladesh. Int Journal of Economics and Finance. 6 (1): 82-94. https://doi.org/10.5539/ijef.v6n1p82 DOI: https://doi.org/10.5539/ijef.v6n1p82
Akhter A, Sandhu A, Butt S (2015). Islamic Calendar Effect on Market Risk and Return Evidence from Islamic Countries. Journal of Business & Financial Affairs 4: 140. https://doi.org/10.4172/2167-0234.1000140 DOI: https://doi.org/10.4172/2167-0234.1000140
Al-Ississ, M. (2010) The Impact of Religious Experience on Financial Markets. Harvard Kennedy School of Government, Doctoral Students Mailboxes, 79 John F. Kennedy Street, Cambridge,
Azimi, J., Adin, M. M., Torkamanzadeh, H., & Farahdoust, M. B. (2012). The effect of Muharram and Safar Months on Stock Return in Listed Firms on Tehran Stock Exchange. Interdisciplinary Journal of Contemporary Research in Business, 4 (7), 762-768.
Baber, P., Baber, R., & Thomas, G. (2013). Factors Affecting Gold Prices; A Case Study of India. Presented at National Conference on Evolving Paradigms in Manufacturing and Service Sectors, Madhya Pradesh, India.
Bacheliers, L. (1900). Theory of Speculation: The Origin of Modern Finance. Francia: Gauthier-Villars.
Bashir, T., Ahmad, M., Ilyas, M., & Malik, U. (2011) Weak-Form Efficiency of Textile Sector: An Empirical Evidence from Pakistan. Interdisciplinary journal of contemporary research in business. 2(12): 600-611.
Bashir, T., Ilyas, M., & Furrukh, A. (2011). Testing Weak-Form Efficiency of Pakistani Stock Markets—An Empirical Study in banking sector. European Journal of Economics, Finance & Administrative Sciences. Issue 31: 160-175.
Bhatia, A., Dempster, N., & Stanley, G. M. (2011). Liquidity in the Global Gold Market. World Gold Council. 10 Old Bailey, London EC4M 7NG, United Kingdom.
Białkowski, J., Etebari, A., & Wisniewski T. (2012). Fast Profits: Investor Sentiments and Stock Returns During Ramadan. Journal of banking & Finance. 36 (3): 835-845. https://doi.org/10.1016/j.jbankfin.2011.09.014 DOI: https://doi.org/10.1016/j.jbankfin.2011.09.014
Bloom, B. (2011). Applications of event study methodology to lodging stock performance. Graduate Theses and Dissertations. 11930.
Booth, G. G., & Kaen, F. R. (1979). Gold and Silver Spot Prices and Market Information Efficiency. Financial Review, 14(1): 21-26. https://doi.org/10.1111/j.1540-6288.1979.tb01743.x DOI: https://doi.org/10.1111/j.1540-6288.1979.tb01743.x
Chappell, D., & Dowd, K. (1997) A Simple Model of the Gold Standard. Journal of Money, Credit and Banking, 29, 94-105. https://doi.org/10.2307/2953688 DOI: https://doi.org/10.2307/2953688
Ciner, C. (2011) Commodity Prices and Inflation: Testing in the Frequency Domain. Research in International Business and Finance, 25, 229-237. https://doi.org/10.1016/j.ribaf.2011.02.001 DOI: https://doi.org/10.1016/j.ribaf.2011.02.001
Davis, D. (2007). The Future of Gold: Price Forecast. Credit Suisee Securities Research. Economic Research Centre of the University of Western Australia, Perth, Australia.
Fama, E. (1965). The behavior of stock market prices. Journal of Business, 38, 34–105. https://doi.org/10.1086/294743 DOI: https://doi.org/10.1086/294743
Fama, E. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25, pp. 383-417. https://doi.org/10.2307/2325486 DOI: https://doi.org/10.2307/2325486
Fama, E. (1998). Market Efficiency, Long-Term Returns and Behavioral Finance. Journal of Financial Economics. 49 (3): 283-306. https://doi.org/10.1016/S0304-405X(98)00026-9 DOI: https://doi.org/10.1016/S0304-405X(98)00026-9
Gold Core (2013). A Comprehensive Guide to the Gold Price. Retrieved from https://cdn2.hubspot.net/hub/233034 /file-381572308-pdf/Ebook_PDF_Uploads_2013/A-Comprehensive-Guide-to-the-Gold-Price(1).pdf
Grossman, S. J., & Stiglitz, J. E. (1980). On the Impossibility of Informationally Efficient Markets. The American Economic Review. Pp 393-408.
Husain, F (1998). A Seasonality in the Pakistani Equity Market: The Ramadhan. Effect, Pakistan Development Review, 37, pp 77-81. https://doi.org/10.30541/v37i1pp.77-81 DOI: https://doi.org/10.30541/v37i1pp.77-81
Iqbal, M. S., Khan, R. & Ahmed, M. (2013). Conventional and Islamic anomalies in Karachi Stock Exchange. Sci. Int. Lahore, vol. 25(4), pp. 999-1007.
Jacobs, B. and Levy, K., (1988). Calendar Anomalies: Abnormal Returns at Calendar Turning Points. Financial Analysts Journal, 44(6), pp. 28-39. https://doi.org/10.2469/faj.v44.n6.28 DOI: https://doi.org/10.2469/faj.v44.n6.28
Kendall, M. (1953). The Analysis of Economic Time Series, Part I: Prices. Journal of the Royal Statistical Society, 116(1), 11-25. https://doi.org/10.2307/2980947 DOI: https://doi.org/10.2307/2980947
Konchitchki & O'Leary, (2011) Event study methodologies in information systems research. International Journal of Accounting Information Systems, 12(2), 99-115. https://doi.org/10.1016/j.accinf.2011.01.002 DOI: https://doi.org/10.1016/j.accinf.2011.01.002
Levin, E., & Wright, R. (2006) Short-run and Long-run Determinants of the Price of Gold. World Gold Council, Research Study No. 32.
Mackinlay, C. (1997) Event Studies in Finance and Economics. Journal of Economic Literature, 35(1), 13-39.
Mahdavi, S., & Zhou, S. (1997) Gold and Commodity Prices as Leading Indicators of Inflation: Tests of Long-run Relationship and Predictive Performance. Journal of Economics and Business, 49, 475-489. https://doi.org/10.1016/S0148-6195(97)00034-9 DOI: https://doi.org/10.1016/S0148-6195(97)00034-9
Majeed, U., Reheman, A., Sohail, K., Bhatti, G. A., Zulfiqar, B. (2015). Islamic Calendar Events and Stock Market Reaction: Evidence from Pakistan. Science International, 27(3): 2559–2567.
Masroom, M. N., Yunus, W. M. A. W. M., & Huda, M. (2020). Understanding of Significance of Zakat (Islamic Charity) for Psychological Well-Being. Journal of Critical review, 7(2): 693-697. https://doi.org/10.31838/jcr.07.02.127 DOI: https://doi.org/10.31838/jcr.07.02.127
McWilliams, A., & Siegel, D. (1997). Events studies in management research: Theoretical and empirical issues. Academy of Management Journal, 40(3), 568-592. DOI: https://doi.org/10.5465/257056
Montier, J. (2010). The Little Book of Behavioral Investing: How Not to be Your Own Worst Enemy. Hoboken, NJ: John Wiley & Sons. https://doi.org/10.5465/257056 DOI: https://doi.org/10.5465/257056
Moore, G. (1990) Gold Prices and a Leading Index of Inflation. Challenge, 33, 52-56. https://doi.org/10.1080/05775132.1990.11471444 DOI: https://doi.org/10.1080/05775132.1990.11471444
Nadeem, W., Zakarya, M., & Kayyani, F. N. (2015) Impact of Macroeconomic Factors upon Gold Prices in Pakistan. Pakistan Journal of Social Sciences. 34(1), 383-395.
Ntim, C. G., English, J., Nwachukwu, J. & Wang, Y. (2015). On the efficiency of the global gold markets. International Review of Financial Analysis, 41, 218-236. https://doi.org/10.1016/j.irfa.2015.03.013 DOI: https://doi.org/10.1016/j.irfa.2015.03.013
O'Callaghan, M. G. (1991). The Structure and Operation of the World Gold Market. IMF Working Papers 1991/120, International Monetary Fund. https://doi.org/10.5089/9781451939590.001 DOI: https://doi.org/10.5089/9781451939590.001
Ranson, D., Wainright, H.C. (2005). Why Gold, Not Oil, is The Superior Predictor of Inflation, Gold Report. World Gold Council. Retrieved from https://www.gold.org/goldhub/research/why-gold-not-oil-superior-predictor-inflation
Schoenberg, E. (2011). Why is Gold Valuable? Nature, Social Power and the Value of Things. Cultural Geographies. SAGE Publications, Inc. 18(1): 3-24. https://doi.org/10.1177/1474474010377549 DOI: https://doi.org/10.1177/1474474010377549
Seyyed, F. J. & Abraham, A., & Al-Hajji, M. (2005). Seasonality in stock returns and volatility: The Ramadan effect. Research in International Business and Finance, Elsevier, 19(3): 374-383. https://doi.org/10.1016/j.ribaf.2004.12.010 DOI: https://doi.org/10.1016/j.ribaf.2004.12.010
Shah, S. A. H. (2018). Strategy for Mineral Sector Development in Pakistan. Planning Commission of Pakistan, Ministry of Planning, Development & Reform Policy, 33, 118–124.
Sherman, E. (1986). Gold Investment: Theory and Application. Prentice Hall.
Smith, G. (2002) Tests of the random walk hypothesis for London gold prices. Applied Economics Letters, 9(10), 671–674. https://doi.org/10.1080/1350485021012458 DOI: https://doi.org/10.1080/1350485021012458
Thaler, R. H. (1987). Anomalies: The January Effect. Journal of Economic Perspectives, 1 (1): 197-201. https://doi.org/10.1257/jep.1.1.197 DOI: https://doi.org/10.1257/jep.1.1.197
Thaler, R. H. (1987). Anomalies: Weekend, Holiday, Turn of the Month, and Intraday Effects. Journal of Economic Perspectives, 1 (2), 169-177. https://doi.org/10.1257/jep.1.2.169 DOI: https://doi.org/10.1257/jep.1.2.169
Tripathy, N., & Tripathy, A. (2016). A Study on Dynamic Relationship Between Gold Price and Stock Market Price in India. European Journal of Economics, Finance and Administrative Sciences. Issue 88, 1-17.
Tschoegl, A.E. (1980) Efficiency in the gold market — A note. Journal of Banking & Finance, 4, 371–379. DOI: https://doi.org/10.1016/0378-4266(80)90015-1
Wang, K.M. and Y.M. Lee (2011) The Yen for Gold, Resources Policy 36 (1), 39–48. https://doi.org/10.1016/0378-4266(80)90015-1 DOI: https://doi.org/10.1016/0378-4266(80)90015-1
Wang, Wei, & Wu, C. (2011) Analysis of the Efficiency and Multifractality of gold markets based on multifractal trended fluctuation analysis. Physica A, 390, 817–827. https://doi.org/10.1016/j.physa.2010.11.002 DOI: https://doi.org/10.1016/j.physa.2010.11.002
Weber, M., (1930) The Protestant Ethic and the Spirit of Capitalism. (New York: Scribner's).
Williams, J.B. (1938) The Theory of Investment Value. Harvard University Press, Cambridge, MA. 1997 reprint, Fraser Publishing.
Wright, W., Bower, G., (1992) Mood Effects On Subjective Probability Assessment. Organisational Behavior and Human Decision Processes, 52, pp. 276-291. https://doi.org/10.1016/0749-5978(92)90039-A DOI: https://doi.org/10.1016/0749-5978(92)90039-A
Yousef, I., & Shehadeh, E. (2020). The Impact of COVID-19 on Gold Price Volatility. International Journal of Economics and Business Administration. 8 (4), 353-364. https://doi.org/10.35808/ijeba/592 DOI: https://doi.org/10.35808/ijeba/592