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This study examines the role of behavioural factors, such as confidence, optimism, pessimism and rational expectation, in affecting investment decisions in the Pakistani stock market.

Using daily trading data of Karachi Stock Exchange-100 index from January 2012 to December 2015, different regression models, including descriptive statistics and stationarity tests, are performed.

Results indicate that stock market trading has suffered from pessimistic behaviour of investors. In the first model, the authors find a positive sign of confidence and negative sign of optimism with the trading volume. The second model shows a positive role of confidence and rational expectations in affecting the trading volume in daily, Monday and Friday samples. The results of the third model show a negative sign of both optimism and rational expectation with the trading volume. Furthermore, the next model shows a negative sign of confidence combined with pessimism while testing their relationship with the trading volume. Finally, results of the final model suggest that optimism negatively affects the trading volume, and on the other hand, pessimism has a positive impact on the trading volume.

The method and empirical testing of behavioural biases and their relationship with economic variable used in this study seem to be a promising way to better understand the role of psychology in deriving financial decisions for academics and policymakers.

This study uses secondary data for measuring behavioural biases and decomposes the effect between rational expectation and behavioural biases.

The purpose of this paper is to develop understanding of the problems of classification, to discover the classification practices of libraries with rich collections on Islam cited in the literature, to find the gaps, and to determine the point from which to start work on further development.

Published and unpublished literature, both print and electronic, that is relevant to the problem was reviewed objectively in the compilation of this paper.

Standard classification systems lack proper space for materials on Islam for two reasons: less awareness on the part of devisers of the depth and variety of Islamic topics; and their bias and lack of interest in Islam. Different indigenous classification systems and expansions have been developed, using either the original notation or alternative notations. Some systems have been developed without following any standards or logic. This study has revealed a need for empirical study of libraries with rich collections on Islam in order to gain a better understanding of the problem and find an optimal solution.

No empirical field data are included in this study. This is a review of the literature.

The author indicates the current situation of the problem and a potential framework for its solution.