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This paper aims to enhance the existing literature on adaptive market hypothesis (AMH) as this study first time links the month of Ramadan with AMH that permits the performance of well-known Ramadan effect to fluctuate over time.

To fulfill the purpose, the authors inspect the daily returns of 107 individual firms listed at Pakistan Stock Exchange over the period of 20 years. To explore the varying degree of return predictability during Ramadan, the authors use four different subsamples comprising equal length of observations of five years each. The authors use a GARCH (1,1) regression model which facilitates for time varying nature of volatility in equity returns. To facilitate the non-normal nature of stock return data, the authors use Kruskal–Wallis test statistic.

The authors find that behavior of Ramadan effect evolves over time, as performance of this effect varies from time to time and consistent with AMH. Finally, the paper proposes that AMH is well elucidation of behavior of Ramadan effect than traditional efficient market hypothesis.

First limitation is related to the choice of sub-sample as the study uses a sub-sample of five years. Second, the authors ignore transection cost (commissions, fee and taxes) as it is freely negotiated and varies between 4 and 10% (Khan, 2013). Due to such varying information we ignore the transaction cost. It is suggested that a sub-sample analysis of long period may be a more appropriate method to elucidate the idea of AMH in future research and suggest the current method could be adapted and helpful to examine other calendar and market anomalies in different equity markets.

The paper includes implications for investors to choose a better model for investment. Investors can exploit greater returns in future month of Ramadan periods. Furthermore, the researchers can easily extend the methodology used in the study to address multiple issues like adaptive behavior of returns from bonds, real estate investment trusts, cryptocurrencies and trading rules of strategies.

Study confirms from sample t-test and GARCH (1,1) model that Ramadan effect is present in the full and in certain sub-samples; therefore, based on these discrepancies investors can earn abnormal returns by developing specific investment strategies as investors usually make investments in share according to the religious context of Islamic Calendar. The results provide good references for suitable time of investment in stock market. The findings of this study will be helpful to investors and brokers as well as portfolio managers to capture favorable returns across the Islamic calendar.

The paper identified need to study why behavior of Ramadan effect varies over time. The data set comprises daily returns of 107 individual companies over the period of 20 years to better investigate the varying nature of anomalous effect of month of Ramadan. The findings are valuable for international investors and portfolio managers.

Ramadan intermittent fasting (RIF) has produced heterogeneous and domain-specific effects on cognitive function. This study aims to investigate the effect of RIF on verticality perception or estimation of subjective visual vertical (SVV) in young adults. The significance of SVV is that it is essential for spatial orientation, upon which many daily activities depend.

Verticality perception was assessed with a computerized rod and frame test (CRFT) in two visual conditions: without a surrounding frame and with a distracting tilted frame. The tilted frame condition measures level of visual dependence or reliance of visual cues for posture and orientation. In total, 39 young adult men were recruited at different stages of Ramadan fasting: 21 were tested at the end of the first week (Week 1) and 18 others at the end of the third week (Week 3) of Ramadan. Also, 39 participants were recruited to serve as a non-fasting control group. Factorial ANOVA analyses were conducted to identify the main effects of fasting status, time-of-day and the interaction between them on blood glucose levels, nocturnal sleep duration and vertical alignment errors.

The main effect of fasting status on glucose level was significant (p = 0.03). There was a significant time-of-day main effect on glucose levels (p = 0.007) and sleep duration (p = 0.004) only in fasting participants. Neither the main effects of fasting status nor time-of-day were significant for rod alignment errors in both visual conditions. The interaction of fasting status and time-of-day was not significant either. This may indicate that any negative effect of Ramadan fasting on activities that are critically dependent on verticality perception and spatial orientation, such as sports and driving, may not be due to verticality misperception.

The present study was the first to investigate the effect of Ramadan fasting on spatial orientation. It demonstrated robustness of verticality perception to fasting status and the point of fasting during Ramadan. Verticality perception was also unaffected by time-of-day effects in non-fasting and fasting groups at two different points of Ramadan. This study corroborates others reporting heterogeneous effects of Ramadan fasting on cognitive function.

The purpose of this paper is to examine the impact of dividend announcements on the stock return of Shariah-compliant and conventional stocks.

An event study methodology is applied to study the beta anomaly. Market-adjusted return model, mean-adjusted return model and market model have been applied to calculate excess returns. Estimation period used in this study is 130 days, and event period consists of 21 days in total, i.e. starting from the day –10 “before the cash dividend announcement” to day +10 “after the cash dividend announcements.

It has been concluded from the results that dividend plays an informational role in the Pakistan Stock Exchange. As the investors in Pakistan react favorably to the dividend increase announcements and unfavorably to the dividend decrease announcements, they consider dividend increase announcement as good news and dividend decrease announcement as bad news.

The findings of this study have several implications for different participants of the stock market, such as investors, academicians, researchers, fund managers and policymakers. They can use this information to make decisions while making efficient portfolios. Investors may get abnormal returns by focusing on the dividend announcement patterns. This can influence the attitude of investors toward efficient investments in the stock market and ultimately contribute to the betterment of society. This study is also beneficial for academicians and researchers, as it provides a comparative analysis of Shariah-compliant and conventional stocks and the anomalous effect of dividend announcements on stock return.

Limited research in the world’s context and null is available in Pakistani context on the subject matter. The comparative analysis of “Shariah-compliant” and “conventional” stocks provides insight into the asset pricing of Shariah-compliant stocks that have not been explored earlier. This study also uses three different methods (mean model, market model and market-adjusted return models) to compare Shariah-compliant and conventional stocks

The purpose of this paper is to evaluate the effect of fasting on blood lipid profile in fasting obese and non‐obese subjects.

Male and female subjects from the International Islamic University, Malaysia (IIUM), Kuantan Campus were assessed for body compositional changes during Ramadan fasting. In total, 25 males and females volunteered to participate in this study in the holy month of Ramadan. The mean age of the volunteers was 26.5±5.86 years and the age range was 21‐45 years. The age, weight and height of the volunteers were recorded on day 1 of Ramadan and weight was also recorded on day 21. The volunteers were asked for donation of blood samples on days 1, 7, 14 and 21 of the Ramadan. The blood serum was separated and stored at −20°C immediately after each collection. The serum samples stored at −20°C were analyzed for serum glucose and lipid profile. The analysis of serum lipid profile was performed with the help of clinical kits from Bayer Health Care using Bayer Express Plus Clinical analyzer. The serum was used for the estimation of total cholesterol (TC), HDL‐cholesterol (HDL‐c) and triglycerides (TG) concentrations using kit reagents from M/s Bayer Diagnostics, whereas low density lipoprotein cholesterol (LDL‐c) was determined by calculation. The statistics were performed using MINITAB statistical software (release 8.2).

The serum triglyceride concentration was significantly reduced and the reduction was 17.48 percent from day 1‐21. The serum TC concentration also reduced from day 1‐21 and the reduction was 15.93 percent. The serum LDL‐c concentration also significantly reduced from day 1‐21 and the reduction was 21.67 percent. The serum HDL‐c concentration decreased in the first weak and second week but an improving trend was observed on day 21 of the Ramadan.

This study was not a controlled one and was conducted on free‐living individuals and therefore there is need to have controlled or adjusted physical activities studies in fasting individuals. It is always difficult to conduct experiment on human beings in the metabolic area. Furthermore, in this study it was not possible since it was a religious fasting. Another limitation is that the size of the sample was smaller than is advisable for this kind of study. However, the results were confirmed in the following month of Ramadan, as described in the paper.

The paper takes into consideration the effect of Ramadan fasting on blood lipid profile, which has ever been studied in obese individuals.

The purpose of this article is to assess the effect of religious fasting on the cognitive performance during the month of Ramadan among healthy fasting individuals.

30 students were recruited prior the month of Ramadan to compare their cognitive performance during and after fasting. The data on cognition score were collected in two phases during and after Ramadan on four occasions (two times in Ramadan and two times after Ramadan) using structured questionnaire. The level of cognition was assessed by using two approaches: mathematical problem solving and memory testing. Five questions of mathematical problem were given to the subjects and were different at each week. However, the level of difficulty was kept constant. The time and score were recorded for each respondent during and after fasting month. For the memory test, ten pictures of items of similar sizes were displayed for 30 seconds, and the subjects were asked to recall/list down the item shown in the pictures. The cognition scores were expressed as mean±SD, and repeated measures analysis test was used for differences in fasting and non‐fasting days.

As expected, during Ramadan meal frequency was lower and sleeping (nap) frequency was higher with shorter duration at night. The feeling of tiredness was higher compared to non‐fasting days. The level of cognition score for was not different during Ramadan compared to non‐fasting days. The result shows that the level of cognition is not affected in fasting.

The research shows that the cognition is not affected in Ramadan fasting.

Studies on Islamic calendar anomalies in financial markets tend to apply quantitative analysis to historic share prices. Surprisingly, there is a lack of research investigating whether the participants of such markets are aware of these anomalies and whether these anomalies affect their investment practice. Or is it a case that these practitioners are completely unaware of the anomalies present in these markets and are missing out on profitable opportunities? The purpose of this paper is to analyse the views of influential participants within the Pakistani Stock Market.

The study documents the findings for 19 face-to-face semi-structured interviews conducted with brokers, regulators and high-net-worth individual investors in Karachi.

The paper’s major findings indicate that the participants believed that anomalies were present in the stock market and market participants were actively attempting to exploit these anomalies for abnormal gains. Interviewees suggested that predictable patterns can be identified in certain Islamic months (Muharram, Safar, Ramadan and Zil Hajj). The most common pattern highlighted by the interviews related to the month of Ramadan. Furthermore, interviewees mentioned the influence of the “Memon” community in the Pakistani Stock Market. Respondents also suggested that investor sentiment played an important role in influencing the stock market prices and trading patterns.

Because all the prior studies investigating Islamic calendar anomalies in Muslim-majority countries adopted quantitative method using secondary data, the current investigation is of particular value, as it focuses on the qualitative analyses and reports the views of market participants. This allows to fully explore the topic under investigation and to draw robust conclusions.

This study was designed with the aim of assessing the energy and nutrient intakes of male university students before and during Ramadan and comparing it with the Recommended Nutrient Intake (RNI) of Malaysia.

A total of 30 male students aged between 19‐24 years from International Islamic University Malaysia (IIUM) Kuantan Campus were recruited before Ramadan. The height, weight, waist and hip circumferences were recorded on day one of Ramadan and also recorded on day 21 of Ramadan to assess the changes. From the weight and height, the body mass index was calculated and from the waist and hip circumference, the waist‐to‐hip ratios were calculated. The respondents were requested to keep three days food record in household measurements; once prior to fasting and once during the third week of Ramadan. The records were then analyzed using Malaysian Food Composition Table and Food Atlas to get the averages of energy and macronutrients intakes of the subjects.

After 21 days of Ramadan, the results revealed that there was reduction in the body weight and there was significant (P<0.05) improvement in the waist‐to‐hip ratio of the subjects. The effect was more prominent in the normal‐weight compared to overweight respondents. The mean energy and protein intakes were significantly (P<0.001) lower than the RNI for Malaysians of similar age group. However, mean energy and protein intakes increased during Ramadan compared to the first day of Ramadan. This study indicates that Ramadan fasting does not affect energy and macronutrients intake but only the routine of intake is affected.

This research was limited to a specific group of normal and overweight students who were residing on campus of the IIUM. Their intakes might not be consistent with those at home or living outside the university campus. Another thing is that the students might have over‐reported their energy and macro‐nutrients intakes compared to what they have consumed in reality. So, the self‐reported intakes could not be ascertained. The stated factors might have confounding effects on the finding of this research.

Most research argues that the body weight loss during Ramadan fasting is due to reduced energy consumption; however, this is not true in all cases. This study infers that there is no reduction in the total energy consumption, rather there is a change in the pattern of energy intake. This brief study would help researchers planning to conduct research on Ramadan fasting and will caution fasting readers about the intakes.

This study indicates that during Ramadan fasting does not affect energy and macro‐nutrients intake but only the schedule of intake is affected.

The purpose of this study was to examine hedonic hunger at the end of the Ramadan fasting.

Data were collected by the Power of Food Scale (PFS), Food Craving Questionnaire-Trait (FCQ-T) and the Visual Analogue Scale. All data were taken twice at the beginning and end of Ramadan fasting.

A total number of 105 volunteers (43.8% female and 56.2% male) participated in a cross-sectional study. Ramadan fasting associated with PFS food tasted sub-factor, whereas no association was found on PFS aggregate and other PFS domain factors. Participants had higher PFS food tasted domain score at the end of the Ramadan fasting than before Ramadan fasting (p < 0.001). Total FCQ-T score as well as all sub-domains did not differ significantly. Females desired to consume carbonated beverages more, whereas in male (p = 0.04), ice cream was the most craved food.

The findings of this study provide data to the literature about the relation between Ramadan fasting and hedonic hunger. Ramadan fasting appears to have an influence on pleasure at first bite. The effect of Ramadan fasting on hedonic hunger should be tested with larger samples and controlled trials.

The aim of the study is to investigate whether fasting and lifestyle habits in Ramadan have any effect on headaches.

This cross‐sectional study was carried out in the state of Qatar for a period from 13 October to 13 November 2004. A total of 1,200 fasting Muslims aged between 18 to 65 years were approached and 898 subjects participated. The International Headache Society [IHS] questionnaire and another questionnaire were used to collect the data.

Of the total 898 subjects, 54.2 per cent were males and 45.8 per cent females. The prevalence of the headache during the month of Ramadan was 76.6 per cent and after Ramadan was 73.7 per cent.

The study did not find any negative effects of fasting during Ramadan on headache frequencies.

This study examines herding in Islamic bank equity markets under various market conditions (up/down, high/low trading and high/low volatility) and during events such as Organization of the Petroleum Exporting Countries (OPEC) meeting days, Ramadan, the Gulf Cooperation Council (GCC) crisis of 2017 and the COVID-19 pandemic. The authors also look at the impact of rising and falling oil prices on herding behaviour.

This study uses the model of Chang et al. (2000) to estimate herding behaviour in the Islamic bank markets.

First, the authors estimate herding at the GCC region level, and the results reveal an absence of herding under all market conditions and during all the events considered, except for the GCC crisis of 2017. Second, the authors investigate herding in four Gulf countries (Saudi Arabia, United Arab Emirates [UAE], Qatar and Kuwait) separately and find that herding is evident in all these countries during various market conditions. During Ramadan, herding appears in the Saudi Arabia and Kuwait Islamic bank equity markets. Herding is not prevalent during OPEC meeting days in any of the markets, whereas herding is evident in Saudi Arabia, UAE and Kuwait Islamic bank equity markets during the GCC crisis of 2017 and the COVID-19 pandemic. Lastly, the rising and falling oil prices do not influence herding at either GCC region or country level.

From the practitioner's perspective, this study provides useful insights for investors in Islamic banks and policymakers, in terms of asset pricing, portfolio diversification, trading strategies and market stability.

Many studies explore herding in the equity markets of Muslim majority countries, but not specifically in the Islamic bank market. This study fills this literature gap by comprehensively examining herding in Islamic bank equity markets under various market conditions (up/down, high/low trading and high/low volatility) and during events, such as OPEC meeting days, Ramadan, the GCC crisis of 2017 and the COVID-19 pandemic.