This study is aimed to explore the Islamic calendar anomaly or lunar effect over the period of eleven years commencing from Zilhajj 1429 (January 2007) to Muharram 1440 (September 2018) on daily historical returns. This study has identified the essence of weak-form Efficient Market Hypothesis Fama (1965) in Pakistan, Turkey, Malaysia, Bangladesh, Iran, Egypt, Saudi Arabia, and Dubai. Moreover market return behavior and seasonal effects are identified by using the dummy regression model. It is identified that anomalous behavior is reality in long run aptitude in all Islamic economies and the average behavior is reflecting that markets have been inspired by the seasonal effects. Overall the market behavior reflects weak form of efficiency except Iran and Bangladesh. It is identified that the Gregorian Calander is static but the lunar calendar is dynamic and go across all the weathers. Weathers and temperatures may affect perception and psychology of investor.

Since the reform movement of the Muslim World from the midnineteenth century, many Islamic Financial institutions have been established. Subsequently, in 2001 the first Islamic banking policy was issued by the State bank of Pakistan and thereafter, Pakistan has faced many commercial, accountability and regulatory challenges in transforming the economy into an Islamic Economy. In this study, we find out whether the development of the Islamic Economy has fostered moral values in investors. This study, hence, aims to discuss the foundamental issues in moral values behind an investment decision while taking in account some personal factors influencing investment decisions. Data has been collected with the help of a questionnaire, where its reliability is confirmed by Cronbach Alpha, followed by correlation and multiple Regression tests. The results show a significant role of certain moral factors in investment decisions.

In this research, we visit literature directed seven steps procedure of scale development and incorporate it in studying dopamine, serotonin, epinephrine and norepinephrine and thus finalized 16 items neurotransmitters scale. We incorporated 6 samples for construction of reliable multi-aspect questionnaire that imitated across the samples. We confirm the content adequacy qualitatively and quantitatively including discriminant and convergent validity. We also established the criterion-related validity through the instrument’s relation with measures of behavioral aspects of individual investors. This research proposes that the neurotransmitters scale is valid and reliable. Neurotransmitters as dopamine, serotonin, epinephrine and norepinephrine have significant use for individual stock markets investors. This investigators hope that the corroborated scale is reliable as well as valid and will be appropriate to utilize in upcoming studies of neurofinance.