{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,24]],"date-time":"2026-04-24T06:55:11Z","timestamp":1777013711004,"version":"3.51.4"},"reference-count":63,"publisher":"Emerald","issue":"1","license":[{"start":{"date-parts":[[2023,3,31]],"date-time":"2023-03-31T00:00:00Z","timestamp":1680220800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JIABR"],"published-print":{"date-parts":[[2024,1,2]]},"abstract":"<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title>\n<jats:p>This paper aims to examine the extent of price clustering in a selection of Islamic stocks listed in Indonesia, Malaysia and Pakistan and also investigates the determinants of the phenomenon at the firm level.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title>\n<jats:p>The author test the uniformity of price distribution in the selected securities. Then, the determinants of price clustering were investigated through multivariate analysis based on a binary logistic regression model. Following the arguments of Narayan <jats:italic>et al.<\/jats:italic> (2011), who emphasize the importance of considering firm heterogeneity when studying the phenomenon, the author conducts the empirical study at the firm level.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Findings<\/jats:title>\n<jats:p>The evidence indicates that Islamic stocks show a mild level of price clustering. Only half of the stocks under analysis rejected the uniformity test in the distribution of prices. In these cases, investors exhibited a preference for prices ending at zero and five. The evidence does not confirm the cultural clustering theories. Price clustering is found to be positively associated with price level and relative bid-ask spread. Overall, the negotiation hypothesis, which predicts that investors prefer round prices to minimize the costs associated with negotiations, best explains most of our results.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Research limitations\/implications<\/jats:title>\n<jats:p>The existence of price clustering is difficult to reconcile with the prediction of the efficient market hypothesis that prices should follow a random walk. Moreover, the evidence indicates that Muslim investors share a preference for round prices in some settings, under the assumption that Islamic stocks are mostly traded by Muslim investors.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title>\n<jats:p>To the author\u2019s best knowledge, this is the first study to address the subject of price clustering in Islamic stocks.<\/jats:p>\n<\/jats:sec>","DOI":"10.1108\/jiabr-05-2022-0140","type":"journal-article","created":{"date-parts":[[2023,3,29]],"date-time":"2023-03-29T08:33:36Z","timestamp":1680078816000},"page":"136-152","source":"Crossref","is-referenced-by-count":10,"title":["Efficiency and price clustering in Islamic stocks: evidence from three Asian countries"],"prefix":"10.1108","volume":"15","author":[{"given":"J\u00falio","family":"Lob\u00e3o","sequence":"first","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2023,3,31]]},"reference":[{"key":"key2023122809253256500_ref001","doi-asserted-by":"publisher","first-page":"421","DOI":"10.1016\/j.finmar.2005.07.001","article-title":"Price clustering on limit-order book: evidence from the stock exchange of Hong Kong","volume":"8","year":"2005","journal-title":"Journal of Financial Markets"},{"issue":"2","key":"key2023122809253256500_ref002","doi-asserted-by":"publisher","first-page":"297","DOI":"10.1016\/0927-538X(96)00016-9","article-title":"Price clustering on the Australian stock exchange","volume":"4","year":"1996","journal-title":"Pacific-Basin Finance Journal"},{"key":"key2023122809253256500_ref003","doi-asserted-by":"publisher","first-page":"54","DOI":"10.1016\/j.frl.2016.06.002","article-title":"Investors\u2019 sentiment and US Islamic and conventional indexes nexus: a time-frequency analysis","volume":"19","year":"2016","journal-title":"Finance Research Letters"},{"issue":"3","key":"key2023122809253256500_ref004","doi-asserted-by":"publisher","first-page":"377","DOI":"10.1016\/S1042-4431(98)00045-6","article-title":"Price clustering and bid-ask spreads in international bond futures","volume":"8","year":"1998","journal-title":"Journal of International Financial Markets, Institutions & Money"},{"issue":"1","key":"key2023122809253256500_ref005","doi-asserted-by":"crossref","first-page":"29","DOI":"10.1002\/fut.3990050105","article-title":"The degree of price resolution: the case of the gold market","volume":"5","year":"1985","journal-title":"Journal of Futures Markets"},{"issue":"2","key":"key2023122809253256500_ref006","doi-asserted-by":"publisher","first-page":"413","DOI":"10.1287\/mnsc.1110.1364","article-title":"Penny wise, dollar foolish: buy-sell imbalances on and around round numbers","volume":"58","year":"2012","journal-title":"Management Science"},{"key":"key2023122809253256500_ref007","doi-asserted-by":"publisher","DOI":"10.1080\/15427560.2020.1867143","article-title":"Price clustering, preferences for round prices, and expected returns","year":"2020","journal-title":"Journal of Behavioral Finance, forthcoming"},{"issue":"2","key":"key2023122809253256500_ref008","doi-asserted-by":"publisher","first-page":"137","DOI":"10.1080\/13518470500146017","article-title":"Price resolution in an emerging market: evidence from the Istanbul stock exchange","volume":"12","year":"2006","journal-title":"European Journal of Finance"},{"issue":"5","key":"key2023122809253256500_ref009","doi-asserted-by":"publisher","first-page":"832","DOI":"10.1108\/JIABR-08-2021-0237","article-title":"The COVID-19 pandemic and herding behaviour among investors in Shariah-compliant stocks","volume":"13","year":"2022","journal-title":"Journal of Islamic Accounting and Business Research"},{"key":"key2023122809253256500_ref010","doi-asserted-by":"publisher","first-page":"27","DOI":"10.1016\/j.finmar.2015.10.003","article-title":"Limited cognition and clustered asset prices: evidence from betting markets","volume":"29","year":"2016","journal-title":"Journal of Financial Markets"},{"key":"key2023122809253256500_ref011","doi-asserted-by":"publisher","first-page":"307","DOI":"10.1016\/S0927-538X(02)00049-5","article-title":"The influence of cultural factors on price clustering: evidence from Asia-Pacific stock markets","volume":"10","year":"2002","journal-title":"Pacific-Basin Finance Journal"},{"issue":"1\/2","key":"key2023122809253256500_ref012","doi-asserted-by":"publisher","first-page":"95","DOI":"10.1016\/j.pacfin.2007.04.005","article-title":"Culture and stock price clustering: evidence from The Peoples' Republic of China","volume":"16","year":"2008","journal-title":"Pacific-Basin Finance Journal"},{"key":"key2023122809253256500_ref013","doi-asserted-by":"publisher","first-page":"623","DOI":"10.1111\/j.1467-629X.2007.00221.x","article-title":"Influence of cultural factors on price clustering and price resistance in China\u2019s stock markets","volume":"47","year":"2007","journal-title":"Accounting and Finance"},{"issue":"15","key":"key2023122809253256500_ref014","doi-asserted-by":"publisher","first-page":"1201","DOI":"10.1080\/09603100600949218","article-title":"Price clustering in the CAC 40 index options market","volume":"17","year":"2007","journal-title":"Applied Financial Economics"},{"issue":"2","key":"key2023122809253256500_ref015","doi-asserted-by":"publisher","first-page":"182","DOI":"10.1108\/IMEFM-08-2017-0220","article-title":"Herding behavior in Islamic GCC stock market: a daily analysis","volume":"11","year":"2018","journal-title":"International Journal of Islamic and Middle Eastern Finance and Management"},{"key":"key2023122809253256500_ref016","article-title":"Islamic finance and anchoring heuristic bias: an analysis to Gulf Islamic stock markets","year":"2020"},{"issue":"54","key":"key2023122809253256500_ref017","doi-asserted-by":"publisher","first-page":"5830","DOI":"10.1080\/00036846.2018.1488068","article-title":"Cross-sectional and time-series momentum returns: are Islamic stocks different?","volume":"50","year":"2018","journal-title":"Applied Economics"},{"issue":"3","key":"key2023122809253256500_ref018","doi-asserted-by":"publisher","first-page":"269","DOI":"10.1002\/fut.20196","article-title":"Price clustering in E-mini and floor-traded index futures","volume":"6","year":"2006","journal-title":"Journal of Futures Markets"},{"issue":"3","key":"key2023122809253256500_ref019","doi-asserted-by":"publisher","first-page":"380","DOI":"10.1108\/JIABR-05-2020-0166","article-title":"Islamic index market sentiment: evidence from the ASEAN market","volume":"12","year":"2021","journal-title":"Journal of Islamic Accounting and Business Research"},{"key":"key2023122809253256500_ref020","first-page":"87","article-title":"Psychological harriers in the foreign exchange market","volume":"1","year":"1992","journal-title":"Journal of International and Comparative Economics"},{"key":"key2023122809253256500_ref021","doi-asserted-by":"publisher","first-page":"600570","DOI":"10.3389\/fpsyg.2020.600570","article-title":"The impact of behavioral biases on herding behavior of investors in Islamic financial products","volume":"11","year":"2021","journal-title":"Frontiers in Psychology"},{"key":"key2023122809253256500_ref022","doi-asserted-by":"publisher","first-page":"293","DOI":"10.1016\/j.eneco.2014.03.022","article-title":"Psychological barriers in oil futures markets","volume":"53","year":"2016","journal-title":"Energy Economics"},{"key":"key2023122809253256500_ref023","doi-asserted-by":"publisher","first-page":"383","DOI":"10.2307\/2325486","article-title":"Efficient capital markets: a review of theory and empirical work","volume":"25","year":"1970","journal-title":"Journal of Finance"},{"key":"key2023122809253256500_ref024","article-title":"The clustering of bid\/ask prices and the spread in the foreign exchange market","year":"1991"},{"key":"key2023122809253256500_ref025","doi-asserted-by":"crossref","first-page":"135","DOI":"10.1111\/j.1540-6261.1985.tb04941.x","article-title":"Implications of the discreteness of observed stock prices","volume":"40","year":"1985","journal-title":"Journal of Finance"},{"issue":"7","key":"key2023122809253256500_ref026","doi-asserted-by":"publisher","first-page":"849","DOI":"10.1111\/1468-5957.00216","article-title":"The effect of tick size on price clustering and trading volume","volume":"25","year":"1998","journal-title":"Journal of Business Finance & Accounting"},{"issue":"3","key":"key2023122809253256500_ref027","doi-asserted-by":"publisher","first-page":"389","DOI":"10.1093\/rfs\/4.3.389","article-title":"Stock price clustering and discreteness","volume":"4","year":"1991","journal-title":"Review of Financial Studies"},{"issue":"7","key":"key2023122809253256500_ref028","doi-asserted-by":"publisher","first-page":"1259","DOI":"10.1108\/IJOEM-11-2019-1001","article-title":"A review of Islamic stock market, growth and real-estate finance literature","volume":"16","year":"2021","journal-title":"International Journal of Emerging Markets"},{"issue":"1","key":"key2023122809253256500_ref0270","doi-asserted-by":"publisher","first-page":"119","DOI":"10.1016\/j.gfj.2006.06.008","article-title":"Is stock price rounded for economic reasons in the Chinese markets?","volume":"17","year":"2006","journal-title":"Global Finance Journal"},{"issue":"28","key":"key2023122809253256500_ref029","doi-asserted-by":"publisher","first-page":"2766","DOI":"10.1080\/00036846.2016.1248284","article-title":"Price clustering on the Shanghai stock exchange","volume":"49","year":"2017","journal-title":"Applied Economics"},{"issue":"1","key":"key2023122809253256500_ref030","doi-asserted-by":"publisher","first-page":"30","DOI":"10.1111\/j.1468-036X.2007.00410.x","article-title":"Clustering in US stock prices after decimalisation","volume":"14","year":"2008","journal-title":"European Financial Management"},{"key":"key2023122809253256500_ref031","unstructured":"Islamic Corporation for the Development of the Private Sector (ICD) and Refinitiv (2021), \u201cIslamic Finance Development Report 2020\u201d."},{"issue":"2","key":"key2023122809253256500_ref032","doi-asserted-by":"publisher","first-page":"194","DOI":"10.1108\/IMEFM-08-2017-0225","article-title":"Islamic occasions and investor sentiment","volume":"11","year":"2018","journal-title":"International Journal of Islamic and Middle Eastern Finance and Management"},{"key":"key2023122809253256500_ref033","doi-asserted-by":"publisher","first-page":"717","DOI":"10.2307\/2118406","article-title":"Finance and growth: Schumpeter might be right","volume":"108","year":"1993","journal-title":"Quarterly Journal of Economics"},{"issue":"5","key":"key2023122809253256500_ref034","doi-asserted-by":"publisher","first-page":"1513","DOI":"10.1093\/rfs\/hhq110","article-title":"Do behavioral biases adversely affect the macro-economy?","volume":"25","year":"2011","journal-title":"Review of Financial Studies"},{"key":"key2023122809253256500_ref035","article-title":"Efficiency and price clustering in the Baltic stock exchanges: evidence from a micro-level analysis","year":"2022","journal-title":"Journal of Baltic Studies"},{"key":"key2023122809253256500_ref036","first-page":"142","article-title":"Price clustering in the Nord pool electricity market","volume-title":"New Advances in Behavioural Finance","year":"2021"},{"key":"key2023122809253256500_ref037","doi-asserted-by":"publisher","DOI":"10.1108\/PRR-10-2020-0033","article-title":"Herding behavior and stock market conditions","year":"2021","journal-title":"PSU Research Review"},{"issue":"4","key":"key2023122809253256500_ref038","doi-asserted-by":"publisher","first-page":"318","DOI":"10.1016\/j.intfin.2005.03.003","article-title":"Clustering and psychological barriers in exchange rates","volume":"16","year":"2006","journal-title":"Journal of International Financial Markets, Institutions & Money"},{"key":"key2023122809253256500_ref039","doi-asserted-by":"publisher","first-page":"395","DOI":"10.1002\/fut.2","article-title":"Clustering and psychological barriers: the importance of numbers","volume":"21","year":"2001","journal-title":"Journal of Futures Markets"},{"issue":"1","key":"key2023122809253256500_ref040","doi-asserted-by":"publisher","first-page":"24","DOI":"10.1108\/IMEFM-10-2018-0354","article-title":"Herding behaviour and Islamic market efficiency assessment: case of Dow Jones and Sukuk market","volume":"13","year":"2020","journal-title":"International Journal of Islamic and Middle Eastern Finance and Management"},{"key":"key2023122809253256500_ref041","doi-asserted-by":"publisher","first-page":"102009","DOI":"10.1016\/j.irfa.2021.102009","article-title":"Evidence of oil market price clustering during the COVID-19 pandemic","volume":"80","year":"2022","journal-title":"International Review of Financial Analysis"},{"key":"key2023122809253256500_ref042","doi-asserted-by":"publisher","first-page":"125","DOI":"10.1016\/j.asieco.2013.07.002","article-title":"Has political instability contributed to price clustering on Fiji\u2019s stock market?","volume":"28","year":"2013","journal-title":"Journal of Asian Economics"},{"issue":"2","key":"key2023122809253256500_ref043","doi-asserted-by":"publisher","first-page":"113","DOI":"10.1016\/j.irfa.2011.02.003","article-title":"Share price clustering in Mexico","volume":"20","year":"2011","journal-title":"International Review of Financial Analysis"},{"issue":"1","key":"key2023122809253256500_ref044","doi-asserted-by":"publisher","first-page":"49","DOI":"10.1016\/j.jfineco.2004.08.005","article-title":"Stock price clustering on option expiration dates","volume":"78","year":"2005","journal-title":"Journal of Financial Economics"},{"issue":"2","key":"key2023122809253256500_ref045","doi-asserted-by":"publisher","first-page":"258","DOI":"10.1287\/opre.13.2.258","article-title":"Clustering of stock prices","volume":"12","year":"1965","journal-title":"Operations Research"},{"key":"key2023122809253256500_ref046","doi-asserted-by":"publisher","first-page":"1023","DOI":"10.1016\/j.jbankfin.2005.07.017","article-title":"An analysis of intraday patterns in price clustering on the Tokyo Stock Exchange","volume":"30","year":"2006","journal-title":"Journal of Banking and Finance"},{"issue":"3","key":"key2023122809253256500_ref047","doi-asserted-by":"publisher","first-page":"345","DOI":"10.1287\/opre.10.3.345","article-title":"Periodic structure in the Brownian motion of stock prices","volume":"10","year":"1962","journal-title":"Operations Research"},{"key":"key2023122809253256500_ref048","unstructured":"Pew Research Center (2012), \u201cThe Global Religious Landscape: a report on the size and distribution of the World\u2019s major Religious group as of 2010\u201d."},{"issue":"2","key":"key2023122809253256500_ref049","first-page":"137","article-title":"The stock markets, banks and growth nexus: Asian Islamic countries","volume":"43","year":"2014","journal-title":"Economic Notes by Banca Monte dei Pachi di Siena"},{"issue":"4","key":"key2023122809253256500_ref050","first-page":"221","article-title":"Macroeconomics, investor sentiment, and Islamic Stock Price index in Malaysia","volume":"35","year":"2014","journal-title":"Journal of Economic Cooperation and Development"},{"issue":"2","key":"key2023122809253256500_ref051","first-page":"41","article-title":"Proof that properly anticipated prices fluctuate randomly","volume":"6","year":"1965","journal-title":"Industrial Management Review"},{"key":"key2023122809253256500_ref052","volume-title":"The Mystery of Numbers","year":"1993"},{"issue":"1","key":"key2023122809253256500_ref053","doi-asserted-by":"publisher","first-page":"85","DOI":"10.1108\/QRFM-04-2017-0033","article-title":"Heuristic biases in investment decision-making and perceived market efficiency","volume":"10","year":"2018","journal-title":"Qualitative Research in Financial Markets"},{"key":"key2023122809253256500_ref054","doi-asserted-by":"publisher","volume-title":"Irrational Exuberance","year":"2016","DOI":"10.1515\/9781400865536"},{"issue":"8","key":"key2023122809253256500_ref055","doi-asserted-by":"publisher","first-page":"1937","DOI":"10.1016\/j.euroecorev.2005.09.001","article-title":"Price clustering and natural resistance points in the Dutch stock market: a natural experiment","volume":"50","year":"2006","journal-title":"European Economic Review"},{"issue":"4","key":"key2023122809253256500_ref056","doi-asserted-by":"publisher","first-page":"411","DOI":"10.1016\/S1386-4181(01)00032-5","article-title":"Price clustering in foreign exchange spot markets","volume":"5","year":"2002","journal-title":"Journal of Financial Markets"},{"issue":"4","key":"key2023122809253256500_ref057","doi-asserted-by":"publisher","first-page":"478","DOI":"10.1080\/15427560.2017.1365366","article-title":"Herding, faith-based investments and the global financial crisis: empirical evidence from static and dynamic models","volume":"18","year":"2017","journal-title":"Journal of Behavioral Finance"},{"key":"key2023122809253256500_ref058","volume-title":"The Winners\u2019 Curse: Paradoxes and Anomalies of Recent Life","year":"1992"},{"key":"key2023122809253256500_ref059","doi-asserted-by":"publisher","first-page":"145","DOI":"10.1016\/j.econlet.2017.07.035","article-title":"Price clustering in bitcoin","volume":"159","year":"2017","journal-title":"Economics Letters"},{"issue":"1","key":"key2023122809253256500_ref060","doi-asserted-by":"publisher","first-page":"58","DOI":"10.1080\/1226508X.2014.884049","article-title":"Culture-specific number symbolism in restaurant prices","volume":"43","year":"2014","journal-title":"Global Economic Review"},{"key":"key2023122809253256500_ref061","doi-asserted-by":"publisher","first-page":"187","DOI":"10.1016\/S0304-405X(00)00070-2","article-title":"Financial markets and the allocation of capital","volume":"58","year":"2000","journal-title":"Journal of Financial Economics"},{"key":"key2023122809253256500_ref062","doi-asserted-by":"publisher","first-page":"101072","DOI":"10.1016\/j.frl.2018.12.020","article-title":"Price clustering in bitcoin market \u2013 an extension","volume":"32","year":"2020","journal-title":"Finance Research Letters"}],"container-title":["Journal of Islamic Accounting and Business Research"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/JIABR-05-2022-0140\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/JIABR-05-2022-0140\/full\/html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,24]],"date-time":"2025-07-24T21:33:39Z","timestamp":1753392819000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.emerald.com\/jiabr\/article\/15\/1\/136-152\/1231350"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023,3,31]]},"references-count":63,"journal-issue":{"issue":"1","published-online":{"date-parts":[[2023,3,31]]},"published-print":{"date-parts":[[2024,1,2]]}},"alternative-id":["10.1108\/JIABR-05-2022-0140"],"URL":"https:\/\/doi.org\/10.1108\/jiabr-05-2022-0140","relation":{},"ISSN":["1759-0817","1759-0817"],"issn-type":[{"value":"1759-0817","type":"print"},{"value":"1759-0817","type":"electronic"}],"subject":[],"published":{"date-parts":[[2023,3,31]]}}}