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Wealth effects of sovereign sukuk: a multi-country study

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Date
2017
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Abstract
A wide expansion of Islamic finance in Middle Eastern and Southeast Asian countries in the last decade has been a popular phenomenon with Sukuk issues as major Islamic financial instrument used by corporate and sovereign to raise financing and attract investors. Classical efficient market theory posits that stock market prices should fully reflect all relevant information such as government debt, as soon as they occur, without any delay, if the market is efficient. Using event study methodology, this paper attempts to investigate the wealth effects of sovereign sukuk announcements in different regions and different underlying structures by analysing the reaction of the corresponding stock market indices ...
Keywords
Sovereign sukuk , Wealth effects , Event study , Stock market reaction
Citation
Rafsanjani, Alex. (2017). Wealth effects of sovereign sukuk: a multi-country study (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/2635
Publisher
INCEIF
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