Publication:
Asymmetric Market Reactions To Sukuk Issuance

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dc.contributor.authorSyazwani Abd Rahimen_US
dc.contributor.authorNursilah Ahmaden_US
dc.date.accessioned2024-05-28T03:33:58Z
dc.date.available2024-05-28T03:33:58Z
dc.date.issued2015
dc.descriptionInternational Journal of Novel Research in Humanity and Social Sciences Vol. 2, Issue 3, pp: (48-56), Month: May -June 2015, Available at: www.noveltyjournals.comen_US
dc.description.abstractThe main aim of this study is to investigate whether market reacts asymmetrically to the issuance of selected Sukuk in Malaysia for the period 2009-2011. 45 companies are selected and data on the date of issuance, issuers, issue size in million and tenors in years for each group are collected from the Securities Commission Malaysia (SC) and Bloomberg database. The study employs event study methodology using cumulative average abnormal return (CAAR) on all symmetric and asymmetric events of [0,0] 1-day, [-1,+1] 3-day, [-2, +2] 5-day, [-5,+5] 11-day, [-1,+2] 4-day, [-2,+1] 4-day, [-2,+5] 8-day, [-5,+2] 8-day, [-15,+5] 21-day, [-5,+30] 36-day, [-30,+60] 91-day, [-60,+30] 91-day and [-90,+15] 106-day based on the reaction of the FTSE Hijrah Shari’ah Index and Dow Jones Islamic Market Index (DJIM) to the announcement of Sukuk issuance. The findings would be useful to Sukuk issuers and decision-makers to ensure the stability of the Islamic capital market and sustainable economic growth. Keywords:asymmetric, CAAR, Dow Jones Islamic Index, event-study, FTSE Hijrah Shari’ah Index, Sukuk, symmetric.en_US
dc.identifier.epage56
dc.identifier.issn2394-9694
dc.identifier.issue3
dc.identifier.other215-31
dc.identifier.spage48
dc.identifier.urihttps://www.noveltyjournals.com/issue/IJNRHSS/Issue-3-May-2015-June-2015
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/4695
dc.identifier.volume2
dc.language.isoenen_US
dc.publisherNovelty Journalsen_US
dc.relation.ispartofInternational Journal of Novel Research in Humanity and Social Sciencesen_US
dc.subjectasymmetric,en_US
dc.subjectCAAR,en_US
dc.subjectDow Jones Islamic Index,en_US
dc.subjectevent-study,en_US
dc.subjectFTSE Hijrah Shari’ah Index,en_US
dc.subjectSukuk,en_US
dc.subjectsymmetric.en_US
dc.titleAsymmetric Market Reactions To Sukuk Issuanceen_US
dc.typeArticleen_US
dspace.entity.typePublication

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