Do debt markets price sukuk and conventional bonds differently?
العناوين الأخرى
هل تسعر أسواق الدين الصكوك و السندات التقليدية بشكل مختلف؟
المؤلفون المشاركون
Safari, Maysam
Muhammad, Shamshir
Arif, Muhammad
المصدر
Journal of King Abdulaziz University : Islamic Economics
العدد
المجلد 26، العدد 2 (31 ديسمبر/كانون الأول 2013)، ص ص. 113-149، 37ص.
الناشر
جامعة الملك عبد العزيز مركز النشر العلمي
تاريخ النشر
2013-12-31
دولة النشر
السعودية
عدد الصفحات
37
التخصصات الرئيسية
الموضوعات
- الفقه الإسلامي
- الإسلام
- الإدارة
- الأوراق المالية المشتقة
- الأسعار
- المالية
- الأسواق المالية
- السندات المكتوبة
- المخاطر المالية
الملخص AR
new type of debt securities called ṣukūk certificates have grown to US$ 840 billion in 11 financial markets as of 2011.
These Islamic debt instruments share some features similar to conventional bonds, so market operators treat both as bonds.
Whether it is appropriate to treat ṣukūk certificates as conventional bonds is empirically tested in this paper.
If the yields of ṣukūk are the same as those of conventional bonds, Granger causality tests could confirm their equivalence.
Practically the tests show otherwise.
Also, the yields of ṣukūk instruments are significantly higher than yields of conventional bonds even after controlling issuers, rating quality and tenure in matched samples tests.
Finally, ṣukūk issuance affects the issuing firm‟s beta risk significantly, which is consistent with capital structure theory.
These new findings on the 10-year old Islamic debt market have regulatory and market making policy implications as to whether ṣukūk instruments should be classed as a new class of financial instruments, and not as bonds.
Future research and market practices have to reinvestigate a number of issues anew because ṣukūk market is for a different class of debt.
Keywords: Ṣukūk, Bond, Yield curve, Yield to maturity, Islamic finance, Islamic bond, Fixed income finance, Securitization, Yield spread.
الملخص EN
new type of debt securities called ṣukūk certificates have grown to US$ 840 billion in 11 financial markets as of 2011.
These Islamic debt instruments share some features similar to conventional bonds, so market operators treat both as bonds.
Whether it is appropriate to treat ṣukūk certificates as conventional bonds is empirically tested in this paper.
If the yields of ṣukūk are the same as those of conventional bonds, Granger causality tests could confirm their equivalence.
Practically the tests show otherwise.
Also, the yields of ṣukūk instruments are significantly higher than yields of conventional bonds even after controlling issuers, rating quality and tenure in matched samples tests.
Finally, ṣukūk issuance affects the issuing firms beta risk significantly, which is consistent with capital structure theory.
These new findings on the 10-year old Islamic debt market have regulatory and market making policy implications as to whether ṣukūk instruments should be classed as a new class of financial instruments, and not as bonds.
Future research and market practices have to reinvestigate a number of issues anew because ṣukūk market is for a different class of debt.
نمط استشهاد جمعية علماء النفس الأمريكية (APA)
Safari, Maysam& Arif, Muhammad& Muhammad, Shamshir. 2013. Do debt markets price sukuk and conventional bonds differently?. Journal of King Abdulaziz University : Islamic Economics،Vol. 26, no. 2, pp.113-149.
https://search.emarefa.net/detail/BIM-334666
نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)
Safari, Maysam…[et al.]. Do debt markets price sukuk and conventional bonds differently?. Journal of King Abdulaziz University : Islamic Economics Vol. 26, no. 2 (2013), pp.113-149.
https://search.emarefa.net/detail/BIM-334666
نمط استشهاد الجمعية الطبية الأمريكية (AMA)
Safari, Maysam& Arif, Muhammad& Muhammad, Shamshir. Do debt markets price sukuk and conventional bonds differently?. Journal of King Abdulaziz University : Islamic Economics. 2013. Vol. 26, no. 2, pp.113-149.
https://search.emarefa.net/detail/BIM-334666
نوع البيانات
مقالات
لغة النص
الإنجليزية
الملاحظات
Includes appendicx : p. 145-148
رقم السجل
BIM-334666
قاعدة معامل التأثير والاستشهادات المرجعية العربي "ارسيف Arcif"
أضخم قاعدة بيانات عربية للاستشهادات المرجعية للمجلات العلمية المحكمة الصادرة في العالم العربي
تقوم هذه الخدمة بالتحقق من التشابه أو الانتحال في الأبحاث والمقالات العلمية والأطروحات الجامعية والكتب والأبحاث باللغة العربية، وتحديد درجة التشابه أو أصالة الأعمال البحثية وحماية ملكيتها الفكرية. تعرف اكثر