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Causality among stock market and macroeconomic factors : a comparison of conventional and Islamic stocks
المؤلفون المشاركون
Bhatti, Arshad Ali
Hanif, Muhammad
المصدر
Journal of Islamic Business and Management
العدد
المجلد 8، العدد 2 (31 ديسمبر/كانون الأول 2018)، ص ص. 423-449، 27ص.
الناشر
Riphah International University Riphah Centre of Islamic Business
تاريخ النشر
2018-12-31
دولة النشر
باكستان
عدد الصفحات
27
التخصصات الرئيسية
العلوم الاقتصادية والمالية وإدارة الأعمال
الملخص EN
A recent development in financial markets is the creation of Shar¯ı‘ah compliant stock universes.
Shar¯ı‘ah compliant stock universe is featured as socially responsible investments, less levered, and more reflective of the real sector.
This study is conducted to understand and document the short-run equilibrium among important macroeconomic indicators and Equity indexesIslamic and conventionalin the post-Shar¯ı‘ah-screening era in Pakistan.
Comparative study of linkages among stock indexes and macroeconomic variables is of great interest to i) identify the important macroeconomic factors; and ii) document whether Shar¯ı‘ah screening of stocks has created any difference (in macro risk factors).
We have included eight macroeconomic variables to study integration with stocks for 64 Months’ period (07/2011-10/2016).
Evidence has been obtained by application of correlation, unit root, OLS-regression and Granger causality tests.
Findings suggest that both markets Islamic & conventional are integrated with selected macroeconomic indicators.
However, evidence lacks the integration of markets themselves.
We identify a set of two variables from real economy exports and workers’ remittances-linked with both markets, while the third variable is different for Islamic (industrial production) and conventional (Money Supply (MS)) markets.
Important monetary variables interest rate and inflation have shown an insignificant association.
Movements of Islamic index are in-line with the theory i.e., disassociation from interest and reflection of the real economy.
Movements of conventional index cover both real and monetary sectors.
نمط استشهاد جمعية علماء النفس الأمريكية (APA)
Hanif, Muhammad& Bhatti, Arshad Ali. 2018. Causality among stock market and macroeconomic factors : a comparison of conventional and Islamic stocks. Journal of Islamic Business and Management،Vol. 8, no. 2, pp.423-449.
https://search.emarefa.net/detail/BIM-880801
نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)
Hanif, Muhammad& Bhatti, Arshad Ali. Causality among stock market and macroeconomic factors : a comparison of conventional and Islamic stocks. Journal of Islamic Business and Management Vol. 8, no. 2 (2018), pp.423-449.
https://search.emarefa.net/detail/BIM-880801
نمط استشهاد الجمعية الطبية الأمريكية (AMA)
Hanif, Muhammad& Bhatti, Arshad Ali. Causality among stock market and macroeconomic factors : a comparison of conventional and Islamic stocks. Journal of Islamic Business and Management. 2018. Vol. 8, no. 2, pp.423-449.
https://search.emarefa.net/detail/BIM-880801
نوع البيانات
مقالات
لغة النص
الإنجليزية
الملاحظات
Includes appendices : p. 445-449
رقم السجل
BIM-880801
قاعدة معامل التأثير والاستشهادات المرجعية العربي "ارسيف Arcif"
أضخم قاعدة بيانات عربية للاستشهادات المرجعية للمجلات العلمية المحكمة الصادرة في العالم العربي
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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
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