MARKET REACTIONS TOWARDS THE ANNOUNCEMENT OF SUKUK ISSUANCE: EVIDENCE FROM GULF MARKETS

Nabil El Majdoub ()
Additional contact information
Nabil El Majdoub: FSJES - Faculté des Sciences Juridiques, Economique et Sociales de Mohammedia - UH2MC - Université Hassan II de Casablanca = University of Hassan II Casablanca = جامعة الحسن الثاني (ar)

Post-Print from HAL

Abstract: Sukuk (Islamic bonds) emerged as a revolutionary financial instrument over the last years and is considered as the flagship capital market instrument of the Islamic finance industry. However, the understanding of it is still limited compared to conventional bonds. This study aims to investigate whether the announcements of Sukuk issuance that carry any new information can create impact on the market's reactions using 42 Sukuk announcements over the period of 2010 to 2019 in four Gulf financial markets. It is revealed the absenteeism of significant abnormal returns across asymmetric and symmetric event windows for periods before and after the announcement date, concluding no wealth effect. Within the equity marketplace, these results will be of practical relevance to corporations, practitioners and decision-makers.

Keywords: Islamic finance; Sukuk; Event study; GCC (search for similar items in EconPapers)
Date: 2021-12-15
New Economics Papers: this item is included in nep-ara and nep-isf
Note: View the original document on HAL open archive server: https://hal.science/hal-04175214v1
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in African Scientific Journal, 2021, 3 (9), ⟨10.5281/zenodo.5795069⟩

Downloads: (external link)
https://hal.science/hal-04175214v1/document (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04175214

DOI: 10.5281/zenodo.5795069

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().