Do the Type of Sukuk and Choice of Shari'a Scholar Matter? /

Do the Type of Sukuk and Choice of Shari'a Scholar Matter? /

Sukuk, the shari'a-compliant alternative mode of financing to conventional bonds, have expanded considerably over the last decade. We analyze the stock market reaction to two key features of this financial instrument: sukuk type and characteristics of the shari'a scholar certifying the iss...

Szczegółowa specyfikacja

Opis bibliograficzny
1. autor: Godlewski, Christophe
Kolejni autorzy: Turk-Ariss, Rima, Weill, Laurent
Format: Czasopismo
Język:English
Wydane: Washington, D.C. : International Monetary Fund, 2014.
Seria:IMF Working Papers; Working Paper ; No. 2014/147
Hasła przedmiotowe:
Event Study
Information Asymmetry
Market Valuation
Scholar-Issuer Relationship
WP
Malaysia
Dostęp online:Full text available on IMF
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100 1 |a Godlewski, Christophe. 
245 1 0 |a Do the Type of Sukuk and Choice of Shari'a Scholar Matter? /  |c Christophe Godlewski, Rima Turk-Ariss, Laurent Weill. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2014. 
300 |a 1 online resource (25 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a Sukuk, the shari'a-compliant alternative mode of financing to conventional bonds, have expanded considerably over the last decade. We analyze the stock market reaction to two key features of this financial instrument: sukuk type and characteristics of the shari'a scholar certifying the issue. We use the event study methodology to measure abnormal returns for a sample of 131 sukuk from eight countries over the period 2006-2013 and find that Ijara sukuk structures exert a positive influence on the stock price of the issuing firm. We observe a similar positive impact from shari'a scholar reputation and proximity to issuer. Overall our results support the hypotheses that the type of sukuk and the choice of scholars hired to certify these securities matter for the market valuation of the issuing company. 
538 |a Mode of access: Internet 
650 7 |a Event Study  |2 imf 
650 7 |a Information Asymmetry  |2 imf 
650 7 |a Market Valuation  |2 imf 
650 7 |a Scholar-Issuer Relationship  |2 imf 
650 7 |a WP  |2 imf 
651 7 |a Malaysia  |2 imf 
700 1 |a Turk-Ariss, Rima. 
700 1 |a Weill, Laurent. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2014/147 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2014/147/001.2014.issue-147-en.xml  |z IMF e-Library 

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