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Comparison of the Effects of the Covid 19 Pandemic on Global Islamic and Traditional Indices

Yıl 2022, Cilt: 21 Sayı: 3, 1439 - 1456, 31.07.2022

İlker Sakınç Süleyman Açıkalın

https://doi.org/10.21547/jss.1071912

Öz

Ocak 2020 sonunda uluslararası sağlık tehdidi niteliği kazanan Covid-19 küresel boyutta çok hızlı ve derin sosyo-ekonomik etkiler yaratmıştır. Covid-19 2020 yılının Mart ayında bütün dünya hisse senedi piyasalarında çok büyük kayıplara yol açmıştır. Bu çalışmanın amacı Covid-19 pandemisinin İslami ve geleneksel borsalar üzerindeki etkilerini tespit etmek ve bunların karşılaştırmasını yapmaktır. Bu amaç için dokuz farklı bölge ve ülkeye ait İslami ve geleneksel endeks günlük getiri verileri olay çalışması yöntemi ile analiz edilmiştir. Bu çalışmada tahmin penceresi (-6, -200) olarak seçilmiş ve olay günü olarak Dünya Sağlık Örgütü (DSÖ)’nün Covid-19’u küresel bir sağlık acil durumu ilan ettiği 30 Ocak 2020 tarihi kullanılmıştır. Olay günü sonrasına ait 30 günlük uzun dönem penceresinde İslami ile geleneksel tüm endekslerin getirisi negatif ve istatistiksel olarak anlamlı bulunmuştur. İslami ve geleneksel endeksler ciddi oranda değer kaybına uğrayarak küresel sağlık krizine benzer şekilde tepki vermişlerdir. Ancak, geleneksel endekslerin değer kaybı, Birleşik Krallık hariç, bütün endekslerde İslami endekslerden daha fazla olmuştur. Dokuz endeks için ortalama değer kaybı İslami endeksler için %28,65 iken bu değer geleneksel endeksler için %35,45 olarak hesaplanmıştır.

Anahtar Kelimeler

Covid-19 Islamic Finance Stock Markets

Kaynakça

  • Al-Khazali, O., Lean, H. H., & Samet, A. (2014). Do Islamic stock indexes outperform conventional stock indexes? A stochastic dominance approach. Pacific-Basin Finance Journal, 28, 29-46.
  • Al-Zoubi, H.A. and Maghyereh, A.I. (2007). The relative risk performance of Islamic finance: a new guide to less risky investments. International Journal of Theoretical and Applied Finance, 10 (2), 235-249.
  • Abedifar, P., Ebrahim, S. M., Molyneux, P., & Tarazi, A. (2015). Islamic banking and finance: Recent empirical literature and directions for future research. Journal of Economic Surveys, 29(4), 637-670.
  • Ajmi, A. N., Hammoudeh, S., Nguyen, D. K., & Sarafrazi, S. (2014). How strong are the causal relationships between Islamic stock markets and conventional financial systems?. Evidence from linear and nonlinear tests. Journal of International Financial Markets, Institutions and Money, 28, 213-227.
  • Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., & Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of behavioral and experimental finance, 27, 100326.
  • Albulescu, C. T. (2021). COVID-19 and the United States financial markets’ volatility. Finance Research Letters, 38, 101699.
  • Armitage, S. (1995). Event study methods and evidence on their performance. Journal of economic surveys, 9(1), 25-52.
  • Ashraf, D., Rizwan, M. S., & Ahmad, G. (2020). Islamic equity investments and the COVID-19 pandemic. Available at SSRN 3611898. Erişim tarihi: 04.12.2021 SSRN. https://ssrn.com/abstract=3611898.
  • Ashraf, B. N. (2020). Stock markets’ reaction to COVID-19: Cases or fatalities?. Research in International Business and Finance, 54, 101249.
  • Ashraf, D., & Mohammad, N. (2014). Matching perception with the reality—Performance of Islamic equity investments. Pacific-Basin Finance Journal, 28, 175-189.
  • Baig, A. S., Butt, H. A., Haroon, O., & Rizvi, S. A. R. (2021). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance research letters, 38, 101701. 1-9.
  • Bakas, D., & Triantafyllou, A. (2020). Commodity price volatility and the economic uncertainty of pandemics. Economics Letters, 193, 109283. 1-5. Balcılar, M., Demirer, R., & Hammoudeh, S. (2015). Global risk exposures and industry diversification with Shariah-compliant equity sectors. Pacific-Basin Finance Journal, 35, 499-520.
  • BinMahfouz, S., & Hassan, M. K. (2013). Sustainable and socially responsible investing: Does Islamic investing make a difference?. Humanomics. 29(3), 164-186. Black, F. (1993). Estimating expected return. Financial Analysts Journal, 49(5), 36-38.
  • Chen, M. H., Jang, S. S., & Kim, W. G. (2007). The impact of the SARS outbreak on Taiwanese hotel stock performance: an event-study approach. International Journal of Hospitality Management, 26(1), 200-212.
  • Chen, M. P., Lee, C. C., Lin, Y. H., & Chen, W. Y. (2018). Did the SARS epidemic weaken the integration of Asian stock markets? Evidence from smooth time-varying cointegration analysis. Economic research-Ekonomska istraživanja, 31(1), 908-926.
  • Corrado, C. J., & Zivney, T. L. (1992). The specification and power of the sign test in event study hypothesis tests using daily stock returns. Journal of Financial and Quantitative analysis, 27(3), 465-478.
  • Dharani, M., Hassan, M. K., Rabbani, M. R., & Huq, T. (2022). Does the Covid-19 pandemic affect faith-based investments? Evidence from global sectoral indices. Research in International Business and Finance, 59, 101537.
  • Donadelli, M., Kizys, R., & Riedel, M. (2017). Dangerous infectious diseases: Bad news for Main Street, good news for Wall Street?. Journal of Financial Markets, 35, 84-103.
  • Ebrahim, M. S. (2009). Can an Islamic model of housing finance cooperative elevate the economic status of the underprivileged?. Journal of Economic Behavior & Organization, 72(3), 864-883.
  • Fama, E. F., & French, K. R. (1996). The CAPM is wanted, dead or alive. The Journal of Finance, 51(5), 1947-1958.
  • Fama, E., (1970). Efficient capital markets: a review of theory and empirical work. Journal of Finance, 25, 383 – 417.
  • Fama, E., (1965). The behaviour of stock market prices. Journal of Business, 38, 34–104.
  • Farooq, O., & Alahkam, A. (2016). Performance of Shariah-compliant firms and non-Shariah-compliant firms in the MENA region: which is better?. Journal of Islamic Accounting and Business Research. 7, 268-281.
  • Frazier, L. (2021). The Coronavirus Crash of 2020, and the Investing Lesson It Taught Us. Forbes. Forbes Magazine, June, 28.
  • Guyot, A. (2011). Efficiency and dynamics of Islamic investment: evidence of geopolitical effects on Dow Jones Islamic market indexes. Emerging Markets Finance and Trade, 47(6), 24-45.
  • Hasan, M. B., Mahi, M., Hassan, M. K., & Bhuiyan, A. B. (2021). Impact of COVID-19 pandemic on stock markets: Conventional vs. Islamic indices using wavelet-based multi-timescales analysis. The North American Journal of Economics and Finance, 58, 101504. 1-11.
  • Hassan, K., Hoque, A., Gasbarro, D., & Wong, W. K. (2020). Are Islamic stocks immune from financial crises? Evidence from contagion tests. International Review of Economics & Finance, 1-30.
  • Hassan, A. (2005). Impact of ethical screening on investment performance: the case of the Dow Jones Islamic Index. Islamic Economic Studies, 12. 67-97.
  • Hoque, H., Kabir, S. H., Abdelbari, E. K., & Manahov, V. (2016). Islamic and conventional equity market movements during and after the financial crisis: Evidence from the newly launched MSCI indices. Financial Markets, Institutions & Instruments, 25(4), 217-252.
  • Hussein, K., & Omran, M. (2005). Ethical investment revisited: evidence from Dow Jones Islamic indexes. The journal of Investing, 14(3), 105-126.
  • Ibrahim, M. H. (2016). Business cycle and bank lending procyclicality in a dual banking system. Economic Modelling, 55, 127-134.
  • Irfan, M., Kassim, S., & Dhimmar, S. (2021). Impact of Covid-19 on Islamic stock markets: an ınvestigation using threshold volatility and event study models. International Journal of Islamic Economics and Finance (IJIEF), 4(1), 121-148.
  • Jawadi, F., Jawadi, N. and Louhichi, W. (2014). Conventional and Islamic stock price performance: an empirical investigation. International Economics, 137(1), 73-87.
  • Kayed, R. N., & Hassan, M. K. (2011). The global financial crisis and Islamic finance. Thunderbird International Business Review, 53(5), 551-564.
  • Kendall, M. G., & Hill, A. B. (1953). The analysis of economic time-series-part i: Prices. Journal of the Royal Statistical Society. Series A (General), 116(1), 11-34.
  • Khan, K., Zhao, H., Zhang, H., Yang, H., Shah, M. H., & Jahanger, A. (2020). The impact of COVID-19 pandemic on stock markets: An empirical analysis of world major stock indices. The Journal of Asian Finance, Economics, and Business, 7(7), 463-474.
  • Lee, J. W., & McKibbin, W. J. (2004). Globalization and disease: The case of SARS. Asian Economic Papers, 3(1), 113-131.
  • Liu, Y. (2020). The importance of trust distance on stock market correlation: Evidence from emerging economics. Borsa Istanbul Review, 20(1), 37-47.
  • Mazur, M., Dang, M., & Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, 38, 101690. 1-8.
  • Mordor Intelligence. (2021). Islamic finance market – growth, trends Covid-19 impact, and forecasts (2022-2027), Erişim adresi: 15.01.2022 https://www.mordorintelligence.com/ industry-reports/global-islamic-finance-market
  • Nomran, N. M., & Haron, R. (2021). The impact of COVID-19 pandemic on Islamic versus conventional stock markets: international evidence from financial markets. Future Business Journal, 7(1), 1-16.
  • Pacicco, F., Vena, L., & Venegoni, A. (2019). Market reactions to ECB policy innovations: A cross-country analysis. Journal of international money and finance, 91, 126-137.
  • Paltrinieri, A., Floreani, J., Kappen, J. A., Mitchell, M. C., & Chawla, K. (2019). Islamic, socially responsible, and conventional market comovements: Evidence from stock indices. Thunderbird International Business Review, 61(5), 719-733.
  • Phan, D. H. B., & Narayan, P. K. (2020). Country responses and the reaction of the stock market to COVID-19—A preliminary exposition. Emerging Markets Finance and Trade, 56(10), 2138-2150.
  • Puri-Mirza, A. (2021). Islamic financial sector-statistics & facts. Statista, Erişim Tarihi: 12.01.2022. https://www.statista.com/topics/6345/islamic-financial-sector/.
  • Routley, N. (2020). Charts: The economic impact of COVID-19 in the US so far. Visual Capitalist. Erişim Tarihi: 04.12.2021 https://www.visualcapitalist.com/economic-impact-ofcovid-h1-2020/
  • Saleem, A., Bárczi, J., & Sági, J. (2021). COVID-19 and Islamic stock ındex: evidence of market behavior and volatility persistence. Journal of Risk and Financial Management, 14(8), 389.
  • Saleem, A., & Ashfaque, M. (2020). An analysis of profitability determinants of ıslamic banks: empirical study of Malaysia vs Pakistan. International Journal of Business Reflections, 1(2). 142-164.
  • Shahzad, S. J. H., & Naifar, N. (2022). Dependence dynamics of Islamic and conventional equity sectors: What do we learn from the decoupling hypothesis and COVID-19 pandemic?. The North American Journal of Economics and Finance, 101635. 1-12.
  • Sherif, M. (2020). The impact of Coronavirus (COVID-19) outbreak on faith-based investments: An original analysis. Journal of Behavioral and Experimental Finance, 28, 100403. 1-9.
  • Sukmana, R., & Kolid, M. (2012). Impact of global financial crisis on Islamic and conventional stocks in emerging market: an application of ARCH and GARCH method. Asian Academy of Management Journal of Accounting & Finance, 31(2), 357-370.
  • Topcu, M., & Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 36, 101691. 1-4.
  • Wang, Y. H., Yang, F. J., & Chen, L. J. (2013). An investor's perspective on infectious diseases and their influence on market behavior. Journal of Business Economics and Management, 14(sup1), 112-S127.
  • World Health Organization. (2021). WHO Coronavirus (COVID-19) Dashboard, Erişim Tarihi: 10.01.2022, https://covid19.who.int/
  • Zaremba, A., Kizys, R., Aharon, D. Y., & Demir, E. (2020). Infected markets: Novel coronavirus, government interventions, and stock return volatility around the globe. Finance Research Letters, 35, 101597. 1-7.
  • Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. 1-6.

Covid 19 Pandemisinin Küresel İslami ve Geleneksel Endeksler Üzerindeki Etkilerinin Karşılaştırılması

Yıl 2022, Cilt: 21 Sayı: 3, 1439 - 1456, 31.07.2022

İlker Sakınç Süleyman Açıkalın

https://doi.org/10.21547/jss.1071912

Öz

Ocak 2020 sonunda uluslararası sağlık tehdidi niteliği kazanan Covid-19 küresel boyutta çok hızlı ve derin sosyo-ekonomik etkiler yaratmıştır. Covid-19, 2020 yılının Mart ayında bütün dünya hisse senedi piyasalarında çok büyük kayıplara yol açmıştır. Bu çalışmanın amacı Covid-19 pandemisinin İslami ve geleneksel borsalar üzerindeki etkilerini tespit etmek ve bunların karşılaştırmasını yapmaktır. Bu amaç için dokuz farklı bölge ve ülkeye ait İslami ve geleneksel endeks günlük getiri verileri olay çalışması yöntemi ile analiz edilmiştir. Bu çalışmada tahmin penceresi (-6, -200) olarak seçilmiş ve olay günü olarak Dünya Sağlık Örgütü (DSÖ)’nün Covid-19’u küresel bir sağlık acil durumu ilan ettiği 30 Ocak 2020 tarihi kullanılmıştır. Olay günü sonrasına ait 30 günlük uzun dönem penceresinde İslami ile geleneksel tüm endekslerin kümülatif anormal getirisi negatif ve istatistiksel olarak anlamlı bulunmuştur. İslami ve geleneksel endeksler ciddi oranda değer kaybına uğrayarak küresel sağlık krizine benzer şekilde tepki vermişlerdir. Ancak, geleneksel endekslerin değer kaybı, Birleşik Krallık hariç, bütün endekslerde İslami endekslerden daha fazla olmuştur. Dokuz endeks için ortalama değer kaybı İslami endeksler için %28,65 iken bu değer geleneksel endeksler için %35,45 olarak hesaplanmıştır.

Anahtar Kelimeler

COVID 19 İslami Finans Hisse Senedi Piyasası Olay Çalışması

Kaynakça

  • Al-Khazali, O., Lean, H. H., & Samet, A. (2014). Do Islamic stock indexes outperform conventional stock indexes? A stochastic dominance approach. Pacific-Basin Finance Journal, 28, 29-46.
  • Al-Zoubi, H.A. and Maghyereh, A.I. (2007). The relative risk performance of Islamic finance: a new guide to less risky investments. International Journal of Theoretical and Applied Finance, 10 (2), 235-249.
  • Abedifar, P., Ebrahim, S. M., Molyneux, P., & Tarazi, A. (2015). Islamic banking and finance: Recent empirical literature and directions for future research. Journal of Economic Surveys, 29(4), 637-670.
  • Ajmi, A. N., Hammoudeh, S., Nguyen, D. K., & Sarafrazi, S. (2014). How strong are the causal relationships between Islamic stock markets and conventional financial systems?. Evidence from linear and nonlinear tests. Journal of International Financial Markets, Institutions and Money, 28, 213-227.
  • Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., & Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of behavioral and experimental finance, 27, 100326.
  • Albulescu, C. T. (2021). COVID-19 and the United States financial markets’ volatility. Finance Research Letters, 38, 101699.
  • Armitage, S. (1995). Event study methods and evidence on their performance. Journal of economic surveys, 9(1), 25-52.
  • Ashraf, D., Rizwan, M. S., & Ahmad, G. (2020). Islamic equity investments and the COVID-19 pandemic. Available at SSRN 3611898. Erişim tarihi: 04.12.2021 SSRN. https://ssrn.com/abstract=3611898.
  • Ashraf, B. N. (2020). Stock markets’ reaction to COVID-19: Cases or fatalities?. Research in International Business and Finance, 54, 101249.
  • Ashraf, D., & Mohammad, N. (2014). Matching perception with the reality—Performance of Islamic equity investments. Pacific-Basin Finance Journal, 28, 175-189.
  • Baig, A. S., Butt, H. A., Haroon, O., & Rizvi, S. A. R. (2021). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance research letters, 38, 101701. 1-9.
  • Bakas, D., & Triantafyllou, A. (2020). Commodity price volatility and the economic uncertainty of pandemics. Economics Letters, 193, 109283. 1-5. Balcılar, M., Demirer, R., & Hammoudeh, S. (2015). Global risk exposures and industry diversification with Shariah-compliant equity sectors. Pacific-Basin Finance Journal, 35, 499-520.
  • BinMahfouz, S., & Hassan, M. K. (2013). Sustainable and socially responsible investing: Does Islamic investing make a difference?. Humanomics. 29(3), 164-186. Black, F. (1993). Estimating expected return. Financial Analysts Journal, 49(5), 36-38.
  • Chen, M. H., Jang, S. S., & Kim, W. G. (2007). The impact of the SARS outbreak on Taiwanese hotel stock performance: an event-study approach. International Journal of Hospitality Management, 26(1), 200-212.
  • Chen, M. P., Lee, C. C., Lin, Y. H., & Chen, W. Y. (2018). Did the SARS epidemic weaken the integration of Asian stock markets? Evidence from smooth time-varying cointegration analysis. Economic research-Ekonomska istraživanja, 31(1), 908-926.
  • Corrado, C. J., & Zivney, T. L. (1992). The specification and power of the sign test in event study hypothesis tests using daily stock returns. Journal of Financial and Quantitative analysis, 27(3), 465-478.
  • Dharani, M., Hassan, M. K., Rabbani, M. R., & Huq, T. (2022). Does the Covid-19 pandemic affect faith-based investments? Evidence from global sectoral indices. Research in International Business and Finance, 59, 101537.
  • Donadelli, M., Kizys, R., & Riedel, M. (2017). Dangerous infectious diseases: Bad news for Main Street, good news for Wall Street?. Journal of Financial Markets, 35, 84-103.
  • Ebrahim, M. S. (2009). Can an Islamic model of housing finance cooperative elevate the economic status of the underprivileged?. Journal of Economic Behavior & Organization, 72(3), 864-883.
  • Fama, E. F., & French, K. R. (1996). The CAPM is wanted, dead or alive. The Journal of Finance, 51(5), 1947-1958.
  • Fama, E., (1970). Efficient capital markets: a review of theory and empirical work. Journal of Finance, 25, 383 – 417.
  • Fama, E., (1965). The behaviour of stock market prices. Journal of Business, 38, 34–104.
  • Farooq, O., & Alahkam, A. (2016). Performance of Shariah-compliant firms and non-Shariah-compliant firms in the MENA region: which is better?. Journal of Islamic Accounting and Business Research. 7, 268-281.
  • Frazier, L. (2021). The Coronavirus Crash of 2020, and the Investing Lesson It Taught Us. Forbes. Forbes Magazine, June, 28.
  • Guyot, A. (2011). Efficiency and dynamics of Islamic investment: evidence of geopolitical effects on Dow Jones Islamic market indexes. Emerging Markets Finance and Trade, 47(6), 24-45.
  • Hasan, M. B., Mahi, M., Hassan, M. K., & Bhuiyan, A. B. (2021). Impact of COVID-19 pandemic on stock markets: Conventional vs. Islamic indices using wavelet-based multi-timescales analysis. The North American Journal of Economics and Finance, 58, 101504. 1-11.
  • Hassan, K., Hoque, A., Gasbarro, D., & Wong, W. K. (2020). Are Islamic stocks immune from financial crises? Evidence from contagion tests. International Review of Economics & Finance, 1-30.
  • Hassan, A. (2005). Impact of ethical screening on investment performance: the case of the Dow Jones Islamic Index. Islamic Economic Studies, 12. 67-97.
  • Hoque, H., Kabir, S. H., Abdelbari, E. K., & Manahov, V. (2016). Islamic and conventional equity market movements during and after the financial crisis: Evidence from the newly launched MSCI indices. Financial Markets, Institutions & Instruments, 25(4), 217-252.
  • Hussein, K., & Omran, M. (2005). Ethical investment revisited: evidence from Dow Jones Islamic indexes. The journal of Investing, 14(3), 105-126.
  • Ibrahim, M. H. (2016). Business cycle and bank lending procyclicality in a dual banking system. Economic Modelling, 55, 127-134.
  • Irfan, M., Kassim, S., & Dhimmar, S. (2021). Impact of Covid-19 on Islamic stock markets: an ınvestigation using threshold volatility and event study models. International Journal of Islamic Economics and Finance (IJIEF), 4(1), 121-148.
  • Jawadi, F., Jawadi, N. and Louhichi, W. (2014). Conventional and Islamic stock price performance: an empirical investigation. International Economics, 137(1), 73-87.
  • Kayed, R. N., & Hassan, M. K. (2011). The global financial crisis and Islamic finance. Thunderbird International Business Review, 53(5), 551-564.
  • Kendall, M. G., & Hill, A. B. (1953). The analysis of economic time-series-part i: Prices. Journal of the Royal Statistical Society. Series A (General), 116(1), 11-34.
  • Khan, K., Zhao, H., Zhang, H., Yang, H., Shah, M. H., & Jahanger, A. (2020). The impact of COVID-19 pandemic on stock markets: An empirical analysis of world major stock indices. The Journal of Asian Finance, Economics, and Business, 7(7), 463-474.
  • Lee, J. W., & McKibbin, W. J. (2004). Globalization and disease: The case of SARS. Asian Economic Papers, 3(1), 113-131.
  • Liu, Y. (2020). The importance of trust distance on stock market correlation: Evidence from emerging economics. Borsa Istanbul Review, 20(1), 37-47.
  • Mazur, M., Dang, M., & Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, 38, 101690. 1-8.
  • Mordor Intelligence. (2021). Islamic finance market – growth, trends Covid-19 impact, and forecasts (2022-2027), Erişim adresi: 15.01.2022 https://www.mordorintelligence.com/ industry-reports/global-islamic-finance-market
  • Nomran, N. M., & Haron, R. (2021). The impact of COVID-19 pandemic on Islamic versus conventional stock markets: international evidence from financial markets. Future Business Journal, 7(1), 1-16.
  • Pacicco, F., Vena, L., & Venegoni, A. (2019). Market reactions to ECB policy innovations: A cross-country analysis. Journal of international money and finance, 91, 126-137.
  • Paltrinieri, A., Floreani, J., Kappen, J. A., Mitchell, M. C., & Chawla, K. (2019). Islamic, socially responsible, and conventional market comovements: Evidence from stock indices. Thunderbird International Business Review, 61(5), 719-733.
  • Phan, D. H. B., & Narayan, P. K. (2020). Country responses and the reaction of the stock market to COVID-19—A preliminary exposition. Emerging Markets Finance and Trade, 56(10), 2138-2150.
  • Puri-Mirza, A. (2021). Islamic financial sector-statistics & facts. Statista, Erişim Tarihi: 12.01.2022. https://www.statista.com/topics/6345/islamic-financial-sector/.
  • Routley, N. (2020). Charts: The economic impact of COVID-19 in the US so far. Visual Capitalist. Erişim Tarihi: 04.12.2021 https://www.visualcapitalist.com/economic-impact-ofcovid-h1-2020/
  • Saleem, A., Bárczi, J., & Sági, J. (2021). COVID-19 and Islamic stock ındex: evidence of market behavior and volatility persistence. Journal of Risk and Financial Management, 14(8), 389.
  • Saleem, A., & Ashfaque, M. (2020). An analysis of profitability determinants of ıslamic banks: empirical study of Malaysia vs Pakistan. International Journal of Business Reflections, 1(2). 142-164.
  • Shahzad, S. J. H., & Naifar, N. (2022). Dependence dynamics of Islamic and conventional equity sectors: What do we learn from the decoupling hypothesis and COVID-19 pandemic?. The North American Journal of Economics and Finance, 101635. 1-12.
  • Sherif, M. (2020). The impact of Coronavirus (COVID-19) outbreak on faith-based investments: An original analysis. Journal of Behavioral and Experimental Finance, 28, 100403. 1-9.
  • Sukmana, R., & Kolid, M. (2012). Impact of global financial crisis on Islamic and conventional stocks in emerging market: an application of ARCH and GARCH method. Asian Academy of Management Journal of Accounting & Finance, 31(2), 357-370.
  • Topcu, M., & Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 36, 101691. 1-4.
  • Wang, Y. H., Yang, F. J., & Chen, L. J. (2013). An investor's perspective on infectious diseases and their influence on market behavior. Journal of Business Economics and Management, 14(sup1), 112-S127.
  • World Health Organization. (2021). WHO Coronavirus (COVID-19) Dashboard, Erişim Tarihi: 10.01.2022, https://covid19.who.int/
  • Zaremba, A., Kizys, R., Aharon, D. Y., & Demir, E. (2020). Infected markets: Novel coronavirus, government interventions, and stock return volatility around the globe. Finance Research Letters, 35, 101597. 1-7.
  • Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. 1-6.
Toplam 56 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm İşletme Finans
Yazarlar

İlker Sakınç 0000-0002-9549-8563

Süleyman Açıkalın 0000-0002-9634-3897

Yayımlanma Tarihi 31 Temmuz 2022
Gönderilme Tarihi 11 Şubat 2022
Kabul Tarihi 11 Mayıs 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 21 Sayı: 3

Kaynak Göster

APA Sakınç, İ., & Açıkalın, S. (2022). Covid 19 Pandemisinin Küresel İslami ve Geleneksel Endeksler Üzerindeki Etkilerinin Karşılaştırılması. Gaziantep University Journal of Social Sciences, 21(3), 1439-1456. https://doi.org/10.21547/jss.1071912