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Impact of Inclusion into and Exclusion from the Shariah Index on a Stock Price and Trading Volume: An Event Study Approach

Yıl 2017, Cilt: 7 Sayı: 2, 40 - 51, 01.06.2017

Nawal Seif Kassim Roslily Ramlee Salina Kassim

Öz

Does the inclusion or exclusion from the Shariah index have any effect on the performance of a stock? This study aims to examine the impact of stock inclusion (or exclusion) on the stock prices and trading volume of the firms. Based on the case of selected stocks in Bursa Malaysia, our sample consists of 107 additions and 95 deletions from the FTSE Bursa Malaysia Emas Shariah Index (FBMESI) in the period of June 2007-June 2014. Event study methodology is used to estimate the abnormal returns and abnormal volumes in the days surrounding the announcement and change dates. The study finds the included stock shows significant and permanent excess returns and abnormal volumes. On the other hand, deleted stocks earn temporary significant negative returns and below normal volumes after the announcement and change dates.

Anahtar Kelimeler

Shariah screening methodology Shariah compliant stocks Shariah index stock price stock trading

Yıl 2017, Cilt: 7 Sayı: 2, 40 - 51, 01.06.2017

Nawal Seif Kassim Roslily Ramlee Salina Kassim

Öz

Toplam 0 adet kaynakça vardır.

Ayrıntılar

Diğer ID JA63ZM57EB
Bölüm Araştırma Makalesi
Yazarlar

Nawal Seif Kassim Bu kişi benim

Roslily Ramlee Bu kişi benim

Salina Kassim Bu kişi benim

Yayımlanma Tarihi 1 Haziran 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 7 Sayı: 2

Kaynak Göster

APA Kassim, N. S., Ramlee, R., & Kassim, S. (2017). Impact of Inclusion into and Exclusion from the Shariah Index on a Stock Price and Trading Volume: An Event Study Approach. International Journal of Economics and Financial Issues, 7(2), 40-51.
AMA Kassim NS, Ramlee R, Kassim S. Impact of Inclusion into and Exclusion from the Shariah Index on a Stock Price and Trading Volume: An Event Study Approach. IJEFI. Haziran 2017;7(2):40-51.
Chicago Kassim, Nawal Seif, Roslily Ramlee, ve Salina Kassim. “Impact of Inclusion into and Exclusion from the Shariah Index on a Stock Price and Trading Volume: An Event Study Approach”. International Journal of Economics and Financial Issues 7, sy. 2 (Haziran 2017): 40-51.
EndNote Kassim NS, Ramlee R, Kassim S (01 Haziran 2017) Impact of Inclusion into and Exclusion from the Shariah Index on a Stock Price and Trading Volume: An Event Study Approach. International Journal of Economics and Financial Issues 7 2 40–51.
IEEE N. S. Kassim, R. Ramlee, ve S. Kassim, “Impact of Inclusion into and Exclusion from the Shariah Index on a Stock Price and Trading Volume: An Event Study Approach”, IJEFI, c. 7, sy. 2, ss. 40–51, 2017.
ISNAD Kassim, Nawal Seif vd. “Impact of Inclusion into and Exclusion from the Shariah Index on a Stock Price and Trading Volume: An Event Study Approach”. International Journal of Economics and Financial Issues 7/2 (Haziran 2017), 40-51.
JAMA Kassim NS, Ramlee R, Kassim S. Impact of Inclusion into and Exclusion from the Shariah Index on a Stock Price and Trading Volume: An Event Study Approach. IJEFI. 2017;7:40–51.
MLA Kassim, Nawal Seif vd. “Impact of Inclusion into and Exclusion from the Shariah Index on a Stock Price and Trading Volume: An Event Study Approach”. International Journal of Economics and Financial Issues, c. 7, sy. 2, 2017, ss. 40-51.
Vancouver Kassim NS, Ramlee R, Kassim S. Impact of Inclusion into and Exclusion from the Shariah Index on a Stock Price and Trading Volume: An Event Study Approach. IJEFI. 2017;7(2):40-51.