Shear Falik, Ashraf Badar Nadeem
Faisalabad Business School, National Textile University, Faisalabad, Pakistan.
School of Finance, Jiangxi University of Finance and Economics, Nanchang, 330013, China.
Res Int Bus Finance. 2022 Apr;60:101622. doi: 10.1016/j.ribaf.2022.101622. Epub 2022 Feb 8.
In this study, we extend the recently heated debate that compares the performance of Shariah compliant equities with their non-Shariah compliant counterparts especially during the Covid-19 shock. Unlike the existing literature, which uses stock market index level data to reach controversial conclusions, we use firm-level stock returns data to find robust evidence that Shariah compliant stocks outperformed their conventional counterparts during the Covid-19 market meltdown. More specifically, we find that the prices of Shariah compliant stocks reacted to the increase in Coronavirus confirmed cases and government social distancing measures with lower negative returns than the prices of non-Shariah compliant stocks. Overall, our findings imply that Shariah compliant stocks fared better during the Covid-19 crisis episode.
在本研究中，我们拓展了近期激烈的辩论，该辩论比较了符合伊斯兰教法的股票与不符合伊斯兰教法的股票的表现，尤其是在新冠疫情冲击期间。与现有文献不同，现有文献使用股票市场指数水平数据得出有争议的结论，而我们使用公司层面的股票回报数据来找到有力证据，证明在新冠疫情导致的市场崩溃期间，符合伊斯兰教法的股票表现优于其传统对应股票。更具体地说，我们发现，与不符合伊斯兰教法的股票价格相比，符合伊斯兰教法的股票价格对新冠确诊病例增加和政府社交距离措施的反应，其负回报更低。总体而言，我们的研究结果表明，在新冠疫情危机期间，符合伊斯兰教法的股票表现更好。
