Asia Pacific business cycle: ties with Islamic stock indices

The rise of Islamic finance, in particular the Islamic equity market, has called for research in various arenas of finance and economics, in part due to evidence supporting a causal link with macroeconomic variables. One such field is the impact Islamic stock indices may have on business cycles and...

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Main Authors:	Arshad, Shahista, Duasa, Jarita, Rizvi, Syed Aun Raza
Format:	Conference or Workshop Item
Language:	English
Published:	2013
Subjects:	HC Economic History and Conditions
Online Access:	http://irep.iium.edu.my/42723/ http://irep.iium.edu.my/42723/1/ASIA_PACIFIC_BUSINESS_CYCLE.pdf

id	iium-42723
recordtype	eprints
spelling	iium-427232015-04-20T03:51:15Z http://irep.iium.edu.my/42723/ Asia Pacific business cycle: ties with Islamic stock indices Arshad, Shahista Duasa, Jarita Rizvi, Syed Aun Raza HC Economic History and Conditions The rise of Islamic finance, in particular the Islamic equity market, has called for research in various arenas of finance and economics, in part due to evidence supporting a causal link with macroeconomic variables. One such field is the impact Islamic stock indices may have on business cycles and vice versa. This study pioneers in understanding the relationship between the volatilities of Islamic stock indices and business cycles and comparing it against their conventional counterparts. Taking daily stock returns of 12 years for Asia Pacific, our results indicated towards more volatility across Islamic stock indices during economic downturns. Inversely, Islamic stock indices appeared less volatile during the growth phase of a business cycle. The authors attributed this singularity to the small universe of stocks that make up the Asia pacific index and the heavy reliance on western and global markets for trade. This preliminary study hopes to contribute towards a dearth in literature on the understanding of the relationship between real sector business cycle and Islamic stock indices. 2013 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/42723/1/ASIA_PACIFIC_BUSINESS_CYCLE.pdf Arshad, Shahista and Duasa, Jarita and Rizvi, Syed Aun Raza (2013) Asia Pacific business cycle: ties with Islamic stock indices. In: 2nd Applied International Business Conference 2013 (AIBC 2013), 7th-8th Dec. 2013, Labuan School of International Business and Finance, Universiti Malaysia Sabah.
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HC Economic History and Conditions
spellingShingle	HC Economic History and Conditions Arshad, Shahista Duasa, Jarita Rizvi, Syed Aun Raza Asia Pacific business cycle: ties with Islamic stock indices
description	The rise of Islamic finance, in particular the Islamic equity market, has called for research in various arenas of finance and economics, in part due to evidence supporting a causal link with macroeconomic variables. One such field is the impact Islamic stock indices may have on business cycles and vice versa. This study pioneers in understanding the relationship between the volatilities of Islamic stock indices and business cycles and comparing it against their conventional counterparts. Taking daily stock returns of 12 years for Asia Pacific, our results indicated towards more volatility across Islamic stock indices during economic downturns. Inversely, Islamic stock indices appeared less volatile during the growth phase of a business cycle. The authors attributed this singularity to the small universe of stocks that make up the Asia pacific index and the heavy reliance on western and global markets for trade. This preliminary study hopes to contribute towards a dearth in literature on the understanding of the relationship between real sector business cycle and Islamic stock indices.
format	Conference or Workshop Item
author	Arshad, Shahista Duasa, Jarita Rizvi, Syed Aun Raza
author_facet	Arshad, Shahista Duasa, Jarita Rizvi, Syed Aun Raza
author_sort	Arshad, Shahista
title	Asia Pacific business cycle: ties with Islamic stock indices
title_short	Asia Pacific business cycle: ties with Islamic stock indices
title_full	Asia Pacific business cycle: ties with Islamic stock indices
title_fullStr	Asia Pacific business cycle: ties with Islamic stock indices
title_full_unstemmed	Asia Pacific business cycle: ties with Islamic stock indices
title_sort	asia pacific business cycle: ties with islamic stock indices
publishDate	2013
url	http://irep.iium.edu.my/42723/ http://irep.iium.edu.my/42723/1/ASIA_PACIFIC_BUSINESS_CYCLE.pdf
first_indexed	2023-09-18T21:00:53Z
last_indexed	2023-09-18T21:00:53Z
_version_	1777410615079337984

Asia Pacific business cycle: ties with Islamic stock indices

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