Sukuk vs. conventional bonds: A stock market perspective

Journal of Comparative Economics

Volumn 41, Issue 3, 2013, Pages 745-761

  Godlewski, Christophe J ^c   Turk Ariss, Rima ^b   Weill, Laurent ^a  

^a Ecole de Management de Strasbourg   (France)

^b LEBANESE AMERICAN UNIVERSITY   (Lebanon)

^c UNIVERSITÉ DE HAUTE ALSACE   (France)

Author keywords

Financial instruments; Islamic finance; Malaysia

Indexed keywords

EID: 84880790848     PISSN: 01475967     EISSN: 10957227     Source Type: Journal    
DOI: 10.1016/j.jce.2013.02.006     Document Type: Article

References (43)

1. Abdel-Khaleq Ayman, Richardson Christopher New horizons for Islamic securities: emerging trends in sukuk offerings. Chicago Journal of International Law 2007, 7(2):409-425.
2. Abdulkader, Thomas, Adam, Nathif, 2004. Islamic Bonds: Your Guide to Structuring, Issuing and Investing in Sukuk. Economy Institutional Investor.
3. Abedifar Pejman, Molyneux Phil, Tarazi Amine Risk in Islamic Banking. Review of Finance 2013, 37(2):433-447.
4. Adam, Nathif, 2006. The Evolution of Sukuk: Establishing Singapore as an Islamic Financial Hub, Sukuk Masterclass. Slide Presentation, February 22-23.
5. Ahern Kenneth Sample selection and event study estimation. Journal of Empirical Finance 2009, 16:466-482.
6. Ayub Muhammad Understanding Islamic Finance 2007, Wiley.
7. Baele, Lieven, Farooq, Moazzam, Ongena, Steven, 2012. Of Religion and Redemption: Evidence from Default on Islamic Loans. Tilburg University, Discussion Paper 2012-014.
8. Beck Thorsten, Demirguç-Kunt Asli, Merrouche Ouarda Islamic vs. conventional banking: business model, efficiency and stability. Journal of Banking & Finance 2013, 37(2):433-447.
9. Boehmer Ekkehart, Musumeci Jim, Poulsen Annette Event-study methodology under conditions of event-induced variance. Journal of Financial Economics 1991, 30:253-272.
10. Cakir, Selim, Raei, Faezeh, 2007. Sukuk vs. Eurobonds: Is There a Difference in Value-at-Risk? International Monetary Fund Working Paper WP/07/237.
11. Central Bank of Malaysia and Securities Commission Malaysia, 2009. Malaysian Debt Securities and Sukuk Market. Central Bank of Malaysia.
12. Chong Beng Soon, Liu Ming-Hua Islamic banking: interest-free or interest-based?. Pacific-Basin Finance Journal 2009, 17:125-144.
13. DIFC, 2007. Sukuk Value Tops $10 Billion on DIFX With DIFC Investments Listing. Dubai International Financial Center, Press Room, June 18.
14. Eckbo B. Espen Valuation effects of corporate debt offerings. Journal of Financial Economics 1986, 15:119-151.
15. Ernst, Young, 2009. Ernst & Young Islamic Funds and Investments Report 2009.
16. Financial Times Special Report: The Future of Islamic Finance, December 14, 2010.
17. Gasbarro Dominic, Le Kim, Schwebach Robert, Zumwalt J. Kenton Syndicated loan announcements and borrower value. Journal of Financial Research 2004, 27:133-141.
18. Iqbal, Zamir, Mirakhor, Abbas, 2007. An Introduction to Islamic Finance Theory and Practice. Wiley Finance Editions, John Wiley and Sons, Inc., Hoboken, New Jersey.
19. James Christopher Some evidence on the uniqueness of bank loans. Journal of Financial Economics 1987, 19:217-235.
20. Jensen Michael Agency costs of free cash flow, corporate finance, and takeovers. American Economic Association Papers and Proceedings 1986, 76:323-329.
21. Jensen Michael, Meckling William Theory of the firm: managerial behavior, agency costs, and capital structure. Journal of Financial Economics 1976, 76:323-339.
22. Jobst, Andreas, 2007. The Economics of Islamic Finance and Securitization. IMF Working Paper 07/117, Washington, DC.
23. Jobst, Andreas, Kunzel, Peter, Mills, Paul, Sy, Amadou, 2008. Islamic Bond Issuance - What Sovereign Debt Managers Need to Know. International Monetary Fund Working Paper PDP/08/3.
24. Kuran Timur Islam and Mammon 2004, Princeton University Press.
25. Lummer Scott, McConnell John Further evidence on the bank lending process and the capital-market response to bank loan agreements. Journal of Financial Economics 1989, 25:99-122.
26. MacKinlay A. Craig Event studies in economics and finance. Journal of Economic Literature 1997, 35:13-39.
27. Maskara Pankaj, Mullineaux Donald Information asymmetry and self-selection bias in bank loan announcement studies. Journal of Financial Economics 2011, 101:684-694.
28. McMillen Michael Contractual enforceability issues: sukuk and capital market development. Chicago Journal of International Law 2007, 7(2):427-467.
29. Mikkelson Wayne, Partch Megan Valuation effects of security offerings and the issuance process. Journal of Financial Economics 1986, 15:31-60.
30. Miller Neil, Challoner John, Atta Aziza UK welcomes the sukuk. International Financial Law Review 2007, 26(5):24-25.
31. Moody's, 2007. Focus on the Middle East. Inside Moody's (Winter).
32. Moody's, 2008. Focus on the Middle East. Inside Moody's (Spring).
33. Parker, Mushtak, 2010a. Bursa Malaysia Tops in Sukuk Listing. Arab News, January 18, 2010.
34. Parker, Mushtak, 2010b. Sukuk Market Proliferation in GCC. Arab News, January 11, 2010.
35. Preece Dianna, Mullineaux Donald Monitoring, loan renegotiability, and firm value: the role of lending syndicates. Journal of Banking & Finance 1996, 20:577-593.
36. Ross Stephen The determination of financial structure: the incentive signalling approach. Bell Journal of Economics 1977, 8:23-40.
37. Spiess D.Katherine, Affleck-Graves John The long-run performance of stock returns following debt offerings. Journal of Financial Economics 1999, 54(1):45-73.
38. Usmani Muhammad Taqi An Introduction to Islamic Finance 2002, Kluwer Law International, The Hague.
39. Usmani, Muhammad Taqi, 2007. Sukuk and their Contemporary Applications. (Translated from the original Arabic by Sheikh Yusuf Talal DeLorenzo), AAOIFI Shari'a Council Meeting, Saudi Arabia.
40. Visser Hans Islamic Finance: Principles and Practice 2009, Edward Elgar, Cheltenham.
41. Wilson, Rodney, 2004. Overview of the Sukuk market. In: Islamic Bonds: Your Guide to Issuing, Structuring and Investing in Sukuk, Euromoney Books.
42. Wilson Rodney Innovation in structuring of sukuk securities. Humanomics 2008, 24(3):170-181.
43. Zaheer, Saijad, Ongena, Steven, Wijnbergen, Sweder, 2011. The Transmission of Monetary Policy through Conventional and Islamic Banks. Tilburg University, Discussion Paper 2011-078.