Does the Shari’ah screening impact the gold-stock nexus? A sectorial analysis
| Autor: | Zhenzhen Zhu, Thi-Hong-Van Hoang, Wing-Keung Wong, Abdelbari El Khamlichi |
|---|---|
| Přispěvatelé: | Montpellier Research in Management (MRM), Université Paul-Valéry - Montpellier 3 (UPVM)-Université de Perpignan Via Domitia (UPVD)-Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School-Université de Montpellier (UM), School of Mathematics and Statistics, Northeast Normal University, Clermont Recherche Management (CleRMa), École Supérieure de Commerce (ESC) - Clermont-Ferrand (ESC Clermont-Ferrand)-Université Clermont Auvergne [2017-2020] (UCA [2017-2020]), Hong Kong Baptist University (HKBU), Université Montpellier 1 (UM1)-Université Paul-Valéry - Montpellier 3 (UPVM)-Université Montpellier 2 - Sciences et Techniques (UM2)-Université de Perpignan Via Domitia (UPVD)-Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School-Université de Montpellier (UM) |
| Rok vydání: | 2019 |
| Předmět: |
Economics and Econometrics
Sociology and Political Science 020209 energy Economic sector Significant difference Shari ah 02 engineering and technology Monetary economics 010501 environmental sciences Management Monitoring Policy and Law [SHS.ECO]Humanities and Social Sciences/Economics and Finance 01 natural sciences 8. Economic growth 0202 electrical engineering electronic engineering information engineering Gold as an investment Economics [SHS.GESTION]Humanities and Social Sciences/Business administration Safe haven Law ComputingMilieux_MISCELLANEOUS Stock (geology) 0105 earth and related environmental sciences |
| Zdroj: | Resources Policy Resources Policy, Elsevier, 2019, 61, pp.617-626. ⟨10.1016/j.resourpol.2018.10.002⟩ Resources Policy, 2019, 61, pp.617-626. ⟨10.1016/j.resourpol.2018.10.002⟩ |
| ISSN: | 0301-4207 |
| DOI: | 10.1016/j.resourpol.2018.10.002 |
| Popis: | This article investigates the relationship between stocks and gold while considering the impact of the Shari’ah screening applied by Dow Jones. The main contribution of this paper relies on the distinction between risk-averse and risk-seeking investors as well as between stocks’ sectors. Using daily data from the Dow Jones indexes and the London gold market over the 2002–2014 period, the results show that there is a significant difference between Shari’ah-compliant and conventional stocks for most sectors. Risk-averters prefer investing in conventional stocks, while risk-seekers prefer investing in Shari’ah-compliant stocks. Considering the role of gold, risk-averters prefer investing in portfolios with gold, while risk-seekers prefer investing in portfolios without gold, regardless of Shari’ah-compliant or conventional stocks. A time-varying analysis shows that gold is a safe haven for risk-averse investors in downward periods of stocks’ prices. |
| Databáze: | OpenAIRE |
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