Islamic Finance

This paper investigates the existence of the Weekend, January and Pre-Holiday effects in the All Gold Index on the Johannesburg Stock Exchange over an 11- year period; 5 January 1987 through 15 May 1997, and for three sub-samples of equal length. These results are in severe contrast to the overwhelming international evidence documented for the stock markets of many other countries, be they developed or emerging markets: there appears to be no Weekend, January or Pre-Holiday effects, present in the All Gold Index.

Recent literature shows that the holy month of Ramadan exerts a positive influence on investor sentiment in predominantly

The objective of this paper is to study the impact of conventional stock market return and volatility and various macroeconomic variables (including inflation rate, short-term interest rate, the slope of the yield curve and money supply) on Islamic stock markets returns for twenty developed and emerging markets using Markov switching regression models. The empirical results for the period 2002–2014 show that both developed and emerging Islamic stock indices are influenced by conventional stock indices returns and money supply for both the low and high volatility regimes.

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