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Sukuk announcement effects during financial crisis: the case for Indonesia

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dc.contributor.authorMohamed Ariff
dc.contributor.authorShamsher Mohamad Ramadili Mohd
dc.contributor.authorZiyaad Mahomed
dc.date.accessioned2018-12-09T07:46:35Z
dc.date.available2018-12-09T07:46:35Z
dc.date.issued2018
dc.description.abstractThe effects of capital-raising announcements have long been used as an indicator of increased shareholder wealth (Brown and Warner, 1985). Studies on bond announcements, for example, have been largely inconclusive. However, when effects are measured based on bond underlying structure, 'straight and convertible bonds', then the results are more conclusive (Abdul Rahim, 2012). Furthermore, issuances around crisis period are expected to result in negative market reaction as investors prefer liquidity (Fenn, 2000). Sukuk are bond-like instruments that are issued based on the Sharia guidelines and perceived to be less risky due to their risk sharing attribute. Sukuk are issued by the governments and also corporations. Sukuk can either be debt-based or equity-based. The former resembles the conventional bond, and equity-based Sukuk resembles the convertible bonds. It is interesting to ascertain the market reaction to issuance of both type of Sukuk. This study determines the wealth effects of debt-based Sukuk issuances in Indonesia, around crisis period. Sukuk issues have steadily increased in Indonesia, and it is the second largest issuer in 2015 (Zawya, 2015a, 2015b).en_US
dc.identifier.citationMahomed, Z., Ramadili Mohd, S. M., & Ariff, M. (2018). Sukuk announcement effects during financial crisis: the case for Indonesia. Journal of Islamic Accounting and Business Research, 9(4), pp. 567-586.en_US
dc.identifier.doihttps://doi.org/10.1108/JIABR-10-2017-0143
dc.identifier.issn1759-0817
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/3008
dc.languageEnglish
dc.language.isoengen_US
dc.publisherEmerald Publishing Limiteden_US
dc.rights2018. Emerald Publishing Limited
dc.sourceSEDONA
dc.subjectFinancial crisisen_US
dc.subjectIndonesiaen_US
dc.subjectSukuken_US
dc.subjectAnnouncement effecten_US
dc.subjectDebt-based sukuken_US
dc.subjectEquity-based sukuken_US
dc.titleSukuk announcement effects during financial crisis: the case for Indonesiaen_US
dc.typeJournal Articleen_US
dlc.maintopicIslamic capital marketsen_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicIslamic capital marketsen_US
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