Is the Islamic unit trust market efficient empirical evidence from Malaysia
Based on Malaysian data covering the period from April 2006 to December 2015, this study investigates the informational efficiency of the Islamic unit trust market. The study considers various types of Islamic unit trust funds and analyses their relationship with selected macroeconomic variables. Th...
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Institutional Investor, Inc
2018
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my.iium.irep.623382019-01-24T06:35:52Z http://irep.iium.edu.my/62338/ Is the Islamic unit trust market efficient empirical evidence from Malaysia Othman, Anwar Hasan Abdullah Abd Aziz, Hassanuddeen Kassim, Salina BP173.75 Islam and economics HB126.4 Islamic Economics HG4501 Stocks, investment, speculation Based on Malaysian data covering the period from April 2006 to December 2015, this study investigates the informational efficiency of the Islamic unit trust market. The study considers various types of Islamic unit trust funds and analyses their relationship with selected macroeconomic variables. The Engle and Granger (1987) and Granger (1969) causality tests are applied to seven models comprising different types of Islamic unit trust funds. Results show that Islamic equity, balance, fixed, and Feeder Funds violate the efficient market hypothesis (EMH), while the Islamic bond, mixed, and money market funds hold for the weak form of EMH. This provides empirical evidence to fund managers and unit-holders considering market efficiency in strategising their trading proficiency in UTFs. These findings also enable authorities to take steps towards improving funds disclosure practices, so that fund prices immediately reflect relevant information. Institutional Investor, Inc 2018 Article NonPeerReviewed application/pdf en http://irep.iium.edu.my/62338/2/62338_Is%20the%20%E2%80%8EIslamic%20unit%20trust%20market%20efficient_MYRA.pdf application/pdf en http://irep.iium.edu.my/62338/3/62338_Is%20the%20%E2%80%8EIslamic%20unit%20trust%20market%20efficient_SCOPUS.pdf application/pdf en http://irep.iium.edu.my/62338/4/62338_Is%20the%20%E2%80%8EIslamic%20unit%20trust%20market%20efficient_Author%20copy.pdf application/pdf en http://irep.iium.edu.my/62338/20/62338_Is%20the%20islamic%20unit%20trust%20market%20efficient.WOS.pdf Othman, Anwar Hasan Abdullah and Abd Aziz, Hassanuddeen and Kassim, Salina (2018) Is the Islamic unit trust market efficient empirical evidence from Malaysia. Journal of Private Equity, 21 (3 (Summer)). pp. 53-68. ISSN 1096-5572 (In Press) http://jpe.iijournals.com/content/early/2018/05/04/jpe.2018.1.068 10.3905/jpe.2018.1.068 |
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Malaysia |
| content_provider |
International Islamic University Malaysia |
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| language |
English English English English |
| topic |
BP173.75 Islam and economics HB126.4 Islamic Economics HG4501 Stocks, investment, speculation |
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BP173.75 Islam and economics HB126.4 Islamic Economics HG4501 Stocks, investment, speculation Othman, Anwar Hasan Abdullah Abd Aziz, Hassanuddeen Kassim, Salina Is the Islamic unit trust market efficient empirical evidence from Malaysia |
| description |
Based on Malaysian data covering the period from April 2006 to December 2015, this study investigates the informational efficiency of the Islamic unit trust market. The study considers various types of Islamic unit trust funds and analyses their relationship with selected macroeconomic variables. The Engle and Granger (1987) and Granger (1969) causality tests are applied to seven models comprising different types of Islamic unit trust funds. Results show that Islamic equity, balance, fixed, and Feeder Funds violate the efficient market hypothesis (EMH), while the Islamic bond, mixed, and money market funds hold for the weak form of EMH. This provides empirical evidence to fund managers and unit-holders considering market efficiency in strategising their trading proficiency in UTFs. These findings also enable authorities to take steps towards improving funds disclosure practices, so that fund prices immediately reflect relevant information. |
| format |
Article |
| author |
Othman, Anwar Hasan Abdullah Abd Aziz, Hassanuddeen Kassim, Salina |
| author_facet |
Othman, Anwar Hasan Abdullah Abd Aziz, Hassanuddeen Kassim, Salina |
| author_sort |
Othman, Anwar Hasan Abdullah |
| title |
Is the Islamic unit trust market efficient empirical evidence from Malaysia |
| title_short |
Is the Islamic unit trust market efficient empirical evidence from Malaysia |
| title_full |
Is the Islamic unit trust market efficient empirical evidence from Malaysia |
| title_fullStr |
Is the Islamic unit trust market efficient empirical evidence from Malaysia |
| title_full_unstemmed |
Is the Islamic unit trust market efficient empirical evidence from Malaysia |
| title_sort |
is the islamic unit trust market efficient empirical evidence from malaysia |
| publisher |
Institutional Investor, Inc |
| publishDate |
2018 |
| url |
http://irep.iium.edu.my/62338/2/62338_Is%20the%20%E2%80%8EIslamic%20unit%20trust%20market%20efficient_MYRA.pdf http://irep.iium.edu.my/62338/3/62338_Is%20the%20%E2%80%8EIslamic%20unit%20trust%20market%20efficient_SCOPUS.pdf http://irep.iium.edu.my/62338/4/62338_Is%20the%20%E2%80%8EIslamic%20unit%20trust%20market%20efficient_Author%20copy.pdf http://irep.iium.edu.my/62338/20/62338_Is%20the%20islamic%20unit%20trust%20market%20efficient.WOS.pdf http://irep.iium.edu.my/62338/ http://jpe.iijournals.com/content/early/2018/05/04/jpe.2018.1.068 |
| _version_ |
1643618787614785536 |
| score |
13.211869 |