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首页> 外文期刊>Applied Economics >Does an Islamic label cause stock price comovements and commonality in liquidity?
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Does an Islamic label cause stock price comovements and commonality in liquidity?

机译：伊斯兰标签是否会导致股价波动和流动性的共同性？

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摘要

In this article, we examine the effects of shared beliefs and the personal preferences of individual investors on their trading and investment decisions. We expect that the process of classifying stocks into Sharia-compliant (Islamic) and non-Sharia-compliant (conventional) has an effect on the investibility and acceptance of the stocks especially by unsophisticated or individual investors. The wider acceptance of Islamic stocks among individual investors promotes and facilitates the circulation of firm-specific information among certain groups of investors. Our results indicate that stock classification has an effect on stock price comovements through increased stock trading correlation among the groups of Islamic investors. The commonality in preferences among holders of Islamic stocks generates commonality in trading activity and in stock liquidity. We find that classifying a stock as an Islamic stock increases its price comovement with other Islamic stocks and also increases its commonality in liquidity.
机译：在本文中，我们研究了共同信念和个人投资者的个人偏好对其交易和投资决策的影响。我们希望将股票分为符合伊斯兰教义的（伊斯兰）和不符合伊斯兰教义的（常规）股票的过程会影响股票的可投资性和接受性，尤其是那些不老练的个人投资者。个人投资者对伊斯兰股票的更广泛接受，促进并促进了某些投资者群体之间公司特定信息的传播。我们的结果表明，股票分类通过增加伊斯兰投资者群体之间的股票交易相关性而对股票价格走势产生影响。伊斯兰股票持有人的偏好共有性在交易活动和股票流动性方面产生共有性。我们发现将股票归类为伊斯兰股票增加了其与其他伊斯兰股票的价格联动性，也增加了其流动性的共性。

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