Conventional vs Islamic bonds announcements: the effects on shareholders' wealth
In this study the impact of Islamic bond and conventional bonds announcement on shareholder wealth was investigated. Data was employed from firms that listed in Bursa Malaysia for the period 2001 to 2006. A standard event study methodology with beta refinement using Blume’s method is employed to ach...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Canadian Center of Science and Education
2009
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| Online Access: | http://psasir.upm.edu.my/id/eprint/13790/1/dc14ca2db6f8136b934959ab5c90978f346c.pdf |
| _version_ | 1825945303709122560 |
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| author | Mohd Ashhari, Zariyawati Loo, Sin Chun Md Nassir, Annuar |
| author_facet | Mohd Ashhari, Zariyawati Loo, Sin Chun Md Nassir, Annuar |
| author_sort | Mohd Ashhari, Zariyawati |
| collection | UPM |
| description | In this study the impact of Islamic bond and conventional bonds announcement on shareholder wealth was investigated. Data was employed from firms that listed in Bursa Malaysia for the period 2001 to 2006. A standard event study methodology with beta refinement using Blume’s method is employed to achieve the objective. The results indicate that there is a wealth effect by the announcement of Islamic bond issues. This is consistent with Mikkelson and Partch (1986) that states certain types of debts lead to abnormal return. The bond offering size appears to have a mild negative impact on the cumulative abnormal return. |
| first_indexed | 2024-03-06T07:29:24Z |
| format | Article |
| id | upm.eprints-13790 |
| institution | Universiti Putra Malaysia |
| language | English |
| last_indexed | 2024-03-06T07:29:24Z |
| publishDate | 2009 |
| publisher | Canadian Center of Science and Education |
| record_format | dspace |
| spelling | upm.eprints-137902018-08-14T08:33:28Z http://psasir.upm.edu.my/id/eprint/13790/ Conventional vs Islamic bonds announcements: the effects on shareholders' wealth Mohd Ashhari, Zariyawati Loo, Sin Chun Md Nassir, Annuar In this study the impact of Islamic bond and conventional bonds announcement on shareholder wealth was investigated. Data was employed from firms that listed in Bursa Malaysia for the period 2001 to 2006. A standard event study methodology with beta refinement using Blume’s method is employed to achieve the objective. The results indicate that there is a wealth effect by the announcement of Islamic bond issues. This is consistent with Mikkelson and Partch (1986) that states certain types of debts lead to abnormal return. The bond offering size appears to have a mild negative impact on the cumulative abnormal return. Canadian Center of Science and Education 2009 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/13790/1/dc14ca2db6f8136b934959ab5c90978f346c.pdf Mohd Ashhari, Zariyawati and Loo, Sin Chun and Md Nassir, Annuar (2009) Conventional vs Islamic bonds announcements: the effects on shareholders' wealth. International Journal of Business and Management, 4 (6). pp. 105-111. ISSN 1833-3850; ESSN: 1833-8119 http://www.ccsenet.org/journal/index.php/ijbm/article/view/1238 10.5539/ijbm.v4n6p105 |
| spellingShingle | Mohd Ashhari, Zariyawati Loo, Sin Chun Md Nassir, Annuar Conventional vs Islamic bonds announcements: the effects on shareholders' wealth |
| title | Conventional vs Islamic bonds announcements: the effects on shareholders' wealth |
| title_full | Conventional vs Islamic bonds announcements: the effects on shareholders' wealth |
| title_fullStr | Conventional vs Islamic bonds announcements: the effects on shareholders' wealth |
| title_full_unstemmed | Conventional vs Islamic bonds announcements: the effects on shareholders' wealth |
| title_short | Conventional vs Islamic bonds announcements: the effects on shareholders' wealth |
| title_sort | conventional vs islamic bonds announcements the effects on shareholders wealth |
| url | http://psasir.upm.edu.my/id/eprint/13790/1/dc14ca2db6f8136b934959ab5c90978f346c.pdf |
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