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Does faith move stock markets? Evidence from Saudi Arabia

Alessandra Canepa () and Abdullah Ibnrubbian

The Quarterly Review of Economics and Finance, 2014, vol. 54, issue 4, 538-550

Abstract: This paper investigates the effects of religious beliefs on stock prices. Our findings support the viewpoint that the religious tenets have important bearing on portfolio choices of investors. It is found that Shariah-compliant stocks have higher return and volatility than their non-Shariah compliant counterparts.

Keywords: Islamic religion; Stock returns; Volatility; Stochastic Dominance; Saudi Arabia (search for similar items in EconPapers)
JEL-codes: C11 C22 G11 (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1016/j.qref.2014.04.002

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Handle: RePEc:eee:quaeco:v:54:y:2014:i:4:p:538-550