دانلود مقاله ISI انگلیسی شماره 40869
ترجمه فارسی عنوان مقاله

آیا شاخص های سهام اسلامی داو جونز در معرض ریسک نرخ بهره هستند؟

عنوان انگلیسی
Are Dow Jones Islamic equity indices exposed to interest rate risk?
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
40869 2014 9 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Economic Modelling, Volume 39, April 2014, Pages 273–281

ترجمه کلمات کلیدی
شاخص بازار اسلامی جونز - سرمایه گذاری اخلاقی - ریسک نرخ بهره
کلمات کلیدی انگلیسی
G10; G12Dow Jones Islamic Market Index; Ethical investment; Interest rate risk
پیش نمایش مقاله
پیش نمایش مقاله  آیا شاخص های سهام اسلامی داو جونز در معرض ریسک نرخ بهره هستند؟

چکیده انگلیسی

The Dow Jones Islamic Market indices (DJIMI) are constructed by screening out stocks that are incompatible with Islam's prohibition of interest and certain lines of business. However, as a blunt instrument, the interest rate can affect discounted cash flows of any firm, even a firm with no financial leverage. This study reveals that the aggregate portfolio of Islamic stocks is immune to interest rate risk. However, at the sectoral level some Islamic equity portfolios demonstrate exposure to interest rate risk. Overall, evidence of interest rate risk exposure is less pronounced among Islamic sector portfolios than that of their mainstream counterparts—the Dow Jones World sector indices. The results also hold when interest rate risk is assessed in terms of the sensitivity of the DJIMI return to changes in level, slope and curvature of the interest rate term structure.