International Transmission of Stock Market Movement: Evidence from the Islamic Equity Markets
Bibliographic record
Abstract
This study examines whether the widely accepted conclusion from the generic equity markets, that the emerging equity markets remain segmented from the world markets but exhibit strong intra-regionalleaderships. is also supported from Islamic equity market viewpoint. The new evidence is ,sought through investigating the relationships between Malaysia and most important players in world equity markets, namely the US, the UK, Japan, and Canada as well as the Asia Pacific and several world equity markets. This study utilizes macro levels data of daily closing price index of the Dow Jones Islamic Market (DJIM) indexes from the most recent period of 1999:06 to 2007:06. Using Granger-causality and multiple time series regression tests, it investigates the chain of information leadership within the universe of Malaysia and the rest of the selected markets. The results indicate that the stock prices at time t in Malaysian Islamic equity markets can be better predicted by incorporating information transmitted from the Asia Pacific region (excluding Japan) and World Emerging markets at time t-I and from World Developed markets including the us at time t-5. As for Japan, this market consistently fails to show any significant role in explaining returns on stocks traded in Malaysian Islamic markets. ABSTRAK Kajian ini menguji sama ada kesimpulan paling popular dari pasaran ekuiti generik, iaitu pasaran-pasaran sedang membangun kekal terpencil daripada pasaran dunia tetapi menunjukkan kepimpinan serantau yang agak kukuh, turut disokong dalam konteks pasaran ekuiti Islam. Bukti baru ini dicari dengan mengkaji hubungan antara Malaysia dengan pasaran-pasaran ekuiti terbesar dunia, iaitu AS, Britain, Jepun, dan Kanada serta Asia Pasifik dan juga beberapa pasaran ekuiti dunia. Kajian ini menggunakan data makro indeks harga harian indeks Pasaran Islam Dow Jones (DJIM) bagi tempoh mutakhir antara 1999:06 hingga 2007:06. Menggunakan ujian pimpin lengah Granger dan regresi siri masa berganda. kajian ini mengkaji rantaian kepimpinan maklumat dalam kesejagatan pasaran di Malaysia dan negara negara yang dikaji. Hasil kajian menunjukkan harga saham pada masa t di pasaran ekuiti Islam di Malaysia boleh diramalkan dengan lebih baik selelah mengambilkira maklumat yang disalurkan dari rantau Asia Pasifik (kecuali Jepun) dan pasaran Dunia Sedang Membangun pada masa t-1, dan dari pasaran Dunia Maju termasuk AS pada masa t-5. Sementara itu, Jepun secara konsisten gagal menunjukkan sebarang peranan signifikan dalam menjelaskan pulangan bagi saham Islam yang didagangkan di Malaysia.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.009 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.000 | 0.001 |
| Scholarly communication | 0.001 | 0.002 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.004 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".