Table 3 Summary statistics of Islamic and conventional stock market returns (%) across countries
Country | Index | Panel (A): overall period | Panel (A1): before COVID-19 pandemic | Panel (A2): during COVID-19 pandemic | t-test during versus before (periods) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
t-value | (p-value) | ||||||||||||||
Obs | Mean | SD | Paired | Obs | Mean | SD | Paired | Obs | Mean | SD | Paired t-test | Is-during versus Is-before Co-during versus co-before | |||
t-test | t-test | Is versus Co | |||||||||||||
Is versus Co | Is versus Co | ||||||||||||||
Bangladesh | Islamic | 143 | − 0.162 | 1.658 | − 0.250 | 130 | − 0.124 | 1.104 | 0.095 | 13 | − 0.540 | 4.389 | − 1.134 | − 0.862 | (0.389) |
Conventional | 143 | − 0.154 | 1.621 | (0.802) | 130 | − 0.127 | 1.051 | (0.924) | 13 | − 0.430 | 4.374 | (0.278) | − 0.642 | (0.521) | |
Canada | Islamic | 167 | 0.033 | 2.099 | 0.810 | 100 | 0.061 | 0.610 | − 0.117 | 67 | − 0.007 | 3.243 | 0.886 | − 0.205 | (0.837) |
Conventional | 167 | − 0.027 | 2.451 | (0.419) | 100 | 0.065 | 0.375 | (0.906) | 67 | − 0.166 | 3.856 | (0.378) | − 0.599 | (0.549) | |
China | Islamic | 159 | 0.127 | 1.371 | 0.710 | 101 | 0.126 | 0.864 | − 0.552 | 58 | 0.128 | 1.976 | 0.902 | 0.008 | (0.993) |
Conventional | 159 | 0.064 | 1.608 | (0.478) | 101 | 0.148 | 0.910 | (0.582) | 58 | − 0.082 | 2.383 | (0.370) | − 0.871 | (0.385) | |
India | Islamic | 173 | 0.010 | 2.292 | 1.046 | 107 | 0.129 | 1.078 | 0.884 | 66 | − 0.183 | 3.456 | 0.631 | − 0.873 | (0.383) |
Conventional | 173 | − 0.036 | 2.066 | (0.296) | 107 | 0.090 | 0.857 | (0.378) | 66 | − 0.242 | 3.167 | (0.529) | − 1.028 | (0.305) | |
Indonesia | Islamic | 168 | − 0.128 | 2.271 | 0.539 | 126 | − 0.167 | 0.995 | − 1.217 | 42 | − 0.009 | 4.239 | 1.465 | 0.389 | (0.697) |
Conventional | 168 | − 0.160 | 1.733 | (0.590) | 126 | − 0.115 | 0.739 | (0.225) | 42 | − 0.294 | 3.246 | (0.150) | − 0.578 | (0.564) | |
Japan | Islamic | 167 | 0.004 | 1.453 | 0.668 | 99 | 0.166 | 0.679 | 1.878* | 68 | − 0.232 | 2.113 | − 0.300 | − 1.756* | (0.080) |
Conventional | 167 | − 0.006 | 1.435 | (0.505) | 99 | 0.141 | 0.666 | (0.063) | 68 | − 0.222 | 2.093 | (0.764) | − 1.614 | (0.108) | |
Kuwait | Islamic | 136 | − 0.090 | 2.225 | 0.839 | 98 | 0.055 | 1.001 | 0.179 | 38 | − 0.467 | 3.903 | 0.999 | − 1.231 | (0.220) |
Conventional | 136 | − 0.123 | 2.162 | (0.402) | 98 | 0.048 | 0.917 | (0.857) | 38 | − 0.568 | 3.817 | (0.323) | − 1.499 | (0.136) | |
Malaysia | Islamic | 167 | − 0.038 | 1.142 | 1.285 | 99 | − 0.011 | 0.564 | 0.451 | 68 | − 0.078 | 1.662 | 1.249 | − 0.372 | (0.710) |
Conventional | 167 | − 0.074 | 1.165 | (0.200) | 99 | − 0.023 | 0.510 | (0.652) | 68 | − 0.148 | 1.724 | (0.215) | − 0.682 | (0.495) | |
Nigeria | Islamic | 167 | − 0.030 | 1.286 | 0.287 | 124 | 0.068 | 1.100 | 0.013 | 43 | − 0.315 | 1.698 | 0.402 | − 1.696* | (0.091) |
Conventional | 167 | − 0.050 | 1.251 | (0.774) | 124 | 0.067 | 0.917 | (0.989) | 43 | − 0.390 | 1.888 | (0.689) | − 2.086** | (0.038) | |
Pakistan | Islamic | 169 | 0.131 | 2.145 | 0.805 | 124 | 0.221 | 1.383 | 0.202 | 45 | − 0.116 | 3.483 | 0.869 | − 0.904 | (0.367) |
Conventional | 169 | 0.099 | 1.812 | (0.421) | 124 | 0.214 | 1.196 | (0.839) | 45 | − 0.217 | 2.898 | (0.389) | − 1.373 | (0.171) | |
Qatar | Islamic | 170 | − 0.071 | 1.227 | 0.381 | 126 | − 0.084 | 0.615 | − 1.194 | 44 | − 0.036 | 2.195 | 1.374 | 0.219 | (0.826) |
Conventional | 170 | − 0.082 | 1.307 | (0.703) | 126 | − 0.057 | 0.639 | (0.234) | 44 | − 0.152 | 2.350 | (0.176) | − 0.412 | (0.680) | |
Taiwan | Islamic | 159 | − 0.010 | 1.461 | − 1.748* | 96 | 0.108 | 0.609 | − 1.463 | 63 | − 0.191 | 2.194 | − 0.976 | − 1.268 | (0.206) |
Conventional | 159 | 0.048 | 1.500 | (0.082) | 96 | 0.170 | 0.736 | (0.146) | 63 | − 0.136 | 2.202 | (0.332) | − 1.261 | (0.209) | |
Thailand | Islamic | 166 | − 0.102 | 2.166 | 0.225 | 96 | − 0.021 | 0.732 | 0.748 | 70 | − 0.214 | 3.234 | 0.060 | − 0.563 | (0.573) |
Conventional | 166 | − 0.124 | 1.990 | (0.821) | 96 | − 0.049 | 0.664 | (0.455) | 70 | − 0.227 | 2.974 | (0.952) | − 0.568 | (0570) | |
Turkey | Islamic | 171 | 0.234 | 1.827 | 2.837*** | 136 | 0.209 | 1.352 | 2.755*** | 35 | 0.330 | 3.070 | 1.237 | 0.347 | (0.728) |
Conventional | 171 | 0.041 | 1.738 | (0.005) | 136 | 0.041 | 1.435 | (0.006) | 35 | 0.038 | 2.631 | (0.224) | − 0.009 | (0.992) | |
UAE | Islamic | 134 | − 0.044 | 1.501 | 0.178 | 79 | 0.085 | 0.738 | − 0.159 | 55 | − 0.229 | 2.168 | 0.236 | − 1.195 | (0.234) |
Conventional | 134 | − 0.080 | 1.928 | (0.858) | 79 | 0.101 | 0.855 | (0.873) | 55 | − 0.342 | 2.825 | (0.813) | − 1.315 | (0.190) | |
Total | Islamic | 2416 | − 0.006 | 1.788 | 1.982** | 1641 | 0.051 | 0.962 | 0.793 | 775 | − 0.129 | 2.828 | 1.820* | − 2.324** | (0.020) |
Conventional | 2416 | − 0.042 | 1.744 | (0.047) | 1641 | 0.042 | 0.894 | (0.427) | 775 | − 0.221 | 2.783 | (0.069) | − 3.484*** | (0.000) | |