Panel (A2): during COVID-19 pandemic | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sample | Initial full sample | First sub-sample | Second sub-sample | Third sub-sample | Fourth sub-sample | |||||
1st case day–April 30 | March 12–March 31 | March 12–April 10 | March 12–April 17 March 12–April 17 | March 12–April 30 | ||||||
Variable | Islamic stock market returns (%) | |||||||||
(1) | (2) | (1) | (2) | (1) | (2) | (1) | (2) | (1) | (2) | |
Growth in confirmed cases | − 0.009* | − 0.010 | − 0.010* | − 0.000 | − 0.011** | − 0.008 | − 0.011** | − 0.008 | − 0.011** | − 0.009 |
(0.080) | (0.144) | (0.061) | (0.983) | (0.021) | (0.308) | (0.025) | (0.242) | (0.018) | (0.146) | |
Democratic accountability | − 0.048 |  | − 0.197 |  | − 0.132 |  | − 0.046 |  | − 0.022 |  |
(0.669) | Â | (0.507) | Â | (0.518) | Â | (0.785) | Â | (0.864) | Â | |
Uncertainty avoidance | − 0.001 |  | 0.008 |  | 0.008 |  | 0.003 |  | 0.003 |  |
(0.871) | Â | (0.704) | Â | (0.535) | Â | (0.761) | Â | (0.678) | Â | |
Investment freedom | 0.009 | Â | 0.022 | Â | 0.016 | Â | 0.013 | Â | 0.010 | Â |
(0.503) | Â | (0.523) | Â | (0.489) | Â | (0.484) | Â | (0.500) | Â | |
Log (GDP) | 0.226 | Â | 0.543 | Â | 0.517 | Â | 0.339 | Â | 0.293 | Â |
(0.386) | Â | (0.426) | Â | (0.253) | Â | (0.364) | Â | (0.304) | Â | |
Constant | − 3.478 | − 0.284 | − 7.192 | 5.468*** | − 9.692 | 1.230 | − 4.457 | 5.007*** | − 3.344 | 5.382*** |
(0.340) | (0.645) | (0.415) | (0.007) | (0.105) | (0.367) | (0.364) | (0.004) | (0.369) | (0.002) | |
Week fixed-effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Country fixed-effects | Â | Yes | Â | Yes | Â | Yes | Â | Yes | Â | Yes |
Number of observations | 564 | 564 | 168 | 168 | 263 | 263 | 329 | 329 | 446 | 446 |
Number of countries | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
R2 | 0.075 | 0.089 | 0.065 | 0.118 | 0.077 | 0.114 | 0.069 | 0.098 | 0.070 | 0.096 |