Sabia Tabassum, Umra Rashid, Mustafa Raza Rabbani, Miklesh Prasad Yadav
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Quantifying the quantile connectedness among Memecoin, Halal ETF and ESG index
Purpose
The purpose of this paper is to examine the connectedness among Memecoin, Halal exchange traded funds (ETF) and environmental, social and governance (ESG) indexes in different quantiles.
Design/methodology/approach
The authors consider Dogecoin to measure Memecoin while Wahed FTSE USA Shariah ETF (HLAL) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) are used to represent Halaf ETF. Similarly, iShares ESG Aware MSCI USA ETF (ESGU) and Vanguard ESG US Stock (ESGV) proxy the ESG index ETF. The daily price of these examined markets is considered from January 2, 2020, to January 18, 2024. The quantile vector autoregression is deployed for the empirical computation.
Findings
The result reveals that Memecoin (Dogecoin) emerges as the best diversifier irrespective of various quantiles because it is least connected in terms of recipient and transmission of shock. In addition, the authors observe an intriguing observation that the total connectedness in higher quantile is large, followed by lower quantile.
Originality/value
This study is undertaken considering the novelty in the form of the proxies of examined markets along with natural outbreak (COVID-19) and man-made outbreak (Russia–Ukraine invasion) periods.
期刊介绍：
Launched in 2010, Journal of Islamic Marketing (JIMA) was the first journal dedicated to investigating Marketing’s relationship with Islam, in theory and practice, across Muslim majority and minority geographies. JIMA tackles the nuances associated with Muslim consumption patterns, doing business in Muslim markets, and targeting Muslim consumers. When considering the acronyms for the emerging economies to watch: in 2001 it was BRIC (Brazil, Russia, India, and China); and more recently in 2013 MINT (Mexico, Indonesia, Nigeria, Turkey), and CIVETS (Columbia, Indonesia, Vietnam, Egypt, Turkey and South Africa) – then it is apparent that economies with large Muslim populations are growing in importance. One quarter of the world''s population are Muslim, with well over half of Muslims today under the age of 25 - which prompted Miles Young, Global CEO of Ogilvy, to assert that Muslims are the "third one billion", following interest in Indian and Chinese billions, in terms of market opportunities.
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