探索马来西亚伊斯兰债券和传统债券之间的收益率差

IF 1.2 Q3 BUSINESS, FINANCE

Journal of Emerging Market Finance Pub Date : 2020-11-13 DOI:10.1177/0972652720969519

N. Asmuni, K. S. Tan

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引用次数: 1

摘要

本文旨在阐明马来西亚市场上传统债券和伊斯兰债券的收益率差异。我们发现政府发行的伊斯兰债券的历史收益率明显高于传统债券。相反，在公司发行的伊斯兰债券和所有评级类别的债券之间存在轻微的收益率差折扣。我们认为流动性因素是政府发行的伊斯兰债券收益率正差的主要原因。我们还说明了税收和费用对资产定价的影响，这可能有助于公司发行的利差贴现。JEL分类:E43, G12, G13

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Exploring the Yield Spread Between Sukuk and Conventional Bonds in Malaysia

This article aims to shed light on the differences in yield rate between conventional bond and sukuk in the Malaysian market. We find that the historical yield rates for the government-issued sukuk is significantly higher than the conventional bond. Conversely, there is a slight yield spread discount between the corporate-issued sukuk and bonds for all rating classes. We conclude that liquidity factor can mainly explain the positive yield spread on the government-issued sukuk. We also illustrate the effect of tax and expenses on asset pricing, which may contribute to the yield spread discount for corporate issuance. JEL Classification: E43, G12, G13

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来源期刊

Journal of Emerging Market Finance BUSINESS, FINANCE-

CiteScore

1.80

自引率

33.30%

发文量

期刊介绍： The Journal of Emerging Market Finance is a forum for debate and discussion on the theory and practice of finance in emerging markets. While the emphasis is on articles that are of practical significance, the journal also covers theoretical and conceptual aspects relating to emerging financial markets. Peer-reviewed, the journal is equally useful to practitioners and to banking and investment companies as to scholars.