The empirical study on market liquidity and determinants of Sukuk in Malaysia

The purpose of this study is to examine the relationship between market liquidity and the determinants of sukuk in Malaysia's perspective. In this paper, sukuk's determinants are represented by variables; maturity, coupon rate, age, credit rating, number of trades and amount of trading. A...

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主要作者:	Amirul Hamiza, Abd. Hamid
格式:	Thesis
语言:	eng eng
出版:	2017
主题:	HG Finance
在线阅读:	https://etd.uum.edu.my/7583/1/s810173_01.pdf https://etd.uum.edu.my/7583/2/s810173_02.pdf
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id	my-uum-etd.7583
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Hanafi, Norshafizah
topic	HG Finance
spellingShingle	HG Finance Amirul Hamiza, Abd. Hamid The empirical study on market liquidity and determinants of Sukuk in Malaysia
description	The purpose of this study is to examine the relationship between market liquidity and the determinants of sukuk in Malaysia's perspective. In this paper, sukuk's determinants are represented by variables; maturity, coupon rate, age, credit rating, number of trades and amount of trading. A sample of 933 issued sukuk in Malaysia is collected from secondary data of Bond Pricing of Agency Malaysia (BP AM) and Bond Info hub of Bank Negara Malaysia from period of 2005 to 2015. The sample of issued sukuk is based on Malaysian Ringgit denominated currency and these sukuk are actively traded in the secondary market of Malaysia. The sample is comprises five (5) sectors inclusive government, quasi-government, finance, Asset Backed Securities (ABS) and corporates. There are two (2) measurements of market liquidity used in this study which are the bid-ask spread and the amihud (2002) measure. The empirical results of this study show that age and maturity have positive relationship with sukuk market liquidity and they are significantly correlated. From the analysis, researcher concludes that investors prefer to hold their securities until meet its maturity rather than traded it in the secondary market as it makes the market to be illiquid.
format	Thesis
qualification_name	other
qualification_level	Master's degree
author	Amirul Hamiza, Abd. Hamid
author_facet	Amirul Hamiza, Abd. Hamid
author_sort	Amirul Hamiza, Abd. Hamid
title	The empirical study on market liquidity and determinants of Sukuk in Malaysia
title_short	The empirical study on market liquidity and determinants of Sukuk in Malaysia
title_full	The empirical study on market liquidity and determinants of Sukuk in Malaysia
title_fullStr	The empirical study on market liquidity and determinants of Sukuk in Malaysia
title_full_unstemmed	The empirical study on market liquidity and determinants of Sukuk in Malaysia
title_sort	empirical study on market liquidity and determinants of sukuk in malaysia
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2017
url	https://etd.uum.edu.my/7583/1/s810173_01.pdf https://etd.uum.edu.my/7583/2/s810173_02.pdf
_version_	1747828238402453504
spelling	my-uum-etd.75832021-05-02T01:57:40Z The empirical study on market liquidity and determinants of Sukuk in Malaysia 2017 Amirul Hamiza, Abd. Hamid Hanafi, Norshafizah Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance The purpose of this study is to examine the relationship between market liquidity and the determinants of sukuk in Malaysia's perspective. In this paper, sukuk's determinants are represented by variables; maturity, coupon rate, age, credit rating, number of trades and amount of trading. A sample of 933 issued sukuk in Malaysia is collected from secondary data of Bond Pricing of Agency Malaysia (BP AM) and Bond Info hub of Bank Negara Malaysia from period of 2005 to 2015. The sample of issued sukuk is based on Malaysian Ringgit denominated currency and these sukuk are actively traded in the secondary market of Malaysia. The sample is comprises five (5) sectors inclusive government, quasi-government, finance, Asset Backed Securities (ABS) and corporates. There are two (2) measurements of market liquidity used in this study which are the bid-ask spread and the amihud (2002) measure. The empirical results of this study show that age and maturity have positive relationship with sukuk market liquidity and they are significantly correlated. From the analysis, researcher concludes that investors prefer to hold their securities until meet its maturity rather than traded it in the secondary market as it makes the market to be illiquid. 2017 Thesis https://etd.uum.edu.my/7583/ https://etd.uum.edu.my/7583/1/s810173_01.pdf text eng public https://etd.uum.edu.my/7583/2/s810173_02.pdf text eng public other masters Universiti Utara Malaysia AAOIFI. (2008). Investment Islamic Bonds (Shari'ah Standard No 18). Accounting and Auditing Organization for Islamic Financial Institutions (AAIOFI). 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The empirical study on market liquidity and determinants of Sukuk in Malaysia

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