Yield spread determinants of sukuk and conventional bonds
نویسندگان
چکیده
Despite increased economic turmoil over the past few years, Islamic financial sector including sukuk has shown tremendous growth and stability. This study examines yield spread determinants of conventional bonds. We comparatively assess effects firm- industry-specific variables, bond characteristics, macroeconomic conditions on yield. Our sample data features bonds different maturities issued by 58 publicly traded (listed) firms in Malaysia. For sukuk, primary are firm-specific indicators which indicate lower spreads. Moreover, spreads do not widen with equity volatility, making them less risky than bonds, both firm-level bond-specific characteristics significantly affect Higher leverage shorter maturity is associated low yields Findings this present new insights important policy implications for investors trading regulators governing
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ژورنال
عنوان ژورنال: Economic Modelling
سال: 2021
ISSN: ['0264-9993', '1873-6122']
DOI: https://doi.org/10.1016/j.econmod.2021.105664