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Islamic stocks, conventional stock market, or cryptocurrencies? Looking for a Safe Haven during Covid-19

Author

Listed:
  • Benbekhti Seyf Eddine

    (Université Aboubekr Belkaid - University of Belkaïd Abou Bekr [Tlemcen])

  • Boulila Hadjer

    (Université Aboubekr Belkaid - University of Belkaïd Abou Bekr [Tlemcen])

  • Benbouziane Mohamed

    (Université Aboubekr Belkaid - University of Belkaïd Abou Bekr [Tlemcen])

Abstract

This paper investigates the safe haven potential of Islamic stocks within the context of the London stock market, alongside other prominent hedging assets, namely gold, Brent crude, and Bitcoin, using the M-DCC GARCH model. The study finds that Islamic finance no longer demonstrates robust safe haven characteristics but instead serves as a diversifier during periods of market stability. In contrast, gold exhibits notable hedging properties both prior to the COVID-19 pandemic and during market turmoil, outperforming all assets except Bitcoin

Suggested Citation

  • Benbekhti Seyf Eddine & Boulila Hadjer & Benbouziane Mohamed, 2023. "Islamic stocks, conventional stock market, or cryptocurrencies? Looking for a Safe Haven during Covid-19," Post-Print halshs-04521347, HAL.
    • Handle: RePEc:hal:journl:halshs-04521347
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-04521347
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    File URL: https://shs.hal.science/halshs-04521347/document
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    Keywords

    Islamic stocks safe haven M-DCC GARCH model covid-19. JEL Classification Codes: G11 G15 G17 G21 Islamic stocks conventional stock market or cryptocurrencies? Looking; Islamic stocks; safe haven; M-DCC GARCH model; covid-19. JEL Classification Codes: G11; G15; G17; G21 Islamic stocks; conventional stock market; or cryptocurrencies? Looking;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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