{"id":"https://openalex.org/W248262385","doi":"https://doi.org/10.15388/omee.2014.5.1.14244","title":"Conventional Vs. Islamic Finance: the Impact of Ramadan Upon Sharia-compliant Markets","display_name":"Conventional Vs. Islamic Finance: the Impact of Ramadan Upon Sharia-compliant Markets","publication_year":2014,"publication_date":"2014-05-30","ids":{"openalex":"https://openalex.org/W248262385","doi":"https://doi.org/10.15388/omee.2014.5.1.14244","mag":"248262385"},"language":"en","primary_location":{"id":"doi:10.15388/omee.2014.5.1.14244","doi":"https://doi.org/10.15388/omee.2014.5.1.14244","is_oa":true,"landing_page_url":"https://doi.org/10.15388/omee.2014.5.1.14244","pdf_url":null,"source":{"id":"https://openalex.org/S4210221741","display_name":"Organizations and Markets in Emerging Economies","issn_l":"2029-4581","issn":["2029-4581","2345-0037"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","ddh","doaj","erih-plus","poland-20","russia-white-list-3"],"host_organization":"https://openalex.org/P4310317512","host_organization_name":"Vilnius University","host_organization_lineage":["https://openalex.org/P4310317512"],"host_organization_lineage_names":["Vilnius University"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Organizations and Markets in Emerging Economies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.15388/omee.2014.5.1.14244","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5035866308","display_name":"Matthew C. Mitchell","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I87213936","display_name":"Drake University","ror":"https://ror.org/001skmk61","country_code":"US","type":"education","lineage":["https://openalex.org/I87213936"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Matthew C. Mitchell","raw_affiliation_strings":["Drake University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Drake University","institution_ids":["https://openalex.org/I87213936"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5023553128","display_name":"Muhamad Iqbal Mohd Rafi","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I87213936","display_name":"Drake University","ror":"https://ror.org/001skmk61","country_code":"US","type":"education","lineage":["https://openalex.org/I87213936"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Muhamad Iqbal Mohd Rafi","raw_affiliation_strings":["Drake University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Drake University","institution_ids":["https://openalex.org/I87213936"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5052567172","display_name":"Sean Severe","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I87213936","display_name":"Drake University","ror":"https://ror.org/001skmk61","country_code":"US","type":"education","lineage":["https://openalex.org/I87213936"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Sean Severe","raw_affiliation_strings":["Drake University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Drake University","institution_ids":["https://openalex.org/I87213936"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5011146013","display_name":"Jeffrey A. Kappen","orcid":"https://orcid.org/0000-0002-7420-5987","observed_orcids":["https://orcid.org/0000-0002-7420-5987"]},"institutions":[{"id":"https://openalex.org/I87213936","display_name":"Drake University","ror":"https://ror.org/001skmk61","country_code":"US","type":"education","lineage":["https://openalex.org/I87213936"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Jeffrey Kappen","raw_affiliation_strings":["Drake University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Drake University","institution_ids":["https://openalex.org/I87213936"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I87213936"],"apc_list":null,"apc_paid":null,"fwci":6.7442,"has_fulltext":false,"cited_by_count":12,"citation_normalized_percentile":{"value":0.96131454,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"5","issue":"1","first_page":"105","last_page":"124"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11365","display_name":"Islamic Finance and Banking Studies","score":0.9731000065803528,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11365","display_name":"Islamic Finance and Banking Studies","score":0.9731000065803528,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.024000000208616257,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11326","display_name":"Stock Market Forecasting Methods","score":0.0007999999797903001,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/ramadan-effect","display_name":"Ramadan effect","score":0.7919999957084656},{"id":"https://openalex.org/keywords/islamic-finance","display_name":"Islamic finance","score":0.9539999961853027},{"id":"https://openalex.org/keywords/sharia-compliant-stocks","display_name":"Sharia-compliant stocks","score":0.9829999804496765},{"id":"https://openalex.org/keywords/conventional-stocks","display_name":"conventional stocks","score":0.7419999837875366},{"id":"https://openalex.org/keywords/stock-market-performance","display_name":"stock market performance","score":0.7609999775886536},{"id":"https://openalex.org/keywords/muslim-countries","display_name":"Muslim-majority countries","score":0.6639999747276306}],"concepts":[{"id":"https://openalex.org/C168702047","wikidata":"https://www.wikidata.org/wiki/Q482752","display_name":"Sharia","level":3,"score":0.8344113826751709},{"id":"https://openalex.org/C4445939","wikidata":"https://www.wikidata.org/wiki/Q432","display_name":"Islam","level":2,"score":0.7205374836921692},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5555809736251831},{"id":"https://openalex.org/C2991718497","wikidata":"https://www.wikidata.org/wiki/Q457753","display_name":"Islamic finance","level":3,"score":0.5528624653816223},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.4942043125629425},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.48746347427368164},{"id":"https://openalex.org/C164429055","wikidata":"https://www.wikidata.org/wiki/Q2070165","display_name":"Institutionalisation","level":2,"score":0.46244508028030396},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.46131300926208496},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.3965156078338623},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3511572480201721},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2662193775177002},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.19037878513336182},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.10014417767524719},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.09178116917610168},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.15388/omee.2014.5.1.14244","doi":"https://doi.org/10.15388/omee.2014.5.1.14244","is_oa":true,"landing_page_url":"https://doi.org/10.15388/omee.2014.5.1.14244","pdf_url":null,"source":{"id":"https://openalex.org/S4210221741","display_name":"Organizations and Markets in Emerging Economies","issn_l":"2029-4581","issn":["2029-4581","2345-0037"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","ddh","doaj","erih-plus","poland-20","russia-white-list-3"],"host_organization":"https://openalex.org/P4310317512","host_organization_name":"Vilnius University","host_organization_lineage":["https://openalex.org/P4310317512"],"host_organization_lineage_names":["Vilnius University"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Organizations and Markets in Emerging Economies","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:vul:omefvu:v:5:y:2014:i:1:id:165","doi":null,"is_oa":false,"landing_page_url":"http://www.om.evaf.vu.lt/cms/cache/RePEc_files/article_59.pdf","pdf_url":"http://www.om.evaf.vu.lt/cms/cache/RePEc_files/article_59.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:doaj.org/article:7e7a9bd7ca6a44958c24f73599dc0995","doi":null,"is_oa":false,"landing_page_url":"https://doaj.org/article/7e7a9bd7ca6a44958c24f73599dc0995","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Organizations and Markets in Emerging Economies, Vol 5, Iss 1 (2014)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.15388/omee.2014.5.1.14244","doi":"https://doi.org/10.15388/omee.2014.5.1.14244","is_oa":true,"landing_page_url":"https://doi.org/10.15388/omee.2014.5.1.14244","pdf_url":null,"source":{"id":"https://openalex.org/S4210221741","display_name":"Organizations and Markets in Emerging Economies","issn_l":"2029-4581","issn":["2029-4581","2345-0037"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","ddh","doaj","erih-plus","poland-20","russia-white-list-3"],"host_organization":"https://openalex.org/P4310317512","host_organization_name":"Vilnius University","host_organization_lineage":["https://openalex.org/P4310317512"],"host_organization_lineage_names":["Vilnius University"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Organizations and Markets in Emerging Economies","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":26,"referenced_works":["https://openalex.org/W8202562","https://openalex.org/W149545447","https://openalex.org/W581795427","https://openalex.org/W1483854776","https://openalex.org/W1501158395","https://openalex.org/W1527195132","https://openalex.org/W1986340080","https://openalex.org/W1988478840","https://openalex.org/W2024119477","https://openalex.org/W2028513078","https://openalex.org/W2032187103","https://openalex.org/W2033190199","https://openalex.org/W2046037595","https://openalex.org/W2077740682","https://openalex.org/W2078236117","https://openalex.org/W2101182802","https://openalex.org/W2128211964","https://openalex.org/W2130162792","https://openalex.org/W2130988530","https://openalex.org/W2165588192","https://openalex.org/W2290458329","https://openalex.org/W2738127103","https://openalex.org/W3121142430","https://openalex.org/W3121264668","https://openalex.org/W4240307802","https://openalex.org/W4244772168"],"related_works":["https://openalex.org/W7155196200","https://openalex.org/W4308935095","https://openalex.org/W7134972313","https://openalex.org/W2768934891","https://openalex.org/W3157344144","https://openalex.org/W7117428154","https://openalex.org/W4388311379","https://openalex.org/W1993300382","https://openalex.org/W7111301555","https://openalex.org/W2178406926"],"abstract_inverted_index":{"The":[0,118],"Islamic":[1],"financial":[2,38,76,184],"industry":[3],"is":[4,17,120],"growing":[5,42],"at":[6],"a":[7,41,96,108],"rate":[8],"50%":[9],"faster":[10],"than":[11],"that":[12,151],"of":[13,28,35,69,74,88,99,134,158,178],"conventional":[14,55,93],"banking":[15],"and":[16,33,49,101,116,129,148,171,181],"expected":[18],"to":[19,44,84,91,127],"be":[20],"worth":[21],"USD":[22],"2.1":[23],"trillion":[24],"by":[25,64],"the":[26,67,72,86,123,132,139,145,156,159,174],"end":[27],"2014.":[29],"This":[30,58,142],"rapid":[31],"growth":[32],"institutionalization":[34],"an":[36,81],"alternative":[37],"market":[39,56],"highlights":[40],"need":[43],"further":[45],"investigate":[46],"Sharia-compliant":[47,75,89],"markets":[48],"how":[50],"they":[51],"compare":[52,85],"with":[53,167],"their":[54,92],"counterparts.":[57],"paper":[59],"investigates":[60],"this":[61,179],"broad":[62],"relationship":[63],"focusing":[65],"on":[66,138],"effects":[68],"Ramadan":[70,110],"upon":[71],"performance":[73,87],"instruments.":[77],"Specifically,":[78],"we":[79],"utilize":[80],"event-study":[82],"methodology":[83],"stocks":[90],"counterparts":[94],"across":[95],"large":[97],"sample":[98],"countries":[100,115],"regions.":[102,117],"We":[103],"find":[104],"strong":[105],"evidence":[106],"for":[107],"significant":[109],"effect":[111,119],"within":[112],"Muslim":[113],"majority":[114],"strongest":[121],"in":[122],"days":[124],"leading":[125],"up":[126],"Ramadan,":[128],"also":[130],"around":[131],"beginning":[133],"Ramadan\u2019s":[135],"third":[136],"Ashra":[137],"20th":[140],"day.":[141],"timing":[143],"reflects":[144],"mental,":[146],"emotional":[147],"practical":[149],"preparations":[150],"individuals":[152],"go":[153],"through":[154],"during":[155],"course":[157],"month-long":[160],"observance.":[161],"These":[162],"results":[163],"are":[164],"not":[165],"consistent":[166],"traditional":[168],"economic":[169],"expectations":[170],"therefore":[172],"reflect":[173],"unique":[175],"socially-embedded":[176],"nature":[177],"emerging":[180],"religiously":[182],"inspired":[183],"system.":[185]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":2},{"year":2023,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":3},{"year":2015,"cited_by_count":2}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}