{"id":"https://openalex.org/W4285031418","doi":"https://doi.org/10.1002/rfe.1153","title":"Are Islamic investments still safe assets during the COVID\u201019 pandemic?","display_name":"Are Islamic investments still safe assets during the COVID\u201019 pandemic?","publication_year":2022,"publication_date":"2022-07-01","ids":{"openalex":"https://openalex.org/W4285031418","doi":"https://doi.org/10.1002/rfe.1153"},"language":"en","primary_location":{"id":"doi:10.1002/rfe.1153","doi":"https://doi.org/10.1002/rfe.1153","is_oa":false,"landing_page_url":"https://doi.org/10.1002/rfe.1153","pdf_url":null,"source":{"id":"https://openalex.org/S105710273","display_name":"Review of Financial Economics","issn_l":"1058-3300","issn":["1058-3300","1873-5924"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Economics","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://pmc.ncbi.nlm.nih.gov/articles/PMC9350073/","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5067520381","display_name":"Ashraf Ali Khan","orcid":"https://orcid.org/0000-0001-9758-3625","observed_orcids":["https://orcid.org/0000-0001-9758-3625","https://orcid.org/0000-0002-0084-0240"]},"institutions":[{"id":"https://openalex.org/I134784518","display_name":"Institute of Business Administration Karachi","ror":"https://ror.org/03egfpm06","country_code":"PK","type":"education","lineage":["https://openalex.org/I134784518"]}],"countries":["PK"],"is_corresponding":false,"raw_author_name":"Ashraf Khan","raw_affiliation_strings":["Department of Finance Institute of Business Administration Karachi Pakistan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance Institute of Business Administration Karachi Pakistan","institution_ids":["https://openalex.org/I134784518"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5076771594","display_name":"Stefano Piser\u00e0","orcid":"https://orcid.org/0000-0003-2015-9038","observed_orcids":["https://orcid.org/0000-0003-2015-9038"]},"institutions":[{"id":"https://openalex.org/I129043915","display_name":"University of Udine","ror":"https://ror.org/05ht0mh31","country_code":"IT","type":"education","lineage":["https://openalex.org/I129043915"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Stefano Piser\u00e0","raw_affiliation_strings":["Department of Economics and Statistics University of Udine Udine Italy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics and Statistics University of Udine Udine Italy","institution_ids":["https://openalex.org/I129043915"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5088246695","display_name":"Laura Chiaramonte","orcid":"https://orcid.org/0000-0003-3291-7596","observed_orcids":["https://orcid.org/0000-0003-3291-7596"]},"institutions":[{"id":"https://openalex.org/I119439378","display_name":"University of Verona","ror":"https://ror.org/039bp8j42","country_code":"IT","type":"education","lineage":["https://openalex.org/I119439378"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Laura Chiaramonte","raw_affiliation_strings":["Department of Business Administration University of Verona Verona Italy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Business Administration University of Verona Verona Italy","institution_ids":["https://openalex.org/I119439378"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5021567934","display_name":"Alberto Dreassi","orcid":"https://orcid.org/0000-0003-3760-3254","observed_orcids":["https://orcid.org/0000-0003-3760-3254"]},"institutions":[{"id":"https://openalex.org/I142444530","display_name":"University of Trieste","ror":"https://ror.org/02n742c10","country_code":"IT","type":"education","lineage":["https://openalex.org/I142444530"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Alberto Dreassi","raw_affiliation_strings":["Department of Economics, Business, Mathematics and Statistics University of Trieste Trieste Italy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, Business, Mathematics and Statistics University of Trieste Trieste Italy","institution_ids":["https://openalex.org/I142444530"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5068989741","display_name":"Andrea Paltrinieri","orcid":"https://orcid.org/0000-0002-8172-9199","observed_orcids":["https://orcid.org/0000-0002-8172-9199"]},"institutions":[{"id":"https://openalex.org/I103320735","display_name":"Universit\u00e0 Cattolica del Sacro Cuore","ror":"https://ror.org/03h7r5v07","country_code":"IT","type":"education","lineage":["https://openalex.org/I103320735"]}],"countries":["IT"],"is_corresponding":true,"raw_author_name":"Andrea Paltrinieri","raw_affiliation_strings":["Department of Economics and Business Administration Universit\u00e0 Cattolica del Sacro Cuore  Milan Italy"],"raw_orcid":"https://orcid.org/0000-0002-8172-9199","affiliations":[{"raw_affiliation_string":"Department of Economics and Business Administration Universit\u00e0 Cattolica del Sacro Cuore  Milan Italy","institution_ids":["https://openalex.org/I103320735"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":5,"corresponding_author_ids":["https://openalex.org/A5068989741"],"corresponding_institution_ids":["https://openalex.org/I103320735"],"apc_list":{"value":3050,"currency":"USD","value_usd":3050},"apc_paid":null,"fwci":2.4905,"has_fulltext":false,"cited_by_count":12,"citation_normalized_percentile":{"value":0.88719254,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"40","issue":"3","first_page":"281","last_page":"299"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11365","display_name":"Islamic Finance and Banking Studies","score":0.7095000147819519,"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":0.7095000147819519,"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/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.17970000207424164,"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/T11059","display_name":"Market Dynamics and Volatility","score":0.05530000105500221,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/islamic-investment","display_name":"Islamic investment","score":0.7350000143051147},{"id":"https://openalex.org/keywords/safe-haven-assets","display_name":"safe-haven assets","score":0.9559999704360962},{"id":"https://openalex.org/keywords/covid-19","display_name":"COVID-19 pandemic","score":0.9700000286102295},{"id":"https://openalex.org/keywords/volatility","display_name":"volatility","score":0.7440000176429749},{"id":"https://openalex.org/keywords/volatility-persistence","display_name":"volatility persistence","score":0.9369999766349792},{"id":"https://openalex.org/keywords/dcc-garch","display_name":"DCC-GARCH","score":0.6959999799728394},{"id":"https://openalex.org/keywords/financial-crises","display_name":"financial crisis","score":0.4390000104904175}],"concepts":[{"id":"https://openalex.org/C23922673","wikidata":"https://www.wikidata.org/wiki/Q180752","display_name":"Autoregressive conditional heteroskedasticity","level":3,"score":0.6833575367927551},{"id":"https://openalex.org/C4445939","wikidata":"https://www.wikidata.org/wiki/Q432","display_name":"Islam","level":2,"score":0.6242881417274475},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.584632933139801},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.5814715623855591},{"id":"https://openalex.org/C3008058167","wikidata":"https://www.wikidata.org/wiki/Q84263196","display_name":"Coronavirus disease 2019 (COVID-19)","level":4,"score":0.563958466053009},{"id":"https://openalex.org/C2992712416","wikidata":"https://www.wikidata.org/wiki/Q7398532","display_name":"Safe haven","level":2,"score":0.5445170998573303},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.476792573928833},{"id":"https://openalex.org/C89623803","wikidata":"https://www.wikidata.org/wiki/Q12184","display_name":"Pandemic","level":5,"score":0.4308677315711975},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.425595223903656},{"id":"https://openalex.org/C2991718497","wikidata":"https://www.wikidata.org/wiki/Q457753","display_name":"Islamic finance","level":3,"score":0.41971254348754883},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4001302421092987},{"id":"https://openalex.org/C47768531","wikidata":"https://www.wikidata.org/wiki/Q1127188","display_name":"Development economics","level":1,"score":0.3747815489768982},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3527296185493469},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.28274089097976685},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.2721429765224457},{"id":"https://openalex.org/C524204448","wikidata":"https://www.wikidata.org/wiki/Q788926","display_name":"Infectious disease (medical specialty)","level":3,"score":0.0},{"id":"https://openalex.org/C142724271","wikidata":"https://www.wikidata.org/wiki/Q7208","display_name":"Pathology","level":1,"score":0.0},{"id":"https://openalex.org/C2779134260","wikidata":"https://www.wikidata.org/wiki/Q12136","display_name":"Disease","level":2,"score":0.0},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":6,"locations":[{"id":"doi:10.1002/rfe.1153","doi":"https://doi.org/10.1002/rfe.1153","is_oa":false,"landing_page_url":"https://doi.org/10.1002/rfe.1153","pdf_url":null,"source":{"id":"https://openalex.org/S105710273","display_name":"Review of Financial Economics","issn_l":"1058-3300","issn":["1058-3300","1873-5924"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Economics","raw_type":"journal-article"},{"id":"pmh:oai:pubmedcentral.nih.gov:9350073","doi":null,"is_oa":true,"landing_page_url":"https://pmc.ncbi.nlm.nih.gov/articles/PMC9350073/","pdf_url":null,"source":{"id":"https://openalex.org/S2764455111","display_name":"PubMed Central","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1299303238","host_organization_name":"National Institutes of Health","host_organization_lineage":["https://openalex.org/I1299303238"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Economics","raw_type":"Text"},{"id":"pmh:oai:air.uniud.it:11390/1229710","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/11390/1229710","pdf_url":null,"source":{"id":"https://openalex.org/S4306401163","display_name":"Institutional Research Information System (University of Udine)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I129043915","host_organization_name":"University of Udine","host_organization_lineage":["https://openalex.org/I129043915"],"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":"info:eu-repo/semantics/article"},{"id":"pmh:oai:arts.units.it:11368/3027550","doi":null,"is_oa":false,"landing_page_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/rfe.1153","pdf_url":null,"source":{"id":"https://openalex.org/S4306400480","display_name":"ArTS Archivio della ricerca di Trieste (University of Trieste https://www.units.it/)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I142444530","host_organization_name":"University of Trieste","host_organization_lineage":["https://openalex.org/I142444530"],"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":"info:eu-repo/semantics/article"},{"id":"pmh:oai:iris.unige.it:11567/1112118","doi":null,"is_oa":false,"landing_page_url":"https://hdl.handle.net/11567/1112118","pdf_url":null,"source":{"id":"https://openalex.org/S4377196291","display_name":"CINECA IRIS Institutial Research Information System (University of Genoa)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I83816512","host_organization_name":"University of Genoa","host_organization_lineage":["https://openalex.org/I83816512"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:iris.unive.it:10278/5055980","doi":null,"is_oa":false,"landing_page_url":"https://hdl.handle.net/10278/5055980","pdf_url":null,"source":{"id":"https://openalex.org/S4306402336","display_name":"ARCA (Universit\u00e0 Ca' Foscari Venezia)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I149461666","host_organization_name":"Ca' Foscari University of Venice","host_organization_lineage":["https://openalex.org/I149461666"],"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":"info:eu-repo/semantics/article"}],"best_oa_location":{"id":"pmh:oai:pubmedcentral.nih.gov:9350073","doi":null,"is_oa":true,"landing_page_url":"https://pmc.ncbi.nlm.nih.gov/articles/PMC9350073/","pdf_url":null,"source":{"id":"https://openalex.org/S2764455111","display_name":"PubMed Central","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1299303238","host_organization_name":"National Institutes of Health","host_organization_lineage":["https://openalex.org/I1299303238"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Economics","raw_type":"Text"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":69,"referenced_works":["https://openalex.org/W20867341","https://openalex.org/W1972555808","https://openalex.org/W1985278115","https://openalex.org/W1991927132","https://openalex.org/W1993641838","https://openalex.org/W1994981518","https://openalex.org/W1995209930","https://openalex.org/W1999996900","https://openalex.org/W2010541124","https://openalex.org/W2027953212","https://openalex.org/W2029629032","https://openalex.org/W2029642703","https://openalex.org/W2057274830","https://openalex.org/W2059867730","https://openalex.org/W2061160212","https://openalex.org/W2062572522","https://openalex.org/W2087964979","https://openalex.org/W2098684211","https://openalex.org/W2119326164","https://openalex.org/W2124148536","https://openalex.org/W2145947919","https://openalex.org/W2219059993","https://openalex.org/W2319239566","https://openalex.org/W2428603823","https://openalex.org/W2466157895","https://openalex.org/W2466728838","https://openalex.org/W2528289117","https://openalex.org/W2551729939","https://openalex.org/W2565840883","https://openalex.org/W2594208873","https://openalex.org/W2600623282","https://openalex.org/W2604035172","https://openalex.org/W2605843424","https://openalex.org/W2785606188","https://openalex.org/W2793906868","https://openalex.org/W2893008914","https://openalex.org/W2894955278","https://openalex.org/W2899120991","https://openalex.org/W2910161434","https://openalex.org/W2910819755","https://openalex.org/W3007698146","https://openalex.org/W3014692697","https://openalex.org/W3015646716","https://openalex.org/W3015769695","https://openalex.org/W3015948226","https://openalex.org/W3016752284","https://openalex.org/W3016798707","https://openalex.org/W3018069106","https://openalex.org/W3019724901","https://openalex.org/W3019805483","https://openalex.org/W3022416583","https://openalex.org/W3022908605","https://openalex.org/W3026479760","https://openalex.org/W3026661449","https://openalex.org/W3026812076","https://openalex.org/W3031326022","https://openalex.org/W3037180392","https://openalex.org/W3038694018","https://openalex.org/W3039571254","https://openalex.org/W3043617920","https://openalex.org/W3045035597","https://openalex.org/W3121359045","https://openalex.org/W3121782217","https://openalex.org/W3121940608","https://openalex.org/W3122263577","https://openalex.org/W3123598957","https://openalex.org/W3156082297","https://openalex.org/W3170597869","https://openalex.org/W3179022807"],"related_works":["https://openalex.org/W4318712929","https://openalex.org/W3153753430","https://openalex.org/W4389301868","https://openalex.org/W2604035172","https://openalex.org/W3199278646","https://openalex.org/W3153823682","https://openalex.org/W7111025446","https://openalex.org/W3199259026","https://openalex.org/W7001254216","https://openalex.org/W4315641996"],"abstract_inverted_index":{"Abstract":[0],"While":[1],"looking":[2],"for":[3,60],"safe\u2010haven":[4,107],"assets,":[5],"the":[6,18,36,41,46,61,74,124,139],"literature":[7],"obtained":[8],"mixed":[9],"and":[10,45,54,67,73,81,91,114,134,142],"varying":[11],"results,":[12],"changing":[13,37],"from":[14,40],"one":[15,21],"period":[16,62],"to":[17,24,99],"next,":[19],"or":[20],"geographical":[22,116],"area":[23],"another.":[25],"Recently,":[26],"this":[27],"field":[28],"of":[29,127],"research":[30],"grew":[31],"even":[32,136],"more,":[33],"motivated":[34],"by":[35],"environment":[38],"resulting":[39],"global":[42,66],"financial":[43,58],"crisis":[44],"current":[47,140],"COVID\u201019":[48],"pandemic.":[49],"We":[50,118],"compare":[51],"five":[52,55],"Islamic":[53,95,128],"conventional":[56,101],"leading":[57],"indexes":[59,96],"2004\u20132020,":[63],"covering":[64],"both":[65],"regional":[68],"data":[69],"(Asia\u2010Pacific,":[70],"Europe,":[71],"GCC,":[72],"United":[75],"States).":[76],"By":[77],"employing":[78],"DCC":[79],"GARCH":[80,83],"extended":[82],"(1,1)":[84],"models,":[85],"we":[86],"find":[87],"a":[88],"lower":[89],"volatility":[90],"higher":[92],"persistence":[93],"in":[94,111,138],"when":[97,105],"compared":[98],"their":[100],"alternatives,":[102],"holding":[103],"also":[104],"traditional":[106],"assets":[108],"are":[109,135],"included":[110],"comparative":[112],"terms":[113],"across":[115],"areas.":[117],"therefore":[119],"provide":[120],"robust":[121],"evidence":[122],"on":[123],"consistent":[125],"behavior":[126],"assets:":[129],"Their":[130],"defensive":[131],"properties":[132],"remain":[133],"stronger":[137],"unprecedented":[141],"ongoing":[143],"crisis.":[144]},"counts_by_year":[{"year":2026,"cited_by_count":4},{"year":2025,"cited_by_count":6},{"year":2024,"cited_by_count":1},{"year":2022,"cited_by_count":1}],"updated_date":"2026-11-10T11:39:43.021295","created_date":"2022-07-12T00:00:00"}