02174cas a2200337 a 4500 AALejournalIMF014636 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498398794 1018-5941 BD-DhAAL BD-DhAAL Godlewski, Christophe. Do the Type of Sukuk and Choice of Shari'a Scholar Matter? / Christophe Godlewski, Rima Turk-Ariss, Laurent Weill. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (25 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Sukuk, the shari'a-compliant alternative mode of financing to conventional bonds, have expanded considerably over the last decade. We analyze the stock market reaction to two key features of this financial instrument: sukuk type and characteristics of the shari'a scholar certifying the issue. We use the event study methodology to measure abnormal returns for a sample of 131 sukuk from eight countries over the period 2006-2013 and find that Ijara sukuk structures exert a positive influence on the stock price of the issuing firm. We observe a similar positive impact from shari'a scholar reputation and proximity to issuer. Overall our results support the hypotheses that the type of sukuk and the choice of scholars hired to certify these securities matter for the market valuation of the issuing company. Mode of access: Internet Event Study imf Information Asymmetry imf Market Valuation imf Scholar-Issuer Relationship imf WP imf Malaysia imf Turk-Ariss, Rima. Weill, Laurent. IMF Working Papers; Working Paper ; No. 2014/147 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/147/001.2014.issue-147-en.xml IMF e-Library