文章基本信息

标题：Integration of Islamic real estate investment trusts in Malaysia: Is it an issue for investors?
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作者：Mohd Yahya Mohd Hussin ; Noor Hashimah Husaini ; Fidlizan Muhammad 等
期刊名称：Geografia : Malaysian Journal of Society and Space
电子版ISSN：2180-2491
出版年度：2016
卷号：12
期号：7
页码：75-82
出版社：Universiti Kebangsaan Malaysia
摘要：Various stakeholders and academicians have shown their interest in the study of capital market instrume nts such as stock market, bond and real estate investment trust (REITs). As suc h, there rise s a need to review the importa nce of capital markets integration. This study took a closer look at the co integration betwee n Islamic real e state inve stment trust counters in Mala ysia by applying the Vector Auto Regre ssion (VAR) method. Data were generated by processing monthly data from January 2007 to December 2013 obtained from authorized sources. The findings indicated that there wa s no long run or equilibrium relationship between the Islamic al-Aqar, al-Hadharah and Axis counters. Based on the results, it can be concluded that the Isla mic REIT companies in Malaysia do not integrate each other in the long run. This will create opportunity for investors to diversify their investment portfolios in Malaysia. As seen from the Granger causality view, the Hadharah and Axis returns were driven by al-Aqar returns in the short run.
关键词：co-integration; Granger causality; investment portfolios; Islamic real estate investment trust; stake;holders; variance decomposition