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Financial Innovation

Table 5 Economic significance results

From: Did green debt instruments aid diversification during the COVID-19 pandemic?

 

Pre-COVID-19

COVID-19

Sukuk & Bond

5.95%

2.59%

Green Sukuk & Bond

6.36%

2.58%

Green Sukuk & Sukuk

8.88%

6.16%

Conventional Stock & Bond

− 9.61%

6.26%

Conventional Stock & Sukuk

− 5.67%

9.80%

Conventional Stock & Green Sukuk

− 6.38%

9.37%

Islamic Stock & Conventional Stock

− 24.75%

14.66%

Islamic Stock & Bond

− 12.39%

8.24%

Islamic Stock & Sukuk

− 12.27%

11.76%

Islamic Stock & Green Sukuk

− 9.08%

12.37%

  1. This table provides the optimized return which minimizes risk without reducing expected return as defined by Kroner and Ng (1998). The pre-COVID phase is from March 4, 2019 to March 1, 2020 and the COVID-19 phase is from March 2, 2020 to December 4, 2020
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