Fundamental Anomalies Within Shariah-Compliant Malaysian Stock Market
Abstract
The purpose of this paper is to investigate the presence of the fundamental anomalies (i.e., size and value anomaly) in the Shariah-compliant Malaysian stocks and its implications for the fund managers. Cross-sectional data was obtained from Shariah-compliant listed companies across eleven (11) sectors from the Bursa Malaysia Sectorial Index Series in 2023. The study was subjected to the Sharma and Jain (2020) that utilized the Welch's t-test for the exploration of the size and value anomalies. Two portfolios were created based on the market capitalization and price-to-book ratio of the companies. In addition, the average abnormal returns were calculated to assess any significant differences amongst the portfolios. The results indicate that the size and value anomalies exist in several sectors in Shariah-compliant Malaysian stocks market. The findings proved that the market is inefficient in the Efficient Market Hypothesis (EMH) semi-strong form, since investors can potentially make profits using the anomalies identified by the publicly traded companies’ financial ratios. The implication to the fund managers in creating investment portfolios based on the anomalies examined, especially for those who wish to participate in Shariah-compliant stocks market. The paper attempts to close the research gap about the size and value anomalies on the individual Shariah-compliant stock. The paper adds to the current literature on fundamental anomalies that involve various sectors.
References
Abdul Rahim, R., Othman, R., & Soon, L. P. (2017). Carhart and Q-Factor Views of Mutual Fund Performance. Jurnal Pengurusan, 51, 261-271.
Abdullah, N. A., & Abdullah, N. A. H. (2009). The Performance of Malaysian Unit Trusts Investing in Domestic Versus International Markets. Asian Academy of Management Journal of Accounting & Finance, 5(2), 77-100.
Aboura, S., & Arisoy, Y. E. (2016). Does Aggregate Uncertainty Explain Size and Value Anomalies? Applied Economics, 49(32), 3214-3230.
Afrilianto, A., & Daryanto, W. M. (2020). Market Anomaly Testing the Day of the Week Effect on LQ45 Stocks in Indonesia Stock Exchange. International Journal of Business, Economics and Law, 19(1), 74-82.
Aggarwal, K., & Jha, M. K. (2023). Stock Returns Seasonality in Emerging Asian Markets. Asia-Pacific Financial Markets, 30(1), 109-130.
Al-Khazali, O., Lean, H. H., & Zoubi, T. (2022). The Size Anomaly in Islamic Stock Indices: A Stochastic Dominance Approach. International Journal of Financial Studies, 10(4), 1-14.
Ali, A., Badhani, K., & Kumar, A. (2022). Does the Low-Risk Anomaly Exist in the Indian Equity Market? A Test Using Alternative Risk Measures. Journal of Economic Studies, 49(8), 1422-1452.
Allen, F., Qian, J., Shan, C., & Zhu, J. L. (2024). Dissecting The Long‐Term Performance of the Chinese Stock Market. The journal of finance, 79(2), 993-1054.
Amin, S. I. M., Abdul-Rahman, A., & Karim, B. A. (2024). The Size Effect in Malaysia’s Stock Returns. In Contemporary Issues in Finance, Investment and Banking in Malaysia (pp. 55-63). Springer.
Anginer, D., Ray, S., Seyhun, H. N., & Xu, L. (2024). Expensive Anomalies. Journal of Empirical Finance, 75, 101440.
Asnawi, S. K., Salim, G., & Malik, W. A. (2020). Does Black Monday Appear on the Indonesia Stock Exchange? Jurnal organisasi dan manajemen, 16(1), 24-35.
Banz, R. W. (1981). The Relationship Between Return and Market Value of Common Stocks. Journal of financial economics, 9(1), 3-18.
Barras, L., Scaillet, O., & Wermers, R. (2010). False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas. Journal of Finance, 65(1), 179-216.
Basu, S. (1977). Investment Performance of Common Stocks in Relation to Their Price‐Earnings Ratios: A Test of The Efficient Market Hypothesis. The journal of finance, 32(3), 663-682.
Blake, D., & Timmermann, A. (1998). Mutual Fund Performance: Evidence from The UK. Review of Finance, 2(1), 57-77.
Boamah, N. A. (2017). The Price of Risk on the African Frontier Stock Markets. Journal of African Business, 18(2), 238-256.
Bock, J., & Geissel, S. (2024). Evolution of Stock Market Efficiency in Europe: Evidence from Measuring Periods of Inefficiency. Finance Research Letters, 62, 105129.
Bodie, Z., Kane, A., & Marcus, A. J. (2022). Essentials of Investment (12 ed.). McGraw Hill.
Brahmana, R. K., Hooy, C. W., & Ahmad, Z. (2014). The Role of Weather on Investors’ Monday Irrationality: Insights from Malaysia. Contemporary Economics, 8(2), 175-190.
Chan, K. F., Gray, P., Gray, S., & Zhong, A. (2020). Political Uncertainty, Market Anomalies and Presidential Honeymoons. Journal of Banking & Finance, 113, 1-11.
Cheema, M. A., Chiah, M., & Zhong, A. (2021). Resurrecting the Size Effect in Japan: Firm Size, Profitability Shocks, and Expected Stock Returns. Pacific-Basin Finance Journal, 69, 1-8.
Chen, L., Petkova, R., & Zhang, L. (2008). The Expected Value Premium. Journal of financial economics, 87(2), 269-280.
Clark, E., & Qiao, Z. (2020). The Value Premium Puzzle, Behavior Versus Risk: New Evidence from China. The Quarterly Review of Economics and Finance, 76, 12-21.
Conrad, J., Cooper, M., & Kaul, G. (2003). Value Versus Glamour. Journal of Finance, 58(5), 1969-1995.
Cuthbertson, K., Nitzsche, D., & O'Sullivan, N. (2008). UK Mutual Fund Performance: Skill or Luck? Journal of Empirical Finance, 15(4), 613-634.
Dailydytė, I., & Bužienė, I. (2020). Black Friday and Other Effects - Are They Still Sustainable in Financial Markets? Journal of security and sustainability issues, 9(4), 1245-1257.
Doukas, J. A., Kim, C., & Pantzalis, C. (2004). Divergent Opinions and The Performance of Value Stocks. Financial Analysts Journal, 60(6), 55-64.
Fama, E. F. (1970). Efficient Market Hypothesis: A Review of Theory and Empirical Work. Journal of Finance, 25(2), 28-30.
Fama, E. F., & French, K. R. (1993). Common Risk Factors in The Returns on Stocks and Bonds. Journal of financial economics, 33(1), 3-56.
Gao, J., O’Sullivan, N., & Sherman, M. (2021). Chinese Securities Investment Funds: The Role of Luck in Performance. Review of Accounting and Finance, 20(5), 271-297.
Garcia, M. T. M., & Oliveira, R. A. A. (2018). Value Versus Growth in PIIGS Stock Markets. Journal of Economic Studies, 45(5), 956-978.
Handoyo, S., Mulyani, S., Ghani, E. K., & Soedarsono, S. (2023). Firm Characteristics, Business Environment, Strategic Orientation, and Performance. Administrative Science, 13(3), 74.
Hasnaoui, H., & Fatnassi, I. (2021). Measuring The Selectivity and Market Timing Performance of Islamic Mutual Funds in The KSA. Accounting, 7(5), 1067-1072.
Ho, K. Y., & An, J. (2020). Decomposing The Value Premium: The Role of Intangible Information in The Chinese Stock Market. Emerging Markets Review, 44, 100700.
Hollstein, F. (2022). The World of Anomalies: Smaller Than We Think? Journal of International Money and Finance, 129, 1-22.
Hou, K., & Van Dijk, M. A. (2019). Resurrecting the Size Effect: Firm Size, Profitability Shocks, and Expected Stock Returns. The Review of Financial Studies, 32(7), 2850-2889.
Huang, X., Liu, C., & Shu, T. (2023). Factors and Anomalies in The Vietnamese Stock Market. Pacific-Basin Finance Journal, 82, 102176.
Jansen, M., Swinkels, L., & Zhou, W. (2021). Anomalies in the China A-Share Market. Pacific-Basin Finance Journal, 68, 1-27.
Jensen, M. C. (1968). The Performance of Mutual Funds in The Period 1945-1964. Journal of Finance, 23(2), 389-416.
Joshi, A. (2024). Why Is The Market Falling Today? Sensex and Nifty Drop Explained. Retrieved 15 August 2024 from https://www.forbes.com/advisor/in/investing/why-market-is-falling/
Jumintang, F., & Utami, K. (2022). Analysis of Efficient Market Anomaly on Stock Returns on Indonesia's Composite Stock Price Index and Global Stock Price Index. International Journal of Business Ecosystem & Strategy, 4(1), 57-67.
Lai, M. M., & Lau, S. H. (2010). Evaluating Mutual Fund Performance in An Emerging Asian Economy: The Malaysian Experience. Journal of Asian Economics, 21(4), 378-390.
Lakonishok, J., Shleifer, A., & Vishny, R. W. (1994). Contrarian Investment, Extrapolation, and Risk. Journal of Finance, 49(5), 1541-1578.
Lewellen, J. (2010). Accounting Anomalies and Fundamental Analysis: An Alternative View. Journal of Accounting and Economics, 50(2-3), 455-466.
Li, B., Ee, M. S., & Rashid, M. (2016). Is Momentum Trading Profitable from Shariah Compliant Stocks? Review of Financial Economics, 31, 56-63.
Liu, J., Stambaugh, R. F., & Yuan, Y. (2019). Size and Value in China. Journal of financial economics, 134(1), 48-69.
Lobão, J. (2024). Efficiency and Price Clustering in Islamic Stocks: Evidence from Three Asian Countries. Journal of Islamic Accounting and Business Research, 15(1), 136-152.
Low, S. W. (2013). Investment Performance Analysis of Managerial Expertise: Evidence from Malaysian-Based International Equity Unit Trust Funds. Jurnal Pengurusan, 38, 41-51.
Low, S. W., & Ghazali, N. A. (2005). An Evaluation of The Market-Timing and Security-Selection Performance of Mutual Funds: The Case of Malaysia. International Journal of Management Studies, 12(1), 97-115.
Maheswari, J. M., & Ramya, M. S. (2024). Stock Analysis Based on P/E Ratio-An Empirical Analysis with Respect to BSE Sensex. Journal of Research Administration, 6(1), 3060-3074.
Maio, P., & Santa-Clara, P. (2017). Short-Term Interest Rates and Stock Market Anomalies. Journal of Financial and Quantitative Analysis, 52(3), 927-961.
Malkiel, B. G. (1995). Returns from Investing in Equity Mutual Funds 1971 to 1991. Journal of Finance, 50(2), 549-572.
Mansor, F., Bhatti, M. I., Rahman, S., & Do, H. Q. (2020). The Investment Performance of Ethical Equity Funds in Malaysia. Journal of Risk and Financial Management, 13(9), 219.
Mehrotra, S., Mohanty, B., & Sharma, T. (2023). Do Board Quality And Promoters’ Holdings Affect Firm Performance? Evidence from Small and Medium-Sized Enterprises. FIIB Business Review, 12(1), 100-108.
Public Mutual. (2024). A Sensible Approach on When to Redeem Your Funds. Retrieved 15 August 2024 from https://www.publicmutual.com.my/Menu/e-Learning-Unit-Trust-Investment/A-Sensible-Approach-on-When-to-Redeem-your-Funds
Rohuma, H. (2023). Value Stocks Versus Growth Stocks: An Examination of Bursa Malaysia. International Journal of Economics and Financial Issues, 13(4), 143-151.
Roszkowska, P., & Langer, L. K. (2019). (Ab) Normal Returns in an Emerging Stock Market: International Investor Perspective. Emerging Markets Finance and Trade, 55(12), 2809-2833.
Rozali, M. B., & Abdullah, F. (2006). The Performance of Malaysian Equity Funds. The Business Review, 5(2), 301-306.
Sharma, M., & Jain, A. (2020). Role of Size and Risk Effects in Value Anomaly: Evidence from the Indian Stock Market. Cogent Economics & Finance, 8(1), 1-13.
Smart, S. B., Gitman, L. J., & Joehnk, M. D. (2014). Fundementals of Investing (12 ed.). Pearson Education.
Talha, M., Faisal, S. M., & Khan, A. K. (2024). Shariah Law in Commercial Banking and Stock Market: Recent Development, Challenges and Practices. International Journal of Religion, 5(6), 620-630.
Tawfik, O. I., & Elmaasrawy, H. E. (2024). Effect of Shariah Compliance on Financing Decisions: Empirical Evidence from GCC. Journal of Islamic Accounting and Business Research, 15(1), 196-223.
Wang, B. (2024). A New Value Strategy. The Review of Asset Pricing Studies, 14(1), 40-83.
Yan, X., Yang, H., Hou, C., Zhang, S., & Zhu, P. (2022). Portfolio Optimization by Price-to-Earnings Ratio Network Analysis. International Journal of Modern Physics B, 36(19), 2250107.
Yin, L., & Liao, H. (2021). Big Is Brilliant: Understanding the Chinese Size Effect Through Profitability Shocks. International Review of Financial Analysis, 74, 1-26.
Zaremba, A., & Nikorowski, J. (2019). Trading Costs, Short Sale Constraints, and the Performance of Stock Market Anomalies in Emerging Europe. Economic research-Ekonomska istraživanja, 32(1), 403-422.
Abdullah, N. A., & Abdullah, N. A. H. (2009). The Performance of Malaysian Unit Trusts Investing in Domestic Versus International Markets. Asian Academy of Management Journal of Accounting & Finance, 5(2), 77-100.
Aboura, S., & Arisoy, Y. E. (2016). Does Aggregate Uncertainty Explain Size and Value Anomalies? Applied Economics, 49(32), 3214-3230.
Afrilianto, A., & Daryanto, W. M. (2020). Market Anomaly Testing the Day of the Week Effect on LQ45 Stocks in Indonesia Stock Exchange. International Journal of Business, Economics and Law, 19(1), 74-82.
Aggarwal, K., & Jha, M. K. (2023). Stock Returns Seasonality in Emerging Asian Markets. Asia-Pacific Financial Markets, 30(1), 109-130.
Al-Khazali, O., Lean, H. H., & Zoubi, T. (2022). The Size Anomaly in Islamic Stock Indices: A Stochastic Dominance Approach. International Journal of Financial Studies, 10(4), 1-14.
Ali, A., Badhani, K., & Kumar, A. (2022). Does the Low-Risk Anomaly Exist in the Indian Equity Market? A Test Using Alternative Risk Measures. Journal of Economic Studies, 49(8), 1422-1452.
Allen, F., Qian, J., Shan, C., & Zhu, J. L. (2024). Dissecting The Long‐Term Performance of the Chinese Stock Market. The journal of finance, 79(2), 993-1054.
Amin, S. I. M., Abdul-Rahman, A., & Karim, B. A. (2024). The Size Effect in Malaysia’s Stock Returns. In Contemporary Issues in Finance, Investment and Banking in Malaysia (pp. 55-63). Springer.
Anginer, D., Ray, S., Seyhun, H. N., & Xu, L. (2024). Expensive Anomalies. Journal of Empirical Finance, 75, 101440.
Asnawi, S. K., Salim, G., & Malik, W. A. (2020). Does Black Monday Appear on the Indonesia Stock Exchange? Jurnal organisasi dan manajemen, 16(1), 24-35.
Banz, R. W. (1981). The Relationship Between Return and Market Value of Common Stocks. Journal of financial economics, 9(1), 3-18.
Barras, L., Scaillet, O., & Wermers, R. (2010). False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas. Journal of Finance, 65(1), 179-216.
Basu, S. (1977). Investment Performance of Common Stocks in Relation to Their Price‐Earnings Ratios: A Test of The Efficient Market Hypothesis. The journal of finance, 32(3), 663-682.
Blake, D., & Timmermann, A. (1998). Mutual Fund Performance: Evidence from The UK. Review of Finance, 2(1), 57-77.
Boamah, N. A. (2017). The Price of Risk on the African Frontier Stock Markets. Journal of African Business, 18(2), 238-256.
Bock, J., & Geissel, S. (2024). Evolution of Stock Market Efficiency in Europe: Evidence from Measuring Periods of Inefficiency. Finance Research Letters, 62, 105129.
Bodie, Z., Kane, A., & Marcus, A. J. (2022). Essentials of Investment (12 ed.). McGraw Hill.
Brahmana, R. K., Hooy, C. W., & Ahmad, Z. (2014). The Role of Weather on Investors’ Monday Irrationality: Insights from Malaysia. Contemporary Economics, 8(2), 175-190.
Chan, K. F., Gray, P., Gray, S., & Zhong, A. (2020). Political Uncertainty, Market Anomalies and Presidential Honeymoons. Journal of Banking & Finance, 113, 1-11.
Cheema, M. A., Chiah, M., & Zhong, A. (2021). Resurrecting the Size Effect in Japan: Firm Size, Profitability Shocks, and Expected Stock Returns. Pacific-Basin Finance Journal, 69, 1-8.
Chen, L., Petkova, R., & Zhang, L. (2008). The Expected Value Premium. Journal of financial economics, 87(2), 269-280.
Clark, E., & Qiao, Z. (2020). The Value Premium Puzzle, Behavior Versus Risk: New Evidence from China. The Quarterly Review of Economics and Finance, 76, 12-21.
Conrad, J., Cooper, M., & Kaul, G. (2003). Value Versus Glamour. Journal of Finance, 58(5), 1969-1995.
Cuthbertson, K., Nitzsche, D., & O'Sullivan, N. (2008). UK Mutual Fund Performance: Skill or Luck? Journal of Empirical Finance, 15(4), 613-634.
Dailydytė, I., & Bužienė, I. (2020). Black Friday and Other Effects - Are They Still Sustainable in Financial Markets? Journal of security and sustainability issues, 9(4), 1245-1257.
Doukas, J. A., Kim, C., & Pantzalis, C. (2004). Divergent Opinions and The Performance of Value Stocks. Financial Analysts Journal, 60(6), 55-64.
Fama, E. F. (1970). Efficient Market Hypothesis: A Review of Theory and Empirical Work. Journal of Finance, 25(2), 28-30.
Fama, E. F., & French, K. R. (1993). Common Risk Factors in The Returns on Stocks and Bonds. Journal of financial economics, 33(1), 3-56.
Gao, J., O’Sullivan, N., & Sherman, M. (2021). Chinese Securities Investment Funds: The Role of Luck in Performance. Review of Accounting and Finance, 20(5), 271-297.
Garcia, M. T. M., & Oliveira, R. A. A. (2018). Value Versus Growth in PIIGS Stock Markets. Journal of Economic Studies, 45(5), 956-978.
Handoyo, S., Mulyani, S., Ghani, E. K., & Soedarsono, S. (2023). Firm Characteristics, Business Environment, Strategic Orientation, and Performance. Administrative Science, 13(3), 74.
Hasnaoui, H., & Fatnassi, I. (2021). Measuring The Selectivity and Market Timing Performance of Islamic Mutual Funds in The KSA. Accounting, 7(5), 1067-1072.
Ho, K. Y., & An, J. (2020). Decomposing The Value Premium: The Role of Intangible Information in The Chinese Stock Market. Emerging Markets Review, 44, 100700.
Hollstein, F. (2022). The World of Anomalies: Smaller Than We Think? Journal of International Money and Finance, 129, 1-22.
Hou, K., & Van Dijk, M. A. (2019). Resurrecting the Size Effect: Firm Size, Profitability Shocks, and Expected Stock Returns. The Review of Financial Studies, 32(7), 2850-2889.
Huang, X., Liu, C., & Shu, T. (2023). Factors and Anomalies in The Vietnamese Stock Market. Pacific-Basin Finance Journal, 82, 102176.
Jansen, M., Swinkels, L., & Zhou, W. (2021). Anomalies in the China A-Share Market. Pacific-Basin Finance Journal, 68, 1-27.
Jensen, M. C. (1968). The Performance of Mutual Funds in The Period 1945-1964. Journal of Finance, 23(2), 389-416.
Joshi, A. (2024). Why Is The Market Falling Today? Sensex and Nifty Drop Explained. Retrieved 15 August 2024 from https://www.forbes.com/advisor/in/investing/why-market-is-falling/
Jumintang, F., & Utami, K. (2022). Analysis of Efficient Market Anomaly on Stock Returns on Indonesia's Composite Stock Price Index and Global Stock Price Index. International Journal of Business Ecosystem & Strategy, 4(1), 57-67.
Lai, M. M., & Lau, S. H. (2010). Evaluating Mutual Fund Performance in An Emerging Asian Economy: The Malaysian Experience. Journal of Asian Economics, 21(4), 378-390.
Lakonishok, J., Shleifer, A., & Vishny, R. W. (1994). Contrarian Investment, Extrapolation, and Risk. Journal of Finance, 49(5), 1541-1578.
Lewellen, J. (2010). Accounting Anomalies and Fundamental Analysis: An Alternative View. Journal of Accounting and Economics, 50(2-3), 455-466.
Li, B., Ee, M. S., & Rashid, M. (2016). Is Momentum Trading Profitable from Shariah Compliant Stocks? Review of Financial Economics, 31, 56-63.
Liu, J., Stambaugh, R. F., & Yuan, Y. (2019). Size and Value in China. Journal of financial economics, 134(1), 48-69.
Lobão, J. (2024). Efficiency and Price Clustering in Islamic Stocks: Evidence from Three Asian Countries. Journal of Islamic Accounting and Business Research, 15(1), 136-152.
Low, S. W. (2013). Investment Performance Analysis of Managerial Expertise: Evidence from Malaysian-Based International Equity Unit Trust Funds. Jurnal Pengurusan, 38, 41-51.
Low, S. W., & Ghazali, N. A. (2005). An Evaluation of The Market-Timing and Security-Selection Performance of Mutual Funds: The Case of Malaysia. International Journal of Management Studies, 12(1), 97-115.
Maheswari, J. M., & Ramya, M. S. (2024). Stock Analysis Based on P/E Ratio-An Empirical Analysis with Respect to BSE Sensex. Journal of Research Administration, 6(1), 3060-3074.
Maio, P., & Santa-Clara, P. (2017). Short-Term Interest Rates and Stock Market Anomalies. Journal of Financial and Quantitative Analysis, 52(3), 927-961.
Malkiel, B. G. (1995). Returns from Investing in Equity Mutual Funds 1971 to 1991. Journal of Finance, 50(2), 549-572.
Mansor, F., Bhatti, M. I., Rahman, S., & Do, H. Q. (2020). The Investment Performance of Ethical Equity Funds in Malaysia. Journal of Risk and Financial Management, 13(9), 219.
Mehrotra, S., Mohanty, B., & Sharma, T. (2023). Do Board Quality And Promoters’ Holdings Affect Firm Performance? Evidence from Small and Medium-Sized Enterprises. FIIB Business Review, 12(1), 100-108.
Public Mutual. (2024). A Sensible Approach on When to Redeem Your Funds. Retrieved 15 August 2024 from https://www.publicmutual.com.my/Menu/e-Learning-Unit-Trust-Investment/A-Sensible-Approach-on-When-to-Redeem-your-Funds
Rohuma, H. (2023). Value Stocks Versus Growth Stocks: An Examination of Bursa Malaysia. International Journal of Economics and Financial Issues, 13(4), 143-151.
Roszkowska, P., & Langer, L. K. (2019). (Ab) Normal Returns in an Emerging Stock Market: International Investor Perspective. Emerging Markets Finance and Trade, 55(12), 2809-2833.
Rozali, M. B., & Abdullah, F. (2006). The Performance of Malaysian Equity Funds. The Business Review, 5(2), 301-306.
Sharma, M., & Jain, A. (2020). Role of Size and Risk Effects in Value Anomaly: Evidence from the Indian Stock Market. Cogent Economics & Finance, 8(1), 1-13.
Smart, S. B., Gitman, L. J., & Joehnk, M. D. (2014). Fundementals of Investing (12 ed.). Pearson Education.
Talha, M., Faisal, S. M., & Khan, A. K. (2024). Shariah Law in Commercial Banking and Stock Market: Recent Development, Challenges and Practices. International Journal of Religion, 5(6), 620-630.
Tawfik, O. I., & Elmaasrawy, H. E. (2024). Effect of Shariah Compliance on Financing Decisions: Empirical Evidence from GCC. Journal of Islamic Accounting and Business Research, 15(1), 196-223.
Wang, B. (2024). A New Value Strategy. The Review of Asset Pricing Studies, 14(1), 40-83.
Yan, X., Yang, H., Hou, C., Zhang, S., & Zhu, P. (2022). Portfolio Optimization by Price-to-Earnings Ratio Network Analysis. International Journal of Modern Physics B, 36(19), 2250107.
Yin, L., & Liao, H. (2021). Big Is Brilliant: Understanding the Chinese Size Effect Through Profitability Shocks. International Review of Financial Analysis, 74, 1-26.
Zaremba, A., & Nikorowski, J. (2019). Trading Costs, Short Sale Constraints, and the Performance of Stock Market Anomalies in Emerging Europe. Economic research-Ekonomska istraživanja, 32(1), 403-422.
Published
2024-12-01
How to Cite
N. F. S. M., Nadhirin,; Z. Z. M., Yusoff,; H., Hashim,.
Fundamental Anomalies Within Shariah-Compliant Malaysian Stock Market.
International Journal of Advanced Research in Economics and Finance, [S.l.], v. 6, n. 4, p. 27-44, dec. 2024.
ISSN 2682-812X.
Available at: <https://myjms.mohe.gov.my/index.php/ijaref/article/view/28396>. Date accessed: 10 july 2025.
Section
English Section
