... matching in combination with two price-based liquidity measures, bid-ask and high-low spreads, to compare the liquidity conditions of international sukuk issuances with similar international conventional bonds. Findings The results confirm that sukuk issuances are significantly less liquid than...

...Mohamed Sherif; Cennet Tuba Erkol Purpose This study aims to comprehensively examine the stock market effects of announcements by firms to issue conventional bonds versus Sukuk. In addition, the authors investigate whether the choice of instrument depends on the tax status and government backing...