Literature summary: effects of new index launch
| Empirical study | Country | Index | Date of launch | Event window | Findings |
|---|---|---|---|---|---|
| Sadeghi (2008) | Malaysia | Shariah-compliant Index (SI) | April 17, 1999 | (−15, +15) | Statistically significant negative AR |
| Sherif and Lusyana (2017) | Indonesia | Indonesia Shariah Stock Index (ISSI) | May 12, 2011 | (−20, +20) | Statistically significant positive AR |
| Bammi (2013) | India | BSE GREENEX | February 22, 2012 | (−30, +30) | Statistically significant negative AR |
| Suresha et al. (2022) | India | BSE100 ESG and Nifty100 ESG | October 26, 2017 and March 27, 2018 | (−10, +10) | BSE100 ESG stocks: Statistically significant negative AR Nifty100 ESG stocks: Statistically insignificant positive AR |
| Mehrotra et al. (2026) | Japan | MSCI Empowering Women Index (WIN) | July 3, 2017 | (−11, +2) | Statistically significant positive AR |
| Empirical study | Country | Index | Date of launch | Event window | Findings |
|---|---|---|---|---|---|
| Malaysia | Shariah-compliant Index (SI) | April 17, 1999 | (−15, +15) | Statistically significant negative AR | |
| Indonesia | Indonesia Shariah Stock Index (ISSI) | May 12, 2011 | (−20, +20) | Statistically significant positive AR | |
| India | BSE GREENEX | February 22, 2012 | (−30, +30) | Statistically significant negative AR | |
| India | BSE100 ESG and Nifty100 ESG | October 26, 2017 and March 27, 2018 | (−10, +10) | BSE100 ESG stocks: Statistically significant negative AR | |
| Japan | MSCI Empowering Women Index (WIN) | July 3, 2017 | (−11, +2) | Statistically significant positive AR |
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