Descriptive statistics
| Full sample: From January 1, 2018 to December 21, 2022 | ||||||
|---|---|---|---|---|---|---|
| Bahrain | Kuwait | Oman | Qatar | Saudi Arabia | UAE | |
| Panel A: Conventional index returns | ||||||
| Mean | 0.000394 | 0.000361 | 7.59E-06 | 0.000162 | 0.000370 | 0.000592 |
| Max | 0.034233 | 0.061446 | 0.027620 | 0.048530 | 0.068315 | 0.080762 |
| Min | −0.060006 | −0.293565 | −0.057350 | −0.102077 | −0.086846 | −0.084063 |
| St. D | 0.005030 | 0.011395 | 0.004988 | 0.008520 | 0.009450 | 0.010264 |
| Sk | −1.587710 | −11.05766 | −0.827988 | −0.983397 | −1.384840 | −0.363630 |
| Kur | 22.46852 | 262.1617 | 15.72638 | 17.40558 | 16.40645 | 19.39977 |
| JB | 29409.98 | 5113504 | 12448.80 | 15977.49 | 14164.61 | 20368.30 |
| Panel B: Islamic index returns | ||||||
| Mean | −0.000150 | 0.000355 | −0.000129 | 5.07E-05 | 0.000197 | 0.000299 |
| Max | 0.088677 | 0.056758 | 0.030007 | 0.050791 | 0.078117 | 0.076350 |
| Min | −0.082752 | −0.111291 | −0.049481 | −0.099417 | −0.081500 | −0.100405 |
| St. D | 0.010707 | 0.008769 | 0.005990 | 0.007829 | 0.008873 | 0.009846 |
| Sk | −0.215506 | −2.989991 | −0.579469 | −1.025973 | −1.293249 | −1.281378 |
| Kur | 15.66093 | 43.09163 | 12.32175 | 21.45611 | 20.07758 | 27.37355 |
| JB | 12063.12 | 123506.3 | 6632.572 | 25920.37 | 22424.74 | 45147.92 |
| Full sample: From January 1, 2018 to December 21, 2022 | ||||||
|---|---|---|---|---|---|---|
| Bahrain | Kuwait | Oman | Qatar | Saudi Arabia | UAE | |
| Mean | 0.000394 | 0.000361 | 7.59E-06 | 0.000162 | 0.000370 | 0.000592 |
| Max | 0.034233 | 0.061446 | 0.027620 | 0.048530 | 0.068315 | 0.080762 |
| Min | −0.060006 | −0.293565 | −0.057350 | −0.102077 | −0.086846 | −0.084063 |
| St. D | 0.005030 | 0.011395 | 0.004988 | 0.008520 | 0.009450 | 0.010264 |
| Sk | −1.587710 | −11.05766 | −0.827988 | −0.983397 | −1.384840 | −0.363630 |
| Kur | 22.46852 | 262.1617 | 15.72638 | 17.40558 | 16.40645 | 19.39977 |
| JB | 29409.98 | 5113504 | 12448.80 | 15977.49 | 14164.61 | 20368.30 |
| Mean | −0.000150 | 0.000355 | −0.000129 | 5.07E-05 | 0.000197 | 0.000299 |
| Max | 0.088677 | 0.056758 | 0.030007 | 0.050791 | 0.078117 | 0.076350 |
| Min | −0.082752 | −0.111291 | −0.049481 | −0.099417 | −0.081500 | −0.100405 |
| St. D | 0.010707 | 0.008769 | 0.005990 | 0.007829 | 0.008873 | 0.009846 |
| Sk | −0.215506 | −2.989991 | −0.579469 | −1.025973 | −1.293249 | −1.281378 |
| Kur | 15.66093 | 43.09163 | 12.32175 | 21.45611 | 20.07758 | 27.37355 |
| JB | 12063.12 | 123506.3 | 6632.572 | 25920.37 | 22424.74 | 45147.92 |
| BITCOIN | ETHEREUM | XPR | HALALCHAIN | HELLOGOLD | X8X_TOKEN | |
|---|---|---|---|---|---|---|
| Panel C: Cryptocurrencies returns | ||||||
| Mean | 0.001895 | 0.002206 | 0.001247 | −0.002094 | −0.000811 | 0.014790 |
| Max | 0.176044 | 0.219405 | 0.423353 | 1.966510 | 4.009822 | 2.773463 |
| Min | −0.433714 | −0.563071 | −0.549549 | −1.618760 | −4.543656 | −1.971844 |
| St. D | 0.038626 | 0.0524499 | 0.062193 | 0.186324 | 0.302688 | 0.235321 |
| Sk | −1.215413 | −1.367350 | 0.045004 | 0.102793 | −0.906739 | 3.030687 |
| Kur | 19.14438 | 17.26383 | 17.96167 | 30.01108 | 115.3699 | 50.32298 |
| JB | 12461.20 | 9861.226 | 10465.44 | 34110.71 | 590466.0 | 106412.6 |
| BITCOIN | ETHEREUM | XPR | HALALCHAIN | HELLOGOLD | X8X_TOKEN | |
|---|---|---|---|---|---|---|
| Mean | 0.001895 | 0.002206 | 0.001247 | −0.002094 | −0.000811 | 0.014790 |
| Max | 0.176044 | 0.219405 | 0.423353 | 1.966510 | 4.009822 | 2.773463 |
| Min | −0.433714 | −0.563071 | −0.549549 | −1.618760 | −4.543656 | −1.971844 |
| St. D | 0.038626 | 0.0524499 | 0.062193 | 0.186324 | 0.302688 | 0.235321 |
| Sk | −1.215413 | −1.367350 | 0.045004 | 0.102793 | −0.906739 | 3.030687 |
| Kur | 19.14438 | 17.26383 | 17.96167 | 30.01108 | 115.3699 | 50.32298 |
| JB | 12461.20 | 9861.226 | 10465.44 | 34110.71 | 590466.0 | 106412.6 |
| COVID-19 health crisis period (from December 2, 2019 to December 21, 2022) | ||||||
|---|---|---|---|---|---|---|
| Bahrain | Kuwait | Oman | Qatar | Saudi Arabia | UAE | |
| Panel A: Conventional index returns | ||||||
| Mean | 0.000335 | 0.000284 | 0.000195 | 0.000156 | 0.000362 | 0.000588 |
| Max | 0.034233 | 0.061446 | 0.027620 | 0.034106 | 0.068315 | 0.080762 |
| Min | −0.060006 | −0.116340 | −0.057350 | −0.102077 | −0.086846 | −0.084063 |
| St. D | 0.005670 | 0.010529 | 0.005407 | 0.008492 | 0.010034 | 0.011523 |
| Sk | −1.830149 | −3.264765 | −1.121334 | −1.727672 | −1.794459 | −0.452809 |
| Kur | 22.00037 | 39.45543 | 17.57530 | 24.42590 | 18.98901 | 19.09522 |
| JB | 17425.74 | 63838.11 | 10121.37 | 21921.52 | 12497.78 | 12095.07 |
| Panel B: Islamic index returns | ||||||
| Mean | 8.76E-05 | 0.000323 | −3.08E-06 | 3.84E-05 | 0.000258 | 0.000650 |
| Max | 0.088677 | 0.056758 | 0.030007 | 0.036374 | 0.078117 | 0.076350 |
| Min | −0.082752 | −0.111291 | −0.049481 | −0.099417 | −0.081500 | −0.100405 |
| St. D | 0.010497 | 0.010201 | 0.006427 | 0.007762 | 0.009562 | 0.011435 |
| Sk | 0.002146 | −3.078752 | −0.716844 | −1.842290 | −1.616923 | −1.379493 |
| Kur | 21.54297 | 37.79873 | 13.16410 | 29.39142 | 21.97256 | 23.85981 |
| JB | 15888.35 | 57708.03 | 4868.715 | 32811.77 | 17116.29 | 20458.44 |
| Panel C: RavenPack COVID sentiment | ||||||
| Mean | −2.315216 | −2.205838 | −3.495595 | −2.025324 | −6.980351 | −8.204676 |
| Max | 11.50000 | 15.36000 | 19.40000 | 23.39000 | 20.78000 | 17.89000 |
| Min | −23.23000 | −27.94000 | −30.04000 | −33.85000 | −51.29000 | −45.21000 |
| St. D | 4.791915 | 5.928783 | 6.010876 | 6.105490 | 10.77691 | 10.53742 |
| Sk | −0.663279 | −0.774372 | −0.699203 | −0.875094 | −0.782618 | −0.705348 |
| Kur | 4.746236 | 4.869607 | 5.268650 | 6.228517 | 4.425496 | 3.426449 |
| JB | 148.2805 | 181.7328 | 218.9880 | 415.8330 | 138.1951 | 66.96756 |
| COVID-19 health crisis period (from December 2, 2019 to December 21, 2022) | ||||||
|---|---|---|---|---|---|---|
| Bahrain | Kuwait | Oman | Qatar | Saudi Arabia | UAE | |
| Mean | 0.000335 | 0.000284 | 0.000195 | 0.000156 | 0.000362 | 0.000588 |
| Max | 0.034233 | 0.061446 | 0.027620 | 0.034106 | 0.068315 | 0.080762 |
| Min | −0.060006 | −0.116340 | −0.057350 | −0.102077 | −0.086846 | −0.084063 |
| St. D | 0.005670 | 0.010529 | 0.005407 | 0.008492 | 0.010034 | 0.011523 |
| Sk | −1.830149 | −3.264765 | −1.121334 | −1.727672 | −1.794459 | −0.452809 |
| Kur | 22.00037 | 39.45543 | 17.57530 | 24.42590 | 18.98901 | 19.09522 |
| JB | 17425.74 | 63838.11 | 10121.37 | 21921.52 | 12497.78 | 12095.07 |
| Mean | 8.76E-05 | 0.000323 | −3.08E-06 | 3.84E-05 | 0.000258 | 0.000650 |
| Max | 0.088677 | 0.056758 | 0.030007 | 0.036374 | 0.078117 | 0.076350 |
| Min | −0.082752 | −0.111291 | −0.049481 | −0.099417 | −0.081500 | −0.100405 |
| St. D | 0.010497 | 0.010201 | 0.006427 | 0.007762 | 0.009562 | 0.011435 |
| Sk | 0.002146 | −3.078752 | −0.716844 | −1.842290 | −1.616923 | −1.379493 |
| Kur | 21.54297 | 37.79873 | 13.16410 | 29.39142 | 21.97256 | 23.85981 |
| JB | 15888.35 | 57708.03 | 4868.715 | 32811.77 | 17116.29 | 20458.44 |
| Mean | −2.315216 | −2.205838 | −3.495595 | −2.025324 | −6.980351 | −8.204676 |
| Max | 11.50000 | 15.36000 | 19.40000 | 23.39000 | 20.78000 | 17.89000 |
| Min | −23.23000 | −27.94000 | −30.04000 | −33.85000 | −51.29000 | −45.21000 |
| St. D | 4.791915 | 5.928783 | 6.010876 | 6.105490 | 10.77691 | 10.53742 |
| Sk | −0.663279 | −0.774372 | −0.699203 | −0.875094 | −0.782618 | −0.705348 |
| Kur | 4.746236 | 4.869607 | 5.268650 | 6.228517 | 4.425496 | 3.426449 |
| JB | 148.2805 | 181.7328 | 218.9880 | 415.8330 | 138.1951 | 66.96756 |
| BITCOIN | ETHEREUM | XPR | HALACHAIN | HELLOGOLD | X8X_TOKEN | |
|---|---|---|---|---|---|---|
| Panel D: Cryptocurrencies returns | ||||||
| Mean | 0.002969 | 0.004639 | 0.001554 | 0.000321 | 0.002115 | 0.025222 |
| Max | 0.176044 | 0.219405 | 0.423353 | 1.966510 | 3.681385 | 2.773463 |
| Min | −0.433714 | −0.563071 | −0.549549 | −1.618760 | −3.689977 | −1.971844 |
| St. D | 0.039801 | 0.054248 | 0.065894 | 0.247641 | 0.277908 | 0.245447 |
| Sk | −2.202687 | −2.141302 | −0.575578 | 0.011170 | 0.003367 | 2.822560 |
| Kur | 29.43642 | 25.91587 | 20.90638 | 19.12190 | 114.1190 | 40.32355 |
| JB | 33430.48 | 25294.36 | 14984.73 | 12096.94 | 574670.4 | 66317.92 |
| BITCOIN | ETHEREUM | XPR | HALACHAIN | HELLOGOLD | X8X_TOKEN | |
|---|---|---|---|---|---|---|
| Mean | 0.002969 | 0.004639 | 0.001554 | 0.000321 | 0.002115 | 0.025222 |
| Max | 0.176044 | 0.219405 | 0.423353 | 1.966510 | 3.681385 | 2.773463 |
| Min | −0.433714 | −0.563071 | −0.549549 | −1.618760 | −3.689977 | −1.971844 |
| St. D | 0.039801 | 0.054248 | 0.065894 | 0.247641 | 0.277908 | 0.245447 |
| Sk | −2.202687 | −2.141302 | −0.575578 | 0.011170 | 0.003367 | 2.822560 |
| Kur | 29.43642 | 25.91587 | 20.90638 | 19.12190 | 114.1190 | 40.32355 |
| JB | 33430.48 | 25294.36 | 14984.73 | 12096.94 | 574670.4 | 66317.92 |
Note(s): Max: maximum, Min: minimum, St. D: standard deviation, Sk:skewness, Kur:kurtosis, JB:Jarque–Bera
Source(s): Authors' calculations
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