دور التحيزات السلوكية للمستثمرين في تفسير عوائد مؤشر داو جونز الإسلامي خلال الفترة 2011-2021

Abstract

This research study is aiming at measuring the behavioral biases effect on Muslim and Non-Muslim investors; to explain Dow Jones Islamic market (DJIM) index returns, during January 2011 to December 2021, in both short- and long- terms. To this end, Auto-Regressive Distributed Lag (ARDL) Model has been employed. According to the findings, there is an adverse and moral effect of the behavioral biases on (DJIM) index returns, in both short- and long- terms. Besides, fear indicator of the previous month has a steady effect on this month (DJIM) index returns, in short- term. So, to achieve long-term balance, 105.91 %of previous month (DJIM) index returns irregularities are going to be rectified this month.