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Quantifying the quantile connectedness among Memecoin, Halal ETF and ESG index

Sabia Tabassum (Department of Amity Business School, Amity University Noida, Noida, India)
Umra Rashid (Department of Business Administration, Aligarh Muslim University, Aligarh, India)
Mustafa Raza Rabbani (College of Business Administration, University of Khorfakkan, Sharjah, United Arab Emirates)
Miklesh Prasad Yadav (Department of Finance, Indian Institute of Foreign Trade, Kakinada, India)

Journal of Islamic Marketing

ISSN: 1759-0833

Article publication date: 14 June 2024




The purpose of this paper is to examine the connectedness among Memecoin, Halal exchange traded funds (ETF) and environmental, social and governance (ESG) indexes in different quantiles.


The authors consider Dogecoin to measure Memecoin while Wahed FTSE USA Shariah ETF (HLAL) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) are used to represent Halaf ETF. Similarly, iShares ESG Aware MSCI USA ETF (ESGU) and Vanguard ESG US Stock (ESGV) proxy the ESG index ETF. The daily price of these examined markets is considered from January 2, 2020, to January 18, 2024. The quantile vector autoregression is deployed for the empirical computation.


The result reveals that Memecoin (Dogecoin) emerges as the best diversifier irrespective of various quantiles because it is least connected in terms of recipient and transmission of shock. In addition, the authors observe an intriguing observation that the total connectedness in higher quantile is large, followed by lower quantile.


This study is undertaken considering the novelty in the form of the proxies of examined markets along with natural outbreak (COVID-19) and man-made outbreak (Russia–Ukraine invasion) periods.



Tabassum, S., Rashid, U., Rabbani, M.R. and Yadav, M.P. (2024), "Quantifying the quantile connectedness among Memecoin, Halal ETF and ESG index", Journal of Islamic Marketing, Vol. ahead-of-print No. ahead-of-print.



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