In perfect capital markets, the futures price of an asset should be an unbiased forecast of its realized spot price when the contract matures. In reality, futures prices are often higher for some assets and lower for others. However, there is no stability in the relationship between futures...

We investigate the weather effect on Islamic stocks in New York and London. Our results highlight that abnormal deviations of weather variables have significant impact, with calendar effect (Monday effect), on studied Dow Jones Islamic Indices and unveiled dynamic lead-lag relationships between...