%0 Journal Article
	%A Anwar Hasan Abdullah Othman and  Ahamed Kameel and  Hasanuddeen Abdul Aziz
	%D 2015
	%J International Journal of Mechanical and Industrial Engineering
	%B World Academy of Science, Engineering and Technology
	%I Open Science Index 97, 2015
	%T Causal Relationship between Macro-Economic Indicators and Funds Unit Prices Behavior: Evidence from Malaysian Islamic Equity Unit Trust Funds Industry
	%U https://publications.waset.org/pdf/10000295
	%V 97
	%X In this study, attempt has been made to investigate the
relationship specifically the causal relation between fund unit prices
of Islamic equity unit trust fund which measure by fund NAV and the
selected macro-economic variables of Malaysian economy by using
VECM causality test and Granger causality test. Monthly data has
been used from Jan, 2006 to Dec, 2012 for all the variables. The
findings of the study showed that industrial production index,
political election and financial crisis are the only variables having
unidirectional causal relationship with fund unit price. However the
global oil price is having bidirectional causality with fund NAV.
Thus, it is concluded that the equity unit trust fund industry in
Malaysia is an inefficient market with respect to the industrial
production index, global oil prices, political election and financial
crisis. However the market is approaching towards informational
efficiency at least with respect to four macroeconomic variables,
treasury bill rate, money supply, foreign exchange rate, and
corruption index.

	%P 192 - 200