Information Flow from COVID-19 Pandemic to Islamic and Conventional Equities: An ICEEMDAN-Induced Transfer Entropy Analysis

Table 2

Summary of diversification prospects from Islamic and conventional equities.

Data series	Time scale	Diversification prospect?		Compatible equities (Rényi)
		Rényi	Shannon
Composite	Nil	✗	✗	Nil
IMF1	Short-term	✗	✗	Nil
IMF2	Short-term	✓	✗	Jordan versus Bahrain; Jordan versus Japan
IMF3	Short-term	✗	✗	Nil
IMF4	Mid-term	✗	✗	Nil
IMF5	Mid-term	✓	✗	Japan versus UAE; Japan versus USA
IMF Residual	Long-term	✗	✗	Nil