In this paper, we examine the relevance of investor sentiment to Islamic stock-bond interplay in the time-frequency domain. Using various wavelet methods including multiple and partial wavelet coherence and bivariate and multivariate nonlinear causality tests, our results reveal that the connectedness between Islamic stocks and bonds is affected by investor sentiment over short- and long-run investment horizons. Strong multivariate nonlinear causalities are evidenced between the three variables. Static and rolling-window estimates of the percentage of total volume and percentage of significant area from wavelet coherence indicate the relevance of investor sentiment in explaining the link between Islamic stocks and bonds over time-scales and investment horizons. From a portfolio management and financial stability perspective, our results provide prominent implications and operational recommendations.

在本文中，我们研究了时空域中投资者情绪与伊斯兰股票债券互动的相关性。我们的结果使用多种小波方法，包括多重和部分小波相干性以及双变量和多变量非线性因果关系检验，我们发现伊斯兰股票与债券之间的关联性受到短期和长期投资视域中投资者情绪的影响。这三个变量之间存在强烈的多元非线性因果关系。小波相关性对总交易量百分比和重要区域百分比的静态和滚动窗口估计表明，投资者情绪在解释伊斯兰股票和债券在时间范围和投资范围之间的联系时具有相关性。从投资组合管理和财务稳定性的角度来看，