We argue that the different features of the Islamic banking model, as being a relatively young industry with recent rapid growth, might influence the magnitude of investor sentiment impact on its market returns differently from its conventional counterparts. Using Google-search-query-based investor sentiment and turnover measures and market data over the period 2006–2017, we find that Islamic banks are more sensitive to fluctuations in investor sentiment than their conventional counterparts located in the same country for Bahrain, Egypt, Malaysia, Kuwait, Jordan, Pakistan, Qatar, Saudi Arabia, Turkey, and UAE. Furthermore, our evidence suggests that the effect of investor sentiment on both conventional and Islamic banks is, to some extent, asymmetric. Specifically, the mood of optimistic investors imposes a stronger effect on bank stock performance in the dual-banking industry. Our results suggest that investors' herding behavior might contribute to the contagion from U.S. banking to Islamic banking.

我们认为，伊斯兰银行业模式的不同特征，是一个相对较年轻的行业，近期发展迅速，可能会影响投资者情绪对其市场回报的影响程度，这与传统模式不同。使用基于Google搜索查询的投资者情绪和营业额测度以及2006-2017年期间的市场数据，我们发现，伊斯兰银行比起位于埃及巴林，位于同一国家/地区的传统银行而言，对投资者情绪波动更为敏感。马来西亚，科威特，约旦，巴基斯坦，卡塔尔，沙特阿拉伯，土耳其和阿联酋。此外，我们的证据表明，投资者情绪对传统银行和伊斯兰银行的影响在一定程度上是不对称的。具体来说，乐观的投资者情绪对双重银行业的银行股票表现产生了更大的影响。我们的结果表明，投资者的从众行为可能会导致从美国银行业向伊斯兰银行业的蔓延。