“…These studies explore the inflation-stock returns puzzle in 11 advanced economies (Lee, 2010), the G7 countries (Alagidede & Panagiotidis, 2012), the USA (Gallagher & Taylor, 2002;Antonakakis et al, 2017), the UK (Li et al, 2010), Germany (Kim, 2003), Greece (Floros, 2004), Turkey (Aktürk, 2016), China (Zhao, 2017), India (Durai & Bhaduri, 2009;Jana, 2013), Pakistan (Tawari et al, 2015), Malaysia (Majid, 2002;Haniff & Masih, 2018), and Indonesia (Majid, 2006). Meanwhile, Qizam (2020) found a positive and an insignificant effect of Islamic bond (sukuk) ratings on Malaysian and Indonesian stock returns, respectively.…”