Performance of global Islamic versus conventional share indices: International evidence
This paper provides empirical evidence on risk-adjusted performance comparisons of share indices from Islamic and conventional markets. To ensure valid comparisons, the selected Islamic indices are matched with conventional indices. The Treasury-bill rate and the MSCI All-World index are used as ris...
| 发表在: | Pacific Basin Finance Journal |
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| 格式: | 文件 |
| 语言: | English |
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Elsevier
2014
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| 在线阅读: | https://www.scopus.com/inward/record.uri?eid=2-s2.0-84901839763&doi=10.1016%2fj.pacfin.2013.09.002&partnerID=40&md5=7b55b446b7655a52e67de0ebb3544adf |
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Ho C.S.F.; Abd Rahman N.A.; Yusuf N.H.M.; Zamzamin Z. |
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| spelling |
Ho C.S.F.; Abd Rahman N.A.; Yusuf N.H.M.; Zamzamin Z. 2-s2.0-84901839763 Performance of global Islamic versus conventional share indices: International evidence 2014 Pacific Basin Finance Journal 28 10.1016/j.pacfin.2013.09.002 https://www.scopus.com/inward/record.uri?eid=2-s2.0-84901839763&doi=10.1016%2fj.pacfin.2013.09.002&partnerID=40&md5=7b55b446b7655a52e67de0ebb3544adf This paper provides empirical evidence on risk-adjusted performance comparisons of share indices from Islamic and conventional markets. To ensure valid comparisons, the selected Islamic indices are matched with conventional indices. The Treasury-bill rate and the MSCI All-World index are used as risk-free rate and world benchmark, respectively. Monthly returns are analyzed and four sub-periods are examined as crisis and non-crisis periods. Findings reveal that Islamic indices outperformed their conventional counterparts during crisis periods but results are inconclusive for the non-crisis periods. This could be due to the conservative nature of Shari'ah-compliant investments offering investors superior investment alternative during crisis. © 2013 Elsevier B.V. Elsevier 0927538X English Article |
| author |
2-s2.0-84901839763 |
| spellingShingle |
2-s2.0-84901839763 Performance of global Islamic versus conventional share indices: International evidence |
| author_facet |
2-s2.0-84901839763 |
| author_sort |
2-s2.0-84901839763 |
| title |
Performance of global Islamic versus conventional share indices: International evidence |
| title_short |
Performance of global Islamic versus conventional share indices: International evidence |
| title_full |
Performance of global Islamic versus conventional share indices: International evidence |
| title_fullStr |
Performance of global Islamic versus conventional share indices: International evidence |
| title_full_unstemmed |
Performance of global Islamic versus conventional share indices: International evidence |
| title_sort |
Performance of global Islamic versus conventional share indices: International evidence |
| publishDate |
2014 |
| container_title |
Pacific Basin Finance Journal |
| container_volume |
28 |
| container_issue |
|
| doi_str_mv |
10.1016/j.pacfin.2013.09.002 |
| url |
https://www.scopus.com/inward/record.uri?eid=2-s2.0-84901839763&doi=10.1016%2fj.pacfin.2013.09.002&partnerID=40&md5=7b55b446b7655a52e67de0ebb3544adf |
| description |
This paper provides empirical evidence on risk-adjusted performance comparisons of share indices from Islamic and conventional markets. To ensure valid comparisons, the selected Islamic indices are matched with conventional indices. The Treasury-bill rate and the MSCI All-World index are used as risk-free rate and world benchmark, respectively. Monthly returns are analyzed and four sub-periods are examined as crisis and non-crisis periods. Findings reveal that Islamic indices outperformed their conventional counterparts during crisis periods but results are inconclusive for the non-crisis periods. This could be due to the conservative nature of Shari'ah-compliant investments offering investors superior investment alternative during crisis. © 2013 Elsevier B.V. |
| publisher |
Elsevier |
| issn |
0927538X |
| language |
English |
| format |
Article |
| accesstype |
|
| record_format |
scopus |
| collection |
Scopus |
| _version_ |
1828987882937778176 |