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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| 主要作者: | |
| 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 |
| 总结: | 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. |
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| ISSN: | 0927538X |
| DOI: | 10.1016/j.pacfin.2013.09.002 |