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The investment performance of ethical equity funds in Malaysia

journal contribution
posted on 10.11.2020, 00:02 by Fadillah Mansor, Muhammad Bhatti, Shafiqur Rahman, Hung Quang Do
This paper investigates the investment performance of Malaysian Islamic equity funds and a matching sample of conventional equity funds relative to their market benchmark. An integrated model is used to simultaneously capture the market timing and selectivity skills of fund managers. Our findings indicate that the Islamic funds do not match the performance of the conventional funds in terms of selectivity skill. However, Islamic funds perform no worse than their conventional counterparts in market timing, although neither outperform the market. These findings have crucial implications not only for fund managers’ investment decisions, but also for sensitive shariah-compliant investors and risk-seeking investors of Islamic equity funds in their investment portfolio preference.

History

Publication Date

21/09/2020

Journal

Journal of Risk and Financial Management

Volume

13

Issue

9

Article Number

219

Pagination

14p. (p. 1-14)

Publisher

MDPI AG

ISSN

1911-8066

Rights Statement

The Author reserves all moral rights over the deposited text and must be credited if any re-use occurs. Documents deposited in OPAL are the Open Access versions of outputs published elsewhere. Changes resulting from the publishing process may therefore not be reflected in this document. The final published version may be obtained via the publisher’s DOI. Please note that additional copyright and access restrictions may apply to the published version.

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