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The investment performance of ethical equity funds in Malaysia
journal contribution
posted on 2020-11-10, 00:02 authored by Fadillah Mansor, Ishaq BhattiIshaq Bhatti, Shafiqur Rahman, Hung Quang DoThis 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.
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Publication Date
2020-09-21Journal
Journal of Risk and Financial ManagementVolume
13Issue
9Article Number
219Pagination
14p. (p. 1-14)Publisher
MDPI AGISSN
1911-8066Rights 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.Publisher DOI
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