IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-01525801.html
   My bibliography  Save this paper

The Performance of Islamic Investment: Evidence from the Dow Jones Islamic Indexes

Author

Listed:
  • Kaouther Jouaber

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

  • Meriem Ben Salah
  • Marie-Josèphe Rigobert

Abstract

We use several measures to compare the performance of a large set of Dow Jones Islamic indexes to selected benchmarks. We test the performance over the whole period and then focus on extreme events. We identify extreme events as the 100 lowest and the 100 highest conventional World Indexes daily returns. We find that Islamic indexes exhibit different features from their conventional benchmarks and that the Islamic screening leads to significant differences in risk and excess return. We observe differences in relative performance of the Islamic indexes according to geographical areas and activity sectors. Unlike results of previous studies on performance in bear and bull markets, lowest and highest prices do not intensify the differences between Islamic and conventional indexes.

Suggested Citation

  • Kaouther Jouaber & Meriem Ben Salah & Marie-Josèphe Rigobert, 2012. "The Performance of Islamic Investment: Evidence from the Dow Jones Islamic Indexes," Post-Print hal-01525801, HAL.
    • Handle: RePEc:hal:journl:hal-01525801
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Md Ejaz Rana & Waheed Akhter, 2015. "Performance of Islamic and conventional stock indices: empirical evidence from an emerging economy," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 1(1), pages 1-17, December.
    2. Hayat, Raphie & Kabir Hassan, M., 2017. "Does an Islamic label indicate good corporate governance?," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 159-174.
    3. Khaled O. Alotaibi & Mohammad M. Hariri, 2021. "Content Analysis of Shariah-Compliant Investment Equity Funds in KSA: Does Social Justice Matter?," International Journal of Business and Management, Canadian Center of Science and Education, vol. 15(6), pages 1-1, July.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-01525801. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.