首页> 外文期刊>Journal of Business Ethics >Does Shari'ah Screening Cause Abnormal Returns? Empirical Evidence from Islamic Equity Indices
【24h】

Does Shari'ah Screening Cause Abnormal Returns? Empirical Evidence from Islamic Equity Indices

机译:伊斯兰教筛查会导致异常收益吗?伊斯兰股票指数的经验证据

获取原文
获取原文并翻译 | 示例
       

摘要

Islamic equity funds are subject to the screening criteria for stock selection imposed by the principles of Islamic jurisprudence (Shari'ah). Equities must pass three basic screens: revenue source, business activity, and financial factors to be included in an Islamic fund. However, screening criteria are not universal especially for the financial factors. One can use financial ratios based on either the book-value of total assets or the market-value of equity for screening of stocks. This may not only result in a different portfolio composition but also entail diverse rebalancing and monitoring costs. The performance of 29 Islamic equity indices (IEIs) versus conventional indices from four major international index providers using different Shari'ah screening criteria are analyzed in a single as well as in a multi-equation framework. The use of a multi-equation framework has the added advantage of utilizing the information content of different screening criteria adopted by different index providers. The empirical findings suggest that the difference in screening criteria does not significantly affect the performance of IEIs. Returns deviation, if any, stems from the relative riskiness of the IEI as compared with the relevant benchmark. Work needs to done to streamline the quantitative screening criteria to avoid confusion among the investing public.
机译:伊斯兰股票基金必须遵守伊斯兰法学原则(伊斯兰教义)所规定的筛选股票的筛选标准。股票必须通过三个基本屏幕:收入来源,业务活动和要纳入回教基金的财务因素。但是,筛选标准并不是通用的,尤其是对于财务因素而言。可以使用基于总资产账面价值或权益市场价值的财务比率来筛选股票。这不仅可能导致不同的投资组合构成,而且还需要进行不同的再平衡和监控成本。在一个或多个方程式框架中,分析了使用不同伊斯兰教法筛选标准的来自四家主要国际指数提供商的29个伊斯兰股票指数(IEI)与常规指数的表现。多方程式框架的使用具有利用不同索引提供者采用的不同筛选标准的信息内容的附加优势。实验结果表明,筛选标准的差异不会显着影响IEI的表现。返回偏差(如果有)是由于IEI与相关基准相比的相对风险引起的。需要进行工作以简化定量筛选标准,以避免投资公众之间的混淆。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱:kefu@zhangqiaokeyan.com

京公网安备:11010802029741号 ICP备案号:京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有
  • 客服微信

  • 服务号