Ethical Investment Revisited

By Khaled A. Hussein, Mohamed Omran. 2005

190 citations recorded by the source corpus.

The first Dow Jones Islamic market index (DJIMI) was launched in February 1999. A comprehensive study of the performance of each Islamic index that accounts for the effects of industry, size, and economic conditions reveals that Islamic indexes provided investors with positive abnormal returns over 1996-2003, but underperformed over the bear market “subperiod.” Equally important, the empirical findings of this article, in contrast to the common belief that technology sector firms are behind the Islamic indexes' positive abnormal returns, provide evidence that smallness and basic materials, consumer cyclicals, and industrial and telecommunication industries are the dominant driving factors in Islamic index positive abnormal returns

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/cf79d5f20bb191b654b243d58d4ae9cb0a9f4b84

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Citations in the corpus

Dynamic dependence of the global Islamic equity index with global conventional equity market indices and risk factors (2014, background): “To date, some studies have dealt with the performance of the Islamic equity funds and conventional ones (e.g., Annuar et al., 1997; Hussein and Omran, 2005; Abdullah et al., 2007; Milly and Sultan, 2012).”
Are Dow Jones Islamic equity indices exposed to interest rate risk (2014, background): “Extending the sample of Hussein and Omran (2005) to November 2005, Girard and Hassan (2005) observe no significant difference in risk-adjusted performance between DJIMIs and corresponding mainstream MSCI indices.”
On the comparative performance of socially responsible and Islamic mutual funds (2014, methodology): “Mallin et al. (1995) use a matched pair analysis to explore returns earned by 29 UK ethical funds and 29 UK non-ethical funds, matched on the basis of age and size, from 1986 to 1993.”
Ethical requirement and financial interest: a literature review on socially responsible investing (2015, background): “Another specific aspect of Islamic banking is the abandonment of the fixed-income market, since receiving and paying interest rates are not permitted (Hussein and Omran 2005).”
Crises and contagion in Asia Pacific — Islamic v/s conventional markets (2015, background): “The filtration process consequently removes the extensive debt based firms from the pool of investable equities, leaving the remaining Shariah compliant investable universe to become smaller and portray more volatile returns (Hussein and Omran, 2005).”
Risk transmission between Islamic and conventional stock markets: A return and volatility spillover analysis (2017, unknown): “As pointed out by Girard and Hassan (2008) and Hussein and Omran (2005), Islamic stock indices are growth and small-cap oriented, while conventional stock indices are relatively more value and mid-cap focused.”