PT  - JOURNAL ARTICLE
AU  - Christian Walkshäusl
AU  - Sebastian Lobe
TI  - Islamic Equity Investing: <em>Alternative</em>
               <br/>
               <em>Performance Measures and Style Analysis</em>
AID  - 10.3905/joi.2012.21.4.182
DP  - 2012 Nov 30
TA  - The Journal of Investing
PG  - 182--189
VI  - 21
IP  - 4
4099  - https://pm-research.com/content/21/4/182.short
4100  - https://pm-research.com/content/21/4/182.full
AB  - We examine the performance of Islamic equity indices in comparison to their conventional market benchmarks around the world. First, using a variety of alternative performance measures based on, e.g., lower partial moments, drawdown, and value at risk, we document that Islamic indices outperform in developed markets, while they tend to underperform in emerging markets. Second, the style analysis reveals that Islamic indices in developed markets exhibit a strong growth-orientation in their investment behavior, while they show a substantial large cap bias in emerging markets. Finally, the significant overweighting of stocks from the energy and materials sectors relative to the market is identified as one of the main performance drivers of Islamic indices.TOPICS: ESG investing, other real assets, global