TY - JOUR T1 - Islamic Equity Investing: <em>Alternative</em> <br/> <em>Performance Measures and Style Analysis</em> JF - The Journal of Investing SP - 182 LP - 189 DO - 10.3905/joi.2012.21.4.182 VL - 21 IS - 4 AU - Christian Walkshäusl AU - Sebastian Lobe Y1 - 2012/11/30 UR - https://pm-research.com/content/21/4/182.abstract N2 - 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 ER -