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dc.contributor.authorEl-Masry, AAen
dc.contributor.authorTortosa-Ausina, Een
dc.contributor.authorMatallín-Sáez, JCen
dc.contributor.authorde Mingo-López, DVen
dc.date.accessioned2017-02-06T18:49:31Z
dc.date.available2017-02-06T18:49:31Z
dc.date.issued2016-12en
dc.identifier.urihttp://hdl.handle.net/10026.1/8356
dc.description.abstract

Islamic funds are an upcoming alternative to conventional funds, aided by the increasing prominence of Islamic finance. This paper contributes to the extant literature by comparing the performance of Islamic and conventional funds during crisis and recovery periods. In contrast to most previous literature, we focus on the countries of the Middle East and North African region (MENA), which represent an appealing context to study both from a financial and socioeconomic point of view due to recent events in the area. To this end, we consider a linear model control- ling for the bias of omitting relevant benchmarks. Although this methodology is now widely accepted in the financial literature, it is less common when evaluating Islamic mutual funds, but it is particularly appropriate when the aim is to focus on markets where Shariah-compliant investments are in home territory. Our results show that the relative performance of Islamic and conventional funds must be tempered by several factors such as the (geographical) context in which the investment is made. Considering all the MENA region, Islamic funds perform, on average, slightly worse than conventional funds. However, if the analysis is restricted to GCC countries, the result is the opposite. This evidence holds for both crisis and recovery periods. In addition, the performance gap between the two types of funds either widens or shrinks when considering recovery or crisis times, reinforcing the views that Islamic funds are more stable in hazardous times

en
dc.language.isoenen
dc.titleEnvironmental Conditions, Fund Characteristics, and Islamic Orientation: An Analysis of Mutual Fund Performance for the MENA Regionen
dc.typeJournal Article
plymouth.publication-statusPublisheden
plymouth.journalJournal of Economic Behaviour and Organisationen
dc.identifier.doi10.1016/j.jebo.2016.10.015en
plymouth.organisational-group/Plymouth
plymouth.organisational-group/Plymouth/00 Groups by role
plymouth.organisational-group/Plymouth/00 Groups by role/Academics
plymouth.organisational-group/Plymouth/Faculty of Business
plymouth.organisational-group/Plymouth/Faculty of Business/Plymouth Business School
plymouth.organisational-group/Plymouth/REF 2021 Researchers by UoA
plymouth.organisational-group/Plymouth/REF 2021 Researchers by UoA/UoA17 Business and Management Studies
dcterms.dateAccepted2016-10-21en
dc.rights.embargodate2018-05-09en
dc.rights.embargoperiodNot knownen
rioxxterms.versionofrecord10.1016/j.jebo.2016.10.015en
rioxxterms.licenseref.urihttp://www.rioxx.net/licenses/all-rights-reserveden
rioxxterms.licenseref.startdate2016-12en
rioxxterms.typeJournal Article/Reviewen


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