Publication:
Heads we win, tails you lose: is there equity in Islamic equity funds?
| DC Field | Value | |
|---|---|---|
| dc.contributor.author | Nazrol Kamil Mustaffa Kamil | |
| dc.contributor.author | Syed Othman Alhabshi | |
| dc.contributor.author | Abul Mansur Mohammed Masih | |
| dc.contributor.author | Obiyathulla Ismath Bacha | |
| dc.date.accessioned | 2016-06-06 | |
| dc.date.accessioned | 2016-07-25T19:25:44Z | |
| dc.date.available | 2016-06-06 | |
| dc.date.available | 2016-07-25T19:25:44Z | |
| dc.date.disclosure | 2016-06-10 | |
| dc.date.issued | 2014 | |
| dc.description.abstract | We made the first estimate of the proportion of fund alpha statistically attributable to luck rather than skill for a sample of Malaysian Islamic equity funds. Broadly, the funds do not outperform market benchmarks. In the limited instances where performance is superior, based on a contemporary methodology, as much as 47% of the observed positive fund alpha is statistically attributable to luck. Thus, at 5% significance level, we find only 1.95% of our funds to be genuinely skilled. Our findings raise questions regarding the equitability of these funds levying fixed fees, making a case for potential innovation in fund remuneration structure. | |
| dc.identifier.citation | Mustaffa Kamil, N. K., Alhabshi, S. O., Bacha, O. I., & Mohammed Masih, A. M. (2014). Heads we win, tails you lose: is there equity in Islamic equity funds? Pacific-Basin Finance Journal, 28, pp. 7–28. https://doi.org/10.1016/j.pacfin.2013.09.004 | |
| dc.identifier.doi | https://doi.org/10.1016/j.pacfin.2013.09.004 | |
| dc.identifier.uri | https://ikr.inceif.edu.my/handle/INCEIF/1300 | |
| dc.language | English | |
| dc.language.iso | eng | |
| dc.publisher | Elsevier | |
| dc.rights | 2014. Elsevier | |
| dc.source | CRP | |
| dc.subject | Islamic equity funds | |
| dc.subject | Luck versus skill | |
| dc.subject | Performance measurement | |
| dc.title | Heads we win, tails you lose: is there equity in Islamic equity funds? | |
| dc.type | Journal Article | |
| dlc.maintopic | Islamic capital markets | |
| dlc.subtopic | Islamic equity market | |
| dspace.entity.type | Publication | |
| ikr.doctype | Scholarly Works | |
| ikr.topic.maintopic | Islamic capital markets | |
| ikr.topic.subtopic | Islamic capital markets | |
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| relation.isAuthorOfPublication.latestForDiscovery | 8e8de113-9c2e-4faf-8482-04f179564a0e | |
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