Abstract
Utilising the survivorship bias-free sample of 212 Islamic equity funds with an investment focus in Asia Pacific, Emerging markets, Europe, Global (no focus to any specific country/region), Middle East and North Africa, and North America for the period of 12 years from January 2002 to December 2013, we examine performance determinants of these funds. The factors include fund characteristics such as age, size and fees and macroeconomic variables such as economic development, financial development and infrastructure development. Our findings can be summarised as: (a) only size variable is found to be a significant factor for fund performance among the fund characteristics (b) infrastructure development is an important determinant of fund performance and (c) the evidence suggesting the positive effect of economic and financial development is ambiguous.
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Azmi, W., Ali, M. (2016). The Determinants of Islamic Equity Fund Performance: Global Evidence. In: Alam, N., Rizvi, S. (eds) Islamic Capital Markets. Palgrave CIBFR Studies in Islamic Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-33991-7_2
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DOI: https://doi.org/10.1007/978-3-319-33991-7_2
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