International evidence on Islamic equity fund characteristics and performance persistence |
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| Affiliation: | 1. Department of Economics & Applied Finance, The Institute of High Commercial Studies of Tunis, Tunisia;2. The Institute of High Commercial Studies, HEC Tunis and Vice-President of Carthage University, Department of Economics & Applied Finance, The Institute of High Commercial Studies of Tunis, Tunisia;1. Nottingham University Business School, The University of Nottingham Malaysia Campus, Jalan Broga, 43500 Semenyih, Selangor, Malaysia;2. Centre for Islamic Business and Finance Research (CIBFR), University of Nottingham Malaysia Campus, Malaysia;3. Lahore University of Management Sciences (LUMS), Pakistan;1. St. John''s University, 8000 Utopia Parkway, Queens, NY 11439, United States;2. Model Validation Executive, Ally Financial, 440 S. Church Street, Charlotte, NC 28202, United States;3. University of North Carolina Charlotte, 9201 University City Boulevard, Charlotte, NC 28223, United States;1. Deakin University, Elgar Road, Burwood, VIC 3125, Australia;2. Deakin University, Australia;3. Centre for Islamic Business and Finance Research, Nottingham University Business School, The University of Nottingham Malaysia Campus, Jalan Broga, Semenyih, Selangor Darul Ehsan 43000, Malaysia |
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| Abstract: | This research examines the presence of performance persistence and the impact of fund-specific characteristics on Islamic equity fund (IEF) performance. We conduct an empirical study based on an extensive Database of 301 IEFs and for the period 1999–2013. Our results reveal that fund age, family size and management fees have a significant positive impact on IEF performance. On the other hand, other characteristics such as flows, minimum investment size, higher liquidity, and load fees have negative effect on fund performance, whereas fund size has no significant impact on IEF performance. Our study reveals that Islamic equity funds exhibit negative performance persistence. The paper provides relevant practical implications for managers, analysts and investors. To our knowledge, this empirical study is the first to investigate the intrinsic determinants of Islamic equity fund performance, with sufficient statistical power that is based on an effective sample size with international diversity. |
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