Doing well while doing good: The case of Islamic and sustainability equity investing

Azmi, Wajahat and Ng, Adam and Dewandaru, Ginanjar and Nagayev, Ruslan,(2019), Doing well while doing good: The case of Islamic and sustainability equity investing. , Borsa Istanbul Review, UNSPECIFIED

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The objective of this paper is to investigate the notion of “doing well while doing good” through examining the performance of Islamic, sustainability, and Islamic sustainability equity indices and comparing against the global equity market benchmark. Specifically, we address three key issues that are of concern to most investors: (i) how different are the global portfolio's efficient frontiers that comprise the four types of equities?; (ii) what are the driving factors behind these index performance differences?; and (iii) do the performance and volatilities of these four indices vary across time-periods and regimes? Overall, our findings reveal that investors do not have to pay a price for being Islamic or sustainable while investing. In fact, combining Islamic and sustainability investing strategies are more rewarding, particularly during the economic boom, bullish equity markets and subprime crisis periods. Policy implications are provided. Copyright © 2019, Borsa _Istanbul Anonim S¸ irketi. Production and hosting by Elsevier B.V. This is an open access article under the CC BY-NCND license (
Keywords : Islamic equity; Sustainability investing; Wavelet analysis; Efficient frontier; Bayesian model averaging; Markov switching, UNSPECIFIED
Journal or Publication Title: Borsa Istanbul Review
Item Type: Article
Subjects: Ekonomi Islam
Depositing User: Nila Nurjanah
Date Deposited: 16 Dec 2019 01:49
Last Modified: 16 Dec 2019 01:49

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