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George Okechukwu Onatu, Wellington Didibhuku Thwala and Clinton Ohis Aigbavboa
Joseph Falzon and Elaine Bonnici
This paper empirically investigates the performance of Islamic funds, which have been praised for weathering the 2008 financial storm relatively well and compares it to a European…
Abstract
Purpose
This paper empirically investigates the performance of Islamic funds, which have been praised for weathering the 2008 financial storm relatively well and compares it to a European product designed to protect the most vulnerable of investors, UCITS funds.
Design/methodology/approach
This paper builds on 128 time-series regressions using various factor models to analyse the risk-return relationship of 242 Islamic and UCITS funds relative to a market benchmark, over a 10-year period starting January 2006, to capture severe bear and bull market conditions.
Findings
Islamic funds do not face a competitive disadvantage arising from their strict compliance with Sharīʿah principles, and their performance and investment style is relatively similar to UCITS schemes.
Practical implications
Islamic funds represent a low risk investment due to their very mild betas. Therefore, when forming part of a diversified portfolio, they can act as a hedging tool against adverse market movements.
Social implications
Muslim investors are not punished relative to conventional retail investors when following their own beliefs. Other investors can consider Islamic funds in their portfolio allocation, especially those who seek socially and ethically responsible investments.
Originality/value
This paper fills a lacuna in the existing literature, because the sample is made up of Islamic funds established worldwide and includes not only equity, but also fixed income and mixed allocation funds.
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Sharneet Singh Jagirdar and Pradeep Kumar Gupta
The present study reviews the literature on the history and evolution of investment strategies in the stock market for the period from 1900 to 2022. Conflicts and relationships…
Abstract
Purpose
The present study reviews the literature on the history and evolution of investment strategies in the stock market for the period from 1900 to 2022. Conflicts and relationships arising from such diverse seminal studies have been identified to address the research gaps.
Design/methodology/approach
The studies for this review were identified and screened from electronic databases to compile a comprehensive list of 200 relevant studies for inclusion in this review and summarized for the cognizance of researchers.
Findings
The study finds a coherence to complex theoretical documentation of more than a century of evolution on investment strategy in stock markets, capturing the characteristics of time with a chronological study of events.
Research limitations/implications
There were complications in locating unpublished studies leading to biases like publication bias, the reluctance of editors to publish studies, which do not reveal statistically significant differences, and English language bias.
Practical implications
Practitioners can refine investment strategies by incorporating behavioral finance insights and recognizing the influence of psychological biases. Strategies span value, growth, contrarian, or momentum indicators. Mitigating overconfidence bias supports effective risk management. Social media sentiment analysis facilitates real-time decision-making. Adapting to evolving market liquidity curbs volatility risks. Identifying biases guides investor education initiatives.
Originality/value
This paper is an original attempt to pictorially depict the seminal works in stock market investment strategies of more than a hundred years.
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Joseph F. Albert and Kaitlin Vadla
This paper examines how a classroom designed process of constructing narratives about oneself, a group, and others helps students develop an authentic leadership voice. We begin…
Abstract
This paper examines how a classroom designed process of constructing narratives about oneself, a group, and others helps students develop an authentic leadership voice. We begin by describing the theoretical framework behind our paper, which includes an overview of the notion of authenticity and the linkage between narrative and authentic leadership. Next, we provide an account of a transformative class called Leadership and Storytelling. Following this is a response to the question that inspired our paper: What was it about the course that made it such a meaningful leadership experience for students? The authors offer three key ingredients to the nature of this powerful classroom experience: space, authorship, and taking students to the edge of knowing. We conclude with an exploration of how others can incorporate narrative into their own work to become better leadership educators.
Bhaskar Bagchi, Dhrubaranjan Dandapat and Susmita Chatterjee