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A Survey of Literature on Islamic Equity Style Investing and its Applications

Author

Listed:
  • Shahrin Saaid Shaharuddin

    (Faculty of Business and Accountancy, University of Malaya, Lembah Pantai, Kuala Lumpur 50603 Malaysia)

  • Wee-Yeap Lau

    (Faculty of Economics and Administration, University of Malaya, Lembah Pantai, Kuala Lumpur 50603 Malaysia)

  • Rubi Ahmad

    (Faculty of Business and Accountancy, University of Malaya, Lembah Pantai, Kuala Lumpur 50603 Malaysia)

Abstract

The study of equity style investing and its application to Islamic stock markets is limited but evolving. The need for analysis in this area is more pronounced as a result of investors and fund managers placing a greater level of importance on equity style investing. However, with the absence of Islamic equity style indices in many emerging markets, the analysis and further utilization of this investment strategy are impeded. Looking at the seminal papers by Sharpe (1992), as well as Fama and French (1992), which are the cornerstone of the idea and methodologies of equity style investing, this survey also traces the work contributed by scholars that have evolved along the way. Findings related to the literature seem to suggest that there are many areas that require further research, especially to explain the idiosyncratic nature of Islamic equity style investing.

Suggested Citation

  • Shahrin Saaid Shaharuddin & Wee-Yeap Lau & Rubi Ahmad, 2016. "A Survey of Literature on Islamic Equity Style Investing and its Applications," Capital Markets Review, Malaysian Finance Association, vol. 24(1), pages 68-83.
    • Handle: RePEc:mfa:journl:v:24:y:2016:i:1:p:68-83
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    More about this item

    Keywords

    Islamic equity; style investing; Fama and French three-factor model; asset allocation; style analysis.;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics

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