Global risk exposures and industry diversification with Shariah-compliant equity sectors

Abd Rahman, 2010 Abdelsalam, 2014, Do ethics imply persistence? The case of Islamic and socially responsible funds, J. Bank. Financ., 40, 182, 10.1016/j.jbankfin.2013.11.027 Abdul Karim, 2012, The impact of subprime mortgage crisis on Islamic banking and Islamic stock market, Procedia Soc. Behav. Sci., 65, 668, 10.1016/j.sbspro.2012.11.182 Abdullah, 2007, Investigation of performance of Malaysian Islamic unit fund trusts, comparison with conventional unit fund trusts, Manag. Financ., 33, 142 Adam, 2014, Shariah screening process in Malaysia, Procedia Soc. Behav. Sci., 121, 113, 10.1016/j.sbspro.2014.01.1113 Annuar, 1997, Selectivity and timing: evidence from the performance of Malaysian unit trusts, J. Soc. Sci. Humanit., 5, 45 Baele, 2005, Volatility spillover effects in European equity markets, J. Financ. Quant. Anal., 40, 373, 10.1017/S0022109000002350 Baele, 2009, Time-varying integration and international diversification strategies, J. Empir. Financ., 16, 368, 10.1016/j.jempfin.2008.11.001 Baele, 2010, Time-varying integration, interdependence and contagion, J. Int. Money Financ., 29, 791, 10.1016/j.jimonfin.2009.12.008 Balcilar, 2013, Investor herds and regime-switching: evidence from Gulf Arab stock markets, J. Int. Financ. Mark. Inst. Money, 23, 295, 10.1016/j.intfin.2012.09.007 Balcilar, 2013, Do global shocks drive investor herds in oil-rich frontier markets? Balcilar, 2014, Regional and global spillovers and diversification opportunities in the GCC-wide equity sectors across market regimes Balli, 2013, Sectoral equity returns and portfolio diversification opportunities across the GCC region, J. Int. Financ. Mark. Inst. Money, 25, 33, 10.1016/j.intfin.2013.01.001 Bashir, 1983, Portfolio management of Islamic banks, certainty model, J. Bank. Financ., 7, 339, 10.1016/0378-4266(83)90043-2 Beck, 2013, Islamic vs. conventional banking: business model, efficiency and stability, J. Bank. Financ., 37, 433, 10.1016/j.jbankfin.2012.09.016 Bekaert, 1997, Emerging equity market volatility, J. Financ. Econ., 43, 29, 10.1016/S0304-405X(96)00889-6 Bekaert, 2005, Market integration and contagion, J. Bus., 78, 39, 10.1086/426519 Berg, 2014, Prohibition of riba and gharar: a signaling and screening explanation?, J. Econ. Behav. Organ., 103, S146, 10.1016/j.jebo.2014.02.016 Chan, 2007, Industry classifications and return comovement, Financ. Anal. J., 63, 56, 10.2469/faj.v63.n6.4927 Chou, 2012, Do industries matter in explaining stock returns and asset-pricing anomalies?, J. Bank. Financ., 36, 355, 10.1016/j.jbankfin.2011.07.016 De Roon, 2001, Testing for mean-variance spanning with short sales constraints and transaction costs: the case of emerging markets, J. Financ., LVI, 721, 10.1111/0022-1082.00343 Elfakhani, 2005, Performance of Islamic mutual funds El-Gamal, 2001, An economic explication of the prohibition of gharar in classical Islamic jurisprudence, Islam. Econ. Stud., 8, 29 El-Gamal, 2006 Girard, 2008, Is there a cost to faith-based investing: evidence from FTSE Islamic indices, J. Invest., 17, 112, 10.3905/JOI.2008.17.4.112 Hakim, 2004 Hayat, 2011, Risk and return characteristics of Islamic equity funds, Emerg. Mark. Rev., 12, 189, 10.1016/j.ememar.2011.02.002 Hoepner, 2011, Islamic mutual funds' financial performance and international investment style: evidence from 20 countries, Eur. J. Financ., 17, 829, 10.1080/1351847X.2010.538521 Hong, 2007, Do industries lead stock markets?, J. Financ. Econ., 83, 367, 10.1016/j.jfineco.2005.09.010 Hussein, 2005, Ethical investment revisited: evidence from Dow Jones Islamic indexes, J. Invest., 14, 105, 10.3905/joi.2005.580557 Iqbal, 2007 Jawadi, 2014, Conventional and Islamic stock price performance: an empirical investigation, Int. Econ., 137, 73, 10.1016/j.inteco.2013.11.002 Kamali, 2000 Kamil, 2014, Heads we win, tails you lose: is there equity in Islamic equity funds?, Pac. Basin Financ. J., 28, 7, 10.1016/j.pacfin.2013.09.004 Mambu, 2014, Financial tail risks and the shapes of the extreme value distributions for Islamic and conventional stock markets Merdad, 2010, Islamic versus conventional mutual funds performance in Saudi Arabia: a case study, JKAU Islam. Econ., 23, 161 Milly, 2012, Portfolio diversification during financial crisis: analysis of faith based investment strategies, 334 Moerman, 2008, Diversification in euro area stock markets: country versus industry, J. Int. Money Financ., 27, 1122, 10.1016/j.jimonfin.2008.05.005 Ng, 2000, Volatility spillover effects from Japan and the US to the Pacific-basin, J. Int. Money Financ., 19, 207, 10.1016/S0261-5606(00)00006-1 Obaidullah, 2009, Some issues in Shari'ah compliance and regulation of Islamic funds, JKAU Islam. Econ., 22, 191, 10.4197/Islec.22-1.4 Robertson, 1990 Saida, 2013, Probing corporate ethical identity of shari'ah compliant companies, 40, 182 Sefiani, 2009, New generation of Shariah stock screening, 20 Usmani, 2002