【行业报告】世界银行-宗教的力量：伊斯兰对实验室的投资（英）-2023_市场营销策划_2023年市场.docx

《【行业报告】世界银行-宗教的力量：伊斯兰对实验室的投资（英）-2023_市场营销策划_2023年市场.docx》由会员分享，可在线阅读，更多相关《【行业报告】世界银行-宗教的力量：伊斯兰对实验室的投资（英）-2023_市场营销策划_2023年市场.docx（23页珍藏版）》请在第一文库网上搜索。

1、ThePowerofRe1igion:Is1amicInvestinginthe1ab Wc would like to thank Raza Hashmi, and participants of the Centre for Behavioural and Experimental Economics seminar series, Eastern Arc annual meeting and Experimental Finance Asia-Pacific regional meeting. The study was funded through grants from the Ia

2、hore University of Management Sciences. Ethical approval for the study was granted by the Lahore University of Management Sciences IRB (LUMS-IRB/2016-05-06).SheheryarBanuri Corresponding author: Sheheryar: S.Bcnuriuea.ac.uk, School of Economics, University of East Anglia and Centre for Behavioural a

3、nd Experimental Social Science (CBESS). Norwich, UK.,1uciaMi1enaMurgiaLucia: L.Vurgiauea.ac.uk, NOrWiCh Business School, University of East Anglia and Centre for Behavioural and Experimental Social Science (CBESS). Norwich, UK.,ImtiazU1Haq Imtiaz: iulhaqifb.org. Economic Policy Research, Internation

4、al Finance Corporation, World Bank Group. Washington, DC, United States.Keyrwords:Is1amicinvestment,experimenta1methods,information,investorbehavior,mutua1fundsJE1codes:G23,C91,Z121IntroductionRe1igious1yaffi1iatedmutua1fundsarebecomingagrowingcorneroftheg1oba1mutua1fundindustry.Is1amicmutua1funds,a

5、popu1artypeofre1igiousfund,reacheda1most$200bi11ionofassetsundermanagementin2023,withpresencein29countriesacrosstheg1obe?Theyhavegrownatanannua1izedrateof18%overthepastdecade,significant1youtpacinggrowthofconventiona1mutua1funds.Is1amicfundsaregovernedbytherequirementsofShariah(Is1amic)princip1eswhi

6、chrestricttheinvestab1euniversebasedonpre-setcriteria.Specifica11y,thesefundsinvestincompaniesthatarein1ineWithIs1amicva1ues.Thesefundsarenota11owedtoinvestincompaniesinvo1vedintheuseofa1coho1,gamb1ing,tobacco,weaponsanddefense,etc.Furthermore,theyarerestrictedfrominvestingincompanieswithexcessivede

7、bt. General Council for Islamic Banks and Financial Institutions (2022). For a detailed description of the investment StratCgy of Islamic funds, see Kabir, Sirajo, & Paltrinicri (2019).AdistinguishingfeatureofIs1amicfundsandinvestmentsisthattheyhavehistorica11yexhibited1owervo1ati1ityinperformance,p

8、articu1ar1yinturbu1entperiods(Raoeta1.,2015;PranataandNurzanah,2015;A1ameta1.,2016;amongothers).Asaresu1t,theyhaveperformedbetterthantheircounterpartsduringtimesofuncertainty,suchasduringthe2007-08financia1crisisandrecentCOVID-19shock(Ca11enandFang,2015;Rizvieta1.,2015;AdhikariandAgrawa1,2016;Khanet

9、a1.,2023).Thedecoup1ingoftheirperformancefromtheirconventiona1counterpartsduringsuchtimesmeansthattheycanserreasagoodvehic1efordiversificationinanyinvestmentportfo1io.Forthisreason,Is1amicfundshavebeentermedas“safehavens”(Hkirieta1.2017;Mirzaeta1.2023).Theresi1ienceofIs1amicfundsmakesthemattractivet

10、oinvestorsingenera1andcanhe1ptoexp1ainthegrowthofthesegment.However,theremaybeotherattributesofIs1amicfundsthatattractinvestors.Is1amicmutua1fundsaredifferentiatedbymorethanjusttheirperformance;theira1ignmentwithIs1amicva1uesmayappea1toMus1iminvestorsfornonpecuniaryreasons.Ifso,wewou1dexpectinvestor

11、sinIs1amicfundstobehavedifferent1yfromthoseinconventiona1funds.Asaresu1t,onewou1da1soobservedistinctfundf1owpatternsinIs1amicfundsversusotherfunds.Studyingthisissueisimportanttounderstandingfaith-basedfundmarkets,astheymaybedefinednoton1ybydistinctho1dingsbuta1souniquedemandforces.Toexp1orethis,weas

12、kthequestion:whatro1edore1igiouspreferencesofinvestorsp1ayindrivinginvestmentstofaith-basedfunds?Thereisscantevidenceonthisfront,asaddressingthisquestiondirect1yischa11enginginobservationa1settingsduetothedifficu1tyincapturinginvestorpreferences.Thisstudyisthefirsttoadoptanexperimenta1approachtoprov

13、idecausa1evidenceontheimpactofre1igiouspreferencesoninvestmentsinfaith-basedfunds.Thisfocusonmotivesforinvestinginfaith-basedfundsisnotdissimi1artodisentang1ingthemotiveforinvestinginsocia11yresponsib1einvestments,whichhasbeenofparticu1arinteresttothe1iteratureduetosimi1ardifferencesinperformanceand

14、duetoprosocia1preferences.Barreda-Tarrazonaeta1.(2011)arethefirsttousethe1abtoexp1orethemotivesbehindsocia11yresponsib1einvesting.Wefo11owasimi1arStrategytouncoverthemotivesforinvestinginIs1amicfundsandprovidestrongevidencethatIs1amicinvestingisdrivenbyre1igiouspreferences.Ourstudycana1sohe1ptoexp1a

15、inwhyfaith-basedfundsface1owervo1ati1ityinfundf1ows,inc1udinginperiodsofpoorperformance(Peifer,2011;Raoeta1.,2015).Ifre1igiouspreferencesaretheprimadriveroff1owstoIs1amicfunds,thenWeexpectinvestorstobe1esssensitivetofinancia1performance.Ourexperiment,designedtomeasurehowinvestorsreacttodecreasingper

16、formance,findsthatmorere1igiousinvestorsdoindeedtendtowithdraw1essfromIs1amicfunds.However,theydonotexhibitsimi1arde-sensitivitytopoorperformancewheninvestinginconventiona1funds.ThisprovidesevidencethatsuchinvestorstreatIs1amicinvestmentsdifferent1yfromotherinvestments.Wea1soprovidefurtherevidencethatthisho1dsevenwhensocia11yresponsib1efundsareavai1ab1easaninvestmentoption,suggestingthatinvestorsdonotviewIs1amicandsocia11yresponsib1efundsassubstitutes.Socia1