دانلود مقاله ISI انگلیسی شماره 83346
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
83346 2017 44 صفحه PDF سفارش دهید 17160 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
The role of Islamic asset classes in the diversified portfolios: Mean variance spanning test
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Emerging Markets Review, Volume 30, March 2017, Pages 66-95

پیش نمایش مقاله
پیش نمایش مقاله

چکیده انگلیسی

For intra-asset allocation, our findings tend to show that both Islamic and conventional fund managers of a specific asset class can benefit from conventional and Islamic asset classes, respectively, in several regimes. For inter-asset allocation, conventional institutional investors cannot obtain any value added from Islamic asset classes. On the contrary, the U.S. Islamic institutional investors can expand their tangency portfolio by investing in U.S. TIPSs and REITs, and reduce their global minimum variance by allocating in U.S. high-yield bonds. Moreover, the Malaysian Islamic institutional investors can obtain risk reduction by investing in conventional bonds only in the high term premium regime. For the remaining asset classes, the opportunity sets are sufficient for Islamic investors to invest complying with Shariah rules. We provide some policy implications for the global Islamic financial industry.

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