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Comparative performance-related fund flows for Malaysian Islamic and conventional equity funds

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dc.contributor.authorAinulashikin Marzukien_US
dc.contributor.authorAndrew Worthingtonen_US
dc.date.accessioned2024-05-28T05:45:26Z
dc.date.available2024-05-28T05:45:26Z
dc.date.issued2015
dc.description.abstractPurpose: The purpose of this paper is to compare the fund flow - performance relationship for Islamic and conventional equity funds in Malaysia. Findings: Islamic fund investors respond to performance in much the same way as conventional fund investors, increasing fund flows to better performing funds and decreasing fund flows to poorer performing funds. However, there is also evidence that Islamic fund investors are relatively less responsive toward poorly performing Islamic funds, suggesting an asymmetry in the expected positive fund flow - performance relationship, but only for Islamic fund investors. When choosing funds based on other fund attributes, Islamic fund investors again exhibit similar behaviour, and like conventional fund investors direct larger percentage fund flows into smaller funds as well as funds with larger past fund flows and higher expense ratios. Practical implications: Islamic funds like conventional funds will experience increased fund flows with better performance and vice versa. However, Islamic fund investors appear somewhat less likely to remove monies from poorly performing funds. The authors believe this is because investors either place a premium on the non-return attributes of Shariah-compliant funds and/or wish to avoid search costs in finding another suitable Islamic fund. Apart from this, Islamic and conventional fund investors behave in a similar manner, and the authors believe that this is possible in Malaysia given the size and diversity of its Islamic fund sector.en_US
dc.identifier.doi10.1108/IMEFM-10-2012-0103
dc.identifier.epage394
dc.identifier.issn1753-8394
dc.identifier.issue3
dc.identifier.spage380
dc.identifier.urihttps://www.emerald.com/insight/content/doi/10.1108/IMEFM-10-2012-0103/full/html
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/6368
dc.identifier.volume8
dc.language.isoen_USen_US
dc.publisherEmerald Group Publishing Limiteden_US
dc.relation.ispartofInternational Journal of Islamic and Middle Eastern Finance and Managementen_US
dc.subjectIslamic finance, Mutual funds, Fund flow - performance relationshipen_US
dc.titleComparative performance-related fund flows for Malaysian Islamic and conventional equity fundsen_US
dc.typeArticleen_US
dspace.entity.typePublication

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