 Nonfinancial traits and financial smartness: International evidence from Shariah-compliant and Socially responsible fundsWajahat Azmi, Shamsher Mohamad and Mohamed Shah Journal of International Financial Markets, Institutions and Money, 2018, vol. 56, issue C, 201-217 Abstract: This paper examines the flow-performance relationship and the presence of “Smart money effect” in Socially responsible funds (SRFs) and Shariah compliant funds (SCFs). A survivorship bias free sample of 686 funds comprising of 212 SCFs and 474 SRFs were analysed with investment focus in the Asia pacific, Emerging markets, Europe, Global (with no focus to any specific country or region), Middle East and North Africa (MENA) and North America. The findings show that flow-performance relationship is asymmetric for both the funds as the response to positive returns is more as compare to the negative returns for the last/current year as well as the last/current month. There is also a significant presence of “Smart money effect” in both the funds for the entire sample but there is no evidence of “Smart money effect” in SRFs for the sample of old funds. Keywords: Socially responsible funds; Shariah compliant funds; Smart money effect; Flow performance relationship (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:intfin:v:56:y:2018:i:c:p:201-217 DOI: 10.1016/j.intfin.2018.02.001 Access Statistics for this article Journal of International Financial Markets, Institutions and Money is currently edited by I. Mathur and C. J. Neely More articles in Journal of International Financial Markets, Institutions and Money from Elsevier |
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