Profitability of technology-investing Islamic and non-Islamic stock markets
Paresh Kumar Narayan
Pacific-Basin Finance Journal, 2018, vol. 52, issue C, 70-81
In this paper we show that non-Islamic countries which invest more in technologies are more profitable than countries, including Islamic countries, which do not. Our results also reveal that high-investing emerging countries are relatively more profitable than high-investing developed countries. Commonly known market risk factors explain only between 11 to 41% of momentum profits over time, suggesting that our results that technology-investing countries are profitable are not entirely due to market risk factors. Our results survive a battery of robustness tests.
Keywords: Technology; Profits; Islamic; Momentum; Market risk (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:52:y:2018:i:c:p:70-81
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