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)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:52:y:2018:i:c:p:70-81
Access Statistics for this article
Pacific-Basin Finance Journal is currently edited by K. Chan and S. Ghon Rhee
More articles in Pacific-Basin Finance Journal from Elsevier
Bibliographic data for series maintained by Haili He ().