Islamic mutual funds' financial performance and international investment style: evidence from 20 countries

We pursue the first large-scale investigation of a strongly growing mutual fund type: Islamic funds. Based on an unexplored, survivorship bias-adjusted data set, we analyse the financial performance and investment style of 265 Islamic equity funds from 20 countries. As Islamic funds often have diverse investment regions, we develop a (conditional) three-level Carhart model to simultaneously control for exposure to different national, regional and global equity markets and investment styles. Consistent with recent evidence for conventional funds, we find Islamic funds to display superior learning in more developed Islamic financial markets. While Islamic funds from these markets are competitive to international equity benchmarks, funds from especially Western nations with less Islamic assets tend to significantly underperform. Islamic funds’ investment style is somewhat tilted towards growth stocks. Funds from predominantly Muslim economies also show a clear small cap preference. These results are consistent over time and robust to time varying market exposures and capital market restrictions.

Constantinople: archaeology of a Byzantine megapolis

Final report on the Istanbul Rescue Archaeology Project 1998-2004 directed by Ken Dark and Ferudun Özgümüş. English language report written by Ken Dark.

How Islamic is al-Qaeda? The politics of Pan-Islam and the challenge of modernisation

This article investigates the contested ideology of al-Qaeda through an analysis of Osama bin Ladin’s writings and public statements issued between 1994 and 2011, set in relation to the development of Islamic thought and changing socio-political realities in the late nineteenth and twentieth centuries. Challenging popular conceptions of Wahhabism and the “Salafi jihad”, it reveals an idealistic, Pan-Islamic sentiment at the core of his messages that is not based on the main schools of Islamic theology, but is the result of a crisis of meaning of Islam in the modern world. Both before and after the death of al-Qaeda’s iconic leader, the continuing process of religious, political and intellectual fragmentation of the Muslim world has led to bin Ladin’s vision for unity being replaced by local factions and individuals pursuing their own agendas in the name of al-Qaeda and Islam.

Spiritual capital: the co-evolution of an ethical framework based on Abrahamic religious values in the Islamic tradition

Purpose – The aim of this paper is to investigate how values from within Abrahamic religions could be adopted to improve liberal market economies’ (LMEs’) corporate governance business practices. Design/methodology/approach – The concept of spiritual capitalism is explained from an Islamic perspective by adopting three universal Abrahamic values to critically analyse LMEs and offer an ethical alternative to current capitalism concerns. Findings – It is found that LMEs can be improved by considering all stakeholders, putting ethics before economics, and introducing shared risk/reward plus lower debt. Originality/value – The paper compares LMEs/Co-ordinated market economies (CMEs)/Islamic countries economies (ICEs) within an ethical framework for LMEs.

Terahertz pulse imaging in archaeology

The work presented in this article was performed at the Oriental Institute at the University of Chicago, on objects from their permanent collection: an ancient Egyptian bird mummy and three ancient Sumerian corroded copper-alloy objects. We used a portable, fiber-coupled terahertz time-domain spectroscopic imaging system, which allowed us to measure specimens in both transmission and reflection geometry, and present time- and frequency-based image modes. The results confirm earlier evidence that terahertz imaging can provide complementary information to that obtainable from x-ray CT scans of mummies, giving better visualisation of low density regions. In addition, we demonstrate that terahertz imaging can distinguish mineralized layers in metal artifacts.

Molecular archaeology of Flaviviridae untranslated regions: duplicated RNA structures in the replication enhancer of flaviviruses and pestiviruses emerged via convergent evolution.

RNA secondary structures in the 3'untranslated regions (3'UTR) of the viruses of the family Flaviviridae, previously identified as essential (promoters) or beneficial (enhancers) for replication, have been analysed. Duplicated enhancer elements are revealed as a global feature in the evolution of the 3'UTR of distantly related viruses within the genera Flavivirus and Pestivirus. For the flaviviruses, duplicated structures occur in the 3'UTR of all four distantly related ecological virus subgroups (tick-borne, mosquito-borne, no known vector and insect-specific flaviviruses (ISFV). RNA structural differences distinguish tick-borne flaviviruses with discrete pathogenetic characteristics. For Aedes- and Culex-associated ISFV, secondary RNA structures with different conformations display numerous short ssRNA direct repeats, exposed as loops and bulges. Long quadruplicate regions comprise almost the entire 3'UTR of Culex-associated ISFV. Extended duplicated sequence and associated RNA structures were also discovered in the 3'UTR of pestiviruses. In both the Flavivirus and Pestivirus genera, duplicated RNA structures were localized to the enhancer regions of the 3'UTR suggesting an adaptive role predominantly in wild-type viruses. We propose sequence reiteration might act as a scaffold for dimerization of proteins involved in assembly of viral replicase complexes. Numerous nucleotide repeats exposed as loops/bulges might also interfere with host immune responses acting as a molecular sponge to sequester key host proteins or microRNAs.

Temporality, cultural biography and seasonality: rethinking time in wetland archaeology

Wetland archaeology is uniquely well placed to investigate questions of chronology, temporality, life-cycles and seasonality. Beyond the usual archaeological approaches to time (eg seriation, typology and stratigraphy), most wetland archaeological investigations have access to a ready supply of samples (ie wood, peat and organic deposits) for absolute scientific dating, particularly radiocarbon and dendrochronology. Indeed, the success of dendrochronology in revealing dynamic sequences of site and regional occupation, use and abandonment are well known. Investigating wetland archaeological sites, environmental archaeologists have used the evidence of insects' plant remains, seeds and even testate amoeba to establish the season, or months, of a site's occupation. Soil micromorphologists have carried out innovative studies of settlement deposits to reconstruct the chronological sequences of processes and events leading to their formation. In brief, wetland archaeology has become adept at calibrating past times.

Places, perceptions, boundaries and tasks: rethinking landscapes in wetland archaeology

This paper is an elaboration of one of the chapters in our Rethinking Wetland Archaeology (Van de Noort & O'Sullivan 2006), and concerns the archaeological study of wetland landscapes. In this book, we argue that many approaches to the archaeology of wetlands have failed to influence our peers and colleagues in the broader field of landscape archaeology and, indeed, archaeology itself, and thus the great promise of wetland archaeology remains unfulfilled (Coles 2001).

The lake-dwellings in Holderness, East Yorkshire, revisited: a journey into antiquarian and contemporary wetland archaeology

The story presented in this paper began in the 1880s with the discovery of five unusual wet sites in the low-lying region of Holderness, East Yorkshire, during drainage works: West Furze, Round Hill, Barmston Drain, Gransmoor and Kelk (fig 1). The changing interpretation of the significance of these wet sites, from contemporary local accounts to their 'expert' publication early in the twentieth century (Smith 791I), contributed to the tale of the Holderness lake-dwellings, echoing the then already famous lake-dwellings of the Alpine region and elsewhere in Europe (Keller 1878). The tale of the Holderness lake-dwellings survived more recent work intact, as excavators approached the sites without challenging the preconception of these being genuine lake settlements (eg Varley 1968).