Momentum strategies for Islamic stocks

We estimate momentum profits for a large portfolio of Islamic stocks, control for stock characteristics and the state-of-the-market, explore seasonal patterns, and examine the determinants of profits. We discover ample evidence that momentum strategies work for Islamic stocks, but are stock characteristic-dependent, that up and down phases of the market offer different profits, and that there is a January effect on profits. We also find that the market risk factors - namely, excess market returns, value, size, and betting-against-beta factors - and macroeconomic risk factors do explain profits. We conclude that the profitability of Islamic stocks is merely compensation for risks and is not due to mispricing.

The new Anti-Semitism in Europe: the Islamic dimension of, and Jewish belonging in, the EU

This article examines the sense of Jewish vulnerability and exclusion in Europe that has resulted from manifestations, and Jewish perceptions, of the “new anti-Semitism,” and the role of Islamic communities in Europe in propagating this form of hatred of Jews. First emerging in 2000 with the outbreak of the second Palestinian Intifada, and tied in with the Middle East conflict, anger at Israel is directed at Diaspora Jewish communities. This “new anti-Semitism” targets the Jewish collective with the characteristics of anti-Semitism previously aimed at individual Jews. The article focuses on the wave of anti-Semitism that erupted as a result of the 2014 Israeli–Hamas War. Based on an analysis of European Jewish communities, it considers the active part played by European Muslim communities in perpetrating the new anti-Semitism. Using an analysis of survey data, emigration statistics and newspaper opinion articles by leading European Jewish intellectuals, the article considers how the new anti-Semitism is adversely affecting Jewish–Muslim relations and the concomitant sense of “belonging” of European Jewry. The article considers what is required to overcome the new anti-Semitism propagated by Muslim communities to restore a greater sense of Jewish belonging to, and identification with, Europe.

Credit quality implied momentum profits for Islamic stocks

Using a sample of Asia-Pacific Islamic stocks we show that momentum profits exist regardless of the credit quality of stocks. A portfolio of low credit quality stocks earns 4.68% per annum more than a portfolio of high credit quality stocks. Market risk factors explain all momentum profits, suggesting that profits are compensation for risks. Post-holding period analysis suggests strong evidence of return reversal, consistent with the behavioral hypothesis. Our main results are also robust to sub-samples of data characterized by the recent global financial crisis and to Islamic and non-Islamic based market risk factors.

Guest editors' introduction : special issue of Journal of Banking and Finance on recent developments in financial econometrics and applications

Introduction to the special supplementary issue of Journal of Banking and Finance on recent developments in financial econometrics and applications.

Women's rights in the Islamic Republic of Iran: the contribution of secular-oriented feminism

A cornerstone of the conservative gender ideology of Iran’s clerical eliteis the conviction that biological differences between men and women arecause for them to have different roles and functions in society. Differentroles and functions translate to different (read unequal) legal rights.Notwithstanding the discriminatory gender policies of the state, Iranianwomen have refused to renege on their claims to equal rights. In the faceof intense political pressure to withdraw from the public arena, women inthe Islamic Republic have maintained a foothold in the political, socialand legal realms.

Funding the ‘Islamic State’: looting antiquities and the international black market

A key revenue stream for various militant groups across the Middle East, including the Islamic State in Iraq and Syria (ISIS), is the illicit looting and trafficking of antiquities which are sold on the international black market. Various heritage sites are being looted by ISIS and others with devastating efficiency and on an industrial scale. While exact figures are difficult to ascertain, the profits from these looting operations are estimated to be the second largest revenue stream for ISIS after the illegal sale of crude oil. The illicit trafficking of antiquities is therefore financing the devastating advance of ISIS and any effort, including that by the Australian Department of Defence, to defeat ISIS must address this significant issue. More research is urgently needed to understand the precise nature, scope and variety of antiquities looting across the Middle East, the extent to which it is funding groups like ISIS, and to consider Australia’s role in international strategies to stanch this ongoing problem.

Are Islamic stock returns predictable? : a global perspective

Using the sharia-compliant measures, we compile a data set that spans January 1981 to December 2014 and contains 2577 Islamic stocks. Using as many as 12 financial and macroeconomic predictors, we discover strong evidence of both in-sample and out-of-sample return predictability. There is robust evidence of predictability only when U.S. stock returns are used as a predictor. We find that investing in regional (industry) portfolios offers on average, across the 12 predictors, meaningful profits of 6.16% (6.03%) per annum. Investing in a portfolio of Islamic stocks belonging to emerging markets (9.89% per annum) and a portfolio of Islamic stocks belonging to the consumer goods sector (6.37% per annum) offers the most returns amongst regions and industries, respectively.