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1、ThePowerofRe1igion:Is1amicInvestinginthe1ab Wc would like to thank Raza Hashmi, and participants of the Centre for Behavioural and Experimental Economics seminar series, Eastern Arc annual meeting and Experimental Finance Asia-Pacific regional meeting. The study was funded through grants from the Ia
2、hore University of Management Sciences. Ethical approval for the study was granted by the Lahore University of Management Sciences IRB (LUMS-IRB/2016-05-06).SheheryarBanuri Corresponding author: Sheheryar: S.Bcnuriuea.ac.uk, School of Economics, University of East Anglia and Centre for Behavioural a
3、nd Experimental Social Science (CBESS). Norwich, UK.,1uciaMi1enaMurgiaLucia: L.Vurgiauea.ac.uk, NOrWiCh Business School, University of East Anglia and Centre for Behavioural and Experimental Social Science (CBESS). Norwich, UK.,ImtiazU1Haq Imtiaz: iulhaqifb.org. Economic Policy Research, Internation
4、al Finance Corporation, World Bank Group. Washington, DC, United States.Keyrwords:Is1amicinvestment,experimenta1methods,information,investorbehavior,mutua1fundsJE1codes:G23,C91,Z121IntroductionRe1igious1yaffi1iatedmutua1fundsarebecomingagrowingcorneroftheg1oba1mutua1fundindustry.Is1amicmutua1funds,a
5、popu1artypeofre1igiousfund,reacheda1most$200bi11ionofassetsundermanagementin2023,withpresencein29countriesacrosstheg1obe?Theyhavegrownatanannua1izedrateof18%overthepastdecade,significant1youtpacinggrowthofconventiona1mutua1funds.Is1amicfundsaregovernedbytherequirementsofShariah(Is1amic)princip1eswhi
6、chrestricttheinvestab1euniversebasedonpre-setcriteria.Specifica11y,thesefundsinvestincompaniesthatarein1ineWithIs1amicva1ues.Thesefundsarenota11owedtoinvestincompaniesinvo1vedintheuseofa1coho1,gamb1ing,tobacco,weaponsanddefense,etc.Furthermore,theyarerestrictedfrominvestingincompanieswithexcessivede
7、bt. General Council for Islamic Banks and Financial Institutions (2022). For a detailed description of the investment StratCgy of Islamic funds, see Kabir, Sirajo, & Paltrinicri (2019).AdistinguishingfeatureofIs1amicfundsandinvestmentsisthattheyhavehistorica11yexhibited1owervo1ati1ityinperformance,p
8、articu1ar1yinturbu1entperiods(Raoeta1.,2015;PranataandNurzanah,2015;A1ameta1.,2016;amongothers).Asaresu1t,theyhaveperformedbetterthantheircounterpartsduringtimesofuncertainty,suchasduringthe2007-08financia1crisisandrecentCOVID-19shock(Ca11enandFang,2015;Rizvieta1.,2015;AdhikariandAgrawa1,2016;Khanet
9、a1.,2023).Thedecoup1ingoftheirperformancefromtheirconventiona1counterpartsduringsuchtimesmeansthattheycanserreasagoodvehic1efordiversificationinanyinvestmentportfo1io.Forthisreason,Is1amicfundshavebeentermedas“safehavens”(Hkirieta1.2017;Mirzaeta1.2023).Theresi1ienceofIs1amicfundsmakesthemattractivet
10、oinvestorsingenera1andcanhe1ptoexp1ainthegrowthofthesegment.However,theremaybeotherattributesofIs1amicfundsthatattractinvestors.Is1amicmutua1fundsaredifferentiatedbymorethanjusttheirperformance;theira1ignmentwithIs1amicva1uesmayappea1toMus1iminvestorsfornonpecuniaryreasons.Ifso,wewou1dexpectinvestor
11、sinIs1amicfundstobehavedifferent1yfromthoseinconventiona1funds.Asaresu1t,onewou1da1soobservedistinctfundf1owpatternsinIs1amicfundsversusotherfunds.Studyingthisissueisimportanttounderstandingfaith-basedfundmarkets,astheymaybedefinednoton1ybydistinctho1dingsbuta1souniquedemandforces.Toexp1orethis,weas
12、kthequestion:whatro1edore1igiouspreferencesofinvestorsp1ayindrivinginvestmentstofaith-basedfunds?Thereisscantevidenceonthisfront,asaddressingthisquestiondirect1yischa11enginginobservationa1settingsduetothedifficu1tyincapturinginvestorpreferences.Thisstudyisthefirsttoadoptanexperimenta1approachtoprov
13、idecausa1evidenceontheimpactofre1igiouspreferencesoninvestmentsinfaith-basedfunds.Thisfocusonmotivesforinvestinginfaith-basedfundsisnotdissimi1artodisentang1ingthemotiveforinvestinginsocia11yresponsib1einvestments,whichhasbeenofparticu1arinteresttothe1iteratureduetosimi1ardifferencesinperformanceand
14、duetoprosocia1preferences.Barreda-Tarrazonaeta1.(2011)arethefirsttousethe1abtoexp1orethemotivesbehindsocia11yresponsib1einvesting.Wefo11owasimi1arStrategytouncoverthemotivesforinvestinginIs1amicfundsandprovidestrongevidencethatIs1amicinvestingisdrivenbyre1igiouspreferences.Ourstudycana1sohe1ptoexp1a
15、inwhyfaith-basedfundsface1owervo1ati1ityinfundf1ows,inc1udinginperiodsofpoorperformance(Peifer,2011;Raoeta1.,2015).Ifre1igiouspreferencesaretheprimadriveroff1owstoIs1amicfunds,thenWeexpectinvestorstobe1esssensitivetofinancia1performance.Ourexperiment,designedtomeasurehowinvestorsreacttodecreasingper
16、formance,findsthatmorere1igiousinvestorsdoindeedtendtowithdraw1essfromIs1amicfunds.However,theydonotexhibitsimi1arde-sensitivitytopoorperformancewheninvestinginconventiona1funds.ThisprovidesevidencethatsuchinvestorstreatIs1amicinvestmentsdifferent1yfromotherinvestments.Wea1soprovidefurtherevidencethatthisho1dsevenwhensocia11yresponsib1efundsareavai1ab1easaninvestmentoption,suggestingthatinvestorsdonotviewIs1amicandsocia11yresponsib1efundsassubstitutes.Socia1
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