Résumés
Résumé
De nombreuses études ont permis de conclure que la performance financière de l’Investissement Conforme à la Charia (ICC) ou islamique vis-à-vis de l’Investissement Conventionnel (IC) est statistiquement similaire. Un tel résultat semble aller à l’encontre de la théorie moderne du portefeuille. L’objectif de cet article consiste à apporter des éléments d’explication à ces résultats contre-intuitifs issus d’un corpus empirique constitué de 37 études. Nous montrons via un cas de reconstruction indicielle que l’exclusion du secteur financier combinée à des méthodes de filtrage négatives pro-cycliques joue un rôle prépondérant dans l’explication de la performance financière de l’ICC.
Mots-clés :
- Performance financière,
- Investissement Conforme à la Charia,
- Filtrage islamique
Abstract
Many studies have set forth that Shariah Compliant Investments (SCI) and Conventional Investments (CI) record similar financial performances. Such a result goes against the basic principles of modern portfolio theory. The aim of this paper is to provide several explanations for these counterintuitive results using an empirical corpus composed by 37 studies. Through a case of index reconstruction, we set forth that the exclusion of the financial sector combined with pro-cyclical negative screening methods play an important role in explaining the financial performance of the SCI.
Keywords:
- Financial performance,
- Shariah Compliant Investment,
- Islamic screening
Resumen
Numerosos estudios han permitido concluir que el rendimiento financiero de la Inversión Conforme a la Sharía (ICS) en comparación con la Inversión Convencional (IC) es estadísticamente similar. Un resultado tal parece ir en contra de la teoría moderna de la cartera. El objetivo de este artículo consiste en aportar elementos explicativos a estos resultados contraintuitivos sacados de un corpus empírico constituido por 37 estudios. Enseñamos a través de un caso de reconstrucción de índice que la exclusión del sector financiero combinada con métodos de filtraje negativos procíclicos desempeña un papel determinante en la explicación del rendimiento financiero de la ICS.
Palabras clave:
- Rendimiento financiero,
- Inversión conforme a la Sharía,
- Filtraje islámico
Parties annexes
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