AVRUPA HİSSE SENEDİ PİYASALARINDA İNANÇ TEMELLİ ENDEKSLERİN PERFORMANSLARININ ANALİZİ
A PERFORMANCE ANALSIS OF FAITH-BASED INDICES IN EUROPEAN STOCK EXCHANGES

Summary/Abstract: Ethical and social values are two important factors of economical and financial areas. It has been expressed in many studies that information containing ethical issues related with a company affects the value of that company positively or negatively by 0.5% to 3%. Financial world offers faith-based or ethics-based indices to the investors who invest based on ethical and social values or faith and forming exchange traded funds is predicated on these indices. In this study, monthly and quarterly returns and risks of STOXX Europe Islamic Index (SXISBR) and STOXX Europe Christian Index (SXCHR) have been analyzed comparatively taking STOXX Europe 600 Index as the reference for the period June 2005-May 2012. Findings of the study demonstrate that systematic risk of SXISBR Index is lower, it has positive returns and produces better performance compared to SXCHR Index.

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