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Profitability of technology-investing Islamic and non-Islamic stock markets
journal contributionposted on 2018-12-01, 00:00 authored by Paresh Narayan
In this paper we show that non-Islamic countries which invest more in technologies are more profitable than countries, including Islamic countries, which do not. Our results also reveal that high-investing emerging countries are relatively more profitable than high-investing developed countries. Commonly known market risk factors explain only between 11 to 41% of momentum profits over time, suggesting that our results that technology-investing countries are profitable are not entirely due to market risk factors. Our results survive a battery of robustness tests.