Profitability of technology-investing Islamic and non-Islamic stock markets

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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.

Original languageEnglish
Pages (from-to)70-81
Number of pages12
JournalPacific Basin Finance Journal
Publication statusPublished - Dec 2018
Externally publishedYes


  • Islamic
  • Market risk
  • Momentum
  • Profits
  • Technology

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