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Financial Innovation

Table 5 Long-Run Performance of KMI-30 and KSE-100

From: Performance of Islamic and conventional stock indices: empirical evidence from an emerging economy

Index Name

Cumulative Returns

Buy-and-Hold Returns

Conventional index (KSE-100)

0.4886 (2.53)**

0.6985 (3.93)**

Islamic Index (KMI-30)

0.2641 (-0.036)

0.5543 (0.041)

  1. Note: Numbers in parentheses are t-values * Significant at 1 % level; ** Significant at 5 %; level *** Significant at 10 % level
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