ESG文献点评：伊斯兰投资能否促进投资组合多元化？

Group 1: Investment Diversification - Modern portfolio theory suggests that reducing asset correlation can enhance investment performance[1] - Investing in overseas assets can reduce portfolio volatility, but globalization may diminish this effect[1] - Barriers to foreign investment in emerging markets lead investors to seek alternative diversification strategies, such as Islamic and socially responsible investments[1] Group 2: Islamic Investment Insights - Islamic investment is based on Sharia law and is considered a subset of socially responsible investing[2] - Islamic finance aims to create sustainable development for workers, customers, shareholders, and communities, aligning with Sustainable Development Goals (SDGs)[2] - The performance of Islamic indices is superior to traditional indices, while socially responsible investments underperform relative to traditional benchmarks[2] Group 3: Performance Metrics - The study utilized Sharpe ratios and Jensen's alpha to compare the performance of Islamic, socially responsible, and traditional investments[2] - Empirical results indicate that Islamic indices do not have a long-term relationship with traditional indices, suggesting new diversification opportunities[2] - The Islamic index and socially responsible index show a long-term relationship only within the FTSE index, highlighting differences in investment screening processes[2]