Persistence of multidimensional time-varying skills of fund managers: A comparison of conventional and Islamic equity funds

This comparative study investigates the time-varying skills of Shariah-Compliant and conventional equity fund managers in selectivity, volatility, market return, liquidity, and higher-order of Multidimensional Time-Varying Skills of Fund Managers: A Comparison of Conventional and Islamic Equity Fundsco-moments. Additionally, it examines the persistence and causal relationships among these timing abilities. The analysis utilizes equity mutual funds data from January 2010 to June 2022, encompassing three major Islamic countries: Saudi Arabia, Malaysia, and Pakistan, representing over 80% of the Islamic funds market. Employing diverse time-varying techniques, this study reveals the presence of selectivity, volatility, and co-skewness timing skills while detecting the absence of a market, liquidity, and co-kurtosis timing abilities among conventional and Islamic fund managers.