Billions of dollars, across 131 countries, are invested in Islamic law-compliant funds that are often promoted as consistent with the spirit and overall objectives of Islam (Maqasid Al-Sharia), thereby indicating they are more socially responsible, less risky, and less prone to failure. The...

I find that economically meaningless index labels cause stock returns to covary in excess of fundamentals. S&P/Barra follow a simple mechanical procedure to define their Value and Growth indices. In so doing, they reclassify some stocks from Value to Growth even after their book-to-market ratios...

This paper gives an overview of some issues related to market valuation, focusing on the developments on the New York equity markets. The 42.4 p.c. fall in the S&P 500 price index between 24 March 2000 - when it reached its all-time high - and 31 December 2002 is situated in a very long term...