## Paper 14: The Risk-Adjusted Performance of Conventional, Socially Responsible, and Islamic Investment Funds
**Authors:** Ghlamallah, Ben Larbi, Gialdini
**Year:** 2025
**Venue:** SSRN
**DOI:** 10.2139/ssrn.4713275

### Research Question
A comparative analysis of three investment universes: Conventional, SRI (Socially Responsible), and Islamic Funds. Do ethical constraints (SRI/Islamic) impose a financial penalty?

### Methodology
- **Design:** Comparative Performance Analysis.
- **Metrics:** Sharpe Ratio, Treynor Ratio, Jensen’s Alpha.
- **Data:** Likely a global dataset of mutual funds updated through 2024.

### Key Findings
1. **[VERIFY] Convergence:** Recent studies (2023-2025) tend to show that the "ethical penalty" has disappeared or reversed. SRI and Islamic funds likely perform on par with or better than conventional funds on a risk-adjusted basis.
2. **Screening Similarities:** The paper likely highlights the overlap between SRI screening (avoiding tobacco/weapons) and Islamic screening (avoiding haram industries), suggesting they capture similar "Quality" factors.

### Relevance to Your Research
**Score:** ⭐⭐⭐⭐ (4/5)
**Why:** Provides the 2025 benchmark for the "Performance Debate."

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