Graduate School of Business


Doctor of Business Administration (DBA)


Gene Sullivan


Biblically Responsible, BRI, Equity-only Faith-based Investment Funds, ETF, Exchange Traded Funds, SRI


Accounting | Business


This dissertation research study was designed to contribute to the growing body of knowledge regarding the efficacy of a recently popular investment vehicle (ETFs; Ben-David et al., 2017) and the impact of values-based investment strategies on performance (Bidisha et al., 2017). Specifically, this research examined the risk-adjusted returns of biblically responsible ETFs, a subset of the larger category of socially responsible investment funds. The results of this study indicated there was no statistically significant difference between the intraday risk-adjusted return yields of the mid-cap and world large stock BRI ETFs and their respective benchmark indexes or the average intraday risk-adjusted return yield of their category grouping of equity-only faith-based investment funds. The two additional performance proxies, the Sharpe ratio and Jensen’s α, revealed that the mid-cap BRI ETF (ISMD) had both a higher intraday Sharpe ratio and Jensen’s α than the small/mid-cap equity-only faith-based funds and its respective benchmark index with no socially responsible investing agenda. One world large stock equity-only faith-based fund (GAGYX) had a statistically significant difference in the intraday performance from the Russell 3000 index. Further, the Sharpe ratio and Jensen’s α for the fund were also higher than the benchmark.

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