IV.2 B Conventional Benchmarks 35 IV.3 Alternative Performance Measures 37 IV.3 A Performance Measures with Conventional Benchmarks 39 IV.4 Treynor and Mazuy's Model 41 IV.5 Robustness Analysis: How do IEFs Fare in Bear Markets? 45 IV.3 A Downside Risk 47 V. Conclusions and Outlook 50

2b. 41 EFTA00617350 Table 4 Market Timing Ability of IEF managers Table 4 contains the results of applying the multivariate regression model of Treynor and Mazuy (1966), to estimate the market timing ability of IEF fund managers in the sample using Islamic benchmarks to proxy the market. For each f