DOES THE EFFECTIVE RETURN OF FAITH-BASED INVESTMENT FUNDS EXCEED THE RETURN OF OTHER FUNDS? EMPIRICAL INVESTIGATION

Stacie Rhodes
Gene Sullivan
Liberty University

Stanley Self
Rachel Byers
Purdue University Global

ABSTRACT
This study intends to find out whether there is a statistically significant difference
between “the effective return of U.S small/mid cap blend BRI EXTF” and “the return of other U.S
small/mid cap blend-only faith-based SRI funds”. This study also intends to find out whether there
is a statistically significant difference between the “effective return of world large stock BRI
EXTF” and the “effective return of other world large stock equity-only faith-based SRI funds”.
Utilizing a sample from the reputable source (Morningstar Advisor Workstation, 2018),
which is highly regarded by the Financial Industry Regulatory Authority (FIRA), the results of this
study revealed that there is no statistically significant difference between “the intraday effective
return of U.S small/mid cap blend BRI ETF” and “the intraday return of other U.S small/mid cap
blend-only faith-based SRI funds”. In addition there is no statistically significant difference
between the “intraday effective return of world large stock BRI EXTF” and the “intraday return
of other world large stock equity-only faith-based SRI funds”.
Keywords Exchange trade investment, biblically responsible fund, socially responsible investment, equity-only faith-
based investment funds