Azhar Mohamad obtained his BA Accounting (Hons) and MBA Finance from International Islamic University Malaysia (IIUM). He started his career as an auditor with KPMG Peat Marwick and later as futures dealer with Bank Bumiputera Futures. He joined IIUM as an Assistant Lecturer in January 2000. Upon completion of his MBA in Finance at IIUM, he taught finance at IIUM from July 2002 through August 2009. He pursued his Ph.D at Bangor University, UK, from September 2009 to July 2012, where he wrote empirical essays on short-selling and was able to complete within 36 months.
While doing his BA Accounting at IIUM in 1995, he was named as the Best Student for Accounting for Islamic Bank. As a co-author, he won best paper awards in Malaysian Finance Association Annual Symposium twice, in 2003 and 2010. Post Ph.D, he was appointed Assistant Professor and he is the postgraduate coordinator for the Department of Finance from July 2013.
Since December 2014, Dr Azhar has been an Associate Professor at the Department of Finance of Kulliyyah of Economics and Management Sciences at the IIUM.

• Economics, Business And Management ~ Economics, Business And Management ~ Investment ~ Stock Market Studies - Investment and financial management
• Economics, Business And Management ~ Economics, Business And Management ~ Investment ~ Other Investment n.e.c. - Cryptocurrency
• Economics, Business And Management ~ Economics, Business And Management ~ Investment ~ Futures - Futures and options (financial derivatives)
• Economics, Business And Management ~ Economics, Business And Management ~ Investment ~ Mutual Fund - Investment analysis

• 2003 - 2013: Member of Profesional Body / Association, Malaysian Finance Association, Malaysia
• 2010 - 2013: Member of Profesional Body / Association, British Accounting and Finance Association, UK
• 2012 - 2013: Member of Profesional Body / Association, Midwest Finance Association (USA)

ADVANCED FINANCE	2017/2018
CORPORATE FINANCE	2008/2009
FINANCIAL DERIVATIVES	2021/2022 2017/2018 2016/2017 2015/2016 2014/2015 2013/2014
FINANCIAL MANAGEMENT 2	2005/2006
FINANCIAL MANAGEMENT ANALYSIS	2015/2016 2014/2015
FINANCIAL MANAGEMENT I	2008/2009 2007/2008 2006/2007 2005/2006 2004/2005 2003/2004 2002/2003
FINANCIAL MANAGEMENT II	2012/2013 2007/2008 2005/2006 2004/2005 2003/2004 2002/2003
FUTURES,OPTIONS AND RISK MANAGEMENT	2021/2022 2020/2021 2019/2020 2018/2019 2017/2018 2016/2017 2015/2016 2014/2015 2013/2014 2008/2009 2007/2008 2006/2007
INTERNATIONAL FINANCE	2021/2022 2020/2021 2018/2019 2017/2018 2016/2017 2015/2016 2014/2015 2013/2014 2012/2013 2008/2009
INVESTMENT ANALYSIS	2008/2009 2007/2008 2006/2007 2005/2006 2003/2004
ISLAMIC FINANCIAL PLANNING	2006/2007
MANAGING RISK-FUTURES & OPTIONS	2021/2022 2020/2021 2018/2019 2016/2017

Completed

2021 - 2022	The impact of Covid-19 on price discovery of bitcoin markets
2019 - 2021	Impact of Sudden Change of Government in Malaysia: Evidence from Equity and Currency Market
2015 - 2019	Regulating a Mis-regulation of Trading Halts through a Comprehensive Financial Legal Framework for the Protection of Investors? Interest
2014 - 2017	Formulating Silver as a Model Payment System in Islamic Finance for the Protection of Maqasid of Shariah
2013 - 2015	Contagion Effects of Financial Crisis: A Meta-Analysis
2006 - 2009	Linkages, Profitability and Magnetic Effect of the Malaysian Equity Market

On-Going

2022 - Present	Do Birds of a Feather Flock Together? Evidence from Time-Varying Herding Behaviour of Bitcoin and Foreign Exchange Majors
2019 - Present	Developing an Environmental Variation Model of Rice Production Efficiency in Malaysia.
2019 - Present	Exploring the Notion of Rational Investment: The Case of Green Investment in Malaysia

19 Nov, 2020	Best Paper Award - Malaysian Finance Association	National
25 Oct, 2017	Best Paper Award - Universiti Teknologi MARA (UiTM)	National
13 Apr, 2017	Best paper award in 8th International Conference on Financial Crimininology (ICFC) 2017, 12-13 April 2017, held at Dorsett Putrajaya, Malaysia - 8th International Conference on Financial Criminology, 2017, in collaboration with Accounting Research Institute, UITM.	National
10 Jun, 2010	Best paper award in 2010 Malaysian Finance Association (MFA) 12th Annual Conference at Taylor's University College, Sunway, Selangor, Malaysia. Title: Foreign Exchange Exposure and Impact of Policy Switch: The Case of Malaysian Public Listed Firms, (with Obiyathulla Bacha, Sharifah Raihan and Mohd Eskandar) - Malaysian Finance Association	National
23 Apr, 2003	Best paper award in 2003 Malaysian Finance Association (MFA) 5th Annual Symposium at Multimedia University, Cyberjaya, Malaysia. Title: Daily Returns Seasonality and Impact of Stock Index Futures: Evidence from the KLSE, (with Obiyathulla Bacha and Mansor Ibrahim). Selected for publication in KLSE Capital Markets Review, 11, 2003, pp 1-22. - Malaysian Finance Association	National

Article

2022	Price discovery in bitcoin spot or futures during the Covid-19 pandemic? evidence from the time-varying parameter vector autoregressive model with stochastic volatility. Applied Economics Letters, 29 (15) pp. 1-10
2022	Reevaluating the risk minimization utility of Islamic stocks and bonds (Sukuk) in international financial markets. The European Journal of Finance, () pp. 1-23
2022	Safe flight to which haven when Russia invades Ukraine? a 48-hour story. Economics Letters, 216 () pp.
2021	Are Islamic stock markets immune from contagion during the financial crisis?. Journal of Economic Cooperation and Development, () pp.
2021	Cross hedging with stock index futures. The Quarterly Review of Economics and Finance, 82 () pp. 128-144
2021	Financial contagion in the futures markets amidst global geo-economic events. The Quarterly Review of Economics and Finance, 81 () pp. 288-308
2021	Implied volatility of structured warrants: Emerging market evidence. The Quarterly Review of Economics and Finance, 80 () pp. 464-479
2020	A survey on the magnet effect of circuit breakers in financial markets. International Review of Economics and Finance, 69 () pp. 138-151
2020	Ex-post effects of circuit breakers in crisis and calm markets: long horizon evidence from wide-band Malaysian price limits. Journal of Economic Studies, 47 (2) pp. 333-350
2020	Fiscal decentralization and convergence in government spending in Malaysia. International Journal of Finance and Economics, () pp.
2020	Information content and informativeness of the analyst report in Malaysia: Evidence from Sharīʿah-compliant shares. Journal of Islamic Accounting and Business Research, 11 (3) pp. 869-888
2020	Information content and informativeness of the analyst report in Malaysia: Evidence from Sharīʿah-compliant shares. Journal of Islamic Accounting and Business Research, 11 (4) pp. 869-888
2020	Intertemporal price discovery between stock index futures and spot markets: new evidence from high-frequency data. International Journal of Finance and Economics, () pp.
2020	On IMF debt and capital control: evidence from Malaysia, Thailand, Indonesia, the Philippines and South Korea. Journal of Financial Regulation and Compliance, () pp.
2020	Operational efficiency of shipping companies: evidence from Malaysia, Singapore, the Philippines, Thailand and Vietnam. International Journal of Emerging Markets, 15 (5) pp. 875-897
2020	Predictive power of implied volatility of structured call warrants: evidence from Singapore. International Journal of Finance & Economics, 17 December 2020 () pp. 1-19
2019	Aberrant investor participation amid substantial price swings: high-frequency evidence of magnet-repellent effect from Malaysia. Macroeconomics and Finance in Emerging Market Economies, 12 (1) pp. 71-94
2019	Back to the future: returning to silver-backed money in Sri Lanka. Journal of Islamic Accounting and Business Research, 10 (1) pp. 73-97
2019	Circuit breakers as market stability levers: a survey of research, praxis, and challenges. International Journal of Finance and Economics, 24 (3) pp. 1130-1169
2019	Financial interdependence or contagion? evidence from a meta-analysis. Journal of Economic Cooperation and Development, 40 (1) pp. 79-102
2019	Foreign exchange exposure of Indonesian listed firms. Foreign Exchange Exposure of Indonesian Listed Firms, 20 (3) pp. 1-19
2019	Information content and informativeness of analysts’ report: evidence from Malaysia. Journal of Financial Reporting and Accounting, 16 (4) pp. 742-763
2019	Lead-lag relationship between Bitcoin and Ethereum: evidence from hourly and daily data. Research in International Business and Finance, 50 (1) pp. 306-321
2019	On contango, backwardation, and seasonality in index futures. The Journal of Private Equity, 22 (2) pp. 69-82
2019	Potential application of Istisna’ financing in Malaysia. Qualitative Research in Financial Markets, 11 (2) pp. 211-226
2019	Prioritising disclosures of information in analyst reports using the analytic hierarchy process: evidence from Malaysia. International Journal of Business and Systems Research, 13 (1) pp. 77-99
2019	Randomness for asset prices constrained by price limit regimes: a Malaysian case study. Journal of Private Equity, 22 (4) pp. 111-144
2019	The sustainable development consequences of IMF debt vs. capital control: comparing progress in GPI and GDP terms for Korea and Malaysia. Journal of Cleaner Production, 234 (1) pp. 725-742
2018	An investigation of magnet effect via overnight returns: the Malaysian case. Journal of Capital Markets Studies, 2 (2) pp. 121-135
2018	An investigation of magnet effect via overnight returns: the Malaysian case. Journal of Capital Markets Studies, 2 (2) pp. 121-135
2018	Blockholders and firm performance: a Malaysian evidence. The Journal of Social Sciences Research, Special Issue 5 () pp. 885-893
2018	Circuit breakers as market stability levers: a survey of research, praxis, and challenges. International Journal of Finance & Economics, () pp.
2018	Designing fitrah money: a maqasidic discourse. Journal of Islamic Monetary and Finance (JIMF), 3 (2) pp. 388-396
2018	Efficiency and productivity performance of zakat funds in Algeria. International Journal of Islamic and Middle Eastern Finance and Management, 11 (3) pp. 374-394
2018	Efficiency, stability and asset quality of Islamic vis-à-vis conventional banks: evidence from Indonesia. Journal of Islamic Accounting and Business Research, 9 (3) pp. 378-400
2018	From metal to paper: validating paper money from Islamic perspective. International Journal of Ethics and Systems, 34 (1) pp. 2-19
2018	GDP vs genuine progress quantification of economic performance in South Korea and Malaysia. Economics and Business Letters, 7 (4) pp. 169-179
2018	How useful are the equity analysts’ report? evidence from Malaysia. Reports on Economics and Finance, 4 (4) pp. 221-246
2018	Implied volatility in the individual stocks call options market: evidence from Malaysia. Afro-Asian Journal of Finance and Accounting, 8 (4) pp. 431-456
2018	Information content of analysts' report: a literature survey. Etikonomi, 17 (1) pp. 135-152
2018	Revisiting fiat regime’s attainability of shari’ah objectives and possible futuristic alternatives. Journal of Muslim Minority Affairs, 38 (1) pp. 1-23
2018	Speculative behavior in vacant land development: evidence for real options in Malaysia. The Developing Economies, 56 (4) pp. 245-266
2018	Trading aggression when price limit hits are imminent: NARDL based intraday investigation of magnet effect. Journal of Behavioral and Experimental Finance, 20 () pp. 1-8
2017	A qualitative inquiry into the issues of information content of analysis’s report: Evidence from Malaysia. Labuan Bulletin of International Business & Finance, 15 () pp. 1-21
2017	A qualitative inquiry into the issues of information content of analysts' report: Evidence from Malaysia. Labuan Bulletin of International Business and Finance, 15 () pp. 1-21
2017	Data envelopment analysis of efficiency of real estate investment trusts in Singapore. International Journal of Law and Management, 59 (6) pp. 826-838
2017	Does an Islamic finance industry need a unification of standards? A qualitative discussion. Arab Law Quarterly, 31 (4) pp. 336-362
2017	Does Musharakah Mutanaqisah converge with Bai Bithamin Ajil and conventional loans?. International Journal of Law and Management, 59 (5) pp. 740-755
2017	Gold vis-à-vis money in Islam: the case against Dinarist movement. International Journal of Law and Management, 59 (6) pp. 977-992
2017	On the Malaysian ringgit exchange rate determination and recent depreciation. International Journal of Economics, Management and Accounting, 25 (1) pp. 1-26
2017	Seeking negative alphas through shorting. Global Business Review, 18 (6) pp. 1488-1506
2017	Tax arrears amongst individual income taxpayers in Malaysia. Journal of Financial Crime, 24 (1) pp. 17-34
2017	The effects of corporate governance attributes and code amendments on the performance of Malaysian trading and services firms. International Journal of Economics and Business Research, 13 (1) pp. 72-94
2016	Asset pricing in developed and emerging markets:a survey. Sains Humanika, 8 (3) pp. 47-64
2016	Cash economy: tax evasion among SMEs in Malaysia. Journal of Financial Crime, 23 (4) pp. 974-986
2016	Gibrat’s law and liquidity constraints: evidence from Malaysia industrial sector companies. International Journal of Economics, Management and Accounting, 24 (2) pp. 135-161
2016	Implied volatility forecasting in the options market: a survey. Sains Humanika, 8 (2) pp. 9-18
2016	Selling short as Ijarāh with Istiḥsān and its ethical implication. Arab Law Quarterly, 30 (4) pp. 357-377
2016	Short selling and exchange-traded funds returns: evidence from the London Stock Exchange. Applied Economics, 48 (2) pp. 152-164
2016	Short selling and the development of anti-shorting laws in the UK. Journal of Financial Regulation and Compliance, 24 (1) pp. 9-23
2015	Order imbalance and selling aggression under a shorting ban: Evidence from the UK. International Review of Financial Analysis, 42 () pp. 368-379
2015	Short-selling ban and cross-sectoral contagion: evidence from the UK. Journal of Asset Management, 16 (7) pp. 1-18
2013	Creating a two-way market via short selling and its potential use in the Islamic paradigm . International Journal of Economics, Management and Accounting, 21 (2) pp. 29-43
2013	Foreign exchange exposure and impact of policy switch - the case of Malaysian listed firms . Applied Economics, 45 (20) pp. 2974-2984
2013	Short selling and stock returns: evidence from the UK. The British Accounting Review, 45 (2) pp. 125-137
2009	Granting employee stock options (ESOs), market reaction and financial performance. Asian Academy of Management Journal of Accounting and Finance, 5 (1) pp. 117-138
2003	Daily returns seasonality and impact of stock index futures: evidence from the Kuala Lumpur Stock Exchange. KLSE Capital Markets Review, 11 (1 & 2) pp. 1-22

Conference or Workshop Item

2019	Price discovery between index futures and spot markets. In: The 21st Malaysian Finance Association Conference 2019 (MFAC 2019),
2018	An empirical test of implied volatility in Singaporean structured warrants. In: The 20th Malaysian Finance Association Conference (MFAC) 2018,
2018	Industry 4.0. In: 7th Annual Southeast Asian International Seminar 2018,
2018	Is there a J-curve between Malaysia and her trading partners? evidence from ARDL test and industry level data. In: 6th Malaysia Statistics Conference,
2017	Cash economy: Tax evasion amongst SMEs in Malaysia. In: 8th International Conference on Financial Criminology (ICFC) 2017,
2017	Designing Fitrah Money: A Maqasidic Discourse (JIMF Bank Indonesia Conference Nov 2017). In: 3rd International Islamic Monetary Economics and Finance Conference IIMEFC / JIMF,
2017	Magnet effect of price limits: evidence from Bursa Malaysia. In: 44th International Business Research Conference 2017,
2016	Designing fitrah money:appraisal of gold-silver as practical alternatives. In: ISERD-RW International Conference,
2016	Predicting Financial Distress based on Corporate Actions. In: 3rd International Conference on Global Business & Social Entrepreneurship,
2015	Creating a two-way market via short selling and its potential use in the Islamic paradigm. In: International Conference on Islamic Perspective of Accounting, Finance, Economics and Management (IPAFEM 2015),
2015	The Fiat Fiasco: the insidious erosion of Maqasid of Shari’ah and practical alternatives. In: The 9th ISDEV International Development Management Conference (IDMAC2015),
2014	Implied volatility and contagion in the options market . In: International Business Economics Social Sciences Research Association (IBESRA) Istanbul Conference, Turkey,
2014	Short-selling ban and cross-sectoral contagion: evidence from the UK. In: BAFA 2014 Annual Conference,
2013	Is shorting of Exchange Traded Funds a dangerous financial sport? recent UK evidence. In: BAFA 2013 Annual Conference ,
2012	Short-selling ban and cross-sectoral contagion: evidence from the UK. In: Sixty-First Annual Meeting of the Midwest Finance Association,
2011	Increase in Short Interest and Predictability in Stock Returns (Infiniti 2011). In: INFINITI Conference on International Finance,
2011	Informational content of short interest (EBES 2011). In: Euroasia Business and Economics Society (EBES) Conference, Istanbul, Turkey,
2011	Short interest and stock returns: evidence from the UK (Gregynog 2011).. In: Gregynog Accounting and Finance Colloquium 2011,
2011	Short selling and stock returns: evidence from the UK. In: Annual Submit on Business and Entrepreneurial Studues - ASBES 2011,
2010	PhD proposal (BAA Doctoral Colloquium Cardiff 2010): short selling and stock returns . In: BAA 2010 Doctoral Colloquium,
2010	PhD proposal (Gregynog 2010): short selling and stock returns. In: Accounting & Finance Research Colloquium (Gregynog 2010),
2003	Daily returns seasonality and impact of stock index futures: evidence from the Kuala Lumpur Stock Exchange. In: Malaysia Finance Association's (MFA's) 5th Annual Symposium,

Book

2018	Bay' al-salam and istithna': implementation and challenges. IIUM Press, International Islamic University Malaysia, ISBN: 978-967-418-465-0
2017	Bay’ al-Salam and Istithne: implementation and challenges. IIUM Press, ISBN: 978-967-418-465-0

Monograph

2019	FRGS final report: regulating a mis-regulation of trading halts through a comprehensive financial legal framework for the protection of investors’ interest. In: ,
2015	Contagion effects of financial crisis: a meta-analysis. In: s.n,