Researchers

Researchers

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Azhar Bin Mohamad
Professor

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Staff Details

ADVANCED FINANCE 2017/2018
CORPORATE FINANCE 2008/2009
FINANCIAL DERIVATIVES 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2021/2022 2022/2023 2023/2024
FINANCIAL MANAGEMENT 2 2005/2006
FINANCIAL MANAGEMENT ANALYSIS 2014/2015 2015/2016
FINANCIAL MANAGEMENT I 2002/2003 2003/2004 2004/2005 2005/2006 2006/2007 2007/2008 2008/2009
FINANCIAL MANAGEMENT II 2002/2003 2003/2004 2004/2005 2005/2006 2007/2008 2012/2013
FUTURES,OPTIONS AND RISK MANAGEMENT 2006/2007 2007/2008 2008/2009 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022
INTERNATIONAL FINANCE 2008/2009 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2020/2021 2021/2022 2022/2023 2024/2025
INVESTMENT ANALYSIS 2003/2004 2005/2006 2006/2007 2007/2008 2008/2009
INVESTMENTS 2022/2023 2023/2024 2024/2025
ISLAMIC FINANCIAL PLANNING 2006/2007
MANAGING RISK-FUTURES & OPTIONS 2016/2017 2018/2019 2020/2021 2021/2022
In Progress
2021 - Present The impact of Covid-19 on price discovery of bitcoin markets
2019 - Present Exploring the Notion of Rational Investment: The Case of Green Investment in Malaysia
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
2019 - Present Developing an Environmental Variation Model of Rice Production Efficiency in Malaysia.
2019 - Present Impact of Sudden Change of Government in Malaysia: Evidence from Equity and Currency Market
Completed
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
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
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
2013 - 2015 Contagion Effects of Financial Crisis: A Meta-Analysis
2006 - 2009 Linkages, Profitability and Magnetic Effect of the Malaysian Equity Market
2006 - 2009 Linkages, Profitability and Magnetic Effect of the Malaysian Equity Market
Article
2022 Reevaluating the risk minimization utility of Islamic stocks and bonds (Sukuk) in international financial markets. The European Journal of Finance pp.1-23
2021 Are Islamic stock markets immune from contagion during the financial crisis?. Journal of Economic Cooperation and Development
2021 Implied volatility of structured warrants: Emerging market evidence. The Quarterly Review of Economics and Finance , 80 pp.464-479
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
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 Predictive power of implied volatility of structured call warrants: evidence from Singapore. International Journal of Finance & Economics , 17 December 2020 pp.1-19
2020 A survey on the magnet effect of circuit breakers in financial markets. International Review of Economics and Finance , 69 pp.138-151
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 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 Fiscal decentralization and convergence in government spending in Malaysia. International Journal of Finance and Economics
2020 Intertemporal price discovery between stock index futures and spot markets: New evidence from high-frequency data. International Journal of Finance and Economics
2020 On IMF debt and capital control: evidence from Malaysia, Thailand, Indonesia, the Philippines and South Korea. Journal of Financial Regulation and Compliance
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
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 Information content and informativeness of analysts’ report: evidence from Malaysia. Journal of Financial Reporting and Accounting , 16 (4) pp.742-763
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 Foreign exchange exposure of Indonesian listed firms. Foreign Exchange Exposure of Indonesian Listed Firms , 20 (3) pp.1-19
2019 Potential application of Istisna’ financing in Malaysia. Qualitative Research in Financial Markets , 11 (2) pp.211-226
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 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
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 Financial interdependence or contagion? evidence from a meta-analysis. Journal of Economic Cooperation and Development , 40 (1) pp.79-102
2019 On contango, backwardation, and seasonality in index futures. The Journal of Private Equity , 22 (2) pp.69-82
2019 Randomness for asset prices constrained by price limit regimes: a Malaysian case study. Journal of Private Equity , 22 (4) pp.111-144
2018 Designing fitrah money: a maqasidic discourse. Journal of Islamic Monetary and Finance (JIMF) , 3 (2) pp.388-396
2018 An investigation of magnet effect via overnight returns: the Malaysian case. Journal of Capital Markets Studies , 2 (2) pp.121-135
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
2018 Circuit breakers as market stability levers: a survey of research, praxis, and challenges. International Journal of Finance & Economics
2018 How useful are the equity analysts’ report? evidence from Malaysia. Reports on Economics and Finance , 4 (4) pp.221-246
2018 From metal to paper: validating paper money from Islamic perspective. International Journal of Ethics and Systems , 34 (1) pp.2-19
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 GDP vs genuine progress quantification of economic performance in South Korea and Malaysia. Economics and Business Letters , 7 (4) pp.169-179
2018 An investigation of magnet effect via overnight returns: the Malaysian case. Journal of Capital Markets Studies , 2 (2) pp.121-135
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 Blockholders and firm performance: a Malaysian evidence. The Journal of Social Sciences Research , Special Issue 5 pp.885-893
2018 Information content of analysts' report: a literature survey. Etikonomi , 17 (1) pp.135-152
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 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 Speculative behavior in vacant land development: evidence for real options in Malaysia. The Developing Economies , 56 (4) pp.245-266
2017 Does Musharakah Mutanaqisah converge with Bai Bithamin Ajil and conventional loans?. International Journal of Law and Management , 59 (5) pp.740-755
2017 Seeking negative alphas through shorting. Global Business Review , 18 (6) pp.1488-1506
2017 Does an Islamic finance industry need a unification of standards? A qualitative discussion. Arab Law Quarterly , 31 (4) pp.336-362
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 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
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 Gold vis-à-vis money in Islam: the case against Dinarist movement. International Journal of Law and Management , 59 (6) pp.977-992
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 On the Malaysian ringgit exchange rate determination and recent depreciation. International Journal of Economics, Management and Accounting , 25 (1) pp.1-26
2016 Cash economy: tax evasion among SMEs in Malaysia. Journal of Financial Crime , 23 (4) pp.974-986
2016 Selling short as Ijarāh with Istiḥsān and its ethical implication. Arab Law Quarterly , 30 (4) pp.357-377
2016 Asset pricing in developed and emerging markets:a survey. Sains Humanika , 8 (3) pp.47-64
2016 Short selling and the development of anti-shorting laws in the UK. Journal of Financial Regulation and Compliance , 24 (1) pp.9-23
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 Short selling and exchange-traded funds returns: evidence from the London Stock Exchange. Applied Economics , 48 (2) pp.152-164
2016 Implied volatility forecasting in the options market: a survey. Sains Humanika , 8 (2) pp.9-18
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 Foreign exchange exposure and impact of policy switch - the case of Malaysian listed firms . Applied Economics , 45 (20) pp.2974-2984
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 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 Is there a J-curve between Malaysia and her trading partners? evidence from ARDL test and industry level data. In: 6th Malaysia Statistics Conference
2018 Industry 4.0. In: 7th Annual Southeast Asian International Seminar 2018
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
2017 Cash economy: Tax evasion amongst SMEs in Malaysia. In: 8th International Conference on Financial Criminology (ICFC) 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 The Fiat Fiasco: the insidious erosion of Maqasid of Shari’ah and practical alternatives. In: The 9th ISDEV International Development Management Conference (IDMAC2015)
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)
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 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
2011 Informational content of short interest (EBES 2011). In: Euroasia Business and Economics Society (EBES) Conference, Istanbul, Turkey
2010 PhD proposal (Gregynog 2010): short selling and stock returns. In: Accounting & Finance Research Colloquium (Gregynog 2010)
2010 PhD proposal (BAA Doctoral Colloquium Cardiff 2010): short selling and stock returns . In: BAA 2010 Doctoral Colloquium
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

Book Section