1 Prof. Dr. Mohammad Ariff
Prof, Department of Finance
2 No. 9 Lantau Crescent Bond University, University Dr., Qld. 4229
Varsity Lakes, Qld 4227 (Room 4_56 School of Business) Australia
Australia (617) 5595-2296 (Tel)
Australian resident (617) 5595-1160 (Fax)
(61) 424-972-682 (Mob Tel) E-mails:[email protected]; [email protected]
(61)07-5535-1101 (Home)
Education: Doctor of Philosophy (UQ): MBA – Finance (Wisconsin-Madison): Bachelor, Honours Upper II (NUS)
Work Experience:
1. Industry: EDB; Singtel; central bank, Singapore for 11 years in Singapore. State Fellowship to pursue PhD
2. University: Bond University (2007 on); Monash University (1996-2007); NUS (1982-1996)
3. Short Periods on leave: Harvard; Melbourne; Univ Tech Sydney; Boston; UCD Ireland (1 year); Tokyo (1 year); Evansville
4. CIMB Bank-chair UUM1997-02; Renong chair UPM, 2003-Apr:2011; Maybank Chair
Teaching: PhD Theory; Advanced Fund Management; Mergers-Acquisition; International Finance; Investment;
Finance Strategy; Corporate Governance as Applied Finance; Corporate Finance; Futures and Options;
Introduction to Finance; Management Accounting Strategy; Guided Readings for PhD students Supervision of Theses
About 70 Honours& Advanced MBA dissertations over 1986-1996 at the NUS; Masters theses: two masters theses at the NUS
30 PhD students completed. 2 DBA theses at the Monash University. Some of them are DVC; deans, professors and associate professors)
Each doctoral students gets at least one publication in an A- or B-rated journals in accounting, banking, finance
Community: (a) Founded the Asian Finance Association in 1988: today it has two A-rated journals in Finance:
(b) Served as its elected President in 2004-07.
(c) In 2007, established an international network of industry and university experts on Islamic Finance with the aim of producing 10 volumes on Islamic Finance (5 done).
(d) Chief Editor of International Journal of Banking and Finance, a 9-year old journal; ERA-rated & Cabell.
(e) Regular reviewer of articles for mainstream accounting, banking, finance and economics journals – JBFA;
QF; FR; IRF; AE; AFE; JORS; Energy Economics; etc.
(f) Serve in scientific committees eg. World Finance Association; U of Indonesia; Aust Research Council; etc (g) Assessor for promotion grades of professors: RMIT; Victoria Univ; NUS; UM; UPM; UUM; UTM; etc Books & Book Chapter: Published 21 books and 31 book chapters. Major book is a best-selling textbook (co- authors Bodie, Rosa, Kane & Marcus) Investments by McGraw-Hill: Other research books cover privatization;
share market behavior; taxation; banking; financial crisis including the Global Crisis; Islamic finance.
Journal publications:
112 scholarly publications in internationally refereed journals: 25 publications in A-rated journals: JBFA; PBFJ;
IRF, Applied Economics; Quantitative Finance; Quarterly Review of Economics & Business; AFE; JAPE;
JORS; JFSR; GFJ; etc. B-rated total 58: Citations: H-index 21; Econlit 22; Google Scholar 221; RePEc 35.
Articles span the broad area of Financial Economics meaning Finance (about 60%), Economics (about 5%), banking (10%), Islamic Finance (5%), Accounting-taxation (about 10%), and operational research (5%). PhD supervisions also spanned these disciplines.
Conference papers:
152 presentations at just the international conferences; invited addresses at conferences, and doctoral seminars;
TV & Radio & Newspaper.
Research grants:
Obtained a substantial amount of research grants. Four Australian grants and two large grants from universities in Australia; Two US grants; three Japan grants; one Indian grant; Renong chair and CIMB-Commerce bank grant for supervision of PhD & research papers in Malaysia; One grant from Korea. Total value of grants about US$750,000.
2 Consulting/Advisory: Completed about 21 consulting assignments for stock markets, companies & institutions,
university consultations.
Work in Progress for Publication
6. "Convertible Bond Issue Announcement Effect on Equity Prices in ASX” a working paper for Journal of Corporate Finance. A*
5. “Share Price Reaction to Bond Issues and its Spill-over effects on Equity Prices”, a working paper for Journal of Financial Markets. A
4. “A test of Brennan’s Dividend Per Se and Elton-Gruber’s Ex-Dividend Day Price Behaviour in the US Share Market”, a working paper for Review of Financial Studies. A*
3. “Friedman’s Liquidity Effect on Property Prices via Money Supply Modelling” a working paper for International Journalof Money and Finance. A
2. “Share Price Reactions to Adoption of Single-Tax Regime in two countries” working paper for International Taxation Journal. A
1. “Liquidity, Interest Rates, Money Supply and Share Prices: Their Linkages in Malaysia” working paper for Pacific Basin Finance Journal. A
Manuscript Under Review
18. “Indonesian Manufacturing Sector Productivity” co-authors: M Sathye and Viverita. Journal of Asia Pacific Economy (under review)A
17. Book “Handbook of Asian Sovereign Debt Markets: Yields and Risk”. A 19-chapter volume on 17 Asian bond markets and their behaviour to be published by University Press, UPM, in 2013.
(forthcoming)
16. Book “Ethics-Filtered and Conventional Mutual Funds: Theories, Performance and Policy Issues”
Volume to be edited for publication under Edward Elgar Foundation of Islamic Finance Series, 2013 (series editor is Ariff). Co-editor: Mervyn Lewis
15. Book “Ethics and Fair-dealing Principles in Finance” a book to be edited for publication by Routledge in 2013. Editors: Charles Sampford and Mervyn Lewis.
14. Book “Islamic Banking Products and Banking Operations”. Volume to be released under Edward Elgar Foundation of Islamic Finance Series, 2013 (series editor is Ariff).
13. “Post Keynesian Money Endogeniety in G-7 Economies: Is it Accommodationist or Structuralist or Liquidity Preference?” International Journal of Money and Finance Elsevier journal
(Forthcoming) A
12. “Cash Dividend Increases from three US Dividend Tax Relief Laws and their Impact on Share Prices” Journal of Banking andFinance (Revision under review)A*
10. “Tax for profits (li gaishui) corporate tax reforms in china and share prices”,The British Taxation Review (under review) A*
9. “Does a firm’s political connection to government have economic value?”, co-
authored.Journal of Asia Pacific Economy (accepted September, 2012, (Forthcoming) A
3 8. Best paper award at 19-th meeting of GFA in Chicago) “Money supply, Interest
Rates, Liquidity and Share Prices” Global Finance JournalElsevier journal(Forthcoming Dec., 2012 in Vol 23) B
7. “Are bank stock prices affected by changes in money supply? Evidence from G-7 countries using panel data”, Japan and the World Economy, Elsevier Journal (under review) B
6. “Impact of financial crisis on economic efficiency andproductivity: Evidence from Australian financial firms”. Co-author: M Sathye. European
Journal of Operations Research (under review) A
5. “Private equity placements in an emerging market: impact of financial crisis and wealth effect”, Global Finance Journal (Elsevier journal, USA) (3rd revision under review). B
4. “Multiple Motives for Share Buybacks in Australia”, Pacific Basin Financial Markets (UK) (under review) B
3. “Earnings response coefficients and risk applied to banking firms: Extension to OECD countries”, Advances in Accounting, USA. (First revision to be submitted for review). A
2. “Exogenous or endogenous money supply: Evidence from Australia”, Singapore Economic Review, National University of Singapore. 47-year old journal, John Wiley Asia)(Forthcoming, Dec., 2012) B
1. “Money Supply, Interest Rate, Liquidity and Share Prices: A Test of Their Linkage”, Journal of Banking and Finance (Special Issue Australasian Banking and Finance Conference 2012). Paper endorsed by the conference for special issue (under review by Journal of Banking and Finance) A*
Refereed International Journals (selection from a longer list: C-journals excluded) as at 2012
“Privatization and Performance: Evidence from telecommunications sector”, Journal of the Operational Research Society (2008), Vol 38: 1-7, USA. Co-authors: MilindSathye and E.
Cabanda. A (A* in Business)
“Compliance Costs of Corporate Income Taxation in Singapore,” Journal of Business Finance and Accounting, 24, no. 9-10: 1253-1268, UK. Co-authored: Ismail and LohA (A*
in UK Europe)
“Government Public Policy, Regulatory Intervention, and Their Impact on IPO
Underpricing: The Case of Malaysian IPOs”, Journal of Small Business Management, 44 (no. 1): 88-99, USA. Co-authored: Prasad and Vozikis. A (A* in Business)
4
“Sticky prices and time to equilibrium: evidence from Asia-Pacific trade-related economies” co-author: Catherine Ho, Applied Economics, Volume 43, Issue 21, August 2011, pages 2851-2861. A
“Accounting earnings response coefficient: An extension to banking shares in Asia Pacific countries”.
Advances in AccountingVol
22 (2): 35-49, USA. Co-authored: Cheng. A
“Money supply behaviour in emerging economies: a comparative analysis”, Journal of the Asia Pacific Economy Vol. 14 (no. 4): 331–350, Australia. co-authored: Effa Badaruddin and A Khalid. A
“The Valuation Effects of Prime Rate Revisions: Is there an Advantage of Being First?”
International Review in Finance, (United States). Vol 6 (nos 3-4): 177-194, USA &
Australia. Co-authored: Lamba. A
(Best paper award at the FMA-AFA 2005.) “Stock Index Futures Prices and the Asian Financial Crisis” International Review of Finance,Vol 7 (3/4): 119-142, USA & Australia.
Co-authored:Hassan, Shamsher and Annuar. A
“Factors Determining Mergers of banks in Malaysia’s Banking Sector” Multinational Finance Journal Vol 11 (nos 3-4): 177-194, USA. Co-authored: Ahmad and Skully. A
“Compliance Costs of Small and Medium Enterprises” Journal of Australian Taxation, Australia, 5(1): 41-64, Australia. Co-authored: Hanefah and Jeyapalan. A
(Awarded best publicationfor year at the university) "Is Kuala Lumpur's emerging share market efficient?" Journal of International Financial Markets, Institutions & Money, 4, no.1: 89-100, USA. Co-authored: Anwar and Shamsher. A
“Compliance Costs of Corporate Taxation in Hong Kong,” International Tax Journal, 25, no. 4: 42-68, USA. Co-authored: Chan and Cheung. A
(Selected as among the best papers in FMA Conference 1998) “Economic Influence on Announcement Behavior of Rights Issues in Malaysia, Pacific Basin Finance Journal, 7, no. 3-4: 405-428, USA. Co-authored: Salamudin. A
“An Investigation into the Extent of Beta Instability in the Singapore Stock Market,”
Pacific Basin Finance Journal, 6 (no. 1-2): 87-101, USA. Co-authored: Brooks and Faff. A
“The Determinants of Dual-listed Stock Premium in Mildly Segmented Singapore Foreign Stock Listings,” Quarterly Journal of Business and Economics, 37, no. 2: 17-37, USA. Co- authored: Khan. A
“An Analysis of the Information Content of Firms Switching From Section 2 to Section 1 of the Tokyo Stock Exchange,” Pacific Basin Finance Journal, 5, no. 4: 441-463, USA.
Co-authored: Lamba. A
“Performance of East Asian Banking Sectors under IMF-supported Programs”. Journal of Asia Pacific Economy, Vol. 14 (No. 1) 5---26, Australia. Co-authored: Can Luc. A
“The Determinants of Dual-listed Stock Premium in Mildly Segmented Singapore Foreign Stock Listings,” Quarterly Journal of Business and Economics, 37, no. 2: 17-37, USA. A
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“Compliance Costs of Corporate Income Taxation in Malaysia, 1995,” Pacific Accounting Review, 14, no. 3: 134-176. (New Zealand). Co-authored: Loh. B
“Shifts in Covariance Structure in Stock Market,” Journal of Investment and Management and Financial Innovation): pp. 61-71, USA. Co-authored: Neo VeeMeng, A. Nasir and Shamsher M. B
“Compliance costs of corporate income taxation in Singapore, 1994" Accounting Research Journal, 8, no. 2: 75-87, Australia. Co-authored: Loh and Talib. B
“The Role of Non-Parity Fundamentals in Exchange Rate Determination: Australia and the Asia Pacific Region”, Malaysian Journal of Economic Studies, Malaysia, Vol 45 (no. 4).
Co-authored: Catherine Ho. B
“Productivity Performance Gains of Indonesian Firms: 1992-2001”, Managerial Finance, UK & USA. 2008, Vol 34 (nos. 9 & 10). Co-authored: Viverita. B
“Are government-linked IPOs underpriced? A three-country privatization effort
comparison” International Entrepreneurship and Management Journal, USA. 2007: pp 1- 15, USA. Co-authored, Dev Prasad and G. Vizikis. B
“Determinants of Treasury Bond Yields in Singapore,” Malaysian Journal of Economic Studies, (University of Malaya).B
“Performance Gains through Privatization and Competition in Asian Economies”, in Asean Economic Bulletin, ISEAS, 19(no. 3): 254-279. Singapore. Co-authored Emilyn Cabanda.
B
“Public Distribution of Investment Advice by the Financial Press” Journal of Emerging Markets, USA, 5 (no. 2): 29-38 (2000). (St John’s University) co-author, Steven Dawson.
B
“Is it an Asian Miracle or Shared Growth or Simply Good Socio-Economic Governance,”
Southeast Asian Journal of Social Science, 25, no. 2 (1998): 189-201. (Academic Press for the National University of Singapore.). B
“Purchasing Power Parity in Southeast Asian Countries: A Cointegrattion Approach”, Asian Economic Journal, 11, No. 2 (1997): 141-153, UK. Co-authored:
ZubaidiBaharumshah. B
"
Industrial relation and international competitiveness: A case of Singapore" International Journal of Employment Studies, 3, no.2 (1995): 1-20, Australia. Co-author, Debrah Yaw. B
"
Privatisation, public sector reforms and development strategy for developing countries”, Asian Journal of Public Administration, 17, no.2: 322-27, Belgium (Blackwell Publishing).
B
"
International currency diversification and revision: A test of potential risk reduction and revision gains" International Journal of Finance, 4, no.3: 96-107, USA. Co-authored:
Varghese. B
“The rate of return under recapitalisation: A note,” Asia Pacific Journal of Management, 5 (no.3) (1988): 141-147, UK (John Wiley & Sons). Co-authored: Lim. B
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“A comparative analysis of the determinants of trade union membership in Singapore and selected developed countries,” Southeast Asian Economic Review, 9, (no.1): 17-32, Australia. Co-authored: Johnson. B
“Effects of thinness of trading on market parameters,” Malaysian Journal of Economic Studies, XXIV, no.2 (1987): 40-46, Malaysia. B
“A behavioral proxy model for employee turnover research: Results from a Singapore study,”, Asia Pacific Journal of Management, 5 (no. 2) (1987): 197-206, UK (John Wiley
& Sons). Co-authored: Tan. B
“Review of ASEAN Economic Relations With South Asia by M Asher and C D Wadhra”
Asia Pacific Journal of Management, 4, no.3, UK (John Wiley & Sons). Review article. B
“Time to Equilibrium in Exchange Rates: G-10 and Eastern European Economies”, Co- author Catherine Ho. Global Finance Journal (Elsevier USA), issue #2 in April, 2012. B (A in USA)
“Money Supply Endogeneity and Bank Stock Returns” Applied Financial Economics, Vol 21 (14): 1035-1048, UK. Co-authored: Badaruddin and Khalid. B
“Factors Correlated with Equity Market Risk Premiums in Developed and Emerging Markets”, Quantitative Finance. Vol 12(1): 107-118, USA. Co-authored: Marisetty. B (A in USA)
“The Effects of De-Regulation on Share-Market Efficiency in the Asia-Pacific,”
International Economic Journal, 12 (no.4): 23-47. USA. Co-authored: Nicolas Groenewold. B
“IMF Bank-Restructuring Efficiency Outcomes: Evidence from East Asia,”Journal of Financial Services Research Volume 35, Issue2: 167-92, USA. Co-authored: Luc Can. B (A in USA)
"
Purchasing power parity: New methods and extensions" Applied Financial Economics, 5, no.1 (1995): 19-26, UK. Co-authored, Manzur. B
“The Performance of Islamic Banks across the world”, Journal of Islamic Finance and Banking USA. Co-authored: M. Bader and T. Hassan. B
“On productivity performance gains of Indonesian firms”, Journal ofManagerial Finance (2008) 34 (issue 9-10). Co-authored: Viverita. B
“Short Selling Restrictions and Market Completeness: The Malaysian Experience,”
Applied Financial Economics, 16(no. 5): 385-393, 2005, UK. Co-authored: Lamba. B
“Compliance Costs of Corporate Income Taxation in Malaysia, 1995,” Pacific Accounting Review, 14, no. 3: 134-176, New Zealand. Co-authored: Loh, Ismail, Shamsher and Ali. B
“What factors discriminate developed and emerging capital markets?”, co-authors: Guoma Alrgibi and Louis Murray, Applied Economics Letter, 17: 1466-4291, UK. Co-authored:
Murray and Alrigibi. B
“How Capital Structure Adjusts Dynamically during Financial Crisis. Corporate Finance Review,vol 13 (3): 25-33, UK. Co-authored: Hassan and Shamsher. B
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“Cost and Profit Efficiency of Banks: A Non-parametric Analysis” China Economic Review: Vol 19: 260-273, USA. Co-authored: Luc Can. B (citation value 1.436)
“Estimating Economic Profits of a Bank and Its Market Value”,International Journal of Finance 13 (no. 4): 2086-2098, USA. Co-authored: Bao Nguyen. B
“Compliance costs of corporate income taxation in Singapore, 1994" Accounting Research Journal, 8, no. 2: 75-87, Australia. Loh and Talib. B
“The Determinants of Bank Capital Ratios in a Developing Economy”, Asia pacific Financial Markets (2008): Vol 15: 255–72, Japan. Co-authored: Ahmad and Skully B
“Cost, revenue, and profit efficiency of Islamic versus conventional banks: international evidence using data envelopment analysis, Islamic Economic Studies(2008)15 (No. 2): 23- 76. Publisher: Islamic Development Bank. , Co-authored: Bader, Shamsher and Hassan B (Considered the best journal in Islamic economics)
“Self-identification of class and differential identity in social stratification,” Southeast Asian Journal of Social Science, 1 (no. 1) (1968): 19-38, (National University of Singapore). B
Research books (selection from a longer list)
Regulatory Failure & The Global Financial Crisis. Edward Elgar USA and UK. Co-edited:
Farrar and Khalid. 2012. (Bond University funded research grant).
Sukuk Islamic Debt Securities: Theory, Practice and Issues.Edward Elgar USA and UK.
Co-edited Iqbal and Shamsher, 2012.
Foundation of Islamic Banking: Theory, Practice and Education, Edward Elgar USA and UK. Co-edited: Iqbal 2012.
Fixed Income Markets: Malaysia and Singapore. University Press, UPM. Co-authored:
Cheng and Neo, 2009.
Capital Markets in Malaysia: Corporate Finance, Investment, banking and Governance Co- authored: Shamsher,Hassan and Annuar. McGraw Hill. 2008
Global Financial Research: Issues and Policies. Praeger Publishing U.S.A. Co-authored:
Ghosh, 2004.
Liberalisation, Growth & the Asian Financial Crisis: Lessons for Developing and Emerging Economies in Asia. Edward Elgar USA-UK, 2000. Co-authored: Khalid.
Securities Markets and Stock Pricing: Evidence from a Developing Capital Market in Asia.
Longman Professional Books. Co-authored: Johnson.
Privatisation: Singapore's Experience in Perspective. Co-authored: Thynne. Longman Professional Books, 1989.
Selected chapters in books
“A simple Guide to Islamic Banking for Bank Directors” pp 255-277 in Banking &
Financial Institutions: A Guide to Directors, Investors, and Counterparties by Benton Gup. John Wiley & Sons, USA.
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“Corporate Governance in Banking: The Case of Australia”, in Corporate Governance in Banking: A Global Perspective by Benton Gup, publisher: Edward Elgar, UK, 2007.
“Taxation and good governance: some international comparisons from an Australian perspective”, in ATAX Proceedings of the 5th International Conference on Taxation Administration: Current Issues and Future Developments, paper 12:pp. 1-12.
Ariff M., “Compliance cost research in selected Asian economies,” chapter 15, in C Evans, J. Pope and J. Hasseldine (2001) (eds) Tax Complaince Costs: A Festschrift for Cedric Sandford, Prospect Media Pty Ltd., St Leonards, NSW, Australia.
Ariff, M., and Michael Skully contributed materials for 2 chapters on banking in Department of Foreign Affairs and Trade published book Asia's Financial Markets:
Capitalising on Reform, 1999, pp. 316, Commonwealth Government, Australia, publication, Canberra ACT.
Ariff, M., “Benefits of Financial Liberalisation in a Case Study of Singapore,” a chapter in United Nations UNESCO
publication, 1999.
Ariff, M., “Financial Liberalisation in a Case Study ,” a chapter in UNESCO edited book published by the United Nations office in Bangkok, Thailand, 1998.
Ariff, M, B K Kapur and A Tyabji, “Money markets in Singapore,” In Asian Money Markets, edited by D C Cole, H S Scott and P A Wellons, compiled by Harvard Institute for International Development and Harvard Law School, pp. 349-387. New York: Oxford University Press.
Ariff, M, “Worldwide resource flows for development,” In APEC Development Co- operation, Institute of Southeast Asian Studies, 1997.
Ariff, M, M G Asher and I Thynne, “Progress, benefits and costs of privatization:
Singapore experience,” In Corporatisation, Divestment and Public-Private Mix, edited by I Thynne, pp.173-194. Leuven: International Association of Schools & Institutes of Public Admin (Belgium) &Asian Journal of Public Administration, 1995.
Ariff, M, “Indian financial system development opportunities,” In Singapore-India Relation, edited by MC Yong and B Rao, compiled by Centre for Advanced Studies, pp.195-234. Singapore: National University Press, 1995.
Thynne, I S and M Ariff, “Singapore” In Public Enterprise Performance Evaluation:
Seven Country Studies edited by R L Wettenhall and C O Nuallain, pp.99-119. Belgium:
International Association of Schools and Institutes of Administration.
Ariff, M, “Interest rates, credit and immunization,” Handbook on Corporate Finance, edited by C H Tan and K C Kwan. (Butterworth Asia) Singapore.
Conference Presentations/Tertiary Institution Seminars/Invited Talks
Presented 152 papers in mostly international conferences (FMA; FMA-AFA; ABFA;
AFANZ; EFA; PACAP; WFA; WFA; MFA; etc.). Given 78 staff presentations in tertiary institutions including Griffith; Unimelb; UWA; UQ; STS; etc. 7 invited talks and special paper presentations.
