Dr Fahad Ali is the Talent Level VI Assistant Professor of Finance at the School of finance, Zhejiang University of Finance and Economics (ZUFE), since January 2021. He previously served as an International Talent Introduction Postdoctoral Fellow at Zhejiang University and International Research Fellow at the Institute of Business Research, University of Economics Ho Chi Minh City, between 2019 and 2020. Dr Ali started his academic career in 2014 as a PhD scholar (Finance) at Zhejiang University, after completing his Bachelor's degree in Mathematics with Statistics and Master of Business Administration and Master of Philosophy in Finance. Prior to starting his career in academia, he worked as Assistant Manager in Habib Bank Limited (HBL) Pakistan between 2009 and 2014. He received numerous scholastic distinctions and awards in his entire educational-, banking-, and academia-career.
His research focuses on financial economics and energy economics. Specifically, he is interested in asset pricing, investments, diversification, and financial markets. His equity market research covers all major markets and market types: U.S. and other major developed markets, China and other major emerging markets, Pakistan and other frontier and small emerging markets, Islamic equity markets, and Sustainable and Green equity markets. His financial economics works also focus on the safe-haven role of precious metals and commodities, major cryptocurrencies, Stablecoins, Islamic cryptocurrencies, and Green and Sustainable cryptocurrencies for international equity portfolios. However, the broader quest is to understand how these markets connect and intra- and -inter-market diversification can be achieved.
Dr Ali’s energy economics research focuses on techno-economic analyses of energy systems and configurations, feasibility analyses of energy projects, payback period and life cycle valuations, determinants of renewable energy technology adoption, willingness to pay for renewable energy alternatives at the household level, households energy preferences, and rural development and electrification.
Areas of interest
·Seasonality in returns
·Portfolio diversification and optimization
·Energy economics and financial development
Zhejiang University of Finance and Economics
Department: School of Finance
Recent Selected Academic Contributions (As a first/corresponding author)
·Fahad Ali*and Numan Ülkü (2021), “Quest for a parsimonious factor model in the wake of quality-minus-junk, misvaluation and Fama-French-six factors”,Finance Research Letters(SSCI).https://doi.org/10.1016/j.frl.2020.101847.
·Fahad Ali*(2022) “Testing Mispricing Augmented Factor Models in an Emerging Market: A Quest for parsimony”,Borsa İstanbul Review(SSCI).https://doi.org/10.1016/j.bir.2021.05.002.
·Fahad Ali*, MU Khurram, and YueXiang Jiang (2021) “The Five-Factor Asset Pricing Model Tests and Profitability and Investment Premiums: Evidence from Pakistan”,Emerging Market Finance and Trade(SSCI).https://doi.org/10.1080/1540496X.2019.1650738
·MU Khurram,Fahad Ali*, and YueXiang Jiang. (2021) “Predictability of Extreme Daily Returns and Preferences for Lottery-Like Stocks in an Emerging Market”,Economic Research-Ekonomska Istraživanja(SSCI).https://doi.org/10.1080/1331677X.2021.1965000
·Fahad Aliand Numan Ülkü. (2020), “Weekday Seasonality of Stock Returns: The Contrary Case of China”,Journal of Asian Economics(SSCI).https://doi.org/10.1016/j.asieco.2020.101201.
·Fahad Aliand Numan Ülkü. (2019), “Monday Effect in the RMW and the Short-Term Reversal Factors”,International Review of Finance(SSCI).https://doi.org/10.1111/irfi.12185.
International Diversification and Portfolio Optimization
·Fahad Ali, YueXiang Jiang, and Ahmet Sensoy (2021), “Downside risk in Dow Jones Islamic equity indices: Precious metals and portfolio diversification before and after the COVID19 bear market”,Research in International Business and Finance(SSCI).https://doi.org/10.1016/j.ribaf.2021.101502
·Fahad Ali, Elie Bouri, Nader Naifar, Syed Jawad Hussain Shahzad, and Mohammad AlAhmad, (Accepted), “Are Gold-backed Islamic cryptocurrencies safe havens for International Islamic equity markets?”,Research in International Business and Finance(SSCI).
Energy- and Development-Economics
·Fahad Ali*, Muhammad Ahmar, YueXinag Jiang, and Mohammad Alahmad (2021), “A Techno-economic Assessment of Hybrid Energy Systems in Rural Pakistan”,Energy(SCI/SCIE).https://doi.org/10.1016/j.energy.2020.119103
·Muhammad Ahmar§,Fahad Ali§, Yuexiang Jiang, Yichu Wang, and Kashif Iqbal (2022), “Determinants of Adoption and the Type of Solar PV Technology Adopted in Rural Pakistan”,Frontiers in Environmental Science(SCI/SCIE).https://doi.org/10.3389/fenvs.2022.895622.
·Muhammad Ahmar,Fahad Ali*, Yuexiang Jiang, Mamdooh Alwetaishi, and Sherif SM Ghoneim (2022), “Households’ Energy Choices in Rural Pakistan”, Energies (SCI/SCIE).https://doi.org/10.3390/en15093149.
·Fahad Ali, John Goodell, and Ahmet Sensoy, “Identifying diversifiers, hedges, and safe havens among Asia-Pacific equity markets: New results for ongoing portfolio allocation”.
·Fahad Ali, MU Khurram, Ahmet Sensoy, and Xuan Vinh Vo, “Portfolio diversification in the era of greener paths: Can green sustainable cryptocurrencies provide diversification benefits to international equity investors”.
·MU Khurram andFahad Ali*, “Information prejudice and its spillover on return volatility of Asia-Pacific equity markets”.
·Numan Ülkü,Fahad Ali*, Saidgozi Saydumarov, and Deniz Deniz İkizlerli “COVID caused a negative bubble. Who profited? Who lost? How stock markets changed”.
·MU Khurram andFahad Ali*, “Idiosyncratic volatility, lottery bans, and abnormal- and anomalous-returns: A unique experiment.
·Fahad Aliand MU Khurram, “The MAX anomaly – stocks as lotteries and the cross-section of expected returns on Shari’ah-compliant stocks – A natural experiment.
Conferences, Proceedings, and Presentations
·Allied Social Science Association (ASSA) Meeting by American Economic Association (AEA):https://www.aeaweb.org/conference/2021/preliminary/1699?q=eNqrVipOLS7OzM8LqSxIVbKqhnGVrAxrawGlCArI; Jan 3-5, 2021, Chicago,USA.
·3rd Research in Economics and Social Sciences, Shiga University (RESSU) Conference:https://www.econ.shiga-u.ac.jp/risk/3.Fahad%20Ali.pdf; Nov 28-29, 2019, Hikone,Japan.
·Asian Economic Community Forum (AECF), Nov 6-9, 2019, Incheon,Korea.
·2017 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM), DOI:https://doi.org/10.1109/IEEM.2017.8289909, Dec 10-13, 2017,Singapore.
·2015 International Finance and Banking Society (IFABS) Conference, June 27-29, 2015,China.
·Student member of the Institute of Cost & Management Accountants of Pakistan, ICMAP.
·Member of the Society for the Study of Emerging Markets.
·Member of the American Economic Association, through ASSA annual meeting.
·Member of the Korean Society for Comparative Economics, through AEC Forum.
Awards, Grants, Funds, and Scholastic Distinctions
·Awarded with China Postdoctoral Science Foundation, [No.2019M66209], January 2020.
·Honorarium and a Travel Grant from the Asian Economic Community Forum (AECF), Korea, November 2019.
·Honorarium and a Travel Grant from the Research in Economics and Social Science Shiga University (RESSU), Japan, November 2019.
·Awarded with International Exchange Talent-Introduction (博士后国际交流计划,引进项目) funding by the Office of China Postdoc Centre (OCPC), [No. YJ20180207], December 2018.
·Research and Travel grants by the College of Economics, Zhejiang University to attend an academic conference (IEEE IEEM) in Singapore, 9-14 December 2017.
·Awarded with Higher Education Commission of Pakistan’s (HEC) fully funded scholarship to pursue PhD abroad (Session: 2014-2018. [HEC SAP# 50023064].
·The Prime Minister of Pakistan’s Merit-Based Scholarship during the Master of Philosophy (Finance) program (Session: 2013-2014).
·Frontier Education Foundation’s (FEF) Merit-Based Scholarship during the Master of Business Administration (Finance) program (Session: 2007-2009).
Serving as Referee for the following reputed academic journals
Applied Economics (SSCI), Borsa Istanbul Review (SSCI/SCIE), Clean Energy (CSCD/EI/ESCI), Discrete Dynamics in Nature and Society, Economic Modelling (SSCI), Emerging Markets Finance & Trade (SSCI), Energy (SCI/EI/SCIE), Energies (SCI/EI/SCIE), Engineering Reports (EI/ESCI), European Journal of Management and Business Economics (SSCI), Frontiers in Energy Research (SCI/EI/SCIE), IEEE Access (SCI/EI/SCIE), International Review of Economics and Finance (SSCI), Journal of Risk and Financial Management (ESCI), Research in International Business and Finance (SSCI), The Investment Analysts Journal (SSCI).