I.Overview
Dr. Fahad Ali is a Talent Level VI Assistant Professor of Finance at Zhejiang University of Finance and Economics (ZUFE). Prior to joining ZUFE, he served as an International Exchange Talent-Introduction Postdoctoral Fellow (博士后国际交流计划引进项目) at Zhejiang University.
Dr. Fahad Ali began his academic career in 2014 as a Ph.D. scholar in Finance at Zhejiang University, following the completion of his Master of Business Administration (MBA) in Finance and Bachelor of Science (BSc) in Mathematics with Statistics. His Ph.D. research, fully funded by the Higher Education Commission of Pakistan (HEC), was supervised by Prof. Yuexiang Jiang (Zhejiang University) and co-supervised by Prof. Numan Ülkü (University of South Australia).
Before transitioning to academia, Dr. Fahad Ali worked as an Assistant Manager at HBL, Pakistan’s largest financial institution. Throughout his career, he has received numerous scholastic distinctions, research awards, and performance accolades. He also holds a Postgraduate Certificate in Accounting from the Institute of Cost and Management Accountants of Pakistan (ICMAP) and a Master of Philosophy (MPhil) in Finance.
II.Research Theme
Dr. Fahad Ali’s research spans financial economics, behavioral finance, and energy economics, with a particular focus on empirical asset pricing, investor habitat and behavioral biases, international financial markets and portfolio diversification, financial innovations and Fintech, political and trade uncertainties, and renewable energy adoption policies. The broader quest is to understand how different markets, investor types, and households interact with each other and affect the broader economy and its sustainability.
Dr. Fahad Ali actively collaborates with researchers worldwide and welcomes inquiries from students, colleagues, and potential collaborators. Whether you have questions, face research challenges, or seek partnerships, feel free to reach out.
Contact Information:Office # 412, Building 3, School of Finance, Zhejiang University of Finance and Economics, Hangzhou, 310018, Zhejiang, P R China. Email:fahadali@zufe.edu.cn;fahadali@zju.edu.cn
III.Teaching Discipline
Dr. Fahad Ali has extensive teaching and co-teaching experience across a diverse range of finance, economics, and business courses, including: Investment Management, Financial Markets, Institutions & Money, Financial Management, Frontier of Advanced Financial Economics, Financial Econometrics, Time Series Analysis, Business Planning & Entrepreneurship, Strategic Management, and Banking and Finance.
IV.Selected Intellectual Contributions
(a)Selected Published Papers
1.Fahad Ali,Anna Min Du, and Muhammad Ansar Majeed (2025). Reevaluating Intermarket Connectedness: The Impact of Monday Return Calculations on Cryptocurrencies and Traditional Assets.Finance Research Letters.https://doi.org/10.1016/j.frl.2025.107016.[SSCI; Impact Factor 7.4; Q1; ABDC A; ABS 2].
2.Muhammad Ahmar,Fahad Ali*, Chengying He, and YueXiang Jiang (2025; Accepted). Understanding the role of socio-economic, demographic, environmental, infrastructural, and institutional attributes in the uptake of biogas technology in Pakistan: Proposing and implementing a novel step-wise framework.(In Press).Energy Economics. [SSCI: Impact Factor 14.2; Q1; ABDC A*; ABS 3].
3.Fahad Ali,Muhammad Usman Khurram, and Ahmet Sensoy (2025). Safe havens for Bitcoin and Ethereum: Evidence from high-frequency data.Financial Innovation.https://doi.org/10.1186/s40854-024-00686-4.[SSCI; Impact Factor 7.2; Q1; ABS 2].
4.Muhammad Usman Khurram,Fahad Ali*, and Numan Ülkü (2025). Idiosyncratic volatility and the cross-section of abnormal returns in Pakistan: Evidence from a country with religious bans on lotteries and substantive institutional investor participation.International Review of Economics and Finance.https://doi.org/10.1016/j.iref.2025.103883.[SSCI; Impact Factor 5.6; Q1; ABDC A; ABS 2].
5.Fahad Ali*, Muhammad Usman Khurram, Ahmet Sensoy, and Xuan Vinh Vo (2024). Green cryptocurrencies and portfolio diversification in the era of greener paths.Renewable and Sustainable Energy Reviews.https://doi.org/10.1016/j.rser.2023.114137.[SCI/SCIE; Impact Factor 16.3; Q1; A very prestigious multidisciplinary journal].
6.Numan Ülkü,Fahad Ali*, Deniz İkizlerli, and Saidgozi Saydumarov (2023). COVID caused a negative bubble. Who profited? Who lost? How stock markets changed?Pacific-Basin Finance Journal.https://doi.org/10.1016/j.pacfin.2023.102044.[SSCI; Impact Factor 5.3; Q1; ABDC A; ABS 2].
7.Fahad Ali*, Ahmet Sensoy, and John W. Goodell (2023). Identifying diversifiers, hedges, and safe havens among Asia Pacific equity markets during COVID-19: New results for ongoing portfolio allocation.International Review of Economics and Finance.https://doi.org/10.1016/j.iref.2023.02.015.[SSCI; Impact Factor 5.6; Q1; ABDC A; ABS 2].
8.Fahad Ali, Elie Bouri, Nader Naifar, Syed Jawad Hussain Shahzad, and Mohammad AlAhmad (2022). An examination of whether gold-backed Islamic cryptocurrencies are safe havens for international Islamic equity markets.Research in International Business and Finance.https://doi.org/10.1016/j.ribaf.2022.101768.[SSCI; Impact Factor 6.9; Q1; ABDC B; ABS 2].
9.Fahad Ali*(2022). Testing Mispricing Augmented Factor Models in an Emerging Market: A Quest for Parsimony.Borsa İstanbul Review.https://doi.org/10.1016/j.bir.2021.05.002.[SSCI/SCI; Impact Factor 7.1; Q1].
10.Muhammad Ahmar,Fahad Ali*, Yuexiang Jiang, Mamdooh Alwetaishi, Sherif SM Ghoneim (2022). Households' Energy Choices in Rural Pakistan.Energies.https://doi.org/10.3390/en15093149.[SCIE; Impact Factor 3.2; Q2].
11.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.https://doi.org/10.3389/fenvs.2022.895622.[SCIE; Impact Factor 3.7; Q2].
12.Yumna Ashraf andFahad Ali*(2022). How innovative organization culture affects firm performance in the wake of enterprise resource planning? Evidence from energy- and non-energy-sector firms in Pakistan.Frontiers in Environmental Science.https://doi.org/10.3389/fenvs.2022.991319. [SCIE; Impact Factor 3.3; Q2].
13.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.https://doi.org/10.1016/j.ribaf.2021.101502.[SSCI; Impact Factor 6.9; Q1; ABDC B; ABS 2].
14.Fahad Ali*, Muhammad Ahmar, YueXinag Jiang, and Mohammad Alahmad (2021). A Techno-economic Assessment of Hybrid Energy Systems in Rural Pakistan.Energy.https://doi.org/10.1016/j.energy.2020.119103.[SCIE; Impact Factor 9.4; Q1].
15.Muhammad Usman Khurram,Fahad Ali*, YueXiang Jiang, and Wenwu Xie (2021). Predictability of Extreme Daily Returns and Preferences for Lottery-Like Stocks in an Emerging Market.-Ekonomska Istraživanja. DOI:https://doi.org/10.1080/1331677X.2021.1965000.[SSCI; Last Impact Factor 3.8 in 2022; Q1; ABS 1].
16.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.https://doi.org/10.1016/j.frl.2020.101847.[SSCI; Impact Factor 7.4; Q1; ABDC A; ABS 2].
17.Fahad Ali*, Muhammad Usman 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.https://doi.org/10.1080/1540496X.2019.1650738.[SSCI; Impact Factor 3.1; Q1; ABDC B; ABS 2].
18.Fahad Aliand Numan Ülkü (2020). Weekday Seasonality of Stock Returns: The Contrary Case of China.Journal of Asian Economics.https://doi.org/10.1016/j.asieco.2020.101201.[SSCI; Impact Factor 3.4; Q2; ABDC B; ABS 1].
19.Fahad Aliand Numan Ülkü (2019). Monday Effect in the RMW and the Short-Term Reversal Factors.International Review of Finance.https://doi.org/10.1111/irfi.12185.[SSCI; Impact Factor 2.6; Q2; ABDC A].
20.Fahad Ali*, RongRong He, and YueXiang Jiang (2018), Size, Value and Business Cycle Variables, the Three-Factor Model and Future Economic Growth: Evidence from an Emerging Market.Economies.https://doi.org/10.3390/economies6010014.[ESCI; Impact Factor 2.1; Q2; ABDC C; ABS 1].
(b)Selected Under Review Papers
1.Fahad Aliwith Khurram Shehzad and Ruicheng Yang (Under Review) AI Rivalry and Transnational Tail-Risk Contagion: Evidence from DeepSeek's Creative Destruction Shock.
2.Fahad Aliwith Muhammad Usman Khurram (Under Review). Information bias, asymmetric innovation shocks, and intermarket connectedness in CFDs on equities and cryptocurrencies: Evidence from high-frequency inter- and intra-class asset data.
3.Fahad Aliwith Muhammad Ansar Majeed (Under Review). Business Strategy and Stock Liquidity: Evidence from China.
4.Fahad Aliwith Muhammad Ansar Majeed (Under Review). Corruption culture and stock price synchronicity: Insights from the Chinese economy.
5.Fahad Aliwith Qinye Lu(Under Review).Greening the Equities of Less-Developed Economies.
6.Fahad Aliwith Mohammad Al-Ahmad and Awad Ibrahim (Under Review). Determinants of Corporate Risk Disclosure on Annual Reports and Social Media.
7.Fahad Ali*with Mohammad Al-Ahmad and Awad Ibrahim (Under Review). Economic Feasibility of Corporate Risk Disclosure on Annual Reports and Social Media Platforms.
8.Fahad Ali*with Anna Min Du(Under Review).On the defense of constructing cryptocurrency portfolios and indices to examine the true diversification benefits of the cryptocurrency market.
9.Fahad Aliwith AndrewKwamina Bram and Guo Baocai(Under Review).Beyond symmetry: How policy uncertainties and US-China tensions drive asymmetric connectedness in Chinese stock sectors.
10.Fahad Aliwith Hafiz Usman Rana and Anna Min Du(Under Review).The Economic Impact of the 2024 US Presidential Election – Political Campaign, Trump's Victory, and Office Inauguration – on Global Equity Markets.
11.Fahad Aliwith Michael Frömmel (Under Review). The 2024 US Election, Trump's Victory, and Equity Markets Responses
12.Fahad Ali(Complete). Donald Trump's victory, trade conflicts, additional tariff announcements, and the Forex market.
13.Fahad Aliwith Muhammad Usman Khurram (Complete). Shari’ah Compliance and lottery-like investments – A natural experiment.
14.Fahad Ali(Complete). Financing-based systematic risk, stock returns, and the IMR (Issues-Minus-Repurchases) factor in China.
(c)Selected Working Papers for the Top-Tier Journals
1.Fahad Ali(First Draft). A Quest for Parsimony in factor models using a blend of Machine Learning, Bayesian, and pairwise Sharp ratio-based methods.
2.Fahad Ali(Writing). Proposing a novel systematic framework to effectively implement energy adoption strategies.
3.Fahad Aliwith Numan Ülkü (First Draft). Who drives stock market bubbles? Who bursts them?
(d)Major Conferences, Presentations, and Proceedings
1.4th Conference on INternational Sustainable and Climate Finance, INternational FINancial Integration (CINSC/2025INFINITI), hosted by FFEA and Edinburgh Napier University, June 8-10, 2025, Edinburgh,United Kingdom.
2.International Finance and Banking Shanghai (IFABS 2024) Conference, hosted by Nottingham University, Oxford University, and Shanghai University, December 20-22, 2024, Shanghai,China.
3.3rd International Conference on Financial Innovation and Development under the Goal of "Double Carbon", hosted by Anhui University of Finance and Economics, November 8-10, 2024, Hefei,China.
4.1st Modern Finance Conference, hosted by Kozminski University, September 15-17, 2024, Warsaw,Poland.
5.3rd Conference on International Finance; Sustainable and Climate Finance and Growth, hosted by Future Finance and Economics Association and ICMA Centre, Reading University, June 9-11, 2024, Reading,United Kingdom.
6.British Accounting and Finance Association (BAFA) Joint Conference of the Corporate Finance and Asset Pricing SIG and the Northern Area Group, hosted by United Arab Emirates University, December 13-16, 2023, Dubai,UAE.
7.2ndconference on Fintech for the Future Fintech for the Future, hosted by Future Finance and Economics Association (FFEA) and Ghent University, April 13-14, 2023. Ghent,Belgium.
8.Allied Social Science Association (ASSA) Meeting by American Economic Association (AEA):https://www.aeaweb.org/conference/2021/preliminary/1699?q=eNqrVipOLS7OzM8LqSxIVbKqhnGVrAxrawGlCArI; January 3-5, 2021. Chicago,United States.
9.3rd 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.
10.Asian Economic Community Forum (AECF); Nov 6-9, 2019. Incheon,Korea.
11.IEEE International Conference on Industrial Engineering and Engineering Management (IEEM), DOI:https://doi.org/10.1109/IEEM.2017.8289909; Dec 10-13, 2017. Suntech City,Singapore.
12.2015 International Finance and Banking Society (IFABS) Conference; Jun 27-29, 2015. Hangzhou,China.
V.Memberships, Grants, and Professional Services
(a)Professional Memberships
·Institute of Cost & Management Accountants of Pakistan (ICMAP).
·Society for the Study of Emerging Markets (SSEM).
·American Economic Association (AEA) & American Finance Association (AFA) (via ASSA annual meeting).
·Korean Society for Comparative Economics (via AEC Forum).
(b)Awards, Grants, Funds, and Scholastic Distinctions
·Research Startup Grant, Zhejiang University of Finance and Economics (ZUFE), China.
·Postdoctoral Science Foundation Fund (No.2019M66209), China.
·International Exchange Talent-Introduction Postdoctoral Fellowship (博士后国际交流计划,引进项目), Office of China Postdoc Council (OCPC) (No. YJ20180207), China.
·Fully funded Ph.D. Scholarship, Higher Education Commission (HEC), Pakistan.
·Merit-Based MBA Scholarship, Frontier Education Foundation’s (FEF), Pakistan.
(c)Professional Services:
Dr. Fahad Ali serves as a referee for over 60 peer-reviewed SCI/SSCI/ESCI-indexed journals. He was honored with the 2022 Outstanding Reviewer Award by the Journal of Risk and Financial Management.
(d)Other Pages/Links
GS:https://scholar.google.com/citations?user=ZaiPDMYAAAAJ&hl=en
RG:https://www.researchgate.net/profile/Fahad-Ali-65
ORCID:https://orcid.org/0000-0002-0785-0281
