Dr.

Abdul Wahid
PhD/MSBA Program Coordinator, Faculty of Management Sciences, NUML, H-
9, Islamabad
Pak, Cell No: 0092-311-2211990
Email: [email protected]

Membership: 1. Member of Pakistan Society of Development Economists (PSDE)

2. Reviewer of Strategic Change Journal (Wiley Online Library)
3. Research Fellow at Centre of Excellence for CPEC
4. Reviewer of Pakistan Business Review
5. Research Fellow at Pakistan Stock Exchange for Alternative Investments
6. Research Fellow at China Pakistan Management Initiative (Lahore
University of Management Sciences)

Academics Qualification

 PhD (Finance), RIPHAH International University, Islamabad

 M.S/M. Phil (Finance), NUML H-9 Islamabad
 CMA (Inter stage Qualified)
 B.com, Punjab University Lahore
 ICS (Intermediate Computer sciences), B.I.S.E DG khan
 Metric (science), B.I.S.E DG khan

Professional Career at a Glance

 2 years work experience as Research Officer at Islamabad Stock Exchange

 1.5 years work experience as Research Officer at Ministry of Urban planning, Doha,
state of Qatar
 5 years teaching experience as lecturer at NUML
 3 years work experiences as PhD/MSBA program coordinator
 8 HEC recognized ‘X’ category journal research papers, 4 HEC recognized ‘W’ category
journal research papers and 4 conference research papers published internationally and
nationally
 Wrote chapter in first ever book on Belt and Road Initiative (BRI) published in Pagrave
by China Pakistan Management Initiative (Lahore University of Management Sciences)
 Secured 2 consecutive ‘High Achiever Award’ in research at NUML
 Supervised 10 MSBA/MBA students thesis
 Received Best employee award through appreciation letter by Quality Director in
Ministry of Urban planning, Doha, state of Qatar

Courses Taught:

 Corporate Finance (Capital Structure, Working capital, Financial and Investment Decision
 Capital Market (IPOs, Demutualization and Stock Market Growth)
 Cost and Managerial Accounting
 Financial Management
 Corporate Governance (CSR, Strategic Planning, Quality of Financial Reporting)
 Econometric (OLS, Arch/Garch/T-Grach/E-Garch, 2SLS, Co-Integration, Probit/Legit,
Spillover Techniques, Extreme Bounds Analysis, Mediation & Moderation, Factor
Analysis, Non-Parametric test ARDL, Markov Switching Regression, Discriminant
Analysis, and Panel Data Analysis).

Published Research Article/Book Chapter/Conferences

1. Wahid, A., & Mumtaz, M. Z. and Mantell, E.H (2019) Long-run Price Performance of
Local and Dual Class IPOs in AIM, The Singapore economic Review (HEC Approved W
category Journal) at final stage

Abstract: It is a well established fact that initial public offerings of common stock (hereafter
IPOs) are frequently underpriced, sometimes astronomically. However, virtually all the

1 CV of Dr. Abdul Wahid

statistical studies draw their data from large highly liquid markets. What is less well understood
is the price performance of IPOs in the Alternative Investment Market (AIM.)There is reason to
expect the price performance of IPOs in the AIM to be significantly different from IPO
performance in traditional markets, mainly because of the diminished liquidity of AIM offerings
as well the meager disclosures required in the AIM in comparison to traditional markets. We
found that investors in the AIM earn significant positive returns if the stock is hold for three
years, and the price variation is dependent upon the firm size. Investment in small firms seems
more profitable compared to those of large firms in the AIM. In addition, this study adduces
statistical evidence bearing on the question of whether early investors in IPOs can expect
abnormal excess returns in long-run.

1. Wahid, A., & Mumtaz, M. Z. and Ahmed, S.K (2019) Pricing performance of local and
cross-listed IPOs, Evidences from Alternative Investment Market, accepted for
publication in Business and Economic Review (HEC Approved X category Journal)in
September 2019

Abstract: This paper examines the short-run pricing performance of 238 IPOs listed on the
Alternative Investment Market (hereafter referred as AIM) during the period from 2007 to 2016.
This study measures the short-run pricing behavior of IPOs over the period of first-thirty trading
days and finds that IPOs are underpriced by 12.58% on the first trading day which dilutes to
7.57% on the thirtieth trading day. We also report that the level of short-run pricing performance
of newly listed IPOs is higher than cross-listed IPOs as these issues may have more uncertainty
which results to generate higher abnormal returns. The results also confirm the evidence of
investors’ sentiment, underwriters’ prestige, and signaling hypothesis. In addition, most of the
proxies related to ex-ante uncertainty are not robust predictors of short-run performance of cross-
listed IPOs.

2. Wahid, A., & Mumtaz, M. Z. and Mantell, E.H (2019) measuring the dynamics of mean
returns and price volatility spillover effects from parental markets to cross-listed IPOs,
Economic Computation And Economic Cybernetics Studies And Research (HEC
Approved W category Journal)

Abstract: The convergence theory is generally tested from the perspective of financial
integration of exchanges which illustrates synchronization of financial synergies and
transmission of vulnerabilities between main markets. This concept is required to be investigated
from the spillover effects which don’t only exists between markets but it can be observed form
parental market to their respective cross-listed firms in alternative markets. Building on this
premise, we develop the propositions that how and to what extent financial synergies and
vulnerabilities transmits from parental to alternative market as well as cross-listed firms. For this
purpose, we selected 74 cross-listed firms registered on AIM, however, they are initially
incorporated in Australian Stock exchange, Toronto Stock Exchange, Tel Aviv Stock Exchange,
Irish Stock Exchange, and NASDAQ. We used weekly data to analyze this proposition during
the period from January 2001 to April, 2018.The results show that only mean spillover effects
from US and Australian market and volatility spillover effects from US, Canada, Australia and
Irish market transmit to their respective cross-listed IPOs on an alternative markets. In addition,
we report that US market has a strong penetration on these markets as well as on their cross-
listed firms. These findings suggest that prospective investors can develop and diversify their
portfolio in an alternative markets.

3. Wahid, A., & Mumtaz, M. Z. and Mantell, E.H (2019) short-run pricing performance of local and
dual class ipos in alternative investment market Romanian Journal of Economic Forecasing , 23
(3) (HEC Approved W category Journal)

Abstract: In most of the traditional markets, one can observe a rapid escalation in the trading
prices of many IPOs on the listing day. The closing price of new issues on the first trading day is
often high than the offering price six hours earlier- this raises a concern of an anomaly which
varies from market to market. To analyze the pricing behavior, this study examines the short-run
performance of IPOs issued in an Alternative Investment Markets(AIMs).In this study, we apply
the Extreme Bounds Analysis (EBA) to predict the robust factors which explain the behavior
towards short-run pricing performance of unseasoned issues. We conclude that, on average,
IPOs are underpriced by 2.48%, 2.62% and 2.16% on the first, fifteen and thirty day of trading
respectively. In addition, we find that demutualized IPOs are less underpriced than local IPOs.
However, cross-listed IPOs are more underpriced on the fifteenth and the thirtieth day of trading
relative to local and demutualized IPOs. This study concludes that offer price is the most robust
determinant of the short-run performance of unseasoned issues. That finding implies that a lower
2 CV of Dr. Abdul Wahid
offer price leads to greater probability of underpricing. The findings of the study have a
practical value for those investors who are especially interested in earning abnormal excess
returns in an AIM.

4. Wahid, A., & Mumtaz, M. Z. and Mantell, E.H (2019) Analyzing the Spillover Effects from
Parental Markets to Cross-listed IPOs On Mean returns and Price Volatility, South Asian Journal
of Management Sciences , 13 (2). (HEC Approved X category Journal)

Abstract: The phenomenon of synchronization of financial market dynamics and the

transmission of price variability among markets has been analyzed using the mean returns and
the volatility spillover between markets. However, an unanswered question is how those market
dynamics are transmitted from parental markets to cross-listed IPOs. This paper addresses that
question. In this study, we selected 74 cross-listed firms registered on Alternative Investment
Markets (AIM). Initially those companies were incorporated on the Australian Stock Exchange,
the Toronto Stock Exchange, the Tel Aviv Stock Exchange, the Irish Stock Exchange, and
NASDAQ. We used weekly data to analyze the transmission of market dynamics during the
period from January 2001 to April, 2018.The findings show that only mean spillover effects from
US and Australian markets and volatility spillover effects from US, Canada, Australia and Irish
markets transmit to their counterpart cross-listed IPOs on the AIM. In addition, we report that
the US market has a strong linkage effect in these markets as well as on their cross-listed firms.
These findings suggest that prospective investors can develop and diversify their portfolio in the
AIM.

5. Wahid, A., Zubair Mumtaz, M., Kabylinskii, B., & Abdullah, F. A. (2019). Strategic
Change in Dynamics of Regional and Global Financial Integration after the Belt and
Road Initiative. In J. Syed & Y.-H. Ying (Eds.), China’s Belt and Road Initiative in a
Global Context Volume I: A Business and Management Perspective (Palgrave M).
Palgrave Macmillan. https://doi.org/10.1007/978-3-030-14722-8

Abstract: The notion of globalization is generally developed around the synchronization of

domestic and global resources. This concept is based on three pillars, that is, integration,
convergence and cohesiveness. This led towards the higher level of liberalization of, interrelated
synchronization and high level of integration among countries. After the financial crisis
occurred in 2007, this concept has lost its strategic importance that it has been pertaining for
decades which shifted the trade dynamics and interest of financial analysts towards the regional
connectivity, alliance and integration. However, the concept of regional connectivity and
alliances, that is, Belt and Road Initiative (BRI) was emerged in 2013. The main objective of this
initiative was to eliminate trade barriers, create business and investment opportunities, mutual
trade cooperation, and promotion of free trade for all allies of BRI. These objectives would be
achieved through Infrastructure development like construction of roads, rail and ports projects
and promotion of services like banking, logistics, finance and other professional services. The
study deliberates upon to investigate the enablers and pillars of globalizations as well as BRI
and to address the question that what explains differences in positioning and importance of
globalizations and BRI. For this purpose, we divide chapter into three parts; (a) financial
integration, (b) capital market convergence and (c) trade cohesiveness. Secondly, what changes
are being brought out in the domain of financial and project management due to these three
interrelated concepts? This chapter is a way forward to explore that how this emerging concept
will sustain in highly integrated market and obtain desired outcomes.

6. Wahid, A., & Mumtaz, M. Z. (2018). Paradigm Shift in Pakistan Stock Exchange’s Financial
Integration post Free Trade Agreement and CPEC. Lahore Journal of Economics , 23 (1) 20-59.
(HEC Approved X category Journal)

Abstract: This study aims to examine the proposition that whether or not regional connectivity
shifted returns volatility spillover and co-movement of exchanges from international to regional
market. We consider the Free Trade Agreement (FTA), and China-Pakistan Economic Corridor
(CPEC) as events of regional connectivity for the purpose of testing this proposition. Employing
this aspect, two regional exchanges (i.e. Pakistan Stock Exchange-PSX and Shenzhen Stock
Exchange-SZSE) and two global markets (i.e. the Financial Time Stock Exchange-FTSE 100
Index and NASDAQ) chose as a statistical framework. We divide convergence and co-
integration of stock markets into three phases: (a) overall sample, 2001-2017; (b) pre- and post-
FTA; and (c) pre- and post-CPEC agreement using generalized autoregressive conditional
heteroscedasticity (GARCH) (1, 1), co-integration, granger causality and seasonality techniques.

3 CV of Dr. Abdul Wahid

We found that regional connectivity shifted their returns, volatility spillover and co-movement of
PSX from international market to regional market.

7. Wahid, A., Talib, N & Naqvi A .A (2018). Strategic change in operating trends of public
listed companies and its impact on stock market growth, Pakistan Development
Review, 57(2). (HEC approved X category Journal)
Abstract: The primary concern of present study is to examine the impact of cross-listing on stock market
growth. The theoretical framework for the research was developed by taking members of the World
Federation of Exchanges (WFE) as statistical frame. For analysis and statistical calculations in the
study, a Structural Equation Modeling (SEM) technique is used. The results suggest a significant and
positive impact of cross-listing on stock market growth indicators except on the value of share trading.
The study concludes that cross-listing is fruitful for stock market growth of the host stock exchanges. It
recommends that host countries should create conducive environment for offshore listing.

8. Wahid, A., & Mumtaz. M., Z. (2018). Economic Corns of Demutualization; Predicting
robust financial driver of demutualization of exchanges using Probit Extreme Bound
Analysis s. Pakistan Business Review, 20(2). (X category Journal)
Abstract: The aim of this study is to examine the economic corns of demutualization and gauge the
stability and soundness of demutualized indexes and predict financial drivers of demutualization using
Probit Extreme Bounds Analysis. The sample of the study includes 29 exchanges of the World. We find
that demutualized exchanges are more attractive in case of hot and stable state markets than full-fledged
local mutual exchanges. Conversely, market capitalization is categorized as a robust financial driver
influencing exchanges propensity to demutualize. In addition, this study finds that demutualization of
exchanges leads towards international alliances, market integration, unfold flourishing and growth
avenues which enhance potential synergies between stock market related activities and therefore lead to
stock market growth.

9. Wahid, A., & Mumtaz. M., Z. (2018). Project titled: A Shift from West to East: Changing
Pattern of Financial Integration of Pakistan Stock Exchange from Global Market to
Chinese Market after CPEC, Financed by Centre of Excellence for CPEC (COE-
CPEC) at PIDE.
Abstract: The purpose of this study is to test the proposition that whether regional connectivity
shifted return & volatility spillover from international market to regional market. To examine
this case, I consider the China Pakistan Economic Corridor (CPEC) as an example of regional
connectivity which is selected for the purpose of testing this proposition. In this research, I
consider two regional exchanges i.e. PSX and SZSE and two global markets i.e. FTSE100 and
NASDAQ choose as developing a statistical framework. I apply generalized autoregressive
conditional heteroskedasticity (GARCH) (1, 1) variance equation in this study and the findings
suggest that returns& volatility spillover and co-movement of the Pakistan Stock Exchange has
shifted from international market to regional market.

10. Wahid, A., Azam .K, Adil I.H, & S, Naqvi (2018). Spillover the Effects of
Demutualization on Stock Exchanges: A Regional Comparison. Pakistan Business
Review, 19(4), 15-26. (X category Journal)
Abstract: Demutualization is the process whereby a shareholder enjoys proprietary rights and it
is well taken wherever it has been practiced. This study empirically investigates the impact of
demutualization on stock market growth. A stratified sample of 13 stock exchanges comprising 5
stock exchanges from Asian, 5 from European, and 3 from American region was analyzed.
Results indicated strategic change in stock exchanges in Asian and European region appears to
be more fruitful than American in terms of financial performance, but American stock exchanges
seem to be more progressive in terms of stock market performance than Asian and European
stock exchanges.

11. Wahid, A., Adil I.H, Talib, N (2017). The Effects of Demutualization on expansion of
Stock Market Growth: Evidences from Indian stock Market and Lesson for Pakistani
Stock market. Pakistan Business Review, 18(3), 624-636. (X category Journal)
Abstract: The decision to transform an exchange's governance and ownership structure is
influenced by globalized market trend which allows exchanges to gain the benefits of
internationalization and integration. By keeping in backdrop to it, this article examines the
impact of demutualization on stock market indicators. Bombay Stock Exchange and National
Stock Exchange of India was taken as statistical frame. Wilcoxon sign rank test, Pair sample T-

4 CV of Dr. Abdul Wahid

test, and MANOVA were used as statistical techniques. Pre-Post research design was used and
data (4 years before and 4years after the demutualization) were collected from website of the
world federation of the exchanges. The result of Wilcoxon sign rank test and Pair sample T-test
indicates significant differences in stock index, market capitalization, value of share trading and
the number of listed companies before and after the demutualization of Indian stock exchanges.
Likewise, the results of MANOVA elucidates significant influence of demutualization on stock
market indicators, and conclude that demutualization leveraged Indian stock exchanges to a
great extant.

12. Habib, S., & Wahid, A. (2016). A Corporate Identity perspective of Corporate Social
Responsibility; a new approach to build Corporate Identity. Pakistan Business Review, 18(1),
140-158. (X category Journal)
Abstract: The concept of Corporate Social Responsibility (CSR) is generally built around the
notion of welfare and ‘giving back’ to society. This notion needs to be investigated and
researched with the perspective that CSR are strategic investments by corporations aimed at
building their corporate image; which in the long run has a positive impact on both financial
and non-finance related aspects of organizations. Based on this premise, this paper argues that
CSR helps in building and creating a Corporate Identity (CI) in a competitive society. Findings
that CSR and CI have a deeper connection with each other are substantiated by employing the
correlation and SEM tests. Two types of non-probability sampling techniques were used for
collecting data: self-selection and quota sampling. Findings of the study show that CSR helps the
projection of CI and this contributes to the financial health of a corporation in the long term,
thus qualifying the notion that CSR is a strategic investment that has a trickledown effect over a
period of time.
13. Kausar, S. W. A., & Wahid A.(2015). The impact of systematic structure of Madrassahs
on student's outcomes in Pakistan: do they need structural reforms?. Journal for the Study
of Religions and Ideologies, 14(41), 127. (W category Journal)
ABSTRACT: This study investigates structural influence of the Madrassah system on effectiveness of its
students in terms of civic health, system thinking and professional development. The researchers
constructed the instrument of survey after rigorous literature review, frequent interaction with scholars,
clerics and policy makers. The survey was administrated to almost 600 Madrassah’s students from
different schools of thought. By applying T-test and Kruskal Waliss Rank Test for measurement of
effectiveness and Structural Equation Modeling (SEM) methodology, the researchers have explored the
relationship between the variables, and later analyzed with the help of selected model. Findings of the
study demonstrate that, education system followed in Madrassahs does not seem to be effective and need-
based in contemporary times. Indicators of Madrassah structure such as curriculum and openness
negatively influence the students while pedagogy positively influences the effectiveness of students of
Madrasah in Pakistan. In the end, it is recommended that curriculum and pedagogy of Madrassah should
be reformed and updated in accordance with knowledge-based economy. This will not only upgrade or
empower the poor segment of society but also bring together the variety of individuals close enough to
understand each other.

14. Wahid. A., Talib, N., Ashkanani, F. A., & Alam, M. A. (2015). Demutualization of
Stock Exchanges: A Corporate Blessing in Disguise for Stock Market Growth. Strategic
Change, 24(4), 389-400. (W category Journal)
ABSTRACT: Changes in ownership, governance, and objectives of stock exchanges significantly impact
on stock market growth indicators such as number of listed companies, number of transactions in equity
market, stock index, and market capitalization.

15. Qadeer. I & Wahid. A.,(2013). Does the demutualization of stock exchange enhance the
financial performance of the stock exchanges?, Strategic Change, 24(4), 134-146. (W
category Journal)
ABSTRACT: Changes in stock exchange ownership and governance structures lead to better financial
performance indicators, except for fixed assets utilization in developing and emerging economies.

5 CV of Dr. Abdul Wahid

 Professional/Academic Experience

NUML-Islamabad 2015-To date

Currently working as Lecturer & PhD/MS program coordinator at department of management

sciences at National University of Modern Languages since 2015.
 Taught following subjects:-
1. Corporate Governance
2. Financial Governance
3. Accounting
4. Corporate Finance
5. Financial Governance
6. Capital Market/Investment Portfolio
7. Research Techniques in business and public policy
to Maser and M.Phil. Level classes
 Conducted various seminars in collaboration with Higher Education Commission(HEC), Security exchange
commission of Pakistan (SECP), NAB, Tobacco Smoke Free capital Project and local industry titled:-
1. Say No to corruption
2. Emerging issues in Corporate Governance
3. No family with illiterate person
4. This is no smoking university
5. Grow a plan, own a tree
6. Road Safety
7. A tributes to martyrs of APS and all educational institutes
 Prepared Monthly Remuneration of faculty/study plans
 Started initiative of CSR and social Entrepreneurship
 Prepared Annual study & training plans and timetable for department
 Introduced the concept of Knowledge Exchange i.e. all seminars were finance and sponsored by local
and international community.
 Contributed various article in the domain of Demutualization and off-shore listing published in reputed
journal (approved X and W Category)
 Received High Achiever award in consecutive two convocations

Ministry of Municipality and Environment April, 2014-Jully-2015

Region: Doha, Qatar
Worked with Quality Department, Ministry of Municipality & Urban Planning & Environment P.O. BOX 2727
Doha, State of Qatar, as Research officer having following responsibilities:-
1. Future forecasting/Strategies development
2. Linking strategies with overall development goals (Qatar Vision 2030)
3. Exploring future enablers and barriers of policy implementation
4. Questionnaire development for survey about customer satisfaction
5. Analysis of gathered data with updated statistical tools
6. Summarizing data into meaningful conclusion for policy makers
7. Future forecasting about Ministry planning
8. Analyzing the other stakeholder’s behaviour, interest with firm and make strategies for their
protection and ensuring accomplishment of business goals.
9. Conceptualizing & implementing financial plans / policies for the organization and ensuring
accomplishment of financial goals.
10. Preparing Annual Budget and forecasting trends.
11. Assisting in the development of briefings on emerging issues.
12. Data manipulation in SPSS, STATA and Excel.
13. Received Best employee award through appreciation letter by Quality Director

Islamabad Stock Exchange (ISE) Feb, 2012-Aug, 2013

Associate Research officer Region: Islamabad

 Responsible for managing daily quotations (Stock prices) of listed companies
 Responsible for Preparation and submission of Monthly periodic return of ISE to SECP (Security exchange
commission of Pakistan) under Securities & Exchange Ordinance, 1969
 Designed and produced a new long-term incentive policy calculation, automating the collection of data
used, and assisting senior executives with decision making by offering enhanced transparent calculations
 Established and maintained an effective system for analysing and reporting on operating and capital
expenditure about demutualization of ISE
 Responsible for Preparation and submission of Answer of any Question and Query under the supervision
(Chief Manager Listing, compliance and surveillance) about Listing, Trade Volume and Compliance to
SECP
 Delivered training to new comer Internees about stock market trading, Policies, company formulation to
companies listing processes and required documents
 Contributed to the understanding of economic and Capital market trends, and monitor the market for
new and evolving issues after demutualization.
 Assist in the development of briefings on emerging issues.
 Data manipulation in SPSS, STATA and Excel.
 Played a major role in decision making about Demutualization of ISE through providing evidences of
demutualization’s fruitfulness in Asian region

6 CV of Dr. Abdul Wahid

Training & Courses Program Attended and Conducted
 Attended Advanced Professional Negotiation Skills by ISE Islamabad
 Attended Advanced Professional course about pedagogical practices and communication skills organized
by NUML (2 months)
 Attended How to win research proposal techniques by NUML
 Attended Advance Statistical techniques by ORIC-NUML
 Attended International Research Symposium by ICMAP at PC Lahore
 Attended 3rd China-CEE international conference at Lake Ohrid in Macedonia.
 Attended 12th International Conference on Education and Information Management (ICEIM-2018) UTM
Malaysia
 Attended 33rd PSDE Conference titled” Redefining Prosperity Paths in Changing Global Economy;
Opportunities and Challenges for Pakistan, Marriott Islamabad
 Attended Supervisor Training at NUML
 Conducted SPSS Teacher training at NUML
 Conducted Supervisor training at NUML
 Attended Pakistan Economy: Prospect and Challenges organized by S3h, NUST

Software Skills

 SPSS and AMOS

 STATA
 E-views
 Quick Books and Peachtree
 Proficient in MS Office & advanced knowledge MS Excel such as a Pivot Table, look up and conditional
formatting
 Mendeley Software for Qualitative Research
 Proficient in In-Page Urdu

Personal Details
Date of Birth : 22 Jan 1990
Nationality : Pakistani
Marital Status : Single
CNIC : 32103-2815477-7
Passport, No : DD6174771
Languages : English, Urdu, Seraiki, & Punjabi

References
 Dr. Muhammad Zubair Mumtaz, Assistant Professor, School of social sciences and humanities
(S3h), National University of Science and Technology (NUS, Islamabad. Cell 0092-312-4999140,
Email: [email protected]
 Fayqa Abdulla Ashkanani, Director Quality Department, Quality Department, Ministry Of Planning
P.O. BOX 2727 Doha, State of Qatar. Cell 00974-55-556336, Email: [email protected],
[email protected]
 Syed Asghar Abbas Naqvi, In-charge Pakistan Stock Exchange (PSX) Islamabad, ISE Tower,
Jinnah Avenue , Blue Area , Islamabad. Cell: 0345-8722222, Email: [email protected]

7 CV of Dr. Abdul Wahid