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Jamshed Uppal

Professor Uppal received his Ph.D. and M.B.A. degrees in finance from Michigan State University, USA. Besides, he has an M.A. degree in economics and a professional certification in cost and management accounting.
Professor Uppal is Distinguished Research Professor in the Busch School of Business at the Catholic University of America, Washington, DC., where he taught for over 34 years. He has over fifteen years of executive experience in financial controllership, accounting, and auditing in the private and the public sectors. 
Dr. Uppal also works with the Lahore School Innovation and Technology Center, where he supervises various research projects. Additionally, he is on the Board of Editors of the Lahore Journal of Economics. 
Dr. Uppal has taught courses in the areas of corporate finance, international finance, derivatives, and financial institutions and markets. His research interests cover areas of emerging capital markets, valuation and risk models, and stock price behavior. His publications have appeared, among others, in the Journal of Emerging Markets, Emerging Markets Finance and Trade, Journal of Academy of Finance, Thunderbird International Business Review, the Quarterly Review of Economics and Finance, and the Financial Review.
 

CV

Publications:
1. “Usury, Slavery, and Limited Liability,” Journal of Economics, Theology and Religion 3, no. 1/2 (2023): 39-52. https://j-etr.org/wp-content/uploads/2023/12/JETR-2022-147_1.pdf
2. “Identifying Winning Strategies for MFIs by Constructing Structured Mashup Indices,” (with S. R. Mudakkar), Global Business Review, 2023, https://doi.org/10.1177/09721509221134256
3. “Developing Housing Finance in Pakistan – Challenges and Opportunities,” The Lahore Journal of Economics, 26: 1 (Summer 2021): pp. 31–56.
4. “Speculative Bubbles in Real Estate – A Post Global Financial Crisis Evaluation,” (with Ahmed and Rosser), Real Estate Finance, Real Estate Finance, Summer 2021, 38(1), 64-74.
5. “China’s Belt and Road Initiative and the Rise of Yuan – Implications for Pakistan”, (with S. R. Mudakkar) The Lahore Journal of Economics, June 2020, 25(1):1-26.
6. “Pakistan’s Recurring Fiscal Crisis – Institutional Strategies for Fiscal Consolidation,” with Mahmood Khalid, in A. Chaudhry and N. Gera (eds.), Economic Challenges Facing Pakistan in the Regional and Global Environment, pp. 63-92. Lahore School of Economics, Lahore, December 2019.
7. “Modelling Foreign Exchange Risk in a Managed Float Regime: Challenges for Pakistan” (with S. R. Mudakkar),” Pakistan Development Review, Vol. 60, No.2 (2021), 169-186.
8. “Role of Financial Services in Economic Growth: Policy Implications for Pakistan,” (with Mangla) The Lahore Journal of Economics, 23: 2 (Winter 2018): pp. 69–108
9. “Globally Placed Islamic Bonds: An Overview,” The Journal of Investing, Winter 2018, 27 (4) 99-105.
10. “Stability of Cross-Market Bivariate Return Distributions during Financial Turbulence,” Research in International Business and Finance, 2018, Vol. 45, 389-401.
11. “Speculative Behavior and Islamic Investments,” with Ehsan Ahmed, and J. Barkley Rosser, Jr., Journal of Emerging Markets, Volume 21, Numbers 1-2 Spring–Fall 2017, pp 1-20.
12. “External Debt Management in Pakistan: A Market-Based Assessment,” the Lahore Journal of Economics, 22: SE (September 2017): pp. 25–51.
13. “Co-integration of Sukuk and Bond Yields - Evidence from Globally Placed Sukuk,” (with Mangla), Journal of Management Sciences, 4(1), 121-134, 2017.
14. “Financialization and Speculative Bubbles – International Evidence,” (with Ahmed and Rosser), Journal of Applied Business and Economic, 19(4), 2017, pp. 10-29. DOI: https://doi.org/10.33423/jabe.v19i4
15. “Are Environmental Social Governance Equity Indices A Better Choice For Investors? An Asian Perspective,” Business Ethics: A European Review, 25(4) 440–459 (October, 2016).
16. “A Raging Bull or a Long Term Speculative Bubble? The Puzzling Case of the Karachi Stock Exchange.” (with Ahmed and Rosser), Pakistan Development Review, 55:2 (Summer 2016) pp. 79–93.
17. “Sukuk or Islamic Bonds? Evidence from Global Issues,” Journal of Finance and Financial Services, Universiti Kabangsaan Malaysia, vol. 2 (2015), 39-57.
18. “Mitigating Vulnerability to Oil Price Risk – Applicability of Risk Models to Pakistan’s Energy Problem,” (with S.R. Mudakkar), Pakistan Development Review, 2014, vol. 53(3), 293-308.
19. “Macro-Economic Policies and Energy Security – Implications for a Chronic Energy Deficit Country,” (with I U. Mangla) the Pakistan Development Review, 2014, vol. 53(3), 255-273.
20. “Islamic Banking and Finance (IBF) Revisited after Forty Years: Some Global Challenges,” Academy of Finance (with I. U. Mangla), Journal of Finance Issues, 2014, 13(1), 16-27.
21. “Challenges in the Application of Extreme Value Theory in Emerging Markets: A Case Study of Pakistan,” (with S. R. Mudakkar), in Jonathan A. Batten, Niklas F. Wagner (eds.) Risk Management Post Financial Crisis: A Period of Monetary Easing (Contemporary Studies in Economic and Financial Analysis,) Emerald Group Publishing Limited, 2014, Vol. 96, 417 - 437.
22. “Are There Nonlinear Speculative Bubbles In Commodities Prices?” (with Ahmed and Rosser), Journal of Post Keynesian Economics, Spring 2014, 36(3), 415-438.
23. “Measures of Extreme Loss Risk – An Assessment of Performance during the Global Financial Crisis,” Journal of Accounting and Finance, 2013, 13(3), 105-117.
24. “Foreign Exchange Risk in a Managed Float Regime - A Case Study of Pakistani Rupee,” Economic Modelling, (with S.R. Mudakkar), Vol. 35, September 2013, pp. 409–417.
25. “Risk Management in Financial Services Sector - Applicability and Performance of VAR Models in Pakistan,” (with S.R. Mudakkar), Pakistan Development Review, 51(4), 2013, pp. 399-417.
26. “Human Development and Economic Uncertainties – Exploring another Dimension of Development,” (with S.R. Mudakkar), The Lahore Journal of Economics, Vol. 18:SE, Sept. 2013, pp. 305-334.
27. “Extreme Loss Risk in Financial Turbulence - Evidence from the Global Financial Crisis,” (with I.U. Mangla), Managerial Finance, Vol. 37(7), 2013, 653-666.
28. “Governance and Regulatory Determinants of Financial Markets Resilience - Cross Country Evidence,” (with I.U. Mangla), Journal of Finance Issues, Vol. 10 (1), 2012, 32-52.
29. “Government Budget Deficit and Development of Bond Market in Pakistan: Issues and Challenges,” The Lahore Journal of Economics, 16: SE (September) 2011, 159-198.
30. “Governance and Regulatory Determinants of Financial Markets Resilience – Evidence from Asian Markets,” Proceedings of the Facing East/Facing West Conference, HCOB, June 2011.
31. “Financial Development and Bubbles: the Case of Karachi Stock Exchange of Pakistan, (with Ahmed and Rosser), Journal of Emerging Markets, Vol. 15 (2), 2010, 33-48.
32. “Emerging Markets and Stock Market Bubbles: Nonlinear Speculation?” (with Ahmed and Rosser), Emerging Markets Finance and Trade, Vol. 46(4), 2010, 23-40.
33. “Islamic Banks and the Global Financial Crisis of 2007-09: An Assessment of Risk Management,” (with I.U. Mangla), Journal of Academy of Finance, Vol. 8(1), 2010, 160-171.
34. “Role of Satellite Stock Exchanges – A Case Study of the Lahore Stock Exchange,” The Lahore Journal of Economics, 2009. 14(2), pp. 1-47.
35. “Restructuring of the Stock Exchanges in Pakistan: Economic and Regulatory Policy Issues,” Lahore Journal of Policy Studies, 2009, 3(1), 1-16.
36. “Some Pitfalls in Islamic Banking and Finance Practices: A Global Perspective,” (with I.U. Mangla) Journal of Contemporary Business and Issues, 17(1), 2010, 40-51.
37. “Market Volatility and Regulatory Governance in Emerging Markets,” (with I.U. Mangla), Journal of the Academy of Finance, Vol. 5(2), 2007, 189-198.
38. “Role of Securities Law in the Development of Domestic Corporate Bond Markets,” State Bank of Pakistan Research Bulletin, Vol. 3(1), 2007, 75-88.
39. “Market Volatility, Manipulation and Regulatory Response: A Case Study of Bombay Mumbai and Karachi Stock Exchanges,” The Pakistan Development Review, 45(4), 2006, 1071-1083.
40. “Regulatory Response to Market Volatility and Manipulation: A Case Study of Mumbai and Karachi Stock Exchanges,” (with Mangla), Lahore Journal of Economics, 11(2), 2006, 79-105.
41. “Does History (Financial) Repeat Itself? An Evaluation of Price Manipulation and Volatility in Two Emerging Markets in Asia,” (with I.U. Mangla), Journal of the Academy of Finance, 4(2), 2006, 46-54.
42. “Stock Return Volatility in an Emerging Market: the Pakistani Evidence” Pakistan Journal of Applied Economics. Vol. 15, No. 1 (2001) 19-40 (with Fazal Husain).
43. “The Distribution of Stock Returns in an Emerging Market: The Pakistani Market,” Pakistan Economic and Social Review, Vol. 36 (2001) 47-72, (with Fazal Husain).
44. “Risk and Return of Mudarabas: Empirical Evidence from Pakistan,” Thunderbird International Business Review, Vol. 41 (July-October), 1999, 561-582.
45. “Evidence of Nonlinear Speculative Bubbles in Pacific-Rim Stock Markets,” The Quarterly Review of Economics and Finance, (Spring 1999) 21-36 (with E. Ahmed and J.B. Rosser).
46. “Stock Return Volatility in an Emerging Market: A Case Study of Karachi Stock Exchange,” Managerial Finance, Vol. 23, No.3 (1998).
47. “Portfolio Flows to Emerging Markets: Prospects, Pitfalls and Policy Implications,” Journal of Asia-Pacific Business, Vol. 2, No. 2 (1997) 63-86.
48. “Asset Speculative Bubbles in Emerging Markets; the Case of Pakistan,” Pakistan Economic and Social Review, 1998. Vol. 34(2), 1996, 97-119 (with E. Ahmed, and J. B. Rosser Jr.)
49. “Accessing International Capital: Pakistan's Experience, Prospects and Policy Implications,” Pakistan Development Review, Vol. 35 (4), 1996, 929-941. (with I.U Mangla).
50. “Stability of Stock Return Distributions in Emerging Markets,” Midwest Review of Finance and Insurance, Vol. 10(1), 1996), 295-306; (with I.U Mangla).
51. “Determinants of Portfolio Flows to Emerging Markets: Prospects and Policy Implications,” proceedings of the Academy of Economics and Finance, (Summer1995).
52. “Portfolio Flows to Pakistan: Trends and Policies,” (with K. Jun) in S. Ahmed and R. Hafeez eds., Private Sector Development in Pakistan, Lahore: Maktaba Jadeed Press, (1995) 46-83.
53. “Cost of Capital Under Local Constraint on Debt Financing: Implications for Investment Decisions of Multinational Firms,” Journal of Asia-Pacific Business, Vol. 1(2), 1995, 25-44.
54. “A Quadratic Approach to the Two Stage Dividend Discount Model,” (with Han & Tse), in D. Ghosh (ed.) New Advances in Financial Economics, Oxford: Elsevier Science, 1994, 23-37.
55. “The Probability of Bankruptcy: A Diffusion-Process Approach,” (with K. Han and K.S. Tse), Journal of the Mid-West Finance Association, Vol. 22, 1993, 88-94.
56. “Internationalization of the Pakistani Stock Market: An Empirical Investigation,” Pakistan Development Review, Vol. 32 (Winter), 1993, 605-618.
57. “Down-side Risk and Investment Choice,” (with K.S. Tse and M. White), The Financial Review, Vol. 28 (4), November 1993, 585-605.
58. “Investment in Human Capital Financed by Profit and Loss Sharing Contracts,” in Ehsan Ahmed, ed., Economic Growth and Human Resource Development in an Islamic Perspective, AMSS and IIIT, Washington, 1993, 31-44.
59. “Downside Beta, Upside Beta? An Investigation into Asymmetry In Systematic Risk,” (with K. Han and K.S. Tse), Journal of the Mid-West Finance Association, Vol. 20, 1991, 113-120.
60. “Interest-free Banking, State of the Art - A Survey. Some Operational Issues,” (with Mangla), Research in Financial Services; Private and Public Policy Series, Vol. II (1990) 179-215, JAI Press, Inc., Greenwich, Connecticut.
61. “Interest-free Banking, A Financial Innovation? Some Conceptual Issues,” (with I.U. Mangla and C.R. Krishnaswamy), Journal of the Mid-West Finance Association, Vol.17 (1988) 51-67.