Dr. Mahfuzul Haque

Dr. Mahfuzul Haque
Professor
Accounting, Finance, Insurance, and Risk Management, Department of
Scott College of Business
Federal Hall 311
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812-237-2090

Education

  • Ph.D. - Finance, University of New Orleans - 1999
  • M.A. - Economics /Major. Finance /Minor, University of New Orleans - 1997
  • M.B.A. - Indiana University at South Bend - 1993
  • M.B.A. - Institute of Business Administration, University of Dhaka. - 1982
  • B.S. - Electrical Engineering, Bangladesh University of Engineering and Technology - 1977

Teaching Interests

  • Investments, Financial Markets and Institutions,<br>International Finance, Corporate Finance, Derivatives, Money & Banking.

Research Interests

  • Emerging Markets, Risk Management, Portfolio Management, Investments and Financial<br>Industry.

Mahfuzul Haque, Professor of Finance at Scott College of Business, Indiana State University. He earned his Ph.D. and MA from University of New Orleans, obtained MBA’s from Indiana University and IBA - Dhaka University. He received his undergraduate degree in Electrical Engineering from Bangladesh University of Engineering and Technology(BUET). Mahfuzul currently teaches Strategic Financial Decisions, Commercial Bank Management, Financial Institutions and Markets, International Finance, Financial Management and Business Finance at the undergraduate and MBA level.  He also taught Personal Finance and Investment at SCOB.

 

Mahfuzul’s research interests are in the areas of risk management, investments, financial institutions, and international finance particularly in the emerging markets. The author of more than 37 scholarly articles, Mahfuzul’s research has investigated the efficacy of portfolio management and investment strategies and international finance. He has presented numerous research papers at International/National and Regional conferences and has received Top Conference Paper award in International Finance in 2001, award for outstanding researcher from Scott College of Business, ISU in 2011, 2018 and McGraw Hill Distinguished Paper Award in 2015.  Mahfuzul’s articles appear in several journals including at Pacific Basin Finance Journal, Quarterly Review of Economics and Finance, Quarterly Journal of Business and Economics, Multinational Business Review, Journal of Social, Political and Economic Studies, Review of Middle East Economics and Finance, Journal of Risk Finance, Journal of Emerging Market Finance, Journal of Financial Issues, International Journal of Finance, International Review of Applied Financial Issues and Economics, Journal of Money, Investment and Banking, International Journal of Financial Studies, Indian Journal of Economics and Business, Global Journal of Finance and Economics, Journal of Academy of Finance, International Journal of Business and Emerging Markets, Journal of Economics and Political Economy, Journal of Finance and Bank Management, International Journal of Financial Studies, Economies, Journal of Chinese  Economic and Business Studies, China – USA Business Review, International Journal of Management and Journal of Advances in Economics and Finance, Journal King Abdul Aziz University Islamic Econ and Sustainability.

 

Mahfuzul has been a reviewer for academic journals, textbooks. Received Emerald Literati Award in 2018 for Review works. He has reviewed papers for journals including Applied Economics, International Economic Review, Review of Middle East Economics and Finance, Quarterly Journal of Business and Economics, Journal of Asia Pacific Business, International Review of Applied Financial Issues and Economics, Emerging Market Finance and Trade, SpringerPlus, The Global Journal of Finance and Economics, Journal of Economic Cooperation and Development, International Review of Economics and Finance and  International Journal of Islamic and Middle Eastern Finance and Management and has also reviewed various conference papers. Prior to switching to the academic, he has worked for several years in the Industry, and his professional experience includes working in the public and private sectors holding managerial positions with British multinational companies General Electric Company (GEC) and Duncan Brothers Ltd.

Fin 5/400; Fin 5/440; Fin 5/441; Fin 471; Bus 311; Fin 108 & Fin 333.
Fin5/434, MBA 622, MBA 690.
  • B.S.:  Bangladesh University of Engineering and Technology.
  • M.B.A. Institute of Business Administration  Dhaka University. Bangladesh.
  • M.B.A.:  Indiana University.
  • M.A.: Major:Economics;Minor:  Finance. University of New Orleans, College of Business..
  • Ph.D.:  Corporate Finance and Investments, University of New Orleans, College of Business.

 

PUBLICATIONS: JOURNAL ARTICLES

  •    M. Ershad Hussain & Haque Mahfuzul (2018). Is there any link between economic growth and earth's   environment? Evidence from 127 countries for the period 2007–2015, Journal of Environmental Economics and Policy, DOI: 10.1080/21606544.2018.1546234
  •   Hussain Ershad and Haque Mahfuzul.   Fiscal Deficit and its Impact on Economic Growth:  Evidence from Bangladesh. Economies 2017, 5(4), 37; doi: 10.3390/economies5040037 (registering DOI).Published on line October 02, 2017. http://www.mdpi.com/2227-7099/5/4
  • Hussain Ershad and Haque Mahfuzul. “Empirical Analysis of the Relationship between Money Supply and Per Capita GDP Growth Rate in Bangladesh”. Published online February 23, 2017 at “Journal of Advances in Economics and Finance (JAEF)”.Vol 2(1), 54-66. https://dx.doi.org/10.22606/jaef.2017.21005 .
  • Shulin WANG, Haque Mahfuzul and Lamb Steven. “China’s Privatization of SOE’s.  Transfer of Control Rights and Private Benefits.”.  Published on line May 05, 2016, at The Journal of Chinese Economy and Business Studies.”  Vol 14 (4), 329 – 346. http://www.tandfonline.com/doi/full/10.1080/14765284.2016.1175766
  •      Hussain Ershad and Haque Mahfuzul.  Foreign Direct Investment, Export and Economic Growth: An Empirical Analysis for Bangladesh. Economies 2016, 4(2), 7; doi: 10.3390 /economies4020007 (registering DOI). Published on line April 15, 2016.  This article published in the Special Issue Economic Development in Southeast Asia. http://www.mdpi.com/2227-7099/4/2/7/pdfThis article was the 2nd highest downloaded paper of the Journal “Economies” in 2016, with 2,072 full-text views, 9 Menledey readers, and 1 tweet as reported by the Journal.
  •     Hussain Ershad and Haque Mahfuzul.  Impact of Economic Freedom on the Growth Rate:         A Panel Data Analysis. Published online at “Economies”. 4(2), 5; doi: 10.3390/economies 4020005 March 28, 2016. http://www.mdpi.com/2227-7099/4/2. This article was the 3rd highest downloaded paper of the Journal “Economies” in 2016, with 1021 full-text views, 1 Menledey readers, and 5 tweet as reported by the Journal.
  •     Haque Mahfuzul and Shamsub Hannarong. “Do G-20 Stock Markets Cointegrate after   Financial Crisis’s. Evidence from G-20 Stock Markets”. International Journal of Financial Studies (IJFS).2015, Vol 3(4), 557-586; doi: 10.3390/ijfs3040557. Published online December 10, 2015. http://www.mdpi.com/2227-7072/3/4/557/pdf.
  • Hussain Ershad, Haque Mahfuzul and Igwike Richard. “Relationship between Economic     Growth and Debt- An Empirical Analysis for Sub-Saharan Africa.” Journal of Economics and Political Economy (JEPE). June 2015 Vol 2 No 2. pp 262-275. http://www.kspjournals.org/index.php/JEPE/article/view/222/387
  •     Samet Gunay and Haque Mahfuzul. The Effect of Futures Trading on Spot Market Volatility: Evidence from Turkish Derivative Exchange”. International Journal of Business and Emerging Markets (IJBEM).  2015, Vol. 7, No 3. pp. 265-285. http://dx.doi.org/10.1504/IJBEM.2015.070333
  •   Chen GANG and Haque Mahfuzul. “Firm’s Asset Structure Change? Evidence from Industrial and Commercial Machinery and Computer Equipment in the U.S. Market”. China-USA Business Review. January, 2015. Vol.14, No 1, pp.1-9.  http://www.davidpublisher.org/index.php/Home/Article/index?id=7728.html. DOI:10.17265/1537-1514/2015.01.001.
  • Hussain Ershad and Haque Mahfuzul. “Is the J-Curve a Reality in Developing Countries?”   Journal of Economics and Political Economy (JEPE).December 2014. Vol. 1, No 2, pp. 231-240.   This paper is the Recipient of the 2015 McGraw-Hill Distinguished Paper Award at SSE conference presentation at Houston March 2015. http://www.kspjournals.org/index.php/JEPE/article/view/67/195
  •  Hussain Ershad, Hassan Kabir and Haque Mahfuzul. “Depositor Discipline and Bank Risk    Taking Behavior: Evidence from the South-East Asian Financial Crises”. Journal of Finance and Bank Management (JFBM).June 2014. Vol. 2, No. 2, pp. 178-204. http://jfbmnet.com/journals/jfbm/Vol_2_No_2_June_2014/12.pdf
  • Tarek Zaher and Haque Mahfuzul. “Does it pay to Invest in Debt Free Firms during Recessions?The Journal of Finance Issues. Fall 2013. Volume 11, No 2. http://jofi.aof-mbaa.org/56315-jfi-v11-i2-1.585297/t-001-1.585311/a-003-1.585331/a-003-1.585332
  • Haque Mahfuzul and Tarek Zaher. “Thailand Stock Market Volatility and the 1997 Baht Crisis - Analysis of the Pre and Post Periods. International Journal of Finance, 2011. Volume 23, No 4, pp. 6997-7017.
  • Imen Kouki, Nizar Harrathi and Haque Mahfuzul. “Volatility spillover among sector index of international stock markets”.  Journal of Money, Investment and Banking (JMIB). October 2011. Issue No 22, pp. 32- 45. http://fac.ksu.edu.sa/sites/default/files/a_volatility_spillover_among_index_sector_of_international_stock_markets.pdf
  • Haque Mahfuzul. “Empirical Analysis of Mexico’s Stock Market Volatility - Pre and Post1994 Peso crises”. International Review of Applied Financial Issues and Economics (IRAFIE). 2011. Volume 3, No 1, pp. 245-265.
  • Hussain Ershad, Hassan Kabir and Haque Mahfuzul. “Impact of the Basel 1 Accord on Credit Expansion in Developing Countries”. AIMS International Journal of Management. Volume 5, Number 2 May 2011, pp.  101-124. http://www.aims-international.org/aimsijm/abstracts/5-3-3-a.pdf
  • Imen Kouki and Haque Mahfuzul. “Trading Volume, Volatility, Order Flow, and Spread: Evidence of Tunisian Dealer”. International Journal of Business and Emerging Markets. 2011. Volume 3, No 4, pp 354-376. http://www.inderscience.com/info/inarticletoc.php?jcode=ijbem&year=2011&vol=3&issue=4
  • Haque Mahfuzul and Imen Kouki. “Comovements among the developed and the emerging markets”. International Journal of Finance.2010. Volume 22, No 4, pp. 6612-6644.
  • Imen Kouki and Haque Mahfuzul. “Volatility Transmission among Developed Stocks Markets”. International Journal of Finance. 2010. Volume 22, No 1, pp 6340-6356.
  • Haque Mahfuzul and Varela Oscar. U.S.-Thailand Portfolio Optimization around 1997 Asian Financial Crisis.  Journal of Emerging Market Finance, 2010.  Volume 9, No 2, pp 171-197.

http://journals.sagepub.com/doi/pdf/10.1177/097265271000900203

  • Haque Mahfuzul. “Impact of September 11, 2001 (911) on the Emerging Market’s Stock Volatility”. International Journal of Business and Emerging Markets, 2010. Volume 2, No 3, pp 305-327. DOI: http://dx.doi.org/10.1504/IJBEM.2010.033381
  • Haque Mahfuzul and Oscar Varela. "Safety-first Portfolio Optimization after September 11, 2001". Journal of Risk Finance, 2010, Volume 11, No 1, pp. 20-61. http://dx.doi.org/10.1108/15265941011012679
  • Imen Kouki and Haque Mahfuzul.” Tunisian Dealer Behavior in FX Market: Pricing Decision”. Journal of Emerging Market Finance. 2009. Volume 8, No 3, pp 265-287. http://journals.sagepub.com/doi/pdf/10.1177/097265270900800302
  • Haque Mahfuzul and Imen Kouki. Effect of 911 on Conditional Time Varying Risk Premium: Evidence from Developed Market. Journal of Risk Finance. 2009. Volume 10, No 3, pp 261-276. http://dx.doi.org/10.1108/15265940910959384
  • Haque Mahfuzul, Varela Oscar and M. Kabir Hassan. “Safety-first and Extreme Value Bilateral U.S. - Mexican Portfolio Optimization around the Peso crisis and NAFTA in 1994.”  Quarterly Review of Economics and Finance. 2007, Volume 47, No 3, pp 449-469. http://www.sciencedirect.com/science/article/pii/S106297690600010X
  • Haque Mahfuzul and Tarek S. Zaher “Volatility of an Efficiency Portfolio in the NAFTA Region.” The Global Journal of Finance and Economics, 2006, Volume 3(2), pp 215-230.
  • M. Kabir Hassan, Haque Mahfuzul and Lawrence Shari. “An Empirical Analysis of Emerging Stock Markets of Europe”. Quarterly Journal of Business and Economics, 2006, Volume 45(1-2), pp. 19-40. https://www.jstor.org/stable/40473413?seq=1#page_scan_tab_contents
  • Tarek S. Zaher and Haque Mahfuzul. “The Financial Services Industry in the United States. Recent Trends, Innovations and Challenges”. Journal of Academy of Finance. 2005, Volume 2(3), pp 131-145.
  • Haque Mahfuzul et.al. “An Empirical Examination of Stability, Predictability and Volatility of Middle Eastern and African (ME&A) Emerging Stock Markets”. Review of Middle East Economics and Finance. 2004. Volume 2(1), pp 19-42. https://www.degruyter.com/view/j/rmeef.2007.2.1/rmeef.2007.2.1.1018/rmeef.2007.2.1.1018.xml?format=INT
  • Haque Mahfuzul, M. Kabir Hassan and Tarek S. Zaher. "Stability, Predictability and Volatility of Asian Emerging Stock Markets." Indian Journal of Economics and Business, June 2004 Volume 3 Number 1. pp 121-146.
  • Haque Mahfuzul, M. Kabir Hassan and Oscar Varela. “Safety-First Portfolio Optimization for U.S. Investors in Emerging Global, Asian and Latin America Markets”. Pacific Basin Finance Journal. January 2004, Volume 12(1), pp 91-116. http://www.sciencedirect.com/science/article/pii/S0927538X03000179
  • Haque Mahfuzul, M. Kabir Hassan and Oscar Varela. "Stability,    Predictability, Volatility and Risk Premiums in Latin American Emerging Stock Markets.” Quarterly Journal of Business and Economics, Summer-Autumn 2001, Volume 40(3-4), pp. 23-44. https://www.jstor.org/stable/40473332?seq=1#page_scan_tab_contents
  •  This paper ranked as the top paper in International Finance in SWFA conference held at New Orleans 2001.
  • Suk, H. Kim and Haque, Mahfuzul. “The Asian Financial Crisis of 1997: Causes and Policy Responses.” Multinational Business Review. Volume 10, Number 1. Spring 2002, pp 37-44. https://www.questia.com/read/1P3-102273141/the-asian-financial-crisis-of-1997-causes-and-policy
  • Haque Mahfuzul and M. Kabir Hassan. “Diversification as a Corporate Strategy for Family-Controlled Group in a Frontier Market.” The Journal of Social, Political and Economic Studies. Volume 26, Number 4. Winter 2001. pp 719-758. http://www.jspes.org/winter2001_haque.html . This article has been republished Culture-Specific Models of Family Businesses: A Compendium using GLOBE Paradigm (In eleven volumes) Vipin; Levenburg Nancy: Moore Lynda; Motwani Jaidep and Schwarz Thomas (Edition). ICFAI University Press, 2007.
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