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Muhammad Cheema image 2021Senior Lecturer in Finance
MSc (Strathclyde), PhD (Lincoln)

Tel +64 3 479 8146
Office OBS 5.14

Dr Cheema is a Senior Lecturer in Finance and Director of the BNZ Bloomberg Markets Lab at the University of Otago. His teaching and research interests are investments, behavioural finance, empirical asset pricing, and energy finance. He teaches FINC302 Applied Investments and FINC444 Behavioural Finance courses.

Dr Cheema has published 22 refereed articles in leading international journals, 18 of which (15 as lead author) are in journals ranked A or A* by the Australian Business Deans Council. He has presented his research at major international conferences and has received multiple best papers awards. These include the 2022 MBIE (Ministry of Business, Innovation and Employment New Zealand) Best Paper Award for Capital Markets and the 2019 CFA Society’s Best Paper Award, both at the New Zealand Finance Colloquium.

Dr Cheema was named an Erskine Fellow by the University of Canterbury, New Zealand, in November 2021. He is ranked in the top 10% of Authors on (Social Science Research Network) by all-time downloads. He has supervised two PhD students to completion and is currently supervising three PhD students. He has refereed for more than 35 different journals and has examined 10 PhD dissertations.

Dr Cheema’s work has been featured several times in the financial press, at economic think tanks, and associations of investment professionals, including the CFA Society, VoxEU, Centre for Economic Policy Research, Wirtschaftswoche, and Morningstar.

Research interests

  • Investments
  • Behavioural Finance
  • Empirical Asset Pricing
  • Energy Finance


Current teaching


Dr Cheema is currently supervising three PhD and four MFinc students.


Bhuiyan, M. B. U., & Cheema, M. A. (2024). Overlapping committee membership and cost of equity capital. Pacific-Basin Finance Journal, 84, 102282. doi: 10.1016/j.pacfin.2024.102282

Cheema, M. A., Faff, R., & Ryan, M. (2023). Are there any safe haven assets against oil price falls? Applied Economics. Advance online publication. doi: 10.1080/00036846.2023.2288067

Cheema, M. (2023, September). Investor sentiment dynamics and the MAX Effect. Verbal presentation at the International Conference in Finance, Banking and Accounting (ICFBA), Montpellier, France.

Cheema, M. A., Chiah, M., & Zhong, A. (2023). Corporate payouts in Australia. Pacific-Basin Finance Journal. Advance online publication. doi: 10.1016/j.pacfin.2023.101990

Cheema, M., Faff, R., & Ryan, M. (2022). Different safe harbours in different winds: Do safe havens differ when the oil price falls for different reasons? Proceedings of the Vietnam Symposium in Banking and Finance. (pp. 64). Retrieved from

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