Muhammad Tahir Suleman, Our staff, Department of Accountancy & Finance

Senior

Lecturer
MSc (Hanken), PhD(Well), CPA(Australia)

Tel +64 3 479 9066
Office OBS 5.33
Email tahir.suleman@otago.ac.nz

Dr Tahir Joined University of Otago in February 2020. Before that he was working as a Lecturer at Department of Financial and Business Systems, Lincoln University. He obtained his PhD from Victoria University of Wellington, and a MSc from Hanken School of Economics, Finland. Tahir also served as Vice president of postgraduate student association, Victoria University of Wellington.

Tahir's research has been published in leading A* and A rated (ABDC) journals, including Energy Economics, Pacific Basin Finance, International Review of Economics and Finance, Journal of Forecasting, and European Journal of Finance. Tahir presented his research at leading conferences such as Financial Markets and Corporate Governance Conference, New Zealand Finance Colloquium, Australasian Finance and Banking Conference, and Multinational Finance Society. He also won the best paper award at New Zealand Finance Colloquium (2018).

For more information refer to:

Personal homepage
ResearchGate Muhammad Suleman
GoogleScholar Tahir Suleman

Teaching

ACCT 233
ACCT 423
ACCT 421

Research interests

Political Uncertainty
Corporate Social Responsibility
Corporate Governance
Default Risk
Financial Markets

Publications

Sheikh, U. A., & Suleman, M. T. (2025). Do US sectoral contagion and news-based economic policy uncertainty cause fear or greed behavior in Bitcoin investors? North American Journal of Economics & Finance. Advance online publication. doi: 10.1016/j.najef.2025.102429 Journal - Research Article

Abbas, F., Ali, S., & Suleman, M. T. (2024). Economic freedom and banks' risk-taking in Japan: A tale of two sides. Journal of Risk Finance, 25(3), 537-554. doi: 10.1108/JRF-03-2023-0061 Journal - Research Article

Perera, K., Kuruppuarachchi, D., Kumarasinghe, S., & Suleman, M. T. (2024). Climate risk and the idiosyncratic volatility puzzle. Applied Economics, 2337816. Advance online publication. doi: 10.1080/00036846.2024.2337816 Journal - Research Article

Suleman, M. T., Kapar, B., & Rana, F. (2024). Infectious disease and asymmetric industrial volatility. Applied Finance Letters, 13, 77-97. doi: 10.24135/afl.v13i.694 Journal - Research Article

Niu, Z., Demirer, R., Suleman, M. T., Zhang, H., & Zhu, X. (2024). Do industries predict stock market volatility? Evidence from machine learning models. Journal of International Financial Markets, Institutions & Money, 90, 101903. doi: 10.1016/j.intfin.2023.101903 Journal - Research Article

2025

Journal - Research Article

2024

Journal - Research Article

Abbas, F., Ali, S., & Suleman, M. T. (2024). Economic freedom and banks' risk-taking in Japan: A tale of two sides. Journal of Risk Finance, 25(3), 537-554. doi: 10.1108/JRF-03-2023-0061

Suleman, M. T., Kapar, B., & Rana, F. (2024). Infectious disease and asymmetric industrial volatility. Applied Finance Letters, 13, 77-97. doi: 10.24135/afl.v13i.694

Raza, S. A., Shah, N., & Suleman, M. T. (2024). A multifractal detrended fluctuation analysis of Islamic and conventional financial markets efficiency during the COVID-19 pandemic. International Economics, 177, 100463. doi: 10.1016/j.inteco.2023.100463

Suleman, M. T., Tabash, M. I., & Sheikh, U. A. (2024). Do stock market fluctuations lead to currency deflation in the South Asian region? Evidence beyond symmetry. International Journal of Finance & Economics, 29, 1432-1450. doi: 10.1002/ijfe.2746

Niu, Z., Demirer, R., Suleman, M. T., & Zhang, H. (2024). Speculation, cross-market sentiment and the predictability of gold market volatility. Journal of Behavioral Finance, 25(3), 278-295. doi: 10.1080/15427560.2022.2109639

2023

Journal - Research Article

Perera, K., Kuruppuarachchi, D., Kumarasinghe, S., & Suleman, M. T. (2023). The impact of carbon disclosure and carbon emissions intensity on firms' idiosyncratic volatility. Energy Economics, 107053. Advance online publication. doi: 10.1016/j.eneco.2023.107053

Akram, K., Al Mamun, M., Raza, S. A., & Suleman, M. T. (2023). Global geopolitical crisis and tourism development in the USA. Current Issues in Tourism, 2262709. Advance online publication. doi: 10.1080/13683500.2023.2262709

Suleman, M. T., Sheikh, U. A., Galariotis, E. C., & Roubaud, D. (2023). The impact of bitcoin fear and greed on good and bad network connectedness: The case of the US sectoral high frequency returns. Annals of Operations Research. Advance online publication. doi: 10.1007/s10479-023-05455-7

Suleman, M. T., Rehman, M. U., Sheikh, U. A., & Kang, S. H. (2023). Dynamic time-frequency connectedness between European emissions trading system and sustainability markets. Energy Economics, 123, 106726. doi: 10.1016/j.eneco.2023.106726

Al Mamun, M., Boubaker, S., Ghafoor, A., & Suleman, M. T. (2023). Is marriage a turning point? Evidence from cash holdings behaviour. British Journal of Management, 12732. Advance online publication. doi: 10.1111/1467-8551.12732

Raza, M. W., Suleman, M. T., & Zaremba, A. (2023). Political risk and portfolio performance: implications for Shariah-compliant investors. International Journal of Islamic & Middle Eastern Finance & Management. Advance online publication. doi: 10.1108/IMEFM-08-2022-0317

Niu, Z., Demirer, R., Suleman, M. T., & Zhang, H. (2023). Cross-sectional return dispersion and stock market volatility: Evidence from high-frequency data. Journal of Forecasting, 42, 1309-1328. doi: 10.1002/for.2959

Khan, M. A., Khan, F., Sharif, A., & Suleman, M. T. (2023). Dynamic linkages between Islamic equity indices, oil prices, gold prices, and news-based uncertainty: New insights from partial and multiple wavelet coherence. Resources Policy, 80, 103213. doi: 10.1016/j.resourpol.2022.103213

Huang, J., Li, Y., Suleman, M. T., & Zhang, H. (2023). Effects of geopolitical risks on gold market return dynamics: Evidence from a nonparametric causality-in-quantiles approach. Defence & Peace Economics, 34(3), 308-322. doi: 10.1080/10242694.2021.2007333

Tiwari, A. K., Suleman, M. T., Ullah, S., & Shahbaz, M. (2023). Analyzing the connectedness between crude oil and petroleum products: Evidence from USA. International Journal of Finance & Economics, 28, 2278-2347. doi: 10.1002/ijfe.2536

Conference Contribution - Published proceedings: Full paper

Gehricke, S. A., Aschakulporn, P., Suleman, T., & Wilkinson, B. (2023). The effect of divestment from ESG exchange traded funds. Proceedings of the 12th Annual New Zealand Finance Meeting (NZFM). Auckland, New Zealand: Auckland Centre for Financial Research. Retrieved from https://acfr.aut.ac.nz

Gehricke, S. A., Aschakulporn, P., Suleman, T., & Wilkinson, B. (2023). The effect of divestment from ESG Exchange Traded Funds. Proceedings of the 6th Annual Global Research Alliance for Sustainable Finance and Investment (GRASFI) Conference. Retrieved from https://sustainablefinancealliance.org/

Conference Contribution - Verbal presentation and other Conference outputs

Gehricke, S., Aschakulporn, P., Suleman, T., & Wilkinson, B. (2023, November-December). The effect of divestment from ESG exchange traded funds. Verbal presentation at the 4th Climate and Energy Finance Group (CEFGroup) Sustainable Finance and Accounting Symposium, Dunedin, New Zealand.

2022

Journal - Research Article

Ilyas, M., Mian, R. U., & Suleman, M. T. (2022). Economic policy uncertainty and firm propensity to invest in corporate social responsibility. Management Decision, 60(12), 3232-3254. doi: 10.1108/MD-06-2021-0746

Gull, A. A., Saeed, A., Suleman, M. T., & Mushtaq, R. (2022). Revisiting the association between environmental performance and financial performance: Does the level of environmental orientation matter? Corporate Social Responsibility & Environmental Management, 29, 1647-1662. doi: 10.1002/csr.2310

Cui, T., Suleman, M. T., & Zhang, H. (2022). Do the green bonds overreact to the COVID-19 pandemic? Finance Research Letters, 49, 103095. doi: 10.1016/j.frl.2022.103095

Butt, H. A., Demirer, R., Sadaqat, M., & Suleman, T. (2022). Do emerging stock markets offer an illiquidity premium for local or global investors? Quarterly Review of Economics & Finance, 86, 502-515. doi: 10.1016/j.qref.2022.05.002

Suleman, M. T., & Yaghoubi, M. (2022). Infectious disease and corporate activities. Economics Letters, 212, 110302. doi: 10.1016/j.econlet.2022.110302

Liu, Y., Niu, Z., Suleman, M. T., Yin, L., & Zhang, H. (2022). Forecasting the volatility of crude oil futures: The role of oil investor attention and its regime switching characteristics under a high-frequency framework. Energy, 238, 121779. doi: 10.1016/j.energy.2021.121779

Naeem, M. A., Hasan, M., Arif, M., Suleman, M. T., & Kang, S. H. (2022). Oil and gold as a hedge and safe-haven for metals and agricultural commodities with portfolio implications. Energy Economics, 105, 105758. doi: 10.1016/j.eneco.2021.105758

Iqbal, N., Naeem, M. A., & Suleman, M. T. (2022). Quantifying the asymmetric spillovers in sustainable investments. Journal of International Financial Markets, Institutions & Money, 77, 101480. doi: 10.1016/j.intfin.2021.101480

Raza, S. A., Shah, N., Suleman, M. T., & Mamun, M. A. (2022). A multifractal detrended fluctuation analysis of housing market: A role of financial crises in developed economies. International Journal of Housing Markets & Analysis, 15(5), 1145-1169. doi: 10.1108/IJHMA-06-2021-0068

Conference Contribution - Verbal presentation and other Conference outputs

Perera, K., Kuruppuarachchi, D., Kumarasinghe, S., & Suleman, T. (2022, April). Idiosyncratic volatility puzzle: A climate risk explanation. Verbal presentation at the Financial Markets & Corporate Governance (FMCG) Conference, [Hybrid].

Other Research Output

Elahi, A., Bekhit, A. E. D. & Suleman, M. A. (2022, September). Halal and you: Understanding Halal business and diet. Panel discussion at the annual Islam Awareness Week, University of Otago Muslim University Students' Association, Dunedin, New Zealand. [Public Discussion].

2021

Journal - Research Article

Suleman, M. T., McIver, R., & Kang, S. H. (2021). Asymmetric volatility connectedness between Islamic stock and commodity markets. Global Finance Journal, 49, 100653. doi: 10.1016/j.gfj.2021.100653

Nadeem, M., Zaman, R., Suleman, T., & Atawnah, N. (2021). CEO ability, career concerns, firms’ lifecycle and investments in intellectual capital. International Review of Economics & Finance, 75, 237-251. doi: 10.1016/j.iref.2021.04.023

Zhang, H., Demirer, R., Huang, J., Huang, W., & Suleman, M. T. (2021). Economic policy uncertainty and gold return dynamics: Evidence from high-frequency data. Resources Policy, 72, 102078. doi: 10.1016/j.resourpol.2021.102078

Zaighum, I., Aman, A., Sharif, A., & Suleman, M. T. (2021). Do energy prices interact with global Islamic stocks? Fresh insights from quantile ARDL approach. Resources Policy, 72, 102068. doi: 10.1016/j.resourpol.2021.102068

Ilyas, M., Khan, A., Nadeem, M., & Suleman, M. T. (2021). Economic policy uncertainty, oil price shocks and corporate investment: Evidence from the oil industry. Energy Economics, 97, 105193. doi: 10.1016/j.eneco.2021.105193

Naeem, M. A., Mbarki, I., Suleman, M. T., Vo, X. V., & Shahzad, S. J. H. (2021). Does Twitter Happiness Sentiment predict cryptocurrency? International Review of Finance. doi: 10.1111/irfi.12339

Huang, J., Ding, Q., Zhang, H., Guo, Y., & Suleman, M. T. (2021). Nonlinear dynamic correlation between geopolitical risk and oil prices: A study based on high-frequency data. Research in International Business & Finance, 56, 101370. doi: 10.1016/j.ribaf.2020.101370

Mensi, W., Nekhili, R., Vo, X. V., Suleman, T., & Kang, S. H. (2021). Asymmetric volatility connectedness among U.S. stock sectors. North American Journal of Economics & Finance, 56, 101327. doi: 10.1016/j.najef.2020.101327

Gkillas, K., Floros, C., & Suleman, M. T. (2021). Quantile dependencies between discontinuities and time-varying rare disaster risks. European Journal of Finance, 27(10), 932-962. doi: 10.1080/1351847X.2020.1809487

Chapple, L., Chen, B., Suleman, T., & Truong, T. P. (2021). Stock trading behaviour and firm performance: Do CEO equity-based compensation and block ownership matter? Pacific-Basin Finance Journal, 66, 101129. doi: 10.1016/j.pacfin.2019.03.006

Conference Contribution - Verbal presentation and other Conference outputs

Bhutta, A. I., Fayyaz, M., Munir, A., Suleman, M. T., & Mamun, M. A. (2021, April). Political connections, managerial ability and tunneling: Evidence from emerging market. Verbal presentation at the 11th Financial Markets and Corporate Governance (FMCG) Conference: Governance, Corporate Culture and Financial Markets, [Online].

Adnan, M., Rajput, S. K. O., & Suleman, M. T. (2021, April). Impact of asset growth on cross-section of Shariah compliant stock returns. Verbal presentation at the 11th Financial Markets and Corporate Governance (FMCG) Conference: Governance, Corporate Culture and Financial Markets, [Online].

Rathnasiri, U. A. H. A., De Silva, T.-A., Suleman, M. T., & Nilipour, A. (2021, April). Corporate governance: Compliance perspective: Evidence from Sri Lanka. Verbal presentation at the 11th Financial Markets and Corporate Governance (FMCG) Conference: Governance, Corporate Culture and Financial Markets, [Online].

2020

Journal - Research Article

Tiwari, A. K., Boachie, M. K., Suleman, M. T., & Gupta, R. (2020). Structure dependence between oil and agricultural commodities returns: The role of geopolitical risks. Energy, 219, 119584. doi: 10.1016/j.energy.2020.119584

Naeem, M. A., Peng, Z., Suleman, M. T., Nepal, R., & Shahzad, S. J. H. (2020). Time and frequency connectedness among oil shocks, electricity and clean energy markets. Energy Economics, 91, 104914. doi: 10.1016/j.eneco.2020.104914

Arif, I., Khan, L., Farooq, F., & Suleman, T. (2020). Impact of international trade and trade duties on current account balance of the balance of payment: A study of N-11 countries. Journal of Accounting & Finance in Emerging Economies, 6(1), 11-32. doi: 10.26710/jafee.v6i1.1047

Ji, Q., Shahzad, S. J. H., Bouri, E., & Suleman, M. T. (2020). Dynamic structural impacts of oil shocks on exchange rates: Lessons to learn. Journal of Economic Structures, 9, 20. doi: 10.1186/s40008-020-00194-5

Gkillas, K., Gupta, R., Lau, C. K. M., & Suleman, M. T. (2020). Jumps beyond the realms of cricket: India's performance in One Day Internationals and stock market movements. Journal of Applied Statistics, 47(6), 1109-1127. doi: 10.1080/02664763.2019.1663157

Al Mamun, M., Uddin, G. S., Suleman, M. T., & Kang, S. H. (2020). Geopolitical risk, uncertainty and Bitcoin investment. Physica A, 540, 123107. doi: 10.1016/j.physa.2019.123107

2019

Journal - Research Article

Chow, S.-C., Gupta, R., Suleman, T., & Wong, W.-K. (2019). Long-run movement and predictability of bond spread for BRICS and PIIGS: The role of economic, financial and political risks. Journal of Reviews on Global Economics, 8, 239-257. doi: 10.6000/1929-7092.2019.08.21

Sadhwani, R., Rajput, S. K. O., Ali-Rind, A., & Suleman, M. T. (2019). Does change in economic policy uncertainly affect real estate investment trusts (REITs)? Annals of Financial Economics, 14(04), 1950016. doi: 10.1142/S2010495219500167

Bouras, C., Christou, C., Gupta, R., & Suleman, T. (2019). Geopolitical risks, returns, and volatility in emerging stock markets: Evidence from a Panel GARCH model. Emerging Markets Finance & Trade, 55(8), 1841-1856. doi: 10.1080/1540496X.2018.1507906

Gupta, R., Suleman, T., & Wohar, M. E. (2019). Exchange rate returns and volatility: the role of time-varying rare disaster risks. European Journal of Finance, 25(2), 190-203. doi: 10.1080/1351847X.2018.1534750

Badshah, I., Demirer, R., & Suleman, M. T. (2019). The effect of economic policy uncertainty on stock-commodity correlations and its implications on optimal hedging. Energy Economics, 84, 104553. doi: 10.1016/j.eneco.2019.104553

Arif, I., Raza, S. A., Friemann, A., & Suleman, M. T. (2019). The role of remittances in the development of higher education: Evidence from top remittance receiving countries. Social Indicators Research, 141(3), 1233-1243. doi: 10.1007/s11205-018-1857-8

Nadeem, M., Suleman, T., & Ahmed, A. (2019). Women on boards, firm risk and the profitability nexus: Does gender diversity moderate the risk and return relationship? International Review of Economics & Finance, 64, 427-442. doi: 10.1016/j.iref.2019.08.007

Working Paper; Discussion Paper; Technical Report

Caldeira, J. F., Gupta, R., Suleman, T., & Torrent, H. S. (2019). Forecasting the term structure of interest rates of the BRICS: Evidence from a nonparametric functional data analysis [Department of Economics Working Paper Series]. Pretoria, South Africa: University of Pretoria. 12p. Retrieved from https://www.up.ac.za/media/shared/61/WP/wp_2019_11.zp169441.pdf

2018

Journal - Research Article

Gkillas, K., Vortelinos, D. I., & Suleman, T. (2018). Asymmetries in the African financial markets. Journal of Multinational Financial Management, 45, 72-87. doi: 10.1016/j.mulfin.2018.04.004

Demirer, R., Gupta, R., Suleman, T., & Wohar, M. E. (2018). Time-varying rare disaster risks, oil returns and volatility. Energy Economics, 75, 239-248. doi: 10.1016/j.eneco.2018.08.021

Gupta, R., Suleman, T., & Wohar, M. E. (2018). The role of time-varying rare disaster risks in predicting bond returns and volatility. Review of Financial Economics, 37(3), 327-340. doi: 10.1002/rfe.1051

Christou, C., Gupta, R., Hassapis, C., & Suleman, T. (2018). The role of economic uncertainty in forecasting exchange rate returns and realized volatility: Evidence from quantile predictive regressions. Journal of Forecasting, 37(7), 705-719. doi: 10.1002/for.2539

Conference Contribution - Published proceedings: Full paper

Nadeem, M., Suleman, T., & Ahmed, A. (2018). Women on boards, firm risk and profitability nexus: Are women risk-averse or risk moderate? Proceedings of the Accounting & Finance Association of Australia and New Zealand (AFAANZ) Conference. Retrieved from https://www.afaanz.org/

2017

Journal - Research Article

Umar, Z., & Suleman, T. (2017). Asymmetric return and volatility transmission in conventional and Islamic equities. Risks, 5(2), 22. doi: 10.3390/risks5020022

Arif, I., & Suleman, T. (2017). Terrorism and stock market linkages: An empirical study from a front-line state. Global Business Review, 18(2), 365-378. doi: 10.1177/0972150916668604

Suleman, T., Gupta, R., & Balcilar, M. (2017). Does country risks predict stock returns and volatility? Evidence from a nonparametric approach. Research in International Business & Finance, 42, 1173-1195. doi: 10.1016/j.ribaf.2017.07.055

Butt, H. A., Badshah, I. U., & Suleman, M. T. (2017). Illusory nature of pricing of illiquidity effect: The test case of Australian stock market. Journal of Finance & Economics Research, 2(2), 115-119. doi: 10.20547/jfer1702202

Bhutta, A. I., & Suleman, T. (2017). Capital structure and business groups: Evidence from Pakistan. Journal of Management Sciences, 4(2), 248-268. doi: 10.20547/jms.2014.1704207

Working Paper; Discussion Paper; Technical Report

Hamid, K., Hasan, A., Suleman, T., & Khurram, M. U. (2017). Volatility spillover effects across emerging equity markets of Pakistan, India, China and Bangladesh: A multivariate GARCH-BEKK and CCC approach. Social Science Research Network. doi: 10.2139/ssrn.2911592

2016

Conference Contribution - Published proceedings: Full paper

Bhutta, A. I., & Suleman, T. (2016). Performance of Pakistani business groups during energy crisis. Proceedings of the 8th Conference on Financial Markets and Corporate Governance (FMCG). doi: 10.2139/ssrn.2868971

Tashfeen, R., & Suleman, T. (2016). Board gender diversity and risk management: And a view of the financial, investment and liquidity policies. Proceedings of the 8th Conference on Financial Markets and Corporate Governance (FMCG). doi: 10.2139/ssrn.2867239

Working Paper; Discussion Paper; Technical Report

Suleman, T., & Randall, J. (2016). Dynamics of political risk rating and stock market volatility. Social Science Research Network. 29p. doi: 10.2139/ssrn.2315645

2015

Journal - Research Article

Suleman, T., & Amin, M. T. (2015). The impact of sectoral foreign direct investment on industrial economic growth of Pakistan. Journal of Management Sciences, 2(1), 151-165. doi: 10.20547/jms.2014.1502101

Working Paper; Discussion Paper; Technical Report

Suleman, T., & Daglish, T. (2015). Political uncertainty in developed and emerging markets. Social Science Research Netowork. 22p. Retrieved from https://ssrn.com/abstract=2647888

Suleman, M. T. (2015). Political uncertainty, exchange rate return and volatility. Social Science Research Network. Retrieved from https://ssrn.com/abstract=2598866

2014

Working Paper; Discussion Paper; Technical Report

Cermeño, R., & Suleman, M. T. (2014). Country risk and volatility of stock returns: Panel-GARCH evidence for Latin America. Social Science Research Network. Retrieved from https://ssrn.com/abstract=2482038

2012

Journal - Research Article

Suleman, M. T. (2012). Stock market reaction to terrorist attacks: Empirical evidence from a front line state. Australasian Accounting, Business & Finance Journal, 6(1), 15.

Suleman, M. T. (2012). Stock market reaction to good and bad political news. Asian Journal of Finance & Accounting, 4(1), 299-312. doi: 10.5296/ajfa.v4i1.1705

Working Paper; Discussion Paper; Technical Report

Suleman, M. T. (2012). Time series properties and predictability of Pak rupee/US dollar exchange rate. Social Science Research Network. Retrieved from https://ssrn.com/abstract=2041056

2011

Journal - Research Article

Asghar, M., Shah, S. Z. A., Hamid, K., & Suleman, M. T. (2011). Impact of dividend policy on stock price risk: Empirical evidence from equity market of Pakistan. Far East Journal of Psychology & Business, 4(4), 45-52.

2010

Journal - Research Article

Hamid, K., Suleman, M. T., Shah, S. Z. A., & Akash, R. S. I. (2010). Testing the weak form of efficient market hypothesis: Empirical evidence from Asia-Pacific markets. International Research Journal of Finance & Economics, (58). doi: 10.2139/ssrn.2912908

2009

Working Paper; Discussion Paper; Technical Report

Suleman, M. T., & Saeed, M. A. (2009). Option on human performance: A case study of Indian premier league. Social Science Research Network. 28p. doi: 10.2139/ssrn.1474039

Suleman, M. T. (2009). Risk involved in international debt investment in emerging markets: A case study of India, Malaysia and Taiwan. 43p. doi: 10.2139/ssrn.1462203