The Catholic University of America
Business and Economics Faculty

Jamshed Uppal – Associate Professor of Finance

Jamshed UppalProfessor Jamshed Uppal specializes in the financial management area.He received his Ph.D. and M.B.A. degrees in finance from the Michigan State University. Dr. Uppal also holds an M.A. degree in economics and a professional certification in cost and management accounting.

Before joining the CUA School of Business and Economics, Dr. Uppal taught at the Oakland University, Michigan. Additionally he has extensive professional and business experience.

Dr. Uppal's teaching interests are in the area of international corporate financial management, 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 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.

Dr. Uppal tends to be demanding of the students. In a globalized world students need to build professional competencies and skills to a level which would provide them with a competitive advantage not only across US campuses, but also across countries. Believing that feel all students are capable of achieving excellence, Dr. Uppal provides continuous feedback to students encouraging wide participation in class discussions and projects. He also makes an extra effort to bring in students which might otherwise feel held back by making himself available to students. I am fully committed to student success.

Effective teaching in business schools requires a deep understanding of the business practices and human behavior in organizations. Dr. Uppal has had about fifteen years of executive experience in financial controllership, accounting and auditing in the private and public sectors. He draws on his experience in to make business finance to do justice to this applied professional field. He strives to stay current in his field via academic and applied research and professional engagements. He feels that the research should be translatable into insights and knowledge relevant to the students to enrich their learning experience. Therefore, he has focused as much on the applied research as on the theoretical and to find opportunities to translate it for his students.
 

Refereed Publications

“Governance and Regulatory Determinants of Financial Markets Resilience - Cross Country Evidence,” Journal of Finance Issues, Vol. 10 (1), 2012(Summer), 32-52.

“Government Budget Deficit and Development of Bond Market in Pakistan: Issues and Challenges,” The Lahore Journal of Economics, 16: SE (September) 2011, pp. 159-198.

“Governance and Regulatory Determinants of Financial Markets Resilience – Evidence from Asian Markets,” proceedings of the Facing East/Facing West Conference, HCOB, June 2011.

“Financial Development and Bubbles: the Case of Karachi Stock Exchange of Pakistan, Journal of Emerging Markets, Vol. 15, No.2, (summer) 2010, pp. 33-48.

“Emerging Markets and Stock Market Bubbles: Nonlinear Speculation?” (with J. Barkley Rosser, Jr., and Ehsan Ahmed), Emerging Markets Finance and Trade, Vol. 46 No. 04, (July-August) 2010 pp 23-40.

“Islamic Banks and the Global Financial Crisis of 2007-09: An Assessment of Risk Management,” Journal of Academy of Finance, Volume 8, issue 1, 2010 (summer), pp. 160-171.

“Role of Satellite Stock Exchanges – A Case Study of the Lahore Stock Exchange,” The Lahore Journal of Economics, 2009. 14(2) 1-47.

“Restructuring of The Stock Exchanges in Pakistan: Economic and Regulatory Policy Issues,” Lahore Journal of Policy Studies, 2009, 3(1) pp.1-16.

“Some Pitfalls in Islamic Banking and Finance Practices: A Global Perspective,” (with I.U. Mangla) Journal of Contemporary Business and Issues, 2010 (spring) 17(1), 40-51.

“Market Volatility and Regulatory Governance in Emerging Markets,” Journal of the Academy of Finance, Vol. 5, No. 2 (Fall 2007) 189-198.

“Role of Securities Law in the Development of Domestic Corporate Bond Markets,” State Bank of Pakistan Research Bulletin, Vol.3, No. 1 (2007) 75-88.

“Market Volatility, Manipulation and Regulatory Response: A Case Study of Bombay Mumbai and Karachi Stock Exchanges,” The Pakistan Development Review, 45:4 Part II (Winter, 2006) pp. 1071-1083.

“Regulatory Response to Market Volatility and Manipulation: A Case Study of Mumbai and Karachi Stock Exchanges,” The Lahore Journal of Economics, Vol.11, No. 2 (Winter, 2006) 79-105.

“Does History (Financial) Repeat Itself? An Evaluation of Price Manipulation and Volatility in Two Emerging Markets In Asia,” Journal of the Academy of Finance, Vol. 4, No. 2 (Fall 2006) 46-54.

“Stock Return Volatility in an Emerging Market: the Pakistani Evidence” Pakistan Journal of Applied Economics. Vol. 15, No. 1 (2001) 19-40 (with Fazal Hus

“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).

“Risk and Return of Mudarabas: Empirical Evidence from Pakistan,” Thunderbird International Business Review, Vol. 41 (July-October 1999) 561-582.

“Evidence of Nonlinear Speculative Bubbles in Pacific-Rim Stock Markets,” The Quarterly Review of Economics and Finance, (Spring 1999) 21-36 (with Ahmed and Rosser).

“Stock Return Volatility in an Emerging Market: A Case Study of Karachi Stock Exchange,” Managerial Finance, Vol. 23, No.3 (1998).

“Portfolio Flows to Emerging Markets: Prospects, Pitfalls and Policy Implications,” Journal of Asia-Pacific Business, Vol. 2, No. 2 (1997) 63-86.

“Asset Speculative Bubbles in Emerging Markets; the Case of Pakistan,” Pakistan Economic and Social Review, 1998. Vol. XXXIV, No. 2 (Winter 1996) 97-119 (with Ehsan Ahmed, J Barkley Rosser Jr.)

“Accessing International Capital: Pakistan's Experience, Prospects and Policy Implications,” Pakistan Development Review, Vol. 35, No. 4 (1996) 929-941. (with I.U Mangla).

“Stability of Stock Return Distributions in Emerging Markets,” Midwest Review of Finance and Insurance, vol. 10, No.1 (Spring 1996) pp.295-306; (with I.U Mangla).

Selected Research and Writing

“Co-integration of Sukuk and Bond Yields - Evidence from Globally Placed Sukuk,” (with Mangla),  Journal of Management Sciences, 4(1), 121-134, 2017, forthcoming.
 

“Financialization and Speculative Bubbles – International Evidence,” (with Ahmed and Rosser), Journal of Applied Business and Economic, 19(4), 2017, forthcoming.
 

“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).
 

“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.
 

“Sukuk or Islamic Bonds? Evidence from Global Issues,” Journal of Finance and Financial Services, Universiti Kabangsaan Malaysia, vol. 2 (2015), 39-57.
 

“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.
 

“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.
 

“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.
 

“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.
 

“Are There Nonlinear Speculative Bubbles In Commodities Prices?” (with Ahmed and Rosser),  Journal of Post Keynesian Economics, Spring 2014, 36(3), 415-438.
 

“Measures of Extreme Loss Risk – An Assessment of Performance during the Global Financial Crisis,” Journal of Accounting and Finance, 2013, 13(3), 105-117.
 

“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.
 

“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.
 

“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.
 

“Extreme Loss Risk in Financial Turbulence - Evidence from the Global Financial Crisis,” (with I.U. Mangla), Managerial Finance, Vol. 37(7), 2013, 653-666.
 

Conference Presentations

Extreme Loss Risk In Financial Turbulence - Evidence from Global Financial Crisis, to be presented at the MBBA (Academy of Finance) Annual Meeting, Chicago, March, 2012.

“The Impact of Operation Twist on the Financial Markets: Is the FED on the Right or Wrong Side?” the MBBA (Academy of Finance) Annual Meeting, Chicago, March, 2012.

“Fiscal Transparency and Fiscal Management – Towards Strengthening Economic Management in Pakistan,” 3rd South Asian International Conference (SAICON), Lahore, Pakistan, December, 2011.

“Governance and Regulatory Determinants of Financial Markets Resilience: Evidence from Asian Markets,” The Fifth Facing East/Facing West Conference on North America’s Relations with Asian Countries, 2011, Western Michigan University, Kalamazoo, Michigan, June.

“Government Budget Deficit and Development of Bond Market in Pakistan: Issues and Challenges,” presented at the Second Annual Conference on the Management of the Pakistan Economy, Center for Research in Economics and Business, Lahore School of Economics, Lahore Pakistan, May, 2011

“Governance and Regulatory Determinants of Financial Markets Resilience - Cross Country Evidence,” MBBA (Academy of Finance) Annual Meeting, Chicago, March, 2011.

“Islamic Banks and the Global Financial Crisis of 2007-09: An Assessment of Risk Management,” MBBA (Academy of Finance) Annual Meeting, Chicago, March, 2010.

“Development and Bubbles: The Karachi Stock Exchange of Pakistan,” Southern Economic Association, 80th Annual Meetings, November, 2010, Atlanta, GA.

“Some Pitfalls in Islamic Banking and Finance Practices: A Global Perspective,” MBBA (Academy of Finance) Annual Meeting, Chicago, March, 2009.

“Some Theoretical and Empirical Issues in Measuring Financial Risk in Islamic Banking and Finance,” MBBA (Academy of Finance) Annual Meeting, Chicago, March, 2008.

“Regulatory Effectiveness and Market Volatility: Evidence from Emerging Markets,” The Fourth Facing East/Facing West Conference, Western Michigan University, June 2007.

“Market Volatility and Regulatory Governance in Emerging Markets,” MBBA (Academy of Finance) Annual Meeting, Chicago, March, 2007.

“Role of Securities Law in the Development of Domestic Corporate Bond Markets,” 2nd State Bank of Pakistan International Conference, Karachi, December 2006.

“Market Volatility, Manipulation And Regulatory Response: A Comparative Study of Bombay and Karachi Stock Markets,” 22nd Annual Conference of the Pakistan Society of Development Economists, Lahore, December 2006.

“Does History (Financial) Repeat Itself?: An Evaluation of Price Manipulation and Volatility in Two Emerging Markets In Asia,” MBBA (Academy of Finance) Annual Meeting, Chicago, March, 2006.

“Fundraising Strategies for Human Capital Development,” Association of Pakistani Scientists and Engineers of North America, Islamabad, Pakistan, December 2003.

“Critical Review of Transparency and International Investor Behavior.” Washington Area Finance Association Conference, Washington, DC, November, 2002.

“Dividend Policies in the Emerging and Developed Markets: An Empirical Investigation,” (with Bop Sik Kang), Facing East-Facing West Conference, Western Michigan University, June 2000.

“Student Acceptance of the Internet as a Learning Tool in Business Finance”, (with I.U. Mangla), Eastern Economic Association, Annual Meeting, Crystal City, Virginia, March 2000.

“Is the Internet an Effective Teaching Tool,” Association for Global Business, Eleventh International Conference, Las Vegas, Nevada November 1999.

“The Developing Countries’ Access to International Capital: Determinants and Policy Implications,” the Financial Management Association meeting in Hawaii, 1997.

“Evidence of Nonlinear Speculative Bubbles from Pacific Stock Markets,” Eastern Economic Association, April 1997.

“Financial Innovations in Islamic Countries: Risk and Return of Modarabas,” Eastern Economic Association, April 1997.

“Stability of Expected Stock Return and Variance: Evidence from Emerging Markets,” Financial Management Association, New Orleans, October, 1996.

“Time Varying Expected Returns: Evidence from Emerging Markets,” Southern Economic Association, Washington, D.C., November 1996.

“Stock Return Volatility in an Emerging Market: A Case Study of Karachi Stock Exchange,” Association for Global Business, Dallas, November 1996.

“Stock Market, Interest Rate Liberalization and Financial Reforms in China: A Business Perspective,” Association for Global Business, Dallas, November 1996.

“Stability of Expected Stock Return and Variance: Evidence from Emerging Markets,” Financial Management Association, New Orleans, October 1996.

“Time Varying Expected Returns: Evidence from Emerging Markets,” Southern Economic Association, Washington, D.C., November 1996.

“Accessibility to International Capital: Determinants and Policy Implications for Emerging Markets,” Conference on Multinational Financial Issues, Washington D.C., June 1996.

“Stability of Stock Return Distributions in Emerging Markets,” the MBAA / Midwest Academy of Finance and Insurance, Chicago, March 1996.

“Determinants of Portfolio Flows to Emerging Markets: Prospects and Policy Implications,” the Mid-South Academy of Economics and Finance, Atlanta, February 1996

“Usury, Slavery and Limited Liability,” the annual meeting of the Society for the Scientific Study of Religion, St. Louis, October, 1995.

“External Debt Management and Capital Flows: Issues and Challenges in Pakistan,” Lahore Scool of Economics, 13th International Conference on Management of the Pakistan Economy, March, 2017.
 

“Financialization of the Emerging Economies – Challenges and Policy Issues,” Academy of Finance/MBAA, Chicago, March, 2017.
 

“Role of Financial Institutions in Creating a Just and Value Driven Society: Issues and Challenges,” Academy of Finance/MBAA, Chicago, April, 2016.
 

Speculative Behavior and Islamic Investments, the Academy of Finance/MBAA, Chicago, April, 2016.
 

“Detection of Nonlinear Speculative Bubbles in Global-Emerging Equity Markets,” the 42nd Annual Eastern Economic Association Conference, Washington DC, February, 2016.
 

“Global Placement of Islamic Bonds – An Evaluation,” presented at the Academy of Finance/MBAA, Chicago, March, 2015
 

“Sukuk or Islamic Bonds? Evidence from Global Issues,” presented at the 3rd International Conference on Management, Economic & Finance, October 2014, Kuala Terengganu, Malaysia.
 

“Financing of Energy Projects in Pakistan,” The Institution of Engineers, Pakistan and the American Society of Civil Engineers, Joint International Convention, December, 2014, Lahore.
 

“Economic Growth and Energy Security – Implications for Macro-Economic Policies in Chronic Energy Deficit Developing Countries,” Academy of Finance/MBAA, Chicago, March, 2014.
 

Mitigating Vulnerability to Oil Price Risk – Applicability of Risk Models to Pakistan’s Energy Problem, Pakistan Society of Development Economists, Islamabad, December, 2013.
 

Macro-Economic Policies and Energy Security – Implications for a Chronic Energy Deficit, the 29th Conference of the Pakistan Society of Development Economists, Islamabad, Dec., 2013.
 

“Human Development and Economic Uncertainties – Exploring another Dimension of Development,” Lahore School of Economics 9th Annual Conference on “Human Capital Development for Sustained Economic Growth,” March 2013
 

“Global Quantitative Easing (QE) Revisited: Some Policy Implications for Global Financial Markets,” Academy of Economics and Finance, 50th Annual Meeting, Alabama, February 2013
 

“Islamic Banking and Finance (IBF) Revisited after Forty Years: Some Global Challenges,” Academy of Finance, MBAA, Annual Conference, Chicago, February, 2013
 

“A Survey of Global Quantitative Easing (QE) Measures: The Effect on Global Financial Markets,” Academy of Finance, MBAA, Annual Conference, Chicago, February, 2013
 

“Some Challenges in the Development of Islamic Financial Products and Services, An International Perspective,” Association for Global Business, 24th International Conference, Washington, DC, 2012
 

“Risk Management in Financial Services Sector - Applicability and Performance of VAR Models in Pakistan” the 28th Annual Conference of the Pakistan Society of Development Economists, Islamabad, November 13-15, 2012.
 

 


In His Words ...

I think of my role as to facilitate and motivate students to take charge of their own learning through positive reinforcements of successful problem solving and creativity. I like to help students to make connections between their experiences and finance.– Jamshed Uppal

 

Contact

Office: 309 McMahon Hall
The Catholic University of America
620 Michigan Ave.
Washington, D.C. 20064

Office hours: Tuesday & Thursday 12:30 - 2:00p.m. and by appointment.

Phone: 202-319-4730

E-mail: uppal@cua.edu

 

Courses

  • MGT 342 – Financial Markets & Institutions
  • MGT 332 – Investment Analysis
  • MGT 337 – Options, Futures and other Derivative Securities
  • MGT 389 – International Corporate Finance
     

Education

Ph.D. and M.B.A., Finance
Michigan State University

M.A., Economics
University of the Punjab (Government College, Lahore)

B.A., Economics
University of the Punjab (Government College, Lahore)

A.C.M.A.,
Institute of Cost and Management Accountants of Pakistan

Areas of Expertise

  • International corporate financial management
  • Derivatives
  • Financial institutions and markets
  • Emerging capital markets
  • Valuation and risk models
  • Stock price behavior