Bonaccolto, G., M. Caporin, S. J. H. Shahzad. (2026). (Quantile) spillover indexes: Simulation-based evidence, confidence intervals and a decomposition. Journal of Financial Econometrics, 24, (1), nbaf021. https://doi.org/10.1093/jjfinec/nbaf021 · https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4629224.
Anas, M., E. Bouri, S. J. H. Shahzad. (2025). A bibliometric analysis of literature on hedge and safe haven assets. Journal of Economic Surveys, 39, (5), 1852–1882.
Anas, M., E. Bouri, S. J. H. Shahzad. (2025). A comparative bibliometric analysis of five major energy journals. Energy Economics, 108899.
Bibi, R., S. Gulzar, S. J. H. Shahzad. (2025). ESG leaders and crypto currency market: Asymmetric TVP-VAR connectedness and investment approaches. Research in International Business and Finance, 76, 102833.
Grobys, K., J. W. Kolari, D. Sandretto, S. J. H. Shahzad, J. Äijö. (2025). Cryptocurrency momentum has (not) its moments. Financial Markets and Portfolio Management, 1–34.
Shahzad, S. J. H., E. Bouri, S. H. Kang, T. Saeed. (2025). Regime specific spillover across cryptocurrencies and the role of COVID-19. Blockchain, crypto assets, and financial innovation: A decade of insights and advances, 295–325.
Shahzad, S. J. H., E. Bouri, S. Karim, P. Sadorsky. (2025). A partial correlation-based connectedness approach: Extreme dependence among commodities and portfolio implications. Energy Economics, 144, 108421.
Shahzad, S. J. H., T. H. Van Hoang, M. Caporin, N. Naifar. (2025). Volatility spillovers in forex markets and the role of quantitative easing. The North American Journal of Economics and Finance, 102515.
Ahmed, R., E. Bouri, S. Hosseini, S. J. H. Shahzad. (2024). Spillover in higher-order moments across carbon and energy markets: A portfolio view. European Financial Management, 30, (5), 2556–2595.
Anas, M., S. J. H. Shahzad, L. Yarovaya. (2024). The use of high-frequency data in cryptocurrency research: A meta-review of literature with bibliometric analysis. Financial Innovation, 10, (1), 90.
Bouri, E., L. Kristoufek, T. Ahmad, S. J. H. Shahzad. (2024). Microstructure noise and idiosyncratic volatility anomalies in cryptocurrencies. Annals of Operations Research, 334, (1), 547–573.
Cakici, N., S. J. H. Shahzad, B. Będowska-Sójka, A. Zaremba. (2024). Machine learning and the cross-section of cryptocurrency returns. International Review of Financial Analysis, 94, 103244.
Hussain, S., T. Ahmad, S. Ullah, A. U. Rehman, S. J. H. Shahzad. (2024). Financial inclusion and carbon emissions in asia: Implications for environmental sustainability. Economic and Political Studies, 12, (1), 88–104.
Iqbal, N., E. Bouri, S. J. H. Shahzad, N. Alsagr. (2024). Asymmetric impacts of chinese climate policy uncertainty on chinese asset prices. Energy Economics, 133, 107518.
Mujtaba, G., A. Siddique, N. Naifar, S. J. H. Shahzad. (2024). Hedge and safe haven role of commodities for the US and chinese equity markets. International Journal of Finance & Economics, 29, (2), 2381–2414.
Anton, S. G., M. Onofrei, S. J. H. Shahzad, M. T. Falk. (2023). Climate risk, ESG integration and economic growth. Frontiers in Environmental Science, 11, 1167894.
Bouri, E., S. J. H. Shahzad, L. Kristoufek. (2023). Editorial to special issue “hidden market linkages between bitcoin, cryptocurrencies and financial markets: Evidence from high-frequency data and higher-order moments” in financial innovation. Financial Innovation, 9, (1), 119.
Caporin, M., S. J. H. Shahzad. (2023). Sign effects of volatility and jumps in forex markets and a reappraisal of meteor showers and heat waves. Finance, 44, (3), 154–198.
Gupta, R., S. J. H. Shahzad, X. Sheng, S. Subramaniam. (2023). The role of oil and risk shocks in the high-frequency movements of the term structure of interest rates: Evidence from the US treasury market. International Journal of Finance & Economics, 28, (2), 1845–1857.
Hussain, S., M. Akbar, R. Gul, S. J. H. Shahzad, N. Naifar. (2023). Relationship between financial inclusion and carbon emissions: International evidence. Heliyon, 9, (6).
Kang, S. H., J. A. Hernandez, M. U. Rehman, S. J. H. Shahzad, S.-M. Yoon. (2023). Spillovers and hedging between US equity sectors and gold, oil, islamic stocks and implied volatilities. Resources Policy, 81, 103286.
Kumar, R. R., S. J. H. Shahzad, P. J. Stauvermann, N. Kumar. (2023). Non-linear effects of terrorism on economic growth in pakistan: Accounting for capital per worker and structural breaks. The Singapore Economic Review, 68, (02), 629–650.
Shahzad, S. J. H., E. Bouri, R. Ferrer. (2023). Default risk transmission in the travel and leisure industry. International Journal of Hospitality Management, 113, 103525.
Shahzad, S. J. H., E. Bouri, R. Ferrer. (2023). Twitter sentiment and stock return volatility of US travel and leisure firms. Economics Bulletin, 43, (2), 1133–1142.
Shahzad, S. J. H., R. Ferrer, E. Bouri. (2023). Systemic risk in the global energy sector: Structure, determinants and portfolio management implications. The Energy Journal, 44, (6), 211–243.
Shahzad, S. J. H., M. Hasan, M. Caporin. (2023). Asymmetric and time-frequency based networks of currency markets. Finance Research Letters, 55, 103997.
Ahmed, Z., H. P. Le, S. J. H. Shahzad. (2022). Toward environmental sustainability: How do urbanization, economic growth, and industrialization affect biocapacity in brazil? Environment, Development and Sustainability, 24, (10), 11676–11696.
Ali, F., E. Bouri, N. Naifar, S. J. H. Shahzad, M. AlAhmad. (2022). An examination of whether gold-backed islamic cryptocurrencies are safe havens for international islamic equity markets. Research in International Business and Finance, 63, 101768.
Aloosh, A., S. Ouzan, S. J. H. Shahzad. (2022). Bubbles across meme stocks and cryptocurrencies. Finance Research Letters, 49, 103155.
Arreola Hernandez, J., S. J. H. Shahzad, P. Sadorsky, G. Uddin, E. Bouri, S. H. Kang. (2022). Regime specific spillovers across US sectors and the role of oil price volatility. Energy Economics, 107, (C).
Baumöhl, E., E. Bouri, S. J. H. Shahzad, T. Vỳrost, others. (2022). Measuring systemic risk in the global banking sector: A cross-quantilogram network approach. Economic Modelling, 109, 105775.
Bouri, E., S. J. H. Shahzad. (2022). Network topology of dynamic credit default swap curves of energy firms and the role of oil shocks. The Energy Journal, 43, (1_suppl), 1–26.
Hasan, M., M. A. Naeem, M. Arif, S. J. H. Shahzad, X. V. Vo. (2022). Liquidity connectedness in cryptocurrency market. Financial Innovation, 8, (1), 3.
Hernandez, J. A., S. J. H. Shahzad, P. Sadorsky, G. S. Uddin, E. Bouri, S. H. Kang. (2022). Regime specific spillovers across US sectors and the role of oil price volatility. Energy Economics, 107, 105834.
Long, H., E. Demir, B. Będowska-Sójka, A. Zaremba, S. J. H. Shahzad. (2022). Is geopolitical risk priced in the cross-section of cryptocurrency returns? Finance Research Letters, 49, 103131.
Naeem, M. A., A. Agyemang, M. I. H. Chowdhury, M. Hasan, S. J. H. Shahzad. (2022). Precious metals as hedge and safe haven for african stock markets. Resources Policy, 78, 102781.
Naeem, M. A., Z. Peng, E. Bouri, S. J. H. Shahzad, S. Karim. (2022). Examining the asymmetries between equity and commodity ETFs during COVID-19. Resources Policy, 79, 103048.
Naifar, N., S. J. H. Shahzad. (2022). Tail event-based sovereign credit risk transmission network during COVID-19 pandemic. Finance Research Letters, 45, 102182.
Rahman, M. L., S. J. H. Shahzad, G. S. Uddin, A. Dutta. (2022). Comparing the risk spillover from oil and gas to investment grade and high-yield bonds through optimal copulas. The Energy Journal, 43, (1), 215–239.
Rehman, M. U., S. J. H. Shahzad, N. Ahmad, X. V. Vo. (2022). Dependence dynamics of US REITs. International Review of Financial Analysis, 81, 102124.
Shahzad, S. J. H., M. Anas, E. Bouri. (2022). Price explosiveness in cryptocurrencies and elon musk’s tweets. Finance Research Letters, 47, 102695.
Shahzad, S. J. H., F. Balli, M. A. Naeem, M. Hasan, M. Arif. (2022). Do conventional currencies hedge cryptocurrencies? The Quarterly Review of Economics and Finance, 85, 223–228.
Shahzad, S. J. H., E. Bouri, T. Ahmad, M. A. Naeem. (2022). Extreme tail network analysis of cryptocurrencies and trading strategies. Finance Research Letters, 44, 102106.
Shahzad, S. J. H., E. Bouri, M. U. Rehman, M. A. Naeem, T. Saeed. (2022). Oil price risk exposure of BRIC stock markets and hedging effectiveness. Annals of Operations Research, 313, (1), 145–170.
Shahzad, S. J. H., E. Bouri, M. U. Rehman, D. Roubaud. (2022). The hedge asset for BRICS stock markets: Bitcoin, gold or VIX. The World Economy, 45, (1), 292–316.
Shahzad, S. J. H., T. H. V. Hoang, E. Bouri. (2022). From pandemic to systemic risk: Contagion in the US tourism sector. Current Issues in Tourism, 25, (1), 34–40.
Shahzad, S. J. H., N. Naifar. (2022). Dependence dynamics of islamic and conventional equity sectors: What do we learn from the decoupling hypothesis and COVID-19 pandemic? The North American Journal of Economics and Finance, 59, 101635.
Wang, Z., E. Bouri, P. Ferreira, S. J. H. Shahzad, R. Ferrer. (2022). A grey-based correlation with multi-scale analysis: S&p 500 VIX and individual VIXs of large US company stocks. Finance Research Letters, 48, 102872.
Zhang, Z., S. J. H. Shahzad, E. Bouri. (2022). Tail risk transmission from commodity prices to sovereign risk of emerging economies. Resources Policy, 78, 102869.
Alam, M. S., S. Ali, N. Khraief, S. J. H. Shahzad. (2021). Time-varying causal nexuses between economic growth and CO2 emissions in g-7 countries: A bootstrap rolling window approach over 1820–2015. International Journal of Finance & Economics, 26, (4), 6128–6148.
Alam, M. S., M. S. Islam, S. J. H. Shahzad, S. Bilal. (2021). Rapid rise of life expectancy in bangladesh: Does financial development matter? International Journal of Finance & Economics, 26, (4), 4918–4931.
Ali, S., M. U. Rehman, S. J. H. Shahzad, N. Raza, X. V. Vo. (2021). Financial integration in emerging economies: An application of threshold cointegration. Studies in Nonlinear Dynamics & Econometrics, 25, (4), 213–228.
Aloui, C., S. J. H. Shahzad, B. Hkiri, B. H. Hela, M. A. Khan. (2021). On the investors’ sentiments and the islamic stock-bond interplay across investments’ horizons. Pacific-Basin Finance Journal, 65, 101491.
Al-Yahyaee, K. H., S. J. H. Shahzad, W. Mensi, S.-M. Yoon. (2021). Is there a systemic risk between sharia, sukuk, and GCC stock markets? A \(\Delta\)CoVaR risk metric-based copula approach. International Journal of Finance & Economics, 26, (2), 2904–2926.
Caporin, M., M. A. Naeem, M. Arif, M. Hasan, X. V. Vo, S. J. H. Shahzad. (2021). Asymmetric and time-frequency spillovers among commodities using high-frequency data. Resources Policy, 70, 101958.
Demirer, R., R. Gupta, C. Pierdzioch, S. J. H. Shahzad. (2021). A note on oil price shocks and the forecastability of gold realized volatility. Applied Economics Letters, 28, (21), 1889–1897.
Emirmahmutoglu, F., T. Omay, S. Shahzad, S. Nor. (2021). Smooth break detection and de-trending İn unit root testing. Mathematics 2021, 9, 371.
Farid, S., G. M. Kayani, M. A. Naeem, S. J. H. Shahzad. (2021). Intraday volatility transmission among precious metals, energy and stocks during the COVID-19 pandemic. Resources Policy, 72, 102101.
Ferrer, R., S. J. H. Shahzad, P. Soriano. (2021). Are green bonds a different asset class? Evidence from time-frequency connectedness analysis. Journal of Cleaner Production, 292, 125988.
Hanif, W., J. A. Hernandez, S. J. H. Shahzad, S.-M. Yoon. (2021). Tail dependence risk and spillovers between oil and food prices. The Quarterly Review of Economics and Finance, 80, 195–209.
Kayani, G. M., Y. Akhtar, C. Yiguo, T. Yousaf, S. J. H. Shahzad. (2021). The role of regulatory capital and ownership structure in bank liquidity creation: Evidence from emerging asian economies. Sage Open, 11, (2), 21582440211006051.
Mujtaba, G., S. J. H. Shahzad. (2021). Air pollutants, economic growth and public health: Implications for sustainable development in OECD countries. Environmental Science and Pollution Research, 28, (10), 12686–12698.
Naeem, M. A., E. Bouri, M. D. Costa, N. Naifar, S. J. H. Shahzad. (2021). Energy markets and green bonds: A tail dependence analysis with time-varying optimal copulas and portfolio implications. Resources Policy, 74, 102418.
Naeem, M. A., E. Bouri, Z. Peng, S. J. H. Shahzad, X. V. Vo. (2021). Asymmetric efficiency of cryptocurrencies during COVID19. Physica A: Statistical Mechanics and its Applications, 565, 125562.
Naeem, M. A., S. Farid, F. Balli, S. J. H. Shahzad. (2021). Hedging the downside risk of commodities through cryptocurrencies. Applied Economics Letters, 28, (2), 153–160.
Naeem, M. A., S. Farid, R. Ferrer, S. J. H. Shahzad. (2021). Comparative efficiency of green and conventional bonds pre-and during COVID-19: An asymmetric multifractal detrended fluctuation analysis. Energy Policy, 153, 112285.
Naeem, M. A., S. Farid, S. M. Nor, S. J. H. Shahzad. (2021). Spillover and drivers of uncertainty among oil and commodity markets. Mathematics, 9, (4), 441.
Naeem, M. A., I. Mbarki, M. Alharthi, A. Omri, S. J. H. Shahzad. (2021). Did COVID-19 impact the connectedness between green bonds and other financial markets? Evidence from time-frequency domain with portfolio implications. Frontiers in Environmental Science, 9, 657533.
Naeem, M. A., I. Mbarki, S. J. H. Shahzad. (2021). Predictive role of online investor sentiment for cryptocurrency market: Evidence from happiness and fears. International Review of Economics & Finance, 73, 496–514.
Naeem, M. A., I. Mbarki, M. T. Suleman, X. V. Vo, S. J. H. Shahzad. (2021). Does twitter happiness sentiment predict cryptocurrency? International Review of Finance, 21, (4), 1529–1538.
Omay, T., F. Emirmahmutoglu, S. J. Hussain Shahzad. (2021). Comparison of optimization algorithms for selecting the fractional frequency in fourier form unit root tests. Applied Economics, 53, (7), 761–780.
Rehman, M. U., A. Sensoy, V. Eraslan, S. J. H. Shahzad, X. V. Vo. (2021). Sensitivity of US equity returns to economic policy uncertainty and investor sentiments. The North American Journal of Economics and Finance, 57, 101392.
Rehman, M. U., S. J. H. Shahzad, N. Ahmad, X. V. Vo. (2021). Dependence among metals and mining companies of the US and europe during normal and crises periods. Resources Policy, 73, 102199.
Shahzad, S. J. H., E. Bouri, T. Ahmad, M. A. Naeem, X. V. Vo. (2021). The pricing of bad contagion in cryptocurrencies: A four-factor pricing model. Finance Research Letters, 41, 101797.
Shahzad, S. J. H., E. Bouri, J. A. Hernandez, D. Roubaud. (2021). Causal nexus between crude oil and US corporate bonds. The Quarterly Review of Economics and Finance, 80, 577–589.
Shahzad, S. J. H., E. Bouri, S. H. Kang, T. Saeed. (2021). Regime specific spillover across cryptocurrencies and the role of COVID-19. Financial Innovation, 7, (1), 5.
Shahzad, S. J. H., E. Bouri, L. Kristoufek, T. Saeed. (2021). Impact of the COVID-19 outbreak on the US equity sectors: Evidence from quantile return spillovers. Financial Innovation, 7, (1), 14.
Shahzad, S. J. H., D. Hurley, R. Ferrer. (2021). US stock prices and macroeconomic fundamentals: Fresh evidence using the quantile ARDL approach. International Journal of Finance & Economics, 26, (3), 3569–3587.
Shahzad, S. J. H., C. K. Kyei, R. Gupta, E. Olson. (2021). Investor sentiment and dollar-pound exchange rate returns: Evidence from over a century of data using a cross-quantilogram approach. Finance Research Letters, 38, 101504.
Shahzad, S. J. H., M. A. Naeem, Z. Peng, E. Bouri. (2021). Asymmetric volatility spillover among chinese sectors during COVID-19. International Review of Financial Analysis, 75, 101754.
Shahzad, S. J. H., M. L. Rahman, B. M. Lucey, G. S. Uddin. (2021). Re-examining the real option characteristics of gold for gold mining companies. Resources Policy, 70, 101890.
Virk, A., K. Memon, M. Memon, S. Hussain. (2021). Formulation of optimum banana residue based compost product and its efficacy on maize and soil properties. Indian J. Sci. Technol, 14, 932–941.
Ahmed, Z., S. Ali, S. Saud, S. J. H. Shahzad. (2020). Transport CO2 emissions, drivers, and mitigation: An empirical investigation in india. Air Quality, Atmosphere & Health, 13, (11), 1367–1374.
Ali, S., E. Bouri, R. L. Czudaj, S. J. H. Shahzad. (2020). Revisiting the valuable roles of commodities for international stock markets. Resources Policy, 66, 101603.
Alqahtani, F., N. Trabelsi, N. Samargandi, S. J. H. Shahzad. (2020). Tail dependence and risk spillover from the US to GCC banking sectors. Mathematics, 8, (11), 2055.
Al-Yahyaee, K. H., S. J. H. Shahzad, W. Mensi. (2020). Tail dependence structures between economic policy uncertainty and foreign exchange markets: Nonparametric quantiles methods. International Economics, 161, 66–82.
Baumöhl, E., E. Bouri, T.-H.-V. Hoang, S. J. H. Shahzad, T. Vỳrost. (2020). From physical to financial contagion: The COVID-19 pandemic and increasing systemic risk among banks.
Baumöhl, E., E. Bouri, T.-H.-V. Hoang, S. J. H. Shahzad, T. Vỳrost. (2020). Increasing systemic risk during the covid-19 pandemic: A cross-quantilogram analysis of the banking sector.
Bekiros, S., S. J. H. Shahzad, R. Jammazi, C. Aloui. (2020). Spillovers across european sovereign credit markets and role of surprise and uncertainty. Applied Economics, 52, (8), 851–865.
Bouri, E., S. J. H. Shahzad, D. Roubaud. (2020). Cryptocurrencies as hedges and safe-havens for US equity sectors. The Quarterly Review of Economics and Finance, 75, 294–307.
Bouri, E., S. J. H. Shahzad, D. Roubaud, L. Kristoufek, B. Lucey. (2020). Bitcoin, gold, and commodities as safe havens for stocks: New insight through wavelet analysis. The Quarterly Review of Economics and Finance, 77, 156–164.
Demirer, R., R. Gupta, C. Pierdzioch, S. J. H. Shahzad. (2020). The predictive power of oil price shocks on realized volatility of oil: A note. Resources policy, 69, 101856.
Demirer, R., R. Ferrer, S. J. H. Shahzad. (2020). Oil price shocks, global financial markets and their connectedness. Energy Economics, 88, 104771.
Hanif, W., J. Arreola-Hernandez, S. J. H. Shahzad, T. H. V. Hoang, S.-M. Yoon. (2020). Regional and copula estimation effects on EU and US energy equity portfolios. Applied Economics, 52, (49), 5311–5342.
Hasan, M., M. A. Naeem, M. Arif, S. J. H. Shahzad, S. M. Nor. (2020). Geopolitical risk and tourism stocks of emerging economies. Sustainability, 12, (21), 9261.
Hasan, M., M. A. Naeem, M. Arif, S. J. H. Shahzad, S. M. Nor. (2020). Role of economic policy uncertainty in the connectedness of cross-country stock market volatilities. Mathematics, 8, (11), 1904.
Hernandez, J. A., S. H. Kang, S. J. H. Shahzad, S.-M. Yoon. (2020). Spillovers and diversification potential of bank equity returns from developed and emerging america. The North American Journal of Economics and Finance, 54, 101219.
Ji, Q., S. J. H. Shahzad, E. Bouri, M. T. Suleman. (2020). Dynamic structural impacts of oil shocks on exchange rates: Lessons to learn. Journal of Economic Structures, 9, (1), 20.
Khan, M. A., J. A. Hernandez, S. J. H. Shahzad. (2020). Time and frequency relationship between household investors’ sentiment index and US industry stock returns. Finance Research Letters, 36, 101318.
Kumar, N., R. R. Kumar, A. Patel, S. J. H. Shahzad, P. J. Stauvermann. (2020). Modelling inbound international tourism demand in small pacific island countries. Applied Economics, 52, (10), 1031–1047. https://doi-org.ezproxy.waikato.ac.nz/10.1080/00036846.2019.1646887.
Kumar, R. R., P. J. Stauvermann, S. J. H. Shahzad. (2020). Nexus between energy consumption, health expenditure and economic growth in australia. International Journal of Oil, Gas and Coal Technology, 24, (4), 543–572.
Liu, C., M. A. Naeem, M. U. Rehman, S. Farid, S. J. H. Shahzad. (2020). Oil as hedge, safe-haven, and diversifier for conventional currencies. Energies, 13, (17), 4354.
Naeem, M. A., F. Balli, S. J. H. Shahzad, A. de Bruin. (2020). Energy commodity uncertainties and the systematic risk of US industries. Energy Economics, 85, 104589.
Naeem, M. A., M. Hasan, M. Arif, F. Balli, S. J. H. Shahzad. (2020). Time and frequency domain quantile coherence of emerging stock markets with gold and oil prices. Physica A: Statistical Mechanics and Its Applications, 553, 124235.
Naeem, M. A., M. Hasan, M. Arif, S. J. H. Shahzad. (2020). Can bitcoin glitter more than gold for investment styles? Sage Open, 10, (2), 2158244020926508.
Naifar, N., S. J. H. Shahzad, S. Hammoudeh. (2020). Dynamic nonlinear impacts of oil price returns and financial uncertainties on credit risks of oil-exporting countries. Energy Economics, 88, 104747.
Rehman, M. U., S. Ali, S. J. H. Shahzad. (2020). Asymmetric nonlinear impact of oil prices and inflation on residential property prices: A case of US, UK and canada. The Journal of Real Estate Finance and Economics, 61, (1), 39–54.
Shahzad, S. J. H., C. Aloui, R. Jammazi. (2020). On the interplay between US sectoral CDS, stock and VIX indices: Fresh insights from wavelet approaches. Finance Research Letters, 33, 101208.
Shahzad, S. J. H., E. Bouri, G. M. Kayani, R. M. Nasir, L. Kristoufek. (2020). Are clean energy stocks efficient? Asymmetric multifractal scaling behaviour. Physica A: Statistical Mechanics and its Applications, 550, 124519.
Shahzad, S. J. H., E. Bouri, D. Roubaud, L. Kristoufek. (2020). Safe haven, hedge and diversification for G7 stock markets: Gold versus bitcoin. Economic Modelling, 87, 212–224.
Shahzad, S. J. H., M. Caporin. (2020). On the volatilities of tourism stocks and oil. Annals of Tourism Research, 81, 102705.
Shahzad, S. J. H., R. Ferrer. (2020). Dynamic spillover effects among tourism, economic growth and macro-finance risk factors. Portuguese Economic Journal, 19, (3), 173–194.
Śmiech, S., M. Papież, S. J. H. Shahzad. (2020). Spillover among financial, industrial and consumer uncertainties. The case of EU member states. International Review of Financial Analysis, 70, 101497.
Uddin, G. S., J. A. Hernandez, S. J. H. Shahzad, S. H. Kang. (2020). Characteristics of spillovers between the US stock market and precious metals and oil. Resources Policy, 66, 101601.
Van Hoang, T. H., S. J. H. Shahzad, R. L. Czudaj. (2020). Renewable energy consumption and industrial production: A disaggregated time-frequency analysis for the US. Energy Economics, 85, 104433.
Abbas, G., S. Hammoudeh, S. J. H. Shahzad, S. Wang, Y. Wei. (2019). Return and volatility connectedness between stock markets and macroeconomic factors in the g-7 countries. Journal of Systems Science and Systems Engineering, 28, (1), 1–36.
Al Janabi, M. A., R. Ferrer, S. J. H. Shahzad. (2019). Liquidity-adjusted value-at-risk optimization of a multi-asset portfolio using a vine copula approach. Physica A: Statistical Mechanics and its Applications, 536, 122579.
Alam, M. S., S. J. H. Shahzad, R. Ferrer. (2019). Causal flows between oil and forex markets using high-frequency data: Asymmetries from good and bad volatility. Energy Economics, 84, 104513.
Balli, F., M. A. Naeem, S. J. H. Shahzad, A. de Bruin. (2019). Spillover network of commodity uncertainties. Energy Economics, 81, 914–927.
Balli, F., G. S. Uddin, S. J. H. Shahzad. (2019). Geopolitical risk and tourism demand in emerging economies. Tourism Economics, 25, (6), 997–1005.
Baumöhl, E., S. J. H. Shahzad. (2019). Quantile coherency networks of international stock markets. Finance Research Letters, 31, 119–129.
Bouri, E., S. J. H. Shahzad, D. Roubaud. (2019). Co-explosivity in the cryptocurrency market. Finance Research Letters, 29, 178–183.
Demirer, R., R. Ferrer, S. J. H. Shahzad. (2019). Oil price shocks and financial markets: A comparative analysis of stock and sovereign bond markets. Energy Economics, 88, 104771.
Ferrer, R., S. J. H. Shahzad, A. Maizonada, others. (2019). Nonlinear and extreme dependence between long-term sovereign bond yields and the stock market: A quantile-on-quantile analysis. Economics Bulletin, 39, (2), 969–981.
Haouas, I., N. Kheraief, A. Cooray, S. J. H. Shahzad, I. Haouas. (2019). Time-varying casual nexuses between remittances and financial development in MENA countries.
Hernandez, J. A., S. J. H. Shahzad, G. S. Uddin, S. H. Kang. (2019). Can agricultural and precious metal commodities diversify and hedge extreme downside and upside oil market risk? An extreme quantile approach. Resources Policy, 62, 588–601.
Kumar, R. R., P. J. Stauvermann, N. Kumar, S. J. H. Shahzad. (2019). Exploring the effect of ICT and tourism on economic growth: A study of israel. Economic Change and Restructuring, 52, (3), 221–254.
Mensi, W., S. J. H. Shahzad, S. Hammoudeh, B. Hkiri, K. H. Al Yahyaee. (2019). Long-run relationships between US financial credit markets and risk factors: Evidence from the quantile ARDL approach. Finance Research Letters, 29, 101–110.
Raza, N., S. Ali, S. J. H. Shahzad, M. U. Rehman, A. Salman. (2019). Can alternative hedging assets add value to islamic-conventional portfolio mix: Evidence from MGARCH models. Resources Policy, 61, 210–230.
Shahbaz, M., D. Balsalobre, S. J. H. Shahzad. (2019). The influencing factors of CO2 emissions and the role of biomass energy consumption: Statistical experience from g-7 countries. Environmental Modeling & Assessment, 24, (2), 143–161.
Shahbaz, M., M. K. Mahalik, S. J. H. Shahzad, S. Hammoudeh. (2019). Does the environmental k uznets curve exist between globalization and energy consumption? G lobal evidence from the cross-correlation method. International Journal of Finance & Economics, 24, (1), 540–557.
Shahbaz, M., M. K. Mahalik, S. J. H. Shahzad, S. Hammoudeh. (2019). Testing the globalization-driven carbon emissions hypothesis: International evidence. International Economics, 158, 25–38.
Shahbaz, M., S. J. H. Shahzad, S. Kablan, S. Hammoudeh. (2019). Do commodity prices cause financial instability in the united states? A time-varying perspective through rolling window bootstrap approach. Handbook of global financial markets: Transformations, dependence, and risk spillovers, 335–357.
Shahzad, S. J. H., C. Aloui, R. Jammazi, M. Shahbaz. (2019). Are islamic bonds a good safe haven for stocks? Implications for portfolio management in a time-varying regime-switching copula framework. Applied Economics, 51, (3), 219–238.
Shahzad, S. J. H., E. Bouri, J. Arreola-Hernandez, D. Roubaud, S. Bekiros. (2019). Spillover across eurozone credit market sectors and determinants. Applied Economics, 51, (59), 6333–6349.
Shahzad, S. J. H., E. Bouri, N. Raza, D. Roubaud. (2019). Asymmetric impacts of disaggregated oil price shocks on uncertainties and investor sentiment. Review of Quantitative Finance and Accounting, 52, (3), 901–921.
Shahzad, S. J. H., W. Mensi, S. Hammoudeh, A. Sohail, K. H. Al-Yahyaee. (2019). Does gold act as a hedge against different nuances of inflation? Evidence from quantile-on-quantile and causality-in-quantiles approaches. Resources Policy, 62, 602–615.
Shahzad, S. J. H., N. Raza, D. Roubaud, J. A. Hernandez, S. Bekiros. (2019). Gold as safe haven for g-7 stocks and bonds: A revisit. Journal of Quantitative Economics, 17, (4), 885–912.
Shahzad, S. J. H., M. U. Rehman, R. Jammazi. (2019). Spillovers from oil to precious metals: Quantile approaches. Resources Policy, 61, 508–521.
Shahzad, S. J. H., T. H. Van Hoang, J. Arreola-Hernandez. (2019). Risk spillovers between large banks and the financial sector: Asymmetric evidence from europe. Finance Research Letters, 28, 153–159.
Uddin, G. S., S. J. H. Shahzad, G. Boako, J. A. Hernandez, B. M. Lucey. (2019). Heterogeneous interconnections between precious metals: Evidence from asymmetric and frequency-domain spillover analysis. Resources Policy, 64, 101509.
Umar, Z., S. J. H. Shahzad, D. Kenourgios. (2019). Hedging US metals & mining industry’s credit risk with industrial and precious metals. Resources Policy, 63, 101472.
Van Hoang, T. H., S. J. H. Shahzad, R. L. Czudaj, J. A. Bhat. (2019). How do oil shocks impact energy consumption? A disaggregated analysis for the US. The Energy Journal, 40, (1_suppl), 167–210.
Ali, S., T. Bashir, T. Ahmed, A. Ishaq, S. J. H. Shahzad. (2018). The determinants of bank stock prices: A panel approach. South Asian Journal of Management Sciences, 12, (2), 116–129.
Ali, S., S. J. H. Shahzad, N. Raza, K. H. Al-Yahyaee. (2018). Stock market efficiency: A comparative analysis of islamic and conventional stock markets. Physica A: Statistical Mechanics and Its Applications, 503, 139–153.
Aloui, C., S. J. H. Shahzad, R. Jammazi. (2018). Dynamic efficiency of european credit sectors: A rolling-window multifractal detrended fluctuation analysis. Physica A: Statistical Mechanics and Its Applications, 506, 337–349.
Balli, F., S. J. H. Shahzad, G. S. Uddin. (2018). A tale of two shocks: What do we learn from the impacts of economic policy uncertainties on tourism? Tourism management, 68, 470–475.
Bekiros, S., S. J. H. Shahzad, J. Arreola-Hernandez, M. U. Rehman. (2018). Directional predictability and time-varying spillovers between stock markets and economic cycles. Economic Modelling, 69, 301–312.
Bouri, E., D. Lien, D. Roubaud, S. J. H. Shahzad. (2018). Directional predictability of implied volatility: From crude oil to developed and emerging stock markets. Finance Research Letters, 27, 65–79.
Bouri, E., D. Lien, D. Roubaud, S. J. H. Shahzad. (2018). Fear linkages between the US and BRICS stock markets: A frequency-domain causality. International Journal of the Economics of Business, 25, (3), 441–454.
Bouri, E., S. J. H. Shahzad, N. Raza, D. Roubaud. (2018). Oil volatility and sovereign risk of BRICS. Energy Economics, 70, 258–269.
Dhaoui, A., D. Streimikiene, Y. Saidi, S. J. H. Shahzad, N. Loganathan, A. Mardani. (2018). Exploring the oil supply-demand shocks and stock market stabilities: Experience from OECD countries. Acta Montanistica Slovaca, 23, (1).
Ferrer, R., S. J. H. Shahzad, R. López, F. Jareño. (2018). Time and frequency dynamics of connectedness between renewable energy stocks and crude oil prices. Energy Economics, 76, 1–20.
Ji, Q., E. Bouri, D. Roubaud, S. J. H. Shahzad. (2018). Risk spillover between energy and agricultural commodity markets: A dependence-switching CoVaR-copula model. Energy Economics, 75, 14–27.
Jun, W., M. Zakaria, S. J. H. Shahzad, H. Mahmood. (2018). Effect of FDI on pollution in china: New insights based on wavelet approach. Sustainability, 10, (11), 3859.
Kumar, R. R., P. J. Stauvermann, N. N. Kumar, S. J. H. Shahzad. (2018). Revisiting the threshold effect of remittances on total factor productivity growth in south asia: A study of bangladesh and india. Applied Economics, 50, (26), 2860–2877.
Mensi, W., A. Hamdi, S. J. H. Shahzad, M. Shafiullah, K. H. Al-Yahyaee. (2018). Modeling cross-correlations and efficiency of islamic and conventional banks from saudi arabia: Evidence from MF-DFA and MF-DXA approaches. Physica A: Statistical Mechanics and its Applications, 502, 576–589.
Mensi, W., S. J. H. Shahzad, S. Hammoudeh, K. H. Al-Yahyaee. (2018). Asymmetric impacts of public and private investments on the non-oil GDP of saudi arabia. International Economics, 156, 15–30.
Raza, N., S. Ali, S. J. H. Shahzad, S. A. Raza. (2018). Do commodities effectively hedge real estate risk? A multi-scale asymmetric DCC approach. Resources Policy, 57, 10–29.
Rehman, M. U., S. J. H. Shahzad, M. Kanwal, S. Ali. (2018). Relationship between economic growth, financial development and worker’s remittances in south asia. Revista Evidenciação Contábil & Finanças, 6, (1), 132–144.
Rehman, M. U., S. J. H. Shahzad, G. S. Uddin, A. Hedström. (2018). Precious metal returns and oil shocks: A time varying connectedness approach. Resources Policy, 58, 77–89.
Shahbaz, M., R. Ferrer, S. J. H. Shahzad, I. Haouas. (2018). Is the tourism–economic growth nexus time-varying? Bootstrap rolling-window causality analysis for the top 10 tourist destinations. Applied Economics, 50, (24), 2677–2697.
Shahbaz, M., S. J. H. Shahzad, S. Alam, N. Apergis. (2018). Globalisation, economic growth and energy consumption in the BRICS region: The importance of asymmetries. The Journal of International Trade & Economic Development, 27, (8), 985–1009.
Shahbaz, M., S. J. H. Shahzad, M. K. Mahalik. (2018). Is globalization detrimental to CO2 emissions in japan? New threshold analysis. Environmental Modeling & Assessment, 23, (5), 557–568.
Shahbaz, M., S. J. H. Shahzad, M. K. Mahalik, S. Hammoudeh. (2018). Does globalisation worsen environmental quality in developed economies? Environmental Modeling & Assessment, 23, (2), 141–156.
Shahbaz, M., S. J. H. Shahzad, M. K. Mahalik, P. Sadorsky. (2018). How strong is the causal relationship between globalization and energy consumption in developed economies? A country-specific time-series and panel analysis. Applied Economics, 50, (13), 1479–1494.
Shahbaz, M., M. Zakaria, S. J. H. Shahzad, M. K. Mahalik. (2018). The energy consumption and economic growth nexus in top ten energy-consuming countries: Fresh evidence from using the quantile-on-quantile approach. Energy Economics, 71, 282–301.
Shahzad, S. J. H., J. Arreola-Hernandez, S. Bekiros, M. U. Rehman. (2018). Risk transmitters and receivers in global currency markets. Finance research letters, 25, 1–9.
Shahzad, S. J. H., J. Arreola-Hernandez, S. Bekiros, M. Shahbaz, G. M. Kayani. (2018). A systemic risk analysis of islamic equity markets using vine copula and delta CoVaR modeling. Journal of International Financial Markets, Institutions and Money, 56, 104–127.
Shahzad, S. J. H., R. Ferrer, S. Hammoudeh, R. Jammazi. (2018). Industry-level determinants of the linkage between credit and stock markets. Applied Economics, 50, (49), 5277–5301.
Shahzad, S. J. H., J. A. Hernandez, W. Hanif, G. M. Kayani. (2018). Intraday return inefficiency and long memory in the volatilities of forex markets and the role of trading volume. Physica A: Statistical Mechanics and its Applications, 506, 433–450.
Shahzad, S. J. H., J. A. Hernandez, M. U. Rehman, K. H. Al-Yahyaee, M. Zakaria. (2018). A global network topology of stock markets: Transmitters and receivers of spillover effects. Physica A: Statistical Mechanics and its Applications, 492, 2136–2153.
Shahzad, S. J. H., J. A. Hernandez, K. H. Al-Yahyaee, R. Jammazi. (2018). Asymmetric risk spillovers between oil and agricultural commodities. Energy Policy, 118, 182–198.
Shahzad, S. J. H., G. M. Kayani, S. A. Raza, N. Shah, K. H. Al-Yahyaee. (2018). Connectedness between US industry level credit markets and determinants. Physica A: Statistical Mechanics and its Applications, 491, 874–886.
Shahzad, S. J. H., W. Mensi, S. Hammoudeh, M. Balcilar, M. Shahbaz. (2018). Distribution specific dependence and causality between industry-level US credit and stock markets. Journal of International Financial Markets, Institutions and Money, 52, 114–133.
Shahzad, S. J. H., W. Mensi, S. Hammoudeh, M. U. Rehman, K. H. Al-Yahyaee. (2018). Extreme dependence and risk spillovers between oil and islamic stock markets. Emerging Markets Review, 34, 42–63.
Shahzad, S. J. H., S. M. Nor, N. A. Sanusi, R. R. Kumar. (2018). The determinants of credit risk: Analysis of US industry-level indices. Global Business Review, 19, (5), 1152–1165.
Stauvermann, P. J., R. R. Kumar, S. J. H. Shahzad, N. N. Kumar. (2018). Effect of tourism on economic growth of sri lanka: Accounting for capital per worker, exchange rate and structural breaks. Economic Change and Restructuring, 51, (1), 49–68.
Uddin, G. S., J. A. Hernandez, S. J. H. Shahzad, A. Hedström. (2018). Multivariate dependence and spillover effects across energy commodities and diversification potentials of carbon assets. Energy Economics, 71, 35–46.
Uddin, G. S., J. A. Hernandez, S. J. H. Shahzad, S.-M. Yoon. (2018). Time-varying evidence of efficiency, decoupling, and diversification of conventional and islamic stocks. International Review of Financial Analysis, 56, 167–180.
Uddin, G. S., M. L. Rahman, S. J. H. Shahzad, M. U. Rehman. (2018). Supply and demand driven oil price changes and their non-linear impact on precious metal returns: A markov regime switching approach. Energy Economics, 73, 108–121.
Umar, Z., S. J. H. Shahzad, R. Ferrer, F. Jareño. (2018). Does shariah compliance make interest rate sensitivity of islamic equities lower? An industry level analysis under different market states. Applied Economics, 50, (42), 4500–4521.
Bouoiyour, J., R. Selmi, S. J. H. Shahzad, M. Shahbaz. (2017). Response of stock returns to oil price shocks: Evidence from oil importing and exporting countries. Journal of Economic Integration, 913–936.
Jammazi, R., R. Ferrer, F. Jareño, S. J. H. Shahzad. (2017). Time-varying causality between crude oil and stock markets: What can we learn from a multiscale perspective? International Review of Economics & Finance, 49, 453–483.
Kanwal, M., S. J. H. Shahzad, M. ur Rehman, M. Zakaria. (2017). Impact of capital structure on performance of non-financial listed companies in pakistan. Pakistan Business Review, 19, (2), 339–353.
Kumar, R. R., P. J. Stauvermann, S. J. H. Shahzad. (2017). Can technology provide a glimmer of hope for economic growth in the midst of chaos? A case of zimbabwe. Quality & Quantity, 51, (2), 919–939.
Mensi, W., S. Hammoudeh, S. J. H. Shahzad, K. H. Al-Yahyaee, M. Shahbaz. (2017). Oil and foreign exchange market tail dependence and risk spillovers for MENA, emerging and developed countries: VMD decomposition based copulas. Energy Economics, 67, 476–495.
Mensi, W., S. Hammoudeh, S. J. H. Shahzad, M. Shahbaz. (2017). Modeling systemic risk and dependence structure between oil and stock markets using a variational mode decomposition-based copula method. Journal of Banking & Finance, 75, 258–279.
Mensi, W., S. J. H. Shahzad, S. Hammoudeh, R. Zeitun, M. U. Rehman. (2017). Diversification potential of asian frontier, BRIC emerging and major developed stock markets: A wavelet-based value at risk approach. Emerging Markets Review, 32, 130–147.
Naifar, N., S. J. H. Shahzad, S. Hammoudeh, others. (2017). The impact of major oil, financial and uncertainty factors on sovereign cds spreads: Evidence from gcc, other oil-exporting countries and regional markets. Economic research forum working papers, 2.
Raza, N., S. J. H. Shahzad, M. Shahbaz, A. kumar Tiwari, others. (2017). Modeling the nexus between oil shocks, inflation and commodity prices: Do asymmetries really matter?”. Economics Bulletin, 37, (4), 2374–2383.
Shahbaz, M., S. A. Solarin, S. Hammoudeh, S. J. H. Shahzad. (2017). Bounds testing approach to analyzing the environment kuznets curve hypothesis with structural beaks: The role of biomass energy consumption in the united states. Energy Economics, 68, 548–565.
Shahzad, S. J. H., R. Ferrer, L. Ballester, Z. Umar. (2017). Risk transmission between islamic and conventional stock markets: A return and volatility spillover analysis. International Review of Financial Analysis, 52, 9–26.
Shahzad, S. J. H., R. R. Kumar, M. Zakaria, M. Hurr. (2017). Carbon emission, energy consumption, trade openness and financial development in pakistan: A revisit. Renewable and Sustainable Energy Reviews, 70, 185–192.
Shahzad, S. J. H., N. Naifar, S. Hammoudeh, D. Roubaud. (2017). Directional predictability from oil market uncertainty to sovereign credit spreads of oil-exporting countries: Evidence from rolling windows and crossquantilogram analysis. Energy Economics, 68, 327–339.
Shahzad, S. J. H., S. M. Nor, R. Ferrer, S. Hammoudeh. (2017). Asymmetric determinants of CDS spreads: US industry-level evidence through the NARDL approach. Economic Modelling, 60, 211–230.
Shahzad, S. J. H., S. M. Nor, R. R. Kumar, W. Mensi. (2017). Interdependence and contagion among industry-level US credit markets: An application of wavelet and VMD based copula approaches. Physica A: Statistical Mechanics and its Applications, 466, 310–324.
Shahzad, S. J. H., S. M. Nor, W. Mensi, R. R. Kumar. (2017). Examining the efficiency and interdependence of US credit and stock markets through MF-DFA and MF-DXA approaches. Physica A: Statistical Mechanics and its Applications, 471, 351–363.
Shahzad, S. J. H., S. M. Nor, N. A. Sanusi, R. R. Kumar. (2017). The lead-lag relationship between US industry-level credit and stock markets. Journal of Economic Studies, 44, (4), 518–539.
Shahzad, S. J. H., N. Raza, M. Balcilar, S. Ali, M. Shahbaz. (2017). Can economic policy uncertainty and investors sentiment predict commodities returns and volatility? Resources Policy, 53, 208–218.
Shahzad, S. J. H., N. Raza, M. Shahbaz, A. Ali. (2017). Dependence of stock markets with gold and bonds under bullish and bearish market states. Resources Policy, 52, 308–319.
Shahzad, S. J. H., M. Shahbaz, R. Ferrer, R. R. Kumar. (2017). Tourism-led growth hypothesis in the top ten tourist destinations: New evidence using the quantile-on-quantile approach. Tourism Management, 60, 223–232.
Shahzad, S. J. H., P. J. Stauvermann, R. R. Kumar, T. Ahmad. (2017). The impact of terrorism on industry returns and systematic risk in pakistan: A wavelet approach. Accounting Research Journal, 30, (4), 413–429.
Sharif, A., R. Jammazi, S. A. Raza, S. J. H. Shahzad. (2017). Electricity and growth nexus dynamics in singapore: Fresh insights based on wavelet approach. Energy Policy, 110, 686–692.
Zakaria, M., B. A. Fida, S. Y. Janjua, S. J. H. Shahzad. (2017). Fertility and financial development in south asia. Social Indicators Research, 133, (2), 645–668.
Raza, N., S. J. H. Shahzad, A. K. Tiwari, M. Shahbaz. (2016). Asymmetric impact of gold, oil prices and their volatilities on stock prices of emerging markets. Resources Policy, 49, 290–301.
Shahbaz, M., S. J. H. Shahzad, N. Ahmad, S. Alam. (2016). Financial development and environmental quality: The way forward. Energy Policy, 98, 353–364.
Shahzad, S. J. H., S. Ameer, M. Shahbaz. (2016). Disaggregating the correlation under bearish and bullish markets: A quantile-quantile approach”. Economics Bulletin, 36, (4), 2465–2473.
Shahzad, S. J. H., R. R. Kumar, S. Ali, S. Ameer. (2016). Interdependence between greece and other european stock markets: A comparison of wavelet and VMD copula, and the portfolio implications. Physica A: Statistical Mechanics and its Applications, 457, 8–33.
Shahzad, S. J. H., M. Zakaria, M. U. Rehman, T. Ahmed, B. A. Fida. (2016). Relationship between FDI, terrorism and economic growth in pakistan: Pre and post 9/11 analysis. Social Indicators Research, 127, (1), 179–194.
Solarin, S. A., M. Shahbaz, S. J. H. Shahzad. (2016). Revisiting the electricity consumption-economic growth nexus in angola: The role of exports, imports and urbanization. International Journal of Energy Economics and Policy, 6, (3), 501–512.
Shahzad, S. J. H., P. Ali, T. Ahmad, S. Ali. (2015). Financial leverage and corporate performance: Does financial crisis owe an explanation? Pakistan Journal of Statistics and Operation Research, 67–90.
Shahzad, S. J. H., M. Zakaria, S. Ali, N. Raza. (2015). Market efficiency and asymmetric relationship between south asian stock markets: An empirical analysis. Pakistan Journal of Commerce and Social Sciences (ISSN 1997-8553), 9, (3), 875–889.
Shahzad, S. J. H., N. Adnan, A. Sajid, R. Naveed, others. (2014). Impact of remittances on financial development in south asia. Review of Economic and Business Studies, 7, (2), 11–29.
Shahzad, S. J. H., N. Raza, A. H. Awan. (2014). Commodities and stock investment: A multivariate analysis. SAGE Open, 4, (3), 2158244014548846.