M. Kabir Hassan

M. Kabir Hassan
University of New Orleans | UNO · Department of Economics and Finance

Ph.D. in Finance

About

735
Publications
438,447
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
14,565
Citations
Introduction
Dr. M. Kabir Hassan is a financial economist with consulting, research and teaching experiences in development finance, money and capital markets, Islamic finance, corporate finance, investments, monetary economics, macroeconomics and international trade and finance. He provided consulting services to the World Bank (WB), International Monetary Fund (IMF), Islamic Development Bank (IDB), African Development Bank (AfDB), USAID, Government of Bangladesh, Organization of Islamic Conferences (OIC)..
Additional affiliations
August 2004 - June 2015
Drexel University
Position
  • Professor
August 2004 - July 2005
Drexel University
Position
  • Professor
August 1990 - March 2016
University of New Orleans
Position
  • Professor of Finance and Hibernia Professor of Economics and Finance
Education
August 1987 - July 1990
August 1985 - May 1987
University of Nebraska at Lincoln
Field of study
  • Economics
January 1983 - June 1985
Gustavus Adolphus College
Field of study
  • Economics and Mathematics

Publications

Publications (735)
Article
Although political risk in banking has received much more attention in recent years, there is no review that synthesizes these incoherent studies and provides a comprehensive image of the field in the past, present, and future. This paper is a meta-synthesis literature review on political risk in banks over a 35-year period from 1985 to 2019. We su...
Article
We examine whether religious diversity influences management decisions concerning the environment. Using a large U.S. sample, we document that the corporate environmental initiatives are positively associated with the religious diversity present in the counties within which that company’s headquarters resides. This positive association persists eve...
Article
Under rational asset pricing theory, and in efficient, frictionless market, risk should be priced contemporaneously and, thus, the market meltdown during the COVID‐19 pandemic must have been a contingent valuation of newly created risk. In contrast, we find that the reduction in equity value during the pandemic was stronger for stocks with higher p...
Article
We analyse four risk dimensions of inward FDI alongside economic growth for forty-eight developing countries for the period 2000–2019 using Fixed Effects, and System GMM models. After controlling for potential endogeneity issues, the results show that economic growth and currency rate have robust positive effect on FDI inflows, whereas inflation ra...
Article
Purpose Zakat (Islamic almsgiving) plays a considerable role in dealing with the socioeconomic issues in times of COVID-19 pandemic, and such roles have been widely discussed in virtual events. This paper aims to discover knowledge of the current global zakat administration from virtual events of zakat (e.g. webinars) on YouTube and Zoom via text m...
Article
Ever since the COVID-19 pandemic hit the global economy, banks all over the world experienced significant reductions in loan growth and increases in distressed and non-performing assets. The persistent increase in non-performing loans, accompanied by low interest rates, led to a surge in banking risk, posing a solemn threat to banks’ stability. In...
Article
Full-text available
The international sukuk market is represented by a limited number of issuers. One of the factors preventing companies from entering the market is, apparently, elucidating the true default risk of the potential sukuk issuance and related risk-minimization tools, such as guarantees and ratings. The article focuses on the default risk the potential su...
Article
This paper examines whether the Covid-19 pandemic has had a homogeneous or heterogeneous effect on stock returns in India. We consider panel data by using 1,318 companies that are listed on the National Stock Exchange of India. We find that the daily growth rate in Covid-19 cases and Covid-19 deaths are negatively associated with stock returns. Fur...
Article
Full-text available
Existing sales forecasting models are not comprehensive and flexible enough to consider dynamic changes and nonlinearities in sales time-series at the store and product levels. To capture different big data characteristics in sales forecasting data, such as seasonal and trend variations, this study develops a hybrid model combining adaptive trend e...
Article
This paper provides a bibliometric and Scientometric analysis of the corporate social responsibility (CSR) in banking sector. Our study analyzes 551 articles from the Scopus database to find out the relationship between CSR and banking. A bibliometric method was used to visualize the results using R‐studio and VOS viewer software. The Scientometric...
Book
China registered double-digit GDP growth for more than three decades. Recently, the rate has slowed down considerably. The slow growth period, which Chinese policymakers refer to as the 'new-normal', has created enormous curiosity among scholars and policymakers. In particular, scholars often tend to project if China is destined to follow Japan's f...
Book
The objective of this Element is to provide an overview of Islamic finance by highlighting the impact of the pandemic on it in a comprehensive manner by looking at two branches of Islamic finance: Islamic commercial finance; and Islamic social finance. The approach that is adopted in this Element is to first provide an overview of Islamic finance t...
Article
Full-text available
Purpose World legends and the scientific community have taken the devastating impact of poverty issue seriously which has been reflected in the growing trend of research in this area. Hence, this paper aims to conduct a bibliometric analysis on poverty alleviation literature, discuss the various dimensions of poverty alleviation and deliver some id...
Article
Purpose This study aims to explore the Islamic accounting literature and attempts to identify the worldwide research trends of accounting for Islamic financial institutions. Design/methodology/approach This study adopts a mixed review approach combining the bibliometric method with content analysis. Consulting Scopus database, the authors collect...
Article
Given the recent evolution of green bonds as hedging tool on the face of climate change and green energy transitions, as well as cryptocurrencies’ popularity as portfolio diversifier, prior literature could focus on the potential impacts of environmental concerns in conjunction with cryptocurrencies on the performance of green financial assets. Aga...
Article
With the reintroduction of hard earmarks in the United States, it is essential to understand the factors that drive the receipt of earmarks. Earmarks represent a significant source of revenue for many firms. We examine the relationship between political expenditures, federal earmarks, and subsequent firm performance. Using a sample of earmarks from...
Article
Full-text available
Purpose This study examines the influence of access to finance and social capital on the improvement of the corporate performance of non-listed firms of Southeast Asian countries. Furthermore, this paper also explores the mediating role of firms' access to finance between the association of social capital and the improvement of corporate performanc...
Article
Islamic finance is an alternative source of financing to the conventional financing that emerged via institutionalization in the 1960s. It has gained popularity in the world irrespective of faith convictions due to the universal and ethical principles adhered in the practice of it. In this regard, North America is not an exception. In the United St...
Preprint
Full-text available
We document that firms with weak corporate cultures hold excess inventory to mitigate operational risk compared to their peers with strong corporate cultures. Further analyses reveal that firms balance the costs and benefits of excess inventory holdings. Weak corporate culture values are negatively associated with future operating performance, but...
Article
The bear Gulf Cooperation Council (GCC) sectoral equity markets in the midst of the COVID-19 pandemic presented us a test case to revisit the previously proclaimed refuge facets of gold and other precious commodities, as well as to find the resilience of these markets to global financial volatility. We further make a comparison of our findings with...
Article
We analyze the dynamic spillover impact of cryptocurrency environmental attention (ICEA) on three asset classes: commodities, green bonds (GBs), and environment-related stocks. Our wavelet-based analysis suggests that ICEA sharply escalated after the first quarter of 2021. During this period of intense attention, only the soybean commodity and Sola...
Article
Purpose Green finance has shown the importance of being socially responsible and supporting the flow of financial instruments to develop environmentally sustainable and ethical business models. The growing trends raised the need for a quantitative study to address scientific performance analysis and intellectual development. This paper aims to cate...
Article
This study attempts to explore and compare the risk-return relationship and risk premia of the two parallel financial systems in Pakistan, i.e. Islamic (Sharia-compliant) and Conventional (non- Islamic) using two different asset pricing models, namely CAPM and Fama and French (FF) three-factor model. After initial classification, both systems have...
Article
The debate regarding the performance of Islamic banks vis-à-vis conventional counterparts has attracted growing attention recently. Exploiting the Covid-19 health and economic crisis as an exogenous shock, we extend this debate by examining the resilience of Islamic banks vis-à-vis conventional banks during this shock. Using data from the Gulf Coop...
Article
Full-text available
Purpose: The aim of this study is to measure portfolio diversification benefits of the Turkey based equity investors into top trading partner countries. Portfolio diversification benefits are analyzed from the viewpoint of two types of investors in Turkey: conventional equities investors and Islamic equity investors. Design/Methodology/Approach: I...
Article
We examine the impact of opacity on bank stability using a large US bank sample from 2001 to 2021. We observe that increasing opacity erodes bank stability. Our results indicate that the spillover effects of opacity induce greater price synchronicity and consequently increase systematic risk. These stability‐destroying effects of bank opacity are t...
Article
The rapid growth of Islamic banking around the globe has led to questions about the role it plays in the economy. In this paper, we examine whether Islamic banking acts as a substitute or complement to conventional banking in promoting macroeconomic efficiency in countries with a dual-banking system. Using a one-stage Stochastic Frontier (SF) appro...
Chapter
COVID-19 is a pandemic that is a black swan event that has disrupted the economic activities in the whole world. Organization for Islamic Cooperation (OIC) is the second largest international organization that unites Muslims to collectively protect their interest by having a global platform to voice out their concerns. This is an exploratory resear...
Article
We estimate the asymmetric time- and frequency connectedness across 11 Asia-Pacific exchange rates using daily data from Jan 1995 to Mar 2021. Our results reveal that in terms of static spillover, Asia-Pacific currencies are mainly disconnected except Australian Dollar and Singapore Dollar during normal times. The currencies form contagions during...
Article
The paper examines the impact of banks environmental performance on their financial and market performance. We collect data from 56 gulf cooperative council (GCC) banks for the period 2010–2019. We apply ordinary least square (OLS), fixed effect, and generalized method of moments (GMM) estimation techniques and show that GCC banks' environmental pe...
Article
Full-text available
In this paper, we investigate the differential impact of ESG activities on banks’ technical efficiency for conventional and Islamic banks. We employ a Data Envelopment Analysis (DEA) technique to determine the efficiency scores of the banks. Based on a sample of 14 conventional and 11 Islamic banks from 4 countries over the period 2011 - 2019, we f...
Article
In this paper, we explore how the adherence to Sharia principles in non-financial firms impacts on Corporate Social Responsibility (CSR) aptitudes, proxied by Environmental, Social and Governance (ESG) scores. By employing a worldwide dataset of 4,725 entities from 2002 to 2018, we find that Sharia-compliant firms are more likely to engage in susta...
Article
Purpose This study aims to enlighten the effects of Islamic religiosity, Islamic altruism and Islamic debt collection policy (IDCP) on millennials’ acceptability of tawarruq -based ar-rahnu in Malaysia. Design/methodology/approach This study applies the factors drawn from the Islamic theory of consumer behaviour (ITCB) and uses data obtained from...
Article
Purpose The purpose of this study is twofold: to examine the effects of the COVID-19 pandemic on the risk dynamics of stock and bond markets in G7 countries; and to examine if the stock-bond risk dynamics can be linked to government measures to contain the pandemic. Design/methodology/approach To examine the pandemic impact on the risk dynamics of...
Book
Full-text available
The impact of COVID-19 has exposed major cracks in the global financial system and has severely undermined global financial stability. Never have the shortcomings of universal financialization - the dominant principle of the global financial system for the past thirty-odd years - been more obvious or more painful. Islamic finance provides ways for...
Chapter
Zakat is an effective Islamic social financial tool that could be used to eliminate global poverty. The pandemic has turned back the world’s poverty clock and as such, more work is required to bring equitable and shared prosperity to the world. International organizations that serve humanity could be used as intermediaries of zakat to reach out to...
Chapter
Full-text available
This chapter explores the impact of the pandemic on Islamic commercial finance and Islamic social finance in a comprehensive manner. The chapter reveals that COVID-19 has provided more opportunities to Islamic social finance than Islamic commercial finance. The beauty of Islamic finance in this regard is reflected as the perception that Islamic fin...
Article
Using political corruption conviction data from the U.S. Department of Justice, we examine the impact of local corruption on firms’ debt maturity structure while exploring both demand-side and supply-side explanations. Our results support the demand-side story and indicate that firms in high corruption areas utilize less short-term debt to mitigate...
Article
Purpose The purpose of this study is to develop and thereafter validate a Sharīʿah-based FinTech Money Creation Free [SFMCF] model for Islamic banking. Design/methodology/approach The study has adopted a qualitative research methodology, using three approaches, namely, a survey of the literature to identify the research gap and the variables neede...
Article
We empirically examine the impact of economic policy uncertainty (EPU) on banks’ funding structure (FUD). Using an extensive dataset of U.S. bank holding companies, we find that high policy uncertainty strengthens banks’ FUD. For banks with a pre-existing low FUD, an increase in EPU raises FUD. However, for banks with a pre-existing high FUD, the r...
Article
This paper examines the Islamic mortgage contract of Diminishing Musharakah and its impact on consumer welfare, house purchase, and mortgage payments. We build both static and dynamic models to study a homeowner’s decision-making. We pay special attention to expectation formations and simulate the model to analyze both Islamic and Conventional mort...
Article
We examine the immediate impact of COVID-19 on the performance of FDIC chartered banks. Our experimental design analyzes the performance of community banks and large banks before and during the COVID-19 pandemic. Community banks significantly outperform large banks in several key measures in the first three-quarters of COVID-19. Findings are consis...
Article
The research appraises the empirical evidence from wide-ranging aspects related to digital technologies in banking to provide a classical review and future research directions. The paper consists of a review of 187 research articles published during last three decades on the designated aspects of digital banking technologies. The search strategy us...
Article
Purpose This study examines the moderating effects of low and high levels of voluntary disclosures (VDs) between corporate governance and information asymmetry (IA). Design/methodology/approach The study used PROCESS macro to construct bootstrap confidence intervals at the 95% level to estimate the model, and “simple slope analysis” to visualize t...
Article
Full-text available
This study proposes an ensemble deep learning approach that integrates Bagging Ridge (BR) regression with Bi-directional Long Short-Term Memory (Bi-LSTM) neural networks used as base regressors to become a Bi-LSTM BR approach. Bi-LSTM BR was used to predict the exchange rates of 21 currencies against the USD during the pre-COVID-19 and COVID-19 per...
Article
This paper examines the effectiveness of market discipline in motivating banks to mitigate their default risk by using capital buffers against adverse effects in portfolio risk. Using a large sample of 126 banks from 9 MENA countries from 2009 -2014, we study whether support, funding, and risk disclosure motivate banks to hold larger capital buffer...
Article
Purpose – In this study, we evaluate seven calendar anomalies: the day of the week, weekend, the month of the year, January, the turn of the month (TOM), Ramadan, and Eid festivals effects in both the conventional and Islamic stock indices of Bangladesh. Also, we examine whether these anomalies differ between the two indices. Design/methodology/app...
Article
Full-text available
Purpose This paper aims to explore netizen’s opinions on cryptocurrency under the lens of emotion theory and lexicon sentiments analysis via machine learning. Design/methodology/approach An automated Web-scrapping via RStudio is performed to collect the data of 15,000 tweets on cryptocurrency. Sentiment lexicon analysis is done via machine learnin...
Article
Full-text available
Purpose This paper aims to examine the impact of corruption and money laundering (ML) on the profitability and stability of Islamic banks. Design/methodology/approach This study used the data of 53 conventional and 19 Islamic banks of Pakistan and Malaysia to have comparative insights. The empirical methods include the fixed effect and random effe...
Poster
Full-text available
As we know, Islamic finance is an alternative to the traditional financial system and is characterized by asset-based instruments that prioritize financial collection for tangible and developmental projects (Saiti, 2016). In recent years, a new strand of literature has arisen, creating scientific debate concerning technological evolution. Artificia...
Article
Full-text available
Financial inclusion has gone beyond the rhetoric surrounding social development and financial stability, but also expanding into pathos of arbitrage benefits made from cheap retail deposits by large banks and banks from technologically developed regions. This study investigates whether a higher degree of fintech-based financial inclusion (FFI) inte...
Article
As bibliometric approaches are increasingly a focus of literature reviews across different business disciplines, we apply a bibliometric approach to a review of bibliometric studies in finance, assessing 121 bibliometric studies. We identify four literature clusters: studies focusing on assessments of literature in trending topics; analysis of pape...
Article
Full-text available
Geopolitical uncertainties have been a concern for global economies and financial markets’ participants. By employing Markov switching regression and quantile regression, we investigated the effect of global and country-specific geopolitical uncertainties on Malaysian Conventional and Islamic stock returns in different market conditions. The estima...
Article
Full-text available
Purpose Extant literature, which mostly focused on the context of developed economies, provides competing evidence on the role of institutional investors in the capital market. This paper aims to investigate the relationship between institutional ownership and firm performance. Design/methodology/approach Employing 396 firm-year observations, we c...
Article
A standard literature review focuses on the historical development of a particular topic. In contrast, the novel approach introduced in this study constructs a topographical map demarcating the relative importance, dispersion, and interrelationship among many finance topics. The final product is a bird’s eye view of the whole literature illustratin...
Article
This paper analyzes the relation between the announcement discount and the post-merger valuation of merger and acquisition transactions (M&As); and proposes that the two are linked by the implications of the information asymmetry hypothesis of Myers and Majluf (1984). We track the information asymmetry, value, and synergies of M&As over a three-yea...
Article
In this study, we review the publications on the COVID-19 pandemic indexed in the Scopus database from 1st January to 15th October 2020, using bibliometric analysis. In essence, we evaluate the publications against the global research roadmap outlined by the World Health Organization (WHO). We find that academic publications are contributed by rese...
Article
Full-text available
Purpose: This paper reviews economic and finance research on Islamic investments. In the course of our review, we focus on the following issues: the performance of Islamic stock indexes, Islamic finance–growth nexus, and Islamic real-estate investment trust market. Design/methodology/approach: This literature survey consists of two stages such as r...
Article
This study uncovers the impact of the COVID-19 on the Islamic equity markets compared to their conventional counterparts. The extremely large-scale drawdown across the markets signifies an indiscriminate impact. To some extent, Asian Islamic markets show relative resilience to their counterparts. Both Islamic and non-Islamic Asian markets signpost...
Article
In this paper, we aim to investigate the influence of the Covid-19 on the behavior of the S&P 1200 Shariah and non-Shariah sectoral indices over the period from 1st October 2010 to 29th October 2020. We contribute to the global literature by examining the financial impact of the Covid-19 on the Shariah and non-Shariah sectoral indices. We find that...
Article
The dependence of Islamic bank rates on the conventional bank rate violates the religiosity principle and the fundamentals of an efficient market due to the possibility of arbitrage profit from the rate differences. This study tests such dependency in a dual banking system by considering monthly data from January 2009 to April 2018 on Malaysia bank...
Article
We investigate the mediating function of competition on the association between deposit insurance and the risk-taking of banks during an economic meltdown. In our analysis, we address issues of deposit insurance, competition, bank risk-taking, and bank crisis with explicit deposit insurance and full coverage dummies. Deposit insurance reduces bank...
Article
In this study, we examine the impact of class action litigation shocks on corporate innovation. Our experimental design is based on an unanticipated court ruling that reduces the risk of shareholder class action lawsuits for firms located within the jurisdiction of the US Ninth Circuit. Innovation output by firms headquartered in this area increase...
Article
Full-text available
The purpose of the study is to explore the current landscape of the halal industry and integration of halal industry with Islamic finance to create a strong halal ecosystem. The findings of the study suggest that there is still a lack of nexus between the two industries and there is need to create awareness among the various stakeholders including,...
Article
Purpose This study aims to explore the governance practices of profit and loss sharing (PLS) financing in connection to the socio-economic development objective of the Islamic financial institutions (IFIs). Design/methodology/approach The study context included IFIs from Yogyakarta, Indonesia. A two-stage research methodology was used. In the firs...
Article
Full-text available
Purpose This paper aims to explore the role of digital financial inclusion (DFI) in stabilizing the Islamic banking sector amidst the current COVID-19 pandemic. Design/methodology/approach This study has used the Panel-Corrected Standard Errors (PCSE), Two-Stage Panel Least Squares-Instrumental Variables (2SLS-IV) and Two-Step System Generalized M...
Article
Learning outcomes The case explores Ayesha’s reasoning, who is also a financial expert, regarding how she approaches the question of Riba (interest) so that she can maximize her financial returns and remain true to her religious identity. The discussion in the case revolves around alternate rationalizations as to why Riba (interest) continues to re...
Chapter
Qard Hasan is an interest-free loan which complies with the Shari’ah principles. However, Qard Hasan has not been able to attract much attention. In the current study, we examine the importance of Qard Hasan in ensuring sustainable development objectives set by the united nation. We have collected information from the World Bank and Islamic Financi...