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Faculty Profile

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Email: aun.raza@lums.edu.pk

Dr. Syed Aun Raza Rizvi

Associate Professor

Suleman Dawood School of Business

Syed Aun R. Rizvi joined Suleman Dawood School of Business at Lahore University of Management Sciences (LUMS) in 2016. Previously Aun had served University of Nottingham as an Assistant Professor for two years where he contributed towards establishing the Centre for Islamic Business and Finance Research (CIBFR) at University of Nottingham Malaysia Campus.  Aun holds a Ph.D. in Islamic Finance from INCEIF (Malaysia). Prior to that he was educated at Sadiq Public School (Bahawalpur) and NUST (Islamabad).

Aun started his professional career as a Research Analyst with HBL Asset Management Ltd. in 2007, where he was involved in startup of the HBL Asset Management’s mutual funds. Later he moved to the trading desk, and served as Trader Equity for two years before moving to academia.

His research interest focuses on financial markets, Islamic finance, and Econophysics. His research particularly focuses on equity markets in emerging and Islamic countries. He has published in leading mainstream journals in the area of finance and economics like, Pacific-Basin Finance Journal, Emerging Markets Review, Economic Systems, and Physica A amongst others. Aun is also currently serving as a series editor of CIBFR Palgrave Studies in Islamic Finance.

      • Rizvi, S., Sharma, S. & Juhro, S. (2024). Demystifying COVID-19 policy actions: The case of inflation control in ASEAN. Pacific-Basin Finance Journal, 83, 102233, doi:https://doi.org/10.1016/j.pacfin.2023.102233.

      • Azmi, W., Ali, M. & Rizvi, S. (2023). Uncovering risk transmission between Socially responsible investments, alternative energy investments and the implied volatility of major commodities. Energy Economics, 120, 106634, doi:https://doi.org/10.1016/j.eneco.2023.106634.

      • Rizvi, S. & Pathirge, K. (2023). COVID-19 Policy Actions and Inflation Targeting in South Asia. Journal of Asian Economics, 84, 101576, doi:10.1016/j.asieco.2022.101576.

      • Khattak, M., Ali, M., Azmi, W. & Rizvi & Rizvi, S. (2023). Digital Transformation, Diversification and Stability: what do we know about banks?. Economic Analysis and Policy, doi:https://doi.org/10.1016/j.eap.2023.03.004.

      • Ali, M., Azmi, W., Kowsalya, V. & Rizvi & Rizvi, S. (2023). Interlinkages between stability, carbon emissions and the ESG disclosures: Global evidence from banking industry. Pacific-Basin Finance Journal, 82, 102154, doi:10.1016/j.pacfin.2023.102154.

      • Narayan, P., Rizvi, S. & Sakti, A. (2022). Did green debt instruments aid diversification during the COVID-19 pandemic?. Financial Innovation, 8 (1), 1-15, doi:10.1186/s40854-021-00331-4.

      • Rizvi, S. & Ali, M. (2022). Do Islamic Cryptocurrencies provide diversification opportunities to Indonesian Islamic Investors. Journal of Islamic Monetary Economics and Finance, 8 (3), 441 - 454, doi:10.21098/jimf.v8i3.1563.

      • Khattak, M., Khan, N., Ali, M. & Rizvi & Rizvi, S. (2022). Market Concentration, Bank's Pricing Power and Deposit Rates: Evidence from Dual Banking System. Emerging Markets Finance and Trade, doi:10.1080/1540496X.2022.2027238.

      • Ali, M., Haroon, O., Rizvi, S. & Azmi & Azmi, W. (2021). Stability versus Fragility: New Evidence from 84 Banks. Studies in Economics and Finance, 38 (2), 441-453, doi:10.1108/SEF-04-2020-0109.

      • Arshad, S., Rizvi, S., Haroon, O., Mehmood & Mehmood, F. & Gong, Q. (2021). Are Oil Prices Efficient?. Economic Modelling, 96, 362-370, doi:10.1016/j.econmod.2020.03.018.

      • Rizvi, S., Juhro, S. & Narayan, P. (2021). Understanding Market Reaction to COVID-19 Monetary and Fiscal Stimuluses in Major ASEAN Countries. Bulletin of Monetary Economics and Banking, 24 (3), 313-334, doi:10.21098/bemp.v24i3.1690.

      • Khattak, M., Ali, M. & Rizvi, S. (2021). Predicting the European Stock Market during COVID-19: A Machine Learning approach. MethodsX, 8, 101198, doi:10.1016/j.mex.2020.101198.

      • Khan, A., Rizvi, S., Ali, M. & Haroon & Haroon, O. (2021). A Survey of Islamic Finance Research – Influences and Influencers. Pacific-Basin Finance Journal, 69, 101437, doi:10.1016/j.pacfin.2020.101437.

      • Baig, A., Butt, H., Haroon, O. & Rizvi & Rizvi, S. (2021). Deaths, Panic, Lockdowns and US Equity Markets: The Case of COVID-19 Pandemic. Finance Research Letters, 38, 101701, doi:10.1016/j.frl.2020.101701.

      • Haroon, O., Ali, M., Khan, A., Khattak & Khattak, M. & Rizvi, S. (2021). Financial market risks during the COVID-19 pandemic. Emerging Markets Finance and Trade, 57 (8), 2407-2414, doi:10.1080/1540496X.2021.1873765.

      • Rizvi, S., Haroon, O. & Minai, S. (2020). Dana Gas: The Sukuk Dispute. Asian Journal of Management Cases, doi:https://doi.org/10.1177/0972820119884395.

      • Haroon, O. & Rizvi, S. (2020). COVID-19: Media coverage and financial markets behavior--A sectoralinquiry. Journal of Behavioral and Experimental Finance, 27, 100343, doi:10.1016/j.jbef.2020.100343.

      • Rizvi, S., Narayan, P., Sakti, A. & Syarafuddin & Syarafuddin, F. (2020). Role of Islamic banks in Indonesian banking industry: an empirical exploration. Pacific-Basin Finance Journal, 62, 101117, doi:https://doi.org/10.1016/j.pacfin.2019.02.002.

      • Haroon, O. & Rizvi, S. (2020). Flattenthecurve and Stock Market Liquidity – An Inquiry into Emerging Economies. Emerging Markets Finance and Trade, 56 (10), 2151-2161, doi:10.1080/1540496X.2020.1784716.

      • Rizvi, S. & Sahminan, S. (2020). Commodity price and inflation dynamics: Evidence from BRIICS. Bulletin of Monetary Economics and Banking, 23 (4), 485-500, doi:10.21098/bemp.v23i4.1418.

      • Arshad, S., Rizvi, S. & Haroon, O. (2020). Impact of Brexit vote on the London stock exchange: A sectorial analysis of its volatility and efficiency. Finance Research Letters, 34, 101240, doi:10.1016/j.frl.2019.07.013.

      • Ali, M., Alam, N. & Rizvi, S. (2020). Coronavirus (COVID-19) – An epidemic or pandemic for financial markets. Journal of Behavioral and Experimental Finance, 27, 100341, doi:10.1016/j.jbef.2020.100341.

      • Azmi, W., Ali, M., Arshad, S. & Rizvi & Rizvi, S. (2019). Intricacies of Competition, Stability, and Diversification: Evidence from Dual Banking Economies. Economic Modelling, 83, 111-126, doi:10.1016/j.econmod.2019.02.002.

      • Arshad, S., Rizvi, S. & Haroon, O. (2019). Understanding Asian Emerging Stock Markets. Bulletin of Monetary Economics and Banking, 12th BMEB, 495-510.

      • Alam, N., Binti Zainuddin, S. & Rizvi, S. (2019). Ramifications of varying banking regulations on performance of Islamic Banks. Borsa Istanbul Review, 19 (1), 49-64, doi:10.1016/j.bir.2018.05.005.

      • Rizvi, S., Arshad, S. & Alam, N. (2018). A tripartite inquiry into volatility-efficiency-integration nexus - case of emerging markets. Emerging Markets Review, 34, 143-161, doi:10.1016/j.ememar.2017.11.005.

      • Ibrahim, M. & Rizvi, S. (2018). Bank lending, deposits and risk-taking in times of crisis: A panel analysis of Islamic and conventional banks. Emerging Markets Review, 35, 31-47, doi:10.1016/j.ememar.2017.12.003.

      • Rizvi, S. & Arshad, S. (2018). Understanding time-varying systematic risks in Islamic and conventional sectoral indices. Economic Modelling, 70, 561 - 570, doi:10.1016/j.econmod.2017.10.011.

      • Rizvi, S. & Arshad, S. (2018). Stabilising economic growth through risk sharing macro instruments. The World Economy, 41 (3), 781-800, doi:10.1111/twec.12513.

      • Rizvi, S. & Arshad, S. (2017). Analysis of the efficiency integration nexus of Japanese stock market. Physica A, Statistical Mechanics and its Applications, 470 (1), 296 – 308, doi:10.1016/j.physa.2016.11.142.

      • Ibrahim, M. & Rizvi, S. (2017). Do we need bigger Islamic banks? An assessment of bank stability. Journal of Multinational Financial Management, 40, 77-91, doi:10.1016/j.mulfin.2017.05.002.

      • Arshad, S., Rizvi, S., Ghani, G. & Duasa & Duasa, J. (2016). Investigating Stock Market Efficiency: a look at OIC Member Countries. Research in International Business and Finance, 1 (36), 402-413.

      • Rizvi, S. & Arshad, S. (2016). How Does Crisis Affect Efficiency? An Empirical Study of East Asian Markets. Borsa Istanbul Review, 1 (16), 1-8.

      • Alam, N., Arshad, S. & Rizvi, S. (2016). Do Islamic stock indices perform better than conventional counterparts? An empirical investigation of sectoral efficiency. Review of Financial Economics, 31, 108-114, doi:10.1016/j.rfe.2016.06.003.

      • Rizvi, S., Arshad, S. & Alam, N. (2015). Crises and Contagion in Asia Pacific - Islamic v/s Conventional Markets. Pacific-Basin Finance Journal, 34, 315-326.

      • Arshad, S. & Rizvi, S. (2015). The Troika of Business Cycle, Efficiency and Volatility. An East Asian Perspective. Physica A, Statistical Mechanics and its Applications, A (419), 158-170.

      • Ibrahim, M. & Rizvi, S. (2015). Emissions and Trade in Southeast and East Asian Countries: A Panel Cointegration Analysis. International Journal of Climate Change Strategies and Management, 4 (7), 460-475.

      • Rizvi, S., Arshad, S. & Wardhany, N. (2015). Outsourcing The Islamic Way: A Look Into The Challenges Faced By Financial Institutions. Journal of Islamic Economics, Banking and Finance, 1 (11), 193-205.

      • Rizvi, S. & Arshad, S. (2014). An Empirical Study of Islamic Equity as a Better Alternative During Crisis Using Multivariate GARCH. Islamic Economics Studies, 1 (22), 159-184.

      • Rizvi, S., Arshad, S., Arshad, S. & Lahsasna & Lahsasna, A. (2014). Derivatives in Islamic Finance: The Need and Mechanisms Available. International Journal of Financial Services Management, 3/4 (7), 177-195.

      • Dewandaru, G., Rizvi, S., Bacha, O. & Masih & Masih, M. (2014). What factors explain stock market retardation in Islamic Countries?. Emerging Markets Review, 2 (19), 106-127.

      • Rizvi, S. & Arshad, S. (2014). Investigating Efficiency of East Asian Stock Markets through Booms and Busts. Pacific Science Review, 4 (16), 275-279.

      • Rizvi, S., Arshad, S. & Ibrahim, M. (2014). Tripartite Analysis across Business Cycles in Turkey: A Multi-timescale Inquiry of Efficiency, Volatility and Integration. Borsa Istanbul Review, 4 (14), 177-195.

      • Rizvi, S., Dewandaru, G., Bacha, O. & Masih & Masih, M. (2014). An Analysis of Stock Market Efficiency: Developed vs Islamic Stock Markets Using MF-DFA. Physica A, Statistical Mechanics and its Applications, 407, 86-99.

      • Rizvi, S. & Arshad, S. (2014). Sanctuary in the Midst of Crisis? A Look into Shariah Indices using Multivariate GARCH DCC. Global Review of Islamic Economics and Business, 1 (22), 150-163.

      • Dewandaru, G., Rizvi, S., Masih, R., Alhabshi & Alhabshi, S. & Masih, M. (2014). The stock market co-movements: Islamic versus conventional equity indices with multi-timescales analysis. Economic Systems, 4 (38), 553-571.

      • Rizvi, S. & Arshad, S. (2013). The Impact of Global Financial Shocks to Islamic Indices: Speculative Influence or Fundamental Changes?. Journal of Islamic Finance, 1 (2), 1-11.

      • Rizvi, S. & Arshad, S. (2013). Impact of Corruption on Bank Profitability: An Analysis of Islamic Banks. International Journal of Business Governance and Ethics, 3 (8), 195-209.

      • Rizvi, S. (2018). SAROH Investment Advisory, Published. Case Research Center, LUMS, LUMS No. 02-648-2018-1, Case Research Center, LUMS.

      • Rizvi, S. & Arshad, S. (2018). Financing the Muslim World: A Proposed Concept for the Long-Term Indebtedness of Muslim World, Published. CRC, LUMS # 02-615-2018-2, Case Research Center, LUMS.

      • Rizvi, S., Haroon, O. & Minai, S. (2018). Dana Gas: The Sukuk Dispute, Published. Asian Journal of Management Cases, Sage Publications.

      • Rizvi, S. & Alam, N. (2017). Islamic Economics Contribution to Conventional Economics, Published. Islamic Economics-Stability, Markets and Endowments, (pp. 1-10), Palgrave Macmillan.

      • Rizvi, S. & Alam, N. (2016). Empirical Research in Islamic Banking: Past Present and Future Page, Published. Islamic Banking -Growth Stability and Inclusion, (pp. 1-13), Palgrave Macmillan.

      • Rizvi, S. & Arshad, S. (2015). Are Islamic Equity Indices A Safer Haven in Times of Crisis, Published. Islamic Capital Markets: Competitiveness And Resilience, Islamic Development Bank.

      • Rizvi, S. (2016). Islamic Capital Market Research: Past Trends and Future Considerations, Published. Islamic Capital Markets - Volatility, Performance and Stability, Palgrave Macmillan.

      • Raza Rizvi, S. (2015). Indexing government debt to GDP: A risk sharing mechanism for government financing in Muslim countries, Published. Islamic banking and finance – Essays on corporate finance, efficiency and product development., ..

      • Rizvi, S. & Alam, N. (2017). Islamic Economies – Stability, Markets and Endowments, Palgrave Macmillan.

      • Rizvi, S. & Saba, I. (2017). Developments in Islamic Finance Challenges and Initiatives, Palgrave Macmillan.

      • Rizvi, S. & Alam, N. (2016). Islamic Capital Markets - Volatility, Performance and Stability, Palgrave Macmillan.

      • Rizvi, S., Bacha, O. & Mirakhor, A. (2016). Public Finance and Islamic Capital Markets - Theory and Application, Palgrave Macmillan.

      • Rizvi, S. & Alam, N. (2016). Islamic Banking - Growth, Stability and Inclusion, Palgrave Macmillan.

      • Rizvi, S. (2020). Understanding Oil Markets' Efficiency. Southwestern Finance Association, San Antonio, Texas.

      • Rizvi, S. (2019). Are Oil Prices Efficient?. 7th Applied Financial Modelling Conference, Melbourne, Australia- VIC.

      • Rizvi, S. (2019). Presence of Islamic Banks in East Asia - Stability vs Fragility. Islamic Finance, Banking & Business Ethics Global Conference (IFBBE), Valencia, Spain.

      • Rizvi, S. & Arshad, S. (2018). A Time-Varying Analysis on the Weak-Form Efficiency of Crude Oil Prices. 4th Applied Financial Modelling Conference, Melbourne, Australia.

      • Raza Rizvi, S. & Arshad, S. (2017). An Inquiry on Systematic Risks of Islamic and Conventional Sectors. Islamic Finance, Banking & Business Ethics Global Conference (IFBBE), Kuala Lumpur, Malaysia.

      • Raza Rizvi, S. & Arshad, S. (2017). Risks in Stock Markets: A Comparative Analysis of Systematic Risk in Islamic and Conventional Sectoral indices. 2nd Applied Financial Modelling Conference, Melbourne, Australia- VIC.

      • Raza Rizvi, S. & Arshad, S. (2017). An Inquiry on Systematic Risks of Islamic and Conventional Sectors. Economic Modelling Conference, Melbourne, Australia- VIC.

      • Raza Rizvi, S., Ali, M. & Azmi, W. (2017). Impact of competition and diversification on risk and return: Evidence from the dual banking economies. 8th RMUTP International Conference, Bangkok, Thailand.

      • Raza Rizvi, S. & Arshad, S. (2016). Stabilizing Economic Growth Through Risk Sharing Macro Instruments. World IslamicFinance Forum, Karachi, Pakistan.

      • Raza Rizvi, S., Bacha, O. & Ibrahim, M. (2016). Stabilizing Economic Growth Through Risk Sharing Macro Instruments for Emerging Economies. Islamic Finance, Banking & Business Ethics Global Conference (IFBBE), Lahore, Pakistan.

      • Raza Rizvi, S., Alam, N. & Arshad, S. (2015). The Gaining Momentum of Emerging Stock Markets – A Tripartite Inquiry into Volatility-Efficiency-Integration Nexus. Hangzhou Conference, Hangzhou, China., Hangzhou, China.

      • Raza Rizvi, S. & Arshad, S. (2014). Are Islamic Equities as a Safer Haven? Evidence from Indo Pak Equity Markets. International Social Sciences and Business Research Conference, Kathmandu, Nepal.

      • Raza Rizvi, S., Dewandaru, G., Sarkar, K., Bacha & Bacha, O. & Masih, M. (2014). How Macroeconomic Changes Impact Islamic and Conventional Equity Prices? Evidence from Developed and Emerging Countries. 4th Islamic Banking and Finance Conference, Lancaster University, United Kingdom.

      • Raza Rizvi, S., Dewandaru, G., Bacha, O. & Masih & Masih, M. (2013). What factors explain stock market retardation in Islamic Countries?". 15th Malaysian Finance Association Conference, Kuala Lumpur, Malaysia.

      • Raza Rizvi, S., Dewandaru, G., Bacha, O. & Masih & Masih, M. (2013). Efficienrcy of Islamic and Conventional Indices - Developed v/s Emerging Countries. 15th Malaysian Finance Association Conference, Kuala Lumpur, Malaysia.

      • Raza Rizvi, S. & Arshad, S. (2013). Inferences between Business Cycles and Stock Markets: A Comparative Analysis of Islamic Stock Indices. 15th Malaysian Finance Association Conference, Kuala Lumpur, Malaysia.

      • Raza Rizvi, S., Dewandaru, G., Bacha, O. & Masih & Masih, M. (2013). What factors explain stock market retardation in Islamic Countries?. 10th Asian Academy of Management International Conference 2013, Penang, Malaysia.

      • Raza Rizvi, S., Dewandaru, G., Bacha, O. & Masih & Masih, M. (2013). Efficienrcy of Islamic and Conventional Indices - Developed v/s Emerging Countries. 10th Asian Academy of Management International Conference, Penang, Malaysia.

      • Raza Rizvi, S. & Arshad, S. (2013). Indexing Government Debt to GDP: A Risk Sharing Mechanism for Government Financing in Muslim Countries. 9th International Conference on Islamic Economics and Finance, Istanbul, Turkey.

      • Raza Rizvi, S. & Arshad, S. (2013). Sanctuary in the Midst of Crisis? A Look into Shariah Indices using Multivariate GARCH DCC. at International Conference on Business, Accounting, Finance, and Economics, Kampar, Malaysia.

      • Raza Rizvi, S. & Arshad, S. (2013). Asia Pacific Business Cycle: Ties with Islamic Stock Indices. 2nd Applied International Business Conference, Kota Kinabalu, Malaysia.

      • Raza Rizvi, S., Dewandaru, G., Bacha, O. & Masih & Masih, M. (2013). Stock Market Efficiency in Islamic Countries. 15th Malaysian Finance Association Conference, Kuala Lumpur, Malaysia.

      • Raza Rizvi, S., Dewandaru, G., Alhabshi, S. & Masih & Masih, M. (2013). The stock market co-movements: Islamic versus conventional equity indices with multi-timescales analysis. 15th Malaysian Finance Association Conference, Kuala Lumpur, Malaysia.

      • Raza Rizvi, S., Dewandaru, G., Sarkar, K., Bacha & Bacha, O. & Masih, M. (2013). How Macroeconomic Changes Impact Islamic and Conventional Equity Prices? Evidence from Developed and Emerging Countries. 15th Malaysian Finance Association Conference, Kuala Lumpur, Malaysia.

      • Raza Rizvi, S. & Arshad, S. (2012). Are Islamic Equity Indices A Safer Haven In Times Of Crisis? An Empirical Proof via Investigation of Global Indices Using Multivariate GARCH DCC. Toward Resilient, Robust, and Competitive Islamic Capital Markets, Jakarta, Indonesia.

      • Raza Rizvi, S. & Lahsasna, A. (2012). Derivatives in Islamic Finance: The Need and Mechanisms Available for Islamic Financial Markets. 2nd ISRA Colloquium "Islamic Finance in a Challenging Economy: Moving Forward, Kuala Lumpur, Malaysia.

      • Rizvi, S. (2019). Are Oil Prices Efficient?. 7th Applied Financial Modelling Conference.

      • Raza Rizvi, S. & Arshad, S. (2017). Risks in Stock Markets: A Comparative Analysis of Systematic Risk in Islamic and Conventional Sectoral indices. 2nd Applied Financial Modelling Conference.

      • Raza Rizvi, S. & Arshad, S. (2017). An Inquiry on Systematic Risks of Islamic and Conventional Sectors. Economic Modelling Conference.

      • Raza Rizvi, S. & Arshad, S. (2017). An Inquiry on Systematic Risks of Islamic and Conventional Sectors. Islamic Finance, Banking & Business Ethics Global Conference (IFBBE).

      • Raza Rizvi, S., Ali, M. & Azmi, W. (2017). Impact of competition and diversification on risk and return: Evidence from the dual banking economies. 8th RMUTP International Conference.

      • Raza Rizvi, S. & Arshad, S. (2016). Stabilizing Economic Growth Through Risk Sharing Macro Instruments. World IslamicFinance Forum.

      • Raza Rizvi, S., Bacha, O. & Ibrahim, M. (2016). Stabilizing Economic Growth Through Risk Sharing Macro Instruments for Emerging Economies. Islamic Finance, Banking & Business Ethics Global Conference (IFBBE).