Muneer Shaik

Dr. Muneer Shaik is an Associate Professor in Economics & Finance at Mahindra University, School of Management. He has taught courses in finance for undergraduate, MBA, and Ph.D. level students. He acted as a resource person for various management development programs conducted for multinational corporates like RBS, Larsen & Toubro, Murugappa Group, and AstraZeneca. His teaching interests are incorporate finance, financial time series analysis, computational finance, econometrics, financial data analytics, derivatives, and risk management.

Dr. Shaik has published his research in reputable national and international peer-reviewed journals and presented at multiple conferences. Some of his research papers have won the best paper awards. He is open to collaborating and engaging in teaching, research, and consulting projects with both academia and industry.

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Ph.D.

• Muneer Shaik holds a Ph.D. from the University of Madras, India, specializing in the area of economics-finance (interdisciplinary). He has done his Ph.D. level course work and conducted research at IFMR Graduate School of Business, Krea University, India during the period from 2013 to 2019. His Ph.D. thesis is titled ‘Robust estimation of volatility using extreme values of asset prices’ supervised by Prof. G. Balasubramanian and Prof. S. Maheswaran: (2013-2019)

Dual Degree

• He has pursued a dual degree from Birla Institute of Technology & Science (BITS) – Pilani, India during the period from 2003-2008. He has received a Masters (M.Sc, Hons.) in Economics and Bachelors (B.E., Hons.) in Mechanical Engineering: (2003-2008)

Research Articles:

• Naeem, M. A., Hoque, M. E., Billah, M., & Shaik, M. (2025). Quantifying the hedge and diversification potential of green markets against climate risk. Energy Strategy Reviews, 62, 101929. [Scopus Q1 Indexed]
• Billah, S. M., Elsayed, A., Rabbani, M. R., & Shaik, M. (2025). Decoding Investment Strategies Across Agricultural Commodities, Islamic Equities, and Sukuk Markets. Research in International Business and Finance, 103097. [ABDC: A, Scopus Q1 Indexed]
• AlKhazali, O., Kirimhan, D., Rabbani, M. R., Billah, S. M., & Shaik, M. (2025). Cryptocurrencies and alternative bonds: Novel evidence on co-movement and risk sharing. Global Finance Journal, 101149. [ABDC: A, Scopus Q1 Indexed]
• Rabbani, M. R., Hassan, M. K., Billah, S. M., Shaik, M., & Halim, Z. A. (2025). Religion vs. ethics: Tail dependence between Sukuk, green bond, Islamic Fintech, and fourth industrial revolution assets. Pacific-Basin Finance Journal, 102683. [ABDC: A, Scopus Q1 Indexed]
• Baber, H., Shaik, M., & Gupta, H. (2025). An analysis of the Indian Economy during the three COVID-19 pandemic waves. Technological and Economic Development of Economy, 31(1), 169-183. [Scopus Q1 Indexed]
• Billah, M., Shaik, M., Hadhri, S., & Balli, F. (2024). Unveiling the impact of oil price shocks on global sukuk markets: a focus on quantile coherence and time-frequency connectedness. Applied Economics, 1-27. ABDC: A, Scopus Q2 Indexed].
• Billah, M., Hadhri, S., Shaik, M., & Balli, F. (2024). Asymmetric connectedness and investment strategies between commodities and Islamic banks: Evidence from gulf cooperative council (GCC) markets. Pacific-Basin Finance Journal, 102406. [ABDC: A, Scopus Q1 Indexed]
• Shaik, M., Sahjwani, A., & Kondepudi, K. S. K. (2024). Forecasting ASEAN-5 Stock Index Price Movement Using Machine Learning Techniques. The Journal of Prediction Markets, 18(1), 115-140. [ABDC: B].
• Shaik, M., Rabbani, M. R., Atif, M., Aysan, A. F., Alam, M. N., & Kayani, U. N. (2024). The dynamic volatility nexus of geo-political risks, stocks, bond, bitcoin, gold and oil during COVID-19 and Russian-Ukraine war. Plos one, 19(2), e0286963. [Scopus Q1 Indexed]
• Saha, K., & Shaik, M. (2024). Dynamic nexus between Sharia and ESG indices and ETFs in India. Cogent Economics & Finance, 12(1), 2409423. [ABDC: B, Scopus Q2 Indexed]
• Shaik, M., Kamdar, P., Nawaz, N., Rabbani, M. R., E-Vahdati, S., Afzal Saifi, M., & Grewal, H. (2024). The global financial crisis impact on stock market efficiency: a Fourier unit root tests analysis. Cogent Economics & Finance, 12(1), 2392627. [ABDC: B, Scopus Q2 Indexed]
• Raza Rabbani, M., Hassan, M. K., Jamil, S. A., Sahabuddin, M., & Shaik, M. (2024). Revisiting the impact of geopolitical risk on Sukuk, stocks, oil and gold markets during the crises period: fresh evidence from wavelet-based approach. Managerial Finance, 50(3), 514-533. [ABDC: B, Scopus Q3 Indexed]
• Shaik, M. (2023). The Dynamic Effect of Pandemics on Industrial Production Growth. Journal of Emerging Market Finance, 22(4), 486-506. https://doi.org/10.1177/09726527231189558 [ABS: 2, ABDC: B Grade, ESCI Indexed].
• Rabbani, M.R., Billah, S.M., Shaik, M., Rahman, M., Boujlil, R. (2023). Dynamic Connectedness, spillover, and optimal hedging strategy among Fintech, Sukuk, and Islamic equity markets. Global Finance Journal. 100901. https://doi.org/10.1016/j.gfj.2023.100901. [ABDC: A, Scopus Q1 Indexed]
• Shaik, M., Varghese, G., & Madhavan, V. (2023). The dynamic volatility connectedness of global financial assets during the Ebola & MERS epidemic and the COVID-19 pandemic. Applied Economics, 1-21. [ABDC: A, Scopus Q2 Indexed].
• Salisu, A. A., & Shaik, M. (2022). Islamic Stock indices and COVID-19 pandemic. International Review of Economics & Finance, 80, 282-293. https://doi.org/10.1016/j.iref.2022.02.073 [ABS:2, ABDC: A, Scopus Q2, SSCI Indexed].
• Muneer Shaik, Rutvik D Gulhane (2021), ‘Power of moment-based normality tests: Empirical analysis on Indian stock market index,’ International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.2579[ABDC: B Grade, Scopus, SSCI Indexed].
• Muneer Shaik, S. Maheswaran (2020), ‘A new unbiased robust volatility estimation using extreme values of asset prices,’ Financial Markets and Portfolio Management, 34, No.3, pages. 313-347. https://doi.org/10.1007/s11408-020-00355-3[ABDC: B Grade, ESCI Indexed].
• Muneer Shaik, Gurmeet Singh (2021), ‘The short-term impact of COVID-19 on global stock market indices,’ Contemporary Economics, Vol. 15, No. 1, pages. 1-18.5709/ce.1897-9254.432 [ABDC: C Grade, Scopus, ESCI Indexed].
• Muneer Shaik, Abhiram Karthik Lanka, Gurmeet Singh (2021), ‘Analysis of lead-lag relationship and volatility spillover: evidence from Indian agricultural commodity markets,’ International Journal of Bonds and Derivatives, Vol. 4, No. 3, pages. 258-279. 1504/IJBD.2021.116972[ABDC: C Grade].
• Muneer Shaik, S. Maheswaran (2020), ‘A new method based on Range to detect Mean reversion’, IIMB Management Review, Vol. 32, No. 2, pages.208-216. https://doi.org/10.1016/j.iimb.2020.08.001[ABDC: B Grade, Scopus, ESCI Indexed].
• Mukta Kanvinde, Muneer Shaik (2020), ‘Are BRICS Stock Market Indices Mean Reverting? Evidence based on Expected Lifetime Range Ratio,’ International Journal of Business and Economics, Vol. 19, No. 2, pages. 189-206. RePEc:ijb:journl:v:19:y:2020:i:2:p:169-186 [ABDC: B Grade].
• Muneer Shaik, Aditya Sejpal (2020), ‘The comparison of GARCH and ANN model for forecasting volatility: Evidence based on Indian stock markets,’ Journal of Prediction Markets, Vol. 14, No. 2, pages. 103-121. https://doi.org/10.5750/jpm.v14i2.1843[ABDC: B Grade].
• Mukta Kanvinde, Muneer Shaik (2020),’Testing asymmetry in mean reversion based on high and low prices: Evidence from BRICS countries,’ Journal of Public Affairs. https://doi.org/10.1002/pa.2443[ABDC: B Grade, Scopus, ESCI indexed].
• Gurmeet Singh, Muneer Shaik (2020), ‘Re-examining the Expiration Effects of Index Futures: Evidence from India,’ International Journal of Economics and Financial Issues, Vol. 10, No. 3, pages. 16-23. https://doi.org/10.32479/ijefi.9429[ABDC: C Grade].
• Muneer Shaik, S. Maheswaran (2019), ‘Volatility Behavior of Asset Returns Based on Robust Volatility Ratio: Empirical Analysis on Global Stock Indices,’ Cogent Economics and Finance, Vol. 7, No. 1, pages: 1-27. https://doi.org/10.1080/23322039.2019.1597430[ABDC: B Grade, ESCI Indexed].
• Muneer Shaik, S. Maheswaran (2019), ‘Robust Estimation of Volatility with and without the drift parameter,’ Journal of Quantitative Economics, Vol. 17, No. 1, pages 57-91. https://doi.org/10.1007/s40953-018-0129-4[ABDC: B Grade, Scopus, ESCI Indexed].
• Muneer Shaik, S. Maheswaran (2018), ‘Evidence of Excess Volatility based on a New Robust Volatility Ratio’, Journal of Economic Studies, Vol. 45, No. 4. Pages. 855-875. https://doi.org/10.1108/JES-06-2017-0150[ABDC: B Grade, ESCI Indexed].
• Muneer Shaik, S. Maheswaran (2018),’ Expected Lifetime Range Ratio to find Mean reversion: Evidence from Indian Stock Market’, Cogent Economics and Finance, Vol.6, No.1. pages. 1-23. https://doi.org/10.1080/23322039.2018.1475926[ABDC: B Grade, ESCI Indexed].
• Muneer Shaik (2017),’Are Northeast Asian Stock Markets Weak Form Efficient? Evidence based on Multiple Variance Ratio tests’, Empirical Economics Letters, Vol 16, No. 4, pages. 311-320. http://www.eel.my100megs.com/volume-16-number-4.htm[ABDC: C Grade].
• Muneer Shaik, S. Maheswaran (2017),’Random Walk in Emerging Asian Stock Markets’, International Journal of Economics and Finance, Vol. 9, No. 1, pages. 20-31. 5539/ijef.v9n1p20[ABDC: C Grade].
• Muneer Shaik, S. Maheswaran (2017) “Market Efficiency of ASEAN Stock Markets”, Asian Economic and Financial Review, Vol. 7, No. 2, pages. 109-122.18488/journal.aefr/2017.7.2/102.2.109.122 [ABDC: C Grade].
• Muneer Shaik, S. Maheswaran (2016), “Modelling the Paradox in stock markets by variance ratio volatility estimator that utilizes the extreme values of asset prices”, Journal of Emerging Market Finance, Vol. 15, No. 3, pages. 333-361. https://doi.org/10.1177/0972652716666464[ABDC: B Grade, ESCI Indexed].

Media Articles:

• Unicorns are great but not enough for India, Times of India, November 11, 2021.
• VCs, govt policies give a boost to start-up ecosystem, The Hindu Business Line, Sept 20, 2021.
• Policymakers, regulators should design balanced regulatory framework for decentralized finance, The Hindu Business Line, August 23, 2021.

Google Scholar: https://scholar.google.com/citations?user=grvHWRoAAAAJ&hl=en&oi=ao

ORCID: https://orcid.org/my-orcid?orcid=0000-0002-3508-1096

• Muneer Shaik has overall 10 years of teaching and industry work experience.
• He has 7.2 years of pre-Ph.D. work experience, of which 3.11 years is with J.P.Morgan, India (industry experience) and 3.3 years is with IFMR Graduate School of Business, Krea University, India (teaching experience).
• He has gained 2.8 years of post-Ph.D. teaching work experience as of January 2022. Prior to joining as an Assistant Professor at Mahindra University, School of Management, he worked as an Assistant Professor in the department of quantitative finance and data science at IFMR Graduate School of Business, Krea University.

Mahindra University – School Of Management

• Aug 2023 – Present- Associate Professor
• Jul 2021 – Aug 2023- Assistant Professor

IFMR Graduate School of Business – Krea University

• Apr 2019 – Jul 2021 Assistant Professor
• Dec 2015 – Jul 2021 Assistant Professor
• Mar 2018 – Apr 2019 Senior Faculty Associate, Quantitative Finance and Data Science Department
• Sep 2017 – Mar 2018 Faculty Associate, Financial Engineering Department
• Dec 2015 – Sep 2017 Teaching Assistant

J.P. Morgan

• Jun 2008 – Jun 2012 Team Leader
• Jan 2012 – Apr 2012 Manager
• Jun 2009 – Jan 2012 Team Leader
• Jun 2008 – Jun 2009 Management Trainee

Chambal Fertilisers and Chemicals Limited

• Jun 2007 – Dec 2007 Engineering Trainee

Dr. Muneer Shaik has research interests are in the area of empirical finance, market efficiency, volatility, global financial markets, and applications of machine learning in finance. So far, he has 17 research publications in international indexed (ABDC, Scopus, SSCI, ESCI) peer-reviewed journals. He also handles funded research projects and actively participates in national and international conferences. He is open to collaborating and engaging in research projects with both academia and industry.