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  • Bruce Q. Budd, Ph.D.

  • Job Title :

    Associate Professor

  • College :

    College of Business Administration

  • Department :

    Accounting & Finance

Dr. Bruce Budd joined PMU in 2018 as an Associate Professor of Finance and Economics. He holds dual Australian and British nationality. He attained his doctorate from Murdoch University, Perth, Western Australia in 1999. He holds further degrees from Birkbeck College and the London School of Economics and Political Sciences, London, U.K., University of London and the University of Birmingham, U.K. He has vast professional working and teaching experience in the private and public sectors as a businessman as well as an academic in several countries including U.K., Australia and the Middle East. His professional experience covers the construction, beverage and retail industries. His primary teaching experience is business economics. He has taught at undergraduate and graduate levels as well as many executive courses for business training and accreditation. He has continuously participated in professional development, the latest being with Harvard Business School, Harvard University, Boston, USA. His research interests are in financial economics, studying: Fat Tails, Volatility Clustering and Leverage Effects of Stock Markets and specialising in the Money and Capital Markets. He has published many refereed articles in journals and international conference papers.

Doctor of Philosophy, (PhD.), Economics, Murdoch University, Western Australia. Coursework: Advanced Statistics, Philosophy of Social Science, Research Methods, Finance, Economics, Accounting.
Thesis: (An Empirical Investigation of the Labour Market and the Impacts of Wage discrimination in the Australian Economy). (1999).
Master of Science, (MSc)., Economics (including Quantitative Techniques and Econometrics). Birkbeck College and London School of Economics and Political Sciences, University of London.
Post-Graduate Certificate, Economics (including Mathematics and Statistics), University of London.
Bachelor of Arts, (B.A.), Birkbeck College, University of London. Bachelor of Education, (B.Ed.), Education & Economics, University of Birmingham.


  • Budd, B. Q. (2018).   “Transmission of International stock market volatilities”.   Journal of Economics and Finance, Springer Science Publication US. (2018) Volume 42, Issue 1, pp. 155-173. https://link.springer.com/article/10.1007/s12197-017-9391-0
  • Budd, B. Q. (2016).   “Structural Break Tests and the Greek Sovereign Debt Crisis: Revisited”.   Journal of Economics and Finance.  Springer Science Publication US. (2016) Volume 40, Issue 3, pp. 607-18, http://link.springer.com/article/10.1007%2Fs12197-015-9339-1
  • Budd, B.Q., and McCrohan, D., (2015).  “The 2011 US Debt Ceiling Debacle – Multivariate GARCH-in-Mean Analysis”.  Journal of Business and Policy Research (JBPR) Vol. 10, No.2.   
  • Budd, B.Q. and Budd, C.R., (2015).  “Asia-Pacific Region Stock Market Volatility: A DCC-EGARCH Model Analysis”.  International Research Journal of Finance and Economics January: Issue 129: pp7-15.
  • Budd, B.Q. (2014),.  “A Multivariate Investigation of the Volatilities and Co-volatilities of equity Markets between Australia and Three Major Asian Pacific Equity Markets”. Social Science Research Network August 2014.
  • Budd, B.Q.,(2013), “Investigating MENA Banks’ Efficiency Performances Using Website Traffic,” International Journal of Emerging Markets. ISBN 1746 8809, Vol.8. Issue 3.
  • Budd, B.Q., (2013). “A Random-walk Through the Saudi Arabian Financial Market – Is the Tadawul Efficient?” Journal of Finance and Accountancy; Vol.10., pp.1-13.
  • Budd, B.Q., (2012). “Website Data and Uses For Strategic Marketing – A Commercial Experience,” International Journal of Management and Information Systems, Vol.16, No.3. (2012), pp.239-246.
  • Budd, B.Q., and McCrohan, D. (2012). “Sensitivity of Sector Risk-return Relationships in the Saudi Arabian Stock Market,” International Research Journal of Finance and Economic. Issue 85, pp.101-110.
  • Budd, B.Q. (2012). “Source Engine Marketing: A Preliminary Empirical Analysis of Web Search Data,” Journal of Management and Marketing, Vol. 11, pp.1-15. 
  • Budd, B.Q., Al-Sugair, F., and Al-Salloum, A. (2012). “Saudi Arabian Commercial Banks’ Market Sensitivity: A View Through Rolling Sub-samples,” Asian Economic and Financial Review, Vol.2, No. 4, pp. 450-464.
  • Budd, B.Q., and Budd, D. (2011). “Value-relevance of Internet Web Traffic and Revenue on Top Arab Banks Comparative Efficiency Performances,” International Business and Economic Research Journal., Vol.10, No. 2, February, pp.39-52. 
  • Budd, B.Q. (2009). “The Consideration of Off-balance Sheet Activities of Emerging Banking Performances Within the UAE,” International Journal of Business and Emerging Markets, Vol.4 No.4, pp.315-340.
  • Budd, B.Q. and Budd D.B. (2007). “A Preliminary Empirical Investigation of ‘brick-to-click’ Banking Presence in the United Arab Emirates,” Journal of Internet Banking and Commerce, Vol.12, No, 2, August pp.1-8.
  • Budd, B.Q., and Budd C.R. (2007). “Does Efficiency Matter When Profits are High”? International Economics and Finance Journal. Vol.1, No.1, pp.71-89.
  • Budd, B., Budd C.R. and Wilson, K. (2005). “Local Banking in the United Arab Emirates: A Comparative Analysis”. The Arab Bank Review, Vol.7, No.2, pp.34-41.
  • Budd, B., and Budd, C.R. (2005). “A Non-parametric Analysis of Efficiency Performances: The Case of the United Arab Emirates’ Banks”.  The International Business and Economics Research Journal.  Vol.3, No.10, pp.89-96


  • Budd, B.Q. (2017) “Canaries in the coal mine. The tale of two signals: the VIX and the MOVE Indices”.   IISES 8th Economics & Finance Conference, University of London, London, UK.
  • Budd, B. Q. and McCrohan, D. (2014).   Best Finance Paper Award.  “Asia-Pacific Region Stock Market Volatility”.  The 29th International Business Research Conference. World Business Institute held in Sydney, Australia. 24-25 November.
  • Budd, B.Q. (2011).  “Ranking efficiency units in DEA using bootstrapping: an applied analysis of Arab banks” data. Data Envelopment Analysis Conference, Melbourne, Australia, August.
  • Budd, B. Q. (2010). Best Accounting, Finance and Economics Paper Award.   Best Overall Academic Paper Award.  “Investigating MENA Banks’ efficiency performances using website traffic” AIB-MENA Conference, Manara-Reigniting Growth, 10-12 December 2010, Dubai, UAE.
  • Budd, B. Q. (2007).  “An Investigation Of Internet Banking User Behaviour In The United Arab Emirates using Structural Equation Modeling”. The 20th Australian Finance and Banking Conference, 12th – 14th December 2007, Sydney, Australia.
  • Budd, B. Q. (2007).  “A Preliminary Empirical Investigation of ‘brick-to-click’ Banking Presence in the United Arab Emirates”. Conference of International Management and Internet Research. Edith Cowan University, Joondalup, Western Australia 6th -7th November 2007. ISBN: 0-7298-0644-8
  • Budd, B. Q. (2007).  “An Investigation of Internet Banking Presence in the United Arab Emirates”. The 36th Australian Conference for Economists.  Hobart, Tasmania, Australia, 23rd – 26th September.
  • Budd, B. Q. (2007).  “An Analysis Of The Relevance Of Off-Balance Sheet Items in Explaining Productivity Change In Middle East County Banking.” The Joint Middle East Business and Economic Review Conference, Dubai, U.A.E., March.
  • Budd, B. Q. (2007).  “Trust me, I’m Your Internet Banker!”. The Joint Middle East Business and Economic Review Conference, Dubai, UAE. March 2007
  • Budd, B. Q. (2006).  “An Analysis of Efficiency Performance and Productivity Change in UAE Local Banks” The 19th Australasian Finance and Banking Conference, Sydney, Australia. December 13-15.
  • Budd, B. Q. (2006).  The Case of UAE Local Banks?” The 35th Australian Conference of Economists, Curtin University of Technology, Perth, Western Australia. 25-27th September.
  • Budd, B. Q. and Wilson. K. (2005).  “Does “Local Banking in the United Arab Emirates: A Comparative Analysis”. Global Finance Conference, Trinity College Dublin, Ireland. ISBN: 0-9768149-5-1. June 27 – 29.
  • Budd, B. Q. (2005).  “Basel II Capital Accord and the United Arab Emirates’ Banks: An Efficiency Perspective”. Annual Meeting of American Academy of Accounting and Finance, in Chicago, Illinois, March 16-18.

Empirical analysis in non-linear general autoregressive models in the areas of equity, fixed interest rate securities and foreign exchange markets.

  • Fat Tails, Volatility Clustering and Leverage Effects of Stock Markets.
  • Analysis of the VIX and MOVE indices.

  • American Economic Association,
  • Australian Institute of Banking and Finance,
  • European Financial Management Association,
  • Middle East Economic Association.