Faculty Img
  • Phone:

    +966-13-849-9332

  • Email:

    schowdhury@pmu.edu.sa

  • Office No:

    F-075

  • Shah Hassan Chowdhury, Ph.D.

  • Job Title :

    Assistant Professor

  • College :

    College of Business Administration


  • Department :

    Accounting & Finance


Dr. Chowdhury received his B.Com an M. Com in Finance and Banking from University of Rajshahi, Bangladesh in 1989 and 1991, respectively. He joined the Department of Finance and Banking, University of Rajshahi, Bangladesh as a lecturer in 1992. He completed MBA from the University of Mississippi, Oxford, USA in 1997 and MA in Economics from the University of Arkansas, Fayetteville, USA in1999. Then he joined his previous job at University of Rajshahi where he worked 2000 through 2006. Finally, he finished his Ph.D. in Economics with specialization in Financial Economics from Middle Tennessee State University, USA in 2010. He joined Prince Mohammad Bin Fahd University as an Assistant Professor in August, 2010. Dr. Chowdhury has taught Money and Banking, Financial Institutions, Financial Management Principles, Advanced Financial Management, Financial Statement Analysis, Investment and Security Analysis and Portfolio Management at PMU. He has published in journals such as Applied Financial Economics (Routledge), Global Journal of Finance and Economics, South Asian Journal of Management, Asian Economic Review, International Journal of Applied Business and Economic Research, Global Business Review (Sage) and Quarterly Review of Economics and Finance (Elsevier).


  • PhD in Economics (Financial Economics concentration), Middle Tennessee State University, Murfreesboro, Tennessee, USA, 2010
  • Master of Arts in Economics, University of Arkansas, Fayetteville, Arkansas, USA, 1999
  • Master of Business Administration, University of Mississippi, Oxford, Mississippi, USA, 1997
  • Master of Commerce (major in Finance and Banking), University of Rajshahi, Bangladesh, 1991
  • Bachelor of Commerce (major in Finance and Banking), University of Rajshahi, Bangladesh,1989


Accepted or Published Papers in Refereed Journals

  • “Investor Sentiment and Stock Returns: Evidence from the Athens Stock Exchange” with Demetrios Gizelis, International Research Journal of Applied Finance, Vol. 7, No. 7, 137 – 162.
  • “Herding where Retail Investors Dominate Trading: The Case of Saudi Arabia” with Arifur Rahman and Shibley Sadique, Quarterly Review of Economics and Finance, Elsevier B. V., Vol. 57, pp. 46 – 60, 2015.
  • “Behavior of Stock Return Autocorrelation in the GCC Stock Markets,” with M. A. Rahman and M. S. Sadique, Global Business Review, Sage Publications, Vol. 16, No. 5, pp. 737 – 746, 2015.
  • “Lead-Lag Relationships in the Indian Stock Market" with F. Michello, International Research Journal of Applied Finance, Vol. 4, No. 4, April 2013.
  • “Relevant Factors to Explain Cross-section of Expected Returns of the Firms Listed in the Dhaka Stock Exchange” with Rashida Sharmin, International Business Research (Canadian Center of Science and Education), Vol. 6, No. 3, pp. 165 – 173, 2013.
  • “Impact of Monetary Shocks on Stock Prices and Other Macroeconomic Variables: A Comparative Study on Indian and the U.S. Market” with R. Sharmin, International Journal of Applied Business and Economic Research, Jan-June, 2013.
  • “Do Stock Prices in Turkey Reflect Information about Firm Fundamentals? Some Panel Data Evidence” with M. A. Rahman and M. S. Sadique, International Journal of Economics and Finance (Canadian Center of Science and Education), Vol. 4, No. 12, pp. 137 – 149, 2012.
  • Does Cross-Sectional Risk Explain Day-of-the-Week Effects in Bangladesh Stock Market?” with R. Sharmin, International Research Journal of Finance and Economics, Issue 93, pp. 84 – 94, July 2012.
  •  “The Influence of Predicted Macroeconomic Volatility on Stock Market Volatility: Evidence from the Bangladesh Capital Market” with A. T. Mollik and M. S. Akhter, Accounting and Finance in Transition, Vol. 4, Greenwich University Press, England, pp. 223 – 231, 2008.
  • “Efficiency of Bangladesh Stock Market: Evidence from Weekly Indexes and Monthly Individual Firm Data” with M. K. Hassan, Applied Financial Economics (Routledge), Vol. 18, Issue 9, pp. 749 – 758, 2008.
  • “A Closer Look at the Size Effect in the Dhaka Stock Exchange (DSE)” with Z. A. Shimon, Independent Business Review, Vol. 1, No. 2, pp. 42 – 53, July 2008.
  • “Seasonality and Holiday Effects of the DSE Stock Returns: An Empirical Analysis” with Z. A. Shimon and M. T. Alam, ASA University Review, Vol. 2, No. 1, pp. 129 – 135, 2008.
  • “Does Bangladesh Capital Market overreact?” with M. K. Hassan and H. Kabir, The Bangladesh Accountant, Published by Institute of Chartered Accountants Bangladesh, Vol. 55. No. 28, pp. 30 – 35, 2007.
  • “Relation between Volatility and Return in the Dhaka Stock Exchange (DSE): Evidence from Cross-sectional Approach” with S. Islam, International Journal of Applied Business and Economic Research, Serial Publication, India, Vol. 5, No. 2, 2007.
  • “Volatility and Stock Returns in Dhaka Stock Exchange: Some Empirical Evidence Using ARCH Models” with S. M. Z. Iqbal, International Journal of Applied Business and Economic Research, Serial Publication, India, Vol. 3, No. 1, 2005.
  • “On the Empirical Relationship between Macroeconomic Volatility and Stock Return Volatility in the Dhaka Stock Exchange” with A. Rahman and M. S. Sadique, Global Journal of Finance and Economics, New Delhi, India, Vol. 1, No. 2, 2004.
  • “Cross-section of Expected Returns: The Case of Dhaka Stock Exchange (DSE)” with M. A. Rahman and S. Akhter, The South Asian Journal of Management, India, Vol. 10, No. 2, pp. 7 – 12, 2003.
  • "Serial Dependence in the DSE Returns: An Empirical Study" with M. S. Sadique, Journal of Bangladesh Studies, USA, Vol. 4, No. 1, pp. 47 – 57, 2002.
  • "The Size Effect on the Speed of Stock Price Adjustment to Information in the Indian Stock Market" with M. S. Sadique and S. Akhter, The Asian Economic Review, Hyderabad, India, Vol. 44, No.1, pp. 111 – 123, 2002.
  • "The Effect of Foreign Aid on the Economic Growth of the SAARC Members" with M. S. Sadique, The Rajshahi University Studies, Rajshahi, Bangladesh, Part C, Vol. 10, 2002.
  • "Linear Causal Relationship between Changes in Stock Price and Trading Volume: The Case of the DSE" with M. S. Sadique, The Rajshahi University Studies, Rajshahi, Bangladesh, Part C, Vol. 9, 2001.
  • "Capital Market Seasonality: The Case of the Dhaka Stock Exchange (DSE) Returns" with M. S. Sadique and M. A. Rahman, The South Asian Journal of Management, India, Vol. 8, No. 3 & 4, 2001.
  • “Price Behavior of Common Stock New Issues: Evidence from an Emerging Equity Market” with S. Akhter, Journal of Business Administration (published by the Institute of Business Administration, University of Dhaka, Bangladesh), Vol. 22, No. 3 & 4, pp. 35 – 74, 1996.

Papers Submitted and under Review/ Revised and Resubmitted

  • “Stock Return Autocorrelation, Day-of-the-Week and Volatility: An Empirical Investigation on Saudi Arabian Stock Market” with M. A. Rahman and M. S. Sadique, Review of Accounting and Finance, Emerald Publications (revised and resubmitted).
  • “Presence and Sources of Contrarian and Momentum Profits in Bangladesh Stock Market” with R. Sharmin and M. A. Rahman, South Asian Journal of Global Business Research, Emerald Publications (revised and resubmitted).
  • “Effect of Sentiment on the Bangladesh Stock Market Returns” with R. Sharmin and M. A. Rahman, Emerging Markets Finance, Sage Publications (revised and resubmitted).

Published Papers in Conference Proceedings and Presentations

  • “Time-series and Cross-sectional Momentum in the Saudi Arabia Stock Market Returns”, 2016.
  • “Presence and Sources of Contrarian and Momentum Profits in Bangladeshi Stock Market Returns” with R. Sharmin and M. A. Rahman, 2014.
  • “Effect of Sentiment on the Bangladesh Stock Market Returns” with R. Sharmin and M. A. Rahman, accepted for presentation (and proceedings) at the 12th Eurasia Business and Economics Society Conference, Jointly organized by Nanyang Technological University, Singapore, January 9 through January 11, 2014.
  • “Behavior of Stock Return Autocorrelation in the GCC Stock Markets,” with M. A. Rahman and M. S. Sadique, proceedings of the Advances in Business-Related Scientific Research Conference 2013, Rome, Italy, October 2-4, 2013.
  • “Stock Return Autocorrelation, Day-of-the-Week and Volatility: An Empirical Investigation on Saudi Arabian Stock Market” with M. A. Rahman and M. S. Sadique,  proceedings of EMU-SSEM EuroConference 2013: Conference on Business, Economics and Finance, Famagusta, Northern Cyprus, May 11-13, 2013.
  • “Herd Behavior in Saudi Arabian Stock Market: Evidence from Both Linear and Non-linear Models” with M. A. Rahman and M. S. Sadique accepted for presentation at the 2013 Las Vegas Global Conference on Business and Finance arranged by The Institute for Business and Finance Research, Vol. 8, No. 1, pp. 289 – 299, January 2013.
  • “Day-of-the-week Effect and Cross-sectional Risk in Bangladesh Stock Market”, proceedings (and oral presentation) at the International Conference on Management, Economics and Social Sciences, Organized by ISEM and Planetary Scientific Research Centre, Bangkok, Thailand, December 23–24, 2011.
  • Presence and Sources of Momentum and Contrarian Profits: Evidence from the Indian Stock Market" with F. A. Michello, Proceedings of the International Academy of Business and Public Administration Disciplines, Memphis, October 2009.

American Finance Association, Financial Management Association, Beta Gamma Sigma

Emerging stock markets, Behavioral finance, Labor economics, and Monetary economics

FMA (Financial Management Association), AFA (American Finance Association), SSEM (Society for the Study of Emerging Markets), EBES (Eurasia Business and Economics Society), Beta Gamma Sigma