Taufiq Hassan (Dr., PhD)


Name : Taufiq Hassan, PhD
Date of Birth : 29 November 1970
Faculty : Faculty of Economics and Management
Specialization : Finance, Financial Accounting, Management Accounting
Position : Lecturer
Mailing Address : Department of Accounting and Finance
  Faculty of Economics and Management
  Universiti Putra Malaysia
  43400 UPM Serdang
  West Malaysia
Telephone : +603 89467691
E-mail :


Financial Derivative, Corporate Finance, Investment, Capital Market.


Financial Derivative, Investment Analysis, Financial Market & Institutions, Portfolio Analysis.


  • Doctor of Philosophy (Finance), 2001, University Putra Malaysia (UPM)

  •     Thesis title : "Overall Performance of Malaysian Futures Market: Evidence Using CPO Futures and FKLI Contracts"
  • Post-Graduate (MBA) in Business Administration, 1996, Graduate School of Malaysia, UPM, Malaysia.

  • Post-Graduate (M.Com) in Commerce, 1993, Dhaka University, Bangladesh.

  • Bachelor in Commerce (B.Com), 1990, Dhaka City College, Dhaka University, Bangladesh.

    1. Best paper award given by International Journal of Finance in Asian Finance Association Conferences in Auckland, New Zealand 2006, entitled:     “Behavior of KLIBOR futures contracts and Impact of Financial crisis: Malaysian Experience”.

    2. Gold award for research in KLIBOR FUTURES at the UPM’s Research and Innovation Exhibition (PRPI, 2006).

    3. Overall Best Paper (Accounting) in the Faculty Seminar (FEP Seminar), 2005 entitled: “Accounting Reform and Value Relevance of Accounting     Information in Indonesia”.

    4. Overall Best Paper (Finance) in the Faculty Seminar (FEP Seminar), 2005 entitled: “Detecting Speculative Bubble in Stock Market: Malaysian     Evidence.”

    5. Departmental Best Paper (Finance) in the Faculty Seminar, 2005 entitles: “Determination of Capital Structure of Financial Distress Firms and     Speed of Adjustment: Evidence from Malaysia.”


  • IRPA project completed as Project Member:

  •     “Risk Adjusted Performance of Unit Trust in Malaysia”.

  • IRPA project completed as Project Member:

  •     “Business Failure Prediction Modeling in Malaysia: An Empirical Analysis”. IRPA Research Report, 2004.

  • IRPA Project applied as Project Member:

  •     “Efficiency and Welfare Gain from Merger and Acquisition”.

  • Member of Research Project sponsored by Bursa Malaysia, which is currently going on, entitled:

  •     “Effect of Liquidity and Market Transparency on Stock Volatility”.


    Mohammad Isa Determination of Capital Structure and Prediction of Corporate Financial Distress
    Diwi Fitri Puspa Value Relevance of Accounting Information in the Emerging Indonesia Stock Market
    Nelmida A Test of Market Efficiency Weak and Semi Strong Form Efficiency of dual listed companies on Jakarta Stock Exchange: A new Approach
    Writing stage
    Chen Chaw Min Interest Group Capture Firms: Characteristics, Performance and Shareholder Value in the Kuala Lumpur Stock Exchange
    Saiful Hafizah Jaaman
    Determinants, Efficiency and Wealth Effects of Malaysian Corporate Mergers and Acquisitions
    Submitted draft copy
    Moosa Fathee The Study Of Technical Efficiency, Productivity, Financial Performance And Welfare Effect: The Case Of Privatized State-Owned Enterprises Listed On Bursa Malaysia
    Ting Kien Hwa Revaluation Effects of Corporate Real Estate Announcements in Malaysia: An Emerging Market
    Nor Azlan Alias
    Determinants and Wealth Effect of Corporate Restructuring From the Perspective of Firm Diversification Strategy, Ownership Structure and Leverage
    Analysis stage
    Shafina Fisal
    Stock Split and Stock Repurchase in Malaysia and Effect on Liquidity and Performance
    Writing the proposal
    Bader Mohamad Comparison Between Islamic Bank and Conventional Bank Performance: Evidence from IDB Member Countries
    Analysis stage
    Fauziah Mahat Comparison of Financial Decision Making Characteristic between Islamic and Conventional Fund Managers Writing the proposal


    Tee Siok Sim
    (Master of Economics)
    Portfolio Diversification Across Industry Sectors: The Case of KLSE Stock

    Completed, 2003
    Afirudin Bin Tapa
    Performance of IPOs (1990-1999): The cases of Types of Issues, Sectors, Lifespan and Different Economic Periods
    Completed, 2004
    Fikriyah Abdullah The Performance of Islamic and Conventional Unit Trusts in Malaysia: A Comparative Analysis
    Completed, 2004
    Sabarina Mohammed Shah The Performance of Malaysian Unit Trust Funds: a Comparative Study Based on Different Benchmarks
    Completed, 2004
    Morzalina Ahmad Performance of Government-Linked and Private Initial Public Offerings: 1984 – 2002
    Completed, 2004
    Roslinda Rahman Risk and Return Analysis on Multinational Companies (MNC’s) Corporated in Malaysia
    Completed, 2004
    Fauziah Abdul Rahman
    The determination of Mutual Fund Performance: Sector Rotation Strategy and the Characteristic of the Funds
    Completed, 2005
    Nathrah Ya'cob
    Varying Risk Model From Bull And Bear market: The Evidence Of Size Effect On Malaysian Stock Market
    Waiting for Viva
    Azhar Zakaria Arbitrage pricing factors determination in the Malaysian stock market using canonical correlation analysis
    Completed, 2006
    Shakirah Shahabudin Arbitrage Opportunities in the Three-Month KLIBOR Futures Market in Malaysia Waiting for Viva
    Suraya Hanim Rational Speculative Bubble: An Empirical Investigation of the Bursa Malaysia
    Normaziah Share Price Reactions and Its Determinants of Private Placements and Rights Issues Annoucement in Bursa Malaysia
    Waiting for Proposal


    1. Taufiq Hassan, Shamsher Mohamad and Annuar Bin Nassir (2003), “The Heat Waves or Meteor Showers Hypothesis: Test on Selected Asian      Emerging and Developed Stock Markets”, Investment Management and Financial Innovation, Vol 3, Issue1, pp. 120-131, 2006.

    2. Shamsher Mohamad and Taufiq Hassan (2000), “ Price Efficiency of Stock Index Futures Contracts: Are There Any Arbitrage Opportunities?”.     Pertanika, Journal of Social Science & Humanity. University Putra Malaysia Press.

    3. Mohamad Isa, Annuar Bin Nassir, Shamsher Mohamad and Taufiq Hassan (2004), “ Prediction of Corporate Financial Distress of PN4      Companies: A logistic Model Approach,” Journal of Restructuring Finance, Vol. 2, No. 2, pp. 143-155, 2005.

    4. Fikriyah, A., Hassan T. and Shamsher M., “Investigation of Performance of Malaysian Islamic Unit Trust Funds: Comparison with Conventional      Unit Trust Funds’, Journal of Managerial Finance Vol.33, Issue2, 2007 (Confirmed)

    5. Shamsher Mohamad, Taufiq Hassan (January, 2004), “Voluntary Disclosure in Annual Reports: The Case of PN4 Firms”. The Chartered     Secretary: The Journal of the Malaysian Association of the Institute of Chartered Secretaries and Administrators

    6. Mahdir, A., Annuar, M.N., Shamsher, M., Taufiq, and H., Huson, J., (2002), “ The Temporal Price Relationship between Stock Index Futures and      Underlying Stock Index: Malaysian Evidence”, Pertanika Journal of Social Sciences & Humanities, 10(1), 73-84.

    7. Taufiq Hasaan, M. Ariff, Shamsher M. and A. Nassir, “Stock Index Futures Prices And The Asian Financial Crisis” International Review of Finance     – Under Review.

    8. Shamsher, M. and Taufiq H., “Overview of Asian Futures Market”, Forthcoming in International Journal of Finance (2007)

    9. Shamsher, M. and Taufiq H., “ Financial Planning – The Growth Industry of the Futures”, The Chartered Secretary: The Journal of the Malaysian     Association of the Institute of Chartered Secretaries and Administrators, April, 2002, pp. 18-20.


  • Symposium on International Market Integration, Institute for International Integration Studies, Trinity College, Dublin, 2003.

  •     The Heat Waves or Meteor Showers Hypothesis: Test on Selected Asian Emerging and Developed Stock Markets”. Taufiq Hassan, Shamsher     Mohamad and Annuar Nassir

  • Malaysian Finance Association Conference, 2003

  • 15th Asian Financial Association Conference at Taipei, Taiwan, 2004.

  •     “Pricing Behavior of Malaysian Futures: In the case of Index Futures” Taufiq Hassan, Shamsher M. and A. Nassir

  • 1st Asia-Pacific Derivative Association Conference, Busan, Korea, 2004.

  •     “The Relationship Between Cash and Futures Market in an Emerging Economy and the Impact of Financial Crisis.” Taufiq Hassan, Shamsher     Mohamad.

  • Asia Pacific Conference on Economics and Management at Penang, Malaysia, 2004.

  •     “Push or pull factors of Capital flows: In the Case of Malaysia.” Taufiq Hassan and Annuar Nassir.

  • 16th Asian Financial Association Conference at Kuala Lumpur, Malaysia, 2005.

  •     “Stock Index Futures Prices and the Asian Financial Crisis.” Taufiq Hasaan, M. Ariff, Shamsher M. and A. Nassir.


    Reviewer for Pertanika Journal published by UPM Penerbit. So far two articles are reviewed by Dr. Taufiq Hassan.