Dr Sohel Azad



Senior Lecturer


Faculty of Business and Law


BL Deakin Business School


Melbourne Burwood Campus


+61 3 924 46873



PhD (Finance) - 2012, Monash University, Australia

MSc (Dev. Economics) - 2006 , Ritsumeikan Asia Pacific University, Japan

MBA (Finance) - 1999, University of Chittagong, Bangladesh

Read more on Sohel's profile

Career highlights

Jan/2016 ~ Senior Lecturer in Finance at Deakin University, Melbourne.

Jul/2011 – Dec/2015, Lecturer in Finance at Deakin University, Melbourne.

Dec/2015 – Feb/2016, Visiting Scholar, American Univeristy of Sharjah, UAE

 Jul/2008 – Jun/2011 Sessional staff in Accounting and Finance at Monash University, Caulfield Campus.

Aug/2008 – Visiting Lecturer, Ritsumeikan APU, Japan.

Apr/2004 – Mar/2005 Visiting Research Fellow, Kobe Gakuin University, Japan.

Sep/1999 – Apr/2004, Lecturer/Assistant Professor in Finance, University of Chittagong.

Research interests

Volatility and risk modelling in financial markets

Macroeconomic risk and financial markets

Islamic finance

Units taught

MAF203: Business Finance (Undergraduate)

MAF306: International Finance and Investment (Undergraduate)

MAF760: International Finance (Postgraduate)


  1. "Islamic Banking and Asset Price Bubbles", presented at the "IBF 2014 Islamic Finance", June 2014, Lancaster University, UK.
  2. IIBR-LIBOR Relationship and the Nature and Determinants of “Islamic Premium” presented at the Asia Pacific Association of Derivatives (APAD) Conference in Busan/South Korea, August 23-24, 2013.
  3. Market Inefficiency and Trade-induced Manipulations: Evidence from Emerging Markets, Presented at "Higher Moments, Risk Management and Financial Markets Symposium", Vietnam, January 2013.
  4. Pricing Business Cycle, Skewness and Correlation Risk in US Swap Market. Presented at the Asia Pacific Association of Derivatives (APAD) Conference in Busan/South Korea, August 23-24, 2012.
  5. Measuring Swap Market Links via Volatility Transmissions and Contagion: What Are We Really Picking Up? (with Fang and Wickramanayake), Presented at the Accounting and Corporate Governance Seminar Series, Macquarie University, Sydney, March 17th 2011.
  6. Financial Integration and Swap Market Links Under Two-component Volatility Model: Evidence from the Major Swap Market (co-authored with Fang and Wickramanayake), Presented at the Midwest Finance Association Conference in Chicago, March 2-5, 2011.

Media appearances

OBS (OITA), Japan: Micro Finance, National Heritage Sites and Festivals of Bangladesh


1. Monash Graduate Research Scholarship/Monash University, 2008-2011

2. Faculty of Business and Economics Scholarship/Monash University, 2008-2011

3. Makita Scholarship/Japan, 2006 – 2008

4. United Nations University Academic Excellence Award, 2006

5. Japanese Government Scholarship (JASSO), 2005-2006

6. Research Grants from Ritsumeikan Asia Pacific University, 2005 and 2007

7. Visiting Research Fellowship, Kobe Gakuin University, Japan 2004-05


1. Facutly Research Grants-2013 (Amount: $8,000): Exposing the Interest Rate Swap Spreads: Australian Evidence (Joint investigator) with Vincent (Joint Investigator) and Fang (Mentor).

2. Association of Chartered Certified Accountants (Amount: $18,108): Accounting Standards and Misrepresentation of Islamic Financial Instruments  Risk with Ahsan and Azmat (joint investigators).


Filter by


Investors’ behavior in an emerging, tax free market

Khalil Al-Hilu, Dr Sohel Azad, Abdelaziz Chazi, Ashraf Khallaf

(2016), pp. -, Emerging markets finance and trade, Abingdon, Eng, C1


What determines the yen swap spread?

Dr Sohel Azad, Prof Jonathan A Batten, A/Prof Victor Fang

(2015), Vol. 40, pp. 1-13, International Review of Financial Analysis, , C1


International swap market contagion and volatility

Dr Sohel Azad, Prof Jonathan A Batten, A/Prof Victor Fang, J Wickramanayake

(2015), Vol. 47, pp. 355-371, Economic Modelling, , C1


Unchecked manipulations, price–volume relationship and market efficiency: evidence from emerging markets

Dr Sohel Azad, Saad Azmat, A/Prof Victor Fang, Piyadasa Edirisuriya

(2014), Vol. 30, pp. 51-71, Research in international business and finance, Philadelphia, USA, C1


Determinants of stock returns: Factors or systematic co-moments? Crisis versus non-crisis periods

Chi-Hsiou Hung, Dr Sohel Azad, A/Prof Victor Fang

(2014), Vol. 31, pp. 14-29, Journal of international financial markets, institutions & money, Amsterdam, The Netherlands, C1


Impact of policy changes on the efficiency and returns-to-scale of Japanese financial institutions: an evaluation

Dr Sohel Azad, Suzuki Yasushi, A/Prof Victor Fang, Dr Amirul Ahsan

(2014), Vol. 32, pp. 159-171, Research in international business and finance, Amsterdam, The Netherlands, C1


External shocks and tourist arrivals to Cambodia

Dr Sohel Azad, Vannarith Chheang, Dr Amirul Ahsan

(2014), Vol. 19, pp. 311-321, Tourism analysis, Putnam Valley, NY, C1


An investigation of the deviation from the market efficiency and its Implications for capital market development: the DSE evidence

Dr Sohel Azad, Dr Amirul Ahsan, A/Prof Victor Fang

(2013), pp. 143-159, Emerging markets and the global economy: a handbook, Oxford, England, B1


Business cycles and the impact of macroeconomic surprises on interest rate swap spreads : Australian evidence

A/Prof Victor Fang, Dr Sohel Azad, Prof Jonathan A Batten, Prof Chien-Ting Lin

(2012), pp. 379-398, Contemporary studies in economic and financial analysis, Bingley, England, B1


Linking the interest rate swap markets to the macroeconomic risk : The UK and us evidence

Dr Sohel Azad, A/Prof Victor Fang, Chi-Hsiou Hung

(2012), Vol. 22, pp. 38-47, International review of financial analysis, Amsterdam, Netherlands, C1


Low-frequency volatility of yen interest rate swap market in relation to macroeconomic risk

Dr Sohel Azad, A/Prof Victor Fang, J Wickramanayake

(2011), Vol. 11, pp. 353-390, International review of finance, Richmond, Vic., C1-1


Efficiency, cointegration and contagion in East Asian stock markets : implications for investors and policy makers

Dr Sohel Azad, Saad Azmat

(2010), pp. 293-297, Financial contagion : the viral threat to the wealth of nations, Hoboken, N. J., B1-1


Random walk and efficiency tests in the Asia-Pacific foreign exchange markets : evidence from the post Asian currency crisis data

Dr Sohel Azad

(2009), Vol. 23, pp. 322-338, Research in international business and finance, New York, N. Y., C1-1


Efficiency, cointegration and contagion in equity markets : evidence from China, Japan and South Korea

Dr Sohel Azad

(2009), Vol. 23, pp. 93-118, Asian economic journal, Richmond, Vic., C1-1


A study on small business enterprises in Bangladesh : searching for growth factors and obstacles

Mohammad Saleh Jahur, Dr Sohel Azad

(2004), Vol. 51, pp. 73-89, Journal of the institute of bankers Bangladesh, Dhaka, Bangladesh, C1-1


Assessing impact of micro finance on poverty alleviation - Bangladesh perspective

Dr Sohel Azad, Mohammad Shamsuddoha, Tanvir Mohammad Hayder Arif

(2004), pp. 1-9, Enhancing Performance : Agenda for Growth : proceedings of the Prestige Institute of Management and Research (PIMR) national conference, Indore, India, January 29-30, 2004, Indore, India, E1-1



No grants found


Associate Supervisor

Thi Anh Thu Pham

Thesis entitled: Studies of firm efficiency on stock returns

Doctor of Philosophy, Department of Finance