Profile image of Abdul Hayat Muhammad

Dr Abdul Hayat Muhammad



Senior Lecturer


Faculty of Business and Law


Deakin Business School


Melbourne Burwood Campus


GCHE Exempt, Deakin University, 2009
Doctor of Philosophy, Monash University, 2007
Master of Social Sciences, National Univ. of Singapore, 2001



Dr Abdul Aziz Hayat Muhammad is a Senior Lecturer in the Department of Economics in Deakin Business School. Aziz Hayat's research interests are in applied works in economics and finance. He has published in A* journals such as International Economic Review and the Journal of Banking and Finance among others. Apart from University level grants, Aziz Hayat has been the part of the team that has attracted funds from external bodies such as the Accounting and Finance Association of Australia and New Zealand (AFANZ) in 2018, and Grants-in-Aid for Scientific Research (KAKENHI) from 2016 to 2018 for 50,000,000 yen. He was granted from 2013 to 2014 the International Research Fellowship by Deakin University. In 2017, Aziz Hayat received an invitation to visit the Asian Growth Research Institute in Japan. He was also selected for the President’s Programme for Care of Highly Qualified Overseas Pakistanis (PPQP) in 2013, which is a highly reputable and competitive award to succeed.

Aziz Hayat has got teaching appreciation letters for achieving exceptionally high teaching evaluation scores. His teaching interests' areas are international finance, quantitative finance, financial modelling, and financial econometrics. He has been on various roles for his services including seminar coordinator and remained the part of service committees such as credit for prior learning and central general misconduct committee membership and supervision to PhD students.

Aziz Hayat completed his Master of Social Sciences from the National University of Singapore (NUS) in 2001 and PhD from Monash University in 2007. During his PhD studies, he succeeded in gaining a highly competitive internship position to work on a project in the Asian Development Bank (ADB) in 2004. The project was later published in an A* finance journal.”

Read more on Abdul's profile

Research interests

  • Monetary Policy
  • Exhange Rate
  • Copula Modelling

Teaching interests

  • Quantitative Finance
  • Financial Modelling
  • Financial Econometrics

Units taught

  • MAF202 - Money and Capital Markets
  • MAF759 - Quantitative Finance
  • MAF384 - Financial Modelling
  • MAE723/MAF723 - Business and Financial Econometrics

Professional activities


  • International Research Fellowship, Deakin University, 2014.
  • President's Programme for the care of Highly Qualified Overseas Pakistanis, 2013.
  • Selection in the Asian Development Bank Internship, 2004.


Filter by


Does the energy sector serve as a hedge and safe haven?

A Azad, A Hayat, H Ahmed

(2023), Annals of Operations Research, C1

journal article

Ownership concentration, modified audit opinion, and auditor switch: New evidence and method

May Hu, Abdul Muhammad, Jingjing Yang

(2022), Vol. 61, pp. 1-12, The North American Journal of Economics and Finance, Amsterdam, The Netherlands, C1

journal article

The impact of bequest motives on labor supply and retirement behavior in Japan: A theoretical and empirical analysis

C Horioka, E Gahramanov, A Hayat, X Tang

(2021), Vol. 62, Journal of the Japanese and International Economies, C1

journal article

Conventional vs Islamic banking and macroeconomic risk: Impact on asset price bubbles

S Azmat, A Azad, H Ghaffar, A Hayat, A Chazi

(2020), Vol. 62, Pacific Basin Finance Journal, C1

journal article

Short-selling risk in Australia

T Ang (Chewie), A Hayat, B Li

(2020), Vol. 63, Pacific Basin Finance Journal, C1

journal article

What determines the profitability of Islamic banks: lending or fee?

A Azad, Saad Azmat, Abdul Hayat Muhammad

(2019), pp. 1-15, International review of economics & finance, Amsterdam, The Netherlands, C1

journal article


C Horioka, E Gahramanov, A Hayat, X Tang

(2018), Vol. 59, pp. 113-136, International Economic Review, C1

journal article

Volatility linkages in the spot and futures market in Australia: a copula approach

C Nguyen, M Bhatti, A Hayat

(2014), Vol. 48, pp. 2589-2603, Quality and quantity, Dordrecht, The Netherlands, C1

journal article

Comparison of estimators of the Weibull distribution

M Akram, A Hayat

(2014), Vol. 8, pp. 238-259, Journal of statistical theory and practice, Abingdon, England, C1

journal article

Expectations of future income and real exchange rate movements

A Hayat, B Ganiev, X Tang

(2013), Vol. 37, pp. 1274-1285, Journal of banking and finance, Amsterdam, The Netherlands, C1

journal article

Masking of volatility by seasonal adjustment methods

A Hayat, M Bhatti

(2013), Vol. 33, pp. 676-688, Economic Modelling, Amsterdam, Netherlands, C1

journal article

Do demand and supply shocks explain USA's oil stock fluctuations?

A Hayat, P Narayan

(2011), Vol. 88, pp. 2908-2915, Applied energy, Oxford, England, C1

journal article

The oil stock fluctuations in the United States

A Hayat, P Narayan

(2010), Vol. 87, pp. 178-184, Applied energy, Amsterdam, The Netherlands, C1

journal article

Federal reserve monetary policy and the non-linearity of the Taylor rule

A Hayat, S Mishra

(2010), Vol. 27, pp. 1292-1301, Economic modelling, Amsterdam,Netherlands, C1

journal article

Funded Projects at Deakin

Industry and Other Funding

Effect of non-linear correlation on diversification benefits for banks and insurance companies in Australia

A/Prof Sagarika Mishra, Dr Abdul Hayat Muhammad

Accounting & Finance Assoc of Australian & New Zealand Grant - Research

  • 2018: $4,000


Principal Supervisor

Dianne Thomson

Thesis entitled: Customer Satisfaction and Ownership Structure in Australian Authorised Deposit-Taking Institutions

Doctor of Philosophy, Department of Finance

Associate Supervisor

Minh Nhat Nguyen

Thesis entitled: Three Essays on Climate Finance

Doctor of Philosophy, Department of Finance


Michael Dominic D'Rosario

Thesis entitled: Three essays on Telecommunications Economics

Doctor of Philosophy, Department of Economics