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Zulfiqar Shah

Associate Professor



Zulfiqar obtained his PhD from Manchester Business School, UK. He also holds a first degree in business administration, BBA (distinction, gold medalist), an MBA (distinction, gold medalist), and an MA in Post-Compulsory Higher Education. In addition to commercial banking experience in the private sector, he had previously (2000 - 2003) held position as a Lecturer in Accounting and Finance at the University of Exeter. He is a fellow of the Higher Education Academy, UK, and a member of the British Accounting and Finance Association, and the Editorial and Advisory Boards of the South Asian Journal of Global Business Research

Research Interests

Zulfiqar’s research interests are in the area of capital markets research; value relevance of advertising, R&D, capital expenditures; earnings management, compensation, corporate governance and firm performance. In addition, he is also interested in research issues in curriculum designing and assessment in higher education.


Postgraduate Research Business and Management

IB9EF0: Advanced Topics in Accounting

MSc Accounting and Finance

IB98X0 Issues in Accounting

IB9Y9A Financial Reporting & Financial Statement Analysis

MSc Business

IB9AX0 Foundations of Financial and Management Accounting


IB1160 Foundations of Management Accounting

IB2320 Issues in Management Accounting

Selected publications
  • Akbar, S., Buthiena, K., Poletti, J. and Shah, S.Z.A., (2017), ‘Board Structure and Corporate Risk Taking in the UK Financial Sector.’ International Review of Financial Analysis, 50, 101-110.

  • Sheikh, M.F., Shah, S.Z.A., and Akbar, S., (2017), ‘Firm Performance, Corporate Governance and Executive Compensation in Pakistan.’ Applied Economics, Forthcoming.
  • Shah, S.Z.A., Akbar, S., Liu, J., Liu, Z., and Cao, S., (2017), ‘CEO Compensation and Banks’ Risk-Taking During Pre and Post Financial Crisis Periods.’ Research in International Business and Finance, 42, 1489-1503.

  • Sheikh, M.F., Shah, S.Z.A., and Mahmood, S., (2017), ‘Weather Effects on Stock Returns and Volatility in South Asian Markets.’ Asia-Pacific Financial Markets, 24, 75-107.

  • Liu, J., Akbar, S., Shah, S.Z.A., Zhang, D., Dong, P., (2016), ‘Market Reaction to Seasoned Offerings in China.’ Journal of Business Finance and Accounting, 43, 597-653.

  • Akbar, S., Poleti-Hughes, J., El-Faitouri, R., and Shah, S.Z.A., (2016), ‘More on the Relationship between Corporate Governance and Firm Performance in the UK: Evidence from the Application of Generalized Method of Moments Estimation.’ Research in International Business and Finance, 36, 417-429.

  • Ali, A., Akbar, S., Ormrod, P., and Shah, S.Z.A., (2016), ‘Impact and Implications of International Financial Reporting Standards in the UK: Evidence from the Alternative Investment Market.’ Australian Accounting Review, 79, 26(4), 360-375.

  • Shah, S.Z.A., Liang, S., and Akbar, S., (2013), ‘International Financial Reporting Standards and the Value Relevance of R&D Expenditures: Pre and Post IFRS Analysis’, International Review of Financial Analysis, 30, 158-169.
  • Imam, S., Chan, S. J., and Shah, S.Z.A., (2013), ‘Equity Valuation Models and Target Price Accuracy in Europe: Evidence from Equity Reports’, International Review of Financial Analysis, 28, 9 -19.
  • Shah, S.Z.A., (2013), ‘The Use of Group Activities in Developing Personal Transferable Skills’, Innovations in Education & Teaching International, 50(3), 297-307.
  • Shah, S.Z.A., and Jam-e-Kausar (2012), ‘Determinants of Capital Structure of Leasing Firms in Pakistan’, Applied Financial Economics, 22, 1841-1853.
  • Akbar, Kalmadi, S., and Shah, S.Z.A., (2012), ‘Islamic Banking and Its Products: Evaluation of Perceptions of UK Muslims’, International Journal of Islamic and Middle Eastern Finance and Management, 5(4), 353-370.
  • Akbar, S., Shah, S. Z. A, and Stark, A.W., (2011), ‘The Value Relevance of Cash Flows, Current Accruals, and Non-Current Accruals in the UK’, International Review of Financial Analysis, 20, 311-319.
  • Shah, S.Z.A., and Akbar, S., (2010), ‘Deflator Choice Effects in the Valuation of Advertising Expenditures’, Journal for Global Business Advancement, Vol. 3(4), 348-357.
  • Shah, S.Z.A., Stark, A.W., and Akbar, S., (2009), ‘The Value Relevance of Major Media Advertising Expenditures: Some UK Evidence’, International Journal of Accounting, Vol. 44(2), 187-206.
  • Shah, S.Z.A., and Akbar, S., (2008), ‘The Value Relevance of Advertising Expenditures: A Literature Review’, International Journal of Management Reviews, Vol. 10(4), pp. 301-325.
  • Akbar, S., Shah, S.Z.A., and Saadi, I., (2008), ‘Stock Market Reaction to Capital Expenditure Announcements by UK Firms’, Applied Financial Economics, Vol. 18(8), pp. 1-11.
  • Shah, S.Z.A, Stark, A.W., and Akbar, S., (2008), ‘Firm Size, Sector, and Market Valuation of R&D Expenditures’, Applied Financial Economics Letters, Vol. 4 (2), pp. 87-91.
  • Shah, S.Z.A., (2007), ‘Discussion of Employee Layoffs, Shareholder Wealth and Firm Performance: Evidence from the UK’, Journal of Business Finance and Accounting, Vol. 34 (3) & (4), pp. 495-504.
Working Papers 
  • Shah, S.Z.A., Akbar, S., and Stark, A.W., (2017), ‘Advertising and Earnings Prediction: An Analysis of Persistent UK Advertisers.’
  • Shah, S.Z.A., (2017), ‘The Use of Computer Aided Learning Software in Higher Education Accounting Curriculum.


Accounting Group
1.102 Scarman Road
Warwick Business School
University of Warwick

T: +44 (0) 24 7652 8955