Dr. WAJID SHAKEEL AHMED has completed PhD in Business Administration and currently serving in the capacity of Senior Lecturer Finance in School of Business and Economics (SOBE) in Westminster International University Tashkent, Tashkent, Uzbekistan. Previously, he worked as an Associate Professor of Finance in Management Sciences Department at COMSATS University ISlamabad, Pakistan. He has supervised graduate and post-graduate students in the field of financial econometrics, business analytics, financial markets and institutions, financial risk management and investment and risk management.
EDUCATION
Dr. Wajid Shakeel Ahmed has earned M.Sc. International Finance & Economic Policy from UNIVERSITY OF GLASGOW, SCOTLAND, U.K (Triple accredited by AACSB, EQUIS and AMBA).
RESEARCH, TEACHING, or OTHER INTERESTS
Economics, Econometrics and Finance, Artificial Intelligence
16
Scopus Publications
237
Scholar Citations
8
Scholar h-index
6
Scholar i10-index
Scopus Publications
Do trade openness and derivative markets nexus play vital role on economic development? Empirical investigation from developed and emerging economies Wajid Shakeel Ahmed, Faheem Aslam Cogent Economics and Finance, 2025 The persistent global risks make the situation more challenging for the economies to show progression in economic growth. A well-functioning derivative market makes it feasible for firms to share risk effectively by means of financial development which contributes immensely in overall economic development. This study focuses on evaluating the financial growth and economic development nexus through trade openness in developed and emerging economies. The study dataset comprises of upper- and middle-income group economies and applied the Granger causality test along with panel regression fixed effect (FE) and panel corrected standard error (PCSE) model techniques. The findings reveal that bidirectional homogenous Granger causality exists universally among derivative markets and economic development. The study establishes that derivative markets are integrated with economic development and macroeconomic variables in countries with high income compared to the upper-middle-income group. The findings favour the PCSEs model over the FE model with conclusive evidence. Furthermore, openness to trade significantly contributes more to financial development compared to macroeconomic variables. Results based on the IRF test statistics confirm that the derivative market response of shocks is statistically significant to GDP and trade openness for upper-middle-income economies. This study makes an original contribution by considering trade openness, derivative markets and macroeconomic factors play vital role in the growth nexus especially for emerging economies.
Connecting Internal and External Knowledge Sharing with Performance Creativity, Problem-Solving Creativity, and Leadership Behavior in the Banking and Insurance Industry of Pakistan Organizational Knowledge Management Strategies and Tools for Higher Education and Other Sectors, 2025
Forecasting Bitcoin: A Comparative Analysis of Traditional versus Machine Learning Approach Muhammad Arslan, Akmal Shahzad, Anum Shafique, Wajid Shakeel Ahmed Transformations in Banking Finance and Regulation, 2025 This study attempts to forecast Bitcoin using both traditional and machine learning approaches to determine which methods are more robust. For the traditional method, the GARCH method is used to forecast Bitcoin returns. For the machine learning method, LSTM is used. A hybrid approach of GARCH–LSTM is also applied to the data to compare the results. Hourly data for Bitcoin are obtained from Coin-MarketCap for three years, from 2019 to 2022. The findings of the study reveal that machine learning methods outperform traditional methods. The study has useful implications for researchers.
Forecasting multi-frequency intraday exchange rates using deep learning models Muhammad Arslan, Ahmed Imran Hunjra, Wajid Shakeel Ahmed, Younes Ben Zaied Journal of Forecasting, 2024 This paper examines the behavior of currencies' intraday exchange rates with mainly focuses on predicting these behaviors through deep learning models. The time series data are used in this study and comprise intraday exchange rate data for seven volatile currencies, recorded at two different frequency intervals: 1 h and 30 min. The data cover the time frame from January 1, 2018, to December 31, 2020. Firstly, wavelet maximal overlap discreet wavelet transform (MODWT) type “haar” is applied in order to identify the noise representing the volatile trend. Then learning models are applied to historical data that includes support vector regression (SVR), recurrent neural network (RNN), and long short‐term memory (LSTM). The main findings of the study provide strong evidence that the deep learning technique (i.e., LSTM) outperforms the other compatible models. This has been confirmed by the statistical measures for accuracy purposes. This study intends to address complex trends exhibited by volatile behavior of intraday exchange rates through non‐conventional learning techniques for the time of need‐based for the currency traders and other stakeholders.
Determine Intraday Trading Currency’s Trend Framework Evidence From Machine Learning Techniques Inzamam Khan, Wajid Shakeel Ahmed, Shafqat Shad, Chandan Kumar, Muhammad Usman, Milad Jasemi, Khuarm Shafi International Journal of Business Intelligence Research, 2024 The purpose of this study is to determine the intraday hourly trading trends of currencies using predictive modeling techniques. The study encompasses two distinct intraday time intervals of 30 minutes and 1 hour, analyzing currencies from 8 different countries. It incorporates the use of wavelets MODWT to identify trends and noise in intraday currency analysis. Three predictive models, namely Support Vector Regression, Recurrent Neural Network, and Long Short-Term Memory, are applied to relative time series data to predict intraday trading currency trends. The study reveals significant noise presence in three currencies based on MODWT analysis. Additionally, it demonstrates that deep learning techniques, such as LSTM, outperform traditional machine learning approaches in accurately predicting intraday currency trends. This study contributes substantially to the theoretical understanding of international finance and provides practical insights for real-time problem-solving in currency markets. Further, this research adds to the discourse on leveraging sophisticated analytical methods within the domain of business intelligence to enhance decision-making processes in organizations operating within dynamic and complex financial environments.
Excess volatility pursuit in autoregressive GARCH model based panel data analysis at country level: BRICS context Wajid Shakeel Ahmed, Muhammad Shoaib Khan, Muhammad Jibran Sheikh, Inzamam Khan International Journal of Emerging Markets, 2023 PurposeThis particular study examined the government bond price variations in order to determine the presence of excess volatility both at country and panel group level of BRICS countries context.Design/methodology/approachThe study applied the autoregressive GARCH panel model approach proposed by Fakhry and Richter (2015) to evaluate the presence of excess volatility and then examined the diversification benefits. Further, the use of discrete wavelet transformation (DWT) has added the advantage to observe volatility across bonds along with potential diversification benefits by retaining information from the time and frequency domain perspective for both the maturities.FindingsThe main finding indicates that the excess volatility is present in BRICS countries at individual level i.e. in the case of Russia, India and China. However, the 10-year bond showing a less volatility compared to 5-year bond with the possibility of reaping out the benefits of diversification with international portfolio of sovereign bonds.Practical implicationsThe main implication of the research is related to the non-perseverance of EMH as far sovereign bonds of BRICS countries are concerned as the results indicate presence of excess volatility in the 5-year and 10-year bond markets. However, the implicit behavior of 5-year bond could benefit the active fund managers and investors by taking an advantage of a reducing systemic risk through short-medium term investments.Originality/valueThis study contributes not only to the existing studies of similar nature by examining the excess volatility in bond markets but also taking account of co-moment of distinct maturities to confirm possible international diversification benefits for BRICS countries context.
Linking agile methodology and transformational leadership to project success through interplay of team building Agile Leadership for Industry 4 0 an Indispensable Approach for the Digital Era, 2023
How Ambidextrous Human Resource System Affect Employee Creativity? A Study in the Pakistani Context Aiza Yasmeen, Muhammad Majid Khan, Wajid Shakeel Ahmed South Asian Journal of Human Resources Management, 2023 Strategic human resource management scholars have devoted substantial research to determine the relationship between human resource management (HRM) and creativity. It has focused primarily on HRM architecture at the macro level: exploring the effect of the HRM system on performance related to capacity building, skills and competencies. In framing that HRM architecture, this macro focus informs organisations about how to promote creativity. However, literature on how a creativity-targeted HRM system, for instance, the ambidextrous HR system, influences employees’ perceptions and experiences to be more creative at the individual level is still limited. The multilevel perspective on how the HRM system can potentially promote the creativity of employees is still limited. The multilevel data from 100 HR heads and 400 faculty employees of public and private sector universities show that the top-down effect of the ambidextrous HR system on employee creativity is partially mediated by ambidextrous learning and organisation-based self-esteem. Based on the findings, the study offers practical and theoretical implications.
Do forward premium rates predict the spot rates? Comparison of developed and emerging economies Wajid Shakeel Ahmed, Shoaib Khattak, Ijlal Ahmed International Journal of Finance and Economics, 2023 The study inquires the role of forward premium rates as a predictor for the respective currency spot rates. The data comprises of developing and developed 16 countries' currencies of daily spot rates and forward premium rates of 30, 90, 180 and 360 days by extending the work of Della Corte, Sarno and Tsiakas (2009). The study proposes the model of predictable time series in nature to test for the heteroscedasticity in respective categories of forward premium rates, for example, heteroscedastic forward premium model (H‐FPM). The results are encouraging and support that forward premiums have information that can be possibly utilized by investors for generating profits. Moreover, the predictive time series model observes that there exists a degree of concordance in results from in‐sample and out‐of‐sample (OOS_R2) statistical tests. The study finds that the (H‐FPM) dominates the symmetric‐mean model (S‐MM) and thus promises more profit incentivised benefits for investors. The study not only add knowledge to the previous study work in relation to predictability of the currencies spot rates through forward premium rates but also incorporate heteroscedasticity, endogeneity and persistency issues that lacks in past empirical studies.
Linking firms' strategies with firm performance: mediating role of network value in telecom industry Riffat Blouch, Khuda Bakhsh, Wajid Shakeel, Muhammad Majid Khan, Aiza Yasmeen International Journal of Productivity and Performance Management, 2023 PurposeThe purpose of the current study is to investigate the role network value of firm on the relationship between firm strategic initiatives on firm performance by managing the market antecedents including user's expectations, user's coordination and user's compatibility.Design/methodology/approachThe current study uses secondary date of telecom industry of Pakistan, India and China. The data obtained were later subjected to the analysis using CASUALMED procedures of statistical analysis software (SAS).FindingsThe findings from the study projected that strategic drivers played an important role in leveraging the firms' performance. The results also confirm that in order to increase the firm performance, the network value of firms' plays a very crucial role.Research limitations/implicationsDespite making novel contribution, the present study has few limitations, need researchers' attention to be explained in the future, which includes narrow population size, not being able to work on indirect network effects and the theoretical explanation of behavioral antecedents of network value.Practical implicationsThe present research have potential applications for managers of telecom industry, which in turn would help them to develop the strategies that they could build to leverage their network value and firms' performance.Originality/valueThe current study has made a considerable contribution in the literature by proposing a model that adds to the theoretical foundation of strategic management of the firm. So, closely considering these insights would be helping for the firms to leverage its network value in mobile telecommunication industry.
Do trade openness and derivative markets nexus play vital role on economic development? Empirical investigation from developed and emerging economies WS Ahmed, F Aslam Cogent Economics & Finance 13 (1), 2566226 , 2025 2025
A COR-Based Analysis of Abusive Supervision in Retail Banking: Examining the Moderating Influence of Islamic Work Ethics MJ Saboor, AT Paracha, WS Ahmed, HMF Fayyaz BJMT 8 (2) , 2025 2025
Connecting Internal and External Knowledge Sharing with Performance Creativity, Problem-Solving Creativity, and Leadership Behavior in the Banking and Insurance Industry of … WS Ahmed, N Farooq, TM Awan, MZU Rehman Organizational Knowledge Management, 359-383 , 2025 2025
Forecasting Bitcoin: A comparative analysis of traditional versus machine learning approach M Arslan, A Shahzad, A Shafique, W Ahmed Transformations in Banking, Finance and Regulation, 257 , 2025 2025 Citations: 1
Determining the recipients and transmitters of asymmetric volatility spillover for green bond indices & agricultural commodity markets: Evidence from TVP-VAR method WS Ahmed, A Ismail, MJ Saboor, AT Paracha, I Gul Bahria University Journal Of Management & Technology 8 (1) , 2025 2025
Effect of Board and Ownership Structures on Firm Performance: A Study on Chinese Listed Firms. S Kauser, WS Ahmed NUML International Journal of Business & Management 19 (2) , 2024 2024 Citations: 1
Forecasting multi‐frequency intraday exchange rates using deep learning models M Arslan, AI Hunjra, WS Ahmed, Y Ben Zaied Journal of Forecasting , 2024 2024 Citations: 8
Determine Intraday Trading Currency's Trend Framework Evidence From Machine Learning Techniques I Khan, WS Ahmed, S Shad, C Kumar, M Usman, M Jasemi, K Shafi International Journal of Business Intelligence Research (IJBIR) 15 (1), 1-15 , 2024 2024 Citations: 3
Excess volatility pursuit in autoregressive GARCH model based panel data analysis at country level: BRICS context WS Ahmed, MS Khan, MJ Sheikh, I Khan International Journal of Emerging Markets 18 (10), 3703-3719 , 2023 2023 Citations: 2
Linking Agile Methodology and Transformational Leadership to Project Success through interplay of Team Building SJ Malik, WS Ahmed, TM Awan, N Farooq, M Khalid Agile Leadership for Industry 4.0, 309-330 , 2023 2023 Citations: 5
How ambidextrous human resource system affect employee creativity? A study in the Pakistani context A Yasmeen, MM Khan, WS Ahmed South Asian Journal of Human Resources Management 10 (1), 36-63 , 2023 2023 Citations: 11
Do forward premium rates predict the spot rates? Comparison of developed and emerging economies WS Ahmed, S Khattak, I Ahmed International Journal of Finance & Economics 28 (2), 2178-2187 , 2023 2023
Linking firms' strategies with firm performance: mediating role of network value in telecom industry R Blouch, K Bakhsh, W Shakeel, MM Khan, A Yasmeen International Journal of Productivity and Performance Management 72 (2), 516-531 , 2023 2023 Citations: 6
A bottom-up role of information asymmetry: opening the black-box of firms’ resource allocation mechanism R Blouch, MM Khan, W Shakeel Global Knowledge, Memory and Communication 72 (1-2), 210-230 , 2023 2023 Citations: 6
Unveiling the linkages between emerging stock market indices and cryptocurrencies WS Ahmed, A Mehmood, T Sheikh, A Bachaya Asian Academy of Management Journal 27 (2), 189-209 , 2022 2022 Citations: 6
Do intraday week effect in currencies hourly trading reflect leverage and asymmetric anomalies? Policy implications for traders WS Ahmed, M Sohaib, J Maqsood, A Siddiqui Journal of Chinese Economic and Foreign Trade Studies 14 (3), 240-256 , 2021 2021 Citations: 2
Knowledge and Trust Nexus Support the Link Among Six-sigma and Project Success: A Case of Developing Country WS Ahmed, RA Khan 2021 11th IEEE International Conference on Intelligent Data Acquisition and … , 2021 2021
Unleashing knowledge sharing in a developing country: a case of healthcare industry R Blouch, A Yasmeen, MM Khan, W Shakeel Global knowledge, memory and communication 70 (1-2), 60-78 , 2021 2021 Citations: 11
Volatility, Global Proxy Index, VAR: Empirical Study on Pakistan And China Stock Exchanges M Arslan, WS Ahmed, M Akhter International Journal of Advances in Data and Information Systems 1 (2), 103-115 , 2020 2020 Citations: 1
A multiple parallel mediation between transformational leadership and project-based performance—a process model I Ul Haq, AT Paracha, W Shakeel International Journal of Financial Engineering 7 (03), 2050026 , 2020 2020 Citations: 21
MOST CITED SCHOLAR PUBLICATIONS
Pecking at Pecking Order Theory: Evidence from Pakistan's Non-financial Sector. J Sheikh, WS Ahmed, W Iqbal, MT Masood Journal of Competitiveness 4 (4) , 2012 2012 Citations: 98
A multiple parallel mediation between transformational leadership and project-based performance—a process model I Ul Haq, AT Paracha, W Shakeel International Journal of Financial Engineering 7 (03), 2050026 , 2020 2020 Citations: 21
Effect of psychological contract breach and job satisfaction on work engagement; A case of higher education institute of Pakistan MJ Saboor, S Malik, AT Pracha, WS Ahmed, T Malik Journal of Managerial Sciences 11 (3), 279-296 , 2018 2018 Citations: 19
Examination of Theoretical and Empirical Studies on Firm's Performance in Relation to its' Board Size: A Study of Small and Medium Size Public Firms J Sheikh, WS Ahmed, PE Muhammad Tahir Masood PhD Journal of Management Research 4 (2), 242 , 2012 2012 Citations: 16
How ambidextrous human resource system affect employee creativity? A study in the Pakistani context A Yasmeen, MM Khan, WS Ahmed South Asian Journal of Human Resources Management 10 (1), 36-63 , 2023 2023 Citations: 11
Unleashing knowledge sharing in a developing country: a case of healthcare industry R Blouch, A Yasmeen, MM Khan, W Shakeel Global knowledge, memory and communication 70 (1-2), 60-78 , 2021 2021 Citations: 11
Forecasting multi‐frequency intraday exchange rates using deep learning models M Arslan, AI Hunjra, WS Ahmed, Y Ben Zaied Journal of Forecasting , 2024 2024 Citations: 8
Mergers and Acquisitions as Vital Instruments of Corporate Strategy: Current and Historical Perspective WS M. Jibran Sheikh, Mah-a-Mobeen Ahmed, Qudsia Arshad Journal of Asian Finance, Economics and Business 2 (1), 15-21 , 2015 2015 Citations: 8
Linking firms' strategies with firm performance: mediating role of network value in telecom industry R Blouch, K Bakhsh, W Shakeel, MM Khan, A Yasmeen International Journal of Productivity and Performance Management 72 (2), 516-531 , 2023 2023 Citations: 6
A bottom-up role of information asymmetry: opening the black-box of firms’ resource allocation mechanism R Blouch, MM Khan, W Shakeel Global Knowledge, Memory and Communication 72 (1-2), 210-230 , 2023 2023 Citations: 6
Unveiling the linkages between emerging stock market indices and cryptocurrencies WS Ahmed, A Mehmood, T Sheikh, A Bachaya Asian Academy of Management Journal 27 (2), 189-209 , 2022 2022 Citations: 6
Linking Agile Methodology and Transformational Leadership to Project Success through interplay of Team Building SJ Malik, WS Ahmed, TM Awan, N Farooq, M Khalid Agile Leadership for Industry 4.0, 309-330 , 2023 2023 Citations: 5
New continuum of stochastic static forecasting model for mutual funds at investment policy level WS Ahmed, J Sheikh, K Ur-Rehman, SA Shad, FS Butt Chaos, Solitons & Fractals 132, 109562 , 2020 2020 Citations: 4
Does the ‘Good’performance Measures Show Consistency Across Time Horizons? Application of OLS and Fisher-Z Transformation Method on Mutual Funds Categories of Pakistan WS Ahmed, MJ Saboor, AT Paracha, MF Azeem International Transaction Journal of Engineering, Management, & Applied … , 2019 2019 Citations: 4
Determine Intraday Trading Currency's Trend Framework Evidence From Machine Learning Techniques I Khan, WS Ahmed, S Shad, C Kumar, M Usman, M Jasemi, K Shafi International Journal of Business Intelligence Research (IJBIR) 15 (1), 1-15 , 2024 2024 Citations: 3
Excess volatility pursuit in autoregressive GARCH model based panel data analysis at country level: BRICS context WS Ahmed, MS Khan, MJ Sheikh, I Khan International Journal of Emerging Markets 18 (10), 3703-3719 , 2023 2023 Citations: 2
Do intraday week effect in currencies hourly trading reflect leverage and asymmetric anomalies? Policy implications for traders WS Ahmed, M Sohaib, J Maqsood, A Siddiqui Journal of Chinese Economic and Foreign Trade Studies 14 (3), 240-256 , 2021 2021 Citations: 2
Comparing nexus of ranking among mutual fund categories and families of performance measures at investment policy level WS Ahmed, J Sheikh, AT Paracha International Journal of Financial Engineering 7 (02), 2050021 , 2020 2020 Citations: 2
Forecasting Bitcoin: A comparative analysis of traditional versus machine learning approach M Arslan, A Shahzad, A Shafique, W Ahmed Transformations in Banking, Finance and Regulation, 257 , 2025 2025 Citations: 1
Effect of Board and Ownership Structures on Firm Performance: A Study on Chinese Listed Firms. S Kauser, WS Ahmed NUML International Journal of Business & Management 19 (2) , 2024 2024 Citations: 1
