School of Economics

Education

BA Economics - University of Baghdad 1969
MA Economics minor Political Science - University of Kansas 1974
Ph.D. Economics and Minor Mathematics - University of Kansas 1980

Selected Works

Articles

Hammoudeh, Shawkat, Otrano, E, and Khalifa, A, Extracting portfolio management strategies from volatility transmission models in regime-changing environments: Evidence from GCC and global markets. Economic Modeling (Forthcoming)

Hammoudeh, Shawkat, and Nguyen, D. K, Energy prices and CO2 emission allowance prices: A quantile regression approach. Energy Policy (Apr 2014):

Hammoudeh, Shawkat, Mensi, Walid, Reboredo, J.C., and Nguyen, D. K, Do Global Factors Impact BRICS Stock Markets? A Quantile Regression Approach.. Emerging Markets Review (Apr 2014):

Hammoudeh, Shawkat, Gupta, Rangan, and Kim, Won Joong, Forecasting China’s Foreign Exchange Reserves Using Dynamic Model Averaging: The Role of Macroeconomic Fundamentals, Financial Stress and Economic Uncertainty. North American Journal of Economics and Finance (Feb 2014):

Hammoudeh, Shawkat, Balcilar, Mehmet, and Demirer, Riza, What Drives Herding in Oil-Rich, Developing Stock Markets? Relative Roles of Own Volatility and Global Factors. North American Journal of Economics and Finance (Forthcoming)

Hammoudeh, Shawkat, and Li, Huimin, Oil Sensitivity and Systematic Risk in Oil-Sensitive Stock Markets. Journal of Economics and Business 57 (Forthcoming) 1-21.

Covarrabias, G., Ewing, B., and Hammoudeh, Shawkat, Volatility of the UK Basis: Persistence and Sudden Changes. Finance Letters (Forthcoming)

Hammoudeh, Shawkat, and Li, Huimin, Risk Return Relationships in Oil-Sensitive Stock Markets. Finance Letters (Forthcoming)

Aleisa, E., Dibooglu, S., and Hammoudeh, Shawkat, Relationships Among US Oil Prices and Oil Industry Equity Indices. International Review of Economics and Finance 13 (Fall 2004): 427-453.

Hammoudeh, Shawkat, Jeon, Bang Nam, and Li, Huimin, Causality and Volatility Spillovers Among Petroleum Prices of WTI, Gasoline and Heating Oil in Different Locations. North American Journal of Economics and Finance 14 (Forthcoming) 89-114.

Hammoudeh, Shawkat, and Tang, Linghui, An Empirical Exploration of World Oil Price Under the Target Zone Model. Energy Economics 24 (Forthcoming) 525-649.

Hammoudeh, Shawkat, Oil Target Zones, Mean Reversion and Zone Readjustments. Southern Economic Journal 62 (Forthcoming)

Hammoudeh, Shawkat, and Madan, Vibhas, Escaping the Tolerance Trap: Implications of Rigidity in OPEC’s Quantity Adjustment Mechanism. Energy Economics 16 (Forthcoming) 3-8.

Ayyash, Salman, and Hammoudeh, Shawkat, Economic Analysis for Energy Management for Cooling Systems in Kuwait. Energy 10 (Forthcoming)

Hammoudeh, Shawkat, Mensi, Walid, and Nguyen, D. K, Dynamic Spillovers Among Major Energy and Cereal Commodity Prices Dynamic Spillovers Among Major Energy and Cereal Commodity Prices.. Energy Economics (Apr 2014): 225-243.

Hammoudeh, Shawkat, Downside Risk and Portfolio Diversification in the Euro-zone Equity Markets with Special Consideration of the Crisis Period. Journal of International Money and Finance 44 (Mar 2014): 47-68.

Hammoudeh, Shawkat, Aloui, Riadh, Nguyen, D. K, and Aisa, M. S, Dependence and extreme dependence of crude oil and natural gas prices with applications to risk management. Energy Economics 42 (Mar 2014): 332-342.

Hammoudeh, Shawkat, Mensi, Walid, and Yoon, Seong-Min, How do OPEC News and Structural Breaks Impact Returns and Volatility in Crude Oil Markets? Further Evidence from a Long Memory Process. Energy Economics 42 (Mar 2014): 342-354.

Hammoudeh, Shawkat, Mensi, Walid, and Yoon, Seong-Min, Structural Breaks and Long Memory in Modeling and Forecasting Volatility of Foreign Exchange Markets of Oil Exporters: The importance of Scheduled and Unscheduled News Announcements. International Review of Economics and Finance 30 (Jan 2014): 101-119.

Hammoudeh, Shawkat, Chkili, W., and Nguyen, D. K, Volatility Forecasting and Risk Management for Commodity Markets in the Presence of Asymmetry and Long Memory. Energy Economics 41 (Jan 2014):

Hammoudeh, Shawkat, Ajmi, A. N., Nguyen, D. K, and Sarafrazi, S., How strong are the causal relationships between Islamic stock markets and conventional financial systems? Evidence from linear and nonlinear tests. Journal of International Financial Markets, Institutions and Money 28 (Jan 2014): 213-227.

Hammoudeh, Shawkat, Khalifa, A, and Otrano, E, Patterns of volatility transmissions within regime switching across GCC and global market. International Review of Economics and Finance 29 (Jan 2014): 512-524.

Hammoudeh, Shawkat, High Quantiles Estimation with Quasi-PORT and DPOT: An Application to Value-at-Risk for Financial Variables.. North American Journal of Economics and Finance 26 (Dec 2013): 487-496.

Hammoudeh, Shawkat, Santos, P. A., and Al-Hassan, A., Downside risk management and VaR-based optimal portfolios for precious metals, oil and stocks. North American Journal of Economics and Finance 25 (Aug 2013): 109-115.

Hammoudeh, Shawkat, Sari, R., Uzunkaya, M., and Liu, T., The Dynamics of BRICS’s Country Risk Ratings and Domestic Stock Markets, U.S. Stock Market and Oil Price. Mathematics and Computers in Simulation 94 (Aug 2013): 277–294.

Hammoudeh, Shawkat, Kim, Won Joong, and Aleisa, E., Synchronization of Economic Shocks between the GCC and U.S., Europe, Japan and oil market and the Choice of Exchange Regime. Contemporary Economic Policy 25 (Apr 2013): 318-334.

Hammoudeh, Shawkat, Sari, Ramazan, and Uzunkaya, Mehmet, The Relationship between Disaggregated Country Risk Ratings and Stock Market Movements: An ARDL Approach. Emerging Markets Finance and Trade 49 (Mar 2013): 5-17.

Hammoudeh, Shawkat, Liu, Tengdong, Chang, C-L, and McAleer, Michael, Risk Spillovers in Oil-Related CDS, Stock and Credit Markets. Energy Economics 36 (Mar 2013): 526–535.

Hammoudeh, Shawkat, Liu, Tengdong, and Bhar, Ramprasand, CDS Spreads and other Gauges of Risk: Did the Great Recession Change Them. Financial Review 48 (Feb 2013): 151–178.

Hammoudeh, Shawkat, Bhar, R., and Liu, T., Relationships between Financial Sectors’ CDS Spreads and other Gauges of Risk: Did the Great Recession Change Them. Financial Review 48 (Jul 2012): 151–178.

Hammoudeh, Shawkat, Chang, C-L, Chen, L-H, and McAleer, Michael, Asymmetric Adjustments in the Ethanol and Grains Markets. Energy Economics 34 (Nov 2012): 1990-2002.

Hammoudeh, Shawkat, Sari, R., Chang, C-L, and McAleer, M., Causality between Market Liquidity and Depth for Energy and Grains. Energy Economics 34 (Sep 2012): 1683-1692.

Hammoudeh, Shawkat, and McAleer, Michael, Risk management and financial derivatives: An overview. North American Journal of Economics and Finance 25 (Aug 2013): 109-115.

Hammoudeh, Shawkat, Arouri, M. E-H, Lahiani, A., and Nguyen, D. K., Long memory and structural breaks in modeling the return and volatility dynamics of precious metals. Quarterly Review of Economics and Finance 52 (May 2012): 207-218.

Hammoudeh, Shawkat, and Chen, L-H, Asymmetric Convergence and Risk Shift in the TED Spread. North American Journal of Economics and Finance 22 (Fall 2011): 277-291.

Hammoudeh, Shawkat, Financial CDS, Stock Market and Interest Rates: Which Drives Which. North American Journal of Economics and Finance 22 (Fall 2011): 257-276.

Hammoudeh, Shawkat, Malik, Farooq, and MeAleer, Michael, Risk Management in Precious Metals. Quarterly Review of Economics and Business 51 (Jul 2011): 435-441.

Hammoudeh, Shawkat, and Bhar, Ramaprasad, Commodities and Financial Variables: Analyzing Relationships in a Changing Regime Environment. International Review of Economics & Finance 20 (Oct 2010): 469-484.

Hammoudeh, Shawkat, Nandha, Mohan, and Yuan, Yuan, Dynamics of CDS Index Spreads of U.S. Financial Sectors. Applied Economics 45 (Winter 2013): 213-223..

Hammoudeh, Shawkat, Bhar, Ramaprasad, and Thompson, Mark, Re-Examining the Dynamic Causal Oil-Macroeconomy Relationship. International Review of Financial Analysis 19 (Fall 2010): 298-305.

Hammoudeh, Shawkat, Chen, L-H, and Fattouh, Bassam, Asymmetric Adjustments in Oil and Metals Markets. Energy Journal 31 (Summer 2010): 187-203.

Hammoudeh, Shawkat, Yuan, Yuan, McAleer, Michael, and Thompson, Mark, Precious Metals-Exchange Rate Volatility Transmissions and Hedging Strategies. International Review of Economics & Finance 20 (Fall 2010): 633-647.

Hammoudeh, Shawkat, Yuan, Yuan, Chiang, Thomas C., and Nandha, Mohan, Symmetric and Asymmetric US Sector Return Volatilities in Presence of Oil, Financial and Economic Risks. Energy Policy 38 (Aug 2010): 3922-3932.

Hammoudeh, Shawkat, The New Normal in Dubi Now: Survival and Consolidation. Middle East Economic Survey (Mees) 53 (Dec 2009): 23-24.

Hammoudeh, Shawkat, Sari, Ramazan, and Soytas, Ugur, Dynamics of Oil Price, Precious Metal Prices, and Exchange Rate: Are There Relationships. Energy Economics 32 (Aug 2009): 351-362.

Hammoudeh, Shawkat, Sari, Ramazan, and Soytas, Ugur, The oil prices, Precious Metal Prices and Macroeconomy in Turkey. Energy Policy 37 (Summer 2009): 5557-5566.

Hammoudeh, Shawkat, Yuan, Yuan, and McAleer, Michael, Shocks and Volatility Spillovers among Equity Sectors of the Gulf Arab Stock Markets. Quarterly Review of Economics and Finance 49 (Spring 2009): 829-842.

Hammoudeh, Shawkat, Sari, Ramazan, and Ewing, Bradley, Relationships among Strategic Commodities and with Financial Variables: A New Look. Contemporary Economic Policy 27 (Apr 2009): 251-264.

Hammoudeh, Shawkat, and Choi, Kyongwook, Long Memory in Oil and Refined Products Markets. Energy Journal 30 (Apr 2009): 57-76.

Hammoudeh, Shawkat, Bhar, Ram, and Thompson, Mark, Component Structure for Nonstationary Time Series: Application to Benchmark Oil Prices. International Review of Financial Analysis 17 (Dec 2008): 971-983.

Hammoudeh, Shawkat, Thompson, M, and Ewing, B., Threshold Cointegration Analysis of Crude Oil Benchmarks,. Energy Journal 29 (Oct 2008): 79-95.

Hammoudeh, Shawkat, Noncompliance, Shocks and Optimal Policy in OPEC’s Decision Making. Geopolitics of Energy 30 (Aug 2008): 1-20.

Hammoudeh, Shawkat, and Choi, Kyongwook, Characteristic of Permanent and Transitory Returns in Oil-Sensitive Emerging Stock Markets: the Case of the GCC Countries. Journal of International Financial Markets, Institutions and Money 17 (Summer 2007): 231-245.

Hammoudeh, Shawkat, and Yuan, Yuan, Metal Volatility in Presence of Oil and Interest Rate Shocks. Energy Economics 30 (Winter 2008): 606-620.

Hammoudeh, Shawkat, and Li, Huimin, Sudden Changes in Volatility in Emerging. International Review of Financial Analysis 17 (Winter 2008): 47-63.

Hammoudeh, Shawkat, and Malik, F, Shock and Volatility Transmission in the Oil, US and Gulf Equity Markets. International Review of Economics and Finance 16 (Oct 2007): 357-368.

Hammoudeh, Shawkat, and Nandha, Mohan, Systematic Risk, and Oil Price and Exchange Rate Sensitivities in Asia-Pacific Stock Markets. Research in International Business and Finance 21 (Spring 2007): 326-341.

Hammoudeh, Shawkat, and AlGudhea, Salim, Return, Risk and Global Factors in Saudi Equity Sectors. Journal of Emerging Markets 10 (Fall 2006): 55-64.

Hammoudeh, Shawkat, Thompson, Mark, and Ewing, Bradley, Examining Asymmetric Behavior in US Petroleum Futures and Spot Prices. Energy Journal 27 (Oct 2006): 9-23.

Hammoudeh, Shawkat, and Choi, K, Behavior of GCC Stock Markets and Impacts of US Oil and Financial Markets. Research in International Business and Finance 20 (Winter 2006): 22-24.

Books

Krass, I., and New York: Academic Press, S., The Theory of Positional Games with Application in Economics. (1981):

Chapters

Hammoudeh, Shawkat, “Forcing Variables in the Dynamics of Risk Spillovers in Oil-Related CDS Sectors, Equity, Bond and Oil Markets and Volatility Market Risks.” Energy Economics, Ed. Helena Veiga. New York: Springer, (Forthcoming) 20.

Hammoudeh, Shawkat, Sari, Ramazan, and Soytas, Ugur, “Forcing Variables in the Dynamics of Risk Spillovers in Oil-Related CDS Sectors, Equity, Bond and Oil Markets and Volatility Market Risks.” Recent Developments In Exchange Rate Economics, , Ed. Mark P. Taylor and Meher Manzur. Cheltenham : Recent Developments In Exchange Rate Economics, , (2013): 20.

Hammoudeh, Shawkat, Sari, Ramazan, and Soytas, Ugur, “Dynamics of Oil Price, Precious Metal Prices and Exchange Rate.” Recent Developments in Exchange Rate Economics , Ed. Mark P. Taylor and Meher Manzur . London: Edward Elgar , (2013): 1-8.

Monographs

Hammoudeh, Shawkat, Energy Economics, Germany: Springer, (Mar 2012):

Presented Research

Hammoudeh, Shawkat, Liu, Tengdong, and Sari, Ramazan, The dynamics of BRICS’s country risk ratings and domestic stock markets, U.S. stock market and oil price, 2011 Risk Modeling and Management: Madrid, Spain, Sp, (Jun 2011):

Hammoudeh, Shawkat, McAleer, Michael, and Yuan, Yuan, Industrial Commodity and Exchange Rate Volatility Transmissions, Asymmetries and Hedging Strategies, Middle East Economic Association (MEEA): Denver, Co, (Jan 2009):

Hammoudeh, Shawkat, Smimou, Kama, and Yuan, Yuan, Cycles, Contagion and Volatility in the Stock Markets in Middle East and North Africa, Allied Social Science Associations: San Francisco, CA, (Jan 2009):

Hammoudeh, Shawkat, and Bhar, Ramaprasad, Commodity and Relevant Macro-Financial Variables: Empirical Analysis of Dynamic Causal Relationship in a Regime Switching Environment, 84th Western Economic Association International: Honolulu, HA, (Jul 2008):

Hammoudeh, Shawkat, Ewing, Bradley, and Thompson, Mark, Threshold Cointegration Analysis of Crude Oil Benchmarks, 84th Western Economic Association International: Honolulu, HA, (Jul 2008):

Hammoudeh, Shawkat, Ewing, Bradley, and Thompson, Mark, Do GCC Countries Finance US Current Account Deficit?, Allied Social Science Associations: New Orleans, LA, (Jan 2008):

Hammoudeh, Shawkat, and Choi, Kyongwook, Characteristic of Permanent and Transitory Returns in Oil-Sensitive Emerging Stock Markets: the Case of the GCC Countries, The Allied Social SciencesMiddle East Economic Association conference: Philadelphia, PA, (Jan 2005):

Hammoudeh, Shawkat, and Malik, F, Volatility Transmission in the Oil, US and GCC Equity Markets, The Allied Social SciencesMiddle East Economic Association conference: San Diego, CA, (Jan 2004):

Hammoudeh, Shawkat, Impacts of NYMEX Oil futures, Dow Jones, US T-Bill Rate on GCC Stock Markets, (Jun 2003):

Proceedings

Hammoudeh, Shawkat, Pricing Risk, Oil and Financial Factors in Saudi Sector Index Returns, Middle East Economic Association-ASSA Jun 2006. http://www.luc.edu/orgs/meea/volume8/meea8.html (Oct 2006):

Professional Experience

Other -Kuwait Institute for Scientific Research (KISR) Associate Research Scientist Kuait City Jul 1981 - Jul 1983
Other -Organization of Arab Petroleum Exporting Countries Senior Economist Kuwiat City Aug 1983 - Jul 1988
Academic-Drexel University Professor Philadelphia PA Sep 1990 - Oct 2009

Awards

2012-2011 Best Paper Award in the Finance section given by the the sixth international conference Corporate Strategies and Government Policies: Challenges & Issues in the 21st Century. (Global Academy of Business & Economic Research )
2012 2013 Best Paper Award in Finance (Economic Reserch Forum for Arab Countries, Iran and Turkey)

WWW Resources

http://faculty.lebow.drexel.edu/HammoudehS

Areas of Expertise

  • Agricultural and Natural Resource Economics
  • Applied Econometrics
  • Financial Economics
  • International Economics
  • Natural Resource Economics
  • natural resources and environmental economics

Media Mentions

2014 Predictions for Your Wallet

via Wallet Hub

Shawkat Hammoudeh, professor of economics and international business at Drexel LeBow and associate editor of Energy Economics, says “The shale natural gas revolution is real and a game-changer for the country’s energy cost. It has been felt at both the firm and household levels.”

Crises, New Markets Shift Gulf Pertodollar Flows

via Reuters

Shawkat Hammoudeh, Ph.D., professor of economics, was quoted in a Reuters article titled “Crises, New Markets Shift Gulf Pertodollar Flows.”

Capital flows around the world are changing,” said Hammoudeh, who added that the amount of Gulf capital available to the West was shrinking, in a process that could take many years.

Oil prices back on the rise over Libya supply fears

via National.com

Shawkat Hammoudeh, Ph.D., professor of economics, was quoted in a National.com article about the increase of the price of oil.

College News

2014 Predictions for Your Wallet

via Wallet Hub

Shawkat Hammoudeh, professor of economics and international business at Drexel LeBow and associate editor of Energy Economics, says “The shale natural gas revolution is real and a game-changer for the country’s energy cost. It has been felt at both the firm and household levels.”

Crises, New Markets Shift Gulf Pertodollar Flows

via Reuters

Shawkat Hammoudeh, Ph.D., professor of economics, was quoted in a Reuters article titled “Crises, New Markets Shift Gulf Pertodollar Flows.”

Capital flows around the world are changing,” said Hammoudeh, who added that the amount of Gulf capital available to the West was shrinking, in a process that could take many years.

Oil prices back on the rise over Libya supply fears

via National.com

Shawkat Hammoudeh, Ph.D., professor of economics, was quoted in a National.com article about the increase of the price of oil.