Shaker Ahmed

Project Researcher

School of Accounting and Finance, Finance Group
Yliopistonranta 10, 65200 Vaasa
Fabriikki F649
Office Hours:
By appointment

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Bachelor thesis supervision (2021 - 2022)

Introduction to Master's Thesis Research in Finance: Lab demonstration (2021 - )

Investments and Finance in Russia: Co-ordinator (2016 - 2017)

Investments: Exercise seminars (2016 - 2017)

Investments: StockTrak assignments (2020 - )

Master's thesis evaluation (2015 - )

Research in Financial Markets: Lab demonstration (2017)



Ahmed, S., Sihvonen, J. & Vähämaa, S. (2019). CEO facial masculinity and bank risk-taking. Personality and Individual Differences, Vol. 138, pp. 133-139. Abstract Paper

Ali, S. R. M., Ahmed, S., Hasan, M. N., & Östermark, R. (2019). Predictability of Extreme Returns in the Turkish Stock Market. Emerging Markets Finance and Trade, Vol. 57, pp. 482-494. Abstract

Ali, S. R. M., Ahmed, S., & Östermark, R. (2020). Extreme returns and the investor's expectation for future volatility: Evidence from the Finnish stock market. The Quarterly Review of Economics and Finance, Vol. 76, pp. 260-269. Abstract

Grobys, K., Ahmed, S., & Sapkota, N., (2020). Technical trading rules in the cryptocurrency market. Finance Research Letters, 32, 101396. Paper

Ahmed, S., Grobys, K., & Sapkota, N., (2020). Profitability of technical trading rules among cryptocurrencies with privacy function. Finance Research Letters, 35, 101495. Paper

Ahmed, S., Hasan, M. M. & Kamal, M. R. (2022). Russia-Ukraine crisis: The effects on the European stock market. European Financial Management. forthcoming. Paper

Rahman, M., Jang, S., & Ahmed, S. (2022). How does selling capability impact firm value? The moderating role of relative strategic emphasis, market volatility and technological volatility. British Journal of Management. forthcoming. Paper

Ahmed, S., Ranta, M., Vähämaa, E. & Vähämaa, S. (2022). Facial attractiveness and CEO compensation: Evidence from the banking industry. Journal of Economics and Business. forthcoming. Paper

Kamal, M. R., Ahmed, S., & Hasan, M. M. (2023). The impact of the Russia-Ukraine crisis on the stock market: Evidence from Australia. Pacific-Basin Finance Journal79, 102036. Paper

Book Chapter:

Ahmed, S., Davydov, D., & Vähämaa, S (2022). Trends in executive compensation across bank types. In P. Kalmi, T. Auvinen, & M. Järvenpää (Eds.) Responsible Finance and Digitalization (pp. 24-45). Routledge. Book chapter

Selected Working Papers:

Ahmed, S., Sihvonen, J. & Vähämaa, S.(2023). Executive age and bank risk-taking. Proceedings of the 12th International Conference of the Financial Engineering and Banking Society.

Ahmed, S. & Vähämaa, E.(2023). CEO myopia and bank risk-taking. Proceedings of the 63rd Annual Meeting of the Southern Finance Association.


Media Coverage of Research:

The Wall Street Journal (USA)
The Moral Hazards of Being Beautiful

The Daily Mail (UK)
The price of beauty: Good-looking CEOs earn $1 MILLION a year more than less attractive counterparts who perform better, because they're more likely to attract investors and be promoted

Helsingin Sanomat (Finland)
Tutkimus: Hyvännäköinen pankin­­johtaja voi tienata miljoonan enemmän kuin vähemmän viehättävät

Is Technical Trading In Cryptocurrency Markets Profitable?