Shumi Akhtar

Photo of Shumi Akhtar

Associate Professor

Rm 423
H69 - Codrington Building
The University of Sydney
NSW 2006 Australia

Telephone +61 2 9036 9309
Web Shumi Akhtar's site


Dr Akhtar's research interests are broad, and include Corporate Finance, Multinationals, Tax, International Finance, Asset Pricing, Welfare/Retirement/Superannuation/Pension systems, Risk Management, Capital Markets, Market Efficiency, Liquidity, Behavioural Finance, Financial Systems, Inequality, Block chain, Big Data, Machine Learning, Digitalization, Globalization and Higher Education. Her research interests also include Mergers and acquisitions, Corporate governance, Commodities, Real estate, High frequency trading, peer-to-peer lending, innovation and entrepreneurship, private equity and banking and finance. Her research publications have appeared in leading international and Australian peer-reviewed journals. Dr Akhtar has received a number of competitive external research grants, with total funding in excess of 1.7 million dollars. She was a recipient of an ARC DECRA Fellowship. She is an active researcher and presents her work regularly at international and Australian conferences including the American Finance Association Conference. A number of her research papers received local and international prestigious awards. She has engaged in invited research visits to several top US Universities, including Harvard, MIT and Stanford among others.

Dr Akhtar has a broad teaching portfolio encompassing both undergraduate and postgraduate courses. She also supervises Honours, Masters and PhD students. She has been awarded the Vice-Chancellor's Award for Teaching Excellence and also the "Top Supervisor" Award.

Selected publications


Journal Article

Akhtar S, Akhtar F, John K, and Wong S (2019) Multinationals' tax evasion: A financial and governance perspective Journal of Corporate Finance, 57, 35-62. [More Information]


Journal Articles

Akhtar S (2018) Dividend Policies across Multinational and Domestic Corporations - An international study Accounting and Finance, 58 (3), 669-695. [More Information]

Akhtar S (2018) Dividend payout determinants for Australian Multinational and Domestic Corporations Accounting and Finance, 58 (1), 11-55. [More Information]

Conference Proceeding

Wu V, Westerholm P, and Akhtar S (2018) Who Moves First? Price Discovery by Institutional and Retail Investors 22nd European Financial Management Association FMA Conference; European Financial Management Association, Kristiansand, Norway, 13-15 June 2018.

Book Chapter

Akhtar S (2018) The Evolution of Islamic countries' Financial and Economic system since 1990s Political Economy of Muslim Countries; Cambridge Scholars Publishing, Newcastle upon Tyne, 35-63.


Journal Articles

Akhtar S (2017) Capital Structure of Multinational and Domestic corporations � A Cross Country comparison Accounting and Finance, 57 (2), 319-349. [More Information]

Akhtar S, and Jahromi M (2017) Impact of the Global Financial Crisis on Islamic and Conventional Stocks and Bonds Accounting and Finance, 57 (3), 623-655. [More Information]

Akhtar S, and Jahromi M (2017) Risk, return and mean-variance efficiency of Islamic and non-Islamic stocks: Evidence from a unique Malaysian data set Accounting and Finance, 57 (1), 3-46. [More Information]

Akhtar S, Akhtar F, Jahromi M, and John K (2017) Impact of interest rate surprises on Islamic and conventional stocks and bonds Journal of International Money and Finance, 79, 218-231. [More Information]

Book Chapter

Akhtar S, and Jahromi M (2017) Quantitative studies of Islamic and conventional assets Handbook of Empirical Research on Islam and Economic Life; Edward Elgar Publishing, Cheltenham, 559-578. [More Information]


Journal Article

Akhtar S (2016) Privatization decisions of Australian firms: An empirical investigation Pacific-Basin Finance Journal, 39, 243-255. [More Information]


Zhang B, Deer L, Wardrop R, Grant A, Garvey K, Thorp S, Ziegler T, Ying K, Xinwei Z, Huang Y, Gray Y, Akhtar S, Anthonisz S, and et al (2016) Harnessing Potential: The Asia-Pacific Alternative Finance Benchmarking Report; KPMG, Sydney, 18-93.


Conference Proceeding

Westerholm P, and Akhtar S (2015) Who Moves First? Price Discovery by Institutional and Retail Investors 5th Auckland Finance Meeting; Auckland University of Technology, Auckland, New Zealand.


Journal Articles

Akhtar S (2012) Capital structure and business cycles Accounting and Finance, 52 (Suppl 1), 25-48. [More Information]

Akhtar S, Faff R, Oliver B, and Subrahmanyam A (2012) Stock salience and the asymmetric market effect of consumer sentiment news Journal of Banking & Finance, 36 (12), 3289-3301. [More Information]

Conference Proceeding

Akhtar S, Jahromi M, John K, and Moise C (2012) Intensity of Volatility Linkages in Islamic and Conventional Markets American Finance Association 2012 Annual Meeting; Social Science Research Network, Chicago.


Journal Articles

Akhtar S, Faff R, and Oliver B (2011) The asymmetric impact of consumer sentiment announcements on Australian foreign exchange rates Australian Journal of Management, 36 (3), 387-403. [More Information]

Akhtar S, Faff R, Oliver B, and Subrahmanyam A (2011) The power of bad: The negativity bias in Australian consumer sentiment announcements on stock returns Journal of Banking & Finance, 35 (5), 1239-1249. [More Information]


Journal Article

Akhtar S, and Oliver B (2009) Determinants of Capital Structure for Japanese Multinational and Domestic Corporations International Review of Finance, 9 (1-2), 1-26. [More Information]


Book Chapter

Akhtar S (2008) The Determinants of Capital Structure for Australian Multinational and Domestic Corporation Multinational Enterprise Theory; Sage Publications Ltd, United Kingdom. [More Information]


Journal Article

Akhtar S (2005) The Determinants of Capital Structure for Australian Multinational and Domestic Corporations Australian Journal of Management, 30 (2), 321-341. [More Information]

Selected grants


2018 - 2020



Recent Units Taught

  • FINC5001 Capital Markets and Corporate Finance

  • FINC6021 Corporate Valuation

Newsroom articles

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Dr Shumi Akhtar examines implications of the Panama Papers – a set of 11.5 million documents providing information on tax havens used by high profile individuals and businesses.

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