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Dr. Muhammad Zubair Mumtaz
Assistant Professor

National University of Sciences and Technology (NUST)
School of social sciences and Humanity (NUST)
Tel : 051-90853566


PhD (Finance), NUST Business School, Islamabad Pakistan. (HEC Approved  Supervisor)

​​Dr. Muhammad Zubair Mumtaz is working as Assistant Professor of Finance in the School of Social Sciences & Humanities, National University of Sciences & Technology (NUST), Islamabad. He holds a Ph.D. degree in Finance from the NUST Business School, Islamabad. His Ph.D. research concentrated in the area of “Empirical Investigation of Pricing Performance of Initial Public Offerings (IPOs): Evidence from Pakistan”.  Broadly, his Ph.D. dissertation includes the research for examining short- and long-run pricing performance of unseasoned new equity issues, determining the factors caused short- and long-run performance using Extreme Bounds Analysis (EBA) and employing reverse-engineering DCF model to find out the growth rate in offer prices. He has six research papers published in local and international peer-reviewed journals. His research interest includes: financial markets, risk management, financial derivatives and unseasoned equity issues.


Besides his research exposure, Dr. Mumtaz had over nine years of professional experience in public and private sector organizations such as Board of Investment (Ministry of Privatization & Investment, Government of Pakistan), Privatization Commission (Government of Pakistan) and Saudi-Pak Industrial & Agricultural Investment Company (a joint venture of Government of Pakistan and Kingdom of Saudi Arabia). While serving in these departments, he got exposure in policy formulation, investment promotion, privatization, corporate restructuring, investment banking, WTO and intellectual property rights in Pakistan.


Additionally, Dr. Mumtaz also almost eleven years of teaching experience in different reputed universities.


Recently, Dr. Mumtaz participated in Pakistan-China Think Tank Seminar in Beijing held on 14 October 2016 where he exhibited a presentation on “Exploring investment opportunities for economic corridor”.


Last but not least, he is the HEC approved PhD Supervisor.





​1.   “An Empirical Analysis of the Implicit Growth Rate for Industrial IPOs listed in Pakistan” (with Zachary Alexander Smith and Ather Maqsood Ahmed), Pakistan Development Review (Accepted and Forthcoming)
2. “An Examination of Short-run Performance of IPOs using Extreme Bounds Analysis” (with Zachary Alexander Smith and Ather Maqsood Ahmed), Estudios de Economia (Accepted and Forthcoming)
   3. “Aftermarket Performance of Initial Public Offerings (IPOs) in Pakistan” (with Ather Maqsood Ahmed). S3H Working Paper Series 4, National University of Sciences & Technology (2016)
4. “Is Growth Rate Implicit in IPO Prices” (with Zachary Alexander Smith). Romanian Journal of Economic Forecasting 18(4), 70-89 (2015)
5. “Determinants of Underpricing of Initial Public Offerings: Evidence from Pakistan” (with Ather Maqsood Ahmed). Journal of Business & Economics 6(1), 47-80 (2014)​

​5-years of teaching experiences as adjunct professor.​
1. Saudi Pak Industrial Agriculture Investment Company Limited, Manager (11/2007 - 11/2009)
2. Privatization Commission, Ministry of Privatization & Investment, Consultant (7/2006 - 11/2007)
3. Board of Investment, Ministry of Privatization & Investment, Project Coordinator (4/2003 - 7/2006)
4. Experts Advisory Cell, Ministry of Industries & Production, Management Associate  (11/2001 - 4/2003)
5. Askari Leasing Limited, Operations Officer (7/2000 - 11/2001)​