Skip Ribbon Commands
Skip to main content
Dr. Muhammad Zubair Mumtaz
Assistant Professor

National University of Sciences and Technology (NUST)
School of social sciences and Humanity (S3H)
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 thirteen research papers published in local and international peer-reviewed journals. His research interest includes: IPOs, financial markets, intellectual propety rights and blockchain. 


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.





IPOs, Financial Markets, Intellectual Property Rights, and Blockchain

Wahid, A., and Mumtaz, M. (2018). Economic corns of demutualization of exchange: Predicting robust financial drivers of demutualization using probit extreme bounds analysis. Pakistan Business Review, forthcoming.

mtaz, M. and Smith, Z. (2018). The determinants of Chinese outward foreign direct investment: A closer look. Frontiers of Economics in China, forthcoming.

Smith, Z., and Mumtaz, M. (2018). IPOs in the U.S. from 2005 to 2015: Using the spline regression technique to estimate aggregate issuance and performance. Czech Journal of Economics and Finance, forthcoming.

 Pacific Economic Review, 22(5): 772-791.

Mumtaz, M., Smith, Z., and Khan, A. (2017). An Analysis of Chinese outward foreign direct investment in emerging and developing countries: Implications for Pakistan under the CPEC. Journal of Social, Political, and Economic Studies, 42(3/4): 327-367.

Smith, Z. and Mumtaz, M. (2017) Hedge fund managers and deceit: is the accusation of performance manipulation valid? Chinese Management Studies, 11(3): 387-414.

Mumtaz, M. and Smith, Z. (2017). Short- and intermediate-term price performance of unseasoned issues. Economia Aplicada (Brazilian Journal of Applied Economy), 21(3): 549-579

Mumtaz, M. Z., Smith, Z. A., & Ahmed, A. M. (2016). The aftermarket performance of initial public offerings in Pakistan. The Lahore Journal of Economics, 21(1): 23-6

A., & Ahmed, A. M. (2016). An empirical analysis of the implicit growth rate for industrial IPOs listed in Pakistan. Pakistan Development Review, 55(1): 15-28.

Mumtaz, M., and Smith, Z. A., & Ahmed, A. M. (2016). Long-run Pricing Performance of Initial Public Offerings (IPOs) in Pakistan. NUST Journal of Social Sciences & Humanities, 2(2): 67-98.

Mumtaz, M., and Smith, Z. A., & Ahmed, A. M. (2016). An examination of short-run performance of IPOs using Extreme Bounds Analysis. Estudios de Economia, 43(1): 7


Mumtaz, M., and Smith, Z. A. (2015). Is the growth rate implicit in IPO Prices? Romanian Journal of Economic Forecasting, 18(4): 70-89.

M​umtaz, M., and Ather, A. (2014). Determinants of Underpricing of Initial Public Offerings: Evidence from Pakistan. Journal of Business & Economics, 6(1): 47-80.

Other Publications

 Federal budget 2017-18 and its repercussion, Blue Chip, July-September 2017.

Pakistan stock exchange is hitting new highs, is the recent run sustainable? Pakistan & Gulf Economist, 02/2017.​

3- years of teaching experiene in NUST.
5 years of teaching experience 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)​