M. Suhail Rizwan's Outputs (7)

Does compliance with screening standards affect the performance of firms? (2025)
Journal Article
Ashraf, D., Rizwan, M. S., & Raza, M. W. (2025). Does compliance with screening standards affect the performance of firms?. Emerging Markets Review, 65, Article 101256. https://doi.org/10.1016/j.ememar.2025.101256

Thematic investments, such as sustainability and ESG, are often opaque because they have proprietary screening criteria that are not visible to investors. A transparent screening criterion based on publicly available information is desirable to help... Read More about Does compliance with screening standards affect the performance of firms?.

Central bank digital currency and systemic risk (2024)
Journal Article
Rizwan, M. S., Ahmad, G., & Qureshi, A. (2025). Central bank digital currency and systemic risk. Journal of International Financial Markets, Institutions and Money, 99, Article 102104. https://doi.org/10.1016/j.intfin.2024.102104

Central Bank Digital Currency (CBDC) is an emerging Financial Technology (FinTech) area. Several countries are involved in CBDC development at different stages and a few are already in the launching stage. We use the autoregressive distributed lag ap... Read More about Central bank digital currency and systemic risk.

Impact of sovereign credit ratings on systemic risk and the moderating role of regulatory reforms: An international investigation (2022)
Journal Article
Sahibzada, I. U., Rizwan, M. S., & Qureshi, A. (2022). Impact of sovereign credit ratings on systemic risk and the moderating role of regulatory reforms: An international investigation. Journal of Banking and Finance, 145, Article 106654. https://doi.org/10.1016/j.jbankfin.2022.106654

This paper investigates the association between systemic risk and sovereign credit ratings issued by the three credit rating agencies (CRAs), i.e., Moody's, S&P, and Fitch, for 65 countries from Jan-2000 to Dec-2020. Results show that a positive (neg... Read More about Impact of sovereign credit ratings on systemic risk and the moderating role of regulatory reforms: An international investigation.

Russia–Ukraine war and systemic risk: Who is taking the heat? (2022)
Journal Article
Qureshi, A., Rizwan, M. S., Ahmad, G., & Ashraf, D. (2022). Russia–Ukraine war and systemic risk: Who is taking the heat?. Finance Research Letters, 48, Article 103036. https://doi.org/10.1016/j.frl.2022.103036

The Russia–Ukraine conflict has increased systemic vulnerabilities of the global financial system. We develop a database of news events and investigate the systemic risk implications of the conflict on Russia, Ukraine, France, Germany, Italy, the UK,... Read More about Russia–Ukraine war and systemic risk: Who is taking the heat?.

Islamic equity investments and the COVID-19 pandemic (2022)
Journal Article
Ashraf, D., Rizwan, M. S., & Ahmad, G. (2022). Islamic equity investments and the COVID-19 pandemic. Pacific-Basin Finance Journal, 73, Article 101765. https://doi.org/10.1016/j.pacfin.2022.101765

Global equity markets experienced a substantial downfall with the outbreak of the COVID-19 pandemic. At the peak of the downfall, S&P Dow Jones reported that their Islamic equity indexes (IEIs) continued to outperform their conventional counterparts... Read More about Islamic equity investments and the COVID-19 pandemic.

Systemic risk, Islamic banks, and the COVID-19 pandemic: An empirical investigation (2022)
Journal Article
Rizwan, M. S., Ahmad, G., & Ashraf, D. (2022). Systemic risk, Islamic banks, and the COVID-19 pandemic: An empirical investigation. Emerging Markets Review, 51(Part B), Article 100890. https://doi.org/10.1016/j.ememar.2022.100890

While operating side-by-side with conventional banks, in a dual-banking system, the systemic risk profile of Islamic banks can be different due to their unique business model. The objective of this study is to understand the evolution of systemic ris... Read More about Systemic risk, Islamic banks, and the COVID-19 pandemic: An empirical investigation.

Environmental, social, and governance integration: the case of microfinance institutions (2021)
Journal Article
Ashraf, D., Rizwan, M. S., & L’Huillier, B. (2022). Environmental, social, and governance integration: the case of microfinance institutions. Accounting and Finance, 62(1), 837-891. https://doi.org/10.1111/acfi.12812

Microfinance institutions (MFIs) contribute greatly to sustainable development through microlending. This paper establishes a bridge between political stakeholder theory, social responsive theory, and institutional theory as applied to the functionin... Read More about Environmental, social, and governance integration: the case of microfinance institutions.