Ahmed Elshahat
Clinical Associate Professor of Business Administration


210 Mervis Hall


Dr. Elshahat joined the faculty of the Katz School in 2018. Previous academic positions include Associate Professor of Finance, Endowed Chair of Banking, and Director of the MBA Programs at the American University in Cairo and Assistant Professor of Finance at Bradley University. Dr. Elshahat served in the field in different capacities. Most recently he served as a committee member of the Enterprise Risk Management Committee reporting to the BOD of the largest insurance firm in Egypt. He served as a consultant for a number of firms across the globe as well as provide managerial development programs for firms like Caterpillar, Afni, Clinmedex, and the Illinois Port Authority.

Dr. Elshahat’s research is published in multiple international journals including Journal of Economics and Business, and he is serving on the editorial board of a number of international journals, including the Econometrics Review and Austin Journal of Accounting, Audit and Finance, as well as serving as reviewer for journals including Journal of Economic Behavior & Organization, the International Journal of Banking & Finance, and the Quarterly Journal of Finance & Accounting. He has taught various accounting and finance courses at the undergraduate, graduate, and executive levels. Dr. Elshahat has received a number of awards, including “Most Dedicated Professor” by Beta Alpha Psi.

Courses Recently Taught

  • Investment
  • Portfolio Management
  • International Finance
  • Financial Management

Awards and Honors

  • Most Dedicated Faculty Beta Alpha Psi, Florida International University
  • Excellence in Teaching Award, Florida International University
  • Research Excellence (REC) Grant, Bradley University
  • Outstanding commitment and dedication to mentoring students, Bradley University

Professional Service and Activities

  • Enterprise Risk Management Committee Member for Misr Insurance, 2017-2018.
  • Commercial International Bank: Credit risk assessment, forecasting, and stress testing on the retail side of the bank along with their implication on the Enterprise Risk Management Spring 2014-Fall 2015.
  • Member of the Editorial Board of The Econometrics Review, Summer 2014-Present.
  • Member of the Editorial Board of Austin Journal of Accounting, Audit, and Finance Management, Summer 2014-Present.
  • Co-editor of the Journal of Financial and Economic Practice, Fall 2008-Spring 2011.


  • PhD, Finance, Florida International University
  • MBA, Finance Concentration, Arab Academy For Science and Tech
  • BS, Accounting, Alexandria University

Recent Publications

Elshahat, I., Freedman, M., and Elshahat, A. 2015. “Are index measures better than individual measures in assessing the association between environmental and financial performance? A multivariate analysis study.” International Journal of Critical Accounting, 7(2), 191-212.

Elshahat, I., Elshahat, A., and Rao, A. 2015. “Does Corporate Governance Improve Bankruptcy Prediction?” Academy of Accounting & Financial Studies Journal, 19(1).

Elshahat, I., Wheatley, C., and Elshahat, A 2015 “Is Pollution Profitable? A Cross-Sectional study.”  Academy of Accounting and Financial Studies Journal, Volume 19, No. 2.

Cho, J., Elshahat, A. 2014. “Macroeconomic variables effect on equity markets’ volatility using MC-GARCH model.” Journal of Applied Finance and Banking. Volume 4, no.1, pages 91-102. ISSN: 1792-6580 (print).

Elshahat, A., Wezka, K., Elshahat, I., 2012. “The effect of the political regime on equity returns for developed and developing countries using EGARCH.” International Research Journal of Applied Finance. Volume 3, issue 12, pages 1680-1689. ISSN2229-6891.

Harger, S., Elshahat, A., Horvath, P., 2012. “Investors’ Irrationality in the US Equity Market: The overreaction Effect.” International Journal of Business and Social Science. Vol. 3, No.23, pages 15 – 25

Elshahat, A., Parhizgari, A., Hong, J., 2012. “The Information content of the banking regulatory agencies and the depository credit intermediation institutions.” Journal of Economics and Business. Volume 64, Issue 1, January – February, Pages 90 -104.

Recent Working Papers

“Foreign Exchange Market Microstructure: Liquidity Integration Duration the EURO Zone Sovereign Debt Crisis.” Working with Hsin-Yen W., Yuliang Wu, Youei Li.

“Portfolio construction under stochastic estimation and greedy algorithm.” Working with Parhizgari, and Anwar, S.

“Market and Credit Risk as Components of Bank Enterprise Risk Management.” Working with Hassanein, M, AbdelAziz, H.

“Impact of the real economy on stock market performance: Evidence from Arab countries.” Working with Hasseeb, M.

Academic Area


Personal Interests

Ahmed was a basketball player for 10 years both overseas and in a minor league in Miami, FL. He enjoys swimming, walking, and working out with his wife and two boys. He enjoys traveling. So far he has been to more than 23 countries across the Americas, Europe, Africa, Asia, and Australia.