基本信息
Muhammad Usman Khurram
Title: Associate Professor Ph.D. (职 称：副教授)
Mentor Qualification: Ph.D and Masters Supervisor (导师资格：博士、硕士生导师)
Research Direction: Corporate Finance, ESG and CSR, Asset Pricing, Fintech, green and sustainable finance, etc (研究方向: 研究方向：企业金融、ESG和CSR、资产定价、金融科技、绿色和可持续金融等)
Biographical Notes:
Muhammad Usman Khurram is an Associate Professor of the Department of Economics, School of Business, Shaoxing University, China. He earned his Ph.D. and completed two Postdoctoral Fellowships in Economics and Finance from Zhejiang University, China. He has over seven years of teaching experience, delivering finance courses to MBA, EMBA, M.Com, and BBA students. He has published more than 20 research articles in peer-reviewed international journals, including Financial Innovation, Finance Research Letters, Research in International Business and Finance, International Review of Economics & Finance, Global Finance Journal, International Journal of Finance & Economics, Renewable and Sustainable Energy Reviews, Emerging Markets Finance and Trade and among others. In addition to his academic contributions, he also serves as a reviewer for over 50 prestigious international SSCI journals, such as the Journal of International Financial Markets, Institutions & Money (JIFMIM), Emerging Markets Review (EMEMAR), International Review of Financial Analysis (IRFA), Financial Innovation (FINAN), The Singapore Economic Review (SER), The European Journal of Finance (EJF), Technological Forecasting and Social Change (TFS), among others.
Mentor Qualification: Ph.D and Masters Supervisor (导师资格：博士、硕士生导师)
Research Direction: Corporate Finance, ESG and CSR, Asset Pricing, Fintech, green and sustainable finance, etc (研究方向: 研究方向：企业金融、ESG和CSR、资产定价、金融科技、绿色和可持续金融等)
Biographical Notes:
Muhammad Usman Khurram is an Associate Professor of the Department of Economics, School of Business, Shaoxing University, China. He earned his Ph.D. and completed two Postdoctoral Fellowships in Economics and Finance from Zhejiang University, China. He has over seven years of teaching experience, delivering finance courses to MBA, EMBA, M.Com, and BBA students. He has published more than 20 research articles in peer-reviewed international journals, including Financial Innovation, Finance Research Letters, Research in International Business and Finance, International Review of Economics & Finance, Global Finance Journal, International Journal of Finance & Economics, Renewable and Sustainable Energy Reviews, Emerging Markets Finance and Trade and among others. In addition to his academic contributions, he also serves as a reviewer for over 50 prestigious international SSCI journals, such as the Journal of International Financial Markets, Institutions & Money (JIFMIM), Emerging Markets Review (EMEMAR), International Review of Financial Analysis (IRFA), Financial Innovation (FINAN), The Singapore Economic Review (SER), The European Journal of Finance (EJF), Technological Forecasting and Social Change (TFS), among others.
分管
社会兼职
教育背景
1. Associate Professor (Finance)
Department of Economics, School of Business, Shaoxing University, China
(April 2025 to Present)
2. Postdoctoral Researcher (Economics and Finance)
School of Economics, Zhejiang University, China (2021 to 2025)
3. Lecturer/Tutor (Finance)
DDL, Department of Business Administration, G.C. University Faisalabad, Pakistan
(2013 to 2016)
4. Subject Expert
LSCS, University of Agriculture Faisalabad, Pakistan (2013 to 2017)
5. Lecturer/Tutor visiting (Finance)
The University of Waikato Institute (HZCU), China (2022 to 2023)
6. Lecturer visiting (Finance)
Institute of Business Management & Sciences (IBMS), University of Agriculture
Faisalabad, Pakistan (2014 to 2017)
7. Lecturer (Accounting and Finance)
Government Cooperative Training College Faisalabad, Pakistan (2016 to 2017)
Department of Economics, School of Business, Shaoxing University, China
(April 2025 to Present)
2. Postdoctoral Researcher (Economics and Finance)
School of Economics, Zhejiang University, China (2021 to 2025)
3. Lecturer/Tutor (Finance)
DDL, Department of Business Administration, G.C. University Faisalabad, Pakistan
(2013 to 2016)
4. Subject Expert
LSCS, University of Agriculture Faisalabad, Pakistan (2013 to 2017)
5. Lecturer/Tutor visiting (Finance)
The University of Waikato Institute (HZCU), China (2022 to 2023)
6. Lecturer visiting (Finance)
Institute of Business Management & Sciences (IBMS), University of Agriculture
Faisalabad, Pakistan (2014 to 2017)
7. Lecturer (Accounting and Finance)
Government Cooperative Training College Faisalabad, Pakistan (2016 to 2017)
教育工作经历
Muhammad Usman Khurram received his Ph.D in Economics and Finance in 2021 from the School of Economics, Zhejiang University, China.
博士, 浙江大学(中国)-经济学与金融 (QS排名47th) 2017.9-2021.6
博士, 浙江大学(中国)-经济学与金融 (QS排名47th) 2017.9-2021.6
发表的代表性论文
[1] Ali F., Khurram M. U.*, Sensoy A. Safe havens for Bitcoin and Ethereum: Evidence
from high-frequency data, Financial Innovation, 2025, 11(1), 61. SSCI，Q1, IF.
6.9–Corresponding Author (JCR Finance: 9/223, Top 4%, 中科院TOP-1)
[2] Asif S. Khurram M.U.* Manita, R. and Thanakijsombat, T. Audit Quality and CSR
decoupling: An International Perspective, International Journal of Finance &
Economics, 2025. SSCI, Q2, IF 2.91–Corresponding Author
[3] Zhang, X. Khurram, M.U.*, Yuexiang, J. and Moussa, F. (2025). “The Role of
Voluntary Environmental and Social Disclosure in Mitigating ESG Rating Divergence,
Finance Research letter, 107370. SSCI, Q1, IF 7.40–Corresponding Author "TOP 10"
[4] Khurram M. U., Ali F.*, Ülkü N. Idiosyncratic volatility and the cross-section of
abnormal returns in Pakistan: Evidence from a country with religious bans on
lotteries and substantive institutional investor participation. International
Review of Economics and Finance, 2025, 103883. SSCI, Q1, IF. 4.8
[5] Khurram M. U., Chen L.F.*, Abedin M. et al. ESG disclosure and internal pay gap:
Empirical evidence from China. International Review of Economics and Finance,
2024, 92,172830. 228-244. SSCI, Q1, IF. 4.8–ESI Top 1% 高引论文
[6] Khurram M. U., Abbbassi W., Chen Y.F. Chen L.F.*. Outward foreign investment
performance, digital transformation, and ESG performance: Evidence from China.
Global Finance Journal, 2024, 60, 100963. SSCI, Q1, IF. 5.5
[7] Ali F., Khurram M. U., Sensoy A. Green cryptocurrencies and portfolio
diversification in the era of greener paths, Renewable & Sustainable Energy
Reviews, 2024, 10. SCI， Q1, IF. 16.9, "TOP 3"
[8] Chen L.F., Khurram M. U.*, Gao Y.Y. et al. ESG disclosure and technological
innovation capabilities of the Chinese listed companies, Research in International
Business and Finance, 2023, 65, 101974. SSCI，Q1, IF. 6.5–Corresponding Author
(JCR Finance: 9/111; 中科院TOP; ESI Top 1% 高引论文)
[9] Feng C.B., Khurram M. U.*, Safdar R. et al. Corporate Strategic Responses,
Supplier Concentration and Sustainable Growth of Chinese Listed Firms, Operations
Management Research, 2023, 16, 2. SSCI，Q1, IF. 7.0–Corresponding Author (JCR
49/407, Top 12%)
[10] Xie W.W., Khurram M. U.*, Qing L., Rafiq A. Management equity incentives and
corporate tax avoidance: Moderating role of the internal control, Frontiers in
Psychology, 2023, 14, 14. SSCI，Q1, IF. 4.0–Corresponding Author
[11] Khurram M. U., Xie W.W.*, Mirza S.S. Tong H. Green bonds issuance, innovation
performance, and corporate value: Empirical evidence from China. Heliyon, 2023,
9, 4. SCI, Q1, IF. 3.7
[12] Khurram M. U., Ali F.*, Jiang Y.X. Xie W.W. Predictability of extreme daily
returns and Preference for lottery-like stocks in an emerging market. Economic
Research-Ekonomska Istrazivanja,2022, 35, 1. 1322-1344. SCI, Q2, IF. 5.3
[13] Ali F., Khurram M. U., Jiang Y.X. The Five Factor Asset Pricing Model Tests and
Profitability and Investment Premiums Evidence from Pakistan, Emerging Markets
Finance and Trade, 2021, 57(9) 2651–2673. SSCI，Q1, IF. 4.8
from high-frequency data, Financial Innovation, 2025, 11(1), 61. SSCI，Q1, IF.
6.9–Corresponding Author (JCR Finance: 9/223, Top 4%, 中科院TOP-1)
[2] Asif S. Khurram M.U.* Manita, R. and Thanakijsombat, T. Audit Quality and CSR
decoupling: An International Perspective, International Journal of Finance &
Economics, 2025. SSCI, Q2, IF 2.91–Corresponding Author
[3] Zhang, X. Khurram, M.U.*, Yuexiang, J. and Moussa, F. (2025). “The Role of
Voluntary Environmental and Social Disclosure in Mitigating ESG Rating Divergence,
Finance Research letter, 107370. SSCI, Q1, IF 7.40–Corresponding Author "TOP 10"
[4] Khurram M. U., Ali F.*, Ülkü N. Idiosyncratic volatility and the cross-section of
abnormal returns in Pakistan: Evidence from a country with religious bans on
lotteries and substantive institutional investor participation. International
Review of Economics and Finance, 2025, 103883. SSCI, Q1, IF. 4.8
[5] Khurram M. U., Chen L.F.*, Abedin M. et al. ESG disclosure and internal pay gap:
Empirical evidence from China. International Review of Economics and Finance,
2024, 92,172830. 228-244. SSCI, Q1, IF. 4.8–ESI Top 1% 高引论文
[6] Khurram M. U., Abbbassi W., Chen Y.F. Chen L.F.*. Outward foreign investment
performance, digital transformation, and ESG performance: Evidence from China.
Global Finance Journal, 2024, 60, 100963. SSCI, Q1, IF. 5.5
[7] Ali F., Khurram M. U., Sensoy A. Green cryptocurrencies and portfolio
diversification in the era of greener paths, Renewable & Sustainable Energy
Reviews, 2024, 10. SCI， Q1, IF. 16.9, "TOP 3"
[8] Chen L.F., Khurram M. U.*, Gao Y.Y. et al. ESG disclosure and technological
innovation capabilities of the Chinese listed companies, Research in International
Business and Finance, 2023, 65, 101974. SSCI，Q1, IF. 6.5–Corresponding Author
(JCR Finance: 9/111; 中科院TOP; ESI Top 1% 高引论文)
[9] Feng C.B., Khurram M. U.*, Safdar R. et al. Corporate Strategic Responses,
Supplier Concentration and Sustainable Growth of Chinese Listed Firms, Operations
Management Research, 2023, 16, 2. SSCI，Q1, IF. 7.0–Corresponding Author (JCR
49/407, Top 12%)
[10] Xie W.W., Khurram M. U.*, Qing L., Rafiq A. Management equity incentives and
corporate tax avoidance: Moderating role of the internal control, Frontiers in
Psychology, 2023, 14, 14. SSCI，Q1, IF. 4.0–Corresponding Author
[11] Khurram M. U., Xie W.W.*, Mirza S.S. Tong H. Green bonds issuance, innovation
performance, and corporate value: Empirical evidence from China. Heliyon, 2023,
9, 4. SCI, Q1, IF. 3.7
[12] Khurram M. U., Ali F.*, Jiang Y.X. Xie W.W. Predictability of extreme daily
returns and Preference for lottery-like stocks in an emerging market. Economic
Research-Ekonomska Istrazivanja,2022, 35, 1. 1322-1344. SCI, Q2, IF. 5.3
[13] Ali F., Khurram M. U., Jiang Y.X. The Five Factor Asset Pricing Model Tests and
Profitability and Investment Premiums Evidence from Pakistan, Emerging Markets
Finance and Trade, 2021, 57(9) 2651–2673. SSCI，Q1, IF. 4.8
主持的课题
1. Zhejiang Provincial Philosophy and Social Sciences, 3/4 [Grant No.24SSHZ015YB] 2024
2. Institute of Digital Finance HZCU, 1/3 [Grant No. IDF202306] 2024
2. Institute of Digital Finance HZCU, 1/3 [Grant No. IDF202306] 2024
出版的专著或教材
参加学术活动
Conference and workshop presentations (International)
1. Recent Trends and New Developments in Sustainable, Green, and International Finance
(2024), IÉSEG School of Management, Paris, France.
2. IFABS 2023 Oxford Conference (2023), Saïd Business School, University of Oxford,
Oxford, UK.
3. 13th Financial Markets & Corporate Governance Conference (2023), Deakin Business
School, Deakin University, Australia.
4. 2nd and 3rd Credit Scoring & Credit Rating International Conference (2022 and
2024), University of Nottingham, China.
5. SKKU-ZJU International Conference (2019), Sungkyunkwan University, Seoul, South
Korea
6. Finance and Accounting Annual Research Symposium (2025), Westminster Business
School, University of Westminster, London, UK
7. Clermont Financial Innovation Workshop—CFIW24 (2024), ESC Clermont Business School,
France.
8. 10th International workshop P2P Financial Systems "P2PFISY" (2024), Virtual Assets
Regulatory Authority (VARA), Dubai, UAE
9. Edinburgh 2023 world-class workshop in Finance (2023), University of Edinburgh, UK.
1. Recent Trends and New Developments in Sustainable, Green, and International Finance
(2024), IÉSEG School of Management, Paris, France.
2. IFABS 2023 Oxford Conference (2023), Saïd Business School, University of Oxford,
Oxford, UK.
3. 13th Financial Markets & Corporate Governance Conference (2023), Deakin Business
School, Deakin University, Australia.
4. 2nd and 3rd Credit Scoring & Credit Rating International Conference (2022 and
2024), University of Nottingham, China.
5. SKKU-ZJU International Conference (2019), Sungkyunkwan University, Seoul, South
Korea
6. Finance and Accounting Annual Research Symposium (2025), Westminster Business
School, University of Westminster, London, UK
7. Clermont Financial Innovation Workshop—CFIW24 (2024), ESC Clermont Business School,
France.
8. 10th International workshop P2P Financial Systems "P2PFISY" (2024), Virtual Assets
Regulatory Authority (VARA), Dubai, UAE
9. Edinburgh 2023 world-class workshop in Finance (2023), University of Edinburgh, UK.
获奖情况
1. Hangzhou City High-Level Talent Award (2024).
2. FinTech Commercialisation Leadership Academy (FinCLA) training certificate,
University of Nottingham, UK (2024).
3. Ph.D. Fellowship, China Scholarship Council “CSC Scholarship” 2017-2021.
2. FinTech Commercialisation Leadership Academy (FinCLA) training certificate,
University of Nottingham, UK (2024).
3. Ph.D. Fellowship, China Scholarship Council “CSC Scholarship” 2017-2021.