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Professor of Economics
Office: 507 Matheson Hall
Phone: (215) 895-6673
Email: Shawkat.M.Hammoudeh@drexel.edu

At Drexel University since 1989


Education

Post Graduate, Finance, Drexel University, (1989-90)
Ph.D., Economics, minor in Mathematics, University of Kansas (1980)
M.A., Economics, University of Kansas (1974)
B.A., Economics, University of Baghdad (1969)

Selected Publications

Refereed Journal Articles:

Balcilar, M., Demirer, R. and Hammoudeh, S. “Investor Herds and Regime-Switching: Evidence from Gulf Arab Stock Markets,” Journal of International Financial Markets, Institutions and Money (accepted).

Hammoudeh, C-L. Chang. L-H. Chen and M. McAleer. “Asymmetric Adjustments in the Ethanol and Grains Markets,” Energy Economics, Vol. 34 (6) (2012). 1990-2002.

Sari, R., S. Hammoudeh, C-L. Chang and M. McAleer. “Causality between market liquidity and depth for energy and grains.” Energy Economics,Vol. 34 (2012), 1683-1692. http://dx.doi.org/10.1016/j.eneco.2012.02.006.

Hammoudeh, S. and M. McAleer. “Risk Management and Financial Derivatives.”  North American Journal of Economics and Finance (in press). Special Issue. Guest Editors: Hammoudeh, S and M. McAleer.

Hammoudeh, S., P. Araújo-Santos and A. Al-Hassan. “Downside Risk Management and VaR-Based Optimal Portfolios for Precious Metals, Oil and Stocks,” North American Journal of Economics and Finance (in press). Special Issue. Guest Editors: Hammoudeh, S and M. McAleer.

Arouri, M. E-H., Hammoudeh, S., Lahiani, A. and Nguyen, D. K. “Long memory and structural breaks in modeling the return and volatility dynamics of precious metals,” Quarterly Review of Economics and Finance,  Vol. 52 (2012), 207-218.

Sari, R., M. Uzunkaya and S. Hammoudeh. “The Relationship between Disaggregated Country Risk Ratings and Stock Market Movements: An ARDL Approach.” Emerging Markets Finance and Trade (in press).

Sari, R., S. Hammoudeh, C. Chang and M. McAleer. “Causality between Market Liquidity and Depth for Energy and Grains,” Energy Economics (in press).

Hammoudeh, S., R. Bhar and T. Liu. “Relationships between Financial Sectors’ CDS Spreads and other Gauges of Risk: Did the Great Recession Change Them,” The Financial Review (forthcoming).

Hammoudeh, S., R. Sari, M. Uzunkaya and T. Liu. “The Dynamics of BRICS's Country Risk Ratings and Domestic Stock Markets, U.S. Stock Market and Oil Price,” Mathematics and Computers in Simulation (forthcoming).

Hammoudeh, S., F. Malik and M. McAleer. “Risk Management of Precious Metals,” Quarterly Review  of Economics and Finance, Vol. 51, no. 4 (2011), 435-441.

Chen, L-H, S. Hammoudeh and Y. Yuan. “Asymmetric Convergence in U.S. Financial Credit Default Swap Sector Index Markets,” Quarterly Review  of Economics and Finance, Vol. 51 no. 4 (2011), 408-418.

Hammoudeh, S., M. Nandha, and Yuan. “Dynamics of CDS Spread Indexes of US Financial Sectors,” Applied Economics, Vol. 45, (2013), 213-223.

Hammoudeh, S., L-H Chen and Y. Yuan. “Asymmetric Convergence and Risk Shift in the TED Spreads,” North American Journal of Economics and Finance, Vol. 22, no.3 (2011), 277-291.

Hammoudeh, S. and R. Sari. “Financial CDS, Stock Market and Interest Rates: Which Drives Which?” North American Journal of Economics and Finance, Vol. 22, no.3 (2011), 257-276.

Kim, W. J, S. Hammoudeh and E. Alesia. “Synchronization of Economic Shocks between the GCC and U.S., Europe, Japan and oil market and the Choice of Exchange Regime,” Contemporary Economic Policy. Vol. 30, no. 4 (2012), 584-601.

Bhar, R. and S. Hammoudeh. “Commodities and Financial Variables: Analyzing Relationships in a Changing Regime Environment,” International Review of Economics and Finance. Vol. 20, no. 4 (2011), 469-484.

Hammoudeh, S.  R. Bhar and M.  Thompson. "Re-Examining the Dynamic Causal Oil-Macroeconomy Relationship" International Review of Financial Analysis Vol. 19, no. 4 (2010), 298-305.

Aleisa, E.  and S. Hammoudeh. “A Common Currency Peg in the GCC Area: The Optimal Choice of Exchange Rate Regime,” GCC Economies. Vo.34 (2010), 93-112.

Hammoudeh, S., R. Sari and E. Al-Eisa, “GCC Petrodollar Surpluses and the U.S. Current Account Imbalance,” Eknomik Yaklasin (Economic Approach) Vol. 73, no. 20, 39-54 (a refereed high ranking, refereed Turkish journal).   

Hammoudeh, S., L-H Chen and B. Fattouh, “Asymmetric Adjustments in Oil and Metals Markets,” The Energy Journal, Vol. 31, no. 4 (2010), 178-199.

Choi, K and H. Hammoudeh, “Volatility Behavior of Oil, Industrial, Commodity and Stock Markets in a Regime-Switching Environment,” Energy Policy, Vol. 38 (2010), 4388-4399.

Hammoudeh, S., Y. Yuan, T. Chiang and M. Nandha, “Symmetric and Asymmetric US Sector Return Volatilities in Presence of Oil, Financial and Economic Risks,” Energy Policy, Vol. 38, no. 8 (2010), 3922-3932.

Hammoudeh, S., Y. Yuan, M. McAleer and M. Thompson, “Precious Metals-Exchange Rate Volatility Transmissions and Hedging Strategies,” International Review of Economics and Finance (forthcoming).

Soytas, U., Sari, M., S. Hammoudeh and E. Hacihasanoglu “The oil prices, precious metal prices and macroeconomy in Turkey,” Energy Policy 2009, Vol. 37 no. 12,(2009), 5557-5566.

Sari, M., S. Hammoudeh and U. Soytas. “"Dynamics of Oil Price, Precious Metal Prices, and Exchange Rate," Energy Economics (forthcoming 2010). doi:10.1016/j.eneco.2009.08.010

Hammoudeh, S., Y. Yuan, and M. McAleer. “Shock and Volatility Spillovers among Equity Sectors of the Gulf Arab Stock Markets.” Quarterly Review of Economics and Finance, Vol. 49, no.3 (2009), 829-842. doi:10.1016/j.qref.2009.04.004
Among the 25 hottest articles from April–December 2009.
http://top25.sciencedirect.com/subject/economics-econometrics-and-finance/10/journal/the-quarterly-review-of-economics-and-finance/10629769/archive/23/

Hammoudeh, S., R. Sari and B. Ewing, “Relationships among Strategic Commodities and with Financial Variables: A New Look,” Contemporary Economic Policy, Vol. 27, no. 2 (2009), 251-269.

Choi, K. and S. Hammoudeh. “Long Memory in Oil and Refined Products Markets,” The Energy Journal, Vol. 30 no. 2 (2009), 57-76.

Bhar, R., S. Hammoudeh and M. Thompson. “Component Structure for Nonstationary Time Series: Application to Benchmark Oil Prices,” International Review of Financial Analysis (forthcoming).

Hammoudeh, S., “Noncompliance, Shocks and Optimal Policy in OPEC’s Decision Making,” Geopolitics of Energy, Vol. 30 no. (5)  (2008), 1-20.

Hammoudeh, S. E. Ewing and M. Thompson, “Threshold Cointegration Analysis of Crude Oil Benchmarks,” The Energy Journal, Vol. 29 no. 4 (2008), 79-95.

Hammoudeh, S., R. Sari and B. Ewing, “Relationships among Strategic Commodities and with Financial Variables: A New Look,” Contemporary Economic Policy, (in press 2008).

Hammoudeh, S., Y. Yuan and K. Smimou, “Equity Market Diversification in the MENA Regions and Impacts of Oil and Major Global Stock Markets,” Arab Bank Review, Vol. 9 no. (1), 2008.

Hammoudeh, S. and Y. Yuan, “Metal Volatility in Presence of Oil and Interest Rate Shocks,” Energy Economics, Vol. 30 no.2 (2008), 606-620.

Malik, F. and S. Hammoudeh, “Shock and Volatility Transmission in the Oil, US and Gulf Equity Markets,” International Review of Economics and Finance, Vol.16 no. 3(2007), 357-368.

Hammoudeh, S. and A. Khelil (2007). “Sources of Growth in Jordan’s Manufacturing: Impacts of Second-Hand Sanctions,” Global Review of Business and Economics Research, Vol. 3 (to be published in Spring 2007).

Sari, R. S. Hammoudeh and B. Ewing (2007). “"Dynamic Relationships between Oil and other Commodity Futures Prices,” Geopolitics of Energy, Vol. 29 (7), pp 1-12.

Choi, K and S. Hammoudeh, “Characteristic of Permanent and Transitory Returns in Oil-Sensitive Emerging Stock Markets: the Case of the GCC Countries,” Journal of International Financial Markets, Institutions and Money, Vol. 17, no 3, (July 2007), 231-245

Ewing, B.T., S. Hammoudeh and M. Thompson  "Examining Asymmetric Behavior in US Petroleum Futures and Spot Prices" The Energy Journal, Vol. 27, no.3 (2006), 9-23.

Nandha, M. and S. Hammoudeh, “Systematic Risk, and Oil Price and Exchange Rate Sensitivities in Asia-Pacific Stock Markets,” Research in International Business and Finance, Vol. 22 no. 1 (2006), 22-24.

Hammoudeh, S. and K. Choi "Behavior of GCC Stock Markets and Impacts of US Oil and Financial Markets," Research in International Business and Finance, Vol. 20 no. 1 (2006), 22-44.

Hammoudeh, S and H. Li "Sudden Changes in Volatility in Emerging Markets: The case of the Gulf Arab Stock Markets," International Review of Financial Analysis, Vol. 15 # 4(2006)
 

Choi, K. and S. Hammoudeh "Volatility Regime Switching in the Gulf Arab Stock Markets," Finance Letters, Vol.3 (April 2005).

Hammoudeh, S and H. Li "Oil Sensitivity and Systematic Risk in Oil Sensitive Stock Markets," Journal of Economics and Business 57,1-21(2005)

Ewing Bradley, S., Hammoudeh,. and G. Covarrabias "Volatility of the UK Basis: Persistence and Sudden Changes,” Finance Letters, Vol.2 (November 2004).

Hammoudeh, S. and H. Li "Risk Return Relationships in Oil Sensitive Stock Markets,” Finance Letters, Vol. 2. (August 2004).

Hammoudeh, S."Dynamic Relationships Among GCC Stock Markets and NYMEX Oil Futures," Contemporary Economic Policy. Vol. 22, no.2 (April 2004), 250-269.

Hammoudeh, S., S. Dibooglu and E. Aleisa. " Relationships Among US Oil Prices and Oil Industry Equity Indices,” International Review of Economics and Finance, Vol. 13, no.3 (2004). 

Hammoudeh, S. and H. Li "The Impact of the Asian Crisis on the Behavior of US and International Petroleum Prices,” Energy Economics, Vol. 26, no.1 (January 2004), 135-160.

 Hammoudeh, S., H. Li and B. Jeon." Causality and Volatility Spillovers Among Petroleum Prices of WTI, Gasoline and Heating Oil in Different Locations,” North American Journal of Economics and Finance, Vol. 13, no.1 (January 2003), 89-114.

Tang, L. and S. Hammoudeh. “An Empirical Exploration of World Oil Price Under the Target Zone Model," Energy Economics,  24 (November 2002) 577-596.

Hammoudeh, S. and E. Aleisa. “Relationship Between Spot/Futures Prices of Crude Oil. and Equity Indices for the Oil-Producing Economies and US Oil-Related Industry,” Arab Economic Journal, Vol. 11 no. 27 (April 2002), 37-62.

Hammoudeh, S. "Oil Pricing Policies in a Target Zone Model," Research in Human Capital and Development, Vol. 11 B, 199, (1997), 497-513.

Hammoudeh, S. "Oil Target Zones, Mean Reversion and Zone Readjustments," Southern Economic Journal , Vol. 62 no. 2, (April 1996).

Hammoudeh, S. and V. Madan. "Expectations, Target Zones and Oil Price Dynamics," Journal of Policy Modeling, Vol. 17 no. 6, (1996), 597 - 613.

Hammoudeh, S. and V. Madan. "Asymmetric Target Zones and Oil Price Dynamics," Southwestern Economic Review, Vol. 22 no. 1, (1995), 87 - 97.

Hammoudeh, S. and V. Madan. "Escaping the Tolerance Trap: Implications of Rigidity in OPEC’s Quantity Adjustment Mechanism," Energy Economics, Vol. 16 no.1, (1994), 3- 8. Proceedings/Conference Presentations.

Hammoudeh, S. "Empirical Investigation of A Cartel’s Optimal Policy in Presence of Noncompliance: the Case of OPEC," Paper presented at The Western Economic Association International Meeting,, July 2001, San Francisco, California.

Hammoudeh and L. Tang. "World Oil Price Under the Target Zone Model: theory and Empirical Investigation," Paper Presented at the Western Economic Association International Meeting, July 2001, San Francisco, California.

Hammoudeh. "World Oil Price Under the Target Zone Model: theory and Empirical Investigation," Paper Presented at International Association for Energy Economics, September 2000, Philadelphia, PA.

Hammoudeh, S. "Noncompliance, Shocks and Optimal Policy in OPEC’s Decision Making," Paper presented at The Western Economic Association International Meeting, 2000, Vancouver, Canada.

Hammoudeh, S. "Oil Target Zones and Target Price Readjustment: Anecdotal Evidence and Theory," Paper presented at The Western Economic Association International Meeting, 1999, San Diego, California.

Hammoudeh, S. "Oil Target Zones and Target Price Readjustment," Paper presented at The Western Economic Association International Meeting, 1998, Lake Tahoe, Nevada.

Hammoudeh, S. "Shock signals and the Oil Principal-Agent Problem," Paper presented at The Western Economic Association International Meeting, 1997, Seattle, WA.

Hammoudeh, S. "Sensitivity Of Target Exchange Rates at the Upper bound," Paper presented at The Western Economic Association International Meeting, 1996, San Francisco, CA.

 Hammoudeh, S. and V. Madan. "Asymmetric Target Zones and Oil Price Dynamics," presented at the International Symposium on Economic Modeling, June 1994, Washington, D.C.

Hammoudeh, S. and V. Madan. "Expectations, Target Zones, and Oil Price Dynamics," presented at the International Symposium on Economic Modeling, June 1993, Athens, Greece.

Book Review:
"Land Reclamation and Development" Published in Southern Economic Journal, April, 1997.

Teaching Activities

(ECON-201) Principles of Economics (Micro)

(ECON-321) Macroeconomics

(ECON-322) Economics Seminar


(ECON-610) Micro Economics

(ECON-601) Managerial Economics


(INTB-334) International Trade

 
(ECON-351) Environmental &Resource Economics


(ECON-342) Economic Development


(ECON-346) Economics of Consumption


ECON-630 International Economics

 

(Econ 330) Managerial Economics

Awards & Honors

Bennett S. LeBow College of Business’ Summer Research Grant "Empirical Exploration of the World Oil Price Under the Target Zone Model" 2001.
Bennett S. LeBow College of Business’ award for Excellence in Service, 1999.
COBA Summer Research Mini Grant, "Target Zones and Target Price Readjustment," 1998.
Invited by the Arab Planning Institute-Kuwait to present a paper at International Conference on Evaluation of Macroeconomic Models, Tunisia, June 12-14, 1995.
Invited by The Cooperation Council for the Arab States of the Gulf-Saudi Arabia to participate in a Workshop on Modeling Economic Integration Efforts for the Gulf Cooperation Council (GCC) Member States, Kuwait, May 23-24, 1995.
Peter C. Stercho Award for Excellence in Research in Economics, 1994.
Peter C. Stercho Award for Excellence in Service to the Department of Economics, 1993.
Invited by the Arab Planning Institute-Kuwait to Participate in the Experts Meeting on the Arab Macroeconomic Models, Kuwait, May 31-June 1, 1993. Also received a grant.

Professional Experience

Academic:
Drexel University, Department of Economics, Associate Professor, 1989-present.
University of Kansas, Department of Economics, Teaching Assistant, 1977-1978.

Industry:
Organization of Arab Petroleum Exporting Countries (OAPEC) Kuwait Senior Economist, 1983-1988.
Kuwait Institute for Scientific Research (KISR), Kuwait Associate Research Scientist, 1981-1983.
Ministry of Foreign Affairs, Diplomatic Attache, 1972–1975.

Consulting:
Swartz, Campbell & Detweiler Law Firm, Equivalency of Economic Earning Capacities for Jordan and the United States, Philadelphia, PA, Summer 2000.
U.N. Development Program Amman, Jordan, 1988-89, 1991.

Community Involvement

Memberships:
Member, American Economic Association.
Member, Western Economic Association International.
Member, International Association for Energy Economics.
Member, Middle East Economic Association.
Member, Arab Economic Association.
Member, Arab Society for Economic Research.

Review Activities:
Referee, International Journal of Industrial Organization, 2001.
Referee, Energy Economics.

University Level Committees:
Senator, Faculty Senate, 2003 - Present
Member, Faculty Senate Steering Committee 2003 -Present
Member, Faculty Senate Committee for Academic Support, 2000, 2001.
Alternate Senator, Drexel's Faculty Senate, 1998, 1999.

College and Department Level Committees:

Chair, Faculty Advisory Committee, 2002 - Present
Member, College Faculty Advisory Committee, 2001.
Member, College Faculty Excellence Award Committee, 2001.
Member, Department Personal Committee, 2001.
Member, Dean’s Management Team. 1998 and 1999.
Member, College Technology and Intellectual Capital Subcommittee, 1999.
Chair, Department Faculty Hiring Committee, 1997-98.
Coordinator, Department Strategic Planning Committee, 1996.
Member, College Academic Standing Subcommittee, 1995-present.
Member, College Transfer Student Committee, 1995-present.
Coordinator, Department's Ph.D. Program 1992-96.
Member, College Ph.D. Core Examination Subcommittee.
Member, College Graduate Curriculum Committee 1995.
Member, College Committee for the Undergraduate International Business Major.
In charge of moderation and upgrading of department undergraduate curricula.
Member, College Telemarketing Team.
Member, College Undergraduate Science Committee.
Member, College First Year Sequence Committee.

Community Service:
Swartz, Campbell & Detweiler Law Firm, Equivalency of Economic Earning Capacities for Jordan and the United States, Philadelphia, PA, Summer 2000.
Giving Lectures to Crest Memorial School and Wildwood High School on the stock market and on the Middle East.
Helped Established the Daisy Batdorf Breakfast Program, Glenwood Elementary School, Wildwood, NJ.