Dr. Zamri Ahmad


Profile Dr Zamri Ahmad


Position: Associate Professor

Academic Qualifications:

Ph.D (Newcastle, UK),
MA (Newcastle, UK),
B.Sc. (American Univ.)


Room: 238
Phone: (+604) 653 5341
Fax: (+604) 657 7448
Email: zahmad@usm.my


Research Area:

Finance, Investment & Corporate Finance, Stock Market

Research Project:

On-going Research:

Completed Research:

  1. Co-researcher for “Stock Market Overreaction and Underreaction in Bursa Malaysia” USM RU Grant. June 2009 – May 2011
  2. Co-researcher for “In a Search of a Win-win Approach to SME landing: Building a Business Financing Model for SME Business Development”, USM RU Grant. February 2008 – Feb 2010.
  3. Co-researcher for “Human Resources, Governance, Service Quality and Performance: The Accelerated Programme for Excellence (APEX) Experience”, USM RU Oct 2008 – November 2009
  4. Project leader for “Behavioural Finance and Stock Market Investment in Malaysia” a research project financed by USM-IRPA short-term grant worth RM8,148. May 1999 – May 2000

Selected Publications in Journals:

  1. Toh Guat Guan, Zamri (2010) “Does Malaysian investors' judgement exhibit reference dependence?” Asian Academy of Management Journal of Accounting and Finance, Forthcoming in Vol. 6 (1).
  2. Md Aminul Islam , Ruhani Ali and  Zamri, (2010) “Why are IPOs Underpriced? Evidence from the Dhaka Stock Exchange, Bangladesh” Global Economy and Finance Journal. Vol. 3, no. 1, 2010.
  3. Fennee Chong, Ruhani Ali and Zamri (2009) “Does Noise Signal Affect Flipping Activities?” International Journal of Banking and Finance. Vol. 6 no.2, 2009.  pp 111-128.
  4. Noor Azlinna Azizan and Zamri (2009). “The Relationship between the Movements of Capital Markets in Developed Economies and Their Emerging Market Counterparts in the Asian Pacific Region”, Indonesian Capital Market Review. Vol. 1 no. 2, 2009, pp. 103 – 115.
  5. Santirasegaran Nadarajan,  Sitraselvi Chandren and Zamri(2009) “The Effects on Earnings From Announcement of Open Market Malaysian Corporate Share Buyback”, European Journal of Social Sciences, vol. 11 no. 3, 2009.
  6. “Effects of political Crises on Co-integration Between ASEAN-5 Stock Markets and the US Stock Market”, American Journal of Finance and Accounting, Vol. 1 no.3, 2009. pp. 334-343. (co-written with Reza Tajaddini and Tajul Ariffin Masron)
  7. “Underpricing  and Earnings Management of Initial Public Offerings (IPOs” ASA University Review. Vol. 2, no. 2., 2008, pp. 31-43 (Co-written with Md Aminul Islam and Ruhani Ali)
  8. “KLSE Long Run Overreaction and the Chinese New Year Effect”. Journal of Business Finance and Accounting, vol. 28, no. 1 & 2,  2001 (co-written with Simon Hussain).
  9. “A Study of Performance of KLSE Syariah Index”, Malaysian Management Journal. Vol. 6 June/Dec 2002 (co-written with Haslindar Ibrahim)
  10. “The Effect of Budgetary Participation on Managerial Performance in Malaysian Manufacturing Industry”, Journal of Accounting , Management and Economics Research. Vol. 2 (2), 2002. (co-written with Yuserrie Zainuddin, Hasnah Haron & Sofri Yahya)
  11. “Impact of Delisting from KLSE Syariah Index: An Empirical Study”, The Journal of Accounting, Management and Economics Research, vol.3 (2) 2003. (co-written with Yuserrie Zainuddin & Haslindar Ibrahim)
  12. “Price Momentum Strategies in the Kuala Lumpur Stock Exchange”, Jurnal Ekonomi & Manajemen. Vol. 11 (1), Jan-July 2003. (co-written with Tafdil Husni)
  13. “Short-run Overreaction, Stock Prices and Investor’s Irrationality in the Kuala Lumpur Stock Exchange International Journal of Management Studies (formerly Jurnal ANALISIS). Vol. 11 no. 2. (2004) pp. 1-20. (Co-written with Suwandi Tjan)
  14. “Stock Market Seasonality and Chinese New Year Effects in the Far Eastern Markets” Capital Market Review, vol. 6. no. 1 & 2, 1998
  15. “The Determinant of Audit Fees for SMEs in Malaysia” Akauntan Nasional, 1996. (co-written with Hasnah Haron, Ishak Ismail, Nizam Kasim)

Selected Publications in Books and Book Chapters:


  1. Member, Malaysian Finance Association. Date: June 2002 - present
  2. Committee Member, USM-Nihon Fukushi University 2nd International Business Program. Date: 22 August – 5 September 1999
  3. Committee Member, Seminar Pasaran Modal Islam, organized by Securities Commission-USM, USM. Date: 3 July 1999
  4. Committee Member, J/Kuasa Kecil Pelaksanaan Program Pendidikan Swasta, USM. Date: October 2001 - present
  5. Committee Member (module leader), USM-Norwegian School of Business’ International Marketing and Business Program, June – September 2003





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School of Management
Universiti Sains Malaysia,11800 USM, Penang, Malaysia.
Tel : +604-653 3984/3985/2520/3370
Fax :+04-657 7448 | Email: som@usm.my