Jahangir Sultan

  • Professor, Finance
  • Executive Founding Director, The Hughey Center for Financial Services
  • Member of the Editorial Board, International Journal of Accounting and Finance ,
  • Founding Director of the Hughey Center for Financial Services ,
  • Ph.D. Arizona State University

Teaching Interests

International financial management;
International investment;
Fixed income;
Experimental finance

Research Interests

Cryptocurrencies
Political risk
Fintech
Foreign exchange exposure management, hedging, modeling volatility, and risk management issues; Corporate governance; Socially responsible investing-carbon trading;
Risk management/Derivatives;
Portfolio management; mutual funds
Effects of terrorism on financial markets

Consulting/Practice Interests

Setting up on-campus trading rooms;
Estimating volatility /GARCH;
Portfolio optimization;
Trading strategies;
Hedge fund analytics; Commodities
Large international infrastructure projects

Bio

Edward F. Gibbons Research Professor of Finance, Executive Founding Director, The Hughey Center for Financial Services. Research interests include international finance, international investment, financial liberalization in emerging economies, and time-series modeling. Has articles published or forthcoming in the Journal of Financial and Quantitative Analysis, Journal of International Money and Finance, Journal of Financial Research, Journal of Financial Engineering, Journal of Business Finance and Accounting, Journal of Applied Financial Economics, Real Estate Review, Journal of Futures Markets, Open Economies Review, Pacific-Basin Capital Markets Research, Review of Research in Banking and Finance, Binational Fulbright Working Paper Series, the Chicago Board of Trade Working Paper Series, and Columbia University Working Paper Series. Has received awards and grants from the Chicago Board of Trade (CBOT), Binational Fulbright Commission, Bentley College, Columbia University, and the Asian Development Bank. Previously taught at Texas A&M University.

Professional Links

Professional Memberships

  • American Finance Association Present
  • Financial Management Association Present
  • Financial Management Association 1990 - Present
  • Awards and Honors

  • 2009, Best Paper Award for "Portfolio Diversification during Financial Crisis: An Analysis of Islamic Asset Allocation Strategy," with Maher Milly. Presented at the World Economic and Business Conference in Istanbul, August 12-14, 2009.
  • 2008, "Options on Fed Funds Futures and Interest Rate Volatility," winner of the Best Paper Award at the Eighth International Business Research Conference, UAE, March 27-28, 2008. Presented by the World Business Institute, Victoria, Australia.
  • 2007, Gibbons Professorship in Finance
  • 1999, Bentley College Scholar of the Year
  • 1995, Recipient of a travel award from the Federal Reserve Bank of Atlanta, to present at the Conference on "Derivatives and Systemic Risk", Washington, D.C., April 20, 1995.
  • 1994, Bentley College Rauch Grant
  • 1994, Chicago Board of Trade Educational Research Foundation ($10,000) for conducting research on interest rate swaps. Project Title: "Interest Rate Swaps and Futures Market Volatility." 1994.
  • 1993, Rauch Faculty Enrichment Fund ($4500), 1993 for developing an innovative course in currency trading. Currently studying the possibility of developing a currency trading room.
  • 1992, Fellowship ($2000) from The Binational Fulbright Commission in Cairo, Egypt to attend the Fulbright Symposium- Europe '92 and its Implications for Industrialized and Industrializing Economies, Cairo, Egypt, January 5-7, 1992.
  • 1991, Bentley College Fellowship ($2000) to attend The European Community: 1992 and Beyond in Belgium, France, and Luxembourg. June 22-July 6, 1991.
  • 1991, Recipient of a grant ($6000) from the Center for the Study of Futures Markets at Columbia University for "Foreign E change Futures and Time Varying Hedge Ratios" with Ken Kroner.
  • 1990, Recipient of a travel award ($1500) from the Asian Development Bank and the Thailand Securities and E change to present "E change Rate Volatility and Time Varying Hedge Ratios," at the Second Annual Pacific-Basin Finance Conference in Bangkok, Thailand: June 3-6, 1990.
  • Publications

    Journal Articles


  • Nekhili, R., Sultan, J., Bouri, E. L. (2023). Liquidity spillovers between cryptocurrency and foreign exchange markets. North American Journal of Economics and Finance, (Vol 68 (C)) Forthcoming.
  • Liu, Y., Li, Z., Nekhili, R., Sultan, J. (2023). Forecasting Cryptocurrency Returns with Machine Learning. Research in International Business and Finance, (64) Forthcoming.
  • Li, T., Nan, W., Sultan, J., , . (2023). Internal Relevance between Analysts' Forecasts and Target Prices - Informativeness and Investment Value. Journal of Applied Financial Economics. Forthcoming.
  • Mensi, W., Sultan, J., Nekhili, R. (2022). Cryptocurrency liquidity during the Russia-Ukraine war: The Case of Bitcoin and Ethereum. Journal of Risk Finance. 24. Forthcoming.
  • Frydenberg, M. E., Sultan, J., VanderClock, W. B. (2022). [PDF] from ed.gov Interacting with Bloomberg Terminal from an Information Technology Perspective. ISCAP, (20) 3 27-35. (Link)
  • Nekhili, R., Sultan, J. (2021). “Hedging Bitcoin with Conventional Assets”. . Borsa Istanbul Review.
  • Ahmed, R., Hasan, M., Sultan, J. (2020). Meteor Showers and Global Asset Allocation. European Journal of Finance.
  • Nekhil, R., Sultan, J. (2020). Jump Driven Risk Model Performance in Cryptocurrency Market. International Journal of Financial Studies, (8 ) 2 1-18.
  • Sultan, J., Alexandritis, A., Hasan, M., Sultan, J. (2019). Hedging Performance of Multiscale Hedge Ratios. Journal of Futures Markets, (39) 12 20.
  • Sultan, J. (2018). Are Individuals More Likely to Misappropriate During Economic Recessions or Expansions? An Examination of the Relative Impact of Pressure and Opportunity. Journal of Forensic & Investigative Accounting/National Association of Certified Valuators and Analysts. (Link)
  • Bhatt, V., Shah, S., Sultan, J. (2014). Faith Based Investing: A Comparison among Islamic, SRI, and Conventional Investing.. Harvard Law School, ILSP, Islamic Finance Project (2013).
  • Bhatt, V., Sultan, J. (2013). Leverage Risk, Financial Crisis, and Stock Returns: A Comparison among Islamic, Conventional, and Socially Responsible Stocks. Islamic Economic Studies, (20) 1 87-143.
  • Sultan, J. (2012). Options on Fed Funds Futures and Interest Rate Volatility.” Forthcoming, Journal of Futures Markets.. Journal of Futures Markets, (25) 330-359.
  • Gulley, O. D., Sultan, J. (2011). Economics, Politics, and the Federal Funds Markets: Does the Fed Play Politics?. Applied Financial Economics, (21) 14 1005-1019.
  • Sultan, J., Hasan, M. S. (2008). The Effectiveness of Dynamic Hedging: Evidence from Selcted European Stock Index Futures. European Journal of Finance.
  • Sultan, J. (2005). Information Content of the Fed Funds Rates. Journal of Futures Markets, (25) 8 753-774.
  • Gulley, O. D., Sultan, J. (2003). Financial Market Reaction to Monetary Policy. Applied Financial Economics, (13) 199-209.
  • Gulley, O. D., Sultan, J. (2003). The Link Between Monetary Policy and Stock and Bond Markets: Evidence from the Federal Funds Futures Contract. with David Gulley. Applied Financial Economics, (13) 2003 199-209.
  • Gulley, O. D., Sultan, J. (1998). Consumer Confidence Announcements: Do They Matter?. Applied Financial Economics, (8) 155-166.
  • Fletcher Brown, D., Sultan, J. (1997). Cross Currency Swap Rates and Deviations from Interest Rate Parity. Journal of Financial Engineering, (6) 47-69.
  • Balogh, C., Sultan, J. (1997). Investing in Foreign Real Estate: A Primer. Real Estate Review, (27) Spring 73-81.
  • Hogan, K., Kroner, K., Sultan, J. (1997). Program Trading, Non-Program Program Trading and Market Volatility. Journal of Futures Markets, (17) October 733-757.
  • Shastri, K., Sultan, J., Tandon, K. (1996). The Impact of the Listing of Options in the Foreign Exchange Market. Journal of International Money and Finance, (15) February 37-64.
  • Sultan, J. (1995). Stock Market Reaction to German Reunification. Journal of Business Finance and Accounting, (22) September 831-844.
  • Chowdhury, M., Kroner, K., Sultan, J. (1995). Volatility Spillover from Interest Rate Swaps. Journal of Financial Engineering, (4) 157-186.
  • Hogan, K., Sultan, J. (1994). Foreign Exchange Market Reaction to the U.S.-Canada Free Trade Agreement. Journal of Financial Research, (26) Winter 530-550.
  • Fletcher Brown, D., Sultan, J. (1994). The Impact of Regulatory News and Discount Rate Changes on the Time Varying Volatility of Interest Rate Swap Spreads. Journal of Financial Engineering, (3) September/December 229-252.
  • Sultan, J. (1994). Trade Deficit Announcements and Exchange Rate Volatility: Evidence from the Spot and Futures Markets. Journal of Futures Markets, (14) June 379-404.
  • Kroner, K., Sultan, J. (1993). Time Varying Distributions and Dynamic Hedging with Foreign Currency Futures. Journal of Financial and Quantitative Analysis, (28) December 535-551.
  • Kroner, K., Sultan, J. (1991). Exchange Rate Volatility and Time Varying Hedge Ratios. Pacific-Basin Capital Markets Research, (2) 397-412.
  • Melvin, M., Sultan, J. (1990). South African Political Unrest, Oil Prices and The Time Varying Risk Premium in the Gold Futures Market. Journal of Futures Markets, (10) 2 103-111.
  • Melvin, M., Sultan, J. (1990). The Choice of an Invoicing Currency in International Trade and the Balance of Trade Impact of Currency Depreciation. Open Economies Review, (1) 251-268.
  • Sultan, J. (1987). Prediction of Corporate Bankruptcy: A Comparison Between LOGIT and Multiple Discriminant Techniques. Review of Research in Banking and Finance, (3) Fall 29-38.
  • Nekhili, R., Alomar, M., Mensi, W., Sultan, J. (). Return spillovers between Decentralized Finance and Centralized Finance Markets. Eurasian Economic Review. Forthcoming.
  • Fletcher Brown, D., Buono, A. F., Frederick, R. E., Hall, G. J., Sultan, J. (). A Longitudinal Study of Ethics Education: Establishing the Baseline. Journal of Academic Ethics.

    Book Chapters


  • Gulley, O. D., Sultan, J. (2009). The Effects of Global Terrorism on Risk Premium: Evidence from Stock Markets In Mathew Morgan, (Eds.) . new York: Palgrave Mcmillan
  • Sultan, J. (2009). Carbon Emissions Trading In Partha Ghosh, (Eds.) Green Economy (ed. Partha Ghosh, Boston Pledge), Boston.. Boston, MA: Boston Pledge
  • Sultan, J. (2006). Modeling Correlation Risk In Michael Ong, (Eds.) Risk Management: A Modern Perspective. 273-291. Burlington, MA: Academic Press

  • Cases


    Frydenberg, M. E., Sultan, J., VanderClock, W. B. (2022). V20 N3 Pages 27-35 Jun 2022 Interacting with Bloomberg Terminal from an Information Technology PerspectiveInformation Systems Education Journal, (20) 3 (Link)Frydenberg, M. E., Sultan, J., VanderClock, W. B. (2021). Interacting with Bloomberg Terminal from an Information Technology Perspective ISCAP, (2021 Proceedings of the EDSIG Conference) v 7 n5608 (Link)

    Conference Proceedings


  • Buono, A. F.Fletcher Brown, D.Frederick, R. E.Hall, G. J.Sultan, J. (2012). Acting Ethically: Moral Reasoning and Business School Student Behavior Society for Advancement of Management, (Society for Advancement of Management International Conference)

  • Other(s)


  • Sultan, J. (2018). Informational Efficiency of Islamic Depositary Receipts: Implications for Long-term Investment and FinancingWorld Bank and Islamic Development Bank. Forthcoming.
  • Presentations

  • Sultan, J. (2023). “The Effects of Economic and Political Risk on ESG Ratings” Presented at the Allana Institute of Management Studies and Mumbai Stock Exchange (BSE). The International Finance Conclave on Role of Financial Markets in Sustainable Growth Through ESG Investments Mumbai, India
  • Sultan, J. (2023). “A Commodity Allocation Alternative for an All Weather portfolio” Presented at the UTI Asset Management Company MDP Training Mumbai, India
  • Sultan, J. (2022). Presented at theSouthern Finance Association Annual Meetings 2022
  • CICCHETTI, C. C., Sultan, J., Giansiracusa, N., Goodwin, F., Khumbah, N. (2021). “ACS2021” Presented at the Bentley University, State Street, Truman National Security Project ACS2021
  • CICCHETTI, C. C., Sultan, J., Parisi-Capone, E., Hardy, D., Muhangi, K. (2020). “ACS2020” Presented at the Moody's, Bentley University ACS2020 Virtual
  • Gulley, O. D., Sultan, J., Ahmed, R. (2020). “Conventional and Unconventional Monetary Policy Shocks, Commodity Price Instability, and Political Risk” Presented at the WEAI Western Economic Association International Conference Virtual
  • Sultan, J. (2018). “Entrepreneurship, Responsible Leadership, and Economic Development” Presented at the Cyrus Institute of Knowledge ESCA Conference Casablanca, Morocco
  • Sultan, J. (2017). “Alternative Commodity Investing for a New Paradigm” Presented at the Institute for Higher Business Studies, Carthage - Tunisia (IHEC Carthage). Campus Presentation Carthage - Tunisia (IHEC Carthage).
  • Sultan, J. (2017). “Alternative Commodity Investing for a New Paradigm” Presented at the University of Liverpool Management School Forecasting Financial Markets Liverpool, UK
  • Sultan, J. (2017). “Are Individuals More Likely to Misappropriate During Economic Recessions or Expansions? An Examination of the Relative Impact of Pressure and Opportunity” Presented at the Cyrus Institute of Knowledge Entrepreneurship, Responsible Leadership, and Economic Development MIT, Cambridge, MA
  • Sultan, J. (2017). “Are Individuals More Likely to Misappropriate During Economic Recessions or Expansions? An Examination of the Relative Impact of Pressure and Opportunity” Presented at the The Hughey Center for Financial Services Bentley University Symposium on Behavioral Finance Bentley University, Waltham, MA
  • sultan, j. (2016). “Information Efficiency in the Islamic ADR Market” Presented at the World Bank and Islamic Development Bank World Bank Conference on Islamic Finance Rabat, Morocco
  • sultan, j. (2016). “Developing Market for Islamic Depository Receipts and ETFs” Presented at the Organization of Islamic Cooperation OIC Member States’ Stock Exchanges Forum 10th Meeting Istanbul, Turkey
  • Sultan, J. (2016). “Zero Interest Rate and Islamic Finance” Presented at the Harvard University Muslim Alumni Association Harvard University Muslim Alumni Islamic Finance Conference Harvard University
  • sultan, j. (2016). “Islamic Finance 101” Presented at the Harvard University Muslim Alumni Association Conference on Islamic Finance Harvard University
  • sultan, j. (2016). “Trade Policies, Labor Rights, and Working Condition: An Overview” Presented at the International Sustainable Development Institute Current Status of Bangladesh Garments INdustry Harvard Law School
  • Sultan, J. (2012). “Hedging Carbon Risk” Presented at the Indian Institute of Management-Calcutta 3rd India Finance Conference Calcutta, India
  • Sultan, J. (2012). “Performance of Values-driven and Profit-seeking Investment Strategies” Presented at the Financial Management Association FMA Atlanta, GA
  • Sultan, J. (2012). “Hedging Carbon Risk” Presented at the Cambridge University Forecasting Financial Markets Marseilles, France
  • Sultan, J. (2012). “Performance of Values-driven and Profit-seeking Investment Strategies” Presented at the Harvard Law School Islamic Legal Studies Program 10th Harvard University Forum on Islamic Finance. Harvard University, Cambridge, MA
  • Milly, M., Sultan, J. (2009). “Portfolio Diversification during Financial Crisis: An Analysis of Islamic Asset Allocation Strategy” Presented at theNinth Harvard University Forum on Islamic Finance, Building Bridges Across Financial Communities Harvard University Law School, Cambridge, Massachusetts
  • Gulley, O. D., Sultan, J. (2007). “Terrorism and Financial Markets” Presented at theFMA Barcelona
  • Sultan, J., Gulley, O. D. (2006). “Terrorism and Financial Markets”
  • Gulley, O. D., Sultan, J. (2005). “Economics, Politics, and the Federal Funds Market: Does the Fed Play Politics?”
  • Gulley, O. D., Sultan, J. (2005). “What Moves the Federal Funds Market?”
  • Abdolmohammadi, M. J., Sultan, J. (2001). “The Correlates of Ethical Behavior in Stock Trading” Presented at theEighth International Conference Promoting Business Ethics Chicago, Ill
  • Service

    Department Service


  • Committee Chair for Faculty Recruiting 2018 - Present
  • Committee Chair for Tenured Faculty Group 2011 - Present
  • Committee Member for Curriculum Task Force 4.0 2019 - 2021
  • Committee Chair for Faculty Recruiting 2017 - 2018
  • Committee Chair for Undergraduate Curriculum Committee 2014 - 2016
  • Committee Chair for Undergraduate Curriculum Committee 2014 - 2015
  • Committee Chair for Faculty Recruiting 2013 - 2013
  • Committee Member for Dual Degree Program 2009 - 2010
  • Mentor (Student) for MSF 2000 - 2009
  • Mentor (Faculty) for MSA 2000 - 2007
  • University Service


  • Committee Member for Board of Trustees Academic Affairs 2023 - Present
  • Committee Member for AIG Pre-Bentley 2023 - Present
  • Committee Member for Board of Trustees Academic Affairs 2022 - Present
  • Committee Member for Board of Trustees Academic Affairs 2021 - Present
  • Committee Member for Board of Trustees Academic Affairs 2018 - Present
  • President, Bentley Chapter for Beta Gamma Sigma Honor Society 2013 - Present
  • Committee Member for Task Force 4.0 2019 - 2020
  • Committee Member for Hughey Center Strategic Advisory Board 2013 - 2018
  • Committee Member for Salary and Benefits 2017 - 2017
  • Professional Service


  • Editorial Review Board Member for Journal of Sustainable Finance and Accounting. 2024 - Present