Ahmed Elshahat

Assistant Professor

Baker Hall 224
(309) 667-4960

Ph.D., Finance, Florida International University
M.B.A., Arab Academy for Science & Technology
B. Sc., Accounting, Alexandria University


Dr. Elshahat joined Bradley University in the fall 2008 as an assistant professor of finance. His area of expertise includes equity portfolio construction and optimization, time varying volatility and co-volatility forecasting, and macroeconomic news effect. He has a rich teaching experience in accounting and finance at both the graduate and undergraduate levels. Dr. Elshahat is a Certified Financial Manager (CFM) and he worked in the field as a financial analyst. His community activities include coaching a youth basketball team, and serving as the advisor of Bradley's MSA.


  • FIN 322 Business Finance (Under grad core)
  • FIN 323 International Financial Management
  • FIN 623 Multinational Finance (MBA program)
  • FIN 633 Quantitative Methods in Finance (MSQF program)
  • FIN 649 Quantitative Finance Capstone (MSQF program)


Published Intellectual Contributions

Refereed Journal Articles

  • Hong, J., Elshahat, A. Conditional tail variance and conditional tail skewness. Journal of Financial and Economic Practice, 10(1), 147-156.
  • Cho, J, Elshahat, A. Predicting Time-Varying Long-Run Variance – Modified Component GARCH model approach, Journal of Financial and Economic Practice, Forthcoming spring 2011.

Research in Progress

  • Elshahat, A. , Parhizgari, A, Hong, J. The information content of the banking regulation agencies and the depositary credit intermediation institutions. Under review – Journal of Economics and Business.
  • Hong, L. , Elshahat, A. A new simple proof of the no-arbitrage theorem for multi-period binomial model, Under review - International Journal of Finance and Economics.
  • Elshahat, A. , Behavioral Finance: Application of the Greedy Algorithm in Portfolio construction" Discipline Based – Research in Progress.
  • Elshahat, A. Parhizgari, A., Anwar, Greedy Algorithm and Portfolio construction under a stochastic environment" Discipline Based –
  • Elshahat, A. Parhizgari,Multivariate volatility and co-volatility forecasting under dynamic stochastic environment, Research in Progress.
  • Elshahat, I. Lin, S., Elshahat, A. Market reaction to auditor letter disagreement, Research in Progress.



  • Committee Member, Awards Committee. (October 2009 - Present).
  • Committee Member, GAT Committee. (April 2009 - Present).
  • Committee Member, Continuing Education Standing Committee (Sept 2010 – Present).
  • American Finance Association (AFA).
  • American institute of certified public accountants (AICPA).
  • Certified Financial Analyst (CFA) institute.
  • Financial Management Association (FMA).
  • Institute of Management Accounting (IMA).
  • Editor, Journal Editor, Journal of Financial and Economic Practice (JEFP). (November 2008 - Present).

Licensures & Certifications

Certified Financial Manager (CFM), Institute of Management Accounting (IMA). (March 2002 - Present).