Mohamed AROURI

Docteur en Économie et HDR en Sciences de Gestion, Mohamed E. H. Arouri est Professeur des Universités agrégé en Finance. Il enseigne la Finance à l’Université d’Auvergne où il dirige l’École Doctorale SEPJG ED245. Lauréat du prix AFFI - NYSE Euronext 2006, Il a aussi enseigné la finance à l’Université d’Orléans et à l’ESSEC Business School. Il est chercheur au CRCGM et chercheur associé à l’EDHEC Business School. Ses travaux de recherche portent sur l’intégration des marchés financiers, la finance appliquée à l’énergie et le coût international du capital.


حاصل على دكتوراه في الاقتصاد و دكتوراه في علوم التسيير، محمد الهادي العرعوري باحث خبير في الاقتصاد المالي و برفسور في جامعة اوفرن الفرنسية حيث يدير معهد دراسات الدكتوراه. نشر العرعوري العديد من الكتب و الاوراق العلمية في مجالات اقتصادية مختلفة منها اندماج الاسواق المالية, مالية الطاقة و كلفة راس المال


Ph.D. in Economics and Ph.D. (HDR) in Management Science, Mohamed E. H. Arouri is a Professor of Finance at the Université d’Auvergne and director of the Doctoral School SEJPG ED245. He is a researcher at CRCGM and an associate researcher at EDHEC Business School. His research works focus is on the international cost of capital, energy finance and stock market integration.

Selected recent publications:


Emerging Markets and the Global Economy: A Handbook, Co-edited with Boubaker S. and DK. Nguyen, Elsevier, 2013.

The Dynamics of Emerging Stock Markets: Empirical Assessments and Implications, Co-authored, Springer, 2010.

Intégration internationale et évaluation des actifs financiers, Co-écrit, Hermès, 2010.



Cross-market Dynamics and Optimal Portfolio Strategies in Latin American Equity Markets. Co-authored, European Business Review, 2014.

The Impact of Solvency II on Bond Management, with L Arrias & Ph. Foulquier, Bankers, Markets & Investors, Special Issue March-April 2014, 49-62.

What drivers LBO operating performance in Latin America?, An empirical investigation, Co-authored with Sannajust A. & Chevallier A.,  European Business Review, forthcoming, 2014.

Herding in French Stock Markets: Empirical Evidence from Equity Mutual Funds, Co-authored with Bellando R.,Vaubourg AG & Ringuendé S., Bankers, Markets & Investors, 127, 42-58, 2013.

What Can We Tell about Monetary Policy Synchronization and Interdependence over the 2007-2009 Global Financial Crisis?, Co-authored, Journal of Macroeconomics, Vol. 36, pp. 175-187, 2013

An International CAPM for Partially Integrated Markets: Theory and Empirical Evidence. Co-authored with Nguyen DK & K. Pukthuanthong. Journal of Banking and Finance, Vol. 36, No. 9, pp. 2473-2493, 2012

Are Islamic finance innovations enough for investors to escape from a financial downturn? Further evidence from portfolio simulations, Co-authored, Applied Economics, 45(24), 2013, pp. 3412-3420

Environmental Regulation and Competitiveness: Evidence from Romania, Co-authored with Rault, Sova & Caporale,  Ecological Economics, 81, 2012, 130-139.

Modeling Nonlinear and Heterogeneous Dynamic Linkages in International Monetary Markets. Co-authored, Macroeconomic Dynamics, 6, S2, 232-251, 2012

Forecasting the Conditional Volatility of Oil Spot and Futures Prices with Structural Breaks and Long Memory Models, Co-authored with Lahinai A. and DK Nguyen, Energy Economics, 34, 1, 283-293, 2012.

Stock Returns and Oil Price Changes in Europe: A Sector Analysis, Manchester School, 80, 2, 237-267, 2012.

Nonlinearities in Carbon Spot-Futures Price Relationships during Phase II of the EU ETS, Co-authored, Economic Modelling, 29, 3, 884-892, 2012.

Oil Prices and Stock Markets in GCC Countries: Empirical Evidence from Panel Analysis, Co-authored with Rault, International Journal of Finance and Economics, 2012, 17, 3, pp. 242-253.

Long Memory and Structural Breaks in Modeling the Return and Volatility Dynamics of Precious Metals, Co-authored  with Lahinai, Hammoudeh & Nguyen, The Quarterly Review of Economics and Finance, 52, 2, 207-218, 2012.

Testing the efficiency of the aluminum market: evidence from London metal exchange, Applied Financial Economics, 23, 6, 2012, 483-493 (coauthored), Also published in its preliminary version in the review International Economics in the special issue on commodity and energy, ongoing research.

Volatility spillovers between oil prices and stock sector returns: implications for portfolio management, Co-authored with J. Jouini & D. Nguyen, Journal of International Money and Finance, 30, 7, 1387-1405, 2011.

ROE and Value Creation under IAS/IFRS: Evidence of Discordance from French Firms, Co-authored with Lévy A. & Nguyen D., European Financial and Accounting Journal,  5. 1,1-28, 2010.

Oil Prices and Stock Markets in Europe: A Sector Perspective, Co-authored with Ph. Foulquier & J. Fouquau,  Recherches Economiques de Louvain, 2011/1 -  77, 5-30

Return and Volatility Transmission Between World Oil Prices and Stock Markets of the GCC Countries, Co-authored  with D. Nguyen & A. Lahinai, Economic Modelling, 28(4), 1815-1825.

Global Financial Crisis, Liquidity Pressure in Stock Markets and Efficiency of Central Banks' Interventions, Co-authored, Applied Financial Economics, 20(8), 669-680, 2010.

Oil Prices, Stock Markets and Portfolio Investment: Evidence from Sector Analysis in Europe over the Last Decade, Co-authored  with D.K. Nguyen, Energy Policy, 38(8), 4528-4539, 2010.

Time-varying Predictability in Crude Oil Markets: The Case of GCC Countries, Co-authored with D Nguyen & Dinh T., Energy Policy, 38(8), 4371-4380, 2010

Time-varying Characteristics of Cross-market Linkages with Empirical Application to Gulf Stock Markets, Co-authored  with D. Nguyen, Managerial Finance, vol. 36, n°1, pp. 57-70, 2010. (C)

Efficiency and Threshold Stock Price Adjustment: The American Stock Market Case, Co-authored, Bankers, Markets and Investors, 39-46, 2010. (B)

Co-mouvements des marchés boursiers : intégration ou contagion ?, Co-écrit, Brussels Economic Review, vol. 50, n°3, 315-333, 2007.

Effets incitatifs des stocks-options : le cas des dirigeants français, Co-écrit avec A. Elmarzougui, Revue Française de Gestion, l34/187,  65-81, 2008.

L’intégration boursière internationale : tests et effets sur la diversification, Annales d’Economie et Statistiques, n°85, pp. 189-218, 2007.

La prime de risque dans un cadre international: le risque de change est-il apprécié ?, Revue Finance, vol. 27, n°1, pp. 131-170, 2006.


Chapters in books:

Are Short Selling Restrictions Good? A Look on European Markets, Co-authored, in G.N. Gregoriou (Eds.), Handbook of Short Selling, Elsevier,


Technical Analysis in Turbulent Financial Markets: Does Nonlinearity Assist?, Co-authored , in G.N. Gregoriou (Eds.), Handbook of Trading: Strategies for Navigating and Profiting from Currency, Bond, and Stock Markets, McGraw-Hill, USA, 2010.


Nonlinear Shift Contagion Modeling: Further Evidence from High Frequency Stock Data, Co-authored,in G.N. Gregoriou and R. Pascalau (Eds.), Nonlinear Financial Econometrics: Markov Switching Models, Persistence and Nonlinear Cointegration, Palgrave MacMillan, United Kingdom, 2010.


Emerging Stock Markets and the Current Financial Crisis: Emergence of a New Puzzle", Co-authored, in G.N. Gregoriou (Eds.), Banking Crisis Handbook, Chapman Hall / Francis and Taylor London, United Kingdom, 2009.


Media & professional journals:

LTGA Impact Assessment and Bond Management: Has Solvency II reached a Deadlock?, co-authored with Ph. Foulquier, Arras L., EDHEC Publications, 2013.

Le débat mal posé sur la juste valeur nuit à l’élaboration de l’IFRS 9 », co-écrit avec Ph. Foulquier, Revue d’Analyse Financière, 34, 2010.

Coût du capital, LBO et évaluation des entreprises non cotées, coécrit avec M. Chérif et Ph . Foulquier, La Revue du Financier, n°169, 6-21, 2008.

Solvabilité II : une menace pour le secteur immobilier ? », co-écrit avec Ph. Foulquier, Réflexions immobilières, 52(2), 55-63, 2010.

Biography cited in the 2013 Marquis Who's Who in the World (30th Edition)

Adresse professionnelle
Faculté des Sciences Économiques et de Gestion  Institut d'Administration des Entreprises
41, Bd François Mitterrand - BP 54 - 63002 Clermont-Ferrand Cedex 1 -

Tél. : 04 73 17 75 84

Fax : 04 73 17 75 75

Ma page CRCGM

Ma page EDHEC