Selected Publications

ORCID: https://orcid.org/0000-0002-3370-7550 

2025

1. 1. Chahal, R. J. K., & Ahmad, W. (2025). Political connections and corporate debt structure: The moderating effect of India's government-owned banks. ABACUS, Early View, [ABDC Journal Ranking: A, Impact Factor: 2.3, Scimago: Q2] 

   2. Shrimali, S., & Ahmad, W. (2025). On the communication efforts of the central banks in emerging economies: The case of India. Emerging Markets Review, 65, 101259. [ABDC Journal Ranking: A, Impact Factor: 5.9, Scimago: Q1]

2024

1. 3. Raghuvanshi, A. P., & Ahmad, W. (2024). Inflation targeting and monetary policy response in India. Journal of Asian Economics, 95, 101822. [ABDC Journal Ranking: B, Impact Factor: 2.9, Scimago: Q2]

   4. Kumar, U., & Ahmad, W. (2024). Navigating the “twin titans” of global manufacturing: The impact of US and China on industrial production forecasting in G20 nations. Pacific-Basin Finance Journal, 87, 102509. [ABDC Journal Ranking: A, Impact Factor: 4.8, Scimago: Q1]

   5. Sachdeva, P., & Ahmad, W. (2024). Fiscal and monetary policy regimes: New evidence from India. Economic Modelling, 139, 106838. [ABDC Journal Ranking: A, Impact Factor: 4.2, Scimago: Q1]

   6. Kumar, U., Ahmad, W., & Uddin, G. S. (2024). Bayesian Markov switching model for BRICS currencies' exchange rates. Journal of Forecasting, 43(6), 2322-2340. [ABDC Journal Ranking: A, Impact Factor: 3.4, Scimago: Q1]

   7. Saini, S., & Ahmad, W. (2024). Credit Creation, Credit Destruction and Credit Reallocation: Firm-level Evidence from India. Journal of Asian Economics, 91, 101743. [ABDC Journal Ranking: B, Impact Factor: 2.9, Scimago: Q2]

   8. Saini, S., Ahmad, W., & Salahuddin. G. (2024). Do recessions induce the Schumpeterian creative destruction? Micro-evidence from India. Emerging Markets Review, 59, 101106. [ABDC Journal Ranking: A, Impact Factor: 5.9, Scimago: Q1]

   9. Kaur, M., Ahmad, W., Hari, K. S., & Kattumuri, R. (2024). FinTech entrepreneurial ecosystem in India: Role of incubators and accelerators. Global Finance Journal, 63, 100933. [ABDC Journal Ranking: A, Impact Factor: 5.5, Scimago: Q1]

2023

1. 10. Sachdeva, P., Ahmad, W., & Bhanumurthy, N. R. (2023). Public expenditure multiplier across business cycle phases in an emerging economy: new empirical evidence and dimension. Empirical Economics, 66, 279-299. [ABDC Journal Ranking: A, Impact Factor: 2.9, Scimago: Q1]  66

   11. Sachdeva, P., Ahmad, W. & Bhanumurthy, N.R. (2023). Uncovering time variation in public expenditure multipliers: new evidence. Indian Economic Review, 58, 455-483. [ABDC Journal Ranking: B, Scimago: Q2] 

   12. Ahmad, W., Tiwari, S. R., Wadhwani, A., Khan, M. A., & Bekiros, S. (2023). Financial Networks and Systemic Risk Vulnerabilities: A Tale of Indian Banks. Research in International Business and Finance, 65, 101962. [ABDC Journal Ranking: B, Impact Factor: 6.3, Scimago: Q1]

   13. Ahmad, W. and R. J. K. Chahal. (2023). Do Political Connections Spur Technology Transfer? Evidence from India from a Governance Perspective. ADBI Working Paper 1362. Tokyo: Asian Development Bank Institute. Available: https://doi.org/10.56506/FNIQ2703  

2022

1. 14. Roy, P., Ahmad, W., Sadorsky, P., & Phani, B. V. (2022). What do we know about the idiosyncratic risk of clean energy equities?. Energy Economics, 112, 106167. [ABDC Journal Ranking: A*, Impact Factor: 13.6, Scimago: Q1]  66

   15. Shrimali, S., & Ahmad, W. (2022). Words that send waves to the Indian stock market: investigating RBI's communication. Economic and Political Weekly, 57(41), 10-13. 

   16. Sachdeva, P., Ahmad, W., & Bhanumurthy, N. R. (2022). On the Dynamics of Time-varying Fiscal Multipliers. Economic and Political Weekly, 57(44-45), 30-33. 

   17. Khan, M. A., & Ahmad, W. (2022). Competition, concentration and default-risk in the Indian banking industry. Journal of Economic Studies. 50(2), 268-282.  [ABDC Journal Ranking: B, Impact Factor: 2.2; Scimago: Q2] 

   18. Saini, S., Kumar, U., & Ahmad, W. (2022). Are emerging economies’ credit cycles synchronized? Fresh evidence from time-frequency analysis. International Journal of Emerging Markets, 19(3), 561-581. [ABDC Journal Ranking: B, Impact Factor: 2.90; Scimago: Q2]

   19. Khan, M. A., & Ahmad, W. (2022). Fresh Evidence on the Relationship between Market Power and Default Risk of Indian Banks. Finance Research Letters, 46(A).  [ABDC Journal Ranking: A, Impact Factor: 7.40; Scimago: Q1]

2021

1. 20. Ahmad, W., Chahal, R. J. K., & Rais, S. (2021). A Firm-level Analysis of the Impact of the Coronavirus Outbreak in ASEAN. ERIA Discussion Paper Series, 397. 

   21. Ahmad, W., Kutan, A. M., Chahal, R. J. K., & Kattumuri, R. (2021). COVID-19 outbreak and firm-level dynamics in the USA, UK, Europe, and Japan. International Review of Financial Analysis, 78, 101888.  [ABDC Journal Ranking: A, Impact Factor: 7.50; Scimago: Q1]

   22. Saini, S., Ahmad, W., & Bekiros, S. (2021). Understanding the credit cycle and business cycle dynamics in India. International Review of Economics & Finance, 76, 988-1006. [ABDC Journal Ranking: A, Impact Factor: 4.80; Scimago: Q1]

   23. Ahmad, W., Kutan, M. A., Gupta S. (2021). Black swan events and COVID-19 Outbreak: Sector level evidence from the US, UK, and European stock markets. International Review of Economics & Finance, 75, 546-557. [ABDC Journal Ranking: A, Impact Factor: 4.80; Scimago: Q1]

   24. Ahmad, W., Hernandez A.J., Saini, S., & Mishra, R. K. (2021).The US equity sectors, implied volatilities, and COVID-19: What does the spillover analysis reveal? Resources Policy, 72, [ABDC Journal Ranking: B, Impact Factor: 13.40; Scimago: Q1]

2020

1. 25. Chahal, R. J. K., & Ahmad, W. (2020). Political connections, investment inefficiency, and the Indian banking crisis. The Quarterly Review of Economics and Finance, 85, 16-20. [ABDC Journal Ranking: B, Impact Factor: 2.9; Scimago: Q2]

   26. Ahmad, W., Prakash, R., Uddin, G. S., Chahal, R. J. K., Rahman, M. L., & Dutta, A. (2020). On the intraday dynamics of oil price and exchange rate: What can we learn from China and India?. Energy Economics, 91,104871. [ABDC Journal Ranking: A*, Impact Factor: 13.6, Scimago: Q1]  

   27. Awasthi, K., Ahmad, W., Rahman, A., & Phani, B.V. (2020). When US sneezes, clichés spread: How do the commodity index funds react then?. Resources Policy, 69, 101858. [ABDC Journal Ranking: B, Impact Factor: 13.40; Scimago: Q1] 

   28. Karasu, S., Altan, A., Bekiros, S., & Ahmad, W. (2020). A new forecasting model with wrapper-based feature selection approach using multi-objective optimization technique for chaotic crude oil time series. Energy, 212, 118750. [ABDC Journal Ranking: A, Impact Factor: 9.0; Scimago: Q1]

2019

1. 29. Ahmad, W., Bhaskar, P., & Bhanumurthy, N. R. (2019). Understanding the systemic symptoms of NBFCs. Economic and Political Weekly, 54 (13), 59-67 [Special Issue on Money, Banking and Finance, 2019]

   30. Singh, J., Ahmad, W., & Mishra, A. (2019). Coherence, connectedness and dynamic hedging effectiveness between emerging markets equities and commodity index funds. Resources Policy, 61, 441-460. [ABDC Journal Ranking: B, Impact Factor: 13.40; Scimago: Q1] 

   31. Verma, R., Ahmad, W, Uddin, G. S., & Bekiros, S. (2019). Analysing the systemic risk of Indian banks. Economics Letters, 176, 103-108. [ABDC Journal Ranking: A, Impact Factor: 2.1; Scimago: Q2]                                                                                                                                                               

2018

1. 32. Ahmad, W., Mishra, A. V., & Daly, K. J. (2018). An examination of heterogeneous dependence and dynamic hedging between sectors of BRIC and global markets. International Review of Financial Analysis, 59, 117-133. [ABDC Journal Ranking: A, Impact Factor: 7.50; Scimago: Q1]

   33. Ahmad, W., Mishra, A. V., & Daly, K. J. (2018). Financial connectedness of BRICS and global sovereign bond markets. Emerging Markets Review, 37, 1-16. [ABDC Journal Ranking: A, Impact Factor: 5.9, Scimago: Q1]

   34. Ahmad, W., & Rais, S. (2018). Time-Varying Spillover and the Portfolio Diversification Implications of Clean Energy Equity with Commodities and Financial Assets. Emerging Markets Finance and Trade, 54(8), 1837-1855. [ABDC Journal Ranking: B, Impact Factor: 3.2, Scimago: Q1]

   35. Ahmad, W., Sadorsky, P., & Sharma, A. (2018). Optimal hedge ratios for clean energy equities. Economic Modelling, 72, 278-295. [ABDC Journal Ranking: A, Impact Factor: 4.2, Scimago: Q1]  

   36. Ahmad, W., Rais, S., & Shaik, A. R. (2018). Modelling the directional spillovers from DJIM Index to conventional benchmarks: Different this time?. The Quarterly Review of Economics and Finance, 67, 14-27. [ABDC Journal Ranking: B, Impact Factor: 2.9; Scimago: Q2]

   37. Ahmad, W., & Sharma, S. K. (2018). Testing output gap and economic uncertainty as an explicator of stock market returns. Research in International Business and Finance, 45, 293-306. [ABDC Journal Ranking: B, Impact Factor: 6.3, Scimago: Q1]

   38. Ahmad, W., & Sehgal, S. (2018). Business Cycle and Financial Cycle Interdependence and the Rising Role of China in SAARC. Journal of Quantitative Economics,  16(2), 1-26.  [ABDC Journal Ranking: B]

2017

1. 39. Ahmad, W. (2017). On the dynamic dependence and investment performance of crude oil and clean energy stocks. Research in International Business and Finance, 42, 376-389. [ABDC Journal Ranking: B, Impact Factor: 6.3, Scimago: Q1]

2015

1. 40. Sehgal, S., Ahmad, W., & Deisting, F. (2015). An investigation of price discovery and volatility spillovers in India’s foreign exchange market. Journal of Economic Studies, 42(2), 261-284. [ABDC Journal Ranking: B, Impact Factor: 2.2; Scimago: Q2] 

2013

1. 41. Ahmad, W., Sehgal, S., & Bhanumurthy, N. R. (2013). Eurozone crisis and BRIICKS stock markets: Contagion or market interdependence? Economic Modelling, 33, 209-225. [ABDC Journal Ranking: A, Impact Factor: 4.2, Scimago: Q1]