Raheel Gohar, Ph.D

Chair of Accounting & Finance Department, Associate Professor of Finance


Dr. Raheel is working as an Associate Professor of finance at the College of Business, Al Yamamah University. He has more than 15 years’ experience of corporate, teaching and research.

He served in key administrative and leadership positions, such as a head of finance department, member in College Council, member curriculum review committee, member board of studies, member of strategic planning committee, member of academic council, head of quality assurance unit and PhD program coordinator.

Dr. Raheel has a PhD in Finance from Hacettepe University Ankara, 2008 and he earned MBA finance and BBA degrees from Peshawar University, Peshawar. He was awarded Cultural Exchange Scholarship 2002 to 2008 for his PhD program offered by the Ministry of Education, Pakistan. He was winner of PhD research fellowship Award (BIDEB) offered by Scientific and Technological Research Council of Turkey (TUBITAK) Oct. 2006 – Sep 2007. He is a member of Asian Finance Society and Society for the Study of Emerging Markets.

His research interests include: corporate finance, corporate governance, family enterprises, financial statement analysis, derivatives and equity valuation. He has more than 16 research papers published in different journals and has presented his research work in conferences around twelve different countries.

His research has been published in high quality peer-reviewed international journals, such as the Journal of Business Ethics, Emerging Markets Finance and Trade, International Journal of Intercultural Relations and Afro-Asian Journal of Finance and Accounting.


BH Chang, R Gohar, OF Derindag, E Uche (2023). COVID-19, lockdown measures and their impact on food and healthcare prices: empirical evidence using a dynamic ARDL model. Journal of Economic Studies 50 (5), 1008-1026.
OF Derindag, BH Chang, R Gohar, WK Wong, NA Bhutto (2023). Food prices response to global and national factors: Evidence beyond asymmetry. Cogent Economics & Finance 11 (1).
R Gohar, A Salman, E Uche, OF Derindag, BH Chang (2023). Does US infectious disease equity market volatility index predict G7 stock returns? Evidence beyond symmetry. Annals of Financial Economics 18 (02), 2250028.
R Gohar, BH Chang, E Uche, MA Uddin, A Kalra (2023). Nexus between energy consumption, climate risk development finance and GHG emissions. International Journal of Financial Engineering 10 (03).
A Maydybura, R Gohar, A Salman, WK Wong, BH Chang (2023). The asymmetric effect of the extreme changes in the economic policy uncertainty on the exchange rates: evidence from emerging seven countries. Annals of Financial Economics 18 (02), 2250031.
Raheel Gohar, Bisharat Hussain Chang, Emmanuel Uche, Pervez Ahmed Memon (2023). The Asymmetric Effect of Exchange Rate on the Household Consumption Expenditures. Etikonomi 22 (1), 31 - 34.
E Uche, BH Chang, R Gohar (2022). Consumption Optimization in G7 Countries: Evidence of Heterogeneous Asymmetry in Income and Price Differentials. Journal of International Commerce, Economics and Policy 13 (1), 2250002.
OF Derindag, BH Chang, R Gohar, A Salman (2022). Exchange Rate Effect on the Household Consumption in BRICST Countries: Evidence from MATNARDL Model. Journal of International Commerce, Economics and Policy 13 (2), 2250010.
R Gohar, S Bagadeem, BH Chang, M Zong (2022). Do the income and price changes affect consumption in the emerging 7 countries? Empirical evidence using quantile ARDL model. Annals of Financial Economics 17 (04), 2250024.
W Ali, R Gohar, BH Chang, WK Wong (2022). Revisiting the impacts of globalization, renewable energy consumption, and economic growth on environmental quality in South Asia. Advances in Decision Sciences 26 (3), 1-23.
R Gohar, K Bhatty, M Osman, WK Wong, BH Chang (2022). Oil prices and sectorial stock indices of Pakistan:  Empirical evidence using bootstrap ARDL model. Advances in Decision Sciences 26 (4), 1-27.
R Gohar, M Osman, E Uche, PAM Auxilia, BH Chang (2022). The economic policy uncertainty extreme dynamics and its effect on the exchange rate. Global Economy Journal 22 (03), 2350006.
R Gohar, BH Chang, OF Derindag (2022). Nexus between Consumption, Income, and Price Changes: Asymmetric Evidence from NARDL Model. Etikonomi 21 (2), 213 – 228.


Selected conference presentations

  1. Managerial Entrenchment Hypothesis and Dividend Payout Policy. 3rd International Conference on Applied Economics and Finance, 6-7 December, 2017, Girne, North Cyprus.
  2. Economic Integration and stock market Comovement. 9th International Finance Society Conference, 10 - 11 March 2017, Paris, France.
  3. Business Group's diversification and firm value: A comparison of Pakistani Business Group Affiliated and Unaffiliated Firms. 3rd International Conference on Corporate Governance in Emerging Markets on 28-29 May 2011 at Korea University Seoul, Korea.
  4. Achieving the Optimal Capital Structure and its Impact on Pakistani Banking Performance. Asia-Pacific Business Research Conference, 21-22 February 2011, Kuala Lumpur, Malaysia.
  5. Corporate Governance in Pakistan. International Conference on Governance, Fraud, Ethics and Social Responsibility, June 2009, Istanbul, Turkey.
  6. Business Group's Diversification and Firm Value: Evidence from Pakistani Business Group Firms. Fifteenth Annual Conference of the Multinational Finance Society, July, 2008, Orlando, USA.
  7. Work Ethics value of Pakistani, Kazakh and Turkish Managers. 21st European Business Ethics Network (EBEN) Annual Conference, 2008, Antalya / Turkey.
  8. Cultural-universal and Culture-specific Aspects of Transformational Leadership: A Comparison of Six Non-Western Countries. Jepson School Summer Institute for Leadership and the Liberal Arts, 2008, Richmond, USA.
  9. Comparison of Transformational Leadership Aspects in Non- Western Countries: Pakistan, Kazakhstan and Turkey. Ninth Annual Global Leadership Conference, 2007, Vancouver, Canada.


Current Teaching

FIN 312: Financial Management using Excel

FIN 313: Financial Institutions and Markets

FIN 415: Corporate Finance

FIN 508: Managerial Finance

Graduate Teaching

  • Managerial Finance
  • Principles of Finance
  • Corporate Finance

Undergraduate Teaching

  • Introduction to Finance
  • Investments
  • International Finance
  • Portfolio Management
  • Derivative Securities
  • Risk Management and Insurance
  • Financial Policy


  • Coordinator of the Finance Department, Al Yamamah University, 2019 – present.
  • A member of the Strategy Committee at Business Council, Al Yamamah University, 2019 – present.
  • The Chair of the Appeal Committee, Al Yamamah University, 2016 – 2018.
  • The Chair of the Finance Department at Dar Al Uloom University, 2013-2015.
  • A member of the Accreditation Committee at Dar Al Uloom University, 2013 – 2015
  • A member of the College of Business Council, Dar Al Uloom University, 2013 – 2015.
  • Coordinator of PhD Program, National University of Sciences and Technology (NUST), Islamabad, Pakistan, 2009-2011.
  • A member of Curriculum Review Committee, National University of Sciences and Technology (NUST), Islamabad, Pakistan, 2009-2011.