Dr. Noshaba Zulfiqar


Dr. Noshaba Zulfiqar has over 14 years of corporate and academic experience in the field of Finance and currently associated with GIK Institute of Engineering Sciences & Technology, Pakistan as Assistant Professor of Finance.

Dr. Noshaba Zulfiqar received her Doctor of Philosophy in Management Sciences from COMSATS University Islamabad, Pakistan. She earned her MS Finance from School of Business, Economics and Law, University of Gothenburg, Sweden. Her research interests include Derivatives, Volatility Spillovers, Energy Finance, FinTech and Environmental Sustainability.

Dr. Noshaba Zulfiqar has developed a special interest in equity and commodity market trading (Pakistan Stock Exchange and Pakistan Mercantile Exchange). She has published research articles in reputed journals like Financial Innovation, Research in International Business and Finance (RIBAF) and Chaina Finance Review International (CFRI). She is currently associated with Financial Innovation as a peer reviewer and also part of editorial board of The Singapore Economic Review, European Scientific Journal (ESJ) and Journal of Accounting, Business and Finance Research.

+923218553092, Ext.2373

Dr. Noshaba Zulfiqar

Assistant Professor of Finance


PhD Management Sciences

COMSATS University Islamabad, Wah Campus, Pakistan  

PhD Thesis: Implied Volatility Estimation by Numerical Approximation Techniques

MS Finance 

School of Business, Economics & Law, University of Gothenburg, Sweden

MS Thesis: Volatility Smile and Implied Volatility Surface in OMX Stockholm 30 Index

MBA Finance 

International Islamic University, Islamabad, Pakistan

Research Interests:

Derivatives, Digital Currencies, Volatility Spillovers, FinTech, Energy Finance and Environmental Sustainability


Selected Publications

  1. Zulfiqar, N., Gulzar, S. Implied volatility estimation of bitcoin options and the stylized facts of option pricing. Financ Innov 7, 67 (2021). https://doi.org/10.1186/s40854-021-00280-y (IF 8.4, W-Category)
  2. Gosh, B., Bouri, E., Wee, J. B., & Zulfiqar, N. Return and volatility properties: Some Stylized Facts from the universe of cryptocurrencies and NFTs. Research in International Business and Finance, 65 (2023) https://doi.org/10.1016/j.ribaf.2023.101945 (IF 6.5, W-Category)
  3. Gosh, B., Gubraveva, M., Zulfiqar, N., & Bossman, A. Is there a nexus between NFT, DeFi and Carbon allowances during extreme events? China Finance Review International. DOI 10.1108/CFRI-03-2023-0057 (IF 8.2, W-Category)
  4. Akhlaq, A., Zulfiqar, N., & Saleem, F. Examining Volatility Spilloverst: The Relationship Between Bitcoin and U.S. Industrial Sector. Sarhad journal of Management Sciences, Vol 9, Issue 2 (Y-category)

Reviewer/Editorial Board Member:

  1. Peer Reviewer “Financial Innovation”
  2. Peer Reviewer “The Singapore Economic Review”
  3. Editorial Board Member “European Scientific Journal (ESJ)”
  4. Editorial Board Member “Journal of Accounting, Business and Finance Research”
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