Dr. Emir is Head of FinTech Training and Senior Research Fellow at Asian Institute of Digital Finance (AIDF), National University of Singapore (NUS).
He joined from NUS Business School where he taught in undergraduate, Master's, and executive education programs. Currently, he is teaching "Corporate Finance" course in the UCLA–NUS Executive MBA and "Corporate Finance and Digital Currencies" course in NUS Executive MBA.
Prior to that, Dr. Emir served as the CEO of Brunei Institute of Leadership and Islamic Finance (BILIF). During his tenure, CIBFM conducted internal rebranding and organized several high-profile events including the inaugural Leadership Conference in November 2016, the inaugural International Banking Conference in May 2017, and the second Brunei Islamic Investment Summit in August 2017.
Dr. Emir frequently receives invitations to speak on TV including BBC World News, Bloomberg TV, and Channel News Asia. He is often invited to provide expert commentaries in the business press including Washington Post, CNBC, Bloomberg, and Reuters and to speak at industry and academic forums.
During his career, Dr. Emir has published a number of case studies with a unique Asian perspective, such as “Toyota’s Innovative Share Issue,” "Alibaba's IPO Dilemma: Hong Kong or New York" and “Emirates Airline: A Billion Dollar Sukuk-Bond Issue.” These case studies have been downloaded more than 30,000 times and are used at the top universities including Harvard, Stanford, Chicago, Cornell, and Yale University.
Dr. Emir also authored a number of research papers and presented them at over 40 universities in the US, Europe, Asia and Australia, and several leading academic conferences.
Dr. Emir is a Founding Program Director of a flagship program “Asia Leaders in Financial Institutions” and a Founding Program Co-Director of “ChicagoBooth – NUS Emerging CFOs for Asia” at NUS Business School. He has taught various courses at the executive, undergraduate, MBA and Ph.D. levels and received a Teaching Honor Roll award at Tulane University.
Dr. Emir obtained a PhD in Finance from Tulane University in 2005 and has since held faculty positions at Tulane University (2005 - 2006), Virginia Tech University (2006 - 2007), and National University of Singapore (2007 - 2016).
Dr. Emir also engages in various consulting activities including litigation, FinTech, Islamic finance, and many others.
Radio MoneyFM Interview:
Channel 8 interview:
Recent opinion pieces:
GameStop madness and the resurrection of short-selling myths
The Business Times (February 24, 2021)
GameStop insanity has painful lessons on short-selling and more for retail investors
Channel NewsAsia (February 5, 2021)
The Curious Case of SPACs
The Edge (January 15, 2021)
Shortcomings and Hidden Costs of SPACs
The Business Times (December 23, 2020)
Wirecard: The Rise and Fall of a Fintech Giant in Asia
The Business Times (September 24, 2020)
How Safe is Your Online Shopping
The Business Times (September 1, 2020)
E-commerce is set to boom driven by COVID-19
Channel NewsAsia (August 17, 2020)
Should Governments’ Bailouts Restrict Stock Buybacks?
Channel NewsAsia (July 27, 2020)
The Curious Case of Wirecard
The Straits Times (July 26, 2020)
Fraud Detection Using Machine Learning Amid Covid-19 crisis
The Business Times (July 21, 2020)
The Future is Digital: Interview
The Asia Asset Management (July 1, 2020)
Did Islamic equity funds outperform?
The Star (June 19, 2020)
Development of Facebook’s Libra Amid COVID-19
The Edge (June 15, 2020)
As China's digital currency moves ahead, can Facebook's Libra match up?
ThinkChina (June 2, 2020)
Did Covid-19 Spur Digital Currency Development?
The Edge (May 22, 2020)
Digital Currency Can Impact Monetary Policy
The Business Times (May 14, 2020)
Prospects of Cryptocurrencies in Islamic Finance
The Jakarta Post (February 24, 2020)
Beware of Risks in Blockchain–Based Smart Contracts
South China Morning Post (November 16, 2019)
Blockchain path to more inclusive world
Jakarta Post (October 4, 2019)
PBOC Keeps Faith in Digital Currency
South China Morning Post (September 21, 2109)
Decentralized Finance in a Centralized World
The Business Times (July 25, 2019)
Challenges ahead for Facebook’s Libra
The Business Times (July 4, 2019)
The transformative nature of blockchain-based smart contracts
The Business Times (June 4, 2019)
Can blockchain be a catalyst for a more inclusive world?
South China Morning Post (May 18, 2019)
Centralised money in a decentralised world
The Business Times (May 2, 2019)
How Can ICOs Reinvent Themselves?
The Straits Times (January 27, 2019)
Recent case studies:
ARAMCO’S PRIVATIZATION AND IPO DILEMMA: TIMING AND VALUATION
In November 2019, Saudi Arabia’s Prince Mohammed bin Salman and various officials and advisers had to decide whether to proceed with a plan to make the government-owned company Saudi Arabian Oil Company (Aramco) private and list it on a stock exchange. At the time, Aramco was considered the most profitable company in the world. Therefore, Aramco’s initial public offering (IPO) would potentially be the largest in history. The company’s targeted market capitalization would dwarf that of global giants Apple Inc. or Amazon. Aramco managed the world’s largest oil reserves and had the world’s second-lowest cost of oil extraction.
However, there were concerns about the targeted valuation of US$2 trillion. There were also various other questions. Should the government-owned Aramco become a private company? Was the timing right to list the company on a stock exchange? What fraction of shares should be offered to investors? How should the largest IPO in history be priced?
After working through the case and assignment questions, students will be able to achieve the following objectives:
• Value a government-owned company using several valuation models.
• Assess complexities related to an IPO.
• Assess complexities related to taking a giant government-owned company public.
SINGAPORE AIRLINES DIVIDENDS
A new analyst has been asked to forecast the upcoming dividends for Singapore Airlines Limited. However, unlike most dividend-paying firms, which typically maintain stable, transparent, and simple dividend policies, Singapore Airlines maintained an opaque, complex, and irregular pattern of dividends. Further, the company did not respond to requests for information about expected dividends or the company’s dividend policy.
This case study attempts to identify Singapore Airlines’ dividend policy by looking at the company’s financials and dividend history, and analyzing that information in the context of the industry and its competitors.
Placement in course:
This case is designed for an MBA or advanced undergraduate course in corporate finance dealing with the topic of dividend payouts. The case could also be used in a strategy class on governance or controlling shareholders.
ALIBABA’S BONDS DILEMMA: LOCATION, TIMING AND PRICING
In November 2014, Alibaba’s CFO, Maggie Wu, embarked a road show for Alibaba’s impending bond issue. She was scheduled to lead Alibaba’s team in Hong Kong on November 17, Singapore on November 18, and London on November 19.
Even though Alibaba got listed on NYSE, overwhelming majority of its revenues originated in China. As tech companies typically experienced large swings in valuations, analysts wondered whether investors would subscribe to the issue. Similarly, it was hard to estimate the pricing of the issue. The arduous task lied ahead of Wu’s team.
PLACEMENT IN COURSE
This case is designed for an MBA or advanced undergraduate course in Corporate Finance on the topic of raising funds via bond issue. Specifically, the case can be used for a discussion of bond risks, bond timing and bond pricing. The case also allows discussion of emerging markets (in particular, China) and bond pricing differences (country risk premiums) between China and the US.
TOYOTA’S INNOVATIVE SHARE ISSUE
On June 16, 2015, Akio Toyoda, President and CEO of Toyota Motor Corporation (Toyota) arrived to Toyota’s annual shareholders’ meeting. The meeting agenda included the proposal of Toyota’s new share issue. Named “Model AA” shares after the company’s first passenger car, shares would offer investors new hybrid securities. This proposal created a lot of controversy among existing shareholders.
“No one will be disadvantaged by these shares,” Toyoda told the annual shareholders' meeting. However, it remained unclear how many shareholders had confidence in this assurance by company’s CEO. Similarly, the share issue that would potentially comprise up to 5 per cent of Toyota’s total outstanding shares would require two-thirds majority of shareholders support. Potentially long and contentious deliberation lied ahead of Toyoda.
New shares looked like ordinary shares with a “lock-up” period or preferred shares with voting rights. At the same time, “Model AA” shares resembled convertible debt issue with voting rights (with a conversion ratio to be determined later).
PLACEMENT IN COURSE
This case is designed for a course in Corporate Finance on the topic of raising funds via innovative share issue. Named “Model AA”, this share issue exemplifies the hybrid securities issue – a blend of 5-year convertible bond issue and ordinary share issue (with a “lock-up” period). The case includes the pricing of AA shares. Furthermore, the case also allows discussion of Asian markets (in particular, Japan) and differences between Japanese and international investors.