Dr. Emir is a Visiting Senior Research Fellow at the Centre for Asset Management & Research Investment (CAMRI) at NUS Business School where he is teaching in several executive education programs such as “UCLA–NUS Executive MBA” and “ChicagoBooth–NUS Emerging CFOs for Asia". He is also spearheading "Digital Currency, Blockchain & New Economy Series.”
Prior to that, Dr. Emir served as the CEO of CIBFM (a training arm of Monetary Authority of Brunei Darussalam) from July, 2016 to December 2017. During his tenure, CIBFM 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, 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 are widely-used in finance programs at the top universities including Stanford, Cornell, and New York 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 Ph.D. in Finance from Tulane University in 2005 and has since held research & teaching positions at Tulane University (2005 - 2006), Virginia Tech University (2006 - 2007), and National University of Singapore (2007 - 2016).
Recent op-ed articles:
Five Common Bitcoin Myths Demystified
The Straits Times (August 5, 2018)
Deciphering the Cryptic World of Initial Coin Offerings
Channel NewsAsia (May 30, 2018)
On Track Towards the Next Crypto Regulatory Frontier
Business Times (May 16, 2018)
Behind the Cryptocurrency Mania, the Secret Sauce is Bitcoin’s Blockchain Technology
Channel NewsAsia (March 13, 2018)
Recent case studies:
SINGAPORE AIRLINES’ DIVIDENDS
The dividend-paying firms typically maintain stable, transparent and simple dividend policies due to various factors including severe and asymmetric market reactions to dividend changes. Interestingly, Singapore Airlines’ maintains an irregular, opaque, and complex pattern of dividends. They even refuse requests to provide guidance on expected dividends or their dividend policy. This case study analyzes the atypical case of seemingly erratic dividends at Singapore Airlines.
PLACEMENT IN COURSE
This case is designed for an MBA or advanced undergraduate course in corporate finance dealing with the topic of dividend payouts. Alternatively, the case could be used in 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.