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Maher Asal

Maher Asal

Professor I330


Staff member at Division of Real Estate, Economics and Society.

Research area

Conducts research in social sciences, economics and business, economics.


Helwan University, Bachelor of Commerce and Business Administration
Gothenburg University, Ph.D.

Expertise: Corporate Finance; Asset Pricing; Risk Management; Real Estate Finance, and International Finance;

Research area

Research linked to the real estate market is one of my focus areas. Three other areas have been the center of my research: corporate finance (such as cost of capital), international finance (such as exchange rate determination), equity markets and risk management (such as equity returns and portfolio risk).


I have held a faculty position as Assistant Professor in Economics and Finance at Gothenburg University before moving in 2000 to Gävle University in Sweden, where I was a Lecturer in Financial Economics. I moved to University West in 2004 and became Associate Professor and then a Full Professor. I am a member of the Financial Management Association (FMA). I am one of the founders and developers of the Broker Economic Program at University West and the initiator of the Master of Science in Finance program at University West. My research and teaching have focused on Corporate Finance, Asset Pricing, International Finance, Risk Management, and Real Estate Finance.  In these areas, I have published numerous journal articles and books; the most recent upcoming publication is entitled “Is there a Bubble in the Swedish Housing Market?”


Corporate Finance; Asset Pricing; Risk Management; Real Estate Finance; and International Finance.


I am the main supervisor and examiner for a number of graduates and master's students.

Creative Scholarly Work and Publications

Is there a Bubble in the Swedish Housing Market? Journal of European Real Este Research, Forthcoming;

Long-run drivers and short-term dynamics of Swedish real house prices. International Journal of Housing Markets and Analysis, September, 2017;

Testing for the Presence of Skill in Swedish Mutual Fund Performance: Evidence from a Bootstrap Analysis. Journal of Economics and Business, 2016. The most downloaded article from Journal of Economics and Business in the last 90 days.

Estimating the Cost of Equity Capital of the Banking Sector in the Eurozone. Journal of Applied Banking and Finance, 5(6); 2015;

Do Size and Value Premia Vary Across Industry and Market Conditions?  Evidence from the Euro Area. Journal of Business and Policy Research, Vol. 10. No. 1. July 2015 (with M., Jalilvand & Rolseth, L.) Best Paper Award; Eurasia Business Research Conference;

Has the Euro Boosted Equity Markets in the Euro Area? Journal of Business Administration Research, Vol 1, No 2; 2012;

Non-linear Growth Impacts of Financial Development in Euro Area. International Journal of Economics and Finance, .Vol 4, No 12 (2012);

The impact of Euro on Sectoral Equity returns and portfolio risk, Journal of international Advances in Economic Research, 2011, vol. 17, issue 2, pages 119-133;

The Application of Equity Index Futures in Portfolio Management Strategies; An Empirical Study”, Wissenschaftlliger Verlag Berlin, 2007, ISBN 978-3-86573-287-3 (with  Schäfer, Christian);

Real and Monetary Determination of the Egyptian Real Exchange Rate , African Development Review, Volume 8, Issue 2, pages 20–36, December 1996;

Real Exchange Rate Determination and the Adjustment Process: An Empirical Study in the Cases of Sweden and Egypt". Published, Gothenburg University, 1994; ISBN 91-88514-13-7;

Reviewer for the Global Finance Journal, Elsevier B.V., Radarweg 29, 1043 NX Amsterdam, the Netherlands, Reg. No. 33156677;

Reviewer of conference papers presented at the 4th conference on Contemporary Problems in Corporate Governance, 6-8 May 2015, the Faculty of Management, University of Gdansk, Sopot, Poland;

Reviewer for International Journal of Housing Markets and Analysis;

McDowell, Thom, Pastine, Frank and Bernanke, Principles of Economics, Third European Edition, Review of draft chapters for third edition, McGraw- Hill companies, 2011;

Editor of the Research Report “Contemporary Problems in Corporate Governance”, University West, 2016;

Research projects