1st International Conference on Energy, Finance and the Macroeconomy (ICEFM)

November 22-24, 2017
Montpellier, France

Venue: Montpellier Business School

ICEFM Program
Call for Papers (PDF download)


Montpellier Business School (MBS) is pleased to organize its inaugural International Conference on Energy, Finance and Macroeconomy (ICEFM). This nexus is currently receiving increasing attention due to the high connection between these areas. The aim of the conference is to bring together international researchers and policy makers to present and discuss research in the frontiers of knowledge in the three connected areas.

The conference will be held at MBS during the period of November 22-24, 2017, Montpellier, France.

Keynote Speakers:

Professor Lutz Kilian

Lutz Kilian, Professor of Economics, received his Ph.D. in Economics from the University of Pennsylvania in 1996 and his M.A. in Development Banking from The American University in 1988. He joined the faculty at Michigan in 1996.

Prior to his Ph.D., he worked for the research department of the Inter-American Development Bank in Washington, DC. During 2001-03 he served as an adviser to the European Central Bank in Frankfurt/M., Germany.

Professor Kilian has been a research visitor at the Federal Reserve Board, the European Central Bank, and the International Monetary Fund. He has also been a consultant for the International Monetary Fund, the Inter-American Development Bank, the World Trade Organization, the European Central Bank, the Bank of Canada, the European Parliament, and the U.S. Energy Information Administration, among others. Professor Kilian has published over 80 articles. His research interests include time series econometrics, empirical macroeconomics, and energy economics.

He has also published on topics in empirical macroeconomics and in international finance including the stagflation of the 1970s, the specification of monetary policy rules, the quantification of deflation risks, the role of sticky prices in business cycle models, and exchange rate models. Finally, he has worked extensively on topics in time series econometrics with a special focus on bootstrap methods of inference for autoregressions, impulse response analysis, the estimation of structural parameters in DSGE models, the specification and identification of structural VAR models, forecasting and forecast scenarios, and on testing predictability.

Professor Kilian has served as an Associate Editor of the Journal of Business and Economic Statistics, the Journal of Development Economics, and the Journal of Economic Dynamics and Control, among other journals. He is a research fellow of the Centre for Economic Policy Analysis, the Center for Financial Studies, and the Euro Area Business Cycle Network.

Professor Adonis Yatchew

Adonis Yatchew’s research focuses on econometrics, energy and regulatory economics.

After completing his Ph.D. at Harvard University in 1980, he has taught at the University of Toronto.

He also had visiting appointments at Trinity College, Cambridge University and the University of Chicago. He has written a graduate level textbook on semiparametric regression techniques published by Cambridge University Press.

He has served in various editorial capacities at The Energy Journal since 1995.

Adonis Yatchew currently teaches undergraduate and graduate courses in energy economics, graduate courses in econometrics and ‘Big Ideas’ courses on energy with colleagues in physics and classics.

Professor Jonathan A. Batten

Jonathan A. Batten is Professor of Finance in the Department of Banking and Finance at Monash University, Australia.

Prior to this position he worked as a Professor in Finance at the Hong Kong University of Science & Technology and Professor at Seoul National University, Korea.

He is the managing editor of Elsevier’s highly ranked Emerging Markets Review, and Journal of International Financial Markets Institutions and Money, co-editor of Finance Research Letters, and associate editor of the Journal of the Asia Pacific Economy, Journal of Multinational Financial Management, Research in International Business and Finance and International Review of Financial Analysis.

Jonathan’s research crosses a number of disciplines: in the business area he has published in a number of journals used by the Financial Times for ranking business schools (e.g. Journal of Business Ethics, Journal of Financial and Quantitative Analysis and the Journal of International Business Studies). In addition, he has also published work in leading journals in applied mathematics (e.g. Chaos and Physica A), in environmental and energy studies (Energy Economics and Resources Policy), and in economic policy (e.g. Applied Economics and the World Bank Research Observer).

In addition, he has received a number of external research grants from the Asian Development Bank, the World Bank, the international payments organisation SWIFT, and the international regulator, the Bank for International Settlements. He is the current President of the Eurasian Business and Economics Society (EBES) and has served on a number of national external research committees in economics and finance. He is currently an external appointee on the Academic Council of the University of Economics, Ho Chi Minh City, Vietnam.

Professor Sebastian Vollmer

Sebastian Vollmer is Professor of Development Economics at the Centre for Modern Indian Studies of the University of Göttingen and Adjunct Professor of Global Health at the Harvard T.H. Chan School of Public Health.

He studied Mathematics and Economics at the University of Göttingen and also received his PhD in Economics from the University of Göttingen. He was a Postdoctoral Research Fellow at the Harvard Center for Population and Development Studies, Visiting Assistant Professor of Economics at Dartmouth College and Assistant Professor of Development Economics at the University of Göttingen.

He has served as a consultant for the World Bank, UNDP, UNAIDS, UNESCO, the Asian Development Bank and FAO.

The conference welcomes submissions in the following areas and/or nexuses of them but not restricted to:

- Energy Planning, Modelling and Forecasting;
- Energy Resources and Sustainable Development in Developing Economies;
- Energy Efficiency and Conservation;
- Electricity Supply and Demand Functions;
- Energy and Environmental Issues;
- Oil Markets and Macroeconomy;
- Econometrics and Energy Markets;
- Global and Regional Trade of Energy Products;
- Portfolio Optimization Including Energy/Commodities Derivatives;
- Regulations, Taxation and Subsidies in Energy Markets and the Macroeconomy;
- Markets for Energy Commodities and Derivatives;
- Environment and Climate, Trade, Development, and Monetary Policy;
- Economic, Social, Energy and Environmental Aspects of Transportation;
- Energy Use and Climate, Energy and Environmental Aspects of Financial Development and Tourism, Health Issues;
- Financialization and Energy Markets;
- The Environment, Energy Aspects of the Macroeconomy;
- Energy and Environmental Cost of Urbanization and Industrialization;

- Energy Markets and Trading Strategies;
- Energy Markets’ Financing, Mergers and Acquisitions;
- Energy Economics of Managerial Accounting and Corporations;
- Energy Companies’ Funding, Capital Structure and Privatization;
- Nexus of Financial Economics and Econometrics;
- Pricing, Hedging, and Risk Analysis of Energy Markets;
- Energy/Commodities Derivatives Portfolio Optimization;
- Finance, Behavioral Finance and International Banking;
- Exchange Rates Determination and the Macroeconomy in Era of Globalization;
- Globalization of Capital Markets and Financial Markets;
- Monetary and Fiscal Policy and Internationalization;
- Multi-fractal and Time Varying Correlations among Financial Instruments and Monetary Policy Instruments, Oil Futures and Stock Market Correlations;
- Pension Funds and Interest Rates;
- Energy Market Mechanics and Shock Transmission
- Dependence and Contagion between Precious Metals and Energy Products
- Energy Demand and Food Prices
- Pricing Models for Energy Derivatives

- Global Financial Crisis and Forward Guidance as well as Macroeconomic Outcomes;
- Unemployment, Economic Growth and Economic Uncertainty (Fluctuations); 
- Financial Contagion, Globalization Era and Exchanges Rate Regimes;
- Macroeconomic Effects of Monetary and Fiscal Policies;
- Eurozone and Fiscal Spending;
- Inadequate Scientific and Technological Resources;
- Macroeconomics and Politics;
- Trade and Payments Imbalances;
- International Debt, Open Economy Macroeconomics and Exchange Determination; Macroeconomics of Income Inequality and Poverty;
- Gender, Ethnic Discrimination and Income Distribution;
- Macroeconomic Forecasting;
- Sustainable Development Index Construction;

Time Series Workshop, November 24, 2017.
Instructor: Dr. Syed Jawad Hussain Shahzad

Dr. Syed Jawad Hussain Shahzad is a Post-Doc Fellow at the Energy and Sustainable Development (ESD), Montpellier Business School, France.

After graduating with a degree in Finance at the COMSATS Institute of Information Technology Islamabad Pakistan, Jawad received his doctoral degree in Finance from University of Malaysia Terengganu Malaysia.

Dr. Jawad’s research crosses several disciplines: in the business and finance area, he has published in a number of journals used by the Financial Times for ranking business schools (e.g. Tourism Management, Journal of Banking and Finance, International Review of Economics and Finance, Economic Modelling). His core area of research is applied financial econometrics with application of probability theory for financial risk management, In addition, he has also published work in leading journals in applied mathematics (e.g. Physica A), in resources economics (Renewable and Sustainable Energy Reviews, Resources Policy, Economic Change and Restructuring), and in policy journals (e.g. Energy Policy), in social economics (e.g. Social Indicators Research, Quality and Quantity). 

1. Unit root tests with and without structural breaks, nonlinear unit root testing
2. Autoregressive bound testing approach (ARDL) – a breakthrough
3. Importance of asymmetry and hidden cointegration
4. Nonlinear ARDL modelling and asymmetric multipliers
5. Asymmetric Granger-causality
6. Asymmetric impulse response functions
7. Asymmetric variance decompositions
8. Nonlinear modelling in practice
9. Data analysis using multiple software

1. A time series data to examine Environmental Kuznets curve (EKC) hypothesis
2. Examining the nonlinear determinants of credit risk

E views (version 9.1)
STATA (version 14.1)

Special Sessions: The conference committee welcomes proposals from academics and policy-makers for special sessions, roundtables and panels. Please email  This e-mail address is being protected from spambots. You need JavaScript enabled to view it for further information.


Muhammad Shahbaz
Full Professor/Chair
Energy and Sustainable Development (ESD)
Montpellier Business School
Montpellier, France

Scientific Committee:

Ali M. Kutan, Southern Illinois University, USA
Alper Aslan
, Nevsehir Hacı Bektas Veli University, Nevsehir, Turkey
Amine Lahiani
, LEO–University of Orleans, France
Amjad Ali
, University of the Punjab, Pakistan
Angeliki N. Menegaki
, Hellenic Open University, Greece
Anthony Miloudi
, La Rochelle Business School & CRIEF University of Poitiers, France
Ashfaq Ahmad
, Beijing Institute of Technology, China
Aviral Kumar Tiwari
, Montpellier Business School, Montpellier, France
B. W. Ang
, National University of Singapore, Singapore
Daniel Balsalobre
, University of Castilla La Mancha, Spain
David Roubaud
, Montpellier Business School, Montpellier, France
Gary A. Campbell
, Michigan Technological University, United States of America
Gazi Salah Uddin
, Linköpings Universitet, Sweden
Hassan Mohammadi
, Illinois State University, United States of America
Hooi Hooi Lean
, Universiti Sains Malaysia, Malaysia
Ilham Haouas
, Abu Dhabi University, Abu Dhabi, UAE
Ilhan Ozturk
, Cag University, 33800, Mersin, Turkey
José María Cantos-Cantos
, University of Castilla-La Mancha, Spain
M. Ishaq Bhatti
, La Trobe University, Australia
M. Kabir Hassan,
University of New Orleans, USA
M. Mafizur Rahman
, University of Southern Queensland, Australia
Mantu Kumar Mahalik
, National Institute of Technology (NIT), India
Massimiliano Caporin
, Department of Statistical Sciences, University of Padova, Italy
Mehmet Balcilar
, Eastern Mediterranean University, Turkey
Michael Jefferson, ESCP Europe Business School, London, UK

Mita Bhattacharya
, Monash University, Australia
Muhammad Nasir
, Pakistan Institute of Development Economists, Islamabad, Pakistan
Muhammad Shafiullah
, University of Nottingham Malaysia Campus, Selangor, Malaysia
Muhammad Shahbaz
, Montpellier Business School, Montpellier, France
Muhammad Zakaria
, COMSATS Institute of Information Technology, Islamabad, Pakistan
Naceur Khraief
, University of Sousse, Tunisia
Nanthakumar Loganathan
, Universiti Teknologi Malaysia, Malaysia
Naveed Razza
, Montpellier Business School, Montpellier, France
Ngoc-Sang Pham
, Montpellier Business School, Montpellier, France
Nicholas Apergis
, University of Piraeus, Greece
Ramzi Benkraiem
, Institute of Finance, Audencia Business School, France
Ricardo Sousa
, London School of Economics and Political Science, UK
Robert Czudaj
, Chemnitz University of Technology, Germany
Román Ferrer
, University of Valencia, Spain
R.S.J. Tol, University of Sussex, Falmer, Brighton, UK

Sajid Ali Mahar
, Montpellier Business School, Montpellier, France
Sakiru Adebola Solarin
, Multimedia University Malaysia, Melaka, Malaysia
Saleheen Khan
, Minnesota State University, Mankato, USA
Shaista Alam
, Applied Economics Research Centre, University of Karachi, Pakistan
Shawkat Hammoudeh
, Drexel University, United States
Syed Jawad Hussain Shahzad
, Montpellier Business School, Montpellier, France
Thi Hong Van Hoang
, Montpellier Business School, Montpellier, France
Vassilios G. Papavassiliou
, University College Dublin, Dublin, Ireland
Victor Emilio Troster
, Universitat de les Illes Balears, Palma de Mallorca, Spain
Walid Mensi
, Al Imam Mohammad Ibn Saud Islamic University, Saudi Arabia
Zeynel Abidin Ozdemir
, Gazi University, Turkey

Organizing Committee:

Isabelle COUDROY
Chantal GARCIA

Registration and Fee Payment
The registration fee includes conference materials, coffee breaks, lunch buffets, and gala dinner.

Early Bird Fee (Prior to Wednesday September 20, 2017)

- Academic Presenter: €250
- PhD Student: €150
-  Participant: €150
- Poster Presenter: €150

Full Fee (Prior to Saturday September 30, 2017)

- Academic Presenter: €300
- PhD Student: €200
- Participant: €200
- Poster Presenter: €200

ICEFM Program

Submission and Important Dates:

Paper Submission Deadline: August 31, 2017
Notification of Acceptance: September 10, 2017
Conference Date: November 22-23, 2017
Time Series Workshop: November 24, 2017

Publication Opportunities
High quality papers will be accepted for oral presentation in ICEFM, November 22-24, 2017.

The best papers will be considered for publication in Special Issues of
The Energy Journal”, “Energy Economics”,
Resources Policy” and Regular Issue of “Journal of International Financial Markets, Institutions & Money”.



- Muhammad Shahbaz ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it )
- Maud BOUVARD ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it )
- Isabelle COUDROY ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it )
- Chantal GARCIA ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it )

Please send us an email for a query if any.

Authors are invited to submit their research papers (in English) in PDF file to the following address: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Conference Venue

Montpellier Business School, 2300, Avenue des Moulins, 34185 Montpellier, France: map & contact information. Note that tramway line 3 (stop Hôtel du Département) and bus line n°7 offer a direct access to the business school campus.

Travel and Accommodation
Taxis or Airport Shuttle is available at Montpellier–Méditerranée Airport

List of Recommended Hotels

285, boulevard de l’aéroport international, Montpellier, France
Tel : 04 67 20 63 63

Best Hotel Montpellier Euromédecine
861 Rue de la Croix Verte, 34000 Montpellier
Tel : 04 67 61 01 30

Hôtel Kyriad Montpellier Nord - Parc Euromédecine
35 Avenue des Orchidées, 34980 Saint-Clément-de-Rivière
Tel : 04 67 04 45 25

Hôtel Les Myrtes
10 Rue De La Cour Du Recteur, 34070 Montpellier, France
Tel : 04 67 42 60 11

Hotel Francois de Lapeyronie
80 Rue des Petetes, 34090 Montpellier
Tel : 04 67 52 52 20

Hôtel Les Troènes
17 Avenue Émile Bertin-Sans, 34090 Montpellier
Tel : 04 67 04 07 76

Quality Hotel du Golf Montpellier Juvignac
38 Avenue les Hameaux du Golf, 34990 Juvignac
Tel : 04 67 45 90 00

1292 Allée des Thermes, 34990 Juvignac, France
Tel : 04 67 41 04 20

Hotel du Parc-Montpellier
8 Rue Achille Bege, 34090 Montpellier
Tel : 04 67 41 16 49

BEST WESTERN Hotel Le Guilhem
18 Rue Jean Jacques Rousseau, 34000 Montpellier
Tel : 04 67 52 90 90

Hôtel des Arceaux
33-35 Boulevard des Arceaux, 34000 Montpellier
Tel : 04 67 92 03 03

About Montpellier Business School
Montpellier Business School (MBS), a French Grande École, is heir to a long tradition of teaching and research based on the needs of businesses and markets. Founded in 1897 by the Chamber of Commerce and Industry of Montpellier, the school has succeeded in continually refining its specialized instruction in management sciences over the years in order to adapt its programmes in changing local and global economic environments.

In order to respond effectively to an increasingly interconnected global community, MBS has adopted the core values of diversity, openness and global responsibility, all inspired by the school’s mission: “to train, through our higher education programs, managers that are strong in their diversity, aware of their global responsibility in carrying out their missions, and able to adapt to changes in local, national and international environments.” (By ‘global’, we understand societal, economic and environmental responsibility).

MBS pursues active research and its research centre promotes a spirit of collegial research, facilities research-based teaching, and fosters the valorization of research for practice and teaching. Our research activities cover all traditional themes of management science.

Over the last decade, MBS has developed strategic alliances to other management science research centres in France.

The historical cooperation with and contribution of MBS to the emergence of the Montpellier research cluster resulted in the creation of Montpellier Research in Management (MRM).

MRM is an example of cooperation between universities and between universities and business schools in France. This research centre is today one of France’s largest in Management Science, (including more than 150 researchers and 70 PhD students).

The quality of the school’s strategy and results is internationally recognized. The following distinctions attest to the school’s excellent international reputation: its triple international accreditation (AACSB, AMBA, EFMD/EPAS); its place among the TOP 50 best Master in Management programmes in the world; its ranking among the TOP 80 European Business Schools in 2013 according to the Financial Times; and its place in the national French rankings.

About Montpellier
The city of Montpellier, capital of the Hérault department, is located in Southern France. It was built 10 centuries ago and was the second largest city in France and an important economic and cultural capital. Nowadays, Montpellier is one of the largest and fastest growing cities in France. A third of its population are students from three universities and higher education institutions. Montpellier is the third largest French city located on the Mediterranean coast after Marseille and Nice.