Mohammad Arman, PhD, FRM, ABIA

PUBLICATIONS

Scholarly Profile: Google Scholar    ORCID    Researchgate

Lipa, S., Dipa, M., Shahriar, S., & Arman, M. (2026). Exploring Factors behind Claim Settlement Performance in Bangladesh: A Machine Learning Approach. Insurance Journal, 70, 73-90. ISSN 1684-0437 (Print/Online)

Sharmin, S., Arefin, A. & Arman, M. (2021). Detecting Earning Manipulation in a Developing Economy: An Empirical Study Using Beneish M-score Model. North South Business Review, 11(2), 59-70. https://doi.org/10.47126/J.NSBR.1991-4938

Sharmin, S. & Arman, M. (2020). Market Concentration Scenario in Financial Sector of Bangladesh. North South Business Review, 11(1), 28-37. https://doi.org/10.47126/J.NSBR.1991-4938

Everett, S. R., Athigakunagorn, N., Woldermariam, W., Varadarajan, V., Arman, M., Roshandeh, A. M., Gkritza, K., Labi, S., & Sinha, K. C. (2014). Impact of HB-1481 on Indiana’s highway revenue generation, asset degradation, modal distribution, and economic development and competitiveness (Joint Transportation Research Program Publication No. FHWA/IN/JTRP-2014/14). West Lafayette, IN: Purdue University. http://dx.doi.org/10.5703/1288284315514

Arman, M., Labi, S. & Sinha, K.S. (2013). Perspectives of the Operational Performance of Public Transportation Agencies with Data Envelopment Analysis. Transportation Research Record: Journal of the Transportation Research Board, No. 2351, 30–37. SCOPUS Q2. TRID Link: https://trid.trb.org/View/1301330 ISBN: 9780309286992  https://doi.org/10.3141/2351-04

Thompson, P., Ford, K., Arman, M., Labi, S., Sinha, K., & Shirole, A. (2012). Methodology for Estimating Life Expectancies of Highway Assets, Volume 1: Guidebook. National Highway Cooperative Research Program (NCHRP), Report 713, Transportation Research Board, Washington. D.C. DOI: 10.17226/22782

Ford, K., Arman, M., Labi, S., Sinha, K., Shirole, A., Thompson, P., & Li, Z. (2012). Methodology for Estimating Life Expectancies of Highway Assets, Volume 2: Final Report. National Highway Cooperative Research Program (NCHRP), Report 713, Transportation Research Board, Washington. D.C. DOI: 10.17226/22783

Volovski, M., Arman, M., & Labi, S. (2014). Developing statistical limits for using the light weight deflectometer (LWD) in construction quality assurance (Joint Transportation Research Program Publication No. FHWA/IN/JTRP-2014/10). West Lafayette, IN: Purdue University. TRID Link: https://trid.trb.org/View/1334701. ISBN: 9781622603169 https://doi.org/10.5703/1288284315504

CONFERENCE PROCEEDINGS & PRESENTATIONS

Dipa, M., Lipa, S., & Arman, M. (2026, April 24–25). RegTech in Action: Using Benford’s Law to Enhance Digital Oversight of Mutual Funds in Bangladesh.  [Conference presentation].  Contemporary Issues in Emerging Market Conference (CIEMC 2.0) at the Indian Institute of Management Bodh Gaya, Bihar, India.

Bushra, N., Mujaddeed, S., Alvi, T., & Arman, M. (2025, December 2-4). How to Unearth Anomalies in Financial Data of Commercial Banks: A Data Science Approach. [Paper presentation]. 3rd International Conference on Sustainability, Entrepreneurship, Equity, and Digital Strategies (SEEDS 2025), Jaipuria Institute of Management, Noida, India and Prince of Songkla University (PSU), Hat Yai Campus, Thailand. [Recognized Best Paper in Student Track]

Mujaddeed, S., Bushra, N., & Arman, M. (2025, November 14-15). Applying Benford's law to detect accounting data manipulation: An empirical study of non-performing loans (NPL) scenario in banking industry of Bangladesh. [Conference presentation]. International Conference on Economics, Business and Technology Management, Independent University of Bangladesh, Dhaka, Bangladesh. https://icebtm.iub.edu.bd/media/uploads/2025/11/08/icebtm-2025-abstract-proceeding.pdf

Lipa, S., Dipa, M., Shahriar, S., & Arman, M. (2025, September 20-21). Implementing machine learning techniques to analyze claim settlement in Bangladesh's insurance sector. [Conference presentation]. International Conference on Business and Technology in the 21^st Century, University of Asia Pacific and University of Dhaka, Dhaka, Bangladesh.

Shahriar, S., Lipa, S., Dipa, M., & Arman, M. (2025, September 20-21). Pattern of potential misreporting during post covid-19 era: Applying Beneish model to manufacturing companies in Bangladesh. [Conference presentation]. International Conference on Business and Technology in the 21^st Century, University of Asia Pacific and University of Dhaka, Dhaka, Bangladesh.

Dipa, M., Lipa, S., Shahriar, S., & Arman, M. (2025, September 11-12). Did covid-19 impact companies’ earning management? : An empirical study on listed manufacturing companies in Bangladesh. [Conference presentation]. International Conference on The future of Business: Innovation, Technology and Sustainability, University of Chittagong, Chattogram, Bangladesh.

Shuman, A. & Arman, M. (2020). Effect of Implementation of IFRS 9 Provision Systems in GCC Countries: A Case Study Using Data From Oman. In O. K. Gupta & S. Agrawal (Eds.), Proceedings of the Seventeenth AIMS International Conference on Management (pp. 578-582). Indian Institute of Management Kozhikode, January 2-4. ISBN: 978-1-943295-14-2 

Sharmin, S. & Arman, M. (2020). Measuring Market Concentration Using Indices: An Empirical Analysis on Listed Financial Companies of Bangladesh. In O. K. Gupta & S. Agrawal (Eds.), Proceedings of the Seventeenth AIMS International Conference on Management (pp. 1513-1519). Indian Institute of Management Kozhikode, January 2-4. ISBN: 978-1-943295-14-2

Sharmin, S. and Arman, M. (2019). Diagnosis of Competitiveness among Listed Companies in Bangladesh. Presented at the 2nd International Conference on Applied Statistics, December 27-29, 2019, University of Dhaka, Bangladesh

Sharmin, S., Shuman, A. and Arman, M. (2019). Empirical Profiling of Banks in Distress in Bangladesh using Logit Model with Panel Data. Presented at the 2nd International Conference on Applied Statistics, December 27-29, 2019, University of Dhaka, Bangladesh

Sharmin, S. & Arman, M. (2019). Likelihood of a Company’s Manipulation of Its Financial Statement: An Empirical Analysis Using Beneish M-Score Model. In O. K. Gupta & S. Agrawal (Eds.), Proceedings of the International Conference on Management and Information Systems (ICMIS-19) (pp. 117-125). Bangkok, September 29-30. ISBN: 978-1-943295-13-5

Arefin, A. & Arman, M. (2019). Assessing the Risk of Insolvency: An Empirical Analysis using Altman Z-Score Bankruptcy Model. In O. K. Gupta & S. Agrawal (Eds.), Proceedings of the International Conference on Management and Information Systems (ICMIS-19) (pp. 111-116). Bangkok, September 29-30. ISBN: 978-1-943295-13-5

Jahan, T. & Arman, M. (2019). How Sustainable the Social Business Model is? : An Exploratory Study. In O. K. Gupta & S. Agrawal (Eds.), Proceedings of the International Conference on Management and Information Systems (ICMIS-19) (pp. 530-541). Bangkok, September 29-30. ISBN: 978-1-943295-13-5

Arman, M., Sultana, F., & Sharmin, S. (2015). Analyzing Loan Recovery Rate of Micro Finance Institutions in Bangladesh. Presented in the Second International Conference on Theory and Applications of Statistics, December 27-29, 2015, University of Dhaka, Bangladesh

Arman, M. & Khan, A. (2014). Analyzing Cost Overrun of Highway Projects in Bangladesh. Presented in International Conference on Applied Statistics, December 27-29, 2014, University of Dhaka, Bangladesh

Murillo-Hoyos, J., Arman, M., and Labi, S. (2014). An Econometric Analysis of Transit Rolling Stock Costs of Motorized Bus and Demand Response Modes. Presented in 93rd Annual Meeting of Transportation Research Board (TRB), January 12-16, Washington, D.C.

Ford, K.M., Arman, M., Labi, S., Sinha, K.C., Thompson, P.D., Shirole, A.M. (2013). Estimating the life expectancies of civil engineering infrastructure. In Safety, Reliability, Risk and Life-Cycle Performance of Structures and Infrastructures - Proceedings of the 11th International Conference on Structural Safety and Reliability, ICOSSAR 2013 (pp. 3483-3490). Columbia University, New York, NY, June 16–20, 2013.

Arman, M. and Labi, S. (2013). Measuring Efficiency of Indiana Fixed Route Transit Agencies Using Data Envelopment Analysis. Presented in 92nd Annual Meeting of Transportation Research Board (TRB), January 13-17, Washington, D.C. TRID Link: https://trid.trb.org/view/1243078

Zhang, Z., Arman, M., and Labi, S. (2013). Efficiency Measurement of Interstate Highway Pavement Maintenance Using Data Envelopment Analysis. Presented in 92nd Annual Meeting of Transportation Research Board (TRB), January 13-17, Washington, D.C.

Arman, M., Labi, S. & Sinha, K. (2012). An Assessment of Operational Performance of Public Transit Agencies Using Data Envelopment Analysis Technique. Presented in 91st Annual Meeting of Transportation Research Board (TRB), January 22-26, Washington, D.C. TRID Link: https://trid.trb.org/View/1130933 

Murillo-Hoyos, J., Arman, M., and Labi, S. (2012). Performance Modeling and Cost Assessment of Transit Systems. 53^rd Annual Transportation Research Forum, March 15-17, Tampa, FL.

Ford, K.M., Labi, S., Arman, H., Sinha, K.C., Shirolé, A., Thompson, P. (2012). Incorporating Risk into Asset Management Decisions: Impact of Uncertain Climatic Effects on Long-Term Asset Needs, 9th National Conference on Transportation Asset Management, San Diego, CA, April 16–18, 2012.

Thompson, P.D., Ford, K.M., Arman, H.R., Labi, S., Sinha, K.C., Shirolé, A. (2012). Estimating Life Expectancy of Highway Assets, 9th National Conference on Transportation Asset Management, San Diego, CA, April 16–18, 2012.

Murillo Hoyos, J., Arman, M., Labi, S. (2012). Effectiveness Evaluation of Transit Systems in Indiana, 98th Annual Road School, Purdue University, W. Lafayette, IN, March 6–8, 2012.

Ong, G.P., Ford, K., Arman, M., Labi, S., Sinha, K.C (2010). Evaluating Expected Service Lives for Highway Assets: Data Requirements, Availability and Quality, Data Analysis Working Group (DAWG) Forum, 89th Annual Meeting, Transportation Research Board, Washington, DC, January 10–14, 2010.

Volovksi, M., Arman, M., and Labi, S. (2016). Developing Statistical Limits for Using the Light Weight Deflectometer in Construction Quality Assurance, 95th Annual Meeting of the Transportation Research Board, Washington, DC, January 10–14, 2016.

Department of Accounting & Finance

School of Business & Economics

University Level

Courses Taught:

FIN470: Insurance and Risk Management

FIN480: Derivative Securities

BUS635: Managerial Finance

FIN637: Investment Theory

FIN639: Corporate Finance

FIN642: Financial Markets and Institutions

FIN647: Financial Derivatives

BUS173: Applied Statistics

BUS511: Business Statistics

BUS501: Business Mathematics

Research Interests:

Insurance and risk management

Banking and micro finance

Capital market

Insfrastructure finance

Statistical and econometric modeling

Machine learning and artificial intelligence in business

 

Membership/Fellowship in research association/professional society or association 

Financial Risk Manager — Certified by the Global Association of Risk Professionals

Academic Member - Institute of Management Accountants (IMA), USA

Affiliate Member — Society of Actuaries (SOA), USA

Associate Member — Bangladesh Insurance Academy (BIA)

Member — Global Association of Risk Professionals (GARP), USA

Member — Institution of Engineers, Bangladesh (IEB)

Member — IBA Alumni Association (IBAA), Bangladesh

Member — BUET Alumni Association (BUETAA), Bangladesh

• Recipient of Best Paper Award(s)

The following conference presentation was Recognized Best Paper in Student Track

Bushra, N., Mujaddeed, S., Alvi, T., & Arman, M. (2025, December 2-4). How to Unearth Anomalies in Financial Data of Commercial Banks: A Data Science Approach. [Paper presentation]. 3rd International Conference on Sustainability, Entrepreneurship, Equity, and Digital Strategies (SEEDS 2025), Jaipuria Institute of Management, Noida, India and Prince of Songkla University (PSU), Hat Yai Campus, Thailand. 

• Invitations as keynote speakers /panel discussants in a conference

Session Chair for the Parallel Session 3B (Marketing & Management) at International Conference on Economics, Business and Technology Management, Independent University of Bangladesh, Dhaka, Bangladesh held on November 14-15 in 2025.