I've had the pleasure of working and teaching together with Arash at Jönköping International Business School. Together we've received outstanding course evaluations and Arash is full of good ideas - an excellent teacher and an excellent coworker.

This letter is my recommendation letter for Mr Arash Habibi whom I have known for almost 2 years. I had supervised his Master research project that he had completed in June 2017 with the title "Linkage between exchange rate and stock prices in G7 countries: Evidence from a non-linear ARDL framework". As his supervisor, I would say that: • He has good knowledge of the economic discipline. • He is enthusiasm and motivated for research. • He is able to work with self-management and dedicated to meet up independent learning with minimum supervision. • He is able to discuss and argue his opinions and views persuasively. • He has consistently demonstrated a strong work ethic and a dedication towards success. I am sure that he will continue to success in his future studies and jobs. Therefore, as a lecturer who is dedicated to helping deserving students succeed, I am delighted to provide this recommendation. Thank you. Yours sincerely, Associate Professor Dr. LEE CHIN Department of Economics Faculty of Economics and Management Universiti Putra Malaysia Serdang, 43400 Selangor Office Phone: +603-8946 7769 Facsimile: +603-8948 6188

I've had the pleasure of working and teaching together with Arash at Jönköping International Business School. Together we've received outstanding course evaluations and Arash is full of good ideas - an excellent teacher and an excellent coworker.

This letter is my recommendation letter for Mr Arash Habibi whom I have known for almost 2 years. I had supervised his Master research project that he had completed in June 2017 with the title "Linkage between exchange rate and stock prices in G7 countries: Evidence from a non-linear ARDL framework". As his supervisor, I would say that: • He has good knowledge of the economic discipline. • He is enthusiasm and motivated for research. • He is able to work with self-management and dedicated to meet up independent learning with minimum supervision. • He is able to discuss and argue his opinions and views persuasively. • He has consistently demonstrated a strong work ethic and a dedication towards success. I am sure that he will continue to success in his future studies and jobs. Therefore, as a lecturer who is dedicated to helping deserving students succeed, I am delighted to provide this recommendation. Thank you. Yours sincerely, Associate Professor Dr. LEE CHIN Department of Economics Faculty of Economics and Management Universiti Putra Malaysia Serdang, 43400 Selangor Office Phone: +603-8946 7769 Facsimile: +603-8948 6188

I've had the pleasure of working and teaching together with Arash at Jönköping International Business School. Together we've received outstanding course evaluations and Arash is full of good ideas - an excellent teacher and an excellent coworker.

This letter is my recommendation letter for Mr Arash Habibi whom I have known for almost 2 years. I had supervised his Master research project that he had completed in June 2017 with the title "Linkage between exchange rate and stock prices in G7 countries: Evidence from a non-linear ARDL framework". As his supervisor, I would say that: • He has good knowledge of the economic discipline. • He is enthusiasm and motivated for research. • He is able to work with self-management and dedicated to meet up independent learning with minimum supervision. • He is able to discuss and argue his opinions and views persuasively. • He has consistently demonstrated a strong work ethic and a dedication towards success. I am sure that he will continue to success in his future studies and jobs. Therefore, as a lecturer who is dedicated to helping deserving students succeed, I am delighted to provide this recommendation. Thank you. Yours sincerely, Associate Professor Dr. LEE CHIN Department of Economics Faculty of Economics and Management Universiti Putra Malaysia Serdang, 43400 Selangor Office Phone: +603-8946 7769 Facsimile: +603-8948 6188