Ivan Indriawan

Ivan Indriawan

Adelaide Business School

Faculty of Arts, Business, Law and Economics

Eligible to supervise Masters and PhD - email supervisor to discuss availability.


Dr. Ivan Indriawan recently joined the Adelaide Business School, University of Adelaide, as a Senior Lecturer in Finance. He received his Ph.D. in Finance from the Auckland University of Technology, New Zealand, in 2015. Before joining the University of Adelaide, Ivan was a senior lecturer at the Auckland University of Technology, a Research Fellow at the Auckland Centre for Financial Research, and a Credit Risk Scoring Analyst at Citibank.

Ivan’s research interests include financial markets, market quality, news announcements, and applied econometrics. His works have been published in leading finance journals, including the Journal of Financial Economics, Journal of Banking and Finance, and Journal of Empirical Finance, among others. As testimonies of his research quality, Ivan has been awarded the Emerging Researcher Award (2021) by the Faculty of Business, Economics, and Law at Auckland University of Technology. He has also been awarded the Emerald Publishing Literati Award (2019), the SIRCA Best Paper Award (2018), and the NZESG RBNZ Research Award (2014). He has obtained grants from various institutions, including AUT, AARES, and AFAANZ. Ivan has held visiting positions at the University of Missouri-St. Louis (2019), University of Lethbridge (2019), University of Luxembourg (2013), and presented in over 40 conferences and seminars.

One of Ivan’s recent works, titled Music sentiment and stock market returns around the world, looks at the trend of music streamed on Spotify to proxy for investor sentiment. The study finds that music sentiment is positively correlated with same-week equity market returns and negatively correlated with next-week returns, consistent with sentiment-induced temporary mispricing. The study has been featured in various media, including The Harvard Business Review, The Conversation, and Business Insider.

  • Journals

    Year Citation
    2023 Wen Ivan Indriawan, Z., Lien, D., & Xu, Y. (2023). Intraday Return Predictability in the Crude Oil Market: The Role of EIA Inventory Announcements. The Energy Journal, 44(01).
    DOI
    2022 Indriawan, I., Jiao, F., & Tse, Y. (2022). Price discovery between forward-looking SOFR and LIBOR. Finance Research Letters, 47, 102797.
    DOI
    2022 Edmans, A., Fernandez-Perez, A., Garel, A., & Indriawan, I. (2022). Music sentiment and stock returns around the world. Journal of Financial Economics, 145(2), 234-254.
    DOI Scopus4
    2022 Fernandez-Perez, A., Garel, A., & Indriawan, I. (2022). In the mood for sustainable funds?. Economics Letters, 217, 5 pages.
    DOI
    2021 Frijns, B., Indriawan, I., & Tourani‐Rad, A. (2021). Quote dynamics of cross‐listed stocks. International Review of Finance, 21(2), 497-522.
    DOI
    2021 Indriawan, I., Jiao, F., & Tse, Y. (2021). The SOFR and the Fed’s influence over market interest rates. Economics Letters, 209, 6 pages.
    DOI Scopus1
    2021 Indriawan, I., Martinez, V., & Tse, Y. (2021). The impact of the change in USDA announcement release procedures on agricultural commodity futures. Journal of Commodity Markets, 23, 17 pages.
    DOI
    2021 Indriawan, I., Jiao, F., & Tse, Y. (2021). The FOMC announcement returns on long-term US and German bond futures. Journal of Banking & Finance, 123, 17 pages.
    DOI Scopus1
    2021 Fernandez-Perez, A., Gilbert, A., Indriawan, I., & Nguyen, N. H. (2021). COVID-19 pandemic and stock market response: A culture effect. Journal of Behavioral and Experimental Finance, 29, 10 pages.
    DOI Scopus34
    2020 Fan, J. H., Fernandez-Perez, A., Indriawan, I., & Todorova, N. (2020). Internationalization of futures markets: Lessons from China. Pacific-Basin Finance Journal, 63, 101429.
    DOI Scopus1
    2020 Fernandez-Perez, A., Garel, A., & Indriawan, I. (2020). Natural Gas Storage Forecasts: Is the Crowd Wiser?. The Energy Journal, 41(5), 27 pages.
    DOI
    2020 Indriawan, I., Lien, D., Roh, T. -Y., & Xu, Y. (2020). Bad volatility is not always bad: evidence from the commodity markets. Applied Economics, 52(40), 4384-4402.
    DOI Scopus1
    2020 Fernandez-Perez, A., Frijns, B., Indriawan, I., & Tse, Y. (2020). Pairs trading of Chinese and international commodities. Applied Economics, 52(48), 5203-5217.
    DOI Scopus1
    2020 Fernandez-Perez, A., Garel, A., & Indriawan, I. (2020). Music sentiment and stock returns. Economics Letters, 192, 6 pages.
    DOI Scopus7
    2020 Indriawan, I. (2020). Market quality around macroeconomic news announcements: Evidence from the Australian stock market. Pacific-Basin Finance Journal, 61, 14 pages.
    DOI Scopus2
    2019 Fernandez-Perez, A., Frijns, B., Indriawan, I., & Tourani-Rad, A. (2019). Surprise and dispersion: informational impact of USDA announcements. Agricultural Economics, 50(1), 113-126.
    DOI Scopus5
    2019 Frijns, B., Indriawan, I., Otsubo, Y., & Tourani-Rad, A. (2019). The cost of trading during Federal Funds Rate announcements: Evidence from cross-listed stocks. International Review of Economics & Finance, 60, 176-187.
    DOI Scopus1
    2019 Indriawan, I., Liu, Q., & Tse, Y. (2019). Market quality and the connectedness of steel rebar and other industrial metal futures in China. Journal of Futures Markets, 39(11), 1383-1393.
    DOI Scopus3
    2019 Indriawan, I., Jiao, F., & Tse, Y. (2019). The impact of the US stock market opening on price discovery of government bond futures. Journal of Futures Markets, 39(7), 779-802.
    DOI Scopus3
    2019 Frijns, B., Indriawan, I., Tourani‐Rad, A., & Tse, Y. (2019). Market Quality around Macroeconomic News Announcements: Evidence from the US and Canadian Markets. International Review of Finance, 19(3), 575-612.
    DOI
    2019 Chen, J., Frijns, B., Indriawan, I., & Ren, H. (2019). Turn of the Month effect in the New Zealand stock market. New Zealand Economic Papers, 53(3), 288-306.
    DOI
    2018 Frijns, B., & Indriawan, I. (2018). On the ability of New Zealand actively managed funds to generate outperformance in their domestic equity allocations. Pacific Accounting Review, 30(4), 463-481.
    DOI Scopus3
    2018 Frijns, B., & Indriawan, I. (2018). Behavioural heterogeneity in the New Zealand stock market. New Zealand Economic Papers, 52(1), 53-71.
    DOI
    2018 Frijns, B., Indriawan, I., & Tourani-Rad, A. (2018). The interactions between price discovery, liquidity and algorithmic trading for U.S.-Canadian cross-listed shares. International Review of Financial Analysis, 56, 136-152.
    DOI Scopus15
    2015 Frijns, B., Indriawan, I., & Tourani-Rad, A. (2015). Macroeconomic news announcements and price discovery: Evidence from Canadian-U.S. cross-listed firms. Journal of Empirical Finance, 32, 35-48.
    DOI Scopus22 WoS23
    2012 Frijns, B., Tourani-Rad, A., & Indriawan, I. (2012). Political crises and the stock market integration of emerging markets. Journal of Banking and Finance, 36(3), 644-653.
    DOI Scopus32 WoS30
  • Current Higher Degree by Research Supervision (University of Adelaide)

    Date Role Research Topic Program Degree Type Student Load Student Name
    2022 Co-Supervisor Volatility Spillover and Drivers of Uncertainty in Commodity and Energy Markets: The Case of Emerging Markets Doctor of Philosophy Doctorate Full Time Mr Wen Xu
  • Other Supervision Activities

    Date Role Research Topic Location Program Supervision Type Student Load Student Name
    2019 - 2019 Principal Supervisor Impact of readability on the fund flow volatility of green funds Auckland University of Technology Bachelor of Business with Honours Honours Full Time Ravi Chandola
    2019 - ongoing Co-Supervisor The effects of social media sentiment on financial markets-A high-frequency study Auckland University of Technology Doctor of Philosophy Doctorate Full Time Ni Yang
    2018 - 2018 Principal Supervisor Can investors profit from analyst recommendations? Evidence from the New Zealand stock market? Auckland University of Technology Bachelor of Business with Honours Honours Full Time Zilong Yi
    2017 - 2022 Principal Supervisor A Microstructure Perspective on the Effect of Information Uncertainty on Equity Market Quality Auckland University of Technology Doctorate Hengbin (Chris) Zhang

Connect With Me
External Profiles

Other Links