APrf Ivan Indriawan
Senior Lecturer
School of Accounting and Finance
College of Business and Law
Eligible to supervise Masters and PhD - email supervisor to discuss availability.
Associate Professor Ivan Indriawan is a finance academic at Adelaide University whose research focuses on financial markets, market quality, investor sentiment, news announcements, and applied econometrics. His work combines high-frequency financial data, behavioural finance, and advanced empirical methods to examine how information, sentiment, and market structure shape asset prices and trading behaviour.
His research has been published in leading international journals, including the Journal of Financial Economics, Journal of Banking & Finance, Journal of Empirical Finance, and Financial Review, among many others. He has secured competitive research funding from organisations such as the Accounting and Finance Association of Australia and New Zealand (AFAANZ), the SMSF Association, and university research grant schemes. His research has also received extensive international media attention, with coverage by Bloomberg, Harvard Business Review, the World Economic Forum, and the Australian Financial Review. In recognition of his research achievements, he was awarded the 2021 Auckland University of Technology (AUT) Emerging Researcher Award.
Beyond research, Ivan has held significant academic leadership roles, serving as Program Director for the Master of Accounting and Finance at the University of Adelaide. He has developed innovative courses in fintech, while making substantial contributions to curriculum development and student learning. His excellence in teaching and engagement has been recognised through the 2024 Adelaide Business School Educator of the Year Award and the 2025 Engagement, Impact and Innovation Award.
Ivan is an active member of the international finance research community through conference organisation, editorial appointments, journal refereeing, and postgraduate supervision. He has successfully supervised PhD students who have gone on to academic appointments and maintains research collaborations with leading scholars across Australia, New Zealand, North America, Europe, and Asia. His research aims to combine methodological rigour with practical relevance, generating insights that contribute to both academic knowledge and real-world financial decision-making.
My research focuses on the following areas: Financial Markets, Market Quality, News Announcements, Investor Sentiment, Applied Econometrics.
For examples of my work, click here.
| Date | Position | Institution name |
|---|---|---|
| 2026 - ongoing | Associate Professor of Finance | Adelaide University |
| 2022 - 2025 | Senior Lecturer of Finance | University of Adelaide |
| 2019 - 2022 | Senior Lecturer of Finance | Auckland University of Technology |
| 2016 - 2018 | Lecturer of Finance | Auckland University of Technology |
| 2015 - 2015 | Postdoctoral Research Fellow | Auckland Centre for Financial Research |
| 2011 - 2012 | Risk Scoring Analyst | Citibank |
| Date | Institution name | Country | Title |
|---|---|---|---|
| 2015 | Auckland University of Technology | New Zealand | Doctor of Philosophy |
| 2010 | Auckland University of Technology | New Zealand | Bachelor of Business with Honours (Finance and Economics) |
| Year | Citation |
|---|---|
| 2026 | Yang, N., Fernandez-perez, A., & Indriawan, I. (2026). Social media sentiment, investor herding and informational efficiency. JOURNAL OF FINANCIAL RESEARCH, 26 pages. Scopus2 WoS2 |
| 2026 | Fan, J. H., Fernandez-Perez, A., Indriawan, I., & Todorova, N. (2026). Boom, bust, and Fission: A Deep Dive into Uranium price explosiveness. Journal of Commodity Markets, 41, 100542-1-100542-18. |
| 2025 | Yang, N., Fernandez‐Perez, A., & Indriawan, I. (2025). The price impact of tweets: A high‐frequency study. Financial Review, 60(1), 147-171. Scopus5 WoS4 |
| 2025 | Fernandez‐Perez, A., Indriawan, I., & Khomyn, M. (2025). Emotions and stock returns during the GameStop bubble. Financial Review, 60(3), 1063-1084. WoS1 |
| 2025 | Frijns, B., Indriawan, I., Tourani-Rad, A., & Zhang, H. (2025). Analyst Forecast Dispersion and Market Quality Surrounding the FOMC Announcement. Financial Review, 61(2), 513-531. Scopus1 WoS1 |
| 2024 | Fan, J. H., Fernandez-Perez, A., Indriawan, I., & Todorova, N. (2024). When Chinese Mania Meets Global Frenzy: Commodity Price Bubbles. Journal of Commodity Markets, 36, 100437-1-100437-24. Scopus3 WoS3 |
| 2024 | Yang, N., Fernandez-Perez, A., & Indriawan, I. (2024). Spillover between investor sentiment and volatility: The role of social media. International Review of Financial Analysis, 96(Part A), 103643-1-103643-22. Scopus18 WoS16 |
| 2023 | Wen, Z., Indriawan, I., Lien, D., & Xu, Y. (2023). Intraday Return Predictability in the Crude Oil Market: The Role of EIA Inventory Announcements. Energy Journal, 44(5), 149-171. Scopus2 WoS2 |
| 2023 | Fernandez-Perez, A., Indriawan, I., Tse, Y., & Xu, Y. (2023). Cross-Asset Time-Series Momentum: Crude Oil Volatility and Global Stock Markets. Journal of Banking and Finance, 154, 106704-1-106704-17. Scopus12 WoS10 |
| 2023 | Dodd, O., Frijns, B., Indriawan, I., & Pascual, R. (2023). US cross-listing and domestic high-frequency trading: Evidence from Canadian stocks. Journal of Empirical Finance, 72, 301-320. Scopus1 WoS1 |
| 2023 | Frijns, B., Indriawan, I., Tourani-Rad, A., & Zhang, H. (2023). The effect of equity market uncertainty on informational efficiency: Cross-sectional evidence. Global Finance Journal, 57, 100854-1-100854-20. Scopus5 WoS5 |
| 2022 | Fernandez-Perez, A., Garel, A., & Indriawan, I. (2022). In the mood for sustainable funds?. Economics Letters, 217, 110691-1-110691-5. Scopus10 WoS9 |
| 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, Part A), 234-254. Scopus88 |
| 2022 | Indriawan, I., Jiao, F., & Tse, Y. (2022). Price discovery between forward-looking SOFR and LIBOR. Finance Research Letters, 47(Part B), 102797-1-102797-6. Scopus2 |
| 2021 | Frijns, B., Indriawan, I., & Tourani‐Rad, A. (2021). Quote dynamics of cross‐listed stocks. International Review of Finance, 21(2), 497-522. |
| 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, 100149-1-100149-17. Scopus8 |
| 2021 | Indriawan, I., Jiao, F., & Tse, Y. (2021). The FOMC announcement returns on long-term US and German bond futures. Journal of Banking and Finance, 123, 17 pages. Scopus9 |
| 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. Scopus127 |
| 2021 | Indriawan, I., Jiao, F., & Tse, Y. (2021). The SOFR and the Fed’s influence over market interest rates. Economics Letters, 209, 110095-1-110095-6. Scopus9 |
| 2020 | Indriawan, I. (2020). Market quality around macroeconomic news announcements: Evidence from the Australian stock market. Pacific-Basin Finance Journal, 61, 14 pages. Scopus5 |
| 2020 | Fernandez-Perez, A., Garel, A., & Indriawan, I. (2020). Natural Gas Storage Forecasts: Is the Crowd Wiser?. The Energy Journal, 41(5), 27 pages. Scopus4 |
| 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. Scopus6 |
| 2020 | Fernandez-Perez, A., Frijns, B., Indriawan, I., & Tse, Y. (2020). Pairs trading of Chinese and international commodities. Applied Economics, 52(48), 5203-5217. Scopus6 |
| 2020 | Fernandez-Perez, A., Garel, A., & Indriawan, I. (2020). Music sentiment and stock returns. Economics Letters, 192, 6 pages. Scopus24 |
| 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. Scopus18 |
| 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. Scopus1 |
| 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. Scopus7 |
| 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. Scopus18 |
| 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. Scopus2 |
| 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. Scopus14 |
| 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. Scopus7 |
| 2018 | Frijns, B., & Indriawan, I. (2018). Behavioural heterogeneity in the New Zealand stock market. New Zealand Economic Papers, 52(1), 53-71. |
| 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. Scopus25 |
| 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. Scopus4 |
| 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. Scopus29 WoS31 |
| 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. Scopus47 WoS39 |
2023
- Accounting and Finance Association of Australia and New Zealand (AFAANZ) Research Grant for the project “Does the Stock Market Price Water Scarcity Risk”
- Faculty of Arts, Business, Law and Economics (ABLE) Interdisciplinary Demonstrator Grant for the project “Profile of Mood States and Financial Markets Bubbles"
2022
- AUT Business School Research Project Grant for the project “Musician CEO and firm innovation”
2021
- AUT Business School Research Project Grant for the project “Music sentiment and stock returns around the world” (published in the Journal of Financial Economics, ABDC: A*)
2020
- AUT Business School Research Project Grant for the project “Internationalization of futures markets: Lessons from China” (published in the Pacific-Basin Finance Journal, ABDC: A)
2019
- AFAANZ Research Grants for the project “Do crowdsourced forecasts add value beyond analyst forecasts? Evidence from the natural gas market” (published in Energy Journal, ABDC: A)
- University of Lethbridge Burns Endowment Fund Visiting Fellowship for presenting the project titled “High-frequency trading in cross-listed stocks” at the University of Lethbridge, Canada
- AUT Business School Research Project Grant for the project “High-frequency trading of cross-listed stocks” (published in Journal of Empirical Finance, ABDC: A)
2018
- Wiley Course Sponsorship for transitioning to Wiley’s Corporate Finance textbook
- AUT Business School Research Project Grant for the project “Fund managers’ surnames and mutual fund performance”
2017
• AUT Business School Research Project Grant for the project “Surprise and dispersion: Informational impact of USDA announcements” (published in Agricultural Economics, ABDC: A)
2016
- AUT Business School Research Project Grant for the project “The cost of trading during Federal Funds Rate announcements: Evidence from cross-listed stocks” (published in the International Review of Economics and Finance, ABDC: A)
| Date | Role | Research Topic | Program | Degree Type | Student Load | Student Name |
|---|---|---|---|---|---|---|
| 2026 | Principal Supervisor | Hong Kong Linked Exchange Rate System | Master of Research | Master | Full Time | Mr Lok Man Chan |
| 2025 | Principal Supervisor | High-Frequency Trading around Credit Rating Announcements, Evidence from Australian Market | Doctor of Philosophy | Doctorate | Full Time | Mr Christoforus Enrico Andriawan |
| 2024 | Principal Supervisor | Essays in Modern Investment Management and Quantitative Methods | Doctor of Philosophy | Doctorate | Full Time | Mr Ali Fereydooni |
| 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 - 2024 | 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 | Doctor of Philosophy | Doctorate | - | Hengbin (Chris) Zhang |
