Dr Ivan Indriawan
Senior Lecturer in Finance
Adelaide Business School
Faculty of Arts, Business, Law and Economics
Eligible to supervise Masters and PhD - email supervisor to discuss availability.
Dr. Ivan Indriawan is a Senior Lecturer in Finance at the Adelaide Business School, University of Adelaide. He received his Ph.D. in Finance from the Auckland University of Technology, New Zealand. 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 various 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.
My research focuses on the following areas: Financial Markets, Market Quality, News Announcements, Investor Sentiment, Applied Econometrics. Examples include:
Financial Markets:
• Labor pains: The impact of labor market competition on stock returns (SSRN)
• Cross-asset time-series momentum: Crude oil volatility and global stock markets (Journal of Banking and Finance)
• Political crises and the stock market integration of emerging markets (Journal of Banking and Finance)
• COVID-19 pandemic and stock market returns: A culture effect (Journal of Behavioral Economics and Finance)
• The SOFR and the Fed’s influence over market interest rates (Economics Letters)
Market Quality:
• When Chinese mania meets global frenzy: Commodity price explosiveness (Journal of Commodity Markets)
• US Cross-Listing and Domestic High-Frequency Trading: Evidence from Canadian Stocks (Journal of Empirical Finance)
• The interactions between price discovery, liquidity and algorithmic trading for US-Canadian cross-listed shares (International Review of Financial Analysis)
• The impact of the US stock market opening on price discovery of government bond futures (Journal of Futures Markets)
• Market quality and the connectedness of steel rebar and other industrial metal futures in China (Journal of Futures Markets)
News Announcements:
• The FOMC announcement returns on the long-term US and German bond futures (Journal of Banking and Finance)
• Macroeconomic news announcements and price discovery: Evidence from Canadian-U.S. cross-listed firms (Journal of Empirical Finance)
• The cost of trading during Federal Funds Rate announcements: Evidence from cross-listed stocks (International Review of Economics and Finance)
• The impact of the change in USDA announcement release procedures on agricultural commodity futures (Journal of Commodity Markets)
• Intraday return predictability in the crude oil market: The role of EIA inventory announcements (The Energy Journal)
Investor Sentiment:
• Emotions and stock returns during the GameStop bubble (SSRN)
• Music sentiment and stock market returns around the world (Journal of Financial Economics)
• Music sentiment and stock market returns (Economics Letters)
• The price impact of tweets: A high-frequency study (Financial Review)
• In the mood for sustainable funds? (Economics Letters)
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Appointments
Date Position Institution name 2022 - ongoing Senior Lecturer in Finance University of Adelaide 2019 - 2022 Senior Lecturer in Finance Auckland University of Technology 2016 - 2018 Lecturer in Finance Auckland University of Technology 2015 - 2015 Postdoctoral Research Fellow Auckland Centre for Financial Research 2011 - 2012 Risk Scoring Analyst Citibank -
Education
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) -
Research Interests
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Journals
Year Citation 2024 Yang, N., Fernandez‐Perez, A., & Indriawan, I. (2024). The price impact of tweets: A high‐frequency study. Financial Review, 1-25.
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.
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.
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.
Scopus12023 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.
Scopus12023 Wen Ivan Indriawan, Z., 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.
2022 Fernandez-Perez, A., Indriawan, I., Tse, Y., & Xu, Y. (2022). Cross-Asset Time-Series Momentum: Crude Oil Volatility and Global Stock Markets. Journal of Banking and Finance, 154, 106704-1-106704-17.
Scopus62022 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.
Scopus472022 Indriawan, I., Jiao, F., & Tse, Y. (2022). Price discovery between forward-looking SOFR and LIBOR. Finance Research Letters, 47(B), 1-6.
Scopus22022 Fernandez-Perez, A., Garel, A., & Indriawan, I. (2022). In the mood for sustainable funds?. Economics Letters, 217, 5 pages.
Scopus4 WoS22021 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., Jiao, F., & Tse, Y. (2021). The SOFR and the Fed’s influence over market interest rates. Economics Letters, 209, 6 pages.
Scopus32021 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.
Scopus72021 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.
Scopus42021 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.
Scopus1032020 Fan, J. H., Fernandez-Perez, A., Indriawan, I., & Todorova, N. (2020). Internationalization of futures markets: Lessons from China. Pacific-Basin Finance Journal, 63, 101429.
Scopus112020 Fernandez-Perez, A., Garel, A., & Indriawan, I. (2020). Natural Gas Storage Forecasts: Is the Crowd Wiser?. The Energy Journal, 41(5), 27 pages.
Scopus12020 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.
Scopus52020 Fernandez-Perez, A., Frijns, B., Indriawan, I., & Tse, Y. (2020). Pairs trading of Chinese and international commodities. Applied Economics, 52(48), 5203-5217.
Scopus52020 Fernandez-Perez, A., Garel, A., & Indriawan, I. (2020). Music sentiment and stock returns. Economics Letters, 192, 6 pages.
Scopus162020 Indriawan, I. (2020). Market quality around macroeconomic news announcements: Evidence from the Australian stock market. Pacific-Basin Finance Journal, 61, 14 pages.
Scopus42019 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.
Scopus112019 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.
Scopus12019 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.
Scopus132019 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.
Scopus62019 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.
Scopus12019 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.
Scopus32018 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.
Scopus32018 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.
Scopus222015 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.
Scopus26 WoS272012 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.
Scopus42 WoS34
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)
CORPFIN 3005 Fintech and Disruption in Financial Services
CORPFIN 7055 Fintech and Disruption in Financial Services (M)
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Current Higher Degree by Research Supervision (University of Adelaide)
Date Role Research Topic Program Degree Type Student Load Student Name 2024 Principal Supervisor Essays in Modern Investment Management and Quantitative Methods Doctor of Philosophy Doctorate Full Time Mr Ali Fereydooni -
Other Supervision Activities
Date Role Research Topic Location Program Supervision Type Student Load Student Name 2024 - ongoing Principal Supervisor Essays in Modern Investment Management and Quantitative Methods University of Adelaide Doctor of Philosophy Doctorate Full Time Ali Fereydooni 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
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