Reza Bradrania

Teaching Strengths

Investments and Portfolio Management
Research Methods in Finance
Finance Theory
Econometrics
Corporate Finance

Dr Reza Bradrania

Senior Lecturer

School of Accounting and Finance

College of Business and Law

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

Available For Media Comment.


Reza Bradrania is a Senior Lecturer in Finance at the College of Business and Law, Adelaide University. He holds a PhD in Finance from The University of Sydney and an MSc in Finance and Investment from Durham University (UK).
 
Reza’s research focuses on empirical asset pricing, behavioural finance and market efficiency, and investment and portfolio management. His current research extends these areas through the application of artificial intelligence (AI) and machine learning in finance and through interdisciplinary research on gambling-like behaviour in financial markets, financial decision-making and financial resilience.
 
His research has been published in leading international peer-reviewed finance journals and has attracted competitive research funding from national and international organisations, including the Chartered Institute of Management Accountants (CIMA, UK), the Accounting and Finance Association of Australia and New Zealand (AFAANZ), and the Centre for International Finance and Regulation (CIFR). His research collaborations span academics and industry partners in Australia and internationally, with an expanding research network across Europe, the UK, North America and Asia.
 
Reza’s research has also attracted significant public and practitioner interest. His work has been featured in prominent media outlets including Science Magazine, The Times, Al Jazeera and The Australian, and highlighted by evidence-based investment organisations and practitioner-focused investment publications, demonstrating its relevance beyond academia to investment and portfolio-management practice.
Reza contributes to the international finance research community through editorial and professional leadership. He serves on the Editorial Board of the Global Finance Journal (Elsevier, Q1) and as a Handling Editor for Humanities & Social Sciences Communications (Springer Nature, Q1), and has served on the program committees of national and international conferences. He is also a member of the Advisory Board of McGraw Hill (Australia and New Zealand).
 
Reza has an established track record in PhD and Higher Degree by Research supervision, including principal supervision of five successfully completed PhDs. His former doctoral students have progressed to academic and industry positions across Australia, Canada, Hong Kong and the United Kingdom. He also mentors early-career academics across research, teaching and academic engagement.
 
His teaching focuses primarily on investments, portfolio management and applied research in finance. He combines academic research with industry-relevant applications and has received multiple awards and recognitions for teaching innovation and excellence at undergraduate and postgraduate levels. Reza also co-founded and co-led the development of the IRESS Trading Lab at UniSA Business and subsequently led the integration of IRESS trading technology across selected undergraduate and postgraduate finance courses, strengthening experiential learning and students’ industry readiness.
 
From 2020 to 2023, Reza served as Program Director for Finance, Economics, Financial Planning, Property and Real Estate, with responsibility for a portfolio of 15 undergraduate and postgraduate programs delivered on campus, off campus and online, involving more than 900 students and 30 academic staff. In this role, he provided academic leadership across curriculum and program development, accreditation and quality assurance, industry engagement and graduate employability. His initiatives included developing new articulated programs, redesigning the Master of Finance in consultation with industry stakeholders, and leading curriculum innovation across Finance programs.
 
Before joining Adelaide University, Reza held academic and research roles at The University of Sydney and the University of South Australia. He also worked for several years as an Associate Director, Director and Senior Consultant across investment banking, private equity and management consulting. Earlier in his career, he co-founded and managed a start-up that was successfully acquired by a major industry player three years after its inception.
 

Empirical Asset Pricing, Behavioural Finance, Market Quality, AI, Machine Learning, Investments, Liquidity and Capital Markets, Gambling in Financial Markets

 

Year Citation
2025 Pirayesh Neghab, D., Moradi, M., Cevik, M., & Bradrania, R. (2025). ESG-based index tracking with portfolio policy. Journal of Cleaner Production, 492(144880), 1-15.
DOI
2025 Bradrania, R., Veron, J. F., & Wu, W. (2025). Investor behavior and the beta anomaly: who benefits from betting against beta?. Economics Letters, online, 1-19.
DOI
2024 Bradrania, R., & Gao, Y. (2024). Lottery demand, weather and the cross-section of stock returns. Journal of Behavioral and Experimental Finance, 42(100910), 1-15.
DOI Scopus5 WoS5
2024 Gao, Y., & Bradrania, R. (2024). Property crime and lottery-related anomalies. Global Finance Journal, 59(100927), 1-24.
DOI Scopus1 WoS1
2023 Bradrania, R., Veron, J. F., & Wu, W. (2023). The beta anomaly and the quality effect in international stock markets. Journal of Behavioral and Experimental Finance, 38(100808), 1-18.
DOI Scopus2 WoS2
2023 Bradrania, R., & Wu, W. (2023). Foreign institutions, local investors and momentum trading. Journal of Empirical Finance, 73, 40-64.
DOI Scopus10 WoS10
2023 Bradrania, R., Prodromou, T., & Joakim Westerholm, P. (2023). Director trades, profitability and market efficiency: new evidence. Journal of Economic Criminology, 1, 1-15.
DOI Scopus2
2023 Neghab, D. P., Bradrania, R., & Elliott, R. (2023). Deliberate premarket underpricing: new evidence on IPO pricing using machine learning. International Review of Economics & Finance, 88, 902-927.
DOI Scopus10 WoS7
2022 Bradrania, R., Elliott, R., & Wu, W. (2022). Institutional ownership and liquidity commonality: evidence from Australia. Accounting and Finance, 62(S1), 1231-1272.
DOI Scopus5 WoS5
2022 Bradrania, R., & Neghab, D. P. (2022). State-dependent asset allocation using neural networks. European Journal of Finance, 28(11), 1130-1156.
DOI Scopus7 WoS4
2022 Bradrania, R., & Veron, J. F. (2022). The beta anomaly in the Australian stock market and the lottery demand. Pacific Basin Finance Journal, 77(101903), 1-23.
DOI Scopus6 WoS6
2022 Bradrania, R., Pirayesh Neghab, D., & Shafizadeh, M. (2022). State-dependent stock selection in index tracking: a machine learning approach. Financial Markets and Portfolio Management, 36(1), 1-28.
DOI Scopus7 WoS4
2018 Elliott, R. J., & Bradrania, R. (2018). Estimating a regime switching pairs trading model. Quantitative finance, 18(5), 877-883.
DOI Scopus10 WoS7
2017 Bradrania, R., Grant, A., Westerholm, P. J., & Wu, W. (2017). Fool's mate: what does CHESS tell us about individual investor trading performance?. Journal of accounting and finance, 57(4), 981-1017.
DOI Scopus12 WoS10
2016 Bradrania, R., Westerholm, P. J., & Yeoh, J. (2016). Do CEOs who trade shares adopt more aggressive corporate investment strategies?. Pacific-basin finance journal, 40(B), 349-366.
DOI Scopus6 WoS3
2015 Bradrania, R. M., Peat, M., & Satchell, S. (2015). Liquidity costs, idiosyncratic volatility and expected stock returns. International review of financial analysis, 42, 394-406.
DOI Scopus17 WoS16
2014 Bradrania, R. M., & Peat, M. (2014). Characteristic liquidity, systematic liquidity and expected returns. Journal of international financial markets, institutions & money, 33(1), 78-98.
DOI Scopus5 WoS4
2013 Baradarannia, M. R., & Peat, M. (2013). Liquidity and expected returns-Evidence from 1926-2008. International review of financial analysis, 29, 10-23.
DOI Scopus5 WoS2
- Anthonisz, S., & Bradrania, R. (n.d.). Outperforming Your Peers When It Matters Most, or Falling With Style?. SSRN Electronic Journal.
DOI
- Pirayesh Neghab, D., Moradi, M., Cevik, M., & Bradrania, R. (2024). ESG-based Index Tracking with Portfolio Policy. SSRN Electronic Journal.
DOI
  • Blockchain and AI in the Italian and Australian wine industry, Chartered Institute of Management Accountants - Research Grant, 01/02/2020 - 30/06/2021
  • AFAANZ - Asymmetric Risk and Expected Corporate Bond Returns, Accounting And Finance Association of Australia And New Zealand Limited, 01/06/2017 - 30/03/2019

Courses I teach

  • BAFI 3016 Portfolio and Fund Management (2026)
  • BAFI 1008 Investment management-MBA (2026)
  • BAFI 1001 Business Finance (2026)
  • IBUS 3006 International Finance-MBA (2026)
  • BANK 3004 Portfolio and Fund Management (2025)
  • BANK 3004 Portfolio and Fund Management (2025)
  • BANK 5013 Investment Management (2025)
  • BANK 3004 Portfolio and Fund Management (2024)
  • BANK 5013 Investment Management (2024)

Programs I'm associated with

  • Master of Finance
  • Bachelor of Finance
  • MBA

Date Role Research Topic Program Degree Type Student Load Student Name
2020 - 2024 Principal Supervisor Three essays on mood sensitivity, lottery demand, and ESG investing Doctor of Philosophy Doctorate Full Time Mrs Bulgan Dandarvanchig
2019 - 2021 Co-Supervisor Bid-ask price models under a Markovian regime-switching environment Doctor of Philosophy Doctorate Full Time Mr Engel John Dela Vega
2019 - 2022 Principal Supervisor Three essays on the beta anomaly Doctor of Philosophy Doctorate Part Time Mr Jose Francisco Veron
2019 - 2023 Principal Supervisor Three essays on lottery demand in the stock market Doctor of Philosophy Doctorate Full Time Miss Ya Gao
2017 - 2021 Principal Supervisor Lottery demand and the stock market Doctor of Philosophy Doctorate Full Time Miss Zhihui Zhang
2016 - 2017 Co-Supervisor Exchange traded funds: US market effects, price discovery and regulatory implications on the fixed income sector Doctor of Philosophy Doctorate Part Time Mr Damien Wallace
2016 - 2017 Co-Supervisor Algorithmic trading and high frequency trading Doctor of Philosophy Doctorate Part Time Mr Hao Zhou

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