Dr Ihsan Badshah

A lecturer at AUT

Senior Lecturer in Finance

Phone: + 64 9 921 9999 ext 5394

Email: ihsan.badshah@aut.ac.nz


  • Doctor of Philosophy (Ph.D.) in Finance

  • Master of Science (M.Sc.) in Computational Finance

  • Master of Business Administration (MBA)

  • Bachelor of Science (B.Sc.) in Computer Science


Dr. Ihsan Badshah is a Senior Lecturer in Finance at AUT University. He obtained his Ph.D. degree (with distinction) from Hanken School of Economics, Finland, his Ph.D. thesis is entitled “Modeling and Forecasting Implied Volatility: Implications for Trading, Pricing and Risk Management”. He also holds M.Sc. Computational Finance, MBA and B.Sc. Computer Science degrees.

Since joining AUT in 2010, he has been actively involved in research and teaching activities.  Ihsan’s areas of research include empirical asset pricing, financial market integration, market microstructure, derivatives and emerging markets. He has published in the Journal of Futures Markets, International Review of Financial Analysis, Emerging Markets Finance and Trade, International Financial Markets and Derivatives, International Journal of Behavioural Accounting and Finance. He has been refereeing for the Journal of Futures Markets, International Review of Economics & Finance, International Review of Financial Analysis, Empirical Economics, Applied Economics, Journal of Financial Stability, and European Journal of Finance among others. He has presented in the leading international finance conferences around the globe such as EFA, FMA, MFA, EFMA, AFBC, MFS, IFMA, VSBF, Global Finance, and the Nordic Finance Network etc.

Teaching Areas:

  • Financial Modelling
  • Investment and Portfolio Management
  • Risk Management
  • Financial Econometrics
  • Banking and Financial Markets
  • International Finance

Research Areas:

  • Empirical Asset Pricing
  • Financial Market Integration
  • Market Microstructure
  • Derivatives Markets
  • Emerging Markets

Current Research Projects:

  • Informed Trading
  • Market Integration
  • Volatility and Correlation Dynamics
  • Momentum Profits and Market Forces


  1. Badshah , I. (2017). Volatility Spillover from the Fear Index to Developed and Emerging Markets. Emerging Markets Finance and Trade, Forthcoming.

  2. Badshah I., B. Frijns., J. Knif and A. Tourani-Rad (2016). Asymmetries of the Intraday Return-Volatility Relation. International Review of Financial Analysis 48, 182-192.

  3. Badshah, I. (2015). The Information Content of the VDAX Volatility Index and Backtesting Daily Value-at-Risk Models. International Journal of Financial Markets and Derivatives 4, (3/4), 213-230.

  4. Badshah, I., B. Frijns and A. Tourani-Rad (2013). Contemporaneous Spill-over among Equity, Gold, and Exchange Rate Volatility Indices. Journal of Futures Markets 33(6), 235-265.

  5. Badshah, I. (2013). Quantile regression analysis of the asymmetric return-volatility relation. Journal of Futures Markets 33, 235-265.

  6. Badshah, I (2011). Return-volatility Relationships: cross-country evidence. International Journal of Behavioural Accounting and Finance 2, 178-190.

  7. Badshah, I. Quantile Regression Analysis of Asymmetric Return-Volatility Relation. European Financial Management Association (EFMA), 2010, conference proceedings, Aarhus, Denmark.

  8. Badshah, I. Asymmetric Return-Volatility Relation, Volatility Transmission and Implied Volatility Indices, Financial Management Association (FMA) International, 2009, conference proceedings, Turin, Italy.

  9. Badshah, I. Modeling the Dynamics of Implied Volatility Surfaces, European Financial Management Association (EFMA), 2008, conference proceedings, Athens, Greece.

  10. Badshah, I. The Information Content of VDAX Volatility Index and Backtesting Daily Value-at-Risk Models, presented at Hanken’s Finance seminar, 2009, Vaasa, Finland.

  11. Badshah, I. Modeling Risk Factors Driving the EUR, USD, and GBP Swaption Volatilities, presented at Graduate School of Finance (GSF) Winter Research Workshop, 2008, Vaasa, Finland.

  12. Badshah, I. Portfolio Selection and Corporate Governance Risk: Evidence from Russia, 3rd International conference on Corporate Governance, 2005, conference proceedings, Birmingham, UK.


  • AUT University project funding for young researchers, New Zealand.
  • Center for Financial Research (CEFIR) scholarship, Finland
  • NASDAQ OMX Foundation’s Market Economy research grant, Sweden.
  • Hanken Foundation scholarship, Finland.
  • Marcus Wallenberg Foundation conference grant, Finland.
  • Evald Hilda Nissi Foundation Scholarship, Finland
  • Corporate Governance in Russia-Academy of Finland Scholarship, Finland.

Last updated: 09-Mar-2017 4.38pm

The information on this page was correct at time of publication. For a comprehensive overview of AUT qualifications, please refer to the Academic Calendar.