Dr Ivan Indriawan

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Senior Lecturer of Finance

Phone: Phone: +64 9 921 9999 – ext: 5061

Email: ivan.indriawan@aut.ac.nz


  • Doctor of Philosophy (Ph.D.) in Finance
  • Bachelor of Business (with Honours) in Finance
  • Bachelor of Business in Finance and Economics

Memberships and Affiliations:

  • Accounting and Finance Association of Australia and New Zealand (AFAANZ)
  • American Finance Association (AFA)
  • Asian Finance Association (Asian FA)
  • Australasian Agricultural and Resource Economics Society (AARES)
  • Beta, Gamma and Sigma
  • Financial Management Association (FMA)
  • Southern Finance and Southwest Finance Association (SFA)


Ivan joined the Finance Department at AUT in February 2016. He is an AUT graduate with a Doctoral Degree in Finance and undergraduate degrees in Finance and Economics. Previously, Ivan was a Research Fellow at the Centre for Financial Research at AUT University and a Credit Risk Scoring Analyst for Citibank in Jakarta, Indonesia. The combination of academic degrees and professional experiences resulted in a doctoral thesis focusing on macroeconomic news announcements and underlying market microstructure theory that drives prices of stocks listed in multiple markets.

Teaching Areas:

  • Corporate Finance
  • Research Methods in Finance

Research Areas:

  • Market Microstructure
  • Financial Markets
  • High-Frequency Trading
  • Macroeconomic News Announcements
  • Mutual Funds and Investments

Research Summary:

As an emerging researcher, Ivan has built a significant research foundation in the area of market microstructure based on his PhD research. His thesis focuses on the price formation process of stocks listed and traded in multiple markets (particularly in the US and Canada). The price formation process is explored through three viewpoints, each constitutes a chapter in his thesis: (1) the price discovery during macroeconomic news announcements, (2) the dynamics of price discovery and (3) the dynamics of intermarket bid and ask quotes.

Ivan has further expanded his research and produced several more research papers which focus on understanding the efficiency of stock markets in the US, Canada and Australia, as well as the efficiency of agricultural futures market. His research has led to a range of conference papers and refereed journal publications.

Beyond market microstructure, Ivan has also had the opportunity to examine the New Zealand stock market. In particular, he assesses (1) the trading behaviour in the NZ stock market, (2) the performance of mutual funds, and (3) market anomaly in New Zealand.


Current Research Projects:

  • Price discovery
  • Multi-market price dynamics
  • Trading cost decomposition
  • Market quality around macroeconomic news announcements
  • The performance of New Zealand mutual funds
  • Turn-of-the-month effect in the New Zealand stock market


(2019) Market quality and the connectedness of steel rebar and other industrial metal futures in China (with Q. Liu and Y. Tse). Journal of Futures Markets, forthcoming. (ABDC ranking: A)

(2019) The cost of trading during Federal Funds Rate announcements: Evidence from cross-listed stocks (with B. Frijns, Y. Otsubo and A. Tourani-Rad). International Review of Economics and Finance Vol. 60, pp. 176-187. (ABDC ranking: A)

(2019) Surprise and dispersion: Informational impact of USDA announcements (with A. Fernandez-Perez, B. Frijns and A. Tourani-Rad). Agricultural Economics Vol. 50, pp. 113-126. (ABDC ranking: A)

(2018) Market quality around macroeconomic news announcements: Evidence from the Australian stock market. Pacific Basin Finance Journal, forthcoming. (ABDC ranking: A)

(2018) Turn of the month effect in the New Zealand stock market (with J. Chen, B. Frijns and H. Ren). New Zealand Economic Papers, forthcoming. (ABDC ranking: B)

(2018) On the ability of New Zealand actively managed funds to generate outperformance in their domestic equity allocations (with B. Frijns). Pacific Accounting Review Vol. 30, pp. 463-481. (ABDC ranking: B)

(2018) Market quality around macroeconomic news announcements: Evidence from the U.S. and Canadian markets (with B. Frijns, A. Tourani-Rad and Y. Tse). International Review of Finance, forthcoming. (ABDC ranking: A)

(2018) The interactions between price discovery, liquidity and algorithmic trading for US-Canadian cross-listed shares (with B. Frijns and A. Tourani-Rad). International Review of Financial Analysis Vol. 56, pp. 136-152. (ABDC ranking: A)

(2016) Behavioural heterogeneity in the New Zealand stock market (with B. Frijns). New Zealand Economics Paper Vol. 52, pp. 53-71. (ABDC ranking: B)

(2015) Macroeconomic news announcements and price discovery: Evidence from Canadian-U.S. cross-listed firms (with B. Frijns and A. Tourani-Rad). Journal of Empirical Finance Vol. 32, pp. 35-48. (ABDC ranking: A)

(2012) Political crises and the stock market integration of emerging markets (with B. Frijns and A. Tourani-Rad). Journal of Banking and Finance Vol. 36, pp. 644-653. (ABDC ranking: A*)


  • 2018 Australasian Agricultural and Resource Economics Society (AARES) Travel West Award
  • 2018 Faculty Contestable Research Grant ($3,600)
  • 2017 SIRCA Best Paper Award at the New Zealand Finance Colloquium
  • 2017 Faculty Contestable Research Grant ($7,700)
  • 2016 Faculty Contestable Research Grant ($8,000)
  • 2015 Top 6 paper during 5th SIRCA Young Researcher Workshop, Sydney, Australia
  • 2015 Recipient for Faculty Teaching Assistant Excellence Award.
  • 2014 Nominated for Best Paper Award in Market Microstructure during the Financial Management Association (FMA) Annual Meeting, Nashville, US.
  • 2014 24th New Zealand Econometric Study Group (NZESG) RBNZ Research Award.
  • 2013 Top 5 paper during 2nd SIRCA Young Researcher Workshop, Sydney, Australia.
  • 2013 Outstanding Reviewer Award for South Asian Journal of Global Business Research.
  • 2012 AUT Vice-Chancellor Doctoral Scholarship Award.
  • 2012 AUT Graduate Assistantship Award.