Dr Ihsan Badshah

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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

Memberships and Affiliations:

  • Editorial board member of the Gulf-Pacific Journal of Business Administration (GJBA)
  • Editorial board member of the International Journal of Business and Data Analytics (IJBDA)


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 Market Review, Emerging Markets Finance and Trade, International Financial Markets and Derivatives etc. He has been refereeing for the Journal of Futures Markets, International Journal of Money and Finance, 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 FIRN, EFA, FMA, MFA, EFMA, AFBC, MFS, IFMA, VSBF, Global Finance, and the Nordic Finance Network etc.

Teaching Areas:

  • Financial Modelling
  • Investment and Portfolio Management
  • Financial 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., S. Bekiros., B. Lucey., G. Uddin (2018). Asymmetric Linkages among the Fear Index and Emerging Market Volatility Indices. Emerging Markets Review, Forthcoming.
  2. Badshah, I. (2018). Volatility Spillover from the Fear Index to Developed and Emerging Markets. Emerging Markets Finance and Trade, 54, 27-40.
  3. Badshah, I., H. Butt., T. Suleman (2017). Illusory Nature of Pricing of Illiquidity Effect: The Test Case of Australian Stock Market. Journal of Finance & Economics Research, 2(2), 115-129.
  4. 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.
  5. 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.
  6. 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.
  7. Badshah, I. (2013). Quantile Regression Analysis of the Asymmetric Return-volatility Relation. Journal of Futures Markets, 33, 235-265.
  8. Badshah, I (2011). Return-volatility Relationships: Cross-country Evidence. International Journal of Behavioural Accounting and Finance 2, 178-190.


  • Financial Research Network (FIRN)’s travel grant for attending the FIRN’s 2017 annual conference in Uluru, Australia.
  • 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.