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Ashish Tiwari
Associate Professor
Henry B. Tippie Research Fellow
Contact
319-353-2185
Office
S308 Pappajohn Business Building (PBB)
Academic history 
PhD in Finance, The University of Iowa, 1994
MBA in Finance, University of Windsor, 1989
Expertise 
Asset Pricing
Financial Econometrics
Market Microstructure
Mutual Funds/Hedge Funds
Awards 
Top quartile of teaching evaluation score rankings: Spring 2006, Spring 2007, Spring 2012 ,
Tippie Research Fellow, August 2013
Runner-up for the Best Paper Award (Investments), European Finance Association Annual Meeting (Copenhagen), August 2012
Best Paper Award, Finance & Corporate Governance Conference, Melbourne, Australia, 2011
Michael Sandler Research Fellowship, 2009
Tippie College of Business Dean's Teaching Award, 2007
MBA Finance Elective Faculty of the Year, 2006
Matthew Bucksbaum Research Fellowship, 2004
Outstanding Derivatives Paper Award and a $1000 cash prize at the Midwest Finance Association Meetings for "Binomial Option Pricing Biases and Inconsistent Implied Volatilities" (with Brent Lekvin), 2001
Old Gold Fellowship, 2000
Best paper prize and a $3000 cash award for "Determinants of the bid-ask spread in an order driven market" (with Puneet Handa and Bob Schwartz) at the Conference on Organization and Quality of Equity Markets, SBF, Bourse de Paris, Paris, 1996
Selected publications 

Hedge Fund Replication: A Model Combination Approach. Michael O'Doherty, N. Eugene Savin, Ashish Tiwari

Cross Trading by Investment Advisers: Implications for Mutual Fund Performance. Lorenzo Casavecchia, Ashish Tiwari, Journal of Financial Intermediation, 2016, vol 25, 99-130

Evaluating Hedge Funds With Pooled Benchmarks. Michael O'Doherty, N. Eugene Savin, Ashish Tiwari, Management Science, 2016, vol 62, 69-89

Modeling the Cross Section of Stock Returns: A Model Pooling Approach. Michael O'Doherty, N. Eugene savin, Ashish Tiwari, Journal of Financial and Quantitative Analysis, 2012, vol 47, 1331-1360

On the Portfolio Properties of Real Estate in Good Times and Bad Times. Jay Sa-Aadu, James D. Shilling, Ashish Tiwari, Real Estate Economics, 2010, vol 38, 529-565

Testing the CAPM Revisited. Surajit Ray, Gene Savin, Ashish Tiwari, Journal of Empirical Finance, 2009, vol 16, 721-733

Incentive Contracts in Delegated Portfolio Management. Wei Li, Ashish Tiwari, Review of Financial Studies, 2009, vol 22, 4681-4714

Stock Return Momentum and Investor Fund Choice. Sapp, Travis , Ashish Tiwari, Journal of Investment Management, 2006, vol 4 (3), 73-85

Does Stock Return Momentum explain the Smart Money Effect?. Travis Sapp, Ashish Tiwari, Journal of Finance, 2004, vol 59, 2605-2622

The Economic Value of a Trading Floor: Evidence from the American Stock Exchange. Puneet Handa, Robert Schwartz, Ashish Tiwari, Journal of Business, 2004, vol 77, 331-355

Quote Setting and Price Formation in an Order Driven Market. Puneet Handa, Robert Schwartz, Ashish Tiwari, Journal of Financial Markets (lead article), 2003, vol 6, 461-489

Binomial Option Pricing Biases and Inconsistent Implied Volatilities. Ashish Tiwari, Brent Lekvin, European Financial Management, 2001, vol 7, 543-562

Price Improvement and Price Discovery on a Primary Market. Ashish Tiwari, Puneet Handa, Robert Schwartz, Journal of Portfolio Management, 1999, vol 25, 55-64

The Ecology of An Order Driven Market. Ashish Tiwari, Puneet Handa, Robert Schwartz, Journal of Portfolio Management (French translation in Organization and Quality of Equity Markets, Didier Davydoff and Bertrand Jacquillat, editors, Presses Universitaires de France (PUF). Spanish extension and translation in Bolsa De Madrid, 18-28, Numero 60, November, 1997.), 1998, vol 24, 47-55

Business Cycles and Stock Market Returns: Evidence Using Industry-Based Portfolios. Ashish Tiwari, Venkat Eleswarapu, Journal of Financial Research, 1996, vol 19, 121-134

Working papers 

Conditional Benchmarks and the Identification of Skill in Active Management. Scott Cederburg, Michael O'Doherty, N. Eugene Savin, Ashish Tiwari

Investing in Mutual Funds with Regime Switching. Ashish Tiwari

Market Liquidity, Funding Liquidity, and Hedge Fund Performance. Mahmut Ilerisoy, Jay Sa-Aadu, Ashish Tiwari

Work in progress 

Mutual Fund Tournaments and Fund Active Share. Wei Li, Ashish Tiwari, Lin Tong

Review and editorial work 

Referee, American Economic Review

Referee, European Financial Management

Referee, Finance Research Letters

Referee, Financial Management

Referee, Financial Review

Referee, Journal of Banking and Finance

Referee, Journal of Finance

Referee, Journal of Financial and Quantitative Analysis

Referee, Journal of Financial Markets

Referee, Journal of Financial Research

Referee, Journal of Financial Services Research

Referee, Journal of Forecasting

Referee, Quantitative Finance

Referee, Review of Finance

Referee, Review of Financial Studies

Referee, Journal of Money, Credit, and Banking, 2014 - Current

Presentations 

Market Liquidity, Funding Liquidity, and Hedge Fund Performance. ESMT and Humboldt University Seminar, Berlin, Germany, November 2015

Market Liquidity, Funding Liquidity, and Hedge Fund Performance. University of Cologne, Cologne, Germany, November 2015

Hedge Fund Replication: A Model Combination Approach. VU University, Amsterdam Seminar , Amsterdam, Netherlands, November 2015

Hedge Fund Replication: A Model Combination Approach. Erasmus University Seminar, Rotterdam, Netherlands, October 2015

Investment Decisions under Ambiguity: Evidence from Mutual Fund Investor Behavior. American Finance Association annual meetings, Philadelphia, PA, January 2014

Evaluating Hedge Funds with Pooled Benchmarks. University of California - Riverside Seminar, Riverside, CA, November 2013

Evaluating Hedge Funds with Pooled Benchmarks. Iowa State University Seminar, Ames, IA, October 2013

Evaluating Hedge Funds with Pooled Benchmarks. 6th Professional Asset Management Conference, Rotterdam, Netherlands, June 2013

Evaluating Hedge Funds with Pooled Benchmarks. Western Finance Association Annual Meeting, Lake Tahoe, NV, June 2013

Contracting in Delegated Portfolio Management: The Case of Alternative Assets. European Finance Association Annual Meeting, Copenhagen, Denmark, August 2012

Cross Trading and the Cost of Conflicts of Investment Advisers. Hong Kong University of Science and Technology Seminar, Hong Kong, September 2011

Cross Trading and the Cost of Conflicts of Investment Advisers. Indian School of Business Seminar, Hyderabad, India, September 2011

Cross Trading and the Cost of Conflicts of Investment Advisers. Financial Intermediation Research Society Conference, Sydney, June 2011

Cross Trading and the Cost of Conflicts of Investment Advisers. Professional Asset Management Conference, Rotterdam, Netherlands, May 2011

Modeling the Cross Section of Stock Returns: A Model Pooling Approach. University of Technology Sydney Seminar, June 2010, Sydney, Australia, June 2010

Modeling the Cross Section of Stock Returns: A Model Pooling Approach. Massey University Seminar, May 2010, New Zealand, May 2010

Modeling the Cross Section of Stock Returns: A Model Pooling Approach. University of Auckland Seminar, May 2010, Auckland, New Zealand, May 2010

Modeling the Cross Section of Stock Returns: A Model Pooling Approach. Victoria University, Wellington Seminar, May 2010, Wellington, New Zealand, May 2010

Mutual Fund Flows, Performance Persistence, and Board Quality. Australian National University Finance Workshop, Melbourne, Australia, December 2009

Mutual Fund Flows, Performance Persistence, and Board Quality. FMA Annual Meeting, Reno, NV, October 2009

On the Consequences of Mutual Fund Tournaments. Singapore Management University Seminar, Singapore, June 2008

Incentive contracts in delegated portfolio management. Western Financial Association annual meetings, Hawaii, June 2008

Incentive Contracts in Delegated portfolio Management. WFA Annual Meeting, Kona, Hawaii, June 2008

On the Consequences of Mutual Fund Tournaments. Western Financial Association annual meetings, Keystone, CO, June 2006

On the Consequences of Mutual Fund Tournaments. WFA Annual Meeting, Keystone, CO, June 2006

Investing in Mutual Funds with Regime Switching. Institute for Quantitative Investment Research (INQUIRE) Conference, Hamburg, Germany, March 2006

Investing in Mutual Funds with Regime Switching. Iowa State University Seminar, Ames, Iowa, November 2005

On the Consequences of Mutual Fund Tournaments. Financial Management Association Annual Meeting, Chicago, IL, October 2005

Sector Fund Performance: Analysis of Cash Flow Volatility and Returns. University of Colorado, Burridge Center Annual Conference, Boulder, CO, October 2003

Sector Fund Performance: Analysis of Cash Flow Volatility and Returns. Iowa State University, Ames, IA, April 2003

Does Stock Return Predictability imply improved Asset Allocation and Does Stock Return Predictability Imply Improved Asset Allocation and Performance? Evidence from the U.S. Market (1954-98). 2002 Financial Management Association Annual Meeting, 2002

Does Stock Return Predictability imply improved Asset Allocation and Performance? Evidence from the U.S. Market (1954-98). American Finance Association Annual Meetings, Atlanta, GA, 2002

Does Stock Return Momentum explain the "Smart Money" Effect?. Presented at the 2002 FMA meeting, 2002

Floor V/s Electronic Trading. NASDAQ-IEM Conference, University of Iowa, Iowa City, IA, April 2002

Binomial Option Pricing Biases and Inconsistent Implied Volatilities. MidWest Finance Association Annual Meetings, 2001

Common Risk Factors and Expected Returns on Real Estate and other Financial Assets. Financial Management Association Meetings, Orlando, FL, 1999

The Economic value of the Amex trading floor. Western Finance Association Annual Meeting, Santa Monica, CA, 1999

Determinants of the Bid-Ask Spread in an Order Driven Market. Conference on Organization and Quality of Equity Markets, SBF, Bourse de Paris, Paris, Paris, France, 1996

Non-Separable Preferences and Consumption-based asset pricing: International evidence. Econometric Society Summer Meetings, Iowa City, IA, 1996

Characterizing Long Horizon Returns in Equity Markets. Financial Management Association Annual Meeting, St. Louis, MO, 1994

On Tests of Asset Pricing Models with Time Non-Separable Preferences. Financial Management Association Annual Meeting, 1993

Finite Sample Properties of the Generalized Method of Moments (GMM) in Tests of Consumption-Based Asset Pricing Models. FMA Doctoral Consortium, 1992

Committees and professional service 
University Investment Advisory Committee, 2007 - Current
Program Committee, 2016 Professional Asset Management Conference, Erasmus University (Rotterdam, Netherlands), 2015 - 2016
Faculty Recruitment Committee, 1999 - 2015
Dashboard Taskforce, 2014 - 2015
5-year Peer Review Committee, 2014 - 2015
"We Are Phil Committee", 2014
FMA Annual Meeting Program Committee, 2014
Diversity Committee, 2008 - 2014
Educational Excellence Taskforce, 2013 - 2014
FMA Annual Meeting Program Committee, 2013
FMA Annual Meeting Program Committee, 2012
Faculty Development Advisory Committee, 2008 - 2010
Ad Hoc Committee on Collegiate Teaching Award, 2008
Ballard/Seashore Doctoral Fellowship Award Committee, 2007
University Academic Technologies Advisory Council (ATAC), 2002 - 2004
College Library Committee, 2000 - 2001