Tim Riley

Assistant Professor

University of Arkansas

Sam M. Walton College of Business

Department of Finance

Fayetteville, AR 72701


Tim Riley completed his Ph.D. in Finance at the University of Kentucky in 2014. After graduation, he spent two years as a financial economist at the U.S. Securities and Exchange Commission where he worked on mutual fund liquidity regulation. He is currently an assistant professor in the Department of Finance at the University of Arkansas. His research is focused on mutual funds, hedge funds, and other managed portfolios and has been published in journals including Journal of Financial Economics, Financial Management, Critical Finance Review, Financial Analysts Journal, and Journal of Empirical Finance. Tim’s work has been featured by national media outlets such as The Wall Street Journal, Institutional Investor, and Morningstar. For undergraduate students, he teaches both a general course on investments—focusing on stock and bond markets—and an advanced investments course—focusing on derivatives. For graduate students, he leads a doctoral seminar covering empirical asset pricing and the investment management industry. Tim is an active CFA® charterholder.

Full Curriculum Vitae Links to Published Research

Media Coverage

Fees on Mutual Funds and ETFs Tumble Toward Zero, The Wall Street Journal

Looking for a Risk-free Way to Boost Your Investment Returns, CBS News

3 Academics Take Active Managers’ Side, Morningstar

'Conventional Wisdom' on Active All Wrong: Academics, Ignites

Restoring Balance, and Accuracy, With a New Narrative on Active Management, Ignites

Is Now the Time for Active Investing to Make a Comeback?, The Wall Street Journal

Martijn Cremers: In Active Management, It's Not the '90s Anymore, ThinkAdvisor

Academic Survey Says Active Management Creates Value for Investors After All, Wealth Management

Shareholder Value Could Be Worse, Bloomberg Opinion

Active Managers Don't Get Enough Credit, Study Says, FA Online

Research links: Convex vs. concave returns, Abnormal Returns

Perfect Memories and Rewarding Incompetence, Bloomberg Opinion

Active vs. Passive Redux: How far should managers go?, Morningstar Magazine

Thursday links: Being a good listener, Abnormal Returns

Swedroe: How To Use Benchmarks, ETF.com

Benchmark Bandits! How Some Funds Game Active Share, Citywire

Misuse of Benchmarks Is Rife and Shouldn't Be Tolerated, The Evidence-Based Investor

Epic Spotlight: Tim Riley, Walton Today

Episode 8 - Tim Riley on the Value of Active Management, ...For Advisors

One Sign That Outperforming Active Managers Will Continue to Outperform, Institutional Investor

Active share, past outperformance can predict returns, Financial Standard


Investment Adviser Association

Challenging the Conventional Wisdom on Active Management: A Review of the Past 20 Years of Academic Literature on Actively Managed Mutual Funds

SSRN Draft

Published Draft

Natixis Investment Managers

Researching the Value of Active Management


Data & Code

Riley, Timothy. 2019. Can mutual fund stars still pick stocks?: A replication and extension of Kosowski, Timmermann, Wermers, and White (2006). Critical Finance Review, forthcoming.

Sample Code & Sample Data

Jordan, Bradford, and Timothy Riley. 2015. Volatility and mutual fund manager skill. Journal of Financial Economics 118 (2), 289-298.

LVH factor (January 1927 through December 2019)