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, CBS News, and Morningstar. For undergraduates 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. In 2018, Tim became a CFA® charterholder.

Full Curriculum Vitae

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

Data & Code

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 June 2018)

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