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Personal profile


I joined Aston Business School as a Lecturer in Finance in June 2011. Prior to this, I was a PhD student at Aarhus School of Business, Aarhus University. During my PhD studies I also became affiliated with the Center for Research in Econometric Analysis of TimE Series (CREATES), as a Junior Fellow, and with Kellogg School of Management, Northwestern University, as a Visiting Research Scholar (March 2008 - September 2008). My PhD thesis examined how the prices of derivative contracts can be utilized in order to improve forecasts of financial return volatility and comovement, as well as forecasts of univariate and multivariate asset price probability distributions.

Research Interests

My current research interests belong mainly in the field of Financial Econometrics.

I am particularly interested in models that attempt to describe the dynamics of asset prices, especially conditional volatility and conditional dependence models, the empirical study of observed option prices and the informational efficiency of derivative markets, forecasting, the estimation of risk-premia changes, and the econometrics of high-frequency financial data.

Teaching Activity

  • BFM102 – Valuation of Investments

  • BFM115 – Financial Econometrics


Aarhus School of Business, Aarhus University, Denmark
- Ph.D. in Finance, August 2010

Kellogg School of Management, Northwestern University, U.S.A.
- Visiting Research Scholar, Department of  Finance,  March 2008 - September 2008

Management School, Lancaster University, U.K.
- M.Sc. in Finance, September 2005

Department of Business Administration, University of Patras, Greece
- B.Sc. in Business Administration, June 2004

Contact Details

Phone: 0121 204 3251
Email:  l.tsiaras@aston.ac.uk
Room: SW1020A

Fingerprint Dive into the research topics where Leonidas Tsiaras is active. These topic labels come from the works of this person. Together they form a unique fingerprint.

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Network Recent external collaboration on country level. Dive into details by clicking on the dots.

Research Output 2010 2019

Volatility Forecasts Embedded in the Prices of Crude-Oil Options

Tsiaras, L. & Gilder, D., 1 Dec 2019, (Accepted/In press) In : Journal of Futures Markets.

Research output: Contribution to journalArticle

Crude oil
Volatility forecasts
Volatility index
Realized volatility

Density forecasts of crude-oil prices using option-implied and ARCH-type models

Høg, E. & Tsiaras, L., Aug 2011, In : Journal of Futures Markets. 31, 8, p. 727-754 28 p.

Research output: Contribution to journalArticle

Crude oil price
Autoregressive conditional heteroscedasticity
Density forecasts
Option prices

Dynamic models of exchange rate dependence using option prices and historical returns

Tsiaras, L., 12 Jan 2010, (Unpublished) Aarhus University, 45 p. (CREATES Research Paper 2010-35).

Research output: Working paper

Exchange rates
Option prices
Joint distribution
Currency options
Forecast performance
Implied volatility
Loss function
Forecast horizon
Information content

Activities 2013 2013

  • 2 Participation in conference

2nd annual Optionmetrics Research Conference

Leonidas Tsiaras (Speaker)
11 Oct 201318 Oct 2013

Activity: Participating in or organising an event typesParticipation in conference

Robust Econometric Methods in Finance and Economics, Bank of Portugal

Leonidas Tsiaras (Speaker)

Activity: Participating in or organising an event typesParticipation in conference