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Sunil Wahal

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W. P. Carey Finance
Jack D. Furst Professor of Finance
Faculty, TEMPE Campus, Mailcode 3906
Biography

Sunil Wahal joined the W. P. Carey School of Business as the Jack D. Furst Professorship in Finance in 2005. Before joining W. P. Carey, Wahal was an associate professor of finance at Emory University. 

Professor Wahal is a leading researcher on capital markets, investment strategies, and transaction costs, with an emphasis on trading and portfolio management practices. He has published extensively on the role of large institutional investors in financial markets.  His most recent published work, titled “High Frequency Quoting, Trading, and the Efficiency of Prices” examines the relationship between high frequency quotation and the behavior of stock prices in the United States and Japan. His work has been published extensively in the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies, among others.

Professor Wahal has been recognized for his contributions to teaching and research, including the 2014 Spangler IQAM Prize for the best paper on Investments, the 2001 Emory Williams Distinguished Teaching Award, and the Jay N. Ross Young Faculty Scholar Award. Wahal interacts extensively with industry. He is a long-time consultant to Dimensional Fund Advisors and sits on investment management committees of a variety of investment advisors. He frequently presents his research to practitioners.

CV
Binary Data Curriculum Vitae
Education
  • Ph.D. University of North Carolina-Chapel Hill 
  • M.B.A. Wake Forest University 
  • B.A. Economics, University of Delhi, India 
Research Interests
  • Trading
  • Investment Strategies
  • Institutional Investors
Publications

“High Frequency Quotation, Trading, and the Efficiency of Prices,” co-authored with Jennifer Conrad and Jin Xiang. Forthcoming, Journal of Financial Economics.

 

“Is momentum an echo,” co-authored with Amit Goyal, forthcoming, Journal of Financial and Quantitative Analysis.


“Investing in a global world,” co-authored with Jeff Busse and Amit Goyal, Review of Finance 2014, 18, 561-590. Spängler IQAM Prize for the best paper on Investments.


“Style investing, comovement and return predictability,” co-authored with M. Deniz Yavuz, Journal of Financial Economics. 2013, 107, 136-155.


“Competition among mutual funds”, co-authored with Albert Wang, Journal of Financial Economics 2011, 99, 40-59. [Presented at CRSP Forum, 2008, Western Finance Association Meetings, 2009.]

“Grandstanding, certification and the underprice of venture capital backed IPOs,” co-authored with Peggy Lee, Journal of Financial Economcis 2004, 73, 375-407. [Presented at Western Finance Association Meetings, 2003, and EVI Conference, Yale University, 2001.]


“Institutional Trading and Alternative Trading Systems,” co-authored with Jennifer Conrad and Kevin Johnson, Journal of Financial Economics 2003, 70, 99-134, [Presented at Western Finance Association Meetings, 2001.]


“Momentum Trading by Institutions,” co-authored with S.G. Badrinath, Journal of Finance December 2002, pg 2449-2478. [Presented at American Finance Association Meetings, 2000.]


“Agency Conflicts in Closed-End Funds: The Case of Rights Offerings,” co-authored with Ajay Khorana and Marc Zenner. Journal of Financial and Quantitative Analysis. 2002, volume 37, number 2 (lead article).


“Institutional Trading and Soft Dollars,” co-authored with Jennifer Conrad and Kevin Johnson. Journal of Finance, 2001, volume 56. [Presented at Western Finance Association Meetings, 1998.]


“Spinoffs, Ex ante,” co-authored with John McConnell and Mehment Ozbilgin. Journal of Business, 2001, volume 74.


“Do Institutional Investors Exacerbate Managerial Myopia?” co-authored with John McConnell. Journal of Corporate Finance, 2000, volume 6.


“Entry, Exit, Market Makers and the Bid-Ask Spread,” Review of Financial Studies, 1997, Volume 10, Number 3. [Presented at Western Finance Association Meetings, 1993.]


“Pension Fund Activism and Firm Performance,” Journal of Financial and Quantitative Analysis, 1996, Volume 31, Number 1 (lead article).


“Who Opts Out of State Antitakeover Legislation? The Case of Pennsylvania’s SB 1310”, co-authored with Kenneth Wiles and Marc Zenner, Financial Management, 1995, Volume 24, Number 3.

Research Activity

“Trading by Crossing,” with Jennifer Conrad and Gang Hu

“High Frequency Quotation, Trading, and the Efficiency of Prices,” with Jennifer Conrad and Jin Xiang

Spring 2019
Course NumberCourse Title
FIN 471Investment Portf Mgmt
FIN 580Practicum
Fall 2018
Course NumberCourse Title
FIN 471Investment Portf Mgmt
FIN 494Special Topics
FIN 580Practicum
FIN 591Seminar
Summer 2018
Course NumberCourse Title
DBA 703Glob FIN Sys Institute Invest
Spring 2018
Course NumberCourse Title
FIN 471Investment Portf Mgmt
FIN 580Practicum
Fall 2017
Course NumberCourse Title
FIN 471Investment Portf Mgmt
FIN 494Special Topics
FIN 580Practicum
FIN 591Seminar
Summer 2017
Course NumberCourse Title
DBA 703Glob FIN Sys Institute Invest
Spring 2017
Course NumberCourse Title
FIN 471Investment Portf Mgmt
FIN 580Practicum
Fall 2016
Course NumberCourse Title
FIN 471Investment Portf Mgmt
FIN 494Special Topics
FIN 580Practicum
FIN 591Seminar
Summer 2016
Course NumberCourse Title
DBA 703Glob FIN Sys Institute Invest
Spring 2016
Course NumberCourse Title
FIN 471Investment Portf Mgmt
FIN 580Practicum
Fall 2015
Course NumberCourse Title
FIN 471Investment Portf Mgmt
FIN 494Special Topics
FIN 580Practicum
FIN 591Seminar
Summer 2015
Course NumberCourse Title
DBA 703Glob FIN Sys Institute Invest
Spring 2015
Course NumberCourse Title
FIN 471Investment Portf Mgmt
FIN 580Practicum
Fall 2014
Course NumberCourse Title
FIN 471Investment Portf Mgmt
FIN 494Special Topics
FIN 580Practicum
FIN 591Seminar
Summer 2014
Course NumberCourse Title
DBA 703Glob FIN Sys Institute Invest
Honors / Awards

Q Group Research Award

Editorships
  • Associate Editor: Financial Management, Journal of Banking and Finance
  • Editorial Board: FMA Survey and Synthesis Series

Ad Hoc Referee for

  • American Economic Review
  • Financial Management
  • Journal of Corporate Finance
  • Journal of Finance
  • Journal of Financial Economics
  • Journal of Financial and Quantiative Analysis
  • Journal of Financial Services Research
  • Managerial and Decision Economics
  • Quarterly Review of Economics and Finance
  • Review of Financial Studies
  • Review of Financial Economics
  • Review of Asset Pricing Studies
  • National Science Foundation
Professional Associations

American Finance Association Financial Management Association Society for Financial Studies

Work History

• Arizona State University: 2005-Present • Emory University: Associate Professor and Area Chair, 1997-2005 • Purdue University: Assistant Professor, 1995-1997

Consulting
  • Dimensional Fund Advisors (2005-current)
  • Mercer Investment Advisors (2012-2015)
  • Aronson+Johnson+Ortiz (2004)
  • MEI Corporation (2003)
  • Goodwill Industries (2003)
Expertise Areas
Capital Markets
Portfolio Management
Trading Strategies