Sunil Wahal
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Phone: 480-965-8755
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BAC 516 TEMPE, AZ 85287-3906
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Mail code: 3906Campus: Tempe
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Dr. Sunil Wahal is the Jack D. Furst Professor of Finance and Director of the Center for Responsible Investing at the W.P. Carey School of Business, Arizona State University (https://cri.wpcarey.asu.edu/). Before joining the ASU faculty in 2005, Dr. Wahal was on the faculty at Emory University and Purdue University. Dr Wahal’s research focuses on short and long-horizon investment strategies (momentum, profitability, and others), trading issues (trading algorithm design, trading costs, and high frequency trading), and delegated portfolio management and asset allocation for large institutional investors. His work covers public equities, fixed income, and private equity. He has published extensively in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies and numerous other journals. He is a consultant to Avantis Investors. Prior to that he was a consultant to Dimensional Fund Advisors (2005-2019), and AJO Partners. He sits on a number of investment committees for several RIAs. He is a regular speaker at academic and practitioner conferences and has given numerous presentations to sovereign wealth funds, endowments, foundations, family offices, DB plans, DC plans, and registered investment advisors.
- Ph.D. University of North Carolina-Chapel Hill
- M.B.A. Wake Forest University
- B.A. Economics, University of Delhi, India
- Investment Strategies
- Institutional Investors
- Trading
"Choosing Investment Managers," with Amit Goyal and M. Deniz Yavuz. Forthcoming, Journal of Financial and Quantitative Analysis.
"The Term Structure of Liquidity Provision" co-authored with Jennifer Conrad. Journal of Financial Economics.
"The Profitability and Investment Premium: Pre-1963 Evidence". Journal of Financial Economics.
“High Frequency Quotation, Trading, and the Efficiency of Prices,” co-authored with Jennifer Conrad and Jin Xiang. 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.
“R&D, Innovation, and the Stock Market,” with Amit Goyal.
“Forbearance in Institutional Investment Management: Evidence from Survey Data,” with Amit Goyal and Ramon Tol.
"Picking Partners: Manager Selection in Private Markets," with Amit Goyal and M. Deniz Yavuz.
"Flow Diversification", with Albert Wang.
Courses
2025 Spring
Course Number | Course Title |
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FIN 471 | SIM Fund |
FIN 580 | Practicum |
FIN 471 | SIM Fund |
2024 Fall
Course Number | Course Title |
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FIN 591 | Seminar |
FIN 580 | Practicum |
FIN 471 | SIM Fund |
FIN 494 | Special Topics |
FIN 471 | SIM Fund |
2024 Spring
Course Number | Course Title |
---|---|
FIN 471 | SIM Fund |
FIN 580 | Practicum |
FIN 471 | SIM Fund |
2023 Fall
Course Number | Course Title |
---|---|
FIN 591 | Seminar |
FIN 580 | Practicum |
FIN 471 | SIM Fund |
FIN 494 | Special Topics |
FIN 471 | SIM Fund |
FIN 594 | Conference and Workshop |
FIN 594 | Conference and Workshop |
2023 Spring
Course Number | Course Title |
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FIN 471 | SIM Fund |
FIN 580 | Practicum |
FIN 471 | SIM Fund |
2022 Fall
Course Number | Course Title |
---|---|
FIN 591 | Seminar |
FIN 580 | Practicum |
FIN 471 | SIM Fund |
FIN 494 | Special Topics |
FIN 471 | SIM Fund |
2022 Spring
Course Number | Course Title |
---|---|
FIN 471 | SIM Fund |
FIN 580 | Practicum |
FIN 471 | SIM Fund |
2021 Spring
Course Number | Course Title |
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FIN 471 | SIM Fund |
FIN 580 | Practicum |
FIN 471 | SIM Fund |
2020 Fall
Course Number | Course Title |
---|---|
FIN 591 | Seminar |
FIN 580 | Practicum |
FIN 471 | SIM Fund |
FIN 494 | Special Topics |
FIN 471 | SIM Fund |
2020 Spring
Course Number | Course Title |
---|---|
FIN 471 | SIM Fund |
FIN 580 | Practicum |
FIN 471 | SIM Fund |
Q Group Research Award
- 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
American Finance Association Financial Management Association Society for Financial Studies
• Arizona State University: 2005-Present • Emory University: Associate Professor and Area Chair, 1997-2005 • Purdue University: Assistant Professor, 1995-1997
- Avantis Investors (2019-Current)
- Dimensional Fund Advisors (2005-2019)
- Mercer Investment Advisors (2012-2015)
- Aronson+Johnson+Ortiz (2004)
- MEI Corporation (2003)
- Goodwill Industries (2003)