Sunil Wahal

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.


Non-referred and invited publications:

  • “Electronic markets and trading algorithms” Journal of Trading, Spring 2012, 7: 26-36.
  • “Institutional trading costs and trading systems” Equity Trading: Execution and Analysis, AIMR 2003. (with Jennifer Conrad and Kevin Johnson)
  • “The trading of Institutional Investors: Theory and Evidence” Journal of Applied Finance, June 2002, volume 12. (with Jennifer Conrad and Kevin Johnson)

Working papers:

Research in progress:

  • “The anatomy of trading algorithms”
  • “Networks and the allocation of capital” with Amit Goyal and Deniz Yavuz
  • “The Design of DC Plans” with Amit Goyal and Mike