{"id":109,"date":"2018-10-29T21:51:24","date_gmt":"2018-10-29T21:51:24","guid":{"rendered":"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/?page_id=109"},"modified":"2018-11-16T20:13:06","modified_gmt":"2018-11-16T20:13:06","slug":"sunil-wahal","status":"publish","type":"page","link":"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/sunil-wahal\/","title":{"rendered":"Sunil Wahal"},"content":{"rendered":"<p><img loading=\"lazy\" class=\"alignnone wp-image-110 \" style=\"float: left; margin: 5px 15px 5px 0px;\" src=\"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/wp-content\/uploads\/2018\/10\/swahal.png\" alt=\"Sunil Wahal\" width=\"149\" height=\"150\" srcset=\"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/wp-content\/uploads\/2018\/10\/swahal.png 239w, https:\/\/research.wpcarey.asu.edu\/investment-engineering\/wp-content\/uploads\/2018\/10\/swahal-150x150.png 150w\" sizes=\"(max-width: 149px) 100vw, 149px\" \/><\/p>\n<p>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.<\/p>\n<p>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. &nbsp;<\/p>\n<p>His most recent published work, titled \u201cHigh Frequency Quoting, Trading, and the Efficiency of Prices\u201d 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 <i>Journal of Finance<\/i>, <i>Journal of Financial Economics<\/i>, and <i>Review of Financial Studies<\/i>, among others.<\/p>\n<p>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.<\/p>\n<hr \/>\n<h2><b>Publications:<\/b><\/h2>\n<ul>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2891491\">\u201cThe profitability and investment premium: Pre-1963 evidence\u201d<\/a> <i>forthcoming in Journal of Financial Economics<\/i><\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2357122\">\u201cHigh Frequency Quotation, Trading, and the Efficiency of Prices\u201d<\/a> <i>Journal of Financial Economics<\/i>, May 2015, 116: 271-291. (with Jennifer Conrad and Jin Xiang)<\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1935601\">\u201cIs momentum an echo\u201d<\/a> <i>Journal of Financial and Quantitative Analysis<\/i>, December 2015, 50: 1237-1267. (with Amit Goyal)<\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1781908\">\u201cInvesting in a global world\u201d<\/a> <i>Review of Finance, <\/i>April 2014, 18: 561-590. (with Jeff Busse and Amit Goyal) [Sp\u00e4ngler IQAM Prize for the best paper on Investments]<\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1259871\">\u201cStyle investing, comovement and return predictability\u201d<\/a> <i>Journal of Financial Economics<\/i>, January 2013, 107: 136-155. (with M. Deniz Yavuz)<\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1130822\">\u201cCompetition among mutual funds\u201d<\/a> <i>Journal of Financial Economics, <\/i>January 2011, 99: 40-59. (with Albert Wang) [Presented at CRSP Forum, 2008, Western Finance Association Meetings, 2009]<\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=890319\">\u201cPerformance and persistence in institutional investment management\u201d<\/a> <i>Journal of Finance<\/i>, April 2010, 65: 765-790. (with Amit Goyal and Jeff Busse)<\/li>\n<li style=\"margin-top: 10px;\">\u201cThe selection and termination of investment management firms by plan sponsors\u201d <i>Journal of Finance,<\/i> August 2008, 63: 1805-1847. (with Amit Goyal) [Presented at American Finance Association Meetings, 2005 and European Finance Association Meetings, 2005]<\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=318360\">\u201cGrandstanding, certification and the underpricing of venture capital backed IPOs\u201d<\/a> <i>Journal of Financial Economics, <\/i>August 2004, 73: 375-407. (with Peggy Lee) [Presented at Western Finance Association Meetings, 2003, and EVI Conference, Yale University, 2001]<\/li>\n<li style=\"margin-top: 10px;\">\u201cInstitutional Trading and Alternative Trading Systems\u201d <i>Journal of Financial Economics, <\/i>October 2003, 70: 99-134. (with Jennifer Conrad and Kevin Johnson) [Presented at Western Finance Association Meetings, 2001]<\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=92648\">\u201cMomentum Trading by Institutions\u201d<\/a> <i>Journal of Finance, <\/i>December 2002, 57: 2449-2478. (with S.G. Badrinath) [Presented at American Finance Association Meetings, 2000]<\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=297361\">\u201cAgency Conflicts in Closed-End Funds: The Case of Rights Offerings\u201d<\/a> <i>Journal of Financial and Quantitative Analysis<\/i>, June 2002, 37: 177-200. (with Ajay Khorana and Marc Zenner )[lead article]<\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=53500\">\u201cInstitutional Trading and Soft Dollars\u201d<\/a> <i>Journal of Finance<\/i>, February 2001, 56: 397-416. (with Jennifer Conrad and Kevin Johnson) [Presented at Western Finance Association Meetings, 1998]<\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/krannert.purdue.edu\/faculty\/mcconnell\/publications\/spinoffs-ex-ante-2001-vol74.pdf\">\u201cSpinoffs, Ex ante\u201d<\/a> <i>Journal of Business<\/i>, February 2001, 74: 245-280. (with John McConnell and Mehment Ozbilgin)<\/li>\n<li style=\"margin-top: 10px;\">\u201c<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=47271\">Do Institutional Investors Exacerbate Managerial Myopia?\u201d<\/a> <i>Journal of Corporate Finance, <\/i>September 2000, 6: 307-329. (with John McConnell)<\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/www.acsu.buffalo.edu\/~keechung\/MGF743\/Readings\/H1.pdf\">\u201cEntry, Exit, Market Makers and the Bid-Ask Spread\u201d<\/a> <i>Review of Financial Studies<\/i>, July 1997, 10: 871-901. [Presented at Western Finance Association Meetings, 1993]<\/li>\n<li style=\"margin-top: 10px;\">\u201cPension Fund Activism and Firm Performance\u201d <i>Journal of Financial and Quantitative Analysis<\/i>, March 1996, 31: 1-23. [lead article].<\/li>\n<li style=\"margin-top: 10px;\">\u201cWho Opts Out of State Antitakeover Legislation? The Case of Pennsylvania\u2019s SB 1310\u201d<i> Financial Management<\/i>, 1995, Volume 24, Number 3. (with Kenneth Wiles and Marc Zenner)<\/li>\n<\/ul>\n<h2><b>Non-referred and invited publications:<\/b><\/h2>\n<ul>\n<li style=\"margin-top: 10px;\"><a href=\"http:\/\/jot.iijournals.com\/content\/7\/2\/26\">\u201cElectronic markets and trading algorithms\u201d<\/a> <i>Journal of Trading<\/i>, Spring 2012, 7: 26-36.<\/li>\n<li style=\"margin-top: 10px;\">\u201cInstitutional trading costs and trading systems\u201d <i>Equity Trading: Execution and Analysis<\/i>, AIMR 2003. (with Jennifer Conrad and Kevin Johnson)<\/li>\n<li style=\"margin-top: 10px;\">\u201cThe trading of Institutional Investors: Theory and Evidence\u201d <i>Journal of Applied Finance<\/i>, June 2002, volume 12. (with Jennifer Conrad and Kevin Johnson)<\/li>\n<\/ul>\n<h2><b>Working papers:<\/b><\/h2>\n<ul>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2729433\">\u201cThe demand diversification in incomplete markets\u201d<\/a> with Rajnish Mehra and Daruo Xie.<\/li>\n<li style=\"margin-top: 10px;\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2837111\">\u201cThe term structure of liquidity provision\u201d<\/a> with Jennifer Conrad.<\/li>\n<li style=\"margin-top: 10px;\"><a style=\"background-color: #ffffff;\" href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3171036\">\u201cDo properly anticipated prices fluctuate randomly? Evidence from VIX futures markets\u201d<\/a> with George Aragon and Rajnish Mehra.<\/li>\n<\/ul>\n<h2><b>Research in progress:<\/b><\/h2>\n<ul>\n<li style=\"margin-top: 10px;\">\u201cThe anatomy of trading algorithms\u201d<\/li>\n<li style=\"margin-top: 10px;\">\u201cNetworks and the allocation of capital\u201d with Amit Goyal and Deniz Yavuz<\/li>\n<li style=\"margin-top: 10px;\">\u201cThe Design of DC Plans\u201d with Amit Goyal and Mike<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <a href=\"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/sunil-wahal\/\"><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-custom.php","meta":{"spay_email":""},"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/PapNBq-1L","_links":{"self":[{"href":"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/wp-json\/wp\/v2\/pages\/109"}],"collection":[{"href":"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/wp-json\/wp\/v2\/comments?post=109"}],"version-history":[{"count":5,"href":"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/wp-json\/wp\/v2\/pages\/109\/revisions"}],"predecessor-version":[{"id":9219,"href":"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/wp-json\/wp\/v2\/pages\/109\/revisions\/9219"}],"wp:attachment":[{"href":"https:\/\/research.wpcarey.asu.edu\/investment-engineering\/wp-json\/wp\/v2\/media?parent=109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}