Dr. Sunil Wahal
Jack D. Furst Professor of Finance, W. P. Carey Finance

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. 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.
Contact Information
Email: [email protected]
Contact no: 480-965-8755
Department: WPC Dept of Finance BAC 516 TEMPE, AZ 85287-3906
Mail code: 3906
Campus: Tempe
Research Interests
- Trading
- Investment Strategies
- Institutional Investors
Research Activity
- “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.
Publications
- "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” forthcoming in Journal of Financial Economics
- “High Frequency Quotation, Trading, and the Efficiency of Prices” Journal of Financial Economics, May 2015, 116: 271-291. (with Jennifer Conrad and Jin Xiang)
- “Is momentum an echo” Journal of Financial and Quantitative Analysis, December 2015, 50: 1237-1267. (with Amit Goyal)
- “Investing in a global world” Review of Finance, April 2014, 18: 561-590. (with Jeff Busse and Amit Goyal)
- “Style investing, comovement and return predictability” Journal of Financial Economics, January 2013, 107: 136-155. (with M. Deniz Yavuz)
- “Competition among mutual funds” Journal of Financial Economics, January 2011, 99: 40-59. (with Albert Wang)
- “Performance and persistence in institutional investment management” Journal of Finance, April 2010, 65: 765-790. (with Amit Goyal and Jeff Busse)
- “The selection and termination of investment management firms by plan sponsors” Journal of Finance, August 2008, 63: 1805-1847. (with Amit Goyal)
- “Grandstanding, certification and the underpricing of venture capital backed IPOs” Journal of Financial Economics, August 2004, 73: 375-407. (with Peggy Lee)
- “Institutional Trading and Alternative Trading Systems” Journal of Financial Economics, October 2003, 70: 99-134. (with Jennifer Conrad and Kevin Johnson)
- “Momentum Trading by Institutions” Journal of Finance, December 2002, 57: 2449-2478. (with S.G. Badrinath)
- “Agency Conflicts in Closed-End Funds: The Case of Rights Offerings” Journal of Financial and Quantitative Analysis, June 2002, 37: 177-200. (with Ajay Khorana and Marc Zenner )
- “Institutional Trading and Soft Dollars” Journal of Finance, February 2001, 56: 397-416. (with Jennifer Conrad and Kevin Johnson)
- “Spinoffs, Ex ante” Journal of Business, February 2001, 74: 245-280. (with John McConnell and Mehment Ozbilgin)
- “Do Institutional Investors Exacerbate Managerial Myopia?” Journal of Corporate Finance, September 2000, 6: 307-329. (with John McConnell)
- “Entry, Exit, Market Makers and the Bid-Ask Spread” Review of Financial Studies, July 1997, 10: 871-901. .
- “Who Opts Out of State Antitakeover Legislation? The Case of Pennsylvania’s SB 1310” Financial Management, 1995, Volume 24, Number 3. (with Kenneth Wiles and Marc Zenner)
- “Pension Fund Activism and Firm Performance,” Journal of Financial and Quantitative Analysis, 1996, Volume 31, Number 1 (lead article).
- “The demand diversification in incomplete markets” with Rajnish Mehra and Daruo Xie.
- “The term structure of liquidity provision” with Jennifer Conrad.
- “Do properly anticipated prices fluctuate randomly? Evidence from VIX futures markets” with George Aragon and Rajnish Mehra.