Sunil Wahal

Jack D. Furst Professor of Finance
TEMPE Campus
TEMPE Campus


Sunil Wahal joined the W. P. Carey School of Business as the Jack D. Furst Professorship in Finance in 2005.

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.

Before joining W. P. Carey, Wahal was an associate professor of finance at Emory University. He received his bachelor’s degree in economics from the University of Delhi, his MBA from Wake Forest University, and his PhD from the University of North Carolina at Chapel Hill.

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.




PhD  University of North Carolina at Chapel Hill 

MBA  Wake Forest University 

BA  University of Delhi 

Research Interests

  • Trading
  • Investment Strategies
  • Institutional Investors


“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


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

Professional Associations

<p>American Finance Association Financial Management Association Society for Financial Studies</p>

Work History

<p>" Arizona State University: 2005-Present " Emory University: Associate Professor and Area Chair, 1997-2005 " Purdue University: Assistant Professor, 1995-1997</p>


  • Dimensional Fund Advisors (2005-current)
  • Mercer Investment Advisors (2012-2015)
  • Aronson+Johnson+Ortiz (2004)
  • MEI Corporation (2003)
  • Goodwill Industries (2003)