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Z. Jay Wang

Head, Department of Finance | Associate Professor of Finance | Alumni Investment Management Research Scholar

Affiliations: Finance, Cameron Center for Finance and Securities Analysis, Master of Science in Finance, Oregon MBA, Undergraduate Programs
Phone: 541-346-3622
Office: Lillis 381



Z. Jay Wang is an associate professor in the Department of Finance and Alumni Investment Management Research Scholar at the Lundquist College of Business. His expertise includes asset management, institutional investors, and market liquidity. His research has been published in journals such as Journal of Financial Economics, Review of Financial Studies, Journal of Financial Quantitative Analysis, Journal of Financial Intermediation, and Contemporary Accounting Research.

Wang received two PhD degrees in finance and economics from University of Michigan at Ann Arbor and Iowa State University respectively. Before joining the Lundquist College, he was an assistant professor of finance at the University of Illinois at Urbana-Champaign. He also held a position as a research economist for the National Bureau of Economic Research from 2015 to 2017.

Degree History:
  • PhD, Finance, University of Michigan, 2004
  • PhD, Economics, Iowa State University, 2000
  • MS, Statistics, Iowa State University, 1998
  • BA, Economics, Peking University, 1994
Previous Positions:
  • Assistant Professor of Finance, University of Illinois at Urbana-Champaign, 2005–2012

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Areas of Expertise

  • Asset management
  • Institutional investors
  • Market liquidity

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Current Projects

  • Deuskar, Prachi, Zhi Wang, Youchang Wu, and Quoc Nguyen. "The Dynamics of Hedge Fund Fees."
  • Nohel, Tom, Steven Todd, Zhi Wang, and Yi Xiao. "Leverage Decisions in Portfolio Management."
  • Wang, Zhi, and Yi Xiao. "Managerial Incentives and Risk Taking: Evidence from Hedge Fund Leverage."
  • Dayani, Arash, and Zhi Wang. "The Implications of Managerial Promotion and Demotion on Mutual Fund Performance and Investment Decisions."
  • Wang, Zhi, and Jingyun Yang. "Club Deals in Private Equity Buyouts." Research in progress.
  • Wang, Zhi, Liwei Weng, and Hengyi Huang. "Insider Ownership in Hedge Funds." Research in progress.
  • Wang, Zhi. "Pay Now, Play Later: Political Contributions and Underwriting Relationships in The Muni Market." Working paper.

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Journal Articles:

Wang, Z. Jay, and Jingyun Yang. "Cross-Trading and Liquidity Management: Evidence from Municipal Bond Funds." Pacific-Basin Finance Journal 67.

June 2021

Chalmers, John, Steve Liu, and Z. Jay Wang. "The Difference a Day Makes: Timely Disclosure and Trading Efficiency in the Muni Market." Journal of Financial Economics 139, no. 1: 313-335.

January 2021

Huang, Jing, Steven Matsunaga, and Z. Jay Wang. "The Role of Pension Business Benefits in Institutional Block Ownership and Corporate Governance." Contemporary Accounting Research 37, no. 4: 1959-1989.

December 2020

Wang, Zhi Jay, Hanjiang Zhang, and Xinde Zhang. "Fire Sales and Impediments to Liquidity Provision in the Corporate Bond Market." Journal of Financial and Quantitative Analysis, forthcoming.

November 2019

Cherkes, Martin, Jacob S. Sagi, and Z. Jay Wang. "Managed Distribution Policies in Closed-End Funds and Shareholder Activism." Journal of Financial and Quantitative Analysis 49, no. 5-6: 1311-1337.

December 2014

Deuskar, Prachi, Joshua M. Pollet, Z. Jay Wang, and Lu Zheng. "The Good or the Bad? Which Mutual Fund Managers Join Hedge Funds?" Review of Financial Studies 24, no. 9: 3008-3024.

September 2011

Wang, Z. Jay, and Vikram Nanda. "Payout Policies and Closed-End Fund Discounts—Signaling, Agency Costs and the Role of Institutional Investors." Journal of Financial Intermediation 20, no. 4: 589-619.

October 2011

Nohel, Tom, Z. Jay Wang, and Lu Zheng. "Side-by-Side Management of Hedge Funds and Mutual Funds." Review of Financial Studies 23, no. 6: 2342-2373.

June 2010

Nanda, Vikram K., Z. Jay Wang, and Lu Zheng. "The ABCs of Mutual Funds: On the Introduction of Multiple Share Classes." Journal of Financial Intermediation 18, no. 3: 329-361.

July 2009

Nanda, Vikram, Z. Jay Wang, and Lu Zheng. "Family Values and the Star Phenomenon: Strategies of Mutual Fund Families." Review of Financial Studies 17, no. 3: 667-698.

July 2004

In the News

Research by John Chalmers and Z. Jay Wang finds that real-time financial reporting improves muni bond markets.

Three students from our inaugural Master of Science in Finance cohort won the Peeptrade University Challenge Investment Competition in Chicago.

When it comes to finance, the Lundquist College has much to quack about of late. Read some of its recent activities and achievements.

The Lundquist College of Business announces the launch of a new master of science in finance (MSF) to its graduate-level degree options.
Experts came from all over the world to attend the Lundquist College's biennial finance research conference this July.
Five new faculty members started at the Lundquist College of Business this fall.