Z. Jay Wang

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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 Academic Positions:

Assistant Professor of Finance, University of Illinois at Urbana-Champaign, 2005-2012

Bio:

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.

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."

Asset Management
Institutional Investors
Market Liquidity

Journal Articles

Wang, Z. Jay and Jingyun Yang. "Cross-trading and Liquidity Management: Evidence from Municipal Bond Funds." Pacific-Basin Finance Journal, forthcoming.
May 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. https://doi.org/10.1016/j.jfineco.2020.07.015.
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. https://doi.org/10.1111/1911-3846.12587.
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. https://doi.org/10.1017/S0022109019000991.
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. https://doi.org/10.1017/S0022109014000544.
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. https://doi.org/10.1093/rfs/hhr057.
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. https://doi.org/10.1016/j.jfi.2011.02.002.
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. https://doi.org/10.1093/rfs/hhq008.
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. https://doi.org/10.1016/j.jfi.2008.12.003.
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. https://doi.org/10.1093/rfs/hhg054.
July 2004

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Z. Jay Wang

Degree History:

Previous Academic Positions:

Bio:

The Difference a Day Makes

MSF Team Takes Trophy

Leaders in Finance Education

MS in Finance Program Launches

Conference Draws Pundits

Welcome New Faculty

Journal Articles