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Jay Wellman

BiographyCoursesPublicationsWorking Papers

Jay Wellman joined the Fisher College of Business in Autumn 2011. Before coming to OSU, Jay taught at Cornell University from 2006-2011, and at Binghamton University (SUNY) from 2002-2006. He graduated with a Ph.D in Finance from the University of Iowa in 2002. He also is a Chartered Financial Analyst (CFA), earning the designation in 2010.

Jay has taught courses in Investments, Corporate Finance, Fixed Income Securities and Insurance during his career, and currently teaches BF 620 (Introductory Finance) and BF 722 (Investments). His research interests include mutual funds, divestitures and other topics related to investments. His research has been published in the Journal of Financial and Quantitative Analysis, Financial Management and the Journal of Business Ethics. His research has been cited in the Wall Street Journal, Smart Money and in a case tried before the Supreme Court of the United States.

Areas of Expertise

  • Research: Asset pricing, mutual funds, divestitures, behavioral finance
  • Teaching: Investments, corporate finance, fixed income


  • Chartered Financial Analyst (CFA)
  • Ph.D. in Finance, University of Iowa, Tippie College of Business
  • M.B.A. in Finance, University of Iowa, Tippie College of Business
  • B.A. in Journalism and Mass Communication, University of Iowa
FIN 620 - Business Finance

This course has been designed to help prepare you for a successful career in business. The course explores one of the most important decisions made by corporate managers - which of the investment projects available to a firm are worth undertaking?

FIN 722 - Investment Management

Students should expect to learn about the fundamental principles of investment management. The goal is to equip students with the tools necessary to make good investment decisions. As a consequence of this goal, the course is organized around two broad themes.

  • Loughran, T.; Wellman, J.W. (2012) "New Evidence on the Relation between the Enterprise Multiple and Average Stock Returns."  Forthcoming Journal of Financial and Quantitative Analysis.
  • Wellman, J.W.; Aydogdu, M (2011) “Does Mutual Fund Advertising Work? Evidence from a Comprehensive New Database.” Financial Management 40(3), Fall 2011, 785-809.
  • Wellman, J. W.; Houge, T. I.. “The Use and Abuse of Mutual Fund Expenses.” Journal of Business Ethics 70(1), January 2007, pg. 23-32.
  • Houge, T.I.; Wellman, J.W. “The Fallout from the Mutual Fund Trading Scandal.” Journal of Business Ethics 62(2), December 2005, pg. 129-139.
  • Wellman, J.W.; Zhou, J. (2009) "Mutual Fund Governance, Flows and Returns: Evidence from the Morningstar Fiduciary Grades." Currently being updated for submission in Fall 2011. Presented at the Burridge Center for Securities Analysis and Valuation conference, University of Colorado, November 2008.
  • Wellman, J. W. (2009). "The Smart Money Effect: 1970-2006."
  • Wellman, J.W. (2008). "The Determinants of Mutual Fund 12b-1 Fees."