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

Corporate Finance

  • Corporate Finance


  • Asset Pricing
  • Investments


  • 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


  • 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.

Working Papers

  • 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."


  • BUSFIN 3220 - Business Finance

    Introductory finance class which allows students develop the skills to understand how financial managers make value-maximizing decisions for their firms. Prereq: Econ 2001.01 (200), and 2002.01 (201), and AcctMIS 2200 (211). Prereq or concur: AcctMIS 2300. Not open to students with credit for 620, or to students enrolled in UUSS, UExp or PreBSBA-PR.

  • BUSFIN 7223 - Portfolio Management

    Advanced investment strategies need for asset management and portfolio allocation. Prereq: MBA 6223. Prereq or concur: BusFin 7210, 7220 (822), or 7230 (823). Not open to students with credit for 822 or 827.

  • MBA 6223 - Finance

    A market-oriented framework for analyzing the major types of financial decisions made by corporations. The course covers the following topics: present value techniques, capital budgeting, asset valuation, portfolio theory, asset pricing, market efficiency, options, capital structure, financial distress, financial modeling, risk management, mergers and acquisitions and ethics. Prereq: Enrollment in the MBA or WPMBA program. Not open to students with credit for 6221, 6222, or BusFin 810 or 811.