Jay has taught courses in the Working Professional MBA program, the Full Time MBA program, the undergraduate program and the Specialized Masters in Finance program, along with courses in Fisher’s Executive Education programs. He currently teaches MBA6223 (core finance - MBA) and BF4221 (Investments – undergrad). He has also taught BUSFIN3220 (core finance - undergraduate), and BUSFIN 7223 (portfolio management – SMF and MBA) at Fisher, along with courses in corporate finance, fixed income securities and insurance at prior institutions. 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."   Journal of Financial and Quantitative Analysis. 46(6), December 2011, 1629-1650.
  • 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.


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.
BUSFIN 4998 - Undergraduate Research in Finance
Undergraduate research in finance for non-honors students. Prereq: BusAdm 2291 (499), and Jr standing, and permission of instructor. Repeatable to a maximum of 12 cr hrs or 4 completions. This course is progress graded.
BUSFIN 4211 - Corporate Finance
Analysis of advanced capital budgeting problems through understanding the theories and applications of capital structure, leasing and real options. Theories and applications in corporate control, corporate governance and mergers and acquisitions. Prereq: 3220, AcctMIS 2200, 2300, BusOBA 2320, 2321, and BusMHR 2291 or 2292. Not open to students with credit for 4210 or 4212.
MBA 6220.01 - Finance for EMBA
Course covers time value of money, risk and return, investment criteria, capital budgeting, market efficiency, derivatives, and interest rate parity. Prereq: Enrollment in Executive MBA program or Working Professional MBA program; or permission of instructor.
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.