Finance — Business Administration
Nicholas  Tay

Nicholas Tay, Ph.D.


Professor Nicholas Tay’s research focuses on building theoretical models and conducting empirical studies to understand how human behaviors and market frictions interplay to affect the pricing of financial assets and the stability of financial markets. He uncovers relationships and patters through financial econometrics and non-economic concepts, including agent based modeling, social network analysis, cellular automata, genetic programming, fuzzy logic, chaos theory, fractal analysis, wavelet analysis, statistical mechanics, and universality.

A dedicated teacher, Dr. Tay fully embraces Jesuit values and promotes intellectual, spiritual, and moral growth throughout his courses. He aims to provide students with the skillsets to lead in their personal and professional lives, investing a great deal in teaching and motivating students to pursue their own doctoral degrees in accounting or finance. Tay imparts his expertise in investments, asset pricing, capital markets research, agent based modeling, and social network analysis, as well as the skills essential to conducting academic research in these areas.

Dr. Tay is a member of the American Finance Association, American Economic Association, and the Financial Management Association.


Ph.D., Finance, Price College of Business, University of Oklahoma, Norman, OK
A.B.D., Physics, Florida State University, Tallahassee, FL
M.S., Physics, Florida State University, Tallahassee, FL
B.S., Physics, Florida State University, Tallahassee, FL

Courses Offered
  • The following courses represent the last 3 years of teaching and do not represent the current course offerings.
  • BUS 305: Financial Management
  • BUS 330: Investment Analysis
  • BUS 437: Options & Futures
  • BUS 495: Honors: Finance
  • MBA 6201: Investments
  • MBA 6209: Financial Derivatives 1
  • MBA 6210: Financial Derivatives 2

The following list is a selection of recent publications and does not represent the entire body of research.

"Economic and Financial Drivers of Growth: Introduction to Part I and II," Chinese Economy, Vol. 45, No. 4, 2012 (with Dilip Das, Lee Yao, and Pisun Xu)

"On Competition for Listings," Economics Letters, Vol. 114, no.3, 2012 (with Hamid Beladi and Reza Oladi)

"Institutional Characteristics and Market Impediments in Asian Capital Markets: An Introduction," International Review of Economics and Finance, Vol. 20, No. 3, June 2011 (with Kam Chan and Hung-Gay Fung)

"Listings from the Emerging Economies: An Opportunity for Reputable Stock Exchanges," International Review of Economics and Finance, Vol. 20, No. 3, June 2011 (with Reza Oladi)

"Are Member Firms of Corporate Groups Less Risky?," Financial Management, Vol. 39, No. 1, Spring 2010 (with Carl Chen and Wendy Guo)

"Social Network Characteristics and the Evolution of Investor Sentiment," Springer Series on Agent Based Social Systems: Agent-Based Approaches in Economic and Social Complex Systems, Vol. 6, 2008

"Complexity and the Character of Stock Returns: Empirical Evidence and a Model of Asset Prices Based upon Complex Investor Learning," Management Science, Vol. 53, No. 7, July 2007 (with Scott Linn)

Honors and Awards

Outstanding Teaching Award, USF School of Management, 2001

Outstanding Research Award, USF School of Management, 2007, 2008, 2010 and 2012

Barnett Fellowship, 1992 - 1995

Harold S. Cooksey Fellowship, 1992


Chair, Faculty Development Committee, USF School of Management, 2009 - 2011

Chair, Finance Search Committee, USF School of Management, 2010 - 2011, 2012

Professional Appointments:

Editor-in-Chief, Journal of Asia Business Studies, Emerald Publishing, 2008 - 2010

Editorial Board Member, International Financial Markets, 2009 - present

Special Issue Editor, International Review of Economics and Finance, 2009-2010

Special Issue Editor, Chinese Economy, 2010-2011 and 2013-2014

Nicholas Tay, University of San Francisco School of Management