School of Management — Finance & Economics

Nicholas Tay, Ph.D.

Professor

Nicholas Tay, Ph.D. is a professor of finance in the School of Management at the University of San Francisco. He serves on the editorial board of the Journal of Asia Business Studies (Emerald Publishing) and was this journal former editor-in-chief. He has recently served as the guest editor for the Chinese Economy (M.E. Sharpe) and the International Review of Economics and Finance (Elsevier Science).

Professor Tay has received several awards for his research contributions. His expertise is in quantitative finance and his interests lie in understanding how human behaviors and individual idiosyncrasies, social dynamics, and institutional constraints interplay to affect the functions of financial markets and institutions as well as the larger economy. His research is well cited and he has published in leading academic journals including Management Science, Financial Management, Journal of Economic Dynamics and Control, Economics Letters, Journal of Business Research, IEEE Intelligence System, Open Economies Review, and International Review of Economics and Finance among others.

Professor Tay received the School of Management's Outstanding Teaching Award in 2001 and the Outstanding Research Award in 2007, 2008, 2010 and 2012.

Professor Tay teaches in both the undergraduate and MBA programs. He is currently teaching the investments, financial derivatives, fixed income, and financial management courses.

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

Education

Ph.D., Finance
M.Sc. Physics
B.Sc. Physics (Honors)
Dip. Mechanical Engineering

Research Areas

Investments, Asset Pricing, Capital Markets Research, Agent Based Modelling, Social Network Analysis

Teaching
  • Financial Derivatives
  • Investment Analysis
  • Fixed Income Analysis
  • Financial Management
Publications

SELECTED RECENT PUBLICATIONS

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

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

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

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

"Are Member Firms of Corporate Groups Less Risky?" Financial Management 39(1), Spring 2010. (SSCI, 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, Terano, T.; Kita, H.; Takahashi, S.; Deguchi, H. (Eds.), Hardcover, ISBN: 978-4-431-87433-1, 2008.

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