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Faculty Research

Recent Stuart Faculty Publications and Presentations

Faculty at Stuart School of Business engage in dynamic, collaborative research that is both relevant and valuable to the daily work of business and industry professionals, and that advances theoretical understanding.

Li Cai

Li Cai

R&D Premium: The Intangible Side of Value” published in the Journal of Investing, August 2023. Co-authors are Associate Professor of Finance Ricky Cooper and Di He (Ph.D. MSC ’20), Postdoctoral Research Center of Industrial and Commercial Bank of China (ICBC) in Beijing.

Socially Responsible Investing and Factor Investing, Is There an Opportunity Cost?” published in The Journal of Portfolio Management, Quantitative Strategies: Factor Investing Special Issue, January 2022. Associate Professor of Finance Ricky Cooper and Di He (Stuart Ph.D. MSC ’20), Postdoctoral Research Center of Industrial and Commercial Bank of China (ICBC) in Beijing, are co-authors.

  • View profile: Associate Professor of Finance Li Cai

Ricky “Rick” Cooper

Ricky Cooper

R&D Premium: The Intangible Side of Value” published in the Journal of Investing, August 2023. Co-authors are Associate Professor of Finance Li Cai and Di He (Ph.D. MSC ’20), Postdoctoral Research Center of Industrial and Commercial Bank of China (ICBC) in Beijing.

A ‘Quality’ Quality Factor” published in the Journal of Portfolio Management, April 2023. The co-author is Senior Associate Zixuan Jiao (Stuart Ph.D. MSC ’22), Morgan Stanley Investment Management.

Competitive Advantage in Algorithmic Trading: A Behavioral Innovation Economics Approach” published in Review of Behavioral Finance, January 2022. Associate Professor of Finance Ben Van Vliet is a co-author. The paper was featured in Quantpedia and LinkedIn’s Electronic Trading Group (48,000 members).

Socially Responsible Investing and Factor Investing, Is There an Opportunity Cost?” published in The Journal of Portfolio Management, Quantitative Strategies: Factor Investing Special Issue, January 2022. Associate Professor of Finance Li Cai and Di He (Stuart Ph.D. MSC ’20), Postdoctoral Research Center of Industrial and Commercial Bank of China (ICBC) in Beijing, are co-authors.

Sang Baum “Solomon” Kang

Sang Baum Kang

Promoting Financial Stability of Oil Producers: Operational vs. Financial Hedging,” published in the Journal of Financial Stability, August 2023. Co-authors are Associate Professor of Finance Yiwei Fang and Assistant Professor of Finance You Lu (Stuart Ph.D. MSC ’20), Soochow University, China.

Model-free Analysis of Real Option Exercise Probability and Timing,” published in Quantitative Finance, August 2023.

What Information Variables Predict Bitcoin Returns? A Dimension-Reduction Approach,” published in the Journal of Alternative Investments, March 2023. Co-authors are Associate Professor of Quantitative Management Jailin (Jolene) Zhao (Stuart Ph.D. MSC ’17), St. Mary’s University, San Antonio, and Associate Quantitative Analyst Yao "Jason" Xie (Stuart M.S. Finance ’15, Ph.D. MSC ’21), Morningstar Inc. Read more in Illinois Tech news.

Co-author of Seven Economic Justifications for ESG Investing, an e-textbook available for use by Illinois Tech faculty. The book is written to instruct engineering, entrepreneurship, and sustainability students who are interested in environmental, social, and governance (ESG) or energy investing about the economic justifications for ESG investing. The co-author of the book is Professor SukJoon Byun from the College of Business, Korea Advanced Institute of Science and Technology.

Do the Basis and Other Predictors of Futures Return Also Predict Spot Return with the Same Signs and Magnitudes? Evidence from the LME” published in the Journal of Commodity Markets, March 2021. Amazon Economist Jian Jia (Stuart Ph.D. MSC ’20) is a co-author. Read more in Illinois Tech news.

Yiwei Fang

Yiwei Fang

Promoting Financial Stability of Oil Producers: Operational vs. Financial Hedging,” published in the Journal of Financial Stability, August 2023. Co-authors are Associate Professor of Finance Sang Baum “Solomon” Kang and Assistant Professor of Finance You Lu (Stuart Ph.D. MSC ’20), Soochow University, China.

  • View profile: Associate Professor of Finance Yiwei Fang

Liad Wagman

Liad Wagman

Liad Wagman has been conducting groundbreaking research that gathers empirical evidence to shed light on the effects of merger and acquisition (M&A) activity be the largest tech companies. In much of this work (see the papers and articles listed below) he has collaborated with Professor of Economics Ginger Zhe Jin at the University of Maryland. Read more about Wagman’s research in the Illinois Tech Research Magazine.

Co-author of Brief of Economists Ginger Zhe Jin, Steven Tadelis, Liad Wagman, and Joshua D Wright as Amici Curieae in Support of Respondent, submitted to the Supreme Court of the United States for the case of Reynaldo Gonzalez, et al, Petitioners v. Google LLC, January 2023. The case was argued before the Supreme Court on February 21, 2023.

State Versus Federal Wiretap Orders: A Look at the Data” published in the International Review of Law and Economics, June 2022.

The Short-Run Effects of GDPR on Technology Venture Investment” published in Marketing Science, March 2021. Amazon Economist Jian Jia (Stuart Ph.D. MSC ’20) is a co-author. Articles and research on this topic by Wagman and Jia include:

Big Data at the Crossroads of Antitrust and Consumer Protection” published in Information Economics and Policy, March 2021. This paper is part of a special issue of the journal that includes contributions from leading antitrust and consumer protection economists.

  • View profile: John and Mae Calamos Dean Endowed Chair and Professor of Economics Liad Wagman

Benjamin E. Van Vliet

Benjamin Van Vliet

From Decision Optimization to Satisficing: Regulation of Automated Trading in the U.S. Financial Markets” published in Information & Management, December 2022.

Co-editor of “Digital Transformation as Geo-Political, Organizational and Technological Nexus,” a special issue of the Journal of Information Technology, forthcoming. The issue focuses on how industry sectors and societal domains are reshaped by the geo-political, organizational and technological nexus that is digital transformation.

Competitive Advantage in Algorithmic Trading: A Behavioral Innovation Economics Approach” published in Review of Behavioral Finance, January 2022. Associate Professor of Finance Ricky Cooper is a co-author. The paper has been featured in Quantpedia and LinkedIn’s Electronic Trading Group (48,000 members).

Elizabeth J. Durango-Cohen

Elizabeth Durango Cohen

“Characterizing the Determinants of Alumni Giving in Heterogeneous Populations: A Mixture Regression Model,” accepted for publication in Philanthropy & Education, forthcoming.

Analysis of Factors Influencing Recurring Donations in a University Setting: A Compound Poisson Mixture Regression Mode” published in the Journal of Business Research, November 2022.

Weslynne Ashton

Weslynne Ashton

Podcast about “Addressing the Surge in U.S. Food Waste: Investing in Food Waste Reduction Strategies,” on MarketScale, posted September 20, 2023.

Measuring the Adoption of Circular Economy at the Company Level: Usefulness and Applicability of the OCE Index,” published in the Journal of Industrial and Production Engineering, August 2023.

Three Research Priorities for Just and Sustainable Urban Systems: Now Is the Time to Refocus” published in the Journal of Industrial Ecology, December 2022.

Lessons, Narratives, and Research Directions for a Sustainable Circular Economy” published in the Journal of Industrial Ecology, December 2022.

Awarded a 2022 Civic Innovation Challenge planning grant of $50,000 from the National Science Foundation as leader of Community Food Mobilization in Chicago. The project investigates how “Good Food” public procurement policies can be used to shift food systems towards greater racial equity, sustainability and resilience. Read more in Illinois Tech news.

Co-author of “Justice, Equity, and the Circular Economy,” the introduction to a double special issue of Local Environment, October 2022. The authors of the 14 articles in the special issue engage the circular economy both conceptually and through case study analyses, and represent a range of approaches and perspectives on the intersection and challenges of justice and social equity in the circular economy.

Measuring the Adoption of Circular Economy in Manufacturing Companies: the Proposal of the Overall Circularity Effectiveness (OCE) Index” published in Circular Economy and Sustainability, July 2022.

Participant in a national research network that will receive $15 million in funding over five years from the National Science Foundation to address the challenge of reducing wasted food. The project, Multiscale Resilient, Equitable and Circular Innovations with Partnership and Education Synergies (RECIPES) for Sustainable Food Systems, includes researchers at 14 universities and institutions, led by American University. The NSF grant was announced in October 2021. Read more in Illinois Tech news.

Capital-based Life Cycle Sustainability Assessment: Evaluation of Potential Industrial Symbiosis Synergies” published in Journal of Industrial Ecology, April 2021. Read more in Illinois Tech news.

Joanne E. Howard

Joanne Howard

Editor of Handbook of Research on Transforming Government, Nonprofits, and Healthcare in a Post-Pandemic Era published by IGI Global, 2022. The roster of more than three dozen contributors to the volume includes Associate Dean and Professor of Public Administration Roland Calia, Stuart Assistant Dean for External Relations and Career Management Helen Ezenwa, and seven alumni of the Stuart Master of Public Administration program. Read more in Illinois Tech news.

View profile: Industry Associate Professor of Public Administration Joanne E. Howard

Smriti Anand

Smriti Anand

Marriage Equality for Everyone? The Business Case for Same Sex Marriage Legislation” published in the Journal of Business Research, September 2022. Co-authors include: Assistant Professor Jianrong Wang (Stuart Ph.D. MSC ’20), East China Normal University; Stuart Ph.D. student Hui Li; and Associate Professor of Finance Wei Du (Stuart M.S. Finance ’10), West Chester University.

You Can Stay Home, but We Can’t: Invisible ‘Dirty’ Work as Calling Amid COVID-19 Pandemic” published in the Journal of Vocational Behavior, February 2022. The paper has been selected by the World Health Organization for inclusion in the WHO COVID-19 Research Database. Read more in “Called to Work” in the Illinois Tech Research Magazine.

Co-editor of Idiosyncratic Deals at Work: Exploring Individual, Organizational, and Societal Perspectives (2022) from Springer International Publishing. Chapters contributed by prominent scholars from around the world cover the latest research on idiosyncratic deals (i-deals), which are individualized work agreements negotiated between an employee and employer. Anand’s co-editor is Professor of Organizational Psychology and Human Resources Management Yasin Rofcanin at University of Bath School of Management.

Presentation on “Effectively Negotiating and Managing Personalized Work Arrangements” at the annual conference of the Society of Women Engineers (SWE21), held in Indianapolis on October 21–23, 2021.

A Multi-Level Model of I-Deals in Workgroups: Employee and Coworker Perceptions of Leader Fairness, I-Deals and Group Performance” published in the Journal of Management Studies, July 2021.

  • View profile: Associate Professor of Management Smriti Anand

Siva K. Balasubramanian

Siva K. Balasubramanian

AI: The Land of Lingering Fear and Emergent Hope,” commentary in The Well News, August 30, 2023.

Leaders or Followers? A Temporal Analysis of Tweets from IRA Trolls,” published in Proceedings of the Sixteenth International AAAI Conference on Web and Social Media 2022 (ICWSM 2022). Among the co-authors are Illinois Tech faculty members Professor of Political Science and Stuart Affiliate Professor Matthew A. Shapiro and Associate Professor of Computer Science Mustafa Bilgic.

Priming Movie Product Placements: New Insights from a Cross-National Case Study” published in the International Journal of Advertising, July 2021. Read more in Illinois Tech news.

Haizhi Wang

Haizhi Wang

Social Capital and Regional Innovation: Evidence from Private Firms in the U.S.” published in Regional Studies, February 2022. Bo Wang (Stuart Ph.D. MSC ’21), Assistant Professor in Finance at Kean University, is a co-author.

The Role of Social Capital in Private Placement: Evidence from Rule 144A Debt Issuances” published in Managerial Finance, February 2022. Jianrong Wang (Stuart Ph.D. MSC ’20), Assistant Professor at East China Normal University, is a co-author.

Affiliated Bankers on Board and Firm Environmental Management: U.S. Evidence” published in the Journal of Financial Stability, December 2021. Stuart Ph.D. student Hui Li is a co-author.

Banking Deregulation and Investment Cash Flow Sensitivity” published in Review of Business, June 2021. Tianyu Zhao (Stuart Ph.D. MSC ’19) and Xinting Zhen (Stuart Ph.D. MSC ’18), Assistant Professor of Business Administration at Saint Michael’s College, are co-authors.

Bankruptcy Exemption and Peer-to-Peer Lending” published in Emerging Markets Finance and Trade, May 2021. Stuart Ph.D. student Bo Wang and Tianyu Zhao (Stuart Ph.D. MSC ’19) are co-authors.

Do Affiliated Bankers on Board Enhance Corporate Social Responsibility? U.S. Evidence” published in Sustainability, March 2021. Stuart Ph.D. student Hui Li is a co-author.

Global Equity Offerings and Access to Domestic Loan Market: U.S. Evidence” published in International Review of Financial Analysis, March 2021. Jingqi Zhang (Stuart Ph.D. MSC ’19) is a co-author.

Michael J. Fagel

Co-editor of Principles of Emergency Management and Emergency Operations Centers (EOC), 2nd edition, published in both print and digital formats by CRC Press in September 2021 (copyright year 2022). Co-editors are Rick C. Mathews and J. Howard Murphy. Read more in Illinois Tech news. In August 2022, ASIS International, the world’s largest association for security management professionals, selected this book as its 2022 ASIS Security Industry Book of the Year.

Areas of Faculty Research Focus

Current areas of faculty research focus at Stuart include, but are not limited to:

  • High-frequency finance
  • Sustainable enterprise and the circular economy
  • Product placement and marketing communications
  • Privacy
  • Corporate social responsibility
  • Effects of non-compete agreements
  • Ethics in automated financial markets
  • Hedging and risk management
  • Leader-member exchange (LMX) in management
  • Diversity in the workplace

For more details on Stuart faculty research interests, see the individual faculty profiles.

All Stuart Faculty

Putting His Brand on Product Placement Research

Harold L. Stuart Endowed Chair in Business Siva Balasubramanian is widely recognized as a leading scholar in the field of product placement research. Watch his Experts Report video and then read about the international reach of his groundbreaking research over the past 25 years.

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