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Ness School of Management and Economics

Zhiguang Wang

professional headshot

Title

Professor

Office Building

Harding Hall

Office

227

Mailing Address

Harding Hall 227
Economics-Box 2220
University Station
Brookings, SD 57007

Biography

Dr. Zhiguang (Gerald) Wang is DuBois Professor of Business Finance and Investments in Ness School of Management and Economics. Dr. Wang joined South Dakota State University in 2009 after graduating from Florida International University. He currently teaches business finance, investments and student managed investment fund and coordinates First Dakota National Bank eTrading Education Lab. His research focuses on asset pricing and risk management in financial and agricultural commodity markets. He is particularly interested in volatility-related research. His recent research works are focused on machine learning and market microstructure. He enjoys the intersection of two disciplines: finance and applied mathematics/statistics. His research publications appear in finance and agricultural economics journals, including Review of Finance, Journal of Futures Markets, Journal of Empirical Finance, Journal of Commodity Markets, Agricultural Economics and Canadian Journal of Agricultural Economics, among others. He also serves on the Editorial Board of the Journal of Futures Markets. He has presented in numerous academic conferences and reviewed articles for academic journals. He serves on the Editorial Board for the Journal of Futures Markets and is the faculty advisor for SDSU Investment Club and Student Managed Investment Fund.

Education

  • Ph.D. in financial economics | Florida International University
  • M.A. in finance | Shanghai University of Finance and Economics
  • B.S. in international business | Jilin University

Academic Interests

  • Asset pricing
  • Financial and Commodity Derivatives
  • Volatility
  • Machine Learning
  • Market Microstructure
  • Non-Gaussian Distributions and Processes

Academic Responsibilities

Current Teaching

  • Fall 2024: Business Finance (FIN 310), Investments (FIN 411/511)
  • Summer 2024: Business Finance (FIN 310)
  • Spring 2025: Student Managed Investment Fund (FIN 4/520)

Past Teaching (Fall 2009-Spring 2024)

  • Business Finance (FIN 310, Face-to-Face, Online and Hybrid)
  • Financial Management (ECON 610)
  • Investments (FIN 411/511, ECON 792)
  • Student Managed Investment Fund (FIN 4/520)
  • Principle of Macroeconomics (ECON 202)

Committees and Professional Memberships

  • American Finance Association
  • Financial Management Association
  • Southwestern Finance Association
  • NCCC-134

Awards and Honors

  • Southwestern Finance Association, Best Paper Award in Investments, 2021
  • Quinnipiac G.A.M.E. Forum X Portfolio Competition Selected Presentation (adviser), 2021
  • Everett and Bernie DuBois Endowed Professorship, South Dakota State University, 2020
  • IFAMA Case Competition, 1st Prize in Intermediate Group (adviser), 2019
  • NESS DME Outstanding Student Investment Club (adviser), South Dakota State University, 2018
  • SDSU Student Organization Award, Investment Club (adviser), 2018
  • SDSU Student Organization Outstanding Program Award, Investment Club (adviser), 2017
  • Quinnipiac G.A.M.E. Forum VII Portfolio Competition, 1st Place in Undergraduate Core, 2017
  • NESS DME Outstanding Faculty Achievement, 2016
  • Undergraduate Teacher of the Year, 2016
  • Stahly Scholar in Financial Economics, 2011-2014
  • Fellow, Institute on Computational Economics, University of Chicago/Argonne, 2009
  • Dissertation Year Fellowship, Florida International University, 2009
  • Financial Management Association Doctoral Student Consortium, 2008

Grants

  • SDDOT 2014-2015 "Agricultural Freight Data Improvement Research Project"
  • SDDOT 2012-2013 "Selection of Inflation and Discount Rates for Infrastructure Investment Analyses"

Areas of Research

Work in Progress

  • VIX futures and options
  • High-Frequency Trading
  • Market Microstructure
  • Volatility of Commodities
  • Commodity Futures and Options Pricing
  • Volatility Prediction with Machine Learning

Publications

(*graduate advisee / student)

  1. Li, Wang and Diersen (2024). "Do Agricultural Commodity Price Spikes Always Stem from News?"Proceedings of the NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting and Market Risk Management, St Louis, MO, April 2024.
  2. Diersen and Wang (2023). “Implied Volatility Patterns Around Crop Reports.” Proceedings of the NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting and Market Risk Management, St Louis, MO, April 2023.
  3. Langelett and Wang (2023) “Sealed Collectible Card Game Product as Standalone Investment and Portfolio Diversifier” Global Journal of Accounting and Finance, 7(1) pp 1-25.
  4. Diersen and Wang (2022). Weekly Options on Grain Futures. Proceedings of the NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting and Market Risk Management, St Louis, MO, April 2022; Commodity & Energy Markets Association, Chicago, IL, June 2022.
  5. Medvedev* and Wang (2022). Multi-Step Forecast of the Implied Volatility Surface Using Deep Learning. 2021. Journal of Futures Markets, 42(4), 645-667. April 2022. DOI:10.1002/fut.22302
  6. Diersen and Wang (2022). Trading Commodity Futures and Options in a Student-Managed Fund. Applied Economics Teaching Resources (AETR), 4(1), March 2022.
  7. Medvedev* and Wang (2020). Multi-Step Forecast of the Implied Volatility Surface Using Deep Learning. 2020 SDSU Data Science Symposium. February 2020; University of Minnesota, MCFAM Seminar. October 2020; Southwestern Finance Association Annual Meeting 2021 (Best Paper Award in Investments). March 2021.
  8. TeSlaa*, L. Elliott, M. Elliott and Wang (2020). New Generation Grain Contracts in Corn and Soybean Commodity Markets. Journal of Commodity Markets, 20, 100113.
  9. Wang and Dupoyet (2019). A Dimension-invariant Cascade Model for VIX Futures. Journal of Futures Markets. Forthcoming.
  10. Wang, Z. (2019). Intraday Trading Invariance in the Grain Futures Markets. Proceedings of the NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting and Market Risk Management. Minneapolis, Minnesota.
  11. Wang, Mishra, and Elliott. (2017). Trade Impact in the Electronic Grain Futures Markets. Proceedings of the NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management. St. Louis, Missouri.
  12. TeSlaa*, L. Elliott, M. Elliott and Wang (2017). Performance of the Producer Accumulator in Corn and Soybean Commodity Markets. Proceedings of the NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting and Market Risk Management. St. Louis, Missouri.
  13. Graham* and Wang (2016). Volatility Transmission: A Linkage between Grain Markets and Food Companies. Journal of Accounting and Finance, 16(4), 136-148.
  14. Wang and Daigler (2016). The Option SKEW Index, VIX of VIX and Market Tail Risk, Review of Futures Markets, 22(4), 1-28. [see extended results].
  15. Wu, Meyers, Guan and Wang (2015). Risk-adjusted implied volatility and its performance in forecasting realized volatility in corn futures prices. Journal of Empirical Finance, 34, 260-274.
  16. Osei* and Wang (2015). Seasonality and Stochastic Volatility in Wheat Options. Journal of Economics, XLI (1), 9-28.
  17. Fausti, Wang, Qasmi and Diersen (2014). Risk and Marketing Behavior: Pricing Fed Cattle on a Grid. Agricultural Economics, 45(5), 601–612.
  18. Schmitz*, Wang and Kimn (2014). A Jump Diffusion Model for Agricultural Commodities with Bayesian Analysis. Journal of Futures Markets, 34(3), 235-260.
  19. Fausti, Wang and Lange (2013). Expected Utility, Risk and Marketing Behavior: Theory and Evidence from the Fed Cattle Market. Canadian Journal of Agricultural Economics, 61(3):371–395.
  20. Wang, Fausti and Qasmi (2012). Variance Risk Premiums and Predictive Power of Alternative Forward Variances in the Corn Market. Journal of Futures Markets, 32(6): 587-608.
  21. Wang and Bidarkota (2012). Risk Premia in Forward Foreign Exchange Rates: A Comparison of Signal Extraction and Regression Methods. Empirical Economics, 42(1): 21-51.
  22. Wang and Daigler (2011). The performance of VIX option pricing models: Empirical evidence beyond simulation. Journal of Futures Markets, 31(3): 251-281.
  23. Wang and Bidarkota (2010). A long-run risks model of asset pricing with fat tails. Review of Finance, 14(3): 409-449.

Working Papers

  • Wang (2009). How does the Market Price Risks: Evidence from Stock Options.

Department(s)