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Faculty and Staff Profile

Blerina Bela Bela Zykaj

Associate Professor

Office: Sirine Hall 336B
Personal Website:

 Educational Background

Ph.D. Finance
Washington State University, 2011

M.S. Mathematic
University of Idaho, 2006

B.S. Mathematics
University of Tirana, Albania, 2003

 Courses Taught

- Investments (MBA), Clemson University
- Analysis and Use of Derivatives (undergraduate), Clemson University
- Financial Management II (undergraduate), Clemson University
- Investments and Security Analysis (MBA), University of Toledo
- Investments (undergraduate), University of Toledo
- Introduction to Financial Management (undergraduate), Washington State University
- Portfolio Theory and Financial Engineering (undergraduate), Washington State University
- Intermediate Algebra (undergraduate), Washington State University, Colleges of Spokane
- Calculus and Its Applications (undergraduate), University of Idaho
- College Algebra (undergraduate), University of Idaho


Bela Zykaj is an Associate Professor of Finance at Clemson University. Dr. Zykaj has previously held the position of Assistant Professor of Finance at Clemson University and at the University of Toledo. She received her Ph.D. in Finance from Washington State University. Dr. Zykaj has published in academic journals such as the Journal of Financial and Quantitative Analysis, Management Science, and Journal of Futures Markets and her research has been accepted for presentation at conferences such as the Western Finance Association (WFA) Annual Meetings, European Finance Association (EFA) Meeting, Society for Financial Studies (SFS) Finance Cavalcade, the Financial Management Association (FMA) Annual Meetings.

 Research Interests

Investments, Institutional Investors (Hedge Funds and Mutual funds), Market Efficiency

 Research Publications

1. "Does Institutional Ownership Predict Mutual Fund Performance? An Examination of Undiscovered Holdings within 13F Reports," with Xuhui Pan and Kainan Wang, European Financial Management, forthcoming.

2. "Reconsidering Hedge Fund Contagion" with Richard Sias and Harry Turtle, Journal of Alternative Investments, Volume 21, Issue 1, Summer (2018), pp. 27-38.

3. "Optionable Stocks and Mutual Fund Performance," with Chune Young Chung, Doojin Ryu, and Kainan Wang, Journal of Futures Markets, Volume 38, Issue 3, (2018), pp. 390-412.

4. "Hedge Fund Return Dependence: Model Misspecification or Liquidity Spirals?" with Richard Sias and Harry Turtle, Journal of Financial and Quantitative Analysis, Volume 52, Issue 5, (2017), pp 2157-2181.

5. "Hedge Fund Crowds and Mispricing," with Richard Sias and Harry Turtle, Management Science, Volume 62, Issue 3, (2016), pp.764-784.

6. "Institutional Monitoring: Evidence from F_Score," with Chune Young, Chang Liu, Kainan Wang, Journal of Business Finance and Accounting, Volume 42, Issue 7-8, (2015), pp 885-914.

7. "Idiosyncratic Volatility, Institutional Ownership, and Investment Horizon," with Doina C. Chichernea and Alex Petkevich, European Financial Management Journal, Volume 21, Issue 4, (2015), pp. 613-645.

8. "Business Policies and New Firm Birth Rates Internationally," with John Nofsinger, Accounting and Finance Research, Volume 3, Issue 4, (2014), pp 1-14.


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