Faculty Profiles

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Zefeng Bai

  • Visiting Assistant Professor
Academic Division: Mathematics, Analytics, Science, and Technology


Zefeng Bai is a visiting assistant professor of applied mathematics in the Mathematics, Analytics, Science, and Technology (MAST) division. He came to the United States as an international student in 2012. Driven by a strong interest in finance and applied statistics and mathematics, Zefeng joined the business PhD program (with a focus on business analytics) at Bentley University and earned his PhD in 2022.

Before joining Babson College, Zefeng taught business statistics, intermediate applied statistics, and managerial statistics at Bentley University. He enjoys studying and exploring new teaching techniques that could help facilitate student-and-instructor interactions in a diverse learning environment. Zefeng's research interest lies primarily in long-term asset management strategy and causal inferences using microeconometrics techniques. Specifically, motivated by the increasing aging populations worldwide, his dissertation examines using the target volatility investment concept to improve existing pension plans. Zefeng is also broadly interested in using statistical and mathematical models to explain business and social phenomena. His research has found applications in asset management, behavioral finance, religion study, and public health.

Academic Degrees

  • Ph D, Bentley University
  • MS, New Jersey Institute of Technology
  • BS, Iowa State University

Academic Interest / Expertise

Applied Mathematics/Statistics/Microeconometrics


Journal Articles

  • Bai, Z. (2021). Does Frequent Prayer Help Reduce Alcohol Use? Heterogeneity in Religious Contexts and Drinking Styles. Mental Health, Religion & Culture. Taylor & Francis.
  • Bai, Z. (2021). Does Robo-Advisory Help Reduce the Likelihood of Carrying a Credit Card Debt? Evidence From an Instrumental Variable Approach. Journal of Behavioral and Experimental Finance. Elsevier.
  • Bai, Z., Wallbaum, K. (2020). Optimizing Pension Outcomes Using Target-Driven Investment Strategies – Evidence from Three Asian Countries with the Highest Old-Age Dependency Ratio. Asia-Pacific Journal of Financial Studies. Wiley.
  • Bai, Z. (2020). The Impact of Different Drinking Habits on Marijuana Use Among College-Aged Youths. The Social Science Journal. Taylor & Francis.
  • Bai, Z., Jain, N., Kurdyukov, R., Walton, J., Wang, Y., Wasson, T., Zhu, X., Chircu, A.M. (2019). Conducting Systematic Literature Review in Information Systems: an Analysis of Guidelines. Issues in Information Systems. International Association for Computer Information Systems.

Conference Proceedings

  • Bai, Z., Wallbaum, K. (2020). Dual-Dynamic Retirement Income Strategy for Better Retirement Outcomes. Northeast Decision Sciences Institute.
  • Bai, Z., Wallbaum, K. (2020). Optimizing Pension Outcomes Using Target-Driven Investment Solutions. Western Decision Sciences Institute.
  • Bai, Z., Jain, N., Wang, Y. (2019). Using SOM-Based Visualization to Analyze the Financial Performance of Consumer Discretionary Firms. International Workshop on Self-Organizing Maps.


  • Prolonging Retirement Coverage with the Target Volatility Investment Strategy Bai, Z. Wallbaum, K. The 6th Analytics Without Borders Conference, Virtual (2021)