Prof. Susan Jinjuan REN (任錦娟)

Dr. Jinjuan Ren has been an associate professor in finance at University of Macau since 2015. She was an assistant professor at University of Macau from 2009 – 2015. She is a CFA charter-holder. She obtained a B.A. degree in Accounting from Fudan University in 2001, an MPhil degree in Accounting and Finance from University of Hong Kong in 2004, and a PhD degree in Finance from University of Hong Kong in 2009. She published papers in top journals such as Management Science, Journal of Banking and Finance, etc.

• Ph.D. in Finance, The University of Hong Kong, Hong Kong, China, 2009
• M. Phil. in Accounting and Finance, The University of Hong Kong, Hong Kong, China, 2004
• B.A. in Accounting, Fudan University, Shanghai, China, 2001

• Associate Professor in Finance, Faculty of Business Administration, University of Macau (Sep. 2015 ~ )
• Assistant Professor in Finance, Faculty of Business Administration, University of Macau (Sep. 2009 to Aug. 2015)

• Outstanding Academic Staff, 2021/2022.
• Outstanding Academic Staff, 2020/2021.
• Research Excellence Award, Pacific Basin Finance Journal, presented at Auckland Finance Meeting, Dec. 2017.
• Research Excellence Award, Pacific Basin Finance Journal, presented at AsianFA conference, June 2016.
• Outstanding Teaching Award, Faculty of Business Administration – Department of Finance and Business Economics, University of Macau, 2018.
• Outstanding Teaching Award, Faculty of Business Administration – Department of Finance and Business Economics, University of Macau, 2017.
• Outstanding Teaching Award, Faculty of Business Administration, University of Macau, 2016.
• Outstanding Teaching Award, Faculty of Business Administration, University of Macau, 2015.

• Undergraduate Courses
  • Fixed Income Securities (FINC4005/427/483)
  • Applied Financial Project (FINC434)
  • Financial Markets and Institutions (FINC343)
  • Advanced Financial Management (FINC211)

• Graduate Courses
  • Research Methods in Finance and Business Economics (FUNC8011)
  • Fixed Income Securities (FINC7022/722/MFIN612)
  • Advanced Topics in Finance and Business Economics. (FINC805)
  • Research Methods in Finance (FINC753)

• In search of IPO peers using the textual approach, funded by the Research Committee of University of Macau (MYRG), 2024 – 2025, Principal Investigator.
• The Application of Robo-advisor in Macau, funded by University of Macau Development Foundation (UMDF), 2021 – 2022, Principal Investigator.
• The influence of suppressed short-sale demand on asset pricing and corporate decisions, funded by the Research Committee of University of Macau (MYRG), 2019 – 2021, Principal Investigator.
• An empirical investigation of the stock price crash risk: The influence of short-sale, margin-purchase, and margin requirement, funded by the Research Committee of University of Macau (MYRG), 2018 – 2020, Principal Investigator
• Acoustic-based managerial personalities and corporate policies, funded by the Research Committee of University of Macau (MYRG), 2015 – 2018, Principal Investigator
• Trading motivations and profitability of Chinese short-seller and margin-traders, funded by the Research Committee of University of Macau (MYRG), 2013 – 2015, Principal Investigator
• Ex-dividend premium: An anchoring explanation, funded by the Research Committee of University of Macau (MYRG), 2011-2014, Principal Investigator
• Cross-listing and pricing efficiency: The informational and anchoring role played by the reference price, funded by Hong Kong Research Grant Council (RGC) General Research Fund (HKU741709H), 2009 – 2012, Co-investigator.

• Empirical asset pricing
• Behavioral finance

1. Eric C. Chang, Tse-Chun Lin, Yan Luo, Jinjuan Ren (2019), Ex-Day Returns of Stock Distributions: An Anchoring Explanation. Management Science 65 (3):1076-1095 (ABS4*, UTD, FT50)
2. Zhangjin Huang, Yuxin Wen, Zihao Wang, Jinjuan Ren, Kui Jia (2023) Surface reconstruction from point clouds: A survey and a benchmark. 2-nd round R&R at IEEE Transactions on Pattern Analysis and Machine Intelligence (T-PAMI, impact factor 23.6)
3. Mengjiao Chen, Jinjuan Ren, Jingying Zhao (2023) The impact of corporate culture on stock price crash risk: A firm-level analysis, International Journal of Accounting and Information Management (ABS2), forthcoming.
4. Peter M.W. Chui, Lawrence Hoc Nang Fong, Jinjuan Ren, Lewis H.K. Tam (2022), Anchoring effects in repeated auctions of homogeneous objects: Evidence from Macao, Journal of Economic Psychology, 90, 102514 (ABS2)
5. Rui Chen , Jinjuan Ren (2022), Do AI-powered mutual funds perform better?, Finance Research Letters, 47, 102616 (ABS2)
6. Timothy (Jun) Lu, Jinjuan Ren, Elain (Chang) Liu (2020), Actual Controller’s Foreign Residency and Firm Leverage: Evidence from China. , forthcoming. (ABS1), Applied Economics Letters, 27 (8), 620-623 (ABS1)
7. Timothy (Jun) Lu, ​​Jinjuan Ren, Yan Zhao (2018), Costly long-short strategies under short-sale constraint: Chinese evidence., International Review of Finance, 18 (4), 743-751
8. Yan Luo, Xiaolin Qian, Jinjuan Ren, Yanjian Zhu (2020), Retail investors’ biased beliefs about stocks that they hold: Evidence from China’s split share structure reform., Singapore Economic Review, 65 (06), 1579-1599
9. Yan Luo, ​​Jinjuan Ren​​, Yizhi Wang (2015), Misvaluation comovement, market efficiency and the cross-section of stock returns: Evidence from China., Economic Systems, 39, 390-412 (ABS2)
10. Yan Luo, Xiaolin Qian, Jinjuan Ren (2015), Initial public offerings and air pollution: Evidence from China. , Journal of Asia Business Studies, 9 (1), 99–114
11. Eric Chang, Yan Luo, Jinjuan Ren (2014), Short-selling, margin-trading, and price efficiency: Evidence from the Chinese market., Journal of Banking and Finance, 48, 411–424 (ABS3)
12. Eric Chang, Yan Luo, Jinjuan Ren (2013), Pricing deviation, misvaluation comovement, and macroeconomic conditions. , Journal of Banking and Finance, 37(12), 5285–5299 (ABS3)
13. Eric Chang, Yan Luo, Jinjuan Ren (2013), Cross-listing and the pricing efficiency: The informational and anchoring role played by the reference price., Journal of Banking and Finance, 37(11), 4449–4464 (ABS3)
14. Eric Chang, Qi Shi, Jinjuan Ren​​ (2009), Effects of the volatility smile on exchange settlement practices: The Hong Kong case., Journal of Banking and Finance, 33(1), 98–112 (ABS3)

1. Rui Chen and Jinjuan Ren, 2019, Do AI-Powered Mutual Funds Perform Better? Presented at Financial Technology (Fintech) Forum for Young Scholars from Mainland China, Hong Kong, Macao, and Taiwan, SYSU, Guangzhou.
2. Jinjuan Ren and Yinghui Yu, 2017, The loud silence of suppressed short-sale demand. Presented at 2018 International Conference of Taiwan Finance Association, 2017 Auckland Finance Meeting.
3. Yan Luo, and Jinjuan Ren, 2016. Short sale, margin purchase, and stock price crash risk. Presented at FMA 2016 European conference and AsianFA 2016 annual meeting.
4. Eric Chang, Yan Luo, and Jinjuan Ren, 2016. Do mutual funds gamble? Evidence from the skewness-adjusting behavior of fund manager. Presented at 2016 FMA European conference.
5. Jinjuan Ren, and Yizhi Wang, 2014, Underreaction, overreaction, and information asymmetry. Presented in FMA 2014 annual meeting.

1. Jingying Zhao, Jinjuan Ren, Mengjiao Chen, 2023. Analysts’ cultural preference: A new approach based on culture of firms under coverage.
2. Rui Chen and Jinjuan Ren, 2022, Network-based information synergy in analysts research portfolios.
3. Rui Chen and Jinjuan Ren, 2022, The evolution of analyst research portfolios: A cost-benefit analysis.
4. Mengjiao Chen and Jinjuan Ren, 2022, Finding Relevant Peers for IPOs: Text-based Valuation.
5. Jinjuan Ren and Yinghui Yu, 2022, The loud silence of suppressed short-sale demand.
6. Jeong-Bon Kim, Yan Luo, and Jinjuan Ren, 2022. Short sale, margin purchase, and stock price crash risk: Evidence from the Chinese market.
7. Eric Chang, Yan Luo, and Jinjuan Ren, 2022. Do mutual funds gamble? Evidence from the skewness-adjusting behavior of fund manager.
8. Jinjuan Ren, and Yizhi Wang, and Qiaoqiao Zhu, 2019, The historical high, anchoring and market overreaction.
9. Kachong Lei, Jinjuan Ren, and Yinghui Yu. 2019. Betting against beta: Evidence from China.
10. Jeong-Bon Kim, Yan Luo, Xiaolin Qian, and Jinjuan Ren, 2015. Ownership structure and financial reporting quality: Evidence from the split share structure reform in China.
11. Eric Chang, Yan Luo, and Jinjuan Ren, 2013. Investor overconfidence and the increase in idiosyncratic risk.
12. Eric Chang, Chaoli Guo, and Jinjuan Ren, 2013. Retail investor recognition and the cross section of stock returns.
13. Eric Chang, and Jinjuan Ren, 2009. Agency conflicts, investor sentiments, and IPO underpricing.

• PhD Students
  • Chen Rui (Sep. 2017 ~ Apr. 2022, currently lecturer at South China Normal University)
  • Chen Mengjiao (Jan. 2019 ~ Feb. 2024, currently a lecturer at Inner Mongolia University of Finance and Economics)
  • Zhao Jingying (Sep. 2019 ~ Jun. 2024, currently an assistant professor at City University of Macau)

• CFA charter-holder.
• Passed ACCA professional scheme exams in 2004 and is eligible for the ACCA charter upon obtaining relevant work experience.