Email

torochen@um.edu.mo

Tel

+853 8822-8867

Office

E22-4059
Faculty of Business Administration
University of Macau, E22
Avenida da Universidade,
Taipa, Macau, China

Assistant Professor in Business Economics

Academic Qualifications

  • PhD in Finance, City University of Hong Kong

Related Working Experiences

  • Assistant Professor, University of Macau

Awards

  • FBA Outstanding Research Award (Research Track), University of Macau, 2022/2023

Teaching

  • Undergraduate Courses
    • Principles of Macroeconomics (BECO1001)
    • Advanced Financial Management (FINC2001)
  • Graduate Courses
    • Research Writing (BAGC8000)

Research Projects

  • Principal Investigator, MYRG-General Research Grant (MYRG-GRG) at University of Macau, “CEO Greed and Corporate Innovation: Evidence from China”, MOP150,000 (2024 – 2025).
  • Principal Investigator, Multi-Year Research Grant (MYRG) at University of Macau, “Do common auditors help issuers and underwriters? Evidence from IPO underpricing in China”, MOP250,000 (2023 – 2024).
  • Principal Investigator, Multi-Year Research Grant (MYRG) at University of Macau, “Algorithmic trading and post-earnings announcement drift: Evidence from international markets”, MOP175,000 (2021 – 2023).
  • Principal Investigator, Start-up Research Grant (SRG) at University of Macau, “Retail investors and price discovery: Evidence from global markets”, MOP150,000 (2018 – 2020)
  • Principal Investigator, Hong Kong RGC Competitive Research Funding for the Local Self-financing Degree Sector, “Round number biases, buy-sell imbalances and transaction time: The international evidence”, HK$460,575 (2016 – 2017).

Research Interests

  • Asset Pricing
  • Behavioral Finance
  • Corporate Finance
  • Household Finance
  • Market Microstructure

Selected Journal Papers

  1. Chen, T., Larson, R., Mo, H. (2024), Investor herding and price informativeness in global markets: Evidence from earnings announcements, Journal of Behavioral Finance, Forthcoming (ABS2)
  2. Chen, T. (2024), Do superstitions bias trading behavior?, Economics of Transition, Forthcoming (ABS2)
  3. Sun, Q., Cheng, X., Gao, S., Chen, T., Liu, J. (2023), Sunshine-induced mood and SEO pricing: Evidence from detailed investor bids in SEO auctions, Journal of Corporate Finance, 80, 102411 (ABS4)
  4. Chen, T. (2023), Liquidity shocks and intraday price reaction, Journal of Financial Research, 46(2), 573-599 (ABS3)
  5. Chen, T. (2023), Belief diversity and price informativeness around earnings announcements, Journal of Accounting and Public Policy, 42(3), 107036 (ABS3)
  6. Chen, T. (2023), Algorithmic trading and post-earnings-announcement drift: A cross-country study, International Journal of Accounting, 58(1), 2350003 (ABS3)
  7. Chen, T. (2023), Common auditors and internal control similarity: Evidence from China, British Accounting Review, 55(2), 101173 (ABS3)
  8. Guo, F., Yan, I., Chen, T., Hu, C., (2023), Fiscal multipliers, monetary efficacy, and hand-to-mouth households, Journal of International Money and Finance, 130, 102743 (ABS3)
  9. Liu, B., Huang, D., Chen, T., Chan, K., (2023), Mandatory R&D disclosure and analyst forecast accuracy: Evidence from an emerging market, Journal of Contemporary Accounting and Economics, 19(3), 100366 (ABS2)
  10. Chen, T., Karathanasopoulos, A. (2022), Do heterogeneous beliefs matter to post-announcement informed trading?, Abacus, 58(4), 714-741 (ABS3)
  11. Chen, T. (2022), Delayed informed trades and opinion divergence: Evidence from earnings releases, International Journal of Finance and Economics, 27(4), 4556-4574 (ABS3)
  12. Chen, T. (2022), A cross-country study on informed herding, International Journal of Finance and Economics, 27(4), 4336-4349 (ABS3)
  13. Chen, T. (2022), Investor protection and post-disclosure disagreement: International evidence, International Journal of Accounting, 57(3): 2250012 (ABS3)
  14. Chen, T., Chan, K., Chang, H. (2022), Periodicity of trading activity in foreign exchange markets, Journal of Financial Research, 45(2): 445-465 (ABS3)
  15. Liu, B., Huang, W., Chan, K., Chen, T. (2022), Social trust and internal control extensiveness: Evidence from China, Journal of Accounting and Public Policy, 41(3): 106940 (ABS3)
  16. Chen, T. (2022), Are individuals informed in global markets?, Empirical Economics, 63(1): 243-263 (ABS2)
  17. Chan, K., Chen, T., Liu, B., Wu, J. (2022), Air pollution and CEO compensation: Evidence from China, Journal of Economics and Management Strategy, 31(2): 448-469 (ABS2)
  18. Chen, T. (2021), Round-number biases on trading time: Evidence from international markets, Journal of Financial Research, 44(3): 469-495. (ABS3)
  19. Chen, T. (2021), Informed trading and earnings announcement driven disagreement in global markets, Journal of International Accounting, Auditing and Taxation, 43: 100379. (ABS3)
  20. Chen, T., So, E., Yan, I. (2021), Are crises sentimental?, International Journal of Finance and Economics, 26(1): 962-985. (ABS3)
  21. Tan, J., Chen, T., Zhang, P., Chan, K. (2021), Environmental rule enforcement and cash holdings: Evidence from a natural experiment, Economic Modelling, 103: 105618. (ABS2)
  22. Chen, T. (2021), Does country matter to investor herding? Evidence from an intraday analysis, Journal of Behavioral Finance, 22(1): 56-64. (ABS2)
  23. Chen, T. (2020), Trade-size clustering and informed trading in global markets, International Journal of Finance and Economics, 25(4): 579-597. (ABS3)
  24. Chen, T. (2020), Does news affect disagreement in global markets?, Journal of Business Research, 109: 300-314. (ABS3)
  25. Chen, T., Karathanasopoulos, K., Ko, S., Lo, C. (2020), Lucky lots and unlucky investors, Review of Quantitative Finance and Accounting, 54, 735-751. (ABS3)
  26. Chen, T. (2020), Does retail trading matter to price discovery?, German Economic Review, 21(4): 475-492. (ABS2)
  27. Chen, T. (2020), Country herding in the global market, Journal of Behavioral Finance, 21(2): 174-185. (ABS2)
  28. Chen, T. (2019), The price impact of trade-size clustering: Evidence from an intraday analysis, Journal of Business Research, 101: 300-314. (ABS3)
  29. Luo, M., Chen, T., Cai, J. (2019), Stock return predictability when growth and accrual measures are negatively correlated, China Finance Review International, 9(3): 401-422. (ABS1)
  30. Chen, T. (2019), Trade-size clustering and price efficiency, Japan and The World Economy, 49: 195-203. (ABS1)
  31. Chen, T. (2018), Round-number biases and informed trading in global markets, Journal of Business Research, 92: 105-117. (ABS3)
  32. Chen, T. (2018), Dragon CEOs and firm value, Australian Economic Review, 51(3): 1-14. (ABS1)
  33. Chen, T. (2018), Does investor attention matter to Renminbi trading?, Singapore Economic Review, 63(3): 667-689.
  34. Chen, T. (2017), Stock return anomalies from ending-digit effects around the world, Global Economic Review, 46(4): 464-494. (ABS1)
  35. Chen, T. (2017), Investor attention and global stock returns, Journal of Behavioral Finance, 18(3): 358-372. (ABS2)
  36. Chen, T. (2016), Logo color, earnings management and firm value, Prague Economic Papers, 25(4): 459-475.
  37. Chen, T., Wong, K. Y., Susai, M. (2016), Active management and price efficiency of ETFs, Prague Economic Papers, 25(1): 3-18.
  38. Chen, T., So, E., Wu, L., Yan, I. (2015), The 2007-2008 US recession: What did the real-time Google trends data tell us?, Contemporary Economic Policy, 33(2): 395-403. (ABS2)
  39. Luo, M., Chen, T., Yan, I. (2014), Price informativeness and institutional ownership: Evidence from Japan, Review of Quantitative Finance and Accounting, 42(2): 627-651. (ABS3)
  40. Chen, T., Yau, W.C.W. (2014), Herding on ending digits in security trading: Evidence from China, Chinese Economy, 47(1): 67-102.
  41. Shum, W.C., Kan, C.N.A., Chen, T. (2014), Does warrant trading matter to tracking errors of China-focused Hong Kong exchange-traded funds?, Chinese Economy, 47(1): 53-66.
  42. Gentle, P.F., Jett, T., Falck-Zepeda, J. B., Chen, T., Ming, H. (2013), Issue to consider: The federal unified budget act and the lack of following generally accepted accounting principles and implications for future liabilities, Banks and Bank Systems, 8(4): 6-10.
  43. Chen, T. (2013), Do investors herd in global stock markets?, Journal of Behavioral Finance, 14(3): 230-239. (ABS2)
  44. Gentle, P.F., Chen, T. (2013), The significance of real interest and real wages in the temporary inflation-unemployment trade-off: Some evidence from Canadian data from 1935 through 2010, Banks and Bank Systems, 8(2): 63-72.
  45. Chen, T., Wu, L., Yan, I. (2013), On the use of international commodity futures spread for forecasting China’s net imports of commodities, The World Economy, 36(7): 861-879. (ABS2)
  46. Chen, T. (2012), When is inter-trade time informative? A structural approach, Frontiers in Finance and Economics, 9(1): 148-177.
  47. Wang, A.X., Zhou, J.M., Chen, T. (2011), Which institutions matter to short-term market efficiency in Japan?, Research in Economics, 65(3): 164-179. (ABS1)
  48. Chen, T., Gentle, P.F. (2011), The inflation-unemployment trade-off and the significance of the interest rate: Some evidence from United States data from 1939 through 2007, Economia Internazionale, 64(2): 153-171.
  49. Chen, T. (2011), Price discovery with and without trading on the Tokyo Stock Exchange, International Journal of Behavioural Accounting and Finance, 2(1): 56-78.
  50. Chen, T., Gentle, P.F., Upadhyaya, K. (2010), The inflation-unemployment trade-off and the significance of the interest rate: Some evidence from the United Kingdom, Banks and Bank Systems, 5(1): 87-91.
  51. Chen, T., Cai, J., Ho, R. (2009), The intraday information efficiency on the Chinese equity market, China Economic Review, 20(3): 527-541. (ABS2)
  52. Chen, T. (2009), Informational efficiency: Which institutions matter?, Asia-Pacific Financial Markets, 16(2): 141-168. (ABS2)
  53. Chen, T., Li, J., Cai, J. (2008), Information content of inter-trade time on the Chinese market, Emerging Markets Review, 9(3): 174-193. (ABS2)
  54. Cai, Z., Chen, T., Chen, T., Li, J. (2007), Merge between firms of different ownership, East Asia Economic Review, 4: 13-32.

Selected Conference Papers and Invited Presentation

  1. Chen, T., 2024, Ideological Pressure and CEO Pay: Evidence from the Curriculum Reform in China. A paper to be presented at the British Accounting & Finance Association Annual Conference 2024, Portsmouth, UK.
  2. Chen, T., 2019, Round-number biases on trading time: Evidence from international markets. A paper to be presented at The 3rd Sydney Banking and Financial Stability Conference 2019, Sydney, Australia.
  3. Chen, T., 2018, Does trade-size clustering matter to price efficiency in global markets? A paper to be presented at 26th Conference on the Theories and Practices of Securities and Financial Markets, Kaohsiung, Taiwan.
  4. Chen, T., 2018, Do superstitions bias trading behavior? A paper to be presented at Politics, Stock Markets and the Economy Conference 2018, Adelaide, Australia.
  5. Chen, T., 2017, Are there round-number biases in the international market? A paper to be presented at the AIB 2017 Annual Meeting, Dubai, UAE.
  6. Chen, T., 2016, Stock return anomalies from ending-digit effects around the world. A paper to be presented at the 23rd Annual Conference of the Multinational Finance Society, Stockholm, Sweden.
  7. Chen, T., Lau, R., Liu, C., 2014, Effect of Chinese zodiac on CEOs performance: Firm-level analysis. A paper to be presented at the 8th Portuguese Finance Network Conference (PFN2014), Vilamoura, Portugal.
  8. Chen, T., 2013, Do colors matter to stock valuation? A paper to be presented at the 2013 International Network of Business and Management Journals Conference (INBAM), Lisbon, Portugal.
  9. Chen, T., Wong, H.Y.K., Susai, M., 2012, Which improves market efficiency of ETFs: Active or passive management? A paper to be presented at the 20th Annual Conference on Pacific Basin Finance, Economics, Accounting, and Management, New Jersey, US.
  10. Chen, T., 2011, Does Investor Herd in Global Stock Markets? A paper to be presented at the 2011 Academy of International Business Southeast Asia Regional Conference, Taipei, Taiwan.
  11. Chen, T., 2009, Price Informativeness and Institutional Ownership: Evidence from Japan. A paper presented at the Annual Meeting of the Academy of International Business – Southeast Asia Regional Conference 2009, Hong Kong.

Postgraduate Student Supervision

  • PhD Students
    • Will TU, 2024-Present
    • Kate ZHAO, 2023-Present
    • Han MO, 2019-Present

Editorialship/Society Membership

  • Editorial Board Member: American Business Review (since 2019)
  • Member, American Finance Association
  • Member, European Accounting Association
  • Member, European Financial Management Association
  • Member, Accounting & Finance Association of Australia and New Zealand