![torochen](https://fba.um.edu.mo/wp-content/uploads/2019/04/torochen.jpg)
Assistant Professor in Business Economics
- PhD in Finance, City University of Hong Kong
- Assistant Professor, University of Macau
- FBA Outstanding Research Award (Research Track), University of Macau, 2022/2023
- Undergraduate Courses
- Principles of Macroeconomics (BECO1001)
- Advanced Financial Management (FINC2001)
- Graduate Courses
- Research Writing (BAGC8000)
- 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).
- Asset Pricing
- Behavioral Finance
- Corporate Finance
- Household Finance
- Market Microstructure
- 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)
- Chen, T. (2024), Do superstitions bias trading behavior?, Economics of Transition, Forthcoming (ABS2)
- 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)
- Chen, T. (2023), Liquidity shocks and intraday price reaction, Journal of Financial Research, 46(2), 573-599 (ABS3)
- Chen, T. (2023), Belief diversity and price informativeness around earnings announcements, Journal of Accounting and Public Policy, 42(3), 107036 (ABS3)
- Chen, T. (2023), Algorithmic trading and post-earnings-announcement drift: A cross-country study, International Journal of Accounting, 58(1), 2350003 (ABS3)
- Chen, T. (2023), Common auditors and internal control similarity: Evidence from China, British Accounting Review, 55(2), 101173 (ABS3)
- 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)
- 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)
- Chen, T., Karathanasopoulos, A. (2022), Do heterogeneous beliefs matter to post-announcement informed trading?, Abacus, 58(4), 714-741 (ABS3)
- Chen, T. (2022), Delayed informed trades and opinion divergence: Evidence from earnings releases, International Journal of Finance and Economics, 27(4), 4556-4574 (ABS3)
- Chen, T. (2022), A cross-country study on informed herding, International Journal of Finance and Economics, 27(4), 4336-4349 (ABS3)
- Chen, T. (2022), Investor protection and post-disclosure disagreement: International evidence, International Journal of Accounting, 57(3): 2250012 (ABS3)
- Chen, T., Chan, K., Chang, H. (2022), Periodicity of trading activity in foreign exchange markets, Journal of Financial Research, 45(2): 445-465 (ABS3)
- 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)
- Chen, T. (2022), Are individuals informed in global markets?, Empirical Economics, 63(1): 243-263 (ABS2)
- 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)
- Chen, T. (2021), Round-number biases on trading time: Evidence from international markets, Journal of Financial Research, 44(3): 469-495. (ABS3)
- Chen, T. (2021), Informed trading and earnings announcement driven disagreement in global markets, Journal of International Accounting, Auditing and Taxation, 43: 100379. (ABS3)
- Chen, T., So, E., Yan, I. (2021), Are crises sentimental?, International Journal of Finance and Economics, 26(1): 962-985. (ABS3)
- 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)
- Chen, T. (2021), Does country matter to investor herding? Evidence from an intraday analysis, Journal of Behavioral Finance, 22(1): 56-64. (ABS2)
- Chen, T. (2020), Trade-size clustering and informed trading in global markets, International Journal of Finance and Economics, 25(4): 579-597. (ABS3)
- Chen, T. (2020), Does news affect disagreement in global markets?, Journal of Business Research, 109: 300-314. (ABS3)
- Chen, T., Karathanasopoulos, K., Ko, S., Lo, C. (2020), Lucky lots and unlucky investors, Review of Quantitative Finance and Accounting, 54, 735-751. (ABS3)
- Chen, T. (2020), Does retail trading matter to price discovery?, German Economic Review, 21(4): 475-492. (ABS2)
- Chen, T. (2020), Country herding in the global market, Journal of Behavioral Finance, 21(2): 174-185. (ABS2)
- Chen, T. (2019), The price impact of trade-size clustering: Evidence from an intraday analysis, Journal of Business Research, 101: 300-314. (ABS3)
- 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)
- Chen, T. (2019), Trade-size clustering and price efficiency, Japan and The World Economy, 49: 195-203. (ABS1)
- Chen, T. (2018), Round-number biases and informed trading in global markets, Journal of Business Research, 92: 105-117. (ABS3)
- Chen, T. (2018), Dragon CEOs and firm value, Australian Economic Review, 51(3): 1-14. (ABS1)
- Chen, T. (2018), Does investor attention matter to Renminbi trading?, Singapore Economic Review, 63(3): 667-689.
- Chen, T. (2017), Stock return anomalies from ending-digit effects around the world, Global Economic Review, 46(4): 464-494. (ABS1)
- Chen, T. (2017), Investor attention and global stock returns, Journal of Behavioral Finance, 18(3): 358-372. (ABS2)
- Chen, T. (2016), Logo color, earnings management and firm value, Prague Economic Papers, 25(4): 459-475.
- Chen, T., Wong, K. Y., Susai, M. (2016), Active management and price efficiency of ETFs, Prague Economic Papers, 25(1): 3-18.
- 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)
- 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)
- Chen, T., Yau, W.C.W. (2014), Herding on ending digits in security trading: Evidence from China, Chinese Economy, 47(1): 67-102.
- 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.
- 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.
- Chen, T. (2013), Do investors herd in global stock markets?, Journal of Behavioral Finance, 14(3): 230-239. (ABS2)
- 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.
- 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)
- Chen, T. (2012), When is inter-trade time informative? A structural approach, Frontiers in Finance and Economics, 9(1): 148-177.
- 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)
- 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.
- 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.
- 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.
- Chen, T., Cai, J., Ho, R. (2009), The intraday information efficiency on the Chinese equity market, China Economic Review, 20(3): 527-541. (ABS2)
- Chen, T. (2009), Informational efficiency: Which institutions matter?, Asia-Pacific Financial Markets, 16(2): 141-168. (ABS2)
- 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)
- Cai, Z., Chen, T., Chen, T., Li, J. (2007), Merge between firms of different ownership, East Asia Economic Review, 4: 13-32.
- 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.
- 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.
- 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.
- Chen, T., 2018, Do superstitions bias trading behavior? A paper to be presented at Politics, Stock Markets and the Economy Conference 2018, Adelaide, Australia.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- PhD Students
- Will TU, 2024-Present
- Kate ZHAO, 2023-Present
- Han MO, 2019-Present
- 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