Prof. Toro Tao CHEN

Assistant Professor in Business Economics

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

Contact Information

Telephone:(853) 8822-8867
  • PhD in Finance, City University of Hong Kong
  • Assistant Professor, University of Macau
  • Undergraduate Courses
    • Principles of Macroeconomics (2018 Fall) (BECO1001)
    • Advanced Financial Management (2018 Fall) (FINC2001)
    • Principles of Macroeconomics (2018 Spring) (BECO101)
  • Asset Pricing, Behavioral Finance
  1. Principal Investigator, Start-up Research Grant (SRG) at University of Macau, “Retail investors and price discovery: Evidence from global markets”, MOP150,000 (2018 – 2019)
  2. 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).
  1. Chen, T., 2019, The price impact of trade-Size clustering: Evidence from an intraday analysis, Journal of Business Research, Forthcoming.
  2. Chen, T., Karathanasopoulos, K., Ko, S., Lo, C., 2019, Lucky lots and unlucky investors, Review of Quantitative Finance and Accounting, Forthcoming.
  3. Chen, T., 2019, Do superstitions bias trading behavior? Economics of Transition, Forthcoming.
  4. Chen, T., 2019, Country herding in the global market, Journal of Behavioral Finance, Forthcoming.
  5. Luo, M., Chen, T., Cai, J., 2019, Stock return predictability when growth and accrual measures are negatively correlated, China Finance Review International, Forthcoming.
  6. Chen, T., 2019, Trade-size clustering and price efficiency, Japan and The World Economy 49(March): 195-203.
  7. Chen, T., 2018, Round-number biases and informed trading in global markets, Journal of Business Research, 92(November), 105-117.
  8. Chen, T., 2018, Dragon CEOs and firm value, The Australian Economic Review, 51(3), 1-14.
  9. Chen, T., 2018, Does investor attention matter to Renminbi trading? The Singapore Economic Review, 63(3), 667-689.
  10. Chen, T., 2017, Stock return anomalies from ending-digit effects around the world, Global Economic Review, 46(4), 464-494.
  11. Chen, T., 2017, Investor attention and global stock returns, Journal of Behavioral Finance, 18(3), 358-372.
  12. Chen, T., 2016, Logo color, earnings management and firm value, Prague Economic Papers, 25(4), 459-475.
  13. Chen, T., Wong, K. Y., Susai, M., 2016, Active management and price efficiency of ETFs, Prague Economic Papers, 25(1), 3-18.
  14. 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.
  15. Luo, M., Chen, T., Yan, I. K., 2014, Price informativeness and institutional ownership: Evidence from Japan, Review of Quantitative Finance and Accounting 42(2), 627-651.
  16. Chen, T., Yau, W.C.W., 2014, Herding on ending digits in security trading: Evidence from China, The Chinese Economy, 47(1), 67-102.
  17. 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? The Chinese Economy, 47(1), 53-66.
  18. Chen, T., 2013, Do investors herd in global stock markets? Journal of Behavioral Finance 14(3), 230-239.
  19. Chen, T., Wu, L., Yan, I. K., 2013, On the use of international commodity futures spread for forecasting China’s net imports of commodities, The World Economy 36(7), 861-879.
  20. Chen, T., 2012, When is inter-trade time informative? A structural approach, Frontiers in Finance and Economics 9(1), 148-177.
  21. 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.
  22. 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.
  23. Chen, T., Cai, J., Ho, R.Y.K., 2009, The intraday information efficiency on the Chinese equity market, China Economic Review 20(3), 527-541.
  24. Chen, T., 2009, Informational efficiency: Which institutions matter? Asia-Pacific Financial Markets 16(2), 141-168.
  25. Chen, T., Li, J., Cai, J., 2008, Information content of inter-trade time on the Chinese market, Emerging Markets Review 9(3), 174-193.
  1. 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.
  2. Chen, T., 2018, Do superstitions bias trading behavior? A paper to be presented at Politics, Stock Markets and the Economy Conference 2018, Adelaide, Australia.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  • Member, American Finance Association
  • Member, Academy of International Business