Prof. Toro Tao CHEN
Assistant Professor in Business Economics
Faculty of Business Administration
University of Macau, E22
Avenida da Universidade, Taipa, Macau, China
- 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
- Principal Investigator, Start-up Research Grant (SRG) at University of Macau, “Retail investors and price discovery: Evidence from global markets”, MOP150,000 (2018 – 2019)
- 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).
- Chen, T., 2019, The price impact of trade-Size clustering: Evidence from an intraday analysis, Journal of Business Research, Forthcoming.
- Chen, T., Karathanasopoulos, K., Ko, S., Lo, C., 2019, Lucky lots and unlucky investors, Review of Quantitative Finance and Accounting, Forthcoming.
- Chen, T., 2019, Do superstitions bias trading behavior? Economics of Transition, Forthcoming.
- Chen, T., 2019, Country herding in the global market, Journal of Behavioral Finance, Forthcoming.
- Luo, M., Chen, T., Cai, J., 2019, Stock return predictability when growth and accrual measures are negatively correlated, China Finance Review International, Forthcoming.
- Chen, T., 2019, Trade-size clustering and price efficiency, Japan and The World Economy 49(March): 195-203.
- Chen, T., 2018, Round-number biases and informed trading in global markets, Journal of Business Research, 92(November), 105-117.
- Chen, T., 2018, Dragon CEOs and firm value, The Australian Economic Review, 51(3), 1-14.
- Chen, T., 2018, Does investor attention matter to Renminbi trading? The 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.
- Chen, T., 2017, Investor attention and global stock returns, Journal of Behavioral Finance, 18(3), 358-372.
- 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.
- 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.
- Chen, T., Yau, W.C.W., 2014, Herding on ending digits in security trading: Evidence from China, The 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? The Chinese Economy, 47(1), 53-66.
- Chen, T., 2013, Do investors herd in global stock markets? Journal of Behavioral Finance 14(3), 230-239.
- 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.
- 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.
- 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., Cai, J., Ho, R.Y.K., 2009, The intraday information efficiency on the Chinese equity market, China Economic Review 20(3), 527-541.
- Chen, T., 2009, Informational efficiency: Which institutions matter? Asia-Pacific Financial Markets 16(2), 141-168.
- Chen, T., Li, J., Cai, J., 2008, Information content of inter-trade time on the Chinese market, Emerging Markets Review 9(3), 174-193.
- 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.
- Member, American Finance Association
- Member, Academy of International Business