Hua Chen

Associate Professor of Finance

Academic Background

  • Ph.D. in Risk Management and Insurance, Georgia State University, 2008
  • M.A. in Applied Economics, University of Oklahoma, 2005
  • M.A. in International Economics, Sichuan University (China), 2002
  • B.S. in Computational Mathematics, Sichuan University (China), 1998

Selected Publications

Publications and Papers Under Review:

Chen, Hua and Samuel H. Cox (2009). An Option-Based Operational Risk Management Model for Pandemics, North American Actuarial Journal, 13(1): 54-76, January 2009.

Chen, Hua and Samuel H. Cox (2009). Modeling Mortality with Jumps: Applications to Mortality Securitization, Journal of Risk and Insurance, 76(3): 727-751, September 2009.

Chen, Hua and J. David Cummins (2010). Longevity Bond Premiums: the Extreme Value Approach and Risk Cubic Pricing, Insurance: Mathematics and Economics, 46(1): 150-161, January 2010.

Chen, Hua, Samuel H. Cox and Shaun S. Wang (2010). Is the Home Equity Conversion Program in the United States Sustainable? Evidence from Pricing Mortgage Insurance Premiums and Non-Recourse Provisions Using the Conditional Esscher Transform, Insurance: Mathematics and Economics, 46(2): 371-384, April 2010.

Chen, Hua and Reza S. Mahani (2012). Optimal Demand for Insurance with Consumption Commitments, Asia-Pacific Journal of Risk and Insurance, 6(2):1-24, June 2012.

Chen, Hua, Michael Sherris, Tao Sun and Wenge Zhu (2013). Living with Ambiguity: Pricing Mortality-linked Securities with Smooth Ambiguity Preferences, Journal of Risk and Insurance, 80(3): 705-732, September 2013.

Chen, Hua (2014). A Family of Mortality Jump Models Applied to U.S. Data, Asia-Pacific Journal of Risk and Insurance, 8(1):105-122, January 2014.

Alai, H. Daniel, Hua Chen, Daniel Cho, Katja Hanewald and Michael Sherris (2014). Developing Equity Release Markets: Risk Analysis for Reverse Mortgage and Home Reversion, North American Actuarial Journal, 18(1): 217-241, January 2014.

Chen, Hua, J. David Cummins, Krupa S. Viswanathan and Mary A. Weiss (2014). Systemic Risk and the Inter-
Connectedness between Banks and Insurers: An Econometric Analysis, Journal of Risk and Insurance, 81(3): 623-652, September 2014.

Chen, Hua, Richard D. MacMinn and Tao Sun (2015). Multi-population Mortality Models: A Factor Copula Approach. Insurance: Mathematics and Economics, 63: 135-146, July 2015.

Chen, Hua, Wen-Yen Hsu and Mary A. Weiss (2015). The Pension Option in Labor Insurance and its Effect on Household Saving and Consumption: Evidence from Taiwan, Journal of Risk and Insurance, 82 (4): 947-975, December 2015.

Chen, Hua, Richard D. MacMinn and Tao Sun (2017). Mortality Dependence and Longevity Bond Pricing: A Dynamic Factor Copula with the GAS Structure, Journal of Risk and Insurance, 84: 393-415, April 2017. “The Reinsurance Network among U.S. Property-Casualty Insurers: Microstructure, Insolvency Risk and Contagion”, with J. David Cummins, Tao Sun and Mary A. Weiss, minor revision (editorial), Journal of Risk and Insurance.

“Tail Risk Networks of Insurers around the Globe: An Empirical Examination of Systemic Risk for G-SIIs v.s. Non G-SIIs”, with Tao Sun, 2nd round resubmission to the Journal of Risk and Insurance.

“Information Risk and the Cost of Equity Capital Revisited: Evidence from the U.S. Property-Liability Insurance Industry”, with Yingrui Lu and Mary A. Weiss, 1st round review at the Journal of Risk and Insurance.

“To Borrow or Insure? Long Term Care Costs and the Impact of Housing”, with Adam W. Shao and Michael Sherris, 1st round review at Insurance: Mathematics and Economics.


Working Papers and Work in Progress:

“Does ERM Improve Firm Value? Evidence from Listed Chinese Nonfinancial SOEs”, with Jing Ai and Yang Zhao.

“Reinsurance Network and the Performance of U.S. Property-Liability Insurers”, with J. David Cummins, Tao Sun and Mary A. Weiss.

“Tail Risk Spillover and its Contribution to Systemic Risk: A Network Analysis for Global Reinsurers”, with J. David Cummins, Tao Sun and Mary A. Weiss.

“Auditor Endogeneity and Earnings Conservatism: An Empirical Study on Reserve Management for the U.S. Property-Liability Insurers”, with Wen-Yen. Hsu and Carol Troy.

“Peer Effects in Corporate Risk Management: Evidence from Reinsurance Utilization in the U.S. Property- Casualty Insurance Industry”, with Jingshu Luo.

“The Role of Credit Rating Agencies in the U.S. Property-Casualty Insurance Market: Monitoring Insurers’ Loss Reserve Management Behaviors”, with Myeonghun Choi, work in progress.

“Production Network and Tail Risk Contagion”, with Andreas Richter and Tao Sun, work in progress

“On-Site Financial Examination and Reserve Management for U.S. Property-Liability Insurers”, with Wen-Yen. Hsu, work in progress.

“Morbidity Compression or Expansion, Long Term Care Insurance and Annuity Demand”, with Jin Gao and Wei Zhu, work in progress.

“Health and Mortality Risk Hedging: A Revisit of the Optimal Product Mix of Life Insurers”, with Jin Gao and Wei Zhu, work in progress.

Teaching

  • Temple University

    • Actuarial Corporate Finance (Spring 2017 –)
      Models of Financial Economics (Fall 2012 –)
      International Risk Management (Spring 2009 –)
      Theory of Interest (Fall 2008)Actuarial Modeling II (Life Contingency) (Fall 2008)

  • Georgia State University

    • Corporate Finance (Fall 2007, Spring 2008, Summer 2008)
      Risk Modeling (Spring 2008)

Honors

2016 Research Roundtable Honoree, Fox School of Business, Temple University

2015 Dean’s Research Honor Roll – Top Ten Researchers in the Fox School of Business July 2013 – June 2015, Temple University

2014 Outstanding Professor of the Year in the M.S. Program in Actuarial Science, Temple University

2013 Award for High Achievement in Sponsored Research, Temple University

2012 Summer Research Award, Temple University

2011 Dean’s Research Honor Roll – Top Ten Researchers in the Fox School of Business July 2009 – June 2010, Temple University

2010 Summer Research Award, Temple University

2009 Junior Scholar Award, the Asia-Pacific Risk and Insurance Association Semifinalist of the 2009 FMA annual meeting Best Paper Award
Summer Research Award, Temple University

2008 GSU Dissertation Grant, Georgia State University

2007 Kenneth Black, Jr. Chair of Insurance Scholarship, Georgia State University
Leyton B. Hunter Fellowship, Georgia State University

2006 The Helen C. Leith Fellowship, Georgia State University
Leyton B. Hunter Fellowship, Georgia State University
Thomas P. Bowles, Jr. Chair Travel Grant, Georgia State University

2005 Robert W. Batten Scholarship, Georgia State University

Grants:

Center of Actuarial Excellence Research Grant, Society of Actuaries, “Actuarial and Econometric Analyses of Systemic Risk in the Insurance Industry”, 2013-2014.

National Natural Science Foundation of China Research Grant, “The Mileage-based Automobile Insurance Reform in China: A Feasibility Study based on Actuarial Pricing and Economic Externality”, 2013-2016.

Young Scholars Forum Seed Fund, Fox School of Business, “Spatial Interaction and Reinsurance Network Formation”, Spring 2017.

Young Scholars Forum Seed Fund, Fox School of Business, “The Affordable Care Act and Early Retirement Decisions”, Fall 2016.

Internationalization Grant, Office of International Affairs, “Auditor Endogeneity and Earnings Conservatism: An Empirical Study on Reserve Management for the US Property-Liability Insurers”, 2014.

Grant-in Aid Award for Research, Office of the Provost, “Does ERM Improve Firms’ Performance? Evidence from Listed Chinese Nonfinancial SOEs”, 2013.

Internationalization Grant, Office of International Affairs, “Does ERM Improve Firms’ Performance? Evidence from Listed Chinese Nonfinancial SOEs”, 2013.

Young Scholars Forum Seed Fund, Fox School of Business, “Ambiguity and CAT Bond Pricing”, 2011.

Grant-in-Aid Award for Research, Office of the Provost, “Risk Preferences, Insurance Puzzles, and Consumption Commitment”, 2010.

Grant-in-Aid Award for Research, Office of the Provost, “Mortality Risk Modeling and Pricing: Applications to Mortality Securitization”, 2009.

Additional Information

Invited Talks:

“Tai Risk Networks of Insurers around the Globe”, presented at the research seminar at Wuhan University, Wuhan (China), July 2017.

“Information Risk and the Cost of Equity Capital Revisited: Evidence from the U.S. Property-Liability Insurance Industry”, presented at the research seminar at Ludwig Maximilian University, Munich (Germany), December 2016.

“Information Risk and the Cost of Equity Capital Revisited: Evidence from the U.S. Property-Liability Insurance Industry”, presented at the plenary session at the 2016 China International Conference in Insurance and Risk Management, Xi’an (China), July 2016.

“To Borrow or Insure? Long Term Care Costs and the Impact of Housing”, presented at the plenary session at the 2016 China International Conference in Insurance and Risk Management, Xi’an (China), July 2016.

“Mortality Dependence and Longevity Bond Pricing: A Dynamic Factor Copula with the GAS Structure”, presented at the 4th Workshop on Insurance Mathematics, University of Waterloo (Canada), February 2016.

“The U.S. Property-Casualty Reinsurance Network: Microstructure and Performance”, presented at the research seminar in the Department of Finance and Insurance, Lingnan University, Hong Kong (China), December 2015.

“The U.S. Property-Casualty Reinsurance Network: Microstructure and Performance”, presented at the research seminar in the Department of Risk Management and Insurance, Georgia State University, Atlanta, September 2015.

“Tail Risk Spillover and its Contribution to Systemic Risk: A Network Analysis for Global Reinsurers”, presented at the International Symposium on Sino-American Risk Management and Insurance, Chengdu (China), July 2015.

“The U.S. Property-Casualty Reinsurance Network: Microstructure and Performance”, presented at the research seminar in the Department of Risk Management and Insurance, National Chengchi University, Taiwan, December 2014.

 “Systemic Risk, Interconnectedness and the Reinsurance Network”, presented at the plenary session at the 2014 China International Conference in Insurance and Risk Management, Shenzhen (China), July 2014.

“Multi-population Mortality Models: A Factor Copula Approach”, presented at the research seminar in the Department of Statistics and Actuarial Science, University of Waterloo (Canada), January 2014.

“Systemic Risk in the Insurance Industry: Interconnectedness, Contributions and Determinants”, presented at the research seminar in the Department of Finance, California State University – Fullerton, October 2013.

“Systemic Risk: Cutting-edge Research in Insurance, Risk Management and Actuarial Science”, presented at the research seminar in the Department of Insurance and Actuarial Science, Wuhan University (China), September 2013.

 “Actuarial and Economic Analyses of Systemic Risk in the Insurance Industry”, presented at the 2013 Society of Actuaries CAE faculty conference, Chicago, June 2013.

“Systemic Risk Measures in the Insurance Industry: A Factor Copula Approach”, presented at the 27th New England Statistics Symposium, Storrs, April 2013.

“Developing Equity Release Markets: Risk Analysis for Reverse Mortgage and Home Reversion”, presented at the research seminar cosponsored by the Great-West Life and the Centre of Actuarial Studies and Research, University of Manitoba (Canada), March 2013.

“The Pension Option in Labor Insurance and Precautionary Savings: Evidence from Taiwan”, presented at the research seminar in the School of Risk and Actuarial Studies, Australian School of Business, University of New South Wales (Australia), March 2013.

“Systemic Risk and the Inter-Connectedness between Banks and Insurers: An Econometric Analysis”, presented at the research seminar in the College of Business Administration, University of Rhode Island, October 2012.

“Systemic Risk: Cutting-edge Research in Insurance, Risk Management and Actuarial Science”, presented at the research seminar in the School of Insurance and Economics, University of International Business and Economics (China), July 2012.

“Insurance Contracting with Coexistence of Adverse Selection and Moral Hazard”, presented at the research seminar in the School of Actuarial Studies, Australia School of Business, University of New South Wales (Australia), July 2011.

“Is the Home Equity Conversion Mortgage Program in the United States Sustainable?”, presented at the Insight Networking Session by the Institute of Actuaries of Australia (Australia), July 2011.

“A Family of Mortality Jump Models with Parameter Uncertainty: Applications to Hedging Longevity Risk in Life Settlements”, presented at the conference on Longevity and Pension Funds, Paris (France), February 2011.

University of Hawai‘i at Mānoa
Shidler College of Business
2404 Maile Way
Honolulu
HI
96822
USA

Room

E-602e

Contact Info

Phone
(808) 956-8063