Research

Faculty in the Department of Finance have published academic articles in all areas in finance and economics such as corporate finance, asset pricing, risk and insurance, real estate, and international finance.

Jing Ai

  • "A Systematic Review and Qualitative Assessment of Fraud Detection Methodologies in Health Care," (co-authored with Jennifer Russomanno, Skyla Guigou, and Rachel Allan), 2022, North American Actuarial Journal, 26, 1-26.
  • "Precautionary Effort, Self-Control and Competitive Equilibrium in Insurance Markets," (co-authored with Lin Zhao and Wei Zhu), 2020, Journal of Risk and Insurance, 87, 751- 782.
  • "The Combined Effect of ERM and Diversification on Property and Casualty Insurer Performance," (co-authored with Vickie Bajtelsmit and Tianyang Wang), 2018, Journal of Risk and Insurance, 85, 513-543.
  • “Optimal Enterprise Risk Management and Decision Making under Shared and Dependent Risks,” (co-authored with Patrick L. Brockett and Tianyang Wang), 2017, Journal of Risk and Insurance, 84, 1127-1169.
  • “Health State Transitions and Longevity Effects on Retirees’ Optimal Annuitization,” (co-authored with Patrick L. Brockett, Linda L. Golden, and Wei Zhu), 2017, Journal of Risk and Insurance, 84, 319-343.

Rosita Chang

  • “Residual Momentum and Investor Underreaction in Japan,” (co-authored with Shinji Nakano, Kuan-Cheng Ko, and S. Ghon Rhee), 2018, Journal of Empirical Finance, 45, 283-299.
  • “Saving for Retirement While Having More Nights with Peaceful Sleep: Comparison of Lifecycle and Lifestyle Strategies from Expected Utility Perspective,” (co-authored with David Hunter, Qianqiu Liu, and Helen Saar), 2014, Financial Services Review, 23 (2), 169-188.
  • “How does the Call Market Method Affect Price Efficiency? Evidence from the Singapore Stock Market,” (co-authored with S. Ghon Rhee, Gregory Stone, and Ning Tong), 2008, Journal of Banking and Finance, 32, 2205-2219.
  • “Intra-Day Arbitrage Opportunities in Foreign Exchange and Eurocurrency Markets,” (co-authored with S. Ghon Rhee), 1992, Journal of Finance, 47, 363-379.
  • “The Currency-of-Denomination Decision for Debt Financing,” (co-authored with Peter E. Koveos and S. Ghon Rhee), 1985, Journal of International Business Studies, 16, 143-150.

Hua Chen

  • “A Unified Framework for Insurance Demand and Mortality Immunization,” (co-authored with Jin Gao and Wei Zhu), 2023, North American Actuarial Journal, forthcoming.
  • “Hierarchical Mortality Forecasting with EVT Tails: An Application to Solvency Capital Requirement,” (co-authored with Han Li), 2023, International Journal of Forecasting, forthcoming.
  • “Medicaid Expansion, Tort Reforms, and Medical Liability Costs,” (co-authored with Jingshu Luo and Martin F. Grace), 2022, Journal of Risk and Insurance, 89, 789-821.
  • “Tail Risk Networks of Insurers around the Globe: An Empirical Examination of Systemic Risk for G-SIIs v.s. Non G-SIIs,” (co-authored with Tao Sun), 2020, Journal of Risk and Insurance, 87, 285-318.
  • “The Reinsurance Network among U.S. Property-Casualty Insurers: Microstructure, Insolvency Risk and Contagion,” (co-authored with J. David Cummins, Tao Sun, and Mary A. Weiss), 2020, Journal of Risk and Insurance, 87, 253-284.

Jiakai Chen

  • “Market Discipline and Regulatory Arbitrage: Evidence from Asset-backed Commercial Paper,” 2022, Journal of Banking and Finance, 145, Article 106656.
  • “Do Low Search Costs Facilitate Like-buys-like Mergers? Evidence from Common Bank Networks,” (co-authored with Joon Ho Kim and S. Ghon Rhee), 2021, Journal of Financial Economics, 140, 484-513.
  • “Libor’s Poker,” 2021, Journal of Financial Markets, 55, Article 100586.
  • “Modeling of Mortgage Defaults,” (co-authored with Lakhbir S. Hayre, Manish Saraf, and Robert Young), 2008, Journal of Fixed Income, 17 (4), 6-30.

Yifan Chen

  • “Amazon is Coming to Town: Sequential Information Revelation in the Housing Market,” (co-authored with Sean Wilkoff and Jiro Yoshida), 2023, Real Estate Economics, forthcoming.
  • “Rationality Test in the Housing Market: Project-level Evidence from China,” (co-authored with Jianhua Gang, Zongxin Qian, and Jinfan Zhang), 2023, Journal of Regional Science, 63, 583-616.
  • “Mortgage Payments and Household Consumption in Urban China,” (co-authored with Jim H. Shen and Da Zhao), 2020, Economic Modeling, 93, 100-111.

Wei (Victor) Huang

  • “Do Investors Value Shareholder Perks? Evidence from Japan,” (co-authored with S. Ghon Rhee, Katsushi Suzuki, and Taeko Yasutake), 2022, Journal of Banking and Finance, 143, Article 106575.
  • “Passive Insider Trading before Pension Freezes,” (co-authored with Bin Qiu), 2022, Journal of Financial Research, 45, 607-631.
  • “Controlled Currency Regime and Pricing of Exchange Rate Risk: Evidence from China,” (co-authored with Xiuping Hua and Ying Jiang), 2022, Journal of Accounting, Auditing and Finance, 37, 39-76.
  • “Linguistically Induced Time Perception and Asymmetric Cost Behavior,” (co-authored with Jaehyeon Kim), 2020, Management International Review, 60, 755-785.
  • “Institutional Quality and Sovereign Credit Default Swap Spreads,” (co-authored with Shu Lin and Jian Yang), 2019, Journal of Futures Markets, 39, 686-703.

Joon Ho Kim

  • “Does Dividend Policy Affect Sale Growth in Product Markets? Evidence from the 2003 Dividend Tax Cut,” (co-authored with Atsushi Chino), 2022, Financial Management, 51, 539-571.
  • “Do Social Networks Facilitate Informed Option Trading? Evidence from Alumni Reunion Networks,” (co-authored with Harvey Cheong, Florian Muenkel, and Harold Spilker), 2022, Journal of Financial and Quantitative Analysis, 57, 2095-2139.
  • “Do Low Search Costs Facilitate Like-buys-like Mergers? Evidence from Common Bank Networks,” (co-authored with Jiakai Chen and S. Ghon Rhee), 2021, Journal of Financial Economics, 140, 484-513.
  • “Asset Specificity and Firm Value: Evidence from Mergers,” 2018, Journal of Corporate Finance, 48, 373-412.

Qianqiu Liu

  • “Is Gold a Hedge or a Safe Haven against Stock Market? Evidence from Conditional Comovements,” (co-authored with Lei Ming and Ping Yang), 2023, Journal of Empirical Finance, 74, Article 101439.
  • “One Country, Two Calendars: Lunar January Effect in China’s A-share Stock Market,” (co-authored with Xiaobo Liang and Allan Zebedee), 2022, Asia-Pacific Journal of Financial Studies, 51, 859-895.
  • “Momentum is Really Short-term Momentum,” (co-authored with Qiang Gong and Ming Liu), 2015, Journal of Banking and Finance, 50, 169-182.
  • “A Closer Look at the Short-term Return Reversal,” (co-authored with Zhi Da and Ernst Schaumburg), 2014, Management Science, 60, 658-674.
  • “Return Reversals, Idiosyncratic Risk, and Expected Returns,” (co-authored with Wei Huang, S. Ghon Rhee, and Liang Zhang), 2010, Review of Financial Studies, 23, 147-168.

Eric Mais

  • “The Effect of Target Managerial Ownership on the Choice of Acquisition Financing and CEO Job Retention,” (co-authored with Saeyoung Chang and Michael Sullivan), 2013, Review of Quantitative Finance and Accounting, 40, 423-442.
  • “Managerial Motives and Merger Financing,” (co-authored with Saeyoung Chang), 2000, Financial Review, 35, 139-152.
  • “The Importance of Call Delays and Cash Flow Positions in Evaluating the Information Content of Convertible Preferred Stock Calls,”(co-authored with L. Paige Fields and Michael Wilkins), 1999, Journal of Accounting, Auditing and Finance, 14, 163-183.
  • “Managerial Voting Rights and Seasoned Public Equity Offers,” (co-authored with L. Paige Fields, 1994, Journal of Financial and Quantitative Analysis, 29, 445-457.
  • “The Valuation Effects of Private Placements of Convertible Debt Securities,” (co-authored with L. Paige Fields, 1991, Journal of Finance, 46, 1925-1932.
  • “A Re-Examination of Shareholder Wealth Effects of Calls of Convertible Preferred Stock,” (co-authored with William Moore and Ronald Roger, 1989, Journal of Finance, 44, 1401-1410.

Thane Messinger

  • Messinger, T.J. (2021). Business law: Navigating the turbulent realm of commerce (2d ed.). Dubuque, IA: Great River Learning (textbook and teaching materials).
  • Messinger, T.J. (2017). Business law: Navigating the turbulent realm of commerce. Dubuque, IA: Great River Learning (textbook and teaching materials).

Mitsuru Misawa

Book

  • “International Business and Finance in Japanese Corporations: Recent Harvard-Listed Case Studies and Insights,” 2023, ISBN-13: 978-9811277252, World Scientific Publishing Co. Pte. Ltd., Imperial College Press in London.

Case

  • “Bank of Japan’s Dilemma: Should its Ultra-Easy Monetary Policy End Under Inflationary Pressure and a Weak JPY?” 2022, Vol. HKU 1390, 22/740C, pages (Main Text) and 9 pages (Teaching Notes), Harvard Business Publishing.
  • "Negative Interest Rates: The Bank of Japan Experience," 2020, Vol. HKU 1235, 20/651C, 17 pages (Main Text) and 17 pages (Teaching Notes), Harvard Business Publishing.
  • “Toyota’s New Business Model: Creating A Sustainable Future,” 2019, Vol. HK1205, 17/595C, pages (Main Text) and 17 pages (Teaching Notes), Harvard Business Publishing.
  • “The Toshiba Accounting Scandal: How Corporate Governance Failed,” 2016, HKU 1097, 16/579C, 21 pages (Main Text) and 11 pages (Teaching Notes), Harvard Business Publishing.

Nimesh Patel

  • “Extended Stock Returns in Response to S&P 500 Index Changes,” (co-authored with Ivo Welch), 2017, Review of Asset Pricing Studies, 7 (2), 172-208.
  • “Fixed Come Hell or High Water? Selection and Prepayment of Fixed-Rate Mortgages Outside the United States,” (co-authored with Toby Daglish), 2012, Real Estate Economics, 40 (4), 709-743.

S. Ghon Rhee

  • “Do Investors Value Shareholder Perks? Evidence from Japan,” (co-authored with Wei Huang, Katsushi Suzuki, and Taeko Yasutake), 2022, Journal of Banking and Finance, 143, Article 106575.
  • “Golden Handcuffs and Corporate Innovation: Evidence from Defined Benefit Pension Plans,” (coauthored with Bin Qiu and Huu Nhan Duong), 2022, Review of Corporate Finance Studies, 11 (1), 128-168.
  • “Do Low Search Costs Facilitate Like-buys-like Mergers? Evidence from Common Bank Networks,” (co-authored with Jiakai Chen and Joon Ho Kim), 2021, Journal of Financial Economics, 140, 484-513.
  • “Conditional Extreme Risk, Black Swan Hedging, and Asset Prices,” (co-authored with Feng Wu), 2020, Journal of Empirical Finance, 58, 412-435.
  • “Local Gambling Preferences and Corporate Innovative Success” (co-authored with Yangyang Chen, Edward J. Podolski, and Madhu Veeraraghavan), 2014, Journal of Financial and Quantitative Analysis, 49, 77-106.
  • “Return Reversals, Idiosyncratic Risk, and Expected Returns,” (co-authored with Wei Huang, Qianqiu Liu, and Liang Zhang), 2010, Review of Financial Studies, 23, 147-168
  • “Taxes, Keirestsu Affiliation, and Income-Shifting,” (co-authored with Jeffrey Gramlich and Piman Limpaphayom), 2004, Journal of Accounting and Economics, 37, 203-228.
  • “Price Limit Performance: Evidence from the Tokyo Stock Exchange,” (co-authored with Kenneth Kim), 1997, Journal of Finance, 52, 885-901.

Tray Spilker

  • “The Modern Mutual Fund Family,” (co-authored with Caitlin Dannhauser), 2023, Journal of Financial Economics, 148 (1), 1-20.
  • “Do Social Networks Facilitate Informed Option Trading? Evidence from Alumni Reunion Networks,” (co-authored with Harvey Cheong, Joon Ho Kim, and Florian Muenkel), 2022, Journal of Financial and Quantitative Analysis, 57, 2095-2139.
  • “Hedge Fund Family Ties,” 2022, Journal of Banking and Finance, 134, Article 106326.

Research Centers