The Shidler College of Business

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Finance

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 Robust Unsupervised Method for Fraud Rate Estimation,” with Patrick L. Brockett, Linda L. Golden, and Montserrate Guillen. 2012. Forthcoming, Journal of Risk and Insurance?
  • “Enterprise Risk Management through Strategic Allocation of Capital,” with Patrick L. Brockett, William W. Cooper, and Linda L. Golden. 2012. Journal of Risk and Insurance, 79 (1), 29-55.
  • “Assessing Consumer Fraud Risk in Insurance Claims with Discrete and Continuous Data,” with Patrick L. Brockett and Linda L. Golden. 2009. North American Actuarial Journal, 13 (4), 438-458.

Rosita Chang

  • “Are Lifecyle Funds Getting a Bum Rap? A Comprehensive Comparison of Lifecycle versus lifestyle Retirement Strategies from Accumulation through Withdrawal,” (co-authored with Qianqiu Liu, John Robinson, and Jack DeJong), 2011, The Journal of Wealth Management 14(2), 68-84.
  • “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.
  • “Inflation-Caused Wealth-Transfer: A Case for the Insurance Industry,” (co-authored with Blair M. Lord and S. Ghon Rhee), 1985, The Journal of Risk and Insurance 52, 627-643.
  • “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.

Jiakai Chen

  • Chen, Jiakai, Joonho Kim, S. Ghon Rhee, "Do low search costs facilitate like-buys-like mergers? Evidence from common bank networks." Journal of Financial Economics, Forthcoming
  • Chen, Jiakai. "LIBOR's Poker." Journal of Financial Markets (2020): 100586
  • Hayre, Lakhbir S., Manish Saraf, Robert Young, and Jiakai Chen. "Modeling of mortgage defaults." The Journal of Fixed Income 17, no. 4 (2008): 6-30.

Wei Victor Huang

  • “Time Reference in Languages and Asymmetric Cost Behavior” (co-authored with Jaehyeon Kim) Management International Review, forthcoming.
  • “Controlled Currency Regime and Pricing of Exchange Rate Risk: Evidence from China,” (co-authored with Xiuping Hua and Ying Jiang) Journal of Accounting, Auditing and Finance, forthcoming.
  • “Institutional Quality and Sovereign Credit Risk,” (co-authored with Shu Lin, and Jian Yang) Journal of Futures Markets, 2019, 39 (6), 686-703.
  • “Foreign Institutional Investors and Corporate Governance in Emerging Markets: Evidence from Split Share Reform in China,” (co-authored with Tao Zhu) Journal of Corporate Finance. 2015, 32, 312–326.
  • “Bank Loans with Chinese Characteristics: Inside Debt, Firm Quality, and Market Response,” (co-authored with Warren Bailey and Zhishu Yang), Journal of Financial and Quantitative Analysis, 2011, Vol. 46, No. 6, 1795 – 1830
  • “Return Reversals, Idiosyncratic Risk and Expected Return,” (co-authored with Qianqiu Liu, S. Ghon Rhee, and Liang Zhang), Review of Financial Studies, 2010, Volume 23, issue 1, 147-168.
  • “Preferenced Trading, Quote Competition, and Market Quality: Evidence from Decimalization on the NYSE,” (co-authored with Ghon Rhee and Ning Tang) Financial Review, 2010, 45, 523-540.
  • “International Diversification with Large- and Small-cap Stocks,” (co-authored with Cheol Eun and Sandy Lai), Journal of Financial and Quantitative Analysis, 2008, 43, (2), 489–524.
  • “Financial Integration and Pricing of the World Covariance risk: Large vs. Small-cap Stocks,” Journal of International Money and Finance, 2007, 26 (8), 1311-1337.
  • Rajesh Chakarabarti, Wei Huang, Narayanan Jayaraman, Jinsoo Lee “Price and volume effects of changes in MSCI indices – nature and causes,” (co-authored with Rajesh Chkarabarti, Narayanan Jayaraman, and Jinsoo Lee), Journal of Banking and Finance, 2005, 29 (5), 1237-1264.

Qianqiu Liu

  • “Extreme Downside Risk and Expected Stock Returns,” (co-authored with Victor Huang, Ghon Rhee and Feng Wu), forthcoming in the Journal of Banking and Finance.
  • “The 52-Week High Momentum Strategy in International Stock Markets,” (co-authored with Ming Liu and Tongshu Ma), Journal of International Money and Finance, Vol. 30, No. 1, 2011, 180-204.
  • “Return Reversals, Idiosyncratic Risk, and Expected Returns,” (co-authored with Victor Huang, S. Ghon Rhee, and Liang Zhang), Review of Financial Studies, Vol. 23, No. 1, 2010, 147-168.
  • “On Portfolio Optimization: How and When Do We Benefit from High-Frequency Data,” Journal of Applied Econometrics, Vol. 24, No. 4, 2009, 560-582.
  • “Reality Check: The Implications of Applying Sustainable Withdrawal Rate Analysis to Real World Portfolios,” (co-authored with Rosita Chang, Jack De Jong, and John Robinson,) Financial Services Review, Vol. 18, No. 2, 2009, 123-139.

Mitsuru Misawa

Books

  • Mitsuru Misawa, (2016), Cases on International Business and Finance in Japanese Corporations, 2nd edition, (10 cases are added) (978-9814663090 ed., pp. 546). World Scientific Publishing Co. Pte. Ltd. (Imperial College Press London)
  • Mitsuru Misawa, (2011), Current Business and Legal Issues in Japan's Banking and Finance Industry, 2nd edition, (5 chapters are added) (978-981-4291-01-9 ed., pp. 596). World Scientific Publishing Co. Pte. Ltd. (Imperial College Press London).
  • Mitsuru Misawa, (2008). Cases on International Business and Finance in Japanese Corporations (ISBN 978-962-209-891-6 ed., pp. 1- 174). Hong Kong University Press.

Cases Listed on Harvard

In 2020 Misawa's 21 Cases below are listed on Harvard Business Publishing Online. Visit Harvard Business Online Under Misawa.

  • Mitsuru Misawa, “The Toshiba Accounting Scandal: How Corporate Governance Failed”, Harvard Business School Cases by Harvard Business Publishing, 2016, Main 21p, Teaching Notes 11p, HKU1097, vol. 16/579C, (POPULAR)
  • Mitsuru Misawa, “Abenomics of Japan: What Was it? Could This Conquer Japan’s Decade-Long Deflation?”, Harvard Business School Cases by Harvard Business Publishing, Oct 2013, revised Dec 2013, Main 22p, Teaching Notes 11p, HKU1017, vol. 13/534C.
  • Mitsuru Misawa, “Hostile Takeover Battle in Japan: Fuji TV vs. Livedoor for NBS”, Harvard Business School Cases by Harvard Business Publishing, May 2006, Main 30p, Teaching Notes 9p, HKU577, Ref. 06/287C ed.
  • Mitsuru Misawa, “Ina Food Industry (2): Marketing Strategies in a Deflationary Environment”, Harvard Business School Cases by Harvard Business Publishing, Aug 2013, Main 13p, Teaching Notes 9p, HKU1011, vol. 13/531C.
  • Mitsuru Misawa, “Ina Food Industry: A New Management Philosophy for Japanese Business”, Harvard Business School Cases by Harvard Business Publishing, Nov 2006, Main 13p, Teaching Notes 16p. HKU607, 06/307c ed.
  • Mitsuru Misawa, “Interest-Rate Swap Offered by Sumitomo-Mitsui Bank: Was This for Hedging or Speculation?”, Harvard Business School Cases by Harvard Business Publishing, Mar 2017, Main 15p, Teaching Notes 13p, HKU1105, vol. 16/586C.
  • Mitsuru Misawa, “Licensing Arrangement or Joint Venture (4): An Ex Post Case Study of Tokyo Disneyland”, Harvard Business School Cases by Harvard Business Publishing, Nov 2012, Main 20p, Teaching Notes 11p, HKU988, Ref.12/512C ed.
  • Mitsuru Misawa, “Livedoor: The Rise and Fall of a Market Maverick”, Harvard Business School Cases by Harvard Business Publishing, Jun 2006, Main 13p, Teaching Notes 12p, HKU579, Ref. 06/288C ed.
  • Mitsuru Misawa, “Negative Interest Rates: The Bank of Japan Experience”, Harvard Business School Cases by Harvard Business Publishing, Jun 2020, Main 17p, Teaching Notes 17 p, HKU1235, vol. 20/651C (NEW).
  • Mitsuru Misawa, “Nireco Co., Japan: Introduction of the Poison Pill”, Harvard Business School Cases by Harvard Business Publishing, Oct 2006, Main 26p, Teaching Notes 11, HKU593, Ref. 06/294C ed.
  • Mitsuru Misawa, “OSG Corporation: Risk Hedging Against Transaction Exposures”, Harvard Business School Cases by Harvard Business Publishing, Dec 2006, Main 22p, Teaching Notes 8p, HKU618, Ref.06/302C ed.
  • Mitsuru Misawa, “A Rogue Trader At Daiwa Bank: Management Responsibility Under Different Jurisprudential Systems, Practices And Cultures”, Harvard Business School Cases by Harvard Business Publishing, Nov 2005, Main 15p, Teaching Notes 22p. HKU442, Ref. 05/268C ed.
  • Mitsuru Misawa, “Rogue Trader at Daiwa Bank (B): The Board Meeting on September 25th 1995 in Japan”, Harvard Business School Cases by Harvard Business Publishing, Nov 2005, Main 4p, Teaching Notes 6p, HKU444, Ref. 05/269C ed.
  • Mitsuru Misawa, “Saizeriya and the Use of Foreign Currency Coupon Swaps: Was This for Hedging or Speculation?”, Harvard Business School Cases by Harvard Business Publishing, Mar 2014, Main 38p, Teaching Notes 15 pages, HK1037, vol. 14/538C.
  • Mitsuru Misawa, “Sales Tax Increase in 2014 Under Abenomics: The Japanese Government's Dilemma”, Harvard Business School Cases by Harvard Business Publishing, Oct 2015, Main 14p, Teaching Notes 9, HK1073, vol. 15/563C.
  • Mitsuru Misawa, “Softbank's New Strategy: The Largest LBO in Japan”, Harvard Business School Cases by Harvard Business Publishing, Jan 2009, Main 22p, Teaching Notes 8p, HKU793, Ref.06/302C ed.
  • Mitsuru Misawa, “Tokyo Disneyland (3): New Pricing Policy Needed For Sluggish Demand”, Harvard Business School Cases by Harvard Business Publishing, Nov 2012, Main 17p, Teaching Notes 8p, HKU986, Ref. 12/454C ed.
  • Mitsuru Misawa, “Tokyo Disneyland and the DisneySea Park: Corporate Governance and Differences in Capital Budgeting Concepts and Methods Between American and Japanese Companies”, Harvard Business School Cases by Harvard Business Publishing, Mar 2006, Main 26p, Teaching Notes 12 p, HKU568, Ref. 06/281C ed.
  • Mitsuru Misawa, “Tokyo Disneyland: Licensing vs. Joint Venture”, Harvard Business School Cases by Harvard Business Publishing, Aug 2005, Main 26p, Teaching Notes 12p, HKU420, Ref. No 05/254C ed.
  • Mitsuru Misawa, “Toyota's New Business Model: Creating a Sustainable Future”, Harvard Business School Cases by Harvard Business Publishing, Nov 2019, Main 12p, Teaching Notes 17p, HK1205, vol. 17/595C (NEW).
  • Mitsuru Misawa, “World Co. Ltd, Japan: Why Go Private?”, Harvard Business School Cases by Harvard Business Publishing, Jan 2008, Main 19p, Teaching Notes 7, HKU699, Ref.07/362C ed.

Thane Messingers

  • 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).

Nimesh Patel

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

S. Ghon Rhee

  • “Business Group Affiliation, Internal Labor Markets, External Capital Markets, and Labor Investment Efficiency” (co-authored with Boochun Jung, Dongyoung Lee, and Ilhang Shin), 2019, forthcoming in Asia Pacific Journal of Financial Studies.
  • “Nominal Stock Price Anchors: A Global Phenomenon?” (co-authored with Kee-Hong Bae, Utpal Bhattacharya, and Jisok Kang), 2019, forthcoming in Journal of Financial Markets.
  • “Venture capital backed Commitments Test Entity Initial Public Offerings on the ASX” (co-authored with Zoltan Murgulov, Alastair Marsden, and Madhu Veeraraghavan), 2019, forthcoming in Accounting & Finance.
  • “Residual Momentum and Investor Underreaction in Japan” (co-authored with Rosita P. Chang, Shinji Nakano, and Kuan-Cheng Ko), 2018, Journal of Empirical Finance 45, 283-299.
  • “CEO Inside Debt and Convertible Bonds,” (co-authored with Carl Shen and Wei-Hsien Li), 2018, Journal of Business Finance & Accounting 45, 232-249.

Tray Spilker

  • “Hedge Fund Family Ties,” Journal of Banking and Finance, 2022, 134, 106326. 
  • “Do Social Networks Facilitate Informed Option Trading? Evidence from Alumni Reunion Networks,” with H. Cheong, J. Kim, and F. Münkel. Journal of Financial and Quantitative Analysis, 2021, 15, 1-45.

Research Centers