國立臺灣大學
管理學院
College of Management , National Taiwan University
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Personal Information
Yen-Cheng Chang
Ph.D. Ph.D. in Finance, University of Washington (Seattle)
Master M.A. in Economics, Duke University
Bachelor B.A. in Foreign Languages and Literatures, National Taiwan University
Office : Building II, College of Management 1016
Tel : 02-33661095
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E-mail : yenchengchang@ntu.edu.tw
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Home Page : https://sites.google.com/view/yenchengchang
Related Link : https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=351214
Research Field
• Behavioral Finance
• Asset Pricing
• Corporate Finance
Research Field Summary
Yen-Cheng Chang is Professor of Finance, NTU Excelsior Chair, and College of Management Chen Hong-Mo Chair. Prior to joining NTU as an associate professor, he was an assistant professor at the Shanghai Advanced Institute of Finance. Professor Chang’s research interests include behavioral finance and a focus on econometric identification in finance, accounting, and economics. He has published in leading academic journals including Journal of Finance (2022), Review of Financial Studies (2015,2023), The Accounting Review (2024), Contemporary Accounting Research (2021), and presented at top conferences such as the American Finance Association, Western Finance Association, European Finance Association, and NBER. Specific research topics include stock market indexing, investor disagreement, societal diversity, information disclosure, and corporate governance. Professor Chang currently serves as an Associate Editor at the Journal of Financial Studies and has also won numerous teaching awards. He received his PhD in finance and MS in business administration from the University of Washington Foster School of Business, MA in economics from Duke University, and BA in foreign languages and literatures from National Taiwan University.
Education
• Ph.D. in Finance, University of Washington (Seattle)
• M.A. in Economics, Duke University
• B.A. in Foreign Languages and Literatures, National Taiwan University
Courses
• Behavioral Finance
• Financial Management
• Managerial Economics
• Ph.D. Seminar Series
Honors
2014 Best Paper Award (2014 SFM Conference)
2018 Best Paper Award (2018 TFA Conference)
2019 FMA Annual Meeting Best Paper Award Semifinalist (2019 FMA)
2020 University Outstanding Teaching Award, National Taiwan University
2020 Outstanding English Teaching Award, College of Management, National Taiwan University
2020 Best Paper Award (2020 TFA Conference)
2021 Best Paper Award (2021 TFA Conference)
2021 Outstanding Teaching Award, College of Management, National Taiwan University
2021 Outstanding English Teaching Award, College of Management, National Taiwan University
2022 Outstanding Teaching Award, College of Management, National Taiwan University
2022 Outstanding English Teaching Award, National Taiwan University
2022 E. Sun Academic Award
2023 Outstanding English Teaching Award, National Taiwan University
2023 E. Sun Academic Award
Experience
Associate Editor, Journal of Financial Studies
Assistant Professor, Shanghai Jiao Tong University (SAIF)
Conference Paper
  1. Yen-Cheng Chang, Alexander Ljungqvist, Kevin Tseng (2021, Jan). Do Corporate Disclosures Constrain Strategic Analyst Behavior? American Finance Association, Virtual.
  2. Yen-Cheng Chang, Pei-Jie Hsiao, Alexander Ljungqvist, Kevin Tseng (2020, Jun). Testing Disagreement Models. INSEAD Finance Symposium, Virtual.
  3. Yen-Cheng Chang, Pei-Jie Hsiao, Alexander Ljungqvist, Kevin Tseng (2020, May). Testing Disagreement Models. SFS Cavalcade North America 2020, Virtual.
  4. Yen-Cheng Chang, Pei-Jie Hsiao, Alexander Ljungqvist, Kevin Tseng (2019, Dec). Testing Disagreement Models. China International Forum on Finance and Policy, Beijing, China.
  5. Yen-Cheng Chang, Minjie Huang, Yu-Siang Su, Kevin Tseng (2019, Oct). Short-termist CEO Compensation in Speculative Markets: A Controlled Experiment. Financial Management Association, New Orleans, USA.
  6. Yen-Cheng Chang, Minjie Huang, Yu-Siang Su, Kevin Tseng (2018, Dec). Short-termist CEO Compensation in Speculative Markets: A Controlled Experiment. Australasian Finance and Banking Conference, Sydney, Australia.
  7. Yen-Cheng Chang, Minjie Huang, Yu-Siang Su, Kevin Tseng (2018, Jul). Short-Termist CEO Compensation in Speculative Markets: A Controlled Experiment. China International Conference in Finance, Tianjin, China.
  8. Yen-Cheng Chang, Minjie Huang, Yu-Siang Su, Kevin Tseng (2018, Mar). Short-Termist CEO Compensation in Speculative Markets: A Controlled Experiment. Midwest Finance Association, San Antonio, USA.
  9. Yen-Cheng Chang, Minjie Huang, Yu-Siang Su, Kevin Tseng (2017, Dec). Short-Termist CEO Compensation in Speculative Markets: A Controlled Experiment. Conference on the Theories and Practices of Securities and Financial Markets, Kaohsiung, Taiwan.
  10. Yen-Cheng Chang, Minjie Huang, Yu-Siang Su, Kevin Tseng (2017, Dec). Short-Termist CEO Compensation in Speculative Markets: A Controlled Experiment. Paris Financial Management Conference, Paris, France.
  11. Hsuan-Ling Chang, Yen-Cheng Chang, Hung-Wen Cheng, Kevin Tseng (2017, Sep). Jump Variance Risk: Evidence from Option Valuation and Stock Returns. Northern Finance Association, Halifax, Canada.
  12. Yen-Cheng Chang, Hung-Wen Cheng, Kevin Tseng (2015, Oct). Jump Risk Premium and Asset Prices: Evidence from Option Panels. OptionMetrics Research Conference, New York, USA.
  13. Yen-Cheng Chang, Harrison Hong, Larissa Tiedens, Na Wang, Bin Zhao (2015, Jan). Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets. American Economic Association, Boston, USA.
  14. Yen-Cheng Chang, Harrison Hong, Inessa Liskovich (2014). Regression Discontinuity and the Price Effects of Stock Market Indexing. Financial Management Association Asian Conference, Tokyo, Japan.
  15. Yen-Cheng Chang, Harrison Hong, Inessa Liskovich (2014). Regression Discontinuity and the Price Effects of Stock Market Indexing. European Financial Association, Lugano, Switzerland.
  16. Yen-Cheng Chang, Harrison Hong, Larissa Tiedens, Bin Zhao (2014). Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets. NBER Chinese Economy Meeting, Cambridge, MA, USA.
  17. Yen-Cheng Chang, Harrison Hong, Larissa Tiedens, Na Wang, Bin Zhao (2014). Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets. European Financial Association, Lugano, Switzerland.
  18. Yen-Cheng Chang, Harrison Hong, Larissa Tiedens, Na Wang, Bin Zhao (2014). Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets. Financial Management Association Asian Conference, Tokyo, Japan.
  19. Yen-Cheng Chang, Harrison Hong, Larissa Tiedens, Na Wang, Bin Zhao (2014). Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets. European Financial Management Association, Rome, USA.
  20. Yen-Cheng Chang, Harrison Hong, Larissa Tiedens, Na Wang, Bin Zhao (2014). Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets. Financial Management Association, Nashville, TN, USA.
  21. Yen-Cheng Chang, Harrison Hong, Larissa Tiedens, Na Wang, Bin Zhao (2014). Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets. Conference on the Theories and Practices of Securities and Financial Markets, Kaohsiung, Taiwan.
  22. Yen-Cheng Chang, Harrison Hong, Larissa Tiednes, Na Wang, Bin Zhao (2014). Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets. Western Finance Association, Monterey Bay, CA, USA.
  23. Yen-Cheng Chang, Harrison Hong, Inessa Liskovich (2013). Regression Discontinuity and the Price Effects of Stock Market Indexing. Conference on the Theories and Practices of Securities and Financial Markets, Kaohsiung, Taiwan.
  24. Yen-Cheng Chang, Harrison Hong, Larissa Tiedens, Bin Zhao (2013). Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets. 2013 Symposium on China's Financial Markets, Beijing, China.
  25. Yen-Cheng Chang, Harrison Hong, Larissa Tiedens, Bin Zhao (2013). Linguistic Diversity and Stock Trading Volume. China International Conference in Finance, Shanghai, China.
  26. Yen-Cheng Chang, Harrison Hong (2012). Rules and Regression Discontinuities in Asset Markets. Western Finance Association, Las Vegas, USA.
  27. Yen-Cheng Chang, Harrison Hong (2012). Rules and Regression Discontinuities in Asset Markets. Financial Management Association Asian Conference, Phuket, Thailand.
  28. Yen-Cheng Chang, Harrison Hong (2012). Rules and Regression Discontinuities in Asset Markets. China International Conference in Finance, Chongqing, China.
  29. Yen-Cheng Chang, Harrison Hong (2011). Rules and Regression Discontinuities in Asset Markets. NBER Behavioral Finance Meeting, Palo Alto, CA, USA.
  30. Yen-Cheng Chang (2010). Information Environment and Investor Behavior. China International Conference in Finance, Beijing, China.
Journal Paper
  1. Access to Financial Disclosures and Knowledge Spillover, The Accounting Review, forthcoming (with Kevin Tseng, Tzu-Wen Yu)
  2. Do Corporate Disclosures Constrain Strategic Analyst Behavior, Review of Financial Studies, forthcoming (with Alexander Ljunqgvist, Kevin Tseng)
  3. Testing Disagreement Models, Journal of Finance, 2022; 77(4): 2239-2285 (with Alexander Ljunqgvist, Pei-Jie Hsiao, Kevin Tseng)
  4. Regression Discontinuity and the Price Effects of Stock Market Indexing, Review of Financial Studies, 2015; 28(1): 212-246 (with Harrison Hong, Inessa Liskovich)
  5. Short-Termist CEO Compensation in Speculative Markets: A Controlled Experiment, Contemporary Accounting Research, 2021; 38(3): 2105-2156 (with Minjie Huang, Yu-Siang Su, Kevin Tseng)
  6. Information Environment and Investor Behavior, Journal of Banking and Finance, 2015; 59(Oct): 250-264 (with Hung-Wen Cheng)
  7. Jump Variance Risk: Evidence from Option Valuation and Stock Returns, Journal of Futures Markets, 2019; 39(7): 890-915 (with Hsuan-Ling Chang, Hung-Wen Cheng, Po-Hsiang Peng, Kevin Tseng)
  8. Does Governance Travel Across Industries? A Mutual Fund Episode, Journal of Management and Business Research, 2020; 37(2): 169-186 (with Kevin Tseng, Chia-Yi Yen)
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