Carl Chen

Carl Chen is Professor of Finance at the University of Dayton, where he brings a global perspective and deep expertise to the study and teaching of financial economics. Dr. Chen holds a bachelor’s degree in Economics from National Taiwan University, master’s degree in Economics from Auburn University, and a PhD in Economics from the University of Georgia, reflecting a distinguished academic trajectory across international and U.S. institutions.

Dr. Chen’s research focuses on asset pricing and information, corporate governance, executive compensation, as well as mutual funds and hedge funds. His scholarly work aims to advance understanding of how financial markets operate, how information influences asset values, and how governance practices shape corporate and investment outcomes.

With a commitment to rigorous academic standards and the development of ethical leaders in finance, Dr. Chen’s teaching and research align with the University of Dayton’s Marianist values of service, community, and academic excellence.

• FIN 360 - Investments
• FIN 480 - Options and Futures Markets
• MBA 621 - Derivatives and Risk Management

• University of Georgia, PhD (Economics), 1977
• Auburn University, MS (Economics), 1973
• National Taiwan University, BA (Economics), 1969

• Asset pricing and information
• Corporate governance
• Executive compensations
• Mutual funds and hedge funds

• Li, L., Chen, C. When Safe-haven Asset is Less than a Safe-haven Play. To appear in Journal of Financial Econometrics, 2023.
• Shen, D., Chen, C.R., Yan, X., Yi, Z. Do Credit Market Accessibility and Legal Protection Shape Corporate Innovation? Journal of Financial Research. 2022 (45), 719-754.
• An, H., Chen, C., Wu, O., Zhang, T. Corporate Innovations: Do Diverse Boards Help? Journal of Financial and Quantitative Analysis. 2021 (56), 155-182.

• Lin, E., Chen, C. (2019). Settlement Procedures and Stock Market Efficiency. Journal of Futures Markets, 39, 164-185.
• Feng, Z. Y., Chen, C., Tseng, Y. J. (2018). Do Capital Markets Value Corporate Social Responsibility? Evidence from Seasoned Equity Offerings. Journal of Banking and Finance (SSCI), 94, 54-74.
• Chen, C., Li, Y., Luo, D., Zhang, T. (2017). Helping Hands or Grabbing Hands? An Analysis of Political Connections and Firm Value. Journal of Banking and Finance, 80, 71-89.
• Chen, C., Huang, Y., Zhang, T. (2015). Non-Interest Income, Trading, and Bank Risk. Journal of Financial Services Research, 51(1), 19-53.
• Chen, C., Chen, Y., Chu, C. (2014). The Incentive Effects of Executive Stock Options on Corporate Innovative Activities. Financial Management, 43, 271-290.
• Chen, C., Chen, C., Huang, Y. (2014). What Type of Traders and Orders Profit from the Futures Market Trading? Journal of Derivatives, 21, 49-62.
• Chen, C., Diltz, D., Huang, Y., Lung, P. (2011). Stock and Option Market Divergence in the Presence of Noisy Information. Journal of Banking and Finance, 35, 2001-2020.
• Chen, C., Guo, W., Tay, N. (2010). Are Member Firms of Corporate Groups Less Risky? Financial Management, 39, 59-82.
• Chen, C., Chan, K., Lung, P. (2010). Net Buying Pressure and Implied Volatility in S&P 500 Index Futures Options: The Effect of Market Cycles and Intraday Trading. European Financial Management, 16, 624-657.
• Chen, C., Lung, P., Wang, F. A. (2009). Stock Market Mispricing: Money Illusion or Resale Option? Journal of Financial and Quantitative Analysis, 44, 1125-1147.
• Huang, Y., Chen, C., Camacho, M. (2008). Determinants of Japanese Yen Interest Rate Swap Spreads: Evidence from a Smooth Transition Vector Autoregressive Model. Journal of Futures Markets, 28, 82-107.
• Chen, C., Su, Y., Huang, Y. (2008). Hourly Index Return Autocorrelation and Conditional Volatility in an EAR-GJR-GARCH Model with Generalized Error Distribution. Journal of Empirical Finance, 15, 789-798.
• Chen, C., Huang, Y. (2007). Author Affiliation Index, Finance Journal Ranking, and the Pattern of Authorship. Journal of Corporate Finance, 13, 1008-1026.
• Chen, C., Steiner, T., Whyte, A. (2006). Does Stock Option-Based Executive Compensation Induce Risk-Taking? An Analysis of the Banking Industry. Journal of Banking and Finance, 30, 915-946.
• Chan, K., Chen, C., Steiner, T. (2002). Production in Finance Literature, Institutional Reputation, and Labor Mobility in the Academia: A Global Perspective. Financial Management, (Winter) 131-156.