Carl Chen

Contact Information

Carl Chen

Professor & William J. Hoben Chair in Finance

  • Full-Time Faculty

Courses Taught

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


  • University of Georgia, PhD
  • Auburn University, MS
  • National Taiwan University, BA

Research Interests

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

Selected Publications

  • 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., 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.
  • Chen, C., Mohan, N., Steiner, T. (1999). Discount Rate Changes, Stock Market Returns, Volatility, and Trading Volume: Evidence from Intraday Data and Implications for Market Efficiency.? Journal of Banking and Finance, (June), 897-924.
  • Carleton, W., Chen, C., Steiner, T. (1998). Optimism Biases Among Brokerage and Non-Brokerage Firms' Equity Recommendations: Agency Costs in the Investment Industry. Financial Management, 27(1), 17-30.