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. The Incentive Effects of Executive Stock Options on Corporate Innovative Activities. Forthcoming in Financial Management.
  • Chen, C., Huang, Y. What Type of Traders and Orders Profit from the Futures Market Trading? Forthcoming in Journal of Derivatives.
  • 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, 2010(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.
  • Chan, J., Chen, C., Lung, P. (2007). One-and-a-Half Decades of Global Research Output in Finance: 1990-2004. Review of Quantitative Finance and Accounting, 28, 417-439.
  • 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., Chan, K., Steiner, T. (2002). Are All Security Analysts Equal? Journal of Financial Research, 25(3), 415-430.
  • Mohan, N., Chen, C. (2001). Information Content of Lock-Up Provisions in Initial Public Offerings. International Review of Economics and Finance, 10, 41-59.
  • 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.
  • Chen, C., Steiner, T. (1999). Managerial Ownership and Agency Conflicts: A Nonlinear Simultaneous Equation Analysis of Managerial Ownership, Risk Taking, Debt Policy, and Dividend Policy. Financial Review, (February), 119-136.
  • Chen, C., Steiner, T. (1998). Risk-Taking Behavior and Management Ownership in Depository Institutions. Journal of Financial Research, (Spring), 1-16.
  • 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.