Professor of Finance
David R. Norcom '73 Endowed Professor
Coordinator, Finance Ph.D. Program
Yong Chen is a Professor of Finance, the David R. Norcom ’73 Endowed Professor, and Coordinator of the Finance Ph.D. Program at Mays Business School, Texas A&M University. Prior to joining Mays Business School in 2012, he was on the faculty of Virginia Tech. Dr. Chen received B.A. and M.A. in Economics from Nankai University and Ph.D. in Finance from Boston College.
Dr. Chen’s research area is empirical asset pricing and investments with a focus on the interaction between the investment of hedge funds and the behavior of asset prices. His research has been published in leading academic journals including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, and Management Science and practitioner journals including Financial Analysts Journal and the Journal of Investment Management, as well as presented at numerous university workshops, academic and practitioner conferences, financial policymakers, and hedge funds. His research has received several awards and grants, such as the Graham and Dodd Scroll Award from the CFA Institute and a research grant from the Q group.
Dr. Chen has taught advanced investments, derivatives, portfolio management, and empirical asset pricing at the undergraduate, MBA, MSF, and doctoral levels.
His research papers can be viewed and downloaded from SSRN Author Page and Google Scholar.
Refereed Academic Publications
1. Short Selling Efficiency (with Zhi Da and Dayong Huang), Journal of Financial Economics 145, 387-408, August 2022.
2. Sentiment Trading and Hedge Fund Returns (with Bing Han and Jing Pan), Journal of Finance 76, 2001-2033, August 2021.
3. Sophisticated Investors and Market Efficiency: Evidence from a Natural Experiment (with Bryan Kelly and Wei Wu), Journal of Financial Economics 138, 316–341, November 2020.
4. Arbitrage Trading: The Long and the Short of It (with Zhi Da and Dayong Huang), Review of Financial Studies 32, 1608–1646, April 2019.
5. Micro(structure) before Macro? The Predictive Power of Aggregate Illiquidity for Stock Returns and Economic Activity (with Gregory Eaton and Bradley Paye), Journal of Financial Economics 130, 48–73, October 2018.
6. Hedge Funds: The Good, the Bad, and the Lucky (with Michael Cliff and Haibei Zhao), Journal of Financial and Quantitative Analysis 52, 1081–1109, June 2017.
7. The Behavior of Investor Flows in Corporate Bond Mutual Funds (with Nan Qin), Management Science 63, 1365–1381, May 2017.
8. Can Hedge Funds Time Market Liquidity? (with Charles Cao, Bing Liang, and Andrew Lo), Journal of Financial Economics 109, 493–516, August 2013.
– Winner of Q Group Research Grant
9. Derivatives Use and Risk Taking: Evidence from the Hedge Fund Industry, Journal of Financial and Quantitative Analysis 46, 1073–1106, August 2011.
10. Measuring the Timing Ability and Performance of Bond Mutual Funds (with Wayne Ferson and Helen Peters), Journal of Financial Economics 98, 72–89, October 2010.
11. Do Market Timing Hedge Funds Time the Market? (with Bing Liang), Journal of Financial and Quantitative Analysis 42, 827–856, December 2007.
Refereed Practitioner Publications
12. Hedge Funds and Stock Price Formation (with Charles Cao, William Goetzmann, and Bing Liang), Financial Analysts Journal 74, 54–69, Third Quarter 2018.
– Winner of Graham and Dodd Scroll Award
13. Timing Ability in the Focus Market of Hedge Funds, 2007, Journal of Investment Management 5, 66–98, Second Quarter 2007.
– Winner of Foundation for Managed Derivatives Research Grant
14. How Many Good and Bad Fund Managers are There, Really? (with Wayne Ferson), Handbook of Financial Econometrics, Mathematics, Statistics, and Machine Learning, Vol. 4, C.F. Lee and J. Lee, ed., World Scientific Publishing. pp. 3753–3827, September 2020.