Cuong Phan

• Ph.D candidate in Finance, 2024 (Expected)

Monash Business School, Monash University

• Master of Accounting and Financial Management, 2016

La Trobe Business School, La Trobe University

• Bachelor of Banking and Finance, 2011 

The Banking University of Ho Chi Minh City

Information Accessibility and Mutual Funds’ Investment: Evidence from the EDGAR Implementation (Job Market Paper) - Revise and Resubmit, Journal of Banking and Finance

Abstract: This study examines how access to firm information affects mutual fund investment decisions. Using the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) implementation as a quasi-natural experiment, I find that fund managers are more willing to invest in distant firms after having access to public filings on EDGAR. This effect is more pronounced in informationally opaque firms and mutual funds that face high information barriers about distant firms. I also show that fund managers are better at selecting distant firms with high returns post-EDGAR. Overall, my paper finds that improved access to public information encourages mutual funds to diversify geographically.

Impacts of Passive and Active Ownership on Information Environments

This paper examines how passive and active institutional ownership affect corporate information and trading environments. For identification, I use the Russell index reconstitution as an exogenous shock to passive and active ownership at firms switching between the Russell 1000 and Russell 2000 indices. I find that when firms have more active ownership and less passive ownership, they tend to release more management forecasts and attract more analyst following. They also have improved liquidity, better price informativeness, and reduced stock return volatility. These results imply that the recent shift from active to passive ownership could deteriorate corporate information and trading environments.

How Valuable is Investor Confidence? Evidence from the SEC Office Closures (with Ying Dou and Huu Nhan Duong)

Abstract: The US Securities Exchange Commission (SEC)’s mission is to protect investor confidence and maintain the participation of investors in the US financial markets. However, the ongoing call for cutting the SEC's budget begs the question of the regulator's role amid the growing complexity of financial markets. This study addresses this question by examining investors' responses to unexpected closures of the SEC offices. We find that the closures induce negative immediate stock price reactions, lowered stock liquidity, and declined IPO first-day trading prices in the areas surrounding the closed offices. This paper highlights the need for market regulators to maintain investor confidence in financial markets.

Lecturer (Level A) (S1-2024- present), Teaching Associate (2022-2023) at Monash University

• Foundations of Finance (BFF1001)

• Property Investment (BFX3355)

• Portfolio Management and Theory (BFC5935) 

• Business Finance (BFF5954)

• Corporate Treasury Management (BFF5250)

• Average teaching evaluation score: 95/100

• Achievement: Dean’s Commendation (Purple) Letters for Excellence in Teaching in S1-2022, S2-2022, S1-2023, S2-2023

Teaching Associate at La Trobe University (2017-2018)

• Accounting and Information Systems (ACC1AIS)

• Analysing Business Data (BUS1BAN) 

• Average teaching evaluation score: 4.73/5

Dr. Huu Nhan Duong

Professor of Finance

Monash University

E: Huu.Duong@monash.edu

T: +61 3 9903 2032

Dr. Ying Dou

Associate Professor of Finance

Monash University

E: Ying.Dou@monash.edu

T: +61 3 9902 0799

Dr. Philip Gharghori

Associate Professor of Finance

Monash University

E: Philip.Gharghori@monash.edu

T: +61 3 9905 9247