Yen-Cheng Chang

National Taiwan University

Email: yenchengchang at

[Google Scholar Page], [SSRN Author Page], [CV]


University of Washington (Foster School of Business)

Ph.D. in Finance

M.S. in Business Administration

Duke University

M.A. in Economics

National Taiwan University

B.A. in Foreign Languages and Literatures


Behavioral Finance, Empirical Asset Pricing, Corporate Finance


  1. "Regression Discontinuity and the Price Effects of Stock Market Indexing", Review of Financial Studies (w/ Harrison Hong, Inessa Liskovich) "slides"
    • WFA (Las Vegas), EFA (Lugano), CICF (Chongqing), FMA Asia (Phuket), NBER Behavioral Finance (Stanford)
    • Media Coverage: UBS Academic Research Monitor (Sep. 2014)
    • Program for Chang, Hong, and Liskovich Russell 2000 RDD: "program", "data" (Please read the Internet Appendix)
  2. "Information Environment and Investor Behavior", Journal of Banking and Finance (w/ Hung-Wen Cheng)
    • CICF (Beijing), FMA Europe (Prague), FMA (Grapevine)
  3. "Jump Variance Risk: Evidence from Option Valuation and Stock Returns", Journal of Futures Markets (w/ Hsuan-Ling Chang, Hung-Wen Cheng, Po-Hsiang Peng, Kevin Tseng)
    • NFA (Halifax), OptionMetrics (New York), FeAT (Taiwan), STSC (Taiwan)


  1. "Short-Termist CEO Compensation in Speculative Markets: A Controlled Experiment" (w/ Minjie Huang, Yu-Siang Su, Kevin Tseng) "slides"
    • R&R (second round), Contemporary Accounting Research
    • CICF (Tianjin), FMA (New Orleans), AsianFA (Tokyo), AFBC (Sydney), TFA (Taipei), MFA (San Antonio), Paris Financial Management (Paris), SFM (Taiwan)
    • Best Paper Award, TFA (Taipei, Taiwan); Semifinalist for Best Paper Award, FMA (New Orleans)
  2. "Do Corporate Disclosures Constrain Strategic Analyst Behavior?" (w/ Alexander Ljunqgvist, Kevin Tseng)
  3. "Testing Disagreement Models" (w/ Pei-Jie Hsiao, Alexander Ljungqvist, Kevin Tseng)
    • SFS Cavalcade (Chapel Hill), CIFFP (Beijing)
  4. "Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets" (w/ Harrison Hong, Larissa Tiedens, Na Wang, Bin Zhao)
    • AEA (Boston), WFA (Monterey Bay), EFA (Lugano), NBER Chinese Economy, CICF (Shanghai), FMA (Nashville), FMA Asia (Tokyo)
    • Best Paper Award, SFM (Kaohsiung, Taiwan)
  5. "Media Content and Speculation in Stock Markets: A Regression Discontinuity Design Using Daily Air-Quality Ratings in China" (w/ Harrison Hong, Na Wang)
  6. "Does Governance Travel Across Industries? A Mutual Fund Episode''(w/ Kevin Tseng, Chia-Yi Yen)
    • Accepted, Journal of Management and Business Research


University of Washington

    • Business Finance (Undergrad)


    • Principles of Finance (MF, MBA)
    • Quantitative Equity Portfolio Management (MBA)

National Taiwan University

    • Behavioral Finance (MBA)
    • Financial Management (Undergrad, MBA, GMBA)
    • Investments (GMBA)
    • Managerial Economics (GMBA)
    • Economic Competition and Analysis (EMBA)
    • Ph.D. Seminar Series (Ph.D.)