Charles Cao
Yang Ju Mei Professor of Finance
CUHK Business School
Chinese University of Hong Kong
Email: qxc2cao@cuhk.edu.hk
Phone: (852) 3943-5915
Website: https://sites.google.com/view/qxc212
Google Scholar: Link to Charles Cao’s papers
Last updated: 2/28/2026
Professor Charles Cao is the Yang Ju Mei Professor of Finance at the Chinese University of Hong Kong (CUHK) Business School. Before joining CUHK, he held The Smeal Chair Professor of Finance in the Smeal College of Business at the Pennsylvania State University. He also held chair professor positions at the Chinese University of Hong Kong-Shenzhen and Tsinghua University in the past.
He received his PhD in Finance from University of Chicago’s Graduate School of Business, MS from University of Kentucky, and BS from Peking University. Professor Cao’s research interests include FinTech, cryptocurrencies, hedge funds, mutual funds, derivative securities markets, and market microstructure.
His research has been published in a wide range of academic journals, including the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Management Science, Journal of Financial Markets, and Journal of Econometrics.
His paper “Empirical Performance of Alternative Option Pricing Models” (co-authored with Gurdip Bakshi and Zhiwu Chen, Journal of Finance, 1997) is
on the list of the 50 top-cited articles of all time from the Journal of Finance.
Another of his articles, “Price Discovery without Trading: Evidence from Nasdaq Pre-opening'' (co-authored with Eric Ghysels and Frank Hatheway, Journal of Finance, 2000), received the New York Stock Exchange Award for Best Paper on Equity Trading at WFA in 1999.
More recently, his paper “Hedge Funds and Stock Price Formation” (co-authored with Yong Chen, William Goetzmann and Bing Liang, Financial Analysts Journal, 2018) received the Graham and Dodd Best Paper Award in 2018.
He won competitive research grants from the National Natural Science Foundation of China, BNP Paribas Hedge Fund Center, the Real Estate Research Institute, the Q-group, Federal Deposit Insurance Corporation-FDIC, and Morgan Stanley. He serves (or has served) as an editor/associate editor of Pacific-Basin Finance Journal, an associate editor of Journal of Financial Markets, and Review of Derivatives Research. He has taught undergraduate, MBA and PhD courses at the Smeal College of Business, Penn State University, CUHK-Shenzhen and Tsinghua University.
EDUCATION
Ph.D. (Finance), Graduate School of Business, University of Chicago, 1993
M.S. (Statistics), University of Kentucky, 1988
B.S. (Mathematics), Peking University, 1984
PROFESSIONAL APPOINTMENTS AND WORKING EXPERIENCE
Chinese University of Hong Kong, the CUHK Business School
Yang Ju Mei Professor of Finance, 2025 - Present
Chairman, Department of Finance, 2026 - Present
Director, The Finance for Society Research Centre, 2026 - Present
Pennsylvania State University, Smeal College of Business
Smeal Chair Professor of Finance, 2007 - Present
Professor of Finance, 2005 - 2025
David McKinley Professor of Business Administration, 2002 - 2007
Associate Professor of Finance, 1999 - 2005
Assistant Professor of Finance, 1993 - 1999
Hong Kong Research Grants Council, Social Science Panel Committee Member, 1998 - 2015
Bankers Trust Company (New York), 1991
Fidelity Management & Research Company (Boston), 1991
HONORS, AWARDS AND GRANTS
Keynote speaker, Derivative Markets Conference, 2025
National Natural Science Foundation of China Research Grant, 2025-2029
Best Paper Award in Investment, Academic of Finance Conference, 2022
The Graham and Dodd Best Paper Award of Excellence, 2018
Best Paper Award on Capital Markets, NFA, 2013
Research Grant from the BNP Paribas Hedge Fund Center, 2013
Research Grant from the Real Estate Research Institute, 2012
Research Grant from the Q group, 2010
Research Grant from the BNP Paribas Hedge Fund Center, 2009
Fellow and Competitive Research Grant from FDIC Center for Financial Research, 2006-2007
Morgan Stanley Equity Market Microstructure Research Grant, 2004
New York Stock Exchange Best Paper Award on Equity Markets, WFA, 1999
Competitive Paper Award in Financial Institutions, FMA, 1996
University of Chicago Fellowship, 1988-1991
EDITORSHIPS
Associate Editor, Journal of Financial Markets, 2000 - present
Associate Editor, Review of Derivatives Research, 2007 - present
Associate Editor, Review of Quantitative Finance and Accounting, 2006 - present
Associate Editor, Pacific-Basin Finance Journal, 2006 – 2008
Editorial Board Member, Pacific-Basin Finance Journal, 2016 - present
Co-Editor, Pacific-Basin Finance Journal, 2009 - 2016
Editorial Board Member, Journal of Alternative Investments, 2015 - 2021
PUBLICATIONS
1. Liquidity Characteristics of Market Anomalies and Institutional Trading (with Bing Liang, Tong Yao, and Andrew Zhang), Journal of Financial Economics, forthcoming, 2025, (PDF file)
2. The Economics of Hedge Fund Startups: Theory and Empirical Evidence (with Grant Farnsworth and Hong Zhang), Journal of Finance, 76, 2021, 1427-1469 (PDF file)
3. Information Choice, Uncertainty, and Expected Returns (with David Gempesaw and Tim Simin), Review of Financial Studies, 34, 2021, 5977-6031 (PDF file)
4. Assessing Models of Individual Equity Option Prices (with Gurdip Bakshi and Ken Zhong), Review of Quantitative Finance and Accounting, 2021, 1-28 (PDF file)
5. Predicting the Equity Premium with the Implied Volatility Spread (with Tim Simin and Han Xiao), Journal of Financial Markets, 2020, 1-17. (PDF file)
6. Index Membership and Small Firm Financing (with Matthew Gustafson and Raisa Velthuis), Management Science, 8, 2018, 1-23. (PDF file)
7. Hedge Funds and Stock Price Formation (with Yong Chen, William Goetzmann and Bing Liang), Financial Analysts Journal, 3, 2018, 54-68. (PDF file)
Winner of the Graham and Dodd Best Paper Award, 2018
8. The Decline of Informed Trading in the Equity and Options Markets (with David Gempesaw and Tim Simin), Journal of Alternative Investments, 2018, 16-29. (PDF file)
9. Hedge Fund Holdings and Stock Market Efficiency (with Bing Liang, Andrew Lo and Lubomir Petrasek), Review of Asset Pricing Studies, 8, 2017, 77-116. (PDF file)
Winner of Best Paper Award on Capital Markets, NFA, 2013
10. Return Smoothing, Liquidity Costs, and Investor Flows: Evidence from a Separate Account Platform (with Grant Farnsworth, Bing Liang and Andrew Lo), Management Science, 63, 2017, 2233-2250. (PDF file)
11. Style Drift: Evidence from Small-Cap Mutual Funds (with Peter Iliev, and Raisa Velthuis), Journal of Banking and Finance, 78, 2017, 42-57. (PDF file)
12. What Is the Nature of Hedge Fund Manager Skills? Evidence from the Risk Arbitrage Strategy (with Bradley Goldie, Bing Liang and Lubomir Petrasek), Journal of Financial and Quantitative Analysis, 51, 2016, 929-957. (PDF file)
13. Real Estate Risk and Hedge Fund Returns (with Brent Ambrose and Walter D’Lima), Journal of Real Estate, Finance and Economics, 52, 2016, 197-225. (PDF file)
14. Liquidity Risk and Institutional Ownership (with Lubomir Petrasek), Journal of Financial Markets, 21, 2014, 76-97. (PDF file)
15. Liquidity Risk in Stock Returns: An Event-study Perspective (with Lubomir Petrasek), Journal of Banking and Finance 45, 2014, 72-83. (PDF file)
16. Can Hedge Funds Time Market Liquidity? (with Yong Chen, Bing Liang and Andrew Lo), Journal of Financial Economics 109, 2013, 493-516. (PDF file)
17. Do Mutual Fund Managers Time Market Liquidity?, (with Tim Simin and Ying Wang), Journal of Financial Markets 16, 2013, 279-307. (PDF file)
18. Pricing Credit Default Swaps with Option-Implied Volatility, (with Fan Yu and Ken Zhong), Financial Analysts Journal 67, 2011, 67-76. (PDF file)
19. Derivatives do Affect Mutual Fund Returns: Evidence from the Financial Crisis of 1998, (with Eric Ghysels and Frank Hatheway), Journal of Futures Markets 31, 2011, 629-658. (PDF file)
20. The Information Content of Option-Implied Volatility for Credit Default Swap Valuation, (with Fan Yu and Ken Zhong), Journal of Financial Markets 13, 2010, 321-343. (PDF file)
21. Can Growth Options Explain the Trend in Idiosyncratic Risk? (with Tim Simin and Jing Zhao), Review of Financial Studies 21, 2008, 2599-2633. (PDF file)
22. An Empirical Analysis of the Dynamic Relationship between Mutual Fund Flow and Market Return Volatility, (with Eric Chang and Ying Wang), Journal of Banking and Finance 32, 2008, 2111-2123. (PDF file)
23. The Information Content of an Open Limit Order Book, (with Oliver Hanscah and Xiaoxin Wang), Journal of Futures Markets 29, 2008, 16-41. (PDF file)
24. Order Placement Strategies in a Pure Limit Order Book Market, (with Oliver Hansch and Xiaoxin Wang), Journal of Financial Research, Vol. XXXI, 2008, 113-140. (PDF file)
25. Determinants of S&P 500 Index Option Returns, (with Jingzhi Huang), Review of Derivatives Research, 10, 2008, 1-38. (PDF file)
26. Informational Content of Option Volume Prior to Takeovers, (with Zhiwu Chen and John Griffin), Journal of Business, 78, 2005, 1073-1109. (PDF file)
27. Is Investor Misreaction Economically Significant? Evidence from Short- and Long-term Index Options, (with Haitiao Li and Fan Yu), Journal of Futures Markets, 25, 2005, 717-752. (PDF file)
28. Does Insider Trading Impair Market Liquidity: Evidence from IPO Lockup Expirations, (with Laura Field and Gordon Hanka), Journal of Financial and Quantitative Analysis 39, 2004, 25-46. (PDF file)
29. Share Repurchase Tender Offers and Bid-Ask Spreads (with Heejoon Ahn and Hyuk Choe), Journal of Banking and Finance 25, 2001, 445-478. (PDF file)
30. Price Discovery without Trading: Evidence from Nasdaq Pre-opening, (with Eric Ghysels and Frank Hatheway), Journal of Finance 56, 2000, 1339-1365. (PDF file)
Winner of the New York Stock Exchange Award for Best Paper in Equity Markets, WFA, 1999
Nominated for a Smith Breeden distinguished paper award, AFA, 2001.
31. Do Call Prices and the Underlying Stock Always Move in the Same Direction? (with Gurdip Bakshi and Zhiwu Chen), Review of Financial Studies 13, 2000, 549-584. (PDF file)
32. Pricing and Hedging Long-Term Options, (with Gurdip Bakshi and Zhiwu Chen), Journal of Econometrics 94, 2000, 277-318. (PDF file)
33. Empirical Performance of Alternative Option Pricing Models (with Gurdip Bakshi and Zhiwu Chen), Journal of Finance 52, 1997, 2003-2049. (PDF file)
34. Does the Specialist Matter? Differential Execution Costs and Inter-Security Subsidization on the NYSE (with Hyuk Choe and Frank Hatheway), Journal of Finance 52, 1997, 1615-1640. (PDF file)
Winner of the Competitive Paper Award in Financial Institutions, FMA, 1996.
35. Decimalization and Competition Among Exchanges: Evidence from the Toronto Stock Exchange Cross-listed Securities, (with Heejoon Ahn and Hyuk Choe), Journal of Financial Markets, 1998, 51-87. (PDF file)
36. Evolution of Transitory Volatility over the Week (with Hyuk Choe), Annals of Economics and Finance, 1997, 49-78.
37. What is Special about the Opening: Evidence from NASDAQ (with Hyuk Choe and Frank Hatheway, Seoul Journal of Business, 1997, 1-36.
38. Tick Size, Spread and Volume, (with Heejoon Ahn and Hyuk Choe), Journal of Financial Intermediation 5, 1996, 2-22. (PDF file)
39. Nonlinear Time Series Analysis of Stock Return Volatility, (with Ruey Tsay), Journal of Applied Econometrics 7, 1992, 165-185. (PDF file)
40. Inequality Constraints in the Univariate GARCH Model, (with Daniel Nelson), Journal of Business & Economic Statistics 10, 1992, 229-235. (PDF file)
WORKING PAPERS
1. From Conference Room to Living Room: The Hidden Costs of Remote Work on Mutual Fund Performance (with Tim Simin and Han Xiao), 2026
2. Signal Fragmentation in Cryptocurrency Markets: Theory and Empirical Evidence (with Mehmet Canayaz, Zongbo Huang, Giang Nguyen and Qiang Wang), 2026
Carnegie Mellon University-Penn State University and University of Pittsburgh Finance Conference (2023), Financial Management Association Annual Meeting (2023), CIREQ Econometrics Conference (2023), University of Chicago Conference (2023), Western Finance Association Annual Meeting (2024), New Zealand Finance Meeting (2025), and Australian Finance and Banking Conference (2025)
3. Delegated Leverage and Asset Prices (with Grant Farnsworth, Hong Zhang and Yijun Zhou), 2026
The Annual Hedge Fund Conference (2023), the 16th Florida State University Finance Conference (2025), and the American Finance Association Annual Meeting (2026)
4. Does Generative AI Facilitate Cryptocurrency Trading? Evidence from ChatGPT Outages (with Kenneth Wang and Deli Yang), 2026
The University of Pittsburgh-Carnegie Mellon University-Penn State University Finance Conference (2025), CFRC Conference (2025), New Zealand Finance Meeting (2025), PolyU Digital Finance Symposium (2026) and the American Economic Association Annual Meeting (2026)
5. Whom You Know Matters: The Portfolio and Performance Implications of Mutual Fund Workplace Networks (with Suiheng Guo and Yuan Gao), 2026
The American Finance Association Annual Meeting (2026)
6. Cryptocurrency Exchange Volume Manipulation and Volatility (with Terry O’Brien and Deli Yang), 2024
Carnegie Mellon University-Penn State University and University of Pittsburgh Finance Conference (2021), the FMA Meeting (2023), the EFA Meeting (2023), and the Cryptocurrency Research Conference (2023)
7. Are Hedge Fund Capacity Constraints Binding? Evidence on Scale and Competition (with Tim Simin and Raisa Velthuis), 2024
8. Why does Hedge Fund Alpha Decrease over Time? (with Ken Zhong), 2024
BOOKS
1. Report of Hedge Funds in China 2025 (Cao Quanwei, Chen Zhuo and Wu Haifeng), Economic Science Press, 2025 (297 pages, in Chinese)
2. Report of Mutual Funds in China 2025 (Cao Quanwei, Chen Zhuo and Wu Haifeng), Economic Science Press, 2024 (305 pages, in Chinese)
3. Report of Hedge Funds in China 2024 (Cao Quanwei, Chen Zhuo and Shu Tao), Economic Science Press, 2024 (920 pages, in Chinese)
4. Report of Mutual Funds in China 2024 (Cao Quanwei, Chen Zhuo and Shu Tao), Economic Science Press, 2024 (1080 pages, in Chinese)
5. Report of Hedge Funds in China 2023 (Cao Quanwei, Chen Zhuo and Shu Tao), Economic Science Press, 2023 (520 pages, in Chinese)
6. Report of Mutual Funds in China 2023 (Cao Quanwei, Chen Zhuo and Shu Tao), Economic Science Press, 2023 (485 pages, in Chinese)
7. Report of Hedge Funds in China 2022 (Cao Quanwei and Chen Zhuo), Economic Science Press, 2021 (298 pages, in Chinese)
8. Report of Mutual Funds in China 2022 (Cao Quanwei and Chen Zhuo), Economic Science Press, 2022 (426 pages, in Chinese)
9. Report of Hedge Funds in China 2021 (Cao Quanwei and Chen Zhuo), Economic Science Press, 2021 (234 pages, in Chinese)
10. Report of Mutual Funds in China 2021 (Cao Quanwei and Chen Zhuo), Economic Science Press, 2021 (403 pages, in Chinese)
11. Report of Hedge Funds in China 2020 (Cao Quanwei and Chen Zhuo), Economic Science Press, 2020 (302 pages, in Chinese)
12. Report of Mutual Funds in China 2020 (Cao Quanwei and Chen Zhuo), Economic Science Press, 2020 (357 pages, in Chinese)
13. Report of Hedge Funds in China 2019 (Cao Quanwei and Chen Zhuo), Economic Science Press, 2019 (310 pages, in Chinese)
14. Report of Mutual Funds in China 2019 (Cao Quanwei and Chen Zhuo), Economic Science Press, 2019 (306 pages, in Chinese)
15. Report of Hedge Funds in China 2018 (Cao Quanwei and Chen Zhuo), Economic Science Press, 2018 (250 pages, in Chinese)
16. Report of Mutual Funds in China 2018 (Cao Quanwei and Chen Zhuo), Economic Science Press, 2018 (254 pages, in Chinese)
17. Report of Hedge Funds in China 2017 (Cao Quanwei et al.), Economic Science Press, 2017 (325 pages, in Chinese)
18. Report of Mutual Funds in China 2017 (Cao Quanwei et al), Economic Science Press, 2017 (234 pages, in Chinese)
19. Report of Mutual Funds and Hedge Funds in China 2016 (Cao Quanwei et al), Economic Science Press, 2016 (301 pages, in Chinese)
BOOK CHAPTERS
1. “Predicting the Equity Premium with The Implied Volatility Spread” (with Tim Simin and Han Xiao) in Handbook of Investment Analysis, Portfolio Management, and Financial Derivatives, World Scientific, 2022.
2. “Option Pricing and Hedging Performance under Stochastic Volatility and Stochastic Interest Rates” (with Gurdip Bakshi and Zhiwu Chen), in Handbook of Financial Econometrics and Statistics, Springer Publishing, 2014.
3. “Option Pricing and Hedging Performance under Stochastic Volatility and Stochastic Interest Rates” (with Gurdip Bakshi and Zhiwu Chen), in Handbook of Quantitative Finance and Risk Management, Springer Publishing, 2010.
4. "Liquidity Consequence of IPO Lockup Expiration" (with Laura Field and Gordon Hanka), in Focus on Financial Institutions and Services, Nova Science Publishers, 2004.
5. "Empirical Performance of Alternative Option Pricing Models" (with Gurdip Bakshi and Zhiwu Chen), in Model Risk, Haymarket House, London, U.K., 2000.
6. "Empirical Performance of Alternative Option Pricing Models" (with Gurdip Bakshi and Zhiwu Chen), in Options Markets, Edited by G. Constantinides and A. Malliaris, (Critical Writing in Financial Economics, Series Editor: Richard Roll), Edward Elgar Publishing Ltd. UK, 2000.
7. "Nonlinear Time Series Analysis of Stock Return Volatility", (with Ruey Tsay), in Nonlinear Dynamics, Chaos and Econometrics, John Wiley & Sons, Ltd., 1993.
8. "Decimalization and Competition among Exchanges: Evidence from the Toronto Stock Exchange Cross-listed Securities", (with Heejoon Ahn and Hyuk Choe), in Proceeding of NYSE Conference on Global Equity Issuance and Trading, 1997.
TEACHING EXPERIENCE
Chinese University of Hong Kong (2025 - present)
Derivative Markets (MSc in FinTech)
Advanced Empirical Asset Pricing (Ph.D.)
Penn State University (1993 - 2025)
Derivative Securities (Undergraduate)
Investments (Undergraduate)
Derivative Securities (MBA)
Theory of Financial Decisions (Ph.D.)
1. Dimensional Fund Advisor (with Chen Zhuo and Jiang Baiyang), China Finance Case Center, Tsinghua University, 2018 (in Chinese)
2. Broadcom - Qualcomm: The Largest Deal in the History of Technology (with Chen Zhuo and Shi Jie), China Finance Case Center, Tsinghua University, 2018 (in Chinese)
3. AQR Capital Management (with Chen Zhuo and Jiang Baiyang), China Finance Case Center, Tsinghua University, 2018 (in Chinese)
4. How a Short Seller’s Warning Helped Take Down Luckin Coffee (with Chen Zhuo and Wang Pingfan), China Finance Case Center, Tsinghua University, 2020 (in Chinese)
5. lockchain, Cryptocurrencies, and the TRON (with Chen Zhuo and Li Xiang), China Finance Case Center, Tsinghua University, 2020 (in Chinese)
6. On the Takeover of Credit Suisse by UBS (with Shu Tao and Zhou Jiahui), China Finance Case Center, Tsinghua University, 2023 (in Chinese)
7. The Collapse of Silicon Valley Bank (with Shu Tao and Zhan Xinqi), China Finance Case Center, Tsinghua University, 2024 (in Chinese)
RESEARCH INTERESTS
FinTech and Cryptocurrencies
Hedge Funds, Mutual Funds, and Institutional Investment
Liquidity, Liquidity Risk, Credit Risk
Derivative Securities, Market Microstructures
PROFESSIONAL ACTIVITIES
Referee for:
Journal of Finance Review of Financial Studies
Journal of Financial and Quantitative Analysis Management Science
Journal of Financial Markets Journal of Financial Intermediation
Econometrica Journal of Econometrics
Journal of Business Journal of Banking and Finance
Journal of Business & Economic Statistics Journal of Futures Markets
Journal of Empirical Finance Pacific-Basin Finance Journal
Financial Management Review of Derivatives Research
Review of Quantitative Finance and Accounting Financial Review
Journal of Economic Dynamics and Control Canadian Journal of Economics
Journal of International Money and Finance International Economic Review
National Science Foundation Sun-yefang Foundation
Service:
Program Committee, Western Finance Association Annual Meetings, 2017-2024
Scientific Committee, Annual Hedge Fund and Private Equity Research Conference in Paris, 2015-2025
Program Chair, China International Conference in Finance (CICF), 2005-2008
Program Committee, China’s International Conference in Finance (CICF), 2009-2025
Program Committee, Financial Management Association, 1996, 2002, 2012, 2013, 2021-2025
Program Committee, New Zealand Finance Meeting, 2025
Program Committee, Derivatives Market Conference, 2025
Program Committee, China Financial Research Conference (CFRC), 2020-2025
Program Committee, The Society for Financial Studies (SFS) Finance Cavalcade conference, 2011, 2022
Program Committee, Conference on Financial Economics and Accounting at the University of Maryland, 2010
Graduate Council Committee, Penn State University, 2008-2010
Senate Committee on Research, Penn State University, 2008-2010
Finance Department Recruiting Committee, Penn State University, 2007-2021, 2024-2025
Chair, Finance Department Peer Review Committee, Penn State University, 2024-2025
Chair Professor Search Committee, Smeal College of Business, Penn State University, 2002-2004
William Elliott Chair Search Committee, Smeal College of Business, Penn State University, 2000-2004
Promotion and Tenure Committee, Smeal College of Business, Penn State University, 1995-1996, 2001-2002, 2016-2017, 2019-2020, 2024-2025
Coordinator of Ph.D. Program in Finance, Department of Finance, Smeal College of Business, Penn State University 2001 - 2006
Ph.D. Program Renewal Committee, Smeal College of Business, Penn State University, 2001
Competitive Paper Award Committee, Financial Management Association, 1996, 2014, 2015
Program Committee, New York Stock Exchange Conference on U.S. Equity Markets in Transition, 1999
PH.D. STUDENTS SUPERVISED (CHAIRED OR CO-CHAIRED)
Mike Piwowar 1996 Ph.D., Penn State University, Department of Finance
Employment: Iowa State University
Heejoon Ahn 1996 Ph.D., Penn State University, Department of Finance
Employment: City University of Hong Kong
Michale Chernov 2000 Ph.D., Penn State University, Department of Finance
Employment: Columbia University
Jennifer Juergens 2001 Ph.D., Penn State University, Department of Finance
Employment: Arizona State University
Xiaoxin Wang 2002 Ph.D., Penn State University, Department of Finance
Employment: Southern Illinois University
Ken Zhong 2008 Ph.D., Penn State University, Department of Finance
Employment: Rutgers University
Lubomir Petrasek 2011 Ph.D., Penn State University, Department of Finance
Employment: Federal Reserve Board (Washington, D.C.)
Brad Goldie 2012 Ph.D., Penn State University, Department of Finance
Employment: University of Kansas
Grant Farnsworth 2015 Ph.D., Penn State University, Department of Finance
Employment: Texas Christian University
Raisa Velthuis 2016 Ph.D., Penn State University, Department of Finance
Employment: Villanova University
David Gempesaw 2019 Ph.D., Penn State University, Department of Finance
Employment: Miami University
Stephen Owen 2021 Ph.D., Penn State University, Department of Finance
Employment: University of North Texas
Lu Yang 2023 Ph.D., Penn State University, Department of Finance
Employment: Florida State University
Terry O’Brien 2023 Ph.D., Penn State University, Department of Finance
Employment: University of Maryland
Han Xiao 2023 Ph.D., Penn State University, Department of Finance
Employment: Chinese University of Hong Kong (Shenzhen)
Darcy Pu 2024 Ph.D., London Business School, Department of Finance (served as a committee member)
Employment: Peking University
Carol Wang 2025 Ph.D., Penn State University, Department of Finance (served as a committee member)
Employment: University of Calgary
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Last updated: 2/28/2026