Professor of Finance
National Taiwan University
Email: yenchengchang@ntu.edu.tw
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PROFILE
Yen-Cheng Chang is a University Excelsior Chair Professor of Finance at National Taiwan University (NTU). He also holds the College of Management Chen Hong-Mo Chair and the School of Political Science and Economics SinoPac Holdings Chair. His primary research interests include behavioral finance, and econometric identification across finance, accounting, and economics, with publications in leading journals including the Journal of Finance, Review of Financial Studies (x2), The Accounting Review, and the Contemporary Accounting Research. Professor Chang serves as an Associate Editor at the Pacific-Basin Finance Journal and the Journal of Financial Studies. In 2025, he received the NSTC Outstanding Research Award. For his teaching, he has received the NTU Distinguished Teaching Award, NTU Outstanding Teaching Award (x3), and NTU College of Management Excellent Teaching Award (x5).
EDUCATION
EDUCATION
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
SELECTED PUBLICATIONS
SELECTED PUBLICATIONS
Access to Financial Disclosure and Knowledge Spillover, The Accounting Review (with Kevin Tseng, Tzu-Wen Yu)
Testing Disagreement Models, Journal of Finance (with Alexander Ljunqgvist, Pei-Jie Hsiao, Kevin Tseng)
Media: NTU Highlights (Oct. 2021)
Do Corporate Disclosures Constrain Strategic Analyst Behavior? Review of Financial Studies (with Alexander Ljunqgvist, Kevin Tseng)
Regression Discontinuity and the Price Effects of Stock Market Indexing, Review of Financial Studies (with Harrison Hong, Inessa Liskovich)
Media: Forbes (Jan. 2021), MarketWatch (Jan. 2020), UBS Academic Research Monitor (Sep. 2014), NBER Digest (Nov. 2013)
Code and data: "program", "data" (Please read the Internet Appendix)
Short-Termist CEO Compensation in Speculative Markets: A Controlled Experiment, Contemporary Accounting Research (with Minjie Huang, Yu-Siang Su, Kevin Tseng)
Information Environment and Investor Behavior, Journal of Banking and Finance (with Hung-Wen Cheng)
Jump Variance Risk: Evidence from Option Valuation and Stock Returns, Journal of Futures Markets (with Hsuan-Ling Chang, Hung-Wen Cheng, Po-Hsiang Peng, Kevin Tseng)
Can stock message board sentiment predict future returns? Local versus Nonlocal Posts, Journal of Behavioral and Experimental Finance (with Ran Shao, Na Wang)
Does Governance Travel Across Industries? A Mutual Fund Episode, Journal of Management and Business Research (with Kevin Tseng, Chia-Yi Yen)
WORKING PAPERS
WORKING PAPERS
Investor Cultural Diversity and Market Reactions to Corporate Earnings Announcements (with Yu-Siang Su, Kevin Tseng, Na Wang)
MIT Asia Conference in Accounting, AsianFA, FMA, AFBC, TJAR, HARC
Media: CUHK Business School
Disclosure Acquisition Costs, Volume Reactions, and Differential Interpretations—A Natural Experiment (with Bokyung Park, Yu-Siang Su, Kevin Tseng)
AAA, FMA (Semifinalist, Best Paper Award), FeAT, APAD, TJAR, HARC
Learning via the Band of Brothers: Evidence from Entrepreneurship Spillover (with Chun-Che Chi, Chih-Ching Hung, Kevin Tseng)
Paris December Finance Meeting, CAFM, FMA, FMA Asia, AsianFA, AIEA-NBER, CUHK-RAPS-RCFS, MTPC
HONORS & AWARDS
HONORS & AWARDS
RESEARCH
RESEARCH
NTU Distinguished Academic Publications Award (2025)
NSTC Outstanding Research Award (2025)
NTU SPE SinoPac Financial Holdings Chair Professorship (2025)
E.Sun Academic Award (2022, 2023, 2024)
NTU CoM Chen Hong-Mo Chair Professorship (2024)
NTU Excelsior Chair Professorship (2023)
NTU CoM Research Fellow (2023)
NTU Finance Chin-Ren-Shiou Research Award (2024, 2025)
Best Paper Award, MTPC (2025)
Best Paper Award Semifinalist, FMA (2019, 2023)
Best Paper Award, TFA (2018, 2020, 2021, 2024)
Best Paper Award, STSC (2017)
Best Paper Award, SFM (2014)
TEACHING (*English teaching)
TEACHING (*English teaching)
NTU Distinguished Teaching Award (2025*)
NTU Outstanding Teaching Award (2020, 2022*, 2023*)
NTU CoM Outstanding Teaching Award (2021, 2021*, 2022, 2024, 2024*, 2025)
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