CHANG, Eric Chieh
Term Professor, MBA Program Academic Director
  • Eric C. Chang is Professor and MBA Program Academic Director at Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University. Prior to joining SAIF, Professor Chang was a full-time faculty member at the University of Hong Kong for over twenty years where he was the Dean of the Faculty of Business and Economics (2011 – 2017), Chung Hon-Dak Professor of Finance (2007 – 2018), Chair of Finance (1998 – 2018) and the founding Director of the Center of Financial Innovation and Risk Management of the Faculty.


    Professor Chang received his PhD in finance from the Krannert Graduate School of Management at Purdue University. He began his academic career at the University of Iowa, moved to the University of Maryland in 1986 and became a full professor in 1994. He joined the DuPree College of Management of Georgia Institute of Technology as Invesco Endowed Chair Professor of International Finance in 1995 and then The University of Hong Kong as Chair of Finance in 1998.


    Professor Chang’s research is in international finance, capital asset pricing, derivative securities, risk management, behavior finance, and mutual fund management. He has published articles in many leading finance journals including Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Accounting and Economics, Management Science, Journal of Financial and Quantitative Analysis, and Journal of Business. Professor Chang also serves on the editorial boards of several academic journals.


    Professor Chang conducts executive education programs for eminent international institutions and has served as consultant to key financial bodies, including the Commodity Futures Trading Commission of the U.S., Securities and Futures Commission of Hong Kong, Futures Exchange of Taiwan and United Nations Development Programs. He has also offered his expert consultancy to several Asian financial private institutions.


    Professor Chang is active in public service. He has served on various committees of public bodies such as the EQUIS (European Quality Improvement System) Academic Committee, AACSB (Association to Advance Collegiate Schools of Business) Peer Review Teams, AJGC (Academic Journal Guide Committee), Securities and Futures Appeals Tribunal of the Hong Kong Special Administrative Region (HKSAR) Government, Hong Kong Securities and Futures Commission, Hong Kong Research Grant Council, National Natural Science Foundation of China/Research Grant Council Joint  Research  Scheme  and  HKSAR Government’s Advisory Committee on Human Resources Development in the Financial Services Sector.

  • Research Interests
    International Finance, Capital Asset Pricing, Derivative Securities, Risk Management, Behavior Finance, and Mutual Fund Management.

    Journal Publications
    1. Zhang, Jin E, Eric C. Chang, and Huimin Zhao, Forthcoming Market Excess Returns, Variance and the Third Cumulant, International Review of Finance.

    2. Chang, Eric C., Tse-Chun Lin and Xiaorong Ma, 2019, Does Short-selling Threat Discipline Managers in Mergers and Acquisitions Decisions?, Journal of Accounting & Economics.

    3. Chang, Eric C., Tse-Chun Lin, Yan Luo and Jinjuan Ren, 2019, Ex-day Returns of Stock Distributions: An Anchoring Explanation, Management Science.

    4. Chang, Eric C., Dragon Yongjun Tang and Miao Ben Zhang, 2015, Suitability Checks and Household Investments in Structured Products, Journal of Financial and Quantitative Analysis.

    5. Chang, Eric C., Yan Luo and Jinjuan Ren, 2014, Short-Selling, Margin-Trading, and Price Efficiency: Evidence from the Chinese Market, Journal of Banking & Finance.

    6. Chang, Eric C., Yan Luo and Jinjuan Ren, 2013, Pricing Deviation, Misvaluation Comovement, and Macroeconomic Conditions, Journal of Banking & Finance.

    7. Chang, Eric C., Jianguo Xu and Liu Zheng, 2013, Short Sale Constraints, Heterogeneous Interpretations, and Asymmetric Price Reactions to Earnings Announcements, Journal of Accounting and Public Policy.

    8. Chang, Eric C., Yan Luo and Jinjuan Ren, 2013, Cross-listing and pricing efficiency: The informational and anchoring role played by the reference price, Journal of Banking & Finance.

    9. Chang, Eric C., Jin E. Zhang and Huimin Zhao, 2013, The Relation between Physical and Risk-Neutral Cumulants, International Review of Finance.

    10. Chang, Eric C., Xingguo Luo, Lei Shi and Jin Zhang, 2013, Is Warrant really a Derivative? Evidence from the Chinese Warrant Market, Journal of Financial Markets.

    11. Zhang, Jin E., Huimin Zhao and Eric C. Chang, 2012, Equilibrium Asset and Option Pricing Under Jump Diffusion, Mathematical Finance.

    12. Chang, Eric C., Joseph W. Cheng, J. Michael Pinegar and Yinghui Yu, 2012, Short-Sales Constraints: Reductions in Costs of Capital or Overvaluation? Evidence from Hong Kong, Pacific Basin Finance Journal.

    13. Chang, Eric C. and Sonia M. L. Wong, 2009, Governance with Multiple Objectives: Evidence from Top Executive Turnover in China, Journal of Corporate Finance.

    14. Chang, Eric C., Jinjuan Ren and Qi Shi, 2009, Effects of the Volatility Smile on Exchange Settlement Practices: the Hong Kong Case, Journal of Banking & Finance.

    15. Cao, Charles, Eric C. Chang, and Ying Wang, 2008, An Empirical Analysis of the Dynamic Relationship between Mutual Fund Flow and Market Return Volatility, Journal of Banking & Finance.

    16. Tse, Wai-Man, Eric C. Chang, Leong Kwan Li and Henry M.K. Mok, 2008, Pricing and Hedging of Discrete Dynamic Guaranteed Funds, Journal of Risk and Insurance.

    17. Chang, Eric C., Joseph W. Cheng and J. Michael Pinegar, 2008, The factor structure of time-varying conditional volume, Journal of Empirical Finance.

    18. Chang, Eric. C., Joseph W. Cheng, and Yinghui Yu, 2007, Short-Sales Constraints and Price Discovery: Evidence from the Hong Kong Market, The Journal of Finance.

    19. Chang, Eric C. and Sen Dong, 2006, Idiosyncratic Volatility, Fundamentals, and Institutional Herding: Evidence from the Japanese Stock Market, Pacific Basin Finance Journal.

    20. Chang, Der-Chen, Eric C. Chang, Haitao Fan and Duy-Minh Nhieu, 2005, Mathematical Analysis of the Two-Color Partial Rainbow Options, Applicable Analysis.

    21. Chang, Eric C. and Sonia M. L. Wong, 2004, Political Control and Performance in China’s Listed Firms, Journal of Comparative Economics.

    22. Chang, Der-Chen, Eric C. Chang, and Haitao Fan, 2003, Mathematical Analysis of Pricing of Lookback Performance Options, Applicab Analysis.

    23. Chang, Eric C. and Keith K. P. Wong, 2003, Cross-Hedging with Currency Options and Futures, Journal of Financial and Quantitative Analysis.

    24. K. Lam, Eric C. Chang and M.C. Lee, 2002, An Empirical Test of the Variance Gamma Option Pricing Model, Pacific Basin Finance Journal.

    25. Chang, Eric C. and Joseph W. Cheng, 2002, Inflation and Relative Price Variability: A Revisit, Applied Economics Letters.

    26. Chang, Eric C., Joseph W. Cheng, and Ajay Khorana, 2000, An examination of Herd Behavior in Equity Markets: An International Perspective, Journal of Banking & Finance.

    27. Chang, Eric C., Ray Y. Chou, and Edward F. Nelling, 2000, Market Volatility and the Demand for Hedging in Stock Index Futures, Journal of Futures Markets.

    28. Chang, Eric C. and Joseph W. Cheng, 2000, Further Evidence on the Variability of Inflation and Relative Price Variability, Economics Letters.

    29. Chang, Eric C., Grant R. McQueen, and J. Michael Pinegar, 1999, Cross-autocorrelation in Asian Stock Markets, Pacific Basin Finance Journal.

    30. Chang, Eric C., Joseph W. Cheng, and J. Michael Pinegar, 1999, Does Futures Trading Increase Stock Market Volatility? -- The Case of the Nikkei Stock Index Futures Markets, Journal of Banking & Finance.

    31. Madan, Dilip B., Peter Carr, and Eric C. Chang, 1998, The Variance Gamma Process and Options Pricing, European Finance Review.

    32. Chang Eric C., J. Michael Pinegar and Ravi Ravichandran, 1998, US Day-of-the-Week Effects and Asymmetric Responses to Macroeconomic News, Journal of Banking & Finance.

    33. Chang, Eric C., J. Michael Pinegar and Barry Schachter, 1997, Interday Variations in Volume, Variance and Participation of Large Speculators, Journal of Banking & Finance.

    34. Chang, Eric C. and Peter R. Locke, 1996, The Performance and Market Impact of Dual Trading: CME Rule 552, Journal of Financial Intermediation.

    35. Chang, Eric C., M. W. Rhee and Keith K. P. Wong, 1995, A Note on the Spread Between the Rates on Fixed and Variable Rate Loans, Journal of Banking & Finance.

    36. Chang, Eric C., Cheol Eun and Richard Kolodny, 1995, International Diversification through Closed End Country Funds, Journal of Banking & Finance.

    37. Chang, Eric C., J. Michael Pinegar and Ravi Ravichandran, 1995, European Day-of-the-Week Effects, Beta Asymmetries and International Herding, European Financial Management.

    38. Chang, Eric C., Peter R. Locke and Prem C. Jain, 1995, S&P 500 Index Futures Volatility and Price Changes around the NYSE Close, Journal of Business.

    39. Chang, Eric C., Peter R. Locke and Steve C. Mann, 1994, Dual Trader Business Choices and the Effect of CME Rule 552, Journal of Futures Markets.

    40. Chang, Eric C., J. Michael Pinegar and Ravi Ravichandran, 1994, Predictability and Regional Integration of Pacific Basin Equity Markets, .

    41. Chang, Eric C., J. Michael Pinegar and Ravi Ravichandran, 1993, International Evidence on the Robustness of the Day-of-the-Week Effect, Journal of Financial and Quantitative Analysis.

    42. Chang, Eric C., Grant R. McQueen and J. Michael Pinegar, 1992, Tests of the Nominal Contracting Hypothesis Using Stocks and Bonds of the Same Firms, Journal of Banking & Finance.

    43. Chang, Eric C. and J. Michael Pinegar,, 1991, The Predictive Power of January Returns in Foreign and Domestic Markets, Economics Letters.

    44. Chang, Eric C. and J. Michael Pinegar, 1990, Stock Market Seasonals and Prespecified Multifactor Pricing Relations, Journal of Financial and Quantitative Analysis.

    45. Chang, Eric C. and Roger D. Huang, 1990, Time-Varying Returns and Risk in the Corporate Bond Market, Journal of Financial and Quantitative Analysis.

    46. Brauer, A. Gregory and Eric C. Chang, 1990, Return Seasonality in Stocks and Their Underlying Assets: Tax Loss Selling versus Information Explanations, The Review of Financial Studies.

    47. Chang, Eric C. and J. Michael Pinegar, 1990, Another Look at Risk and Reward in January and Non-January Months: Response, Journal of Portfolio Management.

    48. Chang, Eric C., Chao Chen and Son Nan Chen, 1990, Risk and Return in Copper, Platinum, and Silver Futures, Journal of Futures Markets.

    49. Chang, Eric C. and J. Michael Pinegar, 1989, Seasonal Fluctuations in Industrial Production and Stock Market Seasonals, Journal of Financial and Quantitative Analysis.

    50. Chang, Eric C. and J. Michael Pinegar, 1988, Does the Market Reward Risk Bearing in Months Other Than January? Evidence from the Bond and Stock Markets, Journal of Portfolio Management.

    51. Chang, Eric C. and J. Michael Pinegar, 1988, A Fundamental Study of Seasonal Risk-Return Relationship: A Note, The Journal of Finance.

    52. Chang, Eric C., 1988, A Monthly Effect in Commodity Price Changes: A Note, Journal of Futures Markets.

    53. Chang, Eric C. and C. W. Kim, 1988, Day-of-the-Week Effects and Commodity Price Changes, Journal of Futures Markets.

    54. Chang, Eric C. and J. Michael Pinegar, 1987, Risk and Inflation, Journal of Financial and Quantitative Analysis.

    55. Chang, Eric C. and J. Michael Pinegar, 1986, Return Seasonality and Tax-Loss Selling in the Market for Long-Term Government and Corporate Bonds, Journal of Financial Economics.

    56. Chang, Eric C., 1986, A Note on the Variability of Inflation and the Cross-Sectional Dispersion of Stock Returns, Economics Letters.

    57. Chang, Eric C. and J. Michael Pinegar, 1986, Inflation and Rates of Return on Long-Term Bonds, Economics Letters.

    58. Chang, Eric C. and Richard Stevenson, 1985, The Timing Performance of Small Traders, Journal of Futures Markets.

    59. Chang, Eric C., 1985, Returns to Speculators and the Theory of Normal Backwardation, The Journal of Finance.

    60. Chang, Eric C. and Wilbur G. Lewellen, 1985, An Arbitrage Pricing Approach to Evaluating Mutual Fund Performance, Journal of Financial Research.

    61. Chang, Eric C. and Wilbur G. Lewellen, 1984, Market Timing and Mutual Fund Investment Performance, Journal of Business.

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