Hui Chen is a Special-Term Professor of Finance at SAIF, Nomura Professor of Finance at the MIT Sloan School of Management, and a Research Associate at the National Bureau of Economic Research.
His research focuses on asset pricing and its connections with corporate finance. Chen is particularly interested in the interactions between the macroeconomy and credit risk, liquidity, financing, investment decisions. His research projects include the application of business cycle models to explain corporate financing behavior and corporate bond pricing, as well as effective ways to integrate machine learning methods with finance theory. Recently, he has been conducting research on the Chinese financial markets, including the circuit breaker mechanism and risks in the corporate bond market. He is also developing methods to improve the robustness of credit risk forecasting models against adversarial attacks.
Professor Chen’s work has appeared in many leading academic journals in economics and finance, and he is the recipient of the Smith Breeden Prize in 2011, among other scholarly awards. He is a co-editor of the Review of Asset Pricing Studies and has served as Associate Editor for the Journal of Finance, Review of Financial Studies, Management Science, and the Journal of Banking and Finance.
He holds a B.A. in Economics and Finance from Sun Yat-Sen University, an M.S. in Mathematics from the University of Michigan, and a Ph.D. in Finance from the University of Chicago.
Journal Publications
1. Chen, Hui, Yu Xu, and Jun Yang, 2021, Systematic risk, debt maturity, and the term structure of credit spreads, Journal of Financial Economics.
2. Chen, Hui, Michael Michaux, and Nikolai Roussanov, 2020, Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty, Journal of Finance.
3. Chen, Hui, Scott Joslin, and Sophie Ni, 2019, Demand for Crash Insurance, Intermediary Constraints, and Risk Premia in Financial Markets, Review of Financial Studies.
4. Chen, Hui, Rui Cui, Zhiguo He, and Konstantin Milbradt, 2018, Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle, Review of Financial Studies.
5. Chen, Hui, and Gustavo Manso, 2017, Macroeconomic Risk and Debt Overhang, Review of Corporate Finance Studies.
6. Chen, Hui, Nengjiu Ju, and Jianjun Miao, 2014, Dynamic asset allocation with ambiguous return predictability, Review of Economic Dynamics.
7. Bolton, Patrick, Hui Chen, and Neng Wang, 2013, Market timing, investment, and risk management, Journal of Financial Economics.
8. Chen, Hui, 2013, Comment on “Systemic sovereign credit risk: Lessons from the U.S. and Europe” by Ang and Longstaff, Journal of Monetary Economics.
9. Chen, Hui, Scott Joslin, and Ngoc-Khanh Tran, 2012, Rare Disasters and Risk Sharing with Heterogeneous Beliefs, Review of Financial Studies.
10. Chen, Hui, and Scott Joslin, 2012, Generalized Transform Analysis of Affine Processes and Applications in Finance, Review of Financial Studies.
11. Bolton, Patrick, Hui Chen, and Neng Wang, 2011, A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management, Journal of Finance.
12. Chen, Hui, 2010, Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure, Journal of Finance.
13. Chen, Hui, Jianjun Miao, and Neng Wang, 2010, Entrepreneurial Finance and Nondiversifiable Risk, Review of Financial Studies.
14. Chen, Hui, Scott Joslin, and Ngoc-Khanh Tran, 2010, Affine Disagreement and Asset Pricing, American Economic Review.
