Chan, Kalok（陈家乐） BSSc (CUHK); PhD (Ohio)



Wei Lun Professor of Finance
Chairman, Department of Finance
ContactDepartment of Finance

Room 1202, 12/F, Cheng Yu Tung Building
12 Chak Cheung Street
Shatin, N.T., Hong Kong

+852 3943 7442

kalokchan@cuhk.edu.hk


Links
LinkedIn Profile
Curriculum Vitae

BiographyProf. Kalok Chan is Wei Lun Professor of Finance and Chairman of the Department of Finance at The Chinese University of Hong Kong (CUHK) Business School. He was the Dean of CUHK Business School from 2014 to 2019.
Before he joined CUHK Business School in 2014, Prof. Chan was the Synergis-Geoffrey Yeh Professor of Finance at the Hong Kong University of Science and Technology (HKUST), where he has served as the Head of Finance Department (2003-2013) and Acting Dean of HKUST Business School (2013-14).?He was the Founding Director of the HKUST-NYU Stern Joint Master in Global Finance programme. Prior to joining HKUST, he was an Associate Professor of Finance at Arizona State University.
Prof. Chan obtained his BSSc in Economics from CUHK, and PhD in Finance from Ohio State University. As a leading scholar and a prominent researcher, Prof. Chan has had numerous publications in top ranked finance journals, and has been ranked as the top finance researcher in the Asia-Pacific region. His research interests focus on dynamics of asset prices, derivatives, market micro-structure, and international financial markets.
Prof. Chan is active in contributing to the profession. He was the past President of Asian Finance Association. He currently serves in a number of committees, including Organising Committee of the HKIB Outstanding Financial Management Planner Awards (Chairman), Human Capital Committee of HK Financial Services and Development Council, Hang Seng Index Advisory Committee, Hong Kong Housing Authority, Hong Kong Academy of Finance, HKIMR Council of Advisers for Applied Research, EFAC Financial Infrastructure and Market Development Sub-Committee (Hong Kong Monetary Authority), Advisory Committee of the Securities and Futures Commission, and TraHK Supervisory Committee. He is an INED in a number of listed and non-listed companies in banking, fund management, insurance, securities, and shipping ports.
Teaching AreaInvestment and Asset Pricing
Research InterestsAsset Prices Behaviour
Market Microstructure
Market Volatility
International Finance
Emerging Financial Markets
Publications & Working PapersKalok Chan, Baolian Wang and Zhishu Yang, “Why Investors Do not Buy Cheaper Securities? An Analysis of Trading by Individual Investors in Chinese Stock Market,” Journal of Banking and Finance, accepted.
Kalok Chan, Jian Yang and Yinggang Zhou, “Global Currency Hedging: Evidence from Conditional Coskewness and Cokurtosis,”?Journal of Empirical Finance, forthcoming.
Jiangze Bian, Kalok Chan, Donghui Shi and Hao Zhou (2018), “Do Behavioral Biases Affect Order Aggressiveness?” Review of Finance, 22, 1121-1151.
Kalok Chan and Y. C. Chan (2014), “Price Informativeness and Stock Return Synchronicity: Evidence from the Pricing of Seasoned Equity Offerings,” Journal of Financial Economics, 114, 36-53.
Kalok Chan, Nusret Cakici, and Kudret Topyan (2014), “Cross-Sectional Stock Return Predictability in China,” European Journal of Finance.
Kalok Chan, Ling Cen, Sudipto Dasgupta, and Ning Gao (2013), “When the Tail Wags the Dog: Industry Leaders and Cross-Industry Information Diffusion,” Management Science, 59(11), 2566-2585.
Kalok Chan, Allaudeen Hameed, and Wenjin Kang (2013), “Stock Price Synchronicity and Liquidity,” Journal of Financial Markets, 16, 416-438.
Kalok Chan and Vicentiu Covrig (2012), “Why Foreign Investors Trade More Frequently?” Journal of International Money and Finance, 31, 793-817.
Kalok Chan and Peter Chung (2012), “Asymmetric Price Distribution and Bid-Ask Quotes in the Stock Options Market,” Asia-Pacific Journal of Financial Studies, 41, 87-102.
Kalok Chan, Yiuman Tse, and Michael William (2011), “The Relationship between Commodity Prices and Currency Exchange Rates: Evidence from Futures Markets.” In?Commodity Prices and Markets, NBER-EASE, 20, 47-71.
Kalok Chan, Vincentiu Covrig, and Lilian Ng (2009), “Home Bias and Firm Value, Evidence from Holdings of Mutual Funds Worldwide,” Journal of International Economics, 230-241.
Kalok Chan, Albert J. Menkveld, and Zhishu Yang (2008), “Information Asymmetry and Asset Prices: Evidence from the China Foreign Share Discount,” Journal of Finance, 63, 159-196.
Kalok Chan, Kee-hong Bae, and Wai-ming Fong (2008), “International portfolio allocations during the Asian financial crisis: Evidence from U.S. closed-end funds.” In Stock Market Liquidity: Implications for Market Microstructure and Asset Pricing.
Kalok Chan and Hung-wan Kot (2007), “Portfolio Concentration and Closed-End Fund Discounts: Evidence from the China market,” Emerging Market Finance, 9, 129-143.
Kalok Chan, Hee-Joon Ahn, Jun Cai, and Yasushi Hamao (2007), “Tick Size Change and Liquidity Provision on the Tokyo Stock Exchange,” Journal of the Japanese and International Economies, 21, 173-194.
Kalok Chan, Albert J. Menkveld, and Zhishu Yang (2007), “The informativeness of domestic and foreign investors’ stock trades: Evidence from the perfectly segmented Chinese market,” Journal of Financial Markets, 10, 391-415.
Kalok Chan and Allaudeen Hameed (2006), “Stock Price Synchronicity and Analyst Coverage in Emerging Markets,” Journal of Financial Economics, 80, 115-147.
Kalok Chan and Hung-wan Kot (2006), “Price Reversal and Momentum Strategies,” Journal of Investment Management, 4, 70-89.
Kalok Chan and Johnny Kwok (2005), “Market Segmentation and Share Price Premium: Evidence from Chinese Stock Markets,” Journal of Emerging Market Finance, 4, 43-61.
Kalok Chan, Vincentiu Covrig, and Lilian Ng (2005), “What Determines the Domestic Bias and Foreign Bias? Evidence from Mutual Fund Equity Allocations Worldwide,” Journal of Finance, 60, 1495-1534.
Kalok Chan, Yue-cheong Chan, and Wai-ming Fong (2004), “Free Float and Market Liquidity: Evidence from Hong Kong Government’s Intervention,” Journal of Financial Research, 27, 179-197.
Kalok Chan, John K. C. Wei, and Junbo Wang (2004), “Under-pricing and Long-term Performance of IPOs in China,” Journal of Corporate Finance, 10, 409-430.
Kalok Chan, Kee-hong Bae, and Angela Ng (2004), “Investability and Return Volatility in Emerging Equity Markets,” Journal of Financial Economics, 71, 239-263.
Kalok Chan, Allaudeen Hameed, and Sie-ting Lau (2003), “What If Trading Location is Different from Business Location? Evidence from Jardine Group Trading,” Journal of Finance, 58, 1221-1246.
Kalok Chan, Peter Chung, and Wai-ming Fong (2002), “The Informational Role of Stock and Option Volume,” Review of Financial Studies, 15, 1049-1075.
Kalok Chan, Hee-Joon Ahn, and Kee-hong Bae (2001), “Limit Orders, Depth, and Volatility, Evidence from Stock Exchange of Hong Kong,” Journal of Finance, 56, 767-788.
Kalok Chan, Warren Bailey, and Peter Chung (2000), “Depository Receipts, Country Funds, and the Peso Crash: The Intraday Evidence,” Journal of Finance, 55, 2693-2717.
Kalok Chan, Mark Chockalingam, and Wan Lai (2000), “Overnight Information and Intraday Trading Behaviour: Evidence from NYSE Cross-Listed Stocks and their Local Market Information,” Journal of Multinational Financial Management, 10, 495-509.
Kalok Chan and Wai-ming Fong (2000), “Trade Size, Order Imbalance, and the Volatility-Volume Relation,” Journal of Financial Economics, 57, 247-273.
Kalok Chan, Allaudeen Hameed, and Wilson Tong (2000), “Profitability of Momentum Strategies in the International Equity Markets,” Journal of Financial and Quantitative Analysis, 35, 153-172.
Kalok Chan, Kee-hong Bae, and Yan-leung Cheung (1998), “Bid-Ask Spread and Arbitrage Profitability: A Study of the Hong Kong Index Futures and Options Market,” Journal of Futures Market , 18, 743-763.
Kalok Chan and Hank Bessembinder (1998), “Market Efficiency and the Returns to Technical Analysis,” Financial Management, 27(2), 5-17.
Kalok Chan, Grant McQueen, and Steve Thorley (1998), “Asian Stock Market Bubbles,” Pacific-Basin Finance Journal, 6, 125-152.
Kalok Chan, Hank Bessembinder, and Paul Seguin (1996), “An Empirical Examination of Information, Differences of Opinion, and Trading Activity,” Journal of Financial Economics, 40, 105-134.
Kalok Chan, Peter Chung, and Herb Johnson (1995), “Intraday Bid-Ask Spread Pattern in the Stock and Option Market,” Journal of Finance and Quantitative Analysis, 30, 329-346.
Kalok Chan and Peter Chung (1995), “Vector Autoregression or Simultaneous Equations Model? The Intraday Relationship Between Index Arbitrage and Market Volatility,” Journal of Banking and Finance, 19, 173-179.
Kalok Chan and Hank Bessembinder (1995), “The Profitability of Technical Trading Rules in the Asian Stock Markets,” Pacific-Basin Finance Journal, 3, 257-284.
Kalok Chan, Peter Chung, and Herb Johnson (1993), “Why Option Prices Lag Stock Prices: A Trading-Based Explanation,” Journal of Finance, 48, 1957-1967.
Kalok Chan (1993), “Imperfect Information and Cross-Autocorrelation Among Stock Prices,” Journal of Finance, 48, 1211-1230.
Kalok Chan and Peter Chung (1993), “Index Arbitrage, Spot and Futures Price Volatility, and Spot Market Volume: A test with Intraday Transactions Data,” Journal of Banking and Finance, 17, 663-688.
Kalok Chan and Yue-cheong Chan, “Price Volatility in the Hong Kong Stock Market: A Test of the Information and Trading Noise Hypothesis,” Pacific-Basin Finance Journal, 1, 189-201.
Kalok Chan and Hank Bessembinder (1992), “Time Varying Risk Premia and Forecastable Returns in Futures Markets,” Journal of Financial Economics, 32, 169-193.
Kalok Chan (1992), “A Further Analysis of the Lead-lag Relationship Between the Cash Market and Stock Index Futures Markets,” Review of Financial Studies, 5, 123-152.
Kalok Chan, K. C. Chan, and Andrew Karolyi (1998), “Intraday Volatility in the Stock Market and Stock Index Futures Market,” Review of Financial Studies, 4, 657-684.
Other Publications
Kalok Chan (1997), “Asian Money Markets,” Journal of Comparative Economics, 24, 362-364.
Kalok Chan, Andrew Karolyi, and Ghon Rhee (2002), “A Retrospective Evaluation of the Pacific-Basin Finance Journal, 1993–2002,” Pacific-Basin Finance Journal, 10, 497-516.
Working Papers
Kalok Chan, Hung-wan Kot, and Sophie X. Ni, “Does Option Trading Affect the Return Predictability of Short Selling Activity?“.
Kalok Chan, Hung-wan Kot, and Zhishu Yang, “Effects of Short-sale Constraints on Stock Prices and Trading Activity: Evidence from Hong Kong and Mainland China“.
Kalok Chan, Chuan-yang Hwang, and Mujtaba Mian, “Mutual Fund Herding and Dispersion of Analysts’ Earnings Forecasts“.

GrantsCompetitive Earmarked Research Grant awarded by Hong Kong Research Grant Council, 1996 (HK$460,000); 1998 (HK$405,000); 2000 (HK$453,817); 2002 (HK$562000); 2004 (HK$294,525); 2006 (HK$442,000); 2008 (HK$480,000); 2010 (HK$379,250); 2012 (HK$619,000)
Postdoctoral Matching Fund awarded by Hong Kong University of Science and Technology, 2000-2002
Competitive Research Grant awarded by Pacific-Basin Capital Markets (PACAP) Conference, 1994
Summer Research Grant awarded by College of Business, Arizona State University,1994-1995
Faculty Grant-in-Aid awarded by Arizona State University, 1994

Awards & HonoursTop finance researcher in Asia-Pacific Region (Pacific-Basin Finance Journal), 2001 & 2011
Hong Kong Society of Financial Analysts (HKSFA) Research Award, 2011
Best Paper Award, China International Conference in Finance (CICF), 2008
Top finance researcher in Asia-Pacific Region for the 1990-2008 period (according to Pacific-Basin Finance Journal)
Winner of the Barclays Global Investors Australia Research Award, Australasian Finance and Banking Conference, 2006
Nominated for Smith Breeden’s Prize, Journal of Finance; Listed in Who’s Who in Economics (Third Edition), 2006
Outstanding Paper Award, Eastern Finance Association Meetings, 2003
Senior Wei Lun Fellow (HKUST), 2000-2003
PACAP Best Paper Award, APFA/PACAP/FMA International Finance Conference, 2002
Wei Lun Fund Fellowship (HKUST), 1997-1998
Pacific-Basin Capital Markets (PACAP) Research Fellow, 1994
Ohio State University, Presidential Fellowship, 1989-1990
Ohio State University, Outstanding Research Award, 1989
Ohio State University, McCoy Scholarship, 1988

Academic/Professional ServicesProfessional Service
Member, Securities and Futures Commission Advisory Committee, 2018-Present
EFAC Financial Infrastructure and Market Development Sub-Committee of Hong Kong Monetary Authority, 2017-Present
Chairman, Organising Committee, Hong Kong Institute of Bankers; Outstanding Financial Management Planner Awards, 2008-Present
Member, TraHK Supervisory Committee, 2014-Present
Member, Hospital Authority Investment Committee, 2009-Present
Member, Hang Seng Index Service Limited, 2008-Present
Member, Tender Committee of Hospital Authority, 2014-Present
Member, Finance Committee of Hospital Authority,?2015-Present
Member, Banking and Finance Industry Training Board, Vocational Training Council, 2013-2015
Member, Asia-Pacific Regional Committee, FTSE, 2001-2014
President, Asian Finance Association, 2008-2010
Convenor, Working Group on Industry/Academic Partnership, Advisory; Committee on Human Resource?Development (Financial Services), Hong Kong, 2006-2009
Convenor, Working Group on Professional Development, Advisory Committee on Human Resource?Development (Financial Services), Hong Kong, 2009-2011
Member, Risk Management Committee, Hong Kong Exchanges and Clearing Limited, 2005-2011
Member, Committee on Unit Trusts, Hong Kong Securities and Futures Commission, 2006-2012
Member, Committee on Investment-Linked Assurance and Pooled Retirement Funds, Hong Kong Securities?and Futures Commission, 2006-2012
Member, Academic and Accreditation Advisory Committee, Hong Kong Securities and Futures Commission, 2005-Present
Member, Advisory Committee on Human Resource Development (Financial Services), Hong Kong, 2004-2006
Panel Member, Hong Kong Research Grants Council, 2004-2009
Member, Examination Board, Institute of Financial Planners of Hong Kong, 2003-2007
External Reviewer, Licensing Examination for Securities and Futures Intermediaries, 2003
Advisor, Hong Kong Association of Investors,?2000-2006
Member, Working Group for the Development of Licensing Examinations, Hong Kong Securities Institute, 2002
Editorial Service
Co-editor, Pacific-Basin Finance Journal, 1997-2008
Associate Editor, Journal of Applied Finance, 2013-Present
Associate Editor, Journal of Financial Perspectives, 2012-Present
Associate Editor, Pacific-Basin Finance Journal, 2008-Present
Associate Editor, Emerging Market Review, 2007-Present
Associate Editor, Journal of Financial Research, 2006-2013
Associate Editor, Review of Finance, 2008-2011
Associate Editor, Asia-Pacific Journal of Financial Studies, 2007-2010
Associate Editor, Finance Letters, 2003-2006
Associate Editor, Asia-Pacific Journal of Finance, 1996-1998