Hsiu-lang Chen

Associate Professor of Finance at UIC, 2006-Present
Visiting Associate Professor of Finance at Kellogg School of Management, Northwestern University, Fall 2005
Associate Professor of Finance at UIC, 2003-2005
Assistant Professor of Finance at UIC, 1997-2003
(312) 355-1024
Snow Mountain of Taiwan


Ph.D., Finance, 1997, University of Illinois at Urbana-Champaign
M.S., Industrial Economics, 1987, National Central University, Taiwan
B.S., Applied Mathematics, 1985, National Chiao Tung University, Taiwan



Selected Published Papers

Chen, Hsiu-lang, 2022, Valuation Risk in Mutual Fund Portfolio Disclosure, Review of Asset Pricing Studies 12, 243-288.

Chen, Hsiu-lang, 2018, Information Diffusion of Upstream and Downstream Industry-wide Earnings Surprises and Its Implications, Review of Quantitative Finance and Accounting 51, 751-784.

Chen, Hsiu-lang and Rodrigo F. Malaquias, 2018, Does Individual Fund Structure Matter in Mutual Fund Performance? A Study of Exclusive Funds in Brazil, Review of Economics & Finance 12, Issue 2, 1-15 (Lead Article).

Chen, Hsiu-lang, 2015, Cross-Market Investor Sentiment in Commodity Exchange-Traded Funds, Credit and Capital Markets 48, Issue 2, 171-206 (Lead Article).

Chen, Hsiu-lang and Gilbert Bassett, 2014, What Does Beta(SMB)>0 Really Mean? Journal of Financial Research 37, 543-552.

Chen, Hsiu-lang, Sheldon Gao, and Xiaoqing Hu, 2012, Closing and cloning in open-end mutual funds, Journal of Banking and Finance 36, 1210-1223.

Chen, Hsiu-lang and George Pennacchi, 2009, Does prior performance affect a mutual fund's choice of risk? Theory and further empirical evidence, Journal of Financial and Quantitative Analysis 44, 745-775 (Lead Article).

Chen, Hsiu-lang, 2006, On Russell index reconstitution, Review of Quantitative Finance and Accounting 26, 409-430.

Chen, Hsiu-lang and Re-Jin Guo, 2005, On corporate divestiture, Review of Quantitative Finance and Accounting 24, 399-421.

Chen, Hsiu-lang and Werner De Bondt, 2004, Style momentum within the S&P-500 Index, Journal of Empirical Finance 11,483-507.

Chen, Hsiu-lang, 2004, Style migration and industry evolution, Review of Accounting and Finance 3,27-46.

Chen, Hsiu-lang, 2003, On Characteristics momentum, Journal of Behavioral Finance 4,137-156.

Chan, Louis K. C., Hsiu-lang Chen, and Josef Lakonishok, 2002, On mutual fund investment styles, Review of Financial Studies 15, 1407-1437.

Bassett, Gilbert and Hsiu-lang Chen, 2001, Portfolio style: Return-based attribution using quantile regression, Empirical Economics 26, 293-305.

Chen, Hsiu-lang, Narasimhan Jegadeesh, and Russell Wermers, 2000, The value of active mutual fund management: An examination of stockholdings and trades of fund managers, Journal of Financial and Quantitative Analysis 35, 343-368.

Working Papers

Chen, Hsiu-lang and Jolana Stejskalova, A Collection of Wisdom in Predicting Sector Returns, presented at 2021 World Finance & Banking Symposium held in Budapest, Hungary, December 17-18, 2021.

Chen, Hsiu-lang, Active Mutual Funds and Their Passive ETF Investments (Previous versions of this paper circulated under the title “Why Do Mutual Funds Hold ETFs? A Study of Non-Dark Side of ETF Investment” and “An Oddity—Active Mutual Funds Invest in Passive ETFs”), presented at the conference "Institutional and Individual Investors: Saving for Old Age" in Bath, UK, June 22-23, 2015, the XXIV Finance Forum in Madrid, Spain, July 7-8, 2016, the 28th European Financial Management Association conference in Ponta Delgada, Portugal, June 26-29, 2019, World Finance Conference in Santiago, Chile, July 24-26, 2019, the annual conference of Accounting and Finance Association of Australia and New Zealand (AFAANZ) in Melbourne, Australia, July 1-8, 2020, the Annual Conference on Pacific Basin Finance, Economics, Accounting and Management in Hsin Chu, Taiwan, January 7-8, 2021, and the Annual Conference of the French Finance Association, May 26-28, 2021.

Chen, Hsiu-lang and Russell Wermers, Style Migration and the Cross-Section of Average Stock Returns, presented at the Annual Meetings of American Finance Association held in Denver, on January 7-9, 2011, and the spring conference of INQUIRE UK held in Dublin, Ireland, on March 13-15, 2005.



Investments, Corporate Finance, and Portfolio Management.



Style investing; Mutual funds/Hedge funds; Style migration; Information diffusion; Exchange-Traded Funds.

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University of Illinois at Chicago
College of Business Administration
601 S. Morgan Street Chicago, Illinois 60607