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Tao
(Jonas) CHEN
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Provost's
Chair in Finance | Associate
Professor
Academic
Director, MSc in Finance
Coordinator,
PhD in Finance
NISTH
Fellow
NTU
Teaching Excellence Academy (TEA) Fellow
Vice
President, Asian Finance Association (AsianFA)
World’s
Top 2% Scientist, Stanford/Elsevier
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Address
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Division
of Banking & Finance
Nanyang Business School
Nanyang Technological University
91 Nanyang Avenue, Wee Cho Yaw Plaza, ABS-06-106,
Singapore 639956
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Email
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jtchen@ntu.edu.sg
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Phone
No
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+65-67905785
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Fax
No
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+65-67913236
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Biography:
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Tao Chen is a
Provost's Chair Professor in Finance and Associate
Professor at Nanyang Business School (NBS), Nanyang
Technological University (NTU). His research
interests focus on how financial market participants
influence corporate policies, particularly issues
related to environmental, social, and governance
(ESG), and how FinTech and AI affect financial
inclusion and decision-making. His publications have
received over 5,000 citations according to Google
Scholar, and Stanford/Elsevier named him among the
world’s top 2% of scientists (ranked no. 262 in
14,851 finance scholars).
He has published his work in Journal of Financial
Economics (×2), Management Science (×3), Journal of
Financial and Quantitative Analysis (×2), Review of
Finance, Strategic Management Journal, Journal of
Management Information Systems, Nature Climate
Change, among others. His papers have been presented
at major finance conferences including AFA, WFA,
EFA, SFS Cavalcade, AAA, FIRS, ABFER, Finance Down
Under, ECCCS, top universities, such as MIT,
Harvard, Cornell, NYU, UPenn, Purdue, Cambridge,
LBS, LSE, UF, UNC, leading institutions, such as
NBER, Federal Reserve Board, BIS, Luohan Academy,
and covered by Financial Times, VoxEU, the Business
Times, the Straits Times, Lianhe Zaobao, Channel
News Asia (CNA), the Network for Business
Sustainability, and the Harvard Law School Forum.
Tao is an Associate Editor of Financial Management
and Journal of Business Research. He has been
elected to join the Board of Directors and was
appointed as Vice President of the Asian Finance
Association (AsianFA), and invited to serve as an
HKIMR Visiting Research Fellow by the Hong Kong
Monetary Authority (HKMA) and a Societal Impact
Fellow by NTU Institute of Science and Technology
for Humanity (NISTH). He has received numerous
academic awards, including CUHK Young Scholars
Award, Outstanding Paper Award in Annual Conference
on Asia-Pacific Financial Markets, Best Paper Award
in Asian Finance Association Annual Meeting, Best
Paper Award in the Financial Markets and Corporate
Governance Conference, Best Paper Award in the IAS
Midyear Meeting of the American Accounting
Association (AAA), Nanyang Education Award, NBS
Research Excellence Award, NBS Teaching Excellence
Award, and the ARIA Robert C. Witt Award. He was
nominated for the Nanyang Research Award (Young
Investigator), and was a top finalist for Nanyang
Research Award. He has also received multiple
industry awards, such as the Pioneer Award in Peak
Initiative of Digital Finance Open Research from
Alibaba, the Best Paper Award for Capital Markets
from Craigs Investment Partners, the Best Paper
Award from Industrial Securities, and the Best Paper
Award for Investments from the Institute of Finance
Professionals New Zealand Inc. (INFINZ).
He has
excellent teaching evaluations with an average of 99
(out of 100) in recent years, substantially above
the school average. Due to his effective and
innovative teaching, he was awarded the 2018 NBS
Teaching Excellence Award and 2023 NBS MSc (Finance)
Teacher of the Year Award. He was also nominated for
the NBS Business Teacher of the Year Award and the
Nanyang Education Award several times. He was
awarded the prestigious Nanyang Education Award
(School) in 2021 and Nanyang Education Award
(College) in 2024. He was invited to join the
Teaching Excellence Academy and its executive
committee.
His
educational background includes a Ph.D. in Finance
in 2014 from the Chinese University of Hong Kong
(CUHK), Master of Philosophy degrees from Hong Kong
University of Science and Technology (HKUST), and
Bachelor's degrees from Beijing Foreign Studies
University (BFSU). In his spare time, he likes
movies, hiking, tennis, squash, table tennis, and
badminton.
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Editorial Appointments:
Associate Editor, Financial Management
Associate Editor, Journal of Business
Research
Associate Editor, The British
Accounting Review
Guest Editor, Pacific-Basin Finance
Journal
Google
Scholar Citations
Total citations:
5000+;
H-index: 18
SSRN
Page
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Selected
Publications:
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Journal
Papers
(6
UTD24; 10 FT50; 1 Nature Index) (6
1A*; 8 1A+; 6 1A)
11. “Assessing
Ecological Integrity of Avoided
Deforestation Projects” (with
K. Ong, Z. Chen, C.T. Pérez-Brito, and Y. Zeng), Nature
Climate Change, forthcoming.
10.
“Minimum Wages, State Ownership, and Corporate
Environmental Policies”
(with
X. Xiong and K. Zou), Journal
of Financial and Quantitative Analysis, forthcoming. (SSRN)
9.
“Dual Ownership
and Managerial Compensation
Incentives”
(with
L. Zhang and Q. Zhu), Review of Finance,
27 (2023), 1823-1857. (SSRN)
8. “The Unintended
Consequence of Land Finance:
Evidence from Corporate Tax
Avoidance” (with
Y. Tan, J. Wang, and C. Zeng), Management
Science, 68 (2022), 8319-8342.
(SSRN)
7. “Globalization
and U.S. Corporate Tax
Policies: Evidence from Import
Competition” (with
C. Lin and X. Shao), Management Science,
68 (2022), 6145-6162. (SSRN)
6. “Finance and
Firm Volatility: Evidence from
Small Business Lending in
China” (with
Y. Huang, C. Lin, and Z. Sheng), Management
Science, 68 (2022), 2226-2249.
(SSRN)
5. “Impact
of Competition on
Innovations of IT
Industry: An Empirical
Investigation”
(with
H.K. Cheng,
Y. Jin, S. Li, and L. Qiu), Journal of
Management Information Systems,38
(2021), 647-666. (SSRN)
4. “Institutional
Shareholders and Corporate
Social Responsibility”
(with H. Dong and C. Lin), Journal of
Financial Economics, 135
(2020), 483-504. (SSRN) (SciSpace)
3.
“Does Information Asymmetry
Affect Tax Aggressiveness?” (with C. Lin), Journal of Financial and
Quantitative Analysis, 52 (2017), 2053-2081.
(SSRN)
2.
“Windfalls of “Emperors’ Sojourns”: Stock
Market Reactions to Chinese Firms Hosting High
Ranking of Government Officials”
(with D. A. Schuler, W. Shi, and R. E. Hoskisson), Strategic
Management Journal, 38 (2017),
1668-1687.
1. “Do Analysts Matter for
Governance? Evidence from Natural Experiments” (with
J. Harford and C. Lin), Journal of Financial
Economics, 115 (2015), 383-410. (SSRN)
II.
Other AI and FinTech Papers
4.
“Cultural lag, Consumer Literacy,
and Coping in AI-Enabled Advertising: A
Theoretical Explication and Managerial Solutions”
(with C. Lou, X. Zhou, E.A. Lim, E.C. Tandoc, and D.
Chattoraj), Journal of Advertising,
forthcoming.
3.
“What Influences
Demand for Buy Now, Pay Later
Credit?”
(with
B.R. Marshall, N.H. Nguyen, and N.
Visaltanachoti), Economics Letters, 242
(2024), 111857.
2. “Authentically
Fake? How Consumers Respond to
the Influence of Virtual
Influencers” (with
C. Lou, S.T.J. Kiew, T.Y.M. Lee, J.E.C. Ong, and
Z.X. Phua), Journal of Advertising,
52 (2023), 540-557.
1. “Financial Innovation: The
Bright and the Dark Sides”
(with T. Beck, C. Lin, and F. M. Song), Journal
of Banking and Finance, 72 (2016), 28-51. (SSRN)
III.
Other ESG and Sustainable Finance Papers
9. “Bank
Competition and
Corporate
Environmental
Performance”
(with S. Chen, P. Lou, H. Song, and C. Wu), World
Development, 161 (2023), 106106.
(SSRN)
8. “Analyst
Coverage, Executive
Compensation and
Corporate
Risk-Taking:
Evidence from
Property-Casualty
Insurance Firms”
(with S. Kamiya, P. Lou, and A. Milidonis).
Journal of Risk and Insurance, 90
(2023), 899-939. (SSRN)
7.
“Labor
Unionization
and Real
Earnings
Management:
Evidence from
Labor
Elections”
(with V. Astvansh, B. Wang, and C. Qu). PLOS
ONE, 19 (2024), e0292889.
6.
“The
Social Cost of
Investor
Distraction:
Evidence from
Institutional
Cross-Blockholding”
(with V. Astvansh and C. Qu). PLOS ONE, 18
(2023), e0286336.
5. “Tariff
Uncertainty and U.S.
Innovation: Evidence from the
US-China Permanent Normal
Trade Relation” (with
H. Gao and Y. Wang), Journal of Empirical
Finance, 62 (2021), 12-27. (SSRN)
4. “Credit Rating
Conservatism and Corporate Tax
Avoidance: Evidence from
Dodd-Frank Act as a
Quasi-Natural Experiment”
(with S.
Leung and L. Xie), Accounting and Finance, 61 (2021),
5681-5730. (SSRN)
3. “Marginal Cost of Risk-Based Capital and Risk-Taking” (with J.
Goh, S. Kamiya, and P. Lou), Journal of Banking
and Finance, 103 (2019), 130-145. (SSRN)
2. “How Does Analysts’
Forecast Quality Relate to Corporate
Investment Efficiency?” (with L. Xie and Y.
Zhang), Journal of
Corporate Finance, 43 (2017), 217-240. (SSRN)
1. “Institutions, Board
Structure and Corporate Performance: Evidence
from Chinese Firms”,
Journal of Corporate Finance, 32 (2015),
217-237. (Sole author) (SSRN)
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Research Grants:
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Academic Research Fund Tier 3 (SGD45,900,000),
Singapore
Ministry of Education.
(PI)
Academic
Research Fund Tier 1 (SGD99,997),
Singapore Ministry of
Education. (PI)
SSHR2025
Seed Grant 2021 (SGD20,000), NTU.
(PI)
Academic Research Fund Tier 1 (SGD75,411.68), Singapore
Ministry of Education. (Sole PI)
Academic
Research Fund Tier 1 (SGD55,000), Singapore
Ministry of Education. (Sole PI)
Start-Up Grant
(SGD50,000),
NTU.
(Sole
PI)
AI Singapore (SGD299,904.80). (Co-PI)
Academic
Research Fund Tier 2 (SGD120,931), Singapore
Ministry of Education. (Co-PI)
Key
Program, National
Natural Science Foundation of China (CNY 1,610,000). (Co-PI)
General
Program, National Natural Science Foundation of China (CNY 400,000). (Co-PI)
General
Program, National Natural Science Foundation of China (CNY 480,000). (Co-PI)
General
Program, National Natural Science Foundation of China (CNY 480,000). (Co-PI)
The Young Scientists Fund, National Natural Science
Foundation of China
(CNY 170,000). (Co-PI)
General Program, Natural
Science Foundation of Guangdong Province
(CNY 200,000). (Co-PI)
General Research Fund (HKD454,072), Research Grants
Council of Hong Kong. (Co-PI)
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Teaching:
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Course
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Recent Evaluation (average of all
the sessions)
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FF6121
Investments (MSc in Finance)
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99.2/100
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2020-Current,
NTU
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BF2201
Investments (UG, Core)
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99.2/100
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2017-2023,
NTU
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BF2207
International Finance (UG, Core)
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93/100
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2014-2016,
NTU
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Awards
and Honours:
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Best
Paper Award
for Capital
Markets,
Craigs
Investment
Partners
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Best
Paper Award
for
Investments,
Institute of
Finance
Professionals
New Zealand
Inc. (INFINZ)
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Best
Paper Award, 15th
Financial
Markets and
Corporate
Governance
Conference
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2024
Nanyang
Education
Award
(College), NTU
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2024
Top Finalist,
Nanyang
Research
Award, NTU
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2024
Robert C. Witt
Award, the
American Risk
and Insurance
Association
(ARIA)
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2023
Teacher of the
Year Award, NBS
MSc (Finance)
Program
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Best
Paper Award, 2023
AMA Winter
Academic
Conference
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Best
Paper Award,
the 6th
Academy of
Finance and
Accounting
Annual
Conference
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2022 NBS
Research Excellence
Award
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Best
Paper Award,
2022 Maritime
Silk Road
Accounting and
Finance
Meeting
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Best Paper Award,
2022 IAS Midyear Meeting of the American
Accounting Association (AAA)
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2021 Nanyang Education Award
(School), NTU
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Nominee
for the 2021 Nanyang Research Award
(Young Investigator), NTU
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Excellence
in Reviewing Award, 2021 American
Accounting Association (AAA)
Annual Meeting
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Nominee for the 2020
Nanyang Education Award (School), NTU
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Pioneer
Award, 2020 Peak Initiative of Digital Finance
Open Research
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Best Paper Award, 2019 Asian Finance
Association (AsianFA)
Conference
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Finalist for the Best Paper
Award in Corporate Finance, Financial
Management Association (FMA) Asia/Pacific
Conference
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Nominee for the 2018 NBS Business
Teacher of the Year Award
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2018 NBS Teaching Excellence Award
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Outstanding Paper Award, 2014 Annual Conference on
Asia-Pacific Financial Markets (CAFM) of the Korean
Securities Association
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Semi-finalist for the Best Paper
Award in Corporate Finance, Financial
Management Association (FMA)
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CUHK Young Scholars Thesis Award |
2026
2026
2025
2024
2024
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2023
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2022
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2013, 2014
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