Tao (Jonas) CHEN | NBS | NTU


Tao Chen

Tao (Jonas) CHEN

Associate Professor in Finance

Academic Director, MSc in Finance

NISTH Fellow


Division of Banking & Finance
Nanyang Business School
Nanyang Technological University
S3-B1A-08, 50 Nanyang Avenue
Singapore 639798



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Tao Chen joined Nanyang Business School (NBS) as an Assistant Professor in 2014 and was promoted to Associate Professor in Finance with tenure in 2020. His research interest focuses on how financial market participants influence corporate policies, particularly issues related to environmental, social and governance (ESG), and how FinTech and financial innovation affect financial inclusion and risk.

He has published his work in Journal of Financial Economics (×2), Management Science (×3), Journal of Financial and Quantitative Analysis, Review of Finance, Strategic Management Journal, Journal of Management Information Systems, Journal of Banking and Finance (×2), Journal of Corporate Finance (×2), Journal of Empirical Finance, and Accounting and Finance 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 business schools, such as MIT Sloan, NYU Stern, UPenn Wharton, Cambridge Judge, LBS, LSE, UF Warrington, UNC Kenan-Flagler, 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), and the Network for Business Sustainability.

Tao is an Associate Editor of Financial Management and Journal of Business Research. He has been elected to join the Board of Directors of Asian Finance Association (AsFA), and invited to serve as an HKIMR Visiting Research Fellow by Hong Kong Monetary Authority (HKMA) and a Societal Impact Fellow by NTU Institute of Science and Technology for Humanity (NISTH). He has received numerous awards, including CUHK Young Scholars Award, Nanyang Education Award, NBS Research Excellence Award, NBS Teaching Excellence 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 2022 IAS Midyear Meeting of the American Accounting Association (AAA), and Pioneer Award in 2020 Peak Initiative of Digital Finance Open Research. He was also nominated for the Nanyang Research Award (Young Investigator).

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. He was also nominated for the 2018 NBS Business Teacher of the Year Award and the 2020 Nanyang Education Award. He was awarded the prestigious Nanyang Education Award (School) in 2021.

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.


Editorial Appointments:

Associate Editor, Financial Management

Associate Editor, Journal of Business Research

Editorial Board, Corporate Governance: An International Review

Selected Publications:

Journal Paper

18. “Dual Ownership and Managerial Compensation Incentives (with L. Zhang and Q. Zhu), Review of Finance, forthcoming. (SSRN)

17. “Analyst Coverage, Executive Compensation and Corporate Risk-Taking: Evidence from Property-Casualty Insurance Firms  (with Shinichi Kamiya, Pingyi Lou and Andreas Milidonis). Journal of Risk and Insurance, forthcoming. (SSRN)

16. “The Social Cost of Investor Distraction: Evidence from Institutional Cross-Blockholding (with Vivek Astvansh and Chengyuan Qu). PLOS ONE, forthcoming.

15. “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, forthcoming.

14. “Bank Competition and Corporate Environmental Performance (with S. Chen, P. Lou, H. Song, and C. Wu), World Development, 161 (2023), 106106. (SSRN)

13. “The Unintended Consequence of Land Finance: Evidence from Corporate Tax Avoidance (with Y. Tan, J. Wang, and C. Zeng), Management Science, forthcoming. (SSRN)

12. “Globalization and U.S. Corporate Tax Policies: Evidence from Import Competition (with C. Lin, and X. Shao), Management Science, forthcoming. (SSRN)

11. “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)

10. “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)

9. “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)

8. “Institutional Shareholders and Corporate Social Responsibility (with H. Dong, and C. Lin), Journal of Financial Economics, 135 (2020), 483-504. (SSRN) (SciSpace)

7. “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)

6. “Does Information Asymmetry Affect Tax Aggressiveness?” (with C. Lin), Journal of Financial and Quantitative Analysis, 52 (2017), 2053-2081. (SSRN)

5. “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.

4. “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)

3. “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)


2. “Institutions, Board Structure and Corporate Performance: Evidence from Chinese Firms”, Journal of Corporate Finance, 32 (2015), 217-237.  (Sole author) (SSRN)

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)

Google Scholar Citations

    Total citations: > 2220;       H-index: 14

SSRN Page         

Research Grants:

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)

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)                                                         




Recent Evaluation (average of all the sessions)

School Average Score

BF2201 Investments (UG, Core)



2017-Current, NTU

BF2207 International Finance (UG, Core)



2014-2016, NTU

FF6121 Investments (MSc in Finance)



2020-Current, NTU

Awards and Honours:

·   Best Paper Award, 2023 AMA Winter Academic Conference

·   Best Paper Award, the 6th Academy of Finance and Accounting Annual Conference

·   2022 NBS Research Excellence Award

·   Best Paper Award, 2022 Maritime Silk Road Accounting and Finance Meeting

·   Best Paper Award, 2022 IAS Midyear Meeting of the American Accounting Association (AAA)

2021 Nanyang Education Award (School), NTU

·   Nominee for the 2021 Nanyang Research Award (Young Investigator), NTU

·   Excellence in Reviewing Award, 2021 American Accounting Association (AAA) Annual Meeting

Nominee for the 2020 Nanyang Education Award (School), NTU

·   Pioneer Award, 2020 Peak Initiative of Digital Finance Open Research

·  Best Paper Award, 2019 Asian Finance Association (AsianFA) Conference

·   Finalist for the Best Paper Award in Corporate Finance, Financial Management Association (FMA) Asia/Pacific Conference

·   Nominee for the 2018 NBS Business Teacher of the Year Award

·   2018 NBS Teaching Excellence Award

Paper Award, 2014 Annual Conference on Asia-Pacific Financial Markets (CAFM) of the Korean Securities Association

·   Semi-finalist for the Best Paper Award in Corporate Finance, Financial Management Association (FMA) 

·   CUHK Young Scholars Thesis Award
















2013, 2014




  Selective Media Coverage:

Opinion Editorials

1.      “Commentary: Binance’s exchange closure in Singapore could usher in more regulations on cryptocurrencies”, Channels News Asia (CNA), 26 Dec 2021.

Live TV Interviews

2.      “US Fed interest hike”, Channel 8: Hello Singapore. May 4, 2023.

3.      “Inflation”, Channel 8: Hello Singapore. May 26, 2022.

4.      “Economic outlook”, Channel 8: Hello Singapore. April 28, 2022.

5.      “Q1 labour market advance release”, Channel 8. April 28, 2022.

Quoted in the News

6.   “Financial Internet celebrities offer advice, fans should not listen to it”, Lianhe Zaobao (联合早报), July 30, 2023.

7.   “Can the Asean Taxonomy help achieve the region's sustainability ambitions?”, Eco-Business, Jun 15, 2023.

8.   “Global Financial Centres Index; Analyst: It is difficult to surpass Singapore in the short term, but Hong Kong is expected to regain the pole position in Asia in the long run”, Lianhe Zaobao (联合早报), Jan 25, 2023.

9.      “Why borrowing money to fund insurance policies can prove detrimental”, The Straits Times (ST), 21 Jul 2022.

10.      “Asean logistics sector could get tech boost as Alibaba unit looks to region for growth”, The Business Times (BT), 18 Apr 2022.

11.      “As inflation rises, how much more are you paying for your groceries?”, Channels News Asia (CNA), 13 Mar 2022.

12.  “Higher prices for petrol, electricity and food: How Russia's invasion of Ukraine might affect people in Singapore”, Channels News Asia (CNA), 03 Mar 2022.

13.   “Crypto curbs: Industry players say ad ban not the only way to protect retail investors in Singapore”, Channels News Asia (CNA), 20 Jan 2022.

14.    “Institutional investors drive (and seek) firm CSR”, Network for Business Sustainability, September 2019 (Chen, Dong, and Lin, 2019).

15.   “BSI shutdown reinforces our position as a global financial hub”, Lianhe Zaobao (联合早报), May 25, 2016 (Chen and Lin, 2017).

16.    “Innovation gone bad requires regulation”, Financial Times, March 17, 2013 (Beck, Chen, Lin, and Song, 2012).

17.    “Financial innovation: The bright and the dark sides”, All About Finance, World Bank, January 22, 2013 (Beck, Chen, Lin, and Song, 2012).

18.    “Financial innovation: The bright and the dark sides”, VoxEU, October 2, 2012 (Beck, Chen, Lin, and Song, 2012).