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Yong Chen（陳勇） Curriculum Vitae

January 1, 2016

Department of Finance Phone: (979) 845-3870

Mays Business School Fax: (979) 845-3884

Texas A&M University E-mail: ychen@mays.tamu.edu

College Station, TX 77843-4218 http://people.tamu.edu/~ychen

ACADEMIC POSITIONS

Texas A&M University, Mays Business School

Gina and William H. Flores ’76 Endowed Professor in Finance, 2016–present

Associate Professor of Finance (with tenure), 2014–present

RepublicBank Research Fellow, 2012–2016

Assistant Professor of Finance, 2012–2014

Virginia Tech, Pamplin College of Business

Assistant Professor of Finance, 2007–2012

EDUCATION

Ph.D. in Finance (2007), Boston College, Wallace E. Carroll School of Management

Committee: Wayne Ferson (Chair), Jeffrey Pontiff, David Chapman, Richard Evans

Ph.D. Program in Economics, Emory University, Atlanta, GA 2000–2001

M.A. in International Economics (2001), Nankai University, China

B.A. in International Economics (1998), Nankai University, China

RESEARCH AREAS

Empirical Asset Pricing; Investments; Hedge Funds and Mutual Funds; Empirical Methods

HONORS AND AWARDS

Gina and William H. Flores ’76 Endowed Professorship in Finance, Mays Business School, 2016–present

Finalist for Best Paper Award in Asset Pricing at the SFS Finance Cavalcade, 2015

Best Paper Award at the First International Conference on Finance and Banking, 2013

RepublicBank Research Fellow, Mays Business School, Texas A&M University, 2012–2016

Junior Faculty Award for Excellence in Research, Pamplin College of Business, Virginia Tech, 2011

Gutmann Research Fellow, Vienna University of Economics and Business, 2011

Research Grant Award from the BNP Paribas Hedge Fund Centre at Singapore Management University, 2011

Research Grant Award from the Institute for Quantitative Research in Finance (Q-Group), 2010

Research Grant Award from the BNP Paribas Hedge Fund Centre at Singapore Management University, 2009

Financial Management Association Doctoral Student Consortium, 2005, 2006

Best Doctoral Student Paper Award at Southwestern Finance Association Meetings, 2005

Research Grant Award from the Foundation for Managed Derivatives Research, 2004

Graduate Fellowship, Carroll School of Management, Boston College, 2001–2007

Graduate Fellowship, Emory University, 2000–2001

Merit-based Scholarships, Nankai University, 1994–2000

Merit-based Waiver of the Chinese National College Entrance Exam, Nankai University, 1994

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REFEREED PUBLICATIONS

1. “Hedge Funds: The Good, the Bad, and the Lucky,” with Michael Cliff and Haibei Zhao, 2015, Journal

of Financial and Quantitative Analysis, forthcoming.

2. “The Behavior of Investor Flows in Corporate Bond Mutual Funds,” with Nan Qin, 2015, Management

Science, forthcoming.

3. “Can Hedge Funds Time Market Liquidity?” with Charles Cao, Bing Liang, and Andrew Lo, 2013,

Journal of Financial Economics 109, 493–516.

– Research Grant from the Q-Group

– Research Grant from the BNP Paribas Hedge Fund Centre at Singapore Management University

4. “Derivatives Use and Risk Taking: Evidence from the Hedge Fund Industry,” 2011, Journal of

Financial and Quantitative Analysis 46, 1073–1106.

5. “Measuring the Timing Ability and Performance of Bond Mutual Funds,” with Wayne Ferson and

Helen Peters, 2010, Journal of Financial Economics 98, 72–89.

6. “Do Market Timing Hedge Funds Time the Market?” with Bing Liang, 2007, Journal of Financial and

Quantitative Analysis 42, 827–856.

– Summarized in The CFA Digest 38-2, May 2008

7. “Timing Ability in the Focus Market of Hedge Funds,” 2007, Journal of Investment Management 5,

66–98.

– Summarized in The CFA Digest 38-1, February 2008

– Invited for a Special Issue on Hedge Funds in the JOIM

– Best Doctoral Student Paper Award at SWFA, 2005

– Research Grant from the Foundation for Managed Derivatives Research

SELECTED WORKING PAPERS

8. “How Many Good and Bad Fund Managers Are there, Really?” with Wayne Ferson

– Finalist for Best Paper Award in Asset Pricing at 2015 SFS Finance Cavalcade

– 2015 SFS Finance Cavalcade, 2015 China International Conference in Finance, 2014 Financial

Research Association meeting, 2014 Morgan Stanley Quantitative Equity Research Conference

9. “The Role of Hedge Funds in the Security Price Formation Process,” with Charles Cao, William

Goetzmann, and Bing Liang

– Best Paper Award at the Inaugural International Conference on Finance and Banking

– Research Grant from the BNP Paribas Hedge Fund Centre at Singapore Management University

– 2016 American Finance Association meetings, Vanderbilt University Hedge Fund Conference,

2013 China International Conference in Finance, the 5th Annual Hedge Fund Conference in Paris,

2013 Financial Intermediation Research Society Conference, 2013 Conference on Financial

Economics and Accounting, the First International Conference on Finance and Banking,

2011 Financial Research Association meeting

10. “Arbitrage Trading: The Long and the Short of It,” with Zhi Da and Dayong Huang

– 2016 American Finance Association meetings, the 8th Annual Hedge Fund Research Conference,

the 4th Luxembourg Asset Management Summit, 2015 European Finance Association meeting,

2015 Macquarie Global Quantitative Research Conference

11. “Sentiment Risk, Sentiment Timing, and Hedge Fund Returns,” with Bing Han and Jing Pan

– 2015 American Finance Association meetings, the 8th Annual Hedge Fund Research Conference,

2014 China International Conference in Finance

12. “Micro(structure) before Macro? The Predictive Power of Aggregate Illiquidity for Economic

Activity and Stock Returns,” with Gregory Eaton and Bradley Paye – Semi-finalist for Best Paper Award in Market Microstructure, FMA 2015

– 2015 European Finance Association meeting, 2014 CREATES Econometrics Workshop

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CONFERENCES AND SEMINAR PRESENTATIONS (* indicates presentation by co-author at a conference. All seminar presentations listed below are my own.)

2016 American Finance Association meetings (San Francisco, 2 papers), The 8th Annual Hedge Fund

Research Conference (Paris, 2 papers), Louisiana State University (scheduled)

2015 American Finance Association meetings (Boston), Society of Financial Studies Cavalcade (Atlanta),

European Finance Association meeting (Vienna, 2 papers), Financial Research Association meeting–

Early Ideas Session (Las Vegas), WU Gutmann Symposium on Retirement and Asset Management

(Vienna) - discussion, Financial Intermediation Research Society Conference (Reykjavik, Iceland)*,

China International Conference in Finance (Shenzhen) – paper and discussions, Summer Institute of

Finance Conference (Beijing) – discussion, the 4th Luxembourg Asset Management Summit

(Luxembourg)*, Macquarie Global Quantitative Research Conference (Hong Kong), Lone Star

Finance Conference – discussion, Texas A&M University (x2)

2014 Financial Research Association meeting (Las Vegas), China International Conference in Finance

(Chengdu), Morgan Stanley Quantitative Equity Research Conference*, CREATES Econometrics

Workshop*, Shanghai University of Finance and Economics, Texas A&M University (x2)

2013 American Finance Association meetings (San Diego), The 5th Annual Hedge Fund Research

Conference (Paris, France), Financial Intermediation Research Society Conference (Dubrovnik,

Croatia) – paper and discussion, China International Conference in Finance (Shanghai) – paper and

discussion, SMU-SUFE Summer Finance Institute – Distinguished Panelist, The 24th Annual

Conference on Financial Economics and Accounting at the University of North Carolina, Financial

Research Association meetings (Las Vegas)*, the First International Conference on Finance and

Banking (Bali, Indonesia)*, Nanyang Technological University, Singapore Management University,

Shanghai University of Finance and Economics

2012 Society of Financial Studies (SFS) Finance Cavalcade at the University of Virginia, The 4th Annual

Hedge Fund Research Conference (Paris, France)*, Lone Star Finance Conference at Texas A&M

University, Pennsylvania State University

2011 Finance Research Association meeting (Las Vegas), The 4th Erasmus Liquidity Conference

(Rotterdam, Netherlands) – paper and discussion, WU Gutmann Symposium on Liquidity and Asset

Management (Vienna, Austria) – paper and discussion, The 3rd Annual Hedge Fund Research

Conference (Paris, France)*, Financial Intermediation Research Society Conference (Sydney,

Australia) *, Vanderbilt University Hedge Fund Conference*, The 2011 EFM Symposium (Beijing)*,

Institute for Quantitative Asset Management (IQAM), Texas A&M University, University of Texas

at Dallas, Vienna Graduate School of Finance, VU University Amsterdam

2010 The 21st Annual Conference on Financial Economics and Accounting at the University of Maryland,

The 20th Anniversary Inquire Europe Symposium (Berlin, Germany), China International

Conference in Finance (Beijing) – paper and discussion, SunTrust-Florida State University Finance

Conference, The 6th NY Fed/NYU Stern/Review of Financial Studies Conference on Financial

Intermediation*, Peking University, Virginia Tech

2009 Western Finance Association meetings (San Diego) – discussion

2008 Western Finance Association meetings (Hawaii), European Finance Association meetings (Athens,

Greece) – paper and discussion, Financial Intermediation Research Society Conference (Anchorage,

Alaska) – paper and discussion, China International Conference in Finance (Dalian) – paper and

discussion, NOVA Conference on Mutual Funds and Investment Management (Lisbon, Portugal)*,

Virginia Tech

2007 Swiss Finance Institute Conference on Portfolio Management and Derivatives (Lugano,

Switzerland), Financial Management Association meetings – session chair, Baruch College,

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City University of New York, Federal Research Bank of New York, University of Hong Kong,

Loyola University Chicago, Nanyang Technological University, National University of Singapore,

Singapore Management University, Virginia Tech

2006 The 6th Annual LBS Transatlantic Doctoral Conference (London, UK) – paper and discussion,

Financial Management Association Doctoral Student Consortium (Salt Lake City) – paper and

discussion, The Journal of Investment Management Conference (Boston)*, The 2nd Annual

Empirical Asset Pricing Retreat (Amsterdam, Netherlands)*, Boston College, London Business

School, University of Massachusetts at Amherst, Wayne State University

2005 Western Finance Association meetings (Portland)*, European Finance Association meetings

(Moscow, Russia)*, Financial Management Association Doctoral Student Consortium (Chicago),

Financial Management Association meetings – paper and discussion, Southern Finance Association

meetings, Southwestern Finance Association meetings (Best Doctoral Student Paper Award) – paper

and discussion, Center for International Securities and Derivatives Markets Annual Conference*,

Boston College

2004 Gutmann Symposium on Hedge Funds (Vienna, Austria), Boston College

TEACHING EXPERIENCE

Texas A&M University

FINC 688 Empirical Asset Pricing (Ph.D., 3 credits)

Semesters: summer 2012; spring 2015

Average Evaluation (out of 5): 4.94

FINC 489/689 Advanced Investments (Undergraduate and MS, 3 credits)

Semesters: fall 2013; spring 2013; spring 2015

Average Evaluation (out of 5): 4.75

Virginia Tech

FIN 6125 Investments/Asset Pricing Theory (Ph.D., 3 credits)

Semesters: fall 2011

Average Evaluation (out of 5): 4.67

FIN 5064 Equity Markets (MBA, 1 credit)

Semesters: fall 2007, 2008; spring 2009, 2010

Average Evaluation (out of 5): 4.64

FIN 5224 Portfolio Management (MBA, 2 credits)

Semesters: fall 2007, 2008, 2009, 2010

Average Evaluation (out of 5): 4.70

FIN 4274 Equity Securities (Undergraduate, 3 credits)

Semesters: fall 2007, 2008, 2009, 2010, 2011; spring 2009, 2010

Average Evaluation (out of 5): 4.60

Boston College

MF 021 Basic Finance (Undergraduate, 3 credits)

Semesters: spring 2007

Nankai University

Principles of Economics (Undergraduate)

Semesters: fall 1999, spring 2000

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OTHER PROFESSIONAL EXPERIENCE

Journal Reviewer

European Financial Management, Finance Research Letters, Financial Analysts Journal, Financial

Management, International Review of Finance, Journal of Banking and Finance, Journal of Empirical

Finance, Journal of Economics and Business, Journal of Economics and Finance, Journal of

Financial and Quantitative Analysis, Journal of Financial Services Research, Journal of Financial

Econometrics, Journal of Financial Stability, Journal of Futures Markets, Journal of Investment

Management, Journal of Multinational Financial Management, Journal of Risk, Management Science,

Pacific-Basin Finance Journal, Quarterly Journal of Finance and Accounting, Review of Asset Pricing

Studies, Review of Finance, Review of Financial Studies

Grant Reviewer

Hong Kong Research Grant Council

Book Proposal Reviewer

Pearson

Conference Program Committee/Reviewer

Midwest Finance Association Meeting, 2015 (Track Chair), 2017 (Track Chair)

Financial Management Association Meeting, 2007, 2011, 2012, 2016

FMA Best Paper Award in Investments Committee, 2012

Lone Star Finance Conference, 2012 (Co-organizer)

Society of Financial Studies (SFS) Finance Cavalcade, 2011, 2012

Eastern Finance Association Meeting, 2005, 2006

College and Department Services

Texas A&M University

College Analytics Task Force Committee, 2015–present

Finance Ph.D. Program Committee, 2012–present

Finance Faculty Recruiting Committee, 2012–present

Finance Department Research Metrics Committee, Co-Chair, 2014–2015

Finance Seminar Series Coordinator, 2013–2014

University Distinguished Graduate Student Awards Selection Committee, 2013–present

Virginia Tech

Finance Ph.D. Program Committee, 2009–2012

Finance Faculty Recruiting Committee, 2010–2011

Finance Seminar Series Committee, 2010–2012 (Coordinator 2011–2012)

College Library Committee, 2007–2012 (Chair 2011–2012)

Undergraduate Student Advising, 2007–2012

Ph.D. Dissertation Supervision

Dissertation Chair:

Xin Zhao, Texas A&M University, In progress

Committee Member:

Simon Shin, Texas A&M University, In progress

Pan Liu, Texas A&M University (Applied Economics), In progress

Cheng Zhou, Texas A&M University (Economics), 2015 (Initial placement: JP Morgan Chase)

Hogyu Jhang, Texas A&M University, 2014 (Initial placement: Georgia Institute of Technology)

Umut Celiker, Virginia Tech, 2012 (Initial placement: Bilkent University)

Puneet Jaiprakash, Virginia Tech, 2011 (Initial placement: Minnesota State University)

External Reviewer:

Gregory Eaton, University of Georgia

Haibei Zhao, Georgia State University

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Short-Term Academic Visit

Gutmann Research Fellow, Gutmann Center for Portfolio Management, Vienna University of

Economics and Business, June 2011

Academic Membership

American Finance Association

Western Finance Association

Media Coverage

Barclay Insider Report, September 13, 2011

“Research Counters Risky Image of Popular Financial Investments,” Newswise, March 4, 2010

– also appeared in Blue Ridge Business Journal; NewsRoanoke.com; Virginia Tech News;

PHYSORG; Pamplin Magazine, etc.

“Hedge Funds’ Nirvana in Financial Crisis,” Fortune Key (Beijing), February 18, 2008

“Wall Street Hurt by Subprime Woes,” China Business, January 21, 2008

PERSONAL

Chinese Citizen; U.S. Permanent Resident

Married, with two children