Tao (Jonas) CHEN | NBS | NTU


Tao Chen


Tao (Jonas) CHEN


Assistant Professor in Finance


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 Finance in 2014. His research interest focuses on how financial markets participants (e.g., analysts and institutional investors) impact corporate policies, which broadly includes corporate finance and corporate governance, mergers and acquisitions, tax avoidance, and banking and financial institutions.

He has published his work in Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Strategic Management Journal, Journal of Banking and Finance, and Journal of Corporate Finance. His papers have been presented at major finance conferences including AFA, WFA, EFA, NBER, AAA, FIRS, ABFER, CICF, CFRC, Finance Down Under, ECCCS, FMA, NTU ICF, AsFA, and Fed, and covered by Financial Times and VoxEU.

He has received numerous awards, including CUHK Young Scholars Award, NBS Teaching Excellence Award, Outstanding Paper Award in Annual Conference on Asia-Pacific Financial Markets, and Best Paper Award in Asian Finance Association Annual Meeting.


Selected Publications:

Journal Papers

8. “Marginal Cost of Risk-Based Capital and Risk-Taking (with J. Goh, S. Kamiya, and P. Lou), Journal of Banking and Finance, Forthcoming, 2019.

7. “Institutional Shareholders and Corporate Social Responsibility (with H. Dong, and C. Lin), Journal of Financial Economics, Forthcoming, 2018.


6. “Do Analysts Matter for Governance? Evidence from Natural Experiments” (with J. Harford, and C. Lin), Journal of Financial Economics, 115 (2), 383-410.


5. “Does Information Asymmetry Affect Tax Aggressiveness?” (with C. Lin), Journal of Financial and Quantitative Analysis, Forthcoming, 2017.

4. “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.

3. “How Does Analysts’ Forecast Quality Relate to Corporate Investment Efficiency?” (with L. Xie, and Y. Zhang), Journal of Corporate Finance, 43 (2017), 217-240.

2. “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.


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


Google Scholar Citations

Total citation: 515; H-index: 10




Most Recent Evaluation (average of all the sessions)

BF 2201 Investments (UG)


2017-2018, NTU

BF 2207 International Finance (UG)


2014-2016, NTU