Professor K C Chan

Professor K C Chan
Secretary for Financial Services and the Treasury

K C Chan, JP
Chair Professor (on leave)
kcchan@ust.hk

PhD, 1985, University of Chicago, Finance
MBA, 1981, University of Chicago
BA (with Honors), 1979, Wesleyan University, Economics

Professor K.C. Chan was born in 1957. Before assuming the post of Secretary for Financial Services and the Treasury, Professor Chan was Dean of Business and Management of the Hong Kong University of Science and Technology (HKUST). Prior to joining the HKUST Business School in 1993, Professor Chan had spent nine years teaching at Ohio State University in the USA.

Professor Chan received his bachelor's degree in economics from Wesleyan University and both his M.B.A. and Ph.D. in finance from the University of Chicago. He is specialised in assets pricing, evaluation of trading strategies and market efficiency and has published numerous articles on these topics.

Before joining the Government, Professor Chan held a number of public service positions including Chairman of the Consumer Council; director of the Hong Kong Futures Exchange; member of the Commission on Strategic Development, Commission on Poverty, the Exchange Fund Advisory Committee, the Hang Seng Index Advisory Committee, and the Hong Kong Council for Academic Accreditation. Professor Chan is also former President of the Asian Finance Association and former President of Association of Asia Pacific Business Schools.

PUBLICATIONS:

"An Exploratory Investigation of the Firm Size Effect," with Nai-fu Chen and David Hsieh, Journal of Financial Economics 14 (3), (1985).

"Can Tax-Loss Selling Explain the January Seasonal in Stock Returns?" Journal of Finance 41(5), (1986).

"Risk and the Economy: A Finance Perspective," with René Stulz, in Financial Risk: Theory, Evidence and Implications, C.C. Stone, ed., Kluwer Academic Publishers, Norwell, M.A., (1988)

"On the Contrarian Investment Strategy," Journal of Business 61: 147-64, (1988).(Reprinted in Market Efficiency: Stock Market Behaviour in Theory and Practice, Andrew Lo, ed., Edward Elgar Publishers.)

"An Unconditional Test of Asset Pricing and the Role of Firm Size as an Instrumental Variable for Risk," with Nai-fu Chen, Journal of Finance 63: 309-325, (1988).

"Risk and Return from Real Estate: Evidence from Equity REITs," with Patric Hendershott and Anthony Sanders, AREUEA Journal , (Winter 1990), 431-452.

"Structural and Return Characteristics of Small and Large Firms," with Nai-fu Chen, Journal of Finance 46, (1991).

"Intraday Volatility in the Stock Index and Stock Index Futures Markets," with Kalok Chan and Andrew Karolyi, Review of Financial Studies 4: 657-684, (1991).

"The Volatility of the Japanese Stock Market: Evidence from 1977 to 1990," with G. Andrew Karolyi, in Japanese Financial Market Research , W. Ziemba, W. Bailey and Y. Hamao, (eds.,), North-Holland Publishers, (1991).

"The Volatility of Short-Term Interest Rates: An Empirical Comparison of Alternative Models of the Term Structure of Interest Rates," with G. Andrew Karolyi, Francis A. Longstaff and Anthony B. Sanders, Journal of Finance 68 (1992), 1209-1227.

"The Volatility of Japanese Interest Rates: A Comparison of Alternative Term Structure Models," with G. Andrew Karolyi, Francis A. Longstaff and Anthony B. Sanders, in Rhee and Chang (eds), Pacific Basin Financial Market Research , Vol. 3, (1992).

"Global Financial Markets and the Risk Premium on the U.S. Equity" with Andrew Karolyi and René Stulz, Journal of Financial Economics 32 (2) (1992), 137-168

"Economic Forces and Commodity Futures Prices: Further Evidence on Time-Varying Risk Premia," with Warren Bailey, Journal of Finance 48 (3) (1993).

"Market Structure and the Intraday Pattern of Bid-Ask Spreads for NASDAQ Securities," with William G. Christie and Paul H. Schultz, Journal of Business 68 (1) (1995), 35-60.

"Information, Trading and Stock Returns: Lessons from dually-listed securities", with Wai-Ming Fong and René Stulz, Journal of Banking and Finance, (1996).

"Does Money Explain Asset Returns? Theory and Empirical Analysis" with Silverio Foresi and Larry Lang, Journal of Finance 51(1), (1996).

"The Performance of Japanese Mutual Funds", Review of Financial Studies, (with Jun Cai and Takeshi Yamada), (1997) 10: 237-274