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Professor of Finance

PhD, University of Toronto
Areas of Expertise:
Applied Asset Pricing Theory, Corporate Financing, Corporate Strategy, Empirical Asset Pricing, Futures Trading, Internet Finance
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  • Phone: +86 10 8518 8858

    Professor of Finance

    PhD, University of Toronto

    Areas of Expertise: Applied Asset Pricing Theory, Corporate Financing, Corporate Strategy, Empirical Asset Pricing, Futures Trading, Internet Finance


    Dr. Chen Long is a Professor of Finance at CKGSB. From 2001 to 2008, Dr. Chen served as Assistant Professor of Finance at Michigan State University, where he received an Excellence in Teaching award in 2003. Dr. Chen serves as referee at numerous finance journals, including Journal of FinanceReview of Financial Studies and Journal of Money, Credit and Banking. Chen’s business exposure includes two years working in an import and export corporation in China and one year as a professional trader for the commodity futures market. He received his PhD in Finance from the University of Toronto in 2001.

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    • Business Scholars Program
  • Ant Financial: The Social Value of Digital Inclusive Finance, 2016

  • Articles

    1. New generation of Chinese tycoons putting good causes before money”, South China Morning Post, 2014
    2. Alibaba Restructuring of Alipay Pacts Could Boost Value”, Wall Street Journal, 2014
    3. Concern raised over Internet finance”, Global Times, 2014
    4. Higher Return, Similar Risks: Is China’s Sweet Deal Of Internet Finance Real?”, Forbes, 2014
    5. What’s Missing in China’s Reform Plan”, Wall Street Journal, 2013
  • Selected Publications

    1. Corporate Yield Spreads and Bond Liquidity, with David Lesmond and Jason Wei, Journal of Finance, 62 (2007), 119-149; ranked by Journal of Finance as one of the top ten most cited articles from Journal of Finance.
    2. The Expected Value Premium, with Ralitsa Petkova and Lu Zhang, Journal of Financial Economics, 87 (2008), 269-280.
    3. Expected Returns, Yield Spreads, and Asset Pricing Tests, with Murillo Campello and Lu Zhang, Review of Financial Studies, 21(3) (2008), 1297-1338.
    4. On the Reversal of Dividend and Return Predictability: A Tale of Two Periods, Journal of Financial Economics, 92(1) (2009), 128-151.
    5. On the Relation between the Credit Spread Puzzle and the Equity Premium Puzzle, with Pierre Collin-Dufresne and Robert Goldstein, Review of Financial Studies, 22(9) (2009), 3367-3409.
    6. Return Decomposition, with Xinlei Zhao, Review of Financial Studies, 22(12) (2009), 5213-5249; ranked by RFS as one of the most cited RFS papers published in 2009.
    7. Do Time-Varying Risk Premiums Explain Labor Market Performance? With Lu Zhang, Journal of Financial Economics, 99(2) (2011), 385-399.
    8. Dividend Smoothing and Predictability, with Zhi Da and Richard Priestley, forthcoming,Management Science.
    9. What Drives Stock Price Movements? With Zhi Da and Xinlei Zhao, leading articlein Review of Financial Studies, 26 (2013).
    10. Are Financial Constraints Priced? Evidence from Firm Fundamentals and Stocks, with Murillo Campello, Journal of Money, Credit, and Banking, 42 (2010), 1185-1198.
    11. On the Relation between the Market-to-Book Ratio, Growth opportunity, and Leverage Ratio, with Shelly Zhao, Finance Research Letters, 3(2006) 253-266.
    12. Mechanical Mean Reversion of Leverage Ratios, with Shelly Zhao, Economic Letters95 (2007) 223-229.

    Working Papers

    1. An Alternative Three-Factor Model, With Robert Novy-Marx and Lu Zhang
    2. What Moves Aggregate Investment? With Zhi Da and Borja Larrain
    3. Myopic Extrapolation, Price Momentum, and Price Reversal, with Claudia Moise and Xinlei Zhao; presented at EFA 2009 and WFA 2010
    4. Fresh Momentum, with Ohad Kadan and Kose Engin
    5. Inflation and Credit Risk, with Hui Chen

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