Yao Chen is a Lecturer (Assistant Professor) in Finance at the University of Exeter Business School. After a PhD in Finance from Warwick Business School, he joined Cardiff University in September 2017 before moving to Exeter.
Yao’s research interests are in behavioural finance, empirical asset pricing, and corporate social responsibility.
He has published in the Journal of Financial and Quantitative Analysis. His work has been presented at leading international conferences such as the China International Conference in Finance, Global Research Alliance for Sustainable Finance Conference, and annual meetings of the Financial Management Association and European Financial Management Association.
Qualifications
- PhD (Warwick)
- MSc (Lancaster)
- BSc (Lancaster)
Research interests
- Behavioral Finance
- Empirical Asset Pricing
- Corporate Social Responsibility
- Mutual Funds
Research projects
- Dynamic ESG Preferences and Asset Prices (with Alok Kumar and Chendi Zhang)
- Do Fund Managers Respond to ESG News? Evidence from Portfolio Holdings and Investor Flows (with Linquan Chen and Woon Sau Leung)
Key publications | Publications by category | Publications by year
Publications by category
Journal articles
Chen Y, Kumar A, Zhang C (In Press). Searching for Gambles: Gambling Sentiment and Stock Market Outcomes.
Journal of Financial and Quantitative AnalysisAbstract:
Searching for Gambles: Gambling Sentiment and Stock Market Outcomes
Using Internet search volume for lottery to capture gambling sentiment shifts, we show that when the overall gambling sentiment is strong, investor demand for lottery stocks increases, these stocks earn positive short-run abnormal returns, managers are more likely to split stocks to cater to the increased demand for low-priced lottery stocks, and IPOs earn higher first day returns. Further, the sentiment-return relation is stronger among low institutional ownership firms, headquartered in regions where gambling is more acceptable and local bias is stronger. These results suggest that gambling sentiment has a spillover effect on the stock market.
Abstract.
Full text.
Publications by year
In Press
Chen Y, Kumar A, Zhang C (In Press). Searching for Gambles: Gambling Sentiment and Stock Market Outcomes.
Journal of Financial and Quantitative AnalysisAbstract:
Searching for Gambles: Gambling Sentiment and Stock Market Outcomes
Using Internet search volume for lottery to capture gambling sentiment shifts, we show that when the overall gambling sentiment is strong, investor demand for lottery stocks increases, these stocks earn positive short-run abnormal returns, managers are more likely to split stocks to cater to the increased demand for low-priced lottery stocks, and IPOs earn higher first day returns. Further, the sentiment-return relation is stronger among low institutional ownership firms, headquartered in regions where gambling is more acceptable and local bias is stronger. These results suggest that gambling sentiment has a spillover effect on the stock market.
Abstract.
Full text.
Awards and Honours
- 2020: Exeter Above and Beyond Award
- 2019: Exeter Above and Beyond Award
- 2016: FMA Annual Meeting Best Paper Award Semi-Finalist
- 2012-2016: ESRC Doctoral Scholarship
- 2008-2011: Lancaster University Management School Scholarship
