Finance staff

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Dr Jianguo Chen staff profile picture

Contact details +6469517050

Dr Jianguo Chen BSc, MSc, PhD

Senior Lecturer

Doctoral Supervisor
School of Economics and Finance

Jianguo received his PhD from the University of Mississippi in 1999 and started his professional career in Massey University since then. His major teaching interest is in the area of corporate finance.  He has published many papers in financial journals in a wide range of areas. His recent research interests cover the topics of Asset Pricing Models, Corporate Cash Flows Analysis, Corporate Corruption, Dividend Policy and Capital Structure, and International Portfolio Analysis.

Senior Lecturer, PhD, School of Economics and Finance.  

TEACHING COURSES: Advanced Corporate Finance, Research Methods in Finance

RESEARCH INTERESTS: Corporate Finance and Portfolio Investments and Analysis

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Professional

Contact details

  • Ph: 84050
    Location: 2.15, Business Study West
    Campus: Hokowhitu

Qualifications

  • Bachelor of Science - Southeast University (1982)
  • Master of Science - Hujiang University (1988)
  • Doctor of Philosophy - University of Mississippi (1999)

Research Expertise

Research Interests

Corporate Finance; Portfolio Investments; International Investments and Asset Evaluation

Thematics

Resource Development and Management

Area of Expertise

Field of research codes
Banking, Finance and Investment (150200): Commerce, Management, Tourism And Services (150000): Finance (150201): Financial Econometrics (150202)

Keywords

Corporate Finance; Asset Pricing and Portfolio Investment

Research Outputs

Journal

Chen, J., & Smith, D. (2024). Disclosure policy choice, stock returns and information asymmetry: Evidence from capital expenditure announcements. Australian Journal of Management. 49(2), 192-213
[Journal article]Authored by: Chen, J., Smith, D.
Hao, W., Wongchoti, U., Young, M., & Chen, J. (2021). R<sup>2</sup> and the corporate signaling effect. International Review of Finance. 21(4), 1353-1381
[Journal article]Authored by: Chen, J., Hao, W., Wongchoti, U., Young, M.
Wei, Y., Chen, J., & Wirth, C. (2022). Tunnelling, Fraudulent Financial Statements and Regulation Effects: Chinese Evidence. Emerging Markets Finance and Trade. 58(3), 614-624
[Journal article]Authored by: Chen, J.
Bin, L., Chen, J., & Xuan Ngo, A. (2020). Revisiting executive pay, firm performance, and corporate governance in China. Economics, Management, and Financial Markets. 15(1), 9-32
[Journal article]Authored by: Chen, J.
Chen, J., & Smith, D. (2020). The consistency principle in relation to the WACC model. Advances in Financial Education. (Summer 2020), 159-173 Retrieved from https://jfedweb.org/issues/AFE/AFE2020.pdf
[Journal article]Authored by: Chen, J., Smith, D.
Bin, L., Chen, J., & Tran, DS. (2019). Exploring the determinants of working capital management: Evidence across east asian emerging markets. Economics, Management, and Financial Markets. 14(2), 11-45
[Journal article]Authored by: Chen, J.
Oad Rajput, SK., Wongchoti, U., Chen, J., & Faff, R. (2019). Is Financial Flexibility a Priced Factor in the Stock Market?. Financial Review. 54(2), 345-375
[Journal article]Authored by: Chen, J., Wongchoti, U.
Wei, Y., Chen, J., & Wirth, C. (2017). Detecting fraud in Chinese listed company balance sheets. Pacific Accounting Review. 29(3), 356-379
[Journal article]Authored by: Chen, J.
Leo Bin, ., Chen, J., Mark Puclik, ., & Yongzhi Su, . (2017). Predicting extreme returns in Chinese stock market: An application of contextual fundamental analysis. Journal of Accounting and Finance. 17(3), 10-25 Retrieved from http://www.na-businesspress.com/Subscriptions/SubscriptionPortal.html
[Journal article]Authored by: Chen, J.
Wei, Y., Chen, JG., & Wirth, CG. (2017). Detecting fraud in Chinese listed company balance sheets. Pacific Accounting Review. 29(3), 356-379 Retrieved from http://www.emeraldinsight.com/doi/abs/10.1108/PAR-04-2016-0044
[Journal article]Authored by: Chen, J.
Chen, J., Bin, L., & Zhao, P. (2016). Conditions of pure arbitrage applications: Evidence from three currencies. Economics, Management, and Financial Markets. 11(3), 11-20
[Journal article]Authored by: Chen, J.
Chen, J., Naylor, M., & Boardman, J. (2015). Real options in foreign investment: A south american case study. Journal of Applied Corporate Finance. 27(1), 110-120 Retrieved from http://onlinelibrary.wiley.com/doi/10.1111/jacf.12110/abstract?systemMessage=Wiley+Online+Library+will+be+unavailable+on+Saturday+7th+Oct+from+03.00+EDT+/+08:00+BST+/+12:30+IST+/+15.00+SGT+to+08.00+EDT+/+13.00+BST+/+17:30+IST+/+20.00+SGT+and+Sunday+8th+Oct+from+03.00+EDT+/+08:00+BST+/+12:30+IST+/+15.00+SGT+to+06.00+EDT+/+11.00+BST+/+15:30+IST+/+18.00+SGT+for+essential+maintenance.+Apologies+for+the+inconvenience+caused+.
[Journal article]Authored by: Chen, J.
Smith, DJ., Chen, J., & Anderson, HD. (2015). The influence of firm financial position and industry characteristics on capital structure adjustment. Accounting and Finance. 55(4), 1135-1169
[Journal article]Authored by: Anderson, H., Chen, J., Smith, D.
Chen, J., Bin, FS., & Tang, J. (2013). Investment decisions, state ownership, and management optimism: Chinese market evidence. International Research Journal of Applied Finance. IV(11), 1505-1525 Retrieved from https://www.irjaf.com/home.html
[Journal article]Authored by: Chen, J.
Chen, J., Young, M., & Bennett, A. (2013). Industry versus country effects in stock returns: The significance of value-weighted versus equal-weighted estimation. International Journal of Portfolio Analysis and Management. 1(3), 278-287 Retrieved from http://www.inderscience.com/info/inarticletoc.php?jcode=ijpam&year=2013&vol=1&issue=3
[Journal article]Authored by: Chen, J., Young, M.
Cao, W., Chen, J., & Chi, J. (2010). Bank firm relationship and firm performance under a state-owned bank system: Evidence from China. Banks and Bank Systems. 5(3), 68-79
[Journal article]Authored by: Chen, J., Chi, J.
Chen, DH., Chen, CD., Chen, J., & Huang, YF. (2013). Panel data analyses of the pecking order theory and the market timing theory of capital structure in Taiwan. International Review of Economics and Finance. 27, 1-13
[Journal article]Authored by: Chen, J.
Smith, DJ., Chen, J., & Anderson, HD. (2012). The relationship between capital structure and product markets: Evidence from New Zealand. Review of Quantitative Finance and Accounting. 38(1), 1-24
[Journal article]Authored by: Anderson, H., Chen, J., Smith, D.
Cao, W., Chen, J., & Chi, J. (2010). Bank firm relationship and firm performance under a state-owned bank system: Evidence from China. Banks and Bank Systems. 5(3), 68-79
[Journal article]Authored by: Chen, J., Chi, J.
Chen, J., & Dhiensiri, N. (2009). Determinants of dividend policy: The evidence from New Zealand. International Research Journal of Finance and Economics. 34, 18-28
[Journal article]Authored by: Chen, J.
Chen, DH., Chen, CD., & Chen, J. (2009). Downside risk measures and equity returns in the NYSE. Applied Economics. 41(8), 1055-1070
[Journal article]Authored by: Chen, J.
Chen, J., Chi, J., & Zhu, S. (2009). Acquiring capacity and acquiring behaviour of Chinese firms. Journal of Entrepreneurial Finance and Business Ventures. 12(4), 87-104
[Journal article]Authored by: Chen, J., Chi, J.
Chen, J., Blenman, L., & Chen, D. (2008). Does institutional ownership create values? The New Zealand case. Quarterly Journal of Finance and Accounting. 47(4), 109-124
[Journal article]Authored by: Chen, J.
Chen, J., Chen, D., & He, P. (2008). Corporate governance, control type and performance: The New Zealand Story. Corporate Ownership and Control. 5(2), 24-35
[Journal article]Authored by: Chen, J.
Chen, J., Leong Kan, K., & Anderson, H. (2007). Size, book/market ratio and risk factor returns: evidence from China A-share market. Managerial Finance. 33(8), 574-594
[Journal article]Authored by: Anderson, H., Chen, J.
Chen, J., Bennett, JA., & Zheng, T. (2006). Sector effects in developed vs emerging markets. The Financial Analysts Journal. 62(6), 40-51
[Journal article]Authored by: Chen, J.
Chen, J., Chen, D., & Chung, H. (2006). Corporate control, corporate governance and firm performance in New Zealand. International Journal of Disclosure and Governance. 3(4), 263-276
[Journal article]Authored by: Chen, J.
Chen, J., Marshall, BR., Zhang, J., & Ganesh, S. (2006). Financial distress prediction in China. Review of Pacific Basin Financial Markets and Policies. 9(2), 317-336
[Journal article]Authored by: Chen, J., Marshall, B.
Chen, D., Blenman, L., Bin, F., & Chen, J. (2006). The effects of open market reforms on the behaviour of China's stock prices. International Research Journal of Finance and Economics. 5, 95-110
[Journal article]Authored by: Chen, J.
Chen, J., & Chen, D. (2005). The effect of block trades on share prices: Australian evidence. International Journal of Finance. 17(4), 3788-3805
[Journal article]Authored by: Chen, J.
Chen, J., & Blenman, LP. (2005). Equilibrium conditions of forward exchange market expressed in a simple geometric structure. International Journal of Theoretical and Applied Finance. 8(7), 915-932
[Journal article]Authored by: Chen, J.
Chen, J., Naylor, M., & Lu, X. (2004). Some insights into the foreign exchange pricing puzzle: Evidence from a small open economy. Pacific Basin Finance Journal. 12(1), 41-64
[Journal article]Authored by: Chen, J.
Chen, J., & Chen, DH. (2004). The Downside Risk and Equity Evaluation: Emerging Market Evidence. Journal of Emerging Market Finance. 3(1), 77-93
[Journal article]Authored by: Chen, J.
Blenman, LP., & Chen, J. (2001). Non-reversed trade and equilibrium in forward exchange markets. Quarterly Review of Economics and Finance. 41(2), 259-277
[Journal article]Authored by: Chen, J.

Book

Chen, J., Wirth, C., & Wang, R.(2008). The corporate cost of capital and financial investment in New Zealand: Cash flow analysis and IRR of corporates. Saarbrucken, Germany: Lightning Source Incorporated
[Authored Book]Authored by: Chen, J.
Chen, J., Zhang, Y., & Marshall, BR. (2005). Country and sector effects in Asia Pacific markets. In TA. Fetherston, & JA. Batten (Eds.) Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century. (pp. 179 - 197). Amsterdam, The Netherlands: Elsevier
[Chapter]Authored by: Chen, J.

Conference

Wirth, C., Chen, J., & Tran, S.Cluster Analysis and Firm Patterns of Earnings Persistence: A New Approach. Paper presented at the meeting of https://vietnam2019.sciencesconf.org/resource/page/id/8. University of Ho Chi Minh City, Vietnam
[Conference Paper]Authored by: Chen, J.
Wirth, C., Chen, J., & Tran, S.Cluster Analysis and Firm Patterns of Earnings Persistence: A New Approach. . Ho Chi Minh City, Vietnam
[Conference Paper]Authored by: Chen, J.
Wirth, C., Wei, Y., & Chen, J.Cash tunnelling in Chinese fraudulent firms. . School of Business, Ningbo University,
[Conference Paper]Authored by: Chen, J.
Yuen, MK., Young, M., & Chen, J. (2019). Capacity constraints, fund flows and hedge fund alpha: Emerging market evidence. https://weai.org/conferences/view/1/15th-International-Conference. : WEAI 15th International Conference
[Conference Paper in Published Proceedings]Authored by: Chen, J., Young, M., Yuen, M.
Wirth, C., Chen, JG., & Smith, D. (2019). The market reaction to investment transparency. 23rd New Zealand Finance Colloquium 2019. Lincoln Unversity
[Conference Paper in Published Proceedings]Authored by: Chen, J., Smith, D.
Smith, D., Wirth, C., & Chen, J. (2019). Market reactions to investment transparency. 31st Asian FA 2019. : 2019 Asian FA
[Conference Paper in Published Proceedings]Authored by: Chen, J., Smith, D.
Yuen, MK., Young, M., & Chen, J. (2018). Hedge fund factors and Survival Analysis: Evidence from Asia Pacific. https://www.nzfc.ac.nz/archives/2018/programme/. : 2018 New Zealand Finance Colloquium
[Conference Paper in Published Proceedings]Authored by: Chen, J., Young, M., Yuen, M.
Yuen, MK., Young, M., & Chen, J. (2018). Survival analysis of hedge funds and institutional investors: Evidence from Asia Pacific region. https://weai.org/conferences/view/4/14th-International-Conference. : WEAI 14th International Conference
[Conference Paper in Published Proceedings]Authored by: Chen, J., Young, M., Yuen, M.
Yuen, MK., Young, M., & Chen, J. (2017). Hedge Fund Factors and Survival Analysis: Evidence from Asia Pacific. http://www.mfsociety.org/page.php?pageID=329. : 25th Annual Conference of the Multinational Finance Society
[Conference Paper in Published Proceedings]Authored by: Chen, J., Young, M., Yuen, M.
Tran, S., Chen, JG., & Wirth, CG.Cluster Analysis and Firm Patterns: A New Approach. . Massey University, Palmerston North, New Zealand
[Conference Paper]Authored by: Chen, J.
Chen, JG., Smith, DJ., & Wirth, CG. (2018). How is investment efficiency related to investment transparency?. 22nd New Zealand Finance Colloquium 2018. : 22nd New Zealand Finance Colloquium 2018
[Conference Paper in Published Proceedings]Authored by: Chen, J., Smith, D.
Tran, S., Chen, JG., & Wirth, CG. (2018). Cluster Analysis and Firm Patterns: A New Approach. Asia-Pacific Applied Economics Association Conference Proceedings. : 4th Applied Financial Modelling Conference
[Conference Paper in Published Proceedings]Authored by: Chen, J.
Yuen, MK., Young, M., & Chen, J.Capacity Constraints, Fund Flows and Hedge Fund Alpha: Emerging Market Evidence. . Adelaide, Australia
[Conference Paper]Authored by: Chen, J., Young, M., Yuen, M.
Yuen, MK., Young, M., & Chen, J. (2017). Capacity Constraints, Fund Flows and Hedge Fund Alpha: Emerging Market Evidence. http://www.mfsociety.org/page.php?pageID=329. : 24th Annual Conference of the Multinational Finance Society
[Conference Paper in Published Proceedings]Authored by: Chen, J., Young, M., Yuen, M.
Chen, J., Smith, DJ., & Wirth, CG. (2017). How is investment efficiency related to investment transparency?. 30th Australasian Finance and Banking Conference Proceedings. (pp. 1 - 39). : 30th Australasian Finance and Banking Conference
[Conference Paper in Published Proceedings]Authored by: Chen, J., Smith, D.
Wei, Y., Chen, JG., & Wirth, CG. (2016). Cash tunnelling in Chinese firms. FMA 2016 Proceedings. (pp. 1 - 64). : 2016 Financial Management Association Annual Meeting
[Conference Paper in Published Proceedings]Authored by: Chen, J., Chi, J.
Wei, Y., Chen, JG., Chi, J., & Wirth, CG.Cash tunnelling in Chinese firms. . Las Vegas, Nevada
[Conference Paper]Authored by: Chen, J.
Hao, W., Wongchoti, U., Chen, J., & Young, M.R² and the corporate signaling effect. . Sydney, Australia
[Conference Paper]Authored by: Chen, J., Hao, W., Wongchoti, U., Young, M.
Wei, Y., Chen, J., Chi, J., & Wirth, CG.Cash tunnelling in Chinese firms. . Sydney, Australia
[Conference Paper]Authored by: Chen, J., Chi, J.
Chen, J., Wei, Y., & Wirth, C.New model and evidence of cash tunnelling in Chinese firms. . Auckland, New Zealand
[Conference Paper]Authored by: Chen, J.
Wei, Y., Chen, J., & Chi, J.An examination of relation between accounting ratios and corporate fraud. . Tokyo, Japan
[Conference Paper]Authored by: Chen, J., Chi, J.
Smith, D., Chen, J., & Anderson, HD. (2012, December). Firm financing choices in a thin, capital constrained market. Presented at 25th Australasian Finance and Banking Conference. Sydney, Australia.
[Conference Oral Presentation]Authored by: Chen, J., Smith, D.
Smith, D., Chen, J., & Anderson, HD. (2012). Firm financing choices in a thin, capital constrained market. The 25th AFBC Proceedings. Australia: 25th Australasian Finance and Banking Conference
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Chen, J., Smith, D.
Smith, D., Chen, J., & Anderson, H. (2011). Partial adjustment towards target capital structure: Evidence from New Zealand. Financial Management Association Asian Conference. (pp. 1 - 44).
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Chen, J., Smith, D.
Naylor, M., Wongchoti, U., & Chen, J.(2010). Profiting from black swan trades: Evidence from S&P 500 puts. . Barcelona, Spain
[Conference Paper]Authored by: Chen, J., Wongchoti, U.
Chen, J., Chen, D., & Blenman, L.(2008). Does institutional ownership create values? The New Zealand case. . San Antonio, TX
[Conference Paper]Authored by: Chen, J.
Chen, J., & Chen, D. (2008). Does institutional ownership create values? The New Zealand case. Proceedings of the 12th New Zealand Finance Colloquium. (pp. 1 - 25).
[Conference Paper in Published Proceedings]Authored by: Chen, J.
Smith, DJ., Chen, J., & Anderson, HD. (2008). The relationship between capital structure and product markets: Evidence from New Zealand. Proceedings of the 12th New Zealand Finance Colloquium.
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Chen, J., Smith, D.
Blenman, L., & Chen, J. (2006). A two-factor model of interest rates and rational Eurodollar futures pricing. Proceedings of the Midwest Finance Association's 55th Annual Meeting.
[Conference Paper in Published Proceedings]Authored by: Chen, J.
Chen, J., Bennett, JA., & Zheng, T. (2006). The differing importance of sector effects for developed markets versus emerging markets. 17th Asian Financial Association/FMA Meeting: Proceedings.
[Conference Paper in Published Proceedings]Authored by: Chen, J.
Chen, J., & Dhiensiri, N.(2005). Determinants of dividend policy: The evidence from New Zealand. Paper presented at the meeting of 16th Asian Finance Association Conference. Kuala Lumpar, Malaysia
[Conference Paper]Authored by: Chen, J.
Chen, J., Anderson, HD., & Kang, KL.(2004). Size, book/market ratio and risk factor returns: Evidence from China A-share market.
[Conference Paper]Authored by: Anderson, H., Chen, J.
Chen, J., Chen, DH., & He, P.Corporate governance, control type, and performance: The New Zealand story.
[Conference Oral Presentation]Authored by: Chen, J.
Chen, J., Marshall, BR., & Zhang, J.(2003). Country and sector effects in Asia Pacific markets.
[Conference Paper]Authored by: Chen, J.
Chen, J., Piyaket, P., & Black, CG.(2003). Corporate control type and performance: The New Zealand story. Paper presented at the meeting of 16th Australian Finance and Banking Conference. Sydney, NSW
[Conference Paper]Authored by: Chen, J.
Chen, J., Naylor, MJ., & Lu, X. (2001, October). Share price reaction to exchange rate movements in a small and open economy: The New Zealand case. Presented at Financial Management Association International Annual Meeting. Toronto, Canada.
[Conference Oral Presentation]Authored by: Chen, J.

Other

Chen, X., Chen, JG., & Wirth, CG. (2017). Princelings: Exploring a special type of political connection in Chinese listed firms. (pp. 1 - 77). : SSRN
[Working Paper]Authored by: Chen, J.
Wirth, CG., Chen, JG., & Smith, DJ. (2017). How is investment efficiency related to investment transparency?. In Available at SSRN
[Working Paper]Authored by: Chen, J., Smith, D.
Wirth, C., Chen, J., & Smith, DJ. (2017, May). How is investment efficiency related to investment transparency?.
[Oral Presentation]Authored by: Chen, J., Smith, D.
Wei, Y., Chen, JG., & Wirth, CG. (2016). Cash tunnelling in Chinese firms. : SSRN elibrary
[Working Paper]Authored by: Chen, J.
Wei, Y., Chen, JG., & Wirth, CG. (2016). Detecting Fraud in Chinese Listed Company Balance Sheets. : SSRN eLibrary
[Working Paper]Authored by: Chen, J.
Wongchoti, U., Chen, J., & Liang, Z. (2010). R2 and the signalling effect. In Working Paper Series(pp. 1 - 40). : Social Science Research Network
[Working Paper]Authored by: Chen, J., Wongchoti, U.
Chen, J., Marshall, BR., Zhang, J., & Ganesh, S. (2005). Financial distress prediction in China. Massey University
[Other]Authored by: Chen, J.

Thesis

Yuen, MK. (2018). Essays in hedge fund performance: A thesis presented in fulfilment of the requirement for the degree of Doctor of Philosophy in Finance at Massey University, Palmerston North, New Zealand. (Doctoral Thesis, Oral Exam Manawatu Campus) Yuen, MK. (2018). Essays in hedge fund performance: A thesis presented in fulfilment of the requirement for the degree of Doctor of Philosophy in Finance at Massey University, Palmerston North, New Zealand. (Doctoral Thesis)
[Doctoral Thesis]Authored by: Yuen, M.Edited by: Chen, J., Young, M.

Consultancy and Languages

Languages

  • English
    Last used: Now
    Spoken ability: Average
    Written ability: Average
  • Chinese
    Last used: Now
    Spoken ability: Excellent
    Written ability: Average

Teaching and Supervision

Teaching Statement

Corporate Fiance and Finance Research Methods

Summary of Doctoral Supervision

Position Current Completed
Main Supervisor 2 5
Co-supervisor 2 2

Current Doctoral Supervision

Main Supervisor of:

  • Quang Vinh Vu - Doctor of Philosophy
    Dynamics between idiosyncratic risk and investment
  • Zhennan Mao - Doctor of Philosophy
    Currency risk management for international investors

Co-supervisor of:

  • Alicia Qi - Doctor of Philosophy
    Financial stock market liberalisation and firm transparency: Stock Connect scheme in China perspective
  • Thanh Tran - Doctor of Philosophy
    Essays on Financial Markets

Completed Doctoral Supervision

Main Supervisor of:

  • 2019 - Son Tran - Doctor of Philosophy
    CLUSTER ANALYSIS AND FIRM PATTERNS OF EARNINGS PERSISTENCE: A NEW APPROACH
  • 2017 - Xiaoqi Chen - Doctor of Philosophy
    The Impact of Political Connections on Chinese Listed Firms
  • 2015 - Yi Wei - Doctor of Philosophy
    Three essays on corporate fraud in Chinese listed companies
  • 2015 - Suresh Rajput - Doctor of Philosophy
    Pattern Recognition Techniques and Financial Analysis
  • 2011 - David Smith - Doctor of Philosophy
    An analysis of the capital structure determinants and financing behaviour of New Zealand firms

Co-supervisor of:

  • 2018 - Mui Yuen - Doctor of Philosophy
    Essays in Hedge Fund Performance
  • 2009 - Samithamby Senthilnathan - Doctor of Philosophy
    The role of the most recent prior period's price in value relevance studies