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Photo of Chen, Hsiu-Lang

Hsiu-Lang Chen

Associate Professor and Director of Master of Science in Finance (MSF) Graduate Studies

Department of Finance


Building & Room:

UH 2119


601 S. Morgan St., Chicago, IL 60607

Office Phone:

(312) 355-1024

CV Link:

Hsiu-Lang Chen



  • Associate Professor of Finance, University of Illinois at Chicago, 2006 - present
  • Visiting Associate Professor of Finance, Northwestern University, Fall 2005
  • Associate Professor of Finance, University of Illinois at Chicago, 2003 - 2005
  • Assistant Professor of Finance, University of Illinois at Chicago, 1997 - 2003

Selected Grants

Institute for Quantitative Investment Research, Gradual Diffusion of Upstream and Downstream Earnings News—Implications for Stock Prices, awarded a ₤10,000 INQUIRE-UK grant, Principal Investigator

INQUIRE-UK, Style Migration and Cross-Section of Average Stock Returns, awarded a ₤9,000 INQUIRE-UK grant, Co-Principal Investigator

Selected Publications

  • Chen, Hsiu-lang, 2024, Active Mutual Funds and Their Passive ETF Investments, Journal of Financial Research 47 (Lead Article), 1–33.
  • Chen, Hsiu-lang, 2022, Valuation Risk in Mutual Fund Portfolio Disclosure, Review of Asset Pricing Studies 12, 243-288.
  • Chen, Hsiu-lang, 2018, “Information Diffusion of Upstream and Downstream Industry-wide Earnings Surprises and Its Implications,” Review of Quantitative Finance and Accounting 51, 751-784.
  • Chen, Hsiu-lang, 2015, “Cross-Market Investor Sentiment in Commodity Exchange-Traded Funds,” Credit and Capital Markets 48 (Lead Article), Issue 2, 171-20.6.
  • Chen, Hsiu-lang and Gilbert Bassett, 2014, “What Does ßSMB>0 Really Mean?” Journal of Financial Research 37, 543-552.
  • Chen, Hsiu-lang, Sheldon Gao, and Xiaoqing Hu, 2012, “Closing and cloning in open-end mutual funds,” Journal of Banking and Finance 36, 1210-1223.
  • Chen, Hsiu-lang and George Pennacchi, 2009, “Does prior performance affect a mutual fund’s choice of risk? Theory and further empirical evidence,” Journal of Financial and Quantitative Analysis 44 (Lead Article), 745-775.
  • Hsiu-Lang Chen, 2006, “On Russell index reconstitution,” Review of Quantitative Finance and Accounting 26, 409-430.
  • Chen, Hsiu-Lang and Re-Jin Guo, 2005, “On corporate divestiture,” Review of Quantitative Finance and Accounting 24, 399-421.
  • Chen, Hsiu-Lang and Werner De Bondt, 2004, “Style momentum within the S&P500 index”, Journal of Empirical Finance 11, 483-507.
  • Chen, Hsiu-lang Chen, 2003, “On characteristics momentum,” Journal of Behavioral Finance 4, 137-156.
  • Chan, Louis K. C., Hsiu-lang Chen, and Josef Lakonishok, 2002, “On mutual fund investment styles,” Review of Financial Studies 15, 1407-1437.
  • Bassett, Gilbert and Hsiu-lang Chen, 2001, “Portfolio style: Return-based attribution using quantile regression,” Empirical Economics 26, 293-305.
  • Chen, Hsiu-lang, Narasimhan Jegadeesh, and Russell Wermers, 2000, “The value of active mutual fund management: An examination of stockholdings and trades of fund managers,” Journal of Financial and Quantitative Analysis 35, 343-368.

Service to Community

  • Member, Finance Advisor Committee, Naperville School District 203, 2006-2011
  • Director, Board of Directors, Good Deeds Academy NFP, 2003-2009
  • Principal and Founder, Good Deeds Academy NFP (A Chinese School), 2003-2005

Professional Leadership

Director of Graduate Studies, Master of Science in Finance, University of Illinoise at Chicago

Notable Honors

2000, Recognition for paper "On Characteristics Momentum", 7th annual academic competition at the Chicago Quantitative Alliance conference

1995-1996, Beatrice Company Fellowship and Paul M. Van Arsdell Award for Excellence in Undergraduate Teaching, University of Illinois at Urbana -Champaign

1987, Master Thesis Scholarship, Institute of Securities Market Development (Taiwan)


Ph.D., Finance, 1997, University of Illinois at Urbana - Champaign
M.S., Industrial Economics, 1987, National Central University, Taiwan
B.S., Applied Mathematics, 1985, National Chiao Tung University, Taiwan