August 2014 315 Kalkin University of Vermont Burlington, VT 05405-0157

August 2014
KEVIN C.H. CHIANG
315 Kalkin
University of Vermont
Burlington, VT 05405-0157
(O) (802) 656-0515
E-mail: [email protected]
RESEARCH INTERESTS
REITs, real estate investments, sustainable real estate, corporate social responsibility,
portfolio management
PUBLICATIONS
40. “What Drives REIT Prices? The Time-Varying Informational Content of REIT
Dividend Yields”: Journal of Real Estate Research, forthcoming.
39. “The Strategic Setting of Real Estate Mutual Fund Expense Ratios”: Co-authored
with Craig Wisen and Xiyu (Thomas) Zhou, Journal of Applied Business Research, 2013,
1642-1656.
38. “REIT Stock Dividends: The Policy and Intra-Industry Wealth Effects”: Co-authored
with Ming-Long Lee and Chia-Wei Lin, Journal of Property Investment & Finance,
2012, 563-582.
37. “The Intra-Industry Effects of REIT Dividend Announcements”: Co-authored with
Ming-Long Lee, Chia-Wei Lin, and Shew-Huei Kuo, Pacific Rim Property Research
Journal, 2012, 35-48.
36. “Chasing Housing Prices?”: Co-authored with Allen Atkins and Ming-Long Lee,
Journal of Applied Business Research, 2012, 237-244.
35. “Investor Sentiment and Closed-End Country Funds”: Co-authored with Craig Wisen
and Xiyu (Thomas) Zhou, International Business and Economics Research Journal,
2011, 119-142,
34. “The Role of Correlated Trading in Setting REIT Prices”: Co-authored with MingLong Lee, Journal of Real Estate Finance and Economics, 2010, 320-338.
33. “Long-Run Price Behavior of Equity REITs: Become More Like Common Stocks
after the Early 1990s?”: Co-authored with Ming-Long Lee, Journal of Property
Investment and Finance, 2010, 454-465.
32. “On the Comovement of REIT Prices:” Journal of Real Estate Research, 2010, 187200.
31. “Long-Run Underperformance and the Offering Price Clustering Phenomenon”: Coauthored with Harikumar Sankaran and Xiyu (Thomas) Zhou, Journal of Business and
Economics Research, 2010, 49-57.
30. “REIT Excess Dividend and Information Asymmetry: Evidence with Taxable
Income”: Co-authored with Ming-Te Lee, Banghan Chiu, Ming-Long Lee, and V. Carlos
Slawson, Jr., Journal of Property Investment and Finance, 2010, 221-236.
29. “Time-Varying Real Estate Sensitivities of Mortgage REITs”: Co-authored with
Banghan Chiu, Ming-Te Lee, and Ming-Long Lee, Applied Economics Letters, 2010,
1633-1640.
28. “REIT Idiosyncratic Risk”: Co-authored with Xiaoquan Jiang and Ming-Long Lee,
Journal of Property Research, 2009, 349-366.
27. “Do Aggressive Funds Reallocate Their Portfolios Aggressively?”: Co-authored with
Xiyu (Thomas) Zhou, Accounting and Finance, 2009, 481-503.
26. “Discovering REIT Price Discovery: A New Data Setting”: Journal of Real Estate
Finance and Economics, 2009, 74-91.
25. “Further Evidence on the Performance of Funds of Funds: The Case of Real Estate
Mutual Funds”: Co-authored with Kirill Kozhevnikov, Ming-Long Lee, and Craig H.
Wisen, Real Estate Economics, 2008, 47-61.
24. “Real Estate Risk Exposure of Equity Real Estate Investment Trusts”: Co-authored
with Ming-Long Lee and Ming-Te Lee, Journal of Real Estate Finance and Economics,
2008, 165-181.
23. “Structural Breaks and Cross-Continental Real Estate Securities Diversification:
Evidence from Spanning Tests”: Co-authored with Ming-Long Lee and Ming-Te Lee,
Pacific Rim Property Research Journal, 2007, 510-535.
22. “International Diversification: the Within- and Between-Region Effects”: Coauthored with Christian Leonhard, Journal of Investing, 2007, 51-68.
21. “Non-Fundamentals and Value Returns”: Co-authored with Kirill Kozhevnikov and
Craig H. Wisen, Applied Financial Economics, 2007, 1075-1083.
20. “Spanning Tests on Asian Real Estate Securities”: Co-authored with Ming-Long Lee
and Ming-Te Lee, Journal of Financial Review, 2007, 1-20.
19. “Mutual Fund Post-Acquisition Management Retention and its Performance
Implications”: Co-authored with Xiyu (Thomas) Zhou, Corporate Finance Review, 2007,
28-34.
18. “Mutual Fund Acquisitions and the Wealth of Target Shareholders”: Co-authored
with Xiyu (Thomas) Zhou and Craig Wisen, Journal of American Academy of Business,
Cambridge, 2007, 33-38.
17. “Emerging Market Bonds as an Asset Class: Mean-Variance Spanning”: Co-authored
with Craig Wisen and Xiyu (Thomas) Zhou, Journal of Investing, 2007, 104-110.
16. “Spanning Tests on Public and Private Real Estate”: Co-authored with Ming-Long
Lee, Journal of Real Estate Portfolio Management, 2007, 7-15.
15. “Motivations behind the Acquisitions of Mutual Funds”: Co-authored with Xiyu
(Thomas) Zhou, Corporate Finance Review, 2007, 19-26.
14. “Country-Specific Risk and Returns”: Co-authored with Ashley Kung, Xiyu
(Thomas) Zhou, Journal of Business and Economic Perspectives, 2006, 28-38.
13. “The Perception of Dividends by Professional Investors”: Co-authored with George
M. Frankfurter, Arman Kosedag and Bob Wood, Managerial Finance, 2006, pp. 60-81.
12. “Explaining the Initial Returns of Mutual Funds”: Co-authored with Craig H. Wisen,
Journal of Investing, 2006, pp. 53-67.
11. “REIT Mimicking Portfolio Analysis”: Co-authored with Kirill Kozhevnikov, MingLong Lee, and Craig H. Wisen, International Real Estate Review, 2006, 95-111.
10. “On the Time Series Properties of Real Estate Investment Trust Beta”: Co-Authored
with Ming-Long Lee and Craig H. Wisen, Real Estate Economics, 2005, pp. 381-396.
9. “The Ranking Properties of the Morningstar Risk-Adjusted Rating”: Co-authored with
Kirill Kozhevnikov and Craig H. Wisen, Journal of Investing, 2005, pp. 90-98.
8. “Bidding Dynamics in Multi-Unit Auctions: Empirical Evidence from Online Auctions
of Certificates of Deposit”: Co-authored with Ashley Kung, Journal of Financial
Intermediation, 2005, pp. 239-252.
7. “Exploratory Analyses of Dividend Re-Investment Plans and Some Comparisons”: Coauthored with George M. Frankfurter and Arman Kosedag, International Review of
Financial Analysis, 2005, pp. 570-586.
6. “Substitutability between Equity REITs and Mortgage REITs”: Co-authored with
Ming-Long Lee, Journal of Real Estate Research, 2004, pp. 95-113.
5. “Another Look at the Asymmetric REIT-Beta Puzzle”: Co-authored with Ming-Long
Lee and Craig H. Wisen, Journal of Real Estate Research, 2004, pp. 25-42.
4. “Offering Price Clusters and Underpricing in the US Primary Market”: Co-authored
with T. Harikumar, Applied Financial Economics, 2004, pp. 809-822.
3. “A Comparative Analysis of Perception of Dividends by Financial Managers”: Coauthored with George M. Frankfurter, Arman Kosedag, David Collison, David M.
Power, Hartmut Schmidt, and Raymond So, Research in International Business and
Finance, 2004, pp. 73-113.
2. “REITs in the Decentralized Investment Industry”: Co-authored with Ming-Long Lee,
Journal of Property Investment and Finance, 2002, pp. 496-512.
1. “Taking Practical Views of Risk-Taking”: Co-authored with George M. Frankfurter
and Elton G. McGoun, Journal of Investing, 2001, pp. 30-40.
PAPER UNDER REVISION
“An Examination of REIT Characteristics in the Portfolio Holdings of Real Estate Mutual
Funds”: Co-authored with Seow Eng Ong, Craig Wisen, and Xiyu (Thomas) Zhou. (with
Real Estate Economics)
WORKING PAPERS
“REIT Property-Type Risk Sensitivities and Performance”: Co-authored with Ming-Te
Lee, and Ming-Long Lee.
“Housing and Asset Prices: An Empirical Perspective”: Co-authored with Norm Miller.
“REIT Governance, Entrepreneurial Control, and Corporate Value”: Co-authored with
Rocki-Lee DeWitt, David Folkman, and Long Jiao.
“Corporate Social Responsibility and Growth Opportunities”: Co-authored with Gregory
Wachtel and Xiyu (Thomas) Zhou.
PRESENTATIONS
1999 FMA Doctoral Student Consortium
- “What Percentage of Common Stocks Are Mispriced?”
1999 FMA Annual Meeting
- “Taking Practical Views of Risk-Taking”
2000 FMA Annual Meeting
- “Survival, Tournament, and Risk Strategy in the Mutual Fund Industry.”
2001 FMA Annual Meeting (by co-author)
- “What Percentage of Common Stocks Are Mispriced?”
2001 EFA Annual Meeting (by co-author)
- “What Percentage of Common Stocks Are Mispriced?”
2002 FMA Annual Meeting
- “International Diversification: the Within- and Between-Region Effects”
2004 Pan-Pacific Conference
- “How Long Does Investor Sentiment Last?”
2006 Academic Business World International Conference (by co-author)
- “Country-Specific Risk and Returns”
2007 APRU Real Estate Research Symposium (by co-author)
-“ Informational Advantages, Market Frictions, and Risk Preferences: An Examination of
the Holdings of Real Estate Mutual Funds”
2010 ARES Annual Meeting
-“The Informational Content of REIT Dividend Yields”
EDITORIAL BOARD
Editor, Current Urban Studies
HONORS
Best paper award, 2006 Academic Business World International Conference
Bilby Researcher of the Year, 2005-2006
The American Real Estate and Urban Economics Association outstanding referee 2013
JOURNAL REVIEW
Applied Financial Economics
Current Urban Studies
Financial Review
International Journal of Hospitality Management
Journal of Accounting and Taxation
Journal of Financial Research
Journal of International Money and Finance
Journal of Real Estate Finance and Economics
Journal of Real Estate Literature
Journal of Real Estate Research
Managerial Finance
Quarterly Journal of Business and Economics
Quarterly Review of Economics and Finance
Real Estate Economics
BOOK REVIEW
International Investments, 2003, 5th edition, by Bruno Solnik and Dennis McLeavey,
Pearson Allison Wesley.
Corporate Finance, 2007, 8th edition, by Stephen Ross, Randolph Westerfield, and
Jeffrey Jaffe, McGraw-Hill Irwin.
Public Real Estate Markets and Investments, 2014, edited by Kent Baker and Peter
Chinloy, Oxford.
Private Real Estate Markets and Investments, 2014, edited by Kent Baker and Peter
Chinloy, Oxford.
GRANT AND AWARD REVIEW
Social Sciences and Humanities Research Council of Canada, 2008, 2009
Aareal Award of Excellence in Real Estate Research, 2011, 2012, 2013
Academy of Finland, 2011
University of Missouri Research Board, 2014
UNIVERSITY SERVICE
MBA Committee (member), UAF, 2001
MBA Capital Markets Area (coordinator), UAF, 2002
Search Committee-Finance (chair), UAF, 2002
Search Committee-Finance (chair), UAF, 2003
Research Committee (member), UAF, 2003
Instructional Committee (member), UAF, 2003
Academic Program Review Committee (chair), Biology MAT, UAF, 2004
Thesis Committee (co-chair), UAF, 2004
Search Committee-Economics (member), NAU, 2006
Fujian (China) Scholar Visiting Program (mentor), NAU, 2006
Dean Search Committee (member), UVM, 2008-2009
Guest Columnist, Vermont Cynic, 2008
Research and Technology Committee (member), Faculty Senate, UVM, 2008-2009
International Student Success Task Force (representative), UVM, 2009-2011
US-Sino Pathway Program Bridge Curriculum Committee (member), UVM, 2009
Dean Search Committee (member), UVM, 2009-2011
Research, Scholarship & Graduate Education Committee (member), Faculty Senate,
UVM, 2010University Orchestra Conductor Search Committee (member), UVM, 2010-2011
Faculty Initiatives Sub-Committee (member), International Advisory Committee, UVM,
2010-2012
Steven Grossman Endowed Chair Search Committee (Chair), UVM, 2013-2014
EDUCATION
Louisiana State University
Mankato State University
National Taipei Inst. of Tech.
EXPERIENCE
Fortune Investments
Fortune Investments
Business Weekly
Louisiana State University
University of Alaska Fairbanks
Northern Arizona University
University of Vermont
Finance
Business Administration
Mining Engineering
Ph.D.
MBA
Diploma
Security Analyst
Director, Portfolio Research
Senior Editor
Research Assistant
Assistant Professor of Finance
Associate Professor of Finance
Assistant Professor of Finance
Associate Professor of Real
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2007-2012
Estate/Finance
Professor of Real Estate/Finance
2012-