Professional Positions · January 2007-present, on leave at the Department of Finance, Hong Kong University of Science and Technology · September 2003-present, Assistant Professor, Department of Economics, Boston University Education · Ph.D. in Economics, University of Rochester, May 2003 · M.A. in Finance, Queen’s University, Canada, June 1998 · M.A. in Economics, Lingnan College, Zhongshan University, China, June 1995 · B.S. in Mathematics, University of Science and Technology of China, China, June 1992
Research Fields · Financial Economics, Macroeconomics, and Public Finance
Publications 1. Option Exercise with Temptation, forthcoming in Economic Theory 2. Investment, Consumption and Hedging under Incomplete Markets, with Neng Wang, forthcoming in Journal of Financial Economics 3. Capital Structure, Credit Risk, and Macroeconomic Conditions, with Dirk Hackbarth, and Erwan Morellec, Journal of Financial Economics 82 (2006), 519-550. 4. A Search Model of Centralized and Decentralized Trade, Review of Economic Dynamics 9 (2006), 68-92. 5. Competitive Equilibria of Economies with a Continuum of Consumers and Aggregate Shocks, Journal of Economic Theory 128 (2006), 274-298. 6. Irreversible Investment with Regime Shifts, with Xin Guo and Erwan Morellec, Journal of Economic Theory 122 (2005), 37-59. 7. Optimal Capital Structure and Industry Dynamics, Journal of Finance 6 (2005), 2621-2659. 8. Informed Trading when Information Becomes Stale, with Dan Bernhardt, Journal of Finance 59 (2004), 339-390. 9. A Note on Consumption and Savings under Knightian Uncertainty, Annals of Economics and Finance 5 (2004) 299-311. 10. A Two-Person Dynamic Equilibrium under Ambiguity, with Larry Epstein, Journal of Economic Dynamics and Control, 27 (2003) 1253-1288. Working Papers 1. Risk, Uncertainty, and Option Exercise, with Neng Wang, revision requested by Journal of Economic Theory 2. The Dynamics of Mergers and Acquisitions in Oligopolistic Industries, with Dirk Hackbarth, March 2007, revision requested by Journal of Financial Economics 3. Dynamic Effects of Permanent and Temporary Dividend Tax Policies on Corporate Investment and Financial Policies, with Francois Gourio, May 2007 (to be presented in AEA 2008) 4. CEO Power, Compensation, and Governance, with Rui Albuquerque, (presented in AEA 2007) 5. Firm Heterogeneity and the Long Run Effects of Dividend Tax Reform, with Francois Gourio (presented in AEA/ES 2007) 6. Managerial Preferences, Corporate Governance, and Financial Structure, with Hong Liu 7. Experimentation under Uninsurable Idiosyncratic Risk: An Application to Entrepreneurial Survival, with Neng Wang 8. Existence and Computation of Markov Equilibria for Dynamic Nonoptimal Economies, Jan. 2005, with Manuel Santos Work in Progress 1. Transitional Dynamics of Dividend Tax Reform in General Equilibrium, with Francois Gourio 2. Entrepreneurial Investment and Financing Decisions under Uninsurable Idiosyncratic Risk, with Neng Wang 3. Corporate Governance and Tax Evasion: Implications for Investment, with Simon Gilchrist (presented in AEA 2006)
Songnian CHEN (陈松年) Chair Professor Email: snchen@ust.hk
Ph.D. 1994 Princeton University, Economics M.A. 1990 Rutgers University B.Sc. 1986 Fudan University, China, Mathematics
ACADEMIC AND PROFESSIONAL EXPERIENCE
Professor of Economics, Hong Kong University of Science and Technology (HKUST), 2004-
Associate Professor of Economics, Hong Kong University of Science and Technology (HKUST), 2001- 2004
Assistant Professor of Economics, Hong Kong University of Science and Technology (HKUST), 1994-2000
RESEARCH INTERESTS
Econometrics
PUBLICATIONS
Articles
Chen, S. and S. Khan, "Quantile Estimation of Non-Stationary Panel Data Censored Regression Models with Factor loading," forthcoming in Econometric Theory
Chen, S. and Y. Zhou, "Estimating a Generalized Correlation Coefficient for a Generalized Bivariate Probit Model," forthcoming in the Journal of Econometrics.
Chen, S. and L. Zhou "Local Partial Likelihood Estimation in Proportional Hazards Model," forthcoming in the Annals of Statistics.
Chen, S., G.B. Dahl and S. Khan, "Estimation of a Nonparametric Censored Regression Model with an Application to Unemployment Insurance Spells", Journal of American Statistical Association. Vol. 100, Number 469, 212-211, 2005
Chen, S. and S. Khan, "Rates of Convergence for Estimating Regression Coefficients in Heteroscedastic Discrete Response," Journal of Econometrics, 117, 245-278, 2003.
Chen, S. and S. Khan, "Root-n Consistent Estimation of Heteroskedastic Sample Selection Models," Econometric Theory, 19, 1040-1064, 2003.
"Estimation of a Semilinear Censored Regression Model," Chen, S. and S. Khan, Econometric Theory, 17, 567-590, 2001
"Simple Resampling Methods for Censored Regression Quantiles," Journal of Econometrics, 99, 373-386, 2000
"Rank Estimation of a Location Parameter in the Binary Choice Model," Journal of Econometrics, 98, 317-334, 2000
"Estimating Censored Regression Models in the Presence of Nonparametric Multiplicative Heteroskedasticity," Chen, S. and S. Khan, Journal of Econometrics, 98, 283-316, 2000
"Efficient Estimation of a Binary Choice Model," Journal of Econometrics 96, 2000, 183-199.
"Distribution-free Estimation of the Random Coefficient Dummy Endogenous Variable Model,¨ Journal of Econometrics, 91, 1999, 171-199.
"Semiparametric Estimation of a Location Parameter in the Binary Choice Model," Econometric Theory, 15, 79-98, 1999.
"Efficient Semiparametric Scoring Estimation of Sample Selection Models," Chen, S. and L-F Lee, Econometric Theory, 14, 423-462, 1998.
"Semiparametric Estimation of the Type 3 Tobit Model," Journal of Econometrics, 80, 1-35, 1997.
"Estimation of a Semilinear Censored Regression Model," Chen, S. and S. Khan, Econometric Theory, 17, 567-590, 2001
"Simple Resampling Methods for Censored Regression Quantiles," Journal of Econometrics, 99, 373-386, 2000
"Rank Estimation of a Location Parameter in the Binary Choice Model," Journal of Econometrics, 98, 317-334, 2000
"Estimating Censored Regression Models in the Presence of Nonparametric Multiplicative Heteroskedasticity," Chen, S. and S. Khan, Journal of Econometrics, 98, 283-316, 2000
"Efficient Estimation of a Binary Choice Model," Journal of Econometrics 96, 2000, 183-199.
"Distribution-free Estimation of the Random Coefficient Dummy Endogenous Variable Model,¨ Journal of Econometrics, 91, 1999, 171-199.
"Semiparametric Estimation of a Location Parameter in the Binary Choice Model," Econometric Theory, 15, 79-98, 1999.
"Efficient Semiparametric Scoring Estimation of Sample Selection Models," Chen, S. and L-F Lee, Econometric Theory, 14, 423-462, 1998.
"Semiparametric Estimation of the Type 3 Tobit Model," Journal of Econometrics, 80, 1-35, 1997.