Nai-fu CHEN Adjunct Professor Email: fnnchen@ust.hk Ph.D. (Finance); 1981 Graduate School of Management, University of California, Los Angeles. MBA Program, 1977-1978 Graduate School of Management, University of California, Los Angeles Postdoctoral Fellow in Numerical Analysis (NASA), 1975-1976 Lawrence Berkeley Laboratory, Berkeley, California Ph.D. in Numerical Analysis, 1975 Mathematics Department, University of California, Berkeley A.B. in Mathematics, 1972 Mathematics Department, University of California, Berkeley

• Professor of Finance, Department of Finance, School of Business and Management, Hong Kong University of Science and Technology, 1990 - present
• Professor of Finance, Graduate School of Management, University of California, Irvine 1989 - present
• Docent, Swedish School of Economics and Business Administration, Helsinki, Finlandt, 1991 - present
• Visiting Professor, Katholieke Universiteit te Leuven, Belgium, Spring 1987
• Associate Professor of Finance, Graduate School of Business, University of Chicago, 1985-1989
• Assistant Professor of Finance, Graduate School of Business, University of Chicago, 1981-1985
• Lecturer (part-time), Graduate School of Management, University of California, Los Angeles, 1979-1980
• Assistant Professor, Mathematics Department, University of Southern California , 1976-1978

SELECTED PUBLICATIONS

• "The Hong Kong Currency Board During the 1997-8 Crisis: Problems and Solutions," International Review of Finance 2 (2001), 99-112.
• "An Intertemporal Currency Board," with Alex Chan, Pacific Economic Review 4 , 1999, vol. 2, 215-232.
• "Risk and Return of Value Stocks," with Feng Zhang, Journal of Business 71, 1998, 501-535.
• "Stock Volatility and the Levels of the Basis and Open Interest in Futures Contracts" with Charles Cuny and Robert Haugen, Journal of Finance 50, March 1995, 281-300.
• "Are the Discounts on Closed-end Funds a Sentiment Index?" with Raymond Kan and Merton Miller, Journal of Finance 48, June 1993, 795-800, 809-10.
• "Financial Investment Opportunities and the Macroeconomy," Journal of Finance 46, September 1991, 1467-84.
• "Structural and Return Characteristics of Small and Large Firms," with K.C. Chan, Journal of Finance 46, June 1991, 529-54.
• "Economic Forces and the Stock Market," with R. Roll and S. Ross, Journal of Business 59, 1986, 383-403.
• "Some Empirical Tests of the Theory of Arbitrage Pricing," Journal of Finance 38, December 1983, 1393-1414.
• "Exact Pricing in Linear Factor Models with Finitely Many Assets: A Note," with J. Ingersoll, Journal of Finance 38, June 1983, 985-988.