Academic Profile

Xin CHANG is a Professor of Finance at Nanyang Business School and Associate Dean (Research) overseeing PhD programs and research activities at Nanyang Business School. From 2015 to 2017, He was a tenured University Reader in Financial Economics at Cambridge Judge Business School of the University of Cambridge, J M Keynes Fellow in Financial Economics, Fellow of Darwin College, and Research Fellow of Cambridge Endowment for Research in Finance.  From 2004 to 2008, he was a Lecturer and then tenured Senior Lecturer in Finance at the University of Melbourne in Australia.

He specializes in corporate Finance, especially capital structure, mergers and acquisitions, and stock valuation. He had taught various courses to undergraduate, honours, master, and PhD students at HKUST, the University of Melbourne, the University of Cambridge, and NTU.

Xin was awarded Dean's award of Research Excellence in 2006 and Dean's certificate for Excellence in Teaching for 2007 at University of Melbourne. At NTU, he was the researcher of the year for the Division of Banking and Finance in 2009, the MBA Teacher of the Year in 2011, and the Teacher of the year for the Division of Banking and Finance in 2013. He also won Peter Brownell Award for best publication in Accounting and Finance 2007, the best paper awards at the 16th SFM conference in 2008, the 19th SFM conference in 2011, and the 4th World Business Ethics Forum in 2012. He is also the award winner for “Best Professor in Financial Management” in the third Asia’s Best B-School Awards in 2012. In 2013, he received TCFA's (The Chinese Finance Association) best paper award on corporate finance.

Xin earned his Ph.D in Finance in 2004 from Hong Kong University of Science and Technology (HKUST). His educational background also includes a Master degree from the Graduate School of People's Bank of China and a Bachelor degree from the School of Economics and Management of Tsinghua University.
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Prof Chang Xin
Associate Dean (Research)
Professor, College of Business (Nanyang Business School)
Associate Dean, Research, College of Business (NBS)

Corporate Finance, Corporate Innovation, Corporate Social Responsibilities, Green Finance
  • Developing a public-private partnership by crowdfunding to create sustainable plastics upcycling technologies

  • Evidence for P-hacking in Experimental Business Research and Potential Remedies

  • How Smart are Blockchain-based Smart Contracts? Evidence from the Finance Industry

  • Short term impact on stock prices from inclusion/deletion of stocks into MSCI indices
  • Xin Chang, Yangyang Chen, Sarah Qian Wang, Kuo Zhang, Wenrui Zhang. (2019). Credit Default Swaps and Corporate Innovation. Journal of Financial Economics, 134, 474-500.

  • Xin Chang, Yangyang Chen, Leon Zolotoy. (2017). Stock Liquidity and Stock Price Crash Risk. Journal of Financial and Quantitative Analysis, 52(4), 1605-1637.

  • Xin Chang, Kangkang Fu, Angie Low, and Wenrui Zhang. (2015). Non-executive Employee Stock Options and Corporate Innovation. Journal of Financial Economics, 115(1), 168-188.

  • Xin Chang, Sudipto Dasgupta, George Wong, and Jiaquan Yao. (2014). Cash Flow Sensitivities and the Allocation of Internal Cash Flow. The Review of Financial Studies, 27(12), 3628-3657.

  • Xin Chang and Hong Feng (John) Zhang. (2013). Managerial Entrenchment and Firm Value: A Dynamic Perspective. Journal of Financial and Quantitative Analysis, Forthcoming.