Associate Professor Jeff Wongchoti staff profile picture

Contact details +64 (06) 356 9099  ext. 84053

Associate Professor Jeff Wongchoti University of Memphis, USA

Associate Professor

School of Economics and Finance

Jeff, a finance PhD from USA with diverse publications in quality journals ( including ELEVEN 'A'-rated articles in ABDC list ). Published journals in 'A' rank are Journal of Banking and Finance (A*, 2 articles), the Financial Review (3 articles), Pacific Basin Finance Journal (2 articles), International Review of Financial Analysis (3), and Emerging Markets Review. He has also acted as referees for journals/conferences such as Journal of Banking and Finance, the Financial Review, Pacific Basin Finance Journal, Quantitative Finance, International Review of Economics and Finance, International Review of Financial Analysis, Asian Finance Association Meetings, and others in at least 60 occasions. His working papers were constantly presented in international conferences around the world (e.g. Financial Management Association (FMA), European Finance Association (EFA - a top-three conference in financial economics), among others.

In 2014, Jeff was invited by the State Securities Commission (SSC) of Vietnam as the keynote speaker on the emerging issues regarding Corporate Governance. A passionate lecturer when it comes to teaching with the average approval rates of higher than 90% up to 2017 (The approval rate for 125330 course, the capstone paper for Finance discipline at Massey, is 92% in 2017). He also successfully led in the restructuring process of several finance paper offerings at Massey University since 2004. A mentoring PhD supervisor for four successful candidates over the years. Jeff also continuously served as an elected member of Graduate Studies Commitee since 2008 until it has been merged with the College Studies Commitee (CSC) in 2015.

Jeff has been a recipient/co-recipient of Massey University Research Fund (MURF) grant on several occasions, amounted to NZ$ 42,000 over the years.

 

The six most recent journal articles (2015 and 2016) are:

“Does Institutional Shareholder Activism Stimulate Corporate Information Flow?” with Andrew Prevost, and Ben Marshall, Journal of Banking and Finance, 2016, vol 70, 105-117 : http://www.sciencedirect.com/science/article/pii/S0378426616301108

A* in the ABDC list)

“Stock return synchronicity and the market response to analyst recommendation revisions” with Andrew Prevost, Wei Hao, and Erik Devos, Journal of Banking and Finance, 2015, vol 58, 376-389: http://www.sciencedirect.com/science/article/pii/S0378426615001478

A* in the ABDC list)

"Political Connection and Stock Returns: A Longitudinal Study" with Sireethorn Civilize, and Martin Young, The Financial Review, 2015, vol 50, 89-119: http://onlinelibrary.wiley.com/doi/10.1111/fire.12061/abstract

A in the ABDC list)

“Gender Diversity, State Control, and Corporate Risk-Taking: Evidence from China”, with Jing Liao, Karren Khaw, and David Tripe, Pacific Basin Finance Journal, 2016, vol 39, 141-158: http://www.sciencedirect.com/science/article/pii/S0927538X16300798 

A in the ABDC list)

 “Does it pay to be different? The relative CSR and its impact on firm value”, with David Ding and Christo Ferreira, International Review of Financial Analysis, 2016, forthcoming: http://www.sciencedirect.com/science/article/pii/S1057521916301089  

A in the ABDC list) 

"Military regimes and stock market performance", with Sireethorn Civilize, and Martin Young, Emerging Markets Review , 2015, vol 22, 76-95: http://www.sciencedirect.com/science/article/pii/S1566014115000023 

A in the ABDC list) 

HIGHLIGHTS

  •   Prolific in number of Quality PUBLICATIONS in Finance area.
  •   ELEVEN of which are ranked 'A-level' in the ABDC list:

               Journal of Banking and Finance (A*, two articles)

               The Financial Review (three articles)

               Pacific Basin Finance Journal (two articles)

               International Review of Financial Analysis (three articles)

               Emerging Markets Review (one article)

 

  • FOUR complete Massey finance PhD graduates (2012,2015,2015,2016).
  • Wide range of teaching experiences: Fundamentals of Finance, Investment and Risk (MBA), Advanced Coporate Finance, and Reseach Methods (econometrics).
  • Active speaker/contributor/referee for international finance conferences/journals worldwide.
  • Elected member of Massey Business School Post-Graduate/College Studies Committee since 2008.  
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Professional

Contact details

  • Ph: 84053
    Location: 2.06, Business Studies West (BSW)
    Campus: Turitea

Qualifications

  • PhD Finance - University of Memphis, USA (2004)

Research Expertise

Research Interests

Current interests/missions include (but not limited to):

Stock price synchronicity and its implications:

"Jeff is one of the advocates of the radical view that less synchronized (low R2) stocks are actually less (not more) informative. He proved this point through the use of signalling effect. His co-authored paper that uses signalling from analyst recommendation revisions was published in Journal of Banking and Finance in 2015. He is now also campaigning this very important point through dividend signalling effect and the link to corporate bond markets."

Shareholder activism (with GMI proposal data 2003 to 2010 available for co-authoring):

"Jeff, together with co-authors, published the first paper that points to the reduction of information asymmetry between corporate outsiders as a result of shareholder activism, as evidenced in union shareholder activism. This is published in Journal of Banking and Finance 2016."

Political aspects and stock returns

"In the Financial Review 2015, Jeff's co-authored paper shows that politically-connected firms in Thailand provides return premiums. This advocates the market efficiency as 'economic rents' should be valued in Thailand and political connections (not always obvious) can be traced  based on active search by investors. This article was also featured in the short-list for FR readers' choice award during 2015. His 2015 Emerging Markets Review article also indicated that militargy regimes do not necessarily lead to inferior stock market performances in emerging markets, according to the data. Jeff also co-authored in the first paper (2005) that looked at the effect of 'labour' versus 'national' governments on New Zealand stock market. The findings in New Zealand was not as puzzling as in the US, as shown in that study." 

CSR and emerging issues in corporate finance

"Together with co-authors, Jeff publishes a forthcoming paper in International Review of Financial Analysis 2016 that CSR requires positioning. For some types of companies, being a bit worse than peers can even produce values. Relative (not absolute, as conventionally analyzed) CSR is the key. Other working manuscripts touch on 'geography of CSR', 'CSR inactivity as a possible indicator of myopic behaviors', and 'CSR aspects in Kiwi corporations."  

Gender diversity and issues in corporate finance

"In 2016, Jeff publishes a paper with his co-authors in Pacific Basin Finance Journal that supports the role of female executives among Chinese corproations in the reduction of value-destroying corporate risk-taking."

Aspects in Exchange Traded Funds

"Jeff published two articles (2011, 2014) in a practitioners based journal (Journal of Index Investing) that touch on the issues around gold and silver ETFs."

Investors' learning and stock valuation

 "Jeff has worked on an ambitious co-authored project that points to the learning curve in stock valuation around the world. The paper also shows that the enforcement of insider trading laws is critical in the process." 

 

Other past published articles:

Trading volume dynamics

Trading strategies and profits

Microstructure applications to IPO

Stock price informativeness

The above were published in The Financial Review, Pacific Basin Finance Journal, International Review of Financial Analysis, and others. 

 

Thematics

Design – for Commerce, Community and Culture

Area of Expertise

Field of research codes
Economics (140000):
Information And Computing Sciences (080000):
Other Economics (149900)

Keywords

Financial Eonomics

Research Projects

Summary of Research Projects

Position Current Completed
Project Leader 0 2

Research Outputs

Journal

Prevost, AK., Wongchoti, U., & Marshall, BR. (2016). Does institutional shareholder activism stimulate corporate information flow?. Journal of Banking and Finance. 70, 105-117
[Journal article]Authored by: Marshall, B., Wongchoti, U.
Khaw, KLH., Liao, J., Tripe, D., & Wongchoti, U. (2016). Gender diversity, state control, and corporate risk-taking: Evidence from China. Pacific Basin Finance Journal. 39, 141-158
[Journal article]Authored by: Liao, J., Tripe, D., Wongchoti, U.
Ding, DK., Ferreira, C., & Wongchoti, U. (2016). Does it pay to be different? Relative CSR and its impact on firm value. International Review of Financial Analysis. 47, 86-98
[Journal article]Authored by: Ding, D., Wongchoti, U.
Devos, E., Hao, W., Prevost, AK., & Wongchoti, U. (2015). Stock return synchronicity and the market response to analyst recommendation revisions. Journal of Banking and Finance. 58, 376-389
[Journal article]Authored by: Hao, W., Wongchoti, U.
Civilize, S., Wongchoti, U., & Young, M. (2015). Political connection and stock returns: A longitudinal study. Financial Review. 50(1), 89-119
[Journal article]Authored by: Wongchoti, U., Young, M.
Civilize, S., Wongchoti, U., & Young, M. (2015). Military regimes and stock market performance. Emerging Markets Review. 22, 76-95
[Journal article]Authored by: Wongchoti, U., Young, M.
Naylor, MJ., Wongchoti, U., & Ith, H. (2014). Market Microstructure of Precious Metal ETFs. Journal of Index Investing. 5(2), 48-56 Retrieved from http://www.iijournals.com/toc/jii/current
[Journal article]Authored by: Naylor, M., Wongchoti, U.Contributed to by: Naylor, M.
Wongchoti, U., Naylor, MJ., & Gianotti, C. (2011). Abnormal returns in Gold and Silver exchange-traded funds. Journal of Index Investing. 2(2), 96-103 Retrieved from http://www.iijournals.com/doi/abs/10.3905/jii.2011.2.2.096
[Journal article]Authored by: Wongchoti, U.
Malone, C., Wongchoti, U., & Mitchell, A. (2011). Australasian cash flow reporting regulation - value relevant?. Pacific Accounting Review. 23(3), 345-367 Retrieved from http://www.emeraldinsight.com/journals.htm?articleid=17004142&show=abstract
[Journal article]Authored by: Malone, C., Wongchoti, U.
Guo, Y., Qu, W., Wongchoti, U., & Wu, F. (2011). Can industry returns predict country indices? evidence from emerging markets. Actual Problems of Economics. (7), 355-366
[Journal article]Authored by: Wongchoti, U.
Wongchoti, U., Wu, F., & Young, M. (2009). Buy and sell dynamics following high market returns: Evidence from China. International Review of Financial Analysis. 18(1-2), 12-20
[Journal article]Authored by: Wongchoti, U., Young, M.
Ding, DK., McInish, TH., & Wongchoti, U. (2008). Behavioral explanations of trading volume and short-horizon price patterns: An investigation of seven Asia-Pacific markets. Pacific Basin Finance Journal. 16(3), 183-203
[Journal article]Authored by: Ding, D., Wongchoti, U.
McInish, TH., Ding, DK., Pyun, CS., & Wongchoti, U. (2008). Short-horizon contrarian and momentum strategies in Asian markets: An integrated analysis. International Review of Financial Analysis. 17(2), 312-329
[Journal article]Authored by: Ding, D., Wongchoti, U.
Wongchoti, U., & Wu, F. (2008). Provincial co-movement in Chinese stock returns. Applied Financial Economics Letters. 4(3), 171-176
[Journal article]Authored by: Wongchoti, U.
Cahan, J., Malone, CB., Powell, JG., & Choti, UW. (2005). Stock market political cycles in a small, two-party democracy. Applied Economics Letters. 12(12), 735-740
[Journal article]Authored by: Malone, C., Wongchoti, U.
Li, M., McInish, TH., & Wongchoti, U. (2005). Asymmetric information in the IPO aftermarket. The Financial Review. 40(2), 131-153 Retrieved from http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6288.2005.00097.x/abstract
[Journal article]Authored by: Wongchoti, U.
Wongchoti, U., & Pyun, CS. (2005). Risk-adjusted long-term contrarian profits: Evidence from non-S&P 500 high-volume stocks. The Financial Review. 40(3), 335-359 Retrieved from http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6288.2005.00105.x/abstract
[Journal article]Authored by: Wongchoti, U.

Conference

Hao, W.Stock return synchronicity and price informativeness: Evidence from the corporate bond market.. . Las Vegas, United States of America
[Conference Paper]Authored by: Hao, W.Edited by: Wongchoti, U.
Hao, W., wongchoti, U., & Young, M.Price informativeness, market expectation and empirical finance. . Seoul, South Korea
[Conference Paper]Authored by: Hao, W., Wongchoti, U., Young, M.
Hao, W., Wongchoti, U., Chen, J., & Young, M.R² and the corporate signaling effect.. . Sydney, Australia
[Conference Paper]Authored by: Hao, W., Wongchoti, U., Young, M.
Wongchoti, U., hao,wei, ., & prevost, andrew, . (2016, October). Stock Return Synchronicity and Price Informativeness: Evidence from the Corporate Bond Market. Presented at 2016 FMA Annual Meeting Program. Las Vegas, USA.
[Conference Oral Presentation]Authored by: Wongchoti, U.
Ferreira, C., Ding, DKY., & Wongchoti, U.Corporate Social Responsibility: The Myopic Barometer?. . Orlando, U.S.A.
[Conference Paper]Authored by: Ding, D., Wongchoti, U.
Ferreira, C., Ding, DKY., & Wongchoti, U.Corporate Social Responsibility: The Myopic Barometer?. . Hangzhou, China
[Conference Paper]Authored by: Ding, D., Wongchoti, U.
Ferreira, ., Ding, DKY., & Wongchoti, U.The geography of corporate social responsibility. . Nashville, United States of America
[Conference Paper]Authored by: Ding, D., Wongchoti, U.
Ferreira, C., Ding, DKY., & Wongchoti, .The Geography of Corporate Social Responsibility. . Maastricht, Netherlands
[Conference Paper]Authored by: Ding, D., Wongchoti, U.
Ferreira, C., Ding, DKY., & Wongchoti, U.Reading between the lines: Financial reporting, implied corporate social responsibility and corporate financial performance. . Auckland, New Zealand
[Conference Paper]Authored by: Ding, D., Wongchoti, U.
Wongchoti, U., Ferreira, C., & Ding, D. (2014). The geography of corporate social responsibility. 2014 European Financial Management Association Conference. (pp. 1 - 49). The Netherlands: 2014 European Financial Management Associaion Conference
[Conference Paper in Published Proceedings]Authored by: Ding, D., Wongchoti, U.
Ferreira, C., Ding, D., & Wongchoti, U. (2014). Reading between the lines: Financial reporting, implied corporate social responsibility and corporate financial performance. New Zealand Finance Colloquium 2014. (pp. 1 - 21). : New Zealand Finance Colloquium 2014
[Conference Paper in Published Proceedings]Authored by: Ding, D., Wongchoti, U.
wongchoti, udomsak, ., chen, jianguo, ., & oad rajput, suresh, . (2013, October). Latent growth, corporate financing decisions, and return predictability. Presented at 2013 FMA Annual Meeting. Chicago USA.
[Conference Oral Presentation]Authored by: Wongchoti, U.
wongchoti, ., wongchoti, Udomsak, ., & prevost, Andrew, . (2013, October). Union shareholder activism and information asymmetry. Presented at Financial Management Association Annual Meeting 2013. Chicago, USA.
[Conference Oral Presentation]Authored by: Wongchoti, U.
Wongchoti, U. (2013, December). Insider trading laws, learning, and firm valuation: A global perspective. Presented at The 26th Australasian Finance and Banking Conference. Sydney, Australia.
[Conference Oral Presentation]Authored by: Wongchoti, U.
Wongchoti, U., Chen, J., & Young, M. (2012, October). Stock price informativeness, dividen signalling, and earning prospects. Presented at 2012 FMA Annual Meeting. Atlanta USA.
[Conference Oral Presentation]Authored by: Wongchoti, U.
Wongchoti, U. (2012). Stock price informativeness dividend signalling and earning prospects. FMA Annual Meeting. (pp. 1 - 45). United States of America: Financial Management Association Meeting
[Conference Paper in Published Proceedings]Authored by: Wongchoti, U.
Huang, P., Wongchoti, U., & Zhang, Y. (2011, April). Does the value of derivatives use depend on corporate governance? Evidence from U.K. firms.. Presented at 2011 FMA (Financial Management Association) Asian Meeting. Queenstown, NZL.
[Conference Oral Presentation]Authored by: Wongchoti, U.
Naylor, M., Wongchoti, U., & Chen, J.(2010). Profiting from black swan trades: Evidence from S&P 500 puts. . Barcelona, Spain
[Conference Paper]Authored by: Chen, J., Naylor, M., Wongchoti, U.
Civilize, S., Wongchoti, U., & Young, M. (2010). Military regimes and stock markets. Asian Finance Association International Conference 2010.
[Conference Paper in Published Proceedings]Authored by: Wongchoti, U., Young, M.
Malone, C., Wongchoti, U., & Mitchell, A. (2010). Investing and financing cash flow disclosure requirements-value relevant?. 14th New Zealand Finance Colloquium.
[Conference Paper in Published Proceedings]Authored by: Malone, C., Wongchoti, U.
Naylor, M., Wongchoti, U., & Chen, J.(2010). Profiting from black swan trades: Evidence from S&P 500 puts. . Barcelona, Spain
[Conference Paper]Authored by: Naylor, M., Wongchoti, U.
Malone, CB., Wongchoti, U., & Mitchell, AJ.(2010). Investing and financing cash flow disclosure requirements - value relevant?. . University of Auckland, NZ
[Conference Paper]Authored by: Malone, C., Wongchoti, U.
Wongchoti, U., Wu, F., & Young, MR. (2008). Different priors, investor trading activites and the lead-lag relationship between market return and trading volume: Evidence from China. Proceedings of the Financial Management Association Annual Conference. (pp. 1 - 30).
[Conference Paper in Published Proceedings]Authored by: Wongchoti, U., Young, M.
Jain, PK., & Wongchoti, U. (2008). The speed of learning about firms' profitability and their price multiples: A global perspective. Proceedings of the Financial Management Association Annual Conference. (pp. 1 - 40).
[Conference Paper in Published Proceedings]Authored by: Wongchoti, U.
Jain, PK., & Wongchoti, U. (2008). Speed of learning about firms' profitability and their price multiples: A global perspective. Proceedings of the 35th EFA Annual Conference. (pp. 1 - 41).
[Conference Paper in Published Proceedings]Authored by: Wongchoti, U.
Jain, PK., & Wongchoti, U. (2008). The speed of learning about firms' profitability and their price multiples: A global perspective. Proceedings of the 12th New Zealand Finance Colloquium. (pp. unpaged - 37).
[Conference Paper in Published Proceedings]Authored by: Wongchoti, U.
Wongchoti, J., McInish, TH., Ding, D., & Pyun, CS. (2005). Short-horizon price pattern of thin and thick trading stocks in seven Pacific-Basin capital markets. Financial Management Association Annual Meeting Program. (pp. unpaged). Chicago, IL
[Conference Paper in Published Proceedings]Authored by: Wongchoti, U.
Wongchoti, U., McInish, TH., Ding, D., & Pyun, CS. (2005, October). Short-horizon price pattern of thin and thick trading stocks in seven Pacific-Basin capital markets. Presented at 2005 Financial Management Association Annual Meeting. Chicago, IL.
[Conference Oral Presentation]Authored by: Wongchoti, U.
McInish, TH., Ding, D., Pyun, CS., & Wongchoti, JU. (2005). Trading volume and short-horizon price pattern: A cross-country test on three behavioural models. 16th Asian Finance Association Conference. (pp. unpaged). Kuala Lumpur, Malaysia
[Conference Paper in Published Proceedings]Authored by: Wongchoti, U.
McInish, TH., Wongchoti, U., & Ding, D. (2005, April). Trading volume and short-horizon price pattern: A cross-country test on three behavioural models. Presented at Eastern Finance Association Conference 2005. Norfolk, VA.
[Conference Oral Presentation]Authored by: Wongchoti, U.
Bhabra, H., Cahan, J., Malone, CB., Powell, JG., & Wongchoti, U. (2004). Political cycles and the stock market down-under. Additional evidence on the presidential puzzle. In A. Tourani Rad, A. Gunasekarage, & A. Gilbert (Eds.) 8th New Zealand Finance Colloquium. (pp. 1 - 22). Hamilton, NZ: Proceedings of the 8th New Zealand Finance Colloquium
[Conference Paper in Published Proceedings]Authored by: Malone, C., Wongchoti, U.
Li, M., McInish, TH., & Wongchoti, J. (2003). Assymetric information in the IPO aftermarket. Financial Management Association Annual Meeting. (pp. unpaged). Denver, CO
[Conference Paper in Published Proceedings]Authored by: Wongchoti, U.
Li, M., McInish, TH., & Wongchoti, U. (2003, October). Asymmetric information in the IPO aftermarket. Presented at FMA Annual Meeting. Denver, CO.
[Conference Oral Presentation]Authored by: Wongchoti, U.
Wongchoti, U., & Pyun, CS. (2002, October). Risk-Adjusted Contrarian profits: Evidence from Non-S&P 500 High Trading Volume Stocks. Presented at FMA Annual Meeting 2002,. San Antonio, TX.
[Conference Oral Presentation]Authored by: Wongchoti, U.

Supervision and Teaching

Summary of Doctoral Supervision

Position Current Completed
Supervisor 0 1
CoSupervisor 1 3

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