KEVIN C - University of Vermont



KEVIN C.H. CHIANG

315 Kalkin

University of Vermont

Burlington, VT 05405-0157

(O) (802) 656-0515

E-mail: Kevin.C.Chiang@uvm.edu

RESEARCH AND TEACHING INTERESTS

Research: Real estate, REITs, mutual funds, investments, portfolio management

Teaching: Real estate finance, real estate investments, investments, managerial finance

PUBLICATIONS

“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, forthcoming.

“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, forthcoming.

“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, 2008, forthcoming.

“Discovering REIT Price Discovery: A New Data Setting”: Journal of Real Estate Finance and Economics, 2008, forthcoming.

“International Diversification: the Within- and Between-Region Effects”: Co-authored with Christian Leonhard, Journal of Investing, 2007, 51-68.

“Non-Fundamentals and Value Returns”: Co-authored with Kirill Kozhevnikov and Craig H. Wisen, Applied Financial Economics, 2007, 1075-1083.

“Country-Specific Risk and Returns”: Co-authored with Ashley Kung, Xiyu (Thomas) Zhou, Journal of Business and Economic Perspectives, 2007, 28-38.

“Mutual Fund Post-Acquisition Management Retention and its Performance Implications”: Co-authored with Xiyu (Thomas) Zhou, Corporate Finance Review, 2007, 28-34.

“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.

“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.

“Spanning Tests on Public and Private Real Estate”: Co-authored with Ming-Long Lee, Journal of Real Estate Portfolio Management, 2007, 7-15.

“Motivations behind the Acquisitions of Mutual Funds”: Co-authored with Xiyu (Thomas) Zhou, Corporate Finance Review, 2007, 19-26.

“The Perception of Dividends by Professional Investors”: Co-authored with George M. Frankfurter, Arman Kosedag and Bob Wood, Managerial Finance, 2006, pp. 60-81.

“Explaining the Initial Returns of Mutual Funds”: Co-authored with Craig H. Wisen, Journal of Investing, 2006, pp. 53-67.

“REIT Mimicking Portfolio Analysis”: Co-authored with Kirill Kozhevnikov, Ming- Long Lee, and Craig H. Wisen, International Real Estate Review, 2006, 95-111.

“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.

“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.

“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.

“Exploratory Analyses of Dividend Re-Investment Plans and Some Comparisons”: Co-authored with George M. Frankfurter and Arman Kosedag, International Review of Financial Analysis, 2005, pp. 570-586.

“Substitutability between Equity REITs and Mortgage REITs”: Co-authored with Ming-Long Lee, Journal of Real Estate Research, 2004, pp. 95-113.

“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.

“Offering Price Clusters and Underpricing in the US Primary Market”: Co-authored with T. Harikumar, Applied Financial Economics, 2004, pp. 809-822.

“A Comparative Analysis of Perception of Dividends by Financial Managers”: Co-authored 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.

“REITs in the Decentralized Investment Industry”: Co-authored with Ming-Long Lee, Journal of Property Investment and Finance, 2002, pp. 496-512.

“Taking Practical Views of Risk-Taking”: Co-authored with George M. Frankfurter and Elton G. McGoun, Journal of Investing, 2001, pp. 30-40.

WORKING PAPERS

“Correlated Trading and REITs”: Co-authored with Ming-Long Lee.

“On the Comovement of REIT Prices.”

“Chasing Housing Prices”: Co-authored with Allen Atkins and Ming-Long Lee.

“Do Aggressive Funds Reallocate Their Portfolios Aggressively?” Co-authored with Xiyu (Thomas) Zhou.

“Offering Price Clusters and Long-Term Underperformance in the US Primary Market”: Co-authored with T. Harikumar.

“How Long Does Investor Sentiment Last?”

“Portfolio Return Metric: Equal Weights versus Value Weights.”

“Further Evidence on the Long-Run Market Dynamics between REITs and Stocks”: Co-authored with Ming-Long Lee.

“REIT Property-Type Risk Sensitivities and Performance”: Co-authored with Ming-Te Lee, and Ming-Long Lee.

“Time-Varying Real Estate Sensitivities of Mortgage REITs”: Co-authored with Ming-Long Lee and Ming-Te Lee.

“Housing and Asset Prices”: Co-authored with Norm Miller.

“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.

“On the Intertemporal Relation between REIT Returns and Idiosyncratic Risk”: Co-authored with Xiaoquan Jiang and Ming-Long Lee.

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”

HONORS

Best paper award, 2006 Academic Business World International Conference

2005-2006 Bilby Researcher of the Year

AD HOC REVIEW

Applied Financial Economics

Financial Review

Journal of International Money and Finance

Journal of Real Estate Research

Quarterly Journal of Business and Economics

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.

COURSES TAUGHT

Real Estate Finance

Portfolio Theory and Asset Pricing

Portfolio Choice and Security Valuation

International Finance

Managerial Finance

Investment Analysis

Financial Analysis and Working Capital Management

UNIVERSITY SERVICE

MBA Committee (member), UAF

MBA Capital Markets Area (coordinator), UAF

Search Committee-Finance (chair), 2002, UAF

Search Committee-Finance (chair), 2003, UAF

Research Committee (member), UAF

Instructional Committee (member), UAF

University-Wide Academic Program Review Committee (chair), Biology MAT, UAF

Thesis Committee (co-chair), UAF

Search Committee-Economics (member), NAU

Fujian (China) Scholar Visiting Program (mentor), NAU

EDUCATION

|Louisiana State University |Finance |Ph.D. |2000 |

|Mankato State University |Business Administration |MBA |1994 |

|National Taipei Inst. of Tech. |Mining Engineering |Diploma |1986 |

EXPERIENCE

|Fortune Investments, Taiwan |Security Analyst |1988-1992 |

|Fortune Investments, Taiwan |Director, Portfolio Research |1994-1995 |

|Business Weekly, Taiwan |Senior Editor |1995-1996 |

|Louisiana State University |Research Assistant |1996-2000 |

|University of Alaska Fairbanks |Assistant Professor |2000-2005 |

| |Associate Professor | |

|Northern Arizona University |Assistant Professor |2005-2007 |

|University of Vermont |Associate Professor |2007- |

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