Louis K.C. Chan

Hoeft Professor of Business and Department Chair of Finance

Biography

Louis K.C. Chan is the Hoeft Professor of Business and chair of the Department of Finance. After teaching at the University of Rochester and Cornell University, Chan joined the faculty at Gies College of Business in 1988. He earned the title of Hoeft Professor of Business in 2004 and became department chair in 2012. Chan holds a BBA from the University of Hawaii. He earned both an MS in applied economics and a PhD in finance and applied economics at the University of Rochester. His research analyzes the behavior of stock returns and stock management performance.

Contact

393 Wohlers Hall

1206 S Sixth St

Champaign, IL 61820

217-333-6391

l-chan2@illinois.edu

SSRN

Listings

Educational Background

Ph.D., Finance and Applied Economics, University of Rochester, 1984
M.S., Applied Economics, University of Rochester, 1982
B.B.A., University of Hawaii, 1979

Positions Held

Chair, Department of Finance, University of Illinois Urbana-Champaign, 2012 to present
Hoeft Professor of Business, University of Illinois at Urbana-Champaign, 2004 to present
Professor of Finance, University of Illinois, 2000 to present
Associate Professor of Finance, University of Illinois, 1994-1999
Assistant Professor of Finance, University of Illinois, 1988-1993
Assistant Professor of Finance, Cornell University, 1983-1988
Assistant Lecturer, University of Rochester, 1981-1982

Recent Publications

Chan, L., Chen, H., & Lakonishok, J., T. Daniel Coggin and Frank J. Fabozzi (Ed.) (2013). Mutual fund investment styles. Handbook of Equity Style Management ( pp. 359-406). John Wiley & Sons, Inc.
Chan, L., Dimmock, S., & Lakonishok, J. (2009). Benchmarking money manager performance: Issues and evidence. Review of Financial Studies, 22 (11), 4553-4599.
Ikenberry, D., Chan, L., Lakonishok, J., & Lee, S. (2008). Are All Analysts Alike? Identifying Earnings Forecasting Ability. Journal of Investment Management, 6 (1), 1-19.

Other Publications

Articles

Chan, L., Karceski, J., & Lakonishok, J. (2007). Analysts' Conflicts of Interest and Biases in Earnings Forecasts Journal of Financial and Quantitative Analysis, 42 (4), 893-913.
Chan, L., Lakonishok, J., & Swaminathan, B. (2007). Industry Classifications and return comovement. Financial Analysts Journal, 63 (6).
Chan, K., Chan, L., Jegadeesh, N., & Lakonishok, J. (2006). Earnings Quality and Stock Returns. Journal of Business, 79 (3), 1041-1082.
Lakonishok, J., & Chan, L. (2004). Value and Growth Investing: Review and Update. Financial Analysts Journal, 60 (1), 71-86.
Chan, L., Karceski, J., & Lakonishok, J. (2003). The Level and Persistence of Growth Rates. Journal of Finance, 58 (2), 634-684.
Chan, L., Chen, H., & Lakonishok, J. (2002). On the Mutual Fund Investment Styles. Review of Financial Studies, 15 (5), 1407-1437.
Chan, L., Lakonishok, J., & Sougiannis, T. (2001). The Stock Market Valuation of Research and Development Expenditures. Journal of Finance, 56 (6), 2431-2456. link >
Chan, L., Karceski, J., & Lakonishok, J. (2000). A New Paradigm or the Same Old Hype?: The future of value versus growth investing. Financial Analysts Journal.
Chan, L., Jegadeesh, N., & Lakonishok, J. (1999). The Profitability of Momentum Strategies. Financial Analysts Journal, 80-90.
Chan, L., Karceski, J., & Lakonishok, J. (1999). On Portfolio Optimization: Forecasting Covariances and Choosing the Risk Model. Review of Financial Studies, 12 937-974.
Chan, L., Karceski, J., & Lakonishok, J. (1998). The Risk and Return from Factors. Journal of Financial and Quantitative Analysis, 33 159-188.
Chan, L., & Lakonishok, J. (1997). Institutional Equity Trading Costs: NYSE versus Nasdaq. Journal of Finance, 52 (2), 713-735.

Presentations

Chan, L. (2004). Accounting information and stock returns. Joint Q Group, Inquire-UK and Inquire-Europe meeting.
Chan, L. (2004). Analysts' conflict of interest and biases in earning forecasts American Finance Association Meetings.
Chan, L. (2004). Update on the level and persistence of growth rates. Morgan Stanley Conference on Market Microstructure.
Chan, L. (2003). Analysts' conflict of interest and biases in earning forecasts European Financial Management Association Meetings.
Chan, L. (2003). Analysts' conflict of interest and biases in earning forecasts University of Oulu, Finland.
Chan, L. (2003). Analysts' conflict of interest and biases in earning forecasts NBER Behavioral Finance meetings.
Chan, L. (2002). Research on momentum strategies. Journal of Empirical Finance Conference on Behavioral Finance.
Lakonishok, J., Chan, H., Chan, L., & Jegadeesh, N. (2002). The Accrual Effect in Stock Returns. Berkeley Program in Finance.
Lakonishok, J., Chan, L., & Karceski, J. (2002). The Level and Persistence of Growth Rates. Berkeley Program of Finance.
Lakonishok, J., Chan, H., Chan, L., & Jegadeesh, N. (2001). The Accrual Effect in Stock Returns. American Finance Association Meetings.
Lakonishok, J., Chan, L., & Karceski, J. (2001). The Level and Persistence of Growth Rates. NBER, Behavioral Finance Group.
Lakonishok, J., Chan, L., & Sougiannis, T. (2000). The Stock Market Valuation of Research and Development Expenditures. American Finance Association Meetings.
Lakonishok, J., Chan, L., & Chen, H. (1999). On Mutual Fund Investment Styles. American Finance Association Meetings.
Lakonishok, J., Chan, L., & Chen, H. (1999). On Mutual Fund Investment Styles. University of Rochester.
Lakonishok, J., Chan, L., & Sougiannis, T. (1998). The Stock Market Valuation of Research and Development Expenditures. National Bureau of Economic Research, Behavioral Finance Meetings.
Lakonishok, J., Chan, L., & Jegadeesh, N. (1997). Momentum Strategies. Conference on Investment Decisions and Behavioral Finance.
Lakonishok, J., Chan, L., & Jegadeesh, N. (1997). Momentum Strategies. Q Group.

Working Papers

Chan, L., Karceski, J., & Lakonishok, J. Balance Sheet Growth and the Predictability of Stock Returns.

Service

Editorial board, International Review of Finance, 2015 to present
Theme Convenor, Enhancing Hong Kong's Strategic Position as a Regional and International Business Centre, Hong Kong Research Grants Council, 2012 to present
Ex officio member, Hong Kong research Grants Council, 2010 to present
Chair (founding) of Business Studies Panel, Hong Kong Research Grants Council, 2009 to present

Teaching Interests

Teaches courses in multinational business and investments.

Research Interests

Research focuses on empirical analysis of the behavior of stock returns; the impact of institutional equity trading; comparative analysis of stock market structures; risk and portfolio optimization.

Current Courses

International Finance (FIN 551) Explores the characteristics of the international financial market and examines various aspects of corporate financial management. Topics may include international parity conditions, exchange rate risk management, country risk, cross-border investment analysis, multi national firm budgeting, hedging in foreign currency markets, accessing international financial markets for financing, and competitive strategy in a global marketplace.