Philip Chang

Dr. Chang has formerly served as Associate Dean (International), Director of Centre for International Management, and Area Chair of Finance and Operations Management. He has taught at the business schools of University of Illinois at Urbana-Champaign, Peking University in Beijing, and National Chengchi University in Taipei.

Courses Dr. Chang has taught include Investments, Portfolio Management, Corporate Finance, Capital Budgeting, and Corporate Risk Management. He has won many teaching awards at the University of Illinois and the University of Calgary, including the UofC Students' Union Teaching Excellence Award. He is honored on the list of "Great Teachers at the U of C".  Dr. Chang was a recipient of the President's Internationalization Award for his contributions to the internationalization of the University.

Dr. Chang's current research topics include hedging of oil and gas companies, forecasting stock performance with options tail information, an estimation risk approach to IPO anomalies, and sustainability and corporate financial performance.   He is a Senior Research Fellow of the China Energy Strategic Research Institute at China Petroleum University (Beijing), and sits on the Editorial Committee of Petroleum Science.  From 2007 to 2009, he was Technical Advisor to an eco-compensation project of the Yunnan Province of China and the Canadian International Development Agency (CIDA). Dr. Chang serves on the Business Development Advisory Committee of Calgary Economic Development of the City of Calgary and was a board member from 2004 to 2010.   He also serves on the board of the Calgary Chinese Cultural Centre and is Advisor to the Calgary Canadian and Chinese Education Foundation.

Recent Publications
"Bank Fund Reallocation and Economic Growth: Evidence from China", Journal of Banking and Finance, forthcoming Nov. 2010, with Jia, C., and Wang, Z.

Investment Analysis and Portfolio Management, First Canadian Edition, with Reilly, F., Brown, K., and Hedges, P., 2010, Toronto: Nelson.

"Checking Credit in China", China Business Review, with Jia, C., January-February, 2010.

"Balancing International Financing and Sustainability Risks: Implications for the Chinese Oil and Gas Industry," with Hall, J., Proceedings of The 2nd World Business Ethics Forum, 2008.

"An Estimation Risk Interpretation of IPO Anomalies," with Jia, C.,  ASAC Finance Proceedings, 2007.

"The Full-Information Approach for Estimating Divisional Betas: Implementation Issues and Tests", with Chua, J. and Wu, Z., Journal of Applied Finance, Volume 16, No. 1, Spring/Summer, 2006.

Working Papers
"Hedging and Firm Value: Evidence from the Integrated Oil and Gas Industry", with Wang, Z., and Fang, X., 2010.

"A Tale of Two Tails: Using Options to Forecast the Movement of Stocks," with Elliott, R, Jiang, W., and Zhang, H., 2010.

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