Choi, Darwin（蔡達銘）

Biography

Prof. Darwin Choi is an Associate Professor in the Department of Finance and Associate Director of the Centre for Business Sustainability at The Chinese University of Hong Kong (CUHK). Before joining CUHK in 2016, he was an Assistant Professor of Finance at the Hong Kong University of Science and Technology (HKUST). He received his PhD degree in Finance from Yale University and BS in Economics and BS in Engineering degrees from the University of Pennsylvania. Prof. Choi’s research examines how institutional details and behavioural factors influence professional and individual investors’ capital allocations and asset prices. His recent work focuses on climate finance and other ESG (Environmental, Social, and Governance) issues. Prof. Choi’s papers have been published in the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. He has won teaching awards at both CUHK Business School and HKUST Business School.

Teaching Areas

Investments

Research Interests

Behavioural Finance
Mutual Funds and Hedge Funds
Climate Finance
Labour

• Publications & Working Papers
  • Darwin Choi, Zhenyu Gao, and Wenxi Jiang (2020), “Attention to Global Warming,” Review of Financial Studies, 33, 1112-1145.
  • Darwin Choi, Zhenyu Gao, and Wenxi Jiang (2020), “Measuring the Carbon Exposure of Institutional Investors,” Journal of Alternative Investments, 23, 12-23.
  • Darwin Choi, Zhenyu Gao, and Wenxi Jiang (2020), “Invited Editorial Comment: Climate Change Implications for the Asset Management Industry,” Journal of Alternative Investments, 23, 8-11.
  • Darwin Choi (2019), “Disposition Sales and Stock Market Liquidity,” Journal of Financial Markets, 45, 19-36.
  • Darwin Choi, Bige Kahraman, and Abhiroop Mukherjee (2016), “Learning about Mutual Fund Managers,” Journal of Finance, 71, 2809- 2860.
  • Darwin Choi and Sam K. Hui (2014), “The Role of Surprise: Understanding Overreaction and Underreaction to Unanticipated Events using In-Play Soccer Betting Market,” Journal of Economic Behavior and Organization, 107, 614-629.
  • Darwin Choi, Mila Getmansky, Brian Henderson, and Heather Tookes (2010), “Convertible Bond Arbitrageurs as Suppliers of Capital,” Review of Financial Studies, 23, 2492-2522.
  • Darwin Choi, Mila Getmansky, and Heather Tookes (2009), “Convertible Bond Arbitrage, Liquidity Externalities, and Stock Prices,” Journal of Financial Economics, 91, 227-251.

• Awards & Honours
  • CICF Best Paper Award, China International Conference in Finance, 2021
  • Faculty Teaching Excellence Award, CUHK Business School, The Chinese University of Hong Kong, 2018-2019
  • Securities & Futures Institute Best Paper Award, Asian Finance Association International Conference 2012
  • The Franklin Prize for Teaching Excellence, HKUST Business School, 2012