Yao, Chen (Alison)

BS (Tulane University); PhD (University of Illinois at Urbana-Champaign)

Associate Professor


Department of Finance

Room 1050, 10/F
Cheng Yu Tung Building
12 Chak Cheung Street
Shatin, N.T., Hong Kong

+852 3943 3215



Prof. Chen (Alison) Yao is an Associate Professor in the Department of Finance at The Chinese University of Hong Kong (CUHK) Business School. She joined CUHK as an Assistant Professor in 2017. Her primary research interests are empirical asset pricing, market microstructure, and high-frequency trading. Her work on odd-lot trades has a wide policy impact which leads to changes in the US trade reporting rules. Her researches have been published in the Journal of Finance, Review of Financial Studies and American Economic Review: Papers and Proceedings. Before joining CUHK, she was an Assistant Professor of Finance at Warwick Business School in the United Kingdom from 2013 to 2017. Chen holds a PhD in Finance from the University of Illinois at Urbana-Champaign. She received her BS in Mathematics with Summa Cum Laude from Tulane University in the United States.

Teaching Area

Financial Management

Research Interests

Empirical Asset Pricing
Market Microstructure
High-frequency Trading