Professor Clara Chen

Assistant Professor, Finance and Accounting

• Ph.D. University of New Orleans
• M.A. University of Wisconsin 
• ccchen@madonna.edu  
• 734-432-5373, Maerten's Building Room 120

Specialty Areas:

•  Corporate Cash Holdings
•  Corporate Earnings Management
•  Corporate Governance
•  Corporate Social Responsibility

Biographical Information:

Prof Clara Chen is an Assistant Professor of Finance in the School of Business. She joined the faculty of Madonna University in 2018, and is currently in her seventh year of teaching. She has previously taught as a full-time faculty at Providence University (Taiwan) and Stockton University (New Jersey). She earned the master degree in finance from the University of Wisconsin in Milwaukee. Later, she graduated in 2011 with a Ph.D. degree in Financial Economics from University of New Orleans. Her teaching areas are finance and economics. Her research interests include corporate social responsibility, corporate governance, and cash holdings.

Refereed Journal Articles:

1. “Country Factors in Earnings Management of ADR Firms” (Yan-Yu Chou and Peihwang Wei), Finance Research Letters, 2019.
2. “The Effect of Corporate Governance on Credit Rating: the Role of Corporate Social Responsibility” (Cho-Min Lin, Clara C. Chen, Sheng-Yung Yang, and Wan-Ru Wang), Emerging Markets Finance and Trade, Oct 2018.
3. “Informed Trading in S&P Index Options? Evidence from the 2008 Financial Crisis” (Wei-Xuan Li, Joseph French, and Clara C. Chen), Journal of Empirical Finance, 2017, Vol. 42, 40-65.
4. “Toward An Early Warning System of Financial Crises: What Can Index Futures and Options Tell Us?” (Wei-Xuan Li, Clara C. Chen, and Joseph French), Quarterly Review of Economics and Finance, 2015, Vol. 55, 87-99.
5. “The Relationship between Liquidity, Corporate Governance, and Firm Valuation: Evidence from Russia” (Wei-Xuan Li, Clara C. Chen, and Joseph French), Emerging Markets Review, December 2012, Vol. 13 (4), 465-477.
6. “The Impact of Sarbanes-Oxley Act on Foreign Registrant Cross-listing”, (with Chia-Hui Chen), Academy of Accounting and Financial Studies Journal, 2012, Vol. 16, 45-68.

Presentations of Refereed Papers

1. “Which Market Dominates the Price Discovery in Currency Futures? The Case of Chicago Mercantile Exchange and Intercontinental Exchange”, Wei-Xuan Li and Clara Chen, 2018, Eastern Finance Association Annual Meeting, Philadelphia, Pennsylvania
2. “The Effect of Corporate Governance on Credit Rating: the Role of Corporate Social Responsibility”, Clara Chen, Cho-Min Lin, and Wan-Ru Wang, 2017, International Conference for Business and Economics by International Journal of Arts & Sciences, Vienna, Austria
3. “Board Profession and Credit Rating”, with Pei-Wen Wu, 2017, Management Innovation and Application Conference, Taipei, Taiwan
4. “The Impact of Corporate Social Responsibility and Corporate Governance on Credit Rating: a study of Taiwanese Listed Firms”, Cho-Min Lin, Clara Chen and Wan-Ru Wang, 2015, Accounting Trends and Education Conference, Taichung, Taiwan
5. “Board Expertise and Value of Cash”, with Lin Wang, 2015, Applied Science of Business Research Conference, Taipei, Taiwan
6. “Informed Trading in S&P Index Options? Evidence from the 2008 Financial Crisis”, with Wei-Xuan Li and Joseph French, 2015, Financial Management Association International Annual Meeting, Orlando, Florida
7. “The Impacts of Board Characteristics on Performance and Risk-taking: Evidence from the U.S. Banking Industry.” with Min-Lee Chan, 2015, the 23rd Annual Conference on Pacific Basin Finance, Economics, Accounting, and Management, Hochiminh City, Vietnam
8. “Toward An Early Warning System of Financial Crises: What Can Index Futures And Options Tell Us?” (Wei-Xuan Li, Clara Chen, and Joseph French), 2013, Eastern Finance Association Annual Meeting, St. Pete Beach, Florida
9. “The Relationship between Liquidity, Corporate Governance, and Firm Valuation: Evidence from Russia” (Wei-Xuan Li, Clara Chen, and Joseph French), 2012, Eastern Finance Association Annual Meeting, Boston, Massachusetts, and Southwestern Finance Association Annual Meeting, New Orleans, Louisiana
10. “Does a More Liquid Currency Futures Market Tend to Be More Informative?” (Clara Chen, Peihwang Wei, and Wei-Xuan Li), 2012, Financial Management Association International Annual Meeting, Atlanta, Georgia, and Southwestern Finance Association Annual Meeting, New Orleans, Louisiana
11. “Short-term and Long-term Impact of Sarbanes-Oxley Act on Foreign Firms”, Clara Chen, M. Kabir Hassan and Wei-Xuan Li, 2011, Southwestern Finance Association Annual Meeting, Houston, Texas
12. “Does the Trade-Off Between Liquidity and Control Exist? Evidence from Russian Firms,” Wei-Xuan Li and Clara Chen, 2011, Southwestern Finance Association Annual Meeting, Houston, Texas