Chan, Leo
Associate Professor of Finance
Last Updated: 8/20/14 -

Dept. of Finance and Economics

Woodbury School of Business, Utah Valley University

800 W University Parkway

Orem, UT 84058



Investments, Portfolio Management, Principles of Finance, International Finance, Financial Markets and Institutions, Financial Management (MBA)                                                         


Ph.D. Economics, 2001, University of Kansas, Lawrence, Kansas             

B. A. Economics (Honor), 1996, University of Kansas, Lawrence, Kansas


Harvard BusinessSchool Executive Education CRMA Certificate, May 2004


Corporate Finance, Investment, Risk Management, Financial Markets, Derivatives, Managerial Economics, Applied Microeconomics


1. “Measuring the Impacts of Cash Settlement: A Stochastic Volatility Approach,” 2002 (with

Donald Lien), International Review of Economics and Finance, 11(3) pp. 251-263

2. “Cash Settlement and Futures Volatility: Evidence from Options Data” (with Donald Lien) 2003, Advance in Quantitative Analysis of Finance and Accounting, New Series. Volume I

3. “Using High, Low, Open and Closing Prices to Estimate the Effects of Cash Settlement on

Futures Prices,” 2003 (with Donald Lien), International Review of Financial Analysis, 12 (1), pp. 35 - 47

4. “Cash Settlement and Price Discovery in Futures Markets,”(with Donald Lien) 2003, Quarterly Journal of Business and Economics, 40(2), pp. 65 - 77

5. “The Effect of Extended Trading Hours on the Feedback Relationship Between Cash and Futures Markets,” (with K.C. Chan and L.T. Cheng) 2004, Journal of Emerging Markets, 9 (1) pp. 5 - 15

6. “Using Essays of Warren Buffett: Lessons for Corporate America in the Classroom,” (With Johnny Chan and Edward Wolfe), 2005, Journal of Financial Education, 34, pp.30 - 41

7. “Institutional Interventions and Performance of Futures Markets in China,”(with Johnny Chan and W.K. Leung), 2005, Emerging Markets Finance and Trade, 41 (5), pp. 45 - 59

8. “Are Options Redundant? Further Evidence from Currency Futures Markets,” (with Donald Lien), 2006, International Review of Financial Analysis, 15 (2), pp. 179 - 188

9. “How Does the Asian Economic Crisis Affect the Interdependencies between Financial Markets in Asia and the US?” 2006, Journal of Emerging Markets, 10 (2), pp. 25 - 34

10 “A Note on the Correlation Relationship Among Singapore, Hong Kong and the US Capital Markets Since the Asian Crisis: Implication for International Portfolio Management,” 2006, Singapore Economic Review, 51, pp. 335 -342.

11.“The Dynamics of Volatility Spillovers in Chinese Futures Markets” (with Donald Lien), 2007, Journal of Emerging Markets, 12 (1), pp. 34 - 43

12. “Financial Interdependence between Hong Kong and the US: A Band Spectrum Approach,” (with Donald Lien and Wenlong Wen), International Review of Economics and Finance, 17, pp. 507 – 516.

13. “An Inter-fund Analysis of Bank Loan Mutual Funds,” (With Johnny Chan and Bill Trainer), 2008, Journal of Personal Finance, 7, pp 49 – 61.

14. “The value of planned death,” (With Donald Lien), 2010, Journal of Socio-Economics, 39, pp 692 - 695. (Top Ten most downloaded paper in 2011, JSE)

15. “The Risk That Wasn’t There: Understanding the Role of Derivatives in Reducing and Creating Risk,” 2011, Journal of Utah Academy of Science Letters and Arts, pp. 57-68

16. “A Note on the Usefulness of the Minimum-Variance Portfolio in Practice,” 2012, Journal of Utah Academy of Science Letters and Arts, pp. 52-63

17. “Which Chinese Stock Market to Diversify into?” 2013, Frontiers of Economics in China, pp. 220-232

18. “The Information Value of Excessive Speculative Trades on Price Volatility in Oil Futures Markets” (with Chi M. Nguyen and Johnny Chan), 2013, Frontiers of Economics and Globalization: International Financial Markets, 13, forthcoming

19. “Using books by prolific investors for teaching an investments course: A pedagogical note,” (with Johnny Chan and Robert Fu), 2014, Advances in Financial Education, forthcoming