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<!doctype html>
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<title>Jiakai Chen</title>
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<h1><span itemprop="name">Jiakai Chen | 陈嘉锴</span></h1>
<small><span itemprop="jobTitle">First Hawaiian Bank Distinguished Professor</span></small>
<small><span itemprop="jobTitle">Associate Professor of Finance</span></small>
<small><span itemprop="affiliation">Shidler College of Business</span></small>
<small><span itemprop="affiliation">University of Hawaii at Manoa</span></small><br>
<small itemprop="address" itemscope itemtype="http://schema.org/PostalAddress">
<span itemprop="streetAddress">
<span itemprop="name">2404 Maile Way</span><br>
</span>
<span itemprop="addressLocality">Honolulu</span>
<span itemprop="addressRegion">HI</span>
<span itemprop="postalCode">96822</span>,
<span itemprop="addressCountry">USA</span>
</small><br>
<h3><a href="files/cv.pdf">Curriculum Vitae</a></h3>
</div>
<div id="photo">
<img src="images/JiakaiChenUH2017small.jpg" alt="Jiakai Chen resume photo" itemprop="image" />
</div>
</header>
<section id="profile">
<h2>Publications</h2>
<h3>Academic Research</h3>
<h4 itemprop="paper"><a href="https://doi.org/10.1016/j.jbankfin.2025.107459">Peer-to-Peer Lending: Shift of Pricing Regime and Changes in Risk Sensitivity</a></h4>
<small><i>with Wei Huang (Univ. of Hawaii) and Xinruo Emma Wang (Univ. of Wisconsin) </i><br></small>
<small><i>Journal of Banking and Finance, Volume 176, July 2025, 107459</i></small>
<br>
<h4 itemprop="paper"><a href="files/abcp_20220520.pdf">Market Discipline and Regulatory Arbitrage: Evidence from Asset-backed Commercial Paper</a></h4>
<small><i>Journal of Banking and Finance, Volume 145, December 2022, 106656</i></small>
<br>
<h4 itemprop="paper"><a href="https://www.sciencedirect.com/science/article/abs/pii/S0304405X20303299">Do low search costs facilitate like-buys-like mergers? Evidence from common bank networks</a></h4>
<small><i>with Joonho Kim (Univ. of Hawaii) and S. Ghon Rhee (Univ. of Hawaii) </i><br></small>
<small><i>Journal of Financial Economics, Volume 140, Issue 2, May 2021, Pages 484-513.</i></small>
<br>
<h4 itemprop="paper"><a href="https://authors.elsevier.com/a/1deOp4xF2VaXW6">LIBOR’s Poker</a></h4>
<small><i>Journal of Financial Markets, Volume 55, September 2021, 100586</i></small>
<br>
<h4 itemprop="paper"><a href="http://www.iijournals.com/doi/abs/10.3905/jfi.2008.705539">Modeling of Mortgage Defaults</a> </h4>
<small><i>with Lakhbir S. Hayre, Manish Saraf, and Robert Young </i><br></small>
<small><i>The Journal of Fixed Income</i>, Spring 2008, Vol. 17, No. 4: pp. 6-30.</i></small>
<br>
<!--
<p itemprop="description">Mortgage defaults are involuntary prepayments caused by the liquidation of loans following delinquency and foreclosure. Default projections are required for projecting loss-adjusted cash flows for mortgage pools, and they are key to accurately quantifying mortgage credit risk. This article describes a model that projects default rates as a function of mortgage and borrower characteristics and economic variables such as home price appreciation, unemployment and interest rates. We use the model to examine defaults and losses on subprime and AltA mortgages, focusing in particular on recent vintage subprime loans and on the ABX indexes.</p>
-->
<h3>Government Policy Analysis</h3>
<h4 itemprop="article"><a href="https://libertystreeteconomics.newyorkfed.org/2021/03/did-dealers-fail-to-make-markets-during-the-pandemic.html">Did Dealers Fail to Make Markets during the Pandemic?</a></h4>
<small><i>with Haoyang Liu (Dallas Fed.), David Rubio (New York Fed.), Asani Sarkar (New York Fed.), and Zhaogang Song (Johns Hopkins Univ.) </i><br></small>
<small><i>Liberty Street Economics, March 2021.</i></small>
<br>
<h4 itemprop="article"><a href="https://libertystreeteconomics.newyorkfed.org/2020/07/mbs-market-dysfunctions-in-the-time-of-covid-19.html">MBS Market Dysfunctions in the Time of COVID-19</a></h4>
<small><i>with Haoyang Liu (Dallas Fed.), David Rubio (New York Fed.), Asani Sarkar (New York Fed.), and Zhaogang Song (Johns Hopkins Univ.) </i><br></small>
<small><i>Liberty Street Economics, July 2020.</i></small>
<br>
<h2>Working Papers</h2>
<h4 itemprop="paper"><a href="https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr933.pdf">Dealers and the Dealer of Last Resort: Evidence from MBS Markets in the COVID-19 Crisis</a></h4>
<small><i>with Haoyang Liu (Dallas Fed.), Asani Sarkar (New York Fed.), and Zhaogang Song (Johns Hopkins Univ.) </i><br></small>
<small><i>Revise and resubmit, Journal of Financial and Quantitative Analysis </i></small>
<br>
<h4 itemprop="paper"><a>Credit Union Expansions: A Fork in the Road for Local Banks?</a></h4>
<small><i>with Rodney Ramcharan (Univ. of Southern California), Teng Wang (Federal Reserve Board), and Tim Zhang (Univ. of Texas at San Antonio) </i><br></small>
<br>
<h4 itemprop="paper"><a>The Writing on the Maturity Wall: Commercial Real Estate Performance and Rollover Risk</a></h4>
<small><i>with Yifan Chen (Univ. of Hawaii at Manoa) </i><br></small>
<br>
<h4 itemprop="paper"><a>Ambiguity, Market Underreaction, and Post-Earnings Announcement Drifts </a></h4>
<small><i>with Qianqiu Liu (Univ. of Hawaii at Manoa), Xiaobo Liang (Univ. of Nevada, Las Vegas), and S. Ghon Rhee (Univ. of Hawaii at Manoa) </i><br></small>
<br>
<h4 itemprop="paper"><a href="files/loopbtc_20220816.pdf">Slowed-Down Capital: Using Bitcoin to Avoid Capital Controls </a></h4>
<small><i>with Asani Sarkar (New York Fed.) </i><br></small>
<br>
<h4 itemprop="paper"><a href="files/analyst_20210815.pdf">Does Analyst Reputation Matter For Firm Value? Evidence from Corporate Fraud Revelation</a></h4>
<small><i>with Joonho Kim (Univ. of Hawaii at Manoa) and Boochun Jung (Univ. of Hawaii at Manoa) </i><br></small>
<br>
<!--
<h2>Publications</h2>
<p itemprop="description"><a href="http://www.iijournals.com/doi/abs/10.3905/jfi.2008.705539"><u>Modeling of Mortgage Defaults</u></a> (with Lakhbir S. Hayre, Manish Saraf, and Robert Young) </p>
<p itemprop="description"><i>The Journal of Fixed Income</i>, Spring 2008, Vol. 17, No. 4: pp. 6-30 </p>
<p itemprop="description">Mortgage defaults are involuntary prepayments caused by the liquidation of loans following delinquency and foreclosure. Default projections are required for projecting loss-adjusted cash flows for mortgage pools, and they are key to accurately quantifying mortgage credit risk. This article describes a model that projects default rates as a function of mortgage and borrower characteristics and economic variables such as home price appreciation, unemployment and interest rates. We use the model to examine defaults and losses on subprime and AltA mortgages, focusing in particular on recent vintage subprime loans and on the ABX indexes.</p>
-->
<h2>Work in Progress</h2>
<h4 itemprop="paper">Loan Extensions in CMBS</a></h4>
<small><i>with Sean Flynn Jr. (Cornell Univ.) and Alexei Tchistyi (Cornell Univ.) </i><br></small>
<br>
<h4 itemprop="wip">Banks Behave Badly</h4>
<small><i>with Christine Parlour (UC Berkeley) and Uday Rajan (Univ. of Michigan)</i></i><br><i>Presented in: Rice, George Mason, UW Madison, <a href="https://www.youtube.com/watch?v=JjOWtSCUpYs"><u>FMA(Keynote)</u></a> (Updated draft coming soon)</i></small>
<br>
<h2>Media Coverage</h2>
<h3 itemprop="quotes">Quotes</h3>
<small><i>"8 of the best real estate investment trusts (REITS) to buy in 2019," <a href="https://money.usnews.com/investing/real-estate-investments/slideshows/best-reits-to-buy-this-year">U.S. News</a>, <a href="https://finance.yahoo.com/news/8-best-real-estate-investment-165633497.html">Yahoo Finance</a>, December 2018</i><br></small>
<br>
<small><i>"Big Hawaii plans for resort developer China Oceanwide," <a href="https://www.hawaiibusiness.com/big-plans/">Hawaii Business Magazine</a>, September 2017</i><br></small>
<br>
<h3 itemprop="op-eds">Op-Eds</h3>
<small><i>"Why the tax law is a bonanza for REIT investors," <a href="https://www.financial-planning.com/opinion/why-the-tax-law-is-a-bonanza-for-reit-investors">Financial Planning</a>, September 2018</i><br></small>
<br>
<small><i>"REITs are the big winners from the new tax law," <a href="https://www.accountingtoday.com/opinion/reits-are-the-big-winners-from-the-new-tax-reform-law">Accounting Today</a>, <a href="https://www.taxprotoday.com/opinion/reits-are-the-big-winners-from-the-new-tax-reform-law">Tax Pro Today</a>, May 2018</i><br></small>
<br>
<small><i>"Markets fairly grade share buybacks," <a href="http://ww2.cfo.com/investor-relations-banking-capital-markets/2018/01/markets-fairly-grade-share-buybacks/">CFO.com</a>, January 2018</i><br></small>
<br>
<h2 itemprop="name">Teaching</h2>
<h4 itemprop="description"><a href="files/syllabus313.pdf">BUS313: International Economics</a><br></h4>
<br>
<h4 itemprop="description"><a href="files/syllabus435.pdf">FIN435: Banking and Capital Markets</a><br></h4>
<br>
<h4 itemprop="description"><a href="files/syllabus490.pdf">FIN490D: Financial Analysis</a><br></h4>
<br>
<h4 itemprop="description"><a href="files/syllabus460.pdf">FIN660/FIN460: Special Topics in Banking and Finance</a><br></h4>
<br>
<h4 itemprop="description"><a>FIN703: Ph.D. seminar in Corporate Finance and Financial Intermediation</a><br></h4>
<br>
</section>
</div>
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