Hui Chen

Massachusetts Institute of Technology

Sloan School of Management

50 Memorial Drive

Cambridge, MA 02142

United States

  • Massachusetts Institute of Technology

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SCHOLARLY PAPERS

25

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23,747

SSRN CITATIONS
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Top 772

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1,089

CROSSREF CITATIONS

698

Scholarly Papers (25)

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1.

Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure

Downloads 2,956 ( 7,624)
Citation 210

Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure

Journal of Finance, Forthcoming
Number of pages: 58 Posted: 30 Sep 2009
Hui Chen
Massachusetts Institute of Technology
Downloads 2,837 (7,968)
Citation 32

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capital structure, credit spread, default risk, business cycle, default losses

Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure

NBER Working Paper No. w16151
Number of pages: 59 Posted: 07 Jul 2010 Last Revised: 18 Feb 2023
Hui Chen
Massachusetts Institute of Technology
Downloads 119 (400,987)
Citation 86

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2.

Market Timing, Investment, and Risk Management

Downloads 1,964 (14,586)
Citation 86

Market Timing, Investment, and Risk Management

AFA 2012 Chicago Meetings Paper
Number of pages: 59 Posted: 16 Mar 2010 Last Revised: 29 Mar 2012
Patrick Bolton, Hui Chen and Neng Wang
Imperial College London, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 1,884 (15,305)
Citation 55

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risk management, liquidity, financial crisis, market timing, investment, q theory

Market Timing, Investment, and Risk Management

NBER Working Paper No. w16808
Number of pages: 55 Posted: 28 Feb 2011 Last Revised: 05 Jun 2023
Patrick Bolton, Hui Chen and Neng Wang
Imperial College London, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 80 (525,977)
Citation 68

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3.

Systematic Risk, Debt Maturity, and the Term Structure of Credit Spreads

Downloads 1,783 (16,958)
Citation 36

Systematic Risk, Debt Maturity, and the Term Structure of Credit Spreads

Journal of Financial Economics, Forthcoming
Number of pages: 67 Posted: 21 Mar 2012 Last Revised: 27 Feb 2020
Hui Chen, Yu Xu and Jun Yang
Massachusetts Institute of Technology, University of Delaware and Bank of Canada
Downloads 1,719 (17,631)
Citation 5

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credit risk, term structure, business cycle, maturity dynamics, liquidity

Systematic Risk, Debt Maturity, and the Term Structure of Credit Spreads

NBER Working Paper No. w18367
Number of pages: 62 Posted: 08 Sep 2012 Last Revised: 10 Mar 2023
Hui Chen, Yu Xu and Jun Yang
Massachusetts Institute of Technology, University of Delaware and Bank of Canada
Downloads 64 (597,330)
Citation 30

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4.

Measuring 'Dark Matter' in Asset Pricing Models

Downloads 1,782 (16,971)
Citation 26

Measuring 'Dark Matter' in Asset Pricing Models

Journal of Finance, Forthcoming, NBER Working Paper Series, The Rodney L. White Center Working Papers Series at the Wharton School, The Jacobs Levy Equity Management Center for Quantitative Financial Research Working Papers Series, The Wharton School Research Paper, Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 60 Posted: 19 Sep 2013 Last Revised: 25 Jan 2022
Hui Chen, Winston Wei Dou and Leonid Kogan
Massachusetts Institute of Technology, University of Pennsylvania - The Wharton School and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 1,593 (19,800)
Citation 17

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Fragile beliefs, Unstable models, Misspecification and robustness, Out-of-sample fit, Semiparametric information bounds.

Measuring “Dark Matter” in Asset Pricing Models

NBER Working Paper No. w26418
Number of pages: 61 Posted: 03 Dec 2019 Last Revised: 09 Mar 2023
Hui Chen, Winston Wei Dou and Leonid Kogan
Massachusetts Institute of Technology, University of Pennsylvania - The Wharton School and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 189 (273,732)

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5.

A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management

Downloads 1,631 (19,431)
Citation 265

A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management

Journal of Finance, Forthcoming , AFA 2010 Atlanta Meetings Paper
Number of pages: 50 Posted: 19 Mar 2009 Last Revised: 12 Jul 2011
Patrick Bolton, Hui Chen and Neng Wang
Imperial College London, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 1,409 (23,832)
Citation 59

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investment, q theory, cash management, liquidity, hedging, payout, financing

A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management

NBER Working Paper No. w14845
Number of pages: 57 Posted: 07 Apr 2009 Last Revised: 25 Jul 2022
Patrick Bolton, Hui Chen and Neng Wang
Imperial College London, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 222 (235,923)

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6.

Demand for Crash Insurance, Intermediary Constraints, and Risk Premia in Financial Markets

Downloads 1,469 (22,809)
Citation 50

Demand for Crash Insurance, Intermediary Constraints, and Risk Premia in Financial Markets

AFA 2013 San Diego Meetings Paper
Number of pages: 68 Posted: 19 Mar 2012 Last Revised: 24 Mar 2019
Hui Chen, Scott Joslin and Sophie Xiaoyan Ni
Massachusetts Institute of Technology, University of Southern California - Department of Finance and Business Economics and Hong Kong Baptist University (HKBU)
Downloads 1,441 (23,043)
Citation 3

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Intermediary constraint, tail risk, SPX option, return predictability, supply shocks, leverage

Demand for Crash Insurance, Intermediary Constraints, and Risk Premia in Financial Markets

NBER Working Paper No. w25573
Number of pages: 49 Posted: 26 Feb 2019 Last Revised: 18 May 2023
Hui Chen, Scott Joslin and Sophie Xiaoyan Ni
Massachusetts Institute of Technology, University of Southern California - Department of Finance and Business Economics and Hong Kong Baptist University (HKBU)
Downloads 28 (838,270)
Citation 38

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7.

The Debt-Equity Spread

Number of pages: 84 Posted: 25 Oct 2021 Last Revised: 26 Apr 2023
Hui Chen, Zhiyao Chen and Jun Li
Massachusetts Institute of Technology, Lingnan University - Department of Finance and Insurance and University of Texas at Dallas
Downloads 1,290 (27,631)
Citation 2

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credit risk, market segmentation, stock and bond return predictions, relative mispricing

8.

Feedback and Contagion through Distressed Competition

Downloads 1,167 (32,043)
Citation 7

Feedback and Contagion through Distressed Competition

The Rodney L. White Center Working Papers Series at the Wharton School, Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 60 Posted: 05 Feb 2020 Last Revised: 17 Aug 2023
Hui Chen, Winston Wei Dou, Hongye Guo and Yan Ji
Massachusetts Institute of Technology, University of Pennsylvania - The Wharton School, The University of Hong Kong - University of Hong Kong and Hong Kong University of Science & Technology (HKUST)
Downloads 1,163 (31,694)
Citation 6

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Competition-distress feedback loop, Distress spillover, Predatory pricing, Price war, Profitability-leverage puzzle, Collusion.

Feedback and Contagion Through Distressed Competition

NBER Working Paper No. w30841
Number of pages: 61 Posted: 16 Jan 2023 Last Revised: 14 Apr 2023
Hui Chen, Winston Wei Dou, Hongye Guo and Yan Ji
Massachusetts Institute of Technology, University of Pennsylvania - The Wharton School, The University of Hong Kong - University of Hong Kong and Hong Kong University of Science & Technology (HKUST)
Downloads 4 (1,071,677)
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9.

Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty

Downloads 1,135 (33,311)
Citation 46

Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty

Journal of Finance, Forthcoming, Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 79 Posted: 22 Jun 2012 Last Revised: 11 Aug 2020
Hui Chen, Michael Michaux and Nikolai L. Roussanov
Massachusetts Institute of Technology, University of Southern California - Marshall School of Business and University of Pennsylvania - The Wharton School
Downloads 1,094 (34,570)
Citation 21

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mortgage refinancing, home equity, housing collateral, liquidity constraints, household consumption and saving decisions, leverage

Houses as Atms? Mortgage Refinancing and Macroeconomic Uncertainty

NBER Working Paper No. w19421
Number of pages: 76 Posted: 20 Sep 2013 Last Revised: 25 Jan 2023
Hui Chen, Michael Michaux and Nikolai L. Roussanov
Massachusetts Institute of Technology, University of Southern California - Marshall School of Business and University of Pennsylvania - The Wharton School
Downloads 41 (734,808)
Citation 38

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10.

Deep Surrogates for Finance: With an Application to Option Pricing

Number of pages: 48 Posted: 12 Mar 2021 Last Revised: 28 Oct 2023
Hui Chen, Antoine Didisheim and Simon Scheidegger
Massachusetts Institute of Technology, The University of Melbourne and University of Lausanne - School of Economics and Business Administration (HEC-Lausanne)
Downloads 1,007 (39,588)
Citation 1

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surrogate, deep neural network, tail risk index, parameter instability, illiquidity, distribution of option return, VaR

11.

Debt, Taxes, and Liquidity

Downloads 980 (41,016)
Citation 2

Debt, Taxes, and Liquidity

Columbia Business School Research Paper No. 14-17
Number of pages: 43 Posted: 13 Mar 2014 Last Revised: 22 Nov 2014
Patrick Bolton, Hui Chen and Neng Wang
Imperial College London, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 925 (43,802)
Citation 1

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Capital structure, liquidity, cash, financing frictions, marginal tax benefit of debt, tradeoff theory

Debt, Taxes, and Liquidity

NBER Working Paper No. w20009
Number of pages: 61 Posted: 31 Mar 2014 Last Revised: 05 Mar 2023
Patrick Bolton, Hui Chen and Neng Wang
Imperial College London, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 55 (645,331)
Citation 2

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12.

Stock Return Volatility and Capital Structure Decisions

PBCSF-NIFR Research Paper No. 13-04
Number of pages: 42 Posted: 29 Oct 2013 Last Revised: 19 Feb 2016
Hui Chen, Hao Wang and Hao Zhou
Massachusetts Institute of Technology, Tsinghua University and Tsinghua University - PBC School of Finance
Downloads 955 (42,551)
Citation 8

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Stock Return Volatility, Leverage Ratio, Surprise Shocks, Idiosyncratic Volatility, Uncertainty

13.

Rare Disasters and Risk Sharing with Heterogeneous Beliefs

Downloads 947 (43,063)
Citation 27

Rare Disasters and Risk Sharing with Heterogeneous Beliefs

AFA 2011 Denver Meetings Paper
Number of pages: 49 Posted: 18 Mar 2010 Last Revised: 02 Sep 2013
Hui Chen, Scott Joslin and Ngoc-Khanh Tran
Massachusetts Institute of Technology, University of Southern California - Department of Finance and Business Economics and Finance Dept., Pamplin College of Business, Virginia Tech
Downloads 862 (48,266)
Citation 17

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Rare Disasters and Risk Sharing with Heterogeneous Beliefs

NBER Working Paper No. w16035
Number of pages: 52 Posted: 04 Jun 2010 Last Revised: 26 Apr 2023
Hui Chen, Scott Joslin and Ngoc-Khanh Tran
Massachusetts Institute of Technology, University of Southern California - Department of Finance and Business Economics and Finance Dept., Pamplin College of Business, Virginia Tech
Downloads 85 (506,742)
Citation 17

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14.

Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets

Downloads 904 (45,861)
Citation 19

Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2018-82, PBCSF-NIFR Research Paper, Journal of Finance, Forthcoming
Number of pages: 85 Posted: 04 Dec 2018 Last Revised: 24 Jun 2023
Hui Chen, Zhuo Chen, Zhiguo He, Jinyu Liu and Rengming Xie
Massachusetts Institute of Technology, Tsinghua University - PBC School of Finance, University of Chicago - Finance, University of International Business and Economics (UIBE) - School of Banking and Finance and CITIC Securities
Downloads 865 (48,000)
Citation 12

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Pledgeability, haircut, repo, interbank and exchange markets, enterprise bonds, shadow cost of capital

Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets

NBER Working Paper No. w26520
Number of pages: 86 Posted: 03 Dec 2019 Last Revised: 27 Jun 2022
Hui Chen, Zhuo Chen, Zhiguo He, Jinyu Liu and Rengming Xie
Massachusetts Institute of Technology, Tsinghua University - PBC School of Finance, University of Chicago - Finance, University of International Business and Economics (UIBE) - School of Banking and Finance and CITIC Securities
Downloads 39 (749,416)
Citation 9

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15.

Dynamic Asset Allocation with Ambiguous Return Predictability

AFA 2010 Atlanta Meetings Paper
Number of pages: 46 Posted: 02 Mar 2009 Last Revised: 14 Apr 2011
Hui Chen, Nengjiu Ju and Jianjun Miao
Massachusetts Institute of Technology, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF) and Boston University - Department of Economics
Downloads 826 (51,983)
Citation 25

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generalized recursive ambiguity utility, ambiguity aversion, model uncertainty, learning, portfolio choice, robustness, return predictability

16.

Entrepreneurial Finance and Nondiversifiable Risk

Downloads 801 (54,156)
Citation 42

Entrepreneurial Finance and Nondiversifiable Risk

Review of Financial Studies, Forthcoming
Number of pages: 64 Posted: 27 Mar 2009 Last Revised: 07 Jul 2010
Hui Chen, Jianjun Miao and Neng Wang
Massachusetts Institute of Technology, Boston University - Department of Economics and Columbia University - Columbia Business School, Finance
Downloads 728 (60,651)
Citation 9

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default, diversification benefits, entrepreneurial risk aversion, incomplete markets, idiosyncratic risk premium, hedging, capital structure, cash-out option, precautionary saving

Entrepreneurial Finance and Non-Diversifiable Risk

NBER Working Paper No. w14848
Number of pages: 45 Posted: 07 Apr 2009 Last Revised: 29 Jul 2022
Hui Chen, Jianjun Miao and Neng Wang
Massachusetts Institute of Technology, Boston University - Department of Economics and Columbia University - Columbia Business School, Finance
Downloads 73 (555,472)
Citation 1

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17.

Generalized Transform Analysis of Affine Processes and Applications in Finance

Downloads 730 (61,306)
Citation 18

Generalized Transform Analysis of Affine Processes and Applications in Finance

Number of pages: 43 Posted: 17 Feb 2009 Last Revised: 22 Sep 2011
Hui Chen and Scott Joslin
Massachusetts Institute of Technology and University of Southern California - Department of Finance and Business Economics
Downloads 683 (65,934)
Citation 13

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option pricing, recovery risk, stochastic discount factor, characteristic function, Fourier transform

Generalized Transform Analysis of Affine Processes and Applications in Finance

NBER Working Paper No. w16906
Number of pages: 66 Posted: 28 Mar 2011 Last Revised: 13 Mar 2022
Hui Chen and Scott Joslin
Massachusetts Institute of Technology and University of Southern California - Department of Finance and Business Economics
Downloads 47 (693,783)

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18.

Process Intangibles and Agency Conflicts

MIT Sloan Research Paper No. 6927-23
Number of pages: 79 Posted: 09 Feb 2023 Last Revised: 16 Jun 2023
Hui Chen, Ali Kakhbod, Maziar Kazemi and Hao Xing
Massachusetts Institute of Technology, University of California, Berkeley, Arizona State University (ASU) - Finance Department and Boston University - Questrom School of Business
Downloads 454 (110,737)

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Process Intangibles, Intangible capital, Dynamic contracting, Compensation

19.

The Dark Side of Circuit Breakers

Journal of Finance, Forthcoming
Number of pages: 83 Posted: 05 Apr 2023
Hui Chen, Anton Petukhov, Jiang Wang and Hao Xing
Massachusetts Institute of Technology, MIT Sloan School of Management, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Boston University - Questrom School of Business
Downloads 349 (149,319)

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circuit breaker, volatility amplification, magnet effect, liquidity, welfare, skewness, trading volume

20.

Macroeconomic Risk and Debt Overhang

Number of pages: 52 Posted: 12 Nov 2014
Hui Chen and Gustavo Manso
Massachusetts Institute of Technology and University of California, Berkeley - Haas School of Business
Downloads 250 (210,938)
Citation 16

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21.

Quantifying Liquidity and Default Risks of Corporate Bonds Over the Business Cycle

NBER Working Paper No. w20638
Number of pages: 61 Posted: 03 Nov 2014 Last Revised: 24 May 2023
Hui Chen, Rui Cui, Zhiguo He and Konstantin Milbradt
Massachusetts Institute of Technology, University of Chicago - Finance, University of Chicago - Finance and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 125 (385,033)
Citation 48

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22.

Online Appendix for 'Feedback and Contagion through Distressed Competition'

Number of pages: 33 Posted: 27 Jul 2020 Last Revised: 18 Aug 2023
Hui Chen, Winston Wei Dou, Hongye Guo and Yan Ji
Massachusetts Institute of Technology, University of Pennsylvania - The Wharton School, The University of Hong Kong - University of Hong Kong and Hong Kong University of Science & Technology (HKUST)
Downloads 108 (428,530)
Citation 1

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Competition-distress feedback loop, Distress spillover, Predatory pricing, Price war, Profitability-leverage puzzle, Collusion

23.

Online Appendix for 'Measuring the 'Dark Matter' in Asset Pricing Models'

Number of pages: 45 Posted: 21 Oct 2019 Last Revised: 25 Jan 2022
Hui Chen, Winston Wei Dou and Leonid Kogan
Massachusetts Institute of Technology, University of Pennsylvania - The Wharton School and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 104 (440,226)
Citation 13

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Fragile beliefs, Unstable models, Misspecification and robustness, Out-of-sample fit, Semiparametric information bounds.

24.

Teaching Economics to the Machines

Number of pages: 70 Posted: 01 Dec 2023
Hui Chen, Yuhan Cheng, Yanchu Liu and Ke Tang
Massachusetts Institute of Technology, Tsinghua University, PBC School of Finance, Students, Lingnan (University) College, Sun Yat-sen University, Guangzhou, China. and Institute of Economics, School of Social Sciences, Tsinghua University
Downloads 15 (943,296)

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transfer learning, structural model, deep neural networks, option pricing

25.

A Note on Additional Materials for 'Feedback and Contagion Through Distressed Competition'

Number of pages: 21 Posted: 31 Aug 2023
Hui Chen, Winston Wei Dou, Hongye Guo and Yan Ji
Massachusetts Institute of Technology, University of Pennsylvania - The Wharton School, The University of Hong Kong - University of Hong Kong and Hong Kong University of Science & Technology (HKUST)
Downloads 15 (933,147)

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Competition-distress feedback loop, Distress spillover, Predatory pricing, Price war, Profitability-leverage puzzle, Collusion