Chiraphol N. Chiyachantana Page 1

Chiraphol N. Chiyachantana

Singapore Management University Lee Kong Chian School of Business, 50 Stamford Road, Singapore 178899

Tel: (65) 6828-0776 Fax: (65) 6828-0427 E-mail: chiraphol@smu.edu.sg

EDUCATION Ph.D. (Finance) University of Memphis August 2003 Dissertation: Institutional Trading and Market Designs Dissertation Co-Chair: Thomas McInish and Robert Wood RESEARCH EXPERIENCE Selected Publications: Chiraphol N. Chiyachantana, Pankaj K. Jain, Christine X. Jiang, Robert A. Wood, “International Evidence on Institutional Trading Behavior and Price Impact”, Journal of Finance, 59, 869-898. Chiraphol N. Chiyachantana, Nareerat Taechapiroontong, Christine X. Jiang, Robert A. Wood, “The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis”, The Financial Review, 39, 549-577. Chiraphol N. Chiyachantana, Pankaj K. Jain, Christine X. Jiang, Robert A. Wood, “Volatility Effects of Institutional Trading in Foreign Stocks”, Journal of Banking and Finance, 30, 2199-2214. Gary Caton, Chiraphol N. Chiyachantana, Choong Tze Chua, Jeremy Goh, “Earnings Management and Seasoned Bond Offerings: Do Managers Mislead the Bond Market?”, Journal of Financial and Quantitative Analysis, 46, 687-708. Sugato Chakravarty, Chiraphol N. Chiyachantana, Christine X. Jiang, “The Choice of Trading Venue and Relative Price Impact of Institutional Trading: ADRs versus the Underlying Securities in their Local Markets”, Journal of Financial Research, 35, 537-567 (Lead Article) (Selected as the winner of the Outstanding Paper of the Year Award). Complete Working Papers: Asymmetry in the Impact of Institutional Trades (with Pankaj K. Jain, Christine X. Jiang and Robert A. Wood) Opportunity Cost of Institutional Trading (with Pankaj K. Jain)

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On the Informativeness of Credit Watch Placements (with Sugato Chakravarty and Yen Teik Lee) Reference Point Adaptation and Disposition Effect (with Lisa Yang) Other Publications: Sugato Chakravarty, Chiraphol N. Chiyachantana, Christine X. Jiang, “Earning Surprises and Stealth Trading” in Stock Market Liquidity: Implications for Market Microstructure and Asset Pricing. Chiraphol N. Chiyachantana, Julaluck Choochuay, Tanakorn Likitapiwat, “Intraday Price Discovery in Emerging Equity Market: Analysis of SET50 Index, SET 50 Index Futures and THAIDEX SET50 (TDEX)”, Journal of Applied Economics Sciences, 22, 380-390. Chiraphol N. Chiyachantana, “Information Based Trading and Day-of-the-Week Effect”, Actual Problem of Economics Journal, 145, 533-542. Nareerat Taechapiroontong, Charlie Charoenwong, Chiraphol N. Chiyachantana, Radchda Lurang, “The Effectiveness of Trading Halts and Investor Trading Performance: An Intraday Analysis on the Stock Exchange of Thailand”, International Research Journal of Finance and Economics, 102, 191-209. Nareerat Taechapiroontong, Chiraphol N. Chiyachantana, Theerawat Pinta, Chirasak Chiyachantana, “The Long-Run Stock Returns Following Initial Public Offering”, European Journal of Social Sciences, 37, 639-649. Chiraphol N. Chiyachantana, Neeranuch Nuengwang, Nareerat Taechapiroontong, Pakpoom Thanarung, “The Effect of Information Disclosure on Information Asymmetry”, Investment Management and Financial Innovations Journal, 10, 225-234. Chiraphol N. Chiyachantana, “The Impact of Tick Size on Order Submission Strategies”, European Journal of Economics, Finance and Administrative Sciences, 58, 16-22. Chiraphol N. Chiyachantana, Theerawat Pinta, Nareerat Taechapiroontong, Anantaporn Wongkham, “The Aftermarket Performance of Initial Public Offerings in the Stock Exchange of Thailand”, International Research Journal of Finance and Economics, 103, 86-102. Chiraphol N. Chiyachantana, Eakapat Manitkajornkit, Nareerat Taechapiroontong, “Credit Watch Placement and Security Price Behavior around Bond Rating Revisions”, Investment Management and Financial Innovations Journal, forthcoming.

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TEACHING EXPERIENCE Singapore Management University, Lee Kong Chian School of Business, 2005 - Present Courses: Finance Overall Rating:

A/Y

No. of Respondents

My Score

School Average

Ranking (Percentile)

2013/14 171 6.46 5.65 Top 1%

2012/13 167 6.58 5.06 Top 1% 2011/12 168 4.68 4.01 Top 1%

2010/11 162 4.63 4.01 Top 1% 2009/10 223 4.57 4.02 Top 1%

2008/09 165 4.60 4.02 Top 1% 2007/08 148 4.53 3.99 Top 1%

2006/07 140 4.52 4.00 Top 3% 2005/06 134 4.42 3.95 Top 4%

Teaching Awards:

Recipient of University-Wide Teaching Excellence Award (2007) Dean’s Outstanding Teaching Honour List Award (2013) Dean’s Outstanding Teaching Honour List Award (2012) Dean’s Outstanding Teaching Honour List Award (2011) Dean’s Outstanding Teaching Honour List Award (2010) Dean’s Outstanding Teaching Honour List Award (2009) Dean’s Outstanding Teaching Honour List Award (2008) Dean’s Outstanding Teaching Honour List Award (2007) Dean’s Outstanding Teaching Honour List Award (2006) Dean’s Outstanding Teaching Honour List Award (2005)

California State University at San Marcos, 2003 - 2004 Courses: Introduction to Financial Management

Foundations of Corporate Finance

Overall Rating: 4.72/5.00, Department Average Rating: 4.10/5.00

University of Memphis, Fogelman College of Business and Economics, 1999 – 2003 Courses: Business Finance*

Cases in Managerial Finance (MBA)* Overall Rating: 1.35/5.00, Department Average Rating: 1.80/5.00 * Scale: 1=Excellent, 2=Very Good, 3=Good, 4=Fair, 5=Poor

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SERVICE University Service: Singapore Management University:

Dissertation/Thesis Supervision: Chair: Benjamin Ee

(1st Placement: PhD in Finance, Duke University) Zong Fei Yang (1st Placement: PhD in Finance, University of Oklahoma)

Committee Member: Chen Fan Xie Wei Zhao Yu Huei Siang He Kejia Lim Wui Boon Flora Wang Fang Hu Lingxu Soon Yu Chiang Koon Boon Kee Harvey Cheong

Course Cordinator for Finance (2013-Present) Coach for Peer Coaching/Mentoring (Peer~CARE) Programme (2009-

Present) Program Committee Member for MSc and PhD in Finance by Research

(2008-2012) Panelist for Student Admission Interview (2006-Present)

Professional Service: Distinguished Judge: The Asian Banker Summit: Markets & Exchanges Awards (2010-Present) Member of Research Grant Evaluation Panel: The Research Grant Council of Hong Kong (2011-Present) Member of Research Grant Committee: Stock Exchange of Thailand (2005-Present) External Program/Curriculum Evaluator: Chulalongkorn University, Bachelor of Business Administration (International) Program (2008-Present) Ad-Hoc referee: Financial Analyst Journal Financial Management Global Finance Journal International Review of Financial Analysis International Review of Economics and Finance Journal of Banking and Finance Journal of Finance

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Pacific Basin-Finance Journal Book Review: Fundamentals of Corporate Finance by Stephen A. Ross, Randolph Westerfield and Bradford D. Jordan, McGraw-Hill Conference Program Committee/Review Panel: Financial Management Association Asian Conference, Shanghai (2013) Financial Management Association Asian Conference, Phuket (2012) 5th Singapore International Conference (2011) Financial Management Association Asian Conference, New Zealand (2011) 4th Singapore International Conference (2010) Financial Management Association Annual Meeting, New York (2010) Asian Finance Association Annual Conference, Hong Kong (2010) Financial Management Association Asian Conference, Singapore (2010)

Seminar and Conference Presentations: 2014: Securities and Exchange Commission Thailand 2014: Thammasat University 2013: Stock Exchange of Thailand 2013: Thammasat University 2012: Financial Management Association European Meeting (Istanbul) 2012: Asian Finance Association Meetings and Conference (Taipei) 2012: Financial Management Association Asian Meeting (Phuket) 2011: Financial Management Association Meeting (Denver) 2010: China International Conference in Finance (Beijing) 2010: Asian Finance Association Meetings and Conference (Hong Kong) 2010: Financial Management Association Meeting (Singapore) 2009: Financial Management Association Meeting (Reno) 2009: Stock Exchange of Thailand 2009: Financial Management Association European Meeting (Turin) 2009: University of Central Florida 2009: Mid-Atlantic Research Conference in Finance (Philadelphia) 2009: University of Memphis 2008: National Bureau of Economic Research (NBER) Market Microstructure (Boston) 2008: Chulalongkorn Accounting and Finance Symposium (Bangkok) 2007: Stock Exchange of Thailand 2007: Chulalongkorn Accounting and Finance Symposium 2006: Financial Management Association Meeting (Salt Lake City) 2006: 30th Anniversary of the Journal of Banking and Finance Conference (Beijing) 2005: Financial Management Association Meeting (Chicago) 2005: Eastern Finance Association Meeting (Norfolk) 2005: Singapore Management University 2005: University of New South Wales 2005: University of Sydney 2005: Fordham University 2005: University of Texas at Arlington

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2005: Worcester Polytechnic Institute 2005: Purdue University 2004: Asian FA/TFA/FMA Meeting (Taipei) 2004: Financial Management Association Meeting (New Orleans) 2004: Midwest Finance Association Meeting (Chicago) 2004: China International Conference in Finance (Shanghai) 2004: Midwest Finance Association Meeting (St. Louis) 2003: Financial Management Association Meeting (Denver) 2002: Pennsylvania State University 2002: Financial Management Association Meeting (San Antonio) Media Appearances: Channel News Asia Channel 8 (Singapore) Australian Associated Press Dow Jones Newswires