University of Vermont

School of Business Administration

Kevin C.H. Chiang, Ph.D. Professor

Contact Information
Office: 315 Kalkin
Phone: (802) 656-0515
E-Mail: Kevin.C.Chiang@uvm.edu

Office Hours: TR 9:00 - 10:00 a.m. & 12:00 - 1:00 p.m. or by appointment

Dr. Chiang is a professor of real estate/finance. His research interests include real estate investment trusts, real estate mutual funds, real estate investments, sustainable real estate, and portfolio management. He has published approximately 40 academic papers, and many of them are published in prestigious real estate and finance journals. He is currently an editor for Current Urban Studies.

Dr. Chiang is a council member of the New York-based Gerson Lehrman Group, Inc. He has been providing consulting services to various regional real estate development and redevelopment projects as well.

Vita

Course Information

Courses Currently Taught by Kevin Chiang:

Publication History

Journal Article, Academic Journal
  • Chiang, K. - (Forthcoming) "What Drives REIT Prices? The Time-Varying Informational Content of Dividend Yields" (Refereed) - Journal of Real Estate Research - 2014
  • Chiang, K.; Wisen, C.; Zhou, X. - "The Strategic Setting of Real Estate Mutual Fund Expense Ratios" (Refereed) - Journal of Applied Business Research - 2013 - v. 29, no. 6, pp. 1642-1656
  • Chiang, K.; Atkins , A.; Lee, M. - "Chasing Housing Prices" (Refereed) - Journal of Applied Business Research - 2012 - v. 28, no. 2, pp. 237-244
  • Chiang, K.; Lee, M.; Lin, C. - "REIT Stock Dividends: The Policy and Intra-Industry Wealth Effects" (Refereed) - Journal of Property Investment & Finance - 2012 - v. 30, no. 6, pp. 563-582
  • Chiang, K.; Lee, M.; Lin, C.; Kuo, S. - "The Intra-Industry Effects of REIT Dividend Announcements" (Refereed) - Pacific Rim Property Research Journal - 2012 - v. 18, no. 1, pp. 35-48
  • Chiang, K.; Wisen, C.; Zhou, T. - "Investor Sentiment and Closed-End Country Funds" (Refereed) - International Business and Economics Research Journal - 2011 - v. 10, no. 1, pp. 119-142 [Show/Hide Abstract]
  • Lee, M.; Chiang, K. - "Long-Run Price Behavior of Equity REITs: Become More Like Common Stocks after the Early 1990s?" (Refereed) - Journal of Property Investment & Finance - 2010 - v. 28, no. 6, pp. 454-465 [Show/Hide Abstract]
  • Chiang, K.; Sankaran, H.; Zhou, X. - "Long-Run Underperformance and the Offering Price Clustering Phenomenon" - Journal of Business and Economics Research - 2010 - v. 8, no. 1, pp. 49-57 [Show/Hide Abstract]
  • Chiang, K. - "On the Comovement of REIT Prices" (Refereed) - Journal of Real Estate Research - 2010 - v. 32, no. 2, pp. 187-200 [View publication] [Show/Hide Abstract]
  • Chiang, K.; Lee, M.; Chiu, B.; Lee, M.; Slawson, V. C. - "REIT Excess Dividend and Information Asymmetry: Evidence with Taxable Income" (Refereed) - Journal of Property Investment & Finance - 2010 - v. 28, no. 3, pp. 221-236 [View publication] [Show/Hide Abstract]
  • Chiang, K.; Lee, M. - "The Role of Correlated Trading in Setting REIT Prices" (Refereed) - Journal of Real Estate Finance and Economics - 2010 - v. 41, no. 3, pp. 320-338 [View publication] [Show/Hide Abstract]
  • Chiang, K.; Chiu, B.; Lee, M.; Lee, M. - "Time-Varying Real Estate Sensitivities of Mortgage REITs" (Refereed) - Applied Economics Letters - 2010 - v. 17, no. 16, pp. 1633-1640 [View publication] [Show/Hide Abstract]
  • Chiang, K. - "Discovering REIT Price Discovery: A New Data Setting" (Refereed) - Journal of Real Estate Finance and Economics - 2009 - no. DOI: 10.1007/s11146-007-9098-7 , [View publication] [Show/Hide Abstract]
  • Chiang, K.; Zhou, T. - "Do Aggressive Funds Reallocate Their Portfolios Aggressively" (Refereed) - Accounting and Finance - 2009 - v. 49, no. 3, pp. 481-503 [View publication] [Show/Hide Abstract]
  • Chiang, K.; Jiang, X.; Lee, M. - "REIT Idiosyncratic Risk" (Refereed) - Journal of Property Research - 2009 - v. 26, no. 4, pp. 349-366 [View publication] [Show/Hide Abstract]
  • Chiang, K.; Kozhevnikov, K.; Lee, M.; Wisen, C. H. - "Further Evidence on the Performance of Funds of Funds: The Case of Real Estate Mutual Funds" (Refereed) - Real Estate Economics - 2008 - v. 36, no. 1, pp. 47-61 [View publication] [Show/Hide Abstract]
  • Lee, M. L.; Lee, M. T.; Chiang, K. - "Real Estate Risk Exposure of Equity Real Estate Investment Trusts" (Refereed) - Journal of Real Estate Finance and Economics - 2008 - v. 36, no. 2, pp. 161-185 [View publication] [Show/Hide Abstract]
  • Chiang, K.; Kung, A.; Zhou, T. - "Country-Specific Risk and Returns" (Refereed) - Journal of Business and Economic Perspectives - 2007 - pp. 28-38
  • Chiang, K.; Wisen , C.; Zhou, T. - "Emerging Market Bonds as an Asset Class: Mean-Variance Spanning" (Refereed) - Journal of Investing - 2007 [Show/Hide Abstract]
  • Chiang, K.; Leonhard, C. - "International Diversification: the Within- and Between-Region Effects" (Refereed) - Journal of Investing - 2007 - pp. 51-68 [Show/Hide Abstract]
  • Zhou, T.; Chiang, K. - "Motivations behind the Acquisitions of Mutual Funds" (Refereed) - Corporate Finance Review - 2007 - v. 12, no. 2, pp. 19-26 [View publication] [Show/Hide Abstract]
  • Zhou , X.; Chiang, K.; Wisen, C. - "Mutual Fund Acquisitions and the Wealth of Target Shareholders" (Refereed) - Journal of American Academy of Business - 2007 - v. 11, no. 1, pp. 33-38 [View publication] [Show/Hide Abstract]
  • Zhou, X.; Chiang, K. - "Mutual Fund Postacquisition Management Retention and Its Performance Implications" (Refereed) - Corporate Finance Review - 2007 - v. 11, no. 6, pp. 28-34
  • Chiang, K.; Kozhevnikov , K.; Wisen, C. H. - "Non-Fundamentals and Value Returns" (Refereed) - Applied Financial Economics - 2007 - v. 17, no. 13, pp. 1075-1083 [View publication] [Show/Hide Abstract]
  • Lee, M.; Lee, M.; Chiang, K. - "Spanning Tests on Asian Real Estate Securities" (Refereed) - Journal of Financial Review - 2007 - pp. 1-20
  • Chiang, K.; Lee, M. - "Spanning Tests on Public and Private Real Estate" (Refereed) - Journal of Real Estate Portfolio Management - 2007 - v. 13, no. 1, pp. 7-15 [Show/Hide Abstract]
  • Lee, M.; Lee, M.; Chiang, K. - "Structural Breaks and Cross-Continental Real Estate Securities Diversification: Evidence from Spanning Tests" (Refereed) - Pacific Rim Property Research Journal - 2007 - pp. 510-535
  • Wisen, C. H.; Chiang, K. - "Explaining the Initial Returns of Mutual Funds" (Refereed) - Journal of Investing - 2006 - pp. 53-67 [Show/Hide Abstract]
  • Chiang, K.; Kozhevnikov, K.; Lee, M.; Wisen, C. H. - "REIT Mimicking Portfolio Analysis" (Refereed) - International Real Estate Review - 2006 - v. 9, no. 1, pp. 95-111 [Show/Hide Abstract]
  • Chiang, K.; Frankfurter, G. M.; Kosedag , A.; Wood, B. - "The Perception of Dividends by Professional Investors" (Refereed) - Managerial Finance - 2006 - v. 32, no. 1, pp. 60-81 [Show/Hide Abstract]
  • Chiang, K.; Kung, A. W. - "Bidding Dynamics in Multi-Unit Auctions: Empirical Evidence from Online Auctions of Certificates of Deposit" (Refereed) - Journal of Financial Intermediation - 2005 - v. 14, no. 2, pp. 239-252 [View publication] [Show/Hide Abstract]
  • Chiang, K.; Frankfurter, G. M.; Kosedag, A. - "Exploratory Analyses of Dividend Re-Investment Plans and Some Comparisons" (Refereed) - International Review of Financial Analysis - 2005 - v. 14, no. 5, pp. 570-586 [View publication]
  • Chiang, K.; Lee , M.; Wisen, C. H. - "On the Time Series Properties of Real Estate Investment Trust Beta" (Refereed) - Real Estate Economics - 2005 - v. 33, pp. 381-396 [View publication] [Show/Hide Abstract]
  • Frankfurter, G. M.; Kosedag, A.; Chiang, K.; Collison, D.; Power, D. M.; Schmidt, H.; So, R. - "A Comparative Analysis of Perception of Dividends by Financial Managers" (Refereed) - Research in International Business and Finance - 2004 - pp. 73-113 [View publication] [Show/Hide Abstract]
  • Chiang, K.; Lee, M.; Wisen, C. H. - "Another Look at the Asymmetric REIT-Beta Puzzle" (Refereed) - Journal of Real Estate Research - 2004 - v. 26, no. 1, pp. 26-42 [View publication] [Show/Hide Abstract]
  • Chiang, K.; Harikumar, T. - "Offering Price Clusters and Underpricing in the US Primary Market" (Refereed) - Applied Financial Economics - 2004 - v. 14, no. 11, pp. 809-822 [Show/Hide Abstract]
  • Lee, M.; Chiang, K. - "Substitutability between Equity REITs and Mortgage REITs" (Refereed) - Journal of Real Estate Research - 2004 - v. 26, no. 1, pp. 95-113 [Show/Hide Abstract]
  • Chiang, K.; Kozhevnikov , K.; Wisen, C. H. - "The Ranking Properties of the Morningstar Risk-Adjusted Rating" (Refereed) - Journal of Investing - 2003 - pp. 90-98 [View publication] [Show/Hide Abstract]
  • Chiang, K.; Kozhevnikov , K.; Wisen, C. H. - "The Ranking Properties of the Morningstar Risk-Adjusted Rating" (Refereed) - Journal of Investing - 2003 - pp. 90-98 [View publication] [Show/Hide Abstract]
  • Chiang, K.; Leonhard, C. - "International Diversification: the Within- and Between-Region Effects" (Refereed) - Journal of Investing - 2002 - v. 16, no. 1, pp. 51-68 [Show/Hide Abstract]
  • Chiang, K.; Lee, M. - "REITs in the Decentralized Investment Industry" (Refereed) - Journal of Property Investment and Finance - 2002 - v. 20, no. 6, pp. 496-512 [View publication] [Show/Hide Abstract]
  • Chiang, K.; Frankfurter, G. M.; McGoun, E. G. - "Practical Views of Risk-Taking" (Refereed) - Journal of Investing - 2001 - pp. 30-40