ࡱ> lnk[ R:bjbj*dΐΐ2  fffffzzz8dDzl9ZL>, 9999999<>z9f)))9ff4&9///)^ff9/)9//G7h;8/zH-Z78<90l97|*?.v*? ;8;8*?fO88*/!$d88899/888l9))))*?888888888  ,: RAY YEUTIEN CHOUApril, 2009ADDRESS Institute of Economics, Academia Sinica, Nankang, Taipei, Taiwan, 11528Tel: (02) 2782-2791#321 Fax: 2785-3946,  HYPERLINK "mailto:rchou@econ.sinica.edu.tw" rchou@econ.sinica.edu.tw EDUCATIONPh.D. 1988, University of California, San Diego, EconomicsM. A. 1982, University of Kentucky, EconomicsA. 1978, National Taiwan University, EconomicsEMPLOYMENTResearch Fellow Institute of Economics, Academia Sinica 3/2005-present Adjunct Professor National Chiao Tung University 3/2005-presentAssociate Research Fellow Institute of Economics, Academia Sinica 6/1995-3/2005Adjunct Associate Professor National Chiao Tung University 9/2004-3/2005Visiting Scholar Graduate School of Business, U. Chicago 9/2000-3/2001Adjunct Associate Professor National Central University 9/1995-6/2004Adjunct Associate Professor National Taiwan University 9/1995-2/1996Assistant Professor Georgia Institute of Technology 9/1988-6/1995Research Associate Center for Pacific Basin Monetary and 10/1991-presentEconomic Studies, San Francisco Fed. Teaching/Research Assistant University of California, San Diego 9/1982-6/1988Teaching/Research Assistant University of Kentucky 9/1980-6/1982CURRENT FIELDS OF INTERESTAsset pricing and volatility/risk modeling, Forecasting, Empirical Finance, Applied Econometrics COURSES TAUGHTTime Series Analysis, Financial Econometrics, Econometrics, Investments, Futures and Options Market, Corporate Finance, Risk Management, Empirical Methods in Finance, Business Forecasting, MicroeconomicsRESEARCH Publications (More than 865 SSCI/SCI citations)Forecasting time-varying covariance with a range-based dynamic conditional correlation model, Review of Quantitative Finance and Accounting, (2009) forthcoming, with Chun-Chou Wu and Nathan Liu.Range-based Multivariate Volatility Model with Double Smooth Transition in Conditional Correlation, Global Finance Journal (2009), forthcoming, with Yijie CaiRange based Volatility Models and Their Applications in Finance, Handbook of Quantitative Finance and Risk Management edited by Alice Lee and C.F. Lee, with Heng-chih Chou and Nathan Liu, (2009) forthcoming (Top 10 most downloaded papers in SSRN) Modeling the Asymmetry of Stock Movements Using Price Ranges, Advances in Econometrics, 2006 volume 20A, 330, pp 231-258.Forecasting Financial Volatilities With Extreme Values: The Conditional AutoRegressive Range (CARR) Model, Journal of Money Credit and Banking, June 2005, vol. 37, No.3, pp.561 582.A comparison and empirical study in forecasting abilities of dynamic volatility models, (in Chinese) Journal of Financial Studies. April 2004, vol 12, 1, pp. 1-25,with Chun-Chou Wu and Nathan Liu.Testing for Short Termism, Research in Banking and Finance, 2004, vol.4, pp.115-130, with Wen-Chung Guo.The Effect of Futures Introduction on Market Volatility and Information Transmission, (in Chinese) Journal of Financial Studies, 2002, vol. 10, P. 1-22, with Jie-Haun Lee and Chun-Chou Wu. Deregulation and Efficiency of Taiwanese Banks, in Economic Efficiency and Productivity Growth in the Asia-Pacific Region II, 2002, pp. 184-207, edited by Fu, Huang, and Lovell, with Iftekhar Hasan, Ana Lozano-Vivas and Chung-Hua Shen,Dynamic Hedging in the Presence of Volatility Transmission and Time-Varying Basic Risk A Critique, Eleventh Annual Asia-Pacific Futures Research Symposium, 2000, Chicago Board of Trade and Hong Kong Baptist University. Testing Time Reversibility without Moment Restrictions, Journal of Econometrics 2000, vol. 95, pp. 199-218 - with Yi-Ting Chen and Chung-Ming KuanMarket Volatility and the Demand for Hedging in Stock Index Futures, Journal of Futures Markets, 2000, Volume 20, Issue 2,. pp. 105-125 with Eric Chang and Edward Nelling, Modeling Taiwan Stock Market and the International Linkages, Pacific Economic Review 1999 Vol.4 No. 3, P.305-320. - with Jin-Long Lin and Chung-Su Wu.The U.S. Banking Industry in Transition, Financial Integration in North America, edited by Jerry Harr and Krishnan Dandapani, North-South Center, University of Miami, 1999.- with James Barth and John JaheraDeterminants of Geographic Differentials in the Savings and Loan Failure Rate - A Heteroskedastic TOBIT estimation,, Journal of Financial Services Research, 1996 vol. 10, # 1, P. 5-25. - with Richard CebulaDeterminants of U.S. Commercial Bank Performance: Regulatory and Econometric Issues, Research in Finance, edited by Andrew H. Chen, Greenwich: JAI Press Inc., August, 1996. Vol. 14, P. 117-156. - with P.A.V.B. Swamy, James R. Barth, and John S. Jahera, Jr.,Deposit Insurance and Bank Failures: A Preliminary Analysis, American Statistical Association Proceedings of the Business and Economic Statistics, 1994, P. 293-297 -with James R. Barth, Willie J. Belton, and Richard J. CebulaCointegration of International Stock Market Indices, American Statistical Association Proceedings of the Business and Economic Statistics, 1994, P. 196-201-with Victor Ng and Lynn Pi Measuring Risk Aversion from Excess Returns On A Stock Index, Journal of Econometrics, 1992, vol. 52, P. 201-224.- with Robert Engle and Alex Kane ARCH Modeling in Finance: A Review of the Theory and Empirical Evidence, Journal of Econometrics, 1992, vol. 52, P. 5-59. -with Tim Bollerslev and Kenneth Kroner (also included in the book Volatility: New Techniques for Pricing Derivatives and Managing Financial Portfolios, 1998, RISK.) ARCH Modeling in Finance: A Review of the Theory and Empirical Evidence, - A French Translation Annales d'Economie et de Statistique -- 1992, with Tim Bollerslev, Narayan Jayaraman and Kenneth KronerAn Examination of the Behavior of International Stock Market Volatility, Pacific-Basin Capital Markets Research, 1991,Second Annual Volume, - with Victor Ng and Rosita Chang Volatility Persistence and Stock Valuations: Some Empirical Evidence Using GARCH, Journal of Applied Econometrics, December, 1988 vol. 3, P. 279-294,. Selected Working Papers and Work in ProgressEconomic values of volatility timing with Nathan Liu, presented at the Inaugural Conference of the Taiwan Econometrics Society, Taipei, November 24, 2007, 15th International Conference of Securities and Financial Markets, Kaohsiung, Taiwan, December 14-15, 2007, the 15th Annual Global Finance Conference, Hangzhou, China, and SHUFE Economics Department, May, 2008 and Second Risk Management Conference, Singapore, June, 2008 and China International Conference in Finance, Dalian, China, July 2-5, 2008. Range-based Multivariate Volatility Model with Double Smooth Transition in Conditional Correlation with Yijie Cai, presented at the Chinese Economic Associations Conference, Shengzheng/Hongkong, December, 2007. Range-Based Multivariate Volatility Model with Smooth Transition in Conditional Correlations with Xiaoqing Zhang, presented at the Macroeconomic and Econometric Models Conference, Academia Sinica, December, 2007. Smooth Transition CARR models, with JiaQuan Yao, presented at the 2007 Symposium of Financial Engineering and Risk Management, Beijing, June, 2007, the Chinese Economic Associations Conference, Shengzheng/Hongkong, December, 2007 and The Inaugural Conference of Society for Financial Econometrics, NYU, New York, June 4-6, 2008.Estimating Value at Risk with a Dynamical Conditional Range Model, with Chun-Chou Wu, Sam Hung, and Jin-Ying Wang, presented at the 2007 Far Eastern Meetings of the Econometric Society, Taipei and the 2007 European Financial Management Association Meetings, Vienna.Estimating optimal hedge ratio using range based dynamic conditional correlation model, with Nash Chen, Nathan Liu, and Gang Shy, presented at the 2006 Symposium of Financial Engineering and Risk Management, Xiamen, July, 2006, and the2007 Allied Social Science Association meetings, Chicago. Euros introduction and the smooth transition of the stock market price, with Chun-Chou Wu and Yinung Yang, presented at the European Finance Management Association meetings, Madrid, June, 2006 and the 6th cross-strait economic conference, IEAS November, 2006. Forecasting Correlation and Covariance with a Range-Based Dynamic Conditional Correlation Model, presented at the 2005 SETA Conference, Taipei, and the 2005 China International Conference in Finance, Kunming, China.A New Model in Forecasting Dynamic Correlations, presented at The 4th International Conference on Computational Intelligence in Economics and Finance (CIEF 2005) in Conjunction with the 8th Joint Conference on Information Sciences (JCIS 2005), July 21-26, 2005.Revisiting the risk-premium hypothesis using quantile regressions, On Cross-Moment Dependence for High Frequency Data, 2000 International Economics Conference Across the Century, National Chung-Cheng University - with Hwai-Chung HoEV-GARCH An Efficient Conditional Variance Estimator with Extreme Values, 1999, NSC report, NSC 88-2415-H-001-032Securities Transaction Taxes in Taiwan, Conference on Taiwan Economic Policies, Academia Sinica, 1999 - with Yu-Jane Liu Correlation Transformation and Components of Stock Prices, with Ruey S. Tsay, presented at the Allied Social Sciences Association Meetings, 1997 Correlation Structure of the Permanent and Temporary Components of International Stock Market Prices, with Victor Ng, 1995,Conference Presentations/DiscussionsAmerican Economic Association, Econometric Society, American Statistical Association, Society of Financial Econometrics, Western Finance Association, Western Economic Association, Southern Finance Association, Financial Management Association, European Financial Management Associations Meetings, Pacific Basin Finance Annual Meetings, CBOT Symposiums for Derivative Assets, among others. Other PresentationsUniversity of Chicago, London School of Economics, University of Wisconsin, University of Toronto, University of Southern California, University of California San Diego, Georgia Tech/Fed/GSU finance workshop, University of Lancaster, Louisiana State University, University of Minnesota, Queen's College, Emory University, Georgia State University, Taipei Center of Academic Activities Academia Sinica, Georgia Tech Economics Research Seminar, Econometric Society Far-Eastern Meetings, Second Annual Conference of Pacific Basin Capital Market Research, Bankok, The First and Second Conference on Statistical Models of Financial Volatility, Chinese American Academic and Professional Convention, Special Economic Training Sessions, Jilin Province Government, China, J.P. Morgan & Co. Inc. National Taiwan University, National Cheng-chi University, National Central University, National Ching-Hua University, National Chung-cheng University, National Sun-Yat-Sen University, University of Rome, Xiamen University, Xian Chiao Tung UniversitySERVICEEditorial Board  HYPERLINK "http://www.ntpu.edu.tw/econ/journal.asp" \t "_blank" Taipei Economic Inquiry  HYPERLINK "http://www.jcic.org.tw/news_letter.htm" \t "_blank" Review of Financial Risk Management  HYPERLINK "http://www.ibm.nctu.edu.tw/jms.htm" \t "_blank" Journal of Management & Systems Board of directors of the Taiwan Economic Association, 2008-2010Coordinator, committee of academic programs for the Taiwan Economic Association, 2005-2007Member, Econometric Society, Taiwan Economic Association, Taiwan Finance Association, Taiwan Financial Engineering Association,Review for AER, Econometrica, Journal of Econometrics, JMCB, Journal of Applied Econometrics , JBES, Journal of Business, Journal of Financial Econometrics, Journal of Empirical Finance, Economics Letters, Applied Economic Letters, and other major technical journals and for proposals to National Science Foundation (USA), Social Sciences and Humanities Research Council (Canada), National Science Council (Taiwan)Invited for book reviews: (1) Introductory Business Forecasting, by Newbold and Bos (2) Business Forecasting: Theory and Practice, by Joel J. Fingerman (3) Applied Econometrics : Problems with data sets, by Lott and RayHONORTop economists in Taiwan, rank 2 of 50, next to C.M. Kuan., IDEAS, RePEc, June, 2008.Listed in Whos Who in Economics by Blaug and Vane, 2003, 4th Edition, EE Publish.Total SCI/SSCI citations as of March 2009: more than 740 (Bollerslev / Chou /Kroner, 1992 ), more than 125 (for other articles), from Web of Science 2008.4. The article Bollerslev/Chou/Kroner is ranked 1st as the most frequently cited papers among all articles published in Journal of Econometrics in 1990-2000 and ranked 3rd in 1980-2000. See Dirkmaat , Journal of Econometrics, 2001,100,11.5. The above article is ranked 92nd among all economics papers published since 1970. See Kim, Morse, and Zingales, Journal of Economic Perspectives, 2006, 20, 4. 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