Chang, Millicent

Overview

Millicent Chang is a Professor in the School of Business at the University of Wollongong. She teaches at the undergraduate and postgraduate levels in corporate finance and is involved in supervision of HDR students.

Millicent's research spans the accounting and finance areas and her current interests include corporate disclosure, insider trading and environmental finance. Her work has appeared in leading academic journals including Journal of Corporate Finance, Journal of Business Ethics, Pacific Basin Finance Journal, and Accounting & Finance. She is a Senior Editor at Global Finance Journal and an Editor at Accounting & Finance. She has previously received ARC Discovery funding for a project on late disclosure of trading by corporate insiders.

Millicent is a past Australian President of the Accounting and Finance Association of Australia and New Zealand (AFAANZ). Prior to joining UoW, she was an Associate Professor at the UWA Business School.

Top Publications

Year	Title
2017	Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project Published in Journal of Business Ethics
2015	Delayed disclosure of insider trades: Incentives for and indicators of future performance? Published in Pacific-Basin Finance Journal
2015	Financial distress: Lifecycle and corporate restructuring Published in Journal of Corporate Finance

Research Areas

Research Overview

Millicent's research interests include:
- Corporate disclosure
- Insider trading
- Environmental finance
- Managerial incentives
- Accounting for Extractives Industry

Geographic Focus

Asia Pacific Region Transnational Region

Available as Research Supervisor

Available for Collaborative Projects

Member Of

Selected Publications

Journal Article

Year	Title
2022	Analyst forecast quality and corporate social responsibility: The mediation effect of corporate governance Published In Meditari Accountancy Research
2022	Determinants and Consequences of Student Satisfaction in Australian Universities: Evidence from QILT Surveys Published In Accounting and Finance
2022	Is the extractive industries standard still fit for purpose? Published In Accounting and Finance
2021	Can CSR Disclosure Protect Firm Reputation During Financial Restatements? Published In Journal of Business Ethics
2021	Insider trading and the algorithmic trading environment Published In International Review of Finance
2021	Value of dividend signaling in uncertain times Published In International Review of Finance
2020	CEO and CFO equity compensation and dividend payout over the firm lifecycle Published In Global Finance Journal
2019	Responsible science: Celebrating the 50-year legacy of Ball and Brown (1968) using a registration-based framework Published In Pacific-Basin Finance Journal
2019	The enduring and evolving influence of Ball and Brown (1968) Published In Australian Journal of Management
2019	The role of credibility in the relation between management forecasts and analyst forecasts in Japan Published In Pacific-Basin Finance Journal
2018	How directors trade and learn during takeovers Published In Pacific-Basin Finance Journal
2017	A review of research on regulation changes in the Asia-Pacific region Published In Accounting and Finance
2017	Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project Published In Journal of Business Ethics
2017	Does director trading change the information environment? Published In Australian Journal of Management
2016	Late Disclosure of Insider Trades: Who Does It and Why? Published In Journal of Business Ethics
2016	The effect of voluntary versus mandatory adoption of trading policies on the returns to insider trades Published In Pacific-Basin Finance Journal
2015	Delayed disclosure of insider trades: Incentives for and indicators of future performance? Published In Pacific-Basin Finance Journal
2015	Financial distress: Lifecycle and corporate restructuring Published In Journal of Corporate Finance
2014	Disclosure incentives, mandatory standards and firm communication in the IFRS adoption setting Published In Australian Journal of Management
2014	How does investor relations disclosure affect analysts' forecasts? Published In Accounting and Finance
2012	The effect of cross-listing on insider trading returns Published In Accounting and Finance
2008	Does Disclosure Quality via Investor Relations Affect Information Asymmetry? Published In Australian Journal of Management
2008	The Influence of Analyst and Management Forecasts on Investor Decision Making: An Experimental Approach Published In Australian Journal of Management
2007	What are directors' trades around profit warnings really telling us? Published In COMPANY AND SECURITIES LAW JOURNAL
2005	Are corporate governance mechanisms effective in reducing insider trading profits? Published In COMPANY AND SECURITIES LAW JOURNAL
2002	Analyst forecast revisions and asset allocation in Asia-Pacific markets Published In Journal of Multinational Financial Management
1995	Factors affecting auditors' perceptions of audit quality Published In 1
1995	The impact of inherent risk, control risk and analytical review results on auditors' planning judgments for the purchases, cash disbursements, and inventory cycle Published In Accountability and Performance

Conference Paper

Year	Title
2016	The Informativeness of Substantial Shareholder Trading in the Lead up to a Takeover Bid Published In The 28th AsianFA Conference 2016
2014	Unreported Insider Trades: Indicators Of Future Earnings And Forecast Error Published In Annual Congress of the European Accounting Association, 2014
2014	Women on Boards and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project Published In 2014 International Conference on Economics, Society and Management - ICESM 2014

Other Research Activities

Data Infrastructure in SAEF - MEG 2018 Chief Investigator 2018 - 2020

Available as Research Supervisor

Advisees

Graduate Advising Relationship

Degree	Research Title	Advisee
Doctor of Philosophy	Exploring the effects of climate change disclosure on stock markets	Ding, Dong
Doctor of Philosophy	The Effect of Government Ownership on Bank Loan loss Provisions: Evidence from China	Pan, Nengqi
Doctor of Philosophy	THE EFFECT OF FIRM-LEVEL ECONOMIC POLICY UNCERTAINTY IN FINANCIAL MARKETS	Nguyen, Ha
Doctor of Philosophy	ESG, Firm Risk and Performance: A Global Perspective	Khan, Vina Javed
Doctor of Philosophy (Integrated)	The effect of CSR in market valuation of mining sector firms in emerging markets	Munkuli, Bongani

Professional Service Activities

Accounting & Finance Association of Australia and New Zealand (AFAANZ) Editor - Accounting and Finance 2021 -
Global Finance Journal Senior Editor 2021 -
Global Finance Journal Editorial Board 2017 - 2021
Australian Journal of Management Associate Editor (Finance) 2014 - 2021

Education And Training

Ph.D., The University of Western Australia, UWA Business School 1996 - 2001

Keywords

- Corporate disclosure
- Insider trading
- Environmental finance
- Managerial incentives
- Accounting for Extractives Industry

Orcid Id

http://orcid.org/0000-0002-6954-9013 (confirmed)

Top Publications

Year	Title
2017	Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project Published in Journal of Business Ethics
2015	Delayed disclosure of insider trades: Incentives for and indicators of future performance? Published in Pacific-Basin Finance Journal
2015	Financial distress: Lifecycle and corporate restructuring Published in Journal of Corporate Finance

Research Areas

Research Overview

Millicent's research interests include:
- Corporate disclosure
- Insider trading
- Environmental finance
- Managerial incentives
- Accounting for Extractives Industry

Geographic Focus

Asia Pacific Region Transnational Region

Member Of

Selected Publications

Journal Article

Year	Title
2022	Analyst forecast quality and corporate social responsibility: The mediation effect of corporate governance Published In Meditari Accountancy Research
2022	Determinants and Consequences of Student Satisfaction in Australian Universities: Evidence from QILT Surveys Published In Accounting and Finance
2022	Is the extractive industries standard still fit for purpose? Published In Accounting and Finance
2021	Can CSR Disclosure Protect Firm Reputation During Financial Restatements? Published In Journal of Business Ethics
2021	Insider trading and the algorithmic trading environment Published In International Review of Finance
2021	Value of dividend signaling in uncertain times Published In International Review of Finance
2020	CEO and CFO equity compensation and dividend payout over the firm lifecycle Published In Global Finance Journal
2019	Responsible science: Celebrating the 50-year legacy of Ball and Brown (1968) using a registration-based framework Published In Pacific-Basin Finance Journal
2019	The enduring and evolving influence of Ball and Brown (1968) Published In Australian Journal of Management
2019	The role of credibility in the relation between management forecasts and analyst forecasts in Japan Published In Pacific-Basin Finance Journal
2018	How directors trade and learn during takeovers Published In Pacific-Basin Finance Journal
2017	A review of research on regulation changes in the Asia-Pacific region Published In Accounting and Finance
2017	Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project Published In Journal of Business Ethics
2017	Does director trading change the information environment? Published In Australian Journal of Management
2016	Late Disclosure of Insider Trades: Who Does It and Why? Published In Journal of Business Ethics
2016	The effect of voluntary versus mandatory adoption of trading policies on the returns to insider trades Published In Pacific-Basin Finance Journal
2015	Delayed disclosure of insider trades: Incentives for and indicators of future performance? Published In Pacific-Basin Finance Journal
2015	Financial distress: Lifecycle and corporate restructuring Published In Journal of Corporate Finance
2014	Disclosure incentives, mandatory standards and firm communication in the IFRS adoption setting Published In Australian Journal of Management
2014	How does investor relations disclosure affect analysts' forecasts? Published In Accounting and Finance
2012	The effect of cross-listing on insider trading returns Published In Accounting and Finance
2008	Does Disclosure Quality via Investor Relations Affect Information Asymmetry? Published In Australian Journal of Management
2008	The Influence of Analyst and Management Forecasts on Investor Decision Making: An Experimental Approach Published In Australian Journal of Management
2007	What are directors' trades around profit warnings really telling us? Published In COMPANY AND SECURITIES LAW JOURNAL
2005	Are corporate governance mechanisms effective in reducing insider trading profits? Published In COMPANY AND SECURITIES LAW JOURNAL
2002	Analyst forecast revisions and asset allocation in Asia-Pacific markets Published In Journal of Multinational Financial Management
1995	Factors affecting auditors' perceptions of audit quality Published In 1
1995	The impact of inherent risk, control risk and analytical review results on auditors' planning judgments for the purchases, cash disbursements, and inventory cycle Published In Accountability and Performance

Conference Paper

Year	Title
2016	The Informativeness of Substantial Shareholder Trading in the Lead up to a Takeover Bid Published In The 28th AsianFA Conference 2016
2014	Unreported Insider Trades: Indicators Of Future Earnings And Forecast Error Published In Annual Congress of the European Accounting Association, 2014
2014	Women on Boards and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project Published In 2014 International Conference on Economics, Society and Management - ICESM 2014

Other Research Activities

Data Infrastructure in SAEF - MEG 2018 Chief Investigator 2018 - 2020

Advisees

Graduate Advising Relationship

Degree	Research Title	Advisee
Doctor of Philosophy	Exploring the effects of climate change disclosure on stock markets	Ding, Dong
Doctor of Philosophy	The Effect of Government Ownership on Bank Loan loss Provisions: Evidence from China	Pan, Nengqi
Doctor of Philosophy	THE EFFECT OF FIRM-LEVEL ECONOMIC POLICY UNCERTAINTY IN FINANCIAL MARKETS	Nguyen, Ha
Doctor of Philosophy	ESG, Firm Risk and Performance: A Global Perspective	Khan, Vina Javed
Doctor of Philosophy (Integrated)	The effect of CSR in market valuation of mining sector firms in emerging markets	Munkuli, Bongani

Professional Service Activities

Accounting & Finance Association of Australia and New Zealand (AFAANZ) Editor - Accounting and Finance 2021 -
Global Finance Journal Senior Editor 2021 -
Global Finance Journal Editorial Board 2017 - 2021
Australian Journal of Management Associate Editor (Finance) 2014 - 2021

Education And Training

Ph.D., The University of Western Australia, UWA Business School 1996 - 2001

Keywords

- Corporate disclosure
- Insider trading
- Environmental finance
- Managerial incentives
- Accounting for Extractives Industry

Orcid Id

http://orcid.org/0000-0002-6954-9013 (confirmed)

Overview

Overview

Top Publications

Research Areas

Research Overview

Geographic Focus

Available as Research Supervisor

Affiliation

Available for Collaborative Projects

Member Of

Publications

Selected Publications

Journal Article

Conference Paper

Funding

Other Research Activities

Supervision

Available as Research Supervisor

Advisees

Graduate Advising Relationship

Service

Professional Service Activities

Background

Education And Training

Keywords

Identity

Orcid Id

Overview

Top Publications

Research Areas

Research Overview

Geographic Focus

Affiliation

Member Of

Publications

Selected Publications

Journal Article

Conference Paper

Funding

Other Research Activities

Supervision

Advisees

Graduate Advising Relationship

Service

Professional Service Activities

Background

Education And Training

Keywords

Identity

Orcid Id

Visualisations

Research Areas

Geographic Focus