Chang, Millicent

Overview

Millicent Chang is a Professor in the School of Accounting, Economics and Finance at the University of Wollongong. She teaches at the undergraduate and postgraduate levels in corporate finance and valuation and is involved in supervision of research students in the Honours and PhD programs.

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 an Associate Editor in the Finance section at Australian Journal of Management. 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.

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

Head Of

Discipline of Finance Discipline Leader 2018 -

Member Of

Selected Publications

Journal Article

Year	Title
2020	CEO and CFO equity compensation and dividend payout over the firm lifecycle Published In Global Finance Journal
2020	Can CSR Disclosure Protect Firm Reputation During Financial Restatements? Published In Journal of Business Ethics
2020	Value of dividend signaling in uncertain times Published In International Review of Finance
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

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	Evaluating the efficacy of a bilingual Peer Assisted Learning Program for Chinese Students in a Higher Education Context
Doctor of Philosophy (Integrated)	Gender diversity, executive compensation, and firm performance
Doctor of Philosophy	Asset Impairment: Evidence from Australian Firms
Master of Philosophy - BAL	Bank lending decisions and earnings management: Evidence from China	Cui, Huanyu
Doctor of Philosophy (Integrated)	Macroeconomic Policies and Stock Market Crash in China	Dong, Olivia
Doctor of Philosophy	Exploring the effects of climate change disclosure on stock markets	Ding, Dong
Doctor of Philosophy	The role of banks in the Chinese capital market.	Pan, Nengqi
Doctor of Philosophy	An Australian investigation on star ratings and mutual fund performance	Nguyen, Ha
Doctor of Philosophy	ESG and Firm Performance	Khan, Vina Javed
Doctor of Philosophy (Integrated)	The effect of CSR in market valuation of mining sector firms in emerging markets	Munkuli, Bongani

Keywords

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

Orcid Id

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

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

Head Of

Discipline of Finance Discipline Leader 2018 -

Member Of

Selected Publications

Journal Article

Year	Title
2020	CEO and CFO equity compensation and dividend payout over the firm lifecycle Published In Global Finance Journal
2020	Can CSR Disclosure Protect Firm Reputation During Financial Restatements? Published In Journal of Business Ethics
2020	Value of dividend signaling in uncertain times Published In International Review of Finance
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

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	Evaluating the efficacy of a bilingual Peer Assisted Learning Program for Chinese Students in a Higher Education Context
Doctor of Philosophy (Integrated)	Gender diversity, executive compensation, and firm performance
Doctor of Philosophy	Asset Impairment: Evidence from Australian Firms
Master of Philosophy - BAL	Bank lending decisions and earnings management: Evidence from China	Cui, Huanyu
Doctor of Philosophy (Integrated)	Macroeconomic Policies and Stock Market Crash in China	Dong, Olivia
Doctor of Philosophy	Exploring the effects of climate change disclosure on stock markets	Ding, Dong
Doctor of Philosophy	The role of banks in the Chinese capital market.	Pan, Nengqi
Doctor of Philosophy	An Australian investigation on star ratings and mutual fund performance	Nguyen, Ha
Doctor of Philosophy	ESG and Firm Performance	Khan, Vina Javed
Doctor of Philosophy (Integrated)	The effect of CSR in market valuation of mining sector firms in emerging markets	Munkuli, Bongani

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

Research Areas

Research Overview

Geographic Focus

Affiliation

Head Of

Member Of

Publications

Selected Publications

Journal Article

Conference Paper

Funding

Other Research Activities

Supervision

Advisees

Graduate Advising Relationship

Background

Keywords

Identity

Orcid Id

Overview

Research Areas

Research Overview

Geographic Focus

Affiliation

Head Of

Member Of

Publications

Selected Publications

Journal Article

Conference Paper

Funding

Other Research Activities

Supervision

Advisees

Graduate Advising Relationship

Background

Keywords

Identity

Orcid Id

Visualisations

Research Areas

Geographic Focus