Charles Cao

Charles Cao is the Smeal Chair Professor of Finance at the Smeal College of Business, Pennsylvania State University. He holds a Ph.D. from the University of Chicago (1993), an M.S. from the University of Kentucky (1988), and a B.S. from Peking University (1984). His research focuses on FinTech, cryptocurrencies, hedge funds, derivatives, and market microstructure. He has been awarded prestigious grants from institutions like the FDIC, BNP Paribas, and Morgan Stanley. His landmark publications include studies on option pricing models, Nasdaq pre-opening price discovery, and hedge fund impacts on stock prices. He has served as editor for journals like Pacific-Basin Finance Journal and Journal of Financial Markets. Over 18 years, he has supervised 17 Ph.D. students now in leading academic and industry roles.

Education:

• Ph.D. in Finance, University of Chicago (1993)
• M.S. in Statistics, University of Kentucky (1988)
• B.S. in Mathematics, Peking University (1984)

Research Interests:

• FinTech innovations and cryptocurrency markets
• Hedge fund dynamics and institutional investment strategies
• Liquidity risk and market microstructure
• Derivative securities pricing and volatility modeling

Award Highlights:

• 2022 Academic of Finance Best Paper Award
• 2018 Graham & Dodd Award (for work on hedge funds and stock prices)
• 2006 FDIC Fellow and Research Grant

Teaching & Service: Teaches courses at all levels and has held leadership roles including Ph.D. program coordinator. Serves on editorial boards and program committees for major finance conferences globally.