Faculty Profiles - CHOI Darwin | The Hong Kong University of Science and Technology

Darwin CHOI
蔡達銘

PhD in Finance
Yale University, 2009

Associate Professor
Department of Finance

(852) 2358 5051
dchoi@ust.hk
Room LSK5082
Personal Web

Google Scholar

K3UTqHUAAAAJ

ORCID

0000-0002-1163-8099

ResearcherID

J-9501-2015

Scopus ID

25930728500

Research Interest Publications Projects Teaching Assignment

Research Interest

Socially responsible investing (SRI)
Corporate social responsibility (CSR)
Behavioral finance
Mutual funds / hedge funds

Publications

All Years 13 2025 0 2024 0 2023 0 2022 0 2021 0 2020 2 2019 11

2020 2

Attention to global warming

Review of Financial Studies, v. 33, (3), March 2020, p. 1112-1145
Choi, Darwin; Gao, Zhenyu; Jiang, Wenxi
Article

Measuring the carbon exposure of institutional investors

Journal of Alternative Investments, v. 23, (1), June 2020, p. 12-23
Choi, Darwin; Gao, Zhenyu; Jiang, Wenxi
Article

2019 1

Disposition sales and stock market liquidity

Journal of Financial Markets, v. 45, September 2019, p. 19-36
Choi, Darwin
Article

2016 1

Learning about Mutual Fund Managers

Journal of Finance, v. 71, (6), 1 December 2016, p. 2809-2860
Choi, Darwin; Kahraman, Bige; Mukherjee, Abhiroop
Article

2014 2

The role of surprise: Understanding overreaction and underreaction to unanticipated events using in-play soccer betting market

Journal of Economic Behavior and Organization, v. 107, November 2014, p. 614-629
Choi, Darwin; Hui, Sam K.
Article

Performance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers

Choi, Darwin; Kahraman, Bige; Mukherjee, Abhiroop
Conference paper

2013 1

Performance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers

Choi, Darwin; Kahraman, Bige; Mukherjee, Abhiroop
Conference paper

2012 2

Performance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers

2013 China International Conference in Finance, Shanghai, China, 10-13 Jul 2013
Choi, Darwin; Kahraman, Bige; Mukherjee, Abhiroop
Conference paper

Understanding Performance-chasing Behavior in Mutual Funds: Evidence from Multi-fund Managers

Auckland Finance Meeting, Auckland, 19-21 Dec 2012
Mukherjee, Abhiroop; Choi, Darwin; Kahraman, Bige
Conference paper

2011 1

The Impact of the 2008 Short-Sale Ban on Liquidity and Efficiency

Progress in Economics Research / edited by Albert Tavidze. New York, USA : Nova Science Publishers, 2011, p. 213-220
Choi, Darwin
Book chapter

2010 1

Convertible Bond Arbitrageurs as Suppliers of Capital

Review of financial studies, v. 23, (6), June 2010, article number hhq003, p. 2492-2522
Choi, Darwin; Getmansky, Mila; Henderson, Brian; Tookes, Heather
Article

2009 1

Convertible Bond Arbitrage, Liquidity Externalities, and Stock Prices

Journal of Financial Economics, v. 91, (2), February 2009, p. 227-251
Choi, Darwin
Article

2003 1

Quadratic Assignment Problems (QAP) and Its Size Reduction Method

Rose-Hulman Undergraduate Mathematics Journal, v. 4, (1), 2003, article number 7
Choi, Darwin
Article

Article 2

Attention to global warming

Review of Financial Studies, v. 33, (3), March 2020, p. 1112-1145
Choi, Darwin; Gao, Zhenyu; Jiang, Wenxi

Measuring the carbon exposure of institutional investors

Journal of Alternative Investments, v. 23, (1), June 2020, p. 12-23
Choi, Darwin; Gao, Zhenyu; Jiang, Wenxi

Article 1

Disposition sales and stock market liquidity

Journal of Financial Markets, v. 45, September 2019, p. 19-36
Choi, Darwin

Article 1

Learning about Mutual Fund Managers

Journal of Finance, v. 71, (6), 1 December 2016, p. 2809-2860
Choi, Darwin; Kahraman, Bige; Mukherjee, Abhiroop

Article 1

The role of surprise: Understanding overreaction and underreaction to unanticipated events using in-play soccer betting market

Journal of Economic Behavior and Organization, v. 107, November 2014, p. 614-629
Choi, Darwin; Hui, Sam K.

Conference paper 1

Performance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers

Choi, Darwin; Kahraman, Bige; Mukherjee, Abhiroop

Conference paper 1

Performance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers

Choi, Darwin; Kahraman, Bige; Mukherjee, Abhiroop

Conference paper 2

Performance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers

2013 China International Conference in Finance, Shanghai, China, 10-13 Jul 2013
Choi, Darwin; Kahraman, Bige; Mukherjee, Abhiroop

Understanding Performance-chasing Behavior in Mutual Funds: Evidence from Multi-fund Managers

Auckland Finance Meeting, Auckland, 19-21 Dec 2012
Mukherjee, Abhiroop; Choi, Darwin; Kahraman, Bige

Book chapter 1

The Impact of the 2008 Short-Sale Ban on Liquidity and Efficiency

Progress in Economics Research / edited by Albert Tavidze. New York, USA : Nova Science Publishers, 2011, p. 213-220
Choi, Darwin

Article 1

Convertible Bond Arbitrageurs as Suppliers of Capital

Review of financial studies, v. 23, (6), June 2010, article number hhq003, p. 2492-2522
Choi, Darwin; Getmansky, Mila; Henderson, Brian; Tookes, Heather

Article 1

Convertible Bond Arbitrage, Liquidity Externalities, and Stock Prices

Journal of Financial Economics, v. 91, (2), February 2009, p. 227-251
Choi, Darwin

Article 1

Quadratic Assignment Problems (QAP) and Its Size Reduction Method

Rose-Hulman Undergraduate Mathematics Journal, v. 4, (1), 2003, article number 7
Choi, Darwin

2019 1

Disposition sales and stock market liquidity

Journal of Financial Markets, v. 45, September 2019, p. 19-36
Choi, Darwin
Article

2016 1

Learning about Mutual Fund Managers

Journal of Finance, v. 71, (6), 1 December 2016, p. 2809-2860
Choi, Darwin; Kahraman, Bige; Mukherjee, Abhiroop
Article

2014 2

The role of surprise: Understanding overreaction and underreaction to unanticipated events using in-play soccer betting market

Journal of Economic Behavior and Organization, v. 107, November 2014, p. 614-629
Choi, Darwin; Hui, Sam K.
Article

Performance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers

Choi, Darwin; Kahraman, Bige; Mukherjee, Abhiroop
Conference paper

2013 1

Performance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers

Choi, Darwin; Kahraman, Bige; Mukherjee, Abhiroop
Conference paper

2012 2

Performance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers

2013 China International Conference in Finance, Shanghai, China, 10-13 Jul 2013
Choi, Darwin; Kahraman, Bige; Mukherjee, Abhiroop
Conference paper

Understanding Performance-chasing Behavior in Mutual Funds: Evidence from Multi-fund Managers

Auckland Finance Meeting, Auckland, 19-21 Dec 2012
Mukherjee, Abhiroop; Choi, Darwin; Kahraman, Bige
Conference paper

2011 1

The Impact of the 2008 Short-Sale Ban on Liquidity and Efficiency

Progress in Economics Research / edited by Albert Tavidze. New York, USA : Nova Science Publishers, 2011, p. 213-220
Choi, Darwin
Book chapter

2010 1

Convertible Bond Arbitrageurs as Suppliers of Capital

Review of financial studies, v. 23, (6), June 2010, article number hhq003, p. 2492-2522
Choi, Darwin; Getmansky, Mila; Henderson, Brian; Tookes, Heather
Article

2009 1

Convertible Bond Arbitrage, Liquidity Externalities, and Stock Prices

Journal of Financial Economics, v. 91, (2), February 2009, p. 227-251
Choi, Darwin
Article

2003 1

Quadratic Assignment Problems (QAP) and Its Size Reduction Method

Rose-Hulman Undergraduate Mathematics Journal, v. 4, (1), 2003, article number 7
Choi, Darwin
Article

No Publications

Teaching Assignment

2024-25 Spring 0 2024-25 Winter 0 2024-25 Fall 1 2023-24 Summer 0 2023-24 Spring 0 2023-24 Winter 0

FINA4703

ESG Investing

No Teaching Assignments

Projects

From January 2023 to December 2025

All Projects 2 Leading Projects 1 Participating Projects 1

Racial Discrimination in the Labor Market: The Case of Black Soccer Players in Europe

勞動力市場中的種族歧視：歐洲黑人足球運動員的案例 Leading

RGC - General Research Fund
Project Team (HKUST)
CHOI Darwin (Lead)
2024 - 2024
Developing Hong Kong as a Global Green Finance Centre

發展香港成為全球的綠色金融中心 Participating

RGC - Theme-based Research Scheme
Project Team (HKUST)
ZHANG Chu (Lead)

CHAN Keith

CHEN Zhanhui

CHENG Jack Chin Pang

CHOI Darwin

DELINA Laurence Laurencio

FUNG Jimmy Chi Hung

HUANG Allen Hao

HUI Kai Lung

IM Eun Soon

LAU Alexis Kai Hon

LI Yingying

LOH Kung Wai Christine

MOREAU Quentin

MUKHERJEE Abhiroop

PANAYOTOV George Kamenov

PARK Albert Francis

SHI Xiaoming

STEUER Benjamin

TAM Kar Yan

WANG Walter Zhe

ZALDOKAS Alminas

ZHAO Xiaofan

ZHOU Zoey Yiyuan
2022 -

Research Interest

Publications

2020 2

2019 1

2016 1

2014 2

2013 1

2012 2

2011 1

2010 1

2009 1

2003 1

Article 2

Article 1

Article 1

Article 1

Conference paper 1

Conference paper 1

Conference paper 2

Book chapter 1

Article 1

Article 1

Article 1

2019 1

2016 1

2014 2

2013 1

2012 2

2011 1

2010 1

2009 1

2003 1

Teaching Assignment

Projects

From January 2023 to December 2025

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