ANTHONY YANXIANG GU
EDUCATION
The University of Illinois (UIUC), Finance MS and Ph.D. 1987 – 1994
Nankai University, Tianjin, China, Economics BA 1982, M-Econ 1987
HONORS
Fulbright Scholar Award/Grant, 2005 - 2006
SUNY Chancellor’s Award for Excellence in Scholarly and Creative Activities, 2003
James and Julia Lockhart Professorship for Research/Creative Endeavors 2008 - 2011
SUNY Geneseo Foundation Summer Research Fellowship 2013
SUNY Geneseo Mid-Career Summer Research Fellowship 2007
SUNY Geneseo Presidential Summer Research Fellowship 2002
Business Advisory Council Research Award, SUNY Geneseo, 2003, 07, 10, 13
First class awards, 2014 and 2015 China International Poetry Competition
Hurrell/McNaron Scholarly Presentation Award, SUNY Geneseo, 2003
Distinguished Research Award, Allied Academies, spring 2003
Honorable Research Award, Allied Academies, fall 2001
Distinguished Research Award, Allied Academies, spring 2001
Distinguished Paper Award, Midwest Academy of Finance and Insurance, 1999.
Nominated for the 2005 President’s Award for Excellence in Research and Creativity
Nominated (by the dean) for the 2003, 2004, 2005 Carol Harter Mentoring Award
Nominated (by the dean) for the 2004 Chancellor's Award for Excellence in Teaching
Supported by campus committee and president for distinguished professor, 2011
ACADEMIC EMPLOYMENT EXPERIENCE
State University of New York, Geneseo September 1999 – Present
Full Professor 2007-
Associate Professor, 2003-2007
Assistant Professor 1999-2003
Taught Managerial Finance, International Finance, Securities Analysis, Real Estate,
and Microeconomics
Fulbright Scholar to China sabbatical September 2005 – June 2006
Shanghai University of Finance and Economics, (also in summer 2007, 08, 10, 11, 14)
Taught Capital Markets, Options, Futures and Other Derivatives, Money and Banking, and International Finance at under graduate, graduate, and doctoral levels
The Shanghai Stock Exchange Visiting Senior Financial Economist summer 2005
UIUC Visiting Research Scholar at the College of Business Administration summer 2002
Illinois Wesleyan University (IWU) 1997 – 1999
Visiting Assistant Professor. Taught Financial Management and
Statistics for Economics and Business
Advisory Committee Member of Student Research Honors
UIUC, Executive Development Center 1993 – 1999
Instructor and Program Manager. Trained International Executives
Taught Banking, Corporate Finance, and International Finance
University of Illinois at Springfield Spring 1995
Adjunct Assistant Professor. Taught Banking and Financial Markets,
Investments, Futures and Options (graduate and senior)
UIUC, Research & Teaching Assistant 1987 – 1994
Taught Financial Management and assisted professors in their research
Nankai University, Lecturer 1982 – 1987
PUBLICATIONS
Journals (refereed):
Options
63. Valuing the Option to Purchase an Asset at a Proportional Discount, Journal of Financial Research, Spring 2002, 25(1): 99-109. Journal of Financial Abstracts, February 2001.
62. Value of the Option to Develop Residential Land: An Empirical Estimate, Gu and Roger Cannaday, Real Estate Review, Winter 2004, 32(4): 60 -65.
61. A New Stock Option Plan and Its Valuation, Academy of Accounting and Financial Studies Journal, 2001, 5(2): 155-164.
Stock Market Anomalies
60. The June Phenomenon and the Changing Month of the Year Effect, Accounting and Finance Research, 2015, 4(3): 1-8.
59. Value, Growth, Size and Performance along Major Market Trends: Evidence from the U.S. Semiconductor Firms, Academy of Accounting and Financial Studies Journal, 2015 19(1): 1-19.
58. Predictability of Big Day and Profitability Thereafter, Journal of Accounting and Finance, 2013, 13(5): 63-73.
57. Higher Returns from Investing in the worst Performing Sector: Evidence from the S&P Ten Sectors, Journal of Applied Business and Economics, 2014, 16(1): 26-31.
56. The September Phenomenon in the U.S. Equity Markets, Gu and John Simon, Advances in Quantitative Analysis of Finance & Accounting, July 2007, 5(2): 48-58.
55. Leader and Follower along Market Trends: A Granger Causality Test, with Chris Annala, Journal of Accounting and Financial Research, Spring II, 2005, 13(2): 111-119.
54. Day-of-the week and month-of-the-year effect in China’s Stock Markets and Related Factors, Academy of Accounting and Financial Studies Journal, 2005, 9(2): 33-46.
53. The Reversing Weekend Effect: Evidences from U.S. Equity Markets, Review of Quantitative Finance and Accounting, 2004, 22(1): 5-14.
CFA Digest, August 2004, 34(3): 100-100.
52. The Diminishing January Effect: Experience of Five G7 Countries, International Journal of Finance, 2003, 15(1): 2465-2475.
51. Declining January Effect: Experience in the United Kingdom, American Business Review, Gu and John Simon, June 2003, 21(2): 117-121.
50. The Diminishing Weekend Effect: Experience of Five G7 Countries, Academy of Accounting and Financial Studies Journal, 2003, 7(2): 71-77.
49. The Day-of-the –Week in China’s Stock Markets, Journal of Accounting and Financial
Research, 2003, 11(3): 76-81.
48. The Declining January Effect: Evidence from U.S. Equity Markets, Quarterly Review of Economics and Finance, 2003, 43(2): 395-404. Summarized by Frank T. Magiera, CFA Digest, 33(3).
Market Efficiency
47. Increasing Market Efficiency: Evidence from the NASDAQ, American Business Review, June 2004, 22(2): 20-25.
46. The Evolution of Market Efficiency: the Experience of UK, France and Germany,
Journal of Accounting and Financial Research, 2003, 11(4): 17-23.
45. The Evolution of Market Efficiency: 103 years of the Dow, Gu and Joseph Finnerty, Review of Quantitative Finance and Accounting, 2002, 18(3): 219-237.
44. Increasing Block Transaction and Stock Market Behavior, New York Economic Review, fall 2002, V32, 67-74.
43. A Maximum Likelihood Test on the Return Behavior of Chinese ADRs on the NYSE, Academy of Accounting and Financial Studies Journal, 2002 6(1): 19-26.
42. Information Speed and Market Behavior: 103 Years Daily Data of the Dow. Review of the Academy of Finance, 2002 2(1): 137-146.
41. Information Frequency and Bank Stock Behavior, Academy of Accounting and Financial Studies Journal, 2002, 6(2): 91-104.
40. Growing Number of Financial Advisors and Stock Market Behavior, Journal of the Academy of Business Administration, 2001 6(1): 56-62.
39. Index Size, Autocorrelation and the Evolution of Market Efficiency: The American Experience, Academy of Accounting and Financial Studies Journal, 2001, 5(1): 29-42.
38. Investors’ Maturity and Stock Market Behavior, Review of the Academy of Finance, 2001, 1(1): 76-85.
37. Index Size and Serial Correlation, Review of the Academy of Finance, 2001, 1(1): 115-124.
36. A Variance Ratio Test on Random Walk of the Chinese Stock Markets, Gu and Zhenhu Jin, Midwest Review of Finance and Insurance, 2000, 14(1): 118 - 128.
35. Risk, Return and Nonrandom Walk of Chinese ADRs on the NYSE, Gu and Z. Jin, Journal of the Academy of Business Administration, 1999, 4(2): 46 - 54.
Behavioral Finance
34. Expectation Fulfillment Effect on the Fed’s Announcement Day: Evidence in the U.S. Stock Market, with S. Chen, Journal of Global Business Development, 2013, 4(1): 12-18.
33. The Stock Market and Consumer Confidence: An International Comparison, with Nader Asgary, Journal of Accounting and Financial Research, August 2005, 13(3), 205-213.
32. Patriotic Stock Repurchases: The Two Weeks Following the 9-11 Attack, Gu and Michael Schinski, Review of Quantitative Finance and Accounting, 2003, 20(3): 267-276. NII-REO (Japan) Repository of Electronic Journals and Online Publications.
IPO
31. A Trend toward Being Normal, Applied Financial Economics, 2003, 13(5): 379-386.
30. State Ownership, Firm Size, and IPO Performance: Evidence from Chinese “A” Share Issues, American Business Review, 2003, 21(2): 101-108.
29. The Highest Short-term IPO Return and its Trend: The “A” Share Experience on the Shanghai Stock Exchange. Journal of Business and Behavioral Sciences, 2001 8(1) 22-31.
28. The Short - Term Return on Chinese B Share IPO and Their Determinants, Gu and Zhenhu Jin. Midwest Review of Finance and Insurance, 1999, 13(1): 111 - 120.
Housing Market and Policy
27. A Possible Method for Warning of House Price Bubble, International Journal of Business and Social Research, 2013, 3(2): 104-113.
26. The Low-Income Housing Indemnification System in Urban China, L. Yao and Gu, Journal of Asia Pacific Union for Housing Finance, 2011, Q4, 59-68.
25. The Relationship between Chinese Real Estate Market and Stock Market, Xiaohui Gao and Gu, Journal of International Business Research. 2012, 11(1): 73-80.
24. Housing Bubbles and Chinese Government Responses, Gu and H. Chen, Real Estate Review, 2009, 38(2): 15-22.
23. House Price Risk, Historical Lessons, and China’s Direction, H. Chen and Yanxiang Gu, Economy and Management (Chinese), No. 4, 2006, 5－9.
22. Dynamic Correlations between Returns of House Prices and Potential Hedging Instruments, Journal of Real Estate Portfolio Management, 2007, 13(1) 17-28.
21. The Chinese Housing Provident Fund, with Buttimer and Yang, International Real Estate Review, 2004, 7(1): 1-30.
20. The Varying Seasonality of House Prices, Real Estate Review, 2004 33(1): 29-41.
19. Mortgage Payment as a Portion of Income: A Better Solution, Gu and Joseph Trefzger, International Real Estate Review, 2003, 6(1): 121-135.
18. Rent Control and its Reform in China, New York Economic Review, fall 2003, 34, 63-74.
17. The Predictability of House Prices, Journal of Real Estate Research, 2002, 24(3): 213-234.
16. Make It Simple and Light: Some Thoughts on Real Estate Related Taxation in China, Gu and Joseph Trefzger, International Real Estate Review, 2000, 3(1): 142-161.
15. Housing Rent and Occupational Rank in Beijing and Shenyang, China, Gu and Peter Colwell, Journal of Property Research, 1997, 14(2): 133 - 143.
International Finance
14. PPP, Pegged Currencies and Their Exchange Rates Behaviors, with E Yongjian who received China National Science Foundation grant (70373075) for the project, Review of Pacific Basin Financial Markets and Policies, 2009, 12(1),141–158.
13. Developments and Characteristics of the French Financial System, Chen, Guoqing and Gu Yanxiang, International Financial Research (Chinese), Beijing, 1988, 4.
12. Recent Developments in French Financial Markets, Nankai Economic Research (Chinese), Tianjin, 1987, 5.
11. Comparison between Fixed and Floating Exchange Rates, Huabei Xibei International
Financial Review (Chinese), summer 1985.
Others
10. Unstable Relationship between the Fed’s Monetary Policy Actions and the U.S. Stock Market, Gu and Gao X. Journal of Economics and Economic Education Research, 2013, 14(3): 139-146.
9. Co-determination of Capital Structure and Stock Returns -- A LISREL Approach An Empirical Test of Taiwan Stock Markets, Chau-Chen Yang, C. F. Lee, Gu and E.W. Lee. Quarterly Review of Economics and Finance, 2010, 50(2): 222-233.
8. Margin Debt Balance vs. Stock Market Movements and Expected GDP Growth, with S. Chen, Academy of Accounting and Financial Studies Journal, 2011, 15(2): 73-85.
7. Do Mutual Fund Managers Take More Risk Toward Yearend? With S. Chen, Academy of Accounting and Financial Studies Journal, 2011, 15(1): 1-10.
6. Has the U.S. Economy Exhibited Less Uncertainty During the Greenspan Era? With C. Annala and S. Chen, Journal of Legal, Ethical and Regulatory Issues, 2010, 13(2), 11-22.
5. Different Price Indexes and the Implication for the federal Reserve Reaction Function: An Empirical Study, Annala and Gu, Journal of Economics and Economic Education Research, 2010, 10(3): 107-121.
4. Inflation in China and Related Factors: 1993-2007, with Xinhua Liu, American Business Review, 2010, 23(1): 132-142.
3. Revealed Comparative Advantage, Intra-Industry Trade and U.S. Trade Deficit with China, with Shen Guobing at Fudan University, China and the World Economy, 2007, 15(6): 87-103. American Business Review, 2010, 23(1): 98-112.
2. Do Short Sales Raise or Reduce Volatility? Evidences from the Chinese A and H Share Markets, Review of Pacific Basin Financial Markets and Policies. 2007, 10(4): 469-478.
1. Using Discriminant Analysis to Predict the Sign of Market Reaction to Dividend Initiations, Z. Jin and Gu, Midwest Review of Finance and Insurance, 1999, 13(1): 142 -153.
Books:
Chapters of Money, Banking and Economics, Translation version, Mong Xianyang Editor, China Finance Publishing Inc., 1991.
Dictionary of International Finance and Economics, Co-authored with others, Mong Xianyang Editor, Tianjin People’s Publishing Inc., 1990.
Refereed Proceedings:
28. Are the Fed’s react functions different to different price indices?
Allied Academies International Conference, October 2009
27. Risk Adjustment Behavior of Mutual Fund Managers
Allied Academies International Conference, October 2009
26. Margin Debt Balance vs. Stock Market Movements and Expected GDP Growth,
Allied Academies International Conference, October 2009
25. Has the U.S. Economy Exhibited Less Uncertainty During the Greenspan Era?
Allied Academies International Conference, October 2009
24. Can Business Curriculum and Education Eliminate Cheaters? With Sheikh, ABE/FEA Annual Conference, September 2007, Bermuda.
23. Do Short Sales Raise or Reduce Volatility? Evidences from the Chinese A and H Share Markets, Global Business Trends Contemporary Readings 2006, Academy of Business Administration, forthcoming.
22. Leader and Follower along Market Trends: A Granger Causality Test, Gu and Christopher Annala and Victoria Volk (Geneseo student), Proceedings of the American Association of Accounting and Finance Annual Conference, 2004.
21. Growth and Value Stocks along Market Trends: Evidence from U.S. Biotechnology Stocks, Gu and Lindsay Batrowny (Geneseo student), Proceedings of the American Association of Accounting and Finance Annual Conference, 2003.
20. The Declining January Effect: Experience of Five G7 Countries, Proceedings of the Allied Academies International Conference, 2003.
19. The Diminishing Weekend Effect: Experience of Five G7 Countries, Gu and Manoj Dewani (Geneseo student), Proceedings of the American Association of Accounting and Finance Annual Conference, 2002.
18. The Evolution of Market Efficiency: The experience of England, France and Germany, Gu and Megan Stevenson (Geneseo student), Proceedings of the American Association of Accounting and Finance Annual Conference, 2002.
17. Patriotic Stock Repurchases: The Two Weeks Following the 9-11 Attack, Gu and Michael Schinski, Proceedings of the American Association of Accounting and Finance Annual Conference, 2002
16. The Day-of-the-Week Effect in China’s Stock Markets, Gu and Jessica Healy (Geneseo student), accepted, Proceedings of the Hawaii International Conference on Business, 2002.
15. The Month-of-the-Year Effect in China’s Stock Markets, Gu and Andrea Tirums (Geneseo student), accepted, Contemporary Business Readings, Academy of Business Administration Annual Conference, Key West, April 2002.
14. The Declining January Effect: the British Experience, Gu and John Simon and Craig Maslowsky (Geneseo student), Proceedings of the American Society of Business and Behavioral Sciences Annual Conference, February 2002.
13. A New Stock Option Plan and Its Valuation, Proceedings of the Allied Academies International Conference, fall 2001.
12. Information Speed and Return Autocorrelation, International Business Trends Contemporary Readings, Academy of Business Administration, 2001.
11. Mortgage Payment as a Portion of Income: a Better Solution, Gu and Joseph Trefzger, accepted, Proceedings of the Sixth Asian Real Estate Society (AsRES) Conference, 2001.
10. The Declining January Effect: the US experience, Proceedings of the Allied Academies International Conference, spring 2001.
9. Make It Simple and Light: Some Thoughts on Real Estate Related Taxation in China, accepted, Proceedings of the Fifth Asian Real Estate Society (AsRES) Conference, Beijing, 2000.