Ling Cen

Ling Cen

Associate Professor


Ling Cen is an Associate Professor of Finance in the Department of Management at the University of Toronto Scarborough, with a cross-appointment to the Finance area at Rotman.  His early research was mainly on behavioural finance. In his recent work, he conducts interdisciplinary studies of corporate finance and operations management, focusing on the role of supply-chain relationships on various aspects of corporate decisions. He is also interested in the role of buy-side and sell-side analysts in earnings conference calls. His papers have been published in the Journal of Financial Economics, Management Science, Journal of Financial and Quantitative Analysis and Review of Finance.

Professional Experience:

Assistant Professor, Department of Management, University of Toronto Scarborough and Rotman School of Management (cross), University of Toronto, 2009 – June 2017

Visiting Assistant Professor, Department of Finance, Hong Kong University of Science and Technology, 2009

Research Interests: 

  • Product Market Relationships
  • Buy-side Analyst Behaviours
  • Information Diffusion Mechanisms
  • Equity Issuance (IPOs and SEOs)

Awards and Grants: 

SSHRC Insight Grant, 2013

Governing Board of the Institute of New Economic Thinking (INET) & The Centre for International Governance Innovation (CIGI), 2013

Research Grants Council of Hong Kong, General Research Fund, 2012

UTSC VPR Research Impact Fund, 2012

SSHRC Institutional Grant (SIG), 2012

SSHRC Institutional Grant (SIG), 2011

The Connaught New Researcher Award, University of Toronto, 2011

Canadian Institute of Chartered Business Valuators Award for Best Paper on Business Valuation, NFA 2010 (Winnipeg)

Runner-up, Franklin Prize for Teaching Excellence, HKUST Business School, 2008

AFA Student Travel Grant, American Finance Association 2007 Annual Conference, 01/2007

Postgraduate Studentship for Research Students, HKUST, 09/2003 – 12/2008

Best Thesis Award, Zhejiang University, 2001

Li Po Chun International Student Scholarships (full tuition, living expense and traveling fees), Hong Kong Government/ Li Po Chun United World College of Hong Kong, 1996—1998


Ling Cen, Ed Maydew, Liandong Zhang, and Luo Zuo, "Customer-Supplier Relationship and Tax Avoidance", Journal of Financial Economics, Forthcoming

Ling Cen, K.C. John Wei and Liyan Yang, "Disagreement, Underreaction, and Stock Returns", Management Science, Forthcoming

Ling Cen, Sudipto Dasgupta, and Rik Sen, "Discipline or Disruption? Stakeholder Relationships and the Effect of Takeover Threat", Management Science, Forthcoming

Ling Cen, Sudipto Dasgupta, Redouane Elkamhi, and Raunaq S. Pungaliya, 2016, "Reputation and Loan Contract Terms: the Role of Principal Customers", Review of Finance 20(2), 501-533

Ling Cen, Kalok Chan, Sudipto Dasgupta and Ning Gao, 2013, "When the Tail Wags the Dog: Industry Leaders, Limited Attention and Spurious Cross-Industry Information Diffusion", Management Science 59(11), 2566-2585.

Ling Cen, Hai Lu and Liyan Yang, 2013, "Investor Sentiment, Disagreement, and Breadth-Return Relationship", Management Science 59(5), 1076-1091.

Ling Cen, Gilles Hilary, and K. C. John Wei, 2013, "The Role of Anchoring Bias in the Equity Market", Journal of Financial and Quantitative Analysis 48(1), 47-76.



PhD in Finance, Hong Kong University of Science and Technology, 2008
MSc in Economics and Finance, The University of Warwick, 2002
BSc in Economics, Zhejiang University, 2001