University of Calgary

Philip Chang

  • Associate Professor Emeritus of Finance
  • Sessional Instructor
  • Faculty [FNCE]

Currently Teaching

Research Interests

Teaching & Learning:




Dr. Chang is a semi-retired finance professor who continues to lecture on a part-time basis. He has formerly served as Associate Dean (International), Director of Centre for International Management, and Area Chair of Finance and Operations Management. He has taught at the business school of University of Illinois at Urbana-Champaign, Peking University, China University of Petroleum (Beijing), and National Chengchi University in Taipei.

Courses Dr. Chang has taught include Investments, Portfolio Management, Corporate Finance, Capital Budgeting, and Corporate Risk Management. He has won numerous teaching awards at the University of Illinois and the University of Calgary, including the UofC Students' Union Teaching Excellence Award. He is also honored on the list of "Great Teachers at the U of C". 

 Dr. Chang's current research interests include applications of computer science in finance (missing data discovery and feature selection) ,socially responsible investment (SRI), hedging of oil and gas companies, and Chinese outward direct investment.  He was Technical Advisor to an eco-compensation project of the Yunnan Province of China and the Canadian International Development Agency (CIDA). Dr. Chang was a recipient of the President's Internationalization Award and was honored by the Government of Alberta’s Centennial Medallion and Recognition Certificatefor contributions to Alberta’s international relations.

At the University, Dr. Chang has served on the Sustainable Investment Advisory Committee for its $710 million endowment, and sit on the China Regional Council chaired by the President.  In the community, Dr. Chang serves on the board of the Chinese Christian Wing Kei Nursing Home Association, which anticipates to operate 320 beds by 2018 under Alberta Health Services. He also sits on the board of the Calgary Chinese Cultural Centre. He had served as a board member of the Calgary Economic Development of the City of Calgary for six years.  

Working Papers

“Missing Data Discovery in Financial Feature Selection with Applications”, with S. Aghakhani, R. Alhajj, 2017.

 “An effective LmRMR for financial variable selection and its applications”, with S. Aghakhani, R. Alhajj, J. Rokne, 2017.

“From OLI to HOLI: A Theory for Chinese Outward Direct Investment”, with J. Xie, F. Meng, 2016.


“Bayesian Model for financial variable selection and Missing Data Discovery”, with S. Aghakhani, R. Alhajj, International Conference on Big Data Management- BIDMA, April 2017.

 “A new approach on Time Series Missing Data Discovery and Uncertainty Estimation (TSMDDUE)”, with S. Aghakhani, R. Alhajj, IEEE IRI, August 2014.

 “Hedging and Firm Value: Evidence from the Integrated Oil and Gas Industry,” with Z. Wang, X.Fang, China International Conference in Finance, Tsinghua University and Sloan School of MIT, 2012.

 "Bank Fund Reallocation and Economic Growth: Evidence from China", Journal of Banking and Finance, Nov. 2010, with C. Jia, Z. Wang.

 "A Tale of Two Tails: Using Options to Forecast the Movement of Stocks," with R. Elliott, W. Jiang, H. Zhang, Proceedings of 2010 IEEE Special Session on Applied Mathematics and Information Management, IEEE.

 Keynote Speech

“Revolution and Transformation: How the New Canadian Governments are Making Energy Policies Strategic,” Tenth International Conference on Chinese Energy Strategies, China University of Petroleum in Beijing, December 2015.

 Book Chapter

“Sovereign Risk,” Wiley Encyclopedia of Management, 3rd Edition, Cooper, L. (Ed), Wiley, 2014.


Investment Analysis and Portfolio Management, First Canadian Edition, with Reilly, F., Brown, K., and Hedges, P., 2010, Toronto: Nelson.



  • PhD
    University of Illinois at Urbana-Champaign
  • MA
    National Taiwan University
  • BA
    National Taiwan University
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