Tom Y. Chang

Assistant Professor

Finance and Business Economics Department

Marshall School of Business

University of Southern California



Hoffman Hall 504

Phone: (213) 740-1135

Fax: (213) 740-6650

Webpage: USC Marshall

Mailing Address

Bridge Hall 308, MC-0804

3670 Trousdale Parkway

Los Angeles, CA  90089-0804


New Website: (here!)

Curriculum Vitae: (pdf)



Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns
 with Samuel M. Hartzmark and David Solomon and Eugene F. Soltes.
Review of Financial Studies (Accepted)

Particulate Pollution and the Productivity of Pear Packers
 with Joshua S. Graff Zivin and Tal Gross and Matthew J. Neidell.
American Economic Journal: Economic Policy (Accepted).

Looking for Someone to Blame: Delegation, Cognitive Dissonance, and the Disposition Effect
 with David Solomon and Mark Westerfield.
Journal of Finance, 71(1) 2016.

How Many Pears Would a Pear Packer Pack if a Pear Packer Could Pack Pears at Quasi-Exogenously Varying Piece Rates?
 with Tal Gross.
Journal of Economic Behavior & Organization, 99, 2014. Lead Article

Natural Disaster Management: Earthquake Risk and Hospitals' Provision of Essential Services in California
 with Mireille Jacobson
Regulation versus Litigation: Perspectives from Economics and Law, Daniel Kessler, ed. 2010.


Working Papers

Judge Specific Difference in Chapter 11 and Firm Outcomes
 with Antoinette Schoar.
(Revise and Resubmit, Journal of Finance)

Going to Pot? Medical Marijuana Dispensaries and Crime
 with Mireille Jacobson.
(Revise and Resubmit, Journal of Urban Economics)

What Do Not-For-Profit Hospitals Maximize? Evidence from California's Seismic Retrofit Mandate
 with Mireille Jacobson.
(Revise and Resubmit, Journal of Public Economics)

Physician Agency and Competition: Evidence from a Major Change to Medicare Chemotherapy Reimbursement Policy
 with Craig C. Earle, M.D. and Mireille Jacobson and Joseph Newhouse.

Categorical Consideration: Theory, Evidence and Market Implications

Experiments in Choice: An Experimental Evaluation of Discrete-Choice Models of Product Diļ¬€erentiation
 with Sendhil Mullainathan and Eldar Shafir



BUAD 306, Introduction to Finance.

The Trading Game