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Jason C. Hsu

Jason C. Hsu Director of Research and Investment Management, Research Affiliates LLC, USA
Adjunct Professor in Finance, Anderson Business School, UCLA 


Email: hsu@rallc.com
http://www.jasonhsu.org
 

Education


  • Ph.D. in Finance, Anderson Business School, UCLA
  • M.S. in Financial Economics, Stanford University
  • B.S. in Applied Physics and Economics, Caltech

Experience


  • Chief Investment Officer, Research Affiliates (since Nov, 2008)
  • Adjunct Professor in Finance, Anderson Business School, UCLA (since July 2008)
  • Adjunct Professor in Finance, School of Commerce, National Chengchi University, Taiwan (since January 2007)
  • Visiting Professor in Finance, UC Irvine, Merage Business School, (2004-2007)
  • Visiting Professor in Finance, Shanghai University of Finance and Economics (1998 Summer)
  • UCLA Anderson Business School, MFE Program, Board of Directors (since July, 2009)
  • Board of Advisors, Journal of Investment Management (since Jan, 2010)
  • Board of Advisors, Journal of Index Investing (since May, 2010)
  • Prize Committee, Q-Group (since Oct, 2010)
  • Board of Advisors, Da Cheng Asset Management Company, China & Hong Kong (since June, 2010)
  • Board of Directors, RobotDough.com (since June, 2010)
  • Board of Directors, Ecinity.com (since August, 2010)

Research Interests


  • Macroeconomics
  • International Finance
  • Asset Pricing
  • Anomalies in Equity Returns
  • Portfolio Choice

Publications

A. Journal Papers


  • For downloaded version of the papers, please go to: http://www.jasonhsu.org/publications.html

  • Fundamental Indexation, Robert D. Arnott, Jason C. Hsu and Philip Moore, 2005, Financial Analysts Journal, vol.61, no. 2 (March/April):83–99

  • New Frontiers in Index Investing, Jason C. Hsu and Carmen Campollo, 2006, Journal of Indexes, (January/February):32–37,58.

  • Valuation-Indifferent Weighting for Bonds, Robert D. Arnott, Jason C. Hsu, Feifei Li, and Shane Shepherd, 2010, Journal of Portfolio Management, vol. 36, no. 3 (Spring):117–130.

  • Does Valuation-Indifferent Indexing Work for the Real Estate Market? Jason C. Hsu, Vitali Kalesnik and Feifei Li, 2010, Journal of Investing, vol. 19, no. 3 (Fall):72–79.

  • Cap-Weighted Portfolios are Sub-Optimal Portfolios, Jason C. Hsu, 2006, Journal of Investment Management, vol. 4, no. 3 (Third Quarter):44–53.

  • Noise, CAPM and the Size and Value Effects, Robert D. Arnott and Jason C. Hsu, 2008, Journal of Investment Management, vol. 6, no. 1 (First Quarter):68–78.

  • Does Noise Create the Size and Value Effect, Robert D. Arnott, Jason C. Hsu, Jun Liu, and Harry Markowitz, 2010, Research Affiliates/UCLA/UCSD Working Paper. [2008 AFA Conference Selection]

  • A Survey of Alternative Equity Index Strategies, Tzee-man Chow, Jason C. Hsu, Vitali Kalesnik, and Bryce Little, 2011, Financial Analyst

  • Fundamental Indexation, Robert D. Arnott, Jason C. Hsu and Philip Moore, 2005, Financial Analysts Journal, vol.61, no. 2 (March/April):83–99

  • New Frontiers in Index Investing, Jason C. Hsu and Carmen Campollo, 2006, Journal of Indexes, (January/February):32–37,58.

  • Valuation-Indifferent Weighting for Bonds, Robert D. Arnott, Jason C. Hsu, Feifei Li, and Shane Shepherd, 2010, Journal of Portfolio Management, vol. 36, no. 3 (Spring):117–130.

  • Does Valuation-Indifferent Indexing Work for the Real Estate Market? Jason C. Hsu, Vitali Kalesnik and Feifei Li, 2010, Journal of Investing, vol. 19, no. 3 (Fall):72–79.

  • Cap-Weighted Portfolios are Sub-Optimal Portfolios, Jason C. Hsu, 2006, Journal of Investment Management, vol. 4, no. 3 (Third Quarter):44–53.

  • Noise, CAPM and the Size and Value Effects, Robert D. Arnott and Jason C. Hsu, 2008, Journal of Investment Management, vol. 6, no. 1 (First Quarter):68–78.

  • Does Noise Create the Size and Value Effect, Robert D. Arnott, Jason C. Hsu, Jun Liu, and Harry Markowitz, 2010, Research Affiliates/UCLA/UCSD Working Paper. [2008 AFA Conference Selection]

  • A Survey of Alternative Equity Index Strategies, Tzee-man Chow, Jason C. Hsu, Vitali Kalesnik, and Bryce Little, 2011, Financial Analyst Journal, vol. 67, no. 5 (September/October):37-57.

  • An Examination of Traditional Style Indices, Jason C. Hsu, Vitali Kalesnik and Himanshu Surti, 2010, Journal of Index Investing, vol. 1, no. 2 (Fall):14–23.

  • Cyclicality in Stock Market Volatility and Optimal Portfolio Allocation, Jason C. Hsu and Feifei Li, 2009, in Stock Market Volatility, Chapter 10,Greg Gregoriou, ed., Florida: Chapman & Hall/CRC.

  • Risk Parity Portfolio vs. Other Asset Allocation Heuristic Portfolios, Denis Chaves, Jason C. Hsu, Feifei Li and Omid Shakernia, 2011, Journal of Investing.

  • What Drives Equity Market Non-Participation? Jason C. Hsu, 2012, North American Journal of Economics and Finance.

  • Performance Attribution: Measuring Dynamic Allocation Skill, Jason C. Hsu and Vitali Kalesnik and Brett Myers, 2010, Financial Analysts Journal, vol. 66, no. 6 (November/December).

  • Performance Evaluation of Active Manager: An Overview of Current Practice, Jason C. Hsu, Vitali Kalesnik and Russ Wermers, 2011, Investments and Wealth Monitor (January/February):37-40.

  • Risk-Managing the Uncertainty in VaR Model Parameters, Jason C. Hsu and Vitali Kalesnik, 2009, in The VAR Implementation Handbook, Chapter 18, Greg Gregoriou, ed., New York: McGraw-Hill.

  • Shadow Banks and the Financial Crisis of 2007–2008, Jason C. Hsu and Max Moroz, 2010, in The Banking Crisis Handbook, Chapter 3, Greg Gregoriou, ed., Florida: CRC Press.

  • Model Risk for Market Risk Modeling, Jason C. Hsu, Vitali Kalesnik and Shane Shepherd, 2010, in The Risk Modeling Evaluation Handbook: Rethinking Financial Risk Management Methodologies in the Global Capital Markets, G. Gregoriou, C. Hoppe, and C. Wehn, eds., New York: McGraw-Hill.

  • Prospect Theory and Its Applications in Finance, Bing Han and Jason C. Hsu. (Dec 2004). Research Affiliates and Ohio State Fisher School of Business Working Paper.

  • A Synthesis on Stock Momentum, Bing Han and Jason C. Hsu. (Dec 2004). Research Affiliates and Ohio State Fisher School of Business Working Paper.

  • Cheaper than Value, Denis Chaves, Jason C. Hsu, Vitali Kalesnik and Yoseop Shim. (Aug 2011). Research Affiliates Working Paper.

  • A Structural Model for Default Risk, Jason C. Hsu, Pedro Santa-Clara and Jesús Saá-Requejo, 2010, Journal of Fixed Income, vol. 19, no. 3 (Winter):77–94.

  • A Model of R&D Valuation and the Design of Research Incentives, Jason C. Hsu and Eduardo Schwartz, 2008, Insurance: Mathematics and Economics, vol. 43, no. 3 (December):350–367.

B. Conference Papers


  • The Fundamental Index: A Better Way to Invest with Robert D. Arnott and John West, 2008, New Jersey: John Wiley & Sons. [This book has been translated in three languages.]