Millicent Chang

Associate Professor, BCom MCom PhD W.Aust.

  • The University of Western Australia (M204), 35 Stirling Highway,

    6009 Crawley


  • 71 Citations
  • 5 h-Index
1992 …2018
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Personal profile


Millicent joined UWA as an associate lecturer in 1992 and completed her PhD in 2002. Her thesis examined the transfer of accounting and other information for a sample of Australian firms. Her current research interests lie in the areas of insider trading and disclosure in capital markets. Millicent teaches corporate finance and capital markets research.

Roles and responsibilities

Deputy Head of Discipline

Funding overview

M Chang, I Watson 2011, 'Share Trading by Corporate Insiders - Effects & Implications', ARC Discovery Projects.

J Yu, M Chang 2011, 'The Effect of IFRS on the Information Content of Insider Trades', Accounting & Finance Association of Australia & New Zealand (AFAANZ).

M Wee, M Chang 2009, 'Do Corporate Governance & Insider Trading Policy Affect the Information Content of Insider Trades', Accounting & Finance Association of Australia & New Zealand (AFAANZ).

M Chang 2007, 'Do Undisclosed Trades Convey Information on Future Firm Performance?', UWA Research Grants Scheme.

M Chang, I Watson 2005, 'Insider Trading and Incentives to Manage Earnings and Forecasts', Accounting and Finance Association of Australia and New Zealand Ltd.

Previous positions

Lecturer - Australian National University

Current projects

Disclosure informativeness and price discovery

Director trading around M&As

Gender diversity and earnings management

R&D investment and insider trading

Substantial shareholder trading in the leadup to takeover bids

Effect of enforcement on accounting quality

Teaching overview

FINA2222 Corporate Financial Policy
FINA4491 Capital Markets Research


Insider trading
Corporate disclosure
Managerial incentives
Corporate governance


  • Corporate Disclosure
  • Insider Trading
  • Managerial Incentives
  • Insider trading
  • Corporate disclosures
  • Corporate governance

Fingerprint Fingerprint is based on mining the text of the person's scientific documents to create an index of weighted terms, which defines the key subjects of each individual researcher.

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Insider trading Business & Economics
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Network Recent external collaboration on country level. Dive into details by clicking on the dots.

Projects 2005 2018

Research Output 1992 2017

  • 71 Citations
  • 5 h-Index
  • 18 Article
  • 2 Conference paper
  • 1 Other output

A review of research on regulation changes in the Asia-Pacific region

Chang, M., Jackson, A. B. & Wee, M. 20 Jan 2017 In : Accounting and Finance. 33 p.

Research output: Contribution to journalArticle

Asia-Pacific region
Financial institutions
International management
1 Citations

Does director trading change the information environment?

Chang, M., Qian, X., Yu, J. & See, Y. 1 May 2017 In : Australian Journal of Management. 42, 2, p. 205-229

Research output: Contribution to journalArticle

Information environment
Information asymmetry
Information efficiency
International Financial Reporting Standards
12 Citations

Board Gender diversity and corporate response to sustainability initiatives: evidence from the Carbon Disclosure Project

Ben-Amar, W., Chang, M. & Mcilkenny, M. 2016 In : Journal of Business Ethics. n/a, p. 1-15

Research output: Contribution to journalArticle

climate change
1 Citations
Insider trading
Corporate transparency
5 Citations

Delayed disclosure of insider trades: Incentives for and indicators of future performance?

Chang, M. & Watson, I. Nov 2015 In : Pacific Basin Finance Journal. 35, Part A, p. 182-197 16 p.

Research output: Contribution to journalArticle

Firm performance