Loyola University Chicago

Quinlan School of Business

Faculty and Staff

Hae mi (Amy) Choi

Title/s: Assistant Professor

Office #: Schreiber 821

Phone: 312.915.6320

E-mail: hchoi2@luc.edu

External Webpage: https://sites.google.com/site/haemipersonalwebsite/


Professor Choi’s work mainly focuses on the role of information in financial markets. She has published papers in finance and accounting journals that examine the effect macroeconomic uncertainty on investors’ learning from corporate earnings announcements, as well as the changes in security analysts’ incentives and optimism. Her current research is on the effect of analysts’ limited attention, the effect of Regulation SHO on shorting selling activity and stock prices, SEC enforcement waves, and public sector union and municipal debt, etc. She teaches undergraduate Business Finance and graduate Applied Econometrics at Loyola.


  • PhD Finance, University of Washington, Seattle, Washington, 2011
  • MS Business Administration, University of Washington, Seattle, Washingtion, 2009
  • AM Statistics, Harvard University, Cambridge, Massachusetts, 2005
  • BBA Business Administration, Yonsei University, Seoul, Korea, 2003
  • BA Applied Statistics, Yonsei University, Seoul, Korea, 2003
  • Passed the CPA Examination in the State of California, 2001

Research Interests

  • Macroeconomic Conditions and Capital Markets
  • Empirical Asset Pricing
  • Corporate Governance
  • Analysts’ Forecasts
  • Public Finance and Municipal Bond Markets

Courses Taught

  • FINC 332: Business Finance
  • FINC 625: Applied Econometrics


  • Loyola University Quinlan School of Business Research Grant 2012-2017
  • Loyola University Summer Research Grant, 2012, 2016
  • Selected participant in the FMA Doctoral Student Consortium, 2010
  • Awarded the McCabe Doctoral Fellowship (one-year) from the Foster School of Business, 2010
  • Recipient of the American Finance Association Student Travel Grant, 2010
  • Awarded the Global Business Center Summer Fellowship for doctoral dissertation research, 2009
  • Awarded the D.K. Scholarship from the Department of Economics at Yonsei University based on Merit, 2002
  • Awarded Academic Scholarships and Honors Awards from Yonsei University, 1998-2002

Selected Publications

Selected Publications:

Choi, H. M., Chang, J. W. (2017). Changes in Analysts' Incentives under Uncertainty. Financial Review, Lead Article.

Choi, H. M. (2017). Short Selling and the Rounding of Analysts' Forecasts. Forthcoming.

Choi, H.M. A Tale of Two UncertaintiesJournal of Banking & Finance4th Round R&R.

Choi, H.M. Market Uncertainty and Trading Activity Around Earnings Announcements. Accounting and Business ResearchR&R.

Choi, Hae mi (2014), “When Good News is Not So Good: Economy-wide Uncertainty and Stock Returns”, Journal of Business Finance and Accounting , 41 (9) & (10), p1101-1123.

Choi, Hae mi (2013), “What Drives the Earnings Announcement Premium Puzzle?”, Journal of Accounting and Finance, 14 (1), p161-173.

Chang, Jin Woo, and Hae mi Choi (2017), “Changes in Analysts’ Incentives Under Uncertainty”, conditionally accepted, Financial Review.

Working Papers:

Choi, H. M., Chino, A., Rice, E. Public Sector Unions and Debt. 

Choi, H. M., Karpoff, J., Lou, X. Enforcement Waves and Spillovers. 

Choi, H. M., Short Selling and the Informational Efficiency of Stock Prices  -A Natural Experiment. 

Short Selling and the Informativeness of Stock Prices-A Natural Experiment, under review

Enforcement Waves and Spillover Effects, with Jonathan Karpoff, and Xiaoxia Lou

Public Sector Unions and Debt, with Atsushi Chino and Edward Rice

Conference Proceedings:

Does Limited Attention Matter in Security Analysis? Evidence from Analysts' Reliance on Categories, with Swasti Gupta-Mukherjee, under review