University of Southern California

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Tom Chang
Assistant Professor of Finance and Business Economics

USC Marshall School of Business
Los Angeles, CA 90089-0804



Tom Chang's research interests include industrial organization, behavioral economics, corporate finance and applied microeconomics. His current research focuses on better understanding individual decision making, and its implications for firm behavior. Professor Chang's current research is supported by grants from the George and Obie Schultz Fund, the Kauffman Foundation, the National Science Foundation and the USDA. His research has been covered by the Associated Press and featured in the Huffington Post, Ignites/Financial Times,, The Los Angeles Times, NPR, CBC/Radio-Canada and The Washington Post.


Chang, T., Hartzmark, S., and Solomon, D. H. (2015) "Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns,".
Chang, T. (2014) "Going to Pot? Medical Marijuana Dispensaries and Crime,".
Chang, T., and Schoar, A. (2014) "Judge Specific Difference in Chapter 11 and Firm Outcomes,".
Solomon, D. H., and Chang, T. (2014) "Looking for Someone to Blame: Delegation, Cognitive Dissonance and the Disposition Effect," Journal of Finance, Forthcoming.
Chang, T., and Gross, T. (2014) "How Many Pears Would a Pear Packer Pack if a Pear Packer Could Pack Pears at Quasi-Exogenously Varying Piece Rates?," Journal of Economic Behavior & Organization, 99, 1-17.
Chang, T., and Jacobson, M. (2013) "What Do Not-For-Profit Hospitals Maximize? Evidence from California's Seisemic Retrofit Mandate,".
Chang, T., and Jacobson, M. (2012) "Eyes Upon the Street: Do Busy Places Have Less Crime,".
Chang, T., and Jacobson, M., "Natural Disaster Management: Earthquake Risk and Hospitals' Provision of Essential Services in California," in Kessler, D., eds., Regulation versus Litigation: Perspectives from Economics and Finance, Chicago, Il 2011.
Chang, T., Mullainathan, S., and Shafir, E. (2009) "Experiments in Choice: An Experimental Evaluation of Discrete-Choice Models of Product Differentiation,".
Chang, T. (2008) "Categorical Consideration: Evidence and Market Implications,".