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芮萌 (Rui Oliver)
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上海浦东红枫路699号

邮箱:oliver@ceibs.edu

研究领域: 公司财务

个人主页:http://www.scholar.name/oliverrui

EDUCATION BACKGROUND

Ph.D.      University of Houston                                           (1993-1997)

              Major: Finance

              Minor: Statistics

MBA.     University of Houston                                            (1993-1995)

             Major: Statistics                                     

M.Sc.     Oklahoma State University                                     (1991-1993)

              Major: Economics

B.S.        Institute of International Relations, China                (1986-1990)

              Major: International Economics

Program on Case method and participant-centered learning, Harvard Business School, 2008

Program on Risk Management, Harvard Business School, 2015


AREAS OF INTEREST

Teaching: Financial Statement Analysis, Business Valuation and Financial Management

Research: Corporate Governance, Stock Markets in China, Financial Accounting and Applied Time series


PROFESSIONAL QUALIFICATIONS

Chartered Financial Analyst (CFA)

Financial Risk Manager (FRM) – Certified by the Global Association of Risk Professionals


ACADEMIC EXPERIENCE

The Zhongkun Group Chair in Finance                                   2015-present

China Europe International Business School, Professor           2012-present

Chinese University of Hong Kong, Associate Professor           2003- 2011

Hong Kong Polytechnic University, Associate Professor          2001-2003

Hong Kong Polytechnic University, Assistant Professor          1997-2000

University of Houston, Visiting Assistant Professor                  1997

University of Houston, Instructor                                            1993-1997

University of Houston, Research Assistant                              1993-1997   

Oklahoma State University, Research Assistant                       1992-1993


VISITING POSITION

Asian Development Bank Institute, Visiting Researcher                 Dec.2010-Feb.2011

Hong Kong Institute of Monetary Research, Visiting Fellow            May-Oct. 2007

Center of Finance & Economics, Research Fellow                        2006-Present

Center of Governance & Institution, Associate Director                 2005-2011

Shanghai Stock Exchange, Visiting Senior Economist                   June -September 2006


TEACHING PHILOSOPHY

• Today’s workplace offers new challenges to students – the options are wider, the demands are greater, and the workplace is less structured. To be successful, students will need to meet the challenges of this type of working environment. A teacher is the guide who helps them prepare to meet these challenges by arming them with the knowledge and know-how to be successful.

• Over the course of my academic career I have taught a variety of courses at both the graduate and undergraduate levels. I consistently strive for excellence in teaching by preparing carefully for each class, incorporating student feedback, and seeking to employ innovative and active-learning teaching methods in the classroom.

• I adopt the student-centered learning approach to develop students at following four levels: (1) basic understanding of core tools and concepts; (2) applying good practice; (3) modification and reinvention of practice: building critical judgment; (4) creating new ways of thinking and new analytical tools. 


COURSES TAUGHT

CEIBS:

EMBA, and FMBA courses: Corporate Finance

Executive Education courses: M&As, Wealth Management, Corporate Social Responsibility

Chinese University of Hong Kong:

EMBA, MBA and Msc. courses: Business Valuation, Financial Management, and Mergers and Acquisitions

 Undergraduate courses: Financial Statement Analysis, and Investment

Tsinghua University:

MBA: Corporate Finance

Shanghai National Institute of Accounting:

EMPACC: Corporate Financial Strategies

Hong Kong Polytechnic University:

Ph.D. course: Applied Econometrics Methods in Accounting, and Research Methodology

MBA and Msc. courses: Corporate Finance, Investment, Financial Management, Entrepreneur Finance, and Statistics and Quantitative Analysis

Undergraduate courses: Corporate Finance, Financial Management, Derivative Securities, Money and Banking, Financial Institutions and Markets, Financial System and International Finance


TEACHING AWARDS

Excellent Teaching Award at CEIBS in 2017

Faculty Teaching Award at Chinese University of Hong Kong in 2011

Faculty Teaching Award at Chinese University of Hong Kong in 2010

Faculty Teaching Award at Chinese University of Hong Kong in 2009

Faculty Teaching Award at Chinese University of Hong Kong in 2008

Faculty Teaching Award at Chinese University of Hong Kong in 2007

Faculty Teaching Award at Chinese University of Hong Kong in 2006

Faculty Teaching Award at Chinese University of Hong Kong in 2005

Faculty Teaching Award at Chinese University of Hong Kong in 2004


TEACHING CASES DEVELOPED

雅克科技:现金流充裕的家族企业为何选择上市

新希望:接班计划

华润:从6S到5C

华润集团的希望小镇:超越利润还是责任?

现代桃花源记:中坤的共享价值圈

Uber: 利益相关者眼中的超级独角兽

永祥多晶硅的制胜法宝——循环经济产业链

通威股份的农业光伏和渔光一体战略

社会责任投资:兴业全球基金改善公司治理问题的努力

穆墩岛农村淘宝服务站:梦想照进现实

蚂蚁金服:普惠金融在农村点亮希望

猪八戒网:社会价值与商业价值的和谐统一

维信理财: 互联网时代的数据金融服务商


RESEARCH

• I have a very active research agenda which has so far resulted in more than 60 publications in international, refereed journals and more than 20 publications in mainland China journals over the past 18 years.

• I was ranked No. 25 in Asia-Pacific universities measured by the weighted total JF-pages (1990–2004) in 21 leading finance journals based on “Ranking of Finance Program in the Asia-Pacific Region: An Update” by Chan, Chen and Lung published in Pacific-Basin Finance Journal, 2005.

• I was ranked No. 171 among 4,073 finance academics based on publications in 18 finance journals for the period 2000-2005: http://faculty.baruch.cuny.edu/tbali/finrank-all.pdf.  

• I was ranked No. 575 among 17,601 finance academics based on publications in 26 core finance journals over the past 50 years from 1959 to 2008: http://faculty.msb.edu/tgb27/26corejournals.pdf

RESEARCH AWARDS

Outstanding Research Publication Award 2016/17 from Open University of Hong Kong

2017 China Finance Research Conference Best Paper Award - 2017

The CEIBS medal for research excellence – 2015

International Association for Chinese Management Research Best Paper Award, June 2014

The research excellence award at CEIBS – 2013

Molixiang Family Business Research Excellence Award - 2013

The 11th EBES Conference Best Paper Award - 2013

The 18th Corporate Finance Annual Meeting Best Paper Award -2012

The 3rd annual TCFA Best Paper Award -2012

The second best paper prize of Asia-Pacific Journal of Financial Studies Best Paper - 2011.

The best paper award of China Financial Review Conference - 2008

Hong KongAsian Capital Markets Research Prize - 2007

The Pacific Basin Finance Journal Award at 2007 AFA/FMA Conference

The first prize of 2006 TCFA-CICC Best Paper Award

The best paper award at Beijing University Empirical Accounting Research Conference in 2006

REFEREED PUBLICATIONS (ENGLISH)

Economics journals

1. Political instability, access to private debt, and innovation investment in China (with Douglas Cumming and Yiping Wu), Emerging Market Review, 2016 (29), 68-81.

2. A springboard into politics: Do Chinese entrepreneurs benefit from joining the government-controlled business association? (with Guangrong Ma and Yiping Wu),China Economic Review, 2015 (36), 166-183.

3. Relative pay and its effects on firm efficiency in a transitional economy (with Michael Firth and T.Y. Leung),Journal of Economic Behavior and Organization, 2015, 59-77.

4. Institutional Environment, Ownership and Firm Taxation: Evidence from China (withWenfeng Wuand Chong feng Wu),Economics of Transition, 2013, 21, 17-51.

5. What drives regional differences in the stock market wealth effect in China (with Wenfeng Wu, Chongfeng Wu),Applied Economics Letter, 2012, 19, 1157-1160

6. Channels of interprovincial risk sharing in China (with Julan Du and Qing He),Journal of Comparative Economics, 39, 2011, 383-405.

7. The effects of political connections and state ownership on corporate litigation in China (with Michael Firth andWenfeng Wu),Journal of Law and Economics, 2011,54, 573-607.

8. Does financial deepening promote risk sharing inChina? (with Julan Du and Qing He),Journal of the Asia Pacific Economy,15, 2010, 369-387.

9. Public governance and Corporate Finance: Evidence from Corruption Cases (with Joseph Fan and Mengxin Zhao),Journal of Comparative Economics,36, 2008, 343-364.

10. Trading Performance, Disposition Effect, Overconfidence, Representativeness Bias, and Experience of Emerging Market Investors, (with Gong-meng Chen, Kenneth A. Kim, John R. Nofsinger),Journal of Behavioral Decision Making, 20, 2007, 425-451.

11. Return and volatility behavior of dually-listed stocks: The case of Hong Kong (with Michael Firth and Steven Wang)Journal of International Money and Finance21, 2002, 265-293.

 Finance journals

1. Bankers in the Boardroom and Firm Performance in China(with Qing He),Emerging Markets Finance and Trade, 2016, 8, 1-26.

2. Paragon or Pariah? The Consequences of Being Conspicuously Rich in China's New Economy(with Michael Firth, Xianjie He and Tusheng Xiao),Journal of Corporate Finance, 2014, 19, 430-448.

3. Trust and the provision of trade credit (with Michael Firth and Wenfeng Wu),Journal of Banking and Finance, 2014, 39, 146-159.

4. Business group in China (with Jia He, Xinyang Mao and Xiaolei Zha),Journal of Corporate Finance, 2013, 166-196.

5. Labor unions and tax aggressiveness (with James Chyz, Winnie Leung, and Oliver Z. Li),Journal of Financial Economics, 2013, 675-698.

6. Trade credit, cash holdings and financial deepening: Evidence from a transitional economy (withWenfeng Wuand Chong feng Wu),Journal of Banking and Finance, 36, 2012, 2868-2883.

7. Financing-motivated mergers and acquisitions: Evidence from corporate China,Asia-Pacific Journal of Financial Studies, 46, 2012, 313-346.

8. Insider Trading in Hong Kong: Tests of Stock Returns and Trading Frequency (with Michael Firth, T.Y. Leung),Review of Pacific Basin Financial Markets and Policies, 14, 2011, 505-533.

9. Investor perceptions of earnings processes and post-announcement drifts (with Bong-soo Lee),Asia-Pacific Journal of Financial Studies,40, 2011, 1-36.

10. Cooking the books: Recipes and costs of falsifiedfinancial statements in China (with Michael Firth andWenfeng Wu),Journal of Corporate Finance, 17, 2011, 371-390.

11. Justifying top management pay in a transitional economy, (with Michael Firth, T.Y. Leung),Journal of Empirical Finance, 17, 2010, 852-866.

12. Double signals or single signal? An investigation of insider trading around share repurchases, (with Michael Firth, T.Y. Leung),Journal of International Financial Markets, Institutions and Money, 20, 2010, 376-388.

13. Ownership and the value of political connections: evidence from China, (with Wenfeng Wu and Chongfeng Wu),European Financial Management,2012,695-729.

14. Ownership, governance mechanisms, and agency costs inChina’s listed firms, (with Michael Firth, and Peter Fung),Journal of Asset Management, 9, 2008, 90-101.

15. Market segmentation and stock prices discount in the Chinese stock market:Revisiting B-share Discounts in the Chinese Stock Market (with Bong-soo Lee andWenfeng Wu),Asia-Pacific Journal of Financial Studies37, 2008, 1-40.

16. Time-Series Behavior of Share Repurchases and Dividends, (with Bong-soo Lee),Journal of Financial and Quantitative Analysis,42, 2007, 119-142.

17. The effectsof insider trading on liquidity, (with Louis Cheng, Michael Firth and Yan Leung),Pacific Basin Finance Journal,14, 2006, 467-483.

18. Have China’s enterprise reforms led to improved efficiency and profitability?(with Gong-meng Chen and Michael Firth),Emerging Market Review,7, 2006, 82-109.

19. Ownership structure,corporategovernance, and fraud: Evidence from China(with Gongmeng Chen, Michael Firth, and Ning Gao).Journal of Corporate Finance, 12, 2006, 424-448.

20. Corporateperformanceand CEO compensation in China, (with Michael Firth and PeterFung),Journal of Corporate Finance, 12, 2006, 693-714.

21. The information content of insider trading around seasoned equity offering, (withKenChing and Michael Firth),Pacific Basin Finance Journal, 14, 2006, 91-117.

22. A note on price limit performance:the case of illiquid stocks(with Gong-meng Chen andKennethA. Kim),Pacific Basin Finance Journal, 13, 2005, 81-92.

23. Information transmission between NASDAQ and Asian second board markets (with Bong-soo Lee and Steven Wang),Journal of Banking and Finance, 28, 2004, 1637-1670.

24. Stock market linkages: evidence from Latin America (with Gong-meng Chen and Michael Firth)Journal of Banking and Finance26, 2002, 1113-1141.

25. The dynamic relationship between stock returns and trading volume: domestic and cross-country evidence (with Bong-soo Lee)Journal of Banking and Finance26,2002, 51-78.

26. Stock returns and volatility: an empirical study of the Chinese stock market (with Cheng-few Lee and Gong-meng Chen)Journal of Financial Research24(4), 2001, 523-543.

27. The dynamic relationship between stock returns and trading volume: Domestic and cross-country evidence(with Gong-meng Chen and Michael Firth)Financial Review38, 2001, 153-174.

28. Foreign ownership restrictions and market segmentation in China's stock market(with Bong-soo Lee and Gong-meng Chen)Journal of Financial Research24, 2001, 120-133.

29. The day-of-the-week regularity in the stock markets ofChina(with Chuck Kwok and Gong-meng Chen)Journal of Multinational Financial Management11, 2001, 139-163.

30. Short term and long term impact of option listing on underlying securities: Hong Kong evidence (with Sangphill Kim)Advances in Pacific Basin Financial Markets6, 2000, 239-254.

31. Self-tender offers: free cash flow or signaling? (with Sangphill Kim)Research in Finance17, 1999, 153-171.

32. An empirical analysis of IPO underpricing and performance of newly privatized firms in China, (with Sangphill Kim, Peter Xu)Review of Pacific Basin Financial Markets and Policies4, 1998, 461-479.

 Accounting journals

1. Do social ties between external auditors and audit committee members affect audit quality?" (with Xianjie He, Jeffrey Pittman, and Donghui Wu),Accounting Review,2017, 92, 61-87.

2. Auditor’s Going Concern Reporting in the Pre- and Post-Bankruptcy Law Eras: Chinese Affiliates of Big 4 versus Local Auditors, (with Phyllis Mo and Xi Wu),International Journal of Accounting, 2015, 50, 1-30.

3. Foreign ownership and auditor choice (with Xianjie He, Liu Zheng and Hongjun Zhu),Journal of Accounting and Public Policy, 2014, 33, 401-418.

4. Rotate Back or Not after Mandatory Audit Partner Rotation? (with Michael Firth and Xi Wu),Journal of Accounting and Public Policy, 31, 2012, 356-373.

5. How Do Various Forms of Auditor Rotation Affect Audit Quality? Evidence from China(with Michael Firth and Xi Wu), International Journal of Accounting, 2012, 109-138.

6. An empirical analysis on the prediction of Chinese financially distressed listed companies(with Gong-meng Chen, Robert Biscontri and Joyce Yu),International Journal of Management Accounting Research,2012, 75-94.

7. Hong Kong stock listing and the sensitivity of managerial compensation to firm performance in state-controlled Chinese firms(with Bin Ke and Wei Yu),Review of Accounting Studies, 2012, 166-188.

8. Stock splits and insider trading. (with T. Leung andS. Wang),ChinaAccounting and Finance Review, 12(1), 2010, 64-108.

9. The timeliness and consequences of disseminating public information by regulators? (with  Michael Firth and Xi Wu),Journal of Accounting and Public Policy28, 2009, 118-132.

10. Exploring the Effects of China’s Two-tier Board System and Ownership Structure on Firm Performance and Earnings Informativeness(with Stella Cho),Asia-Pacific Journal of Accounting Economics, 16, 2009, 95-118.

11. Voluntary audit committeeformationand agency costs(with Michael Firth),International Journal of Accounting and Performance Evaluation,4, 2007, 142-160.

12. Ownership,two-tierboard structure, and the informativeness of earnings – Evidence fromChina(with Michael Firth and Peter Fung),Journal of Accounting and Public Policy, 26, 2007, 463-496.

13. Earnings Management, Corporate Governance and the Market Performance of Seasoned Equity Offeringsin Hong Kong(with Ken Ching and Michael Firth),Journal of Contemporary Accounting and Economics2006, 73-98.

14. IsChina’s Securities Regulatory Agency a Toothless Tiger? Evidence from Enforcement Actions, (with Gongmeng Chen, Michael Firth, and Ning Gao),Journal of Accounting and Public Policy, 24, 2005, 451-488.

15. The Effectiveness ofPriceLimits andStockCharacteristics: Evidence from the Shanghai and the Shenzhen Stock Exchanges, (with Gong-meng Chen and Shuye Wang),Review of Quantitative Finance and Accounting,25, 2005, 159-182.

16. RiskShiftFollowingDividendChangeAnnouncements:TheRole ofTradingVolume, (with Sangphill Kim and Peter Xu)Review of Quantitative Finance and Accounting19, 2002, 45-63.

17. EmpiricalIdentification ofNon-informationalTradesUsingTradingVolumeData (with Bong-soo Lee)Review of Quantitative Finance and Accounting17, 2001, 327-350.

18. DoesTradingVolumeContainInformation toPredictStockReturns? Evidence from China'sStockMarkets, (with Cheng-few Lee)Review of Quantitative Finance and Accounting14, 2000, 341-360.

Abstracted in theCFA Digest, 31(1), 2001, 41-42 by J. U. de Villiers.

19. A Multivariate Co-integration Analysis of International Dually Listed Stocks (with Chuck Kwok and Steven Wang)ChinaAccounting and Finance Research3(4), 2001, 1-17 (Chinese version), 18-34 (English version).

 Management journals

1. Reputational Implications for Partners After a Major Audit Failure: Evidence from China, (with Xianjie He and Jeffery Pittman),Journal of Business Ethics, 2016, 703-722.

2. Gender Diversity and Securities Fraud, (with Douglas Cumming and T.Y. Leung),Academy of Management Journal, 2015, 1572-1593.

3. Institutional investors, Political connections,and the Incidence of Regulatory Enforcement Against corporate frauds, (with Wenfeng Wu and Sofia Johan),Journal of Business Ethics, 134, 2016, 709-726.

4. Ownershipstructureand insider trading: Evidence from China, (with Qing He),Journal of Business Ethics, 134, 2016, 553-574.

5. Institutions and the Performance of Politically-Connected M&As, (with Paul Brockman and Huan Zou),Journal of International Business Studies, 44, 2013, 833-852.

6. How Ownership and Corporate Governance Influence Chief Executive Pay in China’s Listed Firms (with Michael Firth and Peter Fung),Journal of Business Research, 60, 2007, 776-785.

7. Firm Performance, Governance Structure, and Top Management Turnover in a Transitional Economy(with Michael Firth and Peter Fung),Journal of Management Studies, 43, 2006, 1289-1330.

8. Price volume and volatility spillover among the New York, Tokyo, and LondonStockMarkets, (with Sangphill Kim)International Journal of Business4(2), 1999, 41-61.


REFEREED PUBLICATIONS (CHINESE)

1.   吴文锋、 朱云、 吴冲锋及 芮萌。2002B股向境内居民开放对AB股市场分割的影响。  经济研究, 第12期, 页33-41。

2.   芮萌、 孙彦丛 及 王清河。2003。中国股票市场交易量是否包含预测股票收益的信息研究。统计研究, 总第137期。 第3, 54-57

3.   陈工孟 及 芮萌。2003。中国股票市场的股票收益与波动关系研究。系统工程理论与践,10, 12-22 页。

4.   吴文锋、芮萌 及 陈工孟。2003。中国股票收益的非流动性补偿。世界经济,299, 54-60 

5.   蒋正华、王建伟、芮萌及陈工孟。2003。中国股票市场关于股票收益的两个假设的检验财经理论与实践, 24卷 第126, 49-53 页。

6.   王建伟、芮萌及陈工孟。2004。中国股票市场日周效应的规律性研究. 系统工程学报 , 19, 3, 312-316页。

7.   杨海成及芮萌。2004。海外股市对中国大陆股市引导关系的研究. 统计与决策, 5卷 第173, 30-31

8.   陈工孟 芮萌及高宁。2004。中国投资者(个人/机构)行为分析。上证研究,2004年第1辑。

9.   刘旻、芮萌及尹立东。2005。转轨背景下中国上市公司高级管理者变更的影响因素研究。 中国软科学, 2, 86-90

10.  吴文锋、 胡戈游、 吴冲锋及芮萌。2005。从长期业绩看设置再发行问槛的合理性。管理世界, 5, 127-134

11.  雷敏、吴文锋、吴冲锋及芮萌。2006。上市公司财务报告补充更正问题研究. 上海管理科学, 4, 38-43 页。

12.  刘培堂、 吴文锋、 吴冲锋及芮萌。2006。多重上市股价异常效应的影响因素 - 来自中国AB股证券市场的证据。系统工程理论方法应用, 第15卷第6期, 509-513 页。

13.  朱云、吴文锋、 吴冲锋及芮萌。2006。市场分割下的股价微观行为及其行为金融学解释。 系统工程理论与实践, 10, 24-29 页。

14.  杨海成及芮萌。2007。中国证券市场投资者羊群行为研究。中国金融评论,第一期,89-103

15.  吴文锋、吴冲锋及芮萌。2007。提高信息披露质量真的能降低股权资本成本吗?经济学 (季刊), 26, 1201-1216

16.  吴文锋、朱云、吴冲锋及芮萌。2007B股向境内居民开放对市场信息不对称的影响--买卖价差分解方法,管理科学学报,10,6, 54-64

17.  辛宇及芮萌。2008。基金绩效差异与基金投资者行为分析。证券市场导报, 九月,63-70。

18.  蔡志杰、杜巨澜及芮萌。2008。公司控制权价值:来自中国企业控制权交易案例的证据,世界经济文汇, 第六期, 1-15

19.  陈信元、李莫愁、芮萌及夏立军。2009。司法独立性与投资者保护法律实施最高人民法院“1/15通知的市场反应, 经济学 (季刊)1-28

20.  吴文锋、吴冲锋及芮萌。2009。中国上市公司高管的政府背景与税收优惠,管理世界。34-42

21.  吴一平及芮萌。2010。收入分配不平等对刑事犯罪的影响, 经济学 (季刊)291-306.

22.  吴一平及芮萌。2010。地区腐败、市场化与中国经济增长, 管理世界。1-17

23.  郑志刚 、孙娟娟及芮萌。2012。任人唯亲的董事会文化和经理人超额薪酬问题, 经济研究,第12期,111-124

24.  吴一平及芮萌。2013。制度差异、地方腐败与收入不平等,经济社会体制比较,第166期,165-178

25.  杨国超、刘静、廉鹏及芮萌。2017。减税激励、研发操纵与研发绩效,经济研究,第8期,110-124


TEXTBOOKS (CHINESE)

1.   陆正飞、芮萌 及 童 盼.《公司理财》 现代财经系列简明丛书 共238 页。 中国北京: 清华大学出版社, 2003

2.   陈工孟及芮萌。《中国股票市场实证研究》共四编, 第一编:中国股票市场IPO研究,第二编:中国股票市场异常现象研究,第三编:中国股票市场事件研究,第四编:中国上市公司会计处理与信息披露问题。 第1, 439 页。 中国大连市: 东北财经大学出版社, 2003 

3.   王美今、芮萌及林嘉永译。《金融中的统计方法》。中国上海: 上海人民出版社。

4.   陈工孟 芮萌 许庆胜。《现代企业财务困境预测》。上海财经大学出版社。

5.   芮萌及张逸明译。《应用公司财务》。中国人民大学出版社。


BOOK CHAPTERS

1.  Michael Firth, and Oliver M. Rui, Does One Size Fit All? A Study of the Simultaneous Relations Among Ownership, Corporate Governance Mechanisms, and the Financial Performance of Firms in China, in Corporate Governance edited by S. Boubaker, Springer-Verlag Berlin Heidelberg 2012.

2.  Michael Firth, Tak Yan Leung and Oliver M. Rui, Top Executive Pay in China, in Research Handbook on Executive Pay edited by Randall S. Thomas and Jennifer Hill, Edward Elgar.

3.  Julan Du, Oliver M. Rui and Sonia M. L. Wong , Financial Development under Financial Repression: An Analysis from the Perspective of the Behavior of the Listed Companies in China, in Economic Growth in China and Europe: Development in the Financial Sector and the Labor Market edited by Ma, Taube and Cassel., Metropolis.

4.   芮萌。《WTO和中国证券业及股票市场》。《直面WTO》 汪叔夜、戴定一、吴志惠编.第1版 页150-187.中国北京:经济管理出版社, 2000。


PAPERS UNDER REVIEW

1. Labor unions and accounting conservatism (with Winnie Leung, and Oliver Z. Li).

2. Decentralization and home court bias (with Michael Firth andWenfeng Wu).

3. Political Capital, Political Environment and Bank Lending:Evidence from Chinese Private Firms(with Yiping Wu).


WORKING PAPERS

1. Institutional environments and perceived disclosure credibility: Global evidence (with Qian Wang and Danqing Young).

2. Location preference of auditors inChina(withXin Wangand Yutao Wang).

3. Lucas paradox in China (with Jia He and Xiaolei Zha).

4. 异质性的政治资本对民营企业银行贷款的影响


WORKING IN PROGRESS

1. Who voiced in the board room?

2. Governance with a unfriendly boardroom: Evidence from China

3. The study of cumulative voting inChina

4. Inside or outside succession inChina


PAPERS PRESENTED AT PROFESSIONAL CONFERENCES

1. “Gender Diversity and Securities Fraud”, 2014 University of California, Berkeley School of Law Conference on Empirical Legal Studies (2014 CELS).

2. “Reputational Implications for Partners after a Major Audit Failure: Evidence from China”,Journal of Business Ethics Special Issue Conference, Lhasa, Tibet, May 19-20, 2014.

3. “Stock ownership breadth, price synchronicity and idiosyncratic return variation”,the 7thInternational Symposium of Corporate Governance, September 7-8 2013, Dalian, China.

4. “Stock ownership breadth, price synchronicity and idiosyncratic return variation”, the 10thChinese Finance Annual Meeting, October 26-27 2013, Beijing, China

5. “Gender diversity and securities fraud”,11th EBES Conference, September 12-14 2013, Ekateringberg, Russia.

6. “Trust and professional CEO selection in family firms”,the 9thWorkshop on Family Management Research, May 23-25 2013, Helsinki, Finland.

7. “A moderating impact of firm internationalization on corporate financial performance – social performance link: The evidence from China”,The CSR Research Seminar: Exploring the ins and outs of corporate social responsibility, May 23-24 2013, Brussels, Belgium.

8. “Do audit partners share reputation jointly and severally with other partners in the firm?”,the 36thEuropean Accounting Associationheld in Paris, May, 2013.

9. “Ownership and insider trading: Evidence from China”,Journal of Business Ethics Special Issue Conference, Beijing, April 6-7, 2013.

10. “Political connections, institutional investors, and corporate frauds in China.”Journal of Business Ethics Special Issue Conference, Beijing, April 6-7, 2013.

11. “Trust and the selection of professional SEOs for family business”,Conference on Innovation and Entrepreneurship in the Chinese Marketheld at CEIBS in Shanghai, December 12, 2012.

12. “Trust and provision of trade credit”EU - China Research Colloquium: China’s Changing Finance Industryheld in Shanghai, December 14, 2012.

13. “Do audit partners share reputation jointly and severally with other partners in the firm?”, 2012Annual Meeting of the American Accounting Associationheld in Washington DC, August 5-8, 2012.

14. “Inside the black box of board room? China’s corporate governance reform experiment with the independent director system”,2012 FMA Asian Conference, Phuket, Thailand, July 12-13, 2012.

15. “A moderating impact of firm internationalization on corporate financial and social performance link: The evidence from China”,2012 IACMR Conference, Hong Kong, June 20-24, 2012.

16. “Foreign ownership and auditor choice?” the 35thEAA Congress 2012, Ljubljana, Slovenia, May 9-11, 2012.

17. “Inside the black box of board room? China’s corporate governance reform experiment with the independent director system”,15thConference of the Swiss Society for Financial Market Research, Zurich, Switzerland, March 30, 2012.

18. “The price of being a billionaire in Confucian culture”,International Economic Association Sixteen World Congress, Beijing, July 4-8, 2011.

19. “Does the audit partner rotating-back reduce the effect of mandatory audit partner rotation?”,the International Symposium on Audit Research(ISAR 2011), Quebec City, Canada, June 13-14, 2011.

20. “Labor unions and tax aggressiveness”,the CAAA 2011 Annual Conference, Toronto, Canada, May 27-28, 2011.

21. “Interjurisdictional Competition, Ownership, and Firm Taxation”, theEuropean Financial Management 2011 Symposium on Asian Financial Management, Beijing, China, March 24-26, 2011.

22. “Business group inChina”,the 2010 Annual Meeting of the Financial Management Association International,New York,Oct. 20-22, 2010.

23. “Trade credit, cash holdings and financial deepening: Evidence from a transitional economy”,Symposium onInternational Corporate Finance and Governance (special issue of Journal of Banking and Finance),UniversityofTwente, Netherland,Oct. 14-16, 2010.

24. “Ownership and the value of political connections: evidence fromChina”,the 37thAnnual Meeting of the European Finance Association,Frankfurt,Germany,August 25-28, 2010.

25. “Business group inChina”,the 17thAnnual Global Finance conference,Poznan,Poland,June 27-30, 2010.

26. “Business group inChina”,the 1stWorld Finance Conference, Viana do Castelo,Portugal,May 26-28, 2010.

27. “Labor unions and accounting conservatism”,AAA 2010 Financing Accounting and Reporting Section Meeting,San Diego,Jan. 22-23, 2010.

28. “The effect of cross listing on the sensitivity of managerial compensation to firm performance”,the 2009 Annual Meeting of the Financial Management Association International,Reno,Nevada,Oct. 11-13, 2009.

29. “Cooking the books: recipes and costs of fraudulent financial statements inChina”,Journal of Corporate Finance conference,Beijing,China,August 23-25, 2009.

30. “Financing motivated takeovers: the case ofChina”,Journal of Corporate Finance conference,Beijing,China,August 23-25, 2009.

31.     “Short interest, insider trading and stock return”,16th Annual Meeting of the Multinational Finance Society,Crete,Greece, June 28 -July 1, 2009.

32.      “Double signals or single signal? An investigation of insider trading around share repurchases”2009 FMA European conference,Turin,Italy,June 4-6, 2009

33. “The Lucas Paradox inChina” presented atHarvard Conference about "The Globalization of Chinese Enterprises,October 9-10, 2008.

34. “Financing motivated takeovers: The case ofChina”the 2008ChinaInternational Conference in Finance,Dalian,China,July 2-5, 2008.

35. “Top management pay inChina” 2008European Financial Management Association ConferenceinPrague,July 4-6, 2008.

36. “The effect of cross listing on the sensitivity of managerial compensation to firm performance” 2007Asian Financial Association ConferenceinHong Kong,June 5-7, 2007.

37.  “The effect of cross listing on the sensitivity of managerial compensation to firm performance” 2007Annual Meeting of the American Accounting Associationheld inChicago,August 5-8, 2007.

38. “Shot interest, insider trading and stock returns” 2007FMA European ConferenceinBarcelona,Spain, May 30-June 1, 2007.

39. “Do Stock Splits Really Signal?”the 2006 Annual Meeting of the Financial Management Association International, Salt Lake City, Utah, Oct. 11-13, 2006.

40. “Rent seeking and corporate finance: Evidence from corruption cases”the 2006 Annual Meeting of the Financial Management Association International,Salt Lake City,Utah,Oct. 11-13, 2006.

41.  “Institutional environments and perceived disclosure credibility: Global evidence” the 2006Annual Meeting of the American Accounting Association,WashingtonD.C., August 2006.

42. “How investor sophistication influence investing behavior and trading performance: Evidence from China”the 2006ChinaInternational Conference in Finance,Xi’an,China,July 17-20, 2006.

43. “Rent seeking and corporate finance: Evidence from corruption cases”the 2006ChinaInternational Conference in Finance,Xi’an,China,July 17-20, 2006.

44. “How investor sophistication influence investing behavior and trading performance: Evidence fromChina”the Asian FA/FMAConference,New Zealand, July 9-13.

45. “Do Stock Splits Really Signal?” the30thAnniversary of the Journal of Banking and Finance conferenceat Guanghua School of Management,PekingUniversity,Beijing,June 6-8, 2006.

46. “Do stock splits really signal?” theEuropean Financial Management Association 2006 conference, Prague, Czech Republic, June 28-July 1, 2006.

47. “Rent seeking and corporate finance: Evidence from corruption cases”, theFinancial Intermediation Research Society Conference on Banking, Corporate Finance and IntermediationinShanghai,June 1-3, 2006.

48. “Rent seeking and corporate finance: Evidence from corruption cases”Institutions, Politics, and Corporate Governance conferenceorganized byHitotsubashiUniversity, March 4- 5, 2006.

49. “Rent seeking and corporate finance: Evidence from corruption cases”Finance Summit III Tuck School of Business at DartmouthRevelstoke, British Columbia, Canada, February 25 - March 4, 2006

50. “Do ownership structure and governance mechanisms have an influence on deterring corporate financial fraud in a transitional economy? Regulatory enforcement actions inChina”the 2005Annual Meeting of American Accounting Association,San Francisco,August 8-10, 2005.

51. “An empirical analysis on the prediction of Chinese financially distressed listed companies” theFourteenth Annual Research Workshop on Artificial Intelligence Technologies in Accounting, Auditing and Tax in San Francisco, August 6, 2005.

52. “Effectiveness of price limits and stock characteristics: Evidence from theShanghaiand the Shenzhen Stock Exchanges”the 12thAnnual MFS Conference,Athens,Greece,July 2-7, 2005.

53. "When Will Investors Herd?--Evidence from the Chinese Stock Markets"the 2005ChinaInternational Conference in Finance,Kunming,China,July 5-7, 2005.

54. “The Effects of China’s Two-Tier Board System on Firm Performance and Earnings Informativeness” the2005 AFAANZ Conference, Melbourne, Australia, July 2-5, 2005.

55. “Does investor sophistication influence investing behavior and trading performance? Evidence fromChina,”Emerging Markets Finance Conference,CassBusinessSchool, City ofLondon,May 5-6, 2005.

56. "The Effectiveness of Price Limits and Stock Characteristics: Evidence from theShanghaiand the Shenzhen Stock Exchanges"the 17th Annual Australasian Finance and Banking ConferenceinSydneyonDecember 15-17, 2004.

57. “Revisiting B-share Discounts in the Chinese Stock Market”,the 2004 Meeting of the Financial Management Association InternationalinNew Orleans,USA,October 7-9, 2004.

58. “How effective a two-tier system is?” the11thSummer Symposium on Accounting Research,Hong Kong,June 21-24 2004.

59. “Time-Series Behavior of Share Repurchases and Dividends",the 2004 FMA European ConferenceinZurich,Switzerland,June 3-5, 2004.

60. “Does investor sophistication influence investing behavior and trading performance? Evidence fromChina”, the Batten Institute’s March 2004 conference onEmerging Markets: Innovations in Portfolio Management.

61. “Insiders’ Dealings in an Informationally Asymmetric Environment”,the 2003 Meeting of theFinancial Management Association InternationalinDenver,USA,October 8-11, 2003.

62. “Firm Performance, Governance Structure, and Top Management Turnover in a Transitional Economy”,the 2003 Meeting of theFinancial Management Association InternationalinDenver,USA,October 8-11, 2003.

63. “Ownership, board structure and informativeness of earnings – Evidence from an emerging market”,the 2003 Annual Meeting of American Accounting AssociationinHonolulu,Hawaii,August 2-6, 2003.

64. “HaveChina’s enterprise reforms led to improved efficiency and profitability for privatized SOEs?”the 2003 AFAANZ Annual ConferenceinBrisbane,Australia,July 6-8, 2003.

65. "A first look at closed-end funds inChina"the 2002 Meeting of the Financial Management Association InternationalinSan Antonio,USA,October 16-19, 2002.

66. "Information transmission between NASDAQ and Asian second board markets"the 2002 Meeting of the Financial Management Association InternationalinSan Antonio,USA,October 16-19, 2002.

67.  "A first look at closed-end funds inChina"the tenthAsiaPacific Finance Association Annual ConferenceinSingapore,August 7-8, 2002.

68.  "Information content of insider trading around seasoned equity offering"the 2002 APFA/PACAP/FMA Finance ConferenceinTokyo,Japan,July 14-17, 2002.

69. "A first look at closed-end funds inChina"the 2002 APFA/PACAP/FMA Finance ConferenceinTokyo,Japan,July 14-17, 2002.

70.  "Information transmission between NASDAQ and Asian second board markets"the 9thGlobal Finance ConferenceinBeijing,China,May 27-29, 2002.

71. "Information transmission between NASDAQ and Asian second board markets"2002 NTU International Conference on FinanceinTaipei,Taiwan,May 24-25, 2002.

72. "Firm performance, corporate governance and CEO turnover in Chinese listed firms"the 2ndAsian Corporate Governance ConferenceinSeoul,Korea,May 16-17, 2002.

73. "Stock market linkages: evidence fromLatin America"the 2001 Meeting of the Financial Management Association InternationalinToronto,Canada,October 17-20, 2001.

74. "The determinants of managerial compensation inChina"theAsiaPacific Finance Association (APFA) Annual Conference 2001inBangkok,Thailand,July 22-25, 2001.

75.  "A multivariate cointegration analysis of International dually listed stocks"the 2000 meeting of the Financial Management Association InternationalinSeattle,USA,October 25-28, 2000.

76. "The dynamic relationship between stock returns and trading volume: domestic and cross-country evidence"the 2000 Meeting of the Financial Management Association InternationalinSeattle,USA,October 25-28, 2000.

77.  "The economic performance of privatized firms in the People's Republic ofChina"the 2000 Meeting of the Financial Management Association InternationalinSeattle,USA,October 25-28, 2000.

78. "A multivariate cointegration analysis of International dually listed stocks"the Northern Financial AssociationinCanada.

79. "Return and volatility behavior of dually-listed stocks: The case ofHong Kong"the SeventhAsiaPacific Finance Association Annual ConferenceinShanghai, PRC,July 24-26, 2000.

80.  "The economic performance of privatized firms in the People's Republic ofChina"the SeventhAsiaPacific Finance Association Annual ConferenceinShanghai, PRC,July 24-26, 2000.

81.  "Return and volatility behavior of dually-listed stocks: The case ofHong Kong"the 12th PACAP-FMA ConferenceinMelbourne,Australia, onJuly 6-8, 2000.

82.  "Harmonization of socialism and capitalism: an overview of Chinese financial markets"theEighthPacificBasinFinance, Economics and Accounting and the second ADSGM International ConferenceinBangkok,Thailand,June 1-2, 2000.

83. "Short term and long term impact of option listing on underlying securities:Hong Kongevidence" the 1999Financial Management Association Annual MeetinginOrlando,USA.

84.  "The role of trading volume in the dividend announcement" the 1999Financial Management Association Annual MeetinginOrlando,USA.

85. "Price, volume and volatility spillover amongNew York,Tokyoand London Stock Markets" the 1999Global Finance ConferenceinIstanbul,Turkey.

86. "A study of market segmentation due to foreign ownership restrictions in Chinese stock markets: A-share premia or B-share discounts?" the 1999International Finance ConferenceinAtlanta,USA.

87.  "A study of market segmentation of A-share and B-share stocks in Chinese stock markets" the 1999The Seventh Conference onPacificBasinBusiness, Economics and FinanceinTaipei.

88. "Stock returns and volatility: an empirical study of the Chinese stock market" the 1999The Seventh Conference onPacificBasinBusiness, Economics and FinanceinTaipei.

89. "Empirical identification of non-informational trading using trading volume data" the1998 Financial Management Association Annual MeetinginChicago.

90.  "An empirical analysis of IPO under-pricing and performance of newly privatized firms inChina" the1998 The Sixth Conference onPacificBasinBusiness, Economics and FinanceinHong Kong.

91. "Risk shift following dividend change announcements: the role of trading volume" the1996 Financial Management Association Annual MeetinginNew Orleans.

INVITED PRESENTATION

1.  Lingnan University, June 13, 2014

2.  Shanghai University of Finance and Economics, April 8, 2014

3.  Fudan University, June 18, 2013.

4.  Renmin University, March 3, 2013.

5.  The 18thChina Corporate Finance Annual meeting, Nov. 17-18, 2012.

6.  Nanjing University, Nov. 5, 2012.

7.  Shanghai Jiaotong University, Sept. 2012.

8.  Zhejiang University, June 16, 2012.

9.  Keynote speaker at the 2012 Conference on financial laboratory, Northwest University of Nationalities, June 13, 2012.

10.  Xinjiang University of Economics and Finance, Oct. 28, 2011.

11.  Keynote speaker at the 17thChina Corporate Finance Annual meeting, Aug. 13-14, 2011

12. University of International Business and Economics, July 5 2011.

13.  People’s University, July 6 2011.

14.  The 8thresearch class on teaching method of modern accounting &finance, Hong Kong, 24 June, 2011.

15.  Keynote speaker at the 2011 Conference on financial laboratory teaching, June 3, 2011.

16.  Jinan University, Dec. 21 2010.

17.  SunYat-SenUniversity,June 11, 2010.

18.  The 7thresearch class on teaching method of modern accounting &finance,Hong Kong,25 June, 2010.

19.  The Central University of Finance and Economics, Dec. 2009.

20.  The 6thresearch class on teaching method of modern accounting &finance,Hong Kong,15 December, 2009.

21.  Frontiers in Finance 2009, in Banff, Canada, July 28-29, 2009.

22.   Asian business forum,Copenhagen,Denmark,June 12 2009.

23.   The 5thresearch class on teaching method of modern accounting &finance,Hong Kong,15 December, 2008.

24.   The 4thresearch class on teaching method of modern accounting &finance,Hong Kong,June 4, 2008.

25.   Hunan University, Changsha, China June 11 2008.

26.   The 3rdresearch class on teaching method of modern accounting &finance,15 December, 2007.

27.   TCFA 13th Annual Conference, in New York City, 27 October, 2007.

28.   Vanderbilt conference on International Corporate Governance, Vanderbilt Law School, 9 November, 2007.

29.   Conference on Corporate Governance in Emerging Markets, in Istanbul-Turkey, 15-17 November, 2007.

30.   Present “Mergers and Acquisition inChina” at Korea Development Institute,August 9, 2007.

31.   The first symposium on how to teach accounting and finance in China, December 12, 2006.

32.   Zhengzhou Aviation Management University, October 30 2006.

33.   Xi’an Jiaotong University, April 17 2006.

34.   Chengdu Polytechnic University, April 15 2006.

MEDIA INTERVIEWS

My insight on finance matters have made me a sought-after source for national media such as the Financial Times, New York Times, CNN, NBC, Reuters, Bloomberg, Wall Street Journal, Economist, Le Monde, EXAME, Die Welt, The Korea Times, The Times, CCTV, Phoenix TV, China Daily, International Channel Shanghai, Shanghai Business Review, El Punt Avui, Hong Kong Economic Journal, Asiamoney, Singtao Daily, Hong Kong Economic Journal and the South China Morning Post.

RESEARCH GRANTS

1.  Grant of HK$44,700 was awarded to the project "Cross-market dependence on trading volume and volatility betweenHong Kongstock market andChinastock markets" byHong KongPolytechnicUniversityin 1997. The account number is G-S664. (Principal investigator)

2.  Grant of HK$35,000 was awarded to the project "An investigation of the day-of-the-week regularity inChinastock markets" byHong KongPolytechnicUniversityin 1998. The account number is A-PA15. (Principal investigator)

3. Grant of HK$48,400 was awarded to the project "Stock returns and volatility: an empirical study of the stock market inChina" byHong KongPolytechnicUniversityin 1999. The account number is A-PA87. (Principal investigator)

4. Grant of HK$65,000 was awarded to the project "The International Evidence on Equity Ownership and Corporate Value" byHong KongPolytechnicUniversityin 2000. The account number is G-YC26. (Principal investigator)

5. Grant of HK$75,531 was awarded to the project "Return and Volatility Behavior of Dually-Traded Stocks" byHong KongPolytechnicUniversityin 2000. The account number is A-PB58. (Co-investigator)

6. Grant of HK$630,000 and RMB300,000 was awarded to the project "A Study of Accounting System, Internal Control and Credit Risk Management in China's Banks" by NSFC (National Nature Science Foundation of China) and RGC. The account number is 3-ZF57. (Co-investigator)

7. Grant of HK$37,000 was awarded to the project "Examination of Closed-end Investment Funds inChina" byHong KongPolytechnicUniversityin 2001. The account number is A-PC27. (Principal investigator)

8. CERGGrant of HK$296,000 was awarded to the project "Flexibility or signaling? An investigation of stock repurchases?" by RGC of Hong Kong SAR in 2001. The account number is PolyU5208/01H. (Principal investigator)

9. ICRG Grant of HK$118,250 was awarded to the project "Price limits and stock behavior of the Chinese A- and B-shares" byHong KongPolytechnicUniversityin 2002. The account number is A-PD19. (Co-investigator)

10. ICRG Grant of HK$87,125 was awarded to the project "The Predictability of Insider Trading on Future Stock Returns" byHong KongPolytechnicUniversityin 2002. The account number is A-PD17. (Principal investigator)

11. ICRG Grant of HK$200,000 was awarded to the project “A Study of Empirical Relation between the Main Board Market Prices and the Second Board Market Prices” byHong KongPolytechnicUniversityin 2002. The account number is G-T64. (Principal investigator) 

12. ICRG Grant of HK$48,980 was awarded to the project “Information Content of Bond Rating Changes and Earnings Forecasts Revisions” byHong KongPolytechnicUniversityin 2002. The account number is G-T557. (Co-investigator)

13. ICRG Grant of HK$44,980 was awarded to the project “Investor Sentiment and Stock Returns” byHong KongPolytechnicUniversityin 2003. The account number is G-T761. (Co-investigator)

14. Grant of RMB150,000 was awarded to the project “Seasoned Equity Offerings under the liquidity restriction” by NSFC (National Nature Science Foundation of China) in 2003. The account number is 70202005. (Co-investigator)

15. CERGGrant of HK$412,000 was awarded to the project "Empirical Studies of Investors’ Behavior onChina’s Stock Markets" by RGC of Hong Kong SAR in 2003. The account number is PolyU5325/03H. (Co-investigator)

16. ICRG Grant of HK$30,000 was awarded to the project “How Do Taxes Affect Dividend-Valuation?” byChineseUniversityofHong Kongin 2003. The account number is 2070303. (Principal investigator).

17. Grant of RMB100,000 was awarded to the project “Investors’ behavior inChina” by Shanghai Stock Exchange in 2003. (Co-investigator).

18. Lee Hysan Foundation Research and Endowment Fund Research Grant of HK$30,000 was awarded to the project “Insiders Trading and Information Asymmetry” byChineseUniversityofHong Kongin 2004. The account number is. (Principal investigator).

19. APIB Fund for Small Projects of HK$78,000 was awarded to the project “Regulatory Enforcement Actions inChina” byChineseUniversityofHong Kongin 2004. The account number is. (Principal investigator).

20.  Shanghai Social Science Research Fund of RMB 50,000 was awarded to the project “Study on CPI inChina” in 2005. (Co-investigator).

21. CERGGrant of HK$ $ 369,000 was awarded to the project “An Investigation of Executive Compensation and Top Management Turnover inChina's Listed Firms”. The account number is PolyU 5403/05H. (Co-investigator).

22. Lee Hysan Foundation Research and Endowment Fund Research Grant of HK$30,000 was awarded to the project “When will investors herd? Evidence from the Chinese stock market” byChineseUniversityofHong Kongin 2005. The account number is. (Principal investigator).

23. Direct Grant of HK$ 50,000 was awarded to the project “Political connections and Corporate Financing inChina” byChineseUniversityofHong Kongin 2005. The account number is CUHK2070346. (Principal investigator).

24. Grant of RMB200,000 was awarded to the project “Cash Holdings; Operating Performance; Firm Value” by NSFC (National Nature Science Foundation of China) in 2006. The account number is 70672074. (Co-investigator).

25. Direct Grant of HK$ 71,433 was awarded to the project “Rent seeking and capital structure and debt maturity choices” byChineseUniversityofHong Kongin 2006. The account number is CUHK2070357. (Principal investigator).

26. CERGGrant of HK$ $ 489,200 was awarded to the project “The Influence of Institutional Factors on the Quality of Financial Information: Evidence from Accounting Restatements inChina”. The Account number is LN340307 (Co-investigator).

27. Direct Grant of HK$80,000 was awarded to the project “How Institutions Shape Internal capital market in China” by Chinese University of Hong Kong in 2008, The project number is 2070410 (Principal investigator).

28. Direct Grant of HK$80,000 was awarded to the project “Internal capital market in China” by Chinese University of Hong Kong in 2008, The project number is 6902327 (Principal investigator).

29. Direct Grant of HK$ 150,000 was awarded to the project “Lucas paradox inChina” byChineseUniversityofHong Kongin 2008. The project number is 6902456 (Principal investigator).

30. Lee Hysan Foundation Research and Endowment Fund Research Grant of HK$30,000 was awarded to the project “Short Interest, Insider Trading and Stock Returns” byChineseUniversityofHong Kongin 2008. (Principal investigator).

31. CERGGrant of HK$360,760 was awarded to the project “An Investigation of Audit Partner Rotation and the Impact on Audit Quality” The project number is 450009. (Principal investigator).

32. Direct Grant of HK$ 100,000 was awarded to the project “Ownership, the Institutional Environment, and Firm Taxation: Evidence fromChina” byChineseUniversityofHong Kongin 2009. The project number is 6902456 (Principal investigator).

33. Grant of RMB 340,000 was awarded to the project “Family Business” by CEIBS in 2012. (Co-investigator).

34. Grant of RMB 285,000 was awarded to the project “Audit Partners’ Reputation” by CEIBS in 2012. (Principle Investigator).

35. Grant of RMB 185,000 was awarded to the project “Insider trading in China” by CEIBS in 2013. (Principle Investigator).

36. Grant of RMB 540,000 was awarded to the project “Ownership breadth and stock price synchronicity” by China National Science Foundation in 2013 (71372203).

37. Grant of RMB 355,000 was awarded to the project “Do social ties between external auditors and audit committee members affect audit quality?” by CEIBS in 2014.

38. Grant of RMB 200,000 was awarded to the project “The role of venture capital funds: To improve corporate governance or get access to relational resources?” by CEIBS in 2015.

39. Grant of RMB 240,000 was awarded to the project “Criteria for Designing Effective Teams: Group Analysts?” by CEIBS in 2017. 



AD HOC REVIEWER

Journal of Empirical Finance

Pacific Basin Finance Journal

Journal of Financial Market

Journal of Multinational Financial Management

Journal of Corporate Finance

Journal of International Financial Markets, Institutions & Money

Journal of Accounting, Auditing & Finance

International Review of Economics & Finance

European Accounting Review

China Accounting and Finance Review

Journal of Comparative Economics

Review ofPacificBasinFinancial Markets and Policies

Journal of Financial Research

Asian Journal of Business & Information Systems

Journal of Banking and Finance

Hong Kong Research Grants Council

Finance Review

Global Finance Journal

Review of Quantitative Finance and Accounting

Annuals of Finance

Quantitative Finance

National Nature Science Foundation ofChina

Journal of International Money and Finance

Corporate Governance: An International Review

Journal of Financial and Quantitative Analysis

Journal of Economics and Business

Financial Management

Journal of Macroeconomics

Journal of Business Research

Journal of Contemporary Accounting and Economics

Social Sciences and Humanities Research Council ofCanada

Advances in investment Analysis and Portfolio Management

China Economic Review

Asia Pacific Management Review

Journal of Business, Finance and Accounting

Journal of Accounting and Public Policy

Contemporary Accounting Research

Accounting Horizon

Accounting Review

Journal of Business Ethics


ACADEMIC SERVICES

• Director of Shaoshan Center for wealth management, 2016-

• Director of Ph.D. program, 2014-

• Director of CEIBS-World Bank China Centre for Inclusive Finance, 2014-2015

• Co-director of Center for Family Heritage, 2013-

• Director of the IESE-CEIBS Coordinated Ph.D. Program, 2012-

• Research seminar coordinator at CEIBS, 2012-2015

• Review committee of the 8thInternational Conference on Asia-Pacific Financial Markets

•Faculty representative of Graduate School Admissions Committee at the Chinese University of Hong Kong, 2010-2011

• Program Director of the Executive Master of Professional Accountancy at the Chinese University of Hong Kong, 2009-2011.

• Deputy Director of the Center for Institutions and Governance at the Chinese University of Hong Kong, 2009-2011.

• Member of university library users group at the Chinese University of Hong Kong 2006-2011.

• Program Director of the Master of Accountancy at the Chinese University of Hong Kong 2006-2009.

• Member of Faculty MBA Task Force at theChineseUniversityofHong Kong.

•  Member of School Executive Committee at theChineseUniversityofHong Kong.

• Member of School Research Committee at theChineseUniversityofHong Kong.

• Chairman of School Library Committee at theChineseUniversityofHong Kong.

• Member of departmental research committee (2001-2002) at theHong KongPolytechnicUniversity.

• Course leader in the courses of Introduction to Finance, Corporate Finance and Financial Management at theHong KongPolytechnicUniversity.

• Member of the Program Planning Committee for Master in Science of Corporate Finance at theHong KongPolytechnicUniversity.

• Member of the Program Planning Committee for Master of / Postgraduate Diploma in Professional Accounting at theHong KongPolytechnicUniversity.

• Member of working group for reviewing the BAAC curriculum at theHong KongPolytechnicUniversity.

• Member of Departmental Assessment task force at theHong KongPolytechnicUniversity.

• Member of the finance elective curriculum working group and designing the curriculum of Case Study in Corporate Finance at theHong KongPolytechnicUniversity.

• Member of the Board of the Faculty of Business and Information Systems at theHong KongPolytechnicUniversity.

•  Coordinator of research seminar of Department of Accountancy atHong KongPolytechnicUniversity(1998).

•Member of editorial board ofDepartmental News from Accountancy(DNA) at theHong KongPolytechnicUniversity.


SERVICE RELATED TO CHINA LINKS

•  Associate editor of Asia-Pacific Journal of Accounting and Economics

• Associate editor ofAsia-Pacific Journal of Financial Studies

• Associate editor ofAccounting Research in China

• Associate editor ofChina Journal of Accounting Research

• Associate editor ofChinaFinance Review International

• Associate editor ofChina Venture Capital Journal.

• Associate director of China Accounting andFinanceResearchCenterat theHong KongPolytechnicUniversity.

• Coordinator of Contemporary Accounting Research Methodologies Intensive Program at the Hong Kong Polytechnic University.

• Member of departmentalChinalinks advisory group at theHong KongPolytechnicUniversity.

• Reviewer and translator of theChina Accounting and Finance Review(CAFR), a bilingual, international and refereed journal jointly published by theHong KongPolytechnicUniversityandTsinghuaUniversity.

• Editor of theInternational Academic Information Deskcolumn of theChina Accounting and Finance Review(CAFR).

• Member of organizing committee of the 1st CAFR Conference at theHong KongPolytechnicUniversity.

• Teach Corporate Finance at Contemporary Accounting Research Methodologies Intensive Program (CARMIP) atShanghaiUniversityof Economics and Finance in January 2000.


SUPERVISON OF RESEARCH STUDENTS

• "Factors Affecting Decision of Stock Split and Magnitude of Split Factor: An Empirical Study of the Hong Kong Stock Market," Hung Biu Tam, DBA candidate, theHong KongPolytechnicUniversity, chief supervisor, February 1999-May 2000.

• "Modern enterprise system restructuring experimental program for 100 large & medium size state-owned enterprises", Zhang Weiwei, MPhil candidate, theHong KongPolytechnicUniversity, committee member, 1999-2000.

•  "Executives' remuneration", Cheng Lai-sheung, MPhil candidate, theHong KongPolytechnicUniversity, committee member, 1999-2000.

•  "A study ofChina's stock markets", Man Yau Fung, PhD candidate, theHong KongPolytechnicUniversity, Supervisor, September 1999 - September 2002.

• "Empirical study of SEOs inHong Kong", Man Lai Ching, MPhil candidate, theHong KongPolytechnicUniversity, Supervisor, May 2000- May 2002.

•  “Disclosure and market consequences of firm-specific news announcement in the emerging market ofChina”, Ms. Gladie Lui, PhD candidate, theChineseUniversityofHong Kong, committee member, 2003.

• “The impact of ultimate ownership and investor protections on dividend policies”, Ms. Olivia Leung, PhD candidate, theChineseUniversityofHong Kong, committee member, 2004.

•  “What causes the underpricing of H shares’ IPO”, Mr. Yuan Shuo, MPhill candidate, theChineseUniversityofHong Kong, committee member, 2005.

•  “Mergers and Acquisitions inChina’s Emerging Capital Market”, Mr. Li Xi, MPhill candidate, theChineseUniversityofHong Kong, committee member, 2006.

• "The Value of Corporate Control: Evidence from Control Transaction Cases in Chinese Firms", Mr. Choi Chi Kit, MPhill candidate, theChineseUniversityofHong Kong, committee member, 2007.

• “Asia Financial Crisis and the Adaptation of Board and Asset Structures of Banks”, Mr. Sammy Lai Kin Fung, PhD candidate, theChineseUniversityofHong Kong, committee member, 2007.

• "An Empirical Study on the Effects of Management Buyout inChina”, Mr.He Zheng, MPhill candidate, theChineseUniversityofHong Kong, committee member, 2008.

• “Two Essays on Banking Incentive and Firm Investment”, Ms.Zheng Ying, PhD candidate, theChineseUniversityofHong Kong, committee member, 2008.

•  “Public Governance, Political Connectedness, and CEO Turnover: Evidence from the Transitional Economy of China”, Mr. Yuan Qingbao, PhD candidate, theChineseUniversityofHong Kong, committee member, 2008.

•  “Institutional Environment, R&D Spillovers and Transparency: Evidence from China”, Ms. Yu Xin, PhD candidate, theChineseUniversityofHong Kong, committee member, 2008.

•  “The Effects of IFRS Adoption on Cross-border Information Comparability and Economic Activity”, Ms. Wing Yue Yip, PhD candidate, theChineseUniversityofHong Kong, committee chairman, 2010.

•  “The Ownership Structures in Family Firms”, Ms. Winnie Siu Ching Leung, PhD candidate, theChineseUniversityofHong Kong, committee member, 2010.

•  “Studies on the short-term market response and long-term impact of cumulative voting on China’s listed companies”, Mr. So, King Pui, MPhill candidate, the Chinese University of Hong Kong, committee member, 2010.

•  “Essays on cross-border mergers and acquisitions”, Mr. Zou Huan, PhD candidate, theChineseUniversityofHong Kong, supervisor, 2010.

• “On oil futures prices and term structure”, Mr. Zha Xiaolei, PhD candidate, the Chinese University of Hong Kong, committee member, 2011.

•  “Managerial ownership of debt”, Mr. Xin Xiangang, PhD candidate, the Chinese University of Hong Kong, committee member, 2011.

• “Essays on financial reporting quality: Evidence from seasoned equity offering and product market competition”, Ms. Wang Yuequan, PhD candidate, the Chinese University of Hong Kong, committee member, 2011.


PROFESSIONAL SERVICE TO THE COMMUNITY

·  External Academic Advisor for Master of Arts in International Accounting at the City University of Hong Kong from September 2013 to August 2016.

·  External examiner of ACT B408F Advanced Financial Reporting and Analysis II at the Open University of Hong Kong from January 2013 to December 2015.

·  External examiner of ACT B407 Advanced Financial Reporting and Analysis at the Open University of Hong Kong from June 2012 to Sept. 2015.

·   External Academic Adviser for the Department of Accountancy at Lingnan University.

·  The non-local External Academic Adviser for our undergraduate Accountancy Programme from September 2012 to August 2015 at Lingnan University.

·   External Academic Adviser of the Bachelor of Business Administration (Hons) program from 1 September 2010 to 31 August 2012 at Lingnan University.

·  External member of four-year program review for PGD accountancy program atLingnanUniversity, 2010.

·   Economics & Public Affairs Committee, the Hong Kong Institute of Directors

·   Advisory board of Hong Kong Business Valuation Forum.

·   Panel member of Examiners of the Securities Industry Examination at the Stock Exchange of Hong Kong.

·   External examiner of B161F Understanding the Business Market at the Open University of Hong Kong from June 2009 to August 2012.

·   External examiner of B812C Foundations of Business Administration II at the Open University of Hong Kong from1 August 2001to31 October 2003.

·   External examiner of B800 Foundations of Senior Management and B819 Concepts and Practices of Contemporary Business Administration at the Open University of Hong Kong from October 2004 to March 2007.

·   External examiner of the Associate of Business Administration in Financial Studies (ABAFS) Program for the 2002-04 academic years (from1 September 2002to31 August 2004).

·   External examiner of B160F Business Management Fundamentals at the Open University of Hong Kong from June 2006 to May 2012.

·   External examiner of B160 Business Management Fundamentals, and B819C (B819/B819F) Concepts and Practices of Contemporary Business Administration at the Open University of Hong Kong from April 2007 to March 2013.

·   External examiner for Doctoral thesis “Option theory for mortgages and mortgage-backed securities” by Yat-ming Lam atChineseUniversityofHong Kong.

·   External examiner for Doctoral thesis “ Heterogeneous investors in stock market” by Zhu Honghui at Chinese University of Hong Kong.

·    External examiner for Doctor of Business Administration thesis “The Impact of the Use Derivatives on the Return and Risk of Mutual Funds: An Empirical Study on Hong Kong Mandatory Provident Funds submitted” by Veronica Kuan atHong KongPolytechnicUniversity, 2004.

·   External examiner for Doctor of Business Administration thesis “Effects of Diversification and Market Power on Firm Value in the Asian Emerging Markets” by Thomas Wu at Hong Kong Polytechnic University, 2005.

·   External examiner for Doctor of Business Administration thesis “Dividend Policy, Ownership Concentration and Corporate Governance: Empirical Evidence fromHong Kong” by Sammy Chung atHong KongPolytechnicUniversity, 2005.

·         External examiner for Doctor of Business Administration thesis “The Use of Derivatives and Its Impact on Firm Value – Evidence from Australian Firms” by Kai Cheong Chan at Hong Kong Polytechnic University, 2005.

·  External examiner for Doctor of Accountancy thesis “Impacts of earnings quality on the value relevance of earnings of earnings of PRC listed companies” by Au Mo Ying Mary at Hong Kong Polytechnic University, November 2006.

·  External examiner for Doctor of Business Administration thesis “Can fund managers time the market? Evidence on different categories ofHong Kongequity mutual funds” by Fong Chi Wah atHong KongPolytechnicUniversity, November 2006.

·  External examiner for MPhil thesis “The January effect revisited: Evidence around the world” by Ho Man Vienna Lit atHong KongPolytechnicUniversity, June 2007.

·   External examiner for Doctor of Business Administration thesis “The effect of foreign strategic investors on the performance of PRC H-firms before and after IPOs” by Eva Chan at Hong Kong Polytechnic University, September 2007.

·   External examiner for Doctor of Business Administration thesis “Insider trading laws, earnings management and the cost of equity” by Ping Wa Lawrence Lo at Hong Kong Polytechnic University, July 2008.

·   External examiner for Doctor of Business Administration thesis “The roles of directors ownership, legal system and audit quality in determining the effect of earnings quality on firm’s cost of equity, cost of debt and stock price synchronicity: Evidence in Hong Kong” by Lam Mei Lan, Idy at Hong Kong Polytechnic University, August 2008.

·   External examiner for Doctor of Business Administration thesis “Exploring the association between the related party transactions and corporate governance mechanism: Evidence from Chinese listed companies” byNoel Leungat City University of Hong Kong, August 2008.

·  External examiner for Doctor of Philosophy thesis “The market reform of non-tradable shares, firm performance, and accounting conservatism in China” by Xi Xiang at Hong Kong Baptist University, July 2009.

·  “The Influence of Banks on Auditor Choice and Auditor Reporting inJapan”, Ms. Jiang Jin, MPill candidate,LingnanUniversity, committee member, 2010.

·   “Essays on Stock Return Comovement and Corporate Investment”, Mr. Pang lei, PhD candidate, theHong KongPolytechnicUniversity, committee member, 2010.

·    External examiner for Doctor of Business Administration thesis “High return, high risk – does stock option based executive compensation encourage risk taking and its implications after the implementation of FAS 123R” by Xia Hui Harry atHong KongPolytechnicUniversity, August 2010.

·   External examiner for Doctor of Business Administration thesis “Preannouncement and event-period private information acquisition: A trading volume analysis of AH-shares in Mainland China and Hong Kong markets” by Law Man Wah at Hong Kong Polytechnic University, August 2011.

·   External examiner for PhD thesis “Institutional ownership structure and firm-specific information: A cross-sectional and trend analysis” by Ngai Ying Chu, the Hong Kong Polytechnic University, 2014.

·   External examiner for PhD thesis “Corporate governance, connected transactions with insiders, and firms’ returns: Evidence from Hong Kong” by Ka Hon Derek Yim, the Hong Kong Polytechnic University, 2014. 


CONSULTING SERVICES

Consultant for Hong Kong Securities Institute

Consultant for Ericsson inLondonandVancouver

Consultant for B.I. Appraisals

Consultant for Fintelligent (China) Co. Ltd.


HONORS

Marquis Who’s Who

Dean’s Distinguished Dissertation Fellowship at University of Houston

Member of Beta Gamma Sigma, the national scholastic honor society in business and management in USA


PROFESSIONAL MEMBERSHIP

Member of Hong Kong Institute of Directors

Member of Hong Kong Securities Institute

Member of Hong Kong Institute of Investors

Financial Management Association of USA

American Financial Association of USA

American Accounting Association of USA