Contact

E-mail: hstong@hksyu.edu

Research Interests

  • Fintech
  • Privatization
  • China Market
  • Corporate Takeovers
  • Return Anomalies

Academic and Professional Qualifications

  • Ph.D., Arizona State University
  • M.B.A., The Garvin School of International Management, Thunderbird
  • B.Soc.Sc., The Chinese University of Hong Kong

Publications

  • “CEO Turnover due to Poor Industry Performance: An Examination of the Boards’ Retention Criteria” (with Lin Li, Peter Lam, and Justin Law), Journal of Accounting and Public Policy, Accepted.
  • “Restricting CEO Pay Backfires: Evidence from China” (with Kee-Hong Bae and Zhaoran Gong), Journal of Business Finance and Accounting, forthcoming.
  • “Social Trust and Firm Innovation” (with Sadok Ghoul, Jason Gong, Omrane Guedhami, Fangfang Hou), Journal of International Financial Markets, Institutions & Money April 2023 84, 1 – 25. 
  • “Who Shall Succeed? An Examination of Manager Overconfidence and CEO Selection” (with Lin Li) Journal of Business Finance and Accounting 2022 v49n9-10, 1736-1783.
  • "Changes in the Incentive Contracts of Takeover Targets after Merger Failures" (with Lin Li and Peter Cheng), Journal of Accounting, Auditing and Finance 2022 v37n1, 143 – 172.
  • “Does Reputation of Sponsors matter in IPO? Evidence from Hong Kong” (with Michael Wong), Frontiers of Business Research in China 2020, v14n14, 1 – 24. 
  • “Information Uncertainty and Target Valuation in Mergers and Acquisitions” (with Lin Li), Journal of Empirical Finance January 2018 v45, 84 – 107.
  • “The Impact of Reporting Frequency on the Information Quality of Share Price: Evidence from Chinese State-owned Enterprises” (with YT Lee), Frontiers of Business Research in China 2018 v12n9, 1 – 18.
  • “Economic freedom and IPO underpricing” (with Y Chen, SS Wang, and H Zhu), Frontiers of Business Research in China 2017 v11n20, 1 – 22.
  • “Target Information Asymmetry and Acquisition Price” (with Peter Cheng and Lin Li), Journal of Business Finance and Accounting 2016 v43n7-8, 976 – 1016.
  • “Institutional Environment, Firm Ownership and IPO First-Day Returns: Evidence from China” (with Yibiao Chen, Wei Li, Qian Sun, and Steven Shuye Wang), Journal of Corporate Finance June 2015 v32, 150 – 168. 
  • “How Cross-listings from an Emerging Economy affect the Host Market?” (with Qian Sun and Xin Zhang), Journal of Banking and Finance 2013 v37n7, 2229–2245.
  • “Overseas Listing as a Policy Tool: Evidence from China’s H-shares” (with Qian Sun and Yujun Wu), Journal of Banking and Finance, 2013 v37n5, 1460–1474.
  • “Trading on inside information: Evidence from the share-structure reform in China” (with Shaojun Zhang and Yanjian Zhu), Journal of Banking and Finance, 2013 v37n5, 1422–1436.
  • “A Corporate Governance Explanation of the A-B Share Discount in China” (with Wayne Yu), Journal of International Money and Finance, 2012 v31n2, 125 – 147 (leading article).
  • “Audit Fee Determination in Singapore: A Comprehensive Analysis” (with Qiao Qin and Qian Sun), China Accounting and Finance Review, 2011 v13n4, 127 – 160.
  • “Risk and the January Effect” (with Qian Sun), Journal of Banking and Finance, 2010 v34n5, 965 – 974.
  • “Market Liberalization within a Country” (with Qian Sun and Yuxing Yan), Journal of Empirical Finance, 2009 v16n1, 18–41.
  • “What Triggers Top Management Turnovers in China” (with Peter Cheng and Jack Li), Journal of Contemporary Accounting and Economics 2008 v4n1, 50 – 87.
  • “Privatization through an Overseas Listing: Evidence from China’s H-share Firms” (lead article with Jia Jin and Qian Sun), Financial Management 2005 v34n3, 5-30.
  • “Do Government-Linked Companies Necessarily Underperform?” (with Qian Sun and Feng Fang), Journal of Banking and Finance 2004 v28n10, 2461-2492.
  • “China Share Issue Privatization: The Extent of its Success” (with Qian Sun), Journal of Financial Economics 2003, v70n2, 183-222.
  • “Malaysian Privatization – A Comprehensive Study” (with Qian Sun), Financial Management 2002, v31n4, 79-105.
  • “Market Structure and Return Volatility: Evidence from the Hong Kong Stock Market” (with K.S. Maurice Tse), Financial Review 2002, v37n4, 589-612.
  • “The Impacts of Mass Delisting: Evidence from Singapore and Malaysia” (with Qian Sun and Yuen Kin Tang), Pacific-Basin Finance Journal 2002, v10n3, 333-351.
  • “Another New Look on the Monday Effect” (with Qian Sun), Journal of Business Finance and Accounting 2002, v29n7&8, 1123-1147.
  • “How Does Government Ownership Affect Firm Performance? Evidence from China’s Privatization Experience” (lead article with Qian Sun and Jing Tong), Journal of Business Finance and Accounting 2002, v29n1&2, 1-27.
  • “Determinants of Foreign Direct Investments across China” (with Qian Sun and Qiao Yu), Journal of International Money and Finance 2002, v21n1, 79-113.
  • "Why Chinese Firms would Like to List Overseas" (with Qian Sun), Corporate Finance Review 2001, v4n6, 5-7.
  • “Cointegration, Efficiency and Forecasting in the Currency Market”, Journal of Business Finance and Accounting 2001, v28n1&2, 127-150.
  • “Profitability of Momentum Strategies in the International Equity Markets” (with Kalok Chan and Allaudeen Hameed), Journal of Financial and Quantitative Analysis 2000, v36n2: 153-172.
  • “The Effect of Market Segmentation on Stock Prices: the China Syndrome” (with Qian Sun), Journal of Banking and Finance 2000, v24n12, 1875-1902.
  • “International Evidence of Weekend Anomalies”, Journal of Financial Research 2000, v23n4, 495-522.
  • “The Effect of U.S. Trade Deficit Announcement on the Stock Prices of US and Japanese Automakers”, (with Qian Sun) Journal of Financial Research 2000, v23n1, 15-43.
  • “Interdaily Volatility in a Continuous Order-driven Market” (with Hong-leung Lam), Journal of Business Finance and Accounting, 1999, v26n7&8: 1013-1036.
  • “An Examination of Dynamic Hedging”, Journal of International Money and Finance, 1996, v15n1: 19-35.
  • “An Analysis of the January Effect of United States, Taiwan and South Korean Stock Returns”, Asian Pacific Journal of Management, 1992, v9n2: 189-207.
 

Conference Presentation

  • “Neobank Prosperity and Covid Impacts --- an International Study”, 2023 Sydney Banking and Financial Stability Conference, 8 – 9 Dec 2023.
  • “Performance Informativeness and CEO Turnover Upon Differing Industry Conditions”, 42nd Annual Congress of the European Accounting Association, 29 - 31 May 2019 in Paphos.
  • “Restricting CEO Pay Backfires: Evidence from China”, the AFA 2019 Annual Meeting, Atlanta, Georgia, January 4 – 6, 2019.
  • “Restricting CEO Pay Backfires: Evidence from China”, the 2018 FMA Annual Meeting in San Diego, October 10 - 13; the 45th EFA Annual Meeting in Warsaw, August 22 – 25, 2018; 2018 CICF Annual Meeting, July 10 – 13, Tianjin, China
  • "Is High Cash Flow a Blessing or a Curse? Evidence from Bidder’s Long-term Performance", the 29th Asian Finance Association Annual Meeting, Seoul, South Korea, July 6 – 8, 2017; 23rd European Financial Management Association (EFMA) conference, Rome, Italy, June 25 – 28, 2014; and Hawaii International Conference on Business, May 25th, 2014.
  • “Trading Restriction, Tick Size and Price Discovery of Cross-listed Firms: Evidence from a Natural Experiment in China” 2013 Asian Finance Association Annual Conference July 15-17, Nanchang, Jiangxi, China (Best Paper Award on China Capital Markets).
  • “Overconfident Manager, CEO Selection and Corporate Investment: An Empirical Analysis”, 2013 FMA European Conference (Neumunster Abbey, Luxembourg), 12-14 June, 2013.
  • “How Cross-listings from an Emerging Economy affect Host Markets?” 2012 Asian Finance Association Annual Meeting, Taipei, Taiwan, July 7-9, 2012.
  • "Evidence of Trading on Inside Information in China". IFABS 2011 Conference (International Finance and Banking Society), Roma, Italy, 30 June - 2 July (2011)
  • “How Cross-listings from an Emerging Economy affect Host Markets?” 2011 Finance Association Meeting European Meeting, Porto, Portugal, June 8-10, 2011.
  • “Overseas Listing as a Policy Tool: Evidence from China’s H-shares”. Invited paper at the 4th Financial Management Association Asian Meeting, Queenstown, New Zealand, 5-8 April 2011.
  • “Overseas Listing as a Policy Tool: Evidence from China’s H-shares”. Invited paper at 23rd Australasian Banking and Finance Annual Conference, Sydney, Australia, 15-18 December 2010.
  • "Heterogeneous Institutional Environment, Firm Ownership, and IPO First Day Return: Evidence from China". 2010 AFAANZ Conference (Accounting and Finance Association of Australia and New Zealand), Christchurch, New Zealand, 4-6 July, 2010.
  • "Proceeds, Over-Valuation, Over-Investment and IPO Long-Run Underperformance”, 17th Annual Meeting of the Multinational Finance Society, Barcelona, Spain, 2010.
  • "Strategic Trading by Informed Investors: Evidence from China", 17th Annual Meeting of the Multinational Finance Society, Barcelona, Spain, 2010.
  • “Risk and the January Effect”, 2008 Annual Meeting of the Financial Management Association International, Dallas, Texas.
  • "Does Corporate Governance Affect Firm Value? Evidence with Corporate Governance Indices". 2008 Annual Meeting of American Accounting Association (AAA), Anaheim, U.S.A., 3-6.
  • “Why Would Chinese Firms List Overseas”, 2008 European FMA Conference, Athens, Greece, June 2008.
  • “Information Asymmetry in the Takeover Market”, 2008 European FMA Conference, Athens, Greece, June 2008.
  • “Market Liberalization within a Country”, 2007 Asian Finance Association Conference, Hong Kong, July 2007.
  • “What Triggers Top Management Turnovers in China”, 2007 European FMA Conference, Vienna, Austria, June 2007.
  • "A Corporate Governance Explanation of the A-B Share Discount in China", 2007 European FMA Conference, Vienna, Austria, June 2007.
  • "What Triggers Top Management Turnovers in China?", 2007 European FMA Conference, Vienna, Austria, June 2007.
  • “Why China State-Owned Enterprises List Abroad”, 2007 China International Conference in Finance, Chengdu, China, July 2007.
  • “Bonding Premium as a General Phenomenon”, 2006 FMA annual conference, Utah, USA, October 2006.
  • “Bonding Premium as a General Phenomenon”, FMA Europe, Stockholm, Sweden, June 2006.
  • “Why China State-Owned Enterprises List Abroad”, AsianFA/FMA 2006 conference, Auckland, New Zealand, July 2006.
  • “A Corporate Governance Explanation of the A-B Share Discount in China”, AFAANZ 2006 conference, Wellington, New Zealand, July 2006.
  • “Market Liberalization within a Country”, FMA Europe, Zurich, Switzerland, June 2004.
  • “Privatization via Overseas Listing: Evidence from China’s H-share Firms”, FMA Annual Meeting, Denver, Colorado, October 2003.
  • “Privatizing State-Owned Enterprises: How Successful the China Path is”, Conference on Privatization, Corporate Governance, and Financial Market Development, Milan, Italy, July 2002
  • “Privatization via Overseas Listing: Evidence from China's H-Share Firms”, FMA European Conference, Copenhagen, June 2002.
  • “The Impact of Mass Delsiting: Evidence from Singapore and Malaysia”, Thirteenth Annual PACAP/FMA Finance Conference, Seoul, Korea, July 5-7, 2001.
  • “The Impacts of Mass Delisting: Evidence from Singapore and Malaysia”, FMA International Conference, Toronto, Oct 2001.
  • “Privatization Does Not Always Work: An Empirical Study Of Malaysia Share Issue Privatization”, FMA European Conference, Paris, France, 30 May – 1 June 2001.
  • “How Does Government Ownership Affect Firm Performance? Evidence from China’s Privatization Experience”, 7th Annual Asia Pacific Finance Association Conference, July 2000.
  • “Determinants of Foreign Direct Investment across China”, FMA European Conference, May 2000.
  • “The Effect of Market Segmentation on Stock Prices: the China Syndrome”, FMA European Conference, June 1999.
  • “The Impact of U.S. Trade Deficit Announcement on the Stock Prices of US and Japanese Automakers”, Annual PACAP Finance Conference, 1998.
  • “Profitability of Momentum Strategies in the International Equity Markets”, 58th Annual American
  • “An Examination of Dynamic Hedging”, Annual Finance Management Association Conference, Sept. 1993.
 

Grants & Awards

  • Collaborative Research Fund (CRF) C5036-21EF 2021/22 of $ 6 million (team project led by Prof Xiaojun Chen shortlisted by HKG Research Grant Council (RGC) for selection interview, Project title: High performance deep learning clusters for big data analytics)
  • Public Policy Research (PPR) Grant RGC/Gov no. 2014.A6.045.15A, 2015-2017 of $ 898,840 (with Shaojun Zhang, Project title: Does Dual-class Share Structure Create Value for Shareholders in the Long Run? Evidence from an Empirical Study of Global Markets with Implications for Hong Kong Stock-listing Policies)
  • RGC Competitive Earmarked Research Grant PolyU 5974/13H, 2014-2016 of $ 314,957 (with Jack Li, Justin Law, and Peter Lam, Project title: CEO Turnovers upon Poor Industry Performance)
  • Theme-based Research Scheme No.: T31-717/12-R of $15 million (with HKU as the principle coordinator, Project title: Enhancing Hong Kong’s Future as a Leading International Financial Centre).
  • Departmental Research Grant 4-ZZ8V, 2011-2013 of $ 90,000 (Project title: Institutional Investors and Corporate Investment Behaviour)
  • RGC Competitive Earmarked Research Grant PolyU5496/10H, 2010-2011 of $ 215,175 (with Qian Sun as Co-PI, Project title: Does Overseas Listing Benefit the Host Market?)
  • Departmental Research Grant 1-ZV2N, 2008-2011 of $99,250 (Project title: Overinvestment Versus the Q-theory)
  • Departmental Research Grant 4-ZZ6S, 2009-2011 of $38,000 (Project title: Share Repurchases and Acquisitions)
  • Fund for CERG Project Rated 3.5 G-U380, 2007-2011 of $ 150,000 (Project title: Overseas Listing of Chinese State-Owned Enterprises)
  • Departmental Research Grant G-U211, 2005-2011 of $38,000 (Project title: Impact of Cross Listings on the Host Market Quality)
  • ICRG Grant G-YE75, 2006-2011 of $ 56,000 (Project title: Market Quality after Liberalization)
  • ICRG Grant A-PE85, 2003-2006 of $ 99,000 (Project title: Market Liberalization within a Country)
  • RGC Competitive Earmarked Research Grant 2003-2005 (with Wayne Yu as Co-PI, PolyU 5334/03H) of $344,774.
  • Outstanding Faculty Research Award, 2003
  • ASD Grant 2003-2004 (with Wayne Yu as Co-PI) of $459,220
  • ASD Grant 2003-2004 (with Judy Tsui and Peter Cheng as Co-PI) of $332,270
  • ASD Grant 2003-2004 (with Peter Cheng as PI and Judy Tsui as Co-PI) of $476,270
  • ASD Grant 2003-2004 (with Peter Cheng as P.I.) of $441,290
  • DRC Grant 2002-2003
  • Internal Competitive Research Grant 2002-03
  • Direct Allocation Grant 2001-02
  • UGC Research Travel Grant 1999
  • RGC Competitive Earmarked Research Grant 1995-96 (with Warren Bailey, HKUST605/96H)
  • RGC Competitive Earmarked Research Grant 1994-95 (with K.C. Chan and Hong-leung Lam, HKUST494/94H)
  • Direct Allocation Grant 1993-94