HUNG‑GAY FUNG
Address:
Office
School of Business
Administration
University of Missouri-St. Louis
8001 Natural Bridge Road
St. Louis, MO 63121-4499, USA
Tel: (314) 516-6374
Fax: (314) 516-6757
email: fungh@msx.umsl.edu
Education:
Ph.D., Georgia State University (1979‑1984)
Major‑Finance; minor‑Economics
BBA, The Chinese University of Hong
Kong (1975‑1978)
Major‑Finance; Minor‑Economics
Employment History:
University of Missouri-St. Louis
Dr. Y.S. Tsiang Chair Professor
(1999 January- Present)
Courses taught: China Business,
Financial Policies, International Finance, and Financial Management
University of Baltimore:
Full Professor (1997 May - 1998
December)
Associate Professor (1992-1997
April);
Assistant Professor (January
1989-1991):
Graduate and undergraduate courses
taught: international banking, international finance,
options and futures,
investment analysis, and corporate
finance.
University of Rhode Island:
Assistant Professor (June 1987‑Dec
1988):
Graduate and undergraduate courses
taught: financial management, options and futures.
North Dakota State University:
Assistant Professor (Sept 1984 to
June 1987):
Graduate and undergraduate courses
taught: financial management, international
finance, options and futures, and investment analysis.
Georgia State University:
Visiting Assistant Professor (Summer
1985):
Courses taught: capital selection
and capital structure.
Graduate Teaching
Assistant (1983‑Sept 1984):
Course taught: basic financial
management course.
Graduate Research Assistant (1980‑1982):
Responsible for data analysis.
The Chinese University of Hong Kong:
Visiting Scholar, Spring 1997, 1995
Courses taught: Investment and
Portfolio Analysis, International Finance and Derivative markets
Full‑time Demonstrator (1978‑1979):
Teaching materials preparation and
data analysis.
Executive seminar/teaching:
“China’s Entry into WTO and U.S. Business Opportunities,” Mastercard International
training seminar, January 23, 2001.
“China Business,” St. Louis Cooperative School District seminar, April 26, 2001.
“China Financial Market,” China
Business Luncheon seminar (organized by East-West Equipment and Technology, Inc.),
March 2, 2000.
“Taiwan Difference in Asian
Finance”, Gateway to the Asian Market
Conference, Missouri District Export Council, St. Louis, May 20, 1999.
“Emergence of Global Capital
Markets: Winners and Losers,” The 1999
State of the World Conference, University of Missouri-St. Louis, St. Louis,
May 13, 1999.
Seminar on Asian Crisis and the Future of the Japan
American Economic Partnership, Japan-American Society, St. Louis, March 19,
1999.
“Small and Medium-sized Enterprises
to Raise Capital,” University of Baltimore, Baltimore, October 1998
“China and Asian Crisis,” Baltimore County Department of
Economic Development, Baltimore, August 1998
The World of Business Opportunities seminar, University of Baltimore, Baltimore, January
1998
Foreign Exchange Training seminar for executives from China, University of Baltimore, Baltimore,
October 1997
Seminar on derivatives at the Shenzhen Stock Exchange, China, April 1995
External Distance Learning MBA
program, Hong Kong, July 1995
Professional Activities:
Editorial Related Experience:
1989- present, Reviewer:
Journal of Futures Markets, Southern Economic
Journal, The Review of Business Studies, International Journal of Finance, Pacific-Basin
Finance Journal, Eastern Economic Journal, Financial Review, Journal of Banking
and Finance, Journal of International Money and Finance, Quarterly Review of
Economics and Finance, Research in International Business and Finance, Pacific
Accounting Review, Journal of Financial Services Research, International
Economic Journal, Journal of Multinational Financial Management, International
Review of Economics and Finance, Journal of Comparative Economics,
Multinational Finance Journal, Global Finance Journal, Quantitative Analysis of
Finance and Accounting, Journal of Economics and Finance, Journal of Risk and
Insurance, Pacific Economic Review.
1993- present, Editorial Board
member, The Southern Business &
Economic Journal
2000 September-present, Associate
editor, International Journal of Business
2001, January- present, Editor (U.S.
office), World Economy & China (in
English), published by the Chinese
Academy of
Social Science, China
2001, Guest Editor, Chinese Economy, published by M.S. Sharpe.
Conference Organizing Experience:
2002 June 1-2, Conference Chair,
Mid-west Chinese American Science and
Technology
Association Conference, St. Louis, USA
2002, May 27-29, Program
Committee, 9th Annual Global Finance, Beijing, China.
2002, May 16-17, Conference
Chair, China and the World Economy in the New Millennium:
International Finance, Trade and Multinational Corporations, organized by the China
International Economic Affairs Association, University of Missouri-St. Louis
and Chinese Academy of Social Science, Beijing, China.
2001, November 3, Seminar Chair, Belonging and Estrangement:
Reflections on Second
Generation Chinese
Americans, St.
Louis, USA.
2001, June 1-3, Economic and
Political Track Chair, Midwest
Chinese American Science and
Technology Association, St. Louis, Missouri.
2001, April 21, Conference Chair,
The Changing Triangle: U.S., China and Taiwan Conference,
University
of Missouri-St. Louis, U.S.A
2000, June, Economic and Political
Track Chair, Midwest Chinese American
Science and
Technology Association, St. Louis, Missouri.
2000, March 24-25, Conference
Chair, Greater China Conference:
Challenges and Opportunities
in the 21st Century, St. Louis, Missouri.
1999/9- present, Board of Director
and Treasurer, Midwest Chinese American
Science and Technology Association
1998, Best Paper Selection
Committee, Chinese Economists Society
Conference, Baltimore, MD August.
1990‑1993, Board of Director, International Association of Business
Forecasting
Consulting/Advising Experience:
1998/9 - present, external assessor
for the Finance and Accounting Department, Lingnan College, Hong Kong.
2001- present, external examiner for
the M. Sc. in Finance Program at the Chinese University of Hong Kong.
1999, Advisor to Zhai Junsheng (a
doctoral student at Nanjing University, China) writing a Ph.D. thesis on
investment banking in China.
1998, Assessor of research proposal
for the Research Grants Council (RGC) of Hong Kong
1998, External Course Assessor,
finance course development for the Open University of Hong Kong
1997, External Examiner, Ph.D.
Thesis of Andy Kan (finance), Hong Kong Baptist University
Discussant/Chairperson at Conference session:
1999, December, Discussant on
Finance, Investment and Trade in Global Corporation Session at
Third International Symposium on
Multinational Business Management: 21st Century Global Corporation,
Nanjing, China
1996, Discussant at the
Multinational Finance Society Conference, Washington, D.C., June.
1995, Discussant at the Chicago
Board of Trade Research Symposium, Hong Kong, February.
1994, Session Chair at the Financial
Management Association Conference, St. Louis, Missouri, October.
1993, Discussant at the Financial
Management Association Conference, Toronto, Canada.
1992, Session Chair at the Financial
Management Association Conference in San Francisco, California
1992, International Finance Track
Program Committee for the Financial Management Association Conference in San
Francisco,
California
1991, Session Chair at the Asian
Pacific Financial Market Conference in Hong Kong
1991, Conference Committee for the
International Association Business Forecasting Association Conference in
Atlanta, Georgia
1987, Discussant at the Eastern
Finance Association meeting in Bal Harbor, Florida
1986, Discussant at the Financial
Management Association Conference in New York, New York
Grants:
2001 - Conference Grant, $31,000, The Changing Triangle: US, China and Taiwan
1999- Research Grant (RES-003/989) with Winnie Poon, HK$137,700, Lingnan College, Hong Kong
Topic: “The Effects of Corporate Mergers
and Acquisitions on Shareholder Wealth: Recent Experience in China.”
1995 - Curriculum Development Grant,
$3,750, Merrick School of Business, University of Baltimore
1994 - Curriculum Development Grant
with Beth Cooperman, Steven Isberg and Deborah Ford, $5,000, Merrick School of
Business, University of Baltimore
1992 - Research Development Grant,
$2,500, Merrick School of Business, University of Baltimore
1991 - Research Grant, $2,500,
Merrick School of Business, University of Baltimore
1989 - Curriculum Development Grant,
$2,500, Merrick School of Business, University of Baltimore
1987 - Research Grant, $1,500,
University of Rhode Island
1986 - Grant-in-Aid, $1,000, North
Dakota State University
Professional Recognition/Awards:
Recipient, best paper award for the paper entitled "Great (and not so Great) Expectations: An Endogenous Economic Explication of Insurance Cycles and Liability Crises," (coauthored with Robert C. Witt, Richard MacMinn, and Patrick Brockett) published in the Journal of Risk and Insurance in 2000. The award was given by the Casualty Actuarial Society at the 2001 American Risk and Insurance Meeting on August 14, 2001.
Recipient, second
prize in the Brian Hey 2000 Prize contest (organized by Institute of
Actuaries) for the paper, “Great (and not so Great) Expectations: An Endogenous
Economic Explication of Insurance Cycles and Liability Crises,” (with Gene Lai,
Bob Witt, Richard MacMinn, and Patrick L. Brockett).
Recipient, Literati Club-Excellence 2000 for Highly Commented Award of papers published in the Journal of Consumer Marketing (with D.A. Pitta, and S. Isberg), 2000.
Recipient,
Best Paper Award (coauthored with Gene Lai, Richard McMinn and Bob Witt),
Committee on Online Services (COOS), Casualty Actuarial Society, 1999.
Fellow, Center for International and
Comparative Law, University of Baltimore, 1995-1998
Recipient, Service Award, Center for
International and comparative Law, University of Baltimore, May 1996.
Recipient, Chase Bank Research
Award, 1995-1996
Recipient, Teaching Award, the
Chinese University of Hong Kong, 1995
Recipient, Chase Bank of Maryland
Research Award, 1993-1994.
Listed in Who's Who Among Asian Americans, Detroit: Gale Research Inc., May
1994.
Recipient, the Black and Decker
Research Award, 1993-1994
Recipient, the Black and Decker
Research Award, 1991-1992
Finalist, the Black and Decker
Research Award, 1990-1991
Presentation Performance Award for
one of the top 45 discussants at1986 Financial Management Association Meetings.
Committees at the University of Missouri-St. Louis
2002-2003 - Director of China MBA program
- Graduate Studies Committee
-
International Business Committee and its subcommittee
- External Relation Committee
- Advisor to the Chinese Student
Association (Taiwan)
-
Advisor to the Hong Kong Student Association
2001-2002 - Director of China MBA program
- Graduate Studies Committee
- External Relation Committee
- Advisor to the Chinese Student Association
(Taiwan)
- Advisor to the Hong Kong Student
Association
2000-2001 -Director of China MBA program
- Search Committee (for Eiichi
Shibusawa-Seigo Ari Professor in Japanese Studies
- State of the World Conference 2000
Planning Committee
- External Relation Committee
- Advisor to The Chinese Student
Association (Taiwan)
1999-2000 - Director of China MBA program
- Search Committee (for Eiichi
Shibusawa-Seigo Ari Professor in Japanese Studies)
- External Relations Committee
- Advisor to the Chinese Student
Association (Taiwan)
- Ad Personam Committee
- Study Abroad Interview Committee
Committees at University of Baltimore
1997-1998 - Coordinator for the Finance Area
- Director, China Executive MBA
Programs
- Recruiting chair for the finance
faculty
- Laurence Short International
Student Award Selection Committee
- Selection Committee for the Martin
Marietta Chair
1996/1997 - Laurence Short International Student Award Selection
Committee
1995/1996 - Leadership and International Program Committee
- Laurence Short International
Student Award Selection Committee
- Department Promotion and Tenure
Committee
1993/1994 - Department Recruiting Committee
- International Business Program
Committee
- Research Committee
1992/1993 - International Business Task Committee
- General Education Committee
- Curriculum Committee
- Award Committee
- Department Curriculum Committee
1991/1992 - Curriculum Committee
- International Business
Week Committee
Services to Community
President, China International
Economic Affairs Association, 2001-current
Chairman of the board, Midwest
Chinese American Science and Technology Association, 2001-
Present.
Board member, The St. Louis Chinese Association, St. Louis, Missouri, March 1999-
present
Board member, St. Louis-Nanjing
Sister City Committee, St. Louis, Missouri, 2000-present.
Vice President, Organization of
Chinese Americans-St. Louis, January 2002- president
Board member, Chinese Culture, Education
and Service, 2001-present.
Chairman, 2001 Chinese Culture Day
Committee, St. Louis, Missouri.
Chairman of the Board, The Chinese Academy, St. Louis,
Missouri, August 1999- 2001
Committee member, Chinese Hero/Heorine Project, Worldways
Children=s Museum, St. Louis, Missouri, August, 2000- 2001.
Committee member, 2000 Chinese Cultural Day Committee, St. Louis, Missouri.
Principal, The Chinese Language School of Baltimore, Baltimore, Maryland,
1996- 1998
Advisory Board member, Asian Arts and Culture Center, Towson
University, Baltimore, Maryland, 1998-1998
Member, Board of Director and
Librarian, the Chinese Language School of Baltimore, Baltimore, Maryland,
1995-1996.
Professional Societies:
American Finance Association,
Eastern Finance Association,
Financial Management Association,
International.
Articles in Academic Journals:
“Performance of Global Hedge Funds:
An Analysis of Risk, Return and Market Timing,” (with Eleanor Xu and Jot Yau), Financial
Analysts Journal, forthcoming 2002.
“The Three-Way Economic
Relationships Among U.S., Taiwan and China,” International Journal of
Business, forthcoming 2002.
“Information Flows Across Markets:
Evidence from Chinese Stocks Dually Listed in Hong Kong and New York,” (with Eleanor Xu), Financial
Review, forthcoming 2002.
“Financial Liberalization and
Corporate Governance in China,” (with Wai Kin Leung) International Journal of Business, 2001, Volume 2, Number
2, 3-31.
“The Information Role of U.S.
Futures Trading in a Global Financial Market,” (W. K. Leung and Xiaoqing
Eleanor Xu), Journal of Futures Markets, November 2001, Vol. 21,
1090-2001.
“Chinese Liberalization:
Implications for Corporate Governance,” (with W. K. Leung) The Chinese
Economy, 2001, January-February, Vol. 34,
No. 1., 5-14.
(also reprinted at Financial Market and Foreign Direct
Investment in Greater China, H.G. Fung
and K. Zhang eds.), M.S. Sharpe,
forthcoming, 2001)
“Volatility, Global Information, and
Market Conditions: A Study in Futures Markets,” (with Gary Patterson), Journal
of Futures Markets, 2001, Volume 21, number 2, 173-196.
“A Great (and not so Great)
Expectations: An Endogenous Economic Explication of Insurance Cycles and
Liability Crises,” (Gene Lai, Bob Witt, Richard MacMinn, and Pat Brockett), Journal of Risk and Insurance,
2000, vol. 67, No. 4, 617-652.
“Red Chips or H-Shares: Which
China-Backed Securities Process Information the Fastest?” (with Winnie Poon) Journal
of Multinational Financial Management, 2000, volume 10, 315-343.
“Segmentation of the A- and B-Share
Chinese Equity Markets,” with Wai Lee and Wai K. Leung)
Journal of Financial Research, Summer 2000, Vol. 23, 179-195.
“Do Trading Rules Based Upon Winners
and Losers Work Across Markets? Evidence from the Pacific Basin and U.S.
Markets,” (Wai K. Leung and Gary A. Patterson), Multinational Finance
Journal, 1999, Volume 3, 41-70.
“A Multivariate Analysis of the
Determinants of Bank Financial Strength Ratings,” (with Winnie Poon and Michael Firth), Journal of
International Financial Markets, Institutions and Money, August 1999, Volume 9, Number 3,
267-283
“Ethical Across Cultures: Managing
the Differing Perspectives of China and the USA,” (with Dennis Pita and Steve Isberg), Journal of Consumer
Marketing, 1999, Volume 16, Number 3, 240-256.
“Volatility Linkage Among Currency
Futures Markets During US Trading and Non-trading Periods,” (with Gary
Patterson), Journal of Multinational Financial Management, March 1999,
Volume 9, Number 2, 129-153.
“The Dynamic Relationship of
Volatility, Volume and Market Depth in Currency Futures Markets,” (with Gary
Patterson), Journal of International Financial Markets, Institutions and
Money, 1999, Volume 9, Number 1,
33-59.
“Underwriting Cycles in Property and
Liability Insurance: An Empirical Analysis of Industry and By-line Data,” (with
Gene C. Lai, Gary Patterson, and Robert C. Witt) Journal of Risk and
Insurance, December 1998, Volume 65, No. 4, 539-562.
“The Relationship among Volatility,
Volume, Bid-Ask Spread and Number of Brokers: Evidence from Intra-Day on the
Hong Kong Stock Market,” (with Chuan-Yang Hwang and Wai-Kin Leung), Review
of Pacific Basin Financial Markets and Policies, September 1998, Volume 1,
Number 3, 303-320.
“Asset Pricing in Segmented Capital
Markets: Preliminary Evidence from China-Domiciled Companies,” (with Winnie
Poon and Michael Firth) Pacific-Basin Finance Journal, August 1998, Vol
6, Number 3-4, 307-319.
“The Spillover Effect of the Trade
Suspension of the Treasury Bond Futures Market in China,” (with Winnie Poon and Michael Firth), Journal of International Financial
Markets, Institutions and Money, 1998, Vol 8, 205-218.
“Factors Affecting Foreign Investor
Choice in Types of U.S. Real Estate,” (with Deborah Ford and Dan Gerlowski) Journal
of Real Estate Research, 1998. Vol 16, Number 1, 99-111.
“Information Flows between the
Eurodollar Spot and Futures Markets,” (with Yin-Wong Cheung), Multinational
Finance Journal, 1997, Vol 1, number 4, 255-271.
“International Interest Rate
Transmission and Volatility Spillover,” (with Hoyoon Jang and Wai Lee) International Review of Economics and
Finance, 1997, volume 6, 67-75.
“International Interest Rate Linkage:
Evidence from the Money Markets in the United Kingdom,” (with Wai Lee, and
Ming-Shiun Pan) Journal of
Multinational Financial Management, 1996, Volume 6 (4), 59-71.
“Do We Expect More Latent Variables
in a Structurally Different Market: the Case of Hong Kong,” (with Wai Lee and
Wai-Chung Lo) Research in
International Business and Finance, Larry Lang and John Doukas (eds), JAI
press, 1996, 313-328.
“International Transmission of Stock
Price Volatility: Evidence from the U.S. and Six Pacific Basin Markets,” (with
Angela Y. Liu and Ming-Shiun Pan) Journal of Multinational Financial
Management, 1996, Volume 6 (2/3), 81-94 .
“A Note on 'State Characteristics
and the Location of Foreign Direct Investment Within the United States',” (with
Joseph Friedman,, Daniel A Gerlowski and Jonathan Silberman) Review of Economics and Statistics,
May 1996, 367-368.
“A Note on Euroyen and Japanese
Domestic Interest Rates,” (with Wai-Chung Lo and Joel N. Morse) Journal of
Banking and Finance, October 1995, 19, 1309-1321.
“Evidence on the Dynamic
Relationship between International Trade and the Stock Market: the Four Asian
Tigers,” (with Wai-Chung Lo, Wai K. Leung) Journal of International Trade
and Economic Development, July 1995, 4(2), 171-183.
“Examining the Long-Range Dependency
in Exchange Rates,” (with Wai-Chung Lo) Journal of International Financial
Markets, Institutions and Money, 1995, Vol 5, No. 1, 19-29.
“Purchasing Power Parity Under the
European Monetary System,” (with Yin-Wong Cheung, Kon S. Lai and Wai-Chung
Lo) Journal of International Money
and Finance, Volume 14, No. 2, February 1995, 179-189.
“An Examination of the Ex Ante
International Interest Rate Transmission,” (with Wai-Chung Lo) Financial Review, February, 1995,
175-192.
(A summary of the article appears in
the Certified Financial Analyst (CFA) Digest, summer 1995, 10-11).
“Exports, Imports and Industrial
Production: Evidence from Advanced and Newly Industrializing Countries,” (with
Bansi Sawhney, Wai-Chung Lo, and Pinggui Xing) International Economic
Journal, Vol 8, No. 4, Winter 1994, 87-98.
“The Location of Foreign Direct
Investment in U.S. Real Estate: An Empirical Analysis,” (with Dan Gerlowski and
Deborah Ford) Land Economics,
August 1994, 70(3), 286-293.
“Examining the Dependency in
Intra-day Stock Index Futures,” (with Wai-Chung Lo, and John E. Peterson) Journal of Futures Markets, June
1994, Vol 14, No. 14, 405-419.
“Empirical Investigation of
Purchasing Power Parity,” (with Wai K. Leung, Bansi Sawhney and Eden Yu) Indian
Economic Journal, January 1994, 120-128.
“Dependency in Pacific Basin Stock
Returns,” (with Wai-Chung Lo, Shaw Chen, and Gene Lai) International Review
of Financial Analysis, Vol 2, No. 3, 1993, 199-210.
“Memory in Interest Rate Futures,”
(with Wai-Chung Lo) Journal of
Futures Markets, December 1993, 865-872.
“The Choice of Implied Volatility
for Valuing Options on Stock Index Futures,” (with Hung-Gay Fung) Midwestern
Journal of Business and Economics, Spring 1993, 29-35.
“Optimal Financial Leverage and
Managerial Productivity,” (with Dileep R. Mehta) in Advances in Quantitative
Analysis of Finance and Accounting, edited by Cheng F. Lee, JAI press Inc.,
Volume 2, 1993, 1-18.
“The Pricing Relationship of
Eurodollar Futures and Eurodollar Deposit Rates,” (with Wai K. Leung), Journal of Futures Markets, April
1993, 115-126.
“Forecasting Foreign Exchange Rates:
Which Model?” (with Bansi Sawhney) Indian Journal of Quantitative Economics,
Vol VIII, no 1 & 2, 1992, 1-6.
“Deviations from Purchasing Power
Parity,” (with Wai-Chung Lo) Financial Review, November 1992, 553-570.
“A Cointegration Analysis of the
Asian Dollar and Eurodollar Interest Rate Transmission Mechanism,” (with Steven
Isberg and Wai K. Leung) Asia
Pacific Journal of Management, 2, October 1992, 167-177.
“The International Transmission of
Eurodollar and U.S. Interest Rates: A Cointegration Analysis,”(with Steven
Isberg) Journal of Banking and Finance, August 1992, 757-769.
“An Initial Assessment of the
Locational Preferences of Foreign Investors in U.S. Real Estate: 1980-1988,”
(with Daniel Gerloswki and Fereidoon Shahrokh) Southern and Business
Economic Journal, April 1992, 129-146.
“Re‑examining the Behavior of Real
Exchange Rates,” (with Geoffrey Booth and Wai K. Leung) Journal of
International Financial Markets, Institutions and Money, Vol 1, no 4, 1991,
1-11.
“The Growth of Currency Futures
Markets,” (with Gene C. Lai and Spiros Martzoukos) International Journal of
Finance, Autumn 1991, 75-91.
“A Pricing of Foreign Currency
Investments,” (with Wai K. Leung) Global
Finance Journal, Vol 2, no (1/2), Spring/Summer 1991, 99‑118.
“The Use of Forward Contracts for
Hedging Currency Risk,” (with Wai K. Leung) Journal of International
Financial Management and Accounting, Spring 1991, 78‑92.
“Forward Market and International
Trade,” (with Gene C. Lai) Southern Economic Journal, April 1991, 982‑992.
“Currency Warrants on the American
Stock Exchange,” (with Clifford F. Thies and Joel Morse) Journal of
International Financial Markets, Institutions and Money, Vol 1, no.2, 1991,
85‑95.
“Put‑Call Parity and Arbitrage
Bounds for Options on Grain Futures,” (with William W. Wilson) American Journal of Agricultural
Economics, February 1991, 55‑65.
“The Forecasting Performance of
Implied Standard Deviation in Currency Options,” (with Chin-Jen Lie and Abel
Moreno) Managerial Finance, Vol
16, no 3, 1990, 24‑29.
“Tests of Unbiased Forecast in Stock
Index Futures Markets,” (with Jeffrey E. Jarrett and Wai K. Leung) Managerial
Finance Vol 16, no 3, 1990, 19‑23.
“Stock Market and Economic
Activities: A Causal Analysis,” (with Chin-Jen Lie) Research on Pacific‑Basin Capital Markets, edited by
G. Rhee and R. Chang, North‑Holland, 1990.
“Information Content of Volatilities
Implied by Option Premiums in Grain Futures Markets,” (with William W. Wilson) Journal
of Futures Markets, February 1990, 13‑27.
“Option Price Behavior in Grain
Futures Markets,” (with William W. Wilson and Michael Ricks) Journal of
Futures Markets, February, 1988, 47‑65.
“Monte Carlo Studies on the
Effectiveness of the Bootstrap Bias Reduction Method on TSLS Estimates,” (with
Yu-Sheng Hsu, Kin-Nam Lau, and Edwin F. Ulveling) Economics Letters, 20,
1986, 233‑239.
“Inflation, Cost of Capital and
Capital Budgeting Procedures,” (with Dileep R Mehta and Michael Curley) Financial
Management, Winter 1984, 48‑54.
Articles in Professional Journals:
“Chinese Banking: Challenges and
Opportunities in the New Millennium”, Business Forum, 2001, Vol. 24, No.
3-4, 2-6.
“Asian Financial Crisis: A Credit
Perspective,” (with Ron Chung) The Credit and Financial Management Review,
1998, Vol. 4, Number 3, Third Quarter, 22-27
“On Differentiation and Price Trend
of China Capital Market According to B-Share Issue,” (in Chinese) (with Winnie
Poon), Journal of Zhejiang Institute
of Finance and Economics, 1998, Number 5, 49-53.
“Steering Clear of Derivatives
Risk,” (with Ronald, K. Chung) Treasury Management Association Journal,
September/October 1995, 15(15), 10-13.
“The Internal and External Effects
of Bench-marking in the Credit Function,” (with Steven C. Isberg and Ronald K.
Chung) Credit Research Digest, April 1994 Issue.
Book/Book Chapters
Financial Market and Foreign Direct Investment in Greater China (with Kevin Zhang eds.), New York:
M.E. Sharpe, 2002.
“The
A- and B-Share Chinese Equity Market: Segmentation or Integration,” (with
Wai-Kin Leung) in Financial Market and Foreign Direct Investment
in Greater China,
H.G. Fung and Kevin Zhang eds., 2002.
Proceedings:
“Evaluating A Micro Credit Bank in a
Goal Programming Framework,” (with Dileep R. Mehta, Michael D. Curley, and
James G. Tompkins), Global Finance Conference Yearbook, April-May, 1998,
24-26.
“Index Futures and Its Underlying
Constituent Stocks Volatility: the Case of Hong Kong - Commentary,” CBOT
Research Symposium Proceedings, Winter 1995, 81-83.
“Determinants of Country Risk: An
Option Pricing Framework,” (with S.B. Thapa) Proceeding of Decision Science
Institute, 1991, 106-107.
“A Cointegration Analysis of the
Asia Dollar and Eurodollar Interest Rate Transmission Mechanism,” (with S.
Isberg and W.K. Leung), Proceeding of International Conference on Asia
Pacific Financial Markets, 1991, 156-165.
“Dividend Policy and Surplus Policy
in the Stock Life Insurance Industry,” Proceedings
of International Insurance Society, July 1989, 112-118.
“Exchange Rate Risk, Foreign
Exchange Hedging and International Trade,”
(with C. J. Lie) Managing in Global Economy, Proceeding of the third
International Conference by Eastern Academy of Management, June 1989,
116-120.
Other Publications:
"What Forces are Affecting
Currency Exchange Rate?" Baltimore Sun (Business section),
September 24, 1995.
"1994 International Scorecard
for Maryland," the University of Baltimore, October 1994.
"International Scorecard for
Maryland," (with Jonathan Silberman), The University of Baltimore, May 1992.
Book Review
“Dispelling the Myth of
Globalization: The Case for Regionalization,”
Southern Economic Journal, October 1992, 334-335.
Presentations at Conferences:
“Performance of Global Hedge Funds:
An Analysis of Risk, Return and Market Timing,” (with Eleanor Xu and Jot Yau)
presented at the Financial Management Association Conference, San
Antonio, Texas, October 16-19, 2002.
“Cross-market Linkages in Precious
Metal Futures Prices,” (with Eleanor Xu) presented at the Financial Management
Association Conference, San Antonio, Texas, October 16-19, 2002.
“Intraday Volatility Behavior for
the Chinese Futures Markets” (with Kam Chan and Wai K. Leung)
presented at the China International
Economic Affairs Association/CASS conference, Beijing, China, May 16-17, 2002.
“An Analysis of the Relationship
Among China’s Export, Import and Production,” (with Y.S. Hsu, C.H. Pei and J.J.
Shen) presented at the China International Economic Affairs Association/CASS
conference, Beijing, China, May 16-17, 2002.
“Information Flows Across Markets:
Evidence from Chinese Stocks Dually Listed in Hong Kong and New York,” (with
Eleanor Xu), presented at Pacific Basin Finance, Economics and Accounting
Conference, New Brunswick, New Jersey, September 21-22, 2001.
“Stock returns and past
performance-- evidence from the regulatory industries,” (Gene Lai and W. K
Leung), presented at the Pacific Basin Finance, Economics and Accounting
Conference, New Brunswick, New Jersey,
September 21-22, 2001.
“Return Transmission, Volatility
Spillover and International Cross-Listings: Evidence from Chinese Stocks
Dual-Listed in Hong Kong and New York,” (with Eleanor Xu), presented at the
Financial Management Association International Conference, October 25-28, 2000,
Seattle, USA.
“Financial Liberalization and
Corporate Governance in China,” (co-authored with Wai Kin Leung) Greater China
Conference, St. Louis, Missouri, March 24-25, 2000.
“Red Chips or H-Shares: Which
China-Backed Securities Process Information the Fastest?” (with Winnie Poon)
presented at the PACAP/FMA Finance Conference, July 8-10, 1999, Singapore and at
the 12th Annual Australasian Finance and Banking Conference on
December 16-17, 1999 in Sydney, Australia
“Segmentation of the A- and B-share
Chinese Equity Markets,” (with Wai Lee and Wai Kin Leung), presented at the
Seventh Conference on Pacific Basin Finance, Economics and Accounting, Taipei,
Taiwan, May 28-29, 1999.
“Volatility, Global Information, and
Market Structure: A Study of International Futures Markets,” (with Gary
Patterson), presented at the Financial Management Association, Chicago, October
14-17, 1998.
“Financial Liberalization in China:
Evidence from Corporatization,” (with Wai Kin Leung)
presented at the China Economists
Society Conference, Baltimore, August 14-16, 1998.
“Business Conditions, Expected
Returns and Volatility of Bonds,” (Wai Lee and Dileep Mehta), presented at the
European Financial Association-Financial Management International (EFMA-FMA)
Conference at Lisbon, Portugal, June 24-26, 1998.
“Evaluating Efficiency of Micro
Credit Banks,” (with Dileep R. Mehta, Mike D. Curley and James G. Tomkins),
presented at the Global Finance conference, Mexico City, Mexico, April 29-May
1, 1998.
“The Relationship among Volatility,
Volume, Bid-Ask Spread and Number of Brokers: Evidence from Intra-Day on the
Hong Kong Stock Market,” (with Chuan-Yang Hwang and Wai-Kin Leung), presented
at the Eastern Finance Association, Williamsburg, Virginia, April 22-25, 1998
“Volatility Linkage Among Currency
Markets During Trading and Non-trading Periods,” (with Gary Patterson)
presented at the Southern Finance Conference, Baltimore, Maryland, November
1997.
“A Multivariate Analysis of the
Determinants of Bank Financial Strength Ratings,” (with Winnie Poon and Michael
Firth) presented at the Financial Management Association Conference, Hawaii,
October 1997.
“Asset Pricing in Segmented Capital
Markets: Preliminary Evidence from China-Domiciled Companies,” (with Winnie
Poon and Michael Firth) presented at Pacific-Basin Capital Market (PACAP)
Finance Conference, Shanghai, China, August 1997
“The Spillover Effect of the Trade
Suspension of the Treasury Bond Futures Market in China,” (with Winnie Poon and
Michael Firth) presented at Pacific-Basin Capital Market (PACAP) Finance
Conference, Shanghai, China, August 1997
“On Liability Insurance Crisis,”
(with G.C. Lai, R.D. MacMinn and R.C. Witt), Risk Theory Seminar conference,
University of Alabama, April 1997.
"The Dynamic Relationship of
Volatility, Volume, and Market Depth in Currency Futures Markets," (with Gary Patterson) Financial Management
Association Conference, October 1996, New Orleans, Louisiana.
“Information Flows Between the
Eurodollar Spot and Futures Markets,” (with Yin-Wong Cheung) presented at the
Multinational Finance Society Conference, June 1996, Washington, D.C.
“Underwriting Cycles in Property and
Liability Insurance: An Empirical Analysis of Industry and By-Line Data,” (Gene
Lai, Gary Patterson, and Robert Witt) presented at the American Risk and
Insurance Association Conference, August 1995, Seattle.
“International Transmission of Stock
Price Movements and Return Volatility: Evidence from the U.S. and Six Pacific
Basin Markets,” (with Y. Angela Liu, Ming-Shiun Pan) presented at Pacific Basin
Business, Economics and Finance Conference, August 1995, Taiwan.
“Financial Benchmarking in the
Credit Function: Does It Lead to Performance Enhancement and Value Creation?”
(with Ron Chung and Steven Isberg) presented at the Financial Management
Association, St. Louis, Missouri, October 1994.
“An Empirical Examination of
Underwriting Cycles in Property-Liability Insurance,” (with Gene Lai, Wai-Chung
Lo, and Robert Witt), presented at the American Risk and Insurance Association
Conference, Toronto, Canada, August, 1994.
“The Pricing Relationship of the
Hong Kong Stock Market and Its Underlying Futures,” (Wai K. Leung and Wai-Chung
Lo), presented at the International Association of Business Forecasting
Conference, Baltimore, Maryland, May 1994.
“Short and Long Cycles in Spot and
Futures Markets,” (with Ming-Shiun Pan and Wai-Chung Lo), presented at the
Eastern Finance Association Conference, Boston, Massachusetts, April 1994.
“The Linkage Between Euroyen and
Domestic Yen Interest Rates,” (with Wai-Chung Lo and Joel N. Morse), presented
at the Eastern Finance Association Conference, Boston, Massachusetts, April
1994.
“The Empirical Examination of the Ex
Ante International Interest Rate Transmission,” (with Wai-Chung Lo) presented
at Financial Management Association Conference, Toronto, Canada, October 1993.
“Underwriting Cycles, Liability
Insurance Crisis and Uncertainty,” (with Gene Lai, Ron Chung, Robert Witt), presented
at American Risk and Insurance Association Conference, San Francisco,
California, August 1993.
“The Location of Foreign Direct
Investment in U.S. Real Estate: An Empirical Analysis,” (with Daniel Gerlowski
and Deborah Ford) presented at the Eastern Economic Association, Washington,
D.C., March 1993; presented at American Real Estate Society Conference, Key
West, Florida, April 1993
“Determinants of Country Risk: An
Option Pricing Framework,” (with S.B. Thapa) presented at Decision Science
Institute Conference, Miami, Fl., November 1991.
“A Cointegration Analysis of the
Asia Dollar and Eurodollar Interest Rates Transmission Mechanism,” (with S.
Isberg and W.K. Leung) presented at the International conference on Asia
Pacific Financial Markets, Hong Kong, September 1991.
“Innovation and Direct Foreign
Investment,” (with Zoltan Acs), presented at Southern Economic Association
Meetings, New Orleans, Louisiana, November 1990.
“An Evaluation of International
Portfolio Forecasting Performance,” (with S. Martzoukos), presented at
International Association of Business Forecasting Conference, Baltimore,
Maryland, October 1990.
“Real Exchange Rate Forecast,” (with
G. Booth and W.K. Leung), presented at International Association of Business
forecasting Conference, Baltimore, Maryland, October 1990.
“A Financial Theory of Insurance
With Reinsurance,” (with C.J. Lie and R.C. Witt), presented at American Risk
and Insurance Association Conference, Denver, Colorado, August 1989 and also
presented at Western Risk and Insurance Association Annual Conference in
Hawaii, January 1990.
“Exchange Rate Risk, Foreign
Exchange Hedging and International Trade,” (with C.J. Lie), presented at
Eastern Academy of Management Conference, Hong Kong, June 1989.
“Dividend Policy and Surplus Policy
in the Stock Life Insurance Industry,” presented at Risk Seminar, Salt Lake
City, UT, April, 1989.
“The Impact of Security Analysts
Meetings on Share Value,” (with H. Oppenheimer), presented at Eastern Finance
Association Conference, Philadelphia, PA, April 1989.
“Stock Market and Economic
Activities: A Causal Analysis,” (with C.J. Lie), presented at Pacific‑Basin
Finance Conference, Taipei, Taiwan, March 1989.
“The Capital Structure and Production
Decision in a Stock life Company,” (with C.J. Lie), presented at Financial
Management Association, New Orleans, LA., October 1988.
“Pricing of Foreign Exchange
Contingent Claims,” (with W.K. Leung), Eastern Finance Association conference,
Bal Harbor, FL., April 1987.
“Determinants of Common Stock Return
Around Tender Offer Repurchases,” (with J. Wansley and E. Fayez), presented at
Southern Finance Association Conference, New Orleans, LA., November 1986.
Working Papers in Progress:
“Do Hedge Fund Managers Display Skill? (Xiaoqing
Eleanor Xu and
Jot Yau).
“The
Linkage of REIT Income- and Price-Returns with Fundamental Economic Variables,”
(David H. Downs, Gary A. Patterson and Jot Yau).
“Intraday Volatility Behavior for
the Chinese Futures Markets” (with Kam Chan and Wai K. Leung)
“An Analysis of the Relationship
Among China’s Export, Import and Production,” (with Y.S. Hsu, C.H. Pei and J.J.
Shen)
“Fiscal Deficit and Debt Ratios
Conditions for China,” (with Yingqiu Liu).
“Cross-Market Linkages Between the
U.S. and China Commodity Futures Markets,” (Wai K. Leung and Eleanor Xu)
“Cross-market Linkages in Precious
Metal Futures Prices,” (with Eleanor Xu)
“Stock returns and past
performance: Evidence from the
Regulatory Industries,” (with Gene Lai and Wai K. Leung)
“The Relationship among Bank Size,
International Trade and Industrial Production: Evidence from Developing and
Advanced Countries,” (with Wai-Chung Lo)
“Te Permanent and Transitory Components
in the Real Exchange Rate and Interest Rate,” (with Bong-Soo Lee and Daniel
Cheung)
“An Empirical Time-series
Examination of Underwriting Cycles in Property-Liability Insurance,” (Gene C.
Lai, Wai-Chung Lo, and Robert C Witt).
“Business Conditions, Expected
Returns and Volatility of Bonds,” (Wai Lee and Dileep Mehta).
“Rule
of Thumb Stock Valuation formulas Under Wealth Creation Models” (with Sanjay K. Nawalkha and Sudhir
Nanda).
“Resource Allocation of Donor Agency
to Micro Credit Banks: A Programming Approach,” (with Dileep R. Mehta, Mike D.
Curley and James G. Tomkins).