"Dragon" Yongjun Tang  (汤勇军)


Professor of Finance

Area Head in Finance

HKU Business School

The University of Hong Kong


Office: Room 1004, K K Leung Building

Tel: (+852) 22194321

E-mail: yjtang@hku.hk


Managing Editor, International Review of Finance

Ph.D., Finance, University of Texas at Austin, 2005

M.S., Physics, Texas A&M University, 2000

B.S., Physics, Jilin University, China, 1997


  1. "Subnational Debt of China: The Politics-Finance Nexus", with Haoyu Gao and Hong Ru, 2020, Journal of Financial Economics, forthcoming.

  2. "Credit Default Swaps and Bank Regulatory Capital", with Chenyu Shan, Hong Yan, and Xing (Alex) Zhou, 2020, Review of Finance, forthcoming.

  3. Do Shareholders Benefit from Green Bonds?”, with Yupu Zhang, 2020, Journal of Corporate Finance 61, 101427.

  4. "Is Greenness Priced in the Market? Evidence from Green Bonds in China", with Zhiyao Deng and Yupu Zhang, 2020, Journal of Alternative Investments 23(1), 57-70.

  5. Do Banks Still Monitor When There is a Market for Credit Protection?”, with Susan Chenyu Shan and Andrew Winton, 2019, Journal of Accounting and Economics 68, 101241.

  6. “Employee Risk Attitude and Corporate Risk Taking: Evidence from Pension Asset Allocation”, with Yanling Guan, 2018, Journal of Corporate Finance 48, 261-274.

  7. Credit Default Swaps, Exacting Creditors, and Corporate Liquidity Management”, with Marti Subrahmanyam and Sarah Qian Wang, 2017, Journal of Financial Economics 124, 395-414.

  8. Understanding Transactions Prices in Credit Default Swaps Market”, with Hong Yan, 2017 Journal of Financial Markets 32, 1-27. (Lead Article)

  9. Credit Default Swaps: Past, Present, and Future”, with Patrick Augustin, Marti Subrahmanyam, Sarah Qian Wang, 2016, Annual Review of Financial Economics 8, 175-196.

  10. The Leverage Externalities of Credit Default Swaps”, with Jay Y. Li, 2016, Journal of Financial Economics 120, 491-513.

  11. Suitability Check and Household Investments in Structured Products”, with Eric C. Chang and Miao (Ben) Zhang, 2015, Journal of Financial and Quantitative Analysis 50, 597-622.

  12. Internal Control Quality and Credit Default Swap Spreads”, with Feng Tian and Hong Yan, 2015, Accounting Horizons 29, 603-629.

  13. Credit Default Swaps (CDS): A Survey, with Patrick Augustin, Marti Subrahmanyam and Sarah Qian Wang, 2014, Foundations and Trends in Finance 9(1-2), 1-196.

  14. Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk, with Marti Subrahmanyam and Sarah Qian Wang, 2014, Review of Financial Studies 27, 2927-2960.

  15. The Daily Show
    Get More: Daily Show Full Episodes,The Daily Show on Facebook

  16. Rating Shopping or Catering? An Examination of the Response to Competitive Pressure for CDO Credit Ratings”, with John Griffin and Jordan Nickerson, 2013, Review of Financial Studies 26, 2270-2310.

  17. Did Subjectivity Play a Role in CDO Credit Ratings?” with John Griffin, 2012, Journal of Finance 67, 1293-1328.

  18. Did Credit Rating Agencies Make Unbiased Assumptions on CDOs?” with John Griffin, 2011, American Economic Review: Papers & Proceedings, 101:3, 125-130.

  19. Market Conditions, Default Risk, and Credit Spreads” with Hong Yan, 2010, Journal of Banking and Finance 34, 724-734.

  20. Unitary Boards and Mutual Fund Governance” With Sophie Xiaofei Kong, 2008, Journal of Financial Research 31,193-224. (Lead Article and Outstanding Article Award)

  21. Macroeconomic Conditions, Firm Characteristics, and Credit Spreads” with Hong Yan, 2006, Journal of Financial Services Research 29, 177-210. (Solicited and Lead Article)

  22. Potential Losses from Incorporating Return Predictability into Portfolio Allocation”, 2014, Australian Journal of Management, 39, 35-45.

  23. “Model Specification and Collateralized Debt Obligation (Mis)Pricing”, with Dan Luo and Sarah Qian Wang, 2018, Journal of Futures Markets 38, 1284-1312.

  24. “Comment on "Measuring Corporate Bond Liquidity in Emerging Markets: Price-based vs. Quantity-based Measures"”, 2019, Proceedings of the Joint Conference of Bank of Korea and the Bank for International Settlements on "Asia-Pacific Fixed Income Markets".

  25. Comments on 'Corporate Leverage in Emerging Asia'”, 2016, Proceedings of the Joint Conference of Bank Negara Malaysia and the Bank for International Settlements on "Financial Systems and the Real Economy".

  26. 中国地方债的资产证券化”, 2015,清华金融评论


Selected Working Papers:

  1. "Credit Protection and Animal Spiritis: Product Market Competition with CDS", with Jay Li

  2. "Bank Dividend Payouts and Contingent Convertible Bond Issuance", with Chenyu Shan and Meng Xie

  3. Does the Introduction of One Derivative Affect Another Derivative? The Effect of CDS Trading on Option Pricing”, with Jie Cao, Jimmy Jin, and Neil Pearson

  4. “CDS Trading and Stock Price Crash Risk”, with Rui Zhong and Jinyu Liu and Jeff Ng

  5. How Does CDS Trading Affect Bank Lending Relationships?”, with Chenyu Shan and Hong Yan

  6. “Liquidity and Credit Default Swap Spreads”, with Hong Yan


Research Grants, Honors and Awards:


Knowledge Exchange