"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
Ph.D., Finance, University of Texas at Austin, 2005
M.S., Physics, Texas A&M University, 2000
B.S., Physics, Jilin University, China, 1997
"Subnational Debt of China: The Politics-Finance Nexus", with Haoyu Gao and Hong Ru, 2020, Journal of Financial Economics, forthcoming.
"Credit Default Swaps and Bank Regulatory Capital", with Chenyu Shan, Hong Yan, and Xing (Alex) Zhou, 2020, Review of Finance, forthcoming.
“Do Shareholders Benefit from Green Bonds?”, with Yupu Zhang, 2020, Journal of Corporate Finance 61, 101427.
"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.
“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.
“Employee Risk Attitude and Corporate Risk Taking: Evidence from Pension Asset Allocation”, with Yanling Guan, 2018, Journal of Corporate Finance 48, 261-274.
“Credit Default Swaps, Exacting Creditors, and Corporate Liquidity Management”, with Marti Subrahmanyam and Sarah Qian Wang, 2017, Journal of Financial Economics 124, 395-414.
“Understanding Transactions Prices in Credit Default Swaps Market”, with Hong Yan, 2017 Journal of Financial Markets 32, 1-27. (Lead Article)
“Credit Default Swaps: Past, Present, and Future”, with Patrick Augustin, Marti Subrahmanyam, Sarah Qian Wang, 2016, Annual Review of Financial Economics 8, 175-196.
“The Leverage Externalities of Credit Default Swaps”, with Jay Y. Li, 2016, Journal of Financial Economics 120, 491-513.
“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.
“Internal Control Quality and Credit Default Swap Spreads”, with Feng Tian and Hong Yan, 2015, Accounting Horizons 29, 603-629.
“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.
“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.
“When they present a solution you don’t know if it’s something you can believe at the negotiating table or if there’s something else that you’ll never know about happening outside that gives them greater benefits,” Argentine Economy Minister Axel Kicillof, July 30, 2014.
Jon Stewart's version of it: http://www.thedailyshow.com/watch/wed-december-4-2013/blackstone---codere
“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.
“Did Subjectivity Play a Role in CDO Credit Ratings?” with John Griffin, 2012, Journal of Finance 67, 1293-1328.
“Did Credit Rating Agencies Make Unbiased Assumptions on CDOs?” with John Griffin, 2011, American Economic Review: Papers & Proceedings, 101:3, 125-130.
“Market Conditions, Default Risk, and Credit Spreads” with Hong Yan, 2010, Journal of Banking and Finance 34, 724-734.
“Unitary Boards and Mutual Fund Governance” With Sophie Xiaofei Kong, 2008, Journal of Financial Research 31,193-224. (Lead Article and Outstanding Article Award)
“Macroeconomic Conditions, Firm Characteristics, and Credit Spreads” with Hong Yan, 2006, Journal of Financial Services Research 29, 177-210. (Solicited and Lead Article)
“Potential Losses from Incorporating Return Predictability into Portfolio Allocation”, 2014, Australian Journal of Management, 39, 35-45.
“Model Specification and Collateralized Debt Obligation (Mis)Pricing”, with Dan Luo and Sarah Qian Wang, 2018, Journal of Futures Markets 38, 1284-1312.
“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".
“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".
Selected Working Papers:
"Credit Protection and Animal Spiritis: Product Market Competition with CDS", with Jay Li
"Bank Dividend Payouts and Contingent Convertible Bond Issuance", with Chenyu Shan and Meng Xie
“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
“CDS Trading and Stock Price Crash Risk”, with Rui Zhong and Jinyu Liu and Jeff Ng
“How Does CDS Trading Affect Bank Lending Relationships?”, with Chenyu Shan and Hong Yan
“Liquidity and Credit Default Swap Spreads”, with Hong Yan
Research Grants, Honors and Awards:
Research Grant from International Network for Sustainable Financial Policy Insights, Research, and Exchange (INSPIRE), June 2019
Outstanding Paper Award, 13th International Conference on Asia-Pacific Financial Markets, Seoul, 2018
Best Paper Award (sponsored by Elsevier and Pacific-Basin Finance Journal), Asian Finance Association Annual Meeting, Tokyo, Japan, 2018
Outstanding Paper Award, 15th Financial System Engineering and Risk Management Conference, 2017
FGV/HSG Best Paper Award in Finance, 2016
Best Doctoral Dissertation Supervision Award, National Economics Foundation of China, 2016
General Research Fund, Research Grant Council, Hong Kong, PI, 2016
General Research Fund, Research Grant Council, Hong Kong, Co-I, 2016
Outstanding Researcher Award, Faculty of Business and Economics, University of Hong Kong, 2015
Montreal Institute of Structured Finance and Derivatives (IFSID) Research Grant, 2015
Center for Global Economy and Business Research Grant, 2015
Montreal Institute of Structured Finance and Derivatives (IFSID) Research Grant, 2014
Nasdaq OMX Nordic Foundation Research Grant, 2014
Best Paper Award (on Derivatives), Northern Finance Association Annual Meetings, 2014
Best Paper Prize, the 5th Annual Financial Markets and Corporate Governance Conference and Symposium, 2014
Research Output Prize, the University of Hong Kong, 2013
National Natural Science Foundation of China (NSFC 中国国家自然科学基金), Co-I (PI: Hong Yan), 2012
Best Paper Award, 20th Annual Conference on the Theories and Practices of Securities and Financial Markets (SFM), National Sun Yat-Sen University, 2012
Paul Woolley Centre for Study on Market Dysfunctionality, Research Grant, 2012
Best Paper Award, the Chinese Finance Association (TCFA), 2011
General Research Fund, Research Grant Council, Hong Kong, PI, 2010
Best Paper Award, 17th Annual Conference on the Theories and Practices of Securities and Financial Markets (SFM), National Sun Yat-Sen University, 2009
Best Paper Award, the Financial Management Association, 2009
Journal of Financial Research Outstanding Article Award, 2009
General Research Fund, Research Grant Council, Hong Kong, PI, 2009
Best Paper Award, National Taiwan University IEFA Conference, 2008
BSI Gamma Foundation Grant, 2008
Q-Group Research Grant, 2007
Best Paper Award, Eastern Finance Association Annual Meetings, 2006
2017.4.24-25:PBC-BIS Network Conference 中国人民银行-国际清算银行会议
Green Finance and Impact Investing (Undergraduate)
Credit Risk (Master of Finance, Undergraduate)
Risk Management (MBA)
Empirical Finance (PhD)
Corporate Finance Theory (PhD)
Executive Education on Structured Products, Banking, etc.
SFS Finance Cavalcade Asia-Pacific, December 2019
HKU FinTech Conference, May 2019
HKU-CBI Conference on the Real Effects of Green Bonds/ESG, March 2019
Hong Kong-Shenzhen Greater Bay Area Finance Conference, August 2018