HUNG-GAY FUNG

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 21^st 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: 21^st 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 12^th 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)