内地刺激经济政策陆续出台，带动A股及港股上周五表现向好。港大经管学院金融学教授汤勇军（图）早前接受访问时表示，外国投资者购买内地A股并不多，但实际上内地股票有很多好处值得他们考虑，由于A股市场与全球股票市场的关连性较低，受国际金融危机的影响比其他主要经济体都要小，因此若将A股纳入国际投资组合，便会提高其夏普比率(反映衡量风险与回报的指标)，数目越高回报越好。
30 May 2022
教学人员
Prof. Dragon Yongjun TANG
金融学
Associate Director, Centre for Financial Innovation and Development
Professor
2219 4321
KK 1004
Academic & Professional Qualification
- Ph.D., University of Texas at Austin
- M.S., Texas A&M University
- B.S., Jilin University
Biography
Prof. Dragon Yongjun TANG received his Ph.D. in finance from the University of Texas at Austin in 2005. He also holds a B.S. from Jilin University, and M.S. from Texas A&M University. Dragon joined The University of Hong Kong (HKU) in 2007, and became Associate Professor of Finance in 2013. Before joining HKU, Dragon also held teaching positions at the University of Texas at Austin and Kennesaw State University.
Dragon’s current research interests include credit risk, credit derivatives, and Chinese banking and credit markets. He has previously done research on mutual funds and Bayesian methods in finance. His research articles are published in top journals such as the Journal of Finance and Journal of Financial Economics. He has also received numerous research awards.
In HKU, Dragon was the Director of the Master of Finance Programme in 2012 – 2015, and has been the Associate Director of the Center for Financial Innovation and Development since 2013, and of the Center for China Financial Research since 2015.
More information can be found at http://www.hkubs.hku.hk/~yjtang.
Research Interest
- Green Finance and ESG
- Credit Risk
- Credit Derivatives
- China Credit Markets
Selected Publications
- “Property rights, political connections, and corporate investment” with Meng Miao, Lixin Colin Xu and Xiao Yan, 2024, Review of Finance, 28(2), 593–619.
- “Withholding bad news in the face of credit default swap trading: Evidence from stock price crash risk” with Jinyu Liu, Jeffrey Ng, and Rui Zhong, 2024, Journal of Financial and Quantitative Analysis, 59(2), 557-595.
- “The Value of Employee Satisfaction in Disastrous Times: Evidence from COVID-19” with Chenyu Shan, 2023, Review of Finance, 23(3), 1027–1076.
- “Can Central Banks Boost Corporate Investment? Evidence from ECB Liquidity Injections” with Stine Louise von Rüden, Marti G Subrahmanyam, and Sarah Qian Wang, 2023, The Review of Corporate Finance Studies, 12(2), 402–442.
- “Product Market Competition with CDS” with Jay Y. Li, 2022, Journal of Corporate Finance 73, 102185.
- “The Diversification Benefits and Policy Risks of Accessing China’s Stock Market” with Chenyu Shan, Sarah Qian Wang, and Chang Zhang, 2022, Journal of Empirical Finance 66, 155-175.
- “Subnational Debt of China: The Politics-Finance Nexus” with Haoyu Gao and Hong Ru, 2021, Journal of Financial Economics 141, 881-895.
- “Credit Default Swaps and Bank Regulatory Capital” with Chenyu Shan, Hong Yan, and Xing (Alex) Zhou, 2021, Review of Finance 25, 121-152.
- “Is “Greenness” Priced in the Market? Evidence from Green Bond Issuance in China” with Zhiyao Deng and Yupu Zhang, 2020, Journal of Alternative Investments 23, 57-70.
- “Do Shareholders Benefit from Green Bonds?” with Yupu Zhang, 2020, Journal of Corporate Finance 61, 101427.
- “Do Banks Still Monitor When There is a Market for Credit Protection?” with Chenyu Shan and Andrew Winton, 2019, Journal of Accounting and Economics 68, 101241.
- “Employees’ Risk Attitude and Corporate Risk Taking: Evidence from Pension Asset Allocations” with Yanling Guan, 2018, Journal of Corporate Finance 48, 261-274.
- “Model Specification and Collateralized Debt Obligation (Mis)Pricing” with Dan Luo and Sarah Qian Wang, 2018, Journal of Futures Markets 38, 1284-1312.
- “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
- “The Leverage Externalities of Credit Default Swaps” with Jay Li, 2016, Journal of Financial Economics 120, 491-513.
- “Credit Default Swaps: Past, Present, and Future” with Patrick Augustin, Marti Subrahmanyam, and Sarah Qian Wang, 2016, Volume 8 of Annual Review of Financial Economics.
- “Suitability Checks and Household Investments in Structured Financial Products” with Eric Chang and Miao 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.
- “Does the Tail Wag the Dog? The Effects of Credit Default Swaps on Credit Risk” with Marti Subrahmanyam and Sarah Qian Wang, 2014, Review of Financial Studies 27, 2927-2960.
- “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.
- “Potential Losses from Incorporating Return Predictability into Portfolio Allocation”, 2014, Australian Journal of Management 39, 35-45.
- “Rating Shopping or Catering: An Examination of 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 and 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.
- “Macroeconomic Conditions, Firm Characteristics, and Credit Spreads” with Hong Yan, 2006, Journal of Financial Services Research 29, 177-210.
Awards and Honours
- 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, the Faculty of Business and Economics (HKU Business School), 2015
- Best Paper Award (Derivatives), Northern Finance Association Annual Meetings, 2014
- Best Paper Prize, the 5th Annual Financial Markets and Corporate Governance Conference, 2014
- Research Output Prize, The University of Hong Kong (香港大学研究成果獎), 2013
- Best Paper Award, 20th Annual Conference on the Theories and Practices of Securities and Financial Markets at National Sun Yat-Sen University, 2012
- Research Project Award, Paul Woolly Centre for Study on Market Dysfunctionality, 2012
- The Chinese Finance Association Award for the Best Paper on Chinese Financial Markets, 2011
- Semifinalist for Best Paper Award, Financial Management Association, 2010
- Best Paper Award, 17th Annual Conference on the Theories and Practices of Securities and Financial Markets at National Sun Yat-Sen University, 2009
- Best Paper Award (Risk Management), Financial Management Association, 2009
- Journal of Financial Research Outstanding Article Award, 2009
- Best Paper Award, International Economics, Finance, and Accounting Conference at National Taiwan University, 2008
- Best Paper Award (Financial Institutions), Eastern Finance Association, 2006
Recent Publications
30May
4Mar
Punitive sanctions incurred by President Vladimir Putin’s invasion of Ukraine are leaving Russia economically isolated. Speaking on Feb. 24, the day of the incursion, U.S. president Joe Biden announced measures that “exceed anything we’ve ever done.”
4 Mar 2022
教学人员
21Sep
《粵港澳大灣區發展規劃綱要》提到將香港打造成為區內綠色金融中心，港府也承諾將致力爭取於2050年前實現碳中和。事實上，港府近年銳意發展綠色金融，迄今累計發行綠色債券總值已逾3000億元，未來5年更計劃再發行多1700億元綠債。經濟學家看好前景，預期未來幾年本港有望發展成為區內綠色金融重鎮。
21 Sep 2021
教学人员
29Jun
港大经管学院金融学教授汤勇军及其团队研究发现，利用 CDS满足资本要求的银行能够以更多的资金提供额外的金融服务，但同时贷款期亦可能相对延长，大大增加其资产组合的风险。
29 Jun 2021
研究
14Jun
信用违约互换(CDS)被视为2008年金融海啸的「元凶」之一，香港大学经管学院金融学教授汤勇军表示，监管机构应对CDS作更多规管，若监管机构落后于金融创新，将会带来社会后果。
14 Jun 2021
金融学
2May
对全球及未来一代而言，气候变化是最严重的威胁之一，全球日益关注当中涉及的风险，「绿色金融」（Green Finance）亦开始走入公众视线，其中绿色债券（Green Bond）便是常见的金融工具。中国自2016年起连续四年成为绿色债券发行量最大的国家，而现时全球的金融中心在推动绿色债券上亦不遗余力，站在发展前沿的香港亦不例外，特区政府除了积极发行绿色债券外，还致力推出不同的便利措施，吸引企业来港筹集资金，包括参与可持续发展并具有环境效益的投资。然而，绿色金融到底是解决全球暖化的关键，还是只是随波逐流、迎合金融业趋势的工具？两者之间又该怎样取得平衡？
2 May 2021
金融学
5Aug
Prof. Dragon Tang, Area Head of Finance, shares his views on the relationship between HSBC & China.
5 Aug 2020
市场学
15May
The research study co-authored by Prof. Dragon Tang, Area Head of Finance and Yupu Zhang, research postgraduate student, is covered by Advisor News.
15 May 2020
金融学
1Apr
自2007年首次推出后，绿色债券的市场便于世界各地迅速发展起来。我们这项研究分析了于2007年至2017年期间，来自28个国家的上市公司所发行的绿色债券，是首个关于绿色债券的股票市场反应及实际效果的实验性研究。团队整合了一个全面的国际绿色债券资料库，发现公司发行绿色债券对其股价带来正面影响。可是，我们没有发现显著的绿色债券溢价，这显示公司发行绿色债券期间的正面股价回报并不完全由低融资成本推动。不过，我们发现机构的持股量，尤其是本地机构，将会在发行绿色债券后增加。发行绿色债券也改善股价的流动性。整体而言，我们的研究发现公司发行绿色债券会为股东带来好处。
1 Apr 2020
Journal of Corporate Finance
1Nov
The rise of credit default swaps (CDS) provides creditors with a market-based approach to obtaining protection, but it can also affect lenders' monitoring of the borrowers. We find that after CDS begin trading on a given firm, new loans to that firm are less likely to require collateral and have less strict financial covenants, even controlling for endogeneity. The effects are stronger when lenders have easier access to CDS, for safer firms, credit lines, and performance-based covenants. Our evidence is consistent with the theory that the introduction of CDS trading makes loan contracting more effective for better quality borrowers.
1 Nov 2019
Journal of Accounting and Economics