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Academic Staff

Wilson Tong

Prof. Wilson TONG

Professor of Practice (Finance)

BSocSc, MIM, PhD

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Biography

Professor Wilson Tong is Professor of Finance of The Hong Kong Polytechnic University. His primary research interests include privatization, China market, Asian markets, and return anomalies.

Professor Tong has published numerous research articles in top finance journals such as Journal of Financial Economics, Financial Management, Journal of Banking and Finance, Journal of Empirical Finance, Journal of Financial and Quantitative Analysis, and Journal of International Money and Finance. He serves on the editorial boards of Journal of Economics and Business and as ad hoc reviewer for prestigious journals like Journal of Financial and Quantitative Analysis and Review of Financial Studies. He is also a panel reviewer for the National Natural Science Foundation of China.

Professor Tong is recipient of various research grants and awards including the Competitive Earmarked Research Grant of the Hong Kong Research Grants Council and the Outstanding Faculty Research Award of The Hong Kong Polytechnic University.

Research Interests

  • Privatization
  • China Market
  • Asian Equity Markets
  • Return Anomalies

Research Output

  1. “When Acquirers are short on Cash Flow in M&A Deals” (with Jack Li, Peter Lam, and Yaru Ren), International Review of Financial Analysis 2024 v94, 1 – 18.
  2. “CEO turnovers due to poor industry performances: An examination of the boards’ retention criteria” (with Jack Li, Peter Lam, and Justin Law), Journal of Accounting and Public Policy, 2024 v44 March-April, 1 – 19. (The summary version was posted in the Harvard Law School Forum on Corporate Governance on March 19, 2024.)
  3. “Restricting CEO Pay Backfires: Evidence from China” (with Kee-Hong Bae and Zhaoran Gong), Journal of Business Finance and Accounting 2024 v51n5-6, 1015 – 1045.
  4. “Social Trust and Firm Innovation” (with Sadok Ghoul, Jason Gong, Omrane Guedhami, Fangfang Hou), Journal of International Financial Markets, Institutions & Money April 2023 84, 1 – 25.
  5. “Who Shall Succeed? An Examination of Manager Overconfidence and CEO Selection” (with Lin Li) Journal of Business Finance and Accounting 2022 v49n9-10, 1736-1783.
  6. "Changes in the Incentive Contracts of Takeover Targets after Merger Failures" (with Lin Li and Peter Cheng), Journal of Accounting, Auditing and Finance 2022 v37n1, 143 – 172.
  7. “Does Reputation of Sponsors matter in IPO? Evidence from Hong Kong” (with Michael Wong), Frontiers of Business Research in China 2020, v14n14, 1 – 24.
  8. “Information Uncertainty and Target Valuation in Mergers and Acquisitions” (with Lin Li), Journal of Empirical Finance January 2018 v45, 84 – 107.
  9. “Information Asymmetry, Bid Premium and Merger Gain” (with Peter Cheng and Jack Li), Journal of Business Finance and Accounting 2016 v43n7-8, 976 – 1016.
  10. “Institutional Environment, Firm Ownership and IPO First-Day Returns: Evidence from China” (with Yibiao Chen, Wei Li, Qian Sun, and Steven Shuye Wang), Journal of Corporate Finance June 2015 v32, 150 – 168.
  11. “How Cross-listings from an Emerging Economy affect the Host Market?” (with Qian Sun and Xin Zhang), Journal of Banking and Finance 2013 v37n7, 2229–
  12. “Trading on inside information: Evidence from the share-structure reform in China” (with Shaojun Zhang and Yanjian Zhu), Journal of Banking and Finance, 2013 v37n5, 1422–
  13. “Overseas Listing as a Policy Tool: Evidence from China’s H-shares” (with Qian Sun and Yujun Wu), Journal of Banking and Finance, 2013 v37n5, 1460–
  14. “A Corporate Governance Explanation of the A-B Share Discount in China” (with Wayne Yu), Journal of International Money and Finance, 2012 v31n2, 125 – 147 (leading article).
  15. Audit Fee Determination in Singapore: A Comprehensive Analysis (with Qiao Qin and Qian Sun), China Accounting and Finance Review, 2011 v13n4, 127 – 160.
  16. “Risk and the January Effect” (with Qian Sun), Journal of Banking and Finance, 2010 v34n5, 965 – 974.
  17. “Market Liberalization within a Country” (with Qian Sun and Yuxing Yan), Journal of Empirical Finance, 2009 v16n1, 18–41.
  18. “What Triggers Top Management Turnovers in China” (with Peter Cheng and Jack Li), Journal of Contemporary Accounting and Economics 2008 v4n1, 50 – 87.
  19. “Privatization through an Overseas Listing: Evidence from China’s H-share Firms” (lead article with Jia Jin and Qian Sun), Financial Management 2005 v34n3, 5-30.
  20. “Do Government-Linked Companies Necessarily Underperform?” (with Qian Sun and Feng Fang), Journal of Banking and Finance 2004 v28n10, 2461-2492.
  21. “China Share Issue Privatization: The Extent of its Success” (with Qian Sun), Journal of Financial Economics 2003, v70n2, 183-222.
  22. “Malaysian Privatization – A Comprehensive Study” (with Qian Sun), Financial Management 2002, v31n4, 79-105.
  23. “Market Structure and Return Volatility: Evidence from the Hong Kong Stock Market” (with K.S. Maurice Tse), Financial Review 2002, v37n4, 589-612.
  24. “The Impacts of Mass Delisting: Evidence from Singapore and Malaysia” (with Qian Sun and Yuen Kin Tang), Pacific-Basin Finance Journal 2002, v10n3, 333-351.
  25. “Another New Look on the Monday Effect” (with Qian Sun), Journal of Business Finance and Accounting 2002, v29n7&8, 1123-1147.
  26. “How Does Government Ownership Affect Firm Performance? Evidence from China’s Privatization Experience” (lead article with Qian Sun and Jing Tong), Journal of Business Finance and Accounting 2002, v29n1&2, 1-27.
  27. “Determinants of Foreign Direct Investments across China” (with Qian Sun and Qiao Yu), Journal of International Money and Finance 2002, v21n1, 79-113. (Most requested article of the journal in 2003)
  28. "Why Chinese Firms would Like to List Overseas" (with Qian Sun), Corporate Finance Review 2001, v4n6, 5-7.
  29. “Cointegration, Efficiency and Forecasting in the Currency Market”, Journal of Business Finance and Accounting 2001, v28n1&2, 127-150.
  30. “Profitability of Momentum Strategies in the International Equity Markets” (with Kalok Chan and Allaudeen Hameed), Journal of Financial and Quantitative Analysis 2000, v36n2: 153-172.
  31. “The Effect of Market Segmentation on Stock Prices: the China Syndrome” (with Qian Sun), Journal of Banking and Finance 2000, v24n12, 1875-1902.
  32. “International Evidence of Weekend Anomalies”, Journal of Financial Research 2000, v23n4, 495-522.
  33. “The Effect of U.S. Trade Deficit Announcement on the Stock Prices of US and Japanese Automakers”, (with Qian Sun) Journal of Financial Research 2000, v23n1, 15-43.
  34. “Interdaily Volatility in a Continuous Order-driven Market” (with Hong-leung Lam), Journal of Business Finance and Accounting, 1999, v26n7&8: 1013-1036.
  35. “An Examination of Dynamic Hedging”, Journal of International Money and Finance, 1996, v15n1: 19-35.
  36. “An Analysis of the January Effect of United States, Taiwan and South Korean Stock Returns”, Asian Pacific Journal of Management, 1992, v9n2: 189-207.

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