Department of Finance Department of Finance Head of Department: Kalok CHAN, Synergis-Geoffrey YEH Chair Professor of Finance The mission of the Department is to teach and conduct research on the financial markets and the investment and financial decisions faced by individuals and corporations. While striving to be one of the top finance programs in the world, the Department places special emphasis on developing expertise on Asian financial markets. UNDERGRADUATE PROGRAMS Three major areas emphasized by the Department are corporate finance, investment and portfolio management, and financial markets and institutions. Corporate finance analyzes the investment and financing decisions of firms, including mergers and acquisitions. Investment and portfolio management deals with the problems of asset pricing, portfolio design and risk management by individuals and investment firms, such as unit trusts. The financial markets and institutions area presents the unifying framework and environment in which financial activities take place. Key features of the major financial instruments and institutions are explained and analyzed. In addition to the above, the Department also offers courses in international financial management, speculative markets, and other topics of interest to the Asia-Pacific region. The Bachelor of Business Administration (BBA) degree in Finance suitably equips a student for pursuit of a career in banking, financial analysis, and investment firms. The Bachelor of Science (BSc) program in Quantitative Finance provides students with cutting-edge knowledge in financial tools and quantitative methods. Curriculum Description of the curriculum and courses for the following programs are presented online at http://publish.ust.hk/calendar : BBA in Finance BSc in Quantitative Finance FACULTY AND THEIR RESEARCH INTERESTS Synergis-Geoffrey YEH Chair Professor of Finance Kalok CHAN ( 陳 家 樂 ), BSSc Chinese Univ of Hong Kong; PhD Ohio State (Head of Department, Associate Dean (Research & Resources Planning) of Business and Management, and Director of Center for Fund Management) Research Interests: Dynamics of asset prices; market microstructure; derivatives; international financial markets. 185
SCHOOL OF BUSINESS AND MANAGEMENT Chair Professors Sudipto DASGUPTA, BA Presidency Coll, Calcutta; MA Calcutta; PhD Southern California (Director of Center for Asian Financial Markets) Research Interests: Corporate finance; auction theory; industrial organization; game theory. John K. C. WEI ( 魏 國 強 ), BS National Taiwan Inst of Tech; MBA National Chengchi; PhD Univ of Illinois, Urbana-Champaign (Associate Director of Center for Fund Management, and Director of Hainan Center) Research Interests: Asset pricing; investments; international finance; corporate governance. Professors Vidhan K. GOYAL ( 高 偉 翰 ), BE, MBA Delhi; PhD Pittsburgh Research Interests: Capital structure; financial contracts; corporate governance; corporate restructuring; international corporate finance; banking. Bruno SOLNIK ( 布 魯 諾 索 爾 尼 克 ), Ingénieur Polytechnicien Ecole Polytechnique; PhD Massachusetts Inst of Tech; Dr d'etat en Gestion Univ de Paris-Dauphine Research Interests: International finance; investments; valuation. Chu ZHANG ( 張 處 ), BSc East China Normal; MS Fudan; MBA, PhD Chicago Research Interests: Theories and empirical studies of asset pricing. Adjunct Professors Jonathan BATTEN, BBUS Northern Rivers Coll of Adv Ed; MBA New South Wales Inst of Tech; PhD Sydney Research Interests: Financial time-series; econometrics; policy issues related to bond market and financial market development; credit and financial risk management; corporate citizenship and governance by corporations. 186
Department of Finance Nai-Fu CHEN ( 陳 乃 虎 ), AB, PhD Univ of California, Berkeley; PhD Univ of California, Los Angeles Research Interests: Arbitrage pricing theory; empirical research in asset pricing; fixed income and derivative securities. Laurence FRANKLIN ( 范 凱 霖 ), BA, MBA, JD Stanford Research Interests: Venture capital; investment and finance in China; business law and ethics. Luc HENRARD ( 韓 佑 祿 ), MBA Catholic Univ of Leuven; PhD Catholic Univ of Louvain Research Interests: Risk management; corporate governance and financial regulations. Roger KING ( 金 樂 琦 ), BSE Michigan; MS New York; PhD Hong Kong Univ of Sc & Tech (Director of Center for Business Case Studies, and Director of Center for Asian Family Business and Entrepreneurship Studies) Research Interests: Entrepreneurship; family businesses; corporate governance. Michael LEMMON, BS, MS, PhD Utah Research Interests: Corporate finance; managerial compensation; capital structure; mergers and acquisitions. Associate Professors Jie GAN ( 甘 潔 ), BS Nanjing; Master's Study Dip Peking; PhD Massachusetts Inst of Tech Research Interests: Corporate finance; financial intermediation; real estate finance. Nengjiu JU ( 巨 能 久 ), BS Peking; PhD Univ of California, Berkeley and Michigan State Research Interests: Stock valuation; option valuation; term structure of interest rates; asset pricing; density approximations; capital structure. 187
SCHOOL OF BUSINESS AND MANAGEMENT Peter MACKAY ( 麥 卡 爾 ), BAA, MBA Laval; PhD Purdue Research Interests: Corporate finance; financial institutions and management; international finance; real options; risk management. Mark SEASHOLES, BA Wesleyan; MA, PhD Harvard Research Interests: Market frictions; trading behavior and asset pricing (empirical and theoretical). Adjunct Associate Professors Dennis Suk-Sun CHAN ( 陳 淑 燊 ), PgDip Hong Kong Polytechnic Univ; MA Lancaster; PhD RMIT Research Interests: Accounting information and stock pricing, financial markets and institutions. Veronique LAFON-VINAIS ( 方 慧 思 ), MSc Ecole des Hautes Etudes Commerciales, Paris; LLM Paris I Research Interests: Debt and credit markets; banks and financial institutions; SRI and CSR. Angela NG ( 吳 麗 萍 ), BSc London Sch of Econ & Pol Sc; PhD Stanford (Associate Dean and Director of Undergraduate Programs, School of Business and Management) Research Interests: International finance; empirical asset pricing and investment; international and emerging equity markets. Lynn PI ( 卞 淩 ), BBA Central State; PhD Georgia State Research Interests: Corporate finance; corporate governance; investments; personal financial planning. Assistant Professors Ilona BABENKO, BS Belarus State; MS Minnesota; PhD Univ of California, Berkeley Research Interests: Theoretical and empirical corporate finance; contract theory; payout policy; capital structure. 188
Department of Finance Darwin CHOI ( 蔡 達 銘 ), BSc Pennsylvania; PhD Yale Research Interests: Empirical asset pricing; market microstructure; behavioral finance. Fei DING ( 定 緋 ), BA Grinnell Coll; MA Princeton; PhD Duke Research Interests: Financial contracting theory in corporations; the money management industry (mutual funds and hedge funds); venture capital; market microstructure. Du DU ( 杜 渡 ), BSc, MA Peking; MA, PhD Chicago Research Interests: Theoretical and empirical asset pricing including derivatives, investments, capital markets, and real estate; financial econometrics; computational finance and macroeconomics. Laura Xiaolei LIU ( 劉 曉 蕾 ), BA Nankai; MA Univ of Int'l Bus & Econ; MA, PhD Rochester Research Interests: Corporate finance; market efficiency anomalies; market microstructure. Xuewen LIU ( 劉 學 文 ), BEcon Shanghai Univ for Sc & Tech; MSc Fudan; MSc, PhD London Sch of Econ & Pol Sc Research Interests: Corporate finance; banking theory; financial institutions. Abhiroop MUKHERJEE, BSc Calcultta; MA Delhi School of Economics; MA, MPhil, PhD Yale Research Interests: Empirical asset pricing; behavioral finance. Sophie Xiaoyan NI ( 倪 肖 艷 ), BEcon Xiamen; MBus Nanyang Tech Univ; PhD Univ of Illinois, Urbana-Champaign Research Interests: Investments; empirical options; asset pricing theory; behavioral finance. Kasper Meisner NIELSEN, BA, MSc, PhD Copenhagen Research Interests: Applied microeconometrics; corporate governance; entrepreneurial finance & private equity investments; family & privately held firms; household finance. 189
SCHOOL OF BUSINESS AND MANAGEMENT Rik SEN, BStat Indian Statistical Inst; MBA Indian Inst of Management; PhD New York Research Interests: Executive compensation; corporate governance; insider trading behavioral corporate finance; derivatives. Yuri TSERLUKEVICH, BS Belarus State; MS Minnesota; PhD Univ of California, Berkeley Research Interests: Corporate finance; capital structure; investments and real options; security design. Visiting Scholars Entela BENZ, BA Tirana; MPhil HEI-Geneva; PhD FAME, HEC-Lausanne Research Interests: Pricing venture capitalist contracts; asset allocation and credit risk pricing. Tak-Po WONG ( 王 德 寶 ), BSocSc Chinese Univ of Hong Kong; MSc London Sch of Econ & Pol Sc; PhD Hong Kong Univ of Sci & Tech Research Interests: Market microstructure; investments; financial markets. 190