Adrian (Wai Kong) Cheung, PhD in Finance


Release date：2022/01/05
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Adrian (Wai Kong) CHEUNG, PhD Finance

 

Professor of Finance and Dean

 

Contact Details

Tel: 8590-2984

Email: adriancheung@cityu.edu.mo

WOS Researcher ID: AAH-9468-2021

Scopus ID: 15061177900

ORCID: 0000-0002-4369-2129

 

Academic Qualifications

PhD in Finance, HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY

Master of Science, Financial Economics (Distinction), UNIVERSITY OF LONDON, ENGLAND.

Master in Business Administration (Finance), UNIVERSITY OF STIRLING, SCOTLAND.

Diploma in Law and Business Administration , SHUE YAN UNIVERSITY, HONG KONG.  

 

Bibliography

Dr. Wai Kong (Adrian) Cheung is currently the Dean and Professor of Finance, Faculty of Finance at City University of Macau. He received his PhD in finance from Hong Kong University of Science and Technology.  He previously taught at Lingnan University, Griffith University, Curtin University, and Flinders University. Before joining City University, he served as Head of Department of Finance and Banking at Curtin University and Research Section Head (equivalent to Associate Dean (Research)) in the College of Business, Governance and Law at Flinders University, respectively. Adrian's research interest is empirical issues in finance. His long-standing research interest is in understanding the finance mechanisms underlying contemporary business issues. Currently he seeks to understand issues like CSR, intangible capital, LGBT, social media, bitcoin, and trade credit from a finance perspective. He has been the recipient of various research grants, including National Natural Science Foundation of China, Australia-China Future Dialogues Fund, and AFAANZ Research Grant. He was also a visiting scholar at Peking University and Hong Kong University of Science and Technology. His publications have appeared in international journals: Journal of Corporate Finance, Journal of Banking and Finance, Journal of Business Ethics, British Accounting Review, Financial Review, International Review of Economics and Finance, International Journal of Finance and Economics, Australian Journal of Management, Accounting and Finance, Journal of Contemporary Accounting and Economics, Journal of Business Research, Economic Modelling, Energy Economics, Applied Economics, and the Journal of Asian Economics. 

On September 16th, 2024, Stanford University released the latest ranking of "World's Top 2% Scientists". In the "2023 Science Impact Rankings", Dr. Cheung was included in Finance's "Science Impact Rankings of the Year". He was previously included in the 2021 and 2022 lists.

 

 

Teaching Areas

Corporate Finance; Business Finance; International Finance

 

 

Research Area

Empirical finance

 

Work Experience

·         2019-present:   Professor of Finance and Dean, City University of Macau

·         2018-2019:       Professor of Commerce and Head of Research Section, Flinders University

·         2015-2018:       Associate Professor in Finance and Banking, Curtin University

·         2011-2014:       Senior Lecturer in Finance and Banking, Curtin University

·         2004-2011:       Lecturer in Finance and Economics, Griffith University

·         1991-2002:       Assistant Lecturer/Lecturer in Accounting and Finance, Lingnan University

Selected Academic Publications

  1. Khoo, J., Cheung, A. (2025) “Subordinate Executives’ Confidence and Labor Investment Efficiency "(accepted) International Review of Economics and Finance (SSCI; Q1: ABDC: A)) https://doi.org/10.1016/j.iref.2025.103896
  2. Zhang, S., Cheung, A. (2024) “Aare Green Finance and Inclusive Finance Complements or Substitutes for MSMEs? -- Evidence from China’s Green Finance Reform and Innovation Pilot Zone” (accepted) Energy Economics (SSCI, Q1; ABDC: A*) https://doi.org/10.1016/j.eneco.2024.108125
  3. Lin, Y., Cheung, A. (2024) “Climate Policy Uncertainty and Energy Transition: Evidence from Prefecture-Level Cities in China” (accepted) Energy Economics (SSCI, Q1; ABDC: A*) https://doi.org/10.1016/j.eneco.2024.107938
  4. Khoo, J., Cheung, A. (2024) “Firms’ organisation capital: Do peers matter?” (accepted) International Review of Financial Analysis (SSCI; Q1; ABDC: A) https://doi.org/10.1016/j.irfa.2024.103619
  5. Khoo, J., Cheung, A. (2024) “Subordinate Executives’ Horizon and Cash Holdings” (accepted) International Review of Economics and Finance (SSCI; Q1; ABDC: A) https://doi.org/10.1016/j.iref.2024.103597
  6. Wang, Y., Cheung, A., Yan, W., & Wang, B. (2024) “Green bond and green stock in China: The role of economic and climate policy uncertainty” (accepted) The North American Journal of Economics and Finance (SSCI; Q1) https://doi.org/10.1016/j.najef.2024.102228
  7. Zhang, Y., Cheung, A., & Qu, X. (2024) “Can digital financial inclusion improve coupling coordination between pollution reduction and low-carbon development? Evidence from China” Economic Analysis and Policy 82:1113-1130 (SSCI; Q1) https://doi.org/10.1016/j.eap.2024.05.007
  8. Yan, W., and Cheung, A. (2024) “Connectedness among Chinese Climate Policy Uncertainty, Exchange Rate, Chinese and International Crude Oil Markets: Insights from Time and Frequency Domain Analyses of High Order Moments” (accepted) The North American Journal of Economics and Finance (SSCI; Q1) https://doi.org/10.1016/j.najef.2024.102175
  9. Liu, L., Cheung, A., Xue L., Lou, S., Chen, Y., (2024) “On the Financial Sustainability of Social Security Pension Fund in Macao: A simulation analysis” (accepted) Journal of the Asia Pacific Economy (SSCI; ABDC: B) https://doi.org/10.1080/13547860.2024.2345409
  10. Khoo, J., Cheung, A., Wang, R., (2024) “Distracted Institutional Shareholders and Debt Maturity” (accepted) Journal of Financial Research (SSCI; ABDC: A) https://doi.org/10.1111/jfir.12419
  11. Lin, L., Cheung, A., Yan, W. (2024) “Volatility Spillovers of Cloud Stocks: Evidence from China Using the Dynamic Connectedness Approach” (accepted) Accounting and Finance (SSCI; ABDC: A) https://doi.org/10.1111/acfi.13248.
  12. Lin, L., Cheung, A. (2024) "Pricing cloud stocks: Evidence from China" (accepted)  Accounting and Finance 64(1):811-832 (SSCI; ABDC: A) http://doi.org/10.1111/acfi.13162
  13. Khoo, J., Cheung, A. (2024) “Vintage capital and trade credit” (accepted) Accounting and Finance 64(1): 507-537 (SSCI; ABDC: A) http://doi.org/10.1111/acfi.13153
  14. Li, W., Wang, S., Cheung, A., Xu, C. (2024) “Shadow Banking, Investment and Interest Rate Transmission: Evidence from Macroprudential Policy in China” Economic Analysis & Policy 81: 115-133 (SSCI; Q1) https://doi.org/10.1016/j.eap.2023.11.013
  15. Khoo, J., Cheung, A. (2023) “Hidden cost of organization capital: evidence from trade credit” (accepted) British Accounting Review (SSCI; Q1; ABDC: A*) https://doi.org/10.1016/j.bar.2023.101238
  16. Qu, Y., Cheung, A. (2023) “Organization Capital and Green Innovation: Evidence from China” Corporate Social Responsibility and Environmental Management 30(6): 3043-3062 (SSCI; Q1) http://doi.org/10.1002/csr.2536
  17. Song, S., Cheung, A., Jun, A., Ma, S. (2023) “Mandatory CSR disclosure and CEO pay performance sensitivity: evidence from a quasi-natural experiment in China" International Journal of Managerial Finance 20(2): (ABDC: A)) https://doi.org/10.1108/IJMF-04-2022-0181
  18. Hasan, M. and Cheung, A. (2023) “Organization Capital and Firm Risks” China Accounting and Finance Review 25(3): 338-367 (ABDC: A)) https://doi.org/10.1108/CAFR-05-2022-0044
  19. Zheng, C., Cheung, A., Zhang, A., and Haider, I. (2023) “Corporate social responsibility and bank liquidity creation” Journal of Financial Research  46(2): 343-382 (SSCI; ABDC: A; ABS: 3) https://doi.org/10.1111/jfir.12322
  20. Omura, A., Cheung, A., Su, J. (2023) “Does natural gas volatility affect Bitcoin volatility? Evidence from the HAR-RV model”  Applied Economics 56(4): 414-425 (SSCI, ABDC: A) https://doi.org/10.1080/00036846.2023.2168608
  21. Chu, C. C., Su, X.F., Lin Y E., Omura A., Li B., Cheung, A. (2023) “Love thy neighbor: Evidence from capital structure decisions” Accounting and Finance 63 (3): 2907-2933 (SSCI; ABDC: A) https://doi.org/10.1111/acfi.12995
  22. Yan, W., and Cheung, A. (2023) “The Dynamic Spillover Effects of Climate Policy Uncertainty and Coal Price on Carbon Price: Evidence from China” Finance Research Letters 53, 103400 (SSCI; Q1; ABDC: A) https://doi.org/10.1016/j.frl.2022.103400
  23. Khoo, J. and Cheung, A. (2022) “Skilled labour risk and trade credit” Financial Review 58(2): 423-447 (ABDC: A; ABS:3) https://doi.org/10.1111/fire.12332
  24. Zheng, C., Cheung, A., Cronje, T., (2022) “Social capital and bank liquidity hoarding” Journal of International Financial Markets, Institutions & Money 80: 101653 (SSCI; Q1: ABDC: A)) https://doi.org/10.1016/j.intfin.2022.101653
  25. Jing, X.M., Mai Y., and Cheung, A. (2022) “Corporate Financialization and Fixed Investment Rate: Evidence from China” Finance Research Letters 48:102898 (SSCI; Q1; ABDC: A) https://doi.org/10.1016/j.frl.2022.102898
  26. Hasan, M., Cheung, A. and Marwick, T. (2022) “Corporate sexual orientation equality policies and the cost of equity capital” Journal of Behavioral and Experimental Finance 34: 100664 (SSCI: Q1; ABDC: A) https://doi.org/10.1016/j.jbef.2022.100664
  27. Zheng, C., Cheung, A., Cronje, T. (2022) “The Impact of TARP Capital Infusion on Bank Liquidity Creation: Does Bank Size Matter?”, International Journal of Central Banking 18(2): 283-347 (SSCI; ABDC: A) https://www.ijcb.org/journal/ijcb22q2a7.pdf
  28. Lin, L. and Cheung, A. (2022) “The cloud economy and its relationship to the economy in China – a capital market-based approach” Financial Innovation 8:50 (SSCI; Q1) https://doi.org/10.1186/s40854-022-00350-9
  29. Khoo, J.  and Cheung, A. (2022) “Managerial ability and debt maturity” Journal Contemporary Accounting and Economics 18(1) 100295 (SSCI; ABDC: A) https://doi.org/10.1016/j.jcae.2021.100295
  30. Khoo, J.  and Cheung, A. (2021) “Managerial ability and trade credit” Financial Review 57(2): 429-451 (ESCI; ABDC: A; ABS:3) https://doi.org/10.1111/fire.12289
  31. Cheng, L. Cheung, A., (2021) “Is there a dark side of managerial ability? Evidence from the use of derivatives and firm risk in China”, Journal of Contemporary Accounting and Economics 17(2): 100258 (SSCI; ABDC: A) https://doi.org/10.1016/j.jcae.2021.100258.
  32. Hasan, M., Cheung, A., Tunas, L. and Kot, H. (2021) “Firm life cycle and trade credit”, Financial Review 56(4):743-771 (ESCI; ABDC: A; ABS:3) https://doi.org/10.1111/fire.12264
  33. Cheung, A., Hasan, M. and Khoo, J. (2021) “Distracted institutional investors and corporate cash holdings” International Review of Economics and Finance 71: 453-466. (SSCI; ABDC: A) https://doi.org/10.1016/j.iref.2020.08.018
  34. Lu, R., Cheung, A., Vu, T., and Islam, S. (2021) "Which measure of systematic risk should we use? An empirical study on systematical risk and Treynor measure using the economic index of riskiness and operational measure of riskiness", International Journal of Finance & Economics 26(2): 1739-1744 (SSCI; ABDC: B; ABS: 3) https://doi.org/10.1002/ijfe.1875
  35. Khoo, J.  and Cheung, A. (2021) “Does geopolitical uncertainty affect corporate financing? Evidence from MIDAS regression” Global Finance Journal 47: 100519 (ESCI; ABDC: A) https://doi.org/10.1016/j.gfj.2020.100519
  36. Wong, M., Cheung, A., and Wei, H. (2021) “When Two Anomalies Meet: Volume & Timing Effects on Earnings Announcements”, Financial Review 56(2): 355-380, (ESCI; ABDC: A; ABS:3) https://doi.org/10.1111/fire.12255
  37. Hasan, M., Cheung, A., and Taylor, G. (2020) “Financial statement comparability and bank risk-taking” Journal of Contemporary Accounting and Economics 16(3): 100206 (SSCI; ABDC: A) https://doi.org/10.1016/j.jcae.2020.100206.
  38. Cheung, A., Kot, H., Lam, E., & Leung, H. (2020) “Toward understanding short-selling activity: Demand and supply” Accounting and Finance 60: 2203-2230 (SSCI; ABDC: A) https://doi.org/10.1111/acfi.12430
  39. Shi, Q., Li, B., Chung, R., and Cheung, A. (2020) “Investigating linear multi-factor models in asset pricing: considerable supplemental evidence”, Asia-Pacific Journal of Accounting & Economics 27: 242-260 (SSCI; ABDC: B) https://doi.org/10.1080/16081625.2017.1419878.
  40. Chen, Z., Cheung, A., and Cronje T., (2019) “The moderating role of capital on the relationship between bank liquidity creation and failure risk” Journal of Banking and Finance 108: 105651 (SSCI; ABDC: A*, Scimago: Q1) https://doi.org/10.1016/j.jbankfin.2019.105651.
  41. Cheung, A., and Pok, W. (2019) “Corporate social responsibility and provision of trade credit” Journal of Contemporary Accounting and Economics 15(3): 100159 (SSCI; ABDC: A) https://doi.org/10.1016/j.jcae.2019.100159
  42. Kot, H., Chen, M., Cheung, A., Huang, H. (2019) “Understanding short selling activity in the hospitality industry” International Journal of Hospitality Management 82: 136-148 (SSCI; ABDC: A*, Scimago: Q1). https://doi.org/10.1016/j.ijhm.2019.03.029
  43. Cheung, A., and Hu, W. (2019) "Information disclosure quality: correlation vs precision", Accounting and Finance 59: 1033–1053 (SSCI; ABDC: A) https://doi.org/10.1111/acfi.12282
  44. Zhou, D., Zhao, Y., Li, B., Lin, T., and Cheung, A. (2019) “Can Microblogging Information Disclosure Reduce Stock Price Synchronicity? Evidence from China”, Australian Journal of Management 44(2) 282–305. (SSCI; ABDC: A; Schimago: Q1) https://doi.org/10.1177/0312896218796884
  45. Cheung, A., Hu, M., and Schwiebert, J. (2018) "Corporate Social Responsibility and Dividend Policy", Accounting and Finance 58: 787-816 (SSCI; ABDC: A) https://doi.org/10.1111/acfi.12238
  46. Hasan, M., and Cheung, A. (2018) “Organization capital and firm life cycle”, Journal of Corporate Finance 48: 556–578 (SSCI; ABDC: A*) https://doi.org/10.1016/j.jcorpfin.2017.12.003
  47. Wang, Y., Xiang, E., Cheung, A., Ruan, W., Hu, W. (2017) "International oil price uncertainty and corporate investment: Evidence from China's emerging and transition economy", Energy Economics 61: 330-339. (SSCI; ABDC: A*) https://doi.org/10.1016/j.eneco.2016.11.024
  48. Shi, Q., Cheung, A., Li, B., and Chung, R. (2017) "Augmenting the intertemporal CAPM with inflation: Some further evidence from alternative models", Australian Journal of Management, 42(4) (SSCI; ABDC: A) https://doi.org/10.1177/0312896216686153
  49. Su J.J., Cheung, A.W., and Roca E. (2017) “Quantile Serial Dependence in Crude Oil Markets: Evidence from Improved Quantilogram Analysis with Quantile Wild Bootstrapping” Applied Economics 49(29), 2817–2828 (SSCI; ABDC: A) https://doi.org/10.1080/00036846.2016.1248356
  50. Cheung, A. (2016) “Corporate social responsibility and corporate cash holdings” Journal of Corporate Finance 37, 412-430. (SSCI; ABDC: A*) https://doi.org/10.1016/j.jcorpfin.2016.01.008
  51. Cheung, A.W., Su J.J. and Roca E. (2015) “Crypto-Currency Bubbles - An application of the Phillips-Shi–Yu (2013) methodology on Mt. Gox bitcoin prices” Applied Economics 47:23, 2348- 2358. (SSCI; ABDC: A) https://doi.org/10.1080/00036846.2015.1005827
  52. Hasan, M., M. Hossain, A. Habib, A. Cheung (2015), “Corporate Life Cycle and Cost of Equity Capital” Journal of Contemporary Accounting and Economics 11: 46–60. (SSCI; ABDC: A) https://doi.org/10.1016/j.jcae.2014.12.002
  53. Jin, Y, E. Roca, B. Li. V. Wong and A.W. Cheung (2014) “Sprinkle your investment portfolio with water!” International Journal of Water Vol. 9, No. 1, 43-59. (ERA 2010: B). https://doi.org/10.1504/IJW.2015.067445
  54. Su, J., A. W. Cheung, and E. Roca (2014) "Does Purchasing Power Parity hold? New evidence from wild-bootstrapped nonlinear unit root tests in the presence of heteroskedasticity" Economic Modelling 36:161–171. (SSCI; ABDC: A) https://doi.org/10.1016/j.econmod.2013.09.029.
  55. Cheung, A. W., and E. Roca. (2013) “The effect on price, liquidity and risk when stocks are added to and deleted from a sustainability index: Evidence from the Asia Pacific Context.” Journal of Asian Economics 24: 51-65. (SSCI; ERA 2010: A; ABDC: B) https://doi.org/10.1016/j.asieco.2012.08.002
  56. Su, J., A. W. Cheung, and E. Roca. (2013) “Lag selection of the Augmented Kapetanios-Shin-Snell Nonlinear Unit Root Test.” Journal of Mathematics and Statistics 9 (2): 102-111. (ERA 2010: B) https://doi.org/10.3844/jmssp.2013.102.111
  57. Su, J., A. W. Cheung, and E. Roca. (2012) “Are securitised real estate markets efficient? New international evidence based on an improved automatic Portmanteau test.” Economic Modelling 29: 684-690. (SSCI; ABDC: A) https://doi.org/10.1016/j.econmod.2012.01.015
  58. Cheung, A. W., J. Su, and A. K. Choo. (2012) “Are exchange rates serially correlated? New evidence from the Euro FX markets.” Review of Financial Economics 21 (1): 14-20. (SSCI; ABDC: B) https://doi.org/10.1016/j.rfe.2011.12.001
  59. Cheung, A. W. (2011) “Do stock investors value corporate sustainability? Evidence from an event study.” Journal of Business Ethics 99: 145-165. (SSCI; ABDC: A) https://doi.org/10.1007/s10551-010-0646-3
  60. Cheung, A. W. (2010) “Managerial Ownership and Performance: A Commentary Essay.” Journal of Business Research 63: 292-293. (SSCI; ABDC: A) https://doi.org/10.1016/j.jbusres.2009.04.002
  61. Li, J., A. Cheung, and E. Roca. (2010) "Yes, Indeed, Idiosyncratic Risk Matters for Socially Responsible Investments!" International Research Journal of Finance and Economics 54: 64-74. (ABDC: C) https://doi.org/10.2139/ssrn.1703750
  62. Li, J., A. Cheung, and E. Roca. (2010) "Socially Responsible Investment in Good and Bad Times" International Research Journal of Finance and Economics 54: 152-165. (ABDC: C) https://doi.org/10.2139/ssrn.1703750
  63. Su, J., A. W. Cheung, and A. K. Choo. (2010) "On the power of modified Kapetanios-Snell-Shin (KSS) tests" Economics Bulletin 30: 2028-2036. (ABDC: C) http://hdl.handle.net/10072/34286
  64. Awirothananon, T. and A. W. Cheung. (2009) "On joint determination of the number of states and the number of variables in Markov-switching models: A Monte Carlo study" Communications in Statistics – Simulation and Computation 38: 1757-1788. (SCI_Expanded; ERA 2010: B; ABDC 2010: B) https://doi.org/10.1080/03610910903121982
  65. Cheung, A. W., and K. J. Wei. (2006) “Insider Ownership and Corporate Performance: Evidence from the Adjustment Cost Approach.” Journal of Corporate Finance 12 (5): 906-925. (SSCI; ABDC: A*) https://doi.org/10.1016/j.jcorpfin.2006.02.002


 
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