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


WOS Researcher ID: AAH-9468-2021

Scopus ID: 15061177900

ORCID: 0000-0002-4369-2129


Academic Qualifications


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.  



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 October 4, 2023, Stanford University released the latest ranking of "World's Top 2% Scientists". In the "2022 Science Impact Rankings", Dr. Cheung was included in Finance's "Science Impact Rankings of the Year". He was previously included in the 2021 list.



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. 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)
  2. 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(2024)1113-1130 (SSCI; Q1)
  3. Khoo, J., Cheung, A., Wang, R., (2024) “Distracted Institutional Shareholders and Debt Maturity” Journal of Financial Research 2024;1-33. (SSCI; ABDC: A)
  4. 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”The North American Journal of Economics and Finance (Vol. 73, p. 102175) (SSCI; Q2)
  5. Lin, L., Cheung, A., Yan, W. (2024) “Volatility Spillovers of Cloud Stocks: Evidence from China Using the Dynamic Connectedness Approach”Accounting and Finance. 2024;00:1-15 (SSCI; ABDC: A)
  6. Lin, L., Cheung, A. (2024) "Pricing cloud stocks: Evidence from China"  Accounting and Finance 64(1):811-832 (SSCI; ABDC: A)
  7. Khoo, J., Cheung, A. (2024) “Vintage capital and trade credit” Accounting and Finance 64(1): 507-537 (SSCI; ABDC: A)
  8. 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)
  9. Khoo, J., Cheung, A. (2023) “Hidden cost of organization capital: evidence from trade credit”British Accounting Review 101238 (SSCI; Q1; ABDC: A*)
  10. 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)
  11. 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))
  12. Hasan, M. and Cheung, A. (2023) “Organization Capital and Firm Risks” China Accounting and Finance Review 25(3): 338-367 (ABDC: A))
  13. 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)
  14. 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)
  15. 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)
  16. 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)
  17. Khoo, J. and Cheung, A. (2022) “Skilled labour risk and trade credit” Financial Review 58(2): 423-447 (ABDC: A; ABS:3)
  18. 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))
  19. 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)
  20. 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)
  21. 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)
  22. 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)
  23. Khoo, J.  and Cheung, A. (2022) “Managerial ability and debt maturity” Journal Contemporary Accounting and Economics 18(1) 100295 (SSCI; ABDC: A)
  24. Khoo, J.  and Cheung, A. (2021) “Managerial ability and trade credit” Financial Review 57(2): 429-451 (ESCI; ABDC: A; ABS:3)
  25. 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)
  26. 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)
  27. 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)
  28. 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)
  29. Khoo, J.  and Cheung, A. (2021) “Does geopolitical uncertainty affect corporate financing? Evidence from MIDAS regression” Global Finance Journal 47: 100519 (ESCI; ABDC: A)
  30. 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)
  31. 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)
  32. 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)
  33. 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)
  34. 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)
  35. 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)
  36. 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).
  37. Cheung, A., and Hu, W. (2019) "Information disclosure quality: correlation vs precision", Accounting and Finance 59: 1033–1053 (SSCI; ABDC: A)
  38. 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)
  39. Cheung, A., Hu, M., and Schwiebert, J. (2018) "Corporate Social Responsibility and Dividend Policy", Accounting and Finance 58: 787-816 (SSCI; ABDC: A)
  40. Hasan, M., and Cheung, A. (2018) “Organization capital and firm life cycle”, Journal of Corporate Finance 48: 556–578 (SSCI; ABDC: A*)
  41. 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*)
  42. 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)
  43. 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)
  44. Cheung, A. (2016) “Corporate social responsibility and corporate cash holdings” Journal of Corporate Finance 37, 412-430. (SSCI; ABDC: A*)
  45. 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)
  46. 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)
  47. 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).
  48. 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)
  49. 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)
  50. 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)
  51. 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)
  52. 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)
  53. 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)
  54. Cheung, A. W. (2010) “Managerial Ownership and Performance: A Commentary Essay.” Journal of Business Research 63: 292-293. (SSCI; ABDC: A)
  55. 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)
  56. 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)
  57. 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)
  58. 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)
  59. 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*)

Research Papers Presented at Academic Conference/Seminar

1)     Joye Khoo, Adrian (Wai-kong) Cheung (2024) “Climate change exposure and trade credit provision”, Asian-FA Conference 2024, June 2024, Macao, China.

2)     Adrian (Wai-kong) Cheung (2023) “Cloud economy - a finance perspective" [keynote address], Guangdong Social Science Academic Annual Conference 2023,  September 2023, Dongguan, China.

3)  Adrian (Wai Kong) Cheung, Deqin Lin, Lu Liu and Lifei Xue (2023) Analysis and evaluation of statistical indicators of economic diversification in Macao" The Third Annual Conference of Macao Studies (2023), Macao, China.

Current Research Projects

1)     “Distracted investors and corporate innovations” (Co-authors: Jamie Tong, Frank Zhang, University of Queensland; David Xiang, Edith Cowan University)

2)     “Oil and stock prices – evidence from cross-quantilogram” (Co-authors: Nirodha Imali Jayawardena, Jen-Je Su, Eduardo Roca, Griffith University)

3)     “On the price discovery of Bitcoin prices – evidence from high-frequency data” (Co-authors: Akihiro Omura, Jen-Je Su, Griffith University)

4)     “CSR disclosure and corporate cash holdings – evidence from China” (Co-author: Tianpei Luo, Curtin University)

5)     “CEO pay gap and bank liquidity“ (Co-authors: Shams Pathan & Chen Zheng, Curtin University)

6)     “Learning about heterogeneity in the relationship between insider ownership and corporate performance” (Co-authors:with Professor John K. C. Wei, HKPolyU and Dr. May Hu, Deakin University)

7)     “Do customers’government subsidies have spillover effects on the innovation of their suppliers? Evidence from China” (Co-author: David Xiang, Edith Cowan University)

8)  “Political uncertainty and commodity prices” (Co-authors: Joye Khoo, Curtin University; Yiuman Tse, UMSL)