Professor Stephen Y. L. Cheung
BBS, JP, Officier dans l’Ordre des Palmes Académiques
President and Chair Professor of Public Policy
The Education University of Hong Kong

Academic & Professional Qualifications
BSc(Hons) CUHK, PhD Paris VI, PhD Strathclyde

Research Interests
Corporate Finance, Investment, Financial Market Development.

Recent Publications

  • Cheung, Yan-leung, Dai, Yunhao, Ouyang, Zhiwei & Tan, Weiqiang (forthcoming). Who leaves money on the table? The role of founder identity in Hong Kong. Applied Economics, Issue 7. London: Taylor & Francis.
  • Cheung, Yan-leung, Dang, Yin, Jiang, Ping, Lu, Tong & Tan, Weiqiang (forthcoming). Does the market care about investor protection practices in China? Applied Economics, Issue 5. London: Taylor & Francis.
  • Cheung, Yan-Leung, Cheng, Yuk-shing & Woo, Chi-keung (2017). Hong Kong's Global Financial Centre and China's Development - Changing Roles and Future Prospects. London & New York: Routledge.
  • Cheung, Stephen Y. L. & Stouraitis, Aris (2016). Report on the HKIoD Corporate Governance Score-card 2016. Hong Kong: The Hong Kong Institute of Directors.
  • Cheung, Yan-Leung, Tan, Weiqiang & Wang, Wenming (2016). National Stakeholder Orientation, Corporate Social Responsibility, and Bank Loan Cost. Journal of Business Ethics.
  • Chan, Allan K. K. & Cheung, Yan-Leung (2015). Special Issue on Corporate Social Responsibility and Sustainability: An Introduction. Journal of Business Ethics, 130.4, 753-754.
  • Cheung, Yan-Leung, Connelly, J. Thomas, Estanislao, Jesus P., Limpaphayom, Piman, Lu, Tong and Utama, Sidharta (2014). The Corporate Governance and Firm Valuation in Asian Emerging Markets. Corporate Governance in Emerging Markets, Boubaker, S. and Nguyen, D.K. (eds). Springer-Verlag Berlin Heidelberg, pp. 27-53.
  • Su, Weichieh, Peng, Mike W., Tan, Weiqiang, Cheung, Yan-leung (2014). The Signaling Effect of Corporate Social Responsibility in Emerging Economics. Journal of Business Ethics.
  • Cheung, Y. L., Law, I. M., Tan, W. Q., & Wang, W. M. (in press). Board Structure and Intragroup Propping: Evidence from Family Business Groups in Hong Kong. Financial Management.
  • Cheung, Yan-leung, Kong, Dongmin, Tan, Weiqiang, & Wang, Wenming (2014). Being Good When Being International in an Emerging Economy: The Case of China. Journal of Business Ethics, 10.1007/s10551-014-2268-7.
  • Chan, Alfred C. M., Cheung, Stephen Y. L., & Lai, Tony C. K. (2014). Widening of a Poverty Gap: A Condition of Governance Crisis in Hong Kong. Advances in Applied Sociology, 69-84.
  • Cheung, Y. L., Chung, C. W., Tan, W. Q., & Wang, W. M. (2013). Connected Board of Directors: A Blessing or a Curse? Journal of Banking and Finance, 37, 3227-3242.
  • Cheung, Y. L., Jiang, K., Mak, B. S. C., & Tan, W. Q. (2013). Corporate Social Performance, Firm Valuation, and Industrial Difference: Evidence from Hong Kong. Journal of Business Ethics, 114(4), 625-631.
  • Cheung, Y. L., Jiang, K., & Tan, W. Q. (2012). 'Doing-good' and 'doing-well' in Chinese Publicly Listed Firms. China Economic Review, 23, 776-785.
  • Cheung, Y. L., Cheung, Y. W., & He, A. (2012). Yen Carry Trades and Stock Returns in Target Currency Countries. Japan and the World Economy, 24, 174-183.
  • Cheung, Y. L., Stouraitis, A., & Tan, W. Q. (2011). Corporate Governance, Investment, and Firm Valuation in Asian Emerging Markets. Journal of International Financial Management & Accounting, 22(3), 246-273.
  • Cheung, Y. L., Connelly, J. T., Jiang, P., & Limpaphayom, P. (2011). Does Corporate Governance Predict Future Performance? Evidence from Hong Kong. Financial Management, 159-197.
  • Li, K., Wang, T., Cheung, Y. L., & Jiang, P. (2011). Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China. The Review of Financial Studies, 24(7), 2499-2525.
  • Cheung, Y. L., Cheung, Y. W., He, W. W., & Wan, T. K. (2010). A Trading Strategy Based on Callable Bull/Bear Contracts. Pacific-Basin Finance Journal, 18, 186-198.
  • Cheung, Y. L., Jiang, P., & Tan, W. Q. (2010). A Transparency Disclosure Index Measuring Disclosures: Chinese Listed Companies. Journal of Accounting and Public Policy, 29, 259-280.
  • Cheung, Y. L., Jiang, P., Limpaphayom, P., & Lu, T. (2010). Corporate Governance in China: A Step Forward. European Financial Management, 16(1), 94-123.
  • Cheung, Y. L., Tan, W. Q., Ahn, H. J., & Zhang, Z. (2010). Does Corporate Social Responsibility Matter in Asian Emerging Markets? Journal of Business Ethics, 92, 401-413.
  • Cheung, Y. L., Stouraitis, A., & Tan, W. Q. (2010). Does the Quality of Corporate Governance Affect Firm Valuation and Risk? Evidence from a Corporate Governance Scorecard in Hong Kong. International Review of Finance, 10(4), 403-432.
  • Cheung, Y. L., Rau, P. R., & Stouraitis, A. (2010). Helping Hand or Grabbing Hand? Central vs. Local Government Shareholders in Chinese Listed Firms. Review of Finance, 14, 669-694.
  • Cheung, Y. L., Cheung, Y. W., & Wan, A. (2009). A High-Low Model and Daily Stock Price Ranges. Journal of Forecasting, 28, 103-119.
  • Cheung, Y. L., Qi, Y., Rau, P. R., & Stouraitis, A. (2009). Buy High, Sell Low: How Listed Firms Price Asset Transfers in Related Party Transactions. Journal of Banking and Finance, 33(5), 914-924.
  • Zhang, Z., Cai, J., & Cheung, Y. L. (2009). Explaining Country and Cross-Border Liquidity Commonality in International Equity Markets. The Journal of Futures Markets, 29(7), 630-652.
  • Cheung, Y. L., Tan, W. Q., & Ouyang, Z. W. (2009). How Regulatory Changes Affect IPO Underpricing in China. China Economic Review, 20, 692-702.
  • Bailey, W., Cai, J., Cheung, Y. L., & Wang, F. (2009). Stock Returns, Order Imbalances and Commodities: Evidence on Individual, Institutional and Proprietal Investors in China. Journal of Banking and Finance, 33, 9-19.
  • Cheung, Y. L., Jing, L., Lu, T., Rau, P. R., & Stouraitis, A. (2009). Tunneling and Propping Up: An Analysis of Related Party Transactions by Chinese Listed Companies. Pacific-Basin Finance Journal, 17, 372-393.