Prof. Stephen Y. L. Cheung, BBS, JP

Professor Stephen Cheung Yan-leung, BBS, JP, President and Chair Professor of Public Policy, joined in 2013.
He was Dean and Chair Professor of Finance, School of Business at the Hong Kong Baptist University. Professor Cheung was also Convenor of the Business Advisory Committee at the university and participated in the accreditation and assessment of undergraduate, research and graduate programmes, academic development and strategic development. He also led to design three Master programmes at the City University of Hong Kong: the Master of Science in Banking, Master of Science in Financial Engineering, and Master of Science in Finance. The banking programme was offered exclusively to executives of the Hong Kong Monetary Authority for the first two years of intake. The financial engineering programme was designed to groom finance executives and is the first of its kind in Asia.

Professor Cheung graduated from The Chinese University of Hong Kong with a major in Mathematics. He received his PhD in Statistics from the University of Paris VI, and a PhD in Finance from the University of Strathclyde. Professor Cheung is highly active in academic research, focusing on corporate governance, corporate social responsibility and financial market development, and publishes widely in international refereed journals. He is also a prolific writer, contributing numerous articles to Chinese, English, Japanese and French newspapers and magazines.
Professor Cheung has actively participated in a wide range of community services. He chairs the Supervisory Committee of the Asian Bond Fund Hong Kong Bond Index Fund of the Hong Kong Monetary Authority, the Nursing and Midwifery Sub-Group of Steering Committee on Strategic Review on Healthcare Manpower Planning and Professional Development, the Hong Kong Committee for Pacific Economic Cooperation, and the Social Innovation and Entrepreneurship Development Fund Task Force, and serves as a member of the Commission on Poverty. In past years, Professor Cheung held a number of other public offices. He was the Chairman of the Consultation Panel of the West Kowloon Cultural District Authority and Part-time Member of the Central Policy Unit.


  • PhD (University of Paris VI‚ France)
  • PhD (University of Strathclyde‚ Scotland)
  • BSc(Hons) (The Chinese University of Hong Kong)


  • Corporate Finance
  • Investment
  • Financial Market Development


Scholarly Books, Monographs and Chapters:

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. Boubaker, S. and Nguyen, D.K., Corporate Governance in Emerging Markets (27-53). Berlin Heidelberg, Germany: Springer-Verlag Berlin Heidelberg.

Journal Articles:

Cheung, Yan-leung Stephen, Tan, Weiqiang, Wang, Wenming (2016). National Stakeholder Orientation, Coporate Social Responsibility and Bank Loan Cost. Journal of Business Ethics, Published online, 1-20.

Chan, A.K.K., and Cheung, S.Y.L. (2015). Special Issue on Corporate Social Responsibility and Sustainability: An Introduction. Journal of Business Ethics, 130(4), 753-754.

Cheung, Yan-leung, Luo, Xuandong, Tan, Weiqiang and Xiao, Tusheng (2015). Management Earnings Forecasts, Earnings Announcements and Institutional Trading in China. Emerging Markets Finance and Trade, 50(Sup 6), 184-203.

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, Published online, 1-13.

Cheung, Y. L., Law, I. M., Tan, W. Q., & Wang, W. M. (2014). Board Structure and Intragroup Propping: Evidence from Family Business Groups in Hong Kong. Financial Management, 43(3), 569-601.

Yan-leung Cheung, Dongmin Kong, Weiqiang Tan, Wenming Wang (2014). Being Good When Being International in an Emerging Economy: The Case of China. Journal of Business Ethics, Published online, 1-13.

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, 4(3), 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.