Professor Stephen Y. L. Cheung
SBS, 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, Y. L., Haw, I. M., Tan, W. Q., & Wang, W. M. (forthcoming in 2021). Auditor Appointment Strategy and Intragroup Value Transfers: Evidence from Family Business. Journal of Accounting, Auditing and Finance.
  • Cheung, Y. L., Rau, P. R., & Stouraitis, A. (forthcoming in 2021). What Determines the Return to Bribery? Evidence from Corruption Cases Worldwide. Management Science.
  • Cheung, Y. L., Rau, P. R., Stouraitis, A., & Tan, W. Q. (2021). Does the Market Understand the Ex Ante Risk of Expropriation by Controlling Shareholders? Journal of Corporate Finance, 1-55.
  • Ahn, H., Cai, J., & Cheung, Y. L. (2020). Execution Costs, Investability, and Actual Foreign Investment in Emerging Markets. China Finance Review International, 10(2), 143-167.
  • Cheung, Y. L., & Stouraitis, A. (2020). Report on the HKIoD Corporate Governance Scorecard 2020. The Hong Kong Institute of Directors.
  • Cheung, Yan-leung, Tan, Weiqiang, & Wang, Wenming (2020). Where Do Banks Value Corporate Social Responsibility More? Evidence on the Role of National Culture. Journal of Banking and Finance.
  • Cheung, Yan-leung, Haw, In-mu, Hu, Bingbing, Swink, Morgan, & Zhang, Wenlan (2020). Common Institutional Investors and Supplier Performance in Supply Chains. Journal of Operations Management.
  • Cheung, Yan-leung, Dai, Yunhao, Ouyang, Zhiwei, & Tan, Weiqiang (2018). Who Leaves Money on the Table? The Role of Founder Identity in Hong Kong. Applied Economics, 50(7), 774-788. London: Taylor & Francis.
  • Cheung, Yan-leung, Dang, Yin, Jiang, Ping, Lu, Tong, & Tan, Weiqiang (2018). Does the Market Care about Investor Protection Practices in China? Applied Economics, 50(5), 492-509. 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, 1-20.
  • Su, Weichieh, Peng, Mike W., Tan, Weiqiang, & Cheung, Yan-leung (2016). The Signaling Effect of Corporate Social Responsibility in Emerging Economics. Journal of Business Ethics, 134(3), 479-491.
  • 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, Kong, Dongmin, Tan, Weiqiang, & Wang, Wenming (2015). Being Good When Being International in an Emerging Economy: The Case of China. Journal of Business Ethics, 130(4), 805-817.
  • Cheung, Yan-Leung, Lou, X., Tan, W., & Xiao, T. (2014). Management Earnings Forecasts, Earnings Announcements, and Institutional Trading in China. Emerging Markets Finance and Trade, 50(6), 184-203.
  • Cheung, Yan-Leung, Connelly, J. Thomas, Estanislao, Jesus P., Limpaphayom, Piman, Lu, Tong, & 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.
  • 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.
  • 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.