Cheng, Joseph W.W.
BBA, MBA (Simon Fraser); PhD (Maryland)
Director, MSc Programme in Finance (Full Time)
Department of FinanceRoom 1214, 12/F
Cheng Yu Tung Building
12 Chak Cheung Street
Shatin, N.T., Hong Kong
+852 3943 7904
Prof. Joseph W. W. Cheng received a PhD in Finance from the University of Maryland in 1993. He joined The Chinese University of Hong Kong in the same year. He has won numerous teaching awards including the Faculty of Business Administration Teaching Award and the Outstanding Teacher Award.
Prof. Cheng’s main research interests include asset pricing, options and futures, market microstructure, market efficiency and behavioural finance. He has published research works in leading finance journals including the Journal of Finance, the Journal of Banking and Finance and the Journal of Empirical Finance. He also frequently reviews academic papers for numerous finance journals, conferences and the RGC.
Prof. Cheng serves the community as well as the university and Shaw College in various capacities. He is the current member of the Research Grant Committee, Investor Education Centre (a subsidiary of Securities and Futures Commission, HKSAR); ExCo Member, Asia Pacific Structured Finance Association; Member of the Validation Panel, Hong Kong Council for Accreditation of Academic and Vocational Qualifications; External Examiner, OUHK. He has also served with the Advisory Committee on Human Resources Development in the Financial Services Sector, Financial Services and the Treasury Bureau, HKSAR. Moreover, he is the College Coordinator (IFAA, IBBA, BBA-JD Programmes), Fellows and Trustees of Shaw College.
Options and Futures
- Publications & Working Papers
- Joseph W. W. Cheng, Eric Chang, Michael Pinegar, and Yinghui Yu (2012), “Short-Sale Constraints: Reduction in Costs of Capital or Overvaluation? Evidence from Hong Kong,” Pacific-Basin Finance Journal, 20, 506-520.
- Joseph W. W. Cheng and Hiu-Fung Wu (2010), “The Profitability of Momentum Trading Strategies: Empirical Evidence from Hong Kong,” International Review of Economics and Finance, 19, 527-538.
- Joseph W. W. Cheng, Eric Chang, and Michael Pinegar (2008), “The Factor Structure of Time-varying Conditional Volume,” Journal of Empirical Finance, 15, 251-264.
- Joseph W. W. Cheng, Eric Chang, and Yinghui Yu (2007), “Short-Sales Constraints and Price Discovery: Evidence from the Hong Kong Market,” Journal of Finance, 62, 2097-2122.
- Joseph W. W. Cheng and Son-Nan Chen (2005), “An Alternative Test of the After-Tax CAPM,” Advances in Financial Planning and Forecasting, 1, 37-64.
- Joseph W. W. Cheng, Dennis Fan, and Raymond So (2003), “On the Performance of Naïve, Analyst and Composite Earnings Forecasting: Evidence from Hong Kong,” Journal of International Financial Management and Accounting, 14, 146-165.
- Joseph W. W. Cheng and Eric Chang (2002), “Inflation and Relative Price Variability : A Revisit,” Applied Economics Letters, 9, 325-330.
- Joseph W. W. Cheng, Eric Chang, and Ajay Khorana (2000), “An Examination of Herd Behaviour in Equity Markets : An International Perspective,” Journal of Banking and Finance, 24, 1651-1679.
- Joseph W. W. Cheng and Eric Chang (2000), “Further Evidence on the Variability of Inflation and Relative Price Variability,” Economics Letters, 66, 71-77.
- Joseph W. W. Cheng, Eric Chang, and Michael Pinegar (1999), “Does Futures Trading Increase Stock Market Volatility?: The Case of the Nikkei Stock Index Futures Markets,” Journal of Banking and Finance, 23, 727-753.
- “The Relation between Price Changes and Trading Volume: A Market Level Analysis (價格變動與成交量的關係︰一個巿場層面的分析)”, Earmarked Grants awarded by Research Grants Council, 2001-2004
- “Examining the Implications of Portfolio Theory for Trading Volume: A Latent Variable Approach (探討投資組合理論對成交量的含義︰一個潛在變數的方法)”, Earmarked Grants awarded by Research Grants Council, 2000-2003
- “Transaction Costs And The Cross-Autocorrelations In Stock Returns”, Earmarked Grants awarded by Research Grants Council, 2001-2002
- “Sources and Consequences of International Equity Market Correlation”, Earmarked Grants awarded by Research Grants Council, 1996-1998
- Awards & Honours
- Faculty Outstanding Teaching Award, CUHK Business School, The Chinese University of Hong Kong, 2003-2004
- Teaching Awards, CUHK Business School, The Chinese University of Hong Kong, 2000-Present
- Academic/Professional Services
Selected External Service
- Research Grant Committee, Investor Education Centre, Securities and Futures Commission, HKSAR, 2015-Present
- ExCo Member, Asia Pacific Structured Finance Association, 2015-Present
- Advisory Committee on Human Resources Development in the Financial Services Sector, Financial Services and the Treasury Bureau, HKSAR, 2009-2013
- Validation Panel, Hong Kong Council for Accreditation of Academic and Vocational Qualifications: Revalidation exercise for the BBA (Hons) and BComm (Hons) in Accounting and Banking Programmes of the Chu Hai College of Higher Education, 2009
- Sector/Subject Specialist, Hong Kong Council for Accreditation of Academic and Vocational Qualifications (HKCAAVQ), 2008-Present
- External Examiner, The Open University of Hong Kong, 2002-Present
- Validation Panel, Hong Kong Council for Accreditation of Academic and Vocational Qualifications (HKCAA/HKCAAVQ), 2002-Present
- Reviewer, Earmarked Research Grant Proposals, Research Grant Council, HKSAR, 2000-Present
Service to University and College
- Board of Trustees, Shaw College, 2010-Present
- Assembly of Fellows, Shaw College, 2010-Present
- Member, Focused Innovations Scheme– Scheme A, Management Committee on Economics and Finance, 2013-2015
- Member, Scholarship Committee, Shaw College, 2012-Present
- Member, Focused Investments Scheme – Scheme A, Steering Committee on Economics and Finance, 2011-2013
- Member, Graduate School Disciplinary Committee, 2005-Present
Service to Faculty
- Member, Advisory Committee for the School of Management and Economics of The Chinese University of Hong Kong (Shenzhen), 2015-Present
- Member, Review Panel for the Master of Accountancy (MAcc) Programme, 2012-Present
- Department Representative, Committee on Teaching and Learning Quality, 2010-2015
- Member, Executive Development Programmes Committee, 2003-Present