Fan, Joseph Po-hung（范博宏）

Biography

Professor Joseph Fan is an emeritus professor of finance at CUHK Business School. Before his retirement in 2022, he has been on finance faculty of HKUST and HKU. He holds a PhD in finance from University of Pittsburgh, USA (1996) and a BA degree in economics from Taiwan University (NTU) (1985).

Joseph is a world leading researcher and an expert on the finance, governance, and organization of emerging market firms. He has published his research works in a wide spectrum of world renounced academic journals, including Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Business, Journal of Law and Economics, Journal of Law, Economics, and Organization, Journal of Comparative Economics, Journal of Accounting and Economics, and Journal of Accounting Research.

Joseph is one of the globally most cited researchers in finance – over 26,000 citations in Google Scholar. In particular, his co-authored research about corporate ownership structures in East Asia has been named the 26th most cited article of all time published by Journal of Finance as of 2021. His another co-authored paper about political connection of Chinese firms published in Journal of Financial Economics has been named by Abacus (2018) as the 2nd most cited paper of all time on China finance and accounting topics. Joseph’s research leadership is reflected by his long service on various editorial boards of leading international journals, including Journal of Corporate Finance and Management Science. His research insights are frequently quoted by global and regional medias, including The Economist, Wall Street Journal, Financial Times, Nikkei Asian Review, and South China Morning Post.

Besides research, Joseph devotes to disseminating knowledge to the industry and business community through applied research, executive education, and consulting.  He is a co-author of The Family Business Map and several other books and case studies about family business governance and succession. He has developed a full EMBA/Master course on corporate governance from emerging market perspectives and another course on family firm succession and governance, both are new and important addition to the business school curriculum. Joseph has consulted corporate governance and family business succession topics to numerous large and median sized global and regional industry leaders in China and Southeast Asia. The strong linkage between Joseph’s academic research and industry impacts has been acknowledged by Hong Kong University Grant Committee in its 2020 Research Assessment Exercise, as one of the top level (4/4) social impact cases submitted by all universities in Hong Kong.

Teaching Areas

Family Firm Governance
Corporate Governance
Corporate Finance

Research Interests

Corporate Governance
Family Firm Governance
Corporate Finance
Ownership and Organisational Economics

• Publications & Working Papers

  Corporate Governance

  • Joseph P.H. Fan and Joyce Xin Yu (2022), “Do Founding Families Downgrade Corporate Governance? The Roles of Intra-Family Enforcement,” Journal of Corporate Finance.
  • Joseph P.H. Fan, Qiankun Gu, and Joyce Xin Yu (2022), “Collectivist Cultures and the Emergence of Family Firms,” Journal of Law and Economics.
  • Joseph P.H. Fan and Winnie S.C. Leung (2020), “The Impact of Ownership Transferability on Family Firm Governance and Performance: The Case of Family Trusts,” Journal of Corporate Finance.
  • Morten Bennedsen, Joseph P.H. Fan, Ming Jian, and Yin-Hua Yeh (2015), “The Family Business Map: Framework, Selective Survey, and Evidence from Chinese Family Firm Succession,” Journal of Corporate Finance.
  • Joseph P.H. Fan, T.J. Wong, and Tianyu Zhang (2014), “Politically Connected CEOs, Corporate Governance, and Post-IPO Performance of China’s Newly Partially Privatized Firms,” Journal of Applied Corporate Finance.
  • Joseph P.H. Fan, Feng Guan, Zengquan Li, and Yong George Yang (2014), “Relationship Networks and Earnings Informativeness: Evidence from Corruption Cases,” Journal of Business Finance and Accounting.
  • Pramuan Bunkanwanicha, Joseph P.H. Fan, and Yupana Wiwattanakantang (2013), “The Value of Marriage to Family Firms,” Journal of Financial & Quantitative Analysis.
  • Joseph P.H. Fan, T.J. Wong, and Tianyu Zhang (2012), “Founder Succession and Accounting Properties,” Contemporary Accounting Research.
  • Joseph P.H. Fan, T.J. Wong, and Tianyu Zhang (2007), “Politically Connected CEOs, Corporate Governance, and Post-IPO Performance of China’s Newly Partially Privatized Firms,” Journal of Financial Economics.
  • Joseph P.H. Fan and T.J. Wong (2005), “Do External Auditors Perform a Corporate Governance Role in Emerging Markets? Evidence from East Asia,” Journal of Accounting Research.
  • Stijn Claessens and Joseph P.H. Fan (2002), “Corporate Governance in Asia: A Survey,” International Review of Finance.
  • Stijn Claessens, Simeon Djankov, Joseph P.H. Fan, and Larry Lang (2002), “Disentangling the Incentive and Entrenchment Effects of Large Shareholdings,” Journal of Finance.
  • Joseph P.H. Fan and T.J. Wong (2002), “Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia,” Journal of Accounting and Economics.

  Corporate Finance

  • Joseph P.H. Fan, Jun Huang, Felix Oberholzer-Gee, and Mengxin Zhao (2020), “Bureaucrats as Managers and Their Roles in Corporate Diversification,” Journal of Corporate Finance.
  • Joseph P.H. Fan, Li Jin, and Guojian Zheng (2016), “Revisiting the Bright and Dark Sides of Capital Flows in Business Groups,” Journal of Business Ethics.
  • Joseph P.H. Fan, Jun Huang, and Ning Zhu (2013), “Institutions, Ownership Structures, and Distress Resolution in China,” Journal of Corporate Finance.
  • Joseph P.H. Fan, Sheridan Titman, and Garry Twite (2012), “An International Comparison of Capital Structure and Debt Maturity Choices,” Journal of Financial & Quantitative Analysis.
  • Joseph P.H. Fan, K.C. John Wei, and Xinzhong Xu (2011), “Corporate Finance and Governance in Emerging Markets: A Selective Review and an Agenda for Future Research,” Journal of Corporate Finance.
  • Joseph P.H. Fan, Oliver Meng Rui, and Mengxin Zhao (2008), “Public Governance and Corporate Finance: Evidence from Corruption Cases,” Journal of Comparative Economics.
  • Joseph P.H. Fan, Jun Huang, Felix Oberholzer-Gee, Troy D. Smith, and Mengxin Zhao (2008), “Diversification of Chinese Companies: An International Comparison,” Chinese Management Studies.
  • Stijn Claessens, Joseph P.H. Fan, and Larry Lang (2006), “The Benefits and Costs of Group Affiliation: Evidence from East Asia,” Emerging Markets Review.
  • Stijn Claessens, Simeon Djankov, Joseph P.H. Fan, and Larry Lang (2003), “When Does Corporate Diversification Matter to Productivity and Performance? Evidence from East Asia,” Pacific-Basin Finance Journal.

  Organisational Economics

  • Joseph P.H. Fan, Jun Huang, Randall Morck, and Bernard Yeung (2017), “Institutional Determinants of Vertical Integration in China,” Journal of Corporate Finance.
  • Joseph P.H. Fan, T.J. Wong, and Tianyu Zhang (2013), “Institutions and Organizational Structure: The Case of State-Owned Corporate Pyramids,” The Journal of Law, Economics, & Organization.
  • Joseph P.H. Fan, Stuart L. Gillan, and Xin Yu (2013), “Innovation or Imitation? The Role of Intellectual Property Rights Protections,” Journal of Multinational Financial Management.
  • Joseph P.H. Fan, Stuart L. Gillan, and Xin Yu (2013), “Property Rights, R&D Spillovers, and Corporate Accounting Transparency in China,” Emerging Markets Review.
  • Joseph P.H. Fan, Randall Morck, Lixin Colin Xu, and Bernard Yeung (2009), “Institutions and Foreign Direct Investment: China versus the Rest of the World,” World Development.
  • Joseph P.H. Fan and Vidhan Goyal (2006), “On the Patterns and Wealth Effects of Vertical Mergers,” Journal of Business.
  • Joseph P.H. Fan (2000), “Price Uncertainty and Vertical Integration: An Examination of Petrochemical Firms,” Journal of Corporate Finance.
  • Joseph P.H. Fan and Larry H.P. Lang (2000), “The Measurement of Relatedness: An Application to Corporate Diversification,” Journal of Business.
  • Dung Nguyen and Joseph P.H. Fan (1995), “The Role of Natural Resources in Trade Patterns among the U.S., Japan, and Other Countries in the Asian Pacific Rim,” Review of World Economics.

• Grants
  • “The Aging Population, Superannuation and Corporate Dividend Policy”, ARC Discovery Grant awarded by the Australian Research Council with AUD 300,000, 2015 (Co-investigator)
  • “A Study on Family Trust Ownership – Determinants and Impact on Firm Governance”, Focused Innovations Scheme-Scheme A: Major Area in Economics and Finance awarded by the CUHK Committee on Focused Innovations Scheme with HK$145,000, 2014 (Principal Investigator)
  • “Family Ownership Structures and Corporate Policies: The Case of Family Trust”, General Research Fund awarded by the Hong Kong Research Grant Council with HK$456,000, 2011–2012 (Principal Investigator)
  • “Property Rights, R&D Spillovers and Corporate Accounting Transparency in China”, General Research Fund awarded by the Hong Kong Research Grant Council with HK$301,550, 2010–2011 (Principal Investigator)
  • “Relationship-based Assets and Accounting Properties: Evidence from Corruption Cases in China”, General Research Fund awarded by the Hong Kong Research Grant Council with HK$366,240, 2009–2010 (Principal Investigator)
  • “Institutions and Firm Behaviors in Financial Distress”, Competitive Earmarked Research Grant awarded by the Hong Kong Research Grant Council with HK$516,000, 2008–2009 (Principal Investigator)
  • “The Succession of Family Firms in Asia”, Competitive Earmarked Research Grant awarded by the Hong Kong Research Grant Council with HK$446,176, 2005–2006 (Principal Investigator)
  • “An International Comparison of Corporate Financial Policy”, Competitive Earmarked Research Grant awarded by the Hong Kong Research Grant Council with HK$404,000, 2003–2004 (Principal Investigator)
  • “An Empirical Research on Chinese Listed Companies’ Corporate Governance Issues”, National Natural Science Fund awarded by the Chinese Government with RMB130,000, 2002–2003 (Co-investigator)
  • “Corporate Diversification and Productivity of East Asian Firms”, Competitive Earmarked Research Grant awarded by the Hong Kong Research Grant Council with HK$565,000, 2000–2001 (Principal Investigator)
  • “The Performance and Governance of Diversified Firms”, Competitive Earmarked Research Grant awarded by the Hong Kong Research Grant Council with HK$627,000, 1999–2000 (Principal Investigator)
  • “Vertical Integration and Contractual Arrangements in the Chemical Industry”, Competitive Earmarked Research Grant awarded by the Hong Kong Research Grant Council with HK$364,000, 1998–1999 (Principal Investigator)

• Awards & Honours
  • The Emerald Citations of Excellence Award, 2015
  • CUHK Faculty of Business Administration Outstanding Teaching Award, 2009
  • CUHK Young Researcher Award, 2008
  • CUHK Faculty of Business Administration Research Award, 2007
  • Third Prize of TCFA-CICC Best Paper Awards, Boston, 2007
  • Best Paper Award of China International Conference in Finance, Chengdu, 2007
  • First Prize of TCFA-CICC Best Paper Awards, Boston, 2006
  • Nominated for the Journal of Finance Brattle Prize, 2003
  • Best Papers Award, APFA Annual Meeting, Shanghai, July 2000
  • Best Papers Award, the Seventh Conference on the Theories and Practices of Securities and Financial Markets, Taiwan, December 1998