Kot, Hung Wan(葛鴻雲)


Senior Lecturer


Department of Finance

Room 848, 8/F
Cheng Yu Tung Building
12 Chak Cheung Street
Shatin, N.T., Hong Kong

+852 3943 9787



Dr Hung Wan Kot is a Senior Lecturer at The Chinese University of Hong Kong (CUHK) Business School. He obtained his PhD in Finance from the Hong Kong University of Science and Technology. Prior to joining CUHK, he was an Assistant Professor at the University of Macau. He served as the finance programme coordinator (2020-2023) in charge of the BSc in Finance and MSc in Finance programmes at the University of Macau. Dr Kot has also taught at the Hong Kong Baptist University and the University of Waikato and was a Visiting Assistant Professor at the City University of Hong Kong. 

Dr Kot has a keen interest in teaching various finance courses at the undergraduate and master levels, including Financial Management, Corporate Finance, Investments, Investments (Mandarin), Financial Markets and Institutions, Derivatives, International Finance, and Mergers and Acquisitions. He also has extensive teaching experience in master-level investment courses conducted in Putonghua in Mainland China.

Dr Kot has published more than 20 peer-reviewed articles in academic journals, including Financial Management, Financial Review, Journal of Banking and Finance, Journal of Empirical Finance, etc. As the principal investigator, he has received three General Research Fund from the UGC of the Hong Kong government. He has also published over 60 Chinese articles in newspapers and magazines.

Teaching Areas

Financial Management
Financial Markets and Institutions

Research Interests

Short Selling
Political Uncertainty
Index Revision
Higher Moments
Hospitality and Tourism Finance

  • Publications & Working Papers

    Main publications

    • Xuelian Li, Liang Dong, Hung Wan Kot, and Ming Liu (2023), “Regulatory investigations, media coverage, and audit opinions,” Journal of International Accounting, Auditing and Taxation, forthcoming.
    • Liang Dong, Yiqing (Kevin) Dai, Tariq Haque, Hung Wan Kot, and Takeshi Yamada (2022), “Coskewness and reversal of momentum returns: The US and international evidence,” Journal of Empirical Finance 69, 241-264.
    • Wan-Qing Lv, Yi-Jie Wang, Ching-Hui (Joan) Su, Ming-Hsiang Chen, and Hung Wan Kot (2022), “A comprehensive analysis of package tour quality: A stochastic evolutionary game,” Tourism Management, 91, 104478.
    • Liang Dong, Hung Wan Kot, Keith S.K. Lam, and Morris Liu (2022), “Co-skewness and expected return: Evidence from international stock markets,” Journal of International Financial Markets, Institutions & Money, 76, 101479.
    • Chunmei Liang, Ming-Hsiang Chen, Di Zhu, Hung Wan Kot, and Zhandong Yang (2022), “Nonlinear effects of board characteristics on China’s hotel performance: New evidence,” Tourism Economics, 28(8), 1998-2020.
    • Liang Dong, Hung Wan Kot, Keith S.K. Lam and Bo Yu (2022), “China vs. U.S.: Is co-skewness risk priced differently?,” Asia Pacific Journal of Accounting and Economics, 29(5), 1333-1353.
    • Adrian W.K. Cheung, Mostafa Hasan, Lidia Tunas, and Hung Wan Kot (2021), “Firm life cycle and trade credit,” Financial Review, 56(4), 743-771.
    • Ming-Hsiang Chen, Su-Jane Chen, Hung Wan Kot, Di Zhu, and Zhongjun Wu (2021), “Does gender diversity matter to Chinese hotel performance?” International Journal of Hospitality Management, 97, 102987.
    • Adrian W. K. Cheung, Hung Wan Kot, Eric F. Y. Lam and Harry K. M. Leung (2020), “Toward understanding short-selling activity: Demand and supply,” Accounting and Finance, 60(3), 2203-2230.
    • Keith S.K. Lam, Liang Dong, and Hung Wan Kot (2020), “Are higher co-moments priced? A tale of two countries,” Journal of Financial Studies, 28(1), 77-109.
    • Hung Wan Kot, Ming-Hsiang Chen, Adrian W.K. Cheung, and Haiyu Huang (2019), “Understanding short selling activity in the hospitality industry,” International Journal of Hospitality Management, 82, 136-148.
    • Fevzi Esen, Manisha Singal, Hung Wan Kot, and Ming-Hsiang Chen (2019), “Can insider trading in U.S. hospitality firms predict future returns?” International Journal of Hospitality Management, 83, 115-127.
    • Hung Wan Kot and Lewis H.K. Tam (2016), “Are stock prices more informative after dual-listing in emerging markets? Evidence from Hong Kong-listed Chinese companies,” Pacific-Basin Finance Journal, 36, 31-45.
    • Hung Wan Kot, Harry K.M. Leung, and Gordon Y.N. Tang (2015), “The long-term performance of index additions and deletions: Evidence from the Hang Seng Index,” International Review of Financial Analysis, 42, 407-420.
    • Kalok Chan, Hung Wan Kot, and Gordon Y.N. Tang (2013), “A comprehensive long-term analysis of S&P 500 Index additions and deletions,” Journal of Banking & Finance, 37, 4920-4930.
    • Hung Wan Kot (2011), “Corporate name changes: Price reactions and long-run performance,” Pacific Basin Finance Journal, 19, 230-244.
    • Kalok Chan, Hung Wan Kot, and Desmond Li (2008), “Portfolio concentration and closed-end fund discounts: Evidence from the China market,” Emerging Markets Review, 9(2), 129-143.
    • Hung Wan Kot (2007), “What determines the level of short-selling activity?” Financial Management, 36(4), 123-141.
    • Abey Gunasekarage and Hung Wan Kot (2007), “Return-based investment strategies in the New Zealand stock market: Momentum wins,” Pacific Accounting Review, 19(2), 108-124.
    • Kalok Chan and Hung Wan Kot (2006), “Can contrarian strategies improve momentum profits?” Journal of Investment Management, 4(1), 70-89.

    Other Publications

    • Hung Wan Kot, Ming-Hsiang Chen, Ching-Hui (Joan) Su and Yu-Xia Lin (2022), “Tang poetry and tourism: Cultural effects after 1000 years,” Tourism Economics, in press.
    • Wenwen Zheng, Junjun Li, Yu Wang, Zhuyifan Ye, Hao Zhong, Hung Wan Kot, Defang Ouyang, and Ging Chan (2023), “Quantitative analysis for Chinese and US-listed pharmaceutical companies by the LightGBM algorithm,” Current Computer-Aided Drug Design, in press.

    Selected Working Papers

    • Hung Wan Kot, Xin Xu, and Bohui Zhang (2023), “Inspections by national leaders and local economic performance in China.”
    • Hung Wan Kot, Frank Weikai Li, Ming Liu and K.C. John Wei (2023), “Do short sellers pay attention to annual reports?”
    • Hung Wan Kot, Xin Xu and Lewis Tam (2022), “Tone management between languages.”
    • Hung Wan Kot, Liang Shao and Lewis H.K. Tam (2021), “Cross-listing and reverse cross-listing: Role of national culture.”
    • Kalok Chan, Hung Wan Kot and Sophie Ni (2017), “Does option trading affect the return predictability of short selling activity?” (Permanent)
    • Kalok Chan, Hung Wan Kot, and Zhishu Yang (2010), “Effects of short-sale constraints on stock prices and trading activity: Evidence from Hong Kong and mainland China.” (Permanent)
  • Grants
    • “Are bilingual announcements the same? Evidence from tone management in Hong Kong market, Project No: MYRG2022-00042-FBA”, Multiple Year Research Grant, 2022 awarded by University of Macau with MOP169,480 with Lewis Tam, 2023-2024 (Principal investigator)
    • “Project title: Sustainable Development of Hospitality and Gaming Tourism Industries in Macau (Research Series) – Phase 1, Project No: 30/DSESHSS-UM/2019”, Specialized Subsidy Scheme for Macao Higher Education Institutions in the Area of Research in Humanities and Social Sciences, Macau with MOP66,900 with Morris Liu, 2019 (Co-investigator)
    • “Empirical asset pricing: Short selling and others, Project No: SRG2017-00103-FBA”, Start-up Research Grant awarded by University of Macau with (MOP150,000), 2017, Duration: 36 months (Principal investigator)
    • “Does information environment change after reverse dual-listing?, Project No: 12501215”, General Research Fund awarded by Research Grants Council, Hong Kong with HK$278,000, with Lewis Tam, 2015 (Principal investigator)
    • “Long-term performance after reverse cross-listing: Evidence from Chinese and Israeli stocks, Project No: 291213”, General Research Fund awarded by Research Grants Council, Hong Kong with HK$151,973, with Lewis Tam, 2013 (Principal investigator)
    • “Short-sale constraints and A-H share premiums, Project No: 242408”, General Research Fund awarded by Research Grants Council, Hong Kong with HK$442,400 with Kalok Chan and Zhishu Yang, 2008 (Principal investigator)
    • “Changes of institutional ownership composition and pricing effects: Evidence from S&P 500 Index additions and deletions, FRG2/10-11/072”, Faculty Research Grant awarded by Hong Kong Baptist University with HK$99,000, with Kalok Chan and Gordon Y.N. Tang, 2011 (Principal investigator)
    • “Long-term performance of additions and deletions of Hang Seng Index constituent stocks, FRG/07-08/I-10”, Faculty Research Grant awarded by Hong Kong Baptist University with HK$49,700, with Gordon Y.N. Tang, 2008 (Principal investigator)
    • “The King’s new clothes? Price reaction of corporate name changes in the Hong Kong market, FRG/06-07/I-12”, Faculty Research Grant awarded by Hong Kong Baptist University with HK$42,820, 2007 (Principal investigator)
    • “What determines the short interest level”, Contestable Research Funds awarded by The University of Waikato Management School with NZ$2,800, 2005 (Principal investigator)
  • Awards & Honours
    • Top Cited Article 2021-2022 for the article: “Firm life cycle and trade credit, with Adrian W.K. Cheung, Mostafa Hasan, and Lidia Tunas,” The Financial Review
    • The top 10% of Authors on SSRN by all-time downloads, Feb 2023
    • Winner of the Ph.D. Students’ Research Paper Competition, HKUST Business School, 2003
    • FMA Doctoral Student Consortium, Denver, 2003
    • D. Student Travel Award, AFA annual meeting in Washington D.C., 2003
    • Research Travel Grant, HKUST, 2002 and 2003
    • Full postgraduate fellowship, HKUST Business School, 1999-2004
    • Finalist for Citibank University Marketing Award, Citibank (Hong Kong), 1997
    • The China and South Sea Bank Ltd. Scholarship, HKBU, 1997
  • Academic/Professional Services

    PhD Thesis Supervision (University of Macau)

    • Xin Xu (Supervisor, from August 2020)
    • Jiang Yu (advisory committee of PhD thesis, 2022. Placement: City University of Macau)

    Ad hoc Reviewer

    • Accounting and Finance
    • African Journal of Business Management
    • Afro-Asian Journal of Finance and Accounting
    • Asian-Pacific Journal of Accounting and Economics
    • Asia-Pacific Journal of Financial Studies
    • Australian Journal of Management
    • China Finance Review International
    • Contemporary Accounting Research
    • Emerging Market Finance and Trade
    • International Economics
    • International Journal of Hospitality Management
    • International Review of Economics & Finance
    • International Review of Finance
    • Investment Analysts Journal
    • Journal of Business Ethics
    • Journal of Business Finance & Accounting
    • Journal of Corporate Finance
    • Journal of Economics and Business
    • Journal of Empirical Finance
    • Journal of Financial and Quantitative Analysis
    • Journal of Hospitality and Tourism Management
    • Journal of International Financial Markets, Institutions & Money
    • Journal of Multinational Financial Management
    • Managerial Finance
    • Pacific Accounting Review
    • Pacific Basin Finance Journal
    • Review of Behavioral Finance
    • Review of Law & Economics
    • Review of Futures Markets
    • Review of Quantitative Finance & Accounting

    External/Program/Subject Reviewer

    • Banking and Financial Services, Open University of Hong Kong, Sep 2017-Mar 2022
    • Hong Kong Nang Yan College of Higher Education, Sep 2015-Aug 2019
    • Research Grants Council (RGC) of Hong Kong SAR, May 2018, May 2020
    • Postgraduate Diploma in Financial Markets and Portfolio Management, HKU School of Professional and Continuing Education, Dec 2013-Sep 2016
    • Program committee, Asian Finance Association annual meeting in Changsha, China, 2015
    • The World Business Ethics Forum, 2012 and 2014
    • Finance Research Centre, Fudan University, May 2012
    • Master of Business, Auckland University of Technology, Sep 2006
    • DBA thesis, University of South Australia, Aug 2008
    • Master of Science in Finance, University of Macau, May 2017

    Service at University of Macau/School of Business

    • Member, Honors College interview for FBA applicants, 2017-2018
    • Member, Principal’s Recommendation Admission to the bachelor’s degree programmes, 2017-2018
    • Members, MSc Finance admission interview, 2017-2018, 2018-2019, 2019-2020
    • Member, MSc in Finance Programme Management Committee, 2019-2020

    Service at HKBU/School of Business

    • Seminar co-ordinator, Department of Finance and Decision Sciences, 2008-2015
    • Member, PMC of BCom (Accountancy) Programme, 2010-2016
    • Research fellow, Chinese Businesses Case Centre, 2015-2016
    • Member, Internationalization Advisory Group, School of Business, 2015-2016
    • Member, BBA student-staff consultative committee, 2014-2016
    • Member, joined “BUS panel and project posters” and “meeting with junior faculty members” during Research Grants Council’s visit to HKBU, 2011
    • Member, joined “meeting junior faculty staff” during AACSB Peer Review Team visit, 2010
    • Member, PMC of BCom (Marketing) Programme, 2009
    • Member, QAC audit for BBA-Finance Programme, 2009