Tsang, Desmond（曾德銘）

Biography

Professor Desmond Tsang is an Associate Professor of Real Estate at the School of Hotel and Tourism Management at CUHK Business School. He also serves as a Co-Director of the Centre for Hospitality and Real Estate Research. He obtained his PhD from University of California at Berkeley majoring in real estate and accounting. His research in real estate specialises in Real Estate Investment Trusts (REITs), Firm Location, and Chinese Real Estate Market. His research interests in accounting include Corporate Governance, Earnings Management, and Financial Reporting Fraud. Professor Tsang has published in top journals such as Management Science, Review of Accounting Studies, Real Estate Economics, Journal of Real Estate Research and Journal of Real Estate Finance and Economics. Professor Tsang teaches real estate at the undergraduate, masters, and doctoral levels at CUHK. Professor Tsang has provided extensive services to the academic profession and the industry. He was the president of both the Asian Real Estate Society (AsRES) and the Global Chinese Real Estate Congress (GCREC) for the term 2022-2023. He has hosted the AsRES-GCREC Joint International Real Estate Conference in 2023 and the Asian Association for Investors in Non-Listed Real Estate Vehicles (ANREV) Research Conference in 2024.

Teaching Area

Real Estate

Research Interests

Real Estate Investment Trusts (REITs)
Firm Location
Chinese Real Estate Market
Corporate Governance
Earnings Management
Financial Reporting Fraud

• Publications & Working Papers
  • Hu, M., Tsang, D., & Wan, W.X. (2023), “Corporate Relocation and Residential Housing Market Spillover,” Management Science, forthcoming.
  • Chen, Z., Cheung, K.S., Tsang, D., & Yiu, C.Y. (2023), “Co-Living at its Best – An Empirical Study of Economies of Scale, Building Age, and Amenities of Housing Estates in Hong Kong,” Buildings, forthcoming.
  • Chu, X., Deng, Y., & Tsang, D. (2023), “Firm Leverage and Stock Price Crash Risk: The Chinese Real Estate Market and Three-Red-Lines Policy,” Journal of Real Estate Finance and Economics, forthcoming.
  • Chu, X., Tsang, D., & Wong, S.K. (2023), “Geographic Diversification and Firm Performance: Where Firms Diversify Matter,” Journal of Real Estate Research, forthcoming.
  • Pruijssers, J., Singer, G., Singer, Z., & Tsang, D. (2023), “Social Influence Pressures and the Risk Perceptions of Aspiring Financial Market Professionals,” Journal of Accounting Education, 62, 100828.
  • Devos, E., Devos, E., Li, H., & Tsang, D. (2022), “Operating Lease as Alternative Financing for REITs: A Viable Strategy or a Sign of Trouble?” Journal of Real Estate Finance and Economics, 65, 153-180.
  • Birz, G., Devos, E., Dutta, S., Nguyen, K., & Tsang, D. (2022), “Ex-Ante Performance of REIT Portfolios,” Review of Quantitative Finance and Accounting, 59, 995-1018.
  • Birz, G., Devos, E., Dutta, S., & Tsang, D. (2021), “Is Good News Good and Bad News Bad in the REIT Market?” Journal of Real Estate Portfolio Management, 27(1), 43-62.
  • Allan, R., Liusman, E., Lu, T., & Tsang, D. (2021), “The COVID-19 Pandemic and Commercial Property Rent Dynamics,” Journal of Risk and Financial Management, 14(8), 360.
  • X. Chu, C. Lu, and D. Tsang (2021), “Geographic Scope and Real Estate Firm Performance during the COVID-19 Pandemic,” Journal of Risk and Financial Management, 14, 7, 309.
  • Chen, C., K. Lo, D. Tsang, and J. Zhang (2020), “Understanding Accounting Discretion in China: An Analysis of Fair Value Reporting for Investment Property,” Journal of Accounting and Public Policy, 39, 4.
  • Y. Gao, J.B. Kim, D. Tsang, and H. Wu (2017), “Go Before the Whistle Blows: An Empirical Analysis of Director Turnover and Financial Fraud,” Review of Accounting Studies, 22(1), 320-360.
  • E. Devos, S. Rahman, and D. Tsang (2017), “Debt Covenants and the Speed of Capital Structure Adjustment,” Journal of Corporate Finance, 45, 1-18.
  • D. Ben-Shahar, E. Solganik, and D. Tsang (2016), “Does IFRS 10 on Consolidated Financial Statements Abandon Accepted Economic Principles?” Australian Accounting Review, 26(4), 341-345.
  • Y. Deng, E. Devos, S. Rahman, and D. Tsang (2016), “The Role of Debt Covenants in Investment Grade Bond Market – The REIT Experiment,” Journal of Real Estate Finance and Economics, 52(4), 428-448.
  • D. Chen, Y. Gao, M. Kaul, C. Leung, and D. Tsang (2016), “The Role of External Management and Sponsor on the Capital Structure of Asian-Pacific REITs: The Case of Australia, Japan, and Singapore,” International Real Estate Review, 19(2), 197-221.
  • W.M.Y. Cheung, J. Lei, and D. Tsang (2016), “Does Property Transaction Matter in the Price Discovery of Real Estate Markets?” International Real Estate Review, 19(1), 27-49.
  • M.H. Chiou, C. Lu, and D. Tsang (2015), “The Impact of Property Luxury Tax on Related Publicly-Traded Company: The Evidence from Taiwan,” Journal of Real Estate, 2(1).
  • E. Devos, A. Spieler, and D. Tsang (2014), “Elective Stock Dividends and REITs: Evidence from the Financial Crisis,” Real Estate Economics, 42(1), 33-70.
  • P. Anglin, R. Edelstein, Y. Gao and D. Tsang (2013), “What is the Relationship between REIT Governance and Earnings Management?” Journal of Real Estate Finance and Economics, 47(3), 538-563.
  • E. Devos, S.E. Ong, A. Spieler, and D. Tsang (2013), “REIT Institutional Ownership Dynamics and the Financial Crisis,” Journal of Real Estate Finance and Economics, 47(2), 266-288.
  • R. Edelstein, S. Fortin, and D. Tsang (2012), “An International Exploration of Financial Reporting Practices in the Real Estate Industry,” International Real Estate Review, 15(3), 347-372.
  • D. Ben-Shahar, E. Solganik, and D. Tsang (2011), “Funds from Operations versus Net Income: Examining the Dividend-Relevance of REIT Performance Measures,” Journal of Real Estate Research, 33(3), 415-442.
  • R. Edelstein, W. Qian, and D. Tsang (2011), “How Do Institutional Factors Affect International Real Estate Returns?” Journal of Real Estate Finance and Economics, 43(1-2), 130-151.
  • P. Anglin, R. Edelstein, Y. Gao, and D. Tsang (2011), “How Does Corporate Governance Affect the Quality of Investor Information? The Curious Case of REITs,” Journal of Real Estate Research, 33(1), 1-24.
  • W. Ge, D. Drury, S. Fortin, F. Liu, and D. Tsang (2010), “Value Relevance of Disclosed Related Party Transactions,” Advances in Accounting, 26, 134-141.
  • A. D. Bardhan, R. Edelstein, and D. Tsang (2008), “Global Economic and Financial Integration and Real Estate Security Returns,” Real Estate Economics, 36(2), 285-311.

• Grants
  • Alrov Institute of Real Estate Research, with Maggie Hu and Wayne Wan, $NIS 30,000, 2021-2022
  • CPA Canada – CAAA Financial Accounting, Assurance & Tax Research Grant, with Ming Liu and Jingjing Zhang, $CDN 6,200, 2019-2021
  • CICA/CAAA Research Grant, with Jing Zhang, $CDN 6,500, 2012-2015
  • Li Ka Shing Foundation Faculty Exchange Awards, $CDN 10,000, 2015
  • FQRSC Research Grant, $CDN 36,256, 2010-2013
  • Real Property Association of Canada (RealPac) Research Grant, with Steve Fortin, $CDN 10,000, 2006

• Awards & Honours

  Research

  • Best Paper Award (First Class), AsRES-GCREC Joint International Real Estate Conference, 2023
  • Academy of Finance Best in Track Award in Real Estate, Academy of Finance Conference, 2021
  • Journal of Real Estate Portfolio Management Red Pen Award (for excellence in the review of articles), American Real Estate Society (ARES) Meeting, 2018
  • Best Paper Award on Innovative Thinking Out of the Box, American Real Estate Society (ARES) Meeting, 2017
  • Aareal Award of Excellence in Real Estate Research, Real Estate Management Institute and Aareal Bank AG, 2015
  • Homer Hoyt/ Weimer School of Advanced Studies in Real Estate and Land Economics Post-Doctoral Honoree, 2015
  • Best Paper Award on Real Estate Investment Trusts, American Real Estate Society (ARES) Meeting, 2013
  • Best Paper Award, Global Chinese Real Estate Congress (GCREC) Conference, 2011
  • Best Paper Award, Asian Real Estate Society (AsRES) Annual Meeting, 2010
  • Best Paper Award, Global Chinese Real Estate Congress (GCREC) Conference, 2010
  • Best Research Paper Award on REIT Analysis, National Association of Real Estate Investment Trusts (NAREIT) and Baruch College (CUNY), 2009
  • Best Paper Award by a New Faculty, American Accounting Association (AAA) Northeast Regional Meeting, 2007

  Teaching

  • Faculty Teaching Merit Award, CUHK, 2021-2022
  • Nominee, BCom Teaching Award for Excellence in Core Teaching, McGill University, 2021
  • Master of Management in Finance (MMF) Teaching Award, McGill University, 2019
  • Desautels Faculty of Management Distinguished Teaching Award, McGill University, 2018
  • RSM Richter Accounting Teaching Fellow, McGill University, 2014-2016
  • Nominee, Principal’s Prize for Excellence in Teaching – Associate Professor (University-Level), McGill University, 2013
  • Management Undergraduate Society’s Professor of the Year Award for implications of students’ lives, McGill University, 2012
  • Desautels Faculty of Management Distinguished Teaching Award, McGill University, 2010
  • Nominee, Principal’s Prize for Excellence in Teaching – Assistant Professor (University-Level), McGill University, 2009

• Academic/Professional Services

  Academic Organisations

  • President, Asian Real Estate Society (AsRES), 2022-2023
  • President, Global Chinese Real Estate Congress (GCREC), 2022-2023
  • Board of director, International Real Estate Society (IRES), 2022-2025
  • Board of director, Asian Real Estate Society (AsRES), 2018-2025
  • Board of director, Global Chinese Real Estate Congress (GCREC), 2012-present

  Associate Editor

  • Journal of Financial Research, 2018-2023
  • International Real Estate Review, 2020-2023
  • Asia-Pacific Journal of Accounting and Economics, 2013-2025

  Guest Editor (Special Issue: Real Estate & COVID-19)

  • Journal of Risk and Financial Management, 2020-2022

  Editorial Board Member

  • Journal of Real Estate Literature, 2023-present
  • Journal of Real Estate Portfolio Management, 2016-2018
  • Journal of Real Estate (in Chinese), 2013-2016