EDUCATION

Ph.D. Graduate School of Business University of Chicago Chicago Ill. Dec 1984. Dissertation Title: Exchange Rate Intervention Policies: Rational Expectations Interdependence of Policy Actions and Policy Expectations.

MBA Graduate School of Business University of Chicago Chicago Ill. 1981.

B.A. (Hon) in Economics and Mathematics University of Western Ontario London Ontario Canada 1979.

 

ACADEMIC APPOINTMENTS

Chair Professor and CheungKong (Yangtze River) Scholar (Minister of Education) Southern University of Science and Technology China (Aug 2023)

Emeritus and Inaugural President Asian Bureau of Finance and Economics Research (July 2023 – )

Emeritus Professor NUS Business School (July 2023 – )

Stephen Riady Distinguished Professor NUS Business School (June 2008 – Jun 2023)

Dean National University of Singapore NUS Business School (June 2008 – Jun 2019)

President Asian Bureau of Finance and Economics Research (2014 – 2023)

Director NYU China – China House (2006 - 2008)

Abraham Krasnoff Professor in Global Business Professor of Economics and Professor of Strategy New York University Stern School of Business (1999 – 2010)

NYU Society of Fellows (2007 – 2010)

Honorary Co-Chair Strategy Department Guanghua School of Management Peking University (since 2004 – 2008)

Advisory University Professor East China Normal University (since 2006 – 2008)

Interim-Director Global Business Institute Stern NYU 2006-7 (Deputy Director 2003 – 2006)

Area Research Director (Foreign Investment) William Davidson Institute University of Michigan Business School 1997 – 2004

Professor in International Business University of Michigan Business School (assistant: 1988-1993 tenured associate: 1993-1998 full professor 1999)

Associate Faculty Member Tax Policy Research Center University of Michigan 1990 – 99

Associate Research Faculty Member Center for Chinese Studies University of Michigan 1996 – 99  

Citibank/Citicorp Hong Kong Summer 1989

Associate Professor Faculty of Business University of Alberta (assistant 1983-86 tenured associate 1986-1988)

Visiting Professor Xian Jiaotong University Xian China Summer 1986

Bank of Canada Summer Internship Summer 1981

 

Board Members AND PUBLIC SERVICE APPOINTMENT

CEPR Steering Committee and Associate Fellow in Rising Asia Research and Policy Network (RPN) (2019)

Member Programme Evaluation Advisory Panel Ministry of Finance Singapore (2018 – 2020)

Independent non-Executive Director Bank of China Aviation (Dec 2016 – )

Member Advisory Committee Institute of Economics Academia Sinica (2017 – )

Member Advisory Board College of Management (National) Taiwan University (2021 --

Member Advisory Board Healthway Medical Corporation Limited (2018 – 2022)

Chair Society of Financial Studies Cavalcade Asia-Pacific 2017-2018

Member Social Science Research Council Singapore (SSRC) (Jan 2016 – 18)

3rd Advisory Board of the College Antai College of Economics and Management Shanghai Jiao Tong University (2015 - 2019)

Wuhan University Economics and Management School Advisory Council member (2016 - 2021)

Research Advisory Council of the Centre for Advanced Financial Research and Learning (CAFRAL) Reserve Bank of India (2014 – 2017)

Member of the Board of Directors Graduate Management Admissions Council (GMAC) since 2010 - 2013

Member of the Board International Advisory Board (IAB) of Korea University Business School (KUBS) 2010-2011

Member of the Board Asia Research Institute NUS 2009-2014

Member of the Board East Asia Institute NUS 2008 – 2023

Member World Economic Forum's Global Agenda Council on Global Investment Flows since 2009-2014

Member Financial Research Council Monetary Authority of Singapore since 2010 - 2013

President Association of Asia-Pacific Business Schools 2009-2010

Member of the Board The Intellectual Property Office of Singapore (IPOS) since April 2009 – 2013

Council Member Economic Society of Singapore (ESS) since 2009 – 2019

Member Main Committee Singapore Economic Strategies Committee 2009.

Member Management Policy Advisory Committee SPRING Singapore (since 2009 – 2012)

 

HONORS AND AWARDS

Senior Fellow Asian Bureau of Finance and Economics Research (ABFER)

Fellow Responsible Research for Business and Management (RRBM)

Silver Medal for Scholarship awarded by the Journal of International Business Studies 50 years celebration 2019 

National Day Award Recipient The Public Administration Medal (Silver) Singapore 2018

Irwin Outstanding Educator Award Academy of Management BPS Division 2013.

Strategic Management Society best paper award 1st honorable mention 2011 (with Ashton Hawk and Gonçalo Pacheco de Almeida)

Best paper award 2007 China International Conference in Finance July 9-12 2007 Chengdu China (with Joseph Fan Jun Huang and Randall Morck) 

Elected Fellow Academy of International Business 2005-

Lim Kim San Distinguished Visitor National University of Singapore 2005 (Nov)

Excellence in Teaching Award – executive education programs Stern NYU 2002

Moskowitz Prize for outstanding research in socially responsible investing (Social Investment Forum) 2001  

VP-Elected Academy of International Business 2000 - 2002

Teacher Excellence Award (doctoral programs) University of Michigan Business School 1997

NTT Research Fellowship University of Michigan Business School 1996

Eugene Power Award for Career Achievement University of Michigan 1993

University of Alberta Royal Bank Research Fellow 1987

Canada Council Doctoral Fellowship 1982

The University of Chicago Fellowship 1979-1981

Beta Gamma Sigma University of Chicago Chapter 1981

Gold Medalist University of Western Ontario 1979

 

PUBLICATIONS

Articles in Journals

1. “Leave No One Behind: How Firms React to the State Anti-Poverty Program?” Zhaowei Chen Andrwe Delios and Bernard Yeung 2023 Academy of Management Proceedings.
2. “Taxing the Rich to Finance Redistribution – Evidence from a Permanent Tax Increase in Singapore" with Sumit Agarwal Wenlan Qian and HuanHuan Zheng 2023 Management Science forthcoming. 2023”
3. "Idiosyncrasy as a Leading Indicator" with Randall Morck and Lu Y. Zhang (Dec 2021 SSRN 399278 NBER WP 30071 May 2022) Journal of Financial and Quantitative Analysis online 2023. 
4. What do we learn from Stock Price Reactions to China's First Announcement of Anticorruption Reforms" with Chen Lin Randall Morck and Xiaofeng Zhao the Journal of Finance and Data Science forthcoming 2023.
5. "Investors meet Dynamic Strategy" with Randall Morck and Lu Zhang Strategy Science Vol Vol 7(2): 120-129 2022.   
6. "Corporate Governance Business Group Governance and Economic Development Traps" with Luis Dau and Randall Morck Harvard Law School Forum on Corporate Governance (non-refereed invited) 2021
7. "Inflation Expectations and Household Consumption" with Sumit Agarwal MAS Macroeconomic Review April 2021.
8. "Business Groups and the Study of International Business: A Coasean Synthesis and Extension" with Luis Dau and Randall Morck Journal of International Business Studies February 2021. https://doi.org/10.1057/s41267-020-00395-x
9. "State-controlled Banks Monetary Growth and the Real Economy" with Randall Morck and Deniz Yavuz Management Science 2019 Vol 65 Apr 12 5449-5956 
10. "Mobile Wallet and Entrepreneurial Growth" with Sumit Agarwal Wenlan Qian and Xin Zou AEA Papers and Proceedings 2019 109: 48-53.
11. "Institutional Determinants of Vertical Integration in China" with Joseph Fan Jun Huang and Randall Morck (previous title: "Institutional Determinants of Vertical Integration: Evidence from China" Journal of Corporate Finance Volume 44 June 2017 Pages 524-539.
12. "Geography Location and Strategy" with Juan Alcacer Bruce Kogut and Catherine Thomas Advances in Strategic Management 2017 Volume 36 1-6.
13. "诗歌、道德 与 治理 –基于唐代科举的量化历史实证研究" (Poetry Ethics and Governance") with Donghua Chen Oliver Zhen Li and Junli Yu 《文学研究》Vol. 34 2016
14. "China in Asia" with Randall Morck China Economic Review 40 2016 297-308 
15. "Speculative investors and transaction tax: Evidence from the housing market" with Fu Yuming and Qian Wenlan Management Science Vol 62 (11) pp. 3254-3270 2016. (Best paper award First prize Global Chinese Real Estate Congress 2012)
16. "Corporate Governance and the Finance Sector: An Asian Perspective" with Randall Morck MAS Macroeconomic Review Vol XV Issue 1 pp. 97-110 2016 (by invitation)
17. "Information Analysts and Stock Return Comovement" with Allaudeen Hameed Randall Morck and Jianfeng Shen (NBER WP15833 2010) Review of Financial Studies Vol 28: pp. 3153-3187 2015.
18. "The Right Speed and its Value" (previously titled: Speed and Tobin's q) with Goncalo Pacheco-de-Almeida and Ashton Hawk Strategic Management Journal. Vol. 36: pp. 159-176 2015.
19. "China's Pseudo Monetary Policy" (previously titled: Monetary and Fiscal Stimuli Ownership Structure and China's Housing Market) with Deng Yongheng Wu Jing and Randall Morck Review of Finance Vol. 19 pp. 55-93 2015. (NBER WP 16871 2010)
20. "What Determines Bank-Specific Variations in Bank Stock Returns? Global Evidence" with Bill B. Francis Iftekhar Hasan and Liang Song Journal of Financial Intermediation Vol 24: pp.312-324 2015.
21. "Bank Financing and Corporate Governance" with Meijun Qian. An earlier version won the Best Paper Award at the 2nd Finance and Corporate Governance Conference Journal of Corporate Finance Vol 32: pp. 258-270 2015. 
22. "Corporate Governance in China" with Randall Morck Journal of Applied Corporate Finance Vol. 26 No. 3 Summer 2014.
23. "Incentives and Outcomes: China's Environmental Policy" with Jing Wu Yongheng Deng Jun Huang and Randall Morck in Capitalism and Society Vol. 9 No. 1 Article 2 2014 (NBER WP 18754)
24. "Innocents Abroad: The Hazards of International Joint Ventures with Pyramidal Group Firms" with Susan Perkins and Randall Morck (first draft Dec 2005 last revised Dec 2007) Global Strategy Journal Vol. 4: pp.310-330 2014.
25. "R-squared and the Economy" with Randall Morck and Wayne Yu Annual Review of Financial Economics Vol. 5 pp. 143-166 2013.
26. "Fast Mover Advantage: Speed capabilities and Entry into the Emerging Submarket of Atlantic Basin LNG" with Ashton Hawk Gonçalo Pacheco-de-Almeida Strategic Management Journal Vol. 34 Issue 13 pp. 1531-1550 2013.
27. "Do Multinational Corporations and Domestic Corporations Differ in their Leverage Policies?" with Soon Hong Park and Jungwon Suh Journal of Corporate Finance Vol. 20: pp. 115-139 2013.
28. "Banking system control Capital Allocation and Economic Performance" with Randall Morck and Deniz Yavuz Journal of Financial Economics Vol. 100 Issue: 2 Pages: 264-283. May 2011.
29. "Economics History and Causation" with Randall Morck Business History Review 2011 Vol. 85 (1 Spring) 2011. p. 39-64. (also as NBER WP 16678).
30. "Trade Liberalization and Institutional Reform" with Minyuan Zhao Kathy Fogel and Randall Morck Asia Economic Paper Vol. 9 (2) 2011.
31. "Corporatism and the Ghost of the Third Way" with Randall Morck in Capitalism and Society Vol. 5 No. 2 2010
32.  "On the Mode of International Expansion: The Role of Agency Costs in an Expanded Framework" with Rolf Mirus The Multinational Business Review Vol. 18 Iss. 4 2010. pp.71 – 94.
33. "Never Waste a Good Crisis: a Historical Perspective on Comparative Corporate Governance" with Randall Morck Annual Review of Financial Economics Vol. 1: Nov 2009 pp. 145–179 (NBER 15042)
34. "Institutions and Foreign Direct Investment: China versus the Rest of the World" with Joseph Fan Randall Morck and Lixin Colin Xu World Development "Special Issue on Law Finance and Economic Growth in China" Vol. 37 No. 4 pp. 852–865 2009.  
35. "Big Business Stability and Economic Growth:  Is What's Good for General Motors Good for America?" (previous title: "Corporate Stability" and also listed as NBER 12394) with Kathy Fogel and Randall Morck Journal of Financial Economics Vol. 89 Iss 1 (July) pp. 83-108 2008 (available online Mar 15 2008).
36. "Corporate Governance and Risk-Taking" with Kose John and Lubomir Litov Journal of Finance Vol 63 Iss 4 (Aug) pp. 1679 – 1728 2008.
37. "Creative Destruction and Firm-Specific Performance Heterogeneity" Hyunbae Chun Jung-Wook Kim Randall Morck Bernard Yeung Journal of Financial Economics Vol. 89 Iss. 1 (July) pp. 109-135 2008 (available online Mar 2008).
38. "Perspectives on China's Outward Foreign Direct Investment" with Randall Morck and Minyuan Zhao Journal of International Business Studies Vol. 39 No. 3 April/May 2008 pp. 337-350.
39. "History in Perspective: comment on Jones and Khanna' Bringing history (back) into international business" with Randall Morck Journal of International Business Studies Vol. 38 2007 pp. 357-360.
40. "Purifying Japan's Banks: Issues and Implications" with Randall Morck Asian Economic Papers MIT Press 2006 Vol. 5 Iss. 1 pp.1-32. (lead article)
41. "Using Capital Markets as Market Intelligence: Evidence from the Pharmaceutical Industry" with Dmitri G. Markovitch and Joel H. Steckel Management Science Vol. 41 No. 10. October 2005 pp. 1467-1480. 
42. "Corporate Governance Economic Entrenchment and Growth" with Randall Morck and Daniel Wolfenzon Journal of Economic Literature Vol. 43 September 2005 pp. 657-722.
43. "Dividend Taxation and Corporate Governance" with Randall Morck Journal of Economic Perspectives Vol. 19 No. 3 Summer 2005 pp. 163-180.  
44. "Capital Markets and Capital Allocation:  Implications for Economies in Transition" with Artyom Durnev Kan Li and Randall Morck Economics of Transition Vol. 12 (4) 2004 593–634 (lead article)
45. "Firm-Specific Variation and Openness in Emerging Markets" with Kan Li Randall Morck and Fan Yang Review of Economics and Statistics Vol. 86 no. 3 (August) 2004 p. 658-69.
46. "ASEAN countries external threat FTAA and internal institutional weaknesses" Business and Politics with Yasheng Huang and Randall Morck Vol. 6 Issue 1 May 2004.
47. "Value Enhancing Capital Budgeting and Firm-Specific Stock Return Variation" with Artyom Durnev and Randall Morck Journal of Finance Vol. 59 No. 1 February 2004. pp. 65 – 105. (nominated for the Brattle Prize 2004 in the Journal of Finance)
48. "Family Control and the Rent-Seeking Society" with Randall Morck Entrepreneurship: Theory and Practice Vol. 28 Issue 4 (Summer) 2004 pp. 391-409. 
49. "Law Share Price Accuracy and Economic Performance: The New Evidence" with Artyom Durnev Merritt Fox and Randall Morck Michigan Law Review Dec Vol. 102:3 2003 pp. 331-386. (lead article)
50. "Does Greater Firm-specific Return Variation Mean More or Less Informed Stock Pricing?" with Artyom Durnev Randall Morck and Paul Zarowin Journal of Accounting Research Vol. 41 No. Dec 5 2003 pp. 797.
51. "The future of the multinational enterprise 25th years" Journal of International Business Studies Vol. 34 Number 2 (March) 2003 pp. 101-107.
52. "Foreign Direct Investment and Host Industry Productivity: The Case of the American Automotive Parts Industry" with Wilbur Chung and Will Mitchell the Journal of International Business Studies Vol. 34 Number 2 (March) 2003 pp. 199-218. 
53. "Agency Problems in Large Family Business Groups" with Randall Morck Entrepreneurship: Theory and Practice Summer 2003. Vol. 27 Issue 4; pg. 367 – 382.  
54. "The Puzzle of the Harmonious Stock Prices" with Randall Morck World Economics Vol. 3 No. 3 July-September 2002.
55. "Entrepreneurship globalization and public policy" with Zoltan Acs and Randall K. Morck Journal of International Management Vol. 7. 2001 pp. 235-251.
56. "Habitual and Non-Habitual Lobbyists in the U.S. Steel Industry: An EM Algorithm Approach" with Randall Morck and Jungsywan Sepanski Economic Inquiry Vol. 39 No. 3 July 2001 365-378.
57. "E-commerce Readiness: Institutional Environment and International Competitiveness" with Joanne Oxley Journal of International Business Studies Vol. 32 No. 4 2001.
58. "Bring China into the WTO" with Randall Morck Japan and the World Economy Vol. 12 2000 p. 289-294.
59. "The Information Content of Stock Markets: Why Do Emerging Markets Have Synchronous Stock Price Movements?" with Randall Morck and Wayne Yu Journal of Financial Economics Vol. 59 No. 1 and 2 October 2000 p. 215-260 (listed as an All-Star paper).
60. "Do Corporate Global Environmental Standards Create or Destroy Market Value" with Glen Dowell and Stuart Hart Management Science Vol. 46 No. Aug 8 2000 pp. 1059-1074.
61. "The Effect of the Uruguay Round: Event Study Evidence from U.S. Industry" with John Mutti and Rachelle Sampson Contemporary Economic Policy Vol. 18 No. 1 January 2000.
62. "Entrepreneurial Discovery and the Global Economy" with Zoltan J. Acs Global Focus 1999 Vol. 11 No. 3 pp. 63-71.
63. "The Effect of Own-Firm and Other Firms Experience on Foreign Direct Investment Survival in the U.S. 1987-1992" with Myles Shaver and Will Mitchell Strategic Management Journal Nov 1997 Vol. 18 No. 10 pp. 811-824.
64. "Which Firms Expand to the Middle East: the Experience of U.S. Multinational Enterprises" with Avi Fiegenbaum and Myles Shaver Strategic Management Journal Vol. 18:2 1997 pp. 141-148.  
65. "The Internationalization of Small and Medium-Size Firms: A Policy Perspective" with Zoltan Acs Randall Morck and Myles Shaver Small Business Economics Vol. 9 No. 1 February 1997 pp. 7-20.
66. "Section 337 and the Protection of Intellectual Property in the United States: The Complainants and the Impact" with John Mutti Review of Economics and Statistics August 1996 pp. 510-520.
67. "Rent-Seeking Protectionism and Innovation in the American Steel Industry" with Stefanie Lenway and Randall Morck Economic Journal 106 (March) 1996 pp. 410-421.
68. "An Empirical Investigation of Joint Venture Dynamics: Evidence from U.S. - Japan Ventures" with Masao Nakamura and Myles Shaver International Journal of Industrial Organization Vol. 14 1996 pp. 521-541.
69. "Foreign Entry Survival and Foreign Market Share: Canadian Companies' Experience in the U.S. Medical Sector 1968-1991" with Will Mitchell and Myles Shaver Strategic Management Journal Vol. 12 1994 pp. 555-567.
70. "Performance Following Changes of International Presence in Domestic and Transition Industries" with Will Mitchell and J. Myles Shaver Journal of International Business Studies Vol. 24(4) 1993.
71. "On the Determinations of Foreign Ownership Shares: Evidence from U.S. Firms' Joint Ventures in Japan" with Masao Nakamura Managerial and Decision Economics Vol. 14 1993 pp. 95-106.
72. "Why Countertrade: An Economist's Perspective" with Rolf Mirus International Trade Journal Vol. 7(4) Summer 1993 pp. 409-433.
73. "Impact of E.C. 92 on European Banking: A Foreign Direct Investment Perspective" with Gunter Dufey Journal of Multinational Financial Management Vol. 2 3/4 1993 pp. 11-32. (Reprinted in Financial Management in Post 1992 Europe John Doukas (ed.) New Jersey: Haywood Press Inc. 1993).
74. "Internalization: An Event Study Test" with Randall Morck Journal of International Economics Vol. 33 August 1992 p. 41-56.
75. "Getting There in a Global Industry: Effects on Performance of Changing International Presence" with Will Mitchell and J. Myles Shaver Strategic Management Journal Vol. 13 1992 p. 419-432.
76. "Foreign Acquisitions: When Do They Make Sense?" with Randall Morck Managerial Finance Vol. 17 No. 6 1991 p. 10-17.
77. "Why Investors Value Multinationality?" with Randall Morck Journal of Business Vol. 64 No. 2 April 1991 pp. 165-187.
78. "Price Flexibility and Output Volatility: The Case for Flexible Exchange Rates" with Giovanni Barone-Adesi Journal of International Money and Finance Vol. 9 Sept 1990 pp. 276-298.
79. "Trade in Services and Returns on Multinational Activity" with Alan Rugman Weltwirtschaftliches Archiv (World Economic Review) Vol. 125 (2) 1989 pp. 386-391.
80. "Buy-Back and Technology Transfer: An Assessment" with Rolf Mirus Canadian Journal of Administrative Science Sept 1989.
81. "The Relevance of the Invoicing Currency in Intra-firm Trade Transactions" with Rolf Mirus Journal of International Money and Finance Vol. 6 Dec 1987 pp. 449-464.
82. "Countertrade and Foreign Exchange Shortages: A Preliminary Assessment" with Rolf Mirus Weltwirtschaftliches Archiv (World Economic Review) Sept 1987 pp. 535-544.
83. "The Choice of Appropriate Technology in a General Equilibrium Model: Comments and Re-Interpretation" Journal of International Trade Vol. 1 (3) Spring 1987 pp. 305-314.
84. "Economic Incentives for Countertrade" with Rolf Mirus Journal of International Business Studies Autumn 1986 pp. 27-39. (Reprinted in International Library of Critical Writings in Economics: Multinational Corporations Mark Casson (ed.) London U.K.: Elgar July 1990).
85. "Buy-Back in International Trade: A Rationale" with Rolf Mirus Weltwirtschaftliches Archiv August 1986 pp. 370-374.
86. "Trade Liberalization and Its Employment Effect" Western Economic Review Vol. 4 (4) Winter 1985 pp. 39-49.
87. "External Sector Closing Rules in Applied General Equilibrium Models" with John Whalley Journal of International Economics Vol. 16 1984 pp. 123-138.

Articles in Books

1. "The Implications of A.I. for Business and Education and Singapore's Policy Response" with Mohan Kankanhalli in Yong Suk Lee and Fei Yan (eds.). Drivers of Innovation: Entrepreneurship Education and Finance in Asia. Stanford CA: Stanford University Shorenstein Asia-Pacific Research Center 2021
2. "An Integrated and Smart ASEAN: Overcoming Adversities and Achieving Sustainable and Inclusive Growth" with Cyn-Young Park in Digitalization and Sustainable Economic Development ADBI Book 2021 (ADBI Working Paper 1267 May 2021).
3. "Asian Monetary Policy Forum: Insights for Central Banking" with Steven J. Davis and Edward Robinson in Asian Monetary Policy Forum: Insights for Central Banking (Steven J. Davis Edward Robinson Bernard Yeung eds.) World Scientific Publishing 2021.
4. "The Singaporean Meritocracy: Theory Practice and Policy Implications" with Vincent Chua and  Randall Morck 2020 in Ch. 13 Making Meritocracy in China and India (Tarun Khanna and Michael A. Szonyi eds) Oxford University Press. 2021.
5. "Corporate Governance versus Business Group Governance Part 1: The Low-income Trap" with Luis A Dau and Randall Morck in The Emergence of Corporate Governance: People Power & Performance Ch. 6 (Knut Sogner and Andrea Colli eds). Routledge 2021.  
6. "Corporate Governance versus Business Group Governance Part 2: The Middle-income Trap" with Luis A Dau and Randall Morck in The Emergence of Corporate Governance: People Power & Performance Ch. 7 (edited by Knut Sogner and Andrea Colli ed). Routledge 2021.
7. "Fin-Tech and Central Bank Digital Currency" with Edward Robinson 2019 in Digital Currency Economics and Policy (ed. Bernard Yeung) World Scientific Publishing 2020.
8. "COVID-19:  Collective Learning from the East" with Sumit Agarwal and Zhiguo He in "Impact of Covid19 on Asian Economies and Policy Responses" (Sumit Agarwal Zhiguo He and Bernard Yeung ed) 2020 World Scientific Publishing.
9.  "Post-COVID-19 Reconfiguration of the Global Value Chains and China" with Hanming Fang in "Impact of Covid19 on Asian Economies and Policy Responses" (Sumit Agarwal Zhiguo He and Bernard Yeung ed) 2020 World Scientific Publishing.
10. "The State as Insurer of Last Resort" with Joseph Cherian in "Impact of Covid19 on Asian Economies and Policy Responses" (Sumit Agarwal Zhiguo He and Bernard Yeung ed.) 2020 World Scientific Publishing.
11. "University Education Technology and the Future of Work" in The future of management in an Artificial Intelligence world. Redefining purpose and strategy in the fourth industrial revolution (Jordi Canals and Franz Heukamp ed.) Palgrave Macmillan Houndmills Basingstoke Hampshire 2019.
12. "Financial Decisions Behavioral Biases and Governance in Emerging Markets" with Emir Hrnjic and David M Reeb in Oxford Handbook of Management in Emerging Markets March 2019.
13. "East Asian Financial and Economic Development" with Randall Morck in Handbook of Finance and Development Ross Levine and Thorsten Beck ed Edward Elgar Publishing Ltd. July 2018.  
14. "Enterprise Models: Freestanding Firms versus Family Pyramids" with Randall Morck Ch. 7 in The Cambridge History of Capitalism: Volume II The Spread of Capitalism Jeffrey Williamson (ed.) Cambridge University Press 2013.
15. "The New Asia and Corporate Challenges" with Randall Morck in Leadership Development for a Global World" Jordi Canals (ed.) Palgrave Macmillan 2012
16. "Translating Market Socialism with Chinese Characteristics into Sustained Prosperity" with Joseph Fan and Randall Morck in Capitalizing China (Joseph Fan and Randall Morck eds.) NBER book 2012. (also appear as "Capitalizing China" NBER Working Paper 17687 Dec 2011)
17. "Agency Problems and the Fate of Capitalism" with Randall Morck Ch. 12 in Oxford Handbook of Capitalism Edited by Dennis C. Mueller 2012. (NBER WP 16490 2010)
18. "National Champions and Economic Growth" with Kathy Fogel and Randall Morck in Industrial Policy for National Champions Ludger Woessmann Christian Gollier and Oliver Falck (eds.) MIT Press. 2010.
19. "Corporate Stability and Social Welfare." With Kathy Fogel and Randall Morck. In Ito T. Rose A. (eds.) Financial Sector Development in the Pacific Rim NBER East Asian Seminar on Economics Volume 18 University of Chicago Press 2009.  
20. "China's New Multinationals:  Policy Implications for Host Countries" with Randall Morck and Minyuan Zhao. In Randall Morck and Taehoon Youn eds.  The Market for Corporate Control: Comparative Perspectives.  Korea Development Institute Seoul 2009.
21. "Metric for International Business Research" with Randall Morck in Oxford Handbook of International Business 2nd edition Alan Rugman (ed.) Oxford University Press 2008.
22. "Some Obstacles to Good Corporate Governance in Canada and How to Overcome Them" with Randall Morck Research in Corporate Governance in Canada Industry Canada Research Volume University of Toronto Press 2006
23. "Institutional obstacles to entrepreneurship" with Kathy Fogel Ashton Hawk and Randall Morck Oxford Handbook of Entrepreneurship edited by Mark Casson Bernard Yeung Anuradha Basu Nigel Wadeson Oxford University Press 2006 Ch. 20 pp. 540-579.
24. "Who owns whom? Economics Nationalism and Family Controlled Pyramidal Group in Canada" with Randall Morck and Gloria Tian in Governance Multinationals and Growth (eds. Lorraine Eden and Wendy Dobson) Edward Elgar: Cheltenham U.K. and Northampton MA US 2005. (pp. 44-67).
25. "The Rise and Fall of the Widely Held Firms in Canada" with Randall Morck History of Corporate Ownership (edited by Randall Morck) Chicago University Press 2005.
26. "Why Firms Diversify: Internalization vs. Agency Behavior" with Randall Morck Intangible Assets edited by John Hand and Baruch Lev Oxford University Press 2003 (pp. 269 – 302).
27. "Japanese Economic Success and the Curious Characteristics of Japanese Stock Prices" with Randall Morck IMF publication "Designing Financial Systems in East Asia and Japan" (organized by IMF and Hitotsobashi University Economic Dept edited by Kunio Saito and Juro Teranishi Routledge Taylor & Francis Group) 2003.
28. "The Economic Determinants of Innovation" with Randall Morck in Productivity in Canada edited by Someshwar Rao and Andrew Sharpe published by Industry Canada and Centre for the Study of Living Standards (Canada)University of Calgary Press 2002.
29. "Countertrade an Introduction" with Rolf Mirus in The Economics of Barter and Countertrade edited by Rolf Mirus and Bernard Yeung Edward Elgar 2001.
30. "The Economic Underpinnings of a Knowledge-Based Economy" with Randall Morck Ch. 2 in Doing Business in the Knowledge-Based Economy Louis A. Lefebvre Elisabeth Lefebvre and Pierre Mohnen (eds.) Kluwer Academic Publishers 2001.
31. "Canadian Public Policy in a Knowledge-Based Economy" with Randall Morck Ch. 12 in Doing Business in the Knowledge-Based Economy Louis A. Lefebvre Elisabeth Lefebvre and Pierre Mohnen (eds.) Kluwer Academic Publishers 2001.
32. "Inherited Wealth Corporate Control and Economic Growth" with Randall Morck and David Stangeland in Concentrated Corporate Ownership Randall Morck (ed.) the University of Chicago Press 2000 pp. 319-369. (NBER working paper #6814 1998.) 
33. "Why Synergy Creates Real Value" (with Randall Morck) in Financial Times' Mastering Strategy Nov 8 1999 (Financial Times Mastering Strategy the complete MBA companion in strategy 2000).
34. "Comments on "Emerging Market Business Groups Foreign Investors and Corporate Governance" by Tarun Khanna and Krishna Palepu in Concentrated Corporate Ownership Randall Morck (ed.) the University of Chicago Press 2000.
35. "Comments on 'Does Corruption Provide Relief on Tax and Capital Control for International Investors?'" by Shang-Jin Wei in Studies in International Taxation James Hines (ed.) NBER book University of Chicago Press 2000.
36. "Productivity Growth and Firm Size Distribution" with Zoltan Acs and Randall Morck in Entrepreneurship Small and Medium Enterprises and the Macroeconomy Zoltan Acs Bo Carlsson and Charlie Karlsson (eds.) Cambridge University Press U.K.: Cambridge 1999.
37. "Globalization as a Schumpeterian Process – the Roles for Large and Small Firms" with Zoltan Acs in Small and Medium-Sized Enterprises in the Global Economy Zoltan Acs and Bernard Yeung (eds.) University of Michigan Press 1998.
38. "Evolution Community and the Global Economy" (former title: "Small Firms and Globalization") with Zoltan Acs and Randall Morck in Are Small Firms Important? – their Role and Impact Zoltan Acs (ed.) published by the U.S. Office of Advocacy and Kluwer Academic Publisher 1998 (US Small Business Administration Discussion Paper).
39. "Structural Change and Industrial Location: Agglomeration Innovation and the Multinational Enterprise" with Joanne Oxley in Structural Change Industrial Location and Competitiveness Joanne Oxley and Bernard Yeung (eds.) Edward Elgar Co. October 1998.
40. "Industry Location Growth and Government Activism: the Changing Economic Landscape" with Joanne Oxley in Structural Change Industrial Location and Competitiveness Joanne Oxley and Bernard Yeung (eds.) Edward Elgar Co. October 1998.
41. "The Effect of Protectionism in the American Steel Industry: an Empirical Analysis" with Stefanie Lenway and Randall Morck in Structural Change Industrial Location and Competitiveness Joanne Oxley and Bernard Yeung (eds.) Edward Elgar Co. October 1998.
42. "Causality between International Expansion and Investment in Intangibles with Implications for Financial Performance and Firm Survival" with Will Mitchell Randall Morck and Myles Shaver in Global Competition and Market Entry Strategies J-F Hennert (ed.) Elsevier North-Holland 1998.
43. "Section 337 and the Protection of Intellectual Property in the U.S.: The Impact on R&D Spending" with John Mutti Conference Volume in Honor of Robert Stern's Quiet Pioneering Keith Maskus (ed.) University of Michigan Press 1997 pp. 71 – 94.
44. "Financial Regulation in the Global Economy as Property Rights" with Randall Morck in Reforming the Canadian Financial Sector: Canada in Global Perspective Thomas J. Courchene and Edwin H. Neave (eds) John Deutsche Institute for the Study of Economic Policy Queen's University Kingston Ontario Canada K7L 3N6 June 1997.
45. "Corporate Response" with Randall Morck Industry Canada Policy Discussion Paper (commissioned policy discussion paper) Sept 1996.
46. "The Corporate Governance of Multinationals" with Randall Morck in Corporate Decision Making and Governance in Canada Ron Daniels and Randall Morck (eds.) Industry Canada Canadian Government Printing Office 1995 pp. 433 - 456.
47. "International Finance Management" (with Michael Moffett) in International Encyclopedia of Business and Management Rosalie Tung (ed.) London U.K.: Routledge 1994.
48. "Income Shifting in U.S. Multinational Corporations" with David Harris Randall Morck and Joel Slemrod in Studies in International Taxation Alberto Giovinnini Glen Hubbard and Joel Slemrod (eds.) University of Chicago Press 1993. (NBER Working Paper #3924).
49. "Exchange Rate Behavior Theory and Managerial Implications" with Rolf Mirus in Canadian Dimension of International Business Ch. 16 Alan Rugman (ed.) Englewood Cliffs New Jersey: Prentice-Hall 1988.

 

Articles in Proceedings

1. "Post-COVID-19 Reconfiguration of the Global Value Chains and China" with Hanming Fang Vox-China 2020
2. "Market reforms give anticorruption reforms more traction: Evidence from China" with Chen Lin Randall Morck and Xiaofeng Zhao VOX CEPR Dec 22 2017
3. "Speculative investors and transaction tax in the housing market" with Fu Yuming and Qian Wenlan Vox Nov 7 2013.
4. "The Pope and the Party" with Randall Morck in Project Syndicate 2013 Feb.  
5. "Firm Heterogeneity in Speed Capabilities and Entry into the Emerging sub-field of Atlantic Basin LNG" with Ashton Hawk and Gancalo Pacheco-De-Almeida Best Paper Proceedings Academy of Management B.P. division 2009.
6. "China's Product Safety: Issues and Action" with Randall Morck Beijing Forum 2007.
7. "Special Issues Relating to Corporate Governance and Family Control" (with Randall Morck) ICFAI Journal of Corporate Governance 3(3) 50-65. (paper for the World Bank's Global Corporate Governance Forum (November 2003 Paris)
8. "Canadians Teach Chinese About Capitalism" with Randall Morck National Post Oct 1 2004.
9. "ASEAN's institutions are still in poor shape" with Yasheng Huang Financial Times Sept 2 2004.
10. "Stocks of a Feather: Why Emerging Markets Have Synchronous Stock Price Movements" with Randall Morck in SternBusinss Spring/Summer 2000.
11. "Foreign Investment and Emerging Markets" Transition the World Bank publication Aug 1999.   
12. "Corporate Global Environmental Standards: Altruism or Competitive Advantage" with Glen Dowell and Stuart Hart Best Paper Proceedings Academy of Management (won the Best Paper Award in the Organization and Natural Environment Division) 1998.
13. "Testing for Addiction" (with Randall Morck and Jungsywan Sepanski) Applied Stochastic Methods for Data Analysis conference volume Complesso Universitario di Monte S. Angelo 1998.  
14. "Foreign Direct Investment and Host Industry Productivity: The Case of the American Automotive Parts Industry" with Wilbur Chung and Will Mitchell European International Business Association Conference Stockholm Dec. 1996.
15. "Externalities vs. Direct-Linkages: Productivity Impact for the U.S. Automotive Supplier Industry" with Wilbur Chung Best Paper Proceedings Academy of Management (Business Policy and Strategy Division) 1996.
16. "Review of 'Foreign Direct Investment'" K. Froot (ed.) Journal of International Economics Vol. 38 No. 1/2 February 1995 pp. 193-197 
17. "Winning the War of 2012: Survival of Canadian Companies in the United States Medical Sector Markets 1968-1991" with Will Mitchell and J Myles Shaver Conference  Proceedings Administrative Sciences Association of Canada Quebec City Meetings June 1992.
18. "Countertrade: What Have We Learnt?" with  Rolf Mirus Conference Proceedings Administrative Sciences Association of Canada Niagara Falls Meetings June 1991.
19. "Internalization and Intangible Assets" with Randall Morck Proceedings 5th Symposium on Money Banking Finance and Insurance at Karlsruhe Germany December 1990.
20. "On the International Trade of Cultural Programs" with Colin Hoskins Conference Proceedings European International Business Association Antwerp Meetings December 1987.
21. "Countertrade Literature: A Critical Review Future Directions and Regional Implications" with Rolf Mirus Proceedings the Academy of International Business Hong Kong Meetings July 1985.

Books

1. Asian Monetary Policy Forum: Insights for Central Banking (Steven J. Davis Edward Robinson Bernard Yeung eds.) World Scientific Publishing 2021 
2. "Hong Kong's 2019–2020 Social Unrest: The Trigger History and Lessons" World Scientific Publishing 2020.
3. "Digital Currency Economics and Policy" (ed) World Scientific Publishing 2020.
4. "Impact of Covid19 on Asian Economies and Policy Responses" edited with Sumit Agarwal and Zhiguo He WorldScientic Publishing 2020.
5. "Oxford Handbook of Entrepreneurship" edited with Mark Casson Anuradha Basu and Nigel Wadeson Oxford University Press 2006. 
6. "The Economics of Barter and Countertrade" edited with Rolf Mirus Edward Elgar 2001.
7. "Small and Medium-Sized Enterprises in the Global Economy" edited with Zoltan Acs University of Michigan Press 1999.
8. "Structural Change Industrial Location and Competitiveness" edited with Joanne Oxley Edward Elgar Co. October 1998.

 

Articles in Foreign Journals

1. "China's Lucky Corporate Governance" with Randall Morck and Minyuan Zhao 北大商业评论 Peking University Business Forum Sept 2005. (in Chinese) 
2. "The Schumpeterian Process – a Requirement in Meeting Demand" with Randall Morck and Huizu Li China-Foreign Countries Technology Policies and Management January 1998 (in Chinese).  
3. "Stop Corruption at its Source – an Economic Analysis of Corruption" with Randall Morck and Huizu Li Chinese Social Science 1998 (in Chinese).
4. "The Win-Win Outcome for Multinational Firms and Host Country" with Randall Morck and Huizu Li Chinese Social Science Nov 1997 (in Chinese).
5. "Changing International Strategy: Contrasts in Domestic Transition and Global Industries" with Will Mitchell and Myles Shaver chapter in Competizione Multidimensionale:  Quale  azienda globale? (in Italian) Maruizio Bussolo and Stefano Zara (eds.) Torino Italy: ISEDI 1992 pp. 211-234. 

 

CURRENT WORKING PAPERS

"Leave No One Behind: How Firms React to the State Anti-Poverty Program?" with Chaowei Chen and Andrew Delios 2023.

"Stock Return Signals and Firm Strategic Reaction" with Randall Morck and Lu Zhang 2023.

"Rising and fading hope in eradicting corruption: Indonesia's Experience" with Gao Xiaodan Randall Morck and Ishtiaq P Mahmood 2023.

"Organ Banks Head Banks and Unbalanced Stakeholder Interests in the Governance of Business Groups" with Asli M Colpan and Randall Morck Feb 2022.

"Supporting Seniors: How Low-Income Elderly Individuals Respond to a Retirement Support Program" with Sumit Agarwal Wenlan Qian and Tianyue Ruan 2021

"The Real Impact of FinTech: Evidence from Mobile Payment Technology" with Sumit Agarwal Wenlan Qian Yuan Ren Hsin-Tien Tsai 2021

"Anticorruption Reforms and Shareholder Valuations: Event Study Evidence from Chin Corruption" with Chen Lin Randall Morck and Xiaofeng Zhao (2015) NBER WP 22001

 

MAJOR RESEARCH IN PROGRESS

"Business Group"

"Household Finance"

"China's economic development"

"Capital market functionality"

 

RESEARCH FELLOWSHIP AND GRANTS

William Davidson Institute (University of Michigan) Research Grant (2005-2006)

Ford Foundation Global Scholar Network on Institutions and Business (2003-2005)

Industry Canada Federal Government Ottawa Canada 1998 (A Knowledge-Based Perspective on the Competitiveness of Canada's Economic Structure with Randall Morck)

The University of Michigan Center for International Business Education 1997-8 (Difference in Innovation Capability Between Multinational and Domestic Firms)

The University of Michigan Center for International Business Education 1995-6 (Cross-border Stock Listing)

Industry Canada Federal Government Ottawa Canada 1996 (Corporate Response to Structural Changes with Randall Morck)

Industry Canada Federal Government Ottawa Canada 1994-5 (The Future of Foreign Owned Subsidiaries with Randall Morck)

The University of Michigan Center for International Business Education 1994-5 (Property Rights Protection and R&D Spending)

The University of Michigan Horace H. Rackham School of Graduate Studies 1992 (International Expansion and Industry Condition) (Who Benefits from Trade Protection)

The University of Michigan Center for International Business Education 1992 (Who Benefits from Trade Protection)

The University of Michigan Center for International Business Education 1990 (Income-Shifting in U.S. Multinational Corporations)

Social Sciences and Humanities Council of Canada 1988-1990 (Countertrade: An Economist's Perspective)

Royal Bank of Canada Research Fellowship University of Alberta 1987 (Exchange Rate Volatility and Income Stability The Choice of Invoicing Currency in Intra-firm Trade)

 

Ph.D. COMMITTEES

Hongwei Cai (co-Chair Goldman Sachs) May 2011 Stern School of Business New York University

Ashton Hawk (co-chair at Ohio State University) May 2010 Stern School of Business New York University

Anzhela Knyazeva (co-chair at U of Rochester) May 2007 Stern School of Business New York University

Diana Knyazeva (co-chair at U of Rochester) May 2007 Stern School of Business New York University

David Ross (co-chair at Columbia U) May 2007 Stern School of Business New York University

Elif Sisli Ciamarra (co-chair at Brandeis) Sept 2007 Stern School of Business New York University  

Susan Perkins (chair at Kellogg Northwestern) June 2006 Stern School of Business New York University (winner of the INFORMS Organization Science Dissertation Proposal Award (2006)

Lubomir Litov (co-chair at Washington U St Louis) June 2005 Stern School of Business New York University

Abigail Hornstein (chair at Wesleyan U) June 2005 Stern School of Business New York University

Gerson Dushnitsky (member at Wharton) June 2004 Stern School of Business New York University

Minyuan Zhao (co-chair at Wharton U Penn June 2004 Stern School of Business New York University (winner of the INFORMS Organization Science Dissertation Proposal Award (2003))

Dmitri Markovitch (member HEC France) May 2004. Stern School of Business New York University

Artyom Durnev (co-chair at McGill U) June 2003 University of Michigan Business School

Robert Salomon (member at NYU) July 2002 Stern School of Business New York University (winner Newman Dissertation Prize Academy of Management Runners-up 2002 INFORMS/Organization Science Dissertation Competition 2001)

Juan Alcacer (co-chair at Harvard Business School) Sept 2001 University of Michigan Business School (winner of the Richman best dissertation award I.M. Division Academy of Management 2002 Finalist Richard N Farmer best dissertation award AIB 2002)

Nangyoo Park (member at Seoul National U) August 2001 Stern NYU

Martin Jarolim (member) August 2001 CERGE-EI Prague Czech Republic August 2001

Rachelle Sampson (chair at U of Maryland) Sept 1999 University of Business School (Finalist Richard N Farmer best dissertation award AIB 2000 Finalist Barry Richman best dissertation award I.M. Division Academy of Management 2000)

Arturs Kalnins (chair at Cornell U) Aug 1998 University of Michigan Business School

Wilbur Chung (chair at U of Maryland) June 1997 School of Business Administration (finalist the Barry Richman best dissertation award I.M. Division Academy of Management 1998 finalist Richard N Farmer best dissertation award AIB 1998)

Xavier Martin May (member at Tilburg U) 1996 School of Business (winner of best dissertation award Richard N Farmer best dissertation award AIB 1996)

J. Myles Shaver (co-chair at U of Minnesota) April 1994 School of Business Administration (finalist Richard N Farmer best dissertation award AIB 1995)

Heng-Chiang Huang (co-chair at National Taiwan U) July 1992 School of Business Administration

Qi Chen (member) Aug 2000 University of Michigan Department of Economics

Zhao Xiaozheng (member) July 1998 Department of Economics

Tin Gao (member) May 1998 Department of Economics

Seong-Hun Yun (member) Jan 1998 Department of Economics

Young Lee (member) Dec 1997 Department of Economics

Yong Yang (member) June 1997 Department of Economics

Sang-Whan Lho (member) April 1996 Department of Economics

Dukegeun Ahn (member) April 1996 Department of Economics

Dalia Sami Hakura (member) Aug 1995 Department of Economics

Nam-Hoon Kang (member) March 1995 Department of Economics

Theresa Greaney (member) June 1994 Department of Economics

Albert Chen Hsu (member) April 1994 Department of Economics

Zhong Zhang (member) March 1994 Department of Economics

Wouter H. F. De Ploey (member) September 1991 Department of Economics

Satoshi Ikeda (member) December 1990 Department of Economics