Photo Dr. William CHEUNG Room: E22- 4059
Assistant Professor in Finance Telephone: (853) 8822- 8868

Fellow, HFPJC

Faculty of Business Administration

Email: wcheung

University of Macau, E22
Avenida da Universidade, Taipa, Macau, China

Personal Homepage:

Academic Qualifications

  1. B.Sc., M.Phil. in Mathematics, University of Hong Kong, Hong Kong
  2. Ph.D. in Finance, University of Hong Kong, Hong Kong


Undergraduate Courses

  1. Exotic Options and Structure Products (FINC437)
  2. Advanced Financial Management (FINC211)

Graduate Courses

  1. Derivatives (FINC725)

Research Interests
  1. Real Estate Finance and Economics
  2. Sin Stocks
  3. Market Microstructure

Journal Papers
  1. "The effects of stock liquidity on firm value and corporate governance: endogeneity and the REIT experiment" (w/ R. Chung and S. Fung) Journal of Corporate Finance, accepted.
  2. "Exchange Traded Barrier Option and VPIN: Evidence from Hong Kong" (w/ A. Lei and R. Chou) Journal of Futures Markets (SSCI Impact factor 0.772), 35 (6), 561-581.
  3. "Does Market Microstructure Matter for Corporate Finance? Theory and Evidence on Seasoned Equity Offerings Decisions" Quarterly Review of Economics and Finance, accepted.
  4. "Does Property Transaction Matter in the Price Discovery of Real Estate Markets?" (w/ J. Lei and D. Tsang) International Real Estate Review, accepted.
  5. "Comparing the price of sin: Abnormal returns of cross-listed casino gaming stocks in the Hong Kong and US markets" (w/ D. Lam) International Journal of Hospitality Management (SSCI Impact factor 1.837), February 2015.
  6. "Does Free Cash Flow Problem Contribute to Excess Return Synchronicity?" (w/ L. Jiang) Review of Quantitative Finance and Accounting, July 2014.
  7. "A Comparison of China Main Board and Growth Enterprise Market Board - Market Microstructure Approach" (w/ K. Liu) Review of Pacific Basin Financial Markets and Policies (lead article) 17, 1–29, 2013.
  8. "Government Ownership and Agency Problems in Equity Offerings in China" (w/ K. Lam, L. Tam) Pacific Basin Finance Journal (SSCI Impact factor 0.618) 20, 459–482, 2012.
  9. "Impact of Market Integration on Technical Analysis: Evidence from HKEx" (w/ K. Lam, H. Yeung) Applied Economics (SSCI Impact factor 0.518) 43, 1945-1963, 2011.
  10. Cheung, Fung and Tsai (2010), Global Capital Market Interdependence and Spillover Effect of Credit Risk: Evidence from 2007-2009 Global Financial Crisis, Special Issue on the Global Financial Crisis, Applied Financial Economics.
  11. Block Circulant Preconditioner for system arised from 3-D Convection Diffusion Equations (w/ M. Ng) Journal of Computational and Applied Mathematics (SCI Impact Factor 1.077) 140, 143-158, 2002.
Conference Papers
  1. Market liquidity, Corporate Governance and Firm Performance: Evidence from Real Estate Investment Trusts (w/ Richard Chung and Scott Fung), presented at European Finance Association 2014 Annual Meeting, EFA2014, Lugano Switzerland
  2. Cheung and Unger (2014), Fuel Consumption Costs of Routing Uncertainty, D. Huisman et al. (eds.), Operations Research Proceedings 2013, Selected Papers of the International Conference on Operations Research, OR2013, organized by the German Operations Research Society (GOR), the Dutch Society of Operations Research (NGB) and Erasmus University Rotterdam, September 3-6, 2013, Verlag: Springer International Publishing. ISBN: 978-3-319-07001-8.
  3. Cheung (2013), Empirical Analysis of Liquidity Provision of an Order Driven Market, IEEE Conference on Computational Intelligence for Financial Engineering & Economics (CIFEr),doi: 10.1109/CIFEr.2013.6611691.
  4. Cheng and Cheung (2012), Order aggressiveness of option market: Evidence from the 2008 credit crisis, IEEE Conference on Computational Intelligence for Financial Engineering & Economics (CIFEr), doi:10.1109/CIFEr.2012.6327817.
  5. Cheung and Lo (2012), Liquidity Risk Spillover: Evidence from Cross-country Analysis, IEEE Conference on Computational Intelligence for Financial Engineering & Economics (CIFEr), doi: 10.1109/CIFEr.2012.6327789.
Working Papers and Other Publications
  1. Implied Volatility in Foreign Exchange and Interest Rate Options (Jacky So, UMac)
  2. A Test of the Information Content of REITs and REOCs Dividends (Scott Fung, CSU)
  3. Persistent investor behavior (with Yicheng Tsai and Janming Ho, Academia Sinica)
  4. Bonding (Peter Cheng, THei)
  5. International Price of Sin (Desmond Lam)

Professional Society Membership
  1. European Finance Association
  2. American Finance Association
  3. European Real Estate Society
  4. Society of Financial Econometrics

Faculty of Business Administration
University of Macau