Tsang, Desmond（曾德铭） BCom, MA (University of Toronto); MSc, PhD (UC Berkeley)



Associate Professor
Co-Director, Centre for Hospitality and Real Estate Research
ContactSchool of Hotel and Tourism Management

Room 722, 7/F
Cheng Yu Tung Building
12 Chak Cheung Street
Shatin, N.T., Hong Kong

+852 3943 8595

desmond.tsang@cuhk.edu.hk


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BiographyProfessor 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 specializes in Real Estate Investment Trusts, International Real Estate & Firm Location. His research interests in accounting include CEO & Corporate Governance, Earnings Management, Financial Fraud, and Auditing. Professor Tsang has published in top journals such as Review of Accounting Studies, Real Estate Economics, Journal of Real Estate Research and Journal of Real Estate Finance and Economics.
Teaching AreaReal Estate
Research InterestsReal Estate Investment Trusts (REITs)
International Real Estate
Firm Location
CEO & Corporate Governance
Earnings Management & Financial Fraud
Auditing
Publications & Working PapersX. 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.
G. Birz, E. Devos, S. Dutta, and D. Tsang (2021), “Are Good News Good and Bad News Bad in the REIT Market?” Journal of Real Estate Portfolio Management, forthcoming.
E. Devos, E. Devos, H. Li, and D. Tsang (2021), “Operating Lease as Alternative Financing for REITs: A Viable Strategy or a Sign of Trouble?” Journal of Real Estate Finance and Economics.
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.

GrantsAlrov 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 & HonoursResearch
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
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 ServicesAssociate Editor
Asia-Pacific Journal of Accounting and Economics, 2013-2023
International Real Estate Review, 2020-2023
Journal of Financial Research, 2018-2020
Special Issue Editor (Topic: Real Estate)
Journal of Risk and Financial Management, 2020-2022
Editorial Board Member
Journal of Real Estate Portfolio Management, 2016-2018
Journal of Real Estate (in Chinese), 2013-2016
Academic Society Board of Director
Asian Real Estate Society (AsRES), 2018-2022
Global Chinese Real Estate Congress (GCREC), 2012-Present