Cheng, Joseph W.W.（郑会荣） BBA, MBA (Simon Fraser); PhD (Maryland)



Associate Professor
Director, MSc Programme in Finance (Full Time)
ContactDepartment of Finance

Room 1214, 12/F
Cheng Yu Tung Building
12 Chak Cheung Street
Shatin, N.T., Hong Kong

+852 3943 7904

jcheng@cuhk.edu.hk


Links
Curriculum Vitae


BiographyProf. Joseph W. W. Cheng received a PhD in Finance from the University of Maryland in 1993. He joined The Chinese University of Hong Kong in the same year. He has won numerous teaching awards including the Faculty of Business Administration Teaching Award and the Outstanding Teacher Award.
Prof. Cheng’s main research interests include asset pricing, options and futures, market microstructure, market efficiency and behavioural finance. He has published research works in leading finance journals including the Journal of Finance, the Journal of Banking and Finance and the Journal of Empirical Finance. He also frequently reviews academic papers for numerous finance journals, conferences and the RGC.
Prof. Cheng serves the community as well as the university and Shaw College in various capacities. He is the current member of the Research Grant Committee, Investor Education Centre (a subsidiary of Securities and Futures Commission, HKSAR); ExCo Member, Asia Pacific Structured Finance Association; Member of the Validation Panel, Hong Kong Council for Accreditation of Academic and Vocational Qualifications; External Examiner, OUHK. He has also served with the Advisory Committee on Human Resources Development in the Financial Services Sector, Financial Services and the Treasury Bureau, HKSAR. Moreover, he is the College Coordinator (IFAA, IBBA, BBA-JD Programmes), Fellows and Trustees of Shaw College.
Teaching AreasFinancial Management
Investment Analysis
Portfolio Management
Research InterestsPortfolio Theory
Dividend Policy
Asset Pricing
Options and Futures
Market Microstructure
Publications & Working PapersJoseph W. W. Cheng, Eric Chang, Michael Pinegar, and Yinghui Yu (2012), “Short-Sale Constraints: Reduction in Costs of Capital or Overvaluation? Evidence from Hong Kong,” Pacific-Basin Finance Journal, 20, 506-520.
Joseph W. W. Cheng and Hiu-Fung Wu (2010), “The Profitability of Momentum Trading Strategies: Empirical Evidence from Hong Kong,” International Review of Economics and Finance, 19, 527-538.
Joseph W. W. Cheng, Eric Chang, and Michael Pinegar (2008), “The Factor Structure of Time-varying Conditional Volume,” Journal of Empirical Finance, 15, 251-264.
Joseph W. W. Cheng, Eric Chang, and Yinghui Yu (2007), “Short-Sales Constraints and Price Discovery: Evidence from the Hong Kong Market,” Journal of Finance, 62, 2097-2122.
Joseph W. W. Cheng and Son-Nan Chen (2005), “An Alternative Test of the After-Tax CAPM,” Advances in Financial Planning and Forecasting, 1, 37-64.
Joseph W. W. Cheng, Dennis Fan, and Raymond So (2003), “On the Performance of Na?ve, Analyst and Composite Earnings Forecasting: Evidence from Hong Kong,” Journal of International Financial Management and Accounting, 14, 146-165.
Joseph W. W. Cheng and Eric Chang (2002), “Inflation and Relative Price Variability : A Revisit,” Applied Economics Letters, 9, 325-330.
Joseph W. W. Cheng, Eric Chang, and Ajay Khorana (2000), “An Examination of Herd Behaviour in Equity Markets : An International Perspective,” Journal of Banking and Finance, 24, 1651-1679.
Joseph W. W. Cheng and Eric Chang (2000), “Further Evidence on the Variability of Inflation and Relative Price Variability,” Economics Letters, 66, 71-77.
Joseph W. W. Cheng, Eric Chang, and Michael Pinegar (1999), “Does Futures Trading Increase Stock Market Volatility?: The Case of the Nikkei Stock Index Futures Markets,” Journal of Banking and Finance, 23, 727-753.

Grants“The Relation between Price Changes and Trading Volume: A Market Level Analysis (价格变动与成交量的关系︰一个巿场层面的分析)”, Earmarked Grants awarded by Research Grants Council, 2001-2004
“Examining the Implications of Portfolio Theory for Trading Volume: A Latent Variable Approach (探讨投资组合理论对成交量的含义︰一个潜在变数的方法)”, Earmarked Grants awarded by Research Grants Council, 2000-2003
“Transaction Costs And The Cross-Autocorrelations In Stock Returns”, Earmarked Grants awarded by Research Grants Council, 2001-2002
“Sources and Consequences of International Equity Market Correlation”, Earmarked Grants awarded by Research Grants Council, 1996-1998

Awards & HonoursFaculty Outstanding Teaching Award, CUHK Business School, The Chinese University of Hong Kong, 2003-2004
Teaching Awards, CUHK Business School, The Chinese University of Hong Kong, 2000-Present

Academic/Professional ServicesSelected External Service
Research Grant Committee, Investor Education Centre, Securities and Futures Commission, HKSAR, 2015-Present
ExCo Member, Asia Pacific Structured Finance Association, 2015-Present
Advisory Committee on Human Resources Development in the Financial Services Sector, Financial Services and the Treasury Bureau, HKSAR, 2009-2013
Validation Panel, Hong Kong Council for Accreditation of Academic and Vocational Qualifications: Revalidation exercise for the BBA (Hons) and BComm (Hons) in Accounting and Banking Programmes of the Chu Hai College of Higher Education, 2009
Sector/Subject Specialist, Hong Kong Council for Accreditation of Academic and Vocational Qualifications (HKCAAVQ), 2008-Present
External Examiner, The Open University of Hong Kong, 2002-Present
Validation Panel, Hong Kong Council for Accreditation of Academic and Vocational Qualifications (HKCAA/HKCAAVQ), 2002-Present
Reviewer, Earmarked Research Grant Proposals, Research Grant Council, HKSAR, 2000-Present
Service to University and College
Board of Trustees, Shaw College, 2010-Present
Assembly of Fellows, Shaw College, 2010-Present
Member, Focused Innovations Scheme– Scheme A, Management Committee on Economics and Finance, 2013-2015
Member, Scholarship Committee, Shaw College, 2012-Present
Member, Focused Investments Scheme – Scheme A, Steering Committee on Economics and Finance, 2011-2013
Member, Graduate School Disciplinary Committee, 2005-Present
Service to Faculty
Member, Advisory Committee for the School of Management and Economics of The Chinese University of Hong Kong (Shenzhen), 2015-Present
Member, Review Panel for the Master of Accountancy (MAcc) Programme, 2012-Present
Department Representative, Committee on Teaching and Learning Quality, 2010-2015
Member, Executive Development Programmes Committee, 2003-Present