Prof CHEUNG, Yan Leung Stephen   張仁良
President
Office of the President
Phone No: (852) 2948 6315
Fax No: (852) 2948 6314
Email: poffice@eduhk.hk
Contact
ORCiD
0000-0001-9166-8599
Phone
(852) 2948 6315
Fax
(852) 2948 6314
Email
poffice@eduhk.hk
Scopus ID
7202111096
Research Interest

Corporate Finance, Investment, Financial Market Development.

External Appointment

Professor Cheung chairs the Supervisory Committee of the Asian Bond Fund Hong Kong Bond Index Fund of the Hong Kong Monetary Authority and is a member of the 13th National Committee of the Chinese People’s Political Consultative Conference. In past years, Professor Cheung held a number of other public offices. He was the Chairman of the Social Innovation and Entrepreneurship Development Fund Task Force, the Hong Kong Committee for Pacific Economic Cooperation, the Consultation Panel of the West Kowloon Cultural District Authority and the Nursing and Midwifery Sub-Group of the Steering Committee on Strategic Review on Healthcare Manpower Planning and Professional Development. He was also Member of the Commission on Poverty and Part-time Member of the Central Policy Unit.

Professional Profile

Professor Stephen Cheung Yan-leung, SBS, JP, Officier dans l’Ordre des Palmes Académiques, President and Chair Professor of Public Policy, joined The Hong Kong Institute of Education (now The Education University of Hong Kong) in 2013.

He was Dean and Chair Professor of Finance, School of Business at the Hong Kong Baptist University. Professor Cheung was also Convenor of the Business Advisory Committee at the university and participated in the accreditation and assessment of undergraduate, research and graduate programmes, academic development and strategic development.

Professor Cheung is highly active in academic research, focusing on corporate governance, corporate social responsibility and financial market development, and publishes widely in international refereed journals. His co-authored publication "Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China" has won the prestigious Sun Yefang Financial Innovation Award 2014.

Professor Cheung has actively participated in a wide range of community services. He chairs the Supervisory Committee of the Asian Bond Fund Hong Kong Bond Index Fund of the Hong Kong Monetary Authority and the Transport Advisory Committee, and is a member of the 13th National Committee of the Chinese People’s Political Consultative Conference. In past years, Professor Cheung held a number of other public offices. He was the Chairman of the Social Innovation and Entrepreneurship Development Fund Task Force, the Hong Kong Committee for Pacific Economic Cooperation, the Consultation Panel of the West Kowloon Cultural District Authority and the Nursing and Midwifery Sub-Group of the Steering Committee on Strategic Review on Healthcare Manpower Planning and Professional Development. He was also Member of the Commission on Poverty and Part-time Member of the Central Policy Unit.

Research Interest

Corporate Finance, Investment, Financial Market Development.

External Appointment

Professor Cheung chairs the Supervisory Committee of the Asian Bond Fund Hong Kong Bond Index Fund of the Hong Kong Monetary Authority and is a member of the 13th National Committee of the Chinese People’s Political Consultative Conference. In past years, Professor Cheung held a number of other public offices. He was the Chairman of the Social Innovation and Entrepreneurship Development Fund Task Force, the Hong Kong Committee for Pacific Economic Cooperation, the Consultation Panel of the West Kowloon Cultural District Authority and the Nursing and Midwifery Sub-Group of the Steering Committee on Strategic Review on Healthcare Manpower Planning and Professional Development. He was also Member of the Commission on Poverty and Part-time Member of the Central Policy Unit.

Selected Output

Scholarly Books, Monographs and Chapters
Cheung, Y.L. and Stouraitis, A. (2020). Report on the HKIoD Corporate Governance Scorecard 2020. Hong Kong: The Hong Kong Institute of Directors.
Cheung, Stephen YL and Stouraitis, Aris (2017). Report on The HKIoD Corporate Governance Score-card 2016. Hong Kong: The Hong Kong Institute of Directors.
Cheung, Y.L., Cheng, Y.S., & Woo, C.K. (2017). Hong Kong’s Global Financial Centre and China’s Development. New York, USA: Routledge.
Cheung, Yan-Leung, Connelly, J. Thomas, Estanislao, Jesus P., Limpaphayom, Piman, Lu, Tong and Utama, Sidharta (2014). The Corporate Governance and Firm Valuation in Asian Emerging Markets. Boubaker, S. and Nguyen, D. K., Corporate Governance in Emerging Markets (27-53). Berlin Heidelberg, Germany: Springer-Verlag Berlin Heidelberg.
Cheung, Y.L. (2012). Report on the HKIoD Corporate Governance Score-card 2012. Hong Kong: The Hong Kong Institute of Directors.
Cheung, Y.L. and W.S. Chung (2011). A Case Study for Social Enterprise – The Evolution of Metal-Care Connect Company Limited in Hong Kong. In Sik Hung NG, Stephen Yan-Leung CHEUNG, Braham PRAKASH, Social Capital in Hong Kong – Connectivities and Social Enterprise (245-265). Hong Kong: City University of Hong Kong Press.
Cheung, Y.L., S.H. Ng and B. Prakash (2011). Social Capital in Hong Kong – Connectivities and Social Enterprise. Hong Kong: City University of Hong Kong Press.
Cheung, Y. L. (2009). Report on the HKIoD Corporate Governance Score-card 2009. Hong Kong: The Hong Kong Institute of Directors.
Cheung, Y. L. (2006). Report on The HKIoD Corporate Governance Score-card 2006. Hong Kong: The Hong Kong Institute of Directors.

Journal Publications
Cheung, Y. L., Rau, P. R., & Stouraitis, A. (2021). What Determines the Return to Bribery? Evidence from Corruption Cases Worldwide. Management Science, online, 1-76.
Cheung, Y.-L., Tan, W. and Wang, W. (2021). Where do banks value corporate social responsibility (CSR) more? Evidence on the role of national culture. Journal of Banking and Finance, 118, 1-20.
Cheung, Y.-L., P. R. Rau, A. Stouraitis, and W. Tan (2021). Does the market understand the ex-ante risk of expropriation by controlling shareholders?. Journal of Corporate Finance, 1, 1-40.
Cheung, Y.-L., I. Haw, W. Tan, and W. Wang (2021). Auditor Appointment Strategy and Intragroup Value Transfers: Evidence from Family Business Groups. Journal of Accounting, Auditing and Finance, forthcoming, 1-40.
Cheung, Yan-leung, Haw, In-mu, Hu, Bingbing, Swink, Morgan, Zhang, Wenlan (2020). Common institutional investors and supplier performance in supply chains. Journal of Operations Management, Advance online publication, 1-27.
Ahn, Hee-Joon, Cai, Jun, Cheung, Yan-Leung (2020). Execution costs, investability, and actual foreign investment in emerging markets. China Finance Review International, 10(2), 143-167.
Yan-Leung Cheung, Weiqiang Tan, Wenming Wang (2020). Where do banks value corporate social responsibility more? Evidence on the role of national culture. Journal of Banking and Finance, Advance online publication, 105810.
CHEUNG, Yan Leung Stephen, Tan, Weiqiang, WANG, Wenming (2018). National Stakeholder Orientation, Corporate Social Responsibility, and Bank Loan Cost. Journal of Business Ethics, 150(2), 505-524.
Cheung, Yan-leung, Dai, Yunhao, Ouyang, Zhiwei, & Tan, Weiqiang (2018). Who leaves money on the table? The role of founder identity in Hong Kong. Applied Economics, 50(7), 774-788.
Cheung, Yan-Leung ; Dang, Yin ; Jiang, Ping ; Lu, Tong ; Tan, Weiqiang (2018). Does the market care about investor protection practices in China?. Applied Economics, 50(5), 492-509.
Su, Weichieh, Peng, Mike W., Tan, Weiqiang, Cheung, Yan-leung (2016). The Signaling Effect of Corporate Social Responsibility in Emerging Economics. Journal of Business Ethics, 134(3), 479-491.
Chan, A. K. K., & Cheung, S. Y. L. (2015). Special Issue on Corporate Social Responsibility and Sustainability: An Introduction. Journal of Business Ethics, 130(4), 753-754.
Yan-Leung Cheung, Dongmin Kong, Weiqiang Tan, Wenming Wang (2015). Being Good When Being International in an Emerging Economy: The Case of China. Journal of Business Ethics, 130(4), 805-817.
Cheung, Yan-Leung, Luo, Xuandong, Tan, Weiqiang and Xiao, Tusheng (2015). "Management Earnings Forecasts, Earnings Announcements, and Institutional Trading in China". Emerging Markets Finance and Trade, 50(6), 184-203.
Cheung, Y. L., Haw, I. M., Tan, W. Q., & Wang, W. M. (2014). Board Structure and Intragroup Propping: Evidence from Family Business Groups in Hong Kong. Financial Management, 43(3), 569-601.
Chan, Alfred C.M., Cheung, Stephen Y.L., Lai, Tony CK. (2014). Widening of a Poverty Gap: A Condition of Governance Crisis in Hong Kong. Advances in Applied Sociology, 4(3), 69-84.
Cheung, Y.L., C.W. Chung, W.Q. Tan and W.M. Wang (2013). "Connected Board of Directors: A Blessing or a Curse?". Journal of Banking and Finance, 37(8), 3227-3242.
Cheung, Y.L., K. Jiang, B. S. C. Mak, and W.Q. Tan. (2013). “Corporate Social Performance, Firm Valuation, and Industrial Difference: Evidence from Hong Kong”. Journal of Business Ethics, 114 (4), 625-631.
Cheung, Y.L., K. Jiang, and W.Q. Tan. (2012). “‘Doing-good’ and ‘doing-well’ in Chinese Publicly Listed Firms”. China Economic Review, 23, 776-785.
Cheung, Y.L., Y. W. Cheung, and A. He. (2012). “Yen Carry Trades and Stock Returns in Target Currency Countries”. Japan and the World Economy, 24, 174-183.
Cheung, Y.L., A. Stouraitis, and W.Q. Tan. (2011). “Corporate Governance, Investment, and Firm Valuation in Asian Emerging Markets”. Journal of International Financial Management & Accounting, 22(3), 246-273.
Li K., T. Wang, Y.L. Cheung and P. Jiang. (2011). “Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China”. The Review of Financial Studies, (24)7, 2499-2525.
Cheung Y.L., J.T. Connelly., P. Jiang and P. Limpaphayom (2011). “Does Corporate Governance Predict Future Performance? Evidence from Hong Kong”. Financial Management, 40(1), 159-197.
Cheung Y.L., A. Stouraitis, and W.Q. Tan. (2010). “Does the Quality of Corporate Governance Affect Firm Valuation and Risk? Evidence from a Corporate Governance Scorecard in Hong Kong”. International Review of Finance, 10(4), 403-432.
Cheung Y. L., P. R. Rau, and A. Stouraitis (2010). “Helping Hand or Grabbing Hand? Central vs. Local Government Shareholders in Chinese Listed Firms”. Review of Finance, 14(4), 669-694.
Cheung, Y. L., P. Jiang, and W. Q. Tan (2010). “A Transparency Disclosure Index Measuring Disclosures: Chinese Listed Companies”. Journal of Accounting and Public Policy, 29(3), 259-280.
Cheung Y. L., Y.W. Cheung, W.W. He and T.K. Wan (2010). “A Trading Strategy Based on Callable Bull/Bear Contracts”. Pacific-Basin Finance Journal, 18(2), 186-198.
Cheung Y. L., W. Q. Tan, H. J. Ahn and Z. Zhang (2010). “Does Corporate Social Responsibility Matter in Asian Emerging Markets?”. Journal of Business Ethics, 92(3), 401-413.
Cheung, Y. L., P, Jiang., P. Limpaphayom, and T. Lu (2010). "Corporate Governance in China: A Step Forward". European Financial Management, 16(1), 94-123.
Cheung, Y. L., W. Q. Tan, and Z. W. Ouyang (2009). “How Regulatory Changes Affect IPO Underpricing in China”. China Economic Review, 20(4), 692-702.
Zhang, Zheng, Jun Cai and Y.L. Cheung (2009). “Explaining Country and Cross-Border Liquidity Commonality in International Equity Markets”. The Journal of Futures Markets, 29(7), 630-652.
Cheung, Y. L., L. Jing, T. Lu, P. R. Rau, and A. Stouraitis (2009). “Tunneling and propping up: An analysis of related party transactions by Chinese listed companies”. Pacific-Basin Finance Journal, 17(3), 372-393.
Cheung, Y. L., Y. Qi, P. R. Rau, and A. Stouraitis (2009). “Buy High, Sell Low: How Listed Firms Price Asset Transfers in Related Party Transactions”. Journal of Banking and Finance, 33(5), 914-924.
Cheung, Y. L., Y. W. Cheung, and A. Wan (2009). “A High-Low Model and Daily Stock Price Ranges”. Journal of Forecasting, 28(2), 103-119.
Bailey, W., J. Cai, Y. L. Cheung, F. Wang (2009). "Stock Returns, Order Imbalances and Commodities: Evidence on Individual, Institutional and Proprietal Investors in China". Journal of Banking and Finance, 33(1), 9-19.
Cheung, Y. L., and H. Jang (2008). "Scorecard on Corporate governance in East Asia: A comparative study". International Finance Review, 9, 415-458.
Cheung, Y. L., P, Jiang., P. Limpaphayom, and T. Lu (2008). "Does Corporate Governance Matter in China?". China Economic Review, 19(3), 460-479.
Cheung., Y. L., J.T. Connelly., P. Limpaphayom and L. Zhou (2007). "Determinants of Corporate Disclosure and Transparency: Evidence from Hong Kong and Thailand". Controversies in International Corporate Responsibility, 3, 313-342.
Cheung, Y. L., L. Yang (2007). “IPO Price Performance and Block-Trading Activities: Evidence from Hong Kong”. Pacific-Basin Finance Journal, 15(3), 276-291.
Cheung, Y. L., J. T. Connelly, P. Limpaphayom, L. Zhou (2007). “Do Investors Really Value Corporate Governance? Evidence from the Hong Kong Market”. Journal of International Financial Management and Accounting, 18(2), 86-122.
Cheung, Y. L., Y. W. Cheung, and C. C. Ng (2007). “East Asian Equity Markets, Financial Crises, and the Japanese Currency”. Journal of the Japanese and International Economies, 21(1), 138-152.
Cheung, Y. L., P. R. Rau, and A. Stouraitis (2006). “Tunneling, Propping and Expropriation Evidence from Connected Party Transactions in Hong Kong”. Journal of Financial Economics, 82(2), 343-386.
Cheng, W. Y., Y. L. Cheung, and Y. C. Tse (2006). “The impact on IPO performance of more stringent listing rules with a pre-listing earnings requirement: Evidence from Hong Kong”. Journal of Business Finance and Accounting (U.K.), 33(5-6), 868-884.

Project

Investor Protection Practices of Chinese Listed Firms and a Survey Study on the Importance of Core Competencies of Future Teachers
1.To examine the importance of the investor protection practices of Chinese listed firms; 2.To solicit the views of Hong Kong school principals (including kindergartens, primary schools, secondary schools and specials schools) on core competencies of HKIEd future graduates.
Project Start Year: 2014, Principal Investigator(s): CHEUNG, Yan Leung Stephen 張仁良
 
The Role of Hong Kong's Financial Centre in China's Development
To evaluate the existing role of Hong Kong's financial sector in China's development; to study the possible roles of Hong Kong's financial sector in China's development in the coming decades, with special attention to Hong Kong's functions in enhancing the internationalization and convertibility of Renminbi and the implementation of China's "going out" policy; to identify the major obstacles that are hindering Hong Kong in moving towards a desirable development path; and to formulate strategies . . .
Project Start Year: 2011, Principal Investigator(s): CHEUNG, Yan Leung Stephen 張仁良
 
Reuters Services Contract and Reuters Business Principles
Financial market research
Project Start Year: 2009, Principal Investigator(s): CHEUNG, Yan Leung Stephen 張仁良
 
Prizes and awards

Banco Nacional Ultramarino Best Paper Award

Date of receipt: /12/2018, Conferred by: The 7th World Business Ethics Forum (WBEF)