Prof. Hung Wan Kot

Assistant Professor in Finance
Programme Coordinator of Finance

Faculty of Business Administration
University of Macau, E22
Avenida da Universidade, Taipa, Macau, China

Contact Information

Room: E22-4053
Telephone: (853) 8822-4843
E-mail: hungwankot
Website:https://sites.google.com/site/hungwankot/
  • Ph.D. in Finance, HKUST, 2004
  • BBA (Hons) in Finance, Hong Kong Baptist University, 1998
  • Visiting Assistant Professor, Department of Economics and Finance, City University of Hong Kong (Sep. 2016 – Aug. 2017)
  • Assistant Professor, Department of Finance and Decision Sciences, Hong Kong Baptist University (Sep. 2006 – Aug. 2016)
  • Lecturer (permanent), Department of Finance, University of Waikato (Jan. 2005 – Aug. 2006)

  • Winner of the Ph.D. Students Research Paper Competition, 2003, HKUST Business School.
  • Ph.D. Student Travel Award, 2003, AFA annual meeting in Washington D.C.
  • Research Travel Grant, 2002, 2003, HKUST.
  • Full postgraduate fellowship, 1999 – 2004, HKUST Business School
  • Finalist for Citibank University Marketing Award, 1997, Citibank (Hong Kong).
  • The China and South Sea Bank Ltd. Scholarship, 1997, HKBU.
  • Undergraduate Courses
    • Portfolio Management (FINC3004)
    • Mergers and Acquisitions (City University of Hong Kong)
    • Financial Systems, Markets, and Instruments (City University of Hong Kong)
    • Investment Management (HKBU)
    • Multinational Finance (HKBU)
    • Financial Management (HKBU)
    • International Finance (University of Waikato)
    • Derivative Securities (University of Waikato)
    • Fundamentals of Business Finance (HKUST)
  • Graduate Courses
    • Corporate Finance (FINC7010)
    • Investment Analysis and Portfolio Management (MBA and MSc in Putonghua teaching in Mainland China)
    • Derivatives I (University of Waikato)
  • Short selling, index revision, cross-listing, higher moments, name changes, IPOs, M&A, international markets, hospitality and tourism finance
  • Co-investigator, Specialized Subsidy Scheme for Macao Higher Education Institutions in the Area of Research in Humanities and Social Sciences, 2019, Macau (Project title: Sustainable Development of Hospitality and Gaming Tourism Industries in Macau (Research Series) – Phase 1, Project No: 30/DSESHSS-UM/2019, MOP66,900, with Morris Liu).
  • Principal investigator, Start-up Research Grant, 2017, University of Macau (Project title: Empirical asset pricing: Short selling and others, Project No: SRG2017-00103-FBA, MOP150,000, Duration: 36 months)
  • Principal investigator, General Research Fund, 2015, Research Grants Council, Hong Kong (Project title: Does information environment change after reverse dual-listing?, Project No: 12501215, HK$278,000, with Lewis Tam).
  • Principal investigator, General Research Fund, 2013, Research Grants Council, Hong Kong (Project title: Long-term performance after reverse cross-listing: Evidence from Chinese and Israeli stocks, Project No: 291213, HK$151,973, with Lewis Tam).
  • Principal investigator, General Research Fund, 2008, Research Grants Council, Hong Kong (Project title: Short-sale constraints and A-H share premiums, Project No: 242408, HK$442,400, with Kalok Chan and Zhishu Yang).
  • Principal investigator, Faculty Research Grant, 2011, Hong Kong Baptist University (Project title: Changes of institutional ownership composition and pricing effects: Evidence from S&P 500 Index additions and deletions, FRG2/10-11/072, HK$99,000, with Kalok Chan and Gordon Y.N. Tang).
  • Principal investigator, Faculty Research Grant, 2008, Hong Kong Baptist University (Project title: Long-term performance of additions and deletions of Hang Seng Index constituent stocks, FRG/07-08/I-10, HK$49,700, with Gordon Y.N. Tang
  • Principal investigator, Faculty Research Grant, 2007, Hong Kong Baptist University (Project title: The King’s new clothes? Price reaction of corporate name changes in the Hong Kong market, FRG/06-07/I-12, HK$42,820).
  • Principal investigator, Contestable Research Funds, 2005, The University of Waikato Management School (Project title: What determines the short interest level, NZ$2,800).
  1. Liang Dong, Hung Wan Kot, and Keith S.K. Lam, 2020, China vs. U.S.: Is co-skewness risk priced differently? Asia-Pacific Journal of Accounting & Economics, In press. (ABS2)
  2. Adrian W. K. Cheung, Hung Wan Kot, Eric F. Y. Lam and Harry K. M. Leung, 2019, Toward understanding short-selling activity: Demand and supply, Accounting and Finance, in press. (ABS2)
  3. M. Fevzi Esen, Manisha Singal, Hung Wan Kot, and Ming-Hsiang Chen, 2019, Can insider trading of tourism companies predict future returns?, International Journal of Hospitality Management 83, 115-127.(ABS3)
  4. Hung Wan Kot, Ming-Hsiang Chen, Adrian W.K. Cheung, and Haiyu Huang, 2019, Understanding short selling activity in the hospitality industry, International Journal of Hospitality Management, 82, 136-148.(ABS3)
  5. Keith S.K. Lam, Liang Dong, and Hung Wan Kot, 2020, Are higher co-moments priced? A tale of two countries, Journal of Financial Studies, In press..
  6. Hung Wan Kot and Lewis H.K. Tam, 2016, Are stock prices more informative after dual-listing in emerging markets? Evidence from Hong Kong-listed Chinese companies, Pacific-Basin Finance Journal 36, 31-45. (ABS2)
  7. Hung Wan Kot, Harry K.M. Leung, and Gordon Y.N. Tang, 2015, The long-term performance of Hang Seng Index additions and deletions, International Review of Financial Analysis 42, 407-420.(ABS3)
  8. Kalok Chan, Hung Wan Kot, and Gordon Y.N. Tang, 2013, A comprehensive long-term analysis of S&P 500 Index additions and deletions, Journal of Banking & Finance 37, 4920-4930.(ABS3)
  9. Hung Wan Kot, 2011, Corporate name changes: Price reactions and long-run performance, Pacific Basin Finance Journal 19, 230-244.(ABS2)
  10. Kalok Chan, Hung Wan Kot, and Desmond Li, 2008, Portfolio concentration and closed-end fund discounts: Evidence from the China market, Emerging Markets Review, Vol. 9, Issue 2, 129-143.(ABS2)
  11. Hung Wan Kot, 2007, What determines the level of short-selling activity?, Financial Management, Vol. 36, Issue 4, 123-141.(ABS3)
  12. Abey Gunasekarage and Hung Wan Kot, 2007, Return-based investment strategies in the New Zealand stock market: Momentum wins, Pacific Accounting Review, Vol. 19, No. 2, 108-124.(ABS1)
  13. Kalok Chan and Hung Wan Kot, 2006, Can contrarian strategies improve momentum profits?, Journal of Investment Management, Vol. 4, No. 1, 70-89.
  • Conferences
    • AIB 2020 Miami Conference, July 2020 (accepted)
    • The 31st Australasian Finance and Banking Conference at Sydney, Dec 2018 (Presenter and discussant)
    • 2017 European Financial Management Association (EFMA) conference at Athens, Jul 2017 (Presented by co-author).
    • The International Finance and Banking Society (IFABS) 2015 Conference in Hangzhou, Jun 2015 (Presenter).
    • Asian FA 2015 in Changsha, Jun 2015 (Presenter, discussant, and session chair).
    • 2015 Financial Markets and Corporate Governance Conference in Fremantle (Perth), Apr 2015 (Presented by co-author).
    • Auckland Finance Meeting 2014 in Auckland, Dec 2014 (Presenter, discussant, and session chair).
    • Asian FA 2014 in Bali, Jun 2014 (Presenter, discussant, and session chair).
    • Asian FA 2013 in Nanchang, Jul 2013 (Presenter and discussant of two papers, session chair).
    • FMA Asian annual meeting in Phuket, Thailand, Jul 2012 (Presenter and discussant).
    • Asian FA/TFA 2012 Joint International Conference in Taipei, Jul 2012 (Two papers presented and discussant for two papers, session chair).
    • Asian FA International Conference 2011 in Macau, Jul 2011 (Presented by co-author).
    • 2011 China International Conference in Finance in Wuhan, Jul 2011 (Presenter and discussant).
    • Fifth International Conference on Asia-Pacific Financial Markets in Seoul, Dec 2010 (Presenter).
    • Asian FA International Conference 2010 in Hong Kong, Jun-Jul 2010 (Discussant).
    • 2009 Hong Kong Joint Finance Research Workshop, Nov 2009 (Discussant).
    • 2009 China International Conference in Finance in Guangzhou, Jul 2009 (Presenter and discussant).
    • Asian FA International Conference 2009 in Brisbane, Jun-Jul 2009 (Presenter and discussant).
    • Asian FA-NFA 2008 International Conference in Yokohama, Jul 2008 (Presenter and discussant).
    • 2008 China International Conference in Finance in Dalian, Jul 2008 (Discussant).
    • 15th Annual Global Finance Conference in Hangzhou, May 2008 (Two papers).
    • Asian FA/FMA 2007 Finance Conference in Hong Kong, Jul 2007 (Presenter and discussant for two papers).
    • 7th Accounting and Finance Conference, Xiamen, Jul 2007 (Presenter and discussant for two papers).
    • 2007 China International Conference in Finance in Chengdu, Jul 2007 (Discussant).
    • Asian FA/FMA 2006 Finance Conference in Auckland, Jul 2006 (Presenter and discussant).
    • 18th Australasian Finance and Banking Conference in Sydney, Dec 2005 (Presenter).
    • 2005 China International Conference in Finance in Kunming, Jul 2005 (Presenter).
    • Asian FA/FMA 2005 Finance Conference in Kuala Lumpur, Jul 2005 (Presenter).
    • Asian FA/TFA/FMA 2003-2004 Finance Conference in Taipei, Jul 2004 (Presenter and discussant).
    • FMA International 2003 annual meeting in Denver, Oct 2003 (Discussant and presenter for two papers).
    • APFA/PACAP/FMA 2002 Finance Conference in Tokyo, Jul 2002 (Presenter and discussant).
  • Seminars
    • Yunnan University, July 2019
    • University of Macau, Nov 2016, Dec 2007
    • Massey University, Aug 2016
    • University of South Australia, Feb 2016
    • Curtin University, Mar 2014
    • Hong Kong Polytechnic University, Feb 2013, Feb 2008
    • Nottingham University Ningbo, Nov 2012
    • Shanghai University of Finance and Economics, Apr 2012
    • Fudan University, Mar 2012
    • HKBU, Jan 2011, May 2007, Jan 2006, Mar 2002
    • University of New South Wales, Apr 2009
    • Hang Seng Index Services Ltd., Jul 2009, Oct 2015
    • Xiamen University, Dec 2008
    • HKUST Ph.D. Student Workshop, May 2007, Dec 2007
    • International University of Japan, Feb 2006, Feb 2004
    • Renmin University of China, Dec 2005
    • University of Waikato, New Zealand, Apr 2004, Jun 2005
    • HKUST, Apr 2004
  1. Lewis H.K. Tam, Hung Wan Kot, Ming-Hsiang Chen, and Yiming Chang, 2020, Can aircraft-introducing methods affect the capital structure of commercial airlines?
  2. Hung Wan Kot, Frank W.K. Li, and Morris Liu, 2020, Reading preferences of short sellers: Evidence from annual reports.
  3. Hung Wan Kot, Liang Shao, and Lewis H.K. Tam, 2019, Cross-listing and reverse cross-listing: Role of national culture
  4. Hung Wan Kot, F.Y. Eric C. Lam, and K.C. John Wei, 2018, How pervasive and investable is the asset growth effect?
  5. Kalok Chan, Hung Wan Kot, and Sophie Ni, 2017, Does option trading affect the return predictability of short selling activity?
  6. Kalok Chan, Hung Wan Kot, and Zhishu Yang, 2010, Effects of short-sale constraints on stock prices and trading activity: Evidence from Hong Kong and mainland China. (Permanent)
  1. More than 40 Chinese articles are published in the Hong Kong Economic Journal(香港信報), Hong Kong Economic Journal Monthly(香港信報月報), Hong Kong Economic Times(香港經濟日報), etc. from 1996.
  • PhD Students
    • On the advisory committee of one student in Univeristy of Macau
  • Master Students
    • Two students in University of Macau
    • Three students in University of Waikato
  • Western Finance Association
  • American Finance Association (inactive)
  • Asian Finance Association (inactive)
  • Financial Management Association International (inactive)