Associate Professor in Finance
Programme Director of Doctor of Business Administration (DBA)
  • Ph.D. in Finance, Cass Business School, City University (London, UK)
  • Research Fellow, Institute of Advanced Studies in Humanities and Social Sciences, University of Macau
  • Acting Research Director, Asia-Pacific Academy of Economics and Management, University of Macau
  • Visiting Researcher, The Bank of Finland Institute for Economies in Transition (BOFIT), Bank of Finland
  • Visiting Researcher, The Technology and Management Centre for Development, University of Oxford
  • Visiting Researcher, Bangor Business School, Bangor University
  • Acting Dean, Graduate School, University of Macau
  • Associate Dean, Graduate School, University of Macau
  • Assistant Professor of Finance, Faculty of Business Administration, University of Macau
  • China Merchants Bank, Guangzhou Branch
  • State Administration of Foreign Exchange, Guangzhou Branch
  • People’s Bank of China, Guangzhou Branch
  • Undergraduate Courses
    • Financial Markets and Institutions (FINC3003)
    • Graduation Project on Applied Finance (FINC4011)
    • Financial Management (FINC210)
    • Financial Management I (FINC300)
    • Financial Management II (FINC301)
    • Management of Financial Institutions (FINC312)
    • Public Sector Finance (FINC330)
    • Money and Banking (ECIF350)
    • International Banking (ECIF482)
  • Postgraduate Courses
    • Financial Markets and Institutions (FINC7057)
    • International Banking and Bank Management (FINC7026)
    • Commercial Bank Management (MFIN616)
    • China Business Seminar and Field Study (IMBB110)
  • Sustainable Finance
  • Responsible Innovation
  • FinTech
  • Banking
  • Corporate Governance
  • 1st prize in Economics & Management, the 6th Outstanding Achievement Awards for Macao Research in Humanities and Social Sciences, co-organized by the Macao Foundation and the Social Sciences in China Press in 2022
  • 2021/2022 FBA Dean’s Award for Research Excellence
  • 2021/2022 FBA Outstanding Service Award (Internal)
  • 2020/2021 FBA Outstanding Research Award (Balance Track)
  • 2019 The CFA ARX best paper award, presented at the 2019 New Zealand Finance Meeting
  • 2011 Academic Staff Award, University of Macau
  • Corporate governance for green growth in emerging economies, funded by the Research Committee of University of Macau, 2023
  • SME Financing in the Fintech Era, funded by Education Fund of the Macao SAR Government, 2021
  • Risk-based decision making for production resumption in the global supply chain: Evidence from the COVID-19 outbreak, funded by Education Fund of the Macao SAR Government, 2020
  • Responsible Investing in the Gaming Industry – Phase II, funded by Education Fund of the Macao SAR Government, 2020
  • Structural Change and Firm Performance in the Asia-Pacific Gaming Industry, funded by the Research Committee of University of Macau, 2020
  • University Governance in China – Phase I, funded by Education Fund of the Macao SAR Government, 2019
  • Responsible Investing in the Gaming Industry – Phase I, funded by Education Fund of the Macao SAR Government, 2019
  • Study on the Coordinated Development Mechanism in the Guangdong-Hong Kong-Macao Greater Bay Area in a New Era, funded by the Major Program of the National Social Science Fund of China, 2018
  • The Quality and Quantity of Bank Intermediation and Economic Growth: Evidence from Asia Pacific, funded by the Research Committee of University of Macau, 2017
  • Innovation and corporate governance in China, funded by the Research Committee of University of Macau, 2016
  • Study of CDS determinants and its relationship to financial stability, funded by the Research Committee of University of Macau, 2013
  • Bank Efficiency and Stock Performance in the mainland China and Hong Kong, funded by the Research Committee of University of Macau, 2011
  • Bank performance in Asia: pre and post financial crisis, funded by the Research Committee of University of Macau, 2011
  • Banking Efficiency and Productivity Growth in Hong Kong and Macau, funded by the Research Committee of University of Macau, 2009
  • Sources of Financial Innovations, funded by the Research Committee of University of Macau, 2008
  • The Determinants of Bank Performance in China, funded by the Research Committee of University of Macau, 2008
  • Chinese Banking Research Project, funded by the Seng Heng Bank Limited, 2007
  • Bank Concentration and Retail Interest Rates in UK, funded by the Research Committee of University of Macau, 2006
  1. Fu, X., Harrison, R., Li, D. (2022), Venture capital investment in university spin-offs: Evidence from an emerging economy, Journal of Corporate Finance, Forthcoming (ABS4)
  2. Fu, X.L., Fu, X., Ghauri, P., Hou, J. (2022), International collaboration and innovation: Evidence from a leading Chinese multinational enterprise, Journal of World Business, 101329 (ABS4)
  3. Zhang, Y., Zheng, H., Lam, D., Fu, X., Li, M. (2022), CEOs’ Marital Status and Corporate Innovation, Journal of Product Innovation Management, Forthcoming (ABS4)
  4. Pan, J., Weng, R., Yin, S., Fu, X. (2022), Central supervision and earnings management: Quasi-experimental evidence from China, The British Accounting Review, 101082 (ABS3)
  5. Lin, Y., Fan, D., Shi, X., Fu, X. (2021), The effects of supply chain diversification during the COVID-19 crisis: Evidence from Chinese manufacturers, Transportation Research Part E, 155, 102493 (ABS3)
  6. Lin, Y., Wang, Y., Fu, X. (2021), Margin purchases, short sales and stock return volatility in China: Evidence from the COVID-19 outbreak, Finance Research Letters, 21, 102351 (ABS2)
  7. Li, D., Fu, X. (2021), The efficiency of university technology transfer in China, Asian Economic Papers, 20, 114-137 (ABS1)
  8. Lin, Y., Fu, X., Fu, X.L. (2021), Varieties in state capitalism and corporate innovation: Evidence from an emerging economy, Journal of Corporate Finance, 67, 101919 (ABS4)
  9. Fu, X.L., Fu, X., Contreras Romero, C., Pan, J. (2021), Exploring new opportunities through collaboration within and beyond sectoral systems of innovation in the fourth industrial revolution, Industrial and Corporate Change, 30, 233-249 (ABS3)
  10. Fu, X., Bao. Q., Xie, H., Fu, X.L. (2021), Diffusion of Industrial Robotics and Inclusive Growth: Labour Market Evidence from Cross Country Data, Journal of Business Research, 122, 670-684 (ABS3)
  11. Fu, X., Lin, Y., Zhang, Y. (2020), Responsible investing in the gaming industry, Journal of Corporate Finance, 64, 101657 (ABS4)
  12. Fu, X.L., Buckley, P.J., Fu, X. (2020), The Growth Impact of Chinese Direct Investment on Host Developing Countries, International Business Review, 29, 101658 (ABS3)
  13. Fu, X., Li, M.C., Molyneux, P. (2021), Credit default swap spreads: market conditions, firm performance, and the impact of the 2007–2009 financial crisis, Empirical Economics, 60, 2203-2225 (ABS2)
  14. Fung, K.C., Aminian, N., Fu, X., Rhee, J.H., & Tung, C.Y. (2020), Silicon trade policies” and a comparative analysis of China-U.S. and Japan-U.S. trade conflicts, Journal of Chinese Economic and Business Studies, 18, 29-50 (ABS1)
  15. Fung, K.C., Aminian, N., Fu, X., and Tung, C.Y. (2018), Digital silk road, Silicon Valley and connectivity, Journal of Chinese Economic and Business Studies, 16, 313-336 (ABS1)
  16. Lin, Y., Fu, X., Gu, X., and Song, H. (2018), Institutional ownership and return volatility in the casino hospitality industry, International Journal of Tourism Research, 20, 204-214 (ABS2)
  17. Fu, X., Lin, Y., Molyneux, P. (2018), The Quality and Quantity of Bank Intermediation and Economic Growth: Evidence of Asia Pacific, Applied Economics, 50, 4427-2226 (ABS2)
  18. Fung, K.C., Aminian, N., Fu, X., and Kornhohen, I. (2018), Internationalization of the Use of Chinese Currency: Perspectives from the New and the Ancient Silk Roads, Journal of Chinese Economic and Business Studies, 16, 1-16 (ABS1)
  19. Li, M.C. and Fu, X. (2017), Determinants of Credit Default Swap Spreads: A Four-Market Panel Data Analysis, Journal of Finance and Economics, 5, 9-31
  20. Lin, Y. and Fu, X. (2017), Does institutional ownership influence firm performance? Evidence from China, International Review of Economics and Finance, 49, 17-57 (ABS2)
  21. Fu, X., Lin, Y., and Molyneux, P. (2016), Bank Capital and Liquidity Creation in Asia Pacific, Economic Inquiry, 54, 966-993 (ABS3)
  22. Fu, X., Lin, Y., and Molyneux, P. (2014), Bank Competition and Financial Stability in Asia Pacific, Journal of Banking and Finance, 38, 64-77 (ABS3)
  23. Fu, X., Lin, Y., and Molyneux, P. (2014), Bank Efficiency and Shareholder Value in Asia Pacific, Journal of International Financial Markets, Institutions, and Money, 33, 200-222 (ABS3)
  24. Heffernan, S.A., Fu, X.L., and Fu, X. (2013), Financial Innovations in the UK, Applied Economics, 45, 3400-3411 (ABS2)
  25. Fu, X. and Sio, U. (2011), Economies of Scale and Scope in Macau’s Banking Sector, Banks and Bank Systems, 4, 88-95
  26. Fu, X. and Vong, I.L. (2011), Bank Efficiency and Productivity Change in Hong Kong and Macao, Macao Monetary Research Bulletin, 18, 109-139
  27. Fu, X. and Heffernan, S.A. (2010), Determinants of Financial Performance in Chinese Banking, Applied Financial Economics, 20, 1585-1600 (ABS2)
  28. Fu, X. (2009), Competition in Chinese Commercial Banking, Banking and Finance Review, 1, 1-16
  29. Heffernan, S.A. and Fu, X. (2009), The Structure of Retail Markets: What Do We Learn from Bank-Specific Rates? , Applied Financial Economics, 19, 1885-1898 (ABS2)
  30. Fu, X. and Heffernan, S.A. (2009), The Effects of Reform on China’s Bank Structure and Performance, Journal of Banking and Finance, 33, 39-52 (ABS3)
  31. Fu, X. and Heffernan, S.A. (2008), Economies of Scale and Scope in China’s Banking Sector, Applied Financial Economics, 18, 345-356 (ABS2)
  32. Fu, X. and Heffernan, S.A. (2007), Cost X-efficiency in China’s Banking Sector, China Economic Review, 18, 35-53 (ABS2)
  33. Ng, S.U. and Fu, X. (2007), Market Structure and Performance in Macau Banking, Euro Asia Journal of Management, 17, 61-78
  1. Fu, X., Lin, Y., and Molyneux, P., Bank Competition, Efficiency and Liquidity Creation in Asia Pacific. London: Palgrave Macmillian, 2015
  2. Heffernan, S.A. and Fu, X., Bank Structure and Performance in the UK, in Vallelado, E. and P. Molyneux (ed.), Size and Efficiency in the European Banking Industry. COMARES, 2007
  3. Fu, X. et al. 《現代銀行業—中國人民銀行幹部培訓翻譯教材叢書》(chief translator). (Modern Banking, by S.A. Heffernan – used as a textbook for training the central bank staff in China). Beijing: China Financial Publishing House, 2007
  1. Lin, Y., Fu, X., Fu, X.L., Varieties in state capitalism and corporate innovation: Evidence from an emerging economy, presented at the the 2021 Responsible Innovation Forum co-hosted by UM (FBA) and the University of Oxford (TMCD), Tsinghua University (CISTP), the Chinese Academy of Sciences (CASISD), and the Sino-UK Innovation Policy and Management Research Network, 2021 (Invited presentation)
  2. Fu, X., Liu, Z., Corporate governance for green recovery in emerging economies, presented at the 11th International Symposium of Corporate Governance —— Response to the Post-Pandemic Era: Green Governance, 2021 (Invited presentation)
  3. Fu, X.L., Fu, X., Contreras Romero, C., Pan, J. Exploring new opportunities through collaboration within and beyond sectoral systems of innovation in the fourth industrial revolution, presented at the 2021 IAS Mini Forum, 2021 (Invited presentation)
  4. Fu, X., Overview of the financial system in Macau, presented at the 2021 NOAH Global Summit, 2021 (Invited presentation)
  5. Li, D., Fu, X., The efficiency of university technology transfer in China, proceedings of the 2018 CEA Annual Conference, Edinburgh, UK, 2018
  6. Lin, Y., Fu, X., Fu, X.L., Innovation and ultimate controlling shareholders in China: Should the state shrink itself to residuals? Research Workshop co-organized by the Technology and Management Centre for Development and the Said Business School, University of Oxford, UK, 2016
  7. Li, M.C. and Fu, X., Determinants of Credit Default Swap Spreads: A Three-Market Panel Data Analysis, proceedings of the World Finance & Banking Symposium, Dubai, UAE, 2016
  8. Fu, X., Lin, Y., Molyneux, P., Bank Performance and Economic Growth in Asia Pacific, proceedings of the Research Seminar Series, BOFIT, Bank of Finland, Helsinki, Finland, 2016
  9. Lin, Y. and Fu, X., Does Institutional Ownership Influence Firm Performance? Evidence from China, proceedings of the Asian Finance Association Annual Conference, Changsha, China, 2015
  10. Fu, X., Lin, Y., Molyneux, P., Bank Capital and Liquidity Creation in Asia Pacific, proceedings of the Western Economic Association Annual Meeting, Denver, US, 2014
  11. Fu, X., Lin, Y., Molyneux, P., Bank Efficiency and Shareholder Value in Asia Pacific, proceedings of the Asia Finance Association Annual Meeting, Bali, Indonesia, 2014
  12. Fu, X., Lin, Y., Molyneux, P., Bank Competition and Financial Stability in Asia Pacific, proceedings of the Research Seminar Series, BOFIT, Bank of Finland, Helsinki, Finland, 2013
  13. Heffernan, S. A. and X. Fu, Bank Productivity Changes in two Asian Giants, proceedings of the Conference on Economic and Financial System Development in the Pacific-Rim Region, Honolulu, US, 2012
  14. Heffernan, S. A. and Fu, X., Bank Productivity Changes in two Asian Giants, presented at the Asian Finance Association Annual Conference, Macau, 2011
  15. Fu, X. and Vong, A., Bank Efficiency and Productivity Growth in Hong Kong and Macau, proceedings of the 21st CEA (Europe/UK) Annual Conference, Oxford, UK, 2010
  16. Heffernan, S. A. and Fu, X., Financial Innovations in the UK, proceedings of the 58th Annual Conference of the Midwest Finance Association, Chicago, US, 2009
  17. Heffernan, S. A. and Fu, X., The Determinants of Bank Performance in China, proceedings of the 21st Annual Australasian Finance and Banking Conference, Sydney, Australia, 2008
  18. Heffernan, S. A. and Fu, X., Structure-Performance Evidence on UK Retail Bank Pricing, The 16th European Financial Management Association Conference, 2007
  19. Heffernan, S. A. and Fu, X., UK Structure and Performance using Bank-Specific Rates, The 15th Conference on the Theories and Practices of Securities and Financial Markets, 2007
  20. Fu, X. and Heffernan, S. A., Bank Structure and Performance in the UK, Annual Wolpertinger Conference, 2006
  21. Fu, X. and Heffernan, S. A., The Effects of Reform on China’s Bank Structure and Performance, The 30th Anniversary Conference of the Journal of Banking and Finance, 2006
  22. Fu, X. and Heffernan, S. A., China: The Effects of Bank Reform on Structure and Performance, The 18th Annual Australian Finance and Banking Conference, 2005
  23. Fu, X. and Heffernan, S. A., X-efficiency in China’s Banking Sector, Research Seminar, The Financial Services Authority (UK), 2004
  24. Fu, X. and Heffernan, S. A., Economies of Scale and Scope in China’s Banking Sector, Annual Wolpertinger Conference, 2004
  1. Fu, X. (2021), Comments on Teleworker Performance in the COVID-19 Era in Japan, Asian Economic Papers, 20, 194–196 (Invited article)
  2. 傅曉青,李東孚 (2020),基於行動者網絡理論的粵港澳大灣區智慧化征信系統建設路徑研究,《金融科技時代》, 6, 20-24 (Invited article)
  • PhD Students
    • Jiahui Wu, 2022-present
    • Ziyang Yuan, 2022-present
    • Zhaoyan Liu, 2021-present
    • Dongfu Li, 2015-2021
    • Yongyang Su, 2015-2019
    • Yongjia Lin, 2010-2014
  • Master Students
    • Many Master students
  • Associate Editor: Journal of Chinese Economic and Business Studies (JCEBS), a peer-reviewed journal affiliated with Chinese Economic Association (UK/Europe) and published by Taylor & Francis
  • Director: Responsible Innovation Working Group, the Sino-UK Innovation Research Network
  • Deputy Director: FinTech Working Group, the Sino-UK Innovation Research Network
  • Expert: Guangdong FinTech Academy (affiliated with People’s Bank of China, Guangzhou Branch)
  • Editorial Board Member: Banking and Finance Review, Research in International Business and Finance, International Journal of Economics and Management Engineering
  • Director: University Chapter, Global Association of Risk Professionals (GARP)
  • Reviewer: Journal of Corporate Finance, Journal of Banking and Finance, British Journal of Management, Corporate Governance: An International Review, Journal of Comparative Economics, Annals of Tourism Research, Journal of International Financial Markets, Institutions, and Money, Economic Inquiry, International Journal of Contemporary Hospitality Management, Journal of IEEE Transactions on Engineering Management, China Economic Review, Applied Economics, Pacific-Basin Finance Journal, Journal of Productivity Analysis, Emerging Markets Review, Emerging Markets Finance and Trade, Journal of Asian Economics, Empirical Economics, Economics Bulletin, Asian Business and Management Journal, International Review of Economics and Finance, Asia Pacific Management Review, Banking and Finance Review, Studies in Economics and Finance, and etc.
  • Member: American Finance Association, Financial Management Association, European Finance Association, Association for Banking and Finance, European Association of University Teachers of Banking and Finance