University of Macau, Faculty of Business Administration
Prof. Maggie Xiaoqing FU (傅曉青)2018-11-14T16:50:14+00:00

Prof. Xiaoqing (Maggie) FU

Associate Professor in Finance
Acting Research Director, Asia-Pacific Academy of Economics and Management

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

Contact Information

Room: E22-4038
Telephone: (853) 8822-4759
E-mail: maggiefu
  • Ph.D. in Finance, Cass Business School, City University (London, UK)
  • 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
  • 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)
  • Referee for International Academic Journals, including Journal of Banking and Finance, Journal of Comparative Economics, Annals of Tourism Research, Journal of International Financial Markets, Institutions, and Money, Economic Inquiry, China Economic Review, Applied Economics, Pacific-Basin Finance Journal, Journal of Productivity Analysis, 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
  • Assistant Professor of Finance, Faculty of Business Administration, University of Macau
  • Vice Director, Department of International Business, China Merchants Bank, Guangzhou Branch
  • State Administration of Foreign Exchange, Guangzhou Branch
  • People’s Bank of China, Guangzhou Branch
  • Undergraduate Courses
    • 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
    • Commercial Bank Management (MFIN616)
    • China Business Seminar and Field Study (IMBB110)
  • Private equity and entrepreneurial finance
  • Innovation and corporate governance
  • Bank performance and competition
  • Financial risk management
  • Transmission mechanism of monetary policy
  • Banking industry in Asia Pacific
  • Internal Grants
    • 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. Fung, K.C., Aminian, N., Fu, X., and Tung, C.Y., Digital silk road, Silicon Valley and connectivity, Journal of Chinese Economic and Business Studies, 16, 313-336, 2018.
  2. Lin, Y., Fu, X., Gu, X., and Song, H., Institutional ownership and return volatility in the casino hospitality industry. International Journal of Tourism Research, 20, 204-214, 2018
  3. Fu, X., Lin, Y., Molyneux, P., The Quality and Quantity of Bank Intermediation and Economic Growth: Evidence of Asia Pacific. Applied Economics, 2018, DOI: 10.1080/00036846.2018.1450486
  4. Fung, K.C., Aminian, N., Fu, X., and Kornhohen, I., 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, 2018
  5. Li, M.C. and Fu, X., Determinants of Credit Default Swap Spreads: A Four-Market Panel Data Analysis. Journal of Finance and Economics, 5, 9-31, 2017
  6. Lin, Y. and Fu, X., Does institutional ownership influence firm performance? Evidence from China. International Review of Economics and Finance, 49, 17-57, 2017
  7. Fu, X., Lin, Y., and Molyneux, P., Bank Capital and Liquidity Creation in Asia Pacific. Economic Inquiry, 54, 966-993, 2016
  8. Fu, X., Lin, Y., and Molyneux, P., Bank Competition and Financial Stability in Asia Pacific. Journal of Banking and Finance, 38, 64-77, 2014
  9. Fu, X., Lin, Y., and Molyneux, P., Bank Efficiency and Shareholder Value in Asia Pacific. Journal of International Financial Markets, Institutions, and Money, 33, 200-222, 2014
  10. Heffernan, S.A., Fu, X.L., and Fu, X., Financial Innovations in the UK, Applied Economics, V45, 3400-3411, 2013
  11. Fu, X. and Sio, U., Economies of Scale and Scope in Macau’s Banking Sector, Banks and Bank Systems, V4, 88-95, 2011
  12. Fu, X. and Vong, I.L., Bank Efficiency and Productivity Change in Hong Kong and Macao, Macao Monetary Research Bulletin, 18, 109-139, 2011
  13. Fu, X. and Heffernan, S.A., Determinants of Financial Performance in Chinese Banking, Applied Financial Economics, V20, 1585-1600, 2010
  14. Fu, X., Competition in Chinese Commercial Banking, Banking and Finance Review, V1, 1-16, 2009
  15. Heffernan, S.A. and Fu, X., The Structure of Retail Markets: What Do We Learn from Bank-Specific Rates? Applied Financial Economics, V19, 1885-1898, 2009
  16. Fu, X. and Heffernan, S.A., The Effects of Reform on China’s Bank Structure and Performance, Journal of Banking and Finance, V33, 39-52, 2009
  17. Fu, X. and Heffernan, S.A., Economies of Scale and Scope in China’s Banking Sector, Applied Financial Economics, V18, 345-356, 2008
  18. Fu, X. and Heffernan, S.A., Cost X-efficiency in China’s Banking Sector, China Economic Review, V18, 35-53, 2007
  19. Ng, S.U. and Fu, X., Market Structure and Performance in Macau Banking, Euro Asia Journal of Management, V17, 61-78, 2007
  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. Li, D., Fu, X., The efficiency of university technology transfer in China, proceedings of the 2018 CEA Annual Conference, Edinburgh, UK, 2018
  2. 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, 2016.
  3. 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, 2016.
  4. 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.
  5. 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
  6. 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
  7. 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
  8. 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
  9. 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
  10. Heffernan, S. A. and Fu, X., Bank Productivity Changes in two Asian Giants, presented at the Asian Finance Association Annual Conference, Macau, 2011
  11. 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
  12. 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
  13. 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
  14. Heffernan, S. A. and Fu, X., Structure-Performance Evidence on UK Retail Bank Pricing, The 16th European Financial Management Association Conference, 2007
  15. 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
  16. Fu, X. and Heffernan, S. A., Bank Structure and Performance in the UK, Annual Wolpertinger Conference, 2006
  17. 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
  18. 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
  19. Fu, X. and Heffernan, S. A., X-efficiency in China’s Banking Sector, Research Seminar, The Financial Services Authority (UK), 2004
  20. Fu, X. and Heffernan, S. A., Economies of Scale and Scope in China’s Banking Sector, Annual Wolpertinger Conference, 2004
  1. Fu, X.L., Buckley, P., Fu, X.Q., The growth impact of Chinese direct investment on host developing countries
  2. Lin, Y., Fu, X., Fu, X.L., Innovation and ultimate controlling shareholders in China: Should the state shrink itself to residuals?
  3. Li, D., Fu, X., The efficiency of university technology transfer in China
  • PhD Students
    • Dongfu Li, 2015-present
    • Yongyang Su, 2015-present
    • Yongjia Lin, 2010-2014
  • Master Students
    • 12 Master students in total (all graduated)
  • American Finance Association
  • Financial Management Association
  • European Finance Association
  • Association for Banking and Finance
  • Global Association of Risk Professionals
  • European Association of University Teachers of Banking and Finance