Photo of Hung-Gay Fung

Hung-Gay Fung
Department of Finance and Legal Studies Chair, Dr. Y.S. Tsiang Professor in Chinese Studies
Office: 1113 SSB Tower ~ Voice: 314-516-6374
E-Mail: Current Vitae

Degrees Held:
Ph.D. (Major - Finance; minor - Economics), Georgia State University,1984
B.B.A. (Major - Finance; minor - Economics), The Chinese University of Hong Kong, 1978


  • Areas: Investments, Risk Management, Corporate Finance, International Investments
  • Courses:
    • International Banking
    • International Finance
    • Options and Futures
    • Investment Analysis
    • Corporate Finance


  • Areas: International Finance, Banking, Derivative Markets and Small Business Finance
  • Selected Significant Publications:
    • Fung, Hung-Gay, Min-Ming Wen and Gaiyan Zhang. How Does the Use of Credit Default Swaps Affect Firm Risk and Value? Evidence from U.S. Life and Property/Casualty Insurance Companies. Financial Management, Vol. 41, pp. 979-1007, 2012.
    • Wu, Ming-Cheng, Hung-Gay Fung and Yi-Ting Huang. What Drives the Dating Game of Executive Options Exercises? Evidence from Taiwan. Accounting and Finance, Vol. 52, pp. 605-625, 2012.
    • Chang, Chien-Yun, Jian-Hsin Chou, and Hung-Gay Fung. Time Dependent Behaviour of the Asian and the U.S. REITs around the Subprime Crisis. Journal of Property Investment & Finance, Vol. 30, pp. 283-303, 2012.
    • Kao, Erin and Hung-Gay Fung. Intraday Trading Activities and Volatility in Round-the-Clock Futures Markets. International Review of Economics and Finance, Vol. 21, pp. 195-209, 2012.
    • Fung, Hung-Gay, and Jot Yau. The Chinese Offshore Renminbi Currency and Bond Markets: The Role of Hong Kong. China and World Economy, Vol. 20, pp. 1-16, 2012.
    • Fung, Hung-Gay, Min-Ming Wen, and Gaiyan Zhang. The Use of Credit Default Swaps in the Insurance Industry: Evidence from U.S. Life and Property-Casualty Insurance Companies. International Review of Accounting, Banking and Finance, Vol. 3, pp. 20-49, 2012.
    • Fung, Hung-Gay, Kam C. Chan, and Nick Tay. Institutional Characteristics and Market Impediments in Asian Capital Markets: An Introduction. International Review of Economics and Finance, Vol. 20, pp. 365-366, 2011.
    • Fung, Hung-Gay, Huh-Chyi Doong, and Jrya Wu. Are Social, Financial, and Human Capital Value Enhancing? Evidence from the Taiwanese firms. International Review of Economics and Finance, Vol. 20, pp. 395-405, 2011.
    • Fung, Hung-Gay, Jrya Wu, and Jot Yau. Toward a New Paradigm for Corporate Financial Management in the Wake of the Global Financial Crisis. International Review of Accounting, Banking and Finance, Vol. 3, pp. 27-47, 2011.
    • Fung, Hung-Gay, and Haifeng Guo. Underpricing Research on Chinese Initial Public Offerings. Chinese Economy, Vol. 44, pp. 72-85, 2011.
    • Fung, Hung-Gay, Joy Yau, and Gaiyan Zhang. Financial Theory, Breakdown of Separation Theorems, and Corporate Policies. International Review of Accounting, Banking and Finance, Vol. 3, pp. 24-42, 2011.
    • Guo, Haifeng, and Hung-Gay Fung. Growth Enterprise Board Initial Public Offerings: Characteristics, Volatility and the Initial-day Performance. China and World Economy, Vol. 19, pp. 106-121, 2011.
    • Fung, Hung-Gay, Wilson Liu, and Yiuman Tse. The Information Flow and Market Efficiency Between the U.S. and Chinese Aluminum and Copper Futures Markets. Journal of Futures Markets, Vol. 30, 2010.
    • Murray, Janet, Kam Chan and Hung-Gay Fung. Productivity of International Business Researchers: A Gender Analysis. Journal of the Academy of Business Education, Vol. 11, 2010.
    • Fung, Hung-Gay. China-focus Mutual Funds: An Analysis of Selectivity and Market Timing Performance. Chinese Economy, Vol. 43, 2011.
    • Wu, Jr-Ya, Hung-Gay Fung, and Shuh-Chyi Doong. Will Investments in Human Resources Improve Credit Risk Rating of Firms?. Taiwan Business Performance Journal, Vol. 4, 2010.
    • Zhang, Gaiyan, Jot Yau, and Hung-gay Fung. Do Credit Default Swaps Predict Currency Values?: Evidence from the U.S. and European CDS Indices. Applied Financial Economics, Vol. 20(6), pp. 439-458, 2010.
    • Fung, Hung-Gay. Business Ethics Research: A Global Perspective. Journal of Business Ethics, Vol. 95, 2010.
    • Fung, Hung-Gay, J.L. Jeng, and Wilson Liu. Development of China’s Real Estate Market. Chinese Economy, Vol. 43, 2010.
    • Fung, Hung-Gay, Kam C. Chang, and Gaiyan Zhang. On the Relationship Between Asian Credit Default Swap and Equity Markets. Journal of Asian Business Studies, pp. 3-11, 2009.
    • Fung, Hung-Gay, Pei-Shan Tsai and Chin-Ping Yu. What Drives Returns and Underpricing of Seasoned Equity Offerings in Taiwan?. Journal of Asian Business Studies, pp. 12-21, 2009.
    • Fung, Hung-Gay, Kam C. Chang, and Carl Chen. Pedigree or Placement? An Analysis of Research Productivity in Finance. Financial Review, Vol. 44, pp. 87-111, 2009.
    • Fung, Hung-Gay, Kuei-Chi Lee, and Tung Liang Liao. Day-of-the-week Effects in the US and Chinese Commodity Futures Markets. Review of Futures Markets, pp. 63-89, 2009.
    • Fung, Hung-Gay, Kam C. Chang, and Wai K. Leung. Influential Research and Institutions in International Business Research. Multinational Business Review, Vol. 17, pp. 23-45, 2009.
    • Fung, Hung-Gay, Louis Cheng, and T. Y. Leung. Dividend Preference of Tradable-Share and Non-Tradable-Share Holders in Mainland China. Accounting and Finance, Vol. 49, pp. 291-316, 2009.
    • Fung, Hung-Gay, Feng Ying Guo and Sophie Huang. The Dynamic Impact of Macro Shocks on Insurance Premiums. Journal of Financial Services Research, Vol. 35, pp. 225-244, 2009.
    • Fung, Hung-Gay, Louis Cheng, and T. Y. Leung. Why Do Poorly Performing Firms Pay Cash Dividends in Mainland China?. International Review of Accounting, Banking and Finance, Vol. 1, pp. 55-75, 2009.
    • Fung, Hung-Gay, Gaiyan Zhang, and Lin Zhao. China's Equity Warrants Market: An Overview and Analysis. Chinese Economy, Vol. 42, pp. 86-97, 2009.
    • Eyssell, Thomas, Hung-gay Fung, and Gaiyan Zhang. Determinants and Price Discovery of China Sovereign Credit Default Swaps. China Economic Review, Vol. 24, pp. 1-15, 2013.
    • Fung, Hung-Gay, Jot Yau, and Gaiyan Zhang. Reported Trade Figure Discrepancy, Regulatory Arbitrage, and Round Tripping: Evidence from the Chinese-Hong Kong Trade Data. Journal of International Business Studies, Vol. 42(1), pp. 152-176, 2011.
    • Fung, Hung-gay, Yiuman Tse, Jot Yau, and Lin Zhao. A  Leader of the World Commodity Futures Markets in the Making? The Case of China’s Commodity Futures. International Review of Financial Analysis, Vol. 27, pp. 103-114, 2013.
Other Information:
  • Recipient, Best Paper Award (with G.Lai, R. MacMinn and Bob Witt), Committee on Online Service (COOS), Casuality Actuarial Society, 1999.