People - Faculty


Faculty Members
Frank M. Song
Director of CCFR
Office:KK 1003
Tel:2857- 8507
Frank Song (宋敏) graduated from Zhejing University in 1982 with B.S. in mathematics and Huazhong University of Science and Technology with M.S. in mathematics. In 1985, he went to the U.S. and obtained a Ph.D, majoring in financial economics, from The Ohio State University. After teaching in the U.S. for six years, Frank gave up his tenured position and joined the University of Hong Kong in 1997.


Frank's special fields are financial economics and macroeconomics. He has been pursuing research in bank regulation and management, financial market, derivatives and macroeconomics. Frank is a prolific researcher. In addition to publishing two monographs on banking and financial market, Frank has published more than 40 articles in well-known finance and economics journals such as Journal of Financial Economics, The Economic Journal, The Journal of Business, Journal of Development Economics, Journal of Money, Credit and Banking, and Journal of Comparative Economics. He has also published extensively in top Chinese economics journals such as 经济研究、经济学季刊、中国社会科学.


As the director of Centre for China Financial Research (CCFR), he co-ordinates and supervises several research projects on China's stock market and banking. His current research involves the study of regulations, comeption, and information sharing in banks, corporate governance of banks, bank M&As across countries, financial reform in China and futures markets.


Frank has also led several research projects funded by Hong Kong Government's RGC grant, HKU Foundation, HKU Strategic Research Themes, and grants from Chinese Social Science Fundation, Shanghai Stock Exchanges and Hong Kong Stock Exchanges. He has also organized several international conferences on China's financial market and reform.


Frank has been ranked as top 500 economists around the world according to the well-known 2002 Tom's ranking. He serves on editoral boards of journals such as China Financial Research and Financial Economics Journal. He is also a visiting fellow of Milken Institute, USA. In addition to being active in research, Frank has been making speeches and delivering lectures in various universities and research institutes. He is also a regular contributor to newspapers, magazines, and T.V. talk shows. He has also won teaching reward in HKU's IMBA program.

  • Measuring Risks of Deposit Institutions
    Garland Publishing Inc., New York, 1994, (Monograph).
  • Corporate Governance, Security Market and Banking Reform, 2003
    (with Xinqiao Ping and Junxi Zhang), Peking University Press, Beijing, China, (Monograph).
  • "Security Transaction Taxes and Market Volatilty,"
    (with J. Zhang), The Economic Journal, forthcoming.
  • "Coporate Governance and Firm Valuations in China,"
    Journal of Comparative Economics, December 2004, (co-authored).
  • "A Two-Factor ARCH Model for Deposit-Institution Stock Returns,"
    Journal of Money, Credit and Banking, May 1994.
  • "Are Survey Forecasts of Macroeconomic Variables Rational,"
    (with R. Aggarwal and S. Mohanty), The Journal of Business, Vol. 68 No. 1, 1995, pp.99-119 .
  • "Are Market Perceptions to Corporate Layoffs Changing?,"
    (with A. Chatrath and S. Ramchander), Economic Letters, 47, 1995, pp.335-342.
  • "Does Options Trading Lead to Greater Cash Market Volatility?,"
    (with A. Chatrath and S. Ramchander), Journal of Futures Markets, Vol. 15, No. 1, 1995.
  • "The Effect of the Federal Deposit Insurance Corporation Improvement Act (FDICIA) of 1991 on Bank Holding Companies,"
    (with Y. Liang and S. Mohanty), Journal of Financial Research, Vol XIX, no. 2, 1996, pp.229-242.
  • "The Role of Futures Trading in Exchange Rate Volatility,"
    (with A. Chatrath and S. Ramchander), Journal of Futures Markets, 16(5), 1996, pp.561-84.
  • "Hysteresis in Unemployment: Evidence from 48 U.S. States,"
    (with Y. Wu), Economic Inquiry, 35(2), 1997, pp.235-43.
  • "Commitment of Traders, Basis Behavior, and the Issue of Risk Premia in Futures Markets,"
    (with A. Chatrath and Y. Liang), Journal of Futures Markets, 17(6), 1997, pp.707-31.
  • "Information and Volatility in Futures and Spot Market: The Case of Japanese Yen,"
    (with A. Chatrath), Journal of Futures Markets, 18(2), April 1998, pp.201-23 .
  • "Futures Commitments and Commodity Price Jumps,"
    (with A. Chatrath), The Financial Review, 34, 1999, pp.95-112 .
  • "Intraday Periodicity, Long Memory Volatility, and Macroeconomic Announcement Effects in the U.S. Treasury Bond Market,"
    (with T. Bollerslev and J. Cai), Journal of Empirical Finance, 7, 2000, pp.37-55 .
  • "The co-movement of commodity prices,"
    American Journal of Agricultural Economics, Vol. 99, No. 3, August 2006.
  • "Property Rights Protection and Corporate R&D: Evidence from China,"
    Journal of Development Economics, forthcoming.
  • "Audit size effect in an emerging market,"
    International Journal of Auditing, forthcoming.
  • "Corruption in bank lending to firms: cross-country micro evidence on the beneficial role of competition and information sharing,"
    Journal of Financial Economics, 2009.
  • Essays in Modern Economics Research: In honour of Professor Gregory Chow
    Shanghai People's Press, 2008.