Professor Frank SONG (宋敏) graduated from Zhejiang University in 1982 with B.S. in mathematics, and from Huazhong University of Science and Technology with M.S. in mathematics.  Afterwards he went to the U.S. and obtained a Ph.D. from the Ohio State University in 1991 majoring in financial economics.  After teaching in the U.S. for six years, Frank gave up his tenured position and joined The University of Hong Kong (HKU) in 1997.

Frank's research fields are in financial economics and the Chinese economy.  He has been pursuing research in financial  regulation, financial markets, banking and the Chinese economy.  Frank is a prolific researcher.  In addition to publishing several  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 《經濟研究》,《經濟学季刊》and《中国社会科学》.

As the Founding Director of Centre for China Financial Research (CCFR) at HKU since 2001, he coordinates and supervises several research projects on China's stock market and banking.  His current research involves the study of regulations, competition, and information sharing in banks, corporate governance of banks, bank M&As across countries, and financial reform and opening in China.

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

Frank also serves on editorial boards of journals such as China Financial Research and Financial Economics Journal.  He is also a visiting fellow of Milken Institute, U.S.A..  In addition to being active in research, Frank has been making speeches and delivering lectures in various universities and research institutes.  He is a regular contributor to newspapers, magazines, and T.V. talk shows.  He has also won teaching reward in HKU's IMBA program.

For more information on Professor SONG’s research, please visit

Area of Interest
  • International Banking
  • Financial Markets
  • China Financial Markets and Macroeconomics
  • Ph.D., Ohio State University
  • M.S., Huazhong University of Science and Technology
  • B.S., Zhejiang University
Selected Publications

Monographs and Editorials:

  • China’s New Urbanization Blue Book, 2015, co-editor, China Social Science Academy Press.
  • Security Investment, 2015, co-authored, China Development Press.
  • China After the Global Financial Crisis, co-edited, vol 2012, Economics Research International.
  • Towards the Third Reserve Currency: RMB Internationalization, co-authored, May 2011, Peking University Press.


Book Chapters and Book Reviews:

  • “Financial Globalization and Challenges: The Case of China,”
    (with J. Barth, Tong Li, and Li Li), 2010 Encyclopaedia of Financial Globalization.
  • “Bank Corporate Governance: Concepts and Measurement Issues,”
    (with Li Li), 2011 in Handbook of International Bank Corporate Governance.
  • “An Empirical Study on Corporate Governance and Market Valuation in China,”
    (with C. Bai et al), Frontiers of Economics in China, 2006, Springer.


Refereed Journal Articles:

1. Financial Markets in General

  • “The effects of foreign tradings of US treasuries,” Financial Review, 02/2013, 48(1).
  •  “The co-movement of commodity prices,” American Journal of Agriculture Economics, Vol. 99, No. 3, August 2006.
  • “Security Transaction Taxes and Market Volatilty,"
    (with J. Zhang), The Economic Journal, 2005.
  • "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.
  • “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.


2. Financial Markets and China Studies

  • “Is economic rebalancing toward consumption "greener"? Evidence from visibility in China, 1984-2006,”
    (with Zhigang Li, Jia Yuan, and Shangjin Wei), Journal of Comparative Economics, 42(4), 2014, pp. 1021-1032.
  • “Corporate R&D in Chinese manufacturing Firms: The roles ownership and CEOs,”
    Journal of Comparative Economics, 39, 2011, pp. 176-190.
  • “Connected Transactions on Firm Value: Evidence from China-affiliated Companies,”
    (with A. Lei), Pacific-Basin Finance Journal, 19, 2011, pp. 470-490.
  • “The roles of property right protection and government in corporate R&D in China,”
    Journal of Development Economics, 93, 2010, pp. 49-62.
  • “Do small traders contribute to price discovery? Evidence from Hong Kong Hang Seng index markets,”
    Journal of Futures Markets, February 2010.
  • “Audit size effect in an emerging market,”
    International Journal of Auditing, 2009.
  • “The determinants of capital structure of Chinese listed firms,”
    (with S. Huang), China Economic Review, 17, 2006, pp. 14-36.


3. Banking and Macroeconomics

  • “Financial innovation: The bright and dark sides”,
    forthcoming in Journal of Banking and Finance
  • “Do bank regulation, supervision and monitoring enhance or impede bank efficiency?”
    Journal of Banking and Finance, 37, 2013, pp. 2879-2892.
  • “Do bank regulations affect board independence? A cross-country analysis,”
    Journal of Banking and Finance 37, 2013, pp. 2714-2732.
  • “Corruption in Bank Lending to Firms: Cross-Country Micro Evidence on the Beneficial Role of Competition and Information Sharing,”
    Journal of Financial Economics 91, 2009, pp. 361-388.
  • "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.
  • "A Two-Factor ARCH Model for Deposit-Institution Stock Returns,"
    Journal of Money, Credit and Banking, May 1994.