"Dragon" Yongjun Tang  (汤勇军)


Professor of Finance


School of Economics and Finance

(secondary appointment in School of Business)

Faculty of Business and Economics

University of Hong Kong, Pokfulam Road, Hong Kong


Office: Room 1005, K K Leung Building

Tel: (+852) 22194321

Fax: (+852) 2548-1152

E-mail: yjtang@hku.hk



Ph.D., Finance, University of Texas at Austin, 2005

M.S., Physics, Texas A&M University, 2000

B.S., Physics, Jilin University, China, 1997


  1. Credit Default Swaps, Exacting Creditors, and Corporate Liquidity Management”, with Marti Subrahmanyam and Sarah Qian Wang, 2017, Journal of Financial Economics 124, 395-414.

  2. Understanding Transactions Prices in Credit Default Swaps Market”, with Hong Yan, 2017 Journal of Financial Markets 32, 1-27. (Lead Article)

  3. Credit Default Swaps: Past, Present, and Future”, with Patrick Augustin, Marti Subrahmanyam, Sarah Qian Wang, 2016, Annual Review of Financial Economics 8, 175-196.

  4. The Leverage Externalities of Credit Default Swaps”, with Jay Y. Li, 2016, Journal of Financial Economics 120, 491-513.

  5. Suitability Check and Household Investments in Structured Products”, with Eric C. Chang and Miao (Ben) Zhang, 2015, Journal of Financial and Quantitative Analysis 50, 597-622.

  6. Internal Control Quality and Credit Default Swap Spreads”, with Feng Tian and Hong Yan, 2015, Accounting Horizons 29, 603-629.

  7. Credit Default Swaps (CDS): A Survey, with Patrick Augustin, Marti Subrahmanyam and Sarah Qian Wang, 2014, Foundations and Trends in Finance 9(1-2), 1-196.

  8. Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk, with Marti Subrahmanyam and Sarah Qian Wang, 2014, Review of Financial Studies 27, 2927-2960.

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  9. Rating Shopping or Catering? An Examination of the Response to Competitive Pressure for CDO Credit Ratings”, with John Griffin and Jordan Nickerson, 2013, Review of Financial Studies 26, 2270-2310.

  10. Did Subjectivity Play a Role in CDO Credit Ratings?” with John Griffin, 2012, Journal of Finance 67, 1293-1328.

  11. Did Credit Rating Agencies Make Unbiased Assumptions on CDOs?” with John Griffin, 2011, American Economic Review: Papers & Proceedings, 101:3, 125-130.

  12. Market Conditions, Default Risk, and Credit Spreads” with Hong Yan, 2010, Journal of Banking and Finance 34, 724-734.

  13. Unitary Boards and Mutual Fund Governance” With Sophie Xiaofei Kong, 2008, Journal of Financial Research 31,193-224. (Lead Article and Outstanding Article Award)

  14. Macroeconomic Conditions, Firm Characteristics, and Credit Spreads” with Hong Yan, 2006, Journal of Financial Services Research 29, 177-210. (Solicited and Lead Article)

  15. Potential Losses from Incorporating Return Predictability into Portfolio Allocation”, 2014, Australian Journal of Management, 39, 35-45.

  16. Comments on 'Corporate Leverage in Emerging Asia'”, 2016, Proceedings of the Joint Conference of Bank Negara Malaysia and the Bank for International Settlements on "Financial Systems and the Real Economy".

  17. 中国地方债的资产证券化”, 2015,清华金融评论


Working Papers:

  1. “Subnational Debt of China: The Politics-Finance Nexus”, with Haoyu Gao and Hong Ru, May 2016

  2. Did ECB Liquidity Injection Help the Real Economy in Europe?”, with Stine Louise Daetz, Marti Subrahmanyam, Sarah Wang, July 2016 (EFA 2016; ISB 2016)

  3. Does the Introduction of One Derivative Affect Another Derivative? The Effect of CDS Trading on Option Pricing”, with Jie Cao, Jimmy Jin, and Neil Pearson; August 2016 (EFA 2016)

  4. Market versus Contracting: Credit Default Swaps and Creditor Protection in Loans”, with Susan Chenyu Shan and Andrew Winton, May 2016 (SFS Cavalcade 2015; FIRS 2016), being revised for resubmission to Journal of Accounting and Economics

  5. “Do Non-executive Employees Affect Corporate Policies? Evidence from Pension Asset Allocation and CDS Market”, with Yanling Guan, May 2016, being revised for resubmission to Journal of Corporate Finance

  6. How Does CDS Trading Affect Bank Lending Relationships?”, with Susan Chenyu Shan and Hong Yan, August 2016, resubmitted to Management Science

  7. Credit Default Swaps and Bank Regulatory Capital”, with Susan Chenyu Shan and Hong Yan, September 2016 (WFA 2015; EFA 2015); being revised for resubmission to Review of Finance

  8. Outsourcing Bank Loan Evaluation: Economics of Third-Party Loan Guarantees”, with Philip H. Dybvig and Susan Chenyu Shan, July 2016 (WFA 2012)

  9. Do Credit Default Swaps Matter after They Are Settled? Evidence from Debt Recovery Rates”, with Min Qi, Deming Wu, and Hong Yan, January 2016

  10. A Little Knowledge Is a Dangerous Thing: Model Specification, Data History, and CDO (Mis)Pricing”, with Dan Luo and Sarah Qian Wang, February 2016

  11. “Liquidity and Credit Default Swap Spreads”, with Hong Yan, revising (AFA 2007; EFA 2008)


Research Grants, Honors and Awards:


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