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— Outstanding Teachers —

WANG, Cong


Associate Director of Shenzhen Finance Institute, Professor

Education Background

Ph.D., Finance, Vanderbilt University, 2007

M.A., Economics, Nanyang Technological University, 2002

B.S., Guanghua School of Management, Peking University, 1999

Academic Area
Research Field
Corporate Finance, Management, Acquisition and CEO Incentive Compensation


Wang Cong is the professor of The Chinese University of Hong Kong, Shenzhen and the associate director of Shenzhen Finance Institute. He received his Ph.D. in Finance from Vanderbilt University in 2007. He earned Bachelor's degree from the Guanghua School of Management, Peking University in 1999 and Master's degree in Economics from Nanyang Technological University in 2002. His research focuses on corporate finance, management, acquisition and CEO incentive compensation. He has published papers in Journal of Finance, Review of Financial Studies, Journal of Accounting and Economics, Journal of Financial and Quantitative Analysis, Journal of Banking and Finance and etc. His two papers, published in Journal of Finance in 2007 and 2009, were ranked in the top ten for academic reference. Another paper won the Emerald Excellence Award in 2015. In CUHK, he offered courses for MBA, EMBA, Executive Master of Professional Accountancy and Master of Finance, and won Young Researcher Award in 2010 and Teaching Award at the Business School in 2013. 

Academic Publications:


(1) Corporate Governance and Acquirer Returns, (with Ronald Masulis and Fei Xie), August 2007, Journal of Finance 62, 1851-1889. Top 10 most-cited papers published at Journal of Finance in 2007 (reported by Journal of Finance)

(2) Corporate Governance Transfer and Synergistic Gains from Mergers and Acquisitions, (with Fei Xie), February 2009, Review of Financial Studies 22, 829-858.

(3) Agency Problems at Dual-Class Companies, (with Ronald Masulis and Fei Xie), 2009, Journal of Finance, 64, 1697-1727 Top 10 most-cited papers published at Journal of Finance in 2009 (reported by Journal of Finance) 

(4) Do Executive Stock Options Induce Excessive Risk Taking? (with Zhiyong Dong and Fei Xie), October 2010, Journal of Banking and Finance 34, 2518-2529. 

(5) Globalizing the Boardroom - The Effects of Foreign Directors on Corporate Governance and Firm Performance (with Ronald Masulis and Fei Xie), 2012, Journal of Accounting and Economics 53, 527-554 2015 Emerald Citations of Excellence for 2015 

(6) Industry Expertise of Independent Directors and Board Monitoring (with Fei Xie and Min Zhu), 2015, Journal of Financial and Quantitative Analysis, 50, 929-962. 

(7) Foreign Cash: Taxes, Internal Capital Markets, and Agency Problems (with Jarrad Harford and Kuo Zhang), 2016, Review of Financial Studies, Forthcoming.

Working Papers 

(1) Labor Unemployment Risk and CEO Incentive Compensation (with Andrew Ellul and Kuo Zhang) (2015 EFA, 2016 AFA) 

(2) Employee Influence, Worker-Manager Alliance, and Shareholder Returns from Acquisitions (with Ronald Masulis and Fei Xie) 

(3) Financial Fraud and Analyst Reputation (with Xiumin Martin and Xiangang Xin) 

(4) Older and Wiser, or Too Old to Govern? (with Ronald Masulis, Fei Xie, and Shuran Zhang) (2017 AFA)