About Department
Seminar
Degree Programs
Courses
Faculty & Staff
Students & Alumni
Research
Recruitment
Inquiry

News & Events
Value Partners Center for Investing
HKUST Finance Symposium
Global Market Integration and Financial Crises Conference
Finance Sports Day
2010 Asian Finance Association Meetings
2008 HKUST Summer Symposium on Family Business Research
New Faculty and Visitors
 
  
   
   
 
 

 

K.C. John Wei
Chair Professor//Director of MSc(FA)/(IM) Programs
Director of Hainan Center
Associate Director of Value Partners Center for Investing
Email: johnwei@ust.hk

PhD May 1984 University of Illinois at Urbana-Champaign, Finance
MBA June 1979 National Chengchi University, Taiwan, Finance
BEng Dec. 1976 National Taiwan Institute of Technology, Industrial Management


ACADEMIC AND PROFESSIONAL EXPERIENCE
  • Professor of Finance (1998-2005), Associate Director of Center for Fund Management, (2003-present), Acting Head (January 2000-August 2002 and February-June 2003), Director of the Center for Asian Financial Markets (1995-2007), and Associate Professor (1992-1998), Department of Finance, Hong Kong University of Science and Technology
  • Associate Professor of Finance, Indiana University at Bloomington/Indianapolis, 1989-1992
  • Assistant Professor of Finance, University of Miami, 1988-1989 
  • Assistant Professor of Finance, University of Mississippi, 1984-1988 
  • Honorary Chair Professor of Finance, National Chengchi University, Taiwan, September 2007-present
  • Honorary Shanghai Commercial Bank Chair Professor of Finance, National Central University, Taiwan, September 2006-September 2008
  • Visiting Professor of Finance, Peking University, September - December 2003
  • AIM fellow and visiting scholar, University of Texas at Austin, September-December 2002
  • Director of PhD Program of School of Business and Management (1993-1996), Hong Kong University of Science and Technology
  • Board of directors: China Finance Association, 2004 – present
  • Board of directors: Global Chinese Real Estate Congress, 2008 – present.


PUBLICATIONS

   Books and Monographs

  • "Understanding the Hong Kong Stock Market," (in Chinese), Vol. 1, 1996
  • "Understanding the Hong Kong Stock Market," (in Chinese), Vol. 2, 1997
  • "Understanding the Hong Kong Warrant Market," (in Chinese), 1998
  • "Stock Market EQ", (in Chinese), 2000 (with Yu-Jane Liu)

   Articles and Book Chapters
 

  • Lam, Eric F.Y.C., and K.C. John Wei, 2011, “Limits-to-arbitrage, investment frictions, and the asset growth anomaly,” Journal of Financial Economics, forthcoming.
  • Kusnadi, Yuanto and K.C. John Wei, 2011, “The determinants of corporate cash management policies: Evidence from around the world,” Journal of Corporate Finance, forthcoming.
  • Chen, Kevin C.W., Zhihong Chen, and K.C. John Wei, 2011, “Agency costs of free cash flows and the effect of shareholder rights on the implied cost of capital,” Journal of Financial and Quantitative Analysis 46, 171-207.
  • Fan, Joseph, P.H., K.C. John Wei, and Xinzhong Xu, 2011, “Corporate finance and governance in emerging markets: A selective review and an agenda for future research,” Journal of Corporate Finance 17, 207-214.
  • Peng, Winnie, K.C. John Wei, and Zhishu Yang, 2011, “Tunneling or propping: Evidence from connected transactions in China,” Journal of Corporate Finance 17, 306-325.
  • He, Yan, Junbo Wang, and K.C. John Wei, 2011, “Do bond rating changes affect information risk of stock trading?” Journal of Empirical Finance 18, 103-116.
  • Chui, Andy C.W., Sheridan Titman, and K.C. John Wei, 2010, “Individualism and momentum around the world,” Journal of Finance 65, 361-392.
  • Sheridan Titman, K.C. John Wei, and Feixue Xie, 2009, “Capital investments and stock returns in Japan,” International Review of Finance 9, 111-131.
  • Chen, Kevin C.W., Zhihong Chen, and K.C. John Wei, 2009, “Legal protection of investors, corporate governance, and the cost of equity capital,” Journal of Corporate Finance 15, 273-289 (lead article).
  • K.C. John Wei and Feixue Xie, 2008, “Accruals, capital investments, and stock returns,” Financial Analysts Journal 64 (Number 5), 34-44.
  • K.C. John Wei and Yi Zhang, 2008, “Ownership structure, cash flow, and corporate investment: Evidence from East Asian economies before the financial crisis,” Journal of Corporate Finance 14, 118-132.
  • Pin-Huang Chou, K.C. John Wei, and Huimin Chung, 2007, “Sources of contrarian profits in the Japanese market,” Journal of Empirical Finance 14, 261-286 (lead article).
  • Kee-Hong Bae, Chanwoo Lim, and K.C. John Wei, 2006, “Corporate governance and conditional skewness in the world’s stock markets,” Journal of Business 79, 2999-3028.
  • W.K. Adrian Cheung and K.C. John Wei, 2006, “Insider ownership and corporate performance: evidence from the adjustment cost approach,” Journal of Corporate Finance 12, 906-925.
  • Junbo Wang, K.C. John Wei, and Stephen Pruitt, 2006, “An analysis of the share price and accounting performance of rights offerings in China,” Pacific-Basin Finance Journal 14, 49-72.
  • Sheridan Titman, K.C. John Wei, and Feixue Xie, 2004, “Capital investments and stock returns,” Journal of Financial and Quantitative Analysis 39, 677-700 (list as an example of JFQA style requirements).
  • Kalok Chan, Junbo Wang, and K.C. John Wei, 2004, “Under-pricing and long-term performance of IPOs in China,” Journal of Corporate Finance 10, 409-430.
  • K.C. John Wei, and Raymond Chiang, 2004, “A GMM approach for estimation of volatility and regression models when daily prices are subject to price limits,” Pacific-Basin Finance Journal 12, 445-461.
  • Andy C.W. Chui, Sheridan Titman, and K.C. John Wei, 2003, “The cross-section of expected REIT returns,” Real Estate Economics 31, 451-479.
  • Andy C.W. Chui, Sheridan Titman, and K.C. John Wei, 2003, “Intra-industry momentum: The case of REITs,” Journal of Financial Markets 6, 363-387.
  • Kent Daniel, Sheridan Titman, and K.C. John Wei, 2001, “Explaining the cross-section of stock returns in Japan: factors or characteristics?” Journal of Finance 56, 743-766.
  • Yue-cheong Chan and K.C. John Wei, 2001, “Price and volume effects associated with derivative warrant issuance on the Stock Exchange of Hong Kong,” Journal of Banking and Finance 25, 1401-1426 (lead article).
  • Andy C.W. Chui, Sheridan Titman, and K.C. John Wei, 2001, “Corporate groups, financial liberalization and growth: The case of Indonesia,” In: Aslı Demirgüç-Kunt and Ross Levine (Eds.), Financial Structure and Economic Growth: A cross-country comparison of banks, markets, and development. The MIT Press, Cambridge, MA, pp. 377-410.
  • Yu-Jane Liu, K.C. John Wei, and Gwohorng Liaw, 2001, “On the demand elasticity of initial public offerings: An analysis of discriminatory auctions,” International Review of Finance 2, 151-178.
  • Sheridan Titman and K. C. John Wei, 1999, “Understanding stock market volatility: The case of Korea and Taiwan,” Pacific-Basin Finance Journal 7, 41- 66.
  • K.C. John Wei, Cheng F. Lee, and Alice Lee, 1999, “Linear conditional expectation, return distributions and capital asset pricing theories,” Journal of Financial Research 22, 471-487.
  • Andy Chui and K.C. John Wei, 1998, “Book-to-market, firm size, and the turn-of-the-year effect: Evidence from Pacific-Basin emerging markets,” Pacific-Basin Finance Journal 6, 275-293.
  • Changqi Wu, and K.C. John Wei, 1998, “Cooperative R&D and the value of the firm,” Review of Industrial Organization 13, 425-446.
  • Jun Cai and K.C. John Wei, 1997, “The investment and operating IPO performance of Japanese IPO firms,” Pacific-Basin Finance Journal 5, 389-417.
  • Chunchi Wu, Qiang Li, and K.C. John Wei, 1996, “Incomplete-information capital market equilibrium with heterogeneous expectations and short sale restrictions,” Review of Quantitative Finance and Accounting 7, 119-136.
  • Yue-cheong Chan, K.C. John Wei, 1996, “Political risk and stock price volatility: The case of Hong Kong,” Pacific-Basin Finance Journal 4, 259-275.
  • John Wei, Yu-Jane Liu, Chan-Chen Yang and Guey-Shiang Chaung, 1995, “Volatility and price change spillover effects across the developed and emerging markets,” Pacific-Basin Finance Journal 3, 113-136.
  • Kevin C. W. Chen and K.C. John Wei, 1993, “Creditor’s decision to waive the violations of accounting-based debt covenants,” The Accounting Review 68, 218-232.
  • Carolyn Carroll, Paul D. Thistle, and K.C. John Wei, 1992, “The robustness of risk-return nonlinearities to the normality assumption,” Journal of Financial and Quantitative Analysis 27, 419-435.
  • Stephen W. Pruitt, and K.C. John Wei, 1992, “Currency futures market responses to U.S. and Japanese bilateral merchandise balance of trade announcements: 1976 to 1991,” Economics Letters 39, 455-660.
  • John Wei and K.F. Wong, 1992, “Tests of inflation and industry portfolio stock returns,” Journal of Economics and Business 44, 77-94.
  • Jack Lee, Cheng F. Lee, and K.C. John Wei, 1991, “Binomial option pricing model with stochastic parameters: a beta distribution approach,” Review of Quantitative Finance and Accounting 1, 435-448.
  • John Wei and Stanley R. Stansell, 1991, “Benchmark error and the small firm effect: A revisit,” Journal of Financial Research 14, 359-369.
  • Stephen W. Pruitt, and K.C. John Wei, 1991, “Stock market responses to U.S. and Japanese bilateral merchandise balance of trade announcements: 1976-1987,” Economics Letters 37, 165-171.
  • John Wei, Cheng F. Lee, and Andrew H. Chen, 1991, “Multivariate regression tests of the arbitrage pricing theory: An instrumental variable approach,” Review of Quantitative Finance and Accounting 1, 435-448.
  • Cheng F. Lee, Chunchi Wu and K.C. John Wei, 1990, “Heterogeneous investment horizon and capital asset pricing model: Theory and implication,” Journal of Financial and Quantitative Analysis 25, 361-376.
  • Stephen W. Pruitt and K.C. John Wei, 1989, “Institutional ownership and changes in the S&P 500,” Journal of Finance 44, 509-513.
  • Vipul K. Bansal, Stephen W. Pruitt, and K.C. John Wei, 1989, “An empirical reexamination of the impact of CBOE option initiation on the volatility and trading volume of the underlying stocks: 1973-1986,” Financial Review 24, 19-29.
  • K.C. John Wei and Cheng F. Lee, 1988, “The generalized Stein/Rubinstein covariance formula and its application to estimate real beta,” Management Science 34, 1266-1270.
  • Carolyn Carroll and K.C. John Wei, 1988, “Risk, return, and equilibrium: An extension,” Journal of Business 61, 485-499.
  • K.C. John Wei, 1988, "An asset-pricing theory unifying the CAPM and APT,” Journal of Finance 43, 881-892.
  • Stephen Sears and K.C. John Wei, 1988, “The Structure of skewness preferences in asset pricing models with higher moments: An empirical test,” Financial Review 23, 25-38.
  • Stephen W. Pruitt, W. Tawarangkoon, and K.C. John Wei, 1987, “Chernobyl, commodity, and chaos: An examination of the reaction of commodity futures prices to evolving information,” Journal of Futures Markets 7, 556-569.
  • Stephen Sears and K.C. John Wei, 1985, “Asset pricing, higher moments and the market risk premium: A note,” Journal of Finance 40, 1251-1253.


CONSULTATIONS AND EXECUTIVE EDUCATION
 

  • Help Fidelity to revamp risk profile questionnaire and product matching for their retial and institutional customers, 2009.
  • Help Hang Seng Bank to update risk profile questionnaires for retail customers to satisfy HKMA comments, 2007-2008.
  • Consult HSBC in a project, called, “Review and Endorsement of Revised Risk Profile Questionnaires for Commercial Customers,” 2007-2008.
  • Help Hang Seng Bank to design risk profile questionnaires for commercial customers, 2007.
  • Help HSBC to revamp their existing risk profile questionnaires, called, “Risk Profile Questionnaire Review,” 2006-2007.
  • Help HSBC to revamp their existing risk profile questionnaires, called, “Revamping Existing Risk Profile Questionnaires for Commercial Customers,” 2005-2006.
  • Help HSBC for “Verification and Endorsement of HSBC’s Methodology of Calculating Returns on Customer’s Portfolio” 2004.
  • Help HSBC to consolidate their risk profile questionnaires, called “Standardization of Risk Profiling Questionnaires,” 2004.
  • Help HSBC to develop a financial planning model, called “Rule-Based Investment Solutions” (with Kalok Chan), 2001-2002.
  • Help KBC Products Hong Kong to conduct a survey on “Investors’ Understanding on the Hong Kong Warrants Market” (with Kalok Chan), 2004.
  • Help Hang Seng Bank (the largest local bank) to develop a personal financial planning model called “SmartInvest,” which has been commercialized with a great success, and Hang Seng Bank donated $450,000 to the department, 1996-1997 (with K.C. Chan).
  • Conducted a consultancy project initiated by HKSAR: Consultancy to “Examine and Disseminate Innovative Approaches to Financing of Initiatives such as Sustainable Infrastructure and Building Planning, Design, Construction and Operation” for APEC (with Gary Heinke), 1997-2000
  • Conduct research on “The impact of warrant trading on the underlying stock return and volatility,” and “The impact of warrant listings and expirations on the underlying stocks return, volatility and trading volume.”
  • Executive Teaching on “Derivatives and risk management,” 1996-2004
  • Executive teaching on “Real options” 
  • Executive Teaching on “Hong Kong as a financial center”, for Hainan provisional government officials, 1993-present
  • Executive Teaching on “Value-based financial management,” for Hainan corporate executives; Xian Jassen sponsored executive program; Daimler/Chrysler Executives; China Mobile; BenQ; Aspire Academy; 1998-present


SERVICE ACTIVITIES WITHIN COLLEGE AND PROFESSION

  • Ph.D. dissertation supervisor, HKUST, Department of Finance, 1996 - present.
  • Columnist for Hong Kong Economics Journal (the most influential local Chinese daily financial newspaper), 1993-2002.
  • Keynote speaker at the Conference in Modern Issues on Finance (2003) in Taiwan. Keynote speaker at the 2009 Management Research Forum at National Cheng Kung University in Taiwan
  • Keynote speaker at the 2010 Young Economic Scholar (YES) conference in Jinan University, Guangzhou, China.
  • Co-editor for Journal of Corporate Finance Special Issue, 2011, “Corporate Finance in Emerging Markets.”
  • Review Board Member for the European Finance Association meetings (2006-2009), the China International Conference in Finance (2004-2008, 2010), FMA (2010-2011), FMA Asia (2009-2010), the NTU (National Taiwan University) International Conference on Finance (1998, 2002, 2004, 2006, 2008, 2010), the National Sun Yat-sen University’s SFM Conference (2004-prsent), Chinese Finance Association meetings (2004-present), Asian Financial Association meetings (2011), and APFA/NFA Conference in Japan (1998), the 9th Global Finance Association Annual Conference in Beijing (2002), and Asian Pacific Finance Association Conference (1997),.
  • Associate editor for Pacific-Basin Finance Journal, International Review of Finance, International Review of Economics and Finance, Asian-Pacific Journal of Accounting & Economics, International Real Estate Review, Asia-Pacific Journal of Financial Studies, Emerging Markets Finance and Trade, Journal of Financial Studies, Journal of Risk Management, Quarterly Journal of Finance, Quarterly Journal of Security Market Development, Advances in Quantitative Analysis of Finance and Accounting, and Review of Pacific Basin Financial Markets and Policies.
  • Ad hoc reviewer for American Economic Review, Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Finance, Management Science, Journal of Financial Intermediation, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Empirical Finance, Journal of Financial Markets, Review of Finance, Financial Management, Financial Analysts Journal, European Financial Management, Journal of Risk and Insurance, Real Estate Economics, Pacific-Basin Finance Journal, International Review of Finance, Journal of Economics Behaviour and Organization, China Economics Review, Japan and the World Economy, Journal of Economic Dynamics and Control, Journal of Economics and Business, Journal of Futures Markets, and Review of Quantitative Finance and Accounting, among others.


HONORS

  • Best paper award: FMA in Investments, 2009.

  • Best paper award: The China Chinese Finance Association (TCFA), 2009.

  • Best paper award: NTU Conference on Finance, 1995, 1998, 2000, 2002, 2004, and 2006.

  • Best paper or best research awards: the Conference on the Theories and Practices of Securities and Financial Markets (SMF), National Sun Yat-sen University, 2001, 2002, 2004, 2006, 2007, 2008, 2009, 2010.

  • Best paper award: China International Conference in Finance, 2006.

  • Best paper award: Chinese Finance Association meetings, 2004, 2005, 2007, and 2008, 2010.


PROFESSIONAL ASSOCIATION MEMBERSHIPS

  • American Finance Association
  • Society of Financial Studies
  • Western Finance Association