Department of Economics & Finance
College of Business - City University of Hong Kong AACSB International EQUIS - European Quality Improvement System

Research Degree Programmes


The Department is committed to training and fostering prospective students to become excellent researchers and outstanding professionals in the areas of economics and finance. We offer research degree programmes leading up to the degree of Master of Philosophy (MPhil) and Doctor of Philosophy (PhD). Upon completion of the programme, students will be well-equipped to work and contribute significantly in academic institutions and in various business sectors. The Department has one of the strongest research teams in Asia in the field of economics and finance. The areas of strength of our current faculty members include, among others, international trade and finance, economic development and growth, micro and macro economic theory, econometrics, money and banking, urban and real-estate economics, Chinese economy, public economics, corporate finance, financial markets, market microstructure, security analysis and portfolio management, derivative instruments, banking system and financial institutions, and management of financial institutions.

Research Rankings of the Department of Economics and Finance in Asia:

  • No. 1 in International Economics (Review of International Economics, 2009)
  • No. 1 in per capita research publications in Economics (Review of International Economics, 2008)
  • No. 2 in the top 25% institutions in Hong Kong (IDEAS, RePEc website, accessed in October 2014)
  • 5 faculty members ranked amongst the top 25% authors in Hong Kong (IDEAS, RePEc website, accessed in October 2014)
  • No. 4 (in Asia) / No. 50-58 (in the world) in Finance by Publications in Top 4 Finance Journals (the ASU Finance Research Rankings, 2011-13)
  • No. 2 in Real Estate (Journal of Real Estate Finance and Economics, 2011)
  • No. 3 in Development Economics (Review of International Economics, 2009)

Programme Details

Programme Structure

Coursework Requirements
MPhil/PhD students are required to take the stipulated courses specified by the Chow Yei Ching School of Graduate Studies and the College of Business. In addition, students have to fulfill the following coursework requirements designated by the Department.

PhD students have to take the following 6 core courses (18 credits) and at least 1 or 2 elective courses (6 credits).

For Economics students:



  • Advanced Microeconomics
  • Advanced Macroeconomics
  • Econometrics
  • Topics in Microeconomics
  • Topics in Macroeconomics
  • Topics in Econometrics

For Finance students:




  • Advanced Corporate Finance
  • Advanced Microeconomics
  • Econometrics
  • Empirical Research in Finance
  • Financial Economics
  • Topics in Microeconomics

MPhil students have to take the following 2 core courses.

For Economics students:


  • Advanced Microeconomics
  • Advanced Macroeconomics

For Finance students:


  • Advanced Corporate Finance
  • Empirical Research in Finance

In addition, PhD students are also required to complete the Comprehensive Examination successfully at the end of their second year of study.

Thesis Submission
An MPhil thesis should present the results of research investigation, give evidence of a sound understanding of the area of study, its context and applicability, and make a contribution to knowledge. A PhD thesis, in addition to the above, should make a substantial original contribution to knowledge in the subject area concerned.

Supervisory Arrangement

During the study period, research degree student will be supervised by at least one teaching staff of the Department.

Study Period

Students are required to complete their studies, including the submission of their theses, within the below stipulated study periods.

Degree Period of Study (year)
Full-time Part-time
MPhil 2 4
PhD (who have obtained a research master’s degree before admission) 3 6
PhD (who have NOT obtained a research master’s degree before admission) 4 8


Admission applications should be sent directly to Chow Yei Ching School of Graduate Studies. For admission details, please refer to the below websites. To apply on-line, please click Apply Now.

Research Proposal
Although the submission of research proposal is not compulsory, applicant is encouraged to provide a few-page proposal on the topic you intend to study, and how you want to approach the problem. Inclusion of details of your plan and a reference list would be helpful too.

Admission Handbook - Research Degree Programmes 2015 Entry (Chow Yei Ching School of Graduate Studies)
It provides information about entrance requirements, English proficiency requirements, application procedures, tuition fees (2015-2016), financial supports and scholarships (priorities will be given to PhD applicants).

Hong Kong PhD Fellowship Scheme (2015/2016)


Note: Applicants do not need to contact individual professors before applying.


Entrance Scholarships

  • Hong Kong PhD Fellowship Scheme
  • Chow Yei Ching School of Graduate Studies Entrance Scholarships

Scholarships are available for government-funded research students:

  • Postgraduate Studentships (HK$14,800 (PhD/month) and HK$14,000 (MPhil/month)
  • Chow Yei Ching School of Graduate Studies Scholarships (HK$60,000)
  • Research Tuition Scholarship (Waive tuition fees)
  • Conference Grant (HK$10,000 maximum)
  • Research Activities Fund (HK$30,000 maximum)

Research Studies Brochure

Current Research Students and Specializations (2014/2015)

Current Research Students Research Specializations Supervisors
BIAN Yuli Asset Pricing and Corporate Finance Dr LI Yin Jay /
Dr WU Xueping
CAI Rong To be confirmed Dr QI Yaxuan
CHEN Chong Mergers & Acquisitions, IPO Dr WU Xueping
CHEN Jie Asset Pricing Dr WANG Junbo
DONG Yiyi Real Estate Economics Dr Charles LEUNG
HE Xiaoxiao Corporate Finance and Risk Management Dr ZHU Rui Margaret /
Dr WU Xueping
HONG Jie Carry Trade and Hatbit Formation Dr LI Tao
HUANG Ju Real Estate Economics China and Hong Kong Property Market Dr Charles LEUNG
HUI Yafu Corporate Finance Dr ALIMOV A Azizjon / Dr WU Xueping
JI Yufei Monetary Economics and Macroeconomics Dr WANG Yong
KASHYAP Ravi Financial Services, Economic Growth, Welfare, Small and Medium Enterprises Dr WANG Yong
LIN Zhitao International Finance Prof CHEUNG Yin-Wong
LIU Min Corporate Finance Dr WU Xueping
LU Weijie Corporate Hedging Dr Margaret ZHU /
Dr QI Yaxuan
LUO Weiqing Corporate Finance and Private Equity Dr KIM Ryoonhee /
Dr CAI Jun
MAN Kwok Leung Ryan Real Estate Economics and Experimental Economics Dr Charles LEUNG
Qi Chengyu Corporate Finance & Corporate Governance Dr CAI Jun
SHI Xi Financial Economics Dr WANG Yong
WEI Xiao Corporate Finance, Banking and Financial Institutions Prof MA Yue
XIAO Junchao Asset Pricing Dr WANG Junbo
YANG Yibo Economic Growth, Trade and Intellectual Property Rights Dr WANG Yong
ZHONG Xiaoling Fixed Income Securities and Market Microstructure Dr WANG Junbo


First-Year Research Students Supervisors
AN Pengda Dr LI Tao / Dr WU Xueping
CHAN Otto Dr Giorgio VALENTE
CHEN Chong Dr WU Xueping
CHEN Shan Dr LI Tao / Dr WU Xueping
GAO Hao Yu Dr WANG Junbo
GOMEZ Jeffy Virgilio Dr LU Chia-Hui
MOK Ka Ming Dr Azizjon ALIMOV
TIAN Xingdi Dr Daniel PREVE
ZHANG Yao Dr Margaret ZHU

Exchange Programmes

Exchange opportunities are offered to our PhD students to visit the following universities:

  • University of California, Santa Cruz
  • Central University of Finance and Economics