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 Doctor of Philosophy (PhD) and Master of Philosophy (MPhil). Upon completion of the programme, students will be well-equipped to work and be able to 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. 1 in the top 25% institutions in Hong Kong (IDEAS, RePEc website), accessed in October 2015
  • 6 faculty members ranked amongst the top 25% authors in Hong Kong (IDEAS, RePEc website), accessed in October 2015
  • 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 (for 2015 cohort and before)
PhD/MPhil 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 2016 Entry (Chow Yei Ching School of Graduate Studies)
It provides information about entrance requirements, English proficiency requirements, application procedures, tuition fees (2016-2017), financial supports and scholarships.

Hong Kong PhD Fellowship Scheme (2016/2017) brochure (College of Business)

Hong Kong PhD Fellowship Scheme (2016/2017)


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 (tentative HK$15,300/month for 2015-2016)*
  • 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)*

​* Subject to revision every year

Research Studies Brochure

Current Research Students and Specializations (2015/2016)

Current Research Students Research Specializations Supervisors
AN Pengda Asset Pricing Dr LI Tao /
Dr WU Xueping
BIAN Yuli Asset Pricing and Corporate Finance Dr LI Yin Jay /
Dr WU Xueping
CAI Rong To be confirmed Dr QI Yaxuan
CHAN Otto To be confirmed Prof Giorgio VALENTE /
Prof WANG Junbo
CHEN Chong Mergers & Acquisitions, Loan Contracting, Market Competition, and Corporate Innovation Dr WU Xueping
CHEN Shan Asset Pricing Dr LI Tao /
Dr WU Xueping
DONG Yiyi Real Estate Economics Dr Charles LEUNG
GAO Haoyu Corporate Bond Market, Corporate Finance, and Chinese Capital Market Prof WANG Junbo
HE Xiaoxiao Corporate Finance and Risk Management Dr ZHU Rui Margaret /
Dr WU Xueping
KASHYAP Ravi Financial Services, Economic Growth, Welfare, and Small & Medium Enterprises Dr WANG Yong
LEE Kun Ho Daniel Financial Economics Dr LI Tao
LIN Zhitao International Finance Prof CHEUNG Yin-Wong
LIU Min Corporate Finance Dr WU Xueping
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
MOK Ka Ming Corporate Finance and Empirical Asset Pricing Dr Azizjon ALIMOV /
Prof WANG Junbo
QI Chengyu Corporate Finance and Corporate Governance Dr CAI Jun
SHI Xi Financial Economics Dr WANG Yong
TIAN Xingdi Dynamic Stochastic General Equilibrium Dr WANG Yong
WEI Xiao Corporate Finance, Banking and Financial Institutions Prof MA Yue
XIAO Junchao Asset Pricing Prof WANG Junbo
ZHANG Yao To be confirmed Dr ZHU Rui Margaret /
Dr WU Xueping
ZHONG Xiaoling Fixed Income Securities and Market Microstructure Prof WANG Junbo


First-Year Research Students Supervisors
CHAN Chao Hung Dr Charles LEUNG
CHEN Xi Long Dr TAM Xuan Song
DU Bowen Dr LI Tao
NG Cho Yiu Joe Dr Charles LEUNG
OPOKU Eric Evans Osei Dr Isabel YAN
QIN Yiyi Dr CAI Jun
RAZA Syed Hassan Dr ZHENG Yu
SHAIKH Zahid Hussain Dr Vikas KAKKAR
SONG Yi Prof WANG Junbo
WANG Bo Prof WANG Junbo
WANG Tian Yu Dr LI Kui Wai
WANG Yun Prof WANG Junbo
YUAN Tao Dr HUANG Qianqian
ZHENG Weinan Dr Costel Daniel ANDONIE

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