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

PhD/MPhil (Finance)


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. 3 in the top 25% institutions in Hong Kong and 4 faculty members ranked amongst the top 25% authors in Hong Kong (IDEAS, RePEc website), accessed in September 2016


Graduate Placements


CHEN Tao Assisant Professor, Open University of Hong Kong
HE Xiaoxiao Assistant Professor, South-West University of Finance and Economics, China
JIANG Ping Associate Professor, University of International Business and Economics, China
LIU Min Assistant Professor, Zhongnan University of Economics and Law, China
LU Weijie Assistant Professor, Wuhan University, China
LUO Miao Assistant Professor, Sun Yat-sen University, China
WANG Rui  Assistant Professor, Lingnan University Hong Kong
GAO Haoyu Assistant Professor, Central University of Finance and Economics, Beijing, China
WANG Yun Assistant Professor, University of International Business and Economics, Beijing, China
ZHOU Kaiguo Department Head and Professor, Department of Finance, Sun Yat-Sen University, China

Programme Details

Programme Structure

Coursework Requirements
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).

  • 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.

  • Advanced Corporate Finance
  • Empirical Research in Finance

In addition, PhD students are also required to complete the Qualifying Examination successfully by 31 December of the 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 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 2018 Entry (Chow Yei Ching School of Graduate Studies)
It provides information about entrance requirements, English proficiency requirements, application procedures, tuition fees (2018-2019), financial supports and scholarships.

Hong Kong PhD Fellowship Scheme (2018/2019)


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


Entrance Scholarships

Scholarships are available for government-funded research students:

  • Postgraduate Studentships (tentative HK$16,200/month for 2017-2018)*
  • Chow Yei Ching School of Graduate Studies Scholarships (HK$60,000)*
  • Research Tuition Scholarship (in the form of an exemption for students from paying tuition fees)
  • Conference Grant (HK$10,000 maximum)*
  • Research Activities Fund (HK$30,000 maximum)*

‚Äč* Subject to revision every year

Awards offered by Department of Economics & Finance

  • The Best Summer Awards to Junior Ph.D. Students (HK$5,000/award)


Current Research Students and Specializations (2017/2018)

Current Research Students Research Specializations Supervisors
AN Pengda Asset Pricing Dr LI Tao /
Dr WU Xueping
CHAN Otto Attribution on hedge fund outperformance Dr LI Tao 
CHEN Chong Mergers & Acquisitions, Loan Contracting, Market Competition, and Corporate Innovation Dr WU Xueping
CHEN Shan Asset Pricing Dr LI Tao /
Dr WU Xueping
CHENG Shuyi To be confirmed Dr. QI Yaxuan
DU Bowen Empirical Asset Pricing and Derivatives Dr LI Tao
LEE Kun Ho Daniel Financial Economics Dr LI Tao
LIU Shu Corporate Finance Dr ZHU Rui Margaret
LIU Xiaotian Banking and Ownerships Structure Dr QI Yaxuan
MOK Ka Ming Corporate Finance and Empirical Asset Pricing Dr Azizjon ALIMOV /
Prof WANG Junbo
QIN Yiyi Bankruptcy and Pension Fund Dr CAI Jun
SONG Yi To be confirmed Prof WANG Junbo
WANG Bo Fixed Income Securities and Market Microstructure Prof WANG Junbo
WANG Yun Bank Loan and Corporate Bond Prof WANG Junbo
WANG Rui Blockchains in Banking Industry Dr Michael WONG
XU Jianfeng Asset Pricing Dr LI Tao
YANG Bin Corporate Finance and Accounting Dr HUANG Qianqian
YE Yanyi Market Microstructure, Stock Market & Corporate Bond Market Prof WANG Junbo
YUAN Tao Corporate Finance and Accounting Dr HUANG Qianqian /
Dr WU Xueping
YUN Xin Financial Engineering and Risk Management Prof Jeff HONG


First-Year Research Students Supervisors
ADASI Manu Sylvester Dr QI Yaxuan
CHENG Xu Prof WANG Junbo
HUI Tialin Dr DU Du
LI Hucheng Prof WANG Junbo
LI Weiping Prof MA Yue
LIAN Ziying Dr CAI Jun
NIU Yuanye Dr LI Tao
SHI Chang Dr HUANG Qianqian / Dr QI Yaxuan
WU Yue Dr WU Xueping
XIONG Chenyu Prof MA Yue
ZHANG Yue Prof WANG Junbo
ZHAO Zhenling Prof WANG Junbo

Exchange Programme

Exchange opportunities are offered to our PhD students to visit the University of California, Santa Cruz.

Research Studies Brochure