Prof. MA Yue (馬躍)

Chair Professor of Finance

Prof. MA Yue (馬躍)

Contact Information

Address: P7310, Academic 1
City University of Hong Kong
Phone: +852 34422405
Fax: +852 34420284
E-mail:
yue.ma@cityu.edu.hk
Personal Web:
http://ideas.repec.org/e/pma10.html
SSRN Web:
http://papers.ssrn.com/author=235508

Research Areas

  • corporate finance, banking and financial institutions, financial contracting, financial regulations

Professor Ma (马跃) earned BSc in Optimal Control Theory (Math) from Xiamen University, China, and a joint PhD degree in Economics and Econometrics from Manchester University, the UK. He was a postgraduate student of Nobel Prize laureates Professor Robert Engle and late Professor Leonid Hurwicz when he studied at the China-US Economics Training Centre sponsored by the Ford Foundation (福特班), and organized by Professor Gregory Chow (邹至庄, Princeton) and Professor Dwight Perkins (Harvard), at Renmin University, Beijing, in 1985-86. He then pursued his PhD study at Manchester University under the Sino-British Friendship Scholarship Scheme sponsored by Sir Yue-Kong Pao (包玉剛) from Hong Kong, and co-sponsored by the British and the Chinese government during 1987-1990. He was a tenured Reader at Stirling University in Scotland and Professor at Lingnan University, Hong Kong, before he joined CityU in 2013.

Professor Ma's research interests include banking and financial institutions, corporate finance, financial contracting, financial regulations, internationalization of Chinese currency renminbi, and Hong Kong's exchange rate and banking systems. He has published widely in international leading finance and economics journals such as Journal of Finance, Journal of Financial Economics, Economic Journal, European Economic Review, Journal of International Money and Finance, Journal of Real Estate Finance and Economics, Journal of Comparative Economics, Oxford Economic Papers, Labour Economics, Review of World Economics (Weltwirtschaftliches Archiv), Économies et Sociétés, Review of International Economics, Review of Development Economics, Econometric Theory, Journal of Economic Dynamics and Control, Oxford Bulletin of Economics and Statistics, Journal of the Operational Research Society, Jingji Yanjiu (Economic Research Journal,《經濟研究》), Journal of Financial Research 《金融研究》, and Journal of World Economy《世界經濟》. He has also published in the working papers series of NBER, IMF, CEPR, Hong Kong Monetary Authority, and Hong Kong Institute for Monetary Research. His research works have been published in France, Germany, Hong Kong, Italy, Japan, Mainland China, Russia, Singapore, Taiwan, the Netherlands, the UK, and the US.

The main findings of his research have been shared with policy makers in the World Bank, State Foreign Exchange Administration (SAFE) in Beijing, and European Central Bank (ECB), and were reported by Wall Street Journal (Real Time Economics), Harvard Law School Forum on Corporate Governance and Financial Regulation, VoxEU, and Hong Kong Monetary Authority (HKMA). Professor Ma was invited to visit Princeton, Oxford, INSEE (Paris), European University Institute, and Hong Kong Monetary Authority for research collaborations. His textbook entitled Natural Resource and Environmental Economics has been adopted in more than 30 countries worldwide and translated into both Chinese and Russian.

He has won the Best Paper Award of the Jensen Prize (the First Prize) by the Journal of Financial Economics in the area of corporate finance and organizations in 2011.

Prof Ma's google citations can be found at:

Google scholar

Selected publications:

  1. Why Do Firms Evade Taxes? The Role of Information Sharing and Financial Sector Outreach, with T Beck and C Lin, Journal of Finance, Vol. 69(2), April 2014, pp.763-817.

  2. Political Connections and the Cost of Bank Loans, with J Houston, C Lin, and L Jiang, Journal of Accounting Research, 52(1), March 2014, pp.193–243.

  3. Factor Intensity, Product Switching, and Productivity: Evidence from Chinese Exporters, with H Tang and Y Zhang, Journal of International Economics, 92(2), March 2014, pp.349–362.

  4. Corporate Ownership Structure and the Choice between Bank Debt and Public Debt, with C Lin, P Malatesta, Y Xuan, Journal of Financial Economics, 109, 2013, pp.517-534.

  5. Regulatory Arbitrage and International Bank Flows, with J Houston, C Lin, Journal of Finance, 67, 2012, pp.1845-1895.

  6. Corporate Ownership Structure and Bank Loan Syndicate Structure, with C Lin, P Malatesta, Y Xuan, Journal of Financial Economics, 104, 2012, pp.1-22, (Lead article).

  7. The Real and Financial Implications of Corporate Hedging, with M Campello, C Lin, H Zou, Journal of Finance, 66, 2011, pp.1615-1647.

  8. Ownership Structure and Financial Constraints: Evidence from a Structural Estimation, with C Lin, Y Xuan, Journal of Financial Economics, 102, 2011, pp.416-431.

  9. Media Ownership, Concentration and Corruption in Bank Lending, with J Houston, C Lin, Journal of Financial Economics, 100, 2011, pp.326-350.

  10. Ownership Structure and the Cost of Corporate Borrowing, with C Lin, P Malatesta, Y Xuan, Journal of Financial Economics, 100, 2011, pp.1-23, (Lead article) (summary posted at Harvard Law School website). 

  11. Creditor Rights, Information Sharing and Bank Risk Taking, with J Houston, C Lin, P Lin, Journal of Financial Economics, 96, 2010, pp.485-512.

  12. Judicial quality, contract intensity and trade: Firm-level evidence from developing and transition countries, with B Qu, Y Zhang, Journal of Comparative Economics, 38(2), pp.146-159, June 2010.

  13. External shocks, balance sheet contagion, and speculative attack on the pegged exchange rate system, Review of Development Economics, 13(1), pp.87-98, 2009.

  14. Incomplete financial market and the sequence of international trade liberalization, International Journal of Finance & Economics, 13(1), pp.108-117, 2008.

  15. Domino effects within a housing market: The Transmission of house price changes across quality tiers, with L S Ho and D Haurin, Journal of Real Estate Finance and Economics, 37(4), pp.299-316, November 2008.

  16. Currency substitution and speculative attacks on a currency board system, with S K Tsang, Journal of International Money and Finance, 21(1), pp.53-78, February 2002.

  17. Testing for a nonlinear relationship among fundamentals and exchange rates in the ERM, with A Kanas, Journal of International Money and Finance, 19(1), pp.135-152, February 2000.

  18. International intra-industry trade of China, with X Hu, Weltwirtschaftliches Archiv (Review of World Economics), 135(1), pp.82-101, March 1999.

  19. Hybrid algorithms with automatic switching for solving nonlinear equation systems, with A J Hughes Hallett and Y P Yin, Journal of Economic Dynamics and Control, 20(6-7), pp.1051-1071, 1996.

  20. A Double Length Regression Computation Method for the 2SGLS Estimator of Rational Expectations Models, with S Liu, Oxford Bulletin of Economics and Statistics, 58(2), pp.423-429, 1996.

  21. East Germany, West Germany, and their Mezzogiorno problem: A parable for European economic integration, with A J Hughes Hallett, Economic Journal, 103(417), pp.416-28, March 1993.



Published Articles in Refereed Journals in Chinese:

 

  1. Difficulties of Implementing a Transparent Basket Peg: Theory and Practice (in Chinese, 钉住透明性一揽子货币的困难和各国的经验分析), Journal of World Economy《世界经济》, Vol. 2007, Issue 4, pp.44-53, Institute of World Economics and Politics (IWEP), Chinese Academy of Social Sciences (CASS), Beijing (北京: 社科院世界经济与政治研究所), Apr 2007

  2. Short Term Capital Inflow and Market Interest Rate in China, with H Sun, (化解热钱流入形成的升值压力:市场自动调节机制和政策措施), Journal of World Economy《世界经济》, Vol. 2005, Issue 4, pp.13-21, Institute of World Economics and Politics (IWEP), Chinese Academy of Social Sciences (CASS), Beijing (北京: 社科院世界经济与政治研究所), Apr 2005

  3. On the revaluation pressure: The interest rate mechanism and government policy, with H Sun, (in Chinese, 升值压力的缓解:利率机制和政府对策), Journal of Financial Research 《金融研究》, Vol. 6 (2004), pp. 17 -26, Research Dept of China's Central Bank, Beijing (北京:中国人民银行金融研究编辑部), Jun 2004

  4. Monetary Policy and Stock Market in China, with H Sun, (in Chinese, 中国货币政策与股票市场的关系探索), Journal of Economic Research《经济研究》, Vol. 7, pp.44-53, Economics Institute of the Chinese Academy of Social Sciences, Beijing (北京: 社科院经济研究所), Jul 2003

  5. Banking Deregulation and Macroeconomic Impact in China: A Theoretical Analysis and Implications of WTO Accession to the Mainland and Hong Kong, with Z Zhao et al, (in Chinese, 银行业放松管制的理论分析与宏观效果 - 兼论中国加入WTO对大陆和香港的影响), Journal of Economic Research《经济研究》, Vol. 6, pp. 14 -22, Economics Institute of the Chinese Academy of Social Sciences, Beijing (北京: 社科院经济研究所), Jun 2002

  6. China's accession to the WTO: a financial economic analysis of an irreversible decision (in Chinese, 中国加入WTO: 不可逆决策的金融经济学分析", Journal of Economic Research《经济研究》, Vol. 12, pp.9-16, Beijing: E​​conomics Institute of the Chinese Academy of Social Science (北京: 社科院经济研究所), Dec 2001, (This paper was reprinted in Selected Essays on Science and Technology Development in China, Vol. 2 , Yanshi Press, Beijing, 2003 (《中国科技发展精典文库》第二辑, 中国言实出版社2003年2月)


Media interviews

1) Telephone interview with China Radio International (中国国际广播电台) on Sept 24, 2014 on the UK government’s issuing RMB bond and its implications to RMB internalization. Link and recorded interview



The Erdős number of Yue Ma is 4, as is demonstrated by the following 4 references:

4) Yue Ma and S Liu, 1996. A Double Length Regression Computation Method for the 2SGLS Estimator of Rational Expectations Models. Oxford Bulletin of Economics and Statistics 58(2), 423-429.

3) SW Drury, S Liu, CY Lu, S Puntanen, GPH Styan, 2002. Some comments on several matrix inequalities with applications to canonical correlations: historical background and recent developments. Sankhyā: The Indian Journal of Statistics, Series A, 453-507.

2) Norman J. Pullman and George P. H. Styan, 1973. The convergence of Markov chains with nonstationary transition probabilities and constant causative matrix. Stochastic Processes and their Applications, 1(3), 279-285.

1) Louis Caccetta, Paul Erdős, Edward T. Ordman, Norman J. Pullman, 1985. The difference between the clique numbers of a graph. Ars Combinatoria 19, A, 97-106.

Paul Erdős (1913-1996) was the most prolific mathematician of the 20th century (with more than 500 collaborators). Studies have shown that leading mathematicians tend to have low Erdős numbers. For example, the median Erdős number of Fields Medalists is 3. Background on the folklore in mathematics about the Erdős number is here: http://www.oakland.edu/enp/

The American Mathematical Society provides a free online tool to determine the Erdös Number: http://www.ams.org/mathscinet/collaborationDistance.html