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
Personal Web:

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, processes and strategies for renminbi’s full convertibility, 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

Recent publications:

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.

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.

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.

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.

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

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).

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

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

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

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).

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

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.