Department of Economics & Finance
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. 1 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 March 2018


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
MOK Edwin KM Lecturer, Department of Finance, Chinese University of Hong Kong
GAO Haoyu Assistant Professor, Central University of Finance 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 (for cohort 2019 and thereafter)

Year 1   Semester A    EF8070 Advanced Microeconomics
    EF8072 Advanced Macroeconomics
    EF8090 Advanced Econometrics
    1 course (at least 3 credits) from other departments of the College of Business
  Semester B SG8001 Teaching Students: First Steps
    EF8071 Topics in Microeconomics
    EF8077 Theoretical Asset Pricing
    EF8080 Empirical Corporate Finance
    EF8081 Advanced Corporate Finance
  Summer Qualifying Examination
Year 2 Semester A / B EF5250 Stochastic Calculus for Finance
    EF8082 Theoretical Corporate Finance
    EF8083 Empirical Asset Pricing
  Summer FB8905 Project (Thesis Proposal Defense)
Year 3 Semester A Con't FB8905 Project (Thesis Proposal Defense)
  Semester A / B FB8914 Doctoral Seminar
    Submission of PhD Thesis


Year 1   Semester A / B SG8001 Teaching Students: First Steps
    EF8080 Empirical Corporate Finance 
    EF8081 Advanced Corporate Finance
Year 2 Semester A / B 1 course (at least 3 credits) from other departments of the College of Business
    Submission of MPhil Thesis


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 (Chow Yei Ching School of Graduate Studies)

It provides information about entrance requirements, English proficiency requirements, application procedures, tuition fees, financial supports and scholarships.

Hong Kong PhD Fellowship Scheme


Applications are accepted throughout the year and will be considered mainly in one admission round. The application deadline for 2020 entry is 2 December 2019 at noon (Hong Kong time or GMT +8 hours) and the application results will be announced in March 2019.

For application procedures, please visit Chow Yei Ching School of Graduate Studies website.

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


Entrance Scholarships

Scholarships are available for government-funded research students:

  • Postgraduate Studentships (HK$17,000/month for 2019-2020)*
  • Chow Yei Ching School of Graduate Studies Scholarships (to cover student's tuition and on-campus hostel accommodation fees in first year of study)
  • 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)*

​* Subject to revision every year

Awards offered by Department of Economics & Finance

  • The Best Summer Paper Awards to Junior Ph.D. Students (HK$5,000/award)
  • EF PhD Studentship Extension Sponsorship (maximum 10-month studentships during extended study period) (subject to fundng and approval)


Current Research Students and Specializations (2018 cohort and before)

Current Research Students Research Specializations Supervisors
ADASI MANU Sylvester Financial Institutitions, Social Networks and Corporate Finance Dr QI Yaxuan
AN Pengda Asset Pricing Dr LI Tao /
Dr WU Xueping
ASAMOAH Prince Elvis Empirical Asset Pricing; Mutual funds Dr LI Tao
BARTOLUCCI Andrea Empirical Asset Pricing Prof MA Yue
CHAN Otto Attribution on hedge fund outperformance Dr LI Tao 
CHENG Shuyi Corporate Finance and Tax Avoid Dr QI Yaxuan
CHENG Xu Political Uncertainty and Risk Premium Prof WANG Junbo
DU Bowen Empirical Asset Pricing and Derivatives Dr LI Tao
HUI Tianlin TBA Dr DU Du
LEE Kun Ho Daniel Financial Economics Dr LI Tao
LI Hucheng Media Coverage and Asset Pricing Prof WANG Junbo
LIAN Ziying Empirical Asset Pricing Dr CAI Jun
LIU Shu Corporate Finance Dr ZHU Rui Margaret
LIU Xiaotian Banking and Ownerships Structure Dr QI Yaxuan
NIU Yuanye Asset Pricing Dr LI Tao
SAYADYAN Anna Asset Pricing Dr DU Du
SHI Chang Empirical Corporate Finance and Financial Accounting Dr HUANG Qianqian
TU Kerui Asset Pricing Dr Du Du
WANG Tong Empirical Asset Pricing Dr CAI Jun
XIONG Chenyu Empirical Corporate Finance and Corporate Governance Prof MA Yue
XU Jianfeng Asset Pricing Dr LI Tao
YANG Bin Corporate Finance and Accounting Dr HUANG Qianqian
ZHANG Yue Fixed Income Securities and International Finance Prof WANG Junbo
ZHAO Zhenling Asset Pricing Prof WANG Junbo

Exchange Programme

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