Department of Economics and Finance | Staff List

Prof. WANG Junbo (王軍波教授)

PhD - Finance (Syracuse University)
PhD - Management (China Academy Sinica)
Master - Mathematics (Shandong University)
Bachelor - Mathematics (Shandong University)

Acting Head (EF)
Professor

Contact Information

E-mail:
Address:	9-230, Lau Ming Wai Academic Building City University of Hong Kong
Phone:	+852 34429492
jwang2@cityu.edu.hk

Research Areas

Fixed-Income Securities
Investments
International Finance
Market Microstructure

Dr. Junbo Wang received his B.A. and M.A. in Math from Shandong University of China, Ph.D. in Management from China Academia Sinica, and Ph.D. in Finance from Syracuse University, USA. Before joining the City University of Hong Kong in 2005, he has taught at Syracuse University. His main research interests include fixed income securities, asset pricing, corporate finance, and market microstructure.

Awards

Award Title	Institution
Runner-up Paper Award	2019 New Zealand Finance Meeting
Outstanding Supervisor Award 2019	City University of Hong Kong
College Excellent PhD Supervisor Award 2019	City University of Hong Kong
Outstanding Supervisor Award 2018	City University of Hong Kong
Outstanding Articles published in 2017	Journal of Financial Research
College Research Excellent Award 2012	City University of Hong Kong
College Research Excellence Award 2007	City University of Hong Kong

Publications

Journal Publications and Reviews
Chen, Xi; Wang, Junbo; Wu, Chunchi / Jump and volatility risk in the cross-section of corporate bond returns. September 2022; In: Journal of Financial Markets. Vol. 60 Tao, Xinyuan; Wang, Bo; Wang, Junbo; Wu, Chunchi / Economic Policy Uncertainty and the Cross-Section of Corporate Bond Returns. July 2022; In: Journal of Fixed Income. Vol. 32, No. 1, pp. 6-44 Gao, Haoyu; Jiang, Ruixiang; Liu, Wei; Wang, Junbo; Wu, Chunchi / Distance Matters: Evidence from Firm’s Financial Misconduct. May 2022; In: Advances in Pacific Basin Business, Economics and Finance. Gong, Xue; Zhang, Weiguo; Wang, Junbo; Wang, Chao / Investor sentiment and stock volatility: New evidence. March 2022; In: International Review of Financial Analysis. Vol. 80 钟晓玲; 王军波 / 前景理论的预测能力: 基于股改的实证分析. October 2021; In: 计量经济学报. Vol. 1, No. 4, pp. 788-813 Wang, Junbo; Wu, Chunchi; Zhong, Xiaoling / Prospect theory and stock returns: Evidence from foreign share markets. October 2021; In: Pacific Basin Finance Journal. Vol. 69 Cheng, Xu; Kong, Dongmin; Wang, Junbo / Political uncertainty and A-H share premium. September 2021; In: Pacific-Basin Finance Journal. Vol. 68 Wang, Junbo; Wang, Yun; Wu, Chunchi; Yang, Xiaoguang; Zhao, Lin / Social Proximity, Information, and Incentives in Local Bank Lending. June 2021; In: Review of Corporate Finance Studies. Chen, Lin; Wang, Junbo; Wu, Chunchi; Zhu, Hongquan / DIVERGENT OPINION, TRADING INFORMATION, AND STOCK PRICE CO-MOVEMENTS. September 2020; In: Advances in Pacific Basin Business, Economics and Finance. Vol. 8, pp. 1-21 Lin, Hai; Tao, Xinyuan; Wang, Junbo; Wu, Chunchi / FURTHER EVIDENCE OF MOMENTUM IN CORPORATE BOND RETURNS. September 2020; In: Advances in Pacific Basin Business, Economics and Finance. Vol. 8, pp. 65-97 Zhang, Weiguo; Wang, Chao; Zhang, Yue; Wang, Junbo / Credit risk evaluation model with textual features from loan descriptions for P2P lending. July 2020; In: Electronic Commerce Research and Applications. Vol. 42 Gao, Haoyu; Wang, Junbo; Yang, Xiaoguang; Zhao, Lin / Borrower Opacity and Loan Performance: Evidence from China. April 2020; In: Journal of Financial Services Research. Vol. 57, No. 2 Gao, Haoyu; Wang, Junbo; Wang, Yanchu; Wu, Chunchi; Dong, Xi / Media Coverage and the Cost of Debt. March 2020; In: Journal of Financial and Quantitative Analysis. Vol. 55, No. 2, pp. 429-471 Lin, Hai; Tao, Xinyuan; Wang, Junbo; Wu, Chunchi / Credit Spreads, Business Conditions, and Expected Corporate Bond Returns. February 2020; In: Journal of Risk and Financial Management. Vol. 13, No. 2 Lin, Hai; Man, Kasing; Wang, Junbo; Wu, Chunchi / Price discovery and persistent arbitrage violations in credit markets. 2020; In: Financial Management. Vol. 49, No. 1, pp. 207-233 Chen, Peter Huaiyu; Man, Kasing; WANG, Junbo; Wu, Chunchi / The role of duration and trades in the information assimilation process of the US Treasury market. August 2019; In: Advances in Pacific Basin Business, Economics and Finance. Vol. 7, pp. 155-200 Chung, Kee H.; Wang, Junbo; Wu, Chunchi / Volatility and the cross-section of corporate bond returns. August 2019; In: Journal of Financial Economics. Vol. 133, No. 2, pp. 397-417 Wang, Chao; Zhang, Weiguo; Zhao, Xuejin; Wang, Junbo / Soft information in online peer-to-peer lending: Evidence from a leading platform in China. July 2019; In: Electronic Commerce Research and Applications. Vol. 36 Zhong, Xiaoling; Wang, Junbo / Prospect theory and corporate bond returns: An empirical study. June 2018; In: Journal of Empirical Finance. Vol. 47, pp. 25-48 Shi, Jian; Wang, Junbo; Zhang, Ting / ARE SHORT SELLERS INFORMED? EVIDENCE FROM CREDIT RATING AGENCY ANNOUNCEMENTS. June 2017; In: Journal of Financial Research. Vol. 40, No. 2, pp. 179-221 Wan, Die; Liu, Weiyi; Wang, Junbo; Yang, Xiaoguang / Asymmetries of Positive Feedback Trading in Individual Stocks: Evidences from China. December 2016; In: Journal of Management Science and Engineering. Vol. 1, No. 1, pp. 3-27 万谍; 王军波; 杨晓光 / 中国股市暴涨暴跌前有迹象吗？. October 2016; In: 系统工程学报. Vol. 31, No. 5, pp. 643-656 Liu, Yong-Jun; Zhang, Wei-Guo; Wang, Jun-Bo / Multi-period cardinality constrained portfolio selection models with interval coefficients. September 2016; In: Annals of Operations Research. Vol. 244, No. 2, pp. 545-569 He, Yan; Wang, Junbo; Wu, Chunchi / Superior vs. Inferior Voting Shares: Price Premium or Discount?. June 2016; In: Journal of Modern Accounting and Auditing. Vol. 12, No. 6, pp. 306-318 Wang, Junbo; Wu, Chunchi / Liquidity, credit quality, and the relation between volatility and trading activity: Evidence from the corporate bond market. January 2015; In: Journal of Banking & Finance. Vol. 50, pp. 183-203 Lin, Hai; Wang, Junbo; Wu, Chunchi / Predictions of corporate bond excess returns. November 2014; In: Journal of Financial Markets. Vol. 21, pp. 123-152 He, Yan; Wang, Junbo; Wei, K.C. John / A comprehensive study of liquidity before and after SEOs and SEO underpricing. September 2014; In: Journal of Financial Markets. Vol. 20, pp. 61-78 He, Yan; Wang, Junbo; Wu, Chunchi / Domestic versus foreign equity shares: Which are more costly to trade in the Chinese market?. June 2013; In: International Review of Economics and Finance. Vol. 27, pp. 465-481 Lin, Hai; Wang, Junbo; Wu, Chunchi / Liquidity risk and momentum spillover from stocks to bonds. June 2013; In: Journal of Fixed Income. Vol. 23, No. 1, pp. 5-42 Man, Kasing; Wang, Junbo; Wu, Chunchi / Price discovery in the U.S. Treasury market: Automation vs. intermediation. March 2013; In: Management Science. Vol. 59, No. 3, pp. 695-714 Ma, Chaoqun; Liu, Lan; Wang, Junbo; Chen, Jing / Risk of inefficiency on the Chinese index futures market. October 2012; In: Kybernetes. Vol. 41, No. 10, pp. 1571-1585 Wang, Junbo; Wu, Chunchi; Yu, Eden S. H. / Order imbalance, liquidity, and returns of the U.S. Treasury market. June 2012; In: Review of Pacific Basin Financial Markets and Policies. Vol. 15, No. 2 WANG, Junbo; Wu, Chunchi; YU, Siu Hung Eden / Order Imbalance, Liquidity and Returns of the U.S. Treasury Bond Market. 2012; In: Review of Pacific Basin Financial Markets and Policies. Vol. 15, pp. 1250010-1 - 1250010-39 WANG, Junbo; He, Yan / Stock Split Decisions: A synthesis of Theory and Evidence. 2012; In: Journal of Applied Finance. Vol. 2, pp. 124 - 142 Chen, Peter; Wang, Junbo; Wu, Chunchi / The informativeness of corporate bond trades. September 2011; In: Review of Pacific Basin Financial Markets and Policies. Vol. 14, No. 3, pp. 367-428 Pu, Xiaoling; Wang, Junbo; Wu, Chuncchi / Are liquidity and counterparty risk priced in the credit default swap market?. March 2011; In: Journal of Fixed Income. Vol. 20, No. 4, pp. 59-79 Lin, Hai; Wang, Junbo; Wu, Chunchi / Liquidity risk and expected corporate bond returns. March 2011; In: Journal of Financial Economics. Vol. 99, No. 3, pp. 628-650 He, Yan; Wang, Junbo; Wei, K.C. John / Do bond rating changes affect the information asymmetry of stock trading?. January 2011; In: Journal of Empirical Finance. Vol. 18, No. 1, pp. 103-116 He, Yan; Lin, Hai; Wang, Junbo; Wu, Chunchi / Price discovery in the round-the-clock U.S. Treasury market. July 2009; In: Journal of Financial Intermediation. Vol. 18, No. 3, pp. 464-490 Li, Haitao; Wang, Junbo; Wu, Chunchi; He, Yan / Are liquidity and information risks priced in the treasury bond market?. February 2009; In: Journal of Finance. Vol. 64, No. 1, pp. 467-503 Liu, Sheen; Shi, Jian; Wang, Junbo; Wu, Chunchi / The determinants of corporate bond yields. February 2009; In: Quarterly Review of Economics and Finance. Vol. 49, No. 1, pp. 85-109 Wang, Junbo; Wu, Chunchi; Zhang, Frank X. / Liquidity, default, taxes, and yields on municipal bonds. June 2008; In: Journal of Banking and Finance. Vol. 32, No. 6, pp. 1133-1149 Liu, Sheen; Shi, Jian; Wang, Junbo; Wu, Chunchi / How much of the corporate bond spread is due to personal taxes?. September 2007; In: Journal of Financial Economics. Vol. 85, No. 3, pp. 599-636 Wang, Junbo; Wei, K.C. John; Pruitt, Stephen W. / An analysis of the share price and accounting performance of rights offerings in China. January 2006; In: Pacific Basin Finance Journal. Vol. 14, No. 1, pp. 49-72 Chan, Kalok; Wang, Junbo; Wei, K.C. John / Underpricing and long-term performance of IPOs in China. June 2004; In: Journal of Corporate Finance. Vol. 10, No. 3, pp. 409-430

Journal Publications and Reviews

Chen, Xi; Wang, Junbo; Wu, Chunchi / Jump and volatility risk in the cross-section of corporate bond returns. September 2022; In: Journal of Financial Markets. Vol. 60
Tao, Xinyuan; Wang, Bo; Wang, Junbo; Wu, Chunchi / Economic Policy Uncertainty and the Cross-Section of Corporate Bond Returns. July 2022; In: Journal of Fixed Income. Vol. 32, No. 1, pp. 6-44
Gao, Haoyu; Jiang, Ruixiang; Liu, Wei; Wang, Junbo; Wu, Chunchi / Distance Matters: Evidence from Firm’s Financial Misconduct. May 2022; In: Advances in Pacific Basin Business, Economics and Finance.
Gong, Xue; Zhang, Weiguo; Wang, Junbo; Wang, Chao / Investor sentiment and stock volatility: New evidence. March 2022; In: International Review of Financial Analysis. Vol. 80
钟晓玲; 王军波 / 前景理论的预测能力: 基于股改的实证分析. October 2021; In: 计量经济学报. Vol. 1, No. 4, pp. 788-813
Wang, Junbo; Wu, Chunchi; Zhong, Xiaoling / Prospect theory and stock returns: Evidence from foreign share markets. October 2021; In: Pacific Basin Finance Journal. Vol. 69
Cheng, Xu; Kong, Dongmin; Wang, Junbo / Political uncertainty and A-H share premium. September 2021; In: Pacific-Basin Finance Journal. Vol. 68
Wang, Junbo; Wang, Yun; Wu, Chunchi; Yang, Xiaoguang; Zhao, Lin / Social Proximity, Information, and Incentives in Local Bank Lending. June 2021; In: Review of Corporate Finance Studies.
Chen, Lin; Wang, Junbo; Wu, Chunchi; Zhu, Hongquan / DIVERGENT OPINION, TRADING INFORMATION, AND STOCK PRICE CO-MOVEMENTS. September 2020; In: Advances in Pacific Basin Business, Economics and Finance. Vol. 8, pp. 1-21
Lin, Hai; Tao, Xinyuan; Wang, Junbo; Wu, Chunchi / FURTHER EVIDENCE OF MOMENTUM IN CORPORATE BOND RETURNS. September 2020; In: Advances in Pacific Basin Business, Economics and Finance. Vol. 8, pp. 65-97
Zhang, Weiguo; Wang, Chao; Zhang, Yue; Wang, Junbo / Credit risk evaluation model with textual features from loan descriptions for P2P lending. July 2020; In: Electronic Commerce Research and Applications. Vol. 42
Gao, Haoyu; Wang, Junbo; Yang, Xiaoguang; Zhao, Lin / Borrower Opacity and Loan Performance: Evidence from China. April 2020; In: Journal of Financial Services Research. Vol. 57, No. 2
Gao, Haoyu; Wang, Junbo; Wang, Yanchu; Wu, Chunchi; Dong, Xi / Media Coverage and the Cost of Debt. March 2020; In: Journal of Financial and Quantitative Analysis. Vol. 55, No. 2, pp. 429-471
Lin, Hai; Tao, Xinyuan; Wang, Junbo; Wu, Chunchi / Credit Spreads, Business Conditions, and Expected Corporate Bond Returns. February 2020; In: Journal of Risk and Financial Management. Vol. 13, No. 2
Lin, Hai; Man, Kasing; Wang, Junbo; Wu, Chunchi / Price discovery and persistent arbitrage violations in credit markets. 2020; In: Financial Management. Vol. 49, No. 1, pp. 207-233
Chen, Peter Huaiyu; Man, Kasing; WANG, Junbo; Wu, Chunchi / The role of duration and trades in the information assimilation process of the US Treasury market. August 2019; In: Advances in Pacific Basin Business, Economics and Finance. Vol. 7, pp. 155-200
Chung, Kee H.; Wang, Junbo; Wu, Chunchi / Volatility and the cross-section of corporate bond returns. August 2019; In: Journal of Financial Economics. Vol. 133, No. 2, pp. 397-417
Wang, Chao; Zhang, Weiguo; Zhao, Xuejin; Wang, Junbo / Soft information in online peer-to-peer lending: Evidence from a leading platform in China. July 2019; In: Electronic Commerce Research and Applications. Vol. 36
Zhong, Xiaoling; Wang, Junbo / Prospect theory and corporate bond returns: An empirical study. June 2018; In: Journal of Empirical Finance. Vol. 47, pp. 25-48
Shi, Jian; Wang, Junbo; Zhang, Ting / ARE SHORT SELLERS INFORMED? EVIDENCE FROM CREDIT RATING AGENCY ANNOUNCEMENTS. June 2017; In: Journal of Financial Research. Vol. 40, No. 2, pp. 179-221
Wan, Die; Liu, Weiyi; Wang, Junbo; Yang, Xiaoguang / Asymmetries of Positive Feedback Trading in Individual Stocks: Evidences from China. December 2016; In: Journal of Management Science and Engineering. Vol. 1, No. 1, pp. 3-27
万谍; 王军波; 杨晓光 / 中国股市暴涨暴跌前有迹象吗？. October 2016; In: 系统工程学报. Vol. 31, No. 5, pp. 643-656
Liu, Yong-Jun; Zhang, Wei-Guo; Wang, Jun-Bo / Multi-period cardinality constrained portfolio selection models with interval coefficients. September 2016; In: Annals of Operations Research. Vol. 244, No. 2, pp. 545-569
He, Yan; Wang, Junbo; Wu, Chunchi / Superior vs. Inferior Voting Shares: Price Premium or Discount?. June 2016; In: Journal of Modern Accounting and Auditing. Vol. 12, No. 6, pp. 306-318
Wang, Junbo; Wu, Chunchi / Liquidity, credit quality, and the relation between volatility and trading activity: Evidence from the corporate bond market. January 2015; In: Journal of Banking & Finance. Vol. 50, pp. 183-203
Lin, Hai; Wang, Junbo; Wu, Chunchi / Predictions of corporate bond excess returns. November 2014; In: Journal of Financial Markets. Vol. 21, pp. 123-152
He, Yan; Wang, Junbo; Wei, K.C. John / A comprehensive study of liquidity before and after SEOs and SEO underpricing. September 2014; In: Journal of Financial Markets. Vol. 20, pp. 61-78
He, Yan; Wang, Junbo; Wu, Chunchi / Domestic versus foreign equity shares: Which are more costly to trade in the Chinese market?. June 2013; In: International Review of Economics and Finance. Vol. 27, pp. 465-481
Lin, Hai; Wang, Junbo; Wu, Chunchi / Liquidity risk and momentum spillover from stocks to bonds. June 2013; In: Journal of Fixed Income. Vol. 23, No. 1, pp. 5-42
Man, Kasing; Wang, Junbo; Wu, Chunchi / Price discovery in the U.S. Treasury market: Automation vs. intermediation. March 2013; In: Management Science. Vol. 59, No. 3, pp. 695-714
Ma, Chaoqun; Liu, Lan; Wang, Junbo; Chen, Jing / Risk of inefficiency on the Chinese index futures market. October 2012; In: Kybernetes. Vol. 41, No. 10, pp. 1571-1585
Wang, Junbo; Wu, Chunchi; Yu, Eden S. H. / Order imbalance, liquidity, and returns of the U.S. Treasury market. June 2012; In: Review of Pacific Basin Financial Markets and Policies. Vol. 15, No. 2
WANG, Junbo; Wu, Chunchi; YU, Siu Hung Eden / Order Imbalance, Liquidity and Returns of the U.S. Treasury Bond Market. 2012; In: Review of Pacific Basin Financial Markets and Policies. Vol. 15, pp. 1250010-1 - 1250010-39
WANG, Junbo; He, Yan / Stock Split Decisions: A synthesis of Theory and Evidence. 2012; In: Journal of Applied Finance. Vol. 2, pp. 124 - 142
Chen, Peter; Wang, Junbo; Wu, Chunchi / The informativeness of corporate bond trades. September 2011; In: Review of Pacific Basin Financial Markets and Policies. Vol. 14, No. 3, pp. 367-428
Pu, Xiaoling; Wang, Junbo; Wu, Chuncchi / Are liquidity and counterparty risk priced in the credit default swap market?. March 2011; In: Journal of Fixed Income. Vol. 20, No. 4, pp. 59-79
Lin, Hai; Wang, Junbo; Wu, Chunchi / Liquidity risk and expected corporate bond returns. March 2011; In: Journal of Financial Economics. Vol. 99, No. 3, pp. 628-650
He, Yan; Wang, Junbo; Wei, K.C. John / Do bond rating changes affect the information asymmetry of stock trading?. January 2011; In: Journal of Empirical Finance. Vol. 18, No. 1, pp. 103-116
He, Yan; Lin, Hai; Wang, Junbo; Wu, Chunchi / Price discovery in the round-the-clock U.S. Treasury market. July 2009; In: Journal of Financial Intermediation. Vol. 18, No. 3, pp. 464-490
Li, Haitao; Wang, Junbo; Wu, Chunchi; He, Yan / Are liquidity and information risks priced in the treasury bond market?. February 2009; In: Journal of Finance. Vol. 64, No. 1, pp. 467-503
Liu, Sheen; Shi, Jian; Wang, Junbo; Wu, Chunchi / The determinants of corporate bond yields. February 2009; In: Quarterly Review of Economics and Finance. Vol. 49, No. 1, pp. 85-109
Wang, Junbo; Wu, Chunchi; Zhang, Frank X. / Liquidity, default, taxes, and yields on municipal bonds. June 2008; In: Journal of Banking and Finance. Vol. 32, No. 6, pp. 1133-1149
Liu, Sheen; Shi, Jian; Wang, Junbo; Wu, Chunchi / How much of the corporate bond spread is due to personal taxes?. September 2007; In: Journal of Financial Economics. Vol. 85, No. 3, pp. 599-636
Wang, Junbo; Wei, K.C. John; Pruitt, Stephen W. / An analysis of the share price and accounting performance of rights offerings in China. January 2006; In: Pacific Basin Finance Journal. Vol. 14, No. 1, pp. 49-72
Chan, Kalok; Wang, Junbo; Wei, K.C. John / Underpricing and long-term performance of IPOs in China. June 2004; In: Journal of Corporate Finance. Vol. 10, No. 3, pp. 409-430

Conference Papers
Liu, Qiliang; Tian, Li; Wang, Junbo / Time Distance and Mutual Fund Holding Horizon: Evidence from A Quasi-natural Experiment Setting of High-speed Railway Opening. December 2019; The Cross-straits New Era Accounting and Auditing Academic Forum and the 3rd Annual Conference of Accounting Academic Alliance, 06/12/2019 - 08/12/2019, Guangzhou, China.

Working Papers
HE, Xin; FENG, Guanhao Gavin; WANG, Junbo; Wu, Chunchi / Predicting Individual Corporate Bond Returns. 2023;

Chapters, Conference Papers, Creative and Literary Works
Gao, Haoyu; Jiang, Ruixiang; Liu, Wei; Wang, Junbo; Wu, Chunchi / Limited Attention, Motivated Institutional Investors, and IPO Survivability. July 2021; ADVANCES IN PACIFIC BASIN BUSINESS, ECONOMICS AND FINANCE. pp. 1-35 Li, Hucheng; Wang, Junbo; Yang, Xiaoguang / Do the infrastructures influence residents' credit activities? Evidence from China in county level. July 2019; 2019 Chinese Control Conference (CCC). pp. 8932-8937

Chapters, Conference Papers, Creative and Literary Works

Gao, Haoyu; Jiang, Ruixiang; Liu, Wei; Wang, Junbo; Wu, Chunchi / Limited Attention, Motivated Institutional Investors, and IPO Survivability. July 2021; ADVANCES IN PACIFIC BASIN BUSINESS, ECONOMICS AND FINANCE. pp. 1-35
Li, Hucheng; Wang, Junbo; Yang, Xiaoguang / Do the infrastructures influence residents' credit activities? Evidence from China in county level. July 2019; 2019 Chinese Control Conference (CCC). pp. 8932-8937