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
Finance
- No. 1 (in Asia) / No. 22 (in the world) in Finance by Publications in Top 4 Finance Journals (the ASU Finance Research Rankings, 2019)
- No. 3 (in Asia) / No. 47 (in the world) in Finance by Publications in Top 4 Finance Journals (the ASU Finance Research Rankings, 2010-2016)
- 2014 Hong Kong Government Research Assessment Exercise (RAE) results: 19% of finance publications are rated “world leading” (“4 star” as the highest performance); the 3rd highest percentage in Hong Kong in the area of finance
Graduate Placements
(Outstanding)
| ADASI MANU Sylvester | Research Associate, Hong Kong University of Science and Technology, Hong Kong |
| CHEN Chong | Assistant Professor, Central University of Finance & Economics, China |
| CHEN Shan | Assistant Professor, Southwestern Finance University, China |
| CHEN Tao | Assisant Professor, Open University of Hong Kong, Hong Kong |
| GAO Haoyu | Assistant Professor, Central University of Finance and Economics, Beijing, China |
| HE Xiaoxiao | Assistant Professor, South-West University of Finance and Economics, China |
| JIANG Ping | Associate Professor, University of International Business and Economics, China |
| LI Wei Ping | Assistant Professor, Sun Yat-sen University |
| LIU Min | Assistant Professor, Zhongnan University of Economics and Law, China |
| LIU Xiaotian | Lecturer, Shanghai University of International Business and Economics, 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, Hong Kong |
| XIAO Junchao | Postdoctoral Fellow, The Hong Kong Polytechnic University, Hong Kong |
| XIONG Chenyu | Assistant Professor, Zhongnan University of Economics and Law, China |
| WANG Yun | Associate Professor, University of International Business and Economics, China |
| YANG Bin | Assistant Professor, Jinan University, China |
| YE Yan Yi | Postdoctoral Fellow, Tsinghua University, China |
| YUAN Tao | Assistant Professor, Nanjing University Business School |
| YUN Xin | Postdoctoral Fellow, Fudan University, China |
| ZHAO Zhenling | Assistant Professor, University of Science and Technology of China, Chan |
| ZHONG Xiaoling | Research Fellow, The Hong Kong Polytechnic University, Hong Kong |
| 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
| Year 1 | Semester A | EF8070 Advanced Microeconomics |
| EF8072 Advanced Marcoeconomics | ||
| 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 |
PhD (for cohort 2021 and thereafter)
| Year 1 | Semester A | EF8070 Advanced Microeconomics |
| EF8090 Advanced Econometrics | ||
| 1 course (at least 3 credits) from other departments of the College of Business | ||
| Semester B | SG8001 Teaching Students: First Steps | |
| EF8077 Theoretical Asset Pricing | ||
| EF8080 Empirical 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 |
MPhil
| 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
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
Applications are accepted throughout the year and will be considered mainly in one admission round. The application deadline for 2024 entry is 1 December 2023 at noon (Hong Kong time or GMT +8 hours) and the application results will be announced in March 2024.
For application procedures, please visit Chow Yei Ching School of Graduate Studies website.
Note: Applicants do not need to contact individual professors before applying.
Scholarships
Entrance Scholarships
- Hong Kong PhD Fellowship Scheme
- Chow Yei Ching School of Graduate Studies Entrance Scholarships
Scholarships are available for government-funded research students:
- Postgraduate Studentships (Basic Rate: HK$17,800/month for 2023-2024)*
- 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 (2023 cohort and before)
| Current Research Students | Research Specializations | Supervisors |
|---|---|---|
| APPIANIN Benjamin | Empirical Asset Pricing | Prof. XU Zhengyang / Prof. WANG Junbo |
| BEI Zeyun | Financial Risk Management and Asset Pricing | Prof. QI Yaxuan |
| CHAN Otto | Attribution on hedge fund outperformance | Prof. LI Tao |
| EFFAH Ebenezer | Corporate Finance | Prof. QI Yaxuan |
| FAN Yueqi | Entrepreneurial Finance, Venture Capital and Innovation | Prof. WANG Junbo |
| FANG Mengyi | Corporate Finance; Financial Theory | Prof. QI Yaxuan |
| HU Zhen Qi | Macro Finance and Monetary Economics | Prof. LI Tao |
| JIANG Shan | Financial Markets, Machine Learning and Empirical Asset Pricing | Prof. WANG Junbo |
| JIE Yongshi | Asset Pricing | Prof. MA Yue |
| LIAO Xiaojie | Empirical Corporate Finance | Prof. HSHIEH Shenje |
| LI Qi | TBC | Prof. DU Jintao |
| LI Yucai | TBC | Prof. DU Jintao |
| LIN Yan | TBC | Prof. WANG Junbo |
| LIU Hao | Financial Risk Management and Asset Pricing | Prof. WANG Junbo |
| LIU Mengjuan | Empirical Asset Pricing | Prof. WANG Junbo |
| LIU Zhou | Empirical Asset Pricing | Prof. WANG Junbo |
| LU Jieyi | Empirical Corporate Finance | Prof. HUANG Qianqian |
| NIU Yuanye | Asset Pricing | Prof. LI Tao |
| OBUOBI Nathaniel Kwapong | Sustainable Energy Finance and Corporate Governance | Prof. ZHAO Shan |
| PAN Jun | Asset Pricing and Financial Risk | Prof. CUI Liyuan |
| SAYADYAN Anna | Asset Pricing | Prof. DU Du |
| TU Kerui | Asset Pricing | Prof. Du Du |
| WANG Shengyu | Machine Learning, Credit Market and Empirical Asset Pricing | Prof. WANG Junbo |
| WU Bingxuan | Empirical Corporate Finance and Corporate Governance | Prof. ZHAO Shan |
| WU Liyang | Asset Pricing | Prof. HSHIEH Shenje |
| WU Yuze | TBC | Prof. ZHAO Shan |
| XIONG Pengchong | TBC | Prof. MA Yue |
| XU Jianhao | Empirical Asset Pricing, Bond Pricing, Factor Model, and Machine Learning | Prof. WANG Junbo |
| YAN Han | Corporate Finance | Prof. WU Di Woody |
| YANG Jiangshan | Asset pricing and Financial Econometrics | Prof. CUI Liyuan |
| YANG Li Hai | Asset Pricing (Theoretical and Empirical) and Derivative Market | Prof. WU Di Woody |
| YE Zhenghua | TBC | Prof. James O’DONOVAN |
| YU Minfeng | Corporate Finance | Prof. ZHANG Lei |
| YUAN Ruiqi | Corporate Finance | Prof. ZHANG Lei |
| ZHANG Zhiyu | Institutional Investors, Empirical Asset Pricing and Innovation | Prof. ZHANG Lei |
| ZHAO Jing | Corporate Finance | Prof. QI Yaxuan |
| ZHOU Xunan | TBC | Prof. HUANG Qianqian |
| ZHU Yabei | Empirical Asset Pricing and Derivatives | Prof. LI Tao |
Exchange Programme
Exchange opportunities are offered to our PhD students to visit the University of California, Santa Cruz.
City University of Hong Kong Acceptance Rate
CityU, like many renowned universities, has a competitive acceptance rate. The exact rate can vary from year to year and program to program. On average, the acceptance rate at CityU hovers around 10-20%. This indicates that the university is highly selective and admits a relatively small percentage of applicants. To increase your chances of acceptance, it’s essential to have a strong academic record, impressive standardized test scores, and a well-prepared application.
City University of Hong Kong Finance Program
CityU offers a wide range of finance programs, including undergraduate, master’s, and Ph.D. programs. The undergraduate program typically provides students with a solid foundation in finance, while the master’s program allows for specialization and in-depth study. The Ph.D. program in finance is designed for those looking to pursue advanced research and academic careers in finance.
GPA Requirements for CityU Finance Program
GPA requirements can vary by program and level of study. For the finance program at CityU, the specific GPA requirement may differ depending on the exact program you’re applying to. It’s crucial to check the program’s official website or contact the admissions office for the most accurate and up-to-date information regarding GPA requirements. Generally, for competitive programs, a strong academic record with a GPA of 3.0 or higher is recommended.
City University of Hong Kong Economics Program
CityU offers a diverse range of economics programs at both the undergraduate and postgraduate levels. These programs are designed to equip students with a solid understanding of economic principles, research skills, and analytical thinking. The university’s economics faculty is renowned for their expertise in various fields of economics.
Is Hong Kong Good for Pursuing a Ph.D.?
Hong Kong, with its vibrant culture, economic importance, and world-class educational institutions, can be an excellent choice for pursuing a Ph.D. Depending on your field of study and research interests, Hong Kong may offer unique advantages, such as:
- Global Perspective: Hong Kong’s international environment provides exposure to diverse perspectives, which can be particularly valuable for research in social sciences, economics, and business.
- Strong Research Facilities: Hong Kong has state-of-the-art research facilities and libraries, making it an ideal place for conducting in-depth research.
- Close to Asia-Pacific Markets: If your research involves economics or finance, Hong Kong’s proximity to the dynamic Asia-Pacific markets can provide valuable insights and networking opportunities.
- Cultural Experience: Hong Kong’s unique blend of cultures and vibrant lifestyle offers a well-rounded experience for Ph.D. students.
However, it’s essential to consider the specific program and university you’re interested in and the research opportunities they offer. Additionally, be aware of the cost of living in Hong Kong, which can be relatively high.
In conclusion, City University of Hong Kong is a prestigious institution with a competitive acceptance rate, offering various finance and economics programs. The GPA requirement for the finance program may vary, so it’s crucial to check the program’s official website or contact the admissions office for the latest information. Pursuing a Ph.D. in Hong Kong can be a great choice, but it’s important to research the specific program and consider the unique advantages and challenges of studying in this dynamic city.
