• Teaching & Learning

    • Dr Jerry CAO （曹夏平）
    PhD in Finance (Boston College)
    MA in Economics (Western University)
    BA in Economics (HUST, China)

    Associate Professor
    Department of Economics and Finance

    電話 : 3963 5688
    電郵 :
    jerrycao@hsu.edu.hk


    Dr. Jerry Cao is an Associate Professor of Finance in the Department of Economics and Finance at The Hang Seng University of Hong Kong. He graduated from Boston College with a PhD in Finance, under the supervision of Professor Josh Lerner from Harvard Business School. Dr. Cao is an expert in finance, innovation, and entrepreneurship, and has developed a growing interest in Fintech and quantitative trading.

    Dr. Jerry Cao currently serves as an associate editor for Economic Modelling and is on the editorial board for Frontiers in Artificial Intelligence. Additionally, he regularly acts as a guest editor for the Pacific Basin Finance Journal. His publication record includes over 20 papers in prestigious journals such as JFE, MS, JFQA, JCF and JBF.

    Dr. Cao has received numerous awards, including Best Paper in FMA and various academic conferences. He was also a recipient of the Lee Foundation Fellowship in Singapore and MAS Appreciation Award for being a regular speaker at Finance Literacy Education events for the Singapore government.


    TopIntellectual Contributions (Publications, Conferences, Books, Book Chapters, etc.)
    • Lin, W., Cao, J., Zhou, S., & Li, Y. (2024). Political affinity, multilateralism, and foreign direct investment worldwide. Journal of International Financial Markets Institutions and Money, 94, 102024. https://doi.org/10.1016/j.intfin.2024.102024
    • Cao, J., Li, Y., Liu, X., & Megginson, W. L. (2024). Foreign institutional investors’ certification and domestic minority shareholders’ mistrust. Financial Management, 53(2), 267–289. https://doi.org/10.1111/fima.12450
    • Zhao, J., Luo, R., Liu, J., & Cao, J. (2024). 涨跌停制度变革、 股票流动性与资本市场表现 Price Limit Reform, Stock Liquidity and Capital Market Performance. Journal of Financial Research (金融研究), 2024, 525(3): 113-131.
    • Wang, Y., Cao, X., Wang, X., & Zhou, S. (2023). Does price limit improve price discovery? Evidence from IPO market in a quasi-natural experiment. Pacific-Basin Finance Journal, 82, 102160. https://doi.org/10.1016/j.pacfin.2023.102160
    • Bailey, W. B., Cao, X., Yang, Z., & Zhou, S. (2023). Who leads and who follows? The cross-border peer effect in investment by Chinese and US firms. Journal of International Economics, 147, 103875. https://doi.org/10.1016/j.jinteco.2023.103875
    • Yang, Z., Cao, X., Lin, W., & Liu, J. (2022). The gatekeeping role of regulators and intermediaries: Evidence from regulatory reforms in China’s IPO market. Economic Modelling, 120, 106177. https://doi.org/10.1016/j.econmod.2022.106177
    • Cao, J., Wang, H., & Zhou, S. (2022). Soft activism and corporate dividend policy: Evidence from institutional investors site visits. Journal of Corporate Finance, 75, 102221. https://doi.org/10.1016/j.jcorpfin.2022.102221
    • Cao, J., Faff, R., He, J., & Li, Y. (2022). Who’s Greenwashing Via the Media and What are the Consequences? Evidence From China. Abacus, 58(4), 759–786. https://doi.org/10.1111/abac.12273
    • Suchard, J., Humphery-Jenner, M., & Cao, X. (2021). Government ownership and Venture Capital in China. Journal of Banking & Finance, 129, 106164. https://doi.org/10.1016/j.jbankfin.2021.106164
    • Cao, X., Cumming, D., & Zhou, S. (2020). State ownership and corporate innovation. Emerging Market Review, 44, 100699. https://doi.org/10.1016/j.ememar.2020.100699
    • Qian, X., Ding, Z., Cao, X., & Qi, S. (2020). Cross-ownership and collateral in lending. International Review of Financial Analysis, 72, 101572. https://doi.org/10.1016/j.irfa.2020.101572
    • Lin, H., Lin, K., Huang, J., & Cao, X. (2020). An anecdote of investor anxiety and momentum in China. Complexity, 2020, 1–21. https://doi.org/10.1155/2020/6564731
    • Cao, X., Leng, T., Goh, J., & Malatesta, P. (2020). The innovation effect of dual-class shares: New evidence from US firms. Economic Modelling, 91, 347–357. https://doi.org/10.1016/j.econmod.2020.06.017
    • Cao, X., Cumming, D., & Zhou, S. (2020b). State ownership and corporate innovative efficiency. Emerging Markets Review, 44, 100699. https://doi.org/10.1016/j.ememar.2020.100699
    • Cao, J., Lemmon, M. L., Pan, X., & Tian, G. G. (2009). Political promotion, CEO compensation and their effect on firm performance. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1512142
    • 产业信贷政策对于房地产企业债务的影响 —基于银行业 359 号‘限贷’文件的准自然实 验分析。 李仲飞，于守金，曹夏平，经济学季刊Vol 18, 2019, 1373-1396
    • Cao, X., Cumming, D., Goh, J., & Wang, X. (2018). The impact of investor protection law on global takeovers: LBO vs. non-LBO transactions. Journal of International Financial Markets Institutions and Money, 59, 1–18. https://doi.org/10.1016/j.intfin.2018.11.012
    • Wu, W., Yuan, L., Wang, X., Cao, X., & Zhou, S. (2019). Does FDI Drive Economic Growth? Evidence from City Data in China. Emerging Markets Finance and Trade, 56(11), 2594–2607. https://doi.org/10.1080/1540496x.2019.1644621
    • 产业政策，资本配置效率与企业全要素生产率。钱雪松，康谨，唐英伦，曹夏平。中国工业经济研究，2018第八期42-59页
    • Cao, X., Chan, K., & Kahle, K. (2018). Risk and performance of bonds sponsored by private equity firms. Journal of Banking & Finance, 93, 41–53. https://doi.org/10.1016/j.jbankfin.2018.05.018
    • Cao, X. and Wang, Y. and Zhou, S., Anti-Corruption Campaigns and Corporate Information Release in China (2018). Journal of Corporate Finance, Vol. 49C, No. 186-203, 2018, Available at SSRN: https://ssrn.com/abstract=3129219
    • Liu, B., Cao, X., Leng, T., & Johan, S. (2017). Venture capital investment in China and liquidity provision. European Journal of Finance, 23(3), 1-32.
    • Cao, J., Yuan, D., & Zhang, H. (2016). Social capital, informal governance, and post-IPO firm performance: A study of Chinese entrepreneurial firms. Journal of Business Ethics, 134, 529-551.
    • Cao, J., Cumming, D., & Wang, X. (2015). One-child policy and family firms in China. Journal of Corporate Finance, 33, 317–329. https://doi.org/10.1016/j.jcorpfin.2015.01.005
    • Cao, J., Liu, Q., & Tian, G. G. (2014). Do venture capitalists play a monitoring role in an emerging market? Evidence from the pay–performance relationship of Chinese entrepreneurial firms. Pacific-Basin Finance Journal, 29, 121–145. https://doi.org/10.1016/j.pacfin.2014.04.005
    • Cao, J. X., Cumming, D., Qian, M., & Wang, X. (2014). Cross-border LBOs. Journal of Banking & Finance, 50, 69–80. https://doi.org/10.1016/j.jbankfin.2014.08.027
    • Wang, X., Cao, J., Liu, Q., Tang, J., & Tian, G. G. (2014). Disproportionate ownership structure and IPO long-run performance of non-SOEs in China. China Economic Review, 32, 27–42. https://doi.org/10.1016/j.chieco.2014.11.004
    • Cao, J. X. (2011). IPO timing, buyout sponsors’ exit strategies, and firm performance of RLBOs. Journal of Financial and Quantitative Analysis, 46(4), 1001–1024. https://doi.org/10.1017/s0022109011000160
    • Cao, J., Pan, X., Qian, M. & Tian, G. (2011). Political connection and managerial entrenchment: evidence from CEO turnovers in China. Journal of Corporate Finance (Lead article), 42, 2017, pages 1-14.
    • Cao, J., & Lerner, J. (2008). The performance of reverse leveraged buyouts. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2008.03.002