Yue Ma

Qualifications

• PhD - Economics & Econometrics (Manchester University)
• BSc - Optimal control theory (Xiamen University)

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, late Professor Leonid Hurwicz, and Professor Angus Deaton when he studied at the China-US Economics Training Centre 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 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 and Head of Economics Department 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, internationalization of Chinese currency renminbi, 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), Journal of Financial Research, and Journal of World Economy. 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.

Selected publications:

A fire sale without fire: An explanation of labor-intensive FDI in China, with Y Huang, Z Yang, and Y Zhang, Journal of Comparative Economics, 44(4), November 2016, pp.884-901.

Do property rights matter? Evidence from a property law enactment, with D Berkowitz and C Lin, Journal of Financial Economics, 116(3), 2015, pp.583–593.

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) (summary posted at Harvard Law School website).

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

Wage-Hours Contracts, Overtime Working and Premium Pay, with R A Hart, Labour Economics, 17(1), pp.170 -179, Jan 2010.

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.

External shocks, balance sheet contagion, and speculative attack on the pegged exchange rate system, Review of Development Economics, 13(1), pp.87-98, Feb 2009.

Wages, hours and human capital over the lifecycle, with R A Hart, Jahrbücher für Nationalökonomie und Statistik (Journal of Economics and Statistics), 228(5), pp.446-464, Germany, Dec 2008.

Incomplete financial market and the sequence of international trade liberalization, International Journal of Finance & Economics, 13(1), pp.108-117, Jan 2008.

Domino effects within a housing market: The transmission of house price changes across quality tiers, with L S Ho and D Haurin, Journal of Real Estate Finance and Economics, 37(4), pp.299-316, November 2008.

Inter-regional Integration of Metropolitan Cluster among Shanghai, Taipei, Hong Kong, and Macao, Journal of National Development Studies, 6(1), pp.169 -193, National Taiwan University, Taipei, Oct 2007.

A Comparative Study of Exchange Rate Regimes and Macro-instabilities in the Twin Economies of Singapore and Hong Kong, with Y Y Kueh and R Ng, Singapore Economic Review, 52(1), pp.93 -116, Singapore, Apr 2007.

Intrinsic bubbles revisited: Evidence from nonlinear cointegration and forecasting, with A Kanas, Journal of Forecasting, 23(4), pp.237-250, July 2004.

Profit maximization in a multi-product firm with impatient customers, with E J Levin and R E Wright, Journal of the Operational Research Society, 55(3), pp.211-218, 2004.

Currency substitution and speculative attacks on a currency board system, with S K Tsang, Journal of International Money and Finance, 21(1), pp.53-78, February 2002.

Testing for a nonlinear relationship among fundamentals and exchange rates in the ERM, with A Kanas, Journal of International Money and Finance, 19(1), pp.135-152, February 2000.

A macroeconomic model of direct investment in foreign affiliates of Japanese firms, with K Morikawa and R Shone, Japan and the World Economy, 12(4), pp.311 -335, Dec 2000.

International intra-industry trade of China, with X Hu, Weltwirtschaftliches Archiv (Review of World Economics), 135(1), pp.82-101, Germany, March 1999.

Hybrid algorithms with automatic switching for solving nonlinear equation systems, with A J Hughes Hallett and Y P Yin, Journal of Economic Dynamics and Control, 20(6-7), pp.1051-1071, 1996.

A Double Length Regression Computation Method for the 2SGLS Estimator of Rational Expectations Models, with S Liu, Oxford Bulletin of Economics and Statistics, 58(2), pp.423-429, 1996.

Optimum International Policies for the World Depression, with J Foreman-Peck and A Hughes Hallett, Économies et Sociétés, Série AF, Vol. 22, pp.219 -242, France, Apr 1996.

The Measurement of Policy Effects in a Forward-Looking Model: An Application to Economic Policy in the UK, 1974-9, with M J Artis and R Bladen-Hovell, Oxford Economic Papers, pp.277-295, 1994.

East Germany, West Germany, and their Mezzogiorno problem: A parable for European economic integration, with A J Hughes Hallett, Economic Journal, 103(417), pp.416-28, March 1993.

The transmission of the great depression in the United States, Britain, France and Germany, with J Foreman-Peck and A J Hughes Hallett, European Economic Review, 36(2), pp.685-694, 1992.

Publications

Journal Publications and Reviews

Ma, Yue; Liu, De / Introduction to the special issue on Crowdfunding and FinTech. May 2017; In: Financial Innovation. Vol. 3