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Prof. Dragon Yongjun TANG



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Prof. Dragon Yongjun TANG

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Prof. Dragon Yongjun TANG received his Ph.D. in finance from the University of Texas at Austin in 2005.  He also holds a B.S. from Jilin University, and M.S. from Texas A&M University.  Dragon joined The University of Hong Kong (HKU) in 2007, and became Associate Professor of Finance in 2013.  Before joining HKU, Dragon also held teaching positions at the University of Texas at Austin and Kennesaw State University.

Dragon’s current research interests include credit risk, credit derivatives, and Chinese banking and credit markets.  He has previously done research on mutual funds and Bayesian methods in finance.  His research articles are published in top journals such as the Journal of Finance and Journal of Financial Economics.  He has also received numerous research awards.

In HKU, Dragon was the Director of the Master of Finance Programme in 2012 – 2015, and has been the Associate Director of the Center for Financial Innovation and Development since 2013, and of the Center for China Financial Research since 2015.

More information can be found at

Areas of Interest

  • Credit Risk
  • Credit Derivatives
  • China Credit Markets


  • Ph.D., University of Texas at Austin
  • M.S., Texas A&M University
  • B.S., Jilin University

Awards and Honors

  • Outstanding Researcher Award, Faculty of Business and Economics, The University of Hong Kong, 2015
  • Best Paper Award (Derivatives), Northern Finance Association Annual Meetings, 2014
  • Best Paper Prize, the 5th Annual Financial Markets and Corporate Governance Conference, 2014
  • Research Output Prize, The University of Hong Kong (香港大学研究成果獎), 2013
  • Best Paper Award, 20th Annual Conference on the Theories and Practices of Securities and Financial Markets at National Sun Yat-Sen University, 2012
  • Research Project Award, Paul Woolly Centre for Study on Market Dysfunctionality, 2012
  • The Chinese Finance Association Award for the Best Paper on Chinese Financial Markets, 2011
  • Semifinalist for Best Paper Award, Financial Management Association, 2010
  • Best Paper Award, 17th Annual Conference on the Theories and Practices of Securities and Financial Markets at National Sun Yat-Sen University, 2009
  • Best Paper Award (Risk Management), Financial Management Association, 2009
  • Journal of Financial Research Outstanding Article Award, 2009
  • Best Paper Award, International Economics, Finance, and Accounting Conference at National Taiwan University, 2008
  • Best Paper Award (Financial Institutions), Eastern Finance Association, 2006

Selected Publications

  • “Credit Default Swaps, Exacting Creditors and Corporate Liquidity Management,”
    (with Marti Subrahmanyam and Sarah Qian Wang), forthcoming in Journal of Financial Economics.
  • “Understanding Transactions Prices in Credit Default Swaps Market,”
    (with Hong Yan), forthcoming in Journal of Financial Markets.
  • “The Leverage Externalities of Credit Default Swaps,”
    (with Jay Li), Journal of Financial Economics 120, 2016, pp. 491-513.
  • “Credit Default Swaps: Past, Present, and Future,”
    (with Patrick Augustin, Marti Subrahmanyam, and Sarah Qian Wang), Annual Review of Financial Economics, Volume 8, 2016.
  • “Securitization of China Local Government Debt,”
    Tsinghua Finance Review 《清華金融評論》, October 2015. (in Chinese)
  • “Suitability Checks and Household Investments in Structured Financial Products,”
    (with Eric Chang and Miao Zhang), Journal of Financial and Quantitative Analysis 50, 2015, pp. 597-622.
  • “Internal Control Quality and Credit Default Swap Spreads,”
    (with Feng Tian and Hong Yan), Accounting Horizons 29, 2015, pp. 603-629.
  • “Does the Tail Wag the Dog? The Effects of Credit Default Swaps on Credit Risk,”
    (with Marti Subrahmanyam and Sarah Qian Wang), Review of Financial Studies 27, 2014, pp. 2927-2960.
  • “Rating Shopping or Catering: An Examination of Response to Competitive Pressure for CDO Credit Ratings,”
    (with John Griffin and Jordan Nickerson), Review of Financial Studies 26, 2013, pp. 2270-2310.
  • “Credit Default Swaps (CDS): A Survey,”
    (with Patrick Augustin, Marti Subrahmanyam, and Sarah Qian Wang), Foundations and Trends in Finance 9(1-2), 2014, pp. 1-196.
  • “Potential Losses from Incorporating Return Predictability into Portfolio Allocation,”
    Australian Journal of Management 39, 2014, pp. 35-45.
  • “Did Subjectivity Play a Role in CDO Credit Ratings?”
    (with John Griffin), Journal of Finance, 67, 2012, pp. 1293-1328.
  • “Did Credit Rating Agencies Make Unbiased Assumptions on CDOs?”
    (with John Griffin), American Economic Review Papers and Proceedings 101:3, 2011, pp. 125-130.
  • “Market Conditions, Default Risk, and Credit Spreads,”
    (with Hong Yan), Journal of Banking and Finance 34, 2010, pp. 724-734.
  • “Unitary Boards and Mutual Fund Governance,”
    (with Sophie Xiaofei Kong), Journal of Financial Research 31, 2008, pp. 193-224.
  • “Macroeconomic Conditions, Firm Characteristics, and Credit Spreads,”
    (with Hong Yan), Journal of Financial Services Research 29, 2006, pp. 177-210. 

For a full and up-to-date profile, please visit


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Tel. (852) 2219 4321

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