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Dr. Sandy LAI


Associate Professor

3917 4180
Dr. Sandy LAI

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Dr. Sandy LAI received her Bachelor’s degree in Industrial Engineering and Management from the National Cheng Kung University in 1993, M.B.A. degree from the State University of New York at Buffalo in 1995, and Ph.D. degree in Finance from Georgia Institute of Technology in 2003.  Before she joined The University of Hong Kong as Associate Professor of Finance in 2012, Sandy was an Assistant Professor of Finance at Singapore Management University.

Sandy’s research interests include international finance, empirical asset pricing, institutional investors, and portfolio analysis.  She has published several papers in academic journals include Journal of Financial Economics, Management Science, Journal of Financial and Quantitative Analysis, and Journal of Banking and Finance.

Areas of Interest

  • International Finance
  • Empirical Asset Pricing
  • Institutional Investors
  • Portfolio Analysis


  • Ph.D., Georgia Institute of Technology
  • M.B.A., State University of New York at Buffalo
  • B.A., National Cheng Kung University

Awards and Honors

  • Best Paper Award in 2013 Asian Finance Association Annual Meeting (Awarded the Sirca Prize of AUD 5,000)
  • Dean’s Teaching Honor List, Singapore Management University, 2007-2012
  • Best Paper Award in Global Finance & Special Topics, Southern Finance Association, U.S., 2003

Selected Publications

  • “The Role of Equity Funds in the Financial Crisis Propagation”
    (with H. Hau), Review of Finance, forthcoming 2016.
  • “Asset Allocation and Monetary Policy: Evidence from the Eurozone”
    (with H. Hau), Journal of Financial Economics 120, 2016, pp. 309–329.
  • “Does PIN Affect Asset Prices around the World?”
    (with L. Ng and B. Zhang), Journal of Financial Economics 114, 2014, pp. 178-195.
  • “Real Effects of Stock Underpricing,”
    (with H. Hau), Journal of Financial Economics 108, 2013, pp. 392-408.
  • “International Diversification with Factor Funds,”
    (with C. S. Eun, F. A. de Roon, and Z. Zhang), Management Science 56, 2010, pp. 1500-1518.
  •  “Home Biased Analysts in Emerging Markets,”
    (with M. Teo), Journal of Financial and Quantitative Analysis 43, 2008, pp. 685-716.
  •  “International Diversification with Large- and Small-Cap Stocks,”
    (with C. S. Eun and W. Huang), Journal of Financial and Quantitative Analysis 43, 2008, pp. 489-523.
  • “Effective Fair Pricing of International Mutual Funds,”
    (with C. T. Chua and Y. Wu), Journal of Banking & Finance 32, 2008, pp. 2307-2324.
  • “Corporate Valuation around the World: The Effects of Governance, Growth, and Openness,”
    (with C. T. Chua and C. S. Eun), Journal of Banking & Finance 31, 2007, pp. 35-56.


Office Room 1117, KK Leung Building
Tel. (852) 3917 4180

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