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Building on
a Century of Excellence

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Dr. Alex CHAN


Principal Lecturer

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Dr. Alex CHAN


Alex Chan received his first degree from The University of Hong Kong, with double major subjects in Economics and Statistics. He obtained a Ph.D. in Finance from the Hong Kong University of Science and Technology. He was a visiting assistant professor in the Department of Finance in HKUST before joining The University of Hong Kong.

Alex's research interests are the areas of derivative valuation, fixed income securities, risk management, and exchange rate systems. One of his recent research projects is to investigate valuation of convertible bonds from UK and US corporations. He has derived a new convertible bond valuation model with incorporation of credit risk premium level and carried out an empirical test on the Euro-convertible bond valuation. His results indicate that the credit risk premium of a convertible bond is roughly the same as that of a straight corporate bond under the same credit rating classification. In addition, the results show that the required credit risk premium of convertible bond is changing negatively with the issuer's stock price, and positively with the market interest rate. Another recent research of Alex is to investigate the improvement scheme for existing currency board system. During the recent Asian financial turmoil, Hong Kong's economy was seriously damaged by the high interest rate environment from maintaining her currency board system. This high interest rate environment represents a lack of public confidence on the sustainability of the currency board system. The project investigates the optimal way to use of HK dollar currency put option as an insurance scheme to extend the classical currency board system into an "Intertemporal Currency Board" system in order to enhance the public confidence. This proposal has been widely publicized and generated a series of local and international debates and discussions on the issue. The results of this project can provide Hong Kong a solution of how to optimally utilize her huge foreign reserve (through some explicit commitments) to enhance the public confidence and the credibility of her currency board system in order to minimize the unnecessary pain of high interest rate and the risk from interest rate fluctuation.


  • "An Intertemporal Currency Board",
    (with Nai-fu Chen), Pacific Economic Review, 4(2), June 1999, pp.215-32.
  • The Hong Kong Dollar Crisis Revisited
    with Y.K. Kwan (ed.), Hong Kong: Infowide Publication, 1998, (in Chinese).


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