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a Century of Excellence

Faculty Management


Prof. Keith K.P. WONG


Director, School of Economics and Finance


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Prof. Keith K.P. WONG


Keith Wong received his Ph.D. in finance from the University of British Columbia, after which he taught at the Hong Kong University of Science and Technology. He joined the School of Economics and Finance in July 1996.

Keith's research is mainly theoretical and can be divided into three areas: corporate finance, risk management, and real options. Beginning with his Ph.D. dissertation, Keith's research on corporate finance focuses on integrating financial contract theory with industrial organization theory. Since 1998, Keith has done research on risk management that examines the issues of how risk-averse firms should hedge their exposure to various sources of uncertainty (e.g., exchange rate risk, price risk, and liquidity risk) in general, and the optimality of using options as a hedging instrument in particular. He started his research on real options in 2004 with the paper entitled "The Effect of Uncertainty on Investment Timing in a Real Options Model," which has recently been published in the Journal of Economic Dynamics and Control. This paper points out that the investment-uncertainty relationship is necessarily U-shaped unless the underlying uncertainty is purely idiosyncratic in nature, as is commonly considered in the extant literature.


  • "A Note on the Spread Between the Rates of Fixed and Variable Rate Loans",
    (with Eric C. Chang and Moon-Whoan Rhee), Journal of Banking and Finance, Vol. 19, No. 8, November 1995, pp.1479-1487.
  • "On the Determinants of Optimal Bank Interest Margins under Credit and Interest Rate Risks",
    Journal of Banking and Finance, Vol. 21, No. 2, 1997, pp.251-271.
  • "Mergers and Investments in Cost Reduction with Private Information Revisited",
    (with Maurice K.S. Tse), International Journal of Industrial Organization, Vol. 15, No. 5, August 1997, pp.629-634.
  • "Multiple Currencies and Hedging",
    (with Udo Broll and Itzhak Zilcha), Economica, Vol. 66, No. 264 (Lead Article), November 1999, pp.421-432.
  • "Hedging with Mismatched Currencies",
    (with Udo Broll), Journal of Futures Markets, Vol. 19, No. 8 (Lead Article), December 1999, pp.859-875.
  • "Hedging and Nonlinear Risk Exposure",
    (with Udo Broll and Kong Wing Chow), Oxford Economic Papers, Vol. 53, No. 2, April 2001, pp. 281-296.
  • "IPOs and Product Quality",
    (with Neal M. Stoughton and Josef Zechner), Journal of Business, Vol. 74, No. 3, July 2001, pp.375-408, (Summary is included in the CFA Digest, February 2002, Vol. 32, No. 1.).
  • "Scope of Auditors' Liability, Audit Quality, and Capital Investment",
    (with Derek K. Chan), Review of Accounting Studies, Vol. 7, Issue 1, March 2002, pp.97-122.
  • "Delivery Risk and the Hedging Role of Options",
    (with Donald Lien), Journal of Futures Markets, Vol. 22, No. 4, April 2002, pp.339-354, summary is included in the CFA Digest, August 2002, Vol. 32, No. 3..
  • "Cross-Hedging with Currency Options and Futures",
    (with Eric C. Chang), Journal of Financial and Quantitative Analysis, Vol. 38, No. 3, September 2003, pp.555-574.
  • "Currency Hedging with Options and Futures",
    European Economic Review, Vol. 47, Issue 5, October 2003, pp.833-839.
  • "Export Flexibility and Currency Hedging",
    International Economic Review, Vol. 44, Issue 4, November 2003, pp.1295-1312.
  • "The Impact of Delivery Risk on Optimal Production and Futures Hedging",
    (with Axel A. F. Adam-Mueller), European Finance Review, Vol. 7, Issue 3, December 2003, pp.459-477.
  • "Optimal Bidding and Hedging in International Markets",
    (with Donald Lien), Journal of International Money and Finance, Vol. 23, No. 5, September 2004, pp.785-798.
  • "Liquidity Constraints and the Hedging Role of Futures Spreads",
    Journal of Futures Markets, Vol. 24, No. 10 (Lead Article), October 2004, pp.909-921.
  • "Foreign Direct Investment and Forward Hedging",
    Journal of Multinational Financial Management, Vol. 16, Issue 5 (Lead Article), December 2006, pp.459-474.
  • "The Effect of Uncertainty on Investment Timing in a Real Options Model",
    Journal of Economic Dynamics and Control, Vol. 31, Issue 7, July 2007, pp.2152-2167.
  • "Operational and Financial Hedging for Exporting Firms",
    International Review of Economics and Finance,, Vol. 16, Issue 4 (Lead Article), September 2007, pp.459-470 .
  • "Option Compensation and Industry Competition",
    (with Neal M. Stoughton), Review of Finance, Vol. 13, No. 1, January 2009, pp.147-180.
  • "Intellectual Capital and Financing Decisions: Evidence from the U.S. Patent Data",
    (with Qiao Liu), Management Science, Vol. 57, No. 10, October 2011, pp.1861-1878.


Room 930, K K Leung Building

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