Frank M. Song

The University of Hong Kong - School of Economics and Finance

Associate Professor

8th Floor Kennedy Town Centre

23 Belcher's Street

Kennedy Town

Hong Kong

  • The University of Hong Kong - School of Economics and Finance

SCHOLARLY PAPERS

35

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126

Scholarly Papers (35)

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1.

The Determinants of Capital Structure: Evidence from China

HIEBS (Hong Kong Institute of Economics and Business Strategy) Working Paper
Number of pages: 35 Posted: 13 Aug 2002
Samuel Gui Hai Huang and Frank M. Song
Macao Polytechnic Institute and The University of Hong Kong - School of Economics and Finance
Downloads 4,666 (2,066)
Citation 34

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Capital Structure, China economy,Capital market, State Owned Enterprises, Public listed companies

2.

Accounting Conservatism and Bankruptcy Risk

Journal of Accounting, Auditing and Finance, Forthcoming
Number of pages: 55 Posted: 06 Jun 2010 Last Revised: 01 Jun 2020
Gary C. Biddle, Mary L. Z. Ma and Frank M. Song
University of Melbourne - Faculty of Business and Economics, York University and The University of Hong Kong - School of Economics and Finance
Downloads 4,550 (2,172)
Citation 20

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Conservative financial reporting; bankruptcy risk; unconditional conservatism; conditional conservatism; cash enhancement; earnings management mitigation

3.

Corporate Governance and Firm Valuations in China

Number of pages: 35 Posted: 10 Jul 2003
Chong-En Bai, Qiao Liu, Joe Zhou Lu, Frank M. Song and Junxi Zhang
The University of Hong Kong - School of Economics and Finance, The University of Hong Kong - School of Economics and Finance, The University of Hong Kong - School of Business, The University of Hong Kong - School of Economics and Finance and The University of Hong Kong - School of Economics and Finance
Downloads 2,518 (5,933)
Citation 7

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Corporate governance, firm valuation, China, the G index

4.

Financial Innovation: The Bright and the Dark Sides

Downloads 1,682 ( 11,567)
Citation 15

Financial Innovation: The Bright and the Dark Sides

Number of pages: 82 Posted: 25 Jan 2012 Last Revised: 29 Jul 2014
Thorsten Beck, Tao Chen, Chen Lin and Frank M. Song
City University London - Sir John Cass Business School, Nanyang Technological University (NTU) - Division of Banking & Finance, The University of Hong Kong - Faculty of Business and Economics and The University of Hong Kong - School of Economics and Finance
Downloads 1,403 (15,052)
Citation 4

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Financial Innovation, Financial R&D Intensity, Bank Risk Taking, Financial Crisis, Industrial Growth, Finance and Growth

Financial Innovation: The Bright and the Dark Sides

HKIMR Working Paper No.05/2012
Number of pages: 52 Posted: 06 Mar 2012 Last Revised: 15 Jun 2014
Thorsten Beck, Tao Chen, Chen Lin and Frank M. Song
City University London - Sir John Cass Business School, Nanyang Technological University (NTU) - Division of Banking & Finance, The University of Hong Kong - Faculty of Business and Economics and The University of Hong Kong - School of Economics and Finance
Downloads 279 (125,948)
Citation 14

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Financial Innovation, Financial R&D Intensity, Bank Risk Taking, Financial Crisis, Industrial Growth, Finance and Growth

5.

Corporate Governance and Market Valuation in China

Downloads 1,606 ( 12,413)
Citation 46

Corporate Governance and Market Valuation in China

Number of pages: 45 Posted: 25 May 2003
Chong-En Bai, Qiao Liu, Joe Zhou Lu, Frank M. Song and Junxi Zhang
The University of Hong Kong - School of Economics and Finance, The University of Hong Kong - School of Economics and Finance, The University of Hong Kong - School of Business, The University of Hong Kong - School of Economics and Finance and The University of Hong Kong - School of Economics and Finance
Downloads 1,606 (12,190)
Citation 46

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Corporate governance mechanisms, market valuation, corporate governance index, corporate governance premium

Corporate Governance and Market Valuation in China

Posted: 27 Jan 2005
Chong-En Bai, Qiao Liu, Joe Zhou Lu, Frank M. Song and Junxi Zhang
The University of Hong Kong - School of Economics and Finance, The University of Hong Kong - School of Economics and Finance, The University of Hong Kong - School of Business, The University of Hong Kong - School of Economics and Finance and The University of Hong Kong - School of Economics and Finance

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Corporate governance, market for corporate control, ownership, market valuation

6.

Currency Internationalisation: Lessons from the Global Financial Crisis and Prospects for the Future in Asia and the Pacific (Full Publication)

BIS Paper No. 61
Number of pages: 236 Posted: 14 Feb 2012
Andrew J. Filardo, James Yetman, Sung-Il Lee, Mar Gudmundsson, Peter B. Kenen, Anella Munro, Philip D. Wooldridge, Franklin Moss, Shinji Takagi, Robert N. McCauley, Haihong Gao, Yu Yongding, Hongyi Chen, Wensheng Peng, Chang Shu, Frank M. Song, Kyungsoo Kim, Young Kyung Suh, Atchana Waiquamdee, Yung Chul Park, Kwanho Shin, Rizal A Djaafara, Ric Battellino, Michael Plumb and Diwa C. Guinigundo
Bank for International Settlements (BIS) - Monetary and Economic Department, Bank for International Settlements (BIS), affiliation not provided to SSRN, Central Bank of Iceland, Princeton University - Department of Economics, Reserve Bank of New Zealand, Bank for International Settlements (BIS), affiliation not provided to SSRN, Osaka University - Graduate School of Economics, University of Oxford - Oxford Centre for Global History, affiliation not provided to SSRN, Chinese Academy of Social Sciences (CASS), affiliation not provided to SSRN, Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR), affiliation not provided to SSRN, The University of Hong Kong - School of Economics and Finance, Sungkyunkwan University, affiliation not provided to SSRN, affiliation not provided to SSRN, Korea University - Department of Economics, Korea University, affiliation not provided to SSRN, affiliation not provided to SSRN, affiliation not provided to SSRN and Government of the Republic of the Philippines - Monetary Stability Sector
Downloads 1,594 (12,560)
Citation 1

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7.

The Rise and Fall of Internet Stocks: Should Finanical Analysts Be Blamed?

Number of pages: 36 Posted: 12 Mar 2001
Qiao Liu and Frank M. Song
The University of Hong Kong - School of Economics and Finance and The University of Hong Kong - School of Economics and Finance
Downloads 1,182 (19,918)
Citation 12

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Internet stocks, bubbles, finanical analysts, forecast bias, conflict of interests

8.

Assessing Hong Kong as an International Financial Centre

University of Hong Kong Faculty of Law Research Paper No. 2014/012
Number of pages: 209 Posted: 23 Apr 2014 Last Revised: 13 Jan 2018
Douglas W. Arner, David C. Donald, Say Hak Goo, Richard Hu, Chen Lin, Bryane Michael, Frank M. Song, Wilson H.S. Tong, Chenggang Xu, Dariusz Wojcik and Simon Zhao
The University of Hong Kong - Faculty of Law, Chinese University of Hong Kong - Faculty of Law, The University of Hong Kong - Faculty of Law, The University of Hong Kong - Department of Politics and Public Administration, The University of Hong Kong - Faculty of Business and Economics, University of Hong Kong Faculty of Law, The University of Hong Kong - School of Economics and Finance, Hong Kong Polytechnic University - School of Accounting and Finance, University of Hong Kong, University of Oxford, St. Peter's College and The University of Hong Kong - Department of Geography
Downloads 1,180 (19,962)
Citation 1

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Hong Kong, international financial center

9.

The Value of Corporate Control: Evidence from China's Distressed Firms

Number of pages: 31 Posted: 19 Jun 2002
Chong-En Bai, Qiao Liu and Frank M. Song
The University of Hong Kong - School of Economics and Finance, The University of Hong Kong - School of Economics and Finance and The University of Hong Kong - School of Economics and Finance
Downloads 1,068 (23,173)
Citation 17

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private benefits of control, tunneling, corporate governance, special treatment, China

10.

Corporate Governance, Family Ownership, and Firm Valuations in Emerging Markets: Evidence from Hong Kong Panel Data

Number of pages: 36 Posted: 06 Mar 2008
Frank M. Song and Adrian C. H. Lei
The University of Hong Kong - School of Economics and Finance and University of Macau - Faculty of Business Administration
Downloads 879 (30,716)
Citation 1

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Corporate governance, market for corporate control, ownership, market valuation, executive compensation.

11.

Do Bank Regulation, Supervision and Monitoring Enhance or Impede Bank Efficiency?

Number of pages: 50 Posted: 28 Mar 2010
James R. Barth, Chen Lin, Yue Ma, Jesús Seade and Frank M. Song
Auburn University, The University of Hong Kong - Faculty of Business and Economics, City University of Hong Kong (CityUHK) - Department of Economics & Finance, Sun Yat-Sen University (SYSU) - Department of Economics and The University of Hong Kong - School of Economics and Finance
Downloads 847 (32,333)
Citation 24

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12.

The Financial and Operating Performance of China's Newly Listed H-Firms

HIEBS (Hong Kong Institute of Economics and Business Strategy) Working Paper
Number of pages: 40 Posted: 03 Oct 2002
Samuel Gui Hai Huang and Frank M. Song
Macao Polytechnic Institute and The University of Hong Kong - School of Economics and Finance
Downloads 704 (41,548)
Citation 3

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Company performance, share issue privatization (SIP), state-owned enterprises (SOEs), IPO, China, reform, Hong Kong capital market

13.

Corruption in Bank Lending to Firms: Do Competition and Information Sharing Matter?

Number of pages: 47 Posted: 24 Jul 2007
James R. Barth, Chen Lin, Ping Lin and Frank M. Song
Auburn University, The University of Hong Kong - Faculty of Business and Economics, Lingnan University - Department of Economics and The University of Hong Kong - School of Economics and Finance
Downloads 347 (99,596)
Citation 1

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Competition, Information Sharing, Bank Lending, Co

14.

Managerial Incentives, CEO Characteristics and Corporate Innovation in China’s Private Sector

Journal of Comparative Economics, Forthcoming
Number of pages: 35 Posted: 18 Dec 2009
Chen Lin, Ping Lin, Frank M. Song and Chuntao Li
The University of Hong Kong - Faculty of Business and Economics, Lingnan University - Department of Economics, The University of Hong Kong - School of Economics and Finance and The University of Hong Kong - School of Economics and Finance
Downloads 316 (110,501)
Citation 4

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15.

Regulatory Arbitrage: Evidence from Bank Cross-Border M&As

Number of pages: 46 Posted: 23 May 2011
Hui Dong, Frank M. Song and Libin Tao
Shanghai University of Finance and Economics - School of Accountancy, The University of Hong Kong - School of Economics and Finance and University of International Business and Economics - School of Banking and Finance
Downloads 215 (163,196)
Citation 6

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Bank Regulation, Mergers and Acquisitions, Regulatory Arbitrage

16.

Why Do Firms Issue Bonds in the Offshore Market? Evidence from China

HKIMR Working Paper No.19/2017
Number of pages: 56 Posted: 21 Sep 2017
Qing Ba, Frank M. Song and Peng Zhou
Hong Kong Exchanges and Clearing Limited, The University of Hong Kong - School of Economics and Finance and Zhongnan University of Economics and Law - School of Finance
Downloads 161 (213,574)

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Offshore Financing, Bonding Hypothesis, Signalling Effect, China’s Corporate Bond Market

17.

Property Rights Protection and Corporate R&D: Evidence from China

Journal of Development Economics, Forthcoming
Number of pages: 43 Posted: 09 May 2009
Chen Lin, Ping Lin and Frank M. Song
The University of Hong Kong - Faculty of Business and Economics, Lingnan University - Department of Economics and The University of Hong Kong - School of Economics and Finance
Downloads 148 (226,669)
Citation 10

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Property Rights Protection, Government Grabbing Hand, Corporate R&D

18.

Do Banks Benefit from Lending to Innovative Firms?

Number of pages: 54 Posted: 30 Aug 2016
Chu Chen, Frank M. Song and Zengyuan Sun
The University of Hong Kong - School of Economics and Finance, The University of Hong Kong - School of Economics and Finance and Xiamen University - Institute for Financial and Accounting Studies
Downloads 129 (252,798)

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bank benefit, lending expertise, innovation, syndicated loan

19.

Rating-Based Restriction, Credit Rating Inflation and Bond Covenants - Evidence from Chinese Bond Market

Number of pages: 46 Posted: 23 Sep 2018 Last Revised: 04 Oct 2018
Zhongkuang Zhao, Wanfa Lin and Frank M. Song
Wuhan University - Economics and Management School, Wuhan University - Economics and Management School and The University of Hong Kong - School of Economics and Finance
Downloads 97 (311,034)

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Credit Rating Inflation, Regulation on Market Access, Bond Covenants, Total Borrowing Cost

20.

One Firm and Two Regulators: The Role of PCAOB Cooperation in Cross-Listing Auditing

Number of pages: 47 Posted: 07 Aug 2017 Last Revised: 14 Dec 2017
Frank M. Song and Zengyuan Sun
The University of Hong Kong - School of Economics and Finance and Xiamen University - Institute for Financial and Accounting Studies
Downloads 86 (333,424)
Citation 2

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PCAOB cooperation, legal liability, audit fees, auditor choice, audit efforts

21.

The Role of Cash Holdings in Corporate Misconduct

Number of pages: 45 Posted: 07 Aug 2017
Frank M. Song and Zengyuan Sun
The University of Hong Kong - School of Economics and Finance and Xiamen University - Institute for Financial and Accounting Studies
Downloads 59 (409,910)

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Agency Costs of Equity Overvaluation, Agency Costs of Free Cash Flow, Excess Cash Holdings, Corporate Misconduct

22.

Securities Transaction Tax and Market Volatility

Economic Journal, Vol. 115, No. 506, pp. 1103-1120, October 2005
Number of pages: 18 Posted: 07 Dec 2005
Frank M. Song and Junxi Zhang
The University of Hong Kong - School of Economics and Finance and The University of Hong Kong - School of Economics and Finance
Downloads 24 (567,448)
Citation 5
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23.

A Continuous Relation Between Audit Firm Size and Audit Opinions: Evidence from China

International Journal of Auditing, Vol. 12, No. 2, pp. 111-127, July 2008
Number of pages: 17 Posted: 14 Jul 2008
Chuntao Li, Frank M. Song and Sonia M. L. Wong
The University of Hong Kong - School of Economics and Finance, The University of Hong Kong - School of Economics and Finance and University of Hong Kong
Downloads 3 (714,873)
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24.

On the Comovement of Commodity Prices

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On the Comovement of Commodity Prices

American Journal of Agricultural Economics, Vol. 88, No. 3, pp. 574-588, August 2006
Posted: 20 Jul 2006
Chunrong Ai, Arjun Chatrath and Frank M. Song
University of Florida - Warrington College of Business Administration - Department of Economics, University of Portland - Dr. Robert B. Pamplin, Jr. School of Business Administration and The University of Hong Kong - School of Economics and Finance

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25.

The Impact of Corporate Fraud on Director‐Interlocked Firms: Evidence from Bank Loans

Journal of Business Finance & Accounting, Vol. 46, Issue 1-2, pp. 32-67, 2019
Number of pages: 36 Posted: 20 Feb 2019
Tat-kei Lai, Adrian C.H. Lei and Frank M. Song
IÉSEG School of Management (LEM CNRS-9221), University of Macau and The University of Hong Kong - School of Economics and Finance
Downloads 1 (736,963)
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agency conflicts, corporate fraud, corporate governance, cost of debt, director appointments, director interlocks, earnings management, loan covenants, reputation, spillover

26.

Emerging Impact of Chinese Commodity Futures Market on Domestic and Global Economy

China & World Economy, Vol. 21, Issue 6, pp. 79-99, 2013
Number of pages: 21 Posted: 21 Jan 2014
Zhiyong Tu, Frank M. Song and Leonardo Zhang
Peking University - HSBC School of Business, The University of Hong Kong - School of Economics and Finance and Peking University
Downloads 1 (736,963)
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Chinese commodity futures, property

27.

Interest Rate Pass‐Through in a Dual‐Track System: Evidence from China

China & World Economy, Vol. 22, Issue 4, pp. 21-39, 2014
Number of pages: 19 Posted: 16 Jul 2014
Xuejun Jin, Frank M. Song, Yizhong Wang and Yi Zhong
Zhejiang University, The University of Hong Kong - School of Economics and Finance, Zhejiang University - College of Economics and Zhejiang University - College of Economics
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Citation 1
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interest rate liberalization, interest rate pass‐through, rigidity

28.

Monetary Policy and Corporate Investment: Evidence from Chinese Micro Data

China & World Economy, Vol. 20, Issue 5, pp. 1-20, 2012
Number of pages: 20 Posted: 02 Oct 2012
Ying Sophie Huang, Frank M. Song and Yizhong Wang
affiliation not provided to SSRN, The University of Hong Kong - School of Economics and Finance and Zhejiang University - College of Economics
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micro‐transmission mechanism, monetary policy

29.

Liquidity, Size and Cycle of Order Flow

Posted: 19 Nov 2004
William M. Cheung and Frank M. Song
University of Macau and The University of Hong Kong - School of Economics and Finance

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Liquidity, order flow, limit order, market order

30.

Order Aggressiveness, Volume and Liquidity in Limit Order Market

Posted: 19 Nov 2004
William M. Cheung and Frank M. Song
University of Macau and The University of Hong Kong - School of Economics and Finance

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Limit order, volume, liquidity

31.

Are Survey Forecasts of Macroeconomic Variables Rational?

JOURNAL OF BUSINESS, 1995, Vol 68, No 1
Posted: 25 Oct 1999
Frank M. Song, Raj Aggarwal and Sunil Mohanty
The University of Hong Kong - School of Economics and Finance, University of Akron and University of St. Thomas - Opus College of Business

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32.

The Roles of Futures Trading in Exchange Rate Volatility

Posted: 16 Sep 1999
Frank M. Song, Arjun Chatrath and Sanjay Ramchander
The University of Hong Kong - School of Economics and Finance, University of Portland - Dr. Robert B. Pamplin, Jr. School of Business Administration and Colorado State University, Fort Collins - Department of Finance & Real Estate

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33.

A Two-Factor Arch Model for Deposit-Institution Stock Returns

JOURNAL OF MONEY, CREDIT AND BANKING, May 1994 Vol 216, No 2
Posted: 01 Jan 1999
Frank M. Song
The University of Hong Kong - School of Economics and Finance

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34.

Hysteresis in Unemployment: Evidence from 48 U.S. States

Economic Inquiry, Vol. 35, No. 2, April 1997
Posted: 17 Jul 1998
Frank M. Song and Yangru Wu
The University of Hong Kong - School of Economics and Finance and Rutgers University, Newark - School of Business - Department of Finance & Economics

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35.

Hysteresis in Unemployment: Evidence from OECD Countries

Posted: 20 Apr 1998
Frank M. Song
The University of Hong Kong - School of Economics and Finance

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Other Papers (1)

Total Downloads: 10
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1.

Financial Innovation: The Bright and the Dark Sides

24th Australasian Finance and Banking Conference 2011 Paper
Number of pages: 64 Posted: 26 Aug 2011 Last Revised: 26 Jan 2012
Thorsten Beck, Tao Chen, Chen Lin and Frank M. Song
City University London - Sir John Cass Business School, Nanyang Technological University (NTU) - Division of Banking & Finance, The University of Hong Kong - Faculty of Business and Economics and The University of Hong Kong - School of Economics and Finance
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Financial Innovation, Financial R&D Intensity, Bank Risk Taking, Financial Crisis, Industrial Growth, Finance and Growth