• Faculty Members Directory

    Dr Jerry CAO (曹夏平博士)

    PhD in Finance (Boston College)
    MA in Economics (Western University)
    BA in Economics (HUST, China)

    Associate Professor
    Department of Economics and Finance
    Office: D728

    Tel : (852) 3963 5688
    Email : jerrycao@hsu.edu.hk


    Currently associate professor of finance at Hang Seng University of Hong Kong. Dr Cao graduated from Boston College with PhD degree in finance under supervision by Professor Josh Lerner from HBS. He is an expert in finance, innovation and entrepreneurship and has grown new interest in Fintech and Quant trading. Dr Cao currently serves as associate editor for Economic Modelling and editorial board for Frontier in Artificial Intelligence and regularly guest editor for Pacific Basin Finance Journal. His publication records include over 20 papers including ones in JFE, MS, JFQA, JCF and JBF.  Dr Cao receives many awards including best paper in FMA and academic conferences. Dr is also recipient of Lee Foundation Fellow in Singapore and MAS appreciation award for being a regular speaker at Finance Literacy Education for the Singapore government.

    Intellectual Contributions (Publications, Conferences, Books, Book Chapters, etc.)

    • Jerry Cao, Josh Lerner, The Performance of Reverse Leveraged Buyouts, Journal of Financial Economics, 91, 2009, Pages 139-157
    • Jerry Cao, IPO Timing, Buyout Sponsors’ Exit Strategies and Firm Performance of RLBOs, Journal of Financial and Quantitative Analysis 46, 2011, Pages 1001-1024
    • Jerry Cao, Gary Tian and Xiaofei Pan, State owned vs. privately owned firms: Whose CEOs are better compensated? Journal of Corporate Finance 17, 2011, pages 541-554.
    • Jerry Cao, Douglas Cumming, Xiaoming Wang,One Child Policy and Family Firms in China, Journal of Corporate Finance, 33, 2015, Pages 317-329
    • Xiaping Cao, Meijun Qian, Gary Tian, Political Connection and CEO Turnovers. Journal of Corporate Finance (Lead article), 42, 2017, pages 1-14.
    • Xiaping Cao, Alex Zhou, Yuchen Wang, CCDI and Negative News Suppression in China. Journal of Corporate Finance 49, 2018. Pages 186-203
    • Xiaping Cao, Mike Lemmon, Meijun Qian, Gary Tian, Xiaofei Pan. Political Promotion, CEO Compensation, and Their Effect on Firm Performance. Management Science 65, 2019, 2947-2965.
    • Jerry Cao, Gary Tian, Xiaofei Pan,Do venture capitalists play a monitoring role in an emerging market? Evidence from the pay-performance relationship of Chinese entrepreneurial firms, Pacific Basin Finance Journal, 26, 2014, pages 121-145
    • Jerry Cao, Douglas Cumming, Meijun Qian and Xiaoming Wang, Cross-border LBOs, Journal of Banking and Finance, 50, 2015, pages 69-80.
    • Jerry Cao, Douglas Cumming, Xiaoming Wang,One Child Policy and Family Firms in China, Journal of Corporate Finance, 33, 2015, Pages 317-329
    • Xiaoming Wang, Jerry Cao, QiguiLiu, Jinghua Tang, Gary Tian, Disproportionate ownership structure and IPO long-run performance of non-SOEs in China, China Economic Review, 32, 2015, pages 27-42.
    • Jerry Cao, Ding Yuan and Hua Zhang. Social Capital, Informal Governance, and Post-IPO Firm Performance: A Study of Chinese Entrepreneurial Firms, Journal of Business Ethics (Lead article), 16, 2016, pages 1-20
    • Bo Liu, Xiaping Cao, Tiecheng Leng, Sofia Johan, Venture Capital Investment in China and Liquidity Provision. European Journal of Finance. 2017 March, Pages 1-32.
    • Xiaping Cao, Konan Chan, Kathleen Khale, Risk and performance of bonds sponsored by private equity firms. Journal of Banking and Finance 93, 2018, Pages 41-53.
    • Xiaping Cao, Jeremy Goh, Douglas Cumming, Xiaoming Wang, The Impact of Investor Protection Laws on Global Takeovers: LBO vs non-LBO transactions. Journal of International Financial Market, Institutions and Money 59, 2019, Pages 1-18. Leading article.
    • Weijun Wu, Yuan Lin, Xiaping Cao, Sili Zhou, Does FDI Drive Economic Growth? Evidence from City Data in China. Emerging Market Finance and Trade, 2019 Vol 56,Pages 2594-2607
    • Xiaping Cao, Douglas Cumming and Sili Zhou, State ownership and corporate innovation. Emerging Market Review, 2020 Vol 44, Pages 1-18
    • Cross-ownership and collateral in lending (Qi Shusen, Zifang Ding, Xiaping Cao, Qian Xuesong), International Review of Finance and Economics, 2020 Vol 72, Pages 233-251
    • Kunben Lin, Xiaping Cao, Honwen Lin, An Anecdote of Investor Anxiety and Momentum in China. Complexity, 2020, Pages 1-21
    • Dual class and corporate innovation (Xiaping Cao, Jeremy Goh, Paul Malatesta, and Tiecheng Leng), Economic Modelling, 2020 Vol 91, Pages 347-357
    • Government ownership and VC in China (Xiaping Cao, Jo-Ann Suchard, Mark Jenter-Humphrey), Journal of Banking and Finance, 2021, forthcoming


    D751, 7/F,
    School of Business
    Lee Quo Wei Academic Building, Yuen Campus,
    The Hang Seng University of Hong Kong,
    Hang Shin Link, Siu Lek Yuen, Shatin,
    New Territories

    Contact Us

    Tel : (852) 3963 5551
    Email : sbus@hsu.edu.hk
    Facebook : @sbus.hsuhk.edu.hk

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