Dragon Yongjun Tang

The University of Hong Kong - Faculty of Business and Economics

Professor of Finance

KKL 1004

Pokfulam Road

Pokfulam

Hong Kong

SCHOLARLY PAPERS

38

DOWNLOADS
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SSRN RANKINGS

Top 1,920

in Total Papers Downloads

20,460

SSRN CITATIONS
Rank 1,931

SSRN RANKINGS

Top 1,931

in Total Papers Citations

316

CROSSREF CITATIONS

369

Scholarly Papers (38)

1.
Downloads 4,177 ( 2,750)
Citation 51

Liquidity and Credit Default Swap Spreads

AFA 2007 Chicago Meetings Paper, EFA 2008 Athens Meetings Paper
Number of pages: 44 Posted: 03 Mar 2008 Last Revised: 22 Jan 2009
Dragon Yongjun Tang and Hong Yan
The University of Hong Kong - Faculty of Business and Economics and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 2,671 (5,825)
Citation 60

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Credit Default Swaps, Credit Spreads, Liquidity, Liquidity Risk

Liquidity and Credit Default Swap Spreads

Number of pages: 65 Posted: 22 Aug 2007
Dragon Yongjun Tang and Hong Yan
The University of Hong Kong - Faculty of Business and Economics and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 1,506 (14,672)
Citation 61

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2.

The Value of Employee Satisfaction in Disastrous Times: Evidence from COVID-19

Number of pages: 42 Posted: 26 Mar 2020 Last Revised: 13 Jul 2020
Chenyu Shan and Dragon Yongjun Tang
Shanghai University of Finance and Economics and The University of Hong Kong - Faculty of Business and Economics
Downloads 2,936 (5,087)
Citation 10

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Employee satisfaction, Shareholder value, Intangible assets, Coronavirus, COVID-19

3.

Did Subjectivity Play a Role in CDO Credit Ratings?

Journal of Finance, Forthcoming, AFA 2010 Atlanta Meetings Paper, CELS 2009 4th Annual Conference on Empirical Legal Studies Paper, McCombs Research Paper Series No. FIN-04-10
Number of pages: 54 Posted: 22 Mar 2009 Last Revised: 23 Feb 2012
John M. Griffin and Dragon Yongjun Tang
University of Texas at Austin - Department of Finance and The University of Hong Kong - Faculty of Business and Economics
Downloads 1,465 (15,651)
Citation 10

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CDO, Credit Rating

4.

Do Shareholders Benefit from Green Bonds?

Number of pages: 55 Posted: 25 Oct 2018 Last Revised: 24 Nov 2018
Dragon Yongjun Tang and Yupu Zhang
The University of Hong Kong - Faculty of Business and Economics and The University of Hong Kong - Faculty of Business and Economics
Downloads 1,355 (17,682)
Citation 14

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Green Bonds, Corporate Social Responsibility, Environmental, Social, and Governance (ESG), Institutional Ownership, Stock Liquidity, Investor Attention

5.

Credit Default Swaps – A Survey

Foundations and Trends® in Finance: Vol. 9: No. 1–2, pp 1-196
Number of pages: 199 Posted: 03 Dec 2014 Last Revised: 13 Jan 2015
McGill University, New York University (NYU) - Department of Finance, The University of Hong Kong - Faculty of Business and Economics and University of Warwick - Warwick Business School
Downloads 1,196 (21,280)
Citation 14

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Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk

HKIMR Working Paper No.29/2012, WBS Finance Group Research Paper No. 195
Number of pages: 68 Posted: 22 Dec 2012
Marti G. Subrahmanyam, Dragon Yongjun Tang and Sarah Qian Wang
New York University (NYU) - Department of Finance, The University of Hong Kong - Faculty of Business and Economics and University of Warwick - Warwick Business School
Downloads 445 (79,358)
Citation 8

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Credit Default Swaps, Credit Risk, Bankruptcy, Empty Creditor

Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk

NYU Working Paper No. 2451/31421
Number of pages: 52 Posted: 13 Jan 2012 Last Revised: 10 Sep 2013
Marti G. Subrahmanyam, Dragon Yongjun Tang and Sarah Qian Wang
New York University (NYU) - Department of Finance, The University of Hong Kong - Faculty of Business and Economics and University of Warwick - Warwick Business School
Downloads 335 (110,312)

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Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk

Number of pages: 67 Posted: 24 Dec 2011 Last Revised: 24 Feb 2012
Marti G. Subrahmanyam, Dragon Yongjun Tang and Sarah Qian Wang
New York University (NYU) - Department of Finance, The University of Hong Kong - Faculty of Business and Economics and University of Warwick - Warwick Business School
Downloads 314 (118,263)
Citation 39

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Credit default swap, bankruptcy risk, empty creditor, restructuring

7.

The Effects of Mandatory ESG Disclosure Around the World

European Corporate Governance Institute – Finance Working Paper No. 754/2021
Number of pages: 63 Posted: 26 Apr 2021 Last Revised: 25 May 2021
Philipp Krueger, Zacharias Sautner, Dragon Yongjun Tang and Rui Zhong
University of Geneva - Geneva Finance Research Institute (GFRI), Frankfurt School of Finance & Management, The University of Hong Kong - Faculty of Business and Economics and The University of Western Australia - UWA Business School
Downloads 937 (30,382)

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Sustainability reports, ESG reporting, Nonfinancial information, ESG incidents

8.

Subnational Debt of China: The Politics-Finance Nexus

Journal of Financial Economics (JFE), 141.3, 881-895
Number of pages: 60 Posted: 01 Jul 2016 Last Revised: 22 Jul 2021
Haoyu Gao, Hong Ru and Dragon Yongjun Tang
Renmin University of China, Nanyang Business School, Nanyang Technological University and The University of Hong Kong - Faculty of Business and Economics
Downloads 884 (32,949)
Citation 9

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Government Debt, Selective Default, Politics-Finance Nexus, Career Concern

9.
Downloads 653 ( 49,580)
Citation 55

Market Conditions, Default Risk and Credit Spreads

Journal of Banking and Finance, Forthcoming
Number of pages: 40 Posted: 26 Feb 2008 Last Revised: 03 Aug 2010
Dragon Yongjun Tang and Hong Yan
The University of Hong Kong - Faculty of Business and Economics and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 607 (53,945)
Citation 16

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Credit Risk, Credit Default Swaps, Credit Spreads, Market Conditions

Market Conditions, Default Risk and Credit Spreads

Bundesbank Series 2 Discussion Paper No. 2008,08
Number of pages: 60 Posted: 08 Jun 2016
Dragon Yongjun Tang and Hong Yan
The University of Hong Kong - Faculty of Business and Economics and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 46 (493,673)
Citation 12

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Credit Risk, Credit Default Swaps, Credit Spreads, Market Conditions

10.

Macroeconomic Conditions, Firm Characteristics, and Credit Spreads

Number of pages: 49 Posted: 23 Mar 2005
Dragon Yongjun Tang and Hong Yan
The University of Hong Kong - Faculty of Business and Economics and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 497 (70,108)
Citation 3

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Default Risk, Macroeconomic Conditions, Credit Spread

11.

Asset Return Predictability and Bayesian Model Averaging

Number of pages: 43 Posted: 20 Jan 2004
Dragon Yongjun Tang
The University of Hong Kong - Faculty of Business and Economics
Downloads 410 (88,160)
Citation 6

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12.

Withholding Bad News in the Face of Credit Default Swaps Trading: Evidence from Stock Price Crash Risk

Number of pages: 57 Posted: 15 Jul 2017 Last Revised: 15 Jul 2020
Jinyu Liu, Jeffrey Ng, Dragon Yongjun Tang and Rui Zhong
University of International Business and Economics (UIBE) - School of Banking and Finance, Hong Kong Polytechnic University - School of Accounting and Finance, The University of Hong Kong - Faculty of Business and Economics and The University of Western Australia - UWA Business School
Downloads 367 (100,141)
Citation 2

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credit default swaps; stock price crash risk; price discovery; bad news hoarding

13.

What Moves CDS Spreads?

Number of pages: 44 Posted: 19 Mar 2011 Last Revised: 29 Jun 2013
Dragon Yongjun Tang and Hong Yan
The University of Hong Kong - Faculty of Business and Economics and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 347 (106,622)
Citation 4

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Credit Default Swaps, CDS, Net Buying, Liquidity

14.
Downloads 340 (109,148)
Citation 12

Credit Default Swaps: Past, Present, and Future

Number of pages: 25 Posted: 27 Oct 2015
McGill University, New York University (NYU) - Department of Finance, The University of Hong Kong - Faculty of Business and Economics and University of Warwick - Warwick Business School
Downloads 340 (108,417)
Citation 12

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agency conflicts, asset pricing, CDS, credit risk, derivatives, market structure, sovereign debt

Credit Default Swaps: Past, Present, and Future

Annual Review of Financial Economics, Vol. 8, pp. 175-196, 2016
Posted: 18 Nov 2016
McGill University, New York University (NYU) - Department of Finance, The University of Hong Kong - Faculty of Business and Economics and University of Warwick - Warwick Business School

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15.

Unitary Boards and Mutual Fund Governance

Journal of Financial Research, Forthcoming
Number of pages: 37 Posted: 26 Feb 2008
Dragon Yongjun Tang and Sophie Kong
The University of Hong Kong - Faculty of Business and Economics and Western Washington University - College of Business & Economics
Downloads 313 (119,387)
Citation 3

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Mutual Fund Governance, Unitary Board, Board Independence, Director Ownership, Fee-Setting

16.

Credit Default Swaps and Corporate Cash Holdings

Number of pages: 50 Posted: 11 Jun 2014 Last Revised: 10 Jan 2015
Marti G. Subrahmanyam, Dragon Yongjun Tang and Sarah Qian Wang
New York University (NYU) - Department of Finance, The University of Hong Kong - Faculty of Business and Economics and University of Warwick - Warwick Business School
Downloads 303 (123,602)
Citation 2

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17.

Credit Default Swaps and Bank Regulatory Capital

Review of Finance, forthcoming
Number of pages: 50 Posted: 09 Jun 2014 Last Revised: 14 Jul 2020
Chenyu Shan, Dragon Yongjun Tang, Hong Yan and Xing (Alex) Zhou
Shanghai University of Finance and Economics, The University of Hong Kong - Faculty of Business and Economics, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF) and Board of Governors of the Federal Reserve System
Downloads 295 (127,089)
Citation 8

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Credit Default Swaps, CDS, Regulatory capital, Risk-weighted assets

18.
Downloads 292 (128,520)
Citation 12

The Leverage Externalities of Credit Default Swaps

Number of pages: 76 Posted: 20 Oct 2013 Last Revised: 07 Nov 2014
Jay Y. Li and Dragon Yongjun Tang
University of North Carolina at Greensboro and The University of Hong Kong - Faculty of Business and Economics
Downloads 167 (218,452)

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credit default swaps, CDS, customer-supplier relationship, leverage, externalities

The Leverage Externalities of Credit Default Swaps

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 66 Posted: 02 Nov 2014 Last Revised: 13 Jun 2015
Jay Y. Li and Dragon Yongjun Tang
University of North Carolina at Greensboro and The University of Hong Kong - Faculty of Business and Economics
Downloads 125 (276,377)
Citation 13

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credit default swaps, CDS, customer-supplier relationship, leverage, externalities

19.

Rating Shopping or Catering? An Examination of the Response to Competitive Pressure for CDO Credit Ratings

Number of pages: 75 Posted: 01 Feb 2013 Last Revised: 27 Apr 2013
John M. Griffin, Jordan Nickerson and Dragon Yongjun Tang
University of Texas at Austin - Department of Finance, MIT - Sloan and The University of Hong Kong - Faculty of Business and Economics
Downloads 284 (132,342)
Citation 20

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20.

Does the Introduction of One Derivative Affect Another Derivative? The Effect of Credit Default Swaps Trading on Equity Options

Number of pages: 59 Posted: 16 May 2018 Last Revised: 19 May 2021
Jie Cao, Yong Jin, Neil D. Pearson and Dragon Yongjun Tang
The Chinese University of Hong Kong (CUHK) - CUHK Business School, The Hong Kong Polytechnic University, University of Illinois at Urbana-Champaign - Department of Finance and The University of Hong Kong - Faculty of Business and Economics
Downloads 268 (140,522)
Citation 3

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Credit default swap, delta-hedged option return, demand-based option pricing, financial intermediation capacity, intermediary-based asset pricing

21.

Credit Default Swaps and Bank Regulatory Capital

Review of Finance, forthcoming
Number of pages: 50 Posted: 20 Sep 2017 Last Revised: 14 Jul 2020
Chenyu Shan, Dragon Yongjun Tang, Hong Yan and Xing (Alex) Zhou
Shanghai University of Finance and Economics, The University of Hong Kong - Faculty of Business and Economics, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF) and Board of Governors of the Federal Reserve System
Downloads 252 (149,465)
Citation 9

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Credit default swaps, CDS, Capital relief, RWA ratio, Bank risk-taking

22.

Suitability Check and Household Investments in Structured Products

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 52 Posted: 02 Mar 2012 Last Revised: 28 Aug 2016
Eric C. Chang, Dragon Yongjun Tang and Miao Ben Zhang
University of Hong Kong - School of Business, The University of Hong Kong - Faculty of Business and Economics and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 242 (155,460)
Citation 2

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structured products, suitability check, household investments

23.

Do Credit Default Swaps Matter After They Are Settled? Evidence from Debt Recovery Rates

Number of pages: 48 Posted: 30 Aug 2014 Last Revised: 13 Jan 2016
Min Qi, Dragon Yongjun Tang, Deming Wu and Hong Yan
Office of the Comptroller of the Currency - Credit Risk Analysis Division, The University of Hong Kong - Faculty of Business and Economics, Government of the United States of America - Office of the Comptroller of the Currency (OCC) and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 239 (157,318)

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Credit default swaps (CDS), Recovery rate, Loss given default (LGD), Credit risk

24.

Outsourcing Bank Loan Screening: The Economics of Third-Party Loan Guarantees

Number of pages: 47 Posted: 19 Mar 2012 Last Revised: 20 Feb 2019
Chenyu Shan and Dragon Yongjun Tang
Shanghai University of Finance and Economics and The University of Hong Kong - Faculty of Business and Economics
Downloads 235 (159,934)
Citation 1

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Loan guarantee, Outsourcing, Delegated monitoring

25.

Do Banks Still Monitor When There Is a Market for Credit Protection?

Journal of Accounting and Economics, Forthcoming
Number of pages: 62 Posted: 02 Nov 2018 Last Revised: 17 Jul 2019
Chenyu Shan, Dragon Yongjun Tang and Andrew Winton
Shanghai University of Finance and Economics, The University of Hong Kong - Faculty of Business and Economics and University of Minnesota - Twin Cities - Carlson School of Management
Downloads 181 (203,642)
Citation 12

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Credit default swaps, CDS, Collateral, Covenants

26.

Can Central Banks Boost Corporate Investment? Evidence from the ECB Liquidity Injections

Number of pages: 60 Posted: 13 Feb 2017 Last Revised: 28 Nov 2018
Copenhagen Business School, New York University (NYU) - Department of Finance, The University of Hong Kong - Faculty of Business and Economics and University of Warwick - Warwick Business School
Downloads 155 (232,379)
Citation 13

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27.

Bank Dividend Payouts and Contingent Convertible Bond Issuance

Number of pages: 59 Posted: 13 Dec 2017 Last Revised: 08 Dec 2018
Chenyu Shan, Dragon Yongjun Tang and Meng Xie
Shanghai University of Finance and Economics, The University of Hong Kong - Faculty of Business and Economics and Fudan University - School of Management
Downloads 126 (273,649)
Citation 1

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CoCo Issuance, Dividend Payout Ratio, Tier 1 Capital

28.

Credit Protection and Animal Spirits: Product Market Competition with CDS

Number of pages: 57 Posted: 27 Mar 2018 Last Revised: 18 Feb 2020
Jay Y. Li and Dragon Yongjun Tang
University of North Carolina at Greensboro and The University of Hong Kong - Faculty of Business and Economics
Downloads 119 (285,468)

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Credit Default Swaps, Product Market, Agency

29.

A Little Knowledge Is a Dangerous Thing: Model Specification, Data History, and CDO (Mis)Pricing

Number of pages: 62 Posted: 11 Feb 2016
Dan Luo, Dragon Yongjun Tang and Sarah Qian Wang
School of Finance, Shanghai University of Finance and Economics, The University of Hong Kong - Faculty of Business and Economics and University of Warwick - Warwick Business School
Downloads 112 (297,716)

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CDO; Model Specification; Data History; Default Correlation; Frailty

30.

Corporate Finance and Firm Pollution

Number of pages: 44 Posted: 18 Mar 2021
Xiaoyi Lyu, Chenyu Shan and Dragon Yongjun Tang
Shanghai University of Finance and Economics, Shanghai University of Finance and Economics and The University of Hong Kong - Faculty of Business and Economics
Downloads 109 (303,413)

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Corporate finance; Debt financing; Toxics release; Pollution; Sustainable growth

31.

Credit Default Swaps, Exacting Creditors and Corporate Liquidity Management

HKIMR Working Paper No.20/2016
Number of pages: 57 Posted: 02 Feb 2017
Marti Subrahmanyam, Sarah Qian Wang and Dragon Yongjun Tang
New York University (NYU) - Leonard N. Stern School of Business, University of Warwick - Warwick Business School and The University of Hong Kong - Faculty of Business and Economics
Downloads 105 (311,283)
Citation 18

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Credit default swaps, Cash, Liquidity, Empty creditors

Property Rights, Political Connections, and Corporate Investment

Number of pages: 61 Posted: 24 Feb 2017 Last Revised: 29 Jul 2019
Meng Miao, Dragon Yongjun Tang and Lixin Colin Xu
Renmin University of China - Hanqing Institute, The University of Hong Kong - Faculty of Business and Economics and World Bank - Development Research Group (DECRG)
Downloads 65 (419,271)

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Institution, Property Rights, Political Connection, Investment

Property Rights, Political Connections, and Corporate Investment

World Bank Policy Research Working Paper No. 8973
Number of pages: 61 Posted: 14 Aug 2019
Meng Miao, Dragon Yongjun Tang and L. Colin Xu
Renmin University of China - Hanqing Institute, The University of Hong Kong - Faculty of Business and Economics and World Bank
Downloads 32 (565,634)
Citation 1

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Judicial System Reform, Common Property Resource Development, Social Policy, Regulatory Regimes, Legislation, Legal Products, Legal Reform, Agricultural Economics, Cultural Heritage & Urban Revitalization, Foreign Trade Promotion and Regulation, Trade Law, De Facto Governments, Democratic Government, Public Sector Administrative & Civil Service Reform, Public Sector Administrative and Civil Service Reform

33.

Comments on 'Measuring Corporate Bond Liquidity in Emerging Markets: Price- vs Quantity-Based Measures'

BIS Paper No. 102f
Number of pages: 4 Posted: 22 May 2019
Dragon Yongjun Tang
The University of Hong Kong - Faculty of Business and Economics
Downloads 33 (546,457)

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34.

The Diversification Benefits and Policy Risks of Accessing China's Stock Market

Number of pages: 58 Posted: 18 Feb 2021
Chenyu Shan, Dragon Yongjun Tang, Sarah Qian Wang and Chang Zhang
Shanghai University of Finance and Economics, The University of Hong Kong - Faculty of Business and Economics, University of Warwick - Warwick Business School and University of Warwick - Warwick Business School
Downloads 19 (634,256)

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International diversification, Contagion, China, Stock market, Policy risks.

35.

Does Bribery Pay? Evidence from Credit Ratings

Number of pages: 57 Posted: 03 Jun 2021
Jess Cornaggia, Feifan Jiang, Jay Y. Li, Chenyu Shan and Dragon Yongjun Tang
Pennsylvania State University - Department of Finance, affiliation not provided to SSRN, University of North Carolina at Greensboro, Shanghai University of Finance and Economics and The University of Hong Kong - Faculty of Business and Economics
Downloads 15 (662,849)

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Corruption, Credit Rating, Bribe

36.

The Determinants of ESG Ratings: Rater Ownership Matters

Number of pages: 57 Posted: 22 Jul 2021
Dragon Yongjun Tang, Jiali Yan and Chelsea Yaqiong Yao
The University of Hong Kong - Faculty of Business and Economics, University of Liverpool - Management School (ULMS) and Lancaster University - Lancaster University Management School
Downloads 8 (731,981)

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ESG, Rating agencies, Conflicts of interest, Ownership structure

37.

Is 'Greenness' Priced in the Market? Evidence from Green Bond Issuance in China

The Journal of Alternative Investments, Summer 2020; DOI: https://doi.org/10.3905/jai.2020.1.097
Posted: 02 Oct 2019
Zhiyao Deng, Dragon Yongjun Tang and Yupu Zhang
LSE, The University of Hong Kong - Faculty of Business and Economics and The University of Hong Kong - Faculty of Business and Economics

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Climate change, Green finance, Green bonds, Asset pricing

38.

Potential Losses from Incorporating Return Predictability into Portfolio Allocation

Australian Journal of Management, Vol. 39, No. 1, 2014
Posted: 11 Feb 2014
Dragon Yongjun Tang
The University of Hong Kong - Faculty of Business and Economics

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Bayesian robustness, portfolio selection, return predictability

Other Papers (1)

Total Downloads: 112
1.

Mutual Fund Governance: What Works and What Doesn'T?

Number of pages: 53 Posted: 25 Mar 2005
Sophie Kong and Dragon Yongjun Tang
Western Washington University - College of Business & Economics and The University of Hong Kong - Faculty of Business and Economics
Downloads 112

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Mutual fund governance, unitary board, board independence, director incentive, fee-setting