Dr Jing-Ming Kuo
Birmingham Business School
Dr Jing-Ming Kuo
Associate Professor in Finance
Birmingham Business School,University of Birmingham, Birmingham B15 2TY, UK.
Email: J.Kuo.2@bham.ac.uk
Personal email: thomas.jingming.kuo@gmail.com
Tel: +44(0) 121 414 9669
Research areas
Corporate Finance
Corporate Governance
Environmental Finance
Asset Pricing
Behavioural Finance
Applied Financial Econometrics
Mergers and Acquisitions
Corporate Social Responsibility
Journal Articles
2010 - present
"Stock Price Crash Risk and the Market for Corporate Control", British Journal of Management, 2023, forthcoming (with N. Carline, and Y. Gao).
"The Role of Managerial Ownership in Dividend Tunneling: Evidence from China", Corporate Governance: An International Review, 2023, 31 (2): 307-333 (with H. Bian, H. Pan, and Z. Zhang). https://doi.org/10.1111/corg.12478
"Managerial Risk-Reducing Incentives and Social and Exchange Capital", The British Accounting Review, 2022, 54 (6): 101056 (with Z. Zhang, A. Chizema, and Q. Zhang). https://doi.org/10.1016/j.bar.2021.101056
"Does liquidity drive stock market returns? The role of variance risk premium", Review of Quantitative Finance and Accounting, 2021, 57: 929 - 958 (with Q.Zhang, T. Choudhry and X. Liu).
"Mutual Funds, Tunneling and Firm Performance: Evidence from China", Review of Quantitative Finance and Accounting, 2020, 55: 355–387 (with A. Chizema, W. Jiang and X. Song).
"Regional Institutions, Financial Analysts and Stock Price Informativeness", Regional Studies, 2018, 59 (2):1261-1270 (with R. Ding, W. Hou, and E. Lee).
“Board Governance, Efficiency and Risk-taking in Chinese Banking”, The British Accounting Review, 2017, 49 (2): 211-229 (with Y. Dong and C. Girardone).
"Arbitrage Opportunities and Feedback Trading in Emissions and Energy Markets", Journal of International Financial Markets, Institutions & Money, 36: 130-147, 2015 (With F. Chau and Y. Shi).
“A pricing kernel approach to valuing options on interest rate futures”, European Journal of Finance, 21: 93-110, 2015 (with X. Liu and J. Coakley).
“The Real and Accrual-based Earnings Management Behaviors: Evidence from the Split Share Structure Reform in China”, International Journal of Accounting, 49, pp. 101-136, 2014 (with L. Ning and X. Song).
“International Investors' Reactions to Cross-border Acquisitions by Emerging Market Multinationals”, International Business Review, 23, pp. 811-823, 2014 (with L. Ning, R. Strange and B. Wang).
“What drives the disappearing dividends phenomenon?”, Journal of Banking and Finance, 37(9), pp. 3499-3514, 2013 (with D. Philip and Q. Zhang).
“Fund Ownership and Stock Price Informativeness of Chinese Listed Firms, Journal of Multinational Financial Management, 23 (3), pp. 166-185, 2013 (with Rong Ding, Wenxuan Hou, and Edward Lee).
“The impact of state ownership on share price informativeness: the case of the split share structure reform in China”, British Accounting Review, 44(4) 248-261, 2012 (with W. Hou and E. Lee).
“The school’s out effect: A new seasonal anomaly”, British Accounting Review, 44(3): 133-143, 2012 (with J. Coakley and A. Wood).
“The Lunar Moon Festival and the dark side of the moon”, Applied Financial Economics, 20(20), pp.1565-1575, 2010 (with J. Coakley and A. Wood).
2010 - present
Awarded External Research Grants:
The irrational M&As decisions, £31,800, with L. Fu (2019)
New Perspectives on the Performance of Chinese IPOs, £58,000, with Z. Shen (2015)
Merger and acquisitions in China, £33,000, with L. Fu (2012).
Corporate governance, £65,000 (£35,000), with Y. H. Yeh (2012).
Awarded Internal Research Grants:
Sotck information and corporate governance, £10,800, Southampton Business School, Faculty of Business and Law (2014).
FDI and corporate governance, £2,000, Durham University Business School (2012).
Liquidity in the stock markets, £700, Durham University Business School (2011).
Conferences:
Financial Management Association (FMA) 2023 Annual Meeting, Sheraton Grand Chicago Riverwalk Hotel, Chicago, Illinois, 11 - 14 October, 2023.
The 27th Annual Virtual Conference of Multinational Finance Society, 28 -29 June, 2020.
Financial Management Association (FMA) 2019 Annual Meeting, Sheraton New Orleans Hotel, New Orleans, LA, 23 - 26 October, 2019.
The British Accounting and Finance Association (BAFA) Annual Conference, University of Birmingham, Birmingham, UK, 9 - 10 April, 2019.
Financial Management Association (FMA) 2017 Annual Meeting, the Marriott Copley Place Hotel, Boston, Massachusetts, 11 - 14 October, 2017.
American Accounting Association (AAA) 2017 Annual Meeting, San Diego, CA, August 5-9, 2017.
European Financial Management Association (EFMA) 2017 Annual Meetings, The American College of Greece, Athens, GREECE, June 28- July 1, 2017.
24th Annual Conference of the Multinational Finance Society, InterContinental Hotel, Bucharest, Romania, June 25-28, 2017
The 40th Annual Congress of the European Accounting Association (EAA), Valencia, 10-12 May, 2017.
“Is Liquidity the Trigger for Stock Returns? A Double Take and the Role of Risk Aversion”, 19-22 October 2016: Annual Meeting of the Financial Management Association (FMA) International, Rio Suites Hotel, Las Vegas, Nevada, USA.
“Is Liquidity the Trigger for Stock Returns? A Double Take and the Role of Risk Aversion”, 29 June - 2nd July 2016: The European Financial Management Association (EFMA) Annual Meeting, University of Basel, Basel, Switzerland.
“Board Governance, Efficiency and Risk-taking in the Chinese Banking”, 8 - 9 December 2015, Conference on Contemporary Issues in Banking, School of Management, University of St Andrews, UK.
“Board Governance, Efficiency and Risk-taking: The Case of the Chinese Banking Sector”, 24-27 June 2015: The European Financial Management Association (EFMA) Annual Meeting, Amsterdam, Netherlands.
“Is Liquidity the Trigger for Stock Returns? A Double Take and the Role of Risk Aversion”, 8-9 June 2015: The 13th INFINITI Conference on International Finance, University of Ljubljana, Slovenia.
“Board Governance, Efficiency and Risk-taking: The Case of the Chinese Banking Sector”, 23-25 March 2015: The British Accounting and Finance Association (BAFA) Annual Conference, University Place, Manchester.
“Tunneling and the impact of mutual fund ownership”, May 2014: Research Seminar, Xfi Centre for Finance and Investment, University of Exeter Business School, UK.
“Board Governance and Bank Efficiency: The Case of the Chinese Banking Sector”, 2-3 November 2013: Conference on “Banking, Finance, Money and Institutions: The Post Crisis Era”, University of Surrey, UK.
"Does analyst coverage affect share price informativeness of Chinese listed firms?", 4-5 July 2013: the 21st Pacific Basin Finance Accounting Economics and Management (PBFEAM) conference, Park Hyatt Melbourne, Australia.
“Market efficiency, information flows and hedging performance in carbon markets”, 1-3 July 2013: IV World Finance Conference: the Amathus Beach Hotel Limassol, Cyprus.
“Feedback trading and convenience yield: Evidence from carbon and energy commodity markets”, 5th December 2012, School of Management, University of Leicester.
“The Effects of Corporate Governance on Shareholder Value Creation during the Internationalization of Emerging Market Firms”, 30 Jun -3 July 2012: Academy of International Business (AIB) 2012 Annual Meeting, Washington, DC, USA.
“Why dividends disappear in the UK market - Catering, liquidity or risks?”, the 21st European Financial Management Association (EFMA) Annual Meeting, 27-30 June 2012, Barcelona, Spain.
“Market efficiency, information flows and hedging performance in carbon markets”, 5th CSDA International Conference on Computational and Financial Econometrics, 17-19 December 2011, London, UK.
“Pre-merger issuance and post-merger shareholder value”, 2nd World Finance Conference, 15-17 June 2011, Rhodes, Greece.
“The School’s Out Effect in the East Asian Stock Markets”, the European Financial Management Asian Financial Management Symposium, 24-26 March 2011, Renmin University of China, Beijing, China.
“The impact of state ownership on share price informativeness: the case of the split share structure reform in China”, the 19th European Financial Management Association (EFMA) Annual Meetings, 23-26 June 2010, Aarhus, Denmark.
“Negative Sentiment and Regret Theory – the Lunar Moon Festival Effect”, the 17th European Financial Management Association (EFMA) Annual Meetings, 25-28 June 2008, Athens, Greece.
“Pricing Interest Rate Options”, 2nd International Workshop on Computational and Financial Econometrics (CFE'08) , 19-21 June 2008, Neuchâtel, Switzerland.
“Pricing Interest Rate Options”, the 12th Annual European Conference of the Financial Management Association International (FMA), 4-6 June 2008, Prague, Czech Republic.
“The School’s Out Effect in the East Asian Stock Markets”, the 16th European Financial Management Association (EFMA) Annual Meetings, 27-30 June 2007, Vienna, Austria.
Invited Talks:
May 2014: University of Exter, UK.
Dec 2012: University of Leicester, UK.
Conference service:
Chair:
2-3 November 2013: Conference on “Banking, Finance, Money and Institutions: The Post Crisis Era”, University of Surrey, UK.
24-26 March 2011: the European Financial Management Asian Financial Management Symposium, Renmin University of China, Beijing, China.
Discussant:
27-30 June 2012: 21st European Financial Management Association (EFMA) Annual Meeting, Barcelona, Spain.
15-17 June 2011: 2nd World Finance Conference, Rhodes, Greece.
24-26 March 2011: the European Financial Management Asian Financial Management Symposium, Renmin University of China, Beijing, China.
23-26 June 2010: the 19th European Financial Management Association (EFMA) Annual Meetings, Aarhus, Denmark.
25-28 June 2008: the 17th European Financial Management Association (EFMA) Annual Meetings, Athens, Greece.
19-21 June 2008: 2nd International Workshop on Computational and Financial Econometrics (CFE'08) , Neuchâtel, Switzerland.
4-6 June 2008: the 12th Annual European Conference of the Financial Management Association International (FMA), Prague, Czech Republic.
27-30 June 2007: the 16th European Financial Management Association (EFMA) Annual Meetings, Vienna, Austria.
Academic Refereeing:
Journal of Banking and Finance;
Journal of International Money and Finance;
European Financial Management;
Journal of Financial Research;
British Journal of Management;
European Journal of Finance;
British Accounting Review;
Abacus;
International Review of Financial Analysis;
International Journal of Finance and Economics;
International Business Review;
Business, Strategy and the Environment;
Business & Society
Multinational Finance Journal;
Finance Research Letters;
Journal of Accounting in Emerging Economies;
Journal of Multinational Financial Management;
Applied Financial Economics;
Applied Economics;
Emerging Markets Finance and Trade;
Journal of General Management;
Economics Bulletin;
Journal of Socio-Economics;
Bulletin of Economic Research
International Journal of Behavioural Accounting and Finance;
International Journal of Banking, Accounting and Finance (IJBAAF);
Pearson Education Publishers;
Midwest Finance Association.
Membership of Learned Societies:
American Finance Association;
Financial Management Association;
European Finance Association;
European Financial Management Association;
Midwest Finance Association;
Academy of International Business.
University Service:
PhD supervision:
Xiaoqi Song (completed: 2013)
Emma Black (completed: 2013)
Yukun Si (completed: 2014)
Qingjing Zhang (completed: 2014)
Yuan Zhang (completed: 2015)
Wu Wen (completed: 2016)
Zhilin Xu (completed: 2017)
Huan Bian (completed: 2018)
Cong Huang (completed: 2018)
Sang Le Quangg (completed: 2018)
Nairui Dong (completed:2019)
Di Xiao (completed:2020)
Zhe Li (completed:2020)
Teaching:
MSc Corporate Finance (Module Leader)
MSc Management of Financial Risk (Module Leader)
MSc Quantitative Research Methods for Finance (Module Leader)
MSc Quantitative Finance (Module Leader)
MSc Behavioural Finance and Economics (Module Leader)
MA Financial Management (Module Leader)
MBA Finance for Managers (Module Leader)
MSc Financial Modelling and Business Forecasting
UG Corporate Finance (Year 2)
UG Quantitative Method in Finance (Year 1)
Administration:
Director of Education (Jan 2015 ~ Aug 2015)
Director of Postgraduate Programmes (June 2014 ~ Jan 2015)
Programme Leader of MSc Finance (December 2013 ~ Sep 2014)
MSc Degree Leader (September 2009 ~ August 2013)
MSc Admissions Tutor (February 2009 ~ September 2011)
Finance Seminar Organizer (August 2010 ~ August 2012; 2018 ~ to date)
PhD Internal Examiner (Oct 2012 ~ to date)
External Examiner (Sep 2015 ~ to date)
Education:
Ph.D. in Finance
Oct 2005 ~ Jul 2009: "Essays in Asset Pricing"
MSc in Finance (Distinction)
Oct 2004 ~ Sep 2009: “An Empirical Study of a Consumption-based Asset Pricing Model with Epstein-Zin
Recursive Utility”
Bachelor of Business Administration (B.B.A)
Sep1994 ~ Jun 1998: BBA in Statistics
Honours and Awards:
Roberts Skills Research Conference fund (May 2008)
Overseas Research Students Award (ORS; 2006 - 2008)
University of Essex Postgraduate Research Scholarship (2005-2008)
Craig Hiemstra Memorial Prize (Best performance in MSc Finance; Nov 2005)
Best performance Scholarship (Department of Statistics; 1995-1996)
Qualification:
Fellow of the Higher Education Academy (HEA)
awarded by the UK Higher Education Academy (2010)
Trust Banking Certificate
awarded by Taiwan Academy of Banking and Finance (2002)
Certificate of SQL Programming Application
awarded by Chinatrust Commercial Bank (2001)
Industry Work Experience:
Marketing Department, Consumer Banking & Credit Card Groups, Chinatrust Commercial Bank
Research Analysis Department, Berkeley Opinion Research Ltd
Finance and Customer Service Department, Taiwan Cellular Corporation