Team Profile

The key research team members of the Faculty of Finance include 7 professor, 7 associate professors, and 28 assistant professor, and 2 Lecturers. There are also 4 contract distinguished professors and 9 visiting scholars have participated in the Faculty's teaching and research activities. The Faculty also houses the Institute of Economic Research, headed by 1 Director with a team of 6 researchers. 

Some team members have participated in key national or Macao research projects, such as the National Natural Science Foundation of China, the Macao Higher Education Bureau project, the Macao Foundation and other funded projects, as well as the Macao Talent Development Commission’s industry survey on future manpower demand. They have also published a number of influential reports on Macao's economic and financial policies and are experienced in doing empirical research, policy analysis and modeling, and survey.

Professor Adrian (Wai Kong) Cheung (Dean)

He holds a Ph.D. in Finance from the Hong Kong University of Science and Technology and has taught at Lingnan University in Hong Kong, Griffith University in Australia, Curtin University and Flinders University, respectively. His research interest is empirical finance. His long-standing research interest is to understand the financial mechanisms of contemporary business problems. He has received various research grants, including the National Science Foundation of China, the Australia-China Future Dialogue Foundation and AFAANZ Research Grants. He is also a visiting scholar at Peking University and the Hong Kong University of Science and Technology. His articles have been published in international journals, including Journal of Corporate Finance, Journal of Banking and Finance, Journal of Business Ethics, Financial Review, International Review of Economics and Finance, International Journal of Finance & Economics, Accounting and Finance, Journal of Contemporary Accounting and Economics, Economic Modelling, Applied Economics, Energy Economics, etc.

On September 19th, 2025, Stanford University released the latest ranking of "World's Top 2% Scientists". In the "2024 Science Impact Rankings", Dr. Cheung was included in Economics & Business's "Science Impact Rankings of the Year". He was previously included in the 2021, 2022, and 2023 lists.

Professor Arman Eshraghi (Associate Dean)

He holds a Ph.D. in Finance from the University of Edinburgh, UK, and brings twenty years of experience in academic research, teaching, and leadership. He has previously held faculty positions at Cardiff University, the University of Edinburgh, and the University of Manchester, and has served as a visiting scholar at Harvard University, the University of Cambridge, University College London, and several renowned universities across Asia. His research interests encompass behavioural finance, financial technology, financial markets, corporate finance, and sustainable finance, and he maintains an active academic network and influence in the international finance community. Professor Eshraghi currently serves as Editor-in-Chief of a leading international finance journal, has taught a diverse range of finance courses across 11 countries, and possesses extensive experience in executive education and public engagement.

Associate Professor Eva, Yueng Wah Khong (Associate Dean)

She is a graduate of Lingnan University in Hong Kong and has won a master’s degree and Ph.D. degree from the University of Bath (UK) and Instituto Superior de Ciens do Trabalho e da Empresa (Portugal). She has taught at Lingnan University (Hong Kong) and the University of Macau, as well as other universities in China, France and Portugal. She has worked in human resources management and consultancy, training, and related projects management for many years. Her research areas include innovations management, global comparative management, Chinese human resource management, and strategic management in the Pacific region.

Professor Yonghong Zhou (Course Coordinator of Ph.D. Programme)

He holds a Ph.D. in Economics from the Sun Yat-Sen University. His fields of specialization include Political Economy, Economic Growth and Development, and Economies of Hong Kong and Macao. His recent interests include the impact of international relations, conflict, culture, and politics on the economy. His publications have appeared in SSCI journals and the top ranked Chinese journals such as Journal of Economic Behavior & Organization, European Journal of Political Economy, Empirical Economics, China Economic Review, Economics (Quarterly), Chinese Industrial Economics, Statistical Research.

Professor Markus Leibrecht (Course Coordinator of BAE Elite Cohort Programme)

He holds a Ph.D. Economics and Social Science from the Vienna University of Economics and Business. From 2020 to 2023, He was an Oriental Scholar (“東方學者”計劃) of Shanghai Universities, and he was included in the foreign high-talent program of Shanghai. His current research focuses on international investment agreements and investor-state dispute settlement, examining their impact on the decisions of multinational enterprises and on governments' economic policies. I received funding from highly competitive sources (e.g., the Austrian Science Fund and the Shanghai Talent Program), and I have published numerous articles in reputable international journals.

Associate Professor Ting Yang (Course Coordinator of Master Degree Programme)

He holds a Ph.D. degree in finance from the Nanyang Technological University. He won the Excellence in Student Centered Learning Award from Faculty of Business, Auckland University of Technology in 2009. His current research interests are in the areas of corporate finance, market microstructure, and investments. His research work has been presented at international conferences and published in refereed finance journals including Journal of Banking and Finance, Pacific-Basin Finance Journal, Accounting and Finance, and International Review of Financial Analysis.

Associate Professor Derick, Deqin Lin (Course Coordinator of BAE Programme)

He holds a Ph.D. in Quantitative Economics, Huaqiao University. His research interests include financial quantitative analysis, macroeconomic modeling, and risk management. He has published more than twenty papers in well-known journals in China. He has participated in research projects such as legal protection of Macao's financial securities, policy coordination and technology support research, medical service quality innovation research based on big data mining technology, and research on the future demand for talent of Macao's construction industry.

Professor Chien-Chiang Lee

He holds a Ph.D. in International Economics from the Chung Cheng University in Taiwan. Prof. Lee With over 20 years of extensive teaching and research experience. His research focuses on green finance, energy finance, international finance, and sustainable finance. He has led major projects funded by the National Social Science Fund of China as well as provincial-level initiatives. Dr. Lee has received numerous accolades, including recognition among the “Top 0.05% of Highly Ranked Scholars™”, "Top 2% of Scientists Worldwide," "Lifetime Achievement Award" from Marquis Who’s Who, designation as a "Highly Cited Researcher in China," the "T. K. Ann International Trade Award," and the "National Teaching Achievement Award in Higher Education." With an H-index of 78 and over 20,000 citations on Web of Science, Dr. Lee has served as editor, associate editor, and guest editor for journals such as Energy Economics, Energy Journal, Renewable and Sustainable Energy Reviews, Applied Economics, Economic Analysis and Policy, Innovation and Green Development, Data Science and Management, and Emerging Markets Finance and Trade. He has organized special issues on topics including green finance, energy transition, sustainable finance, and artificial intelligence.

Professor Tong Fu

He holds a Ph.D. in Economics from the University of Hull, UK. His research areas include institutional economics and ethical economics. Professor Fu has amassed extensive academic experience, serving as Editor-in-Chief and Associate Editor for multiple SSCI Q1 journals, and has also acted as Guest Editor for several internationally renowned academic journals. He currently serves on the Council of the "Financial Systems Engineering Professional Committee" and the "China Quantitative Economics Society." In terms of research grants, Professor Fu has led a number of national-level research projects, including projects funded by the National Foreign Experts Programme and the National Natural Science Foundation of China, establishing a strong research foundation in the field of economics.

Professor Qiang Li

He holds a Ph.D. in Economics from the Research Institute of Economics and Management, Southwestern University of Finance and Economics. His research focuses on development economics, particularly in the fields of environment, health, and family structure. He has published over 30 papers in SSCI and CSSCI journals such as Health Economics (HE), Journal of Happiness Studies (JHS), Economic Modelling (EM), China Economic Review (CER), China Economics Quarterly, and China Rural Economy. His work has been cited more than 1000 times. He has led and participated in multiple national-level research projects, including key projects under the National Social Science Fund and the National Natural Science Foundation of China.

Associate Professor Weiping Li

He holds a Ph.D. in Finance from City University of Hong Kong. His major research interests include corporate finance, green finance, digital finance, and cultural finance. He has published numerous papers in international SSCI/SCI journals such as the Journal of Business Ethics, Journal of Financial Stability, Journal of International Financial Markets, Institutions and Money, Business Strategy and the Environment, Energy Economics, Humanities and Social Sciences Communications (Nature Series), Pacific-Basin Finance Journal, International Review of Economics and Finance, and Accounting & Finance. He is the principal investigator of a project funded by the Natural Science Foundation of Guangdong Province.

Associate Professor Fei Su

He holds a Ph.D. in Finance from the University of Technology Sydney. His major research interests include corporate finance, financial risk, and financial market microstructure, and he has produced a substantial body of scholarly work. He has published multiple papers in internationally renowned SSCI journals such as International Financial Analysis Review, International Journal of Finance and Economics, and Pacific Basin Financial Journal. Dr. Su has led a National Natural Science Foundation of China (NSFC) Youth Fund project and a major project of the Jiangsu University Philosophy and Social Sciences Research Programme, and also serves on the editorial board of an academic journal.

Associate Professor Bo Yu

He holds a Ph.D. in Business Administration from the University of Macau. His major research interests are assets pricing, trading strategy and corporate governance. His publications have appeared in international journals, including: International Review of Financial Analysis, Research in International Business and Finance and Pacific Basin Finance Journal. He also works as a reviewer of International Review of Financial Analysis and Emerging Markets Finance and Trade.

Associate Professor Yinggui Wang

He holds a Ph.D. from Fudan University and an MBA from McGill University. He has a strong interest in international finance, fintech and big data research. He has published more than 20 papers in well-known Chinese journals, including China Money Market, New Finance, Wuhan Finance, Asia-Pacific Economy, Technical Economy and Management Research, and Modern Japanese Economy.

Key publications in recent years

Selected journal publications:

1. Lin, L., Cheung, A., & Zhou, Y. (2026). The portfolio enhancement potential of China's cloud stocks: Evidence from the China cloud economy index and global assets. International Review of Financial Analysis, 117, 105228. https://doi.org/10.1016/j.irfa.2026.105228
2. Fu, T., He, F., & Yang, Y. (2026). Journeys and generosity: Understanding tourism's impact on altruistic spending. Annals of Tourism Research, 118, 104169. https://doi.org/10.1016/j.annals.2026.104169
3. Lee, C., Wang, C., Hu, T., Lin, W., & Le, A. N. N. (2026). Carbon emissions and financial flexibility: International evidence. Energy Economics, 161, 109501. https://doi.org/10.1016/j.eneco.2026.109501
4. Lee, C., & Zou, J. (2026). Climate sensitivity of the Energy Security Index in China’s prefecture-level cities: Identification and validation of nonlinear impacts from temperature and rainfall. Energy Economics, 161, 109494. https://doi.org/10.1016/j.eneco.2026.109494
5. Li, W., Mao, Z., Ren, X., & Liang, J. (2025). Retail investor attention: Guardian of corporate ESG integrity or catalyst for greenwashing? Energy Economics, 144, 108361. https://doi.org/10.1016/j.eneco.2025.108361
6. Wu, J.,& Wang. F. (2026). The ripple effects of residential solar PV from households to the environment and power system: A systematic literature review. Environmental Impact Assessment Review, 108579. https://doi.org/10.1016/j.eiar.2026.108579
7. Wang, F., Liao, H., & Tol, R. S. (2025). Baumol’s climate disease. European Economic Review, 178, 105175. https://doi.org/10.1016/j.euroecorev.2025.105175
8. Wang, S., Zhang, Y. J., & Tian, Z. (2026). Tailor-Formulating the Triple Bottom Line for Rural Sustainable Entrepreneurship: Evidence from Investigation Cases in China. Journal of Business Ethics.  https://doi.org/10.1007/s10551-026-06313-9

Future major research directions

The Faculty research team focuses on "modern finance" and related economic, commercial, financial, and accounting issues. It includes sustainable finance, green finance, financial leasing, fintech, wealth management, RMB internationalization and other important issues. The team also focuses on related research in the Great Bay Area.

The main research of the Institute of Economic Research includes Macao’s economic development strategy in Macao, optimization of industrial structure adjustment and local people's livelihood improvement, and China's economic and social transformation, reform, export-oriented economy, and economic integration in mainland China, Hong Kong, Macao and Taiwan.

Faculty of Finance: https://fof.cityu.edu.mo/en

Contact Email: fof@cityu.edu.mo