Larry H.P. Lang

Chair Professor of Finance
The Faculty of Business Administration
The Chinese University of Hong Kong


Prof. Lang got both his Master and Ph.D. degrees in Finance from the Wharton School, University of Pennsylvania in 1986. He had been lecturer at the Wharton School of Business, University of Pennsylvania and professor of Finance at Graduate School of Business, Michigan State University, the College of Business, Ohio State University, the Stern School of Business, New York University and Visiting Professor of Finance at Graduate School of Business, the University of Chicago. Now he is Chair Professor of Finance, the Faculty of Business Administration, the Chinese University of Hong Kong.

From 1994 to 1996 he was Partner of GITIC-Lehman Infrastructure Fund, Lehman Brothers. From 1998 to 2000 he worked as Consultant on Corporate Governance Projects to World Bank, Washington, D.C. After that he was Consultant on WTO/Banking Issues to Organization of Economic Cooperation and Development (OECD).

Now Prof. Lang is Consultant on Corporate Governance to China Shenzhen Stock Exchange Hong Kong Government.


Main Publications and Research Papers:

"An Empirical Test of the Impact of Managerial Self Interest on Corporate Capital Structure," (with I. Friend), Journal of Finance 43, 1988, p271-281.

"The Size Effect of Stock Returns: Is It Simply A Risk Factor Not Adequately Reflected by the Usual Risk Measures?" (with I. Friend), Journal of Banking and Finance 12, 1988, p13-30.

"Dividend Announcements: Cash Flow Signalling vs. Free Cash Flow Hypotheses," (with R. Litzenberger), Journal of Financial Economics 24, 1989, p181-191.

"Managerial Performance, Tobin's Q and Successful Tender Offers," (with R. Stulz and R. Walkling), Journal of Financial Economics 24, 1989, p137-154.

"Troubled Debt Restructuring: An Empirical Study of Private Reorganization of Firms in Default," (with S. Gilson and K. John), Journal of Financial Economics 27, 1990, p315-353.

"The Forecast Accuracy of Individual Analysts: Evidence of Systematic Optimism and Pessimism," (with K. Butler), Journal of Accounting Research 29, 1991, p150-156.

"Insider Trading Around Dividend Announcements: Theory and Evidence," (with K. John), Journal of Finance 46, 1991, p1361-1390.

"A Test of the Free Cash Flow Hypothesis: The Case of Bidder Returns," (with R. Stulz and R. Walkling), Journal of Financial Economics 29, 1991, p315-335.

"Testing Financial Market Equilibrium under Asymmetric Information," (with R. Litzenberger and V. Madrigal), Journal of Political Economy 100, 1992, p317-348.

"Contagion and Competition Intra-Industry Effects of Bankruptcy Announcements: An Empirical Analysis," (with R. Stulz), Journal of Financial Economics 32, 1992, p45-60.

"Voluntary Restructuring of Large Firms in Response to Performance Decline," (with K. John and J. Netter), Journal of Finance 47, 1992, p891-917.

"Tobin's q, Corporate Diversification and Firm Performance," (with R. Stulz), Journal of Political Economy 102, 1994, p1248-1280.

"Asset Sales, Firm Performance and the Agency Costs of Managerial Discretion," (with A. Poulsen and R. Stulz), Journal of Financial Economics 37, 1995, p3-38.

"Leverage, Investment and Firm Growth," (with E. Ofek and R. Stulz), Journal of Financial Economics 40, 1996, p3-29.

"Does Money Explain Asset Returns? Theory and Evidence," (with K.C. Chan and S. Foresi), Journal of Finance 51, 1996, p345-361.

"Common Volatility in the Industrial Structure of Global Capital Markets," (with B. Arshanapalli and J. Doukas), Journal of International Money and Finance 16, 1997, 189-209.

"Determinants of Interest Rate Swap Spreads," (with R. Litzenberger and A. Liu), Journal Banking and Finance 22, 1998, 1507-1532.

"The Pricing of Currency Risk in Japan," (with J. Doukas and P. Hall), Journal Banking and Finance 23, 1999, 1-20.

"The Measurement of Relatedness: An Application to Corporate Diversification," (with J. Fan), Journal of Business 73, 2000, 629-660.

"Separation of Ownership from Control of East Asian Firms", (with S. Claessens and S. Djankov), Journal of Financial Economics 58, 2000, 81-112.

"Expropriation and Dividends" (with M. Faccio and L. Young), American Economic Review 91, 2001, 1-25.

"Disentangling the Incentive and Entrenchment Effects of Large Shareholdings (with S. Claessens, S. Djankov and J. Fan), forthcoming in Journal of Finance.

"The Ultimate Ownership of Western European Corporations," (with M. Faccio), forthcoming in Journal of Financial Economics.

"International Diversification and Firm Performance" (with J. Doukas), forthcoming in Journal of International Business Studies.

"Debt and Expropriation" (with M. Faccio and L. Young), under review.

"The Rationale for Groups: Evidence from East Asia" (with S. Claessens, S. Djankov and J. Fan), under review.

"The Pattern and Valuation Effects of Corporate Diversification: A Comparison of the United States, Japan, and Other East Asian Economies," (with S. Claessens, S. Djankov and J. Fan), under review.