Happy Lunar New Year from the USC US-China Institute!
Wong, T.J. 黃德尊
Joseph A. DeBell Professor of Business Administration and Professor of Accounting
Contact Information
Joseph A. DeBell Professor
Department of Business Administration and Accounting
USC Marshall School of Business
Office: THH 356P
Phone: (213) 740-8175
E-mail: tjwong@marshall.usc.edu
Personal Website: http://tjwong.org/
Links
Education
- Ph.D. in Management, 1990, UCLA
- M.B.A., 1986, UCLA
- B.A. in Economics, summa cum laude, 1984, Dickinson College
Background
T.J. Wong is an expert on accounting and corporate governance in emerging markets. He has published numerous articles in top accounting and finance journals. He is the editor of The Accounting Review and has served in the editorial board of several accounting journals. His research is frequently featured in media outlets including the Wall Street Journal, The Economist, The Globe and Mail and South China Morning Post. Prior to joining USC, he served as the Dean of the CUHK Business School from 2008 to 2013.
Published Articles
- “Institutions, Governance and Accountability: a Review of Corporate Governance Research on Listed Firms in China.” Foundations and Trends in Accounting, 9 (4) (2016): 259-326.
- “Political Incentives to Suppress Negative Information: Evidence from Chinese Listed Firms” with Joseph Piotroski and Tianyu Zhang. Journal of Accounting Research, 53 (2) (2015): 405-459.
- “The Value of Political Ties versus Market Credibility: Evidence from Corporate Scandals in China” with Mingyi Hung and Fang Zhang. Contemporary Accounting Research, 32 (4) (2015): 1641-1675.
- “Institutions and Organizational Structure: The Case of State-Owned Corporate Pyramids” with Joseph P.H. Fan and Tianyu Zhang. The Journal of Law, Economics, and Organization, 29 (6) (2013): 1217-1252.
- “Institutions and Information Environment of Chinese Listed Firms” with Joseph Piotroski. In Joseph P.H. Fan and Randall Morck (Eds): Capitalizing China, The University of Chicago Press, (2012): 201-242.
- “Political Considerations in the Decision of Chinese SOEs to List in Hong Kong” with Mingyi Hung and Tianyu Zhang. Journal of Accounting and Economics, 53 (1-2) (2012): 435-449.
- “Challenges for Implementation of Fair Value Accounting in Emerging Markets: Evidence from China” with Xianjie He and Danqing Young. Contemporary Accounting Research, 29 (2) (2012): 538-562.
- “Founder Succession and Accounting Properties” with Joseph P.H. Fan and Tianyu Zhang. Contemporary Accounting Research, 29 (1) (2012): 283-311.
- “Propping through Related Party Transactions” with Ming Jian. Review of Accounting Studies, 15 (1) (2010): 70-105.
- “State Ownership, the Institutional Environment, and Auditor Choice: Evidence from China” with Qian Wang and Lijun Xia. Journal of Accounting and Economics, 46 (1) (2008): 112-134.
- “Politically Connected CEOs, Corporate Governance, and Post-IPO Performance of China’s Newly Partially Privatized Firms” with Joseph P.H. Fan and Tianyu Zhang. Journal of Financial Economics, 84 (2) (May 2007): 330-357.
- “Auditors’ Governance Functions and Legal Environments: An International Investigation” with Jong-Hag Choi. Contemporary Accounting Research, 24 (1) (Spring 2007): 13-46.
- “Do External Auditors Perform a Corporate Governance Role in Emerging Markets? Evidence from East Asia” with Joseph P.H. Fan. Journal of Accounting Research, 43 (1) (March 2005): 35-72.
- “Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia” with Joseph P.H. Fan. Journal of Accounting and Economics, 33 (3) (August 2002): 401-425. Best Paper Award at the 2000 APFA Conference.
- “Why New Issues and High-accrual Firms Underperform: The Role of Analysts’ Credulity” with Siew Hong Teoh. Review of Financial Studies, 15 (3) (Summer 2002): 869-900.
- “Financial Packaging of IPO Firms in China” with Joseph Aharony and Jevons Lee. Journal of Accounting Research, 38 (1) (Spring 2000): 103-126. Best Paper Award for the 1998 National Taiwan University International Conference on Finance.
- “Auditor Industry Specialization and Market Segmentation: Evidence from Hong Kong” with Mark DeFond and Jere Francis. Auditing: A Journal of Practice and Theory, 19 (1) (March 2000): 49-66.
- “The Impact of Improved Auditor Independence on Audit Market Concentration in China” with Mark DeFond and Shuhua Li. Journal of Accounting and Economics, 28 (3) (December 1999): 269-305.
- “Earnings Management and the Long-Run Market Performance of Initial Public Offerings” with Siew Hong Teoh and Ivo Welch. Journal of Finance, 53 (6) (December 1998): 1935-1974.
- “Earnings Management and the Underperformance of Seasoned Equity Offerings” with Siew Hong Teoh and Ivo Welch. Journal of Financial Economics, 50 (1) (October 1998): 63-99.
- “Are Accruals During An Initial Public Offering Opportunistic?” with Siew Hong Teoh and Gita Rao. Review of Accounting Studies, 3 (1-2) (1998): 175-208.
- “Perceived Audit Quality and the Earnings Response Coefficient” with Siew Hong Teoh. The Accounting Review, 68 (2) (April 1993): 346-366.
Working Papers
- "Friends with Close Ties: Asset or Liability? Evidence from the Investment Decisions of Mutual Funds in China” with Xinzi Gao, Lijun Xia and Gwen Yu. (Under first-round revision, The Accounting Review)
- “Dyadic Ties of Managers and Financial Analysts and their Externality on Firms’ Information Environment” with Zengquan Li and Gwen Yu. (Presented at Tsinghua University, Shanghai University of Finance and Economics, University of Minnesota 2016 Conference, and the 2015 Asian Bureau of Finance and Economics Research (ABFER) Conference. An earlier version of the paper is featured in the 2015 ABFER Research Digest: http://abfer.org/research-digest.html)
- “Political Bias of Corporate News in China: Role of Commercialization and Conglomeration Reforms” with Joseph Piotroski and Tianyu Zhang. (Presented at the University Rochester, USC, University of Melbourne, HKU, the 2015 ABFER Conference and the 2015 UNC / Chicago Booth “Global Issues in Accounting Conference”)
Select Research Projects
- “Value Implications of Social and Political Networks: Co-movement of Stock Prices among Chinese Firms” with Joseph Piotroski and Tianyu Zhang. (Data analysis stage)
- “Informativeness of Official Newspaper Articles in China” with Joseph Piotroski and Tianyu Zhang. (Data collection and analysis stage)
- “Financial Information and the Valuation of China’s Listed Firms, with Joseph Piotroski. (Data analysis stage)
- “Political Ties and Mutual Fund Investments: The Impact of social ties between mutual fund managers and politicians on mutual fund performance” with Zengquan Li and Kaigang He. (Data collection and analysis stage)
Honors and Awards
- 2009 to present Honorary professor of University of International Business and Economics, Beijing, China
- 2014 Yuji Ijiri Distinguished Lecturer in Accounting, Carnegie Mellon University
- 2014 Visiting scholar of Harvard Business School
- 2014 to present Visiting professor of Tsinghua University, China
- 2003 to present Visiting professor of Shanghai University of Finance and Economics, China
- 2003 Visiting professor of Peking University, China
- 2009 CUHK University Research Excellence Award
- 2008 European Accounting Association Annual Meeting Best Paper Award
- 2007 CUHK Vice-Chancellor’s Exemplary Teaching Award
- 1999 to 2004 HKUST Wei Lun Research Fellow
- 2000 Best Paper Award at the Asian-Pacific Finance Association Conference
- 1998 Best Paper Award at the National Taiwan University International Conference in Finance
- 2005 to 2007 CUHK Business School Teaching Awards
- 2000 HKUST Franklin Prize for Teaching Excellence for MBA core courses
- 1993 American Accounting Association (AAA) / Robert M. Trueblood Seminars participant
- 1991 AAA New Faculty Member Consortium Fellow
- 1988 AAA Doctoral Consortium Fellow
Grant Awards
Received a total of HK$12.8M (US$1.64M) of research grants as principal investigator (PI) since 1995.
1) Hong Kong Government research grants:
- The Hong Kong UGC GRF 2009-2010 for the project entitled “Do Accounting Scandals Destroy Firm Value in Relationship-based Economies?” Total award for 2010-2011 is HK$464,800. PI.
- The Hong Kong UGC GRF 2008-2009 for the project entitled “Political Incentives to Suppress Negative Financial Information: Evidence from State-controlled Chinese Firms.” Total award for 2008-2010 is HK$430,016. PI.
- The Hong Kong UGC CERG 2007-2008 for the project entitled “Asset Specificity, Accounting Properties, and Family Succession.” Total award for 2007-2009 is HK$387,960. PI.
- The Hong Kong UGC CERG 2007-2008 for the project entitled “Cause and Consequence of Cross Listing: Evidence from China.” Total award for 2007-2009 is HK$390,160.Co-investigator (Co-I).
- The Hong Kong UGC CERG 2007-2008 for the project entitled “The Rewards to Meeting or Beating Analyst Earnings Forecasts (MBE): Revisited.” Total award for 2007-2009 is HK$554,000. Co-I.
- The Hong Kong UGC CERG 2006-2007 for the project entitled “Public Governance, Corporate Governance and CEO Turnover in China.” Total award for 2006-2008 is HK$392,808. PI.
- The Hong Kong UGC CERG 2002-2003 for the project entitled “Audit Markets and Legal Environments around the World.” Total award for 2002-2004 is HK$365,444. PI.
- The Hong Kong UGC CERG 2000-2001 for the project entitled “The Impact of Improved Auditor Independence on Audit Market Concentration in China.” Total award for 2000-2002 is HK$417,317. PI.
- The Hong Kong UGC CERG 1998-1999 for the project entitled “Dividend Policy as an Instrument of Earnings Shifting: The Case of Chinese Listed Companies.” Total award for 1998-2000 is HK$498,000. PI.
- The Hong Kong UGC CERG 1996-1997 for the project entitled “The Effect of Audit Fees on Auditor Independence: Evidence from Earnings Management among Hong Kong Listed Companies.” Total award for 1996-1998 is HK$392,000. PI.
- The Hong Kong UGC CERG 1995-1996 for the project entitled “Accounting Choices and Valuation of Initial Public Offerings of Chinese Common Shares.” Total award for 1995-1997 is HK$445,000. PI.
- The Hong Kong UGC Research Infrastructure Grant for the project entitled “Corporate Governance and Financial Contracting.” Total award for 1995-1996 is HK$723,000. Co-I.
2) The People’s Republic of China’s Natural Science Foundation Grant: The State Natural Science Foundation Grant (No. 70172008) of the People’s Republic of China 2001 for the project titled “Corporate Governance Issues of Chinese Listed Companies.” Total award is RMB130,000. Co-I.
3) Hong Kong Exchange and Clearing Research Grant: The Hong Kong Exchange and Clearing Research Grant 2004-2005 for project titled “Public Governance, Corporate Governance and the Value of Hong Kong Listing.” Total award for HK$ 177,500. PI.
4) Financial support from Rega Technologies Limited:
- Awarded by Rega Technologies Limited, 2013, for project titled “Local Information Advantages and the Agency Cost of Delegated Portfolio Management: Evidence from Mutual Funds Investing in China.” Total award for HK$100,000. PI.
- Awarded by Rega Technologies Limited, 2011, for project titled “The Role of Accounting Information for Valuation in China and Emerging Markets.” Total award for HK$180,000. PI.
5) CUHK internal grant awards:
- Received from Center for Institutions and Governance: Awarded by CUHK for project titled “Establishment of Center for Institutions and Governance.” Total award for HK$1.5M for 2004-2016. PI.
- Awarded by CUHK for project titled “Focused Investment Scheme B - Center for Institutions and Governance.” Total award for HK$7M for 2006-2016. PI.
6) HKUST internal grant award: The HKUST Area of Excellence Research Grant for the project entitled “The Board Structure, Government Influence and the Performance of Listed Companies in China.” Total award for 2002-2004 is HK$150,000. PI.
7) USC U.S.-China Institute Faculty Research Grant (with Mingyi Hung and Tianyu Zhang). Total award for USD 4,000. Co.I.
Featured Articles
January 4, 2024
We note the passing of many prominent individuals who played some role in U.S.-China affairs, whether in politics, economics or in helping people in one place understand the other.
Events
Thursday, March 21, 2024 - 4:00pm PST
Ying Zhu looks at new developments for Chinese and global streaming services.
Tuesday, March 19, 2024 - 4:00pm
David Zweig examines China's talent recruitment efforts, particularly towards those scientists and engineers who left China for further study. U.S. universities, labs and companies have long brought in talent from China. Are such people still welcome?