PUBLICATIONS

• Xuelian Li, Liang Dong, Hung Wan Kot, and Ming Liu, 2024, Regulatory investigations, media coverage, and audit opinions, Journal of International Accounting, Auditing and Taxation 54, 100596.  [Download]

• Hung Wan Kot, Ming-Hsiang Chen, Ching-Hui (Joan) Su, and Yu-Xia Lin, 2024, Tang poetry and tourism: Cultural effects after 1000 years, Tourism Economics, in press.  [Download]

• Wenwen Zheng, Junjun Li, Yu Wang, Zhuyifan Ye, Hao Zhong, Hung Wan Kot, Defang Ouyang, and Ging Chan, 2023, Quantitative analysis for Chinese and US-listed pharmaceutical companies by the LightGBM algorithm, Current Computer-Aided Drug Design, in press. [Download]

• Liang Dong, Yiqing (Kevin) Dai, Tariq Haque, Hung Wan Kot, and Takeshi Yamada, 2022, Coskewness and reversal of momentum returns: The US and international evidence, Journal of Empirical Finance 69, 241-264. [Download]. 

• Wan-Qing Lv, Yi-Jie Wang, Ching-Hui (Joan) Su, Ming-Hsiang Chen, and Hung Wan Kot, 2022, A comprehensive analysis of package tour quality: A stochastic evolutionary game, Tourism Management 91, 104478. [Download]

• Liang Dong, Hung Wan Kot, Keith S.K. Lam, and Morris Liu, 2022, Co-skewness and expected return: Evidence from international stock markets, Journal of International Financial Markets, Institutions & Money 76, 101479. [Download]

• Ming-Hsiang Chen, Chunmei Liang, Di Zhu, Hung Wan Kot, and Zhandong Yang, 2022, Nonlinear effects of board characteristics on China’s hotel performance: New evidence, Tourism Economics, 28(8), 1998-2020.  [Download]

• Liang Dong, Hung Wan Kot, Keith S.K. Lam, and Bo Yu, 2022, China vs. U.S.: Are higher co-moment risks priced differently?, Asia Pacific Journal of Accounting and Economics, 29(5), 1333-1353.  [Download]

• Adrian W.K. Cheung, Mostafa Hasan, Hung Wan Kot, and Lidia Tunas, 2021, Firm life cycle and trade credit, Financial Review 56(4),  743-771.  [Download]

• Ming-Hsiang Chen, Su-Jane Chen, Hung Wan Kot, Di Zhu, and Zhongjun Wu, 2021, Does gender diversity matter to Chinese hotel performance?  International Journal of Hospitality Management, 97, 102987. [Download]

• Adrian W. K. Cheung, Hung Wan Kot, Eric F. Y. Lam and Harry K. M. Leung, 2020, Toward understanding short-selling activity: Demand and supply, Accounting and Finance 60(3), 2203-2230.  [Download]

• Keith S.K. Lam, Liang Dong, and Hung Wan Kot, 2020, Is higher co-moments priced? A tale of two countries,  Journal of Financial Studies, 28(1), 77-109.  [Available on request]

• Hung Wan Kot, Ming-Hsiang Chen, Adrian W.K. Cheung, and Haiyu Huang, 2019, Understanding short selling activity in the hospitality industry, International Journal of Hospitality Management 82, 136-148.   [Download]

• M. Fevzi Esen, Manisha Singal, Hung Wan Kot, and Ming-Hsiang Chen, 2019, Can insider trading in U.S. hospitality firms predict future returns? International Journal of Hospitality Management 83, 115-127.  [Download]

• Hung Wan Kot, Lewis H.K. Tam, 2016, Are stock prices more informative after dual-listing in emerging markets? Evidence from Hong Kong-listed Chinese companies, Pacific Basin Finance Journal 36, 31-45.    [Download]

• Hung Wan Kot, Harry K.M. Leung, Gordon Y.N. Tang, 2015, The long-term performance of index additions and deletions: Evidence from Hang Seng Index, International Review of Financial Analysis 42, 407-420.   [Download]

• Kalok Chan, Hung Wan Kot, and Gordon Y.N. Tang, 2013, A comprehensive long term analysis of S&P 500 index additions and deletions, Journal of Banking & Finance, 37, 4920-4930.  [Download]

• Hung Wan Kot, 2011, Corporate name changes: Price reactions and long-run performance, Pacific Basin Finance Journal 19, 230-244.   [Download]

• Kalok Chan, Hung Wan Kot, and Desmond Li, 2008, Portfolio Concentration and Closed-End Fund Discounts: Evidence from the China Market, Emerging Markets Review, Vol 9, Issue 2, 129-143.   [Download]

• Hung Wan Kot, 2007, What determines the level of short-selling activity?, Financial Management, Vol 36, Issue 4, 123-141.   [Download]

• Abey Gunasekarage, Hung Wan Kot, 2007, Return-based Investment Strategies in the New Zealand Stock Market: Momentum Wins, Pacific Accounting Review, Vol 19, No 2, 108-124.   [Download]

• Kalok Chan, Hung Wan Kot, 2006, Can contrarian strategies improve momentum profits?, Journal of Investment Management, Vol 4, No 1, 70-89.   [Download is not available due to copyright]

WORKING PAPERS

• Hung Wan Kot, Lewis H. K. Tam, and Xin Xu, 2024, Lexical similarity in corporate announcements and its valuation impact: Evidence from profit warnings in Hong Kong.
  [Available on request, accepted for presentation at 21st Asian Academic Accounting Association Annual Conference, IFABS 2024 Shanghai Conference,  19th Conference on Asia-Pacific Financial Markets, 31st Annual MFS Conference, and The 2025 Asian Finance Association Annual Conference.]

Abstract: We examine the financial impact of lexical similarity in bilingual financial disclosures in the context of profit warnings issued by Hong Kong-listed companies. We find that the degree of lexical similarity between the Chinese and English versions of profit warnings is negatively associated with corporate governance and financial health. We also show that the lexical similarity is related to the tone of the warnings and the use of boilerplate sentences, and direction of translation between languages. The stock price reacts relatively positively to the lower lexical similarity, and this positive reaction is not reversed afterward..

• Hung Wan Kot, Frank W.K. Li, Morris Liu, and John K.C. Wei, 2023, Do Short Sellers Pay Attention to Annual Reports?  [Download]

Abstract: We examine whether short sellers pay attention to textual information in annual reports in their shorting activities. We find that the presence of more weak modal words in annual reports is associated with greater shorting volume. Shorting volume directly driven by specificity terms and weak modal words more strongly and negatively predicts stock price reactions after the filing of annual reports. Textual information in the MD&A section is more informative about future stock returns than that in the risk disclosure section. However, textual information used by short sellers is only weakly related to subsequent analyst earnings forecast revisions and changes in firm fundamentals. Our results suggest that textual information in annual reports forms an important part of short sellers’ information advantage.

• Hung Wan Kot, Xin Xu, and Bohui Zhang, 2023, Inspections by National Leaders and Local Economic Performance. [Download]

Abstract: This study examines the effects of inspections by national leaders on domestic cities’ economic growth in China. We manually collect data on the dates and cities of inspections by national leaders in China from 1993 to 2019, and we classify these inspections into those related to either the economy or to people’s livelihoods. We find that on average, the local GDP increased by 2.32% in the three years following economy-related inspections and by 1.31% for livelihood-related inspections. The increased GDP after inspections can be attributed to locally tailored policy support for economy-related inspections and increased local government expenditures on livelihood-related inspections. We also show that the stock prices of listed firms from the inspected cities reacted positively to economy-related inspections, and firms’ fundamentals improved (decreased) in the three years following economy-related (livelihood-related) inspections.

• Hung Wan Kot, Liang Shao and Lewis Tam, 2023, Cross-listing and reverse cross-listing: Role of national culture. 

• Hung Wan Kot, Lewis H. K. Tam, and Xin Xu, 2022, Tone management between languages.
  [available on request, accepted for presentation at Asian Finance Conference 2023 and the 8th World Business Ethics Forum.]

Abstract: We examine the impact of tone management between languages, by focusing on the Chinese and English versions of the profit warnings and positive alerts in Hong Kong market. The abnormal returns are negatively associate to positive tone management in profit warnings, but not for positive alerts. The results are mainly driven by the penny stocks and local firms. We exam the mechanisms and find penny stocks and local firms contain less information in their announcements and they run less real businesses. Moreover, firms tend to use more positive words in Chinese version in pandemic period than non-pandemic period.

• Lewis H.K. Tam, Hung Wan Kot, Ming-Hsiang Chen, and Yiming Chang, 2021, Can aircraft-introducing methods affect the capital structure of commercial airlines? 

• Hung Wan Kot, and F.Y. Eric C. Lam, 2018, The Commonality Between the Asset Growth Anomaly and the Market-to-Book Anomaly.
  [Current draft: July 2017. Available on request. Presented at: EFMA 2017 at Athens]

PERMANENT WORKING PAPERS

• Kalok Chan, Hung Wan Kot, and Sophie Ni, 2015, Why do short interest predict returns? Over-valuation and information.    [Download, this draft: Feb 2015. Presented at: Cheung Kong Graduate School of Business, Fudan University, Shanghai Advanced Institute of Finance, University of Macau, 2011 Asia Finance Association Meetings (Macau), 2011 China International Conference in Finance (Wuhan). 2012 FMA Asian Conference.]

• Kalok Chan, Hung Wan Kot, and Zhishu Yang, 2010, Effects of Short-sale Constraints on Stock Prices and Trading Activity: Evidence from Hong Kong and Mainland China.    [Download, this draft: March 2010, previous titled as "Short-sale constraints and A-H share premiums". Currently under major revision. Presented at University of New South Wales, Xiamen University, 2009 China International Conference in Finance at Guangzhou, and Asian-FA 2009 International Conference at Brisbane]

ORCID iD 0000-0001-7736-6906