Susheng Wang

• Ph.D. 1991 University of Toronto, Economics
• M.S. 1985 Nanakai University, China, Mathematics
• B.S. 1982 Nankai University, China, Mathematics

ACADEMIC AND PROFESSIONAL EXPERIENCE

• Professor of Economics, Hong Kong University of Science and Technology (HKUST), 2011-- Associate Professor of Economics, Hong Kong University of Science and Technology (HKUST), 2001-2011
• Assistant Professor of Economics, Hong Kong University of Science and Technology (HKUST), 1993-2001
• Visiting Scholar, Department of Economics, UCLA, Jan-Jul, 1998
• Assistant Professor, Department of Economics, Concordia University, 1991-93

PUBLICATIONS

• Wang, L.; Wang, S. (2017). Buybacks as an Efficient Strategy for Venture Capital in Emerging Markets. Pacific-Basin Finance Journal, forthcoming_._
• Ma, Q.; Wang, S. (2017). A Unified Theory of Forward- and Backward-looking M&As and Divestitures. European Financial Management, forthcoming.
• Wang, S. (2017). A Theory of Mandatory Convertibles: Distinct Features for Large Repeated Financing. European Journal of Finance, forthcoming.
• Wang, S. (2017). A Functional Representation of Fuzzy Preferences. Theoretical Economics Letters, 7, 13-22.
• Jiang, K.; Wang, S. (2017). A Contractual Analysis of State versus Private Ownership. China Economic Review, 43, 142-168.
• Jiang, K.; Wang, S. (2017). A Contractual Analysis of State versus Private Ownership. China Economic Review, 43, 142-168.
• Jiang, K.; Wang, S. (2017). A Contractual Analysis of State versus Private Ownership. China Economic Review, 43, 142-168.
• Wang, S.; Zhu, T. (2016). Optimality of the 51:49 Equity Structure. Economics Letters, 145, 270-273.
• Wang, S.; Zhu, T. (2016). Optimality of the 51:49 Equity Structure. Economics Letters, 145, 270-273.
• Jiang, K.; Wang, S. (2016). Staged Privatization: Transforming SOEs to Market-Based Firms. Journal of Institutional and Theoretical Economics, 172(4), 694-726.
• Chen, S.; Wang, S.; Yang, H. (2015). Spatial Competition and Interdependence in Strategic Decisions: Empirical Evidence from Franchising. Economic Geography, 91(2), 165-204_._
• Wang, S. (2014): “The Irrelevance of Control Rights in Agency Models under Risk Neutrality.” Managerial and Decision Economics, 35, 337-349.
• Wang, L.; Wang, S.; Zhang, J. (2013): “Understanding the High-Tech Bubble from Evidence,” Financial Review, 48(2), 283-310.
• Jiang, K.; Wang, S. (2012): “Staged Privatization: A Market Process with Multistage Lockups,”  China Economic Review, 23(4), 1051-1070.
• Zhang, J.; Wang, L.; Wang, S. (2012): “Financial Development and Economic Growth: Recent Evidence from China,” Journal of Comparative Economics, 40, 393-412.
• Wang, L.; Wang, S. (2012): “Economic Freedom and Cross-Border Venture Capital Performance,” Journal of Empirical Finance, 19, 26-50. (38 Google citations in 2016-12).
• Wang, L.; Wang, S. (2012): “Endogenous Networks in Investment Syndication,” Journal of Corporate Finance, 18, 640–663.
• Hong, F.; Wang, S. (2012): “Climate Policy, Learning, and Technology Adoption in Small Countries,” Environmental and Resource Economics, 51(3), 391-411.
• Qiu, L.; Wang, S. (2011): “BOT Projects: Incentives and Efficiency,” Journal of Development Economics, 94(1), 127–138. (15 Google citations in 2014-08).
• Wang, L.; Wang, S. (2010): “Cross-Border Venture Capital Performance: Evidence from China,” Pacific-Basin Finance Journal, 19(1), 71–97. (49 Google citations in 2016-12).
• Wang, S. (2010): “Contractual Incompleteness for External Risks,” B.E. Journal of Theoretical Economics, 10(1), Article 19.
• Wang, S. (2009): “Convertibles in Sequential Financing,” Review of Finance, 13(4), 727–760. (16 Google citations in 2016-12).
• Wang, L.; Wang, S. (2009): “Convertibles in Staged Financing,” Journal of Economics and Finance, 33(2), 189–221.
• Wang, S. (2008): “The Optimality of Contingent Fees in the Agency Problem of Litigation,” International Review of Law and Economics, 28, 23–31.
• Wang, S.; Zhu, L. (2007): “Increasing Returns to Scale from Variable Capacity Utilization,” International Journal of Economic Theory, 3(3), 191–212.
• “A First-Best Sharing Contract for the Agency Problem of Litigation,” International Review of Law and Economics, accepted with a minor revision, 2007.
• “Bargaining, Revenue Sharing and Control Rights Allocation,” _International Economic Review, _46 (3), 895–915, with Tian Zhu, 2005.
• "Contract Law and the Boundaries of the Firm", Journal of Economic Research, _9,_ 93-113, with Tian Zhu, 2004.
• "Robustness of a Fixed-Rent Contract in a Standard Agency Model," Economic Theory, 24 (1), 111-128, with Sonku Kim, 2004.
• "Staged Financing in Venture Capital: Moral Hazard and Risks", Journal of Corporate Finance, 10 (1), 131-155, with Hailan Zhou, 2004.
• "The Distribution of Wealth with Uncertain Income'''',  Economica, 70, 267-292, with Ian Irvine, 2003.
• "Saving Behavior and Wealth Accumulation in a Pure Life-Cycle Model with Income Uncertainty", European Economic Review, with Ian Irvine, 45 (2), 233-258, 2001.
• "The Determinants of Aggregate Wealth", Macroeconomic Dynamics, 4 (1), 22-41, 2000
• "Linear Contracts and the Double Moral-Hazard," Journal of Economic Theory, 82, 342-378, with Son Ku Kim, 1998
• "Foreign Direct Investment: Incentive to learn and Contract Enforcement," Journal of Comparative Economics, 26, 761-782, with Zhigang Tao, 1998
• "Earnings Uncertainty and Wealth Accumulation: Comment", American Economic Review, 84, No. 5, 1994, 1463-1469 (with I. Irvine)
• "The Local Recoverability of Risk Aversion and Intertemporal Substitution", Journal of Economic Theory, 59, No. 2, 1993, 333-363
• "The Integrability Problem of Asset Prices", Journal of Economic Theory, 59, No. 1, 1993, 199-213
• "Is Kreps-Porteus Utility Distinguishable From Intertemporal Expected Utility?", Economic Theory, 3, 1993, 119-127

SERVICE ACTIVITIES WITHIN COLLEGE AND PROFESSION

• Reviewer, American Mathematical Society, 1985-present
• Referee, Econometrica; Journal of Economic Theory; Review of Financial Studies

RESEARCH INTERESTS

Information Theory, Agency models