Gary (Gang) TIAN

Curriculum Vitae

1School of Accounting and FinanceTel: 61 (0)2 4221 4301

University of WollongongFax: 61 (0)2 4221 4297

Northfields Ave,Email:

NSW 2522 Australia

2Professional experience

Present Chair Professor in Finance (February 2012 –),

Director, Chinese Commerce Research Centre (December 2008 –), School of Accounting and Finance

University of Wollongong

Citizen:Australian

Web:

PreviousAssociate Professor (February 2007 – December 2011),

Head of Postgraduate Studies (April 2007 – August 2012),

School of Accounting and Finance,

University of Wollongong.

Senior Lecturer (January 2001 – February 2007)

Lecturer (January 1999 – December 2000),

School of Economics and Finance, University of Western Sydney.

Lecturer, (July 1996 – December 1998), School of Economics,

Flinders University, SA.

Associate Lecturer (July 1994- June 1996), School of Economics,

La Trobe University, Melbourne.

Lecturer (January 1988 – June 1989), Department of World Economy,

Shanghai University of Finance and Economics, China.

Credit Officer, (February 1982 – December 1987), Letter of Credit Department, Bank of China, Shanghai.

3HONORS & AWARDS

2013, Winner, the 2012 Runner up CGIR Best Paper Award, “Board Structure and Survival of New Economy IPO Firms”, with Chancharat, N. and Krishnamurti C., Corporate Governance: An International Review (2012) 20 (2), 144-163.

2012,Finalist, the Pacific-Basin Finance Journal Best Paper Award at the 2012 Asian Finance Association International Conference, for a joint paper with Ma, Liangbo, and Ma, Shiguang, “Political Connection, Founder-Managers, and Their Impacts on Tunneling in China's Listed Firms”.

2012, Finalist, the Best Paper Award in the Auckland Finance Meeting, December 2012 for a joint paper with (Jane Chau, Alex Frin, and Shiguang Ma) “Impact of Anonymity on Liquidity in Limit Order Books: Evidence from Cross-Listed Stocks”

2010，Winner, Best Paper Award in Corporate Finance at the 2010 FMA Asian Conference in Singapore, for a joint paper with Mike Lemmon, Jerry Cao, and Xiaofei Pan, “Political Promotion, CEO Compensation, and Their Effect on Firm Performance”.

2009, Service to Research Awards, Commerce Staff Awards 2008, Faculty of Commerce, UOW.

2008, Research Excellence Award, Commerce Staff Awards 2008, Faculty of Commerce, UOW.

2008, Visiting Professor, Sun Yat-Sen University.

2006, Senior Visiting Scholar, NanyangBusinessSchool, Nanyang Technological University, Singapore

Senior Visiting Fellows, School of Business, SunYat-senUniversity

1989-93, MacquarieUniversity Postgraduate Research Award (MUPRA), Australia.

1990-93, Australian National Research Training Priority Area Stipend.

This additional award was on the basis of the progress and the quality of the research of MUPRA holders. I became the first postgraduate research student at Macquarie to achieve that distinction.

1985, National Young Economist Award, China, an award for the best article “Expanding China’s export amid growing protectionism during 1980s”.

4RESEARCH

4.1 Research Interests

1)CEO compensation/turnover, political promotion

2)Political connection, firm performance and tunnelling

3)Disproportional ownership, state control and family control

4)Intraday data, liquidity and volatility patterns

5)Foreign exchange rate, share market, and financial market integration

6)Chinese financial markets and corporate finance

4.2List of Publications

(i) Refereed journal articles

2013

“Is no news good news evidence of intraday returns and volatility relationship from the Shanghai Stock Exchange”, with Chandrasekhar Krishnamurti, Min Xu and Guangchuan Li, Journal of the Asia Pacific Economy (2013) 18 (1), 149-167(ERA rank A).

2012

“Controlling shareholders expropriation and firms’ leverage decision evidence from Chinese non-tradable share reform”, with Qigui Liu, Journal of Corporate Finance.(ERA/ABDC rank A*)(2012)18 (4), pp. 782-803.

“Board Structure and Survival of New Economy IPO Firms”, with Chancharat, N. and Krishnamurti C., Corporate Governance: An International Review (2012) 20 (2), 144- 163.(ERA/ABDC rank A)

“Corporate Governance and Corporate Finance Practices in a Kuwait Stock Exchange Market Listed Firm: A Survey to Confront Theory with Practice”, with Al Mutairi M., Hasan H., and Tan A.,Corporate Governance, International Journal of Corporate Finance in Business Society, (2012) 12(5), 595-615.

2011

“Disproportional ownership structure and pay-performance relationship: evidence from China’s listed firms”, with Jerry Cao and Xiaofei Pan, Journal of Corporate Finance, (2011) 17 (3), 541–554. (ERA/ABDC rank A*)

“The Effect of Ownership Structure on Leverage Decision: New Evidence from Chinese Listed Firms”, with Qigui Liu and Xiaoming Wang, Journal of the Asia Pacific Economy, (2011) 16 (2),254–276. (ERA rank A )

“Managerial ownership, capital structure and firm value: Evidence from China’s civilian-run firms”, with Ma, S., and Ruan, R., Australasian Accounting Business and Finance journal,(2011), 5 (3), 73-92.

2010

“The Relationship between Stock Returns and the Foreign Exchange Rate: the ARDL Approach”,with Ma, S., Journal of the Asia Pacific Economy, (2010) 15 (4), 490-508. (ERA rank A)

“Ownership and Ownership Concentration: Which is Important in Determining the Performance of China's Listed Firms?”,with Ma, S. and Naughton, T.,Accounting and Finance, (2010) 50 (4), 871-897. (ABDC Rank A)

“Multiple States of Financially Distressed Australian Companies: A Competing Risks Model”with Chancharat, N., Pam, D., McGrae, M., and Lodh, S., Australasian Accounting Business and Finance journal,(2010), 4 (4), 27-44.

“Predicting Future Earnings Growth: A Test of the Dividend Payout Ratio in the Australian Market”, with Flint, A. and Tan, A.,The International Journal of Business and Finance Research. (2010)4 (2), 43-58.

2009

“Board Composition, Board Activity andOwnership Concentration, the Impact on Firm Performance”, with Ma, S. Problems and Perspectives in Management, (2009) 7 (3), 31-50.

“Managerial Ownership, Capital Structure and Firm Value”with Ruan, and Ma, Corporate Ownership and Control，(2009). 7 (2), 71-82.

2008

“Equity market price interactions between China and the other markets within the Chinese states equity markets” Multinational Finance Journal, (2008) 12 (1-2), 105-126.

“The Determinants of Capital Structure: the case of long-term debt constraint for Jordanian Firms”,with Zeitun, R., Corporate Ownership & Control, (2008) 6 (1), 22-37.

2007

“Interday and Intraday Volatility: additional evidence from the Shanghai Stock Exchange”, with Guo, M. Y., Review of Quantitative Finance and Accounting,(2007) 28 (3), 287-306. (ABDC Rank A)

“Capital Structure and Corporate Performance: Evidence from Jordan”, with Zeitun, R., Australasian Accounting Business & Finance Journal, (2007) 1 (4), 40-61.

“Are Chinese stock markets becoming increasingly integrated with other markets in the greater China region and other major markets?” Australian Economics Papers, (2007) 46 (3), 240-53.

"The intraday patterns of bid-ask spreads and limit order: evidence from Chinese stocks", with Guo, M. Y., China Journal of Finance (2007) No 12, 104-131.

“Does ownership affect a firm's performance and default risk in Jordan?”, with Zeitun, R., Corporate Governance, International Journal of Corporate Finance in Business Society, (2007). 7 (1), 66-82.

“Macroeconomic Determinants of corporate performance and failure: evidence from emerging market a case of Jordan”, with Zeitun, R, and Keen, S., Corporate Ownership & Control, (2007) 5 (1), 179-194.

"Default probability for the Jordanian companies: a test of cash flow theory," with Rami, Z., & Keen, S. (2007).International Research Journal of Finance and Economics, 8: 147-162.

2005

Tian, G. G. & Guo, M. (2005). "Intraday data and volatility models: evidence from Chinese stocks," China Journal of Finance, 3 (2): 32-65.

2004

“Interactions among China-Related Stocks: Evidence from a Causality Test with a New Procedure”, with Wan, G. H., Applied Financial Economics, (2004) 14 (1), 67-72.

Tian, G. G. (2004). "China's Transition to a Global Economy," Journal of Asian Business, 20 (1): 84-85.

2002

“Market Efficiency and Returns to Simple Technical Trading Rules: New Evidence from U.S. Equity Market and Chinese Equity Markets”, with Wan, G. H. and Guo, M. Y., Asia-Pacific Financial Markets, (2002) 9 (3-4), 241-258.

1999

“Do Migrants Rob Jobs? New Evidence from Australia”, with Shan, J., Australian Economic History Review, (1999) 39 (2), 133-142. (ERA/ABDC rank A)

1998

“Causality between Exports and Economic Growth: the Empirical Evidence from Shanghai”, with Shan, J., Australian Economic Papers, (1998) 37 (2), 195-202.

1997

“China’s Post-1979 Uneven Regional Policy: Shanghai and Guangdong”, The Journal of Contemporary China, (1997), 6 (14), 61-78.

1994

“The Emergence of Shanghai's Role as Entrepôt Centre since the Mid-1980s”, The Journal of Contemporary China, (1994), 3 (7), 3-27.

1988

“The non-discriminative principle of the GATT and world trade environment” International Trade Journal, (1988), No.12, pp.44-46, Beijing.

“The Flexible Exchange Rate - A Debate over How to Formulate China’s Foreign Exchange Rate”, with Xiang Li, International Trade, (1988),No 2 pp.20-22, Beijing.

“Manufactured Export Markets: A Comparative Study on Asia and South America”, World Economy Forum, (1988), No.1, Shanghai.

“International Trade Theories in China during the 1980s”, International Trade Tribune, (1988), No.1.

1987

“The Overseas Marketing Research by Japanese Trade Promotion Society”, International Economy, Trade and Law, (1987), No.11, pp.19-20, Shanghai.

“East Asia’s Manufactured Export Expansion: Mechanism and Implication”, World Economy Study, (1987), No.4, Shanghai.

1986

“China’s Foreign Trade Law: Establishment and Implication”, Politics and Law (bi-monthly), (1986), No.4, Shanghai, pp.10-12.

“China’s export expansion and import protection in other countries during 1980s” International Trade, (1986), No.3, 1986, pp.20-23, Beijing.

“China’s Industry-trade Integrated FTCs: An International Marketing Perspective”, The Study of Finance and Economics, (1986), No.9, Shanghai.

“Trade protectionism in developed countries and our measures”, The Study of Finance and Economics, (1986), No.2, Shanghai.

(iii) Authored Books

Shanghai's Role in the Economic Development of China: Reform of Foreign Trade and Investment, London: Praeger, (1996), (248 pages).

(vi) Book Chapters

“Corporate finance practice in Kuwait: a survey to confront theory with practice” (with Al Mutairi, M., Tan, A. T H.),in J. Graham, S. B. Smart & W. L. Megginson (Eds.), Corporate Finance: Linking Theory to What Companies Do (with Thomson ONE - Business School Edition 6) (p. TBA). Mason, OH: Cengage Learning (2010).

“Market Efficiency and the Returns to Simple Technical Trading Rules: A New Evidence”, (with M. Guo), Money and Finance in Transition – Research in Contemporary and Historical Finance, Swedish publisher.

“Causality between FDI and Economic Growth”, (Jointly: J. Shan, G. Tian and F. Sun), in Y. Wu (ed.) Foreign Direct Investment and Economic Development in China, Cheltenham, UK: Edward Elgar, pp. 140-156. (1999)

“Foreign Direct Investment Patterns in China, a Case Study of Shanghai”, in Y. Wu (ed.) Foreign Direct Investment and Economic Development in China, Cheltenham, UK: Edward Elgar, pp. 157-193. (1999)

“China’s Post 1979 Uneven Regional Policy: Shanghai and Guangdong”, in C. A. Tisdell and J. C. Chai (eds.) China’s Economic Growth and Transition: Macroeconoimc, Regional, Environmental and Other Dimensions, The University of Queensland, pp. 273-294. (1997)

“The implication of Economic Reform on Shanghai’s Export: 1979-89”, China: Trade and Reform, Chinese Students’ Society for Economic Studies and National Centre for Development Studies, Australian National University, pp. 207-222. (1991)

“International Market Price”, in Xiang Li (ed.), International Trade Principles and Practice, Shanghai ShanLian Publisher. (1990)

“China’s Export Industrial Policy: An Assessment” (Jointly: Zi-shuang Sai, Gang Tian, Hong-sheng Tian, Jun Cheng and Tian-Shang Peng), monograph published by China Foreign Trade Association, Beijing, (202 pages). (1988)

(v)Papers published in Access China, MacquarieUniversity:

1992, “China Foreign Trade Incentives”, No. 6, pp. 16-18, June.

1992, “China Foreign Trade Reform”, No. 5, pp. 16-18, March.

1991, “China Foreign Trade Structure”, No. 3, pp. 15-17, September.

(vi) Papers under revision and resubmission

“Political Promotion, CEO Incentives, and the Relationship between Pay and Performance, (with Jerry Cao, Michael Lemmon, Xiaofei Pan, Meijun Qian),Review of Financial Studies

“The value of political connections when accessing the IPO market” (with Qigiu Liu and Vincent Tang), Journal of Corporate Finance

Fang Hu, Xiaofei Pan and Gary Tian, Does CEO pay dispersion matter in an emerging market?, Pacific Basin Finance Journal (conditional acceptance)

Liangbo Ma, Shiguang Ma and Gary Tian, Political connections, founder-managers, and their impacts on tunneling in China’s listed firms, Pacific Basin Finance Journal

Xiaojun Chu, Qigui Liu and Gary Tian, Disproportional ownership structure and stock market liquidity in China, Accounting and Finance

(vii) Conference Plenary Presentations at Meetings and Conferences

Presentation, “Political Promotion, CEO Incentives, and the Relationship between Pay and Performance” (with Jerry Cao, Mike Lemmon, Xiaofei Pan and Qian Meijun) at Workshop “CEO compensation, firm governance and firm performance: evidence from China”, organised by National Institute of Economic and Social Research, NSFC and Economic & Social Research Council, on 21st April 2012 in Hangzhou.

Presentation, “Do private equity investors conspire ultimate owners? (with Qigui Liu and Vincent Tang) at CAFR International Symposium 8-9 December 2012.

(viii)Paper Presentations at Meetings and Conferences (including presentations by co-authors)

“Bankconnection,corruptionandcollateralinChina ”with Xiaofei Pan

  • 2013 China Finance Review International Conference (CFRIC) on July 9th, in Antai College of Economics & Management, Shanghai Jiao Tong University.
  • World Finance & Banking Symposium – Beijing, 16-17, 2013.

“The impact of information opacity on the relation between founding-family control and cost of debt”, with Liangbo Ma, and Shiguang Ma

  • European Financial Management Association 2013 Annual Meetings

June 26-29, 2013 Reading, UK (presented by co-author)

“Ownership concentration and Entrenchment: evidence from IPOs of Entrepreneurial firms in China”, with Jerry Cao, Jeremy Goh

  • Financial Globalization and Sustainable Finance: Implications for policy and Practice, Conference & Special Edition of the Journal of Banking and Finance, Cape Town, South Africa, May 29-31, 2013. (presented by co-author).

"Do Private Equity Investors Conspire with Ultimate Owners in the IPO Process?", with Qigui Liu and Vincent Tang,

  • World Finance & Banking Symposium – Beijing, 16-17, 2013.
  • 2013 Asian Finance Association (AsianFA) Annual Conference to be held in Nanchang, China, July 15 – 17, 2013.
  • Third online workshop, Venture Capital and Private Equity in the Asia Pacific Region, Asian Finance Association and University of New South Wales, December 2012
  • CAFR International Symposium 8-9 December 2012.

“Mutual Fund Ownership, Firm Specific Information, and Firm Performance: Evidence from China”, withZhang, Hong Feng; Sharpe, Wenhuan (presented by co-author).

  • China International Conference in Finance, Shanghai (July 2013)
  • 2013 Asian Finance Association (AsianFA) Annual Conference to be held in Nanchang, China, July 15 – 17, 2013.

“Ultimate Ownership, Bank Connections and Collateral in China", with Xiaofei Pan

  • China International Conference in Finance, Shanghai (July 2013)
  • 2013 Asian Finance Association (AsianFA) Annual Conference to be held in Nanchang, China, July 15 – 17, 2013.

"The value of political connections in Chinese IPO market", with Qigui Liu and Vincent Tang

  • China International Conference in Finance, Shanghai (July 2013)

Technical Efficiency of Thai SMEs: The Application of Data Envelopment Analysis,

With Nongnit Chancharat and Surachai Chancharat,

  • International Symposium on Business and Social Sciences, Tokyo, Japan, March 2013.

“Controlling shareholders expropriation and firms’ leverage decision evidence from Chinese non-tradable share reform”, with Qigui Liu,

  • World Finance & Banking Symposium, Cheung Kong Graduate School of Business, Shanghai, December 2012

“Impact of Anonymity on Liquidity in Limit Order Books: Evidence from Cross-Listed Stocks” (Jane Chau, Alex Frin, Gary Tian and Shiguang Ma)

  • 25th Australasian Finance and Banking Conference, December 2012
  • Auckland Finance Meeting, December 2012

“Founding-family control, information opacity, and the cost of debt: evidence from China” (Ma, Liangbo, Ma, Shiguang, Tian, Gary)

  • 25th Australasian Finance and Banking Conference, December 2012

“Political Connection, Founder-Managers, and Their Impacts on Tunneling in China's Listed Firms” (Ma, Liangbo, Ma, Shiguang, Tian, Gary)

  • Asian Finance Association International Conference, Taipei (June 2012)
  • China International Conference in Finance, Chongqing (July 2012)

“Political Promotion, CEO Incentives, and the Relationship between Pay and Performance, (with Jerry Cao, Michael Lemmon, Xiaofei Pan, Meijun Qian),

  • FMA Asian Conference, Phuket, July 2012 (presented by co-author)
  • Institutions and Organizations (CGIO) Academic Conference, National University of Singapore, August 2011.(presented by co-author)
  • NUS Junior Faculty Workshop, Centre for Asset Management Research & Investments (CAMRI) and NUS Business School, July 2011 (presented by co-author)

“Political Promotion, CEO Compensation, and Their Effect on Firm Performance”(with Mike Lemmon, Jerry Cao, Xiaofei Pan)

  • Winner of Best Paper Award in Corporate Finance at the 2010 FMA Asian
  • American Finance Association annual meeting (AFA) Devour USA, January 2011.
  • FMA Asian Conference,Singapore, July 2010.
  • China International Finance Conference, Beijing, July 2010.

“Political capital or constraints: evidence from CEO entrenchment in China”, with Jerry

Cao, Xiaofei Pan, and Meijun Qian

  • Previously as “Political connection and managerial entrenchment: evidence from CEO turnovers in China” (withJerry Cao, Xiafei Pan, Meijun Qian)
  • Asian Finance Association conference, Taipei, July 2012.
  • China International Finance Conference, Chongqing, July 2012 (presented by co-author).
  • Asian Finance Association (AsianFA) Annual Conference in Macao, July 2011.

“The Stock Market Implication of Political Connections: Evidence from Firms’ Dividend Policy” (with Jerry Cao, Sheng Huang and Qigui Liu)

  • FMA Asian Conference, Phuket, July 2012

“The value of political connections when accessing the IPO market” (with Qigiu Liu and Vincent Tang)

  • Asian Finance Association conference, Taipei, July 2012.

“Disproportional Ownership Structure and Stock Market Liquidity in China” (Xiaojun Chu, Liu Qigui)

  • Conference on Financial Markets and Corporate Governance, Melbourne, April 2012

"Disproportional Ownership and IPO Long-Run performance in China" (with Jerry Cao and Vincent Tang)

  • 24th Australasian Finance and Banking conference, Sydney, December 2011 (presented by co-author).

“Venture Capital and Executive Incentives in China” (with Jerry Cao and Qigui Liu)

  • Durham-EJF Special Issue Conference on the Chinese Capital Market, Durham University, UK, September 2011.
  • China International Finance Conference, Wuhan, July 2011
  • Asian Finance Association (AsianFA) Annual Conference in Macao, July 2011.
  • First online workshop, Venture Capital and Private Equity in the Asia Pacific Region, Asian Finance Association and University of New South Wales, December 2010

“Disproportional Ownership Structure and Pay-Performance Relationship: Evidence from China's Listed Firms”(with Jerry Cao and Xiaofei Pan)

  • ChulalongkornAccounting and Finance Symposium, Chulalongkorn University,
  • Bangkok, ThailandNovember 2010.
  • Australasian Finance and Banking Conference, Sydney December 2010

“How Does the Separation of Ownership and Control Affect Corporate Performance: The

Impact of Earnings Management in China”, (with Shan Zhao and Yuqing Zhu),

  • Australasian Finance and Banking Conference, December2010

“Political Connections, “Founding Family Ownership and Leverage Decision of Privately Owned Firms”, (with Qigui Liu),

  • Australasian Banking and Finance Conference, December 2010

“Executive Compensation, Board Characteristics and Firm Performance in China: The Impact of Compensation Committee”, (Louis Zhu, and Ma, S),