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Raymond C. W. LEUNG

Phone: +86-10-85378108



Assistant Professor of Finance


PhD, University of California, Berkeley, Haas School of Business


Research Areas: Delegated Portfolio Management, Asset Pricing Theory, Corporate Finance Theory, Continuous-Time Principal-Agent Problems





Raymond C. W. Leung is an Assistant Professor of Finance at the Cheung Kong Graduate School of Business. He received his Ph.D. from the University of California, Berkeley, Haas School of Business.



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  1. Western Finance Association, “2015 Cubist Systematic Strategies Ph.D. Candidate Award for Outstanding Research"
  2. UC Berkeley, Haas School of Business, “The Carl F. Cheit Outstanding Graduate Student Instructor (Teaching Assistant) Award" for the Master of Financial Engineering program of 2014-2015
  3. UC Berkeley, Haas School of Business, Department Scholarship, 2010 – 2014
  4. UC Berkeley, Haas School of Business, White Research Fellowship, Fall 2013


Working Papers

  1. Financial Intermediation and the Market Sharpe ratio: Theory and Evidence, November 2016
  2. Centralized versus Decentralized Delegated Portfolio Management under Moral Hazard, November 2015
  3. Dynamic Agency, Delegated Portfolio Management and Asset Pricing, October 2014
  4. Continuous-Time Principal-Agent Problem with Drift and Stochastic Volatility Control, with Applications to Corporate Finance and Delegated Portfolio Management, September 2014
  5. Asset Prices Jump-Spillover Estimation and Inference, December 2013 [Paper available upon request]