Tsang, Desmond（曾德銘）
BCom, MA (University of Toronto); MSc, PhD (UC Berkeley)
Associate Professor
Co-Director, Centre for Hospitality and Real Estate Research
Cheng Yu Tung Building
12 Chak Cheung Street
Shatin, N.T., Hong Kong
+852 3943 8595
desmond.tsang@cuhk.edu.hk
Biography
Professor Desmond Tsang is an Associate Professor of Real Estate at the School of Hotel and Tourism Management at CUHK Business School. He also serves as a Co-Director of the Centre for Hospitality and Real Estate Research. He obtained his PhD from University of California at Berkeley majoring in real estate and accounting. His research in real estate specializes in Real Estate Investment Trusts, International Real Estate & Firm Location. His research interests in accounting include CEO & Corporate Governance, Earnings Management, Financial Fraud, and Auditing. Professor Tsang has published in top journals such as Review of Accounting Studies, Real Estate Economics, Journal of Real Estate Research and Journal of Real Estate Finance and Economics.
Teaching Area
Real Estate
Research Interests
Real Estate Investment Trusts (REITs)
International Real Estate
Firm Location
CEO & Corporate Governance
Earnings Management & Financial Fraud
Auditing
- Publications & Working Papers
- X. Chu, C. Lu, and D. Tsang (2021), “Geographic Scope and Real Estate Firm Performance during the COVID-19 Pandemic,” Journal of Risk and Financial Management, 14, 7, 309.
- G. Birz, E. Devos, S. Dutta, and D. Tsang (2021), “Are Good News Good and Bad News Bad in the REIT Market?” Journal of Real Estate Portfolio Management, forthcoming.
- E. Devos, E. Devos, H. Li, and D. Tsang (2021), “Operating Lease as Alternative Financing for REITs: A Viable Strategy or a Sign of Trouble?” Journal of Real Estate Finance and Economics.
- Chen, C., K. Lo, D. Tsang, and J. Zhang (2020), “Understanding Accounting Discretion in China: An Analysis of Fair Value Reporting for Investment Property,” Journal of Accounting and Public Policy, 39, 4.
- Y. Gao, J.B. Kim, D. Tsang, and H. Wu (2017), “Go Before the Whistle Blows: An Empirical Analysis of Director Turnover and Financial Fraud,” Review of Accounting Studies, 22(1), 320-360.
- E. Devos, S. Rahman, and D. Tsang (2017), “Debt Covenants and the Speed of Capital Structure Adjustment,” Journal of Corporate Finance, 45, 1-18.
- D. Ben-Shahar, E. Solganik, and D. Tsang (2016), “Does IFRS 10 on Consolidated Financial Statements Abandon Accepted Economic Principles?” Australian Accounting Review, 26(4), 341-345.
- Y. Deng, E. Devos, S. Rahman, and D. Tsang (2016), “The Role of Debt Covenants in Investment Grade Bond Market – The REIT Experiment,” Journal of Real Estate Finance and Economics, 52(4), 428-448.
- D. Chen, Y. Gao, M. Kaul, C. Leung, and D. Tsang (2016), “The Role of External Management and Sponsor on the Capital Structure of Asian-Pacific REITs: The Case of Australia, Japan, and Singapore,” International Real Estate Review, 19(2), 197-221.
- W.M.Y. Cheung, J. Lei, and D. Tsang (2016), “Does Property Transaction Matter in the Price Discovery of Real Estate Markets?” International Real Estate Review, 19(1), 27-49.
- M.H. Chiou, C. Lu, and D. Tsang (2015), “The Impact of Property Luxury Tax on Related Publicly-Traded Company: The Evidence from Taiwan,” Journal of Real Estate, 2(1).
- E. Devos, A. Spieler, and D. Tsang (2014), “Elective Stock Dividends and REITs: Evidence from the Financial Crisis,” Real Estate Economics, 42(1), 33-70.
- P. Anglin, R. Edelstein, Y. Gao and D. Tsang (2013), “What is the Relationship between REIT Governance and Earnings Management?” Journal of Real Estate Finance and Economics, 47(3), 538-563.
- E. Devos, S.E. Ong, A. Spieler, and D. Tsang (2013), “REIT Institutional Ownership Dynamics and the Financial Crisis,” Journal of Real Estate Finance and Economics, 47(2), 266-288.
- R. Edelstein, S. Fortin, and D. Tsang (2012), “An International Exploration of Financial Reporting Practices in the Real Estate Industry,” International Real Estate Review, 15(3), 347-372.
- D. Ben-Shahar, E. Solganik, and D. Tsang (2011), “Funds from Operations versus Net Income: Examining the Dividend-Relevance of REIT Performance Measures,” Journal of Real Estate Research, 33(3), 415-442.
- R. Edelstein, W. Qian, and D. Tsang (2011), “How Do Institutional Factors Affect International Real Estate Returns?” Journal of Real Estate Finance and Economics, 43(1-2), 130-151.
- P. Anglin, R. Edelstein, Y. Gao, and D. Tsang (2011), “How Does Corporate Governance Affect the Quality of Investor Information? The Curious Case of REITs,” Journal of Real Estate Research, 33(1), 1-24.
- W. Ge, D. Drury, S. Fortin, F. Liu, and D. Tsang (2010), “Value Relevance of Disclosed Related Party Transactions,” Advances in Accounting, 26, 134-141.
- A. D. Bardhan, R. Edelstein, and D. Tsang (2008), “Global Economic and Financial Integration and Real Estate Security Returns,” Real Estate Economics, 36(2), 285-311.