范國源

范國源 Kwok Yuen (Terry) Fan

Assistant professor of Economics and Finance

BNU-HKBU United International College

Biography

I am an assistant professor of economics and finance at the Beijing Normal University – Hong Kong Baptist University United International College. I received my Ph.D. in Real Estate Economics from Hong Kong Polytechnic University. My research focuses on Sustainability, Corporate Finance, Political Economy, Real Estate and Fintech. I passed the CFA Level III and FRM Part II examinations and has several published papers in reputable journals such as the Journal of Real Estate Finance and Economics (SSCI, ABS 3, ABDC “A” journal).

Interests
  • Sustainability
  • Fintech
  • Corporate Finance
  • Political Economy
  • Real Estate
Education

  • PhD in Real Estate Economics, 2023

    The Hong Kong Polytechnic University

  • MSc in Advanced Financial Analysis, 2018

    Lancaster University

  • BBA in Business Administration, 2016

    The Hang Seng University of Hong Kong

Research

Peer-reviewed Articles

  1. Shen, J., Fan, K., Hui, E., & Ho, S. (2024). The Value of Sustainable Property Management in Real Estate: Evidence from Hong Kong. Journal of Real Estate Research, Forthcoming.
Best Conference Paper Prize for China Real Estate Academic Annual Conference (中国房地产学术年会) 2023.
Abstract: Sustainability in property management holds significant value for property buyers, particularly home buyers and foreign investors. These buyers tend to prioritize the social and governance aspects of a property manager's operations over environmental sustainability.

  1. Peng, D., Shen, J., Fung, S. Y. K., Hui, E., & Fan, K. (2024). The Valuation Effect and Consequences of Clawback Adoption in Real Estate Investment Trusts. The Journal of Real Estate Finance and Economics, 68, 274–317.
Abstract: REITs market reacts positively to the announcement of clawback adoption, especially when the clawback policy is strong. The clawback adoption improve the accounting quality and reduce empire-building behaviour of REITs.

  1. Shen, J., Hui, E. C., & Fan, K. (2021). The beta anomaly in the REIT market. The Journal of Real Estate Finance and Economics, 63(3), 414-436.
Abstract: The beta anomaly is only significant in the New REIT Era after 1993. The exposure of institutional investors to high-beta REITs could explain the beta anomaly.

  1. Shen, J., Hui, E., & Fan, K. (2021). Did real estate professionals anticipate the 2007-2008 financial crisis? Evidence from insider trading in the REITs. The Journal of Real Estate Finance and Economics, 63(1), 122-142.
Abstract: Real estate professionals detected the property bubble and foresaw the consequent financial crisis of 2007-2008. Insiders reduced their holdings significantly during the real estate boom period as early as 2004.

Manuscripts in progress

  1. Fan, K. , Shen, J., Hui, E., & Cheng, L. (2024). Responsible Investing in the Real Estate Investment Trusts. R&R at International Review of Financial Analysis.
Abstract: Real estate investors tend to favor aspects related to social and corporate governance (SG) over environmental performance (E). This preference is often attributed to the fact that while environmental initiatives can negatively impact corporate fundamentals, strong social and governance practices are seen as supportive of a firm's fundamental strengths.

  1. Shen, J., Peng, D., Hui, E., & Fan, K. (2024). Performance Measurability and Air Pollution Control: Evidence from a Quasi-experiment in China. Submitted to World Development.
Abstract: Enhanced measurability for a high-powered incentive scheme elicits genuine efforts of local governments to curb air pollution but also induce dysfunctional “gaming the system” behavior.

  1. Fan, K., Shen, J., Cheng, L., & Chan, K., & Hui, E. (2023). ESG Washing, Materiality and Pillar-mix Strategy: A REIT Perspective.
Abstract: Real Estate Investment Trusts (REITs) that inflate their overall Environmental, Social, and Governance (ESG) performance by emphasizing social and governance aspects, often at the expense of environmental performance, tend to attract more institutional investors and demonstrate stronger corporate fundamentals, despite contributing to increased greenhouse gas emissions. A long-short portfolio that leverages these strategic ESG practices can yield significant positive abnormal returns.

  1. Shen, J., Fan, K. , & Hui, E. (2022). Lobbying and Fossil Fuel Investment.
Abstract: Political lobbying by fossil fuel companies not only increases investment in conventional energy sources but also contributes to higher pollution emissions. While such lobbying can significantly enhance the financial performance of these companies, it does not reduce their exposure to risks associated with climate change policies.

  1. Fan, K., Shen, J., Chang, X., & Hui, E. (2022). Political hierarchy and corporate environmental governance: Evidence from centralization of environmental administration in China.
Abstract: The role of political hierarchy is pivotal in determining corporate environmental governance. However, this influence varies depending on the cost of regulatory compliance and the different levels within the political ranks.

  1. Fan, K., Hui, E., & Shen, J. (2022). Does integrating environmental protection in cadre evaluation system mitigate the race-to-the-bottom competition? Evidence from industrial land conveyance in China.
Abstract: Integration of environmental protection into the cadre evaluation system in China has deterred local officials from engaging in race-to-the-bottom competition in the industrial land markets.

  1. Shen, J., Fan, K., & Hung, Y. (2023). Developer’s ESG Reputation Concern and Green Building Development.
Abstract: Concerns about Environmental, Social, and Governance (ESG) reputation serve as an incentive for real estate developers to strive for a high quality of green building development..

  1. Fan, K., & Shen, J. (2024). Leverage constraints and financial manipulation.

  1. Lu, Y., Lu, W., Shen, J., Cheng, L., & Fan, K., & Shen, J. (2024). Selective ESG Strategies in REITs Performance: A Global Perspective.

Teaching

United International College(UIC)

  • Financial Management

    • Teaching evaluation: 2023-2024 Sem 2: 4.96/5.00

  • Corporate Finance

    • Teaching evaluation: 2023-2024 Sem 2: 4.76/5.00

  • Multinational Finance

    • Teaching evaluation: 2023-2024 Sem 1: 4.93/5.00

  • Selected comments:

    • Prof. Kwok Yuen FAN is a brilliant instructor in the field of finance, he has always been well-prepared and passionate for his classes, and is enthusiastic to help students with their questions and concerns. As year4 students, we really appreciate to have classes and consult from Prof. FAN, and we are always grateful for that!

    • Dr.FAN is a quite humble man, he is always easy man for us student, if we have any situations that need help he is the one always there first to reach a hand.

    • Class content is well-organized. Explanation of concepts is very detailed. Dr. Fan was very patient, and he shared many useful suggestions with us.

The Hong Kong Polytechnic University

  • Business Valuation and Accounts
  • Development Finance and Investment
  • Construction Economics

Honors

  • Best Paper Award (first prize), the 2023 China Real Estate Academic Conference

Misc

Professional Qualifications

  • Passed CFA Level III
  • Passed FRM Part II

Membership

  • Ronald Coase Institute Workshop Alumni