Junqing KANG is an Associate Professor of Finance and Head of Department of Finance at Lingnan College, Sun Yat-Sen University, Guangzhou, China. His research interests mainly lie in capital markets with information frictions, including (i) Digital finance, (ii) Chinese financial market, and (iii) High-frequency trading and learning. Junqing holds a PhD in Finance from University of Technology Sydney (2020), MA in Economics (2016) and BSc in Finance (2014) from Lingnan College, Sun Yat-sen University.

HOME PAGE：https://junqingkang.weebly.com | SSRN PAGE | GOOGLE SCHOLAR PAGE 

ACADEMIC APPOINTMENTS

2023.11-Present   Associate Professor of Finance, Lingnan College, Sun Yat-sen University

2025.04-Present   Head of Department of Finance, Lingnan College, Sun Yat-sen University

2020.11-2023.10    Assistant Professor of Finance, Lingnan College, Sun Yat-sen University

RESEARCH STATEMENT

My research focuses on how investors, institutions, and firms get their information, how that information affects the trades or investments they make, and how those decisions affect asset prices, government interventions, and the quality of the financial market. The rational expectation equilibrium framework, with the combination of machine learning, can help explain the speed competition and strategic trading, endogenous liquidity provision, interaction between traders' trading speed and exchange's trading speed, which further provide a research framework on the effect of quantitative investment, copy trading, and searching for ESG information. Furthermore, I am interested in how investors' irrational behavior, such as conscious trading of unconsciousness, impacts rational expectation equilibrium. I also study the economics of capital markets and investment management in Chinese market, including what drives intraday reversal, whether mutual funds bet against retail investors, and can institutional investors always beat individual investors?, etc.

PUBLICATIONS IN ENGLISH

[1] He, X. and Kang, J., 2025. Speed Competition and Strategic Trading. Journal of Financial Markets, p.100972. [SSRN] [Published version]

[2] Zhou, X. and Kang, J., 2023. Searching for ESG Information: Heterogeneous Preference and Information Acquisition. Journal of Economic Dynamics and Control, p.104693.[SSRN] [Published version]

[3] Kang, J., Lin, S. and Xiong, X., 2022. What Drives Intraday Reversal? Illiquidity or Liquidity Oversupply?. Journal of Economic Dynamics and Control, p.104313. [SSRN] [Published version]

WORKING PAPERS

[4] The Microstructure of Endogenous Liquidity Provision. (with F. Douglas Foster, Xue-Zhong (Tony) He and Shen Lin) [SSRN]

[5] The Fast and the Furious: Exchange Latency and Ever-fast Trading. (with Xue-Zhong (Tony)He and Xuan Zhou) [SSRN] 

[6] Quantitative Investing and Price Informativeness. (with Xue-Zhong (Tony) He and Xuan Zhou) [SSRN] [Slides] 

[7] Stay Ahead: Active Data Management and Market Power. (with Xue-Zhong (Tony) He, Shiting Ren and Xuan Zhou) [SSRN]

[8] Betting Against Dumb Money. (with Shen Lin and Xiong Xiong) [SSRN] 

[9] Conscious Trading of Unconsciousness. (with Xue-Zhong (Tony) He and Shen Lin) [SSRN] NEW

[10] Can Institutional Investors Always Beat Individual Investors? (with Yaqing Yang and Youcheng Lou) NEW

OTHER PUBLICATIONS

[11] Wang, Y., Ren, S., Zhou, X. and Kang, J., 2024. Welfare Analysis with Uncertain Market Segment Proportions. Journal of Management Science and Engineering, Accepted.

[12] Kang, J., 2022. Comments on: Government Intervention through Informed Trading in Financial Markets. Journal of Economic Dynamics and Control SI on “Markets and Economies with Information Frictions”, p.104380. [Published version]

PUBLICATIONS IN CHINESE

[13] Agent-based Computational Financial Engineering: A Tool of Financial Decision-making Driven by ‘Big Data’. Management World, 39.5 (2023): 173-187. (管理世界)

[14] Optimal coupon cooperation policy of e-commerce platforms and e-tailers and its benefit. Systems Engineering – Theory & Practice, 43.1 (2023): 110-134. (系统工程理论与实践)

[15] Does issuing consumption vouchers effectively stimulate residents’ consumption?—Theoretical analysis on the micro-mechanism of the precise subsidy and self-screening characteristics of the consumption voucher policy. China Journal of Econometrics, 2.3 (2022): 548-577. (计量经济学报)

[16] E-commerce platform response to major public emergencies--Optimal strategies and benefits of e-commerce platform subsidies. Systems Engineering – Theory & Practice, 42.2 (2022): 345-367. (系统工程理论与实践)

[17] Anti-takeover intensity and corporate control defence. Systems Engineering – Theory & Practice, 40.1 (2020): 28-41. (系统工程理论与实践)

[18] Mechanism of Anti-takeover provisions on shareholders’ wealth: A theoretical model from the perspective of controlling shareholder’s tunneling. Journal of Management Sciences in China,21.2 (2018): 37-47. (管理科学学报)

[19] Dynamic sentiment asset pricing with heterogeneous investors. Journal of Management Sciences in China, 19.6 (2016): 87-97. (管理科学学报)

Last updated：2025-4