Recent Development on Asset-Pricing: Theories and Empirics

• Chair Professor of Financial Economics, School of Accounting and Finance, The Hong Kong Polytechnic Universtiy(PolyU)
• Chair, Research Committee, School of Acounting and Finance, PolyU
• Independent Director, Haitong International Securities Group Limited(listed company), Hong Kong
• Professor Emeritus, Hong Kong University of Science& Technology

This lecture will overview the new asset-pricing models developed in recent years. They include theoretical asset-pricing models and empirical-motivated asset-pricing models. More specifically, we will cover the Fama-French (2015) five-factor model, the Huo, Xue, and Zhang (2015) q-factor model, comparing factor models, the political uncertainty asset-pricing models, and the financial intermediary asset-pricing models as well as empirical tests of these models.