Tsang, Desmond(曾德銘)
BCom, MA (University of Toronto); MSc, PhD (UC Berkeley)
Associate Professor
Acting Director, School of Hotel and Tourism Management
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.
- Grants
- Alrov Institute of Real Estate Research, with Maggie Hu and Wayne Wan, $NIS 30,000, 2021-2022
- CPA Canada – CAAA Financial Accounting, Assurance & Tax Research Grant, with Ming Liu and Jingjing Zhang, $CDN 6,200, 2019-2021
- CICA/CAAA Research Grant, with Jing Zhang, $CDN 6,500, 2012-2015
- Li Ka Shing Foundation Faculty Exchange Awards, $CDN 10,000, 2015
- FQRSC Research Grant, $CDN 36,256, 2010-2013
- Real Property Association of Canada (RealPac) Research Grant, with Steve Fortin, $CDN 10,000, 2006
- Awards & Honours
Research
- Academy of Finance Best in Track Award in Real Estate, Academy of Finance Conference, 2021
- Journal of Real Estate Portfolio Management Red Pen Award (for excellence in the review of articles), American Real Estate Society (ARES) Meeting, 2018
- Best Paper Award on Innovative Thinking Out of the Box, American Real Estate Society (ARES) Meeting, 2017
- Aareal Award of Excellence in Real Estate Research, Real Estate Management Institute and Aareal Bank AG, 2015
- Homer Hoyt/ Weimer School of Advanced Studies in Real Estate and Land Economics Post-Doctoral Honoree, 2015
- Best Paper Award on Real Estate Investment Trusts, American Real Estate Society (ARES) Meeting, 2013
- Best Paper Award, Global Chinese Real Estate Congress (GCREC) Conference, 2011
- Best Paper Award, Asian Real Estate Society (AsRES) Annual Meeting, 2010
- Best Paper Award, Global Chinese Real Estate Congress (GCREC) Conference, 2010
- Best Research Paper Award on REIT Analysis, National Association of Real Estate Investment Trusts (NAREIT) and Baruch College (CUNY), 2009
- Best Paper Award by a New Faculty, American Accounting Association (AAA) Northeast Regional Meeting, 2007
Teaching
- Nominee, BCom Teaching Award for Excellence in Core Teaching, McGill University, 2021
- Master of Management in Finance (MMF) Teaching Award, McGill University, 2019
- Desautels Faculty of Management Distinguished Teaching Award, McGill University, 2018
- RSM Richter Accounting Teaching Fellow, McGill University, 2014-2016
- Nominee, Principal’s Prize for Excellence in Teaching – Associate Professor (University-Level), McGill University, 2013
- Management Undergraduate Society’s Professor of the Year Award for implications of students’ lives, McGill University, 2012
- Desautels Faculty of Management Distinguished Teaching Award, McGill University, 2010
- Nominee, Principal’s Prize for Excellence in Teaching – Assistant Professor (University-Level), McGill University, 2009
- Academic/Professional Services
Associate Editor
- Asia-Pacific Journal of Accounting and Economics, 2013-2023
- International Real Estate Review, 2020-2023
- Journal of Financial Research, 2018-2020
Special Issue Editor (Topic: Real Estate)
- Journal of Risk and Financial Management, 2020-2022
Editorial Board Member
- Journal of Real Estate Portfolio Management, 2016-2018
- Journal of Real Estate (in Chinese), 2013-2016
Academic Society Board of Director
- Asian Real Estate Society (AsRES), 2018-2022
- Global Chinese Real Estate Congress (GCREC), 2012-Present