Conference Photo Gallery

I would like to express my heartfelt thanks to all conference participants for their contribution to the International conference “Theoretical and Applied Econometrics Analysis” on 18 July 2019 at Hong Kong Shue Yan University. Around 40 scholars from 11 Universities (Shanghai University, Shanghai University of Finance and Economics, University of Illinois, Singapore Management University, Universitas Indonesia, Asia University, University of Macau, CUHK, CityU, OU, HKBU and HKSYU) gave their time and resources to contribute to the conference.

Conference Proceeding

Invite presenters to submit full paper to be published in the conference proceeding. Papers should be submitted in Microsoft Word format. Before submitting your paper please ensure that you have read the attached Paper Guidelines and formatted your paper correctly.

Please email your full paper to or on or before 30 Sep, 2019

Conference Proceedings Submission Guidelines

Please format your Conference Proceedings paper according to the following guidelines and style checklist.

Title page information to include:

Title of the paper, Author names and affiliations: Provide authors’ affiliation details (where the work was done) including full institution name and country.

Abstract: A concise and factual abstract not exceeding 300 words is required.

Keywords: Immediately following the abstract provide a minimum of three keywords.

Article Structure

Title: Ensure that your title accurately reflects the contents of your paper and is free of errors.

Introduction: Present the purposes of the study and provide background for your work.

Conclusions: The main conclusions of the study may be presented in a Conclusions section, which may include the main findings, the implications and limitations.

Acknowledgements: Collate any acknowledgements in a separate section at the end of the article before the references and do not, therefore, include them on the title page, as a footnote to the title or otherwise. List here those individuals who provided help during the research.

Footnotes  should be used sparingly. Number them consecutively throughout the article, using superscript Arabic numbers.

References: Within the text: citations in the text should follow the referencing style used by the American Psychological Association (APA). Publication Manual of the American Psychological Association, Sixth Edition, ISBN 978-1-4338-0561-5.

List at end of paper References should be arranged first alphabetically and then further sorted chronologically if necessary. Please single space, and indent after the first line of each. Please ensure that every reference cited in the text is also present in the reference list.

 Font 12-point Times New Roman font/,新細明體字体

All paragraphs and body text justified and single spaced.

One line should separate paragraphs or sections. Do not indent paragraphs. 

Set page size to A4/ 全文用A4 大小

Margins: Microsoft Word ‘Normal’ (2.54 cm).

Manuscripts not to exceed 5,000 words/字数5000 each (excluding tables, figures and references). 

Main headings (e.g. 1.), subheadings (e.g. 1.1) and sub-subheadings (e.g. 1.1.1), normally no more than three levels of headings should be included. 

All figures and images must be inserted in a JPEG image format, within the page margins. Centre images. Do not insert loose objects such as arrows, lines or text boxes. Number and caption below the figure (Figure 1: Caption), centre aligned. 

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Conference Programme

Date: 18 July, 2019

  9:30 am   Registration (RLB303)
10:00 am Opening (RLB303)
10:15 am- 11:00 am Keynote

Are the Combinations of Health Care Sector and T-Bill One of the Best Choices for investment?

Professor Wing Keung WONG

11:00 am Coffee Break
11:15 am – 12:30 pm Session 1 (RLB303)

Technical efficiency of the Chinese Health Care Sector: The Choice between Market-orientation and Government-orientation

Xinju HE, Sung Ko LI, and Valentin ZELENYUK

The Spillover Effect of Surgeons on Expanding the Use of Kidney-Exchange Networks

Bobby W. Chung and Ghanbariamin Roksana

What Do We Know About Housing Supply? The Case of Hong Kong

Edward TANG, Charles LEUNG and Joe NG

Chair: TANG Edward

12:30 pm LUNCH (Play Cafe)
Academic Building, 5/F
2:00 pm – 3:45 pm Session 2A (RLB303)

External Shocks or Internal Causes? The Property Markets of Two Asian Financial Centers

Joe, NG Charles LEUNG and Jun YU

Are Institutions the Cause or the Outcome of Economic Growth? Evidence in Developing and Developed Countries

Chun Kei TSANG and Sung-Ko LI

Greater Bay Area: Price Convergence of Product

Kai Yin WOO, Shu Kam LEE and Jacky WONG

One belt One Road: Nonlinear PPP

Kai Yin WOO, Shu Kam LEE, and Paul SHUM

Chair: Chun Kei TSANG

2:00 pm – 3:45 pm Session 2B (RLB302)

The Effect of Minimum Wage on Youth Employment


Analyzing the Relationship between Sources of Financing and Economic Growth in China

Suet Ching CHAK

Happiness and Overweight: Panel Data Analysis on the Differences between Male and Female

Wan Ling CHU and Wai Kee Thomas YUEN

Wine and Happiness: Panel Data Analysis

Wai Kee Thomas YUEN

Chair: Suet Ching CHAK

3:45 am Coffee Break
4:00pm – 5:45pm Session 3A (RLB303)

Inflation Dynamics: A Comparative Study of Mainland China and Hong Kong

Tsz Hin, Ronald HUNG and Yum K. KWAN

Is Sophia The Robot A Legal Person?

Chau Sheung, Rosa PANG

An Empirical Study on Child Mortality Rate – Application of Regression Analysis

Ngai Sang, Kenrick YEUNG, Yu Hong WONG, Tat Yu Owen LEUNG and Yik Man LAI

Economic and Political Inequality in Southeast Asia: 1998-2017

Ka Lok, Daniel CHAN

Chair: Ngai Sang, Kenrick YEUNG

4:00pm – 5:45pm Session 3B (RLB302)





Global Warming, Climate Change and World Environmental Degradation

Edward TANG

The Rank Tests for Nonlinear Cointegration: Examining the Price convergence of household products in Canada

Kai Yin, WOO, Shu Kam LEE and Alan CHAN

The Rank Tests for Nonlinear Cointegration: Examining the price competition between the two supermarket giants in Hong Kong

Kai Yin WOO, Shu Kam LEE and Fuk-kin Joe WONG

Chair: 楊偉文

Presentation Guidelines

All rooms are equipped with a computer, running Microsoft Office 2016 (Word, Excel and PowerPoint). Please bring your PowerPoint presentation on a USB memory stick. Please make sure to load the presentation to the computer in the relevant session room well in advance of your presentation. If you would like to bring your own notebook, it can be connected via HDMI to our system.

Chairs and presenters are asked to be in the room 5 minutes before the scheduled start time so you can load the presentation PowerPoint to the computer. Oral presentations should typically be no more than 20 minutes. This will leave roughly 15-20 minutes for questions at the end of each session.


International Conference: Theoretical and Applied Econometrics


at Hong Kong Shue Yan University

  • The conference aims to provide an international forum for sharing research interests and cutting-edge knowledge in econometric methods and applications of econometrics to different fields.
  • It will also bring academics, researchers and students together to exchange and share their research experiences and results regarding theoretical and applied econometrics.
  • Moreover, it will provide an opportunity for participants to submit and present their original research papers in econometrics.


Hong Kong Shue Yan University

Braemar Hill Campus

Address: 10 Wai Tsui Crescent, Braemar Hill, North Point, Hong Kong
Tel: +852 25707110

Research Complex, RLB303


Kowloon Motor Bus (KMB)

Buses depart to and from Braemar Hill at:

  • 108 Kai Yip Bus Terminus
Citybus/New World First Bus

Buses depart to and from Braemar Hill at:

  • 23B Park Road / Robinson Road
  • 25 Central (Pier 5)
  • 25A Wan Chai (HKCEC Extension)
  • 27 North Point Ferry Pier
  • 85 Siu Sai Wan (Island Resort)
Public Light Buses (Green Mini-buses)

Buses depart to and from Braemar Hill at:

  • 25 Causeway Bay MTR Station
  • 49M Tin Hau MTR Station

Keynote speaker

Professor Wing-Keung WONG

Chair Professor of Finance, Department of Finance, Fintech Center, and Big Data Research Center, Asia University, Taiwan.

Prof Wong has published more than two hundred papers and is in the list of top economists of RePEc and Asian economists. He has more than five thousand citations in Google scholar, around three thousand citations in ResearchGate, more than one thousand citations in Mendeley and more than six hundred citations in Web of Science. He also ranked in the top 1% by Social Science Research Network in 2017 by both downloads and citations. Citation: 6741 (3734 since 2014), h-index: 46, (32 since 2014) and i10-index: 143, (117 since 2014) by Google Scholar citation.  His research interests include financial economics, econometrics, mathematical finance and economics, investment theory, risk management, behavioral finance and economics, operational research, stochastic dominance theory, time series analysis, Bayesian theory and decision theory.

Keynote Talk

Are the Combinations of Health Care sector and T-Bill one of the best choices for investment?

Health care sector plays an increasingly important role in the stock market because it is growing nearly in the entire period and has low correlation with the business cycle. On the other hand, T-Bill is also an important asset in investment because it has positive return and small variance. In this paper, we employ the mean-variance (MV) rules and stochastic dominance (SD) approach to investigate the portfolio performance with and without both health care sector and T-Bill in the US over the period from September 1986 to May 2017. The results show that all the portfolios with health care asset and 6-M TB significantly dominate the corresponding portfolios without health care and 6-M TB, regardless whether a short sale is allowed. This study also concludes that the combinations of health care sector and 6-M TB not only reduce risk but also gain better return and all risk-averse investors prefer to invest in portfolios with health care sector and 6-M TB, regardless whether they buy long or sell short the market.

By employing the mean-variance (MV) rules and stochastic dominance (SD) approach, this paper investigates the portfolio performance with and without both health care sector and T-Bill in the U.S. market over the period from September 1986 to May 2017. The results show that all the portfolios with health care asset and 6-m TB significantly dominate the corresponding portfolios without health care and 6-m TB, regardless whether a short sale is allowed. This study also concludes that the combinations of health care sector and 6-m TB not only reduce risk but also gain better return; all risk-averse investors prefer to invest in portfolios with health care sector and 6-m TB, regardless whether they buy long or sell short the market.

Conference committee

Conference Advisory Committee

Prof. YU Fu Lai, Tony (Head of Economics and Finance, SYU)

Dr. LEE Shu Kam (Assoc. Head of Economics and Finance, SYU)

Dr. CHEN Toro Tao (University of Macau)

Conference Organizing Committee

Dr. YUEN Wai Kee, Thomas (PI)

Dr. WOO Kai Yin (Co-PI)

Dr. TANG Chi Ho, Edward (Co-PI)

Ms. CHAK Suet Ching (SYU)

Ms. CHU Wan Ling (SYU)

We would like to thank the Research Grants Council of the Hong Kong Special Administrative Region, China for supporting this conference under the INTER-INSTITUTIONAL DEVELOPMENT SCHEME (IIDS). This conference is fully supported by a grant from the Research Grants Council of the Hong Kong Special Administrative Region, China (Project no. UGC/IIDS15/B02/18)


I would like to express my appreciation to Dr. Jurgen DOORNIK (University of Oxford) for providing a seminar on Automatic Selection of Multivariate Dynamic Econometric Modelsand a workshop on  Automatic Model Selection with Applications.

Thanks Dr. Jurgen DOORNIK for his contribution to the “IIDS Project – Recent Developments in Theoretical and Applied Econometrics Analysis”. We are looking forward to our research collaborations in the future.

PI Website:

Workshop: Automatic Model Selection with Applications

Speaker:  Dr. Jurgen DOORNIK (University of Oxford)

Date:       26 June 2019 (Wed)

Time:       11:00am – 1:00 pm

Venue:     RLG402, Research Complex


Automatic model selection is a powerful tool for the empirical modeller. This workshop will introduce Autometrics, which successfully implements the general-to-specific approach. Foundations of the algorithm will be described, together with interesting extensions, including applications that have more variables than observations. Hands-on computer illustrations will be used throughout.

A modeller is confronted with:

  • many possible inter-related variables that matter,
  • subject to intermittent breaks (earthquakes, financial crises, etc.),
  • possible outliers (oil shocks, tsunamies, etc.)
  • changes to the measurement system
  • and dramatic changes over longer periods (recessions,technological progress, climate change)

Big data may help, but can bring further problems:

  • data overload,
  • too much heterogeneity,
  • hidden stratification and unknown dependence.
  • Information overload and complexity

Automatic modelling essential to cope with these challenges. Autometrics is the implementation of automatic model selection, designed to handle these challenges:

  • Automatic: computer is powerful modelling aid,
  • General to specific: can maintain econometric properties,
  • Extensive search: to handle correlated data,
  • Efficient search: need to estimate many models,
  • Statistical congruence: maintained as a search constraint,
  • Statistical properties: extensively researched,
  • Not maximizing goodness-of-fit: avoids overfitting,
  • Controlled by gauge: expected number of falsely selected variables,
  • Flexible: more variables than observations, different model classes (logit, SEM), …
XlModeler brings regression and volatility models of OxMetrics to Excel

I am impressed by the power of XIModeler to estimate 300 models and select the best model within 1 sec automatically.



An introduction to XImodeler:

Oxmetrics: is a family of of software packages providing an integrated solution for the econometric analysis of time series, forecasting, financial econometric modelling, or statistical analysis of cross-section and panel data. OxMetrics consists of a front-end program called OxMetrics, and individual application modules such as PcGive, STAMP, etc. Oxmetrics

Workshop PPT