Leslie Young

Professor of Economics
D. Phil. (Mathematics) Oxford, England

Areas of Expertise:

Corporate Governance, Financial Economics, International & Development Economics, International Finance

Prof. Leslie Young holds a Bachelor and a Master of Science from Victoria University of Wellington and a Doctor of Philosophy in Mathematics from University of Oxford. He completed his doctorate at age 20 and won a Senior Mathematics Prize for the best dissertation of his year. He received an Honorary Doctor of Commerce from Victoria University of Wellington in 2004 and an Honorary Doctorate from the Estonian School of Business in 2009. Prof. Young served as Professor of Finance and Economics at University of Texas at Austin and Wei Lun Professor of Finance at the Chinese University of Hong Kong before he joined CKGSB.

Prof. Young’s current research interests include international financial economics, political economy and international corporate governance. His book Black Hole Tariffs and Endogenous Redistribution Theory was published by the Cambridge University Press with commendations by two Nobel Prize winners and by the Chairman of the Nobel Committee. He has also authored over 40 academic articles in leading international professional journals. Prof. Young also served an unprecedented four terms on the editorial board of the American Economic Review, the leading scholarly journal in economics.

  • DBA
  • EE
  • EMBA
  • English MBA
  • Commonwealth Scholar, 1969-1971. (Also six other scholarships in New Zealand national competitions).
  • Oxford University Senior Mathematics Prize (For the best doctoral dissertation in mathematics in 1971. The dissertation was completed at age twenty.)
  • Junior Research Fellowship, Oxford University, 1971.
  • P.W.S. Andrews Prize in Industrial Economics, 1979 (For the best article submitted to the Journal of Industrial Economics by an author under 30 that year.)
  • Award for Research Excellence, Graduate School of Business, University of Texas at Austin, 1986.
  • Honorary Doctor of Commerce, Victoria University of Wellington, 2004.
Selected Publications
  1. Black Hole Tariffs and Endogenous Redistribution Theory(with S. P. Magee and W. A. Brock, Cambridge University Press), 1990.
  2. The Hong Kong Securities Industry (3rd edition), with R. Chiang (Official Manual for the Hong Kong Stock Exchange Broker’s Examination)1997.
  3. The Financial Markets of China (with H. Mok), Chinese University Press, 1997.
Journal Articles
  1. “Alternative Tax Systems to Correct for Externalities and the Technical Options of Firms,” Economica, 1977.
  2. “Price, Inventory and the Structure of Uncertain Demand,” New Zealand Operations Research, 
  3. “Uncertainty, Market Structure and Resource Allocation,” Oxford Economic Papers, 
  4. “Ranking Optimal Tariffs and Quotas for a Large Country Under Uncertainty,” Journal of International Economics, 
  5. “Tariffs vs Quotas Under Uncertainty: An Extension,” American Economic Review, 
  6. “Distributional Neutrality and Optimal Commodity Taxation,” American Economic Review, 1980.
  7. “An Extension of the Composite Commodity Theorem,” (with J. Fountain) Quarterly Journal of Economics, 
  8. “The Optimal Policies for Restricting Trade Under Uncertainty,” (with J.E. Anderson) Review of Economic Studies, 
  9. “Optimal Revenue-Raising Trade Restrictions Under Uncertainty,” Journal of International Economics, 1981.
  10. “On the Optimal Stabilisation of Internal Producers’ Prices in International Trade,” (with M. C. Kemp), International Economic Review, 1982.
  11. “Quantity Controls vs Expenditure Controls in International Trade Under Uncertainty,” Journal of International Economics, 
  12. “Risk Aversion and Optimal Trade Restrictions,” (with J. E. Anderson) Review of Economic Studies, 1982.
  13. “The Optimality of Tariff Quotas Under Uncertainty,” (with J.E. Anderson) Journal of International Economics, 1983.
  14. “Uncertainty and the Theory of International Trade in Long Run Equilibrium,” Journal of Economic Theory, 
  15. “International Investment and Immiserizing Growth” (with K. Miyagiwa) Journal of International Economics, 1986
  16. “International Capital Mobility and Commercial Policy in an Economic Region” (with K. Miyagiwa) Journal of International Economics, 
  17. “Factor Returns and Resource Allocation in the Political Economy of Trade Restrictions” (with S. P. Magee) Review of Economic Studies, 1986, reprinted in The International Political Economy of Trade, D. A. Lake, ed., Edward Elgar Publishing Ltd., 1992.
  18. “A Note on Sector-Specific Capital, Interconnectedness in Production and Welfare” Canadian Journal of Economics, 1986
  19. “Intermediate Goods and the Formation of Duty Free Zones” Journal of Development Economics, 1987
  20. “Unemployment and the Formation of Duty-Free Zones” (with K. Miyagiwa) Journal of Development Economics, 1987.
  21. “Asset Prices, Commodity Prices and Money: a General Equilibrium, Rational Expectations Model” (with G.W.Boyle), American Economic Review, 
  22. “Forward and Futures Markets in a General Equilibrium Monetary Model” (with G.W.Boyle) Journal of Financial Economics, 1989.
  23. “International Investment and the Positive Theory of International Trade” (with J. Romero) Journal of International Economics, 1990.
  24. “Optimal Tariffs: A Generalisation,” International Economic Review, 
  25. “Heckscher-Ohlin Trade Theory with Variable Returns to Scale,” Journal of International Economics, 
  26. “Stock Returns, Inflation and Interest Rates: Ex Ante and Ex Post Relationships,” (with G.W. Boyle) International Review of Financial Analysis, 1991.
  27. “Output Fluctuations as Entry Deterrence: A Model of Predatory Pricing” (with A. Bolbol), Canadian Journal of Economics, 1992.
  28. “Optimal Taxation and Debt in an Open Economy,” (with J.E. Anderson), Journal of Public Economics, 
  29. “Risk Aversion and Stock Market Volatility”(with G.W. Boyle), Journal of Macroeconomics, 
  30. “Unemployment and the Optimal Export-Processing Zone,” Journal of Development Economics, 1993.
  31. “Economic Development with Limited and Unlimited Supplies of Capital,” (with A. Bolbol) Manchester School of Economic and Social Studies, 
  32. “The Design of Executive Stock Options,” (with Socorro Quintero), Managerial and Decision Economics, 1995.
  33. “The Black Hole of Graft: The Predatory State and the Informal Economy,” (with D. Marcouiller), American Economic Review, 1995.
  34. “Education, Trade and Development,” Journal of International Trade and Economic Development, 
  35. “The Tao of Price: Sima Qian’s Discovery of the Price Mechanism” Pacific Economic Review, 1996
  36. “Executive Stock Options, Risk and Incentives” (with Socorro Quintero and Michael Baur) Journal of Financial and Decision Sciences, 1997 V. 10 #2, Summer 1997.
  37. “Licensing of New Technology vs. Direct Foreign Investment: A General Equilibrium Analysis,” (with Kaz Miyagiwa) Pacific Economic Review, 1997.
  38. “International Stock Market Equilibium with Heterogeneous Tastes,” (with James Bennett) American Economic Review, 1999
  39. “Monetary Rules and Stock Market Value: (with Glenn Boyle) Journal of Economics and Business, 1999.
  40. “Dividends and Expropriation”, (with Mara Faccio and Larry Lang) American Economic Review, 2001
  41. “Non-Discriminating Foreclosure and Unavoidable Liquidating Costs: The Case of Mortgage Defaults” (with Ko Wang and Zhou Yuqing) Review of Financial Studies, 2002.
  42. “Who Controls US”, European Financial Management, (with Yoser Gadhoum and Larry Lang) 2005.
  43. “Pyramiding vs Leverage in Corporate Groups: International Evidence” (with Mara Faccio, Larry HP Lang), Journal of International Business Studies41, 88–104, 2010.
  44. “Cognitive and Linguistic Foundations of Chinese History”, forthcoming, Pacific Economic Review.
Papers Under Review
  1. “Trade and Contract Enforcement”, with James E. Anderson
  2. “The Canadian Puzzle”, with Yoser Gadhoum and Larry Lang
  3. “Debt and Expropriation”, with Mara Faccio and Larry Lang