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Desmond Tsang

Associate Professor, Accounting
Contact Information
Email address: 
desmond [dot] tsang [at] mcgill [dot] ca

Bronfman Building, [Map]
1001 rue Sherbrooke Ouest
Montreal, Quebec
H3A 1G5


PhD, Real Estate and Accounting, University of California, Berkeley, USA
MSc, Business Administration, University of California, Berkeley, USA
MA, Financial Economics, University of Toronto, Canada
BCom, Accounting and Finance, University of Toronto, Canada


Professor Tsang began his career in the auditing department at Deloitte and Touche in Hong Kong and later worked as an economist at the Ontario Ministry of Finance in Canada. Subsequently he pursued his PhD studies at the University of California at Berkeley, majoring in real estate and accounting. His research in the area of real estate specializes in Real Estate Investment Trusts, and on Performance Measurement, Corporate Governance and International Real Estate. His research interests in accounting include: Earnings Management, IFRS & Financial Reporting Fraud. Professor Tsang has published in real estate and accounting journals, including top journals such as Review of Accounting Studies, Real Estate Economics, Journal of Real Estate Research and Journal of Real Estate Finance and Economics. He has presented his research findings at conferences and has received several best paper awards. In 2015, he received the Aareal Award of Excellence in Real Estate Research.

Professor Tsang is a Certified Public Accountant (CPA) in the US and a Chartered Financial Analyst (CFA). Professor Tsang teaches Intermediate Financial Accounting I & Financial Statement Analysis at the undergraduate level. He was nominated for the Principal's Prize for Excellence in Teaching at the university level twice in 2009 and 2013. He was the recipient of the Desautels Faculty of Management Distinguished Teaching Award in 2010 and was chosen by students of the Management Undergraduate Society as the Professor of the Year 2012.


ACCT 351 Intermediate Financial Acct 1 3 Credits
    Offered in the:
  • Fall
  • Winter
  • Summer


Research areas: 
Corporate Governance
Earnings Management
Industry Regulations
Real Estate Investment Trusts
Selected publications: 

Papers in Peer-Reviewed Journals

Chiou, M.-H., C. Lu and D. Tsang, "The Impact of Property Luxury Tax on Related Publicly-Traded Company: The Evidence from Taiwan," Journal of Real Estate (in Chinese), forthcoming

Devos, E., A. Spieler and D. Tsang, “Elective Stock Dividends and REITs: Evidence from the Financial Crisis,” Real Estate Economics, forthcoming

Anglin, P., R. Edelstein, Y. Gao and D. Tsang, “What is the Relationship between REIT Governance and Earnings Management?” Journal of Real Estate Finance and Economics, 47, 3, 538-568, 2013

Devos, E., S.E. Ong, A. Spieler and D. Tsang, “REIT Institutional Ownership Dynamics and the Financial Crisis,” Journal of Real Estate Finance and Economics, 47, 2, 266-288, 2013

Edelstein, R., S. Fortin and D. Tsang, “An International Exploration of Financial Reporting Practices in the Real Estate Industry,” International Real Estate Review, 15, 3, 347-372, 2012

Ben-Shahar, D., E. Solganik and D. Tsang, “Funds from Operations versus Net Income: Examining the Dividend-Relevance of REIT Performance Measures,” Journal of Real Estate Research, 33, 3, 415-442, 2011

Edelstein, R., W. Qian and D. Tsang, “How Do Institutional Factors Affect International Real Estate Returns?” Journal of Real Estate Finance and Economics, 43, 1-2, 130-151, 2011

Anglin, P., R. Edelstein, Y. Gao and D. Tsang, “How Does Corporate Governance Affect the Quality of Investor Information? The Curious Case of REITs,” Journal of Real Estate Research, 33, 1, 1-24, 2011

Ge, W., D. Drury, S. Fortin, F. Liu and D. Tsang, “Value Relevance of Disclosed Related Party Transactions,” Advances in Accounting, 26, 134-141, 2010

Bardhan, A. D., R. Edelstein and D. Tsang, “Global Economic and Financial Integration and Real Estate Security Returns,” Real Estate Economics, 36, 2, 285- 311, 2008

Edelstein, R. and D. Tsang, “Dynamic Residential Housing Cycles Analysis,” Journal of Real Estate Finance and Economics, 35, 3, 295-313, 2007

Books and Edited Volumes

Contributor: Lo & Fisher, "Intermediate Accounting," 2nd Edition, 2013


Awards, honours, and fellowships: 



2013: Best Paper Award on Real Estate Investment Trusts, American Real Estate Society (ARES) Meeting

2011: Best Paper Award, Global Chinese Real Estate Congress (GCREC) Conference

2010: Best Paper Award, Asian Real Estate Society (AsRES) Annual Meeting

2010: Best Paper Award, Global Chinese Real Estate Congress (GCREC) Conference

2009: Best Research Paper Award on REIT Analysis

2007: Best Paper Award by a New Faculty, American Accounting Association (AAA) Northeast Regional Meeting



2013: Nominee, Principal's Prize for Excellence in Teaching - Associate Professor (University-Level), McGill University

2012: Management Undergraduate Society’s Professor of the Year Award, McGill University

2010: Desautels Faculty of Management Distinguished Teaching Award, McGill University

2009: Nominee, Principal’s Prize for Excellence in Teaching - Assistant Professor (University-Level), McGill University


2012-2014: CICA/CAAA Research Grant

2010-2013: FQRSC Research Grant

2008: McGill SSHRC Internal Grant

2006: Real Property Association of Canada (RealPac) Research Grant

2006-2009: McGill Faculty Research Grant