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Undergraduate

A wide array of study choices from accounting, economics, finance, innovation and information management, to strategy and management and marketing

Postgraduate

Full-spectrum of programmes instill industry experience and academic knowledge to equip our students for future
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Executive Education

Specialise in providing training programmes to senior and top executives to inculcate cutting-edge knowledge so as to drive change, lead and strategize in their organisations

Undergraduate

A wide array of study choices from accounting, economics, finance, innovation and information management, to strategy and management and marketing

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Postgraduate

Full-spectrum of programmes instill industry experience and academic knowledge to equip our students for future
challenges

Executive Education

Specialise in providing training programmes to senior and top executives to inculcate cutting-edge knowledge so as to drive change, lead and strategize in their organisations

Undergraduate

Get to know more about your programme, the services and the extraordinary experience that we offer

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Postgraduate

Get to know more about your programme, the services and the extraordinary experience that we offer

Career Development

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Giving to the School

Contributions from alumni and friends are essential to the advancement of the school. It supports our teaching, research, and other learning initiatives

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Alumni Services

Build the new connections within the alumni community and explore resources and collaboration opportunities

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Mentorship Programme

Nurture the next generation of business leaders by providing career advice and sharing your valuable experiences to undergraduate students

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Career Development

Connect you to the talent pool of elite business students

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Corporate Collaboration

Committed to collaborating with the corporate community in different ways

Executive Education

Specialise in providing training programmes to senior and top executives to inculcate cutting-edge knowledge so as to drive change, lead and strategize in their organisations

Highlights

Thought Leadership

Economic Moat and The Rise and Fall of CompaniesEconomic Moat and The Rise and Fall of Companies
HKEJ Column
Prof. Jin LI
無論是投資者或是經營者,都希望自己參與的企業在市場競爭中立於不敗之地。一間公司的內在價值,取決於其維持自由現金流的能力。能做到歷久不衰、長期獲利的企業,通常都具備可持續競爭優勢(sustainable competitive advantage),也就是畢非德(Warren Buffett)口中的「經濟護城河」(economic moat)。
To Inspire and be Inspired – Dr. Tingting FANTo Inspire and be Inspired – Dr. Tingting FAN
Global Scholars
Dr. Tingting FAN
Born with a curious mind, Dr. Tingting Fan craves to explore and explain human behaviours with scientific models. Joining us in December 2021, she is a Senior Lecturer in Marketing.
Coordinating Installation of Electric Vehicle Charging Stations between Governments and AutomakersCoordinating Installation of Electric Vehicle Charging Stations between Governments and Automakers
Latest Research Publications
Prof. Z. Max SHEN
Accessibility of Electric Vehicle (EV) charging stations is an important factor for adoption of EV, which is an effective green technology for reducing carbon emissions. Recognizing this, many governments are contemplating ideas for achieving EV adoption targets, such as constructing extra EV charging stations directly or offering subsidies to entice automakers to construct more EV charging stations. To achieve these targets, governments need to coordinate with automakers to ensure that the total number of charging stations is planned optimally. We study this coordination problem by considering the interactions among the government, automakers, and consumers, our equilibrium analysis yields three major results. First, both the government and the automaker should build extra EV charging stations when their construction costs are independent. Simultaneously, the government should offer a per-station subsidy to the automaker only when the adoption target and the construction cost are both high. However, when the construction costs are dependent, the government should delegate the construction to the automaker by offering a per-station subsidy. Second, when the government considers consumer purchase subsidy as an extra lever, we find that the purchase subsidy for consumers is more cost-effective than offering a per-station subsidy to the automaker. Third, the structure of the optimal government policy remains the same regardless of whether the government's goal is to improve EV adoption or consumer welfare. Our results can serve as guidelines for governments when contemplating coordination with automakers for the construction of EV charging stations to improve EV adoption as well as consumer welfare further.
Minimum Wage and Corporate Investment: Evidence from Manufacturing Firms in ChinaMinimum Wage and Corporate Investment: Evidence from Manufacturing Firms in China
Latest Research Publications
Prof. Chen LIN
This paper studies how minimum wage policies affect capital investment using the industrial census of manufacturing firms in China, where minimum wage policies vary across counties. Exploiting minimum wage policy discontinuities at county borders, we find that minimum wages increase capital investment. The investment response to minimum wages is stronger for firms that are labor-intensive, that have more room for technological improvement, and that cannot sufficiently pass on labor costs to consumers. A natural experiment based on county jurisdictional changes further assures the causal relationship.
No-Fly Zone in the Loan Office: How Chief Executive Officers’ Risky Hobbies Affect Credit Stakeholders’ Evaluation of FirmsNo-Fly Zone in the Loan Office: How Chief Executive Officers’ Risky Hobbies Affect Credit Stakeholders’ Evaluation of Firms
Latest Research Publications
Dr. Yi TANG
The extant research has often examined the work-related experiences of corporate executives, but their off-the-job activities could be just as insightful. This study employs a novel proxy for the risky hobbies of chief executive officers (CEOs)—CEOs’ hobby of piloting a private aircraft—and investigates its effect on credit stakeholders’ evaluation of the firms led by the CEOs as reflected in bank loan contracting. Using a longitudinal data set on CEOs of large United States-listed firms across multiple industries between 1993 and 2010, we obtain strong evidence that bank loans to firms steered by CEOs who fly private jets as a hobby tend to incur a higher cost of debt, to be secured, to have more covenants, and to be syndicated. These effects are mainly driven by banks, which perceive such firms as having a higher default risk. These relationships become stronger when the CEO is more important to the firm and/or can exercise stronger control over decision making. Supplemented by field interviews, our results are also robust to various endogeneity checks using different experimental designs, the Heckman two-stage model, a propensity score-matching approach, a difference-in-differences test, and the impact threshold of confounding variables.
Do Index Funds Monitor?Do Index Funds Monitor?
Latest Research Publications
Passively managed index funds now hold over 30% of U.S. equity fund assets; this shift raises fundamental questions about monitoring and governance. We show that, relative to active funds, index funds are less effective monitors: (a) they are less likely to vote against firm management on contentious governance issues; (b) there is no evidence they engage effectively publicly or privately; and (c) they promote less board independence and worse pay-performance sensitivity at their portfolio companies. Overall, the rise of index funds decreases the alignment of incentives between beneficial owners and firm management and shifts control from investors to managers.
Finding the Cost of Friendships at WorkFinding the Cost of Friendships at Work
Research Insights
Dr. Sangyoon PARK
Dr Sangwoon Park’s study takes a scientific look at what makes friendships at work tick and how these friendships affect productivity in the workplace. His findings reveal that worker productivity declines when friends socialize at work, but that, surprisingly, people are also willing to “pay” almost 5% of their wages to work near a friend – suggesting that friends who work together get more out of their jobs than just money.
Real Effects of Share Repurchases Legalization on Corporate BehaviorsReal Effects of Share Repurchases Legalization on Corporate Behaviors
Latest Research Publications
Dr. Zigan WANG
We use staggered share repurchases legalization from 1985 to 2010 across the world to examine its impact on corporate behaviors. We find that share-repurchasing firms do not cut dividends as a substitution. The cash for repurchasing shares comes more from internal cash than external debt issuance, leading to reductions in capital expenditures and R&D expenses. While this strategy boosts stock prices, it results in lower long-run Tobin's Q, profitability, growth, and innovation, accompanied by lower insider ownership. Tax benefits and paying out temporary earnings are two primary reasons that firms repurchase.
New career opportunities for Hong Kong youths under the dual circulation strategyNew career opportunities for Hong Kong youths under the dual circulation strategy
HKEJ Column
Prof. Zhigang TAO
過去兩年來,香港經歷了內外環境巨變。社會運動影響下,本港經濟持續低迷,加上中美貿易談判曲折、新冠肺炎疫情衝擊 、世界經濟下行,無疑令本地困局雪上加霜。失業人數不斷攀升,青年失業率更遠高於其他年齡組別。若要走出逆境,年輕一代需要多元發展,而粵港澳大灣區建設正好為他們開闢一條發展的新跑道。
蔡洪滨:世紀亂局衝擊商管教育 香港高校可發揮區域優勢蔡洪滨:世紀亂局衝擊商管教育 香港高校可發揮區域優勢
In the Media
Prof. Hongbin CAI
Prof. Hongbin Cai, Dean of HKU Business School was interviewed by Master Insight on how dominant of Hong Kong tertiary Institutions among the global critical situation.
Hazard Rate Estimation for Call Center Customer Patience TimeHazard Rate Estimation for Call Center Customer Patience Time
Latest Research Publications
Prof. Haipeng SHEN
Estimating the hazard function of customer patience time has become a necessary component of effective operational planning such as workforce staffing and scheduling in call centers. When customers get served, their patience times are right-censored. In addition, the exact event times in call centers are sometimes unobserved and naturally binned into time intervals, due to the design of data collection systems. We develop a TunT (Transform-unTransform) estimator that turns the difficult problem of nonparametric hazard function estimation into a regression problem on binned and right-censored data. Our approach starts with binning event times and transforming event count data with a mean-matching transformation, which enables a simpler characterization of the heteroscedastic variance function. A nonparametric regression technique is then applied to the transformed data. Finally, the estimated regression function is back-transformed to yield an estimator for the original hazard function. The proposed estimation procedure is illustrated using call center data to reveal interesting customer patience behavior, and health insurance plan trial data to compare the effect between treatment and control groups. The numerical study shows that our approach yields more accurate estimates and better staffing decisions than existing methods.
How do Chinese companies overcome challenges for global expansionHow do Chinese companies overcome challenges for global expansion
HKEJ ColumnIn the Media
Dr. Stephen Y CHIU
近日最矚目的國際新聞,莫過於特朗普總統頒布行政命令,限制美國國民和企業在45天後停止與TikTok和騰訊微信的交易。此前國務卿蓬佩奧已提出了對中國的「清潔網絡」行動。
Disguised Corruption: Evidence from Consumer Credit in ChinaDisguised Corruption: Evidence from Consumer Credit in China
Latest Research Publications
Dr. Jian ZHANG
Using a comprehensive sample of credit card data from a leading Chinese bank, we show that government bureaucrats receive 16% higher credit lines than non-bureaucrats with similar income and demographics, but their accounts experience a significantly higher likelihood of delinquency and debt forgiveness. Regions associated with greater credit provision to bureaucrats open more branches and receive more deposits from the local government. After staggered corruption crackdowns of provincial-level political officials, the new credit cards originated to bureaucrats in exposed regions do not enjoy a credit line premium, and bureaucrats’ delinquency and reinstatement rates are similar to those of non-bureaucrats.

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