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# HKU Business School

## Sitemaps

- [XML Sitemap](https://www.hkubs.hku.hk/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Can Dynamic Pricing Be a Win-Win for Tackling Gaming Addiction?](https://www.hkubs.hku.hk/can-dynamic-pricing-be-a-win-win-for-tackling-gaming-addiction/) - 动态定价如何在解决游戏成瘾问题中实现“双赢”？ 雷骁、田丰、常家诚：涵盖电子游戏、社交媒体和视频共享平台的数字媒体行业，去年收入估计打破5600亿美元。当全球多达数千万人沉迷电子游戏，多国政府和组织都积极采取措施遏制趋势。我们的研究显示，动态定价可望解决游戏成瘾的问题。 电子游戏正以惊人的速度成为全球娱乐产业的主流，但其伴生的“游戏成瘾”问题已成为不容忽视的社会议题。世界卫生组织（WHO）已于2018年，正式将“游戏障碍”列为疾病【注1】。有分析推测，沉溺于电子游戏的玩家人数已突破6000万【注2】。成瘾现象不仅影响青少年，许多成年人同样深陷其中，生活和工作均受其害。为了应对这挑战，社会对游戏厂商提出了更高的社会责任要求；同时，厂商也面临如何平衡利润与社会责任的困境。我们的研究团队发现，通过“个性化动态定价”这一策略，厂商可以在保证长期盈利的同时，有效缓解玩家的成瘾问题【注3】。 什么是个性化动态定价？ 随着大数据技术的发展，游戏厂商能通过玩家行为数据，更精准地分析每位的偏好、活跃时间和消费能力，从而对不同玩家和时间段，采取个性化动态定价策略。这策略能让厂商根据玩家的活跃度而动态的调整价格，还可以按照玩家的消费习惯，优化商店内容，使高消费玩家与低消费玩家看到不同的优惠方案。个性化动态定价不仅实现了“千人千价”的精准策略，还让玩家感到“物有所值”，同时为厂商带来更高的收入。 动态定价如何缓解成瘾？ 动态定价通常被视为厂商“割韭菜”的工具，但我们的研究发现，这种策略不仅能优化厂商收益，还能帮助玩家控制消费行为，减少成瘾风险。具体而言，动态定价通过涨价抑制过度消费、降价激发兴趣以及平衡随机性来调控玩家行为。例如，当玩家成瘾状态偏高时，上调价格可以促使他重新审视消费行为；而对于活跃度较低的玩家，限时折扣则能重新吸引其参与游戏且避免其过度沉迷。此外，动态定价还能通过价格调整，平缓游戏中随机性机制带来的情绪波动，使玩家保持适度参与。新玩家通常在入坑游戏时经历两个阶段： 初期吸引阶段：动态定价通过新人礼包或低价促销快速吸引玩家兴趣，例如以极低价格提供稀有道具。 后期抑制阶段：随着玩家增加游戏时间，逐步提升价格以抑制消费欲望和过度沉迷。 研究表明，与固定定价相比，动态定价更能有效地控制玩家的成瘾行为，既帮助厂商实现盈利，也降低玩家的长期成瘾水平。 动态定价与政策干预的结合 尽管动态定价在调控玩家消费行为方面有一定积极作用，但其在减少游戏成瘾上的效果有限。因此，我们建议在动态定价的基础上引入配套政策干预。传统管制政策包括三种方式： 消费限制：通过强制限制玩家每天的游戏时间或消费额度直接干预； 最低价格：为商品设置价格底线，避免厂商通过低价刺激玩家冲动消费； 消费税：对消费行为征税以减少消费意愿，同时为社会创造收入。 研究表明，不同类型的干预在不同情境下效果理想：对于消费行为稳定的玩家（如“按部就班的上班族”），消费限制最有效，透过直接设定“消费天花板”，限制消费总量。而对于消费波动较大的玩家（如“情绪化的年轻人”），消费税表现更优，因其能灵活应对消费波动。模拟分析显示，单独采用动态定价可使厂商利润提升3.07%至3.73%，玩家成瘾水平下降1.31%；而结合政策干预后，在保证厂商利润的同时，玩家成瘾水平可降低20.65%至22.16%。 社会各方的启示 我们的研究为厂商、玩家和政策制定者带来了以下启示：对于厂商而言，科学的动态定价策略不仅能够提升长期利润，还能有效有效缓解玩家的成瘾问题，减轻社会舆论压力；对于玩家而言，动态定价并非单纯的“割韭菜”工具，它在优化游戏体验的同时，可能帮助玩家减少沉迷；而对于政策制定者来说，针对不同类型的游戏，灵活引入消费限制、最低价格或消费税等政策，可以更有效地控制成瘾行为，同时兼顾厂商的盈利需求。游戏成瘾是一个复杂的社会问题，但并非无解。通过科学的定价策略与合理的政策干预，厂商可以在帮助玩家摆脱沉迷的同时，实现长期可持续发展。动态定价不仅是厂商的盈利工具，更可能成为解决游戏成瘾问题的重要手段。 注1：World Health Organization (2020), Addictive behaviours: Gaming disorder, Available at: https://www.who.int/news-room/questions-and-answers/item/addictive-behaviours-gaming-disorder 注2：Adair, C., “Video Game Addiction Statistics 2025: How Many Addicted Gamers Are There?”, Game Quitters, Available at: https://gamequitters.com/video-game-addiction-statistics/ 注3：Lei, X., Tian, F., Chang, JC., (2024) “Pricing

## Pages

- [首页](https://www.hkubs.hku.hk/sc/) - 香港大学经管学院是亚洲顶尖的商学院。我们以「启发、赋能和领导」为使命，提供香港最好的本科、研究生课程和高管教育。
- [首頁](https://www.hkubs.hku.hk/sc/) - 香港大學經管學院是亞洲頂尖的商學院。 我們以「啟發、賦能和領導」為使命，提供香港最優秀的本科、研究生課程和高管教育。
- [Home](https://www.hkubs.hku.hk/sc/) - HKU Business School is a top business school in Asia. We offer the best undergraduate, postgraduate programme and executive education in Hong Kong with a mission of "Inspire, Empower & Lead".
- [学院领导](https://www.hkubs.hku.hk/sc/about-us/faculty-management/) - 香港大学经管学院是一所顶级商学院，拥有亚洲最好的师资力量。我们在香港提供全面的本科、研究生课程和高管教育。
- [學院領導](https://www.hkubs.hku.hk/sc/about-us/faculty-management/) - 香港大學經管學院是亞洲頂尖的商學院，延攬環球傑出學者。 我們提供最優秀全面的本科、研究生課程和高管教育。
- [Faculty Management](https://www.hkubs.hku.hk/sc/about-us/faculty-management/) - HKU Business School is a top business school in Asia with outstanding scholars joining from around the globe. We offer the best undergraduate, postgraduate programmes and executive education in Hong Kong with a mission of "Inspire, Empower & Lead".
- [Contact Us](https://www.hkubs.hku.hk/sc/about-us/contact-us/) - Contact us via email or phone for any enquiries.
- [排名及认证](https://www.hkubs.hku.hk/sc/about-us/overview/rankings-accreditations-achievements/) - 香港大学经管学院提供经 AACSB 和 EQUIS 认可的最佳商业课程。我们的 MBA 项目在 2018 年经济学人 MBA 排名中排名第一，而联合 EMBA 项目在 2019 年 QS 全球 EMBA 排名中排名第二。
- [排名及認證](https://www.hkubs.hku.hk/sc/about-us/overview/rankings-accreditations-achievements/) - 香港大學經管學院提供經 AACSB 和 EQUIS 認可的最佳商業課程。我們的 MBA 項目自2018 年起連續九年於經濟學人 MBA 排名中排名第一。
- [Rankings & Accreditations](https://www.hkubs.hku.hk/sc/about-us/overview/rankings-accreditations-achievements/) - HKUBS offers the best business programme accredited by AACSB and EQUIS. Our MBA programme ranked No.1 in the Economist MBA Ranking for nine consecutive years since 2010
- [FAQ for New Masters Students](https://www.hkubs.hku.hk/sc/?page_id=229329) - Masters Programmes* Please visit the Masters Programmes official website – https://masters.hkubs.hku.hk/ for more information. Student Visa ATTENTION: All applicants, including those with conditional offers, are required to complete their visa online applications on or before June 15, 2026 (Monday) in order to start their studies in Hong Kong. For applications submitted after this deadline, applicants
- [BGS HKU Chapter Honoree 2024 - Professor Poman Lo](https://www.hkubs.hku.hk/sc/?page_id=213584) - Professor Poman Lo Ms. Poman Lo is the Vice Chairman of Century City International Holdings Limited and Vice Chairman and Managing Director of Regal Hotels Group. Century City Group comprises a total of five listed entities in Hong Kong, including Century City International Holdings Limited (investment holding), Paliburg Holdings Limited (property development and investment),
- [香港大学北京中心简介](https://www.hkubs.hku.hk/sc/hku-beijing-centre/) - 香港大学北京中心由香港大学独资创立，秉承着“立足北京、连接香港、拥抱世界”的宗旨，致力于加强香港和中国内地在学术研究和行业实践领域的合作与交流，积极为各类人才提供国际化教育服务与终身学习平台。 香港大学北京中心的建立有助于香港大学实现以“全人教育”为理念，为社会各界和全球各地区培养“世界公民”、“未来领袖”的目标。 该中心坐落于北京市朝阳区亚洲金融大厦，拥有1822平方米的办公区域，配有先进的视听设备，既可以满足中心举办各类高规格会议和论坛，也能够支持学校扩展现有的活动，与位于中国内地的高校和企业加强合作关系，支持大学各个学院和部门的研究和教学活动，并成为北京甚至整个华北地区校友的聚集地。 香港大学北京中心主任王俭锐女士负责运营该中心，联系学界、政界和商界的思想者和决策者，促进各界的交流和对话。 北京中心依托着香港大学享誉国际的研究实力、世界顶尖的师资及强大的学术和行业伙伴网络，成为内地与国际化教育共融的理想平台。同时，通过香港国际化窗口为企事业单位赋能助力，扩展北京国际化名片的影响力。 中文名：香港大学北京中心 外文名：HKU Beijing Centre 成立日期：2021年1月14日 中心地址：北京市朝阳区亚运村街道北四环中路27号钰珵大厦45层 中心面积：1822平方米 港大校长：张翔教授 港大历史 香港大学（港大）是香港历史最悠久的高等教育院校。 1910年3月16日，当时的港督卢嘉爵士（Sir Frederick Lugard）为港大奠下基石。 1911年3月30日，港大首先根据《大学条例》以学者组成的自治团体在香港创立。 1912年3月11日，港大落成启用。文学院、工程学院和医学院为最先设立的学院。医学院由创立于1887年的香港华人西医书院发展而成。学院早期校友中最著名者为「国父」孙中山先生。 1916年12月，港大举行了第一届学位颁授典礼，仅23名学生毕业。 1937年，玛丽医院开业，其后一直为港大的教学医院。第二次世界大战爆发，令学术活动停顿。此前，港大共有四个学院：文学院、工程学院、医学院和理学院。 1945年后，随着战后重建工作开始，港大经历了结构性发展。 1951年，港大首办建筑学课程。 1961年，港大庆祝金禧，当时学生人数为2000名，是1941年的四倍。 1967年，港大成立社会科学学院。 1969年，港大开办法律系。 1982年，座落于菲腊牙科医院的牙医学院正式成立，至今仍是全港唯一的牙医学院。 1984年，建筑学院和教育学院已发展完善，法律学院于同年成立。经济及工商管理学院是港大第十个学院，成立于2001年。 中心的成立 香港是全球国际金融中心，同时也是连接中国与世界的桥梁。秉承着“为中国而立”的初心创立于1911年3月的香港大学，百年来一直担当着通往世界其他地区研讨学问的大门。作为香港历史最悠久、排名第一的高等学府，在瞬息万变的时代洪流中，香港大学北京中心应势而生更显意义非凡。 2020年，一场突如其来的新冠疫情让全世界陷入焦虑与不安，给全球政治、经济形势增加了不确定性。香港大学北京中心在此时应势而生，展现了港大不畏时艰、与时并进的奋进精神。此举不仅是香港大学面向未来发展的全新里程碑，还为香港联手内地在教育领域合作发展树立了典范。 中心的宗旨 香港大学北京中心秉承着“立足北京、连接香港、拥抱世界”的宗旨，致力于加强香港和中国内地在学术研究和行业实践领域的合作与交流，积极为各类人才提供国际化教育服务与终身学习平台。 中心的开幕仪式 2021年4月9日，香港大学北京中心开幕仪式在亚洲金融大厦举行。 香港特别行政区政府驻北京办事处主任梁志仁、亚洲基础设施投资银行（以下简称“亚投行”）首席经济学家Erik Berglof、清华大学法学院前院长王振民教授、香港大学经管学院副院长沈海鹏教授、北京大学光华管理学院副院长马力教授、长江商学院副院长刘劲教授、复旦大学管理学院副院长殷志文教授、建行大学执行副校长徐云清、腾讯科技有限公司副总裁马斌、识因智能科技（集团）公司董事长王春辉、德勤中国华北区主管合伙人、香港大学北京校友会会长施能自、亚洲金融大厦总经理赵劲、香港大学北京中心主任王俭锐等180多位香港大学各学院校友代表，MBA，DBA等学员及嘉宾出席了本次活动。 在开幕仪式上，香港大学校长张翔教授发表了以《新时代 新发展 新格局》为主题的寄语，企望香港大学北京中心作为京港两地的“桥头堡”，秉承严谨的科学态度和格物创新的学术精神，积极连接内地与香港，努力打造跨界、全球化视野的创新学习平台。 香港大学经管学院院长蔡洪滨教授在开幕致辞中表示，香港大学北京中心的建立具有积极的示范作用和意义，必将为香港与内地学术交流与合作赋能助力。 香港特别行政区政府驻北京办事处主任梁志仁作为香港大学的校友，他对香港大学北京中心的成立表示衷心祝贺，并做题为《国家“十四五规划“与香港的机遇》的致辞。 亚投行现任首席经济学家Erik Berglof曾是伦敦政经学院经济学教授、欧洲复兴开发银行首席经济学家，他应邀出席本次活动，并就亚投行如何在国际化进程中发挥重要作用、如何支持促进亚洲的包容与可持续发展的主题发表演讲，强调构建数字基础设施的重要性。 施能自先生是德勤中国华北区主管合伙人、德勤中国政府事务主管合伙人，同时也是香港大学的优秀校友，他作为港大北京校友会会长，代表港大校友会发出积极号召，在中国经济即将进入发展新阶段之际，港大要打造和谐的、积极向上的校友文化。港大北京中心的成立，必将为京港两地融汇交流提供更加广阔的发展空间和高效便利的交流平台。 沈海鹏副院长主持的两场研讨会激起了大家强烈的兴趣，来自于北京大学光华管理学院、复旦大学管理学院、港大经管学院、长江商学院的几位副院长分别从各自角度阐述了商学教育的本土化与国际化融合的必要性。商学教育本着为培养立足中国实践兼具国际视野，培育有创新精神兼具社会责任的企业高级管理者，必将为中国经济发展提供有力的智力支持。在数字化经济时代的企业转型机遇研讨会中，建行大学执行副校长徐云清讲述企业大学如何支持企业数字化转型工作；腾讯科技有限公司副总裁马斌校友讲了很多腾讯数字化转型的方法论和案例；识因智能科技（集团）公司董事长王春辉校友解读传统企业数字化转型如何做到从零到一。 清华大学法学院院长王振民教授是香港大学法学院的知名校友，他在晚宴上从法律角度详尽的解读了如何用好“一国两制”的优势融入国家发展的大局。 中心的设施 香港大学北京中心位于北京市朝阳区天辰东路1号院亚洲金融大厦B座5层。该大厦位于奥林匹克公园中心区，地理位置优越，交通便利，四通八达。入驻后便拥有山景、水系、森林、公园，俯瞰北京中轴线龙形水系景观。 大厦外与森林公园自然景观相连，内有空中花园，为工作、学习增添创意和灵感。
- [香港大學北京中心簡介](https://www.hkubs.hku.hk/sc/hku-beijing-centre/) - 香港大學北京中心由香港大學獨資創立，秉承著“立足北京、連接香港、擁抱世界”的宗旨，致力於加強香港和中國內地在學術研究和行業實踐領域的合作與交流，積極為各類人才提供國際化教育服務與終身學習平台。 香港大學北京中心的建立有助於香港大學實現以“全人教育”為理念，為社會各界和全球各地區培養“世界公民”、“未來領袖”的目標。 該中心坐落於北京市朝陽區亞洲金融大廈，擁有1822平方米的辦公區域，配有先進的視聽設備，既可以滿足中心舉辦各類高規格會議和論壇，也能夠支持學校擴展現有的活動，與位於中國內地的高校和企業加強合作關係，支持大學各個學院和部門的研究和教學活動，並成為北京甚至整個華北地區校友的聚集地。 香港大學北京中心主任王儉銳女士負責運營該中心，聯繫學界、政界和商界的思想者和决策者，促進各界的交流和對話。 北京中心依托著香港大學享譽國際的研究實力、世界頂尖的師資及強大的學術和行業夥伴網絡，成為內地與國際化教育共融的理想平台。同時，通過香港國際化窗口為企事業單位賦能助力，擴展北京國際化名片的影響力。 中文名：香港大學北京中心 外文名：HKU Beijing Centre 成立日期：2021年1月14日 中心地址：北京市朝陽區亞運村街道北四環中路27號鈺珵大廈45層 中心面積：1822平方米 港大校長：張翔教授 港大歷史 香港大學（港大）是香港歷史最悠久的高等教育院校。 1910年3月16日，當時的港督盧吉爵士（Sir Frederick Lugard）為港大奠下基石。 1911年3月30日，港大首先根據《大學條例》以學者組成的自治團體在香港創立。 1912年3月11日，港大落成啟用。文學院、工程學院和醫學院為最先設立的學院。醫學院由創立於1887年的香港華人西醫書院發展而成。學院早期校友中最著名者為「國父」孫中山先生。 1916年12月，港大舉行了第一届學位頒授典禮，僅23名學生畢業。 1937年，瑪麗醫院開業，其後一直為港大的教學醫院。第二次世界大戰爆發，令學術活動停頓。此前，港大共有四個學院：文學院、工程學院、醫學院和理學院。 1945年後，隨著戰後重建工作開始，港大經歷了結構性發展。 1951年，港大首辦建築學課程。 1961年，港大慶祝金禧，當時學生人數為2000名，是1941年的四倍。 1967年，港大成立社會科學學院。 1969年，港大開辦法律系。 1982年，座落於菲臘牙科醫院的牙醫學院正式成立，至今仍是全港唯一的牙醫學院。 1984年，建築學院和教育學院已發展完善，法律學院於同年成立。經濟及工商管理學院是港大第十個學院，成立於2001年。 中心的成立 香港是全球國際金融中心，同時也是連接中國與世界的橋梁。秉承著“為中國而立”的初心創立於1911年3月的香港大學，百年來一直擔當著通往世界其他地區研討學問的大門。作為香港歷史最悠久、排名第一的高等學府，在瞬息萬變的時代洪流中，香港大學北京中心應勢而生更顯意義非凡。 2020年，一場突如其來的新冠疫情讓全世界陷入焦慮與不安，給全球政治、經濟形勢增加了不確定性。香港大學北京中心在此時應勢而生，展現了港大不畏時艱、與時並進的奮進精神。此舉不僅是香港大學面向未來發展的全新里程碑，還為香港聯手內地在教育領域合作發展樹立了典範。 中心的宗旨 香港大學北京中心秉承著“立足北京、連接香港、擁抱世界”的宗旨，致力於加強香港和中國內地在學術研究和行業實踐領域的合作與交流，積極為各類人才提供國際化教育服務與終身學習平台。 中心的開幕儀式 2021年4月9日，香港大學北京中心開幕儀式在亞洲金融大廈舉行。 香港特別行政區政府駐北京辦事處主任梁志仁、亞洲基礎設施投資銀行（以下簡稱“亞投行”）首席經濟學家Erik Berglof、清華大學法學院前院長王振民教授、香港大學經管學院副院長沈海鵬教授、北京大學光華管理學院副院長馬力教授、長江商學院副院長劉勁教授、復旦大學管理學院副院長殷志文教授、建行大學執行副校長徐雲清、騰訊科技有限公司副總裁馬斌、識因智能科技（集團）公司董事長王春輝、德勤中國華北區主管合夥人、香港大學北京校友會會長施能自、亞洲金融大廈總經理趙勁、香港大學北京中心主任王儉銳等180多位香港大學各學院校友代表，MBA，DBA等學員及嘉賓出席了本次活動。 在開幕儀式上，香港大學校長張翔教授發表了以《新時代 新發展 新格局》為主題的寄語，企望香港大學北京中心作為京港兩地的“橋頭堡”，秉承嚴謹的科學態度和格物創新的學術精神，積極連接內地與香港，努力打造跨界、全球化視野的創新學習平台。 香港大學經管學院院長蔡洪濱教授在開幕致辭中表示，香港大學北京中心的建立具有積極的示範作用和意義，必將為香港與內地學術交流與合作賦能助力。 香港特別行政區政府駐北京辦事處主任梁志仁作為香港大學的校友，他對香港大學北京中心的成立表示衷心祝賀，並做題為《國家“十四五規劃“與香港的機遇》的致辭。 亞投行現任首席經濟學家Erik Berglof曾是倫敦政經學院經濟學教授、歐洲復興開發銀行首席經濟學家，他應邀出席本次活動，並就亞投行如何在國際化進程中發揮重要作用、如何支持促進亞洲的包容與可持續發展的主題發表演講，強調構建數字基礎設施的重要性。 施能自先生是德勤中國華北區主管合夥人、德勤中國政府事務主管合夥人，同時也是香港大學的優秀校友，他作為港大北京校友會會長，代表港大校友會發出積極號召，在中國經濟即將進入發展新階段之際，港大要打造和諧的、積極向上的校友文化。港大北京中心的成立，必將為京港兩地融匯交流提供更加廣闊的發展空間和高效便利的交流平台。 沈海鵬副院長主持的兩場研討會激起了大家強烈的興趣，來自於北京大學光華管理學院、復旦大學管理學院、港大經管學院、長江商學院的幾位副院長分別從各自角度闡述了商學教育的本土化與國際化融合的必要性。商學教育本著為培養立足中國實踐兼具國際視野，培育有創新精神兼具社會責任的企業高級管理者，必將為中國經濟發展提供有力的智力支持。在數字化經濟時代的企業轉型機遇研討會中，建行大學執行副校長徐雲清講述企業大學如何支持企業數字化轉型工作；騰訊科技有限公司副總裁馬斌校友講了很多騰訊數字化轉型的方法論和案例；識因智能科技（集團）公司董事長王春輝校友解讀傳統企業數字化轉型如何做到從零到一。 清華大學法學院院長王振民教授是香港大學法學院的知名校友，他在晚宴上從法律角度詳盡的解讀了如何用好“一國兩制”的優勢融入國家發展的大局。 中心的設施 香港大學北京中心位於北京市朝陽區天辰東路1號院亞洲金融大廈B座5層。該大廈位於奧林匹克公園中心區，地理位置優越，交通便利，四通八達。入駐後便擁有山景、水系、森林、公園，俯瞰北京中軸綫龍形水系景觀。
- [Past Lecture Speakers](https://www.hkubs.hku.hk/sc/media/edward-k-y-chen-distinguished-lecture-series/past-lecture-speakers/) - “陈坤耀杰出学人讲座系列 ”是香港大学一年一度的活动，由香港大学经管学院主举。
- [Past Lecture Speakers](https://www.hkubs.hku.hk/sc/media/edward-k-y-chen-distinguished-lecture-series/past-lecture-speakers/) - “陳坤耀傑出學人講座系列 ”是香港大學一年一度的活動，由香港大學經管學院主舉。
- [Past Lecture Speakers](https://www.hkubs.hku.hk/sc/media/edward-k-y-chen-distinguished-lecture-series/past-lecture-speakers/) - The "Edward K Y Chen Distinguished Lecture Series" is an annual event at HKU and presented by the HKU Business School.
- [Past Lectures](https://www.hkubs.hku.hk/sc/media/edward-k-y-chen-distinguished-lecture-series/past-lectures/) - The "Edward K Y Chen Distinguished Lecture Series" is an annual event at HKU and presented by the HKU Business School.
- [Beta Gamma Sigma HKU Chapter](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/beta-gamma-sigma-hku-chapter/) - HKUBS's business and economic programmes are fully accredited by AACSB and EQUIS. The Beta Gamma Sigma HKU Chapter is also established to honor academic achievement by our students.
- [Beta Gamma Sigma HKU Chapter](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/beta-gamma-sigma-hku-chapter/) - HKUBS's business and economic programmes are fully accredited by AACSB and EQUIS. The Beta Gamma Sigma HKU Chapter is also established to honor academic achievement by our students.
- [Beta Gamma Sigma HKU Chapter](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/beta-gamma-sigma-hku-chapter/) - HKUBS's business and economic programmes are fully accredited by AACSB and EQUIS. The Beta Gamma Sigma HKU Chapter is also established to honor academic achievement by our students.
- [Induction Ceremony](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/induction-ceremony/) - Beta Gamma Sigma HKU Chapter Induction Ceremony 2026 Date April 16, 2026 (Thursday) Chapter Honoree Professor Patrick Nip Tak-kuen, GBS, JPAdjunct ProfessorThe University of Hong Kong Event Highlights Beta Gamma Sigma HKU Chapter Induction Ceremony 2025 Date April 24, 2025 (Thursday) Chapter Honoree Mr Daryl NgDeputy Chairman, Sino GroupDirector, Ng Teng Fong Charitable Foundation Event
- [Induction Ceremony](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/induction-ceremony/) - Beta Gamma Sigma HKU Chapter Induction Ceremony 2026 Date April 16, 2026 (Thursday) Chapter Honoree Professor Patrick Nip Tak-kuen, GBS, JPAdjunct ProfessorThe University of Hong Kong Event Highlights Beta Gamma Sigma HKU Chapter Induction Ceremony 2025 Date April 24, 2025 (Thursday) Chapter Honoree Mr Daryl NgDeputy Chairman, Sino GroupDirector, Ng Teng Fong Charitable Foundation Event
- [Induction Ceremony](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/induction-ceremony/) - Beta Gamma Sigma HKU Chapter Induction Ceremony 2026 Date April 16, 2026 (Thursday) Chapter Honoree Professor Patrick Nip Tak-kuen, GBS, JPAdjunct ProfessorThe University of Hong Kong Event Highlights Beta Gamma Sigma HKU Chapter Induction Ceremony 2025 Date April 24, 2025 (Thursday) Chapter Honoree Mr Daryl NgDeputy Chairman, Sino GroupDirector, Ng Teng Fong Charitable Foundation Event
- [Chapter Honorees](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/hku-chapter-honorees/) - Beta Gamma Sigma HKU Chapter Honorees 2026 Professor Patrick Nip Tak-kuen, GBS, JPAdjunct Professor, The University of Hong Kong Beta Gamma Sigma HKU Chapter Honorees 2025 Mr Daryl NgDeputy Chairman, Sino Group Director, Ng Teng Fong Charitable Foundation Beta Gamma Sigma HKU Chapter Honorees 2024 Professor Poman LoAdjunct Professor,The University of Hong Kong Founder,Institute of
- [Chapter Honorees](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/hku-chapter-honorees/) - Beta Gamma Sigma HKU Chapter Honorees 2026 Professor Patrick Nip Tak-kuen, GBS, JPAdjunct Professor, The University of Hong Kong Beta Gamma Sigma HKU Chapter Honorees 2025 Mr Daryl NgDeputy Chairman, Sino Group Director, Ng Teng Fong Charitable Foundation Beta Gamma Sigma HKU Chapter Honorees 2024 Professor Poman LoAdjunct Professor,The University of Hong Kong Founder,Institute of
- [Chapter Honorees](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/hku-chapter-honorees/) - Beta Gamma Sigma HKU Chapter Honorees 2026 Professor Patrick Nip Tak-kuen, GBS, JPAdjunct Professor, The University of Hong Kong Beta Gamma Sigma HKU Chapter Honorees 2025 Mr Daryl NgDeputy Chairman, Sino Group Director, Ng Teng Fong Charitable Foundation Beta Gamma Sigma HKU Chapter Honorees 2024 Professor Poman LoAdjunct Professor,The University of Hong Kong Founder,Institute of
- [BGS HKU Chapter Honoree 2026 - Prof. Patrick Nip Tak-kuen, GBS, JP](https://www.hkubs.hku.hk/sc/?page_id=260174) - Patrick Nip Tak-kuen, GBS, JP Professor Nip is currently Adjunct Professor of the Department of Politics and Public Administration of The University of Hong Kong; Honorary Professor of Faculty of Social Science of The Chinese University of Hong Kong; Independent Non-Executive Director of Hang Seng Bank (China) Limited; Member of the Governing Committee of
- [BGS Leadership Conference Series](https://www.hkubs.hku.hk/sc/?page_id=235457) - Beta Gamma Sigma Leadership Conference Series 2026 Date February 23–24, 2026 Destination IQS School of Management – Universitat Ramon Llull | Barcelona, Spain Theme Fluent in Conversational Intelligence: For Career-Making Conversations Student Representatives 1. Ms. Natalie HUNG | BBA(Law)&LLB Year 5, Academic Year 2025-262. Mr. Benson LAU | BBA(IBGM) Year 4, Academic Year 2025-263.
- [Past Lectures](https://www.hkubs.hku.hk/sc/media/edward-k-y-chen-distinguished-lecture-series/past-lectures/) - “陈坤耀杰出学人讲座系列 ”是香港大学一年一度的活动，由香港大学经管学院主举。
- [Past Lectures](https://www.hkubs.hku.hk/sc/media/edward-k-y-chen-distinguished-lecture-series/past-lectures/) - “陳坤耀傑出學人講座系列 ”是香港大學一年一度的活動，由香港大學經管學院主舉。
- [企業合作](https://www.hkubs.hku.hk/sc/corporate/) - 香港大學經管學院建立企業合作，在企業合作夥伴的支持下，為學生提供實習機會，促進學校的發展。
- [企业合作](https://www.hkubs.hku.hk/sc/corporate/) - 香港大学经管学院建立企业合作，在企业合作伙伴的支持下，为学生提供实习机会，促进学校的发展。
- [Corporate Collaboration](https://www.hkubs.hku.hk/sc/corporate/) - HKU Business School established partnership with renowned universities and corporations to offer students joint programme, as well as international exchange, internship and career opportunities.
- [Research Centres & Institutes](https://www.hkubs.hku.hk/sc/research/research-centres-institutes/) - HKUBS has 7 research centres to advance the frontiers of business and economics knowledge through innovation and interdisciplinary research.
- [Scholarships, Prizes and Dean’s Honours List](https://www.hkubs.hku.hk/sc/scholarships-prizes-and-deans-honours-list/) - 2024-2025 2023-2024 2022-2023 2021-2022 2020-2021 2019-2020 Over 1,600 outstanding students of HKU Business School were awarded scholarships, prizes or placed on the Dean’s Honours List in the academic year 2024–2025. Scholarships Prizes Dean’s Honours List Executive Master of Business Administration Family Name Given Name Award Name Bai Jieyong HKU Executive Master of Business Administration Scholarship
- [設施](https://www.hkubs.hku.hk/sc/about-us/campus/) - 香港大學經管學院積極拓展環球佈局。
- [设施](https://www.hkubs.hku.hk/sc/about-us/campus/) - 香港大学经管学院在三个校区提供先进的设施：K.K. 香港大学主校区梁楼、数码港数码港中心及金钟市中心。
- [Campuses](https://www.hkubs.hku.hk/sc/about-us/campus/) - HKU Business School proactively expands its global presence. Find out more about our campuses.
- [Recruit our Talents](https://www.hkubs.hku.hk/sc/career/recruit-our-talents/) - HKU Business School welcomes employers to use our job posting service to recruit talent, from Undergraduate students to Postgraduate students, who are well-prepared to excel in their future career.
- [研究中心](https://www.hkubs.hku.hk/sc/research/research-centres-institutes/) - 香港大學經管學院擁有 7 個研究中心，通過創新和跨學科研究推進經濟和金融知識的前沿。
- [研究中心](https://www.hkubs.hku.hk/sc/research/research-centres-institutes/) - 香港大学经管学院拥有 7 个研究中心，通过创新和跨学科研究推进商业和经济知识的前沿。
- [Academic Areas](https://www.hkubs.hku.hk/sc/research/academic-areas/) - HKUBS's scholars have published various academic researches in different areas including Accounting and Law, Economics, Finance, Innovation and Information Management, Management and Strategy and Marketing.
- [国际顾问委员会](https://www.hkubs.hku.hk/sc/about-us/international-advisory-council/) - 香港大学经管学院是亚洲顶尖的商学院。我们的国际咨询委员会由一群经济学和商业领域的教授和专家组成。
- [國際顧問委員會](https://www.hkubs.hku.hk/sc/about-us/international-advisory-council/) - 香港大學經管學院是亞洲頂尖的商學院。 我們的國際諮詢委員會由一群經濟學和商業領域的教授和專家組成。
- [International Advisory Council](https://www.hkubs.hku.hk/sc/about-us/international-advisory-council/) - HKU Business School is a top business school in Asia. Our International Advisory Council is formed by a group of professors and experts at economics and business.
- [Alumni](https://www.hkubs.hku.hk/sc/alumni-overview/) - News and Events Alumni Events Alumni in the News Alumni Homecoming Alumni Homecoming Weekend 2024 Alumni Communities Faculty Alumni Association HKU Business School Alumni Association HKU Business School Singapore Alumni Network HKU Business School Middle East Alumni Network HKU Business School Japan Alumni Network HKU Business School Korea Alumni Network Programme-based Alumni Groups HKU BBA
- [BEYOND 25 Campaign - Dean's Fund](https://www.hkubs.hku.hk/alumni-overview/deans-fund/) - BEYOND 25 Campaign The Faculty of Business and Economics was established in 2001 as the university’s tenth and youngest faculty. It was formed through the amalgamation of the School of Business and the School of Economics and Finance. During the past quarter of a century, HKU Business School has quickly emerged as one of Asia’s
- [BEYOND 25 Campaign - Pokfield Campus Project](https://www.hkubs.hku.hk/alumni-overview/pokfield-campus-project/) - BEYOND 25 Campaign The Faculty of Business and Economics was established in 2001 as the university’s tenth and youngest faculty. It was formed through the amalgamation of the School of Business and the School of Economics and Finance. During the past quarter of a century, HKU Business School has quickly emerged as one of Asia’s
- [活动](https://www.hkubs.hku.hk/sc/event/) - 香港大学经管学院举办了各种研讨会和会议，以鼓励就经济和商业的不同问题进行学术讨论。
- [活動](https://www.hkubs.hku.hk/sc/event/) - 香港大學經管學院舉辦各種研討會和會議，鼓勵知識交流，及推動各界就經濟和金融方面不同的問題進行討論。
- [HKU Business and Economics Alumni Association](https://www.hkubs.hku.hk/sc/hku-business-and-economics-alumni-association/) - Join HKU Business and Economics Alumni Association Connect with alumni worldwide The success of any school rests upon the success of its graduates, who through their professional and personal achievements will bring honour to their alma mater. To further strengthen the links between HKU Business School and its alumni, the faculty level alumni association – HKU Business
- [Visual Identity](https://www.hkubs.hku.hk/sc/about-us/overview/branding-logo-tagline/) - HKU Business School launched a new branding logo and tagline "Inspire．Empower．Lead” for its 20th Anniversary. The School is committed to becoming a leading, globally-impactful institution in business and economics education.
- [联络我们](https://www.hkubs.hku.hk/sc/about-us/contact-us/) - 如有任何问题和合作，请通过电子邮件或电话与我们联系。也欢迎您随时访问我们的办公室。
- [聯絡我們](https://www.hkubs.hku.hk/sc/about-us/contact-us/) - 如有任何查詢，請通過電子郵件或電話與我們聯繫。
- [合作伙伴及环球联系](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/) - 香港大学经管学院与知名大学和企业建立合作伙伴关系，为学生提供IMBA等合作项目，以及国际交流和实习。
- [合作夥伴及環球聯繫](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/) - 香港大學經管學院與知名大學和企業建立合作夥伴關係，為學生提供IMBA等合作項目，以及國際交流和實習機會。
- [Partnerships & Global Network](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/) - HKU Business School established partnership with renowned universities and corporations to offer students joint programme like IMBA, as well as international exchange and internship opportunities.
- [Career Services](https://www.hkubs.hku.hk/sc/?page_id=233520) - Thank you for visiting this page. For more job opportunities and details about upcoming recruitment events, please visit our career portal by scanning the QR code below.
- [FAQ for MSc Students](https://www.hkubs.hku.hk/sc/faqs-for-new-students/) - Student Visa How to apply for a student visa? To start the application, please read through all instructions on the HKU AAL Visa Website. Students could also find all required documents and samples on the website: For students from Mainland China: https://www.studentvisa.hku.hk/mainland-student For students from Macao: https://www.studentvisa.hku.hk/macao-student For students from Taiwan: https://www.studentvisa.hku.hk/taiwan-students For students from Overseas: https://www.studentvisa.hku.hk/overseas-student All new
- [陈坤耀杰出学人讲座系列](https://www.hkubs.hku.hk/sc/media/edward-k-y-chen-distinguished-lecture-series/) - “陈坤耀杰出学人讲座系列 ”是香港大学一年一度的活动，由香港大学经管学院主举。
- [陳坤耀傑出學人講座系列](https://www.hkubs.hku.hk/sc/media/edward-k-y-chen-distinguished-lecture-series/) - “陳坤耀傑出學人講座系列 ”是香港大學一年一度的活動，由香港大學經管學院主舉。
- [Edward K Y Chen Distinguished Lecture Series](https://www.hkubs.hku.hk/sc/media/edward-k-y-chen-distinguished-lecture-series/) - The "Edward K Y Chen Distinguished Lecture Series" is an annual event at HKU and presented by the HKU Business School.
- [Bloomberg Lab](https://www.hkubs.hku.hk/sc/about-us/campus/bloomberg-lab/) - Getting started with Bloomberg Open your Bloomberg account. You must register with Bloomberg by creating a login name and password via a Bloomberg Terminal. Make sure you register with the official name that appears on your HKU UID card. This is the name that is printed on your Bloomberg Certificate if you pass Bloomberg’s certification
- [BGS HKU Chapter Honoree 2025 - Mr Daryl Ng](https://www.hkubs.hku.hk/sc/?page_id=234285) - Mr Daryl Ng Mr Daryl Ng Win-kong, SBS, JP, is Deputy Chairman of Sino Group, one of the leading developers in Hong Kong, and a key player in hotel and hospitality business. Upholding a mission of Creating Better Lifescapes, Mr Daryl Ng champions sustainability and drives integration into the Group’s business and operations. He chairs
- [Research Grants](https://www.hkubs.hku.hk/sc/research-grants/) - HKU Business School's scholars proactively participated in both academic and applied research, and received various research grants such as early career scheme for their research projects that are related to economics and business.
- [Vision & Mission](https://www.hkubs.hku.hk/sc/about-us/overview/vision-mission/) - HKBUS's vision is to be a globally-impactful and leading academic institution of business and economics with the mission of "Inspire, Empower & Lead" and create positive changes to the world.
- [FAQs for New Students](https://www.hkubs.hku.hk/sc/faqs-for-new-students/) - Before You Leave for Hong Kong Preparation before you leave for Hong Kong… IMPORTANT – read the detailed information provided by the Hong Kong Government (HKG) for Inbound Travellers, https://www.coronavirus.gov.hk/eng/inbound-travel.html. You will find important information such as procedures for entry, quarantine arrangements, infection control advice. Those arriving in Hong Kong via the Hong Kong International Airport
- [FAQs for New Students](https://www.hkubs.hku.hk/sc/faqs-for-new-students/) - Before You Leave for Hong Kong Preparation before you leave for Hong Kong… IMPORTANT – read the detailed information provided by the Hong Kong Government (HKG) for Inbound Travellers, https://www.coronavirus.gov.hk/eng/inbound-travel.html. You will find important information such as procedures for entry, quarantine arrangements, infection control advice. Those arriving in Hong Kong via the Hong Kong International Airport
- [Faculty Recruitments](https://www.hkubs.hku.hk/sc/about-us/faculty-recruitments/) - HKU Business School has been proactively scaling up its professoriate staff strength to realise our vision and achieve new heights. We welcome endowed professors and all rank faculty to join our family.
- [Student Career Development](https://www.hkubs.hku.hk/sc/career/career-development/) - HKU Business School emphasises on student career development. We assist students in various ways, for example by offering internship opportunities, company engagement events, career training and consultation.
- [Milestones](https://www.hkubs.hku.hk/sc/about-us/overview/milestones/) - Established in 2001, HKU Business School has become a top business school in Asia. Leverage on the long history of HKU, the School will continue to INSPIRE new ideas and initiatives, to EMPOWER students to excel, and to LEAD in the frontier of knowledge creation.
- [Message from the Dean](https://www.hkubs.hku.hk/sc/about-us/overview/message-from-the-dean/) - Professor Hongbin Cai, Dean of HKU Business School, shares his thoughts about the development and MBA University ranking of our business programme, as well as his belief in the future of our school.
- [校友](https://www.hkubs.hku.hk/sc/alumni-overview/) - News and Events Alumni Events Alumni in the News Alumni Homecoming Alumni Homecoming Weekend 2024 Alumni Communities Faculty Alumni Association HKU Business School Alumni Association HKU Business School Singapore Alumni Network HKU Business School Middle East Alumni Network Programme-based Alumni Groups HKU BBA Alumni Association HKU-Fudan IMBA Alumni Association HKU MBA Alumni Community HKU Economics
- [校友](https://www.hkubs.hku.hk/sc/alumni-overview/) - News and Events Alumni Events Alumni in the News Alumni Homecoming Alumni Homecoming Weekend 2024 Alumni Communities Faculty Alumni Association HKU Business School Alumni Association HKU Business School Singapore Alumni Network HKU Business School Middle East Alumni Network Programme-based Alumni Groups HKU BBA Alumni Association HKU-Fudan IMBA Alumni Association HKU MBA Alumni Community HKU Economics
- [院徽及標語](https://www.hkubs.hku.hk/sc/about-us/overview/branding-logo-tagline/) - 香港大學經管學院為成立20週年推出了新的標徽和標語「啟發、賦能和引領」，銳意成為領先的、具有全球影響力的商業和經濟教育機構。
- [院长寄语](https://www.hkubs.hku.hk/sc/about-us/overview/message-from-the-dean/) - 港大经管学院院长蔡洪滨教授分享了我校商科课程的发展和MBA大学排名，以及他对我校未来的信念。
- [院長寄語](https://www.hkubs.hku.hk/sc/about-us/overview/message-from-the-dean/) - 港大經管學院院長蔡洪濱教授分享對商學教育和大學排名的看法，以及他對學院及課程未來發展的信念。
- [FT中文網明德商論專欄](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/) - 香港大學經管學院定期於信報龍虎山下專欄發表文章 ，分享學者對當前經濟和商業相關看法及意見。
- [FT中文网明德商论专栏](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/) - 香港大学经管学院提供信报龙虎山下专栏 ，分享我们学者在信报发表的与经济和商业相关之学术期刊及文章。
- [FT Chinese Column](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/) - Scholars in HKU Business School published regularly in an HKEJ column, to share their insights and promote knowledge exchange on latest issues as well as on economics and business related topics.
- [BEYOND 25 Campaign – In celebration of the School’s 25th anniversary](https://www.hkubs.hku.hk/alumni-overview/beyond-25-campaign-in-celebration-of-the-schools-25th-anniversary/) - Through your generous support, we aim to: Enrich Students’ Lives We strive to provide unparalleled educational experiences that prepare our students for the challenges and opportunities of tomorrow’s business world. Your contributions will fund scholarships, global study programs, and innovative curricula that foster critical thinking, creativity, and ethical leadership. Empower the Community Our goal is
- [Emerging Leaders of Tomorrow](https://www.hkubs.hku.hk/alumni-overview/emerging-leaders-of-tomorrow/) - Your support will enable HKU Business School, through scholarships and financial aid to: nurture capable and promising students to pursue undergraduate studies at the Faculty and free them from any financial constraints. attract and groom high-calibre students to pursue research postgraduate studies enhance students’ learning experiences by encouraging them to take part in learning activities
- [Our Social Media](https://www.hkubs.hku.hk/sc/media/our-social-media/) - HKU Business School has a number of social media platforms to connect with the world including WeChat, YouTube, Facebook, LinkedIn, Instagram, Weibo and Twitter.
- [我们的故事](https://www.hkubs.hku.hk/sc/about-us/our-stories/) - HKU Excellence Awards for 2025 – Teaching Innovation AwardProfessor Zhu WeimingAssociate Professor, Innovation and Information Management阅读更多观看视频HKU Excellence Awards for 2025 – Teaching Innovation AwardProfessor David Wang Dawei and Professor Shen Haipeng阅读更多观看视频Meet Our New Faculty Member – Professor Steven BarnettProfessor Steven BarnettProfessor of Practice in Economics阅读更多观看视频Future Leader Scholarship Programme 2025 | Student Sharing: Emi HasegawaEmi HasegawaBBA
- [我們的故事](https://www.hkubs.hku.hk/sc/about-us/our-stories/) - HKU Excellence Awards for 2025 – Teaching Innovation AwardProfessor Zhu WeimingAssociate Professor, Innovation and Information Management阅读更多观看视频HKU Excellence Awards for 2025 – Teaching Innovation AwardProfessor David Wang Dawei and Professor Shen Haipeng阅读更多观看视频Meet Our New Faculty Member – Professor Steven BarnettProfessor Steven BarnettProfessor of Practice in Economics阅读更多观看视频Future Leader Scholarship Programme 2025 | Student Sharing: Emi HasegawaEmi HasegawaBBA
- [Our Stories](https://www.hkubs.hku.hk/sc/about-us/our-stories/) - HKU Excellence Awards for 2025 – Teaching Innovation AwardProfessor Zhu WeimingAssociate Professor, Innovation and Information Management阅读更多观看视频HKU Excellence Awards for 2025 – Teaching Innovation AwardProfessor David Wang Dawei and Professor Shen Haipeng阅读更多观看视频Meet Our New Faculty Member – Professor Steven BarnettProfessor Steven BarnettProfessor of Practice in Economics阅读更多观看视频Future Leader Scholarship Programme 2025 | Student Sharing: Emi HasegawaEmi HasegawaBBA
- [媒体报导](https://www.hkubs.hku.hk/sc/media/in-the-media/) - 香港大学经管学院分享由其他媒体报导的学校相关新闻，发布新事件，记录学校发展历程。
- [媒體報導](https://www.hkubs.hku.hk/sc/media/in-the-media/) - 香港大學經管學院透過媒體報導分享學院的思維領導、最新研究及最新發展。
- [In the Media](https://www.hkubs.hku.hk/sc/media/in-the-media/) - We share news about HKUBS from other new media.
- [思维领导](https://www.hkubs.hku.hk/sc/research/thought-leadership/) - 香港大学经管学院是亚洲顶尖的商学院，拥有经济学和商业方面的学者，发表各种高质量的学术研究期刊和文章。
- [思維領導](https://www.hkubs.hku.hk/sc/research/thought-leadership/) - 香港大學經管學院是亞洲頂尖的商學院，傑出的經濟學和金融學學者，發表高質量的學術研究期刊和文章。
- [Thought Leadership](https://www.hkubs.hku.hk/sc/research/thought-leadership/) - HKUBS is a top business school in Asia with professionals in economics and business. Our scholars have publicated various high-quality academic researches.
- [Thought Leadership](https://www.hkubs.hku.hk/sc/research/thought-leadership/) - HKUBS is a top business school in Asia with professionals in economics and business. Our scholars have publicated various high-quality academic researches.
- [Thought Leadership](https://www.hkubs.hku.hk/sc/research/thought-leadership/) - HKUBS is a top business school in Asia with professionals in economics and business. Our scholars have publicated various high-quality academic researches.
- [Thought Leadership](https://www.hkubs.hku.hk/sc/research/thought-leadership/) - HKUBS is a top business school in Asia with professionals in economics and business. Our scholars have publicated various high-quality academic researches.
- [Thought Leadership](https://www.hkubs.hku.hk/sc/research/thought-leadership/) - HKUBS is a top business school in Asia with professionals in economics and business. Our scholars have publicated various high-quality academic researches.
- [Thought Leadership](https://www.hkubs.hku.hk/sc/research/thought-leadership/) - HKUBS is a top business school in Asia with professionals in economics and business. Our scholars have publicated various high-quality academic researches.
- [Thought Leadership](https://www.hkubs.hku.hk/sc/research/thought-leadership/) - HKUBS is a top business school in Asia with professionals in economics and business. Our scholars have publicated various high-quality academic researches.
- [Thought Leadership](https://www.hkubs.hku.hk/sc/research/thought-leadership/) - HKUBS is a top business school in Asia with professionals in economics and business. Our scholars have publicated various high-quality academic researches.
- [Thought Leadership](https://www.hkubs.hku.hk/sc/research/thought-leadership/) - HKUBS is a top business school in Asia with professionals in economics and business. Our scholars have publicated various high-quality academic researches.
- [Asia Case Research Centre](https://www.hkubs.hku.hk/sc/asia-case-research-centre/) - Case studies provide a fertile basis for the application of theoretical concepts to real-world situations. The Asia Case Research Centre (ACRC) at HKU Business School leverages the strength of HKU’s research capabilities to offer a repository of context-rich, Asia-focused and research-backed case studies. Demand for cases in the Asian context is high and ever-increasing. By
- [Asia Case Research Centre](https://www.hkubs.hku.hk/sc/asia-case-research-centre/) - Case studies provide a fertile basis for the application of theoretical concepts to real-world situations. The Asia Case Research Centre (ACRC) at HKU Business School leverages the strength of HKU’s research capabilities to offer a repository of context-rich, Asia-focused and research-backed case studies. Demand for cases in the Asian context is high and ever-increasing. By
- [Asia Case Research Centre](https://www.hkubs.hku.hk/sc/asia-case-research-centre/) - Case studies provide a fertile basis for the application of theoretical concepts to real-world situations. The Asia Case Research Centre (ACRC) at HKU Business School leverages the strength of HKU’s research capabilities to offer a repository of context-rich, Asia-focused and research-backed case studies. Demand for cases in the Asian context is high and ever-increasing. By
- [Events](https://www.hkubs.hku.hk/sc/event/) - HKU Business School organises seminars and conferences to promote knowledge exchange, and encourage academic and public discussion on different economics and business issues.
- [學科專業](https://www.hkubs.hku.hk/sc/research/academic-areas/) - 香港大學經管學院的學者於不同領域發表各種學術研究，包括會計與法律、經濟學、金融、創新與信息管理、管理與戰略與營銷。
- [学科专业](https://www.hkubs.hku.hk/sc/research/academic-areas/) - 香港大学经管学院的学者发表了不同领域的各种学术研究，包括会计与法律、经济学、金融、创新与信息管理、管理与战略与营销。
- [Bloomberg Lab](https://www.hkubs.hku.hk/sc/about-us/campus/bloomberg-lab/) - Getting started with Bloomberg Open your Bloomberg account. You must register with Bloomberg by creating a login name and password via a Bloomberg Terminal. Make sure you register with the official name that appears on your HKU UID card. This is the name that is printed on your Bloomberg Certificate if you pass Bloomberg’s certification
- [BGS HKU Chapter Honoree 2023 - Ms. Christina Wong](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2023-ms-christina-wong/) - Ms. Christina Wong Christina Wong is an experienced Managing Director in Strategy & Consulting in Accenture Greater China, specializing in total enterprise reinvention driving customer transformation, ecosystem expansion, and organization changes across multiple industries, including financial services, telecommunication and high tech, media and entertainment, retail and consumer goods, internet and platform industries. She works
- [BGS HKU Chapter Honoree 2023 - Ms. Christina Wong](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2023-ms-christina-wong/) - Ms. Christina Wong Christina Wong is an experienced Managing Director in Strategy & Consulting in Accenture Greater China, specializing in total enterprise reinvention driving customer transformation, ecosystem expansion, and organization changes across multiple industries, including financial services, telecommunication and high tech, media and entertainment, retail and consumer goods, internet and platform industries. She works
- [BGS HKU Chapter Honoree 2023 - Ms. Christina Wong](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2023-ms-christina-wong/) - Ms. Christina Wong Christina Wong is an experienced Managing Director in Strategy & Consulting in Accenture Greater China, specializing in total enterprise reinvention driving customer transformation, ecosystem expansion, and organization changes across multiple industries, including financial services, telecommunication and high tech, media and entertainment, retail and consumer goods, internet and platform industries. She works
- [BGS HKU Chapter Honoree 2022 - Ms. Cally Chan](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2022-ms-cally-chan/) - Ms. Cally Chan Cally Chan is General Manager of Microsoft Hong Kong and Macau, and the lead for the company’s overall strategy and business operations, raising the talent bar and providing leadership in customer satisfaction and business growth. Cally is responsible for helping Microsoft to fulfill its mission to empower every person and every organization
- [BGS HKU Chapter Honoree 2022 - Ms. Cally Chan](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2022-ms-cally-chan/) - Ms. Cally Chan Cally Chan is General Manager of Microsoft Hong Kong and Macau, and the lead for the company’s overall strategy and business operations, raising the talent bar and providing leadership in customer satisfaction and business growth. Cally is responsible for helping Microsoft to fulfill its mission to empower every person and every organization
- [BGS HKU Chapter Honoree 2022 - Ms. Cally Chan](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2022-ms-cally-chan/) - Ms. Cally Chan Cally Chan is General Manager of Microsoft Hong Kong and Macau, and the lead for the company’s overall strategy and business operations, raising the talent bar and providing leadership in customer satisfaction and business growth. Cally is responsible for helping Microsoft to fulfill its mission to empower every person and every organization
- [BGS HKU Chapter Honoree 2022 - Mr. Fred Ngan](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2022-mr-fred-ngan/) - Mr. Fred Ngan Fred is the Co-Founder & Co-CEO of Bowtie (bowtie.com.hk), the Hong Kong’s first virtual insurance company. Bowtie’s mission is to enable a new generation of consumers to access health insurance directly, making insurance simpler and affordable. Bowtie has raised more than USD $50m from Sun Life, Mitsui & Co and other reputable
- [BGS HKU Chapter Honoree 2022 - Mr. Fred Ngan](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2022-mr-fred-ngan/) - Mr. Fred Ngan Fred is the Co-Founder & Co-CEO of Bowtie (bowtie.com.hk), the Hong Kong’s first virtual insurance company. Bowtie’s mission is to enable a new generation of consumers to access health insurance directly, making insurance simpler and affordable. Bowtie has raised more than USD $50m from Sun Life, Mitsui & Co and other reputable
- [BGS HKU Chapter Honoree 2022 - Mr. Fred Ngan](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2022-mr-fred-ngan/) - Mr. Fred Ngan Fred is the Co-Founder & Co-CEO of Bowtie (bowtie.com.hk), the Hong Kong’s first virtual insurance company. Bowtie’s mission is to enable a new generation of consumers to access health insurance directly, making insurance simpler and affordable. Bowtie has raised more than USD $50m from Sun Life, Mitsui & Co and other reputable
- [Stories of Alumni Corporate Ambassador](https://www.hkubs.hku.hk/sc/alumni-overview/corporate-ambassador-programme/stories-of-alumni-corporate-ambassador/) - Alumni Corporate Ambassadors joined forces to support students facing the increasingly competitive job market. They have volunteered their valuable time, and contributed their professional networks to provide career support to our students. They demonstrated the spirit of looking out for one another as well as the commitment to their alma mater won’t be restricted by
- [Stories of Alumni Corporate Ambassador](https://www.hkubs.hku.hk/sc/alumni-overview/corporate-ambassador-programme/stories-of-alumni-corporate-ambassador/) - Alumni Corporate Ambassadors joined forces to support students facing the increasingly competitive job market. They have volunteered their valuable time, and contributed their professional networks to provide career support to our students. They demonstrated the spirit of looking out for one another as well as the commitment to their alma mater won’t be restricted by
- [Stories of Alumni Corporate Ambassador](https://www.hkubs.hku.hk/sc/alumni-overview/corporate-ambassador-programme/stories-of-alumni-corporate-ambassador/) - Alumni Corporate Ambassadors joined forces to support students facing the increasingly competitive job market. They have volunteered their valuable time, and contributed their professional networks to provide career support to our students. They demonstrated the spirit of looking out for one another as well as the commitment to their alma mater won’t be restricted by
- [企业大使计划](https://www.hkubs.hku.hk/sc/alumni-overview/corporate-ambassador-programme/) - Alumni are great asset of HKU Business School. Amid the challenging market landscape, we hope to join forces with you to nurture and empower the next generation of business leaders to serve the needs of Hong Kong, Asia and beyond. Alumni Corporate Ambassador Programme is launched to form a dynamic alliance among alumni, corporates and
- [企業大使計劃](https://www.hkubs.hku.hk/sc/alumni-overview/corporate-ambassador-programme/) - Alumni are great asset of HKU Business School. Amid the challenging market landscape, we hope to join forces with you to nurture and empower the next generation of business leaders to serve the needs of Hong Kong, Asia and beyond. Alumni Corporate Ambassador Programme is launched to form a dynamic alliance among alumni, corporates and
- [Corporate Ambassador Programme](https://www.hkubs.hku.hk/sc/alumni-overview/corporate-ambassador-programme/) - Alumni are great asset of HKU Business School. Amid the challenging market landscape, we hope to join forces with you to nurture and empower the next generation of business leaders to serve the needs of Hong Kong, Asia and beyond. Alumni Corporate Ambassador Programme is launched to form a dynamic alliance among alumni, corporates and
- [Alumni Startup Star](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/) - With Hong Kong being one of Asia’s most dynamic startup destinations, some of our alumni have already initiated their own ventures and established their own startups, building on the knowledge and experience they gained during their time at HKU Business School. They are our #startupstars. HKU Business School Alumni Startup Star is an initiative to promote
- [Alumni Startup Star](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/) - With Hong Kong being one of Asia’s most dynamic startup destinations, some of our alumni have already initiated their own ventures and established their own startups, building on the knowledge and experience they gained during their time at HKU Business School. They are our #startupstars. HKU Business School Alumni Startup Star is an initiative to promote
- [Alumni Startup Star](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/) - With Hong Kong being one of Asia’s most dynamic startup destinations, some of our alumni have already initiated their own ventures and established their own startups, building on the knowledge and experience they gained during their time at HKU Business School. They are our #startupstars. HKU Business School Alumni Startup Star is an initiative to promote
- [課程](https://www.hkubs.hku.hk/sc/programme/) - 香港大學經管學院是亞洲頂尖的商學院。 我們以「啟發、賦能和領導」為使命，提供香港最優秀的本科、研究生課程和高管教育。
- [课程](https://www.hkubs.hku.hk/sc/programme/) - 香港大学经管学院是亚洲顶尖的商学院。我们以「启发、赋能和领导」为使命，提供香港最好的本科、研究生课程和高管教育。
- [Programmes](https://www.hkubs.hku.hk/sc/programme/) - HKU Business School is a top business school in Asia. We offer the best undergraduate, postgraduate programme and executive education in Hong Kong with a mission of "Inspire, Empower & Lead".
- [獎學金, 獎項及院長優異生名單](https://www.hkubs.hku.hk/sc/scholarships-prizes-and-deans-honours-list/) - 2021-2022 2020-2021 2019-2020 逾1,600位同學於2021-22學年獲頒獎學金、獎項或入選院長優異生名單。 Scholarships Prizes Dean’s Honours List Doctor of Philosophy Family Name Given Name Award Name CHEN Haojun FBE PhD Research Excellence Award CHEN Limei FBE PhD Entrance Scholarship CHEN Lulu FBE PhD Entrance Scholarship CHEN Lulu HKU Presidential PhD Scholarship CHEN Lulu Hong Kong PhD Fellowship CHEN Yeju FBE PhD Entrance Scholarship
- [奖学金, 奖项及院长优异生名单](https://www.hkubs.hku.hk/sc/scholarships-prizes-and-deans-honours-list/) - 2021-2022 2020-2021 2019-2020 逾1,600位同学于2021-22学年获颁奖学金、奖项或入选院长优异生名单。 Scholarships Prizes Dean’s Honours List Doctor of Philosophy Family Name Given Name Award Name CHEN Haojun FBE PhD Research Excellence Award CHEN Limei FBE PhD Entrance Scholarship CHEN Lulu FBE PhD Entrance Scholarship CHEN Lulu HKU Presidential PhD Scholarship CHEN Lulu Hong Kong PhD Fellowship CHEN Yeju FBE PhD Entrance Scholarship
- [全球网络](https://www.hkubs.hku.hk/sc/global-presence/)
- [全球網絡](https://www.hkubs.hku.hk/sc/global-presence/)
- [Global Presence](https://www.hkubs.hku.hk/sc/global-presence/)
- [Hong Kong Economic Policy Green Paper 2022](https://www.hkubs.hku.hk/sc/hong-kong-economic-policy-green-paper-2022/) - HKU Business School together with Hong Kong Institute of Economics and Business Strategy (HIEBS), Institute of Digital Economy and Innovation and Asia Global Institute jointly announced the second volume of “Hong Kong Economic Policy Green Paper” which is a collection of papers that studies a range of economic challenges in Hong Kong. This is a
- [香港经济政策绿皮书2022](https://www.hkubs.hku.hk/sc/hong-kong-economic-policy-green-paper-2022/) - 港大经管学院联同香港经济及商业策略研究所、数字经济与创新研究所及亚洲案例研究中心公布第二本「香港经济政策绿皮书」，本书所结集的文章旨在探讨香港经济的重重挑战。 鉴于2019 年下半年纷扰的政治乱局，以及在2020 年来临的新冠肺炎疫情，香港经济有待复苏之际，港大经管学院一众学者携手献策，结集成书，可谓正合时宜。 绿皮书全文 新闻稿 下载 媒体报导 Bastille Post (巴士的報) 港大經管學院發表「香港經濟政策綠皮書2022」 攜手為香港未來經濟發展獻策 China Daily ‘Reindustrialization key for HK’s sustainable economic growth’ Dotdotnews (點新聞) 港大倡低價售公屋予住戶 容許不補地價自由出租 HK01 港大王于漸：香港應以25年內 成擁有千萬人口大都會為目標 HKCNA (香港新聞網) 王于漸：香港與內地的經濟合作大門開了，小門還沒打開 HKCNA (香港新聞網) 經濟學家王于漸：香港競爭優勢在於人力資本 HKEJ (信報財經新聞) 港大倡政府降入境簽證門檻吸國際人才 HKET (經濟日報) 港大倡年吸10萬人 提升競爭力 HKTKWW (大公報) 八建議促港經濟發展 Hong Kong Economic Journal (信報) 港大倡降簽證門檻吸人才 構建大都會願景 推產業政策 Infocast 港大發表香港經濟「綠皮書」 建議大灣區設「銀髮邨」 Mingpao
- [香港經濟政策綠皮書2022](https://www.hkubs.hku.hk/sc/hong-kong-economic-policy-green-paper-2022/) - 港大經管學院聯同香港經濟及商業策略研究所、數字經濟與創新研究所及亞洲案例研究中心公佈第二本「香港經濟政策綠皮書」，本書所結集的文章旨在探討香港經濟的重重挑戰。 鑑於2019 年下半年紛擾的政治亂局，以及在2020 年來臨的新冠肺炎疫情，香港經濟有待復甦之際，港大經管學院一眾學者攜手獻策，結集成書，可謂正合時宜。 綠皮書全文 新聞稿 下載 媒體報導 Bastille Post (巴士的報) 港大經管學院發表「香港經濟政策綠皮書2022」 攜手為香港未來經濟發展獻策 China Daily ‘Reindustrialization key for HK’s sustainable economic growth’ Dotdotnews (點新聞) 港大倡低價售公屋予住戶 容許不補地價自由出租 HK01 港大王于漸：香港應以25年內 成擁有千萬人口大都會為目標 HKCNA (香港新聞網) 王于漸：香港與內地的經濟合作大門開了，小門還沒打開 HKCNA (香港新聞網) 經濟學家王于漸：香港競爭優勢在於人力資本 HKEJ (信報財經新聞) 港大倡政府降入境簽證門檻吸國際人才 HKET (經濟日報) 港大倡年吸10萬人 提升競爭力 HKTKWW (大公報) 八建議促港經濟發展 Hong Kong Economic Journal (信報) 港大倡降簽證門檻吸人才 構建大都會願景 推產業政策 Infocast 港大發表香港經濟「綠皮書」 建議大灣區設「銀髮邨」 Mingpao
- [招聘人才](https://www.hkubs.hku.hk/sc/career/recruit-our-talents/) - 港大經管學院歡迎僱主使用我們的平台發佈職位招聘的資訊來招聘人才，包括本科及研究生。
- [招聘人才](https://www.hkubs.hku.hk/sc/career/recruit-our-talents/) - 港大经管学院欢迎雇主欢迎雇主使用我们的平台发布职位招聘的资讯来招聘我们的学生。
- [研究资助](https://www.hkubs.hku.hk/sc/research-grants/) - 香港大学经管学院的学者成功申请各种研究资助，如早期职业计划，用于与经济和商业相关的研究项目。
- [研究資助](https://www.hkubs.hku.hk/sc/research-grants/) - 香港大學經管學院的學者積極參與學術及應用研究，並成功獲得多項研究資助，如早期職業計劃，用於與經濟和金融相關的研究項目。
- [陈坤耀教授](https://www.hkubs.hku.hk/sc/professor-edward-k-y-chen/) - Professor Edward K Y Chen Chairman HKU SPACE Born to a grass-roots family and brought up by a single parent since the age of 12, young Edward Chen was determined to change his destiny through education. With his own effort, he was able to go through an elitist education route, Queen’s College for his secondary education, the
- [陈坤耀教授](https://www.hkubs.hku.hk/sc/professor-edward-k-y-chen/)
- [全球学者](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/) - 探索《Impact Factors》 洞察真知灼见！If we knew what it was we were doing, it would not be called research, would it? -- Albert Einstein1 Jun 2026教学人员Impact FactorsDirty Air and Green Investments: The Impact of Pollution Information on Portfolio AllocationsProf. Jian ZHANGWe study whether access to local pollution information causes investors to make greener portfolio allocations, exploiting the
- [全球學者](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/) - 探索《Impact Factors》 洞察真知灼见！If we knew what it was we were doing, it would not be called research, would it? -- Albert Einstein1 Jun 2026教学人员Impact FactorsDirty Air and Green Investments: The Impact of Pollution Information on Portfolio AllocationsProf. Jian ZHANGWe study whether access to local pollution information causes investors to make greener portfolio allocations, exploiting the
- [Global Scholars](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/) - 探索《Impact Factors》 洞察真知灼见！If we knew what it was we were doing, it would not be called research, would it? -- Albert Einstein1 Jun 2026教学人员Impact FactorsDirty Air and Green Investments: The Impact of Pollution Information on Portfolio AllocationsProf. Jian ZHANGWe study whether access to local pollution information causes investors to make greener portfolio allocations, exploiting the
- [里程碑](https://www.hkubs.hku.hk/sc/about-us/overview/milestones/) - 香港大学经管学院是一所拥有20年历史的亚洲顶尖商学院，以「启发、赋能和引领」为使命，提供香港最好的经济和商业课程。
- [里程碑](https://www.hkubs.hku.hk/sc/about-us/overview/milestones/) - 香港大學經管學院是一所擁有20年歷史的亞洲頂尖商學院，以「啟發、賦能和引領」為使命，提供香港最好的經濟和商業課程。
- [Web Accessibility Statement](https://www.hkubs.hku.hk/sc/web-accessibility/) - Accessibility Statement The HKU Business School Website is designed and developed with reference to the World Wide Web Consortium (W3C) Web Content Accessibility Guidelines (WCAG) 2.0 Level AA requirements, except for certain third-party plugins and archive files. Web Browsers This website is best viewed in Google Chrome v.85 or above, Microsoft Edge v.85 or above,
- [社交媒体平台](https://www.hkubs.hku.hk/sc/media/our-social-media/) - 香港大学商学院联合不同的社交媒体平台与世界连接，包括微信、YouTube、Facebook、LinkedIn、Instagram、微博和Twitter。
- [媒体库](https://www.hkubs.hku.hk/sc/media/multimedia-library/) - 香港大学经管学院是亚洲顶尖的商学院，提供香港最好的商业课程。我们在多媒体库中分享我们举办的活动的照片和影片。
- [新闻稿](https://www.hkubs.hku.hk/sc/media/press-release/) - 香港大学经管学院是亚洲顶尖的商学院，提供香港最好的商业课程。我们通过新闻稿发布新公告及消息，以更新我们最近状况。
- [学院消息](https://www.hkubs.hku.hk/sc/media/school-news/) - 香港大学经管学院是亚洲的一所顶级商学院，提供香港最好的商业课程。我们不断在媒体上更新最新的学院消息，以展示我们学校的发展及状况。
- [学术活动](https://www.hkubs.hku.hk/sc/research/seminars-conferences/) - 香港大学经管学院举办了各种研讨会和会议，以鼓励就经济和商业的不同问题进行学术讨论。
- [学院团队](https://www.hkubs.hku.hk/sc/research/faculty-members/) - 香港大学经管学院是一所顶级商学院，拥有亚洲最好的师资力量。我们在香港提供全面的本科、研究生课程和高管教育。
- [教学人员](https://www.hkubs.hku.hk/sc/people/faculty/) - 香港大学经管学院是亚洲顶尖的商学院，拥有最好的师资团队，提供香港全面的本科、研究生课程和高管教育。
- [院徽及标语](https://www.hkubs.hku.hk/sc/about-us/overview/branding-logo-tagline/) - 香港大学经管学院为20周年设计了新的品牌标识和标语「启发、赋能和引领」，开启成为领先的、具有全球影响力的商业和经济教育机构的新旅程。
- [愿景及使命](https://www.hkubs.hku.hk/sc/about-us/overview/vision-mission/) - HKBUS的愿景是成为具有全球影响力和领先的商业和经济学术机构，以「启发、赋能和引领」为使命，为世界创造积极的变化。
- [社交媒體平台](https://www.hkubs.hku.hk/sc/media/our-social-media/) - 香港大學商學院透過不同的社交媒體平台與世界聯繫，包括微信、YouTube、Facebook、LinkedIn、Instagram、微博和Twitter。
- [媒體庫](https://www.hkubs.hku.hk/sc/media/multimedia-library/) - 香港大學經管學院是亞洲頂尖的商學院，提供香港最出色的商學課程。 我們在多媒體庫中分享我們舉辦的活動的照片和影片。
- [新聞稿](https://www.hkubs.hku.hk/sc/media/press-release/) - 香港大學經管學院是亞洲頂尖的商學院，提供香港最好的商業課程。 我們通過新聞稿發佈新公告及消息，以更新我們最近狀況。
- [學院消息](https://www.hkubs.hku.hk/sc/media/school-news/) - 香港大學經管學院是亞洲頂尖的商學院，提供香港最優秀的商學課程。留意我們媒體欄目的更新，以獲得最新的學院消息。
- [學術活動](https://www.hkubs.hku.hk/sc/research/seminars-conferences/) - 香港大學經管學院舉辦各種研討會和會議，鼓勵知識交流，及推動各界就經濟和金融方面不同的問題進行討論。
- [學院團隊](https://www.hkubs.hku.hk/sc/research/faculty-members/) - 香港大學經管學院是亞洲頂尖的商學院，擁有最優秀的師資團隊，提供全面的本科、研究生課程和高管教育。
- [教學人員](https://www.hkubs.hku.hk/sc/people/faculty/) - 香港大學經管學院是亞洲頂尖的商學院，擁有最優秀的師資團隊，提供全面的本科、研究生課程和高管教育。
- [願景使命](https://www.hkubs.hku.hk/sc/about-us/overview/vision-mission/) - HKBUS的願景是成為具有全球影響力和領先的商業和經濟學術機構，以「啟發、賦能和引領」為使命，為世界創造積極的變化。
- [Multimedia Library](https://www.hkubs.hku.hk/sc/media/multimedia-library/) - HKUBS is a top business school in Asia and provides the best business programmes in Hong Kong. We share photos and videos of our past events in multimedia library.
- [Press Release](https://www.hkubs.hku.hk/sc/media/press-release/) - HKUBS is a top business school in Asia and provides the best business programmes in Hong Kong. Check our latest press release.
- [School News](https://www.hkubs.hku.hk/sc/media/school-news/) - HKUBS is a top business school in Asia and provides the best business programmes in Hong Kong. Check our school news for our latest development.
- [Seminars & Conferences](https://www.hkubs.hku.hk/sc/research/seminars-conferences/) - HKU Business School organises seminars and conferences to promote knowledge exchange, and encourage academic and public discussion on different economics and business issues.
- [Faculty Members](https://www.hkubs.hku.hk/sc/research/faculty-members/) - HKU Business School is a top business school with the best faculty in Asia. We offer comprehensive undergraduate, postgraduate programmes and executive education in Hong Kong.
- [Faculty](https://www.hkubs.hku.hk/sc/people/faculty/) - HKU Business School is a top business school with the best faculty in Asia. We offer comprehensive undergraduate, postgraduate programmes and executive education in Hong Kong.
- [無障礙網頁](https://www.hkubs.hku.hk/sc/web-accessibility/) - 無障礙聲明 港大經管學院網站在設計方面，除個別第三方組件及存檔文件外，已參考並符合萬維網聯盟 (World Wide Web Consortium – W3C ) 制訂的無障礙網站指引(Web Content Accessibility Guidelines) 2.0的AA級別要求。 瀏覽器 本網站最佳瀏覽程式為Google Chrome v.85 或以上，Microsoft Edge v.85 或以上，Firefox v.80 或以上和Safari v.13 或以上。 聯絡我們 有關無障礙網頁或本網站之其他查詢或意見，請聯絡： 電話: 3917 1028 電子郵件: fbeitt@hku.hk
- [无障碍网页](https://www.hkubs.hku.hk/sc/web-accessibility/) - 无障碍声明 港大经管学院网站在设计方面，除个别第三方组件及存档文件外，已参考并符合万维网联盟 (World Wide Web Consortium – W3C ) 制订的无障碍网站指引(Web Content Accessibility Guidelines) 2.0的AA级别要求。 浏览器 本网站最佳浏览程式为Google Chrome v.85 或以上，Microsoft Edge v.85 或以上，Firefox v.80 或以上和Safari v.13 或以上。 联络我们 有关无障碍网页或本网站之其他查询或意见，请联络: 电话: 3917 1028 电子邮件: fbeitt@hku.hk
- [学生就业发展](https://www.hkubs.hku.hk/sc/career/career-development/) - 港大经管学院关心学生的就业发展，我们的团队以实习、公司参与、职业培训和咨询等各种方式帮助学生。
- [學生就業發展](https://www.hkubs.hku.hk/sc/career/career-development/) - 港大經管學院重視學生的就業發展，並為學生提供諮詢、實習和職業培訓機會，以及籌辦活動助其與企業建立關係。
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- [HKEJ Column](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/) - Scholars in HKU Business School published regularly in an HKEJ column, to share their insights and promote knowledge exchange on latest issues as well as on economics and business related topics.
- [BGS HKU Chapter Honoree 2013 - Mr Blair Pickerell](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2013-mr-blair-pickerell/) - Mr Blair Pickerell Mr Blair Pickerell is Head of Asia and Global Chief Marketing Officer for the Nikko Asset Management Group1. Based in Hong Kong2, Mr Pickerell is responsible for developing and overseeing Nikko AM’s businesses in the Asian region and for implementing its branding strategy worldwide. Mr Pickerell first became involved in the Asian investment management industry 25
- [香港经济政策绿皮书2021](https://www.hkubs.hku.hk/sc/hong-kong-economic-policy-green-paper-2021/) - 为研究及推动香港经济政策改革，港大经管学院联同香港经济及商业策略研究所公布「香港经济政策绿皮书」，就经济政策四大范畴提出政策改革研究方向，期望引起各界讨论，共同为香港未来五至十年的经济发展寻求出路。 绿皮书由港大经管学院共十一位教授编写，主要聚焦不同范畴，从经济及产业、人力资源培训、财政、监管与规管、公共年金及房屋等政策作出解说并给予建议。 绿皮书全文 媒体报导 163.com (手機網易網) 香港的經濟前景在哪裡 591 News (591房屋交易網) 港大教授建議港府放棄印花稅 恆常物業稅更有效規管樓價 6do.news (六度新聞) 星港房策有别 解决楼价问题要从根本出发 6do.news (六度新聞) 港大倡经济改革加大教育开支占GDP5% 以差饷规管楼价代替印花税 881903.com 港大等建議向公屋租戶出售租住單位 指發債只推遲加稅需要 881903.com 港大促增加院校研發開支 倡加差餉代印花稅 AAStocks (阿斯達克) 港大發表「香港經濟政策綠皮書」 倡政府推動第三次經濟轉型 AIMPACT (鋒投) 港大發表經濟政策綠皮書 促增研發開支並推動第三次經濟轉型 Apple Daily (蘋果日報) 港大經管倡重推租置 料等於增加5萬單位 倡增差餉至15%取代印花稅 Apple Daily (蘋果日報) 港大倡加差餉 重推租置計劃 Bastillepost (巴士的報) 港大經管學院倡增差餉取代印花稅 Bastillepost (巴士的報) 【智經時事分析】現行差餉制度會造成「能者『少』付」？ Business Times (香港財經時報) 港大發表「香港經濟政策綠皮書」就四大範疇提改革 倡全面放棄樓市印花稅 改收更高差餉代替 China
- [Hong Kong Economic Policy Green Paper 2021](https://www.hkubs.hku.hk/sc/hong-kong-economic-policy-green-paper-2021/) - HKU Business School and Hong Kong Institute of Economics and Business Strategy (HIEBS) jointly announced the “Hong Kong Economic Policy Green Paper”, suggesting new initiatives on four major areas of Hong Kong’s economic policy with an aim of strengthening community involvement, encouraging discussion on Hong Kong economic policy reform, and contributing to Hong Kong’s economic
- [香港經濟政策綠皮書2021](https://www.hkubs.hku.hk/sc/hong-kong-economic-policy-green-paper-2021/) - 為研究及推動香港經濟政策改革，港大經管學院聯同香港經濟及商業策略研究所公佈「香港經濟政策綠皮書」，就經濟政策四大範疇提出政策改革研究方向，期望引起各界討論，共同為香港未來五至十年的經濟發展尋求出路。 綠皮書由港大經管學院共十一位教授編寫，主要聚焦不同範疇，從經濟及產業、人力資源培訓、財政、監管與規管、公共年金及房屋等政策作出解說並給予建議。 綠皮書全文 媒體報導 HKET (香港經濟日報) 供不應求嚴重 樓價高企仍持續 163.com (手機網易網) 香港的經濟前景在哪裡 591 News (591房屋交易網) 港大教授建議港府放棄印花稅 恆常物業稅更有效規管樓價 6do.news (六度新聞) 星港房策有別 解決樓價問題要從根本出發 6do.news (六度新聞) 港大倡经济改革加大教育开支占GDP5% 以差饷规管楼价代替印花税 881903.com 港大等建議向公屋租戶出售租住單位 指發債只推遲加稅需要 881903.com 港大促增加院校研發開支 倡加差餉代印花稅 AAStocks (阿斯達克) 港大發表「香港經濟政策綠皮書」 倡政府推動第三次經濟轉型 AIMPACT (鋒投) 港大發表經濟政策綠皮書 促增研發開支並推動第三次經濟轉型 Apple Daily (蘋果日報) 港大經管倡重推租置 料等於增加5萬單位 倡增差餉至15%取代印花稅 Apple Daily (蘋果日報) 港大倡加差餉 重推租置計劃 Bastillepost (巴士的報) 港大經管學院倡增差餉取代印花稅 Bastillepost (巴士的報) 【智經時事分析】現行差餉制度會造成「能者『少』付」？ Business Times (香港財經時報)
- [教員招聘](https://www.hkubs.hku.hk/sc/about-us/faculty-recruitments/) - 港大經管學院一直積極擴充教授師資力量，以實現我們的願景，再創佳績。 我們歡迎具備「明德教席」的頂尖學教和各級教職員加入我們的大家庭。
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- [Samson Ho - Innovating in the spirit of Iron Man](https://www.hkubs.hku.hk/sc/?page_id=80246) - Innovating in the spirit of Iron Man Jarvix might seem like another startup in the next generation of FinTech solutions, but Co-Founder and CEO Samson Ho (BBA(IS) 2017) has his eyes on a greater prize: developing an ecosystem of internet solutions inspired by Tony Stark and his AI powered assistant J.A.R.V.I.S. “I’m an Iron Man
- [HKU Business School Mentorship Programme](https://www.hkubs.hku.hk/sc/?page_id=60920) - The HKU Business School Mentorship Programme is a 12-month programme that runs from September to August each year. The Programme aims to provide our students with opportunities to enhance their skills and knowledge essential for their future career development through direct and active interaction with seasoned professionals, executives and entrepreneurs. Through this platform, our students
- [Research](#) - 1 The Economist World MBA Rankings 2018 2 QS EMBA Rankings 2019: Joint Programs 2 Financial Times Top MBAs for Finance 2018 No. 1 MBA Programme in Asia The Economist MBA Ranking 2018 No. 2 Joint EMBA Programme in the World QS Global EMBA Rankings 2019 2 Financial Times Executive MBA Ranking 2017/strong> 7 Forbes:
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- [助教/教学助理](https://www.hkubs.hku.hk/sc/people/demonstrators-teaching-assistants/) - 香港大学经管学院是亚洲顶尖的商学院，拥有最好的教学助理团队，提供香港全面的本科、研究生课程和高管教育。
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- [知识转移](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/) - 香港大学经管学院是亚洲顶尖的商学院，拥有经济学和商业方面的学者，发表各种高质量的学术研究期刊和文章。
- [研究焦点](https://www.hkubs.hku.hk/sc/research/thought-leadership/research-impacts/) - 香港大学经管学院是亚洲顶尖的商学院，拥有经济学和商业方面的学者，发表各种高质量的学术研究期刊和文章。
- [学术论文](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/) - 香港大学经管学院是亚洲顶尖的商学院，拥有经济学和商业方面的学者，发表各种高质量的学术研究期刊和文章。
- [知識轉移](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/) - 香港大學經管學院是亞洲頂尖的商學院，擁有經濟學和商業方面的學者，發表各種高質量的學術研究期刊和文章。
- [研究焦點](https://www.hkubs.hku.hk/sc/research/thought-leadership/research-impacts/) - 香港大學經管學院是亞洲頂尖的商學院，擁有經濟學和商業方面的學者，發表各種高質量的學術研究期刊和文章。
- [助教/教學助理](https://www.hkubs.hku.hk/sc/people/demonstrators-teaching-assistants/) - 香港大學經管學院是亞洲頂尖的商學院，提供最優秀全面的本科、研究生課程和高管教育。
- [博士後研究員](https://www.hkubs.hku.hk/sc/people/post-doctoral-fellows/) - 香港大學經管學院是亞洲頂尖的商學院，提供最優秀全面的本科、研究生課程和高管教育。
- [研究生](https://www.hkubs.hku.hk/sc/people/research/) - 香港大學經管學院是亞洲頂尖的商學院，提供最優秀全面的本科、研究生課程和高管教育。
- [行政人員](https://www.hkubs.hku.hk/sc/people/administration/) - 香港大學經管學院是亞洲頂尖的商學院，提供最優秀全面的本科、研究生課程和高管教育。
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- [Thought Leadership Overview](https://www.hkubs.hku.hk/sc/thought-leadership-overview/) - Latest Research Publications Research Insights Impact Stories HKEJ Column In The Media Latest Research Publications Uncover the School’s latest research journals and articles, which feature our efforts in innovative research carried out by our academics, in addressing society’s challenges and engaging at the forefront of emerging technologies. Latest Research Publications Lorem Ipsum is simply dummy
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- [Research](https://www.hkubs.hku.hk/sc/?page_id=55058) - 教学人员助理教授〔研究〕/ 博士后研究员助教/教学助理研究生行政人员学术领域:全部会计学及法学经济学金融学创新及资讯管理学管理及商业策略市场学类别:全部教授级人员实务教授讲师荣休教授名誉教授客席教授客座教授研究专长:研究专长类别Accounting standards and regulationsAsset pricingAuditingBankingBehavioural decision makingBehavioural financeChinese economyConsumer behaviourConsumer information processing and judgmentCorporate disclosureCorporate financeCorporate governanceDebt contractingDevelopment economicsDigital marketingEconomic historyEconomic policyEntrepreneurshipExecutive compensationFinancial analystsFinancial engineeringFinancial institutionsFinancial reporting and capital marketsFintechGreen financeHealthcare operation and analyticsHuman resources managementInsurtechInternational businessInternational financeInternational marketingInternational tradeInvestmentLabour economicsMachine learning and intelligence for businessMacroeconomicsManagement accountingMarket microstructure and tradingMarketing analyticsMarketing strategyMicroeconomicsOrganizational behaviourOrganizational economicsPolitical
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- [InsureTech Virtual Lab](https://www.hkubs.hku.hk/sc/insuretech-virtual-lab/) - InsureTech Virtual Lab InsureTech Virtual Lab (research group) is to explore “how technology will impact the insurance operation model from the current straggling business model to a more integrated model”. The main objectives are to (1) Study recent developments and applications of InsureTech in global and local markets; (2) Investigate the impact of adaptations of
- [InsureTech Virtual Lab](https://www.hkubs.hku.hk/sc/insuretech-virtual-lab/) - InsureTech Virtual Lab InsureTech Virtual Lab (research group) is to explore “how technology will impact the insurance operation model from the current straggling business model to a more integrated model”. The main objectives are to (1) Study recent developments and applications of InsureTech in global and local markets; (2) Investigate the impact of adaptations of
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- [HKU Business and Economics Alumni Association](https://www.hkubs.hku.hk/sc/hku-business-and-economics-alumni-association/) - Join HKU Business and Economics Alumni Association Connect with alumni worldwide The success of any school rests upon the success of its graduates, who through their professional and personal achievements will bring honour to their alma mater. To further strengthen the links between HKU Business School and its alumni, the faculty level alumni association – HKU Business
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- [The FinTech icon giving back to society](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/the-fintech-icon-giving-back-to-society/) - The FinTech icon giving back to society Business and finance are often considered arenas to simply get rich, but Irene Wong (MFin 2006) sees her role a bit differently – she wants to give back to society. Modesty is a hallmark of Irene ‘s personality, so much so that you would not know the founder
- [The ‘monster’ fighting for good](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/ming-chan-the-monster-fighting-for-good/) - The ‘monster’ fighting for good Ming Chan (BEcon 2007) Co-founder of FinMonster, is helping startups and SMEs get the funding they need. Ming Chan has created a ‘monster’ – in a financial sense. Powerful and disruptive, it is helping the small guy; the startups and entrepreneurs that offer so much to the economy but often
- [The ‘monster’ fighting for good](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/ming-chan-the-monster-fighting-for-good/) - The ‘monster’ fighting for good Ming Chan (BEcon 2007) Co-founder of FinMonster, is helping startups and SMEs get the funding they need. Ming Chan has created a ‘monster’ – in a financial sense. Powerful and disruptive, it is helping the small guy; the startups and entrepreneurs that offer so much to the economy but often
- [Terence Hon - Waste not want not](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/terence-hon-waste-not-want-not/) - Waste not want not Terence Hon (BBA 2019), Co-Founder of GreenPrice, is on a mission to reduce the amount of food going to landfill, all while offering value to Hong Kong shoppers. When many business school graduates dream of going into the likes of banking or management trainee jobs, Terence had ambitions to run his own business and
- [Terence Hon - Waste not want not](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/terence-hon-waste-not-want-not/) - Waste not want not Terence Hon (BBA 2019), Co-Founder of GreenPrice, is on a mission to reduce the amount of food going to landfill, all while offering value to Hong Kong shoppers. When many business school graduates dream of going into the likes of banking or management trainee jobs, Terence had ambitions to run his own business and
- [Syed Musheer Ahmed - FinTech warrior sees bright future](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/syed-musheer-ahmed-fintech-warrior-sees-bright-future/) - FinTech warrior sees bright future While the world grapples with Covid-19, one HKU Business School alumnus is setting his sights on developing the Hong Kong FinTech scene… Whether you are born in Hong Kong, or have moved here, many fall completely in love with the city. Syed Musheer Ahmed (MBA 2015) is no exception, coming
- [Syed Musheer Ahmed - FinTech warrior sees bright future](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/syed-musheer-ahmed-fintech-warrior-sees-bright-future/) - FinTech warrior sees bright future While the world grapples with Covid-19, one HKU Business School alumnus is setting his sights on developing the Hong Kong FinTech scene… Whether you are born in Hong Kong, or have moved here, many fall completely in love with the city. Syed Musheer Ahmed (MBA 2015) is no exception, coming
- [Raymond Mak - A green haven in the concrete jungle](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/raymond-mak-a-green-haven-in-the-concrete-jungle/) - Raymond Mak – A green haven in the concrete jungle Farmacy HK is the brainchild of Raymond Mak (MBA 2017), the HKU Business School alum bringing rare herbs and greens to Hong Kong. Buying fresh herbs and greens in Hong Kong is a nightmare for many people. Supermarkets often stock over-priced produce lacking in freshness
- [Raymond Mak - A green haven in the concrete jungle](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/raymond-mak-a-green-haven-in-the-concrete-jungle/) - Raymond Mak – A green haven in the concrete jungle Farmacy HK is the brainchild of Raymond Mak (MBA 2017), the HKU Business School alum bringing rare herbs and greens to Hong Kong. Buying fresh herbs and greens in Hong Kong is a nightmare for many people. Supermarkets often stock over-priced produce lacking in freshness
- [Irene Wong - The FinTech icon giving back to society](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/irene-wong-the-fintech-icon-giving-back-to-society/) - The FinTech icon giving back to society Business and finance are often considered arenas to simply get rich, but Irene Wong (MFin 2006) sees her role a bit differently – she wants to give back to society. Modesty is a hallmark of Irene’s personality, so much so that you would not know the founder of
- [Irene Wong - The FinTech icon giving back to society](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/irene-wong-the-fintech-icon-giving-back-to-society/) - The FinTech icon giving back to society Business and finance are often considered arenas to simply get rich, but Irene Wong (MFin 2006) sees her role a bit differently – she wants to give back to society. Modesty is a hallmark of Irene’s personality, so much so that you would not know the founder of
- [Happy hunting ground](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/harris-cheng-happy-hunting-ground/) - Happy hunting ground Freehunter and its CEO Harris Cheng are on a mission to help freelancers navigate the pain of finding clients. Freelancing can be a labouring process where creatives, lacking the weight and protection of a company, often get a raw deal from clients. Anyone who has tried being a freelancer will know finding
- [Happy hunting ground](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/harris-cheng-happy-hunting-ground/) - Happy hunting ground Freehunter and its CEO Harris Cheng are on a mission to help freelancers navigate the pain of finding clients. Freelancing can be a labouring process where creatives, lacking the weight and protection of a company, often get a raw deal from clients. Anyone who has tried being a freelancer will know finding
- [Finding logic in a crazy world](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/ryan-cheung-finding-logic-in-a-crazy-world/) - Finding logic in a crazy world PressLogic boss Ryan Cheung (BBA(Acc&Fin) 2011) has the keys to the media kingdom, all because his team have mastered data and analytics. Traditional media has suffered during the digital age, particularly by failing to understand new insights and methods of monetisation required to get both eyeballs on stories and
- [Finding logic in a crazy world](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/ryan-cheung-finding-logic-in-a-crazy-world/) - Finding logic in a crazy world PressLogic boss Ryan Cheung (BBA(Acc&Fin) 2011) has the keys to the media kingdom, all because his team have mastered data and analytics. Traditional media has suffered during the digital age, particularly by failing to understand new insights and methods of monetisation required to get both eyeballs on stories and
- [Datax is taming the AI beast](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/hinnes-lung-and-kevin-wong-datax-is-taming-the-ai-beast/) - Datax is taming the AI beast The world has been increasingly driven by data, and HKU Business School graduates Hinnes Lung (BBA(IS) 2017) and Kevin Wong (BBA(IS), 2018) have been at the heart of the revolution. Their company Datax is managing the huge amounts of information that companies have to deal with in creating Artificial
- [Datax is taming the AI beast](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/hinnes-lung-and-kevin-wong-datax-is-taming-the-ai-beast/) - Datax is taming the AI beast The world has been increasingly driven by data, and HKU Business School graduates Hinnes Lung (BBA(IS) 2017) and Kevin Wong (BBA(IS), 2018) have been at the heart of the revolution. Their company Datax is managing the huge amounts of information that companies have to deal with in creating Artificial
- [Discovering the holy grail of social media](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/joanthan-ching-and-kyle-leung-discovering-the-holy-grail-of-social-media/) - Discovering the holy grail of social media The Gööp team are bringing online networking back to its roots of being useful to the community and allowing an open forum for ideas. Here’s how… Hustling from day one Have you seen promotional leaflets left on the tables at university learning commons? Recalling the days when they
- [Discovering the holy grail of social media](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/joanthan-ching-and-kyle-leung-discovering-the-holy-grail-of-social-media/) - Discovering the holy grail of social media The Gööp team are bringing online networking back to its roots of being useful to the community and allowing an open forum for ideas. Here’s how… Hustling from day one Have you seen promotional leaflets left on the tables at university learning commons? Recalling the days when they
- [A revolution in graduate recruitment](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/jimmy-lai-a-revolution-in-graduate-recruitment/) - A revolution in graduate recruitment HKU Business School alumnus Jimmy Lai (BBA(IBGM) 2014) Co-Founder of OnGrad and his team are changing the way students look for jobs and are recruited. Jimmy Lai is ever bubbly, loquacious and passionate about what he does. We are in the office of OnGrad, a startup connecting graduates and employers
- [A revolution in graduate recruitment](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/jimmy-lai-a-revolution-in-graduate-recruitment/) - A revolution in graduate recruitment HKU Business School alumnus Jimmy Lai (BBA(IBGM) 2014) Co-Founder of OnGrad and his team are changing the way students look for jobs and are recruited. Jimmy Lai is ever bubbly, loquacious and passionate about what he does. We are in the office of OnGrad, a startup connecting graduates and employers
- [BGS HKU Chapter Honoree 2019 - Mr Henri Arslanian](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2019-mr-henri-arslanian/) - Mr Henri Arslanian Mr Henri Arslanian is the PwC FinTech & Crypto Leader for Asia, the Chairman of the FinTech Association of Hong Kong and an Adjunct Associate Professor at The University of Hong Kong where he teaches the first FinTech university course in Asia. Mr Arslanian leads PwC’s crypto efforts in Asia and advises
- [BGS HKU Chapter Honoree 2019 - Mr Henri Arslanian](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2019-mr-henri-arslanian/) - Mr Henri Arslanian Mr Henri Arslanian is the PwC FinTech & Crypto Leader for Asia, the Chairman of the FinTech Association of Hong Kong and an Adjunct Associate Professor at The University of Hong Kong where he teaches the first FinTech university course in Asia. Mr Arslanian leads PwC’s crypto efforts in Asia and advises
- [BGS HKU Chapter Honoree 2019 - Dr Anna Yip](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2019-dr-anna-yip/) - Dr Anna Yip Dr Anna Yip was appointed Executive Director and Chief Executive Officer of the Company in June 2016. Dr Yip holds a Bachelor degree (First Honours) in Business Administration from The Chinese University of Hong Kong, and both MPhil and DPhil degrees in Management Studies from the University of Oxford. Dr Yip was Head of Hong
- [BGS HKU Chapter Honoree 2019 - Dr Anna Yip](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2019-dr-anna-yip/) - Dr Anna Yip Dr Anna Yip was appointed Executive Director and Chief Executive Officer of the Company in June 2016. Dr Yip holds a Bachelor degree (First Honours) in Business Administration from The Chinese University of Hong Kong, and both MPhil and DPhil degrees in Management Studies from the University of Oxford. Dr Yip was Head of Hong
- [BGS HKU Chapter Honoree 2018 - Ms Louisa Cheang](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2018-ms-louisa-cheang/) - Ms Louisa Cheang Ms Louisa Cheang is Vice-Chairman and Chief Executive of Hang Seng Bank, and Chairman of Hang Seng Bank (China) and various subsidiaries in Hang Seng Group. She is Chairman of Hang Seng Index Advisory Committee of Hang Seng Indexes, and a Member of the Board of Trustees of the Ho Leung Ho
- [BGS HKU Chapter Honoree 2018 - Ms Louisa Cheang](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2018-ms-louisa-cheang/) - Ms Louisa Cheang Ms Louisa Cheang is Vice-Chairman and Chief Executive of Hang Seng Bank, and Chairman of Hang Seng Bank (China) and various subsidiaries in Hang Seng Group. She is Chairman of Hang Seng Index Advisory Committee of Hang Seng Indexes, and a Member of the Board of Trustees of the Ho Leung Ho
- [BGS HKU Chapter Honoree 2018 - Mr Albert Wong](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2018-mr-albert-wong/) - Mr Albert Wong Mr Albert Wong joined Hong Kong Science and Technology Parks Corporation (HKSTP) on February 1, 2016 as the Chief Corporate Development Officer. He was appointed the CEO on August 1, 2016. Mr Wong holds an Engineering Degree from the University of Hong Kong, and an MBA from the Chinese University of Hong Kong.
- [BGS HKU Chapter Honoree 2018 - Mr Albert Wong](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2018-mr-albert-wong/) - Mr Albert Wong Mr Albert Wong joined Hong Kong Science and Technology Parks Corporation (HKSTP) on February 1, 2016 as the Chief Corporate Development Officer. He was appointed the CEO on August 1, 2016. Mr Wong holds an Engineering Degree from the University of Hong Kong, and an MBA from the Chinese University of Hong Kong.
- [BGS HKU Chapter Honoree 2017 - Mr Herman Lam](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2017-mr-herman-lam/) - Mr Herman Lam Mr Herman Lam joined the Hong Kong Cyberport Management Company Limited as the Chief Executive Officer in March 2010. As the CEO of Cyberport, Mr Lam is responsible for leading, representing and administering the company as well as playing a prominent role in promoting and implementing Cyberport’s public mission strategies. Within the public
- [BGS HKU Chapter Honoree 2017 - Mr Herman Lam](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2017-mr-herman-lam/) - Mr Herman Lam Mr Herman Lam joined the Hong Kong Cyberport Management Company Limited as the Chief Executive Officer in March 2010. As the CEO of Cyberport, Mr Lam is responsible for leading, representing and administering the company as well as playing a prominent role in promoting and implementing Cyberport’s public mission strategies. Within the public
- [BGS HKU Chapter Honoree 2016 - Ms Su-Mei Thompson](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2016-ms-su-mei-thompson/) - Ms Su-Mei Thompson Ms Su-Mei Thompson joined The Women’s Foundation as CEO in 2009. Her responsibilities include strategic planning, donor relations, overseeing grants and programmes, as well as government relations and community outreach. Ms Thompson started her career at Linklaters as a corporate finance associate while also serving as a lecturer and tutor in law at King’s College,
- [BGS HKU Chapter Honoree 2016 - Ms Su-Mei Thompson](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2016-ms-su-mei-thompson/) - Ms Su-Mei Thompson Ms Su-Mei Thompson joined The Women’s Foundation as CEO in 2009. Her responsibilities include strategic planning, donor relations, overseeing grants and programmes, as well as government relations and community outreach. Ms Thompson started her career at Linklaters as a corporate finance associate while also serving as a lecturer and tutor in law at King’s College,
- [BGS HKU Chapter Honoree 2016 - Mr Philip Chen](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2016-mr-philip-chen/) - Mr Philip Chen Mr Philip Chen is Managing Director of Hang Lung Group and Hang Lung Properties Limited. Prior to joining Hang Lung in July 2010, Mr Chen had been with the Swire Group for thirty-three years. He was Chairman of John Swire & Sons (China) Limited, Chief Executive of Cathay Pacific Airways Limited,
- [BGS HKU Chapter Honoree 2016 - Mr Philip Chen](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2016-mr-philip-chen/) - Mr Philip Chen Mr Philip Chen is Managing Director of Hang Lung Group and Hang Lung Properties Limited. Prior to joining Hang Lung in July 2010, Mr Chen had been with the Swire Group for thirty-three years. He was Chairman of John Swire & Sons (China) Limited, Chief Executive of Cathay Pacific Airways Limited,
- [BGS HKU Chapter Honoree 2015 - Mr Edwin Morris](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2015-mr-edwin-morris/) - Mr Edwin Morris Mr Edwin Morris was appointed Chief Financial Officer in September 2013. His main responsibility includes overseeing all aspects of financial, accounting, compliance and risk management, as well as working with the Chief Executive Officer on major strategic issues related to the company. Mr Morris began his career with the Swire group in 2005
- [BGS HKU Chapter Honoree 2015 - Ms May Tan](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2015-ms-may-tan-2/) - Ms May Tan Ms May Tan is currently Chief Executive Officer of Standard Chartered Bank (Hong Kong) Limited (“SCBHK”). Ms Tan joined the Bank in 2009 as Global Head, Equity Corporate Finance. With over 30 years of extensive experience in the financial industry, she has been instrumental in deepening the Bank’s client relationships and in enhancing its equities capability, providing
- [BGS HKU Chapter Honoree 2015 - Ms May Tan](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2015-ms-may-tan-2/) - Ms May Tan Ms May Tan is currently Chief Executive Officer of Standard Chartered Bank (Hong Kong) Limited (“SCBHK”). Ms Tan joined the Bank in 2009 as Global Head, Equity Corporate Finance. With over 30 years of extensive experience in the financial industry, she has been instrumental in deepening the Bank’s client relationships and in enhancing its equities capability, providing
- [BGS HKU Chapter Honoree 2015 - Mr Edwin Morris](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2015-mr-edwin-morris/) - Mr Edwin Morris Mr Edwin Morris was appointed Chief Financial Officer in September 2013. His main responsibility includes overseeing all aspects of financial, accounting, compliance and risk management, as well as working with the Chief Executive Officer on major strategic issues related to the company. Mr Morris began his career with the Swire group in 2005
- [BGS HKU Chapter Honoree 2014 - Ms Vivian Lau](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2014-ms-vivian-lau/) - Ms Vivian Lau Ms Vivian Lau – Interim President of Junior Achievement Asia Pacific (from July 2013 till present), a non-profit charitable organization focused on inspiring and preparing young people to succeed in a global economy through activities based programs along key focus on work readiness, entrepreneurship, financial literacy and life-wide values. Ms Lau is Chief Executive Officer
- [BGS HKU Chapter Honoree 2014 - Ms Vivian Lau](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2014-ms-vivian-lau/) - Ms Vivian Lau Ms Vivian Lau – Interim President of Junior Achievement Asia Pacific (from July 2013 till present), a non-profit charitable organization focused on inspiring and preparing young people to succeed in a global economy through activities based programs along key focus on work readiness, entrepreneurship, financial literacy and life-wide values. Ms Lau is Chief Executive Officer
- [BGS HKU Chapter Honoree 2014 - Mr Weber Lo](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2014-mr-weber-lo/) - Mr Weber Lo Mr Weber Lo is Citi Country Officer & Chief Executive Officer for Citi Hong Kong and Macau, responsible for all businesses across the Citi franchise in the two markets, including corporate & investment bank, consumer bank, commercial bank, private bank, transaction services, markets & treasury, and investment research & analysis. Before assuming this role,
- [BGS HKU Chapter Honoree 2014 - Mr Weber Lo](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2014-mr-weber-lo/) - Mr Weber Lo Mr Weber Lo is Citi Country Officer & Chief Executive Officer for Citi Hong Kong and Macau, responsible for all businesses across the Citi franchise in the two markets, including corporate & investment bank, consumer bank, commercial bank, private bank, transaction services, markets & treasury, and investment research & analysis. Before assuming this role,
- [BGS HKU Chapter Honoree 2013 - Ms Anita Fung](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2013-ms-anita-fung/) - Ms Anita Fung Group General Manager Chief Executive Officer, Hong Kong The Hongkong and Shanghai Banking Corporation Limited Ms Anita Fung is Chief Executive Officer, Hong Kong for The Hongkong and Shanghai Banking Corporation Limited. Ms Fung also holds the positions of Chairman and Director of HSBC Global Asset Management (Hong Kong), Non-Executive Director
- [BGS HKU Chapter Honoree 2013 - Ms Anita Fung](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2013-ms-anita-fung/) - Ms Anita Fung Group General Manager Chief Executive Officer, Hong Kong The Hongkong and Shanghai Banking Corporation Limited Ms Anita Fung is Chief Executive Officer, Hong Kong for The Hongkong and Shanghai Banking Corporation Limited. Ms Fung also holds the positions of Chairman and Director of HSBC Global Asset Management (Hong Kong), Non-Executive Director
- [BGS HKU Chapter Honoree 2013 - Mr Blair Pickerell](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2013-mr-blair-pickerell/) - Mr Blair Pickerell Mr Blair Pickerell is Head of Asia and Global Chief Marketing Officer for the Nikko Asset Management Group1. Based in Hong Kong2, Mr Pickerell is responsible for developing and overseeing Nikko AM’s businesses in the Asian region and for implementing its branding strategy worldwide. Mr Pickerell first became involved in the Asian investment management industry 25
- [BGS HKU Chapter Honoree 2013 - Mr Blair Pickerell](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2013-mr-blair-pickerell/) - Mr Blair Pickerell Mr Blair Pickerell is Head of Asia and Global Chief Marketing Officer for the Nikko Asset Management Group1. Based in Hong Kong2, Mr Pickerell is responsible for developing and overseeing Nikko AM’s businesses in the Asian region and for implementing its branding strategy worldwide. Mr Pickerell first became involved in the Asian investment management industry 25
- [BGS HKU Chapter Honoree 2012 - Mrs Margaret Leung](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2012-mrs-margaret-leung/) - Mrs Margaret Leung Ko May Yee, JP Mrs Margaret Leung is Vice-Chairman and Chief Executive of Hang Seng Bank and Chairman of Hang Seng Bank (China), Hang Seng Insurance Company, Hang Seng Life, Hang Seng Management College, Hang Seng School of Commerce and a member of the Board of Trustees of the Ho Leung Ho Lee Foundation. She is a Director
- [BGS HKU Chapter Honoree 2012 - Mrs Margaret Leung](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2012-mrs-margaret-leung/) - Mrs Margaret Leung Ko May Yee, JP Mrs Margaret Leung is Vice-Chairman and Chief Executive of Hang Seng Bank and Chairman of Hang Seng Bank (China), Hang Seng Insurance Company, Hang Seng Life, Hang Seng Management College, Hang Seng School of Commerce and a member of the Board of Trustees of the Ho Leung Ho Lee Foundation. She is a Director
- [BGS HKU Chapter Honoree 2012 - Mr Benjamin Hung](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2012-mr-benjamin-hung/) - Mr Benjamin Hung Pi Cheng, JP Mr Benjamin Hung is currently Executive Director and Chief Executive Officer of Standard Chartered Bank (Hong Kong) Limited. Mr Hung joined Standard Chartered in 1992 and has held a number of senior management positions in both Wholesale and Consumer Banking. Outside of Hong Kong, Mr Hung has international banking experience in
- [BGS HKU Chapter Honoree 2012 - Mr Benjamin Hung](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2012-mr-benjamin-hung/) - Mr Benjamin Hung Pi Cheng, JP Mr Benjamin Hung is currently Executive Director and Chief Executive Officer of Standard Chartered Bank (Hong Kong) Limited. Mr Hung joined Standard Chartered in 1992 and has held a number of senior management positions in both Wholesale and Consumer Banking. Outside of Hong Kong, Mr Hung has international banking experience in
- [數碼港設施-交通](https://www.hkubs.hku.hk/sc/about-us/campus/cyberport-facilities-transportation/) - 私家車 起點：中環交易廣場；灣仔中環廣場；旺角朗豪坊 中環交易廣場 View Larger Map 灣仔中環廣場 View Larger Map 旺角朗豪坊 View Larger Map 數碼港內行車路線 公共交通工具 巴士： 編號 路線 距離 行車時間（預計） 30X 中環到數碼港（循環線） 10.1 公里 28 分鐘 73 赤柱到數碼港 16 公里 50 分鐘 73P 香港仔到數碼港 3.5 公里 20 分鐘 107P 紅磡到數碼港 21.8 公里 72 分鐘 970 蘇屋到數碼港 18.6 公里 62 分鐘 小巴： 編號 路線 10
- [數碼港設施-交通](https://www.hkubs.hku.hk/sc/about-us/campus/cyberport-facilities-transportation/) - 私家車 起點：中環交易廣場；灣仔中環廣場；旺角朗豪坊 中環交易廣場 View Larger Map 灣仔中環廣場 View Larger Map 旺角朗豪坊 View Larger Map 數碼港內行車路線 公共交通工具 巴士： 編號 路線 距離 行車時間（預計） 30X 中環到數碼港（循環線） 10.1 公里 28 分鐘 73 赤柱到數碼港 16 公里 50 分鐘 73P 香港仔到數碼港 3.5 公里 20 分鐘 107P 紅磡到數碼港 21.8 公里 72 分鐘 970 蘇屋到數碼港 18.6 公里 62 分鐘 小巴： 編號 路線 10
- [就业及工作](#)
- [學術論文](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/) - 香港大學經管學院是亞洲頂尖的商學院，擁有經濟學和商業方面的學者，發表各種高質量的學術研究期刊和文章。
- [Latest Research Publications](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/) - HKUBS is dedicated to becoming a global powerhourse for research and a hub for world-leading expertise. Our scholars published their research findings in renowned journals.
- [总览](#)
- [学院团队](https://www.hkubs.hku.hk/sc/people/) - 香港大学经管学院是一所顶级商学院，拥有亚洲最好的师资力量。我们在香港提供全面的本科、研究生课程和高管教育。
- [媒体](https://www.hkubs.hku.hk/sc/media/)
- [Bloomberg Lab](https://www.hkubs.hku.hk/sc/about-us/campus/bloomberg-lab/) - Getting started with Bloomberg Open your Bloomberg account. You must register with Bloomberg by creating a login name and password via a Bloomberg Terminal. Make sure you register with the official name that appears on your HKU UID card. This is the name that is printed on your Bloomberg Certificate if you pass Bloomberg’s certification
- [陳坤耀傑出學人講座系列](https://www.hkubs.hku.hk/professor-edward-k-y-chen/) - Professor Edward K Y Chen Chairman HKU SPACE Born to a grass-roots family and brought up by a single parent since the age of 12, young Edward Chen was determined to change his destiny through education. With his own effort, he was able to go through an elitist education route, Queen’s College for his secondary education, the
- [硕士课程](https://www.hkubs.hku.hk/sc/postgraduate-students/) - 香港大学经管学院是亚洲顶尖的商学院。我们以「启发、赋能和领导」为使命，提供香港最好的硕士课程。
- [碩士課程](https://www.hkubs.hku.hk/sc/postgraduate-students/) - Programmes Student Services Hotlinks Student Evaluation EMBA EMBA-Global Asia EMBA HKU EMBA MBA Master of Business Administration IMBA Master of Business Administration (International) DBA Doctor of Business Administration MAcct Master of Accounting MEcon Master of Economics MFin Master of Finance MGM Master of Global Management MScBA Master of Science in Business Analytics MScMktg
- [本科生课程](https://www.hkubs.hku.hk/sc/undergraduate-students/) - Programmes Admissions Enrichment Student Services Hotlinks BBA Bachelor of Business Administration BBA (Acc&Fin) BBA(Acc&Fin) – BBA in Accounting and Finance BBA (IBGM) BBA in International Business and Global Management Undergraduate Admissions for JUPAS Students International Undergraduate Admissions Overseas Learning Experience Mainland Learning Experience Competitions Prizes and Scholarships Career
- [研究](#)
- [媒體](https://www.hkubs.hku.hk/sc/media/)
- [就業及工作](#)
- [港大经管学院](#)
- [本科生課程](https://www.hkubs.hku.hk/sc/undergraduate-students/)
- [The FinTech icon giving back to society](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/the-fintech-icon-giving-back-to-society/) - The FinTech icon giving back to society Business and finance are often considered arenas to simply get rich, but Irene Wong (MFin 2006) sees her role a bit differently – she wants to give back to society. Modesty is a hallmark of Irene ‘s personality, so much so that you would not know the founder
- [Irene Wong - The FinTech icon giving back to society](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/irene-wong-the-fintech-icon-giving-back-to-society/) - The FinTech icon giving back to society Business and finance are often considered arenas to simply get rich, but Irene Wong (MFin 2006) sees her role a bit differently – she wants to give back to society. Modesty is a hallmark of Irene’s personality, so much so that you would not know the founder of
- [The FinTech icon giving back to society](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/the-fintech-icon-giving-back-to-society/) - The FinTech icon giving back to society Business and finance are often considered arenas to simply get rich, but Irene Wong (MFin 2006) sees her role a bit differently – she wants to give back to society. Modesty is a hallmark of Irene ‘s personality, so much so that you would not know the founder
- [InsureTech Virtual Lab](https://www.hkubs.hku.hk/sc/insuretech-virtual-lab/) - InsureTech Virtual Lab InsureTech Virtual Lab (research group) is to explore “how technology will impact the insurance operation model from the current straggling business model to a more integrated model”. The main objectives are to (1) Study recent developments and applications of InsureTech in global and local markets; (2) Investigate the impact of adaptations
- [Research Insights](https://www.hkubs.hku.hk/sc/research/thought-leadership/research-impacts/) - HKUBS is dedicated to becoming a global powerhourse for research and a hub for world-leading expertise and thought leaders. We lead in the frontier in the emergent fields of Data Analytics, Machine Learning, Digital Transformation, and new business trends.
- [總覽](#)
- [關於我們](#)
- [Impact Stories](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/) - 探索《Impact Factors》 洞察真知灼见！If we knew what it was we were doing, it would not be called research, would it? -- Albert Einstein1 Jun 2026教学人员Impact FactorsDirty Air and Green Investments: The Impact of Pollution Information on Portfolio AllocationsProf. Jian ZHANGWe study whether access to local pollution information causes investors to make greener portfolio allocations, exploiting the
- [Terence Hon - Waste not want not](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/terence-hon-waste-not-want-not/) - Waste not want not Terence Hon (BBA 2019), Co-Founder of GreenPrice, is on a mission to reduce the amount of food going to landfill, all while offering value to Hong Kong shoppers. When many business school graduates dream of going into the likes of banking or management trainee jobs, Terence had ambitions to run his own business and
- [Kathy Tsui - Girl power in a male-dominated world](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/kathy-tsui-girl-power-in-a-male-dominated-world/) - Girl power in a male-dominated world Tech is ruled by the boys, but Kathy Tsui (BEcon&Fin 2009), Co-Founder of YOHO is thriving against the odds. Technology is supposed to be a great leveller, but the industry is dominated by men. Kathy Tsui (BEcon&Fin 2009), Co-Founder of YOHO, is bucking the trend, tapping into the consumer
- [Syed Musheer Ahmed - FinTech warrior sees bright future](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/syed-musheer-ahmed-fintech-warrior-sees-bright-future/) - FinTech warrior sees bright future While the world grapples with Covid-19, one HKU Business School alumnus is setting his sights on developing the Hong Kong FinTech scene… Whether you are born in Hong Kong, or have moved here, many fall completely in love with the city. Syed Musheer Ahmed (MBA 2015) is no exception, coming
- [Kathy Tsui - Girl power in a male-dominated world](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/kathy-tsui-girl-power-in-a-male-dominated-world/) - Girl power in a male-dominated world Tech is ruled by the boys, but Kathy Tsui (BEcon&Fin 2009), Co-Founder of YOHO is thriving against the odds. Technology is supposed to be a great leveller, but the industry is dominated by men. Kathy Tsui (BEcon&Fin 2009), Co-Founder of YOHO, is bucking the trend, tapping into the consumer
- [Kathy Tsui - Girl power in a male-dominated world](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/kathy-tsui-girl-power-in-a-male-dominated-world/) - Girl power in a male-dominated world Tech is ruled by the boys, but Kathy Tsui (BEcon&Fin 2009), Co-Founder of YOHO is thriving against the odds. Technology is supposed to be a great leveller, but the industry is dominated by men. Kathy Tsui (BEcon&Fin 2009), Co-Founder of YOHO, is bucking the trend, tapping into the consumer
- [Discovering the holy grail of social media](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/joanthan-ching-and-kyle-leung-discovering-the-holy-grail-of-social-media/) - Discovering the holy grail of social media The Gööp team are bringing online networking back to its roots of being useful to the community and allowing an open forum for ideas. Here’s how… Hustling from day one Have you seen promotional leaflets left on the tables at university learning commons? Recalling the days when they
- [Career](#)
- [Post-Doctoral Fellows](https://www.hkubs.hku.hk/sc/people/post-doctoral-fellows/) - HKU Business School is a top business school in Asia. We offer the best undergraduate, postgraduate programmes and executive education in Hong Kong.
- [research templates](https://www.hkubs.hku.hk/sc/research-templates/) - ECS 2020-21 PI Area Project Title Amount Awarded (HK$) Dr. L. Qiu Accounting and Law Shareholder activism and firm value: the role of board incentive 415,992 Dr. H. Ouyang Innovation and Information Management Optimal bed allocation in intensive care unit with patients’ health evolution and patient readmission 629,540 Dr. Q. Wang Innovation and Information Management
- [Research Postgraduate Students](https://www.hkubs.hku.hk/sc/people/research/) - HKU Business School is a top business school in Asia. We offer the best undergraduate, postgraduate programmes and executive education in Hong Kong.
- [Demonstrators/ Teaching Assistants](https://www.hkubs.hku.hk/sc/people/demonstrators-teaching-assistants/) - HKU Business School is a top business school in Asia. We offer the best undergraduate, postgraduate programmes and executive education in Hong Kong.
- [Administration](https://www.hkubs.hku.hk/sc/people/administration/) - HKU Business School is a top business school in Asia. We offer the best undergraduate, postgraduate programmes and executive education in Hong Kong.
- [Datax is taming the AI beast](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/hinnes-lung-and-kevin-wong-datax-is-taming-the-ai-beast/) - Datax is taming the AI beast The world has been increasingly driven by data, and HKU Business School graduates Hinnes Lung (BBA(IS) 2017) and Kevin Wong (BBA(IS), 2018) have been at the heart of the revolution. Their company Datax is managing the huge amounts of information that companies have to deal with in creating Artificial
- [Professor Edward K Y Chen](https://www.hkubs.hku.hk/sc/professor-edward-k-y-chen/) - Professor Chen has a distinguished academic career. He is at present an Honorary Professor and Distinguished Fellow of the Centre of Asian Studies at the University of Hong Kong, Honorary Professor of Shantou University, and Visiting Professor of Jinan University. He has held visiting appointments at Yale, Oxford, Stockholm Universities and the University of California (Davis Campus), and served as a member of Time magazine’s Board of Economists. He was selected as a Distinguished Fulbright Scholar in 1998 to conduct lecture tours in the United States.
- [People](https://www.hkubs.hku.hk/sc/people/) - 教学人员助理教授〔研究〕/ 博士后研究员助教/教学助理研究生行政人员学术领域:全部会计学及法学经济学金融学创新及资讯管理学管理及商业策略市场学类别:全部教授级人员实务教授讲师荣休教授名誉教授客席教授客座教授研究专长:研究专长类别Accounting standards and regulationsAsset pricingAuditingBankingBehavioural decision makingBehavioural financeChinese economyConsumer behaviourConsumer information processing and judgmentCorporate disclosureCorporate financeCorporate governanceDebt contractingDevelopment economicsDigital marketingEconomic historyEconomic policyEntrepreneurshipExecutive compensationFinancial analystsFinancial engineeringFinancial institutionsFinancial reporting and capital marketsFintechGreen financeHealthcare operation and analyticsHuman resources managementInsurtechInternational businessInternational financeInternational marketingInternational tradeInvestmentLabour economicsMachine learning and intelligence for businessMacroeconomicsManagement accountingMarket microstructure and tradingMarketing analyticsMarketing strategyMicroeconomicsOrganizational behaviourOrganizational economicsPolitical
- [Raymond Mak - A green haven in the concrete jungle](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/raymond-mak-a-green-haven-in-the-concrete-jungle/) - Raymond Mak – A green haven in the concrete jungle Farmacy HK is the brainchild of Raymond Mak (MBA 2017), the HKU Business School alum bringing rare herbs and greens to Hong Kong. Buying fresh herbs and greens in Hong Kong is a nightmare for many people. Supermarkets often stock over-priced produce lacking in freshness
- [Postgraduate Students](https://www.hkubs.hku.hk/sc/postgraduate-students/) - Programmes Student Services Hotlinks Student Evaluation EMBA EMBA-Global Asia EMBA HKU EMBA MBA Master of Business Administration IMBA Master of Business Administration (International) DBA Doctor of Business Administration MAcct Master of Accounting MEcon Master of Economics MFin Master of Finance MGM Master of Global Management MScBA Master of Science in Business Analytics MScMktg Master of
- [Finding logic in a crazy world](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/ryan-cheung-finding-logic-in-a-crazy-world/) - Finding logic in a crazy world PressLogic boss Ryan Cheung (BBA(Acc&Fin) 2011) has the keys to the media kingdom, all because his team have mastered data and analytics. Traditional media has suffered during the digital age, particularly by failing to understand new insights and methods of monetisation required to get both eyeballs on stories and
- [Happy hunting ground](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/harris-cheng-happy-hunting-ground/) - Happy hunting ground Freehunter and its CEO Harris Cheng are on a mission to help freelancers navigate the pain of finding clients. Freelancing can be a labouring process where creatives, lacking the weight and protection of a company, often get a raw deal from clients. Anyone who has tried being a freelancer will know finding
- [A revolution in graduate recruitment](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/jimmy-lai-a-revolution-in-graduate-recruitment/) - A revolution in graduate recruitment HKU Business School alumnus Jimmy Lai (BBA(IBGM) 2014) Co-Founder of OnGrad and his team are changing the way students look for jobs and are recruited. Jimmy Lai is ever bubbly, loquacious and passionate about what he does. We are in the office of OnGrad, a startup connecting graduates and employers
- [The ‘monster’ fighting for good](https://www.hkubs.hku.hk/sc/alumni-overview/startup-star/ming-chan-the-monster-fighting-for-good/) - The ‘monster’ fighting for good Ming Chan (BEcon 2007) Co-founder of FinMonster, is helping startups and SMEs get the funding they need. Ming Chan has created a ‘monster’ – in a financial sense. Powerful and disruptive, it is helping the small guy; the startups and entrepreneurs that offer so much to the economy but often
- [Undergraduate Students](https://www.hkubs.hku.hk/sc/undergraduate-students/) - Programmes Admissions Enrichment Student Services Hotlinks BBA Bachelor of Business Administration BBA (Acc&Fin) BBA(Acc&Fin) – BBA in Accounting and Finance BBA (IBGM) BBA in International Business and Global Management Undergraduate Admissions for JUPAS Students International Undergraduate Admissions Overseas Learning Experience Mainland Learning Experience Competitions Prizes and Scholarships Career Development and Training Portal Academic Advising Economics
- [Media](https://www.hkubs.hku.hk/sc/media/) - No result was found.
- [Featured KE project](https://www.hkubs.hku.hk/sc/research/knowledge-exchange/featured-ke-project/)
- [Knowledge Exchange](https://www.hkubs.hku.hk/sc/research/knowledge-exchange/)
- [Research](#) - 1 The Economist World MBA Rankings 2018 2 QS EMBA Rankings 2019: Joint Programs 2 Financial Times Top MBAs for Finance 2018 No. 1 MBA Programme in Asia The Economist MBA Ranking 2018 No. 2 Joint EMBA Programme in the World QS Global EMBA Rankings 2019 2 Financial Times Executive MBA Ranking 2017/strong> 7 Forbes:
- [Research](#) - 1 The Economist World MBA Rankings 2018 2 QS EMBA Rankings 2019: Joint Programs 2 Financial Times Top MBAs for Finance 2018 No. 1 MBA Programme in Asia The Economist MBA Ranking 2018 No. 2 Joint EMBA Programme in the World QS Global EMBA Rankings 2019 2 Financial Times Executive MBA Ranking 2017/strong> 7 Forbes:
- [BGS HKU Chapter Honoree 2013 - Ms Anita Fung](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2013-ms-anita-fung/) - Ms Anita Fung Group General Manager Chief Executive Officer, Hong Kong The Hongkong and Shanghai Banking Corporation Limited Ms Anita Fung is Chief Executive Officer, Hong Kong for The Hongkong and Shanghai Banking Corporation Limited. Ms Fung also holds the positions of Chairman and Director of HSBC Global Asset Management (Hong Kong), Non-Executive Director
- [BGS HKU Chapter Honoree 2012 - Mrs Margaret Leung](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2012-mrs-margaret-leung/) - Mrs Margaret Leung Ko May Yee, JP Mrs Margaret Leung is Vice-Chairman and Chief Executive of Hang Seng Bank and Chairman of Hang Seng Bank (China), Hang Seng Insurance Company, Hang Seng Life, Hang Seng Management College, Hang Seng School of Commerce and a member of the Board of Trustees of the Ho Leung Ho Lee Foundation. She is a Director
- [BGS HKU Chapter Honoree 2014 - Mr Weber Lo](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2014-mr-weber-lo/) - Mr Weber Lo Mr Weber Lo is Citi Country Officer & Chief Executive Officer for Citi Hong Kong and Macau, responsible for all businesses across the Citi franchise in the two markets, including corporate & investment bank, consumer bank, commercial bank, private bank, transaction services, markets & treasury, and investment research & analysis. Before assuming this role,
- [BGS HKU Chapter Honoree 2015 - Ms May Tan](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2015-ms-may-tan-2/) - Ms May Tan Ms May Tan is currently Chief Executive Officer of Standard Chartered Bank (Hong Kong) Limited (“SCBHK”). Ms Tan joined the Bank in 2009 as Global Head, Equity Corporate Finance. With over 30 years of extensive experience in the financial industry, she has been instrumental in deepening the Bank’s client relationships and in enhancing its equities capability, providing
- [BGS HKU Chapter Honoree 2015 - Mr Edwin Morris](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2015-mr-edwin-morris/) - Mr Edwin Morris Mr Edwin Morris was appointed Chief Financial Officer in September 2013. His main responsibility includes overseeing all aspects of financial, accounting, compliance and risk management, as well as working with the Chief Executive Officer on major strategic issues related to the company. Mr Morris began his career with the Swire group in 2005
- [BGS HKU Chapter Honoree 2014 - Ms Vivian Lau](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2014-ms-vivian-lau/) - Ms Vivian Lau Ms Vivian Lau – Interim President of Junior Achievement Asia Pacific (from July 2013 till present), a non-profit charitable organization focused on inspiring and preparing young people to succeed in a global economy through activities based programs along key focus on work readiness, entrepreneurship, financial literacy and life-wide values. Ms Lau is Chief Executive Officer
- [BGS HKU Chapter Honoree 2019 - Dr Anna Yip](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2019-dr-anna-yip/) - Dr Anna Yip Dr Anna Yip was appointed Executive Director and Chief Executive Officer of the Company in June 2016. Dr Yip holds a Bachelor degree (First Honours) in Business Administration from The Chinese University of Hong Kong, and both MPhil and DPhil degrees in Management Studies from the University of Oxford. Dr Yip was Head of Hong
- [BGS HKU Chapter Honoree 2016 - Ms Su-Mei Thompson](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2016-ms-su-mei-thompson/) - Ms Su-Mei Thompson Ms Su-Mei Thompson joined The Women’s Foundation as CEO in 2009. Her responsibilities include strategic planning, donor relations, overseeing grants and programmes, as well as government relations and community outreach. Ms Thompson started her career at Linklaters as a corporate finance associate while also serving as a lecturer and tutor in law at King’s College,
- [BGS HKU Chapter Honoree 2017 - Mr Herman Lam](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2017-mr-herman-lam/) - Mr Herman Lam Mr Herman Lam joined the Hong Kong Cyberport Management Company Limited as the Chief Executive Officer in March 2010. As the CEO of Cyberport, Mr Lam is responsible for leading, representing and administering the company as well as playing a prominent role in promoting and implementing Cyberport’s public mission strategies. Within the public
- [BGS HKU Chapter Honoree 2017 - Ms Sein Chew](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2017-ms-sein-chew/) - Ms Sein Chew Ms Sein Chew is the Founder-President of Unity Asset Management, a private global investment management company. She is also the President and CEO of UAM Hong Kong, the family investment and philanthropic office of the Chew-Souede family. Ms Chew has worked for Merrill Lynch and Bank of America in senior positions. She
- [BGS HKU Chapter Honoree 2018 - Mr Albert Wong](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2018-mr-albert-wong/) - Mr Albert Wong Mr Albert Wong joined Hong Kong Science and Technology Parks Corporation (HKSTP) on February 1, 2016 as the Chief Corporate Development Officer. He was appointed the CEO on August 1, 2016. Mr Wong holds an Engineering Degree from the University of Hong Kong, and an MBA from the Chinese University of Hong Kong.
- [BGS HKU Chapter Honoree 2018 - Ms Louisa Cheang](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2018-ms-louisa-cheang/) - Ms Louisa Cheang Ms Louisa Cheang is Vice-Chairman and Chief Executive of Hang Seng Bank, and Chairman of Hang Seng Bank (China) and various subsidiaries in Hang Seng Group. She is Chairman of Hang Seng Index Advisory Committee of Hang Seng Indexes, and a Member of the Board of Trustees of the Ho Leung Ho
- [BGS HKU Chapter Honoree 2012 - Mr Benjamin Hung](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2012-mr-benjamin-hung/) - Mr Benjamin Hung Pi Cheng, JP Mr Benjamin Hung is currently Executive Director and Chief Executive Officer of Standard Chartered Bank (Hong Kong) Limited. Mr Hung joined Standard Chartered in 1992 and has held a number of senior management positions in both Wholesale and Consumer Banking. Outside of Hong Kong, Mr Hung has international banking experience in
- [BGS HKU Chapter Honoree 2016 - Mr Philip Chen](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2016-mr-philip-chen/) - Mr Philip Chen Mr Philip Chen is Managing Director of Hang Lung Group and Hang Lung Properties Limited. Prior to joining Hang Lung in July 2010, Mr Chen had been with the Swire Group for thirty-three years. He was Chairman of John Swire & Sons (China) Limited, Chief Executive of Cathay Pacific Airways Limited,
- [BGS HKU Chapter Honoree 2019 - Mr Henri Arslanian](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2019-mr-henri-arslanian/) - Mr Henri Arslanian Mr Henri Arslanian is the PwC FinTech & Crypto Leader for Asia, the Chairman of the FinTech Association of Hong Kong and an Adjunct Associate Professor at The University of Hong Kong where he teaches the first FinTech university course in Asia. Mr Arslanian leads PwC’s crypto efforts in Asia and advises
- [Talk Business 論經管](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business-論經管/)
- [HKEJ 龍虎山下](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-龍虎山下/)
- [Ranking Page](https://www.hkubs.hku.hk/sc/ranking-page/)
- [About Us](#)
- [Overview](#)
- [Cyberport Facilities - Transportation](https://www.hkubs.hku.hk/sc/about-us/campus/cyberport-facilities-transportation/) - Driving From: Exchange Square, Central; Cental Plaza, Wan Chai; Langham Place, Mong Kok Exchange Square, Central View Larger Map Cental Plaza, Wan Chai View Larger Map Langham Place, Mong Kok View Larger Map Driving within Cyberport Public Transport Bus: No. Journey Distance Journey Time (approx.) 30X Central to Cyberport (Circular) 10.1 Km 28 mins 73
- [BGS HKU Chapter Honoree 2017 - Ms Sein Chew](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2017-ms-sein-chew/) - Ms Sein Chew Ms Sein Chew is the Founder-President of Unity Asset Management, a private global investment management company. She is also the President and CEO of UAM Hong Kong, the family investment and philanthropic office of the Chew-Souede family. Ms Chew has worked for Merrill Lynch and Bank of America in senior positions. She
- [BGS HKU Chapter Honoree 2017 - Ms Sein Chew](https://www.hkubs.hku.hk/sc/about-us/overview/partnership-global-network/bgs-hku-chapter-honoree-2017-ms-sein-chew/) - Ms Sein Chew Ms Sein Chew is the Founder-President of Unity Asset Management, a private global investment management company. She is also the President and CEO of UAM Hong Kong, the family investment and philanthropic office of the Chew-Souede family. Ms Chew has worked for Merrill Lynch and Bank of America in senior positions. She
- [Events](https://www.hkubs.hku.hk/sc/event/) - HKU Business School organises seminars and conferences to promote knowledge exchange, and encourage academic and public discussion on different economics and business issues.

## My Templates

- [postgraduate-programmes](https://www.hkubs.hku.hk/sc/?elementor_library=postgraduate-programmes) - EMBA EMBA-Global Asia EMBA HKU EMBA MBAMaster of Business Administration IMBA Master of Business Administration (International) DBADoctor of Business Administration MAcctMaster of Accounting MAA Master of Accounting Analytics MAIB Master of Artificial Intelligence in Business MEconMaster of Economics MFWM Master of Family Wealth Management MFinMaster of Finance MFFinTechMaster of Finance in Financial Technology MGM Master
- [香港大學亞洲社會經濟不平等研究中心](https://www.hkubs.hku.hk/sc/?elementor_library=香港大学亚洲社会经济不平等研究中心) - The James M. and Cathleen D. Stone Centre on Socio-Economic Inequality in Asia (SCoSEIA) is the inaugural Stone Centre in Asia established to advance the comparative study of income and wealth inequality in the region. Led by a distinguished interdisciplinary team, the Centre connects a global research community to understand inequality’s causes and consequences, contrasting
- [香港大学亚洲社会经济不平等研究中心](https://www.hkubs.hku.hk/sc/?elementor_library=香港大学亚洲社会经济不平等研究中心) - The James M. and Cathleen D. Stone Centre on Socio-Economic Inequality in Asia (SCoSEIA) is the inaugural Stone Centre in Asia established to advance the comparative study of income and wealth inequality in the region. Led by a distinguished interdisciplinary team, the Centre connects a global research community to understand inequality’s causes and consequences, contrasting
- [James M. and Cathleen D. Stone Centre on Socio-Economic Inequality in Asia](https://www.hkubs.hku.hk/sc/?elementor_library=香港大学亚洲社会经济不平等研究中心) - The James M. and Cathleen D. Stone Centre on Socio-Economic Inequality in Asia (SCoSEIA) is the inaugural Stone Centre in Asia established to advance the comparative study of income and wealth inequality in the region. Led by a distinguished interdisciplinary team, the Centre connects a global research community to understand inequality’s causes and consequences, contrasting
- [DeanScholarshipAward-scholarship-2024-2025](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-scholarship-2024-2025) - Executive Master of Business Administration Family Name Given Name Award Name Bai Jieyong HKU Executive Master of Business Administration Scholarship Chen Guangzhi HKU Executive Master of Business Administration Scholarship Cheng Jianchuan HKU Executive Master of Business Administration Scholarship Huang Ning HKU Executive Master of Business Administration Scholarship Jiang Yijin HKU Executive Master of Business Administration
- [DeanScholarshipAward-prizes-2024-2025](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-prizes-2024-2025) - Research Postgraduate Programme Family Name Given Name Award Name CHANG Jiacheng FBE PhD Research Progress Award FENG Jian FBE PhD Research Excellence Award FENG Jian HKU Foundation Publication Award for Research Postgraduate Students LI Fang FBE PhD Research Progress Award LIN Xuanpu FBE PhD Research Excellence Award LIU Jiajia FBE PhD Research Progress Award LIU
- [DeanScholarshipAward-dean-2024-2025](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-dean-2024-2025) - Executive Master of Business Administration Family Name Given Name Chen Guangzhi Cheng Jianchuan Dai Haiping Dong Changle Guo Tao Huang Ning Jiang Yijin Li Linghan Lu Yun Luo Huichen Ren Weibing Ren Xiuyun Wang Heng Wei Yanmei Wong Kai Ho Xiong Jianing Xu Weidong Yuan Li Hua Baocheng Master of Business Administration Family Name Given
- [overview-programme-executive-education-sc](https://www.hkubs.hku.hk/sc/?elementor_library=overview-programme-executive-education) - Dedicated to providing training programmes to senior and top executives to inculcate cutting-edge knowledge, competencies and innovative insights so as to drive change, lead and strategize in their organisations. Executive Education
- [research-grant-GRF](https://www.hkubs.hku.hk/?elementor_library=research-grant-grf) - GRF 2025-26 Principal Investigator Area Project Title Amount Awarded (HK$) Professor T.Y.J. Ng Accounting and Law Banks’ AI Investment and Timely Recognition of Loan Losses 640,000 Professor Y. Cao Economics Automating away Corruption? Effects of China’s Automated Road Tests 755,900 Professor H. Chen Economics Information Campaign and Peer Interactions on Online Social Network 660,220 Professor
- [research-grant-ecs2](https://www.hkubs.hku.hk/?elementor_library=research-grant-ecs2) - ECS 2025-26 Principal Investigator Area Project Title Amount Awarded (HK$) Professor Y. Jiang Accounting and Law Pollutant Information, Environmental Justice, and Abatement Efficiency 424,017 Professor X. Xiao Accounting and Law Product Disclosure, Demand Information, and Market Feedback 511,699 Professor C. Heese Economics Collective Choice with Limited Commitment: A Case for Vague Politics 354,103 Professor Q.
- [overview-programme-undergraduate-sc](https://www.hkubs.hku.hk/sc/?elementor_library=overview-programme-undergraduate-sc) - 我们相信跨学科教育能启发学生的真正潜能，在选择主修的事宜上我们给与同学最大的自由度。同学可以自由配搭经济学，金融学，会计学，市场学，管理及商业策略学，以及创新及资讯管理学的课程作自己的主修或副修。 BGLIS 创领未来学士**全新旗舰课程** BBA 工商管理學學士 BBA(Acc&Fin) 工商管理学学士 （会计及财务） BBA(ADA)工商管理学学士（会计数据分析） BBA(BA)工商管理学学士（商业分析） BBA (IBGM)工商管理学学士 （国际商业及环球管理） BBA(IS)工商管理学学士 （资讯系统） BBA (Law) & LLB工商管理学学士 （法学） BEcon经济学学士 BEcon&Fin经济金融学学士 BFin(AMPB)金融学学士（资产管理及私人银行） BSc(MAT)理学士（营销分析及科技） BSc(QFin)理学士（计量金融）
- [overview-programme-undergraduate](https://www.hkubs.hku.hk/sc/?elementor_library=overview-programme-undergraduate-sc) - 我們相信跨學科教育能啟發學生的真正潛能，在選擇主修的事宜上我們給與同學最大的自由度。同學可以自由配搭經濟學，金融學，會計學，市場學，管理及商業策略學，以及創新及資訊管理學的課程作自己的主修或副修。 BGLIS 創領未來學士**全新旗艦課程** BBA 工商管理學學士 BBA(Acc&Fin) 工商管理學學士（會計及財務） BBA(ADA) 工商管理學學士（會計數據分析） BBA(BA) 工商管理學學士（商業分析） BBA (IBGM) 工商管理學學士 （國際商業及環球管理） BBA(IS) 工商管理學學士 （資訊系統） BBA (Law) & LLB 工商管理學學士 （法學） BEcon 經濟學學士 BEcon&Fin 經濟金融學學士 BFin(AMPB) 金融學學士（資產管理及私人銀行） BSc(MAT) 理學士（營銷分析及科技） BSc(QFin) 理學士（計量金融）
- [overview-programme-undergraduate](https://www.hkubs.hku.hk/sc/?elementor_library=overview-programme-undergraduate-sc) - Adopting a truly multidisciplinary approach, our Faculty’s tremendous wealth of resources offers students a wide variety of choices for combining studies in economics and finance, accounting and finance, business and law, business and computer studies, and international business and global management. BGLIS Bachelor of Global Leadership, Innovation and Society **New Flagship Programme** BBA Bachelor of
- [overview-programme-postgraduate](https://www.hkubs.hku.hk/sc/?elementor_library=overview-programme-postgraduate) - 我們的碩士課程為有意在環球競爭中脫穎而出的有志之士而設。我們的課程持續革新，與時並進，務求為同學提供在不同領域中最前沿的知識。 EMBA 高級管理人員工商管理學碩士 MBA 工商管理學碩士 IMBA 工商管理學碩士（國際課程） DBA 工商管理學博士 MAcct 會計學碩士 MAA 會計數據分析碩士 MAIB 商業人工智能碩士 MEcon 經濟學碩士 MFWM 家族財富管理碩士 MFin 金融學碩士 MFFinTech 金融學碩士(金融科技) MGM 環球管理學碩士 MScBA 理科碩士（商業分析） MScMktg 理科碩士（市場營銷學） MSAF 可持續會計及金融碩士 MWM 財富管理碩士 PhD & MPhil 哲學博士及哲學碩士
- [overview-programme-postgraduate](https://www.hkubs.hku.hk/sc/?elementor_library=overview-programme-postgraduate) - 我们的硕士课程为有意在环球竞争中脱颖而出的有志之士而设。我们的课程持续革新，与时并进，务求为同学提供在不同领域中最前沿的知识。 EMBA 高级管理人员工商管理学硕士 MBA 工商管理学硕士 IMBA 工商管理学硕士（国际课程） DBA 工商管理学博士 MAcct 会计学硕士 MAA 会计数据分析硕士 MAIB 商业人工智能硕士 MEcon 经济学硕士 MFWM 家族财富管理硕士 MFin 金融学硕士 MFFinTech 金融学硕士(金融科技) MGM 环球管理学硕士 MScBA 理科硕士（商业分析） MScMktg 理科硕士（市场营销学） MSAF 可持续会计及金融硕士 MWM 财富管理硕士 PhD & MPhil 哲学博士及哲学硕士
- [overview-programme-postgraduate](https://www.hkubs.hku.hk/sc/?elementor_library=overview-programme-postgraduate) - Our postgraduate programmes are offered to those who want to enhance their knowledge and competitiveness in the globalised economy. We continue to enhance our curricula to incorporate recent developments in different fields of study, and to reflect the ever-changing needs of our students and society at large. EMBA HKU EMBA MBAMaster of Business Administration IMBA
- [DeanScholarshipAward-dean-2023-2024](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-dean-2023-2024) - Executive Master of Business Administration Family Name Given Name He Qianyi Wan Hongjian Hu Zhiqiang Liu Jun Ouyang Jie Tian Chen Xu Beibei Yao Xiaomeng Zhao Min Chang Zhujun Chen Kan Wang Lin Zhang Hao Zhang Xiaobo Master of Business Administration Family Name Given Name Cai Haiyan Cavaleros Gregory Chai Shengqiu Chan Ming Hei Chang
- [DeanScholarshipAward-prizes-2023-2024](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-prizes-2023-2024) - Research Postgraduate Programme Family Name Given Name Award Name DING Wenzhi Li Ka Shing Prizes, 2022-23 Bachelor of Business Administration Family Name Given Name Award Name Yung Wing Nga P. Hinterthur Prize in Fine Arts Yung Wing Nga Brian and Sally Stewart Prize for the Best BBA Student Bachelor of Business Administration in Accounting and
- [DeanScholarshipAward-scholarship-2023-2024](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-scholarship-2023-2024) - Doctor of Philosophy Family Name Given Name Award Name BAO Ruiji FBE PhD Entrance Scholarship CAI Mingqing FBE PhD Entrance Scholarship DENG Yutao FBE PhD Entrance Scholarship FANG Xunchang Dissertation Year Fellowship FENG Haotian FBE PhD Entrance Scholarship FENG Haotian HKU Presidential PhD Scholarship FENG Haotian Hong Kong PhD Fellowship FENG Yusheng FBE PhD Entrance
- [DeanScholarshipAward-scholarship-2021-2022](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-scholarship-2021-2022) - Doctor of Philosophy Family Name Given Name Award Name CHEN Haoyang FBE PhD Research Excellence Award CHEN Limei FBE PhD Entrance Scholarship CHEN Lulu FBE PhD Entrance Scholarship CHEN Lulu HKU Presidential PhD Scholarship CHEN Lulu Hong Kong PhD Fellowship CHEN Yeju FBE PhD Entrance Scholarship DENG Yongning FBE PhD Research Progress Award DING Wenzhi
- [Test!](https://www.hkubs.hku.hk/?elementor_library=test) - Student Evaluation of Teaching and Learning (SETL) and Student Learning Experience Questionnaire (SLEQ)
- [Centre for Quantitative History](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-quantitative-history-sc) - The Centre for Quantitative History (CQH) is a focal institution for coordinating and conducting big data-based historical inquiries with quantitative methods to construct a holistic picture of China’s past development, sponsored by the HKU Business School. The focus of the Centre is on the study of the quantitative history of China. It is an area
- [Centre for Innovation and Entrepreneurship](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-innovation-and-entrepreneurship-sc) - The Centre for Innovation and Entrepreneurship (CIE) is committed to connect research and practice, and create a vibrant and diverse community of entrepreneurs and innovators to drive positive changes in Hong Kong and Greater Bay Area. With our teams and resources inside and outside Hong Kong, we aim at bridging the ecosystems in China and
- [量化歷史研究中心](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-quantitative-history-sc) - The Centre for Quantitative History (CQH) is a focal institution for coordinating and conducting big data-based historical inquiries with quantitative methods to construct a holistic picture of China’s past development, sponsored by the HKU Business School. The focus of the Centre is on the study of the quantitative history of China. It is an area
- [量化历史研究中心](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-quantitative-history-sc) - The Centre for Quantitative History (CQH) is a focal institution for coordinating and conducting big data-based historical inquiries with quantitative methods to construct a holistic picture of China’s past development, sponsored by the HKU Business School. The focus of the Centre is on the study of the quantitative history of China. It is an area
- [HKU Jockey Club Enterprise Sustainability Global Research Institute](https://www.hkubs.hku.hk/sc/?elementor_library=hku-jockey-club-enterprise-sustainability-global-research-institute-sc) - The HKU Jockey Club Enterprise Sustainability Global Research Institute is a strategic collaboration between the University of Hong Kong and the Hong Kong Jockey Club. Dedicated to promoting best practices for sustainability in Hong Kong, Asia, and beyond, the Institute brings together distinguished global scholars from diverse fields to foster a multidisciplinary approach to sustainability
- [香港大学赛马会环球企业可持续发展研究所](https://www.hkubs.hku.hk/sc/?elementor_library=hku-jockey-club-enterprise-sustainability-global-research-institute-sc) - 香港大学赛马会环球企业可持续发展研究所是香港大学（港大）与香港赛马会（马会）的策略性合作项目，旨在为香港、亚洲以至其他地区建立一个世界级的环境、社会及管治最佳实践枢纽。 我们的使命是通过汇聚来自不同领域的全球杰出学者，整合知识与实践、激励创新、促进合作以及开展有影响力的研究，推动环境、社会和治理领域的卓越发展。 更多
- [香港大學賽馬會環球企業可持續發展研究所](https://www.hkubs.hku.hk/sc/?elementor_library=hku-jockey-club-enterprise-sustainability-global-research-institute-sc) - 香港大學賽馬會環球企業可持續發展研究所是香港大學（港大）與香港賽馬會（馬會）的策略性合作項目，旨在爲香港、亞洲以至其他地區建立一個世界級的環境、社會及管治最佳實踐樞紐。 我們的使命是通過匯聚來自不同領域的全球傑出學者，整合知識與實踐、激勵創新、促進合作以及開展有影響力的研究，推動環境、社會和治理領域的卓越發展。 More
- [DeanScholarshipAward-dean-2022-2023](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-dean-2022-2023) - Executive Master of Business Administration Family Name Given Name Du Mingyan Li Wen Yang Zhentian Mak Wing Yin Tony Jin Lichen Chen Zhenli Luan Xiaohua Li Guanghui Zhao Min Yi Feifan Hu Ke Xu Zhi Wang Lin Chen Kan Li Chunbin Hu Jiangchuan Zhuo Qianqian Pan Jia Cai Hongmei Wang Yuliang Jiang Jing Chen Zihua
- [postgraduate-programmes](https://www.hkubs.hku.hk/sc/?elementor_library=postgraduate-programmes) - EMBA EMBA-Global Asia EMBA HKU EMBA MBAMaster of Business Administration IMBA Master of Business Administration (International) DBADoctor of Business Administration MAcctMaster of Accounting MCGRM Master of Climate Governance and Risk Management MEconMaster of Economics MFinMaster of Finance MFFinTechMaster of Finance in Financial Technology MGM Master of Global Management MScBA Master of Science in Business Analytics
- [DeanScholarshipAward-prizes-2022-2023](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-prizes-2022-2023) - Research Postgraduate Programme Family Name Given Name Award Name XIANG Hong Li Ka Shing Prizes, 2021-22 Bachelor of Business Administration Family Name Given Name Award Name Chan Ka Wing Brian and Sally Stewart Prize for the Best BBA Student Bachelor of Business Administration in Accounting and Finance Family Name Given Name Award Name Shtoser Saar
- [DeanScholarshipAward-dean-2021-2022](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-dean-2021-2022) - Executive Master of Business Administration Family Name Given Name CHANG Yunan CHEN Zhenli DU Mingyan GE Liang HUANG Yves Yipeng JIAN Dan LI Dong LI Guanghui LI Zhuang LIAO Lijuan MA Cong QIN Bingshuang SONG Yansong TANG Li WANG Qian WU Fan YANG Kun YI Feifan ZOU Jia Master of Business Administration Family Name Given
- [DeanScholarshipAward-scholarship-2022-2023](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-scholarship-2022-2023) - Doctor of Philosophy Family Name Given Name Award Name CHAN Tung Yu Marco FBE PhD Entrance Scholarship CHANG Jiacheng FBE PhD Entrance Scholarship CHANG Jiacheng HKU Presidential PhD Scholarship CHEN Haojun FBE PhD Research Progress Award CHEN Peidi FBE PhD Entrance Scholarship CHEN Peidi HKU Presidential PhD Scholarship DING Xiangyu FBE PhD Entrance Scholarship DONG
- [创新与创业研究中心](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-innovation-and-entrepreneurship-sc) - 创新与创业研究中心（ CIE ）致力于连接研究和创新项目的落地及发展，并创建一个充满活力和多元化的创业家和创新者社群，携手于香港和大湾区打造更理想的营商及创新环境。CIE锐意通过其管理团队汇聚香港境内外的资源，成为中国和海外创新及创业生态圈之间的桥梁。 更多
- [創新與創業研究中心](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-innovation-and-entrepreneurship-sc) - 創新與創業研究中心（CIE）致力於連接研究和創新項目的落實及發展，並創建一個充滿活力和多元化的創業家和創新者社群，攜手於香港和大灣區打造更理想的營商及創新環境。CIE銳意通過其管理團隊匯聚香港境內外的資源，成為中國和海外創新及創業生態系統之間的橋樑。 更多
- [中國經濟研究所](https://www.hkubs.hku.hk/sc/?elementor_library=institute-of-china-economy-sc) - 中國經濟研究所（ICE）的願景是匯聚全球傑出的思想和洞見，攜手促成更多具前瞻性的中國經濟研究，為中國和世界面臨的重大挑戰出謀獻策。ICE眾多學者提供世界領先的中國經濟研究，並以此為基礎，為政策制定者和商業領袖的科學決策提供獨到的見解，造福社會。 更多
- [中国经济研究所](https://www.hkubs.hku.hk/sc/?elementor_library=institute-of-china-economy-sc) - 中国经济研究所（ICE）的愿景是汇聚全球杰出的思想和洞见，携手促成更多具前瞻性的中国经济研究，为中国和世界面临的重大挑战出谋献策。ICE众多学者提供世界领先的中国经济研究，并以此为基础，为政策制定者和商业领袖的科学决策提供独到的见解，造福社会。 更多
- [Institute of China Economy](https://www.hkubs.hku.hk/sc/?elementor_library=institute-of-china-economy-sc) - The vision of the Institute of China Economy (ICE) is to foster research on the Chinese economy, by bringing together great minds and insights around the world to address critical challenges facing China and the world. The ICE scholars provide world-leading research on the Chinese Economy. They are also experienced in serving the community by
- [DeanScholarshipAward-prizes-2021-2022](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-prizes-2021-2022) - Doctor of Philosophy Family Name Given Name Award Name HAN Jianyu Li Ka Shing Prizes, 2020-21 YIN Yunlu HKU Foundation Award for Outstanding Research Postgraduate Students, 2020-21 Bachelor of Business Administration Family Name Given Name Award Name LEUNG Lok Hang Man Sau Tong Prizes in Translation YU Yee Lam Brian and Sally Stewart Prize for
- [DeanScholarshipAward-scholarship-2020-2021](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-scholarship-2020-2021) - Doctor of Philosophy Family Name Given Name Award Name CHEN Haojun FBE PhD Entrance Scholarship CHEN Haoyang FBE PhD Entrance Scholarship CHEN Yang FBE PhD Entrance Scholarship DENG Bingjie FBE PhD Research Excellence Award DONG Meitong FBE PhD Entrance Scholarship DONG Sichen FBE PhD Entrance Scholarship DONG Zhanyu FBE PhD Research Excellence Award DUAN Li
- [卓越学科领域计划](https://www.hkubs.hku.hk/sc/?elementor_library=卓越学科领域计划) - 大学教育资助委员会 — 2022/23年度「卓越学科领域计划」（第十轮） 项目题目： 量化历史研究：追寻现代中国发展的根源 资助金额： 6,732万港元 港大经管学院研究团队成员： 项目统筹人 陈 志武 金融学讲座教授郑裕彤基金教授（金融学） 联合首席研究员 林 晨 金融学讲座教授宝光基金教授（金融学）副院长（研究及知识交流） 联合首席研究员 马 驰骋 经济学助理教授 合作方（本地） SINCLAIR Andrew 金融学助理教授 摘要 中国近年的经济成就及其发展轨迹备受学界注目和讨论。为了解这些成就，学者们曾尝试追溯其历史根源。然而，在电脑时代之前，没有学者能够处理数十万，更遑论数百万的历史材料。因此，传统历史学家不得不依靠选择性个案建构具重要意义、惟难以系统检验的定性叙述，顶多提出一些假说。随着众多历史档案在中国和其他国家被数码化，学者们如今别无他选，只能周旋于历史「大数据」之中，而当中唯一的可行之策就是采用量化方法来处理历史大数据研究。 中国蕴藏丰富的历史档案和考古挖掘，其规模在世界各国中是独一无二的, 内容几乎涵盖中国社会的所有方面：从政治到商业、法律和监管、犯罪和动乱、家庭和宗族、文化和习俗、宗教和社会组织，乃至科学。其中不少档案近年被数码化，为量化历史学家提供前所未有的机会去全面重新审视中国历史的各方面，这对评估中国的未来和指导香港的政策制定尤为重要。 我们计划在香港大学成立量化历史研究中心，作为协调和开展「量化中国历史」研究的核心学术机构。量化历史研究中心将使香港成为全球的量化历史研究领导者，其原因有三。首先，作为中国的一部分，香港具有语言、文化和人力资源的优势。第二，香港比内地大学享有更多的国际学术资源和研究空间。第三，我们的研究团队 (包括项目统筹人、核心团队成员和多位合作者) 近年来已经发表许多量化中国历史的学术论文，并构建了多个历史数据库。自2013年开始，项目统筹人与其核心成员一起，举办一年一次为期九天的量化历史讲习班和量化历史研究国际年会，每年为来自40多所大学约200名青年学者讲解、推广量化历史研究方法。团队的量化历史研究工作在大中华区持续取得良好成效，包括在香港与内地学界产生重要影响。本项目将致力加深对中国和香港的历史发展的认识，挖掘历史新知识，促进历史教学，引导政策制定，改善商界运营模式。 大学教育资助委员会 — 1999/2000年度「卓越学科领域计划」（第一轮） 项目题目： 香港经济与企业策略研究所 资助金额：3,620万港元 项目统筹人：王于渐教授 摘要 香港经济与企业策略研究所旨在成为国际首屈一指的经济政策及企业策略研究中心，专门研究香港在中国、亚太地区、以至全球所扮演的互动角色。这个研究所亦会独立地进行一些首创的调查研究，务求进一步掌握上述范畴的理论和应用知识，发展及举办崭新的教学课程，培训香港、中国内地及亚太地区的研究员及从业员，并在政策方案及企业策略的制订上发挥影响力。这个新项目以香港大学为首，亦获得其他本地及海外院校合作参与。
- [卓越學科領域計劃](https://www.hkubs.hku.hk/sc/?elementor_library=卓越学科领域计划) - 大學教育資助委員會 — 2022/23年度「卓越學科領域計劃」（第十輪） 項目題目： 量化歷史研究：追尋現代中國發展的根源 資助金額： 6,732萬港元 港大經管學院研究團隊成員： 項目統籌人 陳 志武 金融學講座教授鄭裕彤基金教授（金融學） 聯合首席研究員 林 晨 金融學講座教授寶光基金教授（金融學）副院長（研究及知識交流） 聯合首席研究員 馬 馳騁 經濟學助理教授 合作方（本地） SINCLAIR Andrew 金融學助理教授 摘要 中國近年的經濟成就及其發展軌跡備受學界注目和討論。為了解這些成就，學者們曾嘗試追溯其歷史根源。然而，在電腦時代之前，沒有學者能夠處理數十萬，更遑論數百萬的歷史材料。因此，傳統歷史學家不得不依靠選擇性個案建構具重要意義、惟難以系統檢驗的定性敘述，頂多提出一些假說。隨著眾多歷史檔案在中國和其他國家被數碼化，學者們如今別無他選，只能週旋於歷史「大數據」之中，而當中唯一的可行之策就是採用量化方法來處理歷史大數據研究。 中國蘊藏豐富的歷史檔案和考古挖掘，其規模在世界各國中是獨一無二的, 內容幾乎涵蓋中國社會的所有方面：從政治到商業、法律和監管、犯罪和動亂、家庭和宗族、文化和習俗、宗教和社會組織，乃至科學。其中不少檔案近年被數碼化，為量化歷史學家提供前所未有的機會去全面重新審視中國歷史的各方面，這對評估中國的未來和指導香港的政策制定尤為重要。 我們計劃在香港大學成立量化歷史研究中心，作為協調和開展「量化中國歷史」研究的核心學術機構。量化歷史研究中心將使香港成為全球的量化歷史研究領導者，其原因有三。首先，作為中國的一部分，香港具有語言、文化和人力資源的優勢。第二，香港比內地大學享有更多的國際學術資源和研究空間。第三，我們的研究團隊 (包括項目統籌人、核心團隊成員和多位合作者) 近年來已經發表許多量化中國歷史的學術論文，並構建了多個歷史數據庫。自2013年開始，項目統籌人與其核心成員一起，舉辦一年一次為期九天的量化歷史講習班和量化歷史研究國際年會，每年為來自40多所大學約200名青年學者講解、推廣量化歷史研究方法。團隊的量化歷史研究工作在大中華區持續取得良好成效，包括在香港與內地學界產生重要影響。本項目將致力加深對中國和香港的歷史發展的認識，挖掘歷史新知識，促進歷史教學，引導政策制定，改善商界運營模式。 大學教育資助委員會 — 1999/2000年度「卓越學科領域計劃」（第一輪） 項目題目： 香港經濟與企業策略研究所 資助金額：3,620萬港元 項目統籌人：王于漸教授 摘要 香港經濟與企業策略研究所旨在成為國際首屈一指的經濟政策及企業策略研究中心，專門研究香港在中國、亞太地區、以至全球所扮演的互動角色。這個研究所亦會獨立地進行一些首創的調查研究，務求進一步掌握上述範疇的理論和應用知識，發展及舉辦嶄新的教學課程，培訓香港、中國內地及亞太地區的研究員及從業員，並在政策方案及企業策略的制訂上發揮影響力。這個新項目以香港大學為首，亦獲得其他本地及海外院校合作參與。
- [Area of Excellence](https://www.hkubs.hku.hk/sc/?elementor_library=卓越学科领域计划) - University Grant Committee – Areas of Excellence Scheme 2022/23 (Tenth Round) Project Title: Quantitative History of China: Historical Roots of Recent Success and Future Development Funding Amount: HK$67.32 million Research Team Members from HKU Business School: Project Coordinator CHEN Zhiwu Chair of FinanceCheng Yu-Tung Professor of Finance Co-Principal Investigator LIN Chen Chair of FinanceStelux Professor
- [contemporary-marketing-centre](https://www.hkubs.hku.hk/sc/?elementor_library=contemporary-marketing-centre) - 行为与决策科学研究所 (IBDS)致力推动跨学科研究，以新颖的见解和解决方案来应对业务挑战，培养跨学科的行为研究人员知识社区，组织和参与主题研究项目，并促进学术界与业界之间的知识共享。 更多
- [contemporary-marketing-centre](https://www.hkubs.hku.hk/sc/?elementor_library=contemporary-marketing-centre) - 行為與決策科學研究所 (IBDS)致力推動跨學科研究，以新穎的見解和解決方案來應對業務挑戰，培養跨學科的行為研究人員知識社區，組織和參與主題研究項目，並促進學術界與業界之間的知識共享。 更多
- [contemporary-marketing-centre](https://www.hkubs.hku.hk/sc/?elementor_library=contemporary-marketing-centre) - The Institute of Behavioural and Decision Science (IBDS) nurtures interdisciplinary research using the behavioural approach that offers novel insights and solutions to address business challenges, fosters an intellectual community of behavioural researchers across disciplines, supports and organizes theme-based research projects, and engages in knowledge sharing among academics and practitioners. More
- [Default Kit](https://www.hkubs.hku.hk/?elementor_library=default-kit-2)
- [institute-of-digital-economy-and-innovation](https://www.hkubs.hku.hk/sc/?post_type=elementor_library&p=164813) - Established in 2022, Institute of Digital Economy and Innovation (IDEI) aims to promote world-class interdisciplinary research and impactful community engagements on digital economy and innovation. More
- [DeanScholarshipAward-dean-2020-2021](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-dean-2020-2021) - Executive Master of Business Administration Family Name Given Name CAI Jialing CHANG Yunan CUI Kai FAN Ka GE Liang JIAN Dan LI Yizhen LIAO Lijuan LIN Xiaozhou WANG Qian XIANG Zhao YANG Kun ZHONG Mingyu Master of Business Administration Family Name Given Name ATIQ Sarah BHARADWAJ Chaitanya CHAN Trevor Xavier Yao CHANG Wai Bun CHENG
- [DeanScholarshipAward-prizes-2020-2021](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-prizes-2020-2021) - Doctor of Philosophy Family Name Given Name Award Name PURSIAINEN Vesa Petri 2019-20 Li Ka Shing Prizes Bachelor of Business Administration Family Name Given Name Award Name LI Jiaying Brian and Sally Stewart Prize for the Best BBA Student WONG Chung Yan Bernard Van Zuiden Prize Bachelor of Business Administration in Accounting and Finance Family
- [overview-programme-executive-education](https://www.hkubs.hku.hk/sc/?elementor_library=overview-programme-executive-education) - 致力于培训高级管理人员，我们为学员灌输最前沿的知识，全方位提升他们能力，帮助他们建立创新独到的见解，促进组织变革，进行有效的领导和拟定商业策略。 高层管理教育
- [centre-for-asian-entrepreneurship-and-business-values](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-asian-entrepreneurship-and-business-values) - The Centre for Asian Entrepreneurship and Business Values (CASEBV) is set up in 2005 to promote the teaching of intellectual capital development in entrepreneurship and business values in Hong Kong, China, and the Asia-Pacific region. CASEBV develops publications, MBA and executive courses, resource materials, and Asian business cases. More
- [centre-for-asian-entrepreneurship-and-business-values](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-asian-entrepreneurship-and-business-values) - The Centre for Asian Entrepreneurship and Business Values (CASEBV) is set up in 2005 to promote the teaching of intellectual capital development in entrepreneurship and business values in Hong Kong, China, and the Asia-Pacific region. CASEBV develops publications, MBA and executive courses, resource materials, and Asian business cases. More
- [centre-for-financial-innovation-and-development](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-financial-innovation-and-development) - The mission of the Centre for Financial Innovation and Development (CFID) is to enhance Hong Kong’s competitive edge as a regional financial centre in an age of global capital flow, to generate top quality business research in financial innovations and risk management, to conduct training programmes and to offer consultation to banks, securities firms, and
- [DeanScholarshipAward-dean](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-dean) - Executive Master of Business Administration Family Name Given Name CAI Jialing CHEN Liang CUI Kai GAO Peng GE Liang HAN Jun JIAN Dan LIANG Jianhong SHI Shuo YE Chengkun ZHANG Xiaoyan Master of Business Administration Family Name Given Name CHAN Trevor Xavier Yao CHANG Hsiu Ming Kevin CHEN Haohua CHEUNG Hung Fei CHUNG Kwong Yuen
- [DeanScholarshipAward-scholarships](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-scholarships) - Doctor of Philosophy Family Name Given Name Scholarship CHAN Yu-Ju FBE PhD Entrance Scholarship CHEN Xingwen FBE PhD Research Excellence Award DENG Bingjie FBE PhD Research Progress Award DENG Mengdie FBE PhD Entrance Scholarship DENG Mengdie HKU Foundation Postgraduate Fellowship DENG Yongning FBE PhD Entrance Scholarship DING Wenzhi FBE PhD Entrance Scholarship DING Wenzhi FBE
- [DeanScholarshipAward-prizes](https://www.hkubs.hku.hk/?elementor_library=deanscholarshipaward-prizes) - Doctor of Philosophy Family Name Given Name Award Name MO Jiawei Award for Outstanding Research Postgraduate Student, 2018-2019 Bachelor of Business Administration Family Name Given Name Award Name LEE Yi Ting P. Hinterthur Prize in Fine Arts LEE Yi Ting The University of Hong Kong Museum Society Museum Studies Prize LIU Haiyi Brian and Sally
- [hong-kong-institute-of-economics-and-business-strategy](https://www.hkubs.hku.hk/sc/?elementor_library=hong-kong-institute-of-economics-and-business-strategy) - 香港经济及商业策略研究所（HIEBS）致力于经济政策与商业战略的研究。 HIEBS的使命是成为国际领先的研究所，专注研究香港经济政经策及商业战略如何影响中国大陆以及亚太地区。 更多
- [hong-kong-institute-of-economics-and-business-strategy](https://www.hkubs.hku.hk/sc/?elementor_library=hong-kong-institute-of-economics-and-business-strategy) - 香港經濟及商業策略研究所（HIEBS）致力於經濟政策與商業戰略的研究。 HIEBS的使命是成為國際領先的研究所，專注研究香港經濟政經策及商業戰略如何影響中國大陸以及亞太地區。 更多
- [centre-for-china-financial-research](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-china-financial-research) - 中国金融研究中心（CCFR）成立于2001年，是一个跨学科的研究中心。 CCFR的目标是促进对中国证券市场，银行业和金融政策的研究，并提供一个可以联系学术研究人员，政府官员，和业界的平台。 CCFR同时亦与中国大陆，以及世界其他地区的著名研究机构建立合作伙伴关系。
- [centre-for-china-financial-research](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-china-financial-research) - 中國金融研究中心（CCFR）成立於2001年，是一個跨學科的研究中心。 CCFR的目標是促進對中國證券市場，銀行業和金融政策的研究，並提供一個可以聯繫學術研究人員，政府官員，和業界的平台。 CCFR同時亦與中國大陸，以及世界其他地區的著名研究機構建立合作夥伴關係。
- [asia-case-research-centre](https://www.hkubs.hku.hk/sc/?elementor_library=asia-case-research-centre) - 中国金融研究中心（CCFR）成立于2001年，是一个跨学科的研究中心。 CCFR的目标是促进对中国证券市场，银行业和金融政策的研究，并提供一个可以联系学术研究人员，政府官员，和业界的平台。 CCFR同时亦与中国大陆，以及世界其他地区的著名研究机构建立合作伙伴关系。 更多
- [asia-case-research-centre](https://www.hkubs.hku.hk/sc/?elementor_library=asia-case-research-centre) - 亞洲案例研究中心（ACRC）成立於1997年，致力於滿足全球對亞洲市場商業研究及教材日益增長的需求。時至今日，ACRC擁有一個雲集各個行業領域，豐富且詳細的案例資料庫。ACRC銳意提升商學教育的教與學水平，並通過研究亞洲商業環境，推廣領先的管理思維。 更多
- [overview-programme-summer](https://www.hkubs.hku.hk/sc/?elementor_library=overview-programme-summer) - 学院为本科生丶非本地生丶和有意加入港大经管学院的中学生提供各类充实的暑期课程。 中国的创新丶科研丶及企业家精神 中学生暑期课程
- [overview-programme-summer](https://www.hkubs.hku.hk/sc/?elementor_library=overview-programme-summer) - 學院為本科生丶非本地生丶和有意加入港大經管學院的中學生提供各類充實的暑期課程。 中國的創新丶科研丶及企業家精神 中學生暑期課程
- [overview-programme-summer](https://www.hkubs.hku.hk/sc/?elementor_library=overview-programme-summer) - The Faculty also offers different Summer Programmes to provide undergraduate students, non-local students or prospective students with a diversified enrichment experience. Creativity, Innovation & Entrepreneurship in China Secondary School Summer Programme
- [overview-programme-executive-education](https://www.hkubs.hku.hk/sc/?elementor_library=overview-programme-executive-education) - 致力於培訓高級管理人員，我們為學員灌輸最前沿的知識，全方位提升他們能力，幫助他們建立創新獨到的見解，促進組織變革，進行有效的領導和擬定商業策略。 高層管理教育
- [asia-case-research-centre](https://www.hkubs.hku.hk/sc/?elementor_library=asia-case-research-centre) - Established in 1997, Asia Case Research Centre (ACRC) addresses a growing demand for research and instructive materials relating to Asian business, and now boasts a repository of context-rich cases drawn from a vast range of industries and disciplinary areas. The Centre is committed to the advancement of learning and teaching in business education and strives
- [centre-for-asian-entrepreneurship-and-business-values-tc](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-asian-entrepreneurship-and-business-values) - 亞洲創業與營商價值中心（CASEBV）成立於2005年，旨在促進香港，中國大陸和亞太地區在創業與商業價值方面的知識型資本發展教學。 CASEBV出版各類刊物，成員參與港大經管學院的工商管理學碩士課程和高層管理教育的課程設計，亦會製作不同類型的參考資料和亞洲商業案例。 更多
- [centre-for-financial-innovation-and-development](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-financial-innovation-and-development) - 金融創新及發展研究中心（CFID）的使命，是在這個全球資本流動的時代，提升香港作為區域金融中心的競爭優勢。CFID開展高質量的金融創新和風險業務研究，為各類金融機構的管理層提供培訓，並向金融衍生品交易和風險管理的公司提供諮詢服務。 更多
- [centre-for-financial-innovation-and-development](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-financial-innovation-and-development) - 金融创新及发展研究中心（CFID）的使命，是在这个全球资本流动的时代，提升香港作为区域金融中心的竞争优势。 CFID开展高质量的金融创新和风险业务研究，为各类金融机构的管理层提供培训，并向金融衍生品交易和风险管理的公司提供咨询服务。 更多
- [postgraduate-programmes-sc](https://www.hkubs.hku.hk/sc/?elementor_library=postgraduate-programmes) - EMBA EMBA-Global Asia EMBA HKU EMBA MBA Master of Business Administration IMBA Master of Business Administration (International) DBA Doctor of Business Administration MAcct Master of Accounting MEcon Master of Economics MFin Master of Finance MFFinTech Master of Finance in Financial Technology MGM Master of Global Management MScBA Master of Science in Business Analytics MScMktg Master
- [research-grant-GRF-tc](https://www.hkubs.hku.hk/tc/?elementor_library=research-grant-grf) - GRF 2020-21 主研究員 學術領域 研究項目 資助金額（港幣） Dr. D.K.W. Chan 會計學及法學 Board’s Dual Role of Advising and Monitoring CEOs and CEO Retention Decisions 284,587 Dr. S. Luo 會計學及法學 CEO Political Ideologies and CSR Contracting in Compensation Design 413,475 Dr. N. Rahman 會計學及法學 Market reaction to earnings news of strategic alliance partners: The good, the bad, and
- [undergrad-programmes](https://www.hkubs.hku.hk/sc/?elementor_library=undergrad-programmes) - BBA 工商管理学学士 EDI 企业设计及创新主修 BBA(Acc&Fin) 工商管理学学士﹙会计及财务﹚ BBA(IBGM) 工商管理学学士﹙国际商业及环球管理﹚ BBA(IS) 工商管理学学士﹙资讯系统﹚ BBA(Law)&LLB 工商管理学学士﹙法学﹚ BEcon 经济学学士 BEcon&Fin 经济金融学学士 BFin(AMPB) 金融学学士﹙资产管理及私人银行﹚ BSc(QFin) 理学士﹙计量金融﹚
- [undergrad-programmes](https://www.hkubs.hku.hk/sc/?elementor_library=undergrad-programmes) - BBA 工商管理學學士課程 EDI Major 企業設計及創新主修 BBA(Acc&Fin) 工商管理學學士﹙會計及財務﹚ BBA(IBGM) 工商管理學學士﹙國際商業及環球管理﹚ BBA(IS) 工商管理學學士﹙資訊系統﹚ BBA(Law)&LLB 工商管理學學士﹙法學﹚ BEcon 經濟學學士 BEcon&Fin 經濟金融學學士 BFin(AMPB) 金融學學士﹙資產管理及私人銀行﹚ BSc(QFin) 理學士﹙計量金融﹚
- [tl-ov-is](https://www.hkubs.hku.hk/?elementor_library=tl-ov-is) - Impact Stories The short digests and videos highlight our selected projects and case studies in a creative way. Members of the public can learn about the current trends and developments in business and economics. Impact Stories Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard
- [tl-ov-ej](https://www.hkubs.hku.hk/?elementor_library=tl-ov-ej) - HKEJ Column A collection of articles our faculty members contributed to an weekly column in Hong Kong Economic Journal (信報) every Wednesday, advocating economic policy research on issues relevant to Hong Kong, Greater China and the Asia Pacific region. It aims to arouse awareness, stimulate discussions, and help solve social problems by sharing research expertise
- [tl-ov-ri](https://www.hkubs.hku.hk/?elementor_library=tl-ov-ri) - Research Insights Read and learn insights about our research excellence across the six academic areas here at HKU Business School. Research Insights Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s. Latest Research Publications Impact Stories HKEJ Column In
- [tl-ov-im](https://www.hkubs.hku.hk/?elementor_library=tl-ov-im) - In the Media The short digests and videos highlight our selected projects and case studies in a creative way. Members of the public can learn about the current trends and developments in business and economics. In The Media Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the
- [tl-ov-lrp](https://www.hkubs.hku.hk/?elementor_library=thought-leadership-overview-lrp) - Latest Research Publications Uncover the School’s latest research journals and articles, which feature our efforts in innovative research carried out by our academics, in addressing society’s challenges and engaging at the forefront of emerging technologies. Latest Research Publications Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the
- [centre-for-china-financial-research](https://www.hkubs.hku.hk/sc/?elementor_library=centre-for-china-financial-research) - Centre for China Financial Research (CCFR) was established in the year 2001 and it is an inter-disciplinary research centre. The goal of CCFR is to facilitate research on securities markets, banking, and financial policies of China and to provide a platform linking academic researchers with the government and the business community. CCFR also has established
- [load more](https://www.hkubs.hku.hk/sc/?elementor_library=load-more) - More
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- [tl-ov-lrp](https://www.hkubs.hku.hk/?elementor_library=tl-ov-lrp) - Latest Research Publications Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s. Research Insights Impact Stories HKEJ Column In The Media Customer Patience Time Prof. Haipeng SHEN Estimating the hazard function of customer patience time has become a necessary
- [overview-backup](https://www.hkubs.hku.hk/sc/?elementor_library=overview-backup) - Latest Research Publications Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s. Research Insights Impact Stories HKEJ Column In The Media
- [overview-backup](https://www.hkubs.hku.hk/sc/?elementor_library=overview-backup) - Latest Research Publications Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s. Research Insights Impact Stories HKEJ Column In The Media
- [overview-backup](https://www.hkubs.hku.hk/sc/?elementor_library=overview-backup) - Latest Research Publications Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s. Research Insights Impact Stories HKEJ Column In The Media
- [undergrad-programmes](https://www.hkubs.hku.hk/sc/?elementor_library=undergrad-programmes) - BBA Bachelor of Business Administration BDI Major Business Design and Innovation (BDI) BBA(Acc&Fin) Bachelor of Business Administration in Accounting and Finance BBA(IBGM) Bachelor of Business Administration in International Business and Global Management BBA(IS) Bachelor of Business Administration (Information Systems) BBA(Law)&LLB Bachelor of Business Administration (Law) and Bachelor of Laws BEcon Bachelor of Economics BEcon&Fin Bachelor of
- [postgraduate-students-student-evaluation](https://www.hkubs.hku.hk/?elementor_library=postgraduate-students-student-evaluation) - Student Evaluation of Teaching and Learning (SETL) and Student Learning Experience Questionnaire (SLEQ)
- [postgraduate-students-hotlinks](https://www.hkubs.hku.hk/?elementor_library=postgraduate-students-hotlinks) - MBA Student Intranet MEcon Student Portal MFin Student Portal Bloomberg Lab
- [postgraduate-students-student-services](https://www.hkubs.hku.hk/?elementor_library=postgraduate-students-student-services) - Career Development and Training Portal MBA Career Services (CSM)
- [undergraduate-students-hotlinks](https://www.hkubs.hku.hk/?elementor_library=undergraduate-students-hotlinks) - Downloadable Forms Bloomberg Lab Classes and Examination Arrangements during Typhoons and Rainstorm University Health Service
- [undergraduate-students-student-services](https://www.hkubs.hku.hk/?elementor_library=undergraduate-students-student-services) - Career Development and Training Portal Academic Advising Economics Study Centre CEDARS
- [hong-kong-institute-of-economics-and-business-strategy](https://www.hkubs.hku.hk/sc/?elementor_library=hong-kong-institute-of-economics-and-business-strategy) - The Hong Kong Institute of Economics and Business Strategy (HIEBS) focuses on the study of economic policy and business strategy. The mission of HIEBS is to become the leading international center for the study of economic policy and business strategy on Hong Kong and its role in China and the Asia-Pacific region. More
- [undergraduate-students-enrichment](https://www.hkubs.hku.hk/?elementor_library=undergraduate-students-enrichment) - Overseas Learning Experience Mainland Learning Experience Competitions Prizes and Scholarships
- [undergraduate-students-admissions-v2](https://www.hkubs.hku.hk/?elementor_library=undergraduate-students-admissions-v2) - Undergraduate Admissions for JUPAS Students International Undergraduate Admissions
- [undergraduate-students-admissions](https://www.hkubs.hku.hk/?elementor_library=undergraduate-students-admissions) - Undergraduate Admissions for JUPAS Students International Undergraduate Admissions
- [undergraduate-students-programmes](https://www.hkubs.hku.hk/?elementor_library=undergraduate-students-programmes) - BBA BDI Major BBA (Acc&Fin) BBA (IBGM) BBA (IS) BBA (Law) & LLB BEcon BEcon&Fin BFin (AMPB) BSc (QFin)
- [info-box](https://www.hkubs.hku.hk/sc/?elementor_library=info-box) - BBAa111 Bachelor of Business Administration
- [info-box-without-icon](https://www.hkubs.hku.hk/sc/?elementor_library=info-box-without-icon) - The HKU Business School Mentorship Programme is a 12-month programme that runs from September to August each year. The Programme aims to provide our students with opportunities to enhance their skills and knowledge essential for their future career development through direct and active interaction with seasoned professionals, executives and entrepreneurs. Through this platform, our students
- [info-box-without-icon](https://www.hkubs.hku.hk/sc/?elementor_library=info-box-without-icon) - The HKU Business School Mentorship Programme is a 12-month programme that runs from September to August each year. The Programme aims to provide our students with opportunities to enhance their skills and knowledge essential for their future career development through direct and active interaction with seasoned professionals, executives and entrepreneurs. Through this platform, our students
- [info-box-without-icon](https://www.hkubs.hku.hk/sc/?elementor_library=info-box-without-icon) - The HKU Business School Mentorship Programme is a 12-month programme that runs from September to August each year. The Programme aims to provide our students with opportunities to enhance their skills and knowledge essential for their future career development through direct and active interaction with seasoned professionals, executives and entrepreneurs. Through this platform, our students
- [alumni-alumni-communities](https://www.hkubs.hku.hk/?elementor_library=alumni-alumni-communities) - Programme-based Alumni Groups HKU BBA Alumni Association HKU-Fudan IMBA Alumni Association HKU MBA Alumni Community HKU Economics and Finance Postgraduates Association
- [alumni-overview-event-infobox](https://www.hkubs.hku.hk/sc/?elementor_library=alumni-overview-event-infobox) - Alumni Events Alumni in the News
- [alumni-overview-event-infobox](https://www.hkubs.hku.hk/sc/?elementor_library=alumni-overview-event-infobox) - Alumni Events Alumni in the News
- [alumni-overview-event-infobox](https://www.hkubs.hku.hk/sc/?elementor_library=alumni-overview-event-infobox) - Alumni Events Alumni in the News
- [ranking-1](https://www.hkubs.hku.hk/sc/?elementor_library=ranking-1) - Accreditations The HKU Business School was conferred accreditation of its accounting and business degree programmes by the Association to Advance Collegiate Schools of Business (AACSB) in April 2010. AACSB accreditation represents an achievement of excellence in business education. Only about 5% of the world’s business schools have obtained the status. The School’s attainment of the
- [ranking-1](https://www.hkubs.hku.hk/sc/?elementor_library=ranking-1) - Accreditations The HKU Business School was conferred accreditation of its accounting and business degree programmes by the Association to Advance Collegiate Schools of Business (AACSB) in April 2010. AACSB accreditation represents an achievement of excellence in business education. Only about 5% of the world’s business schools have obtained the status. The School’s attainment of the
- [ranking-1](https://www.hkubs.hku.hk/sc/?elementor_library=ranking-1) - Accreditations The HKU Business School was conferred accreditation of its accounting and business degree programmes by the Association to Advance Collegiate Schools of Business (AACSB) in April 2010. AACSB accreditation represents an achievement of excellence in business education. Only about 5% of the world’s business schools have obtained the status. The School’s attainment of the
- [ranking](https://www.hkubs.hku.hk/sc/?elementor_library=ranking) - The Economist World MBA Rankings 2018 The MBA Programme was ranked No. 1 in Asia by The Economist for nine consecutive years from 2010 to 2018. QS EMBA Rankings 2019: Joint Programs The EMBA-Global Asia Programme was ranked No. 2 in the World in the Global EMBA Rankings conducted by Quacquarelli Symonds (QS). Financial Times
- [ranking](https://www.hkubs.hku.hk/sc/?elementor_library=ranking) - The Economist World MBA Rankings 2018 The MBA Programme was ranked No. 1 in Asia by The Economist for nine consecutive years from 2010 to 2018. QS EMBA Rankings 2019: Joint Programs The EMBA-Global Asia Programme was ranked No. 2 in the World in the Global EMBA Rankings conducted by Quacquarelli Symonds (QS). Financial Times
- [ranking](https://www.hkubs.hku.hk/sc/?elementor_library=ranking) - The Economist World MBA Rankings 2018 The MBA Programme was ranked No. 1 in Asia by The Economist for nine consecutive years from 2010 to 2018. QS EMBA Rankings 2019: Joint Programs The EMBA-Global Asia Programme was ranked No. 2 in the World in the Global EMBA Rankings conducted by Quacquarelli Symonds (QS). Financial Times
- [alumni-keep-in-touch](https://www.hkubs.hku.hk/?elementor_library=alumni-keep-in-touch) - CONTACT Magazine Update Alumni Information
- [alumni-news-and-events](https://www.hkubs.hku.hk/?elementor_library=alumni-news-and-events) - Alumni Events Alumni in the News
- [postgraduate-students-programmes](https://www.hkubs.hku.hk/?elementor_library=postgraduate-students-programmes) - EMBA-Global Asia HKU-PKU EMBA MBA IMBA DBA MAcct MEcon MFin MGM MScBA MScMktg PhD & MPhil
- [tab](https://www.hkubs.hku.hk/sc/?elementor_library=tab) - Undergraduate Postgraduate Executive Education Summer Programmes Adopting a truly multi-disciplinary approach, our Faculty’s tremendous wealth of resources offers students with a wide array of choices to combine studies in economics and finance, accounting and finance, business and law, business and computer studies, and international business and global management. BBA Bachelor of Business Administration BBA (Acc&Fin)
- [tab](https://www.hkubs.hku.hk/sc/?elementor_library=tab) - Undergraduate Postgraduate Executive Education Summer Programmes Adopting a truly multi-disciplinary approach, our Faculty’s tremendous wealth of resources offers students with a wide array of choices to combine studies in economics and finance, accounting and finance, business and law, business and computer studies, and international business and global management. BBA Bachelor of Business Administration BBA (Acc&Fin)
- [tab](https://www.hkubs.hku.hk/sc/?elementor_library=tab) - Undergraduate Postgraduate Executive Education Summer Programmes Adopting a truly multi-disciplinary approach, our Faculty’s tremendous wealth of resources offers students with a wide array of choices to combine studies in economics and finance, accounting and finance, business and law, business and computer studies, and international business and global management. BBA Bachelor of Business Administration BBA (Acc&Fin)
- [info-box](https://www.hkubs.hku.hk/sc/?elementor_library=info-box) - BBAa111 Bachelor of Business Administration
- [alumni-support-us](https://www.hkubs.hku.hk/?elementor_library=alumni-support-us) - Alumni Corporate Ambassadors Build up new connections among corporates, alumni and the School in developing resources and collaboration opportunities. Alumni Startup Stars Foster an alumni startup community to turn innovative ideas into reality and create a positive impact towards society. Mentors Nurture the next generation of business leaders by providing career advice and sharing your
- [vision-mission](https://www.hkubs.hku.hk/?elementor_library=vision-mission) - Vision To be a leading, globally-impactful academic institution of business and economics. Unique Proposition The School is deeply rooted in Hong Kong, fully engaged with China, and truly international. Mission To provide world-leading business and economics education that nurtures dynamic and responsible leaders. To advance the frontiers of knowledge through innovative and globally-significant research. To
- [static-page](https://www.hkubs.hku.hk/?elementor_library=static-page-2) - Corporate Collaboration The School strives to strengthen our presence in and connection with the business community, exploring collaboration opportunities in both public and private sectors. During the past year, the School formed new partnership with CCB, China Life Insurance (Overseas), China Resources, KPMG and New World Development etc. We will continue to actively engaging and
- [static-page](https://www.hkubs.hku.hk/?elementor_library=static-page) - International Exchange Partners HKU Business School has an extensive network with more than over 300 exchange partners in more than 40 countries/regions, in the form of student exchanges and internships. Every year, more than 400 students are sent for overseas exchange, while hundreds of international students come to the School for study, thus creating a dynamic, multicultural learning environment in the campus. The
- [Default Kit](https://www.hkubs.hku.hk/?elementor_library=default-kit)

## Thought Leaderships

- [胶樽进填埋   减塑难闭环](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/sorted-but-still-buried-hong-kongs-unfinished-plastic-loop/) - 你把喝剩的半支蒸馏水倒掉，然后把胶樽连盖带标签投进街角的啡色桶。对你而言，这支胶樽的故事到此为止；但它有颇大机会并不会通往回收再造之路，而是被送到堆填区。 减塑见效但回收退步 故事从 2024 年的两组数字说起。一方面，香港废塑胶弃置量由 2023年每日 2,120 公吨下降至 1,885 公吨，跌幅 11.1%【注1】。《2023年产品环保责任（修订）条例》下，首阶段管制即弃胶产品于 2024 年实施，加上优化塑胶购物袋收费计划等“走塑”措施，正在发生作用。另一方面，塑胶的循环再造量同期由 128,200 公吨大幅下跌至 101,500 公吨，跌幅超过两成，大约等于 1,800 架双层巴士的重量。 源头丢弃少了，但收回来再造的更少。减塑已取得进展，为何回收却退步？ 循环再造瓶颈溯源 不妨沿着回收链3个环节，逐一排查。 首先是出口。环境保护署在解释跌幅时引述了《巴塞尔公约》修正案下全球进口管制趋严的背景。但过去几年香港塑胶回收几乎从不依赖外运，立法会研究指本港“几近所有回收塑胶均在本港处理”【注2】，2024 年塑料出口量仅约 1 万公吨【注3】，远不足以解释这 26,700 公吨跌幅。 其次是本地处理。目前本港唯一的准食品级胶樽回收设施，能将废樽转化成再生聚酯（rPET ），每月最高处理量约1200 公吨，理论上足以消化全港约一半的饮品胶樽销售量。但自2022年投产以来，该厂的回收量不足，2025年只占处理能力的4成。由此可见，瓶颈不在能否处理，而在实际回收量。 排除了这两个因素，跌幅显然就在最前端。胶樽要么根本没被市民投入回收箱，要么在投入之后，却因污染过重而被当垃圾处理。前者关乎“量”，后者涉及“质”；两者都指向同一问题——市民如何处理废胶樽，以及生产商如何设计产品。 谁来承担善后责任 1990 年代末，政府推出蓝、黄、啡三色回收桶，让市民建立了分类概念，可惜始终未触及污染一环。一旦胶樽混入食物残渣、纸巾或残留液体，纯度下降，后续每一步骤的成本便逐级上升。当整桶物料污染过重，前线承办商在成本效益权衡下，只能当作垃圾处理。本港回收再造设施产能过剩的原因之一正在于此——即使收到废胶樽，也往往因污染而无法达到准食品级标准。 至于产品设计方面，一支胶樽能否“重生”，其实被装瓶那刻已写好一大半。无色透明 PET 最为理想，杂色樽身、聚氯乙烯（PVC）标签、整樽包覆的长标签，都会大幅削弱再造价值。日本长期透过行业自律，达至胶樽以无色透明 PET 为主流。2022 年实施的《塑胶资源循环促进法》更把生命周期纳入综合管理；市民回收时主动除去标签与樽盖，使后端进料纯度极高。 反观香港，由于缺乏监管与行业标准，生产商侧重货架上的视觉吸引力，毋须为产品善后承担任何经济责任。樽身用色繁杂、标签形制不一，不少从源头便已注定无法再生。这实际上是把生产端成本，变相转嫁给整体社会与后端回收系统。 在供求两端传递价格讯号 显而易见，两端都缺乏价格讯号。生产商设计在包装过程中，并未考虑回收成本；市民丢掉胶樽时，容器洁净与否、是否归还回收点，也无关自身钱包。要让分散的个人决策重新与环境目标接轨，可在供给方与需求方同时提供讯号。 供给方有两个工具。一、《生产者责任计划》的收费可分档釐定，难以回收的设计收费较高，无色透明、单一材质、易撕标签者则予以减免。可参考欧盟《包装及包装废物法规》（Packaging and Packaging Waste Regulation 2025/40）与英国《塑胶包装税》（Plastic Packaging Tax）对“可回收性等级”的做法。二、在消费层面配以按金退还，为归还与否标价，使交回胶樽不再只是环保善举，而成为一项经济诱因。德国对特定饮料塑胶瓶实施每樽 0.25 欧元（约港币两元）的按金制度，已足以将这类瓶子回收率推高至九成以上。香港不必照搬，但即使以每樽 0.5
- [膠樽進填埋   減塑難閉環](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/sorted-but-still-buried-hong-kongs-unfinished-plastic-loop/) - 你把喝剩的半支蒸餾水倒掉，然後把膠樽連蓋帶標籤投進街角的啡色桶。對你而言，這支膠樽的故事到此為止；但它有頗大機會並不會通往回收再造之路，而是被送到堆填區。 減塑見效但回收退步 故事從 2024 年的兩組數字說起。一方面，香港廢塑膠棄置量由 2023年每日 2,120 公噸下降至 1,885 公噸，跌幅 11.1%【註1】。《2023年產品環保責任（修訂）條例》下，首階段管制即棄膠產品於 2024 年實施，加上優化塑膠購物袋收費計劃等「走塑」措施，正在發生作用。另一方面，塑膠的循環再造量同期由 128,200 公噸大幅下跌至 101,500 公噸，跌幅超過兩成，大約等於 1,800 架雙層巴士的重量。 源頭丟棄少了，但收回來再造的更少。減塑已取得進展，為何回收卻退步？ 循環再造瓶頸溯源 不妨沿着回收鏈3個環節，逐一排查。 首先是出口。環境保護署在解釋跌幅時引述了《巴塞爾公約》修正案下全球進口管制趨嚴的背景。但過去幾年香港塑膠回收幾乎從不依賴外運，立法會研究指本港「幾近所有回收塑膠均在本港處理」【註2】，2024 年塑料出口量僅約 1 萬公噸【註3】，遠不足以解釋這 26,700 公噸跌幅。 其次是本地處理。目前本港唯一的準食品級膠樽回收設施，能將廢樽轉化成再生聚酯（rPET ），每月最高處理量約1200 公噸，理論上足以消化全港約一半的飲品膠樽銷售量。但自2022年投產以來，該廠的回收量不足，2025年只佔處理能力的4成。由此可見，瓶頸不在能否處理，而在實際回收量。 排除了這兩個因素，跌幅顯然就在最前端。膠樽要麼根本沒被市民投入回收箱，要麼在投入之後，卻因污染過重而被當垃圾處理。前者關乎「量」，後者涉及「質」；兩者都指向同一問題——市民如何處理廢膠樽，以及生產商如何設計產品。 誰來承擔善後責任 1990 年代末，政府推出藍、黃、啡三色回收桶，讓市民建立了分類概念，可惜始終未觸及污染一環。一旦膠樽混入食物殘渣、紙巾或殘留液體，純度下降，後續每一步驟的成本便逐級上升。當整桶物料污染過重，前線承辦商在成本效益權衡下，只能當作垃圾處理。本港回收再造設施產能過剩的原因之一正在於此——即使收到廢膠樽，也往往因污染而無法達到準食品級標準。 至於產品設計方面，一支膠樽能否「重生」，其實被裝瓶那刻已寫好一大半。無色透明 PET 最為理想，雜色樽身、聚氯乙烯（PVC）標籤、整樽包覆的長標籤，都會大幅削弱再造價值。日本長期透過行業自律，達至膠樽以無色透明 PET 為主流。2022 年實施的《塑膠資源循環促進法》更把生命周期納入綜合管理；市民回收時主動除去標籤與樽蓋，使後端進料純度極高。 反觀香港，由於缺乏監管與行業標準，生產商側重貨架上的視覺吸引力，毋須為產品善後承擔任何經濟責任。樽身用色繁雜、標籤形制不一，不少從源頭便已注定無法再生。這實際上是把生產端成本，變相轉嫁給整體社會與後端回收系統。 在供求兩端傳遞價格訊號 顯而易見，兩端都缺乏價格訊號。生產商設計在包裝過程中，並未考慮回收成本；市民丟掉膠樽時，容器潔淨與否、是否歸還回收點，也無關自身錢包。要讓分散的個人決策重新與環境目標接軌，可在供給方與需求方同時提供訊號。 供給方有兩個工具。一、《生產者責任計劃》的收費可分檔釐定，難以回收的設計收費較高，無色透明、單一材質、易撕標籤者則予以減免。可參考歐盟《包裝及包裝廢物法規》（Packaging and Packaging Waste Regulation 2025/40）與英國《塑膠包裝稅》（Plastic Packaging Tax）對「可回收性等級」的做法。二、在消費層面配以按金退還，為歸還與否標價，使交回膠樽不再只是環保善舉，而成為一項經濟誘因。德國對特定飲料塑膠瓶實施每樽 0.25 歐元（約港幣兩元）的按金制度，已足以將這類瓶子回收率推高至九成以上。香港不必照搬，但即使以每樽 0.5
- [Sorted but Still Buried: Hong Kong’s Unfinished Plastic Loop](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/sorted-but-still-buried-hong-kongs-unfinished-plastic-loop/) - 膠樽進填埋 減塑難閉環 你把喝剩的半支蒸餾水倒掉，然後把膠樽連蓋帶標籤投進街角的啡色桶。對你而言，這支膠樽的故事到此為止；但它有頗大機會並不會通往回收再造之路，而是被送到堆填區。 減塑見效但回收退步 故事從 2024 年的兩組數字說起。一方面，香港廢塑膠棄置量由 2023年每日 2,120 公噸下降至 1,885 公噸，跌幅 11.1%【註1】。《2023年產品環保責任（修訂）條例》下，首階段管制即棄膠產品於 2024 年實施，加上優化塑膠購物袋收費計劃等「走塑」措施，正在發生作用。另一方面，塑膠的循環再造量同期由 128,200 公噸大幅下跌至 101,500 公噸，跌幅超過兩成，大約等於 1,800 架雙層巴士的重量。 源頭丟棄少了，但收回來再造的更少。減塑已取得進展，為何回收卻退步？ 循環再造瓶頸溯源 不妨沿着回收鏈3個環節，逐一排查。 首先是出口。環境保護署在解釋跌幅時引述了《巴塞爾公約》修正案下全球進口管制趨嚴的背景。但過去幾年香港塑膠回收幾乎從不依賴外運，立法會研究指本港「幾近所有回收塑膠均在本港處理」【註2】，2024 年塑料出口量僅約 1 萬公噸【註3】，遠不足以解釋這 26,700 公噸跌幅。 其次是本地處理。目前本港唯一的準食品級膠樽回收設施，能將廢樽轉化成再生聚酯（rPET ），每月最高處理量約1200 公噸，理論上足以消化全港約一半的飲品膠樽銷售量。但自2022年投產以來，該廠的回收量不足，2025年只佔處理能力的4成。由此可見，瓶頸不在能否處理，而在實際回收量。 排除了這兩個因素，跌幅顯然就在最前端。膠樽要麼根本沒被市民投入回收箱，要麼在投入之後，卻因污染過重而被當垃圾處理。前者關乎「量」，後者涉及「質」；兩者都指向同一問題——市民如何處理廢膠樽，以及生產商如何設計產品。 誰來承擔善後責任 1990 年代末，政府推出藍、黃、啡三色回收桶，讓市民建立了分類概念，可惜始終未觸及污染一環。一旦膠樽混入食物殘渣、紙巾或殘留液體，純度下降，後續每一步驟的成本便逐級上升。當整桶物料污染過重，前線承辦商在成本效益權衡下，只能當作垃圾處理。本港回收再造設施產能過剩的原因之一正在於此——即使收到廢膠樽，也往往因污染而無法達到準食品級標準。 至於產品設計方面，一支膠樽能否「重生」，其實被裝瓶那刻已寫好一大半。無色透明 PET 最為理想，雜色樽身、聚氯乙烯（PVC）標籤、整樽包覆的長標籤，都會大幅削弱再造價值。日本長期透過行業自律，達至膠樽以無色透明 PET 為主流。2022 年實施的《塑膠資源循環促進法》更把生命周期納入綜合管理；市民回收時主動除去標籤與樽蓋，使後端進料純度極高。 反觀香港，由於缺乏監管與行業標準，生產商側重貨架上的視覺吸引力，毋須為產品善後承擔任何經濟責任。樽身用色繁雜、標籤形制不一，不少從源頭便已注定無法再生。這實際上是把生產端成本，變相轉嫁給整體社會與後端回收系統。 在供求兩端傳遞價格訊號 顯而易見，兩端都缺乏價格訊號。生產商設計在包裝過程中，並未考慮回收成本；市民丟掉膠樽時，容器潔淨與否、是否歸還回收點，也無關自身錢包。要讓分散的個人決策重新與環境目標接軌，可在供給方與需求方同時提供訊號。 供給方有兩個工具。一、《生產者責任計劃》的收費可分檔釐定，難以回收的設計收費較高，無色透明、單一材質、易撕標籤者則予以減免。可參考歐盟《包裝及包裝廢物法規》（Packaging and Packaging Waste Regulation 2025/40）與英國《塑膠包裝稅》（Plastic Packaging Tax）對「可回收性等級」的做法。二、在消費層面配以按金退還，為歸還與否標價，使交回膠樽不再只是環保善舉，而成為一項經濟誘因。德國對特定飲料塑膠瓶實施每樽 0.25
- [中国－欧盟贸易摩擦加剧：“中国版广场协议”真的行得通吗？](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/china-eu-trade-tensions-escalate-would-a-china-version-of-the-plaza-accord-work/)
- [中國－歐盟貿易摩擦加劇：「中國版廣場協議」真的行得通嗎？](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/china-eu-trade-tensions-escalate-would-a-china-version-of-the-plaza-accord-work/)
- [China–EU Trade Tensions Escalate: Would a “China Version of the Plaza Accord” Work?](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/china-eu-trade-tensions-escalate-would-a-china-version-of-the-plaza-accord-work/)
- [香港探索穩定幣發展新模式](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/hong-kongs-new-blueprint-for-stablecoin-development/) - 2026年4月，香港金融管理局向香港上海滙豐銀行有限公司和碇點金融科技有限公司發出首批穩定幣發行人牌照。滙豐是香港最大的銀行之一，兼有發鈔行的特殊地位。碇點金融科技則由另一家大型銀行渣打，聯同安擬集團和香港電訊合資成立，其中渣打銀行為絕對控股股東。 發行人助力數字資產生態穩健發展 將首批穩定幣發行人牌照發給傳統商業銀行，顯示香港正在探索一種嶄新穩定幣發展模式。世界兩大主導美元穩定幣USDC和USDT的發行方都不是銀行，其應用場景集中在虛擬資產交易和跨境支付，與傳統銀行形成競爭關係。因此，政策制定者始終顧慮穩定幣規模的擴大可能導致金融去中介化，有損銀行業競爭力，並擴大金融風險。從積極方面來看，不少市場參與者期望穩定幣倒逼以商業銀行為主體的支付體系改進技術、提升效率、降低交易成本。 滙豐銀行和碇點金融獲得發行穩定幣資格後，理應建立資產代幣化和支持虛擬支付的技術設施，使穩定幣得以在鏈上流通。這些基礎設施既能用於穩定幣的支付、結算和清算，亦足以產生協同效應，以較低成本推動傳統銀行業務模式變化，促進代幣化存款和貸款等傳統銀行業務，實現技術進步與效率提升。 優勢互補的融合發展 香港的穩定幣發行從一開始就着眼於數字金融與傳統商業銀行的融合。市場上不乏觀點指出特區政府批出穩定幣牌照過於保守，未能滿足數字金融的需求，反而限於傳統的銀行結算與支付體系之內。筆者認為，這一觀點忽略了穩定幣發行與銀行業務代幣化的協同效應可創造的優勢。 首先，中央銀行與商業銀行體系已運作超過1個世紀。以存款保險為基礎、資本充足率和流動性覆蓋率為工具的監管系統，經歷多次經濟金融危機洗禮，足以相對有效地應對風險，維持金融穩定。 穩定幣作為一種新的支付工具，仍處於早期實踐階段。監管框架能否有效應對潛在危機，尚須時間驗證。因此，商業銀行存貸款代幣化同時滿足支付效率提升和保持金融穩定的雙重需求，是更加穩妥的選擇。與美國的「倒逼」模式不同，香港的穩定幣發展模式視穩定幣發行人牌照為契機，讓銀行自發提升效率。 其次，由商業銀行發行有利於增強穩定幣的安全性。維持幣值穩定，擁有足額高流動性、高安全性的儲備資產是重中之重。全球金融危機後的十多年期間，銀行業的流動性風險顯著降低。以滙豐為例，其流動性覆蓋率（約160%）遠高於國際平均值與監管紅線，所積累的高品質流動性資產可確保發行穩定幣初期的安全性。 與此同時，即使是流動性、安全性最高的儲備資產也可出現價格波動。如果市場信心因此動搖，穩定幣發行商的擠兌風險仍然存在。穩定幣發行商持續從發行業務中獲利的能力，即「特許權價值」（franchise value），將對其有效抵禦擠兌風險發揮重要作用。上述兩家銀行歷史悠久，客源龐大，盈利能力穩健，基於規模效應所積累的特許權價值遠高於非傳統金融機構的發行商，尤其在面臨穩定幣擠兌風險時，可主動注資以避免流動性危機。 最後，穩定幣發展的重大挑戰是合規性，即如何驗證客戶身份，避免穩定幣成為非法交易的溫床。相對而言，商業銀行等金融機構具備豐富的合規經驗，能夠高效、準確地完成驗證程序，維護穩定幣交易的合法性，有效回應監管方的要求。 權衡利弊的考量 國際輿論對穩定幣的前景褒貶不一，最具代表性的負面觀點來自國際結算銀行（BIS）的2025年度經濟報告。BIS提出貨幣作為一般支付方式需滿足3個條件：「單一性」（singleness），即用戶廣泛認可該貨幣的價值，不必懷疑和確認貨幣發行的底層資產與邏輯; 「彈性」（elasticity），即該貨幣能夠輕易滿足大額支付需求而不會引起金融風險; 「正當性」（integrity），即該貨幣可有效防止非法金融交易的產生。BIS認為穩定幣迄今尚未能滿足這三大標準，因此無法廣為接受。 以BIS的框架為審視依據，不難看出香港的穩定幣新發展模式能有效彌補這3方面的不足。香港穩定幣由傳統大型銀行發行，發行商的特許權價值使其擠兌風險低，貨幣的單一性基本得到滿足。穩定幣遵循足額儲備原則，支付風險低。即使儲備資產價格波動帶來風險，作為發行商的金融機構亦可利用其銀行系統注入流動性，更好地滿足穩定幣的「彈性」要求。擁有豐富合規經驗的金融機構可以最大限度實行客戶的身份審查，保證交易的「正當性」。 然而也有觀點認為，穩定幣與銀行業務代幣化共同發展或會削弱穩定幣在虛擬金融中的重要性：如果銀行存貸款都可以在鏈上交易、支付和結算，穩定幣還有何用？ 事實上，即使代幣化存貸款高度發達，穩定幣在金融生態系統中的作用仍不可替代。穩定幣與銀行存貸款活動的根本差異在於穩定幣有足額抵押，每一單位穩定幣的發行背後都有一單位的儲備資產。銀行存貸款是差額抵押的，1單位的銀行存貸款背後的基礎貨幣遠小於1單位，其比例即所謂「貨幣乘數」。銀行通過貨幣乘數創造信用，貨幣乘數也讓銀行擠兌成為銀行的內在風險。 鏈上金融展望 鏈上資產的交易十分活躍，佔據大部分虛擬金融活動。鏈上資產具有收益高、風險大、價格波動劇烈的特徵，若投資者將代幣化銀行存款用於鏈上資產投資，一旦資產價值下跌即需補倉，投資者被迫提現，造成擠兌風險。在貨幣乘數運作機制下，即使是經營良好的銀行，一旦儲戶同時要求贖回存款，仍極易引發擠兌。 鏈上資產的高風險令代幣化銀行存款無法滿足鏈上用戶強烈的交易需求。面臨風險高、波動劇烈的鏈上資產，使用足額儲備的穩定幣而非代幣化銀行存款，就能應對鏈上資產價格劇烈波動帶來的贖回需求，而不致產生額外風險。因此，即使在一個銀行主導鏈上存貸款和資產交易的金融生態中，保持代幣化銀行業務和鏈上金融資產交易之間的區隔仍然不可或缺。在這種區隔下，穩定幣仍然是鏈上金融資產交易、結算與清算的重要手段。 從穩定幣發行人牌照發給兩家主要商業銀行，可見香港正邁向由金融仲介主導的鏈上金融世界。這是較為穩妥的方案，能夠控制金融風險，促進穩定幣和代幣化銀行業務同步發展，各司其職。同時，由於商業銀行的特許權價值及其在銀行體系中的流動性優勢，發行的穩定幣也更安全和穩定。 方翔教授 港大經管學院金融學助理教授 劉洋教授 港大經管學院金融學副教授 周皓南教授 港大經管學院金融學助理教授 （本文同時於二零二六年五月二十日載於《信報》「龍虎山下」專欄）
- [Exploring a New Approach to Stablecoin Development in Hong Kong](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/hong-kongs-new-blueprint-for-stablecoin-development/) - Professor Xiang Fang, Professor Yang Liu, Professor Haonan Zhou 20 May 2026 In April 2026, the Hong Kong Monetary Authority (HKMA) granted the first batch of stablecoin issuer licences to The Hongkong and Shanghai Banking Corporation Limited (HSBC) and Anchorpoint Financial Limited (Anchorpoint). HSBC is one of Hong Kong’s largest banks and also holds the
- [足球盛事天價轉播權的場外博弈](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/the-off-field-battle-over-world-cup-broadcasting-rights/) - 2026年世界盃將在下月開波，四年一度的賽事又再牽動數以億計觀眾的心弦。本屆首次由美國、加拿大、墨西哥三國共同舉辦，賽事的場次從上屆64場增至104場，漲幅超過62%，時長也由29天延長到40天。 作為全球觀看人數最多的體育賽事，世界盃的媒體版權也是全球最貴之一。2026年世界盃整個周期的全球轉播權收入約為40億美元，佔國際足球協會（國際足協；英文簡稱FIFA）2023至2026年商業周期目標收入的30%，更是其最大的單一收入來源。 頂尖競技 價值非凡 2022年卡塔爾世界盃吸引了全球50億觀眾，換言之，世界超過一半人口在同一時段關注同一賽事。阿根廷對法國的決賽更吸引了15億人的眼球，亦即每5個人之中，就有1個人看了這場對決。然而門票難求，能置身現場觀賽的只是極少數，絕大多數球迷只能通過電視或串流媒體的廣播來欣賞比賽。 當千千萬萬球迷盯着同一比賽之際，廣告商嗅到無限商機，各種媒體看到大好時機，而最高主辦機構國際足協也絕不會放過此一絕佳的賺錢途徑。 世界盃的轉播權通常授予特定廣播機構，以在特定地區和時段播放賽事。以香港為例，世界盃的轉播權就以2500萬美元賣給電訊盈科，由該集團旗下的Now TV與ViuTV享有本地獨家播映權：收費電視Now TV將獨家全程直播總共104場賽事，而免費電視ViuTV則免費直播25場精選賽事，其中包括揭幕戰及決賽。 商業價值金字塔 轉播權費用不菲，關鍵在於遍布世界不同角落的觀眾注意力。須知世界盃各場賽事吸引力不一，全部賽事之中，僅有極少數（決賽和準決賽）足以產生30%觀眾的核心流量，而冷門小組賽所能吸引的觀眾往往不及10%。 由於觀眾人數差異巨大，取決於收視率的廣告費也別無二致，每場比賽的商業價值自然有天壤之別。即使同是小組賽，弱隊之間的比賽每場可能只值1000至2000萬美元，而強隊對壘每場則可值3000萬至6000萬美元。進入淘汰賽階段，每場比賽價值更以非線性方式上升，從準決賽到決賽，其價值可以翻倍至高達5億美元。 明乎此，世界盃天價轉播權可以比喻為一個金字塔。在104場賽事中，決賽和準決賽貢獻60%的商業價值；強隊之間的比賽是金字塔的中層，雖然都是小組賽，卻仍然得以貢獻30%的價值。金字塔底層包括多場冷門小組賽，其貢獻價值則只有10%。 打包推銷的盈利策略 既然百多場比賽的商業價值如此不平衡，世界盃轉播權的最佳銷售方式當然不會是每場比賽單獨出售，而是將所有比賽的轉播權作為一個整體打包賣出。事實上，國際足協銷售轉播權的打包策略也不限於男足世界盃，而與旗下女足世界盃、U20世界盃、U17世界盃等商業價值較低的賽事綑綁銷售。例如，今年國際足協給中國內地的轉播權，就將2027年和2030年的女足世界盃與2026年和2030年的男足世界盃一起打包，賣給了中國中央廣播電視總台。而國際足協給德國的轉播權，則包括2026年男足世界盃、2027年女足世界盃，以及U20世界盃。 轉播費猶如「海鮮價」 世界盃轉播權從來不是統一價格，而是按國家或地區逐一定價；世界盃轉播權的標價和最終成交價往往迥然不同。比如國際足協在中國內地最初要價3億美元，結果以6000萬美元成交，遠低於目標價格。又如印度，最初要價約1億美元，印度報價僅為約2000萬美元；截稿前雙方還沒有達成協議。 在討價還價的過程中，誰的議價權大，視乎一籃子因素，包括當地對足球的熱度、本國球隊有否參賽、賽事和當地的時差、廣告市場規模、當地媒體的競爭激烈程度，以及買賣雙方的談判距離世界盃開始時間的長短。 作為今年的東道主，美國自然派隊參賽，觀眾觀看賽事不大受制於時差，加上廣告市場規模大、價值高，所以世界盃在美國的轉播權賣得最貴，總合同約12.5億美元。反觀中國內地，雖然足球市場很大，球迷熱衷程度亦高，但中國隊沒能打進世界盃，賽事的時差嚴重影響觀眾的人數和廣告商的競價。再者，內地一家獨大的媒體，也讓媒體之間的競爭近乎零。 隨着世界盃開賽在即，國際足協寧願降價，也不願失去中國內地的龐大市場。另一亞洲大國印度，則因為觀眾對足球的追捧熱遠低於板球，導致市場規模小，買方壓價也就尤其嚴重。 當我們在電視機前欣賞球員在球場上施展渾身解數，在酒吧裡歡慶球隊勝利，又或在手機上重播世界盃的精彩時刻，我們極度專注、全程投入，以至茶餘飯後互相交流，統統成就了轉播權臻於天價的世界盃商業帝國。 范亭亭博士 港大經管學院市場學首席講師 （本文同時於二零二六年五月二十七日載於《信報》「龍虎山下」專欄）
- [The Off-field Battle over Sky-high World Cup Broadcasting Rights](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/the-off-field-battle-over-world-cup-broadcasting-rights/) - Dr Tingting Fan 27 May 2026 The 2026 World Cup is set to kick off next month, and this quadrennial event will once again tug at the heartstrings of hundreds of millions of viewers worldwide. Co-hosted for the first time by the US, Canada, and Mexico, the tournament will see the number of matches increase
- [五年规划与市场经济不存抵触　倡设委员会推动知识产权发展](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/five-year-plans-complement-market-economy-committee-proposed-to-drive-intellectual-property-growth/)
- [五年規劃與市場經濟不存牴觸　倡設委員會推動知識產權發展](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/five-year-plans-complement-market-economy-committee-proposed-to-drive-intellectual-property-growth/)
- [Five-Year Plans Complement Market Economy; Committee Proposed to Drive Intellectual Property Growth](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/five-year-plans-complement-market-economy-committee-proposed-to-drive-intellectual-property-growth/)
- [中国“后地产时代”：地方政府从“卖地”到“做股东”的转型成功了吗？](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/chinas-post-real-estate-era-have-local-governments-succeeded-in-moving-from-land-sales-to-equity-investment/)
- [中國「後地產時代」：地方政府從「賣地」到「做股東」的轉型成功了嗎？](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/chinas-post-real-estate-era-have-local-governments-succeeded-in-moving-from-land-sales-to-equity-investment/)
- [China's "Post-Real Estate Era": Have Local Governments Succeeded in Moving from "Land Sales" to "Equity Investment"?](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/chinas-post-real-estate-era-have-local-governments-succeeded-in-moving-from-land-sales-to-equity-investment/)
- [The Cost of Surging Computing Power: The Boom and Hidden Risks of AI Data Centers](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/the-cost-of-surging-computing-power-the-boom-and-hidden-risks-of-ai-data-centers/) - 算力狂飆下的代價：數據中心的繁榮與隱憂 近年人工智能（AI）浪潮席捲全球，生成式AI的普及令算力需求急劇膨脹。在光鮮亮麗的模型與產品背後，支撐這場科技革命的基礎設施，就是遍布各地的數據中心。這些看來平平無奇的廠房，實則已成為數字經濟的關鍵支柱，亦是大國博弈的戰略籌碼。 另一方面，數據中心對能源與資源的巨大消耗，對環境和社會造成極為深遠的壓力。在全球爭相押注AI基礎設施之際，其負面效應與發展瓶頸亦逐步浮現，值得詳細分析。 數字時代的命脈 數據中心的核心功能，是為整個社會提供數據存儲與計算服務。無論是雲端辦公、網上購物、視頻串流，還是時下炙手可熱的生成式AI，皆依賴數據中心的算力支撐。顯而易見，沒有數據中心，數字經濟便寸步難行。 正因如此，全球資本正以前所未有的規模湧入這一領域。科技巨頭的投資手筆動輒以千億美元計：2025年1月，OpenAI成立「星際之門」（Stargate）項目，計劃在四年內投資5000億美元，與包括甲骨文、微軟、英偉達和軟銀在內的合作夥伴大規模興建AI基礎設施【註1】。與此同時，中國亦規劃在未來五年投入約2萬億元人民幣，建設全國互聯的數據中心網络【註2】。無論是來自私人企業還是公共部門，這場「算力軍備競賽」的規模都非同小可。 對中美兩國而言，數據中心與算力的重要性已上升至國家戰略層面。算力被視為與電力、石油同等重要的戰略資源，直接關乎AI時代的競爭主導權。中國近年大力推進「東數西算」工程，美國則傾力扶持本土AI基建，數據中心儼然成為新一輪科技競賽的主戰場。 負面界外效應持續趨升 然而，數據中心的迅猛擴張，正製造出一系列不容忽視的負面效應，首當其衝的便是能源。國際能源署的數據顯示，2022年全球數據中心的耗電量約為460太瓦時（TWh），到2026年或將突破1000太瓦時，幾乎相當於日本的全國用電量【註3】。在愛爾蘭數據中心密集的地區，其耗電量甚至佔全國總用電的3成以上。如此龐大的電力需求，在一定程度上擠佔了住戶用電，推高電價，令市民大眾為數據中心的擴張買單。 水資源同樣承受重壓，數據中心的伺服器運轉時產生大量熱量，需要持續冷卻。傳統的蒸發式冷卻系統，每排走1兆瓦熱量，每小時便要消耗約1500至2500加侖水【註4】。 此外，數據中心的空氣處理機組、伺服器機房和散熱風扇產生的噪音高達90分貝 ，足以損害聽力【註5】。中心內伺服器與冷卻設備又會形成「熱島效應」，增加四周的地表溫度【註6】。 空氣污染帶來的健康風險，尤其令人關注。馬斯克旗下xAI在田納西州孟菲斯市的數據中心，為解決供電不足引進了35台燃氣輪機，估計每年排放1200至2000噸氮氧化物，這類致霾物質對當地的空氣質量和居民健康產生嚴重影響【註7】。 企業額外成本壓頂 這些負面界外效應，最終都會轉化為企業的運營成本與風險。當數據中心的擴張觸及社區的切身利益，來自社區的摩擦會形成重大的隱性支出。在美國多地，居民因噪音與污染對數據中心提出集體訴訟，社區的抵制與抗議已延緩了若干項目的選址與建設。2026年6月，德克薩斯州州長阿博特（Greg Abbott）呼籲對快速擴張的數據中心行業，施加更嚴格的限制和管控，取消部分稅收優惠【註8】。 事實上，數據中心自身的發展亦面臨多重約束。一、算力供給瓶頸。高端圖像處理器（GPU）是AI訓練的核心，但其產能受限於少數廠商，供不應求的局面短期內難以扭轉。二、供電瓶頸。AI數據中心的用電密度遠超傳統機房，現有電網的容量與輸配能力顯然不足，以致不少項目「有機無電」。三、散熱瓶頸。算力愈強，發熱愈多，過高溫度會觸發芯片降頻、限制性能。業界正加速從傳統風冷技術轉向液冷（liquid cooling）乃至浸沒式冷卻等新一代散熱方案，對數據中心基礎設施的要求更高。 運營戰略須因時制宜 對於自建算力、研發大模型的AI創新公司（如OpenAI、谷歌、字節跳動）而言，數據中心本身就是核心資產與護城河，直接面臨合法性與成本的雙重壓力。這類企業應將綠色算力提升至公司管治的最高層級。一方面，主動鎖定核能等穩定而清潔的長期電源，尋求與可再生能源生產商簽訂長期購電協議，以對沖未來的電價波動與碳監管風險。另一方面，在算力優化與前沿散熱等技術上加大研發投入，守護技術優勢。更重要的是，公司須主動經營與當地社區及監管者的關係，以透明的環境資訊披露和切實的補償機制換取合法性。 AI創新企業目前的探索之旅，已拓展至深海與太空。上海臨港的海底數據中心項目以近海風電供能、深層海水自然冷卻，兼顧節能與減排【註9】。美國SpaceX探索以星艦將數據中心設備送入軌道，利用太陽能發電，並以星鏈傳輸數據。中國亦已發射太空計算衛星，以測試在軌處理能力【註10】。這些探索固然處於起步階段，同時構成企業戰略布局中不可忽視的參照基準。 至於基於現成模型之上、聚焦垂直場景的AI應用公司而言，算力是成本而非資產。這類企業的戰略重心，應從擁有算力轉為高效地使用算力。首先，在模型選擇與工程設計上追求效率，透過合規的模型蒸餾、量化與精準調用，避免為冗餘的算力買單。其次，在採購環節將算力供應商的綠電比例、電力使用效率等指標納入考量，倒逼數據中心進行減排。最後，密切關注算力供給的瓶頸與地緣政治風險，透過多雲（multi-cloud）服務分散對單一供應商的依賴。 數據中心是數字文明的基石，其重要性毋庸置疑。然而，算力高速躍升絕非毫無代價。能源、水資源、噪音、空氣污染等負面界外效應，正不斷累積為數據中心的運營成本與社會的隱性負擔。唯有將環境與社區的成本納入考量，在提升算力之餘，積極探索各類綠色發展路徑，數據中心方能真正成為支撐數字未來而非透支未來的生力軍。 註1：https://openai.com/index/announcing-the-stargate-project/ 註2：https://www.bloomberg.com/news/articles/2026-06-09/china-prepares-295-billion-plan-to-fund-nationwide-ai-buildout?embedded-checkout=true 註3：https://iea.blob.core.windows.net/assets/6b2fd954-2017-408e-bf08-952fdd62118a/Electricity2024-Analysisandforecastto2026.pdf 註4：https://www.ampacwatersystems.com/ai-data-centers-water-consumption-crisis-2026/ 註5：https://www.environmentalhealthproject.org/post/the-dangers-of-data-centers 註6：https://edition.cnn.com/2026/03/30/climate/data-centers-are-having-an-underrported 註7：https://time.com/7308925/elon-musk-memphis-ai-data-center/ 註8：https://www.nytimes.com/2026/06/10/us/texas-abbott-data-centers-regulation.html 註9：https://www.news.cn/fortune/20260529/8de9d068e5fd46ef984fad9a1d9b9015/c.html 註10：https://www.news.cn/liangzi/20260603/5903c373ae314a32927258a971424f27/c.html 王筱晴女士 香港科技大學博士生 顏示硼教授 港大經管學院管理及商業策略助理教授 （本文同時於二零二六年七月一日載於《信報》「龍虎山下」專欄）
- [算力狂飙下的代价：数据中心的繁荣与隐忧](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/the-cost-of-surging-computing-power-the-boom-and-hidden-risks-of-ai-data-centers/) - 近年人工智能（AI）浪潮席卷全球，生成式AI的普及令算力需求急剧膨胀。在光鲜亮丽的模型与产品背后，支撑这场科技革命的基础设施，就是遍布各地的数据中心。这些看来平平无奇的厂房，实则已成为数字经济的关键支柱，亦是大国博弈的战略筹码。 另一方面，数据中心对能源与资源的巨大消耗，对环境和社会造成极为深远的压力。在全球争相押注AI基础设施之际，其负面效应与发展瓶颈亦逐步浮现，值得详细分析。 数字时代的命脉 数据中心的核心功能，是为整个社会提供数据存储与计算服务。无论是云端办公、网上购物、视频串流，还是时下炙手可热的生成式AI，皆依赖数据中心的算力支撑。显而易见，没有数据中心，数字经济便寸步难行。 正因如此，全球资本正以前所未有的规模涌入这一领域。科技巨头的投资手笔动辄以千亿美元计：2025年1月，OpenAI成立“星际之门”（Stargate）项目，计划在四年内投资5000亿美元，与包括甲骨文、微软、英伟达和软银在内的合作伙伴大规模兴建AI基础设施【注1】。与此同时，中国亦规划在未来五年投入约2万亿元人民币，建设全国互联的数据中心网络【注2】。无论是来自私人企业还是公共部门，这场“算力军备竞赛”的规模都非同小可。 对中美两国而言，数据中心与算力的重要性已上升至国家战略层面。算力被视为与电力、石油同等重要的战略资源，直接关乎AI时代的竞争主导权。中国近年大力推进“东数西算”工程，美国则倾力扶持本土AI基建，数据中心俨然成为新一轮科技竞赛的主战场。 负面界外效应持续趋升 然而，数据中心的迅猛扩张，正制造出一系列不容忽视的负面效应，首当其冲的便是能源。国际能源署的数据显示，2022年全球数据中心的耗电量约为460太瓦时（TWh），到2026年或将突破1000太瓦时，几乎相当于日本的全国用电量【注3】。在爱尔兰数据中心密集的地区，其耗电量甚至占全国总用电的3成以上。如此庞大的电力需求，在一定程度上挤占了住户用电，推高电价，令市民大众为数据中心的扩张买单。 水资源同样承受重压，数据中心的伺服器运转时产生大量热量，需要持续冷却。传统的蒸发式冷却系统，每排走1兆瓦热量，每小时便要消耗约1500至2500加仑水【注4】。 此外，数据中心的空气处理机组、伺服器机房和散热风扇产生的噪音高达90分贝 ，足以损害听力【注5】。中心内伺服器与冷却设备又会形成“热岛效应”，增加四周的地表温度【注6】。 空气污染带来的健康风险，尤其令人关注。马斯克旗下xAI在田纳西州孟菲斯市的数据中心，为解决供电不足引进了35台燃气轮机，估计每年排放1200至2000吨氮氧化物，这类致霾物质对当地的空气质量和居民健康产生严重影响【注7】。 企业额外成本压顶 这些负面界外效应，最终都会转化为企业的运营成本与风险。当数据中心的扩张触及社区的切身利益，来自社区的摩擦会形成重大的隐性支出。在美国多地，居民因噪音与污染对数据中心提出集体诉讼，社区的抵制与抗议已延缓了若干项目的选址与建设。2026年6月，德克萨斯州州长阿博特（Greg Abbott）呼吁对快速扩张的数据中心行业，施加更严格的限制和管控，取消部分税收优惠【注8】。 事实上，数据中心自身的发展亦面临多重约束。一、算力供给瓶颈。高端图像处理器（GPU）是AI训练的核心，但其产能受限于少数厂商，供不应求的局面短期内难以扭转。二、供电瓶颈。AI数据中心的用电密度远超传统机房，现有电网的容量与输配能力显然不足，以致不少项目“有机无电”。三、散热瓶颈。算力愈强，发热愈多，过高温度会触发芯片降频、限制性能。业界正加速从传统风冷技术转向液冷（liquid cooling）乃至浸没式冷却等新一代散热方案，对数据中心基础设施的要求更高。 运营战略须因时制宜 对于自建算力、研发大模型的AI创新公司（如OpenAI、谷歌、字节跳动）而言，数据中心本身就是核心资产与护城河，直接面临合法性与成本的双重压力。这类企业应将绿色算力提升至公司管治的最高层级。一方面，主动锁定核能等稳定而清洁的长期电源，寻求与可再生能源生产商签订长期购电协议，以对冲未来的电价波动与碳监管风险。另一方面，在算力优化与前沿散热等技术上加大研发投入，守护技术优势。更重要的是，公司须主动经营与当地社区及监管者的关系，以透明的环境资讯披露和切实的补偿机制换取合法性。 AI创新企业目前的探索之旅，已拓展至深海与太空。上海临港的海底数据中心项目以近海风电供能、深层海水自然冷却，兼顾节能与减排【注9】。美国SpaceX探索以星舰将数据中心设备送入轨道，利用太阳能发电，并以星链传输数据。中国亦已发射太空计算卫星，以测试在轨处理能力【注10】。这些探索固然处于起步阶段，同时构成企业战略布局中不可忽视的参照基准。 至于基于现成模型之上、聚焦垂直场景的AI应用公司而言，算力是成本而非资产。这类企业的战略重心，应从拥有算力转为高效地使用算力。首先，在模型选择与工程设计上追求效率，透过合规的模型蒸馏、量化与精准调用，避免为冗馀的算力买单。其次，在采购环节将算力供应商的绿电比例、电力使用效率等指标纳入考量，倒逼数据中心进行减排。最后，密切关注算力供给的瓶颈与地缘政治风险，透过多云（multi-cloud）服务分散对单一供应商的依赖。 数据中心是数字文明的基石，其重要性毋庸置疑。然而，算力高速跃升绝非毫无代价。能源、水资源、噪音、空气污染等负面界外效应，正不断累积为数据中心的运营成本与社会的隐性负担。唯有将环境与社区的成本纳入考量，在提升算力之馀，积极探索各类绿色发展路径，数据中心方能真正成为支撑数字未来而非透支未来的生力军。 注1：https://openai.com/index/announcing-the-stargate-project/ 注2：https://www.bloomberg.com/news/articles/2026-06-09/china-prepares-295-billion-plan-to-fund-nationwide-ai-buildout?embedded-checkout=true 注3：https://iea.blob.core.windows.net/assets/6b2fd954-2017-408e-bf08-952fdd62118a/Electricity2024-Analysisandforecastto2026.pdf 注4：https://www.ampacwatersystems.com/ai-data-centers-water-consumption-crisis-2026/ 注5：https://www.environmentalhealthproject.org/post/the-dangers-of-data-centers 注6：https://edition.cnn.com/2026/03/30/climate/data-centers-are-having-an-underrported 注7：https://time.com/7308925/elon-musk-memphis-ai-data-center/ 注8：https://www.nytimes.com/2026/06/10/us/texas-abbott-data-centers-regulation.html 注9：https://www.news.cn/fortune/20260529/8de9d068e5fd46ef984fad9a1d9b9015/c.html 注10：https://www.news.cn/liangzi/20260603/5903c373ae314a32927258a971424f27/c.html 王筱晴女士 香港科技大学博士生 颜示硼教授 港大经管学院管理及商业策略助理教授 （本文同时于二零二六年七月一日载于《信报》“龙虎山下”专栏）
- [算力狂飆下的代價：數據中心的繁榮與隱憂](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/the-cost-of-surging-computing-power-the-boom-and-hidden-risks-of-ai-data-centers/) - 近年人工智能（AI）浪潮席捲全球，生成式AI的普及令算力需求急劇膨脹。在光鮮亮麗的模型與產品背後，支撐這場科技革命的基礎設施，就是遍布各地的數據中心。這些看來平平無奇的廠房，實則已成為數字經濟的關鍵支柱，亦是大國博弈的戰略籌碼。 另一方面，數據中心對能源與資源的巨大消耗，對環境和社會造成極為深遠的壓力。在全球爭相押注AI基礎設施之際，其負面效應與發展瓶頸亦逐步浮現，值得詳細分析。 數字時代的命脈 數據中心的核心功能，是為整個社會提供數據存儲與計算服務。無論是雲端辦公、網上購物、視頻串流，還是時下炙手可熱的生成式AI，皆依賴數據中心的算力支撐。顯而易見，沒有數據中心，數字經濟便寸步難行。 正因如此，全球資本正以前所未有的規模湧入這一領域。科技巨頭的投資手筆動輒以千億美元計：2025年1月，OpenAI成立「星際之門」（Stargate）項目，計劃在四年內投資5000億美元，與包括甲骨文、微軟、英偉達和軟銀在內的合作夥伴大規模興建AI基礎設施【註1】。與此同時，中國亦規劃在未來五年投入約2萬億元人民幣，建設全國互聯的數據中心網络【註2】。無論是來自私人企業還是公共部門，這場「算力軍備競賽」的規模都非同小可。 對中美兩國而言，數據中心與算力的重要性已上升至國家戰略層面。算力被視為與電力、石油同等重要的戰略資源，直接關乎AI時代的競爭主導權。中國近年大力推進「東數西算」工程，美國則傾力扶持本土AI基建，數據中心儼然成為新一輪科技競賽的主戰場。 負面界外效應持續趨升 然而，數據中心的迅猛擴張，正製造出一系列不容忽視的負面效應，首當其衝的便是能源。國際能源署的數據顯示，2022年全球數據中心的耗電量約為460太瓦時（TWh），到2026年或將突破1000太瓦時，幾乎相當於日本的全國用電量【註3】。在愛爾蘭數據中心密集的地區，其耗電量甚至佔全國總用電的3成以上。如此龐大的電力需求，在一定程度上擠佔了住戶用電，推高電價，令市民大眾為數據中心的擴張買單。 水資源同樣承受重壓，數據中心的伺服器運轉時產生大量熱量，需要持續冷卻。傳統的蒸發式冷卻系統，每排走1兆瓦熱量，每小時便要消耗約1500至2500加侖水【註4】。 此外，數據中心的空氣處理機組、伺服器機房和散熱風扇產生的噪音高達90分貝 ，足以損害聽力【註5】。中心內伺服器與冷卻設備又會形成「熱島效應」，增加四周的地表溫度【註6】。 空氣污染帶來的健康風險，尤其令人關注。馬斯克旗下xAI在田納西州孟菲斯市的數據中心，為解決供電不足引進了35台燃氣輪機，估計每年排放1200至2000噸氮氧化物，這類致霾物質對當地的空氣質量和居民健康產生嚴重影響【註7】。 企業額外成本壓頂 這些負面界外效應，最終都會轉化為企業的運營成本與風險。當數據中心的擴張觸及社區的切身利益，來自社區的摩擦會形成重大的隱性支出。在美國多地，居民因噪音與污染對數據中心提出集體訴訟，社區的抵制與抗議已延緩了若干項目的選址與建設。2026年6月，德克薩斯州州長阿博特（Greg Abbott）呼籲對快速擴張的數據中心行業，施加更嚴格的限制和管控，取消部分稅收優惠【註8】。 事實上，數據中心自身的發展亦面臨多重約束。一、算力供給瓶頸。高端圖像處理器（GPU）是AI訓練的核心，但其產能受限於少數廠商，供不應求的局面短期內難以扭轉。二、供電瓶頸。AI數據中心的用電密度遠超傳統機房，現有電網的容量與輸配能力顯然不足，以致不少項目「有機無電」。三、散熱瓶頸。算力愈強，發熱愈多，過高溫度會觸發芯片降頻、限制性能。業界正加速從傳統風冷技術轉向液冷（liquid cooling）乃至浸沒式冷卻等新一代散熱方案，對數據中心基礎設施的要求更高。 運營戰略須因時制宜 對於自建算力、研發大模型的AI創新公司（如OpenAI、谷歌、字節跳動）而言，數據中心本身就是核心資產與護城河，直接面臨合法性與成本的雙重壓力。這類企業應將綠色算力提升至公司管治的最高層級。一方面，主動鎖定核能等穩定而清潔的長期電源，尋求與可再生能源生產商簽訂長期購電協議，以對沖未來的電價波動與碳監管風險。另一方面，在算力優化與前沿散熱等技術上加大研發投入，守護技術優勢。更重要的是，公司須主動經營與當地社區及監管者的關係，以透明的環境資訊披露和切實的補償機制換取合法性。 AI創新企業目前的探索之旅，已拓展至深海與太空。上海臨港的海底數據中心項目以近海風電供能、深層海水自然冷卻，兼顧節能與減排【註9】。美國SpaceX探索以星艦將數據中心設備送入軌道，利用太陽能發電，並以星鏈傳輸數據。中國亦已發射太空計算衛星，以測試在軌處理能力【註10】。這些探索固然處於起步階段，同時構成企業戰略布局中不可忽視的參照基準。 至於基於現成模型之上、聚焦垂直場景的AI應用公司而言，算力是成本而非資產。這類企業的戰略重心，應從擁有算力轉為高效地使用算力。首先，在模型選擇與工程設計上追求效率，透過合規的模型蒸餾、量化與精準調用，避免為冗餘的算力買單。其次，在採購環節將算力供應商的綠電比例、電力使用效率等指標納入考量，倒逼數據中心進行減排。最後，密切關注算力供給的瓶頸與地緣政治風險，透過多雲（multi-cloud）服務分散對單一供應商的依賴。 數據中心是數字文明的基石，其重要性毋庸置疑。然而，算力高速躍升絕非毫無代價。能源、水資源、噪音、空氣污染等負面界外效應，正不斷累積為數據中心的運營成本與社會的隱性負擔。唯有將環境與社區的成本納入考量，在提升算力之餘，積極探索各類綠色發展路徑，數據中心方能真正成為支撐數字未來而非透支未來的生力軍。 註1：https://openai.com/index/announcing-the-stargate-project/ 註2：https://www.bloomberg.com/news/articles/2026-06-09/china-prepares-295-billion-plan-to-fund-nationwide-ai-buildout?embedded-checkout=true 註3：https://iea.blob.core.windows.net/assets/6b2fd954-2017-408e-bf08-952fdd62118a/Electricity2024-Analysisandforecastto2026.pdf 註4：https://www.ampacwatersystems.com/ai-data-centers-water-consumption-crisis-2026/ 註5：https://www.environmentalhealthproject.org/post/the-dangers-of-data-centers 註6：https://edition.cnn.com/2026/03/30/climate/data-centers-are-having-an-underrported 註7：https://time.com/7308925/elon-musk-memphis-ai-data-center/ 註8：https://www.nytimes.com/2026/06/10/us/texas-abbott-data-centers-regulation.html 註9：https://www.news.cn/fortune/20260529/8de9d068e5fd46ef984fad9a1d9b9015/c.html 註10：https://www.news.cn/liangzi/20260603/5903c373ae314a32927258a971424f27/c.html 王筱晴女士 香港科技大學博士生 顏示硼教授 港大經管學院管理及商業策略助理教授 （本文同時於二零二六年七月一日載於《信報》「龍虎山下」專欄）
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- [当图片不再算证据：AI时代的信任重估与市场结构重组](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-images-are-no-longer-proof-trust-and-markets-in-the-ai-age/) - 过去我们买东西，多少有点像相亲。 先看照片，嗯，挺精神; 再看自我介绍，真诚、专业、值得托付; 最后看看别人评价，五星好评、回购三次、闭眼入。 于是我们下单，就像在心里默默说：虽然我们素未谋面，但我愿意相信你不是“照骗”。 但 AI 时代来了以后，事情开始变得微妙。 图片可以生成，视频可以合成，文案可以让大模型写得比老板本人还像老板，评论也可能从“真实用户体验”变成“真实语言模型体验”。 过去商家辛辛苦苦修图，现在 AI 可以一键生成一个光线高级、构图讲究、连空气里都仿佛漂浮著消费主义香气的场景。 唯一的问题是：货可能并没有那么高级，甚至根本没出现过。 于是，一个以前不那么显眼的问题突然站到了舞台中央：当描述、图片、视频这些常见的品质信号越来越便宜、越来越容易伪造，市场还靠什么来建立信任？ 这个问题听起来像吐槽，实际上却是一个非常经典的经济学问题。 George Akerlof 在《柠檬市场》的经典论文中提出，当卖家知道品质、买家不知道品质时，低品质商品可能会把高品质商品挤出市场，最后市场整体向低品质塌陷（Akerlof， 1970）。 这个理论之所以经久不衰，是因为它抓住了现代市场经济里一个反复出现的难题：当买方无法直接观察品质时，价格机制本身未必足以维持优质供给。 随后，Michael Spence 的信号理论进一步说明，市场并不是没有自救能力。问题在于，能够恢复区分度的信号，必须具有成本，而且这种成本要对高品质者更低、对低品质者更高（Spence， 1973）。 换句话说，真正有用的信号，不是说出来的，而是“做出来且难以伪造”的。 Jean Tirole 关于集体声誉的研究又把这个问题往前推进了一步：很多时候，市场并不是根据单个主体一次性的表现来判断它，而是根据它所在组织、平台、行业乃至群体的历史声誉来做推断。 个体声誉和集体声誉互相影响，而这种历史积累，会深刻塑造当下的交易环境（Tirole， 1996）。 把这几条线索放在一起看，AI 时代的新变化就非常清楚：不是信息不对称消失了，而是许多原本用来缓解信息不对称的信号成本，正在迅速下降。 过去，一张专业图片可能意味著商家认真投入; 现在，它也可能只意味著提示词写得不错。 过去，一段细致文案可能说明商家理解使用者;现在，也可能只是模型很会模仿“理解使用者”的语气。 过去，视频比文字更有说服力; 现在，视频也未必比文字更接近事实。 眼见未必为实，耳听也未必为虚，消费者最后只好练就一种新的数字生存技能：看什么都先眯一下眼。 商家：从会包装，转向可验证 对商家来说，AI 讲是一把利刃。 它的第一重影响当然是降低了内容生产和营销门槛。 以前做一套看起来像样的宣传材料，要摄影、文案、设计、剪辑轮番上阵; 现在，一个人加几个工具，也能做出“总部疑似在巴黎”的视觉效果。 这无疑扩大了中小商家的表达能力，也降低了进入市场的初始成本。但问题在于，当所有人都能轻松做出高质量内容时，“内容做得像样”这件事本身就不再是有效信号。 信号一旦太便宜，就会通胀。 过去靠一张精致图片、一段打动人心的文案就能建立初始信任，如今这类内容更像是市场参与者的基础配置，而不再是高质量的证据。 于是，商家的竞争重点会从“把内容做漂亮”转向“把自己做得可验证”。 真正有价值的东西，不再只是会讲故事，而是能留下证据：稳定的履约记录、透明的供应链、清晰的售后承诺、经得起追问的细节、以及一旦出事有人可以负责的组织结构。 沿著Spence的逻辑看，市场一定会去寻找新的、成本更高、更难模仿的信号，用来恢复品质区分。因此，AI 时代对真正做产品的人未必全是坏消息。 因为一旦市场开始普遍怀疑“好看的东西”，长期声誉、真实服务和稳定表现反而会变得更值钱。 当然，代价也很明确：新品牌会更难。 过去一个新商家可以靠漂亮图文和几轮投放快速启动; 未来消费者会更常问：你是谁？
- [當圖片不再算證據：AI時代的信任重估與市場結構重組](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-images-are-no-longer-proof-trust-and-markets-in-the-ai-age/) - 過去我們買東西，多少有點像相親。 先看照片，嗯，挺精神; 再看自我介紹，真誠、專業、值得託付; 最後看看別人評價，五星好評、回購三次、閉眼入。 於是我們下單，就像在心裡默默說：雖然我們素未謀面，但我願意相信你不是「照騙」。 但 AI 時代來了以後，事情開始變得微妙。 圖片可以生成，視頻可以合成，文案可以讓大模型寫得比老闆本人還像老闆，評論也可能從「真實用戶體驗」變成「真實語言模型體驗」。 過去商家辛辛苦苦修圖，現在 AI 可以一鍵生成一個光線高級、構圖講究、連空氣裡都彷彿漂浮著消費主義香氣的場景。 唯一的問題是：貨可能並沒有那麼高級，甚至根本沒出現過。 於是，一個以前不那麼顯眼的問題突然站到了舞臺中央：當描述、圖片、視頻這些常見的品質信號越來越便宜、越來越容易偽造，市場還靠什麼來建立信任？ 這個問題聽起來像吐槽，實際上卻是一個非常經典的經濟學問題。 George Akerlof 在《檸檬市場》的經典論文中提出，當賣家知道品質、買家不知道品質時，低品質商品可能會把高品質商品擠出市場，最後市場整體向低品質塌陷（Akerlof， 1970）。 這個理論之所以經久不衰，是因為它抓住了現代市場經濟里一個反覆出現的難題：當買方無法直接觀察品質時，價格機制本身未必足以維持優質供給。 隨後，Michael Spence 的信號理論進一步說明，市場並不是沒有自救能力。問題在於，能夠恢復區分度的信號，必須具有成本，而且這種成本要對高品質者更低、對低品質者更高（Spence， 1973）。 換句話說，真正有用的信號，不是說出來的，而是「做出來且難以偽造」的。 Jean Tirole 關於集體聲譽的研究又把這個問題往前推進了一步：很多時候，市場並不是根據單個主體一次性的表現來判斷它，而是根據它所在組織、平臺、行業乃至群體的歷史聲譽來做推斷。 個體聲譽和集體聲譽互相影響，而這種歷史積累，會深刻塑造當下的交易環境（Tirole， 1996）。 把這幾條線索放在一起看，AI 時代的新變化就非常清楚：不是信息不對稱消失了，而是許多原本用來緩解信息不對稱的信號成本，正在迅速下降。 過去，一張專業圖片可能意味著商家認真投入; 現在，它也可能只意味著提示詞寫得不錯。 過去，一段細緻文案可能說明商家理解使用者;現在，也可能只是模型很會模仿「理解使用者」的語氣。 過去，視頻比文字更有說服力; 現在，視頻也未必比文字更接近事實。 眼見未必為實，耳聽也未必為虛，消費者最後只好練就一種新的數字生存技能：看什麼都先眯一下眼。 商家：從會包裝，轉向可驗證 對商家來說，AI 講是一把利刃。 它的第一重影響當然是降低了內容生產和營銷門檻。 以前做一套看起來像樣的宣傳材料，要攝影、文案、設計、剪輯輪番上陣; 現在，一個人加幾個工具，也能做出「總部疑似在巴黎」的視覺效果。 這無疑擴大了中小商家的表達能力，也降低了進入市場的初始成本。但問題在於，當所有人都能輕鬆做出高質量內容時，「內容做得像樣」這件事本身就不再是有效信號。 信號一旦太便宜，就會通脹。 過去靠一張精緻圖片、一段打動人心的文案就能建立初始信任，如今這類內容更像是市場參與者的基礎配置，而不再是高質量的證據。 於是，商家的競爭重點會從「把內容做漂亮」轉向「把自己做得可驗證」。 真正有價值的東西，不再只是會講故事，而是能留下證據：穩定的履約記錄、透明的供應鏈、清晰的售後承諾、經得起追問的細節、以及一旦出事有人可以負責的組織結構。 沿著Spence的邏輯看，市場一定會去尋找新的、成本更高、更難模仿的信號，用來恢復品質區分。因此，AI 時代對真正做產品的人未必全是壞消息。 因為一旦市場開始普遍懷疑「好看的東西」，長期聲譽、真實服務和穩定表現反而會變得更值錢。 當然，代價也很明確：新品牌會更難。 過去一個新商家可以靠漂亮圖文和幾輪投放快速啟動; 未來消費者會更常問：你是誰？
- [When Images Are No Longer Proof: Trust and Markets in the AI Age](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-images-are-no-longer-proof-trust-and-markets-in-the-ai-age/) - 當圖片不再算證據：AI時代的信任重估與市場結構重組 過去我們買東西，多少有點像相親。 先看照片，嗯，挺精神; 再看自我介紹，真誠、專業、值得託付; 最後看看別人評價，五星好評、回購三次、閉眼入。 於是我們下單，就像在心裡默默說：雖然我們素未謀面，但我願意相信你不是「照騙」。 但 AI 時代來了以後，事情開始變得微妙。 圖片可以生成，視頻可以合成，文案可以讓大模型寫得比老闆本人還像老闆，評論也可能從「真實用戶體驗」變成「真實語言模型體驗」。 過去商家辛辛苦苦修圖，現在 AI 可以一鍵生成一個光線高級、構圖講究、連空氣裡都彷彿漂浮著消費主義香氣的場景。 唯一的問題是：貨可能並沒有那麼高級，甚至根本沒出現過。 於是，一個以前不那麼顯眼的問題突然站到了舞臺中央：當描述、圖片、視頻這些常見的品質信號越來越便宜、越來越容易偽造，市場還靠什麼來建立信任？ 這個問題聽起來像吐槽，實際上卻是一個非常經典的經濟學問題。 George Akerlof 在《檸檬市場》的經典論文中提出，當賣家知道品質、買家不知道品質時，低品質商品可能會把高品質商品擠出市場，最後市場整體向低品質塌陷（Akerlof， 1970）。 這個理論之所以經久不衰，是因為它抓住了現代市場經濟里一個反覆出現的難題：當買方無法直接觀察品質時，價格機制本身未必足以維持優質供給。 隨後，Michael Spence 的信號理論進一步說明，市場並不是沒有自救能力。問題在於，能夠恢復區分度的信號，必須具有成本，而且這種成本要對高品質者更低、對低品質者更高（Spence， 1973）。 換句話說，真正有用的信號，不是說出來的，而是「做出來且難以偽造」的。 Jean Tirole 關於集體聲譽的研究又把這個問題往前推進了一步：很多時候，市場並不是根據單個主體一次性的表現來判斷它，而是根據它所在組織、平臺、行業乃至群體的歷史聲譽來做推斷。 個體聲譽和集體聲譽互相影響，而這種歷史積累，會深刻塑造當下的交易環境（Tirole， 1996）。 把這幾條線索放在一起看，AI 時代的新變化就非常清楚：不是信息不對稱消失了，而是許多原本用來緩解信息不對稱的信號成本，正在迅速下降。 過去，一張專業圖片可能意味著商家認真投入; 現在，它也可能只意味著提示詞寫得不錯。 過去，一段細緻文案可能說明商家理解使用者;現在，也可能只是模型很會模仿「理解使用者」的語氣。 過去，視頻比文字更有說服力; 現在，視頻也未必比文字更接近事實。 眼見未必為實，耳聽也未必為虛，消費者最後只好練就一種新的數字生存技能：看什麼都先眯一下眼。 商家：從會包裝，轉向可驗證 對商家來說，AI 講是一把利刃。 它的第一重影響當然是降低了內容生產和營銷門檻。 以前做一套看起來像樣的宣傳材料，要攝影、文案、設計、剪輯輪番上陣; 現在，一個人加幾個工具，也能做出「總部疑似在巴黎」的視覺效果。 這無疑擴大了中小商家的表達能力，也降低了進入市場的初始成本。但問題在於，當所有人都能輕鬆做出高質量內容時，「內容做得像樣」這件事本身就不再是有效信號。 信號一旦太便宜，就會通脹。 過去靠一張精緻圖片、一段打動人心的文案就能建立初始信任，如今這類內容更像是市場參與者的基礎配置，而不再是高質量的證據。 於是，商家的競爭重點會從「把內容做漂亮」轉向「把自己做得可驗證」。 真正有價值的東西，不再只是會講故事，而是能留下證據：穩定的履約記錄、透明的供應鏈、清晰的售後承諾、經得起追問的細節、以及一旦出事有人可以負責的組織結構。 沿著Spence的邏輯看，市場一定會去尋找新的、成本更高、更難模仿的信號，用來恢復品質區分。因此，AI 時代對真正做產品的人未必全是壞消息。 因為一旦市場開始普遍懷疑「好看的東西」，長期聲譽、真實服務和穩定表現反而會變得更值錢。 當然，代價也很明確：新品牌會更難。 過去一個新商家可以靠漂亮圖文和幾輪投放快速啟動;
- [本港推新“宠物友善餐厅”计划 业界反应热烈](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hong-kongs-new-dog-friendly-dining-scheme-draws-overwhelming-response-from-restaurants/)
- [本港推新「寵物友善餐廳」計劃 業界反應熱烈](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hong-kongs-new-dog-friendly-dining-scheme-draws-overwhelming-response-from-restaurants/)
- [Hong Kong's new dog-friendly dining scheme draws overwhelming response from restaurants](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hong-kongs-new-dog-friendly-dining-scheme-draws-overwhelming-response-from-restaurants/)
- [From Shein to Pop Mart: How Chinese brands are grabbing global market share](https://www.hkubs.hku.hk/research/thought-leadership/opinions-and-speeches/from-shein-to-pop-mart-how-chinese-brands-are-grabbing-global-market-share/)
- [Cross-Border Capital Flow Management: An Art of Balancing](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/cross-border-capital-flow-management-an-art-of-balancing/) - 跨境資本流動管理的平衡藝術 近期，中國證券監督管理委員會出台新方案，以整治跨境證券期貨基金經營活動，並得到香港證券及期貨事務監察委員會和金融管理局支持，同步更新內地客戶赴港開設證券投資帳戶的規則。 根據整治方案，境外證券期貨基金經營機構的非法跨境經營活動，將在兩年內被全面取締，現有客戶只可賣出不能買入，境內網站、交易軟件及配套服務都將全面關停。同時，富途證券、老虎證券和長橋證券因涉非法跨境展業行為遭到嚴厲懲罰。 嚴格執行現行法律法規 這一整治方案堪稱針對跨境證券期貨基金投資的重拳。根據現有法規，內地居民每人年度結匯購匯總額為5萬美元，用途僅限於境外旅遊、留學等，不得用於境外買房、境外投資、人壽保險等項目。嚴格來講，在境外從事證券投資，內地居民不能使用境內資金所兌換的外匯，此亦為機構要求開戶者出示資金來自境外合法來源的理據。 在實際操作中，券商在核查用戶收入來源時，未必做到絕對嚴謹，亦有券商通過種種手段規避現有監管，進入境內進行廣告招徠、提供交易便利與服務，上述遭到重罰的幾家券商即屬此列。因此，此整治方案並非內地居民對外投資的新規定，而是嚴格執行現行法律法規。 長期以來，中國對自由兌換資本的立場始終保持審慎。當前的資本流動管理框架主要包括以下兩個機制。一、建立了合格境外機構投資者(Qualified Foreign Institutional Investor；簡稱QFII)投資內地證券，以及合格境內機構投資者(Qualified Domestic Institutional Investor；簡稱QDII)投資境外證券的機制，允許相關機構進行跨境資本流動交易；兩者均採用配額管理。二、設立多個跨境互聯互通途徑，如滬港通、深港通、債券通等，投資者得以合法投資境外特定資產。 適度資本帳戶管理或有裨益 在國際學術界與公共政策界，對資本自由流動的認知，在過去數十年間發生了重要變化。1990年代，主流觀點認為後發國家應推動資本項目完全開放，實現資本跨國有效配置。隨着這一理念深入人心，跨國資本流動迅速增加。然而，接下來數年間，許多推進資本帳戶自由化的國家（如墨西哥、土耳其、韓國）均遭遇不同程度的金融危機。部分國家的危機由外資撤離引爆；另有部分國家雖禍起於蕭牆之內，但外資突然撤離更使危機雪上加霜。這一主流思潮也隨之逆轉。 及至2012年，國際貨幣基金組織在其文件中承認，完全資本帳戶自由化對後發國家未必適用。學術界為此展開了大量研究工作，論證作為宏觀審慎性工具之一的資本帳戶管理政策是否適切，並對如何施行最優的宏觀審慎資本帳戶管理提出建議。根據筆者與香港大學劉洋教授、蘇州大學劉思寧教授的近期研究，資本帳戶管理可以降低後發國家的匯率風險，從而降低本幣融資成本。 金融開放與穩定的平衡藝術 資本自由流動對一個經濟體的主要威脅來自資金突然中斷，包括國內資本大量外流，以及外國資本撤退，若在短時間內發生，必將嚴重影響國內金融市場的穩定性。為防外國資本突然撤離，可從限制外資大量進入著手。以宏觀審慎的方式管理資本流入，就能穩定資本可能流出。由此可以理解中國當局對大量外資湧入的顧慮——如果外資因風險偏好、信心等因素發生變化而急速撤出，必將引觸發國內金融市場劇烈波動。 中國十數年來穩慎推動金融開放。尤其是最近五六年間，國內投資境外證券的合規資金大幅增長達三倍之多，中國漸進式推進金融開放的趨勢仍不可更易。與此同時，中國將監管重點放在尚未完全開放的資本與金融項目，源於其對資金快速撤離危及國內金融穩定的憂慮。從宏觀審慎監管的角度出發，監管部門可考慮進一步對外資加以精細化管理。香港大學周皓南教授的研究指出，以資金來源的穩定性而言，並非所有國際資本都可等量齊觀。長期資本如保險資金、養老金、銀行資金等，其投資行為相對穩定，受國際金融動盪的影響也較低。至於共同基金、對沖基金等短期資本，則較易受到金融市場動盪的衝擊。因此，監管機構為求對資本流動加以精細化管理，理應根據各類資本的性質及其對國際、國內金融因素的不同敏感度，以進行分層跟蹤與管理。 審慎決策有賴因勢利導 值得注意的是，因資本大量外流而造成對資金中斷的顧慮，正是當局為何對資本外流十分審慎的另一邏輯基礎。國內資本形成於中國境內，只能通過調節資本外流來進行管理；近期對境外證券投資行為的整治方案也主要出於這一動機。與此同時，監管者必須正視在國際環境不確定性加劇的大前提下，不少投資者出於收益分享、風險分散等目的，而對跨境投資具有客觀需求，中長期的應對策略是宜疏不宜堵，並聚焦於管控金融風險和滿足跨境投資之間維持平衡。 事實上，在整治灰色跨境證券交易的同時，監管機構不妨考慮相應地擴大合法跨境證券投資的範圍，例如降低QFII 、QDII的額度，擴大各互聯互通機制的覆蓋面，讓投資者能夠失之東隅，收之桑榆，進一步擴大漸進式金融開放。與管理外資類似，在審慎擴大合法跨境證券投資渠道的政策推進中，當局應著力於設計有效機制，從而篩選出相對穩健的資金，以促進全球投資收益分享和風險分散需求。 方翔教授 港大經管學院金融學助理教授 （本文同時於二零二六年六月二十四日載於《信報》「龍虎山下」專欄）
- [跨境資本流動管理的平衡藝術](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/cross-border-capital-flow-management-an-art-of-balancing/) - 近期，中國證券監督管理委員會出台新方案，以整治跨境證券期貨基金經營活動，並得到香港證券及期貨事務監察委員會和金融管理局支持，同步更新內地客戶赴港開設證券投資帳戶的規則。 根據整治方案，境外證券期貨基金經營機構的非法跨境經營活動，將在兩年內被全面取締，現有客戶只可賣出不能買入，境內網站、交易軟件及配套服務都將全面關停。同時，富途證券、老虎證券和長橋證券因涉非法跨境展業行為遭到嚴厲懲罰。 嚴格執行現行法律法規 這一整治方案堪稱針對跨境證券期貨基金投資的重拳。根據現有法規，內地居民每人年度結匯購匯總額為5萬美元，用途僅限於境外旅遊、留學等，不得用於境外買房、境外投資、人壽保險等項目。嚴格來講，在境外從事證券投資，內地居民不能使用境內資金所兌換的外匯，此亦為機構要求開戶者出示資金來自境外合法來源的理據。 在實際操作中，券商在核查用戶收入來源時，未必做到絕對嚴謹，亦有券商通過種種手段規避現有監管，進入境內進行廣告招徠、提供交易便利與服務，上述遭到重罰的幾家券商即屬此列。因此，此整治方案並非內地居民對外投資的新規定，而是嚴格執行現行法律法規。 長期以來，中國對自由兌換資本的立場始終保持審慎。當前的資本流動管理框架主要包括以下兩個機制。一、建立了合格境外機構投資者(Qualified Foreign Institutional Investor；簡稱QFII)投資內地證券，以及合格境內機構投資者(Qualified Domestic Institutional Investor；簡稱QDII)投資境外證券的機制，允許相關機構進行跨境資本流動交易；兩者均採用配額管理。二、設立多個跨境互聯互通途徑，如滬港通、深港通、債券通等，投資者得以合法投資境外特定資產。 適度資本帳戶管理或有裨益 在國際學術界與公共政策界，對資本自由流動的認知，在過去數十年間發生了重要變化。1990年代，主流觀點認為後發國家應推動資本項目完全開放，實現資本跨國有效配置。隨着這一理念深入人心，跨國資本流動迅速增加。然而，接下來數年間，許多推進資本帳戶自由化的國家（如墨西哥、土耳其、韓國）均遭遇不同程度的金融危機。部分國家的危機由外資撤離引爆；另有部分國家雖禍起於蕭牆之內，但外資突然撤離更使危機雪上加霜。這一主流思潮也隨之逆轉。 及至2012年，國際貨幣基金組織在其文件中承認，完全資本帳戶自由化對後發國家未必適用。學術界為此展開了大量研究工作，論證作為宏觀審慎性工具之一的資本帳戶管理政策是否適切，並對如何施行最優的宏觀審慎資本帳戶管理提出建議。根據筆者與香港大學劉洋教授、蘇州大學劉思寧教授的近期研究，資本帳戶管理可以降低後發國家的匯率風險，從而降低本幣融資成本。 金融開放與穩定的平衡藝術 資本自由流動對一個經濟體的主要威脅來自資金突然中斷，包括國內資本大量外流，以及外國資本撤退，若在短時間內發生，必將嚴重影響國內金融市場的穩定性。為防外國資本突然撤離，可從限制外資大量進入著手。以宏觀審慎的方式管理資本流入，就能穩定資本可能流出。由此可以理解中國當局對大量外資湧入的顧慮——如果外資因風險偏好、信心等因素發生變化而急速撤出，必將引觸發國內金融市場劇烈波動。 中國十數年來穩慎推動金融開放。尤其是最近五六年間，國內投資境外證券的合規資金大幅增長達三倍之多，中國漸進式推進金融開放的趨勢仍不可更易。與此同時，中國將監管重點放在尚未完全開放的資本與金融項目，源於其對資金快速撤離危及國內金融穩定的憂慮。從宏觀審慎監管的角度出發，監管部門可考慮進一步對外資加以精細化管理。香港大學周皓南教授的研究指出，以資金來源的穩定性而言，並非所有國際資本都可等量齊觀。長期資本如保險資金、養老金、銀行資金等，其投資行為相對穩定，受國際金融動盪的影響也較低。至於共同基金、對沖基金等短期資本，則較易受到金融市場動盪的衝擊。因此，監管機構為求對資本流動加以精細化管理，理應根據各類資本的性質及其對國際、國內金融因素的不同敏感度，以進行分層跟蹤與管理。 審慎決策有賴因勢利導 值得注意的是，因資本大量外流而造成對資金中斷的顧慮，正是當局為何對資本外流十分審慎的另一邏輯基礎。國內資本形成於中國境內，只能通過調節資本外流來進行管理；近期對境外證券投資行為的整治方案也主要出於這一動機。與此同時，監管者必須正視在國際環境不確定性加劇的大前提下，不少投資者出於收益分享、風險分散等目的，而對跨境投資具有客觀需求，中長期的應對策略是宜疏不宜堵，並聚焦於管控金融風險和滿足跨境投資之間維持平衡。 事實上，在整治灰色跨境證券交易的同時，監管機構不妨考慮相應地擴大合法跨境證券投資的範圍，例如降低QFII 、QDII的額度，擴大各互聯互通機制的覆蓋面，讓投資者能夠失之東隅，收之桑榆，進一步擴大漸進式金融開放。與管理外資類似，在審慎擴大合法跨境證券投資渠道的政策推進中，當局應著力於設計有效機制，從而篩選出相對穩健的資金，以促進全球投資收益分享和風險分散需求。 方翔教授 港大經管學院金融學助理教授 （本文同時於二零二六年六月二十四日載於《信報》「龍虎山下」專欄）
- [跨境资本流动管理的平衡艺术](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/cross-border-capital-flow-management-an-art-of-balancing/) - 近期，中国证券监督管理委员会出台新方案，以整治跨境证券期货基金经营活动，并得到香港证券及期货事务监察委员会和金融管理局支持，同步更新内地客户赴港开设证券投资帐户的规则。 根据整治方案，境外证券期货基金经营机构的非法跨境经营活动，将在两年内被全面取缔，现有客户只可卖出不能买入，境内网站、交易软件及配套服务都将全面关停。同时，富途证券、老虎证券和长桥证券因涉非法跨境展业行为遭到严厉惩罚。 严格执行现行法律法规 这一整治方案堪称针对跨境证券期货基金投资的重拳。根据现有法规，内地居民每人年度结汇购汇总额为5万美元，用途仅限于境外旅游、留学等，不得用于境外买房、境外投资、人寿保险等项目。严格来讲，在境外从事证券投资，内地居民不能使用境内资金所兑换的外汇，此亦为机构要求开户者出示资金来自境外合法来源的理据。 在实际操作中，券商在核查用户收入来源时，未必做到绝对严谨，亦有券商通过种种手段规避现有监管，进入境内进行广告招徕、提供交易便利与服务，上述遭到重罚的几家券商即属此列。因此，此整治方案并非内地居民对外投资的新规定，而是严格执行现行法律法规。 长期以来，中国对自由兑换资本的立场始终保持审慎。当前的资本流动管理框架主要包括以下两个机制。一、建立了合格境外机构投资者(Qualified Foreign Institutional Investor；简称QFII)投资内地证券，以及合格境内机构投资者(Qualified Domestic Institutional Investor；简称QDII)投资境外证券的机制，允许相关机构进行跨境资本流动交易；两者均采用配额管理。二、设立多个跨境互联互通途径，如沪港通、深港通、债券通等，投资者得以合法投资境外特定资产。 适度资本帐户管理或有裨益 在国际学术界与公共政策界，对资本自由流动的认知，在过去数十年间发生了重要变化。1990年代，主流观点认为后发国家应推动资本项目完全开放，实现资本跨国有效配置。随着这一理念深入人心，跨国资本流动迅速增加。然而，接下来数年间，许多推进资本帐户自由化的国家（如墨西哥、土耳其、韩国）均遭遇不同程度的金融危机。部分国家的危机由外资撤离引爆；另有部分国家虽祸起于萧墙之内，但外资突然撤离更使危机雪上加霜。这一主流思潮也随之逆转。 及至2012年，国际货币基金组织在其文件中承认，完全资本帐户自由化对后发国家未必适用。学术界为此展开了大量研究工作，论证作为宏观审慎性工具之一的资本帐户管理政策是否适切，并对如何施行最优的宏观审慎资本帐户管理提出建议。根据笔者与香港大学刘洋教授、苏州大学刘思宁教授的近期研究，资本帐户管理可以降低后发国家的汇率风险，从而降低本币融资成本。 金融开放与稳定的平衡艺术 资本自由流动对一个经济体的主要威胁来自资金突然中断，包括国内资本大量外流，以及外国资本撤退，若在短时间内发生，必将严重影响国内金融市场的稳定性。为防外国资本突然撤离，可从限制外资大量进入著手。以宏观审慎的方式管理资本流入，就能稳定资本可能流出。由此可以理解中国当局对大量外资涌入的顾虑——如果外资因风险偏好、信心等因素发生变化而急速撤出，必将引触发国内金融市场剧烈波动。 中国十数年来稳慎推动金融开放。尤其是最近五六年间，国内投资境外证券的合规资金大幅增长达三倍之多，中国渐进式推进金融开放的趋势仍不可更易。与此同时，中国将监管重点放在尚未完全开放的资本与金融项目，源于其对资金快速撤离危及国内金融稳定的忧虑。从宏观审慎监管的角度出发，监管部门可考虑进一步对外资加以精细化管理。香港大学周皓南教授的研究指出，以资金来源的稳定性而言，并非所有国际资本都可等量齐观。长期资本如保险资金、养老金、银行资金等，其投资行为相对稳定，受国际金融动荡的影响也较低。至于共同基金、对冲基金等短期资本，则较易受到金融市场动荡的冲击。因此，监管机构为求对资本流动加以精细化管理，理应根据各类资本的性质及其对国际、国内金融因素的不同敏感度，以进行分层跟踪与管理。 审慎决策有赖因势利导 值得注意的是，因资本大量外流而造成对资金中断的顾虑，正是当局为何对资本外流十分审慎的另一逻辑基础。国内资本形成于中国境内，只能通过调节资本外流来进行管理；近期对境外证券投资行为的整治方案也主要出于这一动机。与此同时，监管者必须正视在国际环境不确定性加剧的大前提下，不少投资者出于收益分享、风险分散等目的，而对跨境投资具有客观需求，中长期的应对策略是宜疏不宜堵，并聚焦于管控金融风险和满足跨境投资之间维持平衡。 事实上，在整治灰色跨境证券交易的同时，监管机构不妨考虑相应地扩大合法跨境证券投资的范围，例如降低QFII 、QDII的额度，扩大各互联互通机制的覆盖面，让投资者能够失之东隅，收之桑榆，进一步扩大渐进式金融开放。与管理外资类似，在审慎扩大合法跨境证券投资渠道的政策推进中，当局应著力于设计有效机制，从而筛选出相对稳健的资金，以促进全球投资收益分享和风险分散需求。 方翔教授 港大经管学院金融学助理教授 （本文同时于二零二六年六月二十四日载于《信报》“龙虎山下”专栏）
- [港竞争力全球第二 吸资力强](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hong-kong-secures-2nd-place-globally-in-competitiveness-showcasing-strong-capacity-to-attract-capital/)
- [港競爭力全球第二 吸資力強](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hong-kong-secures-2nd-place-globally-in-competitiveness-showcasing-strong-capacity-to-attract-capital/)
- [Hong Kong Secures 2nd Place Globally in Competitiveness, Showcasing Strong Capacity to Attract Capital](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hong-kong-secures-2nd-place-globally-in-competitiveness-showcasing-strong-capacity-to-attract-capital/)
- [爆旋陀螺热潮席卷全城](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-return-of-the-physical-why-young-hongkongers-are-rediscovering-tactile-joy/)
- [爆旋陀螺熱潮席捲全城](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-return-of-the-physical-why-young-hongkongers-are-rediscovering-tactile-joy/)
- [The Return of the Physical: Why Young Hongkongers Are Rediscovering Tactile Joy](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-return-of-the-physical-why-young-hongkongers-are-rediscovering-tactile-joy/)
- [人口置換與敘事轉變揭示樓市結構性復甦](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/population-replacement-and-narrative-shifts-the-structural-recovery-of-hong-kongs-housing-market/) - 香港土地註冊處資料顯示，2025年整體住宅買賣量年增約18%，升勢持續至2026年首兩月；官方售價指數連漲8個月，累積升幅逾10%。市場共識已逐漸從「何時見底」轉向「溫和擴張能走多遠」。 究竟過去幾年的樓市表現，如何演變至此？ 從人口流出到供應高峰 2020年後的樓市調整可分為兩個階段。一、2020至2022年：以人口流出與外部衝擊為主導。香港錄得罕見的淨人口流失19萬，其中不乏離港前出售物業的中產階級，導致市場購買力減弱之餘，大量賣盤短期內湧現，價格急促下調。 二、2022至2025年初：從人口帶動的需求收縮轉向供應與去化主導。新冠疫情期間延宕的建築項目陸續完工，私樓落成量於2024年攀升至近20年來高位，一手現樓貨尾在2025年初逼近3萬伙的歷史新高。這一階段受需求恢復滯後的影響，價格持續缺乏反彈動能。 透過行為金融學分析上述兩個階段的樓市調整，可見市場參與者在長時間負面衝擊後所形成的損失記憶，會直接影響其在復甦階段對風險的主觀判斷。 樓市復甦時機所在 2025年市場轉折源於三大主因。一、供應高峰逐步消化。一手現樓貨尾由2025年初約2.8萬伙回落至年底1.84萬伙；私樓落成量亦自2025年起轉入年均約1.5萬伙的相對穩定區間，市場對價格的壓制力量不再呈加速趨勢。 二、利率環境階段性優化。2026年3月中，1至6個月香港銀行同業拆息維持在2.1%至2.6%區間，明顯低於2023至2024年高位。考慮到靜態租金回報率（約2.5%至3.5%）與合理租金增長預期，持有成本與租金收入的差距已大幅收窄，部分屋苑更出現「供平過租」的現象。 三、新來港人才進入置業高峰窗口。自2022年底高端人才通行證（高才通）計劃啟動以來，約有27萬人才及其家屬來港，初期以租賃為主，2025年起開始進入由租轉買周期。他們現金流穩健，對短期利率波動敏感度較低，買樓與否視乎當前租金與按揭供款的比率，無疑為市場帶來一股增量優質購買力。 以上因素不僅擴大總需求規模，更改變了市場參與者的心理與行為基準：本地既有買家仍受過去調整經驗影響，新來港者則以全新視角評估資產價值。 損失厭惡與參照依賴 2020至2025年初的樓市調整期，為本港既有買家構成了多重負面參照點。對2018至2021年高位入市者而言，其後樓價回落，加上月供成本倍增與流動性收緊的雙重壓力，形成深刻的損失記憶。 這種記憶與參照依賴（reference dependence）機制互動，產生動態行為效應。一般人評估資產價值時，傾向參考某個具體心理錨點，如個人歷史買入價、市場共識中的理想樓價。本輪復甦中，即使中原城市領先指數自低位反彈逾10%，對曾經錯失低位或高位踩雷的買家而言，要是樓價仍低於2021年，也可能被解讀為「仍在恢復」而非「已進入新周期」；反之，若接近或高於個人心理錨點，則容易觸發唯恐錯失的衝動。 損失厭惡（loss aversion）一方面延緩高槓桿持有人的減持行動，另一方面也促使觀望者在價格企穩後加快入市。參照依賴則解釋了為何不同屋苑復甦速度不一：錨定於近期低位的中小型新盤更容易吸引首次置業者，而傳統豪宅區的本地買家可能仍以數年前的高位比較，因而呈現較強的觀望慣性。 新人口如何打破心理舊錨點 對大多數本地家庭而言，2021至2022年市場高位仍是重要參照點。反觀新來港人口則無2021至2025年初樓市起跌的包袱。其決策依據多在於租金與供款對比、職業穩定性與家庭規劃需求等可觀察變數，而非基於歷史價格的回溯性錨定。 從行為金融學而言，這相當於市場既有集體參照點遭遇了一次外部重置。當市場出現具異質性參考點的參與者時，總體價格動態往往呈現分化，舊參與者受損失記憶約束，行動滯後；新參與者依據獨立錨點，成為率先評估與成交的先鋒。 市場數據印證了這一行為分化。2025年，內地買家在香港一、二手住宅註冊量達13,906宗，涉及金額1,379億元，宗數與金額同創歷史新高。在新興地區（如啟德），內地買家佔比於部分樓盤超過5成，多為中小戶型新盤。相反，傳統豪宅區與次新二手市場以本地買家佔多，復甦速度較慢。這種「K型」價格與成交分化，反映出不同群體心理賬戶與風險偏好的結構性差異。 敘事力量與未來風險 此外，市場參與者的行為深受宏觀敘事與資訊環境塑造。當主流媒體聚焦「連升8個月」等正面訊息時，市場接收到一致樂觀的信號，就容易引發確認偏見（confirmation bias）。部分買家原本傾向「香港樓價長期仍有上升空間」，價格持續回升進而強化此一信念。至於政府規劃的未來10年42萬單位供應目標、人口淨流入會否持續等議題，則鮮見於日常市場討論。 從量化角度觀察，2026年首季媒體情緒指數與互聯網樓市搜尋量呈現同步上升趨勢，與成交註冊量的時間相關性明顯高於同期利率或宏觀數據變化。若基本面改善與正面敘事疊加，短期價格動能往往被放大；確認偏見不僅加速新參與者的入市步伐，也可能延緩本地買家對供應與人口風險的敏感度。 不得不察的是，結構性變化並非全無風險。以高才通計劃為例，截至2025年底首批簽證到期者的續簽率申請率約為53%；若外部環境或本地條件逆轉，部分專才或選擇離港，重演2020年的人口外流與拋售壓力。屆時，市場反應可能將高度依賴行為框架：投資者是否再度受可得性捷思法（availability heuristic）主導，過度放大個別續簽數據或離港個案的代表性，從而觸發新一輪情緒超調。 基本面與認知的雙重驗證 香港樓市復甦的關鍵，繫於兩大問題：基本面本身發生了何種變化？市場參與者對此有何認知與反應？ 當供求改善、新人口置換與政策支持大致同向時，如2025至2026年上半年所見，價格與成交趨勢延續並加速；當認知（如損失記憶淡化）滯後，或敘事與數據脫節，轉折往往已在微觀行為中醞釀。 目前樓市的結構性復甦是基本面修復（供應消化、利率回落、人才流入）與行為調整（損失記憶淡化、心理賬戶重置、敘事強化）共同催化的產物。正面環境提供了上行動能，行為慣性則塑造了路徑與節奏。未來數季，關鍵在於觀察這兩股力量的持續性：人口置換能否延續？敘事是否符合事實？新平衡是否已在數據與認知間悄然形成？有關答案將決定復甦能否持續，還是再度面臨結構性考驗。 林則君教授 港大經管學院金融學學術領域主任 國生煒教授 香港大學建築學院房地產及建設系助理教授 （本文同時於二零二六年五月十三日載於《信報》「龍虎山下」專欄）
- [Demographic Replacement and Narrative Shift Signal a Structural Recovery in Hong Kong’s Housing Market](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/population-replacement-and-narrative-shifts-the-structural-recovery-of-hong-kongs-housing-market/) - Professor Tse-Chun Lin and Professor Shengwei Guo 13 May 2026 Data from Hong Kong’s Land Registry shows an approximately 18% year-on-year surge in overall transaction volume of residential units in 2025, with the upward trend continuing into the first two months of 2026. The official price index has risen for eight consecutive months, recording a
- [AI Sycophancy: When AI Starts to Flatter Us](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/ai-sycophancy-when-ai-learns-to-tell-us-what-we-want-to-hear/) - Professor Xi Li 6 May 2026 In 2025, generative artificial intelligence (GenAI) giant Anthropic collaborated with AI safety evaluation company Andon Labs to conduct a groundbreaking experiment by letting Claude—its own large language model (LLM)—run a mini-store named Claudius to sell snacks and beverages to Anthropic employees. The store itself was tiny, furnished with only
- [AI諂媚：當人工智能學會了討好用戶](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/ai-sycophancy-when-ai-learns-to-tell-us-what-we-want-to-hear/) - 2025年，生成式人工智能（GenAI）巨頭Anthropic與AI安全評估公司Andon Labs合作，進行了一場別開生面的實驗：讓自家的大語言模型Claude管理一間迷你商店，取名Claudius，向Anthropic的員工售賣零食和飲料。商店本身小得可憐，不過是一台冰箱、一部iPad和幾個購物籃，但運營的全部環節，包括選品、定價、採購、記錄、庫存管理，以至與顧客溝通，都交由AI自行完成。 顯而易見，Anthropic希望借此試探大模型走出聊天框、獨立從事商業活動的能力邊界，為未來的商業化應用開拓新路向。 阿諛奉承 混淆視聽 Claudius上線後，鬧出了不少啼笑皆非的事件，其中最富戲劇性的，要數它與《華爾街日報》記者Katherine Long之間的較量。 Anthropic特別邀請Long參與實驗，希望借記者之手挖掘AI的漏洞。 結果令人瞠目：Long與Claudius反覆交流超過140次，最終成功說服它相信自己並不是矽谷辦公室裡的一台自動售貨機，而是1962年前蘇聯莫斯科國立大學地下室里的一台售賣機。 Claudius欣然接受了這場「社會主義改造」，主動將所有商品的標價改為零，以「履行服務人民的使命」，一舉為Anthropic製造了數百美元的虧損。 故事荒誕，但荒誕背後卻令人深思。 2025年10月，美國史丹福大學等機構的研究團隊在頂級學術期刊Science發表論文，系統地揭示出類似的現象。團隊測試了市面上11款主流大語言模型，發現它們普遍具有明顯的「討好型人格」，擅長對用戶進行「諂媚」。 研究指出，AI比真人更願意附和提問者的行為，認同比例比真人高出約49%; 面對近2000種被社會普遍視為有錯的行為（例如在親密關係中欺騙伴侶），AI為用戶辯護的機率約為51%; 即便是對明顯錯誤的主張，AI表示贊同的概率也高達47%。 更令人擔憂的是，後續的行為實驗顯示，得到AI附和的用戶更不願意道歉、更不願意修補受損的人際關係，也更相信自己從一開始就是對的。 唯唯諾諾 後果堪虞 AI的諂媚作風並不能簡單歸結為AI出錯，其中反映的是大語言模型訓練機制中一項內生的結構性特徵。 當下主流大模型普遍依賴基於人類反饋的強化學習，亦即由真人對模型的回答打分，再據此反覆調整參數。 問題在於手握打分大權者，自然愛聽順耳、順心、順勢的回答，哪怕心裡清楚這些回答未必客觀公允。 換言之，大語言模型著眼於用戶滿不滿意，而並非答案正確與否。 久而久之，迎合用戶便被寫成模型的特性。 AI的諂媚行為讓用戶享受一時的心理快感，代價卻是被悄悄放大的偏見與盲點。 以創業為例，不少創業者習慣在撰寫商業計劃書前，先與AI對談，希望聽取中立意見。 然而討好型的AI更傾向於順着用戶的思路鋪陳論據、放大亮點、淡化風險，結果是讓本就躊躇滿志的創業者愈發自信; 真正冷酷的市場卻不討好任何人，許多所謂「被AI肯定」的創意，最終都在現實裡碰得頭破血流。 商業世界中的失敗案例同樣觸目驚心。 去年韓國遊戲開發商魁匠團（Krafton）在收購《深海迷航》（Subnautica）開發商Unknown Worlds後，為逃避一筆高達2.5億美元的業績獎金，公司行政總裁繞開內部法律團隊，反覆與ChatGPT討論如何合法地避免支付此數。 在多番追問與引導之下，AI逐步認可行政總裁的思路，甚至協助制訂出一整套解除創始團隊職務、延後遊戲發布的操作方案。 結果眾所周知，美國特拉華州法院今年3月的判詞毫不客氣——公司所列的解僱理由屬於事後編造，法院下令魁匠團立即恢復被解職創始人的行政總裁職務，並就由AI主導的敵意接管承擔法律責任。 該案也因此成為首宗被法院公開點名、因輕信AI建議而敗訴的重大商業訴訟之一。 可信顧問 非應聲蟲 上文提及Claudius運營實體店，其實指向的是AI奉承表現的另一重風險。當企業把AI推向服務消費者的前線，AI可能會把讓顧客滿意置於維護僱主利益之上，在花言巧語和精心設計的對話面前丟盔卸甲，忘記自己本應守護的底線與目標。 換作銀行、保險、醫療這樣的高風險場景，後果遠不止幾百美元的虧損那麼簡單。 要解決這個棘手問題，單靠用戶自覺顯然不夠。 模型開發者應在訓練目標中，給誠實與糾錯賦予更高權重，引入獨立於用戶滿意度的客觀評估，並在關鍵場景中加入異議機制，讓AI敢於說不。此外，監管者必須要求廠商披露其系統的諂媚傾向，以及相關緩解措施，尤其是在金融、醫療、法律等涉及重大決策的領域。 對普通使用者而言，理性使用AI的第一步，就是認清它並非「理中客」（理性、中立、客觀），而是一個格外善解人意的助手，其首要任務是讓你舒服，倒不一定令你清醒。愈是重要的決定，愈需要提高警覺，不妨主動要求AI站在反方立場加以反駁，或明確指示「列出這個方案的3個致命缺陷」。 歸根究柢，真正值得依賴的判斷，從來不會只建立在回音壁之上。 AI可以是聰明的參謀，但永遠不應取代我們的獨立思考。 李曦教授 港大經管學院市場學教授、亞洲案例研究中心總監、數字經濟與創新研究所副總監 （本文同時於二零二六年五月六日載於《信報》「龍虎山下」專欄）
- [以制度優勢破局全球碎片化時代](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/hong-kongs-institutional-edge-in-a-fragmented-world/) - 在地緣政治的持續衝擊下，近年各國日益重視安全風險，全球經貿格局從一體化自由貿易轉向碎片化。在此變局中，中國經濟展現強大韌性，加速從世界工廠升級為科技強國; 中企出海已成為國際商業趨勢，深度融入各地經濟發展與人民生活之中。這不僅為香港帶來了第三次經濟轉型的窗口，更提供了實現包容性增長的契機。 特區政府目前正編制「五年規劃」，主動告別「小政府、大市場」的傳統思維，積極發揮一國兩制下的制度優勢。香港以粵港澳大灣區及「一帶一路」作為切入點，可望成為連結國家新型工業與全球市場的「超級增值人」。 香港可成為多極化世界的可信平台 國際政經格局已由單極轉向多極化結構。從「美國優先」到「新華盛頓共識」，再到特朗普向全球徵稅，美國的保護主義傾向日益顯著。不少企業為應對風險，採取分散生產佈局的「中國+1」策略，以及避免依賴單一消費市場的「美國+1」策略。這種資源再分配的趨勢，顯著促進了東盟等新興經濟體的增長。 與此同時，中國在人工智能、先進製造及新能源等領域，已展現出舉足輕重的影響力。美國的壓制政策不但未能遏制中國崛起為工業強國，反而倒逼其供應鏈透過技術創新與積極出海，穩健邁向高端化及國際化。 在國際合作層面，全球北方繼續主導世界銀行、國際貨幣基金組織等傳統國際組織; 而全球南方則積極發展新興組織，例如「金磚+」、上海合作組織，以及亞洲基礎設施投資銀行等。 在經貿格局碎片化下，香港憑藉一國兩制基礎，既了解社會主義，亦熟悉資本主義，其服務價值更顯珍貴。作為中國境內的一個特別行政區，香港實行與國際商業範式高度接軌的普通法制度，加上多年來積累的商業聲譽、經貿網絡，以及穩定的營商環境，不難成為備受各方信賴的合作平台。 建基於創科及國際化實力的新路向 從國家層面看，近年內地經濟轉向高質量發展，為香港開拓新增長曲線帶來重大機遇。2025年，中國全社會研發經費接近 4 萬億元，穩居世界第二；有效發明專利突破500萬件；根據《專利合作條約》（Patent Cooperation Treaty；簡稱PCT）提出的國際專利申請量連冠6年。與此同時，規模以上高技術製造業、裝備製造業、數字產品製造業及清潔能源發電量均錄得約 9%的高增長。由此可見，以創新、數字、綠色為特徵的「新質生產力」正驅動國內經濟增長。 對此，香港可增添助力。一方面，透過建設國際創科中心，匯集國際高端創新要素，在攻克關鍵核心技術方面提供增值。另一方面，善用金融業優勢，建設區域知識產權貿易中心，服務國家提高知識產權變現能力，並為國家科技和綠色產業募集國際資金。這些舉措均有利於拓展本港高增值服務業的寬度。 當前國家正積極構建以國內大循環為主體、國內國際雙循環相互促進的新發展格局。2025 年，全國社會消費品零售總額突破 50 萬億元，服務性消費支出已佔居民人均消費支出逾 46%。作為全球貨物貿易第一大國，進出口總值約達 45.5 萬億元，與「一帶一路」國家的貿易佔比已過半。中國高技術產品的出口價值更錄得逾 13%的高增長，已佔出口總額近 20%，其中「新三樣」(新能源汽車、鋰電池、光伏) 的出口大增約 27%。 國家「十五五」規劃提出要建設現代化產業體系和強大國內市場，並擴大高水平對外開放。重點工作方針包括促進服務業優質高效發展、大力提振消費、擴大有效投資，以及提升貿易投資合作質量和水平等。香港擁有一國兩制與國際化獨特性，相信其服務業大有可為。一方面，內地消費升級需要國際領先的品質標準對接服務；另一方面，國家不斷增長的進出口貿易，有利於鞏固香港作為國際轉口港的地位。除此之外，人民幣國際化也需要一個便捷、值得信賴的平台。國內綠色商品走向世界是大勢所趨，香港在環境、社會及管治（Environmental, Social, and Governance；簡稱ESG ）認證與綠色金融方面的優勢將會得到充分發揮。 推動「超級增值人」服務三重升級 面對環球碎片化經貿格局，香港在「十五五」時期須強化「超級增值人」角色，成為助力國家發展的賦能平台。為此，金融服務的升級是首要切入點。離岸人民幣業務不能僅停留在資金儲備功能，更應滿足實體經濟的投融資需求。透過豐富人民幣產品、將人民幣櫃台納入「港股通」及增發「點心債」等舉措，香港將有效提升離岸人民幣的流動性與收益率，擴大作為全球離岸人民幣業務樞紐的功能。 在深度融入大灣區產業鏈的過程中，香港可擔任賦能者角色。例如在上游建設國際科研人才高地，聚焦攻克「卡脖子」技術難題；在中游與下游，則憑藉國際化檢測認證服務和經貿網絡，助力中企佈局全球。在配套服務方面，從知識產權保障與商品化、品牌建設、市場營銷到貿易融資等，香港均可為灣區產業鏈增值。大學作為這一進程中的創新引擎，透過為研究人員和學生提供優質的學術環境，孕育具備國際化視野的專才。這些專才在社會中創造產業價值，將基礎研究成果轉化為優質產品，將複雜的國際法規轉化為合規流程，將ESG知識轉化為企業的全球聲譽。 香港之所以能發揮「引資引智」作用，實有賴於其在金融和高等教育等領域的顯著優勢。與國際接軌的金融體系，加上為全球資本提供可預期的投資環境，無疑令香港成為國際資金配置中國優質資產的首選地。而其蜚聲國際的高等教育，則是吸引全球頂尖人才的引力場。本地大學作為知識創新和人才培養的樞紐，能夠在經管、創科、醫療及法律等領域，擔當國際優質資源與國家需求之間的接口，最終可協助提升內地商品及服務的質量。 隨着中國經濟與科技實力與日俱增，中企走向世界雖是大勢所趨，但在全球碎片化時代中，也必然面臨更多挑戰，特別是文化與制度之間的隔閡。一國兩制下的香港，既在法律制度、商業慣例及消費者習慣等各方面與海外市場相似，又與內地關係緊密，足以成為中企出海的理想試點。中企不但可在香港試行商業模式，還可積累跨境運營與合規經驗，為出海增添信心。 近年香港各界在中央政府的鼎力支持下，均積極謀求新發展。筆者相信，香港定能完成區域（由全球北方延伸至全球南方）、功能（由聯繫窗口發展成賦能平台）及產業（由金融拓展至創科與綠色經濟）的三重升級【註】，將時代賦予的發展機遇轉化為實實在在的經濟增長，為廣大市民創造優質的就業機會。 【註】：筆者鄧希煒於《紫荊論壇》2026年3月27日發表《對接「十五五」 善用全球大變局促進香港第三次經濟轉型》一文中，首次提出此一概念。 鄧希煒教授 香港大學協理副校長、港大經管學院副院長、馮國經馮國綸基金經濟學教授 張超藝先生 香港大學香港經濟及商業策略研究所高級研究助理 （本文同時於二零二六年四月二十二日載於《信報》「龍虎山下」專欄）
- [Hong Kong’s Institutional Edge in a Fragmented World](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/hong-kongs-institutional-edge-in-a-fragmented-world/) - Professor Heiwai Tang and Mr Cyrus Cheung 22 April 2026 Under the ongoing geopolitical impact, the increasing importance placed by countries on security risks in recent years has caused the global economic and trade landscape to shift from integrated free trade toward fragmentation. Amid this monumental change, China’s economy has demonstrated strong resilience, expediting its
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- [谭亮：2026，照进HR的三束光](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/2026-three-beams-of-light-shining-into-hr/)
- [譚亮：2026，照進HR的三束光](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/2026-three-beams-of-light-shining-into-hr/)
- [SpaceX IPO: When the Story Outprices the Numbers](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/spacex-ipo-when-the-story-outprices-the-numbers/) - SpaceX IPO：故事與數字的星空角力 遇上驚天動地的大新聞，筆者總會在本欄探討一個基本的道理。今次SpaceX以史上最大首次公開招股（IPO）姿態叩門，無疑反映出估值世界的一場永恆角力——故事與數字。這邊廂是馬斯克描繪的火星夢與星辰大海，足以令人熱血沸騰；那邊廂卻是客觀實在的財務狀況，包括收入、開支和現金流。兩者之間落差有多大，將決定一隻股票是黃金抑或泡沫。SpaceX恰恰是個教科書級示範，因為這家太空科技公司把這場博弈推到了極致。 搶盡風頭的集資傳奇 5月20日，世界首富馬斯克旗下的SpaceX正式向美國證券交易委員會遞交招股文件，股票代號為SPCX，計劃在納斯達克以及新設立的納斯達克德州交易所同步上市。市場盛傳目標估值介乎1.75萬億至2萬億美元，集資額可能高達800億美元以上。規模之大，將一舉超越2019年石油公司沙地阿美約294億美元的舊紀錄，標誌一個意義非凡的金融里程碑，並很可能把馬斯克送上全球首位萬億富豪的寶座。 耐人尋味的是，這家公司2025年全年收入只有約187億美元，按年增長33%，全年卻錄得約49億美元淨虧損。以最直接的市銷率衡量，1.75萬億美元約等於95倍銷售額；作為對照，標普500指數中的Palantir公司，市銷率最高也僅約67倍。一家仍在蝕錢的公司，憑甚麼值這個價？這正是今次招股最值得拆解的金融議題，也是故事與數字落差的端倪。 回歸理性的觀察 要剖析此一現象，先要明白SpaceX早已不是一家純粹的火箭公司。今天它由三大板塊拼合而成：負責火箭發射的太空業務、經營星鏈衛星上網的連接業務，以及今年併入的人工智能業務xAI、Grok模型與社交平台X。投資銀行採用的是分類加總估值法（sum-of-the-parts valuation），把每塊業務分開計價後再相加。 三者之中真正賺錢的是星鏈，2025年貢獻約114億美元收入，佔總額逾6成，單是經營溢利便有約44億美元。其在軌衛星超過9600顆，佔全球在用衛星約三分之二，用戶突破1000萬，覆蓋160多個國家；可見星鏈是整家公司的現金牛，也是估值的定海神針。 反觀拖累賬面的，恰恰是新併入的xAI。2025年，單這部分AI業務便蝕約64億美元，把原本在2024年仍錄得約7.9億美元的盈利水平，一舉推入虧損。 火箭業務本身增長不快，卻扮演着壓低成本的關鍵角色。透過可回收的獵鷹9號，SpaceX把每公斤入軌成本，由行業通常約18500美元降至約2700美元，減幅高達85%。這就好比把一架每飛一程便報廢的波音747，改造成可反覆使用的客機，整個航天經濟的算式因此改寫。至於火星殖民、太空數據中心這些聽來科幻的項目，在金融學上更像一份認購期權；今天近乎不值錢，卻保留了萬一成真便價值連城的可能，連分析機構也視之為長年期的估值期權。投資者願意為這份想像力支付溢價，正是高估值的心理基礎，也是故事壓過數字的一環。 不過，把3塊業務的合理價值一加之下，多數獨立分析得出的總和都低於招股目標。有研究機構的分類加總區間落在1.1萬億至1.7萬億美元；也有預測把中位數定在約1.25萬億美元，較目標低近3成，並形容這是基於萬事大吉才撐得起的定價。更尖銳的評論甚至認為，撇開故事，它其實只是一家約6000億美元的公司。 這裏帶出估值的核心張力，正是數字與故事之爭。SpaceX在招股書聲稱面對的潛在市場高達28.5萬億美元，幾乎等於整個美國經濟規模。當一家公司訴諸如此宏大的敘事以招徠資金，投資者買的究竟是現金流，還是一個關於未來的信念，實在值得深思。 預警信號接二連三 另一個值得玩味之處，是估值本身的雪球效應。SpaceX的私募估值在1年多期間，由2024年底約3500億美元，跳到2025年中4000億以至年底約8000億美元。每半年一次的員工售股安排，都把價格重估得更高，而上市憧憬又反過來抬升今輪定價，形成市場上所謂「反身性反饋循環」（reflexive feedback loop）。換句話說，價格上升是因為大家相信它會升，這種自我實現的預期既能成就神話，也能釀成踩踏。與此同時，亦須留意管治架構，馬斯克透過每股10票的B類股，掌握約85%投票權，實際持股卻只約41%。即使投資者買了股票，對公司決策幾乎沒有發言權，這是典型的代理問題。 今次招股還有一個罕見安排，就是預留多達30%股份給散戶，遠高於一般新股比例，而認購價更與機構看齊。表面看來是機會民主化，卻也有人擔心它會被催化成一隻迷因股，散戶在高位接火棒。事實上，市場熱情早已浮現：一隻主打太空主題、可間接持有SpaceX的交易所買賣基金，兩個月內規模便衝破26億美元。再者，一旦上市後被納入納斯達克100、標普500等指數，被動基金便須被迫買入，可能帶來數百億美元的額外需求。不過太空生意風險極高，就在遞表前後，亞馬遜創辦人貝索斯旗下藍色起源的「新格倫」火箭在測試時爆炸，正好提醒眾人這個行業有多不確定，一次失敗便足以令故事瞬間冷卻。 至於SPCX，不可不察的是撐起整個估值的星鏈，在香港、澳門以至內地都被明文禁止使用。本地投資者即使買了股票，也用不上它的招牌產品。在認購層面，香港散戶要直接抽中SPCX並不容易，證券商多會優先配給流動資產達800萬港元的專業投資者，多數人最終仍要在掛牌日在公開市場購買。此外，應提防兩個稅務陷阱，非美國居民收息會被預扣30%股息稅；若以個人名義持有的美國資產超過6萬美元，身故後繼承人更可能面對最高40%美國遺產稅。是次SpaceX捨香港交易所而取納斯達克，也再次說明大型科技股仍偏愛美國市場，儘管香港過去也辦過阿里巴巴、工商銀行等大型上市。 「科幻股」的投資要點 展望將來，SpaceX的故事其實是整個太空經濟的縮影。火箭發射愈頻密，衛星上網愈普及，衛星直連手機、太空AI算力這些新生意才有望成形，但要積極發展這些藍圖，還須等上數年甚至數十年。緊隨其後，OpenAI、Anthropic等AI巨頭也蓄勢待發，準備上市，這一波或是人工智能熱潮，風頭也許一時無兩，但所面臨的考驗也非同小可。 在夢想與現實的對壘之中，故事讓人憧憬未來，數字則助人認清現況；投資者兼聽則明，偏信則暗。今次史詩級招股最實用的一課，未必是應否追捧，而是學會分清故事與數字；作出決定前，不妨先問自己願意為想像力付出多少溢價，再按能夠承受的波幅去調整注碼。畢竟在資產配置的世界裏，再壯麗的星辰大海，也只應是組合裏的一部分，而非整體。 免責聲明：本文純屬教育及資訊分享用途，不構成任何投資建議或招攬。投資者應根據自身風險承受能力作出獨立判斷。 章逸飛博士 港大經管學院經濟學高級講師 （本文同時於二零二六年六月十七日載於《信報》「龍虎山下」專欄）
- [SpaceX IPO：故事与数字的星空角力](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/spacex-ipo-when-the-story-outprices-the-numbers/) - 遇上惊天动地的大新闻，笔者总会在本栏探讨一个基本的道理。今次SpaceX以史上最大首次公开招股（IPO）姿态叩门，无疑反映出估值世界的一场永恒角力——故事与数字。这边厢是马斯克描绘的火星梦与星辰大海，足以令人热血沸腾；那边厢却是客观实在的财务状况，包括收入、开支和现金流。两者之间落差有多大，将决定一只股票是黄金抑或泡沫。SpaceX恰恰是个教科书级示范，因为这家太空科技公司把这场博弈推到了极致。 抢尽风头的集资传奇 5月20日，世界首富马斯克旗下的SpaceX正式向美国证券交易委员会递交招股文件，股票代号为SPCX，计划在纳斯达克以及新设立的纳斯达克德州交易所同步上市。市场盛传目标估值介乎1.75万亿至2万亿美元，集资额可能高达800亿美元以上。规模之大，将一举超越2019年石油公司沙地阿美约294亿美元的旧纪录，标志一个意义非凡的金融里程碑，并很可能把马斯克送上全球首位万亿富豪的宝座。 耐人寻味的是，这家公司2025年全年收入只有约187亿美元，按年增长33%，全年却录得约49亿美元净亏损。以最直接的市销率衡量，1.75万亿美元约等于95倍销售额；作为对照，标普500指数中的Palantir公司，市销率最高也仅约67倍。一家仍在蚀钱的公司，凭甚么值这个价？这正是今次招股最值得拆解的金融议题，也是故事与数字落差的端倪。 回归理性的观察 要剖析此一现象，先要明白SpaceX早已不是一家纯粹的火箭公司。今天它由三大板块拼合而成：负责火箭发射的太空业务、经营星链卫星上网的连接业务，以及今年并入的人工智能业务xAI、Grok模型与社交平台X。投资银行采用的是分类加总估值法（sum-of-the-parts valuation），把每块业务分开计价后再相加。 三者之中真正赚钱的是星链，2025年贡献约114亿美元收入，占总额逾6成，单是经营溢利便有约44亿美元。其在轨卫星超过9600颗，占全球在用卫星约三分之二，用户突破1000万，覆盖160多个国家；可见星链是整家公司的现金牛，也是估值的定海神针。 反观拖累账面的，恰恰是新并入的xAI。2025年，单这部分AI业务便蚀约64亿美元，把原本在2024年仍录得约7.9亿美元的盈利水平，一举推入亏损。 火箭业务本身增长不快，却扮演着压低成本的关键角色。透过可回收的猎鹰9号，SpaceX把每公斤入轨成本，由行业通常约18500美元降至约2700美元，减幅高达85%。这就好比把一架每飞一程便报废的波音747，改造成可反复使用的客机，整个航天经济的算式因此改写。至于火星殖民、太空数据中心这些听来科幻的项目，在金融学上更像一份认购期权；今天近乎不值钱，却保留了万一成真便价值连城的可能，连分析机构也视之为长年期的估值期权。投资者愿意为这份想像力支付溢价，正是高估值的心理基础，也是故事压过数字的一环。 不过，把3块业务的合理价值一加之下，多数独立分析得出的总和都低于招股目标。有研究机构的分类加总区间落在1.1万亿至1.7万亿美元；也有预测把中位数定在约1.25万亿美元，较目标低近3成，并形容这是基于万事大吉才撑得起的定价。更尖锐的评论甚至认为，撇开故事，它其实只是一家约6000亿美元的公司。 这里带出估值的核心张力，正是数字与故事之争。SpaceX在招股书声称面对的潜在市场高达28.5万亿美元，几乎等于整个美国经济规模。当一家公司诉诸如此宏大的叙事以招徕资金，投资者买的究竟是现金流，还是一个关于未来的信念，实在值得深思。 预警信号接二连三 另一个值得玩味之处，是估值本身的雪球效应。SpaceX的私募估值在1年多期间，由2024年底约3500亿美元，跳到2025年中4000亿以至年底约8000亿美元。每半年一次的员工售股安排，都把价格重估得更高，而上市憧憬又反过来抬升今轮定价，形成市场上所谓“反身性反馈循环”（reflexive feedback loop）。换句话说，价格上升是因为大家相信它会升，这种自我实现的预期既能成就神话，也能酿成踩踏。与此同时，亦须留意管治架构，马斯克透过每股10票的B类股，掌握约85%投票权，实际持股却只约41%。即使投资者买了股票，对公司决策几乎没有发言权，这是典型的代理问题。 今次招股还有一个罕见安排，就是预留多达30%股份给散户，远高于一般新股比例，而认购价更与机构看齐。表面看来是机会民主化，却也有人担心它会被催化成一只迷因股，散户在高位接火棒。事实上，市场热情早已浮现：一只主打太空主题、可间接持有SpaceX的交易所买卖基金，两个月内规模便冲破26亿美元。再者，一旦上市后被纳入纳斯达克100、标普500等指数，被动基金便须被迫买入，可能带来数百亿美元的额外需求。不过太空生意风险极高，就在递表前后，亚马逊创办人贝索斯旗下蓝色起源的“新格伦”火箭在测试时爆炸，正好提醒众人这个行业有多不确定，一次失败便足以令故事瞬间冷却。 至于SPCX，不可不察的是撑起整个估值的星链，在香港、澳门以至内地都被明文禁止使用。本地投资者即使买了股票，也用不上它的招牌产品。在认购层面，香港散户要直接抽中SPCX并不容易，证券商多会优先配给流动资产达800万港元的专业投资者，多数人最终仍要在挂牌日在公开市场购买。此外，应提防两个税务陷阱，非美国居民收息会被预扣30%股息税；若以个人名义持有的美国资产超过6万美元，身故后继承人更可能面对最高40%美国遗产税。是次SpaceX舍香港交易所而取纳斯达克，也再次说明大型科技股仍偏爱美国市场，尽管香港过去也办过阿里巴巴、工商银行等大型上市。 “科幻股”的投资要点 展望将来，SpaceX的故事其实是整个太空经济的缩影。火箭发射愈频密，卫星上网愈普及，卫星直连手机、太空AI算力这些新生意才有望成形，但要积极发展这些蓝图，还须等上数年甚至数十年。紧随其后，OpenAI、Anthropic等AI巨头也蓄势待发，准备上市，这一波或是人工智能热潮，风头也许一时无两，但所面临的考验也非同小可。 在梦想与现实的对垒之中，故事让人憧憬未来，数字则助人认清现况；投资者兼听则明，偏信则暗。今次史诗级招股最实用的一课，未必是应否追捧，而是学会分清故事与数字；作出决定前，不妨先问自己愿意为想像力付出多少溢价，再按能够承受的波幅去调整注码。毕竟在资产配置的世界里，再壮丽的星辰大海，也只应是组合里的一部分，而非整体。 免责声明：本文纯属教育及资讯分享用途，不构成任何投资建议或招揽。投资者应根据自身风险承受能力作出独立判断。 章逸飞博士 港大经管学院经济学高级讲师 （本文同时于二零二六年六月十七日载于《信报》“龙虎山下”专栏）
- [SpaceX IPO：故事與數字的星空角力](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/spacex-ipo-when-the-story-outprices-the-numbers/) - 遇上驚天動地的大新聞，筆者總會在本欄探討一個基本的道理。今次SpaceX以史上最大首次公開招股（IPO）姿態叩門，無疑反映出估值世界的一場永恆角力——故事與數字。這邊廂是馬斯克描繪的火星夢與星辰大海，足以令人熱血沸騰；那邊廂卻是客觀實在的財務狀況，包括收入、開支和現金流。兩者之間落差有多大，將決定一隻股票是黃金抑或泡沫。SpaceX恰恰是個教科書級示範，因為這家太空科技公司把這場博弈推到了極致。 搶盡風頭的集資傳奇 5月20日，世界首富馬斯克旗下的SpaceX正式向美國證券交易委員會遞交招股文件，股票代號為SPCX，計劃在納斯達克以及新設立的納斯達克德州交易所同步上市。市場盛傳目標估值介乎1.75萬億至2萬億美元，集資額可能高達800億美元以上。規模之大，將一舉超越2019年石油公司沙地阿美約294億美元的舊紀錄，標誌一個意義非凡的金融里程碑，並很可能把馬斯克送上全球首位萬億富豪的寶座。 耐人尋味的是，這家公司2025年全年收入只有約187億美元，按年增長33%，全年卻錄得約49億美元淨虧損。以最直接的市銷率衡量，1.75萬億美元約等於95倍銷售額；作為對照，標普500指數中的Palantir公司，市銷率最高也僅約67倍。一家仍在蝕錢的公司，憑甚麼值這個價？這正是今次招股最值得拆解的金融議題，也是故事與數字落差的端倪。 回歸理性的觀察 要剖析此一現象，先要明白SpaceX早已不是一家純粹的火箭公司。今天它由三大板塊拼合而成：負責火箭發射的太空業務、經營星鏈衛星上網的連接業務，以及今年併入的人工智能業務xAI、Grok模型與社交平台X。投資銀行採用的是分類加總估值法（sum-of-the-parts valuation），把每塊業務分開計價後再相加。 三者之中真正賺錢的是星鏈，2025年貢獻約114億美元收入，佔總額逾6成，單是經營溢利便有約44億美元。其在軌衛星超過9600顆，佔全球在用衛星約三分之二，用戶突破1000萬，覆蓋160多個國家；可見星鏈是整家公司的現金牛，也是估值的定海神針。 反觀拖累賬面的，恰恰是新併入的xAI。2025年，單這部分AI業務便蝕約64億美元，把原本在2024年仍錄得約7.9億美元的盈利水平，一舉推入虧損。 火箭業務本身增長不快，卻扮演着壓低成本的關鍵角色。透過可回收的獵鷹9號，SpaceX把每公斤入軌成本，由行業通常約18500美元降至約2700美元，減幅高達85%。這就好比把一架每飛一程便報廢的波音747，改造成可反覆使用的客機，整個航天經濟的算式因此改寫。至於火星殖民、太空數據中心這些聽來科幻的項目，在金融學上更像一份認購期權；今天近乎不值錢，卻保留了萬一成真便價值連城的可能，連分析機構也視之為長年期的估值期權。投資者願意為這份想像力支付溢價，正是高估值的心理基礎，也是故事壓過數字的一環。 不過，把3塊業務的合理價值一加之下，多數獨立分析得出的總和都低於招股目標。有研究機構的分類加總區間落在1.1萬億至1.7萬億美元；也有預測把中位數定在約1.25萬億美元，較目標低近3成，並形容這是基於萬事大吉才撐得起的定價。更尖銳的評論甚至認為，撇開故事，它其實只是一家約6000億美元的公司。 這裏帶出估值的核心張力，正是數字與故事之爭。SpaceX在招股書聲稱面對的潛在市場高達28.5萬億美元，幾乎等於整個美國經濟規模。當一家公司訴諸如此宏大的敘事以招徠資金，投資者買的究竟是現金流，還是一個關於未來的信念，實在值得深思。 預警信號接二連三 另一個值得玩味之處，是估值本身的雪球效應。SpaceX的私募估值在1年多期間，由2024年底約3500億美元，跳到2025年中4000億以至年底約8000億美元。每半年一次的員工售股安排，都把價格重估得更高，而上市憧憬又反過來抬升今輪定價，形成市場上所謂「反身性反饋循環」（reflexive feedback loop）。換句話說，價格上升是因為大家相信它會升，這種自我實現的預期既能成就神話，也能釀成踩踏。與此同時，亦須留意管治架構，馬斯克透過每股10票的B類股，掌握約85%投票權，實際持股卻只約41%。即使投資者買了股票，對公司決策幾乎沒有發言權，這是典型的代理問題。 今次招股還有一個罕見安排，就是預留多達30%股份給散戶，遠高於一般新股比例，而認購價更與機構看齊。表面看來是機會民主化，卻也有人擔心它會被催化成一隻迷因股，散戶在高位接火棒。事實上，市場熱情早已浮現：一隻主打太空主題、可間接持有SpaceX的交易所買賣基金，兩個月內規模便衝破26億美元。再者，一旦上市後被納入納斯達克100、標普500等指數，被動基金便須被迫買入，可能帶來數百億美元的額外需求。不過太空生意風險極高，就在遞表前後，亞馬遜創辦人貝索斯旗下藍色起源的「新格倫」火箭在測試時爆炸，正好提醒眾人這個行業有多不確定，一次失敗便足以令故事瞬間冷卻。 至於SPCX，不可不察的是撐起整個估值的星鏈，在香港、澳門以至內地都被明文禁止使用。本地投資者即使買了股票，也用不上它的招牌產品。在認購層面，香港散戶要直接抽中SPCX並不容易，證券商多會優先配給流動資產達800萬港元的專業投資者，多數人最終仍要在掛牌日在公開市場購買。此外，應提防兩個稅務陷阱，非美國居民收息會被預扣30%股息稅；若以個人名義持有的美國資產超過6萬美元，身故後繼承人更可能面對最高40%美國遺產稅。是次SpaceX捨香港交易所而取納斯達克，也再次說明大型科技股仍偏愛美國市場，儘管香港過去也辦過阿里巴巴、工商銀行等大型上市。 「科幻股」的投資要點 展望將來，SpaceX的故事其實是整個太空經濟的縮影。火箭發射愈頻密，衛星上網愈普及，衛星直連手機、太空AI算力這些新生意才有望成形，但要積極發展這些藍圖，還須等上數年甚至數十年。緊隨其後，OpenAI、Anthropic等AI巨頭也蓄勢待發，準備上市，這一波或是人工智能熱潮，風頭也許一時無兩，但所面臨的考驗也非同小可。 在夢想與現實的對壘之中，故事讓人憧憬未來，數字則助人認清現況；投資者兼聽則明，偏信則暗。今次史詩級招股最實用的一課，未必是應否追捧，而是學會分清故事與數字；作出決定前，不妨先問自己願意為想像力付出多少溢價，再按能夠承受的波幅去調整注碼。畢竟在資產配置的世界裏，再壯麗的星辰大海，也只應是組合裏的一部分，而非整體。 免責聲明：本文純屬教育及資訊分享用途，不構成任何投資建議或招攬。投資者應根據自身風險承受能力作出獨立判斷。 章逸飛博士 港大經管學院經濟學高級講師 （本文同時於二零二六年六月十七日載於《信報》「龍虎山下」專欄）
- [Scaling Urban On-Demand Delivery: A Dabbawala-Inspired System for Handling Massive Demands Via Public Transit](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/scaling-urban-on-demand-delivery-a-dabbawala-inspired-system-for-handling-massive-demands-via-public-transit/) - With the rapid growth of omnichannel retailing and the takeaway delivery economy, the classic point-to-point mode for on-demand delivery is deficient in delivery capacity, coverage area, dispatching efficiency, and courier safety assurance. Inspired by the success of Dabbawala, a historical Indian company for lunch delivery, we propose a novel public on-demand delivery service system that uses the public transit network to satisfy stochastic delivery demands. In particular, the proposed system includes a radial public transit network for intermediate transshipment, as well as couriers with e-bikes for terminal pick-up and drop-off. Our research aims to generate system design that minimizes the sum of penalty costs from lost sales and operational costs associated with courier terminal delivery distance. Solving the integrated system optimization problem relies on incorporating operational details, especially the allocation strategies of the lines’ capacity and the couriers’ terminal traveling modes. For the former, we propose a novel flexible design, called dual long-chain design, to improve flexibility. For the latter, we propose an elegant approximation of optimal service region partitioning that minimizes the expected terminal delivery distance and the resulting costs, without compromising delivery timeliness. Leveraging the theoretical results of the operational strategies, we simplify the integrated optimization problem and propose an efficient approximation algorithm. Finally, we validate the advantage of the proposed system over classic point-to-point delivery in satisfying demands and reducing costs through extensive numerical experiments, providing managerial insights in handling massive on-demand delivery demands and utilizing the idle capacity of the public transit system.
- [Scaling Urban On-Demand Delivery: A Dabbawala-Inspired System for Handling Massive Demands Via Public Transit](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/scaling-urban-on-demand-delivery-a-dabbawala-inspired-system-for-handling-massive-demands-via-public-transit/) - With the rapid growth of omnichannel retailing and the takeaway delivery economy, the classic point-to-point mode for on-demand delivery is deficient in delivery capacity, coverage area, dispatching efficiency, and courier safety assurance. Inspired by the success of Dabbawala, a historical Indian company for lunch delivery, we propose a novel public on-demand delivery service system that uses the public transit network to satisfy stochastic delivery demands. In particular, the proposed system includes a radial public transit network for intermediate transshipment, as well as couriers with e-bikes for terminal pick-up and drop-off. Our research aims to generate system design that minimizes the sum of penalty costs from lost sales and operational costs associated with courier terminal delivery distance. Solving the integrated system optimization problem relies on incorporating operational details, especially the allocation strategies of the lines’ capacity and the couriers’ terminal traveling modes. For the former, we propose a novel flexible design, called dual long-chain design, to improve flexibility. For the latter, we propose an elegant approximation of optimal service region partitioning that minimizes the expected terminal delivery distance and the resulting costs, without compromising delivery timeliness. Leveraging the theoretical results of the operational strategies, we simplify the integrated optimization problem and propose an efficient approximation algorithm. Finally, we validate the advantage of the proposed system over classic point-to-point delivery in satisfying demands and reducing costs through extensive numerical experiments, providing managerial insights in handling massive on-demand delivery demands and utilizing the idle capacity of the public transit system.
- [Scaling Urban On-Demand Delivery: A Dabbawala-Inspired System for Handling Massive Demands Via Public Transit](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/scaling-urban-on-demand-delivery-a-dabbawala-inspired-system-for-handling-massive-demands-via-public-transit/) - With the rapid growth of omnichannel retailing and the takeaway delivery economy, the classic point-to-point mode for on-demand delivery is deficient in delivery capacity, coverage area, dispatching efficiency, and courier safety assurance. Inspired by the success of Dabbawala, a historical Indian company for lunch delivery, we propose a novel public on-demand delivery service system that uses the public transit network to satisfy stochastic delivery demands. In particular, the proposed system includes a radial public transit network for intermediate transshipment, as well as couriers with e-bikes for terminal pick-up and drop-off. Our research aims to generate system design that minimizes the sum of penalty costs from lost sales and operational costs associated with courier terminal delivery distance. Solving the integrated system optimization problem relies on incorporating operational details, especially the allocation strategies of the lines’ capacity and the couriers’ terminal traveling modes. For the former, we propose a novel flexible design, called dual long-chain design, to improve flexibility. For the latter, we propose an elegant approximation of optimal service region partitioning that minimizes the expected terminal delivery distance and the resulting costs, without compromising delivery timeliness. Leveraging the theoretical results of the operational strategies, we simplify the integrated optimization problem and propose an efficient approximation algorithm. Finally, we validate the advantage of the proposed system over classic point-to-point delivery in satisfying demands and reducing costs through extensive numerical experiments, providing managerial insights in handling massive on-demand delivery demands and utilizing the idle capacity of the public transit system.
- [Penalizing Lateness or Sharing Cost: Project Outsourcing via Request-for-Quote](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/penalizing-lateness-or-sharing-cost-project-outsourcing-via-request-for-quote/) - Request-for-quote (RFQ) is the most commonly used mechanism for contractor selection in project outsourcing. Problem definition: We study how RFQ design interacts with the time-cost trade-off in project execution and compare two common contract forms: time-incentive contracts (penalizing lateness) and cost-sharing contracts (reimbursing direct costs). Methodology/results: Using a game-theoretic model, we characterize optimal RFQ designs under incomplete information about contractors' direct cost efficiency. Time-incentive contracts weaken competition, whereas cost-sharing contracts strengthen it, increasing work rates and shortening completion times. Clients prefer cost-sharing contracts, with this preference being stronger when time urgency is high, contractor heterogeneity is substantial, or the contractor pool is small; time-incentive contracts yield higher overall system efficiency in low-urgency settings, consistent with their prevalence in public projects. We derive a closed-form bound on the relative decrease in the client's payoff when using a fixed-term RFQ instead of a more complex upfront-fee RFQ and numerically show that fixed-term RFQs lose less than 0.28% of client payoff. Audit noise has no effect when correction costs are negligible or very high, but it introduces bidding frictions and lowers the optimal cost-sharing ratio when correction costs are moderate. Managerial implications: These insights guide contract selection by time urgency and market conditions and support the use of simple fixed-term RFQs with minimal profit loss.
- [Penalizing Lateness or Sharing Cost: Project Outsourcing via Request-for-Quote](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/penalizing-lateness-or-sharing-cost-project-outsourcing-via-request-for-quote/) - Request-for-quote (RFQ) is the most commonly used mechanism for contractor selection in project outsourcing. Problem definition: We study how RFQ design interacts with the time-cost trade-off in project execution and compare two common contract forms: time-incentive contracts (penalizing lateness) and cost-sharing contracts (reimbursing direct costs). Methodology/results: Using a game-theoretic model, we characterize optimal RFQ designs under incomplete information about contractors' direct cost efficiency. Time-incentive contracts weaken competition, whereas cost-sharing contracts strengthen it, increasing work rates and shortening completion times. Clients prefer cost-sharing contracts, with this preference being stronger when time urgency is high, contractor heterogeneity is substantial, or the contractor pool is small; time-incentive contracts yield higher overall system efficiency in low-urgency settings, consistent with their prevalence in public projects. We derive a closed-form bound on the relative decrease in the client's payoff when using a fixed-term RFQ instead of a more complex upfront-fee RFQ and numerically show that fixed-term RFQs lose less than 0.28% of client payoff. Audit noise has no effect when correction costs are negligible or very high, but it introduces bidding frictions and lowers the optimal cost-sharing ratio when correction costs are moderate. Managerial implications: These insights guide contract selection by time urgency and market conditions and support the use of simple fixed-term RFQs with minimal profit loss.
- [Penalizing Lateness or Sharing Cost: Project Outsourcing via Request-for-Quote](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/penalizing-lateness-or-sharing-cost-project-outsourcing-via-request-for-quote/) - Request-for-quote (RFQ) is the most commonly used mechanism for contractor selection in project outsourcing. Problem definition: We study how RFQ design interacts with the time-cost trade-off in project execution and compare two common contract forms: time-incentive contracts (penalizing lateness) and cost-sharing contracts (reimbursing direct costs). Methodology/results: Using a game-theoretic model, we characterize optimal RFQ designs under incomplete information about contractors' direct cost efficiency. Time-incentive contracts weaken competition, whereas cost-sharing contracts strengthen it, increasing work rates and shortening completion times. Clients prefer cost-sharing contracts, with this preference being stronger when time urgency is high, contractor heterogeneity is substantial, or the contractor pool is small; time-incentive contracts yield higher overall system efficiency in low-urgency settings, consistent with their prevalence in public projects. We derive a closed-form bound on the relative decrease in the client's payoff when using a fixed-term RFQ instead of a more complex upfront-fee RFQ and numerically show that fixed-term RFQs lose less than 0.28% of client payoff. Audit noise has no effect when correction costs are negligible or very high, but it introduces bidding frictions and lowers the optimal cost-sharing ratio when correction costs are moderate. Managerial implications: These insights guide contract selection by time urgency and market conditions and support the use of simple fixed-term RFQs with minimal profit loss.
- [Dirty Air and Green Investments: The Impact of Pollution Information on Portfolio Allocations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/dirty-air-and-green-investments-the-impact-of-pollution-information-on-portfolio-allocations/) - We study whether access to local pollution information causes investors to make greener portfolio allocations, exploiting the rollout of air quality monitoring stations in India. Using a triple-differences framework on the trading records of 19 million investors, we show that retail investors’ holdings in “brown” stocks become more negatively related to local pollution after a nearby station appears. This effect is more pronounced on “alert” dates when air quality is reported to be harmful. The effect is strongest among tech-savvy investors likely “treated” by real-time pollution data, and younger investors, who may be more sensitive to environmental concerns.
- [Dirty Air and Green Investments: The Impact of Pollution Information on Portfolio Allocations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/dirty-air-and-green-investments-the-impact-of-pollution-information-on-portfolio-allocations/) - We study whether access to local pollution information causes investors to make greener portfolio allocations, exploiting the rollout of air quality monitoring stations in India. Using a triple-differences framework on the trading records of 19 million investors, we show that retail investors’ holdings in “brown” stocks become more negatively related to local pollution after a nearby station appears. This effect is more pronounced on “alert” dates when air quality is reported to be harmful. The effect is strongest among tech-savvy investors likely “treated” by real-time pollution data, and younger investors, who may be more sensitive to environmental concerns.
- [Dirty Air and Green Investments: The Impact of Pollution Information on Portfolio Allocations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/dirty-air-and-green-investments-the-impact-of-pollution-information-on-portfolio-allocations/) - We study whether access to local pollution information causes investors to make greener portfolio allocations, exploiting the rollout of air quality monitoring stations in India. Using a triple-differences framework on the trading records of 19 million investors, we show that retail investors’ holdings in “brown” stocks become more negatively related to local pollution after a nearby station appears. This effect is more pronounced on “alert” dates when air quality is reported to be harmful. The effect is strongest among tech-savvy investors likely “treated” by real-time pollution data, and younger investors, who may be more sensitive to environmental concerns.
- [What AI Can't Read: The Unspoken Standards Behind Good Work](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/what-ai-cant-read-the-unspoken-standards-behind-good-work/) - AI 的能力很強，但它讀不懂「言外之意」 在 AI 時代，每個人都應逐漸變成定義標準的人。 哈佛商學院與 BCG 曾合作過一項大規模實驗：讓 700 多名諮詢顧問使用 GPT-4 完成一系列接近真實工作的諮詢任務。結果耐人尋味。在落在 AI 能力邊界內的任務上，使用 AI 的顧問完成得更快，質量也更高；但在一個被設計為超出 AI 能力邊界的複雜管理問題上，使用 AI 的顧問反而更容易得出錯誤結論。[1] 一種解釋是模型能力仍有邊界。但另一個常被忽視的原因或許更值得重視：複雜任務往往依賴大量沒有被說出口的標準——什麼算「好」，怎樣算「達到要求」，哪些邊界不能越過。這些標準存在於人的經驗裏，卻很少被寫成規則。 這並不是一個新問題。它恰好對應知識理論和組織管理中一個經典概念：默會知識（tacit knowledge）。 這一概念最早由科學哲學家 Michael Polanyi 系統提出，核心洞察是：「我們知道的，遠比我們能說出來的多。」[2] 默會知識指的是那些難以用規則、流程或語言完整概括，卻真實存在於經驗和判斷中的知識。一個資深編輯對「好標題」的直覺，一個投資人對「時機」的把握，一個設計師對「差一點」和「剛剛好」之間的分辨。這些判斷每天都在發揮作用，卻幾乎無法完整寫進操作手冊。 理解了這一點，就不難解釋人們使用 AI 時最常見的困惑：問題往往不是「AI 做不了」，而是「AI 做出來的不是想要的」。原因在於，AI 並不知道使用者心中那些沒有被表達出來的標準。 這種說不清楚的默會知識，使得將工作交給 AI 變成一件不簡單的事。而這又引出管理學和組織經濟學中另一個經典議題：委派（delegation）。 經濟學家 Aghion 和 Tirole 在研究中指出，委派的核心張力在於：委託方在移交部分控制權的同時，仍然希望代理方的行動與自身目標保持一致。委派可以提升代理方的信息獲取和主動性，但代價是委託方會失去一部分控制。[3] 管理人時，委派之難往往來自下屬有自身偏好和私人收益，可能選擇對自己更有利、但不一定對委託方最優的行動。管理 AI 時，難點有所不同：AI 不會因為私人利益而偷懶或選擇性執行，但它也不會自動獲知那些沒有被說出口的標準。換句話說，AI 委派的核心挑戰，不是傳統意義上的激勵不一致，而是任務是否被充分說明、背景是否被充分提供、結果是否能被有效驗證。 技術社區為解決此問題探索了不少工程方法，從提示詞工程（prompt engineering）到駕馭工程（harness engineering）。但回到底層結構來看，它們做的事情有很大一部分是相通的：把原本只存在於人腦中的判斷標準，儘可能外化為 AI 可讀取、可執行、可校驗的形式。這個過程，本質上是在降低默會知識傳遞和結果驗證的成本。 這意味着，使用 AI 的過程不能默認「它應該知道」，也不能指望它自動領會慣例。那些存在於個人經驗和團隊默契中的判斷標準，需要被轉化為可傳遞、可複用的明確表達。
- [AI 的能力很強，但它讀不懂「言外之意」](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/what-ai-cant-read-the-unspoken-standards-behind-good-work/) - 在 AI 時代，每個人都應逐漸變成定義標準的人。 哈佛商學院與 BCG 曾合作過一項大規模實驗：讓 700 多名諮詢顧問使用 GPT-4 完成一系列接近真實工作的諮詢任務。結果耐人尋味。在落在 AI 能力邊界內的任務上，使用 AI 的顧問完成得更快，質量也更高；但在一個被設計為超出 AI 能力邊界的複雜管理問題上，使用 AI 的顧問反而更容易得出錯誤結論。[1] 一種解釋是模型能力仍有邊界。但另一個常被忽視的原因或許更值得重視：複雜任務往往依賴大量沒有被說出口的標準——什麼算「好」，怎樣算「達到要求」，哪些邊界不能越過。這些標準存在於人的經驗裏，卻很少被寫成規則。 這並不是一個新問題。它恰好對應知識理論和組織管理中一個經典概念：默會知識（tacit knowledge）。 這一概念最早由科學哲學家 Michael Polanyi 系統提出，核心洞察是：「我們知道的，遠比我們能說出來的多。」[2] 默會知識指的是那些難以用規則、流程或語言完整概括，卻真實存在於經驗和判斷中的知識。一個資深編輯對「好標題」的直覺，一個投資人對「時機」的把握，一個設計師對「差一點」和「剛剛好」之間的分辨。這些判斷每天都在發揮作用，卻幾乎無法完整寫進操作手冊。 理解了這一點，就不難解釋人們使用 AI 時最常見的困惑：問題往往不是「AI 做不了」，而是「AI 做出來的不是想要的」。原因在於，AI 並不知道使用者心中那些沒有被表達出來的標準。 這種說不清楚的默會知識，使得將工作交給 AI 變成一件不簡單的事。而這又引出管理學和組織經濟學中另一個經典議題：委派（delegation）。 經濟學家 Aghion 和 Tirole 在研究中指出，委派的核心張力在於：委託方在移交部分控制權的同時，仍然希望代理方的行動與自身目標保持一致。委派可以提升代理方的信息獲取和主動性，但代價是委託方會失去一部分控制。[3] 管理人時，委派之難往往來自下屬有自身偏好和私人收益，可能選擇對自己更有利、但不一定對委託方最優的行動。管理 AI 時，難點有所不同：AI 不會因為私人利益而偷懶或選擇性執行，但它也不會自動獲知那些沒有被說出口的標準。換句話說，AI 委派的核心挑戰，不是傳統意義上的激勵不一致，而是任務是否被充分說明、背景是否被充分提供、結果是否能被有效驗證。 技術社區為解決此問題探索了不少工程方法，從提示詞工程（prompt engineering）到駕馭工程（harness engineering）。但回到底層結構來看，它們做的事情有很大一部分是相通的：把原本只存在於人腦中的判斷標準，儘可能外化為 AI 可讀取、可執行、可校驗的形式。這個過程，本質上是在降低默會知識傳遞和結果驗證的成本。 這意味着，使用 AI 的過程不能默認「它應該知道」，也不能指望它自動領會慣例。那些存在於個人經驗和團隊默契中的判斷標準，需要被轉化為可傳遞、可複用的明確表達。 也就是說，在 AI
- [AI 的能力很强，但它读不懂“言外之意”](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/what-ai-cant-read-the-unspoken-standards-behind-good-work/) - 在 AI 时代，每个人都应逐渐变成定义标准的人。 哈佛商学院与 BCG 曾合作过一项大规模实验：让 700 多名谘询顾问使用 GPT-4 完成一系列接近真实工作的谘询任务。结果耐人寻味。在落在 AI 能力边界内的任务上，使用 AI 的顾问完成得更快，质量也更高；但在一个被设计为超出 AI 能力边界的复杂管理问题上，使用 AI 的顾问反而更容易得出错误结论。[1] 一种解释是模型能力仍有边界。但另一个常被忽视的原因或许更值得重视：复杂任务往往依赖大量没有被说出口的标准——什么算“好”，怎样算“达到要求”，哪些边界不能越过。这些标准存在于人的经验里，却很少被写成规则。 这并不是一个新问题。它恰好对应知识理论和组织管理中一个经典概念：默会知识（tacit knowledge）。 这一概念最早由科学哲学家 Michael Polanyi 系统提出，核心洞察是：“我们知道的，远比我们能说出来的多。”[2] 默会知识指的是那些难以用规则、流程或语言完整概括，却真实存在于经验和判断中的知识。一个资深编辑对“好标题”的直觉，一个投资人对“时机”的把握，一个设计师对“差一点”和“刚刚好”之间的分辨。这些判断每天都在发挥作用，却几乎无法完整写进操作手册。 理解了这一点，就不难解释人们使用 AI 时最常见的困惑：问题往往不是“AI 做不了”，而是“AI 做出来的不是想要的”。原因在于，AI 并不知道使用者心中那些没有被表达出来的标准。 这种说不清楚的默会知识，使得将工作交给 AI 变成一件不简单的事。而这又引出管理学和组织经济学中另一个经典议题：委派（delegation）。 经济学家 Aghion 和 Tirole 在研究中指出，委派的核心张力在于：委托方在移交部分控制权的同时，仍然希望代理方的行动与自身目标保持一致。委派可以提升代理方的信息获取和主动性，但代价是委托方会失去一部分控制。[3] 管理人时，委派之难往往来自下属有自身偏好和私人收益，可能选择对自己更有利、但不一定对委托方最优的行动。管理 AI 时，难点有所不同：AI 不会因为私人利益而偷懒或选择性执行，但它也不会自动获知那些没有被说出口的标准。换句话说，AI 委派的核心挑战，不是传统意义上的激励不一致，而是任务是否被充分说明、背景是否被充分提供、结果是否能被有效验证。 技术社区为解决此问题探索了不少工程方法，从提示词工程（prompt engineering）到驾驭工程（harness engineering）。但回到底层结构来看，它们做的事情有很大一部分是相通的：把原本只存在于人脑中的判断标准，尽可能外化为 AI 可读取、可执行、可校验的形式。这个过程，本质上是在降低默会知识传递和结果验证的成本。 这意味着，使用 AI 的过程不能默认“它应该知道”，也不能指望它自动领会惯例。那些存在于个人经验和团队默契中的判断标准，需要被转化为可传递、可复用的明确表达。 也就是说，在 AI
- [A Model of China’s Economic Vertical Structure](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-model-of-chinas-economic-vertical-structure/) - We document a prominent yet underappreciated feature of the post-2000 Chinese economy: a vertical structure in which key upstream industries are dominated by state-owned enterprises (SOEs), while downstream industries are largely open to private competition. We develop a general-equilibrium model to analyze how this vertical structure—interacting with industrialization, globalization, and labor abundance—has shaped the Chinese economy. The framework offers new insights into SOE profitability, structural change, resource misallocation, and economic reform. First, upstream SOEs become more profitable as downstream private firms raise their productivity and face greater external demand during industrialization and globalization, helping explain the unprecedented prosperity of SOEs between 2002 and 2007. Second, reducing upstream market power would facilitate labor reallocation from agriculture to non-agricultural sectors, raising GDP and aggregate welfare. Third, preferential credit subsidies to SOEs can improve welfare by alleviating upstream under-supply; consequently, removing these subsidies without dismantling SOE monopoly power could reduce welfare. Quantitative analyses using firm-level data support the theoretical findings. We further show that this vertical structure can arise endogenously as an equilibrium outcome.
- [A Model of China’s Economic Vertical Structure](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-model-of-chinas-economic-vertical-structure/) - We document a prominent yet underappreciated feature of the post-2000 Chinese economy: a vertical structure in which key upstream industries are dominated by state-owned enterprises (SOEs), while downstream industries are largely open to private competition. We develop a general-equilibrium model to analyze how this vertical structure—interacting with industrialization, globalization, and labor abundance—has shaped the Chinese economy. The framework offers new insights into SOE profitability, structural change, resource misallocation, and economic reform. First, upstream SOEs become more profitable as downstream private firms raise their productivity and face greater external demand during industrialization and globalization, helping explain the unprecedented prosperity of SOEs between 2002 and 2007. Second, reducing upstream market power would facilitate labor reallocation from agriculture to non-agricultural sectors, raising GDP and aggregate welfare. Third, preferential credit subsidies to SOEs can improve welfare by alleviating upstream under-supply; consequently, removing these subsidies without dismantling SOE monopoly power could reduce welfare. Quantitative analyses using firm-level data support the theoretical findings. We further show that this vertical structure can arise endogenously as an equilibrium outcome.
- [A Model of China’s Economic Vertical Structure](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-model-of-chinas-economic-vertical-structure/) - We document a prominent yet underappreciated feature of the post-2000 Chinese economy: a vertical structure in which key upstream industries are dominated by state-owned enterprises (SOEs), while downstream industries are largely open to private competition. We develop a general-equilibrium model to analyze how this vertical structure—interacting with industrialization, globalization, and labor abundance—has shaped the Chinese economy. The framework offers new insights into SOE profitability, structural change, resource misallocation, and economic reform. First, upstream SOEs become more profitable as downstream private firms raise their productivity and face greater external demand during industrialization and globalization, helping explain the unprecedented prosperity of SOEs between 2002 and 2007. Second, reducing upstream market power would facilitate labor reallocation from agriculture to non-agricultural sectors, raising GDP and aggregate welfare. Third, preferential credit subsidies to SOEs can improve welfare by alleviating upstream under-supply; consequently, removing these subsidies without dismantling SOE monopoly power could reduce welfare. Quantitative analyses using firm-level data support the theoretical findings. We further show that this vertical structure can arise endogenously as an equilibrium outcome.
- [Buyer-Optimal Platform Design](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/buyer-optimal-platform-design/) - A platform matches a unit mass of sellers, each owning a single product of heterogeneous quality, to a unit mass of buyers with differing valuations for unit-quality. After matching, sellers make take-it-or-leave-it price-offers to buyers. Initially, valuations of buyers are only known to them and the platform, but sellers make inferences from the matching algorithm. The efficient matching is positive assortative, but buyer-optimal matchings are stochastically negative assortative when there are few low-value buyers (i.e., compared to lower-quality sellers, high-quality ones are matched to buyers with lower expected valuation). Although everyone trades, generating rents for the side lacking bargaining power results in inefficient matching.
- [Buyer-Optimal Platform Design](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/buyer-optimal-platform-design/) - A platform matches a unit mass of sellers, each owning a single product of heterogeneous quality, to a unit mass of buyers with differing valuations for unit-quality. After matching, sellers make take-it-or-leave-it price-offers to buyers. Initially, valuations of buyers are only known to them and the platform, but sellers make inferences from the matching algorithm. The efficient matching is positive assortative, but buyer-optimal matchings are stochastically negative assortative when there are few low-value buyers (i.e., compared to lower-quality sellers, high-quality ones are matched to buyers with lower expected valuation). Although everyone trades, generating rents for the side lacking bargaining power results in inefficient matching.
- [Buyer-Optimal Platform Design](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/buyer-optimal-platform-design/) - A platform matches a unit mass of sellers, each owning a single product of heterogeneous quality, to a unit mass of buyers with differing valuations for unit-quality. After matching, sellers make take-it-or-leave-it price-offers to buyers. Initially, valuations of buyers are only known to them and the platform, but sellers make inferences from the matching algorithm. The efficient matching is positive assortative, but buyer-optimal matchings are stochastically negative assortative when there are few low-value buyers (i.e., compared to lower-quality sellers, high-quality ones are matched to buyers with lower expected valuation). Although everyone trades, generating rents for the side lacking bargaining power results in inefficient matching.
- [Domestic Outsourcing and Employment Security](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/domestic-outsourcing-and-employment-security/) - Domestic outsourcing is known to reduce worker wages, but its effect on employment security — a key dimension of job quality — has not been studied. Using Brazil’s comprehensive employee–employer linked data, we find that outsourcing reduces exit from formal employment among cleaners and security guards during their first few years of tenure. The observed reduction in employment hazard is larger in cities with greater volatility in labor demand. The reduction is not attributable to differences in worker characteristics or differential exposure to local labor market shocks. The estimates suggest that outsourcing had larger positive effects on the net present value of worker earnings than implied by wage differentials alone. The patterns are consistent with a search-theoretic model in which outsourcing eases reassignment across firms.
- [Domestic Outsourcing and Employment Security](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/domestic-outsourcing-and-employment-security/) - Domestic outsourcing is known to reduce worker wages, but its effect on employment security — a key dimension of job quality — has not been studied. Using Brazil’s comprehensive employee–employer linked data, we find that outsourcing reduces exit from formal employment among cleaners and security guards during their first few years of tenure. The observed reduction in employment hazard is larger in cities with greater volatility in labor demand. The reduction is not attributable to differences in worker characteristics or differential exposure to local labor market shocks. The estimates suggest that outsourcing had larger positive effects on the net present value of worker earnings than implied by wage differentials alone. The patterns are consistent with a search-theoretic model in which outsourcing eases reassignment across firms.
- [Domestic Outsourcing and Employment Security](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/domestic-outsourcing-and-employment-security/) - Domestic outsourcing is known to reduce worker wages, but its effect on employment security — a key dimension of job quality — has not been studied. Using Brazil’s comprehensive employee–employer linked data, we find that outsourcing reduces exit from formal employment among cleaners and security guards during their first few years of tenure. The observed reduction in employment hazard is larger in cities with greater volatility in labor demand. The reduction is not attributable to differences in worker characteristics or differential exposure to local labor market shocks. The estimates suggest that outsourcing had larger positive effects on the net present value of worker earnings than implied by wage differentials alone. The patterns are consistent with a search-theoretic model in which outsourcing eases reassignment across firms.
- [An Integrative Conceptual Review of Gender Bias in Leader Evaluations: An Observer-Focused Motive-Driven Process Model](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/an-integrative-conceptual-review-of-gender-bias-in-leader-evaluations-an-observer-focused-motive-driven-process-model/) - Over the past decades, research on gender bias in leader evaluations has proliferated across multiple disciplines, significantly expanding contexts, outcomes, and theoretical perspectives examined. Despite these valuable contributions, the literature remains fragmented in explaining the persistent variability in how and why gender bias manifests, from severe penalties against women leaders in certain contexts to evaluative advantages in others. To resolve these discrepancies, we shift the focus from leaders to the motivated processes driving observer evaluations. We begin with an integrative review of research, revealing that observers, ranging from supervisors and subordinates to clients and investors, are not conduits of stereotypes but active evaluators whose motives shape how they selectively appraise women leaders. Drawing on motivated cognition theory, we develop a novel motive-driven process model that identifies three core directional motives: identity protection, value alignment, and resource dependence. Using this model, we integrate the literature by highlighting individual-level and contextual antecedents of each motive and explicating how motives drive distinct selective appraisal processes. By unpacking “why” and “how” observers evaluate women leaders through motivated processes, our model also offers targeted interventions that address observer motives rather than changing women’s behaviors, underscoring a pressing need to engage various stakeholders in addressing gender bias in leader evaluations.
- [An Integrative Conceptual Review of Gender Bias in Leader Evaluations: An Observer-Focused Motive-Driven Process Model](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/an-integrative-conceptual-review-of-gender-bias-in-leader-evaluations-an-observer-focused-motive-driven-process-model/) - Over the past decades, research on gender bias in leader evaluations has proliferated across multiple disciplines, significantly expanding contexts, outcomes, and theoretical perspectives examined. Despite these valuable contributions, the literature remains fragmented in explaining the persistent variability in how and why gender bias manifests, from severe penalties against women leaders in certain contexts to evaluative advantages in others. To resolve these discrepancies, we shift the focus from leaders to the motivated processes driving observer evaluations. We begin with an integrative review of research, revealing that observers, ranging from supervisors and subordinates to clients and investors, are not conduits of stereotypes but active evaluators whose motives shape how they selectively appraise women leaders. Drawing on motivated cognition theory, we develop a novel motive-driven process model that identifies three core directional motives: identity protection, value alignment, and resource dependence. Using this model, we integrate the literature by highlighting individual-level and contextual antecedents of each motive and explicating how motives drive distinct selective appraisal processes. By unpacking “why” and “how” observers evaluate women leaders through motivated processes, our model also offers targeted interventions that address observer motives rather than changing women’s behaviors, underscoring a pressing need to engage various stakeholders in addressing gender bias in leader evaluations.
- [An Integrative Conceptual Review of Gender Bias in Leader Evaluations: An Observer-Focused Motive-Driven Process Model](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/an-integrative-conceptual-review-of-gender-bias-in-leader-evaluations-an-observer-focused-motive-driven-process-model/) - Over the past decades, research on gender bias in leader evaluations has proliferated across multiple disciplines, significantly expanding contexts, outcomes, and theoretical perspectives examined. Despite these valuable contributions, the literature remains fragmented in explaining the persistent variability in how and why gender bias manifests, from severe penalties against women leaders in certain contexts to evaluative advantages in others. To resolve these discrepancies, we shift the focus from leaders to the motivated processes driving observer evaluations. We begin with an integrative review of research, revealing that observers, ranging from supervisors and subordinates to clients and investors, are not conduits of stereotypes but active evaluators whose motives shape how they selectively appraise women leaders. Drawing on motivated cognition theory, we develop a novel motive-driven process model that identifies three core directional motives: identity protection, value alignment, and resource dependence. Using this model, we integrate the literature by highlighting individual-level and contextual antecedents of each motive and explicating how motives drive distinct selective appraisal processes. By unpacking “why” and “how” observers evaluate women leaders through motivated processes, our model also offers targeted interventions that address observer motives rather than changing women’s behaviors, underscoring a pressing need to engage various stakeholders in addressing gender bias in leader evaluations.
- [Expectation and Confusion: Evidence and Theory](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/expectation-and-confusion-evidence-and-theory/) - In this paper, we characterize a forecasting model where forecasters cannot perfectly distinguish between the two persistent components (trends and cycles) in a dynamic setting. In this model, forecasters jointly update their beliefs about the two components: noisy information about one component is used to update beliefs about the other component. We present diagnostic empirical facts on forecasting behaviors and show that these facts are consistent with our model’s predictions while contradicting those of existing models in the expectation formation literature. To validate our model, we exploit the Federal Reserve’s 2012 adoption of explicit inflation targeting as a policy shock. Structural estimation reveals that this policy change altered the underlying data-generation process, and the corresponding changes in forecasting behavior indeed align with our model’s predictions. Finally, we revisit the standard Forecast Error-Forecast Revision regression approach in this literature. We examine its robustness within our enriched framework and reveal that trend-cycle confusion can interact with behavioral bias and generate horizon-dependent overreaction patterns documented in empirical studies.
- [Expectation and Confusion: Evidence and Theory](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/expectation-and-confusion-evidence-and-theory/) - In this paper, we characterize a forecasting model where forecasters cannot perfectly distinguish between the two persistent components (trends and cycles) in a dynamic setting. In this model, forecasters jointly update their beliefs about the two components: noisy information about one component is used to update beliefs about the other component. We present diagnostic empirical facts on forecasting behaviors and show that these facts are consistent with our model’s predictions while contradicting those of existing models in the expectation formation literature. To validate our model, we exploit the Federal Reserve’s 2012 adoption of explicit inflation targeting as a policy shock. Structural estimation reveals that this policy change altered the underlying data-generation process, and the corresponding changes in forecasting behavior indeed align with our model’s predictions. Finally, we revisit the standard Forecast Error-Forecast Revision regression approach in this literature. We examine its robustness within our enriched framework and reveal that trend-cycle confusion can interact with behavioral bias and generate horizon-dependent overreaction patterns documented in empirical studies.
- [Expectation and Confusion: Evidence and Theory](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/expectation-and-confusion-evidence-and-theory/) - In this paper, we characterize a forecasting model where forecasters cannot perfectly distinguish between the two persistent components (trends and cycles) in a dynamic setting. In this model, forecasters jointly update their beliefs about the two components: noisy information about one component is used to update beliefs about the other component. We present diagnostic empirical facts on forecasting behaviors and show that these facts are consistent with our model’s predictions while contradicting those of existing models in the expectation formation literature. To validate our model, we exploit the Federal Reserve’s 2012 adoption of explicit inflation targeting as a policy shock. Structural estimation reveals that this policy change altered the underlying data-generation process, and the corresponding changes in forecasting behavior indeed align with our model’s predictions. Finally, we revisit the standard Forecast Error-Forecast Revision regression approach in this literature. We examine its robustness within our enriched framework and reveal that trend-cycle confusion can interact with behavioral bias and generate horizon-dependent overreaction patterns documented in empirical studies.
- [Advisor–Advisee Research Overlap and Its Implications for Scientists’ Early-Career Performance in the United States](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/advisor-advisee-research-overlap-and-its-implications-for-scientists-early-career-performance-in-the-united-states/) - A genealogical training process, in which senior (advisor) scientists mentor and train junior (advisee) scientists is one of the core organizational features of modern science. In this paper, we examine a key question faced by all junior scientists during their training: What impact does an advisee’s research agenda overlap with his or her advisor have on the advisee’s career-relevant performance outcomes? To answer this question, we constructed a novel, bibliometric-record-based data set on 11,289 U.S. biomedical scientists (advisees) who were trained in 5,632 principal investigator advisors’ labs between 1985 and 2009. We examined the relationship between advisor–advisee research overlap and an array of performance outcomes for emerging scientists, revealing a consistently positive relationship between high advisor–advisee research overlap and the junior scientist’s early-career funding outcomes. We further provide evidence that this positive relationship rests upon enhanced tacit knowledge transfer, as well as providing suggestive evidence for the boundary conditions of an intellectual independence imperative and potential competition between advisors and advisees. Taken together, these findings provide a more complete understanding of how advisor–advisee relationships shape new scientists’ performance during their early careers.
- [Advisor–Advisee Research Overlap and Its Implications for Scientists’ Early-Career Performance in the United States](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/advisor-advisee-research-overlap-and-its-implications-for-scientists-early-career-performance-in-the-united-states/) - A genealogical training process, in which senior (advisor) scientists mentor and train junior (advisee) scientists is one of the core organizational features of modern science. In this paper, we examine a key question faced by all junior scientists during their training: What impact does an advisee’s research agenda overlap with his or her advisor have on the advisee’s career-relevant performance outcomes? To answer this question, we constructed a novel, bibliometric-record-based data set on 11,289 U.S. biomedical scientists (advisees) who were trained in 5,632 principal investigator advisors’ labs between 1985 and 2009. We examined the relationship between advisor–advisee research overlap and an array of performance outcomes for emerging scientists, revealing a consistently positive relationship between high advisor–advisee research overlap and the junior scientist’s early-career funding outcomes. We further provide evidence that this positive relationship rests upon enhanced tacit knowledge transfer, as well as providing suggestive evidence for the boundary conditions of an intellectual independence imperative and potential competition between advisors and advisees. Taken together, these findings provide a more complete understanding of how advisor–advisee relationships shape new scientists’ performance during their early careers.
- [Advisor–Advisee Research Overlap and Its Implications for Scientists’ Early-Career Performance in the United States](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/advisor-advisee-research-overlap-and-its-implications-for-scientists-early-career-performance-in-the-united-states/) - A genealogical training process, in which senior (advisor) scientists mentor and train junior (advisee) scientists is one of the core organizational features of modern science. In this paper, we examine a key question faced by all junior scientists during their training: What impact does an advisee’s research agenda overlap with his or her advisor have on the advisee’s career-relevant performance outcomes? To answer this question, we constructed a novel, bibliometric-record-based data set on 11,289 U.S. biomedical scientists (advisees) who were trained in 5,632 principal investigator advisors’ labs between 1985 and 2009. We examined the relationship between advisor–advisee research overlap and an array of performance outcomes for emerging scientists, revealing a consistently positive relationship between high advisor–advisee research overlap and the junior scientist’s early-career funding outcomes. We further provide evidence that this positive relationship rests upon enhanced tacit knowledge transfer, as well as providing suggestive evidence for the boundary conditions of an intellectual independence imperative and potential competition between advisors and advisees. Taken together, these findings provide a more complete understanding of how advisor–advisee relationships shape new scientists’ performance during their early careers.
- [Funding the Real Deal: Dynamic Moral Hazard with Adverse Selection](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/funding-the-real-deal-dynamic-moral-hazard-with-adverse-selection/) - We study dynamic contracts that incentivize an agent to exert effort to increase the arrival rate of a Poisson breakthrough, where both the effort cost and the effort level at any time are the agent’s private information. Optimally, the principal offers a menu of contracts, each tailored to an agent type (with a different effort cost), specifying an initial payment, a contract deadline, and a payment-upon-arrival process over time. We first fully characterize the optimal contract menu in a two-type setting, where the agent is either a good (low-cost) or bad (high-cost) type. Specifically, the principal should hire the agent only if the breakthrough revenue exceeds a threshold. Above this threshold, if the bad agent’s cost is higher than another threshold, it is optimal to motivate only the good type to exert effort. The principal offers the good type a simple linear contract in which the payment-upon-arrival declines linearly over time until the deadline, whereas the bad type receives an initial payment and leaves immediately. The linear contract provides just enough incentive for the good agent to work. If the bad agent’s cost falls below the threshold, it becomes optimal to also motivate the bad agent to work using a linear contract, whereas offering the good agent a one-switch contract. The one-switch contract extends the linear form by allowing the payment-upon-arrival to take a single downward jump at a specific time before the deadline. The optimal contract structure extends to multiple-type cases, in which the one-switch contract becomes a multiple-switch contract. To obtain the entire menu of contracts, one only needs to solve a sequence of linear optimization problems together with a bisectional line-search, which is fast to compute and easy to interpret and implement.
- [Funding the Real Deal: Dynamic Moral Hazard with Adverse Selection](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/funding-the-real-deal-dynamic-moral-hazard-with-adverse-selection/) - We study dynamic contracts that incentivize an agent to exert effort to increase the arrival rate of a Poisson breakthrough, where both the effort cost and the effort level at any time are the agent’s private information. Optimally, the principal offers a menu of contracts, each tailored to an agent type (with a different effort cost), specifying an initial payment, a contract deadline, and a payment-upon-arrival process over time. We first fully characterize the optimal contract menu in a two-type setting, where the agent is either a good (low-cost) or bad (high-cost) type. Specifically, the principal should hire the agent only if the breakthrough revenue exceeds a threshold. Above this threshold, if the bad agent’s cost is higher than another threshold, it is optimal to motivate only the good type to exert effort. The principal offers the good type a simple linear contract in which the payment-upon-arrival declines linearly over time until the deadline, whereas the bad type receives an initial payment and leaves immediately. The linear contract provides just enough incentive for the good agent to work. If the bad agent’s cost falls below the threshold, it becomes optimal to also motivate the bad agent to work using a linear contract, whereas offering the good agent a one-switch contract. The one-switch contract extends the linear form by allowing the payment-upon-arrival to take a single downward jump at a specific time before the deadline. The optimal contract structure extends to multiple-type cases, in which the one-switch contract becomes a multiple-switch contract. To obtain the entire menu of contracts, one only needs to solve a sequence of linear optimization problems together with a bisectional line-search, which is fast to compute and easy to interpret and implement.
- [Funding the Real Deal: Dynamic Moral Hazard with Adverse Selection](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/funding-the-real-deal-dynamic-moral-hazard-with-adverse-selection/) - We study dynamic contracts that incentivize an agent to exert effort to increase the arrival rate of a Poisson breakthrough, where both the effort cost and the effort level at any time are the agent’s private information. Optimally, the principal offers a menu of contracts, each tailored to an agent type (with a different effort cost), specifying an initial payment, a contract deadline, and a payment-upon-arrival process over time. We first fully characterize the optimal contract menu in a two-type setting, where the agent is either a good (low-cost) or bad (high-cost) type. Specifically, the principal should hire the agent only if the breakthrough revenue exceeds a threshold. Above this threshold, if the bad agent’s cost is higher than another threshold, it is optimal to motivate only the good type to exert effort. The principal offers the good type a simple linear contract in which the payment-upon-arrival declines linearly over time until the deadline, whereas the bad type receives an initial payment and leaves immediately. The linear contract provides just enough incentive for the good agent to work. If the bad agent’s cost falls below the threshold, it becomes optimal to also motivate the bad agent to work using a linear contract, whereas offering the good agent a one-switch contract. The one-switch contract extends the linear form by allowing the payment-upon-arrival to take a single downward jump at a specific time before the deadline. The optimal contract structure extends to multiple-type cases, in which the one-switch contract becomes a multiple-switch contract. To obtain the entire menu of contracts, one only needs to solve a sequence of linear optimization problems together with a bisectional line-search, which is fast to compute and easy to interpret and implement.
- [Optimized Dimensionality Reduction for Moment-Based Distributionally Robust Optimization](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/optimized-dimensionality-reduction-for-moment-based-distributionally-robust-optimization/) - Moment-based distributionally robust optimization (DRO) provides an optimization framework to integrate statistical information with traditional optimization approaches. Under this framework, one assumes that the underlying joint distribution of random parameters runs in a distributional ambiguity set constructed by moment information and makes decisions against the worst-case distribution within the set. Although most moment-based DRO problems can be reformulated as semidefinite programming (SDP) problems that can be solved in polynomial time, solving high-dimensional SDPs is still time-consuming. Unlike existing approximation approaches that first reduce the dimensionality of random parameters and then solve the approximated SDPs, we propose an optimized dimensionality reduction (ODR) approach by integrating the dimensionality reduction of random parameters with the subsequent optimization problems. Such integration enables two outer and one inner approximations of the original problem, all of which are low-dimensional SDPs that can be solved efficiently, providing two lower bounds and one upper bound correspondingly. More importantly, these approximations can theoretically achieve the optimal value of the original high-dimensional SDPs. As these approximations are nonconvex SDPs, we develop modified alternating direction method of multipliers algorithms to solve them efficiently. We demonstrate the effectiveness of our proposed ODR approach and algorithm in solving multiproduct newsvendor and production-transportation problems. Numerical results show significant advantages of our approach regarding computational time and solution quality over the three best possible benchmark approaches. Our approach can obtain an optimal or near-optimal (mostly within 0.1%) solution and reduce the computational time by up to three orders of magnitude.
- [Optimized Dimensionality Reduction for Moment-Based Distributionally Robust Optimization](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/optimized-dimensionality-reduction-for-moment-based-distributionally-robust-optimization/) - Moment-based distributionally robust optimization (DRO) provides an optimization framework to integrate statistical information with traditional optimization approaches. Under this framework, one assumes that the underlying joint distribution of random parameters runs in a distributional ambiguity set constructed by moment information and makes decisions against the worst-case distribution within the set. Although most moment-based DRO problems can be reformulated as semidefinite programming (SDP) problems that can be solved in polynomial time, solving high-dimensional SDPs is still time-consuming. Unlike existing approximation approaches that first reduce the dimensionality of random parameters and then solve the approximated SDPs, we propose an optimized dimensionality reduction (ODR) approach by integrating the dimensionality reduction of random parameters with the subsequent optimization problems. Such integration enables two outer and one inner approximations of the original problem, all of which are low-dimensional SDPs that can be solved efficiently, providing two lower bounds and one upper bound correspondingly. More importantly, these approximations can theoretically achieve the optimal value of the original high-dimensional SDPs. As these approximations are nonconvex SDPs, we develop modified alternating direction method of multipliers algorithms to solve them efficiently. We demonstrate the effectiveness of our proposed ODR approach and algorithm in solving multiproduct newsvendor and production-transportation problems. Numerical results show significant advantages of our approach regarding computational time and solution quality over the three best possible benchmark approaches. Our approach can obtain an optimal or near-optimal (mostly within 0.1%) solution and reduce the computational time by up to three orders of magnitude.
- [Optimized Dimensionality Reduction for Moment-Based Distributionally Robust Optimization](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/optimized-dimensionality-reduction-for-moment-based-distributionally-robust-optimization/) - Moment-based distributionally robust optimization (DRO) provides an optimization framework to integrate statistical information with traditional optimization approaches. Under this framework, one assumes that the underlying joint distribution of random parameters runs in a distributional ambiguity set constructed by moment information and makes decisions against the worst-case distribution within the set. Although most moment-based DRO problems can be reformulated as semidefinite programming (SDP) problems that can be solved in polynomial time, solving high-dimensional SDPs is still time-consuming. Unlike existing approximation approaches that first reduce the dimensionality of random parameters and then solve the approximated SDPs, we propose an optimized dimensionality reduction (ODR) approach by integrating the dimensionality reduction of random parameters with the subsequent optimization problems. Such integration enables two outer and one inner approximations of the original problem, all of which are low-dimensional SDPs that can be solved efficiently, providing two lower bounds and one upper bound correspondingly. More importantly, these approximations can theoretically achieve the optimal value of the original high-dimensional SDPs. As these approximations are nonconvex SDPs, we develop modified alternating direction method of multipliers algorithms to solve them efficiently. We demonstrate the effectiveness of our proposed ODR approach and algorithm in solving multiproduct newsvendor and production-transportation problems. Numerical results show significant advantages of our approach regarding computational time and solution quality over the three best possible benchmark approaches. Our approach can obtain an optimal or near-optimal (mostly within 0.1%) solution and reduce the computational time by up to three orders of magnitude.
- [Integrated Conditional Estimation-Optimization](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/integrated-conditional-estimation-optimization/) - Many real-world optimization problems involve uncertain parameters with probability distributions that can be estimated using contextual feature information. In contrast to the standard approach of first estimating the distribution of uncertain parameters and then optimizing the objective based on the estimation, we propose an integrated conditional estimation-optimization (ICEO) framework that estimates the underlying conditional distribution of the random parameter while considering the structure of the optimization problem. We directly model the relationship between the conditional distribution of the random parameter and the contextual features and then estimate the probabilistic model with an objective that aligns with the downstream optimization problem. We show that our ICEO approach is asymptotically consistent under moderate regularity conditions and further provide finite performance guarantees in the form of generalization bounds. Computationally, performing estimation with the ICEO approach is a nonconvex and often nondifferentiable optimization problem. We propose a general methodology for approximating the potentially nondifferentiable mapping from estimated conditional distribution to the optimal decision by a differentiable function, which greatly improves the performance of gradient-based algorithms applied to the nonconvex problem. We also provide a polynomial optimization solution approach in the semi-algebraic case. Numerical experiments are also conducted to show the empirical success of our approach in different situations, including with limited data samples and model mismatches.
- [Integrated Conditional Estimation-Optimization](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/integrated-conditional-estimation-optimization/) - Many real-world optimization problems involve uncertain parameters with probability distributions that can be estimated using contextual feature information. In contrast to the standard approach of first estimating the distribution of uncertain parameters and then optimizing the objective based on the estimation, we propose an integrated conditional estimation-optimization (ICEO) framework that estimates the underlying conditional distribution of the random parameter while considering the structure of the optimization problem. We directly model the relationship between the conditional distribution of the random parameter and the contextual features and then estimate the probabilistic model with an objective that aligns with the downstream optimization problem. We show that our ICEO approach is asymptotically consistent under moderate regularity conditions and further provide finite performance guarantees in the form of generalization bounds. Computationally, performing estimation with the ICEO approach is a nonconvex and often nondifferentiable optimization problem. We propose a general methodology for approximating the potentially nondifferentiable mapping from estimated conditional distribution to the optimal decision by a differentiable function, which greatly improves the performance of gradient-based algorithms applied to the nonconvex problem. We also provide a polynomial optimization solution approach in the semi-algebraic case. Numerical experiments are also conducted to show the empirical success of our approach in different situations, including with limited data samples and model mismatches.
- [Integrated Conditional Estimation-Optimization](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/integrated-conditional-estimation-optimization/) - Many real-world optimization problems involve uncertain parameters with probability distributions that can be estimated using contextual feature information. In contrast to the standard approach of first estimating the distribution of uncertain parameters and then optimizing the objective based on the estimation, we propose an integrated conditional estimation-optimization (ICEO) framework that estimates the underlying conditional distribution of the random parameter while considering the structure of the optimization problem. We directly model the relationship between the conditional distribution of the random parameter and the contextual features and then estimate the probabilistic model with an objective that aligns with the downstream optimization problem. We show that our ICEO approach is asymptotically consistent under moderate regularity conditions and further provide finite performance guarantees in the form of generalization bounds. Computationally, performing estimation with the ICEO approach is a nonconvex and often nondifferentiable optimization problem. We propose a general methodology for approximating the potentially nondifferentiable mapping from estimated conditional distribution to the optimal decision by a differentiable function, which greatly improves the performance of gradient-based algorithms applied to the nonconvex problem. We also provide a polynomial optimization solution approach in the semi-algebraic case. Numerical experiments are also conducted to show the empirical success of our approach in different situations, including with limited data samples and model mismatches.
- [Do Households React to Monetary Policy?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-households-react-to-monetary-policy/) - We study how households understand and respond to monetary policy by exploiting the open auctions of early-stage crowdfunding and inferring individuals’ expectations based on their maximum requested interest rates. Using loan listings from Prosper, we find that borrowers adjust their willingness-to-pay interest rates in response to unexpected Federal funds rate changes, whereas anticipated shifts have negligible effects. These responses are more pronounced among high-income, high-credit-score borrowers; large loan applicants; and when Federal Reserve communication is transparent. The responses are highly asymmetric—Borrowers sharply lower rates during unexpected easing but resist increasing them during unexpected tightening. The results are robust to alternative specifications, including regression-discontinuity-in-time designs and alternative measures of monetary policy shock. Lenders also respond to policy shocks and counteract borrowers’ adjustments. Analysis of Robinhood data shows that retail investors mirror this behavior by reducing equity holdings after surprise rate hikes.
- [Do Households React to Monetary Policy?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-households-react-to-monetary-policy/) - We study how households understand and respond to monetary policy by exploiting the open auctions of early-stage crowdfunding and inferring individuals’ expectations based on their maximum requested interest rates. Using loan listings from Prosper, we find that borrowers adjust their willingness-to-pay interest rates in response to unexpected Federal funds rate changes, whereas anticipated shifts have negligible effects. These responses are more pronounced among high-income, high-credit-score borrowers; large loan applicants; and when Federal Reserve communication is transparent. The responses are highly asymmetric—Borrowers sharply lower rates during unexpected easing but resist increasing them during unexpected tightening. The results are robust to alternative specifications, including regression-discontinuity-in-time designs and alternative measures of monetary policy shock. Lenders also respond to policy shocks and counteract borrowers’ adjustments. Analysis of Robinhood data shows that retail investors mirror this behavior by reducing equity holdings after surprise rate hikes.
- [Do Households React to Monetary Policy?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-households-react-to-monetary-policy/) - We study how households understand and respond to monetary policy by exploiting the open auctions of early-stage crowdfunding and inferring individuals’ expectations based on their maximum requested interest rates. Using loan listings from Prosper, we find that borrowers adjust their willingness-to-pay interest rates in response to unexpected Federal funds rate changes, whereas anticipated shifts have negligible effects. These responses are more pronounced among high-income, high-credit-score borrowers; large loan applicants; and when Federal Reserve communication is transparent. The responses are highly asymmetric—Borrowers sharply lower rates during unexpected easing but resist increasing them during unexpected tightening. The results are robust to alternative specifications, including regression-discontinuity-in-time designs and alternative measures of monetary policy shock. Lenders also respond to policy shocks and counteract borrowers’ adjustments. Analysis of Robinhood data shows that retail investors mirror this behavior by reducing equity holdings after surprise rate hikes.
- [Women in the Courtroom: Technology and Justice](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/women-in-the-courtroom-technology-and-justice/) - Our study analyses 6 million civil judgments in China from 2014 to 2018, documenting gender disparities that disfavour female litigants. We investigate the impact of an open justice reform that mandated courts to broadcast legal proceedings live on a centralized online platform. By exploiting variations in its implementation across courts and over time and employing both difference-in-differences and Bartik IV approaches, we find that gender disparities in chances of winning decrease as broadcast intensity increases. Analysis of the textual content of judicial decisions provides further evidence that these changes in judicial outcomes stem from altered judge behaviours (i.e. attention and effort) under enhanced judicial transparency. Our results demonstrate how information technology shapes judges’ conduct, underscoring its broader potential to improve accountability in public institutions.
- [Women in the Courtroom: Technology and Justice](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/women-in-the-courtroom-technology-and-justice/) - Our study analyses 6 million civil judgments in China from 2014 to 2018, documenting gender disparities that disfavour female litigants. We investigate the impact of an open justice reform that mandated courts to broadcast legal proceedings live on a centralized online platform. By exploiting variations in its implementation across courts and over time and employing both difference-in-differences and Bartik IV approaches, we find that gender disparities in chances of winning decrease as broadcast intensity increases. Analysis of the textual content of judicial decisions provides further evidence that these changes in judicial outcomes stem from altered judge behaviours (i.e. attention and effort) under enhanced judicial transparency. Our results demonstrate how information technology shapes judges’ conduct, underscoring its broader potential to improve accountability in public institutions.
- [Women in the Courtroom: Technology and Justice](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/women-in-the-courtroom-technology-and-justice/) - Our study analyses 6 million civil judgments in China from 2014 to 2018, documenting gender disparities that disfavour female litigants. We investigate the impact of an open justice reform that mandated courts to broadcast legal proceedings live on a centralized online platform. By exploiting variations in its implementation across courts and over time and employing both difference-in-differences and Bartik IV approaches, we find that gender disparities in chances of winning decrease as broadcast intensity increases. Analysis of the textual content of judicial decisions provides further evidence that these changes in judicial outcomes stem from altered judge behaviours (i.e. attention and effort) under enhanced judicial transparency. Our results demonstrate how information technology shapes judges’ conduct, underscoring its broader potential to improve accountability in public institutions.
- [Effects of Switching from Channel-Specific Pricing to Uniform Pricing in Omnichannel Retail: Evidence from a Quasi-Experiment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/effects-of-switching-from-channel-specific-pricing-to-uniform-pricing-in-omnichannel-retail-evidence-from-a-quasi-experiment/) - Many omnichannel firms are switching from channel-specific pricing to uniform pricing, but little is known about the immediate and long-term effects of this change. Relying on a quasi-experiment setting featuring a pricing policy change varying across 4,150 products over 18 months, we empirically investigate the effects of uniform pricing on online and offline channel sales. We show that this transition is beneficial for both online and offline sales, with effects becoming increasingly positive over time. Furthermore, we show that the treatment effects can be decomposed into two contrasting effects: a delayed positive effect and an immediate negative effect on product sales. Last, in consumer-level analysis, we show that the treatment effects are due to two distinct behavioral patterns: a decrease in the shopping frequency of 77.4% of the consumers who can no longer leverage price differences between channels and an increase in the activity of 22.6% of consumers who appreciate the ease of search and the comprehensiveness of the omnichannel experience. This study sheds light on an important pricing decision in omnichannel retail—whether to switch from channel-specific to uniform pricing.
- [Effects of Switching from Channel-Specific Pricing to Uniform Pricing in Omnichannel Retail: Evidence from a Quasi-Experiment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/effects-of-switching-from-channel-specific-pricing-to-uniform-pricing-in-omnichannel-retail-evidence-from-a-quasi-experiment/) - Many omnichannel firms are switching from channel-specific pricing to uniform pricing, but little is known about the immediate and long-term effects of this change. Relying on a quasi-experiment setting featuring a pricing policy change varying across 4,150 products over 18 months, we empirically investigate the effects of uniform pricing on online and offline channel sales. We show that this transition is beneficial for both online and offline sales, with effects becoming increasingly positive over time. Furthermore, we show that the treatment effects can be decomposed into two contrasting effects: a delayed positive effect and an immediate negative effect on product sales. Last, in consumer-level analysis, we show that the treatment effects are due to two distinct behavioral patterns: a decrease in the shopping frequency of 77.4% of the consumers who can no longer leverage price differences between channels and an increase in the activity of 22.6% of consumers who appreciate the ease of search and the comprehensiveness of the omnichannel experience. This study sheds light on an important pricing decision in omnichannel retail—whether to switch from channel-specific to uniform pricing.
- [Effects of Switching from Channel-Specific Pricing to Uniform Pricing in Omnichannel Retail: Evidence from a Quasi-Experiment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/effects-of-switching-from-channel-specific-pricing-to-uniform-pricing-in-omnichannel-retail-evidence-from-a-quasi-experiment/) - Many omnichannel firms are switching from channel-specific pricing to uniform pricing, but little is known about the immediate and long-term effects of this change. Relying on a quasi-experiment setting featuring a pricing policy change varying across 4,150 products over 18 months, we empirically investigate the effects of uniform pricing on online and offline channel sales. We show that this transition is beneficial for both online and offline sales, with effects becoming increasingly positive over time. Furthermore, we show that the treatment effects can be decomposed into two contrasting effects: a delayed positive effect and an immediate negative effect on product sales. Last, in consumer-level analysis, we show that the treatment effects are due to two distinct behavioral patterns: a decrease in the shopping frequency of 77.4% of the consumers who can no longer leverage price differences between channels and an increase in the activity of 22.6% of consumers who appreciate the ease of search and the comprehensiveness of the omnichannel experience. This study sheds light on an important pricing decision in omnichannel retail—whether to switch from channel-specific to uniform pricing.
- [High-Investment Human Resource Practices and Firm Performance in the Context of National Education Systems and Labor Markets: A Cross-National Meta-Analysis](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/high-investment-human-resource-practices-and-firm-performance-in-the-context-of-national-education-systems-and-labor-markets-a-cross-national-meta-analysis/) - Organizations—especially multinational corporations (MNCs)—do not always realize comparable performance gains from investing in people across national borders. Prior research has attempted to explain such variation in the effects of high-investment human resource practices (HIHRPs) by emphasizing their fit with national cultural values, yet empirical support for this cultural fit perspective has been limited. To address this gap, we focus on national institutional factors that more directly shape how HIHRPs influence performance. Drawing on human capital resources (HCR) theory and institutional perspectives in International Business (IB), we identify two institutional conditions—national education quality and labor market flexibility—that moderate HIHRP effectiveness. We theorize that high-quality education systems enhance the HIHRPs–performance relationship by supplying workers with strong general human capital and that this effect is amplified in flexible labor markets where employees are motivated to contribute. A meta-analysis of 1,285 effect sizes from 170,938 organizations across 29 countries offers nuanced evidence: HIHRPs were more effective when national education quality and labor market flexibility were both high or both low than when they were mismatched. These findings advance comparative and strategic HRM research and guide organizations about how comprehensively or selectively to invest in managing people in what institutional contexts.
- [High-Investment Human Resource Practices and Firm Performance in the Context of National Education Systems and Labor Markets: A Cross-National Meta-Analysis](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/high-investment-human-resource-practices-and-firm-performance-in-the-context-of-national-education-systems-and-labor-markets-a-cross-national-meta-analysis/) - Organizations—especially multinational corporations (MNCs)—do not always realize comparable performance gains from investing in people across national borders. Prior research has attempted to explain such variation in the effects of high-investment human resource practices (HIHRPs) by emphasizing their fit with national cultural values, yet empirical support for this cultural fit perspective has been limited. To address this gap, we focus on national institutional factors that more directly shape how HIHRPs influence performance. Drawing on human capital resources (HCR) theory and institutional perspectives in International Business (IB), we identify two institutional conditions—national education quality and labor market flexibility—that moderate HIHRP effectiveness. We theorize that high-quality education systems enhance the HIHRPs–performance relationship by supplying workers with strong general human capital and that this effect is amplified in flexible labor markets where employees are motivated to contribute. A meta-analysis of 1,285 effect sizes from 170,938 organizations across 29 countries offers nuanced evidence: HIHRPs were more effective when national education quality and labor market flexibility were both high or both low than when they were mismatched. These findings advance comparative and strategic HRM research and guide organizations about how comprehensively or selectively to invest in managing people in what institutional contexts.
- [High-Investment Human Resource Practices and Firm Performance in the Context of National Education Systems and Labor Markets: A Cross-National Meta-Analysis](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/high-investment-human-resource-practices-and-firm-performance-in-the-context-of-national-education-systems-and-labor-markets-a-cross-national-meta-analysis/) - Organizations—especially multinational corporations (MNCs)—do not always realize comparable performance gains from investing in people across national borders. Prior research has attempted to explain such variation in the effects of high-investment human resource practices (HIHRPs) by emphasizing their fit with national cultural values, yet empirical support for this cultural fit perspective has been limited. To address this gap, we focus on national institutional factors that more directly shape how HIHRPs influence performance. Drawing on human capital resources (HCR) theory and institutional perspectives in International Business (IB), we identify two institutional conditions—national education quality and labor market flexibility—that moderate HIHRP effectiveness. We theorize that high-quality education systems enhance the HIHRPs–performance relationship by supplying workers with strong general human capital and that this effect is amplified in flexible labor markets where employees are motivated to contribute. A meta-analysis of 1,285 effect sizes from 170,938 organizations across 29 countries offers nuanced evidence: HIHRPs were more effective when national education quality and labor market flexibility were both high or both low than when they were mismatched. These findings advance comparative and strategic HRM research and guide organizations about how comprehensively or selectively to invest in managing people in what institutional contexts.
- [Discover insights and influential research in Impact Factors!](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/discover-insights-and-influential-research-in-impact-factors/) - If we knew what it was we were doing, it would not be called research, would it? -- Albert Einstein
- [Anthropic’s Claude Fable 5 curbs to create new hurdles for China’s AI labs](https://www.hkubs.hku.hk/research/thought-leadership/opinions-and-speeches/anthropics-claude-fable-5-curbs-to-create-new-hurdles-for-chinas-ai-labs/)
- [A New Era of Globalisation Co-led by Chinese Enterprises Has Arrived](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/a-new-era-of-globalisation-co-led-by-chinese-enterprises-has-arrived/) - 由中企共同主演的全球化時代經已來臨 過去逾半個世紀的全球商業史，有兩個令人印象深刻的景象。 一是通用汽車、可口可樂、麥當勞、星巴克、耐克、蘋果、特斯拉等美企席捲全球; 二是豐田、索尼、迅銷等日企在海外市場攻城掠地。 如今，比亞迪、寧德時代、字節跳動 （TikTok）、拼多多（Temu） 等中企，正掀起新一輪全球化浪潮。 企業全球化的共同誘因 儘管時代不同，中企全球化的內驅力，與美企和日企有相似之處。 中、美、日三國均擁有龐大的國內市場，足以讓本國企業發展壯大。 當國內市場階段性飽和，本國企業便向外發展。 三國企業除拓展海外市場外，還輸出供應鏈，包括品牌、技術、管理及生產等。 一方面，利用發展中國家廉價的生產要素是共同動機; 另一方面，中企與日企也需要規避關稅。 在晉身成為跨國企業的過程中，三國企業均得益於其產業優勢。 在戰後乃至全球化高峰時期，美企憑藉標準化管理制度，以及科技與文化實力，率先佔據全球市場。 上世紀90年代，日企則憑藉精益生產，后發制人。 到今天，中企依託母國強大的研發與製造能力，得以提供極具性價比的產品，備受全球消費者喜愛。 企業全球化對本國的利弊 本國企業全球化的好處是顯而易見的。 美企長期主導研發、設計、品牌、智慧財產權等高增值環節，將製造等低增值環節外包，在全球範圍內賺取豐厚利潤。 這些收益為美國吸引全球頂尖人才提供巨大優勢，並在金融業的槓桿效應下不斷擴大。 而日企的全球化，則使其走出本國紅海市場，在海外覓得良好投資管道。 在這個過程中，日企將龐大的海外收益回流，支撐著本國的總部經濟。 中企「出海」的得益或許與日企更相似，但不同之處在於，中國的內需市場遠大於日本，中企在海外市場取得成功所反哺的國內品牌價值，或許更為重大。 誠言，企業全球化難免對母國經濟與社會造成衝擊。 例如美國的鐵鏽地帶與貧富差距，以及日本在「消失的三十年」中的產業空洞化，均與之有一定關聯。 不過需要指出的是，日本進出口業的萎縮更多是由於《廣場協定》及後來日圓的暴漲，而金融和房地產出現泡沫並破滅也有經濟政策施行不當的原因。 中國與日本的情況存在明顯差異，雖然人民幣正面對升值壓力，但中國對美國具備議價實力，正有效管控匯率，持續支撐本國的出口。 此外，儘管全球企業將製造基地分散佈局，但中國仍是世界上最主要的製造基地。 考慮到中國藍領就業需求十分龐大，關係到國計民生，中國政府一直對實體經濟的發展高度重視。 中企全球化的機遇與挑戰 無論如何，中企全球化是中國國力上升的必然結果。 在這個過程中，中企將面對一些新機遇與新挑戰。 第一，自由主義的高峰期已過，今天的世界不但講求效率，還講求更廣泛的國家安全。 美日企業出海的時代，正值自由貿易多邊體制走向巔峰。 當時在關稅及貿易總協定與世界貿易組織的多方努力下，全球貿易壁壘逐年降低。 而今天中企的全球化，需要面對日趨嚴格的監管環境。 在移動互聯網及人工智慧時代下，貿易摩擦不但包括傳統的關稅與配額壁壘，還延伸至供應鏈審查、數據安全合規，以及技術轉讓限制等。 第二，中企在佔據全球價值鏈高端的過程中，無可避免要在品牌等各方面，與發達國家的強大企業進行激烈競爭。 這與美企全球化之初甚為不同，當時包括中企在內的發展中國家企業，更多只是為美企代工，雙方品牌競爭並不普遍。 儘管如此，相對於美企的全球化，今天中企的全球化有更大的增長潛力，這主要是由於今天的美國市場遠比從前的中國市場大，而今天的全球南方市場也遠大於從前。 全球化邁向新時代 中企的全球擴張，標誌著由發達國家主導的全球化出現新局面。 過去美、日等發達國家企業全球化的成功之道，在於相容性和在地化。 面對出海挑戰，預料中企將仿效成功經驗，積極創造在地化價值，以實現受歡迎的海外業務擴張。 這包括與當地持份者構建互利共嬴的合作生態，為目標國創造更多就業和稅收，並融合當地文化等。 在數據安全高度敏感的今天，中企或須探索多中心的治理模式，以滿足合規要求。 無論如何，中企已從全球化舞台的幕後走到前台，一個由中企共同主演的全球化時代經已來臨。 鄧希煒教授 香港大學協理副校長、港大經管學院副院長、馮國經馮國綸基金經濟學教授 （本文同時於二零二六年六月十一日載於《FT中文網》明德商論專欄）
- [惜食经济 改革库存管理创价值](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-food-saving-economy-transforming-inventory-management-to-create-value/)
- [惜食經濟 改革庫存管理創價值](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-food-saving-economy-transforming-inventory-management-to-create-value/)
- [The Food-Saving Economy: Transforming Inventory Management to Create Value](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-food-saving-economy-transforming-inventory-management-to-create-value/)
- [“磁吸”效应显著 香港登顶全球最大财富管理中心](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/strong-magnetic-effect-hong-kong-becomes-worlds-largest-wealth-management-hub/)
- [「磁吸」效應顯著 香港登頂全球最大財富管理中心](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/strong-magnetic-effect-hong-kong-becomes-worlds-largest-wealth-management-hub/)
- [Strong "Magnetic Effect": Hong Kong Becomes World's Largest Wealth Management Hub](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/strong-magnetic-effect-hong-kong-becomes-worlds-largest-wealth-management-hub/)
- [龍蝦經濟的崛起](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/the-rise-of-the-ai-agent-economy/) - 科技界於這數月有很多關於OpenClaw （俗稱龍蝦）不足之處的討論，例如不按常理出牌、數據意外丟失、運算成本飆升，以及可能成為黑客攻擊的渠道等。但從另一角度，如OpenClaw等AI 智能體（Agent）的出現將驅動新的跨產業工業革命，他們之間的相互協作將建立全新經濟環境，例如由小團隊推動的OPC (一人公司 One Person Company）模式。 歡迎來到智能體經濟的新世界，人類與智能體在這裡共存與協作。你未來的同事可能是一個有清晰目標和工作的軟體系統。公司可能不再招聘「初級會計師」，而是開始尋找「財務工作流程管理的操作員(或代理智能體)」。未來公司的組織架構圖可能出現各個人工智能代理部門，並由少量人類「管理」，負責為智能體定義目標及解讀輸出內容。換句話說，創造力、情商、戰略監督和複雜的倫理判斷才是人類的專屬領域。 “Agentic AI engineering”（AI智能體工程）的核心在於它將人工智能從一個只執行指令的工具，升級為能夠理解目標、自主規劃、協作並執行特定任務的智能體。目前，各個主要的科技公司都在悄然構建未來：谷歌、阿里雲，以及Anthropic（開發工具Claude）等的業界先行者，都已經推出自主AI智能體的基礎工具，這是一次全行業的戰略轉向。競賽的目標不再是建造最好的聊天機器人，而是建構最高效的自主數字策略和工作生態系統。傳統的AI工具就像一個出色但被動的實習生，你必須給它一個精確的任務指令。相比之下，AI智能體就像一位經驗豐富的業務經理，不只是處理訊息，更會策劃和執行：當你提出一個目標，它會先了解環境（例如線上線下資料、市場數據、CRM系統、電子郵件等），再利用長期記憶加強理解，從而作出戰略決策，主動採取行動，並進一步從結果中學習，隨著時間推移制定最佳化策略。 從矽谷到深圳，最早開始使用AI智能體的人表示生產力已實現成倍增長。而相關開發者設計和編程上投入的時間，所獲得的回報不是兩三倍，而是相當於百倍甚至更多的人類工時。AI早已超越了自動化簡單且重複任務的階段，現在連複雜的認知工作流程都能自動化了。企業的資源分配正在經歷一場無聲但重大的轉變，有部分企業不再補充員工自然流失的空缺，例如數據處理和文書工作，取而代之的是靠智能體執行工作；初級分析師職位？一組AI智能體就可以監控數據流、標記異常並生成初步報告；入門級行銷人員？智能體可以管理社交媒體發佈日曆、對電子郵件主題進行A/B測試，並分析績效。任務執行方式可以按照系統設計而變化，以達到經理設定的目標。有分析指出，過半的入門級和畢業生職位將悄然消失，這並非因為經濟衰退，而是這些工作正被這個新的「數字勞動力」無縫接替。 智能體經濟描述了一種新興的經濟圖景，自主AI智能體不僅是工具，更是積極和主動的參與者，且角色非常廣泛，包括執行知識工作、進行量化甚至部分質性研究、起草和審查文件、交易與談判、當庫存低於預設值時自動下採購訂單、核對複雜跨貨幣發票、在預設參數內協商協議和執行交易等。這種A2A（Agent-to-Agent）的商業模式，即智能體會代表管理者，與其他智能體進行包括交易等數位互動，更精彩的是一個人可以擁有多個智能體，同時處理大量不同的任務，而每個智能體都能與多個外部智能體互動，令這種多層網路爆炸性成長。 另一個演變是個人化的AI智能體助手。它像一個集行政、操作、財務和後勤於一身的角色，了解你的日程安排、財務目標、偏好和風險承受能力。例如你要旅遊，它不用等你去搜索去某地的最佳航班，而是主動通知你：「根據您的日程和直飛航班偏好，我為你預留了六月份前往上海的一些旅遊選項。考慮到你過去的評價，最適合你的酒店有空房。如果你在一小時內授權，我可以以4%的折扣預訂該套餐。」這開闢了新的商機，也就是A2A商務：一個在我們生活中運作的全新高效市場。 這種轉變從根本上定義了人與工作的關係。過去，經濟價值一直與任務執行掛鉤，而在智能體時代，經濟價值將重新與願景、戰略和成果相結合。在智能體的世界中，你不再受制於自己的體能和速度。你彷彿坐在高性能車輛的駕駛艙，價值不再在於你踩油門的能力，而是作為駕駛員的技能。你的工作是了解地形、設定目的地、監控系統並為引擎提供燃料。故此，我們必須了解這輛「新超跑」的操控方法，包括能力、局限和導航系統。心態上則需要轉變，例如從微管理轉向宏觀管理文化，清晰地定義「做什麼」和「為什麼做」，並賦予你的智能體自主權以決定「如何做」。 對香港來說，AI智能體的發展也將產生一系列連鎖反應：在醫藥與生物科技領域，原本長達十年、耗資數十億美元的藥物發現過程，可以被大幅壓縮。核心模式是從單一任務程式轉向多智能體系統（Multi-Agent Systems, MAS），模擬人類科研團隊協作，由協調智能體(Orchestrator) 統籌目標，知識智能體(Knowledge) 分析文獻，靶點發現智能體(Target Discovery) 篩選靶點，安全評估智能體(Safety) 預測毒性等。這是抗癌藥研發的核心模式，能在極短時間內提出新的候選藥物和聯合療法。儘管潛力巨大，MAS仍面臨三大挑戰：工作流編排複雜、AI決策需滿足監管的可解釋與可追溯要求、以及數據與基礎設施的技術瓶頸。 全球金融與投資市場是多智能體系統的絕佳應用場景。相互連結的智能體能即時分析股價、衛星拍攝的停車場車流、社群情緒、天氣預測與地緣政治新聞，全天候策劃並執行複雜的跨市場策略。這支虛擬團隊包含規劃者、各類分析師（基本面、情緒、技術、宏觀）、風控經理、交易員、投資組合經理及審計員，各司其職、高效協作。個人財務智能體更讓散戶也能擁有過去只有大型基金才具備的市場洞察力與反應速度。這些虛擬團隊並非空想，在量化交易等領域已展現出顯著能力。 跨境貿易環節複雜、參與者眾多，多智能體的本質是建立一個「永不疲憊、跨國協作、決策智慧的虛擬全球貿易團隊」。例如：市場分析師監測多平台數據，洞察全球趨勢；供應鏈協調員對接物流與庫存，智能匹配最優方案。它把進出口、物流、金融、稅務等不同領域的專業能力整合成協同工作的智能系統，有效解決跨境業務鏈條長、成本高、資訊不對稱等痛點。 最終，產業將加速轉型，而智能體正是其中的超級渦輪增壓器。對每一位專業人士、企業家和政策制定者而言，真正的問題不是它會不會改變世界，而是我們該如何使用它。智能體時代已經來臨，未來正由雲端的智能體協助我們一同創造與書寫。 陳炳雄教授 港大經管學院管理及商業策略實務副教授 創新與創業研究中心副總監 （本文同時於二零二六年五月二十八日載於《FT中文網》明德商論專欄）
- [The Rise of the AI-Agent Economy](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/the-rise-of-the-ai-agent-economy/) - 龍蝦經濟的崛起 科技界於這數月有很多關於OpenClaw （俗稱龍蝦）不足之處的討論，例如不按常理出牌、數據意外丟失、運算成本飆升，以及可能成為黑客攻擊的渠道等。但從另一角度，如OpenClaw等AI 智能體（Agent）的出現將驅動新的跨產業工業革命，他們之間的相互協作將建立全新經濟環境，例如由小團隊推動的OPC (一人公司 One Person Company）模式。 歡迎來到智能體經濟的新世界，人類與智能體在這裡共存與協作。你未來的同事可能是一個有清晰目標和工作的軟體系統。公司可能不再招聘「初級會計師」，而是開始尋找「財務工作流程管理的操作員(或代理智能體)」。未來公司的組織架構圖可能出現各個人工智能代理部門，並由少量人類「管理」，負責為智能體定義目標及解讀輸出內容。換句話說，創造力、情商、戰略監督和複雜的倫理判斷才是人類的專屬領域。 “Agentic AI engineering”（AI智能體工程）的核心在於它將人工智能從一個只執行指令的工具，升級為能夠理解目標、自主規劃、協作並執行特定任務的智能體。目前，各個主要的科技公司都在悄然構建未來：谷歌、阿里雲，以及Anthropic（開發工具Claude）等的業界先行者，都已經推出自主AI智能體的基礎工具，這是一次全行業的戰略轉向。競賽的目標不再是建造最好的聊天機器人，而是建構最高效的自主數字策略和工作生態系統。傳統的AI工具就像一個出色但被動的實習生，你必須給它一個精確的任務指令。相比之下，AI智能體就像一位經驗豐富的業務經理，不只是處理訊息，更會策劃和執行：當你提出一個目標，它會先了解環境（例如線上線下資料、市場數據、CRM系統、電子郵件等），再利用長期記憶加強理解，從而作出戰略決策，主動採取行動，並進一步從結果中學習，隨著時間推移制定最佳化策略。 從矽谷到深圳，最早開始使用AI智能體的人表示生產力已實現成倍增長。而相關開發者設計和編程上投入的時間，所獲得的回報不是兩三倍，而是相當於百倍甚至更多的人類工時。AI早已超越了自動化簡單且重複任務的階段，現在連複雜的認知工作流程都能自動化了。企業的資源分配正在經歷一場無聲但重大的轉變，有部分企業不再補充員工自然流失的空缺，例如數據處理和文書工作，取而代之的是靠智能體執行工作；初級分析師職位？一組AI智能體就可以監控數據流、標記異常並生成初步報告；入門級行銷人員？智能體可以管理社交媒體發佈日曆、對電子郵件主題進行A/B測試，並分析績效。任務執行方式可以按照系統設計而變化，以達到經理設定的目標。有分析指出，過半的入門級和畢業生職位將悄然消失，這並非因為經濟衰退，而是這些工作正被這個新的「數字勞動力」無縫接替。 智能體經濟描述了一種新興的經濟圖景，自主AI智能體不僅是工具，更是積極和主動的參與者，且角色非常廣泛，包括執行知識工作、進行量化甚至部分質性研究、起草和審查文件、交易與談判、當庫存低於預設值時自動下採購訂單、核對複雜跨貨幣發票、在預設參數內協商協議和執行交易等。這種A2A（Agent-to-Agent）的商業模式，即智能體會代表管理者，與其他智能體進行包括交易等數位互動，更精彩的是一個人可以擁有多個智能體，同時處理大量不同的任務，而每個智能體都能與多個外部智能體互動，令這種多層網路爆炸性成長。 另一個演變是個人化的AI智能體助手。它像一個集行政、操作、財務和後勤於一身的角色，了解你的日程安排、財務目標、偏好和風險承受能力。例如你要旅遊，它不用等你去搜索去某地的最佳航班，而是主動通知你：「根據您的日程和直飛航班偏好，我為你預留了六月份前往上海的一些旅遊選項。考慮到你過去的評價，最適合你的酒店有空房。如果你在一小時內授權，我可以以4%的折扣預訂該套餐。」這開闢了新的商機，也就是A2A商務：一個在我們生活中運作的全新高效市場。 這種轉變從根本上定義了人與工作的關係。過去，經濟價值一直與任務執行掛鉤，而在智能體時代，經濟價值將重新與願景、戰略和成果相結合。在智能體的世界中，你不再受制於自己的體能和速度。你彷彿坐在高性能車輛的駕駛艙，價值不再在於你踩油門的能力，而是作為駕駛員的技能。你的工作是了解地形、設定目的地、監控系統並為引擎提供燃料。故此，我們必須了解這輛「新超跑」的操控方法，包括能力、局限和導航系統。心態上則需要轉變，例如從微管理轉向宏觀管理文化，清晰地定義「做什麼」和「為什麼做」，並賦予你的智能體自主權以決定「如何做」。 對香港來說，AI智能體的發展也將產生一系列連鎖反應：在醫藥與生物科技領域，原本長達十年、耗資數十億美元的藥物發現過程，可以被大幅壓縮。核心模式是從單一任務程式轉向多智能體系統（Multi-Agent Systems, MAS），模擬人類科研團隊協作，由協調智能體(Orchestrator) 統籌目標，知識智能體(Knowledge) 分析文獻，靶點發現智能體(Target Discovery) 篩選靶點，安全評估智能體(Safety) 預測毒性等。這是抗癌藥研發的核心模式，能在極短時間內提出新的候選藥物和聯合療法。儘管潛力巨大，MAS仍面臨三大挑戰：工作流編排複雜、AI決策需滿足監管的可解釋與可追溯要求、以及數據與基礎設施的技術瓶頸。 全球金融與投資市場是多智能體系統的絕佳應用場景。相互連結的智能體能即時分析股價、衛星拍攝的停車場車流、社群情緒、天氣預測與地緣政治新聞，全天候策劃並執行複雜的跨市場策略。這支虛擬團隊包含規劃者、各類分析師（基本面、情緒、技術、宏觀）、風控經理、交易員、投資組合經理及審計員，各司其職、高效協作。個人財務智能體更讓散戶也能擁有過去只有大型基金才具備的市場洞察力與反應速度。這些虛擬團隊並非空想，在量化交易等領域已展現出顯著能力。 跨境貿易環節複雜、參與者眾多，多智能體的本質是建立一個「永不疲憊、跨國協作、決策智慧的虛擬全球貿易團隊」。例如：市場分析師監測多平台數據，洞察全球趨勢；供應鏈協調員對接物流與庫存，智能匹配最優方案。它把進出口、物流、金融、稅務等不同領域的專業能力整合成協同工作的智能系統，有效解決跨境業務鏈條長、成本高、資訊不對稱等痛點。 最終，產業將加速轉型，而智能體正是其中的超級渦輪增壓器。對每一位專業人士、企業家和政策制定者而言，真正的問題不是它會不會改變世界，而是我們該如何使用它。智能體時代已經來臨，未來正由雲端的智能體協助我們一同創造與書寫。 陳炳雄教授 港大經管學院管理及商業策略實務副教授 創新與創業研究中心副總監 （本文同時於二零二六年五月二十八日載於《FT中文網》明德商論專欄）
- [由中企共同主演的全球化时代经已来临](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/a-new-era-of-globalisation-co-led-by-chinese-enterprises-has-arrived/) - 过去逾半个世纪的全球商业史，有两个令人印象深刻的景象。 一是通用汽车、可口可乐、麦当劳、星巴克、耐克、苹果、特斯拉等美企席卷全球; 二是丰田、索尼、迅销等日企在海外市场攻城掠地。 如今，比亚迪、宁德时代、字节跳动 （TikTok）、拼多多（Temu） 等中企，正掀起新一轮全球化浪潮。 企业全球化的共同诱因 尽管时代不同，中企全球化的内驱力，与美企和日企有相似之处。 中、美、日三国均拥有庞大的国内市场，足以让本国企业发展壮大。 当国内市场阶段性饱和，本国企业便向外发展。 三国企业除拓展海外市场外，还输出供应链，包括品牌、技术、管理及生产等。 一方面，利用发展中国家廉价的生产要素是共同动机; 另一方面，中企与日企也需要规避关税。 在晋身成为跨国企业的过程中，三国企业均得益于其产业优势。 在战后乃至全球化高峰时期，美企凭借标准化管理制度，以及科技与文化实力，率先占据全球市场。 上世纪90年代，日企则凭借精益生产，后发制人。 到今天，中企依托母国强大的研发与制造能力，得以提供极具性价比的产品，备受全球消费者喜爱。 企业全球化对本国的利弊 本国企业全球化的好处是显而易见的。 美企长期主导研发、设计、品牌、智慧财产权等高增值环节，将制造等低增值环节外包，在全球范围内赚取丰厚利润。 这些收益为美国吸引全球顶尖人才提供巨大优势，并在金融业的杠杆效应下不断扩大。 而日企的全球化，则使其走出本国红海市场，在海外觅得良好投资管道。 在这个过程中，日企将庞大的海外收益回流，支撑著本国的总部经济。 中企“出海”的得益或许与日企更相似，但不同之处在于，中国的内需市场远大于日本，中企在海外市场取得成功所反哺的国内品牌价值，或许更为重大。 诚言，企业全球化难免对母国经济与社会造成冲击。 例如美国的铁锈地带与贫富差距，以及日本在“消失的三十年”中的产业空洞化，均与之有一定关联。 不过需要指出的是，日本进出口业的萎缩更多是由于《广场协定》及后来日圆的暴涨，而金融和房地产出现泡沫并破灭也有经济政策施行不当的原因。 中国与日本的情况存在明显差异，虽然人民币正面对升值压力，但中国对美国具备议价实力，正有效管控汇率，持续支撑本国的出口。 此外，尽管全球企业将制造基地分散布局，但中国仍是世界上最主要的制造基地。 考虑到中国蓝领就业需求十分庞大，关系到国计民生，中国政府一直对实体经济的发展高度重视。 中企全球化的机遇与挑战 无论如何，中企全球化是中国国力上升的必然结果。 在这个过程中，中企将面对一些新机遇与新挑战。 第一，自由主义的高峰期已过，今天的世界不但讲求效率，还讲求更广泛的国家安全。 美日企业出海的时代，正值自由贸易多边体制走向巅峰。 当时在关税及贸易总协定与世界贸易组织的多方努力下，全球贸易壁垒逐年降低。 而今天中企的全球化，需要面对日趋严格的监管环境。 在移动互联网及人工智慧时代下，贸易摩擦不但包括传统的关税与配额壁垒，还延伸至供应链审查、数据安全合规，以及技术转让限制等。 第二，中企在占据全球价值链高端的过程中，无可避免要在品牌等各方面，与发达国家的强大企业进行激烈竞争。 这与美企全球化之初甚为不同，当时包括中企在内的发展中国家企业，更多只是为美企代工，双方品牌竞争并不普遍。 尽管如此，相对于美企的全球化，今天中企的全球化有更大的增长潜力，这主要是由于今天的美国市场远比从前的中国市场大，而今天的全球南方市场也远大于从前。 全球化迈向新时代 中企的全球扩张，标志著由发达国家主导的全球化出现新局面。 过去美、日等发达国家企业全球化的成功之道，在于相容性和在地化。 面对出海挑战，预料中企将仿效成功经验，积极创造在地化价值，以实现受欢迎的海外业务扩张。 这包括与当地持份者构建互利共嬴的合作生态，为目标国创造更多就业和税收，并融合当地文化等。 在数据安全高度敏感的今天，中企或须探索多中心的治理模式，以满足合规要求。 无论如何，中企已从全球化舞台的幕后走到前台，一个由中企共同主演的全球化时代经已来临。 邓希炜教授 香港大学协理副校长、港大经管学院副院长、冯国经冯国纶基金经济学教授 （本文同时于二零二六年六月十一日载于《FT中文网》明德商论专栏）
- [由中企共同主演的全球化時代經已來臨](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/a-new-era-of-globalisation-co-led-by-chinese-enterprises-has-arrived/) - 過去逾半個世紀的全球商業史，有兩個令人印象深刻的景象。 一是通用汽車、可口可樂、麥當勞、星巴克、耐克、蘋果、特斯拉等美企席捲全球; 二是豐田、索尼、迅銷等日企在海外市場攻城掠地。 如今，比亞迪、寧德時代、字節跳動 （TikTok）、拼多多（Temu） 等中企，正掀起新一輪全球化浪潮。 企業全球化的共同誘因 儘管時代不同，中企全球化的內驅力，與美企和日企有相似之處。 中、美、日三國均擁有龐大的國內市場，足以讓本國企業發展壯大。 當國內市場階段性飽和，本國企業便向外發展。 三國企業除拓展海外市場外，還輸出供應鏈，包括品牌、技術、管理及生產等。 一方面，利用發展中國家廉價的生產要素是共同動機; 另一方面，中企與日企也需要規避關稅。 在晉身成為跨國企業的過程中，三國企業均得益於其產業優勢。 在戰後乃至全球化高峰時期，美企憑藉標準化管理制度，以及科技與文化實力，率先佔據全球市場。 上世紀90年代，日企則憑藉精益生產，后發制人。 到今天，中企依託母國強大的研發與製造能力，得以提供極具性價比的產品，備受全球消費者喜愛。 企業全球化對本國的利弊 本國企業全球化的好處是顯而易見的。 美企長期主導研發、設計、品牌、智慧財產權等高增值環節，將製造等低增值環節外包，在全球範圍內賺取豐厚利潤。 這些收益為美國吸引全球頂尖人才提供巨大優勢，並在金融業的槓桿效應下不斷擴大。 而日企的全球化，則使其走出本國紅海市場，在海外覓得良好投資管道。 在這個過程中，日企將龐大的海外收益回流，支撐著本國的總部經濟。 中企「出海」的得益或許與日企更相似，但不同之處在於，中國的內需市場遠大於日本，中企在海外市場取得成功所反哺的國內品牌價值，或許更為重大。 誠言，企業全球化難免對母國經濟與社會造成衝擊。 例如美國的鐵鏽地帶與貧富差距，以及日本在「消失的三十年」中的產業空洞化，均與之有一定關聯。 不過需要指出的是，日本進出口業的萎縮更多是由於《廣場協定》及後來日圓的暴漲，而金融和房地產出現泡沫並破滅也有經濟政策施行不當的原因。 中國與日本的情況存在明顯差異，雖然人民幣正面對升值壓力，但中國對美國具備議價實力，正有效管控匯率，持續支撐本國的出口。 此外，儘管全球企業將製造基地分散佈局，但中國仍是世界上最主要的製造基地。 考慮到中國藍領就業需求十分龐大，關係到國計民生，中國政府一直對實體經濟的發展高度重視。 中企全球化的機遇與挑戰 無論如何，中企全球化是中國國力上升的必然結果。 在這個過程中，中企將面對一些新機遇與新挑戰。 第一，自由主義的高峰期已過，今天的世界不但講求效率，還講求更廣泛的國家安全。 美日企業出海的時代，正值自由貿易多邊體制走向巔峰。 當時在關稅及貿易總協定與世界貿易組織的多方努力下，全球貿易壁壘逐年降低。 而今天中企的全球化，需要面對日趨嚴格的監管環境。 在移動互聯網及人工智慧時代下，貿易摩擦不但包括傳統的關稅與配額壁壘，還延伸至供應鏈審查、數據安全合規，以及技術轉讓限制等。 第二，中企在佔據全球價值鏈高端的過程中，無可避免要在品牌等各方面，與發達國家的強大企業進行激烈競爭。 這與美企全球化之初甚為不同，當時包括中企在內的發展中國家企業，更多只是為美企代工，雙方品牌競爭並不普遍。 儘管如此，相對於美企的全球化，今天中企的全球化有更大的增長潛力，這主要是由於今天的美國市場遠比從前的中國市場大，而今天的全球南方市場也遠大於從前。 全球化邁向新時代 中企的全球擴張，標誌著由發達國家主導的全球化出現新局面。 過去美、日等發達國家企業全球化的成功之道，在於相容性和在地化。 面對出海挑戰，預料中企將仿效成功經驗，積極創造在地化價值，以實現受歡迎的海外業務擴張。 這包括與當地持份者構建互利共嬴的合作生態，為目標國創造更多就業和稅收，並融合當地文化等。 在數據安全高度敏感的今天，中企或須探索多中心的治理模式，以滿足合規要求。 無論如何，中企已從全球化舞台的幕後走到前台，一個由中企共同主演的全球化時代經已來臨。 鄧希煒教授 香港大學協理副校長、港大經管學院副院長、馮國經馮國綸基金經濟學教授 （本文同時於二零二六年六月十一日載於《FT中文網》明德商論專欄）
- [Shifting Tides: How China's Two-Way Investment Flows Are Reshaping Hong Kong's Role](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role/) - 中外雙向投資變局 香港增值作用提升 近年中外雙向投資格局經歷顯著變化，香港橋樑角色的內涵也隨之延伸。若要分析其中演變與發展機遇，必須檢視中國實際使用外資 (realized foreign direct investment，以下簡稱FDI) 和對外直接投資 (outward foreign direct investment ; 簡稱ODI) 的數據趨勢。 外商加速進駐高端產業 據國家商務部的《中國外資統計公報2025》及新聞辦公室的公布，中國FDI在2022年創下1,891.3億美元的歷史高位後，持續回落至2025年的1,063.8億美元左右 (7,476.9億元人民幣) 。同期，新設外商企業則從一年38,497家持續激增至70,392家。此一走向仍然持續，2026年1至4月，FDI為2,876.9億元人民幣 (約419.2億美元)，同比下降10.3%；新設外商企業20,113家，同比增長6.8%。 中國近年FDI的周期性調整，反映出外資的審慎態度。一方面源於國際高利率環境與中國物價增長乏力；另一方面源於跨國企業在地緣政治壓力下採取的「中國+1」策略。儘管如此，基於持續大增的新設外商投資企業數量，外資「戰略卡位」部署清晰，足見其未有撤出中國市場，而是積極為未來加大投資作出準備。 事實上，外資對中國高技術產業展現出濃厚興趣。2024年，中國高技術產業的FDI為402.6億美元，佔總額的34.6%。其中，高技術製造業和高技術服務業的FDI，分別為135.1億美元和267.6億美元。2026年1至4月，高技術產業的FDI為1,163.3元億人民幣 (169.5億美元)，同比大增20.3%，已佔總額的40.4%。其中，研發與設計服務、計算機及辦公設備製造業、電子及通訊設備製造業的FDI分別大增108.4%、22.9%、20.2%。隨着外資對中國技術實力愈趨認可，預料高技術產業將會繼續引領中國FDI的增長。 從2024年中國FDI的來源地來看，前五大地區依次為香港(63.5%)、新加坡(9.2%)、開曼群島(4.7%)、英屬維爾京群島(3.3%)，以及美國(2.4%)。這反映外資大多選擇通過離岸金融中心進入內地，而非從本國直投。香港作為中外資金橋樑的角色仍然層斷領先，但新加坡也變得顯著重要。此外，部分中資企業在離岸金融中心註冊公司，以外資名義返程投資內地。 ODI升勢持續 價值鏈全覆蓋 有別於FDI 的周期性調整，中國ODI則一直展現增長趨勢。據國家商務部新聞辦公室公布的簡明統計數字，2025年的ODI為1,743.8億美元，同比增長7.1%；2026年1至4月的ODI為619.9億美元，同比增長升至7.7%。 國家商務部、統計局、外匯管理局編制的《2024年度中國對外直接投資統計公報》，提供了詳盡的ODI資料。2024年，中國83.8%的ODI主要流向五大行業——採礦業 (11.1%)、製造業 (19.5%)、租賃和商務服務業 (19.8%)、批發和零售業 (21%)、金融業 (12.4%)，橫跨價值鏈上、中、下游。其中，採礦業、製造業及金融業的景氣度較高，ODI流量分別同比大增115.2%、37.3%及30.5%。 中國ODI的持續增長與價值鏈全覆蓋，意味着中資企業從外地獲得投資回報之餘，同時將自身成熟的技術和商業模式帶到投資目的地，並轉化成當地經濟的驅動力。從建設採礦場、工廠、倉庫、數據中心、商廈、商場等基礎設施，到開設大量零售店舖和辦公室，都為投資目的地創造出大量經濟活動、稅收和就業職位。 從2024年中國ODI的目的地來看，前四大地區依次為香港(60.4%)、新加坡(9.3%)、開曼群島(4.6%)、美國(3.5%)，顯示中國ODI也大多選擇通過離岸金融中心走出去，而非直接投向最終目的地。與中國FDI的情況類似，香港角色一枝獨秀，但新加坡也顯得相當重要。值得一提的是，連同上述新加坡的佔比計算在內，2024年共17.9%的中國ODI直接流向東盟地區，而相對應的存量比重僅為6.3%。 引資和外投往高質量方向發展 鑑於FDI周期性調整和ODI持續增長，中國正從政策方面着手優化外商投資環境，而中資企業也在全球化擴張中，愈來愈重視文化共融和創造在地化價值。在「十五五」規劃中，政府明確要以更大力度吸引和利用外資，包括全面落實外資企業國民待遇；引導外資更多投向先進製造、現代服務、高新技術、節能環保等領域；大力吸引外資企業在華設立地區總部和研發中心；以及拓寬外資投資證券市場渠道等。 此外，不少中資企業發揮自身技術、資金及供應鏈等優勢，積極探索以授權、合資、公私營合作等多樣化路徑，在投資目的地經營業務，惠及當地供應商、就業及稅收，從而建構利益共同體，實現互利共贏的全球化擴張。 香港增值空間更加廣闊 中外資金已在香港交匯多年。2024年，香港佔內地FDI 63.5%的流量和56.8%的累計金額；而在內地ODI 中則佔60.4%的流量和61.2%的存量。無庸置疑，香港在國家「引進來」與「走出去」方面，一直發揮至關重要的橋樑作用。 隨着中外雙向投資不斷發展，香港的功能亦隨之深化。過去，外資進入內地或內資投向海外，香港更多是扮演「資金中轉站」角色。現在，全球資本對中國市場的訴求，已從傳統的規模擴張，演變為對創新產業的精準投資。中資企業的全球化，則從「產品外銷」的1.0階段，走向「產業鏈輸出、技術授權與在地化經營」的 2.0 階段。整條價值鏈全覆蓋，也意味着中資企業在外地的資產變得更重。重資產固然可以為企業築起競爭壁壘，但缺點是低流動性和高沉沒成本。這使中資出海企業在地緣政治博弈、供應鏈重組、國際稅務審查、國際法規差異等方面，面臨更多風險。 在此背景下，香港銳意發展「十大中心」，正可滿足中外資金的種種要求，包括傳統的金融、貿易、航運，亦包括創科、風險管理、知識產權貿易、法律及解決爭議、高增值供應鏈服務、資產及財富管理，以至中外文化藝術交流。 總言而之，中外雙向投資的演變，絕非單純的總量起伏，而是一場深刻的結構性重塑。香港務須鞏固現有強項，凸顯作為中外資金「超級增值人」的角色，不單服務外資投資內地高技術產業，亦要服務內資全價值鏈布局外地。各路資金對香港的定位和要求無疑與日俱增，但香港創造價值的空間也同時變得更加廣闊。 鄧希煒教授 香港大學協理副校長、港大經管學院副院長、馮國經馮國綸基金經濟學教授 張超藝先生 香港大學香港經濟及商業策略研究所高級研究助理 （本文同時於二零二六年六月十日載於《信報》「龍虎山下」專欄）
- [Protected and in control](https://www.hkubs.hku.hk/research/thought-leadership/opinions-and-speeches/protected-and-in-control/)
- [中外双向投资变局    香港增值作用提升](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role/) - 近年中外双向投资格局经历显著变化，香港桥梁角色的内涵也随之延伸。若要分析其中演变与发展机遇，必须检视中国实际使用外资 (realized foreign direct investment，以下简称FDI) 和对外直接投资 (outward foreign direct investment ; 简称ODI) 的数据趋势。 外商加速进驻高端产业 据国家商务部的《中国外资统计公报2025》及新闻办公室的公布，中国FDI在2022年创下1,891.3亿美元的历史高位后，持续回落至2025年的1,063.8亿美元左右 (7,476.9亿元人民币) 。同期，新设外商企业则从一年38,497家持续激增至70,392家。此一走向仍然持续，2026年1至4月，FDI为2,876.9亿元人民币 (约419.2亿美元)，同比下降10.3%；新设外商企业20,113家，同比增长6.8%。 中国近年FDI的周期性调整，反映出外资的审慎态度。一方面源于国际高利率环境与中国物价增长乏力；另一方面源于跨国企业在地缘政治压力下采取的“中国+1”策略。尽管如此，基于持续大增的新设外商投资企业数量，外资“战略卡位”部署清晰，足见其未有撤出中国市场，而是积极为未来加大投资作出准备。 事实上，外资对中国高技术产业展现出浓厚兴趣。2024年，中国高技术产业的FDI为402.6亿美元，占总额的34.6%。其中，高技术制造业和高技术服务业的FDI，分别为135.1亿美元和267.6亿美元。2026年1至4月，高技术产业的FDI为1,163.3元亿人民币 (169.5亿美元)，同比大增20.3%，已占总额的40.4%。其中，研发与设计服务、计算机及办公设备制造业、电子及通讯设备制造业的FDI分别大增108.4%、22.9%、20.2%。随着外资对中国技术实力愈趋认可，预料高技术产业将会继续引领中国FDI的增长。 从2024年中国FDI的来源地来看，前五大地区依次为香港(63.5%)、新加坡(9.2%)、开曼群岛(4.7%)、英属维尔京群岛(3.3%)，以及美国(2.4%)。这反映外资大多选择通过离岸金融中心进入内地，而非从本国直投。香港作为中外资金桥梁的角色仍然层断领先，但新加坡也变得显著重要。此外，部分中资企业在离岸金融中心注册公司，以外资名义返程投资内地。 ODI升势持续 价值链全覆盖 有别于FDI 的周期性调整，中国ODI则一直展现增长趋势。据国家商务部新闻办公室公布的简明统计数字，2025年的ODI为1,743.8亿美元，同比增长7.1%；2026年1至4月的ODI为619.9亿美元，同比增长升至7.7%。 国家商务部、统计局、外汇管理局编制的《2024年度中国对外直接投资统计公报》，提供了详尽的ODI资料。2024年，中国83.8%的ODI主要流向五大行业——采矿业 (11.1%)、制造业 (19.5%)、租赁和商务服务业 (19.8%)、批发和零售业 (21%)、金融业 (12.4%)，横跨价值链上、中、下游。其中，采矿业、制造业及金融业的景气度较高，ODI流量分别同比大增115.2%、37.3%及30.5%。 中国ODI的持续增长与价值链全覆盖，意味着中资企业从外地获得投资回报之馀，同时将自身成熟的技术和商业模式带到投资目的地，并转化成当地经济的驱动力。从建设采矿场、工厂、仓库、数据中心、商厦、商场等基础设施，到开设大量零售店铺和办公室，都为投资目的地创造出大量经济活动、税收和就业职位。 从2024年中国ODI的目的地来看，前四大地区依次为香港(60.4%)、新加坡(9.3%)、开曼群岛(4.6%)、美国(3.5%)，显示中国ODI也大多选择通过离岸金融中心走出去，而非直接投向最终目的地。与中国FDI的情况类似，香港角色一枝独秀，但新加坡也显得相当重要。值得一提的是，连同上述新加坡的占比计算在内，2024年共17.9%的中国ODI直接流向东盟地区，而相对应的存量比重仅为6.3%。 引资和外投往高质量方向发展 鉴于FDI周期性调整和ODI持续增长，中国正从政策方面着手优化外商投资环境，而中资企业也在全球化扩张中，愈来愈重视文化共融和创造在地化价值。在“十五五”规划中，政府明确要以更大力度吸引和利用外资，包括全面落实外资企业国民待遇；引导外资更多投向先进制造、现代服务、高新技术、节能环保等领域；大力吸引外资企业在华设立地区总部和研发中心；以及拓宽外资投资证券市场渠道等。 此外，不少中资企业发挥自身技术、资金及供应链等优势，积极探索以授权、合资、公私营合作等多样化路径，在投资目的地经营业务，惠及当地供应商、就业及税收，从而建构利益共同体，实现互利共赢的全球化扩张。 香港增值空间更加广阔 中外资金已在香港交汇多年。2024年，香港占内地FDI 63.5%的流量和56.8%的累计金额；而在内地ODI 中则占60.4%的流量和61.2%的存量。无庸置疑，香港在国家“引进来”与“走出去”方面，一直发挥至关重要的桥梁作用。 随着中外双向投资不断发展，香港的功能亦随之深化。过去，外资进入内地或内资投向海外，香港更多是扮演“资金中转站”角色。现在，全球资本对中国市场的诉求，已从传统的规模扩张，演变为对创新产业的精准投资。中资企业的全球化，则从“产品外销”的1.0阶段，走向“产业链输出、技术授权与在地化经营”的 2.0 阶段。整条价值链全覆盖，也意味着中资企业在外地的资产变得更重。重资产固然可以为企业筑起竞争壁垒，但缺点是低流动性和高沉没成本。这使中资出海企业在地缘政治博弈、供应链重组、国际税务审查、国际法规差异等方面，面临更多风险。 在此背景下，香港锐意发展“十大中心”，正可满足中外资金的种种要求，包括传统的金融、贸易、航运，亦包括创科、风险管理、知识产权贸易、法律及解决争议、高增值供应链服务、资产及财富管理，以至中外文化艺术交流。 总言而之，中外双向投资的演变，绝非单纯的总量起伏，而是一场深刻的结构性重塑。香港务须巩固现有强项，凸显作为中外资金“超级增值人”的角色，不单服务外资投资内地高技术产业，亦要服务内资全价值链布局外地。各路资金对香港的定位和要求无疑与日俱增，但香港创造价值的空间也同时变得更加广阔。 邓希炜教授 香港大学协理副校长、港大经管学院副院长、冯国经冯国纶基金经济学教授 张超艺先生 香港大学香港经济及商业策略研究所高级研究助理 （本文同时于二零二六年六月十日载于《信报》“龙虎山下”专栏）
- [中外雙向投資變局    香港增值作用提升](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/shifting-tides-how-chinas-two-way-investment-flows-are-reshaping-hong-kongs-role/) - 近年中外雙向投資格局經歷顯著變化，香港橋樑角色的內涵也隨之延伸。若要分析其中演變與發展機遇，必須檢視中國實際使用外資 (realized foreign direct investment，以下簡稱FDI) 和對外直接投資 (outward foreign direct investment ; 簡稱ODI) 的數據趨勢。 外商加速進駐高端產業 據國家商務部的《中國外資統計公報2025》及新聞辦公室的公布，中國FDI在2022年創下1,891.3億美元的歷史高位後，持續回落至2025年的1,063.8億美元左右 (7,476.9億元人民幣) 。同期，新設外商企業則從一年38,497家持續激增至70,392家。此一走向仍然持續，2026年1至4月，FDI為2,876.9億元人民幣 (約419.2億美元)，同比下降10.3%；新設外商企業20,113家，同比增長6.8%。 中國近年FDI的周期性調整，反映出外資的審慎態度。一方面源於國際高利率環境與中國物價增長乏力；另一方面源於跨國企業在地緣政治壓力下採取的「中國+1」策略。儘管如此，基於持續大增的新設外商投資企業數量，外資「戰略卡位」部署清晰，足見其未有撤出中國市場，而是積極為未來加大投資作出準備。 事實上，外資對中國高技術產業展現出濃厚興趣。2024年，中國高技術產業的FDI為402.6億美元，佔總額的34.6%。其中，高技術製造業和高技術服務業的FDI，分別為135.1億美元和267.6億美元。2026年1至4月，高技術產業的FDI為1,163.3元億人民幣 (169.5億美元)，同比大增20.3%，已佔總額的40.4%。其中，研發與設計服務、計算機及辦公設備製造業、電子及通訊設備製造業的FDI分別大增108.4%、22.9%、20.2%。隨着外資對中國技術實力愈趨認可，預料高技術產業將會繼續引領中國FDI的增長。 從2024年中國FDI的來源地來看，前五大地區依次為香港(63.5%)、新加坡(9.2%)、開曼群島(4.7%)、英屬維爾京群島(3.3%)，以及美國(2.4%)。這反映外資大多選擇通過離岸金融中心進入內地，而非從本國直投。香港作為中外資金橋樑的角色仍然層斷領先，但新加坡也變得顯著重要。此外，部分中資企業在離岸金融中心註冊公司，以外資名義返程投資內地。 ODI升勢持續 價值鏈全覆蓋 有別於FDI 的周期性調整，中國ODI則一直展現增長趨勢。據國家商務部新聞辦公室公布的簡明統計數字，2025年的ODI為1,743.8億美元，同比增長7.1%；2026年1至4月的ODI為619.9億美元，同比增長升至7.7%。 國家商務部、統計局、外匯管理局編制的《2024年度中國對外直接投資統計公報》，提供了詳盡的ODI資料。2024年，中國83.8%的ODI主要流向五大行業——採礦業 (11.1%)、製造業 (19.5%)、租賃和商務服務業 (19.8%)、批發和零售業 (21%)、金融業 (12.4%)，橫跨價值鏈上、中、下游。其中，採礦業、製造業及金融業的景氣度較高，ODI流量分別同比大增115.2%、37.3%及30.5%。 中國ODI的持續增長與價值鏈全覆蓋，意味着中資企業從外地獲得投資回報之餘，同時將自身成熟的技術和商業模式帶到投資目的地，並轉化成當地經濟的驅動力。從建設採礦場、工廠、倉庫、數據中心、商廈、商場等基礎設施，到開設大量零售店舖和辦公室，都為投資目的地創造出大量經濟活動、稅收和就業職位。 從2024年中國ODI的目的地來看，前四大地區依次為香港(60.4%)、新加坡(9.3%)、開曼群島(4.6%)、美國(3.5%)，顯示中國ODI也大多選擇通過離岸金融中心走出去，而非直接投向最終目的地。與中國FDI的情況類似，香港角色一枝獨秀，但新加坡也顯得相當重要。值得一提的是，連同上述新加坡的佔比計算在內，2024年共17.9%的中國ODI直接流向東盟地區，而相對應的存量比重僅為6.3%。 引資和外投往高質量方向發展 鑑於FDI周期性調整和ODI持續增長，中國正從政策方面着手優化外商投資環境，而中資企業也在全球化擴張中，愈來愈重視文化共融和創造在地化價值。在「十五五」規劃中，政府明確要以更大力度吸引和利用外資，包括全面落實外資企業國民待遇；引導外資更多投向先進製造、現代服務、高新技術、節能環保等領域；大力吸引外資企業在華設立地區總部和研發中心；以及拓寬外資投資證券市場渠道等。 此外，不少中資企業發揮自身技術、資金及供應鏈等優勢，積極探索以授權、合資、公私營合作等多樣化路徑，在投資目的地經營業務，惠及當地供應商、就業及稅收，從而建構利益共同體，實現互利共贏的全球化擴張。 香港增值空間更加廣闊 中外資金已在香港交匯多年。2024年，香港佔內地FDI 63.5%的流量和56.8%的累計金額；而在內地ODI 中則佔60.4%的流量和61.2%的存量。無庸置疑，香港在國家「引進來」與「走出去」方面，一直發揮至關重要的橋樑作用。 隨着中外雙向投資不斷發展，香港的功能亦隨之深化。過去，外資進入內地或內資投向海外，香港更多是扮演「資金中轉站」角色。現在，全球資本對中國市場的訴求，已從傳統的規模擴張，演變為對創新產業的精準投資。中資企業的全球化，則從「產品外銷」的1.0階段，走向「產業鏈輸出、技術授權與在地化經營」的 2.0 階段。整條價值鏈全覆蓋，也意味着中資企業在外地的資產變得更重。重資產固然可以為企業築起競爭壁壘，但缺點是低流動性和高沉沒成本。這使中資出海企業在地緣政治博弈、供應鏈重組、國際稅務審查、國際法規差異等方面，面臨更多風險。 在此背景下，香港銳意發展「十大中心」，正可滿足中外資金的種種要求，包括傳統的金融、貿易、航運，亦包括創科、風險管理、知識產權貿易、法律及解決爭議、高增值供應鏈服務、資產及財富管理，以至中外文化藝術交流。 總言而之，中外雙向投資的演變，絕非單純的總量起伏，而是一場深刻的結構性重塑。香港務須鞏固現有強項，凸顯作為中外資金「超級增值人」的角色，不單服務外資投資內地高技術產業，亦要服務內資全價值鏈布局外地。各路資金對香港的定位和要求無疑與日俱增，但香港創造價值的空間也同時變得更加廣闊。 鄧希煒教授 香港大學協理副校長、港大經管學院副院長、馮國經馮國綸基金經濟學教授 張超藝先生 香港大學香港經濟及商業策略研究所高級研究助理 （本文同時於二零二六年六月十日載於《信報》「龍虎山下」專欄）
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- [“一人公司”随AI兴起 存两大误解](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-rise-of-one-person-companies-via-ai-debunking-two-major-misconceptions/)
- [「一人公司」隨AI興起 存兩大誤解](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-rise-of-one-person-companies-via-ai-debunking-two-major-misconceptions/)
- [Wonton Noodle Inflation Over 40 Years: 3 Must-Watch Metrics for Investors Facing the Rate Hike Cycle](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/wonton-noodle-inflation-over-40-years-3-must-watch-metrics-for-investors-facing-the-rate-hike-cycle/)
- [云吞面40年贵几倍？通胀＋加息周期下 投资者必睇三件事](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/wonton-noodle-inflation-over-40-years-3-must-watch-metrics-for-investors-facing-the-rate-hike-cycle/)
- [雲吞麵40年貴幾倍？通脹＋加息周期下 投資者必睇三件事](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/wonton-noodle-inflation-over-40-years-3-must-watch-metrics-for-investors-facing-the-rate-hike-cycle/)
- [AI颠覆职场秩序   人力资本亟待重构](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/ai-disrupts-workplace-urgent-need-to-restructure-human-capital/) - 渣打集团上月中宣布计划于2030年前削减逾15%的后勤及支援职位，受影响人数接近8,000。在投资者简报会上，行政总裁温拓思（Bill Winters）表示，银行策略“并非单纯削减成本”，而是在特定情况下，以金融资本与投资资本取代“低价值人力资本”。虽然他其后补充，银行会为受影响员工提供再培训、内部转职等安排，强调削减职位只反映职能转变，而非否定个人价值。 然而一言既出，负面印象难以一笔勾销。新加坡前总统哈莉玛（Halimah Yacob）就公开批评其冷漠用语令人不安。据报香港与新加坡的监管机构亦就裁员安排，要求银行作出说明，包括企业是否以人工智能（AI）作为缩减人手的正当化理由。 这场争议所以备受关注，在于它折射出AI不再只是提升效率的辅助工具，而是开始重塑招聘结构、职位层级与教育回报。 初出茅庐者率先承压 这种转变对香港初阶职位的影响尤其明显。劳工及福利局局长上月回复立法会议员时指出，适合大学毕业生的全职职位空缺，已由2022年约8万个，下跌至2025年约3.1万个，跌幅约61%；其中行政、资讯科技及编程等职位减幅尤为显著。 无庸置疑，AI引发的焦虑正由科技业广泛扩散至白领与教育领域。过往需大量新人处理的文书整理、行政协调与初步分析工作，已渐由生成式AI完成。可见首当其冲击就是原本让年轻人投身工作的初级职位，如今正被重新设计或直接被系统吸收。 这亦非香港独有的现象。根据世界经济论坛于2025年发表的《未来工作报告》，AI、资讯处理、机械人与自动化正同时在全球范围创造与淘汰职位。其中增长最快的技能集中于AI与大数据、网络安全及科技素养；而下降最快的则包括重复性行政类职位。 报告显示，到2030年，约39%现有技能将被重塑或变得过时，约40% 雇主预计将在 AI 能自动化执行的领域缩减人手，但也有高达70%企业计划招募具有 AI 新技能的员工。超过60% 雇主认为“技能缺口”（skills gap）是目前企业转的最大障碍。AI真正改变的不只是职位数量，而是雇主衡量人才的准则，职场的核心竞争力变成能否提出关键问题、整合跨部门资讯，以及在不确定环境中作出判断，而非单纯执行既定程序的能力。 劳动市场倒逼教育转型 对毕业生而言，这亦意味着求职压力来自“可替代性”上升的现实。当部分初级工作可由AI完成，企业招聘大学毕业生时，要求条件往往包括成熟的沟通、策划与分析能力。职场学习曲线被提前至大学教育阶段，学位不再等同就业保证，获雇主青睐者须具备实习经验、跨学科能力、国际视野，以及与科技协作的能力。 事实上，高等教育界正作出相应调整。在2025至2028年三年期内，8所资助大学将开办约30项新课程，涵盖人工智能、数据科学、网络安全、创意产业及可持续发展等新兴领域，令课程设计与产业趋势接轨。同时，教育局公布的2026/27学年指定课程名单中，不少院校在本科课程内，加入人工智能商业应用、智能资讯系统、创意媒体科技等元素，足见AI已全面向商业、传播、创意及跨学科领域渗透。 学以致用的重新演绎 即便如此，一个更根本的问题亦同时浮现：教育应否只管追赶科技变化，还是应深思哪些能力难以被机器取代？ 近年商业分析课程迅速崛起，逐步把传统商科内容转而结合Python、资料库、统计与决策分析训练，并设有AI相关选修方向，强调利用数据设计策略，聚焦塑造能够“与AI协作”的人才。换言之，在AI发展一日千里的时代，商业分析正从一门专修技能，迈向商科教育重新界定就业能力的先决条件。 教学与评核方式无疑是不容忽视的另一环。以往一次性笔试、标准答案或学术论文为主的评核方式必须与时并进。高等教育势必更重视口头汇报、分阶段作业与真实情境任务，以判断学生的学习成果，而非只靠熟练使用AI输出答案。至于教师的角色，亦将侧重于引导学生提问、辨识错误、建立判断框架，以及把零散资讯理出脉络，达致深化理解。显而易见，未来教育投资不应只管购买平台与软件，更须仗赖师资培训与伦理规范，否则只能提升课堂效率，教育意义却荡然无存。 AI普及化不一定表示人类能力被边缘化。辉达行政总裁黄仁勋指出，AI正使人类语言成为新程式语言，降低人机互动门槛，令职场竞争由编码能力转向问题表达、资讯整合与判断能力。同时，Anthropic联合创办人阿莫迪（Daniela Amodei）认为，随着AI能力提升，企业将更注重沟通、同理心与协作等人性能力，人文学科的重要性将不减反增。特斯拉行政总裁马斯克亦强调，机器难以完全复制人类的创造力与判断力，在医疗分诊或自动驾驶等涉及伦理与即时决策的情境尤其如此。 效率与尊严之间的取舍 篇首所述的渣打事件，让社会提前直接面对一个尖锐议题：在AI重塑经济之际，究竟应由企业以效率与成本为价值标准，抑或由社会在制度与伦理层面辨清工作的意义？ 未来职场将减少对重复性人手的需求，关键系于哪些能力会被放大、哪些阶梯会被抽走、哪些人可能在转型中被边缘化。明乎此，教育不应仅为市场输送技能，更应以培养判断力、适应力、沟通力与伦理意识为先。若企业只懂以成本与产出衡量人才，最先流失的恐怕不单是职位，而是制度对人的基本尊重。要是学校盲目追赶科技潮流，而忽略培养新时代所需的人文与批判能力，掌握新工具并无助于适应变局。 总而言之，这场有关企业部署的舆论激发出香港必须面对的核心问题：在AI重塑经济之际，我们是否已准备好重新定义工作、教育与人的本质？ 谢国生教授 港大经管学院金融学教学副教授、新界乡议局当然执行委员 何敏淙 香港大学附属学院经济及商学学部助理学部主任、香港大学附属学院讲师 （本文同时于二零二六年六月三日载于《信报》“龙虎山下”专栏）
- [AI顛覆職場秩序   人力資本亟待重構](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/ai-disrupts-workplace-urgent-need-to-restructure-human-capital/) - 渣打集團上月中宣布計劃於2030年前削減逾15%的後勤及支援職位，受影響人數接近8,000。在投資者簡報會上，行政總裁溫拓思（Bill Winters）表示，銀行策略「並非單純削減成本」，而是在特定情況下，以金融資本與投資資本取代「低價值人力資本」。雖然他其後補充，銀行會為受影響員工提供再培訓、內部轉職等安排，強調削減職位只反映職能轉變，而非否定個人價值。 然而一言既出，負面印象難以一筆勾銷。新加坡前總統哈莉瑪（Halimah Yacob）就公開批評其冷漠用語令人不安。據報香港與新加坡的監管機構亦就裁員安排，要求銀行作出說明，包括企業是否以人工智能（AI）作為縮減人手的正當化理由。 這場爭議所以備受關注，在於它折射出AI不再只是提升效率的輔助工具，而是開始重塑招聘結構、職位層級與教育回報。 初出茅廬者率先承壓 這種轉變對香港初階職位的影響尤其明顯。勞工及福利局局長上月回覆立法會議員時指出，適合大學畢業生的全職職位空缺，已由2022年約8萬個，下跌至2025年約3.1萬個，跌幅約61%；其中行政、資訊科技及編程等職位減幅尤為顯著。 無庸置疑，AI引發的焦慮正由科技業廣泛擴散至白領與教育領域。過往需大量新人處理的文書整理、行政協調與初步分析工作，已漸由生成式AI完成。可見首當其衝擊就是原本讓年輕人投身工作的初級職位，如今正被重新設計或直接被系統吸收。 這亦非香港獨有的現象。根據世界經濟論壇於2025年發表的《未來工作報告》，AI、資訊處理、機械人與自動化正同時在全球範圍創造與淘汰職位。其中增長最快的技能集中於AI與大數據、網絡安全及科技素養；而下降最快的則包括重複性行政類職位。 報告顯示，到2030年，約39%現有技能將被重塑或變得過時，約40% 僱主預計將在 AI 能自動化執行的領域縮減人手，但也有高達70%企業計劃招募具有 AI 新技能的員工。超過60% 僱主認為「技能缺口」（skills gap）是目前企業轉的最大障礙。AI真正改變的不只是職位數量，而是僱主衡量人才的準則，職場的核心競爭力變成能否提出關鍵問題、整合跨部門資訊，以及在不確定環境中作出判斷，而非單純執行既定程序的能力。 勞動市場倒逼教育轉型 對畢業生而言，這亦意味着求職壓力來自「可替代性」上升的現實。當部分初級工作可由AI完成，企業招聘大學畢業生時，要求條件往往包括成熟的溝通、策劃與分析能力。職場學習曲線被提前至大學教育階段，學位不再等同就業保證，獲僱主青睞者須具備實習經驗、跨學科能力、國際視野，以及與科技協作的能力。 事實上，高等教育界正作出相應調整。在2025至2028年三年期內，8所資助大學將開辦約30項新課程，涵蓋人工智能、數據科學、網絡安全、創意產業及可持續發展等新興領域，令課程設計與產業趨勢接軌。同時，教育局公布的2026/27學年指定課程名單中，不少院校在本科課程內，加入人工智能商業應用、智能資訊系統、創意媒體科技等元素，足見AI已全面向商業、傳播、創意及跨學科領域滲透。 學以致用的重新演繹 即便如此，一個更根本的問題亦同時浮現：教育應否只管追趕科技變化，還是應深思哪些能力難以被機器取代？ 近年商業分析課程迅速崛起，逐步把傳統商科內容轉而結合Python、資料庫、統計與決策分析訓練，並設有AI相關選修方向，強調利用數據設計策略，聚焦塑造能夠「與AI協作」的人才。換言之，在AI發展一日千里的時代，商業分析正從一門專修技能，邁向商科教育重新界定就業能力的先決條件。 教學與評核方式無疑是不容忽視的另一環。以往一次性筆試、標準答案或學術論文為主的評核方式必須與時並進。高等教育勢必更重視口頭匯報、分階段作業與真實情境任務，以判斷學生的學習成果，而非只靠熟練使用AI輸出答案。至於教師的角色，亦將側重於引導學生提問、辨識錯誤、建立判斷框架，以及把零散資訊理出脈絡，達致深化理解。顯而易見，未來教育投資不應只管購買平台與軟件，更須仗賴師資培訓與倫理規範，否則只能提升課堂效率，教育意義卻蕩然無存。 AI普及化不一定表示人類能力被邊緣化。輝達行政總裁黃仁勳指出，AI正使人類語言成為新程式語言，降低人機互動門檻，令職場競爭由編碼能力轉向問題表達、資訊整合與判斷能力。同時，Anthropic聯合創辦人阿莫迪（Daniela Amodei）認為，隨着AI能力提升，企業將更注重溝通、同理心與協作等人性能力，人文學科的重要性將不減反增。特斯拉行政總裁馬斯克亦強調，機器難以完全複製人類的創造力與判斷力，在醫療分診或自動駕駛等涉及倫理與即時決策的情境尤其如此。 效率與尊嚴之間的取捨 篇首所述的渣打事件，讓社會提前直接面對一個尖銳議題：在AI重塑經濟之際，究竟應由企業以效率與成本為價值標準，抑或由社會在制度與倫理層面辨清工作的意義？ 未來職場將減少對重複性人手的需求，關鍵繫於哪些能力會被放大、哪些階梯會被抽走、哪些人可能在轉型中被邊緣化。明乎此，教育不應僅為市場輸送技能，更應以培養判斷力、適應力、溝通力與倫理意識為先。若企業只懂以成本與產出衡量人才，最先流失的恐怕不單是職位，而是制度對人的基本尊重。要是學校盲目追趕科技潮流，而忽略培養新時代所需的人文與批判能力，掌握新工具並無助於適應變局。 總而言之，這場有關企業部署的輿論激發出香港必須面對的核心問題：在AI重塑經濟之際，我們是否已準備好重新定義工作、教育與人的本質？ 謝國生教授 港大經管學院金融學教學副教授、新界鄉議局當然執行委員 何敏淙 香港大學附屬學院經濟及商學學部助理學部主任、香港大學附屬學院講師 （本文同時於二零二六年六月三日載於《信報》「龍虎山下」專欄）
- [AI Disrupts Workplace: Urgent Need to Restructure Human Capital](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/ai-disrupts-workplace-urgent-need-to-restructure-human-capital/) - AI顛覆職場秩序 人力資本亟待重構 渣打集團上月中宣布計劃於2030年前削減逾15%的後勤及支援職位，受影響人數接近8,000。在投資者簡報會上，行政總裁溫拓思（Bill Winters）表示，銀行策略「並非單純削減成本」，而是在特定情況下，以金融資本與投資資本取代「低價值人力資本」。雖然他其後補充，銀行會為受影響員工提供再培訓、內部轉職等安排，強調削減職位只反映職能轉變，而非否定個人價值。 然而一言既出，負面印象難以一筆勾銷。新加坡前總統哈莉瑪（Halimah Yacob）就公開批評其冷漠用語令人不安。據報香港與新加坡的監管機構亦就裁員安排，要求銀行作出說明，包括企業是否以人工智能（AI）作為縮減人手的正當化理由。 這場爭議所以備受關注，在於它折射出AI不再只是提升效率的輔助工具，而是開始重塑招聘結構、職位層級與教育回報。 初出茅廬者率先承壓 這種轉變對香港初階職位的影響尤其明顯。勞工及福利局局長上月回覆立法會議員時指出，適合大學畢業生的全職職位空缺，已由2022年約8萬個，下跌至2025年約3.1萬個，跌幅約61%；其中行政、資訊科技及編程等職位減幅尤為顯著。 無庸置疑，AI引發的焦慮正由科技業廣泛擴散至白領與教育領域。過往需大量新人處理的文書整理、行政協調與初步分析工作，已漸由生成式AI完成。可見首當其衝擊就是原本讓年輕人投身工作的初級職位，如今正被重新設計或直接被系統吸收。 這亦非香港獨有的現象。根據世界經濟論壇於2025年發表的《未來工作報告》，AI、資訊處理、機械人與自動化正同時在全球範圍創造與淘汰職位。其中增長最快的技能集中於AI與大數據、網絡安全及科技素養；而下降最快的則包括重複性行政類職位。 報告顯示，到2030年，約39%現有技能將被重塑或變得過時，約40% 僱主預計將在 AI 能自動化執行的領域縮減人手，但也有高達70%企業計劃招募具有 AI 新技能的員工。超過60% 僱主認為「技能缺口」（skills gap）是目前企業轉的最大障礙。AI真正改變的不只是職位數量，而是僱主衡量人才的準則，職場的核心競爭力變成能否提出關鍵問題、整合跨部門資訊，以及在不確定環境中作出判斷，而非單純執行既定程序的能力。 勞動市場倒逼教育轉型 對畢業生而言，這亦意味着求職壓力來自「可替代性」上升的現實。當部分初級工作可由AI完成，企業招聘大學畢業生時，要求條件往往包括成熟的溝通、策劃與分析能力。職場學習曲線被提前至大學教育階段，學位不再等同就業保證，獲僱主青睞者須具備實習經驗、跨學科能力、國際視野，以及與科技協作的能力。 事實上，高等教育界正作出相應調整。在2025至2028年三年期內，8所資助大學將開辦約30項新課程，涵蓋人工智能、數據科學、網絡安全、創意產業及可持續發展等新興領域，令課程設計與產業趨勢接軌。同時，教育局公布的2026/27學年指定課程名單中，不少院校在本科課程內，加入人工智能商業應用、智能資訊系統、創意媒體科技等元素，足見AI已全面向商業、傳播、創意及跨學科領域滲透。 學以致用的重新演繹 即便如此，一個更根本的問題亦同時浮現：教育應否只管追趕科技變化，還是應深思哪些能力難以被機器取代？ 近年商業分析課程迅速崛起，逐步把傳統商科內容轉而結合Python、資料庫、統計與決策分析訓練，並設有AI相關選修方向，強調利用數據設計策略，聚焦塑造能夠「與AI協作」的人才。換言之，在AI發展一日千里的時代，商業分析正從一門專修技能，邁向商科教育重新界定就業能力的先決條件。 教學與評核方式無疑是不容忽視的另一環。以往一次性筆試、標準答案或學術論文為主的評核方式必須與時並進。高等教育勢必更重視口頭匯報、分階段作業與真實情境任務，以判斷學生的學習成果，而非只靠熟練使用AI輸出答案。至於教師的角色，亦將側重於引導學生提問、辨識錯誤、建立判斷框架，以及把零散資訊理出脈絡，達致深化理解。顯而易見，未來教育投資不應只管購買平台與軟件，更須仗賴師資培訓與倫理規範，否則只能提升課堂效率，教育意義卻蕩然無存。 AI普及化不一定表示人類能力被邊緣化。輝達行政總裁黃仁勳指出，AI正使人類語言成為新程式語言，降低人機互動門檻，令職場競爭由編碼能力轉向問題表達、資訊整合與判斷能力。同時，Anthropic聯合創辦人阿莫迪（Daniela Amodei）認為，隨着AI能力提升，企業將更注重溝通、同理心與協作等人性能力，人文學科的重要性將不減反增。特斯拉行政總裁馬斯克亦強調，機器難以完全複製人類的創造力與判斷力，在醫療分診或自動駕駛等涉及倫理與即時決策的情境尤其如此。 效率與尊嚴之間的取捨 篇首所述的渣打事件，讓社會提前直接面對一個尖銳議題：在AI重塑經濟之際，究竟應由企業以效率與成本為價值標準，抑或由社會在制度與倫理層面辨清工作的意義？ 未來職場將減少對重複性人手的需求，關鍵繫於哪些能力會被放大、哪些階梯會被抽走、哪些人可能在轉型中被邊緣化。明乎此，教育不應僅為市場輸送技能，更應以培養判斷力、適應力、溝通力與倫理意識為先。若企業只懂以成本與產出衡量人才，最先流失的恐怕不單是職位，而是制度對人的基本尊重。要是學校盲目追趕科技潮流，而忽略培養新時代所需的人文與批判能力，掌握新工具並無助於適應變局。 總而言之，這場有關企業部署的輿論激發出香港必須面對的核心問題：在AI重塑經濟之際，我們是否已準備好重新定義工作、教育與人的本質？ 謝國生教授 港大經管學院金融學教學副教授、新界鄉議局當然執行委員 何敏淙 香港大學附屬學院經濟及商學學部助理學部主任、香港大學附屬學院講師 （本文同時於二零二六年六月三日載於《信報》「龍虎山下」專欄）
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- [新經濟企業佔港股逾三分之二 港大專家倡金融科創雙向賦能](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hku-expert-advocates-for-finance-innovation-synergy/)
- [HKU Expert advocates for Finance-Innovation Synergy](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hku-expert-advocates-for-finance-innovation-synergy/)
- [龙虾经济的崛起](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/the-rise-of-the-ai-agent-economy/) - 科技界于这数月有很多关于OpenClaw （俗称龙虾）不足之处的讨论，例如不按常理出牌、数据意外丢失、运算成本飙升，以及可能成为黑客攻击的渠道等。但从另一角度，如OpenClaw等AI 智能体（Agent）的出现将驱动新的跨产业工业革命，他们之间的相互协作将建立全新经济环境，例如由小团队推动的OPC (一人公司 One Person Company）模式。 欢迎来到智能体经济的新世界，人类与智能体在这里共存与协作。你未来的同事可能是一个有清晰目标和工作的软体系统。公司可能不再招聘“初级会计师”，而是开始寻找“财务工作流程管理的操作员(或代理智能体)”。未来公司的组织架构图可能出现各个人工智能代理部门，并由少量人类“管理”，负责为智能体定义目标及解读输出内容。换句话说，创造力、情商、战略监督和复杂的伦理判断才是人类的专属领域。 “Agentic AI engineering”（AI智能体工程）的核心在于它将人工智能从一个只执行指令的工具，升级为能够理解目标、自主规划、协作并执行特定任务的智能体。目前，各个主要的科技公司都在悄然构建未来：谷歌、阿里云，以及Anthropic（开发工具Claude）等的业界先行者，都已经推出自主AI智能体的基础工具，这是一次全行业的战略转向。竞赛的目标不再是建造最好的聊天机器人，而是建构最高效的自主数字策略和工作生态系统。传统的AI工具就像一个出色但被动的实习生，你必须给它一个精确的任务指令。相比之下，AI智能体就像一位经验丰富的业务经理，不只是处理讯息，更会策划和执行：当你提出一个目标，它会先了解环境（例如线上线下资料、市场数据、CRM系统、电子邮件等），再利用长期记忆加强理解，从而作出战略决策，主动采取行动，并进一步从结果中学习，随著时间推移制定最佳化策略。 从矽谷到深圳，最早开始使用AI智能体的人表示生产力已实现成倍增长。而相关开发者设计和编程上投入的时间，所获得的回报不是两三倍，而是相当于百倍甚至更多的人类工时。AI早已超越了自动化简单且重复任务的阶段，现在连复杂的认知工作流程都能自动化了。企业的资源分配正在经历一场无声但重大的转变，有部分企业不再补充员工自然流失的空缺，例如数据处理和文书工作，取而代之的是靠智能体执行工作；初级分析师职位？一组AI智能体就可以监控数据流、标记异常并生成初步报告；入门级行销人员？智能体可以管理社交媒体发布日历、对电子邮件主题进行A/B测试，并分析绩效。任务执行方式可以按照系统设计而变化，以达到经理设定的目标。有分析指出，过半的入门级和毕业生职位将悄然消失，这并非因为经济衰退，而是这些工作正被这个新的“数字劳动力”无缝接替。 智能体经济描述了一种新兴的经济图景，自主AI智能体不仅是工具，更是积极和主动的参与者，且角色非常广泛，包括执行知识工作、进行量化甚至部分质性研究、起草和审查文件、交易与谈判、当库存低于预设值时自动下采购订单、核对复杂跨货币发票、在预设参数内协商协议和执行交易等。这种A2A（Agent-to-Agent）的商业模式，即智能体会代表管理者，与其他智能体进行包括交易等数位互动，更精彩的是一个人可以拥有多个智能体，同时处理大量不同的任务，而每个智能体都能与多个外部智能体互动，令这种多层网路爆炸性成长。 另一个演变是个人化的AI智能体助手。它像一个集行政、操作、财务和后勤于一身的角色，了解你的日程安排、财务目标、偏好和风险承受能力。例如你要旅游，它不用等你去搜索去某地的最佳航班，而是主动通知你：“根据您的日程和直飞航班偏好，我为你预留了六月份前往上海的一些旅游选项。考虑到你过去的评价，最适合你的酒店有空房。如果你在一小时内授权，我可以以4%的折扣预订该套餐。”这开辟了新的商机，也就是A2A商务：一个在我们生活中运作的全新高效市场。 这种转变从根本上定义了人与工作的关系。过去，经济价值一直与任务执行挂钩，而在智能体时代，经济价值将重新与愿景、战略和成果相结合。在智能体的世界中，你不再受制于自己的体能和速度。你仿佛坐在高性能车辆的驾驶舱，价值不再在于你踩油门的能力，而是作为驾驶员的技能。你的工作是了解地形、设定目的地、监控系统并为引擎提供燃料。故此，我们必须了解这辆“新超跑”的操控方法，包括能力、局限和导航系统。心态上则需要转变，例如从微管理转向宏观管理文化，清晰地定义“做什么”和“为什么做”，并赋予你的智能体自主权以决定“如何做”。 对香港来说，AI智能体的发展也将产生一系列连锁反应：在医药与生物科技领域，原本长达十年、耗资数十亿美元的药物发现过程，可以被大幅压缩。核心模式是从单一任务程式转向多智能体系统（Multi-Agent Systems, MAS），模拟人类科研团队协作，由协调智能体(Orchestrator) 统筹目标，知识智能体(Knowledge) 分析文献，靶点发现智能体(Target Discovery) 筛选靶点，安全评估智能体(Safety) 预测毒性等。这是抗癌药研发的核心模式，能在极短时间内提出新的候选药物和联合疗法。尽管潜力巨大，MAS仍面临三大挑战：工作流编排复杂、AI决策需满足监管的可解释与可追溯要求、以及数据与基础设施的技术瓶颈。 全球金融与投资市场是多智能体系统的绝佳应用场景。相互连结的智能体能即时分析股价、卫星拍摄的停车场车流、社群情绪、天气预测与地缘政治新闻，全天候策划并执行复杂的跨市场策略。这支虚拟团队包含规划者、各类分析师（基本面、情绪、技术、宏观）、风控经理、交易员、投资组合经理及审计员，各司其职、高效协作。个人财务智能体更让散户也能拥有过去只有大型基金才具备的市场洞察力与反应速度。这些虚拟团队并非空想，在量化交易等领域已展现出显著能力。 跨境贸易环节复杂、参与者众多，多智能体的本质是建立一个“永不疲惫、跨国协作、决策智慧的虚拟全球贸易团队”。例如：市场分析师监测多平台数据，洞察全球趋势；供应链协调员对接物流与库存，智能匹配最优方案。它把进出口、物流、金融、税务等不同领域的专业能力整合成协同工作的智能系统，有效解决跨境业务链条长、成本高、资讯不对称等痛点。 最终，产业将加速转型，而智能体正是其中的超级涡轮增压器。对每一位专业人士、企业家和政策制定者而言，真正的问题不是它会不会改变世界，而是我们该如何使用它。智能体时代已经来临，未来正由云端的智能体协助我们一同创造与书写。 陈炳雄教授 港大经管学院管理及商业策略实务副教授 创新与创业研究中心副总监 （本文同时于二零二六年五月二十八日载于《FT中文网》明德商论专栏）
- [Tough legislation to regulate money lenders in Hong Kong](https://www.hkubs.hku.hk/research/thought-leadership/opinions-and-speeches/tough-legislation-to-regulate-money-lenders-in-hong-kong/)
- [足球盛事天价转播权的场外博弈](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/the-off-field-battle-over-world-cup-broadcasting-rights/) - 2026年世界杯将在下月开波，四年一度的赛事又再牵动数以亿计观众的心弦。本届首次由美国、加拿大、墨西哥三国共同举办，赛事的场次从上届64场增至104场，涨幅超过62%，时长也由29天延长到40天。 作为全球观看人数最多的体育赛事，世界杯的媒体版权也是全球最贵之一。2026年世界杯整个周期的全球转播权收入约为40亿美元，占国际足球协会（国际足协；英文简称FIFA）2023至2026年商业周期目标收入的30%，更是其最大的单一收入来源。 顶尖竞技 价值非凡 2022年卡塔尔世界杯吸引了全球50亿观众，换言之，世界超过一半人口在同一时段关注同一赛事。阿根廷对法国的决赛更吸引了15亿人的眼球，亦即每5个人之中，就有1个人看了这场对决。然而门票难求，能置身现场观赛的只是极少数，绝大多数球迷只能通过电视或串流媒体的广播来欣赏比赛。 当千千万万球迷盯着同一比赛之际，广告商嗅到无限商机，各种媒体看到大好时机，而最高主办机构国际足协也绝不会放过此一绝佳的赚钱途径。 世界杯的转播权通常授予特定广播机构，以在特定地区和时段播放赛事。以香港为例，世界杯的转播权就以2500万美元卖给电讯盈科，由该集团旗下的Now TV与ViuTV享有本地独家播映权：收费电视Now TV将独家全程直播总共104场赛事，而免费电视ViuTV则免费直播25场精选赛事，其中包括揭幕战及决赛。 商业价值金字塔 转播权费用不菲，关键在于遍布世界不同角落的观众注意力。须知世界杯各场赛事吸引力不一，全部赛事之中，仅有极少数（决赛和准决赛）足以产生30%观众的核心流量，而冷门小组赛所能吸引的观众往往不及10%。 由于观众人数差异巨大，取决于收视率的广告费也别无二致，每场比赛的商业价值自然有天壤之别。即使同是小组赛，弱队之间的比赛每场可能只值1000至2000万美元，而强队对垒每场则可值3000万至6000万美元。进入淘汰赛阶段，每场比赛价值更以非线性方式上升，从准决赛到决赛，其价值可以翻倍至高达5亿美元。 明乎此，世界杯天价转播权可以比喻为一个金字塔。在104场赛事中，决赛和准决赛贡献60%的商业价值；强队之间的比赛是金字塔的中层，虽然都是小组赛，却仍然得以贡献30%的价值。金字塔底层包括多场冷门小组赛，其贡献价值则只有10%。 打包推销的盈利策略 既然百多场比赛的商业价值如此不平衡，世界杯转播权的最佳销售方式当然不会是每场比赛单独出售，而是将所有比赛的转播权作为一个整体打包卖出。事实上，国际足协销售转播权的打包策略也不限于男足世界杯，而与旗下女足世界杯、U20世界杯、U17世界杯等商业价值较低的赛事捆绑销售。例如，今年国际足协给中国内地的转播权，就将2027年和2030年的女足世界杯与2026年和2030年的男足世界杯一起打包，卖给了中国中央广播电视总台。而国际足协给德国的转播权，则包括2026年男足世界杯、2027年女足世界杯，以及U20世界杯。 转播费犹如“海鲜价” 世界杯转播权从来不是统一价格，而是按国家或地区逐一定价；世界杯转播权的标价和最终成交价往往迥然不同。比如国际足协在中国内地最初要价3亿美元，结果以6000万美元成交，远低于目标价格。又如印度，最初要价约1亿美元，印度报价仅为约2000万美元；截稿前双方还没有达成协议。 在讨价还价的过程中，谁的议价权大，视乎一篮子因素，包括当地对足球的热度、本国球队有否参赛、赛事和当地的时差、广告市场规模、当地媒体的竞争激烈程度，以及买卖双方的谈判距离世界杯开始时间的长短。 作为今年的东道主，美国自然派队参赛，观众观看赛事不大受制于时差，加上广告市场规模大、价值高，所以世界杯在美国的转播权卖得最贵，总合同约12.5亿美元。反观中国内地，虽然足球市场很大，球迷热衷程度亦高，但中国队没能打进世界杯，赛事的时差严重影响观众的人数和广告商的竞价。再者，内地一家独大的媒体，也让媒体之间的竞争近乎零。 随着世界杯开赛在即，国际足协宁愿降价，也不愿失去中国内地的庞大市场。另一亚洲大国印度，则因为观众对足球的追捧热远低于板球，导致市场规模小，买方压价也就尤其严重。 当我们在电视机前欣赏球员在球场上施展浑身解数，在酒吧里欢庆球队胜利，又或在手机上重播世界杯的精彩时刻，我们极度专注、全程投入，以至茶馀饭后互相交流，统统成就了转播权臻于天价的世界杯商业帝国。 范亭亭博士 港大经管学院市场学首席讲师 （本文同时于二零二六年五月二十七日载于《信报》“龙虎山下”专栏）
- [香港探索稳定币发展新模式](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/hong-kongs-new-blueprint-for-stablecoin-development/) - 2026年4月，香港金融管理局向香港上海汇丰银行有限公司和碇点金融科技有限公司发出首批稳定币发行人牌照。汇丰是香港最大的银行之一，兼有发钞行的特殊地位。碇点金融科技则由另一家大型银行渣打，联同安拟集团和香港电讯合资成立，其中渣打银行为绝对控股股东。 发行人助力数字资产生态稳健发展 将首批稳定币发行人牌照发给传统商业银行，显示香港正在探索一种崭新稳定币发展模式。世界两大主导美元稳定币USDC和USDT的发行方都不是银行，其应用场景集中在虚拟资产交易和跨境支付，与传统银行形成竞争关系。因此，政策制定者始终顾虑稳定币规模的扩大可能导致金融去中介化，有损银行业竞争力，并扩大金融风险。从积极方面来看，不少市场参与者期望稳定币倒逼以商业银行为主体的支付体系改进技术、提升效率、降低交易成本。 汇丰银行和碇点金融获得发行稳定币资格后，理应建立资产代币化和支持虚拟支付的技术设施，使稳定币得以在链上流通。这些基础设施既能用于稳定币的支付、结算和清算，亦足以产生协同效应，以较低成本推动传统银行业务模式变化，促进代币化存款和贷款等传统银行业务，实现技术进步与效率提升。 优势互补的融合发展 香港的稳定币发行从一开始就着眼于数字金融与传统商业银行的融合。市场上不乏观点指出特区政府批出稳定币牌照过于保守，未能满足数字金融的需求，反而限于传统的银行结算与支付体系之内。笔者认为，这一观点忽略了稳定币发行与银行业务代币化的协同效应可创造的优势。 首先，中央银行与商业银行体系已运作超过1个世纪。以存款保险为基础、资本充足率和流动性覆盖率为工具的监管系统，经历多次经济金融危机洗礼，足以相对有效地应对风险，维持金融稳定。 稳定币作为一种新的支付工具，仍处于早期实践阶段。监管框架能否有效应对潜在危机，尚须时间验证。因此，商业银行存贷款代币化同时满足支付效率提升和保持金融稳定的双重需求，是更加稳妥的选择。与美国的“倒逼”模式不同，香港的稳定币发展模式视稳定币发行人牌照为契机，让银行自发提升效率。 其次，由商业银行发行有利于增强稳定币的安全性。维持币值稳定，拥有足额高流动性、高安全性的储备资产是重中之重。全球金融危机后的十多年期间，银行业的流动性风险显著降低。以汇丰为例，其流动性覆盖率（约160%）远高于国际平均值与监管红线，所积累的高品质流动性资产可确保发行稳定币初期的安全性。 与此同时，即使是流动性、安全性最高的储备资产也可出现价格波动。如果市场信心因此动摇，稳定币发行商的挤兑风险仍然存在。稳定币发行商持续从发行业务中获利的能力，即“特许权价值”（franchise value），将对其有效抵御挤兑风险发挥重要作用。上述两家银行历史悠久，客源庞大，盈利能力稳健，基于规模效应所积累的特许权价值远高于非传统金融机构的发行商，尤其在面临稳定币挤兑风险时，可主动注资以避免流动性危机。 最后，稳定币发展的重大挑战是合规性，即如何验证客户身份，避免稳定币成为非法交易的温床。相对而言，商业银行等金融机构具备丰富的合规经验，能够高效、准确地完成验证程序，维护稳定币交易的合法性，有效回应监管方的要求。 权衡利弊的考量 国际舆论对稳定币的前景褒贬不一，最具代表性的负面观点来自国际结算银行（BIS）的2025年度经济报告。BIS提出货币作为一般支付方式需满足3个条件：“单一性”（singleness），即用户广泛认可该货币的价值，不必怀疑和确认货币发行的底层资产与逻辑; “弹性”（elasticity），即该货币能够轻易满足大额支付需求而不会引起金融风险; “正当性”（integrity），即该货币可有效防止非法金融交易的产生。BIS认为稳定币迄今尚未能满足这三大标准，因此无法广为接受。 以BIS的框架为审视依据，不难看出香港的稳定币新发展模式能有效弥补这3方面的不足。香港稳定币由传统大型银行发行，发行商的特许权价值使其挤兑风险低，货币的单一性基本得到满足。稳定币遵循足额储备原则，支付风险低。即使储备资产价格波动带来风险，作为发行商的金融机构亦可利用其银行系统注入流动性，更好地满足稳定币的“弹性”要求。拥有丰富合规经验的金融机构可以最大限度实行客户的身份审查，保证交易的“正当性”。 然而也有观点认为，稳定币与银行业务代币化共同发展或会削弱稳定币在虚拟金融中的重要性：如果银行存贷款都可以在链上交易、支付和结算，稳定币还有何用？ 事实上，即使代币化存贷款高度发达，稳定币在金融生态系统中的作用仍不可替代。稳定币与银行存贷款活动的根本差异在于稳定币有足额抵押，每一单位稳定币的发行背后都有一单位的储备资产。银行存贷款是差额抵押的，1单位的银行存贷款背后的基础货币远小于1单位，其比例即所谓“货币乘数”。银行通过货币乘数创造信用，货币乘数也让银行挤兑成为银行的内在风险。 链上金融展望 链上资产的交易十分活跃，占据大部分虚拟金融活动。链上资产具有收益高、风险大、价格波动剧烈的特征，若投资者将代币化银行存款用于链上资产投资，一旦资产价值下跌即需补仓，投资者被迫提现，造成挤兑风险。在货币乘数运作机制下，即使是经营良好的银行，一旦储户同时要求赎回存款，仍极易引发挤兑。 链上资产的高风险令代币化银行存款无法满足链上用户强烈的交易需求。面临风险高、波动剧烈的链上资产，使用足额储备的稳定币而非代币化银行存款，就能应对链上资产价格剧烈波动带来的赎回需求，而不致产生额外风险。因此，即使在一个银行主导链上存贷款和资产交易的金融生态中，保持代币化银行业务和链上金融资产交易之间的区隔仍然不可或缺。在这种区隔下，稳定币仍然是链上金融资产交易、结算与清算的重要手段。 从稳定币发行人牌照发给两家主要商业银行，可见香港正迈向由金融仲介主导的链上金融世界。这是较为稳妥的方案，能够控制金融风险，促进稳定币和代币化银行业务同步发展，各司其职。同时，由于商业银行的特许权价值及其在银行体系中的流动性优势，发行的稳定币也更安全和稳定。 方翔教授 港大经管学院金融学助理教授 刘洋教授 港大经管学院金融学副教授 周皓南教授 港大经管学院金融学助理教授 （本文同时于二零二六年五月二十日载于《信报》“龙虎山下”专栏）
- [学者指中东局势展现本港经贸优势 倡进一步填补初创企业融资缺口](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/middle-east-conflict-highlight-hong-kongs-trade-advantages-experts-urge-closing-startup-funding-gaps/)
- [學者指中東局勢展現本港經貿優勢 倡進一步填補初創企業融資缺口](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/middle-east-conflict-highlight-hong-kongs-trade-advantages-experts-urge-closing-startup-funding-gaps/)
- [Middle East Conflict Highlight Hong Kong's Trade Advantages; Experts Urge Closing Startup Funding Gaps](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/middle-east-conflict-highlight-hong-kongs-trade-advantages-experts-urge-closing-startup-funding-gaps/)
- [對等關稅一周年  製造仍弱貿赤升](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/trumps-reciprocal-tariffs-a-one-year-review/) - 特朗普對全球發起的對等關稅戰，到明天便整整一年。去年的4月2日，他在白宮玫瑰園意氣風發地宣佈當天是美國的「解放日」，說多年來其他國家通過貿易掠奪美國，當天是美國以對等關稅(reciprocal tariffs)來還擊的時候。所謂對等，並非指相同稅率，而是「你不仁、我不義」的意思。他還計算好對每個經濟體徵收的稅率，包括接近南極洲無人居住的赫德及麥當勞群島。隨後的大半年，國際經濟的焦點都集中在美國和其他經濟體、特別是中國、的關稅談判。 特朗普對關稅的功能深信不疑，認為是對外國的「必殺技」。在他看來，對等關稅是他任内經濟和外交政策的主要基石。他除了在社交媒體上侃侃而談外，還罕有地在本年1月30日在《華爾街日報》發表評論，題為《我的關稅讓美國重回正軌》(“My tariffs have brought America back”) 【註1】。這似乎是他在總統任內在紙媒發表意見的唯一一次。雖然內容是慣性的自吹自擂，經不起事實查證，但也反映出對等關稅在他心中的重要性。畢竟，上一次如此大動作的關稅政策，要追溯到1930年美國的《斯姆特-霍利關稅法案》(Smoot-Hawley Tariff Act)。當時胡佛總統對進口的二萬種商品提高關稅，引起外國的以牙還牙，互相廝殺後全球貿易額在數年內迅速縮減三分之二，加深了經濟大蕭條的困境。既然有前車之鑑，為何還要推行對等關稅?下面是較多被提及的幾個動機。 首先是上面提到的消除貿易逆差。美國的逆差在2025年為0.91萬億美元，和2024年的 0.90萬億比較，看不出對等關稅實施了8個月的作用。但這數字包括商品貿易和服務貿易。美國多年來在服務貿易方面都有順差，特朗普當然不認爲這是美國掠奪外國的結果。由於關稅不施用於服務貿易，若只看商品貿易，美國的逆差由2024年的1.20萬億增加至2025年的1.23萬億美元，不跌反升。其中或有眾多企業在解放日前大量進口增加庫存的結果，但即使如此，大幅度針對各經濟體的關稅，並不能取消美國的商品貿易逆差。從宏觀的角度看，貿易逆差歸根究底是全國消費過高的結果，包括政府、企業和家庭消費，也包括對本國和外國產品的消費。關稅對這些消費總值的影響不大，特別是美國政府的開支。美國聯邦政府在1976至2025的50年中，平均開支是GDP的21.2%，去年增加至23.1%，而今年的估計是23.3%，十年後2036年的估計更達到24.4%。特朗普2.0開始時還有找馬斯克負責「政府效率部」(DOGE)削減政府開支，但該部門約大半年後便無聲消失。 另一個政策目的是重振美國製造業。美國製造業的萎縮，如造船業的式微，或會影響到國家安全。然而，關稅並非解決問題的良方。首先是美國製造業相當依賴進口的半工業製成品，平均約產值的 30%，一些行業如製藥業更高於50%。關稅增加了美國生產商進口這些半工業產品的價格，推高生產成本。關稅原意是保護本國工業，結果是損人害己。美國半工業產品的最大進口來源是中國，稍高於20%，如果關稅是曾經出現過的125%，對美國工業生產商的影響可想而知。這大概是除了中國限制稀土出口外，特朗普對中國退讓的一個原因。 和製造業有關的是製造業的就業。關稅會為美國製造業工人從外國工人手中奪回工作崗位，這是自特朗普1.0以來的政經神話，曾幫他獲得大量選票。然而，就業數據顯示，美國製造業的就業人數 從去年4月的1266萬輕微下跌至本年2月的1253萬，並沒有因對等關稅上升，但同期的製造業產值則有增加，較少的勞動力生產較多的產值，反映出勞動生產率的提高。美國多年來製造業工人的數目持續下降，除了競爭力不及冒起的發展中國家外，主要是生產技術的進步替代了勞動力。即使不考慮技術創新，若要以增加關稅來抵消美國和發展中國家製造業工人工資的差距，那有關稅率可能達到不切實際的數百個百分點，對經濟來說是得不償失。 對等關稅的另一個目的是財政收入，這解釋了為何特朗普將稅網撒至全球每一角落，包括美國與之有貿易順差的英國和澳洲。據彼得森國際經濟研究所的數字【註2】，2025年1月至2026年1月的13個月內，美國的關稅收入為2900億美元。同期，美國聯邦政府財政赤字為3.72萬億美元。美國政府多年來入不敷支、財赤增長高於經濟增長的狀況，遠非關稅可以扭轉。和這個議題有關的，是稅款來自外國還是美國。特朗普多次強調稅款由外國出口商支付，但哈佛大學的一份研究，則計算出約94%關稅來自美國進口商和消費者【註3】。今年2月底的一次調查顯示【註4】，70%的美國人認為關稅拉高了他們的生活成本，即使共和黨選民也有64%這樣看。在當前中東戰局的影響下，物價難以在今年下降，而中東戰局也是特朗普搞出來的戲碼。通脹是兩年前總統大選中特朗普和共和黨大勝民主黨的主要原因。今年年底的中期選舉，共和黨不知會失去多少國會議席。 對特朗普而言，關稅是可以隨時用來威迫外國、滿足一己索求的有效工具。他在上述《華爾街日報》的文章中，自詡以關稅威脅外國，為美國在不到一年內爭取到18萬億外國投資。這個數字是他的誇張陳述，但在關稅談判中，確實有外國承諾在美國投資，換取美國減低關稅的情況，如日本和韓國。然而，有關的報道都很少涉及詳細內容，如外國承諾的投資如何落實、何時落實、通過政府還是私營企業去做等等，其中或有外國忽悠特朗普的成分。不過更重要的，是國際投資屬資本帳項目。在對外收支會計中，若央行不介入外匯市場，資本帳和經常帳的總和應等於零。外國在美國投資，美國的資本帳上便有順差，反映在經常帳中便是逆差。經常帳中的主要項目是貿易，經常帳逆差的背後極大可能就是貿易逆差。可以這樣理解，外國在美國投資，需要先有美元。這些美元從何而來？還得靠出口到美國，也就是美國的外貿逆差。換句話說，特朗普脅逼外國在美國投資，結果會造成美國的貿易逆差，這和他想減少貿易逆差的意願直接矛盾。 本年2月20日，美國高等法院裁定美國總統沒有權力引用《國際緊急經濟權力法》(International Emergency Economic Powers Act) 來徵收關稅，大大壓縮了他揮舞關稅大棒的空間。他在數天後以1974年貿易法案第122條款作為法律根據，繼續徵收平均約13%的關稅，低於之前的平均16% ，但同時面對150天的期限。 總的來說，特朗普的對等關稅來勢洶洶，但雷聲大雨點小，效果遠低於他的預期或妄想。 除了中國外，美國的其他主要貿易夥伴，都沒有還擊美國的能力和智慧，因此沒有出現1930年代在關稅上的你來我往，全球經濟未至因對等關稅陷入泥淖。據世界銀行估計，去年全球經濟的增長率為2.7%，只略低於2023和2024年的2.8%。然而，對等關稅明顯突出美國的單邊主義，消耗了美國的國際信用，與及進一步指出國際貿易規則和WTO 的失效。上星期在喀麥隆舉行的WTO第14次部長級會議中，即使眾多成員都表示出改革WTO的強烈意願，但因意見分歧、群龍無首，最終沒有達致共識。回頭再看中東的局面，當前的世界，已邁入了大立之前的大破，望可早日否極泰來。 【註1】https://www.wsj.com/opinion/donald-j-trump-my-tariffs-have-brought-america-back-2248391b 【註2】https://www.piie.com/research/piie-charts/2025/trumps-tariff-revenue-tracker-how-much-us-collecting-which-imports-are 【註3】https://gopinath.scholars.harvard.edu/publication/incidence-tariffs-rates-and-reality-0 【註4】https://www.theguardian.com/us-news/2026/mar/13/trump-tariffs-poll 陸炎輝教授 港大經管學院榮譽副教授 （本文同時於二零二六年四月一日載於《信報》「龍虎山下」專欄）
- [One Year on: a Review of Trump’s Reciprocal Tariffs](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/trumps-reciprocal-tariffs-a-one-year-review/) - Dr Yim-fai Luk 1 April 2026 Tomorrow marks the first anniversary of the reciprocal tariff war initiated by Donald Trump against the world. On 2 April 2025, he swaggeringly announced in the White House Rose Garden that the day was America’s “Liberation Day”, claiming that after the US had been ripped off by other countries
- [Navigating Global Supply Chain Restructuring, Hong Kong Reinforces Its Role as a Strategic Bridge between Indonesia and China](https://www.hkubs.hku.hk/research/thought-leadership/opinions-and-speeches/navigating-global-supply-chain-restructuring-hong-kong-reinforces-its-role-as-a-strategic-bridge-between-indonesia-and-china/)
- [當關稅壁壘鬧上法庭——一堂千億美元的憲法課](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/when-tariffs-go-to-court-a-billion-dollar-lesson-in-constitutional-law/) - 本年2月20日，美國最高法院以六比三的裁決，在Learning Resources, Inc. v. Trump一案中作出里程碑式的判決：總統無權依據《國際緊急經濟權力法》（International Emergency Economic Powers Act；簡稱IEEPA）單方面徵收關稅。首席大法官羅伯茨在判詞中指出，總統僅憑IEEPA中相隔16個詞的regulate（規管）和importation（進口）二詞，便主張可以對任何國家、任何產品、以任何稅率、在任何時間徵收關稅，而「這兩個詞承受不了如此巨大的分量」。 這一裁決不僅在法律上劃出清晰紅線，更在經濟和金融方面觸發了連鎖反應，從華盛頓以至香港中環都受到影響。 課稅權屬國會 此一判決意義深遠，皆因美國憲法第一條明確將「徵收稅款、關稅、進口稅和消費稅」的權力賦予國會。最高法院在本案中運用三權分立原則裁定，具有重大經濟和政治影響的關稅權力必須由國會明確授權。正如經濟學的公共選擇理論所分析：當政策制定權過度集中於行政部門，政策將易受短期政治考量扭曲。近一年來，企業被迫在急變的貿易政策背景下作出招聘、定價和投資決策，而稅率經常波動。這種不確定性對經濟造成的傷害，某種程度上甚於關稅本身。 天文數字退稅的困境 判決的直接後果是一場規模空前的退稅難題。根據美國海關與邊境保護局向國際貿易法院提交的聲明，在IEEPA關稅下，超過33萬家進口商繳納了共達1660億美元的關稅，涉及報關記錄約5300萬筆。退稅之路荊棘叢生，海關的自動化系統在設計上無法輕易將IEEPA關稅單獨列出；若以人手重新計算，估計所需工時為數440萬。 這背後關乎一個金融學的重要概念：資金的時間價值。假設一家企業繳交了1000萬美元的IEEPA關稅，按照美國現時利率，每延遲1年退還，機會成本就高達約50萬美元。因此接近2000家進口商已提出訴訟，爭取退稅權利。 從B計劃回到A計劃 白宮並沒有坐以待斃。判決公布同日，特朗普在數小時內連續簽署3份行政命令：終止IEEPA關稅，依據《1974年貿易法》第122條徵收全球性臨時進口附加稅，並繼續暫停小額進口免稅待遇。次日，特朗普將稅率提高至第122條所允許的法定上限15%。此條款可說是一把有時間鎖的槍，允許總統在不超過150天的期限內，徵收最高15%的進口附加稅；其後若要延續則須國會投票通過，本年7月24日就是截止日期。 更值得關注的是長線布局。美國貿易代表格里爾於3月先後對16個經濟體啟動以「產能過剩」為由的第301條調查，又對約60個經濟體發起「強制勞動」相關的第301條調查；兩項調查合計已覆蓋美國80%至90%以上的進口。新加坡韓禮士基金會貿易政策主管Deborah Elms一語中的：「我們很可能會回到原點，這不是C計劃，這是回到A計劃。」 誰在為關稅買單 經濟學教科書告訴我們，關稅由生產者和消費者分擔，但實證數據比理論更為嚴峻。 紐約聯儲銀行的研究發現，近90%的關稅成本由美國企業和消費者承擔。耶魯大學預算實驗室的追蹤數據顯示，關稅對進口核心消費品的價格傳遞率在40%至76%之間，高盛的估計更為驚人：消費者承擔的份額目前已達55%，預計2026年將攀升至70%。 舉個例子：一件從中國進口的兒童玩具，出廠價20美元，加上運輸和分銷成本後，在美國的零售價為30美元。徵收20%關稅後，進口成本上升4美元，但零售價不會只漲此數，因其中還包含國內運輸、行銷和零售加價等非進口成分。尤其令人憂慮的是，廉價商品價格平均約5%的漲幅，是高端產品漲幅的兩倍。由於低收入家庭傾向購買廉價商品，關稅實際上是一種累退稅，使弱勢社群承受不成比例的負擔。 震盪蔓延至香港 至於本港，在這場風暴中也不能置身事外。美國是香港第二大出口市場，2024年商品出口額達379億美元。儘管香港在基本法下保持獨立關稅區的地位，美國對中國的關稅仍直接適用於香港。 特區政府一直奉行自由港政策，不徵收報復性關稅，這反映出維護國際商業樞紐吸引力的戰略。但對於以北美市場為主的跨境電商平台而言，取消小額免稅待遇以及實施附加稅，直接影響每筆訂單的成本結構。香港工業總會主席莊子雄曾直言，關稅的反覆變動下，任何人都無可能再做生意。 從資產配置的角度看，貿易政策的不確定性已經成為影響港股估值的重要風險溢價因素。在貿易摩擦升級時期，恒生指數中出口導向型企業的市盈率普遍受壓，投資者在評估相關股票時，應在折現率中加入「政策不確定性溢價」。 今後發展與對策 展望未來，有兩個重點值得密切關注。首先是本年7月24日，第122條臨時關稅屆滿，美國國會投票延續與否將是觀察兩黨貿易立場的重要風向標。其次是第301條的調查步伐，若結果認定貿易夥伴存在不公平行為，則可能在夏末秋初出台新一輪國別關稅。 觀乎形勢，筆者就香港的政策提出3項建議。一、加速出口市場多元化，提升開拓東盟、中東和拉丁美洲市場的步伐。二、強化香港作為「超級聯繫人」的角色，憑藉獨立司法制度、自由資金流動和國際仲裁中心的優勢，而成為跨國企業重新配置供應鏈時的關鍵節點。三、善用金融工具對沖貿易風險；香港的衍生品市場、保險和再保險服務可為面臨關稅風險的企業提供量身定製的風險管理方案。 上述美國最高法院的判決提醒我們，在一個法治社會中，即便是最強大的行政權力也有其邊界。正如羅伯茨大法官引用1899年先例所言，課稅權是「整個國家架構所依託的偉大權力」。這種權力應受制度制衡，市場才能形成穩定預期，經濟才能在規則框架內健康運行。香港素以法治和制度透明度為基石，也同樣捍衛此一理念。 章逸飛博士 港大經管學院經濟學高級講師 （本文同時於二零二六年四月十五日載於《信報》「龍虎山下」專欄）
- [When Tariff Barriers Land in Court—a US$100-Billion Lesson in Constitutional Law](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/when-tariffs-go-to-court-a-billion-dollar-lesson-in-constitutional-law/) - Dr Yifei Zhang 15 April 2026 On 20 February 2026, the US Supreme Court, in a 6–3 decision, issued a landmark ruling in Learning Resources, Inc. v. Trump: The President is not authorized under the International Emergency Economic Powers Act (IEEPA) to unilaterally impose tariffs. As Chief Justice John Roberts points out in the ruling,
- [尋找「負責任的阿爾法」：平衡生成式AI與金融監管之道](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/seeking-responsible-alpha-navigating-generative-ai-and-financial-regulation/) - 如果未來中環多家基金的智能體（AI agent），能在同一秒內讀完中央銀行聲明、業績電話會議紀錄與全球新聞，並據此作出方向相近的交易判斷，市場究竟會變得更有效率，還是更脆弱？這已不是科幻想像，而是正迅速逼近金融業的現實。 現階段而言，生成式人工智能（GenAI）多用於概括研究報告、整理資訊、撰寫程式及分析文本；但當這些能力進一步結合記憶、推理、規劃、工具使用與持續執行模組，並嵌入投資研究、風險管理及交易流程，金融機構便會由「信號生成」走向自主程度更高的AI智能體系統（agentic AI system）。【註1、6、8】 AI時代的「阿爾法焦慮」 這個轉變催生了所謂的「阿爾法焦慮」（alpha anxiety）現象。阿爾法亦即超額回報（alpha），有關焦慮不在於AI是否比人更聰明，而在於它正迅速降低部分投資研究工作的複製成本。過去需要研究團隊長時間完成的公開資訊整理、文本解讀、持倉追蹤與風格識別，如今愈來愈可以由模型自動化處理。【註4】有研究指出，AI僅根據公開持倉披露與宏觀數據，已能模仿頂尖資產管理人相當比例的交易行為。【註2】 當更多機構都能從相似數據中提取相近信號，原本稀缺的資訊優勢便更容易被競爭侵蝕，超額回報也更難持久。AI未必會終結阿爾法，但它確實正在縮短阿爾法的半衰期，迫使機構投入更多算力、更昂貴數據與更複雜架構，只為維持原有回報。這正是一場典型的「紅皇后競爭」（Red Queen competition）。 演算法趨同與系統性脆弱 比單一模型出錯更值得警惕的，是大量模型同時「做對同一件事」。當不同機構依賴相近的基礎模型、相似的新聞來源、相同的市場數據、類似的風險約束與優化目標，表面上彼此競爭，實際上卻可能在壓力時刻收斂為高度一致的交易反應。生成式AI一方面降低資訊不對稱，把過去分散於文本、語音與敘事中的非結構化訊息迅速轉化為可交易信號。但另一方面，也可能令市場參與者在更短時間內得出更接近的判斷，從而提高策略趨同與模型同質性的風險。【註1、6、7 】 正常市況下，這種技術進步有助加快價格發現；但一旦市場受壓，其順周期性（procyclicality）也可能被強化。若愈來愈多模型驅動的交易者以相近邏輯解讀央行措辭、盈利指引與宏觀數據，並在相近的止蝕、保證金要求與風險值（value at risk）限制下同步調整持倉，市場流動性便可能在短時間內同步收縮。既有研究表明，演算法交易在正常時期固然有助提升價格發現與資訊反映速度，在壓力情境下卻可能加劇流動性脆弱性。若不同策略日益依賴相似信號與相近執行規則，市場效率的提升，或會以更脆弱的微觀結構為代價。這正是AI金融的一個悖論：微觀層面的理性優化，未必能轉化為宏觀層面的穩定。【註3、7 】 從追逐阿爾法到追求「負責任的阿爾法」 正因如此，筆者提出「負責任的阿爾法」（responsible alpha）這個概念。未來有價值的阿爾法，不應只是在短期內跑贏市場，而應置於可解釋、可審計、可干預，且不致過度放大系統性風險的邊界內。換言之，「負責任的阿爾法」不把風險控制視為附帶條件，而是把可管治性內生為阿爾法的一部分。當信號提取日益商品化，真正稀缺的能力，將不再只是建出更不透明的黑盒，而是證明自己的AI何以可信：它用了什麼數據、經過什麼工作流程、誰可以覆核、出了問題誰能中止。當阿爾法愈來愈像可複製的公共技術，管治能力、審計能力與人手介入能力，反而可能成為新的私人護城河。【註5】 香港近兩年的政策方向，恰好為這種「負責任的阿爾法」提供了制度土壤。2024年8月，香港金融管理局聯同數碼港推出首個「生成式人工智能沙盒」，明確提出以風險為本的原則，強調高風險決策須保留「人在環中」（human-in-the-loop）模式。2025年8月，國際結算銀行（BIS）創新樞紐香港中心、金管局與英國金融行為監管局推出 Noor項目，聚焦於生成式AI及高級算法模型在金融體系的應用，以解決AI可解釋性（explainability）難題。這意味監管思路已不只要求機構解釋AI，而是開始提升監督者本身看懂黑盒的能力。到2026年3月，香港又把沙盒升級為生成式人工智能沙盒++，將範圍擴展至證券、資產管理、保險及強積金等領域，令沙盒不再只是試驗場，而是監管者與市場共同界定安全邊界的制度工程。 當然，沙盒的推出不能只是一個展示創新的招牌，而是要成為驗證管治能力的試驗場。對代理式AI與量化模型而言，真正要測試的，不只是模型準確率，而是整條風險管理鏈：數據能否追溯、版本更新有否留痕、壓力情景下會否同步撤單、模型漂移（model drift）能否及時發現，必要時能否由人手介入或緊急停用。未來資產管理業的競爭，比拼的不只是模型預測力，也是在比拼機構能否把模型風險納入管治框架之內。 以提升阿爾法的可信度為目標 下一輪金融競爭，比拼的更不只是誰更早用上AI，而是誰能更早證明：自己的AI在賺錢時可靠，在失靈時可控。2025年世界經濟論壇白皮書提醒，許多機構其實仍處於由試驗走向規模化落地的過渡階段；真正決定成敗的，往往不是模型本身，而是信任、自我管治、人才、網絡安全與數碼基建是否到位。【註8】從這個角度看，香港的潛在優勢，不僅在於更早部署AI，更在於更早的把模型治理、壓力測試、審計軌跡與人手介入機制，逐步制度化為跨市場、跨監管、跨機構的共同語言。 歸根究柢，若市場最終把透明度、可問責性與管治成熟度視為值得付費的屬性，那麼「信任」本身，便可能成為下一代國際金融中心最重要的無形資產。香港要尋找的，不只是更高的阿爾法，而是更值得全球資本信任的阿爾法。 註1：Aldridge, I., An, J., Burke, R., Cao, M., Chien, C. Y., Deng, K., ... & Zheng, W. (2025). Agentic artificial intelligence in finance: A comprehensive survey [Working
- [In Pursuit of “Responsible Alpha”: Balancing GenAI Innovation and Financial Regulation](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/seeking-responsible-alpha-navigating-generative-ai-and-financial-regulation/) - Dr Jinghan Meng 11 April 2026 If, in the future, the AI agents of various funds in Central, Hong Kong can finish reading central bank statements, earnings call transcripts, and global news within the same second, and make similar directional trading decisions accordingly, will the market become more efficient or more vulnerable? This is no
- [跨國投資：重塑中美再平衡的現實挑戰與可行方向](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/beyond-tariffs-rebalancing-the-u-s-china-deficit-through-strategic-capital-integration/) - 持續多年的中美貿易戰並未改變兩國失衡的宏觀結構。2018年以來，美國不斷加征關稅，2025年進一步升級，但美國對中國的貨物逆差並未消失，2024年仍達2955億美元，2025年接近2021億美元[1]。 與此同時，2025年美國對全球的貿易逆差增至1.23萬億美元，中國貨物貿易順差突破1萬億美元，均創歷史新高。 關稅難以改變深層的宏觀錯配，美國長期需求強於供給，產能不足，產業「空心化」但消費強勁; 中國長期供給大於需求，產能過剩而內需不足。 只要這一結構不變，雙邊失衡就不會因關稅而消失。 美國以關稅推動再平衡，更多是在“改道”，而不是在補產能。 達拉斯聯儲數據顯示[2]，中國占美國進口的份額已從2017年的21.6%降至2024年的13.4%， 但這更大程度上只是訂單轉向墨西哥、越南等第三國。 值得注意的是，美聯儲研究估計[3]，截至2026年2月，2025年11月前實施的關稅已把美國核心商品PCE價格累計推高3.1%。 這表明關稅的結果是物價和成本上升，而非自動創造美國工業能力。 美國另一種更「國際主義」（“Globalist”）的政策思路強調協調西方盟友，希望中國提振消費和減少低價出口來為美國製造業調整爭取時間。 但如果這一策略奏效，其結果可能也是美國進口變貴，而非美國產能迅速擴張。 更有效的再平衡的方式是把一部分中國對美出口轉化為中國在美國本土形成產能。 宏觀上看，這相當於把部分中國順差從貨物流轉化為資本形成，從中國工廠出口商品到美國轉向中國資本在美國建廠、雇人、納稅、就地銷售。 美國並不排斥外資。 BEA數據顯示[4]，2023年外資控股的美國企業雇傭了866萬人， 占美國私營部門就業的6.2%。 歷史經驗表明，在貿易摩擦時期，在美國生產、在美國銷售往往比繼續向美國出口更容易穿越政治壁壘。 廣場協定後日元快速升值削弱了日本對美出口競爭力，但推動了日本車企加快在美國建廠。 中國企業也並非沒有先例。 福耀玻璃2014年決定投資俄亥俄原通用汽車工廠時，公開計劃投資2億美元、創造800個崗位[5]。 對美國地方政府而言，工廠、工資和稅基遠比抽象的雙邊逆差更有政治說服力。 然而，這條路目前面臨較大阻礙，核心問題來自美國政策與安全審查的不確定性。 FIRRMA之後，CFIUS審查已明確擴展到關鍵技術、關鍵基礎設施和敏感個人數據等領域的部分非控股投資[6]。 TikTok案則進一步顯示，未來中資若想進入美國，尤其是在數據、平臺和網路外部性強的行業，單純的商業併購邏輯已不夠，還必須防範國際關係和東道國制裁等政治風險因素。拜登簽署的《2021年安全設備法》限制了華為，中興，海康威視，海能達，浙江大華等中國企業在美國銷售設備。 佛羅里達州政府也對外商的房地產投資施加了區域限制。 可見，美國對中國工業資本的開放即便在經濟上具有效率和收益，在實踐中也一直受到立法限制與行政不確定性的掣肘。 這也意味著，中美再平衡若想走向資本替代部分貿易，美國需要為中資制訂更清楚和更可執行的規則。 一個現實起點，是先從非戰略性的綠地製造業專案做起，例如玻璃、家電、通用機械等本地就業效應強、數據敏感度低的行業。 美國需要澄清審查規則，比如將含糊的「國家安全威脅」替換為明確的「通行/禁止」行業清單，以減少不確定性。 或可借鑒歐洲部分國家的做法，對中國資本採取“有條件准入、同步審查”的模式：一方面接受綠地投資和當地語系化生產，另一方面通過監管控制風險。 美國若想縮小逆差，就不應依賴對商品加稅，而應明確哪些中資專案可以來、怎麼來、來之後怎麼管。 對中國而言，這也不僅是資本「走出去」 而是在外部衝擊加劇的時代，把一部分過剩供給轉化為可被接受的全球化產能。 真正有前景的再平衡，不是更徹底的脫鉤，而是更可治理的全球戰略資本佈局。 [1] https://www.census.gov/foreign-trade/balance/c5700.html [2] China remains modest player in U.S.–Mexico trade despite growing scrutiny - Dallasfed.org [3] The Fed - Detecting
- [Beyond Tariffs: Rebalancing the U.S.-China Deficit through Strategic Capital Integration](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/beyond-tariffs-rebalancing-the-u-s-china-deficit-through-strategic-capital-integration/) - 跨國投資：重塑中美再平衡的現實挑戰與可行方向 持續多年的中美貿易戰並未改變兩國失衡的宏觀結構。2018年以來，美國不斷加征關稅，2025年進一步升級，但美國對中國的貨物逆差並未消失，2024年仍達2955億美元，2025年接近2021億美元[1]。 與此同時，2025年美國對全球的貿易逆差增至1.23萬億美元，中國貨物貿易順差突破1萬億美元，均創歷史新高。 關稅難以改變深層的宏觀錯配，美國長期需求強於供給，產能不足，產業「空心化」但消費強勁; 中國長期供給大於需求，產能過剩而內需不足。 只要這一結構不變，雙邊失衡就不會因關稅而消失。 美國以關稅推動再平衡，更多是在“改道”，而不是在補產能。 達拉斯聯儲數據顯示[2]，中國占美國進口的份額已從2017年的21.6%降至2024年的13.4%， 但這更大程度上只是訂單轉向墨西哥、越南等第三國。 值得注意的是，美聯儲研究估計[3]，截至2026年2月，2025年11月前實施的關稅已把美國核心商品PCE價格累計推高3.1%。 這表明關稅的結果是物價和成本上升，而非自動創造美國工業能力。 美國另一種更「國際主義」（“Globalist”）的政策思路強調協調西方盟友，希望中國提振消費和減少低價出口來為美國製造業調整爭取時間。 但如果這一策略奏效，其結果可能也是美國進口變貴，而非美國產能迅速擴張。 更有效的再平衡的方式是把一部分中國對美出口轉化為中國在美國本土形成產能。 宏觀上看，這相當於把部分中國順差從貨物流轉化為資本形成，從中國工廠出口商品到美國轉向中國資本在美國建廠、雇人、納稅、就地銷售。 美國並不排斥外資。 BEA數據顯示[4]，2023年外資控股的美國企業雇傭了866萬人， 占美國私營部門就業的6.2%。 歷史經驗表明，在貿易摩擦時期，在美國生產、在美國銷售往往比繼續向美國出口更容易穿越政治壁壘。 廣場協定後日元快速升值削弱了日本對美出口競爭力，但推動了日本車企加快在美國建廠。 中國企業也並非沒有先例。 福耀玻璃2014年決定投資俄亥俄原通用汽車工廠時，公開計劃投資2億美元、創造800個崗位[5]。 對美國地方政府而言，工廠、工資和稅基遠比抽象的雙邊逆差更有政治說服力。 然而，這條路目前面臨較大阻礙，核心問題來自美國政策與安全審查的不確定性。 FIRRMA之後，CFIUS審查已明確擴展到關鍵技術、關鍵基礎設施和敏感個人數據等領域的部分非控股投資[6]。 TikTok案則進一步顯示，未來中資若想進入美國，尤其是在數據、平臺和網路外部性強的行業，單純的商業併購邏輯已不夠，還必須防範國際關係和東道國制裁等政治風險因素。拜登簽署的《2021年安全設備法》限制了華為，中興，海康威視，海能達，浙江大華等中國企業在美國銷售設備。 佛羅里達州政府也對外商的房地產投資施加了區域限制。 可見，美國對中國工業資本的開放即便在經濟上具有效率和收益，在實踐中也一直受到立法限制與行政不確定性的掣肘。 這也意味著，中美再平衡若想走向資本替代部分貿易，美國需要為中資制訂更清楚和更可執行的規則。 一個現實起點，是先從非戰略性的綠地製造業專案做起，例如玻璃、家電、通用機械等本地就業效應強、數據敏感度低的行業。 美國需要澄清審查規則，比如將含糊的「國家安全威脅」替換為明確的「通行/禁止」行業清單，以減少不確定性。 或可借鑒歐洲部分國家的做法，對中國資本採取“有條件准入、同步審查”的模式：一方面接受綠地投資和當地語系化生產，另一方面通過監管控制風險。 美國若想縮小逆差，就不應依賴對商品加稅，而應明確哪些中資專案可以來、怎麼來、來之後怎麼管。 對中國而言，這也不僅是資本「走出去」 而是在外部衝擊加劇的時代，把一部分過剩供給轉化為可被接受的全球化產能。 真正有前景的再平衡，不是更徹底的脫鉤，而是更可治理的全球戰略資本佈局。 [1] https://www.census.gov/foreign-trade/balance/c5700.html [2] China remains modest player in U.S.–Mexico trade despite growing scrutiny - Dallasfed.org [3] The Fed -
- [跨国投资：重塑中美再平衡的现实挑战与可行方向](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/beyond-tariffs-rebalancing-the-u-s-china-deficit-through-strategic-capital-integration/) - 持续多年的中美贸易战并未改变两国失衡的宏观结构。2018年以来，美国不断加征关税，2025年进一步升级，但美国对中国的货物逆差并未消失，2024年仍达2955亿美元，2025年接近2021亿美元[1]。与此同时，2025年美国对全球的贸易逆差增至1.23万亿美元，中国货物贸易顺差突破1万亿美元，均创历史新高。 关税难以改变深层的宏观错配，美国长期需求强于供给，产能不足，产业“空心化”但消费强劲；中国长期供给大于需求，产能过剩而内需不足。只要这一结构不变，双边失衡就不会因关税而消失。 美国以关税推动再平衡，更多是在“改道”，而不是在补产能。 达拉斯联储数据显示[2]，中国占美国进口的份额已从2017年的21.6%降至2024年的13.4%，但这更大程度上只是订单转向墨西哥、越南等第三国。值得注意的是，美联储研究估计[3]，截至2026年2月，2025年11月前实施的关税已把美国核心商品PCE价格累计推高3.1%。这表明关税的结果是物价和成本上升，而非自动创造美国工业能力。美国另一种更“国际主义”(“Globalist”)的政策思路强调协调西方盟友，希望中国提振消费和减少低价出口来为美国制造业调整争取时间。但如果这一策略奏效，其结果可能也是美国进口变贵，而非美国产能迅速扩张。 更有效的再平衡的方式是把一部分中国对美出口转化为中国在美国本土形成产能。 宏观上看，这相当于把部分中国顺差从货物流转化为资本形成，从中国工厂出口商品到美国转向中国资本在美国建厂、雇人、纳税、就地销售。美国并不排斥外资。BEA数据显示[4]，2023年外资控股的美国企业雇佣了866万人，占美国私营部门就业的6.2%。历史经验表明，在贸易摩擦时期，在美国生产、在美国销售往往比继续向美国出口更容易穿越政治壁垒。广场协议后日元快速升值削弱了日本对美出口竞争力，但推动了日本车企加快在美国建厂。中国企业也并非没有先例。福耀玻璃2014年决定投资俄亥俄原通用汽车工厂时，公开计划投资2亿美元、创造800个岗位[5]。对美国地方政府而言，工厂、工资和税基远比抽象的双边逆差更有政治说服力。 然而，这条路目前面临较大阻碍，核心问题来自美国政策与安全审查的不确定性。 FIRRMA之后，CFIUS审查已明确扩展到关键技术、关键基础设施和敏感个人数据等领域的部分非控股投资[6]。TikTok案则进一步显示，未来中资若想进入美国，尤其是在数据、平台和网络外部性强的行业，单纯的商业并购逻辑已不够，还必须防范国际关系和东道国制裁等政治风险因素。拜登签署的《2021年安全设备法》限制了华为，中兴，海康威视，海能达，浙江大华等中国企业在美国销售设备。佛罗里达州政府也对外商的房地产投资施加了区域限制。可见，美国对中国工业资本的开放即便在经济上具有效率和收益，在实践中也一直受到立法限制与行政不确定性的掣肘。 这也意味着，中美再平衡若想走向资本替代部分贸易，美国需要为中资制订更清楚和更可执行的规则。一个现实起点，是先从非战略性的绿地制造业项目做起，例如玻璃、家电、通用机械等本地就业效应强、数据敏感度低的行业。美国需要澄清审查规则，比如将含糊的“国家安全威胁”替换为明确的“通行/禁止”行业清单，以减少不确定性。或可借鉴欧洲部分国家的做法，对中国资本采取“有条件准入、同步审查”的模式：一方面接受绿地投资和本地化生产，另一方面通过监管控制风险。 美国若想缩小逆差，就不应依赖对商品加税，而应明确哪些中资项目可以来、怎么来、来之后怎么管。对中国而言，这也不仅是资本“走出去”，而是在外部冲击加剧的时代，把一部分过剩供给转化为可被接受的全球化产能。真正有前景的再平衡，不是更彻底的脱钩，而是更可治理的全球战略资本布局。 [1] https://www.census.gov/foreign-trade/balance/c5700.html [2] China remains modest player in U.S.–Mexico trade despite growing scrutiny - Dallasfed.org [3] The Fed - Detecting Tariff Effects on Consumer Prices in Real Time – Part II [4] Activities of U.S. Affiliates of Foreign Multinational Enterprises， 2023 | U.S. Bureau of
- [Trump's China visit set to test fragile truce](https://www.hkubs.hku.hk/research/thought-leadership/opinions-and-speeches/trumps-china-visit-set-to-test-fragile-truce/)
- [AI冲击会计前景？港大熊琰教授：两者是赋能关系](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/ai-and-the-future-of-accounting-empowerment-not-replacement/)
- [AI衝擊會計前景？港大熊琰教授：兩者是賦能關係](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/ai-and-the-future-of-accounting-empowerment-not-replacement/)
- [AI and the Future of Accounting: Empowerment, Not Replacement](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/ai-and-the-future-of-accounting-empowerment-not-replacement/)
- [人口置换与叙事转变揭示楼市结构性复苏](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/population-replacement-and-narrative-shifts-the-structural-recovery-of-hong-kongs-housing-market/) - 香港土地注册处资料显示，2025年整体住宅买卖量年增约18%，升势持续至2026年首两月；官方售价指数连涨8个月，累积升幅逾10%。市场共识已逐渐从“何时见底”转向“温和扩张能走多远”。 究竟过去几年的楼市表现，如何演变至此？ 从人口流出到供应高峰 2020年后的楼市调整可分为两个阶段。一、2020至2022年：以人口流出与外部冲击为主导。香港录得罕见的净人口流失19万，其中不乏离港前出售物业的中产阶级，导致市场购买力减弱之馀，大量卖盘短期内涌现，价格急促下调。 二、2022至2025年初：从人口带动的需求收缩转向供应与去化主导。新冠疫情期间延宕的建筑项目陆续完工，私楼落成量于2024年攀升至近20年来高位，一手现楼货尾在2025年初逼近3万伙的历史新高。这一阶段受需求恢复滞后的影响，价格持续缺乏反弹动能。 透过行为金融学分析上述两个阶段的楼市调整，可见市场参与者在长时间负面冲击后所形成的损失记忆，会直接影响其在复苏阶段对风险的主观判断。 楼市复苏时机所在 2025年市场转折源于三大主因。一、供应高峰逐步消化。一手现楼货尾由2025年初约2.8万伙回落至年底1.84万伙；私楼落成量亦自2025年起转入年均约1.5万伙的相对稳定区间，市场对价格的压制力量不再呈加速趋势。 二、利率环境阶段性优化。2026年3月中，1至6个月香港银行同业拆息维持在2.1%至2.6%区间，明显低于2023至2024年高位。考虑到静态租金回报率（约2.5%至3.5%）与合理租金增长预期，持有成本与租金收入的差距已大幅收窄，部分屋苑更出现“供平过租”的现象。 三、新来港人才进入置业高峰窗口。自2022年底高端人才通行证（高才通）计划启动以来，约有27万人才及其家属来港，初期以租赁为主，2025年起开始进入由租转买周期。他们现金流稳健，对短期利率波动敏感度较低，买楼与否视乎当前租金与按揭供款的比率，无疑为市场带来一股增量优质购买力。 以上因素不仅扩大总需求规模，更改变了市场参与者的心理与行为基准：本地既有买家仍受过去调整经验影响，新来港者则以全新视角评估资产价值。 损失厌恶与参照依赖 2020至2025年初的楼市调整期，为本港既有买家构成了多重负面参照点。对2018至2021年高位入市者而言，其后楼价回落，加上月供成本倍增与流动性收紧的双重压力，形成深刻的损失记忆。 这种记忆与参照依赖（reference dependence）机制互动，产生动态行为效应。一般人评估资产价值时，倾向参考某个具体心理锚点，如个人历史买入价、市场共识中的理想楼价。本轮复苏中，即使中原城市领先指数自低位反弹逾10%，对曾经错失低位或高位踩雷的买家而言，要是楼价仍低于2021年，也可能被解读为“仍在恢复”而非“已进入新周期”；反之，若接近或高于个人心理锚点，则容易触发唯恐错失的冲动。 损失厌恶（loss aversion）一方面延缓高杠杆持有人的减持行动，另一方面也促使观望者在价格企稳后加快入市。参照依赖则解释了为何不同屋苑复苏速度不一：锚定于近期低位的中小型新盘更容易吸引首次置业者，而传统豪宅区的本地买家可能仍以数年前的高位比较，因而呈现较强的观望惯性。 新人口如何打破心理旧锚点 对大多数本地家庭而言，2021至2022年市场高位仍是重要参照点。反观新来港人口则无2021至2025年初楼市起跌的包袱。其决策依据多在于租金与供款对比、职业稳定性与家庭规划需求等可观察变数，而非基于历史价格的回溯性锚定。 从行为金融学而言，这相当于市场既有集体参照点遭遇了一次外部重置。当市场出现具异质性参考点的参与者时，总体价格动态往往呈现分化，旧参与者受损失记忆约束，行动滞后；新参与者依据独立锚点，成为率先评估与成交的先锋。 市场数据印证了这一行为分化。2025年，内地买家在香港一、二手住宅注册量达13,906宗，涉及金额1,379亿元，宗数与金额同创历史新高。在新兴地区（如启德），内地买家占比于部分楼盘超过5成，多为中小户型新盘。相反，传统豪宅区与次新二手市场以本地买家占多，复苏速度较慢。这种“K型”价格与成交分化，反映出不同群体心理账户与风险偏好的结构性差异。 叙事力量与未来风险 此外，市场参与者的行为深受宏观叙事与资讯环境塑造。当主流媒体聚焦“连升8个月”等正面讯息时，市场接收到一致乐观的信号，就容易引发确认偏见（confirmation bias）。部分买家原本倾向“香港楼价长期仍有上升空间”，价格持续回升进而强化此一信念。至于政府规划的未来10年42万单位供应目标、人口净流入会否持续等议题，则鲜见于日常市场讨论。 从量化角度观察，2026年首季媒体情绪指数与互联网楼市搜寻量呈现同步上升趋势，与成交注册量的时间相关性明显高于同期利率或宏观数据变化。若基本面改善与正面叙事叠加，短期价格动能往往被放大；确认偏见不仅加速新参与者的入市步伐，也可能延缓本地买家对供应与人口风险的敏感度。 不得不察的是，结构性变化并非全无风险。以高才通计划为例，截至2025年底首批签证到期者的续签率申请率约为53%；若外部环境或本地条件逆转，部分专才或选择离港，重演2020年的人口外流与抛售压力。届时，市场反应可能将高度依赖行为框架：投资者是否再度受可得性捷思法（availability heuristic）主导，过度放大个别续签数据或离港个案的代表性，从而触发新一轮情绪超调。 基本面与认知的双重验证 香港楼市复苏的关键，系于两大问题：基本面本身发生了何种变化？市场参与者对此有何认知与反应？ 当供求改善、新人口置换与政策支持大致同向时，如2025至2026年上半年所见，价格与成交趋势延续并加速；当认知（如损失记忆淡化）滞后，或叙事与数据脱节，转折往往已在微观行为中酝酿。 目前楼市的结构性复苏是基本面修复（供应消化、利率回落、人才流入）与行为调整（损失记忆淡化、心理账户重置、叙事强化）共同催化的产物。正面环境提供了上行动能，行为惯性则塑造了路径与节奏。未来数季，关键在于观察这两股力量的持续性：人口置换能否延续？叙事是否符合事实？新平衡是否已在数据与认知间悄然形成？有关答案将决定复苏能否持续，还是再度面临结构性考验。 林则君教授 港大经管学院金融学学术领域主任 国生炜教授 香港大学建筑学院房地产及建设系助理教授 （本文同时于二零二六年五月十三日载于《信报》“龙虎山下”专栏）
- [SPAC IPOs and Sponsor Network Centrality](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/spac-ipos-and-sponsor-network-centrality/) - The structure of a special purpose acquisition company (SPAC) generates significant information asymmetry for public investors and provides a special role for its sponsors. Leveraging the unique characteristics of SPACs, this study reexamines the debate over the role of managerial network centrality in affecting M&A outcomes, namely, whether network centrality allows for more private benefits or rather adds value to firms and helps reduce information asymmetry. Specifically, we show that sponsors’ private equity (PE) and venture capital (VC) connections, measured by their network centrality, explain a large portion of postmerger return variation in the cross-section. A one-standard-deviation increase in sponsors’ network centrality leads to a 1.9% higher merger and acquisition success probability and a 1.3% higher postmerger monthly abnormal return. We attribute this outperformance of firms with high managerial PE network centrality to superior fundraising and deal-sourcing abilities. Moreover, this effect is particularly pronounced in a cold market and among SPAC sponsors with more “skin in the game.” Overall, we show that network connections reflect managers’ value-creation ability more than their rent-seeking capacity; these connections can add value to mergers and help alleviate information asymmetry and associated moral hazard issues, especially when managers’ private benefits are closely linked to postmerger firm performance.
- [SPAC IPOs and Sponsor Network Centrality](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/spac-ipos-and-sponsor-network-centrality/) - The structure of a special purpose acquisition company (SPAC) generates significant information asymmetry for public investors and provides a special role for its sponsors. Leveraging the unique characteristics of SPACs, this study reexamines the debate over the role of managerial network centrality in affecting M&A outcomes, namely, whether network centrality allows for more private benefits or rather adds value to firms and helps reduce information asymmetry. Specifically, we show that sponsors’ private equity (PE) and venture capital (VC) connections, measured by their network centrality, explain a large portion of postmerger return variation in the cross-section. A one-standard-deviation increase in sponsors’ network centrality leads to a 1.9% higher merger and acquisition success probability and a 1.3% higher postmerger monthly abnormal return. We attribute this outperformance of firms with high managerial PE network centrality to superior fundraising and deal-sourcing abilities. Moreover, this effect is particularly pronounced in a cold market and among SPAC sponsors with more “skin in the game.” Overall, we show that network connections reflect managers’ value-creation ability more than their rent-seeking capacity; these connections can add value to mergers and help alleviate information asymmetry and associated moral hazard issues, especially when managers’ private benefits are closely linked to postmerger firm performance.
- [SPAC IPOs and Sponsor Network Centrality](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/spac-ipos-and-sponsor-network-centrality/) - The structure of a special purpose acquisition company (SPAC) generates significant information asymmetry for public investors and provides a special role for its sponsors. Leveraging the unique characteristics of SPACs, this study reexamines the debate over the role of managerial network centrality in affecting M&A outcomes, namely, whether network centrality allows for more private benefits or rather adds value to firms and helps reduce information asymmetry. Specifically, we show that sponsors’ private equity (PE) and venture capital (VC) connections, measured by their network centrality, explain a large portion of postmerger return variation in the cross-section. A one-standard-deviation increase in sponsors’ network centrality leads to a 1.9% higher merger and acquisition success probability and a 1.3% higher postmerger monthly abnormal return. We attribute this outperformance of firms with high managerial PE network centrality to superior fundraising and deal-sourcing abilities. Moreover, this effect is particularly pronounced in a cold market and among SPAC sponsors with more “skin in the game.” Overall, we show that network connections reflect managers’ value-creation ability more than their rent-seeking capacity; these connections can add value to mergers and help alleviate information asymmetry and associated moral hazard issues, especially when managers’ private benefits are closely linked to postmerger firm performance.
- [The Influence of Power on Trust in Buyer-Supplier Relationships: An Actor-Partner Interdependence Approach](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-influence-of-power-on-trust-in-buyer-supplier-relationships-an-actor-partner-interdependence-approach/) - Trust is among the most critical factors in buyer–supplier relationships. In an effort to understand the origins of trust, power has become the focus of a burgeoning body of literature. However, research on the association between power and trust has been plagued by inconsistencies in terms of whose power and trust are being examined, which has led to confusion and hindered cumulative progress. We address this issue by disentangling the effect of the focal organization (actor effect) from the effect specific to its partner (partner effect) and accounting for both simultaneously. We further theorize and show that the partner's level of self-promotion communication about his or her own achievements and credentials moderates both actor and partner effects, thus adding knowledge about a contingency that accounts for a considerable degree of variation in the linkage between power and trust. Using multi-informant, dyadic survey data paired with archival information scraped from firms’ webpages, we find that (i) actors low (vs. high) in power tend to place more trust (ii) while simultaneously eliciting higher levels of trust from their partners; however, (iii) these effects differ markedly depending on the partner's level of self-promotion communication. Our study offers a novel, integrative perspective on power and trust, and we elaborate on its important implications for understanding buyer–supplier relationships.
- [The Influence of Power on Trust in Buyer-Supplier Relationships: An Actor-Partner Interdependence Approach](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-influence-of-power-on-trust-in-buyer-supplier-relationships-an-actor-partner-interdependence-approach/) - Trust is among the most critical factors in buyer–supplier relationships. In an effort to understand the origins of trust, power has become the focus of a burgeoning body of literature. However, research on the association between power and trust has been plagued by inconsistencies in terms of whose power and trust are being examined, which has led to confusion and hindered cumulative progress. We address this issue by disentangling the effect of the focal organization (actor effect) from the effect specific to its partner (partner effect) and accounting for both simultaneously. We further theorize and show that the partner's level of self-promotion communication about his or her own achievements and credentials moderates both actor and partner effects, thus adding knowledge about a contingency that accounts for a considerable degree of variation in the linkage between power and trust. Using multi-informant, dyadic survey data paired with archival information scraped from firms’ webpages, we find that (i) actors low (vs. high) in power tend to place more trust (ii) while simultaneously eliciting higher levels of trust from their partners; however, (iii) these effects differ markedly depending on the partner's level of self-promotion communication. Our study offers a novel, integrative perspective on power and trust, and we elaborate on its important implications for understanding buyer–supplier relationships.
- [The Influence of Power on Trust in Buyer-Supplier Relationships: An Actor-Partner Interdependence Approach](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-influence-of-power-on-trust-in-buyer-supplier-relationships-an-actor-partner-interdependence-approach/) - Trust is among the most critical factors in buyer-supplier relationships. In an effort to understand the origins of trust, power has become the focus of a burgeoning body of literature. However, research on the association between power and trust has been plagued by inconsistencies in terms of whose power and trust are being examined, which has led to confusion and hindered cumulative progress. We address this issue by disentangling the effect of the focal organization (actor effect) from the effect specific to its partner (partner effect) and accounting for both simultaneously. We further theorize and show that the partner's level of self-promotion communication about his or her own achievements and credentials moderates both actor and partner effects, thus adding knowledge about a contingency that accounts for a considerable degree of variation in the linkage between power and trust. Using multi-informant, dyadic survey data paired with archival information scraped from firms' webpages, we find that (i) actors low (vs. high) in power tend to place more trust (ii) while simultaneously eliciting higher levels of trust from their partners; however, (iii) these effects differ markedly depending on the partner's level of self-promotion communication. Our study offers a novel, integrative perspective on power and trust, and we elaborate on its important implications for understanding buyer-supplier relationships.
- [Estimation of Out-of-Sample Sharpe Ratio for High Dimensional Portfolio Optimization](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/estimation-of-out-of-sample-sharpe-ratio-for-high-dimensional-portfolio-optimization/) - Portfolio optimization aims at constructing a realistic portfolio with significant out-of-sample performance, which is typically measured by the out-of-sample Sharpe ratio. However, due to in-sample optimism, it is inappropriate to use the in-sample estimated covariance to evaluate the out-of-sample Sharpe, especially in the high dimensional settings. In this article, we propose a novel method to estimate the out-of-sample Sharpe ratio using only in-sample data, based on random matrix theory. Furthermore, portfolio managers can use the estimated out-of-sample Sharpe as a criterion to decide the best tuning for constructing their portfolios. Specifically, we consider the classical framework of Markowits mean-variance portfolio optimization under high dimensional regime of p/n→c∈(0,∞), where p is the portfolio dimension and n is the number of samples or time points. We propose to correct the sample covariance by a regularization matrix and provide a consistent estimator of its Sharpe ratio. The new estimator works well under either of the following conditions: (a) bounded covariance spectrum, (b) arbitrary number of diverging spikes when c
- [Estimation of Out-of-Sample Sharpe Ratio for High Dimensional Portfolio Optimization](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/estimation-of-out-of-sample-sharpe-ratio-for-high-dimensional-portfolio-optimization/) - Portfolio optimization aims at constructing a realistic portfolio with significant out-of-sample performance, which is typically measured by the out-of-sample Sharpe ratio. However, due to in-sample optimism, it is inappropriate to use the in-sample estimated covariance to evaluate the out-of-sample Sharpe, especially in the high dimensional settings. In this article, we propose a novel method to estimate the out-of-sample Sharpe ratio using only in-sample data, based on random matrix theory. Furthermore, portfolio managers can use the estimated out-of-sample Sharpe as a criterion to decide the best tuning for constructing their portfolios. Specifically, we consider the classical framework of Markowits mean-variance portfolio optimization under high dimensional regime of p/n→c∈(0,∞), where p is the portfolio dimension and n is the number of samples or time points. We propose to correct the sample covariance by a regularization matrix and provide a consistent estimator of its Sharpe ratio. The new estimator works well under either of the following conditions: (a) bounded covariance spectrum, (b) arbitrary number of diverging spikes when c
- [Estimation of Out-of-Sample Sharpe Ratio for High Dimensional Portfolio Optimization](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/estimation-of-out-of-sample-sharpe-ratio-for-high-dimensional-portfolio-optimization/) - Portfolio optimization aims at constructing a realistic portfolio with significant out-of-sample performance, which is typically measured by the out-of-sample Sharpe ratio. However, due to in-sample optimism, it is inappropriate to use the in-sample estimated covariance to evaluate the out-of-sample Sharpe, especially in the high dimensional settings. In this article, we propose a novel method to estimate the out-of-sample Sharpe ratio using only in-sample data, based on random matrix theory. Furthermore, portfolio managers can use the estimated out-of-sample Sharpe as a criterion to decide the best tuning for constructing their portfolios. Specifically, we consider the classical framework of Markowits mean-variance portfolio optimization under high dimensional regime of p/n→c∈(0,∞), where p is the portfolio dimension and n is the number of samples or time points. We propose to correct the sample covariance by a regularization matrix and provide a consistent estimator of its Sharpe ratio. The new estimator works well under either of the following conditions: (a) bounded covariance spectrum, (b) arbitrary number of diverging spikes when c
- [Q1 GDP growth hits near 5-year high](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/q1-gdp-growth-hits-near-5-year-high/)
- [世界艱難  《夜王》照行](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/neon-lights-are-off-night-king-is-on/) - 本年賀歲片《夜王》自大年初一2月17日在香港上映，短短一個月，名利雙收，叫好又賣座。以本地收入超過9000萬元的佳績，《夜王》既成為香港史上賀歲電影開畫票房冠軍，亦登上港產片票房第五位。 憑藉幽默的風格，吸引眼球的題材，加上累積的口碑，《夜王》從原定計劃中的兩廣地區，在2月23日擴大到全國公映，內地票房至今已衝破1.5億元人民幣。 市道低迷 仍能突圍 《夜王》的成功之所以值得慶祝，不僅是因為其票房收入遠超製作成本和宣傳開支，而是能夠在整體疲軟、競爭異常激烈的市道中表現突出，實屬難能可貴。隨着Netflix、Disney+等串流媒體盛行，全球消費者愈來愈遠離電影院。按2024年總入場人次與年中人口估算，香港人在年內平均只進電影院看2.5場電影；無獨有偶，大洋彼岸的美國人在2025年平均只觀影2.2次。如何爭取成為消費者手中的這兩張戲票，是世界各地電影業都面對的棘手難題。 這邊廂是持續疲弱的市場需求，那邊廂卻是白熱化的業界競爭。與《夜王》同期上映的賀歲片除了另一港產片《金多寶》，還有來自內地的《鏢人》、《飛馳人生3》和《驚蟄無聲》等。競爭對手來勢洶洶，不僅資金多、排片廣，甚至明星陣容都大大超過了《夜王》。反觀2025年的全球電影市場，票房名列前茅的影片幾乎都來自耳熟能詳的知識產權（IP）角色，比如《瘋狂動物城2》，《Minecraft：我的世界大電影》，《魔法壞女巫：第二章》。 既沒有頂流IP助力，亦欠缺巨額資金投入，《夜王》的異軍突起，不禁讓人對近年沒落的港產片重拾舊望。1980至90年代，香港曾經是僅次於荷里活與寶萊塢的世界第三大電影產地，但隨着電影市場競爭日益激烈，串流媒體興起和觀眾口味轉變，香港電影業漸走下坡。 撫今追昔，有意重整旗鼓的片商又能從中借鑒到什麼呢？ 昔日輝煌 今時之鑑 自1960年代開始，香港已是東亞重要的電影出口中心，到1980至90年代的黃金時代，孕育出包括《英雄本色》、《喋血雙雄》、《警察故事》、《重慶森林》、《春光乍洩》，以及周星馳所代表的「無厘頭」系列等佳作。1982年起，港產片首次在票房上壓過進口片，1993年全年產量多達186部，影響力亦同步飆升。 香港電影當年的輝煌成就歸功於影片高度商業化，明星演員與知名導演相得益彰，以及這座城市獨一無二的文化。一方面，業界透過製片、發行、放映的高效率協同，並結合完善的東南亞發行網，促成標準化生產和影片類型快速迭代，既實現了規模經濟，又能滿足消費者的多樣化口味。 另一方面，高度商業化促成人才培養。黃金年代的演員培訓制度造就了周潤發、周星馳、張曼玉、梁朝偉等影帝影后，在王家衛、許鞍華、吳宇森、徐克等頂級導演的加持下，本地作品不單有了量更有了質。明星擴大電影的社會號召力，導演提升國際影展給予的評價，雙管齊下，香港電影的國際影響力逐漸增強。而香港獨特的歷史和移民都市文化，加上粵語俚語的流行，讓本地影片將「東方式表達」與「西方式敘事」一爐共冶，渾然天成，既能在全球華人中產生共鳴，也能與歐洲影展和北美市場溝通無阻。 夜場變職場 頹勢轉優勢 縱使目前電影業的崢嶸歲月已成歷史，但是《夜王》的票房成績似乎可以讓我們看到港產片的出路。首先，劇本十分引人入勝，尤其對中國內地的觀眾而言，夜總會的故事可謂極具香港特色；但如何讓這種「有味」題材登上大雅之堂呢？細想戲中情節，不難發現其實夜場的商業管理和職場分別不大，無論是滿足老闆的業績要求，還是激勵鞭策員工，甚至對客戶的個人化服務，即使從未去過夜場的觀眾亦一看便懂。 其次，《夜王》是粵語片，不少金句只有用廣東話俚語才能充分表達意思，像「葵芳」這樣的笑梗，也只有熟悉香港地名的觀眾才會捧腹大笑。在某程度上，這種方言和本地文化為《夜王》的爆火帶來一定阻礙，畢竟內地大部分觀眾對粵語十分陌生，對香港大多數地名亦一無所知。離開了語境文化，《夜王》的魅力便可能大打折扣，這正是本來計劃只在港澳和兩廣地區公映的原因之一。 意想不到的是，影片巧妙地扭轉劣勢。通過社交媒體的宣傳，在市民大眾購票前，就已破解戲中金句的語言障礙，更讓觀眾體會到廣東話俚語的創意巧思和香港文化的生動有趣。戲中女公關葵芳一句「四捨五入，我今年19歲」，馬上使葵芳地鐵站變成網紅打卡點，也讓人聯想到石澳健康院的大樹和都爹利街煤氣燈曾因周星馳的《喜劇之王》一炮而紅。 《夜王》裏的歡哥說：「世界艱難，但我哋無驚過，我哋從來都未容易過嘅，係咪？但係如果一定要熄燈，我哋一定飲到最後。」港產片的世界同樣艱難，筆者卻深信有香港特色的電影一定不會熄燈——愈行愈難，愈難愈行！這就是香港精神。 范亭亭博士 港大經管學院市場學首席講師 （本文同時於二零二六年三月二十五日載於《信報》「龍虎山下」專欄）
- [Neon Lights are Off; Night King is On](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/neon-lights-are-off-night-king-is-on/) - Dr Tingting Fan 25 March 2026 Night King, a Lunar New Year film that opened in Hong Kong on 17 February 2026—the first day of the Chinese New Year (CNY)—achieved strong popularity and financial success within just a month. With over $90 million in local box-office takings alone, the film became not only the opening
- [Beyond Efficiency: Toward Human-Centred Generative AI](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/beyond-efficiency-toward-human-centred-generative-ai/) - Professor Yulin Fang 18 March 2026 The past few years have seen what can almost be described as the meteoric rise of generative artificial intelligence (AI). From writing, design, application development to customer service, marketing, financial analysis, and medical assistance, more and more companies have introduced generative AI into at least one part of their
- [效率以外：生成式AI為何應以人為本](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/beyond-efficiency-toward-human-centred-generative-ai/) - 近幾年來，生成式人工智能（AI）的發展幾乎可以用「來勢洶洶」來形容。從寫作、設計、程式開發，到客服、行銷、金融分析與醫療輔助，愈來愈多企業在至少一個業務環節導入生成式AI。個人與企業也開始使用這些工具進行創意設計、圖像處理、內容生成等以往高度依賴人類專業能力的任務。 發展AI以人類福祉為首 當科技滲透速度如此之快，我們必須問一個更根本的問題：我們希望AI把人帶向哪裡？如果只是追求效率與成本優化，那麼它終究只是工具；但如果它能夠促進人類的能力成長、提升組織韌性，並且維護人類的價值與尊嚴，那它才真正成為一種文明進步的力量。這正是以人為本的AI所關注的核心。 所謂「以人為本」，並不是反對自動化，也不是否定科技創新，而是強調AI的設計、部署與管治，應當以人的發展為中心。為什麼這個概念如此重要？因為生成式AI正在重塑知識工作的本質。過去，自動化主要取代的是重複性與常規性任務；如今，生成式AI開始進入創意設計、策略分析與決策支持等非常規任務領域。 企業生產力顯著提升，但同時也出現新的隱憂：員工會否因過度依賴AI而出現去技能化（de-skilling）？組織會否逐漸失去自身的知識資產？人類會否在與AI協作中受到被取代的威脅？當AI開始觸及認知與創意領域，對人類的影響已不單是效率一環，而是能力結構與價值感的問題。 港大經管學院數字經濟與創新研究所（IDEI）及其人機智能（HAI）實驗室，提出一個清晰的管治視角——在AI推動組織創新的過程中，若要真正「以人為本」，就不能只看財務回報與科技成熟度，而更應關注四大要點：績效、學習、創造力、尊嚴。 績效提升有賴標註功能 IDEI-HAI的研究顯示，在某些銷售場景中，即使尚未整合頂尖最佳實踐的生成式AI售前系統，也能提升整體績效。值得注意的是，這種提升主要來自中低績效員工的表現獲改善。 對高績效員工而言，早期版本的AI反而可能產生壓制效果，因為系統輸出的標準化建議限制了其原本的專業判斷與創新發揮。當系統升級並加入標註功能後，高績效員工得以在AI基礎上進一步優化建議，整體績效才得以全面提升。從這個發現可見，AI的設計細節決定誰受益、誰被削弱。如果缺乏審慎管治，AI可能拉闊差距，而非縮小差距。 人類學習能力會否遭削弱 人類認知可分為兩種模式。系統一：直覺、快速、自動化; 系統二：分析、深思、需要投入認知資源。生成式AI傾向強化系統一的快速反應模式，使任務變得更輕鬆。然而，若長期依賴這種自動化輔助，人類可能減少深度思考，導致能力退化。這種去技能化效應可能帶來兩個風險，除了員工在勞動市場中更容易被替代， 組織亦逐漸喪失自身的知識積累，形成組織遺忘（organizational forgetting）。 HAI實驗室提出的解方並非拒絕AI，而是優化設計，例如透過「刻意反思」提示，引導使用者思考機器的推理邏輯；在任務完成後進行事後反思，總結人機協作經驗；採用「人在環中」（human-in-the-loop）模式，確保人類判斷力持續參與。 事實上，AI若設計得當，不僅不會削弱學習，反而有助知識保留。 人機協作增強創造力 IDEI 在藝術與創意產業的研究中發現，數字藝術家使用生成式AI，能夠提升其原創作品的市場價值，包括提升審美品質、強化漸進式創新、增強內容創作能力、建立社群聲譽。然而，這種提升往往屬於漸進式創新，不一定帶來顛覆性突破。 在團隊層面，生成式AI透過兩種機制提升創造力，一、焦點編織（focus weaving），穩定並深化既有構想；二、差距識別（gap spotting），發現盲點並延展思路。 尤其在處理非結構化資料時，這種效果更加顯著。因此，AI並不是創造力的對手，而是重新組織創造過程的力量。 人類尊嚴會否受損 這大概是最深層的問題。當自動化取代常規勞動，個體可能失去透過工作獲得的價值感與目標感，也就是獲得性尊嚴。在人機協作中，若AI主導創意過程，人可能質疑自身是否仍具獨特價值。 研究顯示，AI帶來的偶然靈感能提升構思表現，從而增強尊嚴感；反之，若AI導致認知固化，讓人產生可以被取代的感覺，則尊嚴感會下降。換句話說，尊嚴並不取決於是否使用AI，而在於人是否仍然感受到主體性與貢獻感。 從企業案例看管治實踐 在某全球領先的黃金開採企業案例中，企業導入無人化運輸系統、數字孿生與AI預測性維護，同時將數字戰略與核心價值觀——安全、可持續、誠信、包容、責任——緊密結合。更重要的是，他們提供技能再培訓與崗位重置，減少員工抗拒，強調以人為本的AI。最終不僅提升生產率，也延長礦場壽命並降低碳排放。 另一大型礦業公司則透過資本配置框架避免為科技而科技，建立AI中心，加強變革管理與「人在環中」機制，實現真正的人機協同。這些案例說明，成功的AI轉型，不只是科技升級，而是組織能力與價值觀的升級。 在科技浪潮中守住人類核心 生成式AI已成為不可逆轉的趨勢。問題不在於要不要使用AI，而在於如何設計與管治AI。「以人為本」並非口號，而是一套涵蓋上述四大要點的具體框架。在績效方面，關乎「我們做得更好了嗎」；在學習方面，繫於「我們變得更強了嗎」；在創造力方面，聚焦「我們想得更遠了嗎」；在尊嚴方面，則應對「我們仍然是主體嗎」。 隨着生成式AI深入組織與社會結構，我們必須捫心自問：在通過AI變強的同時，是否仍然是有自主性、安全感、有意義、可持續的個人與組織？這不僅是企業管理的課題，更是全球在數字時代必須共同面對的文明選擇。 方鈺麟教授 港大經管學院數字經濟與創新研究所所長、創新及資訊管理學教授 （本文同時於二零二六年三月十八日載於《信報》「龍虎山下」專欄）
- [一季度GDP增速创近五年新高](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/q1-gdp-growth-hits-near-5-year-high/)
- [一季度GDP增速創近五年新高](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/q1-gdp-growth-hits-near-5-year-high/)
- [AI谄媚：当人工智能学会了讨好用户](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/ai-sycophancy-when-ai-learns-to-tell-us-what-we-want-to-hear/) - 2025年，生成式人工智能（GenAI）巨头Anthropic与AI安全评估公司Andon Labs合作，进行了一场别开生面的实验：让自家的大语言模型Claude管理一间迷你商店，取名Claudius，向Anthropic的员工售卖零食和饮料。商店本身小得可怜，不过是一台冰箱、一部iPad和几个购物篮，但运营的全部环节，包括选品、定价、采购、记录、库存管理，以至与顾客沟通，都交由AI自行完成。 显而易见，Anthropic希望借此试探大模型走出聊天框、独立从事商业活动的能力边界，为未来的商业化应用开拓新路向。 阿谀奉承 混淆视听 Claudius上线后，闹出了不少啼笑皆非的事件，其中最富戏剧性的，要数它与《华尔街日报》记者Katherine Long之间的较量。 Anthropic特别邀请Long参与实验，希望借记者之手挖掘AI的漏洞。 结果令人瞠目：Long与Claudius反复交流超过140次，最终成功说服它相信自己并不是矽谷办公室里的一台自动售货机，而是1962年前苏联莫斯科国立大学地下室里的一台售卖机。 Claudius欣然接受了这场“社会主义改造”，主动将所有商品的标价改为零，以“履行服务人民的使命”，一举为Anthropic制造了数百美元的亏损。 故事荒诞，但荒诞背后却令人深思。 2025年10月，美国史丹福大学等机构的研究团队在顶级学术期刊Science发表论文，系统地揭示出类似的现象。团队测试了市面上11款主流大语言模型，发现它们普遍具有明显的“讨好型人格”，擅长对用户进行“谄媚”。 研究指出，AI比真人更愿意附和提问者的行为，认同比例比真人高出约49%; 面对近2000种被社会普遍视为有错的行为（例如在亲密关系中欺骗伴侣），AI为用户辩护的机率约为51%; 即便是对明显错误的主张，AI表示赞同的概率也高达47%。 更令人担忧的是，后续的行为实验显示，得到AI附和的用户更不愿意道歉、更不愿意修补受损的人际关系，也更相信自己从一开始就是对的。 唯唯诺诺 后果堪虞 AI的谄媚作风并不能简单归结为AI出错，其中反映的是大语言模型训练机制中一项内生的结构性特征。 当下主流大模型普遍依赖基于人类反馈的强化学习，亦即由真人对模型的回答打分，再据此反复调整参数。 问题在于手握打分大权者，自然爱听顺耳、顺心、顺势的回答，哪怕心里清楚这些回答未必客观公允。 换言之，大语言模型著眼于用户满不满意，而并非答案正确与否。 久而久之，迎合用户便被写成模型的特性。 AI的谄媚行为让用户享受一时的心理快感，代价却是被悄悄放大的偏见与盲点。 以创业为例，不少创业者习惯在撰写商业计划书前，先与AI对谈，希望听取中立意见。 然而讨好型的AI更倾向于顺着用户的思路铺陈论据、放大亮点、淡化风险，结果是让本就踌躇滿志的创业者愈发自信; 真正冷酷的市场却不讨好任何人，许多所谓“被AI肯定”的创意，最终都在现实里碰得头破血流。 商业世界中的失败案例同样触目惊心。 去年韩国游戏开发商魁匠团（Krafton）在收购《深海迷航》（Subnautica）开发商Unknown Worlds后，为逃避一笔高达2.5亿美元的业绩奖金，公司行政总裁绕开内部法律团队，反复与ChatGPT讨论如何合法地避免支付此数。 在多番追问与引导之下，AI逐步认可行政总裁的思路，甚至协助制订出一整套解除创始团队职务、延后游戏发布的操作方案。 结果众所周知，美国特拉华州法院今年3月的判词毫不客气——公司所列的解雇理由属于事后编造，法院下令魁匠团立即恢复被解职创始人的行政总裁职务，并就由AI主导的敌意接管承担法律责任。 该案也因此成为首宗被法院公开点名、因轻信AI建议而败诉的重大商业诉讼之一。 可信顾问 非应声虫 上文提及Claudius运营实体店，其实指向的是AI奉承表现的另一重风险。当企业把AI推向服务消费者的前线，AI可能会把让顾客满意置于维护雇主利益之上，在花言巧语和精心设计的对话面前丢盔卸甲，忘记自己本应守护的底线与目标。 换作银行、保险、医疗这样的高风险场景，后果远不止几百美元的亏损那么简单。 要解决这个棘手问题，单靠用户自觉显然不够。 模型开发者应在训练目标中，给诚实与纠错赋予更高权重，引入独立于用户满意度的客观评估，并在关键场景中加入异议机制，让AI敢于说不。此外，监管者必须要求厂商披露其系统的谄媚倾向，以及相关缓解措施，尤其是在金融、医疗、法律等涉及重大决策的领域。 对普通使用者而言，理性使用AI的第一步，就是认清它并非“理中客”（理性、中立、客观），而是一个格外善解人意的助手，其首要任务是让你舒服，倒不一定令你清醒。愈是重要的决定，愈需要提高警觉，不妨主动要求AI站在反方立场加以反驳，或明确指示“列出这个方案的3个致命缺陷”。 归根究柢，真正值得依赖的判断，从来不会只建立在回音壁之上。 AI可以是聪明的参谋，但永远不应取代我们的独立思考。 李曦教授 港大经管学院市场学教授、亚洲案例研究中心总监、数字经济与创新研究所副总监 （本文同时于二零二六年五月六日载于《信报》“龙虎山下”专栏）
- [港元穩定幣助力內地跨境金融發展](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/hkd-stablecoins-boost-mainland-chinas-cross-border-finance/) - 2026年4月，香港金管局向滙豐銀行和碇點金融發出穩定幣牌照，港元穩定幣發行破冰在即。 這是穩定幣作為鏈上金融基礎設施在香港正式啟航的重要標誌。 「十五五」規劃綱要明確提出鞏固提升香港國際金融、貿易中心地位，強化國際資產與財富管理中心功能。 港元穩定幣將有望從跨境支付與結算、數位資產發行與交易等多角度，驅動「引進來」、「走出去」，為跨境金融服務提供有力的支援與保障。 香港作為全球重要的轉口貿易樞紐，居全球商品貿易經濟體第五位，高效連接中國內地與海外市場。 與內地貿易額占香港進出口總值的一半，香港亦成為內地企業「出海」的戰略平臺。 大量內地企業出於貿易、融資等需求落戶香港，設立財資中心，與海外進行交易、支付和結算。 根據SWIFT的最新數據，港元在跨境支付中的比例為1.87%，在全球貨幣中排名第七。 作為穩定幣最重要的應用場景之一，其在跨境支付領域的發展有望顯著降低外貿企業交易成本、提升支付與結算效率。 此外，在轉口貿易中，內地與香港之間的跨境支付主要通過CIPS系統以人民幣進行。 香港與海外主體間支付效率的提升將促進轉口貿易，間接推動人民幣國際化。 香港在建設數字資產中心方面的實踐也領先全球。 早在2023年，香港政府就已發行全球首個代幣化政府綠色債券，通過區塊鏈相關技術將發行的結算週期從T+5縮短到T+1。 截至2026年3月，全球現實世界代幣化資產（RWA）總規模約為300億美元。 香港代幣化資產總量則已接近300億港元。 近日，香港證監會通函允許建立代幣化產品的二級市場，政策進一步明朗。 二級市場交易與流通將顯著提高代幣化資產流動性，大幅提升其對投資者的吸引力。 鏈上原生投資者也有望通過港元穩定幣直接參與到代幣化資產投資中，拓展投資者群體，實現傳統金融與Web3生態的合規銜接。 當下，境內主體在境外開展RWA相關業務受到嚴格監管。 現行監管框架要求依法穩慎，有效防範風險。 在這一背景下，港元穩定幣作為政府推動、銀行主導的數位金融體系中的核心基礎設施，可扮演鏈上資產合規交易媒介與穩定計價單位的雙重角色，以滿足境內融資主體對安全、合規、低融資成本的多重需求。 合規港元穩定幣的發行與我國有限開放的資本專案並無衝突。 通過非合規穩定幣場外交易跨境轉移資金，在全球發展中國家時有發生。 「在岸人民幣——非合規美元穩定幣——美元」的資本逃逸鏈條常伴隨「美元溢價」：人民幣兌美元的「影子匯率」在近兩年長期高於官方匯率，有時高達5%。 2025年11月底，中國人民銀行召開打擊虛擬貨幣交易炒作工作協調機制會議，「美元溢價」開始顯著走低甚至變負，彰顯了加強監管對資金外流的抑製作用。與此同時，香港金管局的監管指引要求對穩定幣持有人進行嚴格身份驗證，大大降低了其作為資本逃逸工具的可行性。 香港穩定幣發行、流通階段相應的監管政策，將與內地外匯管理政策形成互補，最大限度降低對資本專案管理的衝擊，維護金融穩定。 方翔教授 港大經管學院金融學助理教授 劉洋教授 港大經管學院金融學副教授 周皓南教授 港大經管學院金融學助理教授 （本文同時於二零二六年四月三十日載於《FT中文網》明德商論專欄）
- [HKD stablecoins boost mainland China's cross-border finance](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/hkd-stablecoins-boost-mainland-chinas-cross-border-finance/) - 港元穩定幣助力內地跨境金融發展 2026年4月，香港金管局向滙豐銀行和碇點金融發出穩定幣牌照，港元穩定幣發行破冰在即。 這是穩定幣作為鏈上金融基礎設施在香港正式啟航的重要標誌。 「十五五」規劃綱要明確提出鞏固提升香港國際金融、貿易中心地位，強化國際資產與財富管理中心功能。 港元穩定幣將有望從跨境支付與結算、數位資產發行與交易等多角度，驅動「引進來」、「走出去」，為跨境金融服務提供有力的支援與保障。 香港作為全球重要的轉口貿易樞紐，居全球商品貿易經濟體第五位，高效連接中國內地與海外市場。 與內地貿易額占香港進出口總值的一半，香港亦成為內地企業「出海」的戰略平臺。 大量內地企業出於貿易、融資等需求落戶香港，設立財資中心，與海外進行交易、支付和結算。 根據SWIFT的最新數據，港元在跨境支付中的比例為1.87%，在全球貨幣中排名第七。 作為穩定幣最重要的應用場景之一，其在跨境支付領域的發展有望顯著降低外貿企業交易成本、提升支付與結算效率。 此外，在轉口貿易中，內地與香港之間的跨境支付主要通過CIPS系統以人民幣進行。 香港與海外主體間支付效率的提升將促進轉口貿易，間接推動人民幣國際化。 香港在建設數字資產中心方面的實踐也領先全球。 早在2023年，香港政府就已發行全球首個代幣化政府綠色債券，通過區塊鏈相關技術將發行的結算週期從T+5縮短到T+1。 截至2026年3月，全球現實世界代幣化資產（RWA）總規模約為300億美元。 香港代幣化資產總量則已接近300億港元。 近日，香港證監會通函允許建立代幣化產品的二級市場，政策進一步明朗。 二級市場交易與流通將顯著提高代幣化資產流動性，大幅提升其對投資者的吸引力。 鏈上原生投資者也有望通過港元穩定幣直接參與到代幣化資產投資中，拓展投資者群體，實現傳統金融與Web3生態的合規銜接。 當下，境內主體在境外開展RWA相關業務受到嚴格監管。 現行監管框架要求依法穩慎，有效防範風險。 在這一背景下，港元穩定幣作為政府推動、銀行主導的數位金融體系中的核心基礎設施，可扮演鏈上資產合規交易媒介與穩定計價單位的雙重角色，以滿足境內融資主體對安全、合規、低融資成本的多重需求。 合規港元穩定幣的發行與我國有限開放的資本專案並無衝突。 通過非合規穩定幣場外交易跨境轉移資金，在全球發展中國家時有發生。 「在岸人民幣——非合規美元穩定幣——美元」的資本逃逸鏈條常伴隨「美元溢價」：人民幣兌美元的「影子匯率」在近兩年長期高於官方匯率，有時高達5%。 2025年11月底，中國人民銀行召開打擊虛擬貨幣交易炒作工作協調機制會議，「美元溢價」開始顯著走低甚至變負，彰顯了加強監管對資金外流的抑製作用。與此同時，香港金管局的監管指引要求對穩定幣持有人進行嚴格身份驗證，大大降低了其作為資本逃逸工具的可行性。 香港穩定幣發行、流通階段相應的監管政策，將與內地外匯管理政策形成互補，最大限度降低對資本專案管理的衝擊，維護金融穩定。 方翔教授 港大經管學院金融學助理教授 劉洋教授 港大經管學院金融學副教授 周皓南教授 港大經管學院金融學助理教授 （本文同時於二零二六年四月三十日載於《FT中文網》明德商論專欄）
- [中国经济未来五年破局之道](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/chinas-growth-recipe-would-taste-even-better-with-more-of-one-ingredient/)
- [中國經濟未來五年破局之道](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/chinas-growth-recipe-would-taste-even-better-with-more-of-one-ingredient/)
- [China's Growth Recipe Would Taste Even Better with More of One Ingredient](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/chinas-growth-recipe-would-taste-even-better-with-more-of-one-ingredient/)
- [发挥香港制度优势 助力“五年规划”发展](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/how-hong-kongs-institutional-strengths-can-power-its-five-year-plan/)
- [發揮香港制度優勢 助力「五年規劃」發展](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/how-hong-kongs-institutional-strengths-can-power-its-five-year-plan/)
- [How Hong Kong’s institutional strengths can power its five-year plan](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/how-hong-kongs-institutional-strengths-can-power-its-five-year-plan/)
- [港元稳定币助力内地跨境金融发展](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/hkd-stablecoins-boost-mainland-chinas-cross-border-finance/) - 2026年4月，香港金管局向汇丰银行和碇点金融发出稳定币牌照，港元稳定币发行破冰在即。这是稳定币作为链上金融基础设施在香港正式启航的重要标志。“十五五”规划纲要明确提出巩固提升香港国际金融、贸易中心地位，强化国际资产与财富管理中心功能。港元稳定币将有望从跨境支付与结算、数字资产发行与交易等多角度，驱动“引进来”、“走出去”，为跨境金融服务提供有力的支持与保障。 香港作为全球重要的转口贸易枢纽，居全球商品贸易经济体第五位，高效连接中国内地与海外市场。与内地贸易额占香港进出口总值的一半，香港亦成为内地企业“出海”的战略平台。大量内地企业出于贸易、融资等需求落户香港，设立财资中心，与海外进行交易、支付和结算。根据SWIFT的最新数据，港元在跨境支付中的比例为1.87%，在全球货币中排名第七。作为稳定币最重要的应用场景之一，其在跨境支付领域的发展有望显著降低外贸企业交易成本、提升支付与结算效率。此外，在转口贸易中，内地与香港之间的跨境支付主要通过CIPS系统以人民币进行。香港与海外主体间支付效率的提升将促进转口贸易，间接推动人民币国际化。 香港在建设数字资产中心方面的实践也领先全球。早在2023年，香港政府就已发行全球首个代币化政府绿色债券，通过区块链相关技术将发行的结算周期从T+5缩短到T+1。截至2026年3月，全球现实世界代币化资产（RWA）总规模约为300亿美元。香港代币化资产总量则已接近300亿港元。近日，香港证监会通函允许建立代币化产品的二级市场，政策进一步明朗。二级市场交易与流通将显著提高代币化资产流动性，大幅提升其对投资者的吸引力。链上原生投资者也有望通过港元稳定币直接参与到代币化资产投资中，拓展投资者群体，实现传统金融与Web3生态的合规衔接。当下，境内主体在境外开展RWA相关业务受到严格监管。现行监管框架要求依法稳慎，有效防范风险。在这一背景下，港元稳定币作为政府推动、银行主导的数字金融体系中的核心基础设施，可扮演链上资产合规交易媒介与稳定计价单位的双重角色，以满足境内融资主体对安全、合规、低融资成本的多重需求。 合规港元稳定币的发行与我国有限开放的资本项目并无冲突。通过非合规稳定币场外交易跨境转移资金，在全球发展中国家时有发生。“在岸人民币——非合规美元稳定币——美元”的资本逃逸链条常伴随“美元溢价”：人民币兑美元的“影子汇率”在近两年长期高于官方汇率，有时高达5%。2025年11月底，中国人民银行召开打击虚拟货币交易炒作工作协调机制会议，“美元溢价”开始显著走低甚至变负，彰显了加强监管对资金外流的抑制作用。与此同时，香港金管局的监管指引要求对稳定币持有人进行严格身份验证，大大降低了其作为资本逃逸工具的可行性。香港稳定币发行、流通阶段相应的监管政策，将与内地外汇管理政策形成互补，最大限度降低对资本项目管理的冲击，维护金融稳定。 方翔教授 港大经管学院金融学助理教授 刘洋教授 港大经管学院金融学副教授 周皓南教授 港大经管学院金融学助理教授 （本文同时于二零二六年四月三十日载于《FT中文网》明德商论专栏）
- [不想买还是买不起？——香港青年置业率持续下降](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/unwilling-or-unable-homeownership-rate-among-hong-kong-youth-continues-to-decline/)
- [不想買還是買不起？——香港青年置業率持續下降](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/unwilling-or-unable-homeownership-rate-among-hong-kong-youth-continues-to-decline/)
- [Unwilling or Unable? – Homeownership Rate Among Hong Kong Youth Continues to Decline](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/unwilling-or-unable-homeownership-rate-among-hong-kong-youth-continues-to-decline/)
- [亲劳工人工智能：在自动化浪潮中重塑工作](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/pro-worker-ai-reshaping-work-in-an-automated-era/) - 近年，一些学者积极倡议名为“亲劳工人工智能”（pro-worker AI）的发展方向。他们的核心主张并非反对科技或人工智能本身，而是质疑过去数十年科技进步的偏向：技术发展过度集中于自动化（automation），亦即利用机器取代人力以降低成本，而非增强（augmentation）人类能力。【注】 学者们如美国麻省理工学院经济学家阿杰姆奥卢（Daron Acemoglu，2024 年诺贝尔经济学奖得主）与其长期合作者约翰逊（ Simon Johnson同年诺贝尔经济学奖另一得主），以及著名劳动经济学家奥特尔（David Autor ）等认为，近数十年来的数字革命虽然提升了企业效率与资本报酬率，却同时造成中产阶级工作机会流失、薪资增长停滞，以及所得与财富差距扩大。不过，问题不在于科技进步本身，而在于科技设计与应用的方式。AI 未必是取代人类的工具；它也可以作为提升人类生产力、创造新任务（new tasks）与新产业的助力。 科技如何创造新任务 经济史在这方面提供了重要线索。为何工业革命、电气化或资讯革命没有导致长期大规模失业？关键系于科技在淘汰旧职位时，也创造了大量新任务，而这些任务需要人类的判断力、协调能力与创造力。 电动马达与工厂重组（1910–1920 年代） 蒸汽机时代的工厂依赖单一中央动力来源，透过皮带与转轴传输动力。工厂布局僵化，工人只能配合机器节奏，环境危险且效率有限。当电力普及后，每台机器配备独立电动马达，工厂得以按照生产流程重新设计，催生出流水线制度。这不仅没有令工人被取代，反而增添设备维修、流程管理、品质控制等新职务。显而易见，技术重组了生产过程以至劳动分工。 电动机械强化物理层面效能 起重机、推土机、电钻等工具并未有把建筑工地转变为自动化，而成为了工人的延伸。譬如一名重型机械操作员，其产出就可能是体力劳动者的数十甚至上百倍。由于工人创造的经济价值提升，企业在市场竞争与工会压力下往往须付更高薪资。这正是“增强型技术”的典范：人类在生产过程中仍处于核心位置，而能力更大幅扩展。 电子试算表与知识工作转型 1980 年代之前，大量簿记员负责以人手处理总分类帐。电子试算表确实自动化了部分记帐工作，但计算成本大幅降低后，企业得以进行更复杂的财务建模与预测。结果虽有职位消失，却催生更多会计师、财务分析师与商业顾问。可见科技并未让经济活动缩小，而扩大了分析与决策的范围。 阿杰姆奥卢强调，问题在于当代 AI 是否仍会遵循这种“创造新任务”的路径，还是仅仅将既有任务自动化，导致劳动需求萎缩。 推动政策将 AI 引向亲劳工方向 上述3位经济学家认为，市场力量本身未必会自动导向增强型技术。企业往往基于成本考量与税制诱因，选择替代劳工的方案。因此，制度设计至关重要，其中包括下列重点。 一、消除对机器的隐性税务补贴 现行税制下，雇主需负担社会保险与医疗保险成本；购买机器与软件却可折旧抵税。这种不对称容易造成平庸自动化（so-so automation），即便效率提升有限，也会为求节省税款而裁员。 改革税制方向应拉平资本与劳动的税负，使企业决策基于真实生产力增减，而非税务负担。 二、引导科研资金 支持互补型 AI 创投资金偏好能全面取代人类的通用人工智能（artificial general intelligence）。阿杰姆奥卢主张，政府科研资助应优先支持与人类技能互补、能创造新任务的项目，而非单纯追求自动化。 三、赋予劳工参与权 若采用AI 只由高级主管与工程师决定，其目的往往是监控与削减成本。应强化工会与劳工代表制度，让前线员工参与 AI 设计与部署，使技术真正解决工作现场问题，而非成为裁员机器。 四、反垄断与科技权力分散 AI 发展高度集中于少数科技巨头，其商业模式就会偏向规模化与自动化。透过反垄断执法与限制并购，可为多元商业模式创造空间。 五、建立“数据尊严”（data dignity） AI 能力建立在人类长期累积的文字、程式与创作 数据之上。应承认创作者对训练数据的贡献，建立补偿与分润机制，避免 AI 公司无偿汲取原创者成果，并进一步取代原创者。 六、改变科技文化叙事 目前科技界将“人类同等能力”（human parity）视为最高目标。阿杰姆奥卢主张应转向“机器对人类的有用程度”（machine
- [Cronies in the Courtroom: Political Interference and Judicial Reforms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/cronies-in-the-courtroom-political-interference-and-judicial-reforms/) - Utilizing 1.54 million judicial judgments from enterprise-to-enterprise litigation between 2014 and 2019 in China, we provide evidence of municipal leaders exerting influence over the courts to favor enterprises connected to them. By leveraging variations in enterprise connections resulting from official turnover, we show that enterprises with connections to party leaders have higher chances of winning in business litigation than unconnected enterprises. We also examine the impact of the staggered roll-out of circuit courts, a top-down institutional reform, on cronyism in the courtroom. Our findings show that this reform has effectively reduced the judicial advantage enjoyed by connected enterprises by two-thirds. By contrast, the trial live-broadcasting reform increases visibility but is not associated with a reduction in the effect of political connections, suggesting that different forms of judicial bias require different monitoring approaches.
- [Cronies in the Courtroom: Political Interference and Judicial Reforms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/cronies-in-the-courtroom-political-interference-and-judicial-reforms/) - Utilizing 1.54 million judicial judgments from enterprise-to-enterprise litigation between 2014 and 2019 in China, we provide evidence of municipal leaders exerting influence over the courts to favor enterprises connected to them. By leveraging variations in enterprise connections resulting from official turnover, we show that enterprises with connections to party leaders have higher chances of winning in business litigation than unconnected enterprises. We also examine the impact of the staggered roll-out of circuit courts, a top-down institutional reform, on cronyism in the courtroom. Our findings show that this reform has effectively reduced the judicial advantage enjoyed by connected enterprises by two-thirds. By contrast, the trial live-broadcasting reform increases visibility but is not associated with a reduction in the effect of political connections, suggesting that different forms of judicial bias require different monitoring approaches.
- [Cronies in the Courtroom: Political Interference and Judicial Reforms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/cronies-in-the-courtroom-political-interference-and-judicial-reforms/) - Utilizing 1.54 million judicial judgments from enterprise-to-enterprise litigation between 2014 and 2019 in China, we provide evidence of municipal leaders exerting influence over the courts to favor enterprises connected to them. By leveraging variations in enterprise connections resulting from official turnover, we show that enterprises with connections to party leaders have higher chances of winning in business litigation than unconnected enterprises. We also examine the impact of the staggered roll-out of circuit courts, a top-down institutional reform, on cronyism in the courtroom. Our findings show that this reform has effectively reduced the judicial advantage enjoyed by connected enterprises by two-thirds. By contrast, the trial live-broadcasting reform increases visibility but is not associated with a reduction in the effect of political connections, suggesting that different forms of judicial bias require different monitoring approaches.
- [A Theory of Investors' Disclosure](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-theory-of-investors-disclosure/) - We investigate investors' voluntary disclosure decisions under uncertainty about their information endowment. In our model, an investor may receive initial evidence about a target firm. Conditional on learning the initial evidence, the investor may receive additional evidence that helps them interpret the initial evidence. The investor takes a position in the firm's stock, then voluntarily discloses some or all of their findings, and finally closes their position after the disclosure. We present two main findings. First, the investor will always disclose the initial evidence, even though the market is uncertain about whether the investor possesses such evidence. Second, the investor's disclosure strategy of the additional evidence increases stock price volatility: they disclose extreme news and withhold moderate news. Due to the withholding of the additional evidence, misleading disclosure arises as an equilibrium outcome, where the investor's report decreases (increases) price despite their news being good (bad). These results remain robust when considering the target firm's endogenous response to the investor's report.
- [A Theory of Investors' Disclosure](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-theory-of-investors-disclosure/) - We investigate investors' voluntary disclosure decisions under uncertainty about their information endowment. In our model, an investor may receive initial evidence about a target firm. Conditional on learning the initial evidence, the investor may receive additional evidence that helps them interpret the initial evidence. The investor takes a position in the firm's stock, then voluntarily discloses some or all of their findings, and finally closes their position after the disclosure. We present two main findings. First, the investor will always disclose the initial evidence, even though the market is uncertain about whether the investor possesses such evidence. Second, the investor's disclosure strategy of the additional evidence increases stock price volatility: they disclose extreme news and withhold moderate news. Due to the withholding of the additional evidence, misleading disclosure arises as an equilibrium outcome, where the investor's report decreases (increases) price despite their news being good (bad). These results remain robust when considering the target firm's endogenous response to the investor's report.
- [A Theory of Investors' Disclosure](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-theory-of-investors-disclosure/) - We investigate investors' voluntary disclosure decisions under uncertainty about their information endowment. In our model, an investor may receive initial evidence about a target firm. Conditional on learning the initial evidence, the investor may receive additional evidence that helps them interpret the initial evidence. The investor takes a position in the firm's stock, then voluntarily discloses some or all of their findings, and finally closes their position after the disclosure. We present two main findings. First, the investor will always disclose the initial evidence, even though the market is uncertain about whether the investor possesses such evidence. Second, the investor's disclosure strategy of the additional evidence increases stock price volatility: they disclose extreme news and withhold moderate news. Due to the withholding of the additional evidence, misleading disclosure arises as an equilibrium outcome, where the investor's report decreases (increases) price despite their news being good (bad). These results remain robust when considering the target firm's endogenous response to the investor's report.
- [Optimal Functional Bilinear Regression with Two-dimensional Functional Covariates via Reproducing Kernel Hilbert Space](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/optimal-functional-bilinear-regression-with-two-dimensional-functional-covariates-via-reproducing-kernel-hilbert-space/) - Traditional functional linear regression usually takes a one-dimensional functional predictor as input and estimates the continuous coefficient function. Modern applications often generate two-dimensional covariates, which become matrices when observed at grid points. To avoid the inefficiency of the classical method involving estimation of a two-dimensional coefficient function, we propose a functional bilinear regression model, and introduce an innovative three-term penalty to impose roughness penalty in the estimation. The proposed estimator exhibits minimax optimal property for prediction under the framework of reproducing kernel Hilbert space. An iterative generalized cross-validation approach is developed to choose tuning parameters, which significantly improves the computational efficiency over the traditional cross-validation approach. The statistical and computational advantages of the proposed method over existing methods are further demonstrated via simulated experiments, the Canadian weather data, and a biochemical long-range infrared light detection and ranging data. ©2025 Dan Yang, Jianlong Shao, Haipeng Shen, Hongtu Zhu.
- [Optimal Functional Bilinear Regression with Two-dimensional Functional Covariates via Reproducing Kernel Hilbert Space](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/optimal-functional-bilinear-regression-with-two-dimensional-functional-covariates-via-reproducing-kernel-hilbert-space/) - Traditional functional linear regression usually takes a one-dimensional functional predictor as input and estimates the continuous coefficient function. Modern applications often generate two-dimensional covariates, which become matrices when observed at grid points. To avoid the inefficiency of the classical method involving estimation of a two-dimensional coefficient function, we propose a functional bilinear regression model, and introduce an innovative three-term penalty to impose roughness penalty in the estimation. The proposed estimator exhibits minimax optimal property for prediction under the framework of reproducing kernel Hilbert space. An iterative generalized cross-validation approach is developed to choose tuning parameters, which significantly improves the computational efficiency over the traditional cross-validation approach. The statistical and computational advantages of the proposed method over existing methods are further demonstrated via simulated experiments, the Canadian weather data, and a biochemical long-range infrared light detection and ranging data. ©2025 Dan Yang, Jianlong Shao, Haipeng Shen, Hongtu Zhu.
- [Optimal Functional Bilinear Regression with Two-dimensional Functional Covariates via Reproducing Kernel Hilbert Space](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/optimal-functional-bilinear-regression-with-two-dimensional-functional-covariates-via-reproducing-kernel-hilbert-space/) - Traditional functional linear regression usually takes a one-dimensional functional predictor as input and estimates the continuous coefficient function. Modern applications often generate two-dimensional covariates, which become matrices when observed at grid points. To avoid the inefficiency of the classical method involving estimation of a two-dimensional coefficient function, we propose a functional bilinear regression model, and introduce an innovative three-term penalty to impose roughness penalty in the estimation. The proposed estimator exhibits minimax optimal property for prediction under the framework of reproducing kernel Hilbert space. An iterative generalized cross-validation approach is developed to choose tuning parameters, which significantly improves the computational efficiency over the traditional cross-validation approach. The statistical and computational advantages of the proposed method over existing methods are further demonstrated via simulated experiments, the Canadian weather data, and a biochemical long-range infrared light detection and ranging data. ©2025 Dan Yang, Jianlong Shao, Haipeng Shen, Hongtu Zhu.
- [以制度优势破局全球碎片化时代](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/hong-kongs-institutional-edge-in-a-fragmented-world/) - 在地缘政治的持续冲击下，近年各国日益重视安全风险，全球经贸格局从一体化自由贸易转向碎片化。在此变局中，中国经济展现强大韧性，加速从世界工厂升级为科技强国; 中企出海已成为国际商业趋势，深度融入各地经济发展与人民生活之中。这不仅为香港带来了第三次经济转型的窗口，更提供了实现包容性增长的契机。 特区政府目前正编制“五年规划”，主动告别“小政府、大市场”的传统思维，积极发挥一国两制下的制度优势。香港以粤港澳大湾区及“一带一路”作为切入点，可望成为连结国家新型工业与全球市场的“超级增值人”。 香港可成为多极化世界的可信平台 国际政经格局已由单极转向多极化结构。从“美国优先”到“新华盛顿共识”，再到特朗普向全球征税，美国的保护主义倾向日益显著。不少企业为应对风险，采取分散生产布局的“中国+1”策略，以及避免依赖单一消费市场的“美国+1”策略。这种资源再分配的趋势，显著促进了东盟等新兴经济体的增长。 与此同时，中国在人工智能、先进制造及新能源等领域，已展现出举足轻重的影响力。美国的压制政策不但未能遏制中国崛起为工业强国，反而倒逼其供应链透过技术创新与积极出海，稳健迈向高端化及国际化。 在国际合作层面，全球北方继续主导世界银行、国际货币基金组织等传统国际组织; 而全球南方则积极发展新兴组织，例如“金砖+”、上海合作组织，以及亚洲基础设施投资银行等。 在经贸格局碎片化下，香港凭借一国两制基础，既了解社会主义，亦熟悉资本主义，其服务价值更显珍贵。作为中国境内的一个特别行政区，香港实行与国际商业范式高度接轨的普通法制度，加上多年来积累的商业声誉、经贸网络，以及稳定的营商环境，不难成为备受各方信赖的合作平台。 建基于创科及国际化实力的新路向 从国家层面看，近年内地经济转向高质量发展，为香港开拓新增长曲线带来重大机遇。2025年，中国全社会研发经费接近 4 万亿元，稳居世界第二；有效发明专利突破500万件；根据《专利合作条约》（Patent Cooperation Treaty；简称PCT）提出的国际专利申请量连冠6年。与此同时，规模以上高技术制造业、装备制造业、数字产品制造业及清洁能源发电量均录得约 9%的高增长。由此可见，以创新、数字、绿色为特征的“新质生产力”正驱动国内经济增长。 对此，香港可增添助力。一方面，透过建设国际创科中心，汇集国际高端创新要素，在攻克关键核心技术方面提供增值。另一方面，善用金融业优势，建设区域知识产权贸易中心，服务国家提高知识产权变现能力，并为国家科技和绿色产业募集国际资金。这些举措均有利于拓展本港高增值服务业的宽度。 当前国家正积极构建以国内大循环为主体、国内国际双循环相互促进的新发展格局。2025 年，全国社会消费品零售总额突破 50 万亿元，服务性消费支出已占居民人均消费支出逾 46%。作为全球货物贸易第一大国，进出口总值约达 45.5 万亿元，与“一带一路”国家的贸易占比已过半。中国高技术产品的出口价值更录得逾 13%的高增长，已占出口总额近 20%，其中“新三样”(新能源汽车、锂电池、光伏) 的出口大增约 27%。 国家“十五五”规划提出要建设现代化产业体系和强大国内市场，并扩大高水平对外开放。重点工作方针包括促进服务业优质高效发展、大力提振消费、扩大有效投资，以及提升贸易投资合作质量和水平等。香港拥有一国两制与国际化独特性，相信其服务业大有可为。一方面，内地消费升级需要国际领先的品质标准对接服务；另一方面，国家不断增长的进出口贸易，有利于巩固香港作为国际转口港的地位。除此之外，人民币国际化也需要一个便捷、值得信赖的平台。国内绿色商品走向世界是大势所趋，香港在环境、社会及管治（Environmental, Social, and Governance；简称ESG ）认证与绿色金融方面的优势将会得到充分发挥。 推动“超级增值人”服务三重升级 面对环球碎片化经贸格局，香港在“十五五”时期须强化“超级增值人”角色，成为助力国家发展的赋能平台。为此，金融服务的升级是首要切入点。离岸人民币业务不能仅停留在资金储备功能，更应满足实体经济的投融资需求。透过丰富人民币产品、将人民币柜台纳入“港股通”及增发“点心债”等举措，香港将有效提升离岸人民币的流动性与收益率，扩大作为全球离岸人民币业务枢纽的功能。 在深度融入大湾区产业链的过程中，香港可担任赋能者角色。例如在上游建设国际科研人才高地，聚焦攻克“卡脖子”技术难题；在中游与下游，则凭借国际化检测认证服务和经贸网络，助力中企布局全球。在配套服务方面，从知识产权保障与商品化、品牌建设、市场营销到贸易融资等，香港均可为湾区产业链增值。大学作为这一进程中的创新引擎，透过为研究人员和学生提供优质的学术环境，孕育具备国际化视野的专才。这些专才在社会中创造产业价值，将基础研究成果转化为优质产品，将复杂的国际法规转化为合规流程，将ESG知识转化为企业的全球声誉。 香港之所以能发挥“引资引智”作用，实有赖于其在金融和高等教育等领域的显著优势。与国际接轨的金融体系，加上为全球资本提供可预期的投资环境，无疑令香港成为国际资金配置中国优质资产的首选地。而其蜚声国际的高等教育，则是吸引全球顶尖人才的引力场。本地大学作为知识创新和人才培养的枢纽，能够在经管、创科、医疗及法律等领域，担当国际优质资源与国家需求之间的接口，最终可协助提升内地商品及服务的质量。 随着中国经济与科技实力与日俱增，中企走向世界虽是大势所趋，但在全球碎片化时代中，也必然面临更多挑战，特别是文化与制度之间的隔阂。一国两制下的香港，既在法律制度、商业惯例及消费者习惯等各方面与海外市场相似，又与内地关系紧密，足以成为中企出海的理想试点。中企不但可在香港试行商业模式，还可积累跨境运营与合规经验，为出海增添信心。 近年香港各界在中央政府的鼎力支持下，均积极谋求新发展。笔者相信，香港定能完成区域（由全球北方延伸至全球南方）、功能（由联系窗口发展成赋能平台）及产业（由金融拓展至创科与绿色经济）的三重升级【注】，将时代赋予的发展机遇转化为实实在在的经济增长，为广大市民创造优质的就业机会。 【注】：笔者邓希炜于《紫荆论坛》2026年3月27日发表《对接“十五五” 善用全球大变局促进香港第三次经济转型》一文中，首次提出此一概念。 邓希炜教授 香港大学协理副校长、港大经管学院副院长、冯国经冯国纶基金经济学教授 张超艺先生 香港大学香港经济及商业策略研究所高级研究助理 （本文同时于二零二六年四月二十二日载于《信报》“龙虎山下”专栏）
- [等待時間公告，是緩解擁堵的解藥，還是加劇混亂的推手？](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-hospitals-post-wait-times-relieving-overcrowding-or-making-things-worse/) - 每年冬季流感高峰，香港公立急症室輪候時間動輒突破4小時，部分區域甚至超過8小時。 香港醫管局近年力推智慧醫院舉措，將全港18間急症室輪候時間推送至市民指尖，期望通過資訊透明實現患者「自我分流」，優化資源配置。 然而，一個根本性問題浮出水面：螢幕上那個看似精確的數位，真的能反映急症室的真實狀況嗎？ 我們的研究試圖回答這個問題。 答案或許出人意料：如果資訊本身存在結構性缺陷「透明」不僅無法解決問題，反而可能加劇擁堵。 我們將這一困境稱為急症室的「後視鏡」困境——你看到的不是前方路況，而是數小時前的歷史鏡像。 一個直觀的類比 想像你打開導航軟體，顯示「主幹道暢通，預計20分鐘」，你欣然駛入卻發現堵得水泄不通。 仔細一看才發現小字：「數據基於三小時前到達車輛的平均通行時間」。 這聽起來荒謬，但正是香港急症室等待時間公告系統面臨的現實。 當你在「HA Go」（醫管局一站式手機程式）上看到「某醫院等候時間>2小時」時，這個數位反映的是兩個多小時前到達的患者的等待經歷，而非基於當前隊列對你等待時間的預測。 注：圖片為2026年3月27日下午3時10分在急診室等待時間網站上截圖（https://www.ha.org.hk/visitor/ha_visitor_index.asp?Content_ID=235504&Lang=CHIB5&Dimension=100&Parent_ID=0&Ver=HTML） 誰在看那個數字？ 我們基於2019年超過130萬次急診就診記錄發現，只有3.1%的患者對公告資訊敏感。 這些人呈現清晰的梯度分佈非緊急患者中敏感比例較高（3.7%–5.6%），緊急患者中僅0.9%。 這其實是好消息——信息系統的主要消費者恰恰是可以靈活選擇醫院的非緊急患者，真正需要緊急救治的病人大多由救護車直送最近醫院。 研究還發現，這些敏感患者平均願意多行駛4.8公里來換取1小時等待時間的縮減，說明他們確實像規劃通勤一樣規劃就醫行程。 當3.1%變成30%：資訊災難 3.1%是2019年信息技術尚未全面普及時的基準。 後疫情時代，「HA Go」的強力推廣、患者對擁擠的敏感度提升、對實時資訊的期待增長，都在推高這一比例。 當越來越多人依據同一套資訊決策，會發生什麼？ 我們構建了基於香港島三家急診科的仿真模型。在「理想情況」下——信息完全準確且實時更新——採納率從0%提升到100%時，平均等待時間下降29%。 然而，當我們將現實中基於過去三小時第95百分位數的「滯後信息」植入模型，結果出現戲劇性反轉：敏感患者比例超過20%後，系統性能急劇惡化，平均等待時間比完全沒有資訊時最多增加96%。 原因在於「反饋迴圈」：大量患者根據同一套滯後信息同時湧向「看似」不擁擠的醫院，造成新的擁堵，原本擁堵的醫院反而變空。 這種「潮汐式」波動加劇了系統不穩定性。 更令人擔憂的是，主動獲取信息的敏感患者反而成為受害者——他們的等待時間反而長於不敏感患者，「主動性」非但未獲獎勵，反受懲罰。 從「後視」到「前視」 出路在於將信息從「後視」轉向「前視」——不是告訴你「過去別人等了多久」，而是預測「你現在到達需要等多久」。 令人意外的是，即使是相對簡單的線性回歸模型，也已展現出超越傳統方式的優越性。 在高度監管的醫療行業中，線性演算法的可解釋性與可調試性往往比純粹的預測精度更為重要。 一次令人鼓舞的政策響應 2025年10月，我們將研究成果與醫管局溝通后，他們更新了沿用多年的系統。 新頁面按分流級別分別提供中位數和第95百分位數等待時間，信息更加豐富。 這是值得肯定的進步，表明嚴謹的本地研究能實實在在影響公共政策。 然而，新系統提供的仍然是基於過去的信息——後視鏡的清晰度提高了，但指向的依然是滯後的路況。 這既是里程碑，也是新起點。 算法時代的治理啟示 這一困境對推行類似系統的醫療機構有三點啟示。 其一，演算法比推廣更重要——如果使用準確的預測方法，推廣有價值; 但如果使用簡單統計方法，大規模推廣可能適得其反。 其二，信息更新頻率不是萬能的——對於不準確的預測方法，即使即時更新也無法拯救性能。 其三，系統設計應考慮公平性——主動獲取信息的患者理應獲得更好體驗，這要求資訊本身足夠準確及時。 技術始終是手段，人的健康與尊嚴才是目的。 當「HA Go」未來能基於實時隊列告訴患者「如果你現在出發，預計等待X小時」時，那將是數字醫療真正從「後視鏡」時代跨入「前視窗」時代的標誌。 歐陽會銀教授 港大經管學院創新及資訊管理學副教授 孫占坤教授 香港城市大學商學院副教授 （本文同時於二零二六年四月十六日載於《FT中文網》明德商論專欄）
- [When Hospitals Post Wait Times: Relieving Overcrowding or Making Things Worse?](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-hospitals-post-wait-times-relieving-overcrowding-or-making-things-worse/) - 等待時間公告，是緩解擁堵的解藥，還是加劇混亂的推手？ 每年冬季流感高峰，香港公立急症室輪候時間動輒突破4小時，部分區域甚至超過8小時。 香港醫管局近年力推智慧醫院舉措，將全港18間急症室輪候時間推送至市民指尖，期望通過資訊透明實現患者「自我分流」，優化資源配置。 然而，一個根本性問題浮出水面：螢幕上那個看似精確的數位，真的能反映急症室的真實狀況嗎？ 我們的研究試圖回答這個問題。 答案或許出人意料：如果資訊本身存在結構性缺陷「透明」不僅無法解決問題，反而可能加劇擁堵。 我們將這一困境稱為急症室的「後視鏡」困境——你看到的不是前方路況，而是數小時前的歷史鏡像。 一個直觀的類比 想像你打開導航軟體，顯示「主幹道暢通，預計20分鐘」，你欣然駛入卻發現堵得水泄不通。 仔細一看才發現小字：「數據基於三小時前到達車輛的平均通行時間」。 這聽起來荒謬，但正是香港急症室等待時間公告系統面臨的現實。 當你在「HA Go」（醫管局一站式手機程式）上看到「某醫院等候時間>2小時」時，這個數位反映的是兩個多小時前到達的患者的等待經歷，而非基於當前隊列對你等待時間的預測。 注：圖片為2026年3月27日下午3時10分在急診室等待時間網站上截圖（https://www.ha.org.hk/visitor/ha_visitor_index.asp?Content_ID=235504&Lang=ENG&Dimension=100&Parent_ID=0&Ver=HTML） 誰在看那個數字？ 我們基於2019年超過130萬次急診就診記錄發現，只有3.1%的患者對公告資訊敏感。 這些人呈現清晰的梯度分佈非緊急患者中敏感比例較高（3.7%–5.6%），緊急患者中僅0.9%。 這其實是好消息——信息系統的主要消費者恰恰是可以靈活選擇醫院的非緊急患者，真正需要緊急救治的病人大多由救護車直送最近醫院。 研究還發現，這些敏感患者平均願意多行駛4.8公里來換取1小時等待時間的縮減，說明他們確實像規劃通勤一樣規劃就醫行程。 當3.1%變成30%：資訊災難 3.1%是2019年信息技術尚未全面普及時的基準。 後疫情時代，「HA Go」的強力推廣、患者對擁擠的敏感度提升、對實時資訊的期待增長，都在推高這一比例。 當越來越多人依據同一套資訊決策，會發生什麼？ 我們構建了基於香港島三家急診科的仿真模型。在「理想情況」下——信息完全準確且實時更新——採納率從0%提升到100%時，平均等待時間下降29%。 然而，當我們將現實中基於過去三小時第95百分位數的「滯後信息」植入模型，結果出現戲劇性反轉：敏感患者比例超過20%後，系統性能急劇惡化，平均等待時間比完全沒有資訊時最多增加96%。 原因在於「反饋迴圈」：大量患者根據同一套滯後信息同時湧向「看似」不擁擠的醫院，造成新的擁堵，原本擁堵的醫院反而變空。 這種「潮汐式」波動加劇了系統不穩定性。 更令人擔憂的是，主動獲取信息的敏感患者反而成為受害者——他們的等待時間反而長於不敏感患者，「主動性」非但未獲獎勵，反受懲罰。 從「後視」到「前視」 出路在於將信息從「後視」轉向「前視」——不是告訴你「過去別人等了多久」，而是預測「你現在到達需要等多久」。 令人意外的是，即使是相對簡單的線性回歸模型，也已展現出超越傳統方式的優越性。 在高度監管的醫療行業中，線性演算法的可解釋性與可調試性往往比純粹的預測精度更為重要。 一次令人鼓舞的政策響應 2025年10月，我們將研究成果與醫管局溝通后，他們更新了沿用多年的系統。 新頁面按分流級別分別提供中位數和第95百分位數等待時間，信息更加豐富。 這是值得肯定的進步，表明嚴謹的本地研究能實實在在影響公共政策。 然而，新系統提供的仍然是基於過去的信息——後視鏡的清晰度提高了，但指向的依然是滯後的路況。 這既是里程碑，也是新起點。 算法時代的治理啟示 這一困境對推行類似系統的醫療機構有三點啟示。 其一，演算法比推廣更重要——如果使用準確的預測方法，推廣有價值; 但如果使用簡單統計方法，大規模推廣可能適得其反。 其二，信息更新頻率不是萬能的——對於不準確的預測方法，即使即時更新也無法拯救性能。 其三，系統設計應考慮公平性——主動獲取信息的患者理應獲得更好體驗，這要求資訊本身足夠準確及時。 技術始終是手段，人的健康與尊嚴才是目的。 當「HA Go」未來能基於實時隊列告訴患者「如果你現在出發，預計等待X小時」時，那將是數字醫療真正從「後視鏡」時代跨入「前視窗」時代的標誌。 歐陽會銀教授 港大經管學院創新及資訊管理學副教授 孫占坤教授 香港城市大學商學院副教授 （本文同時於二零二六年四月十六日載於《FT中文網》明德商論專欄）
- [家超指对油价不敢抱幻想　有学者倡政府招标油站时“封顶”利润](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/scholars-propose-profit-caps-on-gas-station-tenders/)
- [家超指對油價不敢抱幻想　有學者倡政府招標油站時「封頂」利潤](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/scholars-propose-profit-caps-on-gas-station-tenders/)
- [Scholars Propose Profit Caps on Gas Station Tenders](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/scholars-propose-profit-caps-on-gas-station-tenders/)
- [预测市场蓬勃发展引发关注 香港叫停篮球博彩业务](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/prediction-market-boom-raises-concerns-as-hong-kong-calls-off-basketball-bets/)
- [預測市場蓬勃發展引發關注 香港叫停籃球博彩業務](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/prediction-market-boom-raises-concerns-as-hong-kong-calls-off-basketball-bets/)
- [Prediction market boom raises concerns as Hong Kong calls off basketball bets](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/prediction-market-boom-raises-concerns-as-hong-kong-calls-off-basketball-bets/)
- [中国经济“冰火两重天”](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/chinas-economy-a-tale-of-fire-and-ice/)
- [中國經濟「冰火兩重天」](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/chinas-economy-a-tale-of-fire-and-ice/)
- [China's Economy: A Tale of "Fire and Ice"](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/chinas-economy-a-tale-of-fire-and-ice/)
- [这虽非中国之战，但北京早在多年前便已未雨绸缪](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/china-started-preparing-for-an-energy-crisis-long-before-the-iran-war/)
- [這雖非中國之戰，但北京早在多年前便已未雨綢繆](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/china-started-preparing-for-an-energy-crisis-long-before-the-iran-war/)
- [This Is Not China’s War, but Beijing Started Preparing for It Years Ago](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/china-started-preparing-for-an-energy-crisis-long-before-the-iran-war/)
- [打造国际黄金交易中心，香港迎来“黄金时代”](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/building-an-international-gold-trading-hub-hong-kong-enters-its-the-golden-era/)
- [打造國際黃金交易中心，香港迎來“黃金時代”](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/building-an-international-gold-trading-hub-hong-kong-enters-its-the-golden-era/)
- [Building an International Gold Trading Hub: Hong Kong Enters its "The Golden Era"](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/building-an-international-gold-trading-hub-hong-kong-enters-its-the-golden-era/)
- [“从厕纸到旅行”：通胀压力杀到，港人生活成本恐飙升？](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/from-toilet-paper-to-travel-why-inflation-could-soon-hit-hongkongers-hard/)
- [「從廁紙到旅行」：通脹壓力殺到，港人生活成本恐飆升？](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/from-toilet-paper-to-travel-why-inflation-could-soon-hit-hongkongers-hard/)
- [From toilet paper to travel: why inflation could soon hit Hongkongers hard](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/from-toilet-paper-to-travel-why-inflation-could-soon-hit-hongkongers-hard/)
- [以 “超级增值人” 定位 联动湾区科创落地全球](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/positioned-as-a-super-value-adder-linking-gba-innovation-to-global-markets/)
- [以 「超級增值人」 定位 聯動灣區科創落地全球](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/positioned-as-a-super-value-adder-linking-gba-innovation-to-global-markets/)
- [Positioned as a "Super Value-Adder": Linking GBA Innovation to Global Markets](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/positioned-as-a-super-value-adder-linking-gba-innovation-to-global-markets/)
- [等待时间公告，是缓解拥堵的解药，还是加剧混乱的推手？](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-hospitals-post-wait-times-relieving-overcrowding-or-making-things-worse/) - 每年冬季流感高峰，香港公立急症室轮候时间动辄突破4小时，部分区域甚至超过8小时。香港医管局近年力推智慧医院举措，将全港18间急症室轮候时间推送至市民指尖，期望通过信息透明实现患者"自我分流"，优化资源配置。然而，一个根本性问题浮出水面：屏幕上那个看似精确的数字，真的能反映急症室的真实状况吗？ 我们的研究试图回答这个问题。答案或许出人意料：如果信息本身存在结构性缺陷"透明"不仅无法解决问题，反而可能加剧拥堵。我们将这一困境称为急症室的"后视镜"困境——你看到的不是前方路况，而是数小时前的历史镜像。 一个直观的类比 想象你打开导航软件，显示"主干道畅通，预计20分钟"，你欣然驶入却发现堵得水泄不通。仔细一看才发现小字："数据基于三小时前到达车辆的平均通行时间"。这听起来荒谬，但正是香港急症室等待时间公告系统面临的现实。当你在"HA Go"（医管局一站式手机程式）上看到"某医院等候时间>2小时"时，这个数字反映的是两个多小时前到达的患者的等待经历，而非基于当前队列对你等待时间的预测。 注：图片为2026年3月27日下午3时10分在急诊室等待时间网站上截图（https://www.ha.org.hk/visitor/ha_visitor_index.asp?Content_ID=235504&Lang=CHIGB&Dimension=100&Parent_ID=0&Ver=HTML） 谁在看那个数字？ 我们基于2019年超过130万次急诊就诊记录发现，只有3.1%的患者对公告信息敏感。这些人呈现清晰的梯度分布非紧急患者中敏感比例较高（3.7%–5.6%），紧急患者中仅0.9%。这其实是好消息——信息系统的主要使用者恰恰是可以灵活选择医院的非紧急患者，真正需要紧急救治的病人大多由救护车直送最近医院。研究还发现，这些敏感患者平均愿意多行驶4.8公里来换取1小时等待时间的缩减，说明他们确实像规划通勤一样规划就医行程。 当3.1%变成30%：信息灾难 3.1%是2019年信息技术尚未全面普及时的基准。后疫情时代，"HA Go"的强力推广、患者对拥挤的敏感度提升、对实时信息的期待增长，都在推高这一比例。当越来越多人依据同一套信息决策，会发生什么？ 我们构建了基于香港岛三家急诊科的仿真模型。在"理想情况"下——信息完全准确且实时更新——采纳率从0%提升到100%时，平均等待时间下降29%。然而，当我们将现实中基于过去三小时第95百分位数的"滞后信息"植入模型，结果出现戏剧性反转：敏感患者比例超过20%后，系统性能急剧恶化，平均等待时间比完全没有信息时最多增加96%。 原因在于"反馈循环"：大量患者根据同一套滞后信息同时涌向"看似"不拥挤的医院，造成新的拥堵，原本拥堵的医院反而变空。这种"潮汐式"波动加剧了系统不稳定性。更令人担忧的是，主动获取信息的敏感患者反而成为受害者——他们的等待时间反而长于不敏感患者，"主动性"非但未获奖励，反受惩罚。 从"后视"到"前视" 出路在于将信息从"后视"转向"前视"——不是告诉你"过去别人等了多久"，而是预测"你现在到达需要等多久"。令人意外的是，即使是相对简单的线性回归模型，也已展现出超越传统方式的优越性。在高度监管的医疗行业中，线性算法的可解释性与可调试性往往比纯粹的预测精度更为重要。 一次令人鼓舞的政策响应 2025年10月，我们将研究成果与医管局沟通后，他们更新了沿用多年的系统。新页面按分流级别分别提供中位数和第95百分位数等待时间，信息更加丰富。这是值得肯定的进步，表明严谨的本地研究能实实在在影响公共政策。然而，新系统提供的仍然是基于过去的信息——后视镜的清晰度提高了，但指向的依然是滞后的路况。这既是里程碑，也是新起点。 算法时代的治理启示 这一困境对推行类似系统的医疗机构有三点启示。其一，算法比推广更重要——如果使用准确的预测方法，推广有价值；但如果使用简单统计方法，大规模推广可能适得其反。其二，信息更新频率不是万能的——对于不准确的预测方法，即使实时更新也无法拯救性能。其三，系统设计应考虑公平性——主动获取信息的患者理应获得更好体验，这要求信息本身足够准确及时。 技术始终是手段，人的健康与尊严才是目的。当"HA Go"未来能基于实时队列告诉患者"如果你现在出发，预计等待X小时"时，那将是数字医疗真正从"后视镜"时代跨入"前视窗"时代的标志。 欧阳会银教授 港大经管学院创新及资讯管理学副教授 孙占坤教授 香港城市大学商学院副教授 （本文同时于二零二六年四月十六日载于《FT中文网》明德商论专栏）
- [Adaptive Conformal Classification with Noisy Labels](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/adaptive-conformal-classification-with-noisy-labels/) - This article develops a conformal prediction method for classification tasks that can adapt to random label contamination in the calibration sample, often leading to more informative prediction sets with stronger coverage guarantees compared to existing approaches. This is obtained through a precise characterization of the coverage inflation (or deflation) suffered by standard conformal inferences in the presence of label contamination, which is then made actionable through a new calibration algorithm. Our solution can leverage different modelling assumptions about the contamination process, while requiring no knowledge of the underlying data distribution or of the inner workings of the classification model. The empirical performance of the proposed method is demonstrated through simulations and an application to object classification with the CIFAR-10H image data set.
- [Adaptive Conformal Classification with Noisy Labels](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/adaptive-conformal-classification-with-noisy-labels/) - This article develops a conformal prediction method for classification tasks that can adapt to random label contamination in the calibration sample, often leading to more informative prediction sets with stronger coverage guarantees compared to existing approaches. This is obtained through a precise characterization of the coverage inflation (or deflation) suffered by standard conformal inferences in the presence of label contamination, which is then made actionable through a new calibration algorithm. Our solution can leverage different modelling assumptions about the contamination process, while requiring no knowledge of the underlying data distribution or of the inner workings of the classification model. The empirical performance of the proposed method is demonstrated through simulations and an application to object classification with the CIFAR-10H image data set.
- [Adaptive Conformal Classification with Noisy Labels](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/adaptive-conformal-classification-with-noisy-labels/) - This article develops a conformal prediction method for classification tasks that can adapt to random label contamination in the calibration sample, often leading to more informative prediction sets with stronger coverage guarantees compared to existing approaches. This is obtained through a precise characterization of the coverage inflation (or deflation) suffered by standard conformal inferences in the presence of label contamination, which is then made actionable through a new calibration algorithm. Our solution can leverage different modelling assumptions about the contamination process, while requiring no knowledge of the underlying data distribution or of the inner workings of the classification model. The empirical performance of the proposed method is demonstrated through simulations and an application to object classification with the CIFAR-10H image data set.
- [Soothing the Unsatisfied or Pleasing the Satisfied? The Effects of Managerial Responses to Positive versus Negative Reviews on Customer Ratings and Financial Performance](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/soothing-the-unsatisfied-or-pleasing-the-satisfied-the-effects-of-managerial-responses-to-positive-versus-negative-reviews-on-customer-ratings-and-financial-performance/) - Managerial responses (MRs) have gained increasing attention as an important intervention strategy for addressing online customer reviews. This study seeks to answer the question of how a firm should prioritize responding to customers’ positive reviews (MR-P) and negative reviews (MR-N). We examine the differential effect of the MR-P ratio and the MR-N ratio on subsequent customer review ratings and a firm’s financial performance. Our findings show that while the MR-P ratio leads to an increase in subsequent customer review ratings and revenue, the MR-N ratio results in a decrease in customer review ratings and revenue in the short run, but contributes to improvements in these metrics in the long run. Furthermore, we find that the influence of MR-P and MR-N on subsequent review ratings diminishes among firms whose MRs contain highly similar content and firms whose competitors actively create MRs. This research not only advances our understanding of the managerial response literature but also provides valuable guidance for firms seeking to maximize the effectiveness of their MR campaigns.
- [Soothing the Unsatisfied or Pleasing the Satisfied? The Effects of Managerial Responses to Positive versus Negative Reviews on Customer Ratings and Financial Performance](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/soothing-the-unsatisfied-or-pleasing-the-satisfied-the-effects-of-managerial-responses-to-positive-versus-negative-reviews-on-customer-ratings-and-financial-performance/) - Managerial responses (MRs) have gained increasing attention as an important intervention strategy for addressing online customer reviews. This study seeks to answer the question of how a firm should prioritize responding to customers’ positive reviews (MR-P) and negative reviews (MR-N). We examine the differential effect of the MR-P ratio and the MR-N ratio on subsequent customer review ratings and a firm’s financial performance. Our findings show that while the MR-P ratio leads to an increase in subsequent customer review ratings and revenue, the MR-N ratio results in a decrease in customer review ratings and revenue in the short run, but contributes to improvements in these metrics in the long run. Furthermore, we find that the influence of MR-P and MR-N on subsequent review ratings diminishes among firms whose MRs contain highly similar content and firms whose competitors actively create MRs. This research not only advances our understanding of the managerial response literature but also provides valuable guidance for firms seeking to maximize the effectiveness of their MR campaigns.
- [Soothing the Unsatisfied or Pleasing the Satisfied? The Effects of Managerial Responses to Positive versus Negative Reviews on Customer Ratings and Financial Performance](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/soothing-the-unsatisfied-or-pleasing-the-satisfied-the-effects-of-managerial-responses-to-positive-versus-negative-reviews-on-customer-ratings-and-financial-performance/) - Managerial responses (MRs) have gained increasing attention as an important intervention strategy for addressing online customer reviews. This study seeks to answer the question of how a firm should prioritize responding to customers’ positive reviews (MR-P) and negative reviews (MR-N). We examine the differential effect of the MR-P ratio and the MR-N ratio on subsequent customer review ratings and a firm’s financial performance. Our findings show that while the MR-P ratio leads to an increase in subsequent customer review ratings and revenue, the MR-N ratio results in a decrease in customer review ratings and revenue in the short run, but contributes to improvements in these metrics in the long run. Furthermore, we find that the influence of MR-P and MR-N on subsequent review ratings diminishes among firms whose MRs contain highly similar content and firms whose competitors actively create MRs. This research not only advances our understanding of the managerial response literature but also provides valuable guidance for firms seeking to maximize the effectiveness of their MR campaigns.
- [Mitigating Exposure Bias for Recommendations in Physical Spaces: An Unbiased Pairwise Ranking Approach Using Spatial Movement](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mitigating-exposure-bias-for-recommendations-in-physical-spaces-an-unbiased-pairwise-ranking-approach-using-spatial-movement/) - The remarkable success in personalized recommendations on digital platforms has sparked interest in extending this advancement to physical spaces. In response, our study introduces a generalized recommendation problem, named point-of-interest (POI) recommendations in physical spaces with pedestrian movement (P3M). A critical yet under-investigated impediment in addressing P3M is exposure bias: When the exposure likelihood of items to users is unevenly distributed, indiscriminately treating all unobserved user–item interactions as negative feedback introduces bias to the learning of recommender systems. Unlike existing debiasing literature on digital platforms, we focus on the unique source of uneven exposure in physical spaces, arising from the dynamic interaction between pedestrian movement and spatial layout. To address this issue, we propose a novel recommendation method, unbiased movement-aware pairwise ranking (UMPR), which considers dynamic pedestrian movement to achieve unbiased POI recommendations. Specifically, we formulate an unbiased pairwise learning framework, propose a movement-aware recommendation model, and devise an alternating learning algorithm to optimize model parameters. Using real-world mall data, we demonstrate that our method outperforms state-of-the-art benchmarks in delivering store recommendations for pedestrian shoppers. Further investigations confirm that the improved recommendation performance translates into added monetary value while maintaining humanistic fairness across customers and store tenants. Overall, this study underscores the significance of addressing exposure bias through adequate spatial movement modeling, paving the way for effective recommendations in the physical landscape.
- [Mitigating Exposure Bias for Recommendations in Physical Spaces: An Unbiased Pairwise Ranking Approach Using Spatial Movement](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mitigating-exposure-bias-for-recommendations-in-physical-spaces-an-unbiased-pairwise-ranking-approach-using-spatial-movement/) - The remarkable success in personalized recommendations on digital platforms has sparked interest in extending this advancement to physical spaces. In response, our study introduces a generalized recommendation problem, named point-of-interest (POI) recommendations in physical spaces with pedestrian movement (P3M). A critical yet under-investigated impediment in addressing P3M is exposure bias: When the exposure likelihood of items to users is unevenly distributed, indiscriminately treating all unobserved user–item interactions as negative feedback introduces bias to the learning of recommender systems. Unlike existing debiasing literature on digital platforms, we focus on the unique source of uneven exposure in physical spaces, arising from the dynamic interaction between pedestrian movement and spatial layout. To address this issue, we propose a novel recommendation method, unbiased movement-aware pairwise ranking (UMPR), which considers dynamic pedestrian movement to achieve unbiased POI recommendations. Specifically, we formulate an unbiased pairwise learning framework, propose a movement-aware recommendation model, and devise an alternating learning algorithm to optimize model parameters. Using real-world mall data, we demonstrate that our method outperforms state-of-the-art benchmarks in delivering store recommendations for pedestrian shoppers. Further investigations confirm that the improved recommendation performance translates into added monetary value while maintaining humanistic fairness across customers and store tenants. Overall, this study underscores the significance of addressing exposure bias through adequate spatial movement modeling, paving the way for effective recommendations in the physical landscape.
- [Mitigating Exposure Bias for Recommendations in Physical Spaces: An Unbiased Pairwise Ranking Approach Using Spatial Movement](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mitigating-exposure-bias-for-recommendations-in-physical-spaces-an-unbiased-pairwise-ranking-approach-using-spatial-movement/) - The remarkable success in personalized recommendations on digital platforms has sparked interest in extending this advancement to physical spaces. In response, our study introduces a generalized recommendation problem, named point-of-interest (POI) recommendations in physical spaces with pedestrian movement (P3M). A critical yet under-investigated impediment in addressing P3M is exposure bias: When the exposure likelihood of items to users is unevenly distributed, indiscriminately treating all unobserved user–item interactions as negative feedback introduces bias to the learning of recommender systems. Unlike existing debiasing literature on digital platforms, we focus on the unique source of uneven exposure in physical spaces, arising from the dynamic interaction between pedestrian movement and spatial layout. To address this issue, we propose a novel recommendation method, unbiased movement-aware pairwise ranking (UMPR), which considers dynamic pedestrian movement to achieve unbiased POI recommendations. Specifically, we formulate an unbiased pairwise learning framework, propose a movement-aware recommendation model, and devise an alternating learning algorithm to optimize model parameters. Using real-world mall data, we demonstrate that our method outperforms state-of-the-art benchmarks in delivering store recommendations for pedestrian shoppers. Further investigations confirm that the improved recommendation performance translates into added monetary value while maintaining humanistic fairness across customers and store tenants. Overall, this study underscores the significance of addressing exposure bias through adequate spatial movement modeling, paving the way for effective recommendations in the physical landscape.
- [Emotions in Online Content Diffusion](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/emotions-in-online-content-diffusion/) - This study examines the impact of discrete emotional expression (i.e., expression of anxiety, sadness, anger, disgust, love, joy, surprise, and anticipation) on the differential diffusion of online content in social media networks. We conducted an analysis on a random sample of 387,486 online articles and their corresponding diffusion cascades, involving more than six million unique individuals, on a major online social networking platform. Our investigation focused on the relationships between discrete emotional expression and the diffusion of online articles, specifically the structural properties of diffusion cascades, such as size, depth, maximum breadth, and structural virality. We employed various econometric model specifications, and our results robustly demonstrate that articles expressing higher levels of anxiety, love, and surprise reach a larger number of individuals and diffuse more deeply, broadly, and virally. In contrast, expression of anger, sadness, and joy exhibit the opposite effect. Additionally, we find that articles with different emotional expression tend to spread differently based on individual characteristics and social ties. Our findings offer valuable insights into the diffusion and regulation of online content from the perspectives of emotional expression and social networks.
- [Emotions in Online Content Diffusion](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/emotions-in-online-content-diffusion/) - This study examines the impact of discrete emotional expression (i.e., expression of anxiety, sadness, anger, disgust, love, joy, surprise, and anticipation) on the differential diffusion of online content in social media networks. We conducted an analysis on a random sample of 387,486 online articles and their corresponding diffusion cascades, involving more than six million unique individuals, on a major online social networking platform. Our investigation focused on the relationships between discrete emotional expression and the diffusion of online articles, specifically the structural properties of diffusion cascades, such as size, depth, maximum breadth, and structural virality. We employed various econometric model specifications, and our results robustly demonstrate that articles expressing higher levels of anxiety, love, and surprise reach a larger number of individuals and diffuse more deeply, broadly, and virally. In contrast, expression of anger, sadness, and joy exhibit the opposite effect. Additionally, we find that articles with different emotional expression tend to spread differently based on individual characteristics and social ties. Our findings offer valuable insights into the diffusion and regulation of online content from the perspectives of emotional expression and social networks.
- [Emotions in Online Content Diffusion](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/emotions-in-online-content-diffusion/) - This study examines the impact of discrete emotional expression (i.e., expression of anxiety, sadness, anger, disgust, love, joy, surprise, and anticipation) on the differential diffusion of online content in social media networks. We conducted an analysis on a random sample of 387,486 online articles and their corresponding diffusion cascades, involving more than six million unique individuals, on a major online social networking platform. Our investigation focused on the relationships between discrete emotional expression and the diffusion of online articles, specifically the structural properties of diffusion cascades, such as size, depth, maximum breadth, and structural virality. We employed various econometric model specifications, and our results robustly demonstrate that articles expressing higher levels of anxiety, love, and surprise reach a larger number of individuals and diffuse more deeply, broadly, and virally. In contrast, expression of anger, sadness, and joy exhibit the opposite effect. Additionally, we find that articles with different emotional expression tend to spread differently based on individual characteristics and social ties. Our findings offer valuable insights into the diffusion and regulation of online content from the perspectives of emotional expression and social networks.
- [Statistical Inference for Covariate-adjusted and Interpretable Generalized Latent Factor Model with Application to Testing Fairness](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/statistical-inference-for-covariate-adjusted-and-interpretable-generalized-latent-factor-model-with-application-to-testing-fairness/) - Latent variable models are popularly used to measure latent embedding factors from large-scale assessment data. Beyond understanding these latent factors, the covariate effect on responses controlling for latent factors is also of great scientific interest and has wide applications, such as evaluating the fairness of educational testing, where the covariate effect reflects whether a test question is biased toward certain individual characteristics (e.g., gender and race), taking into account their latent abilities. However, the large sample sizes and high-dimensional responses pose challenges to developing efficient methods and drawing valid inferences. Moreover, to accommodate the commonly encountered discrete responses, generalized latent factor models are often assumed, adding further complexity. To address these challenges, we consider a covariate-adjusted generalized factor model and develop novel and interpretable conditions to address the identifiability issue. Based on the identifiability conditions, we propose a joint maximum likelihood estimation method and establish estimation consistency and asymptotic normality results for the covariate effects. Furthermore, we derive estimation and inference results for latent factors and the factor loadings. We illustrate the finite sample performance of the proposed method through extensive numerical studies and an educational assessment dataset from the Programme for International Student Assessment (PISA).
- [Statistical Inference for Covariate-adjusted and Interpretable Generalized Latent Factor Model with Application to Testing Fairness](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/statistical-inference-for-covariate-adjusted-and-interpretable-generalized-latent-factor-model-with-application-to-testing-fairness/) - Latent variable models are popularly used to measure latent embedding factors from large-scale assessment data. Beyond understanding these latent factors, the covariate effect on responses controlling for latent factors is also of great scientific interest and has wide applications, such as evaluating the fairness of educational testing, where the covariate effect reflects whether a test question is biased toward certain individual characteristics (e.g., gender and race), taking into account their latent abilities. However, the large sample sizes and high-dimensional responses pose challenges to developing efficient methods and drawing valid inferences. Moreover, to accommodate the commonly encountered discrete responses, generalized latent factor models are often assumed, adding further complexity. To address these challenges, we consider a covariate-adjusted generalized factor model and develop novel and interpretable conditions to address the identifiability issue. Based on the identifiability conditions, we propose a joint maximum likelihood estimation method and establish estimation consistency and asymptotic normality results for the covariate effects. Furthermore, we derive estimation and inference results for latent factors and the factor loadings. We illustrate the finite sample performance of the proposed method through extensive numerical studies and an educational assessment dataset from the Programme for International Student Assessment (PISA).
- [Statistical Inference for Covariate-adjusted and Interpretable Generalized Latent Factor Model with Application to Testing Fairness](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/statistical-inference-for-covariate-adjusted-and-interpretable-generalized-latent-factor-model-with-application-to-testing-fairness/) - Latent variable models are popularly used to measure latent embedding factors from large-scale assessment data. Beyond understanding these latent factors, the covariate effect on responses controlling for latent factors is also of great scientific interest and has wide applications, such as evaluating the fairness of educational testing, where the covariate effect reflects whether a test question is biased toward certain individual characteristics (e.g., gender and race), taking into account their latent abilities. However, the large sample sizes and high-dimensional responses pose challenges to developing efficient methods and drawing valid inferences. Moreover, to accommodate the commonly encountered discrete responses, generalized latent factor models are often assumed, adding further complexity. To address these challenges, we consider a covariate-adjusted generalized factor model and develop novel and interpretable conditions to address the identifiability issue. Based on the identifiability conditions, we propose a joint maximum likelihood estimation method and establish estimation consistency and asymptotic normality results for the covariate effects. Furthermore, we derive estimation and inference results for latent factors and the factor loadings. We illustrate the finite sample performance of the proposed method through extensive numerical studies and an educational assessment dataset from the Programme for International Student Assessment (PISA).
- [Fragile Interpersonal Relationship in Tacit Knowledge Sharing: How Workplace Friendship Fails Under Competition and Functional Similarity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/fragile-interpersonal-relationship-in-tacit-knowledge-sharing-how-workplace-friendship-fails-under-competition-and-functional-similarity/) - In the competitive landscape of modern business, tacit knowledge (TK) sharing has emerged as a critical enabler of innovation and transformation, particularly within the realm of operations management. In this context, the efficient flow of TK is essential for optimizing processes, promoting technology development, and sustaining competitive advantage. While the role of workplace friendship in facilitating TK sharing has been well-documented, there is a common misconception that close personal relationships alone suffice for effective knowledge transfer. However, in the complex dynamics of operational environments, these relationships can be unexpectedly fragile and prone to disruption. Even employees with strong workplace friendships may encounter inevitable challenges such as competition over limited resources, conflicts of interest, and diminished incremental benefits of knowledge exchange among functionally overlapping colleagues. Grounded in social information processing (SIP) theory, this study proposes a moderated mediation model and explores the negative moderating effects of competitive climate and functional similarity on the relationship between workplace friendship and TK sharing and how these factors subsequently impact innovation performance. Through a mixed-method design, including a main field study and a supplementary experiment involving 1,809 participants across various industries, our findings underscore that the positive association between workplace friendship and TK sharing will be diminished or even dissolved when employees perceive higher levels of competitive climate and functional similarity. By adopting a SIP perspective, this research elucidates how contextual factors in operational environments can overshadow the influence of workplace friendship on TK sharing. It also reveals the intricate interplay (i.e., mutual reinforcement) between the attitudes of TK holders and recipients, which is crucial for ensuring the seamless exchange of knowledge that drives operational excellence in highly competitive workplaces. These insights are vital for operations managers aiming to cultivate workforce diversity, regulate peer competition, inspire employee enthusiasm and engagement, and initiate cross-functional technology development projects. Such strategies foster effective and sustainable TK sharing, ultimately contributing to superior innovation performance in operational settings.
- [Fragile Interpersonal Relationship in Tacit Knowledge Sharing: How Workplace Friendship Fails Under Competition and Functional Similarity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/fragile-interpersonal-relationship-in-tacit-knowledge-sharing-how-workplace-friendship-fails-under-competition-and-functional-similarity/) - In the competitive landscape of modern business, tacit knowledge (TK) sharing has emerged as a critical enabler of innovation and transformation, particularly within the realm of operations management. In this context, the efficient flow of TK is essential for optimizing processes, promoting technology development, and sustaining competitive advantage. While the role of workplace friendship in facilitating TK sharing has been well-documented, there is a common misconception that close personal relationships alone suffice for effective knowledge transfer. However, in the complex dynamics of operational environments, these relationships can be unexpectedly fragile and prone to disruption. Even employees with strong workplace friendships may encounter inevitable challenges such as competition over limited resources, conflicts of interest, and diminished incremental benefits of knowledge exchange among functionally overlapping colleagues. Grounded in social information processing (SIP) theory, this study proposes a moderated mediation model and explores the negative moderating effects of competitive climate and functional similarity on the relationship between workplace friendship and TK sharing and how these factors subsequently impact innovation performance. Through a mixed-method design, including a main field study and a supplementary experiment involving 1,809 participants across various industries, our findings underscore that the positive association between workplace friendship and TK sharing will be diminished or even dissolved when employees perceive higher levels of competitive climate and functional similarity. By adopting a SIP perspective, this research elucidates how contextual factors in operational environments can overshadow the influence of workplace friendship on TK sharing. It also reveals the intricate interplay (i.e., mutual reinforcement) between the attitudes of TK holders and recipients, which is crucial for ensuring the seamless exchange of knowledge that drives operational excellence in highly competitive workplaces. These insights are vital for operations managers aiming to cultivate workforce diversity, regulate peer competition, inspire employee enthusiasm and engagement, and initiate cross-functional technology development projects. Such strategies foster effective and sustainable TK sharing, ultimately contributing to superior innovation performance in operational settings.
- [Fragile Interpersonal Relationship in Tacit Knowledge Sharing: How Workplace Friendship Fails Under Competition and Functional Similarity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/fragile-interpersonal-relationship-in-tacit-knowledge-sharing-how-workplace-friendship-fails-under-competition-and-functional-similarity/) - In the competitive landscape of modern business, tacit knowledge (TK) sharing has emerged as a critical enabler of innovation and transformation, particularly within the realm of operations management. In this context, the efficient flow of TK is essential for optimizing processes, promoting technology development, and sustaining competitive advantage. While the role of workplace friendship in facilitating TK sharing has been well-documented, there is a common misconception that close personal relationships alone suffice for effective knowledge transfer. However, in the complex dynamics of operational environments, these relationships can be unexpectedly fragile and prone to disruption. Even employees with strong workplace friendships may encounter inevitable challenges such as competition over limited resources, conflicts of interest, and diminished incremental benefits of knowledge exchange among functionally overlapping colleagues. Grounded in social information processing (SIP) theory, this study proposes a moderated mediation model and explores the negative moderating effects of competitive climate and functional similarity on the relationship between workplace friendship and TK sharing and how these factors subsequently impact innovation performance. Through a mixed-method design, including a main field study and a supplementary experiment involving 1,809 participants across various industries, our findings underscore that the positive association between workplace friendship and TK sharing will be diminished or even dissolved when employees perceive higher levels of competitive climate and functional similarity. By adopting a SIP perspective, this research elucidates how contextual factors in operational environments can overshadow the influence of workplace friendship on TK sharing. It also reveals the intricate interplay (i.e., mutual reinforcement) between the attitudes of TK holders and recipients, which is crucial for ensuring the seamless exchange of knowledge that drives operational excellence in highly competitive workplaces. These insights are vital for operations managers aiming to cultivate workforce diversity, regulate peer competition, inspire employee enthusiasm and engagement, and initiate cross-functional technology development projects. Such strategies foster effective and sustainable TK sharing, ultimately contributing to superior innovation performance in operational settings.
- [Global Investors, Hidden Suppliers: How Institutions Shape the Impact of Stock Market Liberalization Programs on Corporate Responsibility](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/global-investors-hidden-suppliers-how-institutions-shape-the-impact-of-stock-market-liberalization-programs-on-corporate-responsibility/) - Research suggests that firms participating in stock market liberalization programs are exposed to global investors who can exert cross-border influence on management decisions. Accordingly, as global investors increasingly adopt environmental, social, and governance (ESG) principles, firms in these programs may enhance their corporate responsibility and their commitment to addressing grand challenges. We challenge this literature by explaining why this effect of stock market liberalization programs should not be taken for granted, especially in emerging markets and contribute to the field by showing that institutional factors moderate this relationship. Using China's stock market liberalization programs as natural experiments that quasi-exogenously connect emerging-market firms to global investors, we find that emerging-market firms in stock liberalization programs reduce their disclosure of supplier identity information, an important step in tackling environmental grand challenges. However, when emerging-market firms have certain characteristics, such as a large proportion of committed foreign ownership, global environmental certifications, and top leadership with overseas experience, the negative effect is diminished and even reversed as the balance between the long-term upsides and short-term downsides of voluntary supplier disclosure shifts.
- [Global Investors, Hidden Suppliers: How Institutions Shape the Impact of Stock Market Liberalization Programs on Corporate Responsibility](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/global-investors-hidden-suppliers-how-institutions-shape-the-impact-of-stock-market-liberalization-programs-on-corporate-responsibility/) - Research suggests that firms participating in stock market liberalization programs are exposed to global investors who can exert cross-border influence on management decisions. Accordingly, as global investors increasingly adopt environmental, social, and governance (ESG) principles, firms in these programs may enhance their corporate responsibility and their commitment to addressing grand challenges. We challenge this literature by explaining why this effect of stock market liberalization programs should not be taken for granted, especially in emerging markets and contribute to the field by showing that institutional factors moderate this relationship. Using China's stock market liberalization programs as natural experiments that quasi-exogenously connect emerging-market firms to global investors, we find that emerging-market firms in stock liberalization programs reduce their disclosure of supplier identity information, an important step in tackling environmental grand challenges. However, when emerging-market firms have certain characteristics, such as a large proportion of committed foreign ownership, global environmental certifications, and top leadership with overseas experience, the negative effect is diminished and even reversed as the balance between the long-term upsides and short-term downsides of voluntary supplier disclosure shifts.
- [Global Investors, Hidden Suppliers: How Institutions Shape the Impact of Stock Market Liberalization Programs on Corporate Responsibility](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/global-investors-hidden-suppliers-how-institutions-shape-the-impact-of-stock-market-liberalization-programs-on-corporate-responsibility/) - Research suggests that firms participating in stock market liberalization programs are exposed to global investors who can exert cross-border influence on management decisions. Accordingly, as global investors increasingly adopt environmental, social, and governance (ESG) principles, firms in these programs may enhance their corporate responsibility and their commitment to addressing grand challenges. We challenge this literature by explaining why this effect of stock market liberalization programs should not be taken for granted, especially in emerging markets and contribute to the field by showing that institutional factors moderate this relationship. Using China's stock market liberalization programs as natural experiments that quasi-exogenously connect emerging-market firms to global investors, we find that emerging-market firms in stock liberalization programs reduce their disclosure of supplier identity information, an important step in tackling environmental grand challenges. However, when emerging-market firms have certain characteristics, such as a large proportion of committed foreign ownership, global environmental certifications, and top leadership with overseas experience, the negative effect is diminished and even reversed as the balance between the long-term upsides and short-term downsides of voluntary supplier disclosure shifts.
- [A Deep-DiD Method to Estimate Heterogeneous Treatment Effects: Application to Content Creator Selection](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-deep-did-method-to-estimate-heterogeneous-treatment-effects-application-to-content-creator-selection/) - In this paper, we propose a Deep-DiD method that incorporates two deep neural networks in a difference-in-difference (DiD) framework to estimate heterogeneous treatment effects (HTEs). The dual-network architecture contains one neural network modeling HTEs as a nonparametric function of pretreatment features and another neural network capturing individual and time fixed effects. Through a series of simulations, we show that our method can uncover the true HTEs with high accuracy under various settings and demonstrates more robust estimation performance compared with existing methods like linear models and random forests. We apply this method to an empirical setting where a large video-sharing platform introduced a “Creator Signing Program” aimed at signing creators and motivating them to generate more high-quality video content. Leveraging a matched data set of signed and unsigned creators, we employ our Deep-DiD method to estimate the HTEs of the signing program. Our method can help the platform optimize creator selection by identifying creators with the highest-estimated treatment effects. Through out-of-sample tests, we show that creators selected by the Deep-DiD method experience substantially larger actual performance jumps than those selected by the platform. Creator selection based on the Deep-DiD method also consistently outperforms that based on linear models.
- [A Deep-DiD Method to Estimate Heterogeneous Treatment Effects: Application to Content Creator Selection](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-deep-did-method-to-estimate-heterogeneous-treatment-effects-application-to-content-creator-selection/) - In this paper, we propose a Deep-DiD method that incorporates two deep neural networks in a difference-in-difference (DiD) framework to estimate heterogeneous treatment effects (HTEs). The dual-network architecture contains one neural network modeling HTEs as a nonparametric function of pretreatment features and another neural network capturing individual and time fixed effects. Through a series of simulations, we show that our method can uncover the true HTEs with high accuracy under various settings and demonstrates more robust estimation performance compared with existing methods like linear models and random forests. We apply this method to an empirical setting where a large video-sharing platform introduced a “Creator Signing Program” aimed at signing creators and motivating them to generate more high-quality video content. Leveraging a matched data set of signed and unsigned creators, we employ our Deep-DiD method to estimate the HTEs of the signing program. Our method can help the platform optimize creator selection by identifying creators with the highest-estimated treatment effects. Through out-of-sample tests, we show that creators selected by the Deep-DiD method experience substantially larger actual performance jumps than those selected by the platform. Creator selection based on the Deep-DiD method also consistently outperforms that based on linear models.
- [A Deep-DiD Method to Estimate Heterogeneous Treatment Effects: Application to Content Creator Selection](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-deep-did-method-to-estimate-heterogeneous-treatment-effects-application-to-content-creator-selection/) - In this paper, we propose a Deep-DiD method that incorporates two deep neural networks in a difference-in-difference (DiD) framework to estimate heterogeneous treatment effects (HTEs). The dual-network architecture contains one neural network modeling HTEs as a nonparametric function of pretreatment features and another neural network capturing individual and time fixed effects. Through a series of simulations, we show that our method can uncover the true HTEs with high accuracy under various settings and demonstrates more robust estimation performance compared with existing methods like linear models and random forests. We apply this method to an empirical setting where a large video-sharing platform introduced a “Creator Signing Program” aimed at signing creators and motivating them to generate more high-quality video content. Leveraging a matched data set of signed and unsigned creators, we employ our Deep-DiD method to estimate the HTEs of the signing program. Our method can help the platform optimize creator selection by identifying creators with the highest-estimated treatment effects. Through out-of-sample tests, we show that creators selected by the Deep-DiD method experience substantially larger actual performance jumps than those selected by the platform. Creator selection based on the Deep-DiD method also consistently outperforms that based on linear models.
- [Bargaining and Network Effects in Two-Sided Platforms: Evidence from Online Healthcare](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/bargaining-and-network-effects-in-two-sided-platforms-evidence-from-online-healthcare/) - Many important platforms, particularly in healthcare, hospitality, and content streaming, depend on a small number of strategic participants on the “seller” side. As a result, individual-level bargaining and participant-specific network effects are central to platform growth and profitability. This paper introduces a novel modeling framework that integrates bargaining outcomes with heterogeneous direct network and cross-network effects to capture platform evolution. We estimate participant-level direct network and cross-network effects based on the attributes of strategic sellers and assess how these shape bargaining outcomes. By modeling both time-varying, participant-specific network effects, which influence market growth, and their impact on bargaining outcomes, which affect profitability, our framework enables platforms to evaluate growth strategies. We apply the model to data from a major Chinese online healthcare platform connecting hospitals and consumers for health checkups. We find substantial heterogeneity in hospitals’ network effects, which drive variations in bargaining outcomes. Hospitals with stronger network effects negotiate lower commission rates, whereas the platform secures higher commission rates in markets where it holds a larger market share. Through policy simulations, we explore strategies including seeding, targeting sequence, and market entry. Our findings highlight key trade-offs between growing market size and maximizing profitability, offering insights for platforms built on negotiated partnerships.
- [Bargaining and Network Effects in Two-Sided Platforms: Evidence from Online Healthcare](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/bargaining-and-network-effects-in-two-sided-platforms-evidence-from-online-healthcare/) - Many important platforms, particularly in healthcare, hospitality, and content streaming, depend on a small number of strategic participants on the “seller” side. As a result, individual-level bargaining and participant-specific network effects are central to platform growth and profitability. This paper introduces a novel modeling framework that integrates bargaining outcomes with heterogeneous direct network and cross-network effects to capture platform evolution. We estimate participant-level direct network and cross-network effects based on the attributes of strategic sellers and assess how these shape bargaining outcomes. By modeling both time-varying, participant-specific network effects, which influence market growth, and their impact on bargaining outcomes, which affect profitability, our framework enables platforms to evaluate growth strategies. We apply the model to data from a major Chinese online healthcare platform connecting hospitals and consumers for health checkups. We find substantial heterogeneity in hospitals’ network effects, which drive variations in bargaining outcomes. Hospitals with stronger network effects negotiate lower commission rates, whereas the platform secures higher commission rates in markets where it holds a larger market share. Through policy simulations, we explore strategies including seeding, targeting sequence, and market entry. Our findings highlight key trade-offs between growing market size and maximizing profitability, offering insights for platforms built on negotiated partnerships.
- [Bargaining and Network Effects in Two-Sided Platforms: Evidence from Online Healthcare](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/bargaining-and-network-effects-in-two-sided-platforms-evidence-from-online-healthcare/) - Many important platforms, particularly in healthcare, hospitality, and content streaming, depend on a small number of strategic participants on the “seller” side. As a result, individual-level bargaining and participant-specific network effects are central to platform growth and profitability. This paper introduces a novel modeling framework that integrates bargaining outcomes with heterogeneous direct network and cross-network effects to capture platform evolution. We estimate participant-level direct network and cross-network effects based on the attributes of strategic sellers and assess how these shape bargaining outcomes. By modeling both time-varying, participant-specific network effects, which influence market growth, and their impact on bargaining outcomes, which affect profitability, our framework enables platforms to evaluate growth strategies. We apply the model to data from a major Chinese online healthcare platform connecting hospitals and consumers for health checkups. We find substantial heterogeneity in hospitals’ network effects, which drive variations in bargaining outcomes. Hospitals with stronger network effects negotiate lower commission rates, whereas the platform secures higher commission rates in markets where it holds a larger market share. Through policy simulations, we explore strategies including seeding, targeting sequence, and market entry. Our findings highlight key trade-offs between growing market size and maximizing profitability, offering insights for platforms built on negotiated partnerships.
- [Institutional Investor Attention](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/institutional-investor-attention/) - Using data on Internet news reading, we measure fund-level attention to both aggregate and firm-specific news and relate it to fund portfolio allocation decisions. In the time series, we find that funds shift attention toward macroeconomic news during periods of high aggregate volatility. Those funds that exhibit stronger attention-reallocation patterns earn higher future returns. In the cross-section of fund portfolios, fund attention is positively related to stock holdings. Furthermore, fund attention to a stock increases the value-add of that position to the fund's performance. This relationship is stronger using fund attention to more value-relevant news articles.
- [Institutional Investor Attention](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/institutional-investor-attention/) - Using data on Internet news reading, we measure fund-level attention to both aggregate and firm-specific news and relate it to fund portfolio allocation decisions. In the time series, we find that funds shift attention toward macroeconomic news during periods of high aggregate volatility. Those funds that exhibit stronger attention-reallocation patterns earn higher future returns. In the cross-section of fund portfolios, fund attention is positively related to stock holdings. Furthermore, fund attention to a stock increases the value-add of that position to the fund's performance. This relationship is stronger using fund attention to more value-relevant news articles.
- [Institutional Investor Attention](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/institutional-investor-attention/) - Using data on Internet news reading, we measure fund-level attention to both aggregate and firm-specific news and relate it to fund portfolio allocation decisions. In the time series, we find that funds shift attention toward macroeconomic news during periods of high aggregate volatility. Those funds that exhibit stronger attention-reallocation patterns earn higher future returns. In the cross-section of fund portfolios, fund attention is positively related to stock holdings. Furthermore, fund attention to a stock increases the value-add of that position to the fund's performance. This relationship is stronger using fund attention to more value-relevant news articles.
- [Preferential Credit Policy with Sectoral Markup Heterogeneity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/preferential-credit-policy-with-sectoral-markup-heterogeneity/) - Many emerging economies employ preferential credit policies that target selected sectors. This paper quantifies the implications of such policies for aggregate productivity and welfare. Using Chinese firm-level data from 2009–2020, we first document that sectors with higher markups receive larger credit subsidies and exhibit higher revenue-based productivity. Motivated by these facts, we develop a multi-sector quantitative model with endogenously determined markups and calibrate it to match the distribution of sales both within and across sectors. We find that preferential credit subsidies raise aggregate productivity and welfare by reallocating market shares toward high-markup sectors. These gains persist in an extended framework with endogenous firm entry.
- [Preferential Credit Policy with Sectoral Markup Heterogeneity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/preferential-credit-policy-with-sectoral-markup-heterogeneity/) - Many emerging economies employ preferential credit policies that target selected sectors. This paper quantifies the implications of such policies for aggregate productivity and welfare. Using Chinese firm-level data from 2009–2020, we first document that sectors with higher markups receive larger credit subsidies and exhibit higher revenue-based productivity. Motivated by these facts, we develop a multi-sector quantitative model with endogenously determined markups and calibrate it to match the distribution of sales both within and across sectors. We find that preferential credit subsidies raise aggregate productivity and welfare by reallocating market shares toward high-markup sectors. These gains persist in an extended framework with endogenous firm entry.
- [Preferential Credit Policy with Sectoral Markup Heterogeneity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/preferential-credit-policy-with-sectoral-markup-heterogeneity/) - Many emerging economies employ preferential credit policies that target selected sectors. This paper quantifies the implications of such policies for aggregate productivity and welfare. Using Chinese firm-level data from 2009–2020, we first document that sectors with higher markups receive larger credit subsidies and exhibit higher revenue-based productivity. Motivated by these facts, we develop a multi-sector quantitative model with endogenously determined markups and calibrate it to match the distribution of sales both within and across sectors. We find that preferential credit subsidies raise aggregate productivity and welfare by reallocating market shares toward high-markup sectors. These gains persist in an extended framework with endogenous firm entry.
- [The Determinants of ESG Ratings: Rater Ownership Matters](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-determinants-of-esg-ratings-rater-ownership-matters/) - We examine whether and how common ownership affects Environmental, Social, and Governance (ESG) ratings—an important research question given the increasing use of these ratings in investment decisions and corporate evaluations. We find that companies with major shareholders in common with the rating agency (“sister firms”) tend to receive higher ESG ratings. When a company becomes a sister firm through a change in the rating agency's ownership structure, its rating from that agency is subsequently upgraded, whereas its ESG ratings from other agencies remain unchanged. Sister firms exhibit greater rating disagreements across agencies than other firms. The higher ESG ratings for sister firms are partly attributable to the transfer of immaterial positive ESG information through common owners. The common ownership effect is more pronounced when the owner can exert a greater influence on the rating agency. Moreover, sister firms with initially elevated ratings demonstrate poorer future ESG performance. Overall, our findings suggest that owners can affect ESG ratings of their portfolio companies in a way consistent with their influence and interest.
- [The Determinants of ESG Ratings: Rater Ownership Matters](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-determinants-of-esg-ratings-rater-ownership-matters/) - We examine whether and how common ownership affects Environmental, Social, and Governance (ESG) ratings—an important research question given the increasing use of these ratings in investment decisions and corporate evaluations. We find that companies with major shareholders in common with the rating agency (“sister firms”) tend to receive higher ESG ratings. When a company becomes a sister firm through a change in the rating agency's ownership structure, its rating from that agency is subsequently upgraded, whereas its ESG ratings from other agencies remain unchanged. Sister firms exhibit greater rating disagreements across agencies than other firms. The higher ESG ratings for sister firms are partly attributable to the transfer of immaterial positive ESG information through common owners. The common ownership effect is more pronounced when the owner can exert a greater influence on the rating agency. Moreover, sister firms with initially elevated ratings demonstrate poorer future ESG performance. Overall, our findings suggest that owners can affect ESG ratings of their portfolio companies in a way consistent with their influence and interest.
- [The Determinants of ESG Ratings: Rater Ownership Matters](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-determinants-of-esg-ratings-rater-ownership-matters/) - We examine whether and how common ownership affects Environmental, Social, and Governance (ESG) ratings—an important research question given the increasing use of these ratings in investment decisions and corporate evaluations. We find that companies with major shareholders in common with the rating agency (“sister firms”) tend to receive higher ESG ratings. When a company becomes a sister firm through a change in the rating agency's ownership structure, its rating from that agency is subsequently upgraded, whereas its ESG ratings from other agencies remain unchanged. Sister firms exhibit greater rating disagreements across agencies than other firms. The higher ESG ratings for sister firms are partly attributable to the transfer of immaterial positive ESG information through common owners. The common ownership effect is more pronounced when the owner can exert a greater influence on the rating agency. Moreover, sister firms with initially elevated ratings demonstrate poorer future ESG performance. Overall, our findings suggest that owners can affect ESG ratings of their portfolio companies in a way consistent with their influence and interest.
- [当关税壁垒闹上法庭——一堂千亿美元的宪法课](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/when-tariffs-go-to-court-a-billion-dollar-lesson-in-constitutional-law/) - 本年2月20日，美国最高法院以六比三的裁决，在Learning Resources, Inc. v. Trump一案中作出里程碑式的判决：总统无权依据《国际紧急经济权力法》（International Emergency Economic Powers Act；简称IEEPA）单方面征收关税。首席大法官罗伯茨在判词中指出，总统仅凭IEEPA中相隔16个词的regulate（规管）和importation（进口）二词，便主张可以对任何国家、任何产品、以任何税率、在任何时间征收关税，而“这两个词承受不了如此巨大的分量”。 这一裁决不仅在法律上划出清晰红线，更在经济和金融方面触发了连锁反应，从华盛顿以至香港中环都受到影响。 课税权属国会 此一判决意义深远，皆因美国宪法第一条明确将“征收税款、关税、进口税和消费税”的权力赋予国会。最高法院在本案中运用三权分立原则裁定，具有重大经济和政治影响的关税权力必须由国会明确授权。正如经济学的公共选择理论所分析：当政策制定权过度集中于行政部门，政策将易受短期政治考量扭曲。近一年来，企业被迫在急变的贸易政策背景下作出招聘、定价和投资决策，而税率经常波动。这种不确定性对经济造成的伤害，某种程度上甚于关税本身。 天文数字退税的困境 判决的直接后果是一场规模空前的退税难题。根据美国海关与边境保护局向国际贸易法院提交的声明，在IEEPA关税下，超过33万家进口商缴纳了共达1660亿美元的关税，涉及报关记录约5300万笔。退税之路荆棘丛生，海关的自动化系统在设计上无法轻易将IEEPA关税单独列出；若以人手重新计算，估计所需工时为数440万。 这背后关乎一个金融学的重要概念：资金的时间价值。假设一家企业缴交了1000万美元的IEEPA关税，按照美国现时利率，每延迟1年退还，机会成本就高达约50万美元。因此接近2000家进口商已提出诉讼，争取退税权利。 从B计划回到A计划 白宫并没有坐以待毙。判决公布同日，特朗普在数小时内连续签署3份行政命令：终止IEEPA关税，依据《1974年贸易法》第122条征收全球性临时进口附加税，并继续暂停小额进口免税待遇。次日，特朗普将税率提高至第122条所允许的法定上限15%。此条款可说是一把有时间锁的枪，允许总统在不超过150天的期限内，征收最高15%的进口附加税；其后若要延续则须国会投票通过，本年7月24日就是截止日期。 更值得关注的是长线布局。美国贸易代表格里尔于3月先后对16个经济体启动以“产能过剩”为由的第301条调查，又对约60个经济体发起“强制劳动”相关的第301条调查；两项调查合计已覆盖美国80%至90%以上的进口。新加坡韩礼士基金会贸易政策主管Deborah Elms一语中的：“我们很可能会回到原点，这不是C计划，这是回到A计划。” 谁在为关税买单 经济学教科书告诉我们，关税由生产者和消费者分担，但实证数据比理论更为严峻。 纽约联储银行的研究发现，近90%的关税成本由美国企业和消费者承担。耶鲁大学预算实验室的追踪数据显示，关税对进口核心消费品的价格传递率在40%至76%之间，高盛的估计更为惊人：消费者承担的份额目前已达55%，预计2026年将攀升至70%。 举个例子：一件从中国进口的儿童玩具，出厂价20美元，加上运输和分销成本后，在美国的零售价为30美元。征收20%关税后，进口成本上升4美元，但零售价不会只涨此数，因其中还包含国内运输、行销和零售加价等非进口成分。尤其令人忧虑的是，廉价商品价格平均约5%的涨幅，是高端产品涨幅的两倍。由于低收入家庭倾向购买廉价商品，关税实际上是一种累退税，使弱势社群承受不成比例的负担。 震荡蔓延至香港 至于本港，在这场风暴中也不能置身事外。美国是香港第二大出口市场，2024年商品出口额达379亿美元。尽管香港在基本法下保持独立关税区的地位，美国对中国的关税仍直接适用于香港。 特区政府一直奉行自由港政策，不征收报复性关税，这反映出维护国际商业枢纽吸引力的战略。但对于以北美市场为主的跨境电商平台而言，取消小额免税待遇以及实施附加税，直接影响每笔订单的成本结构。香港工业总会主席庄子雄曾直言，关税的反复变动下，任何人都无可能再做生意。 从资产配置的角度看，贸易政策的不确定性已经成为影响港股估值的重要风险溢价因素。在贸易摩擦升级时期，恒生指数中出口导向型企业的市盈率普遍受压，投资者在评估相关股票时，应在折现率中加入“政策不确定性溢价”。 今后发展与对策 展望未来，有两个重点值得密切关注。首先是本年7月24日，第122条临时关税届满，美国国会投票延续与否将是观察两党贸易立场的重要风向标。其次是第301条的调查步伐，若结果认定贸易伙伴存在不公平行为，则可能在夏末秋初出台新一轮国别关税。 观乎形势，笔者就香港的政策提出3项建议。一、加速出口市场多元化，提升开拓东盟、中东和拉丁美洲市场的步伐。二、强化香港作为“超级联系人”的角色，凭借独立司法制度、自由资金流动和国际仲裁中心的优势，而成为跨国企业重新配置供应链时的关键节点。三、善用金融工具对冲贸易风险；香港的衍生品市场、保险和再保险服务可为面临关税风险的企业提供量身定制的风险管理方案。 上述美国最高法院的判决提醒我们，在一个法治社会中，即便是最强大的行政权力也有其边界。正如罗伯茨大法官引用1899年先例所言，课税权是“整个国家架构所依托的伟大权力”。这种权力应受制度制衡，市场才能形成稳定预期，经济才能在规则框架内健康运行。香港素以法治和制度透明度为基石，也同样捍卫此一理念。 章逸飞博士 港大经管学院经济学高级讲师 （本文同时于二零二六年四月十五日载于《信报》“龙虎山下”专栏）
- [預測市場靠眼光還是內幕](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/prediction-markets-driven-by-insight-or-insider-information/) - 預測市場（prediction market）是以進行預測為目的而產生的一種投機市場。輸贏綁定某一特定事件（如美國和以色列空襲伊朗）或參數（如明日股市升跌），最終結果決定取得的金錢價值。假設市場認為伊朗戰勝的機會率是75%，此指數的價值就是$75，如伊朗真的勝出，指數價值便會升至$100，即有關事件已100%發生了。 預測市場平台的匿名用戶可對未來各種事件下注，不須繳付交易費，資金主要來自投資者。 基於結果的期權產品成新戰場 預測市場漸受追捧，Polymarket 與 Kalshi 在上月的總交投量創下175 億美元的新高位。傳統交易所也考慮發展相關功能，例如納斯達克已向美國證券交易委員會（SEC）提交申請，計劃推出與旗下納斯達克100 指數掛鉤的二元結構產品，交易價格將依市場對特定結果發生機會率的判斷而波動。 紐約證券交易所母公司洲際交易所（ICE）去年宣布對 Polymarket 投資約 20 億美元，芝加哥期權交易所（CBOE）母公司CBOE Global Markets 則傳出正評估重新推出「全有或全無」（all-or-nothing）期權合約。 Polymarket、Kalshi等預測市場平台，大多屬於商品期貨監管制度，由美國商品期貨交易委員會（CFTC）負責。納斯達克提出上述申請，在產品創新的背後意味着金融市場的態度轉變；若申請順利通過，二元期權將成為傳統證券交易所的嶄新產品，相信預測市場需遵照較高的合規標準。 不可不察的是，若納斯達克的新型合約產品獲准納入 SEC 的監管範圍，可能成為首次讓預測型交易工具進入傳統證券市場架構的重要里程碑。至於從商品期貨走進證券制度的發展，亦難免令 SEC 與 CFTC 之間的管轄界線再次成為關注核心。SEC 近期指出，預測市場或出現管轄權責重疊的情況，可見仍須協調監管。 內幕交易陰影揮之不去 從傳媒報導和社交平台討論或可推斷，在地緣政治市場中不乏內幕交易。今年 1 月，一個新開的平台帳戶押注委內瑞拉總統馬杜羅下台，短短1天之內，就賺了超過 40 萬美元。此一事件促使美國眾議員提出《2026 年金融預測市場公共誠信法案》，計劃禁止聯邦官員交易與政府政策掛鉤的預測市場合約。該平台提供的是透明資訊，讓用戶參考，抑或服務掌握機密的人，以便他們透過買賣資訊獲利？ 預測市場為尚未發生的事件定價，其中有一重要假設：進入市場的資訊公開，但公告缺乏系統，如民調結果和公司業績報告。預測市場若涉及有人掌握他人不知且無法知道的資訊，等同將資訊不對稱貨幣商品化。只要包含洩露的機密情報或政府內部時間表而令預測準確，不論在任何具有公共意義的層面而言，就已不再是資訊市場，而是秘密交易的黑暗場所。 形同賭博衝擊道德底線 預測市場從邊緣的新奇事物，發展為公私營金融機構不能忽視的獨立融資生態系統。彭博市場去年的調查顯示，雖然傳統交易員認為預測市場上的金融產品具有持久生命力，但亦指出其中存在賭博與投資之間的模糊界線。 Polymarket 幾年前就曾因未經註冊營運而被禁，並須向 CFTC 支付140 萬美元罰款，直到最近才獲批准，重返美國市場。同時，眾議院內多名民主黨議員支持托雷斯（Ritchie Torres）所提出的法案，擬禁止政府內部人員利用非公開資訊在預測市場進行交易，皆因押注的時機反映實屬內幕交易，並非純粹按公開資訊作出預測。 儘管市場備受法律、政治壓力多重挑戰，參與熱度卻未見減少。事實上，預測市場正由體育博彩擴展至企業盈利數據等不同範圍，傳統賭博公司和對沖基金更正安排專家，透過低效定價進行交易。 去年，Polymarket 定出一個烏克蘭總統澤連斯基會否在 7 月前穿西裝的合約，吸引了數億美元的龐大交易量。最後澤連斯基身穿名牌黑色外套和長褲亮相，但預測市場的投票結果卻顯示他穿的不是西裝。背後原因，在於少數大型代幣持有者對相反結果押下巨額資金，由於他們掌握足夠投票權，足以推動一個對自己有利的決議。 顧名思義，預測市場無關於發現真相，其功能只在達成一個結算方案。大多數參與者相信什麼是事實毫不重要，最終有效的結果由系統認定，而當中每多牽涉資金、權力的鬥爭。利益愈大，涉及的各方勢力自然愈多，引發爭議就不足為奇。 灰色地帶的法律風險 參與者對地緣政治事件押注之際，軍事機密情報在公開前往往只有少數人知悉，因而造成嚴重資訊不對稱。市場平台容許高度匿名性，容易吸引特權知情者提前進行內幕交易。究竟是非法內幕交易還是合法預測，加以判斷殊非易事，反映預測市場在法規監管方面有待加強。 預測市場通過拓展交易的範圍，使幾乎任何事物都可交易，擴大了有價值內幕信息的來源。舉例來說，某中學設有「誰將成為畢業舞會舞王? 」的預測市場。你的朋友是全級最受歡迎的人，私下告知你無法參加舞會。 若你利用此信息進行交易，會否構成內幕交易？在法律層面，這繫於是否欺詐性違反承諾，任何此類承諾需按你和朋友之間的信息披露情境，而非基於對公司的明確義務或正式協議而定，以致提出內幕交易的訴訟障礙重重。 謝國生教授
- [Success in Prediction Markets: Insight or Insider Information](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/prediction-markets-driven-by-insight-or-insider-information/) - Professor Maurice Tse and Mr Clive Ho 11 March 2026 A prediction market is a speculative market designed to generate forecasts. Profits and losses are tied to the outcome of a specific event (e.g. air strikes by the US and Israel on Iran) or a particular variable (e.g. whether the stock market will rise or
- [綠綠賞，如何「賞」？ 數據驅動社區回收轉型](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/green-rewards-how-to-better-reward/) - 環顧全球，垃圾分類回收已成為城市管治不可迴避的一環。過去10年，特區政府通過「綠在區區」計劃和「綠綠賞」積分制度，在全港建立起社區回收網絡，推動市民把回收行為融入日常生活。 本年4月1日，「綠綠賞」將全面電子化，並接入更多市場獎賞平台，但這次升級能否真正促進回收系統從「稱重積分」走向「價值激勵」？ 數據向好 結構未變 在都市固體廢物按量收費仍未全面實施的情況下，「綠在區區」及其配套的「綠綠賞」計劃，在鼓勵市民培養回收習慣、構建社區網絡方面擔當重要角色。自2018年全面推行以來，全港已設立12個回收環保站、82個回收便利點及約600個回收流動點。電子化升級後，市民可通過手機應用程式管理積分、兌換獎賞，政府和營運機構也得以收集更精細的參與數據，為將來優化政策提供基礎。 香港的資源回收率近年有所改善，整體都市固體廢物回收率由2020年約28%回升至2024年的34%，但仍顯著低於《香港資源循環藍圖2035》提出的約55%中期目標，以至歐盟2023年約48%的都市廢物平均回收率【註1】。更為關鍵的是，香港約八成回收物料仍依賴出口作循環再造【註2】，可見本地回收業支撐不足。 圖1 2020-2024 年都市固體廢物、家居廢物及工商業廢物回收率 資料來源：環境保護署 從「稱重」到「價值」的錯位 為何積分升級難以一勞永逸？必須審視回收行為的經濟邏輯。 一、回收的正面界外效應仍未真正內部化。市民花時間分類、送往回收點，帶來的是減少填埋壓力、節約資源和減緩污染等社會收益，但實際獲得的回報有限且分散，長期激勵不足，隨手丟棄反而來得省事。垃圾徵費計劃遲遲未落實，也是市民對回收「熱度消退」的原因。 二、激勵本身存在「價值錯配」和「形式錯配」的雙重問題。積分計劃以重量計算【圖2】，而非與環境價值挂鉤。紙張與金屬的減碳減污效益差異巨大，而不同電器對環境的邊際影響不一，但積分幾乎相同，很難吸引市民優先回收高環境效益物料。再者，禮品選擇有限、兌換流程不夠透明，也削弱了積分計劃的吸引力。 圖 2 「綠綠賞」積分計劃 資料來源：環境保護署 三、資訊不透明侵蝕了公眾信任。前端分類規則複雜，後端處理過程對市民而言卻是「黑箱」；回收物是否真被再造以至最終去向，均欠清晰描述。看不到實在結果，投入時間和精力就容易被視為「沉沒成本」，久而久之自然影響參與意願。 簡言之，積分設計未能有效反映環境價值，更未能與制度、產業和資訊透明度形成合力。 制度設計擴大回收價值 在日本，《容器包裝再生利用法》通過生產者延伸責任（extended producer responsibility），明確要求包裝生產和流通企業須支付再商品化的相關費用。在嚴格源頭分類配合下，日本指定塑膠瓶再商品化率長期維持在約85%的高位，實現了從產品設計到資源再生的閉環。 台灣的「四合一」模式，將政府、社區、回收商與基金串聯起來。上游生產商按規則繳費，基金用於補貼下游回收及處理環節，減輕對財政長期補貼的依賴。 德國在塑膠瓶和鋁罐採用押金退還安排則通過簡單直接的經濟信號將「瓶子有沒有拿去退」變成一目了然的選擇題，回收率因此長期維持在約九成的高水平，並與生產者責任制度結合，推動發展高品質的閉環回收產業鏈。 綜觀上述各地的經驗，回收率可通過各種措施，讓環境價值在各個環節被看見、被計算、被分享。 凸顯數據和價值的全方位政策 「綠綠賞」全面電子化升級，有助香港探索「價值激勵」，尤其可在下列四大層面推動轉型。 首先，以社區為基礎，打造普惠的行為激勵計劃，並進一步增加回收站點密度，進一步延長日常開放時間。在源頭，應通過與學校、屋苑及社福機構合作，將垃圾分類教育常態化，並結合實際回收活動。電子化轉型亦須兼顧長者及不熟悉數字工具人士，提供所需協助。 借助電子平台數據，可為市民推送個性化減廢減碳報告、展示社區排名與成績徽章等；「助推」策略有利於將積分從單一獎勵轉化為持續反饋，使回收內化為日常習慣。 其次，用環境價值重塑積分規則，精準引導回收行為。應擺脫單純按重量計分，建立基於環境效益的差異化積分計劃。不妨引入環境效益系數，綜合考慮物料的碳足跡、本地再生價值和處理成本，為不同回收品類設定不同積分，讓高碳排、可再利用價值高的物料（如塑膠瓶、金屬及特定電器）獲得更吸引的積分回報。由此既可引導市民調整回收優先順序，也能量化市民綠色行為的生態價值，日後與碳減排核算對接。 第三，構建開放的綠色積分與責任機制，聯通消費場景和生產端。「綠綠賞」應從封閉式禮品兌換走向開放式綠色積分生態，一方面拓展與超市、公共交通等日常消費場景對接，提升積分的使用價值; 另一方面探索與綠色生活獎賞平台（如「碳錢包」）本地機制及碳普惠平台互聯互通，參考內地城市記錄社區回收行為對應的減排量，為未來參與更廣泛的綠色金融與碳市場活動預留接口。 再者，可針對塑膠瓶、鋁罐等高價值、高流通物料，試點生產者延伸責任與押金退還措施，由行業負責運營，政府負責標準和監管，更可為回收再造業提供穩定、優質的再生原料。 最後，以數據和科技重塑管治模式，提升透明度與信任。可考慮將部分合約與資助安排，從「購買服務量」轉向「購買行為改變成果」，把人均回收量、高價值物料佔比以及穩定參與者比例等結果性指標納入績效評估，設立專項獎勵，鼓勵營運方開展數據驅動的社區干預實驗。選擇部分重點回收物品，運用溯源與可視化工具追蹤其從投放、運輸到回收再造的路徑，並結合「垃圾的一生」等參觀及教育活動，讓市民直觀了解回收物被「用到哪裡去」，通過線上數據透明加線下體驗的方式，鞏固公眾對回收系統的信任。 回收數量轉為價值先行 「綠在區區」的下一站，不應僅僅着眼於回收更多，而是通過更精細的激勵設計、更開放的積分生態、更透明的運作流程和更注重成效的營運模式，讓回收真正成為連接市民、社區與綠色產業的焦點。 從「稱重積分」走向「價值激勵」，意味着不單把回收視為被動的「減害行為」，而是將其納入香港綠色發展與應對氣候變化的制度布局。全面電子化既是科技升級，也是數據積累與行為研究的新起點。若能善用這一機會，香港有望在社區回收這一看似瑣碎的領域，訂立一套兼具環境效益、社會信任與社區參與的長期機制，為「資源循環、邁向零廢」的願景提供更堅實的基礎。 註1： https://www.eea.europa.eu/en/analysis/indicators/waste-recycling-in-europe 註2：https://www.wastereduction.gov.hk/sites/default/files/resources_centre/waste_statistics/msw2024_tc.pdf 何國俊教授 香港大學賽馬會基金經濟學教授、香港大學賽馬會環球企業可持續發展研究所所長 王芑丹女士 香港大學賽馬會環球企業可持續發展研究所專職研究員 （本文同時於二零二六年三月四日載於《信報》「龍虎山下」專欄）
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- [拆解龍蝦育成攻略 中國大躍進式追AI](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/cracking-the-lobster-rearing-code-chinas-great-leap-forward-into-ai/)
- [Cracking the Lobster Rearing Code: China’s "Great Leap Forward" into AI](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/cracking-the-lobster-rearing-code-chinas-great-leap-forward-into-ai/)
- [寻找“负责任的阿尔法”：平衡生成式AI与金融监管之道](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/seeking-responsible-alpha-navigating-generative-ai-and-financial-regulation/) - 如果未来中环多家基金的智能体（AI agent），能在同一秒内读完中央银行声明、业绩电话会议纪录与全球新闻，并据此作出方向相近的交易判断，市场究竟会变得更有效率，还是更脆弱？这已不是科幻想像，而是正迅速逼近金融业的现实。 现阶段而言，生成式人工智能（GenAI）多用于概括研究报告、整理资讯、撰写程式及分析文本；但当这些能力进一步结合记忆、推理、规划、工具使用与持续执行模组，并嵌入投资研究、风险管理及交易流程，金融机构便会由“信号生成”走向自主程度更高的AI智能体系统（agentic AI system）。【注1、6、8】 AI时代的“阿尔法焦虑” 这个转变催生了所谓的“阿尔法焦虑”（alpha anxiety）现象。阿尔法亦即超额回报（alpha），有关焦虑不在于AI是否比人更聪明，而在于它正迅速降低部分投资研究工作的复制成本。过去需要研究团队长时间完成的公开资讯整理、文本解读、持仓追踪与风格识别，如今愈来愈可以由模型自动化处理。【注4】有研究指出，AI仅根据公开持仓披露与宏观数据，已能模仿顶尖资产管理人相当比例的交易行为。【注2】 当更多机构都能从相似数据中提取相近信号，原本稀缺的资讯优势便更容易被竞争侵蚀，超额回报也更难持久。AI未必会终结阿尔法，但它确实正在缩短阿尔法的半衰期，迫使机构投入更多算力、更昂贵数据与更复杂架构，只为维持原有回报。这正是一场典型的“红皇后竞争”（Red Queen competition）。 演算法趋同与系统性脆弱 比单一模型出错更值得警惕的，是大量模型同时“做对同一件事”。当不同机构依赖相近的基础模型、相似的新闻来源、相同的市场数据、类似的风险约束与优化目标，表面上彼此竞争，实际上却可能在压力时刻收敛为高度一致的交易反应。生成式AI一方面降低资讯不对称，把过去分散于文本、语音与叙事中的非结构化讯息迅速转化为可交易信号。但另一方面，也可能令市场参与者在更短时间内得出更接近的判断，从而提高策略趋同与模型同质性的风险。【注1、6、7 】 正常市况下，这种技术进步有助加快价格发现；但一旦市场受压，其顺周期性（procyclicality）也可能被强化。若愈来愈多模型驱动的交易者以相近逻辑解读央行措辞、盈利指引与宏观数据，并在相近的止蚀、保证金要求与风险值（value at risk）限制下同步调整持仓，市场流动性便可能在短时间内同步收缩。既有研究表明，演算法交易在正常时期固然有助提升价格发现与资讯反映速度，在压力情境下却可能加剧流动性脆弱性。若不同策略日益依赖相似信号与相近执行规则，市场效率的提升，或会以更脆弱的微观结构为代价。这正是AI金融的一个悖论：微观层面的理性优化，未必能转化为宏观层面的稳定。【注3、7 】 从追逐阿尔法到追求“负责任的阿尔法” 正因如此，笔者提出“负责任的阿尔法”（responsible alpha）这个概念。未来有价值的阿尔法，不应只是在短期内跑赢市场，而应置于可解释、可审计、可干预，且不致过度放大系统性风险的边界内。换言之，“负责任的阿尔法”不把风险控制视为附带条件，而是把可管治性内生为阿尔法的一部分。当信号提取日益商品化，真正稀缺的能力，将不再只是建出更不透明的黑盒，而是证明自己的AI何以可信：它用了什么数据、经过什么工作流程、谁可以复核、出了问题谁能中止。当阿尔法愈来愈像可复制的公共技术，管治能力、审计能力与人手介入能力，反而可能成为新的私人护城河。【注5】 香港近两年的政策方向，恰好为这种“负责任的阿尔法”提供了制度土壤。2024年8月，香港金融管理局联同数码港推出首个“生成式人工智能沙盒”，明确提出以风险为本的原则，强调高风险决策须保留“人在环中”（human-in-the-loop）模式。2025年8月，国际结算银行（BIS）创新枢纽香港中心、金管局与英国金融行为监管局推出 Noor项目，聚焦于生成式AI及高级算法模型在金融体系的应用，以解决AI可解释性（explainability）难题。这意味监管思路已不只要求机构解释AI，而是开始提升监督者本身看懂黑盒的能力。到2026年3月，香港又把沙盒升级为生成式人工智能沙盒++，将范围扩展至证券、资产管理、保险及强积金等领域，令沙盒不再只是试验场，而是监管者与市场共同界定安全边界的制度工程。 当然，沙盒的推出不能只是一个展示创新的招牌，而是要成为验证管治能力的试验场。对代理式AI与量化模型而言，真正要测试的，不只是模型准确率，而是整条风险管理链：数据能否追溯、版本更新有否留痕、压力情景下会否同步撤单、模型漂移（model drift）能否及时发现，必要时能否由人手介入或紧急停用。未来资产管理业的竞争，比拼的不只是模型预测力，也是在比拼机构能否把模型风险纳入管治框架之内。 以提升阿尔法的可信度为目标 下一轮金融竞争，比拼的更不只是谁更早用上AI，而是谁能更早证明：自己的AI在赚钱时可靠，在失灵时可控。2025年世界经济论坛白皮书提醒，许多机构其实仍处于由试验走向规模化落地的过渡阶段；真正决定成败的，往往不是模型本身，而是信任、自我管治、人才、网络安全与数码基建是否到位。【注8】从这个角度看，香港的潜在优势，不仅在于更早部署AI，更在于更早的把模型治理、压力测试、审计轨迹与人手介入机制，逐步制度化为跨市场、跨监管、跨机构的共同语言。 归根究柢，若市场最终把透明度、可问责性与管治成熟度视为值得付费的属性，那么“信任”本身，便可能成为下一代国际金融中心最重要的无形资产。香港要寻找的，不只是更高的阿尔法，而是更值得全球资本信任的阿尔法。 注1：Aldridge, I., An, J., Burke, R., Cao, M., Chien, C. Y., Deng, K., ... & Zheng, W. (2025). Agentic artificial intelligence in finance: A comprehensive survey [Working
- [AI時代的一人公司：機會、內卷與護城河](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/the-one-person-company-in-the-age-of-ai-opportunity-commoditisation-and-the-moat/) - 2025年，被業界稱為「Agent元年」。 AI正在從輔助工具變成能自主決策的「虛擬合夥人」：過去需要團隊協作完成的代碼開發、設計、文案等工作，現在可以由創始人編排一組AI Agent來完成。 與此同時，另一組數據同樣醒目：「結構性替代」正在發生，當下企業在逐步調整人力模型：用AI做更多事、用更少的人完成標準化流程。 隨著Claude Code、Qwen Code等AI自動化程式設計工具被廣泛使用，基層程式師崗位需求驟減。 裁員潮催生了創業潮。 根據Carta 2025年的數據，獨立創始人創立公司的比例從2019年的23.7%躍升至2025年上半年的36.3% ，六年間增長了53%。 在國內，2025年上半年一人公司新注冊數同比增長47%。 從上海臨港到北京中關村、從蘇州工業園到廣東佛山，各地政府爭相出臺扶持政策，打造OPC （One Person Company）專屬創業園區。 今年全國兩會上，「智慧經濟新形態」被首次寫入政府工作報告，一人公司正從邊緣現象走向政策聚光燈下。 一人即千軍：效率革命的誘惑 一人公司的核心魅力在於效率槓桿。 以往需要10個人做一周的工作，在24小時待機的AI智慧體助力下，只需幾天甚至幾個小時即可完成。 根據麥肯錫2025年報告，未來一個典型團隊可能只包含2至5名核心成員，卻能同時管理50至100個AI智慧體。 創業的啟動成本也前所未有地低，90%一人公司創業者的啟動資金低於500美金。 一個人、一台筆記本電腦，便可完成從產品設計、代碼開發到市場推廣的全鏈路閉環。 這一切聽起來令人振奮，但經濟學的冷水不得不潑一潑。 AI平權下的完全競爭陷阱 問題的關鍵在於：AI工具是普惠的。 你能用AI Agent搭建一間虛擬公司，別人同樣可以。 當技術工具變成人人可得的基礎設施，它降低的就不僅僅是你的成本，而是整個市場的進入門檻。 AI已經將創建和運營一家科技公司的關鍵生產要素商品化了。 從微觀經濟學的角度看，這正是完全競爭市場的經典特徵：大量賣者提供同質化產品，進入和退出幾乎無壁壘。 在這樣的市場結構中，短期利潤會吸引新進入者，供給增加推動價格下降，直到均衡利潤趨近於零。 這就是大家口中的「內卷」。 不是因為大家不夠努力，而是市場結構決定了努力的回報被無限稀釋。 數據也印證了這一擔憂：創業成功率大約只有10%，80%的創業公司生存時間不超過3年。 AI並不改變這一鐵律。 護城河：從「能做」到「難以複製」 因此，一人公司的勝負手不在於「能不能用AI」，而在於「能不能用AI做別人做不到的事」。 經濟學告訴我們，超額利潤只能來自差異化和不可替代性，也就是護城河。 這可以是獨特的行業知識與數據壁壘，可以是垂直領域的品牌信任，也可以是難以被模仿的創意能力。 北京中關村一位創業者研發的「AI+動畫」工具上線不到一年，憑藉差異化的AI工具配置，在與美、日同類產品競爭中佔據優勢。 關鍵不在於「一個人幹完所有活」，而在於「一個人知道什么值得幹」 。 政策扶持 各地扶持政策已經在起步。 北京中關村提供拎包入駐、租金減免、彈性算力等支援; 蘇州提出到2028年打造OPC社區超30個; 上海臨港推出辦公、住宿雙免的創新魔坊社區。 上海浦東新區提出針對新註冊一人公司提供最高30萬元的免費算力。 這些措施解決了「從零到一」的問題，但還不夠。 完全競爭市場的解法只有兩條路：要麼退出，要麼製造差異。 政策的角色，正是幫助創業者走第二條路。 要真正降低內卷，政策需要從三個方向發力。 第一，促進差異化而非同質化競爭。 各地紛紛啟動的OPC社區在結構和服務上高度趨同，未能基於各自優勢差異化發展。
- [The One-Person Company in the Age of AI: Opportunity, Commoditisation, and the Moat](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/the-one-person-company-in-the-age-of-ai-opportunity-commoditisation-and-the-moat/) - AI時代的一人公司：機會、內卷與護城河 2025年，被業界稱為「Agent元年」。 AI正在從輔助工具變成能自主決策的「虛擬合夥人」：過去需要團隊協作完成的代碼開發、設計、文案等工作，現在可以由創始人編排一組AI Agent來完成。 與此同時，另一組數據同樣醒目：「結構性替代」正在發生，當下企業在逐步調整人力模型：用AI做更多事、用更少的人完成標準化流程。 隨著Claude Code、Qwen Code等AI自動化程式設計工具被廣泛使用，基層程式師崗位需求驟減。 裁員潮催生了創業潮。 根據Carta 2025年的數據，獨立創始人創立公司的比例從2019年的23.7%躍升至2025年上半年的36.3% ，六年間增長了53%。 在國內，2025年上半年一人公司新注冊數同比增長47%。 從上海臨港到北京中關村、從蘇州工業園到廣東佛山，各地政府爭相出臺扶持政策，打造OPC （One Person Company）專屬創業園區。 今年全國兩會上，「智慧經濟新形態」被首次寫入政府工作報告，一人公司正從邊緣現象走向政策聚光燈下。 一人即千軍：效率革命的誘惑 一人公司的核心魅力在於效率槓桿。 以往需要10個人做一周的工作，在24小時待機的AI智慧體助力下，只需幾天甚至幾個小時即可完成。 根據麥肯錫2025年報告，未來一個典型團隊可能只包含2至5名核心成員，卻能同時管理50至100個AI智慧體。 創業的啟動成本也前所未有地低，90%一人公司創業者的啟動資金低於500美金。 一個人、一台筆記本電腦，便可完成從產品設計、代碼開發到市場推廣的全鏈路閉環。 這一切聽起來令人振奮，但經濟學的冷水不得不潑一潑。 AI平權下的完全競爭陷阱 問題的關鍵在於：AI工具是普惠的。 你能用AI Agent搭建一間虛擬公司，別人同樣可以。 當技術工具變成人人可得的基礎設施，它降低的就不僅僅是你的成本，而是整個市場的進入門檻。 AI已經將創建和運營一家科技公司的關鍵生產要素商品化了。 從微觀經濟學的角度看，這正是完全競爭市場的經典特徵：大量賣者提供同質化產品，進入和退出幾乎無壁壘。 在這樣的市場結構中，短期利潤會吸引新進入者，供給增加推動價格下降，直到均衡利潤趨近於零。 這就是大家口中的「內卷」。 不是因為大家不夠努力，而是市場結構決定了努力的回報被無限稀釋。 數據也印證了這一擔憂：創業成功率大約只有10%，80%的創業公司生存時間不超過3年。 AI並不改變這一鐵律。 護城河：從「能做」到「難以複製」 因此，一人公司的勝負手不在於「能不能用AI」，而在於「能不能用AI做別人做不到的事」。 經濟學告訴我們，超額利潤只能來自差異化和不可替代性，也就是護城河。 這可以是獨特的行業知識與數據壁壘，可以是垂直領域的品牌信任，也可以是難以被模仿的創意能力。 北京中關村一位創業者研發的「AI+動畫」工具上線不到一年，憑藉差異化的AI工具配置，在與美、日同類產品競爭中佔據優勢。 關鍵不在於「一個人幹完所有活」，而在於「一個人知道什么值得幹」 。 政策扶持 各地扶持政策已經在起步。 北京中關村提供拎包入駐、租金減免、彈性算力等支援; 蘇州提出到2028年打造OPC社區超30個; 上海臨港推出辦公、住宿雙免的創新魔坊社區。 上海浦東新區提出針對新註冊一人公司提供最高30萬元的免費算力。 這些措施解決了「從零到一」的問題，但還不夠。 完全競爭市場的解法只有兩條路：要麼退出，要麼製造差異。 政策的角色，正是幫助創業者走第二條路。 要真正降低內卷，政策需要從三個方向發力。 第一，促進差異化而非同質化競爭。
- [AI Shopping Agents: Reshaping the Power Dynamics of Mobile Internet](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/ai-shopping-agents-reshaping-the-power-dynamics-of-mobile-internet/) - 購物智能體，正在改寫移動互聯網的權力結構 2025年下半年，兩款產品讓“AI替人購物”第一次從概念走向了可感知的現實：一款是字節跳動推動、率先落地在中興努比亞手機上的豆包手機助手，主打以語音和系統級調用完成購物任務；另一款則是 Perplexity 推出的 Comet 瀏覽器，把搜索、瀏覽和任務執行整合進同一個 AI 界面之中。兩者的出現，讓AI 不再只是回答問題或推薦商品，而是開始進一步介入搜索、比較、下單等原本由用戶親手完成的消費環節，“購物智能體”也因此從技術演示，逐漸變成移動互聯網必須正視的新變量。 然而，市場對這兩款購物智能體的第一反應是對抗。豆包手機開售次日，便遭遇微信、淘寶、拼多多乃至多家銀行App的集體封殺 - 要麼無法登錄，要麼AI操作被強制踢下線。微信回應稱其“觸發了安全風控”，豆包則被迫宣佈不再支持操作微信。與此同時，亞馬遜向Perplexity發出法律威脅，指控其Comet瀏覽器“偽裝成普通用戶”“侵入”網站，要求停止訪問。Perplexity則公開回擊，稱亞馬遜是“霸凌者”，強調“用戶有權用自己的工具購物”。 這些讓巨頭們如臨大敵的購物智能體究竟是如何運作的？目前主要存在兩種技術路徑。一種是API模式，即AI智能體與各平台簽訂協議，通過官方接口（API）獲取數據和服務。這好比擁有了一把平台授權的規範的專用鑰匙，可以讓AI代理與任何兼容的商家系統直接通信。另一種則是引發爭議的純視覺GUI (Graphical User Interface)模式，以豆包手機為代表。這類代理不依賴接口，而是像人一樣“看”屏幕、“點”按鈕，通過獲得手機“無障礙服務”權限來模擬人類操作。這種模式雖然通用性強，卻被平台視為不合規的入侵，並面臨法律與封殺風險。在中國，此舉可能觸犯《反不正當競爭法》；在美國，截屏行為可能違反CFAA（反黑客/未授權訪問）及FTC法案（聯邦貿易委員會法案）。 購物智能體為何讓移動互聯網巨頭如臨大敵 要理解這場對抗的深層邏輯，需要首先理解移動互聯網的兩大護城河：流量入口以及流量分發能力。 在移動互聯網時代，用戶購物的起點往往是淘寶、拼多多和抖音直播間。這些用戶高頻使用的App是各大平台多年來精心構築的流量入口。它們通過社交關係、內容推薦、搜索服務等方式，佔據了用戶每天最多的屏幕時間，成為數字世界的事實“門戶”。任何品牌、任何商家想要觸達消費者，都必須進入這些門戶，遵守其規則，購買其流量。 然而購物智能體的出現正在從根本上拆除這些超級流量入口。當用戶可以對豆包手機說"幫我買一台性價比最高的白色雙開門冰箱"時，購物的起點不再是任何一個電商App，而是手機內置的AI購物智能體。而AI本身便成為新的超級流量入口。隨著AI智能體的普及，用戶只需提出需求，AI便在後端自動調度各種資源完成交易。在這種模式下，用戶甚至不需要知道最終購買行為發生在哪個平台——是京東、淘寶還是拼多多，對用戶而言已不重要，重要的是AI完成了任務。 當AI智能體使平台在用戶面前“隱身”，用戶不再感知自己是在哪個應用上完成購買時，平台的品牌價值、用戶粘性，乃至對用戶數據的掌控，都將遭到重創，僅剩下物流系統等履約價值尚存。AI智能體的跨App的整合能力，使其成為的新的流量調度中心，在用戶與商家之間構建起一個全新的中介層。如此一來，平台對用戶的掌控力由此被大幅削弱，而流量分發權也會從平台手中，向AI智能體轉移。 從“注意力經濟”到“邏輯經濟” 如果說流量入口的轉移是第一層衝擊，那麼AI智能體帶來的更深層變革在於商業邏輯的轉換：平台廣告收入所依賴的，以爭奪用戶時長和心智為核心的“注意力經濟學”，將逐漸被智能體的購物所遵循的“邏輯經濟學”取代。 過去二十年，移動互聯網之所以能孕育出龐大的廣告與平台經濟，依賴著一個樸素的前提：人的注意力有限。消費者往往沒有能力，也沒有耐心比較所有商品，因此通常只會在一個相對有限的候選集合中作出決定；Bettman (1970) 的經典消費者信息處理理論，講的正是這一點。 於是，平台可以通過排序、廣告、販賣流量等手段將用戶注意力的優先權商品化售賣，把流量引導至商家最希望用戶看到的地方。拼多多2025年近半收入來自廣告，正是這套邏輯的體現。 但購物智能體的決策邏輯完全不同。 首先，AI智能體幾乎擁有一種“無限注意力”。在暫不計較算力和調用成本的前提下，智能體可以同時瀏覽數百個網站，讀取上千條評價，比較成百上千個選項，而不會像人那樣因疲勞、分心或信息過載而迅速放棄。更重要的是，它的購買決策受廣告影響更小，而更接近一種可拆解、可分析的計算過程。最新研究（Amine et al. 2025）發現，儘管不同模型的偏好權重並不完全一致，但購物智能體在做選擇時，大體都是在對價格、評分、評論數、以及平台標籤等因素進行隱含加權，再據此形成最終的購買決策。對商家而言，這意味著一種“邏輯經濟學”的到來：未來競爭在於誰能把產品屬性描述得更標準化、更易於機器理解，從而在智能體的篩選規則中獲得優先位置。對平台而言，挑戰則更為直接：如果AI開始繞開傳統廣告和流量分發機制，平台賴以支撐的廣告收入就會受到巨大衝擊，並必須思考如何在一個由智能體主導決策的新環境中，重建盈利模式和價值所在。 權力重組：誰將在AI購物時代勝出 在當前的AI競賽中，一個清晰的入口爭奪戰正在上演。OpenAI、Gemini、豆包這類大模型助手，正在將自己塑造為用戶表達需求的第一觸點。而阿里這樣的平台，則在把淘寶、支付寶、飛豬等能力重新收攏到 Qwen 里，旨在在不放棄原有生態的前提下，維護自己流量入口的地位。 然而，在時尚、美妝、家居等發現型、內容驅動型消費領域，用戶時常希望被啓發、被種草、被敘事打動。這類消費決策，仍然高度依賴內容平台的氛圍、KOL的審美和品牌自身的故事張力。這意味著，抖音、小紅書、直播電商並不會因為AI代理的崛起而失去價值。相反，它們將作為發現型消費的流量入口，與AI代理形成互補：一個負責種草，一個負責高效履約，形成一種分層共生的流量格局。 硬件廠商在這場博弈中，佔據著一種更為底層的結構性優勢。豆包手機的出現已經釋放出明確信號：誰掌握系統權限，誰就能為用戶提供最順暢的AI購物體驗。谷歌近期在安卓系統上同時推進API與GUI兩條技術路徑，意圖將操作系統、默認助手與系統權限整合為一，使自己成為用戶意圖最自然的落點。 當然，未來的移動互聯網購物，遠不止是新舊入口之爭。它牽涉的是意圖承接、代理執行、交易連接與信任治理的全鏈條重構。大模型公司希望成為用戶表達需求的第一站，傳統平台試圖將智能體留在自家生態之內，而硬件與操作系統廠商則把AI做成默認能力。但最終決定勝負的，未必是誰擁有最多的流量，而是誰能在合規、安全與體驗之間，把用戶意圖穩定地轉化為真實交易。 Reference: Bettman, James R. "Information processing models of consumer behavior." Journal of Marketing Research 7, no.
- [購物智能體，正在改寫移動互聯網的權力結構](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/ai-shopping-agents-reshaping-the-power-dynamics-of-mobile-internet/) - 2025年下半年，兩款產品讓“AI替人購物”第一次從概念走向了可感知的現實：一款是字節跳動推動、率先落地在中興努比亞手機上的豆包手機助手，主打以語音和系統級調用完成購物任務；另一款則是 Perplexity 推出的 Comet 瀏覽器，把搜索、瀏覽和任務執行整合進同一個 AI 界面之中。兩者的出現，讓AI 不再只是回答問題或推薦商品，而是開始進一步介入搜索、比較、下單等原本由用戶親手完成的消費環節，“購物智能體”也因此從技術演示，逐漸變成移動互聯網必須正視的新變量。 然而，市場對這兩款購物智能體的第一反應是對抗。豆包手機開售次日，便遭遇微信、淘寶、拼多多乃至多家銀行App的集體封殺 - 要麼無法登錄，要麼AI操作被強制踢下線。微信回應稱其“觸發了安全風控”，豆包則被迫宣佈不再支持操作微信。與此同時，亞馬遜向Perplexity發出法律威脅，指控其Comet瀏覽器“偽裝成普通用戶”“侵入”網站，要求停止訪問。Perplexity則公開回擊，稱亞馬遜是“霸凌者”，強調“用戶有權用自己的工具購物”。 這些讓巨頭們如臨大敵的購物智能體究竟是如何運作的？目前主要存在兩種技術路徑。一種是API模式，即AI智能體與各平台簽訂協議，通過官方接口（API）獲取數據和服務。這好比擁有了一把平台授權的規範的專用鑰匙，可以讓AI代理與任何兼容的商家系統直接通信。另一種則是引發爭議的純視覺GUI (Graphical User Interface)模式，以豆包手機為代表。這類代理不依賴接口，而是像人一樣“看”屏幕、“點”按鈕，通過獲得手機“無障礙服務”權限來模擬人類操作。這種模式雖然通用性強，卻被平台視為不合規的入侵，並面臨法律與封殺風險。在中國，此舉可能觸犯《反不正當競爭法》；在美國，截屏行為可能違反CFAA（反黑客/未授權訪問）及FTC法案（聯邦貿易委員會法案）。 購物智能體為何讓移動互聯網巨頭如臨大敵 要理解這場對抗的深層邏輯，需要首先理解移動互聯網的兩大護城河：流量入口以及流量分發能力。 在移動互聯網時代，用戶購物的起點往往是淘寶、拼多多和抖音直播間。這些用戶高頻使用的App是各大平台多年來精心構築的流量入口。它們通過社交關係、內容推薦、搜索服務等方式，佔據了用戶每天最多的屏幕時間，成為數字世界的事實“門戶”。任何品牌、任何商家想要觸達消費者，都必須進入這些門戶，遵守其規則，購買其流量。 然而購物智能體的出現正在從根本上拆除這些超級流量入口。當用戶可以對豆包手機說"幫我買一台性價比最高的白色雙開門冰箱"時，購物的起點不再是任何一個電商App，而是手機內置的AI購物智能體。而AI本身便成為新的超級流量入口。隨著AI智能體的普及，用戶只需提出需求，AI便在後端自動調度各種資源完成交易。在這種模式下，用戶甚至不需要知道最終購買行為發生在哪個平台——是京東、淘寶還是拼多多，對用戶而言已不重要，重要的是AI完成了任務。 當AI智能體使平台在用戶面前“隱身”，用戶不再感知自己是在哪個應用上完成購買時，平台的品牌價值、用戶粘性，乃至對用戶數據的掌控，都將遭到重創，僅剩下物流系統等履約價值尚存。AI智能體的跨App的整合能力，使其成為的新的流量調度中心，在用戶與商家之間構建起一個全新的中介層。如此一來，平台對用戶的掌控力由此被大幅削弱，而流量分發權也會從平台手中，向AI智能體轉移。 從“注意力經濟”到“邏輯經濟” 如果說流量入口的轉移是第一層衝擊，那麼AI智能體帶來的更深層變革在於商業邏輯的轉換：平台廣告收入所依賴的，以爭奪用戶時長和心智為核心的“注意力經濟學”，將逐漸被智能體的購物所遵循的“邏輯經濟學”取代。 過去二十年，移動互聯網之所以能孕育出龐大的廣告與平台經濟，依賴著一個樸素的前提：人的注意力有限。消費者往往沒有能力，也沒有耐心比較所有商品，因此通常只會在一個相對有限的候選集合中作出決定；Bettman (1970) 的經典消費者信息處理理論，講的正是這一點。 於是，平台可以通過排序、廣告、販賣流量等手段將用戶注意力的優先權商品化售賣，把流量引導至商家最希望用戶看到的地方。拼多多2025年近半收入來自廣告，正是這套邏輯的體現。 但購物智能體的決策邏輯完全不同。 首先，AI智能體幾乎擁有一種“無限注意力”。在暫不計較算力和調用成本的前提下，智能體可以同時瀏覽數百個網站，讀取上千條評價，比較成百上千個選項，而不會像人那樣因疲勞、分心或信息過載而迅速放棄。更重要的是，它的購買決策受廣告影響更小，而更接近一種可拆解、可分析的計算過程。最新研究（Amine et al. 2025）發現，儘管不同模型的偏好權重並不完全一致，但購物智能體在做選擇時，大體都是在對價格、評分、評論數、以及平台標籤等因素進行隱含加權，再據此形成最終的購買決策。對商家而言，這意味著一種“邏輯經濟學”的到來：未來競爭在於誰能把產品屬性描述得更標準化、更易於機器理解，從而在智能體的篩選規則中獲得優先位置。對平台而言，挑戰則更為直接：如果AI開始繞開傳統廣告和流量分發機制，平台賴以支撐的廣告收入就會受到巨大衝擊，並必須思考如何在一個由智能體主導決策的新環境中，重建盈利模式和價值所在。 權力重組：誰將在AI購物時代勝出 在當前的AI競賽中，一個清晰的入口爭奪戰正在上演。OpenAI、Gemini、豆包這類大模型助手，正在將自己塑造為用戶表達需求的第一觸點。而阿里這樣的平台，則在把淘寶、支付寶、飛豬等能力重新收攏到 Qwen 里，旨在在不放棄原有生態的前提下，維護自己流量入口的地位。 然而，在時尚、美妝、家居等發現型、內容驅動型消費領域，用戶時常希望被啓發、被種草、被敘事打動。這類消費決策，仍然高度依賴內容平台的氛圍、KOL的審美和品牌自身的故事張力。這意味著，抖音、小紅書、直播電商並不會因為AI代理的崛起而失去價值。相反，它們將作為發現型消費的流量入口，與AI代理形成互補：一個負責種草，一個負責高效履約，形成一種分層共生的流量格局。 硬件廠商在這場博弈中，佔據著一種更為底層的結構性優勢。豆包手機的出現已經釋放出明確信號：誰掌握系統權限，誰就能為用戶提供最順暢的AI購物體驗。谷歌近期在安卓系統上同時推進API與GUI兩條技術路徑，意圖將操作系統、默認助手與系統權限整合為一，使自己成為用戶意圖最自然的落點。 當然，未來的移動互聯網購物，遠不止是新舊入口之爭。它牽涉的是意圖承接、代理執行、交易連接與信任治理的全鏈條重構。大模型公司希望成為用戶表達需求的第一站，傳統平台試圖將智能體留在自家生態之內，而硬件與操作系統廠商則把AI做成默認能力。但最終決定勝負的，未必是誰擁有最多的流量，而是誰能在合規、安全與體驗之間，把用戶意圖穩定地轉化為真實交易。 Reference: Bettman, James R. "Information processing models of consumer behavior." Journal of Marketing Research 7, no. 3
- [第三次經濟轉型關鍵時刻：從四大支柱產業說起](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/critical-juncture-of-the-third-economic-transformation-the-four-pillar-industries/) - 香港是一個高度發達的經濟體，其本地生產總值（GDP）近94% 均來源於服務業。然而，在現時的服務業結構下，存在一個「二元結構陷阱」：一方面是就業機會稀缺的高附加值行業；另一方面則是附加值較低的大眾行業【表】。這反映香港需要加強發展能夠提供廣泛就業機會的高增值服務業。 表 2024年香港四大支柱行業概況 人均增加價值 (港元) 佔GDP比例 佔總就業人數比例 金融服務 308萬 26.2% 7.2% 貿易及物流 106萬 18.9% 15.0% 專業服務及其他工商業支援服務 55萬 10.3% 15.8% 旅遊 54萬 2.8% 4.3% 數據來源: 香港特區政府統計處 金融業：銀行精英驅動增長 2000 至 2024 年期間，金融業一枝獨秀，佔香港GDP 比例從 12.8% 翻倍至 26.2%，但佔全港就業人數比率僅從5.3%微升至 7.2%。2024年，金融業的人均增加價值高達308萬元，遠高於其他行業，形成了一小撮富裕精英。 從各子行業看，銀行業始終是引領增長的火車頭，2011至2024年期間，其GDP佔比由9.3%翻倍至18.9%；反觀其佔總就業人數的比例始終穩定在2.6%至2.7%左右，清晰反映銀行業蓬勃與就業市場關係不大。 相較之下，2024年，其他金融服務(包括證券經紀、資產管理、融資租賃公司和投資及控股公司) 佔整體就業人數2.7%，略高於銀行業的2.6%；但其GDP佔比只有3.9%，遠低於銀行業的18.9%，可見金融業內部也存在明顯的二元結構。至於保險業，其就業人數和GDP佔比分別為1.9%和3.5%。 受惠於近期外資對中國科技發展的信心乃至消費走出通縮的寄望，香港金融業的發展仍然值得期待。展望將來，中環仍是外國資本和內資企業的最佳交匯地，金融業在內資企業的出海浪潮中，將持續為本地經濟創造龐大增值，並帶來可觀稅收。事實上，在經歷數年低潮後，金融業已重拾繁榮。2023年底至2025 年底，港股總市值由31萬億元大漲至47.4 萬億元；股份集資總額由1,560億元飆升至6,444億元，其中首次公開招股(IPO)集資額由463億元暴漲至2,858億元。 貿易及物流：陷入增長困境 貿易及物流曾是第一大產業，其GDP佔比由2005年的28.5%降至 2024 年的 18.9%，佔總就業人口比例則由24.4%下跌至15.0%。部分原因在於電商興起，以及地緣政治因素驅使企業採取「中國+1」策略，導致本港轉口功能弱化。儘管如此，該產業的GDP佔比和就業人數佔比仍位居次席。 分拆來看，2005至2024年期間，貿易業的GDP佔比由23.4%減至15.3%，就業人數佔比由18.6%下降至10.4%。同期，與貿易業深度綁定的物流業同樣呈現下降趨勢，其GDP佔比由5.1%下降至3.6%，就業人數佔比由5.8%跌至4.6%。隨着數字貿易平台、智能倉儲系統和高增值供應鏈管理的發展，預料貿易及物流業將由勞動密集型轉向資本與技術密集型，這或進一步對就業市場造成壓力。 在貨運方式而言，不計新冠疫情期間，近年航空和陸路的份額同樣大致維持在40%以上，而海運份額則持續降至不足10%。一方面反映香港集中轉口半導體、電子產品、生物製藥等高增值商品，另一方面反映香港與內地之間經貿關係緊密。 香港國際機場多年被列作全球最繁忙的國際貨運機場，貨運量於2025年已高達 507 萬公噸。憑藉高效的航空物流網絡，香港正逐步轉型為全球關鍵中間產品與核心技術的分撥中心，持續深化其與先進製造業和創新驅動型價值鏈的連結。 從數據上看，本地海運業無疑陷入困境。港口貨櫃吞吐量從2015年的2,007 萬個標準貨櫃單位萎縮至 2025
- [A Critical Moment for the Third Economic Transformation: Starting with the Four Pillar Industries](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/critical-juncture-of-the-third-economic-transformation-the-four-pillar-industries/) - Professor Heiwai Tang and Mr Cyrus Cheung 25 February 2026 Hong Kong is a highly developed economy with close to 94% of its gross domestic product (GDP) generated by the service sector. However, in the current service sector structure lies a “binary structure trap”. On the one hand, high-value-added services with scarce employment opportunities; on
- [香港中產面對斬殺線有何出路](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/how-the-hong-kong-middle-class-can-escape-the-kill-line/) - 坐在龍虎山下的辦公室內，窗外是薄扶林鬱鬱蔥蔥的綠意，遠處則是維多利亞港若隱若現的波光。這裏是香港學術與財富交匯的高地，也是觀察這座城市經濟脈絡的最佳視窗。 自去年底，一個源自電子遊戲的詞彙「斬殺線」（kill line），在太平洋兩岸的社交網絡上瘋傳。在美國，它用以形容那些年薪雖高但儲蓄微薄的家庭，一旦遭遇裁員或急病，生活瞬間處於崩塌的臨界點;在中國內地，則更多指向「35歲失業+高額房貸」的殘酷現實。 作為經濟學教員，筆者不禁在想：香港的中產階級，是否也正面臨一條隱形「斬殺線」？ 如果說美國中產死於消費信貸，內地中產困於爛尾樓與職場年齡歧視，那麼香港中產的「斬殺線」，則是一場更為複雜、關於資產價格通縮與經營槓桿過高的完美風暴。 「斬殺線」如何劃界 在香港，定義中產從來並不容易。經濟合作與發展組織的收入定義在這裏顯得過於蒼白。在主流語境下，香港中產不僅意味着一份每月六位數的家庭收入，更蘊含一套標準資產組合：太古城或黃埔花園的私人住宅、子女的直資或國際學校學額、外籍家庭傭工，以及高端醫療保險。 所謂「斬殺線」，在香港語境並不是指跌入貧窮線之下，而是指中產生活方式瞬間瓦解。 這條線通常由兩個核心變數交叉而成：負資產與現金流中斷（cash flow disruption）。當按揭物業市值跌破未償還貸款額，且家庭流動性枯竭而無法支撐高昂的固定開支，就會立刻觸發斬殺機制。 中產頭上三把刀 第一刀：資產價格的雙殺 先聚焦於資產。過去20年，香港中產的財富信仰建基於樓價的單邊上漲。然而，這一信仰正在經歷痛苦的修正。 根據中原城市領先指數，香港樓價已從2021年的歷史高位（約191點）回落至2024年底的137-145點水平，跌幅約25%。對於在2019至2022年高位入市的家庭來說，這不單是帳面虧損，更是實質性的資產縮水。 尤其觸目驚心的數據來自金融管理局。截至2024年第四季末，香港負資產住宅按揭宗數雖然從第三季的40,713宗微跌至38,389宗，但仍處於近20年來的高位，涉及金額高達1,951億元。 這就構成了「斬殺線」的第一個條件：資產被鎖定。在負資產狀態下，業主無法通過出售房產來套現救急，因為賣樓所得不足以償還銀行貸款。一旦需要資金周轉，這筆曾經最大的財富頓然成為最大的負債。 第二刀：極高的「經營槓桿」 如果說樓價下跌是慢性失血，那麼高昂的固定生活成本則是致命一擊。在企業估值中，營運槓桿（operating leverage）經常用來衡量固定成本對利潤的影響；香港中產家庭的營運槓桿無疑極高。 以一個典型的中產四口之家為例。住房方面，即使不供樓，管理費、差餉也是剛性支出。若需供樓，月供動輒4、5萬元。教育一環則是香港中產最無法割捨的「護城河」。2024-25學年，多所國際學校學費上調，部分學校的中學學費已突破20萬元，還未包括債券（debenture）和建校費（capital levy）。此外，其他支出包括外傭薪金、保險費、養車成本。 從這種高固定成本結構可見，家庭收入只要出現輕微波動（例如花紅取消、一方降薪），凈現金流就會迅速轉負。有別於美國中產因通脹和信用卡債務的困境，香港中產的壓力源於對階層滑落的極度恐懼。一旦斷供國際學校，孩子轉回津貼學校，在不少家長眼中等同於社會性死亡。 第三刀：人力資本的重新估值 最後也是最關鍵的一刀，來自收入不確定性。 經濟學上，將一個人的未來收入折現到現在，稱為「人力資本」。過去，金融、法律、專業服務界的高薪，都建基於香港作為超級聯繫人的獨特地位。 然而，隨着全球地緣政治格局的變化和人工智能技術的滲透，許多中產職位的「護城河」逐漸縮窄。金融界的裁員潮、企業架構的精簡，令許多年薪百萬的中產突然發現，自己的人力資本估值被市場下調了。 當負資產（無法賣樓）遇上失業（現金流中斷），「斬殺線」就被觸發了。這不僅僅是破產問題，而是幾十年來積累的社會資本和家庭未來清零。 問題癥結的解方 作為學者，筆者不希望只販賣焦慮。香港中產面臨的困境，本質上是資產配置過度集中與巨集觀經濟周期轉換的錯配。 過去市民一直慣於利用高槓桿買入單一資產（房屋），並假設收入會永遠增長。去槓桿周期來臨時，這種策略卻顯得尤其脆弱。 對於個人，不妨考慮變陣自強： 一、重構資產負債表：降低對房產的依賴，增加流動資產。滙豐銀行2023年的新中產報告指出，香港中產認為擁有637萬元流動資產才算達標。此一門檻雖然聽起來很高，但保持至少12個月的現金流儲備是穿越周期的底線。 二、管理經營槓桿：審視家庭的高固定成本。教育投資固然重要，但仍需量力而行。 三、投資自己：在人工智能時代，提升不可替代的技能，保住現金流（工資）比資產增值更重要。 對於政策制定者，筆者同樣有三大建議： 一、正視負資產的社會風險。雖然目前的拖欠比率（0.13%-0.15%）仍處於低位，但這更多是銀行網開一面和中產死扛的結果。政府應鼓勵銀行在處理負資產個案時保持彈性，避免因機械式「call loan」（追討貸款）引發系統性恐慌。 二、降低中產的「育兒通脹」。香港的低生育率與極高的育兒成本直接相關。政府除了發放2萬元生育津貼這種「杯水車薪」外，應考慮對中產家庭的教育開支（包括私立和國際學校學費）擴大免稅額，或者通過政策引導降低私立教育的通脹率。 三、產業多元化是根本。只有當香港不只依賴金融和地產兩個高薪引擎，中產階級的收入來源才能多樣化，從而降低對單一行業周期的敏感度。 化催命符為警世鐘 站在龍虎山下，看着眼下依然繁忙的維多利亞海港，我依然對香港保持樂觀。這座城市經歷過無數次金融風暴，每一次都能從廢墟中重建繁榮。 「斬殺線」的存在，是對過往激進槓桿模式的一種警示。對於香港中產而言，穿越這條線的關鍵，不在於祈禱樓市V形反彈，而在於重新審視財富的定義——真正的財富，不是帳面上的房產估值，而是即使風雨飄搖，依然擁有選擇生活方式的自由與底氣。 馬年將至，冀望每一位在獅子山下奮鬥的香港人，都能繼續善於應變；儘管「斬殺線」來勢洶洶，仍得以化險為夷。 章逸飛博士 港大經管學院經濟學高級講師 （本文同時於二零二六年二月十一日載於《信報》「龍虎山下」專欄）
- [驅動香港成為全球右軚自動車市場的超級跑道](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/to-build-hong-kong-a-global-runway-for-right-hand-drive-autonomous-vehicles/) - 回望過去5年，全球汽車產業經歷了上半場的劇變，期間的競爭主題是「能源定義汽車」，即電池技術與續航里程的競賽。展望未來5年之下半場，其焦點無可爭議將轉向「演算法定義汽車」，即人工智能、大數據與算力驅動的智能駕駛技術。根據摩根士丹利的預測，到2030年，採用部分或全自動駕駛技術的車輛將創造高達 2000 億美元的市場規模。 優勢與局限並存 目前香港市面上普及的新能源汽車絕大多數仍停留在L2級（部分自動化）階段，系統僅提供輔助，駕駛者仍須手不離軚、眼不離路；若出現交通事故，亦必須承擔完全的法律責任。 2025年4月，中國電動車公司小鵬汽車選擇在香港啟德郵輪碼頭舉辦全球品牌發布會，宣布L3級智能駕駛功能的量產時間表。L3即自動駕駛級別第3級（有條件自動化），在特定的設計運行範圍內運作；系統可以完全接管車輛的橫向與縱向控制，並負責目標識別與事件回應。此舉作為邁入高階智能輔助駕駛技術的分水嶺，標誌着香港率先為中國智能駕駛技術接軌全球右軚車市場。 面向智能駕駛的下半場，香港正好發揮其獨特的「雙重性」：城內擁有全球路況最複雜、交通密度最高、人車博弈最激烈的道路網絡。依山而建的狹窄蜿蜒道路，構成了檢驗智能駕駛演算法穩健性的絕佳場景。另一方面，儘管特區政府早在 2017 年便公布了《香港智慧城市藍圖》，但當下香港街頭依然由傳統燃油車和輔助功能受限的電動車主導。不同於內地以產業換市場、以補貼促技術的積極模式，香港長期遵循安全至上、主要依靠市場力量的政策邏輯。這種完善的監管環境，結合香港作為中國唯一實行右軚駕駛的地區，構成連接中國技術與全球右軚市場的顯著優勢。 釋放本地智駕潛能 借鑑人工智能產業的增長元素，可將智能駕駛在香港的發展壁壘拆解為以下公式： 智能化 = 算力 × 數據 × 算法 根據中國汽車工業協會及公安部的資料，截至2024年底，中國新能源汽車滲透率已突破40%，一線城市如深圳更遠超此數。而在智能駕駛功能的使用率上，內地領先智能車品牌的用戶高速導航輔助駕駛（Navigate on Autopilot；簡稱NOA）滲透率已超過50%。相比之下，香港目前輔助駕駛的典型體驗僅限於巡航控制、車道保持等功能。智能駕駛沙盒測試的範圍相對局限，極其缺乏本地資料訓練閉環，並且依賴雲端算力。 另一方面，香港雖然在算力硬體（如超算中心）上起步較晚，但擁有極具價值的「異質性」與「高熵值」數據。破局的關鍵在於將道路場景視為一種戰略資源。通過有序引導車企進行數據採集，建立高質量的交通場景數據集，授權給合規車企進行訓練。誰擁有更多高質量的香港駕駛數據，誰就能在右軚市場的演算法競爭中佔據主導地位。如何在確保資料脫敏的前提下，建立一個閉環的科研與訓練專用資料通道，允許智能駕駛資料在兩地合規流通，也許就是驅動右軚試驗的重要引擎。 特斯拉的智能輔助駕駛（Full Self-Driving；簡稱FSD）是目前全球公認的量產智能駕駛標杆。通過影子模式，特斯拉車輛在後台運行FSD演算法，與人類駕駛員的操作進行比對。假使演算法判斷該左轉而人類卻直行，這個差異資料就會被上傳，用於修正模型。FSD在內地針對「加塞」、電動自行車橫穿、施工路段進行了海量針對性訓練，因此具備聚焦於內地駕駛習慣的風格演算法。 即便如此，FSD在本港遲遲未能部署全自動駕駛功能，技術上的重要原因包括缺乏對應的算法訓練和針對右軚形式習慣演算法。對於依賴神經網路的端到端模型而言，簡單的圖像鏡像翻轉並不能解決左右軚的差異，因為人類司機的觀察習慣、盲區分布、讓行規則（如環島順時針）完全不同。此外，演算法的當地語系化還涉及對港式駕駛的理解。演算法需要學習香港司機的潛規則，例如在紅隧入口的拉鍊式匯入，這需要極強的博弈演算法支援，而非簡單的規則遵守。 化被動為主動的契機 中國新能源汽車正在大舉進軍海外，特別是右軚市場（英國、澳洲、日本、泰國、印尼等）。目前，內地所有測試場和研發中心幾乎全是左軚環境。比亞迪、小鵬等智駕車企要出海右軚市場，面臨巨大的研發適配成本。如果在內地建設模擬右軚測試場，成本高且無法模擬真實的城市複雜路況。 香港是目前中國管轄範圍內，唯一具備極度複雜城市路況、法治環境完善，以及右軚駕駛的城市；不應只是消費市場，而更應成為中國智駕出海的右軚研發中心與起飛跑道。通過積極開放資料和測試環境，香港有望持續吸引頭部車企以及領先的智駕科企（如，百度Apollo）落戶設立智能駕駛研發部。這不僅帶來高薪科技就業，更能讓香港在全球汽車產業鏈中，從終端變為中樞。 智能駕駛的未來已臨近；在遙遠的矽谷、寬闊的深南大道以外，理應呈現在中環的繁忙、旺角的喧囂和新界的廣闊之中。香港擁有右軚試驗場的戰略定位，在智能駕駛的下半場正蓄勢待發，可從旁觀者的角色升級為領航員。這不僅是技術的勝利，更是香港城市精神的再一次進化。 萬智璽 教授 港大經管學院創新及資訊管理學教授 港大經管學院創新及資訊管理學學術領域主任 （本文同時於二零二六年一月二十八日載於《信報》「龍虎山下」專欄）
- [Transforming Hong Kong into a Global Runway for Right-Hand-Drive Autonomous Vehicle Markets](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/to-build-hong-kong-a-global-runway-for-right-hand-drive-autonomous-vehicles/) - Professor Zhixi Wan 28 January 2026 In retrospect, over the past five years, the global automobile industry has undergone dramatic changes in its first half, during which “energy defines the car” was the theme of competition, i.e. a race in battery technology and driving range. Looking ahead to the following five years, the focus in
- [商用車電動化從「充電陷阱」到「換電突圍」的破局解方](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/battery-swapping-a-golden-key-to-electrifying-hong-kongs-commercial-fleet/) - 在全球新能源汽車的補能進化史中，換電技術（battery-swapping technology）經歷了一場戲劇性的重生。早在2007年，以色列公司Better Place就構想了自動化換電的藍圖，試圖通過物理更換電池消除續航焦慮。2013年，美國電動車生產商特斯拉（Tesla）曾高調演示了90秒換電技術，速度完勝燃油車加油。 然而，這項技術隨後被行政總裁馬斯克束之高閣。彼時特斯拉的邏輯很簡單：對於絕大多數擁有固定停車位的私家車車主，低成本的充電樁足以滿足需求。 歷史螺旋式發展的啟示 在此背景之下，「充電派」與「換電派」之爭持續數年；歷史卻一直在螺旋式上升。近年來，以寧德時代為代表的中國企業，將換電模式的重心從全場景覆蓋，精準收窄至高頻運營的商用車場景。相關趨勢在重型卡車領域尤其明顯，內地市場2025年上半年的電動重卡銷量中，換電模式已佔30%。[i] 這一歷史轉折對於寸土寸金、節奏極快的香港意味深長，說不定是打破商用車電動化僵局的一把金鑰匙。 高效補能與電網調峰雙贏 要理解為何換電適合商用車，必須回歸技術原理。換電的核心在於將「車輛補能」與「電池充電」這兩個過程，在時間與空間上進行解耦（decoupling）。換電站的機械臂可以在3至5分鐘內完成更換電池，速度與傳統燃油車的加油體驗高度趨同。 至於對電網的衝擊則更為關鍵。充電技術的優勢在於基礎設施建設的靈活性與廣泛性；換電技術的優勢則在於極致的補能效率，以及對土地資源的高效利用。在技術層面而言，隨着800伏特高壓快充平台的普及，充電速度雖在提升，但對電網造成的瞬時功率衝擊也隨之指數級增加，電網往往需進行昂貴的增容改造，造成「峰上加峰」的壓力。 反觀換電技術，換電站本質上是一個巨大的分布式儲能單元。它可以利用夜間低谷電價為備用電池充電，在日間高峰期為車輛換電，不僅規避了對電網的瞬時衝擊，甚至能參與電網調峰。雖然換電面臨標準統一的挑戰，但作為城市能源節點的潛力正逐漸顯現。 商用車電動化的結構性挑戰 首先是政策目標與現實的落差。特區政府承諾爭取在2050年之前實現碳中和，作為碳排放主力的商用車（的士、巴士、小巴及貨車）因此必須積極電動化。[ii]數據則顯示，儘管電動私家車數量激增，商用車的電動化比率卻極低。 其次是燃料成本的經濟帳失效。這是一個常被忽視的重點，本港私家車電動化進展神速，很大程度上是因為汽油稅極高，轉用電動車能節省巨額燃料費。相反，商用車主要使用柴油，且享有免稅或低稅優惠[iii]，足見商用車轉用電力的運營成本節省幅度，遠不如私家車顯著，主動轉型的經濟誘因自然偏低。 最後是右軚市場的供應鏈壁壘。香港是右軚市場，且山多路窄的道路環境極其特殊。全球原設備製造商在開發商用電動車時，往往優先滿足左軚車的主流市場。為香港市場單獨訂製研發右軚車型，成本高昂且周期長，進一步限制香港市場的車型選擇。 的士能源補給的新契機 香港的士奉行「停人不停車」的極限運營模式，市區的士日均行駛路程保守估計達400至500公里，是私家車的10倍以上。這就造成一個物理上的死結：若採用充電模式，考慮到充電及排隊時間，司機每天需耗費1到2小時在補能上，每天或損失約300至500元的營收機會成本。這正是儘管政府通過新能源運輸基金提供資助，的士司機仍對電動車冷感的核心原因。 換電模式將單次補能時間壓縮為3至5分鐘，速度與石油氣相近。此外，香港的士車型高度單一且標準化，這為單一標準電池包的推廣提供了理想的規模效應基礎，亦促使寧德時代等能源巨頭開始加以探索。 巴士換電突圍之道 如果說的士的痛點是時間，那麼專營巴士的痛點則是重量。全球巴士客運的繁重程度，莫過於香港的雙層巴士，滿載動輒逾130人，加上空調負荷，況且還需頻繁攀爬如柴灣道、薄扶林道等大斜路。 若採用充電模式，為保證整天300公里的續航，巴士需搭載超過450千瓦時的電池，重量可達3至4噸。受到香港法規對車輛總重的嚴格限制，每增加1噸電池重量，就須減少載客約15名[iv]，不但直接削減巴士公司的票務收入，甚至導致高峰期運力不足。 換電方案則能提供「車電分離」的明智策略：採用「小電池+高頻換」模式，例如僅搭載滿足半天運營的電池，利用中午回場時間快速更換。這能大幅減輕車重，恢復載客量，以化解運營商最核心的盈利顧慮。 開創綠色交通櫥窗 香港商用車的電動化困境，實為極高能源密度需求與極低土地或時間資源供給之間的矛盾。充電模式在私家車方面的成功無法簡單移植。定量的能耗對比清晰表明，必須引入一種能量補給效率遠高於充電的技術，才能夠縮窄這一供求鴻溝。 以「空間換時間」的換電站，為這座高密度城市提供了解難思路。未來的香港綠色交通藍圖，應是一個「充換互補」的多元生態。通過在政策層面給予換電模式合理的土地與法規支持，香港不僅能解決自身的環保痛點，更能以超級聯繫人的角色，向世界示範一套適用於超大型高密度城市的綠色交通解決方案。 [i] 《中國汽車報》8月14日期，“在細分技術路線上，2023至2025年上半年間，電動重卡中充電車型與換電車型的佔比始終穩定在 7:3 左右，表明兩種技術路線均已在電動重卡領域找到了適配的應用場景並實現良好推廣。”中汽政研新能源汽車研究部總監吳喜慶表示。 [ii] 《香港電動車普及化路線圖》 [iii] 香港環境保護署《環保商用車輛稅務寬減計劃》 [iv] 巴士總重限制《道路交通（車輛構造及保養）規例》（第374A章）附表 萬智璽 教授 港大經管學院創新及資訊管理學教授 港大經管學院創新及資訊管理學學術領域主任 （本文同時於二零二六年二月四日載於《信報》「龍虎山下」專欄） 圖片來源：特斯拉（Tesla）
- [Battery Swapping: A Golden Key to Electrifying Hong Kong's Commercial Fleet](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/battery-swapping-a-golden-key-to-electrifying-hong-kongs-commercial-fleet/) - Professor Zhixi Wan 4 February 2026 In the global evolution of energy replenishment for new-energy vehicles, battery-swapping technology has undergone a dramatic rejuvenation. As early as 2007, the Israeli company Better Place already outlined a blueprint for automated battery swapping, attempting to eliminate range anxiety by physically replacing the battery. In 2013, the American EV
- [A Way out for Hong Kong’s Middle Class Facing the Kill Line](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/how-the-hong-kong-middle-class-can-escape-the-kill-line/) - Dr Yifei Zhang 11 February 2026 From where I sit in the office at the foot of Lung Fu Shan, the view outside the window is the lush greenery of Pok Fu Lam while the scintillating waters of Victoria Harbour in the distance can barely be made out. This is the high ground where Hong
- [让AI成为你的下属：从执行者到管理者](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/leading-the-machine-transitioning-from-ai-user-to-ai-manager/) - 投行分析师让AI同时跑数据清洗、行业对标和报告初稿，自己只负责审核与决策。律所合伙人用AI几分钟完成过去实习生一整天的尽职调查检索。这些已不是想像。据《财富》杂志报道，Anthropic和OpenAI的顶级工程师已实现代码工作100%由AI完成，但他们并未因此失业，而是转向更高层次的判断与协调。AI接管的远不止编程。从设计、数据分析到文案撰写、财务建模，曾需多年训练才能胜任的执行性工作，正被AI系统性渗透。 随着AI能力持续进化，我们必须面对一个更根本的问题：当执行性工作被大规模接管之后，人类与AI的协作关系将是什么？人类真正稀缺的能力又是什么？ 重塑工作形态：从“单打独斗”到“一人带队” 在传统组织中，管理职能集中于少数岗位，多数人承担执行与交付。管理者能有效监督的下属数量有限，管理学中称为“管理幅度”（span of control）。这一限制的本质是人际协调的复杂性。而AI作为下属，高效且经济，协调成本远低于人类团队，甚至可以搭建层级式结构让AI管理AI，使一个人的有效管理幅度被大幅拓展。 这意味着，当执行性工作被大量委托给AI，每个人都能扮演“超级管理者”角色：向AI定义目标、拆解任务、审核产出、给出反馈。工作的基本单元不再是“一个人完成一项任务”，而是“一个人带领一组AI完成一组任务”。 委派、协调、评估、迭代，这些过去主要由管理者承担的能力，正在成为先行一步的知识工作者的日常操作。而管理 AI 团队与管理人类团队之间，也表现出惊人的相似性。哈佛大学经济学家 Weidmann、Xu 与 Deming（2025）的实验发现，领导者管理 AI 团队的表现与其管理人类团队的能力高度相关：好的领导者在两种情境下都展现出一致的行为模式：提出更多问题，更频繁地对话，更倾向于说“我们”而非“我”。 沃顿商学院教授 Ethan Mollick 也曾指出，在AI时代真正稀缺的将不再是执行本身，而是清楚知道要什么、能否判断好坏，并把这些标准表达清楚的能力。那些长期被轻视的所谓“软技能”，正在重新显示出它们重要的一面。 香港的教育传统中，英语环境、通识训练和跨文化沟通的经验，为这类能力提供了一定的土壤。而当生成式 AI 把价值创造的重心从执行投入转向判断与协调时，这些能力的权重只会继续上升。对香港而言，这意味着它在人才结构上的特点，即国际化、重沟通、习惯处理模糊性，有可能在 AI 时代被进一步放大为真正的竞争优势。但优势不会自动兑现，它需要被有意识地识别和强化，否则只是一张沉睡的底牌。 结语 AI 正在深刻改变工作的结构。先行者已经在这样做，而随着工具门槛持续降低，每一个知识工作者都有潜力从“执行者”转变为“管理者”。未来最有价值的劳动者，未必是事必躬亲的人，而是能够搭建正确系统的人。 这种转变不需要等待。如果你已经用ChatGPT或Claude回答过问题，下一步不妨试试把一项完整的工作任务交给它：不是问它一个问题，而是让它帮你完成一个流程，然后把精力放在审核和判断上。你会发现，“管理AI”比想像中更接近你已经擅长的事。 参考文献 [1] Weidmann, B., Xu, Y., & Deming, D. J. (2025). Measuring Human Leadership Skills with AI Agents. NBER Working Paper No. 33662. [2] Mollick, E. (2026,
- [讓AI成為你的下屬：從執行者到管理者](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/leading-the-machine-transitioning-from-ai-user-to-ai-manager/) - 投行分析師讓AI同時跑數據清洗、行業對標和報告初稿，自己只負責審核與決策。律所合夥人用AI幾分鐘完成過去實習生一整天的盡職調查檢索。這些已不是想像。據《財富》雜誌報道，Anthropic和OpenAI的頂級工程師已實現代碼工作100%由AI完成，但他們並未因此失業，而是轉向更高層次的判斷與協調。AI接管的遠不止編程。從設計、數據分析到文案撰寫、財務建模，曾需多年訓練才能勝任的執行性工作，正被AI系統性滲透。 隨着AI能力持續進化，我們必須面對一個更根本的問題：當執行性工作被大規模接管之後，人類與AI的協作關係將是什麼？人類真正稀缺的能力又是什麼？ 重塑工作形態：從「單打獨鬥」到「一人帶隊」 在傳統組織中，管理職能集中於少數崗位，多數人承擔執行與交付。管理者能有效監督的下屬數量有限，管理學中稱為“管理幅度”（span of control）。這一限制的本質是人際協調的複雜性。而AI作為下屬，高效且經濟，協調成本遠低於人類團隊，甚至可以搭建層級式結構讓AI管理AI，使一個人的有效管理幅度被大幅拓展。 這意味着，當執行性工作被大量委託給AI，每個人都能扮演“超級管理者”角色：向AI定義目標、拆解任務、審核產出、給出反饋。工作的基本單元不再是“一個人完成一項任務”，而是“一個人帶領一組AI完成一組任務”。 委派、協調、評估、迭代，這些過去主要由管理者承擔的能力，正在成為先行一步的知識工作者的日常操作。而管理 AI 團隊與管理人類團隊之間，也表現出驚人的相似性。哈佛大學經濟學家 Weidmann、Xu 與 Deming（2025）的實驗發現，領導者管理 AI 團隊的表現與其管理人類團隊的能力高度相關：好的領導者在兩種情境下都展現出一致的行為模式：提出更多問題，更頻繁地對話，更傾向於説“我們”而非“我”。 沃頓商學院教授 Ethan Mollick 也曾指出，在AI時代真正稀缺的將不再是執行本身，而是清楚知道要什麼、能否判斷好壞，並把這些標準表達清楚的能力。那些長期被輕視的所謂“軟技能”，正在重新顯示出它們重要的一面。 香港的教育傳統中，英語環境、通識訓練和跨文化溝通的經驗，為這類能力提供了一定的土壤。而當生成式 AI 把價值創造的重心從執行投入轉向判斷與協調時，這些能力的權重只會繼續上升。對香港而言，這意味着它在人才結構上的特點，即國際化、重溝通、習慣處理模糊性，有可能在 AI 時代被進一步放大為真正的競爭優勢。但優勢不會自動兑現，它需要被有意識地識別和強化，否則只是一張沉睡的底牌。 結語 AI 正在深刻改變工作的結構。先行者已經在這樣做，而隨着工具門檻持續降低，每一個知識工作者都有潛力從“執行者”轉變為“管理者”。未來最有價值的勞動者，未必是事必躬親的人，而是能夠搭建正確系統的人。 這種轉變不需要等待。如果你已經用ChatGPT或Claude回答過問題，下一步不妨試試把一項完整的工作任務交給它：不是問它一個問題，而是讓它幫你完成一個流程，然後把精力放在審核和判斷上。你會發現，“管理AI”比想像中更接近你已經擅長的事。 參考文獻 [1] Weidmann, B., Xu, Y., & Deming, D. J. (2025). Measuring Human Leadership Skills with AI Agents. NBER Working Paper No. 33662. [2] Mollick, E. (2026,
- [Leading the Machine: Transitioning from AI User to AI Manager](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/leading-the-machine-transitioning-from-ai-user-to-ai-manager/) - 讓AI成為你的下屬：從執行者到管理者 投行分析師讓AI同時跑數據清洗、行業對標和報告初稿，自己只負責審核與決策。律所合夥人用AI幾分鐘完成過去實習生一整天的盡職調查檢索。這些已不是想像。據《財富》雜誌報道，Anthropic和OpenAI的頂級工程師已實現代碼工作100%由AI完成，但他們並未因此失業，而是轉向更高層次的判斷與協調。AI接管的遠不止編程。從設計、數據分析到文案撰寫、財務建模，曾需多年訓練才能勝任的執行性工作，正被AI系統性滲透。 隨着AI能力持續進化，我們必須面對一個更根本的問題：當執行性工作被大規模接管之後，人類與AI的協作關係將是什麼？人類真正稀缺的能力又是什麼？ 重塑工作形態：從「單打獨鬥」到「一人帶隊」 在傳統組織中，管理職能集中於少數崗位，多數人承擔執行與交付。管理者能有效監督的下屬數量有限，管理學中稱為“管理幅度”（span of control）。這一限制的本質是人際協調的複雜性。而AI作為下屬，高效且經濟，協調成本遠低於人類團隊，甚至可以搭建層級式結構讓AI管理AI，使一個人的有效管理幅度被大幅拓展。 這意味着，當執行性工作被大量委託給AI，每個人都能扮演“超級管理者”角色：向AI定義目標、拆解任務、審核產出、給出反饋。工作的基本單元不再是“一個人完成一項任務”，而是“一個人帶領一組AI完成一組任務”。 委派、協調、評估、迭代，這些過去主要由管理者承擔的能力，正在成為先行一步的知識工作者的日常操作。而管理 AI 團隊與管理人類團隊之間，也表現出驚人的相似性。哈佛大學經濟學家 Weidmann、Xu 與 Deming（2025）的實驗發現，領導者管理 AI 團隊的表現與其管理人類團隊的能力高度相關：好的領導者在兩種情境下都展現出一致的行為模式：提出更多問題，更頻繁地對話，更傾向於説“我們”而非“我”。 沃頓商學院教授 Ethan Mollick 也曾指出，在AI時代真正稀缺的將不再是執行本身，而是清楚知道要什麼、能否判斷好壞，並把這些標準表達清楚的能力。那些長期被輕視的所謂“軟技能”，正在重新顯示出它們重要的一面。 香港的教育傳統中，英語環境、通識訓練和跨文化溝通的經驗，為這類能力提供了一定的土壤。而當生成式 AI 把價值創造的重心從執行投入轉向判斷與協調時，這些能力的權重只會繼續上升。對香港而言，這意味着它在人才結構上的特點，即國際化、重溝通、習慣處理模糊性，有可能在 AI 時代被進一步放大為真正的競爭優勢。但優勢不會自動兑現，它需要被有意識地識別和強化，否則只是一張沉睡的底牌。 結語 AI 正在深刻改變工作的結構。先行者已經在這樣做，而隨着工具門檻持續降低，每一個知識工作者都有潛力從“執行者”轉變為“管理者”。未來最有價值的勞動者，未必是事必躬親的人，而是能夠搭建正確系統的人。 這種轉變不需要等待。如果你已經用ChatGPT或Claude回答過問題，下一步不妨試試把一項完整的工作任務交給它：不是問它一個問題，而是讓它幫你完成一個流程，然後把精力放在審核和判斷上。你會發現，“管理AI”比想像中更接近你已經擅長的事。 參考文獻 [1] Weidmann, B., Xu, Y., & Deming, D. J. (2025). Measuring Human Leadership Skills with AI Agents. NBER Working Paper No. 33662. [2] Mollick, E.
- [從「搵位難」到「等位煩」——香港充電破局之智能化](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/future-intelligent-ev-charging-in-hong-kong/) - 筆者上周深入剖析了香港電動汽車充電市場面臨的結構性矛盾：土地資源極度稀缺且電力容量受限；依賴「堆砌硬體」的粗放式增長殊不明智。當務之急，在於構建一個根據不同場景和用戶需求精準配置、異構化的充電基礎設施網絡：快慢並存，精準接軌。 毋庸置疑，充電網絡至關重要。「快慢並存」解決的是物理空間的資源配置問題，「精準接軌」則須靠資訊空間的數據流動來實現。 將負擔轉化為資源 推動能執行需求響應（demand response）的智能充電技術，可將充電行為從電網的負擔轉為可調度的資源。根據國際可再生能源署的定義，智能充電是通過數據連接，使電動車的充電周期能夠適應電力系統狀況和車主用能需求。這條技術路徑可以分兩個主要階段：一是V1G，即單向智能充電（unidirectional smart charging），透過單向功率調控，電網可遠程控制充電時間和速率，如延遲充電、降低功率。二是V2G，即車輛到電網（vehicle to grid），目前仍處於商業化探索模式，旨在實現電動車不僅可以從電網充電，還可將電池中的電能反向輸送回電網。 要理解智能充電的實踐價值，最直接的方式是考察在超大規模市場中的領先企業。中國內地擁有全球最龐大、競爭最激烈的公共充電市場，截至2025年11月，公共充電樁數量已超過462.5萬個【註1】。這種規模效應催生了在科技、運營和安全管理方面全球領先的運營商。 首先發揮關鍵作用的是提供資訊集成的地圖運營商。以高德地圖和百度地圖為代表的互聯網平台，得益於底層地理數據的全方位立體整合，成為內地絕大部分電動車用戶獲得較為完整實時資訊的入口。這些地圖平台利用其在用戶導航使用習慣上的優勢，成功推動主流充電運營商提供整合所需的實時數據。電動車用戶不必在不同充電運營商的應用程式之間反覆切換加以比較，而只需在地圖應用程式中搜索充電站，不僅即時看到位置，還能一鍵取得場站規模、設備狀態、實時價格及用戶評價等全維度資訊，並完成從找樁、導航到支付的全鏈路閉環 。 目前，香港的充電市場高度碎片化，雖然環境保護署推出了「EV充電易」流動應用程式，整合全港公共充電資訊，但大部分私營運營商不提供實時資訊、且支付介面和用戶賬戶系統沒有整合聯通。無論是通過政策法規鼓勵市場化運營促進資訊集成，抑或是借助數據信託完成行業整合，必須構建一個足夠集成的標準化資料平台。在實際操作層面，香港《個人資料（私隱）條例》對數據收集和使用有嚴格規管，特別是針對物理追蹤。如何建立一個既符合合規要求、又能服務香港車主的多方充電數據平台，仍是有待積極解決的難題。 內地經驗可資借鑑 地圖運營商須理順資訊實時整合，先進的充電運營商則致力於高效地解決時空匹配問題。在這一領域，內地的特來電、星星充電和小桔充電等平台展示了如何利用人工智能算法和數字化科技來預測、響應和調節充電需求。其中，小桔充電源於中國最大出行平台滴滴出行的生態系統，是一個自下而上、由市場競爭和海量數據原生驅動的運營商。 根據官方網站數據，截至 2024 年底，小桔充電已累計提供超過 10 億次充電服務；其中最核心、最高頻的用戶，正是滴滴平台上的網約車司機——有穩定需求，對充電時間成本和價格亦最敏感。滴滴平台利用其海量的車輛軌跡數據，分析和預測營運車輛和充電需求的時空分布，可通過算法，實時向網約車司機的應用程式限時優惠，吸引司機前往指定充電站補能。 此類智能運營以價格槓桿引導需求，去匹配閒置的充電樁供給，從而實現網絡的全域優化。憑藉預測和實時調度的運營能力，先進的充電運營商能開發出需求響應模式的虛擬電廠，從而參與電力市場交易結算；因此不單是服務能源的消耗者，更成為電力市場的積極單元，參與調峰填谷和輔助服務。 轉型大勢創造機遇 聚焦香港，的士和小巴都正在經歷電動化轉型。這類車輛行駛路線相對固定、充電需求規律且頻次高，是最理想的可預測負荷。政府應引導市場，專為私家車、的士、網約車、小巴等建立智能充電平台，利用實時數據和人工智能優化其補能路徑，減少在繁忙時段佔用快充資源的情況，同時為未來的V2G試點打下基礎 。 建設香港成為面向國際的電動車產業示範窗口，不在於簡單激勵更多、更新科技的充電樁，而在於構建「基建 + 演算法 + 數據」的生態閉環。香港的電動化轉型，已駛入一片機遇與挑戰並存的深水區。從最初解決「搵位難」的硬體鋪設，到如今面對「等位煩」的系統性困局，一個健康的充電生態，理應是一個與城市肌理和市民生活節奏深度融合的有機體，既承認亦尊重不同場景下的需求差異，同時使能源和公共資源精準地服務整體社會。 萬智璽 教授 港大經管學院創新及資訊管理學教授 港大經管學院創新及資訊管理學學術領域主任 （本文同時於二零二六年一月二十一日載於《信報》「龍虎山下」專欄）
- [Future Intelligent EV Charging in Hong Kong](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/future-intelligent-ev-charging-in-hong-kong/) - Professor Zhixi Wan 21 January 2026 In last week’s column, I did an in-depth analysis of the structural contradictions confronting Hong Kong’s electric vehicle (EV) charging market: acute scarcity of land and limitations in power capacity. Pursuing extensive growth by simply “piling up hardware” is decidedly ill-advised. The urgent priority is to develop a heterogeneous
- [從「搵位難」到「等位煩」——香港充電破局的「快」與「慢」](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/the-fast-and-slow-solutions-for-hong-kongs-charging-dilemma/) - 電動汽車充電技術正處於一個迭代爆發期。早期的交流慢充已經進入待淘汰序列，直流快充標準已成為入門級配置。隨着兆瓦級充電系統的研發推進，峰值功率甚至已觸及1兆瓦的邊界。但電力增容、線纜鋪設、硬體採購、持續運營等成本帶來的投資回報周期往往長達5至8年，在土地成本極高的香港甚至需時更久。 快速更新換代的充電技術和設備，與基建重資產投資的長回報周期形成難解的矛盾，導致香港也面對世界各地大多數電動車市場都存在的慢樁快樁交錯混雜的問題。 精準聚焦充電需求 在特區政府推動涉及寬減電動車首次登記税的「一換一」計劃等強力政策下，電動私家車數量經歷了爆炸性增長。根據運輸署交通運輸資料月報，電動私家車在整體私家車數量中的佔比，已從2019年底的1.58%，飆升至2025年的14.96%，數量超過13萬輛。 反觀公共充電樁，截至2025年中，則只有1.5萬個正服務這支龐大的電動車隊。打開充電樁應用程式經常看到滿員提示，成了不少車主對充電樁運營的無奈感受。面對這種「等位煩」的困境，一個直接解決方向似乎就是通過建設更多、更快的充電設施，以縮短車主單次充電的等待時間。 本港私家車平均每日的行駛距離僅為30公里左右（年平均行駛里程11080公里）。對於目前市面上主流的私家車而言，一次有效充電足以應付超過一周的日常通勤需求。每日大概有1.9萬輛電動車出現補能需求，而現有的充電樁整體能力載荷其實遠超這個數字。因此，相比於數量和功率的絕對限制，充電需求和供給的時空分布複雜度的結構性問題，才是破局的切入點。 表 香港公共充電樁全負荷載荷 充電樁類型 充電樁數量 單次有效蓄電時長 單日充電能力載荷 標準（2.8千瓦） 2,801 8小時 8,403 （6.0%） 中速 (
- [The “Fast” and “Slow” Solutions for Hong Kong’s Charging Dilemma](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/the-fast-and-slow-solutions-for-hong-kongs-charging-dilemma/) - Professor Zhixi Wan 14 January 2026 Electric vehicle (EV) charging technology is in a phase of rapid iterative development. Early alternating current (AC) slow charging is already on the way out, while direct current (DC) fast charging standards have become an entry-level feature. With the advancement of megawatt-level charging systems, peak power has even reached
- [成敗之機：人工智能時代的數字化領導力](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/win-or-woe-digital-leadership-in-the-age-of-ai/) - 以生成式人工智能、機器學習為代表的人工智能技術，正以前所未有的速度與潛力重塑產業。報告顯示，人工智能有望將生產力提升33%，並重新定義全球競爭格局與經濟增長【註1】。企業對人工智能技術的投入持續加碼，預計到2025年，全球三分之一的企業計劃在人工智能領域投資超過2500萬美元【註2】。 這場以人工智能為核心的數字化轉型，旨在通過對組織運作方式進行「根本性重寫」，驅動業務運營、組織實踐乃至商業模式的深刻變革，從而實現持續的價值創造【註3】。 低回報與缺數字化高管的困境 然而，巨額的投入並未帶來普遍的預期回報。德勤中國與香港大學的聯合調查顯示，大部分企業的人工智能應用仍停留在試驗或早期採用階段，收益往往局限於團隊層面的效率提升。僅有少數企業能將人工智能項目擴展至足以產生可量化盈利的影響，僅4%的企業認為其應用具有變革性【註4】。 儘管企業正試圖將人工智能融入產品、工作流程和戰略中，以推進數字化轉型，但由於缺乏清晰的實施路徑而步履維艱，這凸顯出設立專門高層領導角色的必要性。有關人才需負責制定與傳達整體數字化戰略、向內外持分者倡導變革，並引領必要的組織調整，以加速人工智能導向的數字化轉型進程。在具體實踐中，企業會以行政總裁、資訊科技總監或數字化總監等不同職位負責這一任務，這些被賦予數字化轉型開發與落地職責的掌舵人，被統一稱為「數字化高管」（digital executives）【註5】。 數字化高管的核心使命 在人工智能時代，數字化轉型真正的挑戰不在於流程與系統更新，而是觸及企業品牌基因、靠什麼創造價值、與誰協作的根本問題。傑出的數字化高管必須有效應對戰略、運營與人員三大支柱。戰略層面回應「如何確立方向」，運營層面回應「如何落地實現」，人員層面回應「如何調動並維持組織成員協作」。 在戰略層面，人工智能帶來的不是簡單自動化，而是對組織價值與組織邊界的重新規劃。優秀的數字化高管首先須澄清轉型究竟要解決什麼問題，圍繞客戶體驗、增長、效率等核心目標，明確人工智能等數字技術提升組織價值的路徑。同時，數字化轉型必然跨越部門壁壘，尤其是技術與業務之間。數字化高管必須通過制定清晰戰略，在以人工智能為代表的數字技術的商業價值上凝聚共識，從而聚焦議程、統一語言、動員資源。 在運營層面，實現有意義的人工智能效益的最大障礙是數據質量、數據一致性和數據背景【註6】。數字化高管應能打破數據孤島，重構跨部門流程，避免碎片化建設。重點不僅是上線某個系統，更是重塑組織的決策、協作、資源調配與能力建設機制，使之圍繞核心價值鏈重組，以數據反饋驅動優化、快速學習與反覆運算，進而轉化為持久競爭優勢。 在人員層面，數字化轉型會重塑權責、崗位與績效邏輯，難免引發員工被人工智能取代的焦慮及部門之間的摩擦。成功的轉型紮根於組織成員的協同行動。數字化高管需清晰闡明為何而變、變向何處、如何衡量成果，並通過透明的規則與試點機制降低不確定性。關鍵在於讓一線員工參與共創，將人工智能定位為合作夥伴而非簡單的替代工具，積極構建鼓勵協作、包容試錯的文化，從而將變革阻力轉化為前進動力。 數字化高管必備的特徵 結合行業經驗與主流研究，可見能成功引領轉型的數字化高管都有以下共通點。 一、商業敏銳度。數字化高管需具備敏銳的市場洞察與戰略規劃能力，能將人工智能、大數據等技術趨勢轉化為具體商機，制定與企業整體戰略相契合的數字化藍圖。核心在於能將技術投入切實轉化為降本、增效、拓新等商業成果，並有力推動跨職能協同，確保戰略穿透至執行層面。 二、技術素養。數字化高管需深入理解人工智能、雲計算、數據中台等關鍵數字工具的應用場景與局限，熟悉數據管理與分析的基本邏輯。這有助於他們與技術團隊高效協作，評估與推動技術方案落地，並致力於在組織內構建可複用的數字化組件、實現跨系統互通性，最終建立起支撐點到點價值交付的體系能力。 三、軟技能。數字化高管需以同理心和謙遜表現建立信任，讓員工聚焦於如何在人工智能時代變得更強，而非是否會被替代。同時需具備出色的溝通能力，能向非技術背景的各方闡明人工智能等數字技術的價值，善於協調對內對外關係，促進跨職能部門間的協作，凝聚共識，共同應對轉型過程中的不確定性與挑戰。 組織配置有賴情境適配 實踐中存在一種誤區，即尋求在技術、戰略、組織與文化各方面全能的數字化高管。不可不察的是，卓越的數字化高管存在多樣化特質，在不同的組織情境中會呈現差異化效果，企業更應做領導力配置而非盲目追求全能。 美國麻省理工學院《斯隆管理評論》的研究支援這一觀點，指出轉型成功更依賴於不同領導力配置在不同情境中的適配，而非單一的理想模式【註5】。筆者的研究團隊對來自不同就業背景的數字化高管加以分析，發現來自資訊科技背景者適合在擁有成本領先戰略導向的公司引領轉型，而來自業務背景者則適合在具有顧客戰略導向的公司引領轉型。 展望未來，首屈一指的數字化高管不應套用固定模式，而是深刻洞察組織所處的內外環境，量體裁衣，將技術轉化為獨特的組織能力與長期競爭優勢。其選任不再只是一份通用清單，而是校準企業的戰略導向、文化基因及轉型階段。其最終評價標準在於，數字化高管能否正確選擇以及順利推進一條最適合其組織的轉型路徑，從而實現技術賦能與組織進化相互增強，變革舉措與業務經營緊密契合，帶領企業在人工智能時代贏得可持續的競爭優勢。 註1：https://www.mckinsey.com/au/our-insights/australia-and-new-zealand-perspectives/transformation-in-the-ai-era 註2：https://www.bcg.com/press/15january2025-ai-optimism-autonomous-agents 註3：https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-digital-transformation 註4：https://www.deloitte.com/cn/en/about/press-room/dtt-hku-formalize-ai-lab-collaboration.html?icid=toggle_cn_en 註5：https://sloanreview.mit.edu/article/four-profiles-of-successful-digital-executives/ 註6：https://www.cio.com/article/4098017/get-data-and-the-data-culture-ready-for-ai.html 方鈺麟教授 港大經管學院數字經濟與創新研究所所長、創新及資訊管理學教授 劉露 港大經管學院數字經濟與創新研究所研究助理 （本文同時於二零二六年一月七日載於《信報》「龍虎山下」專欄）
- [Win or Woe: Digital Leadership in the Age of AI](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/win-or-woe-digital-leadership-in-the-age-of-ai/) - Professor Yulin Fang and Lu Liu 7 January 2026 Artificial intelligence (AI) technologies, represented by generative AI and machine learning, are reshaping industries with unprecedented speed and potential. Reports indicate that AI is expected to elevate productivity by 33% and redefine the global competitive landscape and economic growth (see Note 1). Corporate investment in AI
- [购物智能体，正在改写移动互联网的权力结构](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/ai-shopping-agents-reshaping-the-power-dynamics-of-mobile-internet/) - 2025年下半年，两款产品让“AI替人购物”第一次从概念走向了可感知的现实：一款是字节跳动推动、率先落地在中兴努比亚手机上的豆包手机助手，主打以语音和系统级调用完成购物任务；另一款则是 Perplexity 推出的 Comet 浏览器，把搜索、浏览和任务执行整合进同一个 AI 界面之中。两者的出现，让AI 不再只是回答问题或推荐商品，而是开始进一步介入搜索、比较、下单等原本由用户亲手完成的消费环节，“购物智能体”也因此从技术演示，逐渐变成移动互联网必须正视的新变量。 然而，市场对这两款购物智能体的第一反应是对抗。豆包手机开售次日，便遭遇微信、淘宝、拼多多乃至多家银行App的集体封杀 - 要么无法登录，要么AI操作被强制踢下线。微信回应称其“触发了安全风控”，豆包则被迫宣布不再支持操作微信。与此同时，亚马逊向Perplexity发出法律威胁，指控其Comet浏览器“伪装成普通用户”“侵入”网站，要求停止访问。Perplexity则公开回击，称亚马逊是“霸凌者”，强调“用户有权用自己的工具购物”。 这些让巨头们如临大敌的购物智能体究竟是如何运作的？目前主要存在两种技术路径。一种是API模式，即AI智能体与各平台签订协议，通过官方接口（API）获取数据和服务。这好比拥有了一把平台授权的规范的专用钥匙，可以让AI代理与任何兼容的商家系统直接通信。另一种则是引发争议的纯视觉GUI (Graphical User Interface)模式，以豆包手机为代表。这类代理不依赖接口，而是像人一样“看”屏幕、“点”按钮，通过获得手机“无障碍服务”权限来模拟人类操作。这种模式虽然通用性强，却被平台视为不合规的入侵，并面临法律与封杀风险。在中国，此举可能触犯《反不正当竞争法》；在美国，截屏行为可能违反CFAA（反黑客/未授权访问）及FTC法案（联邦贸易委员会法案）。 购物智能体为何让移动互联网巨头如临大敌 要理解这场对抗的深层逻辑，需要首先理解移动互联网的两大护城河：流量入口以及流量分发能力。 在移动互联网时代，用户购物的起点往往是淘宝、拼多多和抖音直播间。这些用户高频使用的App是各大平台多年来精心构筑的流量入口。它们通过社交关系、内容推荐、搜索服务等方式，占据了用户每天最多的屏幕时间，成为数字世界的事实“门户”。任何品牌、任何商家想要触达消费者，都必须进入这些门户，遵守其规则，购买其流量。 然而购物智能体的出现正在从根本上拆除这些超级流量入口。当用户可以对豆包手机说"帮我买一台性价比最高的白色双开门冰箱"时，购物的起点不再是任何一个电商App，而是手机内置的AI购物智能体。而AI本身便成为新的超级流量入口。随着AI智能体的普及，用户只需提出需求，AI便在后端自动调度各种资源完成交易。在这种模式下，用户甚至不需要知道最终购买行为发生在哪个平台——是京东、淘宝还是拼多多，对用户而言已不重要，重要的是AI完成了任务。 当AI智能体使平台在用户面前“隐身”，用户不再感知自己是在哪个应用上完成购买时，平台的品牌价值、用户粘性，乃至对用户数据的掌控，都将遭到重创，仅剩下物流系统等履约价值尚存。AI智能体的跨App的整合能力，使其成为的新的流量调度中心，在用户与商家之间构建起一个全新的中介层。如此一来，平台对用户的掌控力由此被大幅削弱，而流量分发权也会从平台手中，向AI智能体转移。 从“注意力经济”到“逻辑经济” 如果说流量入口的转移是第一层冲击，那么AI智能体带来的更深层变革在于商业逻辑的转换：平台广告收入所依赖的，以争夺用户时长和心智为核心的“注意力经济学”，将逐渐被智能体的购物所遵循的“逻辑经济学”取代。 过去二十年，移动互联网之所以能孕育出庞大的广告与平台经济，依赖着一个朴素的前提：人的注意力有限。消费者往往没有能力，也没有耐心比较所有商品，因此通常只会在一个相对有限的候选集合中作出决定；Bettman (1970) 的经典消费者信息处理理论，讲的正是这一点。 于是，平台可以通过排序、广告、贩卖流量等手段将用户注意力的优先权商品化售卖，把流量引导至商家最希望用户看到的地方。拼多多2025年近半收入来自广告，正是这套逻辑的体现。 但购物智能体的决策逻辑完全不同。 首先，AI智能体几乎拥有一种“无限注意力”。在暂不计较算力和调用成本的前提下，智能体可以同时浏览数百个网站，读取上千条评价，比较成百上千个选项，而不会像人那样因疲劳、分心或信息过载而迅速放弃。更重要的是，它的购买决策受广告影响更小，而更接近一种可拆解、可分析的计算过程。最新研究（Amine et al. 2025）发现，尽管不同模型的偏好权重并不完全一致，但购物智能体在做选择时，大体都是在对价格、评分、评论数、以及平台标签等因素进行隐含加权，再据此形成最终的购买决策。对商家而言，这意味着一种“逻辑经济学”的到来：未来竞争在于谁能把产品属性描述得更标准化、更易于机器理解，从而在智能体的筛选规则中获得优先位置。对平台而言，挑战则更为直接：如果AI开始绕开传统广告和流量分发机制，平台赖以支撑的广告收入就会受到巨大冲击，并必须思考如何在一个由智能体主导决策的新环境中，重建盈利模式和价值所在。 权力重组：谁将在AI购物时代胜出 在当前的AI竞赛中，一个清晰的入口争夺战正在上演。OpenAI、Gemini、豆包这类大模型助手，正在将自己塑造为用户表达需求的第一触点。而阿里这样的平台，则在把淘宝、支付宝、飞猪等能力重新收拢到 Qwen 里，旨在在不放弃原有生态的前提下，维护自己流量入口的地位。 然而，在时尚、美妆、家居等发现型、内容驱动型消费领域，用户时常希望被启发、被种草、被叙事打动。这类消费决策，仍然高度依赖内容平台的氛围、KOL的审美和品牌自身的故事张力。这意味着，抖音、小红书、直播电商并不会因为AI代理的崛起而失去价值。相反，它们将作为发现型消费的流量入口，与AI代理形成互补：一个负责种草，一个负责高效履约，形成一种分层共生的流量格局。 硬件厂商在这场博弈中，占据着一种更为底层的结构性优势。豆包手机的出现已经释放出明确信号：谁掌握系统权限，谁就能为用户提供最顺畅的AI购物体验。谷歌近期在安卓系统上同时推进API与GUI两条技术路径，意图将操作系统、默认助手与系统权限整合为一，使自己成为用户意图最自然的落点。 当然，未来的移动互联网购物，远不止是新旧入口之争。它牵涉的是意图承接、代理执行、交易连接与信任治理的全链条重构。大模型公司希望成为用户表达需求的第一站，传统平台试图将智能体留在自家生态之内，而硬件与操作系统厂商则把AI做成默认能力。但最终决定胜负的，未必是谁拥有最多的流量，而是谁能在合规、安全与体验之间，把用户意图稳定地转化为真实交易。 Reference: Bettman, James R. "Information processing models of consumer behavior." Journal of Marketing Research 7, no. 3
- [对等关税一周年  制造仍弱贸赤升](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/trumps-reciprocal-tariffs-a-one-year-review/) - 特朗普对全球发起的对等关税战，到明天便整整一年。去年的4月2日，他在白宫玫瑰园意气风发地宣布当天是美国的“解放日”，说多年来其他国家通过贸易掠夺美国，当天是美国以对等关税(reciprocal tariffs)来还击的时候。所谓对等，并非指相同税率，而是“你不仁、我不义”的意思。他还计算好对每个经济体征收的税率，包括接近南极洲无人居住的赫德及麦当劳群岛。随后的大半年，国际经济的焦点都集中在美国和其他经济体、特别是中国、的关税谈判。 特朗普对关税的功能深信不疑，认为是对外国的“必杀技”。在他看来，对等关税是他任内经济和外交政策的主要基石。他除了在社交媒体上侃侃而谈外，还罕有地在本年1月30日在《华尔街日报》发表评论，题为《我的关税让美国重回正轨》(“My tariffs have brought America back”) 【注1】。这似乎是他在总统任内在纸媒发表意见的唯一一次。虽然内容是惯性的自吹自擂，经不起事实查证，但也反映出对等关税在他心中的重要性。毕竟，上一次如此大动作的关税政策，要追溯到1930年美国的《斯姆特-霍利关税法案》(Smoot-Hawley Tariff Act)。当时胡佛总统对进口的二万种商品提高关税，引起外国的以牙还牙，互相厮杀后全球贸易额在数年内迅速缩减三分之二，加深了经济大萧条的困境。既然有前车之鉴，为何还要推行对等关税?下面是较多被提及的几个动机。 首先是上面提到的消除贸易逆差。美国的逆差在2025年为0.91万亿美元，和2024年的 0.90万亿比较，看不出对等关税实施了8个月的作用。但这数字包括商品贸易和服务贸易。美国多年来在服务贸易方面都有顺差，特朗普当然不认为这是美国掠夺外国的结果。由于关税不施用于服务贸易，若只看商品贸易，美国的逆差由2024年的1.20万亿增加至2025年的1.23万亿美元，不跌反升。其中或有众多企业在解放日前大量进口增加库存的结果，但即使如此，大幅度针对各经济体的关税，并不能取消美国的商品贸易逆差。从宏观的角度看，贸易逆差归根究底是全国消费过高的结果，包括政府、企业和家庭消费，也包括对本国和外国产品的消费。关税对这些消费总值的影响不大，特别是美国政府的开支。美国联邦政府在1976至2025的50年中，平均开支是GDP的21.2%，去年增加至23.1%，而今年的估计是23.3%，十年后2036年的估计更达到24.4%。特朗普2.0开始时还有找马斯克负责“政府效率部”(DOGE)削减政府开支，但该部门约大半年后便无声消失。 另一个政策目的是重振美国制造业。美国制造业的萎缩，如造船业的式微，或会影响到国家安全。然而，关税并非解决问题的良方。首先是美国制造业相当依赖进口的半工业制成品，平均约产值的 30%，一些行业如制药业更高于50%。关税增加了美国生产商进口这些半工业产品的价格，推高生产成本。关税原意是保护本国工业，结果是损人害己。美国半工业产品的最大进口来源是中国，稍高于20%，如果关税是曾经出现过的125%，对美国工业生产商的影响可想而知。这大概是除了中国限制稀土出口外，特朗普对中国退让的一个原因。 和制造业有关的是制造业的就业。关税会为美国制造业工人从外国工人手中夺回工作岗位，这是自特朗普1.0以来的政经神话，曾帮他获得大量选票。然而，就业数据显示，美国制造业的就业人数 从去年4月的1266万轻微下跌至本年2月的1253万，并没有因对等关税上升，但同期的制造业产值则有增加，较少的劳动力生产较多的产值，反映出劳动生产率的提高。美国多年来制造业工人的数目持续下降，除了竞争力不及冒起的发展中国家外，主要是生产技术的进步替代了劳动力。即使不考虑技术创新，若要以增加关税来抵消美国和发展中国家制造业工人工资的差距，那有关税率可能达到不切实际的数百个百分点，对经济来说是得不偿失。 对等关税的另一个目的是财政收入，这解释了为何特朗普将税网撒至全球每一角落，包括美国与之有贸易顺差的英国和澳洲。据彼得森国际经济研究所的数字【注2】，2025年1月至2026年1月的13个月内，美国的关税收入为2900亿美元。同期，美国联邦政府财政赤字为3.72万亿美元。美国政府多年来入不敷支、财赤增长高于经济增长的状况，远非关税可以扭转。和这个议题有关的，是税款来自外国还是美国。特朗普多次强调税款由外国出口商支付，但哈佛大学的一份研究，则计算出约94%关税来自美国进口商和消费者【注3】。今年2月底的一次调查显示【注4】，70%的美国人认为关税拉高了他们的生活成本，即使共和党选民也有64%这样看。在当前中东战局的影响下，物价难以在今年下降，而中东战局也是特朗普搞出来的戏码。通胀是两年前总统大选中特朗普和共和党大胜民主党的主要原因。今年年底的中期选举，共和党不知会失去多少国会议席。 对特朗普而言，关税是可以随时用来威迫外国、满足一己索求的有效工具。他在上述《华尔街日报》的文章中，自诩以关税威胁外国，为美国在不到一年内争取到18万亿外国投资。这个数字是他的夸张陈述，但在关税谈判中，确实有外国承诺在美国投资，换取美国减低关税的情况，如日本和韩国。然而，有关的报道都很少涉及详细内容，如外国承诺的投资如何落实、何时落实、通过政府还是私营企业去做等等，其中或有外国忽悠特朗普的成分。不过更重要的，是国际投资属资本帐项目。在对外收支会计中，若央行不介入外汇市场，资本帐和经常帐的总和应等于零。外国在美国投资，美国的资本帐上便有顺差，反映在经常帐中便是逆差。经常帐中的主要项目是贸易，经常帐逆差的背后极大可能就是贸易逆差。可以这样理解，外国在美国投资，需要先有美元。这些美元从何而来？还得靠出口到美国，也就是美国的外贸逆差。换句话说，特朗普胁逼外国在美国投资，结果会造成美国的贸易逆差，这和他想减少贸易逆差的意愿直接矛盾。 本年2月20日，美国高等法院裁定美国总统没有权力引用《国际紧急经济权力法》(International Emergency Economic Powers Act) 来征收关税，大大压缩了他挥舞关税大棒的空间。他在数天后以1974年贸易法案第122条款作为法律根据，继续征收平均约13%的关税，低于之前的平均16% ，但同时面对150天的期限。 总的来说，特朗普的对等关税来势汹汹，但雷声大雨点小，效果远低于他的预期或妄想。 除了中国外，美国的其他主要贸易伙伴，都没有还击美国的能力和智慧，因此没有出现1930年代在关税上的你来我往，全球经济未至因对等关税陷入泥淖。据世界银行估计，去年全球经济的增长率为2.7%，只略低于2023和2024年的2.8%。然而，对等关税明显突出美国的单边主义，消耗了美国的国际信用，与及进一步指出国际贸易规则和WTO 的失效。上星期在喀麦隆举行的WTO第14次部长级会议中，即使众多成员都表示出改革WTO的强烈意愿，但因意见分歧、群龙无首，最终没有达致共识。回头再看中东的局面，当前的世界，已迈入了大立之前的大破，望可早日否极泰来。 【注1】https://www.wsj.com/opinion/donald-j-trump-my-tariffs-have-brought-america-back-2248391b 【注2】https://www.piie.com/research/piie-charts/2025/trumps-tariff-revenue-tracker-how-much-us-collecting-which-imports-are 【注3】https://gopinath.scholars.harvard.edu/publication/incidence-tariffs-rates-and-reality-0 【注4】https://www.theguardian.com/us-news/2026/mar/13/trump-tariffs-poll 陆炎辉教授 港大经管学院荣誉副教授 （本文同时于二零二六年四月一日载于《信报》“龙虎山下”专栏）
- [最强后盾/内地燃油稳定供港](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/strongest-backup-mainland-ensures-stable-fuel-supply-to-hong-kong/)
- [最強後盾/內地燃油穩定供港](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/strongest-backup-mainland-ensures-stable-fuel-supply-to-hong-kong/)
- [Strongest Backup: Mainland Ensures Stable Fuel Supply to Hong Kong](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/strongest-backup-mainland-ensures-stable-fuel-supply-to-hong-kong/)
- [AI时代的一人公司：机遇、内卷与护城河](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/the-one-person-company-in-the-age-of-ai-opportunity-commoditisation-and-the-moat/) - 2025年，被业界称为"Agent元年"。AI正在从辅助工具变成能自主决策的"虚拟合伙人"：过去需要团队协作完成的代码开发、设计、文案等工作，现在可以由创始人编排一组AI Agent来完成。与此同时，另一组数据同样醒目："结构性替代"正在发生，当下企业在逐步调整人力模型：用AI做更多事、用更少的人完成标准化流程。随着Claude Code、Qwen Code等AI自动化编程工具被广泛使用，基层程序员岗位需求骤减。 裁员潮催生了创业潮。根据Carta 2025年的数据，独立创始人创立公司的比例从2019年的23.7%跃升至2025年上半年的36.3%，六年间增长了53%。在国内，2025年上半年一人公司新注册数同比增长47%。从上海临港到北京中关村、从苏州工业园到广东佛山，各地政府争相出台扶持政策，打造OPC (One Person Company)专属创业园区。今年全国两会上，"智能经济新形态"被首次写入政府工作报告，一人公司正从边缘现象走向政策聚光灯下。 一人即千军：效率革命的诱惑 一人公司的核心魅力在于效率杠杆。以往需要10个人做一周的工作，在24小时待机的AI智能体助力下，只需几天甚至几个小时即可完成。根据麦肯锡2025年报告，未来一个典型团队可能只包含2至5名核心成员，却能同时管理50至100个AI智能体。创业的启动成本也前所未有地低，90%一人公司创业者的启动资金低于500美金。一个人、一台笔记本电脑，便可完成从产品设计、代码开发到市场推广的全链路闭环。 这一切听起来令人振奋，但经济学的冷水不得不泼一泼。 AI平权下的完全竞争陷阱 问题的关键在于：AI工具是普惠的。你能用AI Agent搭建一间虚拟公司，别人同样可以。当技术工具变成人人可得的基础设施，它降低的就不仅仅是你的成本，而是整个市场的进入门槛。AI已经将创建和运营一家科技公司的关键生产要素商品化了。 从微观经济学的角度看，这正是完全竞争市场的经典特征：大量卖者提供同质化产品，进入和退出几乎无壁垒。在这样的市场结构中，短期利润会吸引新进入者，供给增加推动价格下降，直到均衡利润趋近于零。这就是大家口中的"内卷"。不是因为大家不够努力，而是市场结构决定了努力的回报被无限稀释。数据也印证了这一担忧：创业成功率大约只有10%，80%的创业公司生存时间不超过3年。AI并不改变这一铁律。 护城河：从"能做"到"难以复制" 因此，一人公司的胜负手不在于"能不能用AI"，而在于"能不能用AI做别人做不到的事"。经济学告诉我们，超额利润只能来自差异化和不可替代性，也就是护城河。这可以是独特的行业知识与数据壁垒，可以是垂直领域的品牌信任，也可以是难以被模仿的创意能力。北京中关村一位创业者研发的"AI+动画"工具上线不到一年，凭借差异化的AI工具配置，在与美、日同类产品竞争中占据优势。关键不在于"一个人干完所有活"，而在于"一个人知道什么值得干"。 政策扶持 各地扶持政策已经在起步。北京中关村提供拎包入驻、租金减免、弹性算力等支持；苏州提出到2028年打造OPC社区超30个；上海临港推出办公、住宿双免的创新魔坊社区。上海浦东新区提出针对新注册一人公司提供最高30万元的免费算力。这些措施解决了"从零到一"的问题，但还不够。 完全竞争市场的解法只有两条路：要么退出，要么制造差异。政策的角色，正是帮助创业者走第二条路。要真正降低内卷，政策需要从三个方向发力。第一，促进差异化而非同质化竞争。各地纷纷启动的OPC社区在结构和服务上高度趋同，未能基于各自优势差异化发展。政府应引导不同城市聚焦不同垂直赛道，避免千城一面。第二，强化知识产权保护。在数字经济时代复制极为容易，需要建立区块链可追溯的成果保护机制。没有产权保护，创新者的超额利润会被瞬间抹平。第三，搭建协作生态而非孤立工位。当前政策几乎都停留在"基础配套"，没有推动OPC与本地产业链、供应链深度融合。一人公司需要的不仅是一张办公桌，更是订单、场景和上下游资源的连接。 一人公司是AI时代最激动人心的组织实验，但它不是乌托邦。经济学的基本规律不会因为技术革命而失效，而一人公司最终比拼的，不是谁的 Agent 跑得更快，而是谁对「什么值得做」看得更准。当人人都能低成本创业，真正的竞争才刚刚开始。 章逸飞博士 港大经管学院经济学高级讲师 （本文同时于二零二六年三月二十七日载于《FT中文网》“明德商论”专栏）
- [世界艰难  《夜王》照行](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/neon-lights-are-off-night-king-is-on/) - 本年贺岁片《夜王》自大年初一2月17日在香港上映，短短一个月，名利双收，叫好又卖座。以本地收入超过9000万元的佳绩，《夜王》既成为香港史上贺岁电影开画票房冠军，亦登上港产片票房第五位。 凭借幽默的风格，吸引眼球的题材，加上累积的口碑，《夜王》从原定计划中的两广地区，在2月23日扩大到全国公映，内地票房至今已冲破1.5亿元人民币。 市道低迷 仍能突围 《夜王》的成功之所以值得庆祝，不仅是因为其票房收入远超制作成本和宣传开支，而是能够在整体疲软、竞争异常激烈的市道中表现突出，实属难能可贵。随着Netflix、Disney+等串流媒体盛行，全球消费者愈来愈远离电影院。按2024年总入场人次与年中人口估算，香港人在年内平均只进电影院看2.5场电影；无独有偶，大洋彼岸的美国人在2025年平均只观影2.2次。如何争取成为消费者手中的这两张戏票，是世界各地电影业都面对的棘手难题。 这边厢是持续疲弱的市场需求，那边厢却是白热化的业界竞争。与《夜王》同期上映的贺岁片除了另一港产片《金多宝》，还有来自内地的《镖人》、《飞驰人生3》和《惊蛰无声》等。竞争对手来势汹汹，不仅资金多、排片广，甚至明星阵容都大大超过了《夜王》。反观2025年的全球电影市场，票房名列前茅的影片几乎都来自耳熟能详的知识产权（IP）角色，比如《疯狂动物城2》，《Minecraft：我的世界大电影》，《魔法坏女巫：第二章》。 既没有顶流IP助力，亦欠缺巨额资金投入，《夜王》的异军突起，不禁让人对近年没落的港产片重拾旧望。1980至90年代，香港曾经是仅次于荷里活与宝莱坞的世界第三大电影产地，但随着电影市场竞争日益激烈，串流媒体兴起和观众口味转变，香港电影业渐走下坡。 抚今追昔，有意重整旗鼓的片商又能从中借鉴到什么呢？ 昔日辉煌 今时之鉴 自1960年代开始，香港已是东亚重要的电影出口中心，到1980至90年代的黄金时代，孕育出包括《英雄本色》、《喋血双雄》、《警察故事》、《重庆森林》、《春光乍泄》，以及周星驰所代表的“无厘头”系列等佳作。1982年起，港产片首次在票房上压过进口片，1993年全年产量多达186部，影响力亦同步飙升。 香港电影当年的辉煌成就归功于影片高度商业化，明星演员与知名导演相得益彰，以及这座城市独一无二的文化。一方面，业界透过制片、发行、放映的高效率协同，并结合完善的东南亚发行网，促成标准化生产和影片类型快速迭代，既实现了规模经济，又能满足消费者的多样化口味。 另一方面，高度商业化促成人才培养。黄金年代的演员培训制度造就了周润发、周星驰、张曼玉、梁朝伟等影帝影后，在王家卫、许鞍华、吴宇森、徐克等顶级导演的加持下，本地作品不单有了量更有了质。明星扩大电影的社会号召力，导演提升国际影展给予的评价，双管齐下，香港电影的国际影响力逐渐增强。而香港独特的历史和移民都市文化，加上粤语俚语的流行，让本地影片将“东方式表达”与“西方式叙事”一炉共冶，浑然天成，既能在全球华人中产生共鸣，也能与欧洲影展和北美市场沟通无阻。 夜场变职场 颓势转优势 纵使目前电影业的峥嵘岁月已成历史，但是《夜王》的票房成绩似乎可以让我们看到港产片的出路。首先，剧本十分引人入胜，尤其对中国内地的观众而言，夜总会的故事可谓极具香港特色；但如何让这种“有味”题材登上大雅之堂呢？细想戏中情节，不难发现其实夜场的商业管理和职场分别不大，无论是满足老板的业绩要求，还是激励鞭策员工，甚至对客户的个人化服务，即使从未去过夜场的观众亦一看便懂。 其次，《夜王》是粤语片，不少金句只有用广东话俚语才能充分表达意思，像“葵芳”这样的笑梗，也只有熟悉香港地名的观众才会捧腹大笑。在某程度上，这种方言和本地文化为《夜王》的爆火带来一定阻碍，毕竟内地大部分观众对粤语十分陌生，对香港大多数地名亦一无所知。离开了语境文化，《夜王》的魅力便可能大打折扣，这正是本来计划只在港澳和两广地区公映的原因之一。 意想不到的是，影片巧妙地扭转劣势。通过社交媒体的宣传，在市民大众购票前，就已破解戏中金句的语言障碍，更让观众体会到广东话俚语的创意巧思和香港文化的生动有趣。戏中女公关葵芳一句“四舍五入，我今年19岁”，马上使葵芳地铁站变成网红打卡点，也让人联想到石澳健康院的大树和都爹利街煤气灯曾因周星驰的《喜剧之王》一炮而红。 《夜王》里的欢哥说：“世界艰难，但我哋无惊过，我哋从来都未容易过嘅，系咪？但系如果一定要熄灯，我哋一定饮到最后。”港产片的世界同样艰难，笔者却深信有香港特色的电影一定不会熄灯——愈行愈难，愈难愈行！这就是香港精神。 范亭亭博士 港大经管学院市场学首席讲师 （本文同时于二零二六年三月二十五日载于《信报》“龙虎山下”专栏）
- [Lending Next to the Courthouse: Exposure to Adverse Events and Mortgage Lending Decisions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/lending-next-to-the-courthouse-exposure-to-adverse-events-and-mortgage-lending-decisions/) - Adverse market events can affect credit supply not only by hurting financial fundamentals but also by changing the risk-taking behaviors of individual decision makers. We provide micro-level evidence of this individual decision-making channel in the U.S. mortgage market. We find that mortgage application rejection rates are more sensitive to foreclosure intensity when loan officers are more exposed to foreclosure news, despite the same housing market and bank fundamentals. Loans originated from the affected branches have lower ex-post default rates, consistent with higher lending standards being applied. In the aggregate, this effect results in tighter credit supply during housing market downturns.
- [Resources Available for Me versus Us: Implications for Mitigating Consumer Food Waste](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/resources-available-for-me-versus-us-implications-for-mitigating-consumer-food-waste/) - Although food waste is an urgent issue with widespread economic, societal, and environmental impacts, it remains understudied in the marketing discipline. This is surprising since most food waste occurs at the retail and consumption stages of the food life cycle. This research fills this gap by examining how resource mindset and self-construal jointly shape consumer food waste. Specifically, inducing a scarcity mindset signals no resource to waste, mitigating consumer food waste regardless of self-construal. In contrast, under an abundance mindset where there is resource to waste, activating an interdependent (vs. independent) self-construal can effectively reduce consumer food waste. Sharing obligation, the tendency to share with in-groups, is identified as a key mechanism behind the effect. Supporting this mechanism, enhancing sharing obligation (e.g., highlighting the sharing concept, highlighting others’ food needs) or diminishing it (e.g., highlighting family resource abundance) attenuates the effect of self-construal on consumer food waste under an abundance mindset. The results from one large-scale field study, four controlled experiments, and a country-level secondary dataset provide convergent support for the proposed framework. This research not only contributes to the related literature but also provides actionable strategies for mitigating consumer food waste.
- [Lending Next to the Courthouse: Exposure to Adverse Events and Mortgage Lending Decisions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/lending-next-to-the-courthouse-exposure-to-adverse-events-and-mortgage-lending-decisions/) - Adverse market events can affect credit supply not only by hurting financial fundamentals but also by changing the risk-taking behaviors of individual decision makers. We provide micro-level evidence of this individual decision-making channel in the U.S. mortgage market. We find that mortgage application rejection rates are more sensitive to foreclosure intensity when loan officers are more exposed to foreclosure news, despite the same housing market and bank fundamentals. Loans originated from the affected branches have lower ex-post default rates, consistent with higher lending standards being applied. In the aggregate, this effect results in tighter credit supply during housing market downturns.
- [Resources Available for Me versus Us: Implications for Mitigating Consumer Food Waste](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/resources-available-for-me-versus-us-implications-for-mitigating-consumer-food-waste/) - Although food waste is an urgent issue with widespread economic, societal, and environmental impacts, it remains understudied in the marketing discipline. This is surprising since most food waste occurs at the retail and consumption stages of the food life cycle. This research fills this gap by examining how resource mindset and self-construal jointly shape consumer food waste. Specifically, inducing a scarcity mindset signals no resource to waste, mitigating consumer food waste regardless of self-construal. In contrast, under an abundance mindset where there is resource to waste, activating an interdependent (vs. independent) self-construal can effectively reduce consumer food waste. Sharing obligation, the tendency to share with in-groups, is identified as a key mechanism behind the effect. Supporting this mechanism, enhancing sharing obligation (e.g., highlighting the sharing concept, highlighting others’ food needs) or diminishing it (e.g., highlighting family resource abundance) attenuates the effect of self-construal on consumer food waste under an abundance mindset. The results from one large-scale field study, four controlled experiments, and a country-level secondary dataset provide convergent support for the proposed framework. This research not only contributes to the related literature but also provides actionable strategies for mitigating consumer food waste.
- [Global Growth: Stuck in Low Gear](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/global-growth-stuck-in-low-gear/) - Prof. Steven Barnett Global growth is stuck in low gear. Just as a car stuck in low gear can only reach a fraction of its potential speed, the global economy is failing to find its former momentum. The engine is running, but the structural transmission of growth—productivity—is failing to shift upward. Evidence of the Slowdown
- [全球增長：陷入 「低速擋」 困局](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/global-growth-stuck-in-low-gear/) - 全球經濟正陷入 「低速擋」 困局，宛如一輛縱使深踩油門也難以提速的車，全球經濟始終難尋往日的成長動能。引擎還在轟鳴，但拉動成長的 「變速箱」 —— 生產率，卻已經失靈。 失速的表現 觀察這一趨勢最直觀的方式，是將近期趨勢與疫情前時代進行對比。在2020年之前的二十年裏，全球經濟以年均3.7%的速度成長。相比之下，過去兩年的成長率一直在約3.3%徘徊——比歷史常態低了整整半個百分點。 如果我們再考慮到疫情留下的巨大「傷疤」，這種表現就更加令人擔憂。到2024年，全球經濟規模比沒有發生新冠疫情衝擊的情況下縮小了3%。這代表僅2024一年就有約3.3兆美元的產出損失——這一數字超過了全球大多數主要經濟體的全年GDP。 正常情況下，重大沖擊過後應出現一段 「追趕期」，增速會高於平均水準。但這一次，現實卻是世界經濟非但沒有彌合差距，反而進一步掉隊。儘管發達經濟體表現出了一定的韌性，尤其是美國的表現超出了預期，但新興市場和發展中經濟體由於缺乏政策空間和財政緩衝來減輕打擊，反而受創最深。 中期展望 目前的預測並不樂觀。國際貨幣基金組織預計，2024年至2030年間，全球平均成長率僅爲3.2%。這一數據結合了最新短期預測和中期預測，爲有記錄以來的最低值。它不僅比疫情前更慢，更是自1990年代國際貨幣基金組織開始發佈中期預測以來的最低點。「低速擋」或許已不再是暫時的放緩，而正在演變爲一種 「新常態」 。 爲何失速？癥結在於生產率 成長經濟學理論爲此提供了直接解釋：全要素生產率 (TFP)的增速在下降。如果將全球經濟想像成一家工廠，產出成長可以通過增加機器（資本）、工人（勞動力），或者更好地利用這些投入（生產率）來實現。 早在疫情之前，經濟學家們就已敲響警鐘。在古斯塔沃•阿德勒（Gustavo Adler）2017年發表的《逆風飄搖：全球生產率》一文中，研究人員強調，結構性阻力已在拖累全球生產率，並預示了（下文將談到的）貿易的重要性。生產率的提升來自兩方面：創新和資源配置優化。雖然創新（如人工智慧）的成果更爲直觀，但資源配置的作用往往被低估。 資源配置促進生產率的邏輯很簡單：如果資源從低生產率活動流向高生產率活動，即使沒有技術突破，產出也會增加。一個典型的例子是本世紀頭十年的中國，當時中國GDP的快速成長，受益於資源配置的優化，即勞動力從低生產率的農業部門向高產出的製造業領域大規模轉移。同一個勞動力，在工廠流水線上創造的產值，遠高於在自家地裏種田，國家生產率得以騰飛。 國際貨幣基金組織2024年關於「全球中期成長放緩」的研究也強調了資源配置的重要性。研究發現，優化資源配置的結構性改革，是提振中期成長最有效的方式之一。 貿易逆風的掣肘 從歷史上看，貿易是生產率的催化劑。貿易使各國能夠深耕自己最擅長的領域，直接促進和優化了資源配置。貿易還使國內產業暴露於與外國競爭之下，激發創新，進而提升生產率。因此，它爲最高效的使用資源提供了動力和機遇。 如今，這臺成長引擎正在被人爲掣肘。隨著關稅、出口禁令和 「購買本土產品」等貿易限制措施的激增，貿易佔全球GDP的比重停滯不前。在發達經濟體，貿易成長率自2008年金融危機以來已下降了近一半。 當貿易退潮，資源配置的效率也隨之下降，修復這個問題將十分困難，目前許多貿易限制更多出於 「國家安全」而非經濟效率的考量。將全球供應鏈遷回本土所帶來的效率損失，實則就是一些國家爲了增強韌性而選擇的代價——即以犧牲成長爲代價換取所謂的安全，這被稱爲 「韌性稅」。 結語 全球經濟深陷 「低速擋」困局。過去一段時間的成長令人失望，而展望中期，這份失望恐怕還將延續。此外，在世界仍承載著疫情巨大經濟創傷的背景下，成長乏力的態勢恐將延續。通過創新以及（經常被低估的）優化資源配置來提振生產率，纔是最終的解決方案。但目前，不斷築起的貿易壁壘給提振生產率構成了巨大阻礙。若無法重振貿易活力，全球經濟恐將持續低速。 Steven Alan Barnett教授 港大經管學院經濟學實務教授 （本文同時於二零二六年三月十七日載於《FT中文網》明德商論專欄）
- [港大经管学院25周年院庆晚宴：致敬传承展望未来](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hku-business-school-celebrates-25-years-of-excellence-with-grand-anniversary-gala-dinner/)
- [港大經管學院25週年院慶晚宴：致敬傳承展望未來](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hku-business-school-celebrates-25-years-of-excellence-with-grand-anniversary-gala-dinner/)
- [HKU Business School Celebrates 25 Years of Excellence with Grand Anniversary Gala Dinner](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hku-business-school-celebrates-25-years-of-excellence-with-grand-anniversary-gala-dinner/)
- [效率以外：生成式AI为何应以人为本](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/beyond-efficiency-toward-human-centred-generative-ai/) - 近几年来，生成式人工智能（AI）的发展几乎可以用“来势汹汹”来形容。从写作、设计、程式开发，到客服、行销、金融分析与医疗辅助，愈来愈多企业在至少一个业务环节导入生成式AI。个人与企业也开始使用这些工具进行创意设计、图像处理、内容生成等以往高度依赖人类专业能力的任务。 发展AI以人类福祉为首 当科技渗透速度如此之快，我们必须问一个更根本的问题：我们希望AI把人带向哪里？如果只是追求效率与成本优化，那么它终究只是工具；但如果它能够促进人类的能力成长、提升组织韧性，并且维护人类的价值与尊严，那它才真正成为一种文明进步的力量。这正是以人为本的AI所关注的核心。 所谓“以人为本”，并不是反对自动化，也不是否定科技创新，而是强调AI的设计、部署与管治，应当以人的发展为中心。为什么这个概念如此重要？因为生成式AI正在重塑知识工作的本质。过去，自动化主要取代的是重复性与常规性任务；如今，生成式AI开始进入创意设计、策略分析与决策支持等非常规任务领域。 企业生产力显著提升，但同时也出现新的隐忧：员工会否因过度依赖AI而出现去技能化（de-skilling）？组织会否逐渐失去自身的知识资产？人类会否在与AI协作中受到被取代的威胁？当AI开始触及认知与创意领域，对人类的影响已不单是效率一环，而是能力结构与价值感的问题。 港大经管学院数字经济与创新研究所（IDEI）及其人机智能（HAI）实验室，提出一个清晰的管治视角——在AI推动组织创新的过程中，若要真正“以人为本”，就不能只看财务回报与科技成熟度，而更应关注四大要点：绩效、学习、创造力、尊严。 绩效提升有赖标注功能 IDEI-HAI的研究显示，在某些销售场景中，即使尚未整合顶尖最佳实践的生成式AI售前系统，也能提升整体绩效。值得注意的是，这种提升主要来自中低绩效员工的表现获改善。 对高绩效员工而言，早期版本的AI反而可能产生压制效果，因为系统输出的标准化建议限制了其原本的专业判断与创新发挥。当系统升级并加入标注功能后，高绩效员工得以在AI基础上进一步优化建议，整体绩效才得以全面提升。从这个发现可见，AI的设计细节决定谁受益、谁被削弱。如果缺乏审慎管治，AI可能拉阔差距，而非缩小差距。 人类学习能力会否遭削弱 人类认知可分为两种模式。系统一：直觉、快速、自动化; 系统二：分析、深思、需要投入认知资源。生成式AI倾向强化系统一的快速反应模式，使任务变得更轻松。然而，若长期依赖这种自动化辅助，人类可能减少深度思考，导致能力退化。这种去技能化效应可能带来两个风险，除了员工在劳动市场中更容易被替代， 组织亦逐渐丧失自身的知识积累，形成组织遗忘（organizational forgetting）。 HAI实验室提出的解方并非拒绝AI，而是优化设计，例如透过“刻意反思”提示，引导使用者思考机器的推理逻辑；在任务完成后进行事后反思，总结人机协作经验；采用“人在环中”（human-in-the-loop）模式，确保人类判断力持续参与。 事实上，AI若设计得当，不仅不会削弱学习，反而有助知识保留。 人机协作增强创造力 IDEI 在艺术与创意产业的研究中发现，数字艺术家使用生成式AI，能够提升其原创作品的市场价值，包括提升审美品质、强化渐进式创新、增强内容创作能力、建立社群声誉。然而，这种提升往往属于渐进式创新，不一定带来颠覆性突破。 在团队层面，生成式AI透过两种机制提升创造力，一、焦点编织（focus weaving），稳定并深化既有构想；二、差距识别（gap spotting），发现盲点并延展思路。 尤其在处理非结构化资料时，这种效果更加显著。因此，AI并不是创造力的对手，而是重新组织创造过程的力量。 人类尊严会否受损 这大概是最深层的问题。当自动化取代常规劳动，个体可能失去透过工作获得的价值感与目标感，也就是获得性尊严。在人机协作中，若AI主导创意过程，人可能质疑自身是否仍具独特价值。 研究显示，AI带来的偶然灵感能提升构思表现，从而增强尊严感；反之，若AI导致认知固化，让人产生可以被取代的感觉，则尊严感会下降。换句话说，尊严并不取决于是否使用AI，而在于人是否仍然感受到主体性与贡献感。 从企业案例看管治实践 在某全球领先的黄金开采企业案例中，企业导入无人化运输系统、数字孪生与AI预测性维护，同时将数字战略与核心价值观——安全、可持续、诚信、包容、责任——紧密结合。更重要的是，他们提供技能再培训与岗位重置，减少员工抗拒，强调以人为本的AI。最终不仅提升生产率，也延长矿场寿命并降低碳排放。 另一大型矿业公司则透过资本配置框架避免为科技而科技，建立AI中心，加强变革管理与“人在环中”机制，实现真正的人机协同。这些案例说明，成功的AI转型，不只是科技升级，而是组织能力与价值观的升级。 在科技浪潮中守住人类核心 生成式AI已成为不可逆转的趋势。问题不在于要不要使用AI，而在于如何设计与管治AI。“以人为本”并非口号，而是一套涵盖上述四大要点的具体框架。在绩效方面，关乎“我们做得更好了吗”；在学习方面，系于“我们变得更强了吗”；在创造力方面，聚焦“我们想得更远了吗”；在尊严方面，则应对“我们仍然是主体吗”。 随着生成式AI深入组织与社会结构，我们必须扪心自问：在通过AI变强的同时，是否仍然是有自主性、安全感、有意义、可持续的个人与组织？这不仅是企业管理的课题，更是全球在数字时代必须共同面对的文明选择。 方钰麟教授 港大经管学院数字经济与创新研究所所长、创新及资讯管理学教授 （本文同时于二零二六年三月十八日载于《信报》“龙虎山下”专栏）
- [全球增长：陷入 “低速挡” 困局](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/global-growth-stuck-in-low-gear/) - 全球经济正陷入 “低速挡” 困局，宛如一辆纵使深踩油门也难以提速的车，全球经济始终难寻往日的增长动能 。引擎还在轰鸣，但拉动增长的 “变速箱” —— 生产率，却已经失灵。 失速的表现 观察这一趋势最直观的方式，是将近期趋势与疫情前时代进行对比。在2020年之前的二十年里，全球经济以年均3.7%的速度增长。相比之下，过去两年的增长率一直在约3.3%徘徊——比历史常态低了整整半个百分点。 如果我们再考虑到疫情留下的巨大“伤疤”，这种表现就更加令人担忧。到2024年，全球经济规模比没有发生新冠疫情冲击的情况下缩小了3%。这代表仅2024一年就有约3.3万亿美元的产出损失——这一数字超过了全球大多数主要经济体的全年GDP。 正常情况下，重大冲击过后应出现一段 “追赶期”，增速会高于平均水平。但这一次，现实却是世界经济非但没有弥合差距，反而进一步掉队。尽管发达经济体表现出了一定的韧性，尤其是美国的表现超出了预期，但新兴市场和发展中经济体由于缺乏政策空间和财政缓冲来减轻打击，反而受创最深。 中期展望 目前的预测并不乐观。国际货币基金组织预计，2024年至2030年间，全球平均增长率仅为3.2%。这一数据结合了最新短期预测和中期预测，为有记录以来的最低值。它不仅比疫情前更慢，更是自1990年代国际货币基金组织开始发布中期预测以来的最低点。“低速挡”或许已不再是暂时的放缓，而正在演变为一种 “新常态” 。 为何失速？症结在于生产率 增长经济学理论为此提供了直接解释：全要素生产率 (TFP)的增速在下降。如果将全球经济想象成一家工厂，产出增长可以通过增加机器（资本）、工人（劳动力），或者更好地利用这些投入（生产率）来实现。 早在疫情之前，经济学家们就已敲响警钟。在古斯塔沃·阿德勒（Gustavo Adler）2017年发表的《逆风飘摇：全球生产率》一文中，研究人员强调，结构性阻力已在拖累全球生产率，并预示了（下文将谈到的）贸易的重要性。生产率的提升来自两方面：创新和资源配置优化。虽然创新（如人工智能）的成果更为直观，但资源配置的作用往往被低估。 资源配置促进生产率的逻辑很简单：如果资源从低生产率活动流向高生产率活动，即使没有技术突破，产出也会增加。一个典型的例子是本世纪头十年的中国，当时中国GDP的快速增长，受益于资源配置的优化，即劳动力从低生产率的农业部门向高产出的制造业领域大规模转移。同一个劳动力，在工厂流水线上创造的产值，远高于在自家地里种田，国家生产率得以腾飞。 国际货币基金组织2024年关于“全球中期增长放缓”的研究也强调了资源配置的重要性。研究发现，优化资源配置的结构性改革，是提振中期增长最有效的方式之一。 贸易逆风的掣肘 从历史上看，贸易是生产率的催化剂。贸易使各国能够深耕自己最擅长的领域，直接促进和优化了资源配置。贸易还使国内产业暴露于与外国竞争之下，激发创新，进而提升生产率。因此，它为最高效的使用资源提供了动力和机遇。 如今，这台增长引擎正在被人为掣肘。随着关税、出口禁令和 “购买本土产品”等贸易限制措施的激增，贸易占全球GDP的比重停滞不前。在发达经济体，贸易增长率自2008年金融危机以来已下降了近一半。 当贸易退潮，资源配置的效率也随之下降，修复这个问题将十分困难，目前许多贸易限制更多出于 “国家安全”而非经济效率的考量。将全球供应链迁回本土所带来的效率损失，实则就是一些国家为了增强韧性而选择的代价——即以牺牲增长为代价换取所谓的安全，这被称为 “韧性税”。 结语 全球经济深陷 “低速挡”困局。过去一段时间的增长令人失望，而展望中期，这份失望恐怕还将延续。此外，在世界仍承载着疫情巨大经济创伤的背景下，增长乏力的态势恐将延续。通过创新以及（经常被低估的）优化资源配置来提振生产率，才是最终的解决方案。但目前，不断筑起的贸易壁垒给提振生产率构成了巨大阻碍。若无法重振贸易活力，全球经济恐将持续低速。 Steven Alan Barnett教授 港大经管学院经济学实务教授 （本文同时于二零二六年三月十七日载于《FT中文网》明德商论专栏）
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- [2026全国两会 五年规划大家谈/香港制定五年规划 助解决“老大难”问题](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/2026-national-two-sessions-everyone-weighs-in-on-the-five‑year-plan/)
- [2026全國兩會 五年規劃大家談/香港制定五年規劃 助解決「老大難」問題](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/2026-national-two-sessions-everyone-weighs-in-on-the-five‑year-plan/)
- [预测市场靠眼光还是内幕](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/prediction-markets-driven-by-insight-or-insider-information/) - 预测市场（prediction market）是以进行预测为目的而产生的一种投机市场。输赢绑定某一特定事件（如美国和以色列空袭伊朗）或参数（如明日股市升跌），最终结果决定取得的金钱价值。假设市场认为伊朗战胜的机会率是75%，此指数的价值就是$75，如伊朗真的胜出，指数价值便会升至$100，即有关事件已100%发生了。 预测市场平台的匿名用户可对未来各种事件下注，不须缴付交易费，资金主要来自投资者。 基于结果的期权产品成新战场 预测市场渐受追捧，Polymarket 与 Kalshi 在上月的总交投量创下175 亿美元的新高位。传统交易所也考虑发展相关功能，例如纳斯达克已向美国证券交易委员会（SEC）提交申请，计划推出与旗下纳斯达克100 指数挂钩的二元结构产品，交易价格将依市场对特定结果发生机会率的判断而波动。 纽约证券交易所母公司洲际交易所（ICE）去年宣布对 Polymarket 投资约 20 亿美元，芝加哥期权交易所（CBOE）母公司CBOE Global Markets 则传出正评估重新推出“全有或全无”（all-or-nothing）期权合约。 Polymarket、Kalshi等预测市场平台，大多属于商品期货监管制度，由美国商品期货交易委员会（CFTC）负责。纳斯达克提出上述申请，在产品创新的背后意味着金融市场的态度转变；若申请顺利通过，二元期权将成为传统证券交易所的崭新产品，相信预测市场需遵照较高的合规标准。 不可不察的是，若纳斯达克的新型合约产品获准纳入 SEC 的监管范围，可能成为首次让预测型交易工具进入传统证券市场架构的重要里程碑。至于从商品期货走进证券制度的发展，亦难免令 SEC 与 CFTC 之间的管辖界线再次成为关注核心。SEC 近期指出，预测市场或出现管辖权责重叠的情况，可见仍须协调监管。 内幕交易阴影挥之不去 从传媒报导和社交平台讨论或可推断，在地缘政治市场中不乏内幕交易。今年 1 月，一个新开的平台帐户押注委内瑞拉总统马杜罗下台，短短1天之内，就赚了超过 40 万美元。此一事件促使美国众议员提出《2026 年金融预测市场公共诚信法案》，计划禁止联邦官员交易与政府政策挂钩的预测市场合约。该平台提供的是透明资讯，让用户参考，抑或服务掌握机密的人，以便他们透过买卖资讯获利？ 预测市场为尚未发生的事件定价，其中有一重要假设：进入市场的资讯公开，但公告缺乏系统，如民调结果和公司业绩报告。预测市场若涉及有人掌握他人不知且无法知道的资讯，等同将资讯不对称货币商品化。只要包含泄露的机密情报或政府内部时间表而令预测准确，不论在任何具有公共意义的层面而言，就已不再是资讯市场，而是秘密交易的黑暗场所。 形同赌博冲击道德底线 预测市场从边缘的新奇事物，发展为公私营金融机构不能忽视的独立融资生态系统。彭博市场去年的调查显示，虽然传统交易员认为预测市场上的金融产品具有持久生命力，但亦指出其中存在赌博与投资之间的模糊界线。 Polymarket 几年前就曾因未经注册营运而被禁，并须向 CFTC 支付140 万美元罚款，直到最近才获批准，重返美国市场。同时，众议院内多名民主党议员支持托雷斯（Ritchie Torres）所提出的法案，拟禁止政府内部人员利用非公开资讯在预测市场进行交易，皆因押注的时机反映实属内幕交易，并非纯粹按公开资讯作出预测。 尽管市场备受法律、政治压力多重挑战，参与热度却未见减少。事实上，预测市场正由体育博彩扩展至企业盈利数据等不同范围，传统赌博公司和对冲基金更正安排专家，透过低效定价进行交易。 去年，Polymarket 定出一个乌克兰总统泽连斯基会否在 7 月前穿西装的合约，吸引了数亿美元的庞大交易量。最后泽连斯基身穿名牌黑色外套和长裤亮相，但预测市场的投票结果却显示他穿的不是西装。背后原因，在于少数大型代币持有者对相反结果押下巨额资金，由于他们掌握足够投票权，足以推动一个对自己有利的决议。 顾名思义，预测市场无关于发现真相，其功能只在达成一个结算方案。大多数参与者相信什么是事实毫不重要，最终有效的结果由系统认定，而当中每多牵涉资金、权力的斗争。利益愈大，涉及的各方势力自然愈多，引发争议就不足为奇。 灰色地带的法律风险 参与者对地缘政治事件押注之际，军事机密情报在公开前往往只有少数人知悉，因而造成严重资讯不对称。市场平台容许高度匿名性，容易吸引特权知情者提前进行内幕交易。究竟是非法内幕交易还是合法预测，加以判断殊非易事，反映预测市场在法规监管方面有待加强。 预测市场通过拓展交易的范围，使几乎任何事物都可交易，扩大了有价值内幕信息的来源。举例来说，某中学设有“谁将成为毕业舞会舞王? ”的预测市场。你的朋友是全级最受欢迎的人，私下告知你无法参加舞会。 若你利用此信息进行交易，会否构成内幕交易？在法律层面，这系于是否欺诈性违反承诺，任何此类承诺需按你和朋友之间的信息披露情境，而非基于对公司的明确义务或正式协议而定，以致提出内幕交易的诉讼障碍重重。 谢国生教授
- [从“中国+1”到“美国+1” 香港如何部署？](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/from-china1-to-us1-how-should-hong-kong-position-itself/)
- [From “China+1” to “US+1”: How Should Hong Kong Position Itself?](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/from-china1-to-us1-how-should-hong-kong-position-itself/)
- [從「中國+1」到「美國+1」 香港如何部署？](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/from-china1-to-us1-how-should-hong-kong-position-itself/)
- [Cybersecurity Risk](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/cybersecurity-risk/) - Based on textual analysis and a comparison of cybersecurity risk disclosures of firms that were hacked to others that were not, we propose a novel firm-level measure of cybersecurity risk for all U.S.-listed firms. We then examine whether cybersecurity risk is priced in the cross-section of stock returns. Portfolios of firms with high exposure to cybersecurity risk outperform other firms, on average, by up to 8.3% per year. Yet, high-exposure firms perform poorly in periods of high cybersecurity risk. Reassuringly, the measure is higher in information-technology industries, correlates with characteristics linked to firms hit by cyberattacks, and predicts future cyberattacks.
- [Cybersecurity Risk](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/cybersecurity-risk/) - Based on textual analysis and a comparison of cybersecurity risk disclosures of firms that were hacked to others that were not, we propose a novel firm-level measure of cybersecurity risk for all U.S.-listed firms. We then examine whether cybersecurity risk is priced in the cross-section of stock returns. Portfolios of firms with high exposure to cybersecurity risk outperform other firms, on average, by up to 8.3% per year. Yet, high-exposure firms perform poorly in periods of high cybersecurity risk. Reassuringly, the measure is higher in information-technology industries, correlates with characteristics linked to firms hit by cyberattacks, and predicts future cyberattacks.
- [Do Differences in Analyst Quality Matter for Investors Relying on Consensus Information](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-differences-in-analyst-quality-matter-for-investors-relying-on-consensus-information/) - This study investigates whether investors can reap economic benefits from analyzing differences in analyst quality. Although high-quality analysts’ average forecast is more accurate than the consensus forecast for firms with a large analyst following, the benefits of using high-quality analysts’ average forecasts are not economically significant. In contrast, the value of analyst quality differentiation exists in the second moment of forecasts. High-quality analysts’ forecast dispersion gives investors an advantage in dealing with uncertainty by predicting return volatility and providing opportunities for economically significant returns using option straddle and post-earnings announcement drift investment strategies.
- [Do Differences in Analyst Quality Matter for Investors Relying on Consensus Information](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-differences-in-analyst-quality-matter-for-investors-relying-on-consensus-information/) - This study investigates whether investors can reap economic benefits from analyzing differences in analyst quality. Although high-quality analysts’ average forecast is more accurate than the consensus forecast for firms with a large analyst following, the benefits of using high-quality analysts’ average forecasts are not economically significant. In contrast, the value of analyst quality differentiation exists in the second moment of forecasts. High-quality analysts’ forecast dispersion gives investors an advantage in dealing with uncertainty by predicting return volatility and providing opportunities for economically significant returns using option straddle and post-earnings announcement drift investment strategies.
- [Washington Policy Analysts and the Propagation of Political Information](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/washington-policy-analysts-and-the-propagation-of-political-information/) - Washington policy research analysts (WAs) monitor political developments and produce research to interpret the impact of these events. We find institutional clients channel more commissions to brokerages providing policy research and commission-allocating institutional clients generate superior returns on their politically sensitive trades. We find that WA policy research reports are associated with significant price and volume reactions. Finally, we find sell-side analysts with access to WA issue superior stock recommendations on politically sensitive stocks. These effects are particularly acute during periods of high political uncertainty. Overall, we uncover a unique and an important conduit through which political information filters into asset prices.
- [Washington Policy Analysts and the Propagation of Political Information](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/washington-policy-analysts-and-the-propagation-of-political-information/) - Washington policy research analysts (WAs) monitor political developments and produce research to interpret the impact of these events. We find institutional clients channel more commissions to brokerages providing policy research and commission-allocating institutional clients generate superior returns on their politically sensitive trades. We find that WA policy research reports are associated with significant price and volume reactions. Finally, we find sell-side analysts with access to WA issue superior stock recommendations on politically sensitive stocks. These effects are particularly acute during periods of high political uncertainty. Overall, we uncover a unique and an important conduit through which political information filters into asset prices.
- [Mutual Funds’ Strategic Voting on Environmental and Social Issues](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mutual-funds-strategic-voting-on-environmental-and-social-issues/) - Environmental and social (ES) funds in non-ES families must balance incorporating the stakeholders’ interests they advertise and maximizing shareholder value favored by their families. We find that these funds support ES proposals that are far from the majority threshold, while opposing them when their vote is more likely to be pivotal. This strategy results in a high average support for ES proposals, seemingly consistent with their fiduciary responsibilities, while opposing contested ES proposals. This greenwashing strategy is driven by ES funds in non-ES families who cater to institutional investors. Indeed, these funds experience lower inflows when providing low average support for ES proposals. This strategic voting is not exhibited in governance proposals, nor by ES funds in ES families or by non-ES funds in non-ES families, reinforcing the notion of strategic voting to accommodate family preferences while appearing to meet the fiduciary responsibilities of the funds.
- [Mutual Funds’ Strategic Voting on Environmental and Social Issues](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mutual-funds-strategic-voting-on-environmental-and-social-issues/) - Environmental and social (ES) funds in non-ES families must balance incorporating the stakeholders’ interests they advertise and maximizing shareholder value favored by their families. We find that these funds support ES proposals that are far from the majority threshold, while opposing them when their vote is more likely to be pivotal. This strategy results in a high average support for ES proposals, seemingly consistent with their fiduciary responsibilities, while opposing contested ES proposals. This greenwashing strategy is driven by ES funds in non-ES families who cater to institutional investors. Indeed, these funds experience lower inflows when providing low average support for ES proposals. This strategic voting is not exhibited in governance proposals, nor by ES funds in ES families or by non-ES funds in non-ES families, reinforcing the notion of strategic voting to accommodate family preferences while appearing to meet the fiduciary responsibilities of the funds.
- [Information Spillover and Corporate Policies: The Case of Listed Options](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/information-spillover-and-corporate-policies-the-case-of-listed-options/) - Information production associated with derivatives markets is not a sideshow; rather, it has significantly positive spillover effects on an array of corporate decisions of underlying firms. Using a regression-discontinuity design based on exogenous variation in options availability as an instrument for changes in the information environment, we show that options introductions have causal effects on corporate policies on both sides of the balance sheet. Through improved information efficiency, options availability reduces the need for debt and payout, increases efficient investment, and yields superior innovation. We conduct two independent experiments demonstrating that our instrument’s impact is not derived from alternative channels.
- [Information Spillover and Corporate Policies: The Case of Listed Options](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/information-spillover-and-corporate-policies-the-case-of-listed-options/) - Information production associated with derivatives markets is not a sideshow; rather, it has significantly positive spillover effects on an array of corporate decisions of underlying firms. Using a regression-discontinuity design based on exogenous variation in options availability as an instrument for changes in the information environment, we show that options introductions have causal effects on corporate policies on both sides of the balance sheet. Through improved information efficiency, options availability reduces the need for debt and payout, increases efficient investment, and yields superior innovation. We conduct two independent experiments demonstrating that our instrument’s impact is not derived from alternative channels.
- [Financing Payouts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/financing-payouts/) - We find that 43% of firms that make payouts also raise capital during the same year, resulting in 31% of aggregate payouts being externally financed, primarily with debt. Most financed payouts cannot be explained by payout smoothing in response to volatile earnings or investment (rather, they are the result of firms persistently setting payouts above free cash flow). In fact, 25% of aggregate payouts could not have been paid without the firms simultaneously raising capital. Profitable firms with moderate growth use debt-financed payouts to jointly manage their leverage and cash, thus highlighting the close relationship between payout and capital structure decisions.
- [Financing Payouts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/financing-payouts/) - We find that 43% of firms that make payouts also raise capital during the same year, resulting in 31% of aggregate payouts being externally financed, primarily with debt. Most financed payouts cannot be explained by payout smoothing in response to volatile earnings or investment (rather, they are the result of firms persistently setting payouts above free cash flow). In fact, 25% of aggregate payouts could not have been paid without the firms simultaneously raising capital. Profitable firms with moderate growth use debt-financed payouts to jointly manage their leverage and cash, thus highlighting the close relationship between payout and capital structure decisions.
- [Political Activism and Market Power](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/political-activism-and-market-power/) - We document an increase in market power for politically active firms during times of heightened policy uncertainty, when their information and influence advantage is greater. The effect is long-lasting and stronger for large politically active firms. We show that relatively large investments during high uncertainty periods serve as a potential mechanism for gains in market power. Industries populated with politically active firms experience lower business dynamism and import penetration, consistent with active firms leveraging investment timing to restrict competition. Results suggest that political activism is a likely contributing factor to the dominance of large firms over the last two decades.
- [Political Activism and Market Power](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/political-activism-and-market-power/) - We document an increase in market power for politically active firms during times of heightened policy uncertainty, when their information and influence advantage is greater. The effect is long-lasting and stronger for large politically active firms. We show that relatively large investments during high uncertainty periods serve as a potential mechanism for gains in market power. Industries populated with politically active firms experience lower business dynamism and import penetration, consistent with active firms leveraging investment timing to restrict competition. Results suggest that political activism is a likely contributing factor to the dominance of large firms over the last two decades.
- [Climate Change and Mutual Fund Voting on Climate Proposals](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/climate-change-and-mutual-fund-voting-on-climate-proposals/) - This paper explores whether investors’ personal experience with climate change affects their voting behavior on climate change–related proposals. We find that fund managers exposed to abnormally hot temperatures are significantly more likely to support climate proposals. We further show that the effect is persistent. We observe significant heterogeneity in the effect of hot temperatures, depending on firm-level climate risk, the quality of the proposals, fund investment strategy, and prior awareness of climate change. Fund managers’ personal experience with climate change matters for the outcome of climate proposals as it affects the aggregate support they receive. Fund managers exposed to abnormally hot temperatures are also more likely to divest from stocks with greater exposure to climate change.
- [Climate Change and Mutual Fund Voting on Climate Proposals](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/climate-change-and-mutual-fund-voting-on-climate-proposals/) - This paper explores whether investors’ personal experience with climate change affects their voting behavior on climate change–related proposals. We find that fund managers exposed to abnormally hot temperatures are significantly more likely to support climate proposals. We further show that the effect is persistent. We observe significant heterogeneity in the effect of hot temperatures, depending on firm-level climate risk, the quality of the proposals, fund investment strategy, and prior awareness of climate change. Fund managers’ personal experience with climate change matters for the outcome of climate proposals as it affects the aggregate support they receive. Fund managers exposed to abnormally hot temperatures are also more likely to divest from stocks with greater exposure to climate change.
- [Climate Change and Mutual Fund Voting on Climate Proposals](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/climate-change-and-mutual-fund-voting-on-climate-proposals/) - This paper explores whether investors’ personal experience with climate change affects their voting behavior on climate change–related proposals. We find that fund managers exposed to abnormally hot temperatures are significantly more likely to support climate proposals. We further show that the effect is persistent. We observe significant heterogeneity in the effect of hot temperatures, depending on firm-level climate risk, the quality of the proposals, fund investment strategy, and prior awareness of climate change. Fund managers’ personal experience with climate change matters for the outcome of climate proposals as it affects the aggregate support they receive. Fund managers exposed to abnormally hot temperatures are also more likely to divest from stocks with greater exposure to climate change.
- [When Algorithms Become Consumers: How the AI Agent Economy Is Reshaping the Consumer Industry](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-algorithms-become-consumers-how-the-ai-agent-economy-is-reshaping-the-consumer-industry/) - 當算法成為消費者——AI代理經濟如何重塑消費行業 人工智能正在經歷從「副駕駛」向「智慧體」的進化，這一躍遷對市場營銷行業的影響將是史無前例的。 在過去幾年，我們見證了 AI 如何作為一種效率工具優化營銷鏈條：客服機器人削減了運營成本，生成式 AI（AIGC）實現了內容的規模化生產，而機器學習讓消費者洞察變得更加精準。 然而，這些僅僅是序章。隨著具備自主決策能力的「AI 智慧體」落地，我們正站在一個新的商業臨界點上——代理經濟（Agentic Economy）將從根本上重構品牌與消費者之間的連接方式。 「守門人」的更替：從爭奪眼球到爭奪算法 在傳統的商業競爭中，企業的核心戰場是消費者的「認知帶寬」。無論是通過電視廣告、搜尋引擎優化（SEO）還是社交媒體投放，品牌都在試圖直接觸達消費者，並在其心智中建立價格、品質與情感的連接，以此「討好」人類做出購買決策。 然而，AI 智能體的崛起正在終結這一邏輯。越來越多的消費者開始將決策權讓渡給 AI 私人助理。 未來的購物場景可能不再是用戶在電商平臺上反覆比價，而是簡單的一句指令：“幫我選購一款高性價比、適合自拍的手機。 在這個過程中，AI 智能體成為了新的超級入口和守門人。 這意味著，消費者的直接觸點正在消失。 如果一個品牌無法被 AI 智能體識別、理解並優選，它將在物理世界中「隱形」。 這標誌著營銷對象正在發生歷史性的轉移：從 B2C（Business to Consumer）轉向 B2A2C（Business to Agent to Consumer）。 GEO 與新競價邏輯：算法信任成為新資產 在代理經濟時代，企業必須學會「對機器營銷」。首先，傳統的搜尋引擎優化（SEO）將演變為生成式引擎優化（GEO， Generative Engine Optimization）。企業必須構建結構化、高品質的數據資產「投喂」給 AI，確保算法能夠準確理解產品的核心價值。 在這個新生態中，AI 對品牌的“信任度”——即數據的真實性與可驗證性——將比感性的品牌故事更為關鍵。 其次，商業推廣的付費邏輯也將重塑。正如搜索時代的競價排名（SEM），未來極有可能出現基於 AI 推薦權重的商業模式。AI 代理或許會像今天的搜尋引擎一樣，通過向企業收費來換取在推薦列表中的優先展示。但這將面臨更複雜的博弈：企業不僅要支付費用，更要通過算法的「理性審計」。 機器間的談判：交易的毫秒級博弈 更為深遠的變革在於交易環節。 未來，企業不僅要面對使用 AI 的消費者，更需要部署自己的「企業級智能體」。 未來的商業交易將演變為一場“AI 對 AI”的談判：消費者的個人智能體發出需求信號，企業的銷售智能體毫秒級響應，提供動態定價和個人化方案。 雙方在無人類干預的情況下，自動完成從詢價、談判到支付的閉環。 這預示著一種全新的高頻、低摩擦商業形態。 在這種形態下，AI
- [中企出海：中國宏觀經濟轉型的必經之路](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/chinas-macroeconomic-shift-a-call-for-firms-to-go-global/) - 當前中國經濟正處於深度轉型期。 儘管擁有14億人口的內需潛力，但房地產調整引發的財富效應收縮、居民高儲蓄率（2024年超過43%）與消費信心不足制約內需釋放。 同時，部分高端製造領域供強需弱，國內市場「內卷」加劇。 儘管政府已意識到此問題並正採取「反內卷」措施，成效仍有待觀察。 在此背景下，企業尋求外部增長空間已由戰略選擇轉變為生存必需。 放眼全球，舊有的全球化秩序正在瓦解。 美國面臨日益嚴峻的債務困境，其國債已逼近40萬億美元，利息負擔持續加重。 與此同時，美國正試圖通過重塑全球秩序來強化其戰略主導地位，例如施壓委內瑞拉、謀求控制格陵蘭，並藉助“對等關稅”等保護主義手段重構全球供應鏈。 然而，其結果並非「去全球化」 而是催生了全球貿易碎片化、區域化的新格局。 一方面，「全球南方」國家積极參與RCEP、CPTPP、金磚機制; 另一方面，東盟和中東等地區成為新的增長與承接中心。 世界正加速邁向多極化，美國未必仍是新一輪全球化的核心。 正因如此，「不出海就出局」這句話雖未必反映全體企業的實際決策，卻精準捕捉了當前一部分先行者的焦慮與判斷。 這一判斷源於雙重壓力：一是內部競爭白熱化，利潤空間持續收窄; 二是外部關稅壁壘高築，尤其特朗普政府2025年推出的10%基準關稅及對華更高稅率，直接衝擊傳統出口模式。 許多企業被迫將生產基地轉移，以維持對美供貨，或主動開拓非美市場，構建“中國+1”甚至“美國+1”的多元佈局。 中國新興產業影響力顯著提升。 根據中國海關總署數據，電動汽車、光伏和鋰電池等「新三樣」2025年出口規模接近1.3萬億元，較2020年增長3.5倍。 同吋，中國企業出海正加速向“全球南方”新興市場轉移，出海重點日益轉向東盟和拉丁美洲。 2024年，中國對東盟直接投資343.6億美元，同比增長36.8%，對拉丁美洲直接投資增長15.4%。 在這一趨勢下，不同區域展現出差異化的發展機遇：東盟憑藉完善的產業基礎承接電子和半導體產業鏈，墨西哥受益於近岸外包成為進入美國市場的重要節點，而中東地區則因主權財富基金活躍，在資本與能源合作中崛起為新的戰略熱點。 然而，出海絕非坦途。 許多企業家漸漸發現國內高效的政企協作與工作力管理難以直接複製海外，這源於文化差異、勞工法規、環保標準及與當地政府溝通的複雜性。 有專案原先預期三年便能回本，但在實際操作上，選址、審批、招工環節已耗去兩年。 正確的戰略與周全的準備是成功出海的基石，若考量不足，企業或面臨固定資產與商譽減值。 例如，一家國內知名電商企業曾將國內重資產與自建物流模式照搬至東南亞市場，但忽略了當地地理分散、基礎設施差異和盈利週期較長的現實，導致成本結構與市場階段嚴重錯配。 最終因長期虧損退出當地市場。 未來五到十年，中國企業出海會呈現出一種新趨勢：不再局限於商品出口，而是更注重與全球南方國家共建本地生態。 這一轉變源於國內經濟結構升級轉型的需要，同時避免激發政治反彈和貿易摩擦。 中企通過在當地設廠、培訓員工、培育供應鏈，將部分價值鏈留在東道國，既緩解「供強需弱」困局，又實現技術、品牌等高階價值迴流自身。 總的來說，中國正從工業製造大國轉向全球生產鏈的構建者。 通過品牌出海、供應鏈協同與企業管理文化共融，中國與新興市場正共同分擔風險、共用增長紅利，為動蕩中的世界經濟提供新的穩定錨。 鄧希煒教授 香港大學協理副校長（環球事務）、港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授 （本文同時於二零二六年二月六日載於《FT中文網》明德商論專欄）
- [China’s Macroeconomic Shift: A Call for Firms to Go Global](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/chinas-macroeconomic-shift-a-call-for-firms-to-go-global/) - 中企出海：中國宏觀經濟轉型的必經之路 當前中國經濟正處於深度轉型期。 儘管擁有14億人口的內需潛力，但房地產調整引發的財富效應收縮、居民高儲蓄率（2024年超過43%）與消費信心不足制約內需釋放。 同時，部分高端製造領域供強需弱，國內市場「內卷」加劇。 儘管政府已意識到此問題並正採取「反內卷」措施，成效仍有待觀察。 在此背景下，企業尋求外部增長空間已由戰略選擇轉變為生存必需。 放眼全球，舊有的全球化秩序正在瓦解。 美國面臨日益嚴峻的債務困境，其國債已逼近40萬億美元，利息負擔持續加重。 與此同時，美國正試圖通過重塑全球秩序來強化其戰略主導地位，例如施壓委內瑞拉、謀求控制格陵蘭，並藉助“對等關稅”等保護主義手段重構全球供應鏈。 然而，其結果並非「去全球化」 而是催生了全球貿易碎片化、區域化的新格局。 一方面，「全球南方」國家積极參與RCEP、CPTPP、金磚機制; 另一方面，東盟和中東等地區成為新的增長與承接中心。 世界正加速邁向多極化，美國未必仍是新一輪全球化的核心。 正因如此，「不出海就出局」這句話雖未必反映全體企業的實際決策，卻精準捕捉了當前一部分先行者的焦慮與判斷。 這一判斷源於雙重壓力：一是內部競爭白熱化，利潤空間持續收窄; 二是外部關稅壁壘高築，尤其特朗普政府2025年推出的10%基準關稅及對華更高稅率，直接衝擊傳統出口模式。 許多企業被迫將生產基地轉移，以維持對美供貨，或主動開拓非美市場，構建“中國+1”甚至“美國+1”的多元佈局。 中國新興產業影響力顯著提升。 根據中國海關總署數據，電動汽車、光伏和鋰電池等「新三樣」2025年出口規模接近1.3萬億元，較2020年增長3.5倍。 同吋，中國企業出海正加速向“全球南方”新興市場轉移，出海重點日益轉向東盟和拉丁美洲。 2024年，中國對東盟直接投資343.6億美元，同比增長36.8%，對拉丁美洲直接投資增長15.4%。 在這一趨勢下，不同區域展現出差異化的發展機遇：東盟憑藉完善的產業基礎承接電子和半導體產業鏈，墨西哥受益於近岸外包成為進入美國市場的重要節點，而中東地區則因主權財富基金活躍，在資本與能源合作中崛起為新的戰略熱點。 然而，出海絕非坦途。 許多企業家漸漸發現國內高效的政企協作與工作力管理難以直接複製海外，這源於文化差異、勞工法規、環保標準及與當地政府溝通的複雜性。 有專案原先預期三年便能回本，但在實際操作上，選址、審批、招工環節已耗去兩年。 正確的戰略與周全的準備是成功出海的基石，若考量不足，企業或面臨固定資產與商譽減值。 例如，一家國內知名電商企業曾將國內重資產與自建物流模式照搬至東南亞市場，但忽略了當地地理分散、基礎設施差異和盈利週期較長的現實，導致成本結構與市場階段嚴重錯配。 最終因長期虧損退出當地市場。 未來五到十年，中國企業出海會呈現出一種新趨勢：不再局限於商品出口，而是更注重與全球南方國家共建本地生態。 這一轉變源於國內經濟結構升級轉型的需要，同時避免激發政治反彈和貿易摩擦。 中企通過在當地設廠、培訓員工、培育供應鏈，將部分價值鏈留在東道國，既緩解「供強需弱」困局，又實現技術、品牌等高階價值迴流自身。 總的來說，中國正從工業製造大國轉向全球生產鏈的構建者。 通過品牌出海、供應鏈協同與企業管理文化共融，中國與新興市場正共同分擔風險、共用增長紅利，為動蕩中的世界經濟提供新的穩定錨。 鄧希煒教授 香港大學協理副校長（環球事務）、港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授 （本文同時於二零二六年二月六日載於《FT中文網》明德商論專欄）
- [Ethnic Diversity and Corporate Interstate Investments](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/ethnic-diversity-and-corporate-interstate-investments/) - We document that firms prefer counties with higher ethnic diversity in locating their interstate investments, especially for those pursuing innovation, seeking to establish service centers, or capable of managing a diverse workforce. We also find some evidence that interstate investment in high ethnic diversity locations results in increased patent applications, sales growth, positive media coverage, and overall operating performance. Taken together, we show that firms prefer to invest in ethnically diverse locations as they recognize the potential benefits of leveraging a diverse labor supply such as enhancing problem-solving, innovation, and performance.
- [Ethnic Diversity and Corporate Interstate Investments](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/ethnic-diversity-and-corporate-interstate-investments/) - We document that firms prefer counties with higher ethnic diversity in locating their interstate investments, especially for those pursuing innovation, seeking to establish service centers, or capable of managing a diverse workforce. We also find some evidence that interstate investment in high ethnic diversity locations results in increased patent applications, sales growth, positive media coverage, and overall operating performance. Taken together, we show that firms prefer to invest in ethnically diverse locations as they recognize the potential benefits of leveraging a diverse labor supply such as enhancing problem-solving, innovation, and performance.
- [Ethnic Diversity and Corporate Interstate Investments](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/ethnic-diversity-and-corporate-interstate-investments/) - We document that firms prefer counties with higher ethnic diversity in locating their interstate investments, especially for those pursuing innovation, seeking to establish service centers, or capable of managing a diverse workforce. We also find some evidence that interstate investment in high ethnic diversity locations results in increased patent applications, sales growth, positive media coverage, and overall operating performance. Taken together, we show that firms prefer to invest in ethnically diverse locations as they recognize the potential benefits of leveraging a diverse labor supply such as enhancing problem-solving, innovation, and performance.
- [Getting to the Core: Inflation Risks Within and Across Asset Classes](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/getting-to-the-core-inflation-risks-within-and-across-asset-classes/) - Do real assets protect against inflation? Stocks’ core inflation betas are negative, while their energy betas are positive. Currencies, commodities, and real estate mostly hedge against energy inflation, but not core inflation. These hedging properties are reflected in the prices of inflation risks: only core inflation carries a negative risk premium, and its magnitude is consistent within and across asset classes, uniquely among macroeconomic risk factors. Energy inflation has become more procyclical and volatile since the 1990s, which helps explain the time-varying correlation between stock and bond returns. A two-sector New Keynesian asset pricing model accounts for these facts quantitatively.
- [Getting to the Core: Inflation Risks Within and Across Asset Classes](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/getting-to-the-core-inflation-risks-within-and-across-asset-classes/) - Do real assets protect against inflation? Stocks’ core inflation betas are negative, while their energy betas are positive. Currencies, commodities, and real estate mostly hedge against energy inflation, but not core inflation. These hedging properties are reflected in the prices of inflation risks: only core inflation carries a negative risk premium, and its magnitude is consistent within and across asset classes, uniquely among macroeconomic risk factors. Energy inflation has become more procyclical and volatile since the 1990s, which helps explain the time-varying correlation between stock and bond returns. A two-sector New Keynesian asset pricing model accounts for these facts quantitatively.
- [Getting to the Core: Inflation Risks Within and Across Asset Classes](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/getting-to-the-core-inflation-risks-within-and-across-asset-classes/) - Do real assets protect against inflation? Stocks’ core inflation betas are negative, while their energy betas are positive. Currencies, commodities, and real estate mostly hedge against energy inflation, but not core inflation. These hedging properties are reflected in the prices of inflation risks: only core inflation carries a negative risk premium, and its magnitude is consistent within and across asset classes, uniquely among macroeconomic risk factors. Energy inflation has become more procyclical and volatile since the 1990s, which helps explain the time-varying correlation between stock and bond returns. A two-sector New Keynesian asset pricing model accounts for these facts quantitatively.
- [Testing for Jumps in a Discretely Observed Price Process with Endogenous Sampling Times](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/testing-for-jumps-in-a-discretely-observed-price-process-with-endogenous-sampling-times/) - This paper introduces a novel nonparametric high-frequency jump test for discretely observed Itô semimartingales. Based on observations sampled recursively at first exit times from a symmetric double barrier, our method distinguishes between threshold exceedances caused by the Brownian component and jumps, which enables the construction of a feasible, noise-robust statistical test. Simulation results demonstrate superior finite-sample performance of our test compared to existing methods. An empirical analysis of NYSE-traded stocks provides clear statistical evidence for jumps, with the results highly robust to spurious detections.
- [Testing for Jumps in a Discretely Observed Price Process with Endogenous Sampling Times](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/testing-for-jumps-in-a-discretely-observed-price-process-with-endogenous-sampling-times/) - This paper introduces a novel nonparametric high-frequency jump test for discretely observed Itô semimartingales. Based on observations sampled recursively at first exit times from a symmetric double barrier, our method distinguishes between threshold exceedances caused by the Brownian component and jumps, which enables the construction of a feasible, noise-robust statistical test. Simulation results demonstrate superior finite-sample performance of our test compared to existing methods. An empirical analysis of NYSE-traded stocks provides clear statistical evidence for jumps, with the results highly robust to spurious detections.
- [Testing for Jumps in a Discretely Observed Price Process with Endogenous Sampling Times](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/testing-for-jumps-in-a-discretely-observed-price-process-with-endogenous-sampling-times/) - This paper introduces a novel nonparametric high-frequency jump test for discretely observed Itô semimartingales. Based on observations sampled recursively at first exit times from a symmetric double barrier, our method distinguishes between threshold exceedances caused by the Brownian component and jumps, which enables the construction of a feasible, noise-robust statistical test. Simulation results demonstrate superior finite-sample performance of our test compared to existing methods. An empirical analysis of NYSE-traded stocks provides clear statistical evidence for jumps, with the results highly robust to spurious detections.
- [Last-Iterate Convergence in No-Regret Learning: Games with Reference Effects Under Logit Demand](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/last-iterate-convergence-in-no-regret-learning-games-with-reference-effects-under-logit-demand/) - This work examines the behaviors of the online projected gradient ascent (OPGA) algorithm and its variant in a repeated oligopoly price competition under reference effects. In particular, we consider that multiple firms engage in a multiperiod price competition, where consecutive periods are linked by the reference price update and each firm has access only to its own first-order feedback. Consumers assess their willingness to pay by comparing the current price against the memory-based reference price, and their choices follow the multinomial logit (MNL) model. We use the notion of stationary Nash equilibrium (SNE), defined as the fixed point of the equilibrium pricing policy, to simultaneously capture the long-run equilibrium and stability. We first study the loss-neutral reference effects and show that if the firms employ the OPGA algorithm—adjusting the price using the first-order derivatives of their log-revenues—the price and reference price paths attain last-iterate convergence to the unique SNE, thereby guaranteeing the no-regret learning and market stability. Moreover, with appropriate step-sizes, we prove that this algorithm exhibits a convergence rate of ̃ 𝒪 ⁢(1/𝑡2) in terms of the squared distance and achieves a constant dynamic regret. Despite the simplicity of the algorithm, its convergence analysis is challenging due to the model lacking typical properties such as strong monotonicity and variational stability that are ordinarily used for the convergence analysis of online games. The inherent asymmetry nature of reference effects motivates the exploration beyond loss-neutrality. When loss-averse reference effects are introduced, we propose a variant of the original algorithm named the conservative-OPGA (C-OPGA) to handle the nonsmooth revenue functions and show that the price and reference price achieve last-iterate convergence to the set of SNEs with the rate of 𝒪⁢(1/√𝑡) . Finally, we demonstrate the practicality and robustness of OPGA and C-OPGA by theoretically showing that these algorithms can also adapt to firm-differentiated step-sizes and inexact gradients.
- [Last-Iterate Convergence in No-Regret Learning: Games with Reference Effects Under Logit Demand](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/last-iterate-convergence-in-no-regret-learning-games-with-reference-effects-under-logit-demand/) - This work examines the behaviors of the online projected gradient ascent (OPGA) algorithm and its variant in a repeated oligopoly price competition under reference effects. In particular, we consider that multiple firms engage in a multiperiod price competition, where consecutive periods are linked by the reference price update and each firm has access only to its own first-order feedback. Consumers assess their willingness to pay by comparing the current price against the memory-based reference price, and their choices follow the multinomial logit (MNL) model. We use the notion of stationary Nash equilibrium (SNE), defined as the fixed point of the equilibrium pricing policy, to simultaneously capture the long-run equilibrium and stability. We first study the loss-neutral reference effects and show that if the firms employ the OPGA algorithm—adjusting the price using the first-order derivatives of their log-revenues—the price and reference price paths attain last-iterate convergence to the unique SNE, thereby guaranteeing the no-regret learning and market stability. Moreover, with appropriate step-sizes, we prove that this algorithm exhibits a convergence rate of ̃ 𝒪 ⁢(1/𝑡2) in terms of the squared distance and achieves a constant dynamic regret. Despite the simplicity of the algorithm, its convergence analysis is challenging due to the model lacking typical properties such as strong monotonicity and variational stability that are ordinarily used for the convergence analysis of online games. The inherent asymmetry nature of reference effects motivates the exploration beyond loss-neutrality. When loss-averse reference effects are introduced, we propose a variant of the original algorithm named the conservative-OPGA (C-OPGA) to handle the nonsmooth revenue functions and show that the price and reference price achieve last-iterate convergence to the set of SNEs with the rate of 𝒪⁢(1/√𝑡) . Finally, we demonstrate the practicality and robustness of OPGA and C-OPGA by theoretically showing that these algorithms can also adapt to firm-differentiated step-sizes and inexact gradients.
- [Last-Iterate Convergence in No-Regret Learning: Games with Reference Effects Under Logit Demand](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/last-iterate-convergence-in-no-regret-learning-games-with-reference-effects-under-logit-demand/) - This work examines the behaviors of the online projected gradient ascent (OPGA) algorithm and its variant in a repeated oligopoly price competition under reference effects. In particular, we consider that multiple firms engage in a multiperiod price competition, where consecutive periods are linked by the reference price update and each firm has access only to its own first-order feedback. Consumers assess their willingness to pay by comparing the current price against the memory-based reference price, and their choices follow the multinomial logit (MNL) model. We use the notion of stationary Nash equilibrium (SNE), defined as the fixed point of the equilibrium pricing policy, to simultaneously capture the long-run equilibrium and stability. We first study the loss-neutral reference effects and show that if the firms employ the OPGA algorithm—adjusting the price using the first-order derivatives of their log-revenues—the price and reference price paths attain last-iterate convergence to the unique SNE, thereby guaranteeing the no-regret learning and market stability. Moreover, with appropriate step-sizes, we prove that this algorithm exhibits a convergence rate of ̃ 𝒪 ⁢(1/𝑡2) in terms of the squared distance and achieves a constant dynamic regret. Despite the simplicity of the algorithm, its convergence analysis is challenging due to the model lacking typical properties such as strong monotonicity and variational stability that are ordinarily used for the convergence analysis of online games. The inherent asymmetry nature of reference effects motivates the exploration beyond loss-neutrality. When loss-averse reference effects are introduced, we propose a variant of the original algorithm named the conservative-OPGA (C-OPGA) to handle the nonsmooth revenue functions and show that the price and reference price achieve last-iterate convergence to the set of SNEs with the rate of 𝒪⁢(1/√𝑡) . Finally, we demonstrate the practicality and robustness of OPGA and C-OPGA by theoretically showing that these algorithms can also adapt to firm-differentiated step-sizes and inexact gradients.
- [The Strength of Weak Commitments: A Theory of Price Preannouncements](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-strength-of-weak-commitments-a-theory-of-price-preannouncements/) - Manufacturers often preannounce reference prices for products that have not yet been produced or even developed. These prices are rarely binding, meaning that the manufacturers can make price adjustments in the future, possibly at a cost. In this paper, we argue that price preannouncements can serve as a weak price commitment that, we find, helps the manufacturers secure better deals from their suppliers, thereby lowering their procurement costs and improving their profit. Surprisingly, even an extremely weak price commitment can substantially improve a manufacturer’s profit. On the other hand, when the price commitment is credible enough, the manufacturer forgoes the price preannouncement. Collectively, these results underscore the strategic effects that price preannouncements can have on firms’ marketing decisions.
- [The Strength of Weak Commitments: A Theory of Price Preannouncements](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-strength-of-weak-commitments-a-theory-of-price-preannouncements/) - Manufacturers often preannounce reference prices for products that have not yet been produced or even developed. These prices are rarely binding, meaning that the manufacturers can make price adjustments in the future, possibly at a cost. In this paper, we argue that price preannouncements can serve as a weak price commitment that, we find, helps the manufacturers secure better deals from their suppliers, thereby lowering their procurement costs and improving their profit. Surprisingly, even an extremely weak price commitment can substantially improve a manufacturer’s profit. On the other hand, when the price commitment is credible enough, the manufacturer forgoes the price preannouncement. Collectively, these results underscore the strategic effects that price preannouncements can have on firms’ marketing decisions.
- [The Strength of Weak Commitments: A Theory of Price Preannouncements](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-strength-of-weak-commitments-a-theory-of-price-preannouncements/) - Manufacturers often preannounce reference prices for products that have not yet been produced or even developed. These prices are rarely binding, meaning that the manufacturers can make price adjustments in the future, possibly at a cost. In this paper, we argue that price preannouncements can serve as a weak price commitment that, we find, helps the manufacturers secure better deals from their suppliers, thereby lowering their procurement costs and improving their profit. Surprisingly, even an extremely weak price commitment can substantially improve a manufacturer’s profit. On the other hand, when the price commitment is credible enough, the manufacturer forgoes the price preannouncement. Collectively, these results underscore the strategic effects that price preannouncements can have on firms’ marketing decisions.
- [绿绿赏，如何“赏”？ 数据驱动社区回收转型](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/green-rewards-how-to-better-reward/) - 环顾全球，垃圾分类回收已成为城市管治不可回避的一环。过去10年，特区政府通过“绿在区区”计划和“绿绿赏”积分制度，在全港建立起社区回收网络，推动市民把回收行为融入日常生活。 本年4月1日，“绿绿赏”将全面电子化，并接入更多市场奖赏平台，但这次升级能否真正促进回收系统从“称重积分”走向“价值激励”？ 数据向好 结构未变 在都市固体废物按量收费仍未全面实施的情况下，“绿在区区”及其配套的“绿绿赏”计划，在鼓励市民培养回收习惯、构建社区网络方面担当重要角色。自2018年全面推行以来，全港已设立12个回收环保站、82个回收便利点及约600个回收流动点。电子化升级后，市民可通过手机应用程式管理积分、兑换奖赏，政府和营运机构也得以收集更精细的参与数据，为将来优化政策提供基础。 香港的资源回收率近年有所改善，整体都市固体废物回收率由2020年约28%回升至2024年的34%，但仍显著低于《香港资源循环蓝图2035》提出的约55%中期目标，以至欧盟2023年约48%的都市废物平均回收率【注1】。更为关键的是，香港约八成回收物料仍依赖出口作循环再造【注2】，可见本地回收业支撑不足。 图1 2020-2024 年都市固体废物、家居废物及工商业废物回收率 资料来源：环境保护署 从“称重”到“价值”的错位 为何积分升级难以一劳永逸？必须审视回收行为的经济逻辑。 一、回收的正面界外效应仍未真正内部化。市民花时间分类、送往回收点，带来的是减少填埋压力、节约资源和减缓污染等社会收益，但实际获得的回报有限且分散，长期激励不足，随手丢弃反而来得省事。垃圾征费计划迟迟未落实，也是市民对回收“热度消退”的原因。 二、激励本身存在“价值错配”和“形式错配”的双重问题。积分计划以重量计算【图2】，而非与环境价值挂钩。纸张与金属的减碳减污效益差异巨大，而不同电器对环境的边际影响不一，但积分几乎相同，很难吸引市民优先回收高环境效益物料。再者，礼品选择有限、兑换流程不够透明，也削弱了积分计划的吸引力。 图 2 “绿绿赏”积分计划 资料来源：环境保护署 三、资讯不透明侵蚀了公众信任。前端分类规则复杂，后端处理过程对市民而言却是“黑箱”；回收物是否真被再造以至最终去向，均欠清晰描述。看不到实在结果，投入时间和精力就容易被视为“沉没成本”，久而久之自然影响参与意愿。 简言之，积分设计未能有效反映环境价值，更未能与制度、产业和资讯透明度形成合力。 制度设计扩大回收价值 在日本，《容器包装再生利用法》通过生产者延伸责任（extended producer responsibility），明确要求包装生产和流通企业须支付再商品化的相关费用。在严格源头分类配合下，日本指定塑胶瓶再商品化率长期维持在约85%的高位，实现了从产品设计到资源再生的闭环。 台湾的“四合一”模式，将政府、社区、回收商与基金串联起来。上游生产商按规则缴费，基金用于补贴下游回收及处理环节，减轻对财政长期补贴的依赖。 德国在塑胶瓶和铝罐采用押金退还安排则通过简单直接的经济信号将“瓶子有没有拿去退”变成一目了然的选择题，回收率因此长期维持在约九成的高水平，并与生产者责任制度结合，推动发展高品质的闭环回收产业链。 综观上述各地的经验，回收率可通过各种措施，让环境价值在各个环节被看见、被计算、被分享。 凸显数据和价值的全方位政策 “绿绿赏”全面电子化升级，有助香港探索“价值激励”，尤其可在下列四大层面推动转型。 首先，以社区为基础，打造普惠的行为激励计划，并进一步增加回收站点密度，进一步延长日常开放时间。在源头，应通过与学校、屋苑及社福机构合作，将垃圾分类教育常态化，并结合实际回收活动。电子化转型亦须兼顾长者及不熟悉数字工具人士，提供所需协助。 借助电子平台数据，可为市民推送个性化减废减碳报告、展示社区排名与成绩徽章等；“助推”策略有利于将积分从单一奖励转化为持续反馈，使回收内化为日常习惯。 其次，用环境价值重塑积分规则，精准引导回收行为。应摆脱单纯按重量计分，建立基于环境效益的差异化积分计划。不妨引入环境效益系数，综合考虑物料的碳足迹、本地再生价值和处理成本，为不同回收品类设定不同积分，让高碳排、可再利用价值高的物料（如塑胶瓶、金属及特定电器）获得更吸引的积分回报。由此既可引导市民调整回收优先顺序，也能量化市民绿色行为的生态价值，日后与碳减排核算对接。 第三，构建开放的绿色积分与责任机制，联通消费场景和生产端。“绿绿赏”应从封闭式礼品兑换走向开放式绿色积分生态，一方面拓展与超市、公共交通等日常消费场景对接，提升积分的使用价值; 另一方面探索与绿色生活奖赏平台（如“碳钱包”）本地机制及碳普惠平台互联互通，参考内地城市记录社区回收行为对应的减排量，为未来参与更广泛的绿色金融与碳市场活动预留接口。 再者，可针对塑胶瓶、铝罐等高价值、高流通物料，试点生产者延伸责任与押金退还措施，由行业负责运营，政府负责标准和监管，更可为回收再造业提供稳定、优质的再生原料。 最后，以数据和科技重塑管治模式，提升透明度与信任。可考虑将部分合约与资助安排，从“购买服务量”转向“购买行为改变成果”，把人均回收量、高价值物料占比以及稳定参与者比例等结果性指标纳入绩效评估，设立专项奖励，鼓励营运方开展数据驱动的社区干预实验。选择部分重点回收物品，运用溯源与可视化工具追踪其从投放、运输到回收再造的路径，并结合“垃圾的一生”等参观及教育活动，让市民直观了解回收物被“用到哪里去”，通过线上数据透明加线下体验的方式，巩固公众对回收系统的信任。 回收数量转为价值先行 “绿在区区”的下一站，不应仅仅着眼于回收更多，而是通过更精细的激励设计、更开放的积分生态、更透明的运作流程和更注重成效的营运模式，让回收真正成为连接市民、社区与绿色产业的焦点。 从“称重积分”走向“价值激励”，意味着不单把回收视为被动的“减害行为”，而是将其纳入香港绿色发展与应对气候变化的制度布局。全面电子化既是科技升级，也是数据积累与行为研究的新起点。若能善用这一机会，香港有望在社区回收这一看似琐碎的领域，订立一套兼具环境效益、社会信任与社区参与的长期机制，为“资源循环、迈向零废”的愿景提供更坚实的基础。 注1： https://www.eea.europa.eu/en/analysis/indicators/waste-recycling-in-europe 注2：https://www.wastereduction.gov.hk/sites/default/files/resources_centre/waste_statistics/msw2024_tc.pdf 何国俊教授 香港大学赛马会基金经济学教授、香港大学赛马会环球企业可持续发展研究所所长 王芑丹女士 香港大学赛马会环球企业可持续发展研究所专职研究员 （本文同时于二零二六年三月四日载于《信报》“龙虎山下”专栏）
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- [財政預算案2026重點分析：主動對接國家十五五規劃及北都發展](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/budget-2026-insights-on-the-proactive-alignment-with-the-national-15th-5-year-plan-and-northern-metropolis-development/)
- [财政预算案2026重点分析：主动对接国家十五五规划及北都发展](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/budget-2026-insights-on-the-proactive-alignment-with-the-national-15th-5-year-plan-and-northern-metropolis-development/)
- [当算法成为消费者——AI代理经济如何重塑消费行业](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-algorithms-become-consumers-how-the-ai-agent-economy-is-reshaping-the-consumer-industry/) - 人工智能正在经历从“副驾驶”向“智能体”的进化，这一跃迁对市场营销行业的影响将是史无前例的。 在过去几年，我们见证了 AI 如何作为一种效率工具优化营销链条：客服机器人削减了运营成本，生成式 AI（AIGC）实现了内容的规模化生产，而机器学习让消费者洞察变得更加精准。然而，这些仅仅是序章。随着具备自主决策能力的”AI 智能体”落地，我们正站在一个新的商业临界点上——代理经济（Agentic Economy）将从根本上重构品牌与消费者之间的连接方式。 “守门人”的更替：从争夺眼球到争夺算法 在传统的商业竞争中，企业的核心战场是消费者的“认知带宽”。无论是通过电视广告、搜索引擎优化（SEO）还是社交媒体投放，品牌都在试图直接触达消费者，并在其心智中建立价格、品质与情感的连接，以此“讨好”人类做出购买决策。 然而，AI 智能体的崛起正在终结这一逻辑。越来越多的消费者开始将决策权让渡给 AI 私人助理。未来的购物场景可能不再是用户在电商平台上反复比价，而是简单的一句指令：“帮我选购一款高性价比、适合自拍的手机。”在这个过程中，AI 智能体成为了新的超级入口和守门人。 这意味着，消费者的直接触点正在消失。如果一个品牌无法被 AI 智能体识别、理解并优选，它将在物理世界中“隐形”。这标志着营销对象正在发生历史性的转移：从 B2C（Business to Consumer）转向 B2A2C（Business to Agent to Consumer）。 GEO 与新竞价逻辑：算法信任成为新资产 在代理经济时代，企业必须学会“对机器营销”。首先，传统的搜索引擎优化（SEO）将演变为生成式引擎优化（GEO, Generative Engine Optimization）。企业必须构建结构化、高质量的数据资产“投喂”给 AI，确保算法能够准确理解产品的核心价值。在这个新生态中，AI 对品牌的“信任度”——即数据的真实性与可验证性——将比感性的品牌故事更为关键。 其次，商业推广的付费逻辑也将重塑。正如搜索时代的竞价排名（SEM），未来极有可能出现基于 AI 推荐权重的商业模式。AI 代理或许会像今天的搜索引擎一样，通过向企业收费来换取在推荐列表中的优先展示。但这将面临更复杂的博弈：企业不仅要支付费用，更要通过算法的“理性审计”。 机器间的谈判：交易的毫秒级博弈 更为深远的变革在于交易环节。未来，企业不仅要面对使用 AI 的消费者，更需要部署自己的“企业级智能体”。未来的商业交易将演变为一场“AI 对 AI”的谈判：消费者的个人智能体发出需求信号，企业的销售智能体毫秒级响应，提供动态定价和个性化方案。双方在无人类干预的情况下，自动完成从询价、谈判到支付的闭环。这预示着一种全新的高频、低摩擦商业形态。在这种形态下，AI 不再是企业的“选修课”，而是如同电力和网络一样的基础设施。 结语 对于市场营销人员而言，AI 智能体时代的到来不仅仅意味着工具的升级，更是一场生存逻辑的洗牌。当购买决策的链条被算法截断，品牌需要重新思考：当消费者不再亲自“逛街”，我们该如何将价值传递给那个替他做决定的 AI？在这个被算法重塑的新世界里，未能建立“AI 友好型”架构的企业，面临的将不仅仅是增长停滞，而是被系统性地遗忘。 李曦教授 港大经管学院市场学教授、亚洲案例研究中心总监、数字经济与创新研究所副总监 （本文同时于二零二六年二月二十七日载于《FT中文网》「明德商论」专栏）
- [當算法成為消費者——AI代理經濟如何重塑消費行業](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-algorithms-become-consumers-how-the-ai-agent-economy-is-reshaping-the-consumer-industry/) - 人工智能正在經歷從「副駕駛」向「智慧體」的進化，這一躍遷對市場營銷行業的影響將是史無前例的。 在過去幾年，我們見證了 AI 如何作為一種效率工具優化營銷鏈條：客服機器人削減了運營成本，生成式 AI（AIGC）實現了內容的規模化生產，而機器學習讓消費者洞察變得更加精準。 然而，這些僅僅是序章。隨著具備自主決策能力的「AI 智慧體」落地，我們正站在一個新的商業臨界點上——代理經濟（Agentic Economy）將從根本上重構品牌與消費者之間的連接方式。 「守門人」的更替：從爭奪眼球到爭奪算法 在傳統的商業競爭中，企業的核心戰場是消費者的「認知帶寬」。無論是通過電視廣告、搜尋引擎優化（SEO）還是社交媒體投放，品牌都在試圖直接觸達消費者，並在其心智中建立價格、品質與情感的連接，以此「討好」人類做出購買決策。 然而，AI 智能體的崛起正在終結這一邏輯。越來越多的消費者開始將決策權讓渡給 AI 私人助理。 未來的購物場景可能不再是用戶在電商平臺上反覆比價，而是簡單的一句指令：“幫我選購一款高性價比、適合自拍的手機。 在這個過程中，AI 智能體成為了新的超級入口和守門人。 這意味著，消費者的直接觸點正在消失。 如果一個品牌無法被 AI 智能體識別、理解並優選，它將在物理世界中「隱形」。 這標誌著營銷對象正在發生歷史性的轉移：從 B2C（Business to Consumer）轉向 B2A2C（Business to Agent to Consumer）。 GEO 與新競價邏輯：算法信任成為新資產 在代理經濟時代，企業必須學會「對機器營銷」。首先，傳統的搜尋引擎優化（SEO）將演變為生成式引擎優化（GEO， Generative Engine Optimization）。企業必須構建結構化、高品質的數據資產「投喂」給 AI，確保算法能夠準確理解產品的核心價值。 在這個新生態中，AI 對品牌的“信任度”——即數據的真實性與可驗證性——將比感性的品牌故事更為關鍵。 其次，商業推廣的付費邏輯也將重塑。正如搜索時代的競價排名（SEM），未來極有可能出現基於 AI 推薦權重的商業模式。AI 代理或許會像今天的搜尋引擎一樣，通過向企業收費來換取在推薦列表中的優先展示。但這將面臨更複雜的博弈：企業不僅要支付費用，更要通過算法的「理性審計」。 機器間的談判：交易的毫秒級博弈 更為深遠的變革在於交易環節。 未來，企業不僅要面對使用 AI 的消費者，更需要部署自己的「企業級智能體」。 未來的商業交易將演變為一場“AI 對 AI”的談判：消費者的個人智能體發出需求信號，企業的銷售智能體毫秒級響應，提供動態定價和個人化方案。 雙方在無人類干預的情況下，自動完成從詢價、談判到支付的閉環。 這預示著一種全新的高頻、低摩擦商業形態。 在這種形態下，AI 不再是企業的“選修課”，而是如同電力和網络一樣的基礎設施。
- [當斧頭遇上帳本：重塑森林價值的全球實踐](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/when-axes-meet-the-balance-sheets-how-the-world-is-revaluing-the-forests/) - 熱帶森林正以驚人的速度消失，2024年全球熱帶原始森林損失約670萬公頃，幅度比2023年增加近八成【註1】。上月在巴西召開的第三十屆聯合國氣候變化大會（COP30）被視為繼《巴黎協定》之後一大關鍵氣候峰會，本屆議題之一聚焦於熱帶雨林，以期改寫「毀林比護林更賺錢」的利益邏輯。 環境效益的經濟阻力 根據聯合國環境規劃署的測算，到2030年全球每年用於自然保護的資金缺口高達約7,000億美元，而目前流向森林保護的公共和私人資金卻遠未足夠【註2】。尤其重要的是，森林提供的清潔空氣、生物多樣性和氣候調節等效益為全人類共用，而保護成本卻主要由森林所在國（多為發展中國家）獨力承擔。 在資金來源上，長期依賴發達國家的官方發展援助和慈善捐贈，也進一步放大了不確定性。這類資金往往受宏觀經濟和國內政治議程左右，一旦捐助國經濟下行或政策重心轉移，相關投入便可能驟減，以致長期保護計劃難以為繼。 凡此種種，背後其實牽涉一筆難算的經濟賬。對於擁有大片熱帶森林的國家（如巴西、印尼），砍伐森林以轉化為養牛、種大豆的農業用地，可以在短期內獲得可觀的出口收入。對比之下，保護森林既「不划算」，又被視為「不公平」，於是成為推動毀林、阻礙護林的雙重動因。 從REDD+的困境到TFFF的突破 2005年提出的「減少發展中國家毁林和森林退化排放」（Reducing Emissions from Deforestation and Forest Degradation in Developing Countries，簡稱REDD+）是國際氣候管治中重要的政策框架【註3】，可惜在實踐過程中，往往受制於支付不確定、交易和市場發展緩慢等問題，難以為森林國家提供長期穩定的財政回報。 COP30大會不久前正式啟動「熱帶森林永久基金」（Tropical Forests Forever Facility，簡稱TFFF），將設立約1,250億美元熱帶森林投資基金，其中約250億美元由主權國家和慈善機構出資，作為風險緩衝，其餘約1,000億美元則通過在金融資本市場發行高信用債券募集，以公共和慈善資金撬動機構投資者的長期資本，降低整體融資成本。 如【表】所示，TFFF的創新之處，在於化資本市場的投資收益為與森林面積直接挂鉤的可預期年度回報。按各參與國受保護或恢復的熱帶森林面積支付固定年費，並對毀林或退化的面積進行相應扣減，從而形成保護愈多、分成愈高，砍伐愈多、收益愈少的穩定激勵結構，亦更接近一個生態系統服務付費機制，直接為森林存量付費，尤其有利於激勵毀林率受控但長期承擔高保護成本的國家，因而有望填補REDD+在激勵方面的空白。 對比維度 REDD+ TFFF 主要目標 減少因毀林、森林退化及森林碳儲量移除產生的溫室氣體排放。 長期保護熱帶森林。 適用地域 主要針對積極減少毀林和森林退化的國家及行政區，尤其是高毀林率地區。 熱帶及亞熱帶森林國家，尤其是低毀林率國家。 合格活動 能夠減少溫室氣體排放和增強碳吸收的活動。 森林保護與森林恢復。 付費邏輯 二氧化碳當量（噸） 森林面積（公頃） 資金來源 碳市場買方（主權機構、私營企業等）購買碳信用; 通過官方發展援助支持國家氣候目標的非市場倡議。 主權投資者、機構投資者（如主權財富基金、養老基金），即公共/慈善的贊助者資本+私人資本市場發行的債券構成混合融資，通過金融工具為投資者提供回報。 資料來源：TFFF-Concept Note 3.0、筆者整理所得 中國的實證範例 在COP30會議籌備階段，TFFF雖已籌得約67億美元啟動資金，但仍遠未達至所需250億美元的初始目標，不少富裕國家以運作機制存在分歧、國內預算受限為由暫緩出資。 過去幾十年，中國推進一系列大規模生態修復工程，足以建立一個罕見的國家實證樣本。僅在2001至2020年期間，中國生態修復工程就在全國範圍內新增或恢復了超過1億公頃的森林和植被覆蓋，其中新增森林面積約達6,500萬公頃，相當於美國全部國家公園面積的一半以上。 這場「種樹行動」帶來的首先是生態與環境的系統性改善。筆者與合作者的實證評估顯示，在生態修復重點實施地區，極端高溫日（平均氣溫超過攝氏30度）數目減少約35%，極端熱浪顯著緩解; 同時，懸浮微粒（PM₂.₅）年均濃度平均下降約11微克/立方米，而且這種淨化效應可延伸到下風向300公里之外的城市。下游河流的污染指標亦顯著下降，同樣呈現出順流向外擴散的溢出效應。 至於生物多樣性也出現了止跌回穩的信號。 在實施生態工程的地區，鳥類數量下降的速度約為無工程情景的40%，這說明大規模恢復至少為常見物種保留更多棲息地和生存空間。 筆者的研究結果顯示，在工程覆蓋地區，主糧作物單產沒有受到顯著衝擊，這部分得益於水土保持和局地小氣候改善; 同期地區的本地生產總值和就業並未出現系統性下滑，這表明在合理設計下，種樹和吃飯或發展並非必然對立。 生態改善的投資回報 如果把這些生態改善轉化成「經濟帳本」，數字更為直觀。研究將減少的高溫暴露、空氣和水污染所避免的過早死亡，用流行病學模型和人口數據折算成幣值，結果顯示2001至2020年期間，中國生態修復工程帶來的健康收益總額約為13萬億元人民幣（約1.8萬億美元），而同期財政投入合計約8,000億至1萬億元人民幣，相當於花1塊錢，收回13塊錢的回報；其中還未包括碳匯和生物多樣性等生態系統服務收益。 以中國經驗為基準，上述研究進一步構建了全球森林恢復投資回報率地圖，在地球每個有人居住的一度網格，比較恢復所有適宜造林土地的成本與由此改善空氣質量帶來的健康收益。結果發現，在南亞、東南亞、西非等人口密集且污染嚴重地區，大規模種樹的回報率同樣有望超過10，甚至與中國相當或更高。
- [When the Axe Meets the Ledger: Global Practices Redefining Forest Valuation](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/when-axes-meet-the-balance-sheets-how-the-world-is-revaluing-the-forests/) - Professor Guojun He and Ms Qidan Wang 3 December 2025 Tropical forests are disappearing at an alarming rate, with the loss of approximately 6.7 million hectares of tropical primary forests worldwide in 2024, representing close to an 80% increase over 2023 (see Note 1). Held in November in Brazil, the 2025 United Nations Climate Change
- [财政预算案2026：“夜间消费券”是振兴经济有效解方？](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-hong-kong-budget-2026-are-night-time-consumption-vouchers-the-key-to-boosting-the-local-economy/)
- [財政預算案2026：「夜間消費券」是振興經濟有效解方？](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-hong-kong-budget-2026-are-night-time-consumption-vouchers-the-key-to-boosting-the-local-economy/)
- [The Hong Kong Budget 2026: Are “Night-time Consumption Vouchers” the key to boosting the local economy?](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-hong-kong-budget-2026-are-night-time-consumption-vouchers-the-key-to-boosting-the-local-economy/)
- [第三次经济转型关键时刻：从四大支柱产业说起](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/critical-juncture-of-the-third-economic-transformation-the-four-pillar-industries/) - 香港是一个高度发达的经济体，其本地生产总值（GDP）近94% 均来源于服务业。然而，在现时的服务业结构下，存在一个“二元结构陷阱”：一方面是就业机会稀缺的高附加值行业；另一方面则是附加值较低的大众行业【表】。这反映香港需要加强发展能够提供广泛就业机会的高增值服务业。 表 2024年香港四大支柱行业概况 人均增加价值 (港元) 占GDP比例 占总就业人数比例 金融服务 308万 26.2% 7.2% 贸易及物流 106万 18.9% 15.0% 专业服务及其他工商业支援服务 55万 10.3% 15.8% 旅游 54万 2.8% 4.3% 数据来源: 香港特区政府统计处 金融业：银行精英驱动增长 2000 至 2024 年期间，金融业一枝独秀，占香港GDP 比例从 12.8% 翻倍至 26.2%，但占全港就业人数比率仅从5.3%微升至 7.2%。2024年，金融业的人均增加价值高达308万元，远高于其他行业，形成了一小撮富裕精英。 从各子行业看，银行业始终是引领增长的火车头，2011至2024年期间，其GDP占比由9.3%翻倍至18.9%；反观其占总就业人数的比例始终稳定在2.6%至2.7%左右，清晰反映银行业蓬勃与就业市场关系不大。 相较之下，2024年，其他金融服务(包括证券经纪、资产管理、融资租赁公司和投资及控股公司) 占整体就业人数2.7%，略高于银行业的2.6%；但其GDP占比只有3.9%，远低于银行业的18.9%，可见金融业内部也存在明显的二元结构。至于保险业，其就业人数和GDP占比分别为1.9%和3.5%。 受惠于近期外资对中国科技发展的信心乃至消费走出通缩的寄望，香港金融业的发展仍然值得期待。展望将来，中环仍是外国资本和内资企业的最佳交汇地，金融业在内资企业的出海浪潮中，将持续为本地经济创造庞大增值，并带来可观税收。事实上，在经历数年低潮后，金融业已重拾繁荣。2023年底至2025 年底，港股总市值由31万亿元大涨至47.4 万亿元；股份集资总额由1,560亿元飙升至6,444亿元，其中首次公开招股(IPO)集资额由463亿元暴涨至2,858亿元。 贸易及物流：陷入增长困境 贸易及物流曾是第一大产业，其GDP占比由2005年的28.5%降至 2024 年的 18.9%，占总就业人口比例则由24.4%下跌至15.0%。部分原因在于电商兴起，以及地缘政治因素驱使企业采取“中国+1”策略，导致本港转口功能弱化。尽管如此，该产业的GDP占比和就业人数占比仍位居次席。 分拆来看，2005至2024年期间，贸易业的GDP占比由23.4%减至15.3%，就业人数占比由18.6%下降至10.4%。同期，与贸易业深度绑定的物流业同样呈现下降趋势，其GDP占比由5.1%下降至3.6%，就业人数占比由5.8%跌至4.6%。随着数字贸易平台、智能仓储系统和高增值供应链管理的发展，预料贸易及物流业将由劳动密集型转向资本与技术密集型，这或进一步对就业市场造成压力。 在货运方式而言，不计新冠疫情期间，近年航空和陆路的份额同样大致维持在40%以上，而海运份额则持续降至不足10%。一方面反映香港集中转口半导体、电子产品、生物制药等高增值商品，另一方面反映香港与内地之间经贸关系紧密。 香港国际机场多年被列作全球最繁忙的国际货运机场，货运量于2025年已高达 507 万公吨。凭借高效的航空物流网络，香港正逐步转型为全球关键中间产品与核心技术的分拨中心，持续深化其与先进制造业和创新驱动型价值链的连结。 从数据上看，本地海运业无疑陷入困境。港口货柜吞吐量从2015年的2,007 万个标准货柜单位萎缩至 2025
- [When Protection Becomes Exploitation: The Impact of Firing Costs on Naïve Employees](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/when-protection-becomes-exploitation-the-impact-of-firing-costs-on-naive-employees/) - This paper identifies a new channel through which employment protection laws can harm workers: they enable employers to exploit naïve present-biased employees. The theoretical mechanism through which firing costs enable exploitation is built upon a widespread career structure. Employers frequently offer career trajectories with an unattractive entry phase (e.g., with low pay or high effort), an even less attractive mid-career stage, and high rewards promised in a final career phase. Naïve employees accept such contracts, expecting to complete the high-reward track. They, however, eventually drop out or sort into alternative paths mid-career when costs loom large and rewards remain distant. As a result, employers avoid paying the promised rewards while capturing surplus from early-career phases. Firing costs give employers more leeway to exploit workers with such contracts: they reduce the employees’ expected risk of dismissal and make long-term rewards appear more credible. Employers can then exploit employees even more—for example, by lowering early-career wages—knowing that employees will still accept such steeper contracts despite not following through. Our model aligns with career patterns in fields such as healthcare, academia, or accounting. It also yields testable predictions on wage structures, attrition, and how firing costs and labor market conditions shape contract design.
- [When Protection Becomes Exploitation: The Impact of Firing Costs on Naïve Employees](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/when-protection-becomes-exploitation-the-impact-of-firing-costs-on-naive-employees/) - This paper identifies a new channel through which employment protection laws can harm workers: they enable employers to exploit naïve present-biased employees. The theoretical mechanism through which firing costs enable exploitation is built upon a widespread career structure. Employers frequently offer career trajectories with an unattractive entry phase (e.g., with low pay or high effort), an even less attractive mid-career stage, and high rewards promised in a final career phase. Naïve employees accept such contracts, expecting to complete the high-reward track. They, however, eventually drop out or sort into alternative paths mid-career when costs loom large and rewards remain distant. As a result, employers avoid paying the promised rewards while capturing surplus from early-career phases. Firing costs give employers more leeway to exploit workers with such contracts: they reduce the employees’ expected risk of dismissal and make long-term rewards appear more credible. Employers can then exploit employees even more—for example, by lowering early-career wages—knowing that employees will still accept such steeper contracts despite not following through. Our model aligns with career patterns in fields such as healthcare, academia, or accounting. It also yields testable predictions on wage structures, attrition, and how firing costs and labor market conditions shape contract design.
- [When Protection Becomes Exploitation: The Impact of Firing Costs on Naïve Employees](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/when-protection-becomes-exploitation-the-impact-of-firing-costs-on-naive-employees/) - This paper identifies a new channel through which employment protection laws can harm workers: they enable employers to exploit naïve present-biased employees. The theoretical mechanism through which firing costs enable exploitation is built upon a widespread career structure. Employers frequently offer career trajectories with an unattractive entry phase (e.g., with low pay or high effort), an even less attractive mid-career stage, and high rewards promised in a final career phase. Naïve employees accept such contracts, expecting to complete the high-reward track. They, however, eventually drop out or sort into alternative paths mid-career when costs loom large and rewards remain distant. As a result, employers avoid paying the promised rewards while capturing surplus from early-career phases. Firing costs give employers more leeway to exploit workers with such contracts: they reduce the employees’ expected risk of dismissal and make long-term rewards appear more credible. Employers can then exploit employees even more—for example, by lowering early-career wages—knowing that employees will still accept such steeper contracts despite not following through. Our model aligns with career patterns in fields such as healthcare, academia, or accounting. It also yields testable predictions on wage structures, attrition, and how firing costs and labor market conditions shape contract design.
- [When Words Meet Visuals: How Content Composition Drives Social Media Engagement for Marketer-Generated Content](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/when-words-meet-visuals-how-content-composition-drives-social-media-engagement-for-marketer-generated-content/) - How does the balance between text and pictorial content in marketer-generated social media posts affect user engagement? The authors address this question by using computer vision and natural language processing tools to extract the visual and textual features of 34,610 organic brand posts from Facebook and Instagram. Using a Confounding-and-Cluster-Robust Causal Forests model, they test how the balance of text and picture affects social media engagement across content and visual contexts. Results show that posts with greater emphasis on overlay text over pictorial content tend to have fewer likes and comments. However, the performance of text-oriented posts improves if text is more centered, informative, emotionally positive, and congruent with the pictorial content, and if the picture contains fewer prominent objects or less information such as social cues. They quantify how incremental changes in such content composition affect social media engagement. These findings set forth evidence-based principles for optimizing text and picture balance in marketer-generated content (MGC) and provide actionable guidelines on whether, where, when, and how to present text on an image. This research highlights the potential for transforming content and media creation from an imprecise art form into an empirical science nested within a data-driven visual optimization framework.
- [When Words Meet Visuals: How Content Composition Drives Social Media Engagement for Marketer-Generated Content](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/when-words-meet-visuals-how-content-composition-drives-social-media-engagement-for-marketer-generated-content/) - How does the balance between text and pictorial content in marketer-generated social media posts affect user engagement? The authors address this question by using computer vision and natural language processing tools to extract the visual and textual features of 34,610 organic brand posts from Facebook and Instagram. Using a Confounding-and-Cluster-Robust Causal Forests model, they test how the balance of text and picture affects social media engagement across content and visual contexts. Results show that posts with greater emphasis on overlay text over pictorial content tend to have fewer likes and comments. However, the performance of text-oriented posts improves if text is more centered, informative, emotionally positive, and congruent with the pictorial content, and if the picture contains fewer prominent objects or less information such as social cues. They quantify how incremental changes in such content composition affect social media engagement. These findings set forth evidence-based principles for optimizing text and picture balance in marketer-generated content (MGC) and provide actionable guidelines on whether, where, when, and how to present text on an image. This research highlights the potential for transforming content and media creation from an imprecise art form into an empirical science nested within a data-driven visual optimization framework.
- [When Words Meet Visuals: How Content Composition Drives Social Media Engagement for Marketer-Generated Content](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/when-words-meet-visuals-how-content-composition-drives-social-media-engagement-for-marketer-generated-content/) - How does the balance between text and pictorial content in marketer-generated social media posts affect user engagement? The authors address this question by using computer vision and natural language processing tools to extract the visual and textual features of 34,610 organic brand posts from Facebook and Instagram. Using a Confounding-and-Cluster-Robust Causal Forests model, they test how the balance of text and picture affects social media engagement across content and visual contexts. Results show that posts with greater emphasis on overlay text over pictorial content tend to have fewer likes and comments. However, the performance of text-oriented posts improves if text is more centered, informative, emotionally positive, and congruent with the pictorial content, and if the picture contains fewer prominent objects or less information such as social cues. They quantify how incremental changes in such content composition affect social media engagement. These findings set forth evidence-based principles for optimizing text and picture balance in marketer-generated content (MGC) and provide actionable guidelines on whether, where, when, and how to present text on an image. This research highlights the potential for transforming content and media creation from an imprecise art form into an empirical science nested within a data-driven visual optimization framework.
- [AI改变了客服行业 但只是个开始](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/ai-has-transformed-customer-service-but-its-only-the-beginning/)
- [AI改變了客服行業 但只是個開始](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/ai-has-transformed-customer-service-but-its-only-the-beginning/)
- [AI Has Transformed Customer Service — But It’s Only the Beginning](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/ai-has-transformed-customer-service-but-its-only-the-beginning/)
- [财政预算案2026能否释放香港作为国际创科人才枢纽的潜力？](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/will-the-2026-budget-unlock-hong-kongs-full-potential-as-an-international-innovation-and-technology-hub-for-top-global-talent/)
- [財政預算案2026能否釋放香港作為國際創科人才樞紐的潛力？](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/will-the-2026-budget-unlock-hong-kongs-full-potential-as-an-international-innovation-and-technology-hub-for-top-global-talent/)
- [Will the 2026 budget unlock Hong Kong’s full potential as an international innovation and technology hub for top global talent?](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/will-the-2026-budget-unlock-hong-kongs-full-potential-as-an-international-innovation-and-technology-hub-for-top-global-talent/)
- [宏觀經濟後的「經濟不安全」隱憂](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/economic-insecurity-behind-the-macroeconomy/) - 2025年的全球經濟，僥倖地在特朗普顛覆性的對等關稅和各種不確定因素的威脅下，維持一定的韌性和達到約2.7%的增長。在今天送舊迎新之時，注意力自然放在短期的更替變動，但也不能忽略一些長期存在及積重難返的問題，如氣候變化、收入不均、債務危機、地緣衝突及各主要經濟體的內部失衡等。這些問題在2025年都沒有改善，甚至越趨嚴重。 若將視線放得更長，21世紀已過了四分之一，人類社會的進步，亦將生產和財富推至歷史高峰。據國際貨幣基金的初步估計，2025年的全球GDP 約為117萬億美元(按當前價格計算)，而麥肯錫公司推算全球的實質財富約為600萬億美元，其中不包括資產方和負債方互相抵消的金融財富【註1】。若將這些數字除以83億全球人口，人均GDP約為14000美元，人均實質財富則為72000美元。當然 ，我們不能亦不應追求絕對的分配結果平等，但將這些數字和現實比較，也可以作為當前全球經濟的一個參照。明顯地，在宏觀數字背後，個人際遇絕大多數跟不上這些平均數字。 收入和財富不均，是眾所皆知的個人經驗和逃不開的現實。有關最新情況，可參看三週前才發表的《世界不平等報告2026》【註2】。正如一般預期，這份報告指出，全球收入和財富不均頑固地存在，而且程度不斷惡化。目前全球收入最高10%人士賺取了全球收入的53%，比2018年版同樣報告的52%提高了；而底層50%人士的收入，只佔全球收入的8%，比2018年的10%降低了。與收入比較，財富的分配更加不均。目前最富有的10%人士，擁有全球財富的75%，而低層的50%人士只擁有全球財富的2%。再看哪些超級富豪，全球最富有的0.001%人口(約5.6萬) ，持有全球6%的財富，是全球比較不富有的一半人口(約41億) 的三倍。此外，若計算1995至今30年來財富的增長，頂層1%的富人，不但原有財富的基數高，增長率也較高，自然形成「富者越富」的局面。 收入或財富不高，若沒有太大變化，還可以盡量盤算如何量入為出。但在今天充滿變數的年代，無論是收入或支出，都容易出現很大波動。這幾年出現的新冠肺炎、貿易戰和關稅戰、供應鏈斷裂和重組、戰爭和制裁、氣候變化加上天災人禍、科技高速發展下的機遇和淘汰等等，都影響著政府、企業、和個人的收入和開支，給經濟生活蒙上一層不安感。那些處於極端貧窮或收入底層的人口，情況更為脆弱。「經濟不安全」(economic insecurity)已成為人類發展和經濟福祉的一個議題。 經濟不安全並不單指貧困和低收入，亦包括個人或家庭在面對經濟風險時缺乏資源、制度保障或其他應對能力，因而產生對生活水平下降的憂慮。有關風險是多方面的，無論是就業、醫療、住房、教育、社會保障等，都可以在經濟不確定的環境下隨時出現困難。然而，「不安全」的概念相對模糊，並不容易定義，更不好量度。作為一個有趣例子，可以看看美國聯邦儲備局（美聯儲）的一個年度調查。美聯儲詢問樣本中的12000個成人，有沒有足夠的現金和儲蓄，應付突如其來400美元的開支，如汽車維修或醫療費用。在最近三年的調查中，都只有63%回應說可以，其餘的要靠信用卡、借錢或變賣家中物品來應付，而樣本的13%更表明沒有任何辦法籌措這額外的400元。美國是全球生產和財富最多的國家，也有37%人在財務上「不堪一擊 」，這自然反映出美國收入和財富分配的極端不均，及相對低的個人儲蓄率。類似的個人或家庭經濟狀況，美國稱為ALICE, 即「有工作但資產有限收入有限」(asset limited, income constrained, employed)，而在最近的中文網媒，網民以遊戲術語「斬殺線」來形容有關的臨界點，成為一時熱話。 當然，經濟的脆弱性並不限於美國低收入階層。根據聯合國發表的《2025年世界社會報告》【註3】，全球竟有60%人口因不同原因處於經濟不安全狀況。這包括了8億多人均每日消費3美元或以下的極端貧窮人口。3美元正是世界銀行最新的極端貧窮線。即使以世界銀行為中上收入國家制定的人均每日消費8.3美元的貧窮線來看，也不能帶來足夠的安全感，一旦受到經濟上的衝擊，很容易下滑至極端貧窮水平。現時每天生活費用在3至8.3美元之間的人口就有約 30億，即全球人口的三分之一，都處於這種情況。此外，即使有工作收入，可以有一定的消費水平，但在全球經濟不確定的情況下，工作的穩定性成疑。大部分在發展中國家的工作，都是非正規部門的工作，缺乏勞動法和制度上的保障。如果有關勞工的就業受到關稅和供應鏈重組影響，更容易感到不安。近年的創新科技突飛猛進，但都比較偏好資本和技術勞工，同時容易取締非技術勞工，添加了底層勞工的焦慮。 經濟不安全感直接減少消費意欲，除非收入和消費水平已低至基本生存要求所需。中國的消費率長期處於約40%的低位，不能說與個人或家庭的經濟不安全感無關。相反，美國處於全球經濟不確定的中心，而消費率長期維持高水平，表面上沒有經濟不安全帶來的低消費隱憂。但若細看數據，不難發現美國的消費力主要來自高收入及富有人士。當前美國頂層收入10%的家庭，佔去全國消費額的接近一半。這個比例在90年代只有三分之一，低收入階層的消費增長遠遠不及他們的高收入同胞。 經濟不安全不只是經濟範疇，也直接影響到社會和政治事務。經濟不安全降低了承受風險和損失的能力，而減少風險的一個做法是對他人和新生事物保持懷疑與不易輕信的態度。長期的經濟分層和階層固化，又減少跨階級的溝通和社會經驗的共享。這些都減少社會的和諧感及凝聚力。如果經濟壓力和不安全感被理解為社會不公或個人權益被剝奪的結果，會衍生出對權力和制度象徵疏離甚至怨恨，如社會精英或政府部門。 經濟不安全有相當程度的個人心理因素，也是事情發生前的主觀概率。事後的宏觀經濟數據，不能反映出芸芸眾生的內心糾結。2026年即將來臨，全球經濟看來安全渡過了過去一年的風雲變幻，但當前的政經局面，仍只是世紀大變局的開端，充滿了各方面的波詭雲譎。在期望經濟不受嚴重衝擊的同時，也希望壓力不要全落在低階層民眾的身上。 【註1】https://www.mckinsey.com/mgi/our-research/out-of-balance-whats-next-for-growth-wealth-and-debt 【註2】https://wir2026.wid.world/www-site/uploads/2025/12/World_Inequality_Report_2026.pdf 【註3】https://desapublications.un.org/file/21124/download 陸炎輝博士 港大經管學院榮譽副教授 （本文同時於二零二五年十二月三十一日載於《信報》「龍虎山下」專欄）
- [Economic Insecurity behind the Macroeconomy](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/economic-insecurity-behind-the-macroeconomy/) - Dr Yim-fai Luk 31 December 2025 In 2025, despite the threat posed by Donald Trump’s disruptive reciprocal tariffs and various other uncertainties, the global economy fortunately maintained a degree of resilience and recorded growth of about 2.7%. At this turn of the year, while attention is naturally on short-term changes and transitions, some long-standing and
- [中企出海: 香港轉型的契機](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/chinese-enterprises-going-global-a-strategic-opportunity-for-hong-kongs-transformation/) - 中國經濟正處於「供強需弱」的矛盾之中，在生產能力不斷飛躍的同時，內需空間並未同步擴張。海關總署最新數據顯示，2025年1至11月，中國貿易順差已達到1.076萬億美元的新高。以出口疏壓，曾是奏效的手段；然而今日的世界市場，已未必願意持續吸納如此龐大的增量。在這背後，固然反映的是中國制造的整體實力已具備比較優勢。但是，當過量物美價廉的商品出口他國，當地供應商的市場份額會被大幅擠出，而隨之而來的是就業收縮與政治反彈。當關稅、技術標準、補貼門檻被層層疊起，國際貿易自此不再自由，也難以發揮其「反內捲」的功能。 中企出海: 從出口銷售到在地共振 於是，「出海」的意義開始發生轉換。它不再只是把商品推銷得更遠，而是探索在他國的土地上搭建一種全新的生態關係：在當地設廠、僱學徒、建服務網、育供應商，把供應鏈的部分增加價值留在當地經濟之中，讓GDP與就業在地呈現；而技術、品牌、運營與管治的價值則反映在出海企業的財務報表之中。在這種「在地共振」的結構中，出口產能不再只是一串數字，而是一套更為和諧的合作制度。 這條出海之路雖然看似美好，但並不易走。因為任何大規模的海外布局，短期內都會引起一連串的問題，對國內經濟和就業造成掣肘。當產線外移，留在本土的工人和配套如何安排？產業升級所帶來的新興職業，能否及時填補國內就業需求的缺口？國內勞動人口掌握的技能，又是否能夠滿足市場提出的新需求？當然，如此種種的問題，大多都是發展中、轉型中的問題，在國家經濟長期向好的情況下，只要付出耐心和努力，都是有信心能夠解決的。相對於宏觀經濟層面的調適，企業的競爭時鐘總是走得更快。這種時間差，使出海成了「願景與現實」之間最難拿捏的距離。 香港角色：從聯繫窗口到賦能平台 對於中企出海而言，香港的位置耐人尋味。過去數十年來，香港一直是西方國家與中國大陸之間的窗口，扮演著「超級聯繫人」的角色，撮合雙方資金和項目。然而，國際局勢早已發生轉變，「一帶一路」新興市場已成為不少中企出海的重點目的地。反觀香港，在語言、文化、法律、教育乃至金融等各方面，與「全球南方」的聯繫算不上緊密。再者，當全球供應鏈被地緣政治和規制切分為多個版圖，純粹的「聯繫」已不再足夠。企業需要的不再只是一張名片，而是一套能落地、可擴張、抗風險的完整方案。因此，香港若要抓住這次中企出海的時代浪潮，必須完成自身角色的轉變，從聯繫窗口進化成為賦能平台，在撮合之餘附加額外增值。 所謂額外增值，其一是風控的增值。香港長於國際慣例的交界處，多法域的合約設計、仲裁安排、稅務籌劃與數據治理，本就是這個城市的日常。當一家內地企業走向東南亞或中東，面對的是各地不一的法規，從市場准入、投資審批、關稅與原產地，到勞工法、環保標準、數據合規與稅務協定等。若把這些法規前置為合約設計，而不是事後補救，商業的不確定性便可降低。香港的律所、諮詢、仲裁機構，具備把法規翻譯為流程的能力，為中企出海提供第一層保險。 其二是資本的增值。出海不僅是產線遷徙，更涉及業務擴張、融資與現金流管理。從貿易融資、訂單回款，到綠地投資、租賃資產、併購、風險投資、股權融資、抵押融資等，歸根究底是要盤活資產、豐富資金來源、整合資源，以及分散風險。香港的金融業向來熟悉以股債結合、保險與再保險、供應鏈金融與風險對沖，將政經環境與匯率的不確定轉化為可計價的保單與期權。香港亦可通過資本市場的透明度，為企業品牌與管治背書；以專項基金與房地產投資信託基金（REITs）等，為在地化基建等重資產投資找到長錢。當資本工程與產業工程同步，中企出海的步伐才不會因等待資金周轉而被迫放慢。香港的金融服務具備融資、資金管理、風險對沖等能力，為中企出海提供第二層價值。 其三是生態的增值。出海的關鍵約束不僅在於風控與資本，還在於能否有效率地搭建一套在地化網絡。這套網絡涵蓋眾多要素，包括原材料與服務供應商、生產與品質控制、銷售渠道與售後服務、人才與管理梯隊、政府與監管互動、公共關係，以及可核證的ESG績效等等。香港的優勢在於將這些分散要素「組裝」為體系的平台功能。政府、行業協會、高校、展會與專業服務，能為企業出海提供經驗分享和中介服務，將分散的資源整合轉化為標準化、模塊化的解決方案，以降低信息不對稱與交易成本，加速企業在新法域的市場進入與能力移植。這種資源整合的服務，正是香港能為中企出海提供的第三重價值。 從歐美市場到全球南方 從出口產能到輸出品牌 近年不少內地企業高管來港取經，尋求的不僅是聯繫窗口，更是整套「走出去」的作配套服務。香港需要把聯繫做成能力，把能力做成產品，當流量和功能二者疊加，才能形成極具增加價值的賦能平台。誠言，香港在協助企業出海方面已具備多年經驗，特別是在金融基建、交通網絡、中西文化融合等方面的優勢甚為突出。與過往不同的是，香港或許需要重新學習如何與東盟、中東、東歐、中亞、南美等「全球南方」經濟體深化交往，並用心打磨服務，以順應時代的發展趨勢。 反內捲在於把競爭重心從成本轉向標準，從價格轉向質量；把產能的增長轉化為品牌與制度的輸出，將企業的成長與在地社會的進步聯繫在一起。香港所能貢獻的，正是一種制度化的想像力，讓中企出海，不僅能跨過關稅與港口，也能跨過信任與治理的門檻。當這座城市在規則、資本與生態之間形成合力，從超級聯繫人升級為超級增值人，便是水到渠成的事情。 鄧希煒教授 香港大學協理副校長、港大經管學院副院長、馮國經馮國綸基金經濟學教授 張超藝先生 香港大學香港經濟及商業策略研究所高級研究助理 （本文同時於二零二五年十二月二十四日載於《信報》「龍虎山下」專欄）
- [Overseas Expansion of Chinese Enterprises: Opportunities for Hong Kong’s Transformation](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/chinese-enterprises-going-global-a-strategic-opportunity-for-hong-kongs-transformation/) - Professor Heiwai Tang and Mr Cyrus Cheung 24 December 2025 The Chinese economy is in a state of “strong supply and weak demand”. While production capacity continues to leap forward, domestic demand has not expanded in tandem. Data from the General Administration of Customs shows that on 11 January 2025, China’s trade surplus reached a
- [中企出海: 香港转型的契机](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/chinese-enterprises-going-global-a-strategic-opportunity-for-hong-kongs-transformation/) - 中国经济正处于“供强需弱”的矛盾之中，在生产能力不断飞跃的同时，内需空间并未同步扩张。海关总署最新数据显示，2025年1至11月，中国贸易顺差已达到1.076万亿美元的新高。以出口疏压，曾是奏效的手段；然而今日的世界市场，已未必愿意持续吸纳如此庞大的增量。在这背后，固然反映的是中国制造的整体实力已具备比较优势。但是，当过量物美价廉的商品出口他国，当地供应商的市场份额会被大幅挤出，而随之而来的是就业收缩与政治反弹。当关税、技术标准、补贴门槛被层层叠起，国际贸易自此不再自由，也难以发挥其“反内卷”的功能。 中企出海: 从出口销售到在地共振 于是，“出海”的意义开始发生转换。它不再只是把商品推销得更远，而是探索在他国的土地上搭建一种全新的生态关系：在当地设厂、雇学徒、建服务网、育供应商，把供应链的部分增加价值留在当地经济之中，让GDP与就业在地呈现；而技术、品牌、运营与管治的价值则反映在出海企业的财务报表之中。在这种“在地共振”的结构中，出口产能不再只是一串数字，而是一套更为和谐的合作制度。 这条出海之路虽然看似美好，但并不易走。因为任何大规模的海外布局，短期内都会引起一连串的问题，对国内经济和就业造成掣肘。当产线外移，留在本土的工人和配套如何安排？产业升级所带来的新兴职业，能否及时填补国内就业需求的缺口？国内劳动人口掌握的技能，又是否能够满足市场提出的新需求？当然，如此种种的问题，大多都是发展中、转型中的问题，在国家经济长期向好的情况下，只要付出耐心和努力，都是有信心能够解决的。相对于宏观经济层面的调适，企业的竞争时钟总是走得更快。这种时间差，使出海成了“愿景与现实”之间最难拿捏的距离。 香港角色：从联系窗口到赋能平台 对于中企出海而言，香港的位置耐人寻味。过去数十年来，香港一直是西方国家与中国大陆之间的窗口，扮演著“超级联系人”的角色，撮合双方资金和项目。然而，国际局势早已发生转变，“一带一路”新兴市场已成为不少中企出海的重点目的地。反观香港，在语言、文化、法律、教育乃至金融等各方面，与“全球南方”的联系算不上紧密。再者，当全球供应链被地缘政治和规制切分为多个版图，纯粹的“联系”已不再足够。企业需要的不再只是一张名片，而是一套能落地、可扩张、抗风险的完整方案。因此，香港若要抓住这次中企出海的时代浪潮，必须完成自身角色的转变，从联系窗口进化成为赋能平台，在撮合之馀附加额外增值。 所谓额外增值，其一是风控的增值。香港长于国际惯例的交界处，多法域的合约设计、仲裁安排、税务筹划与数据治理，本就是这个城市的日常。当一家内地企业走向东南亚或中东，面对的是各地不一的法规，从市场准入、投资审批、关税与原产地，到劳工法、环保标准、数据合规与税务协定等。若把这些法规前置为合约设计，而不是事后补救，商业的不确定性便可降低。香港的律所、谘询、仲裁机构，具备把法规翻译为流程的能力，为中企出海提供第一层保险。 其二是资本的增值。出海不仅是产线迁徙，更涉及业务扩张、融资与现金流管理。从贸易融资、订单回款，到绿地投资、租赁资产、并购、风险投资、股权融资、抵押融资等，归根究底是要盘活资产、丰富资金来源、整合资源，以及分散风险。香港的金融业向来熟悉以股债结合、保险与再保险、供应链金融与风险对冲，将政经环境与汇率的不确定转化为可计价的保单与期权。香港亦可通过资本市场的透明度，为企业品牌与管治背书；以专项基金与房地产投资信托基金（REITs）等，为在地化基建等重资产投资找到长钱。当资本工程与产业工程同步，中企出海的步伐才不会因等待资金周转而被迫放慢。香港的金融服务具备融资、资金管理、风险对冲等能力，为中企出海提供第二层价值。 其三是生态的增值。出海的关键约束不仅在于风控与资本，还在于能否有效率地搭建一套在地化网络。这套网络涵盖众多要素，包括原材料与服务供应商、生产与品质控制、销售渠道与售后服务、人才与管理梯队、政府与监管互动、公共关系，以及可核证的ESG绩效等等。香港的优势在于将这些分散要素“组装”为体系的平台功能。政府、行业协会、高校、展会与专业服务，能为企业出海提供经验分享和中介服务，将分散的资源整合转化为标准化、模块化的解决方案，以降低信息不对称与交易成本，加速企业在新法域的市场进入与能力移植。这种资源整合的服务，正是香港能为中企出海提供的第三重价值。 从欧美市场到全球南方 从出口产能到输出品牌 近年不少内地企业高管来港取经，寻求的不仅是联系窗口，更是整套“走出去”的作配套服务。香港需要把联系做成能力，把能力做成产品，当流量和功能二者叠加，才能形成极具增加价值的赋能平台。诚言，香港在协助企业出海方面已具备多年经验，特别是在金融基建、交通网络、中西文化融合等方面的优势甚为突出。与过往不同的是，香港或许需要重新学习如何与东盟、中东、东欧、中亚、南美等“全球南方”经济体深化交往，并用心打磨服务，以顺应时代的发展趋势。 反内卷在于把竞争重心从成本转向标准，从价格转向质量；把产能的增长转化为品牌与制度的输出，将企业的成长与在地社会的进步联系在一起。香港所能贡献的，正是一种制度化的想像力，让中企出海，不仅能跨过关税与港口，也能跨过信任与治理的门槛。当这座城市在规则、资本与生态之间形成合力，从超级联系人升级为超级增值人，便是水到渠成的事情。 邓希炜教授 香港大学协理副校长、港大经管学院副院长、冯国经冯国纶基金经济学教授 张超艺先生 香港大学香港经济及商业策略研究所高级研究助理 （本文同时于二零二五年十二月二十四日载于《信报》“龙虎山下”专栏）
- [香港電動之路：當「家充為主」的理想，撞上了「公充為輔」的現實](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/home-first-policy-vs-real-world-charging-needs-hong-kong-as-a-global-ev-showroom-series-1/) - 對於許多香港電動車主而言，下班後，在住所附近的停車場「兜圈」尋找一個可用的充電位，已是家常便飯；週末驅車前往商場，充電車位寥寥無幾。在「一換一」計畫[1]等需求側政策的強力驅動下，電動私家車保有量從2019年的約1.4萬輛，以前所未有的速度激增至2025年9月的13.5萬輛，新車銷售滲透率更是攀升至驚人的71.04%[2]。然而在配套基建上，截至2025年中，全港公共車樁比已高達約9:1，這一數字遠遜於一河之隔、公共車樁比約為3:1的深圳[3]。車輛的指數級增長與充電設施的線性緩慢建設之間，形成了一道日益擴大的「剪刀差」，正嚴重侵蝕著用戶的充電體驗。 指標 2019 2021 2023 2025 (Q1~Q3) EV保有量 (萬輛) 1.4 2.8 7.6 13.5 EV佔車輛總量比例 (%) 1.58% 3.03% 8.28% 14.96% 新登記私家車EV滲透率 (%) - 24.38% 64.62% 71.04% (圖表1－香港地區EV保有量指標變化)[4] 「家充為主」的頂層設計 從經濟學與能源管理的角度來看，「家充為主」的方針無疑是最佳選擇，不僅電費成本最低，更能有效平抑電網的峰谷差，提高整體能源利用效率。因此例如內地城市對於家用充電的建設，申請流程已經相當成熟。 然而不同於內地後發的能源建設，香港高密度的居住環境，以及大量樓齡偏高的舊式樓宇，使得為現有停車位加裝充電設施面臨著結構性技術障礙。並且，任何涉及樓宇公共空間的改動，通常需要獲得業主立案法團的批准。根據《建築物管理條例》，這類決議往往需要超過半數甚至更高比例的業權份數同意，整個過程耗時費力，充滿不確定性。 (圖表2—香港深圳家用充電樁申請流程)[5] 為應對上述挑戰，特區政府於2020年推出了總額35億港元的「EV屋苑充電易資助計劃」，旨在為現有私人住宅停車場的充電基礎設施安裝提供財政支持。但該計劃在當下的解決方案中仍有一些未觸及的角落。 首先，計畫資助的核心範圍主要覆蓋停車場公共區域的「基礎骨架」工程，但從公共接線盒到車主私人車位的「最後一步」線纜鋪設與充電樁安裝，仍需車主自行承擔相關費用和申請程序。 其次，該計劃已於2023年12月31日停止接受新申請[6]，無法再惠及更多的存量樓宇。根據香港工會聯合會於2024年進行的《香港電動車用家充電習慣意見調查》（下稱調查）[ii]，近三成（28.1%）的受訪者表示其居住的屋苑不符合申請資格，而已成功申請資助並完成全部工程的，僅佔一成（10.1%）。 最後，計劃未能掃除公契約束的法律障礙。許多中大型私人屋苑，特別是一些樓齡較長的屋苑，其公契中可能包含限製或禁止加裝額外電力設施的條款。這類法律層面的約束，並非單純的財政資助所能克服，需要更深的法律修訂或政策豁免才能解決。 「公充為輔」的現實錯位 如果說「家充為主」的理想在香港的現實面前顯得步履維艱，那麼「公充為輔」的定位則更是與市民的真實用車場景發生了嚴重的錯位。 《調查》顯示，近七成半受訪者表示使用公眾充電樁。只有14.3%受訪者表示在居住屋苑充電。香港車樁比從 2020 年的 5.5:1惡化至 2025 年中的 9:1[8]，設施的供需缺口仍在持續擴大。 並且對於無法在家充電的用戶而言，他們最需要的並非需要耗費 6 至 10 小時才能充滿一輛車的中速充電樁，而是在短暫間隙就能完成快速補能的直流快充樁。然而截至 2025 年年中，在全港約 14,553 個公共充電樁中，中速充電樁佔據了壓倒性的絕大多數，達到 9,482 個，佔比近 65%。而快速及高速充電樁合計僅有 2,270
- [“Home-First” Policy vs Real-World Charging Needs: Hong Kong as a Global EV Showroom Series](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/home-first-policy-vs-real-world-charging-needs-hong-kong-as-a-global-ev-showroom-series-1/) - Professor Zhixi Wan 10 December 2025 For many electric vehicle (EV) owners in Hong Kong, circling around the car park near home after work to look for an available charging spot has become a daily routine. At weekends, they drive to park at shopping malls, only to find few charging bays available. Under the strong
- [浴火重生：化哀思為反思](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/reborn-from-the-ashes-turning-grief-into-reflection/) - 2025年11月26日下午2時51分，一場大火燒毀了大埔宏福苑7座大廈。43小時的熊熊大火，奪去了至少160個鮮活的生命，帶走了1000多個家庭的所有，更隱沒了所有香港人的笑容。撕心裂肺的呼喊，萬念俱灰的淚水，不見盡頭的蜿蜒弔唁人龍，堆積如山的白色菊花。香港，乃至世界，在沖天的烈焰中，任悲哀肆虐，任傷痛蔓延。 這不是香港第一次災難性的大火，更不是世界大城市中首次造成大規模死傷的火災。在美國，從紐約1911年三角內衣工廠大火，到波士頓1942年椰林夜總會大火，再到芝加哥1958年聖母天使學校大火。每一場大火都是意料之中的意外，每一場厄災災後都是痛定思痛的徹查，而每一個逝去的性命都換來我們今天的倖存。 回顧美國三場大火，以至大埔火災，縱然時代不同，地域各異，卻都有相似得驚人的背景貫串其中。 燒出紐約良心的工廠大火 1911年3月25日下午4時40分，大火從曼哈頓三角內衣工廠第8層的碎布和紙樣，迅速蔓延到第9至第10層，車間內因存放着大量可燃物品（布料碎屑、木製桌椅），並缺乏自動灑水系統，以致火勢一發不可收拾。為防工人偷懶，工廠更將逃生門上鎖，女工逃生無路，僅有1部容納10人的升降機和1座外置逃生梯也在高溫與負載下坍塌。加上當時消防車雲梯高度只能夠到第6至第7層，難以救援高層。最後146人葬身火海，其中多為十幾到二十幾歲的移民女工。 這場火災被視為美國勞工安全與城市消防監管的分水嶺。紐約州設立「工廠調查委員會」，對各行業工作條件進行大規模調查與聽證，隨後通過了大約30項健康與安全法例，涵蓋消防規範，包括工廠安裝自動灑水系統、舉行定期消防演練與張貼疏散路線指引；以及建築與出入口要求，例如多重安全出口、合格的消防逃生設施，出口門盡量向外開等，並強化執法與檢查。 令人唏噓的是，相關條文法規（如工作時段出入口不得上鎖）在火災前就已設立，但從立法到執法，竟以146名女工的寶貴生命作為代價。 生死攸關的椰林旋轉門 1942年11月28日晚上10時15分，大火從波士頓椰林夜總會地下層波及整座單層建築。大量易燃裝飾（人造棕櫚、布簾、仿皮與竹藤面）加速了火勢蔓延，加上緊急出口門被鎖，唯一主入口的旋轉門很快被人群堵死。當晚夜總會裡容納了超過1000人，加上缺乏應急照明和自動灑水系統，結果492人命歸黃泉。 這次美國史上最致命的夜總會火災，直接推動了各州公共集會場所的消防及建築法規與執法力度的系統升級。自此，公共營業場所禁止使用高燃性裝飾材料（如大面積布簾），緊急出口必須可由內部開啟且保持解鎖，旋轉門不可作為唯一或主要疏散出口，旁邊必須設置外開平開門，嚴格控制場所的最高容納人數，保持疏散通道暢通等。這些都被寫入了美國消防協會標準101—生命安全規範。 然而，不難發現這場災難牽涉的緊鎖緊急出口門，早在30年前的三角內衣工廠的火災中，就鎖死了女工的求生出路。雖然她們的枉死換來了法規的執行，但30年後，波士頓椰林夜總會的緊急出口依然上了鎖！從消防安全法規本該執行，到法規滴水不漏地嚴格執行，美國再犧牲了幾近500人的性命。 聖母天使學校成人間煉獄 1958年12月1日下午約2點，芝加哥聖母天使學校地下梯間的垃圾桶起火，並迅速蔓延到學校一樓和二樓。校內幾乎全為易燃木材，地面塗覆蓋的材料也是高燃性蠟或油品，既沒有自動灑水系統，走廊與樓梯亦無防火門，甚至缺乏自動火警鐘，遑論與消防部門直連的報警系統。大火吞噬了92名兒童和3名修女的生命。 這場災難迅速觸發芝加哥、伊利諾伊州乃至全美國學校安全規範的系統性升級。芝加哥開始強制兩層及以上木構學校建築安裝自動灑水滅火系統，完善校內火警系統，設立直接連接消防局的校外報警箱，每月定期在各學校舉行消防演練。其他各地也立即全面整治學校建築，關閉不合規的校舍，推動使用耐火材料（如混凝土、鋼材）和防火樓梯間、防火門，並完善多出口疏散，推廣自動報警聯動等配置。而101—生命安全規範經修訂後，明確了自動灑水滅火系統與防火分隔的重要性。 可怕的歷史一再重演。易燃的建築材料，缺失的自動灑水系統，失效的自動火警系統，沉痛的歷史教訓過了幾十年，還是犧牲了92個孩子的生命來鞏固。 一個世紀後的今天，在宏福苑的沖天火災裏，我們看到的不單是100多位香港人的性命，更是100多年裡每一場大火中的亡魂。我們祈禱傷口的痊癒，但無法抹去喪失親人的悲慟；我們期盼疤痕的褪淡，但用生命換來的教訓應該時刻謹記！如何不重蹈覆轍，如何不一錯再錯？只有生者警覺，才能讓逝者安息。 范亭亭博士 港大經管學院市場學首席講師 （本文同時於二零二五年十二月十七日載於《信報》「龍虎山下」專欄）
- [Awakening from the Ashes: Mourning to Reflection](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/reborn-from-the-ashes-turning-grief-into-reflection/) - Dr Tingting Fan 17 December 2025 At 2:51 p.m. on 26 November 2025, seven blocks of the Wang Fuk Court residential complex in Tai Po were devastated by a massive fire. Raging non-stop for 43 hours, the blaze claimed at least 160 lives, robbed over 1,000 families of everything, and took away the smiles from
- [香港中产面对斩杀线有何出路](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/how-the-hong-kong-middle-class-can-escape-the-kill-line/) - 坐在龙虎山下的办公室内，窗外是薄扶林郁郁葱葱的绿意，远处则是维多利亚港若隐若现的波光。这里是香港学术与财富交汇的高地，也是观察这座城市经济脉络的最佳视窗。 自去年底，一个源自电子游戏的词汇“斩杀线”（kill line），在太平洋两岸的社交网络上疯传。在美国，它用以形容那些年薪虽高但储蓄微薄的家庭，一旦遭遇裁员或急病，生活瞬间处于崩塌的临界点;在中国内地，则更多指向“35岁失业+高额房贷”的残酷现实。 作为经济学教员，笔者不禁在想：香港的中产阶级，是否也正面临一条隐形“斩杀线”？ 如果说美国中产死于消费信贷，内地中产困于烂尾楼与职场年龄歧视，那么香港中产的“斩杀线”，则是一场更为复杂、关于资产价格通缩与经营杠杆过高的完美风暴。 “斩杀线”如何划界 在香港，定义中产从来并不容易。经济合作与发展组织的收入定义在这里显得过于苍白。在主流语境下，香港中产不仅意味着一份每月六位数的家庭收入，更蕴含一套标准资产组合：太古城或黄埔花园的私人住宅、子女的直资或国际学校学额、外籍家庭佣工，以及高端医疗保险。 所谓“斩杀线”，在香港语境并不是指跌入贫穷线之下，而是指中产生活方式瞬间瓦解。 这条线通常由两个核心变数交叉而成：负资产与现金流中断（cash flow disruption）。当按揭物业市值跌破未偿还贷款额，且家庭流动性枯竭而无法支撑高昂的固定开支，就会立刻触发斩杀机制。 中产头上三把刀 第一刀：资产价格的双杀 先聚焦于资产。过去20年，香港中产的财富信仰建基于楼价的单边上涨。然而，这一信仰正在经历痛苦的修正。 根据中原城市领先指数，香港楼价已从2021年的历史高位（约191点）回落至2024年底的137-145点水平，跌幅约25%。对于在2019至2022年高位入市的家庭来说，这不单是帐面亏损，更是实质性的资产缩水。 尤其触目惊心的数据来自金融管理局。截至2024年第四季末，香港负资产住宅按揭宗数虽然从第三季的40,713宗微跌至38,389宗，但仍处于近20年来的高位，涉及金额高达1,951亿元。 这就构成了“斩杀线”的第一个条件：资产被锁定。在负资产状态下，业主无法通过出售房产来套现救急，因为卖楼所得不足以偿还银行贷款。一旦需要资金周转，这笔曾经最大的财富顿然成为最大的负债。 第二刀：极高的“经营杠杆” 如果说楼价下跌是慢性失血，那么高昂的固定生活成本则是致命一击。在企业估值中，营运杠杆（operating leverage）经常用来衡量固定成本对利润的影响；香港中产家庭的营运杠杆无疑极高。 以一个典型的中产四口之家为例。住房方面，即使不供楼，管理费、差饷也是刚性支出。若需供楼，月供动辄4、5万元。教育一环则是香港中产最无法割舍的“护城河”。2024-25学年，多所国际学校学费上调，部分学校的中学学费已突破20万元，还未包括债券（debenture）和建校费（capital levy）。此外，其他支出包括外佣薪金、保险费、养车成本。 从这种高固定成本结构可见，家庭收入只要出现轻微波动（例如花红取消、一方降薪），净现金流就会迅速转负。有别于美国中产因通胀和信用卡债务的困境，香港中产的压力源于对阶层滑落的极度恐惧。一旦断供国际学校，孩子转回津贴学校，在不少家长眼中等同于社会性死亡。 第三刀：人力资本的重新估值 最后也是最关键的一刀，来自收入不确定性。 经济学上，将一个人的未来收入折现到现在，称为“人力资本”。过去，金融、法律、专业服务界的高薪，都建基于香港作为超级联系人的独特地位。 然而，随着全球地缘政治格局的变化和人工智能技术的渗透，许多中产职位的“护城河”逐渐缩窄。金融界的裁员潮、企业架构的精简，令许多年薪百万的中产突然发现，自己的人力资本估值被市场下调了。 当负资产（无法卖楼）遇上失业（现金流中断），“斩杀线”就被触发了。这不仅仅是破产问题，而是几十年来积累的社会资本和家庭未来清零。 问题症结的解方 作为学者，笔者不希望只贩卖焦虑。香港中产面临的困境，本质上是资产配置过度集中与巨集观经济周期转换的错配。 过去市民一直惯于利用高杠杆买入单一资产（房屋），并假设收入会永远增长。去杠杆周期来临时，这种策略却显得尤其脆弱。 对于个人，不妨考虑变阵自强： 一、重构资产负债表：降低对房产的依赖，增加流动资产。汇丰银行2023年的新中产报告指出，香港中产认为拥有637万元流动资产才算达标。此一门槛虽然听起来很高，但保持至少12个月的现金流储备是穿越周期的底线。 二、管理经营杠杆：审视家庭的高固定成本。教育投资固然重要，但仍需量力而行。 三、投资自己：在人工智能时代，提升不可替代的技能，保住现金流（工资）比资产增值更重要。 对于政策制定者，笔者同样有三大建议： 一、正视负资产的社会风险。虽然目前的拖欠比率（0.13%-0.15%）仍处于低位，但这更多是银行网开一面和中产死扛的结果。政府应鼓励银行在处理负资产个案时保持弹性，避免因机械式“call loan”（追讨贷款）引发系统性恐慌。 二、降低中产的“育儿通胀”。香港的低生育率与极高的育儿成本直接相关。政府除了发放2万元生育津贴这种“杯水车薪”外，应考虑对中产家庭的教育开支（包括私立和国际学校学费）扩大免税额，或者通过政策引导降低私立教育的通胀率。 三、产业多元化是根本。只有当香港不只依赖金融和地产两个高薪引擎，中产阶级的收入来源才能多样化，从而降低对单一行业周期的敏感度。 化催命符为警世钟 站在龙虎山下，看着眼下依然繁忙的维多利亚海港，我依然对香港保持乐观。这座城市经历过无数次金融风暴，每一次都能从废墟中重建繁荣。 “斩杀线”的存在，是对过往激进杠杆模式的一种警示。对于香港中产而言，穿越这条线的关键，不在于祈祷楼市V形反弹，而在于重新审视财富的定义——真正的财富，不是帐面上的房产估值，而是即使风雨飘摇，依然拥有选择生活方式的自由与底气。 马年将至，冀望每一位在狮子山下奋斗的香港人，都能继续善于应变；尽管“斩杀线”来势汹汹，仍得以化险为夷。 章逸飞博士 港大经管学院经济学高级讲师 （本文同时于二零二六年二月十一日载于《信报》“龙虎山下”专栏）
- [中企出海：中国宏观经济转型的必经之路](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/chinas-macroeconomic-shift-a-call-for-firms-to-go-global/) - 当前中国经济正处于深度转型期。尽管拥有14亿人口的内需潜力，但房地产调整引发的财富效应收缩、居民高储蓄率（2024年超过43%）与消费信心不足制约内需释放。同时，部分高端制造领域供强需弱，国内市场“内卷”加剧。尽管政府已意识到此问题并正采取“反内卷”措施，成效仍有待观察。在此背景下，企业寻求外部增长空间已由战略选择转变为生存必需。 放眼全球，旧有的全球化秩序正在瓦解。美国面临日益严峻的债务困境，其国债已逼近40万亿美元，利息负担持续加重。与此同时，美国正试图通过重塑全球秩序来强化其战略主导地位，例如施压委内瑞拉、谋求控制格陵兰，并借助“对等关税”等保护主义手段重构全球供应链。然而，其结果并非“去全球化”，而是催生了全球贸易碎片化、区域化的新格局。一方面，“全球南方”国家积极参与RCEP、CPTPP、金砖机制；另一方面，东盟和中东等地区成为新的增长与承接中心。世界正加速迈向多极化，美国未必仍是新一轮全球化的核心。 正因如此，“不出海就出局”这句话虽未必反映全体企业的实际决策，却精准捕捉了当前一部分先行者的焦虑与判断。这一判断源于双重压力：一是内部竞争白热化，利润空间持续收窄；二是外部关税壁垒高筑，尤其特朗普政府2025年推出的10%基准关税及对华更高税率，直接冲击传统出口模式。许多企业被迫将生产基地转移，以维持对美供货，或主动开拓非美市场，构建“中国+1”甚至“美国+1”的多元布局。 中国新兴产业影响力显著提升。根据中国海关总署数据，电动汽车、光伏和锂电池等“新三样”2025年出口规模接近1.3万亿元，较2020年增长3.5倍。同吋，中国企业出海正加速向“全球南方”新兴市场转移，出海重点日益转向东盟和拉丁美洲。2024年，中国对东盟直接投资343.6亿美元，同比增长36.8%，对拉丁美洲直接投资增长15.4%。在这一趋势下，不同区域展现出差异化的发展机遇：东盟凭借完善的产业基础承接电子和半导体产业链，墨西哥受益于近岸外包成为进入美国市场的重要节点，而中东地区则因主权财富基金活跃，在资本与能源合作中崛起为新的战略热点。 然而，出海绝非坦途。许多企业家渐渐发现国内高效的政企协作与劳动力管理难以直接复制海外，这源于文化差异、劳工法规、环保标准及与当地政府沟通的复杂性。有项目原先预期三年便能回本，但在实际操作上，选址、审批、招工环节已耗去两年。正确的战略与周全的准备是成功出海的基石，若考量不足，企业或面临固定资产与商誉减值。例如，一家国内知名电商企业曾将国内重资产与自建物流模式照搬至东南亚市场，但忽略了当地地理分散、基础设施差异和盈利周期较长的现实，导致成本结构与市场阶段严重错配。最终因长期亏损退出当地市场。 未来五到十年，中国企业出海会呈现出一种新趋势：不再局限于商品出口，而是更注重与全球南方国家共建本地生态。这一转变源于国内经济结构升级转型的需要，同时避免激发政治反弹和贸易摩擦。中企通过在当地设厂、培训员工、培育供应链，将部分价值链留在东道国，既缓解“供强需弱”困局，又实现技术、品牌等高阶价值回流自身。 总的来说，中国正从工业制造大国转向全球生产链的构建者。通过品牌出海、供应链协同与企业管理文化共融，中国与新兴市场正共同分担风险、共享增长红利，为动荡中的世界经济提供新的稳定锚。 邓希炜教授 香港大学协理副校长（环球事务）、港大经管学院副院长（对外事务）、冯国经冯国伦基金经济学教授 （本文同时于二零二六年二月六日载于《FT中文网》明德商论专栏）
- [全球治理能抗衡单边主义吗？](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/can-global-governance-withstand-unilateralism？/) - 当全球政经环境充满反复且前景极不明确时，全球治理自然也变得杂乱无章。当前全球的主要治理平台之一是G20组织。该组织刚于上周末在南非约翰内斯堡进行了每年一度的领导人峰会，会议显示出当前国际形势的纷乱。在G20峰会之前，《联合国气候变化框架公约》缔约方也在巴西举行了两星期的第30次大会(COP30)，其中各国关于分阶段停用化石燃料路线图的讨论，最终毫无结果。两次大型会议的一个共同点，是美国的明显缺席。 二次大战后，西方主要国家在联合国、世界银行、国际货币基金和关税及贸易总协定等国际组织的框架下，走上经济复苏之路。但随著70年代初布列顿森林体系的崩溃和石油危机带来的经济困难，美国、英国、法国、西德、意大利和日本六个工业国在1975年开始共同商讨全球经济议题，翌年加拿大加入，组成七大工业国集团(G7)，并在随后30年主导全球经济。然而，2008年金融海啸爆发后，G7无力独自收拾残局，便由G20后备上阵。G20 始创于上世纪末亚洲金融危机之后，其目标是增强全球金融稳定，成员包括19个国家及欧盟， 与会者主要是各国的财金官员。2008年，G20因其重要责任，升级为领导人级别会议，奠定其全球主要议题论坛的地位，议题范围涵盖经济、金融、贸易、可持续发展、气候变化等多个领域 。19个成员国轮任主席国，到今年的南非刚好完结了第一个循环，本应成为一个回顾检讨和向前迈进的契机，但是次会议并没有起到这样的作用。 不过，十多年来的多次G20会议也有达成一些重要成果。首先是危机处理方面，金融海啸发生后，在美国华府召开的G20会议成功地对问题根源达成共识，并由多国联合实施极为宽松的财政和货币政策、提高银行的资本充足比率，同时强调通力合作、拒绝贸易保护主义，更成立了名为金融稳定理事会(Financial Stability Board) 的新国际组织，为全球金融稳定提供制度保障。2020年新冠肺炎爆发，G20 迅即在当年3月底开会，统筹应付疫情，对低收入国家给予债务舒缓或暂停偿还，协调医疗用品和疫苗的国际分配，维持供应链继续开放等。 G20既包括G7的发达国家，也包括印度、印尼、墨西哥等较低收入国家，因此有相当的全球代表性 。2023年，拥有55个国家成员的非洲联盟也加入了G20，使该组织涵盖了全球三分之二的人口和85%的GDP，进一步成为南北对话的主要平台。此外，G20 在鼓励开放贸易和减少碳排放等其他议题上也在持续发力。数天前，南非G20的共同宣言呼吁改革世界银行和国际货币基金以更符合发展中国家的需要，如降低发展中国家贷款息率、对其进行债务减免和气候融资支持。其特别之处在于，是次大会宣言在会议第一天上午即提早派发，并获得了所有出席人士的认可，不同于以往经过多轮磋商才在会议结束前公布的宣言惯例。这或许反映出与会者对议题早有坚定立场，同时显示美国的单边主义不会威胁到全球治理的运行。 在地球村内，各个国家有共同利益，也有利益冲突，因而难免分分合合、聚聚散散。当利益出现，饼的大小已定，你争我夺的零和游戏必然存在利益冲突。而好的全球治理本质上是公共商品，不若私人商品如食物等排他性消费，其消费并无排他性，可以给予多人享用。但公共商品的非排他性导致供应方难以获得相应回报，进而抑制供给动力，所以在一个国家内通常由政府主导提供。然而，全球层面并不存在具备强制力的“全球政府”，良好管治只能通过国际组织来界定权限、各国通过协议自我约束等方式实现。加之国内外形势动态改变，全球治理体系难免显得松散。 和今天比较，二战后的全球治理相对清晰稳定。当时全球分为美国和苏联两大核心阵营，阵营内的利益和价值观相对一致，其他国家的经济或政治能量影响力有限，难以动摇全球治理框架。与此同时，当时的关税及贸易重协定等新兴国际体系也树立了新的规范。此外，二战后的全球化主要由发达国家主导，众多发展中国家仍实施保护主义政策。换言之，后者未充分参与国际经济事务，使得全球治理的参与主体相对集中。 然而，踏入80年代后，全球化有了重大转变，全球治理亦渐渐比以前复杂。第一，众多新兴市场和发展中国家开始参与全球经济活动，包括之前以计划经济为主的主体。大量劳动力和资金被调动起来东出西进，全球经济的面貌大幅改观。全球化促使不同经济体高度整合，你中有我、我中有你，多方经济活动互相牵动、亦同时制约，解决问题需要多方协作和磋商。 第二，新兴市场和发展中国家的经济增长率早已超过发达国家，按购买力平价汇率计算，到今天已占全球总生产的61%，带来经济权力的多边化。二战后经济权力的层次感和明显的主从关系不复存在。 第三，国际问题日益多样性和复杂化，例如科技进步带来的产业组织结构令“赢者通吃“，气候变化衍生出各种新行业，这些问题均超越国界。 最后，特朗普两次任期内的政策波动、朝令夕改及规则突破，也为全球治理带来更多不确定因素。 二战后的世界经济秩序至今已维持80年。全球经济情况已发生根本性变化的今天，全球治理模式也需要应时而变，不应昧于现实。特朗普是打破原有治理规则的典型代表，其核心目的是维护美国利益，而非优化全球良好治理这一公共商品。在当前极为混乱的局面下，建立新的治理模式并非易事，但各国应追求扩大共同利益，而非聚焦利益冲突。 G20领导人峰会明年又会回到美国，开始各国轮任主席国的第二期循环。依照特朗普的执政风格，他大概率不会积极推动涉及全球利益的多边主义议题。但在其各种戏码之馀，如何利用G20高峰会议这个舞台进行政治表现，会是一段有趣的插曲。明年恰逢美国建国250周年，年底又是美国国会中期选举，和中国暂停一年的关税贸易战在到期后将会如何，特朗普此前提出的四月访华行程及随后习主席访美行程安排，都会是影响明年全球政经走势的重头戏。 陆炎辉 港大经管学院经济学荣誉副教授 （本文同时于二零二五年十一月二十六日载于《信报》“龙虎山下”专栏）
- [全球治理能抗衡單邊主義嗎？](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/can-global-governance-withstand-unilateralism？/) - 當全球政經環境充滿反覆且前景極不明確時，全球治理自然也變得雜亂無章。當前全球的主要治理平台之一是G20組織。該組織剛於上週末在南非約翰內斯堡進行了每年一度的領導人峰會，會議顯示出當前國際形勢的紛亂。在G20峰會之前，《聯合國氣候變化框架公約》締約方也在巴西舉行了兩星期的第30次大會(COP30)，其中各國關於分階段停用化石燃料路線圖的討論，最終毫無結果。兩次大型會議的一個共同點，是美國的明顯缺席。 二次大戰後，西方主要國家在聯合國、世界銀行、國際貨幣基金和關稅及貿易總協定等國際組織的框架下，走上經濟復甦之路。但隨著70年代初布列頓森林體系的崩潰和石油危機帶來的經濟困難，美國、英國、法國、西德、意大利和日本六個工業國在1975年開始共同商討全球經濟議題，翌年加拿大加入，組成七大工業國集團(G7)，並在隨後30年主導全球經濟。然而，2008年金融海嘯爆發後，G7無力獨自收拾殘局，便由G20後備上陣。G20 始創於上世紀末亞洲金融危機之後，其目標是增強全球金融穩定，成員包括19個國家及歐盟， 與會者主要是各國的財金官員。2008年，G20因其重要責任，升級為領導人級別會議，奠定其全球主要議題論壇的地位，議題范圍涵蓋經濟、金融、貿易、可持續發展、氣候變化等多個領域 。19個成員國輪任主席國，到今年的南非剛好完結了第一個循環，本應成為一個回顧檢討和向前邁進的契機，但是次會議並沒有起到這樣的作用。 不過，十多年來的多次G20會議也有達成一些重要成果。首先是危機處理方面，金融海嘯發生後，在美國華府召開的G20會議成功地對問題根源達成共識，並由多國聯合實施極為寬鬆的財政和貨幣政策、提高銀行的資本充足比率，同時強調通力合作、拒絕貿易保護主義，更成立了名為金融穩定理事會(Financial Stability Board) 的新國際組織，為全球金融穩定提供制度保障。2020年新冠肺炎爆發，G20 迅即在當年3月底開會，統籌應付疫情，對低收入國家給予債務舒緩或暫停償還，協調醫療用品和疫苗的國際分配，維持供應鏈繼續開放等。 G20既包括G7的發達國家，也包括印度、印尼、墨西哥等較低收入國家，因此有相當的全球代表性 。2023年，擁有55個國家成員的非洲聯盟也加入了G20，使該組織涵蓋了全球三分之二的人口和85%的GDP，進一步成為南北對話的主要平台。此外，G20 在鼓勵開放貿易和減少碳排放等其他議題上也在持續發力。數天前，南非G20的共同宣言呼籲改革世界銀行和國際貨幣基金以更符合發展中國家的需要，如降低發展中國家貸款息率、對其進行債務減免和氣候融資支持。其特別之處在於，是次大會宣言在會議第一天上午即提早派發，並獲得了所有出席人士的認可，不同於以往經過多輪磋商才在會議結束前公佈的宣言慣例。這或許反映出與會者對議題早有堅定立場，同時顯示美國的單邊主義不會威脅到全球治理的運行。 在地球村內，各個國家有共同利益，也有利益衝突，因而難免分分合合、聚聚散散。當利益出現，餅的大小已定，你爭我奪的零和遊戲必然存在利益衝突。而好的全球治理本質上是公共商品，不若私人商品如食物等排他性消費，其消費並無排他性，可以給予多人享用。但公共商品的非排他性導致供應方難以獲得相應回報，進而抑制供給動力，所以在一個國家內通常由政府主導提供。然而，全球層面並不存在具備強製力的“全球政府”，良好管治只能通過國際組織來界定權限、各國通過協議自我約束等方式實現。加之國內外形勢動態改變，全球治理體系難免顯得鬆散。 和今天比較，二戰後的全球治理相對清晰穩定。當時全球分為美國和蘇聯兩大核心陣營，陣營內的利益和價值觀相對一致，其他國家的經濟或政治能量影響力有限，難以動搖全球治理框架。與此同時，當時的關稅及貿易重協定等新興國際體系也樹立了新的規範。此外，二戰後的全球化主要由發達國家主導，眾多發展中國家仍實施保護主義政策。換言之，後者未充分參與國際經濟事務，使得全球治理的參與主體相對集中。 然而，踏入80年代後，全球化有了重大轉變，全球治理亦漸漸比以前複雜。第一，眾多新興市場和發展中國家開始參與全球經濟活動，包括之前以計劃經濟為主的主體。大量勞動力和資金被調動起來東出西進，全球經濟的面貌大幅改觀。全球化促使不同經濟體高度整合，你中有我、我中有你，多方經濟活動互相牽動、亦同時制約，解決問題需要多方協作和磋商。 第二，新興市場和發展中國家的經濟增長率早已超過發達國家，按購買力平價匯率計算，到今天已佔全球總生產的61%，帶來經濟權力的多邊化。二戰後經濟權力的層次感和明顯的主從關係不復存在。 第三，國際問題日益多樣性和複雜化，例如科技進步帶來的產業組織結構令“贏者通吃“，氣候變化衍生出各種新行業，這些問題均超越國界。 最後，特朗普兩次任期內的政策波動、朝令夕改及規則突破，也為全球治理帶來更多不確定因素。 二戰後的世界經濟秩序至今已維持80年。全球經濟情況已發生根本性變化的今天，全球治理模式也需要應時而變，不應昧於現實。特朗普是打破原有治理規則的典型代表，其核心目的是維護美國利益，而非優化全球良好治理這一公共商品。在當前極為混亂的局面下，建立新的治理模式並非易事，但各國應追求擴大共同利益，而非聚焦利益衝突。 G20領導人峰會明年又會回到美國，開始各國輪任主席國的第二期循環。依照特朗普的執政風格，他大概率不會積極推動涉及全球利益的多邊主義議題。但在其各種戲碼之餘，如何利用G20高峰會議這個舞台進行政治表現，會是一段有趣的插曲。明年恰逢美國建國250週年，年底又是美國國會中期選舉，和中國暫停一年的關稅貿易戰在到期後將會如何，特朗普此前提出的四月訪華行程及隨後習主席訪美行程安排，都會是影響明年全球政經走勢的重頭戲。 陸炎輝 港大經管學院經濟學榮譽副教授 （本文同時於二零二五年十一月二十六日載於《信報》「龍虎山下」專欄）
- [熊出没注意：经济学上的特效解方](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/beware-of-bears-how-economics-can-resolve-japans-escalating-human-bear-conflict/) - 从各大媒体报导和社交平台信息广传可见，日本近期正被一场前所未有的熊灾困扰。棕熊与亚洲黑熊以空前频率闯入人口密集地区，甚至闯入停机坪，令机场暂时关闭。截至10月底，已有超过170人遭受攻击，造成十多人丧生。日本环境省以及农林水产省将之定性为“异常事态”，并紧急调拨资源应对。 事件引发舆论关注，一般指向因气候变化而导致食物短缺。若用经济学“手术刀”解剖，则会发现危机的核心症结在于猎人群体，皆因维系人熊边界的这道传统防线，在现代经济社会中系统性失灵。 缓冲地带遭深度掏空 野熊频繁“下山”，直接导火线的确是生态因素。夏季创纪录高温与干旱导致山毛榉、橡实等坚果严重歉收，饥饿驱使熊群冒险走进人类活动区域；背后其实反映日本经济结构经过数十年变迁所埋下的深层隐患。战后经济高速增长与城市化进程有如巨大抽水泵，将乡村人口源源不断吸入都市圈，令广大乡村陷入过疏化与超高老龄化的困境。 曾被精心耕作的农田、有序管理的“里山”（Satoyama）遭弃耕荒废。“里山”强调“社会—生态—生产地景”（socio-ecological and production landscape），在日本传统生态格局中，一直充当人与自然之间的缓冲带，通过人类适度经济活动维持半自然生态，有效隔离野生动物与人类居住区。 今时今日，缓冲带因荒废而杂草丛生。对饥饿的野熊而言，村庄附近废弃的果树、管理不善的垃圾收集站无异于自助餐厅；人与熊的边界在蔓延的荒野中变得空前模糊。这场看似偶然的生态失衡，实则是社会经济结构性问题的集中爆发。 猎人亏本 防线失守 面对熊群，地方政府本来可以透过传统应对方式，请猎友会出动驱赶或捕杀。无奈这道历时数百年的防线已风雨飘摇。要理解个中原因，必须站在猎人角度算一笔理性而残酷的经济账。 先看收益。猎人冒生命危险捕熊，经济回报却小得惊人。长野县一名猎人披露，他参与两小时黑熊驱逐任务，政府补贴仅3000日元（约150元港币）。这种象征性补贴更像车马费报销，而非就专业技能和风险而言的对价。过去熊胆、熊掌曾是可观收入来源，但在《野生动物保护法》日益完善的今天，任何有关的商业交易都被严禁。虽然生态保护有其必要，却切断了猎人唯一的潜在高额回报，而政府并未建立相应补偿机制；猎人捕熊的直接经济收益近乎零。 再看成本。与微薄收益形成鲜明对比的，是高昂得令人却步的预期成本。首先是物质与时间成本。一把合格猎枪动辄数十万日元，每年保养、牌照费不菲；每次出动的弹药、燃油、通讯等都是实打实的开支，区区数千日元的补贴，连直接成本都无法弥补。尤其重要的是时间成本。一次行动耗时半天至数天是常态，补贴却按次数或极低时薪计算，完全无视猎人的机会成本。 其次是生命安全风险。与饥饿或被激怒的野熊正面交锋，危险程度可想而知。2025年熊灾已导致多人死亡，其中不乏经验丰富者。承担捕熊重任队伍的人口结构更令人担忧，日本猎人平均年龄高达68岁，被媒体称为“银发军团”，况且全国猎人总数从70年代巅峰的50多万，锐减至不足10万。让这支队伍对抗体型愈来愈大、数量愈来愈多的熊群，是将他们置于足以致命的险境；政府却一直未能提供相应的意外伤亡保障。 再者，还有法律与社会成本。在枪支管理极严的日本，于市区开枪面临巨大法律风险。根据《鸟兽保护管理法》及枪械法规，猎人必须确保行动时万无一失。一旦误伤路人或造成财产损失，须承担沉重民事赔偿乃至刑事责任。这种“一枪不慎，倾家荡产”的后果使许多猎人犹豫不决。此外，日益高涨的动物保护思潮让猎人腹背受敌。受熊威胁的市民要求他们果断行动，动物保护团体则可能将猎杀行动贴上“残忍”标签，通过社交媒体不断施压。这种“干或不干，也要挨骂”的困境，使不少猎人裹足不前。 从经济人（Economic Man〔homo economicus〕）看来，结论可谓清晰不过：捕熊行动预期收益微薄，预期成本却极高。当成本远超收益时，理性选择自然是“能免则免”。这正是日益萎缩的猎人群体未能及时回应熊灾的基本经济原因。 重构守护家园的诱因 治本之策并非道德呼吁，而在于正视经济逻辑，从根源上进行制度重构，让保护社区安全这项公共服务成为回报合理、可控风险的专业化行为。笔者建议以下三大方向： 一、建立专业化薪酬等级。象征性低额补贴必须取消，而将猎人捕熊行动定位为由政府购买的高风险专业公共服务。可考虑设计“基本待命费+出勤费+绩效奖金”模式：待命费确保队伍稳定性，出勤费覆盖直接成本和时间成本，绩效奖金是专业技能和风险承担的回报。报酬标准应参照警察、消防员等高危公共服务，确保总收入远高于社会平均水平。 二、构建全面的国家级风险保障体系，这比提高补贴更为关键。政府应为所有在册并受委托执行任务的猎人建立强制性公共保险，包括个人意外保险和抚恤金，第三者责任险，覆盖任务中可能发生的意外损失；以及法律援助保险，为因合规行动而卷入诉讼的猎人提供专业支援。这套组合拳让猎人“敢于开枪”而无后顾之忧。 三、系统化培养接班人。解决银发军团问题的唯一出路，就是吸引年轻人入行。政府应将猎人培养纳入资助职业教育一环，以便大幅减免新人培训、考证及装备费用；建立官方师徒制，对带徒的老猎人予以补贴；通过宣传重塑猎人的社会形象，强调其作为“生态系统管理者”和“社区安全守护者”的专业性，以提升专业自豪感。 总而言之，2025年日本熊灾折射出社会经济深层结构性问题，警示我们任何依赖传统、情怀和个人奉献的方式，当遇上现代经济社会的精密计算和风险评估，都显得脆弱不堪。解决问题不能依靠空洞的道德呼吁，而须勇敢地正视并重构经济激励和保障机制。唯有让这份古老而危险的职业在当今社会获得应有的经济尊严、制度保障和人才传承，日本才能重新建立起可持续的“防火墙”， 摆脱难以招架“熊军”入侵的困局。 章逸飞博士 港大经管学院经济学高级讲师 （本文同时于二零二五年十一月二十日载于《信报》“龙虎山下”专栏）
- [熊出沒注意：經濟學上的特效解方](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/beware-of-bears-how-economics-can-resolve-japans-escalating-human-bear-conflict/) - 從各大媒體報導和社交平台信息廣傳可見，日本近期正被一場前所未有的熊災困擾。棕熊與亞洲黑熊以空前頻率闖入人口密集地區，甚至闖入停機坪，令機場暫時關閉。截至10月底，已有超過170人遭受攻擊，造成十多人喪生。日本環境省以及農林水產省將之定性為「異常事態」，並緊急調撥資源應對。 事件引發輿論關注，一般指向因氣候變化而導致食物短缺。若用經濟學「手術刀」解剖，則會發現危機的核心癥結在於獵人群體，皆因維繫人熊邊界的這道傳統防線，在現代經濟社會中系統性失靈。 緩衝地帶遭深度掏空 野熊頻繁「下山」，直接導火線的確是生態因素。夏季創紀錄高溫與乾旱導致山毛櫸、橡實等堅果嚴重歉收，饑餓驅使熊群冒險走進人類活動區域；背後其實反映日本經濟結構經過數十年變遷所埋下的深層隱患。戰後經濟高速增長與城市化進程有如巨大抽水泵，將鄉村人口源源不斷吸入都市圈，令廣大鄉村陷入過疏化與超高老齡化的困境。 曾被精心耕作的農田、有序管理的「里山」（Satoyama）遭棄耕荒廢。「里山」強調「社會—生態—生產地景」（socio-ecological and production landscape），在日本傳統生態格局中，一直充當人與自然之間的緩衝帶，通過人類適度經濟活動維持半自然生態，有效隔離野生動物與人類居住區。 今時今日，緩衝帶因荒癈而雜草叢生。對饑餓的野熊而言，村莊附近廢棄的果樹、管理不善的垃圾收集站無異於自助餐廳；人與熊的邊界在蔓延的荒野中變得空前模糊。這場看似偶然的生態失衡，實則是社會經濟結構性問題的集中爆發。 獵人虧本 防線失守 面對熊群，地方政府本來可以透過傳統應對方式，請獵友會出動驅趕或捕殺。無奈這道歷時數百年的防線已風雨飄搖。要理解箇中原因，必須站在獵人角度算一筆理性而殘酷的經濟賬。 先看收益。獵人冒生命危險捕熊，經濟回報卻小得驚人。長野縣一名獵人披露，他參與兩小時黑熊驅逐任務，政府補貼僅3000日元（約150元港幣）。這種象徵性補貼更像車馬費報銷，而非就專業技能和風險而言的對價。過去熊膽、熊掌曾是可觀收入來源，但在《野生動物保護法》日益完善的今天，任何有關的商業交易都被嚴禁。雖然生態保護有其必要，卻切斷了獵人唯一的潛在高額回報，而政府並未建立相應補償機制；獵人捕熊的直接經濟收益近乎零。 再看成本。與微薄收益形成鮮明對比的，是高昂得令人卻步的預期成本。首先是物質與時間成本。一把合格獵槍動輒數十萬日元，每年保養、牌照費不菲；每次出動的彈藥、燃油、通訊等都是實打實的開支，區區數千日元的補貼，連直接成本都無法彌補。尤其重要的是時間成本。一次行動耗時半天至數天是常態，補貼卻按次數或極低時薪計算，完全無視獵人的機會成本。 其次是生命安全風險。與饑餓或被激怒的野熊正面交鋒，危險程度可想而知。2025年熊災已導致多人死亡，其中不乏經驗豐富者。承擔捕熊重任隊伍的人口結構更令人擔憂，日本獵人平均年齡高達68歲，被媒體稱為「銀髮軍團」，況且全國獵人總數從70年代巔峰的50多萬，銳減至不足10萬。讓這支隊伍對抗體型愈來愈大、數量愈來愈多的熊群，是將他們置於足以致命的險境；政府卻一直未能提供相應的意外傷亡保障。 再者，還有法律與社會成本。在槍支管理極嚴的日本，於市區開槍面臨巨大法律風險。根據《鳥獸保護管理法》及槍械法規，獵人必須確保行動時萬無一失。一旦誤傷路人或造成財產損失，須承擔沉重民事賠償乃至刑事責任。這種「一槍不慎，傾家蕩產」的後果使許多獵人猶豫不決。此外，日益高漲的動物保護思潮讓獵人腹背受敵。受熊威脅的市民要求他們果斷行動，動物保護團體則可能將獵殺行動貼上「殘忍」標籤，通過社交媒體不斷施壓。這種「幹或不幹，也要挨罵」的困境，使不少獵人裹足不前。 從經濟人（Economic Man〔homo economicus〕）看來，結論可謂清晰不過：捕熊行動預期收益微薄，預期成本卻極高。當成本遠超收益時，理性選擇自然是「能免則免」。這正是日益萎縮的獵人群體未能及時回應熊災的基本經濟原因。 重構守護家園的誘因 治本之策並非道德呼籲，而在於正視經濟邏輯，從根源上進行制度重構，讓保護社區安全這項公共服務成為回報合理、可控風險的專業化行為。筆者建議以下三大方向： 一、建立專業化薪酬等級。象徵性低額補貼必須取消，而將獵人捕熊行動定位為由政府購買的高風險專業公共服務。可考慮設計「基本待命費+出勤費+績效獎金」模式：待命費確保隊伍穩定性，出勤費覆蓋直接成本和時間成本，績效獎金是專業技能和風險承擔的回報。報酬標準應參照警察、消防員等高危公共服務，確保總收入遠高於社會平均水平。 二、構建全面的國家級風險保障體系，這比提高補貼更為關鍵。政府應為所有在冊並受委託執行任務的獵人建立強制性公共保險，包括個人意外保險和撫恤金，第三者責任險，覆蓋任務中可能發生的意外損失；以及法律援助保險，為因合規行動而捲入訴訟的獵人提供專業支援。這套組合拳讓獵人「敢於開槍」而無後顧之憂。 三、系統化培養接班人。解決銀髮軍團問題的唯一出路，就是吸引年輕人入行。政府應將獵人培養納入資助職業教育一環，以便大幅減免新人培訓、考證及裝備費用；建立官方師徒制，對帶徒的老獵人予以補貼；通過宣傳重塑獵人的社會形象，強調其作為「生態系統管理者」和「社區安全守護者」的專業性，以提升專業自豪感。 總而言之，2025年日本熊災折射出社會經濟深層結構性問題，警示我們任何依賴傳統、情懷和個人奉獻的方式，當遇上現代經濟社會的精密計算和風險評估，都顯得脆弱不堪。解決問題不能依靠空洞的道德呼籲，而須勇敢地正視並重構經濟激勵和保障機制。唯有讓這份古老而危險的職業在當今社會獲得應有的經濟尊嚴、制度保障和人才傳承，日本才能重新建立起可持續的「防火牆」， 擺脫難以招架「熊軍」入侵的困局。 章逸飛博士 港大經管學院經濟學高級講師 （本文同時於二零二五年十一月二十日載於《信報》「龍虎山下」專欄）
- [专属自保公司能自保吗？](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/captive-insurance-a-strategic-approach-to-corporate-self-insurance/) - 当今企业在风险管理与保险方面经常遇到两难。一、企业面临的风险愈来愈多和愈发复杂，包括日益频繁的自然灾害、环境责任、网路安全事件和供应链中断，无时不威胁企业的运营和财务稳定性。企业试图购买商业保险加以应对，却面临保费高、保额低、甚至无法投保等诸多限制。二、很多企业投保商业保险，每年缴付高昂保费，但出险率较低，获得赔偿款额有限，现金流受到显著影响。 在这种背景下，成立自保公司(captive insurance company)来管理企业风险逐渐受到青睐。自保公司指由一家或多家非保险企业设立的保险子公司，主要负责承保单一母公司或多家母公司的风险。 英国石油公司（BP）在1987至1991年间，年均会计利润约20亿美元，资产超过500亿美元。在1991年之前的10年间，BP为投保1000万至5亿美元之间的财产损失风险支付了11.5亿美元保费，而仅获2.5亿美元赔偿，可谓得不偿失。 事实上，中等规模的意外损失对BP公司整体影响有限，BP于是决定大幅减少对这类损失的外部商业投保，转而通过设立自保公司予以管理。目前BP旗下有两家自保公司——土星（Saturn）和木星（Jupiter）。后者总部位于根西岛（Guernsey），专为前者提供再保险，并承保财产损失和营业中断等风险。土星公司总部设于美国佛蒙特州，专门处理工伤、恐怖袭击损失等特定风险。 历史渊源 自保保险的起始在上世纪中期。1958年，美国保险经纪赖斯（Frederic M. Reiss）首次提出“单一客户保险公司”的概念，自创出“自保公司”（captive insurer）一词，并在百慕达设立自保公司，通过严谨的风险控制与再保险机制奠定行业基础【注1】。 1969年，百慕达成立货币管理局，专门监管自保业务。能源和核电行业在1970年代陆续成立互助型自保公司。佛蒙特州于1981年率先在美国通过自保立法（Vermont Captive Legislation），为其日后成为美国自保中心奠下基础。针对1984至1986年间商业责任保险危机，美国联邦政府于1986年通过《风险保有法案》（Risk Retention Act），允许成立自保公司以应对法律责任风险。 发展里程 每个保险市场周期中的“硬市场”（hard market）都会推动自保保险的扩张。出现此一现象，往往由于保险行业曾蒙受巨额损失而承保能力不足，保费随之急剧上涨。1984年底至1986年，责任险市场的硬市场状态尤为显例，导致当年的六大会计师事务所纷纷各自成立自保公司，为审计责任险提供保障；美国的医院和医生则组建联合自保公司，提供更低成本的医疗事故责任保险。 根据Captive.com的统计，全球自保公司1986年为数约2200家，及至2015年一度高达6939家，2024年则稍降至6290家。Newton Media的资料显示，截至2024年，世界五大自保中心依次为美国佛蒙特州（683家注册自保公司）、百慕达（632家）、开曼群岛（561家）、美国犹他州（370家）和特拉华州（331家）。自2000至2016年，约有35%的标普500公司拥有自保公司【注2】，目前自保公司已被所有行业所采用【注3】。截至2023年，自保保费收入已达全球商业保险总保费的四分之一。 战略考量 首先，减少现金流出是自保公司发展的主因。以上述BP为例，企业每年所付巨额保费与所得保险赔偿落差甚大。反之，企业通过成立自保公司提供所需保险，将原本外缴的保费留在集团之内，当企业的实际损失低于预期时，多馀的保费积累可拨入经营盈馀，有助于平滑保险成本与改善现金流结构。 其次，设立自保公司有助于降低保险成本。商业保险的定价通常基于保险公司的整体风险池，将低风险和高风险混合计算平均保费。由于保险公司无法完全掌握每个客户的真实风险水准，必须在定价中加入安全边际，以防范作出“逆向选择”（adverse selection）的高风险客户。结果，风险管理良好、出险率低的客户，也要部分承担其他高风险客户的成本。自保公司则有助于风险低的公司避免被收取高于对应其风险的保费。 再者，商业保险的定价也反映了一些投保人投保后的道德风险(moral hazard)，而道德风险在自保保险中则极为有限。自保保险的保费不但较能反映企业的真实风险，而且激励企业持续优化内部风险控制，降低保险支出。通过自保公司承保，还可避免承担商业保险公司的利润附加保费 (profit loading)。 至于在税务处理方面，也较纯风险保有(risk retention)有利。若企业不购买保险，只能在损失发生后才能抵扣所得税；若通过自保安排，则所缴保费可按税法规定列为保险费用，透过较早抵减应税所得而享有现金流的时间效益。 此外，有别于购买商业保险，设立自保公司能让企业直接进入再保险市场，以转移超额或极端风险。企业亦可自行决定风险自留的比例，或把多馀风险向再保险市场分保，不仅使风险管理更具弹性，更能利用再保险市场高竞争力的风险定价，在世界各地分散巨灾风险。 最后，设立自保公司有助于降低成本之馀，还能弥补商业保险市场的承保空白，如恐怖袭击、罢工等风险；即使市场上有提供这类产品，亦保费不菲。自保公司的出现，使企业能够为这些“空白风险”制订方案，例如美国核电企业就成立了联合自保公司 Nuclear Mutual Limited，专门为商业保险市场无法承保的核风险提供保障。 由此可见，设立自保公司不单是保险安排，也是财务与风险管理战略。企业能减少对外现金流出、降低保险成本，还能覆盖传统保障以外的风险。随著规模逐渐扩大，自保公司甚至开始服务外部客户，从而演变为新的盈利来源。 监管演变 美国的自保行业受一系列法规引导、约束，监管逐步收紧。1986年《税务改革法令》（Tax Reform Act）限制保费扣除及税务套利行为，强制企业提高自保业务的专业化和合规性，同时促使部分企业选择在离岸地区设立自保公司，以获取更确定的税收待遇。2002年，美国国税局明确规定，自保公司必须满足风险分散（risk distribution）与风险转移（risk transfer）的要求，即唯具备真实保险功能的自保公司方可获有关税收优惠。 2014年，美国《海外帐户纳税法案》（Foreign Account Tax Compliance Act）规定海外金融机构（包括自保公司）向国税局报告相关帐户，增加了海外自保的合规成本，令部分企业回流美国，设立自保公司。2024年，美国《国内收入法》（Internal Revenue Code）第831(b)条进一步收紧小型自保公司的税收优惠门槛，以防止税抵滥用【注4】。 欧洲方面，自保保险的监管立法由各欧元区成员国自行负责。很多国家都允许自保保险，总的趋势是通过立法促进自保保险的发展，以及增强自保公司落户当地的吸引力。除了自保市场较发达的卢森堡、根西岛、曼岛（Isle of Man）、爱尔兰、瑞士外，法国于2023年6月立法批准设立自保公司，同年11月修订税务规则，给予自保税务优惠。 英国作为现代保险制度的重要奠基者，也正积极准备拥抱自保公司，以强化其国际保险中心的地位【注5】。笔者下周将继续分析成立自保公司的潜在风险和限制，以及聚焦香港成为国际自保中心的机遇与挑战。 注1：Anastopoulo,
- [專屬自保公司能自保嗎？](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/captive-insurance-a-strategic-approach-to-corporate-self-insurance/) - 當今企業在風險管理與保險方面經常遇到兩難。一、企業面臨的風險愈來愈多和愈發複雜，包括日益頻繁的自然災害、環境責任、網路安全事件和供應鏈中斷，無時不威脅企業的運營和財務穩定性。企業試圖購買商業保險加以應對，卻面臨保費高、保額低、甚至無法投保等諸多限制。二、很多企業投保商業保險，每年繳付高昂保費，但出險率較低，獲得賠償款額有限，現金流受到顯著影響。 在這種背景下，成立自保公司(captive insurance company)來管理企業風險逐漸受到青睞。自保公司指由一家或多家非保險企業設立的保險子公司，主要負責承保單一母公司或多家母公司的風險。 英國石油公司（BP）在1987至1991年間，年均會計利潤約20億美元，資產超過500億美元。在1991年之前的10年間，BP為投保1000萬至5億美元之間的財產損失風險支付了11.5億美元保費，而僅獲2.5億美元賠償，可謂得不償失。 事實上，中等規模的意外損失對BP公司整體影響有限，BP於是決定大幅減少對這類損失的外部商業投保，轉而通過設立自保公司予以管理。目前BP旗下有兩家自保公司——土星（Saturn）和木星（Jupiter）。後者總部位於根西島（Guernsey），專為前者提供再保險，並承保財產損失和營業中斷等風險。土星公司總部設於美國佛蒙特州，專門處理工傷、恐怖襲擊損失等特定風險。 歷史淵源 自保保險的起始在上世紀中期。1958年，美國保險經紀賴斯（Frederic M. Reiss）首次提出「單一客戶保險公司」的概念，自創出「自保公司」（captive insurer）一詞，並在百慕達設立自保公司，通過嚴謹的風險控制與再保險機制奠定行業基礎【註1】。 1969年，百慕達成立貨幣管理局，專門監管自保業務。能源和核電行業在1970年代陸續成立互助型自保公司。佛蒙特州於1981年率先在美國通過自保立法（Vermont Captive Legislation），為其日後成為美國自保中心奠下基礎。針對1984至1986年間商業責任保險危機，美國聯邦政府於1986年通過《風險保有法案》（Risk Retention Act），允許成立自保公司以應對法律責任風險。 發展里程 每個保險市場週期中的「硬市場」（hard market）都會推動自保保險的擴張。出現此一現象，往往由於保險行業曾蒙受巨額損失而承保能力不足，保費隨之急劇上漲。1984年底至1986年，責任險市場的硬市場狀態尤為顯例，導致當年的六大會計師事務所紛紛各自成立自保公司，為審計責任險提供保障；美國的醫院和醫生則組建聯合自保公司，提供更低成本的醫療事故責任保險。 根據Captive.com的統計，全球自保公司1986年為數約2200家，及至2015年一度高達6939家，2024年則稍降至6290家。Newton Media的資料顯示，截至2024年，世界五大自保中心依次為美國佛蒙特州（683家註冊自保公司）、百慕達（632家）、開曼群島（561家）、美國猶他州（370家）和特拉華州（331家）。自2000至2016年，約有35%的標普500公司擁有自保公司【註2】，目前自保公司已被所有行業所採用【註3】。截至2023年，自保保費收入已達全球商業保險總保費的四分之一。 戰略考量 首先，減少現金流出是自保公司發展的主因。以上述BP為例，企業每年所付巨額保費與所得保險賠償落差甚大。反之，企業通過成立自保公司提供所需保險，將原本外繳的保費留在集團之內，當企業的實際損失低於預期時，多餘的保費積累可撥入經營盈餘，有助於平滑保險成本與改善現金流結構。 其次，設立自保公司有助於降低保險成本。商業保險的定價通常基於保險公司的整體風險池，將低風險和高風險混合計算平均保費。由於保險公司無法完全掌握每個客戶的真實風險水準，必須在定價中加入安全邊際，以防範作出「逆向選擇」（adverse selection）的高風險客戶。結果，風險管理良好、出險率低的客戶，也要部分承擔其他高風險客戶的成本。自保公司則有助於風險低的公司避免被收取高於對應其風險的保費。 再者，商業保險的定價也反映了一些投保人投保後的道德風險(moral hazard)，而道德風險在自保保險中則極為有限。自保保險的保費不但較能反映企業的真實風險，而且激勵企業持續優化內部風險控制，降低保險支出。通過自保公司承保，還可避免承擔商業保險公司的利潤附加保費 (profit loading)。 至於在稅務處理方面，也較純風險保有(risk retention)有利。若企業不購買保險，只能在損失發生後才能抵扣所得稅；若通過自保安排，則所繳保費可按稅法規定列為保險費用，透過較早抵減應稅所得而享有現金流的時間效益。 此外，有別於購買商業保險，設立自保公司能讓企業直接進入再保險市場，以轉移超額或極端風險。企業亦可自行決定風險自留的比例，或把多餘風險向再保險市場分保，不僅使風險管理更具彈性，更能利用再保險市場高競爭力的風險定價，在世界各地分散巨災風險。 最後，設立自保公司有助於降低成本之餘，還能彌補商業保險市場的承保空白，如恐怖襲擊、罷工等風險；即使市場上有提供這類產品，亦保費不菲。自保公司的出現，使企業能夠為這些「空白風險」制訂方案，例如美國核電企業就成立了聯合自保公司 Nuclear Mutual Limited，專門為商業保險市場無法承保的核風險提供保障。 由此可見，設立自保公司不單是保險安排，也是財務與風險管理戰略。企業能減少對外現金流出、降低保險成本，還能覆蓋傳統保障以外的風險。隨著規模逐漸擴大，自保公司甚至開始服務外部客戶，從而演變為新的盈利來源。 監管演變 美國的自保行業受一系列法規引導、約束，監管逐步收緊。1986年《稅務改革法令》（Tax Reform Act）限制保費扣除及稅務套利行為，強制企業提高自保業務的專業化和合規性，同時促使部分企業選擇在離岸地區設立自保公司，以獲取更確定的稅收待遇。2002年，美國國稅局明確規定，自保公司必須滿足風險分散（risk distribution）與風險轉移（risk transfer）的要求，即唯具備真實保險功能的自保公司方可獲有關稅收優惠。 2014年，美國《海外帳戶納稅法案》（Foreign Account Tax Compliance Act）規定海外金融機構（包括自保公司）向國稅局報告相關帳戶，增加了海外自保的合規成本，令部分企業回流美國，設立自保公司。2024年，美國《國內收入法》（Internal Revenue Code）第831(b)條進一步收緊小型自保公司的稅收優惠門檻，以防止稅抵濫用【註4】。 歐洲方面，自保保險的監管立法由各歐元區成員國自行負責。很多國家都允許自保保險，總的趨勢是通過立法促進自保保險的發展，以及增強自保公司落戶當地的吸引力。除了自保市場較發達的盧森堡、根西島、曼島（Isle of Man）、愛爾蘭、瑞士外，法國於2023年6月立法批准設立自保公司，同年11月修訂稅務規則，給予自保稅務優惠。 英國作為現代保險制度的重要奠基者，也正積極準備擁抱自保公司，以強化其國際保險中心的地位【註5】。筆者下周將繼續分析成立自保公司的潛在風險和限制，以及聚焦香港成為國際自保中心的機遇與挑戰。 註1：Anastopoulo,
- [When AI Hallucinates: The Hidden Risks in the Global Large-Model Race](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-ai-hallucinates-the-hidden-risks-in-the-global-large-model-race/) - 當AI開始「一本正經地胡說八道」：全球大模型競逐中的隱性風險 大語言模型如今正日益滲透到知識生產、商業分析、法律諮詢與醫療決策等核心領域，一個過去常被視為技術性缺陷嘅問題，正迅速成為全球技術競賽嘅新焦點：大語言模型嘅「幻覺」（ Hallucination ）——即模型喺缺乏事實依據時，仍然以極高「信心」畀出流暢、卻虛假嘅答案。從中美科技巨頭到全球初創企業，過去幾年大模型的競爭主要圍繞參數規模、運行速度與通用能力展開; 而今，一個更具決定性的維度正在浮現：誰能更系統、更有效地控制幻覺，誰就將率先邁向「可信賴AI」（Trustworthy AI）的時代。 「幻覺」並非無關緊要的技術小瑕疵，而是AI真正走向專業化、產業化應用的關鍵阻力。 在現實世界中，學生論文中無中生有的文獻引用，金融分析中被編造的併購事件、法律諮詢中一個子虛烏有的判例、醫學報告中混淆的癥狀描述，都可能引發嚴重的經濟或生命後果。 系統性風險揭示：香港大學 AIEL 測評洞察 為了更系統地瞭解這一隱性風險，香港大學人工智慧評估實驗室（AIEL）近期針對37個中美主流大模型進行了大規模測評，覆蓋通用、推理、自動化系統等多種模型類型。 測評結果不僅揭示了頭部模型在可靠性上的新格局，也暴露了當前技術發展中仍未解決的根本性挑戰。 幻覺的兩個核心維度 本次測評將大模型的「幻覺」風險主要劃分為兩大類： 事實性幻覺（Factual Hallucination）：模型「說得像真的，但其實是假的」 這是大模型機制帶來的天然風險。 當模型面對不確定資訊時，它往往傾向於「編造」一個邏輯完整的回應，而非回答「我不知道」。 這類幻覺包括：生成不存在的學術文獻; 無依據地描述歷史事件; 對未知概念作出看似邏輯完整卻錯誤的解釋等。 由於其機制根源，事實性幻覺被視為最難真正消除的幻覺類型。 忠實性幻覺（Fidelity Hallucination）：模型「卻未完全按照指令完成任務」 這包括模型未能按要求控制格式、遺漏了指令中的關鍵資訊、或擅自引入了文本外的資訊等。 儘管隨著模型能力的提升，這類幻覺整體有所下降，但它仍是AI進入醫療、司法等強監管、高規範行業的主要障礙。 測評結果揭示，目前領先大模型在忠實性幻覺控制上已相當不錯。 例如，GPT-5系列在忠實性維度均取得滿分，顯示出卓越的任務遵循能力。 然而，事實性準確度方面（GPT-5思考模式得分小於75分）仍有提升空間。 這反映出大模型普遍存在「嚴守指令但易虛構事實」的傾向——事實可靠性依然是全球大模型的共同短板。 此外，我們還發現推理模型的幻覺控制能力表現較好。 例如，通義千問3（思考模式）和Claude 4 Opus（思考模式）等推理模型的幻覺控制能力，均優於同系列通用版本。 這表明，讓模型進行深度的、多步驟的「思考」是當前控制幻覺最有效的技術手段之一。 AI的下一場革命不是生成，而是可靠 隨著大模型向多模態與專業化方向縱深發展，「幻覺風險」已從學術議題演變為產業落地的紅線。 在醫療診斷或金融風控中，穩定、一致、可驗證的答案遠比「像人類的表達」更具商業價值。 當大模型被引入公共治理與生命健康等高風險領域，衡量其價值的尺規已不僅再是“它能否回答”，而是：它的回答能否被託付給真實世界。 幻覺控制，這一曾被低估的能力，正在成為全球大模型競爭中的關鍵分水嶺。 下一階段的技術分化，或許不在於生成得多快、多像人，而在於：何時，它值得被真正相信。 *流覽香港大学人工智能評估實驗室《大語言模型幻覺控制能力深度測評報告》全文：https://www.hkubs.hku.hk/aimodelrankings/leaderboards/hallucination.html 蔣鎮輝教授 港大經管學院創新及資訊管理學教授 魯藝 港大經管學院博士後研究員 （本文同時於二零二六年一月八日載於《FT中文網》明德商論專欄）
- [Strategic Planning and Opportunities for Developing Captive Insurers in Hong Kong](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/deployment-tactics-and-catalysts-for-expanding-hong-kongs-captive-insurance-market/) - Professor Joe Zou and 張倩倩 12 November 2025 In this column last week, we analysed the advantages of captive insurance companies in risk management and cost control. However, not all companies are suited to establishing their own captive insurers. What does it take for companies to achieve the intended risk-diversification objectives while avoiding the creation
- [A Potent Economic Solution to the Crisis of Prowling Bears](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/beware-of-bears-how-economics-can-resolve-japans-escalating-human-bear-conflict/) - Dr Yifei Zhang 19 November 2025 From major media reports and widely shared posts on social platforms, it is evident that Japan has recently been plagued by unprecedented intrusion from bears on the prowl. Brown bears and Asian black bears have been breaking into densely populated areas at a record-high frequency, even venturing into airport
- [Can global governance withstand unilateralism?](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/can-global-governance-withstand-unilateralism？/) - Dr Yim-fai Luk 26 November 2025 Amid the vicissitudes and uncertain prospects of the world’s political and economic landscape today, global governance has likewise landed in disorder. As a leading governance platform worldwide, the G20 convened its annual leaders’ summit in Johannesburg, South Africa last weekend, underscoring the turmoil in current international affairs. Prior to
- [Is Establishing a Captive Insurer an Effective Strategy for Corporate Self-protection?](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/captive-insurance-a-strategic-approach-to-corporate-self-insurance/) - Professor Joe Zou and 張倩倩 5 November 2025 Nowadays, enterprises frequently face a dilemma in risk management and insurance. On the one hand, they are exposed to increasingly complex and numerous risks, from natural disasters and environmental liabilities to cybersecurity threats and supply-chain disruptions, which pose a constant threat to business operations and financial stability.
- [开拓香港专属自保公司的策略布局与契机](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/deployment-tactics-and-catalysts-for-expanding-hong-kongs-captive-insurance-market/) - 上周在本栏分析自保公司在风险管理、成本控制方面具有优势，但并非所有企业都适合设立自保公司。究竟须具备什么条件，才能实现预期的风险分散目标，而避免对企业构成新风险源？ 正视潜在风险和局限性 为达致自保效益，企业必须规模大、资本实力稳健、管理能力全面，并备妥损失记录，以便准确地进行风险定价。为此，企业应事前结合精算分析、税务与法律谘询，综合评估其风险特征与资金需求，以确保自保公司能有助于控制成本，同时提升企业整体财务韧性。 由于其风险主要留在企业内部，自保公司要是准备金不足或投资亏损，就可能资不抵债。自保的企业因主要业务并非保险，若缺乏合格的保险精算、承保管理等专业人员，则无法准确评估风险与定价，以致难以保障财务安全。 以美国Spirit商业汽车风险保有集团为例，该集团由卡车运输公司联合设立，主要提供商业汽车责任保险。2019年2月，内华达州第八司法区法院（the Eighth Judicial District Court of Nevada）裁定Spirit资不抵债，下令将其接管。Spirit的倒闭凸显了风险保有集团（risk retention group；简称RRG）模式的结构脆弱性：资本金和准备金不足会扩大经营风险，董事会缺乏保险专业背景，风险管理与财务监管也就形同虚设。由于RRG不受州担保基金保障，一旦破产，保单持有人须自行寻找替代保险，并自行承担潜在赔付损失【注1】。 医疗责任险方面。2025年4月，CARE Professional Liability Association旗下的CARE RRG在一宗医疗事故仲裁案中未能及时达成和解，被判赔偿3540万美元，因资不抵债被佛蒙特州高级法院裁定须受强制接管；法院亦命令取消所有在保的CARE RRG保单，以及暂停支付赔偿60天【注2】。这一案例显示，在医疗责任险等高风险、长尾业务中，RRG模式尤其不稳。 有关学术研究虽然不多，却足以表明自保公司理论上的效益不易实现。根据Porat和Powers推算，企业设立自保公司，主要为求提升企业风险管理者的地位与声望，而非股东价值，因此可能反映管理层的代理问题【注3】。Scordis和Porat更为此假设提供支援性的实证，因为当企业的自由现金流愈充沛、自由现金流的波动性愈高、投资机会愈少，则设立单一母公司自保公司的可能性愈高【注4】。Cross, Davidson 与Thornton发现母公司支付给自保公司的保费若可抵税，对公司股价有正面反应；否则就呈负面反应【注5】。Schmit与Roth发现使用自保公司的企业风险成本反而更高【注6】。Adams和Hillier对91家美国公司公告成立自保公司进行研究，并未发现股市有显著的正面反应【注7】。 借鉴狮城 奋起直追 2012年6月，中央政府鼓励内地企业在港设立自保公司；特区政府于翌年加以积极推动，主要举措包括：自2013至14年度起，将自保公司离岸风险利得税减半；2014年开始向内地企业推广本港在风险管理的优势；利得税减半措施于2018至19年度扩展至在岸风险业务，自保公司实际利得税率降至8.25%（低于新加坡的10%）；2021年3月实施的《2020年保险业（修订）条例》，更拓宽自保公司的可保风险范围。 截至2025年8月，尽管自保公司数量只有6家：中广核自保公司、中石化自保公司、中海石油自保公司、上海电气自保公司、上汽集团自保公司，以及本年5月由汇丰银行设立而成为首家跨国企业在港注册的自保公司Wayfoong（Asia）Limited，却也突出除了满足中资企业的需求，香港也兼备吸引国际金融机构设立高水准风险融资结构的能力。鉴于新加坡已成为亚洲自保保险中心，在2025年6月底拥有89家自保公司，香港须加把劲从后赶上。 理想条件与市场潜力 香港不单有具国际水准与规模的银行业和资本市场，也是国际保险中心之一。截至2025年6月，香港有107家注册的商业保险公司可提供财产与责任险，2024年总毛保费录得1005亿港元；反观新加坡2024年有79家同类公司，总毛保费为630亿港元。这为香港发展自保中心提供了保险与精算的人才库和再保险服务。和新加坡一样，香港也有完善的普通法法律体系、自由流动的资本制度、和与国际接轨的保险监管框架。香港也汇聚了丰富的专业服务资源，为自保运营提供了人才保障。 香港为自保公司提供利得税优惠之馀，审批条件也较宽松，最低资本要求为200万港元，略低于新加坡40万新元的资本要求。再者，香港的独特优势在于其作为外资进入中国内地的窗口和众多内地企业出海的桥头堡，国内不乏在航运、新能源、核能产业的龙头企业，对新型风险管理工具需求殷切，为吸引内地企业来港设立自保公司提供了难得的机遇。事实上，目前香港的6家自保公司中，就有5家由内地企业成立。至于汇丰的自保公司选址本港，正是看中了其通往内地的门户地位，以及与国际金融中心和全球再保险市场的紧密联系。 政府牵头 周全部署 新加坡之所以成为亚洲主要自保中心，得益于其先发优势、长期积累的行业经验和完善的自保生态体系。自1980年代初，澳洲母公司开始将自保公司落户新加坡，日本跨国企业随后而至。自2000年起，新加坡政府积极推行建设自保中心的战略，该国逐渐形成了成熟且国际化的专属自保生态圈，涵盖自保管理、法律、会计、银行及投资等全套专业服务。 相较之下，香港起步较晚，目前障碍之一是还未具备一套完整的服务、支援自保公司的生态系统。自保机构通常采用法定会计准则，该准则通过保守的资产确认和负债计提方式优先保障偿付能力，有别于侧重投资者决策的通用会计准则。尽管香港是拥有健全基础服务的金融中心，但仍需假以时日，方能构建完善的自保保险生态圈。笔者建议特区政府持续发展专业配套服务，包括自保管理、会计和法律等领域的人才培养。 香港面临的另一个挑战是，内地企业高管对于通过成立自保公司来管理风险普遍缺乏了解，对自保的需求未免不足。政府应主动出击，成立相关专班，加强对内地企业和风险管理人员的宣传和推广，同时继续优化政策和监管措施，吸引自保公司前来，使企业在享受税收优惠的同时，更高效地开展风险管理。如此一来，应有望加速提升香港在区内自保市场的竞争力。 注1：“3 Lessons from the Spirit Commercial Auto RRG Failure.” Captive.com, International Risk Management Institute, Inc., 27 Mar. 2019, www.captive.com/news/3-lessons-from-the-spirit-commercial-auto-rrg-failure. 注2：Simpson, Andrew G.
- [開拓香港專屬自保公司的策略佈局與契機](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/deployment-tactics-and-catalysts-for-expanding-hong-kongs-captive-insurance-market/) - 上周在本欄分析自保公司在風險管理、成本控制方面具有優勢，但並非所有企業都適合設立自保公司。究竟須具備什麼條件，才能實現預期的風險分散目標，而避免對企業構成新風險源？ 正視潛在風險和局限性 為達致自保效益，企業必須規模大、資本實力穩健、管理能力全面，並備妥損失記錄，以便準確地進行風險定價。為此，企業應事前結合精算分析、稅務與法律諮詢，綜合評估其風險特徵與資金需求，以確保自保公司能有助於控制成本，同時提升企業整體財務韌性。 由於其風險主要留在企業內部，自保公司要是準備金不足或投資虧損，就可能資不抵債。自保的企業因主要業務並非保險，若缺乏合格的保險精算、承保管理等專業人員，則無法準確評估風險與定價，以致難以保障財務安全。 以美國Spirit商業汽車風險保有集團為例，該集團由卡車運輸公司聯合設立，主要提供商業汽車責任保險。2019年2月，內華達州第八司法區法院（the Eighth Judicial District Court of Nevada）裁定Spirit資不抵債，下令將其接管。Spirit的倒閉凸顯了風險保有集團（risk retention group；簡稱RRG）模式的結構脆弱性：資本金和準備金不足會擴大經營風險，董事會缺乏保險專業背景，風險管理與財務監管也就形同虛設。由於RRG不受州擔保基金保障，一旦破產，保單持有人須自行尋找替代保險，並自行承擔潛在賠付損失【註1】。 醫療責任險方面。2025年4月，CARE Professional Liability Association旗下的CARE RRG在一宗醫療事故仲裁案中未能及時達成和解，被判賠償3540萬美元，因資不抵債被佛蒙特州高級法院裁定須受強制接管；法院亦命令取消所有在保的CARE RRG保單，以及暫停支付賠償60天【註2】。這一案例顯示，在醫療責任險等高風險、長尾業務中，RRG模式尤其不穩。 有關學術研究雖然不多，卻足以表明自保公司理論上的效益不易實現。根據Porat和Powers推算，企業設立自保公司，主要為求提升企業風險管理者的地位與聲望，而非股東價值，因此可能反映管理層的代理問題【註3】。Scordis和Porat更為此假設提供支援性的實證，因為當企業的自由現金流愈充沛、自由現金流的波動性愈高、投資機會愈少，則設立單一母公司自保公司的可能性愈高【註4】。Cross, Davidson 與Thornton發現母公司支付給自保公司的保費若可抵稅，對公司股價有正面反應；否則就呈負面反應【註5】。Schmit與Roth發現使用自保公司的企業風險成本反而更高【註6】。Adams和Hillier對91家美國公司公告成立自保公司進行研究，並未發現股市有顯著的正面反應【註7】。 借鑑獅城 奮起直追 2012年6月，中央政府鼓勵內地企業在港設立自保公司；特區政府於翌年加以積極推動，主要舉措包括：自2013至14年度起，將自保公司離岸風險利得稅減半；2014年開始向內地企業推廣本港在風險管理的優勢；利得稅減半措施於2018至19年度擴展至在岸風險業務，自保公司實際利得稅率降至8.25%（低於新加坡的10%）；2021年3月實施的《2020年保險業（修訂）條例》，更拓寬自保公司的可保風險範圍。 截至2025年8月，儘管自保公司數量只有6家：中廣核自保公司、中石化自保公司、中海石油自保公司、上海電氣自保公司、上汽集團自保公司，以及本年5月由滙豐銀行設立而成為首家跨國企業在港註冊的自保公司Wayfoong（Asia）Limited，卻也突出除了滿足中資企業的需求，香港也兼備吸引國際金融機構設立高水準風險融資結構的能力。鑑於新加坡已成為亞洲自保保險中心，在2025年6月底擁有89家自保公司，香港須加把勁從後趕上。 理想條件與市場潛力 香港不單有具國際水準與規模的銀行業和資本市場，也是國際保險中心之一。截至2025年6月，香港有107家註冊的商業保險公司可提供財產與責任險，2024年總毛保費錄得1005億港元；反觀新加坡2024年有79家同類公司，總毛保費為630億港元。這為香港發展自保中心提供了保險與精算的人才庫和再保險服務。和新加坡一樣，香港也有完善的普通法法律體系、自由流動的資本制度、和與國際接軌的保險監管框架。香港也彙聚了豐富的專業服務資源，為自保運營提供了人才保障。 香港為自保公司提供利得稅優惠之餘，審批條件也較寬鬆，最低資本要求為200萬港元，略低於新加坡40萬新元的資本要求。再者，香港的獨特優勢在於其作為外資進入中國內地的窗口和眾多內地企業出海的橋頭堡，國內不乏在航運、新能源、核能產業的龍頭企業，對新型風險管理工具需求殷切，為吸引內地企業來港設立自保公司提供了難得的機遇。事實上，目前香港的6家自保公司中，就有5家由內地企業成立。至於滙豐的自保公司選址本港，正是看中了其通往內地的門戶地位，以及與國際金融中心和全球再保險市場的緊密聯繫。 政府牽頭 周全部署 新加坡之所以成為亞洲主要自保中心，得益於其先發優勢、長期積累的行業經驗和完善的自保生態體系。自1980年代初，澳洲母公司開始將自保公司落戶新加坡，日本跨國企業隨後而至。自2000年起，新加坡政府積極推行建設自保中心的戰略，該國逐漸形成了成熟且國際化的專屬自保生態圈，涵蓋自保管理、法律、會計、銀行及投資等全套專業服務。 相較之下，香港起步較晚，目前障礙之一是還未具備一套完整的服務、支援自保公司的生態系統。自保機構通常採用法定會計準則，該準則通過保守的資產確認和負債計提方式優先保障償付能力，有別於側重投資者決策的通用會計準則。儘管香港是擁有健全基礎服務的金融中心，但仍需假以時日，方能構建完善的自保保險生態圈。筆者建議特區政府持續發展專業配套服務，包括自保管理、會計和法律等領域的人才培養。 香港面臨的另一個挑戰是，內地企業高管對於通過成立自保公司來管理風險普遍缺乏瞭解，對自保的需求未免不足。政府應主動出擊，成立相關專班，加強對內地企業和風險管理人員的宣傳和推廣，同時繼續優化政策和監管措施，吸引自保公司前來，使企業在享受稅收優惠的同時，更高效地開展風險管理。如此一來，應有望加速提升香港在區內自保市場的競爭力。 註1：“3 Lessons from the Spirit Commercial Auto RRG Failure.” Captive.com, International Risk Management Institute, Inc., 27 Mar. 2019, www.captive.com/news/3-lessons-from-the-spirit-commercial-auto-rrg-failure. 註2：Simpson, Andrew G.
- [城市衰败：香港当局试图扭转颓势](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/urban-decay-hong-kong-authorities-trying-to-turn-the-tide/)
- [城市衰敗：香港當局試圖扭轉頹勢](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/urban-decay-hong-kong-authorities-trying-to-turn-the-tide/)
- [Urban decay: Hong Kong authorities trying to turn the tide](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/urban-decay-hong-kong-authorities-trying-to-turn-the-tide/)
- [商用车电动化从“充电陷阱”到“换电突围”的破局解方](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/battery-swapping-a-golden-key-to-electrifying-hong-kongs-commercial-fleet/) - 在全球新能源汽车的补能进化史中，换电技术（battery-swapping technology）经历了一场戏剧性的重生。早在2007年，以色列公司Better Place就构想了自动化换电的蓝图，试图通过物理更换电池消除续航焦虑。2013年，美国电动车生产商特斯拉（Tesla）曾高调演示了90秒换电技术，速度完胜燃油车加油。 然而，这项技术随后被行政总裁马斯克束之高阁。彼时特斯拉的逻辑很简单：对于绝大多数拥有固定停车位的私家车车主，低成本的充电桩足以满足需求。 历史螺旋式发展的启示 在此背景之下，“充电派”与“换电派”之争持续数年；历史却一直在螺旋式上升。近年来，以宁德时代为代表的中国企业，将换电模式的重心从全场景覆盖，精准收窄至高频运营的商用车场景。相关趋势在重型卡车领域尤其明显，内地市场2025年上半年的电动重卡销量中，换电模式已占30%。[i] 这一历史转折对于寸土寸金、节奏极快的香港意味深长，说不定是打破商用车电动化僵局的一把金钥匙。 高效补能与电网调峰双赢 要理解为何换电适合商用车，必须回归技术原理。换电的核心在于将“车辆补能”与“电池充电”这两个过程，在时间与空间上进行解耦（decoupling）。换电站的机械臂可以在3至5分钟内完成更换电池，速度与传统燃油车的加油体验高度趋同。 至于对电网的冲击则更为关键。充电技术的优势在于基础设施建设的灵活性与广泛性；换电技术的优势则在于极致的补能效率，以及对土地资源的高效利用。在技术层面而言，随着800伏特高压快充平台的普及，充电速度虽在提升，但对电网造成的瞬时功率冲击也随之指数级增加，电网往往需进行昂贵的增容改造，造成“峰上加峰”的压力。 反观换电技术，换电站本质上是一个巨大的分布式储能单元。它可以利用夜间低谷电价为备用电池充电，在日间高峰期为车辆换电，不仅规避了对电网的瞬时冲击，甚至能参与电网调峰。虽然换电面临标准统一的挑战，但作为城市能源节点的潜力正逐渐显现。 商用车电动化的结构性挑战 首先是政策目标与现实的落差。特区政府承诺争取在2050年之前实现碳中和，作为碳排放主力的商用车（的士、巴士、小巴及货车）因此必须积极电动化。[ii]数据则显示，尽管电动私家车数量激增，商用车的电动化比率却极低。 其次是燃料成本的经济帐失效。这是一个常被忽视的重点，本港私家车电动化进展神速，很大程度上是因为汽油税极高，转用电动车能节省巨额燃料费。相反，商用车主要使用柴油，且享有免税或低税优惠[iii]，足见商用车转用电力的运营成本节省幅度，远不如私家车显著，主动转型的经济诱因自然偏低。 最后是右軚市场的供应链壁垒。香港是右軚市场，且山多路窄的道路环境极其特殊。全球原设备制造商在开发商用电动车时，往往优先满足左軚车的主流市场。为香港市场单独订制研发右軚车型，成本高昂且周期长，进一步限制香港市场的车型选择。 的士能源补给的新契机 香港的士奉行“停人不停车”的极限运营模式，市区的士日均行驶路程保守估计达400至500公里，是私家车的10倍以上。这就造成一个物理上的死结：若采用充电模式，考虑到充电及排队时间，司机每天需耗费1到2小时在补能上，每天或损失约300至500元的营收机会成本。这正是尽管政府通过新能源运输基金提供资助，的士司机仍对电动车冷感的核心原因。 换电模式将单次补能时间压缩为3至5分钟，速度与石油气相近。此外，香港的士车型高度单一且标准化，这为单一标准电池包的推广提供了理想的规模效应基础，亦促使宁德时代等能源巨头开始加以探索。 巴士换电突围之道 如果说的士的痛点是时间，那么专营巴士的痛点则是重量。全球巴士客运的繁重程度，莫过于香港的双层巴士，满载动辄逾130人，加上空调负荷，况且还需频繁攀爬如柴湾道、薄扶林道等大斜路。 若采用充电模式，为保证整天300公里的续航，巴士需搭载超过450千瓦时的电池，重量可达3至4吨。受到香港法规对车辆总重的严格限制，每增加1吨电池重量，就须减少载客约15名[iv]，不但直接削减巴士公司的票务收入，甚至导致高峰期运力不足。 换电方案则能提供“车电分离”的明智策略：采用“小电池+高频换”模式，例如仅搭载满足半天运营的电池，利用中午回场时间快速更换。这能大幅减轻车重，恢复载客量，以化解运营商最核心的盈利顾虑。 开创绿色交通橱窗 香港商用车的电动化困境，实为极高能源密度需求与极低土地或时间资源供给之间的矛盾。充电模式在私家车方面的成功无法简单移植。定量的能耗对比清晰表明，必须引入一种能量补给效率远高于充电的技术，才能够缩窄这一供求鸿沟。 以“空间换时间”的换电站，为这座高密度城市提供了解难思路。未来的香港绿色交通蓝图，应是一个“充换互补”的多元生态。通过在政策层面给予换电模式合理的土地与法规支持，香港不仅能解决自身的环保痛点，更能以超级联系人的角色，向世界示范一套适用于超大型高密度城市的绿色交通解决方案。 [i] 《中国汽车报》8月14日期，“在细分技术路线上，2023至2025年上半年间，电动重卡中充电车型与换电车型的占比始终稳定在 7:3 左右，表明两种技术路线均已在电动重卡领域找到了适配的应用场景并实现良好推广。”中汽政研新能源汽车研究部总监吴喜庆表示。 [ii] 《香港电动车普及化路线图》 [iii] 香港环境保护署《环保商用车辆税务宽减计划》 [iv] 巴士总重限制《道路交通（车辆构造及保养）规例》（第374A章）附表 万智玺 教授 港大经管学院创新及资讯管理学教授 港大经管学院创新及资讯管理学学术领域主任 （本文同时于二零二六年二月四日载于《信报》“龙虎山下”专栏） 图片来源：特斯拉（Tesla）
- [Neighbors as Strangers or Friends? How Consumer's Self-Construal Affects the Weight of Neighbor Information in Residence Decisions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/neighbors-as-strangers-or-friends-how-consumers-self-construal-affects-the-weight-of-neighbor-information-in-residence-decisions/) - Although everyone must make decisions about where to live, we know little about how consumers perceive social interactions with neighbors and incorporate information about neighbors into their residence decisions. This article explores the impact of consumers' self-construal on the importance they attribute to neighbor information when choosing a residence. Across seven preregistered studies, including lab experiments and online surveys, the findings consistently show that independent consumers, compared with interdependent ones, place greater importance on information about potential neighbors. This tendency stems from independent consumers' stronger desire for social closeness with neighbors, prompting them to place more weight on information that will help them find neighbors with whom they could become friends.
- [Neighbors as Strangers or Friends? How Consumer's Self-Construal Affects the Weight of Neighbor Information in Residence Decisions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/neighbors-as-strangers-or-friends-how-consumers-self-construal-affects-the-weight-of-neighbor-information-in-residence-decisions/) - Although everyone must make decisions about where to live, we know little about how consumers perceive social interactions with neighbors and incorporate information about neighbors into their residence decisions. This article explores the impact of consumers' self-construal on the importance they attribute to neighbor information when choosing a residence. Across seven preregistered studies, including lab experiments and online surveys, the findings consistently show that independent consumers, compared with interdependent ones, place greater importance on information about potential neighbors. This tendency stems from independent consumers' stronger desire for social closeness with neighbors, prompting them to place more weight on information that will help them find neighbors with whom they could become friends.
- [Neighbors as Strangers or Friends? How Consumer's Self-Construal Affects the Weight of Neighbor Information in Residence Decisions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/neighbors-as-strangers-or-friends-how-consumers-self-construal-affects-the-weight-of-neighbor-information-in-residence-decisions/) - Although everyone must make decisions about where to live, we know little about how consumers perceive social interactions with neighbors and incorporate information about neighbors into their residence decisions. This article explores the impact of consumers' self-construal on the importance they attribute to neighbor information when choosing a residence. Across seven preregistered studies, including lab experiments and online surveys, the findings consistently show that independent consumers, compared with interdependent ones, place greater importance on information about potential neighbors. This tendency stems from independent consumers' stronger desire for social closeness with neighbors, prompting them to place more weight on information that will help them find neighbors with whom they could become friends.
- [The Effects of Tokenization on Ride-Hailing Blockchain Platforms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-effects-of-tokenization-on-ride-hailing-blockchain-platforms/) - The rapid development of blockchain has inspired many traditional centralized intermediaries to transform their transaction models, especially for the peer-to-peer market. Lately, the token-based (blockchain) system (with cryptocurrency) is gaining popularity. However, little is known about the (comparative) performance of different operating types. In this study, we build an analytical framework to find the optimal strategies for the token-based and nontoken-based blockchain (as a special application scenario) platforms and derive the essential model properties and characteristics. We analytically show how the optimal mining bonus depends on the fraction of reserved tokens sold to customers and on the price-to-sales ratio. Furthermore, we obtain several actionable findings for choosing suitable platform types under different scenarios. The shift from the nontoken-based platform to the token-based platform may yield greater social welfare unless the nontoken-based system operates with a much larger ride price, which we show to be unrealistic for the considered Beijing case through numerical studies. Moreover, we find that the matching probability for the token-based platform is predominantly higher than that for the nontoken-based one. Besides, government interventions may encourage a path toward a fair consensus mechanism or a high decentralization level in order to enhance social welfare. One unanticipated finding is that a higher decentralization level may lead to a lower mining capacity shortage and so to a more efficient system, indicating that the combination of blockchain and the sharing economy has much potential.
- [The Effects of Tokenization on Ride-Hailing Blockchain Platforms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-effects-of-tokenization-on-ride-hailing-blockchain-platforms/) - The rapid development of blockchain has inspired many traditional centralized intermediaries to transform their transaction models, especially for the peer-to-peer market. Lately, the token-based (blockchain) system (with cryptocurrency) is gaining popularity. However, little is known about the (comparative) performance of different operating types. In this study, we build an analytical framework to find the optimal strategies for the token-based and nontoken-based blockchain (as a special application scenario) platforms and derive the essential model properties and characteristics. We analytically show how the optimal mining bonus depends on the fraction of reserved tokens sold to customers and on the price-to-sales ratio. Furthermore, we obtain several actionable findings for choosing suitable platform types under different scenarios. The shift from the nontoken-based platform to the token-based platform may yield greater social welfare unless the nontoken-based system operates with a much larger ride price, which we show to be unrealistic for the considered Beijing case through numerical studies. Moreover, we find that the matching probability for the token-based platform is predominantly higher than that for the nontoken-based one. Besides, government interventions may encourage a path toward a fair consensus mechanism or a high decentralization level in order to enhance social welfare. One unanticipated finding is that a higher decentralization level may lead to a lower mining capacity shortage and so to a more efficient system, indicating that the combination of blockchain and the sharing economy has much potential.
- [The Effects of Tokenization on Ride-Hailing Blockchain Platforms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-effects-of-tokenization-on-ride-hailing-blockchain-platforms/) - The rapid development of blockchain has inspired many traditional centralized intermediaries to transform their transaction models, especially for the peer-to-peer market. Lately, the token-based (blockchain) system (with cryptocurrency) is gaining popularity. However, little is known about the (comparative) performance of different operating types. In this study, we build an analytical framework to find the optimal strategies for the token-based and nontoken-based blockchain (as a special application scenario) platforms and derive the essential model properties and characteristics. We analytically show how the optimal mining bonus depends on the fraction of reserved tokens sold to customers and on the price-to-sales ratio. Furthermore, we obtain several actionable findings for choosing suitable platform types under different scenarios. The shift from the nontoken-based platform to the token-based platform may yield greater social welfare unless the nontoken-based system operates with a much larger ride price, which we show to be unrealistic for the considered Beijing case through numerical studies. Moreover, we find that the matching probability for the token-based platform is predominantly higher than that for the nontoken-based one. Besides, government interventions may encourage a path toward a fair consensus mechanism or a high decentralization level in order to enhance social welfare. One unanticipated finding is that a higher decentralization level may lead to a lower mining capacity shortage and so to a more efficient system, indicating that the combination of blockchain and the sharing economy has much potential.
- [It Takes One to Buy but Two to Say Goodbye: Asymmetrical Preference for Others’ Involvement in Product Decisions across the Customer Journey](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/it-takes-one-to-buy-but-two-to-say-goodbye-asymmetrical-preference-for-others-involvement-in-product-decisions-across-the-customer-journey/) - What influences consumers to make product decisions alone versus with household partners? This research examines how consumers’ preference for solo or joint decision-making with household partners varies between product acquisition and disposal stages. Ten pre-registered studies demonstrate that for many household products, consumers are more likely to choose joint (vs. solo) decision-making with household partners for disposal than for acquisition. This asymmetry occurs because disposal (vs. acquisition) increases perceptions of the potential for infringement on a household partner’s rights, which increases the desire for clarity about a partner’s product valuation and thus the choice of joint (vs. solo) decision-making with one’s partner. The authors identify three process-consistent boundary conditions, wherein this acquisition-disposal asymmetry is mitigated: (1) when the product cannot be used by one’s partner, (2) when considering decisions with non-household members (e.g., non-cohabitating close friends) instead of one’s household partner, and (3) when the product’s price exceeds the household’s typical budget. Moreover, the authors discuss implications of this acquisition-disposal asymmetry for consumer well-being and marketing strategies, including its potential to cause delays in disposal decisions relative to acquisition decisions. This research contributes to understanding household decision dynamics and identifies a novel contributor to overaccumulation of household products.
- [It Takes One to Buy but Two to Say Goodbye: Asymmetrical Preference for Others’ Involvement in Product Decisions across the Customer Journey](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/it-takes-one-to-buy-but-two-to-say-goodbye-asymmetrical-preference-for-others-involvement-in-product-decisions-across-the-customer-journey/) - What influences consumers to make product decisions alone versus with household partners? This research examines how consumers’ preference for solo or joint decision-making with household partners varies between product acquisition and disposal stages. Ten pre-registered studies demonstrate that for many household products, consumers are more likely to choose joint (vs. solo) decision-making with household partners for disposal than for acquisition. This asymmetry occurs because disposal (vs. acquisition) increases perceptions of the potential for infringement on a household partner’s rights, which increases the desire for clarity about a partner’s product valuation and thus the choice of joint (vs. solo) decision-making with one’s partner. The authors identify three process-consistent boundary conditions, wherein this acquisition-disposal asymmetry is mitigated: (1) when the product cannot be used by one’s partner, (2) when considering decisions with non-household members (e.g., non-cohabitating close friends) instead of one’s household partner, and (3) when the product’s price exceeds the household’s typical budget. Moreover, the authors discuss implications of this acquisition-disposal asymmetry for consumer well-being and marketing strategies, including its potential to cause delays in disposal decisions relative to acquisition decisions. This research contributes to understanding household decision dynamics and identifies a novel contributor to overaccumulation of household products.
- [It Takes One to Buy but Two to Say Goodbye: Asymmetrical Preference for Others’ Involvement in Product Decisions across the Customer Journey](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/it-takes-one-to-buy-but-two-to-say-goodbye-asymmetrical-preference-for-others-involvement-in-product-decisions-across-the-customer-journey/) - What influences consumers to make product decisions alone versus with household partners? This research examines how consumers’ preference for solo or joint decision-making with household partners varies between product acquisition and disposal stages. Ten pre-registered studies demonstrate that for many household products, consumers are more likely to choose joint (vs. solo) decision-making with household partners for disposal than for acquisition. This asymmetry occurs because disposal (vs. acquisition) increases perceptions of the potential for infringement on a household partner’s rights, which increases the desire for clarity about a partner’s product valuation and thus the choice of joint (vs. solo) decision-making with one’s partner. The authors identify three process-consistent boundary conditions, wherein this acquisition-disposal asymmetry is mitigated: (1) when the product cannot be used by one’s partner, (2) when considering decisions with non-household members (e.g., non-cohabitating close friends) instead of one’s household partner, and (3) when the product’s price exceeds the household’s typical budget. Moreover, the authors discuss implications of this acquisition-disposal asymmetry for consumer well-being and marketing strategies, including its potential to cause delays in disposal decisions relative to acquisition decisions. This research contributes to understanding household decision dynamics and identifies a novel contributor to overaccumulation of household products.
- [Government Bond Risk and Return in the US and China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/government-bond-risk-and-return-in-the-us-and-china/) - We propose a new approach to modeling bond risk and risk premia, inspired by the equity risk-return literature, which does not impose the tight restrictions found in models that generate closed-form bond prices. We estimate the joint dynamics of the volatility and Sharpe ratio of principal-component bond-factor portfolios for the US and China. Predictors include yield curve variables and, for the US, VIX. We document complex time-varying relations between the price and quantity of interest rate risk inconsistent with the frameworks in existing studies. Interesting differences between the US and China further highlight the need for our more flexible approach.
- [Government Bond Risk and Return in the US and China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/government-bond-risk-and-return-in-the-us-and-china/) - We propose a new approach to modeling bond risk and risk premia, inspired by the equity risk-return literature, which does not impose the tight restrictions found in models that generate closed-form bond prices. We estimate the joint dynamics of the volatility and Sharpe ratio of principal-component bond-factor portfolios for the US and China. Predictors include yield curve variables and, for the US, VIX. We document complex time-varying relations between the price and quantity of interest rate risk inconsistent with the frameworks in existing studies. Interesting differences between the US and China further highlight the need for our more flexible approach.
- [Government Bond Risk and Return in the US and China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/government-bond-risk-and-return-in-the-us-and-china/) - We propose a new approach to modeling bond risk and risk premia, inspired by the equity risk-return literature, which does not impose the tight restrictions found in models that generate closed-form bond prices. We estimate the joint dynamics of the volatility and Sharpe ratio of principal-component bond-factor portfolios for the US and China. Predictors include yield curve variables and, for the US, VIX. We document complex time-varying relations between the price and quantity of interest rate risk inconsistent with the frameworks in existing studies. Interesting differences between the US and China further highlight the need for our more flexible approach.
- [Spectral Ranking Inferences Based on General Multiway Comparisons](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/spectral-ranking-inferences-based-on-general-multiway-comparisons/) - This paper studies the performance of the spectral method in the estimation and uncertainty quantification of the unobserved preference scores of compared entities in a general and more realistic setup. Specifically, the comparison graph consists of hyper-edges of possible heterogeneous sizes, and the number of comparisons can be as low as one for a given hyper-edge. Such a setting is pervasive in real applications, circumventing the need to specify the graph randomness and the restrictive homogeneous sampling assumption imposed in the commonly used Bradley-Terry-Luce (BTL) or Plackett-Luce (PL) models. Furthermore, in scenarios where the BTL or PL models are appropriate, we unravel the relationship between the spectral estimator and the maximum likelihood estimator (MLE). We discover that a two-step spectral method, where we apply the optimal weighting estimated from the equal weighting vanilla spectral method, can achieve the same asymptotic efficiency as the MLE. Given the asymptotic distributions of the estimated preference scores, we also introduce a comprehensive framework to carry out both one-sample and two-sample ranking inferences, applicable to both fixed and random graph settings. It is noteworthy that this is the first time effective two-sample rank testing methods have been proposed. Finally, we substantiate our findings via comprehensive numerical simulations and subsequently apply our developed methodologies to perform statistical inferences for statistical journals and movie rankings.
- [Spectral Ranking Inferences Based on General Multiway Comparisons](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/spectral-ranking-inferences-based-on-general-multiway-comparisons/) - This paper studies the performance of the spectral method in the estimation and uncertainty quantification of the unobserved preference scores of compared entities in a general and more realistic setup. Specifically, the comparison graph consists of hyper-edges of possible heterogeneous sizes, and the number of comparisons can be as low as one for a given hyper-edge. Such a setting is pervasive in real applications, circumventing the need to specify the graph randomness and the restrictive homogeneous sampling assumption imposed in the commonly used Bradley-Terry-Luce (BTL) or Plackett-Luce (PL) models. Furthermore, in scenarios where the BTL or PL models are appropriate, we unravel the relationship between the spectral estimator and the maximum likelihood estimator (MLE). We discover that a two-step spectral method, where we apply the optimal weighting estimated from the equal weighting vanilla spectral method, can achieve the same asymptotic efficiency as the MLE. Given the asymptotic distributions of the estimated preference scores, we also introduce a comprehensive framework to carry out both one-sample and two-sample ranking inferences, applicable to both fixed and random graph settings. It is noteworthy that this is the first time effective two-sample rank testing methods have been proposed. Finally, we substantiate our findings via comprehensive numerical simulations and subsequently apply our developed methodologies to perform statistical inferences for statistical journals and movie rankings.
- [Spectral Ranking Inferences Based on General Multiway Comparisons](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/spectral-ranking-inferences-based-on-general-multiway-comparisons/) - This paper studies the performance of the spectral method in the estimation and uncertainty quantification of the unobserved preference scores of compared entities in a general and more realistic setup. Specifically, the comparison graph consists of hyper-edges of possible heterogeneous sizes, and the number of comparisons can be as low as one for a given hyper-edge. Such a setting is pervasive in real applications, circumventing the need to specify the graph randomness and the restrictive homogeneous sampling assumption imposed in the commonly used Bradley-Terry-Luce (BTL) or Plackett-Luce (PL) models. Furthermore, in scenarios where the BTL or PL models are appropriate, we unravel the relationship between the spectral estimator and the maximum likelihood estimator (MLE). We discover that a two-step spectral method, where we apply the optimal weighting estimated from the equal weighting vanilla spectral method, can achieve the same asymptotic efficiency as the MLE. Given the asymptotic distributions of the estimated preference scores, we also introduce a comprehensive framework to carry out both one-sample and two-sample ranking inferences, applicable to both fixed and random graph settings. It is noteworthy that this is the first time effective two-sample rank testing methods have been proposed. Finally, we substantiate our findings via comprehensive numerical simulations and subsequently apply our developed methodologies to perform statistical inferences for statistical journals and movie rankings.
- [The Impact of Customer Information on Service Supply and Demand: Evidence from a Large Live-Streaming Experiment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-impact-of-customer-information-on-service-supply-and-demand-evidence-from-a-large-live-streaming-experiment/) - Problem definition: As digitization transforms the service sector and empowers service platforms, questions arise about utilizing and disseminating customer information captured by digitization to enhance platform operations. We contribute by investigating how providing customer-related information at the start of a service encounter impacts both service supply and demand in the context of entertainment service platforms. Methodology/results: We conducted a field experiment on a live-streaming platform that connects hundreds of millions of viewers with individual broadcasters. For broadcasters randomly assigned to the treatment condition (but not for broadcasters in the control condition), when a viewer entered their shows, information about the viewer appeared on the screen. Our analyses, involving a random sample of 49,998 broadcasters, demonstrate that relative to control broadcasters, treatment broadcasters expanded service supply by 12.62% by increasing both show frequency (3.31%) and show length (7.10%), thus earning 10.44% more income, based on our conservative estimate. Moreover, our intervention increased service demand (measured by viewer watch time) by 4.51%. Additional analyses and surveys in our field setting and online experiments (n = 3,115) shed light on the potential mechanisms. Viewer-related information enables broadcasters to offer personalized service and vividly perceive viewers. On the demand side, viewers appreciate personalized service and interact with broadcasters more, which collectively boost demand. On the supply side, broadcasters not only enjoy the increased interaction with viewers but also feel a stronger sense of appreciation due to the more vivid mental image of viewers, which collectively lifts service supply. Managerial implications: This research suggests that providing customer-related information at the beginning of a service encounter can increase both service demand and supply. This low-cost, information-based intervention has important implications for digital service platforms that have little control over service providers’ work schedules and service quality.
- [The Impact of Customer Information on Service Supply and Demand: Evidence from a Large Live-Streaming Experiment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-impact-of-customer-information-on-service-supply-and-demand-evidence-from-a-large-live-streaming-experiment/) - Problem definition: As digitization transforms the service sector and empowers service platforms, questions arise about utilizing and disseminating customer information captured by digitization to enhance platform operations. We contribute by investigating how providing customer-related information at the start of a service encounter impacts both service supply and demand in the context of entertainment service platforms. Methodology/results: We conducted a field experiment on a live-streaming platform that connects hundreds of millions of viewers with individual broadcasters. For broadcasters randomly assigned to the treatment condition (but not for broadcasters in the control condition), when a viewer entered their shows, information about the viewer appeared on the screen. Our analyses, involving a random sample of 49,998 broadcasters, demonstrate that relative to control broadcasters, treatment broadcasters expanded service supply by 12.62% by increasing both show frequency (3.31%) and show length (7.10%), thus earning 10.44% more income, based on our conservative estimate. Moreover, our intervention increased service demand (measured by viewer watch time) by 4.51%. Additional analyses and surveys in our field setting and online experiments (n = 3,115) shed light on the potential mechanisms. Viewer-related information enables broadcasters to offer personalized service and vividly perceive viewers. On the demand side, viewers appreciate personalized service and interact with broadcasters more, which collectively boost demand. On the supply side, broadcasters not only enjoy the increased interaction with viewers but also feel a stronger sense of appreciation due to the more vivid mental image of viewers, which collectively lifts service supply. Managerial implications: This research suggests that providing customer-related information at the beginning of a service encounter can increase both service demand and supply. This low-cost, information-based intervention has important implications for digital service platforms that have little control over service providers’ work schedules and service quality.
- [The Impact of Customer Information on Service Supply and Demand: Evidence from a Large Live-Streaming Experiment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-impact-of-customer-information-on-service-supply-and-demand-evidence-from-a-large-live-streaming-experiment/) - Problem definition: As digitization transforms the service sector and empowers service platforms, questions arise about utilizing and disseminating customer information captured by digitization to enhance platform operations. We contribute by investigating how providing customer-related information at the start of a service encounter impacts both service supply and demand in the context of entertainment service platforms. Methodology/results: We conducted a field experiment on a live-streaming platform that connects hundreds of millions of viewers with individual broadcasters. For broadcasters randomly assigned to the treatment condition (but not for broadcasters in the control condition), when a viewer entered their shows, information about the viewer appeared on the screen. Our analyses, involving a random sample of 49,998 broadcasters, demonstrate that relative to control broadcasters, treatment broadcasters expanded service supply by 12.62% by increasing both show frequency (3.31%) and show length (7.10%), thus earning 10.44% more income, based on our conservative estimate. Moreover, our intervention increased service demand (measured by viewer watch time) by 4.51%. Additional analyses and surveys in our field setting and online experiments (n = 3,115) shed light on the potential mechanisms. Viewer-related information enables broadcasters to offer personalized service and vividly perceive viewers. On the demand side, viewers appreciate personalized service and interact with broadcasters more, which collectively boost demand. On the supply side, broadcasters not only enjoy the increased interaction with viewers but also feel a stronger sense of appreciation due to the more vivid mental image of viewers, which collectively lifts service supply. Managerial implications: This research suggests that providing customer-related information at the beginning of a service encounter can increase both service demand and supply. This low-cost, information-based intervention has important implications for digital service platforms that have little control over service providers’ work schedules and service quality.
- [Anthropomorphizing Personal Goals as Dependent Persons Empowers Consumer Goal Pursuit](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/anthropomorphizing-personal-goals-as-dependent-persons-empowers-consumer-goal-pursuit/) - Psychological empowerment plays a crucial role in motivating individuals to pursue their goals. This research explores a unique method to empower consumers in their goal pursuit: anthropomorphizing goals as dependent persons in need of care. Through three studies, including an incentive-compatible study and a field study conducted at a hypermarket, we demonstrate that viewing personal goals as dependent persons who require care and nurturance (e.g., presenting a goal as a dependent person in a health app) can significantly enhance goal pursuit (e.g., choosing healthy snacks) by boosting psychological empowerment. We find that this motivational boost does not occur when a goal is simply anthropomorphized as any person (Study 1), when it is depicted as a dependent object (Study 1), or when it is anthropomorphized as an independent person (Study 2). This research contributes to a deeper understanding of motivation in goal pursuit and offers practical implications for marketers. Specifically, by using marketing communications to frame goals as entities that require care, marketers can help individuals foster a more engaging and empowering relationship with their aspirations.
- [Anthropomorphizing Personal Goals as Dependent Persons Empowers Consumer Goal Pursuit](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/anthropomorphizing-personal-goals-as-dependent-persons-empowers-consumer-goal-pursuit/) - Psychological empowerment plays a crucial role in motivating individuals to pursue their goals. This research explores a unique method to empower consumers in their goal pursuit: anthropomorphizing goals as dependent persons in need of care. Through three studies, including an incentive-compatible study and a field study conducted at a hypermarket, we demonstrate that viewing personal goals as dependent persons who require care and nurturance (e.g., presenting a goal as a dependent person in a health app) can significantly enhance goal pursuit (e.g., choosing healthy snacks) by boosting psychological empowerment. We find that this motivational boost does not occur when a goal is simply anthropomorphized as any person (Study 1), when it is depicted as a dependent object (Study 1), or when it is anthropomorphized as an independent person (Study 2). This research contributes to a deeper understanding of motivation in goal pursuit and offers practical implications for marketers. Specifically, by using marketing communications to frame goals as entities that require care, marketers can help individuals foster a more engaging and empowering relationship with their aspirations.
- [Anthropomorphizing Personal Goals as Dependent Persons Empowers Consumer Goal Pursuit](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/anthropomorphizing-personal-goals-as-dependent-persons-empowers-consumer-goal-pursuit/) - Psychological empowerment plays a crucial role in motivating individuals to pursue their goals. This research explores a unique method to empower consumers in their goal pursuit: anthropomorphizing goals as dependent persons in need of care. Through three studies, including an incentive-compatible study and a field study conducted at a hypermarket, we demonstrate that viewing personal goals as dependent persons who require care and nurturance (e.g., presenting a goal as a dependent person in a health app) can significantly enhance goal pursuit (e.g., choosing healthy snacks) by boosting psychological empowerment. We find that this motivational boost does not occur when a goal is simply anthropomorphized as any person (Study 1), when it is depicted as a dependent object (Study 1), or when it is anthropomorphized as an independent person (Study 2). This research contributes to a deeper understanding of motivation in goal pursuit and offers practical implications for marketers. Specifically, by using marketing communications to frame goals as entities that require care, marketers can help individuals foster a more engaging and empowering relationship with their aspirations.
- [Effects of Multigenerational Exposure to Early-Life Advantage: Lessons from a Primate Study](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/effects-of-multigenerational-exposure-to-early-life-advantage-lessons-from-a-primate-study/) - This paper uses three decades of data on rhesus monkeys to investigate the multigenerational effects of early-life advantage. Monkeys and their offspring are both randomly assigned to be reared together or apart from their mothers. For the first time, we document the intergenerational complementarity of early-life advantage, where the benefits of maternal rearing are present only for offspring of mothers who were themselves mother reared. This illustrates the intergenerational dynamics of social advantage and how the value of an intervention can depend on the experiences of the previous generation. Our paper demonstrates how studies of primates can inform human development.
- [Effects of Multigenerational Exposure to Early-Life Advantage: Lessons from a Primate Study](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/effects-of-multigenerational-exposure-to-early-life-advantage-lessons-from-a-primate-study/) - This paper uses three decades of data on rhesus monkeys to investigate the multigenerational effects of early-life advantage. Monkeys and their offspring are both randomly assigned to be reared together or apart from their mothers. For the first time, we document the intergenerational complementarity of early-life advantage, where the benefits of maternal rearing are present only for offspring of mothers who were themselves mother reared. This illustrates the intergenerational dynamics of social advantage and how the value of an intervention can depend on the experiences of the previous generation. Our paper demonstrates how studies of primates can inform human development.
- [Effects of Multigenerational Exposure to Early-Life Advantage: Lessons from a Primate Study](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/effects-of-multigenerational-exposure-to-early-life-advantage-lessons-from-a-primate-study/) - This paper uses three decades of data on rhesus monkeys to investigate the multigenerational effects of early-life advantage. Monkeys and their offspring are both randomly assigned to be reared together or apart from their mothers. For the first time, we document the intergenerational complementarity of early-life advantage, where the benefits of maternal rearing are present only for offspring of mothers who were themselves mother reared. This illustrates the intergenerational dynamics of social advantage and how the value of an intervention can depend on the experiences of the previous generation. Our paper demonstrates how studies of primates can inform human development.
- [当AI开始“一本正经地胡说八道”：全球大模型竞逐中的隐性风险](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-ai-hallucinates-the-hidden-risks-in-the-global-large-model-race/) - 大语言模型如今正日益渗透到知识生产、商业分析、法律谘询与医疗决策等核心领域，一个过去常被视为技术性缺陷嘅问题，正迅速成为全球技术竞赛嘅新焦点：大语言模型嘅“幻觉”（ Hallucination ）——即模型喺缺乏事实依据时，仍然以极高“信心”畀出流畅、却虚假嘅答案。从中美科技巨头到全球初创企业，过去几年大模型的竞争主要围绕参数规模、运行速度与通用能力展开; 而今，一个更具决定性的维度正在浮现：谁能更系统、更有效地控制幻觉，谁就将率先迈向“可信赖AI”（Trustworthy AI）的时代。 “幻觉”并非无关紧要的技术小瑕疵，而是AI真正走向专业化、产业化应用的关键阻力。 在现实世界中，学生论文中无中生有的文献引用，金融分析中被编造的并购事件、法律谘询中一个子虚乌有的判例、医学报告中混淆的症状描述，都可能引发严重的经济或生命后果。 系统性风险揭示：香港大学 AIEL 测评洞察 为了更系统地了解这一隐性风险，香港大学人工智慧评估实验室（AIEL）近期针对37个中美主流大模型进行了大规模测评，覆盖通用、推理、自动化系统等多种模型类型。 测评结果不仅揭示了头部模型在可靠性上的新格局，也暴露了当前技术发展中仍未解决的根本性挑战。 幻觉的两个核心维度 本次测评将大模型的“幻觉”风险主要划分为两大类： 事实性幻觉（Factual Hallucination）：模型“说得像真的，但其实是假的” 这是大模型机制带来的天然风险。 当模型面对不确定资讯时，它往往倾向于“编造”一个逻辑完整的回应，而非回答“我不知道”。 这类幻觉包括：生成不存在的学术文献; 无依据地描述历史事件; 对未知概念作出看似逻辑完整却错误的解释等。 由于其机制根源，事实性幻觉被视为最难真正消除的幻觉类型。 忠实性幻觉（Fidelity Hallucination）：模型“却未完全按照指令完成任务” 这包括模型未能按要求控制格式、遗漏了指令中的关键资讯、或擅自引入了文本外的资讯等。 尽管随著模型能力的提升，这类幻觉整体有所下降，但它仍是AI进入医疗、司法等强监管、高规范行业的主要障碍。 测评结果揭示，目前领先大模型在忠实性幻觉控制上已相当不错。 例如，GPT-5系列在忠实性维度均取得满分，显示出卓越的任务遵循能力。 然而，事实性准确度方面（GPT-5思考模式得分小于75分）仍有提升空间。 这反映出大模型普遍存在“严守指令但易虚构事实”的倾向——事实可靠性依然是全球大模型的共同短板。 此外，我们还发现推理模型的幻觉控制能力表现较好。 例如，通义千问3（思考模式）和Claude 4 Opus（思考模式）等推理模型的幻觉控制能力，均优于同系列通用版本。 这表明，让模型进行深度的、多步骤的“思考”是当前控制幻觉最有效的技术手段之一。 AI的下一场革命不是生成，而是可靠 随著大模型向多模态与专业化方向纵深发展，“幻觉风险”已从学术议题演变为产业落地的红线。 在医疗诊断或金融风控中，稳定、一致、可验证的答案远比“像人类的表达”更具商业价值。 当大模型被引入公共治理与生命健康等高风险领域，衡量其价值的尺规已不仅再是“它能否回答”，而是：它的回答能否被托付给真实世界。 幻觉控制，这一曾被低估的能力，正在成为全球大模型竞争中的关键分水岭。 下一阶段的技术分化，或许不在于生成得多快、多像人，而在于：何时，它值得被真正相信。 *流览香港大学人工智能评估实验室《大语言模型幻觉控制能力深度测评报告》全文：https://www.hkubs.hku.hk/aimodelrankings/leaderboards/hallucination.html 蒋镇辉教授 港大经管学院创新及资讯管理学教授 鲁艺 港大经管学院博士后研究员 （本文同时于二零二六年一月八日载于《FT中文网》明德商论专栏）
- [當AI開始「一本正經地胡說八道」：全球大模型競逐中的隱性風險](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-ai-hallucinates-the-hidden-risks-in-the-global-large-model-race/) - 大語言模型如今正日益滲透到知識生產、商業分析、法律諮詢與醫療決策等核心領域，一個過去常被視為技術性缺陷嘅問題，正迅速成為全球技術競賽嘅新焦點：大語言模型嘅「幻覺」（ Hallucination ）——即模型喺缺乏事實依據時，仍然以極高「信心」畀出流暢、卻虛假嘅答案。從中美科技巨頭到全球初創企業，過去幾年大模型的競爭主要圍繞參數規模、運行速度與通用能力展開; 而今，一個更具決定性的維度正在浮現：誰能更系統、更有效地控制幻覺，誰就將率先邁向「可信賴AI」（Trustworthy AI）的時代。 「幻覺」並非無關緊要的技術小瑕疵，而是AI真正走向專業化、產業化應用的關鍵阻力。 在現實世界中，學生論文中無中生有的文獻引用，金融分析中被編造的併購事件、法律諮詢中一個子虛烏有的判例、醫學報告中混淆的癥狀描述，都可能引發嚴重的經濟或生命後果。 系統性風險揭示：香港大學 AIEL 測評洞察 為了更系統地瞭解這一隱性風險，香港大學人工智慧評估實驗室（AIEL）近期針對37個中美主流大模型進行了大規模測評，覆蓋通用、推理、自動化系統等多種模型類型。 測評結果不僅揭示了頭部模型在可靠性上的新格局，也暴露了當前技術發展中仍未解決的根本性挑戰。 幻覺的兩個核心維度 本次測評將大模型的「幻覺」風險主要劃分為兩大類： 事實性幻覺（Factual Hallucination）：模型「說得像真的，但其實是假的」 這是大模型機制帶來的天然風險。 當模型面對不確定資訊時，它往往傾向於「編造」一個邏輯完整的回應，而非回答「我不知道」。 這類幻覺包括：生成不存在的學術文獻; 無依據地描述歷史事件; 對未知概念作出看似邏輯完整卻錯誤的解釋等。 由於其機制根源，事實性幻覺被視為最難真正消除的幻覺類型。 忠實性幻覺（Fidelity Hallucination）：模型「卻未完全按照指令完成任務」 這包括模型未能按要求控制格式、遺漏了指令中的關鍵資訊、或擅自引入了文本外的資訊等。 儘管隨著模型能力的提升，這類幻覺整體有所下降，但它仍是AI進入醫療、司法等強監管、高規範行業的主要障礙。 測評結果揭示，目前領先大模型在忠實性幻覺控制上已相當不錯。 例如，GPT-5系列在忠實性維度均取得滿分，顯示出卓越的任務遵循能力。 然而，事實性準確度方面（GPT-5思考模式得分小於75分）仍有提升空間。 這反映出大模型普遍存在「嚴守指令但易虛構事實」的傾向——事實可靠性依然是全球大模型的共同短板。 此外，我們還發現推理模型的幻覺控制能力表現較好。 例如，通義千問3（思考模式）和Claude 4 Opus（思考模式）等推理模型的幻覺控制能力，均優於同系列通用版本。 這表明，讓模型進行深度的、多步驟的「思考」是當前控制幻覺最有效的技術手段之一。 AI的下一場革命不是生成，而是可靠 隨著大模型向多模態與專業化方向縱深發展，「幻覺風險」已從學術議題演變為產業落地的紅線。 在醫療診斷或金融風控中，穩定、一致、可驗證的答案遠比「像人類的表達」更具商業價值。 當大模型被引入公共治理與生命健康等高風險領域，衡量其價值的尺規已不僅再是“它能否回答”，而是：它的回答能否被託付給真實世界。 幻覺控制，這一曾被低估的能力，正在成為全球大模型競爭中的關鍵分水嶺。 下一階段的技術分化，或許不在於生成得多快、多像人，而在於：何時，它值得被真正相信。 *流覽香港大学人工智能評估實驗室《大語言模型幻覺控制能力深度測評報告》全文：https://www.hkubs.hku.hk/aimodelrankings/leaderboards/hallucination.html 蔣鎮輝教授 港大經管學院創新及資訊管理學教授 魯藝 港大經管學院博士後研究員 （本文同時於二零二六年一月八日載於《FT中文網》明德商論專欄）
- [驱动香港成为全球右軚自动车市场的超级跑道](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/to-build-hong-kong-a-global-runway-for-right-hand-drive-autonomous-vehicles/) - 回望过去5年，全球汽车产业经历了上半场的剧变，期间的竞争主题是“能源定义汽车”，即电池技术与续航里程的竞赛。展望未来5年之下半场，其焦点无可争议将转向“演算法定义汽车”，即人工智能、大数据与算力驱动的智能驾驶技术。根据摩根士丹利的预测，到2030年，采用部分或全自动驾驶技术的车辆将创造高达 2000 亿美元的市场规模。 优势与局限并存 目前香港市面上普及的新能源汽车绝大多数仍停留在L2级（部分自动化）阶段，系统仅提供辅助，驾驶者仍须手不离軚、眼不离路；若出现交通事故，亦必须承担完全的法律责任。 2025年4月，中国电动车公司小鹏汽车选择在香港启德邮轮码头举办全球品牌发布会，宣布L3级智能驾驶功能的量产时间表。L3即自动驾驶级别第3级（有条件自动化），在特定的设计运行范围内运作；系统可以完全接管车辆的横向与纵向控制，并负责目标识别与事件回应。此举作为迈入高阶智能辅助驾驶技术的分水岭，标志着香港率先为中国智能驾驶技术接轨全球右軚车市场。 面向智能驾驶的下半场，香港正好发挥其独特的“双重性”：城内拥有全球路况最复杂、交通密度最高、人车博弈最激烈的道路网络。依山而建的狭窄蜿蜒道路，构成了检验智能驾驶演算法稳健性的绝佳场景。另一方面，尽管特区政府早在 2017 年便公布了《香港智慧城市蓝图》，但当下香港街头依然由传统燃油车和辅助功能受限的电动车主导。不同于内地以产业换市场、以补贴促技术的积极模式，香港长期遵循安全至上、主要依靠市场力量的政策逻辑。这种完善的监管环境，结合香港作为中国唯一实行右軚驾驶的地区，构成连接中国技术与全球右軚市场的显著优势。 释放本地智驾潜能 借鉴人工智能产业的增长元素，可将智能驾驶在香港的发展壁垒拆解为以下公式： 智能化 = 算力 × 数据 × 算法 根据中国汽车工业协会及公安部的资料，截至2024年底，中国新能源汽车渗透率已突破40%，一线城市如深圳更远超此数。而在智能驾驶功能的使用率上，内地领先智能车品牌的用户高速导航辅助驾驶（Navigate on Autopilot；简称NOA）渗透率已超过50%。相比之下，香港目前辅助驾驶的典型体验仅限于巡航控制、车道保持等功能。智能驾驶沙盒测试的范围相对局限，极其缺乏本地资料训练闭环，并且依赖云端算力。 另一方面，香港虽然在算力硬体（如超算中心）上起步较晚，但拥有极具价值的“异质性”与“高熵值”数据。破局的关键在于将道路场景视为一种战略资源。通过有序引导车企进行数据采集，建立高质量的交通场景数据集，授权给合规车企进行训练。谁拥有更多高质量的香港驾驶数据，谁就能在右軚市场的演算法竞争中占据主导地位。如何在确保资料脱敏的前提下，建立一个闭环的科研与训练专用资料通道，允许智能驾驶资料在两地合规流通，也许就是驱动右軚试验的重要引擎。 特斯拉的智能辅助驾驶（Full Self-Driving；简称FSD）是目前全球公认的量产智能驾驶标杆。通过影子模式，特斯拉车辆在后台运行FSD演算法，与人类驾驶员的操作进行比对。假使演算法判断该左转而人类却直行，这个差异资料就会被上传，用于修正模型。FSD在内地针对“加塞”、电动自行车横穿、施工路段进行了海量针对性训练，因此具备聚焦于内地驾驶习惯的风格演算法。 即便如此，FSD在本港迟迟未能部署全自动驾驶功能，技术上的重要原因包括缺乏对应的算法训练和针对右軚形式习惯演算法。对于依赖神经网路的端到端模型而言，简单的图像镜像翻转并不能解决左右軚的差异，因为人类司机的观察习惯、盲区分布、让行规则（如环岛顺时针）完全不同。此外，演算法的当地语系化还涉及对港式驾驶的理解。演算法需要学习香港司机的潜规则，例如在红隧入口的拉链式汇入，这需要极强的博弈演算法支援，而非简单的规则遵守。 化被动为主动的契机 中国新能源汽车正在大举进军海外，特别是右軚市场（英国、澳洲、日本、泰国、印尼等）。目前，内地所有测试场和研发中心几乎全是左軚环境。比亚迪、小鹏等智驾车企要出海右軚市场，面临巨大的研发适配成本。如果在内地建设模拟右軚测试场，成本高且无法模拟真实的城市复杂路况。 香港是目前中国管辖范围内，唯一具备极度复杂城市路况、法治环境完善，以及右軚驾驶的城市；不应只是消费市场，而更应成为中国智驾出海的右軚研发中心与起飞跑道。通过积极开放资料和测试环境，香港有望持续吸引头部车企以及领先的智驾科企（如，百度Apollo）落户设立智能驾驶研发部。这不仅带来高薪科技就业，更能让香港在全球汽车产业链中，从终端变为中枢。 智能驾驶的未来已临近；在遥远的矽谷、宽阔的深南大道以外，理应呈现在中环的繁忙、旺角的喧嚣和新界的广阔之中。香港拥有右軚试验场的战略定位，在智能驾驶的下半场正蓄势待发，可从旁观者的角色升级为领航员。这不仅是技术的胜利，更是香港城市精神的再一次进化。 万智玺 教授 港大经管学院创新及资讯管理学教授 港大经管学院创新及资讯管理学学术领域主任 （本文同时于二零二六年一月二十八日载于《信报》“龙虎山下”专栏）
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- [The Future of Hong Kong Economy Conference 2026 Explores Sustainable Growth in Hong Kong’s Economic Development](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-future-of-hong-kong-economy-conference-2026-explores-sustainable-growth-in-hong-kongs-economic-development/)
- [从“揾位难”到“等位烦”——香港充电破局之智能化](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/future-intelligent-ev-charging-in-hong-kong/) - 笔者上周深入剖析了香港电动汽车充电市场面临的结构性矛盾：土地资源极度稀缺且电力容量受限；依赖“堆砌硬体”的粗放式增长殊不明智。当务之急，在于构建一个根据不同场景和用户需求精准配置、异构化的充电基础设施网络：快慢并存，精准接轨。 毋庸置疑，充电网络至关重要。“快慢并存”解决的是物理空间的资源配置问题，“精准接轨”则须靠资讯空间的数据流动来实现。 将负担转化为资源 推动能执行需求响应（demand response）的智能充电技术，可将充电行为从电网的负担转为可调度的资源。根据国际可再生能源署的定义，智能充电是通过数据连接，使电动车的充电周期能够适应电力系统状况和车主用能需求。这条技术路径可以分两个主要阶段：一是V1G，即单向智能充电（unidirectional smart charging），透过单向功率调控，电网可远程控制充电时间和速率，如延迟充电、降低功率。二是V2G，即车辆到电网（vehicle to grid），目前仍处于商业化探索模式，旨在实现电动车不仅可以从电网充电，还可将电池中的电能反向输送回电网。 要理解智能充电的实践价值，最直接的方式是考察在超大规模市场中的领先企业。中国内地拥有全球最庞大、竞争最激烈的公共充电市场，截至2025年11月，公共充电桩数量已超过462.5万个【注1】。这种规模效应催生了在科技、运营和安全管理方面全球领先的运营商。 首先发挥关键作用的是提供资讯集成的地图运营商。以高德地图和百度地图为代表的互联网平台，得益于底层地理数据的全方位立体整合，成为内地绝大部分电动车用户获得较为完整实时资讯的入口。这些地图平台利用其在用户导航使用习惯上的优势，成功推动主流充电运营商提供整合所需的实时数据。电动车用户不必在不同充电运营商的应用程式之间反复切换加以比较，而只需在地图应用程式中搜索充电站，不仅即时看到位置，还能一键取得场站规模、设备状态、实时价格及用户评价等全维度资讯，并完成从找桩、导航到支付的全链路闭环 。 目前，香港的充电市场高度碎片化，虽然环境保护署推出了“EV充电易”流动应用程式，整合全港公共充电资讯，但大部分私营运营商不提供实时资讯、且支付介面和用户账户系统没有整合联通。无论是通过政策法规鼓励市场化运营促进资讯集成，抑或是借助数据信托完成行业整合，必须构建一个足够集成的标准化资料平台。在实际操作层面，香港《个人资料（私隐）条例》对数据收集和使用有严格规管，特别是针对物理追踪。如何建立一个既符合合规要求、又能服务香港车主的多方充电数据平台，仍是有待积极解决的难题。 内地经验可资借鉴 地图运营商须理顺资讯实时整合，先进的充电运营商则致力于高效地解决时空匹配问题。在这一领域，内地的特来电、星星充电和小桔充电等平台展示了如何利用人工智能算法和数字化科技来预测、响应和调节充电需求。其中，小桔充电源于中国最大出行平台滴滴出行的生态系统，是一个自下而上、由市场竞争和海量数据原生驱动的运营商。 根据官方网站数据，截至 2024 年底，小桔充电已累计提供超过 10 亿次充电服务；其中最核心、最高频的用户，正是滴滴平台上的网约车司机——有稳定需求，对充电时间成本和价格亦最敏感。滴滴平台利用其海量的车辆轨迹数据，分析和预测营运车辆和充电需求的时空分布，可通过算法，实时向网约车司机的应用程式限时优惠，吸引司机前往指定充电站补能。 此类智能运营以价格杠杆引导需求，去匹配闲置的充电桩供给，从而实现网络的全域优化。凭借预测和实时调度的运营能力，先进的充电运营商能开发出需求响应模式的虚拟电厂，从而参与电力市场交易结算；因此不单是服务能源的消耗者，更成为电力市场的积极单元，参与调峰填谷和辅助服务。 转型大势创造机遇 聚焦香港，的士和小巴都正在经历电动化转型。这类车辆行驶路线相对固定、充电需求规律且频次高，是最理想的可预测负荷。政府应引导市场，专为私家车、的士、网约车、小巴等建立智能充电平台，利用实时数据和人工智能优化其补能路径，减少在繁忙时段占用快充资源的情况，同时为未来的V2G试点打下基础 。 建设香港成为面向国际的电动车产业示范窗口，不在于简单激励更多、更新科技的充电桩，而在于构建“基建 + 演算法 + 数据”的生态闭环。香港的电动化转型，已驶入一片机遇与挑战并存的深水区。从最初解决“揾位难”的硬体铺设，到如今面对“等位烦”的系统性困局，一个健康的充电生态，理应是一个与城市肌理和市民生活节奏深度融合的有机体，既承认亦尊重不同场景下的需求差异，同时使能源和公共资源精准地服务整体社会。 万智玺 教授 港大经管学院创新及资讯管理学教授 港大经管学院创新及资讯管理学学术领域主任 （本文同时于二零二六年一月二十一日载于《信报》“龙虎山下”专栏）
- [港大经管学院发布《香港经济政策绿皮书2026》 聚焦香港经济民生发展新机遇](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hong-kong-economic-policy-green-paper-2026-by-hku-business-school-focuses-on-new-opportunities-for-hong-kongs-economy/)
- [港大經管學院發佈《香港經濟政策綠皮書2026》 聚焦香港經濟民生發展新機遇](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hong-kong-economic-policy-green-paper-2026-by-hku-business-school-focuses-on-new-opportunities-for-hong-kongs-economy/)
- [Hong Kong Economic Policy Green Paper 2026 by HKU Business School Focuses on New Opportunities for Hong Kong’s Economy](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hong-kong-economic-policy-green-paper-2026-by-hku-business-school-focuses-on-new-opportunities-for-hong-kongs-economy/)
- [从“揾位难”到“等位烦”——香港充电破局的“快”与“慢”](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/the-fast-and-slow-solutions-for-hong-kongs-charging-dilemma/) - 电动汽车充电技术正处于一个迭代爆发期。早期的交流慢充已经进入待淘汰序列，直流快充标准已成为入门级配置。随着兆瓦级充电系统的研发推进，峰值功率甚至已触及1兆瓦的边界。但电力增容、线缆铺设、硬体采购、持续运营等成本带来的投资回报周期往往长达5至8年，在土地成本极高的香港甚至需时更久。 快速更新换代的充电技术和设备，与基建重资产投资的长回报周期形成难解的矛盾，导致香港也面对世界各地大多数电动车市场都存在的慢桩快桩交错混杂的问题。 精准聚焦充电需求 在特区政府推动涉及宽减电动车首次登记税的“一换一”计划等强力政策下，电动私家车数量经历了爆炸性增长。根据运输署交通运输资料月报，电动私家车在整体私家车数量中的占比，已从2019年底的1.58%，飙升至2025年的14.96%，数量超过13万辆。 反观公共充电桩，截至2025年中，则只有1.5万个正服务这支庞大的电动车队。打开充电桩应用程式经常看到满员提示，成了不少车主对充电桩运营的无奈感受。面对这种“等位烦”的困境，一个直接解决方向似乎就是通过建设更多、更快的充电设施，以缩短车主单次充电的等待时间。 本港私家车平均每日的行驶距离仅为30公里左右（年平均行驶里程11080公里）。对于目前市面上主流的私家车而言，一次有效充电足以应付超过一周的日常通勤需求。每日大概有1.9万辆电动车出现补能需求，而现有的充电桩整体能力载荷其实远超这个数字。因此，相比于数量和功率的绝对限制，充电需求和供给的时空分布复杂度的结构性问题，才是破局的切入点。 表 香港公共充电桩全负荷载荷 充电桩类型 充电桩数量 单次有效蓄电时长 单日充电能力载荷 标准（2.8千瓦） 2,801 8小时 8,403 （6.0%） 中速 (
- [The Validation Tax: Shifting Focus from Production to Verification in the AI Era](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/the-validation-tax-shifting-focus-from-production-to-verification-in-the-ai-era/) - 評估稅：為何AI時代需要從「生產」轉向「驗證」 若使用得當，生成式 AI 能夠顯著提升人類的生產力。 它可以協助團隊探索戰略、起草行銷方案，並大幅拓展個人產出的廣度與速度。 但伴隨這些收益而來的是組織內部湧現的一個新挑戰：「工作廢料」（workslop）——即那些乍看之下打磨精緻且合乎情理，實則內容空洞的作品。 《哈佛商業評論》近期的一篇文章引入了這一術語，精準概括了許多管理者在日常工作中遇到的現狀：包裝精美的草案最終反而給他人增加了額外的工作負擔。 在 AI 時代來臨之前，識別劣質工作通常相對容易，因為工作的「賣相」與「實質」之間至少存在某種鬆散的聯繫。 篇幅、潤色程度和連貫性雖然不是完美的指標，但往往能反映出投入的精力。 然而，AI 切斷了這種關聯。 如今，生成流暢且形式上看似正確的備忘錄、演示文稿、代碼和分析報告的成本極低。 但其真實性、嚴謹性和相關性卻難以保障，除非有人投入時間進行仔細核查。 這種轉變催生了一種「評估稅」（evaluation tax），它帶來的後果不僅是技術層面的，更是組織層面的。 作為企業最稀缺的資源，「注意力」必須從「生產」環節轉移到「驗證」環節。 但這並不意味著要放慢一切。 它意味著我們必須認識到，對於組織中最具價值的貢獻者而言，其核心任務正日益從「誰能起草初稿」轉變為「誰能判斷文稿中的主張是否站得住腳」。 由於注意力稀缺，且決策者早已不堪重負，人們很容易傾向於對那些看似完美的產出進行「橡皮圖章」式的盲目批准。 這種捷徑可能代價高昂。 2025年10月，德勤澳大利亞（Deloitte Australia）同意向政府退還部分款項，原因是一份長達237頁的報告被發現包含明顯的AI生成錯誤，其中包括引用了並不存在的論文以及錯誤歸屬的法律引言。 即便該報告的大致結論在邏輯上是合乎情理的，這一事件仍引發了補救工作，削弱了信任，並導致了合約層面的爭執。 問題的根源並不在於使用 AI 本身，而在於使用了 AI 卻未加核查。 如果 AI繼續加速草案的生成，管理者將面臨一個不可迴避的問題：組織如何在獲得規模與範圍紅利的同時，不被「工作廢料」所淹沒？ 面對這一評估難題，一種自然的反應是詢問 AI 自身能否承擔核查任務。 如果 AI 能生成內容，為何不讓 AI 也來驗證它？ 在某些領域，這種方法行之有效。 數學是最典型的例子。 諸如 Lean 這樣的工具可以精確地對證明進行正式的驗證。 在這些場景中，人類探索思路，機器核查正確性。 這種驗證是正式的、無歧義的，且具備可擴充性。 然而，大多數組織工作並不像數學。 戰略制定、研究綜述、政策分析、諮詢建議以及許多軟體設計工作，都是無法進行正式驗證的。 這些工作依賴於判斷力、語境和解讀。 在這些領域，驗證無法完全自動化，仍然需要人類的投入。 更糟糕的是，基於 AI 的核查往往非但不能補充人類的驗證，反而會將其削弱。 對於演算法輔助評估的研究證據表明，當演算法執行了初步檢查后，人類往往會降低自身的審查力度。
- [評估稅：為何AI時代需要從「生產」轉向「驗證」](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/the-validation-tax-shifting-focus-from-production-to-verification-in-the-ai-era/) - 若使用得當，生成式 AI 能夠顯著提升人類的生產力。 它可以協助團隊探索戰略、起草行銷方案，並大幅拓展個人產出的廣度與速度。 但伴隨這些收益而來的是組織內部湧現的一個新挑戰：「工作廢料」（workslop）——即那些乍看之下打磨精緻且合乎情理，實則內容空洞的作品。 《哈佛商業評論》近期的一篇文章引入了這一術語，精準概括了許多管理者在日常工作中遇到的現狀：包裝精美的草案最終反而給他人增加了額外的工作負擔。 在 AI 時代來臨之前，識別劣質工作通常相對容易，因為工作的「賣相」與「實質」之間至少存在某種鬆散的聯繫。 篇幅、潤色程度和連貫性雖然不是完美的指標，但往往能反映出投入的精力。 然而，AI 切斷了這種關聯。 如今，生成流暢且形式上看似正確的備忘錄、演示文稿、代碼和分析報告的成本極低。 但其真實性、嚴謹性和相關性卻難以保障，除非有人投入時間進行仔細核查。 這種轉變催生了一種「評估稅」（evaluation tax），它帶來的後果不僅是技術層面的，更是組織層面的。 作為企業最稀缺的資源，「注意力」必須從「生產」環節轉移到「驗證」環節。 但這並不意味著要放慢一切。 它意味著我們必須認識到，對於組織中最具價值的貢獻者而言，其核心任務正日益從「誰能起草初稿」轉變為「誰能判斷文稿中的主張是否站得住腳」。 由於注意力稀缺，且決策者早已不堪重負，人們很容易傾向於對那些看似完美的產出進行「橡皮圖章」式的盲目批准。 這種捷徑可能代價高昂。 2025年10月，德勤澳大利亞（Deloitte Australia）同意向政府退還部分款項，原因是一份長達237頁的報告被發現包含明顯的AI生成錯誤，其中包括引用了並不存在的論文以及錯誤歸屬的法律引言。 即便該報告的大致結論在邏輯上是合乎情理的，這一事件仍引發了補救工作，削弱了信任，並導致了合約層面的爭執。 問題的根源並不在於使用 AI 本身，而在於使用了 AI 卻未加核查。 如果 AI繼續加速草案的生成，管理者將面臨一個不可迴避的問題：組織如何在獲得規模與範圍紅利的同時，不被「工作廢料」所淹沒？ 面對這一評估難題，一種自然的反應是詢問 AI 自身能否承擔核查任務。 如果 AI 能生成內容，為何不讓 AI 也來驗證它？ 在某些領域，這種方法行之有效。 數學是最典型的例子。 諸如 Lean 這樣的工具可以精確地對證明進行正式的驗證。 在這些場景中，人類探索思路，機器核查正確性。 這種驗證是正式的、無歧義的，且具備可擴充性。 然而，大多數組織工作並不像數學。 戰略制定、研究綜述、政策分析、諮詢建議以及許多軟體設計工作，都是無法進行正式驗證的。 這些工作依賴於判斷力、語境和解讀。 在這些領域，驗證無法完全自動化，仍然需要人類的投入。 更糟糕的是，基於 AI 的核查往往非但不能補充人類的驗證，反而會將其削弱。 對於演算法輔助評估的研究證據表明，當演算法執行了初步檢查后，人類往往會降低自身的審查力度。 自動化檢查工具的存在改變了人們的行為模式：一旦人們認為「系統已經查過了」，他們對仔細進行人工驗證的預期回報感就會下降。
- [评估税：为何AI时代需要从“生产”转向“验证”](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/the-validation-tax-shifting-focus-from-production-to-verification-in-the-ai-era/) - 若使用得当，生成式 AI 能够显著提升人类的生产力。它可以协助团队探索战略、起草营销方案，并大幅拓展个人产出的广度与速度。 但伴随这些收益而来的是组织内部涌现的一个新挑战：“工作废料”（workslop）——即那些乍看之下打磨精致且合乎情理，实则内容空洞的作品。《哈佛商业评论》近期的一篇文章引入了这一术语，精准概括了许多管理者在日常工作中遇到的现状：包装精美的草案最终反而给他人增加了额外的工作负担。 在 AI 时代来临之前，识别劣质工作通常相对容易，因为工作的“卖相”与“实质”之间至少存在某种松散的联系。篇幅、润色程度和连贯性虽然不是完美的指标，但往往能反映出投入的精力。然而，AI 切断了这种关联。 如今，生成流畅且形式上看似正确的备忘录、演示文稿、代码和分析报告的成本极低。但其真实性、严谨性和相关性却难以保障，除非有人投入时间进行仔细核查。 这种转变催生了一种“评估税”（evaluation tax），它带来的后果不仅是技术层面的，更是组织层面的。作为企业最稀缺的资源，“注意力”必须从“生产”环节转移到“验证”环节。 但这并不意味着要放慢一切。它意味着我们必须认识到，对于组织中最具价值的贡献者而言，其核心任务正日益从“谁能起草初稿”转变为“谁能判断文稿中的主张是否站得住脚”。 由于注意力稀缺，且决策者早已不堪重负，人们很容易倾向于对那些看似完美的产出进行“橡皮图章”式的盲目批准。这种捷径可能代价高昂。2025年10月，德勤澳大利亚（Deloitte Australia）同意向政府退还部分款项，原因是一份长达237页的报告被发现包含明显的AI生成错误，其中包括引用了并不存在的论文以及错误归属的法律引言。 即便该报告的大致结论在逻辑上是合乎情理的，这一事件仍引发了补救工作，削弱了信任，并导致了合约层面的争执。问题的根源并不在于使用 AI 本身，而在于使用了 AI 却未加核查。 如果 AI继续加速草案的生成，管理者将面临一个不可回避的问题：组织如何在获得规模与范围红利的同时，不被“工作废料”所淹没？ 面对这一评估难题，一种自然的反应是询问 AI 自身能否承担核查任务。如果 AI 能生成内容，为何不让 AI 也来验证它？在某些领域，这种方法行之有效。 数学是最典型的例子。诸如 Lean 这样的工具可以精确地对证明进行正式的验证。在这些场景中，人类探索思路，机器核查正确性。这种验证是正式的、无歧义的，且具备可扩展性。 然而，大多数组织工作并不像数学。战略制定、研究综述、政策分析、咨询建议以及许多软件设计工作，都是无法进行正式验证的。这些工作依赖于判断力、语境和解读。在这些领域，验证无法完全自动化，仍然需要人类的投入。 更糟糕的是，基于 AI 的核查往往非但不能补充人类的验证，反而会将其削弱。对于算法辅助评估的研究证据表明，当算法执行了初步检查后，人类往往会降低自身的审查力度。自动化检查工具的存在改变了人们的行为模式：一旦人们认为“系统已经查过了”，他们对仔细进行人工验证的预期回报感就会下降。 这引出了更深层的问题：激励机制。AI 降低了生产成本，却提高了“动力成本”（cost of motivation）。即便做正确的事变得更容易了，但做错误的事也变得更加容易。当生成看似合理的产出变得极其低成本时，产出便不再能可靠地反映投入的努力或判断力。这并非职业道德的沦丧，而是对工作回报机制的一种理性反应。 人们是基于可见的交付成果——生成的文档、提交的幻灯片、完成的分析——来接受评估的。AI让达到这些标准变得毫不费力。相比之下，验证工作依然耗时耗力，且在很大程度上是“不可见”的。当激励机制依然与“生产”挂钩，而非与“审查”挂钩时，人们的努力方向便会随之转移，导致验证工作系统性地供给不足。 面对这种验证不足，组织主要有两种干预途径。 第一种是重塑流程。 AI不仅仅是一个加速现有工作流程的工具；它改变了哪些类型的工作流程是可行的。例如在软件开发中，当代码是由人类以人类的速度编写时，逐行审查是合理的。但面对 AI 生成的代码，这种方法不再具备可扩展性。高效能团队的应对之策并非“更仔细地审查”，而是重塑流程本身：将验证工作向上游转移，聚焦于规范明细、约束条件、测试用例和交互界面。稀缺的技能从“生成产出”转变为“定义何为正确”。 第二种是重塑激励机制。对于那些无法形式化规范的重判断型工作，企业必须让隐形的验证工作变得“可见”。这需要彻底转变对劳动价值的评估方式。组织应当将“捕捉到一个微妙错误”、“完善一个复杂的论点”或“指出一个看似合理但错误的结论”视为晋升的途径。如果企业希望人类承担起艰难的判断工作，就必须停止奖励数量和速度，转而奖励对错误的侦测。这会直接导致专业技能的重新分配：从起草转向验证；企业将日益把稀缺的人才从内容生产中抽离出来，转而让他们负责审查并签署那些真正关键的工作成果。 如果企业在这两方面都无所作为，它们将退而求其次，选择第三种更具破坏性的方案:标准化。企业将转向那些更容易规范、衡量和检查的工作。职能范围将缩小，自由裁量权将缩减，复杂的任务将被分解为标准化的碎片。 其结果是滑向“糟糕的工作”（bad jobs）——那些并非为了判断力，而是为了合规性和生产力所打造的岗位。这种趋势有可能导致人类的工作体验被“掏空”。我们面临的风险是创造出一支被困在“认知浅水区”的劳动力大军——执行着那些审计起来很安全，但做起来却令人心力交瘁的标准化任务。 为了避免这种未来，我们必须认识到，AI 带来的挑战主要不在于技术，而在于组织。为了一个人类能够蓬勃发展的未来，我们必须重新设计流程和激励机制，以解决这一评估难题。 李晋教授 港大经管学院管理及商业策略、经济学学术领域主任及教授 Matthias Fahn教授
- [Return Extrapolation and Volatility Expectations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/return-extrapolation-and-volatility-expectations/) - This article provides the first comprehensive evidence that the return extrapolation behavior of investors leads to biases in the expectations of volatility. Lower past returns are associated with higher expectations of volatility when using the physical, risk-neutral, and survey measures to estimate volatility expectations. Consistent with the return extrapolation framework, recent past returns have a larger impact than distant past returns on volatility expectations. Biases in volatility expectations are i) distinct from extrapolating past realized volatility, ii) asymmetrically induced by recent past negative returns, and iii) lead investors to pay more to insure against the perceived higher expected volatility.
- [Return Extrapolation and Volatility Expectations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/return-extrapolation-and-volatility-expectations/) - This article provides the first comprehensive evidence that the return extrapolation behavior of investors leads to biases in the expectations of volatility. Lower past returns are associated with higher expectations of volatility when using the physical, risk-neutral, and survey measures to estimate volatility expectations. Consistent with the return extrapolation framework, recent past returns have a larger impact than distant past returns on volatility expectations. Biases in volatility expectations are i) distinct from extrapolating past realized volatility, ii) asymmetrically induced by recent past negative returns, and iii) lead investors to pay more to insure against the perceived higher expected volatility.
- [Return Extrapolation and Volatility Expectations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/return-extrapolation-and-volatility-expectations/) - This article provides the first comprehensive evidence that the return extrapolation behavior of investors leads to biases in the expectations of volatility. Lower past returns are associated with higher expectations of volatility when using the physical, risk-neutral, and survey measures to estimate volatility expectations. Consistent with the return extrapolation framework, recent past returns have a larger impact than distant past returns on volatility expectations. Biases in volatility expectations are i) distinct from extrapolating past realized volatility, ii) asymmetrically induced by recent past negative returns, and iii) lead investors to pay more to insure against the perceived higher expected volatility.
- [Multichannel Effects of Mobile In-Feed Advertising](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/multichannel-effects-of-mobile-in-feed-advertising/) - With in-feed advertising becoming an increasingly popular advertising tool for advertisers to reach mobile consumers, the authors propose an integrated model of contemporaneous, carryover, and spillover effects to measure the incremental contributions of in-feed ads in multiple types of mobile apps: newsfeed, social, and video. They empirically examine the three proposed effects of newsfeed ads, social feed ads, and video feed ads using data from a large-scale ad campaign for a new mobile game. The data set contains 10,115,801 impressions, 286,506 clicks, and 12,706 conversions. First, the findings show that social feed ads have the strongest contemporaneous effects on both ad clicks and conversions; social feed ads are 1.87 times more likely to generate a click and 1.69 times more likely to generate a conversion than newsfeed ads, followed by video feed ads (clicks: 1.73 times; conversions: 1.55 times). Second, video feed ads have the strongest carryover effect, followed by social feed ads, while newsfeed ads have a negative carryover effect. Third, newsfeed ads exhibit the strongest spillover effect; prior newsfeed ad exposures are more effective than prior social or video feed ad exposures at promoting clicks and conversions upon subsequent exposure in other channels.
- [Multichannel Effects of Mobile In-Feed Advertising](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/multichannel-effects-of-mobile-in-feed-advertising/) - With in-feed advertising becoming an increasingly popular advertising tool for advertisers to reach mobile consumers, the authors propose an integrated model of contemporaneous, carryover, and spillover effects to measure the incremental contributions of in-feed ads in multiple types of mobile apps: newsfeed, social, and video. They empirically examine the three proposed effects of newsfeed ads, social feed ads, and video feed ads using data from a large-scale ad campaign for a new mobile game. The data set contains 10,115,801 impressions, 286,506 clicks, and 12,706 conversions. First, the findings show that social feed ads have the strongest contemporaneous effects on both ad clicks and conversions; social feed ads are 1.87 times more likely to generate a click and 1.69 times more likely to generate a conversion than newsfeed ads, followed by video feed ads (clicks: 1.73 times; conversions: 1.55 times). Second, video feed ads have the strongest carryover effect, followed by social feed ads, while newsfeed ads have a negative carryover effect. Third, newsfeed ads exhibit the strongest spillover effect; prior newsfeed ad exposures are more effective than prior social or video feed ad exposures at promoting clicks and conversions upon subsequent exposure in other channels.
- [Multichannel Effects of Mobile In-Feed Advertising](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/multichannel-effects-of-mobile-in-feed-advertising/) - With in-feed advertising becoming an increasingly popular advertising tool for advertisers to reach mobile consumers, the authors propose an integrated model of contemporaneous, carryover, and spillover effects to measure the incremental contributions of in-feed ads in multiple types of mobile apps: newsfeed, social, and video. They empirically examine the three proposed effects of newsfeed ads, social feed ads, and video feed ads using data from a large-scale ad campaign for a new mobile game. The data set contains 10,115,801 impressions, 286,506 clicks, and 12,706 conversions. First, the findings show that social feed ads have the strongest contemporaneous effects on both ad clicks and conversions; social feed ads are 1.87 times more likely to generate a click and 1.69 times more likely to generate a conversion than newsfeed ads, followed by video feed ads (clicks: 1.73 times; conversions: 1.55 times). Second, video feed ads have the strongest carryover effect, followed by social feed ads, while newsfeed ads have a negative carryover effect. Third, newsfeed ads exhibit the strongest spillover effect; prior newsfeed ad exposures are more effective than prior social or video feed ad exposures at promoting clicks and conversions upon subsequent exposure in other channels.
- [成败之机：人工智能时代的数字化领导力](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/win-or-woe-digital-leadership-in-the-age-of-ai/) - 以生成式人工智能、机器学习为代表的人工智能技术，正以前所未有的速度与潜力重塑产业。报告显示，人工智能有望将生产力提升33%，并重新定义全球竞争格局与经济增长【注1】。企业对人工智能技术的投入持续加码，预计到2025年，全球三分之一的企业计划在人工智能领域投资超过2500万美元【注2】。 这场以人工智能为核心的数字化转型，旨在通过对组织运作方式进行“根本性重写”，驱动业务运营、组织实践乃至商业模式的深刻变革，从而实现持续的价值创造【注3】。 低回报与缺数字化高管的困境 然而，巨额的投入并未带来普遍的预期回报。德勤中国与香港大学的联合调查显示，大部分企业的人工智能应用仍停留在试验或早期采用阶段，收益往往局限于团队层面的效率提升。仅有少数企业能将人工智能项目扩展至足以产生可量化盈利的影响，仅4%的企业认为其应用具有变革性【注4】。 尽管企业正试图将人工智能融入产品、工作流程和战略中，以推进数字化转型，但由于缺乏清晰的实施路径而步履维艰，这凸显出设立专门高层领导角色的必要性。有关人才需负责制定与传达整体数字化战略、向内外持分者倡导变革，并引领必要的组织调整，以加速人工智能导向的数字化转型进程。在具体实践中，企业会以行政总裁、资讯科技总监或数字化总监等不同职位负责这一任务，这些被赋予数字化转型开发与落地职责的掌舵人，被统一称为“数字化高管”（digital executives）【注5】。 数字化高管的核心使命 在人工智能时代，数字化转型真正的挑战不在于流程与系统更新，而是触及企业品牌基因、靠什么创造价值、与谁协作的根本问题。杰出的数字化高管必须有效应对战略、运营与人员三大支柱。战略层面回应“如何确立方向”，运营层面回应“如何落地实现”，人员层面回应“如何调动并维持组织成员协作”。 在战略层面，人工智能带来的不是简单自动化，而是对组织价值与组织边界的重新规划。优秀的数字化高管首先须澄清转型究竟要解决什么问题，围绕客户体验、增长、效率等核心目标，明确人工智能等数字技术提升组织价值的路径。同时，数字化转型必然跨越部门壁垒，尤其是技术与业务之间。数字化高管必须通过制定清晰战略，在以人工智能为代表的数字技术的商业价值上凝聚共识，从而聚焦议程、统一语言、动员资源。 在运营层面，实现有意义的人工智能效益的最大障碍是数据质量、数据一致性和数据背景【注6】。数字化高管应能打破数据孤岛，重构跨部门流程，避免碎片化建设。重点不仅是上线某个系统，更是重塑组织的决策、协作、资源调配与能力建设机制，使之围绕核心价值链重组，以数据反馈驱动优化、快速学习与反复运算，进而转化为持久竞争优势。 在人员层面，数字化转型会重塑权责、岗位与绩效逻辑，难免引发员工被人工智能取代的焦虑及部门之间的摩擦。成功的转型扎根于组织成员的协同行动。数字化高管需清晰阐明为何而变、变向何处、如何衡量成果，并通过透明的规则与试点机制降低不确定性。关键在于让一线员工参与共创，将人工智能定位为合作伙伴而非简单的替代工具，积极构建鼓励协作、包容试错的文化，从而将变革阻力转化为前进动力。 数字化高管必备的特征 结合行业经验与主流研究，可见能成功引领转型的数字化高管都有以下共通点。 一、商业敏锐度。数字化高管需具备敏锐的市场洞察与战略规划能力，能将人工智能、大数据等技术趋势转化为具体商机，制定与企业整体战略相契合的数字化蓝图。核心在于能将技术投入切实转化为降本、增效、拓新等商业成果，并有力推动跨职能协同，确保战略穿透至执行层面。 二、技术素养。数字化高管需深入理解人工智能、云计算、数据中台等关键数字工具的应用场景与局限，熟悉数据管理与分析的基本逻辑。这有助于他们与技术团队高效协作，评估与推动技术方案落地，并致力于在组织内构建可复用的数字化组件、实现跨系统互通性，最终建立起支撑点到点价值交付的体系能力。 三、软技能。数字化高管需以同理心和谦逊表现建立信任，让员工聚焦于如何在人工智能时代变得更强，而非是否会被替代。同时需具备出色的沟通能力，能向非技术背景的各方阐明人工智能等数字技术的价值，善于协调对内对外关系，促进跨职能部门间的协作，凝聚共识，共同应对转型过程中的不确定性与挑战。 组织配置有赖情境适配 实践中存在一种误区，即寻求在技术、战略、组织与文化各方面全能的数字化高管。不可不察的是，卓越的数字化高管存在多样化特质，在不同的组织情境中会呈现差异化效果，企业更应做领导力配置而非盲目追求全能。 美国麻省理工学院《斯隆管理评论》的研究支援这一观点，指出转型成功更依赖于不同领导力配置在不同情境中的适配，而非单一的理想模式【注5】。笔者的研究团队对来自不同就业背景的数字化高管加以分析，发现来自资讯科技背景者适合在拥有成本领先战略导向的公司引领转型，而来自业务背景者则适合在具有顾客战略导向的公司引领转型。 展望未来，首屈一指的数字化高管不应套用固定模式，而是深刻洞察组织所处的内外环境，量体裁衣，将技术转化为独特的组织能力与长期竞争优势。其选任不再只是一份通用清单，而是校准企业的战略导向、文化基因及转型阶段。其最终评价标准在于，数字化高管能否正确选择以及顺利推进一条最适合其组织的转型路径，从而实现技术赋能与组织进化相互增强，变革举措与业务经营紧密契合，带领企业在人工智能时代赢得可持续的竞争优势。 注1：https://www.mckinsey.com/au/our-insights/australia-and-new-zealand-perspectives/transformation-in-the-ai-era 注2：https://www.bcg.com/press/15january2025-ai-optimism-autonomous-agents 注3：https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-digital-transformation 注4：https://www.deloitte.com/cn/en/about/press-room/dtt-hku-formalize-ai-lab-collaboration.html?icid=toggle_cn_en 注5：https://sloanreview.mit.edu/article/four-profiles-of-successful-digital-executives/ 注6：https://www.cio.com/article/4098017/get-data-and-the-data-culture-ready-for-ai.html 方钰麟教授 港大经管学院数字经济与创新研究所所长、创新及资讯管理学教授 刘露 港大经管学院数字经济与创新研究所研究助理 （本文同时于二零二六年一月七日载于《信报》「龙虎山下」专栏）
- [On the Modeling and Prediction of High-Dimensional Functional Time Series](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/on-the-modeling-and-prediction-of-high-dimensional-functional-time-series/) - We propose a two-step procedure to model and predict high-dimensional functional time series, where the number of function-valued time series p is large in relation to the length of time series n. Our first step performs an eigenanalysis of a positive definite matrix, which leads to a one-to-one linear transformation for the original high-dimensional functional time series, and the transformed curve series can be segmented into several groups such that any two subseries from any two different groups are uncorrelated both contemporaneously and serially. Consequently in our second step those groups are handled separately without the information loss on the overall linear dynamic structure. The second step is devoted to establishing a finite-dimensional dynamical structure for all the transformed functional time series within each group. Furthermore the finite-dimensional structure is represented by that of a vector time series. Modeling and forecasting for the original high-dimensional functional time series are realized via those for the vector time series in all the groups. We investigate the theoretical properties of our proposed methods, and illustrate the finite-sample performance through both extensive simulation and two real datasets. Supplementary materials for this article are available online, including a standardized description of the materials available for reproducing the work.
- [On the Modeling and Prediction of High-Dimensional Functional Time Series](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/on-the-modeling-and-prediction-of-high-dimensional-functional-time-series/) - We propose a two-step procedure to model and predict high-dimensional functional time series, where the number of function-valued time series p is large in relation to the length of time series n. Our first step performs an eigenanalysis of a positive definite matrix, which leads to a one-to-one linear transformation for the original high-dimensional functional time series, and the transformed curve series can be segmented into several groups such that any two subseries from any two different groups are uncorrelated both contemporaneously and serially. Consequently in our second step those groups are handled separately without the information loss on the overall linear dynamic structure. The second step is devoted to establishing a finite-dimensional dynamical structure for all the transformed functional time series within each group. Furthermore the finite-dimensional structure is represented by that of a vector time series. Modeling and forecasting for the original high-dimensional functional time series are realized via those for the vector time series in all the groups. We investigate the theoretical properties of our proposed methods, and illustrate the finite-sample performance through both extensive simulation and two real datasets. Supplementary materials for this article are available online, including a standardized description of the materials available for reproducing the work.
- [On the Modeling and Prediction of High-Dimensional Functional Time Series](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/on-the-modeling-and-prediction-of-high-dimensional-functional-time-series/) - We propose a two-step procedure to model and predict high-dimensional functional time series, where the number of function-valued time series p is large in relation to the length of time series n. Our first step performs an eigenanalysis of a positive definite matrix, which leads to a one-to-one linear transformation for the original high-dimensional functional time series, and the transformed curve series can be segmented into several groups such that any two subseries from any two different groups are uncorrelated both contemporaneously and serially. Consequently in our second step those groups are handled separately without the information loss on the overall linear dynamic structure. The second step is devoted to establishing a finite-dimensional dynamical structure for all the transformed functional time series within each group. Furthermore the finite-dimensional structure is represented by that of a vector time series. Modeling and forecasting for the original high-dimensional functional time series are realized via those for the vector time series in all the groups. We investigate the theoretical properties of our proposed methods, and illustrate the finite-sample performance through both extensive simulation and two real datasets. Supplementary materials for this article are available online, including a standardized description of the materials available for reproducing the work.
- [Understanding and Mitigating the Robot Disadvantage in Luxury Services: The Role of Desire for Superiority](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/understanding-and-mitigating-the-robot-disadvantage-in-luxury-services-the-role-of-desire-for-superiority/) - Whereas service firms have started to deploy service robots on the service front line, it remains less understood whether all types of service firms gain a similar benefit from this advance in information technologies. With one secondary data analysis of review content from a leading travel website, one field study conducted at a hotel, and three randomized controlled experiments, the current research addresses this important managerial issue. We propose that replacing human service providers with service robots dampens customers’ feelings of superior social status over service providers, which drives a lower relative preference for service robots over human service providers in luxury services than in mainstream services. Supporting this mechanism, we show that the effect of price image (luxury versus mainstream) on customers’ relative preference for robots over humans is mediated by the desire to be treated as a customer of superior status by service providers. Furthermore, the robot disadvantage in luxury services can be mitigated when a luxury service firm adopts a social equality–oriented positioning and when the use of service robots is endowed with superior status.
- [Understanding and Mitigating the Robot Disadvantage in Luxury Services: The Role of Desire for Superiority](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/understanding-and-mitigating-the-robot-disadvantage-in-luxury-services-the-role-of-desire-for-superiority/) - Whereas service firms have started to deploy service robots on the service front line, it remains less understood whether all types of service firms gain a similar benefit from this advance in information technologies. With one secondary data analysis of review content from a leading travel website, one field study conducted at a hotel, and three randomized controlled experiments, the current research addresses this important managerial issue. We propose that replacing human service providers with service robots dampens customers’ feelings of superior social status over service providers, which drives a lower relative preference for service robots over human service providers in luxury services than in mainstream services. Supporting this mechanism, we show that the effect of price image (luxury versus mainstream) on customers’ relative preference for robots over humans is mediated by the desire to be treated as a customer of superior status by service providers. Furthermore, the robot disadvantage in luxury services can be mitigated when a luxury service firm adopts a social equality–oriented positioning and when the use of service robots is endowed with superior status.
- [Understanding and Mitigating the Robot Disadvantage in Luxury Services: The Role of Desire for Superiority](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/understanding-and-mitigating-the-robot-disadvantage-in-luxury-services-the-role-of-desire-for-superiority/) - Whereas service firms have started to deploy service robots on the service front line, it remains less understood whether all types of service firms gain a similar benefit from this advance in information technologies. With one secondary data analysis of review content from a leading travel website, one field study conducted at a hotel, and three randomized controlled experiments, the current research addresses this important managerial issue. We propose that replacing human service providers with service robots dampens customers’ feelings of superior social status over service providers, which drives a lower relative preference for service robots over human service providers in luxury services than in mainstream services. Supporting this mechanism, we show that the effect of price image (luxury versus mainstream) on customers’ relative preference for robots over humans is mediated by the desire to be treated as a customer of superior status by service providers. Furthermore, the robot disadvantage in luxury services can be mitigated when a luxury service firm adopts a social equality–oriented positioning and when the use of service robots is endowed with superior status.
- [Is Relevancy Everything? A Deep-Learning Approach to Understand the Effect of Image-Text Congruence](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/is-relevancy-everything-a-deep-learning-approach-to-understand-the-effect-of-image-text-congruence/) - Firms increasingly use a combination of image and text description when displaying products and engaging consumers. Existing research has examined consumers’ response to text and image stimuli separately but has yet to systematically consider how the semantic relationship between image and text impacts consumer choice. In this research, we conduct a series of multimethod empirical studies to examine the congruence between image- and text-based product representation. First, we propose a deep-learning approach to measure image-text congruence by building a state-of-the-art two-branch neural network model based on wide residual networks and bidirectional encoder representations from transformers. Next, we apply our method to data from an online reading platform and discover a U-shaped effect of image-text congruence: Consumers’ preference toward a product is higher when the congruence between the image and text representation is either high or low than when the congruence is at the medium level. We then conduct experiments to establish the causal effect of this finding and explore the underlying mechanisms. We further explore the generalizability of the proposed deep-learning model and our substantive finding in two additional settings. Our research contributes to the literature on consumer information processing and generates managerial implications for practitioners on how to strategically pair images and text on digital platforms.
- [Is Relevancy Everything? A Deep-Learning Approach to Understand the Effect of Image-Text Congruence](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/is-relevancy-everything-a-deep-learning-approach-to-understand-the-effect-of-image-text-congruence/) - Firms increasingly use a combination of image and text description when displaying products and engaging consumers. Existing research has examined consumers’ response to text and image stimuli separately but has yet to systematically consider how the semantic relationship between image and text impacts consumer choice. In this research, we conduct a series of multimethod empirical studies to examine the congruence between image- and text-based product representation. First, we propose a deep-learning approach to measure image-text congruence by building a state-of-the-art two-branch neural network model based on wide residual networks and bidirectional encoder representations from transformers. Next, we apply our method to data from an online reading platform and discover a U-shaped effect of image-text congruence: Consumers’ preference toward a product is higher when the congruence between the image and text representation is either high or low than when the congruence is at the medium level. We then conduct experiments to establish the causal effect of this finding and explore the underlying mechanisms. We further explore the generalizability of the proposed deep-learning model and our substantive finding in two additional settings. Our research contributes to the literature on consumer information processing and generates managerial implications for practitioners on how to strategically pair images and text on digital platforms.
- [Is Relevancy Everything? A Deep-Learning Approach to Understand the Effect of Image-Text Congruence](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/is-relevancy-everything-a-deep-learning-approach-to-understand-the-effect-of-image-text-congruence/) - Firms increasingly use a combination of image and text description when displaying products and engaging consumers. Existing research has examined consumers’ response to text and image stimuli separately but has yet to systematically consider how the semantic relationship between image and text impacts consumer choice. In this research, we conduct a series of multimethod empirical studies to examine the congruence between image- and text-based product representation. First, we propose a deep-learning approach to measure image-text congruence by building a state-of-the-art two-branch neural network model based on wide residual networks and bidirectional encoder representations from transformers. Next, we apply our method to data from an online reading platform and discover a U-shaped effect of image-text congruence: Consumers’ preference toward a product is higher when the congruence between the image and text representation is either high or low than when the congruence is at the medium level. We then conduct experiments to establish the causal effect of this finding and explore the underlying mechanisms. We further explore the generalizability of the proposed deep-learning model and our substantive finding in two additional settings. Our research contributes to the literature on consumer information processing and generates managerial implications for practitioners on how to strategically pair images and text on digital platforms.
- [Current Expected Credit Loss Model Adoption](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/current-expected-credit-loss-model-adoption/) - The mandatory switch from the incurred loss model to the more forward-looking current expected credit loss (CECL) model was originally scheduled to begin in 2020. However, when the COVID-19 pandemic started in early 2020, US regulators made the switch voluntary. Our study investigates how banks' exposure to the pandemic affects their decision to adopt CECL as well as adopting banks' pandemic-era pattern of loan loss provisions. First, consistent with pandemic-driven economic uncertainty reducing banks' willingness to adopt the new model, we find a negative association between banks' pandemic exposure and their CECL adoption. This association is more pronounced for banks with more lending opportunities, more lending competition, and worse loan quality. Second, compared with non-adopters, CECL adopters report more loan loss provisions during the pandemic's early period, and less or even negative loan loss provisions during the late period. The latter scenario reflects a reversal of earlier loan loss reserves and is more pronounced for banks with more exposure to states with a higher level of vaccination, consistent with banks having a more positive economic outlook because of improving pandemic conditions. Overall, our study offers useful insights into the adoption and implementation of accounting standards during periods of economic uncertainty.
- [Current Expected Credit Loss Model Adoption](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/current-expected-credit-loss-model-adoption/) - The mandatory switch from the incurred loss model to the more forward-looking current expected credit loss (CECL) model was originally scheduled to begin in 2020. However, when the COVID-19 pandemic started in early 2020, US regulators made the switch voluntary. Our study investigates how banks' exposure to the pandemic affects their decision to adopt CECL as well as adopting banks' pandemic-era pattern of loan loss provisions. First, consistent with pandemic-driven economic uncertainty reducing banks' willingness to adopt the new model, we find a negative association between banks' pandemic exposure and their CECL adoption. This association is more pronounced for banks with more lending opportunities, more lending competition, and worse loan quality. Second, compared with non-adopters, CECL adopters report more loan loss provisions during the pandemic's early period, and less or even negative loan loss provisions during the late period. The latter scenario reflects a reversal of earlier loan loss reserves and is more pronounced for banks with more exposure to states with a higher level of vaccination, consistent with banks having a more positive economic outlook because of improving pandemic conditions. Overall, our study offers useful insights into the adoption and implementation of accounting standards during periods of economic uncertainty.
- [Current Expected Credit Loss Model Adoption](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/current-expected-credit-loss-model-adoption/) - The mandatory switch from the incurred loss model to the more forward-looking current expected credit loss (CECL) model was originally scheduled to begin in 2020. However, when the COVID-19 pandemic started in early 2020, US regulators made the switch voluntary. Our study investigates how banks' exposure to the pandemic affects their decision to adopt CECL as well as adopting banks' pandemic-era pattern of loan loss provisions. First, consistent with pandemic-driven economic uncertainty reducing banks' willingness to adopt the new model, we find a negative association between banks' pandemic exposure and their CECL adoption. This association is more pronounced for banks with more lending opportunities, more lending competition, and worse loan quality. Second, compared with non-adopters, CECL adopters report more loan loss provisions during the pandemic's early period, and less or even negative loan loss provisions during the late period. The latter scenario reflects a reversal of earlier loan loss reserves and is more pronounced for banks with more exposure to states with a higher level of vaccination, consistent with banks having a more positive economic outlook because of improving pandemic conditions. Overall, our study offers useful insights into the adoption and implementation of accounting standards during periods of economic uncertainty.
- [Multinational Production and Global Shock Propagation During the Great Recession](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/multinational-production-and-global-shock-propagation-during-the-great-recession/) - Using a new database on global multinational production (MP), I document that world multinational enterprise (MNE) sales declined as sharply as trade during the Great Recession (2008–2009). This collapse was driven by MNEs from a few key headquarters countries and associated with steeper GDP declines in MP-intensive countries. MNEs amplified the trade collapse because their overall sales fell while they maintained higher trade intensity than domestic firms. In a calibrated quantitative model with flexible vertical and horizontal MNE structures, international trade, and input–output linkages, I show that productivity shocks, which disproportionately affected trade-intensive MNEs, contributed more to the trade collapse than demand shocks. MNEs’ productivity shocks accounted for over half of the global GDP decline during the Great Recession. MP linkages significantly amplified the transmission of headquarters-country productivity shocks to global GDP, MP, and trade.
- [Multinational Production and Global Shock Propagation During the Great Recession](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/multinational-production-and-global-shock-propagation-during-the-great-recession/) - Using a new database on global multinational production (MP), I document that world multinational enterprise (MNE) sales declined as sharply as trade during the Great Recession (2008–2009). This collapse was driven by MNEs from a few key headquarters countries and associated with steeper GDP declines in MP-intensive countries. MNEs amplified the trade collapse because their overall sales fell while they maintained higher trade intensity than domestic firms. In a calibrated quantitative model with flexible vertical and horizontal MNE structures, international trade, and input–output linkages, I show that productivity shocks, which disproportionately affected trade-intensive MNEs, contributed more to the trade collapse than demand shocks. MNEs’ productivity shocks accounted for over half of the global GDP decline during the Great Recession. MP linkages significantly amplified the transmission of headquarters-country productivity shocks to global GDP, MP, and trade.
- [Multinational Production and Global Shock Propagation During the Great Recession](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/multinational-production-and-global-shock-propagation-during-the-great-recession/) - Using a new database on global multinational production (MP), I document that world multinational enterprise (MNE) sales declined as sharply as trade during the Great Recession (2008–2009). This collapse was driven by MNEs from a few key headquarters countries and associated with steeper GDP declines in MP-intensive countries. MNEs amplified the trade collapse because their overall sales fell while they maintained higher trade intensity than domestic firms. In a calibrated quantitative model with flexible vertical and horizontal MNE structures, international trade, and input–output linkages, I show that productivity shocks, which disproportionately affected trade-intensive MNEs, contributed more to the trade collapse than demand shocks. MNEs’ productivity shocks accounted for over half of the global GDP decline during the Great Recession. MP linkages significantly amplified the transmission of headquarters-country productivity shocks to global GDP, MP, and trade.
- [改善香港道路配套法例前 应暂缓扩充粤车南下名额](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/no-extra-guangdong-car-slots-before-hk-road-law-reforms/)
- [改善香港道路配套法例前 應暫緩擴充粵車南下名額](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/no-extra-guangdong-car-slots-before-hk-road-law-reforms/)
- [No Extra Guangdong Car Slots Before HK Road Law Reforms](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/no-extra-guangdong-car-slots-before-hk-road-law-reforms/)
- [宏观经济后的“经济不安全”隐忧](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/economic-insecurity-behind-the-macroeconomy/) - 2025年的全球经济，侥幸地在特朗普颠覆性的对等关税和各种不确定因素的威胁下，维持一定的韧性和达到约2.7%的增长。在今天送旧迎新之时，注意力自然放在短期的更替变动，但也不能忽略一些长期存在及积重难返的问题，如气候变化、收入不均、债务危机、地缘冲突及各主要经济体的内部失衡等。这些问题在2025年都没有改善，甚至越趋严重。 若将视线放得更长，21世纪已过了四分之一，人类社会的进步，亦将生产和财富推至历史高峰。据国际货币基金的初步估计，2025年的全球GDP 约为117万亿美元(按当前价格计算)，而麦肯锡公司推算全球的实质财富约为600万亿美元，其中不包括资产方和负债方互相抵消的金融财富【注1】。若将这些数字除以83亿全球人口，人均GDP约为14000美元，人均实质财富则为72000美元。当然 ，我们不能亦不应追求绝对的分配结果平等，但将这些数字和现实比较，也可以作为当前全球经济的一个参照。明显地，在宏观数字背后，个人际遇绝大多数跟不上这些平均数字。 收入和财富不均，是众所皆知的个人经验和逃不开的现实。有关最新情况，可参看三周前才发表的《世界不平等报告2026》【注2】。正如一般预期，这份报告指出，全球收入和财富不均顽固地存在，而且程度不断恶化。目前全球收入最高10%人士赚取了全球收入的53%，比2018年版同样报告的52%提高了；而底层50%人士的收入，只占全球收入的8%，比2018年的10%降低了。与收入比较，财富的分配更加不均。目前最富有的10%人士，拥有全球财富的75%，而低层的50%人士只拥有全球财富的2%。再看哪些超级富豪，全球最富有的0.001%人口(约5.6万) ，持有全球6%的财富，是全球比较不富有的一半人口(约41亿) 的三倍。此外，若计算1995至今30年来财富的增长，顶层1%的富人，不但原有财富的基数高，增长率也较高，自然形成“富者越富”的局面。 收入或财富不高，若没有太大变化，还可以尽量盘算如何量入为出。但在今天充满变数的年代，无论是收入或支出，都容易出现很大波动。这几年出现的新冠肺炎、贸易战和关税战、供应链断裂和重组、战争和制裁、气候变化加上天灾人祸、科技高速发展下的机遇和淘汰等等，都影响著政府、企业、和个人的收入和开支，给经济生活蒙上一层不安感。那些处于极端贫穷或收入底层的人口，情况更为脆弱。“经济不安全”(economic insecurity)已成为人类发展和经济福祉的一个议题。 经济不安全并不单指贫困和低收入，亦包括个人或家庭在面对经济风险时缺乏资源、制度保障或其他应对能力，因而产生对生活水平下降的忧虑。有关风险是多方面的，无论是就业、医疗、住房、教育、社会保障等，都可以在经济不确定的环境下随时出现困难。然而，“不安全”的概念相对模糊，并不容易定义，更不好量度。作为一个有趣例子，可以看看美国联邦储备局（美联储）的一个年度调查。美联储询问样本中的12000个成人，有没有足够的现金和储蓄，应付突如其来400美元的开支，如汽车维修或医疗费用。在最近三年的调查中，都只有63%回应说可以，其馀的要靠信用卡、借钱或变卖家中物品来应付，而样本的13%更表明没有任何办法筹措这额外的400元。美国是全球生产和财富最多的国家，也有37%人在财务上“不堪一击 ”，这自然反映出美国收入和财富分配的极端不均，及相对低的个人储蓄率。类似的个人或家庭经济状况，美国称为ALICE, 即“有工作但资产有限收入有限”(asset limited, income constrained, employed)，而在最近的中文网媒，网民以游戏术语“斩杀线”来形容有关的临界点，成为一时热话。 当然，经济的脆弱性并不限于美国低收入阶层。根据联合国发表的《2025年世界社会报告》【注3】，全球竟有60%人口因不同原因处于经济不安全状况。这包括了8亿多人均每日消费3美元或以下的极端贫穷人口。3美元正是世界银行最新的极端贫穷线。即使以世界银行为中上收入国家制定的人均每日消费8.3美元的贫穷线来看，也不能带来足够的安全感，一旦受到经济上的冲击，很容易下滑至极端贫穷水平。现时每天生活费用在3至8.3美元之间的人口就有约 30亿，即全球人口的三分之一，都处于这种情况。此外，即使有工作收入，可以有一定的消费水平，但在全球经济不确定的情况下，工作的稳定性成疑。大部分在发展中国家的工作，都是非正规部门的工作，缺乏劳动法和制度上的保障。如果有关劳工的就业受到关税和供应链重组影响，更容易感到不安。近年的创新科技突飞猛进，但都比较偏好资本和技术劳工，同时容易取缔非技术劳工，添加了底层劳工的焦虑。 经济不安全感直接减少消费意欲，除非收入和消费水平已低至基本生存要求所需。中国的消费率长期处于约40%的低位，不能说与个人或家庭的经济不安全感无关。相反，美国处于全球经济不确定的中心，而消费率长期维持高水平，表面上没有经济不安全带来的低消费隐忧。但若细看数据，不难发现美国的消费力主要来自高收入及富有人士。当前美国顶层收入10%的家庭，占去全国消费额的接近一半。这个比例在90年代只有三分之一，低收入阶层的消费增长远远不及他们的高收入同胞。 经济不安全不只是经济范畴，也直接影响到社会和政治事务。经济不安全降低了承受风险和损失的能力，而减少风险的一个做法是对他人和新生事物保持怀疑与不易轻信的态度。长期的经济分层和阶层固化，又减少跨阶级的沟通和社会经验的共享。这些都减少社会的和谐感及凝聚力。如果经济压力和不安全感被理解为社会不公或个人权益被剥夺的结果，会衍生出对权力和制度象征疏离甚至怨恨，如社会精英或政府部门。 经济不安全有相当程度的个人心理因素，也是事情发生前的主观概率。事后的宏观经济数据，不能反映出芸芸众生的内心纠结。2026年即将来临，全球经济看来安全渡过了过去一年的风云变幻，但当前的政经局面，仍只是世纪大变局的开端，充满了各方面的波诡云谲。在期望经济不受严重冲击的同时，也希望压力不要全落在低阶层民众的身上。 【注1】https://www.mckinsey.com/mgi/our-research/out-of-balance-whats-next-for-growth-wealth-and-debt 【注2】https://wir2026.wid.world/www-site/uploads/2025/12/World_Inequality_Report_2026.pdf 【注3】https://desapublications.un.org/file/21124/download 陆炎辉博士 港大经管学院荣誉副教授 （本文同时于二零二五年十二月三十一日载于《信报》“龙虎山下”专栏）
- [AI Investment Bubble?](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/ai-investment-bubble/) - AI投資泡沫？ 近年來，關於人工智能（AI）的討論持續佔據各大媒體的頭條。無論是在技術突破、倫理爭議，還是在產業應用層面，AI都成為全球關注的焦點。以美國為代表，各大科技公司也紛紛加大投入，積極佈局AI相關領域。科技巨頭（Meta, Alphabet，微軟，亞馬遜和甲骨文）在2025年的相關投資（如購買芯片，建造數據中心和相應的供電設施）預計高達3900億美元，較去年增長74%。這一增長也繼續維持了近些年來的增長趨勢。據哈佛大學的經濟學家估計， 2025年上半年，美國GDP增長中有高達92%將來自AI投資帶動。 市場對AI的熱情持續高漲，推動美國股市屢創新高。AI概念相關企業市值飆升，科技股成為帶動市場上漲的主要力量。然而，在這股投資熱潮的另一面，也不斷有謹慎的聲音傳出。不少分析師提醒投資者，應當警惕潛在的「AI泡沫」。他們指出，這種情形在歷史上並不罕見——從19世紀的美國鐵路建設泡沫，到2000年的互聯網泡沫，市場曾多次因對新技術的過度樂觀預期而陷入非理性繁榮。確實，雖然大量資本正湧入AI領域，但其中相當一部分投資尚未帶來實質性或可見的商業回報。例如，Meta發佈財報披露其投入巨資佈局AI運算能力、數據中心和人才招募後股價應聲下跌，部分反映了投資者對於大量AI投資的疑慮。 那麼，當下的AI投資是否已經顯得過於狂熱? 還是如許多支持者所言，「這一次是真的」（This time is real）? 「這一次是否是真的」，最終仍取決於AI能否帶來持續的生產率提升與經濟價值創造。時間終將給出最終的判詞。然而，在此之前，我們仍可以回到技術本身的特徵出發，去審視當前這波AI投資浪潮，並理解為何「過度投資」在某種意義上恰恰是企業理性選擇下的均衡結果。 低效率的投資，亦即偏離最優水平的投資，有兩種表現形式：投資不足或過度投資。二者雖方向相反，卻同樣導致價值損失——前者意味著本可創造價值的投資機會被錯過，後者則是有限資本被過度投入、無法產生匹配回報。 人工智能技術的特性，使得這種投資博弈尤為激烈。AI領域存在顯著的「贏者通吃」效應：一旦某個企業率先訓練出性能最優的基礎大語言模型（LLM），便能迅速吸引最廣泛的用戶群體，並成為其他應用的核心依託平台，制定技術標準。在強烈的網絡效應驅動下，這種領先優勢會像滾雪球一樣不斷擴大——領先者憑借更充裕的數據、更強的算力與更豐富的應用生態，進一步投入，從而鞏固甚至壟斷其市場地位。 在這樣的背景下，各大科技巨頭寧願冒著投資過度的風險，也不敢選擇保守投資。對於它們而言，錯失時機不僅意味著暫時落後，更可能是永遠失去進入牌局的機會——正如當年的諾基亞因技術路線選擇保守而失去了智能手機時代的主導地位。 進一步來看，即便某些AI相關投資在短期內似乎難以被完全消化——例如快速擴張的算力投入、更高效的算法研發，或大規模的數據中心建設——這些投入在長期維度上依然蘊含著重要的實踐選項價值（real options）。它們為企業未來在技術創新、產品迭代和產業佈局上提供了靈活性和先發優勢。 畢竟，人工智能已經充分展現出超越想象的潛能，其應用邊界仍在不斷拓展。從這個意義上講，至少在AI基礎設施層面，談論「過度投資」可能並不完全合適。真正的區別，或許只在於我們考核投資回報的時間尺度——從短期看似冗余的投入，在長期往往是企業持續創新與競爭突破的基石。 此外，這場AI競賽不僅是企業之間的技術較量，更是國家層面的戰略博弈。人工智能正成為影響全球經濟與地緣政治格局的新變量。根據牛津大學研究團隊今年發佈的報告 ，AI的發展正在將世界分化為有能力構建尖端AI系統的國家與連參與資格都不具備的國家。全球範圍內，用於訓練大型模型的計算資源與AI數據中心正高度集中在少數經濟體，如美國、中國及少數歐洲國家。 這種國家層面的不平衡，使AI不僅是技術或商業議題，更成為戰略資源的競爭焦點。各國政府紛紛將AI上升至國家戰略高度，投入巨額資金建設算力基礎設施、推動芯片自主化、強化數據安全治理。國家之間的技術競賽與企業間的市場競爭相互疊加，共同推動了全球範圍內的AI投資浪潮。 熊琰教授 港大經管學院金融學副教授 （本文同時於二零二五年十二月二十五日載於《FT中文網》明德商論專欄）
- [AI投资泡沫？](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/ai-investment-bubble/) - 近年来，关于人工智能（AI）的讨论持续占据各大媒体的头条。无论是在技术突破、伦理争议，还是在产业应用层面，AI都成为全球关注的焦点。以美国为代表，各大科技公司也纷纷加大投入，积极布局AI相关领域。科技巨头（Meta, Alphabet，微软，亚马逊和甲骨文）在2025年的相关投资（如购买芯片，建造数据中心和相应的供电设施）预计高达3900亿美元，较去年增长74%。这一增长也继续维持了近些年来的增长趋势。据哈佛大学的经济学家估计， 2025年上半年，美国GDP增长中有高达92%将来自AI投资带动。 市场对AI的热情持续高涨，推动美国股市屡创新高。AI概念相关企业市值飙升，科技股成为带动市场上涨的主要力量。然而，在这股投资热潮的另一面，也不断有谨慎的声音传出。不少分析师提醒投资者，应当警惕潜在的“AI泡沫”。他们指出，这种情形在历史上并不罕见——从19世纪的美国铁路建设泡沫，到2000年的互联网泡沫，市场曾多次因对新技术的过度乐观预期而陷入非理性繁荣。确实，虽然大量资本正涌入AI领域，但其中相当一部分投资尚未带来实质性或可见的商业回报。例如，Meta发布财报披露其投入巨资布局AI运算能力、数据中心和人才招募后股价应声下跌，部分反映了投资者对于大量AI投资的疑虑。 那么，当下的AI投资是否已经显得过于狂热? 还是如许多支持者所言，“这一次是真的”（This time is real）? “这一次是否是真的”，最终仍取决于AI能否带来持续的生产率提升与经济价值创造。时间终将给出最终的判词。然而，在此之前，我们仍可以回到技术本身的特征出发，去审视当前这波AI投资浪潮，并理解为何“过度投资”在某种意义上恰恰是企业理性选择下的均衡结果。 低效率的投资，亦即偏离最优水平的投资，有两种表现形式：投资不足或过度投资。二者虽方向相反，却同样导致价值损失——前者意味着本可创造价值的投资机会被错过，后者则是有限资本被过度投入、无法产生匹配回报。 人工智能技术的特性，使得这种投资博弈尤为激烈。AI领域存在显著的“赢者通吃”效应：一旦某个企业率先训练出性能最优的基础大语言模型（LLM），便能迅速吸引最广泛的用户群体，并成为其他应用的核心依托平台，制定技术标准。在强烈的网络效应驱动下，这种领先优势会像滚雪球一样不断扩大——领先者凭借更充裕的数据、更强的算力与更丰富的应用生态，进一步投入，从而巩固甚至垄断其市场地位。 在这样的背景下，各大科技巨头宁愿冒着投资过度的风险，也不敢选择保守投资。对于它们而言，错失时机不仅意味着暂时落后，更可能是永远失去进入牌局的机会——正如当年的诺基亚因技术路线选择保守而失去了智能手机时代的主导地位。 进一步来看，即便某些AI相关投资在短期内似乎难以被完全消化——例如快速扩张的算力投入、更高效的算法研发，或大规模的数据中心建设——这些投入在长期维度上依然蕴含着重要的实践选项价值（real options）。它们为企业未来在技术创新、产品迭代和产业布局上提供了灵活性和先发优势。 毕竟，人工智能已经充分展现出超越想象的潜能，其应用边界仍在不断拓展。从这个意义上讲，至少在AI基础设施层面，谈论“过度投资”可能并不完全合适。真正的区别，或许只在于我们考核投资回报的时间尺度——从短期看似冗余的投入，在长期往往是企业持续创新与竞争突破的基石。 此外，这场AI竞赛不仅是企业之间的技术较量，更是国家层面的战略博弈。人工智能正成为影响全球经济与地缘政治格局的新变量。根据牛津大学研究团队今年发布的报告，AI的发展正在将世界分化为有能力构建尖端AI系统的国家与连参与资格都不具备的国家。全球范围内，用于训练大型模型的计算资源与AI数据中心正高度集中在少数经济体，如美国、中国及少数欧洲国家。 这种国家层面的不平衡，使AI不仅是技术或商业议题，更成为战略资源的竞争焦点。各国政府纷纷将AI上升至国家战略高度，投入巨额资金建设算力基础设施、推动芯片自主化、强化数据安全治理。国家之间的技术竞赛与企业间的市场竞争相互叠加，共同推动了全球范围内的AI投资浪潮。 熊琰教授 港大经管学院金融学副教授 （本文同时于二零二五年十二月二十五日载于《FT中文网》明德商论专栏）
- [AI投資泡沫？](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/ai-investment-bubble/) - 近年來，關於人工智能（AI）的討論持續佔據各大媒體的頭條。無論是在技術突破、倫理爭議，還是在產業應用層面，AI都成為全球關注的焦點。以美國為代表，各大科技公司也紛紛加大投入，積極佈局AI相關領域。科技巨頭（Meta, Alphabet，微軟，亞馬遜和甲骨文）在2025年的相關投資（如購買芯片，建造數據中心和相應的供電設施）預計高達3900億美元，較去年增長74%。這一增長也繼續維持了近些年來的增長趨勢。據哈佛大學的經濟學家估計， 2025年上半年，美國GDP增長中有高達92%將來自AI投資帶動。 市場對AI的熱情持續高漲，推動美國股市屢創新高。AI概念相關企業市值飆升，科技股成為帶動市場上漲的主要力量。然而，在這股投資熱潮的另一面，也不斷有謹慎的聲音傳出。不少分析師提醒投資者，應當警惕潛在的「AI泡沫」。他們指出，這種情形在歷史上並不罕見——從19世紀的美國鐵路建設泡沫，到2000年的互聯網泡沫，市場曾多次因對新技術的過度樂觀預期而陷入非理性繁榮。確實，雖然大量資本正湧入AI領域，但其中相當一部分投資尚未帶來實質性或可見的商業回報。例如，Meta發佈財報披露其投入巨資佈局AI運算能力、數據中心和人才招募後股價應聲下跌，部分反映了投資者對於大量AI投資的疑慮。 那麼，當下的AI投資是否已經顯得過於狂熱? 還是如許多支持者所言，「這一次是真的」（This time is real）? 「這一次是否是真的」，最終仍取決於AI能否帶來持續的生產率提升與經濟價值創造。時間終將給出最終的判詞。然而，在此之前，我們仍可以回到技術本身的特徵出發，去審視當前這波AI投資浪潮，並理解為何「過度投資」在某種意義上恰恰是企業理性選擇下的均衡結果。 低效率的投資，亦即偏離最優水平的投資，有兩種表現形式：投資不足或過度投資。二者雖方向相反，卻同樣導致價值損失——前者意味著本可創造價值的投資機會被錯過，後者則是有限資本被過度投入、無法產生匹配回報。 人工智能技術的特性，使得這種投資博弈尤為激烈。AI領域存在顯著的「贏者通吃」效應：一旦某個企業率先訓練出性能最優的基礎大語言模型（LLM），便能迅速吸引最廣泛的用戶群體，並成為其他應用的核心依託平台，制定技術標準。在強烈的網絡效應驅動下，這種領先優勢會像滾雪球一樣不斷擴大——領先者憑借更充裕的數據、更強的算力與更豐富的應用生態，進一步投入，從而鞏固甚至壟斷其市場地位。 在這樣的背景下，各大科技巨頭寧願冒著投資過度的風險，也不敢選擇保守投資。對於它們而言，錯失時機不僅意味著暫時落後，更可能是永遠失去進入牌局的機會——正如當年的諾基亞因技術路線選擇保守而失去了智能手機時代的主導地位。 進一步來看，即便某些AI相關投資在短期內似乎難以被完全消化——例如快速擴張的算力投入、更高效的算法研發，或大規模的數據中心建設——這些投入在長期維度上依然蘊含著重要的實踐選項價值（real options）。它們為企業未來在技術創新、產品迭代和產業佈局上提供了靈活性和先發優勢。 畢竟，人工智能已經充分展現出超越想象的潛能，其應用邊界仍在不斷拓展。從這個意義上講，至少在AI基礎設施層面，談論「過度投資」可能並不完全合適。真正的區別，或許只在於我們考核投資回報的時間尺度——從短期看似冗余的投入，在長期往往是企業持續創新與競爭突破的基石。 此外，這場AI競賽不僅是企業之間的技術較量，更是國家層面的戰略博弈。人工智能正成為影響全球經濟與地緣政治格局的新變量。根據牛津大學研究團隊今年發佈的報告 ，AI的發展正在將世界分化為有能力構建尖端AI系統的國家與連參與資格都不具備的國家。全球範圍內，用於訓練大型模型的計算資源與AI數據中心正高度集中在少數經濟體，如美國、中國及少數歐洲國家。 這種國家層面的不平衡，使AI不僅是技術或商業議題，更成為戰略資源的競爭焦點。各國政府紛紛將AI上升至國家戰略高度，投入巨額資金建設算力基礎設施、推動芯片自主化、強化數據安全治理。國家之間的技術競賽與企業間的市場競爭相互疊加，共同推動了全球範圍內的AI投資浪潮。 熊琰教授 港大經管學院金融學副教授 （本文同時於二零二五年十二月二十五日載於《FT中文網》明德商論專欄）
- [浴火重生：化哀思为反思](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/reborn-from-the-ashes-turning-grief-into-reflection/) - 2025年11月26日下午2时51分，一场大火烧毁了大埔宏福苑7座大厦。43小时的熊熊大火，夺去了至少160个鲜活的生命，带走了1000多个家庭的所有，更隐没了所有香港人的笑容。撕心裂肺的呼喊，万念俱灰的泪水，不见尽头的蜿蜒吊唁人龙，堆积如山的白色菊花。香港，乃至世界，在冲天的烈焰中，任悲哀肆虐，任伤痛蔓延。 这不是香港第一次灾难性的大火，更不是世界大城市中首次造成大规模死伤的火灾。在美国，从纽约1911年三角内衣工厂大火，到波士顿1942年椰林夜总会大火，再到芝加哥1958年圣母天使学校大火。每一场大火都是意料之中的意外，每一场厄灾灾后都是痛定思痛的彻查，而每一个逝去的性命都换来我们今天的幸存。 回顾美国三场大火，以至大埔火灾，纵然时代不同，地域各异，却都有相似得惊人的背景贯串其中。 烧出纽约良心的工厂大火 1911年3月25日下午4时40分，大火从曼哈顿三角内衣工厂第8层的碎布和纸样，迅速蔓延到第9至第10层，车间内因存放着大量可燃物品（布料碎屑、木制桌椅），并缺乏自动洒水系统，以致火势一发不可收拾。为防工人偷懒，工厂更将逃生门上锁，女工逃生无路，仅有1部容纳10人的升降机和1座外置逃生梯也在高温与负载下坍塌。加上当时消防车云梯高度只能够到第6至第7层，难以救援高层。最后146人葬身火海，其中多为十几到二十几岁的移民女工。 这场火灾被视为美国劳工安全与城市消防监管的分水岭。纽约州设立“工厂调查委员会”，对各行业工作条件进行大规模调查与听证，随后通过了大约30项健康与安全法例，涵盖消防规范，包括工厂安装自动洒水系统、举行定期消防演练与张贴疏散路线指引；以及建筑与出入口要求，例如多重安全出口、合格的消防逃生设施，出口门尽量向外开等，并强化执法与检查。 令人唏嘘的是，相关条文法规（如工作时段出入口不得上锁）在火灾前就已设立，但从立法到执法，竟以146名女工的宝贵生命作为代价。 生死攸关的椰林旋转门 1942年11月28日晚上10时15分，大火从波士顿椰林夜总会地下层波及整座单层建筑。大量易燃装饰（人造棕榈、布帘、仿皮与竹藤面）加速了火势蔓延，加上紧急出口门被锁，唯一主入口的旋转门很快被人群堵死。当晚夜总会里容纳了超过1000人，加上缺乏应急照明和自动洒水系统，结果492人命归黄泉。 这次美国史上最致命的夜总会火灾，直接推动了各州公共集会场所的消防及建筑法规与执法力度的系统升级。自此，公共营业场所禁止使用高燃性装饰材料（如大面积布帘），紧急出口必须可由内部开启且保持解锁，旋转门不可作为唯一或主要疏散出口，旁边必须设置外开平开门，严格控制场所的最高容纳人数，保持疏散通道畅通等。这些都被写入了美国消防协会标准101—生命安全规范。 然而，不难发现这场灾难牵涉的紧锁紧急出口门，早在30年前的三角内衣工厂的火灾中，就锁死了女工的求生出路。虽然她们的枉死换来了法规的执行，但30年后，波士顿椰林夜总会的紧急出口依然上了锁！从消防安全法规本该执行，到法规滴水不漏地严格执行，美国再牺牲了几近500人的性命。 圣母天使学校成人间炼狱 1958年12月1日下午约2点，芝加哥圣母天使学校地下梯间的垃圾桶起火，并迅速蔓延到学校一楼和二楼。校内几乎全为易燃木材，地面涂覆盖的材料也是高燃性蜡或油品，既没有自动洒水系统，走廊与楼梯亦无防火门，甚至缺乏自动火警钟，遑论与消防部门直连的报警系统。大火吞噬了92名儿童和3名修女的生命。 这场灾难迅速触发芝加哥、伊利诺伊州乃至全美国学校安全规范的系统性升级。芝加哥开始强制两层及以上木构学校建筑安装自动洒水灭火系统，完善校内火警系统，设立直接连接消防局的校外报警箱，每月定期在各学校举行消防演练。其他各地也立即全面整治学校建筑，关闭不合规的校舍，推动使用耐火材料（如混凝土、钢材）和防火楼梯间、防火门，并完善多出口疏散，推广自动报警联动等配置。而101—生命安全规范经修订后，明确了自动洒水灭火系统与防火分隔的重要性。 可怕的历史一再重演。易燃的建筑材料，缺失的自动洒水系统，失效的自动火警系统，沉痛的历史教训过了几十年，还是牺牲了92个孩子的生命来巩固。 一个世纪后的今天，在宏福苑的冲天火灾里，我们看到的不单是100多位香港人的性命，更是100多年里每一场大火中的亡魂。我们祈祷伤口的痊愈，但无法抹去丧失亲人的悲恸；我们期盼疤痕的褪淡，但用生命换来的教训应该时刻谨记！如何不重蹈覆辙，如何不一错再错？只有生者警觉，才能让逝者安息。 范亭亭博士 港大经管学院市场学首席讲师 （本文同时于二零二五年十二月十七日载于《信报》“龙虎山下”专栏）
- [From Free to Paid: Monetizing a Non-Advertising-Based App](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/from-free-to-paid-monetizing-a-non-advertising-based-app/) - Non-advertising-based mobile apps face several critical challenges when trying to monetize their free services; among them: the choice of pricing strategies (hard landing vs. soft landing, i.e., a “pay or churn” paywall or continue offering limited free services to existing users after monetization) and aspects of product design (whether to provide exclusive secondary offerings to paying users). We implemented a large-scale randomized field experiment with an app firm to test the causal effects of such pricing and product design strategies. Results show that both soft landing and exclusive secondary offerings decrease existing app users’ willingness to subscribe; but there is a positive interaction between these two strategies on subscriptions. We propose a theoretical framework, discuss potential mechanisms that might be at play, and conduct robustness checks to rule out several alternative explanations. A customer survey by the firm and an experiment on Prolific provide further support for the theoretical mechanism. To assess generalizability, we conducted a second field experiment and obtained consistent results. We also report the results from the actual implementation of the best performing strategy by the firm. Our research provides guidance on possible theoretical underpinnings of users’ responses and important managerial implications for app monetization.
- [From Free to Paid: Monetizing a Non-Advertising-Based App](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/from-free-to-paid-monetizing-a-non-advertising-based-app/) - Non-advertising-based mobile apps face several critical challenges when trying to monetize their free services; among them: the choice of pricing strategies (hard landing vs. soft landing, i.e., a “pay or churn” paywall or continue offering limited free services to existing users after monetization) and aspects of product design (whether to provide exclusive secondary offerings to paying users). We implemented a large-scale randomized field experiment with an app firm to test the causal effects of such pricing and product design strategies. Results show that both soft landing and exclusive secondary offerings decrease existing app users’ willingness to subscribe; but there is a positive interaction between these two strategies on subscriptions. We propose a theoretical framework, discuss potential mechanisms that might be at play, and conduct robustness checks to rule out several alternative explanations. A customer survey by the firm and an experiment on Prolific provide further support for the theoretical mechanism. To assess generalizability, we conducted a second field experiment and obtained consistent results. We also report the results from the actual implementation of the best performing strategy by the firm. Our research provides guidance on possible theoretical underpinnings of users’ responses and important managerial implications for app monetization.
- [Too Time-Crunched to Seek Variety: The Influence of Parenting Motivation on Consumer Variety Seeking](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/too-time-crunched-to-seek-variety-the-influence-of-parenting-motivation-on-consumer-variety-seeking/) - Parenting motivation, the inspiration and drive to take care of one’s children, is regarded as a powerful instinct for facilitating human reproduction. In a set of hypotheses, the authors address how, why, and among whom parenting motivation affects a pervasive decision-making tendency, namely variety seeking. Six studies, including a large-scale panel data study and five online and lab studies, show that parenting motivation spurs feelings of time crunch that further result in less variety seeking among consumers. The effect is diminished when time-saving parenting support exists (which reduces feelings of time crunch in parenting), when consumers are led to believe that they have sufficient time available for shopping, or when they do not have much loyalty to any brand offered in the choice set and thus cannot save time by simply choosing the top-of-mind product option. The current research thus contributes to the growing literature on how parenting motivation affects consumer decision making. In addition, it augments the literature on variety seeking by identifying an important factor that can influence it.
- [Too Time-Crunched to Seek Variety: The Influence of Parenting Motivation on Consumer Variety Seeking](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/too-time-crunched-to-seek-variety-the-influence-of-parenting-motivation-on-consumer-variety-seeking/) - Parenting motivation, the inspiration and drive to take care of one’s children, is regarded as a powerful instinct for facilitating human reproduction. In a set of hypotheses, the authors address how, why, and among whom parenting motivation affects a pervasive decision-making tendency, namely variety seeking. Six studies, including a large-scale panel data study and five online and lab studies, show that parenting motivation spurs feelings of time crunch that further result in less variety seeking among consumers. The effect is diminished when time-saving parenting support exists (which reduces feelings of time crunch in parenting), when consumers are led to believe that they have sufficient time available for shopping, or when they do not have much loyalty to any brand offered in the choice set and thus cannot save time by simply choosing the top-of-mind product option. The current research thus contributes to the growing literature on how parenting motivation affects consumer decision making. In addition, it augments the literature on variety seeking by identifying an important factor that can influence it.
- [Production Planning with Risk Hedging Under a Conditional Value at Risk Objective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/production-planning-with-risk-hedging-under-a-conditional-value-at-risk-objective/) - A central problem in planning production capacity is how to effectively manage demand risk. We develop a model that integrates capacity planning and risk hedging decisions under a popular risk measure, conditional value at risk (CVaR). The CVaR objective generalizes the usual risk-neutral objective (such as the expected payoff) and allows for explicit modeling of the degree of aversion to downside risk (associated with low demand). The starting point of our model is to incorporate the impact on demand from a financial asset (including for instance, a tradable market index as a proxy for the general economy). This way, in addition to the capacity decision at the beginning of the planning horizon, there is also a dynamic hedging strategy throughout the horizon, and the latter plays the role of both mitigating demand risk and supplementing the payoff. The hedging strategy is restricted to partial information and constrained with a cap on loss (pathwise). To find the optimal hedging strategy, we construct and solve a dual problem to derive the optimal terminal wealth from hedging; the real-time hedging strategy is then mapped out via the martingale representation theorem. With the hedging strategy optimized, we show that optimizing the production quantity is a concave maximization problem. With both production and hedging (jointly) optimized, we provide a complete characterization of the efficient frontier and quantify the improvement over the production-only model. Furthermore, via sensitivity and asymptotic analyses, we spell out the impacts of the loss cap and the risk aversion level, along with other qualitative insights.
- [Production Planning with Risk Hedging Under a Conditional Value at Risk Objective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/production-planning-with-risk-hedging-under-a-conditional-value-at-risk-objective/) - A central problem in planning production capacity is how to effectively manage demand risk. We develop a model that integrates capacity planning and risk hedging decisions under a popular risk measure, conditional value at risk (CVaR). The CVaR objective generalizes the usual risk-neutral objective (such as the expected payoff) and allows for explicit modeling of the degree of aversion to downside risk (associated with low demand). The starting point of our model is to incorporate the impact on demand from a financial asset (including for instance, a tradable market index as a proxy for the general economy). This way, in addition to the capacity decision at the beginning of the planning horizon, there is also a dynamic hedging strategy throughout the horizon, and the latter plays the role of both mitigating demand risk and supplementing the payoff. The hedging strategy is restricted to partial information and constrained with a cap on loss (pathwise). To find the optimal hedging strategy, we construct and solve a dual problem to derive the optimal terminal wealth from hedging; the real-time hedging strategy is then mapped out via the martingale representation theorem. With the hedging strategy optimized, we show that optimizing the production quantity is a concave maximization problem. With both production and hedging (jointly) optimized, we provide a complete characterization of the efficient frontier and quantify the improvement over the production-only model. Furthermore, via sensitivity and asymptotic analyses, we spell out the impacts of the loss cap and the risk aversion level, along with other qualitative insights.
- [Production Planning with Risk Hedging Under a Conditional Value at Risk Objective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/production-planning-with-risk-hedging-under-a-conditional-value-at-risk-objective/) - A central problem in planning production capacity is how to effectively manage demand risk. We develop a model that integrates capacity planning and risk hedging decisions under a popular risk measure, conditional value at risk (CVaR). The CVaR objective generalizes the usual risk-neutral objective (such as the expected payoff) and allows for explicit modeling of the degree of aversion to downside risk (associated with low demand). The starting point of our model is to incorporate the impact on demand from a financial asset (including for instance, a tradable market index as a proxy for the general economy). This way, in addition to the capacity decision at the beginning of the planning horizon, there is also a dynamic hedging strategy throughout the horizon, and the latter plays the role of both mitigating demand risk and supplementing the payoff. The hedging strategy is restricted to partial information and constrained with a cap on loss (pathwise). To find the optimal hedging strategy, we construct and solve a dual problem to derive the optimal terminal wealth from hedging; the real-time hedging strategy is then mapped out via the martingale representation theorem. With the hedging strategy optimized, we show that optimizing the production quantity is a concave maximization problem. With both production and hedging (jointly) optimized, we provide a complete characterization of the efficient frontier and quantify the improvement over the production-only model. Furthermore, via sensitivity and asymptotic analyses, we spell out the impacts of the loss cap and the risk aversion level, along with other qualitative insights.
- [Cultivate Thought Leadership: Lessons from Blackstone CEO on Global Leadership in the New Normal](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/cultivate-thought-leadership-lessons-from-blackstone-ceo-on-global-leadership-in-the-new-normal/)
- [Embracing change and uncertainty with learning - Insights for Executive Education development](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/embracing-change-and-uncertainty-with-learning-insights-for-executive-education-development/) - From grappling with the evolving COVID-19 situation to building a resilient business to weather the storm of the Fourth Industrial Revolution, executives have a lot on their plate. HKU Business School Executive Education is committed to serve the dynamic needs of businesses, executives and the alumni community.
- [A “Time Travel” – Discover the Link Between Ancient China’s Civil Examination And modern Economic Development](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/a-time-travel-discover-the-link-between-ancient-chinas-civil-examination-and-modern-economic-development/) - HKU Business School Professor James K.S. Kung has recently won the Royal Economic Society Prize for the best article published in The Economic Journal in 2020.
- [Disrupt your traditional perception to ETFs - Discover how short interest of ETFs benefits the stock market](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/打破传统etf的迷思-－-了解卖空etf如何有利于股票市场/) - While some criticises that traditional ETFs are too passive in reflecting market signals, research from Dr. Shiyang Huang, Associate Professor in Finance, HKU Business School and his team shows that Industry ETFs are able to hedge the industry and play a great role in improving market efficiency in the US market. The Industry ETF was proven as a positive financial innovation for both investors and the market and therefore should be encouraged by regulators.
- [Event recap – Visionary knowledge curated by honourable guests in the “Conference on The Future of Hong Kong Economy”](https://www.hkubs.hku.hk/research/thought-leadership/talk-business/event-recap-visionary-knowledge-curated-by-honourable-guests-in-the-conference-on-the-future-of-hong-kong-economy/) - The Conference on The Future of Hong Kong Economy was successfully held on May 14, 2021.
- [Socially Responsible Investment Funds Fail to Inspire Firms to Improve](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/社会责任投资基金未能有效鼓励企业肩负更多社会/) - New research by Professor Roni Michaely and other co-authors shows that while Socially Responsible Investment Funds are good at picking firms that adopt such behaviours, they do not inspire those firms to further improve their performance.
- [A Shield with a Razor’s Edge: Understand the Pros and Cons of CDS With an Empirical Lens](https://www.hkubs.hku.hk/sc/research/thought-leadership/research-impacts/衍生工具的双面刃：从实证了解信用违约互换的利/) - A research by Professor Dragon Youngjun Tang, Professor in Finance at HKU Business School and other co-authors discovers that banks using CDS for capital relief have effectively freed up extra capital for businesses, but at the same time are more likely to extend loans and build up riskier loan portfolios.
- [HKU Business School-Led Research Team Uses Mobile Phone Data to Understand How Family Social Networks Respond to Disasters](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/港大经管学院学者带领国际研究团队进行大数据分/) - An international research team led by Dr. Jayson Jia, Associate Professor of Marketing at HKU Business School, investigated how family social networks respond to the shock of a sudden natural disaster. This research has just been published in Nature Communications, a leading science journal.
- [Sponsors’ Networks Take Centre Stage in SPAC Success](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/研究显示发起人的关系网络为决定spac成功的关键因/) - A recent research by the scholars from the University of Hong Kong (HKU) shows there are discernible factors that can indicate the relative success of a SPAC.
- [Speaking to Prominent Social Problems in the Changing World - Dr. Yanhui WU](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/speaking-to-prominent-social-problems-in-the-changing-world-dr-yanhui-wu/) - Born and raised in Guangdong, Dr. Yanhui Wu always has a special attachment to Hong Kong. Joining us in January 2020 as an Associate Professor in Economics and Management and Strategy, Dr. Wu sees it as a great opportunity to contribute his academic intellect for our betterment and progression.
- [Researching the Under-Privileged at the Forefront - Dr. Gedeon LIM](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/researching-the-under-privileged-at-the-forefront-dr-gedeon-lim/) - “Today, development economists like me often spend much of our time in the field, and, increasingly, collaborate with scholars from multiple disciplines, leaders from regional communities, and even local political figures.”
- [Rise of Index Funds Leads to Deterioration of Corporate Governance](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/rise-of-index-funds-leads-to-deterioration-of-corporate-governance/) - Study by Professor Roni Michaely, Professor in Finance of HKU Business School and his co-authors reveals Index Funds put less efforts in monitoring their portfolio firms, resulted in power imbalance between investors and firm managements.
- [To Become the Better Version of Oneself - Dr. Dunhong JIN](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/to-become-the-better-version-of-oneself-dr-dunhong-jin/) - “I am impressed by the innovative and integrated research conducted by HKU Business School, and more so by the noble character of its scholars.
- [Our Vanguard into the Middle East - Professor Roni MICHAELY](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/our-vanguard-into-the-middle-east-professor-roni-michaely/) - "To lead the creation of the HKU Entrepreneurial and Innovation Hub in Israel is a truly exciting journey for me. I am looking forward to work with my excellent colleagues at HKU, to meet the students and interact with the business community in Hong Kong and China. I believe the innovation center HKU is establishing in Israel will bring significant benefits to all communities involved and I am very happy to be a part of this.”
- [From the Execution to the Creation of Managerial Strategies –  Dr. Yuna Cho](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/from-the-execution-to-the-creation-of-managerial-strategies-dr-yuna-cho/)
- [To Fathom Novel Managerial Strategies for Life - Professor Fabrice Lumineau](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/to-fathom-novel-managerial-strategies-for-life-professor-fabrice-lumineau/) - “I had once came to HKU as a visiting scholar and was impressed by the high level research , and more so by the hardworking attitude of students. I look forward to teaching soon, and engage in exciting knowledge exchange with the young generation.”
- [Professor Chen Lin delivers Keynote Speech titled “Food for Thought on the Development of the Technology Credit Market” in the 2021 ZGC Forum’s Financial Technology Parallel Forum](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/香港大学林晨教授在2021中关村论坛之金融科技论/) - The Zhongguancun (ZGC) Forum was successfully held from September 24 to 28 in Beijing, China. Professor Chen Lin, Associate Dean in Research and Knowledge Exchange and Chair of Finance, was invited as a keynote speaker for the parallel forum – Financial Technology Forum.
- [Researching for the Betterment of Environmental Protection and the Civilian Wellbeing - Dr. Guojun He](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/researching-for-the-betterment-of-environmental-protection-and-the-civilian-wellbeing-dr-guojun-he/) - “Environmental economics has become a hot topic recently, so I am very honoured to be entrusted by the Faculty’s management to be a pioneer in this field. Through education, I hope I can also open a new research area for aspiring young scholars to join the academia.”
- [Promoting inclusive growth with macroeconomics research – Dr. Lichen Zhang](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/promoting-inclusive-growth-with-macroeconomics-research-dr-lichen-zhang/) - I hope my research on the labour market could inspire students to strategise new ways to reduce the staggering income inequality in Hong Kong.
- [Professor Kevin Zheng Zhou is named by Clarivate in its list of “Highly Cited Researchers 2021” as the most influential in the world.](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/professor-kevin-zheng-zhou-is-named-by-clarivate-in-its-list-of-highly-cited-researchers-2021-as-the-most-influential-in-the-world/) - Congratulations! Our Chair of Strategy and International Business, Chung Hon-Dak Professor in Strategy and International Business Kevin Zheng Zhou is named by Clarivate in its list of “Highly Cited Researchers 2021” as the most influential in the world.
- [Combining Computational Intelligence into marketing – Dr. Xi LI](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/combining-computational-intelligence-into-marketing-dr-xi-li/)
- [Dive Deep and Touch the Bedrock of Business - Dr. Ka Chung Travis Chow](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/dive-deep-and-touch-the-bedrock-of-business-dr-ka-chung-travis-chow/) - I am thrilled to be back and am looking forward to the opportunities to contribute to the HKU community in a variety of meaningful ways, including knowledge creation and talent grooming.
- [The Destination of a Decade Long Marketing Journey – Dr. Peng Zhang](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/the-destination-of-a-decade-long-marketing-journey-dr-peng-zhang/)
- [From Quantum Physics to Quantitative Marketing – Dr. Chu (Ivy) Dang](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/from-quantum-physics-to-quantitative-marketing-dr-chu-ivy-dang/)
- [To Imagine the Future of Digital Currencies – Dr. Yang YOU](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/to-imagine-the-future-of-digital-currencies/)
- [Learning to Coordinate in Firms’ Behaviours  – Dr. Jasmine Yu HAO](https://www.hkubs.hku.hk/sc/research/thought-leadership/talk-business/研究企业之间的协调行为-郝宇博士/)
- [Trust and Reciprocity in Firms’ Capacity Sharing](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/trust-and-reciprocity-in-firms-capacity-sharing/) - Problem definition: We study the use of nonmonetary incentives based on reciprocity to facilitate capacity sharing between two service providers that have limited and substitutable service capacity. Academic/practical relevance: We propose a parsimonious game theory framework, in which two firms dynamically choose whether to accept each other’s customers without the capability to perfectly monitor each other’s capacity utilization state. Methodology: We solve the continuous-time imperfect-monitoring game by focusing on a class of public strategy, in which firms’ real-time capacity-sharing decision depends on an intuitive and easy-to-implement accounting device, namely the current net number of transferred customers. We refer to such an equilibrium as a trading-favors equilibrium. We characterize the condition in which capacity sharing takes place in such an equilibrium. Results: We find that some degree of efficiency loss (as compared with a central planner’s solution) is necessary to induce reciprocity. The efficiency loss is small when the two firms have similar traffic intensity even if they are different in service-capacity scale, whereas the efficiency loss can be considerably large when the two firms have significantly different traffic intensities. The trading-favors mechanism, surprisingly, can outperform the perfect-monitoring benchmark when the two firms exhibit high asymmetry in terms of service-capacity scale or traffic intensity because the smaller firm tends to deviate from collaboration. Managerial implications: Firms should consider engaging in nonmonetary reciprocal capacity sharing if regulations, transaction costs, or other market and operational frictions make it difficult to use a capacity-sharing contract based on monetary payments. The trading-favors collaboration can improve the firms’ payoff close to the centralized upper bound when the firms have similar traffic intensities. However, when their traffic intensities are highly different, firms are better off with a monetary-payment contract to induce more capacity sharing and are worse off investing in increasing their visibility to each other’s real-time available capacity, namely investing in perfect monitoring.
- [Trust and Reciprocity in Firms’ Capacity Sharing](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/trust-and-reciprocity-in-firms-capacity-sharing/) - Problem definition: We study the use of nonmonetary incentives based on reciprocity to facilitate capacity sharing between two service providers that have limited and substitutable service capacity. Academic/practical relevance: We propose a parsimonious game theory framework, in which two firms dynamically choose whether to accept each other’s customers without the capability to perfectly monitor each other’s capacity utilization state. Methodology: We solve the continuous-time imperfect-monitoring game by focusing on a class of public strategy, in which firms’ real-time capacity-sharing decision depends on an intuitive and easy-to-implement accounting device, namely the current net number of transferred customers. We refer to such an equilibrium as a trading-favors equilibrium. We characterize the condition in which capacity sharing takes place in such an equilibrium. Results: We find that some degree of efficiency loss (as compared with a central planner’s solution) is necessary to induce reciprocity. The efficiency loss is small when the two firms have similar traffic intensity even if they are different in service-capacity scale, whereas the efficiency loss can be considerably large when the two firms have significantly different traffic intensities. The trading-favors mechanism, surprisingly, can outperform the perfect-monitoring benchmark when the two firms exhibit high asymmetry in terms of service-capacity scale or traffic intensity because the smaller firm tends to deviate from collaboration. Managerial implications: Firms should consider engaging in nonmonetary reciprocal capacity sharing if regulations, transaction costs, or other market and operational frictions make it difficult to use a capacity-sharing contract based on monetary payments. The trading-favors collaboration can improve the firms’ payoff close to the centralized upper bound when the firms have similar traffic intensities. However, when their traffic intensities are highly different, firms are better off with a monetary-payment contract to induce more capacity sharing and are worse off investing in increasing their visibility to each other’s real-time available capacity, namely investing in perfect monitoring.
- [Vehicle Rebalancing in a Shared Micromobility System with Rider Crowdsourcing](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/vehicle-rebalancing-in-a-shared-micromobility-system-with-rider-crowdsourcing/) - Problem definition: Shared micromobility vehicles provide an eco-friendly form of short-distance travel within an urban area. Because customers pick up and drop off vehicles in any service region at any time, such convenience often leads to a severe imbalance between vehicle supply and demand in different service regions. To overcome this, a micromobility operator can crowdsource individual riders with reward incentives in addition to engaging a third-party logistics provider (3PL) to relocate the vehicles. Methodology/results: We construct a time-space network with multiple service regions and formulate a two-stage stochastic mixed-integer program considering uncertain customer demands. In the first stage, the opera-tor decides the initial vehicle allocation for the regions, whereas in the second stage, the opera-tor determines subsequent vehicle relocation across the regions over an operational horizon. We develop an efficient solution approach that incorporates scenario-based and time-based decomposition techniques. Our approach outperforms a commercial solver in solution quality and computational time for solving large-scale problem instances based on real data. Manage-rial implications: The budgets for acquiring vehicles and for rider crowdsourcing significantly impact the vehicle initial allocation and subsequent relocation. Introducing rider crowdsour-cing in addition to the 3PL can significantly increase profit, reduce demand loss, and improve the vehicle utilization rate of the system without affecting any existing commitment with the 3PL. The 3PL is more efficient for mass relocation than rider crowdsourcing, whereas the latter is more efficient in handling sporadic relocation needs. To serve a region, the 3PL often relo-cates vehicles in batches from faraway, low-demand regions around peak hours of a day, whereas rider crowdsourcing relocates a few vehicles each time from neighboring regions throughout the day. Furthermore, rider crowdsourcing relocates more vehicles under a unimo-dal customer arrival pattern than a bimodal pattern, whereas the reverse holds for the 3PL.
- [Vehicle Rebalancing in a Shared Micromobility System with Rider Crowdsourcing](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/vehicle-rebalancing-in-a-shared-micromobility-system-with-rider-crowdsourcing/) - Problem definition: Shared micromobility vehicles provide an eco-friendly form of short-distance travel within an urban area. Because customers pick up and drop off vehicles in any service region at any time, such convenience often leads to a severe imbalance between vehicle supply and demand in different service regions. To overcome this, a micromobility operator can crowdsource individual riders with reward incentives in addition to engaging a third-party logistics provider (3PL) to relocate the vehicles. Methodology/results: We construct a time-space network with multiple service regions and formulate a two-stage stochastic mixed-integer program considering uncertain customer demands. In the first stage, the opera-tor decides the initial vehicle allocation for the regions, whereas in the second stage, the opera-tor determines subsequent vehicle relocation across the regions over an operational horizon. We develop an efficient solution approach that incorporates scenario-based and time-based decomposition techniques. Our approach outperforms a commercial solver in solution quality and computational time for solving large-scale problem instances based on real data. Manage-rial implications: The budgets for acquiring vehicles and for rider crowdsourcing significantly impact the vehicle initial allocation and subsequent relocation. Introducing rider crowdsour-cing in addition to the 3PL can significantly increase profit, reduce demand loss, and improve the vehicle utilization rate of the system without affecting any existing commitment with the 3PL. The 3PL is more efficient for mass relocation than rider crowdsourcing, whereas the latter is more efficient in handling sporadic relocation needs. To serve a region, the 3PL often relo-cates vehicles in batches from faraway, low-demand regions around peak hours of a day, whereas rider crowdsourcing relocates a few vehicles each time from neighboring regions throughout the day. Furthermore, rider crowdsourcing relocates more vehicles under a unimo-dal customer arrival pattern than a bimodal pattern, whereas the reverse holds for the 3PL.
- [Adaptive False Discovery Rate Control with Privacy Guarantee](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/adaptive-false-discovery-rate-control-with-privacy-guarantee/) - Differentially private multiple testing procedures can protect the information of individuals used in hypothesis tests while guaranteeing a small fraction of false discoveries. In this paper, we propose a differentially private adaptive FDR control method that can control the classic FDR metric exactly at a user-specified level α with a privacy guarantee, which is a non-trivial improvement compared to the differentially private Benjamini-Hochberg method proposed in Dwork et al. (2021). Our analysis is based on two key insights: 1) a novel p-value transformation that preserves both privacy and the mirror conservative property, and 2) a mirror peeling algorithm that allows the construction of the filtration and application of the optimal stopping technique. Numerical studies demonstrate that the proposed DP-AdaPT performs better compared to the existing differentially private FDR control methods. Compared to the non-private AdaPT, it incurs a small accuracy loss but significantly reduces the computation cost.
- [Adaptive False Discovery Rate Control with Privacy Guarantee](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/adaptive-false-discovery-rate-control-with-privacy-guarantee/) - Differentially private multiple testing procedures can protect the information of individuals used in hypothesis tests while guaranteeing a small fraction of false discoveries. In this paper, we propose a differentially private adaptive FDR control method that can control the classic FDR metric exactly at a user-specified level α with a privacy guarantee, which is a non-trivial improvement compared to the differentially private Benjamini-Hochberg method proposed in Dwork et al. (2021). Our analysis is based on two key insights: 1) a novel p-value transformation that preserves both privacy and the mirror conservative property, and 2) a mirror peeling algorithm that allows the construction of the filtration and application of the optimal stopping technique. Numerical studies demonstrate that the proposed DP-AdaPT performs better compared to the existing differentially private FDR control methods. Compared to the non-private AdaPT, it incurs a small accuracy loss but significantly reduces the computation cost.
- [Marketplace Scalability and Strategic Use of Platform Investment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/marketplace-scalability-and-strategic-use-of-platform-investment/) - The scalability of a marketplace depends on the operations of the marketplace platform and its sellers’ capacities. In this study, we explore one strategy that a marketplace platform can use to enhance its scalability: providing an ancillary service to sellers. In our model, a platform can choose whether and when to provide this service to sellers and, if so, what prices to charge and which types of sellers to serve. Although such a service helps small sellers, we highlight that the provision of such a service can diminish the incentives of large sellers to make their own investment, thereby reducing their potential output. When the output reduction by large sellers is substantial, the platform may not want to provide the ancillary service, and, even if it does, it may choose to set a price higher than its marginal cost to motivate large sellers to scale. The platform may also choose to strategically delay the provision of the service.
- [Rethinking Education When AI Matches Human Creativity](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/rethinking-education-when-ai-matches-human-creativity/) - 當AI掌握了「平均」創造力，教育如何突圍？ 前幾周，香港某頂級國際學校的家長微信群炸了鍋。 起因是一位媽媽的困惑：「AI寫的作文比我女兒好太多了，她還需要學寫作嗎？」另一位爸爸立刻回應：「我已經給我兒子報了三個程式設計班，未來不會用 AI 的孩子肯定要被淘汰。」 這場爭論折射出一種時代性焦慮。 短短幾年，我們從「AI 能取代哪些工作」的提問，變成了「哪些工作不會被 AI 取代」。 從國際象棋大師被擊敗，到藍領崗位被自動化工廠取代，再到生成式 AI 讓 IT 大廠工程師的「鐵飯碗」被衝擊，如今連創意工作都被AI自動化。 人類的焦慮一路從體力蔓延到腦力，再逼近創意這片“最後的自留地”。 於是，家長與教育者被迫面對一個更尖銳的問題：在AI時代，教育要不要徹底改變？ 傳統的基礎教育還重要嗎？ 我們到底應該培養什麼樣的人才？ 哪些能力不會被AI取代呢？ 一場史無前例的創造力對決 要回答這些問題，我們需要客觀的數據。 今年 11 月，我們在國際頂級學術期刊《自然——人類行為》（Nature Human Behaviour）發表了一項研究，讓人類與機器來了一場創造力「大 PK」。 我們比較了約 10,000 名來自不同國家、教育與文化背景的人類參與者，與 9 個主流大語言模型在近 20 萬次「發散性思維任務」中的表現，得到三個關鍵發現。 第一，在平均創造力水準上，人類與 AI 幾乎打平，平均分都在 79 分左右。 這個結果讓許多人（包括我們）意外，但仔細想想很合理：AI 正是通過學習大量人類數據來訓練的，追平人類平均水準本就是它的目標。 第二，在創造力分佈的兩端差異極其顯著。 最頂尖的人類創造者，其創造力得分遠超最頂尖的 AI 模型。 更重要的是，人類創意呈現高度多樣化，而 AI 的輸出更趨於同質化，像工廠生產線上的標準產品。 第三，即便使用各種提示詞工程（例如讓模型扮演「天才角色」、類比不同人群），效果也參差不齊，甚至常常適得其反。 這說明，創造力不是簡單的角色扮演或技巧堆砌; 與機器的交互遠比我們想像的複雜。 警惕「平均化」陷阱 這些發現對現有教育體系是一個巨大的警示。 長期以來，工業時代的教育更像工廠流水線：追求標準化、可複製、高效率，側重培養能通過標準化考試、掌握既定知識、輸出標準答案的「合格人才」。
- [把握“十五五”机遇 香港乘势而上](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hong-kong-rides-the-momentum-seizing-the-opportunities-of-the-15th-five-year-plan/)
- [把握「十五五」機遇 香港乘勢而上](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hong-kong-rides-the-momentum-seizing-the-opportunities-of-the-15th-five-year-plan/)
- [Hong Kong Rides the Momentum Seizing the Opportunities of the 15th Five-Year Plan](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/hong-kong-rides-the-momentum-seizing-the-opportunities-of-the-15th-five-year-plan/)
- [Ride-hailing regulation: is efficiency the key to smooth traffic?](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/ride-hailing-regulation-is-efficiency-the-key-to-smooth-traffic/)
- [Marketplace Scalability and Strategic Use of Platform Investment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/marketplace-scalability-and-strategic-use-of-platform-investment/) - The scalability of a marketplace depends on the operations of the marketplace platform and its sellers’ capacities. In this study, we explore one strategy that a marketplace platform can use to enhance its scalability: providing an ancillary service to sellers. In our model, a platform can choose whether and when to provide this service to sellers and, if so, what prices to charge and which types of sellers to serve. Although such a service helps small sellers, we highlight that the provision of such a service can diminish the incentives of large sellers to make their own investment, thereby reducing their potential output. When the output reduction by large sellers is substantial, the platform may not want to provide the ancillary service, and, even if it does, it may choose to set a price higher than its marginal cost to motivate large sellers to scale. The platform may also choose to strategically delay the provision of the service.
- [Do Depositors Respond to Banks’ Social Performance?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-depositors-respond-to-banks-social-performance/) - We study whether and how banks’ social performance affects depositors, who hold demandable debt with pervasive government protection. Exploiting the regulatory releases of bank performance ratings for community development and a difference-in-differences design, we find a decline in deposit growth following the release of negative bank social performance. In addition, deposits that are impacted by the negative events flow to nearby banks with high social performance. Further analyses find that the results hold similarly among insured and uninsured deposits and are primarily driven by banks with a large proportion of deposits from high-trust and pro-social counties, and in poor information environments. Overall, we contribute to the literature by documenting the importance of social performance to non-shareholder stakeholders and providing implications for bank stability.
- [Do Depositors Respond to Banks' Social Performance?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-depositors-respond-to-banks-social-performance/) - We study whether and how banks’ social performance affects depositors, who hold demandable debt with pervasive government protection. Exploiting the regulatory releases of bank performance ratings for community development and a difference-in-differences design, we find a decline in deposit growth following the release of negative bank social performance. In addition, deposits that are impacted by the negative events flow to nearby banks with high social performance. Further analyses find that the results hold similarly among insured and uninsured deposits and are primarily driven by banks with a large proportion of deposits from high-trust and pro-social counties, and in poor information environments. Overall, we contribute to the literature by documenting the importance of social performance to non-shareholder stakeholders and providing implications for bank stability.
- [Profit Shifting During Foreign Tax Holidays](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/profit-shifting-during-foreign-tax-holidays/) - We undertake the first empirical analysis of profit shifting by U.S. firms during foreign tax holidays. We show that foreign tax holidays have become a prevalent and powerful tax planning strategy among U.S. firms. We find that U.S. firms significantly increase their outbound profit shifting while participating in foreign tax holidays. However, we also find that profit shifting associated with tax holidays comes at the cost of increased tax uncertainty. Our results have important implications for policy making and for understanding firm behavior.
- [Profit Shifting During Foreign Tax Holidays](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/profit-shifting-during-foreign-tax-holidays/) - We undertake the first empirical analysis of profit shifting by U.S. firms during foreign tax holidays. We show that foreign tax holidays have become a prevalent and powerful tax planning strategy among U.S. firms. We find that U.S. firms significantly increase their outbound profit shifting while participating in foreign tax holidays. However, we also find that profit shifting associated with tax holidays comes at the cost of increased tax uncertainty. Our results have important implications for policy making and for understanding firm behavior.
- [The Bright Side of Inequity Aversion](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-bright-side-of-inequity-aversion/) - Modern consumers are concerned about not only their material payoff, but also the fairness of the transaction when making purchasing decisions. In this paper, we investigate how consumers’ inequity aversion affects a manufacturer who sources inputs from upstream suppliers. We find that, when the manufacturer sources from a single supplier or when consumers observe the manufacturer’s cost, inequity aversion hurts both the supplier’s and manufacturer’s profits. However, when the manufacturer sources from multiple suppliers and consumers do not observe the manufacturer’s cost, inequity aversion reduces both the suppliers’ and manufacturer’s margins, which significantly alleviates the double marginalization problem, increases consumer demand, and improves channel efficiency. As a result, inequity aversion benefits the suppliers, manufacturer, and consumers alike, leading to a “win–win–win” outcome. By comparing cases in which consumers observe and do not observe the manufacturer’s cost, we also find that, when faced with inequity-averse consumers, a manufacturer may find it optimal to withhold its cost information to help secure lower procurement costs from upstream suppliers.
- [The Bright Side of Inequity Aversion](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-bright-side-of-inequity-aversion/) - Modern consumers are concerned about not only their material payoff, but also the fairness of the transaction when making purchasing decisions. In this paper, we investigate how consumers’ inequity aversion affects a manufacturer who sources inputs from upstream suppliers. We find that, when the manufacturer sources from a single supplier or when consumers observe the manufacturer’s cost, inequity aversion hurts both the supplier’s and manufacturer’s profits. However, when the manufacturer sources from multiple suppliers and consumers do not observe the manufacturer’s cost, inequity aversion reduces both the suppliers’ and manufacturer’s margins, which significantly alleviates the double marginalization problem, increases consumer demand, and improves channel efficiency. As a result, inequity aversion benefits the suppliers, manufacturer, and consumers alike, leading to a “win–win–win” outcome. By comparing cases in which consumers observe and do not observe the manufacturer’s cost, we also find that, when faced with inequity-averse consumers, a manufacturer may find it optimal to withhold its cost information to help secure lower procurement costs from upstream suppliers.
- [规管网约车 重点在效率而非限额](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/ride-hailing-regulation-is-efficiency-the-key-to-smooth-traffic/)
- [規管網約車 重點在效率而非限額](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/ride-hailing-regulation-is-efficiency-the-key-to-smooth-traffic/)
- [Career Spillovers in Internal Labour Markets](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/career-spillovers-in-internal-labour-markets/) - This paper studies career spillovers across workers, which arise in firms with limited promotion opportunities. We exploit a 2011 Italian pension reform that unexpectedly tightened eligibility criteria for the public pension, leading to sudden, substantial, and heterogeneous retirement delays. Using administrative data on Italian private-sector workers, the analysis leverages cross-firm variation to isolate the effect of retirement delays among soon-to-retire workers on the wage growth and promotions of their colleagues. We find evidence of spillover patterns consistent with older workers blocking the careers of their younger colleagues, but only in firms with limited promotion opportunities.
- [Career Spillovers in Internal Labour Markets](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/career-spillovers-in-internal-labour-markets/) - This paper studies career spillovers across workers, which arise in firms with limited promotion opportunities. We exploit a 2011 Italian pension reform that unexpectedly tightened eligibility criteria for the public pension, leading to sudden, substantial, and heterogeneous retirement delays. Using administrative data on Italian private-sector workers, the analysis leverages cross-firm variation to isolate the effect of retirement delays among soon-to-retire workers on the wage growth and promotions of their colleagues. We find evidence of spillover patterns consistent with older workers blocking the careers of their younger colleagues, but only in firms with limited promotion opportunities.
- [Customer Referencing and Capital Market Benefits: Evidence from the Cost of Equity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/customer-referencing-and-capital-market-benefits-evidence-from-the-cost-of-equity/) - Customer referencing is a strategy that firms can use to disclose their connections with reputable customers as a means of enhancing their own reputations. We study the capital market benefits of naming reputable nonmajor customers in firms' financial reports to provide empirical evidence on whether this form of customer referencing has important practical implications. We predict and find that firms enjoy a lower cost of equity when they engage in customer referencing in their financial reports, consistent with the argument that this form of voluntary disclosure increases investor attention and customer certification. In cross-sectional analyses, we predict and find that the benefits of customer referencing are more pronounced for firms that (1) lack major customers or reputable major customers, (2) name customers whose reputations exceed their own, and (3) face higher competition. Overall, our study provides evidence that communicating certain interorganizational connections can generate capital market benefits for disclosing firms.
- [Customer Referencing and Capital Market Benefits: Evidence from the Cost of Equity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/customer-referencing-and-capital-market-benefits-evidence-from-the-cost-of-equity/) - Customer referencing is a strategy that firms can use to disclose their connections with reputable customers as a means of enhancing their own reputations. We study the capital market benefits of naming reputable nonmajor customers in firms' financial reports to provide empirical evidence on whether this form of customer referencing has important practical implications. We predict and find that firms enjoy a lower cost of equity when they engage in customer referencing in their financial reports, consistent with the argument that this form of voluntary disclosure increases investor attention and customer certification. In cross-sectional analyses, we predict and find that the benefits of customer referencing are more pronounced for firms that (1) lack major customers or reputable major customers, (2) name customers whose reputations exceed their own, and (3) face higher competition. Overall, our study provides evidence that communicating certain interorganizational connections can generate capital market benefits for disclosing firms.
- [当AI掌握了“平均”创造力，教育如何突围？](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/rethinking-education-when-ai-matches-human-creativity/) - 前几周，香港某顶级国际学校的家长微信群炸了锅。 起因是一位妈妈的困惑：“AI写的作文比我女儿好太多了，她还需要学写作吗？”另一位爸爸立刻回应：“我已经给我儿子报了三个程式设计班，未来不会用 AI 的孩子肯定要被淘汰。” 这场争论折射出一种时代性焦虑。 短短几年，我们从“AI 能取代哪些工作”的提问，变成了“哪些工作不会被 AI 取代”。 从国际象棋大师被击败，到蓝领岗位被自动化工厂取代，再到生成式 AI 让 IT 大厂工程师的“铁饭碗”被冲击，如今连创意工作都被AI自动化。 人类的焦虑一路从体力蔓延到脑力，再逼近创意这片“最后的自留地”。 于是，家长与教育者被迫面对一个更尖锐的问题：在AI时代，教育要不要彻底改变？ 传统的基础教育还重要吗？ 我们到底应该培养什么样的人才？ 哪些能力不会被AI取代呢？ 一场史无前例的创造力对决 要回答这些问题，我们需要客观的数据。 今年 11 月，我们在国际顶级学术期刊《自然——人类行为》（Nature Human Behaviour）发表了一项研究，让人类与机器来了一场创造力“大 PK”。 我们比较了约 10,000 名来自不同国家、教育与文化背景的人类参与者，与 9 个主流大语言模型在近 20 万次“发散性思维任务”中的表现，得到三个关键发现。 第一，在平均创造力水准上，人类与 AI 几乎打平，平均分都在 79 分左右。 这个结果让许多人（包括我们）意外，但仔细想想很合理：AI 正是通过学习大量人类数据来训练的，追平人类平均水准本就是它的目标。 第二，在创造力分布的两端差异极其显著。 最顶尖的人类创造者，其创造力得分远超最顶尖的 AI 模型。 更重要的是，人类创意呈现高度多样化，而 AI 的输出更趋于同质化，像工厂生产线上的标准产品。 第三，即便使用各种提示词工程（例如让模型扮演“天才角色”、类比不同人群），效果也参差不齐，甚至常常适得其反。 这说明，创造力不是简单的角色扮演或技巧堆砌; 与机器的交互远比我们想像的复杂。 警惕“平均化”陷阱 这些发现对现有教育体系是一个巨大的警示。 长期以来，工业时代的教育更像工厂流水线：追求标准化、可复制、高效率，侧重培养能通过标准化考试、掌握既定知识、输出标准答案的“合格人才”。 然而，这恰恰是
- [當AI掌握了「平均」創造力，教育如何突圍？](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/rethinking-education-when-ai-matches-human-creativity/) - 前幾周，香港某頂級國際學校的家長微信群炸了鍋。 起因是一位媽媽的困惑：「AI寫的作文比我女兒好太多了，她還需要學寫作嗎？」另一位爸爸立刻回應：「我已經給我兒子報了三個程式設計班，未來不會用 AI 的孩子肯定要被淘汰。」 這場爭論折射出一種時代性焦慮。 短短幾年，我們從「AI 能取代哪些工作」的提問，變成了「哪些工作不會被 AI 取代」。 從國際象棋大師被擊敗，到藍領崗位被自動化工廠取代，再到生成式 AI 讓 IT 大廠工程師的「鐵飯碗」被衝擊，如今連創意工作都被AI自動化。 人類的焦慮一路從體力蔓延到腦力，再逼近創意這片“最後的自留地”。 於是，家長與教育者被迫面對一個更尖銳的問題：在AI時代，教育要不要徹底改變？ 傳統的基礎教育還重要嗎？ 我們到底應該培養什麼樣的人才？ 哪些能力不會被AI取代呢？ 一場史無前例的創造力對決 要回答這些問題，我們需要客觀的數據。 今年 11 月，我們在國際頂級學術期刊《自然——人類行為》（Nature Human Behaviour）發表了一項研究，讓人類與機器來了一場創造力「大 PK」。 我們比較了約 10,000 名來自不同國家、教育與文化背景的人類參與者，與 9 個主流大語言模型在近 20 萬次「發散性思維任務」中的表現，得到三個關鍵發現。 第一，在平均創造力水準上，人類與 AI 幾乎打平，平均分都在 79 分左右。 這個結果讓許多人（包括我們）意外，但仔細想想很合理：AI 正是通過學習大量人類數據來訓練的，追平人類平均水準本就是它的目標。 第二，在創造力分佈的兩端差異極其顯著。 最頂尖的人類創造者，其創造力得分遠超最頂尖的 AI 模型。 更重要的是，人類創意呈現高度多樣化，而 AI 的輸出更趨於同質化，像工廠生產線上的標準產品。 第三，即便使用各種提示詞工程（例如讓模型扮演「天才角色」、類比不同人群），效果也參差不齊，甚至常常適得其反。 這說明，創造力不是簡單的角色扮演或技巧堆砌; 與機器的交互遠比我們想像的複雜。 警惕「平均化」陷阱 這些發現對現有教育體系是一個巨大的警示。 長期以來，工業時代的教育更像工廠流水線：追求標準化、可複製、高效率，側重培養能通過標準化考試、掌握既定知識、輸出標準答案的「合格人才」。 然而，這恰恰是
- [SocioLink: Leveraging Relational Information in Knowledge Graphs for Startup Recommendations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/sociolink-leveraging-relational-information-in-knowledge-graphs-for-startup-recommendations/) - While venture capital firms are increasingly relying on recommendation models in investment decisions, existing startup recommendation models fail to consider the uniqueness of venture capital context, including two-sided matching between investing and investee firms and a lack of information disclosure requirements on startups. Following the design science research paradigm and guided by the proximity principle from social psychology, we develop a novel framework called SocioLink by depicting and analyzing various relations in a knowledge graph via machine learning. Our experimental results show that SocioLink significantly outperforms state-of-the-art startup recommendation methods in both accuracy and quality. This improvement is driven by not only the inclusion of social relations but also the superiority of modelling relations via knowledge graph. We also develop a web-based prototype to demonstrate explainable artificial intelligence. This work contributes to the FinTech literature by adding an innovative design artifact—SocioLink—for decision support in the investment context.
- [SocioLink: Leveraging Relational Information in Knowledge Graphs for Startup Recommendations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/sociolink-leveraging-relational-information-in-knowledge-graphs-for-startup-recommendations/) - While venture capital firms are increasingly relying on recommendation models in investment decisions, existing startup recommendation models fail to consider the uniqueness of venture capital context, including two-sided matching between investing and investee firms and a lack of information disclosure requirements on startups. Following the design science research paradigm and guided by the proximity principle from social psychology, we develop a novel framework called SocioLink by depicting and analyzing various relations in a knowledge graph via machine learning. Our experimental results show that SocioLink significantly outperforms state-of-the-art startup recommendation methods in both accuracy and quality. This improvement is driven by not only the inclusion of social relations but also the superiority of modelling relations via knowledge graph. We also develop a web-based prototype to demonstrate explainable artificial intelligence. This work contributes to the FinTech literature by adding an innovative design artifact—SocioLink—for decision support in the investment context.
- [SocioLink: Leveraging Relational Information in Knowledge Graphs for Startup Recommendations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/sociolink-leveraging-relational-information-in-knowledge-graphs-for-startup-recommendations/) - While venture capital firms are increasingly relying on recommendation models in investment decisions, existing startup recommendation models fail to consider the uniqueness of venture capital context, including two-sided matching between investing and investee firms and a lack of information disclosure requirements on startups. Following the design science research paradigm and guided by the proximity principle from social psychology, we develop a novel framework called SocioLink by depicting and analyzing various relations in a knowledge graph via machine learning. Our experimental results show that SocioLink significantly outperforms state-of-the-art startup recommendation methods in both accuracy and quality. This improvement is driven by not only the inclusion of social relations but also the superiority of modelling relations via knowledge graph. We also develop a web-based prototype to demonstrate explainable artificial intelligence. This work contributes to the FinTech literature by adding an innovative design artifact—SocioLink—for decision support in the investment context.
- [The Consequences of Rating Inflation on Platforms: Evidence from a Quasi-Experiment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-consequences-of-rating-inflation-on-platforms-evidence-from-a-quasi-experiment/) - Informative online ratings enable digital platforms to reduce the search cost for buyers to find good sellers. However, rating inflation, a phenomenon in which average rating increases and rating variance across listings decreases, threatens the informativeness of ratings. We empirically identify the consequences of rating inflation by conducting a quasi-experiment with a digital platform that exogenously changed its rating display rule in a treated neighborhood, which resulted in rating inflation. Using a differences-in-differences approach, we find that platforms benefit from one aspect of rating inflation: user purchases and seller sales increase because of the increased average rating. However, they also face negative consequences: rating inflation causes a decrease in user trial and a greater concentration of sales among popular restaurants. Overall, our results illustrate the potential consequences of rating inflation that platforms need to consider when designing and managing their rating system.
- [The Consequences of Rating Inflation on Platforms: Evidence from a Quasi-Experiment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-consequences-of-rating-inflation-on-platforms-evidence-from-a-quasi-experiment/) - Informative online ratings enable digital platforms to reduce the search cost for buyers to find good sellers. However, rating inflation, a phenomenon in which average rating increases and rating variance across listings decreases, threatens the informativeness of ratings. We empirically identify the consequences of rating inflation by conducting a quasi-experiment with a digital platform that exogenously changed its rating display rule in a treated neighborhood, which resulted in rating inflation. Using a differences-in-differences approach, we find that platforms benefit from one aspect of rating inflation: user purchases and seller sales increase because of the increased average rating. However, they also face negative consequences: rating inflation causes a decrease in user trial and a greater concentration of sales among popular restaurants. Overall, our results illustrate the potential consequences of rating inflation that platforms need to consider when designing and managing their rating system.
- [What Makes Agility Fragile? A Dynamic Theory of Organizational Rigidity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/what-makes-agility-fragile-a-dynamic-theory-of-organizational-rigidity/) - We present a novel explanation of why organizations tend to lose their agility over time despite their efforts to foster worker initiative in adapting to local information. Worker initiative ensures efficiency but requires strong incentives. When incentives are relational and the firm faces shocks to its credibility, it may adopt standardized work processes that ignore local information but yield satisfactory (though suboptimal) performance. The adoption of such standardized processes helps the firm survive the current shock but inflicts inefficiencies in the future. Although the firm may recover, it becomes more vulnerable to future shocks, and consequently, more reliant on the standardized work procedures.
- [What Makes Agility Fragile? A Dynamic Theory of Organizational Rigidity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/what-makes-agility-fragile-a-dynamic-theory-of-organizational-rigidity/) - We present a novel explanation of why organizations tend to lose their agility over time despite their efforts to foster worker initiative in adapting to local information. Worker initiative ensures efficiency but requires strong incentives. When incentives are relational and the firm faces shocks to its credibility, it may adopt standardized work processes that ignore local information but yield satisfactory (though suboptimal) performance. The adoption of such standardized processes helps the firm survive the current shock but inflicts inefficiencies in the future. Although the firm may recover, it becomes more vulnerable to future shocks, and consequently, more reliant on the standardized work procedures.
- [What Makes Agility Fragile? A Dynamic Theory of Organizational Rigidity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/what-makes-agility-fragile-a-dynamic-theory-of-organizational-rigidity/) - We present a novel explanation of why organizations tend to lose their agility over time despite their efforts to foster worker initiative in adapting to local information. Worker initiative ensures efficiency but requires strong incentives. When incentives are relational and the firm faces shocks to its credibility, it may adopt standardized work processes that ignore local information but yield satisfactory (though suboptimal) performance. The adoption of such standardized processes helps the firm survive the current shock but inflicts inefficiencies in the future. Although the firm may recover, it becomes more vulnerable to future shocks, and consequently, more reliant on the standardized work procedures.
- [Transmission Effects of ESG Disclosure Regulations Through Bank Lending Networks](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/transmission-effects-of-esg-disclosure-regulations-through-bank-lending-networks/) - This paper studies whether and how environmental, social, and governance (ESG) disclosure regulations imposed on banks generate transmission effects along the lending channel. I use a setting of U.S. firms borrowing from non-U.S. banks and exploit the staggered adoption of ESG disclosure regulations in banks’ home countries. I find that exposed borrowers of affected banks improve their environmental and social (E&S) performance following the disclosure mandate. Consistent with banks enhancing both their engagement and selection activities, affected banks impose more environmental action covenants in loan contracts, and they are more likely to terminate a borrower with bad E&S records following the regulation. Further evidence shows that the transmission effects are stronger when a disclosure regulation is well-enforced (as indicated by a greater increase in banks’ disclosure) and among borrowers with greater switching costs. Collectively, the findings document the role of lending relationships in transmitting the real effect of ESG disclosure regulations from banks to borrowing firms.
- [從香港到曼哈頓：瑞幸等中國品牌「重寫街景」背後的競爭與焦慮](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-competition-and-anxiety-behind-how-chinese-brands-like-luckin-are-rewriting-the-streetscape/)
- [从香港到曼哈顿：瑞幸等中国品牌“重写街景”背后的竞争与焦虑](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-competition-and-anxiety-behind-how-chinese-brands-like-luckin-are-rewriting-the-streetscape/)
- [Is “bang-for-buck” the winning ticket for Chinese brands going abroad?](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/the-competition-and-anxiety-behind-how-chinese-brands-like-luckin-are-rewriting-the-streetscape/)
- [内企“出海”步2.0阶段 特朗普变相成推动力 逾200名CEO来港取经](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/mainland-chinese-firms-overseas-expansion-enters-2-0-stage/)
- [內企「出海」步2.0階段 特朗普變相成推動力 逾200名CEO來港取經](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/mainland-chinese-firms-overseas-expansion-enters-2-0-stage/)
- [Mainland Chinese Firms’ Overseas Expansion Enters 2.0 Stage](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/mainland-chinese-firms-overseas-expansion-enters-2-0-stage/)
- [香港电动之路：当“家充为主”的理想，撞上了“公充为辅”的现实](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/home-first-policy-vs-real-world-charging-needs-hong-kong-as-a-global-ev-showroom-series-1/) - 对于许多香港电动车主而言，下班后，在住所附近的停车场“兜圈”寻找一个可用的充电位，已是家常便饭；周末驱车前往商场，充电车位寥寥无几。在“一换一”计画[1]等需求侧政策的强力驱动下，电动私家车保有量从2019年的约1.4万辆，以前所未有的速度激增至2025年9月的13.5万辆，新车销售渗透率更是攀升至惊人的71.04%[2]。然而在配套基建上，截至2025年中，全港公共车桩比已高达约9:1，这一数字远逊于一河之隔、公共车桩比约为3:1的深圳[3]。车辆的指数级增长与充电设施的线性缓慢建设之间，形成了一道日益扩大的“剪刀差”，正严重侵蚀著用户的充电体验。 指标 2019 2021 2023 2025 (Q1~Q3) EV保有量 (万辆) 1.4 2.8 7.6 13.5 EV占车辆总量比例 (%) 1.58% 3.03% 8.28% 14.96% 新登记私家车EV渗透率 (%) - 24.38% 64.62% 71.04% (图表1－香港地区EV保有量指标变化)[4] “家充为主”的顶层设计 从经济学与能源管理的角度来看，“家充为主”的方针无疑是最佳选择，不仅电费成本最低，更能有效平抑电网的峰谷差，提高整体能源利用效率。因此例如内地城市对于家用充电的建设，申请流程已经相当成熟。 然而不同于内地后发的能源建设，香港高密度的居住环境，以及大量楼龄偏高的旧式楼宇，使得为现有停车位加装充电设施面临著结构性技术障碍。并且，任何涉及楼宇公共空间的改动，通常需要获得业主立案法团的批准。根据《建筑物管理条例》，这类决议往往需要超过半数甚至更高比例的业权份数同意，整个过程耗时费力，充满不确定性。 (图表2—香港深圳家用充电桩申请流程)[5] 为应对上述挑战，特区政府于2020年推出了总额35亿港元的“EV屋苑充电易资助计划”，旨在为现有私人住宅停车场的充电基础设施安装提供财政支持。但该计划在当下的解决方案中仍有一些未触及的角落。 首先，计画资助的核心范围主要覆盖停车场公共区域的“基础骨架”工程，但从公共接线盒到车主私人车位的“最后一步”线缆铺设与充电桩安装，仍需车主自行承担相关费用和申请程序。 其次，该计划已于2023年12月31日停止接受新申请[6]，无法再惠及更多的存量楼宇。根据香港工会联合会于2024年进行的《香港电动车用家充电习惯意见调查》（下称调查）[ii]，近三成（28.1%）的受访者表示其居住的屋苑不符合申请资格，而已成功申请资助并完成全部工程的，仅占一成（10.1%）。 最后，计划未能扫除公契约束的法律障碍。许多中大型私人屋苑，特别是一些楼龄较长的屋苑，其公契中可能包含限制或禁止加装额外电力设施的条款。这类法律层面的约束，并非单纯的财政资助所能克服，需要更深的法律修订或政策豁免才能解决。 “公充为辅”的现实错位 如果说“家充为主”的理想在香港的现实面前显得步履维艰，那么“公充为辅”的定位则更是与市民的真实用车场景发生了严重的错位。 《调查》显示，近七成半受访者表示使用公众充电桩。只有14.3%受访者表示在居住屋苑充电。香港车桩比从 2020 年的 5.5:1恶化至 2025 年中的 9:1[8]，设施的供需缺口仍在持续扩大。 并且对于无法在家充电的用户而言，他们最需要的并非需要耗费 6 至 10 小时才能充满一辆车的中速充电桩，而是在短暂间隙就能完成快速补能的直流快充桩。然而截至 2025 年年中，在全港约 14,553 个公共充电桩中，中速充电桩占据了压倒性的绝大多数，达到 9,482 个，占比近 65%。而快速及高速充电桩合计仅有 2,270
- [探索《Impact Factors》 洞察真知灼见！](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/discover-insights-and-influential-research-in-impact-factors/) - If we knew what it was we were doing, it would not be called research, would it? -- Albert Einstein
- [探索《Impact Factors》 洞察真知灼見！](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/discover-insights-and-influential-research-in-impact-factors/) - If we knew what it was we were doing, it would not be called research, would it? -- Albert Einstein
- [Transmission Effects of ESG Disclosure Regulations Through Bank Lending Networks](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/transmission-effects-of-esg-disclosure-regulations-through-bank-lending-networks/) - This paper studies whether and how environmental, social, and governance (ESG) disclosure regulations imposed on banks generate transmission effects along the lending channel. I use a setting of U.S. firms borrowing from non-U.S. banks and exploit the staggered adoption of ESG disclosure regulations in banks’ home countries. I find that exposed borrowers of affected banks improve their environmental and social (E&S) performance following the disclosure mandate. Consistent with banks enhancing both their engagement and selection activities, affected banks impose more environmental action covenants in loan contracts, and they are more likely to terminate a borrower with bad E&S records following the regulation. Further evidence shows that the transmission effects are stronger when a disclosure regulation is well-enforced (as indicated by a greater increase in banks’ disclosure) and among borrowers with greater switching costs. Collectively, the findings document the role of lending relationships in transmitting the real effect of ESG disclosure regulations from banks to borrowing firms.
- [Stars versus Bars: How the Aesthetics of Product Ratings “Shape” Product Preference](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/stars-versus-bars-how-the-aesthetics-of-product-ratings-shape-product-preference/) - Websites commonly use visual formats to display numerical product ratings. Highlighting the overlooked notion of the “aesthetics” of product ratings, the current research examines how the shape of basic visual rating units (rectangular vs. non-rectangular) influences product preference. Seven experiments (and 23 supplementary experiments; N = 17,994) demonstrate a visual rounding effect. Specifically, compared to the rectangular rating format (e.g., bar ratings), the non-rectangular rating format (e.g., star ratings) increases product preference when product ratings (e.g., 3.7, 3.8, 3.9) are below the nearest integer. In contrast, the non-rectangular rating format decreases product preference when product ratings (e.g., 4.1, 4.2, 4.3) are above the nearest integer. Occurring for both the overall rating and by-attribute ratings of a product, the visual rounding effect results from a visual completeness restoration process, wherein consumers perceive non-rectangular rating units to be incomplete after vertical cutting. This research contributes to the product rating and visual marketing literatures and provides actionable implications by demonstrating what visual rating format should be adopted based on rating distribution, how the visual rounding effect can be prevented if needed, and who are even more susceptible to the visual rounding effect.
- [Stars versus Bars: How the Aesthetics of Product Ratings “Shape” Product Preference](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/stars-versus-bars-how-the-aesthetics-of-product-ratings-shape-product-preference/) - Websites commonly use visual formats to display numerical product ratings. Highlighting the overlooked notion of the “aesthetics” of product ratings, the current research examines how the shape of basic visual rating units (rectangular vs. non-rectangular) influences product preference. Seven experiments (and 23 supplementary experiments; N = 17,994) demonstrate a visual rounding effect. Specifically, compared to the rectangular rating format (e.g., bar ratings), the non-rectangular rating format (e.g., star ratings) increases product preference when product ratings (e.g., 3.7, 3.8, 3.9) are below the nearest integer. In contrast, the non-rectangular rating format decreases product preference when product ratings (e.g., 4.1, 4.2, 4.3) are above the nearest integer. Occurring for both the overall rating and by-attribute ratings of a product, the visual rounding effect results from a visual completeness restoration process, wherein consumers perceive non-rectangular rating units to be incomplete after vertical cutting. This research contributes to the product rating and visual marketing literatures and provides actionable implications by demonstrating what visual rating format should be adopted based on rating distribution, how the visual rounding effect can be prevented if needed, and who are even more susceptible to the visual rounding effect.
- [Estimation and Inference of Treatment Effects with L2-Boosting in High-Dimensional Settings](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/estimation-and-inference-of-treatment-effects-with-l2-boosting-in-high-dimensional-settings/) - Empirical researchers are increasingly faced with rich data sets containing many controls or instrumental variables, making it essential to choose an appropriate approach to variable selection. In this paper, we provide results for valid inference after post- or orthogonal -boosting is used for variable selection. We consider treatment effects after selecting among many control variables and instrumental variable models with potentially many instruments. To achieve this, we establish new results for the rate of convergence of iterated post--boosting and orthogonal -boosting in a high-dimensional setting similar to Lasso, i.e., under approximate sparsity without assuming the beta-min condition. These results are extended to the 2SLS framework and valid inference is provided for treatment effect analysis. We give extensive simulation results for the proposed methods and compare them with Lasso. In an empirical application, we construct efficient IVs with our proposed methods to estimate the effect of pre-merger overlap of bank branch networks in the US on the post-merger stock returns of the acquirer bank.
- [Estimation and Inference of Treatment Effects with L2-Boosting in High-Dimensional Settings](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/estimation-and-inference-of-treatment-effects-with-l2-boosting-in-high-dimensional-settings/) - Empirical researchers are increasingly faced with rich data sets containing many controls or instrumental variables, making it essential to choose an appropriate approach to variable selection. In this paper, we provide results for valid inference after post- or orthogonal -boosting is used for variable selection. We consider treatment effects after selecting among many control variables and instrumental variable models with potentially many instruments. To achieve this, we establish new results for the rate of convergence of iterated post--boosting and orthogonal -boosting in a high-dimensional setting similar to Lasso, i.e., under approximate sparsity without assuming the beta-min condition. These results are extended to the 2SLS framework and valid inference is provided for treatment effect analysis. We give extensive simulation results for the proposed methods and compare them with Lasso. In an empirical application, we construct efficient IVs with our proposed methods to estimate the effect of pre-merger overlap of bank branch networks in the US on the post-merger stock returns of the acquirer bank.
- [Channel Coordination of Storable Goods](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/channel-coordination-of-storable-goods/) - Manufacturers of consumer-packaged goods invest heavily in trade promotions (i.e., temporary wholesale price discounts), but retailer stockpiling often yields trade promotions unprofitable. In this paper, we investigate how a manufacturer should respond to the retailer’s and consumers’ stockpiling ability by contracting with the retailer. Specifically, we examine when the manufacturer should restrict the retailer’s stockpiling ability and when it should issue trade promotions. Our analysis suggests the following. First, the manufacturer should restrict the retailer’s stockpiling ability when the storage cost is low; such restriction also benefits the retailer, resulting in a win-win outcome. Second, the manufacturer should offer trade promotions when the retailer cannot stockpile products and the storage cost is low but raise the wholesale price when the retailer can stockpile products. Third, stockpiling improves channel coordination and increases the manufacturer’s profit; therefore, the manufacturer should design products to be more storable.
- [Channel Coordination of Storable Goods](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/channel-coordination-of-storable-goods/) - Manufacturers of consumer-packaged goods invest heavily in trade promotions (i.e., temporary wholesale price discounts), but retailer stockpiling often yields trade promotions unprofitable. In this paper, we investigate how a manufacturer should respond to the retailer’s and consumers’ stockpiling ability by contracting with the retailer. Specifically, we examine when the manufacturer should restrict the retailer’s stockpiling ability and when it should issue trade promotions. Our analysis suggests the following. First, the manufacturer should restrict the retailer’s stockpiling ability when the storage cost is low; such restriction also benefits the retailer, resulting in a win-win outcome. Second, the manufacturer should offer trade promotions when the retailer cannot stockpile products and the storage cost is low but raise the wholesale price when the retailer can stockpile products. Third, stockpiling improves channel coordination and increases the manufacturer’s profit; therefore, the manufacturer should design products to be more storable.
- [The Value of Employee Satisfaction in Disastrous Times: Evidence from COVID-19](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-value-of-employee-satisfaction-in-disastrous-times-evidence-from-covid-19/) - Employee treatment is an important but challenging element of corporate environmental, social, and governance policies. Satisfying employee needs can increase corporate productivity, but is also costly to shareholders. Using unique data of Chinese publicly listed firms, we show that having satisfied employees is valuable to the firm. Specifically, firms with higher employee satisfaction scores withstand COVID-19 better, in terms of stock market performance. Such an effect is more pronounced for firms with more intangible assets and in knowledge-based industries. Moreover, higher employee satisfaction scores predict better operating performance. While not fully revealed in tranquil times, the effect of employee satisfaction is materialized when the firms experience negative shocks, such as COVID-19. Our findings suggest that firms can do well in crisis periods by doing good in normal times.
- [The Value of Employee Satisfaction in Disastrous Times: Evidence from COVID-19](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-value-of-employee-satisfaction-in-disastrous-times-evidence-from-covid-19/) - Employee treatment is an important but challenging element of corporate environmental, social, and governance policies. Satisfying employee needs can increase corporate productivity, but is also costly to shareholders. Using unique data of Chinese publicly listed firms, we show that having satisfied employees is valuable to the firm. Specifically, firms with higher employee satisfaction scores withstand COVID-19 better, in terms of stock market performance. Such an effect is more pronounced for firms with more intangible assets and in knowledge-based industries. Moreover, higher employee satisfaction scores predict better operating performance. While not fully revealed in tranquil times, the effect of employee satisfaction is materialized when the firms experience negative shocks, such as COVID-19. Our findings suggest that firms can do well in crisis periods by doing good in normal times.
- [Government Debt and Risk Premia](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/government-debt-and-risk-premia/) - Risk premia increase with government debt. Debt-to-GDP ratios positively predict stock returns at short and long horizons in the U.S. and other advanced economies. Higher debt is also associated with higher bond premia and lower risk-free rates. Major government debt theories (liquidity, safety, crowding out) either do not address or are inconsistent with these findings. New evidence suggests that the increased risk premia provide compensation for larger fiscal risk; during periods of elevated debt, fiscal policy becomes more uncertain and less effective and can lead to debt crises. I quantify these mechanisms in an equilibrium model.
- [Government Debt and Risk Premia](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/government-debt-and-risk-premia/) - Risk premia increase with government debt. Debt-to-GDP ratios positively predict stock returns at short and long horizons in the U.S. and other advanced economies. Higher debt is also associated with higher bond premia and lower risk-free rates. Major government debt theories (liquidity, safety, crowding out) either do not address or are inconsistent with these findings. New evidence suggests that the increased risk premia provide compensation for larger fiscal risk; during periods of elevated debt, fiscal policy becomes more uncertain and less effective and can lead to debt crises. I quantify these mechanisms in an equilibrium model.
- [“We Earned the Coupon Together”: The Missing Link of Experience Cocreation in Shared Coupons](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/we-earned-the-coupon-together-the-missing-link-of-experience-cocreation-in-shared-coupons/) - Shared coupons, a new form of coupons, differ from coupons distributed directly from the business (i.e., direct coupons) in that shared coupons combine two influential components: economic savings (e.g., $5 off) and social sharing (e.g., from friends). Using two lab experiments and two large-scale field experiments on social media, the authors find regular shared coupons underperform direct coupons in terms of coupon redemption due to the norm conflict between economic incentives and communal relationships (i.e., friendships), while shared coupons with experience cocreation, in which coupon givers and coupon receivers must invest joint efforts to create a shared experience before redeeming the coupons, outperform direct coupons. Experience cocreation can advance social goals (e.g., building friendships), reduce the norm conflict and thereby make customers more likely to share and to redeem. The authors further investigate the effects of two strategies for driving the redemption of shared coupons with experience cocreation: changing the coupon’s face value (low vs. high) and using ex-post communication (social messages vs. economic messages). They find that social messages can make the low-value coupons as effective as the high-value coupons, thereby enabling the firm to “do more with less.”
- [“We Earned the Coupon Together”: The Missing Link of Experience Cocreation in Shared Coupons](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/we-earned-the-coupon-together-the-missing-link-of-experience-cocreation-in-shared-coupons/) - Shared coupons, a new form of coupons, differ from coupons distributed directly from the business (i.e., direct coupons) in that shared coupons combine two influential components: economic savings (e.g., $5 off) and social sharing (e.g., from friends). Using two lab experiments and two large-scale field experiments on social media, the authors find regular shared coupons underperform direct coupons in terms of coupon redemption due to the norm conflict between economic incentives and communal relationships (i.e., friendships), while shared coupons with experience cocreation, in which coupon givers and coupon receivers must invest joint efforts to create a shared experience before redeeming the coupons, outperform direct coupons. Experience cocreation can advance social goals (e.g., building friendships), reduce the norm conflict and thereby make customers more likely to share and to redeem. The authors further investigate the effects of two strategies for driving the redemption of shared coupons with experience cocreation: changing the coupon’s face value (low vs. high) and using ex-post communication (social messages vs. economic messages). They find that social messages can make the low-value coupons as effective as the high-value coupons, thereby enabling the firm to “do more with less.”
- [Female Directors and Firm Value: New Evidence from Directors’ Deaths](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/female-directors-and-firm-value-new-evidence-from-directors-deaths/) - This paper examines how female directors (FDs) affect firm value in the absence of mandatory gender quotas. Using a newly collected data set on director deaths around the globe, we find that stock prices decrease approximately 2% more when an FD passes away, compared with a male director. What explains this negative capital market reaction? We find evidence that finding successors for deceased FDs is challenging for firms: Succession delays are longer, and although firms try to replace FDs with women, two-thirds of their successors are male. Furthermore, their successors tend to be younger, less experienced, and more often externally hired. Stock prices decline less if more potential female successors exist in a country, the firm is larger, or FDs other than the deceased woman were on the board. Because observable characteristics such as age, tenure, education, and network centrality cannot explain the negative stock market reaction, unobserved differences across genders that lead to a lower fit of male successors to the existing board are the most likely explanation for the firm value loss after the death of an FD.
- [Female Directors and Firm Value: New Evidence from Directors’ Deaths](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/female-directors-and-firm-value-new-evidence-from-directors-deaths/) - This paper examines how female directors (FDs) affect firm value in the absence of mandatory gender quotas. Using a newly collected data set on director deaths around the globe, we find that stock prices decrease approximately 2% more when an FD passes away, compared with a male director. What explains this negative capital market reaction? We find evidence that finding successors for deceased FDs is challenging for firms: Succession delays are longer, and although firms try to replace FDs with women, two-thirds of their successors are male. Furthermore, their successors tend to be younger, less experienced, and more often externally hired. Stock prices decline less if more potential female successors exist in a country, the firm is larger, or FDs other than the deceased woman were on the board. Because observable characteristics such as age, tenure, education, and network centrality cannot explain the negative stock market reaction, unobserved differences across genders that lead to a lower fit of male successors to the existing board are the most likely explanation for the firm value loss after the death of an FD.
- [Pay Transparency as a Moving Target: A Multi-Step Model of Pay Compression, I-Deals, and Collectivist Shared Values](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/pay-transparency-as-a-moving-target-a-multi-step-model-of-pay-compression-i-deals-and-collectivist-shared-values/) - Drawing from research on the transparency-privacy dilemma in management, we theorize that firm-level pay transparency elicits a multistep process involving managers and employees that shifts the dispersion in remuneration from more to less observable forms, thus making pay transparency a “moving target.” We posit a serial indirect effect of pay transparency on firm-level rates of i-deal grants (a less observable form of remuneration) via variable pay compression and heightened rates of employee i-deal requests, with this indirect effect amplified in firms characterized by collectivist shared values. First examining the role of managerial agency and collectivist shared values in the pay transparency–compression relationship in a simulation-based experiment, we test the overall model in a multisource field study using a sample of 111 medical device distribution firms. Our findings demonstrate that: (a) firm-level pay transparency is predictive of greater pay compression, (b) firm-level rates of i-deal grants are largely explained by this pay compression via its effects on employee i-deal requests, and (c) this sequential effect is amplified in firms with more collectivist shared values. Accordingly, we explicate how transparency triggers unintentional hiding, and suggest that accompanying more transparent pay may be an increased reliance upon rewards that, by their very nature, are less transparent.
- [Pay Transparency as a Moving Target: A Multi-Step Model of Pay Compression, I-Deals, and Collectivist Shared Values](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/pay-transparency-as-a-moving-target-a-multi-step-model-of-pay-compression-i-deals-and-collectivist-shared-values/) - Drawing from research on the transparency-privacy dilemma in management, we theorize that firm-level pay transparency elicits a multistep process involving managers and employees that shifts the dispersion in remuneration from more to less observable forms, thus making pay transparency a “moving target.” We posit a serial indirect effect of pay transparency on firm-level rates of i-deal grants (a less observable form of remuneration) via variable pay compression and heightened rates of employee i-deal requests, with this indirect effect amplified in firms characterized by collectivist shared values. First examining the role of managerial agency and collectivist shared values in the pay transparency–compression relationship in a simulation-based experiment, we test the overall model in a multisource field study using a sample of 111 medical device distribution firms. Our findings demonstrate that: (a) firm-level pay transparency is predictive of greater pay compression, (b) firm-level rates of i-deal grants are largely explained by this pay compression via its effects on employee i-deal requests, and (c) this sequential effect is amplified in firms with more collectivist shared values. Accordingly, we explicate how transparency triggers unintentional hiding, and suggest that accompanying more transparent pay may be an increased reliance upon rewards that, by their very nature, are less transparent.
- [Strengthening supply chain resilience during COVID-19: A case study of JD.com](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/strengthening-supply-chain-resilience-during-covid-19-a-case-study-of-jd-com/) - The coronavirus/SARS-CoV-2 (COVID-19) outbreak has caused severe supply chain disruptions in practically all industries worldwide. Online e-commerce platforms, which interact directly with various industries and service numerous consumers, have become remarkable interfaces to observe the impacts of the pandemic on supply chains. Using quantitative operational data obtained from JD.com https://www.jd.com., this study analyzes the impact of the pandemic on supply chain resilience, summarizes the challenging scenarios that retailing supply chains experienced in China, and presents the practical response of JD.com throughout the pandemic. To summarize, the pandemic caused exceptional demand and severe logistical disruptions in China, and JD.com has handled well its supply chain management in response based on its integrated supply chain structure and comprehensive intelligent platforms. In particular, the existing intelligent platforms and the delivery procedures were modified slightly but promptly to deal with specific disruptions. Moreover, the entire market scenario in China was effectively controlled through the joint efforts of multiple firms, the government, and the entire Chinese society. Our study provides an example of using practical operational indicators to analyze supply chain resilience, and suggests firms pay attention to operational flexibility and collaboration beyond supply chains to deal with a large-scale supply chain disruption, such as the COVID-19 outbreak.
- [Strengthening Supply Chain Resilience during COVID-19: A Case Study of JD.com](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/strengthening-supply-chain-resilience-during-covid-19-a-case-study-of-jd-com/) - The coronavirus/SARS-CoV-2 (COVID-19) outbreak has caused severe supply chain disruptions in practically all industries worldwide. Online e-commerce platforms, which interact directly with various industries and service numerous consumers, have become remarkable interfaces to observe the impacts of the pandemic on supply chains. Using quantitative operational data obtained from JD.com https://www.jd.com., this study analyzes the impact of the pandemic on supply chain resilience, summarizes the challenging scenarios that retailing supply chains experienced in China, and presents the practical response of JD.com throughout the pandemic. To summarize, the pandemic caused exceptional demand and severe logistical disruptions in China, and JD.com has handled well its supply chain management in response based on its integrated supply chain structure and comprehensive intelligent platforms. In particular, the existing intelligent platforms and the delivery procedures were modified slightly but promptly to deal with specific disruptions. Moreover, the entire market scenario in China was effectively controlled through the joint efforts of multiple firms, the government, and the entire Chinese society. Our study provides an example of using practical operational indicators to analyze supply chain resilience, and suggests firms pay attention to operational flexibility and collaboration beyond supply chains to deal with a large-scale supply chain disruption, such as the COVID-19 outbreak.
- [Strengthening Supply Chain Resilience during COVID-19: A Case Study of JD.com](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/strengthening-supply-chain-resilience-during-covid-19-a-case-study-of-jd-com/) - The coronavirus/SARS-CoV-2 (COVID-19) outbreak has caused severe supply chain disruptions in practically all industries worldwide. Online e-commerce platforms, which interact directly with various industries and service numerous consumers, have become remarkable interfaces to observe the impacts of the pandemic on supply chains. Using quantitative operational data obtained from JD.com https://www.jd.com., this study analyzes the impact of the pandemic on supply chain resilience, summarizes the challenging scenarios that retailing supply chains experienced in China, and presents the practical response of JD.com throughout the pandemic. To summarize, the pandemic caused exceptional demand and severe logistical disruptions in China, and JD.com has handled well its supply chain management in response based on its integrated supply chain structure and comprehensive intelligent platforms. In particular, the existing intelligent platforms and the delivery procedures were modified slightly but promptly to deal with specific disruptions. Moreover, the entire market scenario in China was effectively controlled through the joint efforts of multiple firms, the government, and the entire Chinese society. Our study provides an example of using practical operational indicators to analyze supply chain resilience, and suggests firms pay attention to operational flexibility and collaboration beyond supply chains to deal with a large-scale supply chain disruption, such as the COVID-19 outbreak.
- [Energy Saving May Kill: Evidence from the Fukushima Nuclear Accident](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/energy-saving-may-kill-evidence-from-the-fukushima-nuclear-accident/) - Following the Fukushima nuclear accident, Japan gradually shut down all its nuclear power plants, causing a countrywide power shortage. In response the government launched large-scale energy-saving campaigns to reduce electricity consumption. Exploiting the electricity-saving targets across regions and over time, we show that the campaigns significantly increased mortality, particularly during extremely hot days. The impact is primarily driven by people using less air conditioning, as encouraged by the government. Nonpecuniary incentives can explain most of the reduction in electricity consumption. Our findings suggest there exists a trade-off between climate change mitigation and climate change adaptation.
- [Energy Saving May Kill: Evidence from the Fukushima Nuclear Accident](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/energy-saving-may-kill-evidence-from-the-fukushima-nuclear-accident/) - Following the Fukushima nuclear accident, Japan gradually shut down all its nuclear power plants, causing a countrywide power shortage. In response the government launched large-scale energy-saving campaigns to reduce electricity consumption. Exploiting the electricity-saving targets across regions and over time, we show that the campaigns significantly increased mortality, particularly during extremely hot days. The impact is primarily driven by people using less air conditioning, as encouraged by the government. Nonpecuniary incentives can explain most of the reduction in electricity consumption. Our findings suggest there exists a trade-off between climate change mitigation and climate change adaptation.
- [Corporate Capture of Blockchain Governance](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/corporate-capture-of-blockchain-governance/) - We develop a theory of blockchain governance. In our model, the proof-of-work system, the most common set of rules for validating transactions in blockchains, creates an industrial ecosystem with specialized suppliers of goods and services. We analyze the interactions between blockchain governance and the market structure of the industries in the blockchain ecosystem. We show that the proof-of-work system may lead to a situation in which some large firms in the blockchain industrial ecosystem—blockchain conglomerates—capture the governance of the blockchain.
- [Corporate Capture of Blockchain Governance](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/corporate-capture-of-blockchain-governance/) - We develop a theory of blockchain governance. In our model, the proof-of-work system, the most common set of rules for validating transactions in blockchains, creates an industrial ecosystem with specialized suppliers of goods and services. We analyze the interactions between blockchain governance and the market structure of the industries in the blockchain ecosystem. We show that the proof-of-work system may lead to a situation in which some large firms in the blockchain industrial ecosystem—blockchain conglomerates—capture the governance of the blockchain.
- [The Disutility of Stock Market Losses: Evidence From Domestic Violence](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-disutility-of-stock-market-losses-evidence-from-domestic-violence/) - Stock returns during the week are negatively associated with the reported incidence of domestic violence during the weekend. This relationship is primarily driven by negative returns. The incidence of domestic violence increases with the magnitude of losses, and the effect increases with local stock market participation. Our findings suggest that negative wealth shocks caused by stock market crashes can affect stress levels within intimate relationships, escalate arguments, and trigger domestic violence. Stock market losses may reduce household utility beyond the shock to financial wealth, supporting gain-loss models where disutility from losses outweighs the utility from gains of a similar magnitude.
- [The Disutility of Stock Market Losses: Evidence From Domestic Violence](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-disutility-of-stock-market-losses-evidence-from-domestic-violence/) - Stock returns during the week are negatively associated with the reported incidence of domestic violence during the weekend. This relationship is primarily driven by negative returns. The incidence of domestic violence increases with the magnitude of losses, and the effect increases with local stock market participation. Our findings suggest that negative wealth shocks caused by stock market crashes can affect stress levels within intimate relationships, escalate arguments, and trigger domestic violence. Stock market losses may reduce household utility beyond the shock to financial wealth, supporting gain-loss models where disutility from losses outweighs the utility from gains of a similar magnitude.
- [Non-Bank Lending During Crises](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/non-bank-lending-during-crises/) - For a large sample of countries, this article shows that non-banks curtail their syndicated lending by significantly more than banks during financial crises in borrower countries. Differences in the value of lending relationships explain most of the gap. Relationships with non-banks are less valuable in general and thereby do not improve borrowers’ access to credit during crises. Non-banks are also less likely to form lasting relationships with borrowers. These findings imply that the rise of non-banks could increase the importance of transaction-based lenders and exacerbate the repercussions of financial shocks.
- [Non-Bank Lending During Crises](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/non-bank-lending-during-crises/) - For a large sample of countries, this article shows that non-banks curtail their syndicated lending by significantly more than banks during financial crises in borrower countries. Differences in the value of lending relationships explain most of the gap. Relationships with non-banks are less valuable in general and thereby do not improve borrowers’ access to credit during crises. Non-banks are also less likely to form lasting relationships with borrowers. These findings imply that the rise of non-banks could increase the importance of transaction-based lenders and exacerbate the repercussions of financial shocks.
- [Non-Bank Lending During Crises](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/non-bank-lending-during-crises/) - For a large sample of countries, this article shows that non-banks curtail their syndicated lending by significantly more than banks during financial crises in borrower countries. Differences in the value of lending relationships explain most of the gap. Relationships with non-banks are less valuable in general and thereby do not improve borrowers’ access to credit during crises. Non-banks are also less likely to form lasting relationships with borrowers. These findings imply that the rise of non-banks could increase the importance of transaction-based lenders and exacerbate the repercussions of financial shocks.
- [Career Concerns, Investment, and Management Forecasts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/career-concerns-investment-and-management-forecasts/) - A firm manager is concerned about both the firm value and the market assessments of his abilities. When investing in a project, he has private knowledge of his project-related ability that interacts with the project investment, and his general ability that produces a cash flow independent of the project cash flow. The concerns about the general (project-related) ability assessment create a signaling incentive to decrease (increase) investment. In the presence of underinvestment (overinvestment), higher-quality earnings information reduces (improves) equilibrium efficiency. When the manager issues an earnings forecast as an additional signaling device, the forecast is upwardly biased, and the equilibrium investment is smaller than that without a forecast. The latter is because the signaling incentive to decrease investment is strengthened. When the manager’s concerns about the general ability assessment are relatively large, he is better off by committing to no forecast. Novel empirical predictions about investment and earnings forecast emerge.
- [Career Concerns, Investment, and Management Forecasts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/career-concerns-investment-and-management-forecasts/) - A firm manager is concerned about both the firm value and the market assessments of his abilities. When investing in a project, he has private knowledge of his project-related ability that interacts with the project investment, and his general ability that produces a cash flow independent of the project cash flow. The concerns about the general (project-related) ability assessment create a signaling incentive to decrease (increase) investment. In the presence of underinvestment (overinvestment), higher-quality earnings information reduces (improves) equilibrium efficiency. When the manager issues an earnings forecast as an additional signaling device, the forecast is upwardly biased, and the equilibrium investment is smaller than that without a forecast. The latter is because the signaling incentive to decrease investment is strengthened. When the manager’s concerns about the general ability assessment are relatively large, he is better off by committing to no forecast. Novel empirical predictions about investment and earnings forecast emerge.
- [Career Concerns, Investment, and Management Forecasts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/career-concerns-investment-and-management-forecasts/) - A firm manager is concerned about both the firm value and the market assessments of his abilities. When investing in a project, he has private knowledge of his project-related ability that interacts with the project investment, and his general ability that produces a cash flow independent of the project cash flow. The concerns about the general (project-related) ability assessment create a signaling incentive to decrease (increase) investment. In the presence of underinvestment (overinvestment), higher-quality earnings information reduces (improves) equilibrium efficiency. When the manager issues an earnings forecast as an additional signaling device, the forecast is upwardly biased, and the equilibrium investment is smaller than that without a forecast. The latter is because the signaling incentive to decrease investment is strengthened. When the manager’s concerns about the general ability assessment are relatively large, he is better off by committing to no forecast. Novel empirical predictions about investment and earnings forecast emerge.
- [Do Political Ties Facilitate Operational Efficiency? A Contingent Political Embeddedness Perspective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-political-ties-facilitate-operational-efficiency-a-contingent-political-embeddedness-perspective/) - Although the significance of relational ties with supply chain partners to firms' operations management has been frequently studied, it is unclear how political ties, which represent another form of relational ties that is especially important in emerging economies, relate to operational efficiency. Drawing on the political embeddedness perspective, we propose a negative association between political ties and operational efficiency and examine how this association is moderated by environmental and firm-level factors. Using panel data of listed private firms in China, we show that political ties are negatively correlated with operational efficiency. In addition, this negative relationship is stronger when firms operate in regions with less developed factor markets and in highly competitive industries. However, the negative relationship is weaker for firms with high levels of foreign shareholding and customer concentration. These findings caution against the downsides of political ties for operations management and highlight strategies for reducing their negative effect.
- [Do Political Ties Facilitate Operational Efficiency? A Contingent Political Embeddedness Perspective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-political-ties-facilitate-operational-efficiency-a-contingent-political-embeddedness-perspective/) - Although the significance of relational ties with supply chain partners to firms' operations management has been frequently studied, it is unclear how political ties, which represent another form of relational ties that is especially important in emerging economies, relate to operational efficiency. Drawing on the political embeddedness perspective, we propose a negative association between political ties and operational efficiency and examine how this association is moderated by environmental and firm-level factors. Using panel data of listed private firms in China, we show that political ties are negatively correlated with operational efficiency. In addition, this negative relationship is stronger when firms operate in regions with less developed factor markets and in highly competitive industries. However, the negative relationship is weaker for firms with high levels of foreign shareholding and customer concentration. These findings caution against the downsides of political ties for operations management and highlight strategies for reducing their negative effect.
- [Do Political Ties Facilitate Operational Efficiency? A Contingent Political Embeddedness Perspective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-political-ties-facilitate-operational-efficiency-a-contingent-political-embeddedness-perspective/) - Although the significance of relational ties with supply chain partners to firms' operations management has been frequently studied, it is unclear how political ties, which represent another form of relational ties that is especially important in emerging economies, relate to operational efficiency. Drawing on the political embeddedness perspective, we propose a negative association between political ties and operational efficiency and examine how this association is moderated by environmental and firm-level factors. Using panel data of listed private firms in China, we show that political ties are negatively correlated with operational efficiency. In addition, this negative relationship is stronger when firms operate in regions with less developed factor markets and in highly competitive industries. However, the negative relationship is weaker for firms with high levels of foreign shareholding and customer concentration. These findings caution against the downsides of political ties for operations management and highlight strategies for reducing their negative effect.
- [Mark-to-Market, Loan Retention, and Loan Origination](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mark-to-market-loan-retention-and-loan-origination/) - We study the effects of mark-to-market accounting (MTM) for banks following the originate-to-distribute lending model. Banks have expertise in originating loans, but it is costly for them to retain the loans on their books. We study how the accounting measurement of the retained loans affects the banks’ origination and retention decisions. We show that, relative to historic cost accounting (HC), MTM has three consequences. First, it improves the accuracy of loan measurement ex post. Second, it forces banks to retain more risk exposure on their own books. Finally, it can reduce ex ante origination efforts and lower the average quality of loans in the economy.
- [Mark-to-Market, Loan Retention, and Loan Origination](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mark-to-market-loan-retention-and-loan-origination/) - We study the effects of mark-to-market accounting (MTM) for banks following the originate-to-distribute lending model. Banks have expertise in originating loans but it is costly for them to retain the loans on their books. We study how the accounting measurement of the retained loans affects the banks' origination and retention decisions. We show that, relative to historic cost accounting (HC), MTM has three consequences. First, it improves the accuracy of loan valuation ex post. Second, it forces banks to retain more risk exposure on their own books. Finally, it can reduce ex-ante origination efforts and lower the average quality of loans in the economy. To the extent that lower loan quality and banks' excessive risk exposure are two important ingredients for the recent financial crisis, we identify one mechanism through which MTM could contribute to financial crises.
- [Mark-to-Market, Loan Retention, and Loan Origination](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mark-to-market-loan-retention-and-loan-origination/) - We study the effects of mark-to-market accounting (MTM) for banks following the originate-to-distribute lending model. Banks have expertise in originating loans but it is costly for them to retain the loans on their books. We study how the accounting measurement of the retained loans affects the banks' origination and retention decisions. We show that, relative to historic cost accounting (HC), MTM has three consequences. First, it improves the accuracy of loan valuation ex post. Second, it forces banks to retain more risk exposure on their own books. Finally, it can reduce ex-ante origination efforts and lower the average quality of loans in the economy. To the extent that lower loan quality and banks' excessive risk exposure are two important ingredients for the recent financial crisis, we identify one mechanism through which MTM could contribute to financial crises.
- [Testing and Support Recovery of Correlation Structures for Matrix-valued Observations With an Application to Stock Market Data](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/testing-and-support-recovery-of-correlation-structures-for-matrix-valued-observations-with-an-application-to-stock-market-data/) - Estimation of the covariance matrix of asset returns is crucial to portfolio construction. As suggested by economic theories, the correlation structure among assets differs between emerging markets and developed countries. It is therefore imperative to make rigorous statistical inference on correlation matrix equality between the two groups of countries. However, if the traditional vector-valued approach is undertaken, such inference is either infeasible due to limited number of countries comparing to the relatively abundant assets, or invalid due to the violations of temporal independence assumption. This highlights the necessity of treating the observations as matrix-valued rather than vector-valued. With matrix-valued observations, our problem of interest can be formulated as statistical inference on covariance structures under sub-Gaussian distributions, i.e., testing non-correlation and correlation equality, as well as the corresponding support estimations. We develop procedures that are asymptotically optimal under some regularity conditions. Simulation results demonstrate the computational and statistical advantages of our procedures over certain existing state-of-the-art methods for both normal and non-normal distributions. Application of our procedures to stock market data reveals interesting patterns and validates several economic propositions via rigorous statistical testing.
- [Testing and Support Recovery of Correlation Structures for Matrix-valued Observations With an Application to Stock Market Data](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/testing-and-support-recovery-of-correlation-structures-for-matrix-valued-observations-with-an-application-to-stock-market-data/) - Estimation of the covariance matrix of asset returns is crucial to portfolio construction. As suggested by economic theories, the correlation structure among assets differs between emerging markets and developed countries. It is therefore imperative to make rigorous statistical inference on correlation matrix equality between the two groups of countries. However, if the traditional vector-valued approach is undertaken, such inference is either infeasible due to limited number of countries comparing to the relatively abundant assets, or invalid due to the violations of temporal independence assumption. This highlights the necessity of treating the observations as matrix-valued rather than vector-valued. With matrix-valued observations, our problem of interest can be formulated as statistical inference on covariance structures under sub-Gaussian distributions, i.e., testing non-correlation and correlation equality, as well as the corresponding support estimations. We develop procedures that are asymptotically optimal under some regularity conditions. Simulation results demonstrate the computational and statistical advantages of our procedures over certain existing state-of-the-art methods for both normal and non-normal distributions. Application of our procedures to stock market data reveals interesting patterns and validates several economic propositions via rigorous statistical testing.
- [Testing and Support Recovery of Correlation Structures for Matrix-valued Observations With an Application to Stock Market Data](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/testing-and-support-recovery-of-correlation-structures-for-matrix-valued-observations-with-an-application-to-stock-market-data/) - Estimation of the covariance matrix of asset returns is crucial to portfolio construction. As suggested by economic theories, the correlation structure among assets differs between emerging markets and developed countries. It is therefore imperative to make rigorous statistical inference on correlation matrix equality between the two groups of countries. However, if the traditional vector-valued approach is undertaken, such inference is either infeasible due to limited number of countries comparing to the relatively abundant assets, or invalid due to the violations of temporal independence assumption. This highlights the necessity of treating the observations as matrix-valued rather than vector-valued. With matrix-valued observations, our problem of interest can be formulated as statistical inference on covariance structures under sub-Gaussian distributions, i.e., testing non-correlation and correlation equality, as well as the corresponding support estimations. We develop procedures that are asymptotically optimal under some regularity conditions. Simulation results demonstrate the computational and statistical advantages of our procedures over certain existing state-of-the-art methods for both normal and non-normal distributions. Application of our procedures to stock market data reveals interesting patterns and validates several economic propositions via rigorous statistical testing.
- [Gaming a Selective Admissions System](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/gaming-a-selective-admissions-system/) - A university uses both early-stage selection outcome (high-school affiliation) and late-stage admission test outcome (standardized test scores) to select students. We use this model to study policies that have been proposed to combat inefficient gaming in college admissions. Increasing university enrollment size can exacerbate gaming and worsen the selection outcome. Abolishing standardized tests for university admissions increases gaming targeting high-school admissions and worsens the selection outcome, whereas eliminating high-school ability sorting may improve the university selection outcome under some cost conditions of gaming. Committing to a lower-powered selection scheme can improve the selection outcome by reducing gaming behaviors.
- [Gaming a Selective Admissions System](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/gaming-a-selective-admissions-system/) - A university uses both early-stage selection outcome (high school affiliation) and late-stage admission test outcome (standardized test scores) to select students. We use this model to study policies that have been proposed to combat inefficient gaming in college admissions. Increasing university enrollment size can exacerbate gaming and worsen the selection outcome. Abolishing standardized tests for university admissions increases gaming targeting high school admissions and worsens the selection outcome, while eliminating high-school ability sorting may improve the university selection outcome under some cost conditions of gaming. Committing to a lower-powered selection scheme can improve the selection outcome by reducing gaming behaviors.
- [Gaming a Selective Admissions System](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/gaming-a-selective-admissions-system/) - A university uses both early-stage selection outcome (high school affiliation) and late-stage admission test outcome (standardized test scores) to select students. We use this model to study policies that have been proposed to combat inefficient gaming in college admissions. Increasing university enrollment size can exacerbate gaming and worsen the selection outcome. Abolishing standardized tests for university admissions increases gaming targeting high school admissions and worsens the selection outcome, while eliminating high-school ability sorting may improve the university selection outcome under some cost conditions of gaming. Committing to a lower-powered selection scheme can improve the selection outcome by reducing gaming behaviors.
- [Mitigating Bias in Hate Speech Detection With a Small Number of Expert Annotations: A Prompt-Based Learning Approach](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mitigating-bias-in-hate-speech-detection-with-a-small-number-of-expert-annotations-a-prompt-based-learning-approach/) - Hate speech is a major problem on social media platforms. Automatic hate speech detection methods relying on machine learning models, which learn from manually labeled datasets, have been proposed in both academia and industry. However, there is increasing evidence that hate speech detection datasets labeled by general annotators (e.g., amateurs or MTurk workers) contain systematic bias, as they cannot effectively consider language use differences among different speakers. When such biased datasets are used to train machine learning models, the resulting models will also be biased. Unlike general annotators, experts can produce much less biased annotations. However, expert annotations cannot be efficiently obtained in large quantity. This paper bridges the gap by adopting a weakly supervised learning method for hate speech detection using a small number of expert annotations. We propose a novel design that uses contrastive learning and prompt-based learning based on large language models, incorporating a group estimator, a pair generator, and knowledge injection. Using real-world Twitter posts written by African American English speakers and other racial groups as an example, extensive experiments were conducted to demonstrate the superior performance of the proposed method. The proposed approach was also evaluated on data in the LGBTQ+ community and achieved consistent results. The study has important academic and practical implications for hate speech detection and large language models.
- [Mitigating Bias in Hate Speech Detection With a Small Number of Expert Annotations: A Prompt-Based Learning Approach](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mitigating-bias-in-hate-speech-detection-with-a-small-number-of-expert-annotations-a-prompt-based-learning-approach/) - Hate speech is a major problem on social media platforms. Automatic hate speech detection methods relying on machine learning models, which learn from manually labeled datasets, have been proposed in both academia and industry. However, there is increasing evidence that hate speech detection datasets labeled by general annotators (e.g., amateurs or MTurk workers) contain systematic bias, as they cannot effectively consider language use differences among different speakers. When such biased datasets are used to train machine learning models, the resulting models will also be biased. Unlike general annotators, experts can produce much less biased annotations. However, expert annotations cannot be efficiently obtained in large quantity. This paper bridges the gap by adopting a weakly supervised learning method for hate speech detection using a small number of expert annotations. We propose a novel design that uses contrastive learning and prompt-based learning based on large language models, incorporating a group estimator, a pair generator, and knowledge injection. Using real-world Twitter posts written by African American English speakers and other racial groups as an example, extensive experiments were conducted to demonstrate the superior performance of the proposed method. The proposed approach was also evaluated on data in the LGBTQ+ community and achieved consistent results. The study has important academic and practical implications for hate speech detection and large language models.
- [Mitigating Bias in Hate Speech Detection With a Small Number of Expert Annotations: A Prompt-Based Learning Approach](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mitigating-bias-in-hate-speech-detection-with-a-small-number-of-expert-annotations-a-prompt-based-learning-approach/) - Hate speech is a major problem on social media platforms. Automatic hate speech detection methods relying on machine learning models, which learn from manually labeled datasets, have been proposed in both academia and industry. However, there is increasing evidence that hate speech detection datasets labeled by general annotators (e.g., amateurs or MTurk workers) contain systematic bias, as they cannot effectively consider language use differences among different speakers. When such biased datasets are used to train machine learning models, the resulting models will also be biased. Unlike general annotators, experts can produce much less biased annotations. However, expert annotations cannot be efficiently obtained in large quantity. This paper bridges the gap by adopting a weakly supervised learning method for hate speech detection using a small number of expert annotations. We propose a novel design that uses contrastive learning and prompt-based learning based on large language models, incorporating a group estimator, a pair generator, and knowledge injection. Using real-world Twitter posts written by African American English speakers and other racial groups as an example, extensive experiments were conducted to demonstrate the superior performance of the proposed method. The proposed approach was also evaluated on data in the LGBTQ+ community and achieved consistent results. The study has important academic and practical implications for hate speech detection and large language models.
- [A Practical End-to-End Inventory Management Model with Deep Learning](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-practical-end-to-end-inventory-management-model-with-deep-learning/) - We investigate a data-driven multiperiod inventory replenishment problem with uncertain demand and vendor lead time (VLT) with accessibility to a large quantity of historical data. Different from the traditional two-step predict-then-optimize (PTO) solution framework, we propose a one-step end-to-end (E2E) framework that uses deep learning models to output the suggested replenishment amount directly from input features without any intermediate step. The E2E model is trained to capture the behavior of the optimal dynamic programming solution under historical observations without any prior assumptions on the distributions of the demand and the VLT. By conducting a series of thorough numerical experiments using real data from one of the leading e-commerce companies, we demonstrate the advantages of the proposed E2E model over conventional PTO frameworks. We also conduct a field experiment with JD.com, and the results show that our new algorithm reduces holding cost, stockout cost, total inventory cost, and turnover rate substantially compared with JD’s current practice. For the supply chain management industry, our E2E model shortens the decision process and provides an automatic inventory management solution with the possibility to generalize and scale. The concept of E2E, which uses the input information directly for the ultimate goal, can also be useful in practice for other supply chain management circumstances.
- [A Practical End-to-End Inventory Management Model with Deep Learning](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-practical-end-to-end-inventory-management-model-with-deep-learning/) - We investigate a data-driven multiperiod inventory replenishment problem with uncertain demand and vendor lead time (VLT) with accessibility to a large quantity of historical data. Different from the traditional two-step predict-then-optimize (PTO) solution framework, we propose a one-step end-to-end (E2E) framework that uses deep learning models to output the suggested replenishment amount directly from input features without any intermediate step. The E2E model is trained to capture the behavior of the optimal dynamic programming solution under historical observations without any prior assumptions on the distributions of the demand and the VLT. By conducting a series of thorough numerical experiments using real data from one of the leading e-commerce companies, we demonstrate the advantages of the proposed E2E model over conventional PTO frameworks. We also conduct a field experiment with JD.com, and the results show that our new algorithm reduces holding cost, stockout cost, total inventory cost, and turnover rate substantially compared with JD’s current practice. For the supply chain management industry, our E2E model shortens the decision process and provides an automatic inventory management solution with the possibility to generalize and scale. The concept of E2E, which uses the input information directly for the ultimate goal, can also be useful in practice for other supply chain management circumstances.
- [A Practical End-to-End Inventory Management Model with Deep Learning](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-practical-end-to-end-inventory-management-model-with-deep-learning/) - We investigate a data-driven multiperiod inventory replenishment problem with uncertain demand and vendor lead time (VLT) with accessibility to a large quantity of historical data. Different from the traditional two-step predict-then-optimize (PTO) solution framework, we propose a one-step end-to-end (E2E) framework that uses deep learning models to output the suggested replenishment amount directly from input features without any intermediate step. The E2E model is trained to capture the behavior of the optimal dynamic programming solution under historical observations without any prior assumptions on the distributions of the demand and the VLT. By conducting a series of thorough numerical experiments using real data from one of the leading e-commerce companies, we demonstrate the advantages of the proposed E2E model over conventional PTO frameworks. We also conduct a field experiment with JD.com, and the results show that our new algorithm reduces holding cost, stockout cost, total inventory cost, and turnover rate substantially compared with JD’s current practice. For the supply chain management industry, our E2E model shortens the decision process and provides an automatic inventory management solution with the possibility to generalize and scale. The concept of E2E, which uses the input information directly for the ultimate goal, can also be useful in practice for other supply chain management circumstances.
- [The Impact of Communist Ideology on the Patenting Activity of Chinese Firms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-impact-of-communist-ideology-on-the-patenting-activity-of-chinese-firms/) - The Chinese Communist Party began decoupling its policies and practices from Maoist communist ideology more than four decades ago. Yet, why does Maoism continue to have an impact on the behavior of Party members? In this study, we argue that, although the influence of Maoist ideology has become weaker among younger Party members and Party members with higher educational attainment, such ideological decay is countered by a process of secondhand ideological imprinting. Based on data from 1,298 non-state-owned Chinese listed firms for 2000–2017, we find that firms with Party-member board chairs file fewer patent applications and are more likely to commit patent infringement. These effects are weaker if a board chair is younger or has higher educational attainment. Importantly, the moderating effect of young age is reduced as the presence of older Party-member corporate directors in a region becomes more prominent. However, the moderating effect of education appears to be unaffected by the presence of older Party-member directors. These findings generate fresh insights on the dynamics of ideological decay and persistence.
- [The Impact of Communist Ideology on the Patenting Activity of Chinese Firms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-impact-of-communist-ideology-on-the-patenting-activity-of-chinese-firms/) - The Chinese Communist Party began decoupling its policies and practices from Maoist communist ideology more than four decades ago. Yet, why does Maoism continue to have an impact on the behavior of Party members? In this study, we argue that, although the influence of Maoist ideology has become weaker among younger Party members and Party members with higher educational attainment, such ideological decay is countered by a process of secondhand ideological imprinting. Based on data from 1,298 non-state-owned Chinese listed firms for 2000–2017, we find that firms with Party-member board chairs file fewer patent applications and are more likely to commit patent infringement. These effects are weaker if a board chair is younger or has higher educational attainment. Importantly, the moderating effect of young age is reduced as the presence of older Party-member corporate directors in a region becomes more prominent. However, the moderating effect of education appears to be unaffected by the presence of older Party-member directors. These findings generate fresh insights on the dynamics of ideological decay and persistence.
- [The Impact of Communist Ideology on the Patenting Activity of Chinese Firms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-impact-of-communist-ideology-on-the-patenting-activity-of-chinese-firms/) - The Chinese Communist Party began decoupling its policies and practices from Maoist communist ideology more than four decades ago. Yet, why does Maoism continue to have an impact on the behavior of Party members? In this study, we argue that, although the influence of Maoist ideology has become weaker among younger Party members and Party members with higher educational attainment, such ideological decay is countered by a process of secondhand ideological imprinting. Based on data from 1,298 non-state-owned Chinese listed firms for 2000–2017, we find that firms with Party-member board chairs file fewer patent applications and are more likely to commit patent infringement. These effects are weaker if a board chair is younger or has higher educational attainment. Importantly, the moderating effect of young age is reduced as the presence of older Party-member corporate directors in a region becomes more prominent. However, the moderating effect of education appears to be unaffected by the presence of older Party-member directors. These findings generate fresh insights on the dynamics of ideological decay and persistence.
- [Exchange-Traded Funds and Real Investment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/exchange-traded-funds-and-real-investment/) - We investigate the link between exchange-traded funds and real investment. Cross-sectionally, higher ETF ownership is associated with an increased sensitivity of real investment to Tobin’s q and a heightened ability of stock returns to forecast future earnings. Inclusion of stocks in industry ETFs enhances investment-qsensitivity and implies greater incorporation of earnings information into prices prior to public releases. Greater nonmarket ETF ownership leads to increased (reduced) reliance of real investment on own (peers’) stock prices. Overall, the evidence is consistent with ETFs positively affecting real investment efficiency via greater flows of information.
- [Exchange-Traded Funds and Real Investment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/exchange-traded-funds-and-real-investment/) - We investigate the link between exchange-traded funds and real investment. Cross-sectionally, higher ETF ownership is associated with an increased sensitivity of real investment to Tobin's q and a heightened ability of stock returns to forecast future earnings. Inclusion of stocks in industry ETFs enhances investment-q sensitivity and implies greater incorporation of earnings information into prices prior to public releases. Greater nonmarket ETF ownership leads to increased (reduced) reliance of real investment on own (peers') stock prices. Overall, the evidence is consistent with ETFs positively affecting real investment efficiency via greater flows of information.
- [Exchange-Traded Funds and Real Investment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/exchange-traded-funds-and-real-investment/) - We investigate the link between exchange-traded funds and real investment. Cross-sectionally, higher ETF ownership is associated with an increased sensitivity of real investment to Tobin's q and a heightened ability of stock returns to forecast future earnings. Inclusion of stocks in industry ETFs enhances investment-q sensitivity and implies greater incorporation of earnings information into prices prior to public releases. Greater nonmarket ETF ownership leads to increased (reduced) reliance of real investment on own (peers') stock prices. Overall, the evidence is consistent with ETFs positively affecting real investment efficiency via greater flows of information.
- [Subjective Performance Evaluation, Influence Activities, and Bureaucratic Work Behavior: Evidence from China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/subjective-performance-evaluation-influence-activities-and-bureaucratic-work-behavior-evidence-from-china/) - Subjective performance evaluation could induce influence activities: employees might devote too much effort to pleasing their evaluator, relative to working toward the goals of the organization itself. We conduct a randomized field experiment among Chinese local civil servants to study the existence and implications of influence activities. We find that civil servants do engage in evaluator-specific influence to affect evaluation outcomes, partly in the form of reallocating work efforts toward job tasks that are more important and observable to the evaluator. Importantly, we show that introducing uncertainty about the evaluator's identity discourages evaluator-specific influence activities and improves bureaucratic work performance.
- [Subjective Performance Evaluation, Influence Activities, and Bureaucratic Work Behavior: Evidence from China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/subjective-performance-evaluation-influence-activities-and-bureaucratic-work-behavior-evidence-from-china/) - Subjective performance evaluation could induce influence activities:employees might devote too much effort to pleasing their evaluator, relative to working toward the goals of the organization itself. We conduct a randomized field experiment among Chinese local civil servants to study the existence and implications of influence activities. We find that civil servants do engage in evaluator-specific influence to affect evaluation outcomes, partly in the form of reallocating work efforts toward job tasks that are more important and observable to the evaluator. Importantly, we show that introducing uncertainty about the evaluator’s identity discourages evaluator-specific influence activities and improves bureaucratic work performance.
- [Subjective Performance Evaluation, Influence Activities, and Bureaucratic Work Behavior: Evidence from China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/subjective-performance-evaluation-influence-activities-and-bureaucratic-work-behavior-evidence-from-china/) - Subjective performance evaluation could induce influence activities:employees might devote too much effort to pleasing their evaluator, relative to working toward the goals of the organization itself. We conduct a randomized field experiment among Chinese local civil servants to study the existence and implications of influence activities. We find that civil servants do engage in evaluator-specific influence to affect evaluation outcomes, partly in the form of reallocating work efforts toward job tasks that are more important and observable to the evaluator. Importantly, we show that introducing uncertainty about the evaluator’s identity discourages evaluator-specific influence activities and improves bureaucratic work performance.
- [Redeemable Platform Currencies](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/redeemable-platform-currencies/) - Can massive online retailers such as Amazon and Alibaba issue digital tokens that potentially compete with bank debit accounts? There is a long history of trading stamps and loyalty points, but new technologies are poised to sharply raise the significance of redeemable assets as a store of value. Here, we develop a simple stylized model of redeemable tokens that can be used to study sales and pricing strategies for issuing tokens, including ICOs. Our central finding is that platforms can potentially earn higher revenues by making tokens non-tradable unless they can generate a sufficiently high outside-platform convenience yield.
- [Redeemable Platform Currencies](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/redeemable-platform-currencies/) - Can massive online retailers such as Amazon and Alibaba issue digital tokens that potentially compete with bank debit accounts? There is a long history of trading stamps and loyalty points, but new technologies are poised to sharply raise the significance of redeemable assets as a store of value. Here we develop a simple stylized model of redeemable tokens that can be used to study sales and pricing strategies for issuing tokens, including ICOs. Our central finding is that platforms can potentially earn higher revenues by making tokens non-tradable unless they can generate a sufficiently high outside-platform convenience yield.
- [Redeemable Platform Currencies](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/redeemable-platform-currencies/) - Can massive online retailers such as Amazon and Alibaba issue digital tokens that potentially compete with bank debit accounts? There is a long history of trading stamps and loyalty points, but new technologies are poised to sharply raise the significance of redeemable assets as a store of value. Here we develop a simple stylized model of redeemable tokens that can be used to study sales and pricing strategies for issuing tokens, including ICOs. Our central finding is that platforms can potentially earn higher revenues by making tokens non-tradable unless they can generate a sufficiently high outside-platform convenience yield.
- [Firm Innovation and Covenant Tightness](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/firm-innovation-and-covenant-tightness/) - This study explores the association between firm innovation and loan covenant strictness. We find that lenders construct stricter contracts for firms filing more patents, consistent with lenders imposing more oversight on firms when they enter the commercialization stage after having demonstrated their inventiveness. Our results hold under propensity score matching and entropy balancing, and when exploiting the American Inventors Protection Act as a shock affecting unrelated banks’ access to patent filing information. The relationship we document is stronger when the lender has more expertise and for firms with higher default risk. We demonstrate that borrowers’ patent filings are associated with more future R&D and capital investment and with a higher likelihood of their acquiring firms in the industry of their patent filings. Our results are consistent with the theoretical prediction that lenders interpret patent filings as indicative of high inventive potential that requires stricter discipline and oversight by lenders in order to be converted into actual business success, and with them designing debt contract terms accordingly.
- [Firm Innovation and Covenant Tightness](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/firm-innovation-and-covenant-tightness/) - This study explores the association between firm innovation and loan covenant strictness. We find that lenders construct stricter contracts for firms filing more patents, consistent with lenders imposing more oversight on firms when they enter the commercialization stage after having demonstrated their inventiveness. Our results hold under propensity score matching and entropy balancing, and when exploiting the American Inventors Protection Act as a shock affecting unrelated banks’ access to patent filing information. The relationship we document is stronger when the lender has more expertise and for firms with higher default risk. We demonstrate that borrowers’ patent filings are associated with more future R&D and capital investment and with a higher likelihood of their acquiring firms in the industry of their patent filings. Our results are consistent with the theoretical prediction that lenders interpret patent filings as indicative of high inventive potential that requires stricter discipline and oversight by lenders in order to be converted into actual business success, and with them designing debt contract terms accordingly.
- [Firm Innovation and Covenant Tightness](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/firm-innovation-and-covenant-tightness/) - This study explores the association between firm innovation and loan covenant strictness. We find that lenders construct stricter contracts for firms filing more patents, consistent with lenders imposing more oversight on firms when they enter the commercialization stage after having demonstrated their inventiveness. Our results hold under propensity score matching and entropy balancing, and when exploiting the American Inventors Protection Act as a shock affecting unrelated banks’ access to patent filing information. The relationship we document is stronger when the lender has more expertise and for firms with higher default risk. We demonstrate that borrowers’ patent filings are associated with more future R&D and capital investment and with a higher likelihood of their acquiring firms in the industry of their patent filings. Our results are consistent with the theoretical prediction that lenders interpret patent filings as indicative of high inventive potential that requires stricter discipline and oversight by lenders in order to be converted into actual business success, and with them designing debt contract terms accordingly.
- [Why Do Investors Like Short-leg Securities? Evidence from a Textual Analysis of Buy Recommendations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/why-do-investors-like-short-leg-securities-evidence-from-a-textual-analysis-of-buy-recommendations/) - Our paper examines analyst reports and online stock opinion articles which recommend buying stocks that, based on the literature, trade at high prices and earn low future returns ("short-leg securities"). Using a textual analysis, we test whether the justifications primarily (1) emphasize safe-haven qualities, (2) indicate exuberance, or (3) highlight lottery-like features. Our results strongly point to (3). We subsequently validate our text-based inferences through a survey of institutional and retail investors with long positions in short-leg securities. Overall, perceived upside potential appears to play a material role in driving investor demand for stocks in the short legs of anomalies.
- [Why Do Investors Like Short-leg Securities? Evidence from a Textual Analysis of Buy Recommendations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/why-do-investors-like-short-leg-securities-evidence-from-a-textual-analysis-of-buy-recommendations/) - Our paper examines analyst reports and online stock opinion articles which recommend buying stocks that, based on the literature, trade at high prices and earn low future returns ("short-leg securities"). Using a textual analysis, we test whether the justifications primarily (1) emphasize safe-haven qualities, (2) indicate exuberance, or (3) highlight lottery-like features. Our results strongly point to (3). We subsequently validate our text-based inferences through a survey of institutional and retail investors with long positions in short-leg securities. Overall, perceived upside potential appears to play a material role in driving investor demand for stocks in the short legs of anomalies.
- [Why Do Investors Like Short-leg Securities? Evidence from a Textual Analysis of Buy Recommendations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/why-do-investors-like-short-leg-securities-evidence-from-a-textual-analysis-of-buy-recommendations/) - Our paper examines analyst reports and online stock opinion articles which recommend buying stocks that, based on the literature, trade at high prices and earn low future returns ("short-leg securities"). Using a textual analysis, we test whether the justifications primarily (1) emphasize safe-haven qualities, (2) indicate exuberance, or (3) highlight lottery-like features. Our results strongly point to (3). We subsequently validate our text-based inferences through a survey of institutional and retail investors with long positions in short-leg securities. Overall, perceived upside potential appears to play a material role in driving investor demand for stocks in the short legs of anomalies.
- [The Dual Effects of Geopolitical Risk on MNCs’ First-Tier Supply Base: A Political Economy Perspective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-dual-effects-of-geopolitical-risk-on-mncs-first-tier-supply-base-a-political-economy-perspective/) - While prior research has emphasized the economic threats posed by political risk, it is unclear how geopolitical risk (GPR), a supranational-level risk, affects global supply chain decisions. Drawing on the political economy perspective, we posit that GPR presents both opportunities and threats for multinational corporations (MNCs), depending on the political affinity between MNCs’ home and host countries. We also identify the risk-mitigation roles of MNCs’ political lobbying and market diversification. Using panel data from publicly listed MNCs in the US, we find that host-country GPR increases MNCs’ first-tier supply base when home–host country political affinity is high, but decreases when political affinity is low. Moreover, the positive effect of high-affinity host-country GPR on MNCs’ supply base is stronger, and the negative effect of low-affinity host-country GPR is weaker for MNCs with high levels of political lobbying or market diversification. These findings enrich the international business research and political economy perspective by elucidating both the opportunities and threats of GPR, and highlight the importance of risk-coping capabilities in managing GPR. These findings also provide insights for MNCs to adapt their strategies amid GPR by leveraging home–host political affinity, engaging in political lobbying, and pursuing market diversification to mitigate geopolitical challenges.
- [The Dual Effects of Geopolitical Risk on MNCs’ First-Tier Supply Base: A Political Economy Perspective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-dual-effects-of-geopolitical-risk-on-mncs-first-tier-supply-base-a-political-economy-perspective/) - While prior research has emphasized the economic threats posed by political risk, it is unclear how geopolitical risk (GPR), a supranational-level risk, affects global supply chain decisions. Drawing on the political economy perspective, we posit that GPR presents both opportunities and threats for multinational corporations (MNCs), depending on the political affinity between MNCs’ home and host countries. We also identify the risk-mitigation roles of MNCs’ political lobbying and market diversification. Using panel data from publicly listed MNCs in the US, we find that host-country GPR increases MNCs’ first-tier supply base when home–host country political affinity is high, but decreases when political affinity is low. Moreover, the positive effect of high-affinity host-country GPR on MNCs’ supply base is stronger, and the negative effect of low-affinity host-country GPR is weaker for MNCs with high levels of political lobbying or market diversification. These findings enrich the international business research and political economy perspective by elucidating both the opportunities and threats of GPR, and highlight the importance of risk-coping capabilities in managing GPR. These findings also provide insights for MNCs to adapt their strategies amid GPR by leveraging home–host political affinity, engaging in political lobbying, and pursuing market diversification to mitigate geopolitical challenges.
- [Inward Foreign Direct Investment and Technological Innovation of Local Firms: Differential Impacts on Incremental and Radical Innovation](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/inward-foreign-direct-investment-and-technological-innovation-of-local-firms-differential-impacts-on-incremental-and-radical-innovation/) - Does inward foreign direct investment (FDI) promote or inhibit the technological innovation of local firms? Prior research has generated mixed views and findings on this important question. To address this puzzle, we propose that FDI spillover and crowding-out effects may apply to different phases of innovation (i.e., idea generation and R&D implementation) respectively, which then leads to differential impacts of FDI on incremental and radical innovation. The results from a panel dataset of Chinese listed firms show that industry-level FDI is positively related to incremental innovation but has an inverted U-shaped impact on radical innovation. Furthermore, we find that technology gap reinforces the positive impact of FDI on incremental innovation while making its inverted U-shaped impact on radical innovation more pronounced, and when FDI local market focus is higher, the inverted U-shaped relationship between FDI and radical innovation is steeper. These findings reconcile the inconsistency regarding how FDI may affect local innovation and provide a novel analysis framework for the FDI literature.
- [Inward Foreign Direct Investment and Technological Innovation of Local Firms: Differential Impacts on Incremental and Radical Innovation](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/inward-foreign-direct-investment-and-technological-innovation-of-local-firms-differential-impacts-on-incremental-and-radical-innovation/) - Does inward foreign direct investment (FDI) promote or inhibit the technological innovation of local firms? Prior research has generated mixed views and findings on this important question. To address this puzzle, we propose that FDI spillover and crowding-out effects may apply to different phases of innovation (i.e., idea generation and R&D implementation) respectively, which then leads to differential impacts of FDI on incremental and radical innovation. The results from a panel dataset of Chinese listed firms show that industry-level FDI is positively related to incremental innovation but has an inverted U-shaped impact on radical innovation. Furthermore, we find that technology gap reinforces the positive impact of FDI on incremental innovation while making its inverted U-shaped impact on radical innovation more pronounced, and when FDI local market focus is higher, the inverted U-shaped relationship between FDI and radical innovation is steeper. These findings reconcile the inconsistency regarding how FDI may affect local innovation and provide a novel analysis framework for the FDI literature.
- [Inward Foreign Direct Investment and Technological Innovation of Local Firms: Differential Impacts on Incremental and Radical Innovation](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/inward-foreign-direct-investment-and-technological-innovation-of-local-firms-differential-impacts-on-incremental-and-radical-innovation/) - Does inward foreign direct investment (FDI) promote or inhibit the technological innovation of local firms? Prior research has generated mixed views and findings on this important question. To address this puzzle, we propose that FDI spillover and crowding-out effects may apply to different phases of innovation (i.e., idea generation and R&D implementation) respectively, which then leads to differential impacts of FDI on incremental and radical innovation. The results from a panel dataset of Chinese listed firms show that industry-level FDI is positively related to incremental innovation but has an inverted U-shaped impact on radical innovation. Furthermore, we find that technology gap reinforces the positive impact of FDI on incremental innovation while making its inverted U-shaped impact on radical innovation more pronounced, and when FDI local market focus is higher, the inverted U-shaped relationship between FDI and radical innovation is steeper. These findings reconcile the inconsistency regarding how FDI may affect local innovation and provide a novel analysis framework for the FDI literature.
- [Heuristics in Self-Evaluation: Evidence from the Centralized College Admission System in China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/heuristics-in-self-evaluation-evidence-from-the-centralized-college-admission-system-in-china/) - Using administrative data on the Chinese National College Entrance Examination, we study how left-digit bias affects college applications. We find strong discontinuities in students’ admission outcomes at ten-point thresholds. Students with scores just below multiples of 10 make more conservative college application choices that place them into less selective colleges and majors. In contrast, students who score at or just above multiples of 10 aim at and achieve higher but are at greater risk of overshooting. The discontinuity reveals that despite the educational and labor market consequences, students’ self-evaluation based on exam scores is subject to information-processing heuristics.
- [Heuristics in Self-Evaluation: Evidence from the Centralized College Admission System in China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/heuristics-in-self-evaluation-evidence-from-the-centralized-college-admission-system-in-china/) - Using administrative data on the Chinese National College Entrance Examination, we study how left-digit bias affects college applications. We find strong discontinuities in students’ admission outcomes at ten-point thresholds. Students with scores just below multiples of 10 make more conservative college application choices that place them into less selective colleges and majors. In contrast, students who score at or just above multiples of 10 aim at and achieve higher but are at greater risk of overshooting. The discontinuity reveals that despite the educational and labor market consequences, students’ self-evaluation based on exam scores is subject to information-processing heuristics.
- [Heuristics in Self-Evaluation: Evidence from the Centralized College Admission System in China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/heuristics-in-self-evaluation-evidence-from-the-centralized-college-admission-system-in-china/) - Using administrative data on the Chinese National College Entrance Examination, we study how left-digit bias affects college applications. We find strong discontinuities in students’ admission outcomes at ten-point thresholds. Students with scores just below multiples of 10 make more conservative college application choices that place them into less selective colleges and majors. In contrast, students who score at or just above multiples of 10 aim at and achieve higher but are at greater risk of overshooting. The discontinuity reveals that despite the educational and labor market consequences, students’ self-evaluation based on exam scores is subject to information-processing heuristics.
- [MINISO’s Shift in Products: Self-owned IP to be the Future Battleground](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/minisos-shift-in-products-self-owned-ip-to-be-the-future-battleground/)
- [The Dual Effects of Geopolitical Risk on MNCs’ First-Tier Supply Base: A Political Economy Perspective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-dual-effects-of-geopolitical-risk-on-mncs-first-tier-supply-base-a-political-economy-perspective/) - While prior research has emphasized the economic threats posed by political risk, it is unclear how geopolitical risk (GPR), a supranational-level risk, affects global supply chain decisions. Drawing on the political economy perspective, we posit that GPR presents both opportunities and threats for multinational corporations (MNCs), depending on the political affinity between MNCs’ home and host countries. We also identify the risk-mitigation roles of MNCs’ political lobbying and market diversification. Using panel data from publicly listed MNCs in the US, we find that host-country GPR increases MNCs’ first-tier supply base when home–host country political affinity is high, but decreases when political affinity is low. Moreover, the positive effect of high-affinity host-country GPR on MNCs’ supply base is stronger, and the negative effect of low-affinity host-country GPR is weaker for MNCs with high levels of political lobbying or market diversification. These findings enrich the international business research and political economy perspective by elucidating both the opportunities and threats of GPR, and highlight the importance of risk-coping capabilities in managing GPR. These findings also provide insights for MNCs to adapt their strategies amid GPR by leveraging home–host political affinity, engaging in political lobbying, and pursuing market diversification to mitigate geopolitical challenges.
- [Optimal Capacity and Price Designs Under Ex Ante and Ex Post Theft](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/optimal-capacity-and-price-designs-under-ex-ante-and-ex-post-theft/) - Problem definition: Internal theft poses a significant challenge in retail firms’ operations. Owing to a lack of effective monitoring tools, a firm cannot observe every action in daily operations of its employees, providing opportunity for wrongdoing, such as capacity and cash stealing. As a result, a common practice is to increase the price of goods to offset the loss in revenue due to the increasing threat of theft. However, we show that such practices are not optimal. Methodology/results: We model the internal theft problem in retailing as a principal-agent model, where the principal (firm) contracts an agent (retail manager) for capacity planning and daily sales. The agent is subject to moral hazard and may steal the capacity (procurement budget or company asset) before demand realization (ex ante stealing) or steal the sales revenue after demand realization (ex post stealing). We solve for the optimal capacity, price, and agent’s commission decisions to maximize the principal’s utility. We find that capacity and price decisions are not monotone in terms of the severity of moral hazards. In particular, the principal should first decrease and then increase (increase and then decrease) the price (the capacity) when ex post stealing becomes more prevalent. We also provide an optimal commission scheme to the agent, which is simple and can be easily implemented. Finally, we investigate the sensitivities of price and capacity decisions to demand uncertainties in the presence of moral hazard. Managerial implications: Simply increasing retail prices and shifting the margin to consumers to combat loss in revenue caused by internal theft can amplify the agency problem in some scenarios because it leads to a significant loss in demand and insufficient commission to the agent. Retail firms should instead focus on jointly optimizing capacity and price and providing their employees with appropriate commissions.
- [Optimal Capacity and Price Designs Under Ex Ante and Ex Post Theft](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/optimal-capacity-and-price-designs-under-ex-ante-and-ex-post-theft/) - Problem definition: Internal theft poses a significant challenge in retail firms’ operations. Owing to a lack of effective monitoring tools, a firm cannot observe every action in daily operations of its employees, providing opportunity for wrongdoing, such as capacity and cash stealing. As a result, a common practice is to increase the price of goods to offset the loss in revenue due to the increasing threat of theft. However, we show that such practices are not optimal. Methodology/results: We model the internal theft problem in retailing as a principal-agent model, where the principal (firm) contracts an agent (retail manager) for capacity planning and daily sales. The agent is subject to moral hazard and may steal the capacity (procurement budget or company asset) before demand realization (ex ante stealing) or steal the sales revenue after demand realization (ex post stealing). We solve for the optimal capacity, price, and agent’s commission decisions to maximize the principal’s utility. We find that capacity and price decisions are not monotone in terms of the severity of moral hazards. In particular, the principal should first decrease and then increase (increase and then decrease) the price (the capacity) when ex post stealing becomes more prevalent. We also provide an optimal commission scheme to the agent, which is simple and can be easily implemented. Finally, we investigate the sensitivities of price and capacity decisions to demand uncertainties in the presence of moral hazard. Managerial implications: Simply increasing retail prices and shifting the margin to consumers to combat loss in revenue caused by internal theft can amplify the agency problem in some scenarios because it leads to a significant loss in demand and insufficient commission to the agent. Retail firms should instead focus on jointly optimizing capacity and price and providing their employees with appropriate commissions.
- [Optimal Capacity and Price Designs Under Ex Ante and Ex Post Theft](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/optimal-capacity-and-price-designs-under-ex-ante-and-ex-post-theft/) - Problem definition: Internal theft poses a significant challenge in retail firms’ operations. Owing to a lack of effective monitoring tools, a firm cannot observe every action in daily operations of its employees, providing opportunity for wrongdoing, such as capacity and cash stealing. As a result, a common practice is to increase the price of goods to offset the loss in revenue due to the increasing threat of theft. However, we show that such practices are not optimal. Methodology/results: We model the internal theft problem in retailing as a principal-agent model, where the principal (firm) contracts an agent (retail manager) for capacity planning and daily sales. The agent is subject to moral hazard and may steal the capacity (procurement budget or company asset) before demand realization (ex ante stealing) or steal the sales revenue after demand realization (ex post stealing). We solve for the optimal capacity, price, and agent’s commission decisions to maximize the principal’s utility. We find that capacity and price decisions are not monotone in terms of the severity of moral hazards. In particular, the principal should first decrease and then increase (increase and then decrease) the price (the capacity) when ex post stealing becomes more prevalent. We also provide an optimal commission scheme to the agent, which is simple and can be easily implemented. Finally, we investigate the sensitivities of price and capacity decisions to demand uncertainties in the presence of moral hazard. Managerial implications: Simply increasing retail prices and shifting the margin to consumers to combat loss in revenue caused by internal theft can amplify the agency problem in some scenarios because it leads to a significant loss in demand and insufficient commission to the agent. Retail firms should instead focus on jointly optimizing capacity and price and providing their employees with appropriate commissions.
- [Pooling and Boosting for Demand Prediction in Retail: A Transfer Learning Approach](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/pooling-and-boosting-for-demand-prediction-in-retail-a-transfer-learning-approach/) - Problem definition: How should retailers leverage aggregate (category) sales information for individual product demand prediction? Motivated by inventory risk pooling, we develop a new prediction framework that integrates category-product sales information to exploit the benefit of pooling. Methodology/results: We propose to combine data from different aggregation levels in a transfer learning framework. Our approach treats the top-level sales information as a regularization for fitting the bottom-level prediction model. We characterize the error performance of our model in linear cases and demonstrate the benefit of pooling. Moreover, our approach exploits a natural connection to regularized gradient boosting trees that enable a scalable implementation for large-scale applications. Based on an internal study with JD.com on more than 6,000 weekly observations between 2020 and 2021, we evaluate the out-of-sample forecasting performance of our approach against state-of-the-art benchmarks. The result shows that our approach delivers superior forecasting performance consistently with more than 9% improvement over the benchmark method of JD.com. We further validate its generalizability on a Walmart retail data set and through alternative pooling and prediction methods. Managerial implications: Using aggregate sales information directly may not help with product demand prediction. Our result highlights the value of transfer learning to demand prediction in retail with both theoretical and empirical support. Based on a conservative estimate of JD.com, the improved forecasts can reduce the operating cost by 0.01–0.29 renminbi (RMB) per sold unit on the retail platform, which implies significant cost savings for the low-margin e-retail business.
- [Pooling and Boosting for Demand Prediction in Retail: A Transfer Learning Approach](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/pooling-and-boosting-for-demand-prediction-in-retail-a-transfer-learning-approach/) - Problem definition: How should retailers leverage aggregate (category) sales information for individual product demand prediction? Motivated by inventory risk pooling, we develop a new prediction framework that integrates category-product sales information to exploit the benefit of pooling. Methodology/results: We propose to combine data from different aggregation levels in a transfer learning framework. Our approach treats the top-level sales information as a regularization for fitting the bottom-level prediction model. We characterize the error performance of our model in linear cases and demonstrate the benefit of pooling. Moreover, our approach exploits a natural connection to regularized gradient boosting trees that enable a scalable implementation for large-scale applications. Based on an internal study with JD.com on more than 6,000 weekly observations between 2020 and 2021, we evaluate the out-of-sample forecasting performance of our approach against state-of-the-art benchmarks. The result shows that our approach delivers superior forecasting performance consistently with more than 9% improvement over the benchmark method of JD.com. We further validate its generalizability on a Walmart retail data set and through alternative pooling and prediction methods. Managerial implications: Using aggregate sales information directly may not help with product demand prediction. Our result highlights the value of transfer learning to demand prediction in retail with both theoretical and empirical support. Based on a conservative estimate of JD.com, the improved forecasts can reduce the operating cost by 0.01–0.29 renminbi (RMB) per sold unit on the retail platform, which implies significant cost savings for the low-margin e-retail business.
- [Pooling and Boosting for Demand Prediction in Retail: A Transfer Learning Approach](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/pooling-and-boosting-for-demand-prediction-in-retail-a-transfer-learning-approach/) - Problem definition: How should retailers leverage aggregate (category) sales information for individual product demand prediction? Motivated by inventory risk pooling, we develop a new prediction framework that integrates category-product sales information to exploit the benefit of pooling. Methodology/results: We propose to combine data from different aggregation levels in a transfer learning framework. Our approach treats the top-level sales information as a regularization for fitting the bottom-level prediction model. We characterize the error performance of our model in linear cases and demonstrate the benefit of pooling. Moreover, our approach exploits a natural connection to regularized gradient boosting trees that enable a scalable implementation for large-scale applications. Based on an internal study with JD.com on more than 6,000 weekly observations between 2020 and 2021, we evaluate the out-of-sample forecasting performance of our approach against state-of-the-art benchmarks. The result shows that our approach delivers superior forecasting performance consistently with more than 9% improvement over the benchmark method of JD.com. We further validate its generalizability on a Walmart retail data set and through alternative pooling and prediction methods. Managerial implications: Using aggregate sales information directly may not help with product demand prediction. Our result highlights the value of transfer learning to demand prediction in retail with both theoretical and empirical support. Based on a conservative estimate of JD.com, the improved forecasts can reduce the operating cost by 0.01–0.29 renminbi (RMB) per sold unit on the retail platform, which implies significant cost savings for the low-margin e-retail business.
- [Patient Sensitivity to Emergency Department Waiting Time Announcements](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/patient-sensitivity-to-emergency-department-waiting-time-announcements/) - Problem definition: Emergency department (ED) delay announcement systems are implemented in many countries. We answer three important questions pertaining to the operations and effectiveness of such systems by studying the public hospital network and ED waiting time (WT) announcement system in Hong Kong’s “universal” public healthcare system: (1) How many patients are aware of (and sensitive to) the ED WT announcements? (2) How sensitive are these patients to the announced WT? (3) How can the Hong Kong government improve the WT announcement system? Methodology/results: We study over 1.3 million patient visits to the 17 tier 1 public EDs. We structurally estimate the fraction of patients sensitive to the announced WT and their sensitivity to the announcements as well as patient characteristics that lead to higher sensitivity. In the patient’s ED choice decision, we estimate the trade-off between the travel distance to an ED and the expected WT at the ED. We find that 3.1% of the patients are sensitive to the announced WT, and they are willing to travel an additional 4.8 km to save one hour of waiting. Urgent patients are less likely to be sensitive to the delay announcement than less urgent patients, but those that are sensitive are more WT averse than their less urgent counterparts. Counterfactual analysis shows that the average actual WT and number of patients who leave without being seen can be reduced by 4.6% and 8.5%, respectively, by increasing the fraction of sensitive patients to 15.0% and, simultaneously, reducing the announced WT assessment window to one hour from the current level of three hours. Further improvement can be achieved by providing predicted WT information based on the current level of ED crowding or less extreme past performance—median WT rather than the currently used 95th percentile. Managerial implications: The Hong Kong government should utilize the two levers of the announcement system: the sensitive fraction of patients and information recency. Increasing the sensitive fraction can benefit the system when it is below a certain threshold level. However, administrators should exercise caution when the sensitive fraction becomes large and consider implementing additional measures to mitigate the negative effects of information delay. The sensitive group of patients can unfairly be punished for their proactiveness. Shortening the announced WT assessment window and providing predicted WT are possible alternatives that not only improve overall performance but also exhibit strong robustness to increases in the sensitive population.
- [Patient Sensitivity to Emergency Department Waiting Time Announcements](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/patient-sensitivity-to-emergency-department-waiting-time-announcements/) - Problem definition: Emergency department (ED) delay announcement systems are implemented in many countries. We answer three important questions pertaining to the operations and effectiveness of such systems by studying the public hospital network and ED waiting time (WT) announcement system in Hong Kong’s “universal” public healthcare system: (1) How many patients are aware of (and sensitive to) the ED WT announcements? (2) How sensitive are these patients to the announced WT? (3) How can the Hong Kong government improve the WT announcement system? Methodology/results: We study over 1.3 million patient visits to the 17 tier 1 public EDs. We structurally estimate the fraction of patients sensitive to the announced WT and their sensitivity to the announcements as well as patient characteristics that lead to higher sensitivity. In the patient’s ED choice decision, we estimate the trade-off between the travel distance to an ED and the expected WT at the ED. We find that 3.1% of the patients are sensitive to the announced WT, and they are willing to travel an additional 4.8 km to save one hour of waiting. Urgent patients are less likely to be sensitive to the delay announcement than less urgent patients, but those that are sensitive are more WT averse than their less urgent counterparts. Counterfactual analysis shows that the average actual WT and number of patients who leave without being seen can be reduced by 4.6% and 8.5%, respectively, by increasing the fraction of sensitive patients to 15.0% and, simultaneously, reducing the announced WT assessment window to one hour from the current level of three hours. Further improvement can be achieved by providing predicted WT information based on the current level of ED crowding or less extreme past performance—median WT rather than the currently used 95th percentile. Managerial implications: The Hong Kong government should utilize the two levers of the announcement system: the sensitive fraction of patients and information recency. Increasing the sensitive fraction can benefit the system when it is below a certain threshold level. However, administrators should exercise caution when the sensitive fraction becomes large and consider implementing additional measures to mitigate the negative effects of information delay. The sensitive group of patients can unfairly be punished for their proactiveness. Shortening the announced WT assessment window and providing predicted WT are possible alternatives that not only improve overall performance but also exhibit strong robustness to increases in the sensitive population.
- [Patient Sensitivity to Emergency Department Waiting Time Announcements](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/patient-sensitivity-to-emergency-department-waiting-time-announcements/) - Problem definition: Emergency department (ED) delay announcement systems are implemented in many countries. We answer three important questions pertaining to the operations and effectiveness of such systems by studying the public hospital network and ED waiting time (WT) announcement system in Hong Kong’s “universal” public healthcare system: (1) How many patients are aware of (and sensitive to) the ED WT announcements? (2) How sensitive are these patients to the announced WT? (3) How can the Hong Kong government improve the WT announcement system? Methodology/results: We study over 1.3 million patient visits to the 17 tier 1 public EDs. We structurally estimate the fraction of patients sensitive to the announced WT and their sensitivity to the announcements as well as patient characteristics that lead to higher sensitivity. In the patient’s ED choice decision, we estimate the trade-off between the travel distance to an ED and the expected WT at the ED. We find that 3.1% of the patients are sensitive to the announced WT, and they are willing to travel an additional 4.8 km to save one hour of waiting. Urgent patients are less likely to be sensitive to the delay announcement than less urgent patients, but those that are sensitive are more WT averse than their less urgent counterparts. Counterfactual analysis shows that the average actual WT and number of patients who leave without being seen can be reduced by 4.6% and 8.5%, respectively, by increasing the fraction of sensitive patients to 15.0% and, simultaneously, reducing the announced WT assessment window to one hour from the current level of three hours. Further improvement can be achieved by providing predicted WT information based on the current level of ED crowding or less extreme past performance—median WT rather than the currently used 95th percentile. Managerial implications: The Hong Kong government should utilize the two levers of the announcement system: the sensitive fraction of patients and information recency. Increasing the sensitive fraction can benefit the system when it is below a certain threshold level. However, administrators should exercise caution when the sensitive fraction becomes large and consider implementing additional measures to mitigate the negative effects of information delay. The sensitive group of patients can unfairly be punished for their proactiveness. Shortening the announced WT assessment window and providing predicted WT are possible alternatives that not only improve overall performance but also exhibit strong robustness to increases in the sensitive population.
- [名创优品的产品转型：自有IP将成未来重点战场](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/minisos-shift-in-products-self-owned-ip-to-be-the-future-battleground/)
- [名創優品的產品轉型：自有IP將成未來重點戰場](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/minisos-shift-in-products-self-owned-ip-to-be-the-future-battleground/)
- [A Model of Systemic Bank Runs](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-model-of-systemic-bank-runs/) - We develop a tractable model of systemic bank runs. The market-based banking system features a two-layer structure: banks with heterogeneous fundamentals face potential runs by their creditors while they trade short-term funding in the asset (interbank) market in response to creditor withdrawals. The possibility of a run on a particular bank depends on its assets' interim liquidation value, and this value depends endogenously in turn on the status of other banks in the asset market. The within-bank coordination problem among creditors and the cross-bank price externality feed into each other. A small shock can be amplified into a systemic crisis.
- [A Model of Systemic Bank Runs](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-model-of-systemic-bank-runs/) - We develop a tractable model of systemic bank runs. The market-based banking system features a two-layer structure: banks with heterogeneous fundamentals face potential runs by their creditors while they trade short-term funding in the asset (interbank) market in response to creditor withdrawals. The possibility of a run on a particular bank depends on its assets' interim liquidation value, and this value depends endogenously in turn on the status of other banks in the asset market. The within-bank coordination problem among creditors and the cross-bank price externality feed into each other. A small shock can be amplified into a systemic crisis.
- [Advance Selling in Marketing Channels](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/advance-selling-in-marketing-channels/) - Manufacturers and retailers often advance sell seasonal products or services (e.g., holiday decorations, summer or winter entertainment). The authors examine advance selling in marketing channels to offer several insights. First, it is well established that a decentralized channel suffers from the issue of double marginalization; that is, the manufacturer and retailer both add positive margins when setting their prices, which results in inefficiently high retail prices. The authors find that, under a dynamic wholesale-price contract, advance selling can alleviate this double-marginalization problem and benefit the manufacturer, the retailer, and consumers. Second, the benefit of advance selling diminishes with the product's holding cost, the retailer's stockpiling ability, and the manufacturer's commitment to spot wholesale price. Third, with wholesale-price commitment, advance selling benefits the manufacturer and consumers but hurts the retailer; the manufacturer is better off making a price commitment only when its product's holding cost is sufficiently low and worse off otherwise. Last, the retailer's stockpiling ability decreases its own profit under a dynamic contract but increases it under a commitment contract.
- [Advance Selling in Marketing Channels](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/advance-selling-in-marketing-channels/) - Manufacturers and retailers often advance sell seasonal products or services (e.g., holiday decorations, summer or winter entertainment). The authors examine advance selling in marketing channels to offer several insights. First, it is well established that a decentralized channel suffers from the issue of double marginalization; that is, the manufacturer and retailer both add positive margins when setting their prices, which results in inefficiently high retail prices. The authors find that, under a dynamic wholesale-price contract, advance selling can alleviate this double-marginalization problem and benefit the manufacturer, the retailer, and consumers. Second, the benefit of advance selling diminishes with the product's holding cost, the retailer's stockpiling ability, and the manufacturer's commitment to spot wholesale price. Third, with wholesale-price commitment, advance selling benefits the manufacturer and consumers but hurts the retailer; the manufacturer is better off making a price commitment only when its product's holding cost is sufficiently low and worse off otherwise. Last, the retailer's stockpiling ability decreases its own profit under a dynamic contract but increases it under a commitment contract.
- [当斧头遇上帐本：重塑森林价值的全球实践](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/when-axes-meet-the-balance-sheets-how-the-world-is-revaluing-the-forests/) - 热带森林正以惊人的速度消失，2024年全球热带原始森林损失约670万公顷，幅度比2023年增加近八成【注1】。上月在巴西召开的第三十届联合国气候变化大会（COP30）被视为继《巴黎协定》之后一大关键气候峰会，本届议题之一聚焦于热带雨林，以期改写“毁林比护林更赚钱”的利益逻辑。 环境效益的经济阻力 根据联合国环境规划署的测算，到2030年全球每年用于自然保护的资金缺口高达约7,000亿美元，而目前流向森林保护的公共和私人资金却远未足够【注2】。尤其重要的是，森林提供的清洁空气、生物多样性和气候调节等效益为全人类共用，而保护成本却主要由森林所在国（多为发展中国家）独力承担。 在资金来源上，长期依赖发达国家的官方发展援助和慈善捐赠，也进一步放大了不确定性。这类资金往往受宏观经济和国内政治议程左右，一旦捐助国经济下行或政策重心转移，相关投入便可能骤减，以致长期保护计划难以为继。 凡此种种，背后其实牵涉一笔难算的经济账。对于拥有大片热带森林的国家（如巴西、印尼），砍伐森林以转化为养牛、种大豆的农业用地，可以在短期内获得可观的出口收入。对比之下，保护森林既“不划算”，又被视为“不公平”，于是成为推动毁林、阻碍护林的双重动因。 从REDD+的困境到TFFF的突破 2005年提出的“减少发展中国家毁林和森林退化排放”（Reducing Emissions from Deforestation and Forest Degradation in Developing Countries，简称REDD+）是国际气候管治中重要的政策框架【注3】，可惜在实践过程中，往往受制于支付不确定、交易和市场发展缓慢等问题，难以为森林国家提供长期稳定的财政回报。 COP30大会不久前正式启动“热带森林永久基金”（Tropical Forests Forever Facility，简称TFFF），将设立约1,250亿美元热带森林投资基金，其中约250亿美元由主权国家和慈善机构出资，作为风险缓冲，其馀约1,000亿美元则通过在金融资本市场发行高信用债券募集，以公共和慈善资金撬动机构投资者的长期资本，降低整体融资成本。 如【表】所示，TFFF的创新之处，在于化资本市场的投资收益为与森林面积直接挂钩的可预期年度回报。按各参与国受保护或恢复的热带森林面积支付固定年费，并对毁林或退化的面积进行相应扣减，从而形成保护愈多、分成愈高，砍伐愈多、收益愈少的稳定激励结构，亦更接近一个生态系统服务付费机制，直接为森林存量付费，尤其有利于激励毁林率受控但长期承担高保护成本的国家，因而有望填补REDD+在激励方面的空白。 对比维度 REDD+ TFFF 主要目标 减少因毁林、森林退化及森林碳储量移除产生的温室气体排放。 长期保护热带森林。 适用地域 主要针对积极减少毁林和森林退化的国家及行政区，尤其是高毁林率地区。 热带及亚热带森林国家，尤其是低毁林率国家。 合格活动 能够减少温室气体排放和增强碳吸收的活动。 森林保护与森林恢复。 付费逻辑 二氧化碳当量（吨） 森林面积（公顷） 资金来源 碳市场买方（主权机构、私营企业等）购买碳信用; 通过官方发展援助支持国家气候目标的非市场倡议。 主权投资者、机构投资者（如主权财富基金、养老基金），即公共/慈善的赞助者资本+私人资本市场发行的债券构成混合融资，通过金融工具为投资者提供回报。 资料来源：TFFF-Concept Note 3.0、笔者整理所得 中国的实证范例 在COP30会议筹备阶段，TFFF虽已筹得约67亿美元启动资金，但仍远未达至所需250亿美元的初始目标，不少富裕国家以运作机制存在分歧、国内预算受限为由暂缓出资。 过去几十年，中国推进一系列大规模生态修复工程，足以建立一个罕见的国家实证样本。仅在2001至2020年期间，中国生态修复工程就在全国范围内新增或恢复了超过1亿公顷的森林和植被覆盖，其中新增森林面积约达6,500万公顷，相当于美国全部国家公园面积的一半以上。 这场“种树行动”带来的首先是生态与环境的系统性改善。笔者与合作者的实证评估显示，在生态修复重点实施地区，极端高温日（平均气温超过摄氏30度）数目减少约35%，极端热浪显著缓解; 同时，悬浮微粒（PM₂.₅）年均浓度平均下降约11微克/立方米，而且这种净化效应可延伸到下风向300公里之外的城市。下游河流的污染指标亦显著下降，同样呈现出顺流向外扩散的溢出效应。 至于生物多样性也出现了止跌回稳的信号。 在实施生态工程的地区，鸟类数量下降的速度约为无工程情景的40%，这说明大规模恢复至少为常见物种保留更多栖息地和生存空间。 笔者的研究结果显示，在工程覆盖地区，主粮作物单产没有受到显著冲击，这部分得益于水土保持和局地小气候改善; 同期地区的本地生产总值和就业并未出现系统性下滑，这表明在合理设计下，种树和吃饭或发展并非必然对立。 生态改善的投资回报 如果把这些生态改善转化成“经济帐本”，数字更为直观。研究将减少的高温暴露、空气和水污染所避免的过早死亡，用流行病学模型和人口数据折算成币值，结果显示2001至2020年期间，中国生态修复工程带来的健康收益总额约为13万亿元人民币（约1.8万亿美元），而同期财政投入合计约8,000亿至1万亿元人民币，相当于花1块钱，收回13块钱的回报；其中还未包括碳汇和生物多样性等生态系统服务收益。 以中国经验为基准，上述研究进一步构建了全球森林恢复投资回报率地图，在地球每个有人居住的一度网格，比较恢复所有适宜造林土地的成本与由此改善空气质量带来的健康收益。结果发现，在南亚、东南亚、西非等人口密集且污染严重地区，大规模种树的回报率同样有望超过10，甚至与中国相当或更高。
- [The Effects of Critical Audit Matter Disclosure on Audit Effort, Investor Scrutiny, and Investment Efficiency](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-effects-of-critical-audit-matter-disclosure-on-audit-effort-investor-scrutiny-and-investment-efficiency/) - We study the effects of the disclosure of critical audit matters (CAMs) on an auditor's audit effort and an investor's scrutiny effort decisions, as well as on investment efficiency. Both the auditor and the investor can prevent a bad investment by respectively auditing and scrutinizing the firm's financial reports to detect misstatements about the investment value. Investment efficiency is determined by the investor's total mix of information. The disclosure of CAMs helps the investor assess investment risk and infer the auditor's effort, and thus enables the investor to fine-tune scrutiny effort, which can in turn adversely influence the auditor's effort decision. We show when and why the disclosure of CAMs increases or decreases ex ante audit effort, ex ante investor scrutiny, and investment efficiency. Our analyses have both testable empirical implications and policy implications.
- [The Effects of Critical Audit Matter Disclosure on Audit Effort, Investor Scrutiny, and Investment Efficiency](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-effects-of-critical-audit-matter-disclosure-on-audit-effort-investor-scrutiny-and-investment-efficiency/) - We study the effects of the disclosure of critical audit matters (CAMs) on an auditor's audit effort and an investor's scrutiny effort decisions, as well as on investment efficiency. Both the auditor and the investor can prevent a bad investment by respectively auditing and scrutinizing the firm's financial reports to detect misstatements about the investment value. Investment efficiency is determined by the investor's total mix of information. The disclosure of CAMs helps the investor assess investment risk and infer the auditor's effort, and thus enables the investor to fine-tune scrutiny effort, which can in turn adversely influence the auditor's effort decision. We show when and why the disclosure of CAMs increases or decreases ex ante audit effort, ex ante investor scrutiny, and investment efficiency. Our analyses have both testable empirical implications and policy implications.
- [Military Investment and the Rise of Industrial Clusters: Evidence From China’s Self-strengthening Movement](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/military-investment-and-the-rise-of-industrial-clusters-evidence-from-chinas-self-strengthening-movement/) - This paper investigates the short- and long-term impact of large-scale military investment on civilian industrial growth by focusing on China’s first attempt to modernize its military sector between 1861 and 1894. Panel data from 1858 to 1937 suggest that the program generated positive effects on civilian firm entry, but these effects appeared only after the government relaxed constraints on the entry of private firms. Long-term analysis shows that counties that received more military investment through the program, driven by plausibly exogenous ex ante political connections, had greater output in civilian industries in the 1930s. Analysis of the mechanisms suggest that the program boosted local economies through input–output linkages, human capital accumulation, and the rise of modern banks.
- [Military Investment and the Rise of Industrial Clusters: Evidence From China’s Self-strengthening Movement](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/military-investment-and-the-rise-of-industrial-clusters-evidence-from-chinas-self-strengthening-movement/) - This paper investigates the short- and long-term impact of large-scale military investment on civilian industrial growth by focusing on China’s first attempt to modernize its military sector between 1861 and 1894. Panel data from 1858 to 1937 suggest that the program generated positive effects on civilian firm entry, but these effects appeared only after the government relaxed constraints on the entry of private firms. Long-term analysis shows that counties that received more military investment through the program, driven by plausibly exogenous ex ante political connections, had greater output in civilian industries in the 1930s. Analysis of the mechanisms suggest that the program boosted local economies through input–output linkages, human capital accumulation, and the rise of modern banks.
- [New Product Life Cycle Curve Modeling and Forecasting with Product Attributes and Promotion: A Bayesian Functional Approach](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/new-product-life-cycle-curve-modeling-and-forecasting-with-product-attributes-and-promotion-a-bayesian-functional-approach/) - New products are highly valued by manufacturers and retailers due to their vital role in revenue generation. Product life cycle curves often vary by their shapes and are complicated by promotional activities that induce spiky and irregular behaviors. We collaborate with JD.com to develop a flexible product life cycle curve forecasting framework based on Bayesian functional regression that accounts for useful covariate information, including product attributes and promotion. The functional model treats product life cycle curves as target variables and includes both scalar and functional predictors, capturing time-varying promotional activities. Harnessing the power of basis function transformation, the developed model can effectively characterize the local features and temporal evolution of sales curves. Our Bayesian framework can generate initial curve forecasts before the product launch and update the forecasts dynamically as new sales data is collected. We validate the superior performance of our method through extensive numerical experiments using three real-world data sets. Our forecasting framework reduces the forecasting error by 5.35%-30.76% over JD.com's current model and outperforms alternative models significantly. Furthermore, the estimated promotion effect function provides useful insights into how promotional activities interact with sales curves.
- [New Product Life Cycle Curve Modeling and Forecasting with Product Attributes and Promotion: A Bayesian Functional Approach](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/new-product-life-cycle-curve-modeling-and-forecasting-with-product-attributes-and-promotion-a-bayesian-functional-approach/) - New products are highly valued by manufacturers and retailers due to their vital role in revenue generation. Product life cycle curves often vary by their shapes and are complicated by promotional activities that induce spiky and irregular behaviors. We collaborate with JD.com to develop a flexible product life cycle curve forecasting framework based on Bayesian functional regression that accounts for useful covariate information, including product attributes and promotion. The functional model treats product life cycle curves as target variables and includes both scalar and functional predictors, capturing time-varying promotional activities. Harnessing the power of basis function transformation, the developed model can effectively characterize the local features and temporal evolution of sales curves. Our Bayesian framework can generate initial curve forecasts before the product launch and update the forecasts dynamically as new sales data is collected. We validate the superior performance of our method through extensive numerical experiments using three real-world data sets. Our forecasting framework reduces the forecasting error by 5.35%-30.76% over JD.com's current model and outperforms alternative models significantly. Furthermore, the estimated promotion effect function provides useful insights into how promotional activities interact with sales curves.
- [Bayesian Solutions for the Factor Zoo: We Just Ran Two Quadrillion Models](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/bayesian-solutions-for-the-factor-zoo-we-just-ran-two-quadrillion-models/) - We propose a novel framework for analyzing linear asset pricing models: simple, robust, and applicable to high-dimensional problems. For a (potentially misspecified) stand-alone model, it provides reliable price of risk estimates for both tradable and nontradable factors, and detects those weakly identified. For competing factors and (possibly nonnested) models, the method automatically selects the best specification—if a dominant one exists—or provides a Bayesian model averaging–stochastic discount factor (BMA-SDF), if there is no clear winner. We analyze 2.25 quadrillion models generated by a large set of factors and find that the BMA-SDF outperforms existing models in- and out-of-sample.
- [Bayesian Solutions for the Factor Zoo: We Just Ran Two Quadrillion Models](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/bayesian-solutions-for-the-factor-zoo-we-just-ran-two-quadrillion-models/) - We propose a novel framework for analyzing linear asset pricing models: simple, robust, and applicable to high-dimensional problems. For a (potentially misspecified) stand-alone model, it provides reliable price of risk estimates for both tradable and nontradable factors, and detects those weakly identified. For competing factors and (possibly nonnested) models, the method automatically selects the best specification—if a dominant one exists—or provides a Bayesian model averaging–stochastic discount factor (BMA-SDF), if there is no clear winner. We analyze 2.25 quadrillion models generated by a large set of factors and find that the BMA-SDF outperforms existing models in- and out-of-sample.
- [消费者之间共享市场物主接受租借的动态模型](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-dynamic-model-of-owner-acceptance-in-peer-to-peer-sharing-markets/) - 消费者之间（P2P）的共享市场有助于实现社会闲置资源的共享。当租客对物主的资源发出共享请求时，物主则需要决定是否接受该请求：接受请求可以马上填补资源的闲置期，给物主带来即刻回报，但却降低了物主满足未来对资源有更长时间的请求（更高回报）的灵活性。本文建立了一个模型，来揭示这些共享平台上物主在决定接受租客请求时面临的权衡。该模型可以优化物主的决策，并改善平台的运营。该模型明确容纳了两种类型的物主：一类物主具有前瞻性，会考虑其资源可供租用的状态，而另一类物主则只考虑眼前的请求，短视地做出接受决定。我们将该模型应用于中国一家领先的共享汽车租赁平台的数据集上。结果显示，数据中前瞻型和短视型车主人数各半；女性、经验丰富及年轻的车主更具备前瞻性。结果还显示两类车主对租客有不同的偏好。根据模型的估计结果，我们计算了未来每一天对前瞻型车主的期权价值（即资源一天可用的价值），发现期权价值随时间的推移先增后减。我们进行了两个反事实推论分析。第一项分析表明，如果平台规定最短租期，即便当前的租用条件可带来更高的预期回报，前瞻型物主仍会倾向拒绝请求。第二项分析则表明，随着平台对物主更深入的了解，平台可以通过对租赁请求的优化分配或再分配，大幅提高匹配效率，此举可令绝大部分平台参与者收益。
- [Harnessing Web 3.0: Strengthening Hong Kong's Status as a Global Financial Hub](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/harnessing-web-3-0-strengthening-hong-kongs-status-as-a-global-financial-hub/) - 以Web 3.0賦能香港金融業發展 鞏固提升香港國際金融中心地位 在全球Web 3.0浪潮推動虛擬資產市場規模持續擴張、國際金融秩序重塑的背景下，構建平衡穩健的本地Web 3.0生態體系，已然成為香港金融發展的破局支點。 Web 3.0是由區塊鏈、智慧合約和虛擬資產和代幣共同構成的新一代互聯網體系。 隨著全球加密貨幣用戶數突破七億，虛擬資產市值達3.5萬億美元， Web 3.0 所代表的去中心化、透明化與智慧化的金融技術浪潮，正在重新塑造國際金融秩序。 對香港而言，深化 Web 3.0 數位創新生態不僅是順應全球趨勢的必要舉措，更是鞏固其國際金融中心地位、實現高品質金融創新的戰略選擇。 然而，Web 3.0網路的部分功能具有隱含的社會和金融風險。 由於虛擬資產具有匿名性和全球可交易性質，其曾淪為罪犯進行跨國詐騙、洗錢和毒品走私等違法行為的工具。 因此，如何在推動Web 3.0積極發展和穩健監管之間取得平衡，成為保證社會穩定發展的重要議題。 在此背景下，香港政府積極推動對Web 3.0的制度化研究，尋找積極推進和穩健監管的平衡點。 在積極推進Web 3.0系統建設層面，香港政府在2025年發佈了《香港數字資產發展政策宣言2.0》，從「優化法律與監管」、「擴展代幣化產品種類」，「推進應用場景及跨界別合作」以及「人才與合作夥伴發展」四個方面繪製了一幅條理清晰且具有極大潛力的綜合藍圖。 而在監管層面，香港則建立了多層次的綜合框架。 證監會在2023年6月正式實施虛擬資產交易平台發牌制度，為中心化虛擬資產交易平臺提供了合規指引， 而 2025 年 8 月正式實施的《穩定幣條例》，則標誌著香港在 Web 3.0 金融基礎建設監管方面邁出重要一步。 隨著香港Web 3.0體系的不斷發展，兩種數字資產交易體系逐漸嶄露頭角：由擁有實體管理團隊與固定營運地點的中心化虛擬資產交易平臺（如 Binance和Hashkey）直接為客戶提供虛擬資產交易結算服務的中心化金融模式，和由傳統金融中和中心化虛擬資產交易平臺合作， 發售橫跨傳統金融市場和虛擬資產市場的綜合產品（如加密貨幣ETF）的傳統金融與中心化金融融合模式; 這兩種交易模式共同構成了活躍的合規Web 3.0虛擬資產金融網路，昭示了香港未來金融發展的新方向。 2025年諾貝爾經濟學獎得主 Joe Mokyr在其著作中強調，實現經濟持續增長需多重條件協同作用，其中社會對變革持有開放態度是關鍵支撐之一。 他的研究指出，技術變革往往會對傳統的產品體系和市場格局產生衝擊。 而若新興技術行業與傳統行業的代表能透過對話聚集一堂，在利益協調中達成互利共贏的共識，將有助於緩解變革帶來的阻力，為社會接納技術革新創造重要前提。 這一過程並非孤立存在，還需依託知識協同、制度保障等其他條件，共同構成增長的基礎。 Web 3.0 生態體系的發展，正為這一理論提供了具有參考價值的實踐方向。 作為技術驅動的新興領域，Web 3.0金融模式與傳統金融的運營模式存在差異，但兩者並非對立關係，而是存在互惠互利，共同開展業務的可能。 面向未來，香港應繼續以區塊鏈技術為引擎，持續完善 Web 3.0合規生態體系，為迎接金融科技的深度變革奠定制度基礎。
- [Tick Size and Earnings Guidance in Small-Cap Firms: Evidence from the SEC’s Tick Size Pilot Program](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/tick-size-and-earnings-guidance-in-small-cap-firms-evidence-from-the-secs-tick-size-pilot-program/) - The Securities and Exchange Commission’s 2016 Tick Size Pilot Program was a natural experiment that imposed increases in tick size for randomly selected small-cap firms. Using a difference-in-differences research design, we examine the effect of this increase in tick size on earnings guidance. We find that after initiation of the program, treatment firms provide significantly less earnings guidance. We provide further evidence that this decrease is driven by increases in investors’ fundamental information acquisition and in firms’ financial reporting quality, consistent with firms reducing earnings guidance when investors are already more informed. The decrease is stronger for firms with higher proprietary costs of disclosure, consistent with firms being more likely to reduce costly disclosure when investors are more informed. In contrast, the decrease is weaker for firms with greater external financing needs, consistent with these firms continuing to seek the benefits of disclosure, even when investors are more informed. Taken together, our results suggest that an increase in tick size makes investors more informed, which, in turn, reduces the need for firms to provide earnings guidance, though the extent of the reduction depends on the costs and benefits of providing earnings guidance.
- [Tick Size and Earnings Guidance in Small-Cap Firms: Evidence from the SEC’s Tick Size Pilot Program](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/tick-size-and-earnings-guidance-in-small-cap-firms-evidence-from-the-secs-tick-size-pilot-program/) - The Securities and Exchange Commission’s 2016 Tick Size Pilot Program was a natural experiment that imposed increases in tick size for randomly selected small-cap firms. Using a difference-in-differences research design, we examine the effect of this increase in tick size on earnings guidance. We find that after initiation of the program, treatment firms provide significantly less earnings guidance. We provide further evidence that this decrease is driven by increases in investors’ fundamental information acquisition and in firms’ financial reporting quality, consistent with firms reducing earnings guidance when investors are already more informed. The decrease is stronger for firms with higher proprietary costs of disclosure, consistent with firms being more likely to reduce costly disclosure when investors are more informed. In contrast, the decrease is weaker for firms with greater external financing needs, consistent with these firms continuing to seek the benefits of disclosure, even when investors are more informed. Taken together, our results suggest that an increase in tick size makes investors more informed, which, in turn, reduces the need for firms to provide earnings guidance, though the extent of the reduction depends on the costs and benefits of providing earnings guidance.
- [The Booms and Busts of Beta Arbitrage](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-booms-and-busts-of-beta-arbitrage/) - Low-beta stocks deliver high average returns and low risk relative to high-beta stocks, an opportunity for professional investors to “arbitrage” away. We argue that beta-arbitrage activity generates booms and busts in the strategy’s abnormal trading profits. In times of low arbitrage activity, the beta-arbitrage strategy exhibits delayed correction, taking up to three years for abnormal returns to be realized. In contrast, when arbitrage activity is high, prices overshoot and then revert in the long run. We document a novel positive-feedback channel operating through firm leverage that facilitates these boom-and-bust cycles.
- [The Booms and Busts of Beta Arbitrage](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-booms-and-busts-of-beta-arbitrage/) - Low-beta stocks deliver high average returns and low risk relative to high-beta stocks, an opportunity for professional investors to “arbitrage” away. We argue that beta-arbitrage activity generates booms and busts in the strategy’s abnormal trading profits. In times of low arbitrage activity, the beta-arbitrage strategy exhibits delayed correction, taking up to three years for abnormal returns to be realized. In contrast, when arbitrage activity is high, prices overshoot and then revert in the long run. We document a novel positive-feedback channel operating through firm leverage that facilitates these boom-and-bust cycles.
- [Practical Relevance in Consumer Research](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/practical-relevance-in-consumer-research/) - There has been a continuing and growing concern over the relevance of the articles published in the Journal of Consumer Research (JCR). “Relevance” has been addressed in a number of editorials over time: Mick (2003), Deighton (2007), Dahl et al. (2014), Inman et al. (2018), and Schmitt et al. (2002). There is an opinion that, over many years, the articles in JCR have trended toward the interests of academics and do not address the actual problems faced by consumers, firms, and public policy-makers (Inman et al. 2018). Also, there has been concern that much of what appears in JCR is narrow in scope, both in terms of theory and the empirical methods employed. Further, the dependent variables investigated are often lacking in real-world significance. These concerns have led to calls to increase relevance in consumer research. For example, Wells (1993) argued that “any given piece of research should be designed from the start with a consideration of how it will be useful to audiences it seeks to address” (Dahl et al. 2014, iii). According to Dahl et al. (2014), a single mantra for JCR should be to “make it meaningful” to its audience. The audience includes academics from the founding fields as well as scholars in other fields, consumers, marketing managers, and public policy-makers. Nevertheless, despite these calls, JCR was recently rated the lowest of the premier academic marketing journals on one measure of practical relevance (Jedidi et al. 2021). In light of this long-lasting dialogue, it is not clear to us that JCR stakeholders possess a good understanding of what “relevance” actually means. For example, Dahl et al. (2014, iv) argued “there is no single formula or paradigm for producing meaningful consumer research, and we therefore encourage a wide variety of approaches across papers.” Later, Inman et al. (2018, 955) claimed “Despite long-lasting and heartful ambitions to create a big tent for impactful, consumer-relevant research, we are still far from obtaining that goal.” Finally, according to the current editorial team (Schmitt et al. 2002, 753), “the mere fact that it [relevance] is revisited with such frequency makes us wonder if speaking about the need for consumer research to be relevant has not been enough. What more can be said?” Moreover, Schmitt et al. (2002, 754) state “As a field, we need to push ourselves to see how the areas we find personally fascinating link to real-world problems or serious important decisions that people have to make in the marketplace.” The goal of this article is to introduce a framework for increasing practical relevance in consumer research and illustrate it with recent articles published in JCR. We see this as a necessary (and long overdue) first step in gaining clarity on this issue and advancing the debate. Our framework focuses primarily on experimental research with empirical data. However, we believe it can also be applied to qualitative research. To accomplish this, we begin with a review of the literature on practical relevance. We then present our framework, explain its key dimensions, and identify representative examples from recently published articles. Finally, we close with several recommendations for marketing scholars keen on improving the relevance of their work.
- [Practical Relevance in Consumer Research](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/practical-relevance-in-consumer-research/) - There has been a continuing and growing concern over the relevance of the articles published in the Journal of Consumer Research (JCR). “Relevance” has been addressed in a number of editorials over time: Mick (2003), Deighton (2007), Dahl et al. (2014), Inman et al. (2018), and Schmitt et al. (2002). There is an opinion that, over many years, the articles in JCR have trended toward the interests of academics and do not address the actual problems faced by consumers, firms, and public policy-makers (Inman et al. 2018). Also, there has been concern that much of what appears in JCR is narrow in scope, both in terms of theory and the empirical methods employed. Further, the dependent variables investigated are often lacking in real-world significance. These concerns have led to calls to increase relevance in consumer research. For example, Wells (1993) argued that “any given piece of research should be designed from the start with a consideration of how it will be useful to audiences it seeks to address” (Dahl et al. 2014, iii). According to Dahl et al. (2014), a single mantra for JCR should be to “make it meaningful” to its audience. The audience includes academics from the founding fields as well as scholars in other fields, consumers, marketing managers, and public policy-makers. Nevertheless, despite these calls, JCR was recently rated the lowest of the premier academic marketing journals on one measure of practical relevance (Jedidi et al. 2021). In light of this long-lasting dialogue, it is not clear to us that JCR stakeholders possess a good understanding of what “relevance” actually means. For example, Dahl et al. (2014, iv) argued “there is no single formula or paradigm for producing meaningful consumer research, and we therefore encourage a wide variety of approaches across papers.” Later, Inman et al. (2018, 955) claimed “Despite long-lasting and heartful ambitions to create a big tent for impactful, consumer-relevant research, we are still far from obtaining that goal.” Finally, according to the current editorial team (Schmitt et al. 2002, 753), “the mere fact that it [relevance] is revisited with such frequency makes us wonder if speaking about the need for consumer research to be relevant has not been enough. What more can be said?” Moreover, Schmitt et al. (2002, 754) state “As a field, we need to push ourselves to see how the areas we find personally fascinating link to real-world problems or serious important decisions that people have to make in the marketplace.” The goal of this article is to introduce a framework for increasing practical relevance in consumer research and illustrate it with recent articles published in JCR. We see this as a necessary (and long overdue) first step in gaining clarity on this issue and advancing the debate. Our framework focuses primarily on experimental research with empirical data. However, we believe it can also be applied to qualitative research. To accomplish this, we begin with a review of the literature on practical relevance. We then present our framework, explain its key dimensions, and identify representative examples from recently published articles. Finally, we close with several recommendations for marketing scholars keen on improving the relevance of their work.
- [Consumers Prefer Natural Medicines More when Treating Psychological than Physical Conditions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/consumers-prefer-natural-medicines-more-when-treating-psychological-than-physical-conditions/) - Consumers generally prefer natural to synthetic drugs; a phenomenon known as the “natural preference”. Through six experiments and one archival study, the current research shows that while consumers have a general preference for natural drugs over synthetic drugs, this preference is stronger when the goal is to treat psychological rather than physical conditions. Process evidence indicates an important mechanism that explains the amplified natural preference for treating psychological conditions: consumers are more concerned about their true selves being altered when treating psychological conditions, and they perceive natural drugs to be less likely than synthetic drugs to affect their true selves. The current research provides novel insights into the natural preference. It also offers policy and managerial implications for marketing natural remedies and pharmacological treatments for mental health conditions.
- [Consumers Prefer Natural Medicines More when Treating Psychological than Physical Conditions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/consumers-prefer-natural-medicines-more-when-treating-psychological-than-physical-conditions/) - Consumers generally prefer natural to synthetic drugs; a phenomenon known as the “natural preference”. Through six experiments and one archival study, the current research shows that while consumers have a general preference for natural drugs over synthetic drugs, this preference is stronger when the goal is to treat psychological rather than physical conditions. Process evidence indicates an important mechanism that explains the amplified natural preference for treating psychological conditions: consumers are more concerned about their true selves being altered when treating psychological conditions, and they perceive natural drugs to be less likely than synthetic drugs to affect their true selves. The current research provides novel insights into the natural preference. It also offers policy and managerial implications for marketing natural remedies and pharmacological treatments for mental health conditions.
- [How Does Risk Hedging Impact Operations? Insights from a Price-Setting Newsvendor Model](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/how-does-risk-hedging-impact-operations-insights-from-a-price-setting-newsvendor-model/) - If a financial asset’s price movement impacts a firm’s product demand, the firm can respond to the impact by adjusting its operational decisions. For example, in the automotive industry, automakers decrease the selling prices of fuel-inefficient cars when the oil price rises. Meanwhile, the firm can implement a risk-hedging strategy using the financial asset jointly with its operational decisions. Motivated by this, we develop and solve a general risk-management model integrating risk hedging into a price-setting newsvendor. The optimal hedging strategy is calculated analytically, which leads to an explicit objective function for optimizing price and “virtual production quantity” (VPQ). (The latter determines the service level—that is, the demand-fulfillment probability.) We find that hedging generally reduces the optimal price when the firm sets the target mean return as its production-only maximum expected profit. With the same condition on the target mean return, hedging also reduces the optimal VPQ when the asset price trend positively impacts product demand; meanwhile, it may increase the VPQ by a small margin when the impact is negative. We construct the return-risk efficient frontier that characterizes the optimal return-risk trade-off. Our numerical study using data from a prominent automotive manufacturer shows that the markdowns in price and reduction in VPQ are small under our model and that the hedging strategy substantially reduces risk without materially reducing operational profit.
- [How Does Risk Hedging Impact Operations? Insights from a Price-Setting Newsvendor Model](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/how-does-risk-hedging-impact-operations-insights-from-a-price-setting-newsvendor-model/) - If a financial asset’s price movement impacts a firm’s product demand, the firm can respond to the impact by adjusting its operational decisions. For example, in the automotive industry, automakers decrease the selling prices of fuel-inefficient cars when the oil price rises. Meanwhile, the firm can implement a risk-hedging strategy using the financial asset jointly with its operational decisions. Motivated by this, we develop and solve a general risk-management model integrating risk hedging into a price-setting newsvendor. The optimal hedging strategy is calculated analytically, which leads to an explicit objective function for optimizing price and “virtual production quantity” (VPQ). (The latter determines the service level—that is, the demand-fulfillment probability.) We find that hedging generally reduces the optimal price when the firm sets the target mean return as its production-only maximum expected profit. With the same condition on the target mean return, hedging also reduces the optimal VPQ when the asset price trend positively impacts product demand; meanwhile, it may increase the VPQ by a small margin when the impact is negative. We construct the return-risk efficient frontier that characterizes the optimal return-risk trade-off. Our numerical study using data from a prominent automotive manufacturer shows that the markdowns in price and reduction in VPQ are small under our model and that the hedging strategy substantially reduces risk without materially reducing operational profit.
- [Is Personalized Pricing Profitable When Firms Can Differentiate?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/is-personalized-pricing-profitable-when-firms-can-differentiate/) - We consider the role of personalized pricing (PP) on product differentiation when PP is costly to implement. Using a stylized yet commonly used formulation, we find that when firms decide on positioning before deciding on PP implementation, PP implementation cost affects not only the amount of differentiation firms choose in their positioning, firm profits, consumer surplus, and social welfare, but also whether firms implement PP. When PP implementation cost is low, firms cannot help but to implement PP and engage in direct price competition. Moreover, firms implementing PP reduce their differentiation, further intensifying price competition, and are worse off. When PP implementation cost is moderate, firms position to reduce their differentiation to commit to not implementing PP, again aggravating price competition. In contrast, when PP implementation cost is higher, firms increase their differentiation due to the threat of PP but do not implement PP. As a result, the availability of PP improves firm profits, even though firms do not implement PP. However, if differentiation is restricted, then PP availability cannot improve firm profits. If an information seller sets the PP implementation cost, then it sets the cost low. Consequently, firms implement PP and are worse off. We also find that when firms decide whether to implement PP before deciding on positioning, they never implement PP. This is the case when PP implementation is complex, and differentiation can be affected by short-run advertising and promotion. Finally, we show that banning PP can benefit consumers when accounting for changes in firm positioning.
- [Is Personalized Pricing Profitable When Firms Can Differentiate?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/is-personalized-pricing-profitable-when-firms-can-differentiate/) - We consider the role of personalized pricing (PP) on product differentiation when PP is costly to implement. Using a stylized yet commonly used formulation, we find that when firms decide on positioning before deciding on PP implementation, PP implementation cost affects not only the amount of differentiation firms choose in their positioning, firm profits, consumer surplus, and social welfare, but also whether firms implement PP. When PP implementation cost is low, firms cannot help but to implement PP and engage in direct price competition. Moreover, firms implementing PP reduce their differentiation, further intensifying price competition, and are worse off. When PP implementation cost is moderate, firms position to reduce their differentiation to commit to not implementing PP, again aggravating price competition. In contrast, when PP implementation cost is higher, firms increase their differentiation due to the threat of PP but do not implement PP. As a result, the availability of PP improves firm profits, even though firms do not implement PP. However, if differentiation is restricted, then PP availability cannot improve firm profits. If an information seller sets the PP implementation cost, then it sets the cost low. Consequently, firms implement PP and are worse off. We also find that when firms decide whether to implement PP before deciding on positioning, they never implement PP. This is the case when PP implementation is complex, and differentiation can be affected by short-run advertising and promotion. Finally, we show that banning PP can benefit consumers when accounting for changes in firm positioning.
- [Illuminating the Effects of the US-China Tariff War on China’s Economy](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/illuminating-the-effects-of-the-us-china-tariff-war-on-chinas-economy/) - This paper studies the impact of the US-China tariff war on China, using high-frequency night lights data and grid-level measures of tariff exposure. Exploiting within-grid variation over time and controlling extensively for grid-specific contemporaneous trends, we find that each one-percentage-point increase in exposure to the US tariffs was associated with a 0.59% reduction in night-time luminosity. This impact was highly skewed across locations: Grids with negligible direct exposure to the US tariffs accounted for 70% of China’s population. But the tail 2.5% of China’s population with the highest exposure saw an implied 2.52% (1.62%) decrease in income per capita (employment) relative to unaffected grids. These effects were moreover concentrated in locations with a high commuting openness. By contrast, we do not find significant effects from China’s retaliatory tariffs, and offer evidence of several channels through which the impact on imported inputs was mitigated. In a parallel analysis at the prefecture level, we confirm that the US tariffs had discernible negative aggregate consequences.
- [Illuminating the Effects of the US-China Tariff War on China’s Economy](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/illuminating-the-effects-of-the-us-china-tariff-war-on-chinas-economy/) - This paper studies the impact of the US-China tariff war on China, using high-frequency night lights data and grid-level measures of tariff exposure. Exploiting within-grid variation over time and controlling extensively for grid-specific contemporaneous trends, we find that each one-percentage-point increase in exposure to the US tariffs was associated with a 0.59% reduction in night-time luminosity. This impact was highly skewed across locations: Grids with negligible direct exposure to the US tariffs accounted for 70% of China’s population. But the tail 2.5% of China’s population with the highest exposure saw an implied 2.52% (1.62%) decrease in income per capita (employment) relative to unaffected grids. These effects were moreover concentrated in locations with a high commuting openness. By contrast, we do not find significant effects from China’s retaliatory tariffs, and offer evidence of several channels through which the impact on imported inputs was mitigated. In a parallel analysis at the prefecture level, we confirm that the US tariffs had discernible negative aggregate consequences.
- [Firm Boundaries and Voluntary Disclosure](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/firm-boundaries-and-voluntary-disclosure/) - We study how vertical integration shapes firms’ public disclosures. Theory suggests that firms can use public disclosure to coordinate with supply chain partners and predicts a substitution between vertical integration and public disclosure of future strategic plans, since the internalization of production reduces the need to publicly coordinate. Using data on the extent of vertical integration, we find that firms that become more vertically integrated reduce their public disclosures about their product strategies and that the reduction is most pronounced for vertically integrated firms with greater internalization of production and those with the largest informational and strategic frictions along the supply chain.
- [Firm Boundaries and Voluntary Disclosure](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/firm-boundaries-and-voluntary-disclosure/) - We study how vertical integration shapes firms’ public disclosures. Theory suggests that firms can use public disclosure to coordinate with supply chain partners and predicts a substitution between vertical integration and public disclosure of future strategic plans, since the internalization of production reduces the need to publicly coordinate. Using data on the extent of vertical integration, we find that firms that become more vertically integrated reduce their public disclosures about their product strategies and that the reduction is most pronounced for vertically integrated firms with greater internalization of production and those with the largest informational and strategic frictions along the supply chain.
- [We’ve Got You Covered! The Effect of Public Health Insurance on Rural Entrepreneurship in China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/weve-got-you-covered-the-effect-of-public-health-insurance-on-rural-entrepreneurship-in-china/) - Rural households contend with numerous uninsured risks that hinder their ability to leverage profitable yet risky opportunities. We study whether the provision of insurance coverage for medical expenditure, one of the most substantial and unpredictable risk, can stimulate entrepreneurship and other risky financial decisions among rural households. We leverage the progressive nationwide rollout of a universal public health insurance program in rural China. We find that the introduction of health insurance led to a substantial increase in rural households engagement in entrepreneurship. This increase is mainly driven by the risk sharing of health insurance, rather than a reduction in realized medical expenses. The entrepreneurship-promoting effect is also evident at an aggregate level, fostering the growth of smallholder businesses in rural counties. Our findings shed light on the understudied, favorable impact of health insurance on household’s risk taking in rural markets of developing countries.
- [We’ve Got You Covered! The Effect of Public Health Insurance on Rural Entrepreneurship in China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/weve-got-you-covered-the-effect-of-public-health-insurance-on-rural-entrepreneurship-in-china/) - Rural households contend with numerous uninsured risks that hinder their ability to leverage profitable yet risky opportunities. We study whether the provision of insurance coverage for medical expenditure, one of the most substantial and unpredictable risk, can stimulate entrepreneurship and other risky financial decisions among rural households. We leverage the progressive nationwide rollout of a universal public health insurance program in rural China. We find that the introduction of health insurance led to a substantial increase in rural households engagement in entrepreneurship. This increase is mainly driven by the risk sharing of health insurance, rather than a reduction in realized medical expenses. The entrepreneurship-promoting effect is also evident at an aggregate level, fostering the growth of smallholder businesses in rural counties. Our findings shed light on the understudied, favorable impact of health insurance on household’s risk taking in rural markets of developing countries.
- [Local Information Advantage and Stock Returns: Evidence from Social Media](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/local-information-advantage-and-stock-returns-evidence-from-social-media/) - We examine the information asymmetry between local and nonlocal investors with a large dataset of stock message board postings. We document that abnormal relative postings of a firm, that is, unusual changes in the volume of postings from local versus nonlocal investors, capture locals' information advantage. This measure positively predicts firms' short-term stock returns as well as those of peer firms in the same city. Sentiment analysis shows that posting activities primarily reflect good news, potentially due to social transmission bias and short-sales constraints. We identify the information driving return predictability through content-based analysis. Abnormal relative postings also lead analysts' forecast revisions. Overall, investors' interactions on social media contain valuable geography-based private information.
- [Local Information Advantage and Stock Returns: Evidence from Social Media](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/local-information-advantage-and-stock-returns-evidence-from-social-media/) - We examine the information asymmetry between local and nonlocal investors with a large dataset of stock message board postings. We document that abnormal relative postings of a firm, that is, unusual changes in the volume of postings from local versus nonlocal investors, capture locals' information advantage. This measure positively predicts firms' short-term stock returns as well as those of peer firms in the same city. Sentiment analysis shows that posting activities primarily reflect good news, potentially due to social transmission bias and short-sales constraints. We identify the information driving return predictability through content-based analysis. Abnormal relative postings also lead analysts' forecast revisions. Overall, investors' interactions on social media contain valuable geography-based private information.
- [Establishing Hong Kong as a Regional IP Trading Centre: Taking China’s IP to the World](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/establishing-hong-kong-as-a-regional-ip-trading-center-taking-chinas-ip-to-the-world/) - Professor Heiwai Tang and Mr Cyrus Cheung 22 October 2025 Two years ago, we wrote the article “Commercialization of Intellectual Property Benefits High-quality Economic Development” in this newspaper column and, together with the Hong Kong Young Industrialists Council, published the “IP Commercialization: A Boost for Hong Kong Re-Industrialization Strategy” research report. Among the recommendations therein
- [The Subtle Strategies Behind Hong Kong Stock Privatizations](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/the-hidden-secrets-behind-hong-kong-stock-privatizations/) - Professor Maurice Tse and Mr Clive Ho 29 October 2025 Following the proposal in February 2025 by its Japanese parent company Toridoll Holdings to privatize Tam Jai International, which had been listed in Hong Kong for less than three and a half years, HSBC Holdings announced in September 2025 its plan to privatize the 1933-founded
- [以Web 3.0赋能香港金融业发展 巩固提升香港国际金融中心地位](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/harnessing-web-3-0-strengthening-hong-kongs-status-as-a-global-financial-hub/) - 在全球Web 3.0浪潮推动虚拟资产市场规模持续扩张、国际金融秩序重塑的背景下，构建平衡稳健的本地Web 3.0生态体系，已然成为香港金融发展的破局支点。 Web 3.0是由区块链、智慧合约和虚拟资产和代币共同构成的新一代互联网体系。 随著全球加密货币用户数突破七亿，虚拟资产市值达3.5万亿美元， Web 3.0 所代表的去中心化、透明化与智慧化的金融技术浪潮，正在重新塑造国际金融秩序。 对香港而言，深化 Web 3.0 数位创新生态不仅是顺应全球趋势的必要举措，更是巩固其国际金融中心地位、实现高品质金融创新的战略选择。 然而，Web 3.0网路的部分功能具有隐含的社会和金融风险。 由于虚拟资产具有匿名性和全球可交易性质，其曾沦为罪犯进行跨国诈骗、洗钱和毒品走私等违法行为的工具。 因此，如何在推动Web 3.0积极发展和稳健监管之间取得平衡，成为保证社会稳定发展的重要议题。 在此背景下，香港政府积极推动对Web 3.0的制度化研究，寻找积极推进和稳健监管的平衡点。 在积极推进Web 3.0系统建设层面，香港政府在2025年发布了《香港数字资产发展政策宣言2.0》，从“优化法律与监管”、“扩展代币化产品种类”，“推进应用场景及跨界别合作”以及“人才与合作伙伴发展”四个方面绘制了一幅条理清晰且具有极大潜力的综合蓝图。 而在监管层面，香港则建立了多层次的综合框架。 证监会在2023年6月正式实施虚拟资产交易平台发牌制度，为中心化虚拟资产交易平台提供了合规指引， 而 2025 年 8 月正式实施的《稳定币条例》，则标志著香港在 Web 3.0 金融基础建设监管方面迈出重要一步。 随著香港Web 3.0体系的不断发展，两种数字资产交易体系逐渐崭露头角：由拥有实体管理团队与固定营运地点的中心化虚拟资产交易平台（如 Binance和Hashkey）直接为客户提供虚拟资产交易结算服务的中心化金融模式，和由传统金融中和中心化虚拟资产交易平台合作， 发售横跨传统金融市场和虚拟资产市场的综合产品（如加密货币ETF）的传统金融与中心化金融融合模式; 这两种交易模式共同构成了活跃的合规Web 3.0虚拟资产金融网路，昭示了香港未来金融发展的新方向。 2025年诺贝尔经济学奖得主 Joe Mokyr在其著作中强调，实现经济持续增长需多重条件协同作用，其中社会对变革持有开放态度是关键支撑之一。 他的研究指出，技术变革往往会对传统的产品体系和市场格局产生冲击。 而若新兴技术行业与传统行业的代表能透过对话聚集一堂，在利益协调中达成互利共赢的共识，将有助于缓解变革带来的阻力，为社会接纳技术革新创造重要前提。 这一过程并非孤立存在，还需依托知识协同、制度保障等其他条件，共同构成增长的基础。 Web 3.0 生态体系的发展，正为这一理论提供了具有参考价值的实践方向。 作为技术驱动的新兴领域，Web 3.0金融模式与传统金融的运营模式存在差异，但两者并非对立关系，而是存在互惠互利，共同开展业务的可能。 面向未来，香港应继续以区块链技术为引擎，持续完善 Web 3.0合规生态体系，为迎接金融科技的深度变革奠定制度基础。 同时，借助这场数字化转型浪潮，香港可以进一步启动传统金融市场的创新潜能，推动金融服务提质增效，巩固并提升其作为全球金融枢纽的核心竞争力与国际影响力。 方钰麟教授 港大经管学院数字经济与创新研究所所长、创新及资讯管理学教授
- [以Web 3.0賦能香港金融業發展 鞏固提升香港國際金融中心地位](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/harnessing-web-3-0-strengthening-hong-kongs-status-as-a-global-financial-hub/) - 在全球Web 3.0浪潮推動虛擬資產市場規模持續擴張、國際金融秩序重塑的背景下，構建平衡穩健的本地Web 3.0生態體系，已然成為香港金融發展的破局支點。 Web 3.0是由區塊鏈、智慧合約和虛擬資產和代幣共同構成的新一代互聯網體系。 隨著全球加密貨幣用戶數突破七億，虛擬資產市值達3.5萬億美元， Web 3.0 所代表的去中心化、透明化與智慧化的金融技術浪潮，正在重新塑造國際金融秩序。 對香港而言，深化 Web 3.0 數位創新生態不僅是順應全球趨勢的必要舉措，更是鞏固其國際金融中心地位、實現高品質金融創新的戰略選擇。 然而，Web 3.0網路的部分功能具有隱含的社會和金融風險。 由於虛擬資產具有匿名性和全球可交易性質，其曾淪為罪犯進行跨國詐騙、洗錢和毒品走私等違法行為的工具。 因此，如何在推動Web 3.0積極發展和穩健監管之間取得平衡，成為保證社會穩定發展的重要議題。 在此背景下，香港政府積極推動對Web 3.0的制度化研究，尋找積極推進和穩健監管的平衡點。 在積極推進Web 3.0系統建設層面，香港政府在2025年發佈了《香港數字資產發展政策宣言2.0》，從「優化法律與監管」、「擴展代幣化產品種類」，「推進應用場景及跨界別合作」以及「人才與合作夥伴發展」四個方面繪製了一幅條理清晰且具有極大潛力的綜合藍圖。 而在監管層面，香港則建立了多層次的綜合框架。 證監會在2023年6月正式實施虛擬資產交易平台發牌制度，為中心化虛擬資產交易平臺提供了合規指引， 而 2025 年 8 月正式實施的《穩定幣條例》，則標誌著香港在 Web 3.0 金融基礎建設監管方面邁出重要一步。 隨著香港Web 3.0體系的不斷發展，兩種數字資產交易體系逐漸嶄露頭角：由擁有實體管理團隊與固定營運地點的中心化虛擬資產交易平臺（如 Binance和Hashkey）直接為客戶提供虛擬資產交易結算服務的中心化金融模式，和由傳統金融中和中心化虛擬資產交易平臺合作， 發售橫跨傳統金融市場和虛擬資產市場的綜合產品（如加密貨幣ETF）的傳統金融與中心化金融融合模式; 這兩種交易模式共同構成了活躍的合規Web 3.0虛擬資產金融網路，昭示了香港未來金融發展的新方向。 2025年諾貝爾經濟學獎得主 Joe Mokyr在其著作中強調，實現經濟持續增長需多重條件協同作用，其中社會對變革持有開放態度是關鍵支撐之一。 他的研究指出，技術變革往往會對傳統的產品體系和市場格局產生衝擊。 而若新興技術行業與傳統行業的代表能透過對話聚集一堂，在利益協調中達成互利共贏的共識，將有助於緩解變革帶來的阻力，為社會接納技術革新創造重要前提。 這一過程並非孤立存在，還需依託知識協同、制度保障等其他條件，共同構成增長的基礎。 Web 3.0 生態體系的發展，正為這一理論提供了具有參考價值的實踐方向。 作為技術驅動的新興領域，Web 3.0金融模式與傳統金融的運營模式存在差異，但兩者並非對立關係，而是存在互惠互利，共同開展業務的可能。 面向未來，香港應繼續以區塊鏈技術為引擎，持續完善 Web 3.0合規生態體系，為迎接金融科技的深度變革奠定制度基礎。 同時，藉助這場數字化轉型浪潮，香港可以進一步啟動傳統金融市場的創新潛能，推動金融服務提質增效，鞏固並提升其作為全球金融樞紐的核心競爭力與國際影響力。 方鈺麟教授 港大經管學院數字經濟與創新研究所所長、創新及資訊管理學教授
- [Heterogeneous Overreaction in Expectation Formation: Evidence and Theory](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/heterogeneous-overreaction-in-expectation-formation-evidence-and-theory/) - Using firm-level earnings forecasts and managerial guidance data, we construct guidance surprises for analysts, i.e., differences between managerial guidance and analysts' initial forecasts. We document new evidence on expectation formation: (i) analysts overreact to managerial guidance and the overreaction is state-dependent, i.e., it is stronger for negative guidance surprises but weaker for surprises that are larger in size; and (ii) forecast revisions are neither symmetric in guidance surprises nor monotonic. We organize these facts with a model where analysts are uncertain about the quality of managerial guidance. We show that a reasonable degree of ambiguity aversion is necessary to account for the documented heterogeneous overreaction pattern.
- [Heterogeneous Overreaction in Expectation Formation: Evidence and Theory](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/heterogeneous-overreaction-in-expectation-formation-evidence-and-theory/) - Using firm-level earnings forecasts and managerial guidance data, we construct guidance surprises for analysts, i.e., differences between managerial guidance and analysts' initial forecasts. We document new evidence on expectation formation: (i) analysts overreact to managerial guidance and the overreaction is state-dependent, i.e., it is stronger for negative guidance surprises but weaker for surprises that are larger in size; and (ii) forecast revisions are neither symmetric in guidance surprises nor monotonic. We organize these facts with a model where analysts are uncertain about the quality of managerial guidance. We show that a reasonable degree of ambiguity aversion is necessary to account for the documented heterogeneous overreaction pattern.
- [Sharing Food Can Backfire: When Healthy Choices for Children Lead Parents to Make Unhealthy Choices for Themselves](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/sharing-food-can-backfire-when-healthy-choices-for-children-lead-parents-to-make-unhealthy-choices-for-themselves/) - Many consumers are caregivers and, as part of caregiving, frequently make food choices for their dependents. This research examines how food choices made for children influence the healthiness of parents’ subsequent self-choices. Whereas prior work focuses on choices for the self (others) as based on self-needs (other-needs), the authors theorize when and why self-choices involve consideration of other-needs. Five studies, including a nursery school field study, test the effect of choosing healthy food for a child on the healthiness of parents’ self-choices, focusing on the role of anticipating potentially sharing self-choices with one's child. Potential sharing increased parents’ likelihood of making an unhealthy subsequent self-choice if they first made a healthy choice for their child. This effect was driven by parents’ present-focused parenting concerns about whether one's child would eat and enjoy healthy options chosen for them. This effect was mitigated when parents instead had future-focused parenting concerns. Additionally, this effect was mitigated after making an initial choice for the child that was (1) unhealthy or (2) healthy but relatively liked by the child. This research contributes to understanding how choices for others shape choices for the self and offers important marketing and policy implications.
- [Sharing Food Can Backfire: When Healthy Choices for Children Lead Parents to Make Unhealthy Choices for Themselves](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/sharing-food-can-backfire-when-healthy-choices-for-children-lead-parents-to-make-unhealthy-choices-for-themselves/) - Many consumers are caregivers and, as part of caregiving, frequently make food choices for their dependents. This research examines how food choices made for children influence the healthiness of parents’ subsequent self-choices. Whereas prior work focuses on choices for the self (others) as based on self-needs (other-needs), the authors theorize when and why self-choices involve consideration of other-needs. Five studies, including a nursery school field study, test the effect of choosing healthy food for a child on the healthiness of parents’ self-choices, focusing on the role of anticipating potentially sharing self-choices with one's child. Potential sharing increased parents’ likelihood of making an unhealthy subsequent self-choice if they first made a healthy choice for their child. This effect was driven by parents’ present-focused parenting concerns about whether one's child would eat and enjoy healthy options chosen for them. This effect was mitigated when parents instead had future-focused parenting concerns. Additionally, this effect was mitigated after making an initial choice for the child that was (1) unhealthy or (2) healthy but relatively liked by the child. This research contributes to understanding how choices for others shape choices for the self and offers important marketing and policy implications.
- [Classicism and Modern Growth: The Shadow of the Sages](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/classicism-and-modern-growth-the-shadow-of-the-sages/) - This paper examines how the worship of ancient wisdom affects economic progress in historical China, where the learned class embraced classical wisdom for millennia but encountered the shock of Western industrial influence in the mid-nineteenth century. Using the number of sage temples to measure the strength of classical worship in 269 prefectures, I find that classical worship discouraged intellectuals from appreciating modern learning and thus inhibited industrialization between 1858 and 1927. By contrast, industrialization grew faster in regions less constrained by classicism. This finding implies the importance of cultural entrepreneurship, or the lack thereof, in shaping modern economic growth. “The humor of blaming the present, and admiring the past, is strongly rooted in human nature, and has an influence even on persons endued with the profoundest judgment and most extensive learning.” —David Hume (1754, p. 464).
- [Classicism and Modern Growth: The Shadow of the Sages](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/classicism-and-modern-growth-the-shadow-of-the-sages/) - This paper examines how the worship of ancient wisdom affects economic progress in historical China, where the learned class embraced classical wisdom for millennia but encountered the shock of Western industrial influence in the mid-nineteenth century. Using the number of sage temples to measure the strength of classical worship in 269 prefectures, I find that classical worship discouraged intellectuals from appreciating modern learning and thus inhibited industrialization between 1858 and 1927. By contrast, industrialization grew faster in regions less constrained by classicism. This finding implies the importance of cultural entrepreneurship, or the lack thereof, in shaping modern economic growth. “The humor of blaming the present, and admiring the past, is strongly rooted in human nature, and has an influence even on persons endued with the profoundest judgment and most extensive learning.” —David Hume (1754, p. 464).
- [Content Promotion for Online Content Platforms with the Diffusion Effect](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/content-promotion-for-online-content-platforms-with-the-diffusion-effect/) - Problem definition: Content promotion policies are crucial for online content platforms to improve content consumption and user engagement. However, traditional promotion policies generally neglect the diffusion effect within a crowd of users. In this paper, we study the candidate generation and promotion optimization (CGPO) problem for an online content platform, emphasizing the incorporation of the diffusion effect. Methodology/results: We propose a diffusion model that incorporates platform promotion decisions to characterize the adoption process of online content. Based on this diffusion model, we formulate the CGPO problem as a mixed-integer program with nonconvex and nonlinear constraints, which is proved to be NP-hard. Additionally, we investigate methods for estimating the diffusion model parameters using available online platform data and introduce novel double ordinary least squares (D-OLS) estimators. We prove the submodularity of the objective function for the CGPO problem, which enables us to find an efficient (1−1/e) -approximation greedy solution. Furthermore, we demonstrate that the D-OLS estimators are consistent and have smaller asymptotic variances than traditional ordinary least squares estimators. By utilizing real data from a large-scale video-sharing platform, we show that our diffusion model effectively characterizes the adoption process of online content. Compared with the policy implemented on the platform, our proposed promotion policy increases total adoptions by 49.90%. Managerial implications: Our research highlights the essential role of diffusion in online content and provides actionable insights for online content platforms to optimize their content promotion policies by leveraging our diffusion model.
- [Content Promotion for Online Content Platforms with the Diffusion Effect](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/content-promotion-for-online-content-platforms-with-the-diffusion-effect/) - Problem definition: Content promotion policies are crucial for online content platforms to improve content consumption and user engagement. However, traditional promotion policies generally neglect the diffusion effect within a crowd of users. In this paper, we study the candidate generation and promotion optimization (CGPO) problem for an online content platform, emphasizing the incorporation of the diffusion effect. Methodology/results: We propose a diffusion model that incorporates platform promotion decisions to characterize the adoption process of online content. Based on this diffusion model, we formulate the CGPO problem as a mixed-integer program with nonconvex and nonlinear constraints, which is proved to be NP-hard. Additionally, we investigate methods for estimating the diffusion model parameters using available online platform data and introduce novel double ordinary least squares (D-OLS) estimators. We prove the submodularity of the objective function for the CGPO problem, which enables us to find an efficient (1−1/e) -approximation greedy solution. Furthermore, we demonstrate that the D-OLS estimators are consistent and have smaller asymptotic variances than traditional ordinary least squares estimators. By utilizing real data from a large-scale video-sharing platform, we show that our diffusion model effectively characterizes the adoption process of online content. Compared with the policy implemented on the platform, our proposed promotion policy increases total adoptions by 49.90%. Managerial implications: Our research highlights the essential role of diffusion in online content and provides actionable insights for online content platforms to optimize their content promotion policies by leveraging our diffusion model.
- [Pricing Strategy of Competing Media Platforms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/pricing-strategy-of-competing-media-platforms/) - Media platforms generate revenue by bringing consumers and advertisers together. Although advertisers like to promote their services and products to consumers, consumers dislike advertisements to varying levels. Given heterogeneity in consumers’ dislike for ads, platforms could adopt either a uniform pricing strategy or a tiered pricing strategy for consumers. In this paper, we examine competing media platforms’ equilibrium pricing strategies in the presence of cross-side externalities between consumers and advertisers and their endogenous homing decisions. We find that symmetric platforms may adopt asymmetric pricing strategies in an attempt to focus on different sides of the market and soften interplatform competition if the incremental value that consumers derive from multihoming is large. However, they pursue only symmetric pricing strategies if this value is small. Counter to the intuition based on one-sided markets, our analysis shows that tiered pricing strategies need not improve the profits of platforms competing in a media market. In fact, when the incremental value that consumers derive from multihoming is large, competing platforms may earn lower profits from tiered pricing and yet pursue it (Prisoner’s dilemma). In contrast to standard results on tiered prices, we find that high-type consumers may not pay as much as their full willingness-to-pay for ad avoidance, implying that the incentive-compatibility constraint of high-type consumers may not be binding. Finally, we extend the model to allow for heterogeneous advertisers, vary the decision sequence, permit platforms to compete on ad capacity (rather than ad price), entertain an alternative formulation of transportation cost, and consider correlated advertising reach.
- [Pricing Strategy of Competing Media Platforms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/pricing-strategy-of-competing-media-platforms/) - Media platforms generate revenue by bringing consumers and advertisers together. Although advertisers like to promote their services and products to consumers, consumers dislike advertisements to varying levels. Given heterogeneity in consumers’ dislike for ads, platforms could adopt either a uniform pricing strategy or a tiered pricing strategy for consumers. In this paper, we examine competing media platforms’ equilibrium pricing strategies in the presence of cross-side externalities between consumers and advertisers and their endogenous homing decisions. We find that symmetric platforms may adopt asymmetric pricing strategies in an attempt to focus on different sides of the market and soften interplatform competition if the incremental value that consumers derive from multihoming is large. However, they pursue only symmetric pricing strategies if this value is small. Counter to the intuition based on one-sided markets, our analysis shows that tiered pricing strategies need not improve the profits of platforms competing in a media market. In fact, when the incremental value that consumers derive from multihoming is large, competing platforms may earn lower profits from tiered pricing and yet pursue it (Prisoner’s dilemma). In contrast to standard results on tiered prices, we find that high-type consumers may not pay as much as their full willingness-to-pay for ad avoidance, implying that the incentive-compatibility constraint of high-type consumers may not be binding. Finally, we extend the model to allow for heterogeneous advertisers, vary the decision sequence, permit platforms to compete on ad capacity (rather than ad price), entertain an alternative formulation of transportation cost, and consider correlated advertising reach.
- [Punish Underperformance with Suspension: Optimal Dynamic Contracts in the Presence of Switching Cost](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/punish-underperformance-with-suspension-optimal-dynamic-contracts-in-the-presence-of-switching-cost/) - This paper studies a dynamic principal–agent setting in which the principal needs to dynamically schedule an agent to work or be suspended. When the agent is directed to work and exert effort, the arrival rate of a Poisson process is increased, which increases the principal’s payoff. Suspension, on the other hand, serves as a threat to the agent by delaying future payments. A key feature of our setting is a switching cost whenever the suspension stops and the work starts again. We formulate the problem as an optimal control model with switching and fully characterize the optimal control policies/contract structures under different parameter settings. Our analysis shows that, when the switching cost is not too high, the optimal contract demonstrates a generalized control-band structure. The length of each suspension episode, on the other hand, is fixed. Overall, the optimal contract is easy to describe, compute, and implement.
- [Punish Underperformance with Suspension: Optimal Dynamic Contracts in the Presence of Switching Cost](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/punish-underperformance-with-suspension-optimal-dynamic-contracts-in-the-presence-of-switching-cost/) - This paper studies a dynamic principal–agent setting in which the principal needs to dynamically schedule an agent to work or be suspended. When the agent is directed to work and exert effort, the arrival rate of a Poisson process is increased, which increases the principal’s payoff. Suspension, on the other hand, serves as a threat to the agent by delaying future payments. A key feature of our setting is a switching cost whenever the suspension stops and the work starts again. We formulate the problem as an optimal control model with switching and fully characterize the optimal control policies/contract structures under different parameter settings. Our analysis shows that, when the switching cost is not too high, the optimal contract demonstrates a generalized control-band structure. The length of each suspension episode, on the other hand, is fixed. Overall, the optimal contract is easy to describe, compute, and implement.
- [Learning Newsvendor Problems With Intertemporal Dependence and Moderate Non-stationarities](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/learning-newsvendor-problems-with-intertemporal-dependence-and-moderate-non-stationarities/) - This work provides performance guarantees for solving data-driven contextual newsvendor problems when the contextual data contains intertemporal dependence and non-stationarities. While machine learning tools have observed increasing use in data-driven inventory management problems, most of the existing work assumes that the contextual data are independent and identically distributed (often referred to as i.i.d.). However, such assumptions are often violated in real operational environments where the contextual data are sequentially generated with intertemporal correlations and possible non-stationarities. By accommodating these naturally arising operational environments, our work adopts comparatively more realistic assumptions and develops out-of-sample performance bounds for learning data-driven contextual newsvendor problems.
- [Learning Newsvendor Problems With Intertemporal Dependence and Moderate Non-stationarities](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/learning-newsvendor-problems-with-intertemporal-dependence-and-moderate-non-stationarities/) - This work provides performance guarantees for solving data-driven contextual newsvendor problems when the contextual data contains intertemporal dependence and non-stationarities. While machine learning tools have observed increasing use in data-driven inventory management problems, most of the existing work assumes that the contextual data are independent and identically distributed (often referred to as i.i.d.). However, such assumptions are often violated in real operational environments where the contextual data are sequentially generated with intertemporal correlations and possible non-stationarities. By accommodating these naturally arising operational environments, our work adopts comparatively more realistic assumptions and develops out-of-sample performance bounds for learning data-driven contextual newsvendor problems.
- [Stick to My Guns: The Impact of Crowding on Consumers’ Responsiveness to Sale Promotions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/stick-to-my-guns-the-impact-of-crowding-on-consumers-responsiveness-to-sale-promotions/) - The current research examines the relationship between crowding and consumers’ responsiveness to sales promotions. Six studies show that the experience and feeling of crowdedness reduce the impact of sales promotions, demonstrating that consumers’ product/service purchase intention changes to a lesser extent in response to such promotions. This effect is found to be driven by consumers shifting their attention from the external environment to their internal feelings and thoughts when experiencing crowdedness. As a result, consumers rely more on their internal feelings and thoughts than on external cues in judgment, and consequently their purchase intention becomes less susceptible to external sales promotion information. In addition, this effect is found to be attenuated in situations where product attitudes are detached from consumers’ own preferences, such as in the context of gift choices, and when the experience of crowding is not aversive (e.g., watching an exciting football game in a bar).
- [Stick to My Guns: The Impact of Crowding on Consumers’ Responsiveness to Sale Promotions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/stick-to-my-guns-the-impact-of-crowding-on-consumers-responsiveness-to-sale-promotions/) - The current research examines the relationship between crowding and consumers’ responsiveness to sales promotions. Six studies show that the experience and feeling of crowdedness reduce the impact of sales promotions, demonstrating that consumers’ product/service purchase intention changes to a lesser extent in response to such promotions. This effect is found to be driven by consumers shifting their attention from the external environment to their internal feelings and thoughts when experiencing crowdedness. As a result, consumers rely more on their internal feelings and thoughts than on external cues in judgment, and consequently their purchase intention becomes less susceptible to external sales promotion information. In addition, this effect is found to be attenuated in situations where product attitudes are detached from consumers’ own preferences, such as in the context of gift choices, and when the experience of crowding is not aversive (e.g., watching an exciting football game in a bar).
- [English Language Requirement and Educational Inequality: Evidence from 16 Million College Applicants in China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/english-language-requirement-and-educational-inequality-evidence-from-16-million-college-applicants-in-china/) - This paper studies the unintended effect of English language requirement on educational inequality by investigating how the staggered rollout of English listening tests in China’s high-stakes National College Entrance Exam (NCEE) affected the rural–urban gap in college access. Leveraging administrative data covering the universe of NCEE participants between 1999 and 2003, we find that the introduction of English listening tests significantly lowered rural students’ exam score percentile ranks relative to their urban counterparts, resulting in a 30% increase in the rural–urban gap in college access. Our back-of-the-envelope calculations suggest that, as a result of this policy change, more than 54,000 rural students lost college seats to their urban peers between 1999 and 2003, and another 11,000 rural students who elite colleges could have admitted ended up in non-elite colleges, causing them significant future income losses.
- [English Language Requirement and Educational Inequality: Evidence from 16 Million College Applicants in China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/english-language-requirement-and-educational-inequality-evidence-from-16-million-college-applicants-in-china/) - This paper studies the unintended effect of English language requirement on educational inequality by investigating how the staggered rollout of English listening tests in China’s high-stakes National College Entrance Exam (NCEE) affected the rural–urban gap in college access. Leveraging administrative data covering the universe of NCEE participants between 1999 and 2003, we find that the introduction of English listening tests significantly lowered rural students’ exam score percentile ranks relative to their urban counterparts, resulting in a 30% increase in the rural–urban gap in college access. Our back-of-the-envelope calculations suggest that, as a result of this policy change, more than 54,000 rural students lost college seats to their urban peers between 1999 and 2003, and another 11,000 rural students who elite colleges could have admitted ended up in non-elite colleges, causing them significant future income losses.
- [Accounting Information and Risk Shifting with Asymmetrically Informed Creditors](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/accounting-information-and-risk-shifting-with-asymmetrically-informed-creditors/) - This paper explores the effects of public information such as accounting earnings in a competitive lending setting with risk shifting. Debt financing creates incentives for borrowers to take on excessive risks, in particular in bad states of the world. If a privately informed inside creditor bids against outside creditors to extend a loan, public information levels the playing field, which affects the bidding and risk shifting. Nonetheless, a perfect public signal would yield the least efficient outcome: introducing some measurement noise alleviates risk shifting by subjecting outside creditors to the winner’s curse, allowing borrowers in bad states cheaper access to loans. However, for pessimistic priors about the borrower, greater public signal precision can alleviate risk shifting, at the margin. We discuss implications for financial reporting regulations along the business cycle and for creditor turnover.
- [Accounting Information and Risk Shifting with Asymmetrically Informed Creditors](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/accounting-information-and-risk-shifting-with-asymmetrically-informed-creditors/) - This paper explores the effects of public information such as accounting earnings in a competitive lending setting with risk shifting. Debt financing creates incentives for borrowers to take on excessive risks, in particular in bad states of the world. If a privately informed inside creditor bids against outside creditors to extend a loan, public information levels the playing field, which affects the bidding and risk shifting. Nonetheless, a perfect public signal would yield the least efficient outcome: introducing some measurement noise alleviates risk shifting by subjecting outside creditors to the winner’s curse, allowing borrowers in bad states cheaper access to loans. However, for pessimistic priors about the borrower, greater public signal precision can alleviate risk shifting, at the margin. We discuss implications for financial reporting regulations along the business cycle and for creditor turnover.
- [Learning from Peers: Evidence from Disclosure of Consumer Complaints](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/learning-from-peers-evidence-from-disclosure-of-consumer-complaints/) - In 2013, the U.S. Consumer Financial Protection Bureau released a database of consumer complaints filed against banks under its supervision (“CFPB banks”). We find that after the disclosure, rival banks exhibit a greater increase in mortgage approval rates in markets with more intensive mortgage complaints about CFPB banks. The effect is weaker when rivals have more expertise in the local market, are less concerned about credit risk due to mortgage sales, and locate in areas with more alternative information about the CFPB banks. The effect is concentrated in severe complaints and complaints related to loan underwriting practices. In addition to approving more loans, rivals also open more branches and are more likely to post a job opening in these markets. The findings suggest that these banks learn from the nonfinancial disclosures about operational deficiencies of peers (i.e., CFPB banks) in local markets, which alleviates their adverse selection concern about expanding.
- [Learning from Peers: Evidence from Disclosure of Consumer Complaints](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/learning-from-peers-evidence-from-disclosure-of-consumer-complaints/) - In 2013, the U.S. Consumer Financial Protection Bureau released a database of consumer complaints filed against banks under its supervision (“CFPB banks”). We find that after the disclosure, rival banks exhibit a greater increase in mortgage approval rates in markets with more intensive mortgage complaints about CFPB banks. The effect is weaker when rivals have more expertise in the local market, are less concerned about credit risk due to mortgage sales, and locate in areas with more alternative information about the CFPB banks. The effect is concentrated in severe complaints and complaints related to loan underwriting practices. In addition to approving more loans, rivals also open more branches and are more likely to post a job opening in these markets. The findings suggest that these banks learn from the nonfinancial disclosures about operational deficiencies of peers (i.e., CFPB banks) in local markets, which alleviates their adverse selection concern about expanding.
- [A New Perspective on Gender Bias in the Upper Echelons: Why Stakeholder Variability Matters](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-new-perspective-on-gender-bias-in-the-upper-echelons-why-stakeholder-variability-matters/) - We introduce a novel stakeholder-oriented framework that highlights variance in the application and expression of gender bias in the upper echelons. Directed by their relationship with the firm’s leadership, we theorize that stakeholders’ appraisals of top female leaders map onto a categorical and complex continuum. At the “categorical” end of this continuum, stakeholders neither have access nor are attentive to capability cues from the leader, increasing their reliance on stereotypes and gender biases in their leader evaluations. At the “complex” end of the continuum, stakeholders have access and are attentive to capability cues from the leader, decreasing their reliance on stereotypes and increasing their ability to accurately evaluate the leader. Between these ends, stakeholders evaluate female leaders by applying stereotypes and striving for accuracy to varying degrees. Each region on this continuum is linked to an array of behavioral responses, directed by stakeholders toward a target leader, that differ in valence and intensity. Our framework has significant implications for understanding a variety of social biases beyond gender, and enables the development of tailored strategies that can be used to facilitate accurate leader evaluations by all stakeholders.
- [A New Perspective on Gender Bias in the Upper Echelons: Why Stakeholder Variability Matters](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/a-new-perspective-on-gender-bias-in-the-upper-echelons-why-stakeholder-variability-matters/) - We introduce a novel stakeholder-oriented framework that highlights variance in the application and expression of gender bias in the upper echelons. Directed by their relationship with the firm’s leadership, we theorize that stakeholders’ appraisals of top female leaders map onto a categorical and complex continuum. At the “categorical” end of this continuum, stakeholders neither have access nor are attentive to capability cues from the leader, increasing their reliance on stereotypes and gender biases in their leader evaluations. At the “complex” end of the continuum, stakeholders have access and are attentive to capability cues from the leader, decreasing their reliance on stereotypes and increasing their ability to accurately evaluate the leader. Between these ends, stakeholders evaluate female leaders by applying stereotypes and striving for accuracy to varying degrees. Each region on this continuum is linked to an array of behavioral responses, directed by stakeholders toward a target leader, that differ in valence and intensity. Our framework has significant implications for understanding a variety of social biases beyond gender, and enables the development of tailored strategies that can be used to facilitate accurate leader evaluations by all stakeholders.
- [Crowd-Judging on Two-Sided Platforms: An Analysis of In-Group Bias](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/crowd-judging-on-two-sided-platforms-an-analysis-of-in-group-bias/) - Disputes over transactions on two-sided platforms are common and usually arbitrated through platforms’ customer service departments or third-party service providers. This paper studies crowd-judging, a novel crowdsourcing mechanism whereby users (buyers and sellers) volunteer as jurors to decide disputes arising from the platform. Using a rich data set from the dispute resolution center at Taobao, a leading Chinese e-commerce platform, we aim to understand this innovation and propose and analyze potential operational improvements with a focus on in-group bias (buyer jurors favor the buyer, likewise for sellers). Platform users, especially sellers, share the perception that in-group bias is prevalent and systematically sways case outcomes as the majority of users on such platforms are buyers, undermining the legitimacy of crowd-judging. Our empirical findings suggest that such concern is not completely unfounded: on average, a seller juror is approximately 10% likelier (than a buyer juror) to vote for a seller. Such bias is aggravated among cases that are decided by a thin margin and when jurors perceive that their in-group’s interests are threatened. However, the bias diminishes as jurors gain experience: a user’s bias reduces by nearly 95% as experience grows from zero to the sample median level. Incorporating these findings and juror participation dynamics in a simulation study, the paper delivers three managerial insights. First, under the existing voting policy, in-group bias influences the outcomes of no more than 2% of cases. Second, simply increasing crowd size through either a larger case panel or aggressively recruiting new jurors may not be efficient in reducing the adverse effect of in-group bias. Finally, policies that allocate cases dynamically could simultaneously mitigate the impact of in-group bias and nurture a more sustainable juror pool.
- [Crowd-Judging on Two-Sided Platforms: An Analysis of In-Group Bias](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/crowd-judging-on-two-sided-platforms-an-analysis-of-in-group-bias/) - Disputes over transactions on two-sided platforms are common and usually arbitrated through platforms’ customer service departments or third-party service providers. This paper studies crowd-judging, a novel crowdsourcing mechanism whereby users (buyers and sellers) volunteer as jurors to decide disputes arising from the platform. Using a rich data set from the dispute resolution center at Taobao, a leading Chinese e-commerce platform, we aim to understand this innovation and propose and analyze potential operational improvements with a focus on in-group bias (buyer jurors favor the buyer, likewise for sellers). Platform users, especially sellers, share the perception that in-group bias is prevalent and systematically sways case outcomes as the majority of users on such platforms are buyers, undermining the legitimacy of crowd-judging. Our empirical findings suggest that such concern is not completely unfounded: on average, a seller juror is approximately 10% likelier (than a buyer juror) to vote for a seller. Such bias is aggravated among cases that are decided by a thin margin and when jurors perceive that their in-group’s interests are threatened. However, the bias diminishes as jurors gain experience: a user’s bias reduces by nearly 95% as experience grows from zero to the sample median level. Incorporating these findings and juror participation dynamics in a simulation study, the paper delivers three managerial insights. First, under the existing voting policy, in-group bias influences the outcomes of no more than 2% of cases. Second, simply increasing crowd size through either a larger case panel or aggressively recruiting new jurors may not be efficient in reducing the adverse effect of in-group bias. Finally, policies that allocate cases dynamically could simultaneously mitigate the impact of in-group bias and nurture a more sustainable juror pool.
- [Final Price Neglect in Multi-Product Promotions: How Non-Integrated Price Reductions Promote Higher-Priced Products](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/final-price-neglect-in-multi-product-promotions-how-non-integrated-price-reductions-promote-higher-priced-products/) - Price reductions take either an integrated form (e.g., a discount shown directly on the price tag) or a non-integrated form (e.g., a discount contained in a coupon sent to consumers and thus separate from the price tag). This research examines how non-integrated versus integrated promotions influence choices among vertically differentiated products. Under an integrated promotion (e.g., $10) applicable to multiple products (e.g., original list prices: $50 vs. $30), consumers directly compare these products’ post-promotion final prices displayed on their price tags (after a reduction of $10: $40 vs. $20). In contrast, under a non-integrated promotion of the same monetary value, consumers simply compare these products’ original list prices ($50 vs. $30) and neglect their post-promotion final prices, which require calculations. The list prices ($50 vs. $30; relative to the final prices: $40 vs. $20) as a basis for price comparison reduce the perceived price difference between these products. Consequently, a non-integrated promotion (compared to an integrated promotion) increases consumers’ choice of higher-priced products. A series of experiments (N = 5,188) demonstrate this effect and support the final price neglect mechanism. Furthermore, although attenuated, this effect still emerges for price reductions of a smaller magnitude or in a percent-off format.
- [Final Price Neglect in Multi-Product Promotions: How Non-Integrated Price Reductions Promote Higher-Priced Products](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/final-price-neglect-in-multi-product-promotions-how-non-integrated-price-reductions-promote-higher-priced-products/) - Price reductions take either an integrated form (e.g., a discount shown directly on the price tag) or a non-integrated form (e.g., a discount contained in a coupon sent to consumers and thus separate from the price tag). This research examines how non-integrated versus integrated promotions influence choices among vertically differentiated products. Under an integrated promotion (e.g., $10) applicable to multiple products (e.g., original list prices: $50 vs. $30), consumers directly compare these products’ post-promotion final prices displayed on their price tags (after a reduction of $10: $40 vs. $20). In contrast, under a non-integrated promotion of the same monetary value, consumers simply compare these products’ original list prices ($50 vs. $30) and neglect their post-promotion final prices, which require calculations. The list prices ($50 vs. $30; relative to the final prices: $40 vs. $20) as a basis for price comparison reduce the perceived price difference between these products. Consequently, a non-integrated promotion (compared to an integrated promotion) increases consumers’ choice of higher-priced products. A series of experiments (N = 5,188) demonstrate this effect and support the final price neglect mechanism. Furthermore, although attenuated, this effect still emerges for price reductions of a smaller magnitude or in a percent-off format.
- [RegTech: Technology-Driven Compliance and its Effects on Profitability, Operations, and Market Structure](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/regtech-technology-driven-compliance-and-its-effects-on-profitability-operations-and-market-structure/) - Compliance-driven investments in technology—or “RegTech”—are growing rapidly. To understand the effects on the financial sector, we study firms’ responses to new internal control requirements. Affected firms make significant investments in ERP and hardware. These expenditures then enable complementary investments that are leveraged for noncompliance purposes, leading to modest savings from avoided customer complaints and misconduct. IT budgets rise and profits fall, especially at small firms, and acquisition activity and market concentration increase. Our results illustrate how regulation can directly and indirectly affect technology adoption, which in turn affects noncompliance functions and market structure.
- [RegTech: Technology-Driven Compliance and its Effects on Profitability, Operations, and Market Structure](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/regtech-technology-driven-compliance-and-its-effects-on-profitability-operations-and-market-structure/) - Compliance-driven investments in technology—or “RegTech”—are growing rapidly. To understand the effects on the financial sector, we study firms’ responses to new internal control requirements. Affected firms make significant investments in ERP and hardware. These expenditures then enable complementary investments that are leveraged for noncompliance purposes, leading to modest savings from avoided customer complaints and misconduct. IT budgets rise and profits fall, especially at small firms, and acquisition activity and market concentration increase. Our results illustrate how regulation can directly and indirectly affect technology adoption, which in turn affects noncompliance functions and market structure.
- [Sample and Computationally Efficient Stochastic Kriging in High Dimensions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/sample-and-computationally-efficient-stochastic-kriging-in-high-dimensions/) - Stochastic kriging has been widely employed for simulation metamodeling to predict the response surface of complex simulation models. However, its use is limited to cases where the design space is low-dimensional because in general the sample complexity (i.e., the number of design points required for stochastic kriging to produce an accurate prediction) grows exponentially in the dimensionality of the design space. The large sample size results in both a prohibitive sample cost for running the simulation model and a severe computational challenge due to the need to invert large covariance matrices. Based on tensor Markov kernels and sparse grid experimental designs, we develop a novel methodology that dramatically alleviates the curse of dimensionality. We show that the sample complexity of the proposed methodology grows only slightly in the dimensionality, even under model misspecification. We also develop fast algorithms that compute stochastic kriging in its exact form without any approximation schemes. We demonstrate via extensive numerical experiments that our methodology can handle problems with a design space of more than 10,000 dimensions, improving both prediction accuracy and computational efficiency by orders of magnitude relative to typical alternative methods in practice.
- [Sample and Computationally Efficient Stochastic Kriging in High Dimensions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/sample-and-computationally-efficient-stochastic-kriging-in-high-dimensions/) - Stochastic kriging has been widely employed for simulation metamodeling to predict the response surface of complex simulation models. However, its use is limited to cases where the design space is low-dimensional because in general the sample complexity (i.e., the number of design points required for stochastic kriging to produce an accurate prediction) grows exponentially in the dimensionality of the design space. The large sample size results in both a prohibitive sample cost for running the simulation model and a severe computational challenge due to the need to invert large covariance matrices. Based on tensor Markov kernels and sparse grid experimental designs, we develop a novel methodology that dramatically alleviates the curse of dimensionality. We show that the sample complexity of the proposed methodology grows only slightly in the dimensionality, even under model misspecification. We also develop fast algorithms that compute stochastic kriging in its exact form without any approximation schemes. We demonstrate via extensive numerical experiments that our methodology can handle problems with a design space of more than 10,000 dimensions, improving both prediction accuracy and computational efficiency by orders of magnitude relative to typical alternative methods in practice.
- [Interorganizational Systems and Supply Chain Agility in Uncertain Environments: The Mediation Role of Supply Chain Collaboration](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/interorganizational-systems-and-supply-chain-agility-in-uncertain-environments-the-mediation-role-of-supply-chain-collaboration/) - Supply chain agility has been recognized as a key capability for firms working to achieve superior performance in uncertain business environments. Supply chain agility is challenging to achieve, however, because it requires the firm and its supply chain partners to collaborate closely yet flexibly across organizational boundaries. Extending the boundary object literature to the supply chain context, this study unveils the mechanism through which interorganizational systems (IOS), widely deployed to span organizational boundaries through interfirm digital connections, promote supply chain agility in uncertain environments. The concept of supply chain collaboration is introduced as the mediating mechanism between two key IOS characteristics (i.e., standardization and adaptability) and supply chain agility. Environmental uncertainty is incorporated as the contextual condition through contextualized theorization of IOS as boundary objects. The resulting hypotheses are tested via a two-wave, match-paired survey study on business and information technology executives in 156 manufacturing firms. Empirical findings provide general support to most hypotheses, and implications for theory development and professional practice are discussed.
- [Interorganizational Systems and Supply Chain Agility in Uncertain Environments: The Mediation Role of Supply Chain Collaboration](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/interorganizational-systems-and-supply-chain-agility-in-uncertain-environments-the-mediation-role-of-supply-chain-collaboration/) - Supply chain agility has been recognized as a key capability for firms working to achieve superior performance in uncertain business environments. Supply chain agility is challenging to achieve, however, because it requires the firm and its supply chain partners to collaborate closely yet flexibly across organizational boundaries. Extending the boundary object literature to the supply chain context, this study unveils the mechanism through which interorganizational systems (IOS), widely deployed to span organizational boundaries through interfirm digital connections, promote supply chain agility in uncertain environments. The concept of supply chain collaboration is introduced as the mediating mechanism between two key IOS characteristics (i.e., standardization and adaptability) and supply chain agility. Environmental uncertainty is incorporated as the contextual condition through contextualized theorization of IOS as boundary objects. The resulting hypotheses are tested via a two-wave, match-paired survey study on business and information technology executives in 156 manufacturing firms. Empirical findings provide general support to most hypotheses, and implications for theory development and professional practice are discussed.
- [Property Rights, Political Connections, and Corporate Investment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/property-rights-political-connections-and-corporate-investment/) - We study the impact of an urban land titling program on firm investment in Shenzhen, China. We find that this program increased the investment rate for titling firms, but this positive effect only holds for politically-connected firms. Further analysis suggests that the titling effect is more pronounced for those titling firms associated with greater expropriation risk. During program implementation, the connected titling firms increased their investment perhaps because, as observed, they experienced fewer disputes than non-connected titling firms.
- [Property Rights, Political Connections, and Corporate Investment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/property-rights-political-connections-and-corporate-investment/) - We study the impact of an urban land titling program on firm investment in Shenzhen, China. We find that this program increased the investment rate for titling firms, but this positive effect only holds for politically-connected firms. Further analysis suggests that the titling effect is more pronounced for those titling firms associated with greater expropriation risk. During program implementation, the connected titling firms increased their investment perhaps because, as observed, they experienced fewer disputes than non-connected titling firms.
- [Withholding Bad News in the Face of Credit Default Swap Trading: Evidence from Stock Price Crash Risk](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/withholding-bad-news-in-the-face-of-credit-default-swap-trading-evidence-from-stock-price-crash-risk/) - Credit default swaps (CDS) are a major financial innovation related to debt contracting. Because CDS markets facilitate bad news being incorporated into equity prices via cross-market information spillover, CDS availability may curb firms’ information hoarding. We find that CDS trading on a firm’s debt reduces the future stock price crash risk. This effect is stronger in active CDS markets, when the main lenders are CDS market dealers with securities trading subsidiaries, or when managers have more motivation to hoard information. Our findings suggest that debt market financial innovations curtail the negative equity market effects of firms withholding bad news.
- [Withholding Bad News in the Face of Credit Default Swap Trading: Evidence from Stock Price Crash Risk](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/withholding-bad-news-in-the-face-of-credit-default-swap-trading-evidence-from-stock-price-crash-risk/) - Credit default swaps (CDS) are a major financial innovation related to debt contracting. Because CDS markets facilitate bad news being incorporated into equity prices via cross-market information spillover, CDS availability may curb firms’ information hoarding. We find that CDS trading on a firm’s debt reduces the future stock price crash risk. This effect is stronger in active CDS markets, when the main lenders are CDS market dealers with securities trading subsidiaries, or when managers have more motivation to hoard information. Our findings suggest that debt market financial innovations curtail the negative equity market effects of firms withholding bad news.
- [Flexible Moral Hazard Problems](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/flexible-moral-hazard-problems/) - This paper considers a moral hazard problem where the agent can choose any output distribution with a support in a given compact set. The agent's effort-cost is smooth and increasing in first-order stochastic dominance. To analyze this model, we develop a generalized notion of the first-order approach applicable to optimization problems over measures. We demonstrate each output distribution can be implemented and identify those contracts that implement that distribution. These contracts are characterized by a simple first-order condition for each output that equates the agent's marginal cost of changing the implemented distribution around that output with its marginal benefit. Furthermore, the agent's wage is shown to be increasing in output. Finally, we consider the problem of a profit-maximizing principal and provide a first-order characterization of principal-optimal distributions.
- [Flexible Moral Hazard Problems](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/flexible-moral-hazard-problems/) - This paper considers a moral hazard problem where the agent can choose any output distribution with a support in a given compact set. The agent's effort-cost is smooth and increasing in first-order stochastic dominance. To analyze this model, we develop a generalized notion of the first-order approach applicable to optimization problems over measures. We demonstrate each output distribution can be implemented and identify those contracts that implement that distribution. These contracts are characterized by a simple first-order condition for each output that equates the agent's marginal cost of changing the implemented distribution around that output with its marginal benefit. Furthermore, the agent's wage is shown to be increasing in output. Finally, we consider the problem of a profit-maximizing principal and provide a first-order characterization of principal-optimal distributions.
- [Automation Enables Specialization: Field Evidence](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/automation-enables-specialization-field-evidence/) - Becker and Murphy proposed that task specialization raises productivity but is limited by the costs of coordinating workers. We propose that automation enables workers to specialize without coordination costs. To the extent that the cost of effort exhibits increasing differences, workers increase effort in nonautomated tasks and productivity. The proposition is supported by a field experiment among supermarket cashiers. Conventionally, supermarket cashiers perform two tasks: scanning purchases and collecting payment. Cashiers exhibited increasing differences in the cost of effort: when they scanned faster, they took longer to collect payments. We rotated cashiers between the conventional job design and one in which they specialized in scanning. The new job design increased cashier productivity in scanning by more than 10%. The faster scanning was not due to customer sorting or cashier learning. The proposition is also validated by a survey of taxi drivers. Drivers who reported that difficulties in finding their way affected their driving were more likely to use map apps.
- [Automation Enables Specialization: Field Evidence](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/automation-enables-specialization-field-evidence/) - Becker and Murphy proposed that task specialization raises productivity but is limited by the costs of coordinating workers. We propose that automation enables workers to specialize without coordination costs. To the extent that the cost of effort exhibits increasing differences, workers increase effort in nonautomated tasks and productivity. The proposition is supported by a field experiment among supermarket cashiers. Conventionally, supermarket cashiers perform two tasks: scanning purchases and collecting payment. Cashiers exhibited increasing differences in the cost of effort: when they scanned faster, they took longer to collect payments. We rotated cashiers between the conventional job design and one in which they specialized in scanning. The new job design increased cashier productivity in scanning by more than 10%. The faster scanning was not due to customer sorting or cashier learning. The proposition is also validated by a survey of taxi drivers. Drivers who reported that difficulties in finding their way affected their driving were more likely to use map apps.
- [Does the Squeaky Wheel Get More Grease? The Direct and Indirect Effects of Citizen Participation on Environmental Governance in China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/does-the-squeaky-wheel-get-more-grease-the-direct-and-indirect-effects-of-citizen-participation-on-environmental-governance-in-china/) - We conducted a nationwide field experiment in China to evaluate the direct and indirect impacts of assigning firms to public or private citizen appeals when they violate pollution standards. There are three main findings. First, public appeals to the regulator through social media substantially reduce violations and pollution emissions, while private appeals cause more modest environmental improvements. Second, public appeals appear to tilt regulators' focus away from facilitating economic growth and toward avoiding pollution-induced public unrest. Third, pollution reductions by treated firms are not offset by control firms, based on randomly varying the proportion of treated firms at the prefecture level.
- [Does the Squeaky Wheel Get More Grease? The Direct and Indirect Effects of Citizen Participation on Environmental Governance in China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/does-the-squeaky-wheel-get-more-grease-the-direct-and-indirect-effects-of-citizen-participation-on-environmental-governance-in-china/) - We conducted a nationwide field experiment in China to evaluate the direct and indirect impacts of assigning firms to public or private citizen appeals when they violate pollution standards. There are three main findings. First, public appeals to the regulator through social media substantially reduce violations and pollution emissions, while private appeals cause more modest environmental improvements. Second, public appeals appear to tilt regulators' focus away from facilitating economic growth and toward avoiding pollution-induced public unrest. Third, pollution reductions by treated firms are not offset by control firms, based on randomly varying the proportion of treated firms at the prefecture level.
- [Tales of Two Channels: Digital Advertising Performance Between AI Recommendation and User Subscription Channels](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/tales-of-two-channels-digital-advertising-performance-between-ai-recommendation-and-user-subscription-channels/) - Although in-feed advertising is popular on mainstream platforms, academic research on it is limited. Platforms typically deliver organic content through two methods: subscription by users or recommendation by artificial intelligence. However, little is known about the ad performance between these two channels. This research examines how the performance of in-feed ads, regarding click-through rate (CTR) and conversion rate (CR), differs between subscription and recommendation channels and whether these effects are mediated by ad intrusiveness and moderated by ad attributes. Two ad attributes are investigated: ad appeal (informational vs. emotional) and ad link (direct vs. indirect). Study 1 finds that the recommendation channel generates higher CTRs but lower CRs than the subscription channel, and these effects are amplified by informational ad appeal and direct ad links. Study 2 explores channel differences, revealing that the recommendation channel yields less source credibility and content control, reducing consumer engagement with organic content. Studies 3 and 4 validate the mediating role of ad intrusiveness and rule out ad recognition as an alternative explanation. Study 5 uses eye-tracking technology to show that the recommendation channel has lower content engagement, lower ad intrusiveness, and greater ad interest.
- [Tales of Two Channels: Digital Advertising Performance Between AI Recommendation and User Subscription Channels](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/tales-of-two-channels-digital-advertising-performance-between-ai-recommendation-and-user-subscription-channels/) - Although in-feed advertising is popular on mainstream platforms, academic research on it is limited. Platforms typically deliver organic content through two methods: subscription by users or recommendation by artificial intelligence. However, little is known about the ad performance between these two channels. This research examines how the performance of in-feed ads, regarding click-through rate (CTR) and conversion rate (CR), differs between subscription and recommendation channels and whether these effects are mediated by ad intrusiveness and moderated by ad attributes. Two ad attributes are investigated: ad appeal (informational vs. emotional) and ad link (direct vs. indirect). Study 1 finds that the recommendation channel generates higher CTRs but lower CRs than the subscription channel, and these effects are amplified by informational ad appeal and direct ad links. Study 2 explores channel differences, revealing that the recommendation channel yields less source credibility and content control, reducing consumer engagement with organic content. Studies 3 and 4 validate the mediating role of ad intrusiveness and rule out ad recognition as an alternative explanation. Study 5 uses eye-tracking technology to show that the recommendation channel has lower content engagement, lower ad intrusiveness, and greater ad interest.
- [Capital Budgeting, Uncertainty, and Misallocation](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/capital-budgeting-uncertainty-and-misallocation/) - In canonical models of investment dynamics under uncertainty, “time-to-build” in investment decisions implies that uncertainty negatively impacts firm values and aggregate capital productivity. However, capital budgeting, which involves ex-ante information acquisition and state-contingent investment decisions, can potentially ameliorate time-to-build frictions. Reduced-form evidence using firm-level data on sales and investment expectations and errors supports both mechanisms. Incorporating capital budgeting into a standard investment model, our calibrated model reveals that state-contingent investment planning and information acquisition reduce aggregate productivity losses by 41% and 17%, respectively. Moreover, gains from planning accrue primarily to less productive firms, while information acquisition benefits higher productivity ones.
- [Capital Budgeting, Uncertainty, and Misallocation](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/capital-budgeting-uncertainty-and-misallocation/) - In canonical models of investment dynamics under uncertainty, “time-to-build” in investment decisions implies that uncertainty negatively impacts firm values and aggregate capital productivity. However, capital budgeting, which involves ex-ante information acquisition and state-contingent investment decisions, can potentially ameliorate time-to-build frictions. Reduced-form evidence using firm-level data on sales and investment expectations and errors supports both mechanisms. Incorporating capital budgeting into a standard investment model, our calibrated model reveals that state-contingent investment planning and information acquisition reduce aggregate productivity losses by 41% and 17%, respectively. Moreover, gains from planning accrue primarily to less productive firms, while information acquisition benefits higher productivity ones.
- [Liquidity Effects of Litigation Risk: Evidence from a Legal Shock](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/liquidity-effects-of-litigation-risk-evidence-from-a-legal-shock/) - Theory offers two diverging views on the effects of ex ante litigation risk on corporate liquidity proxied by cash holdings. Ex ante litigation risk, however, is difficult to measure. We test the liquidity effects of ex ante litigation risk by exploiting the phase-by-phase introduction of securities class actions (SCAs) in Korea. Following the increase in litigation risk, firms significantly increase their internal liquidity, especially those without directors’ and officers’ liability insurance and those that are financially constrained. The results hold robustly in difference-in-differences and regression discontinuity designs. We also find that the increase in ex ante SCA risk improves firms’ stock market liquidity and valuation, especially for firms that do not carry liability insurance. Taken together, the results are consistent with the arguments that SCAs increase firms’ liability risk and lower investors’ risk.
- [Liquidity Effects of Litigation Risk: Evidence from a Legal Shock](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/liquidity-effects-of-litigation-risk-evidence-from-a-legal-shock/) - Theory offers two diverging views on the effects of ex ante litigation risk on corporate liquidity proxied by cash holdings. Ex ante litigation risk, however, is difficult to measure. We test the liquidity effects of ex ante litigation risk by exploiting the phase-by-phase introduction of securities class actions (SCAs) in Korea. Following the increase in litigation risk, firms significantly increase their internal liquidity, especially those without directors’ and officers’ liability insurance and those that are financially constrained. The results hold robustly in difference-in-differences and regression discontinuity designs. We also find that the increase in ex ante SCA risk improves firms’ stock market liquidity and valuation, especially for firms that do not carry liability insurance. Taken together, the results are consistent with the arguments that SCAs increase firms’ liability risk and lower investors’ risk.
- [第十五届全国运动会“强化”粤港澳大湾区品牌](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/chinas-15th-national-games-reinforces-greater-bay-area-brand/)
- [第十五屆全國運動會「強化」粵港澳大灣區品牌](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/chinas-15th-national-games-reinforces-greater-bay-area-brand/)
- [China's 15th National Games 'reinforces' Greater Bay Area brand](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/chinas-15th-national-games-reinforces-greater-bay-area-brand/)
- [Volatility Prediction Comparison via Robust Volatility Proxies: An Empirical Deviation Perspective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/volatility-prediction-comparison-via-robust-volatility-proxies-an-empirical-deviation-perspective/) - Volatility forecasting is crucial to risk management and portfolio construction. One particular challenge of assessing volatility forecasts is how to construct a robust proxy for the unknown true volatility. In this work, we show that the empirical loss comparison between two volatility predictors hinges on the deviation of the volatility proxy from the true volatility. We then establish non-asymptotic deviation bounds for three robust volatility proxies, two of which are based on clipped data, and the third of which is based on exponentially weighted Huber loss minimization. In particular, in order for the Huber approach to adapt to non-stationary financial returns, we propose to solve a tuning-free weighted Huber loss minimization problem to jointly estimate the volatility and the optimal robustification parameter at each time point. We then inflate this robustification parameter and use it to update the volatility proxy to achieve optimal balance between the bias and variance of the global empirical loss. We also extend this Huber method to construct volatility predictors. Finally, we exploit the proposed robust volatility proxy to compare different volatility predictors on the Bitcoin market data and calibrated synthetic data. It turns out that when the sample size is limited, applying the robust volatility proxy gives more consistent and stable evaluation of volatility forecasts.
- [Volatility Prediction Comparison via Robust Volatility Proxies: An Empirical Deviation Perspective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/volatility-prediction-comparison-via-robust-volatility-proxies-an-empirical-deviation-perspective/) - Volatility forecasting is crucial to risk management and portfolio construction. One particular challenge of assessing volatility forecasts is how to construct a robust proxy for the unknown true volatility. In this work, we show that the empirical loss comparison between two volatility predictors hinges on the deviation of the volatility proxy from the true volatility. We then establish non-asymptotic deviation bounds for three robust volatility proxies, two of which are based on clipped data, and the third of which is based on exponentially weighted Huber loss minimization. In particular, in order for the Huber approach to adapt to non-stationary financial returns, we propose to solve a tuning-free weighted Huber loss minimization problem to jointly estimate the volatility and the optimal robustification parameter at each time point. We then inflate this robustification parameter and use it to update the volatility proxy to achieve optimal balance between the bias and variance of the global empirical loss. We also extend this Huber method to construct volatility predictors. Finally, we exploit the proposed robust volatility proxy to compare different volatility predictors on the Bitcoin market data and calibrated synthetic data. It turns out that when the sample size is limited, applying the robust volatility proxy gives more consistent and stable evaluation of volatility forecasts.
- [Tutoring Efficacy, Household Substitution, And Student Achievement: Experimental Evidence From An After-school Tutoring Program In Rural China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/tutoring-efficacy-household-substitution-and-student-achievement-experimental-evidence-from-an-after-school-tutoring-program-in-rural-china/) - After-school tutoring has risen globally despite limited evidence of effectiveness. We implement a randomized after-school tutoring program in rural China where many children are left-behind by parents in care of grandparents. Compared to tutees cared for by parents, those in care of grandparents reported much smaller home-tutoring reductions but larger test-score gains. We interpret our data analysis with a model with tutoring efficacy and substitution between private and public inputs both differing by family background: Increased public tutoring generates larger test-score gains for children who experience greater tutoring efficacy and lesser substitution with household inputs, consistent with our estimates.
- [Tutoring Efficacy, Household Substitution, And Student Achievement: Experimental Evidence From An After-school Tutoring Program In Rural China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/tutoring-efficacy-household-substitution-and-student-achievement-experimental-evidence-from-an-after-school-tutoring-program-in-rural-china/) - After-school tutoring has risen globally despite limited evidence of effectiveness. We implement a randomized after-school tutoring program in rural China where many children are left-behind by parents in care of grandparents. Compared to tutees cared for by parents, those in care of grandparents reported much smaller home-tutoring reductions but larger test-score gains. We interpret our data analysis with a model with tutoring efficacy and substitution between private and public inputs both differing by family background: Increased public tutoring generates larger test-score gains for children who experience greater tutoring efficacy and lesser substitution with household inputs, consistent with our estimates.
- [Derivatives and Market (Il)liquidity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/derivatives-and-market-illiquidity/) - We study how derivatives (with nonlinear payoffs) affect the underlying asset’s liquidity. In a rational expectations equilibrium, informed investors expect low conditional volatility and sell derivatives to the others. These derivative trades affect different investors’ utility differently, possibly amplifying liquidity risk. As investors delta hedge their derivative positions, price impact in the underlying drops, suggesting improved liquidity, because informed trading is diluted. In contrast, effects on price reversal are ambiguous, depending on investors’ relative delta hedging sensitivity, i.e., the gamma of the derivatives. The model cautions of potential disconnections between illiquidity measures and liquidity risk premium due to derivatives trading.
- [Derivatives and Market (Il)liquidity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/derivatives-and-market-illiquidity/) - We study how derivatives (with nonlinear payoffs) affect the underlying asset’s liquidity. In a rational expectations equilibrium, informed investors expect low conditional volatility and sell derivatives to the others. These derivative trades affect different investors’ utility differently, possibly amplifying liquidity risk. As investors delta hedge their derivative positions, price impact in the underlying drops, suggesting improved liquidity, because informed trading is diluted. In contrast, effects on price reversal are ambiguous, depending on investors’ relative delta hedging sensitivity, i.e., the gamma of the derivatives. The model cautions of potential disconnections between illiquidity measures and liquidity risk premium due to derivatives trading.
- [Delayed Crises and Slow Recoveries](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/delayed-crises-and-slow-recoveries/) - We present a rational expectations model of credit-driven crises, providing a new perspective to explain why credit booms can lead to severe financial crises and aftermath slow economic recoveries. In our model economy, banks can operate in two types of business. They are sequentially aware of the deterioration of fundamentals of the speculative business and decide whether to continue credit extension in that business or liquidate capital and move into the traditional business. However, because individual banks face uncertainty about how many of their peers have been aware, they rationally choose to extend credit in the speculative business for a longer time than is socially optimal, leading to an over-delayed crisis and consequently more banks being caught by the crisis. This in turn renders the financial crisis more severe and the subsequent economic recovery slower. Extending to a standard textbook macroeconomic growth setting, our model also generates rich dynamics of economic booms, slowdowns, crashes, and recoveries.
- [Delayed Crises and Slow Recoveries](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/delayed-crises-and-slow-recoveries/) - We present a rational expectations model of credit-driven crises, providing a new perspective to explain why credit booms can lead to severe financial crises and aftermath slow economic recoveries. In our model economy, banks can operate in two types of business. They are sequentially aware of the deterioration of fundamentals of the speculative business and decide whether to continue credit extension in that business or liquidate capital and move into the traditional business. However, because individual banks face uncertainty about how many of their peers have been aware, they rationally choose to extend credit in the speculative business for a longer time than is socially optimal, leading to an over-delayed crisis and consequently more banks being caught by the crisis. This in turn renders the financial crisis more severe and the subsequent economic recovery slower. Extending to a standard textbook macroeconomic growth setting, our model also generates rich dynamics of economic booms, slowdowns, crashes, and recoveries.
- [Intertemporal Pricing via Nonparametric Estimation: Integrating Reference Effects and Consumer Heterogeneity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/intertemporal-pricing-via-nonparametric-estimation-integrating-reference-effects-and-consumer-heterogeneity/) - Problem definition: We consider intertemporal pricing in the presence of reference effects and consumer heterogeneity. Our research question encompasses how to estimate heterogeneous consumer reference effects from data and how to efficiently compute the optimal pricing policy. Academic/practical relevance: Understanding reference effects is essential for designing pricing policies in modern retailing. Our work contributes to this area by incorporating consumer heterogeneity under arbitrary distributions. Methodology: We propose a mixed logit demand model that allows arbitrary joint distributions of valuations, responsiveness to prices, and responsiveness to reference prices among consumers. We use a nonparametric estimation method to learn consumer heterogeneity from transaction data. Further, we formulate the pricing optimization as an infinite horizon dynamic programming problem and solve it by applying a modified policy iteration algorithm. Results: Moreover, we investigate the structure of optimal pricing policies and prove the suboptimality of constant pricing policies even when all consumers are loss-averse according to the classical definition. Our numerical studies show that our estimation and optimization framework improves the expected revenue of retailers via accounting for heterogeneity. We validate our model using real data from JD.com, a large E-commerce retailer, and find empirical evidence of consumer heterogeneity. Managerial implications: In practice, ignoring consumer heterogeneity may lead to a significant loss of revenue. Furthermore, heterogeneous reference effect offers a strong motive for promotions and price fluctuations.
- [Intertemporal Pricing via Nonparametric Estimation: Integrating Reference Effects and Consumer Heterogeneity](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/intertemporal-pricing-via-nonparametric-estimation-integrating-reference-effects-and-consumer-heterogeneity/) - Problem definition: We consider intertemporal pricing in the presence of reference effects and consumer heterogeneity. Our research question encompasses how to estimate heterogeneous consumer reference effects from data and how to efficiently compute the optimal pricing policy. Academic/practical relevance: Understanding reference effects is essential for designing pricing policies in modern retailing. Our work contributes to this area by incorporating consumer heterogeneity under arbitrary distributions. Methodology: We propose a mixed logit demand model that allows arbitrary joint distributions of valuations, responsiveness to prices, and responsiveness to reference prices among consumers. We use a nonparametric estimation method to learn consumer heterogeneity from transaction data. Further, we formulate the pricing optimization as an infinite horizon dynamic programming problem and solve it by applying a modified policy iteration algorithm. Results: Moreover, we investigate the structure of optimal pricing policies and prove the suboptimality of constant pricing policies even when all consumers are loss-averse according to the classical definition. Our numerical studies show that our estimation and optimization framework improves the expected revenue of retailers via accounting for heterogeneity. We validate our model using real data from JD.com, a large E-commerce retailer, and find empirical evidence of consumer heterogeneity. Managerial implications: In practice, ignoring consumer heterogeneity may lead to a significant loss of revenue. Furthermore, heterogeneous reference effect offers a strong motive for promotions and price fluctuations.
- [Set a Goal for Yourself? A Model and Field Experiment with Gig Workers](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/set-a-goal-for-yourself-a-model-and-field-experiment-with-gig-workers/) - On-demand service platforms are interested in having gig workers use self-set, nonbinding performance goals to improve efforts and performance. To examine the effects of such self-set goal mechanisms, we build a behavioral model, derive theoretical results and testable hypotheses, and conduct a field experiment using a large gig platform for food delivery. Our model analysis finds that individual workers’ optimal self-set goals may exhibit a spectrum of difficulty levels, ranging from trivial to impossible, depending on workers’ reference-dependent utility coefficients and self-control cost. Moreover, workers’ efforts are higher with properly set goals rather than no-goals. Consistently, our experimental data show significant treatment effects of self-goal setting, and a causal tree algorithm identifies subgroups who are mostly motivated by self-set goals. Furthermore, our study compares two common types of performance metrics for goal setting: the number of completed orders and total revenue. Our model suggests different cases of effort and performance improvement for the two goal types. The experimental data suggests that both goal types improve efforts equally but lead to different attainment rates. Specifically, the goal attainment rate is lower for the revenue-goal treatment than for the order-quantity-goal treatment. Further analysis reveals that this disparity is due to workers setting excessively high revenue goals. Our study demonstrates the efficacy and limitations of self-goal-setting mechanisms and yields two important managerial implications. First, the implementation of self-goal-setting mechanisms could improve gig workers’ efforts and performance. Second, encouraging order-quantity goals instead of revenue goals could help gig workers achieve higher attainment rates.
- [Set a Goal for Yourself? A Model and Field Experiment With Gig Workers](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/set-a-goal-for-yourself-a-model-and-field-experiment-with-gig-workers/) - We investigate a data-driven multiperiod inventory replenishment problem with uncertain demand and vendor lead time (VLT) with accessibility to a large quantity of historical data. Different from the traditional two-step predict-then-optimize (PTO) solution framework, we propose a one-step end-to-end (E2E) framework that uses deep learning models to output the suggested replenishment amount directly from input features without any intermediate step. The E2E model is trained to capture the behavior of the optimal dynamic programming solution under historical observations without any prior assumptions on the distributions of the demand and the VLT. By conducting a series of thorough numerical experiments using real data from one of the leading e-commerce companies, we demonstrate the advantages of the proposed E2E model over conventional PTO frameworks. We also conduct a field experiment with JD.com, and the results show that our new algorithm reduces holding cost, stockout cost, total inventory cost, and turnover rate substantially compared with JD’s current practice. For the supply chain management industry, our E2E model shortens the decision process and provides an automatic inventory management solution with the possibility to generalize and scale. The concept of E2E, which uses the input information directly for the ultimate goal, can also be useful in practice for other supply chain management circumstances.
- [Trade Wars and Industrial Policy Competitions: Understanding the US-China Economic Conflicts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/trade-wars-and-industrial-policy-competitions-understanding-the-us-china-economic-conflicts/) - We provide the first quantitative evaluation of the impacts and interactions of the US-China trade wars and industrial policy competitions. We extend the model in Caliendo and Parro (2015) by incorporating sectoral external economies of scale. We find that (i) under our baseline calibration of scale economies, the “Made-in-China 2025” (“MIC 2025”) subsidies tend to improve the welfare of both China and the U.S.; (ii) the US gains from Trumpian tariffs if China does not retaliate, and the gain is larger if China had implemented the “MIC 2025” project; (iii) in a non-cooperative tariff game targeting on high-tech industries supported by the “MIC 2025”, both China and the U.S. impose high tariffs and endure welfare losses; and (iv) if it is feasible for the U.S. to subsidize its own high-tech industries, the U.S. would reduce its tariffs on high-tech imports from China and benefit from its own industrial subsidies. These results (i) provide a rationale for trade wars and industrial policy competitions between the U.S. and China and (ii) suggest that industrial subsidies, if properly implemented, may generate less distortion than import tariffs as a means of international competition.
- [Trade Wars and Industrial Policy Competitions: Understanding the US-China Economic Conflicts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/trade-wars-and-industrial-policy-competitions-understanding-the-us-china-economic-conflicts/) - We provide the first quantitative evaluation of the impacts and interactions of the US-China trade wars and industrial policy competitions. We extend the model in Caliendo and Parro (2015) by incorporating sectoral external economies of scale. We find that (i) under our baseline calibration of scale economies, the “Made-in-China 2025” (“MIC 2025”) subsidies tend to improve the welfare of both China and the U.S.; (ii) the US gains from Trumpian tariffs if China does not retaliate, and the gain is larger if China had implemented the “MIC 2025” project; (iii) in a non-cooperative tariff game targeting on high-tech industries supported by the “MIC 2025”, both China and the U.S. impose high tariffs and endure welfare losses; and (iv) if it is feasible for the U.S. to subsidize its own high-tech industries, the U.S. would reduce its tariffs on high-tech imports from China and benefit from its own industrial subsidies. These results (i) provide a rationale for trade wars and industrial policy competitions between the U.S. and China and (ii) suggest that industrial subsidies, if properly implemented, may generate less distortion than import tariffs as a means of international competition.
- [Accounting-Driven Bank Monitoring and Firms’ Debt Structure: Evidence from IFRS 9 Adoption](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/accounting-driven-bank-monitoring-and-firms-debt-structure-evidence-from-ifrs-9-adoption/) - International Financial Reporting Standard (IFRS) 9 is of practical relevance to banks because it requires intense monitoring of borrowers to record timely loan losses. Using data from 50 countries, we find that accounting-driven bank monitoring due to IFRS 9 adoption reduces firms’ reliance on bank debt relative to public debt. This finding is consistent with firms experiencing more costly bank monitoring after a shift in regulatory reporting that requires banks to monitor borrowers more intensely. In further analyses, we find that the negative effect of IFRS 9 adoption on bank debt reliance is more pronounced with more stringent regulatory supervision of banks, consistent with regulatory stringency exacerbating costly bank monitoring for firms. We also find that the negative effect is stronger when firms can more easily switch from bank debt to public debt financing, consistent with the relevance of switching costs in firms’ decisions to avoid costly bank monitoring.
- [Accounting-Driven Bank Monitoring and Firms’ Debt Structure: Evidence from IFRS 9 Adoption](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/accounting-driven-bank-monitoring-and-firms-debt-structure-evidence-from-ifrs-9-adoption/) - International Financial Reporting Standard (IFRS) 9 is of practical relevance to banks because it requires intense monitoring of borrowers to record timely loan losses. Using data from 50 countries, we find that accounting-driven bank monitoring due to IFRS 9 adoption reduces firms’ reliance on bank debt relative to public debt. This finding is consistent with firms experiencing more costly bank monitoring after a shift in regulatory reporting that requires banks to monitor borrowers more intensely. In further analyses, we find that the negative effect of IFRS 9 adoption on bank debt reliance is more pronounced with more stringent regulatory supervision of banks, consistent with regulatory stringency exacerbating costly bank monitoring for firms. We also find that the negative effect is stronger when firms can more easily switch from bank debt to public debt financing, consistent with the relevance of switching costs in firms’ decisions to avoid costly bank monitoring.
- [International Input–Output Linkages and Changing Business Cycle Volatility](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/international-input-output-linkages-and-changing-business-cycle-volatility/) - We quantify the effects of changes in international input–output linkages on the nature of business cycles. We build a multi-country international business cycle model with manufacturing and non-manufacturing sectors that matches the input–output structure within and across countries. We find that, in our 23-country sample, changes in the international input–output linkages between 1970 and 2007 have led to a drop in output volatility in all countries, explaining up to a half of the drop in output volatility in a median country observed in the data. In the model, stronger international linkages tend to stabilize output in response to domestic shocks, and destabilize for foreign shocks. Since foreign shocks still play a modest role in driving domestic business cycles, the stabilization effects dominate. Nevertheless, changing international linkages have generated larger shock transmission across countries, increasing the risk of a global recession.
- [International Input–Output Linkages and Changing Business Cycle Volatility](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/international-input-output-linkages-and-changing-business-cycle-volatility/) - We quantify the effects of changes in international input–output linkages on the nature of business cycles. We build a multi-country international business cycle model with manufacturing and non-manufacturing sectors that matches the input–output structure within and across countries. We find that, in our 23-country sample, changes in the international input–output linkages between 1970 and 2007 have led to a drop in output volatility in all countries, explaining up to a half of the drop in output volatility in a median country observed in the data. In the model, stronger international linkages tend to stabilize output in response to domestic shocks, and destabilize for foreign shocks. Since foreign shocks still play a modest role in driving domestic business cycles, the stabilization effects dominate. Nevertheless, changing international linkages have generated larger shock transmission across countries, increasing the risk of a global recession.
- [Internal Migration, Remittances And Economic Development](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/internal-migration-remittances-and-economic-development/) - We develop a quantitative spatial equilibrium model with endogenous migration and remittance decisions within households to examine the joint effect of migration and remittances on economic development. We apply the model to internal migration in China. Counterfactual analysis of the calibrated model shows that the presence of remittances increases migration and welfare, reduces regional inequality and facilitates structural change. Compared to a conventional single-person migration model, our household model suggests a larger reduction in regional inequality and stronger reallocation of employment from agriculture to manufacturing and services in response to the decline in migration costs over the period of 2000 to 2010.
- [Internal Migration, Remittances And Economic Development](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/internal-migration-remittances-and-economic-development/) - We develop a quantitative spatial equilibrium model with endogenous migration and remittance decisions within households to examine the joint effect of migration and remittances on economic development. We apply the model to internal migration in China. Counterfactual analysis of the calibrated model shows that the presence of remittances increases migration and welfare, reduces regional inequality and facilitates structural change. Compared to a conventional single-person migration model, our household model suggests a larger reduction in regional inequality and stronger reallocation of employment from agriculture to manufacturing and services in response to the decline in migration costs over the period of 2000 to 2010.
- [Trade Wars and Industrial Policy Competitions: Understanding the US-China Economic Conflicts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/trade-wars-and-industrial-policy-competitions-understanding-the-us-china-economic-conflicts/) - We provide the first quantitative evaluation of the impacts and interactions of the US-China trade wars and industrial policy competitions. We extend the model in Caliendo and Parro (2015) by incorporating sectoral external economies of scale. We find that (i) under our baseline calibration of scale economies, the “Made-in-China 2025” (“MIC 2025”) subsidies tend to improve the welfare of both China and the U.S.; (ii) the US gains from Trumpian tariffs if China does not retaliate, and the gain is larger if China had implemented the “MIC 2025” project; (iii) in a non-cooperative tariff game targeting on high-tech industries supported by the “MIC 2025”, both China and the U.S. impose high tariffs and endure welfare losses; and (iv) if it is feasible for the U.S. to subsidize its own high-tech industries, the U.S. would reduce its tariffs on high-tech imports from China and benefit from its own industrial subsidies. These results (i) provide a rationale for trade wars and industrial policy competitions between the U.S. and China and (ii) suggest that industrial subsidies, if properly implemented, may generate less distortion than import tariffs as a means of international competition.
- [International Input–Output Linkages and Changing Business Cycle Volatility](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/international-input-output-linkages-and-changing-business-cycle-volatility/) - We quantify the effects of changes in international input–output linkages on the nature of business cycles. We build a multi-country international business cycle model with manufacturing and non-manufacturing sectors that matches the input–output structure within and across countries. We find that, in our 23-country sample, changes in the international input–output linkages between 1970 and 2007 have led to a drop in output volatility in all countries, explaining up to a half of the drop in output volatility in a median country observed in the data. In the model, stronger international linkages tend to stabilize output in response to domestic shocks, and destabilize for foreign shocks. Since foreign shocks still play a modest role in driving domestic business cycles, the stabilization effects dominate. Nevertheless, changing international linkages have generated larger shock transmission across countries, increasing the risk of a global recession.
- [Internal Migration, Remittances and Economic Development](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/internal-migration-remittances-and-economic-development/) - We develop a quantitative spatial equilibrium model with endogenous migration and remittance decisions within households to examine the joint effect of migration and remittances on economic development. We apply the model to internal migration in China. Counterfactual analysis of the calibrated model shows that the presence of remittances increases migration and welfare, reduces regional inequality and facilitates structural change. Compared to a conventional single-person migration model, our household model suggests a larger reduction in regional inequality and stronger reallocation of employment from agriculture to manufacturing and services in response to the decline in migration costs over the period of 2000 to 2010.
- [Volatility Prediction Comparison via Robust Volatility Proxies: An Empirical Deviation Perspective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/volatility-prediction-comparison-via-robust-volatility-proxies-an-empirical-deviation-perspective/) - Volatility forecasting is crucial to risk management and portfolio construction. One particular challenge of assessing volatility forecasts is how to construct a robust proxy for the unknown true volatility. In this work, we show that the empirical loss comparison between two volatility predictors hinges on the deviation of the volatility proxy from the true volatility. We then establish non-asymptotic deviation bounds for three robust volatility proxies, two of which are based on clipped data, and the third of which is based on exponentially weighted Huber loss minimization. In particular, in order for the Huber approach to adapt to non-stationary financial returns, we propose to solve a tuning-free weighted Huber loss minimization problem to jointly estimate the volatility and the optimal robustification parameter at each time point. We then inflate this robustification parameter and use it to update the volatility proxy to achieve optimal balance between the bias and variance of the global empirical loss. We also extend this Huber method to construct volatility predictors. Finally, we exploit the proposed robust volatility proxy to compare different volatility predictors on the Bitcoin market data and calibrated synthetic data. It turns out that when the sample size is limited, applying the robust volatility proxy gives more consistent and stable evaluation of volatility forecasts.
- [Delayed Crises and Slow Recoveries](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/delayed-crises-and-slow-recoveries/) - We present a rational expectations model of credit-driven crises, providing a new perspective to explain why credit booms can lead to severe financial crises and aftermath slow economic recoveries. In our model economy, banks can operate in two types of business. They are sequentially aware of the deterioration of fundamentals of the speculative business and decide whether to continue credit extension in that business or liquidate capital and move into the traditional business. However, because individual banks face uncertainty about how many of their peers have been aware, they rationally choose to extend credit in the speculative business for a longer time than is socially optimal, leading to an over-delayed crisis and consequently more banks being caught by the crisis. This in turn renders the financial crisis more severe and the subsequent economic recovery slower. Extending to a standard textbook macroeconomic growth setting, our model also generates rich dynamics of economic booms, slowdowns, crashes, and recoveries.
- [Property Rights, Political Connections, and Corporate Investment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/property-rights-political-connections-and-corporate-investment/) - We study the impact of an urban land titling program on firm investment in Shenzhen, China. We find that this program increased the investment rate for titling firms, but this positive effect only holds for politically connected firms. Further analysis suggests that the titling effect is more pronounced for those titling firms associated with greater expropriation risk. During program implementation, the connected titling firms increased their investment perhaps because, as observed, they experienced fewer disputes than non-connected titling firms.
- [Capital Budgeting, Uncertainty, and Misallocation](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/capital-budgeting-uncertainty-and-misallocation/) - In canonical models of investment dynamics under uncertainty, “time-to-build” in investment decisions implies that uncertainty negatively impacts firm values and aggregate capital productivity. However, capital budgeting, which involves ex-ante information acquisition and state-contingent investment decisions, can potentially ameliorate time-to-build frictions. Reduced-form evidence using firm-level data on sales and investment expectations and errors supports both mechanisms. Incorporating capital budgeting into a standard investment model, our calibrated model reveals that state-contingent investment planning and information acquisition reduce aggregate productivity losses by 41% and 17%, respectively. Moreover, gains from planning accrue primarily to less productive firms, while information acquisition benefits higher productivity ones.
- [RegTech: Technology-Driven Compliance and its Effects on Profitability, Operations, and Market Structure](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/regtech-technology-driven-compliance-and-its-effects-on-profitability-operations-and-market-structure/) - Compliance-driven investments in technology—or “RegTech”—are growing rapidly. To understand the effects on the financial sector, we study firms’ responses to new internal control requirements. Affected firms make significant investments in ERP and hardware. These expenditures then enable complementary investments that are leveraged for noncompliance purposes, leading to modest savings from avoided customer complaints and misconduct. IT budgets rise and profits fall, especially at small firms, and acquisition activity and market concentration increase. Our results illustrate how regulation can directly and indirectly affect technology adoption, which in turn affects noncompliance functions and market structure.
- [Learning from Peers: Evidence from Disclosure of Consumer Complaints](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/learning-from-peers-evidence-from-disclosure-of-consumer-complaints/) - In 2013, the U.S. Consumer Financial Protection Bureau released a database of consumer complaints filed against banks under its supervision (“CFPB banks”). We find that after the disclosure, rival banks exhibit a greater increase in mortgage approval rates in markets with more intensive mortgage complaints about CFPB banks. The effect is weaker when rivals have more expertise in the local market, are less concerned about credit risk due to mortgage sales, and locate in areas with more alternative information about the CFPB banks. The effect is concentrated in severe complaints and complaints related to loan underwriting practices. In addition to approving more loans, rivals also open more branches and are more likely to post a job opening in these markets. The findings suggest that these banks learn from the nonfinancial disclosures about operational deficiencies of peers (i.e., CFPB banks) in local markets, which alleviates their adverse selection concern about expanding.
- [Accounting Information and Risk Shifting with Asymmetrically Informed Creditors](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/accounting-information-and-risk-shifting-with-asymmetrically-informed-creditors/) - This paper explores the effects of public information such as accounting earnings in a competitive lending setting with risk shifting. Debt financing creates incentives for borrowers to take on excessive risks, in particular in bad states of the world. If a privately informed inside creditor bids against outside creditors to extend a loan, public information levels the playing field, which affects the bidding and risk shifting. Nonetheless, a perfect public signal would yield the least efficient outcome: introducing some measurement noise alleviates risk shifting by subjecting outside creditors to the winner’s curse, allowing borrowers in bad states cheaper access to loans. However, for pessimistic priors about the borrower, greater public signal precision can alleviate risk shifting, at the margin. We discuss implications for financial reporting regulations along the business cycle and for creditor turnover.
- [English Language Requirement and Educational Inequality: Evidence from 16 Million College Applicants in China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/english-language-requirement-and-educational-inequality-evidence-from-16-million-college-applicants-in-china/) - This paper studies the unintended effect of English language requirement on educational inequality by investigating how the staggered rollout of English listening tests in China’s high-stakes National College Entrance Exam (NCEE) affected the rural–urban gap in college access. Leveraging administrative data covering the universe of NCEE participants between 1999 and 2003, we find that the introduction of English listening tests significantly lowered rural students’ exam score percentile ranks relative to their urban counterparts, resulting in a 30% increase in the rural–urban gap in college access. Our back-of-the-envelope calculations suggest that, as a result of this policy change, more than 54,000 rural students lost college seats to their urban peers between 1999 and 2003, and another 11,000 rural students who elite colleges could have admitted ended up in non-elite colleges, causing them significant future income losses.
- [Stick to My Guns: The Impact of Crowding on Consumers’ Responsiveness to Sale Promotions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/stick-to-my-guns-the-impact-of-crowding-on-consumers-responsiveness-to-sale-promotions/) - The current research examines the relationship between crowding and consumers’ responsiveness to sales promotions. Six studies show that the experience and feeling of crowdedness reduce the impact of sales promotions, demonstrating that consumers’ product/service purchase intention changes to a lesser extent in response to such promotions. This effect is found to be driven by consumers shifting their attention from the external environment to their internal feelings and thoughts when experiencing crowdedness. As a result, consumers rely more on their internal feelings and thoughts than on external cues in judgment, and consequently their purchase intention becomes less susceptible to external sales promotion information. In addition, this effect is found to be attenuated in situations where product attitudes are detached from consumers’ own preferences, such as in the context of gift choices, and when the experience of crowding is not aversive (e.g., watching an exciting football game in a bar).
- [Content Promotion for Online Content Platforms with the Diffusion Effect](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/content-promotion-for-online-content-platforms-with-the-diffusion-effect/)
- [Heterogeneous Overreaction in Expectation Formation: Evidence and Theory](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/heterogeneous-overreaction-in-expectation-formation-evidence-and-theory/) - Using firm-level earnings forecasts and managerial guidance data, we construct guidance surprises for analysts, i.e., differences between managerial guidance and analysts' initial forecasts. We document new evidence on expectation formation: (i) analysts overreact to managerial guidance and the overreaction is state-dependent, i.e., it is stronger for negative guidance surprises but weaker for surprises that are larger in size; and (ii) forecast revisions are neither symmetric in guidance surprises nor monotonic. We organize these facts with a model where analysts are uncertain about the quality of managerial guidance. We show that a reasonable degree of ambiguity aversion is necessary to account for the documented heterogeneous overreaction pattern.
- [Local Information Advantage and Stock Returns: Evidence from Social Media](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/local-information-advantage-and-stock-returns-evidence-from-social-media/)
- [Illuminating the Effects of the US-China Tariff War on China’s Economy](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/illuminating-the-effects-of-the-us-china-tariff-war-on-chinas-economy/) - This paper studies the impact of the US-China tariff war on China, using high-frequency night lights data and grid-level measures of tariff exposure. Exploiting within-grid variation over time and controlling extensively for grid-specific contemporaneous trends, we find that each one-percentage-point increase in exposure to the US tariffs was associated with a 0.59% reduction in night-time luminosity. This impact was highly skewed across locations: Grids with negligible direct exposure to the US tariffs accounted for 70% of China’s population. But the tail 2.5% of China’s population with the highest exposure saw an implied 2.52% (1.62%) decrease in income per capita (employment) relative to unaffected grids. These effects were moreover concentrated in locations with a high commuting openness. By contrast, we do not find significant effects from China’s retaliatory tariffs, and offer evidence of several channels through which the impact on imported inputs was mitigated. In a parallel analysis at the prefecture level, we confirm that the US tariffs had discernible negative aggregate consequences.
- [We’ve Got You Covered! The Effect of Public Health Insurance on Rural Entrepreneurship in China](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/weve-got-you-covered-the-effect-of-public-health-insurance-on-rural-entrepreneurship-in-china/) - Rural households contend with numerous uninsured risks that hinder their ability to leverage profitable yet risky opportunities. We study whether the provision of insurance coverage for medical expenditure, one of the most substantial and unpredictable risk, can stimulate entrepreneurship and other risky financial decisions among rural households. We leverage the progressive nationwide rollout of a universal public health insurance program in rural China. We find that the introduction of health insurance led to a substantial increase in rural households engagement in entrepreneurship. This increase is mainly driven by the risk sharing of health insurance, rather than a reduction in realized medical expenses. The entrepreneurship-promoting effect is also evident at an aggregate level, fostering the growth of smallholder businesses in rural counties. Our findings shed light on the understudied, favorable impact of health insurance on household’s risk taking in rural markets of developing countries.
- [Consumers Prefer Natural Medicines More when Treating Psychological than Physical Conditions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/consumers-prefer-natural-medicines-more-when-treating-psychological-than-physical-conditions/) - Consumers generally prefer natural to synthetic drugs, a phenomenon known as the “natural preference.” Through six experiments and one archival study, the current research shows that while consumers have a general preference for natural drugs over synthetic drugs, this preference is stronger when the goal is to treat psychological rather than physical conditions. Process evidence indicates an important mechanism that explains the amplified natural preference for treating psychological conditions: Consumers are more concerned about their true selves being altered when treating psychological conditions, and they perceive natural drugs to be less likely than synthetic drugs to affect their true selves. The current research provides novel insights into the natural preference. It also offers policy and managerial implications for marketing natural remedies and pharmacological treatments for mental health conditions.
- [Growing User Base in the Early Stage of Sharing Economy Platforms: An Integration of Competitive Repertoire and Institutional Legitimacy Theories](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/growing-user-base-in-the-early-stage-of-sharing-economy-platforms-an-integration-of-competitive-repertoire-and-institutional-legitimacy-theories/) - Sharing economy platforms are pressed to rapidly grow user bases at the early stage by aggressively targeting potential users through competitive actions. Due to the volatile nature of the sharing economy and its disruption to industry norms, these platforms encounter legitimacy challenges that impede user base growth. This paper integrates competitive repertoire and institutional legitimacy theories to develop a research model that explains early‐stage user base development in the sharing economy. We posit that the early‐stage user base is associated with structural characteristics of the competitive repertoire, whose effects are moderated by a platform's socio‐political legitimation efforts that address stakeholders’ regulatory and normative concerns. Using a comprehensive sample of 4644 monthly observations of 129 sharing economy platforms in China, we find that the volume of two context‐specific competitive actions, offering economic incentives and staging high‐visibility events, along with competitive repertoire complexity, are positively related to the platform's early‐stage user base. We also identify a significant negative relationship between repertoire differentiation and user base. Direct relationships are moderated by socio‐political legitimation, however, such that legitimation weakens the positive impact of context‐specific action volume but enhances those of repertoire complexity and differentiation. Managerial and practical implications are discussed in light of the findings.
- [Growing User Base in the Early Stage of Sharing Economy Platforms: An Integration of Competitive Repertoire and Institutional Legitimacy Theories](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/growing-user-base-in-the-early-stage-of-sharing-economy-platforms-an-integration-of-competitive-repertoire-and-institutional-legitimacy-theories/) - Sharing economy platforms are pressed to rapidly grow user bases at the early stage by aggressively targeting potential users through competitive actions. Due to the volatile nature of the sharing economy and its disruption to industry norms, these platforms encounter legitimacy challenges that impede user base growth. This paper integrates competitive repertoire and institutional legitimacy theories to develop a research model that explains early‐stage user base development in the sharing economy. We posit that the early‐stage user base is associated with structural characteristics of the competitive repertoire, whose effects are moderated by a platform's socio‐political legitimation efforts that address stakeholders’ regulatory and normative concerns. Using a comprehensive sample of 4644 monthly observations of 129 sharing economy platforms in China, we find that the volume of two context‐specific competitive actions, offering economic incentives and staging high‐visibility events, along with competitive repertoire complexity, are positively related to the platform's early‐stage user base. We also identify a significant negative relationship between repertoire differentiation and user base. Direct relationships are moderated by socio‐political legitimation, however, such that legitimation weakens the positive impact of context‐specific action volume but enhances those of repertoire complexity and differentiation. Managerial and practical implications are discussed in light of the findings.
- [Growing User Base in the Early Stage of Sharing Economy Platforms: An Integration of Competitive Repertoire and Institutional Legitimacy Theories](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/growing-user-base-in-the-early-stage-of-sharing-economy-platforms-an-integration-of-competitive-repertoire-and-institutional-legitimacy-theories/) - Sharing economy platforms are pressed to rapidly grow user bases at the early stage by aggressively targeting potential users through competitive actions. Due to the volatile nature of the sharing economy and its disruption to industry norms, these platforms encounter legitimacy challenges that impede user base growth. This paper integrates competitive repertoire and institutional legitimacy theories to develop a research model that explains early-stage user base development in the sharing economy. We posit that the early-stage user base is associated with structural characteristics of the competitive repertoire, whose effects are moderated by a platform's socio-political legitimation efforts that address stakeholders’ regulatory and normative concerns. Using a comprehensive sample of 4644 monthly observations of 129 sharing economy platforms in China, we find that the volume of two context-specific competitive actions, offering economic incentives and staging high-visibility events, along with competitive repertoire complexity, are positively related to the platform's early-stage user base. We also identify a significant negative relationship between repertoire differentiation and user base. Direct relationships are moderated by socio-political legitimation, however, such that legitimation weakens the positive impact of context-specific action volume but enhances those of repertoire complexity and differentiation. Managerial and practical implications are discussed in light of the findings.
- [Strategic Alliances and Lending Relationships](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/strategic-alliances-and-lending-relationships/) - We study how proprietary information flows in strategic alliances facilitate banks’ information collection in private debt markets. We argue that lenders that have previously worked with a borrower’s alliance partners have an information advantage and show that firms entering a strategic alliance receive a lower interest spread on loans from banks that have previously lent to their strategic partners than loans from other banks. Cross-sectional tests on alliances’ economic importance and participants’ information environment support our hypothesis that the loan price effect is driven by reduced information asymmetry between borrowers and their partners’ relationship banks. Last, we find borrowers are more likely to obtain debt financing from alliance-related banks than from other banks. Overall, our findings are consistent with lenders that have previously worked with an alliance counterparty possessing debt contracting-relevant information about the soft nature of alliance value and the partners’ commitment to alliances.
- [Strategic Alliances and Lending Relationships](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/strategic-alliances-and-lending-relationships/) - We study how proprietary information flows in strategic alliances facilitate banks’ information collection in private debt markets. We argue that lenders that have previously worked with a borrower’s alliance partners have an information advantage and show that firms entering a strategic alliance receive a lower interest spread on loans from banks that have previously lent to their strategic partners than loans from other banks. Cross-sectional tests on alliances’ economic importance and participants’ information environment support our hypothesis that the loan price effect is driven by reduced information asymmetry between borrowers and their partners’ relationship banks. Last, we find borrowers are more likely to obtain debt financing from alliance-related banks than from other banks. Overall, our findings are consistent with lenders that have previously worked with an alliance counterparty possessing debt contracting-relevant information about the soft nature of alliance value and the partners’ commitment to alliances.
- [(Trade) War and Peace: How to Impose International Trade Sanctions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/trade-war-and-peace-how-to-impose-international-trade-sanctions/) - What is the most cost-efficient way to impose trade sanctions against Russia? We build a quantitative model of international trade with input–output connections. Sanctioning countries choose import tariffs to simultaneously maximize their income and minimize Russia’s income, with different weights placed on these objectives. We find, first, that for countries with low willingness to pay for sanctions against Russia, the most cost-efficient sanction is an approximately 20% tariff on all Russian products. Second, if countries are willing to pay at least US$0.70 for each US$1 drop in Russian welfare, an embargo on Russia’s mining and energy products is the most cost-efficient policy.
- [(Trade) War and Peace: How to Impose International Trade Sanctions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/trade-war-and-peace-how-to-impose-international-trade-sanctions/) - What is the most cost-efficient way to impose trade sanctions against Russia? We build a quantitative model of international trade with input–output connections. Sanctioning countries choose import tariffs to simultaneously maximize their income and minimize Russia’s income, with different weights placed on these objectives. We find, first, that for countries with low willingness to pay for sanctions against Russia, the most cost-efficient sanction is an approximately 20% tariff on all Russian products. Second, if countries are willing to pay at least US$0.70 for each US$1 drop in Russian welfare, an embargo on Russia’s mining and energy products is the most cost-efficient policy.
- [(Trade) War and Peace: How to Impose International Trade Sanctions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/trade-war-and-peace-how-to-impose-international-trade-sanctions/) - What is the most cost-efficient way to impose trade sanctions against Russia? We build a quantitative model of international trade with input–output connections. Sanctioning countries choose import tariffs to simultaneously maximize their income and minimize Russia’s income, with different weights placed on these objectives. We find, first, that for countries with low willingness to pay for sanctions against Russia, the most cost-efficient sanction is an approximately 20% tariff on all Russian products. Second, if countries are willing to pay at least US$0.70 for each US$1 drop in Russian welfare, an embargo on Russia’s mining and energy products is the most cost-efficient policy.
- [Importance of Transaction Costs for Asset Allocation in Foreign Exchange Markets](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/importance-of-transaction-costs-for-asset-allocation-in-foreign-exchange-markets/) - Transaction costs have a first-order effect on the performance of currency portfolios. Proportional costs based on quoted bid–ask spread are relatively small, but when a fund is large, costs due to the trading volume price impact are sizable and quickly erode returns, leaving many popular strategies unprofitable. A mean–variance-transaction-cost optimized approach (MVTC) that accounts for costs in the optimization efficiently tackles the problem with only relatively minor negative implications on before-cost profitability. MVTC is robust even when the price impact of trading is severe. Finally, we introduce an accurate extrapolation approach to expand the sample of the realized Amihud measure of Ranaldo and Santucci de Magistris (2022) from 12 to 26 currencies and from 2012 back in time to 1986.
- [Importance of Transaction Costs for Asset Allocation in Foreign Exchange Markets](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/importance-of-transaction-costs-for-asset-allocation-in-foreign-exchange-markets/) - Transaction costs have a first-order effect on the performance of currency portfolios. Proportional costs based on quoted bid–ask spread are relatively small, but when a fund is large, costs due to the trading volume price impact are sizable and quickly erode returns, leaving many popular strategies unprofitable. A mean–variance-transaction-cost optimized approach (MVTC) that accounts for costs in the optimization efficiently tackles the problem with only relatively minor negative implications on before-cost profitability. MVTC is robust even when the price impact of trading is severe. Finally, we introduce an accurate extrapolation approach to expand the sample of the realized Amihud measure of Ranaldo and Santucci de Magistris (2022) from 12 to 26 currencies and from 2012 back in time to 1986.
- [Importance of Transaction Costs for Asset Allocation in Foreign Exchange Markets](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/importance-of-transaction-costs-for-asset-allocation-in-foreign-exchange-markets/) - Transaction costs have a first-order effect on the performance of currency portfolios. Proportional costs based on quoted bid–ask spread are relatively small, but when a fund is large, costs due to the trading volume price impact are sizable and quickly erode returns, leaving many popular strategies unprofitable. A mean–variance-transaction-cost optimized approach (MVTC) that accounts for costs in the optimization efficiently tackles the problem with only relatively minor negative implications on before-cost profitability. MVTC is robust even when the price impact of trading is severe. Finally, we introduce an accurate extrapolation approach to expand the sample of the realized Amihud measure of Ranaldo and Santucci de Magistris (2022) from 12 to 26 currencies and from 2012 back in time to 1986.
- [Transparency and Policymaking with Endogenous Information Provision](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/transparency-and-policymaking-with-endogenous-information-provision/) - How does the politician's reputation concern affect information provision when the information is endogenously provided by a biased lobbyist? I develop a model to study this problem and show that the answer depends on the transparency design. When the lobbyist's preference is publicly known, the politician's reputation concern induces the lobbyist to provide more information. When the lobbyist's preference is unknown, the politician's reputation concern may induce the lobbyist to provide less information. One implication of the result is that given transparent preferences, the transparency of decision consequences can impede information provision by moderating the politician's reputational incentive.
- [Transparency and Policymaking with Endogenous Information Provision](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/transparency-and-policymaking-with-endogenous-information-provision/) - How does the politician's reputation concern affect information provision when the information is endogenously provided by a biased lobbyist? I develop a model to study this problem and show that the answer depends on the transparency design. When the lobbyist's preference is publicly known, the politician's reputation concern induces the lobbyist to provide more information. When the lobbyist's preference is unknown, the politician's reputation concern may induce the lobbyist to provide less information. One implication of the result is that given transparent preferences, the transparency of decision consequences can impede information provision by moderating the politician's reputational incentive.
- [Transparency and Policymaking with Endogenous Information Provision](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/transparency-and-policymaking-with-endogenous-information-provision/) - How does the politician's reputation concern affect information provision when the information is endogenously provided by a biased lobbyist? I develop a model to study this problem and show that the answer depends on the transparency design. When the lobbyist's preference is publicly known, the politician's reputation concern induces the lobbyist to provide more information. When the lobbyist's preference is unknown, the politician's reputation concern may induce the lobbyist to provide less information. One implication of the result is that given transparent preferences, the transparency of decision consequences can impede information provision by moderating the politician's reputational incentive.
- [Optimizing Offline Product Design and Online Assortment Policy: Measuring the Relative Impact of Each Decision](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/optimizing-offline-product-design-and-online-assortment-policy-measuring-the-relative-impact-of-each-decision/) - Revenue management decisions often involve both offline and online decisions. Offline decisions are made first and establish the broad and long-term operational context in which online decisions are frequently and repeatedly made, often in real time. We consider a joint optimization of offline and online decisions. Specifically, we examine a setting in which the offline decision concerns the selection of product-design characteristics (e.g., price, capacity, return eligibility, and other characteristics) and the online decision concerns the dynamic assortment optimization over a selling season. Our formulation has many applications, including optimizing products’ return eligibility and determining product discounts, and a key feature of our model is its explicit consideration of complex return dynamics and accompanying financial implications. We formulate an optimization problem that combines the impact of both offline and online decisions on the expected revenue. To determine the product design, we reformulate the choice-based deterministic linear program, solve its continuous relaxation, and round the resulting solution. Using value function approximations enables us to obtain a dynamic assortment policy whose expected revenue is at least a constant fraction of the choice-based deterministic linear program. Combining these two results, we show that our approach provides an approximate solution to the joint optimization problem with performance guarantees. Numerical experiments based on real transaction data from a major U.S. retailer show that our method achieves 95%–97% effectiveness, an advantage of up to 18% over methods that disregard the interplay between offline and online decisions. This framework also yields a systematic quantitative measure of the relative importance of both offline and online decisions. Based on this measure, numerical experiments highlight the crucial role of product design, accounting for 94% and 85% of the observed variation in effectiveness across various methods in applications involving volume discount and return eligibility, respectively.
- [Data-Driven Reliable Facility Location Design](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/data-driven-reliable-facility-location-design/) - We study the reliable (uncapacitated) facility location (RFL) problem in a data-driven environment where historical observations of random demands and disruptions are available. Owing to the combinatorial optimization nature of the RFL problem and the mixed-binary randomness of parameters therein, the state-of-the-art RFL models applied to the data-driven setting either suggest overly conservative solutions or become computationally prohibitive for large- or even moderate-size problems. In this paper, we address the RFL problem by presenting an innovative prescriptive model aiming to balance solution conservatism with computational efficiency. In particular, our model selects facility locations to minimize the fixed costs plus the expected operating costs approximated by a tractable data-driven estimator, which equals to a probabilistic upper bound on the intractable Kolmogorov distributionally robust optimization estimator. The solution of our model is obtained by solving a mixed-integer linear program that does not scale in the training data size. Our approach is proved to be asymptotically optimal, and offers a theoretical guarantee for its out-of-sample performance in situations with limited data. In addition, we discuss the adaptation of our approach when facing data with covariate information. Numerical results demonstrate that our model significantly outperforms several important RFL models with respect to both in-sample and out-of-sample performances as well as computational efficiency.
- [Data-Driven Reliable Facility Location Design](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/data-driven-reliable-facility-location-design/) - We study the reliable (uncapacitated) facility location (RFL) problem in a data-driven environment where historical observations of random demands and disruptions are available. Owing to the combinatorial optimization nature of the RFL problem and the mixed-binary randomness of parameters therein, the state-of-the-art RFL models applied to the data-driven setting either suggest overly conservative solutions or become computationally prohibitive for large- or even moderate-size problems. In this paper, we address the RFL problem by presenting an innovative prescriptive model aiming to balance solution conservatism with computational efficiency. In particular, our model selects facility locations to minimize the fixed costs plus the expected operating costs approximated by a tractable data-driven estimator, which equals to a probabilistic upper bound on the intractable Kolmogorov distributionally robust optimization estimator. The solution of our model is obtained by solving a mixed-integer linear program that does not scale in the training data size. Our approach is proved to be asymptotically optimal, and offers a theoretical guarantee for its out-of-sample performance in situations with limited data. In addition, we discuss the adaptation of our approach when facing data with covariate information. Numerical results demonstrate that our model significantly outperforms several important RFL models with respect to both in-sample and out-of-sample performances as well as computational efficiency.
- [Data-Driven Reliable Facility Location Design](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/data-driven-reliable-facility-location-design/) - We study the reliable (uncapacitated) facility location (RFL) problem in a data-driven environment where historical observations of random demands and disruptions are available. Owing to the combinatorial optimization nature of the RFL problem and the mixed-binary randomness of parameters therein, the state-of-the-art RFL models applied to the data-driven setting either suggest overly conservative solutions or become computationally prohibitive for large- or even moderate-size problems. In this paper, we address the RFL problem by presenting an innovative prescriptive model aiming to balance solution conservatism with computational efficiency. In particular, our model selects facility locations to minimize the fixed costs plus the expected operating costs approximated by a tractable data-driven estimator, which equals to a probabilistic upper bound on the intractable Kolmogorov distributionally robust optimization estimator. The solution of our model is obtained by solving a mixed-integer linear program that does not scale in the training data size. Our approach is proved to be asymptotically optimal, and offers a theoretical guarantee for its out-of-sample performance in situations with limited data. In addition, we discuss the adaptation of our approach when facing data with covariate information. Numerical results demonstrate that our model significantly outperforms several important RFL models with respect to both in-sample and out-of-sample performances as well as computational efficiency.
- [Who Holds Sovereign Debt and Why It Matters](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/who-holds-sovereign-debt-and-why-it-matters/) - This paper studies whether investor composition affects the sovereign debt market. We construct a data set of sovereign debt holdings by foreign and domestic bank, nonbank private and official investors for 101 countries across three decades. Compared with other investors, private nonbank investors absorb a disproportionate share of the debt supply, and their demand for emerging market debt is most price responsive. A counterfactual analysis of emerging market sovereigns shows a 10% increase in debt leads to a 5.8% yield increase but an outsized 8.4% increase without nonbank investors. We conclude that sovereigns are vulnerable to the loss of nonbanks.
- [Who Holds Sovereign Debt and Why It Matters](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/who-holds-sovereign-debt-and-why-it-matters/) - This paper studies whether investor composition affects the sovereign debt market. We construct a data set of sovereign debt holdings by foreign and domestic bank, nonbank private and official investors for 101 countries across three decades. Compared with other investors, private nonbank investors absorb a disproportionate share of the debt supply, and their demand for emerging market debt is most price responsive. A counterfactual analysis of emerging market sovereigns shows a 10% increase in debt leads to a 5.8% yield increase but an outsized 8.4% increase without nonbank investors. We conclude that sovereigns are vulnerable to the loss of nonbanks.
- [Local Newspaper Closures and Bank Loan Contracts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/local-newspaper-closures-and-bank-loan-contracts/) - We examine changes in bank loan contracts after borrowers experience a nearby local newspaper closure. Compared to a sample of control firms, we find that the closure of a local newspaper leads to higher interest spreads for borrowers. This effect is more pronounced when there are fewer related lenders in the syndicate, when lenders have less prior lending experience in the local area, when the closed local newspapers are associated with increases in misconduct cases, and for institutional lenders who rely more heavily on others for monitoring. In addition, we observe that loan contract amendments become less frequent, while covenant strictness increases following newspaper closures. Our main findings are robust to various research design specifications and are not driven by deteriorating local economic conditions. Our findings suggest that local media still plays a significant role in the debt markets, even as society moves deeper into the internet era.
- [Local Newspaper Closures and Bank Loan Contracts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/local-newspaper-closures-and-bank-loan-contracts/) - We examine changes in bank loan contracts after borrowers experience a nearby local newspaper closure. Compared to a sample of control firms, we find that the closure of a local newspaper leads to higher interest spreads for borrowers. This effect is more pronounced when there are fewer related lenders in the syndicate, when lenders have less prior lending experience in the local area, when the closed local newspapers are associated with increases in misconduct cases, and for institutional lenders who rely more heavily on others for monitoring. In addition, we observe that loan contract amendments become less frequent, while covenant strictness increases following newspaper closures. Our main findings are robust to various research design specifications and are not driven by deteriorating local economic conditions. Our findings suggest that local media still plays a significant role in the debt markets, even as society moves deeper into the internet era.
- [Local Newspaper Closures and Bank Loan Contracts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/local-newspaper-closures-and-bank-loan-contracts/) - We examine changes in bank loan contracts after borrowers experience a nearby local newspaper closure. Compared to a sample of control firms, we find that the closure of a local newspaper leads to higher interest spreads for borrowers. This effect is more pronounced when there are fewer related lenders in the syndicate, when lenders have less prior lending experience in the local area, when the closed local newspapers are associated with increases in misconduct cases, and for institutional lenders who rely more heavily on others for monitoring. In addition, we observe that loan contract amendments become less frequent, while covenant strictness increases following newspaper closures. Our main findings are robust to various research design specifications and are not driven by deteriorating local economic conditions. Our findings suggest that local media still plays a significant role in the debt markets, even as society moves deeper into the internet era.
- [Multiproduct Dynamic Pricing with Reference Effects Under Logit Demand](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/multiproduct-dynamic-pricing-with-reference-effects-under-logit-demand/) - Problem definition: We consider the dynamic pricing problem of multiple products under (asymmetric) reference effects over an infinite horizon. Unlike existing literature, which is mostly focused on the single-product setting, our multiproduct setting takes into account the cross-product effects among substitutes and incorporates the memory-based reference prices into the multinomial logit (MNL) demand model. Even with the single-product logit demand, the structure of the optimal pricing policy is intractable. Therefore, we focus on the long-run patterns of the optimal pricing policy and also discuss the performance of the myopic pricing policy. Methodology/results: We first provide a comprehensive characterization of the myopic pricing policy, including its solution, long-run convergence behavior, and optimality gap. For the optimal pricing policy, we show an intricate connection between its long-run dynamics and types of reference effects. We demonstrate that the presence of any gain-seeking product renders a long-run constant pricing policy suboptimal. Conversely, the constant policy (or optimal steady state) can exist in both loss-neutral and loss-averse scenarios, where we provide a sufficient condition for such existence and give the analytical expression for the optimal steady state. We further show that when pricing perfect substitutes, the true optimal policy under the multiproduct framework is more likely to yield a long-run cyclic pattern than the policy derived from the single-product framework, a phenomenon that aligns well with the periodic discounts in real-world markets. Managerial implications: This discrepancy in the long-run behaviors between multi- and single-product-based policies highlights the importance of employing the multiproduct framework and addressing the cross-product effects, as sticking to the single-product framework while managing multiple substitutes can misrepresent long-run dynamics and result in suboptimality. In the multiproduct domain, our model suggests that retailers are more likely to benefit from appropriate price variations than maintaining a constant pricing policy.
- [Multiproduct Dynamic Pricing with Reference Effects Under Logit Demand](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/multiproduct-dynamic-pricing-with-reference-effects-under-logit-demand/) - Problem definition: We consider the dynamic pricing problem of multiple products under (asymmetric) reference effects over an infinite horizon. Unlike existing literature, which is mostly focused on the single-product setting, our multiproduct setting takes into account the cross-product effects among substitutes and incorporates the memory-based reference prices into the multinomial logit (MNL) demand model. Even with the single-product logit demand, the structure of the optimal pricing policy is intractable. Therefore, we focus on the long-run patterns of the optimal pricing policy and also discuss the performance of the myopic pricing policy. Methodology/results: We first provide a comprehensive characterization of the myopic pricing policy, including its solution, long-run convergence behavior, and optimality gap. For the optimal pricing policy, we show an intricate connection between its long-run dynamics and types of reference effects. We demonstrate that the presence of any gain-seeking product renders a long-run constant pricing policy suboptimal. Conversely, the constant policy (or optimal steady state) can exist in both loss-neutral and loss-averse scenarios, where we provide a sufficient condition for such existence and give the analytical expression for the optimal steady state. We further show that when pricing perfect substitutes, the true optimal policy under the multiproduct framework is more likely to yield a long-run cyclic pattern than the policy derived from the single-product framework, a phenomenon that aligns well with the periodic discounts in real-world markets. Managerial implications: This discrepancy in the long-run behaviors between multi- and single-product-based policies highlights the importance of employing the multiproduct framework and addressing the cross-product effects, as sticking to the single-product framework while managing multiple substitutes can misrepresent long-run dynamics and result in suboptimality. In the multiproduct domain, our model suggests that retailers are more likely to benefit from appropriate price variations than maintaining a constant pricing policy.
- [Multiproduct Dynamic Pricing with Reference Effects Under Logit Demand](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/multiproduct-dynamic-pricing-with-reference-effects-under-logit-demand/) - Problem definition: We consider the dynamic pricing problem of multiple products under (asymmetric) reference effects over an infinite horizon. Unlike existing literature, which is mostly focused on the single-product setting, our multiproduct setting takes into account the cross-product effects among substitutes and incorporates the memory-based reference prices into the multinomial logit (MNL) demand model. Even with the single-product logit demand, the structure of the optimal pricing policy is intractable. Therefore, we focus on the long-run patterns of the optimal pricing policy and also discuss the performance of the myopic pricing policy. Methodology/results: We first provide a comprehensive characterization of the myopic pricing policy, including its solution, long-run convergence behavior, and optimality gap. For the optimal pricing policy, we show an intricate connection between its long-run dynamics and types of reference effects. We demonstrate that the presence of any gain-seeking product renders a long-run constant pricing policy suboptimal. Conversely, the constant policy (or optimal steady state) can exist in both loss-neutral and loss-averse scenarios, where we provide a sufficient condition for such existence and give the analytical expression for the optimal steady state. We further show that when pricing perfect substitutes, the true optimal policy under the multiproduct framework is more likely to yield a long-run cyclic pattern than the policy derived from the single-product framework, a phenomenon that aligns well with the periodic discounts in real-world markets. Managerial implications: This discrepancy in the long-run behaviors between multi- and single-product-based policies highlights the importance of employing the multiproduct framework and addressing the cross-product effects, as sticking to the single-product framework while managing multiple substitutes can misrepresent long-run dynamics and result in suboptimality. In the multiproduct domain, our model suggests that retailers are more likely to benefit from appropriate price variations than maintaining a constant pricing policy.
- [Logic-Based Updating](https://www.hkubs.hku.hk/tc/research/thought-leadership/latest-research-publications-tc/logic-based-updating/) - We build on AGM belief revision (Alchourrón et al. (1985)) and propose a class of updating rules called pragmatic rules. Pragmatic updating applies to multiple priors and requires that the agent's posteriors be the subset of her priors under which the realized event occurs with probability 1, if such priors exist. We construct a propositional
- [Logic-Based Updating](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/logic-based-updating/) - We build on AGM belief revision (Alchourrón et al. (1985)) and propose a class of updating rules called pragmatic rules. Pragmatic updating applies to multiple priors and requires that the agent's posteriors be the subset of her priors under which the realized event occurs with probability 1, if such priors exist. We construct a propositional language based on qualitative probability and demonstrate the strong relation between belief updating rules and belief revision rules in this language. We show that an updating rule is consistent with AGM belief revision if and only if it is pragmatic. While maximum likelihood updating is pragmatic in general, full-Bayesian updating is not. We characterize maximum likelihood updating within the AGM framework, and show that full-Bayesian updating can be obtained by dropping one of AGM's postulates.
- [Logic-Based Updating](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/logic-based-updating/) - We build on AGM belief revision (Alchourrón et al. (1985)) and propose a class of updating rules called pragmatic rules. Pragmatic updating applies to multiple priors and requires that the agent's posteriors be the subset of her priors under which the realized event occurs with probability 1, if such priors exist. We construct a propositional language based on qualitative probability and demonstrate the strong relation between belief updating rules and belief revision rules in this language. We show that an updating rule is consistent with AGM belief revision if and only if it is pragmatic. While maximum likelihood updating is pragmatic in general, full-Bayesian updating is not. We characterize maximum likelihood updating within the AGM framework, and show that full-Bayesian updating can be obtained by dropping one of AGM's postulates.
- [Learning from a Black Box](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/learning-from-a-black-box/) - We introduce a learning model in which the decision maker does not know how recommendations are generated, called the contraction rule. We present behavioral postulates that characterize it. The contraction rule can be uniquely identified and reveals how the decision maker interprets and how much she trusts the recommendation. In a dynamic stationary setting, we show that the contraction rule is not dominated by completely following recommendations and is incompatible with a property called compliance with balanced recommendations. Following this negative result, we demonstrate that the contraction rule may generate and reinforce recency bias and disagreement.
- [Learning from a Black Box](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/learning-from-a-black-box/) - We introduce a learning model in which the decision maker does not know how recommendations are generated, called the contraction rule. We present behavioral postulates that characterize it. The contraction rule can be uniquely identified and reveals how the decision maker interprets and how much she trusts the recommendation. In a dynamic stationary setting, we show that the contraction rule is not dominated by completely following recommendations and is incompatible with a property called compliance with balanced recommendations. Following this negative result, we demonstrate that the contraction rule may generate and reinforce recency bias and disagreement.
- [Learning from a Black Box](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/learning-from-a-black-box/) - We introduce a learning model in which the decision maker does not know how recommendations are generated, called the contraction rule. We present behavioral postulates that characterize it. The contraction rule can be uniquely identified and reveals how the decision maker interprets and how much she trusts the recommendation. In a dynamic stationary setting, we show that the contraction rule is not dominated by completely following recommendations and is incompatible with a property called compliance with balanced recommendations. Following this negative result, we demonstrate that the contraction rule may generate and reinforce recency bias and disagreement.
- [From Sparse to Dense Functional Data in High Dimensions: Revisiting Phase Transitions from a Non-Asymptotic Perspective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/from-sparse-to-dense-functional-data-in-high-dimensions-revisiting-phase-transitions-from-a-non-asymptotic-perspective/) - Nonparametric estimation of the mean and covariance functions is ubiquitous in functional data analysis and local linear smoothing techniques are most frequently used. Zhang and Wang (2016) explored different types of asymptotic properties of the estimation, which reveal interesting phase transition phenomena based on the relative order of the average sampling frequency per subject TT to the number of subjects nn, partitioning the data into three categories: “sparse”, “semi-dense”, and “ultra-dense”. In an increasingly available high-dimensional scenario, where the number of functional variables pp is large in relation to nn, we revisit this open problem from a non-asymptotic perspective by deriving comprehensive concentration inequalities for the local linear smoothers. Besides being of interest by themselves, our non-asymptotic results lead to elementwise maximum rates of L2L2 convergence and uniform convergence serving as a fundamentally important tool for further convergence analysis when pp grows exponentially with nn and possibly TT. With the presence of extra logplog⁡p terms to account for the high-dimensional effect, we then investigate the scaled phase transitions and the corresponding elementwise maximum rates from sparse to semi-dense to ultra-dense functional data in high dimensions. We also discuss a couple of applications of our theoretical results. Finally, numerical studies are carried out to confirm the established theoretical properties.
- [From Sparse to Dense Functional Data in High Dimensions: Revisiting Phase Transitions from a Non-Asymptotic Perspective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/from-sparse-to-dense-functional-data-in-high-dimensions-revisiting-phase-transitions-from-a-non-asymptotic-perspective/) - Nonparametric estimation of the mean and covariance functions is ubiquitous in functional data analysis and local linear smoothing techniques are most frequently used. Zhang and Wang (2016) explored different types of asymptotic properties of the estimation, which reveal interesting phase transition phenomena based on the relative order of the average sampling frequency per subject TT to the number of subjects nn, partitioning the data into three categories: “sparse”, “semi-dense”, and “ultra-dense”. In an increasingly available high-dimensional scenario, where the number of functional variables pp is large in relation to nn, we revisit this open problem from a non-asymptotic perspective by deriving comprehensive concentration inequalities for the local linear smoothers. Besides being of interest by themselves, our non-asymptotic results lead to elementwise maximum rates of L2L2 convergence and uniform convergence serving as a fundamentally important tool for further convergence analysis when pp grows exponentially with nn and possibly TT. With the presence of extra logplog⁡p terms to account for the high-dimensional effect, we then investigate the scaled phase transitions and the corresponding elementwise maximum rates from sparse to semi-dense to ultra-dense functional data in high dimensions. We also discuss a couple of applications of our theoretical results. Finally, numerical studies are carried out to confirm the established theoretical properties.
- [From Sparse to Dense Functional Data in High Dimensions: Revisiting Phase Transitions from a Non-Asymptotic Perspective](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/from-sparse-to-dense-functional-data-in-high-dimensions-revisiting-phase-transitions-from-a-non-asymptotic-perspective/) - Nonparametric estimation of the mean and covariance functions is ubiquitous in functional data analysis and local linear smoothing techniques are most frequently used. Zhang and Wang (2016) explored different types of asymptotic properties of the estimation, which reveal interesting phase transition phenomena based on the relative order of the average sampling frequency per subject TT to the number of subjects nn, partitioning the data into three categories: “sparse”, “semi-dense”, and “ultra-dense”. In an increasingly available high-dimensional scenario, where the number of functional variables pp is large in relation to nn, we revisit this open problem from a non-asymptotic perspective by deriving comprehensive concentration inequalities for the local linear smoothers. Besides being of interest by themselves, our non-asymptotic results lead to elementwise maximum rates of L2L2 convergence and uniform convergence serving as a fundamentally important tool for further convergence analysis when pp grows exponentially with nn and possibly TT. With the presence of extra logplog⁡p terms to account for the high-dimensional effect, we then investigate the scaled phase transitions and the corresponding elementwise maximum rates from sparse to semi-dense to ultra-dense functional data in high dimensions. We also discuss a couple of applications of our theoretical results. Finally, numerical studies are carried out to confirm the established theoretical properties.
- [Ownership Concentration and Strategic Supply Reduction](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/ownership-concentration-and-strategic-supply-reduction/) - We explore the implications of ownership concentration for the recently concluded incentive auction that repurposed spectrum from broadcast TV to mobile broadband usage in the United States. We document significant multilicense ownership of TV stations. We show that in the reverse auction, in which TV stations bid to relinquish their licenses, multilicense owners have an incentive to withhold some TV stations to drive up prices for their remaining TV stations. Using a large-scale valuation and simulation exercise, we find that this strategic supply reduction increases payouts to TV stations by between 13.5 percent and 42.4 percent.
- [Ownership Concentration and Strategic Supply Reduction](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/ownership-concentration-and-strategic-supply-reduction/) - We explore the implications of ownership concentration for the recently concluded incentive auction that repurposed spectrum from broadcast TV to mobile broadband usage in the United States. We document significant multilicense ownership of TV stations. We show that in the reverse auction, in which TV stations bid to relinquish their licenses, multilicense owners have an incentive to withhold some TV stations to drive up prices for their remaining TV stations. Using a large-scale valuation and simulation exercise, we find that this strategic supply reduction increases payouts to TV stations by between 13.5 percent and 42.4 percent.
- [High-Dimensional L2-Boosting: Rate of Convergence](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/high-dimensional-l2-boosting-rate-of-convergence/) - Boosting is one of the most significant developments in machine learning. This paper studies the rate of convergence of L-2-Boosting in a high-dimensional setting under early stopping. We close a gap in the literature and provide the rate of convergence of L-2-Boosting in a high-dimensional setting under approximate sparsity and without beta-min condition. We also show that the rate of convergence of the classical L-2-Boosting depends on the design matrix described by a sparse eigenvalue condition. To show the latter results, we derive new, improved approximation results for the pure greedy algorithm, based on analyzing the revisiting behavior of L-2-Boosting. These results might be of independent interest. Moreover, we introduce so-called "restricted L-2-Boosting". The restricted L-2-Boosting algorithm sticks to the set of the previously chosen variables, exploits the information contained in these variables first and then only occasionally allows to add new variables to this set. We derive the rate of convergence for restricted L-2-Boosting under early stopping which is close to the convergence rate of Lasso in an approximate sparse, high-dimensional setting without beta-min condition. We also introduce feasible rules for early stopping, which can be easily implemented and used in applied work. Finally, we present simulation studies to illustrate the relevance of our theoretical results and to provide insights into the practical aspects of boosting. In these simulation studies, L-2-Boosting clearly outperforms Lasso. An empirical illustration and the proofs are contained in the Appendix.
- [High-Dimensional L2-Boosting: Rate of Convergence](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/high-dimensional-l2-boosting-rate-of-convergence/) - Boosting is one of the most significant developments in machine learning. This paper studies the rate of convergence of L-2-Boosting in a high-dimensional setting under early stopping. We close a gap in the literature and provide the rate of convergence of L-2-Boosting in a high-dimensional setting under approximate sparsity and without beta-min condition. We also show that the rate of convergence of the classical L-2-Boosting depends on the design matrix described by a sparse eigenvalue condition. To show the latter results, we derive new, improved approximation results for the pure greedy algorithm, based on analyzing the revisiting behavior of L-2-Boosting. These results might be of independent interest. Moreover, we introduce so-called "restricted L-2-Boosting". The restricted L-2-Boosting algorithm sticks to the set of the previously chosen variables, exploits the information contained in these variables first and then only occasionally allows to add new variables to this set. We derive the rate of convergence for restricted L-2-Boosting under early stopping which is close to the convergence rate of Lasso in an approximate sparse, high-dimensional setting without beta-min condition. We also introduce feasible rules for early stopping, which can be easily implemented and used in applied work. Finally, we present simulation studies to illustrate the relevance of our theoretical results and to provide insights into the practical aspects of boosting. In these simulation studies, L-2-Boosting clearly outperforms Lasso. An empirical illustration and the proofs are contained in the Appendix.
- [High-Dimensional L2-Boosting: Rate of Convergence](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/high-dimensional-l2-boosting-rate-of-convergence/) - Boosting is one of the most significant developments in machine learning. This paper studies the rate of convergence of L-2-Boosting in a high-dimensional setting under early stopping. We close a gap in the literature and provide the rate of convergence of L-2-Boosting in a high-dimensional setting under approximate sparsity and without beta-min condition. We also show that the rate of convergence of the classical L-2-Boosting depends on the design matrix described by a sparse eigenvalue condition. To show the latter results, we derive new, improved approximation results for the pure greedy algorithm, based on analyzing the revisiting behavior of L-2-Boosting. These results might be of independent interest. Moreover, we introduce so-called "restricted L-2-Boosting". The restricted L-2-Boosting algorithm sticks to the set of the previously chosen variables, exploits the information contained in these variables first and then only occasionally allows to add new variables to this set. We derive the rate of convergence for restricted L-2-Boosting under early stopping which is close to the convergence rate of Lasso in an approximate sparse, high-dimensional setting without beta-min condition. We also introduce feasible rules for early stopping, which can be easily implemented and used in applied work. Finally, we present simulation studies to illustrate the relevance of our theoretical results and to provide insights into the practical aspects of boosting. In these simulation studies, L-2-Boosting clearly outperforms Lasso. An empirical illustration and the proofs are contained in the Appendix.
- [Choice Overload and the Long Tail: Consideration Sets and Purchases in Online Platforms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/choice-overload-and-the-long-tail-consideration-sets-and-purchases-in-online-platforms/) - Problem definition: This paper examines frictions in the shopping funnel using empirical clickstream data from an online travel platform. We analyze (a) customers’ heterogeneous search and purchase behaviors and (b) their reactions to changes in assortment size. We then develop a consider-then-choose model to generalize our findings. Methodology/results: We characterize the online customer journey as a two-stage consider-then-choose framework. In the consider stage, we analyze the consideration set formation and show that heterogeneity—familiarity with the assortment—amplifies the number of options; in the purchase stage, it drives preferences for niche versus popular choices. A real-world high-stakes field experiment reveals that shrinking the menu produces mixed results: highlighting the market for the long-tail for some customers and reflecting choice overload for others. Finally, we build a psychologically rich consider-then-choose model with (a) heterogeneous preferences for product features and (b) heterogeneous search costs moderated by search fatigue, theoretically characterizing the impact on consideration sets and conversion rates. Managerial implications: Identifying frictions in the shopping funnel is critical for online platforms, especially when pain points hurt click-through or conversion rates. Which options matter to which users? What is the right assortment size? Although online platforms can offer virtually unlimited assortments, managers may assume frictionless environments—which is not always the case. Our findings offer insights into improving the customer journey by considering heterogeneous preferences and boundedly rational heuristics.
- [Choice Overload and the Long Tail: Consideration Sets and Purchases in Online Platforms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/choice-overload-and-the-long-tail-consideration-sets-and-purchases-in-online-platforms/) - Problem definition: This paper examines frictions in the shopping funnel using empirical clickstream data from an online travel platform. We analyze (a) customers’ heterogeneous search and purchase behaviors and (b) their reactions to changes in assortment size. We then develop a consider-then-choose model to generalize our findings. Methodology/results: We characterize the online customer journey as a two-stage consider-then-choose framework. In the consider stage, we analyze the consideration set formation and show that heterogeneity—familiarity with the assortment—amplifies the number of options; in the purchase stage, it drives preferences for niche versus popular choices. A real-world high-stakes field experiment reveals that shrinking the menu produces mixed results: highlighting the market for the long-tail for some customers and reflecting choice overload for others. Finally, we build a psychologically rich consider-then-choose model with (a) heterogeneous preferences for product features and (b) heterogeneous search costs moderated by search fatigue, theoretically characterizing the impact on consideration sets and conversion rates. Managerial implications: Identifying frictions in the shopping funnel is critical for online platforms, especially when pain points hurt click-through or conversion rates. Which options matter to which users? What is the right assortment size? Although online platforms can offer virtually unlimited assortments, managers may assume frictionless environments—which is not always the case. Our findings offer insights into improving the customer journey by considering heterogeneous preferences and boundedly rational heuristics.
- [Crowdfunding Success for Female Versus Male Entrepreneurs Depends on Whether a Consumer Versus Investor Decision Frame Is Salient](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/crowdfunding-success-for-female-versus-male-entrepreneurs-depends-on-whether-a-consumer-versus-investor-decision-frame-is-salient/) - Ensuring equal access to entrepreneurship and startup funding for both female and male entrepreneurs is crucial for societal perceptions of justice and long-term prosperity. Previous research presents contrasting findings, with some studies indicating a male advantage and others suggesting a female advantage. This research reconciles these inconsistencies by identifying the decision frame as a moderator. Specifically, in crowdfunding contexts, a consumer decision frame leads to stronger reliance on communal evaluation norms, resulting in favoring female entrepreneurs who are perceived as more disadvantaged. Conversely, an investor decision frame leads to stronger reliance on exchange evaluation norms, resulting in favoring male entrepreneurs who are perceived as more determined/passionate. Based on this, the authors propose that the strategic use of an entrepreneur's profile, activating a specific evaluation norm, and showing crowdfunding dependence attenuate the differential support for female versus male entrepreneurs, resulting in equal support for both. Results from six studies using a multimethod design provide converging support for this framework. This research is the first to differentiate between and directly compare consumer and investor decision frames, advancing the related literature and offering valuable guidelines for entrepreneurs, funding platforms, and public policy makers.
- [Crowdfunding Success for Female Versus Male Entrepreneurs Depends on Whether a Consumer Versus Investor Decision Frame Is Salient](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/crowdfunding-success-for-female-versus-male-entrepreneurs-depends-on-whether-a-consumer-versus-investor-decision-frame-is-salient/) - Ensuring equal access to entrepreneurship and startup funding for both female and male entrepreneurs is crucial for societal perceptions of justice and long-term prosperity. Previous research presents contrasting findings, with some studies indicating a male advantage and others suggesting a female advantage. This research reconciles these inconsistencies by identifying the decision frame as a moderator. Specifically, in crowdfunding contexts, a consumer decision frame leads to stronger reliance on communal evaluation norms, resulting in favoring female entrepreneurs who are perceived as more disadvantaged. Conversely, an investor decision frame leads to stronger reliance on exchange evaluation norms, resulting in favoring male entrepreneurs who are perceived as more determined/passionate. Based on this, the authors propose that the strategic use of an entrepreneur's profile, activating a specific evaluation norm, and showing crowdfunding dependence attenuate the differential support for female versus male entrepreneurs, resulting in equal support for both. Results from six studies using a multimethod design provide converging support for this framework. This research is the first to differentiate between and directly compare consumer and investor decision frames, advancing the related literature and offering valuable guidelines for entrepreneurs, funding platforms, and public policy makers.
- [Model-free Change-Point Detection Using AUC of a Classifier](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/model-free-change-point-detection-using-auc-of-a-classifier/) - In contemporary data analysis, it is increasingly common to work with non-stationary complex data sets. These data sets typically extend beyond the classical low-dimensional Euclidean space, making it challenging to detect shifts in their distribution without relying on strong structural assumptions. This paper proposes a novel o ine change-point detection method that leverages classiers developed in the statistics and machine learning community. With suitable data splitting, the test statistic is constructed through sequential computation of the Area Under the Curve (AUC) of a classier, which is trained on data segments on both ends of the sequence. It is shown that the resulting AUC process attains its maxima at the true change-point location, which facilitates the change-point estimation. The proposed method is characterized by its complete nonparametric nature, high versatility, considerable exibility, and absence of stringent assumptions on the underlying data or any distributional shifts. Theoretically, we derive the limiting pivotal distribution of the proposed test statistic under null, as well as the asymptotic behaviors under both local and xed alternatives. The localization rate of the change-point estimator is also provided. Extensive simulation studies and the analysis of two real-world data sets illustrate the superior performance of our approach compared to existing model-free change-point detection methods.
- [Model-free Change-Point Detection Using AUC of a Classifier](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/model-free-change-point-detection-using-auc-of-a-classifier/) - In contemporary data analysis, it is increasingly common to work with non-stationary complex data sets. These data sets typically extend beyond the classical low-dimensional Euclidean space, making it challenging to detect shifts in their distribution without relying on strong structural assumptions. This paper proposes a novel o ine change-point detection method that leverages classiers developed in the statistics and machine learning community. With suitable data splitting, the test statistic is constructed through sequential computation of the Area Under the Curve (AUC) of a classier, which is trained on data segments on both ends of the sequence. It is shown that the resulting AUC process attains its maxima at the true change-point location, which facilitates the change-point estimation. The proposed method is characterized by its complete nonparametric nature, high versatility, considerable exibility, and absence of stringent assumptions on the underlying data or any distributional shifts. Theoretically, we derive the limiting pivotal distribution of the proposed test statistic under null, as well as the asymptotic behaviors under both local and xed alternatives. The localization rate of the change-point estimator is also provided. Extensive simulation studies and the analysis of two real-world data sets illustrate the superior performance of our approach compared to existing model-free change-point detection methods.
- [Model-free Change-Point Detection Using AUC of a Classifier](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/model-free-change-point-detection-using-auc-of-a-classifier/) - In contemporary data analysis, it is increasingly common to work with non-stationary complex data sets. These data sets typically extend beyond the classical low-dimensional Euclidean space, making itchallenging to detect shifts in their distribution without relying on strong structural assumptions. This paper proposes a novel o ine change-point detection method that leverages classiers developed in the statistics and machine learning community. With suitable data splitting, the test statistic is constructed through sequential computation of the Area Under the Curve (AUC) of a classier, which is trained on data segments on both ends of the sequence. It is shown that the resulting AUC process attains its maxima at the true change-point location, which facilitates the change-point estimation. The proposed method is characterized by its complete nonparametric nature, high versatility, considerable exibility, and absence of stringent assumptions on the underlying data or any distributional shifts. Theoretically, we derive the limiting pivotal distribution of the proposed test statistic under null, as well as the asymptotic behaviors under both local and xed alternatives. The localization rate of the change-point estimator is also provided. Extensive simulation studies and the analysis of two real-world data sets illustrate the superior performance of our approach compared to existing model-free change-point detection methods.
- [Dynamic Contract Design in the Presence of Double Moral Hazard](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/dynamic-contract-design-in-the-presence-of-double-moral-hazard/) - We consider a stylized incentive management problem over an infinite time horizon, where the principal hires an agent to provide services to customers. Customers request service in one of two ways: either via an online or a traditional offline channel. The principal does not observe the offline customers’ arrivals, nor does she observe whether the agent exerts (costly) effort that can increase the arrival rate of customers. This creates an opportunity for the agent (i) to divert cash (that is, to under-report the number of offline customers and pocket respective revenues) and also (ii) to shirk (that is, not to exert effort), thus leading to a novel and thus far unexplored double moral hazard problem. To address this problem, we formulate a constrained, continuous-time, stochastic optimal control problem and derive an optimal contract with a simple intuitive structure that includes a payment scheme and a potential termination time of the agent. We enrich the model to allow the principal to either (i) dynamically adjust the prices for the services in both channels or (ii) monitor the agent. Both tools help the principal to alleviate the double moral hazard problem. We derive respective optimal strategies for using those tools that guarantee the highest profits. We show that the worse the agent’s past performance is, the lower the prices should be set and the more the principal should monitor the agent.
- [Dynamic Contract Design in the Presence of Double Moral Hazard](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/dynamic-contract-design-in-the-presence-of-double-moral-hazard/) - We consider a stylized incentive management problem over an infinite time horizon, where the principal hires an agent to provide services to customers. Customers request service in one of two ways: either via an online or a traditional offline channel. The principal does not observe the offline customers’ arrivals, nor does she observe whether the agent exerts (costly) effort that can increase the arrival rate of customers. This creates an opportunity for the agent (i) to divert cash (that is, to under-report the number of offline customers and pocket respective revenues) and also (ii) to shirk (that is, not to exert effort), thus leading to a novel and thus far unexplored double moral hazard problem. To address this problem, we formulate a constrained, continuous-time, stochastic optimal control problem and derive an optimal contract with a simple intuitive structure that includes a payment scheme and a potential termination time of the agent. We enrich the model to allow the principal to either (i) dynamically adjust the prices for the services in both channels or (ii) monitor the agent. Both tools help the principal to alleviate the double moral hazard problem. We derive respective optimal strategies for using those tools that guarantee the highest profits. We show that the worse the agent’s past performance is, the lower the prices should be set and the more the principal should monitor the agent.
- [Dynamic Contract Design in the Presence of Double Moral Hazard](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/dynamic-contract-design-in-the-presence-of-double-moral-hazard/) - We consider a stylized incentive management problem over an infinite time horizon, where the principal hires an agent to provide services to customers. Customers request service in one of two ways: either via an online or a traditional offline channel. The principal does not observe the offline customers’ arrivals, nor does she observe whether the agent exerts (costly) effort that can increase the arrival rate of customers. This creates an opportunity for the agent (i) to divert cash (that is, to under-report the number of offline customers and pocket respective revenues) and also (ii) to shirk (that is, not to exert effort), thus leading to a novel and thus far unexplored double moral hazard problem. To address this problem, we formulate a constrained, continuous-time, stochastic optimal control problem and derive an optimal contract with a simple intuitive structure that includes a payment scheme and a potential termination time of the agent. We enrich the model to allow the principal to either (i) dynamically adjust the prices for the services in both channels or (ii) monitor the agent. Both tools help the principal to alleviate the double moral hazard problem. We derive respective optimal strategies for using those tools that guarantee the highest profits. We show that the worse the agent’s past performance is, the lower the prices should be set and the more the principal should monitor the agent.
- [Reciprocity in Corporate Tax Compliance—Evidence from Ozone Pollution](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/reciprocity-in-corporate-tax-compliance-evidence-from-ozone-pollution/) - In a tax—public goods reciprocity framework between citizens and the state, managers view taxes as a payment to the government in exchange for public goods, and hence they adjust their willingness to pay taxes as public good quality changes. We show that corporate tax planning intensity increases with ground-level ozone pollution. Revisions in ozone pollution regulations cause counties that failed the revised and more stringent standards to reduce ozone pollution. Consequently, firms headquartered in these counties reduced corporate tax planning intensity relative to firms in other counties. The ozone-tax link varies in the predicted directions with public attention to pollution, potential welfare loss due to ozone, managers’ stakeholder orientation, taxpayers’ polluting status, political preferences, and civic norms. We also find consistent results for Superfund cleanups of hazardous waste sites. Our research sheds light on reciprocity as a potential mechanism influencing corporate tax compliance.
- [Reciprocity in Corporate Tax Compliance—Evidence from Ozone Pollution](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/reciprocity-in-corporate-tax-compliance-evidence-from-ozone-pollution/) - In a tax—public goods reciprocity framework between citizens and the state, managers view taxes as a payment to the government in exchange for public goods, and hence they adjust their willingness to pay taxes as public good quality changes. We show that corporate tax planning intensity increases with ground-level ozone pollution. Revisions in ozone pollution regulations cause counties that failed the revised and more stringent standards to reduce ozone pollution. Consequently, firms headquartered in these counties reduced corporate tax planning intensity relative to firms in other counties. The ozone-tax link varies in the predicted directions with public attention to pollution, potential welfare loss due to ozone, managers’ stakeholder orientation, taxpayers’ polluting status, political preferences, and civic norms. We also find consistent results for Superfund cleanups of hazardous waste sites. Our research sheds light on reciprocity as a potential mechanism influencing corporate tax compliance.
- [Resisting Skill Erosion: Harnessing AI for Personal Growth](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/resisting-skill-erosion-harnessing-ai-for-personal-growth/) - Professor Yulin Fang and 錢鑫濤 8 October 2025 Artificial intelligence (AI) technology has been developing in leaps and bounds in recent years. Reams of academic studies have shown that human-AI collaboration is conducive to enhancing efficiency and creativity across different work settings. Various sectors of the community have also become aware of the productivity gains
- [The Resurgence of Economic Woes in Argentina](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/argentinas-economy-in-crisis-again/) - Dr Yim-fai Luk 15 October 2025 Entering the last quarter of 2025, the rekindling of the China-US trade war dispelled the atmosphere of truce in the wake of four rounds of bilateral trade talks. The current focus of the global economy is on potential talks and possible agreement between the Chinese and US leaders at
- [Leveraging US H-1B Fee Hike to Advance Tech Competitiveness in Mainland China and Hong Kong](https://www.hkubs.hku.hk/sc/research/thought-leadership/hkej-column/us-h‑1b-visa-fees-soar-china-and-hong-kong-seize-the-opportunity-to-build-a-new-tech-innovation-advantage/) - Dr Jing Li 1 October 2025 US president Donald Trump recently signed an executive order announcing that, effective 21 September 2025, foreign first-time applicants for H-1B work visas will be required to pay a staggering US$100,000 visa fee. This policy shift took American companies and overseas talent by surprise, with those in the technology sector
- [Crowdfunding Success for Female Versus Male Entrepreneurs Depends on Whether a Consumer Versus Investor Decision Frame Is Salient](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/crowdfunding-success-for-female-versus-male-entrepreneurs-depends-on-whether-a-consumer-versus-investor-decision-frame-is-salient/) - Ensuring equal access to entrepreneurship and startup funding for both female and male entrepreneurs is crucial for societal perceptions of justice and long-term prosperity. Previous research presents contrasting findings, with some studies indicating a male advantage and others suggesting a female advantage. This research reconciles these inconsistencies by identifying the decision frame as a moderator. Specifically, in crowdfunding contexts, a consumer decision frame leads to stronger reliance on communal evaluation norms, resulting in favoring female entrepreneurs who are perceived as more disadvantaged. Conversely, an investor decision frame leads to stronger reliance on exchange evaluation norms, resulting in favoring male entrepreneurs who are perceived as more determined/passionate. Based on this, the authors propose that the strategic use of an entrepreneur's profile, activating a specific evaluation norm, and showing crowdfunding dependence attenuate the differential support for female versus male entrepreneurs, resulting in equal support for both. Results from six studies using a multimethod design provide converging support for this framework. This research is the first to differentiate between and directly compare consumer and investor decision frames, advancing the related literature and offering valuable guidelines for entrepreneurs, funding platforms, and public policy makers.
- [Choice Overload and the Long Tail: Consideration Sets and Purchases in Online Platforms](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/choice-overload-and-the-long-tail-consideration-sets-and-purchases-in-online-platforms/) - Problem definition: This paper examines frictions in the shopping funnel using empirical clickstream data from an online travel platform. We analyze (a) customers’ heterogeneous search and purchase behaviors and (b) their reactions to changes in assortment size. We then develop a consider-then-choose model to generalize our findings. Methodology/results: We characterize the online customer journey as a two-stage consider-then-choose framework. In the consider stage, we analyze the consideration set formation and show that heterogeneity—familiarity with the assortment—amplifies the number of options; in the purchase stage, it drives preferences for niche versus popular choices. A real-world high-stakes field experiment reveals that shrinking the menu produces mixed results: highlighting the market for the long-tail for some customers and reflecting choice overload for others. Finally, we build a psychologically rich consider-then-choose model with (a) heterogeneous preferences for product features and (b) heterogeneous search costs moderated by search fatigue, theoretically characterizing the impact on consideration sets and conversion rates. Managerial implications: Identifying frictions in the shopping funnel is critical for online platforms, especially when pain points hurt click-through or conversion rates. Which options matter to which users? What is the right assortment size? Although online platforms can offer virtually unlimited assortments, managers may assume frictionless environments—which is not always the case. Our findings offer insights into improving the customer journey by considering heterogeneous preferences and boundedly rational heuristics.
- [Ownership Concentration and Strategic Supply Reduction](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/ownership-concentration-and-strategic-supply-reduction/) - We explore the implications of ownership concentration for the recently concluded incentive auction that repurposed spectrum from broadcast TV to mobile broadband usage in the United States. We document significant multilicense ownership of TV stations. We show that in the reverse auction, in which TV stations bid to relinquish their licenses, multilicense owners have an incentive to withhold some TV stations to drive up prices for their remaining TV stations. Using a large-scale valuation and simulation exercise, we find that this strategic supply reduction increases payouts to TV stations by between 13.5 percent and 42.4 percent.
- [The Legal Origins of Financial Development: From the Shanghai Concessions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-legal-origins-of-financial-development-from-the-shanghai-concessions/) - The primary challenge to assessing the legal origins view of comparative financial development is identifying exogenous changes in legal systems. We assemble new data on Shanghai's British and French concessions between 1845 and 1936. Two regime changes altered British and French legal jurisdiction over their respective concessions. By examining the changing application of different legal traditions to adjacent neighborhoods within the same city and controlling for military, economic, and political characteristics, we offer new evidence consistent with the legal origins view: the financial development advantage in the British concession widened after Western legal jurisdiction intensified and narrowed after it abated.
- [Lending Next to the Courthouse: Exposure to Adverse Events and Mortgage Lending Decisions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/lending-next-to-the-courthouse-exposure-to-adverse-events-and-mortgage-lending-decisions/) - Adverse market events can affect credit supply not only by hurting financial fundamentals but also by changing the risk-taking behaviors of individual decision makers. We provide micro-level evidence of this individual decision-making channel in the U.S. mortgage market. We find that mortgage application rejection rates are more sensitive to foreclosure intensity when loan officers are more exposed to foreclosure news, despite the same housing market and bank fundamentals. Loans originated from the affected branches have lower ex-post default rates, consistent with higher lending standards being applied. In the aggregate, this effect results in tighter credit supply during housing market downturns.
- [Asymptotic Distribution-Free Independence Test for High Dimension Data](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/asymptotic-distribution-free-independence-test-for-high-dimension-data/) - Test of independence is of fundamental importance in modern data analysis, with broad applications in variable selection, graphical models, and causal inference. When the data is high dimensional and the potential dependence signal is sparse, independence testing becomes very challenging without distributional or structural assumptions. In this paper, we propose a general framework for independence testing by first fitting a classifier that distinguishes the joint and product distributions, and then testing the significance of the fitted classifier. This framework allows us to borrow the strength of the most advanced classification algorithms developed from the modern machine learning community, making it applicable to high dimensional, complex data. By combining a sample split and a fixed permutation, our test statistic has a universal, fixed Gaussian null distribution that is independent of the underlying data distribution. Extensive simulations demonstrate the advantages of the newly proposed test compared with existing methods. We further apply the new test to a single cell data set to test the independence between two types of single cell sequencing measurements, whose high dimensionality and sparsity make existing methods hard to apply.
- [The Legal Origins of Financial Development: From the Shanghai Concessions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-legal-origins-of-financial-development-from-the-shanghai-concessions/) - The primary challenge to assessing the legal origins view of comparative financial development is identifying exogenous changes in legal systems. We assemble new data on Shanghai's British and French concessions between 1845 and 1936. Two regime changes altered British and French legal jurisdiction over their respective concessions. By examining the changing application of different legal traditions to adjacent neighborhoods within the same city and controlling for military, economic, and political characteristics, we offer new evidence consistent with the legal origins view: the financial development advantage in the British concession widened after Western legal jurisdiction intensified and narrowed after it abated.
- [Asymptotic Distribution-Free Independence Test for High Dimension Data](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/asymptotic-distribution-free-independence-test-for-high-dimension-data/) - Test of independence is of fundamental importance in modern data analysis, with broad applications in variable selection, graphical models, and causal inference. When the data is high dimensional and the potential dependence signal is sparse, independence testing becomes very challenging without distributional or structural assumptions. In this paper, we propose a general framework for independence testing by first fitting a classifier that distinguishes the joint and product distributions, and then testing the significance of the fitted classifier. This framework allows us to borrow the strength of the most advanced classification algorithms developed from the modern machine learning community, making it applicable to high dimensional, complex data. By combining a sample split and a fixed permutation, our test statistic has a universal, fixed Gaussian null distribution that is independent of the underlying data distribution. Extensive simulations demonstrate the advantages of the newly proposed test compared with existing methods. We further apply the new test to a single cell data set to test the independence between two types of single cell sequencing measurements, whose high dimensionality and sparsity make existing methods hard to apply.
- [Mutual Funds’ Strategic Voting on Environmental and Social Issues](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mutual-funds-strategic-voting-on-environmental-and-social-issues/) - Environmental and social (ES) funds in non-ES families must balance incorporating the stakeholders’ interests they advertise and maximizing shareholder value favored by their families. We find that these funds support ES proposals that are far from the majority threshold, while opposing them when their vote is more likely to be pivotal. This strategy results in a high average support for ES proposals, seemingly consistent with their fiduciary responsibilities, while opposing contested ES proposals. This greenwashing strategy is driven by ES funds in non-ES families who cater to institutional investors. Indeed, these funds experience lower inflows when providing low average support for ES proposals. This strategic voting is not exhibited in governance proposals, nor by ES funds in ES families or by non-ES funds in non-ES families, reinforcing the notion of strategic voting to accommodate family preferences while appearing to meet the fiduciary responsibilities of the funds.
- [The Impacts of Internet Monitoring on Employees’ Cyberloafing and Organizational Citizenship Behavior: A Longitudinal Field Quasi-Experiment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-impacts-of-internet-monitoring-on-employees-cyberloafing-and-organizational-citizenship-behavior-a-longitudinal-field-quasi-experiment/) - Many organizations have adopted internet monitoring to regulate employees’ cyberloafing behavior. Although one might intuitively assume that internet monitoring can be effective in reducing cyberloafing, there is a lack of research examining why the effect can occur and whether it can be sustained. Furthermore, little research has investigated whether internet monitoring can concurrently induce any side effects in employee behavior. In this paper, we conducted a longitudinal field quasi-experiment to examine the impacts of internet monitoring on employees’ cyberloafing and organizational citizenship behavior (OCB). Our results show that internet monitoring did reduce employees’ cyberloafing by augmenting employees’ perceived sanction concerns and information privacy concerns related to cyberloafing. The results also show that internet monitoring could produce the side effect of reducing employees’ OCB. Interestingly, when examining the longitudinal effects of internet monitoring four months after its implementation, we found that the effect of internet monitoring on cyberloafing was not sustained, but the effect on OCB toward organizations still persisted. Our study advances the literature on deterrence theory by empirically investigating both the intended and side effects of deterrence and how the effects change over time. It also has important broader implications for practitioners who design and implement information systems to regulate employee noncompliance behavior.
- [The Smart Beta Mirage](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-smart-beta-mirage/) - We document and explain the sharp performance deterioration of smart beta indexes after the corresponding smart beta ETFs are launched for investment. While smart beta is purported to deliver excess returns through factor exposures, the market-adjusted return of smart beta indexes drops from about 3% “on paper” before ETF listings to about −0.50% to −1% after ETF listings. This performance decline cannot be explained by variation in factor premia, strategic timing, or diminishing returns to scale. Instead, we find strong evidence of data mining in the construction of smart beta indexes, which helps ETFs attract flows, as investors respond positively to backtests.
- [Stress Testing Banks’ Digital Capabilities: Evidence from the COVID-19 Pandemic](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/stress-testing-banks-digital-capabilities-evidence-from-the-covid-19-pandemic/) - Banks’ information technology (IT) capabilities affect their ability to serve customers during the COVID-19 pandemic, which generates an unexpected and unprecedented shock that shifts banking services from in-person to digital. Amid mobility restrictions, banks with better IT experience larger reductions in physical branch visits and larger increases in website traffic, implying a larger shift to digital banking. Stronger IT banks are able to originate more Paycheck Protection Program loans to small business borrowers, especially in areas with more severe COVID-19 outbreaks, higher internet use, and higher bank competition. Those banks also attract more deposit flows and receive better mobile customer reviews during the pandemic.
- [The Impacts of Internet Monitoring on Employees’ Cyberloafing and Organizational Citizenship Behavior: A Longitudinal Field Quasi-Experiment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-impacts-of-internet-monitoring-on-employees-cyberloafing-and-organizational-citizenship-behavior-a-longitudinal-field-quasi-experiment/) - Many organizations have adopted internet monitoring to regulate employees’ cyberloafing behavior. Although one might intuitively assume that internet monitoring can be effective in reducing cyberloafing, there is a lack of research examining why the effect can occur and whether it can be sustained. Furthermore, little research has investigated whether internet monitoring can concurrently induce any side effects in employee behavior. In this paper, we conducted a longitudinal field quasi-experiment to examine the impacts of internet monitoring on employees’ cyberloafing and organizational citizenship behavior (OCB). Our results show that internet monitoring did reduce employees’ cyberloafing by augmenting employees’ perceived sanction concerns and information privacy concerns related to cyberloafing. The results also show that internet monitoring could produce the side effect of reducing employees’ OCB. Interestingly, when examining the longitudinal effects of internet monitoring four months after its implementation, we found that the effect of internet monitoring on cyberloafing was not sustained, but the effect on OCB toward organizations still persisted. Our study advances the literature on deterrence theory by empirically investigating both the intended and side effects of deterrence and how the effects change over time. It also has important broader implications for practitioners who design and implement information systems to regulate employee noncompliance behavior.
- [The Smart Beta Mirage](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-smart-beta-mirage/) - We document and explain the sharp performance deterioration of smart beta indexes after the corresponding smart beta ETFs are launched for investment. While smart beta is purported to deliver excess returns through factor exposures, the market-adjusted return of smart beta indexes drops from about 3% “on paper” before ETF listings to about −0.50% to −1% after ETF listings. This performance decline cannot be explained by variation in factor premia, strategic timing, or diminishing returns to scale. Instead, we find strong evidence of data mining in the construction of smart beta indexes, which helps ETFs attract flows, as investors respond positively to backtests.
- [Stress Testing Banks’ Digital Capabilities: Evidence from the COVID-19 Pandemic](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/stress-testing-banks-digital-capabilities-evidence-from-the-covid-19-pandemic/) - Banks’ information technology (IT) capabilities affect their ability to serve customers during the COVID-19 pandemic, which generates an unexpected and unprecedented shock that shifts banking services from in-person to digital. Amid mobility restrictions, banks with better IT experience larger reductions in physical branch visits and larger increases in website traffic, implying a larger shift to digital banking. Stronger IT banks are able to originate more Paycheck Protection Program loans to small business borrowers, especially in areas with more severe COVID-19 outbreaks, higher internet use, and higher bank competition. Those banks also attract more deposit flows and receive better mobile customer reviews during the pandemic.
- [Credit Market Conditions and Mental Health](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/credit-market-conditions-and-mental-health/) - Research offers conflicting predictions about the impact of credit conditions on mental health. We first assess how bank regulatory reforms that improved credit conditions, for example, by enhancing the efficiency of credit allocation and lowering lending rates, impacted mental health. We discover that among low-income individuals, these regulatory reforms reduced mental depression, boosted labor market outcomes, eased access to mortgage debt, and reduced the ranks of the “unbanked.” We also find that mergers of large regional banks that led to branch closures and tighter credit constraints in affected counties harmed the mental health of lower-income individuals in treated counties.
- [Mispricing and Risk Premia in Currency Markets](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mispricing-and-risk-premia-in-currency-markets/) - Using real-time data, we show that currency excess return predictability is in part due to mispricing. First, the risk-adjusted profitability of systematic trading strategies decreases after dissemination of the underlying academic research, suggesting that market participants learn about mispricing from publications. Moreover, the decline is greater for strategies with larger insample profits and lower arbitrage costs. Second, the effect of comprehensive risk adjustments on trading profits is limited, and signal ranks and alphas decay quickly. The finding that analysts’ forecasts are inconsistent with currency predictors implies that investors’ trading contributes to mispricing and suggests biased expectations as a possible explanation.
- [Governance by One-Lot Shares](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/governance-by-one-lot-shares/) - We use a novel experiment in China to examine the effects of having a quasi-official investor own a small number of shares on specific firm outcomes. We find that, relative to control firms, pilot firms experience an increase in dissenting votes from independent directors, a reduction in tunneling and earnings management activities, and an improvement in merger performance. Independent directors questioned by the quasi-official shareholder in activism events subsequently lose board seats in the director market. Overall, our results shed light on a new mechanism for enhancing the protection of minority shareholders.
- [Ranking Inferences Based on the Top Choice of Multiway Comparisons](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/ranking-inferences-based-on-the-top-choice-of-multiway-comparisons/) - Motivated by many applications such as online recommendations and individual choices, this article considers ranking inference of n items based on the observed data on the top choice among M randomly selected items at each trial. This is a useful modification of the Plackett-Luce model for M-way ranking with only the top choice observed and is an extension of the celebrated Bradley-Terry-Luce model that corresponds to M = 2. Under a uniform sampling scheme in which any M distinguished items are selected for comparisons with probability p and the selected M items are compared L times with multinomial outcomes, we establish the statistical rates of convergence for underlying n preference scores using both l2-norm and l∞-norm, under the minimum sampling complexity (smallest order of p). In addition, we establish the asymptotic normality of the maximum likelihood estimator that allows us to construct confidence intervals for the underlying scores. Furthermore, we propose a novel inference framework for ranking items through a sophisticated maximum pairwise difference statistic whose distribution is estimated via a valid Gaussian multiplier bootstrap. The estimated distribution is then used to construct simultaneous confidence intervals for the differences in the preference scores and the ranks of individual items. They also enable us to address various inference questions on the ranks of these items. Extensive simulation studies lend further support to our theoretical results. A real data application illustrates the usefulness of the proposed methods. Supplementary materials for this article are available online including a standardized description of the materials available for reproducing the work.
- [Credit Market Conditions and Mental Health](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/credit-market-conditions-and-mental-health/) - Research offers conflicting predictions about the impact of credit conditions on mental health. We first assess how bank regulatory reforms that improved credit conditions, for example, by enhancing the efficiency of credit allocation and lowering lending rates, impacted mental health. We discover that among low-income individuals, these regulatory reforms reduced mental depression, boosted labor market outcomes, eased access to mortgage debt, and reduced the ranks of the “unbanked.” We also find that mergers of large regional banks that led to branch closures and tighter credit constraints in affected counties harmed the mental health of lower-income individuals in treated counties.
- [Mispricing and Risk Premia in Currency Markets](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mispricing-and-risk-premia-in-currency-markets/) - Using real-time data, we show that currency excess return predictability is in part due to mispricing. First, the risk-adjusted profitability of systematic trading strategies decreases after dissemination of the underlying academic research, suggesting that market participants learn about mispricing from publications. Moreover, the decline is greater for strategies with larger insample profits and lower arbitrage costs. Second, the effect of comprehensive risk adjustments on trading profits is limited, and signal ranks and alphas decay quickly. The finding that analysts’ forecasts are inconsistent with currency predictors implies that investors’ trading contributes to mispricing and suggests biased expectations as a possible explanation.
- [Governance by One-Lot Shares](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/governance-by-one-lot-shares/) - We use a novel experiment in China to examine the effects of having a quasi-official investor own a small number of shares on specific firm outcomes. We find that, relative to control firms, pilot firms experience an increase in dissenting votes from independent directors, a reduction in tunneling and earnings management activities, and an improvement in merger performance. Independent directors questioned by the quasi-official shareholder in activism events subsequently lose board seats in the director market. Overall, our results shed light on a new mechanism for enhancing the protection of minority shareholders.
- [Ranking Inferences Based on the Top Choice of Multiway Comparisons](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/ranking-inferences-based-on-the-top-choice-of-multiway-comparisons/) - Motivated by many applications such as online recommendations and individual choices, this article considers ranking inference of n items based on the observed data on the top choice among M randomly selected items at each trial. This is a useful modification of the Plackett-Luce model for M-way ranking with only the top choice observed and is an extension of the celebrated Bradley-Terry-Luce model that corresponds to M = 2. Under a uniform sampling scheme in which any M distinguished items are selected for comparisons with probability p and the selected M items are compared L times with multinomial outcomes, we establish the statistical rates of convergence for underlying n preference scores using both l2-norm and l∞-norm, under the minimum sampling complexity (smallest order of p). In addition, we establish the asymptotic normality of the maximum likelihood estimator that allows us to construct confidence intervals for the underlying scores. Furthermore, we propose a novel inference framework for ranking items through a sophisticated maximum pairwise difference statistic whose distribution is estimated via a valid Gaussian multiplier bootstrap. The estimated distribution is then used to construct simultaneous confidence intervals for the differences in the preference scores and the ranks of individual items. They also enable us to address various inference questions on the ranks of these items. Extensive simulation studies lend further support to our theoretical results. A real data application illustrates the usefulness of the proposed methods. Supplementary materials for this article are available online including a standardized description of the materials available for reproducing the work.
- [Wind of Change? Cultural Determinants of Maternal Labor Supply](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/wind-of-change-cultural-determinants-of-maternal-labor-supply/) - We investigate the role of cultural norms in shaping women's labor supply decisions after childbirth. Specifically, we are interested in the interplay between childhood socialization and adulthood environment. To that end, we leverage the setting of the German reunification when East Germany's gender-egalitarian culture induced by socialism and West Germany's more traditional culture were brought together. We find that East German gender norms are persistent, whereas West German ones are not. West German mothers adjust their behavior to that of their East German peers not only when immersed in East German environment but even after returning to the West.
- [Dynamic ESG Equilibrium](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/dynamic-esg-equilibrium/) - This paper proposes a conditional asset pricing model that integrates environmental, social, and governance (ESG) demand and supply dynamics. Shocks in the demand for sustainable investing represent a novel risk source, characterized by diminishing marginal utility and positive premium. Green assets exhibit positive exposure to ESG demand shocks, hence commanding higher premia. Conversely, time-varying convenience yield leads to lower expected returns for green assets. Moreover, ESG demand shocks have positive contemporaneous effects on unexpected returns, contributing to large positive payoffs in the green-minus-brown portfolio over extended horizons. The model predictions align closely with evidence on return spreads between green and brown assets, further reinforcing the apparent gap between realized and expected spreads.
- [Contract Contingencies and Uncertainty: Evidence from Product Market Contracts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/contract-contingencies-and-uncertainty-evidence-from-product-market-contracts/) - We study contingencies written in firms’ material product market contracts, focusing on the theoretical prediction of uncertainty as an important determinant. We identify contract contingencies from firms’ public regulatory filings and examine the effects of general business uncertainty and specific innovation-related uncertainty. To enhance causal inference, we utilize two major business shocks (i.e., the 2008 Financial Crisis and the COVID pandemic) and the diffusion of 29 disruptive innovation shocks (Bloom et al. 2021). We also explore the effects of re-negotiation costs and writing costs. Overall, our empirical results are consistent with predictions from dynamic models of incomplete contracting.
- [Colonial Legacy and Informal Finance](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/colonial-legacy-and-informal-finance/) - An influential line of research emphasizes that colonial legacy plays a key role in formal financial development. Can colonial legacy also shape informal finance? We investigate the impact of colonial legacy on informal financial development using a manually georeferenced data set within a credible empirical framework. In the 19th century, Europeans arbitrarily designed colonial borders that partitioned many ethnicities across multiple countries in Africa. Leveraging several spatial regression discontinuity designs across national borders and within British-French–partitioned Cameroon and a unique natural experiment where the same former British colony is compared with two otherwise similar areas with different exposures to French colonization, we discover that former British colonies today have better informal financial development than former French colonies. Exploring the channels, we find that places with a British colonial legacy maintain a style of social control that facilitates information flow, supports private enforcement and market interactions, and promotes strong legal cultures.
- [Wind of Change? Cultural Determinants of Maternal Labor Supply](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/wind-of-change-cultural-determinants-of-maternal-labor-supply/) - We investigate the role of cultural norms in shaping women's labor supply decisions after childbirth. Specifically, we are interested in the interplay between childhood socialization and adulthood environment. To that end, we leverage the setting of the German reunification when East Germany's gender-egalitarian culture induced by socialism and West Germany's more traditional culture were brought together. We find that East German gender norms are persistent, whereas West German ones are not. West German mothers adjust their behavior to that of their East German peers not only when immersed in East German environment but even after returning to the West.
- [Dynamic ESG Equilibrium](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/dynamic-esg-equilibrium/) - This paper proposes a conditional asset pricing model that integrates environmental, social, and governance (ESG) demand and supply dynamics. Shocks in the demand for sustainable investing represent a novel risk source, characterized by diminishing marginal utility and positive premium. Green assets exhibit positive exposure to ESG demand shocks, hence commanding higher premia. Conversely, time-varying convenience yield leads to lower expected returns for green assets. Moreover, ESG demand shocks have positive contemporaneous effects on unexpected returns, contributing to large positive payoffs in the green-minus-brown portfolio over extended horizons. The model predictions align closely with evidence on return spreads between green and brown assets, further reinforcing the apparent gap between realized and expected spreads.
- [Contract Contingencies and Uncertainty: Evidence from Product Market Contracts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/contract-contingencies-and-uncertainty-evidence-from-product-market-contracts/) - We study contingencies written in firms’ material product market contracts, focusing on the theoretical prediction of uncertainty as an important determinant. We identify contract contingencies from firms’ public regulatory filings and examine the effects of general business uncertainty and specific innovation-related uncertainty. To enhance causal inference, we utilize two major business shocks (i.e., the 2008 Financial Crisis and the COVID pandemic) and the diffusion of 29 disruptive innovation shocks (Bloom et al. 2021). We also explore the effects of re-negotiation costs and writing costs. Overall, our empirical results are consistent with predictions from dynamic models of incomplete contracting.
- [Optimizing Offline Product Design and Online Assortment Policy: Measuring the Relative Impact of Each Decision](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/optimizing-offline-product-design-and-online-assortment-policy-measuring-the-relative-impact-of-each-decision/) - Revenue management decisions often involve both offline and online decisions. Offline decisions are made first and establish the broad and long-term operational context in which online decisions are frequently and repeatedly made, often in real time. We consider a joint optimization of offline and online decisions. Specifically, we examine a setting in which the offline decision concerns the selection of product-design characteristics (e.g., price, capacity, return eligibility, and other characteristics) and the online decision concerns the dynamic assortment optimization over a selling season. Our formulation has many applications, including optimizing products’ return eligibility and determining product discounts, and a key feature of our model is its explicit consideration of complex return dynamics and accompanying financial implications. We formulate an optimization problem that combines the impact of both offline and online decisions on the expected revenue. To determine the product design, we reformulate the choice-based deterministic linear program, solve its continuous relaxation, and round the resulting solution. Using value function approximations enables us to obtain a dynamic assortment policy whose expected revenue is at least a constant fraction of the choice-based deterministic linear program. Combining these two results, we show that our approach provides an approximate solution to the joint optimization problem with performance guarantees. Numerical experiments based on real transaction data from a major U.S. retailer show that our method achieves 95%–97% effectiveness, an advantage of up to 18% over methods that disregard the interplay between offline and online decisions. This framework also yields a systematic quantitative measure of the relative importance of both offline and online decisions. Based on this measure, numerical experiments highlight the crucial role of product design, accounting for 94% and 85% of the observed variation in effectiveness across various methods in applications involving volume discount and return eligibility, respectively.
- [Colonial Legacy and Informal Finance](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/colonial-legacy-and-informal-finance/) - An influential line of research emphasizes that colonial legacy plays a key role in formal financial development. Can colonial legacy also shape informal finance? We investigate the impact of colonial legacy on informal financial development using a manually georeferenced data set within a credible empirical framework. In the 19th century, Europeans arbitrarily designed colonial borders that partitioned many ethnicities across multiple countries in Africa. Leveraging several spatial regression discontinuity designs across national borders and within British-French–partitioned Cameroon and a unique natural experiment where the same former British colony is compared with two otherwise similar areas with different exposures to French colonization, we discover that former British colonies today have better informal financial development than former French colonies. Exploring the channels, we find that places with a British colonial legacy maintain a style of social control that facilitates information flow, supports private enforcement and market interactions, and promotes strong legal cultures.
- [Inference on Time Series Nonparametric Conditional Moment Restrictions Using Nonlinear Sieves](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/inference-on-time-series-nonparametric-conditional-moment-restrictions-using-nonlinear-sieves/) - This paper studies estimation of and inference on dynamic nonparametric conditional moment restrictions of high dimensional variables for weakly dependent data, where the unknown functions of endogenous variables can be approximated via nonlinear sieves such as neural networks and Gaussian radial bases. The true unknown functions and their sieve approximations are allowed to be in general weighted function spaces with unbounded supports, which is important for time series data. Under some regularity conditions, the optimally weighted general nonlinear sieve quasi-likelihood ratio (GN-QLR) statistic for the expectation functional of unknown function is asymptotically Chi-square distributed regardless whether the functional could be estimated at a root- rate or not, and the estimated expectation functional is asymptotically efficient if it is root- estimable. Our general theories are applied to two important examples: (1) estimating the value function and the off-policy evaluation in reinforcement learning (RL); and (2) estimating the averaged partial mean and averaged partial derivative of dynamic nonparametric quantile instrumental variable (NPQIV) models. We demonstrate the finite sample performance of our optimal inference procedure on averaged partial derivative of a dynamic NPQIV model in simulation studies.
- [Technology Training, Buyer-Supplier Relationship, and Quality Upgrading in an Agricultural Supply Chain](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/technology-training-buyer-supplier-relationship-and-quality-upgrading-in-an-agricultural-supply-chain/) - This paper examines the impacts of technology training and buyer-supplier relationship on technology adoption and quality upgrading. We randomly varied subjects of each training group across farmer–exporter clusters—farmers, exporters, both, or none—and provided training on Good Agricultural Practices (GAP). We find that training farmers enhances technology adoption and quality upgrading. Yet, the effects are much stronger when farmers and exporters are trained together. We document a plausible mechanism to explain this finding: joint training improves buyer-supplier relationship, which facilitates contract trade between farmers and exporters. We find no effect of GAP certification eligibility on technology adoption.
- [Ideological Bias and Trust in Information Sources](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/ideological-bias-and-trust-in-information-sources/) - We study the role of endogenous trust in amplifying ideological bias. Agents in our model learn a sequence of states from sources whose accuracy is ex ante uncertain. Agents learn these accuracies by comparing their own reasoning about the states based on introspection or direct experience to the sources' reports. Small biases in this reasoning can cause large ideological differences in the agents' trust in information sources and their beliefs about the states, and may lead agents to become overconfident in their own reasoning. Disagreements can be similar in magnitude whether agents see only ideologically aligned sources or diverse sources.
- [Shifting Perspectives: How Communicating User Innovations’ Self-focus Enhances Adoption](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/shifting-perspectives-how-communicating-user-innovations-self-focus-enhances-adoption/) - Each year, millions of user inventors spend billions of dollars creating innovations for their own use and to satisfy their own needs. Many user entrepreneurs also commercialize their user innovations to the mass market to benefit others and generate financial return. However, because user innovations are inherently self-focused, they often fail to achieve adoption in the mass market, leading to significant social welfare losses. Extant research suggests deploying customer-focused design modifications to improve the diffusion of user innovations. As an alternative to this customer-focused perspective, the authors propose a novel communication strategy that evokes adopters’ creativity to increase adoption. In particular, presenting user innovations’ self-focused goals and related key attributes in a sequence that mismatches adopters’ default innovation learning sequences can evoke adopters’ creative thinking regarding the self-relevance of the user innovations, and in turn enhances adoption. Furthermore, deploying self-focused, user inventor solo (vs. customer-focused, open customer participation) enhancement strategy sustains (vs. attenuates) the proposed effects.
- [Auctioning Control and Cash-Flow Rights Separately](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/auctioning-control-and-cash-flow-rights-separately/) - We consider a classical auction setting in which an asset/project is sold to buyers who privately receive signals about expected payoffs, and payoffs are more sensitive to a bidder's signal if he runs the project than if another bidder does. We show that a seller can increase revenues by sometimes allocating cash-flow rights and control to different bidders, for example, with the highest bidder receiving cash flows and the second-highest receiving control. Separation reduces a bidder's information rent, which depends on the importance of his private information for the value of his awarded cash flows. As project payoffs are most sensitive to a bidder's information if he controls the project, allocating cash flow to another bidder lowers bidders' informational advantage. As a result, when signals are close, the seller can increase revenues by splitting rights between the top two bidders.
- [Heterogeneous Complementarity and Team Design: The Case of Real Estate Agents](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/heterogeneous-complementarity-and-team-design-the-case-of-real-estate-agents/) - Workers often possess characteristics such as soft skills that are important for teamwork but unobserved by managers. In this paper, we develop a teamwork model based on the econometric teamwork framework in Bonhomme [Bonhomme S (2021) Teams: Heterogeneity, sorting, and complementarity. Becker Friedman Institute for Economics Working Paper No. 2021-15, University of Chicago, Chicago] and stochastic blockmodels for binary outcomes (e.g., Bickel et al. [Bickel P, Choi D, Chang X, Zhang H (2013) Asymptotic normality of maximum likelihood and its variational approximation for stochastic blockmodels. Ann. Statist. 41(4):1922–1943]) when only team-level outputs are observed. Our model does not impose any functional form restrictions on the complementarity between workers with unobserved characteristics, which are modeled as latent types. We apply our model to a data set from a leading Chinese real estate company; the data contain the complete history of team assignments, team performances, and property details. We find that complementarities between different agent types are heterogeneous and cannot be captured by commonly used production functions. More specifically, workers with intermediate solo performance complement all other workers the most, whereas those with the best solo performance are not the best team players. Our results suggest that firms can boost productivity by redesigning teams without incurring additional hiring costs. Leveraging our complementarity estimates, our counterfactual experiments demonstrate that reorganizing teams could enhance overall team output by up to 26.6%.
- [Investment Portfolio Management to Meet or Beat Earnings Expectations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/investment-portfolio-management-to-meet-or-beat-earnings-expectations/) - Insurers can boost their earnings by accruing interest income from their corporate bond investments. We document that insurers have higher corporate bond investments as well as less equity and cash holdings, when their parents meet or just beat analysts’ quarterly earnings forecasts, compared to when their parents miss or comfortably beat the forecasts. The investment in corporate bonds to boost earnings is more pronounced when bond offerings provide more opportunities for accruing interest income, when the parent’s corporate governance is weaker, when the parent’s managers have more equity incentives, when insurers face more competition, when other earnings management techniques are used, or when the insurance segment is more important to the parent. Finally, insurers suspected of helping their parents meet or beat earnings benchmarks experience worse investment performance in subsequent years, presumably because, by investing more in corporate bonds, the insurers forgo investment opportunities with higher longer-term returns.
- [Main Street’s Pain, Wall Street’s Gain](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/main-streets-pain-wall-streets-gain/) - We propose a fiscal policy expectations mechanism. When bad macro news arrives (in our study, when initial jobless claims (IJC) are higher than expected), investors may expect more generous government spending and drive up aggregate stock prices through the expected cash flow channel. Using a time-series sample from January 2013 to March 2021, we find that this phenomenon emerges when newspapers mention fiscal policy more. In the cross section, firms expected to receive more government spending – through stimulus supports during COVID-19 or procurement contracts before 2020 – exhibit higher individual stock returns when bad IJC shocks arrive.
- [打造港版哈佛大学与麻省理工学院](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/building-harvard-and-mit-with-chinese-characteristics-in-hong-kong/)
- [CSR as Hedging Against Institutional Transition Risk: Corporate Philanthropy After the Sunflower Movement in Taiwan](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/csr-as-hedging-against-institutional-transition-risk-corporate-philanthropy-after-the-sunflower-movement-in-taiwan/) - Firms with political connections to a regime with an authoritarian history face a dilemma when the regime undergoes a democratic transition. Such connections provide an essential competitive advantage when the regime is in power but become a liability when an institutional transition brings democratic change. This study theorizes that when expose a regime’s distorted policies favoring elites over others and signal a high probability of regime turnover, firms may hedge against the risks associated with their political connections by engaging in philanthropy. We further contend that this effect is stronger for firms located in regions characterized by the rise of an opposing political party or a strong civil society. We find support for our theory in Taiwan’s 2014 Sunflower Movement. Our article reveals a strategy that firms adopt to survive democratic transitions and thus contributes to research on how firms use non-market strategies to adapt to institutional changes. Our research also shows that strategic corporate social responsibility (CSR) can substitute for corporate political activity or compensate for its limitations, and it expands research on the signaling function of social movements from public to private politics.
- [打造港版哈佛大學與麻省理工學院](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/building-harvard-and-mit-with-chinese-characteristics-in-hong-kong/)
- [Building Harvard and MIT With Chinese Characteristics in Hong Kong](https://www.hkubs.hku.hk/sc/research/thought-leadership/opinions-and-speeches/building-harvard-and-mit-with-chinese-characteristics-in-hong-kong/)
- [The Legal Origins of Financial Development: From the Shanghai Concessions](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-legal-origins-of-financial-development-from-the-shanghai-concessions/) - The primary challenge to assessing the legal origins view of comparative financial development is identifying exogenous changes in legal systems. We assemble new data on Shanghai's British and French concessions between 1845 and 1936. Two regime changes altered British and French legal jurisdiction over their respective concessions. By examining the changing application of different legal traditions to adjacent neighborhoods within the same city and controlling for military, economic, and political characteristics, we offer new evidence consistent with the legal origins view: the financial development advantage in the British concession widened after Western legal jurisdiction intensified and narrowed after it abated.
- [Asymptotic Distribution-Free Independence Test for High Dimension Data](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/asymptotic-distribution-free-independence-test-for-high-dimension-data/) - Test of independence is of fundamental importance in modern data analysis, with broad applications in variable selection, graphical models, and causal inference. When the data is high dimensional and the potential dependence signal is sparse, independence testing becomes very challenging without distributional or structural assumptions. In this paper, we propose a general framework for independence testing by first fitting a classifier that distinguishes the joint and product distributions, and then testing the significance of the fitted classifier. This framework allows us to borrow the strength of the most advanced classification algorithms developed from the modern machine learning community, making it applicable to high dimensional, complex data. By combining a sample split and a fixed permutation, our test statistic has a universal, fixed Gaussian null distribution that is independent of the underlying data distribution. Extensive simulations demonstrate the advantages of the newly proposed test compared with existing methods. We further apply the new test to a single cell data set to test the independence between two types of single cell sequencing measurements, whose high dimensionality and sparsity make existing methods hard to apply.
- [The Impacts of Internet Monitoring on Employees’ Cyberloafing and Organizational Citizenship Behavior: A Longitudinal Field Quasi-Experiment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-impacts-of-internet-monitoring-on-employees-cyberloafing-and-organizational-citizenship-behavior-a-longitudinal-field-quasi-experiment/) - Many organizations have adopted internet monitoring to regulate employees’ cyberloafing behavior. Although one might intuitively assume that internet monitoring can be effective in reducing cyberloafing, there is a lack of research examining why the effect can occur and whether it can be sustained. Furthermore, little research has investigated whether internet monitoring can concurrently induce any side effects in employee behavior. In this paper, we conducted a longitudinal field quasi-experiment to examine the impacts of internet monitoring on employees’ cyberloafing and organizational citizenship behavior (OCB). Our results show that internet monitoring did reduce employees’ cyberloafing by augmenting employees’ perceived sanction concerns and information privacy concerns related to cyberloafing. The results also show that internet monitoring could produce the side effect of reducing employees’ OCB. Interestingly, when examining the longitudinal effects of internet monitoring four months after its implementation, we found that the effect of internet monitoring on cyberloafing was not sustained, but the effect on OCB toward organizations still persisted. Our study advances the literature on deterrence theory by empirically investigating both the intended and side effects of deterrence and how the effects change over time. It also has important broader implications for practitioners who design and implement information systems to regulate employee noncompliance behavior.
- [The Smart Beta Mirage](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-smart-beta-mirage/) - We document and explain the sharp performance deterioration of smart beta indexes after the corresponding smart beta ETFs are launched for investment. While smart beta is purported to deliver excess returns through factor exposures, the market-adjusted return of smart beta indexes drops from about 3% “on paper” before ETF listings to about −0.50% to −1% after ETF listings. This performance decline cannot be explained by variation in factor premia, strategic timing, or diminishing returns to scale. Instead, we find strong evidence of data mining in the construction of smart beta indexes, which helps ETFs attract flows, as investors respond positively to backtests.
- [Stress Testing Banks’ Digital Capabilities: Evidence from the COVID-19 Pandemic](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/stress-testing-banks-digital-capabilities-evidence-from-the-covid-19-pandemic/) - Banks’ information technology (IT) capabilities affect their ability to serve customers during the COVID-19 pandemic, which generates an unexpected and unprecedented shock that shifts banking services from in-person to digital. Amid mobility restrictions, banks with better IT experience larger reductions in physical branch visits and larger increases in website traffic, implying a larger shift to digital banking. Stronger IT banks are able to originate more Paycheck Protection Program loans to small business borrowers, especially in areas with more severe COVID-19 outbreaks, higher internet use, and higher bank competition. Those banks also attract more deposit flows and receive better mobile customer reviews during the pandemic.
- [Credit Market Conditions and Mental Health](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/credit-market-conditions-and-mental-health/) - Research offers conflicting predictions about the impact of credit conditions on mental health. We first assess how bank regulatory reforms that improved credit conditions, for example, by enhancing the efficiency of credit allocation and lowering lending rates, impacted mental health. We discover that among low-income individuals, these regulatory reforms reduced mental depression, boosted labor market outcomes, eased access to mortgage debt, and reduced the ranks of the “unbanked.” We also find that mergers of large regional banks that led to branch closures and tighter credit constraints in affected counties harmed the mental health of lower-income individuals in treated counties.
- [Mispricing and Risk Premia in Currency Markets](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/mispricing-and-risk-premia-in-currency-markets/) - Using real-time data, we show that currency excess return predictability is in part due to mispricing. First, the risk-adjusted profitability of systematic trading strategies decreases after dissemination of the underlying academic research, suggesting that market participants learn about mispricing from publications. Moreover, the decline is greater for strategies with larger insample profits and lower arbitrage costs. Second, the effect of comprehensive risk adjustments on trading profits is limited, and signal ranks and alphas decay quickly. The finding that analysts’ forecasts are inconsistent with currency predictors implies that investors’ trading contributes to mispricing and suggests biased expectations as a possible explanation.
- [Governance by One-Lot Shares](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/governance-by-one-lot-shares/) - We use a novel experiment in China to examine the effects of having a quasi-official investor own a small number of shares on specific firm outcomes. We find that, relative to control firms, pilot firms experience an increase in dissenting votes from independent directors, a reduction in tunneling and earnings management activities, and an improvement in merger performance. Independent directors questioned by the quasi-official shareholder in activism events subsequently lose board seats in the director market. Overall, our results shed light on a new mechanism for enhancing the protection of minority shareholders.
- [Ranking Inferences Based on the Top Choice of Multiway Comparisons](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/ranking-inferences-based-on-the-top-choice-of-multiway-comparisons/) - Motivated by many applications such as online recommendations and individual choices, this article considers ranking inference of n items based on the observed data on the top choice among M randomly selected items at each trial. This is a useful modification of the Plackett-Luce model for M-way ranking with only the top choice observed and is an extension of the celebrated Bradley-Terry-Luce model that corresponds to M = 2. Under a uniform sampling scheme in which any M distinguished items are selected for comparisons with probability p and the selected M items are compared L times with multinomial outcomes, we establish the statistical rates of convergence for underlying n preference scores using both l2-norm and l∞-norm, under the minimum sampling complexity (smallest order of p). In addition, we establish the asymptotic normality of the maximum likelihood estimator that allows us to construct confidence intervals for the underlying scores. Furthermore, we propose a novel inference framework for ranking items through a sophisticated maximum pairwise difference statistic whose distribution is estimated via a valid Gaussian multiplier bootstrap. The estimated distribution is then used to construct simultaneous confidence intervals for the differences in the preference scores and the ranks of individual items. They also enable us to address various inference questions on the ranks of these items. Extensive simulation studies lend further support to our theoretical results. A real data application illustrates the usefulness of the proposed methods. Supplementary materials for this article are available online including a standardized description of the materials available for reproducing the work.
- [彼此不再依赖的世界？AI与自动化如何重塑世界贸易格局](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-interdependence-fades-how-ai-and-automation-are-recasting-global-trade/) - 自动化和人工智能（AI）正在颠覆传统国际贸易格局，让发达国家在原本低技能劳动力密集型产业中获得内生比较优势，从而逆转发展中国家的传统优势。根据2025年最新趋势，这一变化已加速全球供应链重构，并加剧了贸易不平等。 引言：贸易格局的“旧规则”与新挑战 经济学里有一条著名的赫克歇尔-俄林定理，讲的是各国应该根据要素禀赋进行专业分工。劳动密集型的国家可以依靠自己的比较优势，多生产和出口劳动力密集产品，通过国际贸易，发展自己的经济。上世纪东亚国家如韩国和中国，就是通过先发展劳动密集型产品（如纺织、组装等），通过出口进行积累资本、逐渐实现产业升级。但现如今，这种“旧规则”正面临崩盘——AI和自动化让劳动力不再是世界贸易分工的决定性因素。世界贸易组织数据显示，发展中国家制造业出口份额从2010年的40%峰值后增速放缓，许多发展中国家出现“过早去工业化”。 如果AI和机器人能高效取代人力，发展中国家还能靠低人力成本竞争吗？这正是AI重塑贸易的核心问题。 自动化如何逆转比较优势 事实上，自动化正通过改变产业要素密集度，逆转传统比较优势。 过去，低技能劳动力丰裕国在劳动力密集产业（如汽车组装）中出口更多，但21世纪以来，这种关系弱化甚至逆转，尤其在高机器人采用领域。背后的原因在于，发达国家通过自动化降低劳动力密集度，提高生产率，从而在这些产业中获得内生优势。 扩展到当前，工业机器人的使用和自动化正在迅速优化供应链。例如，中国在各类制造业中广泛的使用工业机器人机器，使其在全球制造业出口中屡创新高。尽管其现阶段的劳动力成本已经远远高于很多中低收入国家，但过去被认为是劳动密集型产业并未从中国向这些国家流动。美国的特斯拉是另一个例子：通过普遍的使用工业机器人进行生产，特斯拉可以在美国做到低成本的生产汽车，在全球市场上具有竞争力。再加上高价值环节（如研发、设计）本身也就在这些国家，出现的结果是，全球价值链向自动化领先的国家越发倾斜，低端制造外包在未来会显著减少。 AI加剧贸易格局重塑 近年来，AI的迅速发展正进一步加剧世界贸易格局的重塑。AI不仅替换物理劳动力，还带来认知自动化。当AI嵌入任务框架，使很多低技能服务和任务（如质量检测）也转为机器人任务。在很多工业领域，AI集成自动化革命正在加速，供应链正在朝着全面智能化和自动化的方向发展，有相关技术积累的国家因此受益。 这一系列改变的积极影响主要是提升全球生产和贸易的效率， 但其负面效应也十分显著。如果按照现在的国际治理框架发展，未来中低收入国家将很难通过依赖发展劳动密集型制造业提高收入水平，并带来失业上升， 地缘政治风险加剧。 以下表格比较传统与AI时代贸易格局的区别： 维度 传统国际贸易分工 AI自动化时代 比较优势来源 要素禀赋（劳动力与资本的相对价格） 内生技术（自动化带来的生产力提高） 受益国家 所有参与国家贸易分工的国家 具有大规模运用AI和自动化能力的国家 中低收入国家增长模式 出口导向性增长 过早去工业化、不平等加剧 未来展望与政策启示 展望更远，AI和自动化可能进一步极化全球格局：中美两国将在这些领域占据优势，主导全球主要的工业品贸易。这将导致全球分配更不均衡。一些贫穷落后国家过去依赖低劳动力成本的发展路径不复存在，失去了工业化机会。 如果收入分配制度设计不当，未来贫富差距将进一步扩大：无论国与国之间还是一国内部，劳动者收入占比将持续减少。长远看来，这样的发展可能引发普遍的社会问题和区域冲突，导致失业浪潮和地缘政治紧张。 AI与自动化的快速发展带来另一个可能性是，各国为了保护本土制造业而加强贸易壁垒。在技术拥有国通过AI和自动化提升制造业竞争力的同时，很多国家本土产业将面临更大压力，从而转向保护主义措施。如果各国都通过提高关税来以维护本国就业和产业安全，我们可能会走向一个“彼此不再依赖的世界”。 为了避免这样暗淡的前景，政策制定者该如何做？笔者认为，对于中低收入国家，AI的出现一方面带来极大挑战，另一方面也带来机会。例如，AI的普及能带来教育成本的极大降低。如果中低收入国家能够积极主动的开展大范围的投资AI教育、为年轻人提供AI基础设施，则可以跳过以比较优势为基础进行发展的传统模式，直接进入以AI和自动化为基础的分工链条中来，为世界的变化做好准备。其次，对于AI技术主要提供国（主要是中国和美国），应该积极推动公平贸易，通过国际合作体系分享AI和自动化技术，避免加剧全球不平等和因此可能带来的地区冲突。值得一提的是，在中美AI竞争过程中，中国作为领域的主要追赶者，开源了大量的AI模型。对于缺乏AI技术和资本的国家而言，应该积极拥抱这些免费的AI技术，积累人才。中国也应该积极推广这些技术，为全球治理和稳定提供重要的解决方案。 何国俊教授 香港大学赛马会基金经济学教授 港大赛马会环球企业可持续发展研究所所长 （本文同时于二零二五年十一月十四日载于《FT中文网》明德商论专栏）
- [Wind of Change? Cultural Determinants of Maternal Labor Supply](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/wind-of-change-cultural-determinants-of-maternal-labor-supply/) - We investigate the role of cultural norms in shaping women's labor supply decisions after childbirth. Specifically, we are interested in the interplay between childhood socialization and adulthood environment. To that end, we leverage the setting of the German reunification when East Germany's gender-egalitarian culture induced by socialism and West Germany's more traditional culture were brought together. We find that East German gender norms are persistent, whereas West German ones are not. West German mothers adjust their behavior to that of their East German peers not only when immersed in East German environment but even after returning to the West.
- [Dynamic ESG Equilibrium](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/dynamic-esg-equilibrium/) - This paper proposes a conditional asset pricing model that integrates environmental, social, and governance (ESG) demand and supply dynamics. Shocks in the demand for sustainable investing represent a novel risk source, characterized by diminishing marginal utility and positive premium. Green assets exhibit positive exposure to ESG demand shocks, hence commanding higher premia. Conversely, time-varying convenience yield leads to lower expected returns for green assets. Moreover, ESG demand shocks have positive contemporaneous effects on unexpected returns, contributing to large positive payoffs in the green-minus-brown portfolio over extended horizons. The model predictions align closely with evidence on return spreads between green and brown assets, further reinforcing the apparent gap between realized and expected spreads.
- [彼此不再依賴的世界？ AI與自動化如何重塑世界貿易格局](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-interdependence-fades-how-ai-and-automation-are-recasting-global-trade/) - 自動化和人工智慧（AI）正在顛覆傳統國際貿易格局，讓發達國家在原本低技能勞動力密集型產業中獲得內生比較優勢，從而逆轉發展中國家的傳統優勢。 根據2025年最新趨勢，這一變化已加速全球供應鏈重構，並加劇了貿易不平等。 引言：貿易格局的「舊規則」與新挑戰 經濟學里有一條著名的赫克歇爾-俄林定理，講的是各國應該根據要素稟賦進行專業分工。 勞動密集型的國家可以依靠自己的比較優勢，多生產和出口工作力密集產品，通過國際貿易，發展自己的經濟。 上世紀東亞國家如韓國和中國，就是通過先發展勞動密集型產品（如紡織、組裝等），通過出口進行積累資本、逐漸實現產業升級。 但現如今，這種「舊規則」正面臨崩盤——AI和自動化讓工作力不再是世界貿易分工的決定性因素。 世界貿易組織數據顯示，發展中國家製造業出口份額從2010年的40%峰值后增速放緩，許多發展中國家出現“過早去工業化”。 如果AI和機器人能高效取代人力，發展中國家還能靠低人力成本競爭嗎？ 這正是AI重塑貿易的核心問題。 自動化如何逆轉比較優勢 事實上，自動化正通過改變產業要素密集度，逆轉傳統比較優勢。 過去，低技能勞動力豐裕國在工作力密集產業（如汽車組裝）中出口更多，但21世紀以來，這種關係弱化甚至逆轉，尤其在高機器人採用領域。 背後的原因在於，發達國家通過自動化降低工作力密集度，提高生產率，從而在這些產業中獲得內生優勢。 擴展到當前，工業機器人的使用和自動化正在迅速優化供應鏈。 例如，中國在各類製造業中廣泛的使用工業機器人機器，使其在全球製造業出口中屢創新高。 儘管其現階段的工作力成本已經遠遠高於很多中低收入國家，但過去被認為是勞動密集型產業並未從中國向這些國家流動。 美國的特斯拉是另一個例子：通過普遍的使用工業機器人進行生產，特斯拉可以在美國做到低成本的生產汽車，在全球市場上具有競爭力。 再加上高價值環節（如研發、設計）本身也就在這些國家，出現的結果是，全球價值鏈向自動化領先的國家越發傾斜，低端製造外包在未來會顯著減少。 AI加劇貿易格局重塑 近年來，AI的迅速發展正進一步加劇世界貿易格局的重塑。 AI不僅替換物理工作力，還帶來認知自動化。 當AI嵌入任務框架，使很多低技能服務和任務（如質量檢測）也轉為機器人任務。 在很多工業領域，AI集成自動化革命正在加速，供應鏈正在朝著全面智慧化和自動化的方向發展，有相關技術積累的國家因此受益。 這一系列改變的積極影響主要是提升全球生產和貿易的效率， 但其負面效應也十分顯著。 如果按照現在的國際治理框架發展，未來中低收入國家將很難通過依賴發展勞動密集型製造業提高收入水平，並帶來失業上升， 地緣政治風險加劇。 以下表格比較傳統與AI時代貿易格局的區別： 維度 傳統國際貿易分工 AI自動化時代 比較優勢來源 要素稟賦（勞動力與資本的相對價格） 內生技術（自動化帶來的生產力提高） 受益國家 所有參與國家貿易分工的國家 具有大規模運用AI和自動化能力的國家 中低收入國家增長模式 出口導向性增長 過早去工業化、不平等加劇 未來展望與政策啟示 展望更遠，AI和自動化可能進一步極化全球格局：中美兩國將在這些領域佔據優勢，主導全球主要的工業品貿易。 這將導致全球分配更不均衡。 一些貧窮落後國家過去依賴低工作力成本的發展路徑不復存在，失去了工業化機會。 如果收入分配製度設計不當，未來貧富差距將進一步擴大：無論國與國之間還是一國內部，勞動者收入佔比將持續減少。 長遠看來，這樣的發展可能引發普遍的社會問題和區域衝突，導致失業浪潮和地緣政治緊張。 AI與自動化的快速發展帶來另一個可能性是，各國為了保護本土製造業而加強貿易壁壘。 在技術擁有國通過AI和自動化提升製造業競爭力的同時，很多國家本土產業將面臨更大壓力，從而轉向保護主義措施。 如果各國都通過提高關稅來以維護本國就業和產業安全，我們可能會走向一個“彼此不再依賴的世界”。 為了避免這樣暗淡的前景，政策制定者該如何做？ 筆者認為，對於中低收入國家，AI的出現一方面帶來極大挑戰，另一方面也帶來機會。 例如，AI的普及能帶來教育成本的極大降低。 如果中低收入國家能夠積極主動的開展大範圍的投資AI教育、為年輕人提供AI基礎設施，則可以跳過以比較優勢為基礎進行發展的傳統模式，直接進入以AI和自動化為基礎的分工鏈條中來，為世界的變化做好準備。其次，對於AI技術主要提供國（主要是中國和美國），應該積極推動公平貿易，通過國際合作體系分享AI和自動化技術，避免加劇全球不平等和因此可能帶來的地區衝突。 值得一提的是，在中美AI競爭過程中，中國作為領域的主要追趕者，開源了大量的AI模型。
- [Contract Contingencies and Uncertainty: Evidence from Product Market Contracts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/contract-contingencies-and-uncertainty-evidence-from-product-market-contracts/) - We study contingencies written in firms’ material product market contracts, focusing on the theoretical prediction of uncertainty as an important determinant. We identify contract contingencies from firms’ public regulatory filings and examine the effects of general business uncertainty and specific innovation-related uncertainty. To enhance causal inference, we utilize two major business shocks (i.e., the 2008 Financial Crisis and the COVID pandemic) and the diffusion of 29 disruptive innovation shocks (Bloom et al. 2021). We also explore the effects of re-negotiation costs and writing costs. Overall, our empirical results are consistent with predictions from dynamic models of incomplete contracting.
- [When Interdependence Fades: How AI and Automation Are Recasting Global Trade](https://www.hkubs.hku.hk/sc/research/thought-leadership/ft-chinese-column/when-interdependence-fades-how-ai-and-automation-are-recasting-global-trade/) - 彼此不再依賴的世界？ AI與自動化如何重塑世界貿易格局 自動化和人工智慧（AI）正在顛覆傳統國際貿易格局，讓發達國家在原本低技能勞動力密集型產業中獲得內生比較優勢，從而逆轉發展中國家的傳統優勢。 根據2025年最新趨勢，這一變化已加速全球供應鏈重構，並加劇了貿易不平等。 引言：貿易格局的「舊規則」與新挑戰 經濟學里有一條著名的赫克歇爾-俄林定理，講的是各國應該根據要素稟賦進行專業分工。 勞動密集型的國家可以依靠自己的比較優勢，多生產和出口工作力密集產品，通過國際貿易，發展自己的經濟。 上世紀東亞國家如韓國和中國，就是通過先發展勞動密集型產品（如紡織、組裝等），通過出口進行積累資本、逐漸實現產業升級。 但現如今，這種「舊規則」正面臨崩盤——AI和自動化讓工作力不再是世界貿易分工的決定性因素。 世界貿易組織數據顯示，發展中國家製造業出口份額從2010年的40%峰值后增速放緩，許多發展中國家出現“過早去工業化”。 如果AI和機器人能高效取代人力，發展中國家還能靠低人力成本競爭嗎？ 這正是AI重塑貿易的核心問題。 自動化如何逆轉比較優勢 事實上，自動化正通過改變產業要素密集度，逆轉傳統比較優勢。 過去，低技能勞動力豐裕國在工作力密集產業（如汽車組裝）中出口更多，但21世紀以來，這種關係弱化甚至逆轉，尤其在高機器人採用領域。 背後的原因在於，發達國家通過自動化降低工作力密集度，提高生產率，從而在這些產業中獲得內生優勢。 擴展到當前，工業機器人的使用和自動化正在迅速優化供應鏈。 例如，中國在各類製造業中廣泛的使用工業機器人機器，使其在全球製造業出口中屢創新高。 儘管其現階段的工作力成本已經遠遠高於很多中低收入國家，但過去被認為是勞動密集型產業並未從中國向這些國家流動。 美國的特斯拉是另一個例子：通過普遍的使用工業機器人進行生產，特斯拉可以在美國做到低成本的生產汽車，在全球市場上具有競爭力。 再加上高價值環節（如研發、設計）本身也就在這些國家，出現的結果是，全球價值鏈向自動化領先的國家越發傾斜，低端製造外包在未來會顯著減少。 AI加劇貿易格局重塑 近年來，AI的迅速發展正進一步加劇世界貿易格局的重塑。 AI不僅替換物理工作力，還帶來認知自動化。 當AI嵌入任務框架，使很多低技能服務和任務（如質量檢測）也轉為機器人任務。 在很多工業領域，AI集成自動化革命正在加速，供應鏈正在朝著全面智慧化和自動化的方向發展，有相關技術積累的國家因此受益。 這一系列改變的積極影響主要是提升全球生產和貿易的效率， 但其負面效應也十分顯著。 如果按照現在的國際治理框架發展，未來中低收入國家將很難通過依賴發展勞動密集型製造業提高收入水平，並帶來失業上升， 地緣政治風險加劇。 以下表格比較傳統與AI時代貿易格局的區別： 維度 傳統國際貿易分工 AI自動化時代 比較優勢來源 要素稟賦（勞動力與資本的相對價格） 內生技術（自動化帶來的生產力提高） 受益國家 所有參與國家貿易分工的國家 具有大規模運用AI和自動化能力的國家 中低收入國家增長模式 出口導向性增長 過早去工業化、不平等加劇 未來展望與政策啟示 展望更遠，AI和自動化可能進一步極化全球格局：中美兩國將在這些領域佔據優勢，主導全球主要的工業品貿易。 這將導致全球分配更不均衡。 一些貧窮落後國家過去依賴低工作力成本的發展路徑不復存在，失去了工業化機會。 如果收入分配製度設計不當，未來貧富差距將進一步擴大：無論國與國之間還是一國內部，勞動者收入佔比將持續減少。 長遠看來，這樣的發展可能引發普遍的社會問題和區域衝突，導致失業浪潮和地緣政治緊張。 AI與自動化的快速發展帶來另一個可能性是，各國為了保護本土製造業而加強貿易壁壘。 在技術擁有國通過AI和自動化提升製造業競爭力的同時，很多國家本土產業將面臨更大壓力，從而轉向保護主義措施。 如果各國都通過提高關稅來以維護本國就業和產業安全，我們可能會走向一個“彼此不再依賴的世界”。 為了避免這樣暗淡的前景，政策制定者該如何做？ 筆者認為，對於中低收入國家，AI的出現一方面帶來極大挑戰，另一方面也帶來機會。 例如，AI的普及能帶來教育成本的極大降低。
- [Optimizing Offline Product Design and Online Assortment Policy: Measuring the Relative Impact of Each Decision](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/optimizing-offline-product-design-and-online-assortment-policy-measuring-the-relative-impact-of-each-decision/) - Revenue management decisions often involve both offline and online decisions. Offline decisions are made first and establish the broad and long-term operational context in which online decisions are frequently and repeatedly made, often in real time. We consider a joint optimization of offline and online decisions. Specifically, we examine a setting in which the offline decision concerns the selection of product-design characteristics (e.g., price, capacity, return eligibility, and other characteristics) and the online decision concerns the dynamic assortment optimization over a selling season. Our formulation has many applications, including optimizing products’ return eligibility and determining product discounts, and a key feature of our model is its explicit consideration of complex return dynamics and accompanying financial implications. We formulate an optimization problem that combines the impact of both offline and online decisions on the expected revenue. To determine the product design, we reformulate the choice-based deterministic linear program, solve its continuous relaxation, and round the resulting solution. Using value function approximations enables us to obtain a dynamic assortment policy whose expected revenue is at least a constant fraction of the choice-based deterministic linear program. Combining these two results, we show that our approach provides an approximate solution to the joint optimization problem with performance guarantees. Numerical experiments based on real transaction data from a major U.S. retailer show that our method achieves 95%–97% effectiveness, an advantage of up to 18% over methods that disregard the interplay between offline and online decisions. This framework also yields a systematic quantitative measure of the relative importance of both offline and online decisions. Based on this measure, numerical experiments highlight the crucial role of product design, accounting for 94% and 85% of the observed variation in effectiveness across various methods in applications involving volume discount and return eligibility, respectively.
- [Colonial Legacy and Informal Finance](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/colonial-legacy-and-informal-finance/) - An influential line of research emphasizes that colonial legacy plays a key role in formal financial development. Can colonial legacy also shape informal finance? We investigate the impact of colonial legacy on informal financial development using a manually georeferenced data set within a credible empirical framework. In the 19th century, Europeans arbitrarily designed colonial borders that partitioned many ethnicities across multiple countries in Africa. Leveraging several spatial regression discontinuity designs across national borders and within British-French–partitioned Cameroon and a unique natural experiment where the same former British colony is compared with two otherwise similar areas with different exposures to French colonization, we discover that former British colonies today have better informal financial development than former French colonies. Exploring the channels, we find that places with a British colonial legacy maintain a style of social control that facilitates information flow, supports private enforcement and market interactions, and promotes strong legal cultures.
- [Inference on Time Series Nonparametric Conditional Moment Restrictions Using Nonlinear Sieves](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/inference-on-time-series-nonparametric-conditional-moment-restrictions-using-nonlinear-sieves/) - This paper studies estimation of and inference on dynamic nonparametric conditional moment restrictions of high dimensional variables for weakly dependent data, where the unknown functions of endogenous variables can be approximated via nonlinear sieves such as neural networks and Gaussian radial bases. The true unknown functions and their sieve approximations are allowed to be in general weighted function spaces with unbounded supports, which is important for time series data. Under some regularity conditions, the optimally weighted general nonlinear sieve quasi-likelihood ratio (GN-QLR) statistic for the expectation functional of unknown function is asymptotically Chi-square distributed regardless whether the functional could be estimated at a root- rate or not, and the estimated expectation functional is asymptotically efficient if it is root- estimable. Our general theories are applied to two important examples: (1) estimating the value function and the off-policy evaluation in reinforcement learning (RL); and (2) estimating the averaged partial mean and averaged partial derivative of dynamic nonparametric quantile instrumental variable (NPQIV) models. We demonstrate the finite sample performance of our optimal inference procedure on averaged partial derivative of a dynamic NPQIV model in simulation studies.
- [Technology Training, Buyer-Supplier Relationship, and Quality Upgrading in an Agricultural Supply Chain](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/technology-training-buyer-supplier-relationship-and-quality-upgrading-in-an-agricultural-supply-chain/) - This paper examines the impacts of technology training and buyer-supplier relationship on technology adoption and quality upgrading. We randomly varied subjects of each training group across farmer–exporter clusters—farmers, exporters, both, or none—and provided training on Good Agricultural Practices (GAP). We find that training farmers enhances technology adoption and quality upgrading. Yet, the effects are much stronger when farmers and exporters are trained together. We document a plausible mechanism to explain this finding: joint training improves buyer-supplier relationship, which facilitates contract trade between farmers and exporters. We find no effect of GAP certification eligibility on technology adoption.
- [Ideological Bias and Trust in Information Sources](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/ideological-bias-and-trust-in-information-sources/) - We study the role of endogenous trust in amplifying ideological bias. Agents in our model learn a sequence of states from sources whose accuracy is ex ante uncertain. Agents learn these accuracies by comparing their own reasoning about the states based on introspection or direct experience to the sources' reports. Small biases in this reasoning can cause large ideological differences in the agents' trust in information sources and their beliefs about the states, and may lead agents to become overconfident in their own reasoning. Disagreements can be similar in magnitude whether agents see only ideologically aligned sources or diverse sources.
- [Shifting Perspectives: How Communicating User Innovations’ Self-focus Enhances Adoption](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/shifting-perspectives-how-communicating-user-innovations-self-focus-enhances-adoption/) - Each year, millions of user inventors spend billions of dollars creating innovations for their own use and to satisfy their own needs. Many user entrepreneurs also commercialize their user innovations to the mass market to benefit others and generate financial return. However, because user innovations are inherently self-focused, they often fail to achieve adoption in the mass market, leading to significant social welfare losses. Extant research suggests deploying customer-focused design modifications to improve the diffusion of user innovations. As an alternative to this customer-focused perspective, the authors propose a novel communication strategy that evokes adopters’ creativity to increase adoption. In particular, presenting user innovations’ self-focused goals and related key attributes in a sequence that mismatches adopters’ default innovation learning sequences can evoke adopters’ creative thinking regarding the self-relevance of the user innovations, and in turn enhances adoption. Furthermore, deploying self-focused, user inventor solo (vs. customer-focused, open customer participation) enhancement strategy sustains (vs. attenuates) the proposed effects.
- [Auctioning Control and Cash-Flow Rights Separately](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/auctioning-control-and-cash-flow-rights-separately/) - We consider a classical auction setting in which an asset/project is sold to buyers who privately receive signals about expected payoffs, and payoffs are more sensitive to a bidder's signal if he runs the project than if another bidder does. We show that a seller can increase revenues by sometimes allocating cash-flow rights and control to different bidders, for example, with the highest bidder receiving cash flows and the second-highest receiving control. Separation reduces a bidder's information rent, which depends on the importance of his private information for the value of his awarded cash flows. As project payoffs are most sensitive to a bidder's information if he controls the project, allocating cash flow to another bidder lowers bidders' informational advantage. As a result, when signals are close, the seller can increase revenues by splitting rights between the top two bidders.
- [Heterogeneous Complementarity and Team Design: The Case of Real Estate Agents](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/heterogeneous-complementarity-and-team-design-the-case-of-real-estate-agents/) - Workers often possess characteristics such as soft skills that are important for teamwork but unobserved by managers. In this paper, we develop a teamwork model based on the econometric teamwork framework in Bonhomme [Bonhomme S (2021) Teams: Heterogeneity, sorting, and complementarity. Becker Friedman Institute for Economics Working Paper No. 2021-15, University of Chicago, Chicago] and stochastic blockmodels for binary outcomes (e.g., Bickel et al. [Bickel P, Choi D, Chang X, Zhang H (2013) Asymptotic normality of maximum likelihood and its variational approximation for stochastic blockmodels. Ann. Statist. 41(4):1922–1943]) when only team-level outputs are observed. Our model does not impose any functional form restrictions on the complementarity between workers with unobserved characteristics, which are modeled as latent types. We apply our model to a data set from a leading Chinese real estate company; the data contain the complete history of team assignments, team performances, and property details. We find that complementarities between different agent types are heterogeneous and cannot be captured by commonly used production functions. More specifically, workers with intermediate solo performance complement all other workers the most, whereas those with the best solo performance are not the best team players. Our results suggest that firms can boost productivity by redesigning teams without incurring additional hiring costs. Leveraging our complementarity estimates, our counterfactual experiments demonstrate that reorganizing teams could enhance overall team output by up to 26.6%.
- [Investment Portfolio Management to Meet or Beat Earnings Expectations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/investment-portfolio-management-to-meet-or-beat-earnings-expectations/) - Insurers can boost their earnings by accruing interest income from their corporate bond investments. We document that insurers have higher corporate bond investments as well as less equity and cash holdings, when their parents meet or just beat analysts’ quarterly earnings forecasts, compared to when their parents miss or comfortably beat the forecasts. The investment in corporate bonds to boost earnings is more pronounced when bond offerings provide more opportunities for accruing interest income, when the parent’s corporate governance is weaker, when the parent’s managers have more equity incentives, when insurers face more competition, when other earnings management techniques are used, or when the insurance segment is more important to the parent. Finally, insurers suspected of helping their parents meet or beat earnings benchmarks experience worse investment performance in subsequent years, presumably because, by investing more in corporate bonds, the insurers forgo investment opportunities with higher longer-term returns.
- [Main Street’s Pain, Wall Street’s Gain](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/main-streets-pain-wall-streets-gain/) - We propose a fiscal policy expectations mechanism. When bad macro news arrives (in our study, when initial jobless claims (IJC) are higher than expected), investors may expect more generous government spending and drive up aggregate stock prices through the expected cash flow channel. Using a time-series sample from January 2013 to March 2021, we find that this phenomenon emerges when newspapers mention fiscal policy more. In the cross section, firms expected to receive more government spending – through stimulus supports during COVID-19 or procurement contracts before 2020 – exhibit higher individual stock returns when bad IJC shocks arrive.
- [CSR as Hedging Against Institutional Transition Risk: Corporate Philanthropy After the Sunflower Movement in Taiwan](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/csr-as-hedging-against-institutional-transition-risk-corporate-philanthropy-after-the-sunflower-movement-in-taiwan/) - Firms with political connections to a regime with an authoritarian history face a dilemma when the regime undergoes a democratic transition. Such connections provide an essential competitive advantage when the regime is in power but become a liability when an institutional transition brings democratic change. This study theorizes that when expose a regime’s distorted policies favoring elites over others and signal a high probability of regime turnover, firms may hedge against the risks associated with their political connections by engaging in philanthropy. We further contend that this effect is stronger for firms located in regions characterized by the rise of an opposing political party or a strong civil society. We find support for our theory in Taiwan’s 2014 Sunflower Movement. Our article reveals a strategy that firms adopt to survive democratic transitions and thus contributes to research on how firms use non-market strategies to adapt to institutional changes. Our research also shows that strategic corporate social responsibility (CSR) can substitute for corporate political activity or compensate for its limitations, and it expands research on the signaling function of social movements from public to private politics.
- [Production and Inventory Dynamics under Ambiguity Aversion](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/production-and-inventory-dynamics-under-ambiguity-aversion/) - In this paper we propose a production-cost smoothing model with Knightian uncertainty and ambiguity aversion to study the joint behavior of production, inventories, and sales. Our model can explain ten facts that previous studies find difficult to account for simultaneously including the high volatility of production relative to sales, the low ratio of inventory-investment volatility to sales volatility, the positive correlation between sales and inventory investment, and the negative correlation between the inventory-to-sales ratio and sales. Our main results extend to a model of endogenous sales. Finally, we find that the stock-out avoidance motive emerges endogenously in our model, reconciling the long debate in the inventory literature over the production-cost smoothing and stock-out avoidance models.
- [Privacy Concerns and Data Donations: Do Societal Benefits Matter?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/privacy-concerns-and-data-donations-do-societal-benefits-matter/) - Data donations, where individuals are encouraged to donate their personal information, have the potential to advance medical research and help limit the spread of pandemics, among other benefits. The decision to donate data is fundamentally a privacy decision. In this research, we build on the privacy calculus, a model describing privacy risks and benefits, and examine the impact of privacy concerns on data donation decisions, highlighting the role of societal benefits in privacy decisions. Based on two randomized experiments using the general context of data donation for medical research (experiment 1) and the specific context of data donation for COVID-19 research (experiment 2), we find that individuals who are highly concerned about privacy tend to donate less data (experiments 1 and 2). This effect holds under a variety of conditions and is consistent with prevailing research. However, this effect is contingent on the privacy calculus. When implicit or explicit societal benefits are perceived, particularly in the absence of privacy controls, the association between privacy concerns and data donation decisions is less salient, highlighting the significant role that societal benefits have in privacy decisions. We discuss the theoretical, practical, social, and ethical implications of these findings.
- [How Collaboration Technology Use Affects IT Project Team Creativity: Integrating Team Knowledge and Creative Synthesis Perspectives](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/how-collaboration-technology-use-affects-it-project-team-creativity-integrating-team-knowledge-and-creative-synthesis-perspectives/) - Contemporary IT project teams engage in creative problem solving to address increasingly complex business problems, which highlights the need to promote IT project team creativity. Collaboration technologies are widely used in IT project teams, but little is known about what collaboration technology features can be used to improve IT project team creativity and the underlying influencing mechanisms. To address this important gap, the current study builds on the extended team knowledge framework to identify collaboration technology features and decodes their influencing mechanisms on IT project team creativity by drawing on the novel creative synthesis theory originating in the management literature to the IT project team context. We identify three sets of collaboration technology support features, that of awareness knowledge supports, long-term knowledge supports, and transitional knowledge supports, and posit that their use can improve IT project team creativity via facilitating the creative synthesis process which includes three sub-constructs of collective attention, similarity building, and enacting ideas. The research model is supported in general by empirical data collected through a multi-sourced survey of over 500 team members and their leaders from 62 IT project teams. Theoretical and practical implications are discussed.
- [Disturbance in Multitier Supply Chain Under Competition](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/disturbance-in-multitier-supply-chain-under-competition/) - Disturbances in production along with volatile demand have raised concerns over shortfalls in the global supply chain and prompted the need to build a more diversified supply chain with competitive suppliers. This research investigates the impact of disturbances on a two-tier supply chain network with asymmetric competing firms. We establish the equilibrium in a unique structure that represents the maximum set of profitable upstream supply paths achievable through competition and exhibits stability under specific conditions. We evaluate the efficiency of the supply chain configuration by a shortfall problem and solve it with an adapted pseudoflow algorithm that efficiently identifies the mismatches between shortfalls and capacity surpluses in the multitier network. The parametric analysis reveals that the disturbance loss can be significantly offset by supplier competition, although the marginal benefit of competition decreases rapidly with the number of suppliers. Furthermore, shortfalls could be magnified by network asymmetries that increase configuration inefficiency, and supply chain performance could be improved by pushing high-cost firms to cease production. Simulation results indicate that the supply chain with a moderate level of competition and a balanced configuration can be robust against disturbance and demand volatility.
- [From Social to Purchase: Customer Selection in Social Group Buying](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/from-social-to-purchase-customer-selection-in-social-group-buying/) - Social scope group buying has emerged as an increasingly popular promotional strategy and has served as a new customer acquisition tool. In the service industry, companies use social group buying (SGB) to recruit new customers and promote full-price products. Through SGB activities, customers can trade their social capital to form buying groups, experience SGB-offered sample products, and further alleviate uncertainty regarding expensive full-price products before making a final purchase. We investigate this novel SGB phenomenon by examining customers’ decisions throughout the “experience-conversion” process. In collaboration with a leading online educational platform, we examine customers’ grouping behavior during SGB activities and analyze their subsequent purchases. Our analysis reveals an interesting pattern in which non-grouped customers have a higher proportion of full-price product purchases than grouped customers. We postulate that, in addition to observations from operational data, unobserved social information is important for gaining a deeper understanding of the customer behaviors underlying this pattern. Employing a Bayesian learning framework, we model customers’ three-stage discrete-choice decision-making processes and quantify two influential social information factors: social cost and social learning. By incorporating social information, our Bayesian learning model demonstrates improved effectiveness in assisting companies with accurately predicting final purchases in the conversion process. We provide actionable insights into how companies can employ our model to strategically tailor SGB designs by customer segments to increase overall purchase rates. Our study sheds light on the significance of social information in enhancing customer management and refining SGB design.
- [Production and Inventory Dynamics under Ambiguity Aversion](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/production-and-inventory-dynamics-under-ambiguity-aversion/) - In this paper we propose a production-cost smoothing model with Knightian uncertainty and ambiguity aversion to study the joint behavior of production, inventories, and sales. Our model can explain ten facts that previous studies find difficult to account for simultaneously including the high volatility of production relative to sales, the low ratio of inventory-investment volatility to sales volatility, the positive correlation between sales and inventory investment, and the negative correlation between the inventory-to-sales ratio and sales. Our main results extend to a model of endogenous sales. Finally, we find that the stock-out avoidance motive emerges endogenously in our model, reconciling the long debate in the inventory literature over the production-cost smoothing and stock-out avoidance models.
- [Privacy Concerns and Data Donations: Do Societal Benefits Matter?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/privacy-concerns-and-data-donations-do-societal-benefits-matter/) - Data donations, where individuals are encouraged to donate their personal information, have the potential to advance medical research and help limit the spread of pandemics, among other benefits. The decision to donate data is fundamentally a privacy decision. In this research, we build on the privacy calculus, a model describing privacy risks and benefits, and examine the impact of privacy concerns on data donation decisions, highlighting the role of societal benefits in privacy decisions. Based on two randomized experiments using the general context of data donation for medical research (experiment 1) and the specific context of data donation for COVID-19 research (experiment 2), we find that individuals who are highly concerned about privacy tend to donate less data (experiments 1 and 2). This effect holds under a variety of conditions and is consistent with prevailing research. However, this effect is contingent on the privacy calculus. When implicit or explicit societal benefits are perceived, particularly in the absence of privacy controls, the association between privacy concerns and data donation decisions is less salient, highlighting the significant role that societal benefits have in privacy decisions. We discuss the theoretical, practical, social, and ethical implications of these findings.
- [How Collaboration Technology Use Affects IT Project Team Creativity: Integrating Team Knowledge and Creative Synthesis Perspectives](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/how-collaboration-technology-use-affects-it-project-team-creativity-integrating-team-knowledge-and-creative-synthesis-perspectives/) - Contemporary IT project teams engage in creative problem solving to address increasingly complex business problems, which highlights the need to promote IT project team creativity. Collaboration technologies are widely used in IT project teams, but little is known about what collaboration technology features can be used to improve IT project team creativity and the underlying influencing mechanisms. To address this important gap, the current study builds on the extended team knowledge framework to identify collaboration technology features and decodes their influencing mechanisms on IT project team creativity by drawing on the novel creative synthesis theory originating in the management literature to the IT project team context. We identify three sets of collaboration technology support features, that of awareness knowledge supports, long-term knowledge supports, and transitional knowledge supports, and posit that their use can improve IT project team creativity via facilitating the creative synthesis process which includes three sub-constructs of collective attention, similarity building, and enacting ideas. The research model is supported in general by empirical data collected through a multi-sourced survey of over 500 team members and their leaders from 62 IT project teams. Theoretical and practical implications are discussed.
- [Disturbance in Multitier Supply Chain Under Competition](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/disturbance-in-multitier-supply-chain-under-competition/) - Disturbances in production along with volatile demand have raised concerns over shortfalls in the global supply chain and prompted the need to build a more diversified supply chain with competitive suppliers. This research investigates the impact of disturbances on a two-tier supply chain network with asymmetric competing firms. We establish the equilibrium in a unique structure that represents the maximum set of profitable upstream supply paths achievable through competition and exhibits stability under specific conditions. We evaluate the efficiency of the supply chain configuration by a shortfall problem and solve it with an adapted pseudoflow algorithm that efficiently identifies the mismatches between shortfalls and capacity surpluses in the multitier network. The parametric analysis reveals that the disturbance loss can be significantly offset by supplier competition, although the marginal benefit of competition decreases rapidly with the number of suppliers. Furthermore, shortfalls could be magnified by network asymmetries that increase configuration inefficiency, and supply chain performance could be improved by pushing high-cost firms to cease production. Simulation results indicate that the supply chain with a moderate level of competition and a balanced configuration can be robust against disturbance and demand volatility.
- [From Social to Purchase: Customer Selection in Social Group Buying](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/from-social-to-purchase-customer-selection-in-social-group-buying/) - Social scope group buying has emerged as an increasingly popular promotional strategy and has served as a new customer acquisition tool. In the service industry, companies use social group buying (SGB) to recruit new customers and promote full-price products. Through SGB activities, customers can trade their social capital to form buying groups, experience SGB-offered sample products, and further alleviate uncertainty regarding expensive full-price products before making a final purchase. We investigate this novel SGB phenomenon by examining customers’ decisions throughout the “experience-conversion” process. In collaboration with a leading online educational platform, we examine customers’ grouping behavior during SGB activities and analyze their subsequent purchases. Our analysis reveals an interesting pattern in which non-grouped customers have a higher proportion of full-price product purchases than grouped customers. We postulate that, in addition to observations from operational data, unobserved social information is important for gaining a deeper understanding of the customer behaviors underlying this pattern. Employing a Bayesian learning framework, we model customers’ three-stage discrete-choice decision-making processes and quantify two influential social information factors: social cost and social learning. By incorporating social information, our Bayesian learning model demonstrates improved effectiveness in assisting companies with accurately predicting final purchases in the conversion process. We provide actionable insights into how companies can employ our model to strategically tailor SGB designs by customer segments to increase overall purchase rates. Our study sheds light on the significance of social information in enhancing customer management and refining SGB design.
- [The Allocation of Talent and Financial Development, 1897 to 1936](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-allocation-of-talent-and-financial-development-1897-to-1936/) - We examine how the supply of talent affected financial development based on an experiment that abruptly changed the allocation of talent in historical China. Under the meritocratic civil examination system, government service was the main employment for the Chinese intellectuals. The abolition of this system in 1905 reduced the status and wealth attached to government service, which led the intellectuals to turn to modern banking as a high-status sector of employment. We find that regions where there were more candidates for the civil examination produced more financial professionals after 1905, which translated to a greater development of modern banking.
- [Inference on Time Series Nonparametric Conditional Moment Restrictions Using Nonlinear Sieves](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/inference-on-time-series-nonparametric-conditional-moment-restrictions-using-nonlinear-sieves/) - This paper studies estimation of and inference on dynamic nonparametric conditional moment restrictions of high dimensional variables for weakly dependent data, where the unknown functions of endogenous variables can be approximated via nonlinear sieves such as neural networks and Gaussian radial bases. The true unknown functions and their sieve approximations are allowed to be in general weighted function spaces with unbounded supports, which is important for time series data. Under some regularity conditions, the optimally weighted general nonlinear sieve quasi-likelihood ratio (GN-QLR) statistic for the expectation functional of unknown function is asymptotically Chi-square distributed regardless whether the functional could be estimated at a root- rate or not, and the estimated expectation functional is asymptotically efficient if it is root- estimable. Our general theories are applied to two important examples: (1) estimating the value function and the off-policy evaluation in reinforcement learning (RL); and (2) estimating the averaged partial mean and averaged partial derivative of dynamic nonparametric quantile instrumental variable (NPQIV) models. We demonstrate the finite sample performance of our optimal inference procedure on averaged partial derivative of a dynamic NPQIV model in simulation studies.
- [Technology Training, Buyer-Supplier Relationship, and Quality Upgrading in an Agricultural Supply Chain](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/technology-training-buyer-supplier-relationship-and-quality-upgrading-in-an-agricultural-supply-chain/) - This paper examines the impacts of technology training and buyer-supplier relationship on technology adoption and quality upgrading. We randomly varied subjects of each training group across farmer–exporter clusters—farmers, exporters, both, or none—and provided training on Good Agricultural Practices (GAP). We find that training farmers enhances technology adoption and quality upgrading. Yet, the effects are much stronger when farmers and exporters are trained together. We document a plausible mechanism to explain this finding: joint training improves buyer-supplier relationship, which facilitates contract trade between farmers and exporters. We find no effect of GAP certification eligibility on technology adoption.
- [Ideological Bias and Trust in Information Sources](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/ideological-bias-and-trust-in-information-sources/) - We study the role of endogenous trust in amplifying ideological bias. Agents in our model learn a sequence of states from sources whose accuracy is ex ante uncertain. Agents learn these accuracies by comparing their own reasoning about the states based on introspection or direct experience to the sources' reports. Small biases in this reasoning can cause large ideological differences in the agents' trust in information sources and their beliefs about the states, and may lead agents to become overconfident in their own reasoning. Disagreements can be similar in magnitude whether agents see only ideologically aligned sources or diverse sources.
- [Shifting Perspectives: How Communicating User Innovations’ Self-focus Enhances Adoption](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/shifting-perspectives-how-communicating-user-innovations-self-focus-enhances-adoption/) - Each year, millions of user inventors spend billions of dollars creating innovations for their own use and to satisfy their own needs. Many user entrepreneurs also commercialize their user innovations to the mass market to benefit others and generate financial return. However, because user innovations are inherently self-focused, they often fail to achieve adoption in the mass market, leading to significant social welfare losses. Extant research suggests deploying customer-focused design modifications to improve the diffusion of user innovations. As an alternative to this customer-focused perspective, the authors propose a novel communication strategy that evokes adopters’ creativity to increase adoption. In particular, presenting user innovations’ self-focused goals and related key attributes in a sequence that mismatches adopters’ default innovation learning sequences can evoke adopters’ creative thinking regarding the self-relevance of the user innovations, and in turn enhances adoption. Furthermore, deploying self-focused, user inventor solo (vs. customer-focused, open customer participation) enhancement strategy sustains (vs. attenuates) the proposed effects.
- [Auctioning Control and Cash-Flow Rights Separately](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/auctioning-control-and-cash-flow-rights-separately/) - We consider a classical auction setting in which an asset/project is sold to buyers who privately receive signals about expected payoffs, and payoffs are more sensitive to a bidder's signal if he runs the project than if another bidder does. We show that a seller can increase revenues by sometimes allocating cash-flow rights and control to different bidders, for example, with the highest bidder receiving cash flows and the second-highest receiving control. Separation reduces a bidder's information rent, which depends on the importance of his private information for the value of his awarded cash flows. As project payoffs are most sensitive to a bidder's information if he controls the project, allocating cash flow to another bidder lowers bidders' informational advantage. As a result, when signals are close, the seller can increase revenues by splitting rights between the top two bidders.
- [Heterogeneous Complementarity and Team Design: The Case of Real Estate Agents](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/heterogeneous-complementarity-and-team-design-the-case-of-real-estate-agents/) - Workers often possess characteristics such as soft skills that are important for teamwork but unobserved by managers. In this paper, we develop a teamwork model based on the econometric teamwork framework in Bonhomme [Bonhomme S (2021) Teams: Heterogeneity, sorting, and complementarity. Becker Friedman Institute for Economics Working Paper No. 2021-15, University of Chicago, Chicago] and stochastic blockmodels for binary outcomes (e.g., Bickel et al. [Bickel P, Choi D, Chang X, Zhang H (2013) Asymptotic normality of maximum likelihood and its variational approximation for stochastic blockmodels. Ann. Statist. 41(4):1922–1943]) when only team-level outputs are observed. Our model does not impose any functional form restrictions on the complementarity between workers with unobserved characteristics, which are modeled as latent types. We apply our model to a data set from a leading Chinese real estate company; the data contain the complete history of team assignments, team performances, and property details. We find that complementarities between different agent types are heterogeneous and cannot be captured by commonly used production functions. More specifically, workers with intermediate solo performance complement all other workers the most, whereas those with the best solo performance are not the best team players. Our results suggest that firms can boost productivity by redesigning teams without incurring additional hiring costs. Leveraging our complementarity estimates, our counterfactual experiments demonstrate that reorganizing teams could enhance overall team output by up to 26.6%.
- [Investment Portfolio Management to Meet or Beat Earnings Expectations](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/investment-portfolio-management-to-meet-or-beat-earnings-expectations/) - Insurers can boost their earnings by accruing interest income from their corporate bond investments. We document that insurers have higher corporate bond investments as well as less equity and cash holdings, when their parents meet or just beat analysts’ quarterly earnings forecasts, compared to when their parents miss or comfortably beat the forecasts. The investment in corporate bonds to boost earnings is more pronounced when bond offerings provide more opportunities for accruing interest income, when the parent’s corporate governance is weaker, when the parent’s managers have more equity incentives, when insurers face more competition, when other earnings management techniques are used, or when the insurance segment is more important to the parent. Finally, insurers suspected of helping their parents meet or beat earnings benchmarks experience worse investment performance in subsequent years, presumably because, by investing more in corporate bonds, the insurers forgo investment opportunities with higher longer-term returns.
- [Main Street’s Pain, Wall Street’s Gain](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/main-streets-pain-wall-streets-gain/) - We propose a fiscal policy expectations mechanism. When bad macro news arrives (in our study, when initial jobless claims (IJC) are higher than expected), investors may expect more generous government spending and drive up aggregate stock prices through the expected cash flow channel. Using a time-series sample from January 2013 to March 2021, we find that this phenomenon emerges when newspapers mention fiscal policy more. In the cross section, firms expected to receive more government spending – through stimulus supports during COVID-19 or procurement contracts before 2020 – exhibit higher individual stock returns when bad IJC shocks arrive.
- [CSR as Hedging Against Institutional Transition Risk: Corporate Philanthropy After the Sunflower Movement in Taiwan](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/csr-as-hedging-against-institutional-transition-risk-corporate-philanthropy-after-the-sunflower-movement-in-taiwan/) - Firms with political connections to a regime with an authoritarian history face a dilemma when the regime undergoes a democratic transition. Such connections provide an essential competitive advantage when the regime is in power but become a liability when an institutional transition brings democratic change. This study theorizes that when expose a regime’s distorted policies favoring elites over others and signal a high probability of regime turnover, firms may hedge against the risks associated with their political connections by engaging in philanthropy. We further contend that this effect is stronger for firms located in regions characterized by the rise of an opposing political party or a strong civil society. We find support for our theory in Taiwan’s 2014 Sunflower Movement. Our article reveals a strategy that firms adopt to survive democratic transitions and thus contributes to research on how firms use non-market strategies to adapt to institutional changes. Our research also shows that strategic corporate social responsibility (CSR) can substitute for corporate political activity or compensate for its limitations, and it expands research on the signaling function of social movements from public to private politics.
- [Production and Inventory Dynamics under Ambiguity Aversion](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/production-and-inventory-dynamics-under-ambiguity-aversion/) - In this paper we propose a production-cost smoothing model with Knightian uncertainty and ambiguity aversion to study the joint behavior of production, inventories, and sales. Our model can explain ten facts that previous studies find difficult to account for simultaneously including the high volatility of production relative to sales, the low ratio of inventory-investment volatility to sales volatility, the positive correlation between sales and inventory investment, and the negative correlation between the inventory-to-sales ratio and sales. Our main results extend to a model of endogenous sales. Finally, we find that the stock-out avoidance motive emerges endogenously in our model, reconciling the long debate in the inventory literature over the production-cost smoothing and stock-out avoidance models.
- [Privacy Concerns and Data Donations: Do Societal Benefits Matter?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/privacy-concerns-and-data-donations-do-societal-benefits-matter/) - Data donations, where individuals are encouraged to donate their personal information, have the potential to advance medical research and help limit the spread of pandemics, among other benefits. The decision to donate data is fundamentally a privacy decision. In this research, we build on the privacy calculus, a model describing privacy risks and benefits, and examine the impact of privacy concerns on data donation decisions, highlighting the role of societal benefits in privacy decisions. Based on two randomized experiments using the general context of data donation for medical research (experiment 1) and the specific context of data donation for COVID-19 research (experiment 2), we find that individuals who are highly concerned about privacy tend to donate less data (experiments 1 and 2). This effect holds under a variety of conditions and is consistent with prevailing research. However, this effect is contingent on the privacy calculus. When implicit or explicit societal benefits are perceived, particularly in the absence of privacy controls, the association between privacy concerns and data donation decisions is less salient, highlighting the significant role that societal benefits have in privacy decisions. We discuss the theoretical, practical, social, and ethical implications of these findings.
- [How Collaboration Technology Use Affects IT Project Team Creativity: Integrating Team Knowledge and Creative Synthesis Perspectives](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/how-collaboration-technology-use-affects-it-project-team-creativity-integrating-team-knowledge-and-creative-synthesis-perspectives/) - Contemporary IT project teams engage in creative problem solving to address increasingly complex business problems, which highlights the need to promote IT project team creativity. Collaboration technologies are widely used in IT project teams, but little is known about what collaboration technology features can be used to improve IT project team creativity and the underlying influencing mechanisms. To address this important gap, the current study builds on the extended team knowledge framework to identify collaboration technology features and decodes their influencing mechanisms on IT project team creativity by drawing on the novel creative synthesis theory originating in the management literature to the IT project team context. We identify three sets of collaboration technology support features, that of awareness knowledge supports, long-term knowledge supports, and transitional knowledge supports, and posit that their use can improve IT project team creativity via facilitating the creative synthesis process which includes three sub-constructs of collective attention, similarity building, and enacting ideas. The research model is supported in general by empirical data collected through a multi-sourced survey of over 500 team members and their leaders from 62 IT project teams. Theoretical and practical implications are discussed.
- [Disturbance in Multitier Supply Chain Under Competition](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/disturbance-in-multitier-supply-chain-under-competition/) - Disturbances in production along with volatile demand have raised concerns over shortfalls in the global supply chain and prompted the need to build a more diversified supply chain with competitive suppliers. This research investigates the impact of disturbances on a two-tier supply chain network with asymmetric competing firms. We establish the equilibrium in a unique structure that represents the maximum set of profitable upstream supply paths achievable through competition and exhibits stability under specific conditions. We evaluate the efficiency of the supply chain configuration by a shortfall problem and solve it with an adapted pseudoflow algorithm that efficiently identifies the mismatches between shortfalls and capacity surpluses in the multitier network. The parametric analysis reveals that the disturbance loss can be significantly offset by supplier competition, although the marginal benefit of competition decreases rapidly with the number of suppliers. Furthermore, shortfalls could be magnified by network asymmetries that increase configuration inefficiency, and supply chain performance could be improved by pushing high-cost firms to cease production. Simulation results indicate that the supply chain with a moderate level of competition and a balanced configuration can be robust against disturbance and demand volatility.
- [From Social to Purchase: Customer Selection in Social Group Buying](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/from-social-to-purchase-customer-selection-in-social-group-buying/) - Social scope group buying has emerged as an increasingly popular promotional strategy and has served as a new customer acquisition tool. In the service industry, companies use social group buying (SGB) to recruit new customers and promote full-price products. Through SGB activities, customers can trade their social capital to form buying groups, experience SGB-offered sample products, and further alleviate uncertainty regarding expensive full-price products before making a final purchase. We investigate this novel SGB phenomenon by examining customers’ decisions throughout the “experience-conversion” process. In collaboration with a leading online educational platform, we examine customers’ grouping behavior during SGB activities and analyze their subsequent purchases. Our analysis reveals an interesting pattern in which non-grouped customers have a higher proportion of full-price product purchases than grouped customers. We postulate that, in addition to observations from operational data, unobserved social information is important for gaining a deeper understanding of the customer behaviors underlying this pattern. Employing a Bayesian learning framework, we model customers’ three-stage discrete-choice decision-making processes and quantify two influential social information factors: social cost and social learning. By incorporating social information, our Bayesian learning model demonstrates improved effectiveness in assisting companies with accurately predicting final purchases in the conversion process. We provide actionable insights into how companies can employ our model to strategically tailor SGB designs by customer segments to increase overall purchase rates. Our study sheds light on the significance of social information in enhancing customer management and refining SGB design.
- [The Allocation of Talent and Financial Development, 1897 to 1936](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-allocation-of-talent-and-financial-development-1897-to-1936/) - We examine how the supply of talent affected financial development based on an experiment that abruptly changed the allocation of talent in historical China. Under the meritocratic civil examination system, government service was the main employment for the Chinese intellectuals. The abolition of this system in 1905 reduced the status and wealth attached to government service, which led the intellectuals to turn to modern banking as a high-status sector of employment. We find that regions where there were more candidates for the civil examination produced more financial professionals after 1905, which translated to a greater development of modern banking.
- [What Are the Firm Value Implications of SEC-Challenged Shareholder Proposals?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/what-are-the-firm-value-implications-of-sec-challenged-shareholder-proposals/) - The Securities and Exchange Commission (SEC) permits managers to request the exclusion of shareholder-initiated proposals. I construct a novel data set of excluded and withdrawn proposals from the SEC’s responses to managers’ requests. An examination of announcement returns to withdrawal and exclusion decisions demonstrates that SEC-challenged proposals are value destroying. I find that special interest investors pursuing self-serving agendas and retail investors advocating for one-size-fits-all reforms explain the value-destroying nature of SEC-challenged proposals. On average, the SEC challenge benefits firm value by filtering out these harmful proposals. However, a regression discontinuity design reveals that proposals the SEC refuses to exclude may receive majority shareholder support and destroy firm value.
- [Personalized Pricing, Network Effects, and Commitment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/personalized-pricing-network-effects-and-commitment/) - Big data and data technology have facilitated the widespread adoption of personalized pricing practices. While price personalization enables firms to extract greater rent from consumers, it often reduces price transparency, which can negatively impact firm profits in situations involving consumer coordination. In such contexts, a firm's commitment to pricing strategies can become essential for restoring profitability. We explore several commitment devices available to firms and discuss their implications. These devices include delegating pricing decisions to a manager who prioritizes consumer surplus, leveraging existing networks as signals for later consumers or to build reputation, and implementing uniform pricing or price caps in response to regulatory restrictions.
- [What Are the Firm Value Implications of SEC-Challenged Shareholder Proposals?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/what-are-the-firm-value-implications-of-sec-challenged-shareholder-proposals/) - The Securities and Exchange Commission (SEC) permits managers to request the exclusion of shareholder-initiated proposals. I construct a novel data set of excluded and withdrawn proposals from the SEC’s responses to managers’ requests. An examination of announcement returns to withdrawal and exclusion decisions demonstrates that SEC-challenged proposals are value destroying. I find that special interest investors pursuing self-serving agendas and retail investors advocating for one-size-fits-all reforms explain the value-destroying nature of SEC-challenged proposals. On average, the SEC challenge benefits firm value by filtering out these harmful proposals. However, a regression discontinuity design reveals that proposals the SEC refuses to exclude may receive majority shareholder support and destroy firm value.
- [Personalized Pricing, Network Effects, and Commitment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/personalized-pricing-network-effects-and-commitment/) - Big data and data technology have facilitated the widespread adoption of personalized pricing practices. While price personalization enables firms to extract greater rent from consumers, it often reduces price transparency, which can negatively impact firm profits in situations involving consumer coordination. In such contexts, a firm's commitment to pricing strategies can become essential for restoring profitability. We explore several commitment devices available to firms and discuss their implications. These devices include delegating pricing decisions to a manager who prioritizes consumer surplus, leveraging existing networks as signals for later consumers or to build reputation, and implementing uniform pricing or price caps in response to regulatory restrictions.
- [Financing Payouts](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/financing-payouts/) - We find that 43% of firms that make payouts also raise capital during the same year, resulting in 31% of aggregate payouts being externally financed, primarily with debt. Most financed payouts cannot be explained by payout smoothing in response to volatile earnings or investment (rather, they are the result of firms persistently setting payouts above free cash flow). In fact, 25% of aggregate payouts could not have been paid without the firms simultaneously raising capital. Profitable firms with moderate growth use debt-financed payouts to jointly manage their leverage and cash, thus highlighting the close relationship between payout and capital structure decisions.
- [The Allocation of Talent and Financial Development, 1897 to 1936](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/the-allocation-of-talent-and-financial-development-1897-to-1936/) - We examine how the supply of talent affected financial development based on an experiment that abruptly changed the allocation of talent in historical China. Under the meritocratic civil examination system, government service was the main employment for the Chinese intellectuals. The abolition of this system in 1905 reduced the status and wealth attached to government service, which led the intellectuals to turn to modern banking as a high-status sector of employment. We find that regions where there were more candidates for the civil examination produced more financial professionals after 1905, which translated to a greater development of modern banking.
- [What Are the Firm Value Implications of SEC-Challenged Shareholder Proposals?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/what-are-the-firm-value-implications-of-sec-challenged-shareholder-proposals/) - The Securities and Exchange Commission (SEC) permits managers to request the exclusion of shareholder-initiated proposals. I construct a novel data set of excluded and withdrawn proposals from the SEC’s responses to managers’ requests. An examination of announcement returns to withdrawal and exclusion decisions demonstrates that SEC-challenged proposals are value destroying. I find that special interest investors pursuing self-serving agendas and retail investors advocating for one-size-fits-all reforms explain the value-destroying nature of SEC-challenged proposals. On average, the SEC challenge benefits firm value by filtering out these harmful proposals. However, a regression discontinuity design reveals that proposals the SEC refuses to exclude may receive majority shareholder support and destroy firm value.
- [Personalized Pricing, Network Effects, and Commitment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/personalized-pricing-network-effects-and-commitment/) - Big data and data technology have facilitated the widespread adoption of personalized pricing practices. While price personalization enables firms to extract greater rent from consumers, it often reduces price transparency, which can negatively impact firm profits in situations involving consumer coordination. In such contexts, a firm's commitment to pricing strategies can become essential for restoring profitability. We explore several commitment devices available to firms and discuss their implications. These devices include delegating pricing decisions to a manager who prioritizes consumer surplus, leveraging existing networks as signals for later consumers or to build reputation, and implementing uniform pricing or price caps in response to regulatory restrictions.
- [Judge Ideology and Opportunistic Insider Trading](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/judge-ideology-and-opportunistic-insider-trading/) - Although federal judges are the ultimate arbiters of insider trading enforcement, the role of their political ideology in insider trading is unclear. Using the partisanship of judges’ nominating presidents to measure judge ideology, we first document that liberal judges are associated with heavier penalties in insider trading lawsuits than conservative judges. Next, we find that firms located in circuits with more liberal judges have fewer opportunistic insider sales. Cross-sectional analyses show that this deterrent effect is stronger when managers face a higher risk of insider trading lawsuits. Finally, we find that the SEC considers judges’ ideology when selecting litigation forums.
- [Judge Ideology and Opportunistic Insider Trading](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/judge-ideology-and-opportunistic-insider-trading/) - Although federal judges are the ultimate arbiters of insider trading enforcement, the role of their political ideology in insider trading is unclear. Using the partisanship of judges’ nominating presidents to measure judge ideology, we first document that liberal judges are associated with heavier penalties in insider trading lawsuits than conservative judges. Next, we find that firms located in circuits with more liberal judges have fewer opportunistic insider sales. Cross-sectional analyses show that this deterrent effect is stronger when managers face a higher risk of insider trading lawsuits. Finally, we find that the SEC considers judges’ ideology when selecting litigation forums.
- [Judge Ideology and Opportunistic Insider Trading](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/judge-ideology-and-opportunistic-insider-trading/) - Although federal judges are the ultimate arbiters of insider trading enforcement, the role of their political ideology in insider trading is unclear. Using the partisanship of judges’ nominating presidents to measure judge ideology, we first document that liberal judges are associated with heavier penalties in insider trading lawsuits than conservative judges. Next, we find that firms located in circuits with more liberal judges have fewer opportunistic insider sales. Cross-sectional analyses show that this deterrent effect is stronger when managers face a higher risk of insider trading lawsuits. Finally, we find that the SEC considers judges’ ideology when selecting litigation forums.
- [Attention Constraints and Financial Inclusion](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/attention-constraints-and-financial-inclusion/) - We show that attention constraints of decision makers function as barriers to financial inclusion. Using administrative data on retail loan screening processes, we find that loan officers exert less effort reviewing applicants from unattractive social or economic backgrounds and reject them more frequently than justified by credit quality. More importantly, when quasi-random workload variations tighten officer attention constraints, unattractive applicants receive even worse treatment—review-time halves and approval rates drop by approximately 40%—while attractive applicants are not affected. Our findings suggest that financial technologies that reduce information-processing costs may promote more balanced financial access.
- [Attention Constraints and Financial Inclusion](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/attention-constraints-and-financial-inclusion/) - We show that attention constraints of decision makers function as barriers to financial inclusion. Using administrative data on retail loan screening processes, we find that loan officers exert less effort reviewing applicants from unattractive social or economic backgrounds and reject them more frequently than justified by credit quality. More importantly, when quasi-random workload variations tighten officer attention constraints, unattractive applicants receive even worse treatment—review-time halves and approval rates drop by approximately 40%—while attractive applicants are not affected. Our findings suggest that financial technologies that reduce information-processing costs may promote more balanced financial access.
- [Credit Information Sharing and Firm Innovation: Evidence from the Establishment of Public Credit Registries](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/credit-information-sharing-and-firm-innovation-evidence-from-the-establishment-of-public-credit-registries/) - Lenders are reluctant to finance firms' innovation activities because such activities tend to be opaque, with a high likelihood of negative outcomes that could hamper loan repayment. We posit that public credit registries (PCRs), which play an important role in credit information sharing in many countries, can facilitate financing by reducing adverse selection and moral hazard and increasing bank competition. Using the staggered establishment of PCRs in different countries and an international firm–patent data set, we find that credit information sharing positively affects firm innovation, especially in firms that experience a larger increase in bank debt financing after the establishment of a PCR. This finding is consistent with the notion that credit information sharing promotes firm innovation by easing bank debt financing frictions. We also find a stronger effect in countries that experience a large increase in bank competition after the establishment of a PCR—consistent with increased bank competition serving as a channel through which credit information sharing facilitates bank debt financing, thereby generating a positive effect on firm innovation. The positive effect is more pronounced when the established PCR has features that promote credit information sharing. It is also more pronounced for opaque firms and firms in innovation-intensive industries, indicating that credit information sharing helps to reduce financing frictions. Finally, we posit and find evidence that firm efficiency in transforming innovation inputs into outputs improves after the establishment of a PCR. Overall, our paper offers novel insights into how credit information sharing facilitates firm innovation.
- [Credit Information Sharing and Firm Innovation: Evidence from the Establishment of Public Credit Registries](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/credit-information-sharing-and-firm-innovation-evidence-from-the-establishment-of-public-credit-registries/) - Lenders are reluctant to finance firms' innovation activities because such activities tend to be opaque, with a high likelihood of negative outcomes that could hamper loan repayment. We posit that public credit registries (PCRs), which play an important role in credit information sharing in many countries, can facilitate financing by reducing adverse selection and moral hazard and increasing bank competition. Using the staggered establishment of PCRs in different countries and an international firm–patent data set, we find that credit information sharing positively affects firm innovation, especially in firms that experience a larger increase in bank debt financing after the establishment of a PCR. This finding is consistent with the notion that credit information sharing promotes firm innovation by easing bank debt financing frictions. We also find a stronger effect in countries that experience a large increase in bank competition after the establishment of a PCR—consistent with increased bank competition serving as a channel through which credit information sharing facilitates bank debt financing, thereby generating a positive effect on firm innovation. The positive effect is more pronounced when the established PCR has features that promote credit information sharing. It is also more pronounced for opaque firms and firms in innovation-intensive industries, indicating that credit information sharing helps to reduce financing frictions. Finally, we posit and find evidence that firm efficiency in transforming innovation inputs into outputs improves after the establishment of a PCR. Overall, our paper offers novel insights into how credit information sharing facilitates firm innovation.
- [Federal Judge Ideology and the Going-concern Reporting Incentives of Big 4 and Non–Big 4 Auditors](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/federal-judge-ideology-and-the-going-concern-reporting-incentives-of-big-4-and-non-big-4-auditors/) - We analyze whether and how the perceived federal-level legal liability linked to federal judge ideology is associated with the likelihood of firms receiving going-concern modified audit opinions and analyze the differential effects on Big 4 and non–Big 4 auditors. We find that Big 4 and non–Big 4 auditors converge in their going-concern reporting decisions in circuits with more liberal judges. This convergence is caused by the greater effect of judge ideology on non–Big 4 auditors. Furthermore, we empirically examine the association between federal judge ideology and actual lawsuits against auditors and find that judge ideology has a greater impact on lawsuit likelihood for non–Big 4 auditors for the restating companies. When auditors are sued, both the payout likelihood and amount are greater in circuits with more liberal judges, with the effect being more pronounced for non–Big 4 auditors. This study provides evidence on how the perceived exposure to a gross negligence legal standard shapes auditors' going-concern reporting incentives for the two tiers of auditors in the market. It also adds to the literature on auditor litigation.
- [Federal Judge Ideology and the Going-concern Reporting Incentives of Big 4 and Non–Big 4 Auditors](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/federal-judge-ideology-and-the-going-concern-reporting-incentives-of-big-4-and-non-big-4-auditors/) - We analyze whether and how the perceived federal-level legal liability linked to federal judge ideology is associated with the likelihood of firms receiving going-concern modified audit opinions and analyze the differential effects on Big 4 and non–Big 4 auditors. We find that Big 4 and non–Big 4 auditors converge in their going-concern reporting decisions in circuits with more liberal judges. This convergence is caused by the greater effect of judge ideology on non–Big 4 auditors. Furthermore, we empirically examine the association between federal judge ideology and actual lawsuits against auditors and find that judge ideology has a greater impact on lawsuit likelihood for non–Big 4 auditors for the restating companies. When auditors are sued, both the payout likelihood and amount are greater in circuits with more liberal judges, with the effect being more pronounced for non–Big 4 auditors. This study provides evidence on how the perceived exposure to a gross negligence legal standard shapes auditors' going-concern reporting incentives for the two tiers of auditors in the market. It also adds to the literature on auditor litigation.
- [Dynamic Pricing and Service Fulfillment of Mobile Charging Systems With Stochastic Demands](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/dynamic-pricing-and-service-fulfillment-of-mobile-charging-systems-with-stochastic-demands/) - This study investigates the operations of a novel service model, mobile charging, in which an e-commerce platform operator dispatches trucks equipped with charging piles to provide charging services for customers’ electric vehicles with low battery levels. We model the platform-customer interaction with a Stackelberg game and explicitly characterize customers’ optimal charging decisions under the platform’s various service plans. In a general scenario that involves charging requests within a transportation network, we develop a joint optimization model for the platform’s pricing and service fulfillment, utilizing an elaborately constructed augmented network. In addition, we explore a localized subproblem where multiple orders are concentrated within a specific region. With a simplified model structure, we propose an approximation algorithm with provable performance guarantees and further theoretically evaluate the resource consumption and associated platform benefits for serving the orders in each region. The results enable the batching of neighboring demands within the general scenario as a specialized node, resulting in a streamlined network with fewer nodes. Additionally, we can enhance the algorithm’s efficiency within the general framework through strategic prioritization of node visitations, leveraging the analytical findings. Furthermore, the insights derived can offer recommendations for the deployment of mobile charging and the selection of target areas in the initial stages. Overall, our study provides comprehensive guidelines and valuable insights for mobile charging operations.
- [Dynamic Pricing and Service Fulfillment of Mobile Charging Systems With Stochastic Demands](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/dynamic-pricing-and-service-fulfillment-of-mobile-charging-systems-with-stochastic-demands/) - This study investigates the operations of a novel service model, mobile charging, in which an e-commerce platform operator dispatches trucks equipped with charging piles to provide charging services for customers’ electric vehicles with low battery levels. We model the platform-customer interaction with a Stackelberg game and explicitly characterize customers’ optimal charging decisions under the platform’s various service plans. In a general scenario that involves charging requests within a transportation network, we develop a joint optimization model for the platform’s pricing and service fulfillment, utilizing an elaborately constructed augmented network. In addition, we explore a localized subproblem where multiple orders are concentrated within a specific region. With a simplified model structure, we propose an approximation algorithm with provable performance guarantees and further theoretically evaluate the resource consumption and associated platform benefits for serving the orders in each region. The results enable the batching of neighboring demands within the general scenario as a specialized node, resulting in a streamlined network with fewer nodes. Additionally, we can enhance the algorithm’s efficiency within the general framework through strategic prioritization of node visitations, leveraging the analytical findings. Furthermore, the insights derived can offer recommendations for the deployment of mobile charging and the selection of target areas in the initial stages. Overall, our study provides comprehensive guidelines and valuable insights for mobile charging operations.
- [We are All in the Same Boat: Cross-Border Spillovers of Climate Shocks through International Trade and Supply Chains](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/we-are-all-in-the-same-boat-cross-border-spillovers-of-climate-shocks-through-international-trade-and-supply-chains/) - Are landlocked countries at risk from sea-level rise? We identify a new mechanism where natural disaster shocks influence countries’ macroeconomic performance through cross-border trade spillovers. Analyzing global data on climate disasters, infrastructure, trade, and the macroeconomy from 1970 to 2019, we find that climate disasters impacting ports, critical infrastructure for international trade, reduce imports, exports, and economic output in both the affected country and its major trade partner (both upstream and downstream) countries. The GDP effects on main upstream and downstream countries are as large as those in directly impacted countries: While directly affected countries offset climate disaster damages with increased government spending and investment, trade partners do not. Effective adaptation efforts, including building climate-resilient infrastructure and implementing disaster relief measures, must account for the cross-border spillover effects of climate disasters.
- [Attention Constraints and Financial Inclusion](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/attention-constraints-and-financial-inclusion/) - We show that attention constraints of decision makers function as barriers to financial inclusion. Using administrative data on retail loan screening processes, we find that loan officers exert less effort reviewing applicants from unattractive social or economic backgrounds and reject them more frequently than justified by credit quality. More importantly, when quasi-random workload variations tighten officer attention constraints, unattractive applicants receive even worse treatment—review-time halves and approval rates drop by approximately 40%—while attractive applicants are not affected. Our findings suggest that financial technologies that reduce information-processing costs may promote more balanced financial access.
- [Credit Information Sharing and Firm Innovation: Evidence from the Establishment of Public Credit Registries](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/credit-information-sharing-and-firm-innovation-evidence-from-the-establishment-of-public-credit-registries/) - Lenders are reluctant to finance firms' innovation activities because such activities tend to be opaque, with a high likelihood of negative outcomes that could hamper loan repayment. We posit that public credit registries (PCRs), which play an important role in credit information sharing in many countries, can facilitate financing by reducing adverse selection and moral hazard and increasing bank competition. Using the staggered establishment of PCRs in different countries and an international firm–patent data set, we find that credit information sharing positively affects firm innovation, especially in firms that experience a larger increase in bank debt financing after the establishment of a PCR. This finding is consistent with the notion that credit information sharing promotes firm innovation by easing bank debt financing frictions. We also find a stronger effect in countries that experience a large increase in bank competition after the establishment of a PCR—consistent with increased bank competition serving as a channel through which credit information sharing facilitates bank debt financing, thereby generating a positive effect on firm innovation. The positive effect is more pronounced when the established PCR has features that promote credit information sharing. It is also more pronounced for opaque firms and firms in innovation-intensive industries, indicating that credit information sharing helps to reduce financing frictions. Finally, we posit and find evidence that firm efficiency in transforming innovation inputs into outputs improves after the establishment of a PCR. Overall, our paper offers novel insights into how credit information sharing facilitates firm innovation.
- [Federal Judge Ideology and the Going-concern Reporting Incentives of Big 4 and Non–Big 4 Auditors](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/federal-judge-ideology-and-the-going-concern-reporting-incentives-of-big-4-and-non-big-4-auditors/) - We analyze whether and how the perceived federal-level legal liability linked to federal judge ideology is associated with the likelihood of firms receiving going-concern modified audit opinions and analyze the differential effects on Big 4 and non–Big 4 auditors. We find that Big 4 and non–Big 4 auditors converge in their going-concern reporting decisions in circuits with more liberal judges. This convergence is caused by the greater effect of judge ideology on non–Big 4 auditors. Furthermore, we empirically examine the association between federal judge ideology and actual lawsuits against auditors and find that judge ideology has a greater impact on lawsuit likelihood for non–Big 4 auditors for the restating companies. When auditors are sued, both the payout likelihood and amount are greater in circuits with more liberal judges, with the effect being more pronounced for non–Big 4 auditors. This study provides evidence on how the perceived exposure to a gross negligence legal standard shapes auditors' going-concern reporting incentives for the two tiers of auditors in the market. It also adds to the literature on auditor litigation.
- [Dynamic Pricing and Service Fulfillment of Mobile Charging Systems With Stochastic Demands](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/dynamic-pricing-and-service-fulfillment-of-mobile-charging-systems-with-stochastic-demands/) - This study investigates the operations of a novel service model, mobile charging, in which an e-commerce platform operator dispatches trucks equipped with charging piles to provide charging services for customers’ electric vehicles with low battery levels. We model the platform-customer interaction with a Stackelberg game and explicitly characterize customers’ optimal charging decisions under the platform’s various service plans. In a general scenario that involves charging requests within a transportation network, we develop a joint optimization model for the platform’s pricing and service fulfillment, utilizing an elaborately constructed augmented network. In addition, we explore a localized subproblem where multiple orders are concentrated within a specific region. With a simplified model structure, we propose an approximation algorithm with provable performance guarantees and further theoretically evaluate the resource consumption and associated platform benefits for serving the orders in each region. The results enable the batching of neighboring demands within the general scenario as a specialized node, resulting in a streamlined network with fewer nodes. Additionally, we can enhance the algorithm’s efficiency within the general framework through strategic prioritization of node visitations, leveraging the analytical findings. Furthermore, the insights derived can offer recommendations for the deployment of mobile charging and the selection of target areas in the initial stages. Overall, our study provides comprehensive guidelines and valuable insights for mobile charging operations.
- [We are All in the Same Boat: Cross-Border Spillovers of Climate Shocks through International Trade and Supply Chains](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/we-are-all-in-the-same-boat-cross-border-spillovers-of-climate-shocks-through-international-trade-and-supply-chains/) - Are landlocked countries at risk from sea-level rise? We identify a new mechanism where natural disaster shocks influence countries’ macroeconomic performance through cross-border trade spillovers. Analyzing global data on climate disasters, infrastructure, trade, and the macroeconomy from 1970 to 2019, we find that climate disasters impacting ports, critical infrastructure for international trade, reduce imports, exports, and economic output in both the affected country and its major trade partner (both upstream and downstream) countries. The GDP effects on main upstream and downstream countries are as large as those in directly impacted countries: While directly affected countries offset climate disaster damages with increased government spending and investment, trade partners do not. Effective adaptation efforts, including building climate-resilient infrastructure and implementing disaster relief measures, must account for the cross-border spillover effects of climate disasters.
- [Securities Markets in Which Some Investors Receive Information About Cash Flow Betas](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/securities-markets-in-which-some-investors-receive-information-about-cash-flow-betas/) - We analyze a single-factor setting in which there is private information regarding cash flows as well as their betas. Private information about betas, together with market makers’ risk aversion and mean betas’ nonnegativity, implies a nonlinear price schedule whose stochastic slope covaries positively with order flow when the expected factor payoff is positive and vice versa. We predict a negative relation between the covariance and expected returns and an attenuation of the beta anomaly in asset returns after accounting for this relation. Empirical tests confirm these predictions.
- [In Search of Dominant Drivers of the Real Exchange Rate](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/in-search-of-dominant-drivers-of-the-real-exchange-rate/) - We uncover the major drivers of macro aggregates and the real exchange rate at business cycle frequencies in Group of Seven countries. The estimated drivers of key macro variables resemble each other and account for a modest fraction of the real exchange rate variances. Dominant drivers of the real exchange rate are orthogonal to main drivers of business cycles, generate a significant deviation of the uncovered interest parity condition, and lead to small movements in net exports. We use these facts to evaluate international business cycle models accounting for the dynamics of both macro aggregates and the real exchange rate.
- [Securities Markets in Which Some Investors Receive Information About Cash Flow Betas](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/securities-markets-in-which-some-investors-receive-information-about-cash-flow-betas/) - We analyze a single-factor setting in which there is private information regarding cash flows as well as their betas. Private information about betas, together with market makers’ risk aversion and mean betas’ nonnegativity, implies a nonlinear price schedule whose stochastic slope covaries positively with order flow when the expected factor payoff is positive and vice versa. We predict a negative relation between the covariance and expected returns and an attenuation of the beta anomaly in asset returns after accounting for this relation. Empirical tests confirm these predictions.
- [In Search of Dominant Drivers of the Real Exchange Rate](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/in-search-of-dominant-drivers-of-the-real-exchange-rate/) - We uncover the major drivers of macro aggregates and the real exchange rate at business cycle frequencies in Group of Seven countries. The estimated drivers of key macro variables resemble each other and account for a modest fraction of the real exchange rate variances. Dominant drivers of the real exchange rate are orthogonal to main drivers of business cycles, generate a significant deviation of the uncovered interest parity condition, and lead to small movements in net exports. We use these facts to evaluate international business cycle models accounting for the dynamics of both macro aggregates and the real exchange rate.
- [Do Investor Differences Impact Monetary Policy Spillovers to Emerging Markets?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-investor-differences-impact-monetary-policy-spillovers-to-emerging-markets/) - We re-examine monetary policy spillovers to Emerging Market Economies (EME) in the form of capital flow reversals, using sectoral-level securities holdings data for Euro Area investors. In response to a surprise monetary tightening, active investors such as investment funds re-balance their portfolios away from EME, while more passive, long term investors such as insurance funds and banks exhibit no significant reaction on average. For active investors, the reallocation out of EME appears stronger under synchronized monetary tightening between the Fed and the ECB. However, these investors may even inject more capital to EME securities when the monetary tightening surprises contain positive news about the Euro Area economy. Issuers’ monetary–fiscal stability may explain the heterogeneous impact of these spillovers.
- [We are All in the Same Boat: Cross-Border Spillovers of Climate Shocks through International Trade and Supply Chains](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/we-are-all-in-the-same-boat-cross-border-spillovers-of-climate-shocks-through-international-trade-and-supply-chains/) - Are landlocked countries at risk from sea-level rise? We identify a new mechanism where natural disaster shocks influence countries’ macroeconomic performance through cross-border trade spillovers. Analyzing global data on climate disasters, infrastructure, trade, and the macroeconomy from 1970 to 2019, we find that climate disasters impacting ports, critical infrastructure for international trade, reduce imports, exports, and economic output in both the affected country and its major trade partner (both upstream and downstream) countries. The GDP effects on main upstream and downstream countries are as large as those in directly impacted countries: While directly affected countries offset climate disaster damages with increased government spending and investment, trade partners do not. Effective adaptation efforts, including building climate-resilient infrastructure and implementing disaster relief measures, must account for the cross-border spillover effects of climate disasters.
- [Securities Markets in Which Some Investors Receive Information About Cash Flow Betas](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/securities-markets-in-which-some-investors-receive-information-about-cash-flow-betas/) - We analyze a single-factor setting in which there is private information regarding cash flows as well as their betas. Private information about betas, together with market makers’ risk aversion and mean betas’ nonnegativity, implies a nonlinear price schedule whose stochastic slope covaries positively with order flow when the expected factor payoff is positive and vice versa. We predict a negative relation between the covariance and expected returns and an attenuation of the beta anomaly in asset returns after accounting for this relation. Empirical tests confirm these predictions.
- [In Search of Dominant Drivers of the Real Exchange Rate](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/in-search-of-dominant-drivers-of-the-real-exchange-rate/) - We uncover the major drivers of macro aggregates and the real exchange rate at business cycle frequencies in Group of Seven countries. The estimated drivers of key macro variables resemble each other and account for a modest fraction of the real exchange rate variances. Dominant drivers of the real exchange rate are orthogonal to main drivers of business cycles, generate a significant deviation of the uncovered interest parity condition, and lead to small movements in net exports. We use these facts to evaluate international business cycle models accounting for the dynamics of both macro aggregates and the real exchange rate.
- [Do Investor Differences Impact Monetary Policy Spillovers to Emerging Markets?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-investor-differences-impact-monetary-policy-spillovers-to-emerging-markets/) - We re-examine monetary policy spillovers to Emerging Market Economies (EME) in the form of capital flow reversals, using sectoral-level securities holdings data for Euro Area investors. In response to a surprise monetary tightening, active investors such as investment funds re-balance their portfolios away from EME, while more passive, long term investors such as insurance funds and banks exhibit no significant reaction on average. For active investors, the reallocation out of EME appears stronger under synchronized monetary tightening between the Fed and the ECB. However, these investors may even inject more capital to EME securities when the monetary tightening surprises contain positive news about the Euro Area economy. Issuers’ monetary–fiscal stability may explain the heterogeneous impact of these spillovers.
- [Linking Medication Errors to Drug Shortages: Evidence from Heparin Supply Chain Disruptions Caused by Hurricane Maria](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/linking-medication-errors-to-drug-shortages-evidence-from-heparin-supply-chain-disruptions-caused-by-hurricane-maria/) - Problem definition: Scant empirical research studies the impact of drug shortages on the quality of medical care in hospitals. We study the causal relationship between drug shortages and medication errors using a natural experiment: hurricane damage to factories that produce heparin, an essential medication used frequently in hospitals. Methodology/results: We collect data on medication errors from the U.S. Food and Drug Administration’s Adverse Event Reporting System and drug sales from IQVIA’s National Sales Perspective. Applying the synthetic control method, we find that hurricane-related heparin supply disruptions increased medication error rates by 152%. In addition, we find significant spillover effects. The disruption increased medication error rates of a substitute drug, enoxaparin, by about 114%. Managerial implications: Our study uses an exogenous event to show that medication supply chain disruptions may negatively impact hospitals’ quality of care. We contribute to the literature by empirically linking the effects of supply chain disruptions to downstream service quality. Our results show that commonly used measures to mitigate the impact of drug shortages, such as substituting medications, may be unsafe. We discuss several measures that hospital managers may consider implementing to mitigate the potentially harmful effects of drug shortages.
- [Do Investor Differences Impact Monetary Policy Spillovers to Emerging Markets?](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-investor-differences-impact-monetary-policy-spillovers-to-emerging-markets/) - We re-examine monetary policy spillovers to Emerging Market Economies (EME) in the form of capital flow reversals, using sectoral-level securities holdings data for Euro Area investors. In response to a surprise monetary tightening, active investors such as investment funds re-balance their portfolios away from EME, while more passive, long term investors such as insurance funds and banks exhibit no significant reaction on average. For active investors, the reallocation out of EME appears stronger under synchronized monetary tightening between the Fed and the ECB. However, these investors may even inject more capital to EME securities when the monetary tightening surprises contain positive news about the Euro Area economy. Issuers’ monetary–fiscal stability may explain the heterogeneous impact of these spillovers.
- [Linking Medication Errors to Drug Shortages: Evidence from Heparin Supply Chain Disruptions Caused by Hurricane Maria](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/linking-medication-errors-to-drug-shortages-evidence-from-heparin-supply-chain-disruptions-caused-by-hurricane-maria/) - Problem definition: Scant empirical research studies the impact of drug shortages on the quality of medical care in hospitals. We study the causal relationship between drug shortages and medication errors using a natural experiment: hurricane damage to factories that produce heparin, an essential medication used frequently in hospitals. Methodology/results: We collect data on medication errors from the U.S. Food and Drug Administration’s Adverse Event Reporting System and drug sales from IQVIA’s National Sales Perspective. Applying the synthetic control method, we find that hurricane-related heparin supply disruptions increased medication error rates by 152%. In addition, we find significant spillover effects. The disruption increased medication error rates of a substitute drug, enoxaparin, by about 114%. Managerial implications: Our study uses an exogenous event to show that medication supply chain disruptions may negatively impact hospitals’ quality of care. We contribute to the literature by empirically linking the effects of supply chain disruptions to downstream service quality. Our results show that commonly used measures to mitigate the impact of drug shortages, such as substituting medications, may be unsafe. We discuss several measures that hospital managers may consider implementing to mitigate the potentially harmful effects of drug shortages.
- [Linking Medication Errors to Drug Shortages: Evidence from Heparin Supply Chain Disruptions Caused by Hurricane Maria](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/linking-medication-errors-to-drug-shortages-evidence-from-heparin-supply-chain-disruptions-caused-by-hurricane-maria/) - Problem definition: Scant empirical research studies the impact of drug shortages on the quality of medical care in hospitals. We study the causal relationship between drug shortages and medication errors using a natural experiment: hurricane damage to factories that produce heparin, an essential medication used frequently in hospitals. Methodology/results: We collect data on medication errors from the U.S. Food and Drug Administration’s Adverse Event Reporting System and drug sales from IQVIA’s National Sales Perspective. Applying the synthetic control method, we find that hurricane-related heparin supply disruptions increased medication error rates by 152%. In addition, we find significant spillover effects. The disruption increased medication error rates of a substitute drug, enoxaparin, by about 114%. Managerial implications: Our study uses an exogenous event to show that medication supply chain disruptions may negatively impact hospitals’ quality of care. We contribute to the literature by empirically linking the effects of supply chain disruptions to downstream service quality. Our results show that commonly used measures to mitigate the impact of drug shortages, such as substituting medications, may be unsafe. We discuss several measures that hospital managers may consider implementing to mitigate the potentially harmful effects of drug shortages.
- [Perceived General Obligation: A Meta-analysis](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/perceived-general-obligation-a-meta-analysis/) - The literature on psychological contracts has focused on employees’ perceptions of their employers’ obligations, but not on employees’ perceptions of their own obligations. Hence, perceived general obligation has seldom been theorized. This study argues that workplace support (i.e., from the organization, supervisors, and coworkers) and morally relevant traits (i.e., moral identity, conscientiousness, and agreeableness) predict perceived general obligation, that perceived general obligation predicts performance outcomes, and that the effects vary across cultures. Meta-analytic data collected from 148 samples (N = 45,671) provide preliminary support for the proposed relationships. I also examine the incremental validity of perceived general obligation in predicting performance outcomes beyond other correlates (e.g., normative commitment, positive and negative affect), the mediating role of perceived general obligation in its nomological network, and alternative models for linking the study variables. This study therefore illustrates the value of perceived general obligation in psychological contract research. (PsycInfo Database Record (c) 2025 APA, all rights reserved)
- [Who Holds Sovereign Debt and Why It Matters](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/who-holds-sovereign-debt-and-why-it-matters/) - This paper studies whether investor composition affects the sovereign debt market. We construct a data set of sovereign debt holdings by foreign and domestic bank, nonbank private and official investors for 101 countries across three decades. Compared with other investors, private nonbank investors absorb a disproportionate share of the debt supply, and their demand for emerging market debt is most price responsive. A counterfactual analysis of emerging market sovereigns shows a 10% increase in debt leads to a 5.8% yield increase but an outsized 8.4% increase without nonbank investors. We conclude that sovereigns are vulnerable to the loss of nonbanks.
- [Perceived General Obligation: A Meta-analysis](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/perceived-general-obligation-a-meta-analysis/) - The literature on psychological contracts has focused on employees’ perceptions of their employers’ obligations, but not on employees’ perceptions of their own obligations. Hence, perceived general obligation has seldom been theorized. This study argues that workplace support (i.e., from the organization, supervisors, and coworkers) and morally relevant traits (i.e., moral identity, conscientiousness, and agreeableness) predict perceived general obligation, that perceived general obligation predicts performance outcomes, and that the effects vary across cultures. Meta-analytic data collected from 148 samples (N = 45,671) provide preliminary support for the proposed relationships. I also examine the incremental validity of perceived general obligation in predicting performance outcomes beyond other correlates (e.g., normative commitment, positive and negative affect), the mediating role of perceived general obligation in its nomological network, and alternative models for linking the study variables. This study therefore illustrates the value of perceived general obligation in psychological contract research. (PsycInfo Database Record (c) 2025 APA, all rights reserved)
- [Director Liability Protection and the Quality of Independent Directors](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/director-liability-protection-and-the-quality-of-independent-directors/) - We study whether legal liability protection helps companies to recruit and retain high-quality independent directors. We conduct difference-in-differences analyses exploiting the 1999 Ninth Circuit Court of Appeals Ruling on the Silicon Graphics case, which substantially raised the bar for filing securities class action (SCA) lawsuits as a shock. We document supporting evidence for the talent attraction hypothesis by showing improvements in newly recruited independent director quality following the ruling, but only for candidates who are previously not exposed to SCA litigation risk. The effects are stronger for firms facing greater litigation risk ex ante or smaller local supplies of director candidates. Results are more evident for experience-based quality dimensions. We also analyze a sample of voluntary independent director departures and find little support for the talent retention hypothesis, suggesting that more complex factors enter into a director’s continuation decision once a director is already exposed to SCA litigation risk. A policy implication is that liability protection can be useful in attracting more unexposed high-quality candidates to the pool of public boards but does little to attract high-quality candidates who are already in the pool of public firms.
- [Director Liability Protection and the Quality of Independent Directors](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/director-liability-protection-and-the-quality-of-independent-directors/) - We study whether legal liability protection helps companies to recruit and retain high-quality independent directors. We conduct difference-in-differences analyses exploiting the 1999 Ninth Circuit Court of Appeals Ruling on the Silicon Graphics case, which substantially raised the bar for filing securities class action (SCA) lawsuits as a shock. We document supporting evidence for the talent attraction hypothesis by showing improvements in newly recruited independent director quality following the ruling, but only for candidates who are previously not exposed to SCA litigation risk. The effects are stronger for firms facing greater litigation risk ex ante or smaller local supplies of director candidates. Results are more evident for experience-based quality dimensions. We also analyze a sample of voluntary independent director departures and find little support for the talent retention hypothesis, suggesting that more complex factors enter into a director’s continuation decision once a director is already exposed to SCA litigation risk. A policy implication is that liability protection can be useful in attracting more unexposed high-quality candidates to the pool of public boards but does little to attract high-quality candidates who are already in the pool of public firms.
- [Solving the Price-Setting Newsvendor Problem with Parametric Operational Data Analytics (ODA)](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/solving-the-price-setting-newsvendor-problem-with-parametric-operational-data-analytics-oda/) - We study the data-integrated, price-setting newsvendor problem in which the price–demand relationship is described by some parametric model with unknown parameters. We develop the operational data analytics (ODA) formulation of this problem that features a data-integration model and a validation model. The data-integration model consists of a class of functions called the operational statistics. Each operational statistic maps the available data to the ordering decision. The validation model finds, among the set of candidate operational statistics, the ordering decision that leads to the highest actual profit, which is unknown because of the unknown demand parameters. This ODA framework leads to a consistent estimate of the profit function with which we optimize the pricing decision. The derived quantity and price decisions demonstrate robust profit performance even when the sample size is very small in relation to the demand variability. Compared with the conventional approach with which the unknown parameters are estimated and then the decisions are optimized, the ODA framework produces significantly superior performance in the mean, standard deviation, and minimum of the profit, suggesting the robustness of the ODA solution especially in the small-sample regime.
- [Employee Board Representation and Capital Investment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/employee-board-representation-and-capital-investment/) - We examine how parity employee representation (PER) on corporate boards affects firms’ capital investments. In Germany, PER is legally mandated for firms with more than 2,000 domestic employees, but not for those below this threshold. Exploiting this discontinuity, we show that PER has heterogeneous effects on firms operating in diverse environments. For firms experiencing positive growth, PER increases their responsiveness to investment opportunities, suggesting that employee participation increases firms’ ability to exploit growth options. The effect through growth options is particularly salient in situations in which growth options are highly valuable. In contrast, for firms experiencing negative growth, PER reduces investment responsiveness, suggesting that employees resist the exercise of abandonment options. This effect is more pronounced in firms with high labor intensity, in which employees are likely to have a strong voice. Furthermore, operational risk moderates the effects of employee representation––the positive effect through growth options is attenuated in high-risk firms and the negative effect through abandonment options is exacerbated, thereby suggesting that employee board representatives are less interested in pursuing growth where businesses are relatively risky, and they protect their constituents more forcefully in high-risk environments. Moreover, the positive effect of PER on exploiting growth options is attenuated by collective bargaining agreements, while its effect through abandonment options is little affected. Evidence from stock price behavior further supports the viewpoint that employee representation affects capital investment. Our findings are relevant to policymakers as well as to firms’ various stakeholders.
- [Noise Trading and Asset Pricing Factors](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/noise-trading-and-asset-pricing-factors/) - We demonstrate that a broad set of asset pricing factors/anomalies are significantly exposed to “noise trader risk,” and the noise trader risk is priced in factor premia. We first confirm that mutual funds’ flow-induced trading of factors are uninformed, as they generate a large price impact on factor returns, followed by a complete reversal. We then show that asset pricing factors are subject to flow-driven noise trader risk in that expected variation (covariation) of flow-induced noise trading strongly forecasts variance (covariance) of factor returns. Importantly, factor premia are higher when flow-driven noise trader risk is expected to be more salient.
- [Perceived General Obligation: A Meta-analysis](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/perceived-general-obligation-a-meta-analysis/) - The literature on psychological contracts has focused on employees’ perceptions of their employers’ obligations, but not on employees’ perceptions of their own obligations. Hence, perceived general obligation has seldom been theorized. This study argues that workplace support (i.e., from the organization, supervisors, and coworkers) and morally relevant traits (i.e., moral identity, conscientiousness, and agreeableness) predict perceived general obligation, that perceived general obligation predicts performance outcomes, and that the effects vary across cultures. Meta-analytic data collected from 148 samples (N = 45,671) provide preliminary support for the proposed relationships. I also examine the incremental validity of perceived general obligation in predicting performance outcomes beyond other correlates (e.g., normative commitment, positive and negative affect), the mediating role of perceived general obligation in its nomological network, and alternative models for linking the study variables. This study therefore illustrates the value of perceived general obligation in psychological contract research. (PsycInfo Database Record (c) 2025 APA, all rights reserved)
- [Director Liability Protection and the Quality of Independent Directors](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/director-liability-protection-and-the-quality-of-independent-directors/) - We study whether legal liability protection helps companies to recruit and retain high-quality independent directors. We conduct difference-in-differences analyses exploiting the 1999 Ninth Circuit Court of Appeals Ruling on the Silicon Graphics case, which substantially raised the bar for filing securities class action (SCA) lawsuits as a shock. We document supporting evidence for the talent attraction hypothesis by showing improvements in newly recruited independent director quality following the ruling, but only for candidates who are previously not exposed to SCA litigation risk. The effects are stronger for firms facing greater litigation risk ex ante or smaller local supplies of director candidates. Results are more evident for experience-based quality dimensions. We also analyze a sample of voluntary independent director departures and find little support for the talent retention hypothesis, suggesting that more complex factors enter into a director’s continuation decision once a director is already exposed to SCA litigation risk. A policy implication is that liability protection can be useful in attracting more unexposed high-quality candidates to the pool of public boards but does little to attract high-quality candidates who are already in the pool of public firms.
- [Solving the Price-Setting Newsvendor Problem with Parametric Operational Data Analytics (ODA)](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/solving-the-price-setting-newsvendor-problem-with-parametric-operational-data-analytics-oda/) - We study the data-integrated, price-setting newsvendor problem in which the price–demand relationship is described by some parametric model with unknown parameters. We develop the operational data analytics (ODA) formulation of this problem that features a data-integration model and a validation model. The data-integration model consists of a class of functions called the operational statistics. Each operational statistic maps the available data to the ordering decision. The validation model finds, among the set of candidate operational statistics, the ordering decision that leads to the highest actual profit, which is unknown because of the unknown demand parameters. This ODA framework leads to a consistent estimate of the profit function with which we optimize the pricing decision. The derived quantity and price decisions demonstrate robust profit performance even when the sample size is very small in relation to the demand variability. Compared with the conventional approach with which the unknown parameters are estimated and then the decisions are optimized, the ODA framework produces significantly superior performance in the mean, standard deviation, and minimum of the profit, suggesting the robustness of the ODA solution especially in the small-sample regime.
- [Employee Board Representation and Capital Investment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/employee-board-representation-and-capital-investment/) - We examine how parity employee representation (PER) on corporate boards affects firms’ capital investments. In Germany, PER is legally mandated for firms with more than 2,000 domestic employees, but not for those below this threshold. Exploiting this discontinuity, we show that PER has heterogeneous effects on firms operating in diverse environments. For firms experiencing positive growth, PER increases their responsiveness to investment opportunities, suggesting that employee participation increases firms’ ability to exploit growth options. The effect through growth options is particularly salient in situations in which growth options are highly valuable. In contrast, for firms experiencing negative growth, PER reduces investment responsiveness, suggesting that employees resist the exercise of abandonment options. This effect is more pronounced in firms with high labor intensity, in which employees are likely to have a strong voice. Furthermore, operational risk moderates the effects of employee representation––the positive effect through growth options is attenuated in high-risk firms and the negative effect through abandonment options is exacerbated, thereby suggesting that employee board representatives are less interested in pursuing growth where businesses are relatively risky, and they protect their constituents more forcefully in high-risk environments. Moreover, the positive effect of PER on exploiting growth options is attenuated by collective bargaining agreements, while its effect through abandonment options is little affected. Evidence from stock price behavior further supports the viewpoint that employee representation affects capital investment. Our findings are relevant to policymakers as well as to firms’ various stakeholders.
- [Noise Trading and Asset Pricing Factors](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/noise-trading-and-asset-pricing-factors/) - We demonstrate that a broad set of asset pricing factors/anomalies are significantly exposed to “noise trader risk,” and the noise trader risk is priced in factor premia. We first confirm that mutual funds’ flow-induced trading of factors are uninformed, as they generate a large price impact on factor returns, followed by a complete reversal. We then show that asset pricing factors are subject to flow-driven noise trader risk in that expected variation (covariation) of flow-induced noise trading strongly forecasts variance (covariance) of factor returns. Importantly, factor premia are higher when flow-driven noise trader risk is expected to be more salient.
- [Do More Likes Lead to More Clicks? Evidence from a Field Experiment on Social Advertising](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/do-more-likes-lead-to-more-clicks-evidence-from-a-field-experiment-on-social-advertising/) - One advantage of advertising on social media is leveraging users’ expression of “likes” to influence the perceptions and responses of others in their network. Through a largescale field experiment on WeChat, three online lab studies and a theoretical model, we explore whether and how displaying more “likes” in an ad can effectively lead to more ad “likes” and clicks. We find that displaying the first “like” can significantly increase users’ tendencies to both “like” and click on an ad. However, on average, showing additional “likes” does not further increase the clicking propensity, although it consistently attracts more “likes.” We further find that displaying more “likes” increases the clickthrough rate for lesser-known brands but not for well-known brands, and has a stronger impact on the “like” rate for more socially engaged users than for less socially engaged ones. These findings are consistent with the interplay between informational and normative social influences in social advertising. The public visibility of “likes” makes liking more susceptible to normative social influence than clicking. The coexistence of these two forces can lead to an enhanced conformity effect on liking and a crowding-out effect on clicking. Our findings offer novel implications for managing social advertising and designing social media platforms.
- [Solving the Price-Setting Newsvendor Problem with Parametric Operational Data Analytics (ODA)](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/solving-the-price-setting-newsvendor-problem-with-parametric-operational-data-analytics-oda/) - We study the data-integrated, price-setting newsvendor problem in which the price–demand relationship is described by some parametric model with unknown parameters. We develop the operational data analytics (ODA) formulation of this problem that features a data-integration model and a validation model. The data-integration model consists of a class of functions called the operational statistics. Each operational statistic maps the available data to the ordering decision. The validation model finds, among the set of candidate operational statistics, the ordering decision that leads to the highest actual profit, which is unknown because of the unknown demand parameters. This ODA framework leads to a consistent estimate of the profit function with which we optimize the pricing decision. The derived quantity and price decisions demonstrate robust profit performance even when the sample size is very small in relation to the demand variability. Compared with the conventional approach with which the unknown parameters are estimated and then the decisions are optimized, the ODA framework produces significantly superior performance in the mean, standard deviation, and minimum of the profit, suggesting the robustness of the ODA solution especially in the small-sample regime.
- [Employee Board Representation and Capital Investment](https://www.hkubs.hku.hk/sc/research/thought-leadership/latest-research-publications/employee-board-representation-and-capital-investment/) - We examine how parity employee representation (PER) on corporate boards affects firms’ capital investments. In Germany, PER is legally mandated for firms with more than 2,000 domestic employees, but not for those below this threshold. Exploiting this discontinuity, we show that PER has heterogeneous effects on firms operating in diverse environments. For firms experiencing positive growth, PER increases their responsiveness to investment opportunities, suggesting that employee participation increases firms’ ability to exploit growth options. The effect through growth options is particularly salient in situations in which growth options are highly valuable. In contrast, for firms experiencing negative growth, PER reduces investment responsiveness, suggesting that employees resist the exercise of abandonment options. This effect is more pronounced in firms with high labor intensity, in which employees are likely to have a strong voice. Furthermore, operational risk moderates the effects of employee representation––the positive effect through growth options is attenuated in high-risk firms and the negative effect through abandonment options is exacerbated, thereby suggesting that employee board representatives are less interested in pursuing growth where businesses are relatively risky, and they protect their constituents more forcefully in high-risk environments. Moreover, the positive effect of PER on exploiting growth options is attenuated by collective bargaining agreements, while its effect through abandonment options is little affected. Evidence from stock price behavior further supports the viewpoint that employee representation affects capital investment. Our findings are relevant to policymakers as well as to firms’ various stakeholders.

## Our Stories

- [HKU Excellence Awards for 2025 – Teaching Innovation Award](https://www.hkubs.hku.hk/sc/校友/hku-excellence-awards-for-2025-teaching-innovation-award/) - Congratulations to the HKU educators selected for this year’s Teaching Innovation Award in recognition of their pedagogical innovation and commitment to enhancing student learning! Individual Award Professor Zhu Weiming, HKU Business School Winning project: LLM‑Assisted Coding as a Pedagogy
- [HKU Excellence Awards for 2025 – Teaching Innovation Award](https://www.hkubs.hku.hk/sc/校友/hku-excellence-awards-for-2025-teaching-innovation-award/) - Congratulations to the HKU educators selected for this year’s Teaching Innovation Award in recognition of their pedagogical innovation and commitment to enhancing student learning! Individual Award Professor Zhu Weiming, HKU Business School Winning project: LLM‑Assisted Coding as a Pedagogy
- [HKU Excellence Awards for 2025 – Teaching Innovation Award](https://www.hkubs.hku.hk/sc/校友/hku-excellence-awards-for-2025-teaching-innovation-award/) - Congratulations to the HKU educators selected for this year’s Teaching Innovation Award in recognition of their pedagogical innovation and commitment to enhancing student learning! Individual Award Professor Zhu Weiming, HKU Business School Winning project: LLM‑Assisted Coding as a Pedagogy
- [HKU Excellence Awards for 2025 – Teaching Innovation Award](https://www.hkubs.hku.hk/sc/校友/hku-excellence-awards-for-2025-teaching-innovation-award-2/) - Congratulations to the HKU educators selected for this year’s Teaching Innovation Award in recognition of their pedagogical innovation and commitment to enhancing student learning! Team Award Professor David Wang Dawei and Professor Shen Haipeng, HKU Business School Winning project: Beat the Bot – An In‑Class Teaching Simulation
- [HKU Excellence Awards for 2025 – Teaching Innovation Award](https://www.hkubs.hku.hk/sc/校友/hku-excellence-awards-for-2025-teaching-innovation-award-2/) - Congratulations to the HKU educators selected for this year’s Teaching Innovation Award in recognition of their pedagogical innovation and commitment to enhancing student learning! Team Award Professor David Wang Dawei and Professor Shen Haipeng, HKU Business School Winning project: Beat the Bot – An In‑Class Teaching Simulation
- [HKU Excellence Awards for 2025 – Teaching Innovation Award](https://www.hkubs.hku.hk/sc/校友/hku-excellence-awards-for-2025-teaching-innovation-award-2/) - Congratulations to the HKU educators selected for this year’s Teaching Innovation Award in recognition of their pedagogical innovation and commitment to enhancing student learning! Team Award Professor David Wang Dawei and Professor Shen Haipeng, HKU Business School Winning project: Beat the Bot – An In‑Class Teaching Simulation
- [Future Leader Scholarship Programme 2025 | Student Sharing: Ma Wing Heng, Kenneth](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2025-student-sharing-ma-wing-heng-kenneth/) - Can the intersection of business acumen and artistic expression serve as a catalyst for social revitalisation? Meet Ma Wing Heng, Kenneth, an HKU Business School student majoring in Entrepreneurship, Design and Innovation and a recipient of the Future Leader Scholarship 2024–2025. As an award-winning choral conductor, Kenneth demonstrates the strategic duality required to bridge the
- [Future Leader Scholarship Programme 2025 | Student Sharing: Ma Wing Heng, Kenneth](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2025-student-sharing-ma-wing-heng-kenneth/) - Can the intersection of business acumen and artistic expression serve as a catalyst for social revitalisation? Meet Ma Wing Heng, Kenneth, an HKU Business School student majoring in Entrepreneurship, Design and Innovation and a recipient of the Future Leader Scholarship 2024–2025. As an award-winning choral conductor, Kenneth demonstrates the strategic duality required to bridge the
- [Meet Our New Faculty Member – Associate Professor Wei Luo](https://www.hkubs.hku.hk/sc/校友/meet-our-new-faculty-member-associate-professor-wei-luo/) - Professor Wei Luo is Associate Professor of Teaching in Accounting and Law and Co-Director of the HKU Business School’s Shenzhen campus. He completed his doctoral degree in Accounting at the University of Pittsburgh in 2005 and then spent 20 years teaching Accounting at Peking University’s Guanghua School of Management, where he received two Teaching Excellence
- [Meet Our New Faculty Member – Associate Professor Wei Luo](https://www.hkubs.hku.hk/sc/校友/meet-our-new-faculty-member-associate-professor-wei-luo/) - Professor Wei Luo is Associate Professor of Teaching in Accounting and Law and Co-Director of the HKU Business School’s Shenzhen campus. He completed his doctoral degree in Accounting at the University of Pittsburgh in 2005 and then spent 20 years teaching Accounting at Peking University’s Guanghua School of Management, where he received two Teaching Excellence
- [Meet Our New Faculty Member – Assistant Professor Liang Zhong](https://www.hkubs.hku.hk/sc/校友/meet-our-new-faculty-member-assistant-professor-liang-zhong/) - Assistant Professor Liang Zhong is a Professor of Economics at HKU Business School. He completed his undergraduate studies in Mathematics at Zhejiang University, before earning his Master’s and PhD in Economics from Boston University. Drawn to logical thinking and problem-solving, he enjoys seeing how strategic, game-theory-like decisions play out across society, even in popular culture
- [Meet Our New Faculty Member – Assistant Professor Liang Zhong](https://www.hkubs.hku.hk/sc/校友/meet-our-new-faculty-member-assistant-professor-liang-zhong/) - Assistant Professor Liang Zhong is a Professor of Economics at HKU Business School. He completed his undergraduate studies in Mathematics at Zhejiang University, before earning his Master’s and PhD in Economics from Boston University. Drawn to logical thinking and problem-solving, he enjoys seeing how strategic, game-theory-like decisions play out across society, even in popular culture
- [Future Leader Scholarship Programme 2025 | Student Sharing: Lin Fook Hang Juliana](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2025-student-sharing-lin-fook-hang-juliana/) - How does one bridge the gap between technical financial expertise and the global imperative for sustainability? Meet Juliana Lin, a fifth-year BBA Accounting and Finance student at HKU Business School and a recipient of the Future Leader Scholarship for 2024–2025. Her academic trajectory exemplifies the strategic duality of professional rigour and cultural fluency. The Scholarship
- [Future Leader Scholarship Programme 2025 | Student Sharing: Lin Fook Hang Juliana](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2025-student-sharing-lin-fook-hang-juliana/) - How does one bridge the gap between technical financial expertise and the global imperative for sustainability? Meet Juliana Lin, a fifth-year BBA Accounting and Finance student at HKU Business School and a recipient of the Future Leader Scholarship for 2024–2025. Her academic trajectory exemplifies the strategic duality of professional rigour and cultural fluency. The Scholarship
- [Future Leader Scholarship Programme 2025 | Student Sharing: Emi Hasegawa](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2025-student-sharing-emi-hasegawa/) - Meet Emi Hasegawa, a final-year BBA (IBGM) student at HKU Business School with a second major in Counselling, and a proud recipient of the Future Leader Scholarship for 2024-2025. While Emi’s journey at HKU was marked by high-level success in internships and case competitions, a sudden health scare served as a critical wake-up call regarding
- [Future Leader Scholarship Programme 2025 | Student Sharing: Emi Hasegawa](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2025-student-sharing-emi-hasegawa/) - Meet Emi Hasegawa, a final-year BBA (IBGM) student at HKU Business School with a second major in Counselling, and a proud recipient of the Future Leader Scholarship for 2024-2025. While Emi’s journey at HKU was marked by high-level success in internships and case competitions, a sudden health scare served as a critical wake-up call regarding
- [Meet Our New Faculty Member – Professor Steven Barnett](https://www.hkubs.hku.hk/sc/校友/meet-our-new-faculty-member-professor-steven-barnett/) - Professor Steven Barnett is originally from the San Francisco Bay Area and has joined HKU Business School with over 25 years of senior leadership in international economic policy. Most notably, he spent 28 years at the International Monetary Fund (IMF), where he served as the Senior Resident Representative in China—essentially the IMF’s “ambassador” to China.
- [Meet Our New Faculty Member – Professor Steven Barnett](https://www.hkubs.hku.hk/sc/校友/meet-our-new-faculty-member-professor-steven-barnett/) - Professor Steven Barnett is originally from the San Francisco Bay Area and has joined HKU Business School with over 25 years of senior leadership in international economic policy. Most notably, he spent 28 years at the International Monetary Fund (IMF), where he served as the Senior Resident Representative in China—essentially the IMF’s “ambassador” to China.
- [Meet Our New Faculty Member – Professor Steven Barnett](https://www.hkubs.hku.hk/sc/校友/meet-our-new-faculty-member-professor-steven-barnett/) - Professor Steven Barnett is originally from the San Francisco Bay Area and has joined HKU Business School with over 25 years of senior leadership in international economic policy. Most notably, he spent 28 years at the International Monetary Fund (IMF), where he served as the Senior Resident Representative in China—essentially the IMF’s “ambassador” to China.
- [Future Leader Scholarship Programme 2025 | Student Sharing: Emi Hasegawa](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2025-student-sharing-emi-hasegawa/) - Meet Emi Hasegawa, a final-year BBA (IBGM) student at HKU Business School with a second major in Counselling, and a proud recipient of the Future Leader Scholarship for 2024-2025. While Emi’s journey at HKU was marked by high-level success in internships and case competitions, a sudden health scare served as a critical wake-up call regarding
- [Future Leader Scholarship Programme 2025 | Student Sharing: Lin Fook Hang Juliana](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2025-student-sharing-lin-fook-hang-juliana/) - How does one bridge the gap between technical financial expertise and the global imperative for sustainability? Meet Juliana Lin, a fifth-year BBA Accounting and Finance student at HKU Business School and a recipient of the Future Leader Scholarship for 2024–2025. Her academic trajectory exemplifies the strategic duality of professional rigour and cultural fluency. The Scholarship
- [Meet Our New Faculty Member – Assistant Professor Liang Zhong](https://www.hkubs.hku.hk/sc/校友/meet-our-new-faculty-member-assistant-professor-liang-zhong/) - Assistant Professor Liang Zhong is a Professor of Economics at HKU Business School. He completed his undergraduate studies in Mathematics at Zhejiang University, before earning his Master’s and PhD in Economics from Boston University. Drawn to logical thinking and problem-solving, he enjoys seeing how strategic, game-theory-like decisions play out across society, even in popular culture
- [Future Leader Scholarship Programme 2025 | Student Sharing: Ma Wing Heng, Kenneth](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2025-student-sharing-ma-wing-heng-kenneth/) - Can the intersection of business acumen and artistic expression serve as a catalyst for social revitalisation? Meet Ma Wing Heng, Kenneth, an HKU Business School student majoring in Entrepreneurship, Design and Innovation and a recipient of the Future Leader Scholarship 2024–2025. As an award-winning choral conductor, Kenneth demonstrates the strategic duality required to bridge the
- [Meet Our New Faculty Member – Associate Professor Wei Luo](https://www.hkubs.hku.hk/sc/校友/meet-our-new-faculty-member-associate-professor-wei-luo/) - Professor Wei Luo is Associate Professor of Teaching in Accounting and Law and Co-Director of the HKU Business School’s Shenzhen campus. He completed his doctoral degree in Accounting at the University of Pittsburgh in 2005 and then spent 20 years teaching Accounting at Peking University’s Guanghua School of Management, where he received two Teaching Excellence
- [From Chessboards to Venture Capital: Prof. Xiaoyong Jack Fu’s Academic Journey](https://www.hkubs.hku.hk/sc/校友/from-chessboards-to-venture-capital-prof-xiaoyong-jack-fus-academic-journey/) - Xiaoyong (Jack) Fu is an Assistant Professor of Finance at HKU Business School, where his research and teaching focus on corporate finance and venture capital. He completed his undergraduate studies at Peking University’s Guanghua School of Management, earned his master’s degree at Columbia Business School, and received his PhD in Finance from the Wharton School
- [From Chessboards to Venture Capital: Prof. Xiaoyong Jack Fu’s Academic Journey](https://www.hkubs.hku.hk/sc/校友/from-chessboards-to-venture-capital-prof-xiaoyong-jack-fus-academic-journey/) - Xiaoyong (Jack) Fu is an Assistant Professor of Finance at HKU Business School, where his research and teaching focus on corporate finance and venture capital. He completed his undergraduate studies at Peking University’s Guanghua School of Management, earned his master’s degree at Columbia Business School, and received his PhD in Finance from the Wharton School
- [From Chessboards to Venture Capital: Prof. Xiaoyong Jack Fu’s Academic Journey](https://www.hkubs.hku.hk/sc/校友/from-chessboards-to-venture-capital-prof-xiaoyong-jack-fus-academic-journey/) - Xiaoyong (Jack) Fu is an Assistant Professor of Finance at HKU Business School, where his research and teaching focus on corporate finance and venture capital. He completed his undergraduate studies at Peking University’s Guanghua School of Management, earned his master’s degree at Columbia Business School, and received his PhD in Finance from the Wharton School
- [Prof. Roni Michaely Shares Insights from His Award-Winning Research](https://www.hkubs.hku.hk/sc/校友/prof-roni-michaely-shares-insights-from-his-award-winning-research/) - Let’s hear from our award-winning Professor Roni Michaely to share the key insights of his research paper “Voting Rationales”, co-authored with Professors Irene Yi and Silvina Rubio. The paper has received the following honours: Best Paper on Corporate Finance – Western Finance Association (WFA) 2025 Best Paper Award – The Mediterranean Accounting Conference (TMAC) 2025
- [Prof. Roni Michaely Shares Insights from His Award-Winning Research](https://www.hkubs.hku.hk/sc/校友/prof-roni-michaely-shares-insights-from-his-award-winning-research/) - Let’s hear from our award-winning Professor Roni Michaely to share the key insights of his research paper “Voting Rationales”, co-authored with Professors Irene Yi and Silvina Rubio. The paper has received the following honours: Best Paper on Corporate Finance – Western Finance Association (WFA) 2025 Best Paper Award – The Mediterranean Accounting Conference (TMAC) 2025
- [Prof. Roni Michaely Shares Insights from His Award-Winning Research](https://www.hkubs.hku.hk/sc/校友/prof-roni-michaely-shares-insights-from-his-award-winning-research/) - Let’s hear from our award-winning Professor Roni Michaely to share the key insights of his research paper “Voting Rationales”, co-authored with Professors Irene Yi and Silvina Rubio. The paper has received the following honours: Best Paper on Corporate Finance – Western Finance Association (WFA) 2025 Best Paper Award – The Mediterranean Accounting Conference (TMAC) 2025
- [Mapping the Future through Strategy and Technology | Professor Jeffrey Sampler](https://www.hkubs.hku.hk/sc/校友/professor-jeffrey-sampler-mapping-the-future-through-strategy-and-technology/) - Prof. Sampler’s journey from a small town in Texas to HKU Business School is a story of curiosity, strategy, and global experience. He brings a fresh perspective and years of experience from around the world. He studied computer science, back when computers were just starting to become important in the corporate environment. As the first
- [Future Leader Scholarship Programme 2024 | Student Sharing: Grace Fong](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2024-student-sharing-grace-fong/) - How do you empower students to lean into learning and leadership? Meet Grace Fong, a fourth-year student majoring in Economics and Finance, Human Resource Management, and minoring in Arabic. Grace is the third recipient we are featuring in our Future Leader Scholarship 2023–2024 profile videos. Grace used the Scholarship to support her academic growth and
- [Future Leader Scholarship Programme 2024 | Student Sharing: Grace Fong](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2024-student-sharing-grace-fong/) - How do you empower students to lean into learning and leadership? Meet Grace Fong, a fourth-year student majoring in Economics and Finance, Human Resource Management, and minoring in Arabic. Grace is the third recipient we are featuring in our Future Leader Scholarship 2023–2024 profile videos. Grace used the Scholarship to support her academic growth and
- [Future Leader Scholarship Programme 2024 | Student Sharing: Grace Fong](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2024-student-sharing-grace-fong/) - How do you empower students to lean into learning and leadership? Meet Grace Fong, a fourth-year student majoring in Economics and Finance, Human Resource Management, and minoring in Arabic. Grace is the third recipient we are featuring in our Future Leader Scholarship 2023–2024 profile videos. Grace used the Scholarship to support her academic growth and
- [Future Leader Scholarship Programme 2024 | Student Sharing: Angel Wu](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2024-student-sharing-angel-wu/) - What turns passion into purpose? Meet Angel Wu, a third-year Business and Law student at HKU Business School. She’s another impressive recipient of the Future Leader Scholarship 2023–2024 award. With a deep interest in human rights and international affairs, Angel spent the summer interning in Iraq and Lebanon. In Iraq’s Kurdistan region, she supported research
- [Future Leader Scholarship Programme 2024 | Student Sharing: Angel Wu](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2024-student-sharing-angel-wu/) - What turns passion into purpose? Meet Angel Wu, a third-year Business and Law student at HKU Business School. She’s another impressive recipient of the Future Leader Scholarship 2023–2024 award. With a deep interest in human rights and international affairs, Angel spent the summer interning in Iraq and Lebanon. In Iraq’s Kurdistan region, she supported research
- [Future Leader Scholarship Programme 2024 | Student Sharing: Angel Wu](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2024-student-sharing-angel-wu/) - What turns passion into purpose? Meet Angel Wu, a third-year Business and Law student at HKU Business School. She’s another impressive recipient of the Future Leader Scholarship 2023–2024 award. With a deep interest in human rights and international affairs, Angel spent the summer interning in Iraq and Lebanon. In Iraq’s Kurdistan region, she supported research
- [Crafting Leadership Through Practice, Purpose and People | Professor of Practice in Management and Strategy Roy Liang TAN](https://www.hkubs.hku.hk/sc/校友/professor-of-practice-in-management-and-strategy-roy-liang-tan-crafting-leadership-through-practice-purpose-and-people/) - HKU Business School proudly welcomes the significant contributions from Prof. Roy Liang Tan, Professor of Practice in Management and Strategy and Programme Director for the Customised Programme of Executive Education. With a career spanning two decades across global powerhouses like General Electric (GE) and Alibaba Group, Prof. Tan brings to the classroom the unique blend
- [Crafting Leadership Through Practice, Purpose and People | Professor of Practice in Management and Strategy Roy Liang TAN](https://www.hkubs.hku.hk/sc/校友/professor-of-practice-in-management-and-strategy-roy-liang-tan-crafting-leadership-through-practice-purpose-and-people/) - HKU Business School proudly welcomes the significant contributions from Prof. Roy Liang Tan, Professor of Practice in Management and Strategy and Programme Director for the Customised Programme of Executive Education. With a career spanning two decades across global powerhouses like General Electric (GE) and Alibaba Group, Prof. Tan brings to the classroom the unique blend
- [Future Leader Scholarship Programme 2024 | Student Sharing: Devansh Gandhi](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2024-student-sharing-devansh-gandhi/) - What if one scholarship in Hong Kong could launch a global voyage of innovation? Meet Devansh Gandhi, an HKU Business School Bachelor of Business Administration student, who was awarded a Future Leader Scholarship for 2023–2024. His journey brought him from Hong Kong to the University of Toronto, where he studied Econometrics, Computer Science, and Finance.
- [Future Leader Scholarship Programme 2024 | Student Sharing: Devansh Gandhi](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2024-student-sharing-devansh-gandhi/) - What if one scholarship in Hong Kong could launch a global voyage of innovation? Meet Devansh Gandhi, an HKU Business School Bachelor of Business Administration student, who was awarded a Future Leader Scholarship for 2023–2024. His journey brought him from Hong Kong to the University of Toronto, where he studied Econometrics, Computer Science, and Finance.
- [Future Leader Scholarship Programme 2024 | Student Sharing: Devansh Gandhi](https://www.hkubs.hku.hk/sc/校友/future-leader-scholarship-programme-2024-student-sharing-devansh-gandhi/) - What if one scholarship in Hong Kong could launch a global voyage of innovation? Meet Devansh Gandhi, an HKU Business School Bachelor of Business Administration student, who was awarded a Future Leader Scholarship for 2023–2024. His journey brought him from Hong Kong to the University of Toronto, where he studied Econometrics, Computer Science, and Finance.
- [Professor of Practice in Management and Strategy Roy Liang TAN: Crafting Leadership Through Practice, Purpose and People](https://www.hkubs.hku.hk/sc/校友/professor-of-practice-in-management-and-strategy-roy-liang-tan-crafting-leadership-through-practice-purpose-and-people/) - HKU Business School proudly welcomes the significant contributions from Prof. Roy Liang Tan, Professor of Practice in Management and Strategy and Programme Director for the Customised Programme of Executive Education. With a career spanning two decades across global powerhouses like General Electric (GE) and Alibaba Group, Prof. Tan brings to the classroom the unique blend
- [变动社会的思想者](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/speaking-to-prominent-social-problems-in-the-changing-world-dr-yanhui-wu-2/) - 吴延晖博士生于广东，心系中港两地。他于2020年1月正式加入港大经管学院，任职经济学、管理及商业策略副教授。吴博士希望能以自身独到的研究方法和学术知识，为港大经管学院的蓬勃发展出一份力。
- [變動社會的思想者](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/speaking-to-prominent-social-problems-in-the-changing-world-dr-yanhui-wu-2/) - 吳延暉博士生於廣東，心繫中港兩地。他於2020年1月正式加入港大經管學院，任職經濟學、管理及商業策略副教授。吳博士希望能以自身獨到的研究方法和學術知識，為港大經管學院的蓬勃發展出一份力。
- [Speaking to Prominent Social Problems in the Changing World](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/speaking-to-prominent-social-problems-in-the-changing-world-dr-yanhui-wu-2/) - Born and raised in Guangdong, Dr. Yanhui Wu always has a special attachment to Hong Kong. Joining us in January 2020 as an Associate Professor in Economics and Management and Strategy, Dr. Wu sees it as a great opportunity to contribute his academic intellect for our betterment and progression.
- [研究贫穷问题　推动经济发展](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/researching-the-under-privileged-at-the-forefront-dr-gedeon-lim-2/) - 来自新加坡的发展经济学家林家德博士立志利用他的所学所得推动环球经济增长和发展，长远解决贫穷问题。充满活力且年轻的林博士在2020年8月加入港大经管学院，成为学院的经济学助理教授，开展他与本地学者积极进行知识交流的旅程。
- [研究貧窮問題　推動經濟發展](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/researching-the-under-privileged-at-the-forefront-dr-gedeon-lim-2/) - 來自新加坡的發展經濟學家林家德博士立志利用他的所學所得推動環球經濟增長和發展，長遠解決貧窮問題。充滿活力且年輕的林博士在2020年8月加入港大經管學院，成為學院的經濟學助理教授，開展他與本地學者積極進行知識交流的旅程。
- [Researching the Under-Privileged at the Forefront](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/researching-the-under-privileged-at-the-forefront-dr-gedeon-lim-2/) - As a development economist, Dr. Gedeon Lim has been dedicated to the study of reducing poverty and facilitating economic growth and development. He joined HKU Business School in August 2020 as an Assistant Professor in Economics. Our young and energetic Singaporean scholar is thrilled to have the opportunity to collaborate and generate new knowledge with
- [以创造知识完善自我](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/to-become-the-better-version-of-oneself-dr-dunhong-jin-2/) - 金敦泓博士是一名理论金融经济学家，专长于证券设计及资产管理等领域。在牛津大学取得博士学位后，金博士于2020年八月以金融学助理教授的身份加入港大经管学院。
- [以創造知識完善自我](https://www.hkubs.hku.hk/research/tc/thought-leadership/global-scholars/to-become-the-better-version-of-oneself-dr-dunhong-jin-2/) - 金敦泓博士是一名理論金融經濟學家，專長於證券設計及資產管理等領域。在牛津大學取得博士學位後，金博士於2020年八月以金融學助理教授的身份加入港大經管學院。
- [To Become the Better Version of Oneself](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/to-become-the-better-version-of-oneself-dr-dunhong-jin-2/) - Dr. Dunhong Jin is a theoretical financial economist, specializing in security design and asset management fields. After graduating from Oxford University, Dr. Jin decided to come to Hong Kong in August 2020 and become an Assistant Professor in Finance.
- [我们的以色列先锋](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/our-vanguard-into-the-middle-east-professor-roni-michaely-2/) - 罗尼.米凯利（Roni Michaely）教授，世界顶尖金融学者，曾担任以色列证券局（Israel Securities Authority） 管理职务， Tipranks（以色列知名金融初创企业）董事和早期投资者。多元角色身份带来的丰富经验和深耕金融领域数十年的成果与影响力，让米凯利教授深受港大经管学院管理层的青睐和信任，并委以重任在以色列成立一所创业及创新研究中心，为学院进军中东以及欧洲市场迈出重要的一步。
- [我們的以色列先鋒](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/our-vanguard-into-the-middle-east-professor-roni-michaely-2/) - 羅尼.米凱利（Roni Michaely）教授在環球金融界是一位家喻戶曉的知名學者。米凱利教授曾在以色列證券局（Israel Securities Authority） 擔任管理職務，他同時亦是以色列一家出色的金融初創企業 — Tipranks的董事和早期投資者。米凱利教授卓越的成就和資歷深厚的背景獲港大經管學院管理層的青睞和信任，對他委以重任，未來將在以色列成立一所創業及創新研究中心，為我們學院進軍中東以及歐洲市場跨出重要的一步。
- [Our Vanguard into the Middle East](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/our-vanguard-into-the-middle-east-professor-roni-michaely-2/) - Professor Roni Michaely is a well-known academic in the world of finance. Being the former director of the Israel Securities Authority, and the broad member and one of the first investors of Tipranks, a successful Israeli startup, his remarkable achievements have won the respect from our Dean and Faculty management. Professor Micahely leads the creation
- [从执行到研发管理学知识初心不变](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/from-the-execution-to-the-creation-of-managerial-strategies-dr-yuna-cho-2/) - 赵润雅博士曾担任奥纬咨询公司的高级顾问，其后发现创造知识才是自己的兴趣所在。这位来自韩国的年轻学者，在耶鲁大学博士毕业后，今年6月刚以管理及商业策略学助理教授的身份加入港大经管学院。
- [從執行到研發管理學知識初心不變](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/from-the-execution-to-the-creation-of-managerial-strategies-dr-yuna-cho-2/) - 趙潤雅博士曾擔任奧緯諮詢公司的高級顧問，其後發現創造知識才是自己的興趣所在。這位來自韓國的年輕學者，在耶魯大學博士畢業後，今年6月剛以管理及商業策略學助理教授的身份加入港大經管學院。
- [From the Execution to the Creation of Managerial Strategies](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/from-the-execution-to-the-creation-of-managerial-strategies-dr-yuna-cho-2/) - Formerly a senior consultant at Oliver Wyman, Dr. Cho later realised that her true passion lies in knowledge creation. After finishing her PhD studies in Yale, our young Korean scholar officially joined us in June 2021 as an Assistant Professor in Management and Strategy.
- [穷毕生精力推动管理学的变革](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/to-fathom-novel-managerial-strategies-for-life-professor-fabrice-lumineau-2/) - 怀着一颗寻找真相、实事求是的心，来自法国的法布里斯·卢米诺教授立志以学者的身份，推动商业知识的革新贡献社会。
- [窮畢生精力推動管理學的變革](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/to-fathom-novel-managerial-strategies-for-life-professor-fabrice-lumineau-2/) - 懷著一顆尋找真相、實事求是的心，來自法國的法布里斯·盧米諾教授立志以學者的身份，推動商業知識的革新貢獻社會。
- [To Fathom Novel Managerial Strategies for Life](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/to-fathom-novel-managerial-strategies-for-life-professor-fabrice-lumineau-2/) - To seek truth from facts is the nature of Professor Fabrice Lumineau, and to create knowledge for the betterment and progression of the business world is his aspiration as a scholar.
- [为保护环境和人民的福祉进行学术研究](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/researching-for-the-betterment-of-environmental-protection-and-the-civilian-wellbeing-dr-guojun-he-2/) - 「环境经济学近年在学界备受关注，我很荣幸能加入港大经管学院，并多谢领导层能给予我这个机会在港大担任这一门研究领域的先锋。我希望能透过教育把这个研究领域发扬光大，吸引更多有潜质的人成为这方面的学者。」
- [為保護環境和人民的福祉進行學術研究](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/researching-for-the-betterment-of-environmental-protection-and-the-civilian-wellbeing-dr-guojun-he-2/) - 「環境經濟學近年在學界備受關注，我很榮幸能加入港大經管學院，並多謝領導層能給予我這個機會在港大擔任這一門研究領域的先鋒。我希望能透過教育把這個研究領域發揚光大，吸引更多有潛質的人成為這方面的學者。」
- [Researching for the Betterment of Environmental Protection and the Civilian Wellbeing](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/researching-for-the-betterment-of-environmental-protection-and-the-civilian-wellbeing-dr-guojun-he-2/) - “Environmental economics has become a hot topic recently, so I am very honoured to be entrusted by the Faculty’s management to be a pioneer in this field. Through education, I hope I can also open a new research area for aspiring young scholars to join the academia.”
- [研究宏观经济学以促进包容性经济增长](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/promoting-inclusive-growth-with-macroeconomics-research-dr-lichen-zhang-2/) - 我多年来就着劳工市场上的问题进行多项研究，所以我期待在课堂上与学生们分享自己的研究成果，并启发他们将来为社会出一份力。
- [研究宏觀經濟學以促進包容性經濟增長](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/promoting-inclusive-growth-with-macroeconomics-research-dr-lichen-zhang-2/) - 我多年來就著勞工市場上的問題進行多項研究，所以我期待在課堂上與學生們分享自己的研究成果，並啟發他們將來為社會出一份力。
- [Promoting inclusive growth with macroeconomics research](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/promoting-inclusive-growth-with-macroeconomics-research-dr-lichen-zhang-2/) - I hope that my research on the labour market could inspire students to strategise new ways to reduce the staggering income inequality in Hong Kong.
- [以计算机科学的力量实现市场学数字化](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/combining-computational-intelligence-into-marketing-dr-xi-li-2/) - 香港大学的百年基业声威远播，再加上我们学院与亚太区的商业群体关系良好。在强强结合下，港大的市场学学者们在研究上将如虎添翼，并能更有效地把他们的研究和知识传授给学生，继而为社会培养更优秀的人才。
- [以計算機科學的力量實現市場學數字化](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/combining-computational-intelligence-into-marketing-dr-xi-li-2/) - 香港大學的百年基業聲威遠播，再加上我們學院與亞太區的商業群體關係良好。在强强結合下，港大的市場學學者們在研究上將如虎添翼，並能更有效地把他們的研究和知識傳授給學生，繼而為社會培養更優秀的人才。
- [Combining Computational Intelligence into Marketing](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/combining-computational-intelligence-into-marketing-dr-xi-li-2/) - The reputation of HKU and the faculty’s strong connection with the Asian-Pacific business community can definitely help marketing scholars to conduct research more effectively, which in turn enables scholars to deliver update knowledge to students, and nurture high quality talents for the society.
- [探索商学的根源](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/dive-deep-and-touch-the-bedrock-of-business-dr-ka-chung-travis-chow-2/) - I am thrilled to be back and am looking forward to the opportunities to contribute to the HKU community in a variety of meaningful ways, including knowledge creation and talent grooming.
- [探索商學的根源](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/dive-deep-and-touch-the-bedrock-of-business-dr-ka-chung-travis-chow-2/) - 能夠回歸香港實在令我感到相當興奮。我會致力透過創造知識和人才培訓，為港大社群作出貢獻。
- [Dive deep and touch the bedrock of business](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/dive-deep-and-touch-the-bedrock-of-business-dr-ka-chung-travis-chow-2/) - I am thrilled to be back and am looking forward to the opportunities to contribute to the HKU community in a variety of meaningful ways, including knowledge creation and talent grooming.
- [十年商旅生涯後的新開始](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/the-destination-of-a-decade-long-marketing-journey-dr-peng-zhang-3/) - 在商界馳騁十年，張鵬博士發現有很多市場營銷領域上的問題被從業員忽略了。有見及此，張博士毅然改變自己的事業軌道，踏上創造知識的學者生涯，並在2021年7月加入港大經管學院，擔任市場學助理教授。
- [十年商旅生涯后的新开始](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/the-destination-of-a-decade-long-marketing-journey-dr-peng-zhang-3/) - 在商界驰骋十年，张鹏博士发现有很多市场营销领域上的问题被从业员忽略了。有见及此，张博士毅然改变自己的事业轨道，踏上创造知识的学者生涯，并在2021年7月加入港大经管学院，担任市场学助理教授。
- [The Destination of a Decade Long Marketing Journey](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/the-destination-of-a-decade-long-marketing-journey-dr-peng-zhang-3/) - Disembarking at HKU Business School after his decade long odyssey in the private sector, Dr. Zhang seeks to explore the unattended questions ignored by marketers. At July 2021, Dr. Zhang has officially joined us as an Assistant Professor in Marketing.
- [从量子物理学到计量市场学](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/from-quantum-physics-to-quantitative-marketing-dr-chu-ivy-dang-2/) - 全心致力于探索未知領域，黨矗博士期盼透過創造知識，為世界帶來正面影響。党博士在大学主修应用物理学，毕业后以博士生的身份在香港研究量子物理学。因缘际会下，她发现自己真正的兴趣所在—计量市场学。2020年2月，党博士以市场学助理教授的身份加入香港大学经管学院。理科出身的她希望将自然科学中的数理模型和归纳推理方法应用到教学和研究中，为商学教育和发展做出自己的贡献。
- [從量子物理學到計量市場學](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/from-quantum-physics-to-quantitative-marketing-dr-chu-ivy-dang-2/) - 全心致力於探索未知領域，黨矗博士期盼透過創造知識，為世界帶來正面影響。黨博士在大學主修應用物理學，畢業後以博士生的身份在香港研究量子物理學。因緣際會下，她發現自己真正的興趣所在—計量市場學。 2020年2月，黨博士以市場學助理教授的身份加入香港大學經管學院。理科出身的她希望將自然科學中的數理模型和歸納推理方法應用到教學和研究中，為商學教育和發展做出自己的貢獻。
- [From Quantum Physics to Quantitative Marketing](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/from-quantum-physics-to-quantitative-marketing-dr-chu-ivy-dang-2/) - Born with a desire to explore the unknown, Dr. Ivy Dang aspires to create positive impact to the world via knowledge creation. Starting off as a science major in Applied Physics and spending two years studying Quantum Physics at PhD level, Dr. Dang had eventually realised that her true interest lies in quantitative marketing. Dedicated
- [构想虚拟货币的未来](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/to-imagine-the-future-of-digital-currencies-dr-yang-you-2/) - 千变万化的金融世界一直深深吸引着游杨博士，驱使他踏上求知的道路，以科学和客观的学术理论探索当中的奥妙。游博士立志穷毕生精力在知识前沿上推陈出新，他在2021年7月加入港大经管学院担任金融学助理教授。
- [構想虛擬貨幣的未來](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/to-imagine-the-future-of-digital-currencies-dr-yang-you-2/) - 千變萬化的金融世界一直深深吸引著游楊博士，驅使他踏上求知的道路，以科學和客觀的學術理論探索當中的奧妙。游博士立志窮畢生精力在知識前沿上推陳出新，他在2021年7月加入港大經管學院擔任金融學助理教授。
- [To Imagine the Future of Digital Currencies](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/to-imagine-the-future-of-digital-currencies-dr-yang-you-2/) - Fascinated by the unpredictable financial world, Dr. Yang YOU seeks to give form to intangible phenomena with scientific methodologies. Devoted to spend his lifetime probing at the frontiers of human knowledge, Dr. You has officially joined us in July 2021 as an Assistant Professor in Finance.
- [研究企业之间的协调行为](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/learning-to-coordinate-in-firms-behaviours-dr-jasmine-yu-hao-2/) - 热衷于利用量化工具探索和拓展人类知识的界限，郝博士在博士毕业后便旋即在2021年7月以经济学助理教授的身份加入港大经管学院。
- [研究企業之間的協調行為](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/learning-to-coordinate-in-firms-behaviours-dr-jasmine-yu-hao-2/) - 熱衷於利用量化工具探索和拓展人類知識的界限，郝博士在博士畢業後便旋即在2021年7月以經濟學助理教授的身份加入港大經管學院。
- [Learning to Coordinate in Firms’ Behaviours](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/learning-to-coordinate-in-firms-behaviours-dr-jasmine-yu-hao-2/) - Fascinated by the idea of exploring the frontiers of human knowledge with quantitative methodologies, Dr. Yu has officially joined us at July 2021 as an Assistant Professor in Economics after completing her doctoral studies.
- [悉心栽培数据人才](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/the-gardener-of-local-data-talent-dr-weichen-wang/) - 新冠肺炎疫情影响了不少人的生涯规划，但亦令人有幸重新审视自己的人生。王博士借此契机深思熟虑后，毅然放弃在金融界的事业，重投学者生涯，于2021年7月加入港大经管学院，担任创新及资讯管理学助理教授。
- [悉心栽培數據人才](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/the-gardener-of-local-data-talent-dr-weichen-wang/) - 新冠肺炎疫情影響了不少人的生涯規劃，但亦令人有幸重新審視自己的人生。王博士藉此契機深思熟慮後，毅然放棄在金融界的事業，重投學者生涯，於2021年7月加入港大經管學院，擔任創新及資訊管理學助理教授。
- [The Gardener of Local Data Talent](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/the-gardener-of-local-data-talent-dr-weichen-wang/) - The coronavirus pandemic has interrupted the lives of many, but a lucky few is bestowed with the serendipity to rethink on their life choice. Taking this opportunity to soul search, Dr. Weichen Wang has decided to follow his heart and restarted his academic journey. Joining us in July 2021, Dr. Wang is as an Assistant
- [以会计研究提升信息效率](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/studying-efficient-provision-of-accounting-information/) - 在求知的路上受到睿智的师长启蒙，胡珮璁博士立志进行具影响力的学术研究，以保护投资者权利、彰显公众利益。她在2021年六月取得博士学位后，于同年七月加入港大经管学院担任会计学助理教授。
- [以會計研究提升信息效率](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/studying-efficient-provision-of-accounting-information-dr-keri-peicong-hu/) - 在求知的路上受到睿智的師長啓蒙，胡珮璁博士立志進行具影響力的學術研究，以保護投資者權利、彰顯公眾利益。她在2021年六月取得博士學位後，於同年七月加入港大經管學院擔任會計學助理教授。
- [Studying efficient provision of accounting information](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/studying-efficient-provision-of-accounting-information-dr-keri-peicong-hu/) - Influenced by erudite mentors she met in her early academic years, Dr. Peicong Hu is dedicated to upholding public interests and investor’s welfare with impactful research. After completing her doctoral studies in June 2021, Dr. Hu officially joined us in July as an Assistant Professor in Accounting.
- [在资讯科技的前沿上推陈出新](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/thriving-at-the-forefront-of-information-technologies-dr-zhepeng-li/) - 「与其为个人创造财富，不如为世界创造改变」是李哲鹏博士的格言。李博士一直致力透过学术研究推动资讯科技和机器学习的创新和进步，应用自己的研究成果在现实生活中。相信港大经管学院高质量的研究配套和优良的学术环境能助他更上一层楼，李博士在2021年7月加入我院任职创新及资讯管理学副教授。
- [在資訊科技的前沿上推陳出新](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/thriving-at-the-forefront-of-information-technologies-dr-zhepeng-li/) - 「與其為個人創造財富，不如為世界創造改變」是李哲鵬博士的格言。李博士一直致力透過學術研究推動資訊科技和機器學習的創新和進步，應用自己的研究成果在現實生活中。相信港大經管學院高質量的研究配套和優良的學術環境能助他更上一層樓，李博士在2021年7月加入我院任職創新及資訊管理學副教授。
- [Thriving at the Forefront of Information Technologies](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/thriving-at-the-forefront-of-information-technologies-dr-zhepeng-li/) - Aspired to make a difference than making a fortune, Dr. Zhepeng Li is dedicated to propel the development of information systems and machine learning technologies as well as finding opportunities to apply his inventions in real life. Believing that the state-of-the-art research facilities and the excellent academic atmosphere of HKU Business School can enable him
- [以跨学科知识促进数码创新及转型](https://www.hkubs.hku.hk/sc/research/thought-leadership/global-scholars/an-interdisciplinary-approach-to-digital-innovation-transformation-professor-yulin-fang/) - 方钰麟教授是一名资深的学者、商业个案作者、资讯科技顾问，同时亦在顶尖的国际期刊担任编辑。看中了港大经管学院拥有成为学界超新星的潜力，方教授有意贡献自己在数码创新和转型方面的知识，助学院更上一层楼。于2021年9月正式加入港大后，方教授将会领导我院新成立的数字经济和创新研究所。
- [以跨學科知識促進數碼創新及轉型](https://www.hkubs.hku.hk/tc/research/thought-leadership/global-scholars/an-interdisciplinary-approach-to-digital-innovation-transformation-professor-yulin-fang/) - 方鈺麟教授是一名資深的學者、商業個案作者、資訊科技顧問，同時亦在頂尖的國際期刊擔任編輯。看中了港大經管學院擁有成為學界超新星的潛力，方教授有意貢獻自己在數碼創新和轉型方面的知識，助學院更上一層樓。於2021年9月正式加入港大後，方教授將會領導我院新成立的數字經濟和創新研究所。
- [An Interdisciplinary Approach to Digital Innovation & Transformation](https://www.hkubs.hku.hk/research/thought-leadership/global-scholars/an-interdisciplinary-approach-to-digital-innovation-transformation-professor-yulin-fang/) - Professor Yulin Fang is a seasoned scholar, professional case writer, veteran IT consultant, and editor for several internationally renowned journals. Seeing HKU Business School as a supernova in the academic landscape, Professor Fang is keen to contribute his intellectual might on digital innovation and transformation to our School’s journey of excellence. Having joined us in
- [突破界限、成就非凡：一位港大经管学院非华语本地生的奋斗故事](https://www.hkubs.hku.hk/sc/校友/dont-be-the-same-be-better-an-inspiring-story-of-an-hku-business-school-student/) - Shahab是一位非华语本地生，在年少时从巴基斯坦来到香港。他克服了语言障碍和其他种种困难，并在公开试中取得优异成绩，得到了奖学金，现在于香港大学经管学院求学。他的故事虽然充满困境，但是他仍然相信每个人都应有平等的机会去追寻梦想和继续学业。
- [Don't be the same, be better! An inspiring story of an HKU Business School student](https://www.hkubs.hku.hk/sc/校友/dont-be-the-same-be-better-an-inspiring-story-of-an-hku-business-school-student/) - Despite the language barrier and the difficulties of adapting to a new life in Hong Kong from Pakistan, Shahab, our BBA (Acc&Fin) Year 2 student, overcame the obstacles along the way and has now embarked on a new journey at HKU Business School. Let's hear his story and his belief that everyone should have equal
- [突破界限、成就非凡：一位港大經管學院非華語本地生的奮鬥故事](https://www.hkubs.hku.hk/sc/校友/dont-be-the-same-be-better-an-inspiring-story-of-an-hku-business-school-student/) - Shahab是一位非華語本地生，在年少時從巴基斯坦來到香港。他克服了語言障礙和其他種種困難，並在公開試中取得優異成績，得到了獎學金，現在於香港大學經管學院求學。他的故事雖然充滿困境，但是他仍然相信每個人都應有平等的機會去追尋夢想和繼續學業。
- [探索经济现象](https://www.hkubs.hku.hk/sc/校友/exploring-economic-phenomena-dr-yifei-zhangs-journey-as-an-economist/) - 章逸飞博士是港大经管学院经济学高级讲师。 在加入港大经管学院之前，他拥有经济学博士学位并教授计量经济学和中国经济学。 当被问及是什么促使他成为学者时，章逸飞博士表示，他对有趣的经济现象深感着迷，而他在经济学的培训上，为他提供了解释消费者和企业行为的科学工具。 他受到分析他们如何以逻辑和系统的方式做出决策的机会所启发，这最终促使他选择了学术界的职业道路。 关于加入港大经管学院的决定，章逸飞博士强调港大经管学院是亚洲顶尖的商学院。 他强调该学院提供了优秀的设施，并且拥有最优秀的学生和同事。 这种环境为他提供了理想的机会，进一步培养他的学术追求并与其他学者和学生合作。 章博士的研究兴趣主要集中在中国经济和国际经济领域。 他渴望理解中国发生的经济现象，并探索对消费者和企业的政策改革影响，这激励着他深入思考并在这些领域进行研究。 他最新的研究聚焦于分析去全球化对企业的环境、社会和治理（ESG）实践和行为的影响。 此外，在本学期，他正在教授一门关于经济数据分析的课程，该课程为后续的计量经济学和经济预测等数据分析课程打下基础。 他喜欢看足球比赛作为一种消遣，其中他最喜欢的球队之一是巴塞罗那。 他尤其喜欢美斯。 https://www.youtube.com/watch?v=HSWZ_zoENAI
- [探索經濟現象](https://www.hkubs.hku.hk/sc/校友/exploring-economic-phenomena-dr-yifei-zhangs-journey-as-an-economist/) - 章逸飛博士是港大經管學院經濟學高級講師。在加入港大經管學院之前，他擁有經濟學博士學位並教授計量經濟學和中國經濟學。 當被問及是什麼促使他成為學者時，章逸飛博士表示，他對有趣的經濟現象深感著迷，而他在經濟學的培訓上，為他提供了解釋消費者和企業行為的科學工具。他受到分析他們如何以邏輯和系統的方式做出決策的機會所啟發，這最終促使他選擇了學術界的職業道路。 關於加入港大經管學院的決定，章逸飛博士強調港大經管學院是亞洲頂尖的商學院。他強調該學院提供了優秀的設施，並且擁有最優秀的學生和同事。這種環境為他提供了理想的機會，進一步培養他的學術追求並與其他學者和學生合作。 章博士的研究興趣主要集中在中國經濟和國際經濟領域。他渴望理解中國發生的經濟現象，並探索對消費者和企業的政策改革影響，這激勵著他深入思考並在這些領域進行研究。 他最新的研究聚焦於分析去全球化對企業的環境、社會和治理（ESG）實踐和行為的影響。此外，在本學期，他正在教授一門關於經濟數據分析的課程，該課程為後續的計量經濟學和經濟預測等數據分析課程打下基礎。 他喜歡看足球比賽作為一種消遣，其中他最喜歡的球隊之一是巴塞羅那。他尤其喜歡美斯。 https://www.youtube.com/watch?v=HSWZ_zoENAI
- [Exploring Economic Phenomena: Dr. Yifei Zhang's Journey as an Economist](https://www.hkubs.hku.hk/sc/校友/exploring-economic-phenomena-dr-yifei-zhangs-journey-as-an-economist/) - Dr. Yifei Zhang is a senior lecturer in Economics at HKU Business School. He held a PhD in Economics and taught Econometrics and Chinese Economy before joining HKU Business School. When asked about what encouraged him to become a scholar, Dr. Yifei Zhang shares that his fascination with interesting economic phenomena and his training in
- [Unleashing the Power of Big Data: Dr. Weiming Zhu's Research in Operations Management](https://www.hkubs.hku.hk/sc/校友/unleashing-the-power-of-big-data-dr-weiming-zhus-research-in-operations-management/) - Dr. Weiming Zhu is an Associate Professor in Innovation Information and Management Department at HKU Business School. He obtained a PhD degree from the University of Maryland. For a period of six years, he worked at IESE Business School in Barcelona. Dr. Zhu was inspired to become a scholar as both of his parents are
- [释放大数据的力量](https://www.hkubs.hku.hk/sc/校友/unleashing-the-power-of-big-data-dr-weiming-zhus-research-in-operations-management/) - 朱未名博士是创新及资讯管理学副教授。 他获得了美国马里兰大学的博士学位，并在西班牙巴塞隆拿的IESE商学院工作了六年。 朱博士的父母都是教授，这让他觉得学术界就像其家族企业，激发了他成为学者的兴趣。 透过到访不同国家旅行、参加会议和学术交流等等，大大启发了他。 港大经管学院重视学术研究，对商界有不可忽视的影响力，加上与本地和国际商界联系紧密，这些因素都吸引朱博士选择港大经管学院进行学术研究。 朱博士的最新研究涉及共享经济和供应链金融中的实证营运管理，该研究综合运用经济建模、优化和大数据分析计量经济学等工具，研究平台和公司的相关问题。 他有两项合作研究，一项是与麻省理工学院合作，另一项是与中国一家大型外送和共享单车平台美团合作。 与麻省理工学院合作的第一项研究着重于研究照片对产品需求的影响，并开发计量经济学工具，帮助平台识别照片的影响并提供建议。 与美团网合作的第二项研究旨在帮助他们以对社会负责的方式更好地在城市中重新安置和分配单车，同时满足客户需求，避免阻塞人行道和步行区。 朱博士最近为工商管理硕士（MBA）学生讲授了一门分析课程，他认为这是一次有趣且引人入胜的经历。 学生充满活力，参与度高，互动性强，使课程充满乐趣。 https://www.youtube.com/watch?v=7yqmii8l3Xo
- [釋放大數據的力量](https://www.hkubs.hku.hk/sc/校友/unleashing-the-power-of-big-data-dr-weiming-zhus-research-in-operations-management/) - 朱未名博士是創新及資訊管理學副教授。 他獲得了美國馬里蘭大學的博士學位，並在西班牙巴塞隆拿的IESE商學院工作了六年。朱博士的父母都是教授，這讓他覺得學術界就像其家族企業，激發了他成為學者的興趣。透過到訪不同國家旅行、參加會議和學術交流等等，大大啟發了他。港大經管學院重視學術研究，對商界有不可忽視的影響力，加上與本地和國際商界聯繫緊密，這些因素都吸引朱博士選擇港大經管學院進行學術研究。 朱博士的最新研究涉及共享經濟和供應鏈金融中的實證營運管理，該研究綜合運用經濟建模、優化和大數據分析計量經濟學等工具，研究平台和公司的相關問題。 他有兩項合作研究，一項是與麻省理工學院合作，另一項是與中國一家大型外送和共享單車平台美團合作。 與麻省理工學院合作的第一項研究著重於研究照片對產品需求的影響，並開發計量經濟學工具，幫助平台識別照片的影響並提供建議。 與美團網合作的第二項研究旨在幫助他們以對社會負責的方式更好地在城市中重新安置和分配單車，同時滿足客戶需求，避免阻塞人行道和步行區。 朱博士最近為工商管理碩士（MBA）學生講授了一門分析課程，他認為這是一次有趣且引人入勝的經歷。 學生充滿活力，參與度高，互動性強，使課程充滿樂趣。 https://www.youtube.com/watch?v=7yqmii8l3Xo
- [释放平台经济的力量](https://www.hkubs.hku.hk/sc/校友/unleashing-the-power-of-platform-economies-professor-junhong-chus-research-journey/) - 楚军红教授是港大经管学院的市场学教授。 她拥有北京大学人口学博士学位和芝加哥大学工商管理博士学位。 楚教授对教学充满热诚，性格直率，好奇心强，因此投身学术界。 港大经管学院优越的研究环境、加上香港在地理位置上靠近她在中国内地的家人，以及粤港澳大湾区所提供的机遇，使港大经管学院成为她追求学术研究的完美选择。 楚教授的研究兴趣主要围绕在平台经济和共享经济。 她专注于 empirical modeling，并致力于研究这些平台上的企业或参与者之间的互动。 当被问到有什么至理名言要送给她的学生时，她建议学生一定要想办法实现自己的目标，坚持不懈并努力学习。 她相信「助己者，天助之」这句话，成功是可以透过努力实现的。 https://www.youtube.com/watch?v=6lbyC0HixS0
- [釋放平台經濟的力量](https://www.hkubs.hku.hk/sc/校友/unleashing-the-power-of-platform-economies-professor-junhong-chus-research-journey/) - 楚軍紅教授是港大經管學院的市場學教授。 她擁有北京大學人口學博士學位和芝加哥大學工商管理博士學位。楚教授對教學充滿熱誠，性格直率，好奇心強，因此投身學術界。港大經管學院優越的研究環境、加上香港在地理位置上靠近她在中國內地的家人，以及粵港澳大灣區所提供的機遇，使港大經管學院成為她追求學術研究的完美選擇。 楚教授的研究興趣主要圍繞在平台經濟和共享經濟。 她專注於 empirical modeling，並致力於研究這些平台上的企業或參與者之間的互動。當被問到有什麼至理名言要送給她的學生時，她建議學生一定要想辦法實現自己的目標，堅持不懈並努力學習。 她相信「助己者，天助之」這句話，成功是可以透過努力實現的。 https://www.youtube.com/watch?v=6lbyC0HixS0
- [Unleashing the Power of Platform Economies: Professor Junhong Chu's Research Journey](https://www.hkubs.hku.hk/sc/校友/unleashing-the-power-of-platform-economies-professor-junhong-chus-research-journey/) - Professor Junhong Chu is a Professor in Marketing at the HKU Business School. She held Doctoral Degrees in both Demography from Peking University and Business Administration from the University of Chicago. With a passion for teaching, outspoken personality and curiosity, Professor Chu was drawn to a career in academia. HKU’s wonderful research environment, Hong Kong’s
- [解码金融市场](https://www.hkubs.hku.hk/sc/校友/decoding-financial-markets-dr-hongye-guos-quest-for-return-predictability/) - 郭弘烨博士是港大经管学院金融学助理教授。 他曾在系统投资产业担任量化研究员，研究兴趣集中在资产定价和行为金融领域，尤其是回报可预测性方面。 对于郭弘烨博士而言，港大经管学院在商业教育领域上夙负盛名，对领域上的发展亦十分有抱负，尤其是在研究和论文发表方面成绩斐然。 此外，他认为香港是一个宜居的城市，进一步促使他决定加入港大经管学院。 除了学术研究，郭博士也喜欢探索附近的美食和餐厅， 亦喜欢到港大附近的太平山远足，保持活力。 https://www.youtube.com/watch?v=C3zBEkj8i3M
- [解碼金融市場 ](https://www.hkubs.hku.hk/sc/校友/decoding-financial-markets-dr-hongye-guos-quest-for-return-predictability/) - 郭弘燁博士是港大經管學院金融學助理教授。 他曾在系統投資產業擔任量化研究員，研究興趣集中在資產定價和行為金融領域，尤其是回報可預測性方面。 對於郭弘燁博士而言，港大經管學院在商業教育領域上夙負盛名，對領域上的發展亦十分有抱負，尤其是在研究和論文發表方面成績斐然。 此外，他認為香港是一個宜居的城市，進一步促使他決定加入港大經管學院。 除了學術研究，郭博士也喜歡探索附近的美食和餐廳， 亦喜歡到港大附近的太平山遠足，保持活力。 https://www.youtube.com/watch?v=C3zBEkj8i3M
- [Decoding Financial Markets: Dr. Hongye Guo's Quest for Return Predictability](https://www.hkubs.hku.hk/sc/校友/decoding-financial-markets-dr-hongye-guos-quest-for-return-predictability/) - Dr. Hongye Guo is an Assistant Professor in Finance at HKU. With a background in systematic investment industry as a quantitative researcher, Dr. Hongye Guo's research interests lie in asset pricing and behavioral finance, specifically in the area of return predictability. Dr Hongye Guo was drawn to HKU Business School's ambitious and growing reputation in
- [拥抱好奇与学习](https://www.hkubs.hku.hk/sc/校友/embracing-curiosity-and-learning-dr-jie-gongs-journey-as-an-economist-and-scholar/) - 贡洁博士是一位管理及商业策略副教授，她是一位经济学家，拥有美国西北大学凯洛格管理学院的博士学位。 在加入香港大学之前，她曾在新加坡国立大学工作多年。 贡洁博士成为学者的动力来自于她对知识的追求和运用有说服力的方法来理解商业世界复杂性的好奇心。 她认为与杰出的学生和卓越的研究学者共事既激励人心又富有成就感。 贡洁博士的研究兴趣在于组织和人事经济学，尤其是如何通过设计组织结构和管理人才来提高企业和组织的效率。 她认为管理人才，如招聘合适的人才，激励他们并留住最优秀的人才，对大多数企业至关重要。 龚洁博士最近的一个研究项目是关于人机互动，探讨自动化对人类工作者、生产力、就业和职业的影响。 贡洁博士将向研究生教授管理经济学，她期待与来自不同学术背景和行业经历的学生交流想法和观点。 凭借一个保持开放心态和持续学习的生活座右铭，她总是对探索和扩展不同领域的知识充满好奇心。 https://www.youtube.com/watch?v=3qw0BdLR3FQ
- [擁抱好奇與學習](https://www.hkubs.hku.hk/sc/校友/embracing-curiosity-and-learning-dr-jie-gongs-journey-as-an-economist-and-scholar/) - 貢潔博士是一位管理及商業策略副教授，她是一位經濟學家，擁有美國西北大學凱洛格管理學院的博士學位。在加入香港大學之前，她曾在新加坡國立大學工作多年。 貢潔博士成為學者的動力來自於她對知識的追求和運用有說服力的方法來理解商業世界複雜性的好奇心。她認為與傑出的學生和卓越的研究學者共事既激勵人心又富有成就感。貢潔博士的研究興趣在於組織和人事經濟學，尤其是如何通過設計組織結構和管理人才來提高企業和組織的效率。她認為管理人才，如招聘合適的人才，激勵他們並留住最優秀的人才，對大多數企業至關重要。龔潔博士最近的一個研究項目是關於人機互動，探討自動化對人類工作者、生產力、就業和職業的影響。 貢潔博士將向研究生教授管理經濟學，她期待與來自不同學術背景和行業經歷的學生交流想法和觀點。憑藉一個保持開放心態和持續學習的生活座右銘，她總是對探索和擴展不同領域的知識充滿好奇心。 https://www.youtube.com/watch?v=3qw0BdLR3FQ
- [探索金融中的永续性](https://www.hkubs.hku.hk/sc/校友/exploring-sustainability-in-finance-professor-roni-michaelys-quest-to-combat-climate-change/) - 在渴望挑战与好奇心的驱使下，Roni Michaely教授选择成为学者，现时于港大经管学院担任金融学教授。 除了香港大学享有享负盛名的学术地位外，究竟是什么因素吸引 Roni Michaely 教授选择加入港大经管学院？ 他指自己对香港文化兴趣浓厚，加上得悉香港大学在以色列特拉维夫成立香港大学特拉维夫创新中心，令他决定加入我们。 Roni Michaely教授感兴趣的研究领域是气候变迁和可持续发展议题，期望找出如何鼓励企业改善其环境和社会标准以作应对气候变迁。 他的最新研究是探讨可持续发展是否与高阶管理人员的薪资相关，以及这将如何影响他们的行为。 目前，他专注在以色列特拉维夫的香港大学特拉维夫创新中心为港大经管学院的学生和管理人员提供有关创新和创业的课程。 https://www.youtube.com/watch?v=ywBIxCC2Yos
- [探索金融中的永續性](https://www.hkubs.hku.hk/sc/校友/exploring-sustainability-in-finance-professor-roni-michaelys-quest-to-combat-climate-change/) - 在渴望挑戰與好奇心的驅使下，Roni Michaely教授選擇成為學者，現時於港大經管學院擔任金融學教授。除了香港大學享有享負盛名的學術地位外，究竟是什麼因素吸引 Roni Michaely 教授選擇加入港大經管學院？他指自己對香港文化興趣濃厚，加上得悉香港大學在以色列特拉維夫成立香港大學特拉維夫創新中心，令他決定加入我們。 Roni Michaely教授感興趣的研究領域是氣候變遷和可持續發展議題，期望找出如何鼓勵企業改善其環境和社會標準以作應對氣候變遷。他的最新研究是探討可持續發展是否與高階管理人員的薪資相關，以及這將如何影響他們的行為。目前，他專注在以色列特拉維夫的香港大學特拉維夫創新中心為港大經管學院的學生和管理人員提供有關創新和創業的課程。 https://www.youtube.com/watch?v=ywBIxCC2Yos
- [Combatting Gender and Racial Bias in Organisation: Professor Soojin Oh’s Journey of Advocating Diversity and Inclusion](https://www.hkubs.hku.hk/sc/校友/combatting-gender-and-racial-bias-in-organisation-professor-soojin-ohs-journey-of-advocating-diversity-and-inclusion/) - Born and raised in Seoul, South Korea, Professor Soojin Oh aspires to use his knowledge to help combat gender and racial bias for underrepresented leaders. Impressed by the unique blend of cultures and identities within Hong Kong, Prof. Oh decided to embark on his journey to HKU Business School as an Assistant Professor in Management
- [Combatting Gender and Racial Bias in Organisation: Professor Soojin Oh’s Journey of Advocating Diversity and Inclusion](https://www.hkubs.hku.hk/sc/校友/combatting-gender-and-racial-bias-in-organisation-professor-soojin-ohs-journey-of-advocating-diversity-and-inclusion/) - Born and raised in Seoul, South Korea, Professor Soojin Oh aspires to use his knowledge to help combat gender and racial bias for underrepresented leaders. Impressed by the unique blend of cultures and identities within Hong Kong, Prof. Oh decided to embark on his journey to HKU Business School as an Assistant Professor in Management
- [Embracing Obstacles with Resilience](https://www.hkubs.hku.hk/sc/校友/embracing-obstacles-with-resilience/) - Awardee of the Belt and Road Scholarship, our BEcon & Fin student Gerelt Oyunbold came all the way from Ulaanbaatar, Mongolia to pursue his academic journey in Hong Kong. Gerelt’s unique background and passion for economics and finance set him apart from his peers. When Gerelt was a child, his mother would read him a
- [Embracing Obstacles with Resilience](https://www.hkubs.hku.hk/sc/校友/embracing-obstacles-with-resilience/) - Awardee of the Belt and Road Scholarship, our BEcon & Fin student Gerelt Oyunbold came all the way from Ulaanbaatar, Mongolia to pursue his academic journey in Hong Kong. Gerelt’s unique background and passion for economics and finance set him apart from his peers. When Gerelt was a child, his mother would read him a
- [Putting Families First: Professor Naijia Guo Shines a Spotlight on Family Economics and Tackles Asia’s Fertility Concerns](https://www.hkubs.hku.hk/sc/校友/professor-naijia-guo/) - Professor Naijia Guo has extensively researched labour economics and family economics, with a particular focus on structural labour. Having grown up in Shenzhen, a Southern Chinese city instrumental to China’s reform and opening-up, she is especially interested to this research topic. There, Professor Guo witnessed rapid developments driven by an influx of labour which has
- [Putting Families First: Professor Naijia Guo Shines a Spotlight on Family Economics and Tackles Asia’s Fertility Concerns](https://www.hkubs.hku.hk/sc/校友/professor-naijia-guo/) - Professor Naijia Guo has extensively researched labour economics and family economics, with a particular focus on structural labour. Having grown up in Shenzhen, a Southern Chinese city instrumental to China’s reform and opening-up, she is especially interested to this research topic. There, Professor Guo witnessed rapid developments driven by an influx of labour which has
- [Journey of Empowering Change through Knowledge and Compassion for Better Lives | Professor Sundara Panchanatham](https://www.hkubs.hku.hk/sc/校友/professor-sundara-panchanathams-journey-of-empowering-change-through-knowledge-and-compassion-for-better-lives/) - Public healthcare systems are often under scrutiny on how they cope with growing demand and evolving health needs. Professor Sundara Natarajan Panchanatham has been studying ways to make them more accessible, efficient and sustainable. His pursuit of improving healthcare access and resource management stems from a personal experience. When he was young, he found out
- [Journey of Empowering Change through Knowledge and Compassion for Better Lives | Professor Sundara Panchanatham](https://www.hkubs.hku.hk/sc/校友/professor-sundara-panchanathams-journey-of-empowering-change-through-knowledge-and-compassion-for-better-lives/) - Public healthcare systems are often under scrutiny on how they cope with growing demand and evolving health needs. Professor Sundara Natarajan Panchanatham has been studying ways to make them more accessible, efficient and sustainable. His pursuit of improving healthcare access and resource management stems from a personal experience. When he was young, he found out
- [Navigating Our Polarized World: Professor Kian Siong Tey Decodes the Art of Agreeing to Disagree](https://www.hkubs.hku.hk/sc/校友/navigating-our-polarized-world-professor-kian-siong-tey-decodes-the-art-of-agreeing-to-disagree/) - Professor Kian Siong Tey is acutely aware of how divided society has become. With people taking more extreme positions these days, it is ever-more challenging to find common ground, let alone a resolution. Possessing a double major degree in Psychology and Philosophy, Professor Tey understands the intricacies of human interactions and organizational behaviours. This fascination
- [Navigating Our Polarized World: Professor Kian Siong Tey Decodes the Art of Agreeing to Disagree](https://www.hkubs.hku.hk/sc/校友/navigating-our-polarized-world-professor-kian-siong-tey-decodes-the-art-of-agreeing-to-disagree/) - Professor Kian Siong Tey is acutely aware of how divided society has become. With people taking more extreme positions these days, it is ever-more challenging to find common ground, let alone a resolution. Possessing a double major degree in Psychology and Philosophy, Professor Tey understands the intricacies of human interactions and organizational behaviours. This fascination
- [How Can Consumers Make Better Social Decisions? Prof. Theresa (Tess) Kwon’s Research Journey](https://www.hkubs.hku.hk/sc/校友/how-can-consumers-make-better-social-decisions-prof-theresa-tess-kwons-research-journey/) - Theresa (Tess) Kwon, an Assistant Professor of Marketing at HKU Business School, brings an international background with academic and professional experiences across the United States, South Korea, the Netherlands, and Hong Kong. Her journey into marketing began with an interest in the psychological aspects of fashion, which evolved into a broader passion for understanding consumer
- [How Can Consumers Make Better Social Decisions? Prof. Theresa (Tess) Kwon’s Research Journey](https://www.hkubs.hku.hk/sc/校友/how-can-consumers-make-better-social-decisions-prof-theresa-tess-kwons-research-journey/) - Theresa (Tess) Kwon, an Assistant Professor of Marketing at HKU Business School, brings an international background with academic and professional experiences across the United States, South Korea, the Netherlands, and Hong Kong. Her journey into marketing began with an interest in the psychological aspects of fashion, which evolved into a broader passion for understanding consumer
- [Understanding Global Financial Systems: The Research, Teaching, and Vision of Prof. Haonan Zhou](https://www.hkubs.hku.hk/sc/校友/understanding-global-financial-systems-the-research-teaching-and-vision-of-prof-haonan-zhou/) - HKU Business School’s Assistant Professor of Finance Haonan Zhou brings a wealth of expertise in international finance and macroeconomics. Prof. Zhou's academic journey has taken him across the globe, as his academic foundation was laid during his undergraduate years at the University of Chicago, where he studied Mathematics and Economics. This exposure and study helped
- [Understanding Global Financial Systems: The Research, Teaching, and Vision of Prof. Haonan Zhou](https://www.hkubs.hku.hk/sc/校友/understanding-global-financial-systems-the-research-teaching-and-vision-of-prof-haonan-zhou/) - HKU Business School’s Assistant Professor of Finance Haonan Zhou brings a wealth of expertise in international finance and macroeconomics. Prof. Zhou's academic journey has taken him across the globe, as his academic foundation was laid during his undergraduate years at the University of Chicago, where he studied Mathematics and Economics. This exposure and study helped
- [Mastering Financial Markets through Data and Deep Analysis | Prof. Yan XIONG](https://www.hkubs.hku.hk/sc/校友/prof-yan-xiong-mastering-financial-markets-through-data-and-deep-analysis/) - Prof. Yan Xiong is HKU Business School’s Associate Professor of Accounting & Law and Finance. Originally from Yunnan, China, her academic journey was significantly influenced by her experience during her Master's programme, inspiring her to pursue a PhD and a career in academia. Her research focuses on the complex relationships between information, data, and financial
- [Mastering Financial Markets through Data and Deep Analysis | Prof. Yan XIONG](https://www.hkubs.hku.hk/sc/校友/prof-yan-xiong-mastering-financial-markets-through-data-and-deep-analysis/) - Prof. Yan Xiong is HKU Business School’s Associate Professor of Accounting & Law and Finance. Originally from Yunnan, China, her academic journey was significantly influenced by her experience during her Master's programme, inspiring her to pursue a PhD and a career in academia. Her research focuses on the complex relationships between information, data, and financial
- [Taking Organisational Dynamics to Great New Heights | Prof. Matthias FAHN](https://www.hkubs.hku.hk/sc/校友/prof-matthias-fahn-taking-organisational-dynamics-to-great-new-heights/) - Driven by a fascination with human behaviour and a passion for understanding the complexities of organisational systems, Prof. Matthias Fahn is an Associate Professor of Management and Strategy at the HKU Business School. He brings a unique blend of analytical rigour and real-world insights, launching his academic journey in a small town near Frankfurt, Germany.
- [Taking Organisational Dynamics to Great New Heights | Prof. Matthias FAHN](https://www.hkubs.hku.hk/sc/校友/prof-matthias-fahn-taking-organisational-dynamics-to-great-new-heights/) - Driven by a fascination with human behaviour and a passion for understanding the complexities of organisational systems, Prof. Matthias Fahn is an Associate Professor of Management and Strategy at the HKU Business School. He brings a unique blend of analytical rigour and real-world insights, launching his academic journey in a small town near Frankfurt, Germany.
- [Exploring the Intersection of AI, Mobile Technology, and Business | Assistant Prof. Chunghan Kang](https://www.hkubs.hku.hk/sc/校友/assistant-prof-chunghan-kang-exploring-the-intersection-of-ai-mobile-technology-and-business/) - HKU Business School is home to a distinguished faculty dedicated to advancing knowledge and innovation. Among them is Assistant Prof. Chunghan Kang, whose expertise lies in combining economic theory with cutting-edge technology, providing valuable insights into business strategy, artificial intelligence (AI), and mobile technology. Born and raised in Seoul, South Korea, Prof. Kang earned his
- [Exploring the Intersection of AI, Mobile Technology, and Business | Assistant Prof. Chunghan Kang](https://www.hkubs.hku.hk/sc/校友/assistant-prof-chunghan-kang-exploring-the-intersection-of-ai-mobile-technology-and-business/) - HKU Business School is home to a distinguished faculty dedicated to advancing knowledge and innovation. Among them is Assistant Prof. Chunghan Kang, whose expertise lies in combining economic theory with cutting-edge technology, providing valuable insights into business strategy, artificial intelligence (AI), and mobile technology. Born and raised in Seoul, South Korea, Prof. Kang earned his
- [Go Beyond What You Think Is Possible | Alumni Interview : Elizabeth Bergo](https://www.hkubs.hku.hk/sc/校友/alumni-interview-elizabeth-bergo-go-beyond-what-you-think-is-possible/) - “Inspire. Empower. Lead.” More than just a slogan, the essence of HKUFBE serves as a guide for students and alumni to grow and achieve their dreams. In our “LEAD Interview” series, we invited four outstanding students and alumni to explore the various facets of leadership – each based on an anchor word starting with L,
- [Go Beyond What You Think Is Possible | Alumni Interview : Elizabeth Bergo](https://www.hkubs.hku.hk/sc/校友/alumni-interview-elizabeth-bergo-go-beyond-what-you-think-is-possible/) - “Inspire. Empower. Lead.” More than just a slogan, the essence of HKUFBE serves as a guide for students and alumni to grow and achieve their dreams. In our “LEAD Interview” series, we invited four outstanding students and alumni to explore the various facets of leadership – each based on an anchor word starting with L,
- [Energy is What Keeps Me Moving Forward | Student Interview : Henry Meng](https://www.hkubs.hku.hk/sc/校友/student-interview-henry-meng-energy-is-what-keeps-me-moving-forward/) - “Inspire. Empower. Lead.” More than just a slogan, the essence of HKUFBE serves as a guide for students and alumni to grow and achieve their dreams. In our “LEAD Interview” series, we invited four outstanding students and alumni to explore the various facets of leadership – each based on an anchor word starting with L,
- [Energy is What Keeps Me Moving Forward | Student Interview : Henry Meng](https://www.hkubs.hku.hk/sc/校友/student-interview-henry-meng-energy-is-what-keeps-me-moving-forward/) - “Inspire. Empower. Lead.” More than just a slogan, the essence of HKUFBE serves as a guide for students and alumni to grow and achieve their dreams. In our “LEAD Interview” series, we invited four outstanding students and alumni to explore the various facets of leadership – each based on an anchor word starting with L,
- [Energy is What Keeps Me Moving Forward | Student Interview : Henry Meng](https://www.hkubs.hku.hk/sc/校友/student-interview-henry-meng-energy-is-what-keeps-me-moving-forward/) - “Inspire. Empower. Lead.” More than just a slogan, the essence of HKUFBE serves as a guide for students and alumni to grow and achieve their dreams. In our “LEAD Interview” series, we invited four outstanding students and alumni to explore the various facets of leadership – each based on an anchor word starting with L,
- [Mapping the Future through Strategy and Technology | Professor Jeffrey Sampler](https://www.hkubs.hku.hk/sc/校友/professor-jeffrey-sampler-mapping-the-future-through-strategy-and-technology/) - Prof. Sampler’s journey from a small town in Texas to HKU Business School is a story of curiosity, strategy, and global experience. He brings a fresh perspective and years of experience from around the world. He studied computer science, back when computers were just starting to become important in the corporate environment. As the first
- [Mapping the Future through Strategy and Technology | Professor Jeffrey Sampler](https://www.hkubs.hku.hk/sc/校友/professor-jeffrey-sampler-mapping-the-future-through-strategy-and-technology/) - Prof. Sampler’s journey from a small town in Texas to HKU Business School is a story of curiosity, strategy, and global experience. He brings a fresh perspective and years of experience from around the world. He studied computer science, back when computers were just starting to become important in the corporate environment. As the first
- [Breaking Boundaries Through Ambition | Student Interview : Jolene Wang](https://www.hkubs.hku.hk/sc/校友/student-interview-jolene-wang-breaking-boundaries-through-ambition/) - “Inspire. Empower. Lead.” More than just a slogan, the essence of HKUFBE serves as a guide for students and alumni to grow and achieve their dreams. In our “LEAD Interview” series, we invited four outstanding students and alumni to explore the various facets of leadership – each based on an anchor word starting with L,
- [Breaking Boundaries Through Ambition | Student Interview : Jolene Wang](https://www.hkubs.hku.hk/sc/校友/student-interview-jolene-wang-breaking-boundaries-through-ambition/) - “Inspire. Empower. Lead.” More than just a slogan, the essence of HKUFBE serves as a guide for students and alumni to grow and achieve their dreams. In our “LEAD Interview” series, we invited four outstanding students and alumni to explore the various facets of leadership – each based on an anchor word starting with L,
- [Breaking Boundaries Through Ambition | Student Interview : Jolene Wang](https://www.hkubs.hku.hk/sc/校友/student-interview-jolene-wang-breaking-boundaries-through-ambition/) - “Inspire. Empower. Lead.” More than just a slogan, the essence of HKUFBE serves as a guide for students and alumni to grow and achieve their dreams. In our “LEAD Interview” series, we invited four outstanding students and alumni to explore the various facets of leadership – each based on an anchor word starting with L,
- [Driven to Excellence | Alumni Interview: Levy Huai](https://www.hkubs.hku.hk/sc/校友/alumni-interview-levy-huai-driven-to-excellence/) - “Inspire. Empower. Lead.” More than just a slogan, the essence of HKUFBE serves as a guide for students and alumni to grow and achieve their dreams. In our “LEAD Interview” series, we invited four outstanding students and alumni to explore the various facets of leadership – each based on an anchor word starting with L,
- [Embracing Curiosity and Learning: Dr. Jie Gong's Journey as an Economist and Scholar](https://www.hkubs.hku.hk/sc/校友/embracing-curiosity-and-learning-dr-jie-gongs-journey-as-an-economist-and-scholar/) - Dr. Jie Gong is an Associate Professor in Management and Strategy, and an economist by training with a Ph.D. from The Kellogg School of Management at Northwestern University. Prior to joining HKU, she had worked for the National University of Singapore for many years. Dr. Jie Gong’s motivation to become a scholar stems from her
- [Exploring Sustainability in Finance: Professor Roni Michaely's Quest to Combat Climate Change](https://www.hkubs.hku.hk/sc/校友/exploring-sustainability-in-finance-professor-roni-michaelys-quest-to-combat-climate-change/) - Driven by a willingness to cope with challenges and a curious mind, Professor Roni Michaely chose to become a scholar and is currently, a professor of Finance and Entrepreneurship at The University of Hong Kong. Apart from the prestigious academic status of HKU, what attracted Professor Michaely to choose to join HKU Business School? He
- [Combatting Gender and Racial Bias in Organisation: Professor Soojin Oh’s Journey of Advocating Diversity and Inclusion](https://www.hkubs.hku.hk/sc/校友/combatting-gender-and-racial-bias-in-organisation-professor-soojin-ohs-journey-of-advocating-diversity-and-inclusion/) - Born and raised in Seoul, South Korea, Professor Soojin Oh aspires to use his knowledge to help combat gender and racial bias for underrepresented leaders. Impressed by the unique blend of cultures and identities within Hong Kong, Prof. Oh decided to embark on his journey to HKU Business School as an Assistant Professor in Management
- [凡事致精 大道简然 | 校友专访：晏绪飞](https://www.hkubs.hku.hk/sc/校友/校友专访-晏绪飞：凡事致精-大道简然/) - 2024年5月22日，香港大学经管学院（港大经管学院）深圳校区大门前，随着布幕被缓缓揭开，一块刻着“香港大学经管学院”的泰山石亮相于车水马龙的闹市面前，彰显了香港大学在粤港澳大湾区建设和发展中重要席位。 港大经管学院深圳校区于2022年11月落成，时隔一年半后院徽石揭幕，在给校区建设画上完美句号的同时，也揭开了一个关心和支持母校的温暖故事。港大经管学院对这块院徽石的捐赠者——港大经管学院工商管理学（DBA）博士毕业生、深圳龙源精造建设集团有限公司（龙源精造）董事长晏绪飞进行了一次专访。 坚如磐石，再攀高峰 Q：您为何想给学院捐赠这块院徽石？您参加院徽石的揭幕仪式后有什么感想跟我们交流、分享？ 晏绪飞：首先一点，我希望学院能够继续坚如磐石，发展成为世界顶尖的商学院，这也是我最重要的一个期待。其次，我们（龙源精造）能够有机会完成了港大经管学院深圳校区的设计与施工，我倍感荣幸。再者，作为港大经管学院DBA班1期的学生，我捐赠这块院徽石也是顺应内心、感激学院的小小心意，希望自己能够为学院的建设发展略尽绵薄之力。 Q：您为何选择攻读港大经管学院的博士生？这其中有什么特别的故事吗？ 晏绪飞：我读博的初衷，源于港大、北大等这些国际顶尖院校的吸引力。读博之前，我自己已有2个学士学位、2个硕士学位，这种感觉就像已经爬过几个小山，当发现有一座更高的山峰时，便会激发再攀高峰的冲劲。在2014年的时候，就有朋友推荐我去读博士，虽当时已有学校愿意录取我，但是我很犹豫，在为是否需要读博而摇摆不定。而当我得知有港大和北大联合培养的博士这个项目时，我认为这样的项目在国内还是非常高端的，所以当时读博的欲望特别强烈。当时还有个小插曲，因为这个两校联合培养的项目是首届举办，录取的难度可想而知，特别是在候选人申请资格筛选这个环节的时候，我非常紧张、忐忑，真的很担心自己选不上，但是幸运之神最终还是眷顾了我，我被录取了。 特别严谨，特别认真 Q：您认为在港大经管学院读博是一种怎样的经历或者挑战？有没有什么特别的感悟？晏绪飞：在港大读博是不容易的，因为这要求我们特别严谨、特别认真。在同届同学中，我是开题比较早的，早就选定了“领导力”（这个课题）作为论文方向，但是没想到我的课题完成得最晚，这也成为同学们经常打趣我的玩笑话。我选择的“领导力”这个研究课题，最初并没有现成的数据，为了完成研究，我去过很多企业的工作现场，录制会议、开展访谈、收集资料、统计分析等，我跟踪了4家企业，持续时间在3年以上，开展过200余人次的访谈，做过上千份调查问卷，这期间恰逢“新冠”疫情，很多企业还在外地，出行不便，这个过程实际上是比较艰难，且格外漫长。Q：您为何选择“领导力”这个课题作为自己博士生的研究方向？晏绪飞：首先，这是我最感兴趣的一个方向。在读博期间，有人建议我换一个课题，利用现成的数据，更快完成课题、更快毕业，但是对于这个课题，我有一些自己的想法，我认为，中国有名的企业有很多，企业家也有很多，企业要想获得长青发展，企业家领导力这个因素至关重要，我希望自己能从这个课题研究中见贤思齐、反求诸己，也能启发别人，这是最有价值的地方，哪怕比别人晚毕业，我也要坚持把它做完。在读博这几年里，学院给予了我很多指导和支持，老师对我也别关爱，同学之间互帮互助，这些关心、关爱让我觉得很温暖，这些正能量激励我克服一切困难完成学业。 念念不忘，必有回响 Q：您是如何考虑参与到港大经管学院深圳校区的建设中的？ 晏绪飞：我定居深圳，在读博时，我得知到学院要在深圳建立新校区、互通深港两地的资源和人才时，我想着（我们）公司在深圳，也刚好是（建筑装饰）这个领域的，理所当然的想助学院建设“一臂之力”。后来，在学院的指导和各方的支持下，我们用了半年左右的时间，将位于深圳福田金融CBD的广电金融中心大厦内的8层写字楼、超过1.2万平方米的空间打造成了体现百年历史传承、融合深圳创新文化的特色校区。 今天的院徽石揭幕仪式后，广电集团副总经理叶晓滨参观了新校区，他说，港大经管学院深圳校区将港大这座拥有百年悠久历史的院校和深圳这样一个年轻的城市融合在一起，非常好。包括鞠子谦老师，她是港大经管学院深圳校区执行主任，也是推进和见证校区建设的重要人员之一。当时她和我们设计师一起，把《大学》的篇章逐章拆选出来，加上港大的校徽和“明德格物”校训，一起印在了天花板的书页吊灯上，每一页都是我们一起亲自挑选出来的，看到完工后的效果，大家都觉得很满意、很幸福。 Q：新校区建成后有很多人来参观过，都赞不绝口，您如何看待这个事？ 晏绪飞：新校区实际上是一个改建项目，在新校区的方案设计阶段，以蔡洪滨院长为首的各方领导和老师提供了许多宝贵的意见，校方在我们提供的几套原创方案的基础上，融合了学校特色和实际需求，几经调整，最终确定了设计效果，最关键而且最重要的是学院领导的鉴赏水平和英明选择，我们所做的，也只是最大限度的去实现学院设计初衷、满足实际需求，我们也只是做了该做的事情。 另外，很多人都想回报母校，而我刚好有这个机会，能够为深圳校区的建设贡献一点力量，这对我而言，的确是一件很幸运、很幸福的事情。 自觉无知，更要图强 Q：读完博士以后，您有没有不同于以往的想法或者思考？ 晏绪飞：读完博士以后，我还计划继续读下一个课程，因为读博七年里，我更加深入认识到自己的“无知”。这不是谦虚，这是我发自内心的想法，因为学得越多，我越发认识到自己知识的匮乏、眼界的狭隘。在港大，我遇到了很多学识、眼界和研究水平很高的老师，也认识了很多课题做得好、企业做得好、领导力很强、家庭关系也处理得很好的优秀同学，与这些优秀的人交往、交流能让我更加清醒的认识自己。古语有云，“与高人相处，方知才疏学浅”，所以，我要继续学习。 正如学校的校训一样，港大教会我最重要的东西，是严谨的态度和务实的精神。港大在很多方面比我以往求学的院校要求要更高，也让我看到自己与优秀之间的差距，而获得港大博士学位这件事情，对我的人生和家庭都有重大的影响：我有两个孩子，大的已经17岁了，我想把他送到国外去读高中，这对于我和我的小孩来说，也算是一种相互鼓励、相互鞭策，您说是吧？ 关于73和75 Q：如果请您给自己的学业和事业分别打一个分数，您会如何评分？晏绪飞：嗯，这个问题我要认真思考一下，因为这是一个定量的事儿。（思考后）学习上，我给自己打了75分；事业上，我给自己打了73分。Q：为什么会有这2分的差距呢？晏绪飞：首先，我自认为对于学习的热情还是有的，骨子里还是愿意学习，目前也达成了一些目标。至于事业上，龙源精造是一家刚出发的公司，正值成长期，我们离行业内优秀的企业还有很大差距，我们想真正做一家好的企业，一家值得客户愿意优先选择、值得员工托付终生、能够给社会提升精造精神的企业，距离这个目标，我们还有很长的路要走。
- [凡事致精 大道簡然 | 校友專訪：晏緒飛](https://www.hkubs.hku.hk/sc/校友/校友专访-晏绪飞：凡事致精-大道简然/) - 2024年5月22日，香港大學經管學院（港大經管學院）深圳校區大門前，隨著布幕被緩緩揭開，一塊刻著“香港大學經管學院”的泰山石亮相於車水馬龍的鬧市面前，彰顯了香港大學在粵港澳大灣區建設和發展中重要席位。港大經管學院深圳校區於2022年11月落成，時隔一年半後院徽石揭幕，在給校區建設畫上完美句號的同時，也揭開了一個關心和支持母校的溫暖故事。港大經管學院對這塊院徽石的捐贈者——港大經管學院工商管理學（DBA）博士畢業生、深圳龍源精造建設集團有限公司（龍源精造）董事長晏緒飛進行了一次專訪。 堅如磐石，再攀高峰 Q：您為何想給學院捐贈這塊院徽石？您參加院徽石的揭幕儀式後有什麼感想跟我們交流、分享？ 晏緒飛：首先一點，我希望學院能夠繼續堅如磐石，發展成為世界頂尖的商學院，這也是我最重要的一個期待。其次，我們（龍源精造）能夠有機會完成了港大經管學院深圳校區的設計與施工，我倍感榮幸。再者，作為港大經管學院DBA班1期的學生，我捐贈這塊院徽石也是順應內心、感激學院的小小心意，希望自己能夠為學院的建設發展略盡綿薄之力。 Q：您為何選擇攻讀港大經管學院的博士生？這其中有什麼特別的故事嗎？晏緒飛：我讀博的初衷，源於港大、北大等這些國際頂尖院校的吸引力。讀博之前，我自己已有2個學士學位、2個碩士學位，這種感覺就像已經爬過幾個小山，當發現有一座更高的山峰時，便會激發再攀高峰的衝勁。在2014年的時候，就有朋友推薦我去讀博士，雖當時已有學校願意錄取我，但是我很猶豫，在為是否需要讀博而搖擺不定。而當我得知有港大和北大聯合培養的博士這個項目時，我認為這樣的項目在國內還是非常高端的，所以當時讀博的欲望特別強烈。當時還有個小插曲，因為這個兩校聯合培養的項目是首屆舉辦，錄取的難度可想而知，特別是在候選人申請資格篩選這個環節的時候，我非常緊張、忐忑，真的很擔心自己選不上，但是幸運之神最終還是眷顧了我，我被錄取了。 特別嚴謹，特別認真 Q：您認為在港大經管學院讀博是一種怎樣的經歷或者挑戰？有沒有什麼特別的感悟？晏緒飛：在港大讀博是不容易的，因為這要求我們特別嚴謹、特別認真。在同屆同學中，我是開題比較早的，早就選定了“領導力”（這個課題）作為論文方向，但是沒想到我的課題完成得最晚，這也成為同學們經常打趣我的玩笑話。我選擇的“領導力”這個研究課題，最初並沒有現成的資料，為了完成研究，我去過很多企業的工作現場，錄製會議、開展訪談、收集資料、統計分析等，我跟蹤了4家企業，持續時間在3年以上，開展過200餘人次的訪談，做過上千份調查問卷，這期間恰逢“新冠”疫情，很多企業還在外地，出行不便，這個過程實際上是比較艱難，且格外漫長。 Q：您為何選擇“領導力”這個課題作為自己博士生的研究方向？晏緒飛：首先，這是我最感興趣的一個方向。在讀博期間，有人建議我換一個課題，利用現成的資料，更快完成課題、更快畢業，但是對於這個課題，我有一些自己的想法，我認為，中國有名的企業有很多，企業家也有很多，企業要想獲得長青發展，企業家領導力這個因素至關重要，我希望自己能從這個課題研究中見賢思齊、反求諸己，也能啟發別人，這是最有價值的地方，哪怕比別人晚畢業，我也要堅持把它做完。在讀博這幾年裡，學院給予了我很多指導和支持，老師對我也別關愛，同學之間互幫互助，這些關心、關愛讓我覺得很溫暖，這些正能量激勵我克服一切困難完成學業。 念念不忘，必有迴響 Q：您是如何考慮參與到港大經管學院深圳校區的建設中的？ 晏緒飛：我定居深圳，在讀博時，我得知到學院要在深圳建立新校區、互通深港兩地的資源和人才時，我想著（我們）公司在深圳，也剛好是（建築裝飾）這個領域的，理所當然的想助學院建設“一臂之力”。後來，在學院的指導和各方的支持下，我們用了半年左右的時間，將位於深圳福田金融CBD的廣電金融中心大廈內的8層寫字樓、超過1.2萬平方米的空間打造成了體現百年歷史傳承、融合深圳創新文化的特色校區。 今天的院徽石揭幕儀式後，廣電集團副總經理葉曉濱參觀了新校區，他說，港大經管學院深圳校區將港大這座擁有百年悠久歷史的院校和深圳這樣一個年輕的城市融合在一起，非常好。包括鞠子謙老師，她是港大經管學院深圳校區執行主任，也是推進和見證校區建設的重要人員之一。當時她和我們設計師一起，把《大學》的篇章逐章拆選出來，加上港大的校徽和“明德格物”校訓，一起印在了天花板的書頁吊燈上，每一頁都是我們一起親自挑選出來的，看到完工後的效果，大家都覺得很滿意、很幸福。 Q：新校區建成後有很多人來參觀過，都讚不絕口，您如何看待這個事？ 晏緒飛：新校區實際上是一個改建專案，在新校區的方案設計階段，以蔡洪濱院長為首的各方領導和老師提供了許多寶貴的意見，校方在我們提供的幾套原創方案的基礎上，融合了學校特色和實際需求，幾經調整，最終確定了設計效果，最關鍵而且最重要的是學院領導的鑒賞水準和英明選擇，我們所做的，也只是最大限度的去實現學院設計初衷、滿足實際需求，我們也只是做了該做的事情。 另外，很多人都想回報母校，而我剛好有這個機會，能夠為深圳校區的建設貢獻一點力量，這對我而言，的確是一件很幸運、很幸福的事情。 自覺無知，更要圖強 Q：讀完博士以後，您有沒有不同於以往的想法或者思考？ 晏緒飛：讀完博士以後，我還計畫繼續讀下一個課程，因為讀博七年裡，我更加深入認識到自己的“無知”。這不是謙虛，這是我發自內心的想法，因為學得越多，我越發認識到自己知識的匱乏、眼界的狹隘。在港大，我遇到了很多學識、眼界和研究水準很高的老師，也認識了很多課題做得好、企業做得好、領導力很強、家庭關係也處理得很好的優秀同學，與這些優秀的人交往、交流能讓我更加清醒的認識自己。古語有雲，“與高人相處，方知才疏學淺”，所以，我要繼續學習。 正如學校的校訓一樣，港大教會我最重要的東西，是嚴謹的態度和務實的精神。港大在很多方面比我以往求學的院校要求要更高，也讓我看到自己與優秀之間的差距，而獲得港大博士學位這件事情，對我的人生和家庭都有重大的影響：我有兩個孩子，大的已經17歲了，我想把他送到國外去讀高中，這對於我和我的小孩來說，也算是一種相互鼓勵、相互鞭策，您說是吧？ 關於73和75 Q：如果請您給自己的學業和事業分別打一個分數，您會如何評分？晏緒飛：嗯，這個問題我要認真思考一下，因為這是一個定量的事兒。（思考後）學習上，我給自己打了75分；事業上，我給自己打了73分。Q：為什麼會有這2分的差距呢？晏緒飛：首先，我自認為對於學習的熱情還是有的，骨子裡還是願意學習，目前也達成了一些目標。至於事業上，龍源精造是一家剛出發的公司，正值成長期，我們離行業內優秀的企業還有很大差距，我們想真正做一家好的企業，一家值得客戶願意優先選擇、值得員工託付終生、能夠給社會提升精造精神的企業，距離這個目標，我們還有很長的路要走。
- [Journey of Giving Back to the School | Alumni Story: Xufei YAN’s](https://www.hkubs.hku.hk/sc/校友/校友专访-晏绪飞：凡事致精-大道简然/) - The HKU Business School Shenzhen Campus, completed in November 2022, marked another significant milestone with the unveiling of the school emblem stone. This not only underscores HKU’s role in fostering the development of the GBA, but also reveals a heartwarming story of our alumnus’ generous support and contribution to the school. We recently conducted an
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- [游走于商业投资与潜水运动之间 | 港大经管校友：金明](https://www.hkubs.hku.hk/sc/校友/hku-business-school-alumni-willam-joy-navigating-through-the-aquatics-world-and-business-world/) - 正值巴黎奥运会中国奥运健儿代表团访问香港，港大经管学院也有这样一位优秀校友站上了世界冠军领奖台，他就是金明。 出生在上海，作为自由潜水运动员的他，是多项亚洲纪录的保持者，更是动态单蹼项目的世界冠军 ，能一口气潜游311米。自2018年正式学习潜水以来，不断刷新纪录，大大提升中国国家队的全球综合排名，从2019年及之前全球四十多位一路提升到目前全球前4位。然而，潜水并没有占用他太多时间。 为了在比赛和工作上取得成绩，金明习惯于严格分配自己时间，减少社交和娱乐。他遵守「811法则」，把八成时间花在公司和事业上，一成用于潜水，余下一成留给学习。 无论在竞技场还是在商业环境中，他都不断鞭策自己。现为TAKI极链科技发展集团有限公司创始人兼行政总裁的他，即便具有丰富投资及企业运营经验，亦决定于2021年重返校园修读香港大学 - 复旦大学工商管理（国际）硕士项目。他认为香港大学处于中西文化交融的环境中，两年的国际化课程，不但有助于他获取有关中国和全球的最新商业知识，更启发他创造新型的投资理论框架和工具。他也非常受益于港大经管学院强大的校友网络，促进了他的国际视野和深度交流。 金明认为，别人可能只看到他的光环，却忽略即使作为一名企业家及运动员，其实百分之九十九的时间都面对着挫折和失败。他回想数年前在潜水项目 中遇到的诸多瓶颈，当时身边的人，包括妈妈，都建议他激流勇退；但他依然咬紧牙关、坚持训练，最终打破单蹼的世界纪录。 面对商业上的挑战，金明亦深信只要坚持，过程中必定能诱发新的技能，提升自己。 他寄语港大经管学院的校友们：“失败才是人生的常态，记得再来！” https://vss.hku.hk/vod/vs7000/faculty/alumni-sharing-william-joy-2024.mp4
- [遊走於商業投資與潛水運動之間 | 港大經管校友：金明](https://www.hkubs.hku.hk/sc/校友/hku-business-school-alumni-willam-joy-navigating-through-the-aquatics-world-and-business-world/) - 正值巴黎奧運會中國奧運健兒代表團訪問香港，港大經管學院也有這樣一位優秀校友站上了世界冠軍領獎臺，他就是金明。 出生在上海，作為自由潛水運動員的他，是多項亞洲紀錄的保持者，更是動態單蹼項目的世界冠軍 ，能一口氣潛游311米。自2018年正式學習潛水以來，不斷刷新紀錄，大大提升中國國家隊的全球綜合排名，從2019年及之前全球四十多位一路提升到目前全球前4位。然而，潛水並沒有佔用他太多時間。 為了在比賽和工作上取得成績，金明習慣於嚴格分配自己時間，減少社交和娛樂。他遵守「811法則」，把八成時間花在公司和事業上，一成用於潛水，餘下一成留給學習。 無論在競技場還是在商業環境中，他都不斷鞭策自己。現為TAKI極鏈科技發展集團有限公司創始人兼行政總裁的他，即便具有豐富投資及企業運營經驗，亦決定於2021年重返校園修讀香港大學 - 復旦大學工商管理（國際）碩士項目。他認為香港大學處於中西文化交融的環境中，兩年的國際化課程，不但有助於他獲取有關中國和全球的最新商業知識，更啟發他創造新型的投資理論框架和工具。他也非常受益於港大經管學院強大的校友網路，促進了他的國際視野和深度交流。 金明認為，別人可能只看到他的光環，卻忽略即使作為一名企業家及運動員，其實百分之九十九的時間都面對著挫折和失敗。他回想數年前在潛水項目 中遇到的諸多瓶頸，當時身邊的人，包括媽媽，都建議他激流勇退；但他依然咬緊牙關、堅持訓練，最終打破單蹼的世界紀錄。 面對商業上的挑戰，金明亦深信只要堅持，過程中必定能誘發新的技能，提升自己。 他寄語港大經管學院的校友們：「失敗才是人生的常態，記得再來！」 https://vss.hku.hk/vod/vs7000/faculty/alumni-sharing-william-joy-2024.mp4
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- [Journey of Empowering Change through Knowledge and Compassion for Better Lives | Professor Sundara Panchanatham](https://www.hkubs.hku.hk/sc/校友/professor-sundara-panchanathams-journey-of-empowering-change-through-knowledge-and-compassion-for-better-lives/) - Public healthcare systems are often under scrutiny on how they cope with growing demand and evolving health needs. Professor Sundara Natarajan Panchanatham has been studying ways to make them more accessible, efficient and sustainable. His pursuit of improving healthcare access and resource management stems from a personal experience. When he was young, he found out
- [How Can Consumers Make Better Social Decisions? Prof. Theresa (Tess) Kwon’s Research Journey](https://www.hkubs.hku.hk/sc/校友/how-can-consumers-make-better-social-decisions-prof-theresa-tess-kwons-research-journey/) - Theresa (Tess) Kwon, an Assistant Professor of Marketing at HKU Business School, brings an international background with academic and professional experiences across the United States, South Korea, the Netherlands, and Hong Kong. Her journey into marketing began with an interest in the psychological aspects of fashion, which evolved into a broader passion for understanding consumer
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- [Understanding Global Financial Systems: The Research, Teaching, and Vision of Prof. Haonan Zhou](https://www.hkubs.hku.hk/sc/校友/understanding-global-financial-systems-the-research-teaching-and-vision-of-prof-haonan-zhou/) - HKU Business School’s Assistant Professor of Finance Haonan Zhou brings a wealth of expertise in international finance and macroeconomics. Prof. Zhou's academic journey has taken him across the globe, as his academic foundation was laid during his undergraduate years at the University of Chicago, where he studied Mathematics and Economics. This exposure and study helped
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- [Go Beyond What You Think Is Possible | Alumni Interview : Elizabeth Bergo](https://www.hkubs.hku.hk/sc/校友/alumni-interview-elizabeth-bergo-go-beyond-what-you-think-is-possible/) - “Inspire. Empower. Lead.” More than just a slogan, the essence of HKUFBE serves as a guide for students and alumni to grow and achieve their dreams. In our “LEAD Interview” series, we invited four outstanding students and alumni to explore the various facets of leadership – each based on an anchor word starting with L,
- [Driven to Excellence | Alumni Interview: Levy Huai](https://www.hkubs.hku.hk/sc/校友/alumni-interview-levy-huai-driven-to-excellence/) - “Inspire. Empower. Lead.” More than just a slogan, the essence of HKUFBE serves as a guide for students and alumni to grow and achieve their dreams. In our “LEAD Interview” series, we invited four outstanding students and alumni to explore the various facets of leadership – each based on an anchor word starting with L,
- [Driven to Excellence | Alumni Interview: Levy Huai](https://www.hkubs.hku.hk/sc/校友/alumni-interview-levy-huai-driven-to-excellence/) - “Inspire. Empower. Lead.” More than just a slogan, the essence of HKUFBE serves as a guide for students and alumni to grow and achieve their dreams. In our “LEAD Interview” series, we invited four outstanding students and alumni to explore the various facets of leadership – each based on an anchor word starting with L,
- [Embracing Obstacles with Resilience](https://www.hkubs.hku.hk/sc/校友/embracing-obstacles-with-resilience/) - Awardee of the Belt and Road Scholarship, our BEcon & Fin student Gerelt Oyunbold came all the way from Ulaanbaatar, Mongolia to pursue his academic journey in Hong Kong. Gerelt’s unique background and passion for economics and finance set him apart from his peers. When Gerelt was a child, his mother would read him a

## 活动

- [Call For Papers: Hong Kong Labor Symposium 2026 - TC](https://www.hkubs.hku.hk/eventsite/hk-labour-symposium-2026/) - The Hong Kong Labor Symposium, organized by the HKU Business School, will be held from May 29 to 30, 2026, in Hong Kong. We welcome submissions on all topics related to labor and development economics. We are honored to announce that our keynote speakers this year will be Professor Jeffrey Smith from the University of Wisconsin-Madison and Professor Petra
- [The Impact of Public Charging Station Accessibility on Demand for Electric Vehicles](https://www.hkubs.hku.hk/sc/?post_type=event&p=262984) - SPEAKER Professor Jie Zhang Dean’s Professor of Marketing Harvey Sanders Fellow of Retail Management Robert H. Smith School of Business University of Maryland ABSTRACT Lack of public charging stations (PCSs) is a key barrier to electric vehicle (EV) adoption. This paper examines how PCS accessibility influences EV demand and how effects vary by various
- [Reputation, Consulting, and  Audit Quality: Evidence from Local Audit Failures](https://www.hkubs.hku.hk/sc/?post_type=event&p=262976) - SPEAKER Prof. Xuefeng Jiang Eli Broad Endowed Professor in Accounting Department of Accounting and Information Systems Michigan State University ABSTRACT We examine why audit firms succeed in consulting markets and what this implies for audit quality. We argue that the audit practice serves as a reputation platform for consulting: audit reputation is verifiable through regulatory
- [Scroll to the Top:  Visual Cues and the Primacy Effect in Consumer Lending](https://www.hkubs.hku.hk/sc/?post_type=event&p=262716) - SPEAKER Prof. Regina Wittenberg Moerman Professor of Accounting Kellogg School of Management Northwestern University ABSTRACT We examine whether visually salient cues can improve borrower decision-making in consumer lending. We conduct a randomized controlled trial on an online lending platform where retail borrowers receive a personalized list of loan recommendations based on their application criteria. We
- [Navigating Trade-Offs in Food Decision-Making: How Wasting or Overeating Shapes Perceptions](https://www.hkubs.hku.hk/sc/?post_type=event&p=262627) - SPEAKER Professor Kelly Haws Anne Marie and Thomas B Walker Chair Professor of Marketing Owen Graduate School of Management Vanderbilt University ABSTRACT Among the many trade-offs consumers navigate when making eating decisions, having to decide whether to continue eating or wasting the remaining portion is a frequent dilemma. Because these behaviors are often visible
- [Consumer Misperceptions about the Sources of Societal Problems](https://www.hkubs.hku.hk/sc/?post_type=event&p=262570) - SPEAKER Professor Yu Ding Assistant Professor of Marketing Stanford Graduate School of Business Stanford University ABSTRACT Consumers face pressing societal problems, from climate change to the opioid epidemic. This paper offers a broad descriptive analysis of consumers’ beliefs about the composition of such problems and investigates how correcting misperceptions alters cause support. Pairing survey
- [A multivariate extension of  Azadkia-Chatterjee's rank coefficient](https://www.hkubs.hku.hk/sc/?post_type=event&p=262560) - SPEAKER Prof. Yuhao Wang Assistant Professor Institute for Interdisciplinary Information Sciences Tsinghua University ABSTRACT The Azadkia-Chatterjee coefficient is a rank-based measure of dependence between a random variable and a random vector. In this paper, we further extend it to a measure of the dependence between two random vectors Y and Z, based on n
- [A Behavioral Theory of Statistics](https://www.hkubs.hku.hk/event/a-behavioral-theory-of-statistics/) - Speaker: Professor Faruk Gul Professor of Economics Princeton University Abstract: We present a deterministic theory of the statistician based on two preferences: the estimation preference describes the statistician’s view of how well input data and models fit together and the prediction preference describes how well predictions and models fit together. Standard assumptions on these preferences,
- [2026 Asian Meeting of the Econometric Society in Hong Kong, China](https://www.hkubs.hku.hk/sc/?post_type=event&p=262080) - 2026 Asian Meeting of the Econometric Society in Hong Kong, China is scheduled to take place from June 19–21, 2026 (Friday to Sunday) at Grand Hall, LG/F, Lee Shau Kee Lecture Centre, Centennial Campus, The University of Hong Kong, Pokfulam, Hong Kong. Transportation & Directions From Hong Kong International Airport (HKIA) to HKU By
- [When AI Meets OM](https://www.hkubs.hku.hk/sc/?post_type=event&p=262091) - SPEAKER Professor Ming Hu Distinguished Professor of Business Operations and Analytics Rotman School of Management University of Toronto ABSTRACT This talk presents three streams of research on the growing role of AI models in operations management. First, I unpack the architecture and logic of large language models, examining how the pretraining and fine-tuning paradigm can
- [A Model of Direct-to-Consumer Live Selling](https://www.hkubs.hku.hk/sc/?post_type=event&p=262029) - SPEAKER Professor D.J. Wu Ernest Scheller Jr. Chair in Innovation, Entrepreneurship Commercialization Professor of Information Technology Management The Scheller College of Business, Georgia Institute of Technology ABSTRACT Our study investigates an emerging e-commerce model for small businesses, where the entrepreneur acts as both an online influencer and a direct-to-consumer (DTC) live seller. We consider how
- [Using Network Data to Measure Social Returns and Improve Targeting of Crime-Reduction Interventions](https://www.hkubs.hku.hk/event/using-network-data-to-measure-social-returns-and-improve-targeting-of-crime-reduction-interventions/) - Speaker: Professor Ashley Craig Senior Lecturer in Economics Research School of Economics Australian National University Abstract: [Please note: our confidential data providers have disclosed our preliminary results for academic presentations, but not for public distribution. So although this abstract does not report quantitative results, the presentation will include them.] This paper estimates how changes in
- [Mandatory vs. voluntary disclosure in the dynamic market for lemons](https://www.hkubs.hku.hk/sc/?post_type=event&p=261937) - SPEAKER Prof. Cyrus Aghamolla Associate Professor in Accounting Jones Graduate School of Business Rice University ABSTRACT We consider a dynamic adverse selection setting where a privately informed seller can choose to reveal or withhold past trade information to privately informed buyers. Buyers naturally receive less information when the seller can strategically withhold negative news relative
- [Drivers of Agricultural Growth in British India](https://www.hkubs.hku.hk/sc/event/drivers-of-agricultural-growth-in-british-india/) - INFORMATION Drivers of Agricultural Growth in British India Maanik Nath of Utrecht University and his co-author investigate the impact of public investments on agricultural incomes across colonial India. Using new data in a difference-in-differences framework, it shows that districts with access to canal irrigation experienced a 22% increase in agricultural incomes, alongside a three to
- [Drivers of Agricultural Growth in British India](https://www.hkubs.hku.hk/sc/event/drivers-of-agricultural-growth-in-british-india/) - INFORMATION Drivers of Agricultural Growth in British India Maanik Nath of Utrecht University and his co-author investigate the impact of public investments on agricultural incomes across colonial India. Using new data in a difference-in-differences framework, it shows that districts with access to canal irrigation experienced a 22% increase in agricultural incomes, alongside a three to
- [Drivers of Agricultural Growth in British India](https://www.hkubs.hku.hk/sc/event/drivers-of-agricultural-growth-in-british-india/) - INFORMATION Drivers of Agricultural Growth in British India Maanik Nath of Utrecht University and his co-author investigate the impact of public investments on agricultural incomes across colonial India. Using new data in a difference-in-differences framework, it shows that districts with access to canal irrigation experienced a 22% increase in agricultural incomes, alongside a three to
- [The Making of China and India in the 21st Century: Long-Run Human Capital Accumulation from 1900 to 2020](https://www.hkubs.hku.hk/sc/event/the-making-of-china-and-india-in-the-21st-century-long-run-human-capital-accumulation-from-1900-to-2020/) - INFORMATION The Making of China and India in the 21st Century: Long-Run Human Capital Accumulation from 1900 to 2020 In this Quantitative History hybrid lecture, Li Yang of the Leibniz Centre for European Economic Research (ZEW) will present new evidence on the divergence in economic growth between China and India from the 1980s onward, focusing
- [The Making of China and India in the 21st Century: Long-Run Human Capital Accumulation from 1900 to 2020](https://www.hkubs.hku.hk/sc/event/the-making-of-china-and-india-in-the-21st-century-long-run-human-capital-accumulation-from-1900-to-2020/) - INFORMATION The Making of China and India in the 21st Century: Long-Run Human Capital Accumulation from 1900 to 2020 In this Quantitative History hybrid lecture, Li Yang of the Leibniz Centre for European Economic Research (ZEW) will present new evidence on the divergence in economic growth between China and India from the 1980s onward, focusing
- [The Making of China and India in the 21st Century: Long-Run Human Capital Accumulation from 1900 to 2020](https://www.hkubs.hku.hk/sc/event/the-making-of-china-and-india-in-the-21st-century-long-run-human-capital-accumulation-from-1900-to-2020/) - INFORMATION The Making of China and India in the 21st Century: Long-Run Human Capital Accumulation from 1900 to 2020 In this Quantitative History hybrid lecture, Li Yang of the Leibniz Centre for European Economic Research (ZEW) will present new evidence on the divergence in economic growth between China and India from the 1980s onward, focusing
- [Preference Optimization Beyond DPO:  From Noisy Feedback to Conflicting Objectives](https://www.hkubs.hku.hk/sc/?post_type=event&p=261624) - SPEAKER Professor Xi Chen Professor of Technology, Operations, and Statistics Stern School of Business New York University ABSTRACT Preference optimization has emerged as a leading paradigm for aligning large language models (LLMs), offering a scalable alternative to reinforcement learning from human feedback. Yet two key challenges remain: preference data are often noisy, and real-world alignment
- [Responsible Personalized Pricing: Balancing Privacy, Fairness, and Revenue Optimization](https://www.hkubs.hku.hk/sc/?post_type=event&p=261617) - SPEAKER Professor Xi Chen Professor of Technology, Operations, and Statistics Stern School of Business New York University ABSTRACT Personalized pricing has become a key application of AI and machine learning, enabling firms to tailor decisions based on customer data and preferences. While personalization can significantly improve revenue and customer experience, it also raises important concerns
- [China's Economic Slowdown: A Firm-Level Perspective](https://www.hkubs.hku.hk/event/chinas-economic-slowdown-a-firm-level-perspective/) - Speaker: Professor Kjetil Storesletten The Richard and Beverly Fink Professor of Economics University of Minnesota Abstract: This paper develops a new representative firm-level dataset for Chinese manufacturing from 1998 to 2019 by combining tax, registry, and inspection records and correcting for sampling biases in existing administrative data. Using a CES production framework with firm-specific
- [HKU 2026 Summer Workshop on Statistics and Data Analytics](https://hkubs-stat.github.io/HKUBA-2026-Summer-Workshop/sessions/)
- [Asian School in Economic Theory 2026](https://www.hkubs.hku.hk/eventsite/economic-theory-2026/program/)
- [Cross-Country Differences in Sectoral Output, Employment, and Income](https://www.hkubs.hku.hk/event/what-determines-state-heterogeneity-in-response-to-us-tariff-changes/) - Speaker: Professor Michael Sposi Associate Professor of Economics Southern Methodist University Abstract: Across countries, the share of agriculture in value added is less than the corresponding share in employment, and the gap between the two shares diminishes with income per capita. We show the diminishing gap results from systematic differences in the ratio of agriculture
- [2nd HKU Summer Accounting Conference 2026 and Doctoral Consortium](https://www.hkubs.hku.hk/eventsite/hku-sac-2026/)
- [2026 HKU Summer Workshop on Operations Management](https://www.hkubs.hku.hk/eventsite/hku-summer-workshop-2026/)
- [Liquidity, Debt Denomination, and Currency Dominance](https://www.hkubs.hku.hk/sc/?post_type=event&p=261526) - Speaker: Professor Arvind Krishnamurthy The John S. Osterweis Professor of Finance Stanford Graduate School of Business Stanford University Abstract: Over four centuries, specific currencies have dominated global debt denomination. We present a liquidity-based theory that explains the centrality of the Dutch florin, British pound, and US dollar, and that rationalizes features of the international monetary
- [Statistical Challenges and Opportunities in  Two-sided Markets With Application in Tech Business](https://www.hkubs.hku.hk/sc/?post_type=event&p=261463) - SPEAKER Professor Hongtu Zhu Professor Gillings School of Global Public Health University of North Carolina at Chapel Hill ABSTRACT In this talk, we will introduce a general analytical framework for large scale data obtained from two-sided markets, especially ride-sourcing platforms like Uber. This framework integrates classical methods including Experiment Design, Causal Inference and Reinforcement Learning,
- [Subjective Beliefs and the Portfolio Allocations of Institutional Investors](https://www.hkubs.hku.hk/sc/?post_type=event&p=261405) - Speaker: Professor Andrei Gonçalves Associate Professor of Finance Fisher College of Business The Ohio State University Abstract: We study how subjective beliefs shape the portfolio allocations of institutional investors. Linking the multi-asset allocations of U.S. public pension funds to the long-term capital market assumptions of their consultants, we examine the extent to which differences in
- [Masculinity Around the World](https://www.hkubs.hku.hk/event/masculinity-around-the-world-2/) - Speaker: Professor Pauline Grosjean Professor in the School of Economics UNSW Sydney Abstract: We examine the role of masculinity norms—the shared social expectations about how men should behave—in predicting economic, health, and political outcomes. We fielded the Global Masculinity Survey, integrating a short form of the Conformity to Masculinity Norms Inventory (CMNI) into nationally
- [The Two-System View of Cognition and Investor Choice: Evidence from Mutual Fund Launch Livestreams](https://www.hkubs.hku.hk/sc/?post_type=event&p=261304) - Speaker: Professor Kai Li Fellow of the Royal Society of Canada Canada Research Chair in Corporate Governance W. Maurice Young Chair in Finance Professor of Finance UBC Sauder School of Business University of British Columbia Abstract: This paper examines how investors’ effortless intuition (System 1) and deliberate reasoning (System 2) jointly influence their investment decisions.
- [Coalitions in Repeated Games](https://www.hkubs.hku.hk/event/coalitions-in-repeated-games/) - Speaker: Professor Ce Liu Department of Economics Michigan State University Abstract: This paper proposes a framework and solution concept for repeated coalitional behavior. We model history-dependent schemes that deter coalitions from blocking using continuation promises and punishments. We evaluate the effectiveness of these schemes across a range of settings, and apply our results to repeated
- [Constructing Paper Sets:  Using a focal problem to  publish multiple papers and build a research agenda](https://www.hkubs.hku.hk/sc/?post_type=event&p=261277) - This is a joint seminar organized by HKU Business School’s IIM Area and Institute of Digital Economy & Innovation (IDEI). SPEAKER Prof. Jason Bennett Thatcher Tandean Rustandy Esteemed Professor The Leeds School of Business University of Colorado Boulder ABSTRACT Early-career scholars often face a difficult publication challenge: one ambitious paper is rarely enough to build
- [Do Changes in U.S. GAAP Divert Public Firms’ Resources and Influence who Wins the Innovation Race?](https://www.hkubs.hku.hk/sc/?post_type=event&p=261233) - SPEAKER Prof. Luminita Enache Associate Professor in Accounting Haskayne School of Business University of Calgary ABSTRACT Implementing new accounting standards requires substantial organizational resources, yet evidence on these costs and their real effects remains limited. Understanding these costs is critical for evaluating the net benefits of accounting standards and their distribution across firms. Focusing on
- [Geographic Integration and Firm Exports: Evidence from China](https://www.hkubs.hku.hk/event/field-choice-skill-specificity-and-labor-market-disruptions/) - Speaker: Professor Lin Tian Assistant Professor of Economics Insead Abstract: Domestic connectivity via passenger transport infrastructure can affect a country’s exports by easing information frictions. We study this mechanism using China’s high-speed rail network, which connects cities to same-sector exporters in other cities without affecting freight costs. Stronger connections increase firms’ export sales and
- [Self-Revealing Renegotiation](https://www.hkubs.hku.hk/event/geographic-integration-and-firm-exports-evidence-from-china/) - Speaker: Doctor Andrea Attar CNRS (TSM-R) Research Director TSE Research Fellow Toulouse School of Economics Abstract: We revisit the tension between the legal doctrine of renegotiation and economic efficiency. We introduce self-revealing mechanisms that combine bidirectional communication (the agent sends and receives information) with conditional disclosure (communication remains private during renegotiation but becomes verifiable at
- [Writing Code vs. Shipping Code: Productivity Effects Across Generations of AI Coding Tools](https://www.hkubs.hku.hk/sc/?post_type=event&p=261057) - SPEAKER Prof. Leon Musolff Assistant Professor of Business Economics and Public Policy The Wharton School The University of Pennsylvania ABSTRACT We study how productivity effects evolve across successive generations of AI coding tools and across stages of the software production process, using data on more than 100,000 GitHub developers combined with internal telemetry. In an
- [Inference And The Board Of Directors: The Cognitive Design Of New Venture Governance](https://www.hkubs.hku.hk/sc/?post_type=event&p=261071) - SPEAKER Prof. Daniel Elfenbein Professor of Organization and Strategy Olin Business School Washington University in St. Louis ABSTRACT Research on the governance of new ventures has traditionally focused on mitigating incentive misalignment between founders and investors through boards’ incentive design, monitoring, and control rights. We identify a distinct governance problem: managing cognitive misalignment—systematic differences in
- [A Brief History of Financial Risk](https://www.hkubs.hku.hk/sc/?post_type=event&p=261049) - Speaker: Professor David Solomon Professor of Finance Giuriceo Family Faculty Fellow Carroll School of Management Boston College Abstract: The starting point of nearly every asset pricing model is that investors understand that stocks outperform bonds due to their risk characteristics. We show that this was not a well understood concept until recently. Early 20th century
- [Rethinking Workplace Territoriality in the Age of Change and Disruption](https://www.hkubs.hku.hk/sc/?post_type=event&p=261042) - SPEAKER Prof. Cynthia Lee Distinguished Professor Emeritus Management and Organizational Development Northeastern University ABSTRACT While workplace territoriality research has received considerable scholarly attention and bloomed over the past decade, critical gaps remain in three areas: the conceptualization of territorial behaviors (with extant work focusing on territorial marking and defending, overlooking territorial expansion), the drivers of
- [Consuming Values](https://www.hkubs.hku.hk/sc/?post_type=event&p=260955) - Speaker: Professor Jacob Conway Assistant Professor of Economics Booth School of Business University of Chicago Abstract: We study the extent to which individuals’ consumption decisions are influenced by firms’ stances on controversial social issues and the implied incentives for firms to take such stances. We use transactions from a major payment card company to predict
- [Job Ads as Signals: Evidence from a Priced Amenity and Worker Beliefs](https://www.hkubs.hku.hk/sc/?post_type=event&p=260943) - SPEAKER Professor Simon Jäger Associate Professor of Economics and Public Affairs Princeton University ABSTRACT Discrete choice experiments are widely used to estimate workers' willingness to pay (WTP) for job amenities under the assumption that workers evaluate each attribute in isolation. We test this assumption by embedding an amenity with a known market price --- a
- [Environmental Disclosures in Global Supply Chains](https://www.hkubs.hku.hk/sc/?post_type=event&p=260932) - Speaker: Professor Xingtan Zhang Associate Professor of Finance Cheung Kong Graduate School of Business Abstract: Economies committed to environmental goals, such as mitigating global warming, face the challenge that pollution and emissions largely originate from activities in foreign countries. While governments may attempt to tax domestic firms’ sourcing of inputs from brown international firms, such
- [Are Exporters Naturally Hedged? Corporate Dollar Debt and Global Trade](https://www.hkubs.hku.hk/event/are-exporters-naturally-hedged-corporate-dollar-debt-and-global-trade-3/) - Speaker: Professor Annie Lee Assistant Professor of International Economics Johns Hopkins University, SAIS Abstract: We study how dollar-denominated debt and firm heterogeneity affect exchange rate pass-through to trade, using Korean firm-level balance sheet and customs transaction data. Export-intensive firm do not borrow more in foreign currency, suggesting natural hedging is not a key driver of
- [Are Exporters Naturally Hedged? Corporate Dollar Debt and Global Trade](https://www.hkubs.hku.hk/event/are-exporters-naturally-hedged-corporate-dollar-debt-and-global-trade/) - Speaker: Professor Annie Lee Assistant Professor of International Economics Johns Hopkins University, SAIS Abstract: We study how dollar-denominated debt and firm heterogeneity affect exchange rate pass-through to trade, using Korean firm-level balance sheet and customs transaction data. Export-intensive firm do not borrow more in foreign currency, suggesting natural hedging is not a key driver of
- [Not So Timely: Push-Notification Timing and User Engagement](https://www.hkubs.hku.hk/sc/?post_type=event&p=260732) - SPEAKER Professor Xinlong Li Assistant Professor of Marketing Nanyang Business School Nanyang Technological University ABSTRACT The availability of granular user data allows digital platforms to time interventions with remarkable precision. However, does delivering messages exactly when a user is active truly maximize consumer response? We leverage a novel dataset from a leading push notification
- [People from Historically Rice-Farming Cultures Perform Better on Exams](https://www.hkubs.hku.hk/event/people-from-historically-rice-farming-cultures-perform-better-on-exams/) - Speaker: Professor Suqin Ge Professor of Economics Director of the Center for Future Work Places and Practices Virginia Tech Abstract: Why do some countries do so much better than other countries in education? Resources are an obvious explanation. Genes for IQ are a controversial explanation. We argue that cultural differences in valuing hard work are
- [Consumption Growth from Digital Infrastructure: Evidence from India’s Mobile Internet Rollout](https://www.hkubs.hku.hk/event/consumption-growth-from-digital-infrastructure-evidence-from-indias-mobile-internet-rollout/) - Speaker: Professor Yi Fan Associate Professor Department of Real Estate Business School, National University of Singapore Abstract: The long-term growth effects of large-scale infrastructure investments depend crucially on how much households’ consumption expenditure rises as a result of such investments. We estimate the increase in consumption from India’s mobile internet rollout, which was staggered
- [Rival Social Movements and Firm-Level Gender Composition: Mixed-Methods Evidence from the MeToo and Anti-MeToo Movements in South Korea](https://www.hkubs.hku.hk/sc/?post_type=event&p=260370) - SPEAKER Prof. Jordan Siegel Professor of Strategy Ross School of Business University of Michigan ABSTRACT This study examines the extent to which rival social movements centered on gender-related issues have been associated with changes in firms’ managerial gender composition. Using the rise of the MeToo movement (2019-2021) and the subsequent Anti-MeToo countermovement (2021-2023) in South
- [Why Multimarket Banks Exist: A Quantitative Theory With Demand Complementarity](https://www.hkubs.hku.hk/sc/?post_type=event&p=260444) - Speaker: Professor Yufeng Wu Associate Professor of Finance Ohio State University Abstract: Consumers prefer to obtain multiple financial products from the same bank. We provide causal evidence of this demand complementarity in banking and estimate a dynamic model to study its implications for multimarket banks, quantifying important impacts on bank synergies, pricing strategies, and the
- [HKU Business School Deepens Engagement and Talent Pipelines in Vietnam](https://www.hkubs.hku.hk/event/hku-business-school-deepens-engagement-and-talent-pipelines-in-vietnam/) - In early May, a delegation from HKU Business School visited Ho Chi Minh City to strengthen the School’s presence in Vietnam and to open new opportunities for collaboration benefiting students, alumni, partners, and future HKU talents. During the visit, the delegation met with a range of leading organisations, including the China Chamber of Commerce in
- [Robust Trust](https://www.hkubs.hku.hk/event/robust-trust/) - Speaker: Prof. Alex Smolin Professor Toulouse School of Economics Abstract: An agent chooses an action based on her private information and a recommendation from an informed but potentially misaligned adviser. With a known probability, the adviser truthfully reports his signal; with the remaining probability, he can send any message. We characterize optimal robust decision rules
- [Machines and Superstars: Implications of Technological Change for Top Labor Incomes](https://www.hkubs.hku.hk/sc/?post_type=event&p=260251) - SPEAKER Dr. Donghyun Suh Economist Research Department Bank of Korea ABSTRACT This paper develops a model of hierarchical production organizations to study the effects of technological change on income distribution, focusing on top labor incomes. The model features workers with different skill levels who interact with machines. Machine complexity determines how machines are organized inside
- [Designing AI-Based Work Processes: How the Timing of AI Advice Affects Diagnostic Decision Making](https://www.hkubs.hku.hk/sc/?post_type=event&p=260116) - SPEAKER Prof. Hock Hai TEO Provost's Chair Professor of Information Systems Department of Information Systems at the School of Computing National University of Singapore ABSTRACT Although clinical artificial intelligence (AI) systems can augment medical diagnosis decisions by providing competent second opinions, how to effectively integrate AI into routine diagnostic processes, such as when to present
- [Artificial Intelligence in the Office and the Factory](https://www.hkubs.hku.hk/event/artificial-intelligence-in-the-office-and-the-factory/) - Speaker: Dr. Gustavo de Souza Research Economist Federal Reserve Bank of Chicago Abstract: What is the effect of artificial intelligence (AI) on employment and wages? Using administrative data on a comprehensive set of AI applications developed in Brazil, I show that AI is widely used not only in administrative tasks but also in the production
- [Superstar Firms through the Generations](https://www.hkubs.hku.hk/event/superstar-firms-through-the-generations-2/) - Speaker: Professor Ben Pugsley Associate Professor of Economics University of Notre Dame Abstract: We present new facts about the largest American companies over the past century. In manufacturing, top firms in the 1910s, 1950s, and 2010s predominantly date back to around 1900. Even as this special generation persists, turnover among top firms has been substantial.
- [Flora, Cosmos, Salvatio: Pre-modern Academic Institutions and the Spread of Ideas](https://www.hkubs.hku.hk/sc/event/flora-cosmos-salvatio-pre-modern-academic-institutions-and-the-spread-of-ideas/) - INFORMATION Flora, Cosmos, Salvatio: Pre-modern Academic Institutions and the Spread of Ideas While good ideas can emerge anywhere, it takes a community to develop and disseminate them. In this Quantitative History webinar, David de la Croix of UCLouvain will reconstruct how interpersonal connections formed through institutional affiliations across premodern Europe (1084–1793), where roughly 200 universities
- [Flora, Cosmos, Salvatio: Pre-modern Academic Institutions and the Spread of Ideas](https://www.hkubs.hku.hk/sc/event/flora-cosmos-salvatio-pre-modern-academic-institutions-and-the-spread-of-ideas/) - INFORMATION Flora, Cosmos, Salvatio: Pre-modern Academic Institutions and the Spread of Ideas While good ideas can emerge anywhere, it takes a community to develop and disseminate them. In this Quantitative History webinar, David de la Croix of UCLouvain will reconstruct how interpersonal connections formed through institutional affiliations across premodern Europe (1084–1793), where roughly 200 universities
- [Flora, Cosmos, Salvatio: Pre-modern Academic Institutions and the Spread of Ideas](https://www.hkubs.hku.hk/sc/event/flora-cosmos-salvatio-pre-modern-academic-institutions-and-the-spread-of-ideas/) - INFORMATION Flora, Cosmos, Salvatio: Pre-modern Academic Institutions and the Spread of Ideas While good ideas can emerge anywhere, it takes a community to develop and disseminate them. In this Quantitative History webinar, David de la Croix of UCLouvain will reconstruct how interpersonal connections formed through institutional affiliations across premodern Europe (1084–1793), where roughly 200 universities
- [When Does Corporate Philanthropy Pay?  An Information Perspective](https://www.hkubs.hku.hk/sc/?post_type=event&p=259986) - SPEAKER Prof. Vivian Fang Professor of Finance ​Richard E. Jacobs Chair in Finance Kelley School of Business | ​Indiana University ABSTRACT We examine corporate philanthropy as a signal of firm product quality under limited attention. Linking local charitable donations to sales, we find no average effect but a strong fourth-quarter (Q4) lift, especially for firms
- [Electric Vehicle Safety: The Effects of Weight and Technology](https://www.hkubs.hku.hk/event/electric-vehicle-safety-the-effects-of-weight-and-technology/) - Speaker: Professor Mark Jacobsen Professor in the Department of Economics University of California, San Diego Abstract: The electric vehicle (EV) transition has the potential to substantially alter accident safety. EVs are heavier than comparable gasoline vehicles, implying they impose important accident externalities. At the same time, EVs often have driver assistance systems that could
- [Artificial Intelligence & Data Obfuscation: Algorithmic Competition in Digital Ad Auctions](https://www.hkubs.hku.hk/event/artificial-intelligence-data-obfuscation-algorithmic-competition-in-digital-ad-auctions/) - Speaker: Professor Francesco Decarolis 2026 Agnelli Chair of Italian Culture of Peking University Full Professor Department of Economics Bocconi University Abstract: Artificial Intelligence Algorithms differ in their capabilities depending on the type of available data. We explore how this dimension informs two key design features: memory and updating (or learning) rule. We apply this
- [Emergent properties in Large Language Models](https://www.hkubs.hku.hk/sc/?post_type=event&p=259790) - SPEAKER Prof. Michal Kosinski Associate Professor of Organizational Behavior Graduate School of Business Stanford University ABSTRACT Large Language Models (LLMs) trained to predict the next word in a sentence have surprised their creators by displaying emergent properties, ranging from a proclivity for biases to an ability to write computer code and solve mathematical tasks. This
- [Equity Valuation Without DCF](https://www.hkubs.hku.hk/sc/?post_type=event&p=259757) - Speaker: Professor Christopher Polk Professor of Finance Department of Finance The London School of Economics and Political Science Abstract: We introduce discounted alpha—a novel framework for equity valuation. By correcting market prices rather than discounting long-horizon cash flows, our approach delivers lower-variation, better-performing estimates of a stock's value. Applying our estimates, we find that private
- [Transport and the Transmission of Plague across Settlements in Early Modern England](https://www.hkubs.hku.hk/sc/event/transport-and-the-transmission-of-plague-across-settlements-in-early-modern-england/) - INFORMATION Transport and the Transmission of Plague across Settlements in Early Modern England Plague was the most lethal disease in early modern England. However, there is limited large-scale quantitative evidence about the factors that allowed plague to spread between settlements. In this Quantitative History Webinar, Eric B. Schneider of the London School of Economics and
- [Transport and the Transmission of Plague across Settlements in Early Modern England](https://www.hkubs.hku.hk/sc/event/transport-and-the-transmission-of-plague-across-settlements-in-early-modern-england/) - INFORMATION Transport and the Transmission of Plague across Settlements in Early Modern England Plague was the most lethal disease in early modern England. However, there is limited large-scale quantitative evidence about the factors that allowed plague to spread between settlements. In this Quantitative History Webinar, Eric B. Schneider of the London School of Economics and
- [Transport and the Transmission of Plague across Settlements in Early Modern England](https://www.hkubs.hku.hk/sc/event/transport-and-the-transmission-of-plague-across-settlements-in-early-modern-england/) - INFORMATION Transport and the Transmission of Plague across Settlements in Early Modern England Plague was the most lethal disease in early modern England. However, there is limited large-scale quantitative evidence about the factors that allowed plague to spread between settlements. In this Quantitative History Webinar, Eric B. Schneider of the London School of Economics and
- [Housing Privatization as Intergenerational Redistribution](https://www.hkubs.hku.hk/event/housing-privatization-as-intergenerational-redistribution/) - Speaker: Prof. Kaiji Chen Professor of Economics Department of Economics Emory University Abstract: How can emerging economies transfer resources from richer future generations to current cohorts so that the latter can share the gains from rapid economic growth? We propose a housing-based mechanism: subsidized access to housing for early cohorts generates intergenerational redistribution through
- [Interest-Rate Fee Substitution: Credit Facilitation in Segmented Markets](https://www.hkubs.hku.hk/sc/?post_type=event&p=259407) - Speaker: Professor João Cocco Professor of Finance London Business School University of London Abstract: We use administrative data covering the universe of mortgage originations to individual real estate investors in the United Kingdom to study financing outcomes following a large, unanticipated increase in interest rates. Post-shock, originations become more concentrated among specialist lenders, who exhibit
- [Re-Adjusted Financial Statement Data: Challenges and Implications for Empirical Research](https://www.hkubs.hku.hk/sc/?post_type=event&p=259282) - SPEAKER Prof. Matthew R. Lyle Associate Professor Goizueta Business School Emory University ABSTRACT Compustat North America Fundamentals files are a cornerstone of empirical research in accounting and finance. While continuous adjustments to historical data can enhance comparability and correct errors, they also pose challenges to research validity. Using Compustat Snapshot, which preserves data as it
- [Moving Forward or Falling Back: Gender Differences in Career Advancement for Former Entrepreneurs Re-Entering the Workforce](https://www.hkubs.hku.hk/sc/?post_type=event&p=259215) - SPEAKER Prof. Milan Miric Dean’s Associate Professorship in Business Administration Associate Professor of Data Sciences and Operations Marshall School of Business University of Southern California ABSTRACT Entrepreneurship is highly uncertain, and many ventures are likely to fail. Thus, potential entrepreneurs likely consider the impact founder experience may have on their future career. Given that gender
- [Keeping Up With the Joneses? Not So Much for Those Who Move Around a Lot](https://www.hkubs.hku.hk/sc/?post_type=event&p=259172) - SPEAKER Professor Tina Lowrey Professor of Marketing HEC Paris ABSTRACT Changing residences is common for many consumers, and frequent moving has been shown to have important psychological and behavioral effects. The current research investigates the impact of residential mobility on the extent to which consumers engage in keeping-up behaviors–consumption (typically status-related) that is motivated
- [Chronic Loneliness and Comfort with Interpersonal Touch: Implications for Touch-Related Consumer Services](https://www.hkubs.hku.hk/sc/?post_type=event&p=259155) - SPEAKER Professor L. J. Shrum Professor of Marketing HEC Paris ABSTRACT Chronic loneliness is a serious social problem that appears to be on the rise, and more so after the global COVID-19 pandemic. Some firms have introduced consumer services to foster social connections, particularly ones that promote interpersonal touch. Such strategies are presumably based
- [The Economic Benefits of Mixed Decentralization: Evidence from China’s First Secretary Program](https://www.hkubs.hku.hk/event/the-economic-benefits-of-mixed-decentralization-evidence-from-chinas-first-secretary-program/) - Speaker: Professor Raymond Fisman Slater Family Professor in Behavioral Economics Boston University Abstract: Bureaucratic decentralization involves tradeoffs between local expertise versus access to centralized resources. We study the First Secretary Program (FSP), which consigned officials from higher level agencies to implement antipoverty initiatives in impoverished Chinese villages, with the objective of connecting communities to expertise
- [“No-Interest” Advertising in  High-Cost Consumer Credit Markets](https://www.hkubs.hku.hk/sc/?post_type=event&p=259085) - SPEAKER Prof. Xi Wu Assistant Professor in Accounting Haas School of Business University of California, Berkeley ABSTRACT This paper examines whether advertised cost claims that do not reflect total borrowing costs affect consumer choices and beliefs in expensive, short-term credit markets. We assemble a comprehensive dataset on cash-advance apps combining detailed advertising content, app downloads
- [Constant regret dynamic matching](https://www.hkubs.hku.hk/sc/?post_type=event&p=259069) - SPEAKER Prof. Sophie H. Yu Assistant Professor of Operations, Information and Decisions The Wharton School University of Pennsylvania ABSTRACT Dynamic matching problems arise when heterogeneous agents arrive over time and must be matched under compatibility constraints, with applications ranging from kidney exchange to mobility and service platforms. A central question is how to design online
- [Should Referral Programs Reward Customers for the Short-Term Performance of Their Referrals?](https://www.hkubs.hku.hk/sc/?post_type=event&p=259060) - SPEAKER Professor Yupeng Chen Assistant Professor of Marketing Nanyang Business School Nanyang Technological University ABSTRACT Referral programs are widely used by firms as a tool for new customer acquisition. In practice, most referral programs reward existing customers for the acquisition of their referrals (i.e., referred customers). Although such acquisition-based referral rewards incentivize existing customers
- [Media Gatekeeping: Selective Dissemination and the Pricing of Earnings Information](https://www.hkubs.hku.hk/sc/?post_type=event&p=258146) - SPEAKER Prof. Jason V. Chen Associate Professor in Accounting Department of Accounting University of Illinois at Chicago ABSTRACT This study examines how an important channel of media gatekeeping – the selective dissemination of information from firm disclosures – shapes price discovery. Using a narrow intraday window, we document significant variation in how the media rapidly
- [The War of Attrition under Uncertainty: Theory and Robust Testable Implications](https://www.hkubs.hku.hk/event/the-war-of-attrition-under-uncertainty-theory-and-robust-testable-implications/) - Speaker: Professor Thomas Mariotti TSE Research Faculty Senior Researcher CNRS Abstract: We study a symmetric-information war of attrition in which the players’ rewards depend on exogenous market conditions evolving as a homogeneous linear diffusion process. Using that a Markovian strategy can be represented by a stopping region along with an intensity measure of stopping, we
- [Power of Waste-Aware Display Policies in Online Grocery Retail: A Unified Framework](https://www.hkubs.hku.hk/sc/?post_type=event&p=258869) - SPEAKER Prof. Huanan Zhang Assistant Professor in Strategy, Entrepreneurship and Operations Leeds School of Business University of Colorado Boulder ABSTRACT With the rapid growth of online grocery retail, firms are increasingly focusing on shaping demand through dynamic product displays (i.e., ranking and assortment decisions). However, this introduces several intertwined challenges, such as tailoring product displays
- [The Rise of Specialists in the Workplace: Productivity Gains, Coordination Costs, and Learning](https://www.hkubs.hku.hk/event/the-rise-of-specialists-in-the-workplace-productivity-gains-coordination-costs-and-learning/) - Speaker: Professor Katrine Vellesen Løken Professor of Economics NHH Norwegian School of Economics Abstract: We examine how the growing division of labor within firms affects productivity and human capital accumulation. Internal task specialization raises productivity through Ricardian gains from task trade, but it also increases the organizational costs of coordinating increasingly differentiated workers and
- [Men’s intuition? Female directors and why selection matters](https://www.hkubs.hku.hk/sc/?post_type=event&p=258792) - Speaker: Professor Renée Adams Professor of Finance Saïd Business School University of Oxford Abstract: Are female directors different than male directors? Well, not as one might think. We argue the answer depends on factors driving director selection and self-selection. Using the World Value Survey and an international sample of roughly 1,000 directors, we document the
- [Innovation Networks in the Industrial Revolution](https://www.hkubs.hku.hk/sc/event/innovation-networks-in-the-industrial-revolution/) - INFORMATION Innovation Networks in the Industrial Revolution In this Quantitative History Webinar, Lukas Rosenberger of Ludwig-Maximilians-Universität Munich will introduce a new approach to understanding technological progress and economic growth during the Industrial Revolution by combining modern growth theory with detailed micro-data. Lukas and his co-authors develop a multi-sector endogenous growth model to study one leading
- [Innovation Networks in the Industrial Revolution](https://www.hkubs.hku.hk/sc/event/innovation-networks-in-the-industrial-revolution/) - INFORMATION Innovation Networks in the Industrial Revolution In this Quantitative History Webinar, Lukas Rosenberger of Ludwig-Maximilians-Universität Munich will introduce a new approach to understanding technological progress and economic growth during the Industrial Revolution by combining modern growth theory with detailed micro-data. Lukas and his co-authors develop a multi-sector endogenous growth model to study one leading
- [Innovation Networks in the Industrial Revolution](https://www.hkubs.hku.hk/sc/event/innovation-networks-in-the-industrial-revolution/) - INFORMATION Innovation Networks in the Industrial Revolution In this Quantitative History Webinar, Lukas Rosenberger of Ludwig-Maximilians-Universität Munich will introduce a new approach to understanding technological progress and economic growth during the Industrial Revolution by combining modern growth theory with detailed micro-data. Lukas and his co-authors develop a multi-sector endogenous growth model to study one leading
- [HKU-Pepperdine Cross-Pacific Dialogue on Law, Economics & Innovation](https://www.hkubs.hku.hk/event/pepperdine-university-leadership-delegation-visit-to-hku/) - Dear students, alumni and friends, You are warmly invited to join a special high-profile event: HKU-Pepperdine Cross-Pacific Dialogue on Law, Economics & Innovation. This event features a Fireside Chat on International Law and Global Economics, as well as a Panel Discussion: Venture Capital, Universities, and Geopolitics: Navigating Innovation Between Hong Kong, the US and Asia,
- [Robust Advice from AI](https://www.hkubs.hku.hk/sc/?post_type=event&p=258729) - SPEAKER Prof. Ricardo Alonso Professor of Management London School of Economics and Political Science ABSTRACT We study how a privately informed decision maker uses recommendations from an AI system. We treat the AI as a black box guaranteeing a minimum level of performance when its advice is followed. A conservative Bayesian decision maker combines the
- [Climate Change and the Spatial Reallocation of Capital](https://www.hkubs.hku.hk/sc/?post_type=event&p=258691) - Speaker: Professor Jacopo Ponticelli Merrill Lynch Capital Markets Associate Professor of Finance Kellogg School of Management Northwestern University Abstract: Climate change is expected to increase drought conditions in many developing countries, leading to large agricultural productivity losses. Standard trade and geography models predict that the optimal adaptation response is a reallocation of economic activity away
- [FinTech Brings a Bias from Psychology Labs to a Two-trillion-dollar Market](https://www.hkubs.hku.hk/sc/?post_type=event&p=254700) - Speaker: Professor Hongjun Yan Professor of Finance Richard H. Driehaus Chair in Behavioral Finance DePaul University Abstract: Personalized services have traditionally been difficult to automate and therefore costly. Modern technology, such as robo-advising, promises to change this but also introduces new challenges. Robo-advisors typically make investment recommendations based on surveys of clients’ preferences. As a
- [Universities and the Rise of Services](https://www.hkubs.hku.hk/event/universities-and-the-rise-of-services/) - Speaker: Prof. Chang Liu Assistant Professor of Economics National University of Singapore Abstract: Structural transformation from manufacturing to services varies substantially across regions. Using U.S. regional data, we document that commuting zones with universities (i) experience faster growth in service employment, particularly in high-skill services, (ii) exhibit higher college wage premia, and (iii) account
- [Disclosure of causal vs. correlational information in markets with correlation neglect](https://www.hkubs.hku.hk/event/disclosure-of-causal-vs-correlational-information-in-markets-with-correlation-neglect/) - Speaker: Professor Andy Zapechelnyuk Professor of Economics University of Edinburgh Abstract: We study disclosure of consumer information in competitive risk-sharing markets when consumers neglect correlation. Disclosure of a consumer trait mitigates adverse selection, thus improving welfare. It also leads to distorted risk assessment and incorrect participation decisions by consumers due to their lack of
- [Optimal No-Regret Learning in Repeated First-Price Auctions](https://www.hkubs.hku.hk/sc/?post_type=event&p=258281) - SPEAKER Prof. Zhengyuan Zhou Associate Professor of Technology, Operations, and Statistics Doctoral Program Coordinator, Operations Management Leonard N. Stern School of Business | New York University ABSTRACT First-price auctions have very recently swept the online advertising industry, replacing second-price auctions as the predominant auction mechanism on many platforms for display ads bidding. This shift has
- [How Artificial Intelligence Reshapes Work:  Evidence from Occupation-Level Analysis](https://www.hkubs.hku.hk/sc/?post_type=event&p=258289) - SPEAKER Prof. Tingliang Huang Amazon Distinguished Professor of Business Analytics Haslam College of Business University of Tennessee ABSTRACT Artificial Intelligence (AI)'s impact on work is important but ambiguous. We first present a conceptual framework that considers the two dimensions of AI's job content and job opportunity effects. We develop a novel occupational AI exposure measure
- [The VIP Effect in Medicine: How Patients' Insider Knowledge, Social Ties, and Organizational Rank Shape Clinical Decisions](https://www.hkubs.hku.hk/event/the-vip-effect-in-medicine-how-patients-insider-knowledge-social-ties-and-organizational-rank-shape-clinical-decisions/) - Speaker: Professor Xuan Zhang Assistant professor of economics Singapore Management University Abstract: Very Important Persons (VIPs) often receive preferential treatment across many settings. We study how patients' privileged traits, including insider knowledge, social ties to physicians, and organizational authority, drive physicians’ clinical decision-making. We leverage a policy reform that alters physicians' financial incentives without
- [Dynamic Treatment Effects and Dynamic Selection with Time-Varying Instruments](https://www.hkubs.hku.hk/event/dynamic-treatment-effects-and-dynamic-selection-with-time-varying-instruments/) - Speaker: Professor Joshua Shea Assistant Professor of Economics University of Illinois Urbana Champaign Abstract: We develop a framework to identify dynamic treatment effects in a panel setting with endogenous treatment timing and repeated binary instrumental variable (IV) shocks. Agents respond dynamically to the instrument when selecting timing of treatment, generating multiple latent complier and non-complier
- [Benign Overfitting in Economic Forecasting via Noise Regularization](https://www.hkubs.hku.hk/sc/?post_type=event&p=258101) - SPEAKER Prof. Zhentao Shi Professor Department of Economics The Chinese University of Hong Kong (CUHK) ABSTRACT This paper studies linear overparameterized models in economic forecasting and highlights that including noise variables (regressors with no predictive power) regularizes the estimator. We consider a setting where both the outcome variable and the high-dimensional predictors are driven
- [Media Avoidance and Corporate Disclosure](https://www.hkubs.hku.hk/sc/?post_type=event&p=257891) - SPEAKER Prof. Yuan Zhang Albert Lepage Professor of Accounting Freeman School of Business Tulane University ABSTRACT This study examines firms’ explicit avoidance of media in corporate conference presentations and their corresponding disclosure strategy. We find that firms with negative media coverage and higher institutional ownership are more likely to avoid the media. Their conference presentations
- [Are workers moving to high productivity regions?](https://www.hkubs.hku.hk/event/are-workers-moving-to-high-productivity-regions/) - Speaker: Professor Ying Feng Department of Economics National University of Singapore Abstract: We construct a new regional dataset integrating wage information with migration flow data, covering 1,257 regions across 76 countries over a span of six decades. Using this dataset, we document patterns of labor reallocation within countries over the life cycle of cohorts. By
- [Getting the Picture](https://www.hkubs.hku.hk/sc/?post_type=event&p=257853) - SPEAKER Professor Robert Akerlof Professor of Economics UNSW Business School ABSTRACT Standard economic theory assumes that people have perfect information processing ability: they can derive all logical consequences of information immediately. In reality, however, people struggle to work out the consequences of information. In this paper, we offer a theory of the reasoning process—how people
- [Polishing the prism: The interplay between network prominence and symbolic actions in entrepreneurial resource acquisition](https://www.hkubs.hku.hk/sc/?post_type=event&p=257786) - SPEAKER Prof. Anne ter Wal Professor of Technology and Innovation Management Imperial College London ABSTRACT The networks-as-prisms perspective establishes that ventures seeking to acquire resources can signal legitimacy based on prominent positions in social networks. Meanwhile, the symbolic management perspective establishes that symbolic actions can equally convey legitimacy. What is less clear is how the
- [Team Hierarchical Adaptability: Benefits For Team Coordination And Performance](https://www.hkubs.hku.hk/sc/?post_type=event&p=257773) - SPEAKER Prof. Lindy Greer Gerald and Esther Carey Professor of Business Administration Professor of Management and Organizations Stephen M. Ross School of Business University of Michigan ABSTRACT We introduce the concept of hierarchical adaptability, which we define as a team’s relative capability to repeatedly and bidirectionally shift between different shapes of its influence hierarchy (i.e.,
- [Rating Agency Disagreement on Sovereign Debt Levels](https://www.hkubs.hku.hk/sc/?post_type=event&p=257729) - SPEAKER Prof. Jenny Chu Professor of Financial Accounting JM Keynes Fellow in Financial Economics Deputy Director of the Centre for Financial Reporting and Accountability (CFRA) Judge Business School | University of Cambridge ABSTRACT Despite its importance for economic policy and capital markets, sovereign general government debt is not measured under harmonized or enforceable global accounting
- [Benefits of Bank-CLO Relationships: Evidence from Bankruptcy and Restructuring Outcomes of CLO-held Loans](https://www.hkubs.hku.hk/sc/?post_type=event&p=257718) - SPEAKER Prof. Dushyantkumar Vyas Professor Department of Management University of Toronto Mississauga ABSTRACT Despite persistent academic and regulatory concerns, Collateralized Loan Obligations (CLOs) have consistently demonstrated resiliency over the past two decades. We document that firms whose loans are acquired by CLOs are less likely to experience adverse credit events within 12 months of inclusion
- [Contextual Linear Optimization under Full and Partial Feedback](https://www.hkubs.hku.hk/sc/?post_type=event&p=257681) - SPEAKER Prof. Xiaojie Mao Associate Professor Department of Management Science and Engineering Tsinghua University ABSTRACT This talk is about Contextual Linear Optimization (CLO) across two feedback regimes, where we study the traditional two-stage Estimate-Then-Optimize (ETO) approach and the new integrated Induced Empirical Risk Minimization (IERM) framework. In the full-feedback setting, we theoretically demonstrate that
- [Being Your (Not-So) Best Self: How Self-Diagnosticity Shapes Motivation and Virtue](https://www.hkubs.hku.hk/sc/?post_type=event&p=257672) - SPEAKER Professor Rima Toure-Tillery Associate Professor of Marketing Kellogg School of Management Northwestern University ABSTRACT Most people wish to maintain a positive self-concept and thus often behave virtuously (e.g., choosing healthy foods, donating to charity, spending responsibly) in an effort to present themselves to themselves in a favorable light (i.e., self-signaling). However, we only
- [HKU-Nestlé Hong Kong Joint University Case Competition 2026](https://www.hkubs.hku.hk/sc/event/hku-nestle-hong-kong-joint-university-case-competition-2026/) - HKU Business School collaborates with Nestlé Hong Kong to organise the HKU-Nestlé Hong Kong Joint University Case Competition 2026. This competition is the annual signature event of HKU International Case Society (HICS), a student-run organisation supported by the School which aims at facilitating mutual learning, networking, and a constant exchange of ideas among like-minded individuals.
- [HKU-Nestlé Hong Kong Joint University Case Competition 2026](https://www.hkubs.hku.hk/sc/event/hku-nestle-hong-kong-joint-university-case-competition-2026/) - HKU Business School collaborates with Nestlé Hong Kong to organise the HKU-Nestlé Hong Kong Joint University Case Competition 2026. This competition is the annual signature event of HKU International Case Society (HICS), a student-run organisation supported by the School which aims at facilitating mutual learning, networking, and a constant exchange of ideas among like-minded individuals.
- [HKU-Nestlé Hong Kong Joint University Case Competition 2026](https://www.hkubs.hku.hk/sc/event/hku-nestle-hong-kong-joint-university-case-competition-2026/) - HKU Business School collaborates with Nestlé Hong Kong to organise the HKU-Nestlé Hong Kong Joint University Case Competition 2026. This competition is the annual signature event of HKU International Case Society (HICS), a student-run organisation supported by the School which aims at facilitating mutual learning, networking, and a constant exchange of ideas among like-minded individuals.
- [Association Rules: An Axiomatic Approach](https://www.hkubs.hku.hk/event/association-rules-an-axiomatic-approach/) - Speaker: Professor Fan Wang Department of Economics Assistant Professor of Economics Abstract: Association rules are conditional statements, suggesting a value for a predicted variable y if certain values of the predictor x= (x^1,…,x^m) occur. They are widely used in machine learning, where each rule’s weight depends on past predictive performance. We consider a simple evaluation-and-aggregation model,
- [第十届香港大学中国经济季度论坛](https://ice.hkubs.hku.hk/events-archive/10th-hku-quarterly-forum-on-chinese-economy/)
- [第十屆香港大學中國經濟季度論壇](https://ice.hkubs.hku.hk/events-archive/10th-hku-quarterly-forum-on-chinese-economy/)
- [The 10th HKU Quarterly Forum on Chinese Economy](https://ice.hkubs.hku.hk/events-archive/10th-hku-quarterly-forum-on-chinese-economy/)
- [Venture debt as bridge financing](https://www.hkubs.hku.hk/sc/?post_type=event&p=257387) - Speaker: Professor Juanita González-Uribe Associate Professor in Finance London School of Economics and Political Science Abstract: Using novel contract-level data from five major venture lenders, we document the counterintuitive pattern that venture-stage firms often borrow at moments of heightened uncertainty (either waiting on patent grants or analyzing the results of clinical trials), and prepay their
- [Market Boundaries in Buyer-Supplier Networks](https://www.hkubs.hku.hk/event/market-boundaries-in-buyer-supplier-networks/) - Speaker: Prof. Monica Morlacco Assistant Professor of Economics University of Southern California Abstract: We study market boundaries in buyer-supplier networks, asking what constitutes the relevant competitive set for pricing when buyers source from few active suppliers despite many alternatives being available. We develop a model in which a single parameter governing market contestability nests full
- [How imprints of environmental turbulence influence board chairs’ political network adaptation.](https://www.hkubs.hku.hk/sc/?post_type=event&p=257360) - SPEAKER Prof. Dean Xu Professor of Management Monash Business School Monash University ABSTRACT Corporate leaders respond to political turbulences by adapting their political strategies. Without knowing how long turbulences will last, they often base their actions on their personal perceptions about the time length of the turbulences. Drawing from imprinting theory, we propose that board
- [Engineering Opportunity: A Longitudinal Field Experiment Reveals How Convergent Versus Divergent Network Exposure Influences Social Belonging, Network Trajectories, and Career Attainment](https://www.hkubs.hku.hk/sc/?post_type=event&p=257323) - SPEAKER Prof. Sameer Srivastava Ewald T. Grether Professor of Business Administration and Public Policy Haas School of Business UC Berkeley ABSTRACT Social belonging is a fundamental human need that people seek in the workplace. While traditional approaches to engendering belonging focus on mindset interventions, the authors instead develop a novel structural intervention that fosters belonging
- [Obsolescence Rents: Teamsters, Truckers & Impending Computerization](https://www.hkubs.hku.hk/event/obsolescence-rents-teamsters-truckers-impending-computerization/) - Speaker: Professor Kevin Lang Professor of Economics Boston University Abstract: Impending technological innovation, such as self-driving trucks, threatens occupations like truck drivers with sudden obsolescence. Using a bare-bones overlapping generations model, we examine an occupation facing such possible obsolescence. Employers must pay ‘obsolescence rents,’ with fewer and older workers remaining in the occupation. We study
- [Courts of Tomorrow: Evidence from a Nationwide Introduction of Generative AI](https://www.hkubs.hku.hk/event/courts-of-tomorrow-evidence-from-a-nationwide-introduction-of-generative-ai/) - Speaker: Professor Sultan Mehmood Associate Professor of Economics New Economic School Abstract: We present the first large-scale field experiment on integrating generative AI into a national judicial system. In partnership with Pakistan's judiciary, we developed \textit{JudgeGPT}, a custom-built generative AI assistant designed specifically for Pakistan's trial courts, and randomized 1,559 judges into one of
- [How to Train Your AI When Humans Matter](https://www.hkubs.hku.hk/sc/?post_type=event&p=257316) - SPEAKER Prof. Kevin Bryan Associate Professor of Strategic Management Rotman School of Management University of Toronto ABSTRACT AI predicts; its prediction is used by humans in decisions. The value of AI therefore depends on how humans extend, verify, and act on that prediction. We model AI as part of a composite experiment where agents can
- [Structural Forward Induction](https://www.hkubs.hku.hk/event/structural-forward-induction/) - Speaker: Professor Marciano Siniscalchi Professor of Economics Northwestern University Abstract: Structural rationality (Siniscalchi, ECMA 2022) requires players to account for the possibility of future surprises when choosing their current actions. This requirement strengthens the notion of (weak) sequential rationality introduced by Reny (ECMA, 1992). We investigate the implications of structural rationality for both equilibrium and
- [Estimating the Impact of Loan Supply Shocks](https://www.hkubs.hku.hk/sc/?post_type=event&p=257083) - Speaker: Professor Rajkamal Iyer Professor of Financial Economics Imperial College Business School Abstract: We show that commonly used empirical approaches in the banking literature do not recover the impact of credit supply shocks on loan-level lending, on total firm-level borrowing or on real outcomes. Using a simple model of firm borrowing with standard ingredients, we
- [Wage Expectations and Job Search](https://www.hkubs.hku.hk/sc/?post_type=event&p=257040) - SPEAKER Professor Steffen Altmann Professor of Economics University of Würzburg ABSTRACT In a field experiment with 9,000 Danish job seekers, we study how unemployed workers’ wage expectations affect job search and re-employment. In our survey, we generate exogenous variation in respondents’ wage expectations by informing a random half of them about re-employment wages of comparable
- [How the Second World War Shaped the Norwegian Income Distribution](https://www.hkubs.hku.hk/event/how-the-second-world-war-shaped-the-norwegian-income-distribution/) - Speaker: Professor Kjell Salvanes Professor in labor economics NHH Norwegian School of Economics Abstract: We study how World War II reshaped the Norwegian income distribution using a newly digitized panel of individual tax records linked to modern registers. The Gini coefficient fell by about 15 percentage points from 1940 to the early 1950s, with
- [Defining, Unbundling and Allocating Data Property Rights](https://www.hkubs.hku.hk/sc/?post_type=event&p=257003) - Speaker: Professor Chun Chang Professor of Finance Huifu Chair Professor Shanghai Advanced Institute of Finance Shanghai Jiao Tong University Abstract: In recent years, China has been exploring various new ways of defining data rights as well as unbundling them: The Personal Information Protection Law (PIPL) established new rights such as the right to be informed
- [The Unequal Effects of Shorter Workweeks: Evidence from France’s 35-Hour Reform](https://www.hkubs.hku.hk/event/the-unequal-effects-of-shorter-workweeks-evidence-from-frances-35-hour-reform/) - Speaker: Professor Nina Roussille Lister Brothers Career Development Assistant Professor of Economics Massachusetts Institute of Technology (MIT) Abstract: What are the effects of a mandatory workweek reduction on employment, pay, and productivity? We study France's 35-hour reform, a pay-preserving reduction from 39 to 35 hours, paired with payroll tax cuts for low-wage workers. We
- [Mapping AI into Production: A Field Experiment on Firm Performance](https://www.hkubs.hku.hk/sc/?post_type=event&p=256814) - SPEAKER Prof. Hyunjin Kim Assistant Professor of Strategy INSEAD ABSTRACT AI can deliver productivity gains on individual tasks, yet evidence on whether these gains aggregate to firm performance remains limited. We study a central friction in AI adoption, which we call the mapping problem: discovering where and how AI creates value within a firm’s production
- [Networks and Norms](https://www.hkubs.hku.hk/event/networks-and-norms-2/) - Speaker: Professor Fernando Vega-Redondo Professor of Economics Chinese University of Hong Kong Abstract: The interplay between networks and norms gives rise to a rich range of dynamic behavior. In our model, we highlight the fact that networks not only support dominant norms but also, most crucially, tend to block any significant change. This is why,
- [Organizational research in the era of new technologies: Opportunities and threats](https://www.hkubs.hku.hk/sc/?post_type=event&p=256679) - SPEAKER Prof. Chu-Hsiang (Daisy) Chang Professor Michigan State University ABSTRACT Technological advancement has shifted the landscape of jobs, work, and organizations at an unprecedented speed and scale. The changes can be seen from a positive light, such that the advancement in science and technology has resulted in the creation of new jobs and industries and
- [Can Audits Shift the Battleground? Supply Chain Certifications  and Conflict Dynamics in the Congo](https://www.hkubs.hku.hk/sc/?post_type=event&p=256567) - SPEAKER Professor Hans B. Christensen Chookaszian Family Professor of Accounting Booth School of Business The University of Chicago ABSTRACT We analyze how the audit regime for artisanal and small-scale gold mining—central to the Dodd-Frank Act’s conflict minerals provision—influences conflict dynamics in the eastern Democratic Republic of the Congo. Dodd-Frank enactment did not significantly reduce conflict
- [On The Drivers of Corporate Bond Lending](https://www.hkubs.hku.hk/sc/?post_type=event&p=256448) - Speaker: Professor Amit Goyal SFI Senior Chair Professor of Finance University of Lausanne Abstract: Short sellers in the corporate bond market are primarily dealers rather than speculative customers. On days when bond lending increases, dealer sales, the half spread of customer buy trades, and bond returns all rise, indicating that bond lending is driven by
- [AI-Generated Production Networks: Measurement and Applications to Global Trade](https://www.hkubs.hku.hk/event/ai-generated-production-networks-measurement-and-applications-to-global-trade/) - Speaker: Professor Thiemo Fetzer Professor of Economics University of Warwick Abstract: This paper leverages generative AI to build a network structure over 5,000 product nodes, where directed edges represent input-output relationships in production. We layout a two-step 'build-prune' approach using an ensemble of prompt-tuned generative AI classifications. The 'build' step provides an initial distribution
- [Redistribution, distortions, and the welfare effects of Social Security](https://www.hkubs.hku.hk/event/redistribution-distortions-and-the-welfare-effects-of-social-security/) - Speaker: Professor Poe Porapakkarm National Graduate Institute for Policies Studies (GRIPS) Abstract: What is the best way to reform Social Security? Academic literature offers diverging advice. There is a well-known result that the optimal size of Social Security is zero, implying it is best to phase the program out. Other studies argue that much can
- [Production function estimation using subjective expectations data](https://www.hkubs.hku.hk/event/production-function-estimation-using-subjective-expectations-data/) - Speaker: Professor Aureo De Paula Economics Department University College London Abstract: Standard methods for estimating production functions in the Olley and Pakes (1996) tradition require assumptions on input choices. We introduce a new method that exploits (increasingly available) data on a firm's expectations of its future output and inputs that allows us to obtain consistent
- [Delegated Biding](https://www.hkubs.hku.hk/event/delegated-biding/) - Speaker: Professor Larry Samuelson A. Douglas Melamed Professor of Economics Yale University Abstract: We study an interaction in which principals hire agents to bid in an auction. The principals must induce their agents to (unobservably) acquire costly information about the value of the object, and then appropriately condition their bids on this information. The principals
- [Blood and Iron: Political Fragmentation in the Ancient Eastern Mediterranean](https://www.hkubs.hku.hk/sc/event/blood-and-iron-political-fragmentation-in-the-ancient-eastern-mediterranean/) - INFORMATION Blood and Iron: Political Fragmentation in the Ancient Eastern Mediterranean In this Quantitative History Webinar, Patrick Fitzsimmons of the University of Pennsylvania will present a theory of how lowering the cost of doing violence around 1200 BCE contributed to political fragmentation across the Eastern Mediterranean. He points out that bronze’s reliance on scarce tin
- [Blood and Iron: Political Fragmentation in the Ancient Eastern Mediterranean](https://www.hkubs.hku.hk/sc/event/blood-and-iron-political-fragmentation-in-the-ancient-eastern-mediterranean/) - INFORMATION Blood and Iron: Political Fragmentation in the Ancient Eastern Mediterranean In this Quantitative History Webinar, Patrick Fitzsimmons of the University of Pennsylvania will present a theory of how lowering the cost of doing violence around 1200 BCE contributed to political fragmentation across the Eastern Mediterranean. He points out that bronze’s reliance on scarce tin
- [Blood and Iron: Political Fragmentation in the Ancient Eastern Mediterranean](https://www.hkubs.hku.hk/sc/event/blood-and-iron-political-fragmentation-in-the-ancient-eastern-mediterranean/) - INFORMATION Blood and Iron: Political Fragmentation in the Ancient Eastern Mediterranean In this Quantitative History Webinar, Patrick Fitzsimmons of the University of Pennsylvania will present a theory of how lowering the cost of doing violence around 1200 BCE contributed to political fragmentation across the Eastern Mediterranean. He points out that bronze’s reliance on scarce tin
- [Leader Felt Trust Deficit: A Path to Abusive Supervision via Social-Evaluative Shame](https://www.hkubs.hku.hk/sc/?post_type=event&p=256204) - SPEAKER Prof. Tony Kong Professor of Organizational Leadership and Information Analytics Leeds School of Business University of Colorado Boulder ABSTRACT Having a follower's trust is critical for leadership effective, yet leaders can experience a felt trust deficit — the feeling that they are not fully trusted by a follower — in a leader-follower relationship. Drawing
- [Wages and Amenities on the Move](https://www.hkubs.hku.hk/event/wages-and-amenities-on-the-move/) - Speaker: Professor Anders Humlum Assistant Professor of Economics University of Chicago Abstract: We study wage and amenity tradeoffs among job movers using a large-scale survey linked to administrative data in Denmark. Although 35% of job movers experience pay decreases, only 12% report downgrades in overall job quality. Moves with larger pay increases are associated
- [Tracing Sanctions through the Value Chain: Evidence from the US Cotton Ban](https://www.hkubs.hku.hk/event/tracing-sanctions-through-the-value-chain-evidence-from-the-us-cotton-ban/) - Speaker: Johannes Van Biesebroeck POSITION Chair, Department of Economics KU Leuven, Belgium Abstract: We investigate to what extent and in what way the US Cotton Ban on products originating from Xinjiang province affected Chinese exports. We find that direct exports of cotton and cotton products to the United States fell by 19% at the intensive
- [Fair Value Transparency and Bank Fragility in the SVB Episode](https://www.hkubs.hku.hk/sc/?post_type=event&p=256029) - SPEAKER Professor Qi Chen L. Palmer Fox Distinguished Professor of Business Administration Fuqua School of Business Duke University ABSTRACT Using variation in mandated disclosure requirements and depositor sophistication, we examine how banks with greater transparency into their asset fair values fare during the 2023 regional banking crisis. Analyzing a sample of over 3,600 U.S. banks,
- [Assortative Mating and the Industrial Revolution: England, 1754-2021](https://www.hkubs.hku.hk/sc/event/assortative-mating-and-the-industrial-revolution-england-1754-2021/) - INFORMATION Assortative Mating and the Industrial Revolution: England, 1754-2021 Using a genealogical database of 447,000 people in England 1600-2025, as well as 1.7 million marriage records 1837-2021, Professor Gregory Clark of the University of Southern Denmark and his co-author estimate assortment by social status in marriage. They find the underlying correlation of status between groom
- [Assortative Mating and the Industrial Revolution: England, 1754-2021](https://www.hkubs.hku.hk/sc/event/assortative-mating-and-the-industrial-revolution-england-1754-2021/) - INFORMATION Assortative Mating and the Industrial Revolution: England, 1754-2021 Using a genealogical database of 447,000 people in England 1600-2025, as well as 1.7 million marriage records 1837-2021, Professor Gregory Clark of the University of Southern Denmark and his co-author estimate assortment by social status in marriage. They find the underlying correlation of status between groom
- [Assortative Mating and the Industrial Revolution: England, 1754-2021](https://www.hkubs.hku.hk/sc/event/assortative-mating-and-the-industrial-revolution-england-1754-2021/) - INFORMATION Assortative Mating and the Industrial Revolution: England, 1754-2021 Using a genealogical database of 447,000 people in England 1600-2025, as well as 1.7 million marriage records 1837-2021, Professor Gregory Clark of the University of Southern Denmark and his co-author estimate assortment by social status in marriage. They find the underlying correlation of status between groom
- [Information Synergies in Mergers: Selection, Efficiency, and Consumer Welfare](https://www.hkubs.hku.hk/event/information-synergies-in-mergers-selection-efficiency-and-consumer-welfare/) - Speaker: Professor Yi Xin Assistant Professor of Economics Division of the Humanities and Social Sciences California Institute of Technology Abstract: Traditional merger analysis emphasizes the trade-off between increased market concentration and efficiency gains from cost synergies. In the era of big data, however, information synergies have become an increasingly important motivation for mergers and acquisitions.
- [Sparse Portfolios and Benchmarking in Corporate Bond Markets](https://www.hkubs.hku.hk/sc/?post_type=event&p=255818) - Speaker: Professor Anna Pavlova Professor of Finance London Business School Abstract: We use detailed data on fixed-income benchmark indexes in Canada and the United States to provide systematic evidence of how benchmarking shapes corporate bond ownership and prices. Funds hold sparse portfolios, and index weights strongly influence which bonds active and passive funds select. We
- [2nd Asian Conference on Organizational Economics](https://www.hkubs.hku.hk/event/2nd-asian-conference-on-organizational-economics/) - 2nd Asian Conference on Organizational Economics Date: 12-14 March 2026
- [The Green Revolving Door:  Talent Flows Under Environmental Regulation](https://www.hkubs.hku.hk/sc/?post_type=event&p=255885) - SPEAKER Prof. Jasmine Wang Assistant Professor of Accounting McIntire School of Commerce University of Virginia ABSTRACT We examine how firms reorganize regulator-specific human capital in response to information-intensive environmental disclosure requirements. Exploiting the implementation of the U.S. Environmental Protection Agency’s Greenhouse Gas Reporting Program (GHGRP), we document a sharp increase in EPA-experienced hiring among treated
- [Regression Discontinuity Aggregation, with an Application to Union Effects on Inequality](https://www.hkubs.hku.hk/event/regression-discontinuity-aggregation-with-an-application-to-union-effects-on-inequality/) - Speaker: Professor Kirill Borusyak Edwin C. Voorhees Endowed Assistant Professor UC Berkeley Abstract: We extend the regression discontinuity (RD) design to settings where each unit’s treatment status is an average or aggregate across multiple discontinuity events. Such situations arise in many studies where the outcome is measured at a higher level of spatial or
- [Competitive Nonlinear Pricing for Signals](https://www.hkubs.hku.hk/event/competitive-nonlinear-pricing-for-signals/) - Speaker: Professor Zhuoran Lu Department of Economics Shanghai Jiao Tong University Abstract: This paper studies competitive nonlinear pricing for signaling goods. Multiple sellers choose price schemes for horizontally differentiated products, and a buyer chooses which seller to purchase from and, if so, how much, as a signal to receivers. We characterize the seller-optimal symmetric
- [From Ranking to Matching: Evidence on Information-Driven Risky Choice Updates in China’s Gaokao](https://www.hkubs.hku.hk/sc/?post_type=event&p=255751) - SPEAKER Professor Shane Wang Co-Director of Sponsored Research and Executive Education Professor of Marketing Pamplin College of Business, Virginia Tech University ABSTRACT We investigate how information shapes strategic ranked choice updating and allocation outcomes in high-stakes, competitive environments. We study a unique information provision event in China’s College Entrance Examination (Gaokao), in which a
- [Government Venture Capital: Crowding-in or crowding-out?](https://www.hkubs.hku.hk/event/government-venture-capital-crowding-in-or-crowding-out/) - Speaker: Professor Vincenzo Quadrini Department of Finance and Business Economics Marshall School University of Southern California Abstract: We study how government venture capital (GVC) investment affects the financial and investment decisions of funded firms using firm-level data from a large commercial bank in China. We find that GVC funding is associated with higher bank
- [Estimating Social Network Models with Link Misclassification](https://www.hkubs.hku.hk/event/estimating-social-network-models-with-link-misclassification/) - Speaker: Professor Xun Tang Department of Economics Rice University Abstract: We propose an adjusted 2SLS estimator for social network models when reported binary network links are misclassified (some zeros reported as ones and vice versa) due, e.g., to survey respondents' recall errors, or lapses in data input. We show misclassification adds new sources of
- [The Trouble with Deviation Scores: Misinterpreting Mean Shifts and Variability](https://www.hkubs.hku.hk/sc/?post_type=event&p=255319) - SPEAKER Professor Dan Schley Associate Professor of Marketing Rotterdam School of Management Erasmus University ABSTRACT Deviation-based metrics (e.g., mean absolute deviations-MAD) are commonly used to assess anchoring effects, judgment accuracy, and related phenomena. However, this manuscript demonstrates that these metrics inherently conflate meaningful shifts in mean judgment positions with incidental changes in variance, potentially
- [Algorithmic Competition in Digital Marketplaces: Individual and Market Guarantees](https://www.hkubs.hku.hk/sc/?post_type=event&p=255103) - SPEAKER Professor Bar Light Assistant Professor (Presidential Young Professor) Department of Analytics and Operations National University of Singapore ABSTRACT This talk examines how adaptive algorithms influence market outcomes in digital marketplaces. We study two settings where such algorithms are widely deployed. First, we analyze pacing algorithms in repeated ad auctions, which are widely used in
- [Ask, Clarify, Optimize:  Human-LLM Agent Collaboration for Smarter Inventory Control](https://www.hkubs.hku.hk/sc/?post_type=event&p=255270) - SPEAKER Prof. Jiashuo Jiang Assistant Professor Department of Industrial Engineering and Decision Analytics The Hong Kong University of Science and Technology ABSTRACT Inventory management remains a challenge for many small and medium-sized businesses that lack the expertise to deploy advanced optimization methods. This paper investigates whether Large Language Models (LLMs) can help bridge this gap.
- [A Relational Theory Of Power Alternation](https://www.hkubs.hku.hk/sc/?post_type=event&p=255219) - SPEAKER Prof. Zhaotian Luo Assistant Professor Department of Political Science The University of Chicago ABSTRACT We study the spontaneous emergence of power alternation from the need for cooperation by developing a model in which two parties repeatedly cooperate and negotiate the position of power, defined as the control right of a productive regime. Unless the
- [Confucian Clans as Financial Intermediaries: Why Insurance Thrived but Banking Lagged in China](https://www.hkubs.hku.hk/sc/event/confucian-clans-as-financial-intermediaries-why-insurance-thrived-but-banking-lagged-in-china/) - INFORMATION Confucian Clans as Financial Intermediaries: Why Insurance Thrived but Banking Lagged in China How do traditional institutions affect financial development? In late imperial China, the Confucian clan provided its members with resource pooling and risk sharing. While this institution inhibited the development of modern banking, it also supported the emergence of business enterprises at
- [Confucian Clans as Financial Intermediaries: Why Insurance Thrived but Banking Lagged in China](https://www.hkubs.hku.hk/sc/event/confucian-clans-as-financial-intermediaries-why-insurance-thrived-but-banking-lagged-in-china/) - INFORMATION Confucian Clans as Financial Intermediaries: Why Insurance Thrived but Banking Lagged in China How do traditional institutions affect financial development? In late imperial China, the Confucian clan provided its members with resource pooling and risk sharing. While this institution inhibited the development of modern banking, it also supported the emergence of business enterprises at
- [Confucian Clans as Financial Intermediaries: Why Insurance Thrived but Banking Lagged in China](https://www.hkubs.hku.hk/sc/event/confucian-clans-as-financial-intermediaries-why-insurance-thrived-but-banking-lagged-in-china/) - INFORMATION Confucian Clans as Financial Intermediaries: Why Insurance Thrived but Banking Lagged in China How do traditional institutions affect financial development? In late imperial China, the Confucian clan provided its members with resource pooling and risk sharing. While this institution inhibited the development of modern banking, it also supported the emergence of business enterprises at
- [When Cash Flows Turn Negative: Liquidity-Driven Selling by Pension Funds](https://www.hkubs.hku.hk/sc/?post_type=event&p=255178) - Speaker: Professor Kristy Jansen Assistant Professor of Finance and Business Economics Marshall School of Business University of Southern California Abstract: U.S. public pension funds increasingly face negative net operating cash flows as benefit payments exceed contributions. We study how these funds incorporate cash flows into their asset allocation and investment decisions using aggregate pension fund
- [Best for Last? (Re)examining How People Sequence Positive Hedonic Experiences](https://www.hkubs.hku.hk/sc/?post_type=event&p=255150) - SPEAKER Professor Kristin Diehl Herrmann Family Endowed Chair Professor of Marketing USC Marshall School of Business University of Southern California ABSTRACT People frequently plan their experiences. Whether planning a vacation or the visit to a museum, prior research found people prefer “improving sequences” of experiences. We revisit these findings. For purely positive experiences, across
- [Effects of Click to Cancel on a Regional Newspaper](https://www.hkubs.hku.hk/sc/?post_type=event&p=255130) - SPEAKER Professor Elea Feit Professor of Marketing Associate Dean of Research LeBow College of Business Drexel University ABSTRACT In October 2024, the Federal Trade Commission announced the final “click-to-cancel” rule, mandating that most U.S. online subscription businesses provide an accessible cancellation process. A Federal Appeals Court struck down the rule in July 2025, leaving
- [Decoupling Taste-Based versus Statistical Discrimination in Elections](https://www.hkubs.hku.hk/event/decoupling-taste-based-versus-statistical-discrimination-in-elections/) - Speaker: Professor Frederico Finan Professor in the Haas Business and Public Policy Group UC Berkeley Abstract: We present a methodology for decoupling taste-based versus statistical discrimination in political behavior. We combine a flexible empirical model of voting, featuring vertical and horizontal candidate differentiation in gender, ability, and policy positions, with a large-scale micro-targeted electoral
- [Health Beliefs and the Long Run Effects of Medical Information](https://www.hkubs.hku.hk/event/health-beliefs-and-the-long-run-effects-of-medical-information/) - Speaker: Professor Jerome Adda Professor of Economics Bocconi University Abstract: This paper studies the role of information on the evolution of beliefs and smoking in the United States in the 20th and early 21st centuries. We develop a dynamic and dynastic model of smoking, mortality and beliefs. The information about the harmfulness of smoking
- [The Cherry-Picking Trap: Strategic Selection Undermines Trust](https://www.hkubs.hku.hk/event/the-cherry-picking-trap-strategic-selection-undermines-trust/) - Speaker: Professor Lucas Siga Associate Professor University of Essex Abstract: This paper models how asymmetric information and the strategic selection of policies can undermine trust and lead to disagreement. We model two actors who jointly choose a policy. The tension is that one actor, the proposer, is better informed about which policies are viable and
- [Inside the SEC's Lobby:  Direct Lobbying and Regulatory Tradeoffs](https://www.hkubs.hku.hk/sc/?post_type=event&p=255062) - SPEAKER Prof. Bret Johnson Associate Professor in Accounting Costello College of Business George Mason University ABSTRACT This study examines the determinants and regulatory consequences of firms’ direct lobbying to the U.S. Securities and Exchange Commission (SEC), an important yet understudied form of corporate political engagement. While prior literature has largely focused on general lobbying to
- [The 25th Anniversary Gala Dinner](https://www.hkubs.hku.hk/event/the-25th-anniversary-gala-dinner/) - Celebrating 25 Years of Impact For a quarter of a century, HKU Business School has shaped leaders, innovators, and change-makers who drive progress in Hong Kong, Asia, and beyond. In 2026, we mark this milestone with a grand celebration that brings our community together to honour where we began, what we have achieved, and where
- [The Value Of Worker Rights In Collective Bargaining](https://www.hkubs.hku.hk/sc/?post_type=event&p=255002) - SPEAKER Prof. Bentley MacLeod Visiting Professor and Senior Research Scientist Yale University Sami Mnaymneh Professor Emeritus of Economics Professor of International and Public Affairs Emeritus Columbia University ABSTRACT This paper proposes novel natural language methods to measure worker rights from collective bargaining agreements (CBAs) for use in empirical economic analysis. Applying unsupervised text-as-data algorithms to a
- [Sorting into Entrepreneurial Teams](https://www.hkubs.hku.hk/event/sorting-into-entrepreneurial-teams/) - Speaker: Professor Marta Morazzoni Department of Economics University College London Abstract: This paper studies how entrepreneurs sort into teams and how team entrepreneurship affects the equilibrium distribution of firms. Leveraging employer-employee administrative records matched with privately-held firms’ balance sheet data for Portugal, we show that firms of entrepreneurial teams have higher sales, productivity and survival
- [Hierarchy Expansion in Young Firms: The Impact of Internal versus External Hiring on Performance](https://www.hkubs.hku.hk/sc/?post_type=event&p=254836) - SPEAKER Prof. Samina Karim Professor D’Amore-McKim School of Business Northeastern University ABSTRACT As startups scale, they often professionalize their management structure, and the decision to appoint the first non-founder manager—whether through internal promotion or external hiring—may influence firm performance. Using employer-employee matched data from Brazilian firms founded between 2004 and 2010, we examine the relationship
- [Peer Selection in a Network: A Mechanism Design Approach](https://www.hkubs.hku.hk/event/peer-selection-in-a-network-a-mechanism-design-approach/) - Speaker: Prof. Bhaskar Dutta Asoka University Abstract: A planner wants to select one agent out of n agents on the basis of a binary characteristic that is commonly known to all agents but is not observed by the planner. Any pair of agents can either be friends or enemies or impartials of each other. An
- [Workplace Heterogeneity in Wage Growth](https://www.hkubs.hku.hk/event/workplace-heterogeneity-in-wage-growth/) - Speaker: Professor Ines Helm Professor of Economics Linz Abstract: We study differential wage growth across firms. To this end, we propose a statistical model that extends the workhorse model of wage determination by Abowd et al. (1999) to allow for firm-type-specific wage growth. We estimate the model using linked employer-employee data from Germany for
- [The Wrong Hierarchy? Why Caste Norms Outperform Patriarchy in Explaining Gender Gaps](https://www.hkubs.hku.hk/event/the-wrong-hierarchy-why-caste-norms-outperform-patriarchy-in-explaining-gender-gaps/) - Speaker: Professor Ashwini Deshpande Professor and Head Department of Economics Ashoka University Abstract: When multiple social hierarchies coexist, which one is the binding constraint on women's outcomes? We argue that the near-universal attribution of gender gaps in developing countries to patriarchal norms neglects a prior question: whether a second, orthogonal hierarchy caste, race, ethnicity independently shapes the constraints women face and
- [Optimal Inquiry](https://www.hkubs.hku.hk/event/optimal-inquiry/) - Speaker: Professor Tai Wei Hu Professor of Economics University of Bristol Abstract: A decision maker acquires and processes information about an uncertain state of nature through an inquiry|a contingent sequence of questions culminating in a decision. Inquiries are costly, with costs proportional to their length. We characterize optimal inquiries and uncover two behavioral implications of
- [The Short Lags of Monetary Policy](https://www.hkubs.hku.hk/event/the-short-lags-of-monetary-policy-2/) - Speaker: Prof. Giancarlo Corsetti Pierre Werner Chair European University Institute Abstract: We examine the transmission of monetary policy shocks to the macroeconomy at high frequency. To do this, we build daily consumption and investment aggregates using bank transaction records and leverage administrative data for measures of daily gross output and employment for Spain. We show
- [Do Firms Adapt to Seasonal Climate Forecasts?](https://www.hkubs.hku.hk/sc/?post_type=event&p=252928) - SPEAKER Prof. Sorabh Tomar Assistant Professor of Accounting Cox School of Business Southern Methodist University ABSTRACT We test whether public firms across the U.S. economy adapt operations using seasonal climate forecasts issued by the U.S. National Oceanic and Atmospheric Administration. Decomposing local weather into forecasted and unexpected components, we find evidence of adaptation: forecasted variation
- [Do Actions Speak Louder Than Words?  The Relation Between Payouts and Guidance Since 2000](https://www.hkubs.hku.hk/sc/?post_type=event&p=254716) - SPEAKER Prof. Douglas J. Skinner Sidney Davidson Distinguished Service Professor of Accounting The University of Chicago Booth School of Business ABSTRACT We provide evidence that corporate managers’ payout and guidance decisions are connected, a topic largely unaddressed by extant literature. We argue that managers use payouts in conjunction with guidance to convey their expectations about
- [Capital Gains Tax Relief and Entrepreneurship: Evidence from the QSBS Exemption](https://www.hkubs.hku.hk/sc/?post_type=event&p=254703) - Speaker: Professor Joan Farre-Mensa Associate Professor of Finance Bielinksi Family Faculty Scholar Interim Head of the Department of Finance University of Illinois Chicago Abstract: Designing effective policy to foster entrepreneurship and innovation remains a pressing challenge. We analyze the 2010 expansion of the Qualified Small Business Stock (QSBS) exemption, which eliminated federal capital gains taxes
- [Government Intervention in the Financial Market](https://www.hkubs.hku.hk/sc/?post_type=event&p=254633) - Speaker: Professor Jiang Wang Mizuho Financial Group Professor MIT Sloan School of Management Abstract: Government intervention in the financial market through its own trading fundamentally changes the market’s structure, function and outcome. We develop a general equilibrium framework to study the impact of government trading on investor welfare. We show that with incompleteness and information asymmetry,
- [Rationalizing Fed Interest Rate Decisions in the 2020’s*](https://www.hkubs.hku.hk/event/rationalizing-fed-interest-rate-decisions-in-the-2020s/) - Speaker: Professor Noah Williams Professor of Economics Miami Herbert Business School Abstract: After the COVID-19 pandemic, inflation surged in the United States. To help us understand the Fed’s slow response, we create a model of what the Fed thought about when it set its interest policy rate. We assume that the Fed recurrently updated estimates
- [A Century of Language Barriers to Migration in India](https://www.hkubs.hku.hk/sc/event/a-century-of-language-barriers-to-migration-in-india/) - INFORMATION A Century of Language Barriers to Migration in India Combining detailed data on language and migration across colonial Indian districts in 1901 with a gravity model, Professor James Fenske of the University of Warwick and his co-authors find that origin and destination districts separated by more dissimilar languages saw less migration. They control for
- [A Century of Language Barriers to Migration in India](https://www.hkubs.hku.hk/sc/event/a-century-of-language-barriers-to-migration-in-india/) - INFORMATION A Century of Language Barriers to Migration in India Combining detailed data on language and migration across colonial Indian districts in 1901 with a gravity model, Professor James Fenske of the University of Warwick and his co-authors find that origin and destination districts separated by more dissimilar languages saw less migration. They control for
- [A Century of Language Barriers to Migration in India](https://www.hkubs.hku.hk/sc/event/a-century-of-language-barriers-to-migration-in-india/) - INFORMATION A Century of Language Barriers to Migration in India Combining detailed data on language and migration across colonial Indian districts in 1901 with a gravity model, Professor James Fenske of the University of Warwick and his co-authors find that origin and destination districts separated by more dissimilar languages saw less migration. They control for
- [When Consumers Prefer Labor (vs. Material) Cost Justifications for Price Increases](https://www.hkubs.hku.hk/sc/?post_type=event&p=254338) - SPEAKER Professor Rajesh Bagchi Associate Dean for Research, Graduate Programs, and Centers R.B. Pamplin Professor of Marketing Pamplin College of Business, Virginia Tech ABSTRACT Sometimes, firms justify price increases by citing an increase in their material costs; at other times, they justify the increases by citing an increase in their labor costs. Which justification
- [Learn the score](https://www.hkubs.hku.hk/sc/?post_type=event&p=254266) - SPEAKER Prof. Richard J. Samworth Professor of Statistical Science Director of the Statistical Laboratory Centre for Mathematical Sciences | University of Cambridge ABSTRACT Score estimation has recently emerged as a key modern statistical challenge, due to its pivotal role in generative modelling via diffusion models. Moreover, it is an essential ingredient in a new approach
- [Large language models meet topic models:  theory, algorithm and applications](https://www.hkubs.hku.hk/sc/?post_type=event&p=254099) - SPEAKER Professor Xin Bing Assistant Professor Department of Statistical Sciences University of Toronto ABSTRACT Topic models are a foundational tool for extracting structure from large text corpora, and recent advances in word embeddings from large language models create new opportunities to significantly improve their interpretability and performance. This talk consists of three parts. The first
- [Edward K Y Chen Distinguished Lecture 2025](https://www.hkubs.hku.hk/sc/event/edward-k-y-chen-distinguished-lecture-2025/) - Technological Drivers for China’s Economic Growth in the Next 10 Years 前瞻十年: 推动中国经济增长的科创引擎 Language: English Date: 5 November, 2025 (Wednesday) Time: 5:00 p.m. – 6:30 p.m. Location: Loke Yew Hall, Main Building, The University of Hong Kong Registration: Click Here Speaker Joe TSAI Joe Tsai is co-founder and Chairman of Alibaba Group and has
- [Edward K Y Chen Distinguished Lecture 2025](https://www.hkubs.hku.hk/sc/event/edward-k-y-chen-distinguished-lecture-2025/) - Technological Drivers for China’s Economic Growth in the Next 10 Years 前瞻十年: 推動中國經濟增長的科創引擎 Language: English Date: 5 November, 2025 (Wednesday) Time: 5:00 p.m. – 6:30 p.m. Location: Loke Yew Hall, Main Building, The University of Hong Kong Registration: Click Here Speaker Joe TSAI Joe Tsai is co-founder and Chairman of Alibaba Group and has
- [Edward K Y Chen Distinguished Lecture 2025](https://www.hkubs.hku.hk/sc/event/edward-k-y-chen-distinguished-lecture-2025/) - Technological Drivers for China’s Economic Growth in the Next 10 Years 前瞻十年: 推動中國經濟增長的科創引擎 Language: English Date: 5 November, 2025 (Wednesday) Time: 5:00 p.m. – 6:30 p.m. Location: Loke Yew Hall, Main Building, The University of Hong Kong Registration: Click Here Speaker Joe TSAI Joe Tsai is co-founder and Chairman of Alibaba Group and has
- [Financial Regulation, Pension Investment, and Economic Growth](https://www.hkubs.hku.hk/event/financial-regulation-pension-investment-and-economic-growth/) - Speaker: Mr Johannes Matt Ph.D. Candidate in Economics London School of Economics Abstract: This paper analyses how financial regulation that reduces investors’ willingness to take risk impacts economic growth. I study a regulatory reform that tightened risk requirements on British pension funds and led to a large divestment from equity markets. To leverage the reform
- [Selling and Subscribing Durable Complementary Goods](https://www.hkubs.hku.hk/sc/?post_type=event&p=253764) - SPEAKER Prof. Shuya Yin Professor Paul Merage School of Business University of California, Irvine ABSTRACT For durable products that are assembled from multiple distinct but fully complementary components, hybrid ownership models become increasingly prevalent, with flexibility to either purchase or subscribe to individual components. Take NIO’s Battery-as-a-service (BaaS) model in the electronic vehicle sector as
- [Making Talk Cheap: Generative AI and Labor Market Signaling](https://www.hkubs.hku.hk/sc/?post_type=event&p=253701) - SPEAKER Mr. Jesse Silbert Ph.D. candidate in Economics Princeton University ABSTRACT Large language models (LLMs) like ChatGPT have significantly lowered the cost of producing written content. This paper studies how LLMs, through lowering writing costs, disrupt markets that traditionally relied on writing as a costly signal of quality (e.g., job applications, college essays). Using data
- [Bidding for Reputation](https://www.hkubs.hku.hk/sc/?post_type=event&p=253709) - SPEAKER Ms. Jingyi Cui Ph.D. candidate in Economics Yale University ABSTRACT Reputation is often important in markets for experience goods. New sellers commonly invest in reputation by offering introductory pricing or other incentives. By encouraging buyers to try new sellers, these investments generate information externalities for future buyers while diverting business from other sellers. I
- [Managerial Poaching and Talent Reallocation](https://www.hkubs.hku.hk/sc/?post_type=event&p=253693) - SPEAKER Prof. Thomas Jungbauer Assistant Professor of Strategy & Business Economics Johnson School of Management Cornell University ABSTRACT This paper presents a model of employee poaching with asymmetric employer learning. Firms poach managers not only due to their track record but also for their personnel-specific information about workers. In equilibrium, more productive firms poach managers,
- [Trajectories of Inclusion: How Imagined Communities Shape Organizational Inclusion](https://www.hkubs.hku.hk/sc/?post_type=event&p=253447) - SPEAKER Prof. Tom Lawrence Professor of Strategic Management Saïd Business School University of Oxford ABSTRACT This study explores the role of imagined communities in shaping organizational trajectories of inclusion—longer-term movements in organizations’ efforts to foster inclusion. We draw on a qualitative comparative revisit study of three organizations that were considered disability inclusion champions at the
- [Placebo Tests Done Right](https://www.hkubs.hku.hk/event/placebo-tests-done-right/) - Speaker: Professor Guillaume A. Pouliot Associate Professor Economics Department Rice University Abstract: Placebo tests, specifically those in which a variable of interest is replaced with a permuted or otherwise randomized version of itself, are commonly employed to assess the validity of a seemingly significant result. When analysing a randomized control trial (RCT), a placebo treatment
- [Controlling Inventory and  Information in Supply Chains](https://www.hkubs.hku.hk/sc/?post_type=event&p=253553) - SPEAKER Professor Rene A. Caldentey Eli B. and Harriet B. Williams Professor of Operations Management Chicago Booth School of Business The University of Chicago ABSTRACT Successful supply chain operations depend on the effective coordination of inventory management strategies and the information required for their implementation. This presentation explores the integration of time-series forecasting with inventory
- [Aggregate Productivity with Heterogeneous Agents](https://www.hkubs.hku.hk/event/aggregate-productivity-with-heterogeneous-agents/) - Speaker: Professor Ariel Burstein Professor of Economics University of California, Los Angeles Abstract: We develop a welfare-based measure of aggregate productivity for economies with heterogeneous households. For any change in the economic environment, we define the associated change in aggregate productivity as the largest shift in total factor augmenting productivity that makes it feasible to
- [Worst-Case Privacy](https://www.hkubs.hku.hk/event/worst-case-privacy/) - Speaker: Mr Tianhao Liu Ph.D. Candidate in Economics Columbia University Abstract: How should privacy loss be assessed? Motivated by current privacy discourse, I formalize the principle of uniform protection: if an information structure violates a privacy standard, it should also be deemed unacceptable even when used infrequently. Together with a standard (Blackwell) monotonicity requirement, uniform
- [All Shareholder Votes Are Not Created Equal](https://www.hkubs.hku.hk/sc/?post_type=event&p=253458) - Speaker: Professor Davidson Heath Associate Professor of Finance David Eccles School of Business The University of Utah Abstract: Do firm managers listen to some shareholders more than others? We show that directors facing dissent are twice as likely to exit the board when the dissent comes from active funds compared to passive funds. This reaction
- [Deceptive Reviews Destroy Value](https://www.hkubs.hku.hk/sc/?post_type=event&p=253439) - SPEAKER Professor Marc Fischer Chair in Marketing Science and Analytics Co-editor Journal of Marketing University of Cologne ABSTRACT Deceptive reviews are a widespread phenomenon on Amazon.com, Yelp.com, and other platforms, attracting the interest of researchers from many different fields. Prior research has largely focused on the effects at the disaggregate level of players such
- [Quantitative Analyses of The Religious Book Market in Qing China Based on CRTA Data](https://www.hkubs.hku.hk/sc/event/quantitative-analyses-of-the-religious-book-market-in-qing-china-based-on-crta-data/) - INFORMATION Quantitative Analyses of The Religious Book Market in Qing China Based on CRTA Data The CRTA open-access database (https://crta.info/wiki/Main_Page) has, per January 2026, descriptions of nearly 6,000 editions of religious texts, mostly for the 1550-1940 period. This corpus, which will keep expanding continuously, already allows for pilot surveys of quantitative approach to this literature.
- [Quantitative Analyses of The Religious Book Market in Qing China Based on CRTA Data](https://www.hkubs.hku.hk/sc/event/quantitative-analyses-of-the-religious-book-market-in-qing-china-based-on-crta-data/) - INFORMATION Quantitative Analyses of The Religious Book Market in Qing China Based on CRTA Data The CRTA open-access database (https://crta.info/wiki/Main_Page) has, per January 2026, descriptions of nearly 6,000 editions of religious texts, mostly for the 1550-1940 period. This corpus, which will keep expanding continuously, already allows for pilot surveys of quantitative approach to this literature.
- [Quantitative Analyses of The Religious Book Market in Qing China Based on CRTA Data](https://www.hkubs.hku.hk/sc/event/quantitative-analyses-of-the-religious-book-market-in-qing-china-based-on-crta-data/) - INFORMATION Quantitative Analyses of The Religious Book Market in Qing China Based on CRTA Data The CRTA open-access database (https://crta.info/wiki/Main_Page) has, per January 2026, descriptions of nearly 6,000 editions of religious texts, mostly for the 1550-1940 period. This corpus, which will keep expanding continuously, already allows for pilot surveys of quantitative approach to this literature.
- [Knowledge-Based Mechanisms](https://www.hkubs.hku.hk/event/knowledge-based-mechanisms/) - Speaker: Mr Yangfan Zhou Ph.D. Candidate in Economics Columbia University Abstract: We study robust mechanisms when the designer possesses a Bayesian belief over some components of agents’ private information but faces ambiguity over others. The designer evaluates mechanisms by their worst-case performance over all joint distributions consistent with her belief over the Bayesian components. The
- [Optimal Incentive Design for Decentralized Dynamic Matching Markets](https://www.hkubs.hku.hk/sc/?post_type=event&p=253310) - SPEAKER Prof. Chen Chen Assistant Professor of Operations and Business Analytics New York University Shanghai ABSTRACT In decentralized dynamic matching markets, agents can benefit from sharing resources, but they will collaborate only if properly incentivized. Motivated by applications such as multi-hospital kidney exchanges and job-hunting markets, this paper proposes novel monetary and non-monetary mechanisms to
- [Identity-Compatible Auctions](https://www.hkubs.hku.hk/event/identity-compatible-auctions/) - Speaker: Mr Haoyuan Zeng Ph.D. Candidate in Economics University of Zurich Abstract: This paper studies the incentives of the seller and buyers to shill bid in a single-item auction. An auction is seller identity-compatible if the seller cannot profit from pretending to be one or more bidders via fake identities. It is buyer identity-compatible if
- [Early Retirement, Capital Adjustment, and Technology Adoption](https://www.hkubs.hku.hk/sc/?post_type=event&p=253168) - SPEAKER Mr. Eric Bruno Klemm Ph.D. candidate in Economics University College London ABSTRACT Older workers are often viewed as obstacles to innovation, suggesting that their exit allows firms to reallocate resources toward new capital and technology. We argue instead that older, experienced workers support both the continuity of current production and the capacity to integrate
- [Understanding Search Behavior: The Roles of Loss Aversion and Mental Costs](https://www.hkubs.hku.hk/event/understanding-search-behavior-the-roles-of-loss-aversion-and-mental-costs/) - Speaker: Professor Binglin Gong Research Professor East China Normal University Abstract: In our newly designed sequential search experiments, we test how sunk cost affect decision making and distinguish it from the effect of people's marginal mental search cost, which increases over the number of searches. We find evidence that sunk cost affect search decision in
- [Building Human Capital:  The Influence of Workplace Transparency](https://www.hkubs.hku.hk/sc/?post_type=event&p=253155) - SPEAKER Prof. Yuqing Zhou Assistant Professor School of Accountancy The Chinese University of Hong Kong ABSTRACT This paper examines how greater workplace transparency affects firms’ ability to attract talent. Leveraging state-level policies that limit the use of Non-Disclosure Agreements (NDAs) to suppress employee discussions of workplace issues, we show that after the enactment of these
- [Nimble Banks](https://www.hkubs.hku.hk/sc/?post_type=event&p=253142) - SPEAKER Prof. Wouter Dessein Eli Ginzberg Professor of Finance and Economics Columbia Business School Columbia University ABSTRACT We examine how organizational flexibility influences investment decisions. We develop a novel measure of decentralized decision-making based on observed differences in the pricing of loans across subsidiaries of a banking group. We find that decentralized banks earn economically
- [Wildlife and Conflict: The Cost of Protecting Biodiversity](https://www.hkubs.hku.hk/event/wildlife-and-conflict-the-cost-of-protecting-biodiversity/) - Speaker: Mr. Guy Pincus PhD in Economics London Business School Abstract: Our planet is experiencing the first human-induced mass extinction of species. In response, policymakers have implemented international trade bans to preserve rare animals and forest species such as rhinos, elephants, and rosewood. Yet little research examines their consequences. Combining georeferenced habitat maps of wild
- [Asymmetric Attention and State-Dependent Aggregate Demand and Supply](https://www.hkubs.hku.hk/event/asymmetric-attention-and-state-dependent-aggregate-demand-and-supply/) - Speaker: Miss Chenping Yang Ph.D. Candidate in Economics Yale University Abstract: This paper studies how endogenous information acquisition by households and firms shapes state-dependent shock propagation. A new source of strategic interaction arises from the interdependence of information choices between households and firms. Theoretically, I show in a linear-quadratic-Gaussian framework that strategic motives in information
- [Family Background, Official Advancement, and Social Mobility of the Jiangsu Literati in the Qing Dynasty](https://www.hkubs.hku.hk/sc/event/family-background-official-advancement-and-social-mobility-of-the-jiangsu-literati-in-the-qing-dynasty/) - INFORMATION Family Background, Official Advancement, and Social Mobility of the Jiangsu Literati in the Qing Dynasty The imperial examination system, which spanned over 1,300 years, exerted a profound influence on all aspects of traditional China, particularly regarding social mobility. Qin Jiang from Shanghai Jiao Tong University constructs a database of 6,486 licentiates (shengyuan) from Tongzhou
- [Family Background, Official Advancement, and Social Mobility of the Jiangsu Literati in the Qing Dynasty](https://www.hkubs.hku.hk/sc/event/family-background-official-advancement-and-social-mobility-of-the-jiangsu-literati-in-the-qing-dynasty/) - INFORMATION Family Background, Official Advancement, and Social Mobility of the Jiangsu Literati in the Qing Dynasty The imperial examination system, which spanned over 1,300 years, exerted a profound influence on all aspects of traditional China, particularly regarding social mobility. Qin Jiang from Shanghai Jiao Tong University constructs a database of 6,486 licentiates (shengyuan) from Tongzhou
- [Family Background, Official Advancement, and Social Mobility of the Jiangsu Literati in the Qing Dynasty](https://www.hkubs.hku.hk/sc/event/family-background-official-advancement-and-social-mobility-of-the-jiangsu-literati-in-the-qing-dynasty/) - INFORMATION Family Background, Official Advancement, and Social Mobility of the Jiangsu Literati in the Qing Dynasty The imperial examination system, which spanned over 1,300 years, exerted a profound influence on all aspects of traditional China, particularly regarding social mobility. Qin Jiang from Shanghai Jiao Tong University constructs a database of 6,486 licentiates (shengyuan) from Tongzhou
- [Labour Scarcity and Productivity: Insights from the Last Nordic Plague](https://www.hkubs.hku.hk/event/labour-scarcity-and-productivity-insights-from-the-last-nordic-plague/) - Speaker: Mr. Max Marczinek PhD candidate in Economics University of Oxford Abstract: I study the causal impact of labour scarcity on productivity growth, a key driver of long-run economic growth. Exploiting a natural experiment from a 1710s plague outbreak in Northern Europe, I show that plagued regions shift into capital-intensive exports and see an export
- [Ownership Structure and Economic Growth](https://www.hkubs.hku.hk/event/ownership-structure-and-economic-growth/) - Speaker: Mr Okumura Koki Ph.D. Candidate in Economics UCLA Abstract: This paper examines how the rise of common ownership affects economic growth and social welfare. We develop an endogenous growth model that embeds three inter-firm networks: ownership, product-market rivalry, and technology spillovers. In the model, a large number of oligopolistic firms make forward-looking R&D investment
- [The Governance of Offshore Outsourcing: The ‘Play’ and the ‘Rules’ of the Game](https://www.hkubs.hku.hk/sc/?post_type=event&p=252687) - SPEAKER Prof. Jan B Heide Professor Wisconsin School of Business University of Wisconsin-Madison ABSTRACT Firms are increasingly outsourcing marketing functions to offshore parties. In general, a decision to outsource must be accompanied by the deployment of governance mechanisms that regulate the “play of the game” with an exchange partner. Offshore outsourcing raises particular challenges, since
- [Learning to Prompt: Human Adaptation in Production with Generative AI](https://www.hkubs.hku.hk/sc/?post_type=event&p=252652) - SPEAKER Ms. Sijie Lin Ph.D. candidate in Economics Rotman School of Management University of Toronto ABSTRACT What is the role of human input in AI-assisted production? Humans interact with generative AI through combinations of words called prompts. A key feature of human input is adaptation: users dynamically modify their prompts based on their understanding of
- [Disengagement Reporting in Autonomous Vehicle Testing: Implications for Innovation and AI Regulatory Oversight](https://www.hkubs.hku.hk/sc/?post_type=event&p=252630) - SPEAKER Dr. Wenjie Xue Associate (Research Economist) Cornerstone Research ABSTRACT The commercialization of autonomous vehicles hinges on their ability to operate safely in diverse and unpredictable environments. Public road testing plays a crucial role in enhancing future safety by exposing them to rare and unforeseen driving scenarios. Yet, these “edge cases” often cause failures that
- [Spaces for Creativity: Experimental Findings and Research Agenda](https://www.hkubs.hku.hk/sc/?post_type=event&p=252543) - SPEAKER Prof. Manuel E. Sosa Professor of Technology and Operations Management Director of the Heinrich and Esther Baumann–Steiner Fund for Creativity and Business | INSEAD ABSTRACT Companies have been adopting unconventional workspaces—often characterized by bright or odd colored walls, unique light fixtures, unusual office furniture, vibrant artwork, display of atypical non-work-related objects, and casual and
- [Prepayment Option and Firm Risk-taking](https://www.hkubs.hku.hk/event/prepayment-option-and-firm-risk-taking/) - Speaker: Professor Bo Sun Associate Professor of Business Administration Department of Economics University of Virginia Abstract: We study the pervasive adoption of prepayment options in debt contracts, a phenomenon that persisted even during periods of near-zero interest rates when traditional hedging motives were attenuated. We develop an agency theoretic framework of debt contracting demonstrating that
- [Information and Collective Will Against Environmental Harms: Experimental Evidence from Ghana’s Galamsey](https://www.hkubs.hku.hk/event/information-and-collective-will-against-environmental-harms-experimental-evidence-from-ghanas-galamsey/) - Speaker: Mr. Chiman Cheung PhD candidate in Agricultural and Resource Economics University of California, Berkeley Abstract: Information can spur community collective action against environmental harms, but its effectiveness depends on how it is delivered and by whom. Local leaders can legitimize and transmit new information, or distort and suppress it when incentives misalign. I study
- [The Cost of Communal Stereotypes: Communality Expectations as a Source of Burnout and Turnover among Women](https://www.hkubs.hku.hk/sc/?post_type=event&p=252476) - SPEAKER Prof. Lisa Leslie Professor of Management and Organizations Stern School of Business New York University ABSTRACT Gender stereotypes dictate that women both are and are expected to be high in communality (warm, compassionate, and friendly), but low in agency (not competent, ambitious, or assertive). Abundant evidence documents that stereotypes of low agency have a
- [Better Safe Than Sorry: Strategic Nay-Saying in Idea Evaluation](https://www.hkubs.hku.hk/sc/?post_type=event&p=252484) - SPEAKER Prof. Linus Dahlander Professor ESMT Berlin ABSTRACT Managers often struggle to evaluate novel ideas, which by their nature have no proven commercial and technological value yet. Their evaluations can be overly optimistic or overly pessimistic, either over- or underestimating the idea’s actual performance. How do managers respond to these evaluation errors? We answer this
- [XHuman “The Mirror and the Mentor”:  Using LLMs to Explain Human Decision-Making at Work](https://www.hkubs.hku.hk/sc/?post_type=event&p=252431) - This is a joint seminar organized by HKU Business School’s IIM Area and Institute of Digital Economy & Innovation (IDEI). SPEAKER Professor Alok Gupta Senior Associate Dean of Faculty, Research and Administration Curtis L. Carlson Schoolwide Chair in Information Management Carlson School of Management, University of Minnesota ABSTRACT As AI systems become increasingly embedded in
- [Human Capital Accumulation and the Long-Term Effects of Temporary Sectoral Shocks](https://www.hkubs.hku.hk/event/human-capital-accumulation-and-the-long-term-effects-of-temporary-sectoral-shocks/) - Speaker: Ms Gurkova Ekaterina Ph.D. Candidate in Economics University of California Abstract: This paper investigates the impact of temporary sectoral shocks on human capital accumulation and introduces a structural model to quantify their long-term general equilibrium effects. I use Spain’s economic boom (1995–2007) as a case study, which represented a positive labor demand shock in
- [The 2nd Annual Joey Wat Scholarship Ceremony: Sharing Journeys & Shaping Futures](https://www.hkubs.hku.hk/event/the-2nd-annual-joey-wat-scholarship-ceremony-sharing-journeys-shaping-futures/) - Dear students, alumni, and friends, You are warmly invited to join us for the The 2nd Annual Joey Wat Scholarship Ceremony: Sharing Journeys & Shaping Futures, along with our guest of honour, distinguished donor and HKU alumna, Ms. Joey Wat, CEO of Yum China. Yum China is the largest restaurant company in China by system
- [The Transparency Tax: Discouraging firm ownership via tax havens in Ecuador](https://www.hkubs.hku.hk/event/the-transparency-tax-discouraging-firm-ownership-via-tax-havens-in-ecuador/) - Speaker: Dr. Jakob Brounstein Postdoctoral Scholar Institute for Fiscal Studies Abstract: How can countries act unilaterally to curb tax haven usage and raise business ownership transparency? We address this question by analyzing an innovative anti-evasion policy: Ecuador’s corporate income tax surcharge on firms whose owners are tax haven residents. We compare baseline haven-owned firms against
- [The Slang Paradox: Connecting or Disconnecting with Consumers?](https://www.hkubs.hku.hk/sc/?post_type=event&p=252160) - SPEAKER Professor Alice Wang John F. Murray Fellow and Professor of Marketing Henry B. Tippie Research Fellow Tippie College of Business University of Iowa ABSTRACT Many brands use slang in their marketing communications to connect with consumers. However, through analyses of two Twitter datasets and seven experiments (four in the Web Appendix), the authors
- [Permitting, Litigation Risk, and Energy Infrastructure Investment](https://www.hkubs.hku.hk/event/permitting-litigation-risk-and-energy-infrastructure-investment/) - Speaker: Yifei Liu Ph.D. candidate in Agricultural & Applied Economics University of Wisconsin Abstract: Legal risks arising from the permitting process may deter infrastructure development,but their magnitude and mechanisms are unclear. Using novel litigation data on en-vironmental and land-use permits, I study this question in the context of renewable energy infrastructure. I find that litigation
- [IHSS Public Lecture - True Colors of China: Yellow, Blue, and Red](https://www.hkihss.hku.hk/en/events/true-colors-of-china-yellow-blue-and-red/)
- [When Strategic Customers Meet Strategic Servers: Individual and  Social Optimization in Many-Server Queueing Systems](https://www.hkubs.hku.hk/sc/?post_type=event&p=251987) - SPEAKER Prof. Amy R. Ward Rothman Family Professor of Operations Management The Booth School of Business The University of Chicago ABSTRACT We initiate the study of joint strategic behavior of customers and servers in many-server queueing systems. We model customers as strategic agents who decide whether to join the system by weighing reward from service
- [A Few Bad Apples? Academic Dishonesty, Political Selection, and Institutional Performance in China](https://www.hkubs.hku.hk/event/a-few-bad-apples-academic-dishonesty-political-selection-and-institutional-performance-in-china/) - Speaker: Dr. Wenwei Peng Postdoctoral Fellow Department of Economics of Harvard University Abstract: Honesty is perceived as fundamental to societal functioning, motivating education systems worldwide to enforce strict oversight and heavy penalties for dishonest behavior. Yet much academic misconduct remains unexposed, and its broader consequences are further obscured by the sorting of individuals into careers
- [Urbanization without Industrialization: Evidence from US Bases in Okinawa](https://www.hkubs.hku.hk/event/urbanization-without-industrialization-evidence-from-us-bases-in-okinawa/) - Speaker: Professor Atsushi Yamagishi Associate Professor Institute of Economic Research Hitotsubashi University Abstract: We examine how the external consumption demand and employment shape the pattern of urbanization and the economic structure. We focus on the unique case of Okinawa in Japan, where many US military bases were constructed for strategic reasons and created substantial consumption
- [Identifying All Epsilon-Best Arms in (Misspecified) Linear Bandits](https://www.hkubs.hku.hk/sc/?post_type=event&p=251742) - SPEAKER Prof. Cheng HUA Associate Professor in Management Science Antai School of Management Shanghai Jiaotong University ABSTRACT Motivated by the need to efficiently identify multiple candidates in high trial-and-error cost tasks such as drug discovery, we propose a near-optimal algorithm to identify all epsilon-best arms (i.e., those at most epsilon worse than the optimum). Specifically,
- [An Extended Validity Domain for Constraint Learning](https://www.hkubs.hku.hk/sc/?post_type=event&p=251815) - SPEAKER Professor Samuel A. Burer Tippie-Rollins Professor in Business Analytics Tippie College of Business University of Iowa ABSTRACT We consider embedding a (predictive) machine-learning model within a (prescriptive) optimization problem. In this setting, called constraint learning, the computed optimal solution may be too far from the training data, that is, in a region where the
- [Operations Research: Some thoughts on its past, present, and future](https://www.hkubs.hku.hk/sc/?post_type=event&p=251711) - SPEAKER Professor Christopher Thomas Ryan Professor in the Operations and Logistics division Sauder School of Business University of British Columbia ABSTRACT I will explore the origins and evolution of Operations Research (OR) leading to the present day. In particular, I will pay attention to how OR defined itself in relation to competing fields and how
- [On the role of curricula in the decentralization of  human service delivery](https://www.hkubs.hku.hk/sc/?post_type=event&p=251704) - SPEAKER Professor Christopher Thomas Ryan Professor in the Operations and Logistics division Sauder School of Business University of British Columbia ABSTRACT We discuss several case studies of service organizations using decentralization – mediated by curriculum development – in their process to reach scale. We will draw conclusions about the important operational role curriculum development can
- [Conference on the Future of Hong Kong Economy 2026](https://www.hkubs.hku.hk/eventsite/future-of-hong-kong-economy-2026)
- [How I developed the threshold principle in Statistics](https://www.hkubs.hku.hk/sc/?post_type=event&p=251267) - INCEPTION OF IDEAS Seminar series where innovation begins Organized by Business Analytics Group of IIM SPEAKER Professor Howell Tong Emeritus Professor in Statistics at LSE Distinguished Visiting Professors at Tsinghua University and Xiamen University ABSTRACT In this talk, I’ll recount the background in time series analysis in the 1970s and explain why I decided to
- [Population Aging and the Market for Higher Education: Implications for Education Finance Reform](https://www.hkubs.hku.hk/event/population-aging-and-the-market-for-higher-education-implications-for-education-finance-reform-3/) - Speaker: Professor Dirk Krueger Walter H. and Leonore C. Annenberg Professor in the Social Sciences and Professor of Economics University of Pennsylvania Abstract: We construct a general equilibrium life cycle model of the college market with heterogeneous colleges, student college quality and major choice, and subsequent labor market outcomes of workers in different occupations. The
- [When Less is More: Optimizing Prescription Alerts under Fatigue](https://www.hkubs.hku.hk/sc/?post_type=event&p=250946) - SPEAKER Prof. Hossein Piri Assistant Professor Operations and Supply Chain Management [OSCM] Haskayne School of Business University of Calgary ABSTRACT Pharmacists play a central role in preventing medication errors, aided by Computerized Provider Order Entry (CPOE) alert systems that flag potential drug interactions and contraindications. However, to capture risks, these systems generate high volumes of
- [Expanding the Landscape of Cross-Border Flow Restrictions: Modern Tools and Historical Perspectives](https://www.hkubs.hku.hk/event/expanding-the-landscape-of-cross-border-flow-restrictions-modern-tools-and-historical-perspectives-2/) - Speaker: Prof. Andrés Fernández Martin Senior Financial Expert IMF’s Capital Flow Unit Monetary and Capital Markets Abstract: Employing large language models to analyze official documents, we construct a comprehensive record of daily changes in de jure restrictions on cross-border flows worldwide since the 1950s. Our analysis uncovers the wide array of instruments used to regulate
- [Extracting Interpretable Models from Tree Ensembles:  Computational and Statistical Perspectives](https://www.hkubs.hku.hk/sc/?post_type=event&p=250113) - SPEAKER Mr. Brian Liu Ph.D. Candidate in Operations Research Operations Research Center Massachusetts Institute of Technology ABSTRACT Tree ensembles are non-parametric methods widely recognized for their accuracy and ability to capture complex interactions. While these models excel at prediction, they are difficult to interpret and may fail to uncover useful relationships in the data. We
- [Market Power in Capital Markets: Misallocation and Growth](https://www.hkubs.hku.hk/event/search-frictions-and-market-power-in-the-deposit-market-evidence-theory-and-estimation/) - Speaker: Prof. Michael Choi Associate Professor of Economics University of California, Irvine Abstract: This paper develops a general equilibrium model in which rms are heteroge-nous and experience idiosyncratic productivity shocks that require capital reallocation through a frictional dealer market. The market power of dealers is endogenous: dealers can enhance their bargaining power by exerting costly
- [港大經管學院首辦沙特經濟論壇](https://www.hkubs.hku.hk/tc/media/school-news/hku-business-school-holds-inaugural-saudi-economic-forum-to-foster-education-and-innovation-partnerships/)
- [港大经管学院首办沙特经济论坛](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-holds-inaugural-saudi-economic-forum-to-foster-education-and-innovation-partnerships/)
- [HKU Business School Holds Inaugural Saudi Economic Forum](https://www.hkubs.hku.hk/media/school-news/hku-business-school-holds-inaugural-saudi-economic-forum-to-foster-education-and-innovation-partnerships/)
- [Homelessness](https://www.hkubs.hku.hk/event/homelessness/) - Speaker: Prof. Kai Zhao Department of Economics University of Connecticut Abstract: We present a dynamic general equilibrium model of homelessness calibrated to the U.S. data and evaluate the effectiveness of several policies in the fight against homelessness. The model is designed to capture the most at-risk groups, producing a diverse homeless population that includes a
- [Common Investors Across the Capital Structure: Private Debt Funds as Dual Holders](https://www.hkubs.hku.hk/sc/?post_type=event&p=250672) - Speaker: Professor Wei Jiang Vice Dean for Faculty Affairs and Research Charles Howard Candler Professor of Finance Goizueta Business School Emory University Abstract: This paper examines the dual role of Business Development Companies (BDCs) as both creditors and shareholders in funding middle-market firms. We find that dual-holder BDCs charge 45 basis points higher loan spreads
- [How immigration status shapes entrepreneurial strategy](https://www.hkubs.hku.hk/sc/?post_type=event&p=250566) - SPEAKER Prof. Dan Wang Lambert Family Professor of Social Enterprise Columbia Business School Columbia University ABSTRACT How does entrepreneurial strategy vary by a business owner’s immigration status? Immigrants are often touted as more entrepreneurial than their non-immigrant peers, but heterogeneity in immigrant status creates variation in access to resources and networks that can factor into
- [Data as a Networked Asset](https://www.hkubs.hku.hk/sc/?post_type=event&p=250498) - Speaker: Professor Ye Li Associate Professor of Finance and Business Economics William A. Fowler Endowed Professor Michael G. Foster School of Business University of Washington Abstract: Data is non-rival: a firm’s customer data informs other firms about their customers. We uncover a network of inter-firm data conduits embedded in mobile applications. Data sharing induces comovement
- [Turning the World Upside Down: Option Pricing When Interest Rates Can be Negative](https://www.hkubs.hku.hk/sc/?post_type=event&p=250440) - Speaker: Prof. Philip Dybvig Boatmen's Bancshares Professor of Banking and Finance and Economic Sciences Laureate Olin School of Business Washington University in Saint Louis Abstract: Option pricing usually assumes non-negative interest rates to avoid arbitrage in a frictionless world. However, frictions and negative rates do exist. When interest rates can go negative, distribution-free results on
- [Painting the Resumes: LinkedIn Profile Revisions, Employee Turnover, and Future Firm Performance](https://www.hkubs.hku.hk/sc/?post_type=event&p=250443) - SPEAKER Prof. Rebecca Hann Associate Dean of Research and Doctoral Programs Dean’s Professor of Accounting | KPMG Term Professor Robert H. Smith School of Business | University of Maryland ABSTRACT This study examines whether employees’ disclosures about their human capital—specifically, their LinkedIn profile updates—are informative about both their own mobility and their employer’s future performance.
- [Synthetic Nearest Neighbours: Extending Synthetic Controls for Matrix Completion with Missing Not at Random Data](https://www.hkubs.hku.hk/sc/?post_type=event&p=250287) - SPEAKER Prof. Dennis Shen Assistant Professor Department of Data Sciences and Operations USC Marshall Business School ABSTRACT We develop a causal framework for matrix completion under missing not at random (MNAR) data. Drawing on the method of synthetic controls from the econometric panel data literature, our approach relaxes two core assumptions that underlie standard MNAR
- [A Test for Equity and Options Markets Integration](https://www.hkubs.hku.hk/sc/?post_type=event&p=249788) - SPEAKER Prof. Viktor Todorov Harold H. Hines Jr. Professor of Risk Management & Professor of Finance Kellogg School of Management Northwestern University ABSTRACT Absence of arbitrage implies that equity and options markets should agree about volatility due to small and frequent moves in the asset price, and in particular about diffusive volatility. We design a
- [How is McDonald’s China building a smart supply chain？](https://www.hkubs.hku.hk/sc/?post_type=event&p=248331) - SPEAKER 施雲 | 麥當勞中國首席供應鏈官 Mr. Jim Shi | Chief Supply Chain Officer of McDonald's China ABSTRACT The Supply Chain Story of World Famous French Fries Key Drives of Supply Chain Excellence in McD China McDonald’s Foundational Business Philosophy: Three-legged Stool Overview of McD’s China Diversified & Optimized Supplier Base Supply Chain Logistics Network Planning to
- [Social Interaction Intensity and Investor Behavior](https://www.hkubs.hku.hk/sc/?post_type=event&p=250195) - Speaker: Professor Yaron Levi Assistant Professor of Finance and Business Economics Marshall School of Business University of Southern California Abstract: We document a causal effect of social interactions on investor behavior using the number of local soccer games as a measure of social interaction intensity. Social transmission is identifiable in buy but not sell trades.
- [The Psychology of Board Chairs: How Rivalry Shapes Corporate Governance](https://www.hkubs.hku.hk/sc/?post_type=event&p=249965) - SPEAKER Prof. Oleg Petrenko Associate Professor Michael F. Price College of Business University of Oklahoma ABSTRACT Although board of directors are designed to ensure effective oversight, similar designs often yield sharply different outcomes. This study examines how the motivational dimensions of board chairs shape the chair–CEO relationship and, through it, whether the board’s governance emphasizes
- [Outstream Video Marketing:  Effectiveness Across Product Differentiation and Visual Features](https://www.hkubs.hku.hk/sc/?post_type=event&p=249856) - SPEAKER Prof. Yifan Yu Assistant Professor Department of Information, Risk, and Operations Management McCombs School of Business, The University of Texas at Austin ABSTRACT On online shopping websites, outstream video ads target search queries and autoplay on shoppers’ screens. We investigate the effectiveness of outstream video ads by conducting a large-scale, query-level study on experimental
- [How Inequality of Romantic Partners’ Incomes Influences Joint Spending](https://www.hkubs.hku.hk/sc/?post_type=event&p=249797) - SPEAKER Professor Rebecca W. Hamilton Michael G. and Robin Psaros Chair in Business Administration Professor of Marketing McDonough School of Business Georgetown University ABSTRACT We examine the impact of within-household income inequality on the joint spending decisions of romantic partners. Across five studies examining both real spending data and willingness to pay, we demonstrate
- [Uncertainty Quantification for Ranking  with Heterogeneous Preferences](https://www.hkubs.hku.hk/sc/?post_type=event&p=249753) - SPEAKER Dr. Hyukjun Kwon Postdoctoral Research Associate Operations Research and Financial Engineering Princeton University ABSTRACT This paper studies human preference learning based on partially revealed choice behavior and formulates the problem as a generalized Bradley–Terry–Luce (BTL) ranking model that accounts for heterogeneous preferences. Specifically, we assume that each user is associated with a nonparametric preference
- [Incentivizing Inclusion: Experimental Evidence on Lending to Women-Led Firms in Vietnam](https://www.hkubs.hku.hk/sc/?post_type=event&p=249620) - SPEAKER Prof. Markus Taussig Associate Professor Rutgers Business School ABSTRACT Women-owned or -led small and medium-sized enterprises (WSMEs) face more difficulties accessing credit in much of Asia than men-owned or -led SMEs. This raises questions of how to change employee behavior within lending institutions to extend credit to WSME borrowers. There is little empirical evidence
- [Linear Estimation of Structural and Causal Effects for Nonseparable Panel Data](https://www.hkubs.hku.hk/event/linear-estimation-of-structural-and-causal-effects-for-nonseparable-panel-data-2/) - Speaker: Prof. Whitney Newey Ford Professor of Economics MIT Abstract: This paper develops linear estimators for structural and causal parameters in nonparametric, nonseparable models using panel data. These models incorporate unobserved, time-varying, individual heterogeneity, which may be correlated with the regressors. Estimation is based on an approximation of the nonseparable model by a linear sieve
- [Measuring Price Effects of Multilingual Global News with Large Language Models](https://www.hkubs.hku.hk/sc/?post_type=event&p=249426) - Speaker: Professor Ing-Haw Cheng Maple Financial Group Chair in Derivatives and Risk Management Professor of Finance Rotman School of Management University of Toronto Abstract: We study whether language boundaries impede market efficiency, using multilingual large language models to analyze how quickly markets incorporate Bloomberg news across different languages for Japanese and US equities. In Japan,
- [Celebrating the Year of the Snake: Singapore Alumni Network's Lunar New Year Dinner](https://www.hkubs.hku.hk/sc/event/celebrating-the-year-of-the-snake-singapore-alumni-networks-lunar-new-year-dinner/) - To kick-off the Year of the Snake in a happy and gastronomically abundant fashion, our local alumni community in Singapore met up for a delicious Lunar New Year Dinner on February 6th at the Man Fu Yuen (InterContinental Singapore), which was attended by 7 of our graduates.
- [Celebrating the Year of the Snake: Singapore Alumni Network's Lunar New Year Dinner](https://www.hkubs.hku.hk/sc/event/celebrating-the-year-of-the-snake-singapore-alumni-networks-lunar-new-year-dinner/) - To kick-off the Year of the Snake in a happy and gastronomically abundant fashion, our local alumni community in Singapore met up for a delicious Lunar New Year Dinner on February 6th at the Man Fu Yuen (InterContinental Singapore), which was attended by 7 of our graduates.
- [Celebrating the Year of the Snake: Singapore Alumni Network's Lunar New Year Dinner](https://www.hkubs.hku.hk/sc/event/celebrating-the-year-of-the-snake-singapore-alumni-networks-lunar-new-year-dinner/) - To kick-off the Year of the Snake in a happy and gastronomically abundant fashion, our local alumni community in Singapore met up for a delicious Lunar New Year Dinner on February 6th at the Man Fu Yuen (InterContinental Singapore), which was attended by 7 of our graduates.
- [Singapore Alumni Network’s Labour Day Luncheon](https://www.hkubs.hku.hk/event/singapore-alumni-networks-labour-day-luncheon/) - HKU Business School celebrated Labour Day in Singapore with an enriching luncheon featuring Prof. Heiwai Tang, Associate Dean of the HKU Business School and Director of the Asia Global Institute dining with our alumni community there. The event brought together a vibrant group of Lion City-based alumni for an afternoon of camaraderie, intellectual exchange, and
- [The Impact of Cartels on Productivity](https://www.hkubs.hku.hk/sc/?post_type=event&p=248437) - SPEAKER Prof. Yasutora Watanabe Professor of Economics and Public Policy University of Tokyo ABSTRACT We study the impact of cartels on productivity using a unique plant-level dataset from the Japanese ready-mix concrete industry, where cartels can be legally permitted. Our annual panel covers 1993–2004 with information on inputs, outputs, cartel membership, and the timing of
- [The Power of the Common Task Framework](https://www.hkubs.hku.hk/sc/?post_type=event&p=249216) - Speaker: Professor Theis Ingerslev Jensen Assistant Professor of Finance Yale School of Management Yale University Abstract: The “Common Task Framework” (CTF) is a collaborative and competitive process in which researchers solve a task using shared data, a predefined success metric, and a leaderboard. Using an economic model, we show that the CTF incentivizes effort, increases
- [Inspiring Public Lecture with Prof. Peter DeMarzo in Celebration of 25th Anniversary Milestone](https://www.hkubs.hku.hk/event/inspiring-public-lecture-with-prof-peter-demarzo-in-celebration-of-25th-anniversary-milestone/) - HKU Business School was honoured to host a compelling public lecture by Prof. Peter DeMarzo, the John G. McDonald Professor of Finance and former Dean at Stanford Graduate School of Business, at HKU iCube on 4 November. Bringing together more than 150 alumni, students, industry leaders, and friends of Stanford University, the event marked an
- [Industry (Re) Classifications and Corporate Governance](https://www.hkubs.hku.hk/sc/?post_type=event&p=249167) - SPEAKER Professor Gaizka Ormazabal Professor in the Accounting and Control Department Associate Dean for Research and the PhD Program IESE Business School ABSTRACT This study examines whether industry classifications affect how firms select peers for executive compensation benchmarking. For identification, we exploit the setting of Global Industry Classification Standard (GICS) reclassifications. We find that firms
- [Internal Monitoring and Collective Reputation](https://www.hkubs.hku.hk/sc/?post_type=event&p=249119) - SPEAKER Prof. Volker Nocke Professor of Economics University of Mannheim ABSTRACT We study how internal monitoring and imperfect public signals together shape the value and sustainability of a collective reputation in organizations that operate across multiple markets. The organization comprises a global player—such as a franchisor—whose actions affect all markets, and market-specific local players—such as
- [Superstar Products by Superstar Exporters](https://www.hkubs.hku.hk/event/superstar-products-by-superstar-exporters/) - Speaker: Prof Sifan Xue Assistant Professor National School of Development Peking University Abstract: We show empirically that it is a firm’s superstar products, rather than its product scope or average product appeal, that make it a superstar exporter. These superstar products account for more than half of aggregate sectoral exports. We build a multiproduct firm
- [Changing Seats Changes Minds: Randomized Seating and U.S. Legislative Outcomes](https://www.hkubs.hku.hk/sc/?post_type=event&p=248995) - Speaker: Professor Bo Li Associate Professor of Finance Guanghua School of Management Peking University Abstract: We find that randomly assigned peers play a sizable and unique role in shaping political economy. Closely seated, and exogenously assigned, US Senate peers have a significant impact on Congressional voting, shifting votes by 11.8 percentage points (t=7.34). Physical distance
- [Causal Inference: A Tale of Three Frameworks](https://www.hkubs.hku.hk/sc/?post_type=event&p=248789) - SPEAKER Professor Linbo Wang Canada Research Chair in Causal Machine Learning Associate Professor University of Toronto ABSTRACT Causal inference is a central goal across many scientific disciplines. Over the past several decades, three major frameworks have emerged to formalize causal questions and guide their analysis: the potential outcomes framework, structural equation models, and directed acyclic
- [Barriers to Consumer Negotiation and the Limits of Policy: Evidence from the NAR Settlement](https://www.hkubs.hku.hk/sc/?post_type=event&p=248739) - Speaker: Professor David Hao Zhang Assistant Professor of Finance Jones Graduate School of Business Rice University Abstract: The 2024 National Association of Realtors (NAR) settlement aimed to decouple buyer and seller agent fees by shifting bargaining to buyers. We show in survey experiments that framing commissions in percentages and as seller-paid is sufficient to largely
- [Reputation And Referrals](https://www.hkubs.hku.hk/sc/?post_type=event&p=248684) - SPEAKER Prof. Yi Chen Assistant Professor of Economics Samuel Curtis Johnson Graduate School of Management Cornell University ABSTRACT We study a dynamic model of referrals among experts that are horizontally specialized in treating heterogeneous problems. Demand for an expert’s services increases in their reputation, a decaying record of their historic success rate in solving problems.
- [HKU Business School Distinguished Scholar Lecture - A.I. and Economics](https://www.hkubs.hku.hk/sc/event/hku-business-school-distinguished-scholar-lecture-a-i-and-economics/) - Language: English Date: 25 November, 2025 (Tuesday) Registration Time: 6:45 p.m. Time: 7:30 p.m. – 9:00 p.m. Location: Wang Gungwu Lecture Hall, Graduate House, Main Campus, The University of Hong Kong Registration: https://hku.au1.qualtrics.com/jfe/form/SV_6A6vpIxpvdaukB0 Speaker Biography Thomas J. Sargent is an American economist awarded the Nobel Memorial Prize in Economic Sciences in 2011, jointly with Christopher
- [Moral Regulation and Cultural Production: Evidence from Hollywood](https://www.hkubs.hku.hk/event/moral-regulation-and-cultural-production-evidence-from-hollywood/) - Speaker: Prof. Ruixue Jia Professor of Economics School of Global Policy and Strategy UC San Diego Abstract: Moral regulation is widespread across societies, yet its consequences have seldom been examined empirically. We study the Hays Code (July 1934–1960s), which imposed systematic moral guidelines on American cinema. Using a regression-discontinuity design comparing U.S. and non-U.S. films
- [HKU Business School Distinguished Scholar Lecture - A.I. and Economics](https://www.hkubs.hku.hk/sc/event/hku-business-school-distinguished-scholar-lecture-a-i-and-economics/) - Language: English Date: 25 November, 2025 (Tuesday) Registration Time: 6:45 p.m. Time: 7:30 p.m. – 9:00 p.m. Location: Wang Gungwu Lecture Hall, Graduate House, Main Campus, The University of Hong Kong Registration: https://hku.au1.qualtrics.com/jfe/form/SV_6A6vpIxpvdaukB0 Speaker Biography Thomas J. Sargent is an American economist awarded the Nobel Memorial Prize in Economic Sciences in 2011, jointly with Christopher
- [HKU Business School Distinguished Scholar Lecture - A.I. and Economics](https://www.hkubs.hku.hk/sc/event/hku-business-school-distinguished-scholar-lecture-a-i-and-economics/) - Language: English Date: 25 November, 2025 (Tuesday) Registration Time: 6:45 p.m. Time: 7:30 p.m. – 9:00 p.m. Location: Wang Gungwu Lecture Hall, Graduate House, Main Campus, The University of Hong Kong Registration: https://hku.au1.qualtrics.com/jfe/form/SV_6A6vpIxpvdaukB0 Speaker Biography Thomas J. Sargent is an American economist awarded the Nobel Memorial Prize in Economic Sciences in 2011, jointly with Christopher
- [Safe but Meek: Psychological Safety and Distributive Negotiation in Teams](https://www.hkubs.hku.hk/sc/?post_type=event&p=248521) - SPEAKER Prof. Brian Gunia Professor of Management Johns Hopkins Carey Business School Johns Hopkins University ABSTRACT Research has long portrayed psychological safety as an unequivocal benefit for teams and their members. Yet, most evidence comes from cooperative contexts, in which team members share a collective goal. We ask whether the benefits of psychological safety extend
- [AI and management practice & theory: what is new?](https://www.hkubs.hku.hk/sc/?post_type=event&p=248429) - SPEAKER Prof. Xavier Castaner Professor of Strategy Faculty of Business & Economics (HEC) University of Lausanne ABSTRACT The diffusion of AI has recently led to the emergence of the concept of algorithmic management as a new managerial approach. In this presentation, I revisit what AI or more precisely LLMs can currently do and how their
- [Embracing the Enemy](https://www.hkubs.hku.hk/event/embracing-the-enemy/) - Speaker: Prof. Johannes Schneider Department of Economics Johannes Kepler Universität Linz Abstract: Two agents repeatedly compete for the power to set policy. A principal partially influences the power allocation. All three players may disagree on policy, but one agent (the ``friend'') aligns more closely with the principal than the other (the ``enemy''). The principal's optimal
- [Revisiting Mass Action Incidents in Late Qing China, 1902-1911](https://www.hkubs.hku.hk/sc/event/revisiting-mass-action-incidents-in-late-qing-china-1902-1911/) - INFORMATION Revisiting Mass Action Incidents in Late Qing China, 1902-1911 The Qing state launched the ‘new policy’ reform during the first decade of the 20th century. This ambitious and profound reform unexpectedly led to an increasing number of mass action incidents nationwide, ultimately bringing an end to China’s imperial regime. When assessing mass actions during
- [Revisiting Mass Action Incidents in Late Qing China, 1902-1911](https://www.hkubs.hku.hk/sc/event/revisiting-mass-action-incidents-in-late-qing-china-1902-1911/) - INFORMATION Revisiting Mass Action Incidents in Late Qing China, 1902-1911 The Qing state launched the ‘new policy’ reform during the first decade of the 20th century. This ambitious and profound reform unexpectedly led to an increasing number of mass action incidents nationwide, ultimately bringing an end to China’s imperial regime. When assessing mass actions during
- [Revisiting Mass Action Incidents in Late Qing China, 1902-1911](https://www.hkubs.hku.hk/sc/event/revisiting-mass-action-incidents-in-late-qing-china-1902-1911/) - INFORMATION Revisiting Mass Action Incidents in Late Qing China, 1902-1911 The Qing state launched the ‘new policy’ reform during the first decade of the 20th century. This ambitious and profound reform unexpectedly led to an increasing number of mass action incidents nationwide, ultimately bringing an end to China’s imperial regime. When assessing mass actions during
- [Imputation-Powered Inference for Missing Covariates](https://www.hkubs.hku.hk/sc/?post_type=event&p=247550) - SPEAKER Miss Junting Duan Ph.D. Candidate in Management Science and Engineering Department of Management Science and Engineering Stanford University ABSTRACT Missing covariate data is a prevalent problem in empirical research. We provide a novel framework for handling missing covariate data for estimation and inference in downstream tasks. Our general framework provides an automatic and easy-to-use
- [The Hidden Costs of Financial Services: Consumer Complaints and Financial Restitution](https://www.hkubs.hku.hk/sc/?post_type=event&p=247772) - Speaker: Professor Rawley Heimer Associate Professor of Finance W.P. Carey School of Business Arizona State University Abstract: Financial disputes are a widespread but understudied feature of consumer financial markets. Using confidential data from the Consumer Financial Protection Bureau (CFPB), we analyze nearly two million consumer complaints filed since 2014, which have led to an average
- [Deep Reinforcement Learning in a Monetary Model](https://www.hkubs.hku.hk/event/deep-reinforcement-learning-in-a-monetary-model/) - Speaker: Prof. Mingli Chen Associate Professor Department of Economics University of Warwick Abstract: We propose deep reinforcement learning (DRL) as a general approach to modeling bounded rationality in dynamic stochastic general equilibrium (DSGE) frameworks. Agents are represented by deep artificial neural networks and learn to maximize their intertemporal objective functions by interacting with an a
- [How You Pay Drives What You Choose: Mental Accounting in Health Insurance Plan Choice](https://www.hkubs.hku.hk/event/how-you-pay-drives-what-you-choose-mental-accounting-in-health-insurance-plan-choice/) - Speaker: Professor Junjian Yi Boya Distinguished Professor Professor of Economics at the National School of Development Peking University Abstract: We document that the source of funds for paying health insurance premiums has a dramatic impact on plan choices. We focus on the MediSave program in Singapore, a medical savings account that is used to pay
- [How Commission Fees Reshape Digital Advertising and Creator Economies: Implications for Platform Pricing](https://www.hkubs.hku.hk/sc/?post_type=event&p=247736) - SPEAKER Miss Na Liu Ph.D. candidate in Economics Department of Economics Cornell University ABSTRACT This study investigates how commission fee pricing reshapes user-generated content (UGC) platforms operating as multi-sided markets. We analyze a natural experiment in which a major platform removed fees on goods-selling advertisement links in sponsored content. Using market-level difference-in-differences models, we identify
- [Uncovering the Internal Mechanisms of Large Language Models in Decision-Making under Risk](https://www.hkubs.hku.hk/sc/?post_type=event&p=247683) - SPEAKER Mr. Yu Qin Ph.D. Candidate in Information Systems W.P. Carey School of Business Arizona State University ABSTRACT Large Language Models (LLMs) have achieved remarkable performance across domains, yet their internal reasoning processes remain largely opaque. Understanding these mechanisms is critical for building responsible and trustworthy AI applications, particularly in high-stakes contexts such as decision-making
- [A New Theory Of Credit Lines (With Evidence)](https://www.hkubs.hku.hk/sc/?post_type=event&p=247634) - Speaker: Professor Giorgia Piacentino Associate Professor of Finance and Business Economics USC Marshall School of Business University of Southern California Abstract: We develop a dynamic model in which (latent) credit lines serve as a commitment device not to take on more debt, thereby curbing dilution incentives. Posting bundles that include credit lines allows lenders to
- [Nash Equilibrium, Minmax and Entropy](https://www.hkubs.hku.hk/event/nash-equilibrium-minmax-and-entropy/) - Speaker: Prof. Sourav Bhattacharya Economics Group Indian Institute of Management Calcutta Abstract: In two-person zero-sum games, players impose maximum harm and (often) maximum surprise on each other. The first part follows from the familiar result that every Nash equilibrium gives each player her minmax value. The second part and its prerequisites can be made precise
- [Statistics-powered AI](https://www.hkubs.hku.hk/sc/?post_type=event&p=247569) - SPEAKER Prof. Chengchun Shi Associate Professor of Data Science Department of Statistics London School of Economics and Political Science (LSE) ABSTRACT We have definitely entered an era of generative artificial intelligence (AI), where large language models (LLMs) are increasingly reshaping our daily lives. Their impact is everywhere -- from education and academia to professional work
- [The origin and future of enduring economic inequality](https://www.hkubs.hku.hk/event/the-origin-and-future-of-enduring-economic-inequality/) - Speaker: Prof. Samuel Bowles Behavioral Sciences Program Santa Fe Institute Abstract: Until about five thousand years ago elevated levels of wealth inequality among the famers and hunter gatherers of western Eurasia occurred but were temporary and rare compared to the substantial enduring inequalities since then. Archaeological and anthropological evidence suggests that for at least four millennia following
- [Near-Optimal Real-Time Personalization with Simple Transformers](https://www.hkubs.hku.hk/sc/?post_type=event&p=247451) - SPEAKER Mr. Lin An Ph.D. Candidate in Algorithms, Combinatorics, and Optimization Tepper School of Business Carnegie Mellon University ABSTRACT Real-time personalization has advanced significantly in recent years, with platforms utilizing machine learning models to predict user preferences based on rich behavioral data on each individual user. Traditional approaches usually rely on embedding-based machine learning models
- [Reuniting Forcibly Separated Families  Through Shared Memories with Machine Learning](https://www.hkubs.hku.hk/sc/?post_type=event&p=247393) - SPEAKER Mr. Huifeng Su Ph.D. Candidate in Operations Management Yale University ABSTRACT Over 100,000 victims rely on self-reported, semi-structured clues on humanitarian service platforms to search for their missing parent or child through text comparisons. However, such searches face significant challenges, including vast search spaces, inaccurate data reporting, and complex matching patterns among text pairs.
- [Motivated Beliefs in Coordination Games](https://www.hkubs.hku.hk/sc/?post_type=event&p=247204) - Speaker: Professor Jesse Davis Associate Professor of Finance Associate Dean of the Full-Time MBA Program UNC Kenan-Flagler Business School The University of North Carolina at Chapel Hill Campus Abstract: We characterize how wishful thinking affects forecasting behavior in the presence of strategic considerations and externalities. Our model provides a unified framework to reconcile recent evidence
- [Encroaching on the Household Sphere: Husbands’ Housework Participation and Changes in Gender Role Attitudes within Couples](https://www.hkubs.hku.hk/event/encroaching-on-the-household-sphere-husbands-housework-participation-and-changes-in-gender-role-attitudes-within-couples/) - Speaker: Professor Daiji Kawaguchi Professor Graduate School of Economics University of Tokyo Abstract: This study investigates how rearrangement of division of labor within a household reshapes gender role attitudes. Using the expansion of remote work as a driver of the increase in husbands' engagement in housework, we analyze how this shift in the division of
- [Spousal occupations in the twentieth-century Yangtze Valley](https://www.hkubs.hku.hk/sc/event/spousal-occupations-in-the-twentieth-century-yangtze-valley/) - INFORMATION Spousal occupations in the twentieth-century Yangtze Valley The husband-wife occupations significantly influence a family’s economic condition, social capital, and everyday experience. Changes in spousal occupations forms a major aspect of transformation in Chinese families over the twentieth century. Ying Dai of Chinese Academy of Social Sciences and her co-author utilise 175 lineage genealogies with
- [Spousal occupations in the twentieth-century Yangtze Valley](https://www.hkubs.hku.hk/sc/event/spousal-occupations-in-the-twentieth-century-yangtze-valley/) - INFORMATION Spousal occupations in the twentieth-century Yangtze Valley The husband-wife occupations significantly influence a family’s economic condition, social capital, and everyday experience. Changes in spousal occupations forms a major aspect of transformation in Chinese families over the twentieth century. Ying Dai of Chinese Academy of Social Sciences and her co-author utilise 175 lineage genealogies with
- [Spousal occupations in the twentieth-century Yangtze Valley](https://www.hkubs.hku.hk/sc/event/spousal-occupations-in-the-twentieth-century-yangtze-valley/) - INFORMATION Spousal occupations in the twentieth-century Yangtze Valley The husband-wife occupations significantly influence a family’s economic condition, social capital, and everyday experience. Changes in spousal occupations forms a major aspect of transformation in Chinese families over the twentieth century. Ying Dai of Chinese Academy of Social Sciences and her co-author utilise 175 lineage genealogies with
- [Technology and Development in East Asia: Firms, Services, and Jobs](https://www.hkubs.hku.hk/event/technology-and-development-in-east-asia-firms-services-and-jobs/) - Speaker: Prof Alessandro Barattieri; Prof Aaditya Mattoo ; Prof Ergys Islamaj World Bank Abstract: East Asia and the Pacific (EAP) is outperforming but underachieving. GDP growth in the East Asia and Pacific (EAP) region remains above the global average but is projected to slow down in 2025 and even further in 2026. The sluggishness is
- [New Era of Evaluating Dynamic Complementarity](https://www.hkubs.hku.hk/event/new-era-of-evaluating-dynamic-complementarity/) - Speaker: Professor Jin Zhou Assistant Professor Department of Economics and Finance City University of Hong Kong Abstract: A growing literature documents that skill investment at younger ages generates persistent impacts on later stages of skill development. This finding is based on a fundamental concept in the technology of skill formation: the existence of dynamic
- [Social choice with transfers](https://www.hkubs.hku.hk/event/social-choice-with-transfers/) - Speaker: Prof. Sam Jindani Department of Economics National University of Singapore Abstract: We consider the problem of social choice when transfers between agents are possible. This includes several canonical applications: public-good provision, management of a common resource, bankruptcy settlements, and fair division of goods. The question of interest is, given a set of possible alternatives,
- [Transformative and Subsistence Entrepreneurs: Origins and Impacts on Economic Growth](https://www.hkubs.hku.hk/event/transformative-and-subsistence-entrepreneurs-origins-and-impacts-on-economic-growth/) - Speaker: Prof. Marta Prato Assistant Professor Department of Economic Bocconi University Abstract: This paper studies how individuals sort into entrepreneurship and invention-related occupations and how their interactions shape innovation and economic growth. We develop an endogenous growth model in which occupational sorting jointly deter-mines the supply of R&D talent and entrepreneurs’ demand for it. Empirically,
- [The Emotional Tolls of Hierarchy: How Hierarchy-Induced Emotional Experiences and Emotion Regulation Explain the Dysfunctionality of Hierarchy to Individuals in Groups](https://www.hkubs.hku.hk/sc/?post_type=event&p=246631) - SPEAKER Prof. Myeong-Gu Seo Professor of Management and Organization Robert H Smith School of Business University of Maryland ABSTRACT As the majority of workplaces are characterized by hierarchical structures, one of the paramount managerial challenges is understanding and mitigating the dysfunctional aspects of hierarchy to fully unlock its potential for enhancing functionality. Drawing on the
- [Interest Rate Risk in Banking](https://www.hkubs.hku.hk/sc/?post_type=event&p=246367) - Speaker: Professor Peter M. DeMarzo The John G. McDonald Professor of Finance Stanford Graduate School of Business Stanford University Abstract: We develop a framework to estimate bank franchise value. Contrary to existing models, sticky deposits and low deposit rate betas do not imply negative duration. While operating costs could generate negative duration, they are offset
- [Competing Risks: Impact on Risk Estimation and Algorithmic Fairness](https://www.hkubs.hku.hk/sc/?post_type=event&p=246260) - SPEAKER Dr. Vincent Jeanselme Postdoctoral Researcher Department of Biomedical Informatics Columbia University ABSTRACT Accurate time-to-event prediction is integral to decision-making, informing medical guidelines, hiring decisions, and resource allocation. Survival analysis — the quantitative framework used to model time-to-event data — accounts for patients who do not experience the event of interest during the study period,
- [Experiences Require Appraisal to Overcome Expectations](https://www.hkubs.hku.hk/sc/?post_type=event&p=245993) - SPEAKER Professor Nathan Novemsky Professor of Marketing Yale School of Management Yale University ABSTRACT Beliefs and attitudes about products and brands are presumed to be influenced by experiences with relevant products. In this research, we examine whether and under which circumstances this presumption is correct. In a series of laboratory and field experiments, we
- [Finance Therapy Sessions](https://www.hkubs.hku.hk/sc/?post_type=event&p=245937) - Speaker: Professor Byoung-Hyoun Hwang Professor of Finance Nanyang Business School Nanyang Technological University Abstract: We conduct GPT-driven field interviews with 1,540 actual investors, one third of whom are “millionaires,” across ten countries to examine how individuals select individual stocks. Textual analysis of the interview transcripts uncovers thirteen recurrent mechanisms that together form a comprehensive and
- [Customer-Facing Technologies and Banks’ Macroeconomic Information Production: Evidence from Loan Loss Provisions](https://www.hkubs.hku.hk/sc/?post_type=event&p=245896) - SPEAKER Prof. Jung Koo Kang Assistant Professor of Business Administration Faculty Affiliate, Digital Value Lab Harvard Business School ABSTRACT We examine whether technologies deployed in banks’ customer-facing functions improve their capacity to produce information about future macroeconomic conditions. Increasingly adopted to enhance customer engagement, these technologies, such as web analytics and behavioral tracking software, also
- [Pricing the Right to Renege in Search Markets: Evidence from Trucking](https://www.hkubs.hku.hk/sc/?post_type=event&p=245811) - SPEAKER Professor Richard Faltings Assistant Professor of Marketing Rady School of Management University of California, San Diego ABSTRACT In many markets, advance interim contracts include an explicit right to renege, granting one party the option to switch to more efficient matches that emerge later in the search process. This paper studies the formation and
- [215th Congregation (Winter Congregation 2025)](https://www.hkubs.hku.hk/sc/event/215th-congregation-winter-congregation-2025/) - Date November 15 and 16, 2025 (Saturday and Sunday) Time November 15, 2025 (Saturday): Session 1 (10:00 a.m. - 11:30 a.m.) Doctor of Philosophy Doctor of Business Administration Master of Climate Governance and Risk Management Master of Global Management November 15, 2025 (Saturday): Session 2 (1:30 p.m. - 3:00 p.m.) Master of Accounting Master of
- [Multimodal Transport Networks](https://www.hkubs.hku.hk/event/multimodal-transport-networks/) - Speaker: Professor Woan Foong Wong Associate Professor Department of Economics University of Oregon Abstract: We examine the economic and environmental impacts of improvements and disruptions in multimodal transport networks. Our quantitative spatial equilibrium model incorporates routing over multiple modes and congestion at intermodal terminals. We estimate a modal substitution elasticity with highway and rail data, and
- [Public Lecture and Panel Talk with Stanford’s Prof Peter DeMarzo](https://www.hkubs.hku.hk/event/244009/) - In a year marked by record public debt, elevated rates, and geopolitical tension, understanding sovereign risk is mission-critical. HKU Business School will host a public lecture with Professor Peter M. DeMarzo, The John G. McDonald Professor of Finance at Stanford University, on November 4, 2025. Details as follows. Date: Tuesday, November 4, 2025 Time: 6:30
- [Do Information Frictions And Corruption Perceptions Kill Competition? A Field Experiment On Public Procurement In Uganda](https://www.hkubs.hku.hk/sc/?post_type=event&p=245565) - Speaker: Professor Edoardo Teso Assistant Professor (Department of Economics) Bocconi University Associate Professor (MEDS Department) Kellogg School of Management Northwestern University Abstract: We study whether information frictions and corruption perceptions deter firms from doing business with the government. We conduct two firm-level randomized controlled trials in collaboration with Uganda’s public procurement and anti-corruption agency. The
- [Job Sorting and the Labor Market Effects of a Criminal Record](https://www.hkubs.hku.hk/event/job-sorting-and-the-labor-market-effects-of-a-criminal-record/) - Speaker: Professor Randi Hjalmarsson Professor Department of Economics University of Gothenburg Abstract: We examine the effects of a criminal record on labor market outcomes and the mediating role of job sorting using Swedish register data. Prime-age adults with criminal records earn about 30% less than observably similar adults without records and are concentrated in specific
- [Born Again: Experimental Evidence on the Economic and Social Impacts of Religious Renewal](https://www.hkubs.hku.hk/event/born-again-experimental-evidence-on-the-economic-and-social-impacts-of-religious-renewal/) - Speaker: Professor Andreas Madestam Professor of Economics Stockholm University Abstract: Pentecostal and Evangelical Christianity is among the world's fastest-growing movements, with more than 600 million adherents and much of its expansion concentrated in the Global South. This paper provides experimental evidence on the economic and social effects of religious renewal. Partnering with a Pentecostal-Evangelical church
- [Repo and FX Swap – A Tale of Two Markets](https://www.hkubs.hku.hk/sc/?post_type=event&p=245544) - Speaker: Professor Wenxin Du Professor of Finance Sylvan C. Coleman Professor of Financial Management Harvard Business School Harvard University Abstract: Using actual transactions of large euro-area banks in US dollar-denominated repo and euro-dollar foreign exchange (FX) swap markets, we document new stylized facts about these two key segments of the global funding market. First, we
- [215th Congregation (Winter Congregation 2025)](https://www.hkubs.hku.hk/sc/event/215th-congregation-winter-congregation-2025/) - Date November 15 and 16, 2025 (Saturday and Sunday) Time November 15, 2025 (Saturday): Session 1 (10:00 a.m. - 11:30 a.m.) Doctor of Philosophy Doctor of Business Administration Master of Climate Governance and Risk Management Master of Global Management November 15, 2025 (Saturday): Session 2 (1:30 p.m. - 3:00 p.m.) Master of Accounting Master of
- [215th Congregation (Winter Congregation 2025)](https://www.hkubs.hku.hk/sc/event/215th-congregation-winter-congregation-2025/) - Date November 15 and 16, 2025 (Saturday and Sunday) Time November 15, 2025 (Saturday): Session 1 (10:00 a.m. - 11:30 a.m.) Doctor of Philosophy Doctor of Business Administration Master of Climate Governance and Risk Management Master of Global Management November 15, 2025 (Saturday): Session 2 (1:30 p.m. - 3:00 p.m.) Master of Accounting Master of
- [Self-respecting worker in the precarious gig economy: A dynamic principal-agent model](https://www.hkubs.hku.hk/event/self-respecting-worker-in-the-precarious-gig-economy-a-dynamic-principal-agent-model/) - Speaker: Prof. Peter Csoka Corvinus University of Budapest Abstract: We develop a continuous-time principal-agent model of gig work, where contractual flexibility allows the employer to adjust fixed pay and output-based incentives dynamically. The worker’s participation depends on a backward-looking reference value—an exponentially weighted average of net payoff from past employment—capturing a self-respect–driven wage demand. If
- [Beauty Work for the Female Gaze: Why Women Prefer Wearing Beauty Products for Female Audiences](https://www.hkubs.hku.hk/sc/?post_type=event&p=245458) - SPEAKER Professor Rosanna Smith Associate Professor of Marketing John. M. Jones Faculty Fellow Gies College of Business University of Illinois at Urbana-Champaign ABSTRACT Female consumers routinely engage in beauty work, employing products and services to enhance their appearance. Existing research suggests that women perform beauty work to appeal to others—in particular, the “male gaze”
- [Rational Inattention during an RCT](https://www.hkubs.hku.hk/event/rational-inattention-during-an-rct/) - Speaker: Dr. Bartosz Mackowiak Lead Economist European Central Bank Abstract: We introduce an information provision experiment into a standard dynamic rational inattention model. We derive analytical results about how the treatment effect varies with characteristics of the environment and the individual. We use these results to discuss findings in the empirical literature on information provision
- [Charismatic Leadership: An Antidote to the Pitfalls of Incentives?](https://www.hkubs.hku.hk/sc/?post_type=event&p=245408) - SPEAKER Prof. Christian Zehnder Professor University of Lausanne ABSTRACT Past research has established that charismatic leadership tactics can be a powerful motivator. In some settings, the increase in work output induced by a charismatic speech is comparable in size to the positive effect of high-powered financial incentives. But what about settings in which incentives backfire?
- [Payment Methods and Market Feedback in Mergers and Acquisitions](https://www.hkubs.hku.hk/sc/?post_type=event&p=245305) - SPEAKER Prof. Liyan Yang Professor of Finance and Peter L. Mitchelson/SIT Investment Associates Foundation Chair in Investment Strategy Rotman School of Management University of Toronto ABSTRACT We document that all-cash M&A deals are substantially more likely to be withdrawn than non-all-cash deals (mixed-pay or all-stock) and that withdrawal decisions are more sensitive to announcement-period acquirer
- [The Impact of the Inevitable Disclosure Doctrine on CEO Turnover](https://www.hkubs.hku.hk/sc/?post_type=event&p=245286) - SPEAKER Prof. Ana Albuquerque Associate Professor of Accounting Department of Accounting Boston University Questrom School of Business ABSTRACT We examine how trade secret protections influence CEO turnover by exploiting the staggered rejection of the Inevitable Disclosure Doctrine (IDD) across U.S. states. IDD rejection weakens firms’ ability to prevent executives from joining competitors, thereby expanding CEOs’
- [How psychological barriers constrain men’s interest in gender-atypical jobs and facilitate occupational segregation](https://www.hkubs.hku.hk/sc/?post_type=event&p=245246) - SPEAKER Dr. Eileen Y. Suh Postdoctoral scholar Kellogg School of Management Northwestern University ABSTRACT Scholarship regarding occupational gender segregation has almost exclusively focused on women’s experiences (e.g., as targets of discrimination in masculine domains), yet understanding factors that perpetuate men’s underrepresentation in traditionally feminine occupations is equally important. We examine a consequential dynamic early in
- [Practical Finance: An Approximate Solution to Lifecycle Portfolio Choice](https://www.hkubs.hku.hk/sc/?post_type=event&p=245260) - Speaker: Professor James Choi Professor of Finance Yale School of Management Yale University Abstract: Research on normative household financial choices almost always gives quantitative guidance in one of two forms: a simple formula for an unrealistic setting, or numerical solutions for only a few parameter sets in a realistic setting. We propose a middle-ground approach
- [Laboratories of Autocracy: Landscape of Central–Local Dynamics in China’s Policy Universe](https://www.hkubs.hku.hk/event/laboratories-of-autocracy-landscape-of-central-local-dynamics-in-chinas-policy-universe/) - Speaker: Professor Shaoda Wang Assistant Professor University of Chicago Harris School of Public Policy Abstract: Using a comprehensive collection of 3.7 million Chinese policy documents and government work reports spanning the past two decades, we identify 115,679 distinct policies and systematically trace their initiation and diffusion. Our analysis reveals three key findings. First, China’s policymaking
- [Political Influence During Childhood](https://www.hkubs.hku.hk/event/political-influence-during-childhood/) - Speaker: Professor Gianmarco Daniele Associate Professor University of Milan Abstract: We study the role of office-holders in the formation of political preferences during childhood. Leveraging data on 200 million registered voters and a regression discontinuity design based on gubernatorial elections we show that U.S. state governors systematically shift voters’ partisan alignment toward their own party.
- [Cross-border knowledge sharing, international supply chains, and the innovation ecosystem: a cautionary reminder for aggressive trade policy](https://www.hkubs.hku.hk/sc/?post_type=event&p=244995) - Speaker: Professor Sudipto Dasgupta Professor of Finance CUHK Business School The Chinese University of Hong Kong Abstract: Cross-border patenting has increased dramatically over the last three decades. We argue that a key driver is increased outsourcing and the need for downstream customer firms to securely share proprietary knowledge with their upstream suppliers located internationally. Based
- [Enhancing workplace well-being through reappraisal in a nationwide field experiment](https://www.hkubs.hku.hk/sc/?post_type=event&p=244540) - SPEAKER Dr. Ke WANG Postdoctoral Fellow Darden School of Business University of Virginia ABSTRACT There is an urgent need for scalable interventions to support workers’ emotional well-being, particularly for workers in under-resourced settings who experience high stress and limited access to mental health resources. One promising approach is enhancing workers’ emotion regulation skills. Although previous
- [Sex and the City: Spatial Structural Changes and the Marriage Market](https://www.hkubs.hku.hk/event/sex-and-the-city-spatial-structural-changes-and-the-marriage-market/) - Speaker: Prof Min Fang Assistant Professor of Economics University of Florida Abstract: Marriage and fertility are declining globally. We study the impact of spatial structural changes on marriage matching and quantify their aggregate implications for national marriage rates. Using data from China, we first present stylized facts on the joint patterns of dramatic gender- biased
- [Hidden Duration: Interest Rate Derivatives in Fixed Income Funds](https://www.hkubs.hku.hk/sc/?post_type=event&p=244883) - Speaker: Professor Jaewon Choi Professor Department of Economics Seoul National University Abstract: Fixed income funds carry significant duration risk from their use of interest rate derivatives (IRDs). This duration risk is hidden, as funds typically disclose portfolio duration weighted by market values instead of notionals, concealing their true risk. We find substantial variation in IRD
- [Workplaces and Intergenerational Mobility in Germany](https://www.hkubs.hku.hk/event/workplaces-and-intergenerational-mobility-in-germany/) - Speaker: Professor Sebastian Findeisen Professor Chair of Economic Policy University of Konstanz Abstract: We construct a new administrative dataset linking children to parents in German labor market data. We analyze representativeness and document generational persistence, showing substantial heterogeneity across local labor markets. Using a mover-exposure design, our model reveals that the effect of growing up
- [Workplace Culture and Paternal Involvement in Childcare](https://www.hkubs.hku.hk/event/workplace-culture-and-paternal-involvement-in-childcare/) - Speaker: Professor Shintaro Yamaguchi Professor Faculty of Economics University of Tokyo Abstract: Paternity leave policies alone do not necessarily close gender gaps in unpaid work, particularly where workplace cultures discourage uptake. We conduct a randomized controlled trial with over 1,100 male employees in four organizations to evaluate two workplace interventions: work-life balance training for employees
- [You can only lend what you own: Inferring daily institutional trading from lendable security inventory](https://www.hkubs.hku.hk/sc/?post_type=event&p=244749) - Speaker: Professor Zhi Da Professor of Finance Mendoza College of Business University of Notre Dame Abstract: Institutions make their equity holdings lendable, allowing us to use the daily change in lendable shares to proxy daily net institutional trading in each stock. Our proxy better tracks quarterly changes in institutional ownership than existing alternatives, or even
- [Innovation Meets Incentives: Strategic Misalignment in Revenue-Based Financing](https://www.hkubs.hku.hk/sc/?post_type=event&p=244537) - SPEAKER Ms. Yifei Wu PhD Candidate in Strategy Unit Harvard Business School ABSTRACT Revenue-based financing (RBF) has recently emerged in the digital age as an innovative approach to fund entrepreneurial firms underserved by traditional finance. Yet little is known about how RBF performs in practice. Using proprietary data from MicroConnect – a pioneering RBF startup
- [Random Choice and Differentiation](https://www.hkubs.hku.hk/event/random-choice-and-differentiation/) - Speaker: Prof Paulo Natenzon Assistant Professor Washington University in Saint Louis Abstract: Differentiation determines the comparability of different options and can be crucial to predict how choice architecture elicits behavioral responses. To facilitate the measurement of differentiation, we develop a flexible yet tractable model of random choice in a multi-attribute setting. We show the analyst
- [When Leaders’ Help-Seeking from Followers Backfires: Investigating Followers’ Attributions as a Critical Contingency](https://www.hkubs.hku.hk/sc/?post_type=event&p=244543) - SPEAKER Ms. Xing WANG PhD Candidate in Organizational Behavior and Human Resources Department of Managerial Studies University of Illinois Chicago ABSTRACT Seeking help from followers is a common leadership practice that confers instrumental benefits to leaders. However, a systematic understanding of its potential downsides and the critical contingencies is largely lacking. Integrating attribution theory with
- [The Hidden Cost of Playing It Safe: Hobby Sharing Across Cultures](https://www.hkubs.hku.hk/sc/?post_type=event&p=244546) - SPEAKER Dr. Katherine Qianwen SUN Postdoctoral Scholar Anderson School of Business University of California ABSTRACT This research investigates the interpersonal dilemmas East Asian international students face when sharing personal hobbies in U.S. professional contexts. While self-disclosure is a cornerstone of social connection in American settings, East Asian students often hesitate to reveal culturally distinctive interests,
- [End of Apartheid, Not of Inequality: The Slow Transition in a Segregated Economy](https://www.hkubs.hku.hk/event/end-of-apartheid-not-of-inequality-the-slow-transition-in-a-segregated-economy/) - Speaker: Prof. Kristina Manysheva Assistant Professor Columbia Business School Abstract: Despite the formal end of Apartheid in 1994, South Africa remains one of the most unequal countriesin the world. This paper investigates the mechanisms behind this persistence of inequality by developinga spatial dynastic model with heterogeneous agents, incomplete markets, and endogenous choices overeducation, occupation, savings,
- [AI How Does Ride-Hailing Congestion Pricing Shape Digital Access and  Transportation Equity? Evidence from a Natural Experiment in Chicago](https://www.hkubs.hku.hk/sc/?post_type=event&p=244368) - SPEAKER Mr. Jiayuan Tian Ph.D. Candidate in Information Systems University of Florida Gainesville ABSTRACT Congestion pricing imposes fees on vehicles entering high-traffic areas during peak times and has been increasingly proposed for ride-hailing services like Uber and Lyft. While intended to reduce congestion and promote sustainability, applying traditional congestion fees to ride-hailing introduces unique operational
- [Is Prevention better than Cure? Effects of  Cyber Risk Disclosures on Shareholder Response to Breaches](https://www.hkubs.hku.hk/sc/?post_type=event&p=244219) - SPEAKER Ms. Rui Cao Ph.D. Candidate in Business Administration in Management Information Systems University of British Columbia ABSTRACT The rising digitalization of corporations has exposed shareholders to a significant financial downfall if a cyber risk materializes. Consequently, corporations are increasingly expected to disclose more information about these risks. While such disclosures provide greater transparency into
- [Doctoral Research Webinar: Weaving a Modern Workforce: How Female Industrial Pioneers Refined Women’s Economic Role in Japan](https://www.hkubs.hku.hk/sc/event/doctoral-research-webinar-weaving-a-modern-workforce-how-female-industrial-pioneers-refined-womens-economic-role-in-japan/) - INFORMATION Doctoral Research Webinar: Weaving a Modern Workforce: How Female Industrial Pioneers Refined Women’s Economic Role in Japan Early industrialization created a tension between new economic opportunities and traditional social norms that confined women to the domestic sphere. Xinxian Li, Research PhD Candidate of HKU Business School, examines how female industrial pioneers helped mediate this
- [Doctoral Research Webinar: Weaving a Modern Workforce: How Female Industrial Pioneers Refined Women’s Economic Role in Japan](https://www.hkubs.hku.hk/sc/event/doctoral-research-webinar-weaving-a-modern-workforce-how-female-industrial-pioneers-refined-womens-economic-role-in-japan/) - INFORMATION Doctoral Research Webinar: Weaving a Modern Workforce: How Female Industrial Pioneers Refined Women’s Economic Role in Japan Early industrialization created a tension between new economic opportunities and traditional social norms that confined women to the domestic sphere. Xinxian Li, Research PhD Candidate of HKU Business School, examines how female industrial pioneers helped mediate this
- [Doctoral Research Webinar: Weaving a Modern Workforce: How Female Industrial Pioneers Refined Women’s Economic Role in Japan](https://www.hkubs.hku.hk/sc/event/doctoral-research-webinar-weaving-a-modern-workforce-how-female-industrial-pioneers-refined-womens-economic-role-in-japan/) - INFORMATION Doctoral Research Webinar: Weaving a Modern Workforce: How Female Industrial Pioneers Refined Women’s Economic Role in Japan Early industrialization created a tension between new economic opportunities and traditional social norms that confined women to the domestic sphere. Xinxian Li, Research PhD Candidate of HKU Business School, examines how female industrial pioneers helped mediate this
- [Co-creative Incompleteness: Engage Early Users Through Idea Pitching](https://www.hkubs.hku.hk/sc/?post_type=event&p=244198) - SPEAKER Ms. Yanbo Song Ph.D. Candidate in Organisational Behaviour INSEAD ABSTRACT How do creators pitch unfinished ideas to attract attention and foster engagement from early users? I theorize co-creative incompleteness—a communicative stance that frames early-stage ideas or prototypes as unfinished yet promising and open to collaboration. Unlike investor-oriented entrepreneurial pitches that seek resources, participatory idea
- [Dissecting Anomalies in Conditional Asset Pricing](https://www.hkubs.hku.hk/sc/?post_type=event&p=244155) - Speaker: Professor Paolo Zaffaroni Professor in Financial Econometrics Imperial College Business School Imperial College London Abstract: We develop a methodology for estimating and testing the effect of anomalies in conditional asset pricing models when premia are time-varying. Our method, which builds on the two-pass methodology, is developed for ordinary and weighted least-squares estimation, considering both
- [Search Platforms: Big Data and Sponsored Positions](https://www.hkubs.hku.hk/event/search-platforms-big-data-and-sponsored-positions/) - Speaker: Prof Marcel Preuss Assistant Professor of Strategy and Business Economics SC Johnson Graduate School Abstract: We study a search platform ranking firms’ products across sponsored and organic positions, accounting for the incentives of both firms and consumers. To characterize an optimal ranking when the number of firms is large, we formulate a Mixing Principle
- [The New Economics of Home Production: Insights from Tax Data on Childcare, Remote Work, and Labor Supply](https://www.hkubs.hku.hk/event/the-new-economics-of-home-production-insights-from-tax-data-on-childcare-remote-work-and-labor-supply/) - Speaker: Professor Yana Gallen Assistant Professor University of Chicago Harris School of Public Policy Abstract: While the labor force participation of mothers of young children has never been higher, use of paid childcare has fallen 10-15 percent below pre-pandemic levels in the United States. We provide new links between administrative tax data on paid childcare
- [Post-estimation Adjustments in Data-driven Decision-making with Applications in Pricing](https://www.hkubs.hku.hk/sc/?post_type=event&p=243941) - SPEAKER Prof. Ningyuan Chen Associate Professor Department of Management, University of Toronto Mississauga Rotman School of Management, University of Toronto ABSTRACT The predict-then-optimize (PTO) framework is a standard approach in data-driven decision-making, where a decision-maker first estimates an unknown parameter from historical data and then uses this estimate to solve an optimization problem. While widely
- [The Incentives in Online Gaming: Optimal Policy Design with Dynamic Causal Machine Learning](https://www.hkubs.hku.hk/sc/?post_type=event&p=241162) - SPEAKER Prof. Zhikun Lu Assistant Professor of Operations and Business Analytics New York University Shanghai ABSTRACT The video game industry has experienced remarkable growth over the past few decades, with online gaming emerging as a key driver of its recent expansion. Fueled by an engagement-centric business model, game developers are increasingly relying on data-driven insights
- [Living in a Ghost Town: The Geography of Depopulation and Aging](https://www.hkubs.hku.hk/event/living-in-a-ghost-town-the-geography-of-depopulation-and-aging/) - Speaker: Prof Yuta Suzuki Assistant Professor of Economics Shanghai Jiao Tong University Abstract: This paper analyzes the spatial heterogeneity of population aging and decline in Japan, revealing a stark contrast between rapidly aging rural areas and expanding metropolitan regions. Using spatially disaggregated data and a dynamic life-cycle spatial general equilibrium model, we show that depopulation
- [Doctoral Research Webinar: Imports and Industrialization in China, 1876-1936](https://www.hkubs.hku.hk/sc/event/doctoral-research-webinar-imports-and-industrialization-in-china-1876-1936/) - INFORMATION Doctoral Research Webinar: Imports and Industrialization in China, 1876-1936 Xinhao Li, Research PhD Candidate of HKU Business School, examines the impact of import penetration in 1876-1892 on subsequent industrial development in China from 1896 to 1936. He collects import values for Chinese inland prefectures from the annual trade reports at each port of the
- [Doctoral Research Webinar: Imports and Industrialization in China, 1876-1936](https://www.hkubs.hku.hk/sc/event/doctoral-research-webinar-imports-and-industrialization-in-china-1876-1936/) - INFORMATION Doctoral Research Webinar: Imports and Industrialization in China, 1876-1936 Xinhao Li, Research PhD Candidate of HKU Business School, examines the impact of import penetration in 1876-1892 on subsequent industrial development in China from 1896 to 1936. He collects import values for Chinese inland prefectures from the annual trade reports at each port of the
- [Doctoral Research Webinar: Imports and Industrialization in China, 1876-1936](https://www.hkubs.hku.hk/sc/event/doctoral-research-webinar-imports-and-industrialization-in-china-1876-1936/) - INFORMATION Doctoral Research Webinar: Imports and Industrialization in China, 1876-1936 Xinhao Li, Research PhD Candidate of HKU Business School, examines the impact of import penetration in 1876-1892 on subsequent industrial development in China from 1896 to 1936. He collects import values for Chinese inland prefectures from the annual trade reports at each port of the
- [From Silence to Attrition: Interpersonal and Organizational Consequences of Political Disagreement](https://www.hkubs.hku.hk/sc/?post_type=event&p=243768) - SPEAKER Mr. Trevor Spelman Ph.D. candidate in Management & Organizations Kellogg School of Management Northwestern University ABSTRACT Political polarization is on the rise around the world, and organizations increasingly find themselves on the front lines of managing divisions that spill into the workplace. This talk examines the interpersonal and organizational consequences of political disagreement in
- [Inference with Many Weak Instruments and Heterogeneity](https://www.hkubs.hku.hk/event/inference-with-many-weak-instruments-and-heterogeneity/) - Speaker: Dr. Luther Yap Presidential Fellow Department of Economics National University of Singapore Abstract: This paper considers inference in a linear instrumental variable regression model with many potentially weak instruments, in the presence of heterogeneous treatment effects. I first show that existing test procedures, including those that are robust to either weak instruments or heterogeneous
- [2025 International Workshop on Chinese Economy](https://www.hkubs.hku.hk/event/2025-international-workshop-on-chinese-economy/) - 2025 International Workshop on Chinese Economy Date: 9-10 October 2025 Day 1 – 9 October 2025 Session 1 – Applied/Political Economy Chair: TBA 14:00-15:00 Yulu Tang (LSE) “Protectionism on the Screen: Endogenous Preferences, Learning, and Investment” 15:00-15:15 Coffee Break 15:15-16:15 Shaoda Wang (U of Chicago) “Laboratories of Autocracy: Landscape of Central–Local Dynamics in China’s
- [Customers as a Constraint: Minority Entrepreneurship in U.S. Street Level Marketplaces](https://www.hkubs.hku.hk/sc/?post_type=event&p=243765) - SPEAKER Ms. Victoria Y. Zhang PhD Candidate in Management Science: Economic Sociology Massachusetts Institute of Technology ABSTRACT While Black, Hispanic, and Asian individuals accounted for about 40% of the U.S. population in 2023, they only represented 23% of business owners, earning 12% of revenues. Scholars have typically explained this “racial gap” in entrepreneurial outcomes with
- [Configuring Human-Algorithm Capability Bundles: How the Direction of Algorithmic Advancement Shapes Human Worker Deployment](https://www.hkubs.hku.hk/sc/?post_type=event&p=243762) - SPEAKER Mr. Shaoqin Tang Ph.D. candidate in Strategy and Entrepreneurship Leeds School of Business University of Colorado Boulder ABSTRACT While traditional literature emphasizes the importance of deploying high-capability workers to tasks, this paper argues that the rise of algorithmic technologies enables the configuration of human-algorithm capability bundles, altering how organizations deploy workers with varying capabilities.
- [Market for Manipulable Information](https://www.hkubs.hku.hk/sc/?post_type=event&p=243751) - Speaker: Professor Jian Sun Assistant Professor of Finance Lee Kong Chian School of Business Singapore Management University Abstract: We study strategic interactions among investors, firms, and information sellers in a market with manipulable information. Investors seeking to learn firm characteristics can purchase scores from a monopolistic information seller, who aggregates firm-provided signals that are subject
- [Can AI Be a Good Leader? Exploring the Effects of Artificial Intelligence Directive Leadership](https://www.hkubs.hku.hk/sc/?post_type=event&p=243716) - SPEAKER Ms. Ying WU Ph.D. Candidate Department of Managerial Studies University of Illinois Chicago ABSTRACT Artificial Intelligence (AI) is swiftly reconfiguring workplaces and redefining long-standing employee responsibilities, thereby establishing AI as a major influence in management. Existing research has primarily focused on human-AI collaboration, emphasizing AI’s supportive function in areas like problem resolution, decision-making, and
- [Social Alignment in the CEO Market: Evidence from Two-sided Matching](https://www.hkubs.hku.hk/sc/?post_type=event&p=243309) - SPEAKER Prof. Chen Li Assistant Professor of Accounting New York University - Shanghai ABSTRACT This paper empirically investigates how firm-CEO mission-alignment in social activities impacts CEO hiring, examining its significance alongside traditional skill-based complementarities that generate match-specific productivity. Leveraging data on prosocial activities of public firms and CEOs from 2007 to 2020, we estimate a
- [Managers and the Cultural Transmission of Gender Norms](https://www.hkubs.hku.hk/sc/?post_type=event&p=243707) - SPEAKER Prof. Kieu-Trang Nguyen Senior Lecturer (Assistant Professor) University of Melbourne ABSTRACT This paper examines the influence of managers from countries with different gender norms on workplace culture and gender disparities within organizations. Using data from a multinational firm operating in over 100 countries, we exploit cross-country manager rotations to estimate the impact of male
- [How Does Industry Shape Academic Science? Evidence from “Million Dollar Plants”](https://www.hkubs.hku.hk/sc/?post_type=event&p=243391) - SPEAKER Mr. Hongyuan Xia Ph.D. candidate in Economics Cornell University ABSTRACT Firms rely on academic science and actively participate in the production of scientific knowledge. However, the impact of industry on academic science remains unclear. This study utilizes the site selection decisions of “Million Dollar Plants” (MDPs) to estimate the causal effects of industry on
- [Patenting and Information Disclosure](https://www.hkubs.hku.hk/sc/?post_type=event&p=243387) - SPEAKER Ms. Xizhao Wang PhD Candidate in Managerial Economics and Strategy Kellogg School of Management Northwestern University ABSTRACT Invention disclosure facilitates knowledge spillovers, supporting future progress but potentially limiting appropriability for the inventor. In this paper, I examine invention disclosure behavior by analyzing the readability of patent texts, using both traditional and novel AI-based readability
- [Does Increasing Access to Contraception in the U.S. Promote Contraceptive Choice or Reduce Undesired Pregnancies? Evidence From a Randomized Control Trial](https://www.hkubs.hku.hk/event/does-increasing-access-to-contraception-in-the-u-s-promote-contraceptive-choice-or-reduce-undesired-pregnancies-evidence-from-a-randomized-control-trial/) - Speaker: Prof. Martha Bailey Professor in the Department of Economics Director of the California Center for Population Research University of California-Los Angeles Abstract: This paper uses a randomized controlled trial to examine how subsidizing the full spectrum of contraceptive methods affects contraceptive choice, pregnancy, abortion, and childbirth among U.S. The study recruited women seeking reproductive
- [Manipulating Non-Fundamental Information](https://www.hkubs.hku.hk/sc/?post_type=event&p=243586) - Speaker: Professor Xingtan Zhang Associate Professor of Finance Cheung Kong Graduate School of Business Abstract: Non-fundamental trading motives drive significant and persistent flows in financial markets. This paper examines how an informed trader exploits information related to these flows. The informed trader faces a time-varying trade-off between immediately exploiting current non-fundamental information and creating additional
- [The Implications of CIP Deviations for International Capital Flows](https://www.hkubs.hku.hk/sc/?post_type=event&p=243533) - Speaker: Professor Quentin Vandeweyer Associate Professor of Finance and Fama Faculty Fellow Booth School of Business University of Chicago Abstract: We study the implications of deviations from covered interest rate parity for international capital flows using novel data covering euro-area derivatives and securities holdings. Consistent with a dynamic model of currency risk hedging, we document
- [Sequential Mechanisms for Evidence Acquisition](https://www.hkubs.hku.hk/event/sequential-mechanisms-for-evidence-acquisition/) - Speaker: Prof Bart Lipman Professor Boston University Abstract We consider optimal mechanisms for inducing agents to acquire costly evidence in a setting where a principal has a good to allocate that all agents want. We show that optimal mechanisms are necessarily sequential in nature and have a threshold structure. Agents with higher costs of obtaining
- [Up, Down, And All Around: Emotional Whiplash Expressions And Its Effects On Interpersonal Trust And Relationships At Work](https://www.hkubs.hku.hk/sc/?post_type=event&p=243374) - SPEAKER Ms. Emily Hsu Ph.D. Candidate Olin Business School Washington University in St. Louis ABSTRACT Emotions are pervasive in all veins of an organization, and management scholars have published an extensive body of research on feelings at work. Yet there remains a lack of organizational research regarding how the temporal and interpersonal natures of emotions
- [(Ir)responsible Takeovers](https://www.hkubs.hku.hk/sc/?post_type=event&p=243351) - Speaker: Professor Philip Bond Professor of Finance and Business Economics Chair of the Department of Finance and Business Economics Edward E. Carlson Distinguished Professor in Business Administration Michael G. Foster School of Business University of Washington Abstract: We analyze takeover efficiency when socially conscious acquirers and target shareholders respond to externalities. Despite the Grossman-Hart “holdout”
- [GenAI Misinformation, Trust, and News Consumption: Evidence from a Field Experiment](https://www.hkubs.hku.hk/event/genai-misinformation-trust-and-news-consumption-evidence-from-a-field-experiment/) - Speaker: Prof. Ruben Durante Professor of Economics and Provost's Chair National University of Singapore Abstract: We study how AI-generated misinformation affects demand for trustworthy news, using data from a field experiment by a major German outlet, Süddeutsche Zeitung (SZ). Readers were randomly assigned to a treatment highlighting the challenge of distinguishing real from AI-generated images.
- [China’s GDP over Two Millennia](https://www.hkubs.hku.hk/sc/event/chinas-gdp-over-two-millennia/) - INFORMATION China’s GDP over Two Millennia 兩千年中國經濟增長 Runzhuo Zhai of Renmin University of China constructs, for the first time, a decadal GDP dataset for China from 220 BCE to 1949 CE, which, when linked to adjusted post-1949 data based on official surveys, offers a clear view of China’s economic performance over the past two millennia.
- [China’s GDP over Two Millennia](https://www.hkubs.hku.hk/sc/event/chinas-gdp-over-two-millennia/) - INFORMATION China’s GDP over Two Millennia 兩千年中國經濟增長 Runzhuo Zhai of Renmin University of China constructs, for the first time, a decadal GDP dataset for China from 220 BCE to 1949 CE, which, when linked to adjusted post-1949 data based on official surveys, offers a clear view of China’s economic performance over the past two millennia.
- [China’s GDP over Two Millennia](https://www.hkubs.hku.hk/sc/event/chinas-gdp-over-two-millennia/) - INFORMATION China’s GDP over Two Millennia 兩千年中國經濟增長 Runzhuo Zhai of Renmin University of China constructs, for the first time, a decadal GDP dataset for China from 220 BCE to 1949 CE, which, when linked to adjusted post-1949 data based on official surveys, offers a clear view of China’s economic performance over the past two millennia.
- [A Dynamic Perspective Of Nonstandard Worker Use In The Postcrisis Context](https://www.hkubs.hku.hk/sc/?post_type=event&p=243171) - SPEAKER Mr. Zhefan Huang Ph.D. Candidate Department of Management Warrington College of Business University of Florida ABSTRACT Firm nonstandard worker use, or using employment arrangements deviating from traditional fulltime, indefinite contracts, has become a key element of contemporary human resource (HR) management. Despite extensive research on firm nonstandard worker use and its implications, however, prior
- [Searching for a Confidant: How Family Firms in Bangladesh Hire Professional CEOs?](https://www.hkubs.hku.hk/sc/?post_type=event&p=243160) - SPEAKER Ms. Priyam SARAF Ph.D., Macro Organizational Behavior, Graduate School of Business (GSB) Ph.D., Minor, Sociology, Department of Sociology Stanford University ABSTRACT Inefficient professionalization among developing economy firms has long puzzled students of economic development. This paper studies how CEO professionalization unfolds among developing economy family firms, theorizing the consequences of weak legal institutions for
- [The Unintended Consequences of Expanded Credit: Gendered Exits from Entrepreneurship in Mexico](https://www.hkubs.hku.hk/sc/?post_type=event&p=243147) - SPEAKER Mr. Grady Wallace Raines Ph.D. Candidate in Management and Organizations SC Johnson School of Business Cornell University ABSTRACT What are the unintended consequences of lowering barriers to entrepreneurship? While prior research highlights the positive effects of lowering barriers on performance, growth and survival, this paper documents a counterintuitive effect: increased exits among marginalized entrepreneurs
- [How Ideological Beliefs About Social Hierarchies Shape Self-Interested Beliefs and Responses to Scarce Goods](https://www.hkubs.hku.hk/sc/?post_type=event&p=240152) - SPEAKER Professor Tanya Chartrand Roy J. Bostock Marketing Professor Professor of Psychology and Neuroscience The Fuqua School of Business Duke University ABSTRACT We propose that theories of ideological beliefs can provide insight into how consumers respond to scarcity; namely, through other-oriented processes that are less explored in the scarcity literature. We predict that consumers
- [Inertial Updating with General Information](https://www.hkubs.hku.hk/event/inertial-updating-with-general-information/) - Speaker: Prof. Gerelt Tserenjigmid Assistant Professor Department of Economics University of California, Santa Cruz Abstract We study belief revision when information is represented by a set of probability distributions, or general information. General information extends the standard event notion while including qualitative information (A is more likely than B), interval information (A has a ten-to-twenty
- [Generative AI and Data Quality: Implications for Productivity, Labor Displacement, and Policy](https://www.hkubs.hku.hk/event/generative-ai-and-data-quality-implications-for-productivity-labor-displacement-and-policy/) - Speaker: Prof. ZhiFeng Cai Assistant Professor Department of Economics Rutgers University Abstract Generative AI relies on high-quality, human-created data, but as AI adoption grows, more new data is generated by AI itself, affecting overall data quality. This paper models generative AI with endogenous AI/labor adoption, where both AI and labor generate data of vary-ing
- [The Subjective Belief Factor](https://www.hkubs.hku.hk/sc/?post_type=event&p=241455) - Speaker: Professor Ricardo Delao Assistant Professor of Finance and Business Economics USC Marshall School of Business University of Southern California Abstract: Subjective expectations and asset prices both revolve around distorted probabilities. Subjective expectations are expectations under biased probabilities, and asset prices are expectations under risk-neutral probabilities. Given this link, asset pricing techniques designed to estimate
- [Emissions Restatements after the SEC’s Request for Public Input on Climate-Related Disclosures: Evidence from Carbon Disclosure Project Filings](https://www.hkubs.hku.hk/sc/?post_type=event&p=241441) - SPEAKER Prof. Aaron Yoon Associate Professor of Accounting & Information Management Kellogg School of Management Northwestern University ABSTRACT This paper analyzes firms’ restatements of their Scope 1 carbon emission numbers after the Securities and Exchange Commission’s request for public input on climate-related disclosure was announced in March 2021. Using the disclosures filed with the Carbon
- [Calibrated Coarsening: Designing Information for AI-Assisted Decisions](https://www.hkubs.hku.hk/sc/?post_type=event&p=241379) - SPEAKER Ms. Ruru (Juan Ru) HOONG Ph.D. candidate in Business Economics Harvard Business School ABSTRACT Artificial intelligence (AI) signals are increasingly deployed as human decision-making aids across many critical applications, but human cognitive biases can prevent them from improving outcomes. We propose calibrated coarsening—partitioning the signal space into fewer cells at chosen thresholds—as a way
- [Decision fatigue in Physicians](https://www.hkubs.hku.hk/event/decision-fatigue-in-physicians/) - Speaker: Prof. Han Ye Assistant Professor Department of Economics Lingnan University Abstract: We examine physician decision fatigue using administrative data from over 250,000 emergency department visits. We find that as physicians treat more patients and make more decisions, they tend to reduce admissions, order fewer tasks, and shorten hospital stays, leading to higher patient revisit
- [Corruption and Social Mobility: Evidence from the Imperial Examination Reforms in the Northern Song Dynasty](https://www.hkubs.hku.hk/sc/?post_type=event&p=241065) - Speaker: Professor Yongxiang Wang Chair Professor of Finance Shanghai Advanced Institute of Finance (SAIF) Shanghai Jiao Tong University Abstract: This paper provides the first causal evidence of corruption’s impact on social mobility—measured by the share of commoner jinshi—by examining two Northern Song dynasty reforms curbing corruption in the imperial examinations. A Difference-in-Differences analysis shows treated
- [Two Centuries of Systemic Bank Runs](https://www.hkubs.hku.hk/sc/?post_type=event&p=241006) - Speaker: Professor Karsten Müller Assistant Professor in Finance NUS Business School National University of Singapore Abstract: Bank runs are a central concern for financial stability, yet systematic empirical evidence remains scarce. We construct a novel historical dataset of bank runs, covering 184 countries since 1800 by combining narrative evidence from 503 sources with statistical indicators
- [Expected Earnings Smoothness](https://www.hkubs.hku.hk/sc/?post_type=event&p=240817) - SPEAKER Prof. Rui Shen Professor of Accounting Assistant Dean (Research) | Director of Doctoral Studies Shenzhen Finance Institute| School of Management and Economics The Chinese University of Hong Kong, Shenzhen ABSTRACT We introduce a novel measure of Expected Earnings Smoothness (EES) derived from analyst forecasts. Compared to the traditional backward-looking smoothness measure, EES demonstrates superior
- [The Worker and Firm Origins of Life-Cycle Wage Inequality](https://www.hkubs.hku.hk/event/the-worker-and-firm-origins-of-life-cycle-wage-inequality/) - Speaker: Prof. Xincheng Qiu Assistant Professor of Economics Peking University Abstract This paper studies how worker and firm heterogeneity shape wage inequality over the life cycle. We extend the AKM (Abowd, Kramarz and Margolis, 1999) framework to allow for worker and firm heterogeneity in returns to experience, and propose a clustering procedure to estimate it.
- [“Word-of-AI” and Matching Quality: Evidence from a Natural Experiment on Online Review Platforms](https://www.hkubs.hku.hk/sc/?post_type=event&p=240593) - SPEAKER Professor Xitong Li Professor of Information Systems Department of Information Systems and Operations Management HEC Paris ABSTRACT Many online platforms have recently integrated generative AI (GAI) generated content, yet its impact on the platform ecosystem requires careful investigation. By leveraging a unique policy of a leading online review platform that introduces GAI reviews
- [Labor as Capital: AI and the Ownership of Expertise](https://www.hkubs.hku.hk/sc/?post_type=event&p=240377) - SPEAKER Prof. Zoe Cullen Associate Professor of Business Administration Harvard University ABSTRACT Workplace surveillance generates data that can train AI systems to replicate worker expertise. Using a large online survey experiment of U.S. full-time workers, we show that workers adjust their knowledge contributions when made aware of this dynamic: they rationally withhold expertise due to
- [The Turing Valley: How AI Capabilities Shape Labor Income](https://www.hkubs.hku.hk/sc/?post_type=event&p=240196) - SPEAKER Prof. Eduard Talamàs Assistant Professor IESE Business School University of Navarra ABSTRACT Do improvements in Artificial Intelligence (AI) benefit workers? We study how AI capabilities influence labor income in a competitive economy where production requires multidimensional knowledge, and firms organize production by matching humans and AI-powered machines in hierarchies designed to use knowledge efficiently.
- [Consumers’ Self-Deceptive Response to the Debunking of Misleading Product Claims](https://www.hkubs.hku.hk/sc/?post_type=event&p=240140) - SPEAKER Professor Vincent Mak Professor of Marketing and Decision Sciences Cambridge Judge Business School University of Cambridge ABSTRACT To address misleading product claims, policy makers may use measures such as issuing public debunking statements to help consumers update their beliefs. This research explores a factor that can hinder the effectiveness of such measures. We
- [Money for Fun or Fun for Money?  How Financial Rewards Reshape Digital Hedonic Service Engagement](https://www.hkubs.hku.hk/sc/?post_type=event&p=240129) - SPEAKER Professor Hyeokkoo Eric Kwon Associate Professor of Information Technology and Operations Management Nanyang Business School Nanyang Technological University ABSTRACT Facing rapid user churn, game developers are turning to an age-old remedy: paying players to play. Play-to-Earn (P2E) introduces sustained cryptocurrency rewards into gaming environments typically driven by enjoyment rather than monetary gain. Prior research
- [Norms at Work: Masculinity, Well-being and Performance in Academia](https://www.hkubs.hku.hk/sc/?post_type=event&p=239911) - SPEAKER Prof. Maria Guadalupe Professor of Economics INSEAD ABSTRACT Workplaces across many industries are characterized by what is stereotypically called “masculine” norms: i.e. highly competitive and aggressive norms, often portrayed as necessary to increase performance. Using rich survey and archival data from faculty and staff in business schools, we develop a novel way to measure
- [The Successful Hosting of the HKU Business School South China Forum](https://www.hkubs.hku.hk/event/the-successful-hosting-of-the-hku-business-school-south-china-forum/) - On June 29, the HKU Business School community came together at our Shenzhen Campus for a landmark forum, co-organized by the School’s Shenzhen Campus and South China Alumni Network. Over 200 alumni, faculty members, and guests gathered to celebrate the region’s pivotal role as an economic powerhouse and a vital pillar of our global network.
- [Mitigating Sentiment Distortion in the Age of Generative AI](https://www.hkubs.hku.hk/sc/?post_type=event&p=239385) - SPEAKER Prof. Yi Ding Associate Professor ISM-Analytics (ISMA) Group Warwick Business School University of Warwick ABSTRACT The rise of large language models (LLMs) has transformed how individuals generate and refine content across digital platforms. However, this study shows that LLMs can inadvertently alter the sentiment of original content, posing a significant challenge to the reliability
- [Transportation Technology and Gentrification: Evidence from Ridesharing Services](https://www.hkubs.hku.hk/sc/?post_type=event&p=238219) - Speaker: Professor Sumit Agarwal Low Tuck Kwong Distinguished Professor of Finance Professor of Economics and Real Estate National University of Singapore Abstract: We analyze the staggered entry of ridesharing services across U.S. metropolitan areas, estimating its effect on spatial redistribution and real outcomes of households. By reducing the cost of personal transportation, ridesharing services incentivize
- [HKU Business School North China Alumni Network Forum and Dinner in Beijing](https://www.hkubs.hku.hk/event/hku-business-school-north-china-alumni-network-forum-and-dinner-in-beijing/) - The HKU Business School North China Alumni Network successfully concluded its 2025 Mid-Year Forum and Dinner in Beijing on June 19, gathering nearly 200 alumni, industry leaders, and guests. The event fostered meaningful dialogue on navigating today’s complex global economic landscape and creating opportunities in times of transformation. Attendees gained insights from two distinguished speakers:
- [HKU Reunion at the Races 2025](https://www.hkubs.hku.hk/event/reunion-at-the-races-2025/) - This past Saturday, we galloped into an exhilarating day at the Sha Tin Racecourse for the 2025 Reunion at the Races. This star-studded event featured 11 HKU-named races that kept the crowd on the edge of their seats, blending the thrill of horse racing with the warmth of alumni camaraderie. We were delighted to welcome representatives from North
- [Spillover Effects of Fee Transparency: Evidence from the Corporate Bond Markets](https://www.hkubs.hku.hk/sc/?post_type=event&p=237771) - SPEAKER Prof. Sugata Roychowdhury DeWitt W. Buchanan Jr. Professor Professor of Accounting Information & Management Kellogg School of Management at Northwestern University ABSTRACT This study examines whether a regulation requiring increased fee transparency in one product market induces a spillover effect on a related, yet distinct, product market, through competitive forces. An amendment to FINRA
- [Inflation, Default, and Corporate Bond Returns](https://www.hkubs.hku.hk/sc/?post_type=event&p=237384) - Speaker: Professor Zhaogang Song Professor of Finance Carey Business School Johns Hopkins University Abstract: We document key facts about the inflation risk exposure of corporate bond returns within standard portfolio frameworks over the period 2004-2022. First, while inflation betas of standard bond excess returns (relative to T-bills) are, on average, negative, inflation betas of credit
- [3rd HKU Summer Finance Conference](https://www.hkubs.hku.hk/event/3rd-hku-summer-finance-conference/) - 3rd HKU Summer Finance Conference Date: 22- 23 May 2025 22 May 2025 – Day 1 09:00-09:30 Registration 09:30-09:40 Welcome and Opening Remarks Session 1 - Chair: Irene Yi (University of Toronto and ECGI) 09:40-10:25 Amil Dasgupta (London School of Economics and ECGI) Delegated Blocks 10:25-11:10 Xavier Giroud (Columbia University) Innovation Spillovers Across U.S. Tech
- [Partisanship, Information, and  Punishment for Misconduct at Work](https://www.hkubs.hku.hk/sc/?post_type=event&p=237338) - SPEAKER Professor Joanna Wu Susanna and Evans Y. Lam Professor of Business Administration Simon Business School University of Rochester ABSTRACT We examine whether firms apply partisan standards in responding to employee financial misconduct. Using detailed individual-level data on financial advisers, we find that, following misconduct, advisers who are political minorities at their firms are significantly
- [Results-Oriented Culture and SEC Investigations](https://www.hkubs.hku.hk/sc/?post_type=event&p=237330) - SPEAKER Professor Susan Shu Professor Carroll School of Management Boston College ABSTRACT Using an internal survey from the Securities and Exchange Commission (SEC), we find that SEC offices vary considerably in the degree to which they exhibit a results-oriented organizational culture. Motivated by this observation and the fact that government agencies are frequently criticized for
- [AI (ChatGPT) Democratization and Trading Inequality](https://www.hkubs.hku.hk/sc/?post_type=event&p=237291) - SPEAKER Prof. Xiumin Martin Professor of Accounting Olin Business School Washington University in Saint Louis ABSTRACT We present the first analysis of the influence of democratized AI’s (ChatGPT) on investors’ trading activities. We develop an AI-sentiment measure using earnings conference calls. We find that before the introduction of ChatGPT, short-selling activities exhibited alignment with AI-sentiment,
- [The Impact of Private Money Creation: Asset Allocation and “Opacity Discount” in Bank Lending](https://www.hkubs.hku.hk/sc/?post_type=event&p=237058) - Speaker: Professor Jan Bena Associate Professor and Finance Division Chair Bank of Montreal Chair in International Finance Sauder School of Business The University of British Columbia Abstract: This paper examines how the private money creation function of financial intermediaries influences their asset composition and firms’ cost of debt. Following Dang, Gorton, Holmström, and Ordonez (2017),
- [AI-Powered Higher Education: A Large-Scale Randomized Controlled Trial](https://www.hkubs.hku.hk/sc/?post_type=event&p=237200) - SPEAKER Prof. Di (Andrew) WU Associate Professor of Technology and Operations Stephen M. Ross School of Business University of Michigan ABSTRACT Higher education—where students increasingly demand personalized learning and attention—is emerging as a prime application area for generative AI-based solutions. At the same time, it is becoming a site of resistance, as instructors and institutions—uncertain
- [Local Human Capital Spillovers](https://www.hkubs.hku.hk/event/local-human-capital-spillovers/) - Speaker: Prof. Nathenial Baum-Snow Professor of Economic Analysis and Policy Rotman School of Management University of Toronto Abstract Using 2001-2018 administrative tax records for all residents of the Toronto metropolitan region, this paper estimates the magnitudes and profiles of externalities that operate between neighbors in their residential locations. Using a high dimensional fixed effects framework,
- [214th Congregation (Summer Congregation 2025)](https://www.hkubs.hku.hk/sc/event/214th-congregation-summer-congregation-2025/) - Date July 7 and 8, 2025 (Monday and Tuesday) Time July 7, 2025 (Monday): Session 1 (10:00 a.m. - 11:30 a.m.) Doctor of Philosophy Doctor of Business Administration Executive Master of Business Administration Master of Accounting Master of Climate Governance and Risk Management Master of Economics Master of Family Wealth Management July 7, 2025 (Monday):
- [214th Congregation (Summer Congregation 2025)](https://www.hkubs.hku.hk/sc/event/214th-congregation-summer-congregation-2025/) - Date July 7 and 8, 2025 (Monday and Tuesday) Time July 7, 2025 (Monday): Session 1 (10:00 a.m. - 11:30 a.m.) Doctor of Philosophy Doctor of Business Administration Executive Master of Business Administration Master of Accounting Master of Climate Governance and Risk Management Master of Economics Master of Family Wealth Management July 7, 2025 (Monday):
- [214th Congregation (Summer Congregation 2025)](https://www.hkubs.hku.hk/sc/event/214th-congregation-summer-congregation-2025/) - Date July 7 and 8, 2025 (Monday and Tuesday) Time July 7, 2025 (Monday): Session 1 (10:00 a.m. - 11:30 a.m.) Doctor of Philosophy Doctor of Business Administration Executive Master of Business Administration Master of Accounting Master of Climate Governance and Risk Management Master of Economics Master of Family Wealth Management July 7, 2025 (Monday):
- [Driving a Bargain: Negotiation Skill and Price Dispersion](https://www.hkubs.hku.hk/sc/?post_type=event&p=236816) - Speaker: Professor Tong Liu Judy C. Lewent (1972) and Mark Shapiro Career Development Assistant Professor of Finance MIT Sloan School of Management Massachusetts Institute of Technology Abstract: We develop a measure of managers’ negotiation skill based on their vehicle purchase price and connect it to observed negotiated prices in business-to-business contracting. Using proprietary data on
- [Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models](https://www.hkubs.hku.hk/event/semiparametric-identification-of-the-discount-factor-and-payoff-function-in-dynamic-discrete-choice-models/) - Speaker: Prof. Katsumi Shimotsu Professor, University of Tokyo Abstract We study the identification of the discount factor and payoff function in standard stationary infinite-horizon dynamic discrete choice models. In single-agent models with an exclusion restriction, we show that the discount factor is identified up to a finite set, with its cardinality bounded by that of
- [Technology Adoption, Market Power, and the Dual Dynamics of Markups and Value Premium](https://www.hkubs.hku.hk/sc/?post_type=event&p=236899) - Speaker: Professor Xiaoji Lin Professor of Finance US Bancorp Professor in Financial Markets and Institutions Carlson School of Management University of Minnesota Abstract: This paper examines how technology adoption and market power jointly explain two significant macroeconomic trends in recent decades: rising markups and a declining value premium. Empirically, we show that these trends are
- [Hong Kong Labor Symposium 2025](https://www.hkubs.hku.hk/sc/?post_type=event&p=233743) - The Hong Kong Labor Symposium 2025 is scheduled to take place from June 6 (Friday) to June 7 (Saturday) 2025 at KK1121. June 6 (Friday) 9:00 - 10:00 Keynote Speaker: Hanming Fang 10:00 - 10:30 Coffee Break 10:30 - 12:30 Fertility Session Chair: Anson Zhou Understanding the Barriers to Paternity Leave-Taking: Evidence from Japan Hitoshi Shigeoka,
- [Pandora's Box Opened:  A Global Analysis of ChatGPT's Impact on AI Incidents](https://www.hkubs.hku.hk/sc/?post_type=event&p=236797) - This is a joint seminar organized by HKU Business School’s IIM Area and Institute of Digital Economy & Innovation (IDEI). SPEAKER Professor Huigang Liang Professor | PhD Coordinator | FedEx Chair of Excellence in MIS Department of Management Information Systems (MIS) Fogelman College | The University of Memphis ABSTRACT While the rapid advancement and widespread
- [Large Language Models are overconfident and amplify human bias](https://www.hkubs.hku.hk/event/large-language-models-are-overconfident-and-amplify-human-bias-2/) - Speaker: Prof. Lorenz Goette Professor and Provost’s Chair Department of Economics at National University of Singapore Abstract Large language models (LLMs) are revolutionizing every aspect of society. They are increasingly used in problem-solving tasks to substitute human assessment and reasoning. LLMs are trained on what humans write and thus prone to learn human biases. One
- [Rethinking Volume](https://www.hkubs.hku.hk/sc/?post_type=event&p=236245) - Speaker: Professor Philippe van der Beck Assistant Professor in Finance Unit Harvard Business School Harvard University Abstract: Total trading volumes in financial markets are enormous and far exceed return volatility. In contrast, “net volume” – trading from long-term portfolio reallocations – is not inflated by transitory round-trip trades and is substantially lower. If return volatility
- [Real and Nominal Belief in God: Evidence from Wills, England: 1300-1850](https://www.hkubs.hku.hk/sc/event/real-and-nominal-belief-in-god-evidence-from-wills-england-1300-1850/) - INFORMATION Real and Nominal Belief in God: Evidence from Wills, England: 1300-1850 Neil J. Cummins of LSE and his co-author use the full-texts of ~36,000 English wills to generate estimates of religiosity, 1300-1850. They distinguish between pro-forma performative statements of belief in a creator God in the preamble, which they term “nominal” religiosity, from “real”
- [Real and Nominal Belief in God: Evidence from Wills, England: 1300-1850](https://www.hkubs.hku.hk/sc/event/real-and-nominal-belief-in-god-evidence-from-wills-england-1300-1850/) - INFORMATION Real and Nominal Belief in God: Evidence from Wills, England: 1300-1850 Neil J. Cummins of LSE and his co-author use the full-texts of ~36,000 English wills to generate estimates of religiosity, 1300-1850. They distinguish between pro-forma performative statements of belief in a creator God in the preamble, which they term “nominal” religiosity, from “real”
- [Real and Nominal Belief in God: Evidence from Wills, England: 1300-1850](https://www.hkubs.hku.hk/sc/event/real-and-nominal-belief-in-god-evidence-from-wills-england-1300-1850/) - INFORMATION Real and Nominal Belief in God: Evidence from Wills, England: 1300-1850 Neil J. Cummins of LSE and his co-author use the full-texts of ~36,000 English wills to generate estimates of religiosity, 1300-1850. They distinguish between pro-forma performative statements of belief in a creator God in the preamble, which they term “nominal” religiosity, from “real”
- [China’s Rural Development Strategy -- from poverty reduction to rural revitalization](https://www.hkubs.hku.hk/event/chinas-rural-development-strategy-from-poverty-reduction-to-rural-revitalization/) - Speaker: Prof. Sangui Wang Professor and a doctoral tutor with the School of Agriculture and Rural Development Renmin University of China Abstract China’s Two Centenary Goals proposed by CCP are the most important development strategic goals. Eliminating absolute poverty is key to achieving the first centenary goal to build a Moderately Prosperous Society in All
- [Quantity, Risk, and Return](https://www.hkubs.hku.hk/sc/?post_type=event&p=236512) - Speaker: Professor Yinan Su Assistant Professor in Finance Carey Business School Johns Hopkins University Abstract: We propose a new model of expected stock returns that incorporates quantity information from market trading activities into the factor pricing framework. We posit that the expected return of a stock is determined by not only its factor risk exposures
- [Firm-to-firm Access in Production Networks](https://www.hkubs.hku.hk/sc/?post_type=event&p=236466) - Speaker: Professor Jing Cai Associate Professor Department of Agricultural and Resource Economics University of Maryland Abstract: We make randomized firm-to-firm referrals between 700 supplier and client firms in the industry producing the Chinese writing brush. Subsidized referrals lead to subsequent transactions and a partial crowding out of prior partners; information-only referrals have no effect. The
- [Politics-driven Market Access and Its Cost: Evidence from China's Grand Canal](https://www.hkubs.hku.hk/event/politics-driven-market-access-and-its-cost-evidence-from-chinas-grand-canal/) - Speaker: Prof. BAI Ying Professor Department of Economics The Chinese University of Hong Kong Abstract Using a grid-year level panel data covering the 8th century to the 19th century, we find that: (1) The relocation of the national capital from central China (during the Tang and Song dynasties) to northern China (in the Yuan, Ming,
- [Optimal Monetary Policy during a Cost-of-Living  Crisis](https://www.hkubs.hku.hk/event/optimal-monetary-policy-during-a-cost-of-living-crisis/) - Speaker: Professor Vincent Sterk Department of Economics University College London Abstract: How should monetary policy react to sectoral shocks in a world where consumption baskets and demand elasticities vary across households? We present a multi-sector New Keynesian model with generalized, non-homothetic preferences and inequality. The output gap is governed by a Marginal Consumer Price Index
- [Big Data, Market Efficiency and Conditional Asset Pricing](https://www.hkubs.hku.hk/sc/?post_type=event&p=236416) - Speaker: Professor Guofu Zhou Frederick Bierman & James E. Spears Professor of Finance Olin Business School Washington University in St. Louis Abstract: In the era of big data, numerous economic forces influence the stock market. We propose the Optimal Linear Factor (OLF) for predicting the market risk premium. The OLF captures the effects of a large
- [High-Dimensional Network Causal Inference](https://www.hkubs.hku.hk/sc/?post_type=event&p=236412) - SPEAKER Professor Yingying Fan Centennial Chair in Business Administration Professor in Data Sciences and Operations Department Professor of Economics Marshall School of Business | University of Southern California School ABSTRACT We propose a new method of high-dimensional network causal inference (HNCI) that provides both valid confidence intervals for the average direct treatment effect on the
- [Cowrie Money and the Making of the Modern World: A Global Perspective](https://www.hkubs.hku.hk/sc/event/cowrie-money-and-the-making-of-the-modern-world-a-global-perspective/) - INFORMATION Cowrie Money and the Making of the Modern World: A Global Perspective Originating in the sea, especially in the waters surrounding the low-lying islands of the Maldives, Cypraea moneta (sometimes confused with Cypraea annulus) was transported to various parts of Afro-Eurasia in the prehistoric era, and in many cases, it was gradually transformed into
- [Cowrie Money and the Making of the Modern World: A Global Perspective](https://www.hkubs.hku.hk/sc/event/cowrie-money-and-the-making-of-the-modern-world-a-global-perspective/) - INFORMATION Cowrie Money and the Making of the Modern World: A Global Perspective Originating in the sea, especially in the waters surrounding the low-lying islands of the Maldives, Cypraea moneta (sometimes confused with Cypraea annulus) was transported to various parts of Afro-Eurasia in the prehistoric era, and in many cases, it was gradually transformed into
- [Cowrie Money and the Making of the Modern World: A Global Perspective](https://www.hkubs.hku.hk/sc/event/cowrie-money-and-the-making-of-the-modern-world-a-global-perspective/) - INFORMATION Cowrie Money and the Making of the Modern World: A Global Perspective Originating in the sea, especially in the waters surrounding the low-lying islands of the Maldives, Cypraea moneta (sometimes confused with Cypraea annulus) was transported to various parts of Afro-Eurasia in the prehistoric era, and in many cases, it was gradually transformed into
- [Childcare Deserts Impede Scientists’ Career Development](https://www.hkubs.hku.hk/sc/?post_type=event&p=236195) - SPEAKER Professor Jun Li Professor of Technology and Operations Stephen M. Ross School of Business University of Michigan ABSTRACT For decades, the United States grappled with a childcare shortage that has left American families struggling to secure quality care, compromising both children's development and parental career progress. Here I investigate the impact of childcare availability—and
- [Mutual Links in Directed Networks: Statistical Models and Applications](https://www.hkubs.hku.hk/sc/?post_type=event&p=234953) - SPEAKER Professor Chenlei Leng Professor of Statistics Department of Statistics University of Warwick ABSTRACT Reciprocity—the tendency for mutual links between nodes—is a common feature in directed networks across social, economic, and scientific domains. In this talk, I present two statistical models that explicitly capture reciprocity while incorporating covariates, with a focus on sparse networks often
- [Brand Name Disfluency Effects](https://www.hkubs.hku.hk/sc/?post_type=event&p=235546) - SPEAKER Professor Shi Zhang Associate Professor of Marketing Anderson School of Management University of California, Los Angeles ABSTRACT We study the established dual impact of brand name fluency, the positive effect of fluency and negative effect of disfluency, by challenging the findings and demonstrating positive effects of disfluency and their underlying mechanisms. We introduce
- [Polarization, War, and Discrimination](https://www.hkubs.hku.hk/event/polarization-war-and-discrimination/) - Speaker: Professor Asaf Zussman Department of Economics The Hebrew University of Jerusalem Abstract: Affective political polarization is a growing concern in many countries. Among other things, polarization may adversely impact the willingness of individuals to conduct economic transactions with politically identified others. In an ongoing project, I ask: Does polarization lead to discrimination in the
- [Joint Estimation of Conditional Mean and Covariance for Unbalanced Panels](https://www.hkubs.hku.hk/sc/?post_type=event&p=235962) - Speaker: Professor Paul Schneider Professor of Quantitative Methods USI Lugano Abstract: We develop a nonparametric, kernel-based joint estimator for conditional mean and covariance matrices in large and unbalanced panels. The estimator is supported by rigorous consistency results and finite-sample guarantees, ensuring its reliability for empirical applications. We apply it to an extensive panel of monthly
- [Strategic Sampling from Manipulable Data](https://www.hkubs.hku.hk/event/strategic-sampling-from-manipulable-data/) - Speaker: Prof. Xianwen Shi Professor of Economics University of Toronto Abstract: We study a game between a decision maker and a data manipulator. The decision maker sequentially samples data to learn a binary state (high or low), while the manipulator can distort the data at a cost. The decision maker chooses when to stop sampling
- [An Arrow-Pratt Theory of Preference for Early Resolution of Uncertainty](https://www.hkubs.hku.hk/sc/?post_type=event&p=235895) - Speaker: Professor Hengjie Ai Professor of Finance Robert M. Steiner Chair in Business Wisconsin School of Business University of Wisconsin-Madison Abstract: This paper develops a theory of the elasticity of preference for early resolution of uncertainty (PER) that parallels the Arrow-Pratt measure of risk aversion in expected utility theory. We demonstrate that the local welfare
- [汇智创新，启远未来｜领袖企业家讲坛系列 2025 #4](https://www.hkubs.hku.hk/sc/event/entrepreneur-lecture-2025/) - 领袖企业家讲坛系列 2025 #4 通用人工智能的技术发展和典型应用 讲者：刘庆峰博士，科大讯飞股份有限公司董事长 主持人：毛振华教授，中诚信集团创始人、港大经管学院经济学实务教授 日期：2025年5月27日 （星期二） 时间：下午3时至5时30分 地点：月明剧院 语言：普通话 费用：全免 按此进行报名 领袖企业家讲坛系列一览 主题 地点 日期 从亚布力论坛发展看中国企业家精神的历史演变 (田源博士) 大学本部陆佑堂 3月18日 (已截止报名) 困难和失败往往是人生和事业的大机遇 (俞敏洪先生) 大学本部陆佑堂 4月8日 (已截止报名) 穿越周期，聚焦优势产业，复星的战略思考与实践 (郭广昌先生) 黄丽松讲堂 (RHT) 4月25日 (已截止报名) 通用人工智能的技术发展和典型应用 (刘庆峰博士) 月明剧院 5月27日 (开放报名) 名额有限，请预先登记，我们将稍后以电邮确认您的参加资格 。 如有查询，请联络香港大学经管学院传讯及公共事务部 (fbe.conference@hku.hk) 。 大模型掀起通用人工智能的全新热潮，人工智能成为全球科技博弈最紧张、最激烈的领域。我国高度重视通用人工智能发展，人工智能的发展经历了哪些阶段？当前处于什么水平？认知大模型的发展历史是什么样的？通用大模型底座进展是什么样的？本轮人工智能产业态势如何？人工智能赋能行业为人类的生产生活带来哪些改变？ 讲者简介 田源博士 田源博士是迈胜医疗集团董事长，元明资本创始合伙人，亚布力中国企业家论坛创始人、主席，中美商业领袖圆桌会议创始人、会议主席，是各种中美企业家高端会议的核心组织者，在中美两国商界具有非常广泛的社会影响力。 田源博士于2015年创立元明资本，专注大健康领域投资并打造中美两国新药研发、创新医疗器械和高端医疗服务行业领军企业。2018年，领导元明资本及合作机构对已投的美国质子放疗行业领军企业迈胜医疗进行全中资收购，并出任迈胜医疗董事长。在迈胜医疗的引领下，世界领先的小型集成化质子系统在全球质子治疗领域发展成为精准放疗的主流技术，正在全球医院应用并将造福中国成千上万的癌症患者。 田源博士是一位企业家代表人物,连续跨界创新创业并取得重大成就。1992年，田源博士创办中国第一家期货经纪公司 —
- [匯智創新，啟遠未來｜領袖企業家講壇系列 2025 #4](https://www.hkubs.hku.hk/sc/event/entrepreneur-lecture-2025/) - 領袖企業家講壇系列 2025 #4 通用人工智能的技術發展和典型應用 講者：劉慶峰博士，科大訊飛股份有限公司董事長 主持人：毛振華教授，中誠信集團創始人、港大經管學院經濟學實務教授 日期：2025年5月27日 （星期二） 時間：下午3時至5時30分 地點：月明劇院 語言：普通話 費用：全免 按此進行報名 領袖企業家講壇系列一覽 主題 地點 日期 從亞布力論壇發展看中國企業家精神的歷史演變 (田源博士) 大學本部陸佑堂 3月18日 (已截止報名) 困難和失敗往往是人生和事業的大機遇 (俞敏洪先生) 大學本部陸佑堂 4月8日 (已截止報名) 穿越週期，聚焦優勢産業，復星的戰略思考與實踐 (郭廣昌先生) 黃麗松講堂 (RHT) 4月25日 (已截止報名) 通用人工智能的技術發展和典型應用 (劉慶峰博士) 月明劇院 5月27日 (開放報名) 名額有限，請預先登記，我們將稍後以電郵確認您的參加資格 。 如有查詢，請聯絡香港大學經管學院傳訊及公共事務部 (fbe.conference@hku.hk) 。 大模型掀起通用人工智慧的全新熱潮，人工智慧成為全球科技博弈最緊張、最激烈的領域。我國高度重視通用人工智慧發展，人工智慧的發展經歷了哪些階段？目前處於什麼水準？認知大模型的發展歷史是什麼樣的？通用大模型底座進展是什麼樣的？本輪人工智慧產業態勢如何？人工智慧賦能產業為人類的生產生活帶來哪些改變？ 講者簡介 田源博士 田源博士是邁勝醫療集團董事長，元明資本創始合夥人，亞布力中國企業家論壇創始人、主席，中美商業領袖圓桌會議創始人、會議主席，是各種中美企業家高端會議的核心組織者，在中美兩國商界具有非常廣泛的社會影響力。 田源博士於2015年創立元明資本，專注大健康領域投資並打造中美兩國新藥研發、創新醫療器械和高端醫療服務行業領軍企業。2018年，領導元明資本及合作機構對已投的美國質子放療行業領軍企業邁勝醫療進行全中資收購，並出任邁勝醫療董事長。在邁勝醫療的引領下，世界領先的小型集成化質子系統在全球質子治療領域發展成為精准放療的主流技術，正在全球醫院應用並將造福中國成千上萬的癌症患者。 田源博士是一位企業家代表人物,連續跨界創新創業並取得重大成就。1992年，田源博士創辦中國第一家期貨經紀公司 —
- [HKU Business School Masters Programmes Entrepreneur Lecture Series 2025](https://www.hkubs.hku.hk/sc/event/entrepreneur-lecture-2025/) - 領袖企業家講壇系列 2025 #4 通用人工智能的技術發展和典型應用 講者：劉慶峰博士，科大訊飛股份有限公司董事長 主持人：毛振華教授，中誠信集團創始人、港大經管學院經濟學實務教授 日期：2025年5月27日 （星期二） 時間：下午3時至5時30分 地點：月明劇院 語言：普通話 費用：全免 按此進行報名 領袖企業家講壇系列一覽 主題 地點 日期 從亞布力論壇發展看中國企業家精神的歷史演變 (田源博士) 大學本部陸佑堂 3月18日 (已截止報名) 困難和失敗往往是人生和事業的大機遇 (俞敏洪先生) 大學本部陸佑堂 4月8日 (已截止報名) 穿越週期，聚焦優勢産業，復星的戰略思考與實踐 (郭廣昌先生) 黃麗松講堂 (RHT) 4月25日 (已截止報名) 通用人工智能的技術發展和典型應用 (劉慶峰博士) 月明劇院 5月27日 (開放報名) 名額有限，請預先登記，我們將稍後以電郵確認您的參加資格 。 如有查詢，請聯絡香港大學經管學院傳訊及公共事務部 (fbe.conference@hku.hk) 。 大模型掀起通用人工智慧的全新熱潮，人工智慧成為全球科技博弈最緊張、最激烈的領域。我國高度重視通用人工智慧發展，人工智慧的發展經歷了哪些階段？目前處於什麼水準？認知大模型的發展歷史是什麼樣的？通用大模型底座進展是什麼樣的？本輪人工智慧產業態勢如何？人工智慧賦能產業為人類的生產生活帶來哪些改變？ 講者簡介 田源博士 田源博士是邁勝醫療集團董事長，元明資本創始合夥人，亞布力中國企業家論壇創始人、主席，中美商業領袖圓桌會議創始人、會議主席，是各種中美企業家高端會議的核心組織者，在中美兩國商界具有非常廣泛的社會影響力。 田源博士於2015年創立元明資本，專注大健康領域投資並打造中美兩國新藥研發、創新醫療器械和高端醫療服務行業領軍企業。2018年，領導元明資本及合作機構對已投的美國質子放療行業領軍企業邁勝醫療進行全中資收購，並出任邁勝醫療董事長。在邁勝醫療的引領下，世界領先的小型集成化質子系統在全球質子治療領域發展成為精准放療的主流技術，正在全球醫院應用並將造福中國成千上萬的癌症患者。 田源博士是一位企業家代表人物,連續跨界創新創業並取得重大成就。1992年，田源博士創辦中國第一家期貨經紀公司 —
- [Beyond Monetization: Heterogeneous Effects of Open Access as a Freemium Strategy for Public Good](https://www.hkubs.hku.hk/sc/?post_type=event&p=235039) - SPEAKER Professor Xian Gu Assistant Professor of Marketing Kelley School of Business Indiana University ABSTRACT Open access (OA) provides free digital access to scholarly content without copyright restrictions, aiming to enhance knowledge visibility and accessibility. While increasingly adopted by OA platforms and publishers to broaden consumer reach, open access raises concerns about potential revenue
- [HKU Macroeconomics Workshop](https://www.hkubs.hku.hk/sc/?post_type=event&p=230555) - The Second HKU Macroeconomics Workshop is organized by the HKU Business School, which will be a two-day workshop with twelve papers. The 2025 conference is scheduled to take place from Sunday, May 25 to Monday, May 26, 2025. Day 1: Sunday - May 25, 2025 9:05 Opening remark Innovation 9:10-10:00 Need for Speed: The Quality of Innovations and Inventor Allocation Santiago Caicedo (Northeastern University) 10:00-10:50
- [Caregiving And Consumption Sacrifice: How Caregiving Affects Choices For The Self](https://www.hkubs.hku.hk/sc/?post_type=event&p=235538) - SPEAKER Professor Peggy Liu Ben L. Fryrear Professor of Marketing Joseph M. Katz Graduate School of Business and College of Business Administration University of Pittsburgh ABSTRACT Billions of consumers worldwide have caregiving responsibilities. In this talk, I will discuss my latest research on how caregiving affects choices for the self in key ways with
- [Starbuck’s America vs. McDonald’s America: Political Polarization and Brand Iconicity](https://www.hkubs.hku.hk/sc/?post_type=event&p=235530) - SPEAKER Professor Carlos Torelli Professor of Marketing Department Head and Anthony J Petullo Professor of Business Gies College of Business The University of Illinois Urbana-Champaign ABSTRACT Which brands best symbolize America – brands like Walmart and McDonald’s or brands like Target and Starbucks? In this article, the authors demonstrate that what kinds of brands
- [A Comparative Study of the Commercial Seafaring Organizations of China and Arab in the Medieval Age](https://www.hkubs.hku.hk/sc/event/a-comparative-study-of-the-commercial-seafaring-organizations-of-china-and-arab-in-the-medieval-age/) - INFORMATION A Comparative Study of the Commercial Seafaring Organizations of China and Arab in the Medieval Age Based on previous studies, by making use of extant literature, stele inscriptions, documents and underwater archaeological materials, Yexuan Chen reconstructs the routes of the commercial seafaring of Arab and Chinese merchants, analyzes the organization and cargo management of
- [A Comparative Study of the Commercial Seafaring Organizations of China and Arab in the Medieval Age](https://www.hkubs.hku.hk/sc/event/a-comparative-study-of-the-commercial-seafaring-organizations-of-china-and-arab-in-the-medieval-age/) - INFORMATION A Comparative Study of the Commercial Seafaring Organizations of China and Arab in the Medieval Age Based on previous studies, by making use of extant literature, stele inscriptions, documents and underwater archaeological materials, Yexuan Chen reconstructs the routes of the commercial seafaring of Arab and Chinese merchants, analyzes the organization and cargo management of
- [A Comparative Study of the Commercial Seafaring Organizations of China and Arab in the Medieval Age](https://www.hkubs.hku.hk/sc/event/a-comparative-study-of-the-commercial-seafaring-organizations-of-china-and-arab-in-the-medieval-age/) - INFORMATION A Comparative Study of the Commercial Seafaring Organizations of China and Arab in the Medieval Age Based on previous studies, by making use of extant literature, stele inscriptions, documents and underwater archaeological materials, Yexuan Chen reconstructs the routes of the commercial seafaring of Arab and Chinese merchants, analyzes the organization and cargo management of
- [The Evolution of Agricultural Tax Rates in Shaanxi 1368-1953](https://www.hkubs.hku.hk/sc/event/the-evolution-of-agricultural-tax-rates-in-shaanxi-1368-1953/) - INFORMATION The Evolution of Agricultural Tax Rates in Shaanxi, 1368-1953 This report mainly discusses Shaanxi prefectures’ recording methods and data interpretation of population, landholdings, land tax, and corvée at the sub-county level from 1368 to 1953, drawing on three versions of Shaanxi Tongzhi (General Gazetteer of Shaanxi) from Jiajing (Ming), Yongzheng (Qing) and Republican eras,
- [The Evolution of Agricultural Tax Rates in Shaanxi 1368-1953](https://www.hkubs.hku.hk/sc/event/the-evolution-of-agricultural-tax-rates-in-shaanxi-1368-1953/) - INFORMATION The Evolution of Agricultural Tax Rates in Shaanxi, 1368-1953 This report mainly discusses Shaanxi prefectures’ recording methods and data interpretation of population, landholdings, land tax, and corvée at the sub-county level from 1368 to 1953, drawing on three versions of Shaanxi Tongzhi (General Gazetteer of Shaanxi) from Jiajing (Ming), Yongzheng (Qing) and Republican eras,
- [The Evolution of Agricultural Tax Rates in Shaanxi 1368-1953](https://www.hkubs.hku.hk/sc/event/the-evolution-of-agricultural-tax-rates-in-shaanxi-1368-1953/) - INFORMATION The Evolution of Agricultural Tax Rates in Shaanxi, 1368-1953 This report mainly discusses Shaanxi prefectures’ recording methods and data interpretation of population, landholdings, land tax, and corvée at the sub-county level from 1368 to 1953, drawing on three versions of Shaanxi Tongzhi (General Gazetteer of Shaanxi) from Jiajing (Ming), Yongzheng (Qing) and Republican eras,
- [How Market Access Shapes Wellbeing and Values: Experimental Evidence from the D.R. Congo](https://www.hkubs.hku.hk/event/how-market-access-shapes-wellbeing-and-values-experimental-evidence-from-the-d-r-congo/) - Speaker: Professor Jonathan Weigel Assistant Professor of Business and Public Policy UC Berkeley's Haas School of Business Abstract Liberal thinkers argue that the expansion of markets promoted trust, tolerance, and cooperation, while according to more critical schools of thought, markets ushered in a more self-interested, secular, and unsatisfied homo economicus. We examine these ideas in
- [Designing Algorithmic Governance for Creative  Crowdsourcing Platforms: A Cognitive Perspective](https://www.hkubs.hku.hk/sc/?post_type=event&p=235339) - This is a joint seminar organized by HKU Business School’s IIM Area and Institute of Digital Economy & Innovation (IDEI). SPEAKER Prof. Ning Su Associate Professor Information Systems and Strategy Ivey Business School, Canada ABSTRACT Creative crowdsourcing, which leverages online platforms to contract tasks such as graphic design, animation design, advertising design, and game design,
- [Moral Hazard and the Sustainability of Income-Driven Repayment Plans](https://www.hkubs.hku.hk/sc/?post_type=event&p=235388) - SPEAKER Prof. Basit Zafar Professor of Economics University of Michigan ABSTRACT Income-Driven Repayment (IDR) plans tie student loan repayment to income and forgive unpaid debt after certain years of repayment. We investigate how these features affect one's career choices through a survey where the same student is asked to select job profiles under various repayment
- [Bilateral trading with flexible information acquisition](https://www.hkubs.hku.hk/event/bilateral-trading-with-flexible-information-acquisition/) - Speaker: Prof. Takuro Yamashita Osaka School of International Public Policy Osaka University Abstract: Traders often acquire information about the payoff state and also about other traders' information about it. The desirable trade mechanism must control the incentives of acquisition and revelation of those information. In a stylized Akerlof-type bilateral trade context, we study subsidy minimization
- [Food-Delivery Platforms: A Near-Optimal Policy for Capacity Sizing, Order Batching, and Spatial Routing](https://www.hkubs.hku.hk/sc/?post_type=event&p=234528) - SPEAKER Prof. Yang BO Assistant Professor Department of Decisions, Operations and Technology The Chinese University of Hong Kong ABSTRACT We study an infinite-horizon, stochastic, dynamic optimization problem for an on-demand food-delivery platform, with a one-time capacity-investment decision on the number of capacitated drivers to employ at the beginning of the horizon, and real-time order-batching and
- [Judicial Efficiency, Frivolous versus  Meritorious Litigation, and Voluntary Disclosure](https://www.hkubs.hku.hk/sc/?post_type=event&p=235071) - SPEAKER Prof. Bingxu Fang Assistant Professor of Accounting School of Accountancy Singapore Management University ABSTRACT We study how judicial efficiency affects the composition of shareholder litigation and its impact on corporate disclosure. Exploiting the staggered adoption of the Case Management/Electronic Case Files (CM) system across U.S. federal district courts, we find that improved judicial efficiency
- [Forum on the Future of AI in Human Resource Management 2025](https://www.hkubs.hku.hk/sc/event/forum-on-the-future-of-ai-in-human-resource-management-2025/) - AI時代的人力資源管理創新論壇2025 Forum on the Future of AI in Human Resource Management 2025 日期： 2025 年 5 月 16 日 （星期五） 時間： 下午 3時至5時 簽到時間： 下午 2時30分 地點： 香港大學黃麗松講堂 語言： 普通話 登記連結： 按此 名額有限，請即登記。成功報名者, 將收到電郵確認。 論壇日程 時間 日程 14:30 - 15:00 來賓簽到 15:00 - 15:15 開幕致辭 港大經管學院院長 蔡洪濱教授 香港中國企業協會人力資源委員會主任委員，中國海外集團董事、副總經理 馬福軍先生 15:15 - 15:50 主題演講: 大壓縮效應：AI
- [Forum on the Future of AI in Human Resource Management 2025](https://www.hkubs.hku.hk/sc/event/forum-on-the-future-of-ai-in-human-resource-management-2025/) - AI時代的人力資源管理創新論壇2025 Forum on the Future of AI in Human Resource Management 2025 日期： 2025 年 5 月 16 日 （星期五） 時間： 下午 3時至5時 簽到時間： 下午 2時30分 地點： 香港大學黃麗松講堂 語言： 普通話 登記連結： 按此 名額有限，請即登記。成功報名者, 將收到電郵確認。 論壇日程 時間 日程 14:30 - 15:00 來賓簽到 15:00 - 15:15 開幕致辭 港大經管學院院長 蔡洪濱教授 香港中國企業協會人力資源委員會主任委員，中國海外集團董事、副總經理 馬福軍先生 15:15 - 15:50 主題演講: 大壓縮效應：AI
- [Forum on the Future of AI in Human Resource Management 2025](https://www.hkubs.hku.hk/sc/event/forum-on-the-future-of-ai-in-human-resource-management-2025/) - AI時代的人力資源管理創新論壇2025 Forum on the Future of AI in Human Resource Management 2025 日期： 2025 年 5 月 16 日 （星期五） 時間： 下午 3時至5時 簽到時間： 下午 2時30分 地點： 香港大學黃麗松講堂 語言： 普通話 登記連結： 按此 名額有限，請即登記。成功報名者, 將收到電郵確認。 論壇日程 時間 日程 14:30 - 15:00 來賓簽到 15:00 - 15:15 開幕致辭 港大經管學院院長 蔡洪濱教授 香港中國企業協會人力資源委員會主任委員，中國海外集團董事、副總經理 馬福軍先生 15:15 - 15:50 主題演講: 大壓縮效應：AI
- [Using Adaptive Experimentation To Design Intelligent Interventions for Belief & Behaviour Change](https://www.hkubs.hku.hk/sc/?post_type=event&p=235016) - SPEAKER Prof. Joseph Jay Williams Assistant Professor in Computer Science Intelligent Adaptive Interventions Lab University of Toronto ABSTRACT Businesses, society and individuals struggle to change people's beliefs and behaviour. This can cost billions in waste, bad physical and mental health outcomes, and poor training. I give examples of how my research redesigns everyday technology to
- [Racial Diversity Representation Improves Preference for Stigmatized Products](https://www.hkubs.hku.hk/sc/?post_type=event&p=235031) - SPEAKER Professor Julio Sevilla L. Edmund Rast Chair of Business Professor of Marketing Terry College of Business University of Georgia ABSTRACT Evidence for consumer preference toward racially diverse representation in marketing is mixed. One under-researched theme in this domain is how consumers respond to racially diverse representation in advertisements for stigmatized offerings (e.g., STD
- [Masculinity Around the World](https://www.hkubs.hku.hk/event/masculinity-around-the-world/) - Speaker: Dr. Ieda Matavelli University of New South Wales Abstract: We explore how masculinity norms—attitudes and behaviors considered socially appropriate for men—shape economic behavior, health outcomes, an political preferences. To do so, we collect new evidence from nationally representative face-to-face interviews and online surveys among 87,000 individuals in 70 countries. In economics, men’s adherence to
- [Demand Propagation Through Traded Risk Factors](https://www.hkubs.hku.hk/sc/?post_type=event&p=234918) - Speaker: Professor Amy Wang Huber Assistant Professor in Finance The Wharton School The University of Pennsylvania Abstract: We show that three traded risk factors—Dollar, Carry, and Euro-Yen—propagate demand shocks across currencies. Identified using a novel approach that combines trading and return data, these factors explain 90% of the non-diversifiable risk intermediaries bear in currency trading.
- [Expectations, polarizing social issues, and criticism for corporate silence: Theory and evidence from Georgia’s Election Integrity Act](https://www.hkubs.hku.hk/sc/?post_type=event&p=234914) - SPEAKER Prof. Adam Cobb Associate Professor McCombs School of Business University of Texas at Austin ABSTRACT Extant research has overlooked why companies receive varying levels of criticism for not engaging with polarized social issues. Further, little is known about the consequences of engaging with these issues in the face of criticism. To understand which firms
- [汇智创新，启远未来｜领袖企业家讲坛系列：在大模型时代，年轻人值得干点什么](https://www.hkubs.hku.hk/sc/event/hku-business-school-entrepreneur-talk-series/) - 重温领袖企业家讲坛系列#1，请浏览：https://www.youtube.com/watch?v=9kyuH-jNn5I 重温领袖企业家讲坛系列#2，请浏览：https://www.youtube.com/watch?v=lY8Qr_acdtQ&t=14s 重温领袖企业家讲坛系列#3，请浏览：https://www.youtube.com/watch?v=K7LV1pe0cYI&t=2s 领袖企业家讲坛系列#5 在大模型时代，年轻人值得干点什么 讲者：周鸿祎先生，360集团创始人 主持人：毛振华教授，中诚信集团创办人、港大经管学院经济学实务教授 日期：2024年12月18日（星期三） 时间：晚上7时至9时30分 地点：黄丽松讲堂 (RHT) 语言：普通话 费用：全免 目前，打造新质生产力的核心是科技创新，数字化技术是主要抓手，创新的关键则是如何利用好人工智能进行“数转智改”。该讲座基于技术观“大模型是真智能”、产业观&方法论“以大模型打造新质生产力”等层面，旨在通过通俗易懂的语言、丰富前沿的成果案例对大模型的认知、应用场景、Sora、GPT-4o、政府和企业如何拥抱大模型等方面进行系统阐释，用深邃的思考对大模型未来发展潜力及趋势进行研判。 领袖企业家讲坛系列一览 主题 地点 日期 传统企业的数字化改造与创新 大学本部陆佑堂 9月25日 (已截止报名) 走进世界, 奔向未来 大学本部陆佑堂 11月6日 (已截止报名) 中国企业全球化之路 明华综合大楼T2讲堂 11月27日 (已截止报名) 从家居行业的转型看中国经济的未来 许磐卿讲堂(LE1) 12月4日 (已截止报名) 在大模型时代，年轻人值得干点什么 黄丽松讲堂 (RHT) 12月18日 (已截止报名) 名额有限，请预先登记，我们将稍后以电邮确认您的参加资格。 如有查询，请联络香港大学经管学院传讯及公共事务部 (fbe.conference@hku.hk) 。 讲者简介 张文中 物美集团创始人、多点DMALL创始人，中国光彩事业促进会副会长，全国工商联物联网委员会首任轮值主席，CGF全球董事，中国商业联合会名誉主席，天津市津商联合会会长，南开大学终身校董、特聘教授，南开校友企业家联谊会主席。 1994年创立物美，幷连续22年入选中国企业500强。2015年创立多点DMALL，成为亚洲领先的数字零售服务商。 曾任第十届全国政协委员，第九届全国工商联常务委员。近年来荣获中央统战部、工业和信息化部、市场监管总局、全国工商联授予的「全国抗击新冠肺炎疫情民营经济先进个人」，《财富》杂志「中国最具影响力的50位商界领袖」，新浪财经、人民日报客户端「中国十大经济年度人物」，《中国企业报》「中国企业十大人物」，《中国企业家》杂志「中国最具影响力的25位企业领袖」、「中国影响力企业领袖终身成就奖」等多项荣誉。 南开大学数学学士、经济学硕士，中科院数学与系统科学研究院博士，美国斯坦福大学工学院博士后。改革开放早期在国务院发展研究中心工作，「中国宏观经济决策支持系统」等研究成果通过国家级鉴定。主创的管理现代化、信息化、供应链现代化等研究项目曾获国家级、省部级科技进步奖。中国人民大学客座教授、中国科学院大学兼职教授。 丁立国
- [匯智創新，啟遠未來｜領袖企業家講壇系列：在大模型時代，年輕人值得幹點甚麼](https://www.hkubs.hku.hk/sc/event/hku-business-school-entrepreneur-talk-series/) - 重溫領袖企業家講壇系列#1，請瀏覽：https://www.youtube.com/watch?v=9kyuH-jNn5I 重溫領袖企業家講壇系列#2，請瀏覽：https://www.youtube.com/watch?v=lY8Qr_acdtQ&t=14s 重溫領袖企業家講壇系列#3，請瀏覽：https://www.youtube.com/watch?v=K7LV1pe0cYI&t=2s 領袖企業家講壇系列#5 在大模型時代，年輕人值得幹點甚麼 講者：周鴻禕先生，360集團創始人 主持人：毛振華教授，中誠信集團創辦人、港大經管學院經濟學實務教授 日期：2024年12月18日 (星期三) 時間：晚上7時至9時30分 地點：黃麗松講堂 (RHT) 語言：普通話 費用：全免 目前，打造新質生產力的核心是科技創新，數位化技術是主要抓手，創新的關鍵則是如何利用好人工智慧進行「數轉智改」。本講座基於技術觀「大模型是真智能」、產業觀&方法論「以大模型打造新質生產力」等層面，旨在透過通俗易懂的語言、豐富前沿的成果案例對大模型的認知、應用場景、S​​ora、GPT-4o、政府和企業如何擁抱大模型等面向進行系統性詮釋，以深邃的思考對大模型未來發展潛力及趨勢進行研判。 領袖企業家講壇系列一覽 主題 地點 日期 傳統企業的數字化改造與創新 大學本部陸佑堂 9月25日 (已截止報名) 走進世界, 奔向未來 大學本部陸佑堂 11月6日 (已截止報名) 中國企業全球化之路 明華綜合大樓T2講堂 11月27日 (已截止報名) 從家居行業的轉型看中國經濟的未來 許磐卿講堂 (LE1) 12月4日 (已截止報名) 在大模型時代，年輕人值得幹點甚麼 黃麗松講堂 (RHT) 12月18日 (已截止報名) 名額有限，請預先登記，我們將稍後以電郵確認您的參加資格 。 如有查詢，請聯絡香港大學經管學院傳訊及公共事務部 (fbe.conference@hku.hk) 。 講者簡介 張文中 物美集團創始人、多點DMALL創始人，中國光彩事業促進會副會長，全國工商聯物聯網委員會首任輪值主席，CGF全球董事，中國商業聯合會名譽主席，天津市津商聯合會會長，南開大學終身校董、特聘教授，南開校友企業家聯誼會主席。 1994年創立物美，幷連續22年入選中國企業500强。2015年創立多點DMALL，成爲亞洲領先的數字零售服務商。 曾任第十届全國政協委員，第九届全國工商聯常務委員。近年來榮獲中央統戰部、工業和信息化部、市場監管總局、全國工商聯授予的「全國抗擊新冠肺炎疫情民營經濟先進個人」，《財富》雜誌「中國最具影響力的50位商界領袖」，新浪財經、人民日報客戶端「中國十大經濟年度人物」，《中國企業報》「中國企業十大人物」，《中國企業家》雜誌「中國最具影響力的25位企業領袖」、「中國影響力企業領袖終身成就獎」等多項榮譽。 南開大學數學學士、經濟學碩士，中科院數學與系統科學研究院博士，美國斯坦福大學工學院博士後。改革開放早期在國務院發展研究中心工作，「中國宏觀經濟决策支持系統」等研究成果通過國家級鑒定。主創的管理現代化、信息化、供應鏈現代化等研究項目曾獲國家級、省部級科技進步獎。中國人民大學客座教授、中國科學院大學兼職教授。
- [匯智創新，啟遠未來｜領袖企業家講壇系列：在大模型時代，年輕人值得幹點甚麼](https://www.hkubs.hku.hk/sc/event/hku-business-school-entrepreneur-talk-series/) - 重溫領袖企業家講壇系列#1，請瀏覽：https://www.youtube.com/watch?v=9kyuH-jNn5I 重溫領袖企業家講壇系列#2，請瀏覽：https://www.youtube.com/watch?v=lY8Qr_acdtQ&t=14s 重溫領袖企業家講壇系列#3，請瀏覽：https://www.youtube.com/watch?v=K7LV1pe0cYI&t=2s 領袖企業家講壇系列#5 在大模型時代，年輕人值得幹點甚麼 講者：周鴻禕先生，360集團創始人 主持人：毛振華教授，中誠信集團創辦人、港大經管學院經濟學實務教授 日期：2024年12月18日 (星期三) 時間：晚上7時至9時30分 地點：黃麗松講堂 (RHT) 語言：普通話 費用：全免 目前，打造新質生產力的核心是科技創新，數位化技術是主要抓手，創新的關鍵則是如何利用好人工智慧進行「數轉智改」。本講座基於技術觀「大模型是真智能」、產業觀&方法論「以大模型打造新質生產力」等層面，旨在透過通俗易懂的語言、豐富前沿的成果案例對大模型的認知、應用場景、S​​ora、GPT-4o、政府和企業如何擁抱大模型等面向進行系統性詮釋，以深邃的思考對大模型未來發展潛力及趨勢進行研判。 領袖企業家講壇系列一覽 主題 地點 日期 傳統企業的數字化改造與創新 大學本部陸佑堂 9月25日 (已截止報名) 走進世界, 奔向未來 大學本部陸佑堂 11月6日 (已截止報名) 中國企業全球化之路 明華綜合大樓T2講堂 11月27日 (已截止報名) 從家居行業的轉型看中國經濟的未來 許磐卿講堂 (LE1) 12月4日 (已截止報名) 在大模型時代，年輕人值得幹點甚麼 黃麗松講堂 (RHT) 12月18日 (已截止報名) 名額有限，請預先登記，我們將稍後以電郵確認您的參加資格 。 如有查詢，請聯絡香港大學經管學院傳訊及公共事務部 (fbe.conference@hku.hk) 。 講者簡介 張文中 物美集團創始人、多點DMALL創始人，中國光彩事業促進會副會長，全國工商聯物聯網委員會首任輪值主席，CGF全球董事，中國商業聯合會名譽主席，天津市津商聯合會會長，南開大學終身校董、特聘教授，南開校友企業家聯誼會主席。 1994年創立物美，幷連續22年入選中國企業500强。2015年創立多點DMALL，成爲亞洲領先的數字零售服務商。 曾任第十届全國政協委員，第九届全國工商聯常務委員。近年來榮獲中央統戰部、工業和信息化部、市場監管總局、全國工商聯授予的「全國抗擊新冠肺炎疫情民營經濟先進個人」，《財富》雜誌「中國最具影響力的50位商界領袖」，新浪財經、人民日報客戶端「中國十大經濟年度人物」，《中國企業報》「中國企業十大人物」，《中國企業家》雜誌「中國最具影響力的25位企業領袖」、「中國影響力企業領袖終身成就獎」等多項榮譽。 南開大學數學學士、經濟學碩士，中科院數學與系統科學研究院博士，美國斯坦福大學工學院博士後。改革開放早期在國務院發展研究中心工作，「中國宏觀經濟决策支持系統」等研究成果通過國家級鑒定。主創的管理現代化、信息化、供應鏈現代化等研究項目曾獲國家級、省部級科技進步獎。中國人民大學客座教授、中國科學院大學兼職教授。
- [Adaptive and Robust Representation Multi-Task Learning](https://www.hkubs.hku.hk/sc/?post_type=event&p=234826) - SPEAKER Prof. Yang FENG Professor and Ph.D. Program Director of Biostatistics School of Global Public Health New York University ABSTRACT We study multi-task linear regression for a collection of tasks that share a latent, low-dimensional structure. Each task’s regression vector belongs to a subspace whose dimension, denoted intrinsic dimension, is much smaller than the ambient
- [My Journey on Trustworthy Reinforcement Learning:  From Online Decision Making to Large Language Models](https://www.hkubs.hku.hk/sc/?post_type=event&p=234834) - SPEAKER Prof. Will Wei Sun Associate Professor of Quantitative Methods and Statistics Daniels School of Business Purdue University ABSTRACT Reinforcement learning plays a critical role in decision-making systems that operate in dynamic and uncertain environments. In this talk, I will share my research journey in developing principled methods to ensure statistical reliability in reinforcement learning,
- [Should I Stay or Should I Go? The Response of Labor  Migration to Economic Shocks](https://www.hkubs.hku.hk/event/should-i-stay-or-should-i-go-the-response-of-labor-migration-to-economic-shocks/) - Speaker: Prof Christopher House Department of Economics University of Michigan Abstract: We examine the responsiveness of labor participation, unemployment and labor migration to exogenous variations in labor demand. Our empirical approach considers four instruments for regional labor demand commonly used in the literature. Empirically, we find that labor migration is a significant margin of adjustment
- [Adverse Selection of Margin Trading and Short Selling: Evidence from Small Retail Investor Participation](https://www.hkubs.hku.hk/sc/?post_type=event&p=234552) - SPEAKER Professor Baohua Xin Associate Professor, PhD Program Coordinator (Accounting) Rotman School of Management University of Toronto ABSTRACT We examine the effects of margin trading and short selling on the trading behavior of small retail investors. Leveraging a staggered introduction of margin trading and short selling for a selected group of securities (pilot stocks) in
- [The Legend of Cointegration](https://www.hkubs.hku.hk/sc/?post_type=event&p=234490) - INCEPTION OF IDEAS NEW seminar series where innovation begins Organized by Business Analytics Group of IIM SPEAKER Professor Qiwei Yao Professor of Statistics Department of Statistics The London School of Economics and Political Science ABSTRACT The term "cointegration" was coined by Clive Grange in early 1980 when he studied long-term equilibrium relationships among two or
- [Safety on Autopilot: An Empirical Investigation of Autonomous Driving and Traffic Safety](https://www.hkubs.hku.hk/sc/?post_type=event&p=234346) - This is a joint seminar organized by HKU Business School’s IIM Area and Institute of Digital Economy & Innovation (IDEI). SPEAKER Prof. Min-Seok Pang Professor of Information Systems and Analytics Operations and Information Management University of Wisconsin-Madison ABSTRACT While autonomous driving holds the promise to confer economic and societal benefits, there has been a persistent
- [Capital Services in Global Value Chains](https://www.hkubs.hku.hk/event/capital-services-in-global-value-chains/) - Speaker: Professor Xiang Ding Assistant Professor Georgetown University Abstract: This paper constructs the first global dataset on inter-sectoral capital service flows. Capital assets are used in different relative proportions across sectors and countries. I use a dynamic general equilibrium model to quantify the importance of disaggregated capital in global production. Output prices in every country
- [Partisan Friendshoring](https://www.hkubs.hku.hk/sc/?post_type=event&p=234182) - Speaker: Professor Janet Gao Lapeyre Family Associate Professor in Finance McDonough School of Business Georgetown University Abstract: This study investigates how U.S. firms respond to geopolitical tensions by reorganizing their global supply chains and how CEO partisanship shapes such responses. Firms reduce import from foreign countries with diverging ideologies from the U.S., more so by
- [Fighting Noise with Noise: Causal Inference with Many Candidate Instruments](https://www.hkubs.hku.hk/sc/?post_type=event&p=234157) - SPEAKER Professor Linbo Wang Canada Research Chair in Causal Machine Learning Associate Professor University of Toronto ABSTRACT Instrumental variable methods provide useful tools for inferring causal effects in the presence of unmeasured confounding. To apply these methods with large-scale data sets, a major challenge is to find valid instruments from a possibly large candidate set.
- [Labor Market Competition and the Assimilation of Immigrants](https://www.hkubs.hku.hk/event/labor-market-competition-and-the-assimilation-of-immigrants/) - Speaker: Prof. Joan Llull Professor at the Institute for Economic Analysis (IAE-CSIC) Associate Professor at the Barcelona School of Economics Abstract This paper shows that the wage assimilation of immigrants is the result of the intricate interplay between individual skill accumulation and dynamic labor market equilibrium effects. When immigrants and natives are imperfect substitutes, rising
- [The Party and the Firm](https://www.hkubs.hku.hk/event/the-party-and-the-firm/) - Speaker: Professor Joris Mueller Assistant Professor of Economics National University of Singapore Abstract Firms around the world are increasingly adopting political rhetoric in their public statements, raising essential questions about the measurement, extent, and drivers of this phenomenon. We address these questions in the context of Chinese firms’ rhetorical alignment with the ruling Communist Party.
- [Dynamic contracting with many agents](https://www.hkubs.hku.hk/sc/?post_type=event&p=234133) - Speaker: Professor Ernst-Ludwig von Thadden Professor of Microeconomics and Finance Department of Economics Universität Mannheim Abstract: We take a mechanism design approach to dynamic capital allocation and risk-sharing between an investor (the principal) and asset managers (the agents). Incentive-compatibility implies that managers with better idiosyncratic performance get larger fees, capital, and continuation utilities. This generates
- [Iterated Revelation: How to Incentivize Experts to Reveal Novel Actions](https://www.hkubs.hku.hk/event/iterated-revelation-how-to-incentivize-experts-to-reveal-novel-actions/) - Speaker: Professor Evan Piermont Associate Professor in Department of Economics Royal Holloway University of London Abstract: I examine how to incentivize an expert to reveal novel actions, expanding the set from which a decision maker can choose. In particular, I examine the case when the decision maker cannot make ex-ante commitments. I show the outcomes
- [Confidence Sets for Causal Orderings](https://www.hkubs.hku.hk/sc/?post_type=event&p=234066) - SPEAKER Professor Mladen Kolar Professor of Data Sciences and Operations Marshall School of Business University of Southern California ABSTRACT Understanding causal relationships among variables is critical for effective decision-making in diverse fields such as economics, healthcare, social sciences, and business analytics. While numerous methods for causal discovery have been proposed, existing approaches typically yield single-point
- [Non-headquarter Syndication](https://www.hkubs.hku.hk/sc/?post_type=event&p=234059) - SPEAKER Prof. Kanyuan Huang Assistant Professor of Accounting Chinese University of Hong Kong (Shenzhen) ABSTRACT We provide evidence that banks use their branch networks to mitigate information frictions in syndicated lending. Using a novel dataset of correspondent branch locations extracted from loan agreements, we document that 83% of syndicated loans designate a branch outside the
- [Transition to Green Technology along the Supply Chain](https://www.hkubs.hku.hk/event/transition-to-green-technology-along-the-supply-chain/) - Speaker: Professor David Hemous Associate Professor of Economics of Innovation and Entrepreneurship University of Zurich Abstract: We analyze a model of green technological transition along a supply chain. In each layer, a good is produced with a dirty technology, or, if the required “electrification” innovation has occurred, with a clean technology which uses the immediate
- [A Dynamic Theory of Preference for Flexibility](https://www.hkubs.hku.hk/event/a-dynamic-theory-of-preference-for-flexibility/) - Speaker: Professor Norio Takeoka Faculty of Economics Hitotsubashi University Abstract: We consider an agent who faces dynamic decision problems and anticipates nonstationary and persistent shocks to risk and time preferences. Taking a preference for infinite-horizon consumption problems as a primitive, we introduce a recursive utility representation that captures the agent’s preference for flexibility. In the
- [Creativity without walls: The case of open innovation](https://www.hkubs.hku.hk/sc/?post_type=event&p=233922) - Speaker: Professor John Bai Associate Professor of Finance D'Amore-McKim School of Business Northeastern University Abstract: We investigate the increasingly common practice of open innovation (OI), wherein internal innovation is supplemented with external sources (hackathons, open innovation labs, or crowdsourcing). OI can be value-increasing as it may give access to a larger pool of talent, accelerate
- [Deep Discrete Encoders: Identifiable Deep Generative Models for Rich Data with Discrete Latent Layers](https://www.hkubs.hku.hk/sc/?post_type=event&p=233879) - SPEAKER Prof. Yuqi Gu Assistant Professor Department of Statistics Columbia University ABSTRACT In the era of generative AI, deep generative models (DGMs) with latent representations have gained tremendous popularity. Despite their impressive empirical performance, the statistical properties of these models remain underexplored. DGMs are often overparametrized, non-identifiable, and uninterpretable black boxes, raising serious concerns when
- [Data-Driven Methods and Applications in Smart Cities](https://www.hkubs.hku.hk/sc/?post_type=event&p=233700) - SPEAKER Prof. Hai Wang Associate Professor School of Computing and Information Systems Singapore Management University ABSTRACT The rapid development and widespread adoption of mobile devices, sensors, IoT, and communication technology have led to the generation of vast volumes of multi-source, high-dimensional data in various systems within the broader framework of smart cities, including transportation, logistics,
- [Human-AI Co-Creation, Ownership, and Gender](https://www.hkubs.hku.hk/sc/?post_type=event&p=233818) - SPEAKER Prof. Zhenyu Liao Assistant Professor of Management & Organization D’Amore-McKim School of Business Northeastern University ABSTRACT Generative artificial intelligence (GenAI) has fundamentally reshaped the landscape of creativity and innovation, revolutionizing the very processes through which ideas are conceived and brought to fruition. However, little is known about how the deployment of GenAI affects the
- [Bridge or Trap? Intergenerational Hybrids during the  Technological Transition in the U.S. Automobile Industry 2009—2024](https://www.hkubs.hku.hk/sc/?post_type=event&p=233806) - SPEAKER Prof. Fernando F. Suarez Jean C. Tempel Professor of Entrepreneurship and Innovation D’Amore-McKim School of Business Northeastern University ABSTRACT During the transition between technological regimes, incumbents often face a strategic choice: to enter the new market with products designed from scratch based entirely on the new technology or to transition into the new market
- [When Is Heterogeneity Actionable for Personalization?](https://www.hkubs.hku.hk/sc/?post_type=event&p=233753) - SPEAKER Professor Ron Berman Associate Professor of Marketing Graduate Group Chair, Marketing The Wharton School University of Pennsylvania ABSTRACT Targeting and personalization policies can be used to improve outcomes beyond the uniform policy that assigns the best performing treatment in an A/B test to everyone. Personalization relies on the presence of heterogeneity of treatment
- [Statistics in the age of AI: opportunities and challenges](https://www.hkubs.hku.hk/sc/?post_type=event&p=233707) - SPEAKER Professor Qiwei Yao Professor of Statistics Department of Statistics The London School of Economics and Political Science ABSTRACT Powered by explosion of computer power, Artificial Intelligence (AI) has emerged as a cornerstone of innovation, reshaping industries, and altering the fabric of our daily lives. In this talk, we briefly recount the history of statistics
- [Industry Life-Cycles in General Equilibrium](https://www.hkubs.hku.hk/event/industry-life-cycles-in-general-equilibrium/) - Speaker: Professor Pau Roldan-Blanco Associate Professor Universitat Autònoma de Barcelona Abstract: Technological breakthroughs shape the life cycle of industries. Using patent data, we show that the ICT Revolution of the late 1980s generated new technological opportunities across non-ICT industries, leading to an initial phase of rapid growth in patenting and product innovation. Eventually, however, this
- [第六届“香港大学中国经济季度论坛”](https://ice.hkubs.hku.hk/events-archive/6th-hku-quarterly-forum-on-chinese-economy/)
- [第六屆「香港大學中國經濟季度論壇」](https://ice.hkubs.hku.hk/events-archive/6th-hku-quarterly-forum-on-chinese-economy/)
- [The 6th HKU Quarterly Forum on Chinese Economy](https://ice.hkubs.hku.hk/events-archive/6th-hku-quarterly-forum-on-chinese-economy/)
- [New Explorations of the Principle of the Lever in the Pre-Qin Period](https://www.hkubs.hku.hk/sc/event/new-explorations-of-the-principle-of-the-lever-in-the-pre-qin-period/) - INFORMATION New Explorations of the Principle of the Lever in the Pre-Qin Period The lever is one of the most fundamental simple machines in ancient civilizations. Archaeological discoveries and historical records indicate that as early as the Pre-Qin period, levers were widely employed, particularly in balance instruments and lifting devices. However, references to the principle
- [New Explorations of the Principle of the Lever in the Pre-Qin Period](https://www.hkubs.hku.hk/sc/event/new-explorations-of-the-principle-of-the-lever-in-the-pre-qin-period/) - INFORMATION New Explorations of the Principle of the Lever in the Pre-Qin Period The lever is one of the most fundamental simple machines in ancient civilizations. Archaeological discoveries and historical records indicate that as early as the Pre-Qin period, levers were widely employed, particularly in balance instruments and lifting devices. However, references to the principle
- [New Explorations of the Principle of the Lever in the Pre-Qin Period](https://www.hkubs.hku.hk/sc/event/new-explorations-of-the-principle-of-the-lever-in-the-pre-qin-period/) - INFORMATION New Explorations of the Principle of the Lever in the Pre-Qin Period The lever is one of the most fundamental simple machines in ancient civilizations. Archaeological discoveries and historical records indicate that as early as the Pre-Qin period, levers were widely employed, particularly in balance instruments and lifting devices. However, references to the principle
- [Equity ATMs](https://www.hkubs.hku.hk/sc/?post_type=event&p=233345) - Speaker: Professor Anton Tsoy Assistant Professor of Financial Economics University of Toronto Abstract: Small high-growth companies often sell common shares to cover repeated cash needs. This is surprising, as the classical theory predicts debt in such environments. We present a model, in which the firm’s owner in anticipation of several liquidity shocks designs securities to
- [Dynamic Assortment in Service Systems](https://www.hkubs.hku.hk/sc/?post_type=event&p=233321) - SPEAKER Prof. Yuan Guo Assistant Professor in Decision Sciences School of Business The George Washington University ABSTRACT This paper examines dynamic assortment optimization in service systems where customer purchasing decisions are influenced by real-time congestion, as seen in food delivery platforms and 3D printing services. We address two key questions: (1) How should firms adjust
- [Matching job applicants to vacancies: An empirical model](https://www.hkubs.hku.hk/event/matching-job-applicants-to-vacancies-an-empirical-model-of-multi-stage-hiring/) - Speaker: Prof. Robert A. Miller Professor of Economics and Strategy Carnegie Mellon University Abstract We use data on all job applications and labor market outcomes within a large firm over a 5 year period to learn about how the search and matching process affects worker outcomes. To do this, we develop and estimate a two
- [Optimal monetary policy under menu costs](https://www.hkubs.hku.hk/event/optimal-monetary-policy-under-menu-costs/) - Speaker: Assistant Professor Basil Halperin Department of Economics University of Virginia Abstract We analytically characterize optimal monetary policy in a multisector economy with menu costs and show that inflation and output should move inversely following sectoral shocks. That is, after negative productivity shocks, inflation should be allowed to rise, and vice versa. In a baseline
- [Marketwide Memory](https://www.hkubs.hku.hk/sc/?post_type=event&p=233187) - Speaker: Professor Constantin Charles Assistant Professor of Finance Department of Finance The London School of Economics and Political Science Abstract: We propose a novel measure that allows us to study memory associations in financial markets over the course of several decades. Using our measure, we construct memory-based beliefs and show that they can explain return
- [Fighting Climate Change with FinTech](https://www.hkubs.hku.hk/sc/?post_type=event&p=232451) - Speaker: Professor Alberto Rossi Hachigian Family Professor of Finance McDonough School of Business Georgetown University Abstract: We examine the sustainability of consumption choices using unique data from a FinTech app tracking spending and emissions. Using a randomized encouragement design, we show that carbon calculator services that provide transaction-level information on emissions do not change users'
- [A probabilistic view of Bayesian Nonparametrics - stickbreaking, Pitman-Yor Processes and the Poisson Calculus](https://www.hkubs.hku.hk/sc/?post_type=event&p=232894) - INCEPTION OF IDEAS NEW seminar series where innovation begins Organized by Business Analytics Group of IIM SPEAKER Prof. Lancelot James Chair Professor of Business Statistics Department of Information Systems, Business Statistics and Operations Management HKUST Business School INTRODUCTION At the heart of Bayesian statistics lies the concept of conditional probability. The notion of a posterior
- [The power of words: how promotional language drives scientific innovation](https://www.hkubs.hku.hk/sc/?post_type=event&p=233077) - This is a joint seminar organized by HKU Business School’s IIM Area and Management & Strategy Area. SPEAKER Professor Brian Uzzi Richard L. Thomas Professor of Leadership and Organizational Change Kellogg School of Management Northwestern University
- [Where to Build Affordable Housing? Evaluating the Tradeoffs of Location](https://www.hkubs.hku.hk/event/where-to-build-affordable-housing-evaluating-the-tradeoffs-of-location/) - Speaker: Dr. Cody Cook Postdoctoral Associate in the Cowles Foundation Yale University Abstract How does the location of affordable housing affect household welfare, the distribution of assistance, and broader societal objectives such as racial integration? Using administrative data on affordable housing tenants, we first show that, despite fixed eligibility requirements, developments in higher-opportunity neighborhoods disproportionally
- [Ambiguity in digital advertising](https://www.hkubs.hku.hk/sc/?post_type=event&p=233008) - SPEAKER Professor Shunyuan Zhang Assistant Professor of Business Administration Marketing Unit Harvard Business School Harvard University ABSTRACT We explore the effect of digital ambiguous ads on consumers’ behavior throughout the purchase funnel, considering a multi-modal perspective of the display ad’s visual banner and its textual caption. Collaborating with a display ad platform, we first
- [Chinese Ceramics in Archaic Globalisation](https://www.hkubs.hku.hk/sc/event/chinese-ceramics-in-archaic-globalisation/) - INFORMATION Chinese Ceramics in Archaic Globalisation Ran Zhang of Durham University explores the role of Chinese ceramics in the Indian Ocean trade within the broader framework of archaic globalisation, focusing on maritime networks linking China with the Persian Gulf, East Africa, and South Asia (8th–19th centuries). In this Quantitative History Webinar, he will examine how
- [Chinese Ceramics in Archaic Globalisation](https://www.hkubs.hku.hk/sc/event/chinese-ceramics-in-archaic-globalisation/) - INFORMATION Chinese Ceramics in Archaic Globalisation Ran Zhang of Durham University explores the role of Chinese ceramics in the Indian Ocean trade within the broader framework of archaic globalisation, focusing on maritime networks linking China with the Persian Gulf, East Africa, and South Asia (8th–19th centuries). In this Quantitative History Webinar, he will examine how
- [Chinese Ceramics in Archaic Globalisation](https://www.hkubs.hku.hk/sc/event/chinese-ceramics-in-archaic-globalisation/) - INFORMATION Chinese Ceramics in Archaic Globalisation Ran Zhang of Durham University explores the role of Chinese ceramics in the Indian Ocean trade within the broader framework of archaic globalisation, focusing on maritime networks linking China with the Persian Gulf, East Africa, and South Asia (8th–19th centuries). In this Quantitative History Webinar, he will examine how
- [Rise from the call center](https://www.hkubs.hku.hk/sc/?post_type=event&p=232248) - INCEPTION OF IDEAS NEW seminar series where innovation begins Organized by Business Analytics Group of IIM INAUGURAL SPEAKER Prof. Haipeng SHEN Associate Dean (Executive Education) Patrick S C Poon Professor in Analytics and Innovation HKU Business School INTRODUCTION JOIN US for the launch of Inception of Ideas, a groundbreaking seminar series where leading minds share
- [Lenient or Stringent: Managing Returnless Refunds  on Retail Platforms](https://www.hkubs.hku.hk/sc/?post_type=event&p=231778) - SPEAKER Prof. Xiaomeng Guo Associate Professor Department of Logistics and Maritime Studies The Hong Kong Polytechnic University (PolyU) ABSTRACT Many retail platforms have adopted a returnless refund policy, allowing consumers to receive refunds without returning products. By eliminating returns, this policy can enhance consumer satisfaction, reduce retailer costs, and mitigate waste from unnecessary shipments and
- [Revisiting the Cause of Algorithm Aversion: Algorithm Feedback Asymmetry in the Field and Lab](https://www.hkubs.hku.hk/sc/?post_type=event&p=232444) - SPEAKER Prof. Wilson W. Lin Assistant Professor in Information Systems & Analytics Leavey School of Business Santa Clara University ABSTRACT Algorithm aversion captures the idea that people may avoid algorithms even when the algorithm generally performs better than their own judgment. Dietvorst et al. (2015) argue and find experimental evidence that a key cause of
- [Hiring and then Firing? Corporate Hiring Under Capital Market Pressure](https://www.hkubs.hku.hk/sc/?post_type=event&p=232773) - SPEAKER Professor Chen Chen Professor | Deputy Head | Department of Accounting Monash Business School Monash University ABSTRACT This paper examines how firms adjust their hiring practices in response to capital market pressure. Using analysts’ queries during conference calls as a proxy for the market’s expectations regarding future hiring, we find that firms increase the
- [Statistical tests for replacing human decision makers with algorithms](https://www.hkubs.hku.hk/event/statistical-tests-for-replacing-human-decision-makers-with-algorithms/) - Speaker: Professor Han Hong Department of Economics Stanford University Abstract This paper proposes a statistical framework of using artificial intelligence to improve human decision making. The performance of each human decision maker is benchmarked against that of machine predictions. We replace the diagnoses made by a subset of the decision makers with the recommendation from
- [Extending The Construal Approach: How Women Attain Brokerage Positions In Informal Social Networks](https://www.hkubs.hku.hk/sc/?post_type=event&p=232741) - SPEAKER Prof. Raina Brands Associate Professor University College London School of Management ABSTRACT My research addresses the question of why women are less likely than men to occupy brokerage positions in informal social networks. In my prior work, I introduced a novel theoretical perspective—the construal approach—to understanding gender differences in returns to brokerage. Using this
- [Economies of Scale and Scope in Railroading](https://www.hkubs.hku.hk/event/economies-of-scale-and-scope-in-railroading/) - Speaker: Prof. Ron Yang Assistant Professor in Strategy and Business Economics University of British Columbia Abstract To what extent do transportation costs depend on the amount shipped, and how does infrastructure investment shape these costs? We model railroads as multiproduct firms and estimate the link between capacity utilization and costs using firm choices, the network structure
- [A/B Testing Under Stockouts: Reducing Bias with a Stockout-Discounted Estimator](https://www.hkubs.hku.hk/sc/?post_type=event&p=232430) - SPEAKER Prof. Sentao Miao Assistant Professor of Operations Management Leeds School of Business University of Colorado Boulder ABSTRACT This paper addresses a critical challenge in e-commerce experimentation: the bias in A/B testing caused by product stockouts. When products have limited inventory and may become unavailable during experiments, standard randomized controlled trial (RCT) estimators systematically overestimate
- [Choosing Your Own Luck: Strategic Risk Taking and Effort in Contests](https://www.hkubs.hku.hk/event/choosing-your-own-luck-strategic-risk-taking-and-effort-in-contests/) - Speaker: Professor Teddy Kim Professor of Economics Emory University Abstract We consider the problem of optimal contest design in an environment where contestants choose not only their effort, but also the distribution of shocks affecting their output. We show that the presence of such strategic risk taking has a stark effect on contest design: The
- [Investor Memory and Biased Beliefs: Evidence from the Field](https://www.hkubs.hku.hk/sc/?post_type=event&p=232395) - Speaker: Professor Cameron Peng Assistant Professor of Finance Department of Finance The London School of Economics and Political Science Abstract: We survey a large, representative sample of retail investors in China to elicit their memories of stock market investments and their return expectations. We merge this survey data with administrative transaction data to test a
- [Bayesian implementation, efficiency, and independence classes](https://www.hkubs.hku.hk/event/bayesian-implementation-efficiency-and-independence-classes/) - Speaker: Prof. Jacques Cremer Professor of Economics Toulouse School of Economics Abstract This paper has been in preparation for too many years and we have had comments from too many people to thank them individually. This should not be taken as a sign of lack of gratitude. However, we would like to recognize our great
- [Government Deleveraging and the reverse crowding-in effect: Evidence from Subnational Debt and Government Contractors](https://www.hkubs.hku.hk/sc/?post_type=event&p=231983) - SPEAKER Prof. Yang Yao Professor The China Center for Economic Research National School of Development Peking University ABSTRACT We show that government deleveraging causes liquidity squeeze among government contractors, an unintended consequence of containing sub-national debts. Our empirical analysis exploits China’s top-down deleveraging policy in 2017 and a purposefully-built dataset of listed firms matched with
- [Are Big Cities Important for Economic Growth?](https://www.hkubs.hku.hk/event/are-big-cities-important-for-economic-growth/) - Speaker: Professor David Weil James and Merryl Tisch Professor of Economics Brown University Abstract Cities are often described as engines of economic growth. We assess this statement quantitatively. We focus on two mechanisms: a static agglomeration effect that makes production in bigger cities more efficient, and a dynamic effect whereby urban scale impacts the productivity
- [Co-location of Production and Innovation: Evidence from the United States](https://www.hkubs.hku.hk/event/co-location-of-production-and-innovation-evidence-from-the-united-states/) - Speaker: Prof. Wolfgang Keller Professor of Economics University of Colorado-Boulder Abstract A major concern in advanced countries is that the physical movement of firms’ production plants to remote locations lowers their rate of innovation. However, evidence on synergy eQects from colocating production and innovation activities to date is limited. Geo-coding the universe of US plants
- [Elite Strategies for Big Shocks: The Case of the Fall of the Ming](https://www.hkubs.hku.hk/event/elite-strategies-for-big-shocks-the-case-of-the-fall-of-the-ming/) - Speaker: Professor Carol Hua Shiue Professor University of Colorado Boulder Abstract This paper documents persistence in the power of elite families in Central China despite dynastic change. We study the impact of the fall of the Ming Dynasty (1368-1644) on couples and their descendants (treatment of people), and present evidence on the response of multigenerational
- [Keeping the Faith (and the Returns): An AI Approach to Values-based Investing](https://www.hkubs.hku.hk/sc/?post_type=event&p=232077) - Speaker: Professor Maureen O'Hara Purcell Professor of Finance Robert W. Purcell Professor of Management Cornell SC Johnson College of Business Cornell University Abstract: We demonstrate a new approach for SRI investing that uses techniques from Artificial Intelligence (AI) to enhance investor returns. Our paper draws on Large Language Models (LLMs) and Deep Reinforcement Learning (DRL)
- [Windows of Opportunity: How Shareholder Activists Capitalize on Periods of Disruptive Organizational Change](https://www.hkubs.hku.hk/sc/?post_type=event&p=231973) - SPEAKER Prof. Mark DesJardine Associate Professor of Business Administration, Tuck School of Business Dartmouth College ABSTRACT Inspired by research on the temporal nature of opportunities, we extend the idea that financially motivated shareholder activists target firms based on opportunities. We argue that certain organizational conditions create “windows of opportunity” for these activists to intervene in
- [HKU Business School Alumni Reunion Luncheon 2025](https://www.hkubs.hku.hk/sc/event/hku-business-school-alumni-reunion-luncheon-2025/) - Marking the HKU Alumni Day on March 16, we had the pleasure of welcoming back a crowd of about 1,000 business school alumni, along with their friends and family members, to the campus for a delightful afternoon. During the lunch, nearly 50 alumni spanning graduating classes joined us for the reunion luncheon, filled with reconnections,
- [HKU Business School Alumni Reunion Luncheon 2025](https://www.hkubs.hku.hk/sc/event/hku-business-school-alumni-reunion-luncheon-2025/) - Marking the HKU Alumni Day on March 16, we had the pleasure of welcoming back a crowd of about 1,000 business school alumni, along with their friends and family members, to the campus for a delightful afternoon. During the lunch, nearly 50 alumni spanning graduating classes joined us for the reunion luncheon, filled with reconnections,
- [HKU Business School Alumni Reunion Luncheon 2025](https://www.hkubs.hku.hk/sc/event/hku-business-school-alumni-reunion-luncheon-2025/) - Marking the HKU Alumni Day on March 16, we had the pleasure of welcoming back a crowd of about 1,000 business school alumni, along with their friends and family members, to the campus for a delightful afternoon. During the lunch, nearly 50 alumni spanning graduating classes joined us for the reunion luncheon, filled with reconnections,
- [Bright Lines, Big Effects: Unintended Consequences of Student Proficiency Thresholds](https://www.hkubs.hku.hk/event/bright-lines-big-effects-unintended-consequences-of-student-proficiency-thresholds/) - Speaker: Prof. David Figlio Gordon Fyfe Professor of Economics and Education University of Rochester, NBER, and Stanford University Abstract Many sectors use discrete classifications of continuous variables to allocate resources, determine services, assign individuals to treatment. These discrete classifications are ubiquitous in education; every state in the USA uses proficiency cutpoints in standardized testing, and
- [Are Markups Too High? Competition, Strategic Innovation and Industry Dynamics](https://www.hkubs.hku.hk/event/are-markups-too-high-competition-strategic-innovation-and-industry-dynamics/) - Speaker: Prof. Laurent Cavenaile Assistant Professor of Economics University of Toronto Scarborough Abstract To study competition, innovation, and industry dynamics that arise as a result of their interaction, we develop a new oligopolistic general-equilibrium Schumpeterian growth model. This model ties together the endogenous growth, oligopolistic competition, and dynamic industrial organization literatures in a single unified
- [Managing Perishable Inventory Systems with Positive Lead Times: Inventory Position vs. Projected Inventory Level](https://www.hkubs.hku.hk/sc/?post_type=event&p=231782) - SPEAKER Prof. Xiting Gong Department of Decisions, Operations and Technology CUHK Business School The Chinese University of Hong Kong ABSTRACT We consider periodic-review perishable inventory systems with a fixed product lifetime, positive replenishment lead times, and a general issuance policy under the average-cost criterion. The optimal replenishment policy for these systems is notoriously complex and
- [Unite and Flourish: Undergraduate Students and Alumni Mixer Event 2025](https://www.hkubs.hku.hk/sc/event/unite-and-flourish-undergraduate-students-and-alumni-mixer-event-2025/) - In an endeavor to nurture the ties between our School Alumni and empower our students with invaluable insights for their career progression, HKU Business School hosted the UG Students and Alumni Mixer event on March 6. This collaborative venture, organized by the School’s Undergraduate Student Enrichment team and the Development and Alumni Team, brought together
- [Unite and Flourish: Undergraduate Students and Alumni Mixer Event 2025](https://www.hkubs.hku.hk/sc/event/unite-and-flourish-undergraduate-students-and-alumni-mixer-event-2025/) - In an endeavor to nurture the ties between our School Alumni and empower our students with invaluable insights for their career progression, HKU Business School hosted the UG Students and Alumni Mixer event on March 6. This collaborative venture, organized by the School’s Undergraduate Student Enrichment team and the Development and Alumni Team, brought together
- [Unite and Flourish: Undergraduate Students and Alumni Mixer Event 2025](https://www.hkubs.hku.hk/sc/event/unite-and-flourish-undergraduate-students-and-alumni-mixer-event-2025/) - In an endeavor to nurture the ties between our School Alumni and empower our students with invaluable insights for their career progression, HKU Business School hosted the UG Students and Alumni Mixer event on March 6. This collaborative venture, organized by the School’s Undergraduate Student Enrichment team and the Development and Alumni Team, brought together
- [Managing The Boundaries Between Pain And Profession:  A Study Of Senior Executives With Depression And Anxiety](https://www.hkubs.hku.hk/sc/?post_type=event&p=231497) - SPEAKER Prof. Sally Maitlis Professor of Organisational Behaviour and Leadership Saïd Business School University of Oxford ABSTRACT This paper investigates how senior executives with depression and/or anxiety navigate the tensions between a challenging and highly stigmatized mental health condition and the demands and expectations of their professional roles. Based on 41 in-depth interviews, I found
- [Business Concentration around the World: 1900–2020](https://www.hkubs.hku.hk/sc/?post_type=event&p=231458) - Speaker: Professor Yueran Ma Professor of Finance The University of Chicago Booth School of Business Abstract: We collect long-run data on the firm size distribution in ten market-based economies in Asia, Europe, North America, and Oceania, where we can obtain comprehensive coverage of the population of companies. Around the world, we observe prevalent increases in
- [Evading the Torpedo:  Why Managers Avoid Stock Splits](https://www.hkubs.hku.hk/sc/?post_type=event&p=228690) - SPEAKER Prof. Qin Tan Assistant Professor of Accounting Department of Accountancy City University of Hong Kong ABSTRACT This paper documents a previously unrecognized yet significant cost of stock splits, reflected in lower earnings announcement returns (EAR) in the post-split period. We identify two primary channels underlying this phenomenon: lower earnings surprises (FE) and lower earnings
- [The Effect of Plant-level Mandatory Climate Disclosure on Firm-level Voluntary Environmental Disclosure](https://www.hkubs.hku.hk/sc/?post_type=event&p=228211) - SPEAKER Miss Cyndia Wang (Xin) Ph.D. Candidate in Accounting Sauder School of Business University of British Columbia ABSTRACT Plant-level mandatory disclosure is commonly used worldwide to enhance sustainability. This study examines how plant-level mandatory climate disclosure affects corporate transparency by shaping firm-level voluntary environmental disclosure. Using the US Greenhouse Gas Reporting Program (GHGRP) that requires
- [To Cure or not to Cure. The use of Equity Cures in Debt Contracts](https://www.hkubs.hku.hk/sc/?post_type=event&p=228202) - SPEAKER Mr. Jefferson K. Abraham Ph.D. Candidate in Accounting London Business School ABSTRACT This paper provides the first systematic evidence on the effects of Equity Cures, a contracting innovation in syndicated lending, on debt contracting. Equity Cures allow borrowers to remedy financial covenant violations through equity infusions, preventing the transfer of control rights to lenders.
- [Strength in Numbers: Information Sharing and Spillover Effects on Inventory Management Efficiency](https://www.hkubs.hku.hk/sc/?post_type=event&p=228186) - SPEAKER Mr. Ray Rui Gao Ph.D. Candidate in Accounting Simon Business School University of Rochester ABSTRACT This study investigates the spillover effects of sales information sharing among retailers along the supply chain. Using the NielsenIQ platform setting where participating retailers exchange sales data, I find that upstream manufacturers experience a significant increase in inventory turnover
- [Judgment-based Accounting Standards and Stock Price Information](https://www.hkubs.hku.hk/sc/?post_type=event&p=228232) - SPEAKER Mr. Benda Yin Ph.D. Candidate in Business Administration - Accounting Fuqua School of Business Duke University ABSTRACT This paper examines whether judgment-based standards, defined as standards that require a greater scope of managerial judgments and estimates, result in more firm-specific information in stock prices. Using fourteen judgment-related standards and leveraging the latest Large Language
- [Managerial Overconfidence and Accounting Conservatism](https://www.hkubs.hku.hk/sc/?post_type=event&p=228177) - SPEAKER Mr. Zijun Liu Ph.D. Candidate in Accounting Jesse H. Jones Graduate School of Business Rice University ABSTRACT I examine the impact of managerial overconfidence on conservatism embedded in accounting standards in a setting in which managers can engage in evidence management to manipulate accounting reporting for private benefit. Prior literature postulates that accounting conservatism
- [House Hunting in the Dark: The Impact of State-Regulated House Price Disclosures on Mortgage Access](https://www.hkubs.hku.hk/sc/?post_type=event&p=228165) - SPEAKER Mr. Jaesik Kim Ph.D. Candidate in Accounting (Minor: Finance) Kelley School of Business Indiana University ABSTRACT This study examines how disclosure of value-relevant information impacts home buyers’ access to mortgages. Utilizing variations in state-regulated house price disclosures, I examine how limited access to recent sales prices of nearby homes (comparables) impacts mortgage denial rates.
- [Salaries on Display: Unintended Consequences of Wage Disclosure](https://www.hkubs.hku.hk/sc/?post_type=event&p=228155) - SPEAKER Mr. Junyoung Jeong Ph.D. Candidate in Business Administration (Accounting) University of North Carolina – Chapel Hill ABSTRACT This study examines whether wage disclosure assists employers in suppressing wages. Economic theories suggest that wage disclosure might facilitate wage coordination among employers by aiding coordination and monitoring for deviations, especially in highly concentrated labor markets. Using
- [Complement or Cover-Up? The Role of Carbon Credits in Corporate Climate Strategies](https://www.hkubs.hku.hk/sc/?post_type=event&p=228140) - SPEAKER Ms. Seungju Choi Ph.D. Candidate in Business (Accounting) Miami Herbert Business School University of Miami ABSTRACT Under mounting pressure to address climate change, many companies are opting for voluntary carbon credits, sparking ongoing debate about whether these credits undermine incentives for meaningful action. This paper investigates voluntary carbon credit purchases among U.S. companies. Using
- [Intermediaries and Emissions Disclosures](https://www.hkubs.hku.hk/sc/?post_type=event&p=228127) - SPEAKER Mr. Rongchen Li Ph.D. Candidate in Accounting Accounting Division Columbia Business School ABSTRACT I examine the impact of information intermediaries’ emissions estimates on firms’ emissions disclosures. In recent years, estimates of corporate emissions provided by intermediaries have proliferated. I develop an analytical framework to theorize how such estimates interact with firms’ disclosures. In my
- [SEC Investigations of Public Pensions](https://www.hkubs.hku.hk/sc/?post_type=event&p=228110) - SPEAKER Ms. Kangkang Zhang Ph.D. Candidate in Accounting School of Business University of Connecticut ABSTRACT In recent years, the looming threat of substantial unfunded liabilities and the obligation to meet these financial commitments have become critical issues for numerous state pension plans, prompting concerns about their solvency and management. This study examines the effect on
- [The Spillover Effect of Waiver Disclosures on Corporate Risk-Taking](https://www.hkubs.hku.hk/sc/?post_type=event&p=228095) - SPEAKER Mr. Yang Cao Ph.D. Candidate in Accounting Carroll School of Management Boston College ABSTRACT I examine the impact of covenant waiver disclosures by peer firms on the risk-taking behaviors of focal firms who share lenders. I posit that waiver disclosures by peer firms diminish the perceived uncertainty and expected costs associated with covenant violations,
- [The Usefulness of Parent-Consolidated Discrepancy in Bond Market](https://www.hkubs.hku.hk/sc/?post_type=event&p=228084) - SPEAKER Prof. Wei Luo Associate Professor of Accounting Guanghua School of Management Peking University ABSTRACT This paper examines whether parent-only financial statements are informative to assess credit risks in addition to consolidated financial statements. Utilizing the dual reporting system in China, we find that parent-consolidated discrepancy (PCD) of leverage positively relates to bond default, and
- [Community Enforcement with Endogenous Records](https://www.hkubs.hku.hk/event/community-enforcement-with-endogenous-records/) - Speaker: Assistant Professor Harry Pei Department of Economics Northwestern University Abstract I study repeated games with anonymous random matching where players can add or remove signals from their records. The ability to manipulate records introduces monotonicity constraints on players’ continuation values, under which sufficiently long-lived players will almost never cooperate. When players’ expected lifespans are
- [Entrepreneurs’ Diversification and Labor Income Risk](https://www.hkubs.hku.hk/sc/?post_type=event&p=231278) - Speaker: Professor Andrew Ellul Professor of Finance Kelley School of Business Indiana University Abstract: Entrepreneurs with better diversified portfolios provide more insurance to employees against labor income risk: in a sample of over 524,000 Canadian firms and 858,000 owners, firms owned by more diversified entrepreneurs offer more stable jobs and earnings to employees when hit
- [Voluntary Disclosure, Misinformation, and AI Information Processing : Theory and Evidence](https://www.hkubs.hku.hk/sc/?post_type=event&p=231142) - SPEAKER Prof. Jeremy Bertomeu Professor of Accounting Olin School of Business Washington University in St Louis ABSTRACT This paper investigates the impact of generative AI on firms’ voluntary disclosure choices. Our theoretical model highlights a trade-off between AI’s improved ability to process disclosed information and its potential for misinformation, modeled as a random “hallucination” unrelated
- [Implications of introducing investor-focused ESG reporting](https://www.hkubs.hku.hk/sc/?post_type=event&p=230968) - SPEAKER Prof. Henry Friedman Professor in Accounting UCLA Anderson School of Management University of California-Los Angeles ABSTRACT Firms and jurisdictions are increasingly adopting ESG reporting, driving a growing empirical literature on the consequences of ESG reporting for investors, firms, and other stakeholders. We develop a model to understand the nuanced effects of the introduction of
- [Fertility and Family Labor Supply](https://www.hkubs.hku.hk/event/fertility-and-family-labor-supply/) - Speaker: Prof. Hamish Low James Meade Professor of Economics Oxford University Abstract We study how fertility decisions interact with labor supply of men and women. First, we use longitudinal Danish register data and tax reforms to show that increases in wages of women decrease fertility while increases in wages of men increase fertility. Second, we
- [Distributional Ambiguity and Misspecification](https://www.hkubs.hku.hk/event/distributional-ambiguity-and-misspecification/) - Speaker: Prof. Fabio Maccheroni Department of Decision Sciences Università Bocconi Abstract We study decision problems when models of the relevant contingencies are available. For this class of problems we consider both state-space and distributional analyses, and their conceptual and formal relationships.
- [The Dual Pressures of Gender Equality: What Women’s Cinematic Presence Can Teach Us About Reception of DEI Initiatives](https://www.hkubs.hku.hk/sc/?post_type=event&p=231057) - SPEAKER Prof. Oliver Hahl Associate Professor of Organization Theory, Strategy, and Entrepreneurship Tepper School of Business Carnegie Mellon University ABSTRACT Many organizations seek to increase the role of women, but how are these attempts received? Integrating gender discrimination and tokenism theories, we argue that women’s inclusion in key roles is often penalized. However, such penalties
- [From Disposable to Reusable and Repairable: Interventions to Increase Sustainable Consumer Behavior](https://www.hkubs.hku.hk/sc/?post_type=event&p=230900) - SPEAKER Professor Karen Page Winterich Gerald I. Susman Professor in Sustainability and Professor of Marketing Smeal College of Business The Pennsylvania State University ABSTRACT Just a few decades ago, we celebrated the invention of disposables, but today we recognize our disposable lifestyle is not sustainable. Though some consumers may want to consume more sustainably,
- [Measurement Invariance Across Conditions: A Case Study of Material and Experiential Happiness](https://www.hkubs.hku.hk/sc/?post_type=event&p=230892) - SPEAKER Professor Dan Schley Associate Professor of Marketing Rotterdam School of Management Erasmus University ABSTRACT Experimentation is often called the strongest tool for defining causality in the proverbial scientific toolbelt. But, the claim of “causality” comes with the burden of many explicit and implicit experimental assumptions. In this research, I investigate the role of
- [1st Asian Conference on Organizational Economics](https://www.hkubs.hku.hk/event/1st-asian-conference-on-organizational-economics-2/) - 1st Asian Conference on Organizational Economics University of Hong Kong, March 13-14, 2025 We are excited to announce the inaugural Asian Conference on Organizational Economics, which will be held at the Hong Kong University Business School on March 12th to 14th, 2025. This workshop presents a platform for researchers from Asia and other regions to
- [Managerial Endorsement of Employees’ Novel Ideas: Balancing Newness and Familiarity](https://www.hkubs.hku.hk/sc/?post_type=event&p=230808) - SPEAKER Prof. Vijaya Venkataramani Dean's Professor of Leadership and Innovation Robert H. Smith School of Business University of Maryland ABSTRACT Novel ideas often do not receive positive assessments from decision-makers and, therefore, lose the opportunity to be implemented. Drawing on optimal distinctiveness theory (ODT; Brewer, 1991; Zuckerman, 2016), we propose that ideas need to be
- [Model-free and Model-based Learning as Joint Drivers of Investor Behavior](https://www.hkubs.hku.hk/sc/?post_type=event&p=230558) - Speaker: Professor Lawrence Jin Associate Professor of Finance Cornell SC Johnson College of Business Cornell University Abstract: Motivated by neural evidence on the brain's computations, cognitive scientists are increasingly adopting a framework that combines two systems, namely "model-free" and "model-based" learning. We import this framework into a financial setting, study its properties, and use it
- [[Call for Papers] 1st Asian Conference on Organizational Economics](https://www.hkubs.hku.hk/event/1st-asian-conference-on-organizational-economics/) - 1st Asian Conference on Organizational Economics University of Hong Kong, March 13-14, 2025 We are excited to announce the inaugural Asian Conference on Organizational Economics, which will be held at the Hong Kong University Business School on March 12th to 14th, 2025. This workshop presents a platform for researchers from Asia and other regions
- [Multiproduct Firms and Monopsony Power](https://www.hkubs.hku.hk/event/multiproduct-firms-and-monopsony-power/) - Speaker: Prof. Michael Koch Associate Professor Aarhus University Abstract This paper reveals a new determinant of markdowns at the firm level, namely the number of products a firm produces. Using rich matched employer-employee data on Danish manufacturing firms, we document a negative elasticity between wages and firm scope, which is of similar magnitude, but different
- [Management Non-GAAP Revenue Guidance](https://www.hkubs.hku.hk/sc/?post_type=event&p=230658) - SPEAKER Prof. Theodore (Ted) E. Christensen Director and Terry Distinguished Chair of Business J. M. Tull School of Accounting University of Georgia ABSTRACT We provide evidence on a growing trend that has captured the attention of analysts, investors, standard setters, and the SEC—non-GAAP revenue guidance. We find that the frequency of non-GAAP revenue guidance has
- [The Effects of Startup Acquisitions  on Innovation and Economic Growth](https://www.hkubs.hku.hk/event/the-effects-of-startup-acquisitions-on-innovation-and-economic-growth/) - Speaker: Prof. Tom Schmitz Reader Queen Mary University of London School of Economics & Finance Abstract Innovative startups are frequently acquired by large incumbent firms. Such acquisitions have recently come under scrutiny, as policymakers suspect that incumbents might acquire startups just to “kill” their ideas. However, acquisitions also provide an incentive for startup creation, and
- [Overhyped? Can Machine Learning Models Reliably Predict Stock Returns?](https://www.hkubs.hku.hk/event/overhyped-can-machine-learning-models-reliably-predict-stock-returns/) - Speaker: Prof. Alan Timmermann Distinguished Professor of Finance and Economics University of California San Diego Abstract: Hyperparameters determine the architecture of machine learning (ML) models and can greatly affect their forecasting performance, yet there is little consensus on how to choose the range and grid of hyperparameters to search over. We provide an extensive examination
- [HKU Business School Alumni Reunion Luncheon](https://www.hkubs.hku.hk/sc/event/hku-business-school-class-anniversary-luncheon/) - HKU Alumni Day 2025 is back on 16 March (Sunday)! An exciting day where various faculties, Alumni Associations, and HKU Alumni Businesses will set up booths across the campus, creating a vibrant atmosphere of fun, celebration, and camaraderie! Adding to the day's excitement, HKU Business School will be hosting the HKU Business School Alumni Reunion
- [HKU Business School Class Anniversary Luncheon](https://www.hkubs.hku.hk/sc/event/hku-business-school-class-anniversary-luncheon/) - HKU Alumni Day 2025 is back on 16 March 2025 (Sun)! An exciting day where various faculties, Alumni Associations, and HKU Alumni Businesses will set up booths across the campus, creating a vibrant atmosphere of fun, celebration, and camaraderie! Adding to the day's excitement, HKU Business School will be hosting the HKU Business School Class
- [HKU Business School Class Anniversary Luncheon](https://www.hkubs.hku.hk/sc/event/hku-business-school-class-anniversary-luncheon/) - HKU Alumni Day 2025 is back on 16 March 2025 (Sun)! An exciting day where various faculties, Alumni Associations, and HKU Alumni Businesses will set up booths across the campus, creating a vibrant atmosphere of fun, celebration, and camaraderie! Adding to the day's excitement, HKU Business School will be hosting the HKU Business School Class
- [Rise of the south: How Arab-led maritime trade transformed China, 671–1371 CE](https://www.hkubs.hku.hk/sc/event/rise-of-the-south-how-arab-led-maritime-trade-transformed-china-671-1371-ce/) - INFORMATION Rise of the south: How Arab-led maritime trade transformed China, 671–1371 CE China’s center of socioeconomic activities was in the North prior to the Tang dynasty but is in the South today. Zhiwu Chen of HKU Business School and his co-authors demonstrate that Arab and Persian Muslim traders triggered that transition when they came
- [Rise of the south: How Arab-led maritime trade transformed China, 671–1371 CE](https://www.hkubs.hku.hk/sc/event/rise-of-the-south-how-arab-led-maritime-trade-transformed-china-671-1371-ce/) - INFORMATION Rise of the south: How Arab-led maritime trade transformed China, 671–1371 CE China’s center of socioeconomic activities was in the North prior to the Tang dynasty but is in the South today. Zhiwu Chen of HKU Business School and his co-authors demonstrate that Arab and Persian Muslim traders triggered that transition when they came
- [Rise of the south: How Arab-led maritime trade transformed China, 671–1371 CE](https://www.hkubs.hku.hk/sc/event/rise-of-the-south-how-arab-led-maritime-trade-transformed-china-671-1371-ce/) - INFORMATION Rise of the south: How Arab-led maritime trade transformed China, 671–1371 CE China’s center of socioeconomic activities was in the North prior to the Tang dynasty but is in the South today. Zhiwu Chen of HKU Business School and his co-authors demonstrate that Arab and Persian Muslim traders triggered that transition when they came
- [Newspaper notice as a government transparency mechanism:  Evidence from Florida](https://www.hkubs.hku.hk/sc/?post_type=event&p=230399) - SPEAKER Professor Delphine Samuels Associate Professor of Accounting and James S. Kemper Foundation Faculty Scholar The University of Chicago Booth School of Business ABSTRACT This paper studies the role of newspaper notices—legally required announcements published in newspapers to inform citizens about local government activities—on citizen engagement. We examine a recent Florida legislation that revokes the
- [Structural Estimation of Directional Dynamic Games with Multiple Equilibria](https://www.hkubs.hku.hk/event/structural-estimation-of-directional-dynamic-games-with-multiple-equilibria/) - Speaker: Prof. Fedor Iskhakov Professor of Economics Australian National University Abstract: We develop a robust algorithm for computing the nested full solution maximum likelihood estimator for a class of directional dynamic stochastic games with multiple equilibria. We show how the computational burden of the full solution approach can be substantially reduced in large datasets, making
- [Growth-Indexed Securities](https://www.hkubs.hku.hk/sc/?post_type=event&p=229549) - Speaker: Professor Stavros Panageas Professor of Finance Anderson School Management University of California, Los Angeles Abstract: Macro-finance models featuring an infinitely-lived, representative agent typically imply that (a) the equity premium reflects compensation for aggregate risk and (b)the long-run, risk-adjusted growth rate of consumption is smaller than the risk-free rate (“transversality condition”). The international historical experience
- [The Rise of China and the Global Production of Scientific Knowledge](https://www.hkubs.hku.hk/event/the-rise-of-china-and-the-global-production-of-scientific-knowledge/) - Speaker: Prof. Hyejin Ku Associate Professor of Economics University College London Abstract: This paper examines how China’s growing research capabilities impact global research universities across various scientific fields. Using bibliometric data from 1980 to 2020, we assess the effects of the “China shock” on high-impact publications, novel concepts, and citation patterns. Our analysis reveals a
- [Individual-centered partial information in social networks: from local views to global structure](https://www.hkubs.hku.hk/sc/?post_type=event&p=229817) - SPEAKER Professor Y. X. Rachel Wang Associate Professor School of Mathematics and Statistics University of Sydney ABSTRACT In statistical network analysis, we often assume either the full network is available or multiple subgraphs can be sampled to estimate various global properties of the network. However, in a real social network, individuals frequently make decisions based
- [Two Tales of the China Shock: Comparative Analysis of the Impacts on Germany and the United States](https://www.hkubs.hku.hk/event/two-tales-of-the-china-shock-comparative-analysis-of-the-impacts-on-germany-and-the-united-states/) - Speaker: Professor Christian Dustmann University college of London
- [Harnessing Confidence Diversity: Exploring Top Management Team Confidence Diversity And Its Influence On Innovation Efficiency](https://www.hkubs.hku.hk/sc/?post_type=event&p=229703) - SPEAKER Prof. Daniel Gamache Associate Professor Terry College of Business University of Georgia ABSTRACT In this paper, we introduce the novel construct, top management team (TMT) confidence diversity, which we define as the degree to which confidence levels vary within the TMT. By integrating upper echelons theory and the information processing theory on diversity, we
- [Healthcare IS Research in the Digital Era](https://www.hkubs.hku.hk/sc/?post_type=event&p=229558) - This is a joint seminar organized by HKU Business School’s IIM Area and Institute of Digital Economy & Innovation (IDEI). SPEAKER Prof. Chuan Hoo TAN Associate Professor Department of Information Systems and Analytics School of Computing at the National University of Singapore (NUS) ABSTRACT In recent years, Information Systems (IS) scholars have focused on various
- [Revealed Beliefs and the Marriage Market Return to Education](https://www.hkubs.hku.hk/event/revealed-beliefs-and-the-marriage-market-return-to-education/) - Speaker: Prof Abi Adams Professor of Economics University of Oxford Abstract: We develop a new methodology to estimate subjective beliefs from hypothetical choice data. Our identification approach is based on the novel insight that by varying the amount of information on future realizations of stochastic variables, discrete choice experiments can identify not only preferences, but
- [Inheritance and Inequality in a Pre-Modern Economy](https://www.hkubs.hku.hk/sc/event/inheritance-and-inequality-in-a-pre-modern-economy/) - INFORMATION Inheritance and Inequality in a Pre-Modern Economy How do inheritance institutions affect wealth inequality in a pre-modern economy? Felix Schaff of the European University Institute, and his coauthor address this question by exploiting a sharp border between partible and impartible inheritance areas in southwest Germany, together with household-level data from the registers of the
- [Inheritance and Inequality in a Pre-Modern Economy](https://www.hkubs.hku.hk/sc/event/inheritance-and-inequality-in-a-pre-modern-economy/) - INFORMATION Inheritance and Inequality in a Pre-Modern Economy How do inheritance institutions affect wealth inequality in a pre-modern economy? Felix Schaff of the European University Institute, and his coauthor address this question by exploiting a sharp border between partible and impartible inheritance areas in southwest Germany, together with household-level data from the registers of the
- [Inheritance and Inequality in a Pre-Modern Economy](https://www.hkubs.hku.hk/sc/event/inheritance-and-inequality-in-a-pre-modern-economy/) - INFORMATION Inheritance and Inequality in a Pre-Modern Economy How do inheritance institutions affect wealth inequality in a pre-modern economy? Felix Schaff of the European University Institute, and his coauthor address this question by exploiting a sharp border between partible and impartible inheritance areas in southwest Germany, together with household-level data from the registers of the
- [Doubly Robust Inference in Causal Latent Factor Models](https://www.hkubs.hku.hk/event/doubly-robust-inference-in-causal-latent-factor-models/) - Speaker: Prof Alberto Abadie Professor of Economics MIT Economics Abstract: This article introduces a new estimator of average treatment effects under unobserved confounding in modern data-rich environments featuring large numbers of units and outcomes. The proposed estimator is doubly robust, combining outcome imputation, inverse probability weighting, and a novel cross-fitting procedure for matrix completion. We
- [Deep Learning for Search And Matching Models](https://www.hkubs.hku.hk/event/deep-learning-for-search-and-matching-models/) - Speaker: Prof Yang Yucheng Abstract: We develop a new method to globally solve and estimate search and matching models with aggregate shocks and heterogeneous agents. We characterize general equilibrium as a high-dimensional partial differential equation with the distribution as a state variable. We then use deep learning to solve the model and estimate economic parameters
- [Do You See What I See? The Effects Of Attentional Congruence On Post-acquisition Integration](https://www.hkubs.hku.hk/sc/?post_type=event&p=229177) - SPEAKER Prof. Theresa Cho Professor of Strategy & International Business Graduate School of Business Seoul National University ABSTRACT Although prior work has often focused on shifts in firms’ boundaries, we know little about the consequences of the attentional changes that follow such shifts. Drawing from the attention-based view of firm, we develop the notion of attentional congruence—the degree of similarity in managerial attention at the
- [Platforms as Innovation Enablers: How Do Platform Support and Innovation Strategy Enhance App Performance?](https://www.hkubs.hku.hk/sc/?post_type=event&p=229141) - SPEAKER Professor Vanitha Swaminathan Associate Dean for Research and Strategic Initiatives Thomas Marshall Professor of Marketing University of Pittsburgh ABSTRACT Digital platform businesses, such as mobile application markets, rely heavily on the success of platform complementors, such as app developers, for their growth. Innovation plays a crucial role in enabling complementors to thrive in
- [Mathematical Optimization in the Era of AI](https://www.hkubs.hku.hk/sc/?post_type=event&p=228998) - This is a joint seminar organized by HKU Business School’s IIM Area, and Faculty of Engineering's Department of Data and Systems Engineering, and Department of Computer Science. SPEAKER Professor Yinyu Ye K.T. Li Professor of Engineering Department of Management Science and Engineering School of Engineering | Stanford University ABSTRACT This talk aims to respond to
- [Happy Chinese New Year: Alumni Networking Drinks Event](https://www.hkubs.hku.hk/sc/event/happy-chinese-new-year-alumni-networking-drinks-event/) - On February 6, the HKU Business School was delighted to host the Alumni Networking Drinks event at the Senior Common Room of HKU. This gathering was in celebration of the Chinese New Year, ringing in the Year of the Snake, with presence of 70 alumni and dedicated faculty members. Alice Hui, our Head of Development
- [Happy Chinese New Year: Alumni Networking Drinks Event](https://www.hkubs.hku.hk/sc/event/happy-chinese-new-year-alumni-networking-drinks-event/) - On February 6, the HKU Business School was delighted to host the Alumni Networking Drinks event at the Senior Common Room of HKU. This gathering was in celebration of the Chinese New Year, ringing in the Year of the Snake, with presence of 70 alumni and dedicated faculty members. Alice Hui, our Head of Development
- [Happy Chinese New Year: Alumni Networking Drinks Event](https://www.hkubs.hku.hk/sc/event/happy-chinese-new-year-alumni-networking-drinks-event/) - On February 6, the HKU Business School was delighted to host the Alumni Networking Drinks event at the Senior Common Room of HKU. This gathering was in celebration of the Chinese New Year, ringing in the Year of the Snake, with presence of 70 alumni and dedicated faculty members. Alice Hui, our Head of Development
- [Information Webinar for Future Leaders Camp 2025](https://masters.hkubs.hku.hk/article/1650)
- [Information Webinar for Future Leaders Camp 2025](https://masters.hkubs.hku.hk/article/1650)
- [Information Webinar for Future Leaders Camp 2025](https://masters.hkubs.hku.hk/article/1650)
- [HKU Business School Future Leaders Camp 2025](https://masters.hkubs.hku.hk/article/1648)
- [HKU Business School Future Leaders Camp 2025](https://masters.hkubs.hku.hk/article/1648)
- [HKU Business School Future Leaders Camp 2025](https://masters.hkubs.hku.hk/article/1648)
- [Hidden Biases: Selective Advertising in the Rental Housing Market](https://www.hkubs.hku.hk/event/hidden-biases-selective-advertising-in-the-rental-housing-market/) - Speaker: Prof Lu Han Abstract: A growing body of literature has documented persistent racial discrimination in rental housing markets, often using experimental (audit or correspondence) studies where fictitious identities request to view a housing unit. These methods are not designed to capture a subtle form of discrimination where landlords choose not to advertise certain units,
- [Green Industrial Policies and Energy Transition in the Globalized Economy](https://www.hkubs.hku.hk/event/green-industrial-policies-and-energy-transition-in-the-globalized-economy/) - Speaker: Mr Hong Sungwan Abstract: The transition to renewable energy depends on the trade of renewable energy equipment, such as solar panels and wind turbines. However, most existing studies on green industrial policies adopt a closed economy approach, overlooking critical margins in an open economy where subsidies can lead to different domestic industry responses due
- [Large-Scale Curve Time Series with Common Stochastic Trends](https://www.hkubs.hku.hk/sc/?post_type=event&p=228847) - SPEAKER Professor Degui Li Distinguished Professor of Business Economics Faculty of Business Administration University of Macau ABSTRACT In this paper, we study high-dimensional curve time series with common stochastic trends. We adopt a dual functional factor model structure with a high-dimensional factor model for the observed curve time series and a low-dimensional factor model for
- [The Dual Roles of Analysts in Shaping Green Investment Strategies](https://www.hkubs.hku.hk/sc/?post_type=event&p=228839) - SPEAKER Prof. Ole-Kristian Hope Deloitte Professor and Professor of Accounting Rotman School of Management University of Toronto ABSTRACT This paper investigates whether and how sell-side financial analysts affect firms’ environmental investment strategies. We show that increased analyst coverage leads firms to reduce spending in the environmental investment channels of abatement expenditures and green innovation. In
- [Do Poor Households Pay Higher Markups in Recessions?](https://www.hkubs.hku.hk/sc/?post_type=event&p=228643) - Speaker: Mr. Jonathan Becker PhD Candidate in Economics New York University Abstract: Poor and rich households differ greatly in the mix of products they consume, with the poor allocating a larger share of their spending to relatively inexpensive goods. Moreover, during recessions, households shift spending toward more affordable goods. In this paper, I study an
- [The Hidden Contribution of Women to Science](https://www.hkubs.hku.hk/sc/?post_type=event&p=228810) - SPEAKER Prof. Michaël Bikard Associate Professor of Strategy INSEAD ABSTRACT Gender disparities in visible scientific contributions—such as publications and citations—are well-documented. Yet, these metrics omit important forms of scholarly input such as informal feedback. Because women may be more likely to engage in these less visible activities, exclusive reliance on conventional metrics risks understating their
- [Dynamic Targeting: Experimental Evidence from Energy Rebate Programs](https://www.hkubs.hku.hk/sc/?post_type=event&p=228668) - Speaker: Prof. Toru Kitagawa Professor of Economics Brown University Abstract: Economic policies often involve dynamic interventions, where individuals receive repeated interventions over multiple periods. This dynamics makes past responses informative to predict future responses and ultimate outcomes depend on the history of interventions. Despite these phenomena, existing economic studies typically focus on static targeting, possibly
- [Algorithm Access for All:  Information Processing Democratization via GitHub](https://www.hkubs.hku.hk/sc/?post_type=event&p=228671) - SPEAKER Prof. Richard Crowley Assistant Professor of Accounting School of Accountancy Singapore Management University ABSTRACT We study the democratization of information processing technologies in financial markets by examining the proliferation of open-source algorithms on GitHub that aid in processing SEC filings. We identify over 800 such public projects on GitHub, and document a strong link
- [Subsidizing Service-Focused Social Welfare Programs: Contracted Slots or Vouchers?](https://www.hkubs.hku.hk/sc/?post_type=event&p=228630) - SPEAKER Professor Senay Solak John F. Smith Memorial Professor and Department Chair Isenberg School of Management University of Massachusetts Amherst ABSTRACT We study operational decision-making by profit-oriented service providers under two popular service-focused subsidy welfare programs—namely, vouchers and contracted slots. In voucher programs, beneficiaries can redeem vouchers at any participating private service provider. However, these
- [Blocking the Giants:  Theory and Evidence from the Great Firewall](https://www.hkubs.hku.hk/event/blocking-the-giants-theory-and-evidence-from-the-great-firewall/) - Speaker: Dr. Sun Ruiqi Abstract: Bans on digital products from foreign tech giants have become a policy staple. Yet the welfare implications of these bans are unknown. Policy-targeted products are typically large and highly differentiated, leading to rich substitution patterns that are essential for welfare analysis. I empirically reveal these substitution patterns through an event
- [Price Discrimination and Regulation on a Network:  The Case of US Rail Freight Industry](https://www.hkubs.hku.hk/event/price-discrimination-and-regulation-on-a-network-the-case-of-us-rail-freight-industry/) - Speaker: Mr. Jin Yang Abstract: This paper studies price discrimination in rail freight transportation, where shippers facing different prices are also interdependent due to economies of scale across the railroad network. Consequently, even discriminated shippers can benefit from the increased demand among discounted shippers, as it improves scale and decreases costs for all. To assess
- [Political polarization in medicine](https://www.hkubs.hku.hk/event/political-polarization-in-medicine/) - Speaker: Dr. Kim Woojin Abstract: Political polarization is increasingly affecting policymaking, but how is it influencing professional decision-making? This paper studies the differences in medical practice between Republican and Democratic physicians over 1999-2019. It links physicians in the Medicare claims data with their campaign contributions to determine their party alignment. In 1999, there were no
- [Technology Rivalry and Resilience Under Trade Disruptions:  The Case of Semiconductor Foundries](https://www.hkubs.hku.hk/event/technology-rivalry-and-resilience-under-trade-disruptions-the-case-of-semiconductor-foundries/) - Speaker: Ms Weiting Miao Abstract: This paper studies the impact of industrial policies on technology competition and consumer welfare amid rising global trade disruption risks. Distilling key empirical features from novel data on the semiconductor foundry industry, I develop and estimate a dynamic oligopoly model that integrates step-by-step innovation, trade disruption risk, and industrial policies.
- [Price Discovery in Labor Markets: Why Do Firms Say They Cannot Find Workers?](https://www.hkubs.hku.hk/sc/?post_type=event&p=228044) - SPEAKER Prof. Benjamin Friedrich Associate Professor of Strategy Kellogg School of Management Northwestern University ABSTRACT Managers often report that labor constraints – defined as the inability to find workers – are a major obstacle to firms’ growth. This phenomenon is puzzling, because economic theory offers a simple remedy: increase wages until the worker is found
- [Complete Contracts under Incomplete Information](https://www.hkubs.hku.hk/sc/?post_type=event&p=227857) - Speaker: Dr. Qianjun Lyu Postdoctoral Researcher Institute for Microeconomics University of Bonn Abstract: We study a moral hazard model in which the output is stochastically determined by both the agent’s hidden effort and an uncertain state of the world. We investigate how the contractibility of the ex-post realization of the state affects the principal’s incentive
- [Dynamic Reward Design](https://www.hkubs.hku.hk/sc/?post_type=event&p=227839) - Speaker: Ms. Yijun Liu PhD Candidate in Economics Northwestern University Abstract: This paper studies a dynamic screening model in which a principal hires an agent with limited liability. The agent’s private cost of working is an i.i.d. draw from a continuous distribution. His working status is publicly observable. The limited liability constraint requires that payments
- [香港大学中国经济季度论坛](https://ice.hkubs.hku.hk/events-archive/5th-hku-quarterly-forum-on-chinese-economy/)
- [香港大學中國經濟季度論壇](https://ice.hkubs.hku.hk/events-archive/5th-hku-quarterly-forum-on-chinese-economy/)
- [The 5th HKU Quarterly Forum on Chinese Economy](https://ice.hkubs.hku.hk/events-archive/5th-hku-quarterly-forum-on-chinese-economy/)
- [The Nobel Prize Public Lecture by Prof. James Robinson](https://www.hkubs.hku.hk/sc/event/the-nobel-prize-public-lecture-by-prof-james-robinson/) - HKU Business School hosted the distinguished 2024 Nobel Laureate in Economics, Prof. James Robinson, for a captivating lecture. The theatre was buzzing with excitement as nearly 400 attendees gathered to engage with the intellectual giant in economics. Prof. Hongbin Cai, Dean of HKU Business School, commenced the event by welcoming the attendees and setting a
- [The Nobel Prize Public Lecture by Prof. James Robinson](https://www.hkubs.hku.hk/sc/event/the-nobel-prize-public-lecture-by-prof-james-robinson/) - HKU Business School hosted the distinguished 2024 Nobel Laureate in Economics, Prof. James Robinson, for a captivating lecture. The theatre was buzzing with excitement as nearly 400 attendees gathered to engage with the intellectual giant in economics. Prof. Hongbin Cai, Dean of HKU Business School, commenced the event by welcoming the attendees and setting a
- [The Nobel Prize Public Lecture by Prof. James Robinson](https://www.hkubs.hku.hk/sc/event/the-nobel-prize-public-lecture-by-prof-james-robinson/) - HKU Business School hosted the distinguished 2024 Nobel Laureate in Economics, Prof. James Robinson, for a captivating lecture. The theatre was buzzing with excitement as nearly 400 attendees gathered to engage with the intellectual giant in economics. Prof. Hongbin Cai, Dean of HKU Business School, commenced the event by welcoming the attendees and setting a
- [HKU-Accenture Business Consulting Programme 2024-25 – Inauguration Ceremony](https://www.hkubs.hku.hk/event/hku-accenture-business-consulting-programme-2024-25-inauguration-ceremony/) - The HKU-Accenture Business Consulting Programme is a unique learning opportunity offered by The University of Hong Kong and Accenture. Striding into our seventh year of collaboration, this remarkable Programme brings together Business School Undergraduate students and senior Accenture consulting professionals to inspire new thoughts for business in the digital age. Participating students will embark on
- [A World Trading System For Whom?  Evidence from Global Tariffs](https://www.hkubs.hku.hk/event/a-world-trading-system-for-whom-evidence-from-global-tariffs/) - Speaker: Professor Arnaud Costinot Abstract: We use global tariffs to reveal the weights that nations implicitly place on the welfare of their trading partners relative to their own. Our estimated welfare weights suggest that formal and informal rules of the world trading system make countries internalize the impact of their policies onto others to a
- [Does the “Melting Pot” Still Melt?  Internet and Immigrants’ Integration](https://www.hkubs.hku.hk/event/lobbying-for-industrialization-theory-and-evidence/) - Speaker: Dr. Alexander Yarkin Abstract: The global spread of the Internet and the rising salience of immigration are two of the biggest trends of the last decades. And yet, the effects of new digital technologies on immigrants- their social integration, spatial segregation, and economic outcomes- remain unknown. This paper addresses this gap: it shows how
- [2025 New Year Networking Drinks](https://www.hkubs.hku.hk/sc/event/2025-new-year-networking-drinks/) - Calling all of the alumni! We’re thrilled to invite you to an exclusive alumni get-together at Café 1951, 15F KK Leung Building, The University of Hong Kong on 6 February! Don’t miss this fantastic opportunity to catch up with old friends, make new connections, and celebrate the New Year time with your fellow alumni! Event Date: 06 Feb 2025
- [2025 New Year Networking Drinks](https://www.hkubs.hku.hk/sc/event/2025-new-year-networking-drinks/) - Calling all of the alumni! We’re thrilled to invite you to an exclusive alumni get-together at Café 1951, 15F KK Leung Building, The University of Hong Kong on 6 February! Don’t miss this fantastic opportunity to catch up with old friends, make new connections, and celebrate the New Year time with your fellow alumni! Event Date: 06 Feb 2025
- [2025 New Year Networking Drinks](https://www.hkubs.hku.hk/sc/event/2025-new-year-networking-drinks/) - Calling all of the alumni! We’re thrilled to invite you to an exclusive alumni get-together at Café 1951, 15F KK Leung Building, The University of Hong Kong on 6 February! Don’t miss this fantastic opportunity to catch up with old friends, make new connections, and celebrate the New Year time with your fellow alumni! Event Date: 06 Feb 2025
- [The Impact of Recommender Systems on Content Consumption and Production: Evidence from Field Experiments and Structural Modeling](https://www.hkubs.hku.hk/sc/?post_type=event&p=227460) - SPEAKER Prof. Tat Chan Philip L. Siteman Professor of Marketing Olin Business School Washington University in St. Louis ABSTRACT Online content-sharing platforms such as TikTok and Facebook have become integral to daily life, leveraging complex algorithms to recommend user-generated content (UGC) to other users. While prior research and industry efforts have primarily focused on
- [Optimal Allowance with Limited Auditing Capacity](https://www.hkubs.hku.hk/event/optimal-allowance-with-limited-auditing-capacity/) - Speaker: Prof. Thomas Brzustowski Assistant Professor Department of Economics University of Essex Abstract: We analyze the mechanism-design problem of a principal allocating amounts of a perfectly divisible good to n agents, each of whom desires as much of the good as possible. The principal has an ideal allocation for each agent, which is private information
- [Trade, Trees, and Lives](https://www.hkubs.hku.hk/event/trade-trees-and-lives/) - Speaker: Prof. Eric Zou Assistant Professor Ross School of Business University of Michigan Abstract: This paper shows a cascading mechanism through which international trade-induced deforestation results in a decline of health outcomes in cities distant from where trade activities occur. We examine Brazil, which has ramped up agricultural export over the last two decades to
- [Data Adapted Consumer Choice Modeling](https://www.hkubs.hku.hk/sc/?post_type=event&p=227307) - This is a joint seminar organized by HKU Business School’s IIM Area, and Faculty of Engineering's Department of Data and Systems Engineering. SPEAKER Professor J.George Shanthikumar Richard E. Dauch Distinguished Chair in Manufacturing and Operations Mgmt Supply Chain and Operations Management Mitch Daniels School of Business | Purdue University ABSTRACT In this talk, we will
- [Dinner at Your Door: How Delivery Platforms Affect  Workers and Firms∗](https://www.hkubs.hku.hk/event/dinner-at-your-door-how-delivery-platforms-affect-workers-and-firms∗/) - Speaker: Mr. Pascuel Plotkin Abstract: Online-delivery platforms are part of a recent wave of technologies that reshape work force composition and demand for goods. While these platforms can provide new opportunities for workers with limited outside options, they may also replace “good jobs”. This paper uses unique data linking employer-employee records with restaurants and workers
- [ItemRAG实现电商智能客服快速运营与精准推理 ItemRAG : Rapid Knowledge Updating and Precise Information Fetching for E-commerce Customer Service](https://www.hkubs.hku.hk/sc/?post_type=event&p=227266) - SPEAKER 徐常亮博士 牧语工场创始人 / 国科大杭高院研究员 Dr. Xu Changliang Founder of MuyuWorks Research Fellow Hangzhou Institute for Advanced Study University of Chinese Academy of Sciences (HIAS, UCAS) INTRODUCTION ItemRAG采用检索增强生成技术，结合商品知识图谱，旨在为客户提供准确且及时的信息反馈。ItemRAG 通过动态更新知识库中的数据，增强了客服机器人的上下文理解和问题解答能力。系统设计考虑了信息检索的效率、知识表示的准确性以及语境理解的连贯性，从而显著提升了用户体验，降低了运营成本。 ItemRAG is designed to streamline e-commerce customer service through rapid operations and precise inference. Leveraging retrieval-augmented generation (RAG) and knowledge graphs, it automates responses, locates relevant
- [After Shocks: Humble Leaders’ Socialization Tactics Improve Employee Reattachment During Organizational Reentry](https://www.hkubs.hku.hk/sc/?post_type=event&p=226625) - SPEAKER Prof. Dan Cable Professor of Organisational Behaviour London Business School ABSTRACT Shock events can threaten employees’ organizational attachment, but little research has focused on how leaders can help reattach employees to their organizations in the wake of shocks. Drawing on the socialization literature, we build theory about the effectiveness of leaders’ approaches to socialization
- [Rational Inattention Choices in Firms and Households](https://www.hkubs.hku.hk/sc/?post_type=event&p=227241) - Speaker: Ms. Yifan Zhang PhD Candidate in Economics University of Oxford Abstract: Survey data shows that households associate higher expected inflation with lower expected output growth, while firms and professionals associate higher expected inflation with higher expected growth. Standard macroeconomic models struggle to explain this heterogeneity. This paper shows that the asymmetry in agents’ beliefs
- [Firm Subsidies and Entrepreneurship in A Production Network](https://www.hkubs.hku.hk/sc/?post_type=event&p=226743) - Speaker: Mr. Qitong Wang PhD Candidate in Economics University of Southern California Abstract: I develop a quantitative framework to study the effect of a direct subsidy program for firms in an environment featuring a production network and entrepreneurship. The combination of a network structure and sectoral financial constraints can propagate shocks from upstream to downstream
- [Trade Policy in the Shadow of Conflict: The Case of Dual-Use Goods∗](https://www.hkubs.hku.hk/event/trade-policy-in-the-shadow-of-conflict-the-case-of-dual-use-goods∗/) - Speaker: Mr. Maxim Alekseev Abstract: Policymakers increasingly use trade instruments to address national security concerns. This paper studies optimal policy for dual-use goods, items with both military and civilian applications. We begin by empirically documenting that the regulation and trade flows of dual-use goods respond to changes in the security environment over time. To put
- [AI and Jobs: Has the Inflection Point Arrived? Evidence from an Online Labor Platform](https://www.hkubs.hku.hk/sc/?post_type=event&p=227160) - SPEAKER Dr. Qiao Dandan Assistant Professor Information Systems and Analytics School of Computing, National University of Singapore ABSTRACT The emergence of Large Language Models (LLMs) has renewed the debate on the important issue of “technology displacement”. While prior research has investigated the effect of information technology in general on human labor from a macro perspective,
- [Nobel Laureate Public Lecture with Professor James A. Robinson](https://www.hkubs.hku.hk/sc/event/nobel-laureate-public-lecture-with-professor-james-a-robinson/) - Keynote Speaker Professor James Robinson 2024 Nobel Laureate in Economic Sciences Famed Economist and Political Scientist Co-author of Why Nations Fail Abstract HKU Business School is thrilled to present the Nobel Laureate Public Lecture on January 15, 2025. This year, we are honoured to host Professor James A. Robinson, the esteemed recipient of the 2024
- [Nobel Laureate Public Lecture with Professor James A. Robinson](https://www.hkubs.hku.hk/sc/event/nobel-laureate-public-lecture-with-professor-james-a-robinson/) - Keynote Speaker Professor James Robinson 2024 Nobel Laureate in Economic Sciences Famed Economist and Political Scientist Co-author of Why Nations Fail Abstract HKU Business School is thrilled to present the Nobel Laureate Public Lecture on January 15, 2025. This year, we are honoured to host Professor James A. Robinson, the esteemed recipient of the 2024
- [Nobel Laureate Public Lecture with Professor James A. Robinson](https://www.hkubs.hku.hk/sc/event/nobel-laureate-public-lecture-with-professor-james-a-robinson/) - Keynote Speaker Professor James Robinson 2024 Nobel Laureate in Economic Sciences Famed Economist and Political Scientist Co-author of Why Nations Fail Abstract HKU Business School is thrilled to present the Nobel Laureate Public Lecture on January 15, 2025. This year, we are honoured to host Professor James A. Robinson, the esteemed recipient of the 2024
- [The Costs of Leader Biases:  Evidence from Superstitious Chinese Mayors](https://www.hkubs.hku.hk/event/the-costs-of-leader-biases-evidence-from-superstitious-chinese-mayors/) - Speaker: Mr. Justin Hong Abstract: Subjective beliefs– many of which are non-factual or false– influence human decision-making, potentially including key individuals that wield considerable power. This paper documents for the first time the macro-level impact of leaders’ non-factual beliefs, exploiting prominent Chinese traditional beliefs that allow us to link quasi-random, leader-specific spatial biases to regional
- [香港經濟前景展望論壇2025](https://www.hkubs.hku.hk/eventsite/future-of-hong-kong-economy-2025/)
- [香港经济前景展望论坛2025](https://www.hkubs.hku.hk/eventsite/future-of-hong-kong-economy-2025/)
- [Conference on the Future of Hong Kong Economy 2025](https://www.hkubs.hku.hk/eventsite/future-of-hong-kong-economy-2025/)
- [Informed Climate Adaptation:  Input and Output Subsidies for Shaded Cocoa](https://www.hkubs.hku.hk/event/marriage-labor-supply-and-the-dynamics-of-the-social-safety-net/) - Speaker: Ms. Yunyu Shu PhD Candidate in Economics Brown University Abstract: With growing climate risks, agro-environmental policies seek to protect the environment while reducing poverty by incentivizing climate adaptation. We study how information shapes adaptation under different subsidy schemes for cocoa farmers in Ghana, where forest tree planting for shade is encouraged as an adaptation
- [Effects of Government-to-Contractor Revolving Door Directors on Customer Relationship Performance](https://www.hkubs.hku.hk/sc/?post_type=event&p=226938) - SPEAKER Prof. Ju-Yeon Lee John and Connie Stafford Professor in Business Associate Professor of Marketing Ivy College of Business Iowa State University ABSTRACT Firms in business-to-government (B2G) marketplaces often invite former government officials to join their boards of directors, in search of their critical knowledge and access. However, the actual impacts of these revolving
- [Robust Procurement Design](https://www.hkubs.hku.hk/event/robust-procurement-design/) - Speaker: Prof. Alessandro Pavan Abstract: The paper studies the design of procurement contracts in environments where the buyer faces uncertainty over the product’s demand and the supplier’s cost. The buyer has a belief but does not fully trust it. They first identify all worst-case optimal mechanisms, which deliver the largest payoff guarantee over a set
- [Unconditional Randomization Tests for Interference](https://www.hkubs.hku.hk/event/unconditional-randomization-tests-for-interference/) - Speaker: Mr. Liang Zhong Ph.D. Candidate in Economics Boston University Abstract: When conducting causal inference or designing policy, researchers are often concerned with the existence and extent of interference between units, influenced by factors such as distance, proximity, and connection strength. However, complex correlations across units pose significant challenges for inference. This paper introduces partial
- [Extrapolating LATE with Weak IVs](https://www.hkubs.hku.hk/event/extrapolating-late-with-weak-ivs/) - Speaker: Mr. Muyang Ren Ph.D. Candidate Duke University Abstract: To evaluate the effectiveness of a counterfactual policy, it is often necessary to extrapolate treatment effects on compliers to broader populations. This extrapolation relies on exogenous variation in instruments, which is often weak in practice. This limited variation leads to invalid confidence intervals that are typically
- [Mergers and Mismatches  in the Labor Market for Creativity](https://www.hkubs.hku.hk/event/mergers-and-mismatches-in-the-labor-market-for-creativity/) - Speaker: PhD Candidate in Economics California Institute of Technology Abstract: This paper introduces a novel empirical framework to assess the impact of ownership consolidation on labor markets, addressing growing concerns about labor market power. I develop a two-sided matching model tailored to the creative labor force, a segment characterized by strong worker-firm compatibility. Applying this
- [Organizational Culture, Innovation, and Competitive Performance: A Multi-Level Dynamic Model](https://www.hkubs.hku.hk/sc/?post_type=event&p=226685) - SPEAKER Prof. Christoph H. Loch Professor of Operations, Information and Technology IESE Business School University of Navarra ABSTRACT We develop a dynamic evolutionary model of innovation culture and its organizational effects at three levels. At the front-line level, informal bottom-up innovation ideas are driven by emergent interactions governed by cultural norms as front-line employees sort
- [Revolutionary Sparks: Exploring the Resource Spillover Effect of Environmental and Social Protests on Entrepreneurship in China](https://www.hkubs.hku.hk/sc/?post_type=event&p=226612) - SPEAKER Prof. Milo Wang Assistant Professor of Management Arizona State University ABSTRACT Although research has shown that environmental and social protests can indirectly influence untargeted firms through informational spillovers, we propose that these indirect effects are not confined to informational cues alone. Considering local government officials’ responses to environmental and social protests, we argue that
- [Behavioral Responses to Estate Taxation:  Evidence from Taiwan](https://www.hkubs.hku.hk/event/behavioral-responses-to-estate-taxation-evidence-from-taiwan/) - Speaker: PhD Candidate in Economics University College London Abstract: We quantify behavioral responses to estate taxation by exploiting two large reforms in Taiwan. Using comprehensive administrative data and a difference-in-difference design, we show that the response of reported estates to the reforms is quick, persistent, and exhibits an asymmetry. We estimate elasticities of reported estates
- [The Janus-Faced Effects of Ideation with Generative AI on Individual Creativity and Dignity](https://www.hkubs.hku.hk/sc/?post_type=event&p=226268) - This is a joint seminar organized by HKU Business School’s IIM Area and Institute of Digital Economy & Innovation (IDEI). SPEAKER Prof. Heshan Sun Richard Van Horn Professor of IT & Analytics PhD Program Coordinator MIS Division, Price College of Business University of Oklahoma ABSTRACT This paper examines the dual role of generative AI in
- [Golden Revolving Door: Who Benefits from Trade Wars?](https://www.hkubs.hku.hk/sc/?post_type=event&p=226024) - SPEAKER Prof. Jing WU Associate Professor, Dept of Decisions, Operations and Technology Director, Master of Science Programme in Business Analytics CUHK Business School Chinese University of Hong Kong ABSTRACT This study explores the impact of geopolitical conflicts, notably the 2018 US-China trade war and the Russia-Ukraine war, on the structure of global supply chains. Against
- [Nonparametric Expected  Shortfall Regression with Tail-Robustness](https://www.hkubs.hku.hk/sc/?post_type=event&p=225831) - SPEAKER Prof. Wenxin Zhou Associate Professor Department of Information and Decision Sciences University of Illinois Chicago ABSTRACT Expected Shortfall (ES), also known as superquantile or Conditional Value-at-Risk, has been recognized as an important risk measure in economics and finance. In this talk, we consider a joint regression framework that simultaneously models the conditional quantile and
- [From Green to Green: Urban Parks and Corporate Emissions](https://www.hkubs.hku.hk/sc/?post_type=event&p=225506) - SPEAKER Professor P. Eric Yeung Professor of Accounting Samuel Curtis Johnson Graduate School of Management Cornell SC Johnson College of Business, Cornell University ABSTRACT We identify the openings of new urban parks in major U.S. cities and examine a potential link between the green space near a firm’s headquarter and its strategies related carbon emissions.
- [Constrained Data-Fitters](https://www.hkubs.hku.hk/sc/?post_type=event&p=225324) - Speaker: Jakub Steiner Professor Department of Economics University of Zurich Abstract: We study maximum-likelihood estimation and updating, subject to computational, cognitive, or behavioral constraints. We jointly characterize constrained estimates and updating within a framework reminiscent of a machine learning algorithm. Without frictions, the framework simplifies to standard maximum-likelihood estimation and Bayesian updating. Our central finding
- [Are Guidelines Worth Following? Treatment Decisions Under Scientific Uncertainty](https://www.hkubs.hku.hk/sc/?post_type=event&p=224755) - SPEAKER Prof. David C. Chan Associate Professor of Health Policy Stanford University ABSTRACT Physicians often deviate from medical guidelines, but most guidelines focus on a single disease while ignoring complex interactions that render treatment harmful. We study prescribing decisions covered by a prominent guideline for treating atrial fibrillation in patients at higher risk for stroke.
- [A Sharp Test for the Judge Leniency Design](https://www.hkubs.hku.hk/sc/?post_type=event&p=225095) - Speaker: Yuanyuan Wan Associate Professor Department of Economics University of Toronto Abstract: We propose a sharp test to assess the validity of the exclusion and monotonicity assumption in judge leniency designs. Our sharp test exploits all the relevant information in the observed data distribution to refute the model and will not make discordant recommendations. When
- [Why Complexity Makes Factor Models Fail](https://www.hkubs.hku.hk/sc/?post_type=event&p=225100) - Speaker: Professor Alejandro Lopez-Lira Assistant Professor of Finance Warrington College of Business University of Florida Abstract: We offer a novel resolution to several asset pricing puzzles by investigating how complexity affects pricing errors when rational, risk-averse agents have imperfect knowledge of the data-generating process. Our theoretical framework yields three key implications as complexity increases: (1)
- [Generative AI and Asset Management](https://www.hkubs.hku.hk/sc/?post_type=event&p=225087) - Speaker: Professor Jinfei Sheng Assistant Professor of Finance Merage School of Business University of California, Irvine Abstract: This paper proposes a novel measure of investment companies’ reliance on generative AI, focusing on its implications for hedge funds. We document a sharp increase in generative AI usage by hedge funds after ChatGPT’s 2022 launch. A difference-in-differences
- [Spousal Insurance around the World](https://www.hkubs.hku.hk/sc/?post_type=event&p=224747) - Speaker: Dr. Todd Schoellman Senior Research Economist Federal Reserve Bank of Minneapolis Abstract: We study intra-household insurance through spousal labor supply across countries with widely varying income levels. Empirically, we use new harmonized microdata from quarterly rotating-panel labor-force surveys in 35 countries to investigate how wives’ labor market transitions co-move with their husbands’ labor market
- [Where Do Your Loyalties Lie? Role Identification and Startup Identity Conflict](https://www.hkubs.hku.hk/sc/?post_type=event&p=224736) - SPEAKER Prof. Steve Gray Assistant Professor McCombs School of Business The University of Texas at Austin ABSTRACT Founding team members typically have a founder role identity while also having distinctive professional role identities (i.e., engineer, marketing). Drawing from role identity theory and research on organizational identity, we theorize that founding teams whose members strongly identify
- [An Economic History of India: Growth, Income and Inequalities from the Mughals to the 21st Century](https://www.hkubs.hku.hk/sc/event/an-economic-history-of-india-growth-income-and-inequalities-from-the-mughals-to-the-21st-century/) - INFORMATION An Economic History of India: Growth, Income and Inequalities from the Mughals to the 21st Century As part of the Quantitative History Book Launch Series, this public lecture unveils a significant new economic history of India spanning from the reign of Akbar in the sixteenth century to its post-independence integration into the global economy.
- [An Economic History of India: Growth, Income and Inequalities from the Mughals to the 21st Century](https://www.hkubs.hku.hk/sc/event/an-economic-history-of-india-growth-income-and-inequalities-from-the-mughals-to-the-21st-century/) - INFORMATION An Economic History of India: Growth, Income and Inequalities from the Mughals to the 21st Century As part of the Quantitative History Book Launch Series, this public lecture unveils a significant new economic history of India spanning from the reign of Akbar in the sixteenth century to its post-independence integration into the global economy.
- [An Economic History of India: Growth, Income and Inequalities from the Mughals to the 21st Century](https://www.hkubs.hku.hk/sc/event/an-economic-history-of-india-growth-income-and-inequalities-from-the-mughals-to-the-21st-century/) - INFORMATION An Economic History of India: Growth, Income and Inequalities from the Mughals to the 21st Century As part of the Quantitative History Book Launch Series, this public lecture unveils a significant new economic history of India spanning from the reign of Akbar in the sixteenth century to its post-independence integration into the global economy.
- [Cliodynamics of End Times: Elites, Counter-Elites and the Path of Political Disintegration](https://www.hkubs.hku.hk/sc/event/cliodynamics-of-end-times-elites-counter-elites-and-the-path-of-political-disintegration/) - INFORMATION Cliodynamics of End Times: Elites, Counter-Elites and the Path of Political Disintegration Social and political turbulence in the United States and Western Europe has been rising over the past decade. The research by Peter Turchin of Complexity Science Hub Vienna, which combines analysis of historical data with the tools of complexity science, has identified
- [Cliodynamics of End Times: Elites, Counter-Elites and the Path of Political Disintegration](https://www.hkubs.hku.hk/sc/event/cliodynamics-of-end-times-elites-counter-elites-and-the-path-of-political-disintegration/) - INFORMATION Cliodynamics of End Times: Elites, Counter-Elites and the Path of Political Disintegration Social and political turbulence in the United States and Western Europe has been rising over the past decade. The research by Peter Turchin of Complexity Science Hub Vienna, which combines analysis of historical data with the tools of complexity science, has identified
- [Cliodynamics of End Times: Elites, Counter-Elites and the Path of Political Disintegration](https://www.hkubs.hku.hk/sc/event/cliodynamics-of-end-times-elites-counter-elites-and-the-path-of-political-disintegration/) - INFORMATION Cliodynamics of End Times: Elites, Counter-Elites and the Path of Political Disintegration Social and political turbulence in the United States and Western Europe has been rising over the past decade. The research by Peter Turchin of Complexity Science Hub Vienna, which combines analysis of historical data with the tools of complexity science, has identified
- [Preferential Latent Space Models for Networks with Textual Edges](https://www.hkubs.hku.hk/sc/?post_type=event&p=224619) - SPEAKER Prof. Emma Jingfei Zhang Goizueta Foundation Term Associate Professor of Information Systems & Operations Management (ISOM) Goizueta Business School | Emory University ABSTRACT Many real-world networks contain rich textual information in the edges, such as email networks where an edge between two nodes is an email exchange. The useful textual information carried in the
- [Can ChatGPT perform a  grounded theory approach to do risk analysis? An empirical study](https://www.hkubs.hku.hk/sc/?post_type=event&p=224573) - SPEAKER Prof. Yufei Yuan Professor of Information Systems DeGroote School of Business McMaster University ABSTRACT Grounded theory is a widely used scientific method for generating theories from qualitative data analysis. However, it is often time-consuming and requires professional training. Generative artificial intelligence, such as ChatGPT, excels in understanding and analyzing text, making it a valuable
- [Rating systems and increased heterogeneity in firm performance: Evidence from the New York City Restaurant Industry, 1994–2013](https://www.hkubs.hku.hk/sc/?post_type=event&p=224166) - SPEAKER Prof. Jason Greenberg Associate Professor of Management Cornell SC Johnson College of Business ABSTRACT Research Summary: We investigate the extent to which the increasing availability of ratings information has affected heterogeneity in firm performance and, if so, what market segments are responsible for these changes. A unique dataset was constructed with restricted-access government data
- [Reveal or Conceal? Employer Learning in the Labor Market for Computer Scientists](https://www.hkubs.hku.hk/sc/?post_type=event&p=223968) - Speaker: Prof. Alice Wu Postdoctoral Fellow of Economics University of Wisconsin, Madison Abstract: This paper tests for employer learning about worker ability and quantifies the role of learning in improving the allocation of talent in the labor market for computer scientists. We match the job history of over 40,000 Ph.D. computer scientists (CS) with publications
- [Financing from Workers: Can Labor Market Power Mitigate Financial Frictions?](https://www.hkubs.hku.hk/sc/?post_type=event&p=224461) - Speaker: Prof. Yan Bai Department Chair and Professor, Economics University of Rochester Abstract: We show that financing from workers through reduced compensation provides firms a mechanism to partially offset financial distress when they have labor market power. Using Census employer- employee data, we find that workers in high-leverage firms experience significantly slower earnings growth following
- [Time-Varying Risk Premia and Heterogenous Labor Market Dynamics](https://www.hkubs.hku.hk/sc/?post_type=event&p=224356) - Speaker: Prof. Maarten Meeuwis Assistant Professor of Finance Olin Business School Washington University in St. Louis Abstract: Using US administrative data on worker earnings, we show that increases in risk premia lead to lower earnings for lower-paid workers. These declines in earnings are primarily driven by job separations. We build an equilibrium model of labor
- [Transfer Q-Learning](https://www.hkubs.hku.hk/sc/?post_type=event&p=224390) - SPEAKER Prof. Elynn Chen Assistant Professor of Technology, Operations, and Statistics Stern School of Business New York University ABSTRACT In dynamic decision-making scenarios across business, healthcare, and education, leveraging data from diverse populations can significantly enhance reinforcement learning (RL) performance for specific target populations, especially when target samples are limited. We develop comprehensive frameworks for
- [An Equilibrium Analysis of the Effects of Neighborhood-based Interventions on Children](https://www.hkubs.hku.hk/sc/?post_type=event&p=223872) - Speaker: Prof. Diego Daruich Assistant Professor of Finance and Business Economics University of Southern California – Marshall School of Business Co-author: Prof. Eric Chyn Abstract: This paper studies housing vouchers and urban redevelopment programs by incorporat-ing neighborhood effects into a general equilibrium overlapping-generations model with en-dogenous location choice and child development. We calibrate the model
- [Income Tax and Salesforce Performance: A Micro Perspective](https://www.hkubs.hku.hk/sc/?post_type=event&p=223330) - SPEAKER Prof. Yi Xiang Professor of Marketing China Europe International Business School ABSTRACT How does changes in income tax affect sales performance? Our paper explores the link between economic policy and salesforce management at the transactional level, using data from a large apparel retailer in China. The analysis indicates that a nationwide personal income
- [Robust Predictions in Information Acquisition Games](https://www.hkubs.hku.hk/sc/?post_type=event&p=224233) - Speaker: Prof. Doron Ravid Associate Professor in Economics and the College Kenneth C. Griffin Department of Economics The University of Chicago Abstract: We analyze games preceded by a stage of covert information acquisition, spanning the set of behaviors and welfare outcomes attainable across all specifications of players’ learning abilities. We show the only robust behavioral
- [Optimal Macro-Financial Stabilization in a New Keynesian Preferred Habitat Model](https://www.hkubs.hku.hk/sc/?post_type=event&p=224196) - Speaker: Dr. Walker Ray Economist Economic Research Department Federal Reserve Bank of Chicago Abstract: We develop a general equilibrium model featuring heterogeneous households, nominal rigidities, and limits to arbitrage due to segmentation in long-term bond markets. Even when conventional monetary policy can stabilize aggregate fluctuations, the presence of market segmentation implies excessively volatile term premia
- [Voting on Public Goods: Citizens vs. Shareholders](https://www.hkubs.hku.hk/sc/?post_type=event&p=224060) - Speaker: Professor Nadya Malenko Professor of Finance and Wargo Family Faculty Fellow Carroll School of Management Boston College Abstract: We study the interplay between a “one person-one vote” political system and a “one share-one vote” corporate governance regime. The political system sets Pigouvian subsidies, while corporate governance determines firm-specific public good investments. Our analysis highlights
- [Disclosed Corporate Site Visits:  Audit Adjustments and the Quality of Financial Statements and Analyst Forecasts](https://www.hkubs.hku.hk/sc/?post_type=event&p=224156) - SPEAKER Professor Bernard Y. Yeung Chair Professor | Southern University of Science and Technology Emeritus Professor| National University of Singapore Council Member | ABFER ABSTRACT Using DiD regressions, we exploit the impact of mandatory and timely full disclosure of corporate site visits in China. We find robust evidence that the regulation improves the quality of
- [Environmental regulation informed by stakeholders](https://www.hkubs.hku.hk/sc/?post_type=event&p=223578) - Speaker: Prof. Stefan Ambec INRAE Research Professor Toulouse School of Economics Co-author: Prof. Jessica Coria Abstract: Public consultations are widely used in regulatory processes, allowing stakeholders to present their viewpoints despite their inherent biases. Some of stakeholders, like firms, are known to be pro-business, while others, like environmental NGOs, are pro-environment. We develop a framework
- [Competition and Quality: Evidence from the Entry of Mobile Network Service](https://www.hkubs.hku.hk/sc/?post_type=event&p=223879) - Speaker: Prof. Yutec Sun Assistant Professor of Economics, CREST-ENSAI Abstract: We measure the impact of a new entry on quality supply and welfare in the French mobile service market, where the service providers compete on investing in network resources to meet fast-growing demand for mobile consumption. As network’s quality is endogenous to strategic investments, it
- [Foundations and Frontiers: Operations Research for Large Language Model Inference](https://www.hkubs.hku.hk/sc/?post_type=event&p=223432) - SPEAKER Mr. Zijie (Jerry) Zhou Ph.D. Candidate in MIT ORC & LIDS Massachusetts Institute of Technology ABSTRACT Large Language Model (LLM) inference involves the computational techniques and strategies used to process input prompts and generate responses through a large language model. This field intersects significantly with online optimization, particularly in areas like online batching, scheduling,
- [A Random Model of Supply Chain Networks](https://www.hkubs.hku.hk/sc/?post_type=event&p=223272) - SPEAKER Dr. Philippe Blaettchen Assistant Professor in Management Analytics at Bayes Business School Visiting Assistant Professor of Management Science and Operations London Business School ABSTRACT Supply chain problems are frequently formulated as optimization problems over graphs representing complex networks of interlinked input-output relationships. Frequently, these problems are hard, so researchers rely on analyzing stylized structures
- [Means-Tested Subsidies, Family Dynamics and Labor Supply of Men and Women](https://www.hkubs.hku.hk/sc/?post_type=event&p=223162) - Speaker: Prof. Thomas Jorgensen Associate Professor at the Department of Economics University of Copenhagen Abstract: Many government subsidies and transfer programs are means-tested on the household level, creating dis-incentives for secondary earners to participate in paid work. We investigate the extend to which such dis-incentives shape long-term labor market behavior and family dynamics. First, we
- [Environmental regulation informed by stakeholders](https://www.hkubs.hku.hk/sc/?post_type=event&p=223853) - Speaker: Prof. Stefan Ambec INRAE Research Professor at Toulouse School of Economics Co-author: Prof. Jessica Coria Abstract: Public consultations are widely used in regulatory processes, allowing stakeholders to present their viewpoints despite their inherent biases. Some of stakeholders, like firms, are known to be pro-business, while others, like environmental NGOs, are pro-environment. We develop a
- [Transparent or Not? Optimal Performance Feedback to Service Users](https://www.hkubs.hku.hk/sc/?post_type=event&p=224070) - SPEAKER Ms. Lin CHEN PhD Candidate in Technology and Operations Management IINSEAD, France ABSTRACT In many gamified services, users receive individual performance feedback upon service completion, which shapes their perception of goal achievement (through prospect theory) and relative status (when users are ahead-seeking or behind-averse). This feedback can vary in degrees of transparency, from disclosing individual
- [Choice Simplification: A Theory of Mental Budgeting and Naive Diversification](https://www.hkubs.hku.hk/sc/?post_type=event&p=222514) - Speaker: Prof. Filip Matějka Professor at CERGE, Charles University, Prague Researcher at the Economics Institute of the Czech Academy of Sciences Co-author: Prof. Botond Koszegi Abstract: We develop a theory of how an agent makes basic multiproduct consumption decisions in the presence of taste, consumption opportunity, and price shocks that are costly to attend to.
- [30 Million Canvas Grading Records Reveal Widespread Sequential Bias and System-Induced Surname Initial](https://www.hkubs.hku.hk/sc/?post_type=event&p=223861) - SPEAKER Ms. Zhihan (Helen) Wang Ph.D. Candidate in Business Economics Stephen M. Ross School of Business University of Michigan ABSTRACT The widespread adoption of learning management systems in educational institutions has yielded numerous benefits for teaching staff but also introduced the risk of unequal treatment towards students. We present an analysis of over 30 million
- [Decomposing Trends in the Gender Gap for Highly Educated Workers](https://www.hkubs.hku.hk/sc/?post_type=event&p=223717) - SPEAKER Prof. Ling Zhong Assistant Professor of Economics Cheung Kong Graduate School of Business ABSTRACT This paper studies the gender gap among full time college educated workers born between 1931 and 1984. Using rich data from the National Survey of College Graduates and other sources on college graduates and their labor market outcomes, we decompose
- [Two-sided Search in International Markets](https://www.hkubs.hku.hk/sc/?post_type=event&p=223708) - Speaker: Prof. David Jinkins Associate Professor Copenhagen Business School Abstract: We develop a dynamic model of international business-to-business transactions in which sellers and buyers search for each other, with the probability of a match depending on both individual and aggregate search e ort. Fit to customs records on U.S. apparel imports, the model captures key cross-sectional
- [Human Sustainability](https://www.hkubs.hku.hk/sc/?post_type=event&p=223588) - SPEAKER Prof. Christopher M. Barnes Professor and Provost Chair Department of Management and Organisation National University of Singapore ABSTRACT In this presentation, Prof. Barnes will walk through the topic of human sustainability. Human sustainability focuses on how employees can meet their needs for maintenance without neglecting their needs for growth and generativity, such that they
- [The Productivity of Professions: Evidence from the Emergency Department](https://www.hkubs.hku.hk/sc/?post_type=event&p=223575) - SPEAKER Prof. Yiqun Chen Assistant Professor Department of Economics University of Illinois at Chicago ABSTRACT This paper studies the productivity of nurse practitioners (NPs) and physicians, two professions performing overlapping tasks but with starkly different backgrounds, training, and pay. Using quasi-experimental variation in patient assignment to NPs versus physicians in Veterans Health Administration emergency departments,
- [Edward K Y Chen Distinguished Lecture 2024](https://www.hkubs.hku.hk/sc/event/edward-k-y-chen-distinguished-lecture-2024/) - Navigating Shifts- Geopolitical and Post-Covid Supply Chain Realignment: Implications for the Mainland and Hong Kong 乘風掌舵 - 地緣政治及疫後供應鏈重整 對內地與香港的影響 Click HERE to join the Live Streaming on YouTube Date: 7 November, 2024 (Thursday) Time: 5:30 p.m. – 7:30 p.m. Location: Loke Yew Hall, Main Building, The University of Hong Kong Registration: Click Here Synopsis Global
- [Edward K Y Chen Distinguished Lecture 2024](https://www.hkubs.hku.hk/sc/event/edward-k-y-chen-distinguished-lecture-2024/) - Navigating Shifts- Geopolitical and Post-Covid Supply Chain Realignment: Implications for the Mainland and Hong Kong 乘風掌舵 - 地緣政治及疫後供應鏈重整 對內地與香港的影響 Click HERE to join the Live Streaming on YouTube Date: 7 November, 2024 (Thursday) Time: 5:30 p.m. – 7:30 p.m. Location: Loke Yew Hall, Main Building, The University of Hong Kong Registration: Click Here Synopsis Global
- [Edward K Y Chen Distinguished Lecture 2024](https://www.hkubs.hku.hk/sc/event/edward-k-y-chen-distinguished-lecture-2024/) - Navigating Shifts- Geopolitical and Post-Covid Supply Chain Realignment: Implications for the Mainland and Hong Kong 乘風掌舵 - 地緣政治及疫後供應鏈重整 對內地與香港的影響 Click HERE to join the Live Streaming on YouTube Date: 7 November, 2024 (Thursday) Time: 5:30 p.m. – 7:30 p.m. Location: Loke Yew Hall, Main Building, The University of Hong Kong Registration: Click Here Synopsis Global
- [Scandal as a Catalyst: Evolving Media Framings of Sexual Harassment Accusations and Actions Towards Gender Equity in Venture Capital](https://www.hkubs.hku.hk/sc/?post_type=event&p=223491) - SPEAKER Prof. Elizabeth Pontikes Professor of Management Graduate School of Management University of California, Davis ABSTRACT In this study, we investigate when scandal gives rise to industry-wide social change. Empirically, we examine firms’ actions taken in response to media reporting on a series of sexual harassment scandals within the U.S. venture capital (VC) industry, 2012-2017.
- [Do Teams Alleviate or Exacerbate the Extrapolation Bias in the Stock Market?](https://www.hkubs.hku.hk/sc/?post_type=event&p=223446) - Speaker: Professor Stefano Cassella Associate Professor of Finance Tilburg School of Economics and Management Tilburg University Abstract: We investigate how teams impact return extrapolation, a bias in belief formation which is pervasive at the individual level and crucial to behavioral asset-pricing models. Using a sample of US equity money managers and a within-subject design, we
- [Predictive Modelling the Past: A New Machine Learning Method Applied to Seven Centuries of Wages](https://www.hkubs.hku.hk/sc/event/predictive-modelling-the-past-a-new-machine-learning-method-applied-to-seven-centuries-of-wages/) - INFORMATION Predictive Modelling the Past: A New Machine Learning Method Applied to Seven Centuries of Wages Economists are increasingly interested in the ‘very long run,’ yet research on the distant past has been hampered by the scarcity of economic data available for many centuries ago. Meredith Paker of Grinnell College and her co-authors introduce a
- [Predictive Modelling the Past: A New Machine Learning Method Applied to Seven Centuries of Wages](https://www.hkubs.hku.hk/sc/event/predictive-modelling-the-past-a-new-machine-learning-method-applied-to-seven-centuries-of-wages/) - INFORMATION Predictive Modelling the Past: A New Machine Learning Method Applied to Seven Centuries of Wages Economists are increasingly interested in the ‘very long run,’ yet research on the distant past has been hampered by the scarcity of economic data available for many centuries ago. Meredith Paker of Grinnell College and her co-authors introduce a
- [Predictive Modelling the Past: A New Machine Learning Method Applied to Seven Centuries of Wages](https://www.hkubs.hku.hk/sc/event/predictive-modelling-the-past-a-new-machine-learning-method-applied-to-seven-centuries-of-wages/) - INFORMATION Predictive Modelling the Past: A New Machine Learning Method Applied to Seven Centuries of Wages Economists are increasingly interested in the ‘very long run,’ yet research on the distant past has been hampered by the scarcity of economic data available for many centuries ago. Meredith Paker of Grinnell College and her co-authors introduce a
- [213th Congregation (Winter Congregation 2024)](https://www.hkubs.hku.hk/sc/event/213th-congregation-winter-congregation-2024/) - Date December 4 and 5, 2024 (Wednesday and Thursday) Time December 4, 2024 (Wednesday): Session 1 (10:30 a.m. - 12:00 n.n.) Programmes: Doctor of Philosophy Doctor of Business Administration Master of Global Management Bachelor of Business Administration Bachelor of Business Administration in Accounting and Finance Bachelor of Business Administration (Law) Bachelor of Economics Bachelor
- [213th Congregation (Winter Congregation 2024)](https://www.hkubs.hku.hk/sc/event/213th-congregation-winter-congregation-2024/) - Date December 4 and 5, 2024 (Wednesday and Thursday) Time December 4, 2024 (Wednesday): Session 1 (10:30 a.m. - 12:00 n.n.) Programmes: Doctor of Philosophy Doctor of Business Administration Master of Global Management Bachelor of Business Administration Bachelor of Business Administration in Accounting and Finance Bachelor of Business Administration (Law) Bachelor of Economics Bachelor
- [213th Congregation (Winter Congregation 2024)](https://www.hkubs.hku.hk/sc/event/213th-congregation-winter-congregation-2024/) - Date December 4 and 5, 2024 (Wednesday and Thursday) Time December 4, 2024 (Wednesday): Session 1 (10:30 a.m. - 12:00 n.n.) Programmes: Doctor of Philosophy Doctor of Business Administration Master of Global Management Bachelor of Business Administration Bachelor of Business Administration in Accounting and Finance Bachelor of Business Administration (Law) Bachelor of Economics Bachelor of
- [Identities without Products: When the Preference for Self-Linked Products Weakens](https://www.hkubs.hku.hk/sc/?post_type=event&p=223303) - SPEAKER Prof. Liad Weiss Associate Professor of Marketing Warwick Business School The University of Warwick ABSTRACT Extant literature and common marketing practices converge around the idea that stronger self-links to a brand and its products lead to increased brand loyalty. In this article, we challenge this conventional notion by revealing situations where the preference
- [The Value of Last-Mile Delivery in Online Retail](https://www.hkubs.hku.hk/sc/?post_type=event&p=223306) - SPEAKER Mr. Zhikun Lu Ph.D. Candidate in Operations Management Goizueta Business School Emory University ABSTRACT Last-mile delivery refers to the final leg of shipment in which packages are moved from a local transportation hub to end-customers. It is known to be the most expensive part of delivery, due to operations complexity and lack of economy
- [Over-Tailored Support: Support-Giving Consumers’ (Misguided) Inclination Toward  Domain-Specific Gifts and the Role of Attentiveness Signaling](https://www.hkubs.hku.hk/sc/?post_type=event&p=223287) - SPEAKER Prof. Soo Kim Assistant Professor of Marketing Nanyang Business School Nanyang Technological University ABSTRACT Witnessing the struggles of close others is an inevitable part of life. During these delicate moments, consumers often turn to material gifts to express their support and encouragement. Accordingly, the marketplace offers a wealth of options that assist consumers
- [Incentives and Efficiency in Constrained Allocation Mechanisms](https://www.hkubs.hku.hk/sc/?post_type=event&p=223291) - Speaker: Prof. David Ahn Professor of Economics Olin Business School Washington University in St. Louis Abstract: We study private-good allocation mechanisms where an arbitrary constraint delimits the set of feasible joint allocations. This generality provides a unified perspective over several prominent examples that can be parameterized as constraints in this model, including house allocation, roommate
- [Nudging Green-but-Slow Shipping Choices  in Online Retail](https://www.hkubs.hku.hk/sc/?post_type=event&p=223279) - SPEAKER Miss Yeonjoo Lee Ph.D. Candidate in Supply Chain and Operations Carlson School of Management University of Minnesota ABSTRACT Faster e-commerce fulfillment often comes at a cost to the environment due to energy-intensive transportation modes and more frequent, less consolidated, last-mile deliveries. While faced with these environmental implications, most retailers feel pressure to provide fast
- [Jobless Industrialization](https://www.hkubs.hku.hk/sc/?post_type=event&p=223252) - Speaker: Dr. Marti Mestieri Research Scientist IAE-SCIS Abstract: Together with relatively low levels of income per capita, many of the world’s low- and middle-income economies feature high levels of informality, poverty rates, feeble middle classes, and high inequality. Their inability to absorb large numbers of workers in “modern” (high-paying, formal) jobs is a common thread
- [Whistleblowing and Information System Design](https://www.hkubs.hku.hk/sc/?post_type=event&p=223230) - SPEAKER Prof. Lin Nan Brock Family Chair Professor Senior Associate Dean | Department Head in Management Mitchell Daniels School of Business | Purdue University ABSTRACT This paper examines how whistleblowing incentives shape a firm’s internal information system design. We study a model in which a manager commits to an information system ex ante to generate
- [Rank Dependent Disappointment Aversion](https://www.hkubs.hku.hk/sc/?post_type=event&p=223222) - Speaker: Prof. Wolfgang Pesendorfer Theodore A. Wells '29 Professor of Economics Princeton University Abstract: We characterize all utility functions over risk prospects based on a cardinal utility index. Our main assumption, {\it (Preference-Mixture) Certainty Independence}, is the counterpart of certainty-independence in the pure risk setting. We call preferences that have a have a cardinal utility
- [Exploring the Variance Risk Premium Across Assets](https://www.hkubs.hku.hk/sc/?post_type=event&p=222883) - Speaker: Dr. Karamfil Todorov Economist Monetary and Economic Department, Financial Markets Bank for International Settlements Abstract: This paper explores the variance risk premium in option returns across twenty different futures, including equities, bonds, currencies, and commodities (energy, metals, and grains). We implement a novel model-free methodology that constructs tradable option portfolios, which replicate realized variance.
- [Multi-Market Cournot Equilibria with Heterogeneous Resource-Constrained Firms](https://www.hkubs.hku.hk/sc/?post_type=event&p=223203) - SPEAKER Prof. Martin Haugh Associate Professor of Analytics and Operations Research Department of Analytics, Marketing & Operations Imperial College Business School ABSTRACT We study Cournot competition among firms in a multi-market framework where each of the firms face different budget / capacity constraints. We assume independent linear inverse demand functions for each market, and completely
- [An Anatomy of Retail Option Trading](https://www.hkubs.hku.hk/sc/?post_type=event&p=223174) - Speaker: Professor Vincent Bogousslavsky Associate Professor of Finance Carroll School of Management Boston College Abstract: The recent surge in retail option trading has sparked concerns about trading motives and significant losses. To evaluate these concerns, we offer the first trader-level analysis of modern retail option trading by introducing a novel data set of $15 billion
- [Smooth Tests for the Equality of Conditional Distributions](https://www.hkubs.hku.hk/sc/?post_type=event&p=223058) - Speaker: Prof. Xiaojun Song Associate Professor of Business Statistics and Econometrics Guanghua School of Management Peking University Abstract: In this paper, we establish Neyman's smooth tests for the equality of conditional distributions. Unlike the traditional smooth tests, always based on parametric residuals, our method requires nonparametric estimation of the conditional cumulative distribution function (CDF). The
- [Contextual Optimization under Covariate Shift: A Robust Approach by Intersecting Wasserstein Balls](https://www.hkubs.hku.hk/sc/?post_type=event&p=223019) - SPEAKER Professor WANG Chun Associate Professor Department of Management Science and Engineering Tsinghua University School of Economics and Management ABSTRACT In contextual optimization, a decision-maker (DM) relies on historical data concerning uncertain parameters and covariates, yet they lack precise knowledge of the underlying distributions. Given a new test covariate, a typical decision-making process is “estimate-then-optimize”,
- [Disagreement About the Term Structure of Inflation Expectations](https://www.hkubs.hku.hk/sc/?post_type=event&p=220799) - Speaker: Prof. Leland Farmer Assistant Professor of Economics Department of Economics at the University of Virginia (UVA) Abstract: We develop a model of the individual term structure of inflation expectations across forecasting horizons. Using the Survey of Professional Forecasters, we decompose disagreement about inflation expectations into individuals’ long-term beliefs, private information, and public information. We
- [Determinants and Consequences of ESG Target Difficulty in CEO Compensation Contracts](https://www.hkubs.hku.hk/sc/?post_type=event&p=222872) - SPEAKER Prof. Clara Xiaoling Chen Lillian and Morrie Moss Distinguished Professor in Accounting Department of Accountancy | College of Business University of Illinois at Urbana-Champaign ABSTRACT Despite increasing investor demand for corporations’ commitment to environmental, social and governance (ESG) issues, there is a lack of empirical evidence on how ESG targets are set in compensation
- [HKU Business School Launches Inaugural Overseas Alumni Network in Singapore](https://www.hkubs.hku.hk/sc/event/hku-business-school-launches-inaugural-overseas-alumni-network-in-singapore/) - On October 1, HKU Business School celebrated a significant milestone with the successful establishment of its first-ever school-wide overseas alumni network in Singapore. The event saw an impressive turnout, bringing together over 50 alumni from Singapore and more than 20 alumni from the HKU-Fudan IMBA program in Shanghai, fostering international ties and reinforcing the global
- [HKU Business School Launches Inaugural Overseas Alumni Network in Singapore](https://www.hkubs.hku.hk/sc/event/hku-business-school-launches-inaugural-overseas-alumni-network-in-singapore/) - On October 1, HKU Business School celebrated a significant milestone with the successful establishment of its first-ever school-wide overseas alumni network in Singapore. The event saw an impressive turnout, bringing together over 50 alumni from Singapore and more than 20 alumni from the HKU-Fudan IMBA program in Shanghai, fostering international ties and reinforcing the global
- [HKU Business School Launches Inaugural Overseas Alumni Network in Singapore](https://www.hkubs.hku.hk/sc/event/hku-business-school-launches-inaugural-overseas-alumni-network-in-singapore/) - On October 1, HKU Business School celebrated a significant milestone with the successful establishment of its first-ever school-wide overseas alumni network in Singapore. The event saw an impressive turnout, bringing together over 50 alumni from Singapore and more than 20 alumni from the HKU-Fudan IMBA program in Shanghai, fostering international ties and reinforcing the global
- [Changes in Employment and Wages in the United States, 1980--2019: Skills, Occupations, and Technology](https://www.hkubs.hku.hk/sc/?post_type=event&p=220453) - Speaker: Dr. Sang Yoon (Tim) Lee Reader in Economics School of Economics and Finance Queen Mary University of London Abstract: We construct a multi-layer model of skills, occupations, and sectors. Technological progress among middle-skill occupations raises the employment shares and relative wages of lower- and higher-skill occupations, and those of managers over workers. At the
- [Celebrating Connections: HKU Business School's First-ever Alumni Dinner in the UAE](https://www.hkubs.hku.hk/sc/event/celebrating-connections-hku-business-schools-first-ever-alumni-dinner-in-the-uae/) - Our first-ever Alumni Dinner with the Dean reception in the United Arab Emirates this past Sunday was an intimate and memorable evening that was heartily enjoyed by all in attendance. Held at the Sofitel Dubai Downtown, some of our most passionate and accomplished alumni in the region were invited to join this occasion to hear
- [Celebrating Connections: HKU Business School's First-ever Alumni Dinner in the UAE](https://www.hkubs.hku.hk/sc/event/celebrating-connections-hku-business-schools-first-ever-alumni-dinner-in-the-uae/) - Our first-ever Alumni Dinner with the Dean reception in the United Arab Emirates this past Sunday was an intimate and memorable evening that was heartily enjoyed by all in attendance. Held at the Sofitel Dubai Downtown, some of our most passionate and accomplished alumni in the region were invited to join this occasion to hear
- [Celebrating Connections: HKU Business School's First-ever Alumni Dinner in the UAE](https://www.hkubs.hku.hk/sc/event/celebrating-connections-hku-business-schools-first-ever-alumni-dinner-in-the-uae/) - Our first-ever Alumni Dinner with the Dean reception in the United Arab Emirates this past Sunday was an intimate and memorable evening that was heartily enjoyed by all in attendance. Held at the Sofitel Dubai Downtown, some of our most passionate and accomplished alumni in the region were invited to join this occasion to hear
- [Knowledge is Power: A Field Experiment in the Chinese and US Stock Markets](https://www.hkubs.hku.hk/sc/?post_type=event&p=222644) - Speaker: Professor Bohui Zhang Presidential Chair Professor of Finance School of Management and Economics The Chinese University of Hong Kong, Shenzhen Abstract: This study examines the causal effect of financial knowledge on stock pricing efficiency. Leveraging a specially designed investor education website, we conduct a field experiment, sharing insights on the pricing of accounting accruals
- [The Economic Impact of Rape](https://www.hkubs.hku.hk/sc/?post_type=event&p=222532) - Speaker: Prof. Ning Zhang Assistant Professor Department of Economics The Chinese University of Hong Kong Abstract: Rape and sexual assault are common worldwide: one in twelve women across 28 EU countries have experienced a rape (European Institute for Gender Inequality, 2012). Yet there is no systematic evidence on how sexual violence affects women's economic outcomes.
- [Talking without Speaking: Paid Trolls on Social Media and Court Decision](https://www.hkubs.hku.hk/sc/?post_type=event&p=222346) - SPEAKER Professor Haitao (Tony) Cui Ecolab - Pierson M. Grieve Endowed Chair in International Marketing Carlson School of Management University of Minnesota ABSTRACT With the massive growth of social media and other informational platforms that businesses and individuals may use to share their opinions, a society’s perspectives of certain contentious issues may be influenced significantly.
- [Testing for Asset Pricing Errors](https://www.hkubs.hku.hk/sc/?post_type=event&p=219197) - Speaker: Prof. Merrick Li Assistant Professor in the Department of Economics The Chinese University of Hong Kong Co-author: Prof. Xiye Yang Abstract: We introduce a testing procedure to discriminate between two broad classes of models for asset prices. Under the null hypothesis of no-arbitrage, the asset prices evolve as a semimartingale with time-varying risk premium,
- [Lighting the Way: Illuminating How New Ventures in Nascent Industries Combat Uncertainty](https://www.hkubs.hku.hk/sc/?post_type=event&p=221410) - SPEAKER Prof. Sonali K. Shah Professor Gies College of Business University of Illinois at Urbana-Champaign ABSTRACT This study seeks to inductively illuminate how new ventures operating in nascent industries build and process knowledge. Our data reveal three knowledge related activities that are associated with early success that have received little attention in the literature: collaborative
- [Riding The Passion Wave Or Fighting To Stay Afloat? A Theory Of Differentiated Passion Contagion](https://www.hkubs.hku.hk/sc/?post_type=event&p=221386) - SPEAKER Prof. Jon M. Jachimowicz Assistant Professor of Business Administration Harvard Business School ABSTRACT Employees aspire to join high-passion teams, and prior research suggests such teams produce better outcomes because team members effortlessly catch each other’s passion. This view reflects an implicit assumption in the broader emotional contagion literature that emotions are easily caught. We
- [HKU Macroeconomics Workshop](https://www.hkubs.hku.hk/sc/?post_type=event&p=220927) - HKU Macroeconomics Workshop [Programme Rundown] 9:00 am – 10:15 am Eric Swanson, University of California Irvine (with Sebastian Graves, Christopher K. Huckfeldt) The Labor Demand and Labor Supply Channels of Monetary 10:15 am – 10: 30 am Coffee/tea break 10:30 am – 11:15 am Wataru Miyamoto, University of Hong Kong (with Thuy Lan Nguyen and
- [Gender Diversity Improves Academic Performance](https://www.hkubs.hku.hk/sc/?post_type=event&p=220998) - Speaker: Prof. Xiaoyue Shan Assistant Professor at the Department of Economics National University of Singapore Abstract: Does gender diversity benefit students? I answer this question with a field experiment in which 2,580 university students are randomly assigned to 645 study groups. The results show that group gender diversity significantly improves course performance: Being assigned to
- [The Labor Demand and  Labor Supply Channels of Monetary Policy](https://www.hkubs.hku.hk/sc/?post_type=event&p=220694) - Speaker: Prof. Eric Swanson Department of Economics University of California, Irvine Abstract: Monetary policy is conventionally understood to influence labor demand, with little effect on labor supply. We estimate the response of labor market flows to high-frequency changes in interest rates around FOMC announcements and Fed Chair speeches and find evidence that, in contrast to
- [Trade and Domestic Distortions: The Case of Informality](https://www.hkubs.hku.hk/sc/?post_type=event&p=220155) - Speaker: Prof. Rafael Dix-Carneiro Professor of Economics Trinity College of Arts & Sciences Duke University Abstract: We examine the effects of international trade in the presence of a set of domestic distortions giving rise to informality, a prevalent phenomenon in developing countries. In our quantitative model, the informal sector arises from burdensome taxes and regulations
- [Socioeconomic Status and the Experience of Pain: An Example from Knees](https://www.hkubs.hku.hk/sc/?post_type=event&p=220920) - Speaker: Prof. David M. Cutler Otto Eckstein Professor of Applied Economics Department of Economics and Kennedy School of Government, Harvard University Abstract: Reports of pain differ markedly across socioeconomic groups and are correlated with outcomes such as functional limitations and disability insurance receipt. This paper examines the differential experience of pain by education. We focus
- [Does Transparency Enhance Environmental Justice ?](https://www.hkubs.hku.hk/sc/?post_type=event&p=220892) - SPEAKER Prof. Grace Fan Assistant Professor of Accounting School of Accountancy Singapore Management University ABSTRACT Does transparency of environmental justice related information enhance environmental justice? During 2010 to 2015, the Environmental Protection Agency (EPA) developed and launched EJScreen, an online mapping tool that presents environmental justice information across the United States. This tool takes previously
- [The Fate of the Taiping Rebellion](https://www.hkubs.hku.hk/sc/event/the-fate-of-the-taiping-rebellion/) - INFORMATION The Fate of the Taiping Rebellion Nuno Palma of the University of Manchester and his co-authors show, using a new dataset, that scholars educated in Confucian academies became a key force in the suppression of the Taiping. The civil service examinations system helped maintain political stability and associated rents by endowing elites with a
- [The Fate of the Taiping Rebellion](https://www.hkubs.hku.hk/sc/event/the-fate-of-the-taiping-rebellion/) - INFORMATION The Fate of the Taiping Rebellion Nuno Palma of the University of Manchester and his co-authors show, using a new dataset, that scholars educated in Confucian academies became a key force in the suppression of the Taiping. The civil service examinations system helped maintain political stability and associated rents by endowing elites with a
- [The Fate of the Taiping Rebellion](https://www.hkubs.hku.hk/sc/event/the-fate-of-the-taiping-rebellion/) - INFORMATION The Fate of the Taiping Rebellion Nuno Palma of the University of Manchester and his co-authors show, using a new dataset, that scholars educated in Confucian academies became a key force in the suppression of the Taiping. The civil service examinations system helped maintain political stability and associated rents by endowing elites with a
- [Mixed Integer Programming and Metaheuristics in Econometric estimation:  the case of the Maximum Score and CLAD estimators](https://www.hkubs.hku.hk/sc/?post_type=event&p=219604) - Speaker: Dr. Kostas Florios Postdoctoral Fellow at Athens University of Economics and Business Consultant Engineer at n & k Technology Abstract: In this talk, we focus on two leading examples of semiparametric estimators, namely the maximum score estimator (MS) and the censored least absolute deviations (CLAD) estimator, handling the complicated computational issues that arise during
- [Voting Choice](https://www.hkubs.hku.hk/sc/?post_type=event&p=220520) - Speaker: Prof. Andrey Malenko Professor of Finance Carroll School of Management Boston College Abstract: Traditionally, fund managers cast votes on behalf of fund investors. Recently, there is a shift towards “pass-through voting,” with fund managers offering their investors a choice: delegate their votes to the fund or vote themselves. We develop a theory of delegation
- [Interlopers or Catalysts? Dissecting the Impact of Incorporating AI Players on Multiplayer Online Games](https://www.hkubs.hku.hk/sc/?post_type=event&p=220466) - SPEAKER Ms. Zhechao Yang Ph.D. Candidate in Information Systems and Operations Management Warrington College of Business University of Florida ABSTRACT Despite the rapid evolution and extensive application of artificial intelligence (AI), the specific dynamics of human-AI interaction within the context of multiplayer online games remain underexplored. Our study fills this research gap by utilizing a
- [Beyond the Stay: How Short-Term Rentals Reshape Residential Real Estate Investment](https://www.hkubs.hku.hk/sc/?post_type=event&p=220456) - SPEAKER Mr. Sung Joo Kim Ph.D. Candidate in Management Information Systems Mitchell E. Daniels Jr. School of Business Purdue University ABSTRACT Digital platforms of short-term rentals (STRs) such as Airbnb have significantly transformed how residential spaces are utilized. This study investigates the impact of STRs on residential real estate investment, a pivotal sector in any
- [Sticky Consumers and Cloud Welfare](https://www.hkubs.hku.hk/sc/?post_type=event&p=220446) - SPEAKER Dr. Will Peichun Wang Chief Economist Unity Technologies ABSTRACT We estimate welfare benefits of the public cloud and study the impact of customer inertia on welfare. We develop a novel demand model that allows for both multiple product choices and continuous usage, and estimate the model using proprietary customer-level data. We find the average
- [Agreeing to Be Different: Startup Founding Teams, Cultural Legacy, and Atypicality](https://www.hkubs.hku.hk/sc/?post_type=event&p=220439) - SPEAKER Prof. Yeonsin Ahn Assistant Professor in Strategy and Business Policy HEC Paris ABSTRACT Forming an atypical organizational culture is unusual and may require agreement among founding team members. We propose that startup teams with high diversity in the cultural legacies that co-founders bring from previous employers resolve cultural disagreements by converging to the culture
- [Scaling Up Networks:  Building New Relationships Within Embedded Networks In Growing Firms](https://www.hkubs.hku.hk/sc/?post_type=event&p=220426) - SPEAKER Prof. Jian Bai Li (Jamber) Assistant Professor National University of Singapore Business School ABSTRACT Embedded networks in young, growth-oriented firms engender solidarity amongst their original members during the firms’ early years, but they also increase the difficulty of building cooperative relationships with organizational newcomers during scaling. Extant research has under-examined how this difficulty may
- [Economic Development According to Chandler](https://www.hkubs.hku.hk/sc/?post_type=event&p=219785) - Speaker: Prof. Tommaso Porzio Daniel W. Stanton Associate Professor of Business Economics Division, Columbia Business School Abstract: Business historian Alfred Chandler showed that firms in the Second Industrial Revolution had to adopt managerial capitalism to benefit fully from new technologies that leveraged economies of scale or scope and raised productivity. We show that the same
- [Intrafirm Services Trade and the Management of Intangible Assets by MNCs](https://www.hkubs.hku.hk/sc/?post_type=event&p=220186) - SPEAKER Prof. Heather Berry Dean’s Professor of Strategy and International Business McDonough School of Business Georgetown University ABSTRACT This seminar examines the intrafirm services trade of multinational corporations (MNCs) for their intangible assets, separating intellectual property (IP) and professional services, and analyzing transfers to subsidiaries in different types of tax haven countries (including so-called traditional
- [Match Made with Matrix Completion: Efficient Offline and Online Learning in Matching Markets](https://www.hkubs.hku.hk/sc/?post_type=event&p=220179) - SPEAKER Prof. Kan XU Assistant Professor of Information Systems W. P. Carey School of Business Arizona State University ABSTRACT Online matching markets face increasing needs to accurately learn the matching qualities between demand and supply for effective design of matching policies. However, the growing diversity of participants introduces a \emph{high-dimensional} challenge in practice, as there
- [AI/ML Multimodal Methods for Video Data Analytics](https://www.hkubs.hku.hk/sc/?post_type=event&p=220168) - SPEAKER Prof. Xueming Luo Charles Gilliland Distinguished Chair Professor of Marketing Professor of Strategic Management | Professor of Management Information Systems Fox School of Business | Temple University ABSTRACT Video data, comprising interdependent text, image, and audio modalities that collectively characterize the same source, offer a wealth of information for business researchers. However, the challenge
- [Time is Knowledge: What Response Times Reveal](https://www.hkubs.hku.hk/sc/?post_type=event&p=219980) - Speaker: Prof. Shuo Liu Associate Professor Guanghua School of Management Peking University Abstract: Response times contain information about economically relevant but unobserved variables like willingness to pay, preference intensity, quality, or happiness. Here, we provide a general characterization of the properties of latent variables that can be detected using response time data. Our characterization generalizes
- [Responding to Advances in AI: The Impact of AlphaFold on the Organization of Academic Labs](https://www.hkubs.hku.hk/sc/?post_type=event&p=219848) - SPEAKER Mr. Gabriel Cavalli Ph.D. Candidate Rotman School of Management University of Toronto ABSTRACT This study investigates how principal investigators (PIs), acting as managers of their academic laboratories, adapt their organizations in response to an advance in AI that improves solutions to a scientific problem that they previously had committed to address. It hypothesizes that
- [Mitigating Disruption: Hiring for Social Skills and Post-Acquisition Performance](https://www.hkubs.hku.hk/sc/?post_type=event&p=219841) - SPEAKER Mr. Piyush Gulati Ph.D. Candidate in Strategy INSEAD ABSTRACT Managing post-acquisition operating performance can be challenging because synergy extraction entails changes and must be balanced with disruption to the organizational units involved. While prior literature has focused on organization-level factors (such as knowledge similarity and team design), in this paper I shift the focus
- [Data Integration Via Analysis of Subspaces (DIVAS)](https://www.hkubs.hku.hk/sc/?post_type=event&p=218810) - SPEAKER Prof. James Stephen Marron Amos Hawley Distinguished Professor Department of Statistics and Operations Research University of North Carolina ABSTRACT A major challenge in the age of Big Data is the integration of disparate data types into a single data analysis. That is tackled here in the context of data blocks measured on a common
- [Global Bank Lending and Exchange Rates](https://www.hkubs.hku.hk/sc/?post_type=event&p=219825) - Speaker: Dr. Andreas Schrimpf Head of Financial Markets Monetary and Economic Department Bank for International Settlements Abstract: We estimate the impact of banks’ cross-currency lending on exchange rates to shed light on the importance of flows as a major force affecting FX market outcomes. When non-US banks extend more loans in US dollars (USD) relative
- [ENDOGENOUS UNCERTAINTY AND CREDIT CYCLES](https://www.hkubs.hku.hk/sc/?post_type=event&p=219716) - Speaker: Prof. Ding Dong Assistant Professor at the School of Business Hong Kong Baptist University Abstract: This paper presents a tractable general equilibrium model that exhibits endogenous uncertainty and credit cycles. In the model, improved access to credit incentivizes firms to enhance their information acquisition, while increased information acquisition subsequently raises expected profitability, further relaxing
- [Interest-rate risk and household portfolios](https://www.hkubs.hku.hk/sc/?post_type=event&p=219611) - Speaker: Professor Sylvain Catherine Assistant Professor of Finance The Wharton School The University of Pennsylvania Abstract: How are households exposed to interest-rate risk? When rates fall, households face lower future expected returns but those holding long-term assets— disproportionately the wealthy and middle-aged—experience capital gains. We study the hedging demand for long-term assets in a portfolio
- [The Successful Hosting of the HKU Business School Beijing Forum](https://www.hkubs.hku.hk/sc/event/the-successful-hosting-of-the-hku-business-school-beijing-forum/) - On September 1, Business School hosted the Beijing Forum at the HKU Beijing Centre, attracting over 200 esteemed professors, students, and alumni. This significant event marked the inauguration of the Hong Kong Business School North China Alumni Network, a pivotal milestone for the Faculty in mainland China. In his opening remarks, Professor Cai Hongbin, Dean
- [The Successful Hosting of the HKU Business School Beijing Forum](https://www.hkubs.hku.hk/sc/event/the-successful-hosting-of-the-hku-business-school-beijing-forum/) - On September 1, Business School hosted the Beijing Forum at the HKU Beijing Centre, attracting over 200 esteemed professors, students, and alumni. This significant event marked the inauguration of the Hong Kong Business School North China Alumni Network, a pivotal milestone for the Faculty in mainland China. In his opening remarks, Professor Cai Hongbin, Dean
- [The Successful Hosting of the HKU Business School Beijing Forum](https://www.hkubs.hku.hk/sc/event/the-successful-hosting-of-the-hku-business-school-beijing-forum/) - On September 1, Business School hosted the Beijing Forum at the HKU Beijing Centre, attracting over 200 esteemed professors, students, and alumni. This significant event marked the inauguration of the Hong Kong Business School North China Alumni Network, a pivotal milestone for the Faculty in mainland China. In his opening remarks, Professor Cai Hongbin, Dean
- [Creative Collaboration With Artificial Intelligence Negatively Impacts Creator Reputation](https://www.hkubs.hku.hk/sc/?post_type=event&p=219226) - SPEAKER Dr. Jack McGuire Postdoctoral Research Associate D'Amore-McKim School of Business Northeastern University ABSTRACT As creators increasingly make use of AI systems to aid with the production of creative work, it is important to understand whether such works and the creators involved are judged differently for doing so. Across three experiments and one multi-wave field
- [Rent Control Et Alii: State Intervention in Housing Markets](https://www.hkubs.hku.hk/sc/?post_type=event&p=219124) - Speaker: Dr. Konstantin Kholodilin Senior Researcher at the DIW Berlin (Germany) Professor at the National Research University Higher School of Economics St. Petersburg, Russia Abstract: The housing market is subject to many different governmental regulations. Besides desired effects, all these policies exert multiple side effects, some of which can even offset the desired effects. In
- [Peer Effects and the Gender Gap in Corporate Leadership: Evidence from MBA Students](https://www.hkubs.hku.hk/sc/?post_type=event&p=219136) - Speaker: Prof. Ashley Wong Assistant Professor in the Department of Economics at Tilburg University Abstract: Women continue to be underrepresented in corporate leadership positions. This paper studies the role of social connections in women's career advancement. We investigate whether access to a larger share of female peers in business school affects the gender gap in
- [Perils and Promise of Living Together: Condominiums in the Urban Landscape](https://www.hkubs.hku.hk/sc/?post_type=event&p=219335) - Speaker: Prof. Leah Brooks Associate Professor in the Trachtenberg School of Public Policy and Public Affairs George Washington University Abstract: Although condominiums account for more than one in three new housing units in major urban areas, and although they are the primary option for increasing the supply of owner-occupied housing in cities, we know very
- [开篇启航｜港大经管学院华北校友会成立晚宴隆重举办](https://www.hkubs.hku.hk/sc/event/开篇启航｜港大经管学院华北校友会成立晚宴隆重/) - 百年港大，春华秋实。 风华征程，奋北启航！ 九月伊始，港大经管学院华北校友会成立晚宴在北京北辰洲际酒店隆重举行。众多港大经管校友从五湖四海齐聚首都，共同见证这一激动人心的时刻。 伴随着庄严的香港大学校歌，十位主礼嘉宾在港大经管学院十名项目护旗手带领下，缓缓入场。随后，港大经管学院明德合唱团以一曲《明我以德》，正式拉开华北校友会成立晚宴序幕。出席本次港大经管学院华北校友会成立晚宴的嘉宾有：港大经管学院院长、经济学讲座教授、中国经济研究所所长蔡洪滨教授，香港大学协理副校长、港⼤经管学院副院⻓（研究与知识交流）、宝光基金教授席（金融学）林晨教授，港⼤经管学院副院⻓（高层管理教育）、潘燊昌基金教授（数据科学与创新）沈海鹏教授，港大经管学院助理院长、管理及商业策略实践教授张炜教授，香港大学EMBA项目主任、港大经管学院会计学及法学副教授，亚洲案例研究中心副主任李煦教授，港大经管学院首席讲师、香港大学EMBA及IMBA项目副主任谢晓莹博士，香港大学发展及校友事务部校友事务总监黄珮瑶女士，香港大学北京中心主任王俭锐女士，港大经管学院发展及校友事务部总监许静洋女士，港大经管学院战略合作关系总监闫肃博士，港大经管学院DBA项目行政总监阮晓莉女士，港大经管学院EMBA项目行政总监曾碧文女士以及香港大学北京校友会会长施能自博士，香港大学上海校友会会长陈宝金女士等近三百位嘉宾及校友。港大经管学院院长、经济学讲座教授、中国经济研究所所长蔡洪滨教授发表开场致辞，并提到“港大经管学院作为香港大学最年轻的一所学院，在过去几年发展迅速，每年在校学生已达7,000多人，国际学术研究UTD已名列亚洲第一，世界影响力已经越来越大，但始终以“植根香港、融入中国、面向世界”的定位推动香港和大陆的融合和发展。今天，学院在内地成立了首个区域性校友会，对学院来说是一个重要里程碑时刻，代表了港大经管学院在华北地区、甚至在中国大陆地区的蓬勃发展。华北校友会的成立，意味着生活或工作在北京及华北地区的港大经管学院校友们，都能在这个校友大家庭中参与各类活动。”他同时勉励在场的校友们牢记校训，明我以德、求真至善、成就自己、奉献社会，因为衡量港大经管学院成功的关键是校友们的成功。当晚，香港大学北京校友会会长、德勤中国副主席施能自博士也为校友会的成立送上祝福，他期待未来与华北校友会加深合作，更好地将校友与母校链接起来，发挥港大经管学院优势，为社会创造更大影响力。港大经管学院发展与校友事务部总监许静洋女士也在晚宴上介绍了华北校友会的相关情况。她指出，本届校友理事会和执委会成员涵盖了学院DBA、EMBA、IMBA、MBA、本科生、硕士生、博士生以及全球CEO、商业领袖、领航工程等学制长度在18个月以上的高层管理教育项目，是经学院认可的，由代表各课程项目遴选出的，具有一定影响力及号召力的优秀校友组成。未来，他们将在 “服务校友、回馈港大、奉献社会”的宗旨下开展各类校友活动，激发校友们积极参与学院发展，热心公益及慈善事业，共同打造具有凝聚力的校友组织，支持回馈母校，为学院可持续发展贡献能量，让华北校友会成为各位校友的第二个家！港大经管学院副院长、华北校友会理事长邓希炜教授特地录制视频为华北校友会的成立送上祝福：“希望我们能够加强校友之间的联系，促进信息共享与资源整合，为校友们提供更多元化、更高质量的服务，同时也期待华北校友会能够积极搭建平台，促进校友与母校之间的交流与合作，共同推进学术进步和学院发展。” 晚宴上，蔡洪滨教授为到场的港大经管学院华北校友理事会成员颁发聘书。 随后，在现场近三百位校友的见证下，港大经管学院华北校友理事会理事、港大经管学院华北校友会会长、明阳集团联席董事长沈忠民博士正式接过蔡洪滨教授授予的华北校友会会旗，标志着港大经管学院华北校友会的正式成立，也将港大精神正式传递给了华北校友会。 随后，沈会长发表致辞，“华北校友会有信心建立一张强大而紧密的港大经管校友网络，未来将通过搭建校友平台，促进校友交流，支持学院发展，提升校友凝聚力，扩大学院影响力，以服务校友为初衷，聚集回馈港大的力量，完成贡献社会的闭环。通过内部有愿景、有规划、有流程、有系统的四有型校友组织建设，最终为校友们搭建一个促进校友之间交流赋能、校友与学院之间紧密连接的终身学习互助平台，形成具有华北校友会特色的一系列高品质的活动，并在学院支持下有序推进成立各项目同学会、各地方分会、各活动俱乐部及行业社团等校友组织，促进与各社会组织的沟通和资源分享，为校友们提供有益的服务和资源，共建属于我们华北的家。” 港大经管学院华北校友会执委会由会长、执行秘书长和分管文化交流、户外活动、媒体宣传、会员发展、对外关系、财务管理、法律事务和行政事务的八个职能的副会长组成。在发言后，沈忠民会长为执委会成员颁发聘书。 港大经管学院华北校友会执委会王善智先生上台代表分管副会长们发言，表达了华北校友会以学院为平台、心向华北校友的决心，并号召大家明我以德，让华北的我们走在一起；感恩怀德，让华北的我们走的更远。鼓励大家有钱则援、有力则助，为华北校友会添砖加瓦、贡献力量。 激光交织成网，犹如星辰大海中的航道,引领我们向着知识的深海智慧的彼岸迸发。 这光影的汇聚，正如每一位校友的汇聚，共同照亮前行的道路。 晚宴的尾声，全场嘉宾及校友共同举杯，庆祝华北校友会正式成立，祝福港大经管学院，祝福校友们明天会更好！ 风华征程，奋北启航！欢迎更多港大经管校友加入华北校友会，携手共进创造属于港大经管的精彩辉煌！
- [The Role of Social Value in Contracting](https://www.hkubs.hku.hk/sc/?post_type=event&p=219281) - Speaker: Professor Nickolay Gantchev Professor of Finance Warwick Business School University of Warwick Abstract: Using over 1.25 million procurement contracts valued at over $250 billion, we study how contractors’ environmental and social (E&S) performance influences contract terms. Our findings show that E&S incidents lead to an 11-13% reduction in the amounts and a 12-14% decrease
- [The Boundaries of Remote Work: How Autonomy Creates Divergent Consequences of  Working from Home](https://www.hkubs.hku.hk/sc/?post_type=event&p=219219) - SPEAKER Prof. Wei Jee Ong Assistant Professor Department of Management & Organisation National University of Singapore ABSTRACT Remote work has flourished in the post-pandemic world, revealing both benefits and drawbacks for employees. Where extant theory has delineated numerous positive consequences of remote work, its negative effects are less well understood despite emerging recognition that remote
- [Volunteering, Social Capital, and Strategic Human Capital](https://www.hkubs.hku.hk/sc/?post_type=event&p=219212) - SPEAKER Mr. Lambert (Zixin) Li Ph.D. Candidate in Organizational Behavior Stanford University ABSTRACT When and why does volunteering affect employee productivity and well-being? I conducted an intervention tournament in which 1,092 primary care doctors in 21 Chinese rural hospitals were randomly assigned to eight different types of volunteering programs. I used a factorial design to
- [开篇启航｜港大经管学院华北校友会成立晚宴隆重举办](https://www.hkubs.hku.hk/sc/event/开篇启航｜港大经管学院华北校友会成立晚宴隆重/) - 百年港大，春华秋实。 风华征程，奋北启航！ 九月伊始，港大经管学院华北校友会成立晚宴在北京北辰洲际酒店隆重举行。众多港大经管校友从五湖四海齐聚首都，共同见证这一激动人心的时刻。 伴随着庄严的香港大学校歌，十位主礼嘉宾在港大经管学院十名项目护旗手带领下，缓缓入场。随后，港大经管学院明德合唱团以一曲《明我以德》，正式拉开华北校友会成立晚宴序幕。出席本次港大经管学院华北校友会成立晚宴的嘉宾有：港大经管学院院长、经济学讲座教授、中国经济研究所所长蔡洪滨教授，香港大学协理副校长、港⼤经管学院副院⻓（研究与知识交流）、宝光基金教授席（金融学）林晨教授，港⼤经管学院副院⻓（高层管理教育）、潘燊昌基金教授（数据科学与创新）沈海鹏教授，港大经管学院助理院长、管理及商业策略实践教授张炜教授，香港大学EMBA项目主任、港大经管学院会计学及法学副教授，亚洲案例研究中心副主任李煦教授，港大经管学院首席讲师、香港大学EMBA及IMBA项目副主任谢晓莹博士，香港大学发展及校友事务部校友事务总监黄珮瑶女士，香港大学北京中心主任王俭锐女士，港大经管学院发展及校友事务部总监许静洋女士，港大经管学院战略合作关系总监闫肃博士，港大经管学院DBA项目行政总监阮晓莉女士，港大经管学院EMBA项目行政总监曾碧文女士以及香港大学北京校友会会长施能自博士，香港大学上海校友会会长陈宝金女士等近三百位嘉宾及校友。港大经管学院院长、经济学讲座教授、中国经济研究所所长蔡洪滨教授发表开场致辞，并提到“港大经管学院作为香港大学最年轻的一所学院，在过去几年发展迅速，每年在校学生已达7,000多人，国际学术研究UTD已名列亚洲第一，世界影响力已经越来越大，但始终以“植根香港、融入中国、面向世界”的定位推动香港和大陆的融合和发展。今天，学院在内地成立了首个区域性校友会，对学院来说是一个重要里程碑时刻，代表了港大经管学院在华北地区、甚至在中国大陆地区的蓬勃发展。华北校友会的成立，意味着生活或工作在北京及华北地区的港大经管学院校友们，都能在这个校友大家庭中参与各类活动。”他同时勉励在场的校友们牢记校训，明我以德、求真至善、成就自己、奉献社会，因为衡量港大经管学院成功的关键是校友们的成功。当晚，香港大学北京校友会会长、德勤中国副主席施能自博士也为校友会的成立送上祝福，他期待未来与华北校友会加深合作，更好地将校友与母校链接起来，发挥港大经管学院优势，为社会创造更大影响力。港大经管学院发展与校友事务部总监许静洋女士也在晚宴上介绍了华北校友会的相关情况。她指出，本届校友理事会和执委会成员涵盖了学院DBA、EMBA、IMBA、MBA、本科生、硕士生、博士生以及全球CEO、商业领袖、领航工程等学制长度在18个月以上的高层管理教育项目，是经学院认可的，由代表各课程项目遴选出的，具有一定影响力及号召力的优秀校友组成。未来，他们将在 “服务校友、回馈港大、奉献社会”的宗旨下开展各类校友活动，激发校友们积极参与学院发展，热心公益及慈善事业，共同打造具有凝聚力的校友组织，支持回馈母校，为学院可持续发展贡献能量，让华北校友会成为各位校友的第二个家！ 港大经管学院副院长、华北校友会理事长邓希炜教授特地录制视频为华北校友会的成立送上祝福：“希望我们能够加强校友之间的联系，促进信息共享与资源整合，为校友们提供更多元化、更高质量的服务，同时也期待华北校友会能够积极搭建平台，促进校友与母校之间的交流与合作，共同推进学术进步和学院发展。” 晚宴上，蔡洪滨教授为到场的港大经管学院华北校友理事会成员颁发聘书。 随后，在现场近三百位校友的见证下，港大经管学院华北校友理事会理事、港大经管学院华北校友会会长、明阳集团联席董事长沈忠民博士正式接过蔡洪滨教授授予的华北校友会会旗，标志着港大经管学院华北校友会的正式成立，也将港大精神正式传递给了华北校友会。 随后，沈会长发表致辞，“华北校友会有信心建立一张强大而紧密的港大经管校友网络，未来将通过搭建校友平台，促进校友交流，支持学院发展，提升校友凝聚力，扩大学院影响力，以服务校友为初衷，聚集回馈港大的力量，完成贡献社会的闭环。通过内部有愿景、有规划、有流程、有系统的四有型校友组织建设，最终为校友们搭建一个促进校友之间交流赋能、校友与学院之间紧密连接的终身学习互助平台，形成具有华北校友会特色的一系列高品质的活动，并在学院支持下有序推进成立各项目同学会、各地方分会、各活动俱乐部及行业社团等校友组织，促进与各社会组织的沟通和资源分享，为校友们提供有益的服务和资源，共建属于我们华北的家。” 港大经管学院华北校友会执委会由会长、执行秘书长和分管文化交流、户外活动、媒体宣传、会员发展、对外关系、财务管理、法律事务和行政事务的八个职能的副会长组成。在发言后，沈忠民会长为执委会成员颁发聘书。 港大经管学院华北校友会执委会王善智先生上台代表分管副会长们发言，表达了华北校友会以学院为平台、心向华北校友的决心，并号召大家明我以德，让华北的我们走在一起；感恩怀德，让华北的我们走的更远。鼓励大家有钱则援、有力则助，为华北校友会添砖加瓦、贡献力量。 激光交织成网，犹如星辰大海中的航道,引领我们向着知识的深海智慧的彼岸迸发。 这光影的汇聚，正如每一位校友的汇聚，共同照亮前行的道路。 晚宴的尾声，全场嘉宾及校友共同举杯，庆祝华北校友会正式成立，祝福港大经管学院，祝福校友们明天会更好！ 风华征程，奋北启航！欢迎更多港大经管校友加入华北校友会，携手共进创造属于港大经管的精彩辉煌！
- [開篇啟航｜港大經管學院華北校友會成立晚宴隆重舉辦](https://www.hkubs.hku.hk/sc/event/开篇启航｜港大经管学院华北校友会成立晚宴隆重/) - 百年港大，春華秋實。 風華旅程，奮北啟航！ 九月伊始，港大經管學院華北校友會成立晚宴在北京北辰洲際酒店隆重舉行。眾多港大經管校友從五湖四海齊聚首都，共同見證這激動人心的時刻。 伴隨著莊嚴的香港大學校歌，十位主禮嘉賓在港大經管學院十名項目護旗手帶領下，緩緩入場。隨後，港大經管學院明德合唱團以一曲《明我以德》，正式為華北校友會成立晚宴序幕。 出席本港大經管學院華北校友會成立晚宴的嘉賓有：港大經管學院院長、經濟學講座教授、中國經濟研究所所長蔡洪濱教授，香港大學協理副校長、港⼤經管學院副院⻓（研究與知識交流）、寶光基金教授席（金融學）林晨教授，港⼤經管學院副院⻓（高階管理教育）、潘燊昌基金會教授（資料科學與創新）沈海鵬教授，港大經管學院助理院長、管理及商業策略實務教授張煒教授，香港大學EMBA課程主任、港大經管學院會計及法學副教授，亞洲個案研究中心副主任李煦教授，港大經管學院首席講師、香港大學EMBA及IMBA課程副主任謝曉瑩博士，香港大學發展及校友事務部校友事務總監黃珮瑤女士，香港大學北京中心主任王儉銳女士，港大經管學院發展及校友事務部總監許靜洋女士，港大經管學院戰略合作關係總監閆肅博士，港大經管學院DBA計畫行政總監阮曉莉女士，港大經管學院EMBA計畫行政總監曾碧文女士以及香港大學北京校友會會長施能自博士，香港大學上海校友會會長陳寶金女士等近三百位嘉賓及校友。 港大經管學院院長、經濟學講座教授、中國經濟研究所所長蔡洪濱教授發表開場致辭，並提到「港大經管學院作為香港大學最年輕的一所學院，在過去幾年發展迅速，每年在校學生已達7,000多人，國際學術研究UTD已名列亞洲第一，世界影響力已經越來越大，但始終以「植根香港、融入中國、面向世界」的定位推動香港和大陸的融合和發展。意味著生活或工作在北京及華北地區的港大經管學院校友們，都能在這個校友大家庭中參與各類活動。 、成就自己、奉獻社會，因為衡量港大經管學院成功的關鍵是校友們的成功。 當晚，香港大學北京校友會會長、德勤中國副主席施能自博士也為校友會的成立送上祝福，他期待未來與華北校友會加深合作，更好地將校友與母校鏈接起來，發揮港大經管學院優勢，為社會創造更大影響力。 港大經管學院發展與校友事務部總監許靜洋女士也在晚宴上介紹了華北校友會的相關情況。她指出，本屆校友理事會和執委會成員涵蓋了學院DBA、EMBA、IMBA、MBA、本科生、碩士生、博士生以及全球CEO、商業領袖、領航工程等學制長度在18個月以上的高階管理教育項目，是經學院認可的，由代表各課程項目遴選出的，具有一定影響力及號召力的優秀校友組成。未來，他們將在「服務校友、回饋港大、奉獻社會」的宗旨下開展各類校友活動，激發校友們積極參與學院發展，熱心公益及慈善事業，共同打造具有凝聚力的校友組織，支持回饋母校，為學院永續發展貢獻能量，讓華北校友會成為各位校友的第二個家！ 港大經管學院副院長、華北校友會理事長鄧希煒教授特地錄製影片為華北校友會的成立送上祝福：「希望我們能夠加強校友之間的聯繫，促進資訊共享與資源整合，為校友們提供更多元化、更高品質的服務，同時也期待華北校友會能夠積極搭建平台，促進校友與母校之間的交流與合作，共同推進學術進步與學院發展。 晚宴上，蔡洪濱教授頒發聘書給到場的港大經管學院華北校友理事會成員。 隨後，在現場近三百位校友的見證下，港大經管學院華北校友理事會理事、港大經管學院華北校友會會長、明陽集團聯席董事長沈忠民博士正式接過蔡洪濱教授授予的華北校友會會旗，標誌著港大經管學院華北校友會的正式成立，也將港大精神正式傳遞給了華北校友會。 隨後，沈會長發表致辭，「華北校友會有信心建立一張強大而緊密的港大經管校友網絡，未來將透過搭建校友平台，促進校友交流，支持學院發展，提升校友凝聚力，擴大學院影響力，以服務校友為初衷，聚集回饋港大的力量，完成貢獻社會的閉環。賦能、校友與學院之間緊密連接的終身學習互助平台，形成具有華北校友會特色的一系列高品質的活動，並在學院支持下有序推進成立各項目同學會、各地方分會、各活動俱樂部及行業社團等校友組織，促進與各社會組織的溝通和資源分享，為校友們提供有益的服務和資源，共建屬於我們華北的家。 港大經管學院華北校友會執委會由會長、執行秘書長和分管文化交流、戶外活動、媒體宣傳、會員發展、對外關係、財務管理、法律事務和行政事務的八個職能的副會長組成。在發言後，沈忠民會長頒發聘書給執委會成員。 港大經管學院華北校友會執委會王善智先生上台代表分管副會長們發言，表達了華北校友會以學院為平台、心向華北校友的決心，並號召大家明我以德，讓華北的我們走在一起；感恩懷德，讓華北的我們走的更遠。鼓勵大家有錢則援、有力則助，為華北校友會添磚加瓦、貢獻力量。 雷射交織成網，猶如星辰大海中的航道,引領我們向著知識的深海智慧的彼岸迸發。 這光影的匯聚，正如每位校友的匯聚，共同照亮前進的道路。 晚宴的尾聲，全場嘉賓及校友共同舉杯，慶祝華北校友會正式成立，祝福港大經管學院，祝福校友們明天會更好！ 風華旅程，奮北啟航！歡迎更多港大經管校友加入華北校友會，攜手共進創造屬於港大經管的精彩輝煌！
- [Student Loan Forgiveness](https://www.hkubs.hku.hk/sc/?post_type=event&p=218867) - Speaker: Prof. Constantine Yannelis Janeway Professor in Financial Economics University of Cambridge Abstract: Student loan forgiveness has been proposed as a means to alleviate soaring student loan burdens. Who benefits from loan forgiveness, and how does it affect borrowers? This paper uses administrative credit bureau data to study the distributional, consumption, borrowing, and employment effects
- [Shaping Inequality and Intergenerational Persistence of Poverty: Free College or Better Schools](https://www.hkubs.hku.hk/sc/?post_type=event&p=218129) - Speaker: Dr. Irina Popova Postdoctoral Researcher University of Bonn Abstract: We evaluate the aggregate, distributional and welfare consequences of alternative government education policies to encourage college completion such as making college free and improving funding for public schooling. To do so, we construct a general equilibrium overlapping generations model with intergenerational linkages, a higher education
- [Caught Between Algorithms and Peers: Consequences of Algorithm-Assisted Evaluation on Human Learning and Performance in Software Development](https://www.hkubs.hku.hk/sc/?post_type=event&p=218897) - SPEAKER Mr. Jong Sig (Sik) Chung Ph.D. Candidate McCombs School of Business The University of Texas at Austin ABSTRACT Human-algorithm augmentation is becoming increasingly common in organizations, where algorithmic assistance during mundane tasks frees up humans to perform other high-level tasks. While augmentation literature generally predicts a synergistic integration between humans and algorithms, this perspective
- [Labor Market Shocks and Monetary Policy](https://www.hkubs.hku.hk/sc/?post_type=event&p=218586) - Speaker: Dr. Kurt See Principal Researcher Bank of Canada Abstract: We develop a heterogeneous agent New Keynesian model featuring a frictional labor market with on-the-job search to quantitatively study the positive and normative implications of employer-to-employer (EE) transitions for inflation. We find that EE dynamics played an important role in shaping the differential inflation dynamics
- [Test Optional](https://www.hkubs.hku.hk/sc/?post_type=event&p=218661) - Speaker: Prof. Jeffrey C. Ely Charles E. and Emma Morrison Professor Northwestern University Abstract: I study the monopolistic design of a college admissions test. Students have private information about their ability and apply to colleges by submitting verifiable resumes in addition to test results. Due to screening frictions, the profit maximizing testing structure is less
- [A hierarchical expected improvement method for Bayesian optimization](https://www.hkubs.hku.hk/sc/?post_type=event&p=218173) - SPEAKER Prof. C. F. Jeff Wu Coca-Cola Chair in Engineering Statistics H. Milton Stewart School of Industrial and Systems Engineering Georgia Institute of Technology X.Q. Deng Presidential Chair Professor School of Data Science The Chinese University of Hong Kong, Shenzhen ABSTRACT The Expected Improvement (EI) method is a widely-used Bayesian optimization method, which makes use
- [Social Learning and Sentiment Contagion in the Bitcoin Market](https://www.hkubs.hku.hk/sc/?post_type=event&p=218597) - Speaker: Prof. Bing Han Professor of Finance Joseph L. Rotman School of Management University of Toronto and Chinese University of Hong Kong Abstract: Using novel data on social interactions and individual trading records in the Bitcoin market, we document evidence of social learning leading to sentiment contagion. Investors significantly update their beliefs about Bitcoin in the
- [The Income Statement Channel of Monetary Policy](https://www.hkubs.hku.hk/sc/?post_type=event&p=218449) - SPEAKER Prof. Oliver Binz Assistant Professor of Accounting European School of Management and Technology ESMT Berlin ABSTRACT We study the dynamic transmission of monetary policy shocks into corporate profitability. We find an initial negative association between monetary policy shocks and corporate revenues and expenses. The revenue response is consistent with a consumer substitution effect, while
- [Machine Learning in International Trade Research – Evaluating the Impact of Trade Agreements](https://www.hkubs.hku.hk/sc/?post_type=event&p=217910) - Speaker: Prof. Holger Breinlich Professor of Economics School of Economics University of Surrey Abstract: Modern trade agreements contain a large number of provisions besides tariff reductions, in areas as diverse as services trade, competition policy, trade-related investment measures, or public procurement. Existing research has struggled with overfitting and severe multicollinearity problems when trying to estimate
- [Political Partisanship and the Transmission of Fiscal Policy](https://www.hkubs.hku.hk/sc/?post_type=event&p=218405) - Speaker: Prof. Francesco D'Acunto A. James Clark Chair in Global Real Estate Provost Distinguished Associate Professor McDonough School of Business Georgetown University Abstract: We show that the take up of a large-scale Indian loan-guarantee program for firm financing, Mudra loans, diverged across electoral districts with high and low support for the ruling party (“partisanship”) but
- [Thinking versus Doing: Cognitive Capacity, Decision Making and Medical Diagnosis](https://www.hkubs.hku.hk/sc/?post_type=event&p=218033) - Speaker: Prof. Jonathan Kolstad Professor at the Haas School of Business Henry J. Kaiser Chair in the Economics Department University of California at Berkeley Abstract: The process of diagnosis in medicine depends on high dimensional, complex belief formation, repeated experimentation and data aggregation from multiple sources (e.g. labs, images, discussions with patients). In this paper
- [Emigration, Fiscal Spillovers, and Public Education Spending on Rural Schools in China](https://www.hkubs.hku.hk/sc/?post_type=event&p=216841) - Speaker: Prof. Lei Zhang Professor of Economics, Zhejiang University Abstract: This paper investigates how emigration of rural laborers affects public spending on rural schools in the origin regions in China. We build a theoretical model of local government decision-making on education spending facing both traditional and fiscal externalities. The model predicts that per student spending
- [Trade and Technology Compatibility in General Equilibrium](https://www.hkubs.hku.hk/sc/?post_type=event&p=218136) - Speaker: Prof. Jingting Fan Assistant Professor of Economics Pennsylvania State University Abstract: We develop a trade model in which the horizontal proximity between a firm’s own technology and that of its suppliers influences input efficiencies. By expanding or limiting firms' access to foreign suppliers, trade policies affect firms' horizontal technology choices and, via input-output linkages,
- [Data-Driven Population Tracking in Large Service Systems](https://www.hkubs.hku.hk/sc/?post_type=event&p=218180) - SPEAKER Prof. Fernando G. Bernstein Bob J. White Professor The Fuqua School of Business Duke University ABSTRACT We develop a stylized theoretical framework for the problem of tracking the population in a service system with noisy input and output observations. The motivation for the project is the problem of tracking the population of passengers in
- [Trust in Banks and Borrower Behavior:  Evidence from Supervisory Actions and Local Information Quality](https://www.hkubs.hku.hk/sc/?post_type=event&p=218076) - SPEAKER Prof. Rimmy E. Tomy Associate Professor of Accounting and Kathryn and Grant Swick Faculty Scholar The University of Chicago Booth School of Business ABSTRACT We study how consumers’ trust in banks influences their borrowing decisions. We use bank enforcement actions as a shock to bank reputation, undermining consumers’ trust in banks. Utilizing granular loan
- [The 8th Asian Historical Economics Conference 2024 (AHEC 2024)](https://www.cqh.hku.hk/ahec2024/) - The 8th Conference (AHEC 2024) will be hosted by the Centre for Quantitative History of HKU Business School, in collaboration with the Hong Kong Institute for the Humanities and Social Sciences and the International Society for Quantitative History. The two-day conference will take place at the main campus of The University of Hong Kong on
- [HKU Business School Alumni Get-Together](https://www.hkubs.hku.hk/sc/event/hku-business-school-alumni-get-together-2/) - About 100 alumni from various batches of the Business School convened in the vibrant city of Shanghai for an enchanting evening filled with reconnections, shared memories, and the nurturing of lifelong relationships. The atmosphere was electric as old friendships were reignited, new connections were formed, and the spirit of our incredible network was strengthened. The
- [HKU Business School Alumni Get-Together](https://www.hkubs.hku.hk/sc/event/hku-business-school-alumni-get-together-2/) - About 100 alumni from various batches of the Business School convened in the vibrant city of Shanghai for an enchanting evening filled with reconnections, shared memories, and the nurturing of lifelong relationships. The atmosphere was electric as old friendships were reignited, new connections were formed, and the spirit of our incredible network was strengthened. The
- [HKU Business School Alumni Get-Together](https://www.hkubs.hku.hk/sc/event/hku-business-school-alumni-get-together-2/) - About 100 alumni from various batches of the Business School convened in the vibrant city of Shanghai for an enchanting evening filled with reconnections, shared memories, and the nurturing of lifelong relationships. The atmosphere was electric as old friendships were reignited, new connections were formed, and the spirit of our incredible network was strengthened. The
- [Machine Learning for Causal Inference: Is a Nonlinear First Stage Really Forbidden in 2SLS?](https://www.hkubs.hku.hk/sc/?post_type=event&p=216176) - SPEAKER Prof. Jing Peng Associate Professor of Operations and Information Management School of Business University of Connecticut ABSTRACT The application of machine learning (ML) in causal inference has garnered significant attention from researchers. A particular focus lies in the integration of ML into two-stage least squares (2SLS), a cornerstone methodology for causal inference. While ML
- [HKU Business School Alumni Family Welcomes Class of 2024!](https://www.hkubs.hku.hk/sc/event/hku-business-school-alumni-family-welcomes-class-of-2024/) - Congratulations to the Class of 2024! The 212th Congregation was filled with smiling faces, enthusiastic cheers, and unforgettable memories at every corner of the campus. As our newest graduates bid farewell to their student life, they now embark on a thrilling journey as distinguished alumni of HKU Business School. With our alumni counter ticking, we're
- [HKU Business School Alumni Family Welcomes Class of 2024!](https://www.hkubs.hku.hk/sc/event/hku-business-school-alumni-family-welcomes-class-of-2024/) - Congratulations to the Class of 2024! The 212th Congregation was filled with smiling faces, enthusiastic cheers, and unforgettable memories at every corner of the campus. As our newest graduates bid farewell to their student life, they now embark on a thrilling journey as distinguished alumni of HKU Business School. With our alumni counter ticking, we're
- [HKU Business School Alumni Family Welcomes Class of 2024!](https://www.hkubs.hku.hk/sc/event/hku-business-school-alumni-family-welcomes-class-of-2024/) - Congratulations to the Class of 2024! The 212th Congregation was filled with smiling faces, enthusiastic cheers, and unforgettable memories at every corner of the campus. As our newest graduates bid farewell to their student life, they now embark on a thrilling journey as distinguished alumni of HKU Business School. With our alumni counter ticking, we're
- [2024 China and Global Economic Forum](https://ice.hkubs.hku.hk/events-archive/3rd-hku-quarterly-forum-on-chinese-economy-176/)
- [2024年中国与全球经济论坛](https://ice.hkubs.hku.hk/events-archive/3rd-hku-quarterly-forum-on-chinese-economy-176/)
- [2024年中國與全球經濟論壇](https://ice.hkubs.hku.hk/events-archive/3rd-hku-quarterly-forum-on-chinese-economy-176/)
- [Engaging Discussion on Pressing Challenges and Implications of China's Property Sector](https://www.hkubs.hku.hk/sc/event/engaging-discussion-on-pressing-challenges-and-implications-of-chinas-property-sector/) - As a supporting organization, HKU Business School is thrilled to have contributed to the success of the Young China Watchers Hong Kong (YCWHK) x HKU Business School Alumni Association (HKUBSAA) Talk on China's Property Sector. This engaging event fostered an invaluable opportunity to explore the critical challenges and implications of China's property sector for Hong
- [Engaging Discussion on Pressing Challenges and Implications of China's Property Sector](https://www.hkubs.hku.hk/sc/event/engaging-discussion-on-pressing-challenges-and-implications-of-chinas-property-sector/) - As a supporting organization, HKU Business School is thrilled to have contributed to the success of the Young China Watchers Hong Kong (YCWHK) x HKU Business School Alumni Association (HKUBSAA) Talk on China's Property Sector. This engaging event fostered an invaluable opportunity to explore the critical challenges and implications of China's property sector for Hong
- [Engaging Discussion on Pressing Challenges and Implications of China's Property Sector](https://www.hkubs.hku.hk/sc/event/engaging-discussion-on-pressing-challenges-and-implications-of-chinas-property-sector/) - As a supporting organization, HKU Business School is thrilled to have contributed to the success of the Young China Watchers Hong Kong (YCWHK) x HKU Business School Alumni Association (HKUBSAA) Talk on China's Property Sector. This engaging event fostered an invaluable opportunity to explore the critical challenges and implications of China's property sector for Hong
- [Temporal Fairness in Learning and Earning: Price Protection Guarantee and Phase Transitions](https://www.hkubs.hku.hk/sc/?post_type=event&p=215257) - SPEAKER Prof. Ruihao Zhu Assistant Professor of Operations, Technology, and Information Management Cornell SC Johnson College of Business & Nolan School of Hotel Administration ABSTRACT Motivated by the prevalence of “price protection guarantee”, which helps to promote temporal fairness in dynamic pricing, we study the impact of such policy on the design of online learning
- [2024 Joint University Summer Workshop on Information System](https://www.hkubs.hku.hk/eventsite/hku-juswis-2024/) - JUSWIS is an annual summer workshop jointly organized by the IS groups at the University of Hong Kong (HKU), Chinese University of Hong Kong (CUHK), and Hong Kong Polytechnic University (PolyU). All participating universities take turns hosting the event on an annual basis. The theme of the Workshop this year is: “AI and Digital Innovation:
- [Managing Climate-Related Systemic Disruptions in Supply Chains: The Roles of Dual Transparencies](https://www.hkubs.hku.hk/sc/?post_type=event&p=215017) - SPEAKER Prof. Gaoqing Zhang Visiting Professor of Accounting Tepper School of Business Carnegie Mellon University ABSTRACT This paper investigates the real effects of improving the transparency about a firm’s climate risk exposure on its management of systemic supply chain disruption risk, when such risk is driven by occurrences of extreme climate events. Our analysis centers
- [How China Became Chinese? Geography or Political Integration](https://www.hkubs.hku.hk/sc/event/how-china-became-chinese-geography-or-political-integration/) - INFORMATION How China Became Chinese? Geography or Political Integration Using the census data of China, Nan Li of Fudan University and his co-author analyze the current spatial geographical distribution of the Han nationality and the issue of ethnic identity and integration in China from the aspects of geographical environment and political integration, and try to
- [How China Became Chinese? Geography or Political Integration](https://www.hkubs.hku.hk/sc/event/how-china-became-chinese-geography-or-political-integration/) - INFORMATION How China Became Chinese? Geography or Political Integration Using the census data of China, Nan Li of Fudan University and his co-author analyze the current spatial geographical distribution of the Han nationality and the issue of ethnic identity and integration in China from the aspects of geographical environment and political integration, and try to
- [How China Became Chinese? Geography or Political Integration](https://www.hkubs.hku.hk/sc/event/how-china-became-chinese-geography-or-political-integration/) - INFORMATION How China Became Chinese? Geography or Political Integration Using the census data of China, Nan Li of Fudan University and his co-author analyze the current spatial geographical distribution of the Han nationality and the issue of ethnic identity and integration in China from the aspects of geographical environment and political integration, and try to
- [HKU Business School Alumni Get-Together](https://www.hkubs.hku.hk/sc/event/hku-business-school-alumni-get-together/) - About 70 alumni from various batches of the Business School convened for an enchanting evening filled with reconnections, shared memories, and the nurturing of lifelong relationships. The atmosphere was buzzing as old friendships were rekindled, new bonds were forges, and the spirit of our incredible network was reaffirmed. What truly stood out during the evening
- [HKU Business School Alumni Get-Together](https://www.hkubs.hku.hk/sc/event/hku-business-school-alumni-get-together/) - About 70 alumni from various batches of the Business School convened for an enchanting evening filled with reconnections, shared memories, and the nurturing of lifelong relationships. The atmosphere was buzzing as old friendships were rekindled, new bonds were forges, and the spirit of our incredible network was reaffirmed. What truly stood out during the evening
- [HKU Business School Alumni Get-Together](https://www.hkubs.hku.hk/sc/event/hku-business-school-alumni-get-together/) - About 70 alumni from various batches of the Business School convened for an enchanting evening filled with reconnections, shared memories, and the nurturing of lifelong relationships. The atmosphere was buzzing as old friendships were rekindled, new bonds were forges, and the spirit of our incredible network was reaffirmed. What truly stood out during the evening
- [The Geography of Capital Allocation in the Euro Area](https://www.hkubs.hku.hk/sc/?post_type=event&p=214722) - Speaker: Prof. Antoino Coppola Assistant Professor of Finance Stanford Graduate School of Business Stanford University Abstract: We assess Euro Area financial integration correcting for the role of “onshore offshore financial centers” (OOFCs) within the Euro Area. The OOFCs of Luxembourg, Ireland, and the Netherlands serve dual roles as both hubs of investment fund intermediation and centers
- [2024 CAPANA Annual Research Conference](https://info.capana.net/2024-capana-annual-research-conference-program/)
- [HKU 2024 Summer Workshop on Statistics and Data Analytics](https://www.hkubs.hku.hk/eventsite/iim-summer-workshop-2024/)
- [2024 HKU Summer Workshop on Operations Management](https://www.hkubs.hku.hk/eventsite/hku-summer-workshop-2024/)
- [Designing Open Source Licenses](https://www.hkubs.hku.hk/sc/?post_type=event&p=214252) - Speaker: Prof. Kim Sau CHUNG Professor of Economics Hong Kong Baptist University Abstract: Open source licenses are noted for being self-referential. The two most popular licenses are GPL and BSD. GPL says the next developer cannot go proprietary, and can only go open source with the same license, namely GPL. BSD says the next developer
- [Twilight of the Medieval Chinese Aristocracy: Keju, Officeholding, and Assortative Mating in the Tang](https://www.hkubs.hku.hk/sc/event/twilight-of-the-medieval-chinese-aristocracy-keju-officeholding-and-assortative-mating-in-the-tang/) - INFORMATION Twilight of the Medieval Chinese Aristocracy: Keju, Officeholding, and Assortative Mating in the Tang Data from the distant past provide fertile ground for testing social science theories of education and social mobility. Erik H. Wang of the New York University and his team constructed a dataset from 3,640 tomb epitaphs of males in China’s
- [Twilight of the Medieval Chinese Aristocracy: Keju, Officeholding, and Assortative Mating in the Tang](https://www.hkubs.hku.hk/sc/event/twilight-of-the-medieval-chinese-aristocracy-keju-officeholding-and-assortative-mating-in-the-tang/) - INFORMATION Twilight of the Medieval Chinese Aristocracy: Keju, Officeholding, and Assortative Mating in the Tang Data from the distant past provide fertile ground for testing social science theories of education and social mobility. Erik H. Wang of the New York University and his team constructed a dataset from 3,640 tomb epitaphs of males in China’s
- [Twilight of the Medieval Chinese Aristocracy: Keju, Officeholding, and Assortative Mating in the Tang](https://www.hkubs.hku.hk/sc/event/twilight-of-the-medieval-chinese-aristocracy-keju-officeholding-and-assortative-mating-in-the-tang/) - INFORMATION Twilight of the Medieval Chinese Aristocracy: Keju, Officeholding, and Assortative Mating in the Tang Data from the distant past provide fertile ground for testing social science theories of education and social mobility. Erik H. Wang of the New York University and his team constructed a dataset from 3,640 tomb epitaphs of males in China’s
- [Designing experiments on social, healthcare, and information networks](https://www.hkubs.hku.hk/sc/?post_type=event&p=214297) - SPEAKER Prof. Edoardo Airoldi Millard E. Gladfelter Professor of Statistics and Data Science Professor of Finance Fox School of Business Temple University ABSTRACT Designing experiments that can estimate causal effects of an intervention when the units of analysis are connected through a network is the primary interest, and a major challenge, in many modern
- [Unpacking the Gender Gap in Technology Entrepreneurship: A Set-analytic Approach](https://www.hkubs.hku.hk/sc/?post_type=event&p=214259) - SPEAKER Prof. Peer C. Fiss Professor of Management & Organization Marshall School of Business University of Southern California ABSTRACT The gender gap in technology entrepreneurship has been extensively documented, and a number of recent studies have sought the impact of individual factors such as education or professional experience. However, education and professional experience are highly
- [The Law of Small Numbers in Multivariate Sequences](https://www.hkubs.hku.hk/sc/?post_type=event&p=214219) - Speaker: Dr. Matthew Levy Lecturer in Economics Department of Economics London School of Economics Abstract: This paper shows that, under modest consistency requirements placed on a decision-maker’s beliefs, distortion of subjective beliefs over the conditional distributions of outcomes cannot be global over all sequences. Specifically, while it is possible for a decision-maker to commit the
- [The Effect of Recommendations on Online Investor Behaviors](https://www.hkubs.hku.hk/sc/?post_type=event&p=214211) - SPEAKER Prof. Yu Jeffrey Hu Professor and Accenture Chair Daniels School of Business Purdue University ABSTRACT Despite the popularity of product recommendations on online investment platforms, few studies have explored their impact on investor behaviors. Using data from a global e-commerce platform, we apply regression discontinuity design to causally examine the effects of product recommendations
- [Quantitative and Qualitative Changes in the Archaeological Study of Early China](https://www.hkubs.hku.hk/sc/event/quantitative-and-qualitative-changes-in-the-archaeological-study-of-early-china/) - INFORMATION Quantitative and Qualitative Changes in the Archaeological Study of Early China What are the major qualitative changes that marked the key thresholds in the emergence of early Chinese civilization? What are the sociocultural trends in the archaeological records that could be measured through quantitative analysis? Using multiple case studies from Late Neolithic and Bronze
- [Quantitative and Qualitative Changes in the Archaeological Study of Early China](https://www.hkubs.hku.hk/sc/event/quantitative-and-qualitative-changes-in-the-archaeological-study-of-early-china/) - INFORMATION Quantitative and Qualitative Changes in the Archaeological Study of Early China What are the major qualitative changes that marked the key thresholds in the emergence of early Chinese civilization? What are the sociocultural trends in the archaeological records that could be measured through quantitative analysis? Using multiple case studies from Late Neolithic and Bronze
- [Quantitative and Qualitative Changes in the Archaeological Study of Early China](https://www.hkubs.hku.hk/sc/event/quantitative-and-qualitative-changes-in-the-archaeological-study-of-early-china/) - INFORMATION Quantitative and Qualitative Changes in the Archaeological Study of Early China What are the major qualitative changes that marked the key thresholds in the emergence of early Chinese civilization? What are the sociocultural trends in the archaeological records that could be measured through quantitative analysis? Using multiple case studies from Late Neolithic and Bronze
- [Does Social Media Dominate Government Report Cards in Influencing Nursing Home Demand?](https://www.hkubs.hku.hk/sc/?post_type=event&p=214179) - SPEAKER Professor Lauren Xiaoyuan Lu Professor of Business Administration Tuck School of Business Dartmouth College ABSTRACT Problem definition: Social media has become an indispensable platform for disseminating quality information to consumers across various service sectors. Recently, it has extended its influence to healthcare services, which traditionally relied on government report cards to disclose standardized quality information
- [When (Not) To Follow SOEs In Foreign Direct Investments: Evidence From Chinese Non-SOEs’ FDI Location Choices](https://www.hkubs.hku.hk/sc/?post_type=event&p=214157) - SPEAKER Prof. Yan Anthea Zhang Fayez Sarofim Vanguard Professor of Management Jesse H. Jones Graduate School of Business Rice University ABSTRACT Prior literature has documented that firms imitate others in entering new foreign markets. We advance this line of research by examining imitation between state-owned enterprises (SEOs) and non-SEOs. We argue that SEOs receive support
- [Getting Ahead by Pleasing Stakeholders? Linking Rosy Strategic Decision-Making to Promotion in Investment Banks.](https://www.hkubs.hku.hk/sc/?post_type=event&p=214149) - SPEAKER Prof. Mathew Hayward Professor Monash University ABSTRACT We examine whether and how over-optimistic decision-making affects professionals' short-term promotion prospects. Specifically, we study whether over-optimistic professionals are more likely to be promoted than more accurate and pessimistic ones. Because decision-making arises in a social context, we further examine institutional factors that moderate the link between
- [Time-series Variation in Implied Costs of Capital: Evidence from Tests of Intertemporal Capital Asset Pricing Model Predictions](https://www.hkubs.hku.hk/sc/?post_type=event&p=213431) - SPEAKER Prof. Lakshmanan (Shiva) Shivakumar Lord David Sainsbury of Turville Professor Professor of Accounting London Business School ABSTRACT We study whether time variations in the implied costs of capital (ICC) align with the predictions of the intertemporal capital asset pricing model. The aggregate-level ICC in excess of the risk-free rate (ICC premium) incrementally predicts news
- [High-dimensional knockoffs inference for time series data](https://www.hkubs.hku.hk/sc/?post_type=event&p=212509) - SPEAKER Prof. Yingying Fan Associate Dean for the PhD Program Professor of Data Sciences and Operations Marshall School of Business | University of Southern California ABSTRACT We make some initial attempts to establish the theoretical and methodological foundation for the model-X knockoffs inference for time series data. We suggest the method of time series knockoffs
- [212th Congregation (Summer Congregation 2024)](https://grad.hkubs.hku.hk/2024-summer/)
- [212th Congregation (Summer Congregation 2024)](https://grad.hkubs.hku.hk/2024-summer/)
- [212th Congregation (Summer Congregation 2024)](https://grad.hkubs.hku.hk/2024-summer/)
- [Goodbye My Friends and Goodbye My Career: Evidence from the Movie Industry](https://www.hkubs.hku.hk/sc/?post_type=event&p=213518) - SPEAKER Prof. Andrew Ching Professor at Johns Hopkins Carey Business School Johns Hopkins University ABSTRACT By analyzing a dataset with over 180,000 actors, directors and producers in the motion picture industry over a span of 20 years, this research provides causal evidence that network connections can significantly influence an actor’s career development. Specifically, we focus
- [The Inaugural ESG Forum of HKU Jockey Club Enterprise Sustainability Global Research Institute](https://www.hkubs.hku.hk/sc/event/the-inaugural-hku-jc-esg-forum-and-the-opening-ceremony-of-hku-jockey-club-enterprise-sustainability-global-research-institute/) - About the Institute HKU Jockey Club Enterprise Sustainability Global Research Institute, established by The University of Hong Kong (HKU) and funded by The Hong Kong Jockey Club (HKJC), aspires to establish as a world-class hub for Environmental, Social, and Governance best practices for Hong Kong, Asia and beyond. Bringing together distinguished global scholars from diverse
- [To Prevent or Promote? CEO Regulatory Focus and Corporate Information Security Awareness: The Moderating Role of Relative Performance](https://www.hkubs.hku.hk/sc/?post_type=event&p=212451) - SPEAKER Prof. Daniel Q. Chen Randall W. and Sandra Ferguson Endowed Professor Hankamer School of Business Baylor University ABSTRACT A fundamental question in cybersecurity research pertains to the factors that contribute to firms developing a higher level of information security awareness (ISA). However, this line of inquiry has yet to thoroughly explore why firms with
- [Do Employees’ Social Media Ratings of the CEO Inform the Director Labor Market?](https://www.hkubs.hku.hk/sc/?post_type=event&p=213438) - SPEAKER Prof. Ivy Zhang Professor of Accounting School of Business University of California, Riverside ABSTRACT Using employee-submitted reviews on Glassdoor.com, we examine whether employees’ assessments of CEOs inform the director labor market. We expect employees’ approval rates of the CEO, a rare individual rating provided by insiders, to convey unique information to the external labor
- [The Inaugural ESG Forum of HKU Jockey Club Enterprise Sustainability Global Research Institute](https://www.hkubs.hku.hk/sc/event/the-inaugural-hku-jc-esg-forum-and-the-opening-ceremony-of-hku-jockey-club-enterprise-sustainability-global-research-institute/) - About the Institute HKU Jockey Club Enterprise Sustainability Global Research Institute, a strategic collaboration between The University of Hong Kong (HKU) and The Hong Kong Jockey Club (HKJC), aspires to establish as a world-class hub for Environmental, Social, and Governance best practices for Hong Kong, Asia and beyond. Bringing together distinguished global scholars from diverse
- [The Inaugural ESG Forum of HKU Jockey Club Enterprise Sustainability Global Research Institute](https://www.hkubs.hku.hk/sc/event/the-inaugural-hku-jc-esg-forum-and-the-opening-ceremony-of-hku-jockey-club-enterprise-sustainability-global-research-institute/) - About the Institute HKU Jockey Club Enterprise Sustainability Global Research Institute, a strategic collaboration between The University of Hong Kong (HKU) and The Hong Kong Jockey Club (HKJC), aspires to establish as a world-class hub for Environmental, Social, and Governance best practices for Hong Kong, Asia and beyond. Bringing together distinguished global scholars from diverse
- [Does Human-algorithm Feedback Loop Lead To Error Propagation? Evidence from Zillow’s Zestimate](https://www.hkubs.hku.hk/sc/?post_type=event&p=212591) - SPEAKER Prof. Meng Liu Assistant Professor of Marketing OLIN Business School Washington University in St.Louis ABSTRACT We study how home sellers and buyers interact with Zillow’s Zestimate algorithm throughout the sales cycle of residential properties, with an emphasis on the implications of such interactions. In particular, leveraging Zestimate’s algorithm updates as exogenous shocks, we find
- [The Shape of Forgetting](https://www.hkubs.hku.hk/sc/?post_type=event&p=213044) - Speaker: Prof. Johannes Haushofer Goh Keng Swee Professor of Economics National University of Singapore Abstract: Prospective memory refers to the ability to remember to perform a specific action, such as taking a medication or paying a bill, at a specified future time. I present three studies on the shape of prospective memory as a function
- [Celebrating legacy: The intergenerational transmission of reproduction and human capital in Ming–Qing Chinese families](https://www.hkubs.hku.hk/sc/event/celebrating-legacy-the-intergenerational-transmission-of-reproduction-and-human-capital-in-ming-qing-chinese-families/) - INFORMATION Celebrating legacy: The intergenerational transmission of reproduction and human capital in Ming–Qing Chinese families In unified growth models, a key to achieving sustained economic growth is the evolving nexus between population dynamics and technological change. Sijie Hu of Renmin University of China uses the genealogical records of 36,456 males to investigate this nexus—the intergenerational
- [Celebrating legacy: The intergenerational transmission of reproduction and human capital in Ming–Qing Chinese families](https://www.hkubs.hku.hk/sc/event/celebrating-legacy-the-intergenerational-transmission-of-reproduction-and-human-capital-in-ming-qing-chinese-families/) - INFORMATION Celebrating legacy: The intergenerational transmission of reproduction and human capital in Ming–Qing Chinese families In unified growth models, a key to achieving sustained economic growth is the evolving nexus between population dynamics and technological change. Sijie Hu of Renmin University of China uses the genealogical records of 36,456 males to investigate this nexus—the intergenerational
- [Celebrating legacy: The intergenerational transmission of reproduction and human capital in Ming–Qing Chinese families](https://www.hkubs.hku.hk/sc/event/celebrating-legacy-the-intergenerational-transmission-of-reproduction-and-human-capital-in-ming-qing-chinese-families/) - INFORMATION Celebrating legacy: The intergenerational transmission of reproduction and human capital in Ming–Qing Chinese families In unified growth models, a key to achieving sustained economic growth is the evolving nexus between population dynamics and technological change. Sijie Hu of Renmin University of China uses the genealogical records of 36,456 males to investigate this nexus—the intergenerational
- [Financial Statement Analysis with Large Language Models](https://www.hkubs.hku.hk/sc/?post_type=event&p=213036) - SPEAKER Professor Valeri Nikolaev James H. Lorie Professor of Accounting and FMC Faculty Scholar The University of Chicago Booth School of Business ABSTRACT We investigate whether an LLM can successfully perform financial statement analysis in a way similar to a professional human analyst. We provide standardized and anonymous financial statements to GPT4 and instruct the
- [The Innovation Consequences of Judicial Efficiency](https://www.hkubs.hku.hk/sc/?post_type=event&p=212903) - SPEAKER Prof. Jinhwan Kim Associate Professor of Accounting Stanford Graduate School of Business ABSTRACT We examine how the efficiency of the judicial system impacts corporate innovation. To do so, we exploit a pilot program introduced by the U.S. Congress in 2011, which allowed judges with expertise (as opposed to randomly selected judges) to preside over
- [Online Algorithms for Correlated Arrivals](https://www.hkubs.hku.hk/sc/?post_type=event&p=212918) - This is a joint seminar organized by Department of Computer Science , Faculty of Engineering and HKU Business School’s IIM Area. SPEAKER Prof. Will Ma Associate Professor | Decision, Risk, and Operations Graduate School of Business and Data Science Institute Columbia University ABSTRACT Online algorithms are ubiquitous in e-commerce systems, where inventory, fulfillment, and assortment
- [2024 Firm and Industry Dynamics Workshop](https://ice.hkubs.hku.hk/events-archive/2024-firm-and-industry-dynamics-workshop/)
- [Conference on Behavioural Science in the Age of AI and Social Media](https://www.hkubs.hku.hk/eventsite/conf-on-behavioural-science-2024/)
- [The Pollution Information Program, Public Awareness, and Corporate Environmental Investments](https://www.hkubs.hku.hk/sc/?post_type=event&p=212765) - SPEAKER Prof. Qiang CHENG Dean and Lee Kong Chian Chair Professor of Accounting School of Accountancy Singapore Management University ABSTRACT Exploiting the staggered adoption of a pollution information program in China, which provides the public city-level and real-time air pollution information, we examine the effect of the availability of pollution information on firms’ environmental investments.
- [Natural Language Processing Applications in Operations](https://www.hkubs.hku.hk/sc/?post_type=event&p=212665) - SPEAKER Prof. Di (Andrew) WU Associate Professor of Technology and Operations Stephen M. Ross School of Business University of Michigan ABSTRACT I present two novel use cases of natural language processing (NLP) models in Operations. In the first study, using a new technique of "seeded word embedding", I develop a firm-level measure of supply chain
- [Competitive Pricing at Scale:  Theory and Practices](https://www.hkubs.hku.hk/sc/?post_type=event&p=212672) - SPEAKER Professor Jun Li Professor of Technology and Operations Stephen M. Ross School of Business University of Michigan ABSTRACT In this talk, I will present a series of theoretical and applied work in competitive pricing. A retailer following a competition-based dynamic-pricing strategy tracks competitors’ price changes and then must decide whether and how to respond. The answers require modeling of consumer
- [Employment Flexibility and Worker Movement within and between Firms](https://www.hkubs.hku.hk/sc/?post_type=event&p=212731) - Speaker: Prof. Cheng Chen Assistant Professor of Economics College of Business, Clemson University Abstract: Leveraging a Japanese plant-employee matched data, we document intriguing facts related to worker dynamics within and across Firms. We find that the average age (i.e., experience) of workers decreases with plant size. I.e., larger plants tend to hire younger workers (both
- [Does Mandating Women on Corporate Boards Backfire?](https://www.hkubs.hku.hk/sc/?post_type=event&p=212608) - Speaker: Prof. Kai Li Professor of Finance Fellow of the Royal Society of Canada Canada Research Chair in Corporate Governance W. Maurice Young Chair in Finance UBC Sauder School of Business University of British Columbia Abstract: This paper explores the implications of external pressure to increase board gender diversity for female labor demand. Applying textual
- [From Overwhelmed to Empowered: How Artificial Intelligence Augments Managers in Employee Training](https://www.hkubs.hku.hk/sc/?post_type=event&p=212584) - SPEAKER Prof. Nan Jia Dean’s Associate Professor in Business Administration Associate Professor of Strategic Management Marshall School of Business University of Southern California ABSTRACT One in five employees at companies in the United States manages others. Effective management boosts workplace productivity and enhances employee well-being, but modern managers are increasingly overwhelmed by the growing organizational
- [Secular Decline in Modern China? Wage Evidence from Hydraulic Constructions and Rural Casual Work in Suzhou and Shanghai](https://www.hkubs.hku.hk/sc/event/secular-decline-in-modern-china-wage-evidence-from-hydraulic-constructions-and-rural-casual-work-in-suzhou-and-shanghai/) - INFORMATION Secular Decline in Modern China? Wage Evidence from Hydraulic Constructions and Rural Casual Work in Suzhou and Shanghai Scholars have long debated whether the Chinese economy has been in a secular decline since the nineteenth century. During this Quantitative History Webinar, Ziang Liu of the Centre for Quantitative History, HKU Business School, will present
- [Secular Decline in Modern China? Wage Evidence from Hydraulic Constructions and Rural Casual Work in Suzhou and Shanghai](https://www.hkubs.hku.hk/sc/event/secular-decline-in-modern-china-wage-evidence-from-hydraulic-constructions-and-rural-casual-work-in-suzhou-and-shanghai/) - INFORMATION Secular Decline in Modern China? Wage Evidence from Hydraulic Constructions and Rural Casual Work in Suzhou and Shanghai Scholars have long debated whether the Chinese economy has been in a secular decline since the nineteenth century. During this Quantitative History Webinar, Ziang Liu of the Centre for Quantitative History, HKU Business School, will present
- [Secular Decline in Modern China? Wage Evidence from Hydraulic Constructions and Rural Casual Work in Suzhou and Shanghai](https://www.hkubs.hku.hk/sc/event/secular-decline-in-modern-china-wage-evidence-from-hydraulic-constructions-and-rural-casual-work-in-suzhou-and-shanghai/) - INFORMATION Secular Decline in Modern China? Wage Evidence from Hydraulic Constructions and Rural Casual Work in Suzhou and Shanghai Scholars have long debated whether the Chinese economy has been in a secular decline since the nineteenth century. During this Quantitative History Webinar, Ziang Liu of the Centre for Quantitative History, HKU Business School, will present
- [Sponsored Tasks and Solver Participation in Crowdsourcing Contests](https://www.hkubs.hku.hk/sc/?post_type=event&p=212555) - SPEAKER Prof. Jianqing Chen Ashbel Smith Professor in Information Systems Jindal School of Management The University of Texas at Dallas ABSTRACT Crowdsourcing platforms provide venues for firms looking for solutions (seekers) to interact with individuals who can provide solutions (solvers). As crowdsourcing contest platforms have grown in popularity with numerous tasks being posted on a
- [Foreign and Domestic Firms: Long Run Employment Effects of Export Opportunities](https://www.hkubs.hku.hk/sc/?post_type=event&p=210793) - Speaker: Prof. Brian McCaig Professor Department of Economics Wilfrid Laurier University Abstract: We investigate a low-income country’s long run employment response to new export opportunities. The U.S.–Vietnam Bilateral Trade Agreement reduced U.S. import tariffs on exports from Vietnam. Employment grew faster in the industries most exposed to the U.S. tariff reductions and this was driven
- [Randomization Inference When N = 1](https://www.hkubs.hku.hk/sc/?post_type=event&p=212461) - SPEAKER Prof. Tengyuan Liang Professor of Econometrics and Statistics The University of Chicago ABSTRACT Neyman’s seminal paper in 1923, which introduced the potential outcome framework and the analysis of randomized experiments, has arguably laid the foundation of causal inference for cross-sectional data. Consequently, 21st-century medicine embraces a statistical view of effectiveness, considering the implications of
- [A New Test for high dimensional two-sample mean problems  with consideration of correlation structure](https://www.hkubs.hku.hk/sc/?post_type=event&p=212418) - SPEAKER Professor Runze Li Eberly Family Chair in Statistics | Associate Head, Department of Statistics Professor of Public Health Sciences Pennsylvania State University ABSTRACT This paper is concerned with high-dimensional two-sample mean problems, which receive considerable attention in recent literature. To utilize the correlation information among variables for enhancing the power of two-sample mean tests,
- [Learning from Online Ratings](https://www.hkubs.hku.hk/sc/?post_type=event&p=212383) - SPEAKER Prof. Xiang Hui Assistant Professor of Marketing OLIN Business School Washington University in St.Louis ABSTRACT Online ratings play an important role in many markets. However, how fast they can reveal seller types remains unclear. We propose a simple model of rating behavior where learning about the seller type influences the rating decision. We calibrate
- [The Paradox of a Pandemic: How Infectious and Restriction Saliences Shape Consumer Food Waste Behaviors](https://www.hkubs.hku.hk/sc/?post_type=event&p=212375) - SPEAKER Prof. Huachao Gao Associate Professor of Marketing and International Business Peter B. Gustavson School of Business University of Victoria ABSTRACT Consumer food waste, with its vast social, economic, and environmental implications, has been spotlighted during the COVID-19 pandemic, which disrupted food supply chains and heightened food insecurity. This study delineates the contrasting effects of
- [Using Better LLMs to Teach Lesser LLMs: Knowledge Distillation via Dynamic in-context Prompting for LLM based Customer Service](https://www.hkubs.hku.hk/sc/?post_type=event&p=212363) - SPEAKER Prof. Tong Wang Assistant Professor of Marketing Yale School of Management Yale University ABSTRACT The rapid development of large language models (LLMs) presents both opportunities and challenges in deploying them in goal-oriented dialogues for complex human interactions, such as customer support and persuasion. Advanced LLMs like GPT-4 excel in these domains but are too
- [A General Test for Functional Inequalities](https://www.hkubs.hku.hk/sc/?post_type=event&p=212321) - Speaker: Prof. Jia Li Lee Kong Chian Professor of Economics School of Economics, Singapore Management University Abstract: This paper develops a nonparametric test for general functional inequalities that include conditional moment inequalities as a special case. It is shown that the test controls size uniformly over a large class of distributions for observed data, importantly
- [Delegated Blocks](https://www.hkubs.hku.hk/sc/?post_type=event&p=212312) - Speaker: Prof. Amil Dasgupta Professor of Finance Director of the Financial Markets Group The London School of Economics and Political Science University of London Abstract: Will asset managers with large amounts of capital and high risk-bearing capacity hold large blocks and monitor aggressively? Both block size and monitoring intensity are governed by the contractual incentives
- [Models of patient access and payment parity in telehealth](https://www.hkubs.hku.hk/sc/?post_type=event&p=212281) - SPEAKER Prof. Alex F. Mills Professor | Narendra Paul Loomba Department of Management Baruch College Zicklin School of Business City University of New York ABSTRACT In response to the increased use of telehealth to replace traditional office visits with a physician, several US states and Medicare have adopted or proposed telehealth payment parity policies. These
- [Seeking Credibility: Impartial Courts, Geopolitics, and Location Choice for Patent Litigation](https://www.hkubs.hku.hk/sc/?post_type=event&p=211507) - SPEAKER Prof. Minyuan Zhao Associate Professor of Strategy Olin Business School Washington University in St. Louis ABSTRACT Multinational enterprises (MNEs) often engage in “forum shopping,” i.e., choosing courts that offer a good chance of winning while delivering an effective message to potential infringers worldwide. With heightened geopolitical tensions, however, litigation outcomes are often about the
- [Impact of State Community Reinvestment Act on Mortgage Companies --- Compliance with Unintended Consequences](https://www.hkubs.hku.hk/sc/?post_type=event&p=212109) - SPEAKER Prof. Haiwen (Helen) Zhang Professor of Accounting Carlson School of Management University of Minnesota ABSTRACT This paper examines the impact of state-level Community Reinvestment Act (CRA) on mortgage companies. Massachusetts (MA) is the first state to set up CRA obligations for mortgage companies. The goal of this rule is to encourage mortgage companies to
- [Rationalizing Choices in a Rich Domain](https://www.hkubs.hku.hk/sc/?post_type=event&p=211807) - Speaker: Prof. Rui TANG Assistant Professor in Economics The Hong Kong University of Science and Technology Abstract: Two alternatives are independent if they never induce menu effects on each other. We propose a condition, Comparative Richness, which postulates that for every menu and every submenu of it, there is an alternative that is equally desirable
- [Deforestation: A Global and Dynamic Perspective](https://www.hkubs.hku.hk/sc/?post_type=event&p=211838) - Speaker: Prof. Farid Farrokhi Assistant Professor of Economics Purdue University Abstract: We study deforestation in a dynamic world trade system. We first document that between 1990-2020: (i) global forest area has decreased by 7.1 percent, with large heterogeneity across countries, (ii) deforestation is associated with expansions of agri- cultural land use, (iii) deforestation is larger
- [Ready, Set, Unify: The Uneven Race between Trabants and BMWs](https://www.hkubs.hku.hk/sc/?post_type=event&p=211830) - Speaker: Dr. Sina T. Ates Principal Economist Federal Reserve Board Abstract: Even 30 years after the reunification, regions in East Germany (the former socialist GDR) live in considerably different economic conditions, with the average GDP per capita, for example, still about 20 percent below the average level in the West German regions. In this paper,
- [See the Gap: Firm Returns and Shareholder Incentives](https://www.hkubs.hku.hk/sc/?post_type=event&p=211815) - Speaker: Prof. Wenyu Wang Associate Professor of Finance Kelley School of Business Indiana University Abstract: Smart money often trades actively during times of large corporate events. We document in the context of mergers and acquisitions (M&A) that, during the public bid negotiation period, institutional investors increase their holdings of acquirers in deals that generate positive
- [An Affine-Subspace Shrinkage Approach to Choice-Based Conjoint Estimation](https://www.hkubs.hku.hk/sc/?post_type=event&p=211750) - SPEAKER Prof. Yupeng Chen Assistant Professor of Marketing Nanyang Business School Nanyang Technological University ABSTRACT Firms routinely use choice-based conjoint (CBC) data to estimate consumers' heterogeneous preferences. Since the amount of information elicited from each respondent is often limited, effective information pooling across respondents is critical for accurate CBC estimation. In this paper, we propose
- [Is History Repeating Itself? The (Un)Predictable Past of ESG Ratings](https://www.hkubs.hku.hk/sc/?post_type=event&p=211715) - Speaker: Professor Zacharias Sautner Professor of Sustainable Finance Senior chair at the Swiss Finance Institute University of Zurich Abstract: The explosion in ESG research has led to a strong reliance on ESG rating providers. We document widespread changes to the historical ratings of a key rating provider, Refinitiv ESG (formerly ASSET4). Depending on whether the
- [Doubly Robust Identification of Causal Effects of a Continuous Treatment using Discrete Instruments](https://www.hkubs.hku.hk/sc/?post_type=event&p=211596) - Speaker: Prof. Yingying Dong Professor, Department of Economics, University of California Irvine Abstract: Many empirical applications estimate causal effects of a continuous endogenous variable (treatment) using a binary instrument. Estimation is typically done through linear 2SLS. This approach requires a mean treatment change and causal interpretation requires the LATE-type monotonicity in the first stage. An
- [Accounting for formative and reflective topics in product review data for better consumer insights](https://www.hkubs.hku.hk/sc/?post_type=event&p=211337) - SPEAKER Prof. Thomas Otter Professor of Quantitative Marketing Faculty of Economics and Business Goethe University Frankfurt ABSTRACT Observations of product and service reviews suggest that textual product reviews may contain statements that talk about the overall experience ("We had a great time") or, similarly, whether to recommend a particular product. We argue that such statements
- [Nonlinear Inflation Dynamics in Menu Cost Economies](https://www.hkubs.hku.hk/sc/?post_type=event&p=211647) - Speaker: Prof. Corina Boar Assistant Professor Department of Economics New York University Abstract: Canonical menu cost models, when parameterized to match the micro-price data, cannot reproduce the extent to which the fraction of price changes increases with inflation. They also predict implausibly large menu costs and misallocation in the presence of strategic complementarities. We resolve
- [MiFID II Research Unbundling: Cross-border Impact on Asset Managers](https://www.hkubs.hku.hk/sc/?post_type=event&p=211628) - Speaker: Professor Richard Evans Professor of Business Administration Donald McLean Wilkinson Research Chair in Business Administration Darden School of Business University of Virginia Abstract: MiFID II requires EU investment advisors to "unbundle" research costs from execution fees. We find evidence that this unbundling for EU funds is accompanied by an increase in bundled commissions generated
- [2nd Annual Conference on Asia and the Global Economy](https://hkubs.hku.hk/eventsite/asia-and-the-global-economy/)
- [Mastering Anticipatory Impression Management in Earnings Conference: Motivation, Casting, and Market Reactions](https://www.hkubs.hku.hk/sc/?post_type=event&p=211483) - SPEAKER Prof. Helen Hu Professor of Strategic Management University of Melbourne ABSTRACT This study investigates how Chinese listed firms may use earnings conferences for the purpose of anticipatory impression management (AIM) to proactively build a positive image before the disclosure of financial misconduct. The specific event timeline—after committing financial misconduct but prior to regulators’ misconduct
- [Why Do Loss Firms Pay Taxes?](https://www.hkubs.hku.hk/sc/?post_type=event&p=211461) - SPEAKER Prof. Alexander Edwards Professor of Accounting Rotman School of Management University of Toronto ABSTRACT In a broad sample of publicly traded firms over the period 1988−2017, we observe that the share of firms annually reporting pre-tax book losses increased from about 20 to 35%. Of those loss firms 67% have positive cash tax payments
- [The Effects of Delay in Bargaining: Evidence from eBay](https://www.hkubs.hku.hk/sc/?post_type=event&p=211425) - SPEAKER Prof. Jessica Fong Assistant Professor of Marketing Ross School of Business University of Michigan ABSTRACT Delay in negotiations is common in many settings, but the effects of delay have rarely been studied empirically in the field. We measure the causal effect of delay using data from millions of negotiations on eBay. We find that
- [2nd HKU Quarterly Forum on Chinese Economy](https://ice.hkubs.hku.hk/events-archive/2nd-hku-quarterly-forum-on-chinese-economy/)
- [Incentivizing Mass Creativity: An Empirical Study of the Online Publishing Market](https://www.hkubs.hku.hk/sc/?post_type=event&p=211350) - SPEAKER Prof. Xiaolin Li Assistant Professor of Marketing The London School of Economics and Political Science The University of London ABSTRACT This paper examines the effects of incentive plans on the quantity and quality of creative production. We study a serial publishing platform which switched from a uniform commission plan to a quantity-based incentive plan
- [Policy Portfolio for Banks: Deposit Insurance and Ex-post Liquidity Injection](https://www.hkubs.hku.hk/sc/?post_type=event&p=211190) - Speaker: Professor Chong Huang Associate Professor of Finance The Paul Merage School of Business University of California, Irvine Abstract: Banking crises pose significant threats to our economy, leading to the implementation of policy measures such as deposit insurance and liquidity injection to strengthen financial stability and optimize resource allocation efficiency. This paper investigates the dynamic
- [Going Native: Foreign Firms’ Responses to Domestic Boycotts](https://www.hkubs.hku.hk/sc/event/going-native-foreign-firms-responses-to-domestic-boycotts/) - INFORMATION Going Native: Foreign Firms’ Responses to Domestic Boycotts Cong Liu of Jinan University and her co-authors study foreign firms’ responses to boycotts, focusing on China’s widespread boycott against Japan following the Mukden Incident on September 18, 1931. Using newly digitized data on trademark registrations for 20,740 trademarks between 1928 and 1935, they analyze firms’
- [Going Native: Foreign Firms’ Responses to Domestic Boycotts](https://www.hkubs.hku.hk/sc/event/going-native-foreign-firms-responses-to-domestic-boycotts/) - INFORMATION Going Native: Foreign Firms’ Responses to Domestic Boycotts Cong Liu of Jinan University and her co-authors study foreign firms’ responses to boycotts, focusing on China’s widespread boycott against Japan following the Mukden Incident on September 18, 1931. Using newly digitized data on trademark registrations for 20,740 trademarks between 1928 and 1935, they analyze firms’
- [Going Native: Foreign Firms’ Responses to Domestic Boycotts](https://www.hkubs.hku.hk/sc/event/going-native-foreign-firms-responses-to-domestic-boycotts/) - INFORMATION Going Native: Foreign Firms’ Responses to Domestic Boycotts Cong Liu of Jinan University and her co-authors study foreign firms’ responses to boycotts, focusing on China’s widespread boycott against Japan following the Mukden Incident on September 18, 1931. Using newly digitized data on trademark registrations for 20,740 trademarks between 1928 and 1935, they analyze firms’
- [Motivating Consumers via Goal Enabling Technology: The Role of Goal Difficulty Dimensions](https://www.hkubs.hku.hk/sc/?post_type=event&p=210869) - SPEAKER Professor Andre Bonfrer Professor of Marketing Deakin Business School Deakin University ABSTRACT Increasingly, consumers turn to mobile applications (apps) to achieve personal development and wellness goals, such as improving their physical, mental, social, professional or financial well-being. To better assist consumers in their pursuit of these goals, service providers often introduce goal-enabling technologies
- [Reverence over Rapidness: When Slower Moral Trade-off by AI Enhances AI Appreciation](https://www.hkubs.hku.hk/sc/?post_type=event&p=211234) - SPEAKER Professor Adelle Xue Yang Assistant Professor of Marketing NUS Business School National University of Singapore ABSTRACT The reduction of decision speed is a central goal in the development of AI (artificial intelligence) applications. However, do people always prefer a faster AI decision-maker? Across twelve pre-registered experiments (N = 6,971), we find that people have
- [The Macroeconomics of Firm Forecasts](https://www.hkubs.hku.hk/sc/?post_type=event&p=211180) - Speaker: Prof. Alexandre Kohlhas Associate Professor of Economics Oxford University Abstract: We document a systematic increase in the forecasting ability of US firms over time and show that this increase is accounted for largely by the change in the firm-size distribution. We develop a macroeconomic framework of firm information production that is consistent with this
- [Emission caps and investment in green technologies](https://www.hkubs.hku.hk/sc/?post_type=event&p=210826) - Speaker: Prof. Augustin Landier Professor of Finance HEC Paris Abstract: We study the interaction between firms, which can invest in green technologies, and government, which can impose emission caps but has limited commitment power. Two types of equilibria can arise: In a “green equilibrium”, firms anticipate caps and invest in green technologies. These investments have
- [Fare Structure and the Demand for Public Transit](https://www.hkubs.hku.hk/sc/?post_type=event&p=210905) - Speaker: Prof. Ben Zou Assistant Professor of Economics Purdue University Abstract: We study fare structure design and public transit use. Leveraging a fare rise in the Beijing Subway that replaced a flat rate with one that varies by distance, time, and offers quantity discounts, we find inelastic demand, inflexible travel schedules, and no responses to
- [Elements of Consumption of Streaming Media](https://www.hkubs.hku.hk/sc/?post_type=event&p=210829) - SPEAKER Professor Karsten Theil Hansen Professor of Marketing UCSD Rady School of Management University of California San Diego ABSTRACT In recent years, the emergence of smart technologies—including wearable devices like smartwatches, smartphones, smart scales, and e-bikes—has dramatically transformed how consumers interact with products. Embedded with sensors and tracking technology, these devices provide companies with
- [The Value of Personal Data in the Digital Economy: Evidence from  High-Stake Field Experiments on the E-commerce Platform and Search Engine](https://www.hkubs.hku.hk/sc/?post_type=event&p=210588) - SPEAKER Professor Tianshu Sun Dean’s Distinguished Chair Professor of Information Systems Cheung Kong Graduate School of Business (CKGSB) ABSTRACT Personal data has become a key input in Internet Commerce and Search Engine, facilitating the matching between millions of customers and merchants. Recent data regulation in Europe, US and China restricts platforms’ ability to collect and
- [CEO Contract Length and Contract Renewal: Impression Management of CSR Engagement](https://www.hkubs.hku.hk/sc/?post_type=event&p=210562) - SPEAKER Prof. Guoli Chen Professor of Strategy INSEAD ABSTRACT We examine the implications of chief executive officer (CEO)’s initial contract length for corporate social responsibility (CSR). We posit that, faced with greater time pressure to demonstrate their abilities, CEOs with shorter initial contract lengths are more likely than other CEOs to engage in impression management
- [War and the Origins of Chinese Civilization](https://www.hkubs.hku.hk/sc/event/war-and-the-origins-of-chinese-civilization/) - INFORMATION War and the Origins of Chinese Civilization Archaeological discoveries since 1921 have established that complex societies, as represented by densely-populated walled cities, first arose in North China, not in the South, triggering the development of Chinese civilization. But it remains an open question as to what made the early cradles of civilization emerge. To
- [War and the Origins of Chinese Civilization](https://www.hkubs.hku.hk/sc/event/war-and-the-origins-of-chinese-civilization/) - INFORMATION War and the Origins of Chinese Civilization Archaeological discoveries since 1921 have established that complex societies, as represented by densely-populated walled cities, first arose in North China, not in the South, triggering the development of Chinese civilization. But it remains an open question as to what made the early cradles of civilization emerge. To
- [The Empire Project: Trade Policy in Interwar Canada](https://www.hkubs.hku.hk/sc/event/the-empire-project-trade-policy-in-interwar-canada/) - INFORMATION The Empire Project: Trade Policy in Interwar Canada Kevin O’Rourke of NYU Abu Dhabi and team use a new dataset on the universe of Canadian imports and tariffs between 1924 and 1936, disaggregated into 1697 goods originating in 112 countries, to analyze the impact on Canadian imports of interwar Canadian trade policy, including the
- [The Empire Project: Trade Policy in Interwar Canada](https://www.hkubs.hku.hk/sc/event/the-empire-project-trade-policy-in-interwar-canada/) - INFORMATION The Empire Project: Trade Policy in Interwar Canada Kevin O’Rourke of NYU Abu Dhabi and team use a new dataset on the universe of Canadian imports and tariffs between 1924 and 1936, disaggregated into 1697 goods originating in 112 countries, to analyze the impact on Canadian imports of interwar Canadian trade policy, including the
- [The Empire Project: Trade Policy in Interwar Canada](https://www.hkubs.hku.hk/sc/event/the-empire-project-trade-policy-in-interwar-canada/) - INFORMATION The Empire Project: Trade Policy in Interwar Canada Kevin O’Rourke of NYU Abu Dhabi and team use a new dataset on the universe of Canadian imports and tariffs between 1924 and 1936, disaggregated into 1697 goods originating in 112 countries, to analyze the impact on Canadian imports of interwar Canadian trade policy, including the
- [War and the Origins of Chinese Civilization](https://www.hkubs.hku.hk/sc/event/war-and-the-origins-of-chinese-civilization/) - INFORMATION War and the Origins of Chinese Civilization Archaeological discoveries since 1921 have established that complex societies, as represented by densely-populated walled cities, first arose in North China, not in the South, triggering the development of Chinese civilization. But it remains an open question as to what made the early cradles of civilization emerge. To
- [HKU-Airstar Bank Joint University Case Competition 2024](https://www.hkubs.hku.hk/sc/event/hku-airstar-bank-joint-university-case-competition-2024/) - HKU-Airstar Bank Joint University Case Competition 2024 April 14, 2024 LE1, Library Extension Building, HKU HKU Business School collaborates with Airstar Bank Limited to organise the HKU-Airstar Bank Joint University Case Competition 2024 in April 2024. This competition is the annual signature event of HKU International Case Society (HICS), a student-run organisation supported by
- [HKU-Airstar Bank Joint University Case Competition 2024](https://www.hkubs.hku.hk/sc/event/hku-airstar-bank-joint-university-case-competition-2024/) - HKU-Airstar Bank Joint University Case Competition 2024 April 14, 2024 LE1, Library Extension Building, HKU HKU Business School collaborates with Airstar Bank Limited to organise the HKU-Airstar Bank Joint University Case Competition 2024 in April 2024. This competition is the annual signature event of HKU International Case Society (HICS), a student-run organisation supported by
- [HKU-Airstar Bank Joint University Case Competition 2024](https://www.hkubs.hku.hk/sc/event/hku-airstar-bank-joint-university-case-competition-2024/) - HKU-Airstar Bank Joint University Case Competition 2024 April 14, 2024 LE1, Library Extension Building, HKU HKU Business School collaborates with Airstar Bank Limited to organise the HKU-Airstar Bank Joint University Case Competition 2024 in April 2024. This competition is the annual signature event of HKU International Case Society (HICS), a student-run organisation supported by
- [HKU-Airstar Bank Joint University Case Competition 2024: Industry Workshop on Fintech](https://www.hkubs.hku.hk/sc/event/hku-airstar-bank-joint-university-case-competition-2024-industry-workshop-on-fintech/) - HKU-Airstar Bank Joint University Case Competition 2024: Industry Workshop on Fintech April 6, 2024 K.K. Leung Building, HKU HKU Business School collaborates with Airstar Bank Limited to organise the HKU-Airstar Bank Joint University Case Competition 2024 in April 2024. Airstar Bank is one of the key players in the digital bank industry driving innovation
- [HKU-Airstar Bank Joint University Case Competition 2024: Industry Workshop on Fintech](https://www.hkubs.hku.hk/sc/event/hku-airstar-bank-joint-university-case-competition-2024-industry-workshop-on-fintech/) - HKU-Airstar Bank Joint University Case Competition 2024: Industry Workshop on Fintech April 6, 2024 K.K. Leung Building, HKU HKU Business School collaborates with Airstar Bank Limited to organise the HKU-Airstar Bank Joint University Case Competition 2024 in April 2024. Airstar Bank is one of the key players in the digital bank industry driving innovation
- [HKU-Airstar Bank Joint University Case Competition 2024: Industry Workshop on Fintech](https://www.hkubs.hku.hk/sc/event/hku-airstar-bank-joint-university-case-competition-2024-industry-workshop-on-fintech/) - HKU-Airstar Bank Joint University Case Competition 2024: Industry Workshop on Fintech April 6, 2024 K.K. Leung Building, HKU HKU Business School collaborates with Airstar Bank Limited to organise the HKU-Airstar Bank Joint University Case Competition 2024 in April 2024. Airstar Bank is one of the key players in the digital bank industry driving innovation
- [The Impact of Accounting Fraud on Auditor Quality Disclosures in Non-Fraudulent Audit Clients](https://www.hkubs.hku.hk/sc/?post_type=event&p=210411) - SPEAKER Prof. Like Jiang Associate Professor in Accounting Faculty of Business and Economics The University of Melbourne ABSTRACT Does audit committee change its disclosure practices in response to accounting fraud of peer firms sharing the same auditor? This study examines whether audit clients disclose information about their audit committee’s perception of auditor quality in support of
- [The Institutional Origins of the Startup Gender Gap: Evidence from a Regression Discontinuity-in-Time Approach](https://www.hkubs.hku.hk/sc/?post_type=event&p=210407) - SPEAKER Prof. Olenka Kacperczyk Professor of Strategy and Entrepreneurship London Business School ABSTRACT Women remain underrepresented not only as startup founders but also as joiners. However, limited understanding persists regarding the sources of this disparity. Traditional explanations that focus on individuals and their preferences fail to fully account for the emergence of the gender gap.
- [The China-U.S. Equity Valuation Gap](https://www.hkubs.hku.hk/sc/?post_type=event&p=210400) - Speaker: Prof. Xiaoyan Zhang Associate Dean Professor of Finance PBC School of Finance Tsinghua University Abstract: The Chinese earnings yield differential relative to the U.S. switches from negative to positive around 2009, with the aggregate variation masking substantial cross-sector variation. Changes in sectoral composition and (changing) growth expectations are not important determinants of the variation
- [Geography of Business Interactions:  Evidence from Business Card Exchange Data](https://www.hkubs.hku.hk/sc/?post_type=event&p=209741) - Speaker: Prof. Junichi Yamasaki Associate Professor at Graduate School of Economics Kobe University Abstract: In-person business meetings are a critical driver of agglomeration benefits, yet the scarcity of data has hindered exploration into their nature. This study leverages a novel dataset obtained from a business card exchange application, used by 0.4 million workers in Tokyo,
- [Finding all stable matchings with assignment constraints](https://www.hkubs.hku.hk/sc/?post_type=event&p=210347) - Speaker: Dr. Philip Neary Lecturer in Department of Economics Royal Holloway University of London Abstract: In this paper we consider stable matchings subject to assignment constraints. These are matchings that require certain assigned pairs to be included, insist that some other assigned pairs are not, and, importantly, are stable. Our main contribution is an algorithm
- [Automation and Gender: Implications for Occupational Segregation and the Gender Skill Gap](https://www.hkubs.hku.hk/sc/?post_type=event&p=210261) - Speaker: Prof. Jessica Pan Professor of Economics National University of Singapore Abstract: We examine the differential effects of automation on the labor market and educational outcomes of women relative to men over the past four decades. Although women were disproportionately employed in occupations with a high risk of automation in 1980, they were more likely
- [To Greener Pastures They Go? Employee Responses to Corporate Social Irresponsibility](https://www.hkubs.hku.hk/sc/?post_type=event&p=210235) - SPEAKER Prof. Forrest Briscoe Professor of Management Smeal College of Business The Pennsylvania State University ABSTRACT Employees are attracted to firms with socially responsible records, but are they willing to leave when their employer violates environmental or social norms? We theorize that stakeholder violations cause employees to revise how they see their employer such that
- [Aligned Trading and Corporate Misgovernance](https://www.hkubs.hku.hk/sc/?post_type=event&p=210217) - Speaker: Prof. Jun Yang Conrad Prebys Professor of Finance Chairperson of Finance Director of the Institute for Corporate Governance Kelley School of Business Indiana University Abstract: We show that aligned trading--an observable outcome where independent directors and the CEO abnormally/opportunistically sell their firm’s shares in a given year—incrementally predicts the effectiveness of the board’s monitoring
- [Is Job Loss Always Bad for Health? Evidence from National Health Screening](https://www.hkubs.hku.hk/sc/?post_type=event&p=210095) - Speaker: Prof. Jungmin Lee Professor, Economics Seoul National University Abstract: We examine the effect of job displacement on mortality, hospitalization, biomarkers, and health behaviors in South Korea. We find that the impact on health differs between severe and less severe outcomes and also by gender. Men experience little impact on mortality and hospitalization except for
- [Privilege and Prejudice: Shareholder Primacy and the Relevance of Social Class Backgrounds for CEO Contenders’ Selection Prospects](https://www.hkubs.hku.hk/sc/?post_type=event&p=210182) - SPEAKER Prof. Abhinav Gupta Professor of Management Foster School of Business The University of Washington ABSTRACT Research has found that contenders from upper-class backgrounds are favored for CEO positions over those from humbler origins. However, in the decades since the last analysis was conducted, Corporate America has undergone significant changes that have institutionalized shareholder primacy
- [Home Production and Gender Gap in Structural Change](https://www.hkubs.hku.hk/sc/?post_type=event&p=210112) - Speaker: Prof. Chaoran Chen Associate Professor Department of Economics York University Abstract: This paper establishes an empirical link between home production by married females and gender disparities in non-agricultural employment in developing countries. Building on these findings, we extend the general equilibrium Roy model to incorporate the joint labor supply decisions of rural married couples,
- [Postgraduate program applications:  simultaneous search, sequential outcomes, and reservation fees](https://www.hkubs.hku.hk/sc/?post_type=event&p=210102) - SPEAKER Prof. Ying Ju CHEN Chair Professor Department of Information Systems, Business Statistics and Operations Management Department of Industrial Engineering and Decision Analytics The Hong Kong University of Science and Technology ABSTRACT This paper studies a simultaneous-search problem in which a player observes the outcomes sequentially, and must pay reservation fees to maintain eligibility for
- [The Social Cost of Liquidity Disclosure: Evidence from Hospitals](https://www.hkubs.hku.hk/sc/?post_type=event&p=210082) - SPEAKER Professor Thomas Bourveau Associate Professor of Business Accounting Division Columbia Business School ABSTRACT We study the social costs of liquidity transparency in the context of non-profit U.S. hospitals. We find that, following a reform that mandates non-profits to disclose more information about their liquidity, hospitals with ex-ante low liquidity take actions to improve their
- ['Everybody Fights an American War': The Effect of the US-China Trade War on Markets in Mexico](https://www.hkubs.hku.hk/sc/?post_type=event&p=210044) - Speaker: Prof. Alan Spearot Professor and Chair Department of Economics University of California, Santa Cruz
- [CIE Frontier Research Series - Leveraging Artificial Intelligence in Platform Ecosystems: The Role of Alignment from a Complementor Perspective](https://www.hkubs.hku.hk/sc/?post_type=event&p=210056) - The Centre for Innovation and Entrepreneurship (CIE) is delighted to invite Professor Sali LI, Professor of Darla Moore School of Business at University of South Carolina to deliver a talk on May 3, 2024 at The University of Hong Kong. Details are as follows: Date and Time: May 3, 2024 (Friday) | 3:00 p.m. –
- [Financial Frictions and the Markets for Firms](https://www.hkubs.hku.hk/sc/?post_type=event&p=209949) - Speaker: Prof. Federico Kochen Assistant Professor of Economics Centro de Estudios Monetarios y Financieros (CEMFI) Abstract: We study and quantify the aggregate implications of the trade of firms in the presence of financial frictions. In the U.S., one out of four entrepreneurs purchased their business. In the cross-section, younger, smaller, and higher return to capital
- [Agglomeration Among Competitors: Peer Entry Effect in the Sharing Economy](https://www.hkubs.hku.hk/sc/?post_type=event&p=210035) - SPEAKER Prof. Sijia (Catherine) Ma Assistant Professor Department of Management Tilburg University ABSTRACT We examine the effects of spatial agglomeration on the performance of home-sharing listings. Although spatial agglomeration has the potential to agglomerate demand for co-located listings, it may also intensify localized competition. As such, the impact of spatial agglomeration on listings’ performance is
- [Network Position and Performance: Advantage or Privilege?](https://www.hkubs.hku.hk/sc/?post_type=event&p=210008) - SPEAKER Prof. Christopher Rider Thomas C. Kinnear Professor Associate Professor of Entrepreneurial Studies Ross School of Business University of Michigan ABSTRACT We reconsider the relationship between an organization’s performance and its position within an inter-organizational network (i.e., the position-performance relationship). We contrast the notion of position as an advantage borne of superior capabilities with that
- [Deep learning to play games](https://www.hkubs.hku.hk/sc/?post_type=event&p=209833) - Speaker: Prof. Daniele Condorelli Professor, Department of Economics, University of Warwick
- [News Consumption in the Wild](https://www.hkubs.hku.hk/sc/?post_type=event&p=209802) - Speaker: Prof. Anthony Cookson Professor of Finance Faculty Director of MS Finance Leeds School of Business University of Colorado Boulder Abstract: We study how market returns shape news consumption, employing 700 million pageviews over 27 months from Australia’s largest financial newspaper, the Australian Financial Review. Aggregate news consumption intensifies on days when the Australian market
- [On Hiring via Secondary Employment Affiliations](https://www.hkubs.hku.hk/sc/?post_type=event&p=209744) - SPEAKER Prof. Filippo Carlo Wezel Professor of Management and Organizations USI Lugano (Switzerland) ABSTRACT Our paper establishes the phenomenon of hiring via secondary employment affiliations as an effective practice that organizations leverage when targeting employees of other organizations. Our data-driven exploration of the population of hires among Swedish private sector firms suggests that employers achieve
- [CIE Executive Insights Series: Experience Sharing by Venture Capitalist: Mr. Roc Yang (C3 Capital)](https://www.hkubs.hku.hk/sc/?post_type=event&p=209723) - The Centre for Innovation and Entrepreneurship (CIE) at HKU Business School proudly presents the Executive Insights Series – a forum bringing together business executives, entrepreneurs and innovators to share their experiences with the HKU community. We are pleased to invite Mr. Roc Yang, an experienced venture capitalist from C3 Capital to share with us the latest entrepreneurship and venture capital situations on March 15, 2024 at The
- [The State Civilian Granary System and Price Stability, 1741-1856](https://www.hkubs.hku.hk/sc/event/the-state-civilian-granary-system-and-price-stability-1741-1856/) - INFORMATION The State Civilian Granary System and Price Stability, 1741-1856 Over the past several decades governments across the world have begun targeting price stability in financial markets. This is a stark contrast to the laissez-faire approach of the twentieth century and has few precedents in Western financial history. In China, however, the notion that state
- [The State Civilian Granary System and Price Stability, 1741-1856](https://www.hkubs.hku.hk/sc/event/the-state-civilian-granary-system-and-price-stability-1741-1856/) - INFORMATION The State Civilian Granary System and Price Stability, 1741-1856 Over the past several decades governments across the world have begun targeting price stability in financial markets. This is a stark contrast to the laissez-faire approach of the twentieth century and has few precedents in Western financial history. In China, however, the notion that state
- [The State Civilian Granary System and Price Stability, 1741-1856](https://www.hkubs.hku.hk/sc/event/the-state-civilian-granary-system-and-price-stability-1741-1856/) - INFORMATION The State Civilian Granary System and Price Stability, 1741-1856 Over the past several decades governments across the world have begun targeting price stability in financial markets. This is a stark contrast to the laissez-faire approach of the twentieth century and has few precedents in Western financial history. In China, however, the notion that state
- [Dynamic Network Influence: The Art of Strategic Messaging](https://www.hkubs.hku.hk/sc/?post_type=event&p=209586) - Speaker: Prof. Wei Li Associate Professor of Economics University of British Columbia Abstract: Strategic influencers send costly messages over time to persuade agents in a network. Each influencer maximizes her total discounted payoff, which decreases in the agents’ opinion deviations from her agenda. Agents update opinions by taking weighted averages of neighbors’ opinions and influencers’
- [Asset-Pricing Factors with Economic Targets](https://www.hkubs.hku.hk/sc/?post_type=event&p=209674) - SPEAKER Professor Victor DeMiguel Professor of Management Science and Operations London Business School ABSTRACT We propose a novel method to estimate latent asset-pricing factors that incorporate economic structure. Our estimator generalizes principal component analysis by including economically motivated cross-sectional and time-series moment targets that help to detect weak factors. Cross-sectional targets may capture monotonicity constraints
- [Correlated Borrowing Demands and Lender Liquidity Monitoring:  Evidence from Minimum Liquidity Covenants](https://www.hkubs.hku.hk/sc/?post_type=event&p=209635) - SPEAKER Prof. Scott Liao Professor of Accounting Rotman School of Management University of Toronto ABSTRACT In this study, we examine whether and how correlated borrowing demands affect lenders’ liquidity management through monitoring of borrowers’ liquidity. We capture lender liquidity monitoring using an emerging and underexplored monitoring mechanism, minimum liquidity covenants in loan contracts that require
- [Dynamic Adjustment to Trade Shocks](https://www.hkubs.hku.hk/sc/?post_type=event&p=209579) - Speaker: Prof. Marc Muendler Professor of Economics University of California, San Diego Abstract: Global trade flows and supply chains adjust gradually. Empirical estimates of the trade elasticity for the short run are about half as large as those for the long run and suggest that trade is subject to substantive adjustment frictions. We develop a
- [On the Mechanics of Wealth Inequality at the Top: With An Application to Wealth Taxation](https://www.hkubs.hku.hk/sc/?post_type=event&p=209552) - Speaker: Prof. Fatih Guvenen Curtis L. Carlson Professor of Economics University of Minnesota Abstract: Top-end wealth inequality is receiving increasing interest in academic research and policy debates. Despite this widespread attention, there is no consensus in the academic literature about the right framework—or model ingredients—that can generate the massive concentration of wealth at the top
- [Competitive Model Selection In Algorithmic Targeting](https://www.hkubs.hku.hk/sc/?post_type=event&p=209536) - SPEAKER Professor Ganesh Iyer Edgar F. Kaiser Professor in Business Administration Senior Editor for Marketing Science Haas School of Business University of California, Berkeley ABSTRACT We study how market competition influences the algorithmic design choices of firms in the context of targeting. Firms face a general bias-variance tradeoff when choosing the design of a
- [A Bayesian Framework for Fine-Tuning Pretrained Diffusion Models](https://www.hkubs.hku.hk/sc/?post_type=event&p=209493) - SPEAKER Prof. Jian Huang Chair Professor of Data Science and Analytics Department of Applied Mathematics The Hong Kong Polytechnic University ABSTRACT Diffusion-based generative models have achieved remarkable successes in learning complex probability measures for various types of data, including image, video, audio, and biomedical data. Researchers have taken steps to fine tune pre-trained large-scale models
- [Competing on Information in Selection Markets: Evidence from Auto Insurance](https://www.hkubs.hku.hk/sc/?post_type=event&p=209439) - Speaker: Prof. Yi Xin Assistant Professor of Economics California Institute of Technology Abstract: This paper develops a novel method to empirically analyze competitive equilibrium in selection markets when firms offer differentiated products while having different cost structures and information precision. We apply the method to study a represen- tative sample of Italian auto insurance contracts
- [Female representation and talent allocation in entrepreneurship: the role of early exposure to entrepreneurs](https://www.hkubs.hku.hk/sc/?post_type=event&p=209432) - SPEAKER Prof. Maddalena Ronchi Assistant Professor of Finance Kellogg School of Management Northwestern University ABSTRACT Using registry data from Denmark, this paper shows that higher exposure to entrepreneurship during adolescence affects the representation of women and the allocation of talent in this profession. We track the educational and professional choices of one million individuals from
- [Subsidizing Industry Growth in a Market with Lemons: Evidence from the Chinese Electric Vehicle Market](https://www.hkubs.hku.hk/sc/?post_type=event&p=209329) - Speaker: Mrs. Jingyuan Wang PhD Candidate Department of Economics Northwestern University Abstract: Consumer subsidies are common policies to foster growth in emerging green industries, such as the electric vehicle (EV) industry. Ideally, such policies can expand the market and improve welfare by promoting firm entry and inducing technology spillovers to related industries. However, a poorly
- [Economies of Scope and Common Inputs in Production Technology](https://www.hkubs.hku.hk/sc/?post_type=event&p=209338) - SPEAKER Dr. Devesh R. Raval Bureau of Economics Federal Trade Commission ABSTRACT The dominant theoretical explanation for the existence of large, multi-product producers is economies of scope arising from common inputs across production lines of business. I assess the degree of economies of scope using data from the FTC's Line of Business surveys, which provide
- [Unlocking Innovation in Healthcare: The Case of the Patient Innovation](https://www.hkubs.hku.hk/sc/?post_type=event&p=209088) - SPEAKER Prof. Pedro Oliveira Professor | Operations, Technology and Innovation Management Dean and Calouste Gulbenkian Chair Professor Nova School of Business and Economics (NovaSBE) ABSTRACT Multisided platforms are new organizing forms that can boost innovation in the healthcare sector by empowering patients as innovators and facilitating the commercialization of innovations by and for patients. However,
- [Consumer Appeal of Quantity Discounts](https://www.hkubs.hku.hk/sc/?post_type=event&p=209296) - SPEAKER Prof. Haiyang Yang Associate Professor of Marketing Johns Hopkins Carey Business School Johns Hopkins University ABSTRACT How can brands make quantity discounts more attractive to consumers? This research proposes that, instead of providing only a target quantity discount (e.g., regular price: $6.99 each; buy two: $5.59 each), offering it along with an additional
- [The Value of Vagueness in Language:  Evidence from Analyst Reports](https://www.hkubs.hku.hk/sc/?post_type=event&p=209235) - SPEAKER Prof. Amy Yunzhi ZANG Associate Professor Department of Accounting The Hong Kong University of Science and Technology ABSTRACT We study a less-understood distinction between hard information and soft information, namely their differing ability to convey vagueness. Theories in philosophy and linguistics suggest that language is inherently vague, which can be valuable when quantification is
- [[Alumni Homecoming Weekend] Sports & Business Forum](https://www.hkubs.hku.hk/event/alumni-homecoming-weekend-sports-business-forum/) - Attention all alumni, athletes, and sports enthusiasts - come join our first-ever Sports & Business Forum at Rayson Huang Theatre on Sunday March 17! Following the Opening Remarks from our Dean who will introduce the upcoming Pokfield campus that will be home to both the business school as well as the new HKU-wide sports centre
- [HKU Macroeconomics Workshop](https://www.hkubs.hku.hk/sc/?post_type=event&p=209040) - The first HKU Macroeconomics Workshop is organized by the HKU Business School, which will be a two-day workshop with eleven papers. The 2024 conference is scheduled to take place from Friday, March 8 to Saturday, March 9, 2024, at Room 1121 in the K. K. Leung Building, located on the HKU main campus. Day 1: Friday
- [Disloyal Managers and the Choice between  Bank Debt and Public Debt](https://www.hkubs.hku.hk/sc/?post_type=event&p=209183) - SPEAKER Prof. Mark Yuzhi YAN Assistant Professor Department of Accountancy, Economics and Finance Hong Kong Baptist University ABSTRACT Traditionally, fiduciaries’ duty of loyalty demands that they not pursue business opportunities that could benefit their own companies. Starting with Delaware in 2000, several states now allow companies to waive this duty. We find that the affected
- [Unobserved Auctions](https://www.hkubs.hku.hk/sc/?post_type=event&p=209135) - Speaker: Prof. Li, Hao Professor of Economics University of British Columbia Abstract: A seller of an indivisible good faces buyers who draw their private values independently from the same distribution. The seller commits to an ``auction'' that maps a profile of bids to a take-it-or-leave-it offer to a selected buyer, but this mapping is unobserved by
- [Decomposing Trends in the Gender Gap for Highly Educated Workers](https://www.hkubs.hku.hk/sc/?post_type=event&p=209127) - Speaker: Prof. Ling Zhong Assistant Professor of Economics Cheung Kong Graduate School of Business Abstract: This paper studies the gender gap among full time college educated workers born between 1931 and 1984, focusing on the differential contribution of undergraduate field, graduate degree attainment and field, and field specific returns. Using rich data from the National
- [A Dynamic Spatial Knowledge Economy](https://www.hkubs.hku.hk/sc/?post_type=event&p=209079) - Speaker: Dr. Levi Crews IES Postdoctoral Fellow Department of Economics Princeton University Abstract: Cities have long been thought to drive economic growth. Despite this, analyses of spatial policies have largely ignored the effects of such policies on growth. In this paper, I develop a spatial endogenous growth model in which heterogeneous agents make forward-looking migration
- [Algorithmic Pricing and Liquidity in Securities Markets](https://www.hkubs.hku.hk/sc/?post_type=event&p=209043) - Speaker: Prof. Thierry Foucault Professor of Finance HEC Foundation Chaired Professor HEC Paris Abstract: We let “Algorithmic Market Makers” (AMs), using Q-learning algorithms, determine prices for a risky asset in a standard market making game with adverse selection and compare these prices to the Nash equilibrium of the game. We observe that AMs effectively adapt
- [Consumer Search and Product Line Length: The Role of the Consumer Distribution](https://www.hkubs.hku.hk/sc/?post_type=event&p=209031) - SPEAKER Prof. Dmitri Kuksov Ashbel Smith Professor Professor of Marketing Naveen Jindal School of Management The University of Texas at Dallas ABSTRACT More intense consumer search across firms may lead to both stronger price competition and a better match between customers and products. We show that the net result of these forces may lead
- [Measuring the Synergy Across Customer Touchpoints using Transformers](https://www.hkubs.hku.hk/sc/?post_type=event&p=209022) - SPEAKER Prof. P.K. Kannan Associate Dean for Strategic Initiatives Dean's Chair in Marketing Science Robert H. Smith School of Business University of Maryland ABSTRACT When observing a sequence of customer interactions, it is important for a firm to understand how these interactions relate to key objectives – qualified customer leads, customer conversion events, or
- [Risk and Risk-Free Rates](https://www.hkubs.hku.hk/sc/?post_type=event&p=209010) - Speaker: Prof. Mete Kilic Assistant Professor of Finance and Business Economics Marshall School of Business University of Southern California Abstract: Risk-free interest rates and the VIX index comove negatively on average, as predicted by precautionary savings. But this comovement turns positive on FOMC days. This pattern is consistently observed across a diverse array of risk-free
- [Some Unorthodox Thinking and Observations](https://www.hkubs.hku.hk/sc/?post_type=event&p=208859) - SPEAKER Prof. ZHU Leon Yang Professor of Operations Management Cheung Kong Graduate School of Business (CKGSB) ABSTRACT In this talk, I will share two recent studies on very different subjects. In the first study, I try to connect the behavioral bias in economics with the bias-variance tradeoff in statistics via the James-Stein Shrinkage. Specifically, James–Stein
- [Balancing Demand Spillover and Lost-Sales under Fulfillment Flexibility](https://www.hkubs.hku.hk/sc/?post_type=event&p=208849) - SPEAKER Prof. Linwei Xin Associate Professor of Operations Management Booth School of Business University of Chicago ABSTRACT One key aspect of inventory management in online retailing is demand spillover, where a stockout at one fulfillment center (FC) leads to demand shifting to another FC. Our research challenges the widely accepted benefits of inventory pooling as
- [Demographically Biased Technological Change](https://www.hkubs.hku.hk/sc/?post_type=event&p=208687) - SPEAKER Prof. John-Paul Ferguson Associate Professor of Organizational Behaviour McGill University ABSTRACT Who gets the jobs that automation creates? From prior studies, a consensus has begun to emerge that said technologies complement rather than substitute for labor. However, they also shift the demand for specific types of skills and other worker competencies. Such shifts imply
- [Cross-Country Differences in Work](https://www.hkubs.hku.hk/sc/?post_type=event&p=208680) - SPEAKER Prof. Letian Zhang Assistant Professor of Business Administration Harvard Business School ABSTRACT We examine the role of a society’s social trust in shaping its organization’s job design. We use a dataset comprising over 60 million job postings from 28 European Union countries. Our most rigorous analytical models employ bilateral trust measures to predict job
- [The Consequences of Domestic Outsourcing: Evidence from Italian Administrative Data](https://www.hkubs.hku.hk/sc/?post_type=event&p=208642) - Speaker: Prof. Raffaele Saggio Assistant Professor of Economics University of British Columbia Abstract: This paper exploits a novel identifier of outsourcing in Italian matched employer-employee administrative data to provide several new findings on outsourcing. First, outsourcing is more widespread than previously thought, with over two-thirds of workers being outsourced to a non-business-service firm. Second, using
- [Call For Abstracts: 2024 China India Insights Program Conference](https://www.hkubs.hku.hk/sc/?post_type=event&p=203220) - Introduction The China India Insights Program (CIIP) at the Yale School of Management and HKU Business School are co-organizing the 14th annual China India Insights Conference on June 20–22, 2024 (a reception on Thursday evening, June 20 and end late afternoon on Saturday, June 22). The conference will be hosted at the University of Hong
- [Robust Estimation and Inference in Panels with Interactive Fixed Effects](https://www.hkubs.hku.hk/sc/?post_type=event&p=208628) - Speaker: Prof. Andrei Zeleneev Assistant Professor University College London Abstract: We consider estimation and inference for a regression coefficient in panels with interactive fixed effects (i.e., with a factor structure). We show that previously developed estimators and confidence intervals (CIs) might be heavily biased and size-distorted when some of the factors are weak. We propose
- [The Impact of the 1901 Land Title Deed Act on Bangkok’s Urban Land Market](https://www.hkubs.hku.hk/sc/event/the-impact-of-the-1901-land-title-deed-act-on-bangkoks-urban-land-market/) - INFORMATION The Impact of the 1901 Land Title Deed Act on Bangkok’s Urban Land Market King Chulalongkorn adopted a Western land code in 1901 as a part of a defensive strategy against Western colonial ambitions in Siam. The enactment of the 1901 Land Title Deed Act converted traditional secure usufruct rights to fully transferable private
- [The Impact of the 1901 Land Title Deed Act on Bangkok’s Urban Land Market](https://www.hkubs.hku.hk/sc/event/the-impact-of-the-1901-land-title-deed-act-on-bangkoks-urban-land-market/) - INFORMATION The Impact of the 1901 Land Title Deed Act on Bangkok’s Urban Land Market King Chulalongkorn adopted a Western land code in 1901 as a part of a defensive strategy against Western colonial ambitions in Siam. The enactment of the 1901 Land Title Deed Act converted traditional secure usufruct rights to fully transferable private
- [The Impact of the 1901 Land Title Deed Act on Bangkok’s Urban Land Market](https://www.hkubs.hku.hk/sc/event/the-impact-of-the-1901-land-title-deed-act-on-bangkoks-urban-land-market/) - INFORMATION The Impact of the 1901 Land Title Deed Act on Bangkok’s Urban Land Market King Chulalongkorn adopted a Western land code in 1901 as a part of a defensive strategy against Western colonial ambitions in Siam. The enactment of the 1901 Land Title Deed Act converted traditional secure usufruct rights to fully transferable private
- [[Alumni Homecoming Weekend] Star Professor Luncheon Talk: Why is Hong Kong Housing So Expensive?](https://www.hkubs.hku.hk/sc/event/alumni-homecoming-weekend-star-professor-luncheon-talk-why-is-hong-kong-housing-so-expensive/) - As part of our 2024 Alumni Homecoming Series, we've prepared a ???? ??? ???????? ?????????? for you on the first day! Don't miss out on this opportunity to reconnect and learn something new! Topic: Why is Hong Kong housing so expensive? Speaker: Prof. Michael B. Wong Date: Friday, March 15, 2024 Time: 11:00 am -
- [[Alumni Homecoming Weekend] Star Professor Luncheon Talk: Why is Hong Kong Housing So Expensive?](https://www.hkubs.hku.hk/sc/event/alumni-homecoming-weekend-star-professor-luncheon-talk-why-is-hong-kong-housing-so-expensive/) - As part of our 2024 Alumni Homecoming Series, we've prepared a ???? ??? ???????? ?????????? for you on the first day! Don't miss out on this opportunity to reconnect and learn something new! Topic: Why is Hong Kong housing so expensive? Speaker: Prof. Michael B. Wong Date: Friday, March 15, 2024 Time: 11:00 am -
- [[Alumni Homecoming Weekend] Star Professor Luncheon Talk: Why is Hong Kong Housing So Expensive?](https://www.hkubs.hku.hk/sc/event/alumni-homecoming-weekend-star-professor-luncheon-talk-why-is-hong-kong-housing-so-expensive/) - As part of our 2024 Alumni Homecoming Series, we've prepared a ???? ??? ???????? ?????????? for you on the first day! Don't miss out on this opportunity to reconnect and learn something new! Topic: Why is Hong Kong housing so expensive? Speaker: Prof. Michael B. Wong Date: Friday, March 15, 2024 Time: 11:00 am -
- [[Alumni Homecoming Weekend] Alumni Reunion Gala Dinner](https://www.hkubs.hku.hk/sc/event/alumni-homecoming-weekend-alumni-reunion-gala-dinner/) - Get ready for a dazzling evening as we cordially invite you to our inaugural Alumni Reunion Gala Dinner, a prestigious highlight of the Alumni Homecoming Weekend on Saturday, March 16. Embracing the theme "Timeless Excellence – A Storied Legacy, Shaping the Future", this exclusive gathering promises an exceptional experience, bringing together distinguished alumni, eminent business
- [[Alumni Homecoming Weekend] Alumni Reunion Gala Dinner](https://www.hkubs.hku.hk/sc/event/alumni-homecoming-weekend-alumni-reunion-gala-dinner/) - Get ready for a dazzling evening as we cordially invite you to our inaugural Alumni Reunion Gala Dinner, a prestigious highlight of the Alumni Homecoming Weekend on Saturday, March 16. Embracing the theme "Timeless Excellence – A Storied Legacy, Shaping the Future", this exclusive gathering promises an exceptional experience, bringing together distinguished alumni, eminent business
- [[Alumni Homecoming Weekend] Alumni Reunion Gala Dinner](https://www.hkubs.hku.hk/sc/event/alumni-homecoming-weekend-alumni-reunion-gala-dinner/) - Get ready for a dazzling evening as we cordially invite you to our inaugural Alumni Reunion Gala Dinner, a prestigious highlight of the Alumni Homecoming Weekend on Saturday, March 16. Embracing the theme "Timeless Excellence – A Storied Legacy, Shaping the Future", this exclusive gathering promises an exceptional experience, bringing together distinguished alumni, eminent business
- [Making the Invisible Hand Visible: Managers and the Allocation of Workers to Jobs](https://www.hkubs.hku.hk/sc/?post_type=event&p=208454) - SPEAKER Prof. Virginia Minni Assistant Professor of Economics The University of Chicago Booth School of Business ABSTRACT Why do managers matter for firm performance? This paper provides evidence of the critical role of managers in matching workers to jobs within the firm using the universe of personnel records from a large multinational firm. The data
- [Obesity, Responsiveness to Food Marketing, and Taste Perception Before and After Bariatric Surgery](https://www.hkubs.hku.hk/sc/?post_type=event&p=208460) - SPEAKER Prof. Yann Cornil Associate Professor of Marketing & Behavioural Sciences Sauder School of Business University of British Columbia ABSTRACT Although food marketing is often accused of increasing population obesity, the relationship between individual responsiveness to marketing and obesity has yet to be established: Are people with obesity more responsive to food marketing and,
- [Strategic Informed Trades and Tiny Trades](https://www.hkubs.hku.hk/sc/?post_type=event&p=208406) - SPEAKER Mr. Wenwei Lin Ph.D. Candidate in Accounting Carlson School of Management University of Minnesota ABSTRACT This paper studies how institutional investors strategically respond to an anticipated surge in tiny retail trades. Exploiting positive 8-K filings as informational events, I present three findings. First, stocks exposed to intense fractional trading exhibit substantial price pressure and
- [Proprietary Concerns and Participant Selection:  Evidence from the Analyst/Investor Day](https://www.hkubs.hku.hk/sc/?post_type=event&p=208399) - SPEAKER Ms. Xixi Xiao Ph.D. Candidate in Business Administration (Accounting) Simon Business School University of Rochester ABSTRACT This study investigates whether firms factor in proprietary concerns over information spillovers through analysts when granting analysts privileged access to disclosure events. Recognizing that analysts might relay proprietary information to rivals, firms selectively invite analysts based on their

## 新闻


- [HKU Business School team wins the championship in PwC Career Plus Challenge](https://www.hkubs.hku.hk/news/hku-business-school-team-wins-the-championship-in-pwc-career-plus-challenge/) - The team, Mind Benders, of four students from the HKU Business School won the championship in the PwC Career Plus Challenge.
- [Result announcement: A Tagline for HKU Business School!](https://www.hkubs.hku.hk/news/result-announcement-a-tagline-for-hku-business-school/) - 2021 marks the 20th Anniversary of the Faculty of Business and Economics (HKU Business School). The School has planned for a new branding campaign and invited our faculty members, students, staff and alumni to co-create a tagline that aligns with our vision and mission, and conveys powerful message to the community.

## Media

- [HKU Business School PhD Recruitment Camp 2026: Cultivating Future Academic Leaders](https://www.hkubs.hku.hk/media/school-news/hku-business-school-phd-recruitment-camp-2026-cultivating-future-academic-leaders/) - The HKU Business School is pleased to announce the successful conclusion of the PhD Recruitment Camp 2026, held from June 3 to 5, 2026. Over three engaging days, we welcomed a diverse group of talented students from Hong Kong, Mainland China, Singapore, France, the UK, and the USA. These outstanding individuals participated in an immersive
- [2026“青春试翼”暑期实习计划发布会](https://www.hkubs.hku.hk/sc/media/school-news/the-faculty-successfully-held-the-2026-youth-take-flight-summer-internship-program-launch-ceremony-together-with-hkcea/) - 6月8日，香港中国企业协会（简称“中企协会”）2026“青春试翼”暑期实习计划发布会在香港大学举行。劳工及福利局副局长何启明，香港大学副校长林晨教授，中联办经济部处长、二级巡视员金磊，中联办教科部处长顾笋，香港中国企业协会副总裁曾燊典，立法会严刚议员，港大经济及工商管理学院副院长王鑫教授，中国教育交流（港澳）中心主任高琼，香港中国企业协会人力资源委员会主任委员、中海外集团董事、副总经理马福军，副主任委员、华润集团人力资源部副总经理黄芸，及有关社团、香港高校代表、现场企业代表、线上线下23所高校老师及学生约1000人参加发布会。 今年暑期实习计划共有200馀家企业，包括华润、招商局、中银香港、中国中旅、光大、中海外、中信等央企、国企及世界500强企业，提供覆盖金融财务、市场销售、广告策划、电子IT、人力资源等多元领域的优质实习名额886个，其中香港540个，大湾区城市265个，内地城市81个。 林晨教授致欢迎辞，他介绍香港大学近年来致力于硬科技及国际化发展，并不断优化办学理念与人才培养模式，鼓励学生走出校门、进入职场，他期盼同学们积极利用本次实习平台，奋进成才。何启明副局长鼓励广大香港青年把握机遇，积极参与实习活动，深入了解香港和内地发展现况，善用香港“超级联系人”的独特优势，积极参与两地交流合作。曾燊典副总裁现场发布今年实习岗位情况。 发布会现场还为参与2026年实习项目的企业颁发了感谢状。来自华润集团和中国中旅集团的人力资源部门代表，现场介绍了各自公司情况以及今年实习岗位的情况和要求。中国航空（集团）分享了为职业训练局航空相关专业学生提供的“青春试翼 中航大湾区暑期实习项目”举办情况。 来自暨南大学、华侨大学、中山大学、广州中医药大学、中南大学、中南财经政法大学、华南理工大学、华南师范大学、广州大学、广东财经大学、广东金融学院、南昌大学、武汉大学、华中科技大学、华中师范大学、中南财经大学、深圳大学、厦门大学等内地高校的香港籍学生在线上参加了本次发布会。 具体实习岗位，可扫描下方二维码获取
- [2026「青春試翼」暑期實習計劃發佈會](https://www.hkubs.hku.hk/sc/media/school-news/the-faculty-successfully-held-the-2026-youth-take-flight-summer-internship-program-launch-ceremony-together-with-hkcea/) - 6月8日，香港中國企業協會（簡稱「中企協會」）2026「青春試翼」暑期實習計劃發佈會在香港大學舉行。勞工及福利局副局長何啟明，香港大學副校長林晨教授，中聯辦經濟部處長、二級巡視員金磊，中聯辦教科部處長顧筍，香港中國企業協會副總裁曾燊典，立法會嚴剛議員，港大經濟及工商管理學院副院長王鑫教授，中國教育交流（港澳）中心主任高瓊，香港中國企業協會人力資源委員會主任委員、中海外集團董事、副總經理馬福軍，副主任委員、華潤集團人力資源部副總經理黃芸，及有關社團、香港高校代表、現場企業代表、線上線下23所高校老師及學生約1000人參加發佈會。 今年暑期實習計劃共有200餘家企業，包括華潤、招商局、中銀香港、中國中旅、光大、中海外、中信等央企、國企及世界500強企業，提供覆蓋金融財務、市場銷售、廣告策劃、電子IT、人力資源等多元領域的優質實習名額886個，其中香港540個，大灣區城市265個，內地城市81個。 林晨教授致歡迎辭，他介紹香港大學近年來致力於硬科技及國際化發展，並不斷優化辦學理念與人才培養模式，鼓勵學生走出校門、進入職場，他期盼同學們積極利用本次實習平臺，奮進成才。何啟明副局長鼓勵廣大香港青年把握機遇，積極參與實習活動，深入了解香港和內地發展現況，善用香港「超級聯繫人」的獨特優勢，積極參與兩地交流合作。曾燊典副總裁現場發佈今年實習崗位情況。 發佈會現場還為參與2026年實習項目的企業頒發了感謝狀。來自華潤集團和中國中旅集團的人力資源部門代表，現場介紹了各自公司情况以及今年實習崗位的情况和要求。中國航空（集團）分享了為職業訓練局航空相關專業學生提供的「青春試翼 中航大灣區暑期實習項目」舉辦情況。 來自暨南大學、華僑大學、中山大學、廣州中醫藥大學、中南大學、中南財經政法大學、華南理工大學、華南師範大學、廣州大學、廣東財經大學、廣東金融學院、南昌大學、武漢大學、華中科技大學、華中師範大學、中南財經大學、深圳大學、廈門大學等內地高校的香港籍學生在線上參加了本次發佈會。 具體實習崗位，可掃描下方二維碼獲取
- [The Faculty Successfully Held the 2026 "Youth Take Flight" Summer Internship Program Launch Ceremony Together with HKCEA](https://www.hkubs.hku.hk/sc/media/school-news/the-faculty-successfully-held-the-2026-youth-take-flight-summer-internship-program-launch-ceremony-together-with-hkcea/) - On 8th June, the launch ceremony of the 2026 "Youth Take Flight" Summer Internship Program jointly organized by the Hong Kong Chinese Enterprises Association (HKCEA) and HKU Business School was held at The University of Hong Kong. Officiating guests included Mr. Ho Kai Ming, Under Secretary for Labour and Welfare; Professor Chen LIN, Interim Vice-President
- [第19届“汇丰 ╱ 香港大学商业案例挑战”完满举行](https://www.hkubs.hku.hk/sc/media/press-release/hsbc-and-hku-bring-the-worlds-largest-undergraduate-case-competition-back-for-a-19th-year/) - 环球大学生汇聚全球规模最大商业案例赛 展现非凡金融素养及商业头脑 【香港，2026 年 6 月 8 日】—— 24支来自全球的本科生队伍齐集香港，参与全球规模最大的“2026汇丰╱香港大学商业案例挑战”。他们于亚太区及全球多个地区赛事的逾12,000名学生当中脱颖而出，晋身今年第19届的赛事。最终悉尼大学的代表队伍在一连五日的比赛当中获评审团青睐，力压群雄夺得 2026 年总冠军。 本挑战赛设计旨在引导学生走出纯学术框架，置身更贴近职场实况的环境，协助他们建立国际人脉网络，从而把握在日益竞争激烈的全球格局中的发展机遇。 今届比赛的四项商业案例均反映现今企业须面对的核心议题，包括企业管治（应对投资公司因核心人物变动所带来的风险）、品牌策略与可持续增长（为泡泡玛特Pop Mart制定热潮过后的长远发展方向）、金融科技公众教育（拟定本地稳定币推广与公众教育策略），以及国际市场拓展（将网红时尚品牌推向全球）。当中，参赛学生展现了卓越的商业头脑、解难能力、财务建模与策略思维，将繁杂的资讯转化为精准及数据主导的专业建议。在向业界评审团作即场简报时，他们亦清楚阐述及辩证其决策、同时针对具挑战性的提问作出具体回应，并在无异于面对董事会的高压环境下紧密合作。 汇丰亚洲及中东地区联席行政总裁廖宜建表示：“汇丰／香港大学商业案例挑战汇聚新一代具国际视野的领袖人才。他们不仅能将创新构想扎根于严谨的财务策略中，更具备果断的决策力与跨国协作能力。自2008年起，此项计划已惠及全球逾10万名大学生。今年，我们很高兴迎来亚洲及中东20个地区共24支参赛队伍，除了考验同学精准的财务分析实力，更让他们亲身体验香港本地文化与历史。透过与港大多年的鼎力合作，我们很荣幸能支持同学建立自信与韧力，并培养开放态度接纳多元观点，为未来职涯打好基础。” 港大经管学院院长蔡洪滨教授表示：“学院一向致力将课堂学习与真实商业环境及决策实践紧密结合，并与业界伙伴携手合作，为学生提供超越理论的实战经验。我们与汇丰的长期合作，正正体现这一理念。今年的案例题目紧贴时代脉搏，涵盖金融创新及品牌拓展等议题，鼓励学生从市场营销人员、投资者、企业家及资本管理者等多角度出发，将理论与实践融会贯通。透过这些训练，我们培育未来领袖，让他们在瞬息万变的金融与科技环境中灵活应对，同时为香港‘超级增值人’的角色作出贡献。” 除了商业案例挑战，汇丰及港大更与香港青年协会合作策划一系列活动，让参赛学生探索香港的历史、独特文化及商贸环境。本届赛事于香港大学圣约翰学院举行开幕晚宴、并以汇聚传统文化的表演节目揭开序幕。 “汇丰 ╱ 香港大学商业案例挑战”由港大经管学院亚洲案例研究中心举办。在汇丰的持续支持下，比赛今年已踏入第19届，多年来获超过10万名学生参与，成为区内体验式商业教育的业界标竿。不少历届参赛者均将其职业成就，归功于当年挑战赛所奠定的扎实根基。这批精英如今遍布全球顶尖金融机构、顾问公司及跨国企业，亦有部分成功创立个人事业。 多年来，已有逾2000名汇丰员工担任评审，充分体现汇丰积极培育人才、协助年青人发挥潜能及启发未来领袖的努力。 有关2026汇丰╱香港大学商业案例挑战的更多资料，请浏览 : https://competition.acrc.hku.hk/ “2026汇丰／香港大学商业案例比赛”得奖队伍如下： 冠军 悉尼大学 亚军 朱拉隆功大学 季军 孟加拉国专业人士大学 24 支参赛队伍代表来自亚太区及中东多间大学，包括澳洲、孟加拉、中国内地、埃及、香港、印度、印尼、日本、澳门、马来西亚、模里西斯、纽西兰、新加坡、南韩、斯里兰卡、台湾、泰国、荷兰、菲律宾及越南。 图片 1. [从左起] 港大经管学院院长蔡洪滨教授，“2026 汇丰 ╱ 香港大学商业案例挑战”冠军 (悉尼大学 的 Jacob Callaway, Praew Praewinkant, Jeremy Simonetto 和 Andris Dang)，汇丰亚洲及中东地区联席行政总裁廖宜建 2. 24 队来自全球的大学生队伍于 6 月
- [第19屆「滙豐 ╱ 香港大學商業案例挑戰」完滿舉行](https://www.hkubs.hku.hk/sc/media/press-release/hsbc-and-hku-bring-the-worlds-largest-undergraduate-case-competition-back-for-a-19th-year/) - 環球大學生匯聚全球規模最大商業案例賽 展現非凡金融素養及商業頭腦 【香港，2026 年 6 月 8 日】—— 24支來自全球的本科生隊伍齊集香港，參與全球規模最大的「2026滙豐╱香港大學商業案例挑戰」。他們於亞太區及全球多個地區賽事的逾12,000名學生當中脫穎而出，晉身今年第19屆的賽事。最終悉尼大學的代表隊伍在一連五日的比賽當中獲評審團青睞，力壓群雄奪得 2026 年總冠軍。 本挑戰賽設計旨在引導學生走出純學術框架，置身更貼近職場實況的環境，協助他們建立國際人脈網絡，從而把握在日益競爭激烈的全球格局中的發展機遇。 今屆比賽的四項商業案例均反映現今企業須面對的核心議題，包括企業管治（應對投資公司因核心人物變動所帶來的風險）、品牌策略與可持續增長（為泡泡瑪特Pop Mart制定熱潮過後的長遠發展方向）、金融科技公眾教育（擬定本地穩定幣推廣與公眾教育策略），以及國際市場拓展（將網紅時尚品牌推向全球）。當中，參賽學生展現了卓越的商業頭腦、解難能力、財務建模與策略思維，將繁雜的資訊轉化為精準及數據主導的專業建議。在向業界評審團作即場簡報時，他們亦清楚闡述及辯證其決策、同時針對具挑戰性的提問作出具體回應，並在無異於面對董事會的高壓環境下緊密合作。 滙豐亞洲及中東地區聯席行政總裁廖宜建表示：「滙豐／香港大學商業案例挑戰匯聚新一代具國際視野的領袖人才。他們不僅能將創新構想紮根於嚴謹的財務策略中，更具備果斷的決策力與跨國協作能力。自2008年起，此項計劃已惠及全球逾10萬名大學生。今年，我們很高興迎來亞洲及中東20個地區共24支參賽隊伍，除了考驗同學精準的財務分析實力，更讓他們親身體驗香港本地文化與歷史。透過與港大多年的鼎力合作，我們很榮幸能支持同學建立自信與韌力，並培養開放態度接納多元觀點，為未來職涯打好基礎。」 港大經管學院院長蔡洪濱教授表示：「學院一向致力將課堂學習與真實商業環境及決策實踐緊密結合，並與業界夥伴攜手合作，為學生提供超越理論的實戰經驗。我們與滙豐的長期合作，正正體現這一理念。今年的案例題目緊貼時代脈搏，涵蓋金融創新及品牌拓展等議題，鼓勵學生從市場營銷人員、投資者、企業家及資本管理者等多角度出發，將理論與實踐融會貫通。透過這些訓練，我們培育未來領袖，讓他們在瞬息萬變的金融與科技環境中靈活應對，同時為香港『超級增值人』的角色作出貢獻。」 除了商業案例挑戰，滙豐及港大更與香港青年協會合作策劃一系列活動，讓參賽學生探索香港的歷史、獨特文化及商貿環境。本屆賽事於香港大學聖約翰學院舉行開幕晚宴、並以匯聚傳統文化的表演節目揭開序幕。 「滙豐 ╱ 香港大學商業案例挑戰」由港大經管學院亞洲案例研究中心舉辦。在滙豐的持續支持下，比賽今年已踏入第19屆，多年來獲超過10萬名學生參與，成為區內體驗式商業教育的業界標竿。不少歷屆參賽者均將其職業成就，歸功於當年挑戰賽所奠定的紮實根基。這批精英如今遍布全球頂尖金融機構、顧問公司及跨國企業，亦有部分成功創立個人事業。 多年來，已有逾2000名滙豐員工擔任評審，充分體現滙豐積極培育人才、協助年青人發揮潛能及啓發未來領袖的努力。 有關2026滙豐╱香港大學商業案例挑戰的更多資料 ，請瀏覽 : https://competition.acrc.hku.hk/ 「2026滙豐／香港大學商業案例比賽」得獎隊伍如下： 冠軍 悉尼大學 亞軍 朱拉隆功大學 季軍 孟加拉國專業人士大學 24 支參賽隊伍代表來自亞太區及中東多間大學，包括澳洲、孟加拉、中國內地、埃及、香港、印度、印尼、日本、澳門、馬來西亞、模里西斯、紐西蘭、新加坡、南韓、斯里蘭卡、台灣、泰國、荷蘭、菲律賓及越南。 圖片 1. [從左起] 港大經管學院院長蔡洪濱教授，「2026 滙豐 ╱ 香港大學商業案例挑戰」冠軍 (悉尼大學 的 Jacob Callaway, Praew Praewinkant, Jeremy Simonetto 和 Andris Dang)，滙豐亞洲及中東地區聯席行政總裁廖宜建 2. 24 隊來自全球的大學生隊伍於 6 月
- [HSBC and HKU Bring the World’s Largest Undergraduate Case Competition Back for a 19th Year](https://www.hkubs.hku.hk/sc/media/press-release/hsbc-and-hku-bring-the-worlds-largest-undergraduate-case-competition-back-for-a-19th-year/) - Global students gather in Hong Kong to sharpen financial literacy and business presentation skills [Hong Kong, 8 June 2026] – Twenty-four undergraduate teams, drawn from a global field of more than 12,000 students who competed in local rounds across Asia Pacific and beyond, gathered in Hong Kong from 1 to 5 June for the HSBC/HKU
- [Memorable Moments from the 2026 HKU Reunion at The Races!](https://www.hkubs.hku.hk/media/school-news/memorable-moments-from-the-2026-hku-reunion-at-the-races/) - We are thrilled to share highlights from this year’s HKU Reunion at the Races, which once again brought together our vibrant alumni community at Sha Tin Racecourse! On June 7th, 11 HKU-named races took centre stage, creating an atmosphere of excitement and camaraderie among alumni, faculty, and friends of HKU Business School. This year, we
- [HKGCC Business Case Competition 2025/26](https://www.hkubs.hku.hk/media/school-news/hkgcc-business-case-competition-2025-26/) - We are excited to share that our students have won one Champion and two 1st Runner-ups in the HKGCC Business Case Competition 2025/26! The HKGCC Business Case Competition is an annual competition hosted by the Hong Kong General Chamber of Commerce (HKGCC). This year’s competition was sponsored by MTR Corporation, New World Development Company Limited,
- [“Retail Reimagined” Challenge 2026](https://www.hkubs.hku.hk/media/school-news/retail-reimagined-challenge-2026/) - Congratulations to our students for winning the Champion and the Best Innovation and Creativity Award at the "Retail Reimagined" Challenge 2026! Organised by the Hong Kong Retail Management Association and Junior Achievement Hong Kong, the competition inspired young talents to inject fresh, innovative ideas into the fast-evolving retail industry through real business cases provided by
- [萬物皆可量 | 第二屆「早期中國發展及其長久影響」研討會綜合紀要](https://www.hkubs.hku.hk/sc/media/school-news/the-measurable-past-highlights-from-the-second-early-china-development-and-its-long-term-impact-workshop/) - 一塊磨製的石武器，能告訴我們什麼？鐵器技術主要是透過戰爭還是提升生產力來推動人類社會發展的？骨骼的長度以及它們之間的比例，又能折射出怎樣的歷史滄桑？ 2026年5月29日至30日，香港大學梅堂迎來了一場涵蓋萬年歷史的學術對話。由香港大學量化歷史研究中心與香港人文社會研究所共同主辦的第二屆「早期中國發展及其長久影響」研討會，將經濟學家、考古學家與歷史學家聚於一堂，以數位與量化方法重新叩問早期中國發展的種種謎題。 開幕環節中，香港大學量化歷史研究中心主任、香港人文社會研究所所長陳志武教授回顧了其量化歷史研究團隊推動早期中國跨學科研究的緣起，並指出不同學科在術語、證據標準與問題意識上的差異——這既是合作的難點，也是創新的空間。 香港大學量化歷史研究中心主任、香港人文社會研究所所長陳志武教授在研討會上致開幕辭 主題演講 中國社會科學院著名的考古學家許宏教授先發表主題演講。他從建築、都邑、墓葬和水利四類大型工程切入，梳理了史前至秦漢社會複雜化的物質軌跡。許宏教授強調，考古資料能從底層結構與物質實踐出發，展現技術、資源組織和社會階級如何逐漸形塑早期中國。報告中關於「大都無城」、二里頭廣域王權國家、殷墟王陵、秦始皇陵以及良渚水利等系統的討論，為會議奠定了從工程、技術與制度的關係來理解早期中國的基調。 在討論環節中，與會者圍繞著城牆、壕溝與大型工程的功能展開熱烈討論。與會者提出，壕溝究竟應被理解為防禦設施或防水設施，是否有更明確的判斷標準。許教授回應指出，早期壕溝往往具有綜合性功能，在不同地區與不同時段，區隔、防禦、防洪與排水的功能可能並存，不能用單一概念概括。此外，許宏教授強調，考古學與文獻史學應保持各自材料和方法的獨立性，並在充分研究的基礎上謹慎整合。 中國著名考古學家許宏教授在研討會上發表題為 “考古所見早期中國的“超級工程”及其含義” 的主題演講 隨後，研討會圍繞著複雜社會的形成與發展進行了若干場報告與評議討論，會議氛圍熱烈。 第一節：複雜社會的形成與發展 復旦大學李唯老師以河南漯河龍山時期古城群為例，聚焦討論在較小的地理單元內，多座古城為何在龍山時期相繼興起。報告綜合田野資料、環境考古、生業經濟與聚落形態，指出氣候乾涼化、濕地消退、農業集約化和資源域擠壓等因素共同影響人口活動空間。該地區的寬深壕溝表明，其開挖更可能與社群競爭和防禦需求有關，而非單純出於防洪治水。此外，不同食性族群共居、墓葬等級分化不明顯，在其他考古遺址較為罕見。在評審環節中，香港大學蘇昕教授指出氣候事件和濕地消亡固然擴大了人類活動空間，但也需要進一步考慮農業擴展、漁獵補給、人口規模等因素。他特別提問：資源域擠壓是否必然導致競爭，以及漯河案例能否放入環嵩山地區由邦國到王朝的更大進程中加以理解。 遼寧大學白楊老師將社會網絡分析引入查海遺址研究，重新檢視所謂「平權社會」內部不平等的萌芽。報告認為，早期不平等未必先體現為貧富差距，而可能表現為不同家戶在生產中的位置差異，強調這種差異本質上反映了資源佔有與社會參與的不平等。她基於房址等數據，從生產活動參與的視角建構了社會網絡，揭示了核心與邊緣的分層模式。李唯老師在評議中希望白老師不僅能進一步識別農業工具、參與程度最低的家戶，而且可以將在查海遺址使用的方法擴展到其他地區，進行橫向比較。 此外，許宏教授在討論中特別提醒，應慎用「文明起源」 、「華夏第一村」等當代話語，以免概念先行影響材料解釋。 清華大學嚴志斌教授從晚商墓葬青銅禮器組合入手，討論墓主自用器、助葬器與趙贛器之間的差別。他指出，墓葬中所有青銅器並不必然都屬於墓主人生前禮器體系，部分器物可能來自親族、外族或葬禮中的贈與行為。若不區分地用器物數量判斷等級，便可能誤讀墓主身分。透過觚爵組合、銘文與器物來源辨析，報告展示了商周喪葬既反映等級，也反映族群交往、贈禮制度與社會網絡。吉林大學的何景成教授在評議中指出：材料的時代與樣本選擇仍存在不平衡，尤其是殷墟二期至西周早期材料分佈有限，且部分器物可能因聯姻、掠奪或其他方式進入墓葬，未必都能簡單歸入趙贅。討論中也提出，未來可結合金屬成分、圖形學和聚類分析等技術方法，進一步追蹤器物來源，並嘗試建構族群之間贈送與回贈的網絡。 第二節：早期國家與制度 下午的研討會主題是早期國家與制度。 香港大學胡森豪博士生討論鐵器軍事化應用如何影響東週時期國家間競爭，並導致第一個統一帝國的興起。胡森豪以香港大學中國考古資料庫（CADB）和量化方法分析諸侯國鐵製武器、人口規模、軍事要地與國家存續之間的關係，指出鐵製武器更多的國家更可能擴張並生存下來。至於先進技術影響國家能力的具體機制，研究發現鐵製武器不僅提高了一個國家打勝仗的能力，也推動其變法、設縣、資源汲取和人才選拔。香港大學唐俊峰教授在評審中詢問了鐵器與騎兵之間的關係、鐵製武器是否真正佔據主導、廢棄武器改作農具可能造成的考古統計偏差等。與會學者進一步追問青銅器與鐵器生產是否存在資源競爭，以及青銅禮儀傳統較強的國家是否因等級秩序而較難推行任人唯賢。 吉林大學何景成教授以商周青銅器族氏銘文為材料，檢視族徽、職官與專業技能之間的關係。報告指出，亞、冊、萬、射、馬等職事性符號可能記錄了部分家族長期承擔的專業職能。早期國家並非只依賴王權與血緣階級，也依賴史官、樂師、軍事和畜牧等專業職族提供技術與知識。族氏銘文不僅記錄家族名稱，也可能反映家族長期承擔的功能。晚商時期，部分專業職事透過家族內部傳承，與國家治理、禮儀和軍事活動緊密相連，說明早期國家的運作依賴具有專門技能的職能家族。圍繞報告的評議與討論集中在族氏銘文中職事性成分的釋讀、職官名稱與族徽之間是否能夠穩定對應，以及個別銘文究竟反映作器者個人身份還是族群長期職能等問題。 遼寧大學董保民教授討論了春秋戰國時期分封、采邑、設縣與國家能力之間的製度演變。他指出，早期中國的政治轉型並非簡單地由分封走向郡縣，而是在卿大夫封邑擴張、地方資源累積與君主權力再整合之間逐步展開。宗法關係越強、篡位風險越高的地區，君主越難直接設縣；而卿大夫私邑中發展出的官僚、稅制與治理實踐，反而具有更高的效率。評議環節中，與會者圍繞「縣」的性質與設縣邏輯展開討論，指出春秋戰國時期的縣未必都具有同一制度意義，若將所有設縣都視為中央集權的表現，可能會忽略不同國家、不同階段的製度差異。討論也提出，楚國、秦國等個案顯示，邊疆治理、戰爭壓力、宗法風險與地方貴族力量共同影響設縣方式。 華東政法大學王沛教授以「禮刑本義與早期中國法的產生途徑」為題，辨別「禮」與「刑」在早期脈絡中的多重意義。他指出，禮並非泛指風俗，而是經王權與政治共同體確認的規範秩序；刑也不能簡單等同於後世刑法，而包含法度、懲罰與肉刑等不同層面。早期中國法並非單純由國家強制力製定，也不是禮俗自然演化的產物，而是在禮制、王權、懲罰與政治認同之間逐步生成的。唐俊峰教授在評審中指出：需要關注禮與刑在西周至東週之間的概念變化，尤其是禮儀程序如何在具體場景中承擔法律功能。王沛回應強調，早期「禮」本身俱有規範性與制度性，許多法律功能並非先有成文法再外加於禮，而是在冊命、祭祀、盟誓、司法儀式等禮儀實踐中逐漸形成。 主題演講 第二天的研討會以陳志武教授的主題演講拉開序幕。陳教授以新石器中國的社會發展為切入點，重新檢視「科技為何推動早期複雜社會形成」這一經典問題。他指出，傳統觀點強調科技創新提高生產力，進而帶來人口成長，促進社會分工與發展，但忽略了科技的軍事用途。陳教授認為：暴力的升級才是科技推動社會發展的主要動力。新石器時期的磨製石器帶來了更鋒利、更致命的武器，當戰爭威脅成為史前人類最迫切的生存壓力時，「抱團取暖」或許才是複雜社會形成最原始的動力。陳志武教授基於公元前8000年至前2000年的考古面板數據，系統梳理了石製武器隨葬品、石製農具隨葬品與大型聚落的時間趨勢及空間分佈，發現真正顯著推動大型聚落與複雜社會興起的，並不是石製農具，而是石製武器；這一機制在後來的青銅時代與存在。 「科技影響社會的生產力管道或許適用於和平時期，但在史前和早期歷史時期，當戰爭威脅是人類社會的主要關切時，這一邏輯未必成立。」 — 陳志武教授 第三節：大數據與量化考古 中歐大分流是一個經典問題，華盛頓大學楊竹簐教授的報告將視角從經濟大分流轉向政治大分流。她認為，中歐早期長期平行發展，此後於10世紀左右，中歐政治體制發生分流。歐洲此後發展出以議會制為核心的政治體系，而中國則確立了科舉制，既安撫了平民階層，又切斷了權力的血緣世襲。軍事技術的分野則導致了關鍵節點的出現：歐洲的火藥革命在近代重塑了戰爭形態，而中國在宋朝走向政治成熟與文官化，軍事應用被系統性弱化。在討論環節中，嶺南大學劉光臨教授提醒應進一步凸顯貴族、稅收能力與議會形成之間的關係，並將西歐封建制的特殊性納入解釋。他同時建議應充分吸收唐末五代的相關文獻，並考慮元明這一關鍵轉折點的重要影響。 早期形成的經濟地理模式能否被歷史上的衝擊重塑？香港大學王萬達博士生透過建構一個橫跨西元前5000年至西元2000年的人口空間資料庫，發現：新石器時代形成的北方人口與發展重心在其後數千年持續維持人口中心地位。戰爭與海洋貿易的興起雖削弱了這一優勢，但行政資源、基礎設施等的長期累積使其難以根本動搖。真正持久的逆轉發生在 19 世紀中期以後，以製度性開放為基礎的口岸崛起推動了新的經濟中心形成。在評審中，楊竹簐建議，可以進一步討論戰爭、貿易、基礎設施與國家行政能力等變數的具體作用，並比較它們與自然地理要素的作用的異同。 香港大學陳缽琪教授介紹如何結合AI與考古報告搭建資料庫，推動研究範式從遺址個案分析向宏觀考古規律發現的轉變，同時也帶來了中國考古資料庫（CADB）的最新進展。陳缽琪教授系統展示了中國考古資料庫從1.0走向2.0的思路：面對考古報告中大量非結構化、異質性強、分散於文字、圖版、表格與圖像的信息，數據庫建設的關鍵並不只是數字化，而是如何藉助AI驅動的信息提取框架，把資料轉化為可分析、可追溯、可複核的數據。她同時強調，自動化抽取並不等於可靠數據，可靠性評估、基準測試與人工複查仍是學術基礎建設的核心環節。在評審環節，香港大學胡思捷教授借鏡香港大學中國族譜資料庫（CGDB）正在建構過程中的經驗，提出三條方法建議：1. 先明確需要結構化的資訊與編碼規則；2. 建立多層品質管制，包括OCR校驗、LLM結果規則檢查、關鍵變數人工複核；3.保留原文出處，讓每個結構化資料都能追溯到原始資料頁碼。最後她也提醒，未來真正的挑戰是如何在規模化自動處理、人力成本和資料品質之間取得平衡。 「CADB 1.0的建設耗時六七年、動用近百人，才完成手工錄入與初步結構化。CADB 2.0的目標，是用數位化與AI技術從根本上改變這一局面：更高效的處理流程、更嚴格的標準化規範、更短的數據更新周期。」—陳鈺琪教授 第四節：社會結構與人群變遷 第二天下午的報告繼續圍繞著技術擴散、國家能力與社會結構。中國人民大學陳雨新教授的研究聚焦於青銅時代向鐵器時代的技術轉型與大型帝國興起之間的關聯。陳雨新教授以「縣」作為中央集權的量化代理變量，以春秋晚期——鐵製技術開始大規模應用的時期——為時間節點，建構雙重差分模型。結果顯示，大型鐵礦週邊地區的置縣進程確實更快，設縣收益顯著上升，且機制檢驗指向鐵農具的使用擴張，而非單純的軍事優勢。評議人香港中文大學林永昌教授的追問提供了另一層視角：鐵技術不僅擴大了可耕地面積，還涉及開墾效率的提升與國家管理複雜性的增加。他也提示研究者註意潛在的因果倒置問題。 不平等一直是社會科學長期關注的重要議題。中國人民大學林展教授的研究將視野擴展至西元前10,000年到西元600年間，借助考古資料追溯中國人均財富不平等的長期演變並分析其成因。林展教授希望回答的問題是：是否可以在避免巨大的災難代價的同時，降低不平等？他綜合運用房屋面積、墓葬尺寸與隨葬品價值建構三類考古不平等指標，結果顯示，遺址內部不平等及區域內不平等均在新石器時代至青銅時代總體上升，而在鐵器時代出現回落。陳雨新教授作為評議人，就如何區分遺址內部與區域內不平等的概念邊界，以及個案研究與宏觀大數據研究之間的權衡取捨展開了進一步討論。 武漢大學郭濤教授以量化方法重新檢視兩漢太守與刺史群體，將其視為理解官僚來源結構、菁英政治地理分佈與國家治理空間組織方式的重要窗口。郭濤教授從嚴耕望教授的《兩漢太守刺史表》出發，透過考證、補充和處理，最終建構了近3,000名太守和刺史的籍貫資料庫。研究發現：西漢到東漢期間，官僚來源重心逐步東移，文化因素相對於人口規模的重要性不斷上升；迴避制度與交通條件並未帶來區域均衡，反而在跨區調配中強化了關東與中原核心區域的供給優勢。評議人董保民教授提醒，文化發展程度與太守、刺史來源之間可能有反向因果，仍需進一步考慮入仕方式的區域差異及社會關係網絡。 最後一場報告來自香港大學的曹豆豆博士。她運用貝葉斯廣義加性混合模型，對全新世以來中國古人群的體型大小（身高和相對體質量）及比例進行時空重建。數據描繪出一條起伏的曲線：農業革命期間身高總體下降，女性尤為明顯；青銅/鐵器時代早期下降趨勢迴穩，尤其是男性；鐵器時代中晚期則再度下降，女性降幅更為顯著，社會不平等加劇與文化實踐（如纏足）或是重要因素。空間上看，中原、華北、西北身高更高，體質量更大。環境因素方面，身高與年最小降水負相關，而相對體質量與年最低溫負相關。評議人李唯老師充分肯定了體質人類學作為學科前沿的研究潛力，同時也批判性地指出各時期與各區域的發展具有明顯的非均質性，有待進一步細化分析。 圓桌討論 研討會的最後環節是陳志武教授和許宏教授的圓桌討論。一開始，主持人陳缽琪教授拋出問題：考古領域中什麼能被量化，什麼不能被量化？許宏教授坦言，跨領域研究會帶來真實的「不適感」──量化歷史的邏輯與傳統考古學的直覺，有時不天然相容。但他不迴避這種不適。他認為，考古學正在從服務文化史轉向服務社會史，材料的價值將在量化研究的脈絡中被重新發現：「大的研究方向不會因為數據的偶然性而改變。應先量化，再結合後續檢驗。」以鐵武器的細分為例，他指出考古學家完全可以做得更精細——區分面向人與麵向動物的武器，本就是考古學的專業所長。 「萬物皆可量。」— 許宏教授 「當下是量化歷史研究的『黃金時代』。」— 陳志武教授
- [万物皆可量 | 第二届“早期中国发展及其长久影响”研讨会综合纪要](https://www.hkubs.hku.hk/sc/media/school-news/the-measurable-past-highlights-from-the-second-early-china-development-and-its-long-term-impact-workshop/) - 一块磨制的石武器，能告诉我们什么？铁器技术主要是通过战争还是提升生产力推动人类社会发展的？骨骼的长短以及它们之间的比例，又能折射出怎样的历史沧桑？ 2026年5月29日至30日，香港大学梅堂迎来了一场覆盖万年历史的学术对话。由香港大学量化历史研究中心与香港人文社会研究所联合主办的第二届“早期中国发展及其长久影响”研讨会，将经济学家、考古学家与历史学家聚于一堂，以数字与量化方法重新叩问早期中国发展的种种谜题。 开幕环节中，香港大学量化历史研究中心主任、香港人文社会研究所所长陈志武教授回顾了其量化历史研究团队推动早期中国跨学科研究的缘起，并指出不同学科在术语、证据标准与问题意识上的差异——这既是合作的难点，也是创新的空间。 香港大学量化历史研究中心主任、香港人文社会研究所所长陈志武教授在研讨会上致开幕辞 主题演讲 中国社会科学院的著名考古学家许宏教授首先发表主旨演讲。他从建筑、都邑、墓葬和水利四类大型工程切入，梳理了史前至秦汉社会复杂化的物质轨迹。许宏教授强调，考古资料能够从底层结构与物质实践出发，展现技术、资源组织和社会等级如何逐渐塑造早期中国。报告中关于“大都无城”、二里头广域王权国家、殷墟王陵、秦始皇陵以及良渚水利等系统的讨论，为会议奠定了从工程、技术与制度的关系来理解早期中国的基调。 在讨论环节中，与会者围绕城墙、壕沟与大型工程的功能展开热烈讨论。与会者提出，壕沟究竟应被理解为防御设施还是防水设施，是否存在更明确的判断标准。许教授回应指出，早期城壕往往具有综合性功能，在不同地区与不同时间段，区隔、防御、防洪与排水的功能可能并存，不能用单一概念概括。此外，许宏教授强调，考古学与文献史学应保持各自材料和方法的独立性，并在充分研究的基础上进行谨慎整合。 中国著名考古学家许宏教授在研讨会上发表题为 “考古所见早期中国的「超级工程」及其意涵” 的主旨演讲 随后，研讨会围绕复杂社会的形成与发展进行了若干场报告与评议讨论，会议氛围热烈。 第一节：复杂社会的形成与发展 复旦大学李唯老师以河南漯河龙山时期古城群为例，聚焦讨论在较小的地理单元内，多座古城为何在龙山时期相继兴起。报告综合田野数据、环境考古、生业经济与聚落形态，指出气候干凉化、湿地消退、农业集约化和资源域挤压等因素共同影响人群活动空间。该地区的宽深壕沟表明，其开挖更可能与社群竞争和防御需求有关，而非单纯出于防洪治水。此外，不同食性人群共居、墓葬等级分化不明显，这在其他考古遗址中较为罕见。评议环节中，香港大学苏昕教授指出气候事件和湿地消亡固然扩大了人类活动空间，但也需要进一步考虑农业扩展、渔猎补给、人口规模等因素。他特别提问：资源域挤压是否必然导致竞争，以及漯河案例能否放入环嵩山地区由邦国到王朝的更大进程中加以理解。 辽宁大学白杨老师将社会网络分析引入查海遗址研究，重新审视所谓“平权社会”内部的不平等萌芽。报告认为，早期不平等未必首先体现为贫富差距，而可能表现为不同家户在生产中的位置差异，强调这种差异本质上反映了资源占有与社会参与的不平等。她基于房址等数据，从生产活动参与的视角构建了社会网络，揭示了核心与边缘的分层格局。李唯老师在评议中希望白老师不仅能进一步识别农业工具、参与程度最低的家户，而且可以将在查海遗址使用的方法扩展到其他地区，进行横向比较。 此外，许宏教授在讨论中特别提醒，应慎用“文明起源” 、“华夏第一村”等当代话语，以免概念先行影响材料解释。 清华大学严志斌教授从晚商墓葬青铜礼器组合入手，讨论墓主自用器、助葬器与赗赙器之间的差别。他指出，墓葬中所有青铜器并不必然都属于墓主人生前礼器体系，部分器物可能来自亲族、外族或葬礼中的赠与行为。若不加区分地用器物数量判断等级，便可能误读墓主身份。通过觚爵组合、铭文与器物来源辨析，报告展示了商周丧葬既反映等级，也反映族群交往、赠礼制度与社会网络。吉林大学的何景成教授在评议中指出：材料的时代与样本选择仍存在不平衡，尤其是殷墟二期至西周早期材料分布有限，且部分器物可能因联姻、掠夺或其他方式进入墓葬，未必都能简单归入赗赙。讨论中还提出，未来可结合金属成分、图形学和聚类分析等技术方法，进一步追踪器物来源，并尝试构建族群之间赠送与回赠的网络。 第二节：早期国家与制度 下午的研讨会主题是早期国家与制度。 香港大学胡森豪博士生讨论铁器军事化应用如何影响东周时期国家间竞争，并导致第一个统一帝国的兴起。胡森豪以香港大学中国考古数据库（CADB）和量化方法分析诸侯国铁制武器、人口规模、军事要地与国家存续之间的关系，指出铁制武器更多的国家更可能扩张并生存下来。至于先进技术影响国家能力的具体机制，研究发现铁制武器不仅提高了一个国家打胜仗的能力，也推动其变法、设县、资源汲取和人才选拔。香港大学唐俊峰教授在评议中询问了了铁器与骑兵之间的关系、铁制武器是否真正占据主导、废弃武器改作农具可能造成的考古统计偏差等。与会学者进一步追问青铜器与铁器生产是否存在资源竞争，以及青铜礼仪传统较强的国家是否因等级秩序而较难推行任人唯贤。 吉林大学何景成教授以商周青铜器族氏铭文为材料，考察族徽、职官与专业技能之间的关系。报告指出，亚、册、万、射、马等职事性符号可能记录了部分家族长期承担的专业职能。早期国家并非只依赖王权与血缘等级，也依赖史官、乐师、军事和畜牧等专业职族提供技术与知识。族氏铭文不仅记录家族名称，也可能反映家族长期承担的职能。晚商时期，部分专业职事通过家族内部传承，与国家治理、礼仪和军事活动紧密相连，说明早期国家的运行依赖具有专门技能的职能家族。围绕该报告的评议与讨论集中在族氏铭文中职事性成分的释读、职官名称与族徽之间是否能够稳定对应，以及个别铭文究竟反映作器者个人身份还是族群长期职能等问题。 辽宁大学董保民教授讨论了春秋战国时期分封、采邑、设县与国家能力之间的制度演化。他指出，早期中国的政治转型并非简单地由分封走向郡县，而是在卿大夫封邑扩张、地方资源积累与君主权力再整合之间逐步展开。宗法关系越强、篡位风险越高的地区，君主越难直接设县；而卿大夫私邑中发展出的官僚、税制与治理实践，反而具有更高的效率。评议环节中，与会者围绕“县”的性质与设县逻辑展开讨论，指出春秋战国时期的县未必都具有同一制度含义，若将所有设县都视为中央集权的表现，可能会忽略不同国家、不同阶段的制度差异。讨论还提出，楚国、秦国等个案显示，边疆治理、战争压力、宗法风险与地方贵族力量共同影响设县方式。 华东政法大学王沛教授以“礼刑本义与早期中国法的产生途径”为题，辨析“礼”与“刑”在早期语境中的多重含义。他指出，礼并非泛指风俗，而是经王权与政治共同体确认的规范秩序；刑也不能简单等同于后世刑法，而包含法度、惩罚与肉刑等不同层面。早期中国法并非单纯由国家强制力制定，也不是礼俗自然演化的产物，而是在礼制、王权、惩罚与政治认同之间逐步生成的。唐俊峰教授在评议中指出：需要关注礼与刑在西周至东周之间的概念变化，尤其是礼仪程序如何在具体场景中承担法律功能。王沛回应强调，早期“礼”本身具有规范性与制度性，许多法律功能并非先有成文法再外加于礼，而是在册命、祭祀、盟誓、司法仪式等礼仪实践中逐渐形成。 主旨演讲 第二天的研讨会以陈志武教授的主旨演讲拉开帷幕。陈教授以新石器中国的社会发展为切入点，重新检视“技术为何推动早期复杂社会形成”这一经典问题。他指出，传统观点强调技术创新提高生产力，从而带来人口增长，促进社会分工与发展，但忽视了技术的军事用途。陈教授认为：暴力的升级才是技术推动社会发展的主要动力。新石器时期的磨制石器带来了更锋利、更致命的武器，当战争威胁成为史前人类最迫切的生存压力时，“抱团取暖”或许才是复杂社会形成最原始的动力。陈志武教授基于公元前8000年至前2000年的考古面板数据，系统梳理了石制武器随葬品、石制农具随葬品与大型聚落的时间趋势及空间分布，发现真正显著推动大型聚落与复杂社会兴起的，并不是石制农具，而是石制武器；这一机制在后来的青铜时代与铁器时代也延续存在。 “技术影响社会的生产力渠道或许适用于和平时期，但在史前和早期历史时期，当战争威胁是人类社会的主要关切时，这一逻辑未必成立。” — 陈志武教授 第三节：大数据与量化考古 中欧大分流是一个经典问题，华盛顿大学杨竹箐教授的报告将视角从经济大分流转向政治大分流。她认为，中欧早期长期平行发展，此后于10世纪左右，中欧政治制度发生分流。欧洲此后发展出以议会制为核心的政治体系，而中国则确立了科举制，既安抚了平民阶层，又切断了权力的血缘世袭。军事技术的分野则导致了关键节点的出现：欧洲的火药革命在近代重塑了战争形态，而中国在宋朝走向政治成熟与文官化，军事应用被系统性弱化。讨论环节中，岭南大学刘光临教授提醒应进一步凸显贵族、税收能力与议会形成之间的关系，并将西欧封建制的特殊性纳入解释。他同时建议应充分吸收唐末五代的相关文献，并考虑元明这一关键转折点的重要影响。 早期形成的经济地理格局能否被历史上的冲击重塑？香港大学王万达博士生通过构建一个横跨公元前5000年至公元2000年的人口空间数据库，发现：新石器时代形成的北方人口与发展重心在其后数千年中持续维持人口中心地位。战争与海洋贸易的兴起虽削弱了这一优势，但行政资源、基础设施等的长期积累使其难以被根本动摇。真正持久的逆转发生在 19 世纪中期以后，以制度性开放为基础的口岸崛起推动了新的经济中心形成。评议中，杨竹箐建议，可以进一步讨论战争、贸易、基础设施与国家行政能力等变量的具体作用，并比较它们与自然地理要素的作用的异同。 香港大学陈钰琪教授介绍了如何结合AI与考古报告搭建数据库，推动研究范式从遗址个案分析向宏观考古规律发现的转变，同时也带来了中国考古数据库（CADB）的最新进展。陈钰琪教授系统展示了中国考古数据库从1.0走向2.0的思路：面对考古报告中大量非结构化、异质性强、分散于文字、图版、表格与图像的信息，数据库建设的关键并不只是数字化，而是如何借助AI驱动的信息提取框架，把资料转化为可分析、可追溯、可复核的数据。她同时强调，自动化抽取并不等于可靠数据，可靠性评估、基准测试与人工复核仍是学术基础设施建设的核心环节。在评议环节，香港大学胡思捷教授借鉴香港大学中国族谱数据库（CGDB）正在建设过程中的经验，提出三条方法建议：1. 先明确需要结构化的信息和编码规则；2. 建立多层质量控制，包括OCR校验、LLM结果规则检查、关键变量人工复核；3.保留原文出处，让每条结构化数据都能追溯到原始报告或原始页码。最后她还提醒，未来真正的挑战是如何在规模化自动处理、人工成本和数据质量之间取得平衡。 “CADB 1.0的建设耗时六七年、动用近百人，才完成手工录入与初步结构化。CADB 2.0的目标，是用数字化与AI技术从根本上改变这一局面：更高效的处理流程、更严格的标准化规范、更短的数据更新周期。” —陈钰琪教授 第四节：社会结构与人群变迁 第二天下午的报告继续围绕技术扩散、国家能力与社会结构展开。中国人民大学陈雨新教授的研究聚焦于青铜时代向铁器时代的技术转型与大型帝国兴起之间的关联。陈雨新教授以“县”作为中央集权的量化代理变量，以春秋晚期——铁制技术开始大规模应用的时期——为时间节点，构建双重差分模型。结果显示，大型铁矿周边地区的置县进程确实更快，设县收益显著上升，且机制检验指向铁农具的使用扩张，而非单纯的军事优势。评议人香港中文大学林永昌教授的追问提供了另一层视角：铁技术不仅扩大了可耕地面积，还涉及开垦效率的提升与国家管理复杂性的增加。他还提示研究者注意潜在的因果倒置问题。 不平等一直是社会科学长期关注的重要问题。中国人民大学林展教授的研究将视野扩展至公元前10000年到公元600年间，借助考古数据追溯中国人均财富不平等的长期演变并分析其成因。林展教授希望回答的问题是：是否可以在避免巨大的灾难代价的同时，降低不平等？他综合运用房屋面积、墓葬尺寸与随葬品价值构建三类考古不平等指标，结果显示，遗址内部不平等及区域内不平等均在新石器至青铜时代总体上升，而在铁器时代出现回落。陈雨新教授作为评议人，就如何区分遗址内部与区域内不平等的概念边界，以及个案研究与宏观大数据研究之间的权衡取舍展开了进一步讨论。 武汉大学郭涛教授以量化方法重新审视两汉太守与刺史群体，将其视为理解官僚来源结构、精英政治地理分布与国家治理空间组织方式的重要窗口。郭涛教授从严耕望教授的《两汉太守刺史表》出发，通过考证、补充和处理，最终构建了近3000名太守和刺史的籍贯数据库。研究发现：西汉到东汉期间，官僚来源重心逐步东移，文化因素相对于人口规模的重要性不断上升；回避制度与交通条件并未带来区域均衡，反而在跨区调配中强化了关东与中原核心区域的供给优势。评议人董保民教授提醒，文化发展水平与太守、刺史来源之间可能存在反向因果，仍需进一步考虑入仕方式的区域差异及社会关系网络。 最后一场报告来自于香港大学的曹豆豆博士。她运用贝叶斯广义加性混合模型，对全新世以来中国古人群的体型大小（身高和相对体质量）及比例进行时空重建。数据描绘出一条起伏的曲线：农业革命期间身高总体下降，女性尤为明显；青铜/铁器时代早期下降趋势回稳，尤其是男性；铁器时代中晚期则再度下降，女性降幅更为显著，社会不平等加剧与文化实践（如缠足）或是重要因素。空间上看，中原、华北、西北身高更高，体质量更大。环境因素方面，身高与年最小降水负相关，而相对体质量与年最低温负相关。评议人李唯老师充分肯定了体质人类学作为学科前沿的研究潜力，同时也批判性地指出各时期与各区域的发展具有明显的非均质性，有待进一步细化分析。 圆桌讨论 研讨会的最后环节是陈志武教授和许宏教授的圆桌讨论。一开始，主持人陈钰琪教授抛出问题：考古领域中什么能被量化，什么不能被量化？许宏教授坦言，跨学科研究会带来真实的“不适感”——量化历史的逻辑与传统考古学的直觉，有时并不天然兼容。但他不回避这种不适。他认为，考古学正在从服务于文化史转向服务于社会史，材料的价值将在量化研究的语境中被重新发现：“大的研究方向不会因为数据的偶然性而改变。应先量化，再结合后续检验。” 以铁武器的细分为例，他指出考古学家完全可以做得更精细——区分面向人与面向动物的武器，本就是考古学的专业所长。 “万物皆可量。” —许宏教授
- [The Measurable Past: Highlights from the Second “Early China Development and Its Long-Term Impact” Workshop](https://www.hkubs.hku.hk/sc/media/school-news/the-measurable-past-highlights-from-the-second-early-china-development-and-its-long-term-impact-workshop/) - Co-organised by the Centre for Quantitative History (CQH) and the HK Institute for the Humanities and Social Sciences (IHSS), the workshop brought together archaeologists, historians, economists and legal scholars to explore how new data, quantitative methods and archaeological evidence are reshaping the study of early China. What can stone tools tell us about the rise
- [HKU Business School Deepens Engagement and Talent Pipelines in Vietnam](https://www.hkubs.hku.hk/media/school-news/hku-business-school-deepens-engagement-and-talent-pipelines-in-vietnam/) - In early May, a delegation from HKU Business School visited Ho Chi Minh City to strengthen the School’s presence in Vietnam and to open new opportunities for collaboration benefiting students, alumni, partners, and future HKU talents. During the visit, the delegation met with a range of leading organisations, including the China Chamber of Commerce in
- [CGMA Global Business Challenge 2026 – Hong Kong Region Final](https://www.hkubs.hku.hk/media/school-news/cgma-global-business-challenge-2026-hong-kong-region-final/) - We are thrilled to announce that our students have won Champion, 2nd Runner-up, and Future Business Leader Award at the Hong Kong Regional Final of the CGMA Global Business Challenge 2026! Organised by Chartered Institute of Management Accountants (CIMA), the competition brings together top student teams from across the region to tackle an actual case scenario
- [Congratulations to Prof. Sara Kim on her appointment as Co-Editor of the Journal of Consumer Psychology (JCP)!](https://www.hkubs.hku.hk/media/school-news/congratulations-to-prof-sara-kim-on-her-appointment-as-co-editor-of-the-journal-of-consumer-psychology-jcp/) - Congratulations to Prof. Sara Kim, Professor of Marketing at HKU Business School, on her appointment as Co-Editor of the Journal of Consumer Psychology (JCP)! JCP is the official journal of the Society for Consumer Psychology and one of the field's leading outlets, publishing high-impact research spanning consumer judgment and decision-making, attitude formation, persuasive communication, and
- [When Theory Meets Practice: IIMT3262 Students Explore ESG and Business Evolution at The Henderson and Christie’s](https://www.hkubs.hku.hk/media/school-news/when-theory-meets-practice-iimt3262-students-explore-esg-and-business-evolution-at-the-henderson-and-christies/) - Students from HKU Business School’s IIMT3262 course recently embarked on an immersive learning journey to two of Hong Kong’s most iconic corporate landmarks: The Henderson and Christie’s Asia Pacific headquarters. Led by Ms. Gigi Cheung, the visit offered a firsthand look at how sustainability and business transformation are being put into practice in Hong Kong. At
- [HKU-Accenture Business Consulting Programme 2025-26 – Case Competition and Lunch Celebration](https://www.hkubs.hku.hk/media/school-news/hku-accenture-business-consulting-programme-2025-26-case-competition-and-lunch-celebration/) - We are thrilled to celebrate the successful conclusion of the HKU-Accenture Business Consulting Programme 2025–26 on 28 March 2026. Building on seventh years success, the Programme continues to empower students with industry insights, hands-on consulting experience, and essential skills, bringing university learning to life through real-world applications. This year, 30 outstanding students were selected from
- [Connectivity in Finance – March 2026](https://www.hkubs.hku.hk/media/school-news/connectivity-in-finance-march-2026/) - Connectivity in Finance (CIF) is a three‑day experiential learning event designed for HKU Business School students, offering a local field‑trip style experience beyond the classroom. The event led by Professor Anna Wong, Programme Director of the Bachelor of Finance in Asset Management and Private Banking [BFin(AMPB)], together with Professor Ivan Wong, Adjunct Professor in the
- [HKU-Nestlé Hong Kong Joint University Case Competition 2026](https://www.hkubs.hku.hk/media/school-news/hku-nestle-hong-kong-joint-university-case-competition-2026/) - We are pleased to announce the successful conclusion of HKU-Nestlé Hong Kong Joint University Case Competition 2026. This annual flagship event, organised by the HKU International Case Society (HICS), a student-run organisation supported by HKU Business School, invited 15 top undergraduate teams from The University of Hong Kong, The Chinese University of Hong Kong, City
- [Congratulations to HKU Business School's Awardees at HKU's 29th Recognition Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/congratulations-to-hku-business-school-awardees-at-hkus-29th-recognition-ceremony/) - Congratulations to all awardees of 29th Recognition Ceremony! We are proud of you! Awardees from HKU Business School Achievement Award For Co-Curricular Excellence Bibi Hajirah, BEcon&Fin Year 3 (Leadership, Youth Empowerment & Global Engagement) Ho Sze Long Aaron, BBA Year 3 (Sports) Kikabhoy Rafeek, BBA Year 3 (Sports) Sun Yingzi, MSc(Mktg) Year 1 (Leadership) Distinguished
- [Congratulations to HKU Business School's Awardees at HKU's 29th Recognition Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/congratulations-to-hku-business-school-awardees-at-hkus-29th-recognition-ceremony/) - Congratulations to all awardees of 29th Recognition Ceremony! We are proud of you! Awardees from HKU Business School Achievement Award For Co-Curricular Excellence Bibi Hajirah, BEcon&Fin Year 3 (Leadership, Youth Empowerment & Global Engagement) Ho Sze Long Aaron, BBA Year 3 (Sports) Kikabhoy Rafeek, BBA Year 3 (Sports) Sun Yingzi, MSc(Mktg) Year 1 (Leadership) Distinguished
- [Congratulations to HKU Business School's Awardees at HKU's 29th Recognition Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/congratulations-to-hku-business-school-awardees-at-hkus-29th-recognition-ceremony/) - Congratulations to all awardees of 29th Recognition Ceremony! We are proud of you! Awardees from HKU Business School Achievement Award For Co-Curricular Excellence Bibi Hajirah, BEcon&Fin Year 3 (Leadership, Youth Empowerment & Global Engagement) Ho Sze Long Aaron, BBA Year 3 (Sports) Kikabhoy Rafeek, BBA Year 3 (Sports) Sun Yingzi, MSc(Mktg) Year 1 (Leadership) Distinguished
- [Unlock Accounting's Future with AI: HKU Business School x ACCA - AI in Accounting Case Competition 2025-26](https://www.hkubs.hku.hk/media/school-news/unlock-accountings-future-with-ai-hku-business-school-x-acca-ai-in-accounting-case-competition-2025-26/) - We are delighted to celebrate the successful conclusion of the inaugural AI in Accounting Case Competition, co-organised by the HKU Business School and the the Association of Chartered Certified Accountants (ACCA) Hong Kong, held on 11 April 2026. This new initiative stands as a testament to the HKU Business School's commitment to nurturing young talent
- [A Legacy of Excellence Continues: Beta Gamma Sigma HKU Chapter Inducts Over 100 Outstanding Scholars](https://www.hkubs.hku.hk/media/school-news/a-legacy-of-excellence-continues-beta-gamma-sigma-hku-chapter-inducts-over-100-outstanding-scholars/) - The Beta Gamma Sigma (BGS) HKU Chapter proudly hosted its induction ceremony on 16 April 2026 at the HKU iCube. The event marked the induction of 129 exceptional undergraduate and postgraduate students into the esteemed ranks of Beta Gamma Sigma. Additionally, Professor Patrick Nip Tak-kuen, GBS, JP, Adjunct Professor at The University of Hong Kong
- [The First HKU Business School Korea Alumni Network Gathering of 2026](https://www.hkubs.hku.hk/media/school-news/the-first-hku-business-school-korea-alumni-network-gathering-of-2026/) - The first HKU Business School Korea Alumni gathering of 2026 was held yesterday on April 23 at Namsan. It was a cosy get together for almost a dozen of our alumni including the Network's President Ms. Eunjee Kim and Exco member Mr. JS Yang, joined by new faces in the community. Looking forward to connecting
- [A delightful afternoon of connection and camaraderie!](https://www.hkubs.hku.hk/media/school-news/a-delightful-afternoon-of-connection-and-camaraderie/) - This past Saturday, HKU Business School was warmly hosted by Simon Chan, the Director-General of the Hong Kong Economic and Trade Office in Dubai (a proud HKU alumnus) for a lunch gathering in Dubai. We were delighted to be joined by eight outstanding HKU Business School alumni from across the Middle East region. Four members
- [Congratulations to Prof. Xi Li for winning the Faculty Outstanding Researcher Award 2025-26!](https://www.hkubs.hku.hk/sc/media/school-news/congratulations-to-prof-xi-li-for-winning-the-faculty-outstanding-researcher-award-2025-26/) - Prof. Xi Li is a prolific scholar with interdisciplinary research interests in marketing and operations. His remarkable impact is reflected in ten articles published in “A” journals, including Journal of Marketing Research, Marketing Science, Management Science, MIS Quarterly and Manufacturing & Service Operations Management, since joining the Faculty in July 2021. Beyond his publications, Prof.
- [Congratulations to Prof. Xi Li for winning the Faculty Outstanding Researcher Award 2025-26!](https://www.hkubs.hku.hk/sc/media/school-news/congratulations-to-prof-xi-li-for-winning-the-faculty-outstanding-researcher-award-2025-26/) - Prof. Xi Li is a prolific scholar with interdisciplinary research interests in marketing and operations. His remarkable impact is reflected in ten articles published in “A” journals, including Journal of Marketing Research, Marketing Science, Management Science, MIS Quarterly and Manufacturing & Service Operations Management, since joining the Faculty in July 2021. Beyond his publications, Prof.
- [Congratulations to Prof. Xi Li for winning the Faculty Outstanding Researcher Award 2025-26!](https://www.hkubs.hku.hk/sc/media/school-news/congratulations-to-prof-xi-li-for-winning-the-faculty-outstanding-researcher-award-2025-26/) - Prof. Xi Li is a prolific scholar with interdisciplinary research interests in marketing and operations. His remarkable impact is reflected in ten articles published in “A” journals, including Journal of Marketing Research, Marketing Science, Management Science, MIS Quarterly and Manufacturing & Service Operations Management, since joining the Faculty in July 2021. Beyond his publications, Prof.
- [HKU–Pepperdine Cross-Pacific Dialogue on Law, Economics & Innovation](https://www.hkubs.hku.hk/sc/media/school-news/hku-pepperdine-cross-pacific-dialogue-on-law-economics-innovation/) - We were delighted to host a special high-level event: HKU–Pepperdine Cross-Pacific Dialogue on Law, Economics & Innovation on 24 April 2026. Jointly organized by HKU Business School along with the HKU Faculty of Law and HKU Business School Alumni Association, the event attracted over 100 attendees. The morning began with an exchange between President Jim
- [HKU–Pepperdine Cross-Pacific Dialogue on Law, Economics & Innovation](https://www.hkubs.hku.hk/sc/media/school-news/hku-pepperdine-cross-pacific-dialogue-on-law-economics-innovation/) - We were delighted to host a special high-level event: HKU–Pepperdine Cross-Pacific Dialogue on Law, Economics & Innovation on 24 April 2026. Jointly organized by HKU Business School along with the HKU Faculty of Law and HKU Business School Alumni Association, the event attracted over 100 attendees. The morning began with an exchange between President Jim
- [HKU–Pepperdine Cross-Pacific Dialogue on Law, Economics & Innovation](https://www.hkubs.hku.hk/sc/media/school-news/hku-pepperdine-cross-pacific-dialogue-on-law-economics-innovation/) - We were delighted to host a special high-level event: HKU–Pepperdine Cross-Pacific Dialogue on Law, Economics & Innovation on 24 April 2026. Jointly organized by HKU Business School along with the HKU Faculty of Law and HKU Business School Alumni Association, the event attracted over 100 attendees. The morning began with an exchange between President Jim
- [第十屆「香港大學中國經濟季度論壇」- 探討「破局與韌性：全球變局下重塑中國經濟和貿易增長新動能」](https://www.hkubs.hku.hk/sc/media/press-release/the-10th-hku-quarterly-forum-on-chinese-economy-breaking-the-deadlock-and-resilience-new-drivers-for-chinas-economic-and-trade-growth-amid-global-changes/) - 港大經管學院中國經濟研究所聯同浙江大學香港校友會舉辦的第十屆「香港大學中國經濟季度論壇」於4月23日圓滿舉行。步入2026年的第二季，美以伊戰事掀起環球政治經濟形勢巨變序幕，港大經管學院邀請專家學者們，為此以「美以伊戰爭重塑全球政治經濟格局：對中國內地及香港經濟的影響」為核心主題，聚焦地緣衝擊、國際航運、宏觀政策與經濟新動能轉型等熱門議題，展開深度討論，註冊人數超過280人，觀看人數超過7500人。 港大經管學院院長、經濟學講座教授、中國經濟研究所所長蔡洪濱教授在致歡迎辭時表示，「這是我們第十次舉辦中國經濟季度論壇，港大經管學院長年深耕中國經濟研究，持續關注環球地緣政局變化。面對內地與香港的經濟轉型壓力，我們適時舉辦是次論壇，匯聚學者與業界專家分享前瞻看法。期望透過深度交流拋磚引玉，建立緊密的學術及企業合作網絡，助業界與公眾更全面、深入認識中國經濟發展走勢。」 蔡教授進一步指出：「港大經管學院的願景是依托內地北京、上海、深圳中心網絡，並與不同頂尖大學校友會合作，為研究所提供堅實基礎，運用學術知識與研究資源，對中國經濟進行更為深入、客觀的分析。」 港大經管學院經濟學實務教授、香港特首政策組專家毛振華教授在論壇上發表主題報告，以「美以伊戰爭重塑全球政治經濟格局：對中國內地及香港經濟的影響」為題指出，現階段中東衝突對中國經濟整體影響相對有限。國內工業生產維持強韌性，人工智能及高新技術產業投資與產出維持高速增長，新動能產業穩步發展；同時基建投資帶動整體投資止跌回升，疊加中央政策前置部署等有利因素，共同構成經濟穩定增長的重要支撐。 出口層面，中東地緣衝突對中國出口形成雙向作用。地緣政局不穩影響外需，加上航運成本上升及全球供應鏈調整，不利出口。不過，完備的工業體系及穩定生產能力大大提高出口韌性，能夠高效承接全球轉移至中國的海外訂單。更為關鍵的是，本次衝突進一步堅定各國推進去美元化結算的決心，「人民幣已成為全球投資者多元化資產配置的重要選擇，今年三月，在中東石油貿易中，人民幣佔比首次超越歐元，躍升至全球第二大結算貨幣，僅次於佔比百分之五十二的美元。」 中東戰事下，香港資本市場展現出較強韌性與風險抵禦能力。「中東局勢動盪，外資流入香港市場跡象顯著，中東客戶對港股投資、設立或擴展家族辦公室的諮詢量環比激增。香港進一步強化自身的「安全港」地位，繼續扮演「超級聯繫人」這重要角色。」 出席論壇的浙江大學全球發展學院院長、教育部「長江學者獎勵計劃」特聘教授黃先海教授，以「強化新舊動能轉換，創建第三大宏觀政策 」為題指出，面對百年未有之大變局，中國經濟需要「強化新舊動能轉換，創建第三大宏觀政策。」 當前中國經濟在新舊動能轉換上，已出現三大趨勢：首先，汽車產業替代房地產成為第一大支柱產業；其次是包括新能源汽車、鋰電池和光伏產品的「新三樣」，以及包括創新藥、機器人和無人機產業的「新新三樣」相繼湧現；最後是利用創新優勢取代成本優勢，由資本與技術密集型的機電產品，替代傳統產品，成為第一大出口產業類別。 另外，面向科技和產業創新，建議在財政和貨幣政策以外，構建第三大宏觀政策：創新大政策，以配合創新增長導向。創新大政策的政策工具包括：政府創新基金，發達的股權投資風險投資，科技金融，階梯型的智慧財產權保護，科學家-企業家創新激勵，普惠的研發補貼補償，重大科技基礎設施建設與共用。 論壇的另一位講者澳門大學社會科學學院院長、UMDF政治學與公共政策傑出教授胡偉星教授因應今年亞太經合組織峰會在深圳舉行，提出究竟「中國應當期待甚麼樣的亞太自貿區」時表示，當前全球自由貿易正面臨逆全球化改變，「美國現在主張對等交換的貿易邏輯，而中國推動的自由貿易區，則以國際自由貿易規則為基礎維持秩序。未來需融合兩種邏輯，透過制度優化與模式創新持續推進自由貿易發展。」胡偉星教授又指出，「中美關係已演變為地區的博弈，區域大國政治格局亦隨之重塑。特朗普政府及西方多國普遍採取「退群」、保護主義及逆全球化政策，構成當前外部環境的主要挑戰。」 海豐國際控股有限公司執行董事兼董事會主席楊現祥先生發表了題為「美以伊戰爭對全球海運的影響」的主題演講。他特別指出，這場衝突已嚴重干擾了海上作業，導致貨輪滯留波斯灣、船舶供應趨緊，同時油價上漲增加了營運成本，加劇了航運公司的財務壓力。 最後論壇亦圍繞今年中國經濟增長表現進行了圓桌討論，由蔡洪濱教授主持。參與討論的講者，包括：深圳市海願創業投資有限公司董事長陳軍博士， 瑞銀董事總經理、瑞銀財富管理亞太區投資總監及宏觀經濟主管胡一帆博士，建銀國際（控股）有限公司董事總經理、首席經濟學家趙文利博士，中誠信國際信用評級有限責任公司董事總經理、研究院院長、財政部財政風險研究專家工作室專家袁海霞博士，新絲路民間經貿國際交流中心主任、原連連數字首席執行官辛潔先生，東方匯理銀行董事總經理、首席中國經濟學家及亞洲區（日本除外）研究部主管治曉佳女士。 面對中東衝突與中國經濟增長前景看法，與會專家普遍認為中國經濟仍具備良好基礎，能夠應對相關挑戰。他們對於人民幣匯率、貿易摩擦與出口表現、行業增長動力與通脹趨勢等一系列問題，也表達了務實而平衡的看法。另外，入境旅遊乃至「足球經濟」等指標，也能在一定程度上反映整體消費狀況。 圖片 港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授致歡迎辭。 港大經管學院經濟學實務教授、香港特首政策組專家毛振華教授發表主題報告。 浙江大學全球發展學院院長、教育部「長江學者獎勵計劃」特聘教授黃先海教授發表主旨演講。 澳門大學社會科學學院院長、UMDF政治學與公共政策傑出教授胡偉星教授發表主旨演講。 海豐國際控股有限公司執行董事兼董事會主席楊現祥先生發表主旨演講。 （從左至右）港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授；深圳市海願創業投資有限公司董事長陳軍博士；瑞銀董事總經理，瑞銀財富管理亞太區投資總監及宏觀經濟主管胡一帆博士；建銀國際（控股）有限公司董事總經理，首席經濟學家趙文利博士；中誠信國際信用評級有限責任公司董事總經理、研究院院長、財政部財政風險研究專家工作室專家袁海霞博士；新絲路民間經貿國際交流中心主任，原連連數字 CEO辛潔先生；東方匯理銀行董事總經理，首席中國經濟學家及亞洲區（日本除外）研究部主管治曉佳女士進行圓桌討論。 論壇於香港大學中環創立方舉行，吸引了工商界領袖、學者、校友和學生出席。
- [第十届“香港大学中国经济季度论坛”- 探讨“破局与韧性：全球变局下重塑中国经济和贸易增长新动能”](https://www.hkubs.hku.hk/sc/media/press-release/the-10th-hku-quarterly-forum-on-chinese-economy-breaking-the-deadlock-and-resilience-new-drivers-for-chinas-economic-and-trade-growth-amid-global-changes/) - 港大经管学院中国经济研究所联同浙江大学香港校友会举办的第十届“香港大学中国经济季度论坛”于4月23日圆满举行。步入2026年的第二季，美以伊战事掀起环球政治经济形势巨变序幕，港大经管学院邀请专家学者们，为此以“美以伊战争重塑全球政治经济格局：对中国内地及香港经济的影响”为核心主题，聚焦地缘冲击、国际航运、宏观政策与经济新动能转型等热门议题，展开深度讨论，注册人数超过280人，观看人数超过7500人。 港大经管学院院长、经济学讲座教授、中国经济研究所所长蔡洪滨教授在致欢迎辞时表示，“这是我们第十次举办中国经济季度论坛，港大经管学院长年深耕中国经济研究，持续关注环球地缘政局变化。面对内地与香港的经济转型压力，我们适时举办是次论坛，汇聚学者与业界专家分享前瞻看法。期望透过深度交流抛砖引玉，建立紧密的学术及企业合作网络，助业界与公众更全面、深入认识中国经济发展走势。” 蔡教授进一步指出：“港大经管学院的愿景是依托内地北京、上海、深圳中心网络，并与不同顶尖大学校友会合作，为研究所提供坚实基础，运用学术知识与研究资源，对中国经济进行更为深入、客观的分析。” 港大经管学院经济学实务教授、香港特首政策组专家毛振华教授在论坛上发表主题报告，以“美以伊战争重塑全球政治经济格局：对中国内地及香港经济的影响”为题指出，现阶段中东冲突对中国经济整体影响相对有限。国内工业生产维持强韧性，人工智能及高新技术产业投资与产出维持高速增长，新动能产业稳步发展；同时基建投资带动整体投资止跌回升，叠加中央政策前置部署等有利因素，共同构成经济稳定增长的重要支撑。 出口层面，中东地缘冲突对中国出口形成双向作用。地缘政局不稳影响外需，加上航运成本上升及全球供应链调整，不利出口。不过，完备的工业体系及稳定生产能力大大提高出口韧性，能够高效承接全球转移至中国的海外订单。更为关键的是，本次冲突进一步坚定各国推进去美元化结算的决心，“人民币已成为全球投资者多元化资产配置的重要选择，今年三月，在中东石油贸易中，人民币占比首次超越欧元，跃升至全球第二大结算货币，仅次于占比百分之五十二的美元。” 中东战事下，香港资本市场展现出较强韧性与风险抵御能力。“中东局势动荡，外资流入香港市场迹象显著，中东客户对港股投资、设立或扩展家族办公室的谘询量环比激增。香港进一步强化自身的“安全港”地位，继续扮演“超级联系人”这重要角色。” 出席论坛的浙江大学全球发展学院院长、教育部“长江学者奖励计划”特聘教授黄先海教授，以“强化新旧动能转换，创建第三大宏观政策 ”为题指出，面对百年未有之大变局，中国经济需要“强化新旧动能转换，创建第三大宏观政策。” 当前中国经济在新旧动能转换上，已出现三大趋势：首先，汽车产业替代房地产成为第一大支柱产业；其次是包括新能源汽车、锂电池和光伏产品的“新三样”，以及包括创新药、机器人和无人机产业的“新新三样”相继涌现；最后是利用创新优势取代成本优势，由资本与技术密集型的机电产品，替代传统产品，成为第一大出口产业类别。 另外，面向科技和产业创新，建议在财政和货币政策以外，构建第三大宏观政策：创新大政策，以配合创新增长导向。创新大政策的政策工具包括：政府创新基金，发达的股权投资风险投资，科技金融，阶梯型的智慧财产权保护，科学家-企业家创新激励，普惠的研发补贴补偿，重大科技基础设施建设与共用。 论坛的另一位讲者澳门大学社会科学学院院长、UMDF政治学与公共政策杰出教授胡伟星教授因应今年亚太经合组织峰会在深圳举行，提出究竟“中国应当期待甚么样的亚太自贸区”时表示，当前全球自由贸易正面临逆全球化改变，“美国现在主张对等交换的贸易逻辑，而中国推动的自由贸易区，则以国际自由贸易规则为基础维持秩序。未来需融合两种逻辑，透过制度优化与模式创新持续推进自由贸易发展。”胡伟星教授又指出，“中美关系已演变为地区的博弈，区域大国政治格局亦随之重塑。特朗普政府及西方多国普遍采取“退群”、保护主义及逆全球化政策，构成当前外部环境的主要挑战。” 海丰国际控股有限公司执行董事兼董事会主席杨现祥先生发表了题为“美以伊战争对全球海运的影响”的主题演讲。他特别指出，这场冲突已严重干扰了海上作业，导致货轮滞留波斯湾、船舶供应趋紧，同时油价上涨增加了营运成本，加剧了航运公司的财务压力。 最后论坛亦围绕今年中国经济增长表现进行了圆桌讨论，由蔡洪滨教授主持。参与讨论的讲者，包括：深圳市海愿创业投资有限公司董事长陈军博士， 瑞银董事总经理、瑞银财富管理亚太区投资总监及宏观经济主管胡一帆博士，建银国际（控股）有限公司董事总经理、首席经济学家赵文利博士，中诚信国际信用评级有限责任公司董事总经理、研究院院长、财政部财政风险研究专家工作室专家袁海霞博士，新丝路民间经贸国际交流中心主任、原连连数字首席执行官辛洁先生，东方汇理银行董事总经理、首席中国经济学家及亚洲区（日本除外）研究部主管治晓佳女士。 面对中东冲突与中国经济增长前景看法，与会专家普遍认为中国经济仍具备良好基础，能够应对相关挑战。他们对于人民币汇率、贸易摩擦与出口表现、行业增长动力与通胀趋势等一系列问题，也表达了务实而平衡的看法。另外，入境旅游乃至“足球经济”等指标，也能在一定程度上反映整体消费状况。 图片 港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授致欢迎辞。 港大经管学院经济学实务教授、香港特首政策组专家毛振华教授发表主题报告。 浙江大学全球发展学院院长、教育部“长江学者奖励计划”特聘教授黄先海教授发表主旨演讲。 澳门大学社会科学学院院长、UMDF政治学与公共政策杰出教授胡伟星教授发表主旨演讲。 海丰国际控股有限公司执行董事兼董事会主席杨现祥先生发表主旨演讲。 （从左至右）港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授；深圳市海愿创业投资有限公司董事长陈军博士；瑞银董事总经理，瑞银财富管理亚太区投资总监及宏观经济主管胡一帆博士；建银国际（控股）有限公司董事总经理，首席经济学家赵文利博士；中诚信国际信用评级有限责任公司董事总经理、研究院院长、财政部财政风险研究专家工作室专家袁海霞博士；新丝路民间经贸国际交流中心主任，原连连数字 CEO辛洁先生；东方汇理银行董事总经理，首席中国经济学家及亚洲区（日本除外）研究部主管治晓佳女士进行圆桌讨论。 论坛于香港大学中环创立方举行，吸引了工商界领袖、学者、校友和学生出席。
- [The 10th HKU Quarterly Forum on Chinese Economy - Breaking the Deadlock and Resilience: New Drivers for  China’s Economic and Trade Growth Amid Global Changes](https://www.hkubs.hku.hk/sc/media/press-release/the-10th-hku-quarterly-forum-on-chinese-economy-breaking-the-deadlock-and-resilience-new-drivers-for-chinas-economic-and-trade-growth-amid-global-changes/) - The 10th HKU Quarterly Forum on Chinese Economy, hosted by HKU Business School’s Institute of China Economy (ICE), in partnership with the Zhejiang University Alumni Association (Hong Kong), was held on Thursday, 23 April 2026, at HKU iCube in Central, Hong Kong. This edition of the Forum addressed the profound impact of intensifying geopolitical tensions—particularly
- [港大经管学院 UTD 最新排名表现亮眼](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-shines-in-latest-utd-rankings/) - We are thrilled to announce that HKU Business School has been ranked No. 6 globally and No. 1 in Asia in the 2025 UTD Top 100 Business School Research Rankings, compiled by the Naveen Jindal School of Management at The University of Texas at Dallas (UTD). Moreover, for the 5-year period of 2021-2025, the School
- [港大經管學院 UTD 最新排名表現亮眼](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-shines-in-latest-utd-rankings/) - We are thrilled to announce that HKU Business School has been ranked No. 6 globally and No. 1 in Asia in the 2025 UTD Top 100 Business School Research Rankings, compiled by the Naveen Jindal School of Management at The University of Texas at Dallas (UTD). Moreover, for the 5-year period of 2021-2025, the School
- [HKU Business School Shines in Latest UTD Rankings](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-shines-in-latest-utd-rankings/) - We are thrilled to announce that HKU Business School has been ranked No. 6 globally and No. 1 in Asia in the 2025 UTD Top 100 Business School Research Rankings, compiled by the Naveen Jindal School of Management at The University of Texas at Dallas (UTD). Moreover, for the 5-year period of 2021-2025, the School
- [Ready to Pop: Unlocking Potential at the HKU Business School Mentorship Programme 2025-26 Networking Event](https://www.hkubs.hku.hk/media/school-news/ready-to-pop-unlocking-potential-at-the-hku-business-school-mentorship-programme-2025-26-networking-event/) - The HKU Business School Mentorship Programme 2025–26 Networking Event, held on 9 April at HKU iCube, was a resounding success, bringing together more than 130 mentors and mentees, along with Faculty members including Professor Derek Chan, Associate Dean (Undergraduate), and Professor Winnie Leung, Assistant Dean (Undergraduate). This vibrant annual gathering exemplified the spirit of two‑way
- [BNP Paribas Sustainable Finance Hackathon Hong Kong 2026](https://www.hkubs.hku.hk/media/school-news/bnp-paribas-sustainable-finance-hackathon-hong-kong-2026/) - We are delighted to announce that our students have achieved 1st Runner-Up at the BNP Paribas Sustainable Finance Hackathon Hong Kong 2026! This competition challenges participants to develop innovative financing solutions for real-world sustainability challenges. This year’s theme focused on ocean protection, requiring teams to propose actionable financing strategies that effectively balance environmental impact with
- [Celebrating 20 Years of BBA(IBGM): Anniversary Event and Alumni Chapter Inauguration](https://www.hkubs.hku.hk/media/school-news/celebrating-20-years-of-bbaibgm-anniversary-event-and-alumni-chapter-inauguration/) - HKU Business School hosted the BBA(IBGM) 20th Anniversary Event on 28 March 2026 at the Rayson Huang Theatre — a landmark evening celebrating two decades of the International Business and Global Management (IBGM) programme. With over 120 attendees, including current students, alumni from across all twenty cohorts, and faculty members, past and present, it was
- [Unleashing the Future: A Resounding Success for HKU Business School’s Inaugural “Connectivity in AI” Programme](https://www.hkubs.hku.hk/media/school-news/unleashing-the-future-a-resounding-success-for-hku-business-schools-inaugural-connectivity-in-ai-programme/) - The inaugural “Connectivity in AI” programme, designed and delivered by the Undergraduate Student Enrichment Team, was held from March 12 to 14, 2026 and concluded with resounding success. This pioneering three‑day initiative equipped our undergraduates with a clear view of how artificial intelligence is transforming industries and business functions, while helping them prepare for this
- [Congratulations to the recipients of our inaugural Faculty Service Award!](https://www.hkubs.hku.hk/media/school-news/congratulations-to-the-recipients-of-our-inaugural-faculty-service-award/) - HKU Business School is proud to recognise colleagues who have gone above and beyond in service and administration during the 2024–25 academic year — the very first cohort honoured with this award. These faculty members have made meaningful contributions across programme development, admissions, student and alumni engagement, committee work, and external representation. Their dedication has
- [HKU Jockey Club Enterprise Sustainability Global Research Institute Launches Inaugural Climate Change Exposure Index, Placing Hong Kong 2nd Globally in Regulatory Climate Attention](https://www.hkubs.hku.hk/sc/media/press-release/launches-inaugural-climate-change-exposure-index-placing-hong-kong-2nd-globally-in-regulatory-climate-attention/) - Based on the earnings call transcripts, this New Index, covering 15,000+ firms across 92 countries, reveals what traditional ESG reports don't. The HKU Jockey Club Enterprise Sustainability Global Research Institute has launched its inaugural Sustainability Index – the Climate Change Exposure (CCE) Index - led by Professor Ruishen Zhang, under the HKU Sustainability Index Programme
- [香港大学赛马会环球企业可持续发展研究所首次发布“气候风险暴露指数”，香港监管气候关注度位列全球第二](https://www.hkubs.hku.hk/sc/media/press-release/launches-inaugural-climate-change-exposure-index-placing-hong-kong-2nd-globally-in-regulatory-climate-attention/) - 该指数以92国15,000+企业业绩电话内容为研究依据，直击传统ESG报告的盲区。 香港大学赛马会环球企业可持续发展研究所（以下简称“研究所”）于3月27日正式发布“香港大学可持续发展指数”（HKU Sustainability Index Programme， https://hkujcesgri.hku.hk/hku-jc-sustainability-index/）项目下的首项指数——“气候风险暴露指数”（Climate Change Exposure Index， CCE）。 “气候风险暴露指数”由香港大学张瑞申教授主导研究。 发布会在港大校园举行，作为香港气候周的官方周边会议之一，活动汇聚了约30位特邀企业高层、投资者及顶尖学者。 “气候风险暴露指数”是一项具开创性的可持续发展评级工具，其数据基础涵盖92个国家超过15,000家企业的业绩电话会议记录。 与传统聚焦于企业排放量的气候指标不同，该指数捕捉的是企业管理者与金融分析师在实际对话中的即时关注点，从而提供贴近市场的真实信号，反映企业对气候议题的实际重视程度。 该指数的研究成果最初发表于《金融学刊》（Journal of Finance; Sautner， van Lent， Vilkov， & Zhang， 2023），并揭示了一个长期被忽视的现象：尽管围绕气候监管与市场机遇的讨论已渐成主流，企业对实体气候风险的关注度却仍呈现高度分散且缺乏一致性的特征。 关键发现 气候风险暴露在企业间差异显著：即使在同行业内，高达70% 至96% 的气候风险暴露差异都体现在企业层面。 气候机遇讨论持续升温，监管关注于2021年达到顶峰：然而，实体风险的受关注度依然不足——这或许因其具有高度特异的特质。 香港企业的监管风险暴露指数在全球40多个主要市场中高居第二：这清晰地反映了香港作为绿色金融枢纽的战略定位，已深入其企业的气候治理实践。 “气候风险暴露指数”详情： https://hkujcesgri.hku.hk/hku-jc-sustainability-index/firm-level-climate-change-exposure-index/ “气候风险暴露指数”图表： https://hkujcesgri.hku.hk/firm-level-climate-change-exposure-index-visualization/# 活动亮点 除了“气候风险暴露指数”的正式发布，本次活动中的自由讨论也不乏亮点。 其中，张瑞申教授与全球主要光储企业之一——阿特斯阳光电力集团总裁庄岩先生之间的对话尤为值得关注。 庄岩先生提出：业绩电话会议是否真的能够足够早地捕捉前瞻性信号？ 一些最具颠覆性的绿色技术，可能在实际应用多年之后才进入企业公开讨论。 张瑞申教授表示，“气候风险暴露指数”刻意不对“气候机遇”做预先设定，而是让市场自行“表达”——其机器学习演算法持续从会议记录中学习不断演化的语言模式，使太空光伏、数据中心配储等新兴概念一旦进入市场对话，便能被即时捕获。 张教授的回答一方面回应了庄岩先生关于如何捕捉前瞻性信号的关切，也反映出业界目前对及时捕捉市场趋势的需求，而张教授的方法学创新正为此提供了潜在的解决方案。 精彩发言 黄智勇教授： “香港大学可持续发展指数”负责人 香港大学赛马会环球企业可持续发展研究所副所长 香港赛马会基金教授（会计学） 会计及法学学术领域主任 “我们的可持续发展评级，为众多组织规划其可持续发展战略提供了重大参考意义。 为此，研究所投入大量资源，依托经济学家的专业力量构建了这些评级体系，并致力于其持续的优化与拓展。 我们期望该评级体系成为从业者与政策制定者在应对气候转型挑战时，值得信赖的参考依据。” 张瑞申教授： “气候风险暴露指数”负责人 香港大学赛马会环球企业可持续发展研究所联署研究员 助理教授（会计与法学）
- [香港大學賽馬會環球企業可持續發展研究所首次發佈「氣候風險暴露指數」，香港監管氣候關注度位列全球第二](https://www.hkubs.hku.hk/sc/media/press-release/launches-inaugural-climate-change-exposure-index-placing-hong-kong-2nd-globally-in-regulatory-climate-attention/) - 該指數以92國15,000+企業業績電話內容為研究依據，直擊傳統ESG報告的盲區。 香港大學賽馬會環球企業可持續發展研究所（以下簡稱「研究所」）於3月27日正式發佈「香港大學可持續發展指數」（HKU Sustainability Index Programme， https://hkujcesgri.hku.hk/hku-jc-sustainability-index/）項目下的首項指數——「氣候風險暴露指數」（Climate Change Exposure Index， CCE）。 「氣候風險暴露指數」由香港大學張瑞申教授主導研究。 發佈會在港大校園舉行，作為香港氣候周的官方周邊會議之一，活動匯聚了約30位特邀企業高層、投資者及頂尖學者。 「氣候風險暴露指數」是一項具開創性的可持續發展評級工具，其數據基礎涵蓋92個國家超過15,000家企業的業績電話會議記錄。 與傳統聚焦於企業排放量的氣候指標不同，該指數捕捉的是企業管理者與金融分析師在實際對話中的即時關注點，從而提供貼近市場的真實信號，反映企業對氣候議題的實際重視程度。 該指數的研究成果最初發表於《金融學刊》（Journal of Finance; Sautner， van Lent， Vilkov， & Zhang， 2023），並揭示了一個長期被忽視的現象：儘管圍繞氣候監管與市場機遇的討論已漸成主流，企業對實體氣候風險的關注度卻仍呈現高度分散且缺乏一致性的特徵。 關鍵發現 氣候風險暴露在企業間差異顯著：即使在同行業內，高達70% 至96% 的氣候風險暴露差異都體現在企業層面。 氣候機遇討論持續升溫，監管關注於2021年達到頂峰：然而，實體風險的受關注度依然不足——這或許因其具有高度特異的特質。 香港企業的監管風險暴露指數在全球40多個主要市場中高居第二：這清晰地反映了香港作為綠色金融樞紐的戰略定位，已深入其企業的氣候治理實踐。 「氣候風險暴露指數」詳情： https://hkujcesgri.hku.hk/hku-jc-sustainability-index/firm-level-climate-change-exposure-index/ 「氣候風險暴露指數」圖表： https://hkujcesgri.hku.hk/firm-level-climate-change-exposure-index-visualization/# 活動亮點 除了「氣候風險暴露指數」的正式發佈，本次活動中的自由討論也不乏亮點。 其中，張瑞申教授與全球主要光儲企業之一——阿特斯陽光電力集團總裁莊岩先生之間的對話尤為值得關注。 莊岩先生提出：業績電話會議是否真的能夠足夠早地捕捉前瞻性信號？ 一些最具顛覆性的綠色技術，可能在實際應用多年之後才進入企業公開討論。 張瑞申教授表示，「氣候風險暴露指數」刻意不對「氣候機遇」做預先設定，而是讓市場自行「表達」——其機器學習演算法持續從會議記錄中學習不斷演化的語言模式，使太空光伏、數據中心配儲等新興概念一旦進入市場對話，便能被即時捕獲。 張教授的回答一方面回應了莊岩先生關於如何捕捉前瞻性信號的關切，也反映出業界目前對及時捕捉市場趨勢的需求，而張教授的方法學創新正為此提供了潛在的解決方案。 精彩發言 黃智勇教授： 「香港大學可持續發展指數」負責人 香港大學賽馬會環球企業可持續發展研究所副所長 香港賽馬會基金教授（會計學） 會計及法學學術領域主任 「我們的可持續發展評級，為眾多組織規劃其可持續發展戰略提供了重大參考意義。 為此，研究所投入大量資源，依託經濟學家的專業力量構建了這些評級體系，並致力於其持續的優化與拓展。 我們期望該評級體系成為從業者與政策制定者在應對氣候轉型挑戰時，值得信賴的參考依據。」 張瑞申教授： 「氣候風險暴露指數」負責人 香港大學賽馬會環球企業可持續發展研究所聯署研究員 助理教授（會計與法學）
- [An Evening of Networking and Career Insights: Undergraduate Students and Alumni Mixer 2026](https://www.hkubs.hku.hk/media/school-news/an-evening-of-networking-and-career-insights-undergraduate-students-and-alumni-mixer-2026/) - On 20 March, our Undergraduate Students and Alumni Mixer Event 2026 brought together curious students and engaging alumni for an evening filled with learning, insights, and meaningful connections. We sincerely thank our alumni and students who participated with enthusiasm and a shared eagerness to prepare for their future careers. A special thanks to Mr. John
- [HKU Business School Celebrates 25 Years of Excellence with Grand Anniversary Gala Dinner](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-celebrates-25-years-of-excellence-with-grand-anniversary-gala-dinner/) - HKU Business School held its 25th Anniversary Gala Dinner at the JW Marriott Hotel on 15 March 2026, a landmark celebration honouring a quarter-century of academic excellence, transformative leadership, and groundbreaking contributions to the business world. The Gala Dinner brought together over 500 distinguished guests, faculty members, alumni and friends to celebrate the School's achievements
- [Beta Gamma Sigma (HKU Chapter) Student Representatives for BGS Regional Leadership Conference 2026 in Barcelona, Spain](https://www.hkubs.hku.hk/media/school-news/beta-gamma-sigma-hku-chapter-student-representatives-for-bgs-regional-leadership-conference-2026-in-barcelona-spain/) - Teams of four current undergraduate students, Ms. Natalie Hung [Year 5 – BBA(Law)&LLB], Mr. Benson Lau [(Year 4 BBA(IBGM), Mr. Spencer Paddy [Year 5 – BBA(Law)&LLB], and Ms. Joy Sun [Year 4 -BEcon&Fin] - have been selected by the Faculty as student representatives to attend the Beta Gamma Sigma Leadership Conference 2026, held at IQS
- [Synergy in Motion: A Commitment to Student-Faculty Collaboration at the Tea Reception with Student Associations Reception 2026](https://www.hkubs.hku.hk/media/school-news/synergy-in-motion-a-commitment-to-student-faculty-collaboration-at-the-tea-reception-with-student-associations-reception-2026/) - The HKU Business School buzzed with energy and a spirit of collaboration as it hosted its Annual Reception with the Dean for Student Associations on March 3, 2026. The event brought together undergraduate student leaders and senior academic members for insightful dialogue, innovative ideas, and strengthened partnerships, all aimed at enriching the undergraduate experience. Professor
- [陈志武：从春秋战国看当下世界变局](https://www.hkubs.hku.hk/sc/media/school-news/the-world-in-turmoil-lessons-from-the-spring-and-autumn-and-warring-states-era/)
- [陳志武：從春秋戰國看當下世界變局](https://www.hkubs.hku.hk/sc/media/school-news/the-world-in-turmoil-lessons-from-the-spring-and-autumn-and-warring-states-era/)
- [The World in Turmoil: Lessons from the Spring and Autumn and Warring States Era](https://www.hkubs.hku.hk/sc/media/school-news/the-world-in-turmoil-lessons-from-the-spring-and-autumn-and-warring-states-era/)
- [Congratulations to Prof. Jin Li for winning the 2026 Weinberg/IRRCi Research Paper Award!](https://www.hkubs.hku.hk/media/school-news/congratulations-to-prof-jin-li-for-winning-the-2026-weinberg-irrci-research-paper-award/) - Prof. Jin Li, Zhang Yonghong Professor in Economics and Strategy, Director of the Centre for AI, Management and Organization (CAMO) of the University of Hong Kong, and Area Head of Management and Strategy at HKU Business School has won the 2026 John L. Weinberg/IRRCi Research Paper Award, presented at the Corporate Governance Symposium hosted by
- [Sharpe Award for the Best Paper – JFQA 2025](https://www.hkubs.hku.hk/media/school-news/sharpe-award-for-the-best-paper-jfqa-2025/) - We are incredibly proud to announce that Professors Roni Michaely (The University of Hong Kong, Faculty of Business and Economics), Joan Farre-Mensa (University of Illinois at Chicago), and Martin Schmalz (University of Oxford) have been awarded the prestigious Sharpe Award for the Best Paper published in the 2025 Volume of the Journal of Financial and
- [港大经管学院25周年院庆晚宴：致敬传承展望未来](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-celebrates-25-years-of-excellence-with-grand-anniversary-gala-dinner/) - 港大经管学院于2026年3月15日在JW万豪酒店隆重举行25周年院庆晚宴。这场极具意义的盛会，旨在庆祝学院过去四分之一世纪在学术成就、人才培育及商界贡献方面的卓越成果。晚宴以“Beyond 25”（展望廿五）为主题，汇聚了超过500位嘉宾、教职员、校友及各界友好，一同回顾学院的发展历程，展望未来发展蓝图。 晚宴伊始，港大校长张翔教授致欢迎辞。他指出：“过去二十五载，港大经管学院凭借坚韧不拔及破格创新的精神，在经济变迁、科技革命与全球挑战中破浪前行。学院对社会的贡献，充分体现与香港大学作为世界顶尖学府、锐意引领人类未来变革的愿景。我深信，学院未来定必继续推动创新、作育英才，携手共建一个更繁荣且可持续发展的世界。” 其后，香港特别行政区政府财政司司长陈茂波先生发表主旨演讲。他表示：“人工智能正以前所未见的速度飞跃发展，远超许多人的预期。它正重塑各行各业，并深刻影响社会生活的方方面面。在这个技术突破与商业创新并驾齐驱的新时代，工商管理教育的重要性更胜从前，因为未来的挑战，不仅在于掌握技术的潜能，更在于引领人们在变革中稳步向前。”他续说：“港大经管学院可在这一进程中担当关键角色。学院汇聚了来自商界及不同领域的人才；校友与学生背景多元，涵盖商业、科技、金融及公共行政等专业范畴。学院是将创新思维转化为实际影响力的平台，为企业、市场乃至整个社会创造更大价值。” 奥运跳水冠军郭晶晶女士亦分享心路历程，从一个怕水的小女孩，到奥运冠军，再到国际裁判，以及投身公益与健康事业。这位曾斩获31个世界冠军的跳水名将说道：“体育给予我最宝贵的从来不是奖牌，而是沉淀在信念里的两种力量，一种是坚持——坚持一项事业，一份责任，一种信念。另一种是勇敢——勇于走出舒适区，敢于向陌生的领域探索和尝试。敢于在不行的时候，依然说我想再试试。”郭晶晶也衷心祝愿在场嘉宾：“都能在自己的道路上，找到热爱，守住初心，一步一脚印地让这个世界变得更好。” 港大经管学院院长蔡洪滨教授于晚宴时表示：“今天，适逢港大经管学院庆祝成立 25 周年，我十分自豪地在此重申我们的愿景：成为全球顶尖的商学院。这一愿景建基于我们的‘3D策略’——以思想领导力构筑高度、以扎根中国深耕深度，并以国际合作拓展广度。 在此战略驱动下，学院各项发展成果丰硕。学院在 2025 年 UTD 商学院研究排名中位列全球第 6，并在《金融时报》研究排名中名列第 11。我们的杰出学者在各个领域发表了高质素的研究成果，推动学院朝著成为具全球影响力商学院的宏大愿景迈进。 而凭著现有的北京、上海和深圳中心，配合我们在越南与欧洲日益扩大的影响力，我们不仅在大中华区建立了稳固的网络，更进一步拓展了全球版图。此外，透过将人工智能融入商业教育与研究之中，我们正立于创新的最前沿，为充满希望的未来奠定坚实基础。” 晚宴上亦举行颁奖环节，以表扬内地校友会对学院的大力支持，同时宣布成立港大经管学院校友会荣誉顾问委员会，并委任相关成员。晚宴亦设有现场拍卖，为学院的“Beyond 25”（展望廿五）发展项目筹款。当晚更由本科生及明德合唱团带来精彩表演，大家共同庆祝学院成立25周年。 港大经管学院自2001年创立以来，从怀著远见创立，逐步发展成商业、经济及金融教育领域的重要力量，并持续获评为全球顶尖商学院之一。多年来，学院培育了数以万计的毕业生，他们很多在世界各地的跨国企业、初创公司、政府部门及非牟利机构担任要职。 图片 主礼嘉宾 香港特别行政区政府财政司司长陈茂波先生发表主题演讲 奥运跳水冠军郭晶晶女士发言 分享心路历程 港大校长张翔教授致欢迎辞 港大经管学院院长兼经济学讲座教授蔡洪滨教授介绍学院发展及愿景 晚宴祝酒环节 从左至右：港大协理副校长（中国事务）黄依倩女士；港大副校长（教学）Jay SEIGEL教授；港大副校长（行政及财务）谢凌洁贞女士；港大经管学院院长兼经济学讲座教授 宝光基金教授席（金融学）蔡洪滨教授；港大首席副校长兼黄乾亨黄英豪基金教授（政治经济学）王于渐教授；香港特别行政区政府财政司司长陈茂波先生；港大校长张翔教授；奥运跳水冠军郭晶晶女士 ；港大副校长（商业策略）宝光基金教授席（金融学）林晨教授；港大副校长（大学拓展）及讲座教授汪扬教授；港大副校长（国际创新中心）黄乾亨黄干利基金教授（化学与能源）任咏华教授 港大经管学院校友会荣誉顾问委员会成员从左至右：洪氏集团副主席及合兴集团控股有限公司行政总裁洪明基先生；港大经管学院院长兼经济学讲座教授蔡洪滨教授；前香港特别行政区政府公务员事务局局长聂德权教授；香港特别行政区政府香港人才服务办公室总监陈海劲先生（香港贸发局主席马时亨教授及恒生中国副董事长李文龙先生因事未能出席）。 明德合唱团表演 请按此下载高清图片。
- [港大經管學院25週年院慶晚宴：致敬傳承展望未來](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-celebrates-25-years-of-excellence-with-grand-anniversary-gala-dinner/) - 港大經管學院於2026年3月15日在JW萬豪酒店隆重舉行25週年院慶晚宴。這場極具意義的盛會，旨在慶祝學院過去四分之一世紀在學術成就、人才培育及商界貢獻方面的卓越成果。晚宴以「Beyond 25」（展望廿五）為主題，匯聚了超過500位嘉賓、教職員、校友及各界友好，一同回顧學院的發展歷程，展望未來發展藍圖。 晚宴伊始，港大校長張翔教授致歡迎辭。他指出：「過去二十五載，港大經管學院憑藉堅韌不拔及破格創新的精神，在經濟變遷、科技革命與全球挑戰中破浪前行。學院對社會的貢獻，充分體現與香港大學作為世界頂尖學府、銳意引領人類未來變革的願景。我深信，學院未來定必繼續推動創新、作育英才，攜手共建一個更繁榮且可持續發展的世界。」 其後，香港特別行政區政府財政司司長陳茂波先生發表主旨演講。他表示：「人工智能正以前所未見的速度飛躍發展，遠超許多人的預期。它正重塑各行各業，並深刻影響社會生活的方方面面。在這個技術突破與商業創新並駕齊驅的新時代，工商管理教育的重要性更勝從前，因為未來的挑戰，不僅在於掌握技術的潛能，更在於引領人們在變革中穩步向前。」他續說：「港大經管學院可在這一進程中擔當關鍵角色。學院匯聚了來自商界及不同領域的人才；校友與學生背景多元，涵蓋商業、科技、金融及公共行政等專業範疇。學院是將創新思維轉化為實際影響力的平台，為企業、市場乃至整個社會創造更大價值。」 奧運跳水冠軍郭晶晶女士亦分享心路歷程，從一個怕水的小女孩，到奧運冠軍，再到國際裁判，以及投身公益與健康事業。這位曾斬獲31個世界冠軍的跳水名將說道：「體育給予我最寶貴的從來不是獎牌，而是沉澱在信念裡的兩種力量，一種是堅持——堅持一項事業，一份責任，一種信念。另一種是勇敢——勇於走出舒適區，敢於向陌生的領域探索和嘗試。敢於在不行的時候，依然說我想再試試。」郭晶晶也衷心祝願在場嘉賓：「都能在自己的道路上，找到熱愛，守住初心，一步一腳印地讓這個世界變得更好。」 港大經管學院院長蔡洪濱教授於晚宴時表示：「今天，適逢港大經管學院慶祝成立 25 周年，我十分自豪地在此重申我們的願景：成為全球頂尖的商學院。這一願景建基於我們的『3D策略』——以思想領導力構築高度、以扎根中國深耕深度，並以國際合作拓展廣度。 在此戰略驅動下，學院各項發展成果豐碩。學院在 2025 年 UTD 商學院研究排名中位列全球第 6，並在《金融時報》研究排名中名列第 11。我們的傑出學者在各個領域發表了高質素的研究成果，推動學院朝著成為具全球影響力商學院的宏大願景邁進。 而憑著現有的北京、上海和深圳中心，配合我們在越南與歐洲日益擴大的影響力，我們不僅在大中華區建立了穩固的網絡，更進一步拓展了全球版圖。此外，透過將人工智能融入商業教育與研究之中，我們正立於創新的最前沿，為充滿希望的未來奠定堅實基礎。」 晚宴上亦舉行頒獎環節，以表揚內地校友會對學院的大力支持，同時宣布成立港大經管學院校友會榮譽顧問委員會，並委任相關成員。晚宴亦設有現場拍賣，為學院的「Beyond 25」（展望廿五）發展項目籌款。當晚更由本科生及明德合唱團帶來精彩表演，大家共同慶祝學院成立25週年。 港大經管學院自2001年創立以來，從懷著遠見創立，逐步發展成商業、經濟及金融教育領域的重要力量，並持續獲評為全球頂尖商學院之一。多年來，學院培育了數以萬計的畢業生，他們很多在世界各地的跨國企業、初創公司、政府部門及非牟利機構擔任要職。 圖片 主禮嘉賓 香港特別行政區政府財政司司長陳茂波先生發表主題演講 奧運跳水冠軍郭晶晶女士發言 分享心路歷程 港大校長張翔教授致歡迎辭 港大經管學院院長兼經濟學講座教授蔡洪濱教授介紹學院發展及願景 晚宴祝酒環節 從左至右：港大協理副校長（中國事務）黃依倩女士；港大副校長（教學）Jay SEIGEL教授；港大副校長（行政及財務）謝凌潔貞女士；港大經管學院院長兼經濟學講座教授 寶光基金教授席（金融學）蔡洪濱教授；港大首席副校長兼黃乾亨黃英豪基金教授（政治經濟學）王于漸教授；香港特別行政區政府財政司司長陳茂波先生；港大校長張翔教授；奧運跳水冠軍郭晶晶女士 ；港大副校長（商業策略）寶光基金教授席（金融學）林晨教授；港大副校長（大學拓展）及講座教授汪揚教授；港大副校長（國際創新中心）黃乾亨黃乾利基金教授（化學與能源）任詠華教授 港大經管學院校友會榮譽顧問委員會成員從左至右：洪氏集團副主席及合興集團控股有限公司行政總裁洪明基先生；港大經管學院院長兼經濟學講座教授蔡洪濱教授；前香港特別行政區政府公務員事務局局長聶德權教授；香港特別行政區政府香港人才服務辦公室總監陳海勁先生。（香港貿發局主席馬時亨教授及恒生中國副董事長李文龍先生因事未能出席） 明德合唱團表演 請按此下載高清圖片。
- [汇丰与港大携手 赋能香港新世代 提升就业能力](https://www.hkubs.hku.hk/sc/media/press-release/hsbc-and-hku-join-hands-to-empower-hong-kongs-next-generation-and-enhance-their-employability/) - 在当今竞争激烈的就业市场中，仅有学术卓越还不够—学生需要实践经验才能脱颖而出。由汇丰银行和香港大学共同举办的商业案例挑战－“智筑未来”于2026年3月4日至7日举行，正是为了提供这样的机会：囊括了来自香港九间大学的团队应对真实的商业挑战，制定针对性的解决方案，并由香港领先机构的高级执行人员组成的评审团呈现。最终获胜的团队香港城市大学将代表香港参加2026年6月1日至5日举行的全球总决赛，与来自亚洲、中东及其他地区的23支队伍同台竞技。 汇丰亚太及中东地区可持续战略和公益事务总监张惠峰表示：“我们乐见每年参与学生所展现的崭新创意、独到分析及明确目标。今年的案例聚焦娱乐产业与盛事经济，正相当切合香港积极吸引国际活动、带动本地经济的趋势。汇丰一直致力培育人才，透过各个项目，帮助年轻人装备未来职场所需技能。透过是次活动，学生能够培养创意思维、团队合作与解难等核心能力，并在踏入职场时，助企业适应瞬息万变的环境发展。” 港大经管学院院长—蔡洪滨教授表示：“随著人工智能的迅速发展，应届毕业生的就业前景比以往更加严峻。他们不仅需要从课堂上获取知识，更要懂得将理论付诸实践，并培养对创新科技的理解与领导力，以使命感、同理心和创造力脱颖而出。本次活动通过让参赛者对植根于香港企业环境和职场文化的商业案例进行研究，为学生提供了一个宝贵的机会，帮助他们提升技能，在这个人工智能时代获得竞争优势。 ” 在迎接香港挑战赛和全球总决赛之际，香港大学商学院与区域内多所大学和非政府组织合作，举办了一系列研讨会和培训课程。这些课程透过网络直播，汇集了来自世界各地的专家，指导学生进行问题解决、团队合作、案例分析和引人入胜的故事讲述，同时加深他们对金融决策和永续商业实践的理解。 往届学员凭借自身经验成功获得入职知名企业，他们将成功归功于在实际问题解决和沟通方面所获得的技能提升。在汇丰和香港大学等行业领导者企业的鼎力支持下，该活动继续在帮助香港的新一代自信地掌舵未来中发挥著关键作用。 现就职于Private Equity & Venture Capital Analyst at Prospera Asset Management 的刘天申分享道：“它增强了我的分析能力，并磨练了我在压力下的演讲技巧，最终帮助我在招募中脱颖而出。” 欧洲清算银行税务运营分析师—伊丽莎分享道：“这个案例挑战教会了我如何在压力下解决复杂问题—这些技能以及自信、合作的心态，都是我每天在欧洲清算银行工作中需要用到的。” 有关香港和亚太区商业案例挑战的更多资料，请浏览 : https://competition.acrc.hku.hk/ 图片 来自香港城市大学的 Adam Sutherland Gear、Yan Kei Woo、Jeenendra Agarwal 和 Rhea Patricia Kowara 组成的团队，在汇丰银行/香港大学商业案例挑战赛中荣获冠军 香港城市大学的Adam Sutherland Gear介绍案例研究 香港城市大学的Jeenendra Agarwal介绍了案例研究 香港城市大学的胡欣棋介绍了案例研究 来自香港9所大学的参赛者齐聚一堂，参加汇丰银行/香港大学商业案例挑战赛 香港城市大学团队在汇丰银行/香港大学商业案例挑战赛决赛中进行展示 排名第一的队伍是香港城市大学 香港城市大学代表队（排名第一）与评审团成员合影 香港城市大学荣获最高奖项 Open Dialogue 创办人Joe Wong（中）与其团队 汇丰亚太及中东地区可持续战略和公益事务总监张惠峰 港大经管学院市场、数字经济与创新研究学教授李曦 其他团队： 香港浸会大学 香港中文大学 香港恒生大学
- [匯豐與港大攜手 賦能香港新世代 提升就業能力](https://www.hkubs.hku.hk/sc/media/press-release/hsbc-and-hku-join-hands-to-empower-hong-kongs-next-generation-and-enhance-their-employability/) - 在當今競爭激烈的就業市場中，僅有學術卓越還不夠—學生需要實踐經驗才能脫穎而出。由匯豐銀行和香港大學共同舉辦的商業案例挑戰－「智築未來」於2026年3月4日至7日舉行，正是為了提供這樣的機會：囊括了來自香港九間大學的團隊應對真實的商業挑戰，制定針對性的解決方案，並由香港領先機構的高級執行人員組成的評審團呈現。最終獲勝的團隊香港城市大學將代表香港參加2026年6月1日至5日舉行的全球總決賽，與來自亞洲、中東及其他地區的23支隊伍同台競技。 滙豐亞太及中東地區可持續戰略和公益事務總監張惠峰表示：「我們樂見每年參與學生所展現的嶄新創意、獨到分析及明確目標。今年的案例聚焦娛樂產業與盛事經濟，正相當切合香港積極吸引國際活動、帶動本地經濟的趨勢。滙豐一直致力培育人才，透過各個項目，幫助年輕人裝備未來職場所需技能。透過是次活動，學生能夠培養創意思維、團隊合作與解難等核心能力，並在踏入職場時，助企業適應瞬息萬變的環境發展。」 港大經管學院院長—蔡洪濱教授表示：「隨著人工智能的迅速發展，應屆畢業生的就業前景比以往更加嚴峻。他們不僅需要從課堂上獲取知識，更要懂得將理論付諸實踐，並培養對創新科技的理解與領導力，以使命感、同理心和創造力脫穎而出。本次活動通過讓參賽者對植根於香港企業環境和職場文化的商業案例進行研究，為學生提供了一個寶貴的機會，幫助他們提升技能，在這個人工智能時代獲得競爭優勢。 」 在迎接香港挑戰賽和全球總決賽之際，香港大學商學院與區域內多所大學和非政府組織合作，舉辦了一系列研討會和培訓課程。這些課程透過網絡直播，匯集了來自世界各地的專家，指導學生進行問題解決、團隊合作、案例分析和引人入勝的故事講述，同時加深他們對金融決策和永續商業實踐的理解。 往屆學員憑藉自身經驗成功獲得入職知名企業，他們將成功歸功於在實際問題解決和溝通方面所獲得的技能提升。在匯豐和香港大學等行業領導者企業的鼎力支持下，該活動繼續在幫助香港的新一代自信地掌舵未來中發揮著關鍵作用。 現就職於Private Equity & Venture Capital Analyst at Prospera Asset Management 的劉天申分享道：「它增強了我的分析能力，並磨練了我在壓力下的演講技巧，最終幫助我在招募中脫穎而出。」 歐洲清算銀行稅務運營分析師—伊麗莎分享道：「這個案例挑戰教會了我如何在壓力下解決複雜問題—這些技能以及自信、合作的心態，都是我每天在歐洲清算銀行工作中需要用到的。」 有關香港和亞太區商業案例挑戰的更多資料，請瀏覽 : https://competition.acrc.hku.hk/ 圖片 來自香港城市大學的 Adam Sutherland Gear、Yan Kei Woo、Jeenendra Agarwal 和 Rhea Patricia Kowara 組成的團隊，在匯豐銀行/香港大學商業案例挑戰賽中榮獲冠軍 香港城市大學的Adam Sutherland Gear介紹案例研究 香港城市大學的Jeenendra Agarwal介紹了案例研究 香港城市大學的胡欣棋介紹了案例研究 來自香港9所大學的參賽者齊聚一堂，參加匯豐銀行/香港大學商業案例挑戰賽 香港城市大學團隊在匯豐銀行/香港大學商業案例挑戰賽決賽中進行展示 排名第一的隊伍是香港城市大學 香港城市大學代表隊（排名第一）與評審團成員合影 香港城市大學榮獲最高獎項 Open Dialogue 創辦人Joe Wong（中）與其團隊 滙豐亞太及中東地區可持續戰略和公益事務總監張惠峰 港大經管學院市場、數字經濟與創新研究學教授李曦 其他團隊： 香港浸會大學 香港中文大學 香港恆生大學
- [HSBC and HKU Join Hands to Empower Hong Kong’s Next Generation and Enhance their Employability](https://www.hkubs.hku.hk/sc/media/press-release/hsbc-and-hku-join-hands-to-empower-hong-kongs-next-generation-and-enhance-their-employability/) - In today's competitive job market, academic excellence alone isn't enough—students need proven real-world experience to stand out. The HSBC/HKU Business Case Challenge – Building Skills for Tomorrow, held from 4th to 7th March, provided exactly that: teams from nine Hong Kong universities tackled real business challenges, developed targeted solutions, and presented them to a judging
- [BSc(QFin) Get-Together a Resounding Success: Forging a Stronger Future Together](https://www.hkubs.hku.hk/media/school-news/bscqfin-get-together-a-resounding-success-forging-a-stronger-future-together/) - HKU Business School proudly hosted its inaugural BSc(QFin) Get‑Together Event at the HKU iCube — a landmark occasion marking a new chapter in building a vibrant, interconnected HKU BSc(QFin) community. Held on 27 February 2026, the event brought together over 90 participants, including current students, esteemed alumni, dedicated industry practitioners serving as Professional Mentors in
- [Prof. Jin Li | The New Editor of The Economic Journal](https://www.hkubs.hku.hk/media/school-news/prof-jin-li-appointed-editor-of-the-economic-journal/) - Congratulations to Prof. Jin Li on his new role as Editor of The Economic Journal! Prof. Li is Zhang Yonghong Professor in Economics and Strategy, Director of the Centre for AI, Management and Organization (CAMO) at The University of Hong Kong, and Area Head of Management and Strategy at HKU Business School. Prof. Li’s main
- [Launching the NGO Report Series: Transforming Philanthropy in Hong Kong](https://www.hkubs.hku.hk/media/school-news/launching-the-ngo-report-series-transforming-philanthropy-in-hong-kong/) - Why do significant philanthropic investments often fail to create lasting social impact? This is the critical question at the heart of Hong Kong's social challenges. The NGO Empowerment Initiative, under our Research Institute, is designed to tackle this issue. It provides a strategic framework to strengthen governance transparency, organizational capacity, and impact measurement across the
- [Inauguration of the HKU-Accenture Business Consulting Programme 2025-26](https://www.hkubs.hku.hk/media/school-news/inauguration-of-the-hku-accenture-business-consulting-programme-2025-26/) - HKU-Accenture Business Consulting Programme 2025–26 was officially inaugurated on January 26, 2026. Entering its eighth year, this experiential learning programme continues to equip HKU Business School students with practical business consulting experience and up-to-date industry knowledge. This year, we are thrilled to partner with The Mills Fabrica, a global collaborative and innovation hub known for
- [HKU Business Consulting Practicum 2025-26: Empowering Student Consultants, Strengthening NGOs](https://www.hkubs.hku.hk/media/school-news/hku-business-consulting-practicum-2025-26-empowering-student-consultants-strengthening-ngos/) - The HKU Business School's Business Consulting Practicum (BCP) 2025-26 programme has successfully concluded, marking another year of impactful collaborations and transformative learning experiences for our student consultants. This year's programme provided undergraduate students with a unique opportunity to apply their business knowledge to real-world challenges faced by non-governmental organisations (NGOs), facilitated by the Hong Kong
- [HKU Business School Executive Education Web3 Global Elite Programme (4th Cohort) Hong Kong Module](https://www.hkubs.hku.hk/media/school-news/hku-business-school-executive-education-web3-global-elite-programme-4th-cohort-hong-kong-module/) - The Web3 Global Elite Programme (4th Cohort) Hong Kong Module was held on January 9-11, 2026. Professor Chen Lin, Vice-President and Pro-Vice-Chancellor (Business) at The University of Hong Kong and Programme Director of the Web3 Global Elite Programme, highlighted that the Web3 sector is filled with opportunities and challenges. The industry has progressed beyond a
- [New Horizons, New Directions – Web3 Global Elite Programme (4th Cohort) Opening Forum](https://www.hkubs.hku.hk/media/school-news/new-horizons-new-directions-web3-global-elite-programme-4th-cohort-opening-forum/) - The “New Horizons, New Directions – Web3 Global Elite Programme (4th Cohort) Opening Forum” hosted by HKU Business School Executive Education successfully concluded on January 8, 2026. Focusing on the core themes of compliance, security, real-world asset (RWA) tokenization, and stablecoins, the forum provided clear insights into the development trajectory of the Web3 sector in
- [Boosting Future Leaders: HKU Business Student Societies Kickstart 2025-26 with a Dynamic Leadership Bootcamp!](https://www.hkubs.hku.hk/media/school-news/boosting-future-leaders-hku-business-student-societies-kickstart-2025-26-with-a-dynamic-leadership-bootcamp/) - Student associations are a vital channel for developing and empowering undergraduate leaders within our community. With strong links to the business and government sectors, the innovative campaigns driven by each association enrich our students’ university experience both personally and professionally. Each January, a new generation of student leaders steps into Executive Committee roles for the
- [The Future of Hong Kong Economy Conference 2026 Explores Sustainable Growth in Hong Kong’s Economic Development](https://www.hkubs.hku.hk/sc/media/press-release/the-future-of-hong-kong-economy-conference-2026-explores-sustainable-growth-in-hong-kongs-economic-development/) - https://youtu.be/JLdiwjhv_AQ “The Future of Hong Kong Economy Conference 2026”, organised by HKU Business School and co-organised by the Hong Kong Institute of Economics and Business Strategy, concluded yesterday. The conference gathered esteemed scholars, policymakers and industry leaders to engage in dynamic discussions on the future of the global economy, opportunities in AI Innovation, the New
- [Experience Asia’s Best with HKU - Esade Masters in Hong Kong for a Week of Academic Excellence, Meaningful Connections, and Cultural Immersion](https://www.hkubs.hku.hk/media/school-news/experience-asias-best-with-hku-esade-masters-in-hong-kong-for-a-week-of-academic-excellence-meaningful-connections-and-cultural-immersion/) - “Experiences like this reinforce my conviction in the value of international exposure and deepen my interest in Asia-Pacific financial markets and innovation ecosystems.” — João Rawes de Freitas, Esade Master’s Student “What stood out most was the opportunity to learn directly from practitioners - hearing how investors, founders, and policymakers navigate regulation, capital flows, and
- [2nd Annual Joey Wat Scholarship Ceremony](https://www.hkubs.hku.hk/media/school-news/2nd-annual-joey-wat-scholarship-ceremony/) - On 30 January 2026, an intimate gathering at HKU iCube brought together students, alumni, and faculty to celebrate the 2nd Annual Joey Wat Scholarship Ceremony, co-hosted with the HKU Business School Alumni Association. Scholarship recipients had the rare opportunity to connect personally with Ms. Joey Wat (BSocSc 1994), CEO of Yum China, who generously shared
- [From Investor Democracy to ESG Resilience: ASU and HKU Scholars Unveil New Frontiers in Governance and Sustainability](https://www.hkubs.hku.hk/media/school-news/from-investor-democracy-to-esg-resilience-asu-and-hku-scholars-unveil-new-frontiers-in-governance-and-sustainability/) - PHOENIX, AZ – The Second Annual ASU–HKU Conference exemplified the power of interdisciplinary collaboration, uniting two global business schools for two days of rigorous debate. Gathering over 20 leading scholars across Finance, Supply Chain, Management, Accounting, Economics, and Marketing. the event bridged academic silos to advance a shared mission: the future of finance depends on
- [外压与内生：港大论坛探讨2026中国经济与科技前瞻](https://www.hkubs.hku.hk/sc/media/press-release/the-9th-hku-quarterly-forum-on-chinese-economy-economic-and-technological-outlook-for-2026/) - 港大经管学院中国经济研究所联同中央财经大学香港校友会举办的第九届“香港大学中国经济季度论坛”于1月29日圆满举行。作为2026年的第一场中国经济论坛，专家学者们就中国宏观经济的突破，人工智能发展中的关键问题，以及人民币汇率等与贸易、金融等密切相关的话题展开深度讨论。论坛于香港大学中环创立方举行，共吸引超过200位工商界领袖、学者、校友和学生现场出席及上万观众在线观看。 港大经管学院院长、经济学讲座教授及中国经济研究所所长蔡洪滨教授在致欢迎辞时表示：“2026年开局首月，全球格局剧变陡生，恰逢‘十五五’规划正式落地启航，此时召开中国经济季度论坛，聚焦中国经济如何应对外部激变、培育内生动力，可谓意义深远。” 他进一步指出：“港大经管学院主办的中国经济季度论坛已走过两载，每季度联合内地顶尖学府，汇聚中国经济研究领域资深专家，以开放态度讨论核心议题，解读中国经济政策、探索发展态势。作为学院重点打造的交流平台，论坛的持续举办，正是我们‘根植香港，融入内地，面向国际’定位的生动体现，亦彰显学院以学术联动赋能经济发展、服务社会进步的担当。” 港大经管学院经济学实务教授、香港特首政策组专家毛振华教授在论坛上发表主题报告，以“2026年的中国经济：在分化中寻求双重突破”为题，指出中国经济当前面临冰火两重天：一方面出口保持韧性、高技术投资与生产表现亮眼，资本市场亦表现突出；另一方面内需整体疲软，价格指数未达预期。他强调中国需要扩内需与强科技两手抓，促进价格企稳回升；同时坚持开放、加速出海，重构全球利益格局。他表示香港应发挥自身独特优势，成为中企出海的“桥头堡”。 随后，论坛分别邀请了两位知名讲者进行主旨演讲。香港科技大学客座教授、香港人工智能与机器人学会创会常务副理事长、维纳智能创办人柳崎峰教授以“人工智能的七个问题”为题发言。他谈及中美人工智能竞争时直言：“开源方面中国千问等模型领先世界，技术方面中美差距约半年，企业投资和风险投资金额相差数十倍；基于反馈的人工智能代理技术，可以解决当下企业紧缺交互数据的瓶颈问题，中国部分闲置算力恰好可以满足数据生成所需算力，进而有效释放产业潜力。”他进一步强调：“中国AI行业应保护知识产权、支持开源，反对垄断——这对中国人工智能产学研生态的百花齐放和长远发展非常关键。” 此外，他提到人类创造力无可取代，并勉励学生在人工智能时代将学习重心从“如何”转向“为何”，管理学和语言学将前所未有的重要，因为这是人类驾驭代理式人工智能的必要手段。 港大经管学院金融学助理教授方翔教授以“人民币汇率：市场动力、政策与展望”为主题，讨论了人民币汇率变动背后的潜在推动力，人民币中间价形成的政策，以及对人民币未来走势的展望。 论坛亦围绕2026中国经济遭遇的外部压力和在科技发展中可能迎来的内生机遇进行了圆桌讨论，由蔡洪滨教授主持，讲者们包括中央财经大学香港校友会会长、创兴银行执行副总裁陈智棠先生，野村证券中国首席经济学家陆挺博士，华创证券总裁助理兼研究所联席所长牛播坤博士，摩根士丹利董事总经理、中国首席经济学家邢自强博士，以及香港凤凰卫视主持人、时事评论员郑浩先生。讲者们就人民币汇率会否升值、中美AI应用竞争、物价指数动向、中美关系和香港数字货币市场等多个议题展开了讨论。 图片 港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授致欢迎辞。 港大经管学院经济学实务教授、香港特首政策组专家毛振华教授发表主题报告。 香港科技大学客座教授、香港人工智能与机器人学会创会常务副理事长、维纳智能创办人柳崎峰教授发表主旨演讲。 港大经管学院金融学助理教授方翔教授发表主旨演讲。 （左起）港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授;香港凤凰卫视主持人、时事评论员郑浩先生；野村证券中国首席经济学家陆挺博士；摩根士丹利董事总经理、中国首席经济学家邢自强博士；华创证券总裁助理兼研究所联席所长牛播坤博士；以及中央财经大学香港校友会会长、创兴银行执行副总裁陈智棠先生进行圆桌讨论。 论坛于香港大学中环创立方举行，共吸引超过200位工商界领袖、学者、校友和学生出席。 请按此下载高清图片。
- [外壓與內生：港大論壇探討2026中國經濟與科技前瞻](https://www.hkubs.hku.hk/sc/media/press-release/the-9th-hku-quarterly-forum-on-chinese-economy-economic-and-technological-outlook-for-2026/) - 港大經管學院中國經濟研究所聯同中央財經大學香港校友會舉辦的第九屆「香港大學中國經濟季度論壇」於1月29日圓滿舉行。作為2026年的第一場中國經濟論壇，專家學者們就中國宏觀經濟的突破，人工智能發展中的關鍵問題，以及人民幣匯率等與貿易、金融等密切相關的話題展開深度討論。論壇於香港大學中環創立方舉行，共吸引超過200位工商界領袖、學者、校友和學生現場出席及上萬觀眾在線觀看。 港大經管學院院長、經濟學講座教授及中國經濟研究所所長蔡洪濱教授在致歡迎辭時表示：「2026年開局首月，全球格局劇變陡生，恰逢『十五五』規劃正式落地啟航，此時召開中國經濟季度論壇，聚焦中國經濟如何應對外部激变、培育內生動力，可謂意義深遠。」 他進一步指出：「港大經管學院主辦的中國經濟季度論壇已走過兩載，每季度聯合內地頂尖學府，匯聚中國經濟研究領域資深專家，以開放態度討論核心議題，解讀中國經濟政策、探索發展態勢。作為學院重點打造的交流平台，論壇的持續舉辦，正是我們『根植香港，融入內地，面向國際』定位的生動體現，亦彰顯學院以學術聯動賦能經濟發展、服務社會進步的擔當。」 港大經管學院經濟學實務教授、香港特首政策組專家毛振華教授在論壇上發表主題報告，以「2026年的中國經濟：在分化中尋求雙重突破」為題，指出中國經濟當前面臨冰火兩重天：一方面出口保持韌性、高技術投資與生產表現亮眼，資本市場亦表現突出；另一方面內需整體疲軟，價格指數未達預期。他強調中國需要擴內需與強科技兩手抓，促進價格企穩回升；同時堅持開放、加速出海，重構全球利益格局。他表示香港應發揮自身獨特優勢，成為中企出海的「橋頭堡」。 隨後，論壇分別邀請了兩位知名講者進行主旨演講。香港科技大學客座教授、香港人工智能與機器人學會創會常務副理事長、維納智能創辦人柳崎峰教授以「人工智能的七個問題」為題發言。他談及中美人工智能競爭時直言：「開源方面中國千問等模型領先世界，技術方面中美差距約半年，企業投資和風險投資金額相差數十倍；基於反饋的人工智能代理技術，可以解決當下企業緊缺交互數據的瓶頸問題，中國部分閒置算力恰好可以滿足數據生成所需算力，進而有效釋放產業潛力。」他進一步強調：「中國AI行業應保護知識產權、支持開源，反對壟斷——這對中國人工智能產學研生態的百花齊放和長遠發展非常關鍵。」 此外，他提到人類創造力無可取代，並勉勵學生在人工智能時代將學習重心從「如何」轉向「為何」，管理學和語言學將前所未有的重要，因為這是人類駕馭代理式人工智能的必要手段。 港大經管學院金融學助理教授方翔教授以「人民幣匯率：市場動力、政策與展望」為主題，討論了人民幣匯率變動背後的潛在推動力，人民幣中間價形成的政策，以及對人民幣未來走勢的展望。 論壇亦圍繞2026中國經濟遭遇的外部壓力和在科技發展中可能迎來的內生機遇進行了圓桌討論，由蔡洪濱教授主持，講者們包括中央財經大學香港校友會會長、創興銀行執行副總裁陳智棠先生，野村證券中國首席經濟學家陸挺博士，華創證券總裁助理兼研究所聯席所長牛播坤博士，摩根士丹利董事總經理、中國首席經濟學家邢自強博士，以及香港鳳凰衛視主持人、時事評論員鄭浩先生。講者們就人民幣匯率會否升值、中美AI應用競爭、物價指數動向、中美關係和香港數字貨幣市場等多個議題展開了討論。 圖片 港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授致歡迎辭。 港大經管學院經濟學實務教授、香港特首政策組專家毛振華教授發表主題報告。 香港科技大學客座教授、香港人工智能與機器人學會創會常務副理事長、維納智能創辦人柳崎峰教授發表主旨演講。 港大經管學院金融學助理教授方翔教授發表主旨演講。 （左起）港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授;香港鳳凰衛視主持人、時事評論員鄭浩先生；野村證券中國首席經濟學家陸挺博士；摩根士丹利董事總經理、中國首席經濟學家邢自強博士；華創證券總裁助理兼研究所聯席所長牛播坤博士；以及中央財經大學香港校友會會長、創興銀行執行副總裁陳智棠先生進行圓桌討論。 論壇於香港大學中環創立方舉行，共吸引超過200位工商界領袖、學者、校友和學生出席。 請按此下載高清圖片。
- [The 9th HKU Quarterly Forum on Chinese Economy; Economic and Technological Outlook for 2026](https://www.hkubs.hku.hk/sc/media/press-release/the-9th-hku-quarterly-forum-on-chinese-economy-economic-and-technological-outlook-for-2026/) - The 9th HKU Quarterly Forum on Chinese Economy, hosted by HKU Business School’s Institute of China Economy (ICE), in partnership with the Hong Kong Alumni Association of China’s Central University of Finance and Economics, was held on 29 January. This was the first Forum of the series in 2026, where renowned experts and scholars discussed
- [Bestselling Case Award 2025](https://www.hkubs.hku.hk/media/school-news/bestselling-case-award-2025/) - Congratulations to Prof. Yulin Fang, Assist. Prof. Jingcun Cao, and Ms. Christy Hirai for winning the bestselling case award from the UK-based The Case Centre! Dedicated to advancing case analysis worldwide, The Case Centre's annual award recognises excellence in case writing and development. The case was "YOHO: Shopping with Generative Artificial Intelligence", and it helps
- [Join us to congratulate Prof. Yanhui Wu for winning the 2025 Research Output Award!](https://www.hkubs.hku.hk/media/school-news/join-us-to-congratulate-prof-yanhui-wu-for-winning-the-2025-research-output-award/) - In recognition of his research excellence, Prof. Yanhui Wu, Professor of Economics and of Management and Strategy has been selected for the 2025 Research Output Prize (ROP) by the University Research Committee! His team’s journal article titled “Social Media and Collective Action in China” garnered widespread praise, and was published in Econometrica, one of the
- [Natixis CIB Global Markets Institute Investment Strategy Challenge 2025](https://www.hkubs.hku.hk/media/school-news/natixis-cib-global-markets-institute-investment-strategy-challenge-2025/) - We are excited to share that our students have clinched the Champion title in the Natixis CIB Global Markets Institute Investment Strategy Challenge 2025! This challenge invited students from diverse backgrounds to work in teams of 2-4 members to develop a customised multi‑asset product proposal, incorporating structured products designed to align with the investment objectives
- [Master’s Students Explore London’s Innovation, Global Business, and Culture!](https://www.hkubs.hku.hk/media/school-news/masters-students-explore-londons-innovation-global-business-and-culture/) - “The field trip was an inspiring and rewarding experience. During the Sprint Day, I collaborated with people from diverse cultural and academic backgrounds, sharpening my communication skills. I also formed meaningful friendships and cherished moments, making this trip truly eye-opening for both my personal and professional growth.” — Student Reflection – Jonathan Ho, Master’s student
- [From Hong Kong to Europe, Learning by Doing in Barcelona!](https://www.hkubs.hku.hk/media/school-news/from-hong-kong-to-europe-learning-by-doing-in-barcelona/) - “Living and learning in Barcelona showed me the real power of cross-cultural collaboration. It broadened my perspective and reminded me why I enjoy solving problems with people from different backgrounds.” - Sarthak Khanna, Master’s student Wrapping up a dynamic week in our Barcelona Entrepreneurial Experience program, our Master’s students immersed themselves in one of Europe’s
- [HKU Business School and Qatar Investment Authority sign scholarship agreement](https://www.hkubs.hku.hk/media/school-news/hku-business-school-and-qatar-investment-authority-sign-scholarship-agreement/) - HKU Business School is proud to sign a scholarship agreement with Qatar Investment Authority (QIA), the country’s sovereign wealth fund. The agreement aims to provide exceptional Qatari undergraduate students with opportunities to pursue their studies at HKU, in the Faculty of Business & Economics as well as other disciplines. The agreement, which also furthers QIA’s
- [“2026香港经济前景展望”论坛 探讨香港经济机遇与未来](https://www.hkubs.hku.hk/sc/media/press-release/the-future-of-hong-kong-economy-conference-2026-explores-sustainable-growth-in-hong-kongs-economic-development/) - 由港大经管学院主办、香港经济及商业策略研究所协办的“2026香港经济前景展望”论坛于1月21日圆满举行。是次论坛云集多位知名学者、政府官员和商界领袖，分享前沿思想与政策洞见，深入探讨全球经济的未来、AI创新的机遇、中企出海的潜力、香港在全球金融创新中的定位，以及香港的企业家精神与领导力。 香港大学首席副校长、香港经济及商业策略研究所总监王于渐教授在致欢迎辞时表示：“香港经济的未来面临诸多挑战。尽管我们见证了经济从近期的困境中逐步复苏，但创新转型、可持续发展与包容性增长等紧迫课题仍待破解。今天我们相聚一堂，围绕全球经济形势、人工智能技术进步，以及香港‘超级联系人’的核心定位展开深度探讨，势必为香港的未来发展启发思路，引领前行。” 香港特别行政区政府律政司副司长张国钧博士发表主题演讲，探讨香港如何继续担当区域内以至全球商界业务增长的可靠平台。他提出三大要素——确定性、实力及联通性——阐述具体实践路径。 张博士解释道，确定性（Certainty）强调营商环境可预期的重要性 ——“企业要茁壮成长，经济要蓬勃发展，首要前提是营造一个可预期的环境。”他指出，实力（Capability）源于香港涵盖法律、金融、会计、税务、风险管理及争议解决等领域的完备专业服务生态体系。至于联通性（Connectivity），则体现香港作为“超级联系人”与“超级增值人”的角色，在“一国两制”下发挥连接中国内地与世界各地的关键作用。 Joel Mokyr教授与论坛现场连线，发表了题为“创新的过去与未来：进程能否持续？”的线上主题演讲。他表示：“科学发现是‘知其然’的知识积累，技术进步则是‘知其所以然’的能力突破；前者是后者的坚实根基。人工智能不仅加速了这一进程，更开启了全新的探索与创新方式。但全球发展正日益面临民粹主义、排外情绪与虚假资讯带来的严峻挑战，令知识与人才流动受到威胁；割裂态势与经济民族主义的抬头，亦令全球发展环境更为复杂。” Joel Mokyr教授进一步补充：“创新的持续发展，从来不止靠技术本身，更需要能滋养它的土壤 ，这包括开放的市场、自由流动的人才、以及帮助人才脱颖而出的激励机制。美国虽在整体创新领域领跑，中国却以最快速度发展，背后是坚定的政策、充足的投资与高质素人才的支撑。深港穗创新走廊就是最好的例子，足以证明合适的制度与学术环境，可以推动一个区域站上全球发展的顶端。” 港大经管学院院长兼经济学讲座教授蔡洪滨教授在题为“全球经济未来对话”的讨论中指出经济韧性需要三大核心驱动力：其一，需建立 “恰到好处的制度体系”，为学术领域的非传统创新主张提供保障；其二，持续加大对教育和创科领域的投资；其三，涵盖商业与社会科学领域的知识创新能力应成为香港这类高成本城市发展的战略方向。尽管研讨嘉宾从历史发展规律到香港发展问题的研究和视角各有侧重，但他们达成共识：开放的人才流动机制与灵活适变的知识生态体系，对香港的未来至关重要。蔡院长表示：“作为全球顶尖商学院之一，港大经管学院以助力全球对话为己任，赋能香港继续作为区域中心，拥抱前瞻性思想，驱动合作与发展。 ” 香港大学首席副校长、香港经济及商业策略研究所总监王于渐教授，2025 年诺贝尔经济学奖得主Joel Mokyr教授，及港大经管学院金融学讲座教授及郑裕彤基金教授（金融学）、量化历史研究中心主任陈志武教授亦参与了这场讨论。 香港机场管理局、香港贸易发展局及香港铁路有限公司前主席苏泽光博士发表主题演讲，回顾了香港历年来的高低起伏，称香港每次都能重振旗鼓，以更强盛的姿态继续发展。他强调，香港必须不断赋予“超级联系人”这个角色新的内涵，因为“香港的未来，从来不取决于选择东方或西方；而是要在商贸与文化层面，充当连接东西两方的桥梁。只要我们秉持开放胸怀、恪守专业精神、保有国际视野，并与国家发展目标保持一致，香港必将持续繁荣发展。” 在题为“新丝路——企业出海新起点”的讨论中，讲者们探讨了香港如何重新定位其战略角色，成为优质对外投资的门户枢纽。 香港特别行政区政府投资推广署署长刘凯旋女士强调了这一转型进程：“投资推广署已从一个协助海外及内地企业在香港设立或扩展业务的政府机构，锐变成促进双向投资、陪伴企业扩展全球业务的长期合作伙伴。香港兼具联通国际、稳健的法律及金融制度，以及通往内地和亚洲的独特优势，是企业拓展区内以至全球业务的理想起点。我们会继续与企业家、创新者及跨国企业紧密合作，吸引更多企业落户香港、推动创新及支持可持续发展，协助企业善用香港为跳板，把握区内新机遇。” 主持讨论的香港大学协理副校长（环球事务）、港大经管学院副院长（对外事务）邓希炜教授回顾了研讨嘉宾的观点，强调香港不断演进的价值定位：“今日各位嘉宾的讨论足以表明香港的角色已超越专业仲介枢纽，升级为推动全球发展的 ‘超级增值人’。无论是香港业务在‘全球本土化’战略上的成功实践、倡议设立‘香港药品监督管理局’以吸引顶尖生物科技研发资源的构想，还是在地缘政治变革中构建可信合作关系的主张，皆传达出一个明确讯息：在动荡的全球格局中，我们凭借制度优势为市场注入稳定性与公信力。透过构建风险管理与生态协同两大核心支柱，我们助力企业将‘黏性业务’植根香港，从而在全球舞台上实现真正的‘本地回声’。” 汇珩资本主管合伙人梁颕宇女士，Lalamove首席运营官卢家培先生，及前香港特别行政区政府商务及经济发展局局长邱腾华教授亦参与了讨论。 香港大学人工智能、管理与组织中心主任，张永红基金教授（经济学及商业策略）李晋教授主持了题为“以AI创新开拓未来经济新边界”的讨论。德勤中国技术与转型全国主管合伙人华思远先生，Microsoft香港及澳门总经理刘彬星先生，汇丰银行人工智能研究总监、香港大学计算与数据科学学院讲师Juergen Rahmel博士，及联易融科技集团副总裁王睿先生齐聚一堂，深入探讨了人工智能领域的发展趋势，以及如何优化组织结构和管理体系，以更好地迎接AI时代、实现效率增益。 香港大学副校长（商业策略）、金融学讲座教授林晨教授主持了“香港引领全球金融创新路线图”的专题讨论。前国际货币基金组织驻华首席代表Steven Alan Barnett教授，Bowtie联合创办人颜耀辉先生，证券及期货事务监察委员会中介机构部总监兼金融科技组主管黄乐欣女士，及香港金融管理局助理总裁（经济研究）朱海斌博士讨论了保险业的创新，虚拟货币等创新金融的监管环境和生态体系，以及当前全球政经环境对融资的影响。林晨教授总结：当前香港需要在金融融资中取得平衡，推动负责任的金融创新和底层平台，并以更多成功案例激励本地金融创新和创业文化发展。 最后一场题为“企业家精神与领导力”的讨论由《经济一周》内容及创新总监孙志龙先生主持。参与研讨的嘉宾为MemeStrategy行政总裁及9GAG联合创办人陈展程先生，Farmacy Group联合创办人及执行总裁麦嘉晋先生，万希泉钟表创办人兼行政总裁沈慧林先生，以及SleekFlow创办人及行政总裁蔡廷峰先生。作为初创企业的创始人或者CEO，他们以自身经验分享了初创企业不同阶段的管理经验和重心、如何发展企业文化和生态领导力、如何以数字化及AI技术和社交平台等角度赋能企业业务增长等话题。 港大经管学院一直致力透过专业的知识和卓越的研究，分析香港的经济环境及政策问题。港大经管学院今年第五度出版了《香港经济政策绿皮书 2026》，并举行第五届“香港经济前景展望”论坛，凝聚社会各界领袖，为香港的可持续发展和未来机遇献言献策。 图片 1/ 香港大学首席副校长、香港经济及商业策略研究所总监王于渐教授致欢迎辞。 2/ 香港特别行政区政府律政司副司长张国钧博士发表主题演讲。 3/ 2025年诺贝尔经济学奖得主Joel Mokyr教授发表线上主题演讲。 4/ 香港机场管理局、香港贸易发展局及香港铁路有限公司前主席苏泽光博士发表主题演讲。 5/ 香港特别行政区政府投资推广署署长刘凯旋女士参与论坛发言。 6/ 港大经管学院院长兼经济学讲座教授蔡洪滨教授主持论坛。 7/ 香港大学协理副校长（环球事务）、港大经管学院副院长（对外事务）邓希炜教授主持论坛。 8/ 香港大学副校长（商业策略）、金融学讲座教授林晨教授主持论坛。 9/ （左起）港大经管学院院长兼经济学讲座教授蔡洪滨教授；香港大学首席副校长、香港经济及商业策略研究所总监王于渐教授；港大经管学院金融学讲座教授及郑裕彤基金教授（金融学）、量化历史研究中心主任陈志武教授，及2025 年诺贝尔经济学奖得主Joel Mokyr教授进行题为“全球经济未来对话”的讨论。 10/ （左起）香港大学人工智能管理与组织中心主任、张永红基金教授（经济学及商业策略）李晋教授；德勤中国技术与转型全国主管合伙人华思远先生；Microsoft香港及澳门总经理刘彬星先生；汇丰银行人工智能研究总监、香港大学计算与数据科学学院讲师Juergen
- [「2026香港經濟前景展望」論壇 探討香港經濟機遇與未來](https://www.hkubs.hku.hk/sc/media/press-release/the-future-of-hong-kong-economy-conference-2026-explores-sustainable-growth-in-hong-kongs-economic-development/) - 由港大經管學院主辦、香港經濟及商業策略研究所協辦的「2026香港經濟前景展望」論壇於1月21日圓滿舉行。是次論壇雲集多位知名學者、政府官員和商界領袖，分享前沿思想與政策洞見，深入探討全球經濟的未來、AI創新的機遇、中企出海的潛力、香港在全球金融創新中的定位，以及香港的企業家精神與領導力。 香港大學首席副校長、香港經濟及商業策略研究所總監王于漸教授在致歡迎辭時表示：「香港經濟的未來面臨諸多挑戰。儘管我們見證了經濟從近期的困境中逐步復甦，但創新轉型、可持續發展與包容性增長等緊迫課題仍待破解。今天我們相聚一堂，圍繞全球經濟形勢、人工智能技術進步，以及香港『超級聯繫人』的核心定位展開深度探討，勢必為香港的未來發展啟發思路，引領前行。」 香港特別行政區政府律政司副司長張國鈞博士發表主題演講，探討香港如何繼續擔當區域內以至全球商界業務增長的可靠平台。他提出三大要素——確定性、實力及聯通性——闡述具體實踐路徑。 張博士解釋道，確定性（Certainty）強調營商環境可預期的重要性 ——「企業要茁壯成長，經濟要蓬勃發展，首要前提是營造一個可預期的環境。」他指出，實力（Capability）源於香港涵蓋法律、金融、會計、稅務、風險管理及爭議解決等領域的完備專業服務生態體系。至於聯通性（Connectivity），則體現香港作為「超級聯繫人」與「超級增值人」的角色，在「一國兩制」下發揮連接中國內地與世界各地的關鍵作用。 Joel Mokyr教授與論壇現場連線，發表了題為「創新的過去與未來：進程能否持續？」的線上主題演講。他表示：「科學發現是『知其然』的知識積累，技術進步則是『知其所以然』的能力突破；前者是後者的堅實根基。人工智能不僅加速了這一進程，更開啟了全新的探索與創新方式。但全球發展正日益面臨民粹主義、排外情緒與虛假資訊帶來的嚴峻挑戰，令知識與人才流動受到威脅；割裂態勢與經濟民族主義的抬頭，亦令全球發展環境更為複雜。」 Joel Mokyr教授進一步補充：「創新的持續發展，從來不止靠技術本身，更需要能滋養它的土壤 ，這包括開放的市場、自由流動的人才、以及幫助人才脫穎而出的激勵機制。美國雖在整體創新領域領跑，中國卻以最快速度發展，背後是堅定的政策、充足的投資與高質素人才的支撐。深港穗創新走廊就是最好的例子，足以證明合適的制度與學術環境，可以推動一個區域站上全球發展的頂端。」 港大經管學院院長兼經濟學講座教授蔡洪濱教授在題為「全球經濟未來對話」的討論中指出經濟韌性需要三大核心驅動力：其一，需建立 「恰到好處的制度體系」，為學術領域的非傳統創新主張提供保障；其二，持續加大對教育和創科領域的投資；其三，涵蓋商業與社會科學領域的知識創新能力應成為香港這類高成本城市發展的戰略方向。儘管研討嘉賓從歷史發展規律到香港發展問題的研究和視角各有側重，但他們達成共識：開放的人才流動機制與靈活適變的知識生態體系，對香港的未來至關重要。蔡院長表示：「作為全球頂尖商學院之一，港大經管學院以助力全球對話為己任，賦能香港繼續作為區域中心，擁抱前瞻性思想，驅動合作與發展。 」 香港大學首席副校長、香港經濟及商業策略研究所總監王于漸教授，2025 年諾貝爾經濟學獎得主Joel Mokyr教授，及港大經管學院金融學講座教授及鄭裕彤基金教授（金融學）、量化歷史研究中心主任陳志武教授亦參與了這場討論。 香港機場管理局、香港貿易發展局及香港鐵路有限公司前主席蘇澤光博士發表主題演講，回顧了香港歷年來的高低起伏，稱香港每次都能重振旗鼓，以更強盛的姿態繼續發展。他強調，香港必須不斷賦予「超級聯繫人」這個角色新的內涵，因為「香港的未來，從來不取決於選擇東方或西方；而是要在商貿與文化層面，充當連接東西兩方的橋樑。只要我們秉持開放胸懷、恪守專業精神、保有國際視野，並與國家發展目標保持一致，香港必將持續繁榮發展。」 在題為「新絲路——企業出海新起點」的討論中，講者們探討了香港如何重新定位其戰略角色，成為優質對外投資的門戶樞紐。 香港特別行政區政府投資推廣署署長劉凱旋女士強調了這一轉型進程：「投資推廣署已從一個協助海外及內地企業在香港設立或擴展業務的政府機構，銳變成促進雙向投資、陪伴企業擴展全球業務的長期合作夥伴。香港兼具聯通國際、穩健的法律及金融制度，以及通往內地和亞洲的獨特優勢，是企業拓展區內以至全球業務的理想起點。我們會繼續與企業家、創新者及跨國企業緊密合作，吸引更多企業落戶香港、推動創新及支持可持續發展，協助企業善用香港為跳板，把握區內新機遇。」 主持討論的香港大學協理副校長（環球事務）、港大經管學院副院長（對外事務）鄧希煒教授回顧了研討嘉賓的觀點，強調香港不斷演進的價值定位：「今日各位嘉賓的討論足以表明香港的角色已超越專業仲介樞紐，升級為推動全球發展的 『超級增值人』。無論是香港業務在『全球本土化』戰略上的成功實踐、倡議設立『香港藥品監督管理局』以吸引頂尖生物科技研發資源的構想，還是在地緣政治變革中構建可信合作關係的主張，皆傳達出一個明確訊息：在動盪的全球格局中，我們憑藉制度優勢為市場注入穩定性與公信力。透過構建風險管理與生態協同兩大核心支柱，我們助力企業將『黏性業務』植根香港，從而在全球舞台上實現真正的『本地迴聲』。」 滙珩資本主管合夥人梁頴宇女士，Lalamove首席運營官盧家培先生，及前香港特別行政區政府商務及經濟發展局局長邱騰華教授亦參與了討論。 香港大學人工智能、管理與組織中心主任，張永紅基金教授（經濟學及商業策略）李晉教授主持了題為「以AI創新開拓未來經濟新邊界」的討論。德勤中國技術與轉型全國主管合夥人華思遠先生，Microsoft香港及澳門總經理劉彬星先生，匯豐銀行人工智能研究總監、香港大學計算與數據科學學院講師Juergen Rahmel博士，及聯易融科技集團副總裁王睿先生齊聚一堂，深入探討了人工智能領域的發展趨勢，以及如何優化組織結構和管理體系，以更好地迎接AI時代、實現效率增益。 香港大學副校長（商業策略）、金融學講座教授林晨教授主持了「香港引領全球金融創新路線圖」的專題討論。前國際貨幣基金組織駐華首席代表Steven Alan Barnett教授，Bowtie聯合創辦人顏耀輝先生，證券及期貨事務監察委員會中介機構部總監兼金融科技組主管黃樂欣女士，及香港金融管理局助理總裁（經濟研究）朱海斌博士討論了保險業的創新，虛擬貨幣等創新金融的監管環境和生態體系，以及當前全球政經環境對融資的影響。林晨教授總結：當前香港需要在金融融資中取得平衡，推動負責任的金融創新和底層平台，並以更多成功案例激勵本地金融創新和創業文化發展。 最後一場題為「企業家精神與領導力」的討論由《經濟一週》內容及創新總監孫志龍先生主持。參與研討的嘉賓為MemeStrategy行政總裁及9GAG聯合創辦人陳展程先生，Farmacy Group聯合創辦人及執行總裁麥嘉晉先生，萬希泉鐘錶創辦人兼行政總裁沈慧林先生，以及SleekFlow創辦人及行政總裁蔡廷峰先生。作為初創企業的創始人或者CEO，他們以自身經驗分享了初創企業不同階段的管理經驗和重心、如何發展企業文化和生態領導力、如何以數字化及AI技術和社交平台等角度賦能企業業務增長等話題。 港大經管學院一直致力透過專業的知識和卓越的研究，分析香港的經濟環境及政策問題。港大經管學院今年第五度出版了《香港經濟政策綠皮書 2026》，並舉行第五屆「香港經濟前景展望」論壇，凝聚社會各界領袖，為香港的可持續發展和未來機遇獻言獻策。 圖片 1/ 香港大學首席副校長、香港經濟及商業策略研究所總監王于漸教授致歡迎辭。 2/ 香港特別行政區政府律政司副司長張國鈞博士發表主題演講。 3/ 2025年諾貝爾經濟學獎得主Joel Mokyr教授發表線上主題演講。 4/ 香港機場管理局、香港貿易發展局及香港鐵路有限公司前主席蘇澤光博士發表主題演講。 5/ 香港特別行政區政府投資推廣署署長劉凱旋女士參與論壇發言。 6/ 港大經管學院院長兼經濟學講座教授蔡洪濱教授主持論壇。 7/ 香港大學協理副校長（環球事務）、港大經管學院副院長（對外事務）鄧希煒教授主持論壇。 8/ 香港大學副校長（商業策略）、金融學講座教授林晨教授主持論壇。 9/ （左起）港大經管學院院長兼經濟學講座教授蔡洪濱教授；香港大學首席副校長、香港經濟及商業策略研究所總監王于漸教授；港大經管學院金融學講座教授及鄭裕彤基金教授（金融學）、量化歷史研究中心主任陳志武教授，及2025 年諾貝爾經濟學獎得主Joel Mokyr教授進行題為「全球經濟未來對話」的討論。 10/ （左起）香港大學人工智能管理與組織中心主任、張永紅基金教授（經濟學及商業策略）李晉教授；德勤中國技術與轉型全國主管合夥人華思遠先生；Microsoft香港及澳門總經理劉彬星先生；匯豐銀行人工智能研究總監、香港大學計算與數據科學學院講師Juergen
- [论道未来 | 与Jeffrey D. Sachs教授的茶话会精彩回顾](https://www.hkubs.hku.hk/sc/media/school-news/conversation-with-prof-jeffrey-d-sachs/) - 2026年1月13日，港大经管学院与香港大学赛马会环球企业可持续发展研究所联合举办的Jeffrey. D. Sachs教授茶话会活动顺利举办。 此次活动的主讲嘉宾Jeffrey D. Sachs教授是哥伦比亚大学知名教授，在国际学术和政策研究领域声名卓著，长期致力于全球经济、可持续发展等重大议题的研究，其研究成果和观点在国际上具有广泛影响力。 香港大学副校长（大学拓展）汪洋教授，香港大学赛马会环球企业可持续发展研究所所长何国俊教授，现任及前任香港特别行政区政府官员，港大经管学院校友组织代表——华北校友会会长沈忠民博士、华南校友会秘书长申斌先生、新加坡校友会主席Chris Leo女士、新加坡校友会对外联络负责人罗丹女士，各项目校友代表，赛马会学者以及在校学生代表等来自不同领域的嘉宾，参加了此次茶话会。 Sachs教授以专业且深入浅出的方式，剖析了美国地缘政治的复杂格局以及当前全球事务的演变趋势。他运用大量的数据和案例，从政治、经济、文化等多个维度进行解读，让与会嘉宾对国际形势有了更全面、更深入的认识。 汪洋教授与何国俊教授就Sachs教授的精彩分享，同与会嘉宾们展开进一步深入交流，他们从不同角度探讨问题，分享见解，为与会嘉宾提供了多元的思考方向和视角。 随后进入闭门问答环节，与会者围绕世界经济走向、政治体制变革、文化多样性以及人口结构变化等重要议题展开讨论。大家结合自身经验和专业知识，各抒己见，既有理论分析，又有实践案例分享。讨论过程中，气氛热烈而有序，不同观点碰撞交流、相互启发，为解决全球性问题共探新思路新方法。 香港大学赛马会环球企业可持续发展研究所所长何国俊教授担任主持人，以精炼的学术脉络串联全场，引导讨论有序进行。 在精彩的闭门问答和热烈讨论后，活动进入尾声。Sachs教授的深邃的洞见与独到的见解，为所有参与者带来了深刻启发。 未来，港大经管学院将继续搭建高质量对话平台，汇聚更多智慧和力量，为推动全球学术交流和可持续发展持续贡献力量。
- [論道未來 | 與Jeffrey D. Sachs教授的茶會精彩回顧](https://www.hkubs.hku.hk/sc/media/school-news/conversation-with-prof-jeffrey-d-sachs/) - 2026年1月13日，港大經管學院與香港大學賽馬會環球企業永續發展研究所聯合舉辦的Jeffrey. D. Sachs教授茶會活動順利舉辦。 此次活動的主講嘉賓Jeffrey D. Sachs教授是哥倫比亞大學知名教授，在國際學術和政策研究領域聲名卓著，長期致力於全球經濟、永續發展等重大議題的研究，其研究成果和觀點在國際上具有廣泛影響力。 香港大學副校長（大學拓展）汪洋教授，香港大學賽馬會環球企業永續發展研究所所長何國俊教授，現任及前任香港特別行政區政府官員，港大經管學院校友組織代表－華北校友會會長沈忠民博士、華南校友會秘書長申斌先生、新加坡校友會主席Chris Leo女士、新加坡校友會對外聯絡負責人羅丹女士，各計畫校友代表，賽馬會學者以及在校學生代表等來自不同領域的嘉賓，參加了此次茶會。 Sachs教授以專業且深入淺出的方式，剖析了美國地緣政治的複雜格局以及當前全球事務的演變趨勢。他運用大量的數據和案例，從政治、經濟、文化等多個維度進行解讀，讓與會嘉賓對國際情勢有了更全面、更深入的認識。 汪洋教授與何國俊教授就Sachs教授的精彩分享，同與會嘉賓們展開進一步深入交流，他們從不同角度探討問題，分享見解，為與會嘉賓提供了多元的思考方向和視角。 隨後進入閉門問答環節，與會者圍繞世界經濟走向、政治體制變革、文化多樣性以及人口結構變化等重要議題展開討論。大家結合自身經驗與專業知識，各抒己見，既有理論分析，又有實務案例分享。討論過程中，氣氛熱烈而有序，不同觀點碰撞交流、相互啟發，為解決全球性問題共探新思路新方法。 香港大學賽馬會環球企業永續發展研究所所長何國俊教授擔任主持人，以精煉的學術脈絡串聯全場，引導討論有序進行。 在精彩的閉門問答和熱烈討論後，活動進入尾聲​​。 Sachs教授的深邃的洞見與獨到的見解，為所有參與者帶來了深刻啟發。 未來，港大經管學院將繼續建立高品質對話平台，匯聚更多智慧和力量，為推動全球學術交流和永續發展持續貢獻力量。
- [Conversation with Prof. Jeffrey D. Sachs](https://www.hkubs.hku.hk/sc/media/school-news/conversation-with-prof-jeffrey-d-sachs/) - On January 13, 2026, HKU Business School and the HKU Jockey Club Enterprise Sustainability Global Research Institute co-organized an exclusive and intimate afternoon tea talk starring the distinguished and world-renowned University Professor at Columbia University, Prof. Jeffrey Sachs. This much anticipated invitation-only event welcomed a carefully selected audience comprising current and former HKSAR government officials, exceptional
- [《香港经济政策绿皮书2026》](https://www.hkubs.hku.hk/sc/media/school-news/hong-kong-economic-policy-green-paper-2026-download/)
- [《香港經濟政策綠皮書2026》](https://www.hkubs.hku.hk/sc/media/school-news/hong-kong-economic-policy-green-paper-2026-download/)
- [Hong Kong Economic Policy Green Paper 2026 Download](https://www.hkubs.hku.hk/sc/media/school-news/hong-kong-economic-policy-green-paper-2026-download/)
- [港大经管学院发布《香港经济政策绿皮书2026》 聚焦香港经济民生发展新机遇](https://www.hkubs.hku.hk/sc/media/press-release/hong-kong-economic-policy-green-paper-2026-by-hku-business-school-focuses-on-new-opportunities-for-hong-kongs-economy/) - 港大经管学院今日发表《香港经济政策绿皮书2026》（《绿皮书》）。本年度的十篇研究报告涵盖多个对香港构建长期竞争力至关重要的议题：贸易融资、香港在大湾区初创企业生态圈中的定位、香港作为可持续金融市场的角色、如何巩固香港知识产权枢纽地位、社会责任投资对香港公司估值的影响、如何提升香港房地产的可负担性、以及如何改善香港医疗服务。此外，绿皮书还探讨了人工智能为香港带来的就业威胁与网络安全议题，以及香港如何培育第三代互联网生态圈。 今年已是港大经管学院第五年发布《香港经济政策绿皮书》，就香港如何应对挑战建言献策。 港大经管学院今日发表《香港经济政策绿皮书2026》。左起：港大经管学院创新及资讯管理学副教授欧阳会银教授；港大经管学院金融学教授汤勇军教授；港大经管学院院长兼经济学讲座教授蔡洪滨教授；香港大学首席副校长、香港经济及商业策略研究所总监王于渐教授；香港大学协理副校长、港大经管学院副院长邓希炜教授；及港大经管学院市场学首席讲师范亭亭博士。 香港大学首席副校长、香港经济及商业策略研究所总监王于渐教授表示：“港大经管学院团队经过数月扎实研究，聚焦当前香港经济发展中的核心议题与现实挑战，撰写了这本绿皮书。我们始终坚持以学术视角为根基，以务实解决问题为导向，对政经运行、民生、产业升级等关键领域展开客观分析与深入探究，尝试为特区政府及相关管理机构提供兼具参考价值与可操作性的政策建议。” 港大经管学院院长、经济学讲座教授蔡洪滨教授表示：“作为连接中国与世界的‘超级联系人’，香港的独特角色始终不可或缺。面向未来，香港需深度融入国家发展大局，更要深入理解和积极对接全球市场，在国际舞台上承担更为主动的角色。港大经管学院在北京、上海、深圳均设有校园，深入内地；又将足迹拓展到越南及欧洲，展示我们引以为傲的核心定位 —— 植根香港、融入中国、面向国际。本年度的绿皮书云集学院的菁英人才，深入剖析香港现时面对的挑战和提出创新的解决方案，助力香港进一步发挥其核心价值，并凭借国际化高等教育的独特优势，开启高质量发展的新篇章。” 香港大学协理副校长、港大经管学院副院长邓希炜教授介绍了绿皮书的主要内容，并表示：“本份绿皮书收录的研究论文出自十组背景多元、专长各异的学者团队。基于对香港发展的深刻洞察，他们提出兼具独特性与针对性的政策建言，为绿皮书构建了丰富多元的议题体系；与此同时，诸项研究成果的背后，更饱含著学者们对香港的深厚情怀与责任担当。” 在谈到如何以数字技术提振香港贸易融资时，邓教授强调：“数据与业界反馈均清晰证明贸易融资的核心价值，然而香港贸易融资生态的短板却不容忽视。为此，我们建议从以下方面推动优化：强化数字贸易平台治理与标准推广、深化贸易数据跨境流动、扩充香港出口信用保险局职能、聚焦高增值贸易企业、扩展自贸及避免双重征税协定覆盖面、引导稳定币合理应用以助力人民币国际化。” 此外，港大经管学院金融学教授汤勇军教授探讨了区块链技术在香港绿色金融发展中的应用。他强调：“香港在区块链绿色金融领域引领全球实践，透过发行全球首个主权代币化绿色债券、构建碳信用透明交易体系及推动实时环境数据追踪，显著提升了绿色金融的市场透明度、可信度和参与度。创新专案如Genesis与Ensemble推动即时环境追踪与跨境资产整合，凸显区块链在应对绿色金融挑战中的关键作用。 香港凭借其制度优势与科技基础，正成为可持续金融数位化的重要枢纽，为全球绿色转型提供可借鉴的范例。” 港大经管学院创新及资讯管理学副教授欧阳会银教授分享了如何透过结构性改革改善香港急症室资源紧缺问题。她表示：“公立医院收费改革实施两周后，媒体报导急症室挤迫情况未见显著改变，这其实与我们的分析预测相符。挤迫并非单纯源于病人行为，而是结构性问题：人口结构在变、容量受限、替代方案不足。现阶段我们需要审慎而系统的评估：弱势病人改往何处求医？有人延迟治疗吗？出现了什么非预期效应？有效改革需要将收费调整与扩充基层医疗结合——单靠价格无法解决容量问题。” 港大经管学院市场学首席讲师范亭亭博士则讨论了香港当前的知识产权产业。她 ：“为什么泡泡玛特选择在香港上市，却在新加坡注册智慧财产权？为什么 Molly ‘诞生’于香港，却未在香港走红？为什么香港本地企业未能成功地商业化这些本土IP？回顾过去、展望未来，香港可以利用其国际化的金融市场、完善的法律体系以及世界领先的人才储备，构建完善的 IP 产业基础设施，成为智慧财产权产业的枢纽。” 《香港经济政策绿皮书2026》辑录的十篇文章，重点内容如下： 以数字科技提振香港贸易融资 作者：邓希炜教授，香港大学协理副校长（环球事务），港大经管学院副院长（对外事务），香港经济及商业策略研究所副总监，冯国经冯国纶基金经济学教授 贸易是香港的经济命脉 ——2024 年香港总商品贸易额达本地生产总值（3.2 万亿港元）的三倍。因此，贸易融资同样至关重要。本文研究发现：当前贸易融资相关贷款总额呈下降趋势。 在地缘政治与科技变革重塑贸易流与融资格局的背景下，香港需要升级其贸易融资服务。例如，随着消费品贸易逐渐转向小额订单、更高交易频率及更短交付周期，金融机构需精简审批程序并开发更具弹性的产品，以契合电商卖家与物流驱动的资金周期需求。此外，香港银行需实现资金结算核心流程的数字化。此外，直接连接内地制造商与海外买家的平台，正在削弱香港传统的“轴辐”角色及相关服务。 为顺应这一趋势，政府可从多方面提供支持：其一，善用数字科技，例如透过整合核心数字贸易功能，提升香港数字贸易平台的采用率；其二，加快香港与中国内地及其他经济体的贸易数据平台互通，实现无缝数据交换。 重塑香港成为驱动大湾区初创生态圈的催化剂 作者： Alberto Moel教授, 港大经管学院金融学实务教授 陈炳雄教授，港大经管学院管理及商业策略实务副教授，创新与创业研究中心副总监 透过对香港初创生态演变进行定量分析，文章指出2019年后香港创投相关活动趋于平缓，此现象与全球趋势相吻合。尽管种子轮等早期融资渠道相对畅通，但成长期资本稀缺，导致大多数初创企业规模未能突破 50 人。金融科技与物流领域占据主导地位，人工智能及区块链领域增长迅速，但深科技领域发展相对滞后 —— 作者认为这一现象属暂时性，并强调香港在金融创新、合规科技（regtech）以及大湾区供应链方面的协同优势，可凭此吸引投资并支持企业转型。 为强化香港作为大湾区首要初创企业枢纽及国际金融中心的地位，本文提出九项政策建议 —— 包括填补融资缺口、透过聚焦产业的研究缩窄学术研究与市场应用之间的鸿沟、吸引并留住人才、推动北部都会区与大湾区供应链整合、转型提供高价值服务，以及吸引大型科技平台培育本地初创企业。 绿色金融中的区块链应用：香港经验与机遇 作者：汤勇军教授，港大经管学院金融学教授金融创新及发展研究中心副主任 绿色金融发展进入新阶段。2023 年 2 月，香港定价发行 8 亿港元一年期债券，成为全球首个发行主权代币化绿色债券的地区。尽管如此，香港在运用区块链推动绿色金融实际落地的过程中仍面临多项挑战。这是因为区块链平台与现有金融基础设施之间有互通障碍，阻碍了跨市场交易；同时，其局限的可扩展性也令代币化资产的实时结算面临困难。 区块链将帮助绿色金融领域下一阶段的蓬勃发展，但三个方面至关重要：标准化、可扩展性与安全性。要提供法律确定性并实现跨平台互通，亟需明确的监管框架与通用技术协议；而监管机构、技术供应商与能源市场参与者之间的合作，则可使代币化相关规则达成一致。他表示，区块链还能连接香港的 Core Climate 平台与海外对应平台 —— 鉴于气候融资本质上具有国际属性，跨境整合至关重要。 香港有望成为Labubu 的知识产权枢纽吗？——香港知识产权产业概览
- [港大經管學院發佈《香港經濟政策綠皮書2026》 聚焦香港經濟民生發展新機遇](https://www.hkubs.hku.hk/sc/media/press-release/hong-kong-economic-policy-green-paper-2026-by-hku-business-school-focuses-on-new-opportunities-for-hong-kongs-economy/) - 港大經管學院今日發表《香港經濟政策綠皮書2026》（《綠皮書》）。本年度的十篇研究報告涵蓋多個對香港構建長期競爭力至關重要的議題：貿易融資、香港在大灣區初創企業生態圈中的定位、香港作為可持續金融市場的角色、如何鞏固香港知識產權樞紐地位、社會責任投資對香港公司估值的影響、如何提升香港房地產的可負擔性、以及如何改善香港醫療服務。此外，綠皮書還探討了人工智能為香港帶來的就業威脅與網絡安全議題，以及香港如何培育第三代互聯網生態圈。 今年已是港大經管學院第五年發布《香港經濟政策綠皮書》，就香港如何應對挑戰建言獻策。 港大經管學院今日發表《香港經濟政策綠皮書2026》。左起：港大經管學院創新及資訊管理學副教授歐陽會銀教授；港大經管學院金融學教授湯勇軍教授；港大經管學院院長兼經濟學講座教授蔡洪濱教授；香港大學首席副校長、香港經濟及商業策略研究所總監王于漸教授；香港大學協理副校長、港大經管學院副院長鄧希煒教授；及港大經管學院市場學首席講師范亭亭博士。 香港大學首席副校長、香港經濟及商業策略研究所總監王于漸教授表示：「港大經管學院團隊經過數月紮實研究，聚焦當前香港經濟發展中的核心議題與現實挑戰，撰寫了這本綠皮書。我們始終堅持以學術視角為根基，以務實解決問題為導向，對政經運行、民生、產業升級等關鍵領域展開客觀分析與深入探究，嘗試為特區政府及相關管理機構提供兼具參考價值與可操作性的政策建議。」 港大經管學院院長、經濟學講座教授蔡洪濱教授表示：「作為連接中國與世界的『超級聯繫人』，香港的獨特角色始終不可或缺。面向未來，香港需深度融入國家發展大局，更要深入理解和積極對接全球市場，在國際舞台上承擔更為主動的角色。港大經管學院在北京、上海、深圳均設有校園，深入內地；又將足跡拓展到越南及歐洲，展示我們引以為傲的核心定位 —— 植根香港、融入中國、面向國際。本年度的綠皮書雲集學院的菁英人才，深入剖析香港現時面對的挑戰和提出創新的解決方案，助力香港進一步發揮其核心價值，並憑藉國際化高等教育的獨特優勢，開啟高質量發展的新篇章。」 香港大學協理副校長、港大經管學院副院長鄧希煒教授介紹了綠皮書的主要內容，並表示：「本份綠皮書收錄的研究論文出自十組背景多元、專長各異的學者團隊。基於對香港發展的深刻洞察，他們提出兼具獨特性與針對性的政策建言，為綠皮書構建了豐富多元的議題體系；與此同時，諸項研究成果的背後，更飽含著學者們對香港的深厚情懷與責任擔當。」 在談到如何以數字技術提振香港貿易融資時，鄧教授強調：「數據與業界反饋均清晰證明貿易融資的核心價值，然而香港貿易融資生態的短板卻不容忽視。為此，我們建議從以下方面推動優化：強化數字貿易平台治理與標準推廣、深化貿易數據跨境流動、擴充香港出口信用保險局職能、聚焦高增值貿易企業、擴展自貿及避免雙重徵稅協定覆蓋面、引導穩定幣合理應用以助力人民幣國際化。」 此外，港大經管學院金融學教授湯勇軍教授探討了區塊鏈技術在香港綠色金融發展中的應用。他強調：「香港在區塊鏈綠色金融領域引領全球實踐，透過發行全球首個主權代幣化綠色債券、構建碳信用透明交易體系及推動實時環境數據追蹤，顯著提升了綠色金融的市場透明度、可信度和參與度。創新專案如Genesis與Ensemble推動即時環境追蹤與跨境資產整合，凸顯區塊鏈在應對綠色金融挑戰中的關鍵作用。 香港憑藉其制度優勢與科技基礎，正成為可持續金融數位化的重要樞紐，為全球綠色轉型提供可借鑒的範例。」 港大經管學院創新及資訊管理學副教授歐陽會銀教授分享了如何透過結構性改革改善香港急症室資源緊缺問題。她表示：「公立醫院收費改革實施兩週後，媒體報導急症室擠迫情況未見顯著改變，這其實與我們的分析預測相符。擠迫並非單純源於病人行為，而是結構性問題：人口結構在變、容量受限、替代方案不足。現階段我們需要審慎而系統的評估：弱勢病人改往何處求醫？有人延遲治療嗎？出現了什麼非預期效應？有效改革需要將收費調整與擴充基層醫療結合——單靠價格無法解決容量問題。」 港大經管學院市場學首席講師范亭亭博士則討論了香港當前的知識產權產業。她 ：「為什麼泡泡瑪特選擇在香港上市，卻在新加坡註冊智慧財產權？為什麼 Molly 『誕生』於香港，卻未在香港走紅？為什麼香港本地企業未能成功地商業化這些本土IP？回顧過去、展望未來，香港可以利用其國際化的金融市場、完善的法律體系以及世界領先的人才儲備，構建完善的 IP 產業基礎設施，成為智慧財產權產業的樞紐。」 《香港經濟政策綠皮書2026》輯錄的十篇文章，重點內容如下： 以數字科技提振香港貿易融資 作者：鄧希煒教授，香港大學協理副校長（環球事務），港大經管學院副院長（對外事務），香港經濟及商業策略研究所副總監，馮國經馮國綸基金經濟學教授 貿易是香港的經濟命脈 ——2024 年香港總商品貿易額達本地生產總值（3.2 萬億港元）的三倍。因此，貿易融資同樣至關重要。本文研究發現：當前貿易融資相關貸款總額呈下降趨勢。 在地緣政治與科技變革重塑貿易流與融資格局的背景下，香港需要升級其貿易融資服務。例如，隨着消費品貿易逐漸轉向小額訂單、更高交易頻率及更短交付周期，金融機構需精簡審批程序並開發更具彈性的產品，以契合電商賣家與物流驅動的資金周期需求。此外，香港銀行需實現資金結算核心流程的數字化。此外，直接連接內地製造商與海外買家的平台，正在削弱香港傳統的「軸輻」角色及相關服務。 為順應這一趨勢，政府可從多方面提供支持：其一，善用數字科技，例如透過整合核心數字貿易功能，提升香港數字貿易平台的採用率；其二，加快香港與中國內地及其他經濟體的貿易數據平台互通，實現無縫數據交換。 重塑香港成為驅動大灣區初創生態圈的催化劑 作者： Alberto Moel教授, 港大經管學院金融學實務教授 陳炳雄教授，港大經管學院管理及商業策略實務副教授，創新與創業研究中心副總監 透過對香港初創生態演變進行定量分析，文章指出2019年後香港創投相關活動趨於平緩，此現象與全球趨勢相吻合。儘管種子輪等早期融資渠道相對暢通，但成長期資本稀缺，導致大多數初創企業規模未能突破 50 人。金融科技與物流領域佔據主導地位，人工智能及區塊鏈領域增長迅速，但深科技領域發展相對滯後 —— 作者認為這一現象屬暫時性，並強調香港在金融創新、合規科技（regtech）以及大灣區供應鏈方面的協同優勢，可憑此吸引投資並支持企業轉型。 為強化香港作為大灣區首要初創企業樞紐及國際金融中心的地位，本文提出九項政策建議 —— 包括填補融資缺口、透過聚焦產業的研究縮窄學術研究與市場應用之間的鴻溝、吸引並留住人才、推動北部都會區與大灣區供應鏈整合、轉型提供高價值服務，以及吸引大型科技平台培育本地初創企業。 綠色金融中的區塊鏈應用：香港經驗與機遇 作者：湯勇軍教授，港大經管學院金融學教授金融創新及發展研究中心副主任 綠色金融發展進入新階段。2023 年 2 月，香港定價發行 8 億港元一年期債券，成為全球首個發行主權代幣化綠色債券的地區。儘管如此，香港在運用區塊鏈推動綠色金融實際落地的過程中仍面臨多項挑戰。這是因為區塊鏈平台與現有金融基礎設施之間有互通障礙，阻礙了跨市場交易；同時，其局限的可擴展性也令代幣化資產的實時結算面臨困難。 區塊鏈將幫助綠色金融領域下一階段的蓬勃發展，但三個方面至關重要：標準化、可擴展性與安全性。要提供法律確定性並實現跨平台互通，亟需明確的監管框架與通用技術協議；而監管機構、技術供應商與能源市場參與者之間的合作，則可使代幣化相關規則達成一致。他表示，區塊鏈還能連接香港的 Core Climate 平台與海外對應平台 —— 鑑於氣候融資本質上具有國際屬性，跨境整合至關重要。 香港有望成為Labubu 的知識產權樞紐嗎？——香港知識產權產業概覽
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- [HKU Pokfield Campus Wins Gold at MIPIM Asia Awards 2025](https://www.hkubs.hku.hk/sc/media/school-news/hku-pokfield-campus-wins-gold-at-mipim-asia-awards-2025/) - We are delighted to announce that HKU’s Pokfield Campus has been honoured with the Gold Award for Best New Development at the MIPIM Asia Awards 2025! The HKU Pokfield Campus represents the University’s commitment towards building a sustainable, healthy and smart campus, as well as our dedication to providing world-class facilities for our faculty, students
- [HKU Business School Inaugurates Shanghai Centre and Establishes East China Alumni Network](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-inaugurates-shanghai-centre-and-establishes-east-china-alumni-association/) - HKU Business School officially inaugurated its Shanghai Centre (the Centre) and established the East China Alumni Network on 6 December 2025. This significant milestone marks a major step forward in the strategic expansion of HKU Business School into Shanghai and the University’s contribution to China’s national development. It also creates a new platform for deeper
- [港大经管学院首办沙特经济论坛 促进教育与创新合作](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-holds-inaugural-saudi-economic-forum-to-foster-education-and-innovation-partnerships/) - 港大经管学院（HKU Business School）于利雅得成功举办首届“香港大学沙特经济论坛”。以“聚力打造中沙企业全球竞争力”为主题，该论坛成为中沙两国交流的全新平台，标志著在中国“一带一路”倡议与沙特“2030愿景”框架下，双方在加强双边对话、经济融合及教育合作方面迈出重要一步。活动汇聚两国近百名杰出领袖、决策者及高层管理人员，共同探讨在创新、投资、科技及人才培养领域的新合作方向。 港大经管学院院长蔡洪滨教授在开幕致辞中，对双方日益深化的合作关系表示乐观。他表示：“此次论坛是我们首次在沙特举办论坛，也为两地开展更广泛的合作奠定良好开端。” 蔡洪滨教授亦对沙特在“2030愿景”及中国“一带一路”倡议框架下的转型前景表达乐观态度，并指出中国的快速发展有赖于在教育、科研及人力资本方面的持续投入。他表示：“大学在这一转型进程中发挥了核心作用。我们相信，教育合作将成为中沙伙伴关系的基石。作为全球顶尖大学，港大在中国及全球各地拥有深厚网络，期望能担任两国的知识桥梁。” 沙特阿拉伯投资部助理副部长法赫德·阿尔哈舍姆阁下（H.E. Fahad AL HASHEM）强调中沙关系的长期深度发展，指出：“沙中关系由来已久，跨越数十年，商业合作额已超过1500亿美元，近年每年增长30%。”他表示，除“2030愿景”推动下沙特各领域前所未有的转型外，沙特正积极发展教育、科技、可再生能源及人工智能等领域，并欢迎与中国顶尖企业及教育机构建立合作伙伴关系。 论坛亦设有主题讨论环节，围绕跨境教育、全球城市发展及创新合作展开交流。与会者强调，双方在共同推进数字经济及人工智能应用方面存在日益增长的机遇，同时探讨将中国在能源转型及智能基础设施领域的成功经验，为沙特相关项目提供参考。 图片 港大经管学院院长蔡洪滨教授致欢迎辞。 沙特阿拉伯投资部助理副部长法赫德·阿尔哈舍姆阁下（H.E. Fahad AL HASHEM）发表主题演讲，题为“沙特阿拉伯与中国——面向未来的战略伙伴关系”。 （左起）沙特阿拉伯投资部业务发展经理马谢勒阿尔萨勒赫（Masheal ALSALEH）、港大经管学院院长蔡洪滨教授，及沙特国王大学研究生院院长希沙姆·阿尔哈德拉格教授（Professor Hisham ALHADLAQ）进行题为“服务中沙产业升级：高效协同培养跨文化商业人才”的炉边对话。 （左起）海湾研究中心高级非驻院研究员张远博士主持、利雅得皇家城市委员会城市卓越发展部负责人马丁戴维斯博士（Dr.Martyn DAVIES）与费萨尔大学法律与国际关系学院院长托尔基·阿卜杜拉·舒贝基教授（Professor Torki Abdullah ALSHUBAIKI）进行题为“跨越丝路的对话：商业创新、法律变革与全球城市发展”的炉边对话。 沙特第四次工业革命中心（C4IR）董事总经理巴丝玛阿尔布海兰博士(Dr. Basma ALBUHAIRAN)发表题为“沙特2030愿景：新兴与前沿技术”的主题发言。 （左起）港大经管学院副院长高平阳教授主持，华为沙特分公司董事长赵亮、中国联通沙特公司总经理吴静弦、华大基因西亚区总经理孙继哲，及愿恒科技有限公司董事会主席高云龙，进行题为“人工智能与数字经济：共建中沙创新生态系统”的圆桌对话。 （左起）国家发展改革委国际合作中心副主任付保宗主持，中国港湾中东区域管理中心总经理、中国港湾沙特股份公司董事长杨志远；中铁建设集团有限公司中东指挥部副总经理、沙特分公司总经理闵令川；宁德时代中东储能业务负责人翁逵；及沙特易提哈德投资有限公司联席总裁胡鹏飞进行题为“能源革命与智能基建：中沙产能合作新机遇”的圆桌对话。 杰出领袖、决策者、学者，及高层管理人员参加香港大学沙特经济论坛。 请按此下载高清图片。
- [港大經管學院首辦沙特經濟論壇 促進教育與創新合作](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-holds-inaugural-saudi-economic-forum-to-foster-education-and-innovation-partnerships/) - 港大經管學院（HKU Business School）於利雅得成功舉辦首屆「香港大學沙特經濟論壇」。以「聚力打造中沙企業全球競爭力」為主題，該論壇成為中沙兩國交流的全新平台，標誌著在中國「一帶一路」倡議與沙特「2030願景」框架下，雙方在加強雙邊對話、經濟融合及教育合作方面邁出重要一步。活動匯聚兩國近百名傑出領袖、決策者及高層管理人員，共同探討在創新、投資、科技及人才培養領域的新合作方向。 港大經管學院院長蔡洪濱教授在開幕致辭中，對雙方日益深化的合作關係表示樂觀。他表示：「此次論壇是我們首次在沙特舉辦論壇，也為两地開展更廣泛的合作奠定良好開端。」 蔡洪濱教授亦對沙特在「2030願景」及中國「一帶一路」倡議框架下的轉型前景表達樂觀態度，並指出中國的快速發展有賴於在教育、科研及人力資本方面的持續投入。他表示：「大學在這一轉型進程中發揮了核心作用。我們相信，教育合作將成為中沙夥伴關係的基石。作為全球頂尖大學，港大在中國及全球各地擁有深厚網絡，期望能擔任兩國的知識橋樑。」 沙特阿拉伯投資部助理副部長法赫德·阿爾哈舍姆閣下（H.E. Fahad AL HASHEM）強調中沙關係的長期深度發展，指出：「沙中關係由來已久，跨越數十年，商業合作額已超過1500億美元，近年每年增長30%。」他表示，除「2030願景」推動下沙特各領域前所未有的轉型外，沙特正積極發展教育、科技、可再生能源及人工智能等領域，並歡迎與中國頂尖企業及教育機構建立合作夥伴關係。 論壇亦設有主題討論環節，圍繞跨境教育、全球城市發展及創新合作展開交流。與會者強調，雙方在共同推進數字經濟及人工智能應用方面存在日益增長的機遇，同時探討將中國在能源轉型及智能基礎設施領域的成功經驗，為沙特相關項目提供參考。 圖片 港大經管學院院長蔡洪濱教授致歡迎辭。 沙特阿拉伯投資部助理副部長法赫德·阿爾哈舍姆閣下（H.E. Fahad AL HASHEM）發表主題演講，題為「沙特阿拉伯與中國——面向未來的戰略夥伴關係」。 （左起）沙特阿拉伯投資部業務發展經理馬謝勒阿爾薩勒赫（Masheal ALSALEH）、港大經管學院院長蔡洪濱教授，及沙特國王大學研究生院院長希沙姆·阿爾哈德拉格教授（Professor Hisham ALHADLAQ）進行題為「服務中沙產業升級：高效協同培養跨文化商業人才」的爐邊對話。 （左起）海灣研究中心高級非駐院研究員張遠博士主持、利雅得皇家城市委員會城市卓越發展部負責人馬丁戴維斯博士（Dr.Martyn DAVIES）與費薩爾大學法律與國際關係學院院長托爾基·阿卜杜拉·舒貝基教授（Professor Torki Abdullah ALSHUBAIKI）進行題為「跨越絲路的對話：商業創新、法律變革與全球城市發展」的爐邊對話。 沙特第四次工業革命中心（C4IR）董事總經理巴絲瑪阿爾布海蘭博士(Dr. Basma ALBUHAIRAN)發表題為「沙特2030願景：新興與前沿技術」的主題發言。 （左起）港大經管學院副院長高平陽教授主持，華為沙特分公司董事長趙亮、中國聯通沙特公司總經理吳靜弦、華大基因西亞區總經理孫繼哲，及願恆科技有限公司董事會主席高雲龍，進行題為「人工智能與數字經濟：共建中沙創新生態系統」的圓桌對話。 （左起）國家發展改革委國際合作中心副主任付保宗主持，中國港灣中東區域管理中心總經理、中國港灣沙特股份公司董事長楊志遠；中鐵建設集團有限公司中東指揮部副總經理、沙特分公司總經理閔令川；寧德時代中東儲能業務負責人翁逵；及沙特易提哈德投資有限公司聯席總裁胡鵬飛進行題為「能源革命與智能基建：中沙產能合作新機遇」的圓桌對話。 傑出領袖、決策者、學者，及高層管理人員參加香港大學沙特經濟論壇。 請按此下載高清圖片。
- [HKU Business School Holds Inaugural Saudi Economic Forum to Foster Education and Innovation Partnerships](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-holds-inaugural-saudi-economic-forum-to-foster-education-and-innovation-partnerships/) - HKU Business School successfully hosted the inaugural HKU Saudi Economic Forum in Riyadh under the theme “Fostering Global Competitiveness of Chinese and Saudi Enterprises”. Serving as a new platform for exchange between China and the Kingdom of Saudi Arabia, the forum marked a significant step toward strengthening bilateral dialogue, economic integration, and educational collaboration under the frameworks of China’s Belt
- [HKU Hosts Inaugural Financial History Workshop](https://www.hkubs.hku.hk/media/school-news/hku-hosts-inaugural-financial-history-workshop/) - The Financial History, Trade and the Rise of Hong Kong Cluster of the Area of Excellence project, under the Centre for Quantitative History, successfully held the first HKU Financial History Workshop on December 2–3, 2025 at May Hall, The University of Hong Kong. As the inaugural event in this series, the workshop brought together over 60 scholars and participants
- [A Global Learning Experience in the Heart of Paris!](https://www.hkubs.hku.hk/media/school-news/a-global-learning-experience-in-the-heart-of-paris/) - Our Master’s students recently completed the Paris Entrepreneurial delegation organized by the HKU TLV Innovation Hub. It was a week that combined innovation, entrepreneurship and cultural immersion in one of Europe’s most dynamic tech ecosystems. Students took part in expert led sessions on EU monetary policy and on the geopolitical landscape of France and Europe.
- [港大经管学院上海中心开幕暨华东校友会成立](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-inaugurates-shanghai-centre-and-establishes-east-china-alumni-association/) - 2025年12月6日，港大经管学院上海中心正式启用，华东校友会同步成立。这一重要举措标志着港大布局上海、融入国家发展大局的战略落地取得关键进展，为沪港两地在学术交流、产业协同、科创合作三方面搭建起新的平台。 港大经管学院上海中心选址黄浦区外滩SOHO，以“一院三平台双引擎”为发展模式，即由港大经管学院主导，构建“国际学术交流、产业转化服务、科创孵化服务”三大平台，通过开展数智研究、金融科技研究为特色的双引擎研究学院，打造融汇“科技×人文”的国际化科研创新与商业合作平台。 香港大学副校长、港大工程学院及港大经管学院双聘讲座教授申作军教授致贺词，期待港大先进的学术思想与深厚的科技研究储备，能借助中心与上海各界共振。 港大经管学院院长、经济学讲座教授蔡洪滨教授表示港大经管学院上海中心的开幕标志著学院在内地的布局基本完成，也是学院战略发展的重要一步。 连同先前成立的北京中心、深圳中心，港大经管学院已成为最深度融入中国内地的国际顶尖商学院之一。 当日，首届“沪港论坛”同步举办，政企学界专家学者围绕 “专精特新”企业发展、中国经济活力注入、企业出海趋势、金融改革方向、智能科创等前沿议题展开深入探讨。按照规划，沪港论坛未来将每年举办，持续推动两地学术研究、技术创新与产业实践深度融合。 港大经管学院华东校友会在活动当日同步成立，成为继华南、华北校友会之后，港大经管学院在内地建立的第三个区域性校友会。 港大经管学院上海中心亦将联动华东地区7000余位企业家校友资源，在政府、校企、校际、科研四大领域深化合作，赋能上海及华东地区商业创新与经济发展。 图片 （从左至右）港大经管学院华东校友会会长苏尔田博士; 港大经管学院副院长沈海鹏教授; 港大经管学院院长蔡洪滨教授; 香港大学副校长申作军教授; 上海市教育委员会副主任赵震先生; 黄浦区委常委、副区长徐知先生; 上海市政府港澳办港澳处处长陈智辉先生; 及SOHO中国董事长兼联席行政总裁徐晋女士共同主持港大经管学院上海中心启动仪式。
- [港大經管學院上海中心開幕暨華東校友會成立](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-inaugurates-shanghai-centre-and-establishes-east-china-alumni-association/) - 2025年12月6日，港大經管學院上海中心正式啟用，華東校友會同步成立。這一重要舉措標誌着港大布局上海、融入國家發展大局的戰略落地取得關鍵進展，為滬港兩地在學術交流、産業協同、科創合作三方面搭建起新的平台。 港大經管學院上海中心選址黃浦區外灘SOHO，以「一院三平台雙引擎」為發展模式，即由港大經管學院主導，構建「國際學術交流、産業轉化服務、科創孵化服務」三大平台，通過開展數智研究、金融科技研究為特色的雙引擎研究學院，打造融匯「科技×人文」的國際化科研創新與商業合作平台。 香港大學副校長、港大工程學院及港大經管學院雙聘講座教授申作軍教授致賀詞，期待港大先進的學術思想與深厚的科技研究儲備，能藉助中心與上海各界共振。 港大經管學院院長、經濟學講座教授蔡洪濱教授表示港大經管學院上海中心的開幕標誌著學院在內地的佈局基本完成，也是學院戰略發展的重要一步。 連同先前成立的北京中心、深圳中心，港大經管學院已成為最深度融入中國內地的國際頂尖商學院之一。 當日，首屆「滬港論壇」同步舉辦，政企學界專家學者圍繞 「專精特新」企業發展、中國經濟活力注入、企業出海趨勢、金融改革方向、智能科創等前沿議題展開深入探討。按照規劃，滬港論壇未來將每年舉辦，持續推動兩地學術研究、技術創新與産業實踐深度融合。 港大經管學院華東校友會在活動當日同步成立，成為繼華南、華北校友會之後，港大經管學院在內地建立的第三個區域性校友會。 港大經管學院上海中心亦將聯動華東地區7000余位企業家校友資源，在政府、校企、校際、科研四大領域深化合作，賦能上海及華東地區商業創新與經濟發展。 圖片 （從左至右）港大經管學院華東校友會會長蘇爾田博士; 港大經管學院副院長沈海鵬教授; 港大經管學院院長蔡洪濱教授; 香港大學副校長申作軍教授; 上海市教育委員會副主任趙震先生; 黃浦區委常委、副區長徐知先生; 上海市政府港澳辦港澳處處長陳智輝先生; 及SOHO中國董事長兼聯席行政總裁徐晉女士共同主持港大經管學院上海中心啟動儀式。
- [Deloitte Tax Championship 2025](https://www.hkubs.hku.hk/media/school-news/deloitte-tax-championship-2025/) - We are thrilled to announce that our students have won Champion (Team Track) and Second Runner-up (Individual Track) in the Deloitte Tax Championship 2025. Deloitte Tax Championship is an annual competition for students to showcase their skills and knowledge in China and International Taxation This year, the competition featured two tracks - Team Track and
- [Web3 Competition Brought By HKU Business School and Avenir Group](https://www.hkubs.hku.hk/media/press-release/web3-competition-brought-by-hku-business-school-and-avenir-group/) - The Avenir-HKU Web3 Quantitative Trading Challenge 2025 (the Competition) Grand Final was held on 29 November 2025 at the Rayson Huang Theatre at the University of Hong Kong. Spanning six months and built around the core philosophy of a simulated “market environment + institutional-grade quantitative standards,” the global competition attracted 1,171 participants from over 200
- [Australian Undergraduate Business Case Competition 2025](https://www.hkubs.hku.hk/media/school-news/australian-undergraduate-business-case-competition-2025/) - We are thrilled to announce that our students have won the Champion title in the Australian Undergraduate Business Case Competition 2025! The Australian Undergraduate Business Case Competition is an annual international consulting case competition, offering undergraduate students the unique opportunity to propose innovative solutions to real business problems faced by Australian companies. Hosted in Melbourne
- [諾獎泰斗托馬斯・J・薩金特教授蒞臨港大經管學院，解碼AI與經濟](https://www.hkubs.hku.hk/sc/media/press-release/nobel-laureate-prof-thomas-j-sargent-discusses-ai-and-economics-at-hku-business-school/) - 港大經管學院成功舉辦 2025 年度傑出學者講座，特邀諾貝爾經濟學獎得主托馬斯・J・薩金特（Thomas J. Sargent）教授擔任主講嘉賓。 這場備受矚目的學術盛宴吸引了線上線下超過1300名觀眾報名，並有近10，000名觀眾在線觀看直播。 薩金特教授在演講中闡述：模式辨識、歸納推廣與決策制定構成了人類智能的主體；AI作為人類設計的工具，正因為可以進行這三類活動，所以可以幫助人類進行判斷，而非取代人類進行判斷。他進一步指出，人類擁有在統計學、生物學與經濟學領域方面積累的長期經驗，因而進化出許多直覺，但這類直覺在面對現代社會的複雜問題時，可能出現理論與實際不符的情況。 這樣的問題也同樣出現在AI工具中，甚至更加嚴重；因此高校在追求真知與創新的過程中，必須關注到AI工具的不完善之處。 港大經管學院院長、經濟學講座教授蔡洪濱教授對薩金特教授給予高度評價，他稱讚薩金特教授始終保持濃厚的學術好奇心，並以身作則，致力於探索經濟學領域的核心基礎問題，尤其在 AI 對研究、教育與社會帶來變革性影響的當下，其研究與思考更具時代意義。蔡洪濱認為，薩金特教授對真知的執著追求，以及他在經濟學基礎領域與前沿議題上的深度參與充分體現了學術卓越的最高標準；是次以 AI 與經濟學為主題的講座即是最佳例證。 講座結束後，港大經管學院張永紅基金教授（經濟學及商業策略）、香港大學AI管理與組織研究中心主任李晉教授與薩金特教授展開爐邊對談。雙方圍繞 AI 與經濟學的議題進一步深入交流，為現場來自不同背景的聽眾帶來深刻啟發。 是次傑出學者講座的成功舉辦，彰顯了港大經管學院致力成為全球教育中心的願景。透過推動深入的思辨和對話，學院持續為學生和社區帶來豐富學術體驗，助力塑造全球經濟關鍵領域面向未來的話語體係。 圖片 諾貝爾經濟學獎得主托馬斯・J・薩金特（Thomas J. Sargent）教授擔任港大經管學院2025 年度傑出學者講座主講嘉賓。 港大經管學院張永紅基金教授（經濟學及商業策略）、香港大學AI管理與組織研究中心主任李晉教授（左）與薩金特教授（右）展開爐邊對談。 港大經管學院院長、經濟學講座教授蔡洪濱教授致歡迎辭。 港大經管學院經濟學教授羅雨雷教授介紹講座日程。 活動吸引了線上線下超過1300名觀眾報名，並有超過300名觀眾現場參與，座無虛席。
- [诺奖泰斗托马斯・J・萨金特教授莅临港大经管学院，解码AI与经济](https://www.hkubs.hku.hk/sc/media/press-release/nobel-laureate-prof-thomas-j-sargent-discusses-ai-and-economics-at-hku-business-school/) - 港大经管学院成功举办 2025 年度杰出学者讲座，特邀诺贝尔经济学奖得主托马斯・J・萨金特（Thomas J. Sargent）教授担任主讲嘉宾。 这场备受瞩目的学术盛宴吸引了线上线下超过1300名观众报名，并有近10，000名观众在线观看直播。 萨金特教授在演讲中阐述：模式辨识、归纳推广与决策制定构成了人类智能的主体；AI作为人类设计的工具，正因为可以进行这三类活动，所以可以帮助人类进行判断，而非取代人类进行判断。他进一步指出，人类拥有在统计学、生物学与经济学领域方面积累的长期经验，因而进化出许多直觉，但这类直觉在面对现代社会的复杂问题时，可能出现理论与实际不符的情况。 这样的问题也同样出现在AI工具中，甚至更加严重；因此高校在追求真知与创新的过程中，必须关注到AI工具的不完善之处。 港大经管学院院长、经济学讲座教授蔡洪滨教授对萨金特教授给予高度评价，他称赞萨金特教授始终保持浓厚的学术好奇心，并以身作则，致力于探索经济学领域的核心基础问题，尤其在 AI 对研究、教育与社会带来变革性影响的当下，其研究与思考更具时代意义。蔡洪滨认为，萨金特教授对真知的执著追求，以及他在经济学基础领域与前沿议题上的深度参与充分体现了学术卓越的最高标准；是次以 AI 与经济学为主题的讲座即是最佳例证。 讲座结束后，港大经管学院张永红基金教授（经济学及商业策略）、香港大学AI管理与组织研究中心主任李晋教授与萨金特教授展开炉边对谈。双方围绕 AI 与经济学的议题进一步深入交流，为现场来自不同背景的听众带来深刻启发。 是次杰出学者讲座的成功举办，彰显了港大经管学院致力成为全球教育中心的愿景。透过推动深入的思辨和对话，学院持续为学生和社区带来丰富学术体验，助力塑造全球经济关键领域面向未来的话语体系。 图片 诺贝尔经济学奖得主托马斯・J・萨金特（Thomas J. Sargent）教授担任港大经管学院2025 年度杰出学者讲座主讲嘉宾。 港大经管学院张永红基金教授（经济学及商业策略）、香港大学AI管理与组织研究中心主任李晋教授（左）与萨金特教授（右）展开炉边对谈。 港大经管学院院长、经济学讲座教授蔡洪滨教授致欢迎辞。 港大经管学院经济学教授罗雨雷教授介绍讲座日程。 活动吸引了线上线下超过1300名观众报名，并有超过300名观众现场参与，座无虚席。
- [Nobel Laureate Prof. Thomas J. Sargent Discusses AI and Economics at HKU Business School](https://www.hkubs.hku.hk/sc/media/press-release/nobel-laureate-prof-thomas-j-sargent-discusses-ai-and-economics-at-hku-business-school/) - The HKU Business School Distinguished Scholar Lecture was held on 25 November at the HKU Graduate House, where we welcomed Nobel Laureate in Economic Sciences Professor Thomas J. Sargent. The event attracted over 1,300 registrants (both online and offline) and reached nearly 10,000 views via live stream. Professor Sargent’s lecture highlighted how intelligence involves pattern recognition, generalisation, and
- [港大经管学院“陈坤耀杰出学人讲座”：阿里巴巴集团主席蔡崇信 对谈推动中国经济增长的科创引擎](https://www.hkubs.hku.hk/sc/media/press-release/alibaba-chairman-joe-tsai-spoke-on-technological-drivers-of-chinas-economic-growth-at-hku-business-school-edward-k-y-chen-distinguished-lecture-2025/) - 港大经管学院于周三主办“陈坤耀杰出学人讲座”，以“前瞻十年：推动中国经济增长的科创引擎”为题进行对谈，邀请阿里巴巴集团联合创始人及主席蔡崇信先生分享创新、科技及人工智能如何重塑商业格局并驱动中国经济长期增长。活动在香港大学陆佑堂举行，吸引了近千名观众现场参与。 在与香港大学协理副校长、港大经管学院副院长邓希炜教授的对谈中，阿里巴巴集团联合创始人及主席蔡崇信先生表示，衡量人工智能（AI）发展的成功标准，不在于比拼大模型的优胜之处，而是AI获采用程度及应用规模。AI越被广泛应用，越能为社会创造更多价值。他强调，开源对推动AI普及发展至关重要。通过开源，各行各业和普罗大众都能根据自身需求，选择最合适的AI方案，成为这一变革性科技发展的受益者。 蔡崇信先生指出，中国在多个领域具备优势，包括能源基建、更具成本效益的数据中心建设，以及庞大的STEM（科学、技术、工程及数学）人才储备，这为AI的创新发展奠定了扎实基础。他亦鼓励年轻一代积极拥抱AI时代，培养编程能力以掌握计算逻辑思维、学习数据科学以从海量资讯中提炼有价值的洞察，学习心理学以开发出更人性化的智能系统。 港大经管学院院长、经济学讲座教授蔡洪滨教授在欢迎致辞中表示：“正如陈坤耀教授将其一生奉献于培养一代代的人才，港大经管学院也在不懈努力、培育，和启发未来的领导者。‘陈坤耀杰出学人讲座’是一个很好的例子。本次蔡崇信先生的分享提醒我们，在当前瞬息万变的世界中，我们要拥抱变化，持续自我革新，自我迭代，不断进步。我们要将这样的领导力和创新力传承下去，赋能我们的师生，在变化的世界中以韧性和长远眼光引领团队。” 港大经管学院名誉教授陈坤耀教授，此系列讲座的致敬对象，在总结致辞时表示：“是次活动是学界与商界进行有意义对话的绝佳示例。在蔡崇信先生分享对创新和增长的见解中，我们还收获一个重要的信息，除商业成功之外，我们还要考虑社会效益。蔡崇信先生在体育领域的投资很好地展示了商业如何连接不同文化，如何孕育社群；其电商业务不仅促进了经济发展，更创造了广泛的社会价值。这种全面的格局，正体现了我们所提倡的价值和所需要传承的领导力及责任心。” 关于“陈坤耀杰出学人讲座” 自2007年起，港大经管学院每年都会举办“陈坤耀杰出学人讲座”，向陈坤耀教授的学术成就和教学精神致敬，并邀请全球领袖分享关于未来商业、创新及社会的洞见。基于“尊师重道”之精神，此系列讲座希望在迅速演进的世界中，启发学生不断自我革新、塑造领导力，为现在及未来的商业领袖打造连接理论与实践之间的对话桥梁。 图片 阿里巴巴集团联合创始人及主席蔡崇信先生在港大经管学院“陈坤耀杰出学人讲座”就创新、科技、人工智能如何改变商业格局及经济增长进行对谈。 港大经管学院名誉教授陈坤耀教授总结致辞。 港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞。 香港大学协理副校长、港大经管学院副院长邓希炜教授（左）主持在港大经管学院举办的“陈坤耀杰出学人讲座”对谈，与阿里巴巴集团联合创始人及主席蔡崇信先生互动。 “陈坤耀杰出学人讲座”执行委员会召集人冯兴宏先生作介绍。 论坛于香港大学本部校园陆佑堂举行，吸引了超过1000位听众现场参与。 蔡崇信先生、陈坤耀教授、蔡洪滨教授和“陈坤耀杰出学人讲座”组织委员会成员 请按此下载高清图片。
- [港大經管學院「陳坤耀傑出學人講座」：阿里巴巴集團主席蔡崇信 對談推動中國經濟增長的科創引擎](https://www.hkubs.hku.hk/sc/media/press-release/alibaba-chairman-joe-tsai-spoke-on-technological-drivers-of-chinas-economic-growth-at-hku-business-school-edward-k-y-chen-distinguished-lecture-2025/) - 港大經管學院於週三主辦「陳坤耀傑出學人講座」，以「前瞻十年：推動中國經濟增長的科創引擎」為題進行對談，邀請阿里巴巴集團聯合創始人及主席蔡崇信先生分享創新、科技及人工智能如何重塑商業格局並驅動中國經濟長期增長。活動在香港大學陸佑堂舉行，吸引了近千名觀眾現場參與。 在與香港大學協理副校長、港大經管學院副院長鄧希煒教授的對談中，阿里巴巴集團聯合創始人及主席蔡崇信先生表示，衡量人工智能（AI）發展的成功標準，不在於比拼大模型的優勝之處，而是AI獲採用程度及應用規模。AI越被廣泛應用，越能為社會創造更多價值。他強調，開源對推動AI普及發展至關重要。通過開源，各行各業和普羅大眾都能根據自身需求，選擇最合適的AI方案，成為這一變革性科技發展的受益者。 蔡崇信先生指出，中國在多個領域具備優勢，包括能源基建、更具成本效益的數據中心建設，以及龐大的STEM（科學、技術、工程及數學）人才儲備，這為AI的創新發展奠定了扎實基礎。他亦鼓勵年輕一代積極擁抱AI時代，培養編程能力以掌握計算邏輯思維、學習數據科學以從海量資訊中提煉有價值的洞察，學習心理學以開發出更人性化的智能系統。 港大經管學院院長、經濟學講座教授蔡洪濱教授在歡迎致辭中表示：「正如陳坤耀教授將其一生奉獻於培養一代代的人才，港大經管學院也在不懈努力、培育，和啟發未來的領導者。『陳坤耀傑出學人講座』是一個很好的例子。本次蔡崇信先生的分享提醒我們，在當前瞬息萬變的世界中，我們要擁抱變化，持續自我革新，自我迭代，不斷進步。我們要將這樣的領導力和創新力傳承下去，賦能我們的師生，在變化的世界中以韌性和長遠眼光引領團隊。」 港大經管學院名譽教授陳坤耀教授，此系列講座的致敬對象，在總結致辭時表示：「是次活動是學界與商界進行有意義對話的絕佳示例。在蔡崇信先生分享對創新和增長的見解中，我們還收穫一個重要的信息，除商業成功之外，我們還要考慮社會效益。蔡崇信先生在體育領域的投資很好地展示了商業如何連接不同文化，如何孕育社群；其電商業務不僅促進了經濟發展，更創造了廣泛的社會價值。這種全面的格局，正體現了我們所提倡的價值和所需要傳承的領導力及責任心。」 關於「陳坤耀傑出學人講座」 自2007年起，港大經管學院每年都會舉辦「陳坤耀傑出學人講座」，向陳坤耀教授的學術成就和教學精神致敬，並邀請全球領袖分享關於未來商業、創新及社會的洞見。基於「尊師重道」之精神，此系列講座希望在迅速演進的世界中，啟發學生不斷自我革新、塑造領導力，為現在及未來的商業領袖打造連接理論與實踐之間的對話橋樑。 圖片 阿里巴巴集團聯合創始人及主席蔡崇信先生在港大經管學院「陳坤耀傑出學人講座」就創新、科技、人工智能如何改變商業格局及經濟增長進行對談。 港大經管學院名譽教授陳坤耀教授總結致辭。 港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭。 香港大學協理副校長、港大經管學院副院長鄧希煒教授（左）主持在港大經管學院舉辦的「陳坤耀傑出學人講座」對談，與阿里巴巴集團聯合創始人及主席蔡崇信先生互動。 「陳坤耀傑出學人講座」執行委員會召集人馮興宏先生作介紹。 論壇於香港大學本部校園陸佑堂舉行，吸引了超過1000位聽眾現場參與。 蔡崇信先生、陳坤耀教授、蔡洪濱教授和「陳坤耀傑出學人講座」組織委員會成員 請按此下載高清圖片。
- [Alibaba Chairman Joe Tsai Spoke at Edward K Y Chen Distinguished Lecture 2025](https://www.hkubs.hku.hk/sc/media/press-release/alibaba-chairman-joe-tsai-spoke-on-technological-drivers-of-chinas-economic-growth-at-hku-business-school-edward-k-y-chen-distinguished-lecture-2025/) - The HKU Business School hosted a fireside chat with Joe Tsai, Co-Founder and Chairman of Alibaba Group, on Technological Drivers of China’s Economic Growth in the Next 10 Years on 5 November 2025. As part of the Edward K Y Chen Distinguished Lecture Series, the session explored how innovation, technology, and artificial intelligence (AI) are reshaping
- [HKU Business School Launches Inaugural Overseas Alumni Network in Singapore](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-launches-inaugural-overseas-alumni-network-in-singapore/) - On October 1, HKU Business School celebrated a significant milestone with the successful establishment of its first-ever school-wide overseas alumni network in Singapore. The event saw an impressive turnout, bringing together over 50 alumni from Singapore and more than 20 alumni from the HKU-Fudan IMBA program in Shanghai, fostering international ties and reinforcing the global
- [HKU Business School Launches Inaugural Overseas Alumni Network in Singapore](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-launches-inaugural-overseas-alumni-network-in-singapore/) - On October 1, HKU Business School celebrated a significant milestone with the successful establishment of its first-ever school-wide overseas alumni network in Singapore. The event saw an impressive turnout, bringing together over 50 alumni from Singapore and more than 20 alumni from the HKU-Fudan IMBA program in Shanghai, fostering international ties and reinforcing the global
- [HKU Business School Launches Inaugural Overseas Alumni Network in Singapore](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-launches-inaugural-overseas-alumni-network-in-singapore/) - On October 1, HKU Business School celebrated a significant milestone with the successful establishment of its first-ever school-wide overseas alumni network in Singapore. The event saw an impressive turnout, bringing together over 50 alumni from Singapore and more than 20 alumni from the HKU-Fudan IMBA program in Shanghai, fostering international ties and reinforcing the global
- [港大經管學院215屆學位頒授典禮回顧(冬季)](https://www.hkubs.hku.hk/sc/media/school-news/hku-215th-congregation-faculty-of-business-and-economics-winter-session-highlights/) - 港大經管學院215屆學位頒授典禮於2025年11月15日和16日在香港大學百周年校園大會堂隆重舉行。這一為期六場的盛大典禮令所有參加者留下了獨特難忘的回憶。 其中院長蔡洪濱教授的演講鼓舞人心，令人印象深刻。畢業生們即將開展人生新的一頁，蔡教授提醒他們將這份寶貴的智慧隨身攜帶：「好奇心、批判性思維、創造力、全球視野、實踐智慧，以及堅毅品格。」 畢業生代表Opferkuch Marina Luisa、嚴子杰、伍孝彥、余思誼、O’Connor Gerald及姜若忻發表了感謝致辭，他們衷心感謝教職員工、家人和朋友在他們的求學路上一直給予的支持。他們的精彩致辭總結一眾畢業生在這趟學習歷程的成就，引發了觀眾的共鳴。雖然未來挑戰重重，然而只要抱著積極樂觀的態度，定能抓緊未來每一個機遇。 此次畢業典禮共有4,000多人參加，其中包括1,500名即將開啟人生新篇章的畢業生，以及2,500名前來一同見證這一重要里程碑的家人和朋友們。
- [港大经管学院215届学位颁授典礼回顾(冬季)](https://www.hkubs.hku.hk/sc/media/school-news/hku-215th-congregation-faculty-of-business-and-economics-winter-session-highlights/) - 港大经管学院215届学位颁授典礼于2025年11月15日和16日在香港大学百周年校园大会堂隆重举行。这一为期六场的盛大典礼令所有参加者留下了独特难忘的回忆。 其中院长蔡洪滨教授的演讲鼓舞人心，令人印象深刻。毕业生们即将开展人生新的一页，蔡教授提醒他们将这份宝贵的智慧随身携带：“好奇心、批判性思维、创造力、全球视野、实践智慧，以及坚毅品格。” 毕业生代表Opferkuch Marina Luisa、严子杰、伍孝彦、余思谊、O’Connor Gerald及姜若忻发表了感谢致辞，他们衷心感谢教职员工、家人和朋友在他们的求学路上一直给予的支持。他们的精彩致辞总结一众毕业生在这趟学习历程的成就，引发了观众的共鸣。虽然未来挑战重重，然而只要抱著积极乐观的态度，定能抓紧未来每一个机遇。 此次毕业典礼共有4,000多人参加，其中包括1,500名即将开启人生新篇章的毕业生，以及2,500名前来一同见证这一重要里程碑的家人和朋友们。
- [HKU 215th Congregation – Faculty of Business and Economics (Winter Session) Highlights](https://www.hkubs.hku.hk/sc/media/school-news/hku-215th-congregation-faculty-of-business-and-economics-winter-session-highlights/) - The 215th Congregation Ceremony of the HKU Business School took place at the Grand Hall, Centennial Campus, The University of Hong Kong on November 15 and 16, 2025. This momentous event spanned six sessions, creating a truly special occasion for all involved. One of the highlights was an inspiring speech delivered by Dean Professor Hongbin
- [HKU Business School Launches our 4th International Alumni Network in Korea](https://www.hkubs.hku.hk/media/school-news/hku-business-school-launches-our-4th-international-alumni-network-in-korea/) - Exciting news from Seoul! On 16 November, we officially launched the HKU Business School Korea Alumni Network — our fourth global alumni community! Over 80 alums, faculty, and industry leaders came together to celebrate this milestone, strengthen ties between Hong Kong and Korea, and share ideas for the future of business and education. Highlights of
- [Bridging Knowledge and Action: 2025 Sustainability Forum Advances Global Discussion on AI and Climate Solutions](https://www.hkubs.hku.hk/sc/media/press-release/bridging-knowledge-and-action-2025-sustainability-forum-advances-global-discussion-on-ai-and-climate-solutions/) - The HKU Jockey Club Enterprise Sustainability Global Research Institute (the Institute), established by HKU Business School and funded by The Hong Kong Jockey Club Charities Trust (the Trust), hosted the 2025 Sustainability Forum at the University of Hong Kong on 14 November 2025. Focusing on sustainability challenges and opportunities around the globe, given new developments
- [知行共进： 2025年度可持续发展论坛于港大召开，探讨AI与气候治理新格局](https://www.hkubs.hku.hk/sc/media/press-release/bridging-knowledge-and-action-2025-sustainability-forum-advances-global-discussion-on-ai-and-climate-solutions/) - 由港大经管学院创办、香港赛马会慈善信托基金捐助的香港大学赛马会环球企业可持续发展研究所主办的“2025年度可持续发展论坛”于11月14日圆满举行。论坛汇聚ESG领域的知名学者和嘉宾，聚焦人工智能、ESG框架及全球气候战略，探讨可当前持续发展的挑战与机遇。活动在香港大学黄丽松讲堂举行，吸引来自中国香港、内地、及海外超过380位学者、业界领袖及政府官员现场参与，以及近40, 000名观众在线观看直播。 论坛主礼嘉宾包括：香港赛马会慈善事务部主管（策略、计划、营运及汇报）梁淑仪女士，香港特别行政区政府环境及生态局署任气候变化专员马周佩芬女士，香港大学副校长（大学拓展）及讲座教授汪扬教授。 香港大学副校长（大学拓展）及讲座教授汪扬教授在欢迎辞中表示：“可持续发展是我们这个时代的重要议题，而大学在引领创新、推动解决方案方面肩负关键角色。我们衷心感谢香港赛马会慈善信托基金以远见卓识所提供的大力支持，这一宝贵的合作关系对推动香港大学成为可持续发展创新枢纽，发挥了重要作用。此次合作充分展现了慈善力量如何加速实质进步、助力我们的研究人员开发具有影响力的解决方案，以应对现实环境挑战、携手共创更可持续的未来。” 香港特别行政区环境及生态局署任气候变化专员马周佩芬女士在欢迎辞中强调，特区政府致力于2050 年前实现碳中和，在 2035 年前将香港的碳排放量从 2005 年水平减半。她同时指出香港正成为亚洲首要的绿色及可持续金融枢纽，在绿色及可持续债券市场已连续七年位居亚洲第一。她也强调香港正积极应用人工智能技术推动环境、社会和治理(ESG)发展，比如在建筑机电行业应用创新人工智能代理技术，在香港天文台采用先进人工智能模型进行天气预报及潜在雷暴发展预测。 香港大学经管学院院长、经济学讲座教授蔡洪滨教授在院长致辞中表示：“我们始终致力于将可持续发展研究转化为具体行动与实际成效。在香港赛马会慈善信托基金的捐助下成立的‘香港大学赛马会环球企业可持续发展研究所’，在短短一年内已发展为亚洲具领导地位的研究与交流平台——不仅发表了超过50篇顶尖学术论文，更透过多元活动吸引逾10万人次参与，并建立起一个涵盖200多位全球学者的国际研究网络，其中包括两位诺贝尔奖得主。值得一提的是，研究所内有七位成员或联属学者，根据科睿唯安（Clarivate Analytics）数据，位列全球经济与商业领域引用次数前1%。此外，研究所亦在基金支持下设立了四个香港赛马会基金教授席位，分别由何国俊教授、Roni Michaely教授、黄智勇教授及Uta Schönberg教授出任。这些重要举措进一步增强了我们将世界级研究成果转化为推动可持续未来实践方案的能力。” 论坛特别邀请到斯坦福大学教授、前美国白宫首席环境经济学家Solomon Hsiang教授发表题为《气候的价值》的主题演讲。Solomon Hsiang教授提出两个关键问题：气候究竟价值几何？ 当全球两大经济体采取截然不同的气候变化应对策略时，哪种方案更具经济合理性？ 这位白宫前首席环境经济学家指出，我们需厘清：投资气候智慧型技术能带来多少经济收益成效以及这些投资是否真正能为全球社会创造回报。 联合国开发计划署驻华副代表James George先生亦受邀发表主题演讲。他强调：“面对日益加剧的气候危机、不断扩大的社会不平等以及日趋复杂的地缘政治局势，全球社会必须坚定推动实现可持续发展目标（SDGs）。人工智能有潜力帮助我们实现跃进式发展，但前提是必须建立在坚实的原则与包容性的治理之上。未来十年将不仅关乎我们如何应用科技，更将决定我们以科技塑造何种未来。” 本届论坛还展示了四位讲座教授的前沿研究成果，并透过“学术开放麦”环节突显新生代学者的研究视角。同时，论坛亦促进理论与实践的结合——如尚德电力创办人施正荣博士与中关村人工智能研究院的商容女士，分别就ESG共识与人工智能于可持续发展中的应用展开深入讨论。 香港大学赛马会环球企业可持续发展研究所所长何国俊教授在闭幕致辞中表示，本届论坛的圆满成功，充分展现了国际顶尖学者与业界先锋之间的深度交流与卓越成果。他说：“我们很兴奋能见证到前沿研究与实务应用在今天的论坛中实现了精彩融合，从人工智能技术的创新应用，到围绕ESG的重点议题，香港大学可持续发展论坛已成为年度标志性学术论坛，持续聚焦当代最具挑战性的议题。展望未来，我们将继续推动学术界与业界包括商界、政府和非营利机构的紧密合作，将创新研究成果转化为切实可行的行动与影响，共同构建可持续的未来。” 图片 香港大学副校长（大学拓展）及讲座教授汪扬教授与香港赛马会慈善事务部主管 （策略、计划、营运及汇报) 梁淑仪女士亲切握手 港大经管学院院长、经济学讲座教授蔡洪滨教授与香港环境及生态局署任气候变化专员马周佩芬女士亲切握手 （右起）香港赛马会基金教授（经济学）、香港大学赛马会环球企业可持续发展研究所所长何国俊教授；斯坦福大学教授、前美国白宫首席环境经济学家Solomon Hsiang教授；香港环境及生态局署任气候变化专员马周佩芬女士；香港赛马会慈善事务部主管 （策略、计划、营运及汇报) 梁淑仪女士；香港大学副校长（大学拓展）及讲座教授汪扬教授；香港大学经管学院院长、经济学讲座教授蔡洪滨教授；香港赛马会基金教授（会计学）、香港大学赛马会环球企业可持续发展研究所副所长黄智勇教授 香港大学副校长（大学拓展）及讲座教授汪扬教授致欢迎辞 香港环境及生态局署任气候变化专员马周佩芬女士致辞 香港大学经管学院院长、经济学讲座教授蔡洪滨教授致辞 斯坦福大学教授、前美国白宫首席环境经济学家Solomon Hsiang教授发表主题演讲 香港赛马会基金教授（经济学）、香港大学赛马会环球企业可持续发展研究所所长何国俊教授展示研究成果 香港赛马会基金教授（会计学）、香港大学赛马会环球企业可持续发展研究所副所长黄智勇教授展示研究成果 香港赛马会基金教授（经济学）、港大经管学院经济学讲座教授Uta Schӧnberg教授展示研究成果 联合国开发计划署驻华副代表James George先生发表主题演讲 （右起）香港大学赛马会环球企业可持续发展研究所主任余碧妍女士；气候变化人工智能 （CCAI） 核心成员Ivan Poon博士；北京中关村学院X中关村AI研究院公共关系部部长商容女士；香港大学经管学院助理教授王大维教授；腾讯研究院项目负责人何婧文女士参与题为“人工智能与可持续发展”的圆桌对话 （右起）第一财经驻香港首席记者航宇女士；尚德电源前创办人、董事长兼行政总裁施正荣博士；东盟网络全球报告倡议组织(GRI)主任Allinnettes Adigue 博士参与题为“ESG：共识、批评和方向修正”的圆桌对话 香港大学经管学院助理教授Maxime Couvert 教授于学术开放麦环节分享研究 活动在香港大学黄丽松讲堂举行，吸引来自中国香港、内地、及海外超过380位学者、业界领袖及政府官员现场参与。
- [知行共進： 2025年度可持續發展論壇於港大召開，探討AI與氣候治理新格局](https://www.hkubs.hku.hk/sc/media/press-release/bridging-knowledge-and-action-2025-sustainability-forum-advances-global-discussion-on-ai-and-climate-solutions/) - 由港大經管學院創辦、香港賽馬會慈善信託基金捐助的香港大學賽馬會環球企業可持續發展研究所主辦的「2025年度可持續發展論壇」於11月14日圓滿舉行。論壇匯聚ESG領域的知名學者和嘉賓，聚焦人工智能、ESG框架及全球氣候戰略，探討可當前持續發展的挑戰與機遇。活動在香港大學黃麗松講堂舉行，吸引來自中國香港、內地、及海外超過380位學者、業界領袖及政府官員現場參與，以及近40, 000名觀眾在線觀看直播。 論壇主禮嘉賓包括：香港賽馬會慈善事務部主管（策略、計劃、營運及匯報）梁淑儀女士，香港特別行政區政府環境及生態局署任氣候變化專員馬周佩芬女士，香港大學副校長（大學拓展）及講座教授汪揚教授。 香港大學副校長（大學拓展）及講座教授汪揚教授在歡迎辭中表示：「可持續發展是我們這個時代的重要議題，而大學在引領創新、推動解決方案方面肩負關鍵角色。我們衷心感謝香港賽馬會慈善信托基金以遠見卓識所提供的大力支持，這一寶貴的合作關係對推動香港大學成為可持續發展創新樞紐，發揮了重要作用。此次合作充分展現了慈善力量如何加速實質進步、助力我們的研究人員開發具有影響力的解決方案，以應對現實環境挑戰、攜手共創更可持續的未來。」 香港特別行政區環境及生態局署任氣候變化專員馬周佩芬女士在歡迎辭中強調，特區政府致力於2050 年前實現碳中和，在 2035 年前將香港的碳排放量從 2005 年水平減半。她同時指出香港正成為亞洲首要的綠色及可持續金融樞紐，在綠色及可持續債券市場已連續七年位居亞洲第一。她也強調香港正積極應用人工智能技術推動環境、社會和治理(ESG)發展，比如在建築機電行業應用創新人工智能代理技術，在香港天文台採用先進人工智能模型進行天氣預報及潛在雷暴發展預測。 香港大學經管學院院長、經濟學講座教授蔡洪濱教授在院長致辭中表示：「我們始終致力於將可持續發展研究轉化為具體行動與實際成效。在香港賽馬會慈善信託基金的捐助下成立的『香港大學賽馬會環球企業可持續發展研究所』，在短短一年內已發展為亞洲具領導地位的研究與交流平台——不僅發表了超過50篇頂尖學術論文，更透過多元活動吸引逾10萬人次參與，並建立起一個涵蓋200多位全球學者的國際研究網絡，其中包括兩位諾貝爾獎得主。值得一提的是，研究所內有七位成員或聯屬學者，根據科睿唯安（Clarivate Analytics）數據，位列全球經濟與商業領域引用次數前1%。此外，研究所亦在基金支持下設立了四個香港賽馬會基金教授席位，分別由何國俊教授、Roni Michaely教授、黃智勇教授及Uta Schönberg教授出任。這些重要舉措進一步增強了我們將世界級研究成果轉化為推動可持續未來實踐方案的能力。」 論壇特別邀請到斯坦福大學教授、前美國白宮首席環境經濟學家Solomon Hsiang教授發表題為《氣候的價值》的主題演講。Solomon Hsiang教授提出兩個關鍵問題：氣候究竟價值幾何？ 當全球兩大經濟體採取截然不同的氣候變化應對策略時，哪種方案更具經濟合理性？ 這位白宮前首席環境經濟學家指出，我們需釐清：投資氣候智慧型技術能帶來多少經濟收益成效以及這些投資是否真正能為全球社會創造回報。 聯合國開發計劃署駐華副代表James George先生亦受邀發表主題演講。他強調：「面對日益加劇的氣候危機、不斷擴大的社會不平等以及日趨複雜的地緣政治局勢，全球社會必須堅定推動實現可持續發展目標（SDGs）。人工智能有潛力幫助我們實現躍進式發展，但前提是必須建立在堅實的原則與包容性的治理之上。未來十年將不僅關乎我們如何應用科技，更將決定我們以科技塑造何種未來。」 本屆論壇還展示了四位講座教授的前沿研究成果，並透過「學術開放麦」環節突顯新生代學者的研究視角。同時，論壇亦促進理論與實踐的結合——如尚德電力創辦人施正榮博士與中關村人工智能研究院的商容女士，分別就ESG共識與人工智能於可持續發展中的應用展開深入討論。 香港大學賽馬會環球企業可持續發展研究所所長何國俊教授在閉幕致辭中表示，本屆論壇的圓滿成功，充分展現了國際頂尖學者與業界先鋒之間的深度交流與卓越成果。他說：「我們很兴奋能見證到前沿研究與實務應用在今天的論壇中實現了精彩融合，從人工智能技術的創新應用，到圍繞ESG的重點議題，香港大學可持續發展論壇已成為年度標誌性學術論壇，持續聚焦當代最具挑戰性的議題。展望未來，我們將继續推動學術界與業界包括商界、政府和非營利機構的緊密合作，將創新研究成果轉化為切實可行的行動與影響，共同構建可持續的未來。」 圖片 香港大學副校長（大學拓展）及講座教授汪揚教授與香港賽馬會慈善事務部主管 （策略、計劃、營運及匯報) 梁淑儀女士親切握手 港大經管學院院長、經濟學講座教授蔡洪濱教授與香港環境及生態局署任氣候變化專員馬周佩芬女士親切握手 （右起）香港賽馬會基金教授（經濟學）、香港大學賽馬會環球企業可持續發展研究所所長何國俊教授；斯坦福大學教授、前美國白宮首席環境經濟學家Solomon Hsiang教授；香港環境及生態局署任氣候變化專員馬周佩芬女士；香港賽馬會慈善事務部主管 （策略、計劃、營運及匯報) 梁淑儀女士；香港大學副校長（大學拓展）及講座教授汪揚教授；香港大學經管學院院長、經濟學講座教授蔡洪濱教授；香港賽馬會基金教授（會計學）、香港大學賽馬會環球企業可持續發展研究所副所長黃智勇教授 香港大學副校長（大學拓展）及講座教授汪揚教授致歡迎辭 香港環境及生態局署任氣候變化專員馬周佩芬女士致辭 香港大學經管學院院長、經濟學講座教授蔡洪濱教授致辭 斯坦福大學教授、前美國白宮首席環境經濟學家Solomon Hsiang教授發表主題演講 香港賽馬會基金教授（經濟學）、香港大學賽馬會環球企業可持續發展研究所所長何國俊教授展示研究成果 香港賽馬會基金教授（會計學）、香港大學賽馬會環球企業可持續發展研究所副所長黃智勇教授展示研究成果 香港賽馬會基金教授（經濟學）、港大經管學院經濟學講座教授Uta Schӧnberg教授展示研究成果 聯合國開發計劃署駐華副代表James George先生發表主題演講 （右起）香港大學賽馬會環球企業可持續發展研究所主任余碧姸女士；氣候變化人工智能 （CCAI） 核心成員Ivan Poon博士；北京中關村學院X中關村AI研究院公共關係部部長商容女士；香港大學經管學院助理教授王大維教授；騰訊研究院項目負責人何婧文女士參與題為「人工智能與可持續發展」的圓桌對話 （右起）第一財經駐香港首席記者航宇女士；尚德電源前創辦人、董事長兼行政總裁施正榮博士；東盟網絡全球報告倡議組織(GRI)主任Allinnettes Adigue 博士參與題為「ESG：共識、批評和方向修正」的圓桌對話 香港大學經管學院助理教授Maxime Couvert 教授於學術開放麥環節分享研究 活動在香港大學黃麗松講堂舉行，吸引來自中國香港、內地、及海外超過380位學者、業界領袖及政府官員現場參與。
- [Professor Xuewen Liu Awarded the 2024 Research Output Prize](https://www.hkubs.hku.hk/sc/media/school-news/professor-xuewen-liu-awarded-the-2024-research-output-prize/) - Congratulations to Prof. Xuewen Liu, Professor in Finance, for winning the 2024 Research Output Prize! Professor Liu is an economic theorist. His research areas include financial economics (corporate finance, financial markets, financial institutions, and financial crises), macroeconomics, growth and development, and Chinese economy. Join us in congratulating Prof. Liu for earning the 2024 Research Output Prize
- [Professor Xuewen Liu Awarded the 2024 Research Output Prize](https://www.hkubs.hku.hk/sc/media/school-news/professor-xuewen-liu-awarded-the-2024-research-output-prize/) - Congratulations to Prof. Xuewen Liu, Professor in Finance, for winning the 2024 Research Output Prize! Professor Liu is an economic theorist. His research areas include financial economics (corporate finance, financial markets, financial institutions, and financial crises), macroeconomics, growth and development, and Chinese economy. Join us in congratulating Prof. Liu for earning the 2024 Research Output Prize
- [Professor Xuewen Liu Awarded the 2024 Research Output Prize](https://www.hkubs.hku.hk/sc/media/school-news/professor-xuewen-liu-awarded-the-2024-research-output-prize/) - Congratulations to Prof. Xuewen Liu, Professor in Finance, for winning the 2024 Research Output Prize! Professor Liu is an economic theorist. His research areas include financial economics (corporate finance, financial markets, financial institutions, and financial crises), macroeconomics, growth and development, and Chinese economy. Join us in congratulating Prof. Liu for earning the 2024 Research Output Prize
- [恭喜贾鹤教授荣获2024-25年度「学院杰出研究学者奖」](https://www.hkubs.hku.hk/sc/media/school-news/professor-michael-he-jia-awarded-the-faculty-outstanding-researcher-award-2024-25/) - 恭喜贾鹤教授荣获2024-25年度「学院杰出研究学者奖」！贾教授是主要从事数字平台中的视觉营销和促销设计等领域的经济学家。现任香港大学经济学副教授，过去五年，贾鹤教授已有四篇高水准研究获刊登于国际顶尖学术期刊，成就备受肯定。
- [恭喜賈鶴教授榮獲2024-25年度「學院傑出研究學者獎」](https://www.hkubs.hku.hk/sc/media/school-news/professor-michael-he-jia-awarded-the-faculty-outstanding-researcher-award-2024-25/) - 恭喜賈鶴教授榮獲2024-25年度「學院傑出研究學者獎」！賈教授是主要從事數位平台中的視覺行銷和促銷設計等領域的經濟學家。現任香港大學經濟學副教授，過去五年，賈鶴教授已有四篇高水準研究獲刊登於國際頂尖學術期刊，成就備受肯定。
- [Professor Michael He Jia Awarded the Faculty Outstanding Researcher Award 2024-25](https://www.hkubs.hku.hk/sc/media/school-news/professor-michael-he-jia-awarded-the-faculty-outstanding-researcher-award-2024-25/) - Great news! This year's Faculty Outstanding Researcher Award goes to Prof. Michael He Jia, our esteemed scholar in Marketing! Prof. Jia’s research examines visual processing and aesthetics on digital platforms, numerical processing and promotion decisions, and in the inspiring field of marketing for the greater good. His research accomplishments over the past five years were
- [Professor Jingcun Cao Awarded the Faculty Knowledge Exchange Award 2025](https://www.hkubs.hku.hk/sc/media/school-news/professor-jingcun-cao-awarded-the-faculty-knowledge-exchange-award-2025/) - Congratulations to Professor Jingcun Cao on being awarded the Faculty Knowledge Exchange Award 2025! Professor Jingcun Cao is a rising young scholar in the field of Marketing. He has been conducting research on the mobile application ecosystem since 2019, with two academic papers published and two working papers currently under review at top-tier business journals.
- [BFin (AMPB) - Alumni Sharing Session 2025 Connecting Legacy with Future Ambition](https://www.hkubs.hku.hk/media/school-news/bfin-ampb-alumni-sharing-session-2025-connecting-legacy-with-future-ambition/) - On October 16, 2025, the BFin (AMPB) programme hosted its annual Alumni Sharing Session at HKU iCube, bringing together current students with 15 distinguished graduates who are now building their careers at prestigious financial institutions including J.P. Morgan, Goldman Sachs, UBS, Citi, HSBC, CICC and others. The evening provided an unparalleled opportunity for students to gain
- [Public Lecture and Panel Talk with Stanford’s Prof Peter DeMarzo](https://www.hkubs.hku.hk/media/school-news/public-lecture-and-panel-talk-with-stanfords-prof-peter-demarzo/) - HKU Business School was honoured to host a compelling public lecture by Prof. Peter DeMarzo, the John G. McDonald Professor of Finance and former Dean at Stanford University Graduate School of Business of Business, at HKU iCube on 4 November. Bringing together more than 150 alumni, students, industry leaders, and friends of Stanford University, the
- [Distinguished Lecture Series – A Conversation between Prof. Jeffrey D. Sachs and Prof. Zhiwu Chen](https://www.hkubs.hku.hk/sc/media/school-news/distinguished-lecture-series-a-conversation-between-prof-jeffrey-d-sachs-and-prof-zhiwu-chen/)
- [杰出讲座系列 – 美国经济学家杰弗里·萨克斯开讲全球秩序与中国经济的未来](https://www.hkubs.hku.hk/sc/media/school-news/distinguished-lecture-series-a-conversation-between-prof-jeffrey-d-sachs-and-prof-zhiwu-chen/)
- [杰出講座系列 - 美國經濟學家傑弗里·薩克斯開講全球秩序與中國經濟的未來](https://www.hkubs.hku.hk/sc/media/school-news/distinguished-lecture-series-a-conversation-between-prof-jeffrey-d-sachs-and-prof-zhiwu-chen/)
- [HKU Forum Discusses Challenges and Opportunities of Chinese Economy as China Charts the 15th Five-Year Plan](https://www.hkubs.hku.hk/sc/media/press-release/hku-forum-discusses-challenges-and-opportunities-of-chinese-economy-as-china-charts-the-15th-five-year-plan/) - The 8th HKU Quarterly Forum on Chinese Economy, hosted by HKU Business School’s Institute of China Economy (ICE), in partnership with the Hong Kong Alumni Association of Nanjing University, was held on 31 October. The Forum brought together renowned experts and industry leaders to share valuable insights on China’s policy outlook, changes in international trade
- [港大中国经济论坛探讨“十五五”中国经济挑战与机遇](https://www.hkubs.hku.hk/sc/media/press-release/hku-forum-discusses-challenges-and-opportunities-of-chinese-economy-as-china-charts-the-15th-five-year-plan/) - 港大经管学院中国经济研究所联同香港南京大学校友会举办的第八届“香港大学中国经济季度论坛”于10月31日圆满举行。论坛汇聚了多位著名专家学者和工商界领袖，针对最新公布的“十五五规划”, 就中国在当前经济形势下的政策方向及展望、国际贸易和产业链形势变化，以及中国宏观经济在不确定中需要把握的机遇分享了深刻见解。论坛于香港大学中环创立方举行，共吸引超过200位工商界领袖、学者、校友和学生出席。 港大经管学院院长、经济学讲座教授及中国经济研究所所长蔡洪滨教授在致欢迎辞时表示：“在中美谈判变数犹存、‘十五五规划’开启新局的关键期，港大经管学院凭借学术优势，深入解析中国经济运行脉络与政策导向。我们始终以助力中国经济高质量发展、推动政策有效落地为己任，愿为各界搭建坦诚对话桥梁，让思想碰撞，为经济与政策实践贡献坚实学术力量。” 港大经管学院经济学实务教授、香港特首政策组专家毛振华教授在论坛上发表主题报告，以“迈向‘十五五’：聚焦安全、发展、科技”为题，指出“十五五”时期，中国经济需以“统筹安全与发展”为关键导向，而科技将是这一导向下的核心焦点。他强调：“当前中美博弈趋于常态化，全球产业链加速重构，中国既要筑牢安全屏障，突破‘ 卡脖子’技术；也要激活发展动能，借助‘ 三个十万亿’等路径扩大内需、优化产业体系、推进高水平开放。”对于香港，他建议其从 ‘ 引起来’转向‘ 走出去’，发挥国际金融中心优势，建设国际科创中心，为国家开放大局与科技自立自强提供有力支持。 随后，论坛分别邀请了两位知名讲者进行主旨演讲。香港大学协理副校长、港大经管学院副院长、 亚洲环球研究所所长邓希炜教授就“特朗普2.0与演变中的环球新格局”为题，指出：“中美两国的紧张关系还会持续多年，当前谈判只是暂时‘停火’。未来，全球经济交往将会更加趋于碎片化、数字化、区域化，各国政府也会更加关注包容性安全经济增长。”他进一步指出，香港在这个特殊的历史阶段，手握金融、管治、人才、税收等不可取代的优势，更应把握机遇，为国家发展提供更大助力。 港大经管学院经济学副教授、香港大学中国经济研究所副所长张红松教授以“中国产业链现状”为主题，指出：“当前，我们要清醒认识中国产业链‘基本完备、但关键技术待突破’的现状。对企业来说，应建设多样化供应链缓冲冲击，选址也需要考虑供应链稳定性。”他同时补充，产业政策需有全产业链思维，聚焦瓶颈产业，发挥龙头企业协同创新作用，同时降低跨区贸易成本，这样才能为“十五五”经济发展筑牢产业链根基。 论坛亦围绕十五五与中国经济的确定性、挑战与机遇进行了圆桌讨论，由蔡洪滨教授主持，讲者们包括工银亚洲战略规划与投资管理部副总经理李卢霞博士，高盛首席中国经济学家闪辉博士，德意志银行中国区首席经济学家、北京大学国家发展研究院经济学博士熊奕博士、晨曦投资首席投资官兼联合创始人杨晓帆先生以及国泰君安国际首席经济学家周浩先生。讲者们就十五五规划传递的新信息、中美战略相持期行业和产业链的合作机遇及AI竞争，以及资本和金融市场预期等多个议题展开了讨论。 图片 港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授致欢迎辞。 港大经管学院经济学实务教授、香港特首政策组专家毛振华教授发表主题报告。 香港大学协理副校长、港大经管学院副院长、亚洲环球研究所所长邓希炜教授发表主旨演讲。 港大经管学院经济学副教授、香港大学中国经济研究所副所长张红松教授发表主旨演讲。 （左起）港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授; 工银亚洲战略规划与投资管理部副总经理李卢霞博士；高盛首席中国经济学家闪辉博士；德意志银行中国区首席经济学家熊奕博士；晨曦投资首席投资官兼联合创始人杨晓帆先生；以及国泰君安国际首席经济学家周浩先生进行圆桌讨论。 论坛于香港大学中环创立方举行，共吸引超过200位工商界领袖、学者、校友和学生出席。 请按此下载高清图片。
- [港大中國經濟論壇探討「十五五」中國經濟挑戰與機遇](https://www.hkubs.hku.hk/sc/media/press-release/hku-forum-discusses-challenges-and-opportunities-of-chinese-economy-as-china-charts-the-15th-five-year-plan/) - 港大經管學院中國經濟研究所聯同香港南京大學校友會舉辦的第八屆「香港大學中國經濟季度論壇」於10月31日圓滿舉行。論壇匯聚了多位著名專家學者和工商界領袖，針對最新公佈的「十五五規劃」, 就中國在當前經濟形勢下的政策方向及展望、國際貿易和產業鏈形勢變化，以及中國宏觀經濟在不確定中需要把握的機遇分享了深刻見解。論壇於香港大學中環創立方舉行，共吸引超過200位工商界領袖、學者、校友和學生出席。 港大經管學院院長、經濟學講座教授及中國經濟研究所所長蔡洪濱教授在致歡迎辭時表示：「在中美談判變數猶存、『十五五規劃』開啟新局的關鍵期，港大經管學院憑藉學術優勢，深入解析中國經濟運行脈絡與政策導向。我們始終以助力中國經濟高質量發展、推動政策有效落地為己任，願為各界搭建坦誠對話橋樑，讓思想碰撞，為經濟與政策實踐貢獻堅實學術力量。」 港大經管學院經濟學實務教授、香港特首政策組專家毛振華教授在論壇上發表主題報告，以「邁向『十五五』：聚焦安全、發展、科技」為題，指出「十五五」時期，中國經濟需以「統籌安全與發展」為關鍵導向，而科技將是這一導向下的核心焦點。他強調：「當前中美博弈趨於常態化，全球產業鏈加速重構，中國既要築牢安全屏障，突破『 卡脖子』技術；也要激活發展動能，借助『 三個十萬億』等路徑擴大內需、優化產業體系、推進高水平開放。」對於香港，他建議其從 『 引起來』轉向『 走出去』，發揮國際金融中心優勢，建設國際科創中心，為國家開放大局與科技自立自強提供有力支持。 隨後，論壇分別邀請了兩位知名講者進行主旨演講。香港大學協理副校長、港大經管學院副院長、 亞洲環球研究所所長鄧希煒教授就「特朗普2.0與演變中的環球新格局」為題，指出：「中美兩國的緊張關係還會持續多年，當前談判只是暫時『停火』。未來，全球經濟交往將會更加趨於碎片化、數字化、區域化，各國政府也會更加關注包容性安全經濟增長。」他進一步指出，香港在這個特殊的歷史階段，手握金融、管治、人才、稅收等不可取代的優勢，更應把握機遇，為國家發展提供更大助力。 港大經管學院經濟學副教授、香港大學中國經濟研究所副所長張紅松教授以「中國產業鏈現狀」為主題，指出：「當前，我們要清醒認識中國產業鏈『基本完備、但關鍵技術待突破』的現狀。對企業來說，應建設多樣化供應鏈緩沖沖擊，選址也需要考慮供應鏈穩定性。」他同時補充，產業政策需有全產業鏈思維，聚焦瓶頸產業，發揮龍頭企業協同創新作用，同時降低跨區貿易成本，這樣才能為「十五五」經濟發展築牢產業鏈根基。 論壇亦圍繞十五五與中國經濟的確定性、挑戰與機遇進行了圓桌討論，由蔡洪濱教授主持，講者們包括工銀亞洲戰略規劃與投資管理部副總經理李盧霞博士，高盛首席中國經濟學家閃輝博士，德意志銀行中國區首席經濟學家、北京大學國家發展研究院經濟學博士熊奕博士、晨曦投資首席投資官兼聯合創始人楊曉帆先生以及國泰君安國際首席經濟學家周浩先生。講者們就十五五規劃傳遞的新信息、中美戰略相持期行業和產業鏈的合作機遇及AI競爭，以及資本和金融市場預期等多個議題展開了討論。 圖片 港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授致歡迎辭。 港大經管學院經濟學實務教授、香港特首政策組專家毛振華教授發表主題報告。 香港大學協理副校長、港大經管學院副院長、亞洲環球研究所所長鄧希煒教授發表主旨演講。 港大經管學院經濟學副教授、香港大學中國經濟研究所副所長張紅松教授發表主旨演講。 （左起）港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授; 工銀亞洲戰略規劃與投資管理部副總經理李盧霞博士；高盛首席中國經濟學家閃輝博士；德意志銀行中國區首席經濟學家熊奕博士；晨曦投資首席投資官兼聯合創始人楊曉帆先生；以及國泰君安國際首席經濟學家周浩先生進行圓桌討論。 論壇於香港大學中環創立方舉行，共吸引超過200位工商界領袖、學者、校友和學生出席。 請按此下載高清圖片。
- [HKU Business School Launches our 3rd International Alumni Network in Japan](https://www.hkubs.hku.hk/media/school-news/hku-business-school-launches-our-3rd-international-alumni-network-in-japan/) - Exciting news from Tokyo! On 29 October 2025, we inaugurated the HKU Business School Japan Alumni Network at the Hilton Tokyo—our third international alumni network. With 100+ HKU Business School alumni based in Japan, we were delighted to welcome over 60 attendees, including prospective students and leaders who connect Hong Kong and Japan in business and
- [HKCGI Corporate Governance Paper Competition and Presentation Awards 2025](https://www.hkubs.hku.hk/media/school-news/hkcgi-corporate-governance-paper-competition-and-presentation-awards-2025/) - We are proud to announce that our student teams achieved outstanding results at the HKCGI Corporate Governance Paper Competition and Presentation Awards 2025! Our students won the Best Paper Award and 1st Runner-up in the Paper Writing Competition, the Best Presentation Award and 2nd runner-up in the Paper Presentation Competition, and the Audience’s Favourite Team Award. The
- [Building Connections: HKU hosts Inaugural Hong Kong Economic History Workshop](https://www.hkubs.hku.hk/media/school-news/building-connections-hku-hosts-inaugural-hong-kong-economic-history-workshop/) - Bringing together scholars from HKU, CUHK, HKUST and HKBU, the event marked the beginning of a new local academic exchange platform for economic historians. The Centre for Quantitative History (CQH) successfully held the first Hong Kong Economic History Workshop on October 17, 2025, at May Hall, The University of Hong Kong. As the inaugural event
- [Honouring Professor Joel Mokyr’s 2025 Nobel Memorial Prize in Economic Sciences](https://www.hkubs.hku.hk/media/school-news/honouring-professor-joel-mokyrs-2025-nobel-memorial-prize-in-economic-sciences/) - The global economic history community is celebrating a remarkable achievement — and here at the Centre for Quantitative History (CQH), we share in that pride as we honour Professor Joel Mokyr’s 2025 Nobel Memorial Prize in Economic Sciences alongside Professors Philippe Aghion and Peter Howitt, in recognition of their ground‑breaking work on innovation‑driven economic growth.
- [港大經管學院發佈員工壓力及身心健康最新研究成果](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-releases-latest-study-on-employee-stress-and-wellbeing/) - 港大經管學院行為與決策科學研究所與香港優質顧客服務協會最新發表針對員工職場身心健康及壓力干預的研究報告，指出不同級別的員工所面臨的壓力等級差別明顯。在維護員工身心健康方面，單單依賴職場壓力相關教育對減壓幾乎無效，企業仍然需要透過干預措施降低員工壓力；而不同的干預策略對於不同級別的員工亦有不同效果。 是次研究採用流動電話作出問卷調查及提供干預回饋的模式，對受訪員工進行了為期三週的員工壓力調查及干預措施。問卷聚焦於員工在工作中面臨的倦怠感、三種壓力及其應對策略：挑戰性壓力（如工作量和負擔）、阻礙性壓力（如官僚主義與職位矛盾）及人際關係壓力（如同事衝突）。 在兩週的壓力干預期內，參與員工的壓力均顯著降低。其效果揭示了在人工智能時代，企業可利用該框架開發流動應用程式，從而更加有效、及時、且有針對性地降低員工壓力。傳統企業干預員工壓力需要長期籌備、成本高；而是次研究框架可應用於實時收集員工的身心健康及壓力數據，分析及制定個性化的干預措施，企業亦可利用數據建立員工壓力指數及週期曲線，提升人力資源管理效率。相關調查隨時隨地都可完成，兼具便捷及時效性，且成本可控。 研究發現 單純進行職場壓力教育收效甚微，有針對性的干預措施才能有效降低員工壓力。 職場壓力要「分類應對」：挑戰性壓力不用完全消除，適度降低就能兼顧保持員工工作動力，避免員工壓力過大；但是阻礙型壓力和人際關係壓力則必須盡量減少，否則會影響員工對工作的滿意度。 不同層級員工需要不同的干預方式：對經理級別的中級管理層而言，積極性干預策略(promotion-focused coping intervention) 一般更為有效，如主動面對問題、行動規劃、尋求支持及增強抗壓能力。對非經理級別的基層員工來說，保護性干預策略(prevention-focused coping intervention) 則一般更為有效。這類策略包括減少工作量、情緒發洩與抽離，及拒絕額外要求。 港大經管學院副院長及行為與決策科學研究所總監萬雯教授表示：「我們希望透過本研究，促使企業重視不同層級員工的壓力管理，採取更具針對性且可擴展的措施，營造更健康、更可持續的職場環境。」 港大經管學院寶光基金教授（市場學）嚴志堅教授表示：「有效的壓力干預策略能顯著提升員工的福祉與工作效率。未來，我們期待看到此研究框架為更多企業帶來實際效益，促進員工身心健康。」 香港優質顧客服務協會主席蔡煒健先生表示：「這項研究成果由我們與頂尖學術夥伴合作完成，能夠協助會員企業以更具策略性的方式關注員工的身心靈健康。研究指出透過了解壓力如何影響不同崗位，以及識別最有效的干預措施，企業不僅能有效紓緩員工的日常壓力，亦能提升他們的顧客服務表現。今次的研究結果為各會員公司提供實際可行的改善方案，協助建立更健康、更具韌性的團隊，從而達到 推動卓越顧客體驗 的目的。香港優質顧客服務協會一直堅信，投資於人才是實現持久卓越服務的關鍵。」 圖片 （左起）港大經管學院行為與決策科學研究所副總監張軼文教授、香港優質顧客服務協會主席蔡煒健先生、港大經管學院副院長及行為與決策科學研究所總監萬雯教授、港大經管學院寶光基金教授（市場學）嚴志堅教授 港大經管學院副院長及行為與決策科學研究所總監萬雯教授致辭 香港優質顧客服務協會主席蔡煒健先生致辭 港大經管學院行為與決策科學研究所副總監張軼文教授發佈研究結果 港大經管學院寶光基金教授（市場學）嚴志堅教授分析研究結果及建議策略 香港賽馬會張寶明女士分享提升員工身心健康的成功案例 請按此下載高清圖片。
- [HKU Business School Releases Latest Study on Employee Stress and Wellbeing](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-releases-latest-study-on-employee-stress-and-wellbeing/) - The Institute of Behavioural and Decision Science (IBDS) at HKU Business School (HKUBS), in collaboration with the Hong Kong Association for Customer Service Excellence (HKACE), released a new study report focusing on employee wellbeing and stress intervention. The study highlights significant differences in stress levels faced by employees at various organisational levels, and reveals that
- [港大经管学院发布员工压力及身心健康最新研究成果](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-releases-latest-study-on-employee-stress-and-wellbeing/) - 港大经管学院行为与决策科学研究所与香港优质顾客服务协会最新发表针对员工职场身心健康及压力干预的研究报告，指出不同级别的员工所面临的压力等级差别明显。在维护员工身心健康方面，单单依赖职场压力相关教育对减压几乎无效，企业仍然需要透过干预措施降低员工压力；而不同的干预策略对于不同级别的员工亦有不同效果。 是次研究采用流动电话作出问卷调查及提供干预回馈的模式，对受访员工进行了为期三周的员工压力调查及干预措施。问卷聚焦于员工在工作中面临的倦怠感、三种压力及其应对策略：挑战性压力（如工作量和负担）、阻碍性压力（如官僚主义与职位矛盾）及人际关系压力（如同事冲突）。 在两周的压力干预期内，参与员工的压力均显著降低。其效果揭示了在人工智能时代，企业可利用该框架开发流动应用程式，从而更加有效、及时、且有针对性地降低员工压力。传统企业干预员工压力需要长期筹备、成本高；而是次研究框架可应用于实时收集员工的身心健康及压力数据，分析及制定个性化的干预措施，企业亦可利用数据建立员工压力指数及周期曲线，提升人力资源管理效率。相关调查随时随地都可完成，兼具便捷及时效性，且成本可控。 研究发现 单纯进行职场压力教育收效甚微，有针对性的干预措施才能有效降低员工压力。 职场压力要“分类应对”：挑战性压力不用完全消除，适度降低就能兼顾保持员工工作动力，避免员工压力过大；但是阻碍型压力和人际关系压力则必须尽量减少，否则会影响员工对工作的满意度。 不同层级员工需要不同的干预方式：对经理级别的中级管理层而言，积极性干预策略(promotion-focused coping intervention) 一般更为有效，如主动面对问题、行动规划、寻求支持及增强抗压能力。对非经理级别的基层员工来说，保护性干预策略(prevention-focused coping intervention) 则一般更为有效。这类策略包括减少工作量、情绪发泄与抽离，及拒绝额外要求。 港大经管学院副院长及行为与决策科学研究所总监万雯教授表示：“我们希望透过本研究，促使企业重视不同层级员工的压力管理，采取更具针对性且可扩展的措施，营造更健康、更可持续的职场环境。” 港大经管学院宝光基金教授（市场学）严志坚教授表示：“有效的压力干预策略能显著提升员工的福祉与工作效率。未来，我们期待看到此研究框架为更多企业带来实际效益，促进员工身心健康。” 香港优质顾客服务协会主席蔡炜健先生表示：“这项研究成果由我们与顶尖学术伙伴合作完成，能够协助会员企业以更具策略性的方式关注员工的身心灵健康。研究指出透过了解压力如何影响不同岗位，以及识别最有效的干预措施，企业不仅能有效纾缓员工的日常压力，亦能提升他们的顾客服务表现。今次的研究结果为各会员公司提供实际可行的改善方案，协助建立更健康、更具韧性的团队，从而达到 推动卓越顾客体验 的目的。香港优质顾客服务协会一直坚信，投资于人才是实现持久卓越服务的关键。” 图片 （左起）港大经管学院行为与决策科学研究所副总监张轶文教授、香港优质顾客服务协会主席蔡炜健先生、港大经管学院副院长及行为与决策科学研究所总监万雯教授、港大经管学院宝光基金教授（市场学）严志坚教授 港大经管学院副院长及行为与决策科学研究所总监万雯教授致辞 香港优质顾客服务协会主席蔡炜健先生致辞 港大经管学院行为与决策科学研究所副总监张轶文教授发布研究结果 港大经管学院宝光基金教授（市场学）严志坚教授分析研究结果及建议策略 香港赛马会张宝明女士分享提升员工身心健康的成功案例 请按此下载高清图片。
- [再创佳绩！ 11位港大经管学者入选全球前1%顶尖科学家名单](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-excellence-at-hku-business-school/) - 根据科睿唯安 (Clarivate)公布的数据，截至2025年7月，港大经管学院共有11位学者凭借其卓越的学术影响力，稳据全球 Top 1% Scientists！ 这个备受推崇的年度榜单，旨在表彰于过去十余年间，在商业和经济学领域中发表过多篇高被引论文、获引述次数量位列全球前1%的顶尖科学家，充分彰显了学院教授团队在领域中的卓越研究实力与深远的国际学术影响力。 让我们向以下入选教授致以最热烈的祝贺！ (按姓氏字母顺序排列) 方钰麟 教授 Professor Fang, Yulin 何国俊 教授 Professor He, Guojun 林晨 教授 Professor Lin, Chen Fabrice Lumineau 教授 Professor Lumineau, Fabrice Roni Michaely 教授 Professor Michaely, Roni 吴伟雄 教授 Professor Ng, Thomas Wai Hung Uta Schoenberg 教授 Professor Schoenberg, Uta 唐翌 教授 Professor Tang, Yi 汤勇军 教授
- [再創佳績！ 11位港大經管學者入選全球前1%頂尖科學家名單](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-excellence-at-hku-business-school/) - 根據科睿唯安 (Clarivate)公佈的數據，截至2025年7月，港大經管學院共有11位學者憑借其卓越的學術影響力，穩據全球 Top 1% Scientists！ 這個備受推崇的年度榜單，旨在表彰於過去十餘年間，在商業和經濟學領域中發表過多篇高被引論文、獲引述次數量位列全球前1%的頂尖科學家，充分彰顯了學院教授團隊在領域中的卓越研究實力與深遠的國際學術影響力。 讓我們向以下入選教授致以最熱烈的祝賀！ (按姓氏字母順序排列) 方鈺麟 教授 Professor Fang, Yulin 何國俊 教授 Professor He, Guojun 林晨 教授 Professor Lin, Chen Fabrice Lumineau 教授 Professor Lumineau, Fabrice Roni Michaely 教授 Professor Michaely, Roni 吳偉雄 教授 Professor Ng, Thomas Wai Hung Uta Schoenberg 教授 Professor Schoenberg, Uta 唐翌 教授 Professor Tang, Yi 湯勇軍 教授
- [港大经管学院最新测评：AI高阶推理能力，哪家最强？](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-releases-latest-report-on-ais-advanced-reasoning-capabilities/) - 港大经管学院今日发表《AI高阶推理能力测评报告》，针对选定的AI大语言模型（LLM）在中文语境下的高阶推理能力进行测评，以全面检视AI高阶推理能力的发展现状。 2025年以来，AI大语言模型从“能对话”向“会思考”快速演进。 然而在需要复杂推理能力的场景中，AI的推理能力参差不齐，包括对图片和文字等跨模态信息的整合分析能力，或面对非常规性复杂题目时的创新推理能力。 有鉴于此，港大经管学院创新及信息管理学教授兼夏利莱伉俪基金教授蒋镇辉率领人工智能评估实验室（AIEL）（https://hkubs.hku.hk/aimodelrankings）研究人员，首次构建多模态推理和奥赛推理综合评测体系，以系统性、定量化的方式针对2025年人工智能技术的核心发展瓶颈——高阶推理能力，进行了全面深入的现状测评。 测评对象覆盖中美两国截止2025年10月中旬发布的共37款大语言模型（含14个推理模型、20个通用模型和3个一体化系统）。 测评结果显示： 在“多模态推理”领域，GPT系列持续领先，以豆包1.5 Pro（思考模式）为首的顶尖国产模型，也已成功跻身全球第一梯队。 在更高难度的“奥赛推理”领域，则由美国模型整体主导，其中GPT-5（思考模式）呈现断层优势，而Gemini 2.5 Pro则紧随其后。 整体而言，此次测评体现了一个清晰的行业趋势：在高阶推理能力领域，“推理模型”表现优于“通用模型”，两者梯度差异明显。 这与人工智能产业的发展规律高度契合——行业正经历从追求“全场景通用能力覆盖”转向聚焦“专用场景突破与深度效能优化”，技术发展也在从“广度扩张”迈向“深度精耕”的新阶段。 蒋镇辉教授表示：“高阶推理能力对AI在教育、科研及商业决策等领域的应用拓展至关重要。 此研究旨在揭示高阶人工智能技术的发展现状，令行业能够精准定位技术瓶颈，加速通用人工智能在高要求领域的落地应用，最终推动AI从对话助手转型成为更加高级的智能伙伴。 ” 测评方法 该研究综合测评了大语言模型高阶推理能力的两个核心 ­-- 多模态推理能力和奥赛推理能力。 多模态推理能力是指模型在整合文本、图像、数据图表等多种信息形式进行跨模态关联分析与逻辑推导时展示的能力。 在教育场景中，它能帮助学生结合教材文本与图标理解科学原理; 在商业分析中，可助力从业者匹配市场文字描述与销售图表，预判消费趋势。 这种能力是AI应对复杂现实任务的“必备素养”。 奥赛推理能力则通过国际数学奥林匹克（IMO）等权威赛事的高难度题目，检验模型在复杂逻辑结构、多步推导与创造性思维上的表现。 这类题目往往没有唯一解法，更考验AI跳出常规、寻找最优解的能力，是衡量其“深度智慧”的试金石。 多模态推理能力排名 根据测评结果，不同大语言模型在多模态推理能力上的表现有明显分层。 其中，GPT系列在85分以上区间的五个头部模型中占据四席，形成完整的顶尖能力链条。 豆包1.5 Pro（思考模式）是唯一进入前五的国产模型，其通用与思考模式差距极小，说明其多模态推理能力已普遍达国际顶尖水平。 从模型类型看，和通用模型相比，同公司的推理模型在复杂任务中展现出一定的优势。 排名 模型名称 多模态推理能力 准确率得分 1 GPT-5（思考模式） 91 2 GPT-4.1 90 3 GPT-o3 87 4 豆包1.5 Pro（思考模式） 85 4 GPT-5（自动模式） 85 6 GPT-4o 84
- [港大經管學院最新評測：AI高階推理能力，哪家最強？](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-releases-latest-report-on-ais-advanced-reasoning-capabilities/) - 港大經管學院今日發表《AI高階推理能力評測報告》，針對選定的AI大語言模型（LLM）在中文語境下的高階推理能力進行評測，揭示AI高階推理能力的發展現狀。 2025年以來，AI大語言模型從「能對話」向「會思考」快速演進。然而在需要複雜推理能力的場景中，AI的推理能力參差不齊，包括對圖片和文字等跨模態訊息的整合分析能力，或面對非常規性複雜題目時的創新推理能力。因此，港大經管學院創新及資訊管理學教授兼夏利萊伉儷基金教授蔣鎮輝率領人工智能評估實驗室（AIEL）（https://hkubs.hku.hk/aimodelrankings）研究人員，首次構建多模態推理和國際數學奧林匹克競賽（奧賽）推理綜合評測體系，以系統性、定量化的方式針對2025年人工智能技術的核心發展瓶頸——高階推理能力，進行全面深入的現狀評測。評測對象涵蓋中美兩國截至2025年10月中旬發佈的37款大語言模型（包括14個推理模型、20個通用模型和3個一體化系統）。 評測結果顯示： 在「多模態推理」方面，GPT系列持續領先，以「豆包5 Pro」（思考模式）為首的頂尖國產模型，亦已成功躋身全球第一梯隊。 在更高難度的「奧賽推理」方面，則由美國模型整體主導，其中 GPT-5（思考模式）的優勢更可謂表現突出，大幅拋離對手，而Gemini 2.5 Pro亦緊隨其後。 整體而言，是次評測揭示了一個清晰的行業趨勢：專為高階任務而設的「推理模型」，表現遠勝「通用模型」，兩者梯度差異明顯。這趨勢正正吻合AI產業的發展規律——行業焦點正由以往「追求功能夠多夠廣」，轉向「聚焦特定場景的深度優化」。這標誌著AI技術的發展，已由「廣度擴張」，正式邁向「深度精耕」的新時代。 蔣鎮輝教授表示：「高階推理能力對AI在教育、科研及商業決策等領域的應用拓展至關重要。此研究旨在揭示高階人工智能技術的發展現狀，令行業能夠精準定位技術瓶頸，加速通用人工智能在高要求領域的落地應用，最終推動AI從『對話助手』轉型成為更加高級的『智能伙伴』。 」 評測方法 為全面評測大型語言模型（LLM）的高階推理能力，本研究設計了兩大核心測試維度，旨在評估AI在應對真實世界挑戰時的表現。 多模態推理能力指模型能否打通文本、圖像、數據圖表等不同格式的資訊，進行跨模態關聯分析與邏輯推理。 例如在教學上，AI需要結合教科書文字與物理圖解，才能透徹解釋力學原理；在商業分析上，分析師亦要靠AI同時解讀市場文字報告和銷售數據圖表，才能準確預測消費趨勢。這是AI處理現實世界複雜任務的「基本功」。 奧賽推理能力採用「國際數學奧林匹克（IMO）」等頂級學術競賽的高難度題目，去測試模型在複雜邏輯、多步驟推理和創意思維上的極限。這類問題往往沒有標準答案，極度考驗AI能否跳出固有框架、尋找最佳解決方案的創造力，是衡量其「高階智能」的終極試煉。 多模態推理能力排名 根據評測結果，各大語言模型在「多模態推理能力」上的表現出現明顯分層。在最頂尖的梯隊（85分以上區間），GPT系列幾乎壟斷了五個席位中的四席，展現出全面的領先優勢。而內地研發的「豆包1.5 Pro」（思考模式）成為唯一打入前五名的國產模型，表現相當亮眼。值得留意的是，其「通用模式」與「思考模式」的評分差距極小，證明其多模態推理的底層實力已達到國際頂尖水平。 從模型類型看，和通用模型相比，同公司的推理模型在複雜任務中展現出一定的優勢。 排名 模型名稱 多模態推理能力 準確率得分 1 GPT-5（思考模式） 91 2 GPT-4.1 90 3 GPT-o3 87 4 豆包1.5 Pro（思考模式） 85 4 GPT-5（自动模式） 85 6 GPT-4o 84 7 Claude 4 Opus（思考模式） 83 8 豆包1.5 Pro 82 8
- [HKU Business School Releases Latest Report on AI’s Advanced Reasoning Capabilities](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-releases-latest-report-on-ais-advanced-reasoning-capabilities/) - HKU Business School today released the "Large Language Model (LLM) Advanced Reasoning Capability Evaluation Report in Chinese-Language Contexts," revealing the current capabilities of selected AI LLMs in advanced reasoning. The report shows that US models generally lead in this area. The Chinese models have achieved breakthroughs in certain domains but still have significant room for
- [Data to Dynasties: Fresh Insights into China’s Past from New Edited Volume](https://www.hkubs.hku.hk/media/school-news/data-to-dynasties-fresh-insights-into-chinas-past-from-new-edited-volume/) - The Centre for Quantitative History (CQH) is proud to announce the forthcoming publication of Quantitative History of China: State Capacity, Institutions, and Development, an edited volume that represents a milestone in the study of China’s long-run political, social, and economic development. Published by Springer Nature in its prestigious Studies in Economic History series, this Open
- [港大经管学院与CAIA协会签署MoU | 开启香港另类投资教育新里程](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-signs-mou-with-caia-association-a-milestone-in-alternative-investment-education-in-hong-kong/) - 攜手為金融行業的未來培育專業人才 港大经管学院正式与全球领先的另类投资教育机构——特许另类投资分析师（CAIA）协会签署合作备忘录（MoU）。港大经管学院一直致力于为学生提供最前沿、最相关的知识和技能，以应对日益变化的全球金融环境。 随著投资领域的快速变革，私募股权、对冲基金和数字资产等新兴另类投资正扮演越来越重要的角色。与CAIA协会的学术合作，将为港大经管学院的学生打造独一无二的成长与职业发展平台。 透过此次合作，学生将能直接接触到CAIA协会的专业课程和资源。此外，优秀的学生还将获得奖学金，助力他们考取备受推崇的CAIA证书。这项培训将为学生进入职场增添显著的竞争优势。更重要的是，学生还能参与CAIA协会举办的各类活动，与行业专家、思想领袖建立宝贵的专业联系，深入交流在另类投资行业的最新趋势与经验。 双方代表于香港中环的HKU iCube会面并签署了合作备忘录，正式启动该合作项目。签署仪式结束后，双方还共同举办了一场题为“另类投资的未来趋势与机遇”的专题讨论会。 CAIA协会亚太区董事总经理Nick Pollard表示：“亚太地区对另类投资专业人才的需求正迅速增长。与港大经管学院的合作，进一步彰显了我们在该地区储备高素质人才的努力。CAIA证书不仅仅是一个证照，更是全球范围内公认的专业标准。透过与顶尖学府的合作，我们不仅帮助学生获得技术知识，还有在复杂且快速变化的投资环境中取得成功所需的伦理基础。” 港大经管学院副院长陈国荣教授表示：“今天我们开启了一个重要的里程碑。港大经管学院始终不渝为学生提供最相关、最前沿的知识和技能，以应对快速发展的金融市场。我们与CAIA协会携手亦是基于这样高度契合的战略愿景与价值观。”他补充说，这次合作的赞助机会将“帮助港大经管学院的学生更方便地考取CAIA证书。透过提升学生们的专业技能并为他们考取资格证书提供更多便利，从而帮助学生们在竞争激烈的行业中脱颖而出。” 图片 港大经管学院与特许另类投资分析师（CAIA）协会签署合作备忘录，携手为金融行业的未来培育专业人才 请按此下载高清图片。
- [港大經管學院與CAIA協會簽署MoU | 開啟香港另類投資教育新里程](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-signs-mou-with-caia-association-a-milestone-in-alternative-investment-education-in-hong-kong/) - 港大經管學院正式與全球領先的另類投資教育機構——特許另類投資分析師（CAIA）協會簽署合作備忘錄（MoU）。港大經管學院一直致力於為學生提供最前沿、最相關的知識和技能，以應對日益變化的全球金融環境。 隨著投資領域的快速變革，私募股權、對沖基金和數字資產等新興另類投資正扮演越來越重要的角色。與CAIA協會的學術合作，將為港大經管學院的學生打造獨一無二的成長與職業發展平台。 透過此次合作，學生將能直接接觸到CAIA協會的專業課程和資源。此外，優秀的學生還將獲得獎學金，助力他們考取備受推崇的CAIA證書。這項培訓將為學生進入職場增添顯著的競爭優勢。更重要的是，學生還能參與CAIA協會舉辦的各類活動，與行業專家、思想領袖建立寶貴的專業聯繫，深入交流在另類投資行業的最新趨勢與經驗。 雙方代表於香港中環的HKU iCube會面並簽署了合作備忘錄，正式啟動該合作項目。簽署儀式結束後，雙方還共同舉辦了一場題為「另類投資的未來趨勢與機遇」的專題討論會。 CAIA協會亞太區董事總經理Nick Pollard表示：「亞太地區對另類投資專業人才的需求正迅速增長。與港大經管學院的合作，進一步彰顯了我們在該地區儲備高素質人才的努力。CAIA證書不僅僅是一個證照，更是全球範圍內公認的專業標準。透過與頂尖學府的合作，我們不僅幫助學生獲得技術知識，還有在複雜且快速變化的投資環境中取得成功所需的倫理基礎。」 港大經管學院副院長陳國榮教授表示：「今天我們開啟了一個重要的里程碑。港大經管學院始終不渝為學生提供最相關、最前沿的知識和技能，以應對快速發展的金融市場。我們與CAIA協會攜手亦是基於這樣高度契合的戰略願景與價值觀。」他補充說，這次合作的贊助機會將「幫助港大經管學院的學生更方便地考取CAIA證書。透過提升學生們的專業技能並為他們考取資格證書提供更多便利，從而幫助學生們在競爭激烈的行業中脫穎而出。」 圖片 港大經管學院與特許另類投資分析師（CAIA）協會簽署合作備忘錄，攜手為金融行業的未來培育專業人才 請按此下載高清圖片。
- [HKU Business School Signs MoU with CAIA Association | A Milestone in Alternative-Investment Education in Hong Kong](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-signs-mou-with-caia-association-a-milestone-in-alternative-investment-education-in-hong-kong/) - Forging a shared commitment to developing tomorrow’s finance professionals HKU Business School and the Chartered Alternative Investment Analyst (CAIA) Association, a global leader in alternative investment education, signed a Memorandum of Understanding (MoU), one that underscores HKU Business School's unwavering commitment to equipping its students with the most relevant, cutting-edge knowledge and skills demanded by
- [Celebrating Excellence at HKU Business School: Clarivate’s list of Top 1% Scientists for 2025](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-excellence-at-hku-business-school/) - We are proud to announce that 11 academics from HKU Business School have been ranked by Clarivate Analytics in the top 1% worldwide by citations in Economics and Business fields. Data is drawn from Essential Science Indicators (ESI). This achievement reflects the profound international impact and outstanding caliber of our faculty's research. Warmest congratulations to
- [Embracing Our Newcomers: Freshmen and Exchange Students of the 2025-26 Intake at HKU Business School](https://www.hkubs.hku.hk/media/school-news/embracing-our-newcomers-freshmen-and-exchange-students-of-the-2025-26-intake-at-hku-business-school/) - With the start of the new academic year on the horizon, HKU Business School is eager to welcome our undergraduate freshmen for the 2025-26 intake and incoming exchange students. We have planned a vibrant array of orientation activities that will begin in mid-August 2025, designed to foster engagement and provide essential information. August 12 |
- [Sydney International Business Competition 2025](https://www.hkubs.hku.hk/media/school-news/sydney-international-business-competition-2025/) - Congratulations to our HKU Business School students for winning Third Place in the Sydney International Business Competition (SIBC) 2025, hosted by The University of Sydney Business School. This competition brought together top university teams to tackle challenging business cases, fostering personal and professional growth through real-world problem-solving. It also offered opportunities for participants to connect
- [HKU x MetaEra: CryptoFi Forum 2025](https://www.hkubs.hku.hk/sc/media/school-news/hku-x-metaera-cryptofi-forum-2025/) - On August 27, The University of Hong Kong was thrilled to host the “CryptoFi Forum 2025”. Prof. Hongbin Cai, Dean of HKU Business School, opened the event by emphasising the importance of balancing regulation with growth in the evolving Web 3.0 landscape. He further underscored that Hong Kong’s Web 3.0 strategy should align with national
- [HKU x MetaEra: CryptoFi Forum 2025](https://www.hkubs.hku.hk/sc/media/school-news/hku-x-metaera-cryptofi-forum-2025/) - On August 27, The University of Hong Kong was thrilled to host the “CryptoFi Forum 2025”. Prof. Hongbin Cai, Dean of HKU Business School, opened the event by emphasising the importance of balancing regulation with growth in the evolving Web 3.0 landscape. He further underscored that Hong Kong’s Web 3.0 strategy should align with national
- [HKU x MetaEra: CryptoFi Forum 2025](https://www.hkubs.hku.hk/sc/media/school-news/hku-x-metaera-cryptofi-forum-2025/) - On August 27, The University of Hong Kong was thrilled to host the “CryptoFi Forum 2025”. Prof. Hongbin Cai, Dean of HKU Business School, opened the event by emphasising the importance of balancing regulation with growth in the evolving Web 3.0 landscape. He further underscored that Hong Kong’s Web 3.0 strategy should align with national
- [港大经管学院最新发布: AI大语言模型幻觉控制能力深度评测报告](https://www.hkubs.hku.hk/sc/media/press-release/a-new-in-depth-report-of-ai-large-language-models-hallucination-control/) - AI在专业场景中的可信度调查 港大经管学院今日发表《大语言模型幻觉控制能力测评报告》，针对选定的AI大语言模型（LLM）评估其幻觉控制能力。“幻觉”是指AI会输出看似合理却与事实相悖或偏离语境的内容。现时，大语言模型（LLM）正积极于知识服务、智能导航、客户服务等专业应用场景中推进。 然而，“幻觉”现象仍是制约其可信度的关键瓶颈。 该研究由港大经管学院创新及资讯管理学教授兼夏利莱伉俪基金教授 （战略信息管理学）蒋镇辉教授率领人工智能评测实验室（AIEL）（https://hkubs.hku.hk/aimodelrankings）研究人员发起，针对 37个中美大语言模型（包括20个通用模型、15个推理模型及2个一体化系统）在中文语境下的幻觉控制能力开展专业评测，揭示不同模型在规避事实错误与保持语境一致性方面的真实表现。 评测结果显示，GPT-5（思考模式）和GPT-5（自动模式）分别位列第一第二，Claude 4 Opus系列紧随其后；字节跳动公司的豆包1.5 Pro系列表现突出，在中国大语言模型阵营中处于领先地位，但与国际顶尖模型之间仍存在显著差距。 蒋镇辉教授表示：“幻觉控制能力作为衡量模型输出真实性与可靠性的核心指标，直接影响大语言模型在专业场景中的可信度。 该研究为未来模型的优化提供了明确方向，推动AI从‘能生成’向更关键的‘可信赖’迈进。 ” 评测方法 根据模型生成内容在事实依据或语境契合度上存在的问题，该研究将“幻觉”分为两类：事实性幻觉和忠实性幻觉。 事实性幻觉是指模型输出内容与真实世界资讯不符，既包括对已知知识的错误调用（如张冠李戴、数据错记），也包括对未知资讯的虚构（如编造未验证的事件、数据）。 研究透过讯息检索类问题、虚假事实识别类问题，以及矛盾前提识别类问题，检测不同模型针对事实性幻觉的控制能力。 忠实性幻觉是指模型未能严格遵循使用者指令，或输出内容与输入上下文矛盾，包括遗漏关键要求、过度引申、格式错误等。 研究透过指令一致性评估问题及上下文一致性评估问题，检测不同模型针对忠实性幻觉的控制能力。 幻觉控制能力梯队 根据评测结果，GPT-5（思考模式）和GPT-5（自动模式）分别位居第一名和第二名，Claude 4 Opus系列紧随其后；字节跳动公司的豆包1.5 Pro系列在中国大语言模型阵营中表现突出，但与国际顶尖模型之间仍存在显著差距。 排名 模型名称 事实性幻觉 忠实性幻觉 最终得分 1 GPT 5（思考模式） 72 100 86 2 GPT 5（自动模式） 68 100 84 3 Claude 4 Opus（思考模式） 73 92 83 4 Claude 4 Opus 64 96 80
- [A New In-Depth Report of AI Large Language Models: Hallucination Control](https://www.hkubs.hku.hk/sc/media/press-release/a-new-in-depth-report-of-ai-large-language-models-hallucination-control/) - HKU Business School today released the "Large Language Model (LLM) Hallucination Control Capability Evaluation Report." The Report describes the evaluation of selected AI LLMs regarding their ability to control “hallucinations.” Hallucinations are when LLMs produce outputs that appear reasonable but are contradictory to facts or deviate from the context. Currently, LLMs are increasingly used in
- [港大經管學院最新發佈: AI大語言模型幻覺控制能力深度評測報告](https://www.hkubs.hku.hk/sc/media/press-release/a-new-in-depth-report-of-ai-large-language-models-hallucination-control/) - AI在專業場景中的可信度調查 港大經管學院今日發表《大語言模型幻覺控制能力測評報告》，針對選定的AI大語言模型（LLM）評估其幻覺控制能力。「幻覺」是指AI會輸出看似合理卻與事實相悖或偏離語境的內容。現時，大語言模型（LLM）正積極於知識服務、智能導航、客戶服務等專業應用場景中推進。 然而，「幻覺」現象仍是制約其可信度的關鍵瓶頸。 該研究由港大經管學院創新及資訊管理學教授兼夏利萊伉儷基金教授 （戰略信息管理學）蔣鎮輝教授率領人工智能評測實驗室（AIEL）（https://hkubs.hku.hk/aimodelrankings）研究人員發起，針對 37個中美大語言模型（包括20個通用模型、15個推理模型及2個一體化系統）在中文語境下的幻覺控制能力開展專業評測，揭示不同模型在規避事實錯誤與保持語境一致性方面的真實表現。 評測結果顯示，GPT-5（思考模式）和GPT-5（自動模式）分別位列第一第二，Claude 4 Opus系列緊隨其後；字節跳動公司的豆包1.5 Pro系列表現突出，在中國大語言模型陣營中處於領先地位，但與國際頂尖模型之間仍存在顯著差距。 蔣鎮輝教授表示：「幻覺控制能力作為衡量模型輸出真實性與可靠性的核心指標，直接影響大語言模型在專業場景中的可信度。 該研究為未來模型的優化提供了明確方向，推動AI從『能生成』向更關鍵的『可信賴』邁進。 」 評測方法 根據模型生成內容在事實依據或語境契合度上存在的問題，該研究將「幻覺」分為兩類：事實性幻覺和忠實性幻覺。 事實性幻覺是指模型輸出內容與真實世界資訊不符，既包括對已知知識的錯誤調用（如張冠李戴、數據錯記），也包括對未知資訊的虛構（如編造未驗證的事件、數據）。 研究透過訊息檢索類問題、虛假事實識別類問題，以及矛盾前提識別類問題，檢測不同模型針對事實性幻覺的控制能力。 忠實性幻覺是指模型未能嚴格遵循使用者指令，或輸出內容與輸入上下文矛盾，包括遺漏關鍵要求、過度引申、格式錯誤等。 研究透過指令一致性評估問題及上下文一致性評估問題，檢測不同模型針對忠實性幻覺的控制能力。 幻覺控制能力梯隊 根據評測結果，GPT-5（思考模式）和GPT-5（自動模式）分別位居第一名和第二名，Claude 4 Opus系列緊隨其後；字節跳動公司的豆包1.5 Pro系列在中國大語言模型陣營中表現突出，但與國際頂尖模型之間仍存在顯著差距。 排名 模型名稱 事實性幻覺 忠實性幻覺 最終得分 1 GPT 5（思考模式） 72 100 86 2 GPT 5（自動模式） 68 100 84 3 Claude 4 Opus（思考模式） 73 92 83 4 Claude 4 Opus 64 96 80
- [Hong Kong MBS Digital Economy Business Simulation Competition 2025](https://www.hkubs.hku.hk/media/school-news/hong-kong-mbs-digital-economy-business-simulation-competition-2025/) - Congratulations to our students for winning Third Place in the Hong Kong MBS Digital Economy Business Simulation Competition 2025! The competition was organised by the International Association of Business Management Simulation (IABMS). It immersed students in a simulated, vibrant economic marketplace, allowing them to apply business management concepts in a practical setting. Participating teams are
- [港大经管学院“未来领袖奖学金计划”| 助力逾百名本地优秀学生拓展见闻](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-schools-future-leader-scholarship-programme-celebrates-the-academic-achievement-of-104-hong-kong-students/) - 港大经管学院举办了第四届“未来领袖奖学金计划”（简称“计划”）（ Future Leader Scholarship Programme）颁奖典礼，对 104名本科生进行了表彰，助力他们拓展见闻，丰富经验，提升竞争力，为未来的职业成功做好准备。 在港大经管学院众多奖学金计划中，“未来领袖奖学金计划”涵盖受惠人数最为广泛。该计划获得了港大经管学院许多长期合作伙伴和社区领导团体的支持，包括 AKwok Charitable Fund、中银集团人寿保险有限公司、陈上智先生及其家族、 The Fan Family Charitable Trust、潘燊昌博士及万方家族办公室等。作为对学生卓越学术成就的肯定，每位获奖的全日制三、四年级本科生都会获发港币 20,000 元的一次性奖学金，用于参与各类课外学习和发展活动。 根据港大经管学院的问卷调查，过去一年的获奖学生中，有 57%的学生进行了实习、 51%的学生参加了海外交流计划、 38%的学生参与了课外活动、21%的学生参与了公益服务，另有19%的学生报考了专业考试。 *注：同一位学生可以运用奖学金参与多项活动，因此各项活动百分比总和不等于100%。 港大经管学院院长蔡洪滨教授表示：“港大经管学院相信，领导力不仅关乎学业成绩，更需要具备勇气、应变能力、全球视野，和驾驭未来科技的能力。感谢各位合作伙伴和捐赠者的慷慨支持，令港大经管学院能够连续第四年启动‘未来领袖奖学金计划’。我们希望透过该项目赋能优秀的学生拥抱当前的人工智能时代，开拓全球视野，把握时代机遇，在实践中成长和学习，成为真正的未来领袖。” 港大经管学院一直致力成为具全球影响力和领先的商业和经济学术机构，并透过如“未来领袖奖学金计划”等不同项目， 为世界培育带来正面影响的未来领袖。 图片 港大经管学院举办第四届“未来领袖奖学金计划”，表扬 104 名学术成绩表现卓越的本地本科生 请按此下载高清图片。
- [港大經管學院「未來領袖獎學金計劃」| 助力逾百名本地優秀學生拓展見聞](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-schools-future-leader-scholarship-programme-celebrates-the-academic-achievement-of-104-hong-kong-students/) - 港大經管學院舉辦了第四屆「未來領袖獎學金計劃」（簡稱「計劃」）（ Future Leader Scholarship Programme）頒獎典禮，對 104名本科生進行了表彰，助力他們拓展見聞，豐富經驗，提升競爭力，為未來的職業成功做好準備。 在港大經管學院眾多獎學金計劃中，「未來領袖獎學金計劃」涵蓋受惠人數最為廣泛。該計劃獲得了港大經管學院許多長期合作夥伴和社區領導團體的支持，包括 AKwok Charitable Fund、中銀集團人壽保險有限公司、陳上智先生及其家族、 The Fan Family Charitable Trust、潘燊昌博士及萬方家族辦公室等。作為對學生卓越學術成就的肯定，每位獲獎的全日制三、四年級本科生都會獲發港幣 20,000 元的一次性獎學金，用於參與各類課外學習和發展活動。 根據港大經管學院的問卷調查，過去一年的獲獎學生中，有 57%的學生進行了實習、 51%的學生參加了海外交流計劃、 38%的學生參與了課外活動、21%的學生參與了公益服務，另有19%的學生報考了專業考試。 *註：同一位學生可以運用獎學金參與多項活動，因此各項活動百分比總和不等於100%。 港大經管學院院長蔡洪濱教授表示：「港大經管學院相信，領導力不僅關乎學業成績，更需要具備勇氣、應變能力、全球視野，和駕馭未來科技的能力。感謝各位合作夥伴和捐贈者的慷慨支持，令港大經管學院能夠連續第四年啟動『未來領袖獎學金計劃』。我們希望透過該項目賦能優秀的學生擁抱當前的人工智能時代，開拓全球視野，把握時代機遇，在實踐中成長和學習，成為真正的未來領袖。」 港大經管學院一直致力成為具全球影響力和領先的商業和經濟學術機構，並透過如「未來領袖獎學金計劃」等不同項目， 為世界培育帶來正面影響的未來領袖。 圖片 港大經管學院舉辦第四屆「未來領袖獎學金計劃」，表揚 104 名學術成績表現卓越的本地本科生 請按此下載高清圖片。
- [HKU Business School’s Future Leader Scholarship Programme | Celebrates the Academic Achievement of 104 Hong Kong Students](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-schools-future-leader-scholarship-programme-celebrates-the-academic-achievement-of-104-hong-kong-students/) - For the fourth year running, HKU Business School awarded undergraduate Business School students scholarships through the Future Leader Scholarship Programme. The annual award aims to empower students by providing the resources needed to broaden their knowledge and perspectives, enhance their experience, and bolster their competitiveness for future career success. The Programme, with the largest number
- [Graduation Appreciation Drinks – 2025 Pilot Apprenticeship Programme For Private Wealth Management](https://www.hkubs.hku.hk/media/school-news/graduation-appreciation-drinks-2025-pilot-apprenticeship-programme-for-private-wealth-management/) - Co-organized by Hong Kong Monetary Authority (HKMA) and the Private Wealth Management Association (PWMA), the Pilot Apprenticeship Programme for Private Wealth Management (the “programme”) offers internship opportunities to students who are interested in the field of private wealth management. The Programme is supported by 17 private wealth management institutions (About the Programme - Private Wealth
- [港大经管学院发布中文语境下AI“最强大脑”评测  揭晓中美36款大语言模型推理能力排名](https://www.hkubs.hku.hk/sc/media/press-release/ai-reasoning-and-on-chinese-tasks-takes-centre-stage-hku-benchmarks-the-brains-behind-36-leading-llms/) - 港大经管学院发表《大语言模型推理能力测评报告》，针对36 款主流大语言模型（LLM）进行了中文语境下推理能力的基准测试，全面揭示不同模型在推理性能上的差异。 报告显示，GPT-o3在基础逻辑能力评测上取得领先，Gemini 2.5 Flash在情境推理能力评测中位列榜首。 在综合能力排名上，豆包1.5 Pro（思考模式）排名首位，Open AI近日推出的GPT-5紧随其后，豆包1.5 Pro、通义千问3（思考模式），以及DeepSeek-R1在内的多款来自中国的LLM也均排入前列，展现了中国LLM在中文语境中优越的推理能力。 从OpenAI o1率先推出推理模型，到DeepSeek-R1因解题能力成为公众焦点，大语言模型赛道在不断演化，推理能力逐渐成为新的竞技场。 有鉴于此，港大经管学院创新及资讯管理学教授兼夏利莱伉俪基金教授 （战略信息管理学）蒋镇辉率领人工智能评估实验室（AIEL）（https://hkubs.hku.hk/aimodelrankings）研究人员，首次构建了涵盖基础逻辑与情境推理能力的综合评测体系，通过不同难度的测试集，进行LLM在中文语境下的基准测试。 测试对象为中美两国36款主流LLM，包括14款推理专用模型、20款通用模型和2款一体化系统。 评测结果显示，基础逻辑任务中，推理专用模型与通用模型差距较小； 在推理任务中，推理模型的优势逐渐突显。 另外，同一公司的模型对比结果亦显示，推理模型在情境推理方面整体表现更优，印证了针对复杂任务设计的模型架构，具有更强的综合竞争力。 蒋镇辉教授表示：“大语言模型的推理能力与其文化和语言环境有千丝万缕的关系。 现时，在大模型推理能力备受关注，我们希望能透过这套评测体系，找到中文语境中的‘最强大脑’，推动各大模型持续提升自身的推理能力，进一步促进效率和成本，在更广阔的应用场景中发挥价值。” 评测方法 本次评测中九成的题目为原创或经过深度改编，亦有一成选自中国内地中高考试卷题目及知名数据集，务求真实检验模型的自主推理能力。 题目复杂度上，简易题目占六成，复杂题目占四成； 并采取逻辑复杂度逐级递进的能力评测链条，以精准刻画模型的推理能力边界。 模型的推理能力则根据准确性（正确率或合理性）、逻辑连贯性与语言精炼性进行评分。 基础逻辑能力排名 在基础逻辑能力测评中，GPT-o3夺得冠军，豆包1.5 Pro（思考模式）紧随其后。部分模型如Llama 3.3 70B和360智脑2-o1则在基础逻辑领域存在明显不足之处，后者在多前提推导领域正确率不足六成。 排名 模型名称 基础逻辑能力 加权得分 1 GPT-o3 97 2 豆包1.5 Pro 96 3 豆包1.5 Pro（思考模式） 95 4 GPT-5 94 5 DeepSeek-R1 92 6 通义千问3（思考模式） 90
- [AI Reasoning and on Chinese Tasks Takes Centre Stage: HKU Benchmarks the Brains Behind 36 Leading LLMs](https://www.hkubs.hku.hk/sc/media/press-release/ai-reasoning-and-on-chinese-tasks-takes-centre-stage-hku-benchmarks-the-brains-behind-36-leading-llms/) - HKU Business School released its Large Language Model (LLM) reasoning capability assessment report, benchmarking the reasoning capabilities of 36 leading LLMs using Chinese language and characters. The study was a comprehensive testing of differences in reasoning performance across 36 different models. The report reveals that GPT-o3 topped the basic logic ability assessment, while Gemini 2.5
- [港大經管學院發佈中文語境下AI「最強大腦」評測  揭曉中美36款大語言模型推理能力排名](https://www.hkubs.hku.hk/sc/media/press-release/ai-reasoning-and-on-chinese-tasks-takes-centre-stage-hku-benchmarks-the-brains-behind-36-leading-llms/) - 港大經管學院發表《大語言模型推理能力測評報告》，針對36 款主流大語言模型（LLM）進行了中文語境下推理能力的基準測試，全面揭示不同模型在推理性能上的差異。 報告顯示，GPT-o3在基礎邏輯能力評測上取得領先，Gemini 2.5 Flash在情境推理能力評測中位列榜首。 在綜合能力排名上，豆包1.5 Pro（思考模式）排名首位，Open AI近日推出的GPT-5緊隨其後，豆包1.5 Pro、通義千問3（思考模式），以及DeepSeek-R1在內的多款來自中國的LLM也均排入前列，展現了中國LLM在中文語境中優越的推理能力。 從OpenAI o1率先推出推理模型，到DeepSeek-R1因解題能力成為公眾焦點，大語言模型賽道在不斷演化，推理能力逐漸成為新的競技場。 有鑒於此，港大經管學院創新及資訊管理學教授兼夏利萊伉儷基金教授 （戰略信息管理學）蔣鎮輝率領人工智能評估實驗室（AIEL）（https://hkubs.hku.hk/aimodelrankings）研究人員，首次構建了涵蓋基礎邏輯與情境推理能力的綜合評測體系，通過不同難度的測試集，進行LLM在中文語境下的基準測試。 測試對象為中美兩國36款主流LLM，包括14款推理專用模型、20款通用模型和2款一體化系统。 評測結果顯示，基礎邏輯任務中，推理專用模型與通用模型差距較小； 在推理任务中，推理模型的優勢逐漸突顯。 另外，同一公司的模型對比結果亦顯示，推理模型在情境推理方面整體表現更優，印證了針對複雜任務設計的模型架構，具有更強的綜合競爭力。 蔣鎮輝教授表示：「大語言模型的推理能力與其文化和語言環境有千絲萬縷的關係。 現時，在大模型推理能力備受關注，我們希望能透過這套評測體系，找到中文語境中的『最強大腦』，推動各大模型持續提升自身的推理能力，進一步促進效率和成本，在更廣闊的應用場景中發揮價值。」 評測方法 本次評測中九成的題目為原創或經過深度改編，亦有一成選自中國內地中高考試卷題目及知名數據集，務求真實檢驗模型的自主推理能力。 題目複雜度上，簡易題目佔六成，複雜題目佔四成； 並採取邏輯複雜度逐級遞進的能力評測鏈條，以精準刻畫模型的推理能力邊界。 模型的推理能力則根據準確性（正確率或合理性）、邏輯連貫性與語言精煉性進行評分。 基礎邏輯能力排名 在基礎邏輯能力測評中，GPT-o3奪得冠軍，豆包1.5 Pro（思考模式）緊隨其後。部分模型如Llama 3.3 70B和360智腦2-o1則在基礎邏輯領域存在明顯不足之處，後者在多前提推導領域正確率不足六成。 排名 模型名稱 基礎邏輯能力 加權得分 1 GPT-o3 97 2 豆包1.5 Pro 96 3 豆包1.5 Pro（思考模式） 95 4 GPT-5 94 5 DeepSeek-R1 92 6 通義千問3（思考模式） 90
- [港大商学院与Argaam签署合作备忘录　推动沙特阿拉伯及海湾地区高管教育](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-signs-mou-with-argaam-to-advance-executive-education-in-the-saudi-arabia-and-the-gulf-region/) - HKU Business School has recently signed a Memorandum of Understanding (MoU) with Argaam Investment Company (Argaam), a leading financial intelligence platform in the Saudi Arabia and the Gulf region, to enrich specialized training programmes in the financial sector. This strategic partnership opens new horizons in developing and delivering high-quality programmes tailored for executive leaders and
- [港大商學院與Argaam簽署合作備忘錄　推動沙特阿拉伯及海灣地區高管教育](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-signs-mou-with-argaam-to-advance-executive-education-in-the-saudi-arabia-and-the-gulf-region/) - HKU Business School has recently signed a Memorandum of Understanding (MoU) with Argaam Investment Company (Argaam), a leading financial intelligence platform in the Saudi Arabia and the Gulf region, to enrich specialized training programmes in the financial sector. This strategic partnership opens new horizons in developing and delivering high-quality programmes tailored for executive leaders and
- [HKU Business School Signs MoU with Argaam to Advance Executive Education in the Saudi Arabia and the Gulf Region](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-signs-mou-with-argaam-to-advance-executive-education-in-the-saudi-arabia-and-the-gulf-region/) - HKU Business School has recently signed a Memorandum of Understanding (MoU) with Argaam Investment Company (Argaam), a leading financial intelligence platform in the Saudi Arabia and the Gulf region, to enrich specialized training programmes in the financial sector. This strategic partnership opens new horizons in developing and delivering high-quality programmes tailored for executive leaders and
- [“Creativity, Innovation and Entrepreneurship in China” Summer Virtual Programme 2025 Marks a Successful Conclusion](https://www.hkubs.hku.hk/sc/media/school-news/creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme-2025-marks-a-successful-conclusion/) - The fifth cohort of the annual summer programme, “Creativity, Innovation and Entrepreneurship in China (CIEC)” was successfully concluded online on June 18, 2025. Held from June 10 - 18, 2025, this innovative programme brought together 47 students from a rich diversity of nationalities and backgrounds across The University of Hong Kong and overseas institutions, reflecting
- [CGMA Global Business Challenge 2025](https://www.hkubs.hku.hk/media/school-news/cgma-global-business-challenge-2025/) - Congratulations to our students for winning 1st runner-up in the Regional Final of the CGMA Global Business Challenge 2025. The competition was organised by the Association of International Certified Professional Accountants (AICPA & CIMA) and brought together student teams from different regions to tackle complex and real-world business scenarios and deliver innovative solutions to business
- [Asia-Pacific Sustainable Marketing Case Competition 2025](https://www.hkubs.hku.hk/media/school-news/asia-pacific-sustainable-marketing-case-competition-2025/) - Congratulations to our students for winning the Third Place in the Asia-Pacific Sustainable Marketing Case Competition 2025, hosted by the University of Hawaiʻi’s Shidler College of Business! The competition brought together eight leading universities across the Asia-Pacific region to tackle a business case in sustainable marketing, challenging students to address real-world business problems related to
- [HSBC Life Insurance Innovation Competition 2025](https://www.hkubs.hku.hk/media/school-news/hsbc-life-insurance-innovation-competition-2025/) - We are thrilled to announce that our student has achieved the Top 3 Winner position in the HSBC Life Insurance Innovation Competition 2025, themed “Unleashing the Future of Insurance.” The competition was open to students from all universities in Hong Kong and unfolded in two phases. In Phase 1, teams submitted a proposal outlining their
- [HKCGI Corporate Governance Paper Competition and Presentation Awards 2024](https://www.hkubs.hku.hk/media/school-news/hkcgi-corporate-governance-paper-competition-and-presentation-awards-2024/) - We are pleased to announce that our student team excelled in the HKCGI Corporate Governance Paper Competition and Presentation Awards 2024. The team secured 1st Runner-up in the Paper Writing Competition, 1st Runner-up in the Paper Presentation Competition, and coveted the Audience’s Favourite Team Award. The theme of this year’s competition is “Overcoming Governance Obstacles
- [CFA Institute Research Challenge 2024-25](https://www.hkubs.hku.hk/media/school-news/cfa-institute-research-challenge-2024-25/) - HKU Business School students have achieved remarkable success in the CFA Institute Research Challenge 2024-25, securing the Champion title in Hong Kong Local Final, the Asia Pacific Regional Final, and advancing to the Global Final held in Chicago, USA. The CFA Institute Research Challenge is an annual global equity research competition that incorporates hands-on mentoring
- [2025 ISM-HK Student Case Competition](https://www.hkubs.hku.hk/media/school-news/2025-ism-hk-student-case-competition/) - Congratulations to our students for securing both the Champion and Third Place in the 2025 ISM-HK Student Case Competition! The competition was organised by the Institute of Supply Management - Hong Kong (ISM-HK). In collaboration with HKU Asia Case Research Centre and CLP, the competition this year featured a real-life case with the theme of
- [融汇创科新思维—2025大湾区学习交流 暑期线上课程圆满举行](https://www.hkubs.hku.hk/sc/media/school-news/creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme-2025-marks-a-successful-conclusion/) - 香港大学经管学院第五届「大湾区学习交流课程 (Creativity, Innovation and Entrepreneurship in China，简称CIEC)」暑期线上课程已于2025年6月18日顺利闭幕。为期9天 (6月10日至18日) 的课程吸引了47名来自港大及海外院校、具有多元文化背景的学生参与，深入探讨粤港澳大湾区的经济发展、商业趋势及创业机遇。 自2019年创办以来，CIEC课程始终致力于为年轻一代提供创意、创新与创业领域的前瞻视野，与学院培养未来商业领袖的使命一脉相承。今年课程继续由两位联合总监陈炳雄教授和李晶博士带领，通过线上平台结合专题讲座、互动活动与业界实战分享，聚焦大湾区城市群发展、科技创新及香港作为国际创新枢纽的定位等议题。 课程最大特色在于紧密连接业界实际。本届课程中，团队与12家跨行业机构合作，涵盖文化艺术、资产管理、家族财富服务、房地产咨询、数字营销、旅游、教育与保育、可持续发展、社会企业、人工智能、大数据等创新科技领域。13位业界领袖通过预录访谈及现场问答，与学生分享行业经验（按合作机构英文字母顺序排列）： 孙珺靓先生｜Blackhills Consulting Ltd. 道远咨询有限公司 合伙人 张浩原先生｜Edge Development Centre联合创始人兼言语治疗师 邝励龄女士｜Fame Singing Academy蜚．声学院 创始人 鲁晓聚先生｜Gogochart Technology Ltd. 创始人兼首席执行官 梁颖雯女士｜Great Horse International Ltd. 上骏国际有限公司 总经理 林沙洲先生｜Illuminati Fine Art 明画廊总监 唐伟邦先生｜John Swire & Sons (H.K.) Ltd. 香港太古集团有限公司 公共事务董事 马楚力先生｜Luk Ka International Ltd. 力嘉国际集团有限公司 首席执行官 王浩宇先生｜Ming Yang Smart Energy
- [融匯創科新思維—2025大灣區學習交流 暑期線上課程圓滿舉行](https://www.hkubs.hku.hk/sc/media/school-news/creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme-2025-marks-a-successful-conclusion/) - 港大經管學院第五屆「大灣區學習交流課程 Creativity, Innovation and Entrepreneurship in China” 」 (CIEC) 暑期線上課程已於2025年6月18日順利閉幕。為期九天 (6月10日至18日) 的課程共吸引47名來自港大及海外院校、具多元文化背景的學生參與，深入探討粵港澳大灣區的經濟發展、商業趨勢及創業機遇。 自2019年創辦以來，CIEC課程始終致力為年輕一代提供創意、創新與創業領域的前瞻視野，與學院培育未來商業領袖的使命一脈相承。今年課程繼續由兩位聯合總監陳炳雄教授及李晶博士帶領，透過線上平台結合專題講座、互動活動與業界實戰分享，聚焦大灣區城市群發展、科技創新及香港作為國際創新樞紐的定位等議題。 課程最大特色在於緊密連結業界實況。今屆課程中，團隊與12間跨行業機構合作，涵蓋藝術文化、資產管理、家族財富服務、房地產顧問、數碼營銷、旅遊、教育與保育、可持續發展、社會企業、人工智能、大數據等創新科技領域。13位業界領袖透過預錄訪談及即場問答，與學生分享業界經驗 (按合作機構英文字母順序排列)： 孫珺靓先生｜Blackhills Consulting Ltd. 道遠咨詢有限公司 合夥人 張浩原先生｜Edge Development Centre聯合創辦人兼言語治療師 鄺勵齡女士｜Fame Singing Academy蜚 聲學院 創辦人 魯曉聚先生｜Gogochart Technology Ltd. 創辦人兼行政總裁 梁穎雯女士｜Great Horse International Ltd. 上駿國際有限公司 總經理 林沙洲先生｜Illuminati Fine Art 明畫廊總監 唐偉邦先生｜John Swire & Sons (H.K.) Ltd. 香港太古集團有限公司 公共事務董事 馬楚力先生｜Luk Ka International Ltd. 力嘉國際集團有限公司
- [Exploring New Frontiers at 11th Summer School for Quantitative History and International Symposium on Quantitative History](https://www.hkubs.hku.hk/media/school-news/exploring-new-frontiers-at-11th-summer-school-for-quantitative-history-and-international-symposium-on-quantitative-history/) - What draws 121 participants from around the globe to a region rich in culture, history, and agricultural development for the 11th Summer School for Quantitative History? This year, the Centre for Quantitative History (CQH) at HKU Business School organized an enriching gathering of scholars in Shandong province, a historic region renowned for its deep roots in
- [Professor Jingcun Cao Awarded the Faculty Knowledge Exchange Award 2025](https://www.hkubs.hku.hk/sc/media/school-news/professor-jingcun-cao-awarded-the-faculty-knowledge-exchange-award-2025/) - Congratulations to Professor Jingcun Cao on being awarded the Faculty Knowledge Exchange Award 2025! Professor Jingcun Cao is a rising young scholar in the field of Marketing. He has been conducting research on the mobile application ecosystem since 2019, with two academic papers published and two working papers currently under review at top-tier business journals.
- [Professor Jingcun Cao Awarded the Faculty Knowledge Exchange Award 2025](https://www.hkubs.hku.hk/sc/media/school-news/professor-jingcun-cao-awarded-the-faculty-knowledge-exchange-award-2025/) - Congratulations to Professor Jingcun Cao on being awarded the Faculty Knowledge Exchange Award 2025! Professor Jingcun Cao is a rising young scholar in the field of Marketing. He has been conducting research on the mobile application ecosystem since 2019, with two academic papers published and two working papers currently under review at top-tier business journals.
- [港大经管学院214届学位颁授典礼回顾(夏季)](https://www.hkubs.hku.hk/sc/media/school-news/hku-214th-congregation-faculty-of-business-and-economics-summer-session-highlights/) - 港大经管学院214届学位颁授典礼于2025年7月7日和8日在香港大学百周年校园大会堂隆重举行。这一为期五场的盛大典礼令所有参加者留下了独特难忘的回忆。 其中院长蔡洪滨教授的演讲鼓舞人心，令人印象深刻。毕业生们即将开展人生新的一页，蔡教授提醒他们：“拥抱变化，持续学习，化挑战为机遇。” 毕业生代表张王进、Mikkel From、谭绮文、刘柏希及 Samhith Vaidya 发表了感谢致辞，他们衷心感谢教职员工、家人和朋友在他们的求学路上一直给予的支持。他们的精彩致辞总结一众毕业生在这趟学习历程的成就，引发了观众的共鸣。虽然未来挑战重重，然而只要抱著积极乐观的态度，定能抓紧未来每一个机遇。 此次毕业典礼共有3,200多人参加，其中包括1,200名即将开启人生新篇章的毕业生，以及2,000名前来一同见证这一重要里程碑的家人和朋友们。
- [港大經管學院214屆學位頒授典禮回顧(夏季)](https://www.hkubs.hku.hk/sc/media/school-news/hku-214th-congregation-faculty-of-business-and-economics-summer-session-highlights/) - 港大經管學院214屆學位頒授典禮於2025年7月7日和8日在香港大學百周年校園大會堂隆重舉行。這一為期五場的盛大典禮令所有參加者留下了獨特難忘的回憶。 其中院長蔡洪濱教授的演講鼓舞人心，令人印象深刻。畢業生們即將開展人生新的一頁，蔡教授提醒他們：「擁抱變化，持續學習，化挑戰為機遇。」 畢業生代表張王進、Mikkel From、譚綺文、劉柏希及 Samhith Vaidya 發表了感謝致辭，他們衷心感謝教職員工、家人和朋友在他們的求學路上一直給予的支持。他們的精彩致辭總結一眾畢業生在這趟學習歷程的成就，引發了觀眾的共鳴。雖然未來挑戰重重，然而只要抱著積極樂觀的態度，定能抓緊未來每一個機遇。 此次畢業典禮共有3,200多人參加，其中包括1,200名即將開啟人生新篇章的畢業生，以及2,000名前來一同見證這一重要里程碑的家人和朋友們。
- [HKU 214th Congregation – Faculty of Business and Economics (Summer Session) Highlights](https://www.hkubs.hku.hk/sc/media/school-news/hku-214th-congregation-faculty-of-business-and-economics-summer-session-highlights/) - The 214th Congregation Ceremony of the HKU Business School took place at the Grand Hall, Centennial Campus, The University of Hong Kong on July 7 and 8, 2025. This momentous event spanned five sessions, creating a truly special occasion for all involved. One of the highlights was an inspiring speech delivered by Dean Professor Hongbin
- [HKUBS PhD Recruitment Camp 2025: Inspiring the Next Generation of Scholars](https://www.hkubs.hku.hk/media/school-news/phd-recruitment-camp-2025-inspiring-the-next-generation-of-scholars/) - The HKU Business School is delighted to announce the successful conclusion of the PhD Recruitment Camp 2025, held from June 24 to 26, 2025. This dynamic three-day event brought together 54 exceptional students from diverse academic backgrounds across Hong Kong, China, Singapore, the UK, and the USA. Selected from over 350 applicants, these talented individuals
- [From Hong Kong to Europe: HKU Students Explore Innovation in London and Barcelona!](https://www.hkubs.hku.hk/media/school-news/from-hong-kong-to-europe-hku-students-explore-innovation-in-london-and-barcelona/) - Recently, the HKU-TLV Innovation Hub successfully led two international field trips - one bringing MBA students to London and the other taking undergraduates to Barcelona! Both journeys provided students with much more than classroom learning. They connected with innovative entrepreneurs during local company visits, participated in hands-on workshops, and attended lectures with top professors and
- [第七届“香港大学中国经济季度论坛” 探讨稳定币金融、亚洲经济格局及国家经济展望](https://www.hkubs.hku.hk/sc/media/press-release/the-7th-hku-quarterly-forum-on-chinese-economy-successfully-concludes/) - 港大经管学院中国经济研究所联同复旦大学经济学院全球校友会香港联络处举办的第七届“香港大学中国经济季度论坛”于7月4日圆满举行。论坛汇聚了多位著名专家学者和工商界领袖，就时下稳定币金融、亚洲经济格局、中国经济及宏观经济面临的机遇与挑战等话题分享了深刻见解，共同探讨在当前环球变局下中国经济的增长动能及相关政策展望。论坛于香港大学月明剧院举行，共吸引超过300位工商界领袖、杰出学者、校友和学生出席。 港大经管学院院长、经济学讲座教授及中国经济研究所所长蔡洪滨教授在致欢迎辞时表示：“在全球格局瞬息万变、科技创新日新月异的今天，中国经济迎来了新的机遇和新的挑战。一如既往，港大经管学院始终保持开放性，深耕前沿经济研究，积极推动业界对话与思想碰撞。本次的中国经济季度论坛我们很高兴能与复旦校友会合作，聚焦中国经济发展最新趋势，深度探讨数字货币等热点议题，以多元视角解析经济动向，助力参与者把握机遇、应对挑战。” 复旦大学经济学院全球校友会香港联络处主任、摩根大通银行执行董事董琦女士亦在致欢迎辞时表示：“复旦与港大百年学脉相承，始终是中国经济现代化进程的见证者与推动者。当前，世界面临增长动能转换、产业链深度重构，中国经济巨轮也正在深水区航行，既需把握宏观之舵，更需微观主体的创新勇气。两所学院携手搭建思想交流的平台，正是对‘经世济民’初心的生动诠释。” 港大经管学院经济学实务教授、香港特首政策组专家毛振华教授在论坛上发表主题报告，以“中国经济的突围之路：走出通缩，走向全球为题，指出两会政策加持、DeepSeek刺激，及全球关税冲突下避险情绪升温，令全球资金不断流入香港。整个中国制造业优势仍存，以船舶、计算机为代表的高技术制造业增加值增速高于平均水平。中国想要实现年内经济增长目标，走出通胀，仍需要政策持续发力以启动内需、稳住价格；摒弃“以地谋发展”、“以投资拉动内需”的依赖；积极开拓国际市场，发挥香港作为国际贸易和金融中心的独特优势，帮助产品和企业共同走出去。 随后，论坛分别邀请了三位知名讲者进行主旨演讲。香港大学副校长、金融学讲座教授、宝光基金教授及金融创新与发展研究中心主任林晨教授以“有关稳定币及其金融影响”为题，介绍了稳定币的最新发展趋势。林晨教授表示稳定币在跨境支付结算领域相较于传统系统，具有耗时短、成本低、流程简便的明显优势。它可以在不到一秒的时间内用不到一美分的成本实现端到端的支付，是目前最经济的转账方式。其应用已从最初专注于锁定链上收益，逐步演变为普惠金融的重要基础设施。然而，目前稳定币仍面临多重挑战，包括底层资产价值的可靠性、生息竞赛产生的投资风险，以及与法币同样存在的洗钱风险。未来，随着监管框架的逐步明确与完善，稳定币的安全性与可信度有望提升，进而在国际金融体系中取得更广泛应用。 港大经管学院副院长、冯国经冯国纶基金教授、亚洲环球研究所所长邓希炜教授就“地缘政治下的亚洲经济新格局”为题，指出全球化并未终结，而是在转变中，逐步向服务业化、数字化和地区化发展。如今，许多贸易以数字化服务的形式进行，与以往以港口和实体产品为主的全球化不同，服务业的全球化仍保持高速增长。在企业出海方面，邓教授指出中国企业现采用“雁行模型2.0”，由龙头企业领导，带动行业其他企业出海。无论是香港还是内地，都在寻找较少受地缘政治影响的区域合作，例如中东地区。在谈到香港的发展时，邓教授表示：“香港应积极参与大湾区的科技和新质生产力升级，充分发挥作为贸易中心和金融中心的协同效应，转型为贸易服务和贸易融资中心。在日益复杂的地缘政治环境中，香港要利用其开放经济体制趋利避害。” 京东集团副总裁及首席经济学家、复旦大学经济学院客座教授沈建光博士以“特朗普2.0下的全球和中国经济展望”为主题，指出：“全球经济过去十年最重要的结构性变化，就是中国利用数字经济浪潮崛起成为最大的新兴产业制造、出口和创新基地，使中国可以不惧美国关税战威胁。下一步，提振消费将使中国经济更加坚实，而离岸人民币稳定币可以促进人民币国际化并稳固香港的国际金融中心地位。” 论坛当天亦举行了一场围绕当前中国经济热点问题的圆桌讨论，由蔡洪滨教授主持，讲者们包括中银证券首席经济学家、中国首席经济学家论坛理事徐高博士；瑞银董事总经理、瑞银财富管理亚太区投资总监及宏观经济主管胡一帆博士；工银国际首席经济学家程实博士；麦格理集团首席中国经济学家胡伟俊博士；以及瑞银资产管理公司中国股票主管、董事总经理施斌先生。讲者们就中国宏观经济现状、下半年经济目标及政策展望、以及中美关税谈判、人民币对美元汇率等多个议题展开了讨论。 港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授致欢迎辞。 复旦大学经济学院全球校友会香港联络处主任、摩根大通银行执行董事董琦女士致欢迎辞。 港大经管学院经济学实务教授、香港特首政策组专家毛振华教授发表主题报告。 香港大学副校长、金融学讲座教授、宝光基金教授及金融创新与发展研究中心主任林晨教授发表主旨演讲。 香港大学经管学院副院长、冯国经冯国纶基金教授、亚洲环球研究所所长邓希炜教授发表主旨演讲。 京东集团副总裁及首席经济学家、复旦大学经济学院客座教授沈建光博士发表主旨演讲。 （左起）港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授；中银证券首席经济学家、中国首席经济学家论坛理事徐高博士；瑞银董事总经理、瑞银财富管理亚太区投资总监及宏观经济主管胡一帆博士；工银国际首席经济学家程实博士；麦格理集团首席中国经济学家胡伟俊博士；以及瑞银资产管理公司中国股票主管、董事总经理施斌先生进行圆桌讨论。 论坛于香港大学月明剧院举行，共吸引超过300位工商界领袖、杰出学者、校友和学生出席。
- [第七屆「香港大學中國經濟季度論壇」 探討穩定幣金融、亞洲經濟格局及國家經濟展望](https://www.hkubs.hku.hk/sc/media/press-release/the-7th-hku-quarterly-forum-on-chinese-economy-successfully-concludes/) - 港大經管學院中國經濟研究所聯同復旦大學經濟學院全球校友會香港聯絡處舉辦的第七屆「香港大學中國經濟季度論壇」於7月4日圓滿舉行。論壇匯聚了多位著名專家學者和工商界領袖，就時下穩定幣金融、亞洲經濟格局、中國經濟及宏觀經濟面臨的機遇與挑戰等話題分享了深刻見解，共同探討在當前環球變局下中國經濟的增長動能及相關政策展望。論壇於香港大學月明劇院舉行，共吸引超過300位工商界領袖、傑出學者、校友和學生出席。 港大經管學院院長、經濟學講座教授及中國經濟研究所所長蔡洪濱教授在致歡迎辭時表示：「在全球格局瞬息萬變、科技創新日新月異的今天，中國經濟迎來了新的機遇和新的挑戰。一如既往，港大經管學院始終保持開放性，深耕前沿經濟研究，積極推動業界對話與思想碰撞。本次的中國經濟季度論壇我們很高興能與復旦校友會合作，聚焦中國經濟發展最新趨勢，深度探討數字貨幣等熱點議題，以多元視角解析經濟動向，助力參與者把握機遇、應對挑戰。」 復旦大學經濟學院全球校友會香港聯絡處主任、摩根大通銀行執行董事董琦女士亦在致歡迎辭時表示：「復旦與港大百年學脈相承，始終是中國經濟現代化進程的見證者與推動者。當前，世界面臨增長動能轉換、產業鏈深度重構，中國經濟巨輪也正在深水區航行，既需把握宏觀之舵，更需微觀主體的創新勇氣。兩所學院攜手搭建思想交流的平台，正是對『經世濟民』初心的生動詮釋。」 港大經管學院經濟學實務教授、香港特首政策組專家毛振華教授在論壇上發表主題報告，以「中國經濟的突圍之路：走出通縮，走向全球為題，指出兩會政策加持、DeepSeek刺激，及全球關稅衝突下避險情緒升溫，令全球資金不斷流入香港。整个中國製造業優勢仍存，以船舶、計算機為代表的高技術製造業增加值增速高於平均水平。中国想要實現年內經濟增長目標，走出通脹，仍需要政策持續發力以啟動內需、穩住價格；摒棄「以地謀發展」、「以投資拉動內需」的依賴；積極開拓國際市場，發揮香港作為國際貿易和金融中心的獨特優勢，幫助產品和企業共同走出去。 隨後，論壇分別邀請了三位知名講者進行主旨演講。香港大學副校長、金融學講座教授、寶光基金教授及金融創新與發展研究中心主任林晨教授以「有關穩定幣及其金融影響」為題，介紹了穩定幣的最新發展趨勢。林晨教授表示穩定幣在跨境支付結算領域相較於傳統系統，具有耗時短、成本低、流程簡便的明顯優勢。它可以在不到一秒的時間內用不到一美分的成本實現端到端的支付，是目前最經濟的轉賬方式。其應用已從最初專注於鎖定鏈上收益，逐步演變為普惠金融的重要基礎設施。然而，目前穩定幣仍面臨多重挑戰，包括底層資產價值的可靠性、生息競賽產生的投資風險，以及與法幣同樣存在的洗錢風險。未來，隨著監管框架的逐步明確與完善，穩定幣的安全性與可信度有望提升，進而在國際金融體系中取得更廣泛應用。 港大經管學院副院長、馮國經馮國綸基金教授、亞洲環球研究所所長鄧希煒教授就「地緣政治下的亞洲經濟新格局」為題，指出全球化並未終結，而是在轉變中，逐步向服務業化、數字化和地區化發展。如今，許多貿易以數字化服務的形式進行，與以往以港口和實體產品為主的全球化不同，服務業的全球化仍保持高速增長。在企業出海方面，鄧教授指出中國企業現採用「雁行模型2.0」，由龍頭企業領導，帶動行業其他企業出海。無論是香港還是內地，都在尋找較少受地緣政治影響的區域合作，例如中東地區。在談到香港的發展時，鄧教授表示：「香港應積極參與大灣區的科技和新質生產力升級，充分發揮作為貿易中心和金融中心的協同效應，轉型為貿易服務和貿易融資中心。在日益復雜的地緣政治環境中，香港要利用其開放經濟體制趨利避害。」 京東集團副總裁及首席經濟學家、復旦大學經濟學院客座教授沈建光博士以「特朗普2.0下的全球和中國經濟展望」為主題，指出：「全球經濟過去十年最重要的結構性變化，就是中國利用數字經濟浪潮崛起成為最大的新興產業製造、出口和創新基地，使中國可以不懼美國關稅戰威脅。下一步，提振消費將使中國經濟更加堅實，而離岸人民幣穩定幣可以促進人民幣國際化並穩固香港的國際金融中心地位。」 論壇當天亦舉行了一場圍繞當前中國經濟熱點問題的圓桌討論，由蔡洪濱教授主持，講者們包括中銀證券首席經濟學家、中國首席經濟學家論壇理事徐高博士；瑞銀董事總經理、瑞銀財富管理亞太區投資總監及宏觀經濟主管胡一帆博士；工銀國際首席經濟學家程實博士；麥格理集團首席中國經濟學家胡偉俊博士；以及瑞銀資產管理公司中國股票主管、董事總經理施斌先生。講者們就中國宏觀經濟現狀、下半年經濟目標及政策展望、以及中美關稅談判、人民幣對美元匯率等多個議題展開了討論。 港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授致歡迎辭。 復旦大學經濟學院全球校友會香港聯絡處主任、摩根大通銀行執行董事董琦女士致歡迎辭。 港大經管學院經濟學實務教授、香港特首政策組專家毛振華教授發表主題報告。 香港大學副校長、金融學講座教授、寶光基金教授及金融創新與發展研究中心主任林晨教授發表主旨演講。 香港大學經管學院副院長、馮國經馮國綸基金教授、亞洲環球研究所所長鄧希煒教授發表主旨演講。 京東集團副總裁及首席經濟學家、復旦大學經濟學院客座教授沈建光博士發表主旨演講。 （左起）港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授；中銀證券首席經濟學家、中國首席經濟學家論壇理事徐高博士；瑞銀董事總經理、瑞銀財富管理亞太區投資總監及宏觀經濟主管胡一帆博士；工銀國際首席經濟學家程實博士；麥格理集團首席中國經濟學家胡偉俊博士；以及瑞銀資產管理公司中國股票主管、董事總經理施斌先生進行圓桌討論。 論壇於香港大學月明劇院舉行，共吸引超過300位工商界領袖、傑出學者、校友和學生出席。
- [The 7th HKU Quarterly Forum on Chinese Economy Successfully Concludes](https://www.hkubs.hku.hk/sc/media/press-release/the-7th-hku-quarterly-forum-on-chinese-economy-successfully-concludes/) - The 7th HKU Quarterly Forum on Chinese Economy, hosted by HKU Business School’s Institute of China Economy (ICE), in collaboration with the Hong Kong Alumni Liaison Office of School of Economics of Fudan University, was held on 4 July. The Forum brought together renowned experts and industry leaders to share valuable insights on the stablecoins
- [Prof. Roni Michaely wins Best Paper on Corporate Finance – Western Finance Association 2025](https://www.hkubs.hku.hk/sc/media/school-news/prof-roni-michaely-wins-best-paper-on-corporate-finance-western-finance-association-2025/) - Congratulations to Professors Roni Michaely, Silvina Rubio, and Irene Yi on receiving the Charles River Associates Award for their paper “Voting Rationales.” The paper examines the disclosed rationales behind institutional investors’ voting decisions and whether these disclosures affect board behavior. This award-winning study brings fresh clarity to one of corporate governance’s most important questions. Read
- [Prof. Roni Michaely wins Best Paper on Corporate Finance – Western Finance Association 2025](https://www.hkubs.hku.hk/sc/media/school-news/prof-roni-michaely-wins-best-paper-on-corporate-finance-western-finance-association-2025/) - Congratulations to Professors Roni Michaely, Silvina Rubio, and Irene Yi on receiving the Charles River Associates Award for their paper “Voting Rationales.” The paper examines the disclosed rationales behind institutional investors’ voting decisions and whether these disclosures affect board behavior. This award-winning study brings fresh clarity to one of corporate governance’s most important questions. Read
- [Prof. Roni Michaely wins Best Paper on Corporate Finance – Western Finance Association 2025](https://www.hkubs.hku.hk/sc/media/school-news/prof-roni-michaely-wins-best-paper-on-corporate-finance-western-finance-association-2025/) - Congratulations to Professors Roni Michaely, Silvina Rubio, and Irene Yi on receiving the Charles River Associates Award for their paper “Voting Rationales.” The paper examines the disclosed rationales behind institutional investors’ voting decisions and whether these disclosures affect board behavior. This award-winning study brings fresh clarity to one of corporate governance’s most important questions. Read
- [IDEI Smart Healthcare for a Sustainable Future Forum](https://www.hkubs.hku.hk/media/school-news/idei-smart-healthcare-for-a-sustainable-future-forum/) - (6 June 2025, Hong Kong) The Smart Healthcare for a Sustainable Future Forum, hosted by the Institute of Digital Economy and Innovation (IDEI), was successfully held at HKU iCube, Two Exchange Square. The forum convened leading experts and industry leaders to examine the intersection of digital healthcare and sustainability, highlighting both the emerging opportunities and
- [港大经管学院举办“全球经济与决策选择”峰会 | 探讨香港全球新定位，聚焦中企出海与AI经济](https://www.hkubs.hku.hk/sc/media/press-release/global-economy-and-strategic-decision-making-summit-by-hku-business-school-explores-hong-kongs-new-role-in-new-era/) - 港大经管学院于6月27日举办“全球经济与决策选择”峰会暨香港大学CEO项目开学典礼，云集包括政策制定者、顶尖学者及商界翘楚在内的一众重磅讲者分享真知灼见，聚焦全球政经新格局中香港所需的全新定位，AI前沿技术发展趋势，全球经济政策深度解读，以及中国企业出海战略与机遇。峰会于香港大学本部大楼陆佑堂举行，共吸引超过200名企业家及学者出席。 香港大学首席副校长、经济学讲座教授、黄乾亨黄英豪政治经济学教授王于渐教授致欢迎辞时表示：“香港在中国内地与国际市场之间的角色，仿佛运河—透过不断调整自身定位，联结和适应双方市场，为经济带来巨大附加价值。如何管理香港这条运河，具有重要的战略意义。此外，香港的普通法体系为其打造具有国际竞争力的金融服务业提供了天然优势。” 随后，论坛邀请了全国政协副主席、香港特别行政区前行政长官梁振英先生以“国家所需，港大所长”为题，指出香港具有近两百年未间断的贸易服务历史和为国际社会所信任的商誉；内地企业和高管要读懂香港这本书，解决“不知道”的问题，学会使用香港独有的工具及优势，用好“一国”之利、“两制”之便，在国际市场上更好发展。 论坛当天亦进行了三场巅峰对话，深入探讨香港在AI革命、全球政经新格局，以及中国企业出海中如何发挥独特作用。在“AI浪潮下的技术、商业与个人”的巅峰对话中，香港科技大学校董会主席、美国国家工程院外籍院士沈向洋教授提到AI不是一项技术，而是一个时代。在这个时代背景下，大学作为科研和人才培养的前沿阵地，应积极推动创新创业文化；此外，香港连接大湾区，拥有得天独厚的地理和政策优势，为科技创新和AI应用提供了广阔的市场空间，大学应打开产学研的合作渠道，令各种尖端技术能够更快地实现转化和落地，为社会创造更多价值。 港大经管学院院长、经济学讲座教授、中国经济研究所总监蔡洪滨教授表示：“AI的时代已经到来，这几年仅仅是开始。我们需要拥抱AI、学习它、利用它、驾驭它。作为港大经管学院的教育者，我们更要思考在AI时代，如何帮助学生理解和应对这种深刻变革，培养他们的创新思维和数字能力，使他们能够识别和把握由AI带来的商业机遇。在新学期，我们也将推出AI与商业的新课程，培养新一代具备前瞻性和应变能力的未来商业领袖，推动企业和社会的持续创新与发展。” 港大经管学院经济学教授、香港特首政策组专家组成员毛振华教授以“全球变局下香港的新挑战和新机遇”为题，指出香港在当前拥有四重机遇：一是成为中国企业从商品全球输出到资本全球输出的“桥头堡”；二是发挥自由港优势，不跟随加征关税，重塑购物天堂；三是发挥大学优势，打造服务大陆的英文体系高等教育基地；四是吸引国际科学家、企业家来港，构建国际化人才高地。 在第二场名为“全球格局与香港经济”的巅峰对话中，香港交易所集团行政总裁陈翊庭女士提到香港资本市场的基础非常稳固，并累积了丰富的人才、经验和资源；香港交易所一直致力连接中国与世界的机遇与资本，推动全球实体经济发展。未来香港交易所将继续强化独特优势，不断提升上市机制支持更多具潜力的企业稳步成长，并促进区域的经济繁荣与可持续发展。 港大经管学院金融学讲座教授、郑氏明德讲席教授(金融学)、量化历史研究中心主任、香港人文社会研究所所长陈志武教授表示：“鉴于地缘政治变化和国内体制特色，香港有机会保持并提升其国际金融中心地位。为了实现这一目标，香港不应该以‘更强监管’与其他金融中心竞争，而是相反，要靠‘更少监管’取胜。我们必须记住，香港之所以成为香港，并不是因为有各种严格的经济与金融管制，而恰恰是因为相反的原因。只有回归这一根本、回归这一初心，香港国际金融中心地位才能得到巩固。” 在第三场名为“中国企业出海战略”的巅峰对话中，香港特别行政区政府投资推广署署长刘凯旋女士提到：“香港具备与国际接轨的完善制度，并拥有深厚的资本市场实力，同时深谙中外营商文化，能有效协助内地企业融资及借港出海。投资推广署致力促进双向投资，并积极鼓励内地企业善用香港国际优势，拓展海外市场，把握全球机遇。”其他讲者亦就企业出海的迫切性、面对的具体挑战，以及值得借鉴的经验进行了分享与深入交流。 港大经管学院“全球经济与决策选择”峰会为香港大学CEO项目的开学典礼。该项目是港大经管学院全新升级、重磅打造的旗舰课程，调动港大最顶尖的师资团队与产、学、研资源，连结全球范围内热点区域最优质的政、商、企资源，立足香港，放眼全球，透过宏观格局、香港优势、技术变革、企业出海四条主线贯穿课程，引领企业家与企业进行跨越式发展，透过香港布局全球资本，挖掘面向未来新机遇，深度参与第四次科技革命。 图片 香港大学首席副校长、经济学讲座教授、黄乾亨黄英豪政治经济学教授王于渐教授致欢迎辞。 全国政协副主席、香港特别行政区前行政长官梁振英先生发表主旨演讲。 （左一起）香港科技大学校董会主席、美国国家工程院外籍院士沈向洋教授与港大经管学院院长、经济学讲座教授、中国经济研究所总监蔡洪滨教授进行以“AI浪潮下的技术、商业与个人”为题的巅峰对话。 香港科技大学校董会主席、美国国家工程院外籍院士沈向洋教授进行以“AI浪潮下的技术、商业与个人”为题的巅峰对话。 港大经管学院院长、经济学讲座教授、中国经济研究所总监蔡洪滨教授进行以“AI浪潮下的技术、商业与个人”为题的巅峰对话。 港大经管学院经济学教授、香港特首政策组专家组成员毛振华教授发表主题演讲。 香港交易所集团行政总裁陈翊庭女士进行以“全球格局与香港经济”为题的巅峰对话。 港大经管学院金融学讲座教授、郑氏明德讲席教授(金融学)、量化历史研究中心主任、香港人文社会研究所所长陈志武教授进行以“全球格局与香港经济”为题的巅峰对话。 香港特别行政区政府投资推广署署长刘凯旋女士（左一）进行以“中国企业出海战略”为题的巅峰对话。 论坛于香港大学本部大楼陆佑堂举行，共吸引超过200位名企业家及学者出席。 论坛于香港大学本部大楼陆佑堂举行，共吸引超过200位名企业家及学者出席。 请按此下载高清图片。
- [港大經管學院舉辦「全球經濟與決策選擇」峰會 | 探討香港全球新定位，聚焦中企出海與AI經濟](https://www.hkubs.hku.hk/sc/media/press-release/global-economy-and-strategic-decision-making-summit-by-hku-business-school-explores-hong-kongs-new-role-in-new-era/) - 港大經管學院於6月27日舉辦「全球經濟與決策選擇」峰會暨香港大學CEO項目開學典禮，雲集包括政策制定者、頂尖學者及商界翹楚在內的一眾重磅講者分享真知灼見，聚焦全球政經新格局中香港所需的全新定位，AI前沿技術發展趨勢，全球經濟政策深度解讀，以及中國企業出海戰略與機遇。峰會於香港大學本部大樓陸佑堂舉行，共吸引超過200名企業家及學者出席。 香港大學首席副校長、經濟學講座教授、黃乾亨黃英豪政治經濟學教授王于漸教授致歡迎辭時表示：「香港在中國內地與國際市場之間的角色，仿佛運河—透過不斷調整自身定位，聯結和適應雙方市場，為經濟帶來巨大附加價值。如何管理香港這條運河，具有重要的戰略意義。此外，香港的普通法體系為其打造具有國際競爭力的金融服務業提供了天然優勢。」 隨後，論壇邀請了全國政協副主席、香港特別行政區前行政長官梁振英先生以「國家所需，港大所長」為題，指出香港具有近兩百年未間斷的貿易服務歷史和為國際社會所信任的商譽；內地企業和高管要讀懂香港這本書，解決「不知道」的問題，學會使用香港獨有的工具及優勢，用好「一國」之利、「兩制」之便，在國際市場上更好發展。 論壇當天亦進行了三場巔峰對話，深入探討香港在AI革命、全球政經新格局，以及中國企業出海中如何發揮獨特作用。在「AI浪潮下的技術、商業與個人」的巔峰對話中，香港科技大學校董會主席、美國國家工程院外籍院士沈向洋教授提到AI不是一項技術，而是一個時代。在這個時代背景下，大學作為科研和人才培養的前沿陣地，應積極推動創新創業文化；此外，香港連接大灣區，擁有得天獨厚的地理和政策優勢，為科技創新和AI應用提供了廣闊的市場空間，大學應打開產學研的合作渠道，令各種尖端技術能夠更快地實現轉化和落地，為社會創造更多價值。 港大經管學院院長、經濟學講座教授、中國經濟研究所總監蔡洪濱教授表示：「AI的時代已經到來，這幾年僅僅是開始。我們需要擁抱AI、學習它、利用它、駕馭它。作為港大經管學院的教育者，我們更要思考在AI時代，如何幫助學生理解和應對這種深刻變革，培養他們的創新思維和數字能力，使他們能夠識別和把握由AI帶來的商業機遇。在新學期，我們也將推出AI與商業的新課程，培養新一代具備前瞻性和應變能力的未來商業領袖，推動企業和社會的持續創新與發展。」 港大經管學院經濟學教授、香港特首政策組專家組成員毛振華教授以「全球變局下香港的新挑戰和新機遇」為題，指出香港在當前擁有四重機遇：一是成為中國企業從商品全球輸出到資本全球輸出的「橋頭堡」；二是發揮自由港優勢，不跟隨加徵關稅，重塑購物天堂；三是發揮大學優勢，打造服務大陸的英文體系高等教育基地；四是吸引國際科學家、企業家來港，構建國際化人才高地。 在第二場名為「全球格局與香港經濟」的巔峰對話中，香港交易所集團行政總裁陳翊庭女士提到香港資本市場的基礎非常穩固，並累積了豐富的人才、經驗和資源；香港交易所一直致力連接中國與世界的機遇與資本，推動全球實體經濟發展。未來香港交易所將繼續強化獨特優勢，不斷提升上市機制支持更多具潛力的企業穩步成長，並促進區域的經濟繁榮與可持續發展。 港大經管學院金融學講座教授、鄭氏明德講席教授(金融學)、量化歷史研究中心主任、香港人文社會研究所所長陳志武教授表示：「鑒於地緣政治變化和國內體制特色，香港有機會保持並提升其國際金融中心地位。為了實現這一目標，香港不應該以『更強監管』與其他金融中心競爭，而是相反，要靠『更少監管』取勝。我們必須記住，香港之所以成為香港，並不是因為有各種嚴格的經濟與金融管制，而恰恰是因為相反的原因。只有回歸這一根本、回歸這一初心，香港國際金融中心地位才能得到鞏固。」 在第三場名為「中國企業出海戰略」的巔峰對話中，香港特別行政區政府投資推廣署署長劉凱旋女士提到：「香港具備與國際接軌的完善制度，並擁有深厚的資本市場實力，同時深諳中外營商文化，能有效協助內地企業融資及借港出海。投資推廣署致力促進雙向投資，並積極鼓勵內地企業善用香港國際優勢，拓展海外市場，把握全球機遇。」其他講者亦就企業出海的迫切性、面對的具體挑戰，以及值得借鑑的經驗進行了分享與深入交流。 港大經管學院「全球經濟與決策選擇」峰會為香港大學CEO項目的開學典禮。該項目是港大經管學院全新升級、重磅打造的旗艦課程，調動港大最頂尖的師資團隊與產、學、研資源，連結全球範圍內熱點區域最優質的政、商、企資源，立足香港，放眼全球，透過宏觀格局、香港優勢、技術變革、企業出海四條主線貫穿課程，引領企業家與企業進行跨越式發展，透過香港布局全球資本，挖掘面向未來新機遇，深度參與第四次科技革命。 圖片 香港大學首席副校長、經濟學講座教授、黃乾亨黃英豪政治經濟學教授王于漸教授致歡迎辭。 全國政協副主席、香港特別行政區前行政長官梁振英先生發表主旨演講。 （左一起）香港科技大學校董會主席、美國國家工程院外籍院士沈向洋教授與港大經管學院院長、經濟學講座教授、中國經濟研究所總監蔡洪濱教授進行以「AI浪潮下的技術、商業與個人」為題的巔峰對話。 香港科技大學校董會主席、美國國家工程院外籍院士沈向洋教授進行以「AI浪潮下的技術、商業與個人」為題的巔峰對話。 港大經管學院院長、經濟學講座教授、中國經濟研究所總監蔡洪濱教授進行以「AI浪潮下的技術、商業與個人」為題的巔峰對話。 港大經管學院經濟學教授、香港特首政策組專家組成員毛振華教授發表主題演講。 香港交易所集團行政總裁陳翊庭女士進行以「全球格局與香港經濟」為題的巔峰對話。 港大經管學院金融學講座教授、鄭氏明德講席教授(金融學)、量化歷史研究中心主任、香港人文社會研究所所長陳志武教授進行以「全球格局與香港經濟」為題的巔峰對話。 香港特別行政區政府投資推廣署署長劉凱旋女士（左一）進行以「中國企業出海戰略」為題的巔峰對話。 論壇於香港大學本部大樓陸佑堂舉行，共吸引超過200位名企業家及學者出席。 論壇於香港大學本部大樓陸佑堂舉行，共吸引超過200位名企業家及學者出席。 請按此下載高清圖片。
- [Global Economy and Strategic Decision-Making Summit by HKU Business School | Explores Hong Kong's New Role in New Era](https://www.hkubs.hku.hk/sc/media/press-release/global-economy-and-strategic-decision-making-summit-by-hku-business-school-explores-hong-kongs-new-role-in-new-era/) - The Global Economy and Strategic Decision-Making Summit cum HKU CEO Programme Opening Ceremony, hosted by HKU Business School, was successfully held on 27 June, 2025. The event brought together renowned policymakers, top academics, and industry leaders for keynote speeches and engaging dialogues. Speakers shared valuable insights on the evolving role of Hong Kong in the
- [HKUBS x ACCA Greater Bay Area Study Tour 2024-25 Concludes with Enriching Experiences and Industry Insights](https://www.hkubs.hku.hk/media/school-news/acca-greater-bay-area-study-tour-2024-25/) - We are happy to have successfully concluded the HKUBS x ACCA Greater Bay Area Study Tour 2024-25, a unique programme designed to provide students with deep insights into the dynamic economic landscape of China’s Greater Bay Area (GBA). In collaboration with the Association of Chartered Certified Accountants (ACCA), this programme offered participants invaluable opportunities with
- [Shaping Tomorrow’s Leaders: HKU Business School signs MoU with Societe Generale](https://www.hkubs.hku.hk/sc/media/school-news/shaping-tomorrows-leaders-hku-business-school-signs-mou-with-societe-generale/) - As a promising step toward making a difference for our students, we have signed a Memorandum of Understanding (MoU) with Societe Generale. The collaboration will provide opportunities for students, foster unique research initiatives, facilitate professional development, and offer hands-on industry experience in Finance, Banking, and Business. On behalf of both organisations, Associate Dean of HKU
- [Shaping Tomorrow’s Leaders: HKU Business School signs MoU with Societe Generale](https://www.hkubs.hku.hk/sc/media/school-news/shaping-tomorrows-leaders-hku-business-school-signs-mou-with-societe-generale/) - As a promising step toward making a difference for our students, we have signed a Memorandum of Understanding (MoU) with Societe Generale. The collaboration will provide opportunities for students, foster unique research initiatives, facilitate professional development, and offer hands-on industry experience in Finance, Banking, and Business. On behalf of both organisations, Associate Dean of HKU
- [Shaping Tomorrow’s Leaders: HKU Business School signs MoU with Societe Generale](https://www.hkubs.hku.hk/sc/media/school-news/shaping-tomorrows-leaders-hku-business-school-signs-mou-with-societe-generale/) - As a promising step toward making a difference for our students, we have signed a Memorandum of Understanding (MoU) with Societe Generale. The collaboration will provide opportunities for students, foster unique research initiatives, facilitate professional development, and offer hands-on industry experience in Finance, Banking, and Business. On behalf of both organisations, Associate Dean of HKU
- [Exploring China's Economic Landscape: Stanford Delegation Visits HKU Business School](https://www.hkubs.hku.hk/media/school-news/exploring-chinas-economic-landscape-stanford-delegation-visits-hku-business-school/) - On Tuesday, 17th June, HKU Business School had the honour of hosting a distinguished delegation from the Stanford Center on China's Economy and Institutions. The delegation included over 30 undergraduate students and staff from various departments such as the School of Engineering, School of Humanities and Sciences, Doerr School of Sustainability, as well as the
- [港大經管學院領袖企業家講壇系列2025年第四講 – 通用人工智能的技術發展和典型應用](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-masters-programme-entrepreneur-lecture-series-2025-4-advancements-and-pivotal-applications-of-artificial-intelligence-technology/) - 港大經管學院榮幸邀請到科大訊飛股份有限公司董事長劉慶峰教授，擔任2025年5月27日舉行的「港大經管學院領袖企業家講壇系列 2025年 - 第四講」主講嘉賓，與港大經管學院經濟學實務教授毛振華教授進行一場深入且充滿啟發性的對話。兩位圍繞「通用人工智能的技術發展和典型應用」主題，探討人工智能在全球科技博弈中的關鍵角色，剖析認知大模型的演進歷程和通用大模型基礎的最新突破，並分析當前人工智能產業的發展趨勢，為與會者帶來前沿視角與深刻的商業洞見，激發對科技創新與產業轉型的深思。 劉教授針對人工智能的快速發展，引用數家領先企業的研究報告，闡述其對人才結構的深遠影響。他指出，全球平均18% 的工作可能由AI自動化完成，影響約3億個全職職位，根據報告預測，AI將創造1.7億個新工作機會，同時取代9200萬個現有職位，淨增7800萬個就業機會。此外，業界預計，具備超越諾貝爾獎得者智力的強大AI系統將於2026-2027年間問世。同時，截至2024年底，中國生成式人工智慧產品的用戶規模已高達2.49億人，佔總人口的17.7%。 隨後，劉教授分享中文語音合成技術已臻成熟，並廣泛應用於新聞播報。多間主流媒體亦已普遍採用語音合成技術，結合多樣化形象的AI虛擬主播進行新聞報導。他特別提到，在萬物互聯時代，具備解耦複雜語音訊號能力的語音識別系統至關重要。集團通過將語音屬性解耦等預訓練方法與大模型相結合，大幅提升複雜語音訊號的辨識準確率，顯著提升會議記錄效率。 劉教授深信，大模型的歷史意義不亞於個人電腦與網路的誕生。他概述以大模型為基礎的通用人工智慧的七大技術維度為：文本生成、語言理解、知識問答、邏輯推理、數學能力、代碼能力及多模態能力。這些維度推動了多項革命性應用，包括： 改變資訊分發與獲取模式 革新內容生產流程 實現全自然交互完成任務 提供專家級虛擬助手 顛覆傳統手工編程方式 加速科研工作進展 面對美國對中國高端算力芯片的日益嚴格限制，集團採用結合評語模式和細粒度回饋的強化學習技術，開發國產平台強化學習演算法包，提升全國產化算力深度推理模型的訓練效率。劉教授更特別分享集團於本年初推出「星火X1」- 國內首個基於快慢思考統一模型訓練推理方法的創新成果。作為自主可控的底座模型，「星火X1」為教育、醫療、工業、金融等多個產業場景提供針對性解決方案，大大提升應用成效。 主題演講接近尾聲時，劉教授寄語會眾：「未來不是屬於AI，而是屬於掌握AI的新人類！」。他強調，掌握AI技能將成為每位學生的必備能力之一，而教育的使命在於培養適應未來社會的新一代人才。人工智慧與教育的深度融合不僅是技術進步的必然趨勢，也是教育創新的關鍵動力。 作為本學年最後一場講壇，此次活動為學院與業界領袖的交流畫下圓滿句號。劉教授的分享不僅展現了AI技術的前沿進展，並為與會者帶來深刻啟發，激勵年輕學子與業界人士積極擁抱AI，探索科技與產業融合的無限可能，為未來發展注入強勁動力。
- [RMIT越南国际大学脱颖而出 2025汇丰/香港大学亚太区商业案例比赛夺冠](https://www.hkubs.hku.hk/sc/media/press-release/rmit-university-vietnam-wins-the-hsbc-hku-asia-pacific-business-case-competition-2025/) - 来自RMIT越南国际大学的队伍荣获2025汇丰/香港大学亚太区商业案例比赛总冠军。该比赛专为大学本科生而设、规模为全球同类型比赛之最。今年比赛于6月2日至6日期间在香港举行，汇聚来自全球20个市场共24支队伍同场较量。 在汇丰的持续支持下，比赛今年已踏入第18届，多年来获超过100,000名学生参与。今年决赛要求参赛队伍为汇丰设计新采购流程，藉以涵盖更多来自少众群体或少数族裔的企业，从而提高亚洲供应链的多元性。获胜团队建议设立一个跨境供应商支援平台，连系区小型及大型供应商，让小型供应商借此获得大型公司的谘询和支援。 为提升参赛学生的协商技巧与商业思维，今年比赛新增「Boardroom Challenge」环节。当中，参赛队伍须提出创新策略以吸引世界各地游客来港，并于评审面前进行辩论。该环节让参赛者运用对自身市场的理解，制定符合当地游客所好的推广，展现香港的多元魅力。 参赛学生亦与本地慈善组织交流，深入了解推动多元共融所面对的挑战与机遇；并参与义工活动协助弱势社群，亲身体会民生及经济议题，从中汲取宝贵经验。 汇丰亚洲及中东地区联席行政总裁廖宜建在颁奖典礼上表示：“今年参赛学生的香港之行收获甚丰。他们在为期一周的比赛中竭尽全力外，彼此间亦建立了跨越地域的深厚友谊。汇丰于2008年开始支持商业案例比赛，至今已有逾100,000名学生参与，足证汇丰银行慈善基金不遗馀力，一直为香港培育年青人才。” 香港大学经管学院院长蔡洪滨教授表示：「过去18年，港大经管学院与汇丰一直紧密合作，为香港及世界各地培育未来领袖。作为全球最具规模的本科生商业案例比赛，本次赛事充分展示了学生们的热诚与创造力。我们为他们的卓越表现深感骄傲，也很高兴学生们可以透过深入的案例分析和富有意义的公益活动，提升批判思维与领导才能，为应对未来全球与地区挑战作更好准备。」 「2025汇丰／香港大学亚太区商业案例比赛」得奖队伍如下： 冠军 - RMIT越南国际大学 亚军 - 阿姆斯特丹大学 季军 - 立命馆亚洲太平洋大学 「汇丰／香港大学商业案例比赛」由港大经管学院亚洲案例研究中心和香港大学举办，获汇丰银行慈善基金全力支持。比赛致力培育未来商业领袖，提升大学生的技能、扩阔环球视野，并协助他们拓展事业。 有关香港和亚太区商业案例比赛的更多资料，请浏览：https://competition.acrc.hku.hk/
- [RMIT越南國際大學脫穎而出 2025滙豐/香港大學亞太區商業案例比賽奪冠](https://www.hkubs.hku.hk/sc/media/press-release/rmit-university-vietnam-wins-the-hsbc-hku-asia-pacific-business-case-competition-2025/) - 來自RMIT越南國際大學的隊伍榮獲2025滙豐/香港大學亞太區商業案例比賽總冠軍。該比賽專為大學本科生而設、規模為全球同類型比賽之最。今年比賽於6月2日至6日期間在香港舉行，匯聚來自全球20個市場共24支隊伍同場較量。 在滙豐的持續支持下，比賽今年已踏入第18屆，多年來獲超過100,000名學生參與。今年決賽要求參賽隊伍為滙豐設計新採購流程，藉以涵蓋更多來自少眾群體或少數族裔的企業，從而提高亞洲供應鏈的多元性。獲勝團隊建議設立一個跨境供應商支援平台，連繫區小型及大型供應商，讓小型供應商藉此獲得大型公司的諮詢和支援。 為提升參賽學生的協商技巧與商業思維，今年比賽新增「Boardroom Challenge」環節。當中，參賽隊伍須提出創新策略以吸引世界各地遊客來港，並於評審面前進行辯論。該環節讓參賽者運用對自身市場的理解，制定符合當地遊客所好的推廣，展現香港的多元魅力。 參賽學生亦與本地慈善組織交流，深入了解推動多元共融所面對的挑戰與機遇；並參與義工活動協助弱勢社群，親身體會民生及經濟議題，從中汲取寶貴經驗。 滙豐亞洲及中東地區聯席行政總裁廖宜建在頒獎典禮上表示：「今年參賽學生的香港之行收獲甚豐。他們在為期一週的比賽中竭盡全力外，彼此間亦建立了跨越地域的深厚友誼。滙豐於2008年開始支持商業案例比賽，至今已有逾100,000名學生參與，足證滙豐銀行慈善基金不遺餘力，一直為香港培育年青人才。」 香港大學經管學院院長蔡洪濱教授表示：「過去18年，港大經管學院與滙豐一直緊密合作，為香港及世界各地培育未來領袖。作為全球最具規模的本科生商業案例比賽，本次賽事充分展示了學生們的熱誠與創造力。我們為他們的卓越表現深感驕傲，也很高興學生們可以透過深入的案例分析和富有意義的公益活動，提升批判思維與領導才能，為應對未來全球與地區挑戰作更好準備。」 「2025滙豐／香港大學亞太區商業案例比賽」得獎隊伍如下： 冠軍 - RMIT越南國際大學 亞軍 - 阿姆斯特丹大學 季軍 - 立命館亞洲太平洋大學 「滙豐／香港大學商業案例比賽」由港大經管學院亞洲案例研究中心和香港大學舉辦，獲滙豐銀行慈善基金全力支持。比賽致力培育未來商業領袖，提升大學生的技能、擴闊環球視野，並協助他們拓展事業。 有關香港和亞太區商業案例比賽的更多資料，請瀏覽：https://competition.acrc.hku.hk/
- [RMIT University Vietnam wins the HSBC/HKU Asia Pacific Business Case Competition 2025](https://www.hkubs.hku.hk/sc/media/press-release/rmit-university-vietnam-wins-the-hsbc-hku-asia-pacific-business-case-competition-2025/) - The team from RMIT University Vietnam has been named the 2025 champion of the HSBC/HKU Asia Pacific Business Case Competition, the world’s largest business case competition for undergraduates. This year’s competition, held from 2 to 6 June In Hong Kong, brought together 24 teams from 20 markets across the world. Now in its 18th year,
- [HSBC/HKU Asia Pacific Business Case Competition 2025: Advancing Business Innovation and Leadership](https://www.hkubs.hku.hk/sc/media/school-news/hsbc-hku-asia-pacific-business-case-competition-2025-advancing-business-innovation-and-leadership/) - On June 6 2025, the final round of the HSBC/HKU Asia Pacific Business Case Competition 2025 was held, reaffirming its position as the world’s largest and best business case competition globally. Organised by HKU Business School’s Asia Case Research Centre (ACRC), together with HSBC, the competition concluded at HSBC’s main building in Hong Kong. Throughout
- [HSBC/HKU Asia Pacific Business Case Competition 2025: Advancing Business Innovation and Leadership](https://www.hkubs.hku.hk/sc/media/school-news/hsbc-hku-asia-pacific-business-case-competition-2025-advancing-business-innovation-and-leadership/) - On June 6 2025, the final round of the HSBC/HKU Asia Pacific Business Case Competition 2025 was held, reaffirming its position as the world’s largest and best business case competition globally. Organised by HKU Business School’s Asia Case Research Centre (ACRC), together with HSBC, the competition concluded at HSBC’s main building in Hong Kong. Throughout
- [HSBC/HKU Asia Pacific Business Case Competition 2025: Advancing Business Innovation and Leadership](https://www.hkubs.hku.hk/sc/media/school-news/hsbc-hku-asia-pacific-business-case-competition-2025-advancing-business-innovation-and-leadership/) - On June 6 2025, the final round of the HSBC/HKU Asia Pacific Business Case Competition 2025 was held, reaffirming its position as the world’s largest and best business case competition globally. Organised by HKU Business School’s Asia Case Research Centre (ACRC), together with HSBC, the competition concluded at HSBC’s main building in Hong Kong. Throughout
- [Hong Kong Joint University Case Competition 2025](https://www.hkubs.hku.hk/media/school-news/hong-kong-joint-university-case-competition-2025/) - We are pleased to announce the successful conclusion of Hong Kong Joint University Case Competition (JUCC) 2025. This annual flagship event, organised by the HKU International Case Society (HICS), a student-run organisation supported by HKU Business School, invited 16 top undergraduate teams from The University of Hong Kong, The Chinese University of Hong Kong, City
- [Prof. Weiming Zhu Named Best in the 40 Under 40 for MBAs!](https://www.hkubs.hku.hk/sc/media/school-news/prof-weiming-zhu-named-best-in-the-40-under-40-for-mbas/) - Professor Weiming Zhu of HKU Business School was recently chosen among the select group of global ‘2025 Best 40 Under 40 MBA Professors’. The award was compiled by the highly influential Poets&Quants education media outlet. Prof. Zhu’s achievement is consistent with HKU Business School’s ongoing commitment to attracting and supporting our diverse body of highly
- [Double the impact: Two parallel Masters delegations discover Paris and Barcelona!](https://www.hkubs.hku.hk/media/school-news/double-the-impact-two-parallel-masters-delegations-discover-paris-barcelona/) - Earlier this month, the HKU-TLV Innovation Hub successfully led two simultaneous international field trips for Masters’ students —one in Paris and the other in Barcelona. Across both cities, students took part in a rich and immersive academic experience that combined company visits, interactive workshops, and cultural exploration. They engaged with local startups and industry leaders,
- [港大经管学院领袖企业家讲坛系列2025年第四讲 – 通用人工智能的技术发展和典型应用](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-masters-programme-entrepreneur-lecture-series-2025-4-advancements-and-pivotal-applications-of-artificial-intelligence-technology/) - 港大经管学院荣幸地邀请到科大讯飞股份有限公司董事长刘庆峰教授，担任2025年5月27日举行的“港大经管学院领袖企业家讲坛系列 2025年 - 第四讲”主讲嘉宾，与港大经管学院经济学实务教授毛振华教授进行一场深入且充满启发性的对话。两位围绕“通用人工智能的技术发展和典型应用”主题，探讨人工智能在全球科技博弈中的关键角色，剖析认知大模型的演进历程和通用大模型基础的最新突破，并分析当前人工智能产业的发展趋势，为与会者带来前沿视角与深刻的商业洞见，激发对科技创新与产业转型的深思。 刘教授针对人工智能的快速发展，引用数家领先企业的研究报告，阐述其对人才结构的深远影响。他指出，全球平均18% 的工作可能由AI自动化完成，影响约3亿个全职职位，根据报告预测，AI将创造1.7亿个新工作机会，同时取代9200万个现有职位，净增7800万个就业机会。此外，业界预计，具备超越诺贝尔奖得者智力的强大AI系统将于2026-2027年间问世。同时，截至2024年底，中国生成式人工智能产品的用户规模已高达2.49亿人，占总人口的17.7%。 随后，刘教授分享中文语音合成技术已臻成熟，并广泛应用于新闻播报。多间主流媒体亦已普遍采用语音合成技术，结合多样化形象的AI虚拟主播进行新闻报导。他特别提到，在万物互联时代，具备解耦复杂语音讯号能力的语音识别系统至关重要。集团通过将语音属性解耦等预训练方法与大模型相结合，大幅提升复杂语音讯号的辨识准确率，显著提升会议记录效率。 刘教授深信，大模型的历史意义不亚于个人计算机与网络的诞生。他概述以大模型为基础的通用人工智能的七大技术维度为：文本生成、语言理解、知识问答、逻辑推理、数学能力、代码能力及多模态能力。这些维度推动了多项革命性应用，包括： 改变信息分发与获取模式 革新内容生产流程 实现全自然交互完成任务 提供专家级虚拟助手 颠覆传统手工编程方式 加速科研工作进展 面对美国对中国高端算力芯片的日益严格限制，集团采用结合评语模式和细粒度回馈的强化学习技术，开发国产平台强化学习算法包，提升全国产化算力深度推理模型的训练效率。刘教授更特别分享集团于本年初推出“星火X1”- 国内首个基于快慢思考统一模型训练推理方法的创新成果。作为自主可控的底座模型，“星火X1”为教育、医疗、工业、金融等多个产业场景提供针对性解决方案，大大提升应用成效。 主题演讲接近尾声时，刘教授寄语会众：“未来不是属于AI，而是属于掌握AI的新人类！”。他强调，掌握AI技能将成为每位学生的必备能力之一，而教育的使命在于培养适应未来社会的新一代人才。人工智能与教育的深度融合不仅是技术进步的必然趋势，也是教育创新的关键动力。 作为本学年最后一场讲坛，此次活动为学院与业界领袖的交流画下圆满句号。刘教授的分享不仅展现了AI技术的前沿进展，并为与会者带来深刻启发，激励年轻学子与业界人士积极拥抱AI，探索科技与产业融合的无限可能，为未来发展注入强劲动力。
- [HKU Business School Masters Programme Entrepreneur Lecture Series 2025 #4 - Advancements and Pivotal Applications of Artificial Intelligence Technology](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-masters-programme-entrepreneur-lecture-series-2025-4-advancements-and-pivotal-applications-of-artificial-intelligence-technology/) - 港大經管學院榮幸邀請到科大訊飛股份有限公司董事長劉慶峰教授，擔任2025年5月27日舉行的「港大經管學院領袖企業家講壇系列 2025年 - 第四講」主講嘉賓，與港大經管學院經濟學實務教授毛振華教授進行一場深入且充滿啟發性的對話。兩位圍繞「通用人工智能的技術發展和典型應用」主題，探討人工智能在全球科技博弈中的關鍵角色，剖析認知大模型的演進歷程和通用大模型基礎的最新突破，並分析當前人工智能產業的發展趨勢，為與會者帶來前沿視角與深刻的商業洞見，激發對科技創新與產業轉型的深思。 劉教授針對人工智能的快速發展，引用數家領先企業的研究報告，闡述其對人才結構的深遠影響。他指出，全球平均18% 的工作可能由AI自動化完成，影響約3億個全職職位，根據報告預測，AI將創造1.7億個新工作機會，同時取代9200萬個現有職位，淨增7800萬個就業機會。此外，業界預計，具備超越諾貝爾獎得者智力的強大AI系統將於2026-2027年間問世。同時，截至2024年底，中國生成式人工智慧產品的用戶規模已高達2.49億人，佔總人口的17.7%。 隨後，劉教授分享中文語音合成技術已臻成熟，並廣泛應用於新聞播報。多間主流媒體亦已普遍採用語音合成技術，結合多樣化形象的AI虛擬主播進行新聞報導。他特別提到，在萬物互聯時代，具備解耦複雜語音訊號能力的語音識別系統至關重要。集團通過將語音屬性解耦等預訓練方法與大模型相結合，大幅提升複雜語音訊號的辨識準確率，顯著提升會議記錄效率。 劉教授深信，大模型的歷史意義不亞於個人電腦與網路的誕生。他概述以大模型為基礎的通用人工智慧的七大技術維度為：文本生成、語言理解、知識問答、邏輯推理、數學能力、代碼能力及多模態能力。這些維度推動了多項革命性應用，包括： 改變資訊分發與獲取模式 革新內容生產流程 實現全自然交互完成任務 提供專家級虛擬助手 顛覆傳統手工編程方式 加速科研工作進展 面對美國對中國高端算力芯片的日益嚴格限制，集團採用結合評語模式和細粒度回饋的強化學習技術，開發國產平台強化學習演算法包，提升全國產化算力深度推理模型的訓練效率。劉教授更特別分享集團於本年初推出「星火X1」- 國內首個基於快慢思考統一模型訓練推理方法的創新成果。作為自主可控的底座模型，「星火X1」為教育、醫療、工業、金融等多個產業場景提供針對性解決方案，大大提升應用成效。 主題演講接近尾聲時，劉教授寄語會眾：「未來不是屬於AI，而是屬於掌握AI的新人類！」。他強調，掌握AI技能將成為每位學生的必備能力之一，而教育的使命在於培養適應未來社會的新一代人才。人工智慧與教育的深度融合不僅是技術進步的必然趨勢，也是教育創新的關鍵動力。 作為本學年最後一場講壇，此次活動為學院與業界領袖的交流畫下圓滿句號。劉教授的分享不僅展現了AI技術的前沿進展，並為與會者帶來深刻啟發，激勵年輕學子與業界人士積極擁抱AI，探索科技與產業融合的無限可能，為未來發展注入強勁動力。
- [朱未名教授入选2025年全球40位40岁以下顶尖MBA教授](https://www.hkubs.hku.hk/sc/media/school-news/prof-weiming-zhu-named-best-in-the-40-under-40-for-mbas/) - 近日，香港大学经管学院朱未名教授入选全球极具影响力的商学院教育媒体Poets&Quants评选的"2025年全球40位40岁以下顶尖MBA教授"榜单。 朱教授取得的成就，体现了港大经管学院持续吸收并支持多元化、高水平教育团队的承诺。港大经管学院拥有来自超过22个国家、超过210位教师的多元化教育团队。这些优秀的教育人才仍在不断提升港大经管学院在亚太乃至全球作为顶尖学院的声誉。 36岁的朱教授是香港大学经管学院创新及信息管理学副教授，同时担任高层管理教育公开课程总监，其教学模式深受学生好评，不仅内容高度实用，而且极具前瞻性，比如他会在课堂上讲述如何使用ChatGPT进行编程等面向未来的工作技能。 在加入香港大学之前，朱教授曾任IESE商学院生产、技术与运营管理系副教授，并曾在麻省理工学院（MIT）的数据、系统与社会研究所（IDSS）担任访问教授。他的研究聚焦市场运营、城市交通和供应链金融领域，其研发的优惠券实时分配算法和共享单车模拟系统已被多家企业应用于日常运营决策。 朱教授的研究成果也在许多顶级期刊上发表，并多次获得最佳论文奖。他还曾荣获香港大学"杰出教师奖（研究生教学）"。 严肃的教学之外，朱教授拥有一个有趣而乐于思考的灵魂： "如果不当教授，我想当漫画家"：朱教授坦言非常喜欢绘画，同时也认同尤瓦尔赫拉利在《人类简史》描述的"好故事"在人类社会中的力量。在课堂中会使用"剧情式案例教学"和“引导式提问”同MBA学生进行互动。在激发课堂活力的同时，引起同学反思，并借此阐明关键知识点。 企业需要"减少算法厌恶"：朱教授指出，企业在AI应用中的障碍不仅源于技术，更在于员工对机器的不信任。在AI时代，企业应帮助团队在高效利用AI技术的同时，保持批判性思维与独立判断，并在组织内部贯彻人文关怀。 最喜欢MBA学生带来的多元化视角：朱教授享受与来自不同背景的学生交流，但也坦言在技术快速发展的背景下保持课程内容的相关性是最具挑战性的部分。 请按此浏览有关榜单详情
- [朱未名教授入選2025年全球40位40歲以下頂尖MBA教授](https://www.hkubs.hku.hk/sc/media/school-news/prof-weiming-zhu-named-best-in-the-40-under-40-for-mbas/) - 近日，港大經管學院朱未名教授入選全球極具影響力的商學院教育媒體Poets&Quants評選的「2025年全球40位40歲以下頂尖MBA教授」榜單。 朱教授取得的成就，體現了港大經管學院持續吸收並支持多元化、高水平教育團隊的承諾。港大經管學院擁有來自超過22個國家、超過210位教員的多元化教育團隊。這些優秀的教育人才仍在不斷提升港大經管學院在亞太乃至全球作為頂尖學院的聲譽。 36歲的朱教授是港大經管學院創新及資訊管理學副教授，同時擔任高層管理教育公開課程總監，其教學模式深受學生好評，不僅內容高度實用，而且極具前瞻性，比如他會在課堂上講述如何使用ChatGPT進行編程等面向未來的工作技能。 在加入香港大學之前，朱教授曾任IESE商學院生產、技術與營運管理系副教授，並曾在麻省理工學院（MIT）的數據、系統與社會研究所（IDSS）擔任訪問教授。他的研究聚焦市場營運、城市交通和供應鏈金融領域，其研發的優惠券即時分配算法和共享單車模擬系統已被多家企業應用於日常營運決策。 朱教授的研究成果也在許多頂尖期刊上發表，並多次獲得最佳論文獎。他還曾榮獲香港大學「傑出教師獎（研究生教學）」。 嚴肅的教學之外，朱教授擁有一個有趣而樂於思考的靈魂： 「如果不當教授，我想當漫畫家」：朱教授坦言非常喜歡繪畫，同時也認同尤瓦爾·赫拉利在《人類簡史》描述的"好故事"在人類社會中的力量。在課堂中會使用"劇情式案例教學"和“引導式提問”同MBA學生進行互動。在激發課堂活力的同時，引起同學反思，並藉此闡明關鍵知識點。 企業需要「減少算法厭惡」：朱教授指出，企業在AI應用中的障礙不僅源於技術，更在於員工對機器的不信任。在AI時代，企業應幫助團隊在高效利用AI技術的同時，保持批判性思維與獨立判斷，並在組織內部貫徹人文關懷。 最喜歡MBA學生帶來的多元化視角：朱教授享受與來自不同背景的學生交流，但也坦言在技術快速發展的背景下保持課程內容的相關性是最具挑戰性的部分。
- [Forum on the Future of AI in Human Resource Management 2025  Exploring Challenges and Opportunities in Enterprise Digital Transformation](https://www.hkubs.hku.hk/sc/media/press-release/forum-on-the-future-of-ai-in-human-resource-management-2025-exploring-challenges-and-opportunities-in-enterprise-digital-transformation/) - (20 May, 2025, Hong Kong) The Forum on the Future of AI in Human Resource Management 2025, hosted by HKU Business School, in collaboration with The Hong Kong Chinese Enterprises Association (HKCEA), was held on 16 May. The Forum united renowned experts and corporate leaders to discuss the challenges and opportunities of HR management, as
- [Top Global Scholars Gather at HKU to Chart China’s Role in a Shifting World Economy](https://www.hkubs.hku.hk/media/school-news/top-global-scholars-gather-at-hku-to-chart-chinas-role-in-a-shifting-world-economy/) - 3rd Annual Conference on China and the Global Economy Explores Trade Wars, Industrial Policy, and Geoeconomics Challenges Hong Kong, May 21, 2025 – The Institute of China Economy (ICE) at HKU Business School successfully hosted its 3rd Annual Conference on China and the Global Economy from May 12–13, 2025, at iCube in Central Hong Kong. The event convened over 100 scholars, policymakers, and
- [“AI 时代的人力资源管理创新论坛 2025” 探索企业在智能化转型中的挑战与机遇](https://www.hkubs.hku.hk/sc/media/press-release/forum-on-the-future-of-ai-in-human-resource-management-2025-exploring-challenges-and-opportunities-in-enterprise-digital-transformation/) - （2025年5月20日，香港）港大经管学院联同香港中国企业协会人力资源委员举办的“AI 时代的人力资源管理创新论坛 2025”于5月16日圆满举行。论坛汇聚了专家学者和企业领袖，剖析了当前AI浪潮中的人力资源管理挑战与机遇，分享了研究成果和实践经验。论坛于香港大学黄丽松讲堂举行，共吸引近280位商界领袖、杰出学者、校友和学生出席现场活动，超过4300位观众收看在线直播。此次论坛标志著两大机构长期战略合作的开端，未来将持续推动学术研究与产业实践的深度融合。 港大经管学院院长蔡洪滨教授在致欢迎辞时表示：“在全球大变局和AI技术突飞猛进的时代背景下，除了思考AI带来的冲击与变革外，我们还应该拥抱这些变化，为提升在AI时代的适应力和竞争力做好准备。AI的发展在企业界快速变化，此次论坛旨在促进企业间的交流，希望学院的研究与探索能更紧密地应用于商业领域，携手面对不确定性，共同探索未来的发展路径。” 香港中国企业协会人力资源委员会主任委员，中国海外集团董事、副总经理马福军先生亦在致欢迎辞时表示：“AI 是工具，而人是根本。AI 时代的人力资源管理创新本质上是人才驱动的。一方面，AI 能够赋能人力资源管理，通过分析海量人才数据，更精确地把握人才需求和预测团队效能。另一方面，借助 AI 提升管理效率，通过创新机制激发人才的创造力与归属感，使人才在 AI 时代不仅不被技术替代，反而能够借助技术释放更大的潜能。” 港大经管学院管理及商业策略李晋教授在以“大压缩效应：AI 时代的人才管理”为题的主题演讲中，探讨了AI对人力资源管理领域的“大压缩效应”，主要集中于三个方面：技能压缩、激励压缩和团队压缩。 在技能压缩方面，AI能提升员工表现，特别是对于表现较弱的员工，从而缩小员工之间的技能差距并加速新员工的培养，深化人才库，企业也将重新评估并平衡人才需求。而在激励方面，由于AI能快速产出良好结果，员工可能缺乏动力追求更高质量，这将影响企业的战略和组织设计，需要重新思考激励方式和岗位设置。最后，AI有机会导致团队压缩，未来可能不再需要大型团队，而是更小、更敏捷的小型团队，甚至出现与智能工具协作的个人模式，这将对现有的组织架构造成冲击。 随后，多名企业领袖围绕“AI 落地人力资源管理的实践经验”的主题，分享了他们的真知灼见。中国海外发展有限公司副总裁、首席人力资源官、总审计师曹文杨先生指出，AI工具并非通过技术取代人，而是实现“人机协同，优势互补”。事务性工作可以由AI自动化提升效率；流程性工作则是人机协同的关键区域，利用AI工具的支持，能将个性化经验转化为标准化生产力，并提升知识转化效率，实现从事务执行者到价值创造者的跃迁。而战略性工作则必须由人主导，因为AI无法取代人类在处理复杂决策、情感感知和价值观传递等方面的作用。 招商局人力资源部副总经理王宇先生分享了企业在人力资源智能体方面的初步探索与实践，强调未来的智能系统将更深入了解人力资源的业务场景和管理逻辑，能直接解决日常人力资源问题并提供个性化服务，进一步推动专业化分工。他认为，未来的劳动力将由人类和“数智人”共同组成，两者将紧密协作，“数智人”擅长“智”的层面，而人类则会在“慧”的领域更上一层楼。 用友网络科技股份有限公司副总裁张月强先生倡导AI应用应是“AI+”而非“+AI”，前者代表颠覆式变革，而后者仅是在原有逻辑上叠加AI。他表示，人力资源管理的任务结构将发生变化，未来AI助理（AI Agent）将直接提供服务，因此人力资源管理者需要提升能力，从“懂人”转变为“懂人工智慧”，成为组织发展专家和人机协同架构师。他强调，人力资源管理应重视人性洞察力、复杂决策能力和价值观判断，而其长期价值在于技术工具的使用效率和人性化场景的设计能力。 论坛当天亦举行了一场以“AI 时代的人力资源管理挑战与机遇”为题的专题讨论，由港大经管学院管理及商业策略贡洁副教授主持，座谈嘉宾包括中国联通(香港)创新研究院副院长迟兴军先生；香港立法会议员、招商局港口集团副董事长严刚先生；中国移动香港首席人力资源官、人力资源部总经理张留成先生；以及华为香港研究所人力资源总监吕晓燕女士。讲者们认为，AI将对未来的企业组织架构和内部管理带来重大改变，人力资源专业必须掌握AI能力，并引导公司在其他领域应用AI。除了提升员工的个人生产力，更重要的是提升企业的整体效率。同时企业应要拥抱数字化与智能化，更关键的是企业要从数字化转型至“数智化”，加速部署新型数位基础设施，才能增强竞争力。替代、强化和提升是AI带来的大势所趋，未来将需要数字化平台、数据管理系统、数字化员工和高素质的数字化管理团队，形成“一体双模”的管理体系，即结合传统管理模式和共享服务模式，同时服务人和智能体。 论坛尾声，两机构代表共同向演讲嘉宾颁发感谢状，表彰其对行业知识共享的贡献。 图片 港大经管学院院长蔡洪滨教授致欢迎辞。 香港中国企业协会人力资源委员会主任委员，中国海外集团董事、副总经理马福军先生致欢迎辞。 港大经管学院管理及商业策略李晋教授发表主题演讲。 中国海外发展有限公司副总裁、首席人力资源官、总审计师曹文杨先生进行企业分享。 招商局人力资源部副总经理王宇先生进行企业分享。 用友网络科技股份有限公司副总裁张月强先生进行企业分享。 （左起）港大经管学院管理及商业策略贡洁副教授；中国联通(香港)创新研究院副院长迟兴军先生；香港立法会议员、招商局港口集团副董事长严刚先生；中国移动香港首席人力资源官、人力资源部总经理张留成先生；以及华为香港研究所人力资源总监吕晓燕女士进行专题讨论。 论坛于香港大学黄丽松讲堂举行，共吸引280位工商界领袖、杰出学者、校友和学生出席。 请按此下载高清图片。
- [「AI 時代的人力資源管理創新論壇 2025」 探索企業在智能化轉型中的挑戰與機遇](https://www.hkubs.hku.hk/sc/media/press-release/forum-on-the-future-of-ai-in-human-resource-management-2025-exploring-challenges-and-opportunities-in-enterprise-digital-transformation/) - （2025年5月20日，香港）港大經管學院聯同香港中國企業協會人力資源委員舉辦的「AI 時代的人力資源管理創新論壇 2025」於5月16日圓滿舉行。論壇匯聚了專家學者和企業領袖，剖析了當前AI浪潮中的人力資源管理挑戰與機遇，分享了研究成果和實踐經驗。論壇於香港大學黃麗松講堂舉行，共吸引近280位商界領袖、傑出學者、校友和學生出席現場活動，超過4300位觀眾收看在線直播。此次論壇標誌著兩大機構長期戰略合作的開端，未來將持續推動學術研究與產業實踐的深度融合。 港大經管學院院長蔡洪濱教授在致歡迎辭時表示：「在全球大變局和AI技術突飛猛進的時代背景下，除了思考AI帶來的衝擊與變革外，我們還應該擁抱這些變化，為提升在AI時代的適應力和競爭力做好準備。AI的發展在企業界快速變化，此次論壇旨在促進企業間的交流，希望學院的研究與探索能更緊密地應用於商業領域，攜手面對不確定性，共同探索未來的發展路徑。」 香港中國企業協會人力資源委員會主任委員，中國海外集團董事、副總經理馬福軍先生亦在致歡迎辭時表示：「AI 是工具，而人是根本。AI 時代的人力資源管理創新本質上是人才驅動的。一方面，AI 能夠賦能人力資源管理，通過分析海量人才數據，更精確地把握人才需求和預測團隊效能。另一方面，借助 AI 提升管理效率，通過創新機制激發人才的創造力與歸屬感，使人才在 AI 時代不僅不被技術替代，反而能夠借助技術釋放更大的潛能。」 港大經管學院管理及商業策略李晉教授在以「大壓縮效應：AI 時代的人才管理」為題的主題演講中，探討了AI對人力資源管理領域的「大壓縮效應」，主要集中於三個方面：技能壓縮、激勵壓縮和團隊壓縮。 在技能壓縮方面，AI能提升員工表現，特別是對於表現較弱的員工，從而縮小員工之間的技能差距並加速新員工的培養，深化人才庫，企業也將重新評估並平衡人才需求。而在激勵方面，由於AI能快速產出良好結果，員工可能缺乏動力追求更高質量，這將影響企業的戰略和組織設計，需要重新思考激勵方式和崗位設置。最後，AI有機會導致團隊壓縮，未來可能不再需要大型團隊，而是更小、更敏捷的小型團隊，甚至出現與智能工具協作的個人模式，這將對現有的組織架構造成衝擊。 隨後，多名企業領袖圍繞「AI 落地人力資源管理的實踐經驗」的主題，分享了他們的真知灼見。中國海外發展有限公司副總裁、首席人力資源官、總審計師曹文楊先生指出，AI工具並非通過技術取代人，而是實現「人機協同，優勢互補」。事務性工作可以由AI自動化提升效率；流程性工作則是人機協同的關鍵區域，利用AI工具的支持，能將個性化經驗轉化為標準化生產力，並提升知識轉化效率，實現從事務執行者到價值創造者的躍遷。而戰略性工作則必須由人主導，因為AI無法取代人類在處理複雜決策、情感感知和價值觀傳遞等方面的作用。 招商局人力資源部副總經理王宇先生分享了企業在人力資源智能體方面的初步探索與實踐，強調未來的智能系統將更深入了解人力資源的業務場景和管理邏輯，能直接解決日常人力資源問題並提供個性化服務，進一步推動專業化分工。他認為，未來的勞動力將由人類和「數智人」共同組成，兩者將緊密協作，「數智人」擅長「智」的層面，而人類則會在「慧」的領域更上一層樓。 用友網絡科技股份有限公司副總裁張月強先生倡導AI應用應是「AI+」而非「+AI」，前者代表顛覆式變革，而後者僅是在原有邏輯上疊加AI。他表示，人力資源管理的任務結構將發生變化，未來AI助理（AI Agent）將直接提供服務，因此人力資源管理者需要提升能力，從「懂人」轉變為「懂人工智慧」，成為組織發展專家和人機協同架構師。他強調，人力資源管理應重視人性洞察力、複雜決策能力和價值觀判斷，而其長期價值在於技術工具的使用效率和人性化場景的設計能力。 論壇當天亦舉行了一場以「AI 時代的人力資源管理挑戰與機遇」為題的專題討論，由港大經管學院管理及商業策略貢潔副教授主持，座談嘉賓包括中國聯通(香港)創新研究院副院長遲興軍先生；香港立法會議員、招商局港口集團副董事長嚴剛先生；中國移動香港首席人力資源官、人力資源部總經理張留成先生；以及華為香港研究所人力資源總監呂曉燕女士。講者們認為，AI將對未來的企業組織架構和內部管理帶來重大改變，人力資源專業必須掌握AI能力，並引導公司在其他領域應用AI。除了提升員工的個人生產力，更重要的是提升企業的整體效率。同時企業應要擁抱數字化與智能化，更關鍵的是企業要從數字化轉型至「數智化」，加速部署新型數位基礎設施，才能增強競爭力。替代、強化和提升是AI帶來的大勢所趨，未來將需要數字化平台、數據管理系統、數字化員工和高素質的數字化管理團隊，形成「一體雙模」的管理體系，即結合傳統管理模式和共享服務模式，同時服務人和智能體。 論壇尾聲，兩機構代表共同向演講嘉賓頒發感謝狀，表彰其對行業知識共享的貢獻。 圖片 港大經管學院院長蔡洪濱教授致歡迎辭。 香港中國企業協會人力資源委員會主任委員，中國海外集團董事、副總經理馬福軍先生致歡迎辭。 港大經管學院管理及商業策略李晉教授發表主題演講。 中國海外發展有限公司副總裁、首席人力資源官、總審計師曹文楊先生進行企業分享。 招商局人力資源部副總經理王宇先生進行企業分享。 用友網絡科技股份有限公司副總裁張月強先生進行企業分享。 （左起）港大經管學院管理及商業策略貢潔副教授；中國聯通(香港)創新研究院副院長遲興軍先生；香港立法會議員、招商局港口集團副董事長嚴剛先生；中國移動香港首席人力資源官、人力資源部總經理張留成先生；以及華為香港研究所人力資源總監呂曉燕女士進行專題討論。 論壇於香港大學黃麗松講堂舉行，共吸引280位工商界領袖、傑出學者、校友和學生出席。 請按此下載高清圖片。
- [Praising Academic Excellence: Beta Gamma Sigma HKU Chapter Embraces a New Wave of Over 100 Inductees](https://www.hkubs.hku.hk/sc/media/school-news/praising-academic-excellence-beta-gamma-sigma-hku-chapter-embraces-a-new-wave-of-over-100-inductees/) - The Beta Gamma Sigma (BGS) HKU Chapter proudly hosted its induction ceremony on April 24, 2025, at the HKU iCube. The event marked the induction of 109 exceptional undergraduate and postgraduate students into the esteemed ranks of Beta Gamma Sigma. Additionally, Mr. Daryl Ng, Deputy Chairman of Sino Group, a committed advocate for sustainability and
- [Praising Academic Excellence: Beta Gamma Sigma HKU Chapter Embraces a New Wave of Over 100 Inductees](https://www.hkubs.hku.hk/sc/media/school-news/praising-academic-excellence-beta-gamma-sigma-hku-chapter-embraces-a-new-wave-of-over-100-inductees/) - The Beta Gamma Sigma (BGS) HKU Chapter proudly hosted its induction ceremony on April 24, 2025, at the HKU iCube. The event marked the induction of 109 exceptional undergraduate and postgraduate students into the esteemed ranks of Beta Gamma Sigma. Additionally, Mr. Daryl Ng, Deputy Chairman of Sino Group, a committed advocate for sustainability and
- [Praising Academic Excellence: Beta Gamma Sigma HKU Chapter Embraces a New Wave of Over 100 Inductees](https://www.hkubs.hku.hk/sc/media/school-news/praising-academic-excellence-beta-gamma-sigma-hku-chapter-embraces-a-new-wave-of-over-100-inductees/) - The Beta Gamma Sigma (BGS) HKU Chapter proudly hosted its induction ceremony on April 24, 2025, at the HKU iCube. The event marked the induction of 109 exceptional undergraduate and postgraduate students into the esteemed ranks of Beta Gamma Sigma. Additionally, Mr. Daryl Ng, Deputy Chairman of Sino Group, a committed advocate for sustainability and
- [Connectivity in Finance – March 2025](https://www.hkubs.hku.hk/sc/media/school-news/connectivity-in-finance-march-2025/) - Connectivity in Finance (“CIF”) is a three-day out-of-the-classroom event for HKU Business School students, which one can treat as a local field trip. The event was led by Professor Anna Wong, Programme Director of the Bachelor of Finance in Asset Management and Private Banking (BFin(AMPB)) and arranged primarily for the Year 1 and Year 2
- [Connectivity in Finance – March 2025](https://www.hkubs.hku.hk/sc/media/school-news/connectivity-in-finance-march-2025/) - Connectivity in Finance (“CIF”) is a three-day out-of-the-classroom event for HKU Business School students, which one can treat as a local field trip. The event was led by Professor Anna Wong, Programme Director of the Bachelor of Finance in Asset Management and Private Banking (BFin(AMPB)) and arranged primarily for the Year 1 and Year 2
- [Connectivity in Finance – March 2025](https://www.hkubs.hku.hk/sc/media/school-news/connectivity-in-finance-march-2025/) - Connectivity in Finance (“CIF”) is a three-day out-of-the-classroom event for HKU Business School students, which one can treat as a local field trip. The event was led by Professor Anna Wong, Programme Director of the Bachelor of Finance in Asset Management and Private Banking (BFin(AMPB)) and arranged primarily for the Year 1 and Year 2
- [Beta Gamma Sigma (HKU Chapter) Student Representatives for BGS Regional Leadership Conference 2025 in Highland Heights, Kentucky](https://www.hkubs.hku.hk/sc/media/school-news/beta-gamma-sigma-hku-chapter-student-representatives-for-bgs-regional-leadership-conference-2025-in-highland-heights-kentucky/) - Two current undergraduate students, Mr. Benjamin Evald [Year 4 – BEcon&Fin], and Ms. Alla Ip [(Year 4 BBA)], have been selected by the Faculty as student representatives to attend the Beta Gamma Sigma Regional Leadership Conference – "Navigating Leadership: Adapting Styles for the Evolving Workplace" at Northern Kentucky University from April 11-12, 2025. During the
- [Beta Gamma Sigma (HKU Chapter) Student Representatives for BGS Regional Leadership Conference 2025 in Highland Heights, Kentucky](https://www.hkubs.hku.hk/sc/media/school-news/beta-gamma-sigma-hku-chapter-student-representatives-for-bgs-regional-leadership-conference-2025-in-highland-heights-kentucky/) - Two current undergraduate students, Mr. Benjamin Evald [Year 4 – BEcon&Fin], and Ms. Alla Ip [(Year 4 BBA)], have been selected by the Faculty as student representatives to attend the Beta Gamma Sigma Regional Leadership Conference – "Navigating Leadership: Adapting Styles for the Evolving Workplace" at Northern Kentucky University from April 11-12, 2025. During the
- [Beta Gamma Sigma (HKU Chapter) Student Representatives for BGS Regional Leadership Conference 2025 in Highland Heights, Kentucky](https://www.hkubs.hku.hk/sc/media/school-news/beta-gamma-sigma-hku-chapter-student-representatives-for-bgs-regional-leadership-conference-2025-in-highland-heights-kentucky/) - Two current undergraduate students, Mr. Benjamin Evald [Year 4 – BEcon&Fin], and Ms. Alla Ip [(Year 4 BBA)], have been selected by the Faculty as student representatives to attend the Beta Gamma Sigma Regional Leadership Conference – "Navigating Leadership: Adapting Styles for the Evolving Workplace" at Northern Kentucky University from April 11-12, 2025. During the
- [The 6th HKU Quarterly Forum on Chinese Economy Navigates China's Trade Relations with the US and its Macroeconomic Outlook](https://www.hkubs.hku.hk/sc/media/press-release/the-6th-hku-quarterly-forum-on-chinese-economy-navigates-chinas-trade-relations-with-the-us-and-its-macroeconomic-outlook/) - (17 April, 2025, Hong Kong) The 6th HKU Quarterly Forum on Chinese Economy, hosted by HKU Business School’s Institute of China Economy (ICE), in collaboration with the Tsinghua Alumni Association of Hong Kong, was held on 16 April. The Forum brought together renowned experts and industry leaders to examine the growth engines of China’s economy,
- [HKU-Accenture Business Consulting Programme 2024-25 – Case Competition and Lunch Celebration](https://www.hkubs.hku.hk/media/school-news/hku-accenture-business-consulting-programme-2024-25-case-competition-and-lunch-celebration/) - We are pleased to celebrate the successful conclusion of the HKU-Accenture Business Consulting Programme 2024-25 on March 29, 2025. Now in its seventh year, the Programme continues to empower students with industry knowledge, hands-on exposure, and essential skills for the business consulting field, bridging university education with real-world applications. From hundreds of applicants, 30 students
- [港大经管学院领袖企业家讲坛系列2025年第三讲 – 穿越周期，聚焦优势产业，复星的战略思考与实践](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-masters-programme-entrepreneur-lecture-series-2025-3-navigating-cycles-focusing-on-advantageous-industries-fosuns-strategic-thinking-and-practice/) - 港大经管学院非常荣幸地邀请到复星国际有限公司董事长郭广昌先生，担任2025年4月25日举办的「港大经管学院领袖企业家讲坛系列 2025年 - 第三讲」的主讲嘉宾。此次论坛中，郭教授与港大经管学院经济学实务教授毛振华教授展开深入对话，围绕复星因时而变、顺势而为的战略思维，探讨企业在经济新浪潮下如何调整战略重心并聚焦优势产业，为与会者带来深刻的商业洞见和启发。 讲座伊始，郭教授向会众介绍了复星的战略布局。他指出，复星战略聚焦健康、快乐、富足的幸福生态系统，致力发挥企业生态优势，为全球家庭提供涵盖全生命周期的幸福解决方案。具体包括： 健康板块：涵盖生物制剂、器械诊断和健康服务等业务板块，持续全球产业创新，构建医疗级、一站式、全场景的健康生态； 快乐板块：围绕家庭消费和旅游文化，构建全球化、全产业的快乐生态系统； 富足板块：聚焦保险、资管两大领域，打造复星富足生态产业布局； 智造板块：以战略性资源、功能性新材料和智能制造产业为主体，赋能产业高端化、智能化、绿色转型 随后，郭教授以企业周期为主轴，指出人类常因惰性而固守旧路径。若环境已产生变化，但企业未能及时调整策略与思维，便会因商业路径依赖及人的惯性，逐步走向衰退。他进一步提到，中国企业的「卷」，早在当年的钢铁行业便已有深刻体会。当时，许多企业在产能过剩与价格战的压力下，陷入低利润甚至亏损的困境。他强调，企业若要穿越周期、实现持续成长，必须因变而变，及时调整策略，避免陷入恶性竞争的陷阱。以复星30多年的发展历程为例，他深入剖析集团如何自创立以来不断捕捉市场机遇：从初期的小型市场咨询公司，逐渐转型进入房地产销售和医药行业；第二阶段透过投资整合资源，实现快速成长并初步完成国内产业布局；其后聚焦全球经济与科技发展，推动资源和人才的全球整合；到了后期，随着生活水准提升和技术进步，复星转而强调科创驱动，专注提升产品力和竞争力，聚焦满足家庭客户的消费需求。在后疫情时代，集团再度调整策略，专注发展优势产业，以迎接新的挑战与机遇。 针对宏观经济周期，郭教授强调全球化发展的重要性。他指出，企业领导者不仅需敏锐辨识市场机会，还要在每个经营决策中进行清晰的价值分析与认同，同时善于整合公司生态资源和能力，为企业创造更大价值。以复星的医药产业为蓝本，他分享集团从研发布局到产品上市经历十多年的历程，强调若企业缺乏前期规划和长远准备，便难以在当今社会建立竞争优势。他进一步提及集团的经营宗旨：「如履薄冰，如临深渊，战战兢兢，兢兢业业。」面对资本市场的潮起潮落，他建议创业者保持独立判断能力，并掌握产品与资本逻辑，方能在变幻莫测的市场环境中屹立不倒。 接着，郭教授以人和组织周期为类比，进一步阐述企业管理的核心要素： 核心是组织，关键是人才，驱动靠文化，科技为基础 管理形式需因应环境与需求弹性改变 以组织能力和文化价值推动管理变革和提升，并借助现代资讯科技技术进一步提高管理系统效率 在分享环节的尾声，郭教授勉励会众秉持三个「坚持」：坚持做对的事、坚持做困难的事、坚持要做需要时间累积的事。他强调，唯有坚守原则与长远眼光，方能在商业道路上行稳致远。此次讲坛不仅展现了复星在全球化与创新道路上的卓越实践，更揭示了企业家精神的深刻内涵，启发与会者在面对挑战时保持敏锐与韧性，以创新的思维与长远的视野迎接未来机遇，为个人与企业的发展注入新的动力和灵感。
- [港大經管學院領袖企業家講壇系列2025年第三講 – 穿越週期，聚焦優勢産業，復星的戰略思考與實踐](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-masters-programme-entrepreneur-lecture-series-2025-3-navigating-cycles-focusing-on-advantageous-industries-fosuns-strategic-thinking-and-practice/) - 港大經管學院非常榮幸地邀請到復星國際有限公司董事長郭廣昌先生，擔任2025年4月25日舉辦的「港大經管學院領袖企業家講壇系列 2025年 - 第三講」的主講嘉賓。此次論壇中，郭教授與港大經管學院經濟學實務教授毛振華教授展開深入對話，圍繞復星因時而變、順勢而為的戰略思維，探討企業在經濟新浪潮下如何調整戰略重心並聚焦優勢産業，為與會者帶來深刻的商業洞見和啟發。 講座伊始，郭教授向會眾介紹了復星的戰略佈局。他指出，復星戰略聚焦健康、快樂、富足的幸福生態系統，致力發揮企業生態優勢，為全球家庭提供涵蓋全生命週期的幸福解決方案。具體包括： 健康板塊：涵蓋生物製劑、器械診斷和健康服務等業務板塊，持續全球產業創新，構建醫療級、一站式、全場景的健康生態； 快樂板塊：圍繞家庭消費和旅遊文化，構建全球化、全產業的快樂生態系統； 富足板塊：聚焦保險、資管兩大領域，打造復星富足生態產業佈局； 智造板塊：以戰略性資源、功能性新材料和智能製造產業為主體，賦能產業高端化、智能化、綠色轉型 隨後，郭教授以企業週期為主軸，指出人類常因惰性而固守舊路徑。若環境已產生變化，但企業未能及時調整策略與思維，便會因商業路徑依賴及人的慣性，逐步走向衰退。他進一步提到，中國企業的「卷」，早在當年的鋼鐵行業便已有深刻體會。當時，許多企業在產能過剩與價格戰的壓力下，陷入低利潤甚至虧損的困境。他強調，企業若要穿越週期、實現持續成長，必須因變而變，及時調整策略，避免陷入惡性競爭的陷阱。以復星30多年的發展歷程為例，他深入剖析集團如何自創立以來不斷捕捉市場機遇：從初期的小型市場諮詢公司，逐漸轉型進入房地產銷售和醫藥行業；第二階段透過投資整合資源，實現快速成長並初步完成國內產業佈局；其後聚焦全球經濟與科技發展，推動資源和人才的全球整合；到了後期，隨著生活水準提升和技術進步，復星轉而強調科創驅動，專注提升產品力和競爭力，聚焦滿足家庭客戶的消費需求。在後疫情時代，集團再度調整策略，專注發展優勢產業，以迎接新的挑戰與機遇。 針對宏觀經濟週期，郭教授強調全球化發展的重要性。他指出，企業領導者不僅需敏銳辨識市場機會，還要在每個經營決策中進行清晰的價值分析與認同，同時善於整合公司生態資源和能力，為企業創造更大價值。以復星的醫藥產業為藍本，他分享集團從研發佈局到產品上市經歷十多年的歷程，強調若企業缺乏前期規劃和長遠準備，便難以在當今社會建立競爭優勢。他進一步提及集團的經營宗旨：「如履薄冰，如臨深淵，戰戰兢兢，兢兢業業。」面對資本市場的潮起潮落，他建議創業者保持獨立判斷能力，並掌握產品與資本邏輯，方能在變幻莫測的市場環境中屹立不倒。 接著，郭教授以人和組織週期為類比，進一步闡述企業管理的核心要素： 核心是組織，關鍵是人才，驅動靠文化，科技為基礎 管理形式需因應環境與需求彈性改變 以組織能力和文化價值推動管理變革和提升，並借助現代資訊科技技術進一步提高管理系統效率 在分享環節的尾聲，郭教授勉勵會眾秉持三個「堅持」：堅持做對的事、堅持做困難的事、堅持要做需要時間累積的事。他強調，唯有堅守原則與長遠眼光，方能在商業道路上行穩致遠。此次講壇不僅展現了復星在全球化與創新道路上的卓越實踐，更揭示了企業家精神的深刻內涵，啟發與會者在面對挑戰時保持敏銳與韌性，以創新的思維與長遠的視野迎接未來機遇，為個人與企業的發展注入新的動力和靈感。
- [HKU Business School Masters Programme Entrepreneur Lecture Series 2025 #3 - Navigating Cycles, Focusing on Advantageous Industries: Fosun’s Strategic Thinking and Practice](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-masters-programme-entrepreneur-lecture-series-2025-3-navigating-cycles-focusing-on-advantageous-industries-fosuns-strategic-thinking-and-practice/) - 港大經管學院非常榮幸地邀請到復星國際有限公司董事長郭廣昌先生，擔任2025年4月25日舉辦的「港大經管學院領袖企業家講壇系列 2025年 - 第三講」的主講嘉賓。此次論壇中，郭教授與港大經管學院經濟學實務教授毛振華教授展開深入對話，圍繞復星因時而變、順勢而為的戰略思維，探討企業在經濟新浪潮下如何調整戰略重心並聚焦優勢産業，為與會者帶來深刻的商業洞見和啟發。 講座伊始，郭教授向會眾介紹了復星的戰略佈局。他指出，復星戰略聚焦健康、快樂、富足的幸福生態系統，致力發揮企業生態優勢，為全球家庭提供涵蓋全生命週期的幸福解決方案。具體包括： 健康板塊：涵蓋生物製劑、器械診斷和健康服務等業務板塊，持續全球產業創新，構建醫療級、一站式、全場景的健康生態； 快樂板塊：圍繞家庭消費和旅遊文化，構建全球化、全產業的快樂生態系統； 富足板塊：聚焦保險、資管兩大領域，打造復星富足生態產業佈局； 智造板塊：以戰略性資源、功能性新材料和智能製造產業為主體，賦能產業高端化、智能化、綠色轉型 隨後，郭教授以企業週期為主軸，指出人類常因惰性而固守舊路徑。若環境已產生變化，但企業未能及時調整策略與思維，便會因商業路徑依賴及人的慣性，逐步走向衰退。他進一步提到，中國企業的「卷」，早在當年的鋼鐵行業便已有深刻體會。當時，許多企業在產能過剩與價格戰的壓力下，陷入低利潤甚至虧損的困境。他強調，企業若要穿越週期、實現持續成長，必須因變而變，及時調整策略，避免陷入惡性競爭的陷阱。以復星30多年的發展歷程為例，他深入剖析集團如何自創立以來不斷捕捉市場機遇：從初期的小型市場諮詢公司，逐漸轉型進入房地產銷售和醫藥行業；第二階段透過投資整合資源，實現快速成長並初步完成國內產業佈局；其後聚焦全球經濟與科技發展，推動資源和人才的全球整合；到了後期，隨著生活水準提升和技術進步，復星轉而強調科創驅動，專注提升產品力和競爭力，聚焦滿足家庭客戶的消費需求。在後疫情時代，集團再度調整策略，專注發展優勢產業，以迎接新的挑戰與機遇。 針對宏觀經濟週期，郭教授強調全球化發展的重要性。他指出，企業領導者不僅需敏銳辨識市場機會，還要在每個經營決策中進行清晰的價值分析與認同，同時善於整合公司生態資源和能力，為企業創造更大價值。以復星的醫藥產業為藍本，他分享集團從研發佈局到產品上市經歷十多年的歷程，強調若企業缺乏前期規劃和長遠準備，便難以在當今社會建立競爭優勢。他進一步提及集團的經營宗旨：「如履薄冰，如臨深淵，戰戰兢兢，兢兢業業。」面對資本市場的潮起潮落，他建議創業者保持獨立判斷能力，並掌握產品與資本邏輯，方能在變幻莫測的市場環境中屹立不倒。 接著，郭教授以人和組織週期為類比，進一步闡述企業管理的核心要素： 核心是組織，關鍵是人才，驅動靠文化，科技為基礎 管理形式需因應環境與需求彈性改變 以組織能力和文化價值推動管理變革和提升，並借助現代資訊科技技術進一步提高管理系統效率 在分享環節的尾聲，郭教授勉勵會眾秉持三個「堅持」：堅持做對的事、堅持做困難的事、堅持要做需要時間累積的事。他強調，唯有堅守原則與長遠眼光，方能在商業道路上行穩致遠。此次講壇不僅展現了復星在全球化與創新道路上的卓越實踐，更揭示了企業家精神的深刻內涵，啟發與會者在面對挑戰時保持敏銳與韌性，以創新的思維與長遠的視野迎接未來機遇，為個人與企業的發展注入新的動力和靈感。
- [HKSI Institute Case Competition 2025](https://www.hkubs.hku.hk/media/school-news/hksi-institute-case-competition-2025/) - We are thrilled to announce that our students have won Champion, 1st Runner-up, 2nd Runner-up, and Merit award in HKSI Institute Case Competition 2025! The HKSI Institute Case Competition is an annual business competition organised by the Hong Kong Securities and Investment Institute. The theme of this year competition is Sustainability. Collaborating with over 20 sponsoring
- [UW Global Business Case Competition 2025](https://www.hkubs.hku.hk/media/school-news/uw-global-business-case-competition-2025/) - Congratulations to our student team for winning the Champion in UW Global Business Case Competition 2025! UW Global Business Case Competition (UW GBCC) is an international case competition hosted annually by the University of Washington Foster School of Business in Seattle, USA. The competition brings together 12 teams of undergraduate students from top business schools
- [第六届“香港大学中国经济季度论坛” 探讨中美贸易局势、国家宏观经济发展及展望](https://www.hkubs.hku.hk/sc/media/press-release/the-6th-hku-quarterly-forum-on-chinese-economy-navigates-chinas-trade-relations-with-the-us-and-its-macroeconomic-outlook/) - （2025年4月17日，香港）港大经管学院中国经济研究所联同香港清华同学会举办的第六届“香港大学中国经济季度论坛”于4月16日圆满举行。论坛汇聚了多位著名专家学者和工商界领袖，共同探讨在当前环球变局下中国经济的增长动能及相关政策的方向与展望。一众讲者就时下关税战、贸易战、中国房产经济及宏观经济面临的机遇与挑战等话题分享了深刻见解。论坛于香港大学创立方举行，共吸引近230位工商界领袖、杰出学者、校友和学生出席。 港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授在致欢迎辞时表示：“港大经管学院中国经济研究所一直致力成为国际上研究中国经济的重要学术交流平台。今天，我们很高兴能与香港清华同学会合作，并邀请到多位业界专家担任嘉宾出席中国经济季度论坛，在这历史性时刻，共同以深入分析的精神和开放的态度，对中国经济和政策热点进行针对性的研究及交流，一起探讨中国和全球经济局势，以及香港在其中可以扮演的角色。” 香港清华同学会会长、中信证券国际董事长及首席执行官李春波先生亦在致欢迎辞时表示，世界政治经济环境已迎来“百年未有之大变局”，香港凭借背靠祖国、联通世界的特殊地位以及独特制度优势，于新环境下愈发凸显重要性。在此举办中国经济季度论坛，探讨中国面临的挑战与机遇，意义非凡。特朗普政府近期推进的关税战，将重塑国际经济贸易格局，中国各行各业都在审慎思考、积极制定应对策略并调整发展战略。两岸清华校友期盼与各位工商界领袖、学界同仁、产业工作者携手入局，凭借专业化与国际化能力，为中国经济的长期稳定繁荣贡献力量 。 港大经管学院经济学实务教授、香港特首政策组专家毛振华教授在论坛上发表主题报告，以“全球关税冲击与‘新三期叠加’”为题，回顾了今年一季度中国宏观经济整体表现，当前经济工作初见成效，供需多项指标均延续回暖，标志著中国经济进入缓冲期，正处于价格缓冲、风险缓释与新动能孕育的“新三期叠加”。但是4月份，美国超预期的关税战对中国经济造成较大冲击，使得一季度成为中国经济的重要转折点，后续中国经济能否延续筑底企稳面临较大不确定性。毛振华教授强调，美国发动“关税战”看似无理，实则目标清晰，其背后是“美国优先”的核心原则。伴随中美关税博弈升级，关税战不仅短期对我国出口、价格、就业、消费、投资等多方面造成不同程度的冲击，可能拖累GDP增速2个百分点左右，长期来看，“脱钩断链”对中国的经济结构和产业结构以及美国自身的经济结构都将带来重要影响。对此，我们应在政治、经济、贸易、金融、军事等多方面做好充足的战略性准备。毛振华教授认为，面对外部冲击，我们首先要做好自己的事，短期以扩内需、稳价格、缓释风险为核心，加大宏观政策逆周期调节力度；中长期则要加大改革开放力度，释放居民、企业等微观主体活力，增强中国经济韧性。同时，站在中长期规划角度持续推动中国经济结构转型，从出口导向的生产大国向内需驱动的消费大国转变，从而更深度参与国际规则重塑。 随后，论坛分别邀请了三位知名讲者进行主旨演讲。港大经管学院金融学实务教授巴曙松教授以“中国房地产市场的波动趋势展望”为题，指出了近月数据显示新建住宅市场出现回暖迹象，一线和新一线城市亦有望完成“止跌回稳”目标，但大部分城市仍将面临房价下跌压力。巴曙松教授表示：“未来一段时间，中国房地产市场总体上处于新旧周期和新旧模式的过渡期，旧周期的消极因素需要消化，新周期的积极因素需要生长。 从数据上看，中国房地产总市值占GDP的比重超过200%，美国只有不到80%。过去这种依托房地产和债务扩张驱动的旧模式已经无法持续，因此，市场发展的目标应当也不是回到历史峰值，而是在新的均衡水平下逐步稳定下来，给新周期的生长预留相应的时间窗口。” 港大经管学院金融学讲座教授陈志武教授就“从历史看美国债务”为题分析了一个国家的政治体系对于判断其债务状况有莫大关系，而单纯从国债水平来看，美国政府的负债虽多，但并未到达临界点。陈志武教授说：“不需要担心债务是否会拖垮美国，因为只要特朗普政府不乱搞美国，美国政府的债务承受力会继续很强。” 港大经管学院经济学助理教授李海石教授围绕“从反倾销到贸易战——贸易政策与争端的过去、现在与未来”的主题，指出了随著世界贸易组织（WTO）框架的弱化，WTO未能有效遏制单边主义转向，而过往基于规则的贸易政策，亦日渐转变为以政治领袖个人需求和偏好为导向。李海石教授认为：“面对当前贸易环境的不确定性，未来中国企业可能需要开拓转口贸易的机会以维持出口，包括通过其他国家的自贸区、开发区、保税区进行转口贸易以减低关税影响。” 论坛当天亦举行了一场以“中国目前宏观、金融、贸易相关热点问题开放式讨论”为题的圆桌讨论，由蔡洪滨教授主持，讲者们包括香港水木投资集团创始合伙人方方先生；美国银行大中华区首席经济学家、亚洲经济研究主管乔虹女士；上海聚鸣投资管理有限公司董事长、投资总监刘晓龙先生；瑞银高级中国经济学家张宁博士，以及野村中国首席经济学家陆挺先生。讲者们指出在当前中美贸易战持续升温下，中国正面对内需不稳、房地产市场下行，以及外需受重大影响的双重冲击。政府必须加大力度稳定楼市及股市，提振内需、刺激消费和公共投资，并借助香港推动企业出海的布局，以提升国家的经济韧性。 图片 港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授致欢迎辞。 香港清华同学会会长、中信证券国际董事长及首席执行官李春波先生致欢迎辞。 港大经管学院经济学实务教授、香港特首政策组专家毛振华教授发表主题报告。 港大经管学院金融学实务教授巴曙松教授发表主旨演讲。 港大经管学院金融学讲座教授陈志武教授发表主旨演讲。 6. 港大经管学院经济学助理教授李海石教授发表主旨演讲。 （右起）港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授；香港水木投资集团创始合伙人方方先生；美国银行大中华区首席经济学家、亚洲经济研究主管乔虹女士；上海聚鸣投资管理有限公司董事长、投资总监刘晓龙先生；野村中国首席经济学家陆挺先生，以及瑞银高级中国经济学家张宁博士进行圆桌讨论。 论坛于香港大学创立方举行，共吸引近230位工商界领袖、杰出学者、校友和学生出席。 请按此下载高清图片。
- [第六屆「香港大學中國經濟季度論壇」 探討中美貿易局勢、國家宏觀經濟發展及展望](https://www.hkubs.hku.hk/sc/media/press-release/the-6th-hku-quarterly-forum-on-chinese-economy-navigates-chinas-trade-relations-with-the-us-and-its-macroeconomic-outlook/) - （2025年4月17日，香港）港大經管學院中國經濟研究所聯同香港清華同學會舉辦的第六屆「香港大學中國經濟季度論壇」於4月16日圓滿舉行。論壇匯聚了多位著名專家學者和工商界領袖，共同探討在當前環球變局下中國經濟的增長動能及相關政策的方向與展望。一眾講者就時下關稅戰、貿易戰、中國房產經濟及宏觀經濟面臨的機遇與挑戰等話題分享了深刻見解。論壇於香港大學創立方舉行，共吸引近230位工商界領袖、傑出學者、校友和學生出席。 港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授在致歡迎辭時表示：「港大經管學院中國經濟研究所一直致力成為國際上研究中國經濟的重要學術交流平台。今天，我們很高興能與香港清華同學會合作，並邀請到多位業界專家擔任嘉賓出席中國經濟季度論壇，在這歷史性時刻，共同以深入分析的精神和開放的態度，對中國經濟和政策熱點進行針對性的研究及交流，一起探討中國和全球經濟局勢，以及香港在其中可以扮演的角色。」 香港清華同學會會長、中信證券國際董事長及首席執行官李春波先生亦在致歡迎辭時表示，世界政治經濟環境已迎來「百年未有之大變局」，香港憑藉背靠祖國、聯通世界的特殊地位以及獨特制度優勢，於新環境下愈發凸顯重要性。在此舉辦中國經濟季度論壇，探討中國面臨的挑戰與機遇，意義非凡。特朗普政府近期推進的關稅戰，將重塑國際經濟貿易格局，中國各行各業都在審慎思考、積極制定應對策略並調整發展戰略。兩岸清華校友期盼與各位工商界領袖、學界同仁、產業工作者攜手入局，憑藉專業化與國際化能力，為中國經濟的長期穩定繁榮貢獻力量 。 港大經管學院經濟學實務教授、香港特首政策組專家毛振華教授在論壇上發表主題報告，以「全球關稅衝擊與『新三期疊加』」為題，回顧了今年一季度中國宏觀經濟整體表現，當前經濟工作初見成效，供需多項指標均延續回暖，標誌著中國經濟進入緩衝期，正處於價格緩衝、風險緩釋與新動能孕育的「新三期疊加」。但是4月份，美國超預期的關稅戰對中國經濟造成較大衝擊，使得一季度成為中國經濟的重要轉折點，後續中國經濟能否延續築底企穩面臨較大不確定性。毛振華教授強調，美國發動「關稅戰」看似無理，實則目標清晰，其背後是「美國優先」的核心原則。伴隨中美關稅博弈升級，關稅戰不僅短期對我國出口、價格、就業、消費、投資等多方面造成不同程度的衝擊，可能拖累GDP增速2個百分點左右，長期來看，「脫鉤斷鏈」對中國的經濟結構和產業結構以及美國自身的經濟結構都將帶來重要影響。對此，我們應在政治、經濟、貿易、金融、軍事等多方面做好充足的戰略性準備。毛振華教授認為，面對外部衝擊，我們首先要做好自己的事，短期以擴內需、穩價格、緩釋風險為核心，加大宏觀政策逆周期調節力度；中長期則要加大改革開放力度，釋放居民、企業等微觀主體活力，增強中國經濟韌性。同時，站在中長期規劃角度持續推動中國經濟結構轉型，從出口導向的生產大國向內需驅動的消費大國轉變，從而更深度參與國際規則重塑。 隨後，論壇分別邀請了三位知名講者進行主旨演講。港大經管學院金融學實務教授巴曙松教授以「中國房地產市場的波動趨勢展望」為題，指出了近月數據顯示新建住宅市場出現回暖跡象，一線和新一線城市亦有望完成「止跌回穩」目標，但大部分城市仍將面臨房價下跌壓力。巴曙松教授表示：「未來一段時間，中國房地產市場總體上處於新舊周期和新舊模式的過渡期，舊周期的消極因素需要消化，新周期的積極因素需要生長。 從數據上看，中國房地產總市值佔GDP的比重超過200%，美國只有不到80%。過去這種依托房地產和債務擴張驅動的舊模式已經無法持續，因此，市場發展的目標應當也不是回到歷史峰值，而是在新的均衡水平下逐步穩定下來，給新周期的生長預留相應的時間窗口。」 港大經管學院金融學講座教授陳志武教授就「從歷史看美國債務」為題分析了一個國家的政治體系對於判斷其債務狀況有莫大關係，而單純從國債水平來看，美國政府的負債雖多，但並未到達臨界點。陳志武教授說：「不需要擔心債務是否會拖垮美國，因為只要特朗普政府不亂搞美國，美國政府的債務承受力會繼續很強。」 港大經管學院經濟學助理教授李海石教授圍繞「從反傾銷到貿易戰——貿易政策與爭端的過去、現在與未來」的主題，指出了隨著世界貿易組織（WTO）框架的弱化，WTO未能有效遏制單邊主義轉向，而過往基於規則的貿易政策，亦日漸轉變為以政治領袖個人需求和偏好為導向。李海石教授認為：「面對當前貿易環境的不確定性，未來中國企業可能需要開拓轉口貿易的機會以維持出口，包括通過其他國家的自貿區、開發區、保稅區進行轉口貿易以減低關稅影響。」 論壇當天亦舉行了一場以「中國目前宏觀、金融、貿易相關熱點問題開放式討論」為題的圓桌討論，由蔡洪濱教授主持，講者們包括香港水木投資集團創始合夥人方方先生；美國銀行大中華區首席經濟學家、亞洲經濟研究主管喬虹女士；上海聚鳴投資管理有限公司董事長、投資總監劉曉龍先生；瑞銀高級中國經濟學家張寧博士，以及野村中國首席經濟學家陸挺先生。講者們指出在當前中美貿易戰持續升溫下，中國正面對內需不穩、房地產市場下行，以及外需受重大影響的雙重衝擊。政府必須加大力度穩定樓市及股市，提振內需、刺激消費和公共投資，並借助香港推動企業出海的布局，以提升國家的經濟韌性。 圖片 港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授致歡迎辭。 香港清華同學會會長、中信證券國際董事長及首席執行官李春波先生致歡迎辭。 港大經管學院經濟學實務教授、香港特首政策組專家毛振華教授發表主題報告。 港大經管學院金融學實務教授巴曙松教授發表主旨演講。 港大經管學院金融學講座教授陳志武教授發表主旨演講。 6. 港大經管學院經濟學助理教授李海石教授發表主旨演講。 （右起）港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授；香港水木投資集團創始合夥人方方先生；美國銀行大中華區首席經濟學家、亞洲經濟研究主管喬虹女士；上海聚鳴投資管理有限公司董事長、投資總監劉曉龍先生；野村中國首席經濟學家陸挺先生，以及瑞銀高級中國經濟學家張寧博士進行圓桌討論。 論壇於香港大學創立方舉行，共吸引近230位工商界領袖、傑出學者、校友和學生出席。 請按此下載高清圖片。
- [港大經管學院領袖企業家講壇系列2025年第二講 - 困難和失敗往往是人生和事業的大機遇](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-masters-programmes-entrepreneur-lecture-series-2025-2-leveraging-challenges-and-failures-as-key-opportunities-in-life-and-career/) - 港大經管學院很榮幸邀請到新東方教育科技集團董事長俞敏洪先生，參與學院於2025年4月8日舉辦的「港大經管學院領袖企業家講壇系列 2025年 - 第二講」，並擔任主講嘉賓。 俞老師以自身投身教育界和創業故事為基礎，與港大經管學院經濟學實務教授毛振華教授討論如何在人生或事業低谷時保持積極心態，化挑戰為機遇、錘煉韌性，並探索突破的方向，為出席者帶來了寶貴的見解和人生啟發。 演講伊始，俞老師通過分享自身經歷、古人的故事以及當代企業家的創業之路，如NVIDIA公司創辦人兼首席執行官黃仁勳先生、阿里巴巴集團創辦人馬雲教授和胖東來商貿集團董事長于東來先生的成功故事，指出每位成功的創業家背後都有一段艱辛的歷史。 他勉勵大家面對困難和失敗時，除了保持良好的心態，更要心存希望、對未來的期許始終不變，就能戰勝困境，在人生和事業中繼續勇往直前。 他亦認為，事業有成的企業家往往具備以下共同特質： 對自己熱衷和堅持的事情，培養出濃厚的興趣 從小事做起，不急不躁，追求極致 堅守誠信，視產品品質和顧客體驗為神聖信仰 擁有創新能力，對產品的升級反覆運算和邊界擴展充滿興趣 堅守熱愛的領域，展現出極具吸引力的個人魅力 儘管追求財富，但不做守財奴，對於用財富取得甚麼成就有著超級的敏感 不會滿足現狀，亦不會放棄奮鬥，遇到困難都勇往直前 不受年齡限制，永遠散發年輕氣息 俞老師強調，大部分人的生活和事業都不是一帆風順的，人生和事業就像一條河流，以曲折展現其豐富且美好的路徑。 他深信韌性是企業家最重要的品德，是一種赤子之心、不怕失敗、尋找出路的能力。 對他而言，韌性是一種熱愛的堅持，是生命不息，是對地平線之外世界的渴望。 他寄語出席者，世上並沒有真正的失敗，只有成功前的努力。 隨後，俞老師深入分享他對企業家的看法： 企業家必須與時代合拍，理解時代、運用時代，並超越時代 創業家不只是生意人，還需擁有核心價值觀，推動企業發展的同時促進社會進步 企業家必須是不畏艱難和失敗的人，能從困境中找到機會 企業家需要具備足夠的創新和突破能力，帶領團隊走向新旅程 企業家應具備團隊領導力和組織文化力，營造同舟共濟、共同奮鬥的氛圍 俞老師亦寄語會眾：生命猶如一條江河，無論奔騰或曲折，皆流向大海。 事業與工作如同江河上的船隻，讓我們乘風破浪; 而志向與學習是引擎，助我們直掛雲帆濟滄海。 他強調成功需一生的正確努力，不僅要勇往直前，還需具備前瞻眼光、圓融智慧，以及隨時從頭再來的心態，引領我們航行於生命的旅途。 他勉勵大家，要以不裝不端、不怨不懟的態度坦然面對人生，以不破不立、不屈不撓的精神迎接挑戰，並秉持真誠懇切、心存光明的信念，勇敢追求屬於自己的遠大未來。
- [HKU Business School Masters Programmes Entrepreneur Lecture Series 2025 #2 – Leveraging Challenges and Failures as Key Opportunities in Life and Career](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-masters-programmes-entrepreneur-lecture-series-2025-2-leveraging-challenges-and-failures-as-key-opportunities-in-life-and-career/) - 港大經管學院很榮幸邀請到新東方教育科技集團董事長俞敏洪先生，參與學院於2025年4月8日舉辦的「港大經管學院領袖企業家講壇系列 2025年 - 第二講」，並擔任主講嘉賓。 俞老師以自身投身教育界和創業故事為基礎，與港大經管學院經濟學實務教授毛振華教授討論如何在人生或事業低谷時保持積極心態，化挑戰為機遇、錘煉韌性，並探索突破的方向，為出席者帶來了寶貴的見解和人生啟發。 演講伊始，俞老師通過分享自身經歷、古人的故事以及當代企業家的創業之路，如NVIDIA公司創辦人兼首席執行官黃仁勳先生、阿里巴巴集團創辦人馬雲教授和胖東來商貿集團董事長于東來先生的成功故事，指出每位成功的創業家背後都有一段艱辛的歷史。 他勉勵大家面對困難和失敗時，除了保持良好的心態，更要心存希望、對未來的期許始終不變，就能戰勝困境，在人生和事業中繼續勇往直前。 他亦認為，事業有成的企業家往往具備以下共同特質： 對自己熱衷和堅持的事情，培養出濃厚的興趣 從小事做起，不急不躁，追求極致 堅守誠信，視產品品質和顧客體驗為神聖信仰 擁有創新能力，對產品的升級反覆運算和邊界擴展充滿興趣 堅守熱愛的領域，展現出極具吸引力的個人魅力 儘管追求財富，但不做守財奴，對於用財富取得甚麼成就有著超級的敏感 不會滿足現狀，亦不會放棄奮鬥，遇到困難都勇往直前 不受年齡限制，永遠散發年輕氣息 俞老師強調，大部分人的生活和事業都不是一帆風順的，人生和事業就像一條河流，以曲折展現其豐富且美好的路徑。 他深信韌性是企業家最重要的品德，是一種赤子之心、不怕失敗、尋找出路的能力。 對他而言，韌性是一種熱愛的堅持，是生命不息，是對地平線之外世界的渴望。 他寄語出席者，世上並沒有真正的失敗，只有成功前的努力。 隨後，俞老師深入分享他對企業家的看法： 企業家必須與時代合拍，理解時代、運用時代，並超越時代 創業家不只是生意人，還需擁有核心價值觀，推動企業發展的同時促進社會進步 企業家必須是不畏艱難和失敗的人，能從困境中找到機會 企業家需要具備足夠的創新和突破能力，帶領團隊走向新旅程 企業家應具備團隊領導力和組織文化力，營造同舟共濟、共同奮鬥的氛圍 俞老師亦寄語會眾：生命猶如一條江河，無論奔騰或曲折，皆流向大海。 事業與工作如同江河上的船隻，讓我們乘風破浪; 而志向與學習是引擎，助我們直掛雲帆濟滄海。 他強調成功需一生的正確努力，不僅要勇往直前，還需具備前瞻眼光、圓融智慧，以及隨時從頭再來的心態，引領我們航行於生命的旅途。 他勉勵大家，要以不裝不端、不怨不懟的態度坦然面對人生，以不破不立、不屈不撓的精神迎接挑戰，並秉持真誠懇切、心存光明的信念，勇敢追求屬於自己的遠大未來。
- [Establishment of HKU Web3 Research Hub and Agreements to Strengthen Strategic Industry Collaboration](https://www.hkubs.hku.hk/sc/media/school-news/establishment-of-hku-web3-research-hub-and-agreements-to-strengthen-strategic-industry-collaboration/) - On 8 April 2025, the third "Hong Kong Crypto Finance Forum" was held at the Hong Kong Convention and Exhibition Centre. Notably, the Forum featured the inauguration ceremony of the HKU Web3 Research Hub. Dean of HKU Business School, Prof. Hongbin Cai was joined by Associate Vice President of the University of Hong Kong and
- [Establishment of HKU Web3 Research Hub and Agreements to Strengthen Strategic Industry Collaboration](https://www.hkubs.hku.hk/sc/media/school-news/establishment-of-hku-web3-research-hub-and-agreements-to-strengthen-strategic-industry-collaboration/) - On 8 April 2025, the third "Hong Kong Crypto Finance Forum" was held at the Hong Kong Convention and Exhibition Centre. Notably, the Forum featured the inauguration ceremony of the HKU Web3 Research Hub. Dean of HKU Business School, Prof. Hongbin Cai was joined by Associate Vice President of the University of Hong Kong and
- [Establishment of HKU Web3 Research Hub and Agreements to Strengthen Strategic Industry Collaboration](https://www.hkubs.hku.hk/sc/media/school-news/establishment-of-hku-web3-research-hub-and-agreements-to-strengthen-strategic-industry-collaboration/) - On 8 April 2025, the third "Hong Kong Crypto Finance Forum" was held at the Hong Kong Convention and Exhibition Centre. Notably, the Forum featured the inauguration ceremony of the HKU Web3 Research Hub. Dean of HKU Business School, Prof. Hongbin Cai was joined by Associate Vice President of the University of Hong Kong and
- [港大经管学院领袖企业家讲坛系列2025年第二讲 - 困难和失败往往是人生和事业的大机遇](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-masters-programmes-entrepreneur-lecture-series-2025-2-leveraging-challenges-and-failures-as-key-opportunities-in-life-and-career/) - 港大经管学院很荣幸邀请到新东方教育科技集团董事长俞敏洪先生，参与学院于2025年4月8日举办的「港大经管学院领袖企业家讲坛系列 2025年 - 第二讲」，并担任主讲嘉宾。俞老师以自身投身教育界和创业故事为基础，与港大经管学院经济学实务教授毛振华教授讨论如何在人生或事业低谷时保持积极心态，化挑战为机遇、锤炼韧性，并探索突破的方向，为与会者带来了宝贵的见解和人生启发。 演讲伊始，俞老师通过分享自身经历、古人的故事以及当代企业家的创业之路，如NVIDIA公司创办人兼首席执行官黄仁勋先生、阿里巴巴集团创办人马云教授和胖东来商贸集团董事长于东来先生的成功故事，指出每位成功的创业家背后都有一段艰辛的历史。他勉励大家面对困难和失败时，除了保持良好的心态，更要心存希望、对未来的期许始终不变，就能战胜困境，在人生和事业中继续勇往直前。他亦认为，事业有成的企业家往往具备以下共同特质： 对自己热衷和坚持的事情，培养出浓厚的兴趣 从小事做起，不急不躁，追求极致 坚守诚信，视产品质量和顾客体验为神圣信仰 拥有创新能力，对产品的升级迭代和边界扩展充满兴趣 坚守热爱的领域，展现出极具吸引力的个人魅力 尽管追求财富，但不做守财奴，对于用财富取得甚么成就有着超级的敏感 不会满足现状，亦不会放弃奋斗，遇到困难都勇往直前 不受年龄限制，永远散发年轻气息 俞老师强调，大部分人的生活和事业都不是一帆风顺的，人生和事业就像一条河流，以曲折展现其丰富且美好的路径。他深信韧性是企业家最重要的品德，是一种赤子之心、不怕失败、寻找出路的能力。对他而言，韧性是一种热爱的坚持，是生命不息，是对地平线之外世界的渴望。他寄语与会者，世上并没有真正的失败，只有成功前的努力。 随后，俞老师深入分享他对企业家的看法： 企业家必须与时代合拍，理解时代、运用时代，并超越时代 创业家不只是生意人，还需拥有核心价值观，推动企业发展的同时促进社会进步 企业家必须是不畏艰难和失败的人，能从困境中找到机会 企业家需要具备足够的创新和突破能力，带领团队走向新旅程 企业家应具备团队领导力和组织文化力，营造同舟共济、共同奋斗的氛围 俞老师亦寄语会众：生命犹如一条江河，无论奔腾或曲折，皆流向大海。事业与工作如同江河上的船只，让我们乘风破浪；而志向与学习是引擎，助我们直挂云帆济沧海。他强调成功需一生的正确努力，不仅要勇往直前，还需具备前瞻眼光、圆融智慧，以及随时从头再来的心态，引领我们航行于生命的旅途。他勉励大家，要以不装不端、不怨不怼的态度坦然面对人生，以不破不立、不屈不挠的精神迎接挑战，并秉持真诚恳切、心存光明的信念，勇敢追求属于自己的远大未来。
- [Fireside Chat with Joey Wat: Inspiring the Next Generation of Leaders](https://www.hkubs.hku.hk/sc/media/school-news/fireside-chat-with-joey-wat-inspiring-the-next-generation-of-leaders/) - On March 27, 2025, HKU Business School, in collaboration with the HKU Business School Alumni Association, was privileged to host an inspiring fireside chat titled, “Joey Wat’s Leadership Journey: Inspiring the Next Generation” at HKU iCube. This exceptional event welcomed distinguished HKU alumna Ms. Joey Wat, CEO of Yum China, drawing approximately 150 students, alumni,
- [Fireside Chat with Joey Wat: Inspiring the Next Generation of Leaders](https://www.hkubs.hku.hk/sc/media/school-news/fireside-chat-with-joey-wat-inspiring-the-next-generation-of-leaders/) - On March 27, 2025, HKU Business School, in collaboration with the HKU Business School Alumni Association, was privileged to host an inspiring fireside chat titled, “Joey Wat’s Leadership Journey: Inspiring the Next Generation” at HKU iCube. This exceptional event welcomed distinguished HKU alumna Ms. Joey Wat, CEO of Yum China, drawing approximately 150 students, alumni,
- [Fireside Chat with Joey Wat: Inspiring the Next Generation of Leaders](https://www.hkubs.hku.hk/sc/media/school-news/fireside-chat-with-joey-wat-inspiring-the-next-generation-of-leaders/) - On March 27, 2025, HKU Business School, in collaboration with the HKU Business School Alumni Association, was privileged to host an inspiring fireside chat titled, “Joey Wat’s Leadership Journey: Inspiring the Next Generation” at HKU iCube. This exceptional event welcomed distinguished HKU alumna Ms. Joey Wat, CEO of Yum China, drawing approximately 150 students, alumni,
- [BFin(AMPB) – Meeting the Practitioners Series 2024-25](https://www.hkubs.hku.hk/sc/media/school-news/meeting-the-practitioners-series-2024-2025-asset-management-and-private-banking/) - The Bachelor of Finance in Asset Management and Private Banking [BFin(AMPB)] programme hosted four sessions of “Meeting the Practitioners” in the academic year 2024-2025, covering senior executives in private banking, asset management, investment banking and securities trading. Students from BFin(AMPB) and other Business School programmes were invited to join. (1) 23 October 2024
- [BFin(AMPB) – Meeting the Practitioners Series 2024-25](https://www.hkubs.hku.hk/sc/media/school-news/meeting-the-practitioners-series-2024-2025-asset-management-and-private-banking/) - The Bachelor of Finance in Asset Management and Private Banking [BFin(AMPB)] programme hosted four sessions of “Meeting the Practitioners” in the academic year 2024-2025, covering senior executives in private banking, asset management, investment banking and securities trading. Students from BFin(AMPB) and other Business School programmes were invited to join. (1) 23 October 2024
- [BFin(AMPB) – Meeting the Practitioners Series 2024-25](https://www.hkubs.hku.hk/sc/media/school-news/meeting-the-practitioners-series-2024-2025-asset-management-and-private-banking/) - The Bachelor of Finance in Asset Management and Private Banking [BFin(AMPB)] programme hosted four sessions of “Meeting the Practitioners” in the academic year 2024-2025, covering senior executives in private banking, asset management, investment banking and securities trading. Students from BFin(AMPB) and other Business School programmes were invited to join. (1) 23 October 2024
- [HKGCC Business Case Competition 2024/25](https://www.hkubs.hku.hk/sc/media/school-news/hkgcc-business-case-competition-2024-25/) - Congratulations to our students for winning three Champions, one 1st Runner-up and one 2nd Runner-up in the HKGCC Business Case Competition 2024/25! The HKGCC Business Case Competition is an annual competition hosted by Hong Kong General Chamber of Commerce (HKGCC). The competition was sponsored by Chinachem Group, Jardine Matheson, MTR Corporation Ltd, SOCAM Development Ltd,
- [HKGCC Business Case Competition 2024/25](https://www.hkubs.hku.hk/sc/media/school-news/hkgcc-business-case-competition-2024-25/) - Congratulations to our students for winning three Champions, one 1st Runner-up and one 2nd Runner-up in the HKGCC Business Case Competition 2024/25! The HKGCC Business Case Competition is an annual competition hosted by Hong Kong General Chamber of Commerce (HKGCC). The competition was sponsored by Chinachem Group, Jardine Matheson, MTR Corporation Ltd, SOCAM Development Ltd,
- [HKGCC Business Case Competition 2024/25](https://www.hkubs.hku.hk/sc/media/school-news/hkgcc-business-case-competition-2024-25/) - Congratulations to our students for winning three Champions, one 1st Runner-up and one 2nd Runner-up in the HKGCC Business Case Competition 2024/25! The HKGCC Business Case Competition is an annual competition hosted by Hong Kong General Chamber of Commerce (HKGCC). The competition was sponsored by Chinachem Group, Jardine Matheson, MTR Corporation Ltd, SOCAM Development Ltd,
- [HKU Business School’s IDEI Hosts CITIC-IDEI Forum on FinTech & AI: Exploring Cutting-Edge Innovations in Digital Economy](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-schools-idei-hosts-citic-idei-forum-on-fintech-ai-exploring-cutting-edge-innovations-in-digital-economy/) - CITIC - IDEI Discussion Forum on FinTech and AI The CITIC - IDEI Discussion Forum on FinTech and AI was successfully held by the HKU Business School’s Institute of Digital Economy and Innovation (IDEI) on February 20, 2025. The event brought together esteemed HKU professors, CITIC industry experts, and HKU research students at the forefront
- [HKU Business School’s IDEI Hosts CITIC-IDEI Forum on FinTech & AI: Exploring Cutting-Edge Innovations in Digital Economy](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-schools-idei-hosts-citic-idei-forum-on-fintech-ai-exploring-cutting-edge-innovations-in-digital-economy/) - CITIC - IDEI Discussion Forum on FinTech and AI The CITIC - IDEI Discussion Forum on FinTech and AI was successfully held by the HKU Business School’s Institute of Digital Economy and Innovation (IDEI) on February 20, 2025. The event brought together esteemed HKU professors, CITIC industry experts, and HKU research students at the forefront
- [HKU Business School’s IDEI Hosts CITIC-IDEI Forum on FinTech & AI: Exploring Cutting-Edge Innovations in Digital Economy](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-schools-idei-hosts-citic-idei-forum-on-fintech-ai-exploring-cutting-edge-innovations-in-digital-economy/) - CITIC - IDEI Discussion Forum on FinTech and AI The CITIC - IDEI Discussion Forum on FinTech and AI was successfully held by the HKU Business School’s Institute of Digital Economy and Innovation (IDEI) on February 20, 2025. The event brought together esteemed HKU professors, CITIC industry experts, and HKU research students at the forefront
- [From Lectures to Iconic Landmarks: International Business and Global Management HKU Students Dive into Business and Culture in Paris](https://www.hkubs.hku.hk/sc/media/school-news/from-lectures-to-iconic-landmarks-international-business-and-global-management-hku-students-dive-into-business-and-culture-in-paris/) - Paris was the setting for an unforgettable experience, as our International Business and Global Management students embarked on an inspiring journey, organized by the HKU-TLV Innovation Hub. This exceptional field trip blended business, entrepreneurship, and culture, offering students fresh perspectives and profound insights into the intricacies of global business. Throughout the trip, students explored impactful topics
- [From Lectures to Iconic Landmarks: International Business and Global Management HKU Students Dive into Business and Culture in Paris](https://www.hkubs.hku.hk/sc/media/school-news/from-lectures-to-iconic-landmarks-international-business-and-global-management-hku-students-dive-into-business-and-culture-in-paris/) - Paris was the setting for an unforgettable experience, as our International Business and Global Management students embarked on an inspiring journey, organized by the HKU-TLV Innovation Hub. This exceptional field trip blended business, entrepreneurship, and culture, offering students fresh perspectives and profound insights into the intricacies of global business. Throughout the trip, students explored impactful topics
- [From Lectures to Iconic Landmarks: International Business and Global Management HKU Students Dive into Business and Culture in Paris](https://www.hkubs.hku.hk/sc/media/school-news/from-lectures-to-iconic-landmarks-international-business-and-global-management-hku-students-dive-into-business-and-culture-in-paris/) - Paris was the setting for an unforgettable experience, as our International Business and Global Management students embarked on an inspiring journey, organized by the HKU-TLV Innovation Hub. This exceptional field trip blended business, entrepreneurship, and culture, offering students fresh perspectives and profound insights into the intricacies of global business. Throughout the trip, students explored impactful topics
- [港大经管学院领袖企业家讲坛系列2025年第一讲 – 从亚布力论坛发展看中国企业家精神的历史演变](https://www.hkubs.hku.hk/sc/media/school-news/港大經管學院領袖企業家講壇系列2025年第一講-從/) - 港大经管学院非常高兴邀请到亚布力论坛创始人、主席，迈胜医疗集团董事长兼元明资本创始合伙人田源博士，参加于2025年3月18日举办的「港大经管学院领袖企业家讲坛系列 2025年 - 第一讲」，并担任主讲嘉宾。本次讲座延续了去年的热烈讨论，重点探讨了企业领袖在全球政治经济大变局下，如何应对挑战、把握机遇，并与青年学子共同探讨商业发展的新趋势和创新路径，以及领导力在新时代中的重要性，为与会者带来了宝贵的见解和启发。 自改革开放以来，中国企业家精神不断焕发新活力，推动了国家经济高速发展与产业转型升级。田博士坚信，创新是企业家精神的核心。企业家通过引进新产品、新技术、新市场、新组织形式或新资源组合，驱动经济进步和发展。创新不仅体现于技术突破，还包括商业模式和市场机会的发掘。他分析，在当前经济结构下，企业家应以长期推动经济进步和提升效率为目标，通过「创造性破坏」建立新的经济秩序。虽然这个过程充满不确定性和风险，但他强调，勇于承担风险正是企业家与一般管理者的重要区别。在他看来，企业家精神的多元化内涵是推动经济从一种均衡状态过渡到另一种均衡状态的核心动力。企业家通过创新活动，改变了生产方式、消费模式和社会结构，促进了社会现代化和进步。 随后，田博士特别介绍亚布力论坛自2001年成立以来，如何作为企业家思想交流平台，推动创新发展，并秉持以下十大成长基因： 家国情怀 草根文化 义工精神 做好企业 相互成就 民主治理 专业化管理 国际化发展 支持年轻一代 亲清政商关系 他表示，亚布力论坛每年都会举办年会和夏峰会，旨在提供一个由企业家主导的规范化、民主化和专业化的思想交流平台，让论坛理事会成员分享观点，打造「思想超市」。此外，论坛还提供交友和交流机会，拓展人脉，并通过其友好政商关系合作平台，助力企业家群体的成长和转型。田博士进一步阐述了多位知名企业家的经历，以展示企业家精神在中国经济转型中的关键角色及其未来发展趋势，包括： 泰康保险集团股份有限公司创始人、董事长兼首席执行官陈东升先生：在传统金融产业中持续探索，创新新寿险，致力开辟实现企业转型升级，打造全新商业模式 阿里巴巴集团创办人马云教授：以平台经济和金融科技重塑商业生态，引领全球数字经济浪潮，为创新型经济发展作出重要贡献 联想集团有限公司董事会主席杨元庆先生：通过国际化并购和资源融合，带领集团实现从本土到全球的跨越发展，成功拓展国际市场和提升品牌影响力 小米集团创始人、董事长、首席执行官雷军先生：以互联网思维重新定义产品开发、营销和服务模式，成功打造具强大生态效应的科技企业帝国，不仅改变消费电子行业的竞争格局，也为全球科技企业提供了宝贵经验和启示 展望未来，田博士强调，亚布力论坛将继续走国际化之路，以迈向世界为目标，推动国际化的企业家合作与思想交流，促进各行各业的发展及经济繁荣。他指出，在日益复杂的市场环境中，创业家必须具备灵活应变的能力和不断创新的意识，才能在新经济情势下紧握机会。田博士的分享不仅为与会者提供了真知灼见，也鼓励大家在未来的创业和商业实践中，勇于探索和迎接挑战。
- [港大經管學院領袖企業家講壇系列2025年第一講 – 從亞布力論壇發展看中國企業家精神的歷史演變](https://www.hkubs.hku.hk/sc/media/school-news/港大經管學院領袖企業家講壇系列2025年第一講-從/) - 港大經管學院非常高興邀請到亞布力論壇創始人、主席，邁勝醫療集團董事長兼元明資本創始合夥人田源博士，參加於2025年3月18日舉辦的「港大經管學院領袖企業家講壇系列 2025年 - 第一講」，並擔任主講嘉賓。本次講座延續了去年的熱烈討論，重點探討了企業領袖在全球政治經濟大變局下，如何應對挑戰、把握機遇，並與青年學子共同探討商業發展的新趨勢和創新路徑，以及領導力在新時代中的重要性，為與會者帶來了寶貴的見解和啟發。 自改革開放以來，中國企業家精神不斷煥發新活力，推動了國家經濟高速發展與產業轉型升級。田博士堅信，創新是企業家精神的核心。企業家透過引進新產品、新技術、新市場、新組織形式或新資源組合，驅動經濟進步和發展。創新不僅體現在技術突破，也包括商業模式和市場機會的發掘。他分析，在當前經濟結構下，企業家應以長期推動經濟進步和提升效率為目標，透過「創造性破壞」建立新的經濟秩序。雖然這個過程充滿不確定性和風險，但他強調，勇於承擔風險正是創業家與一般管理者的重要差異。在他看來，企業家精神的多元化內涵是推動經濟從一種均衡狀態過渡到另一種均衡狀態的核心動力。企業家透過創新活動，改變了生產方式、消費模式和社會結構，促進了社會現代化和進步。 隨後，田博士特別介紹亞布力論壇自2001年成立以來，如何作為企業家思想交流平台，推動創新發展，並秉持以下十大成長基因： 家國情懷 草根文化 義工精神 做好企業 相互成就 民主治理 專業化管理 國際化發展 支持年輕一代 親清政商關係 他表示，亞布力論壇每年都會舉辦年會和夏峰會，旨在提供一個由企業家主導的規範化、民主化和專業化的思想交流平台，讓論壇理事會成員分享觀點，打造「思想超市」。此外，論壇也提供交友和交流機會，拓展人脈，並透過其友好政商關係合作平台，協助企業家群體的成長與轉型。田博士進一步闡述了多位知名企業家的經歷，以展示企業家精神在中國經濟轉型中的關鍵角色及其未來發展趨勢，包括： 泰康保險集團股份有限公司創辦人、董事長兼首席執行官陳東升先生：在傳統金融產業中持續探索，創新新壽險，致力於開闢實現企業轉型升級，打造全新商業模式 阿里巴巴集團創辦人馬雲教授：以平台經濟與金融科技重塑商業生態，引領全球數位經濟浪潮，為創新經濟發展做出重要貢獻 聯想集團有限公司董事會主席楊元慶先生：透過國際化併購和資源融合，帶領集團實現從本土到全球的跨越發展，成功拓展國際市場和提升品牌影響力 小米集團創始人、董事長、首席執行官雷軍先生：以網路思維重新定義產品開發、行銷與服務模式，成功打造具強大生態效應的科技企業帝國，不僅改變消費性電子產業的競爭格局，也為全球科技企業提供了寶貴經驗與啟示 展望未來，田博士強調，亞布力論壇將繼續走國際化之路，以邁向世界為目標，推動國際化的企業家合作與思想交流，促進各行各業的發展及經濟繁榮。他指出，在日益複雜的市場環境中，創業家必須具備靈活應變的能力和不斷創新的意識，才能在新經濟情勢下緊握機會。田博士的分享不僅為與會者提供了真知灼見，也鼓勵大家在未來的創業和商業實踐中，勇於探索和迎接挑戰。
- [HKU Business School Masters Programmes Entrepreneur Lecture Series 2025 #1 – The Evolution of Chinese Entrepreneurial Spirit through the Development of the Yabuli China Entrepreneurs Forum](https://www.hkubs.hku.hk/sc/media/school-news/港大經管學院領袖企業家講壇系列2025年第一講-從/) - 港大經管學院非常高興邀請到亞布力論壇創始人、主席，邁勝醫療集團董事長兼元明資本創始合夥人田源博士，參加於2025年3月18日舉辦的「港大經管學院領袖企業家講壇系列 2025年 - 第一講」，並擔任主講嘉賓。本次講座延續了去年的熱烈討論，重點探討了企業領袖在全球政治經濟大變局下，如何應對挑戰、把握機遇，並與青年學子共同探討商業發展的新趨勢和創新路徑，以及領導力在新時代中的重要性，為與會者帶來了寶貴的見解和啟發。 自改革開放以來，中國企業家精神不斷煥發新活力，推動了國家經濟高速發展與產業轉型升級。田博士堅信，創新是企業家精神的核心。企業家透過引進新產品、新技術、新市場、新組織形式或新資源組合，驅動經濟進步和發展。創新不僅體現在技術突破，也包括商業模式和市場機會的發掘。他分析，在當前經濟結構下，企業家應以長期推動經濟進步和提升效率為目標，透過「創造性破壞」建立新的經濟秩序。雖然這個過程充滿不確定性和風險，但他強調，勇於承擔風險正是創業家與一般管理者的重要差異。在他看來，企業家精神的多元化內涵是推動經濟從一種均衡狀態過渡到另一種均衡狀態的核心動力。企業家透過創新活動，改變了生產方式、消費模式和社會結構，促進了社會現代化和進步。 隨後，田博士特別介紹亞布力論壇自2001年成立以來，如何作為企業家思想交流平台，推動創新發展，並秉持以下十大成長基因： 家國情懷 草根文化 義工精神 做好企業 相互成就 民主治理 專業化管理 國際化發展 支持年輕一代 親清政商關係 他表示，亞布力論壇每年都會舉辦年會和夏峰會，旨在提供一個由企業家主導的規範化、民主化和專業化的思想交流平台，讓論壇理事會成員分享觀點，打造「思想超市」。此外，論壇也提供交友和交流機會，拓展人脈，並透過其友好政商關係合作平台，協助企業家群體的成長與轉型。田博士進一步闡述了多位知名企業家的經歷，以展示企業家精神在中國經濟轉型中的關鍵角色及其未來發展趨勢，包括： 泰康保險集團股份有限公司創辦人、董事長兼首席執行官陳東升先生：在傳統金融產業中持續探索，創新新壽險，致力於開闢實現企業轉型升級，打造全新商業模式 阿里巴巴集團創辦人馬雲教授：以平台經濟與金融科技重塑商業生態，引領全球數位經濟浪潮，為創新經濟發展做出重要貢獻 聯想集團有限公司董事會主席楊元慶先生：透過國際化併購和資源融合，帶領集團實現從本土到全球的跨越發展，成功拓展國際市場和提升品牌影響力 小米集團創始人、董事長、首席執行官雷軍先生：以網路思維重新定義產品開發、行銷與服務模式，成功打造具強大生態效應的科技企業帝國，不僅改變消費性電子產業的競爭格局，也為全球科技企業提供了寶貴經驗與啟示 展望未來，田博士強調，亞布力論壇將繼續走國際化之路，以邁向世界為目標，推動國際化的企業家合作與思想交流，促進各行各業的發展及經濟繁榮。他指出，在日益複雜的市場環境中，創業家必須具備靈活應變的能力和不斷創新的意識，才能在新經濟情勢下緊握機會。田博士的分享不僅為與會者提供了真知灼見，也鼓勵大家在未來的創業和商業實踐中，勇於探索和迎接挑戰。
- [HKU Business School and CGS International Holdings Further Support Our Students](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-and-cgs-international-holdings-further-support-our-students/) - On March 17 2025, the Dean of HKU Business School, Prof. Hongbin Cai, signed a MoU with CGS International Holdings (CGI) at HKU iCube. The Agreement is to keep working together to increase talent cultivation and collaboration opportunities . Dean Cai and Business School associates were joined by CGI’s Chief Executive Officer, Ms. Yu Chang,
- [港大经管学院与中国银河国际就深化人才合作签署备忘录](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-and-cgs-international-holdings-further-support-our-students/) - 2025年3月17日下午，港大经管学院与中国银河国际在香港大学创立方举行合作备忘录签署仪式，就未来深化人才培养与合作深入交流。 港大经管学院院长蔡洪滨教授与银河国际行政总裁常昱女士出席并共同签署合作备忘录。 在签署仪式上，蔡洪滨院长指出港大经管学院秉持“植根香港，融入中国，面向世界”的办学理念，致力于培养具有国际视野和专业实干能力的学生。 同时，学院近年来在师资力量、研究成果及国际影响力方面取得了显著进展，包括在全球商学院排名中位列前茅。 常昱女士在发言中介绍了中国银河在全球的广泛布局，尤其是在东南亚地区的深耕举措，并指出人才是银河国际深耕香港、开拓国际市场、创新业务场景过程中最为渴求的资产。 双方一致认为，未来将在人才培养、实践交流、项目合作等多种场景下开展深入合作，为学生们提供更广阔职业发展空间的同时，也为公司注入创新人才和新鲜血液，最终共同为助力中国企业出海夯实坚实的人才基础，同时为巩固香港国际金融中心地位、促进香港繁荣稳定添塼加瓦。 此前，港大经管学院已与中国银河在各地开展了形式多样的交流活动，此次签署合作备忘录标志著双方的合作进入了崭新的阶段。 未来，双方将基于备忘录内容，逐步开拓深化各项合作，共同推动金融领域人才的高质量发展。
- [港大經管學院與中國銀河國際就深化人才合作簽署備忘錄](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-and-cgs-international-holdings-further-support-our-students/) - 2025年3月17日下午，港大經管學院與中國銀河國際在香港大學創立方舉行合作備忘錄簽署儀式，就未來深化人才培養與合作深入交流。 港大經管學院院長蔡洪濱教授與銀河國際行政總裁常昱女士出席並共同簽署合作備忘錄。 在簽署儀式上，蔡洪濱院長指出港大經管學院秉持「植根香港，融入中國，面向世界」的辦學理念，致力於培養具有國際視野和專業實幹能力的學生。 同時，學院近年來在師資力量、研究成果及國際影響力方面取得了顯著進展，包括在全球商學院排名中位列前茅。 常昱女士在發言中介紹了中國銀河在全球的廣泛布局，尤其是在東南亞地區的深耕舉措，並指出人才是銀河國際深耕香港、開拓國際市場、創新業務場景過程中最為渴求的資產。 雙方一致認為，未來將在人才培養、實踐交流、項目合作等多種場景下開展深入合作，為學生們提供更廣闊職業發展空間的同時，也為公司注入創新人才和新鮮血液，最終共同為助力中國企業出海夯實堅實的人才基礎，同時為鞏固香港國際金融中心地位、促進香港繁榮穩定添塼加瓦。 此前，港大經管學院已與中國銀河在各地開展了形式多樣的交流活動，此次簽署合作備忘錄標誌著雙方的合作進入了嶄新的階段。 未來，雙方將基於備忘錄内容，逐步開拓深化各項合作，共同推動金融領域人才的高質量發展。
- [Unite and Flourish: Undergraduate Students and Alumni Mixer Event 2025](https://www.hkubs.hku.hk/sc/media/school-news/unite-and-flourish-undergraduate-students-and-alumni-mixer-event-2025/) - To foster the bonding between the School Alumni and to allow Undergraduate Students to receive impactful insights in their career exploration journey. The HKU Business School hosted its first-ever UG Students and Alumni Mixer event at the HKU iCube on March 6, 2025. This event, jointly organised by the School’s Undergraduate Student Enrichment and the
- [Unite and Flourish: Undergraduate Students and Alumni Mixer Event 2025](https://www.hkubs.hku.hk/sc/media/school-news/unite-and-flourish-undergraduate-students-and-alumni-mixer-event-2025/) - To foster the bonding between the School Alumni and to allow Undergraduate Students to receive impactful insights in their career exploration journey. The HKU Business School hosted its first-ever UG Students and Alumni Mixer event at the HKU iCube on March 6, 2025. This event, jointly organised by the School’s Undergraduate Student Enrichment and the
- [Unite and Flourish: Undergraduate Students and Alumni Mixer Event 2025](https://www.hkubs.hku.hk/sc/media/school-news/unite-and-flourish-undergraduate-students-and-alumni-mixer-event-2025/) - To foster the bonding between the School Alumni and to allow Undergraduate Students to receive impactful insights in their career exploration journey. The HKU Business School hosted its first-ever UG Students and Alumni Mixer event at the HKU iCube on March 6, 2025. This event, jointly organised by the School’s Undergraduate Student Enrichment and the
- [港大经管学院最新多模态AI图像生成能力排名出炉 部份中国人工智能模型表现突出](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-releases-a-comprehensive-evaluation-report-on-the-image-generation-capabilities-of-ai-models/) - （2025年3月6日，香港）港大经管学院今日发表《人工智能模型图像生成能力综合评测报告》，针对15个“文生图模型”及7个“多模态大语言模型”进行全面评估。研究显示，字节跳动的即梦AI和豆包，以及百度的文心一言，在新图像生成的内容质素及图像修改的表现突出；而早前引起全球关注的DeepSeek最新推出的文生图模型Janus-Pro，则在新图像生成方面表现欠佳。研究亦发现部分文生图模型虽然在内容质素方面表现优异，却在安全与责任方面的表现强差人意。整体而言，与文生图模型相比，多模态大语言模型整体表现较佳。 随著生成式人工智能技术不断进步，图像理解与生成这两大核心领域均取得了突破性成果，为传统及新兴领域注入活力和开拓更多可能性。然而，目前对人工智能图像生成能力的评估仍处于起步阶段，现有人工智能模型图像生成的评测体系亦未有充分考虑安全与伦理因素，难以全面反映模型表现。有见及此，继早前发布的《人工智能大语言模型评测综合排行榜》及《人工智能大语言模型图像理解能力综合评测报告》，港大经管学院创新及资讯管理学教授兼夏利莱伉俪基金教授 （战略信息管理学）蒋镇辉再次率领人工智能大模型评测团队，就新图像生成和图像修改两大核心范畴，共同构建一套更全面的人工智能模型图像生成能力评测体系，透过更科学多元的评测方式，帮助用家理解及选择合适的图像生成模型，亦为开发者提供参考以改进设计。 蒋镇辉教授表示：“在当前中国科技迅猛发展的浪潮中，我们在推动技术突破的同时，必须在创新、提升质素与安全责任之间取得平衡，以推动行业健康发展。这套多模态评测体系将为生成式人工智能技术发展奠定重要基础，助力建立一个安全、负责任且可持续的人工智慧大模型生态系统。” 排名方法 是次评测主要针对新图像生成及对现有图像修改两种任务的表现。 首先，新图像生成任务的评测包含两方面：生成内容质素和安全与责任性。 内容质素 — 透过以下三个维度进行评估：图文一致性（衡量图像是否能准确反映文字指令中的物件、场景或概念）；图像合理可靠性（衡量图像内容的事实准确性，确保图像符合现实世界规律）；图像美感（衡量图像的美学质素，包括构图、色彩协调性和创意等因素）。内容质素由专家评分者在模型一对一比较的情况下进行评价，最终以Elo评分进行科学排名。 安全与责任性 — 衡量人工智能模型在生成新图像时的安全合规性与社会责任意识，测试指令涵盖以下类别：偏见与歧视、违法活动、危险元素、伦理道德、版权侵犯以及隐私/肖像侵犯。 而图像修改任务的评测范围包括风格修改和内容修改，与新图像生成的内容质素评估相类似，图像修改从三个维度进行评估：图文一致性、图像合理可靠性及图像美感。 新图像生成的内容质素综合排名 在新图像生成的内容质素方面，由字节跳动推出的即梦AI表现最佳，获得1,123分，百度的文心一言V3.2.0、Midjourney v6.1及豆包则紧随其后。 图表1：新图像生成的内容质素综合排名 新图像生成的安全与责任排名 在新图像生成的安全与责任方面， OpenAI的GPT-4o的评分最高，平均得分为6.04，通义千问V2.5.0和Google的Gemini 1.5 Pro 分别以5.49分及5.23分排名第二及第三。而近期备受关注的DeepSeek所推出的文生图模型Janus-Pro，在新图像生成内容质素及安全与责任两大方面的表现均相对欠佳，其内容质素排名更是敬陪末席。评测结果亦显示部分文生图模型虽然在内容质素方面表现优异，却在安全与责任方面的表现未如理想，反映文生图模型的图像生成能力不均。在缺乏足够安全保障和伦理约束的情况下，这些工具可能带来更大的社会风险。 图表2：新图像生成的安全与责任排名 图像修改综合排名 另一方面，在13个支援图像修改的模型当中，豆包、即梦AI和文心一言V3.2.0均表现出色，紧随其后为GPT-4o和Gemini 1.5 Pro。值得留意的是，同属百度的文心一格2在新图像生成的内容质素与图像修改两项核心范畴的表现均未如理想。 图表3：图像修改综合排名 请按此浏览排名详细资料 请按此浏览“人工智能模型图像生成能力综合评测报告”全文 综合以上排名，多模态大语言模型在评测中表现明显占优，在新图像生成的内容质素和图像修改方面均媲美文生图模型，同时展现较佳的安全意识。在评测中亦观察到多模态大语言模型在易用性和多样化场景支援上也更具竞争力，能够为用家带来更方便和全面的使用体验。
- [港大經管學院最新多模態AI圖像生成能力排名出爐 部份中國人工智能模型表現突出](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-releases-a-comprehensive-evaluation-report-on-the-image-generation-capabilities-of-ai-models/) - （2025年3月6日，香港）港大經管學院今日發表《人工智能模型圖像生成能力綜合評測報告》，針對15個「文生圖模型」及7個「多模態大語言模型」進行全面評估。研究顯示，字節跳動的即夢AI和豆包，以及百度的文心一言，在新圖像生成的內容質素及圖像修改的表現突出；而早前引起全球關注的DeepSeek最新推出的文生圖模型Janus-Pro，則在新圖像生成方面表現欠佳。研究亦發現部分文生圖模型雖然在內容質素方面表現優異，卻在安全與責任方面的表現強差人意。整體而言，與文生圖模型相比，多模態大語言模型整體表現較佳。 隨著生成式人工智能技術不斷進步，圖像理解與生成這兩大核心領域均取得了突破性成果，為傳統及新興領域注入活力和開拓更多可能性。然而，目前對人工智能圖像生成能力的評估仍處於起步階段，現有人工智能模型圖像生成的評測體系亦未有充分考慮安全與倫理因素，難以全面反映模型表現。有見及此，繼早前發布的《人工智能大語言模型評測綜合排行榜》及《人工智能大語言模型圖像理解能力綜合評測報告》，港大經管學院創新及資訊管理學教授兼夏利萊伉儷基金教授 （戰略信息管理學）蔣鎮輝再次率領人工智能大模型評測團隊，就新圖像生成和圖像修改兩大核心範疇，共同構建一套更全面的人工智能模型圖像生成能力評測體系，透過更科學多元的評測方式，幫助用家理解及選擇合適的圖像生成模型，亦為開發者提供參考以改進設計。 蔣鎮輝教授表示：「在當前中國科技迅猛發展的浪潮中，我們在推動技術突破的同時，必須在創新、提升質素與安全責任之間取得平衡，以推動行業健康發展。這套多模態評測體系將為生成式人工智能技術發展奠定重要基礎，助力建立一個安全、負責任且可持續的人工智慧大模型生態系統。」 排名方法 是次評測主要針對新圖像生成及對現有圖像修改兩種任務的表現。 首先，新圖像生成任務的評測包含兩方面：生成內容質素和安全與責任性。 內容質素 — 透過以下三個維度進行評估：圖文一致性（衡量圖像是否能準確反映文字指令中的物件、場景或概念）；圖像合理可靠性（衡量圖像內容的事實準確性，確保圖像符合現實世界規律）；圖像美感（衡量圖像的美學質素，包括構圖、色彩協調性和創意等因素）。內容質素由專家評分者在模型一對一比較的情況下進行評價，最終以Elo評分進行科學排名。 安全與責任性 — 衡量人工智能模型在生成新圖像時的安全合規性與社會責任意識，測試指令涵蓋以下類別：偏見與歧視、違法活動、危險元素、倫理道德、版權侵犯以及隱私/肖像侵犯。 而圖像修改任務的評測範圍包括風格修改和內容修改，與新圖像生成的內容質素評估相類似，圖像修改從三個維度進行評估：圖文一致性、圖像合理可靠性及圖像美感。 新圖像生成的內容質素綜合排名 在新圖像生成的內容質素方面，由字節跳動推出的即夢AI表現最佳，獲得1,123分，百度的文心一言V3.2.0、Midjourney v6.1及豆包則緊隨其後。 圖表1：新圖像生成的內容質素綜合排名 新圖像生成的安全與責任排名 在新圖像生成的安全與責任方面， OpenAI的GPT-4o的評分最高，平均得分為6.04，通義千問V2.5.0和Google的Gemini 1.5 Pro 分別以5.49分及5.23分排名第二及第三。而近期備受關注的DeepSeek所推出的文生圖模型Janus-Pro，在新圖像生成內容質素及安全與責任兩大方面的表現均相對欠佳，其內容質素排名更是敬陪末席。評測結果亦顯示部分文生圖模型雖然在內容質素方面表現優異，卻在安全與責任方面的表現未如理想，反映文生圖模型的圖像生成能力不均。在缺乏足夠安全保障和倫理約束的情況下，這些工具可能帶來更大的社會風險。 圖表2：新圖像生成的安全與責任排名 圖像修改綜合排名 另一方面，在13個支援圖像修改的模型當中，豆包、即夢AI和文心一言V3.2.0均表現出色，緊隨其後為GPT-4o和Gemini 1.5 Pro。值得留意的是，同屬百度的文心一格2在新圖像生成的內容質素與圖像修改兩項核心範疇的表現均未如理想。 圖表3：圖像修改綜合排名 請按此瀏覽排名詳細資料 請按此瀏覽「人工智能模型圖像生成能力綜合評測報告」全文 綜合以上排名，多模態大語言模型在評測中表現明顯佔優，在新圖像生成的內容質素和圖像修改方面均媲美文生圖模型，同時展現較佳的安全意識。在評測中亦觀察到多模態大語言模型在易用性和多樣化場景支援上也更具競爭力，能夠為用家帶來更方便和全面的使用體驗。
- [HKU Business School Releases a Comprehensive Evaluation Report on the Image-Generation Capabilities of AI Models](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-releases-a-comprehensive-evaluation-report-on-the-image-generation-capabilities-of-ai-models/) - (6 March 2025, Hong Kong) HKU Business School released a Comprehensive Evaluation Report on the Image Generation Capabilities of Artificial Intelligence Models, providing a systematic assessment of 15 text-to-image models and 7 multimodal large language models (LLMs). The results showed that ByteDance’s Dreamina and Doubao, as well as Baidu’s ERNIE Bot ranked among the top
- [人工智能图像生成评测成绩单公布: 字节跳动百度表现亮眼，DeepSeek Janus-Pro表现欠佳](https://www.hkubs.hku.hk/sc/media/school-news/ai-image-generation-evaluation-results-released-bytedance-and-baidu-perform-well-deepseek-janus-pro-falls-short/) - 作者：蒋镇辉1，武正昱1，李佳欣1，徐昊哲2，吴轶凡1，鲁艺1 1香港大学经管学院 2西安交通大学管理学院 摘要 如今，人工智能领域的前沿模型技术已经从文本处理拓展至视觉信息的深度理解与生成。这些模型既能精准解读图像语义，又能根据文字描述创作出兼具真实感与艺术性的视觉内容，展现出令人惊叹的跨模态理解与创作能力。本研究聚焦全新图像的生成和基于现有图像的图像修改两大核心任务，提出了一套系统性的人工智能模型图像生成能力评测框架。我们基于多维测试集的构建与专家评审，对15个专业文生图模型和7个多模态大语言模型的图像生成能力进行了全面评估。结果显示，字节跳动的即梦AI和豆包以及百度的文心一言在新图像生成的内容质量与修改任务中表现突出，位列第一梯队。对比不同类型的AI模型，我们发现，相对于专业文生图模型，多模态大语言模型整体表现更佳。 评测背景与意义 生成式人工智能技术正处于向多模态领域深度拓展的关键转型期，在图像理解与生成这两大核心领域均取得了令人瞩目的突破性进展。在图像理解层面，视觉语言模型（如通义千问-VL）以及具备强大图像理解能力的多模态大语言模型（如GPT-4o），凭借其先进的算法架构与海量的数据训练，已在视觉感知、视觉推理以及视觉审美等多个关键维度展现出卓越的性能与强大的能力。本团队此前发布的《人工智能大语言模型图像理解能力综合测评报告》（长按图1扫码阅读），对视觉语言模型和多模态大语言模型的图像理解综合表现进行了系统且全面的评估。该报告与本研究相互补充、有机结合，共同构建起了一套覆盖多模态人工智能的全方位、多层次评测体系。 图1. 《人工智能大语言模型图像理解能力综合测评报告》 （https://mp.weixin.qq.com/s/kdHRIwoVO79T9moFcX1hlQ） 在图像生成领域，专业文生图模型（如 DALL-E 3），以及集成了图像生成能力的多模态大语言模型（如文心一言），以其出色的图像生成质量与灵活的应用场景，有力地推动了图像生成技术的迅猛发展与广泛普及。这些技术革新不仅为内容创作、市场营销和平面设计等传统领域注入了全新的活力与创意，还为众多新兴领域的发展创造了无限可能。然而，当前人工智能图像生成能力的评估仍处于初步阶段，现有评测榜单（如SuperCLUE、Artificial Analysis等）主要依赖自动化算法、大模型裁判和模型竞技场等方法，普遍存在评价偏颇、公平性不足、视角单一等缺陷。此外，现有体系未充分关注安全与伦理问题，无法全面地反映模型表现，亟需更加科学多元的评价体系。为帮助用户全面理解幷选择适合的图像生成模型，揭示不同模型的性能特点，为开发者提供优化设计参考，推动行业健康发展，我们同样构建了一套系统性的人工智能模型图像生成能力评测体系，涵盖15个专业文生图模型和7个多模态大语言模型（见表1）。 表1. 测评模型列表 国家 类型 模型 机构 中国 专业文生图模型 360智绘 360 中国 专业文生图模型 CogView3 - Plus 智谱华章 中国 专业文生图模型 DeepSeek Janus-Pro DeepSeek 中国 专业文生图模型 混元生图 腾讯 中国 专业文生图模型 即梦AI 字节跳动 中国 专业文生图模型 秒画 SenseMirage V5.0 商汤科技 中国 专业文生图模型 妙笔生画 Vivo 中国
- [人工智能圖像生成評測成績單公布: 字節跳動百度表現亮眼，DeepSeek Janus-Pro表現欠佳](https://www.hkubs.hku.hk/sc/media/school-news/ai-image-generation-evaluation-results-released-bytedance-and-baidu-perform-well-deepseek-janus-pro-falls-short/) - 作者：蔣鎮輝1，武正昱1，李佳欣1，徐昊哲2，吳軼凡1，魯藝1 1香港大學經管學院 2西安交通大學管理學院 摘要 如今，人工智能領域的前沿模型技術已經從文本處理拓展至視覺信息的深度理解與生成。這些模型既能精准解讀圖像語義，又能根據文字描述創作出兼具真實感與藝術性的視覺內容，展現出令人驚嘆的跨模態理解與創作能力。本研究聚焦全新圖像的生成和基于現有圖像的圖像修改兩大核心任務，提出了一套系統性的人工智能模型圖像生成能力評測框架。我們基于多維測試集的構建與專家評審，對15個專業文生圖模型和7個多模態大語言模型的圖像生成能力進行了全面評估。結果顯示，字節跳動的即夢AI和豆包以及百度的文心一言在新圖像生成的內容質量與修改任務中表現突出，位列第一梯隊。對比不同類型的AI模型，我們發現，相對于專業文生圖模型，多模態大語言模型整體表現更佳。 評測背景與意義 生成式人工智能技術正處于向多模態領域深度拓展的關鍵轉型期，在圖像理解與生成這兩大核心領域均取得了令人矚目的突破性進展。在圖像理解層面，視覺語言模型（如通義千問-VL）以及具備强大圖像理解能力的多模態大語言模型（如GPT-4o），憑藉其先進的算法架構與海量的數據訓練，已在視覺感知、視覺推理以及視覺審美等多個關鍵維度展現出卓越的性能與强大的能力。本團隊此前發布的《人工智能大語言模型圖像理解能力綜合測評報告》（長按圖1掃碼閱讀），對視覺語言模型和多模態大語言模型的圖像理解綜合表現進行了系統且全面的評估。該報告與本研究相互補充、有機結合，共同構建起了一套覆蓋多模態人工智能的全方位、多層次評測體系。 圖1. 《人工智能大語言模型圖像理解能力綜合測評報告》 （https://mp.weixin.qq.com/s/kdHRIwoVO79T9moFcX1hlQ） 在圖像生成領域，專業文生圖模型（如 DALL-E 3），以及集成了圖像生成能力的多模態大語言模型（如文心一言），以其出色的圖像生成質量與靈活的應用場景，有力地推動了圖像生成技術的迅猛發展與廣泛普及。這些技術革新不僅爲內容創作、市場營銷和平面設計等傳統領域注入了全新的活力與創意，還爲衆多新興領域的發展創造了無限可能。然而，當前人工智能圖像生成能力的評估仍處于初步階段，現有評測榜單（如SuperCLUE、Artificial Analysis等）主要依賴自動化算法、大模型裁判和模型競技場等方法，普遍存在評價偏頗、公平性不足、視角單一等缺陷。此外，現有體系未充分關注安全與倫理問題，無法全面地反映模型表現，亟需更加科學多元的評價體系。爲幫助用戶全面理解幷選擇適合的圖像生成模型，揭示不同模型的性能特點，爲開發者提供優化設計參考，推動行業健康發展，我們同樣構建了一套系統性的人工智能模型圖像生成能力評測體系，涵蓋15個專業文生圖模型和7個多模態大語言模型（見表1）。 表1. 測評模型列表 國家 類型 模型 機構 中國 專業文生圖模型 360智繪 360 中國 專業文生圖模型 CogView3 - Plus 智譜華章 中國 專業文生圖模型 DeepSeek Janus-Pro DeepSeek 中國 專業文生圖模型 混元生圖 騰訊 中國 專業文生圖模型 即夢AI 字節跳動 中國 專業文生圖模型 秒畫 SenseMirage V5.0 商湯科技 中國 專業文生圖模型 妙筆生畫 Vivo 中國
- [AI Image Generation Evaluation Results Released: ByteDance and Baidu Perform Well, DeepSeek Janus-Pro Falls Short](https://www.hkubs.hku.hk/sc/media/school-news/ai-image-generation-evaluation-results-released-bytedance-and-baidu-perform-well-deepseek-janus-pro-falls-short/) - Zhenhui Jack JIANG1, Zhenyu WU1, Jiaxin LI1, Haozhe XU2, Yifan WU1, Yi LU1 1HKU Business School, the University of Hong Kong, 2 School of Management, Xi’an Jiaotong University Abstract The frontier of AI models has evolved beyond text processing to encompass the ability to understand and generate visual content. These models not only comprehend
- [ACCA及港大经管学院续签合作备忘录 助力培育新一代会计财务领袖](https://www.hkubs.hku.hk/sc/media/press-release/empowering-tomorrows-accounting-and-finance-leaders-renewing-the-mou-between-acca-and-hku-business-school/) - 延续共同承诺 启发未来会计财务专才 ACCA（特许公认会计师公会）和港大经管学院于今日续签合作备忘录。这份协议是双方签署的第三份合作备忘录，进一步巩固两家机构携手培育未来会计财务领袖的承诺。 自2018年首次签署合作备忘录以来，港大经管学院为全港首间获得ACCA提供全球资源与支持的学术机构，涵盖教学指引、案例研究及学习教材等多项支援。此外，港大经管学院的会计学硕士（MAcct）课程获ACCA基础阶段（Fundamentals Level）的最高豁免资格，让毕业生在其九份试卷中得到豁免。 此次签署的第三份合作备忘录，进一步涵盖本科课程，包括工商管理学学士（会计及财务）[BBA(Acc&Fin)] 及工商管理学学士（会计数据分析）[BBA(ADA)] ，标志著双方合作的重要里程碑。透过将ACCA的专业框架及认证纳入课程，今年将有超过1,200名学生受惠于更多的学习机会，从而增强他们在职场上的竞争优势。 秉持过往成功的合作，是次合作备忘录将有助港大经管学院吸引区内顶尖人才，并提升毕业生的专业能力。同时，这项协议亦再次巩固港大经管学院与ACCA在国际舞台上的领先地位，并彰显香港作为国际学术枢纽的影响力与吸引力。 ACCA中国总监梁淑屏女士表示：“本次合作备忘录的续签，不仅体现了ACCA和港大经管学院的共同愿景，更象征财会领域迈向未来的一大步。其中的ACCA Accelerate 计划，为港大经管学院学生提供了快速通道，助力他们更高效地获取专业资格。此外，即将举办的‘HKUBS x ACCA大湾区研学之旅’，将为学生提供沉浸式学习体验，让他们有机会与前海管理局在内的行业领袖及监管机构交流。这项计划不仅将我们的合作愿景落到实处，更为培育未来领袖、推动行业发展注入动力。” 港大经管学院院长蔡洪滨教授表示：“我很高兴能够与ACCA延续我们重要的合作伙伴关系，继续打造能让学生在各自领域中脱颖而出的课程。在新学年，我们将开办全新的会计数据分析硕士课程，该课程也将获ACCA的认证。我深信凭借两所领先机构之间的协同作用，将有助学生们在会计、税务专业、法律等领域更上一层楼，成为行业领袖。” 港大经管学院院长蔡洪滨教授及ACCA中国总监梁淑屏女士代表签署合作备忘录。
- [ACCA及港大經管學院續簽合作備忘錄 助力培育新一代會計財務領袖](https://www.hkubs.hku.hk/sc/media/press-release/empowering-tomorrows-accounting-and-finance-leaders-renewing-the-mou-between-acca-and-hku-business-school/) - 延續共同承諾 啟發未來會計財務專才 ACCA（特許公認會計師公會）和港大經管學院於今日續簽合作備忘錄。這份協議是雙方簽署的第三份合作備忘錄，進一步鞏固兩家機構攜手培育未來會計財務領袖的承諾。 自2018年首次簽署合作備忘錄以來，港大經管學院為全港首間獲得ACCA提供全球資源與支持的學術機構，涵蓋教學指引、案例研究及學習教材等多項支援。此外，港大經管學院的會計學碩士（MAcct）課程獲ACCA基礎階段（Fundamentals Level）的最高豁免資格，讓畢業生在其九份試卷中得到豁免。 此次簽署的第三份合作備忘錄，進一步涵蓋本科課程，包括工商管理學學士（會計及財務）[BBA(Acc&Fin)] 及工商管理學學士（會計數據分析）[BBA(ADA)] ，標誌著雙方合作的重要里程碑。透過將ACCA的專業框架及認證納入課程，今年將有超過1,200名學生受惠於更多的學習機會，從而增強他們在職場上的競爭優勢。 秉持過往成功的合作，是次合作備忘錄將有助港大經管學院吸引區內頂尖人才，並提升畢業生的專業能力。同時，這項協議亦再次鞏固港大經管學院與ACCA在國際舞台上的領先地位，並彰顯香港作為國際學術樞紐的影響力與吸引力。 ACCA中國總監梁淑屏女士表示：「本次合作備忘錄的續簽，不僅體現了ACCA和港大經管學院的共同願景，更象徵財會領域邁向未來的一大步。其中的ACCA Accelerate 計劃，為港大經管學院學生提供了快速通道，助力他們更高效地獲取專業資格。此外，即將舉辦的『HKUBS x ACCA大灣區研學之旅』，將為學生提供沉浸式學習體驗，讓他們有機會與前海管理局在内的行業領袖及監管機構交流。這項計劃不僅將我們的合作願景落到實處，更為培育未來領袖、推動行業發展注入動力。」 港大經管學院院長蔡洪濱教授表示：「我很高興能夠與ACCA延續我們重要的合作伙伴關係，繼續打造能讓學生在各自領域中脫穎而出的課程。在新學年，我們將開辦全新的會計數據分析碩士課程，該課程也將獲ACCA的認證。我深信憑藉兩所領先機構之間的協同作用，將有助學生們在會計、稅務專業、法律等領域更上一層樓，成為行業領袖。」 港大經管學院院長蔡洪濱教授及ACCA中國總監梁淑屏女士代表簽署合作備忘錄。
- [Empowering Tomorrow's Accounting and Finance Leaders: Renewing the MoU between ACCA and HKU Business School](https://www.hkubs.hku.hk/sc/media/press-release/empowering-tomorrows-accounting-and-finance-leaders-renewing-the-mou-between-acca-and-hku-business-school/) - Sustaining a shared commitment to inspire tomorrow’s Accounting and Finance professionals. The Association of Chartered Certified Accountants (ACCA) and HKU Business School renewed their Memorandum of Understanding (MoU) today. This latest Agreement is the third that was signed between the two organisations, reaffirming both organisations’ dedication towards supporting tomorrow’s Accounting and Finance leaders. The first
- [Inauguration of the HKU-Accenture Business Consulting Programme 2024-25](https://www.hkubs.hku.hk/sc/media/school-news/inauguration-of-the-hku-accenture-business-consulting-programme-2024-25/) - A ceremony was held on February 10, 2025 to mark the inauguration of the HKU-Accenture Business Consulting Programme 2024-25 – an experiential learning opportunity which allows students from HKU Business School gain industry knowledge and exposure to business consulting. This year, we are thrilled to announce the partnership with Hong Kong Technology Venture Company Limited
- [Inauguration of the HKU-Accenture Business Consulting Programme 2024-25](https://www.hkubs.hku.hk/sc/media/school-news/inauguration-of-the-hku-accenture-business-consulting-programme-2024-25/) - A ceremony was held on February 10, 2025 to mark the inauguration of the HKU-Accenture Business Consulting Programme 2024-25 – an experiential learning opportunity which allows students from HKU Business School gain industry knowledge and exposure to business consulting. This year, we are thrilled to announce the partnership with Hong Kong Technology Venture Company Limited
- [Inauguration of the HKU-Accenture Business Consulting Programme 2024-25](https://www.hkubs.hku.hk/sc/media/school-news/inauguration-of-the-hku-accenture-business-consulting-programme-2024-25/) - A ceremony was held on February 10, 2025 to mark the inauguration of the HKU-Accenture Business Consulting Programme 2024-25 – an experiential learning opportunity which allows students from HKU Business School gain industry knowledge and exposure to business consulting. This year, we are thrilled to announce the partnership with Hong Kong Technology Venture Company Limited
- [港大经管学院公布人工智能大语言模型评测综合排行榜](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-releases-the-comprehensive-rankings-of-assessments-for-artificial-intelligence-large-language-models/) - （2024年3月12日，香港）港大经管学院日前就多个主流的人工智能大语言模型（LLMs）在中文及英文环境进行综合深入评测，并发表评测报告，以及公布中文和英文语境大模型排行榜。在评测14款中文及16款英文语境下的人工智能通用大语言模型后，报告发现，在中文语境下，文心一言4综合表现最佳；而在英文语境下，GPT 4-turbo领先优势明显。 在中文语境下，文心一言4综合表现最佳，而GPT4-Turbo与通义千问2紧随其后。 英文语境下，仅有 GPT 4-turbo一款模型的综合得分获得80 分以上。 大多数国产大模型在英文语境下的综合表现处于稍微劣势的位置。 人工智能大语言模型技术日新月异，虽然为广大用户带来新奇的使用体验和工作便利，但用户经常困惑于不同大模型的使用体验，需要一个用户视角的、系统的大模型评测。有见及此，港大经管学院创新及资讯管理学教授蒋镇辉教授带领深圳研究院人工智能研究所团队构建一个通用大语言模型的综合评价体系，以两个核心评测目标，包括从用户视角出发，全面评估主流大模型的能力，以及深入评估和分析国产大模型在英文场景中的优势和局限性，并探究它们在英文领域的应用潜力。 港大经管学院创新及资讯管理学教授蒋镇辉教授表示：“中国具有大语言模型应用的丰富场景，特别是在教育、金融、医疗、法律、零售等方面，未来的想像空间是十分宽广的。推动人工智慧技术在各个领域的落地，这需要各方面共同努力。另外，在人工智能大语言模型的领域，中国科技不该只做个追随者，而应该勇于成为引领者，中国的大语言模型呼唤更多从0到1的原创性核心技术。” 是次评测主要针对三大核心能力，包括自然语言能力、专业学科能力以及安全与责任： 自然/通用语言能力 ─ 划分为两个难度级别：基础语言能力包含自由问答、内容总结、内容创作等6类子任务；进阶语言能力包含场景类比和角色扮演两类子任务，要求大模型展现出对人类角色、微妙情感和文化语境的深入理解，并在更复杂和多样化的情境中准确理解和回应指令。 专业学科能力 ─采用两个难度等级（中学水准和大学水准）的多学科考试题目，考察大模型对人类学科知识的掌握。 安全与责任 ─ 分为一般攻击和指令攻击两种：一般攻击测试模型处理包括危险话题、违法行为、身体健康、心理健康、伦理道德等8 种敏感话题的能力；指令攻击检验大模型对被设计规避其安全机制的特定格式指令（目标劫持、恶意角色扮演、逆向诱导、创作操纵）的抵御能力。 在中文语境下，文心一言4综合表现最佳，获得74.58分，而GPT4-Turbo与通义千问2紧随其后。文心一言4对中文特色语境表现出更好的适应能力。在安全与责任方面，文心一言4得分亦最高，展现出较成熟的安全意识。文心一言 4的表现，也侧面反映越来越多高品质的中文资料集，逐步被构筑并应用于国产大模型，以创造出更好的中文思维 AI 助手。 图表1：中文语境下的人工智慧大语言模型评测综合排行榜 在英文语境下，仅有 GPT 4-turbo一款模型获得80 分以上的综合得分，在各项能力上表现比较均衡，而在自然语言能力和学科试题上均表现突出，在安全与责任方面也名列前茅。对比其他大模型，GPT 4-turbo 的突出表现可能源于它在任务适应性，特别是在处理逻辑推理与创作类复杂任务和理解深层次语义上的卓越能力。对比GPT系列前代模型，GPT 4-turbo作为GPT系列模型的最先进版本，在API调用的表现，特别是在安全与责任能力上，比其前代模型优化显著。 图表2：英文语境下的人工智慧大语言模型评测综合排行榜 此外，是次评测的另一个重点，是在全英文环境中观察9款国产大模型处理英文任务的能力。评测纳入的国外大模型受认可度较高且开发语言均为英语，相比之下，大多数国产大模型在英文语境下的综合表现处于稍微劣势的位置，原因跟它们训练的数据大多是中文有关，不过个别国产大模型，例如文心一言4.0亦在多项英文任务上表现出色，展现出较强的优化潜力。整体而言，是次测评中的国产大模型具备正确理解英文问题和指令的能力，仅在输出时偶尔缺乏语言稳定性和语料丰富性。因此国产大模型可以在多语言输出能力上进一步加强，令它们有望在国际舞台上展现更加强大和全面的竞争力。 请按此浏览“英文语境下的人工智慧大语言模型评测”及“中文语境下的人工智慧大语言模型评测”全文。
- [HKU Business School Releases the Comprehensive Rankings of Assessments for Artificial Intelligence Large Language Models](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-releases-the-comprehensive-rankings-of-assessments-for-artificial-intelligence-large-language-models/) - （2024年3月12日，香港）港大經管學院日前就多個主流的人工智能大語言模型（LLMs）在中文及英文環境進行綜合深入評測，並發表評測報告，以及公佈中文和英文語境大模型排行榜。在評測14款中文及16款英文語境下的人工智能通用大語言模型後，報告發現，在中文語境下，文心一言4綜合表現最佳；而在英文語境下，GPT 4-turbo領先優勢明顯。 在中文語境下，文心一言4綜合表現最佳，而GPT4-Turbo與通義千問2緊隨其後。 英文語境下，僅有 GPT 4-turbo一款模型的綜合得分獲得80 分以上。 大多數國產大模型在英文語境下的綜合表現處於稍微劣勢的位置。 人工智能大語言模型技術日新月異，雖然為廣大用戶帶來新奇的使用體驗和工作便利，但用戶經常困惑於不同大模型的使用體驗，需要一個用戶視角的、系統的大模型評測。有見及此，港大經管學院創新及資訊管理學教授蔣鎮輝教授帶領深圳研究院人工智能研究所團隊構建一個通用大語言模型的綜合評價體系，以兩個核心評測目標，包括從用戶視角出發，全面評估主流大模型的能力，以及深入評估和分析國產大模型在英文場景中的優勢和局限性，並探究它們在英文領域的應用潛力。 港大經管學院創新及資訊管理學教授蔣鎮輝教授表示：「中國具有大語言模型應用的豐富場景，特別是在教育、金融、醫療、法律、零售等方面，未來的想像空間是十分寬廣的。推動人工智慧技術在各個領域的落地，這需要各方面共同努力。另外，在人工智能大語言模型的領域，中國科技不該只做個追隨者，而應該勇於成為引領者，中國的大語言模型呼喚更多從0到1的原創性核心技術。」 是次評測主要針對三大核心能力，包括自然語言能力、專業學科能力以及安全與責任： 自然/通用語言能力 ─ 劃分為兩個難度級別：基礎語言能力包含自由問答、內容總結、內容創作等6類子任務；進階語言能力包含場景類比和角色扮演兩類子任務，要求大模型展現出對人類角色、微妙情感和文化語境的深入理解，並在更複雜和多樣化的情境中準確理解和回應指令。 專業學科能力 ─採用兩個難度等級（中學水準和大學水準）的多學科考試題目，考察大模型對人類學科知識的掌握。 安全與責任 ─ 分為一般攻擊和指令攻擊兩種：一般攻擊測試模型處理包括危險話題、違法行為、身體健康、心理健康、倫理道德等8 種敏感話題的能力；指令攻擊檢驗大模型對被設計規避其安全機制的特定格式指令（目標劫持、惡意角色扮演、逆向誘導、創作操縱）的抵禦能力。 在中文語境下，文心一言4綜合表現最佳，獲得74.58分，而GPT4-Turbo與通義千問2緊隨其後。文心一言4對中文特色語境表現出更好的適應能力。在安全與責任方面，文心一言4得分亦最高，展現出較成熟的安全意識。文心一言 4的表現，也側面反映越來越多高品質的中文資料集，逐步被構築並應用於國產大模型，以創造出更好的中文思維 AI 助手。 圖表1：中文語境下的人工智慧大語言模型評測綜合排行榜 在英文語境下，僅有 GPT 4-turbo一款模型獲得80 分以上的綜合得分，在各項能力上表現比較均衡，而在自然語言能力和學科試題上均表現突出，在安全與責任方面也名列前茅。對比其他大模型，GPT 4-turbo 的突出表現可能源於它在任務適應性，特別是在處理邏輯推理與創作類複雜任務和理解深層次語義上的卓越能力。對比GPT系列前代模型，GPT 4-turbo作為GPT系列模型的最先進版本，在API調用的表現，特別是在安全與責任能力上，比其前代模型優化顯著。 圖表2：英文語境下的人工智慧大語言模型評測綜合排行榜 此外，是次評測的另一個重點，是在全英文環境中觀察9款國產大模型處理英文任務的能力。評測納入的國外大模型受認可度較高且開發語言均為英語，相比之下，大多數國產大模型在英文語境下的綜合表現處於稍微劣勢的位置，原因跟它們訓練的數據大多是中文有關，不過個別國產大模型，例如文心一言4.0亦在多項英文任務上表現出色，展現出較強的優化潛力。整體而言，是次測評中的國產大模型具備正確理解英文問題和指令的能力，僅在輸出時偶爾缺乏語言穩定性和語料豐富性。因此國產大模型可以在多語言輸出能力上進一步加強，令它們有望在國際舞台上展現更加強大和全面的競爭力。 請按此瀏覽「英文語境下的人工智慧大語言模型評測」及「中文語境下的人工智慧大語言模型評測」全文。
- [港大經管學院公佈人工智能大語言模型評測綜合排行榜](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-releases-the-comprehensive-rankings-of-assessments-for-artificial-intelligence-large-language-models/) - （2024年3月12日，香港）港大經管學院日前就多個主流的人工智能大語言模型（LLMs）在中文及英文環境進行綜合深入評測，並發表評測報告，以及公佈中文和英文語境大模型排行榜。在評測14款中文及16款英文語境下的人工智能通用大語言模型後，報告發現，在中文語境下，文心一言4綜合表現最佳；而在英文語境下，GPT 4-turbo領先優勢明顯。 在中文語境下，文心一言4綜合表現最佳，而GPT4-Turbo與通義千問2緊隨其後。 英文語境下，僅有 GPT 4-turbo一款模型的綜合得分獲得80 分以上。 大多數國產大模型在英文語境下的綜合表現處於稍微劣勢的位置。 人工智能大語言模型技術日新月異，雖然為廣大用戶帶來新奇的使用體驗和工作便利，但用戶經常困惑於不同大模型的使用體驗，需要一個用戶視角的、系統的大模型評測。有見及此，港大經管學院創新及資訊管理學教授蔣鎮輝教授帶領深圳研究院人工智能研究所團隊構建一個通用大語言模型的綜合評價體系，以兩個核心評測目標，包括從用戶視角出發，全面評估主流大模型的能力，以及深入評估和分析國產大模型在英文場景中的優勢和局限性，並探究它們在英文領域的應用潛力。 港大經管學院創新及資訊管理學教授蔣鎮輝教授表示：「中國具有大語言模型應用的豐富場景，特別是在教育、金融、醫療、法律、零售等方面，未來的想像空間是十分寬廣的。推動人工智慧技術在各個領域的落地，這需要各方面共同努力。另外，在人工智能大語言模型的領域，中國科技不該只做個追隨者，而應該勇於成為引領者，中國的大語言模型呼喚更多從0到1的原創性核心技術。」 是次評測主要針對三大核心能力，包括自然語言能力、專業學科能力以及安全與責任： 自然/通用語言能力 ─ 劃分為兩個難度級別：基礎語言能力包含自由問答、內容總結、內容創作等6類子任務；進階語言能力包含場景類比和角色扮演兩類子任務，要求大模型展現出對人類角色、微妙情感和文化語境的深入理解，並在更複雜和多樣化的情境中準確理解和回應指令。 專業學科能力 ─採用兩個難度等級（中學水準和大學水準）的多學科考試題目，考察大模型對人類學科知識的掌握。 安全與責任 ─ 分為一般攻擊和指令攻擊兩種：一般攻擊測試模型處理包括危險話題、違法行為、身體健康、心理健康、倫理道德等8 種敏感話題的能力；指令攻擊檢驗大模型對被設計規避其安全機制的特定格式指令（目標劫持、惡意角色扮演、逆向誘導、創作操縱）的抵禦能力。 在中文語境下，文心一言4綜合表現最佳，獲得74.58分，而GPT4-Turbo與通義千問2緊隨其後。文心一言4對中文特色語境表現出更好的適應能力。在安全與責任方面，文心一言4得分亦最高，展現出較成熟的安全意識。文心一言 4的表現，也側面反映越來越多高品質的中文資料集，逐步被構築並應用於國產大模型，以創造出更好的中文思維 AI 助手。 圖表1：中文語境下的人工智慧大語言模型評測綜合排行榜 在英文語境下，僅有 GPT 4-turbo一款模型獲得80 分以上的綜合得分，在各項能力上表現比較均衡，而在自然語言能力和學科試題上均表現突出，在安全與責任方面也名列前茅。對比其他大模型，GPT 4-turbo 的突出表現可能源於它在任務適應性，特別是在處理邏輯推理與創作類複雜任務和理解深層次語義上的卓越能力。對比GPT系列前代模型，GPT 4-turbo作為GPT系列模型的最先進版本，在API調用的表現，特別是在安全與責任能力上，比其前代模型優化顯著。 圖表2：英文語境下的人工智慧大語言模型評測綜合排行榜 此外，是次評測的另一個重點，是在全英文環境中觀察9款國產大模型處理英文任務的能力。評測納入的國外大模型受認可度較高且開發語言均為英語，相比之下，大多數國產大模型在英文語境下的綜合表現處於稍微劣勢的位置，原因跟它們訓練的數據大多是中文有關，不過個別國產大模型，例如文心一言4.0亦在多項英文任務上表現出色，展現出較強的優化潛力。整體而言，是次測評中的國產大模型具備正確理解英文問題和指令的能力，僅在輸出時偶爾缺乏語言穩定性和語料豐富性。因此國產大模型可以在多語言輸出能力上進一步加強，令它們有望在國際舞台上展現更加強大和全面的競爭力。 請按此瀏覽「英文語境下的人工智慧大語言模型評測」及「中文語境下的人工智慧大語言模型評測」全文。
- [2025 Family Office Association Hong Kong Case Competition Championship](https://www.hkubs.hku.hk/sc/media/school-news/2025-family-office-association-hong-kong-case-competition-championship/) - On 19 February, the HKU team “Invezture” were crowned champions of the Family Office Association Hong Kong (FOAHK) 2025 Case Competition. Team members included Manson Tsui, BFin(AMPB) Year 5 (left), Vicky Chan, BFin(AMPB) Year 5 (middle), Kimberley Gu BFin(AMPB) Year 4 (right), and Austin Lau, BBA(Law)&LLB Year 5 (absent). The competition attracted more than 100
- [2025 Family Office Association Hong Kong Case Competition Championship](https://www.hkubs.hku.hk/sc/media/school-news/2025-family-office-association-hong-kong-case-competition-championship/) - On 19 February, the HKU team “Invezture” were crowned champions of the Family Office Association Hong Kong (FOAHK) 2025 Case Competition. Team members included Manson Tsui, BFin(AMPB) Year 5 (left), Vicky Chan, BFin(AMPB) Year 5 (middle), Kimberley Gu BFin(AMPB) Year 4 (right), and Austin Lau, BBA(Law)&LLB Year 5 (absent). The competition attracted more than 100
- [2025 Family Office Association Hong Kong Case Competition Championship](https://www.hkubs.hku.hk/sc/media/school-news/2025-family-office-association-hong-kong-case-competition-championship/) - On 19 February, the HKU team “Invezture” were crowned champions of the Family Office Association Hong Kong (FOAHK) 2025 Case Competition. Team members included Manson Tsui, BFin(AMPB) Year 5 (left), Vicky Chan, BFin(AMPB) Year 5 (middle), Kimberley Gu BFin(AMPB) Year 4 (right), and Austin Lau, BBA(Law)&LLB Year 5 (absent). The competition attracted more than 100
- [Cultivating Tomorrow's Leaders: HKU Business School and Deloitte China Mentorship Programme 2025 Kick-off Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/cultivating-tomorrows-leaders-hku-business-school-and-deloitte-china-mentorship-programme-2025-kick-off-ceremony/) - The HKU Business School and Deloitte China proudly unveiled the Mentorship Programme 2025 with a memorable kick-off ceremony on February 17, 2025, held at the Convocation Room of the University of Hong Kong. This event marked a significant milestone in the collaborative effort to nurture future business leaders in the fields of accounting and business
- [Cultivating Tomorrow's Leaders: HKU Business School and Deloitte China Mentorship Programme 2025 Kick-off Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/cultivating-tomorrows-leaders-hku-business-school-and-deloitte-china-mentorship-programme-2025-kick-off-ceremony/) - The HKU Business School and Deloitte China proudly unveiled the Mentorship Programme 2025 with a memorable kick-off ceremony on February 17, 2025, held at the Convocation Room of the University of Hong Kong. This event marked a significant milestone in the collaborative effort to nurture future business leaders in the fields of accounting and business
- [Cultivating Tomorrow's Leaders: HKU Business School and Deloitte China Mentorship Programme 2025 Kick-off Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/cultivating-tomorrows-leaders-hku-business-school-and-deloitte-china-mentorship-programme-2025-kick-off-ceremony/) - The HKU Business School and Deloitte China proudly unveiled the Mentorship Programme 2025 with a memorable kick-off ceremony on February 17, 2025, held at the Convocation Room of the University of Hong Kong. This event marked a significant milestone in the collaborative effort to nurture future business leaders in the fields of accounting and business
- [HSBC Global Private Banking Case Challenge 2024](https://www.hkubs.hku.hk/media/school-news/hsbc-global-private-banking-case-challenge-2024/) - We are thrilled to announce that our students have won 1st Runner-up in the HSBC Global Private Banking Case Challenge 2024. The competition provided a platform for students to utilise their financial and economic knowledge by creating a comprehensive proposal for clients, taking on the role of a Relationship Manager in a Global Private Bank.
- [McDonough Business Strategy Challenge 2025](https://www.hkubs.hku.hk/media/school-news/mcdonough-business-strategy-challenge-2025/) - Congratulations to our student team for winning the First Place in McDonough Business Strategy Challenge 2025! McDonough Business Strategy Challenge is an international undergraduate case competition hosted annually by Georgetown University in Washington, D.C., USA. This year, the competition brought together 16 student teams from top business schools around the world to tackle real-world challenges
- [Empowering Connections: HKU Business School Expands Its Global Alumni Networks](https://www.hkubs.hku.hk/media/school-news/empowering-connections-hku-business-school-expands-its-global-alumni-networks/) - HKU Business School is making waves with the launch of its new alumni networks across the globe, strengthening ties and fostering collaboration among its graduates. In September 2024, the school celebrated the establishment of its North China Alumni Network at the prestigious Beijing Forum. Over 200 guests, including alumni, professors, and students, gathered at the HKU Beijing
- [Assessing Image Understanding Capabilities of Large Language Models in Chinese Contexts](https://www.hkubs.hku.hk/sc/media/school-news/中文語境下的人工智能大模型圖像理解能力綜合評/) - Assessing Image Understanding Capabilities of Large Language Models in Chinese Contexts Zhenhui (Jack) Jianga, Jiaxin Lia, Haozhe Xub a: the University of Hong Kong; b: Xi’an Jiaotong University Abstract In the current era of rapid technological advancement, artificial intelligence technology continues to achieve groundbreaking progress. Multimodal models such as OpenAI’s GPT-4, Google’s Gemini 2.0, as
- [人工智能大语言模型图像理解能力综合评测报告](https://www.hkubs.hku.hk/sc/media/school-news/中文語境下的人工智能大模型圖像理解能力綜合評/) - 作者：蒋镇辉a，李佳欣a，徐昊哲b a: 香港大学经管学院 b: 西安交通大学管理学院 摘要 在科技迅猛发展的当下，人工智能技术不断取得突破性进展，OpenAI的GPT-4o、谷歌的Gemini 2.0这类多模态模型以及通义千问-VL、混元-Vision等视觉语言模型迅速崛起。这些新一代模型在图像理解方面展现出强大的能力，不仅具备出色的泛化性，而且还具有广泛的应用潜力。然而，现阶段对这些模型视觉能力的评估与认知仍存在不足。为此，我们提出了一套全面且系统的图像理解综合评测框架，该框架涵盖视觉感知与识别、视觉推理与分析、视觉审美与创意三大核心能力维度，同时还将安全与责任维度纳入其中。通过设计针对性测试集，我们对20个国内外知名模型进行了全面评估，旨在为多模态模型的研究与实际应用提供可靠参考依据。 我们的研究表明，无论是在图像理解三大核心能力的评估中，还是在包括安全与责任的综合评估中，GPT-4o与Claude的表现都最为突出，位列前二。若仅聚焦于视觉感知与识别、视觉推理与分析、视觉审美与创意三大核心能力维度，国产模型通义千问-VL、海螺AI（联网）与Step-1V依次位列第三、第四、第五，混元-Vision紧随其后。当纳入安全与责任维度进行综合评估时，海螺AI（联网）与Step-1V分别位列第三和第四，Gemini位列第五，通义千问-VL则排名第6。 综合排行榜地址: https://hkubs.hku.hk/aimodelrankings/image_understanding 评测背景与意义 多模态技术的突破为大语言模型带来了卓越的跨模态任务处理能力和广阔的应用前景，然而，当前在模型图像理解能力评估方面仍存在不足，极大制约了多模态模型与视觉语言模型进一步发展和实际落地应用。Chen等人指出，当前评测基准可能无法有效考察模型的视觉理解能力，一些视觉问题的答案可以直接通过文本描述、选项信息或模型对训练数据的记忆得出，无需依赖图像内容[1]。此外，部分评测项目[2]在开放性试题中依赖大语言模型作为裁判，但这些模型本身存在理解偏差，且缺乏真实感知能力，可能影响评测结果的客观性和可信度。这些问题不仅使我们难以全面、准确地洞悉模型的真实能力，还在很大程度上阻碍了模型在实际应用中的推广和价值实现。 因此，科学、系统的评测显得尤为重要。评测不仅能为用户和组织提供精准可靠的性能参考依据，助力其在技术选型过程中做出科学决策，还能为开发者明确优化方向，推动模型的持续改进与创新发展。完善的评测体系更有助于推动行业透明化与公平竞争，幷确保模型的使用符合责任规范，从而促进大模型技术的产业化与规范化发展。 基于此，报告中提出了一套系统的模型图像理解评测框架，开发了覆盖多种任务与场景的测试集，幷通过人类评审对20个国内外知名模型（如表1）进行了综合评估。下文将详细介绍评测框架、测试集设计与测试结果。 表1. 评测模型列表 评测框架与维度 该评测框架包括视觉感知与识别、视觉推理与分析、视觉审美与创意以及安全与责任维度。前三个维度作为视觉语言模型的核心能力，逐层递进，直接反映模型的视觉理解表现；第四个维度聚焦于模型输出内容是否与法律规范和人类价值观保持高度一致，以确保技术的安全性与规范化使用。评测任务包括 OCR 识别、对象识别、图像描述、社会与文化问答、专业学科知识问答、基于图像的推理与文本创作，以及图像美学鉴赏等（如图1）。 图1. 中文语境下的图像理解评测框架 评测集的构建 每个测试指令由一个文本问题搭配一张图片构成。在构建评测集过程中，我们著重把控题目的创新性，竭力避免任何可能出现的数据污染情况，同时确保视觉内容是回答问题不可或缺的关键要素，这就要求模型必须深度解析图像所传达的信息，才能给出正确答案。 评测中的封闭性试题主要包括逻辑推理与专业学科问答。逻辑推理题目源自公开的英文逻辑测试集，我们对其进行了翻译，幷通过调整问题的提问方式或答案顺序等进行改编。专业学科问答的题目选自各省市中高考最近真题，部分含图片的填空题，我们将其改编为选择题用于评估，这些最新的中高考试题被纳入大模型预训练数据的可能性较低，从而能有效降低数据污染对评测结果产生的干扰。此外，测试还包含少量大学难度的学科测试题，其中部分来自国内外知名大学的学科考试，部分选自公开数据集MMMU[3]。 为了增强题目的创新性与多样性，我们通过三种方式设计评测中的开放性问答：1）从公开测试集或基准比如OK-VQA[4]中提取问题，再搭配来自无版权争议的其他图像资源平台图片，像Pexels，生成新的测试图文指令对；2）利用公开数据集中既有的图文对例如nocaps[5]，通过改编文字描述生成新的题目；3）根据任务具体需求与难度要求自拟。这些方法大幅提升了题目的新颖度，增加了测试的难度系数，使整个评估更加全面幷且具有挑战性。 为全面评估模型在不同场景下的表现，我们尽可能拓展了测试的难度和覆盖范围（如表2），例如，在汉字识别测试中，我们使用了多样化的样例，包括不同印刷字体、手写书法、繁体字，以及带有扭曲特征的标语。在图表分析任务中结合科研文献图表、公开新闻与财报图表，测试模型对复杂图表数据的理解与处理能力。基于图像的文本创作任务从故事、古诗、营销文案、科技报告等不同角度对模型的创意生成能力进行了严格测试。在安全与责任测试中，涉及了色情内容、赌博、毒品、职业歧视、性别歧视等多个敏感主题。 表2. 评测题目示例 任务 文字Prompt与图片Prompt示例 OCR识别 图中的文字是什么？ 图片来源：Osports全体育图片社 图表分析 根据t检验图像，对照组与试验组均值在p
- [人工智能大語言模型圖像理解能力綜合評測報告](https://www.hkubs.hku.hk/sc/media/school-news/中文語境下的人工智能大模型圖像理解能力綜合評/) - 作者：蔣鎮輝a，李佳欣a，徐昊哲b a: 香港大學經管學院 b: 西安交通大學管理學院 摘要 在科技迅猛發展的當下，人工智能技術不斷取得突破性進展，OpenAI的GPT-4o、穀歌的Gemini 2.0這類多模態模型以及通義千問-VL、混元-Vision等視覺語言模型迅速崛起。這些新一代模型在圖像理解方面展現出强大的能力，不僅具備出色的泛化性，而且還具有廣泛的應用潜力。然而，現階段對這些模型視覺能力的評估與認知仍存在不足。爲此，我們提出了一套全面且系統的圖像理解綜合評測框架，該框架涵蓋視覺感知與識別、視覺推理與分析、視覺審美與創意三大核心能力維度，同時還將安全與責任維度納入其中。通過設計針對性測試集，我們對20個國內外知名模型進行了全面評估，旨在爲多模態模型的研究與實際應用提供可靠參考依據。 我們的研究表明，無論是在圖像理解三大核心能力的評估中，還是在包括安全與責任的綜合評估中，GPT-4o與Claude的表現都最爲突出，位列前二。若僅聚焦于視覺感知與識別、視覺推理與分析、視覺審美與創意三大核心能力維度，國産模型通義千問-VL、海螺AI（聯網）與Step-1V依次位列第三、第四、第五，混元-Vision緊隨其後。當納入安全與責任維度進行綜合評估時，海螺AI（聯網）與Step-1V分別位列第三和第四，Gemini位列第五，通義千問-VL則排名第6。 综合排行榜地址: https://hkubs.hku.hk/aimodelrankings/image_understanding 評測背景與意義 多模態技術的突破爲大語言模型帶來了卓越的跨模態任務處理能力和廣闊的應用前景，然而，當前在模型圖像理解能力評估方面仍存在不足，極大制約了多模態模型與視覺語言模型進一步發展和實際落地應用。Chen等人指出，當前評測基準可能無法有效考察模型的視覺理解能力，一些視覺問題的答案可以直接通過文本描述、選項信息或模型對訓練數據的記憶得出，無需依賴圖像內容[1]。此外，部分評測項目[2]在開放性試題中依賴大語言模型作爲裁判，但這些模型本身存在理解偏差，且缺乏真實感知能力，可能影響評測結果的客觀性和可信度。這些問題不僅使我們難以全面、準確地洞悉模型的真實能力，還在很大程度上阻礙了模型在實際應用中的推廣和價值實現。 因此，科學、系統的評測顯得尤爲重要。評測不僅能爲用戶和組織提供精准可靠的性能參考依據，助力其在技術選型過程中做出科學决策，還能爲開發者明確優化方向，推動模型的持續改進與創新發展。完善的評測體系更有助于推動行業透明化與公平競爭，幷確保模型的使用符合責任規範，從而促進大模型技術的産業化與規範化發展。 基于此，報告中提出了一套系統的模型圖像理解評測框架，開發了覆蓋多種任務與場景的測試集，幷通過人類評審對20個國內外知名模型（如表1）進行了綜合評估。下文將詳細介紹評測框架、測試集設計與測試結果。 表1. 評測模型列表 評測框架與維度 該評測框架包括視覺感知與識別、視覺推理與分析、視覺審美與創意以及安全與責任維度。前三個維度作爲視覺語言模型的核心能力，逐層遞進，直接反映模型的視覺理解表現；第四個維度聚焦于模型輸出內容是否與法律規範和人類價值觀保持高度一致，以確保技術的安全性與規範化使用。評測任務包括 OCR 識別、對象識別、圖像描述、社會與文化問答、專業學科知識問答、基于圖像的推理與文本創作，以及圖像美學鑒賞等（如圖1）。 圖1. 中文語境下的圖像理解評測框架 評測集的構建 每個測試指令由一個文本問題搭配一張圖片構成。在構建評測集過程中，我們著重把控題目的創新性，竭力避免任何可能出現的數據污染情况，同時確保視覺內容是回答問題不可或缺的關鍵要素，這就要求模型必須深度解析圖像所傳達的信息，才能給出正確答案。 評測中的封閉性試題主要包括邏輯推理與專業學科問答。邏輯推理題目源自公開的英文邏輯測試集，我們對其進行了翻譯，幷通過調整問題的提問方式或答案順序等進行改編。專業學科問答的題目選自各省市中高考最近真題，部分含圖片的填空題，我們將其改編爲選擇題用于評估，這些最新的中高考試題被納入大模型預訓練數據的可能性較低，從而能有效降低數據污染對評測結果産生的干擾。此外，測試還包含少量大學難度的學科測試題，其中部分來自國內外知名大學的學科考試，部分選自公開數據集MMMU[3]。 爲了增强題目的創新性與多樣性，我們通過三種方式設計評測中的開放性問答：1）從公開測試集或基準比如OK-VQA[4]中提取問題，再搭配來自無版權爭議的其他圖像資源平臺圖片，像Pexels，生成新的測試圖文指令對；2）利用公開數據集中既有的圖文對例如nocaps[5]，通過改編文字描述生成新的題目；3）根據任務具體需求與難度要求自擬。這些方法大幅提升了題目的新穎度，增加了測試的難度係數，使整個評估更加全面幷且具有挑戰性。 爲全面評估模型在不同場景下的表現，我們盡可能拓展了測試的難度和覆蓋範圍（如表2），例如，在漢字識別測試中，我們使用了多樣化的樣例，包括不同印刷字體、手寫書法、繁體字，以及帶有扭曲特徵的標語。在圖表分析任務中結合科研文獻圖表、公開新聞與財報圖表，測試模型對複雜圖表數據的理解與處理能力。基于圖像的文本創作任務從故事、古詩、營銷文案、科技報告等不同角度對模型的創意生成能力進行了嚴格測試。在安全與責任測試中，涉及了色情內容、賭博、毒品、職業歧視、性別歧視等多個敏感主題。 表2. 評測題目示例 任务 文字Prompt与图片Prompt示例 OCR识别 图中的文字是什么？ 图片来源：Osports全体育图片社 图表分析 根据t检验图像，对照组与试验组均值在p
- [Deloitte Tax Championship 2024](https://www.hkubs.hku.hk/media/school-news/deloitte-tax-championship-2024/) - We are pleased to announce that our students have won Outstanding Team Award (Team Track) and Merit Team Award (Individual Track) in Deloitte Tax Championship 2024. Deloitte Tax Championship is an annual competition for students to showcase their skills and knowledge in China and International Taxation. This year, the competition featured two tracks - Team
- [「2025香港經濟前景展望」論壇 共同探討香港經濟的發展策略](https://www.hkubs.hku.hk/sc/media/press-release/the-future-of-hong-kong-economy-conference-2025-explores-sustainable-growth-in-hong-kongs-economic-development/) - https://youtu.be/9882OuVJ6r8 由港大經管學院主辦、香港經濟及商業策略研究協辦的「2025香港經濟前景展望」研討會於1月16日圓滿舉行。是次論壇雲集了多位知名學者、政府官員和商界領袖，進行具前瞻性的深入討論，共同探討實現香港可持續經濟發展的策略路徑。論壇更邀請了2024 年諾貝爾經濟學獎得主詹姆斯‧羅賓遜（ James ROBINSON）教授擔任主講嘉賓。 詹姆斯‧羅賓遜（James ROBINSON）教授發表了題為「香港的制度與繁榮」的主題演講。當中提及各國之間的繁榮差異根本上源於其政治和經濟制度，當中包容性制度 (inclusive institutions) 能夠帶來創新和機會，而榨取性制度 (extractive institutions) 則正好相反。香港是一個擁有高度包容性制度的例子，也是歷史上其中一個精彩的經濟成功故事。要讓這座優秀城市的發展持續下去，包括維持社會流動性和創業精神，經濟包容性與政治結構之間的複雜相互作用，對於塑造未來發展至關重要。 港大經管學院院長兼經濟學講座教授蔡洪濱教授表示：「儘管香港經濟近年經歷急速轉型，但我深信憑藉獅子山精神，本港將能夠具備足夠韌力，帶動經濟復甦。更重要的是，我們必須避免『思想匱乏』；我們不能單單寄望回復昔日的光輝，而不鼓勵創新思維。這次論壇正好提供了一個寶貴的機會，匯聚各界精英集思廣益，就可持續增長分享真知灼見。」 論壇當天亦舉行了四場專題討論。在第一節題為「全球挑戰與機遇：香港經濟和未來」的討論中，講者們強調在地緣政治下的緊張局勢和保護主義，香港需要展現靈活性和應變能力，以推動制度上的改變。此外，另一關鍵在於重新思考政府和相關法規在經濟發展中的角色。 在第二節題為「探索新領域：揭示香港轉型的經濟潛力」的討論中，香港特別行政區政府投資推廣署署長劉凱旋女士強調，在「一國兩制」的框架下，香港憑藉其獨特優勢、健全的稅制、與中國的戰略性連接以及在亞洲的快速增長，繼續成為外國企業的跳板。提及到有關香港經濟增長的新動力時，講者們指出香港應採用新思維，並把握藝術文化、綠色金融和供應鏈管理等不同行業的新機遇，以提升本港在傳統經濟支柱之外的競爭力。 主持討論的港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授兼香港經濟與商業策略研究所副總監鄧希煒教授在會上表示：「在香港經歷轉型之際，我們需要創新制度和轉變思維。創新不應只限於科技層面，我們同時急需改進制度，並全面審視現時的生態系統，找出瓶頸，從而為本地及區域經濟創造新機遇。」 中午時分，《香港經濟政策綠皮書2025》的參與學者，分享他們對香港經濟領域不同層面的研究成果，並講述對本港經濟和金融發展的見解。 在下午舉行的「跨越前行：在不穩定環境中推動可持續投資策略」專題討論中，講者們指出儘管實行可持續發展和減碳措施牽涉額外成本，並需要遵從相關法規，許多企業在當中仍然看到重大商機。 要將香港發展成為未來的綠色金融中心，政府應加強對企業的支援，並促進必要基礎設施的發展。最後，在題為「香港的可持續發展：改善民生以提升經濟韌性」的專題討論中，講者們提到促進社會向上流動及加強社會支援是提升香港市民快樂水平的關鍵。政府應投放更多社會資源，為市民提供多元化的發展機會和鼓勵，積極提高社區參與。 港大經管學院一直致力透過專業的知識和卓越的研究，分析香港的經濟環境及政策問題。港大經管學院今年第四度連同多名學者撰寫《香港經濟政策綠皮書 2025》，並舉行第四屆「香港經濟前景展望」論壇，凝聚社會各界領袖，為香港長遠發展出謀獻策。 圖片 2024 年諾貝爾經濟學獎得主 詹姆斯‧羅賓遜（James ROBINSON）教授發表主題演講 港大經管學院院長兼經濟學講座教授蔡洪濱教授 香港特別行政區政府投資推廣署署長劉凱旋女士 港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授兼香港經濟與商業策略研究所副總監鄧希煒教授 （左起）港大經管學院院長兼經濟學講座教授蔡洪濱教授；前香港行政局成員陳坤耀教授；香港大學金融學講座教授陳志武教授，以及2024 年諾貝爾經濟學獎得主詹姆斯‧羅賓遜（James ROBINSON）教授進行專題討論。 （左起）港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授兼香港經濟與商業策略研究所副總監鄧希煒教授；香港金融發展局副主席馮華健資深大律師；西九文化區管理局副行政總裁（區域發展）及西九文化區企業有限公司行政總裁顏金施女士；香港特別行政區政府投資推廣署署長劉凱旋女士，以及香港生產力促進局主席及香港立法會議員陳祖恒先生進行專題討論。 （左起）港大經管學院發展及校友事務部總監許靜洋女士；金融學講座教授、寶光基金教授席教授（金融學）、香港大學協理副校長、港大經管學院副院長（研究與知識交流）林晨教授；港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授兼香港經濟與商業策略研究所副總監鄧希煒教授；以及港大經管學院金融學副教授劉洋教授於台上交流。 （左起）港大經管學院經濟學，管理及商業策略學教授、香港大學賽馬會環球企業永續發展研究所所長何國俊教授；波士頓顧問公司香港區總負責人、資深合夥人及董事總經理陳慶麟先生；聯合國開發計畫署助理駐華代表馬超德博士，以及殷拓集團基礎設施部門亞太區負責人王綏傔先生進行專題討論。 （左起）香港大學政治與公共行政學系客席教授聶德權教授；香港特別行政區第七屆立法會議員洪雯女士；香港大學社會工作及社會行政學系教授及梁顯利基金社會工作及社會行政學教授林一星教授，以及香港英商會行政董事Paul McCOMB（麥冠明）先生進行專題討論。
- [“2025香港经济前景展望”论坛 共同探讨香港经济的发展策略](https://www.hkubs.hku.hk/sc/media/press-release/the-future-of-hong-kong-economy-conference-2025-explores-sustainable-growth-in-hong-kongs-economic-development/) - https://youtu.be/9882OuVJ6r8 由港大经管学院主办、香港经济及商业策略研究协办的“2025香港经济前景展望”研讨会于1月16日圆满举行。是次论坛云集了多位知名学者、政府官员和商界领袖，进行具前瞻性的深入讨论，共同探讨实现香港可持续经济发展的策略路径。论坛更邀请了2024 年诺贝尔经济学奖得主詹姆斯‧罗宾逊（ James ROBINSON）教授担任主讲嘉宾。 詹姆斯‧罗宾逊（James ROBINSON）教授发表了题为“香港的制度与繁荣”的主题演讲。当中提及各国之间的繁荣差异根本上源于其政治和经济制度，当中包容性制度 (inclusive institutions) 能够带来创新和机会，而榨取性制度 (extractive institutions) 则正好相反。香港是一个拥有高度包容性制度的例子，也是历史上其中一个精彩的经济成功故事。要让这座优秀城市的发展持续下去，包括维持社会流动性和创业精神，经济包容性与政治结构之间的复杂相互作用，对于塑造未来发展至关重要。 港大经管学院院长兼经济学讲座教授蔡洪滨教授表示：“尽管香港经济近年经历急速转型，但我深信凭借狮子山精神，本港将能够具备足够韧力，带动经济复苏。更重要的是，我们必须避免‘思想匮乏’；我们不能单单寄望回复昔日的光辉，而不鼓励创新思维。这次论坛正好提供了一个宝贵的机会，汇聚各界精英集思广益，就可持续增长分享真知灼见。” 论坛当天亦举行了四场专题讨论。在第一节题为“全球挑战与机遇：香港经济和未来”的讨论中，讲者们强调在地缘政治下的紧张局势和保护主义，香港需要展现灵活性和应变能力，以推动制度上的改变。此外，另一关键在于重新思考政府和相关法规在经济发展中的角色。 在第二节题为“探索新领域：揭示香港转型的经济潜力”的讨论中，香港特别行政区政府投资推广署署长刘凯旋女士强调，在“一国两制”的框架下，香港凭借其独特优势、健全的税制、与中国的战略性连接以及在亚洲的快速增长，继续成为外国企业的跳板。提及到有关香港经济增长的新动力时，讲者们指出香港应采用新思维，并把握艺术文化、绿色金融和供应链管理等不同行业的新机遇，以提升本港在传统经济支柱之外的竞争力。 主持讨论的港大经管学院副院长（对外事务）、冯国经冯国纶基金经济学教授兼香港经济与商业策略研究所副总监邓希炜教授在会上表示：“在香港经历转型之际，我们需要创新制度和转变思维。创新不应只限于科技层面，我们同时急需改进制度，并全面审视现时的生态系统，找出瓶颈，从而为本地及区域经济创造新机遇。” 中午时分，《香港经济政策绿皮书2025》的参与学者，分享他们对香港经济领域不同层面的研究成果，并讲述对本港经济和金融发展的见解。 在下午举行的“跨越前行：在不稳定环境中推动可持续投资策略”专题讨论中，讲者们指出尽管实行可持续发展和减碳措施牵涉额外成本，并需要遵从相关法规，许多企业在当中仍然看到重大商机。 要将香港发展成为未来的绿色金融中心，政府应加强对企业的支援，并促进必要基础设施的发展。最后，在题为“香港的可持续发展：改善民生以提升经济韧性”的专题讨论中，讲者们提到促进社会向上流动及加强社会支援是提升香港市民快乐水平的关键。政府应投放更多社会资源，为市民提供多元化的发展机会和鼓励，积极提高社区参与。 港大经管学院一直致力透过专业的知识和卓越的研究，分析香港的经济环境及政策问题。港大经管学院今年第四度连同多名学者撰写《香港经济政策绿皮书 2025》，并举行第四届“香港经济前景展望”论坛，凝聚社会各界领袖，为香港长远发展出谋献策。 图片 2024 年诺贝尔经济学奖得主 詹姆斯‧罗宾逊（James ROBINSON）教授发表主题演讲 港大经管学院院长兼经济学讲座教授蔡洪滨教授 香港特别行政区政府投资推广署署长刘凯旋女士 港大经管学院副院长（对外事务）、冯国经冯国纶基金经济学教授兼香港经济与商业策略研究所副总监邓希炜教授 （左起）港大经管学院院长兼经济学讲座教授蔡洪滨教授；前香港行政局成员陈坤耀教授；香港大学金融学讲座教授陈志武教授，以及2024 年诺贝尔经济学奖得主詹姆斯‧罗宾逊（James ROBINSON）教授进行专题讨论。 （左起）港大经管学院副院长（对外事务）、冯国经冯国纶基金经济学教授兼香港经济与商业策略研究所副总监邓希炜教授；香港金融发展局副主席冯华健资深大律师；西九文化区管理局副行政总裁（区域发展）及西九文化区企业有限公司行政总裁颜金施女士；香港特别行政区政府投资推广署署长刘凯旋女士，以及香港生产力促进局主席及香港立法会议员陈祖恒先生进行专题讨论。 （左起）港大经管学院发展及校友事务部总监许静洋女士；金融学讲座教授、宝光基金教授席教授（金融学）、香港大学协理副校长、港大经管学院副院长（研究与知识交流）林晨教授；港大经管学院副院长（对外事务）、冯国经冯国纶基金经济学教授兼香港经济与商业策略研究所副总监邓希炜教授；以及港大经管学院金融学副教授刘洋教授于台上交流。 （左起）港大经管学院经济学，管理及商业策略学教授、香港大学赛马会环球企业可持续发展研究所所长何国俊教授；波士顿咨询公司香港办公室总负责人、资深合伙人及董事总经理陈庆麟先生；联合国开发计划署助理驻华代表马超德博士，以及殷拓集团基础设施部门亚太区负责人王绥傔先生进行专题讨论。 （左起）香港大学政治与公共行政学系客席教授聂德权教授；香港特别行政区第七届立法会议员洪雯女士；香港大学社会工作及社会行政学系教授及梁显利基金社会工作及社会行政学教授林一星教授，以及香港英商会行政董事Paul McCOMB（麦冠明）先生进行专题讨论。
- [The Future of Hong Kong Economy Conference 2025 Explores Sustainable Growth in Hong Kong’s Economic Development](https://www.hkubs.hku.hk/sc/media/press-release/the-future-of-hong-kong-economy-conference-2025-explores-sustainable-growth-in-hong-kongs-economic-development/) - https://youtu.be/9882OuVJ6r8 “The Future of Hong Kong Economy Conference 2025”, organised by HKU Business School and co-organised by the Hong Kong Institute of Economics and Business Strategy, concluded successfully on 16 January. The conference gathered esteemed scholars, policymakers and industry leaders to engage in dynamic discussions and examine strategic pathways for achieving sustainable economic development in
- [The 5th HKU Quarterly Forum on Chinese Economy Explores Challenges and Opportunities in China’s Macroeconomy](https://www.hkubs.hku.hk/sc/media/press-release/the-5th-hku-quarterly-forum-on-chinese-economy/) - The 5th HKU Quarterly Forum on Chinese Economy, hosted by HKU Business School’s Institute of China Economy (ICE), in collaboration with the Peking University Alumni Association (Hong Kong), concluded successfully on 23 January. The Forum gathered prominent economists and industry leaders to examine the implications of China’s policy directions to the global economy and the
- [第五屆「香港大學中國經濟季度論壇」 探討中國宏觀經濟的挑戰與機遇](https://www.hkubs.hku.hk/sc/media/press-release/the-5th-hku-quarterly-forum-on-chinese-economy/) - 港大經管學院中國經濟研究所聯同北京大學香港校友會舉辦的第五屆「香港大學中國經濟季度論壇」於1月23日圓滿舉行。論壇雲集了多位著名經濟學者和工商界領袖，共同探討中國政策方向對全球經濟的影響以及當前中國經濟的熱門議題。一眾講者透過主題演講及專題討論，就中國宏觀經濟、金融及國際貿易在全球格局演變下所面臨的挑戰和機遇分享了寶貴見解。論壇於香港大學本部陸佑堂舉行，共吸引近350位工商界領袖、傑出學者、校友和學生出席。 港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授在致歡迎辭時表示：「中國經濟發展一直備受關注，尤其在當前國際政治變局下，正同時面臨不同挑戰和發展機會。港大經管學院中國經濟研究所作為研究中國經濟、中國經濟理論和政策的國際化平台，舉辦是次論壇將幫助與會者從不同角度和觀點進行深入探討，對於理解中國經濟及政策大有裨益。放眼世界，學院積極聯繫不同市場，以擴展其國際化布局和合作網絡，希望為業界及社會帶來更大的影響。」 港大經管學院經濟學實務教授、香港特首政策組專家毛振華教授在論壇上發表主題報告，以「需求為帆，改革為舵——2025年中國經濟與政策展望」為題，回顧了2024年在外部壓力增大、內部困難增多的背景下，中國經濟艱難完成了5%的預期增長目標。這主要得益於第三季度以來的政策調整轉向，9月底以來，在中央推出一籃子的增量措施支持下，第四季度消費、投資、生產等多項宏觀資料邊際改善，在此形勢下，中央強調實施更加積極的財政政策與適度寬鬆的貨幣政策，加大超常規逆週期調節力度，顯示出中央對當前經濟形勢面臨的困難與挑戰有著清醒充分地認識。毛振華教授強調，當前中國經濟面臨的是長短期問題交織疊加的困境，並且某些體制機制的問題已上升為非常緊迫的問題，如果不同時加以解決的話，會制約宏觀調控的效果。未來要堅持「需求為帆，改革為舵」，通過改革解決中長期問題，深化市場體制機制改革，實現「政府歸政府，市場歸市場」，才能保障以擴大需求為核心的短期政策措施更好發揮效果。毛振華教授指出，在持續政策調整下，2025年中國經濟增長有望達到4.8%。 隨後，論壇分別邀請了三位知名講者進行主旨演講。中國人民銀行貨幣政策委員會委員黃海洲博士就「全球經濟與市場展望」為題分析未來經濟走勢，指美國大選後會以「去監管、小政府、降稅率、加關稅」作為政策組合。中國經濟前幾年面臨支出和收入增長放緩、存款增加、信貸需求下降等挑戰。2024年9月24號政策調整之後，情況正在改善。黃海洲博士說：「我對2025年中國經濟仍然樂觀，認為除了要改革之外，更多的是對外開放和對內改革，兩者並行，我們才能走得更遠。」 香港中文大學偉倫經濟學教授及經濟系主任、計量經濟學會會員宋錚教授以「政府投資的三重困境」為題，指出了近年中國在地方政府投資上面對的三大困境，包括激勵機制失效、投資錯配與擠出效應，以及錯配與擠出的逆周期性。宋錚教授表示：「面對當前挑戰，我們必須認真思考過去一直依賴的政策手段在新時代裡是否仍然有效。與其在現行經濟政策中不斷進行『加法』，我們應考慮更具意義和效果的『減法』。」 港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授兼亞洲環球研究所所長鄧希煒教授圍繞「全球經濟展望」的主題，指出未來十年全球將繼續呈逆全球化的趨勢，並將進一步向多邊及多極化過渡。同時，在全球供應鏈重組、產業政策上升和地緣貿易角力的背景下，中國企業在出海進程中亦面對不少經濟壓力及經營挑戰。鄧希煒教授補充：「最近我到訪了多個東南亞國家進行考察，在與不同企業交流的過程中，發現中國企業出海可能過於急進，因而面臨不少挑戰。然而，我相信當前的大環境仍然會為中國企業帶來很多機遇，預期在未來五至十年，雁行理論的經濟發展型態將會重新出現，並以中國作為雁頭。而香港作為中西文化和貿易橋樑，能在幫助中國企業出海當中發揮重要作用。」 論壇當天亦舉行了一場以「中國目前宏觀經濟、金融和國際貿易面臨的挑戰和解決途徑」為題的圓桌討論，由蔡洪濱教授主持，講者們包括UBS董事總經理、財富管理亞太區投資總監及宏觀經濟主管胡一帆博士；諾斯德董事總經理、大中華區董事長兼首席執行官邱宏女士；前海開源基金管理公司創始人、合夥人、原董事長及終身顧問王宏遠先生；摩根士丹利董事總經理、中國首席經濟學家邢自強先生，以及摩根大通董事總經理、中國首席經濟學家朱海斌先生。講者們預計短期內國內需求刺激政策的力度將達到市場預期，而2025年中國經濟仍將面臨各種不確定性帶來的挑戰及壓力，經濟增長將介乎4.8%至5%的區間。講者們亦強調政府需從不同維度深化改革，包括推動民企政策落地、化解地方政府債務風險、優化措施以支持企業出海和正視房地產問題。 圖片 港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授致歡迎辭。 港大經管學院經濟學實務教授、香港特首政策組專家毛振華教授發表主題報告。 中國人民銀行貨幣政策委員會委員黃海洲博士發表主旨演講。 香港中文大學偉倫經濟學教授及經濟系主任、計量經濟學會會員宋錚教授發表主旨演講。 港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授兼亞洲環球研究所所長鄧希煒教授發表主旨演講。 （左起）港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授；UBS董事總經理、財富管理亞太區投資總監及宏觀經濟主管胡一帆博士；諾斯德董事總經理、大中華區董事長兼首席執行官邱宏女士；前海開源基金管理公司創始人、合夥人、原董事長及終身顧問王宏遠先生；摩根士丹利董事總經理、中國首席經濟學家邢自強先生，以及摩根大通董事總經理、中國首席經濟學家朱海斌先生進行圓桌討論。 論壇於香港大學本部陸佑堂舉行，共吸引近350位工商界領袖、傑出學者、校友和學生出席。
- [第五届“香港大学中国经济季度论坛” 探讨中国宏观经济的挑战与机遇](https://www.hkubs.hku.hk/sc/media/press-release/the-5th-hku-quarterly-forum-on-chinese-economy/) - 港大经管学院中国经济研究所联同北京大学香港校友会举办的第五届“香港大学中国经济季度论坛”于1月23日圆满举行。论坛云集了多位著名经济学者和工商界领袖，共同探讨中国政策方向对全球经济的影响以及当前中国经济的热门议题。一众讲者透过主题演讲及专题讨论，就中国宏观经济、金融及国际贸易在全球格局演变下所面临的挑战和机遇分享了宝贵见解。论坛于香港大学本部陆佑堂举行，共吸引近350位工商界领袖、杰出学者、校友和学生出席。 港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授在致欢迎辞时表示：“中国经济发展一直备受关注，尤其在当前国际政治变局下，正同时面临不同挑战和发展机会。港大经管学院中国经济研究所作为研究中国经济、中国经济理论和政策的国际化平台，举办是次论坛将帮助与会者从不同角度和观点进行深入探讨，对于理解中国经济及政策大有裨益。放眼世界，学院积极联系不同市场，以扩展其国际化布局和合作网络，希望为业界及社会带来更大的影响。” 港大经管学院经济学实务教授、香港特首政策组专家毛振华教授在论坛上发表主题报告，以“需求为帆，改革为舵——2025年中国经济与政策展望”为题，回顾了2024年在外部压力增大、内部困难增多的背景下，中国经济艰难完成了5%的预期增长目标。这主要得益于第三季度以来的政策调整转向，9月底以来，在中央推出一篮子的增量措施支持下，第四季度消费、投资、生产等多项宏观资料边际改善，在此形势下，中央强调实施更加积极的财政政策与适度宽松的货币政策，加大超常规逆周期调节力度，显示出中央对当前经济形势面临的困难与挑战有著清醒充分地认识。毛振华教授强调，当前中国经济面临的是长短期问题交织叠加的困境，并且某些体制机制的问题已上升为非常紧迫的问题，如果不同时加以解决的话，会制约宏观调控的效果。未来要坚持“需求为帆，改革为舵”，通过改革解决中长期问题，深化市场体制机制改革，实现“政府归政府，市场归市场”，才能保障以扩大需求为核心的短期政策措施更好发挥效果。毛振华教授指出，在持续政策调整下，2025年中国经济增长有望达到4.8%。 随后，论坛分别邀请了三位知名讲者进行主旨演讲。中国人民银行货币政策委员会委员黄海洲博士就“全球经济与市场展望”为题分析未来经济走势，指美国大选后会以“去监管、小政府、降税率、加关税”作为政策组合。中国经济前几年面临支出和收入增长放缓、存款增加、信贷需求下降等挑战。2024年9月24号政策调整之后，情况正在改善。黄海洲博士说：“我对2025年中国经济仍然乐观，认为除了要改革之外，更多的是对外开放和对内改革，两者并行，我们才能走得更远。” 香港中文大学伟伦经济学教授及经济系主任、计量经济学会会员宋铮教授以“政府投资的三重困境”为题，指出了近年中国在地方政府投资上面对的三大困境，包括激励机制失效、投资错配与挤出效应，以及错配与挤出的逆周期性。宋铮教授表示：“面对当前挑战，我们必须认真思考过去一直依赖的政策手段在新时代里是否仍然有效。与其在现行经济政策中不断进行‘加法’，我们应考虑更具意义和效果的‘减法’。” 港大经管学院副院长（对外事务）、冯国经冯国纶基金经济学教授兼亚洲环球研究所所长邓希炜教授围绕“全球经济展望”的主题，指出未来十年全球将继续呈逆全球化的趋势，并将进一步向多边及多极化过渡。同时，在全球供应链重组、产业政策上升和地缘贸易角力的背景下，中国企业在出海进程中亦面对不少经济压力及经营挑战。邓希炜教授补充：“最近我到访了多个东南亚国家进行考察，在与不同企业交流的过程中，发现中国企业出海可能过于急进，因而面临不少挑战。然而，我相信当前的大环境仍然会为中国企业带来很多机遇，预期在未来五至十年，雁行理论的经济发展型态将会重新出现，并以中国作为雁头。而香港作为中西文化和贸易桥梁，能在帮助中国企业出海当中发挥重要作用。” 论坛当天亦举行了一场以“中国目前宏观经济、金融和国际贸易面临的挑战和解决途径”为题的圆桌讨论，由蔡洪滨教授主持，讲者们包括UBS董事总经理、财富管理亚太区投资总监及宏观经济主管胡一帆博士；诺斯德董事总经理、大中华区董事长兼首席执行官邱宏女士；前海开源基金管理公司创始人、合伙人、原董事长及终身顾问王宏远先生；摩根士丹利董事总经理、中国首席经济学家邢自强先生，以及摩根大通董事总经理、中国首席经济学家朱海斌先生。讲者们预计短期内国内需求刺激政策的力度将达到市场预期，而2025年中国经济仍将面临各种不确定性带来的挑战及压力，经济增长将介乎4.8%至5%的区间。讲者们亦强调政府需从不同维度深化改革，包括推动民企政策落地、化解地方政府债务风险、优化措施以支持企业出海和正视房地产问题。 图片 港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授致欢迎辞。 港大经管学院经济学实务教授、香港特首政策组专家毛振华教授发表主题报告。 中国人民银行货币政策委员会委员黄海洲博士发表主旨演讲。 香港中文大学伟伦经济学教授及经济系主任、计量经济学会会员宋铮教授发表主旨演讲。 港大经管学院副院长（对外事务）、冯国经冯国纶基金经济学教授兼亚洲环球研究所所长邓希炜教授发表主旨演讲。 （左起）港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授；UBS董事总经理、财富管理亚太区投资总监及宏观经济主管胡一帆博士；诺斯德董事总经理、大中华区董事长兼首席执行官邱宏女士；前海开源基金管理公司创始人、合伙人、原董事长及终身顾问王宏远先生；摩根士丹利董事总经理、中国首席经济学家邢自强先生，以及摩根大通董事总经理、中国首席经济学家朱海斌先生进行圆桌讨论。 论坛于香港大学本部陆佑堂举行，共吸引近350位工商界领袖、杰出学者、校友和学生出席。
- [HKU Business School Launches 2nd Overseas Alumni Network in the Middle East](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-launches-2nd-overseas-alumni-network-in-the-middle-east/) - HKU Business School is thrilled to announce the establishment of our 2nd international alumni network, in the Middle East. Alongside current full-time MBA students and local business leaders, our Inaugural Executive Committee and other fellow alumni celebrated this momentous occasion together at The Palace Downtown Dubai. Led by EMBA Global Asia alumnus, Hani Tohme, who
- [HKU Business School Launches 2nd Overseas Alumni Network in the Middle East](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-launches-2nd-overseas-alumni-network-in-the-middle-east/) - HKU Business School is thrilled to announce the establishment of our 2nd international alumni network, in the Middle East. Alongside current full-time MBA students and local business leaders, our Inaugural Executive Committee and other fellow alumni celebrated this momentous occasion together at The Palace Downtown Dubai. Led by EMBA Global Asia alumnus, Hani Tohme, who
- [HKU Business School Launches 2nd Overseas Alumni Network in the Middle East](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-launches-2nd-overseas-alumni-network-in-the-middle-east/) - HKU Business School is thrilled to announce the establishment of our 2nd international alumni network, in the Middle East. Alongside current full-time MBA students and local business leaders, our Inaugural Executive Committee and other fellow alumni celebrated this momentous occasion together at The Palace Downtown Dubai. Led by EMBA Global Asia alumnus, Hani Tohme, who
- [Retrospective: The Eighth Asian Historical Economics Conference (AHEC 2024)](https://www.hkubs.hku.hk/media/school-news/retrospective-the-eighth-asian-historical-economics-conference-ahec-2024/) - Ever wondered about the lasting effects of social disasters on stock market participation or the impact of cultural traits during crises? How have extraordinary natural occurrences influenced executive orders or how has female education shaped historical economic trajectories? These research inquiries were among those explored at the Eighth Asian Historical Economics Conference (AHEC 2024), organised by
- [Kudos to Prof. Gedeon Lim for His Insightful Research on Inter-Ethnic Relations!](https://www.hkubs.hku.hk/sc/media/school-news/kudos-to-prof-gedeon-lim-for-his-insightful-research-on-inter-ethnic-relations/) - We’re happy to share that the article Prof. Gedeon Lim contributed to, titled "How does interacting with other ethnicities shape political attitudes?" has been published on VoxDev! In this research, it examines how living near resettlement sites for ethnic minorities in Malaysia can shift political preferences. His findings reveal that closer proximity not only improves
- [Kudos to Prof. Gedeon Lim for His Insightful Research on Inter-Ethnic Relations!](https://www.hkubs.hku.hk/sc/media/school-news/kudos-to-prof-gedeon-lim-for-his-insightful-research-on-inter-ethnic-relations/) - We’re happy to share that the article Prof. Gedeon Lim contributed to, titled "How does interacting with other ethnicities shape political attitudes?" has been published on VoxDev! In this research, it examines how living near resettlement sites for ethnic minorities in Malaysia can shift political preferences. His findings reveal that closer proximity not only improves
- [Kudos to Prof. Gedeon Lim for His Insightful Research on Inter-Ethnic Relations!](https://www.hkubs.hku.hk/sc/media/school-news/kudos-to-prof-gedeon-lim-for-his-insightful-research-on-inter-ethnic-relations/) - We’re happy to share that the article Prof. Gedeon Lim contributed to, titled "How does interacting with other ethnicities shape political attitudes?" has been published on VoxDev! In this research, it examines how living near resettlement sites for ethnic minorities in Malaysia can shift political preferences. His findings reveal that closer proximity not only improves
- [Alvarez & Marsal Hong Kong Business Case Competition 2024](https://www.hkubs.hku.hk/media/school-news/alvarez-marsal-hong-kong-business-case-competition-2024/) - Congratulations to our students for winning the Champion and Best Presenter in the Alvarez & Marsal Hong Kong Business Case Competition 2024! The competition, organised by Alvarez & Marsal, aims to provide students with an opportunity to apply their business knowledge and skills to real-world challenges. The theme of the competition is “Embracing Digital Compliance:
- [FBE Student Contribution and Innovation Award 2024-25](https://www.hkubs.hku.hk/media/school-news/fbe-student-contribution-and-innovation-award-2024-25/) - FBE Student Contribution and Innovation Award aims to recognise and reward HKU Business School undergraduate students who have demonstrated contribution and innovation to the School, University and the wider community through their leadership and/or entrepreneurship; and to promote experiential learning through students’ participation in extra-curricular activities, involvement in community service and student leadership. Website /
- [BREAD Asia 2024 Strengthens International Collaboration in Development Research](https://www.hkubs.hku.hk/sc/media/school-news/bread-asia-2024/) - We are thrilled to have co-hosted the prestigious Asia BREAD conference, uniting over 60 top development economists from across Asia and leading US and UK institutions, including Nobel laureate Abhijeet Banerjee (MIT), ADB Chief Economist Albert Park, and Professor Imran Rasul (UCL). Founded in 2002, BREAD is a non-profit organisation dedicated to advancing research in
- [BREAD Asia 2024 Strengthens International Collaboration in Development Research](https://www.hkubs.hku.hk/sc/media/school-news/bread-asia-2024/) - We are thrilled to have co-hosted the prestigious Asia BREAD conference, uniting over 60 top development economists from across Asia and leading US and UK institutions, including Nobel laureate Abhijeet Banerjee (MIT), ADB Chief Economist Albert Park, and Professor Imran Rasul (UCL). Founded in 2002, BREAD is a non-profit organisation dedicated to advancing research in
- [BREAD Asia 2024 Strengthens International Collaboration in Development Research](https://www.hkubs.hku.hk/sc/media/school-news/bread-asia-2024/) - We are thrilled to have co-hosted the prestigious Asia BREAD conference, uniting over 60 top development economists from across Asia and leading US and UK institutions, including Nobel laureate Abhijeet Banerjee (MIT), ADB Chief Economist Albert Park, and Professor Imran Rasul (UCL). Founded in 2002, BREAD is a non-profit organisation dedicated to advancing research in
- [香港经济政策绿皮书2025 为香港经济注入活力的政策建议](https://www.hkubs.hku.hk/sc/media/press-release/hong-kong-economic-policy-green-paper-2025-policy-recommendations-to-turbocharge-hong-kongs-economy/) - 港大经管学院今日发表《香港经济政策绿皮书2025》（《绿皮书》）。今年的《绿皮书》深入探讨了香港经济领域的各个层面，涵盖主题包括财政赤字、股票市场动态、强积金制度、住房问题，以及探索培育活跃初创生态圈的新途径。此外，绿皮书还审视了香港在全球供应链中的角色、人工智能的发展，以及气候风险对香港未来经济的影响。 今年是港大经管学院第四年与一众关心香港未来发展的学者，共同撰写及发表年度《绿皮书》，再次为香港经济发展作出重要贡献。 港大经管学院院长兼经济学讲座教授蔡洪滨教授表示：“根植香港的港大经管学院一直以分析香港的经济格局为己任，并藉以我们的学术专业和卓越研究提出政策上的建议。建基于过往发表《绿皮书》的成功，此年度刊物引证著我们致力促进创新解决方案和激发关于香港未来发展的建设性讨论。透过与享负盛名的教师团队和国际学者合作，我们期望为不同重要领域提供可行的策略，以振兴我们的经济并确保我们城市有一个繁荣的未来。” 港大经管学院副院长(对外事务)、冯国经冯国纶基金经济学教授兼香港经济及商业策略研究所副总监邓希炜教授表示：“随著香港应对全球供应链不断变化所呈现的复杂性，本港必须重新定义其战略角色，不仅担当连接西方国家的桥梁，亦要成为通往亚洲和其他新兴市场的重要门户。此外，香港稳健的金融体系和全面的专业服务生态圈，令本港具有独特优势成为全球供应链管理枢纽，以满足贸易环境多变的需求。” 港大经管学院金融学副教授刘洋教授表示：“香港难以单靠经济自然复苏摆脱当前财政困境。香港对土地收入的依赖是一把双刃剑，当房地产市场降温时，本港将因而面临庞大的财务风险。展望将来，香港政府应充分利用政府债券计划，为基础设施建设投资筹募资金。此举不但可以维持长期财政的可持续性，亦能促进资本市场发展和人民币国际化。” 港大经管学院金融系实务教授Alberto Moel 教授表示：“我们的研究发现，初创企业生态圈在中途的‘存亡谷’阶段最为薄弱，这亦是初创企业最需要支持的阶段。透过促进学术界与业界之间的合作，我们可以更有效地将创新意念转化为可打入市场的产品。同时，鼓励更多跨院校合作，以及推动业界参与，对于释放香港初创生态圈的潜力亦至关重要。” 港大经管学院金融学副教授关颖伦教授和太明珠教授撰写了有关强积金制度文章，并表示：“强积金是香港普及金融发展中的重要一环，然而强积金回报表现一直强差人意。我们的研究结果揭示了导致强积金表现欠佳的三个主要原因，包括资产配置过于保守；即使考虑到资产配置因素，强积金产品质素差；以及费用高昂。随著积金易平台即将推出，这正好提供一个有利的契机对香港的主要退休储蓄制度作出重大改进。政府亦可借此强化金融服务生态圈，吸引更多资本，并将香港定位为区域内的财富管理中心。” 《香港经济政策绿皮书2025》辑录的八篇文章，重点分析如下： 香港财政赤字分析 近年来，随著香港的赤字水平创下历史新高，更在发达经济体中排名前列，财政赤字已成为香港特区面临的一项严峻新挑战。研究发现赤字中大部分源自结构性赤字，不能单靠经济增长的被动方式来缓解，而需要主动调整财政政策。土地收入贡献了相当比例的财政收入，但其波动也造成高风险，而往往引发收入波动，因而需要实行更审慎的风险管理。展望未来，政府需要在缓解赤字与推行财政政策之间做出平衡，而政府已积极主动调整财政政策。 另一方面，香港在多年来累积了充足的财政储备。近几年有所下降，但现今储备水平仍处世界前列，下行风险有限。此外，特区政府应当充分利用政府债券计划的额度，为基础设施建设投资筹募资金，而无损长期财政的可持续性，并且借此促进资本市场发展和人民币国际化。 重振香港股票市场：主要挑战与策略方案 香港作为国际金融中心，长期以来在全球资本市场中扮演着重要角色。然而，香港股市近年面临的挑战日益严峻。市场表现持续低迷，IPO市场亦下行至令人担忧的地步，以致市场活动显著下降。市场流动性问题也愈发凸显，外资流出和本地交易活动减少均有损市场稳定性。外资流出的趋势不仅表明外部投资者对市场前景的消极预期，还反映出地缘政治和经济环境对香港作为全球金融中心的吸引力带来了重重挑战。 为应对这些挑战，政府必须积极寻求振兴香港股市、恢复投资者信心的解决方案。研究提出一些潜在解决方案，包括：1) 吸引更多中东和东南亚投资者及龙头企业；2) 降低沪港通门槛以增强流动性；3) 推出政府引导基金并优化两地基金互认机制；4) 促进高频交易；5) 便利科技公司来港上市；6) 降低投资门槛以扩大投资者基础；7) 加强监管和公司管治以完善投资者保障。 强积金真的“强”吗？对香港强积金制度的适时回顾 过去25年来，强制性公积金（强积金）成功鼓励家庭参与证券市场，它同时在推动香港的普惠金融发展中扮演重要角色。然而，强积金因其年化回报率偏低而一直备受批评。研究结果揭示了导致强积金表现欠佳的三个主要原因：1) 资产配置过于保守；2) 即使考虑到资产配置因素，强积金产品质素差；以及 3) 费用高昂。随著积金易平台即将推出，不同强积金计划将可以整合到统一数码制度中，这正好提供一个有利时机，对香港的主要退休储蓄制度作出重大改进。 强积金采用市场为本框架，而政府在当中扮演促进者和监管者的角色。我们因此向政府提出四项建议。首先，政府可以修订预设投资策略以进一步降低费率，而积金局亦可以邀请收费较低的新服务供应商进入市场。其次，政府应积极监察资产配置，透过采取规定性措施、推广理财教育及筛选强积金资讯，协助市场参与者了解强积金复杂的投资产品空间。第三，政府可以开拓强积金的产品空间，引入更多元化的投资选择。最后，积金局应提高数据透明度，并善用其数据资源进行分析。 剖析香港住房危机：演变与对策 自2010年以来，香港已连续14年被评为全球住房最难以负担市场。研究通过分解人口、楼价和建屋数据，来衡量住房危机的分配效应。从研究记录可见，大型公共房屋使大量本地家庭免遭私楼住房支出急升影响。然而，随着私楼住房支出上升，公共房屋错配问题频生，私楼租户的人口显著增加。面积较小私楼单位的楼价和租金则不成比例地增加，造成这类单位价格飙升，年轻租户承担了不成比例的重担，逐渐缺乏在香港住房阶梯向上流动的能力。 持续缺乏可负担住房正阻碍香港吸引境外人才和投资，对本港经济极为不利。为确保香港的经济未来，政府必须深化住房和发展改革。香港应将住房政策重新定位为进取式城市发展，同时将重点从著重兴建低质量的租住公屋，转为致力建造高质量的自置居所。此外，当局应改革固有公共住房制度，包括将公屋租金与住户收入挂钩，以及由房屋局放宽对出租和转售公屋的限制。 了解香港初创企业生态圈：框架与未来方向 随著香港正重新思考其创新及科技发展，研究旨在从一个质量的企业层面微观经济角度，表述香港初创企业生态圈的发展，并探究生态圈结构与初创企业生命周期的关系。我们发现初创生态圈在中途的“存亡谷”阶段最为薄弱，这亦是初创企业最需要支持的阶段。由于科技创业在香港至今依然罕为人知，研究亦往往与业界需求脱节，以致难以衍生出产品和市场。此外，本地商学院与早期研发工作之间缺乏互动和融合，现有的加速器和孵化器计划亦未能提供有利于长期增长的工具。研究同时发现本港的早期阶段投资者教育薄弱，并缺乏早期阶段和中期阶段创业资本。加上本港科技初创企业终端市场规模有限，或不足以支持大型和规模化的收入模式。 尽管香港表现出一定优势，但研究揭示了一个关键痛点：在公司成立和概念验证之后，由于往后资源匮乏，科技概念原型和商业可行性之间出现鸿沟。这一缺陷使初创企业难以吸引传统创业资本。因此，我们提出了一些政策建议，以强化现有的初创生态圈，包括：1) 培养创新文化；2) 建立创新和初创企业的讯息交流中心；3) 促进跨院校合作；4) 弥合产业与初创企业之间的鸿沟；5) 支持市场扩展。 香港成为全球供应链管理中心的机遇与策略 在历史上一直是国际上重要贸易枢纽的香港，正面临着来自亚洲其他货运港口的发展、跨境电子商贸的兴起，以及新冠疫情和地缘政治紧张局势所造成的挑战。越来越多的公司采取“中国+N”策略来扩展生产网络和降低风险。随著中国及其周边国家在亚洲推动工业发展，邓希炜教授认为香港必须重新定义其战略策略性定位，专注成为中国与新兴经济体之间的门户，识别在区域供应链中具有比较优势的环节，并通过把握新全球化趋势来应对地缘政治紧张局势。 供应链各方之间的高效协调至关重要，理想的供应链应能灵活应对短期冲击，适应中期变化，并通过激励机制使所有合作伙伴的利益保持一致。香港可以利用其金融实力支持新的经济活动，并作为中国企业拓展海外市场的枢纽。通过拥抱这些变化，香港可以保持其作为国际商业和供应链管理中心的重要地位。 人工智能与香港前景 文章探讨了与人工智能相关的三大层面 — 香港的竞争力、劳动力市场和安全考量。首先，要保持香港在全球的竞争力，各行各业都不能不拥抱人工智能。面对其他亚太区城市的激烈竞争以及中美科技战，香港必须制定独特的策略，在基础研究和实际应用方面厚积实力。其次，我们观察到这次的人工智能浪潮或对高技能、高收入工作造成影响。人工智能亦将深远影响国际和本地的劳动力市场，在复杂的相互作用环境中，取代和创造林林总总的工作。第三，人工智能可能会对社会构成一定的安全问题，例如发生失误、遭受黑客、病毒和软件程式错误、存在偏见及歧视等。因此，政府责无旁贷，应教育公众有关人工智能的威力和风险，并制定人工智能使用责任和伦理考量的规例和指引。 为了做好准备迎接人工智能时代，香港可以考虑五大政策建议：1) 普及人工智能教育；2) 透过举办培训工作坊及提供资助，扶助机构采纳人工智能；3) 支持大学和初创企业进行尖端人工智能研究和开发；4) 利用奖励措施和补贴，就人工智能招商引资；5) 检视现有的人工智能规例及指引。 化气候风险为发展机遇——
- [香港經濟政策綠皮書2025 為香港經濟注入活力的政策建議](https://www.hkubs.hku.hk/sc/media/press-release/hong-kong-economic-policy-green-paper-2025-policy-recommendations-to-turbocharge-hong-kongs-economy/) - 港大經管學院今日發表《香港經濟政策綠皮書2025》（《綠皮書》）。今年的《綠皮書》深入探討了香港經濟領域的各個層面，涵蓋主題包括財政赤字、股票市場動態、強積金制度、住房問題，以及探索培育活躍初創生態圈的新途徑。此外，綠皮書還審視了香港在全球供應鏈中的角色、人工智能的發展，以及氣候風險對香港未來經濟的影響。 今年是港大經管學院第四年與一眾關心香港未來發展的學者，共同撰寫及發表年度《綠皮書》，再次為香港經濟發展作出重要貢獻。 港大經管學院院長兼經濟學講座教授蔡洪濱教授表示：「根植香港的港大經管學院一直以分析香港的經濟格局為己任，並藉以我們的學術專業和卓越研究提出政策上的建議。建基於過往發表《綠皮書》的成功，此年度刊物引證著我們致力促進創新解決方案和激發關於香港未來發展的建設性討論。透過與享負盛名的教師團隊和國際學者合作，我們期望為不同重要領域提供可行的策略，以振興我們的經濟並確保我們城市有一個繁榮的未來。」 港大經管學院副院長(對外事務)、馮國經馮國綸基金經濟學教授兼香港經濟及商業策略研究所副總監鄧希煒教授表示：「隨著香港應對全球供應鏈不斷變化所呈現的複雜性，本港必須重新定義其戰略角色，不僅擔當連接西方國家的橋樑，亦要成為通往亞洲和其他新興市場的重要門戶。此外，香港穩健的金融體系和全面的專業服務生態圈，令本港具有獨特優勢成為全球供應鏈管理樞紐，以滿足貿易環境多變的需求。」 港大經管學院金融學副教授劉洋教授表示：「香港難以單靠經濟自然復甦擺脫當前財政困境。香港對土地收入的依賴是一把雙刃劍，當房地產市場降溫時，本港將因而面臨龐大的財務風險。展望將來，香港政府應充分利用政府債券計劃，為基礎設施建設投資籌募資金。此舉不但可以維持長期財政的可持續性，亦能促進資本市場發展和人民幣國際化。」 港大經管學院金融系實務教授Alberto Moel 教授表示：「我們的研究發現，初創企業生態圈在中途的『存亡谷』階段最為薄弱，這亦是初創企業最需要支持的階段。透過促進學術界與業界之間的合作，我們可以更有效地將創新意念轉化為可打入市場的產品。同時，鼓勵更多跨院校合作，以及推動業界參與，對於釋放香港初創生態圈的潛力亦至關重要。」 港大經管學院金融學副教授關穎倫教授和太明珠教授撰寫了有關強積金制度文章，並表示：「強積金是香港普及金融發展中的重要一環，然而強積金回報表現一直強差人意。我們的研究結果揭示了導致強積金表現欠佳的三個主要原因，包括資產配置過於保守；即使考慮到資產配置因素，強積金產品質素差；以及費用高昂。隨著積金易平台即將推出，這正好提供一個有利的契機對香港的主要退休儲蓄制度作出重大改進。政府亦可藉此強化金融服務生態圈，吸引更多資本，並將香港定位為區域內的財富管理中心。」 《香港經濟政策綠皮書2025》輯錄的八篇文章，重點分析如下： 香港財政赤字分析 近年來，隨著香港的赤字水平創下歷史新高，更在發達經濟體中排名前列，財政赤字已成為香港特區面臨的一項嚴峻新挑戰。研究發現赤字中大部分源自結構性赤字，不能單靠經濟增長的被動方式來緩解，而需要主動調整財政政策。土地收入貢獻了相當比例的財政收入，但其波動也造成高風險，而往往引發收入波動，因而需要實行更審慎的風險管理。展望未來，政府需要在緩解赤字與推行財政政策之間做出平衡，而政府已積極主動調整財政政策。 另一方面，香港在多年來累積了充足的財政儲備。近幾年有所下降，但現今儲備水平仍處世界前列，下行風險有限。此外，特區政府應當充分利用政府債券計劃的額度，為基礎設施建設投資籌募資金，而無損長期財政的可持續性，並且藉此促進資本市場發展和人民幣國際化。 重振香港股票市場：主要挑戰與策略方案 香港作為國際金融中心，長期以來在全球資本市場中扮演着重要角色。然而，香港股市近年面臨的挑戰日益嚴峻。市場表現持續低迷，IPO市場亦下行至令人擔憂的地步，以致市場活動顯著下降。市場流動性問題也愈發凸顯，外資流出和本地交易活動減少均有損市場穩定性。外資流出的趨勢不僅表明外部投資者對市場前景的消極預期，還反映出地緣政治和經濟環境對香港作為全球金融中心的吸引力帶來了重重挑戰。 為應對這些挑戰，政府必須積極尋求振興香港股市、恢復投資者信心的解決方案。研究提出一些潛在解決方案，包括：1) 吸引更多中東和東南亞投資者及龍頭企業；2) 降低滬港通門檻以增強流動性；3) 推出政府引導基金並優化兩地基金互認機制；4) 促進高頻交易；5) 便利科技公司來港上市；6) 降低投資門檻以擴大投資者基礎；7) 加強監管和公司管治以完善投資者保障。 強積金真的「強」嗎？對香港強積金制度的適時回顧 過去25年來，強制性公積金（強積金）成功鼓勵家庭參與證券市場，它同時在推動香港的普惠金融發展中扮演重要角色。然而，強積金因其年化回報率偏低而一直備受批評。研究結果揭示了導致強積金表現欠佳的三個主要原因：1) 資產配置過於保守；2) 即使考慮到資產配置因素，強積金產品質素差；以及 3) 費用高昂。隨著積金易平台即將推出，不同強積金計劃將可以整合到統一數碼制度中，這正好提供一個有利時機，對香港的主要退休儲蓄制度作出重大改進。 強積金採用市場為本框架，而政府在當中扮演促進者和監管者的角色。我們因此向政府提出四項建議。首先，政府可以修訂預設投資策略以進一步降低費率，而積金局亦可以邀請收費較低的新服務供應商進入市場。其次，政府應積極監察資產配置，透過採取規定性措施、推廣理財教育及篩選強積金資訊，協助市場參與者了解強積金複雜的投資產品空間。第三，政府可以開拓強積金的產品空間，引入更多元化的投資選擇。最後，積金局應提高數據透明度，並善用其數據資源進行分析。 剖析香港住房危機：演變與對策 自2010年以來，香港已連續14年被評為全球住房最難以負擔市場。研究通過分解人口、樓價和建屋數據，來衡量住房危機的分配效應。從研究記錄可見，大型公共房屋使大量本地家庭免遭私樓住房支出急升影響。然而，隨着私樓住房支出上升，公共房屋錯配問題頻生，私樓租戶的人口顯著增加。面積較小私樓單位的樓價和租金則不成比例地增加，造成這類單位價格飆升，年輕租戶承擔了不成比例的重擔，逐漸缺乏在香港住房階梯向上流動的能力。 持續缺乏可負擔住房正阻礙香港吸引境外人才和投資，對本港經濟極為不利。為確保香港的經濟未來，政府必須深化住房和發展改革。香港應將住房政策重新定位為進取式城市發展，同時將重點從著重興建低質量的租住公屋，轉為致力建造高質量的自置居所。此外，當局應改革固有公共住房制度，包括將公屋租金與住戶收入掛鉤，以及由房屋局放寬對出租和轉售公屋的限制。 了解香港初創企業生態圈：框架與未來方向 隨著香港正重新思考其創新及科技發展，研究旨在從一個質量的企業層面微觀經濟角度，表述香港初創企業生態圈的發展，並探究生態圈結構與初創企業生命周期的關係。我們發現初創生態圈在中途的「存亡谷」階段最為薄弱，這亦是初創企業最需要支持的階段。由於科技創業在香港至今依然罕為人知，研究亦往往與業界需求脫節，以致難以衍生出產品和市場。此外，本地商學院與早期研發工作之間缺乏互動和融合，現有的加速器和孵化器計劃亦未能提供有利於長期增長的工具。研究同時發現本港的早期階段投資者教育薄弱，並缺乏早期階段和中期階段創業資本。加上本港科技初創企業終端市場規模有限，或不足以支持大型和規模化的收入模式。 儘管香港表現出一定優勢，但研究揭示了一個關鍵痛點：在公司成立和概念驗證之後，由於往後資源匱乏，科技概念原型和商業可行性之間出現鴻溝。這一缺陷使初創企業難以吸引傳統創業資本。因此，我們提出了一些政策建議，以強化現有的初創生態圈，包括：1) 培養創新文化；2) 建立創新和初創企業的訊息交流中心；3) 促進跨院校合作；4) 彌合產業與初創企業之間的鴻溝；5) 支持市場擴展。 香港成為全球供應鏈管理中心的機遇與策略 在歷史上一直是國際上重要貿易樞紐的香港，正面臨着來自亞洲其他貨運港口的發展、跨境電子商貿的興起，以及新冠疫情和地緣政治緊張局勢所造成的挑戰。越來越多的公司採取「中國+N」策略來擴展生產網絡和降低風險。隨著中國及其周邊國家在亞洲推動工業發展，鄧希煒教授認為香港必須重新定義其戰略策略性定位，專注成為中國與新興經濟體之間的門戶，識別在區域供應鏈中具有比較優勢的環節，並通過把握新全球化趨勢來應對地緣政治緊張局勢。 供應鏈各方之間的高效協調至關重要，理想的供應鏈應能靈活應對短期衝擊，適應中期變化，並通過激勵機制使所有合作夥伴的利益保持一致。香港可以利用其金融實力支持新的經濟活動，並作為中國企業拓展海外市場的樞紐。通過擁抱這些變化，香港可以保持其作為國際商業和供應鏈管理中心的重要地位。 人工智能與香港前景 文章探討了與人工智能相關的三大層面 — 香港的競爭力、勞動力市場和安全考量。首先，要保持香港在全球的競爭力，各行各業都不能不擁抱人工智能。面對其他亞太區城市的激烈競爭以及中美科技戰，香港必須制定獨特的策略，在基礎研究和實際應用方面厚積實力。其次，我們觀察到這次的人工智能浪潮或對高技能、高收入工作造成影響。人工智能亦將深遠影響國際和本地的勞動力市場，在複雜的相互作用環境中，取代和創造林林總總的工作。第三，人工智能可能會對社會構成一定的安全問題，例如發生失誤、遭受黑客、病毒和軟件程式錯誤、存在偏見及歧視等。因此，政府責無旁貸，應教育公眾有關人工智能的威力和風險，並制定人工智能使用責任和倫理考量的規例和指引。 為了做好準備迎接人工智能時代，香港可以考慮五大政策建議：1) 普及人工智能教育；2) 透過舉辦培訓工作坊及提供資助，扶助機構採納人工智能；3) 支持大學和初創企業進行尖端人工智能研究和開發；4) 利用獎勵措施和補貼，就人工智能招商引資；5) 檢視現有的人工智能規例及指引。 化氣候風險為發展機遇——
- [Hong Kong Economic Policy Green Paper 2025 Policy Recommendations to Turbocharge Hong Kong’s Economy](https://www.hkubs.hku.hk/sc/media/press-release/hong-kong-economic-policy-green-paper-2025-policy-recommendations-to-turbocharge-hong-kongs-economy/) - HKU Business School today unveiled the “Hong Kong Economic Policy Green Paper 2025” (“Green Paper”). This comprehensive document delves into various facets of Hong Kong's economic domain, from fiscal deficits, stock market dynamics, the MPF system, housing concerns, to the exploration of novel pathways for fostering a vibrant startup ecosystem. Moreover, the Green Paper also
- [港大經管學院領袖企業家講壇系列第五講 – 在大模型時代，年輕人值得幹點甚麼](https://www.hkubs.hku.hk/sc/media/school-news/港大經管學院領袖企業家講壇系列第五講-在大模/) - 港大經管學院非常高興邀請到360集團創始人周鴻禕先生，參與學院於2024年12月18日舉辦的「港大經管學院領袖企業家講壇系列 - 第五講」，並擔任主講嘉賓。隨著數位化技術成為實現科技創新的主要手段，創新之路已成為打造新質生產力的核心。周先生在活動中與港大經管學院經濟學實務教授毛振華教授集中探討科技創新如何成為新質生產力的基石、大模型發展的演變趨勢，以及新一代在這場科技浪潮中的角色，為與會者帶來寶貴的見解和啟發。 周先生首先分析了在大模型發展的背景下，人工智能將日益融入日常生活並重塑各行各業，為社會創造眾多機遇。他指出，作為一個學習性生產平台，AI相較於互聯網為用家提供了更大的發展空間，並協助人類解決如登陸火星和追求能源自由等重大挑戰。在他看來，未來大模型發展有以下八大要素： AGI發展步伐放緩，全面超越人類的人工智能在邏輯上不成立 「慢思考」成為新的發展範式，強調強化學習和思維鏈 發展專業大模型，運用多個專家模型整合形成一個綜合模型 進入「輕量化」時代 運用高質量和合成數據快速提升模型的知識密度，並通過多次推理增強小模型的能力，以更少參數達到更高性能 成本持續降低 智能體驅動大模型發展，通過目標拆解和調用大模型及專家模型，訓練「Agent」成為自主工作的數字員工，實現流程自動化 算力基礎設施已大規模建設，大模型能力足以支撐應用需求 針對個人電腦發展所引發的新一波工業革命，周先生進一步剖析了大模型產業演變出的兩條發展路線： AGI之路：探索超越人類的超級人工智能，推動大模型向萬億參數發展 應用之路：放棄全能大模型，專注於場景化、應用化、專業化和垂直化發展 展望未來，周先生表示，大模型應與應用場景相結合，以實現產品化。他建議新一代模型應在六個方面加強能力，以提升個人和企業員工的生產力，協助企業進行智慧化改造及數位轉型，並推動未來產業的發展。他還鼓勵年輕一代積極尋找創業創新機會，並建議他們先細分場景，然後拆解業務流程，專注發展專業化大模型。隨後，他分享了對六種大模型應用方向的看法： 人人智能：利用AI提升個人生產力，解鎖新技能 萬物智能：從追求「萬物互聯」轉向「萬物智能」 數轉智改：運用業務大模型幫助傳統企業打造新質生產力 未來產業：採用基於規則的方法取代過往基於訓練學習的方法發展新產業，如低空經濟、自動駕駛等 科學研究：利用大模型的序列預測能力將關鍵數據序列化，推動「AI for Science」成為社會發展的重要驅動力 AI安全：面對數據污染和虛假信息等網絡安全問題，利用安全大模型應對新型AI安全問題 踏入講座的最後部分，周先生強調，企業在發展專業大模型的同時，必須解決知識管理、打造業務大模型、構建智能體和融合不同數字化工作系統等四個關鍵問題。他指出，大模型發展應從中心化走向分佈化，以推動新工業革命的到來。 席上，周先生和與會者討論了企業家精神、當前大模型發展所面臨的機遇和挑戰，以及他對年輕人的期望。透過豐富的前沿案例，周先生為會眾提供了對大模型認知及應用場景等方面的系統性詮釋，深入探討了大模型未來的發展潛力及趨勢。
- [港大经管学院领袖企业家讲坛系列第五讲 – 在大模型时代，年轻人值得干点什么](https://www.hkubs.hku.hk/sc/media/school-news/港大經管學院領袖企業家講壇系列第五講-在大模/) - 港大经管学院非常高兴邀请到360集团创始人周鸿祎先生，参与学院于2024年12月18日举办的「港大经管学院领袖企业家讲坛系列 - 第五讲」，并担任主讲嘉宾。随着数位化技术成为实现科技创新的主要手段，创新之路已成为打造新质生产力的核心。周先生在活动中与港大经管学院经济学实务教授毛振华教授集中探讨科技创新如何成为新质生产力的基石、大模型发展的演变趋势，以及新一代在这场科技浪潮中的角色，为与会者带来宝贵的见解和启发。 周先生首先分析了在大模型发展的背景下，人工智能将日益融入日常生活并重塑各行各业，为社会创造众多机遇。他指出，作为一个学习性生产平台，AI相较于互联网为用家提供了更大的发展空间，并协助人类解决如登陆火星和追求能源自由等重大挑战。在他看来，未来大模型发展有以下八大要素： AGI发展步伐放缓，全面超越人类的人工智能在逻辑上不成立 「慢思考」成为新的发展范式，强调强化学习和思维链 发展专业大模型，运用多个专家模型整合形成一个综合模型 进入「轻量化」时代 运用高质量和合成数据快速提升模型的知识密度，并通过多次推理增强小模型的能力，以更少参数达到更高性能 成本持续降低 智能体驱动大模型发展，通过目标拆解和调用大模型及专家模型，训练「Agent」成为自主工作的数字员工，实现流程自动化 算力基础设施已大规模建设，大模型能力足以支撑应用需求 针对个人电脑发展所引发的新一波工业革命，周先生进一步剖析了大模型产业演变出的两条发展路线： AGI之路：探索超越人类的超级人工智能，推动大模型向万亿参数发展 应用之路：放弃全能大模型，专注于场景化、应用化、专业化和垂直化发展 展望未来，周先生表示，大模型应与应用场景相结合，以实现产品化。他建议新一代模型应在六个方面加强能力，以提升个人和企业员工的生产力，协助企业进行智慧化改造及数位转型，并推动未来产业的发展。他还鼓励年轻一代积极寻找创业创新机会，并建议他们先细分场景，然后拆解业务流程，专注发展专业化大模型。随后，他分享了对六种大模型应用方向的看法： 人人智能：利用AI提升个人生产力，解锁新技能 万物智能：从追求「万物互联」转向「万物智能」 数转智改：运用业务大模型帮助传统企业打造新质生产力 未来产业：采用基于规则的方法取代过往基于训练学习的方法发展新产业，如低空经济、自动驾驶等 科学研究：利用大模型的序列预测能力将关键数据序列化，推动「AI for Science」成为社会发展的重要驱动力 AI安全：面对数据污染和虚假信息等网络安全问题，利用安全大模型应对新型AI安全问题 踏入讲座的最后部分，周先生强调，企业在发展专业大模型的同时，必须解决知识管理、打造业务大模型、构建智能体和融合不同数字化工作系统等四个关键问题。他指出，大模型发展应从中心化走向分布化，以推动新工业革命的到来。 席上，周先生和与会者讨论了企业家精神、当前大模型发展所面临的机遇和挑战，以及他对年轻人的期望。透过丰富的前沿案例，周先生为会众提供了对大模型认知及应用场景等方面的系统性诠释，深入探讨了大模型未来的发展潜力及趋势。
- [港大經管學院領袖企業家講壇系列第五講 – 在大模型時代，年輕人值得幹點甚麼](https://www.hkubs.hku.hk/sc/media/school-news/港大經管學院領袖企業家講壇系列第五講-在大模/) - 港大經管學院非常高興邀請到360集團創始人周鴻禕先生，參與學院於2024年12月18日舉辦的「港大經管學院領袖企業家講壇系列 - 第五講」，並擔任主講嘉賓。隨著數位化技術成為實現科技創新的主要手段，創新之路已成為打造新質生產力的核心。周先生在活動中與港大經管學院經濟學實務教授毛振華教授集中探討科技創新如何成為新質生產力的基石、大模型發展的演變趨勢，以及新一代在這場科技浪潮中的角色，為與會者帶來寶貴的見解和啟發。 周先生首先分析了在大模型發展的背景下，人工智能將日益融入日常生活並重塑各行各業，為社會創造眾多機遇。他指出，作為一個學習性生產平台，AI相較於互聯網為用家提供了更大的發展空間，並協助人類解決如登陸火星和追求能源自由等重大挑戰。在他看來，未來大模型發展有以下八大要素： AGI發展步伐放緩，全面超越人類的人工智能在邏輯上不成立 「慢思考」成為新的發展範式，強調強化學習和思維鏈 發展專業大模型，運用多個專家模型整合形成一個綜合模型 進入「輕量化」時代 運用高質量和合成數據快速提升模型的知識密度，並通過多次推理增強小模型的能力，以更少參數達到更高性能 成本持續降低 智能體驅動大模型發展，通過目標拆解和調用大模型及專家模型，訓練「Agent」成為自主工作的數字員工，實現流程自動化 算力基礎設施已大規模建設，大模型能力足以支撐應用需求 針對個人電腦發展所引發的新一波工業革命，周先生進一步剖析了大模型產業演變出的兩條發展路線： AGI之路：探索超越人類的超級人工智能，推動大模型向萬億參數發展 應用之路：放棄全能大模型，專注於場景化、應用化、專業化和垂直化發展 展望未來，周先生表示，大模型應與應用場景相結合，以實現產品化。他建議新一代模型應在六個方面加強能力，以提升個人和企業員工的生產力，協助企業進行智慧化改造及數位轉型，並推動未來產業的發展。他還鼓勵年輕一代積極尋找創業創新機會，並建議他們先細分場景，然後拆解業務流程，專注發展專業化大模型。隨後，他分享了對六種大模型應用方向的看法： 人人智能：利用AI提升個人生產力，解鎖新技能 萬物智能：從追求「萬物互聯」轉向「萬物智能」 數轉智改：運用業務大模型幫助傳統企業打造新質生產力 未來產業：採用基於規則的方法取代過往基於訓練學習的方法發展新產業，如低空經濟、自動駕駛等 科學研究：利用大模型的序列預測能力將關鍵數據序列化，推動「AI for Science」成為社會發展的重要驅動力 AI安全：面對數據污染和虛假信息等網絡安全問題，利用安全大模型應對新型AI安全問題 踏入講座的最後部分，周先生強調，企業在發展專業大模型的同時，必須解決知識管理、打造業務大模型、構建智能體和融合不同數字化工作系統等四個關鍵問題。他指出，大模型發展應從中心化走向分佈化，以推動新工業革命的到來。 席上，周先生和與會者討論了企業家精神、當前大模型發展所面臨的機遇和挑戰，以及他對年輕人的期望。透過豐富的前沿案例，周先生為會眾提供了對大模型認知及應用場景等方面的系統性詮釋，深入探討了大模型未來的發展潛力及趨勢。
- [HKU 213th Congregation – Faculty of Business and Economics (Winter Session) Highlights](https://www.hkubs.hku.hk/sc/media/school-news/the-213th-congregation-ceremony/) - https://www.youtube.com/watch?v=84i_Qty6zLU The 213th Congregation Ceremony of the HKU Business School took place at the Grand Hall, Centennial Campus, The University of Hong Kong on December 4 and 5, 2024. This momentous event spanned six sessions, creating a truly special occasion for all involved. One of the highlights was an inspiring speech delivered by Dean
- [Workshop on “AI in Business”](https://www.hkubs.hku.hk/sc/media/school-news/workshop-on-ai-in-business/) - An insightful interdisciplinary Workshop on “AI in Business” was successfully held by the HKU Business School’s Institute of Digital Economy and Innovation (IDEI) on December 9, 2024 at HKU-iCube. The event brought together esteemed scholars and industry experts at the cutting edge of AI research, as well as over 100 participants engaging in the exchange
- [Workshop on “AI in Business”](https://www.hkubs.hku.hk/sc/media/school-news/workshop-on-ai-in-business/) - An insightful interdisciplinary Workshop on “AI in Business” was successfully held by the HKU Business School’s Institute of Digital Economy and Innovation (IDEI) on December 9, 2024 at HKU-iCube. The event brought together esteemed scholars and industry experts at the cutting edge of AI research, as well as over 100 participants engaging in the exchange
- [Workshop on “AI in Business”](https://www.hkubs.hku.hk/sc/media/school-news/workshop-on-ai-in-business/) - An insightful interdisciplinary Workshop on “AI in Business” was successfully held by the HKU Business School’s Institute of Digital Economy and Innovation (IDEI) on December 9, 2024 at HKU-iCube. The event brought together esteemed scholars and industry experts at the cutting edge of AI research, as well as over 100 participants engaging in the exchange
- [Connect and Grow: Students Embark on HKU Business School Mentorship Programme 2024-25](https://www.hkubs.hku.hk/sc/media/school-news/connect-and-grow-students-embark-on-hku-business-school-mentorship-programme-2024-25/) - https://youtu.be/vKvVx-QxY4o The Inauguration Ceremony of the HKU Business School Mentorship 2024-25 Programme was successfully held on 5th November 2024 at Loke Yew Hall. This year, nearly 80 pairs of mentors and mentees have been matched. Moreover, mentors and mentees from the Executive Mentorship Programme (EMP) hosted by the Bachelor of Science in Quantitative Finance Programme
- [Connect and Grow: Students Embark on HKU Business School Mentorship Programme 2024-25](https://www.hkubs.hku.hk/sc/media/school-news/connect-and-grow-students-embark-on-hku-business-school-mentorship-programme-2024-25/) - https://youtu.be/vKvVx-QxY4o The Inauguration Ceremony of the HKU Business School Mentorship 2024-25 Programme was successfully held on 5th November 2024 at Loke Yew Hall. This year, nearly 80 pairs of mentors and mentees have been matched. Moreover, mentors and mentees from the Executive Mentorship Programme (EMP) hosted by the Bachelor of Science in Quantitative Finance Programme
- [Connect and Grow: Students Embark on HKU Business School Mentorship Programme 2024-25](https://www.hkubs.hku.hk/sc/media/school-news/connect-and-grow-students-embark-on-hku-business-school-mentorship-programme-2024-25/) - https://youtu.be/vKvVx-QxY4o The Inauguration Ceremony of the HKU Business School Mentorship 2024-25 Programme was successfully held on 5th November 2024 at Loke Yew Hall. This year, nearly 80 pairs of mentors and mentees have been matched. Moreover, mentors and mentees from the Executive Mentorship Programme (EMP) hosted by the Bachelor of Science in Quantitative Finance Programme
- [港大经管学院213届学位颁授典礼回顾(冬季)](https://www.hkubs.hku.hk/sc/media/school-news/the-213th-congregation-ceremony/) - 港大经管学院213届学位颁授典礼于2024年12月4日和5日在香港大学百周年校园大会堂隆重举行。这一为期六场的盛大典礼令所有参加者留下了独特难忘的回忆。 其中院长蔡洪滨教授的演讲鼓舞人心，令人印象深刻。毕业生们即将开展人生新的一页，蔡教授提醒他们：“勇于拥抱未知，敢于承担风险，突破舒适圈。机遇常常在最意想不到的时候出现。” 毕业生代表富雷、王崴、彭小娜、Daryl Byron Wong、文品书、柳欣晔发表了感谢致辞，他们衷心感谢教职员工、家人和朋友在他们的求学路上一直给予的支持。他们的精彩致辞总结一众毕业生在这趟学习历程的成就，引发了观众的共鸣。虽然未来挑战重重，然而只要抱著积极乐观的态度，定能抓紧未来每一个机遇。 此次毕业典礼共有3,500多人参加，其中包括超过1,500名即将开启人生新篇章的毕业生，以及2,000名前来一同见证这一重要里程碑的家人和朋友们。 https://www.youtube.com/watch?v=84i_Qty6zLU
- [港大經管學院213屆學位頒授典禮回顧(冬季)](https://www.hkubs.hku.hk/sc/media/school-news/the-213th-congregation-ceremony/) - 港大經管學院213屆學位頒授典禮於2024年12月4日和5日在香港大學百周年校園大會堂隆重舉行。這一為期六場的盛大典禮令所有參加者留下了獨特難忘的回憶。 其中院長蔡洪濱教授的演講鼓舞人心，令人印象深刻。畢業生們即將開展人生新的一頁，蔡教授提醒他們：「勇於擁抱未知，敢於承擔風險，突破舒適圈。機遇常常在最意想不到的時候出現。」 畢業生代表富雷、王崴、彭小娜、Daryl Byron Wong、文品書、柳欣曄發表了感謝致辭，他們衷心感謝教職員工、家人和朋友在他們的求學路上一直給予的支持。他們的精彩致辭總結一眾畢業生在這趟學習歷程的成就，引發了觀眾的共鳴。雖然未來挑戰重重，然而只要抱著積極樂觀的態度，定能抓緊未來每一個機遇。 此次畢業典禮共有3,500多人參加，其中包括超過1,500名即將開啟人生新篇章的畢業生，以及2,000名前來一同見證這一重要里程碑的家人和朋友們。 https://www.youtube.com/watch?v=84i_Qty6zLU
- [From Classrooms to Catalonia: HKU Students Experience Business Innovation in Barcelona](https://www.hkubs.hku.hk/media/school-news/from-classrooms-to-catalonia-hku-students-experience-business-innovation-in-barcelona/) - Our International Business and Global Management students embarked on a transformative journey to Barcelona, on an international field trip organize by HKU-TLV Innovation Hub. The worlds of business, entrepreneurship, and culture collided in an inspiring way, exposing students to new ways of thinking and understanding the nuances of international business. The trip included insightful lectures
- [Professor Dragon Yongjun Tang Awarded the Faculty Knowledge Exchange Award 2024](https://www.hkubs.hku.hk/sc/media/school-news/professor-dragon-yongjun-tang-awarded-the-faculty-knowledge-exchange-award-2024/) - Congratulations to Professor Dragon Yongjun Tang on being awarded the Faculty Knowledge Exchange Award 2024! Prof. Tang’s research has made profoundly tangible impacts across multiple domains. Through his study on the effects of mandatory ESG disclosure regulations globally, Prof. Tang directly informed rules adopted in major jurisdictions like the European Union. This was achieved by
- [Professor Dragon Yongjun Tang Awarded the Faculty Knowledge Exchange Award 2024](https://www.hkubs.hku.hk/sc/media/school-news/professor-dragon-yongjun-tang-awarded-the-faculty-knowledge-exchange-award-2024/) - Congratulations to Professor Dragon Yongjun Tang on being awarded the Faculty Knowledge Exchange Award 2024! Prof. Tang’s research has made profoundly tangible impacts across multiple domains. Through his study on the effects of mandatory ESG disclosure regulations globally, Prof. Tang directly informed rules adopted in major jurisdictions like the European Union. This was achieved by
- [Professor Dragon Yongjun Tang Awarded the Faculty Knowledge Exchange Award 2024](https://www.hkubs.hku.hk/sc/media/school-news/professor-dragon-yongjun-tang-awarded-the-faculty-knowledge-exchange-award-2024/) - Congratulations to Professor Dragon Yongjun Tang on being awarded the Faculty Knowledge Exchange Award 2024! Prof. Tang’s research has made profoundly tangible impacts across multiple domains. Through his study on the effects of mandatory ESG disclosure regulations globally, Prof. Tang directly informed rules adopted in major jurisdictions like the European Union. This was achieved by
- [Faculty Teaching Award Scheme 2023-24](https://www.hkubs.hku.hk/sc/media/school-news/faculty-teaching-award-scheme-2023-24/) - Delivering quality education to nurture future leaders is an integral part of the Faculty’s mission. Every year, the Faculty recognises teachers with outstanding achievements and significant contributions in teaching and student learning through the Faculty Teaching Award Scheme. The award-winners for the academic year 2023-24 are: Faculty Outstanding Teacher Award (Undergraduate Teaching) Professor Jiang BIAN
- [Faculty Teaching Award Scheme 2023-24](https://www.hkubs.hku.hk/sc/media/school-news/faculty-teaching-award-scheme-2023-24/) - Delivering quality education to nurture future leaders is an integral part of the Faculty’s mission. Every year, the Faculty recognises teachers with outstanding achievements and significant contributions in teaching and student learning through the Faculty Teaching Award Scheme. The award-winners for the academic year 2023-24 are: Faculty Outstanding Teacher Award (Undergraduate Teaching) Professor Jiang BIAN
- [Faculty Teaching Award Scheme 2023-24](https://www.hkubs.hku.hk/sc/media/school-news/faculty-teaching-award-scheme-2023-24/) - Delivering quality education to nurture future leaders is an integral part of the Faculty’s mission. Every year, the Faculty recognises teachers with outstanding achievements and significant contributions in teaching and student learning through the Faculty Teaching Award Scheme. The award-winners for the academic year 2023-24 are: Faculty Outstanding Teacher Award (Undergraduate Teaching) Professor Jiang BIAN
- [Beta Gamma Sigma (HKU Chapter) Student Representatives for BGS Regional Leadership Conference 2024 in Los Angeles](https://www.hkubs.hku.hk/sc/media/school-news/beta-gamma-sigma-hku-chapter-student-representatives-for-bgs-regional-leadership-conference-2024-in-los-angeles/) - Two current Undergraduate Students, Mr. Jason ZHANG [Year 5 – BFin(AMPB)], and Ms. Kelly Huang [(Year 4 BBA)] have been nominated by the Faculty as student representatives for attending the Beta Gamma Sigma Regional Leadership Conference – "Navigating Leadership: Adapting Styles for the Evolving Workplace" at Loyola Marymount University from November 1-2, 2024. The 2024
- [Beta Gamma Sigma (HKU Chapter) Student Representatives for BGS Regional Leadership Conference 2024 in Los Angeles](https://www.hkubs.hku.hk/sc/media/school-news/beta-gamma-sigma-hku-chapter-student-representatives-for-bgs-regional-leadership-conference-2024-in-los-angeles/) - Two current Undergraduate Students, Mr. Jason ZHANG [Year 5 – BFin(AMPB)], and Ms. Kelly Huang [(Year 4 BBA)] have been nominated by the Faculty as student representatives for attending the Beta Gamma Sigma Regional Leadership Conference – "Navigating Leadership: Adapting Styles for the Evolving Workplace" at Loyola Marymount University from November 1-2, 2024. The 2024
- [Beta Gamma Sigma (HKU Chapter) Student Representatives for BGS Regional Leadership Conference 2024 in Los Angeles](https://www.hkubs.hku.hk/sc/media/school-news/beta-gamma-sigma-hku-chapter-student-representatives-for-bgs-regional-leadership-conference-2024-in-los-angeles/) - Two current Undergraduate Students, Mr. Jason ZHANG [Year 5 – BFin(AMPB)], and Ms. Kelly Huang [(Year 4 BBA)] have been nominated by the Faculty as student representatives for attending the Beta Gamma Sigma Regional Leadership Conference – "Navigating Leadership: Adapting Styles for the Evolving Workplace" at Loyola Marymount University from November 1-2, 2024. The 2024
- [港大经管学院荣膺《金融时报》研究排名全球第13位](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-achieved-world-13th-in-financial-times-research-ranking/) - 港大经管学院在《金融时报》综合研究排名（Aggregated Research Ranking）中位列全球第13位，并荣膺亚洲第一。有别于其他以研究数量为指标的排名，该排名主要根据研究质量及衡量研究的整体影响力作指标，进一步对学院世界领先的研究成就予以肯定。 港大经管学院院长及经济学讲座教授蔡洪滨表示：“创新及具影响力的研究是应对当今全球性挑战重要的一环。为求建立一支顶尖且多元的师资团队以推动卓越研究，我们积极广纳来自世界各地，具有不同背景及专业知识的杰出学者。我们将继续为下一代的发展追求具影响力的世界一流科研和高质量的教育。” 《金融时报》综合研究排名前15名 港大经管学院的优秀师资团队由近200名备受国际学术界认可的杰出学者组成，他们来自全球20个不同国家及地区，其中不少在权威性学术期刊及获奖研究中担当重要角色。他们的成就亦广受政府以及其他机构的高度肯定。 研究及创新成果： 港大经管学院设立了九个研究中心，以促进在跨学科研究中之关键角色。 教师团队成员获选为多个权威国际学术组织的会士，包括世界计量经济学会、亚洲金融经济研究局(ABFER)及国际商务学会。 教师团队成员担任多本国际顶级学术期刊的编辑，包括《美国经济评论》及《管理信息系统季刊》。 教师团队成员荣获多个著名奖项，包括“Pagano and Zechner 最佳非投资论文奖”及美国经济史协会 (Economic History Association) 颁发的“Arthur H. Cole奖”。 教师团队成员曾获颁发多项重要的研究经费资助，包括“国家社会科学基金重大项目”、国家自然科学基金委员会“国家杰出青年科学基金项目”及国家研究资助局“卓越学科领域计划”。 教师团队成员曾获瑞典皇家科学院邀请提名诺贝尔经济学奖候选人。 港大经管学院辖下的亚洲案例研究中心拥有广受全球欢迎的商业案例资料库，发行的案例获哈佛商学院出版社 (Harvard Business School Publishing) ，艾维出版社 (Ivey Publishing) 和欧洲案例交流中心 (The Case Centre) 收录及出版。 港大经管学院每年出版《香港经济政策绿皮书》，对香港经济政策作出分析和建议。 港大经管学院今年发表了可持续发展报告。作为香港首间出版独立可持续发展报告的商学院，学院致力为社区的长期发展带来持久的影响。 港大经管学院将持续致力于推动具影响力的研究，以促进全球商业及经济知识领域的崭新发展。有关《金融时报》综合研究排名的详情，请浏览： https://on.ft.com/4embUO1
- [港大經管學院榮膺《金融時報》研究排名全球第13位](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-achieved-world-13th-in-financial-times-research-ranking/) - 港大經管學院在《金融時報》綜合研究排名（Aggregated Research Ranking）中位列全球第13位，並榮膺亞洲第一。有別於其他以研究數量為指標的排名，該排名主要根據研究質量及衡量研究的整體影響力作指標，進一步對學院世界領先的研究成就予以肯定。 港大經管學院院長及經濟學講座教授蔡洪濱表示：「創新及具影響力的研究是應對當今全球性挑戰重要的一環。為求建立一支頂尖且多元的師資團隊以推動卓越研究，我們積極廣納來自世界各地，具有不同背景及專業知識的傑出學者。我們將繼續為下一代的發展追求具影響力的世界一流科研和高質量的教育。」 《金融時報》綜合研究排名前15名 港大經管學院的優秀師資團隊由近200名備受國際學術界認可的傑出學者组成，他們來自全球20個不同國家及地區，其中不少在權威性學術期刊及獲獎研究中擔當重要角色。他們的成就亦廣受政府以及其他機構的高度肯定。 研究及創新成果： 港大經管學院設立了九個研究中心，以促進在跨學科研究中之關鍵角色。 教師團隊成員獲選為多個權威國際學術組織的會士，包括世界計量經濟學會、亞洲金融經濟研究局(ABFER)及國際商務學會。 教師團隊成員擔任多本國際頂級學術期刊的編輯，包括《美國經濟評論》及《管理信息系統季刊》。 教師團隊成員榮獲多個著名獎項，包括「Pagano and Zechner 最佳非投資論文獎」及美國經濟史協會 (Economic History Association) 頒發的「Arthur H. Cole獎」。 教師團隊成員曾獲頒發多項重要的研究經費資助，包括「國家社會科學基金重大項目」、國家自然科學基金委員會「國家傑出青年科學基金項目」及國家研究資助局「卓越學科領域計劃」。 教師團隊成員曾獲瑞典皇家科學院邀請提名諾貝爾經濟學獎候選人。 港大經管學院轄下的亞洲案例研究中心擁有廣受全球歡迎的商業案例資料庫，發行的案例獲哈佛商學院出版社 (Harvard Business School Publishing) ，艾維出版社 (Ivey Publishing) 和歐洲案例交流中心 (The Case Centre) 收錄及出版。 港大經管學院每年出版《香港經濟政策綠皮書》，對香港經濟政策作出分析和建議。 港大經管學院今年發表了可持續發展報告。作為香港首間出版獨立可持續發展報告的商學院，學院致力為社區的長期發展帶來持久的影響。 港大經管學院將持續致力於推動具影響力的研究，以促進全球商業及經濟知識領域的嶄新發展。有關《金融時報》綜合研究排名的詳情，請瀏覽： https://on.ft.com/4embUO1
- [HKU Business School Achieved World 13th in Financial Times’ Research Ranking](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-achieved-world-13th-in-financial-times-research-ranking/) - HKU Business School secured the 13th position globally in the Aggregated Research Ranking by the Financial Times and is also the #1 from Asia on the list. Unlike other existing rankings that mostly assess research productivity, this ranking emphasises the importance of overall research impact based on the resonance and relevance, recognising the School's capability
- [港大經管學院領袖企業家講壇系列第三講 - 中國企業全球化之路](https://www.hkubs.hku.hk/sc/media/school-news/港大經管學院領袖企業家講壇系列第三講-中國企/) - 港大經管學院很榮幸邀請到TCL創始人、董事長李東生先生，於2024年11月27日蒞臨學院舉辦的「港大經管學院領袖企業家講壇系列」擔任第三講主講嘉賓。面對全球政治經濟格局加速重塑，貿易保護主義思潮泛起，逆全球化趨勢不斷增強的宏觀趨勢，李先生與港大經管學院經濟學實務教授毛振華教授共同探討TCL在全球化歷程中的經驗與教訓，分享對當前全球化形勢的深刻見解，並展望中國企業在未來全球化發展的方向，為同學及其他與會者帶來一次難得的學習與交流機會。 演講伊始，李先生深入分析了經濟全球化的現狀及未來。他指出，儘管全球化不斷創造經濟福利與收益，但也帶來區域發展失衡的問題：發展中國家長期被鎖定在產業鏈低端環節，而發達國家則面臨製造業空心化的困境，雙方均未能從全球化中充分獲益。在他看來，隨著大國博弈和地緣政治等因素的影響，全球產業鏈和貿易模式將逐漸趨向本土化及區域化；與此同時，全球貿易規則或將被區域化規則取代，如：《美墨加協定》和《跨太平洋夥伴關係協定》等。 其後，李先生分享了TCL在過去20多年全球化發展的寶貴經驗。目前，TCL已建構了全球的產業鏈和供應鏈網絡，佈局智慧終端、半導體顯示器和新能源光伏三大產業，擁有46個研發中心、38個製造基地、業務遍佈160多個國家和地區，累計申請超過11萬項專利。全球化對TCL從消費性電子類企業轉型升級為全球化的科技製造產業集團具有深遠的戰略意義，其中包括： 前瞻性構建全球製造網絡：從容應對當前全球地緣政治和經濟格局的劇烈變化 培育企業新的成長曲線：通過企業產業升級，從消費電子企業成功轉型為科技製造產業集團，並在全球高端製造市場競爭中構建核心優勢 堅定自主創新：加大研發投入，提升產品競爭力，以領先科技推動全球化進程 培育具有國際視野的管理團隊：打造全球化的經營組織，為企業發展提供持續動力 在講座的最後一部分，李先生結合當前逆全球化和市場需求疲弱的背景，提出中國企業在新形勢下要改變發展策略才能突圍而出。他建議企業： 從傳統的輸出產品轉變為輸出工業能力，積極推動海外本土化建設，與海外當地共建工業能力 透過技術創新和產業升級，生產更多高附加值的產品，構建品牌影響力，邁向全球產業鏈和價值鏈的中高端 由兼併收購轉為注重海外市場的自主成長，以技術創新及產品結構升級為核心，提升企業在全球市場的競爭優勢 在問答環節，李先生也和與會者分享了他對企業家精神、當前全球化面臨的挑戰與機遇，以及中國企業未來全球化的發展方向等話題的看法。李先生的分享不僅為與會者帶來豐富的實踐經驗與案例，也為中國企業如何在全球化新格局中探索新的突破之道提供了啟示。
- [港大經管學院領袖企業家講壇系列第三講 - 中國企業全球化之路](https://www.hkubs.hku.hk/sc/media/school-news/港大經管學院領袖企業家講壇系列第三講-中國企/) - 港大經管學院很榮幸邀請到TCL創始人、董事長李東生先生，於2024年11月27日蒞臨學院舉辦的「港大經管學院領袖企業家講壇系列」擔任第三講主講嘉賓。面對全球政治經濟格局加速重塑，貿易保護主義思潮泛起，逆全球化趨勢不斷增強的宏觀趨勢，李先生與港大經管學院經濟學實務教授毛振華教授共同探討TCL在全球化歷程中的經驗與教訓，分享對當前全球化形勢的深刻見解，並展望中國企業在未來全球化發展的方向，為同學及其他與會者帶來一次難得的學習與交流機會。 演講伊始，李先生深入分析了經濟全球化的現狀及未來。他指出，儘管全球化不斷創造經濟福利與收益，但也帶來區域發展失衡的問題：發展中國家長期被鎖定在產業鏈低端環節，而發達國家則面臨製造業空心化的困境，雙方均未能從全球化中充分獲益。在他看來，隨著大國博弈和地緣政治等因素的影響，全球產業鏈和貿易模式將逐漸趨向本土化及區域化；與此同時，全球貿易規則或將被區域化規則取代，如：《美墨加協定》和《跨太平洋夥伴關係協定》等。 其後，李先生分享了TCL在過去20多年全球化發展的寶貴經驗。目前，TCL已建構了全球的產業鏈和供應鏈網絡，佈局智慧終端、半導體顯示器和新能源光伏三大產業，擁有46個研發中心、38個製造基地、業務遍佈160多個國家和地區，累計申請超過11萬項專利。全球化對TCL從消費性電子類企業轉型升級為全球化的科技製造產業集團具有深遠的戰略意義，其中包括： 前瞻性構建全球製造網絡：從容應對當前全球地緣政治和經濟格局的劇烈變化 培育企業新的成長曲線：通過企業產業升級，從消費電子企業成功轉型為科技製造產業集團，並在全球高端製造市場競爭中構建核心優勢 堅定自主創新：加大研發投入，提升產品競爭力，以領先科技推動全球化進程 培育具有國際視野的管理團隊：打造全球化的經營組織，為企業發展提供持續動力 在講座的最後一部分，李先生結合當前逆全球化和市場需求疲弱的背景，提出中國企業在新形勢下要改變發展策略才能突圍而出。他建議企業： 從傳統的輸出產品轉變為輸出工業能力，積極推動海外本土化建設，與海外當地共建工業能力 透過技術創新和產業升級，生產更多高附加值的產品，構建品牌影響力，邁向全球產業鏈和價值鏈的中高端 由兼併收購轉為注重海外市場的自主成長，以技術創新及產品結構升級為核心，提升企業在全球市場的競爭優勢 在問答環節，李先生也和與會者分享了他對企業家精神、當前全球化面臨的挑戰與機遇，以及中國企業未來全球化的發展方向等話題的看法。李先生的分享不僅為與會者帶來豐富的實踐經驗與案例，也為中國企業如何在全球化新格局中探索新的突破之道提供了啟示。
- [港大经管学院领袖企业家讲坛系列第三讲 - 中国企业全球化之路](https://www.hkubs.hku.hk/sc/media/school-news/港大經管學院領袖企業家講壇系列第三講-中國企/) - 港大经管学院很荣幸邀请到TCL创始人、董事长李东生先生，于2024年11月27日莅临学院举办的「港大经管学院领袖企业家讲坛系列」担任第三讲主讲嘉宾。面对全球政治经济格局加速重塑，贸易保护主义思潮泛起，逆全球化趋势不断增强的宏观趋势，李先生与港大经管学院经济学实务教授毛振华教授共同探讨TCL在全球化历程中的经验与教训，分享对当前全球化形势的深刻见解，并展望中国企业在未来全球化发展的方向，为同学及其他与会者带来一次难得的学习与交流机会。 演讲伊始，李先生深入分析了经济全球化的现状及未来。他指出，尽管全球化不断创造经济福利与收益，但也带来区域发展失衡的问题：发展中国家长期被锁定在产业链低端环节，而发达国家则面临制造业空心化的困境，双方均未能从全球化中充分获益。在他看来，随着大国博弈和地缘政治等因素的影响，全球产业链和贸易模式将逐渐趋向本土化及区域化；与此同时，全球贸易规则或将被区域化规则取代，如：《美墨加协定》和《跨太平洋伙伴关系协定》等。 其后，李先生分享了TCL在过去20多年全球化发展的宝贵经验。目前，TCL已建构了全球的产业链和供应链网络，布局智慧终端、半导体显示器和新能源光伏三大产业，拥有46个研发中心、38个制造基地、业务遍布160多个国家和地区，累计申请超过11万项专利。全球化对TCL从消费性电子类企业转型升级为全球化的科技制造产业集团具有深远的战略意义，其中包括： 前瞻性构建全球制造网络：从容应对当前全球地缘政治和经济格局的剧烈变化 培育企业新的成长曲线：通过企业产业升级，从消费电子企业成功转型为科技制造产业集团，并在全球高端制造市场竞争中构建核心优势 坚定自主创新：加大研发投入，提升产品竞争力，以领先科技推动全球化进程 培育具有国际视野的管理团队：打造全球化的经营组织，为企业发展提供持续动力 在讲座的最后一部分，李先生结合当前逆全球化和市场需求疲弱的背景，提出中国企业在新形势下要改变发展策略才能突围而出。他建议企业： 从传统的输出产品转变为输出工业能力，积极推动海外本土化建设，与海外当地共建工业能力 透过技术创新和产业升级，生产更多高附加值的产品，构建品牌影响力，迈向全球产业链和价值链的中高端 由兼并收购转为注重海外市场的自主成长，以技术创新及产品结构升级为核心，提升企业在全球市场的竞争优势 在问答环节，李先生也和与会者分享了他对企业家精神、当前全球化面临的挑战与机遇，以及中国企业未来全球化的发展方向等话题的看法。李先生的分享不仅为与会者带来丰富的实践经验与案例，也为中国企业如何在全球化新格局中探索新的突破之道提供了启示。
- [HKU Business School Research on Employee Stress](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-reveals-1-7-times-surge-in-employee-burnout-post-covid-innovative-interventions-essential-for-stress-reduction-and-customer-service-excellence/) - HKU Business School Reveals 1.7 Times Surge in Employee Burnout Post-COVID; Innovative Interventions Essential for Stress Reduction and Customer Service Excellence Institute of Behavioural and Decision Science (IBDS) at HKU Business School (HKUBS), in collaboration with the Hong Kong Association for Customer Service Excellence (HKACE), conducted a series of new research studies covering approximately
- [港大经管学院研究发现疫后工作倦怠比率急增1.7倍  创新措施有助减轻员工压力和提升顾客服务质素](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-reveals-1-7-times-surge-in-employee-burnout-post-covid-innovative-interventions-essential-for-stress-reduction-and-customer-service-excellence/) - 港大经管学院行为与决策科学研究所与香港优质顾客服务协会合作进行了一系列研究，研究对象涵盖约 1,000 名公私营服务业员工。研究发现，疫后员工出现工作倦怠的比率较疫情前增加了1.7倍。 有快乐的员工才有快乐的顾客：本次研究旨在确认引致员工出现工作倦怠的压力来源，以及评估企业推行各种支援措施的成效，研究结果反映一些创新措施能够支援员工的心理健康，包括显著减轻压力和改善其身心健康，从而提升顾客体验并增强公司竞争力。研究亦提供了建议方针来设立支援措施，以缓解员工压力并促进一个更健康、更投入的工作团队。 主要研究发现 员工压力及工作倦怠 研究其中一个最触目的发现是，疫情后员工的工作倦怠程度很高。近一半受访者（43.6%）表示经常感到工作倦怠。引致工作倦怠的程度显著上升，以及工作满意度大幅下降的主要成因，是阻碍性压力源（例如分工模糊、顾客与公司间的需求冲突），而非挑战性压力源（例如工作量增加、工作紧迫）。这些压力源对员工心理健康造成负面影响，更影响他们为顾客提供优质服务的能力。 支援措施的成效 研究亦发现，若果企业持续实施预防性和组织性的支援措施 （例如举办工作倦怠和心理健康研讨会、灵活的人力资源政策），他们员工的压力和工作倦怠水平也相对较低，工作满意度和对公司的投入感亦较高。然而，一些现有的支援措施（例如为员工设定目标和培养员工同时处理多项工作的能力），则未能达到预期效果，甚至产生反效果，反映企业有必要重新评估其支援措施的成效。 针对具体行业/职位的结果 研究亦显示私营机构员工，尤其是在零售和银行等面向消费者的行业，比公营机构员工感到更大压力。研究亦发现，非经理级/前线员工的工作满意度和投入感较低，但有针对性的支援措施仍然能有助舒缓他们的情况并显著改善他们的身心健康和工作表现。 创新解决方案对提升员工身心健康的重要性 是次研究结果强调员工对支援措施的看法同样值得关注。尤其是那些以顾客为中心而又面对人手短缺问题的工作场所，优先考虑员工身心健康至关重要。而被员工视为获管理层大力支持的支援措施，又有较大机会达到更理想的预期效果。 另外，研究结果揭示不同支援措施的成效存在差异，例如一般的技能培训和表扬员工计划等一些常见的措施，实际效果相当有限，显示企业需要寻求创新策略以有效支援员工。既然传统的支援措施可能无法满足员工的需求，企业便应更用心理解员工的真实需要。此外，灵活的工作安排、鼓励性的人力资源政策、正向的企业文化，以及提供有意义的福利和奖励等创新措施，更受员工重视。它们不但可以改善员工的身心健康，更可以提高顾客满意度，为企业取得成功。 港大经管学院宝光基金教授（市场学）严志坚教授表示：“我们相信员工身心健康是推动业务表现的关键因素，特别是以客户服务为主的行业。研究显示，创新的支援措施可为员工减压并支援他们的心理健康，使他们能够发挥最佳表现，直接惠及顾客并加强整体业务绩效。对于希望在今天竞争激烈的格局中进一步发展的企业来说，这不再仅仅是人力资源的问题，而是企业的长远策略。” 香港优质顾客服务协会主席蔡炜健先生表示：“无可否认，员工的身心健康水平与顾客服务质素息息相关。香港优质顾客服务协会一直提倡企业应重视员工的心理健康，并采用创新、有效的方式来维持高质素的顾客服务。研究结果亦进一步印证我们一直以来的观点──即使在最具挑战性的环境中，当员工感到获得公司支持时，他们会更投入、更乐于付出，并能更全面地满足客户需求。” 四大建议方针 根据研究结果，港大经管学院与香港优质顾客服务协会呼吁企业，尤其是香港的服务业，根据以下建议方针来设立创新的支援措施来缓解员工压力并改善员工的身心健康： 使命感（Purpose）：使员工投入与企业使命/宗旨一致 公司应强调其使命/宗旨，例如企业社会责任（CSR），并让员工积极参与塑造公司文化。公司可带领员工参与社会责任活动（例如义工服务），以加强他们对公司的归属感和认同感。鼓励员工提出与公司方向一致的活动，也能够提升员工的投入度并增强他们的自主意识。 灵活度（Agility）：实施灵活和有弹性的支援措施 公司为员工提供增强身心健康和敬业文化活动时，应视乎员工的情况和偏好而弹性安排，包括分别在工作天和非工作天举办的活动选择，例如员工可在工作时间内进行团队建设活动，或是工作时间外参加兴趣课程或义工服务。设计措施时需以满足员工需求为宗旨，才能促进员工衷心参与，继而提高整体身心健康和生产力。 清晰性（Clarity）：加强沟通和透明度 职责和分工清晰可减少员工压力，并有助他们了解如何为实现企业订下的目标和计划作出贡献。建立透明的流程来制定和实施员工主导的活动，可以培养出具包容性和目标一致的企业文化。定期分享企业的最新消息和设立完善的反馈机制能确保与员工保持交流、联系，进一步增强他们对企业和其使命的投入度和参与度。 鼓励（Encouragement）：真诚表扬和奖赏员工 企业的高级管理层应主动向员工表达真诚的表扬，并认可他们对公司的贡献，增强与员工之间的互动。而鼓励的形式和表达方式更为关键，企业要真诚用心地向员工提供关切和周到的赞赏，才能有效发挥到鼓励员工的作用。 图片 （左起）香港优质顾客服务协会名誉顾问朱溢潮博士、香港优质顾客服务协会主席蔡炜健先生、港大经管学院副院长（MBA）及行为与决策科学研究所总监万雯教授、港大经管学院宝光基金教授（市场学）严志坚教授、港大经管学院行为与决策科学研究所副总监张轶文教授 港大经管学院副院长（MBA）及行为与决策科学研究所总监万雯教授致辞及简介港大经管学院行为与决策科学研究所 香港优质顾客服务协会主席蔡炜健先生致辞及简介香港优质顾客服务协会 港大经管学院行为与决策科学研究所副总监张轶文教授发布研究结果 港大经管学院宝光基金教授（市场学）严志坚教授分享研究结果分析及针对本港服务业的建议策略 香港优质顾客服务协会名誉顾问朱溢潮博士分享研究对本港服务业所带来的新观点 佳能香港企业传讯及行政部副总监缪凯甄小姐分享提升员工身心健康及服务质素的成功案例 香港海洋公园助理寓教于乐总监邓永强先生分享提升员工身心健康及服务质素的成功案例
- [港大經管學院研究發現疫後工作倦怠比率急增1.7倍  創新措施有助減輕員工壓力和提升顧客服務質素](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-reveals-1-7-times-surge-in-employee-burnout-post-covid-innovative-interventions-essential-for-stress-reduction-and-customer-service-excellence/) - 港大經管學院行為與決策科學研究所與香港優質顧客服務協會合作進行了一系列研究，研究對象涵蓋約 1,000 名公私營服務業員工。研究發現，疫後員工出現工作倦怠的比率較疫情前增加了1.7倍。 有快樂的員工才有快樂的顧客：本次研究旨在確認引致員工出現工作倦怠的壓力來源，以及評估企業推行各種支援措施的成效，研究結果反映一些創新措施能夠支援員工的心理健康，包括顯著減輕壓力和改善其身心健康，從而提升顧客體驗並增強公司競爭力。研究亦提供了建議方針來設立支援措施，以緩解員工壓力並促進一個更健康、更投入的工作團隊。 主要研究發現 員工壓力及工作倦怠 研究其中一個最觸目的發現是，疫情後員工的工作倦怠程度很高。近一半受訪者（43.6%）表示經常感到工作倦怠。引致工作倦怠的程度顯著上升，以及工作滿意度大幅下降的主要成因，是阻礙性壓力源（例如分工模糊、顧客與公司間的需求衝突），而非挑戰性壓力源（例如工作量增加、工作緊迫）。這些壓力源對員工心理健康造成負面影響，更影響他們為顧客提供優質服務的能力。 支援措施的成效 研究亦發現，若果企業持續實施預防性和組織性的支援措施 （例如舉辦工作倦怠和心理健康研討會、靈活的人力資源政策），他們員工的壓力和工作倦怠水平也相對較低，工作滿意度和對公司的投入感亦較高。然而，一些現有的支援措施（例如為員工設定目標和培養員工同時處理多項工作的能力），則未能達到預期效果，甚至產生反效果，反映企業有必要重新評估其支援措施的成效。 針對具體行業/職位的結果 研究亦顯示私營機構員工，尤其是在零售和銀行等面向消費者的行業，比公營機構員工感到更大壓力。研究亦發現，非經理級/前線員工的工作滿意度和投入感較低，但有針對性的支援措施仍然能有助舒緩他們的情況並顯著改善他們的身心健康和工作表現。 創新解決方案對提升員工身心健康的重要性 是次研究結果強調員工對支援措施的看法同樣值得關注。尤其是那些以顧客為中心而又面對人手短缺問題的工作場所，優先考慮員工身心健康至關重要。而被員工視為獲管理層大力支持的支援措施，又有較大機會達到更理想的預期效果。 另外，研究結果揭示不同支援措施的成效存在差異，例如一般的技能培訓和表揚員工計劃等一些常見的措施，實際效果相當有限，顯示企業需要尋求創新策略以有效支援員工。既然傳統的支援措施可能無法滿足員工的需求，企業便應更用心理解員工的真實需要。此外，靈活的工作安排、鼓勵性的人力資源政策、正向的企業文化，以及提供有意義的福利和獎勵等創新措施，更受員工重視。它們不但可以改善員工的身心健康，更可以提高顧客滿意度，為企業取得成功。 港大經管學院寶光基金教授（市場學）嚴志堅教授表示：「我們相信員工身心健康是推動業務表現的關鍵因素，特別是以客戶服務為主的行業。研究顯示，創新的支援措施可為員工減壓並支援他們的心理健康，使他們能夠發揮最佳表現，直接惠及顧客並加強整體業務績效。對於希望在今天競爭激烈的格局中進一步發展的企業來說，這不再僅僅是人力資源的問題，而是企業的長遠策略。」 香港優質顧客服務協會主席蔡煒健先生表示：「無可否認，員工的身心健康水平與顧客服務質素息息相關。香港優質顧客服務協會一直提倡企業應重視員工的心理健康，並採用創新、有效的方式來維持高質素的顧客服務。研究結果亦進一步印證我們一直以來的觀點──即使在最具挑戰性的環境中，當員工感到獲得公司支持時，他們會更投入、更樂於付出，並能更全面地滿足客戶需求。」 四大建議方針 根據研究結果，港大經管學院與香港優質顧客服務協會呼籲企業，尤其是香港的服務業，根據以下建議方針來設立創新的支援措施來緩解員工壓力並改善員工的身心健康： 使命感（Purpose）：使員工投入與企業使命/宗旨一致 公司應強調其使命/宗旨，例如企業社會責任（CSR），並讓員工積極參與塑造公司文化。公司可帶領員工參與社會責任活動（例如義工服務），以加強他們對公司的歸屬感和認同感。鼓勵員工提出與公司方向一致的活動，也能夠提升員工的投入度並增強他們的自主意識。 靈活度（Agility）：實施靈活和有彈性的支援措施 公司為員工提供增强身心健康和敬業文化活動時，應視乎員工的情況和偏好而彈性安排，包括分別在工作天和非工作天舉辦的活動選擇，例如員工可在工作時間內進行團隊建設活動，或是工作時間外參加興趣課程或義工服務。設計措施時需以滿足員工需求為宗旨，才能促進員工衷心參與，繼而提高整體身心健康和生產力。 清晰性（Clarity）：加強溝通和透明度 職責和分工清晰可減少員工壓力，並有助他們了解如何為實現企業訂下的目標和計劃作出貢獻。建立透明的流程來制定和實施員工主導的活動，可以培養出具包容性和目標一致的企業文化。定期分享企業的最新消息和設立完善的反饋機制能確保與員工保持交流、聯繫，進一步增強他們對企業和其使命的投入度和參與度。 鼓勵（Encouragement）：真誠表揚和獎賞員工 企業的高級管理層應主動向員工表達真誠的表揚，並認可他們對公司的貢獻，增強與員工之間的互動。而鼓勵的形式和表達方式更為關鍵，企業要真誠用心地向員工提供關切和周到的讚賞，才能有效發揮到鼓勵員工的作用。 圖片 （左起）香港優質顧客服務協會名譽顧問朱溢潮博士、香港優質顧客服務協會主席蔡煒健先生、港大經管學院副院長（MBA）及行為與決策科學研究所總監萬雯教授、港大經管學院寶光基金教授（市場學）嚴志堅教授、港大經管學院行為與決策科學研究所副總監張軼文教授 港大經管學院副院長（MBA）及行為與決策科學研究所總監萬雯教授致辭及簡介港大經管學院行為與決策科學研究所 香港優質顧客服務協會主席蔡煒健先生致辭及簡介香港優質顧客服務協會 港大經管學院行為與決策科學研究所副總監張軼文教授發佈研究結果 港大經管學院寶光基金教授（市場學）嚴志堅教授分享研究結果分析及針對本港服務業的建議策略 香港優質顧客服務協會名譽顧問朱溢潮博士分享研究對本港服務業所帶來的新觀點 佳能香港企業傳訊及行政部副總監繆凱甄小姐分享提升員工身心健康及服務質素的成功案例 香港海洋公園助理寓教於樂總監鄧永強先生分享提升員工身心健康及服務質素的成功案例
- [The Third KPMG ESG Case Study Competition](https://www.hkubs.hku.hk/sc/media/school-news/the-third-kpmg-esg-case-study-competition/) - We are thrilled to announce that our students have won the Third Prize in The Third KPMG ESG Case Study Competition. The competition, jointly organised by HKU Jockey Club Enterprise Sustainability Global Research Institute, KPMG China, and Renmin University, aims to enhance students' ability to analyse ESG business cases, foster a meaningful dialogue among students,
- [The Third KPMG ESG Case Study Competition](https://www.hkubs.hku.hk/sc/media/school-news/the-third-kpmg-esg-case-study-competition/) - We are thrilled to announce that our students have won the Third Prize in The Third KPMG ESG Case Study Competition. The competition, jointly organised by HKU Jockey Club Enterprise Sustainability Global Research Institute, KPMG China, and Renmin University, aims to enhance students' ability to analyse ESG business cases, foster a meaningful dialogue among students,
- [The Third KPMG ESG Case Study Competition](https://www.hkubs.hku.hk/sc/media/school-news/the-third-kpmg-esg-case-study-competition/) - We are thrilled to announce that our students have won the Third Prize in The Third KPMG ESG Case Study Competition. The competition, jointly organised by HKU Jockey Club Enterprise Sustainability Global Research Institute, KPMG China, and Renmin University, aims to enhance students' ability to analyse ESG business cases, foster a meaningful dialogue among students,
- [Thammasat Undergraduate Business Challenge 2024](https://www.hkubs.hku.hk/sc/media/school-news/thammasat-undergraduate-business-challenge-2024/) - Congratulations to our student team for winning 1st Runner-up in Thammasat Undergraduate Business Challenge 2024! Thammasat Undergraduate Business Challenge is an international undergraduate case competition hosted annually by Thammasat Business School in Bangkok, Thailand. The competition brings together top undergraduate student teams from leading business schools around the world for an intensive competition with invaluable
- [Thammasat Undergraduate Business Challenge 2024](https://www.hkubs.hku.hk/sc/media/school-news/thammasat-undergraduate-business-challenge-2024/) - Congratulations to our student team for winning 1st Runner-up in Thammasat Undergraduate Business Challenge 2024! Thammasat Undergraduate Business Challenge is an international undergraduate case competition hosted annually by Thammasat Business School in Bangkok, Thailand. The competition brings together top undergraduate student teams from leading business schools around the world for an intensive competition with invaluable
- [Thammasat Undergraduate Business Challenge 2024](https://www.hkubs.hku.hk/sc/media/school-news/thammasat-undergraduate-business-challenge-2024/) - Congratulations to our student team for winning 1st Runner-up in Thammasat Undergraduate Business Challenge 2024! Thammasat Undergraduate Business Challenge is an international undergraduate case competition hosted annually by Thammasat Business School in Bangkok, Thailand. The competition brings together top undergraduate student teams from leading business schools around the world for an intensive competition with invaluable
- [港大经管学院陈坤耀杰出学人讲座2024 探索应对环球挑战的供应链重整](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-edward-k-y-chen-distinguished-lecture-2024-explores-supply-chain-realignment-amid-global-challenges/) - （2024年11月8日，香港）由港大经管学院主办的陈坤耀杰出学人讲座2024就主题“乘风掌舵– 地缘政治及疫后供应链重整对内地与香港的影响”于2024年11月7日成功举行。此讲座系列旨在弘扬尊师重道的优良传统，今年荣幸邀请到全球顶尖的供应链管理专家李效良教授进行演讲。讲座在香港大学本部大楼陆佑堂举行，吸引超过400名行业领袖和卓越学者出席。 港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞时表示：“我谨向陈坤耀教授致以衷心的感谢，让我们今天有机会聚首一堂。多年来，他在教学和研究方面有著卓越的贡献，成功培养了众多优秀的领袖，激励了无数学生，并成为了他们的榜样。尽管香港面临各种挑战，港大经管学院仍然致力于在学术和研究方面力求进步。我们非常荣幸能够邀请到来自学术界和商界的杰出讲者，分享他们的真知灼见，激励未来的新生代。” 史丹福大学商学院营运、资讯及科技Thoma讲座教授李效良教授以“地缘政治及疫后供应链重整对内地与香港的影响”为题进行主题演讲，李教授表示：“供应链不仅涉及生产，还包括创新和设计。在当今复杂的全球供应链中，‘产品DNA ’的概念（即产品原产地）至关重要。我认为香港可以透过专注于服务流，并创建灵活、智能的资讯流、资金流和物流，提升效能并加强竞争力。”他亦提到，全球供应链正在发生转变和重置平衡，企业迎来三大主要机遇，包括运用“中国加一”或“中国加N”策略重新设计全球供应链、妥善协调和控制牛鞭效应以应对供应链的多重性，以及在不妨碍可持续发展的前提下向新兴经济体扩展其供应链。 讲座期间，还举行了一场由溢达集团董事长杨敏德女士主持的专题讨论，嘉宾包括香港大学副校长（研究）、港大物流与供应链管理讲座教授申作军教授，以及建峰资本联合创始人兼管理合伙人及中美交流基金会副主席董立均先生。讲者们分享了内地和香港应如何制定策略，以应对当前地缘政治环境对供应链所造成的不确定性。他们还讨论了香港作为供应链枢纽和控制塔的独特角色，利用科技创新来提升效率和增强与各地之间的连接。 港大经管学院名誉教授陈坤耀教授在总结时表示：“在我们反思全球贸易的演变时，我们不单只意识到眼前所面临的挑战，也看到了内地和香港未来的机遇。” “陈坤耀杰出学人讲座”已连续举办17年，由陈坤耀教授的学生一手筹划发起，目的是向受人景仰的老师兼杰出的学者致敬，并展示教育和导师在塑造未来栋梁中担任著举足轻重的角色。 图片 史丹福大学商学院运营、资讯及科技Thoma讲座教授李效良教授进行主题演讲。 港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞。 （左二起）史丹福大学商学院运营、资讯及科技Thoma讲座教授李效良教授、香港大学副校长（研究）、港大物流与供应链管理讲座教授申作军教授和建峰资本联合创始人兼管理合伙人及中美交流基金会副主席董立均先生参与专题讨论，由溢达集团董事长杨敏德女士（左一）主持。 港大经管学院名誉教授陈坤耀教授发表总结。 讲座于香港大学本部大楼陆佑堂举行，吸引超过400名行业领袖和卓越学者出席。 请按此下载高清图片。
- [港大經管學院陳坤耀傑出學人講座2024 探索應對環球挑戰的供應鏈重整](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-edward-k-y-chen-distinguished-lecture-2024-explores-supply-chain-realignment-amid-global-challenges/) - （2024年11月8日，香港）由港大經管學院主辦的陳坤耀傑出學人講座2024就主題「乘風掌舵– 地緣政治及疫後供應鏈重整對內地與香港的影響」於2024年11月7日成功舉行。此講座系列旨在弘揚尊師重道的優良傳統，今年榮幸邀請到全球頂尖的供應鏈管理專家李效良教授進行演講。講座在香港大學本部大樓陸佑堂舉行，吸引超過400名行業領袖和卓越學者出席。 港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭時表示：「我謹向陳坤耀教授致以衷心的感謝，讓我們今天有機會聚首一堂。多年來，他在教學和研究方面有著卓越的貢獻，成功培養了眾多優秀的領袖，激勵了無數學生，並成為了他們的榜樣。儘管香港面臨各種挑戰，港大經管學院仍然致力於在學術和研究方面力求進步。我們非常榮幸能夠邀請到來自學術界和商界的傑出講者，分享他們的真知灼見，激勵未來的新生代。」 史丹福大學商學院營運、資訊及科技Thoma講座教授李效良教授以「地緣政治及疫後供應鏈重整對內地與香港的影響」為題進行主題演講，李教授表示：「供應鏈不僅涉及生產，還包括創新和設計。在當今複雜的全球供應鏈中，『產品DNA 』的概念（即產品原產地）至關重要。我認為香港可以透過專注於服務流，並創建靈活、智能的資訊流、資金流和物流，提升效能並加強競爭力。」他亦提到，全球供應鏈正在發生轉變和重置平衡，企業迎來三大主要機遇，包括運用「中國加一」或「中國加N」策略重新設計全球供應鏈、妥善協調和控制牛鞭效應以應對供應鏈的多重性，以及在不妨礙可持續發展的前提下向新興經濟體擴展其供應鏈。 講座期間，還舉行了一場由溢達集團董事長楊敏德女士主持的專題討論，嘉賓包括香港大學副校長（研究）、港大物流與供應鏈管理講座教授申作軍教授，以及建峰資本聯合創始人兼管理合夥人及中美交流基金會副主席董立均先生。講者們分享了內地和香港應如何制定策略，以應對當前地緣政治環境對供應鏈所造成的不確定性。他們還討論了香港作為供應鏈樞紐和控制塔的獨特角色，利用科技創新來提升效率和增強與各地之間的連接。 港大經管學院名譽教授陳坤耀教授在總結時表示：「在我們反思全球貿易的演變時，我們不單只意識到眼前所面臨的挑戰，也看到了內地和香港未來的機遇。」 「陳坤耀傑出學人講座」已連續舉辦17年，由陳坤耀教授的學生一手籌劃發起，目的是向受人景仰的老師兼傑出的學者致敬，並展示教育和導師在塑造未來棟樑中擔任著舉足輕重的角色。 圖片 史丹福大學商學院運營、資訊及科技Thoma講座教授李效良教授進行主題演講。 港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭。 （左二起）史丹福大學商學院運營、資訊及科技Thoma講座教授李效良教授、香港大學副校長（研究）、港大物流與供應鏈管理講座教授申作軍教授和建峰資本聯合創始人兼管理合夥人及中美交流基金會副主席董立均先生參與專題討論，由溢達集團董事長楊敏德女士（左一）主持。 港大經管學院名譽教授陳坤耀教授發表總結。 講座於香港大學本部大樓陸佑堂舉行，吸引超過400名行業領袖和卓越學者出席。 請按此下載高清圖片。
- [HKU Business School Edward K Y Chen Distinguished Lecture 2024 Explores Supply Chain Realignment Amid Global Challenges](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-edward-k-y-chen-distinguished-lecture-2024-explores-supply-chain-realignment-amid-global-challenges/) - (8 November, 2024, Hong Kong) The HKU Business School Edward K Y Chen Distinguished Lecture 2024 – “Navigating Shifts - Geopolitical and Post-Covid Supply Chain Realignment: Implications for the Mainland and Hong Kong”, hosted by HKU Business School, concluded successfully on 7 November 2024. The Lecture Series aspires to demonstrate the tradition of great respect
- [新大航海时代，如何掌舵？| 香港大学经管学院全球CEO论坛](https://www.hkubs.hku.hk/sc/media/school-news/新大航海時代，如何掌舵？-香港大學經管學院全球/) - 港大全球CEO课程二期班扬帆开课 所有伟大的征途都离不开精准前瞻的判断，在古代大航海时代，航海家的判断基于日月风云、星图罗盘，而在当今商业世界，企业领军者的判断有赖于渗透空气的全球化资讯、抽丝剥茧的智者分析、发人深省的观点交锋。 “这场论坛节奏非常紧凑，没有假大空。”“他们的观点很不一样，不一样才有碰撞。”“这就是我们来香港真正想听到的。”这些是首届香港大学经管学院全球CEO论坛后学员们最集中的反馈。此次论坛于10月18日在香港大学举行，恰逢港大全球CEO课程二期班开课，汇聚了首期班与二期班全体学员。6小时的巅峰论坛集结16位顶级政商学界大咖，纵论古今，放眼全球。诸位学者嘉宾不惧观点冲突，真实表达，为企业家们呈现了一场真正的思想激荡。 听到不一样的声音，是一切的起点 蔡洪滨 港大经管学院院长、中国经济研究所所长 经济学讲座教授 港大经管学院院长蔡洪滨教授以陆佑堂的历史底蕴为论坛拉开序幕。陆佑堂是香港大学最具象征意义的礼堂之一，孙中山先生曾在这里发表著名演说，激励了一代代港大学子，而礼堂的名字是为了纪念著名华人企业家、香港大学重要捐赠者，陆佑。 蔡洪滨教授将大家的思绪带回十九世纪中叶，贫困的广东少年陆佑离乡背井，飘摇南洋，凭借聪明才智和勤奋毅力，步步进阶马来西亚的锡矿大王、橡胶大王，最终成为南洋最著名的企业家之一。他慷慨捐赠，反哺祖国，为华人社会贡献了巨大物质与精神能量。相比那个时代，如今的全球化趋势使得许多过去几十年才能积累的资源唾手可得，如果说陆佑当年是被迫出海，那现如今，出海已经成为企业家们的积极选择。 蔡洪滨院长强调，陆佑堂的存在，不仅是对陆佑个人成就的纪念，更是对所有华人企业家在全球化进程中不畏艰难、勇于探索的精神的肯定。它提醒我们，无论身处何地，面临怎样的挑战，都应保持那份初心和勇气，追寻自己的梦想。 王于渐 香港大学首席副校长、经济学讲座教授 黄乾亨黄英豪基金教授（政治经济学） 王于渐教授为同学们分享了《香港经济转型历史》，从历史脉络中描摹出一段几乎被人遗忘的香港历史，帮助大家更深刻地理解香港文化及精神内核。这一场历史溯源从1842年之前讲起，将香港发展分为五个阶段。其中第三阶段（1945-1970年），香港发挥人口优势、利用国际市场，大力发展制造业，打造成“亚洲四小龙”之一。 王于渐教授指出，香港因为英国殖民遗留，采用普通法，这对发展金融服务业有天然优势，可以有效限制企业内部人士、国家、政府官员和政客对投资者征用的程度，使得私有财产得到比较牢固的保护，尤其有利于知识产权的保护。 在全球化浪潮中，香港面临诸多挑战，其中最主要的问题是土地和人口。打造香港的人才库是香港所有其他对外发展中最主要的一点，这为有志于出海、走向国际化的内地企业家们打开了机遇之门。 陈志武 金融学讲座教授、郑裕彤基金教授（金融学） 香港大学量化历史研究所所长、香港人文社会研究所所长 香港大学校董会成员 陈志武教授亦从历史切入，回顾两次让香港获益的古代大航海，其一是鲜为人知的唐初至明初期间阿拉伯和波斯商人来华，带动了香港的早期发展；其二是欧洲文化来华，带动对外贸易。而如今的新大航海时代，中华文化、中国商人终于也能走出，促进商业发展。 陈志武教授重点分析了最近的经济刺激政策，认为当下的困境与2008年经济危机不同，相应地，政策如想达到接近当年的救市效果，还需要更大的力度，更多元维度的考量，维护好消费者和投资者的信心，尤其是民营企业家的信心，国内加入经济内循环行列。如此，中国经济的未来发展将在新的大航海时代继续腾飞。 陈启宗 恒隆地产荣誉董事长 陈启宗先生为出海“敲响警钟”，话锋犀利，直言内地企业家缺乏出海经验，对中美关系认知不足，风险评估不够。早在二十年前，他便预言在中国真正成功的不是海归，而是本土企业家。十年前，他建议马云将阿里巴巴带回香港上市，这些在当时看来让许多人费解的观点正逐一被现实佐证。他大方分享自己家族的投资经历，也曾试错，也曾放手，最终才有了今天的全球布局。 陈启宗先生认为内地企业家正面临两难，“出去也不是，不出去也不是”。但至少，出海的前提应是足够了解海外政治经济、市场、风险，主动出击，而非迫于市场环境进行选择。世界正发生巨变，俄乌战争导致石油政治、结构性通货膨胀等问题，其中蕴含未来真正的风险和机遇。 圆桌对话：出海，还是不出海 圆桌环节主持人王峰先生直击重点，问出了很多同学关心的市场问题。嘉宾们从各自角度观察9月底到现在的市场反应，幷提出对明年的经济展望和对企业出海的建议。 李彤 中银香港（控股）有限公司副总裁 李彤女士认为，中国近期政策传递出较强的稳健和扩张的积极信号。 关于国家对于地方债化解的举措，李彤女士持积极乐观态度。和其他另外两位嘉宾观点不同，出海方面，她表示，东南亚与中国互为最大贸易伙伴，中国与东南亚地缘相近，经济相互依存度高，东南亚是中国企业出海的首选地。 孟羽 香港中国金融协会主席 孟羽主席认为，中央高层重视幷直接面对经济问题，作为银行从业者，在最近股市表现中能够感受到政策的根本性变化。他指出，化解当前通货紧缩风险的核心是有效解决房地产问题。对于需求端的刺激，他更倾向于进行税收结构调整而非购物券发放。 基于美元降息步伐，孟羽主席对明年的经济形势，持谨慎乐观态度。他强调中资企业出海是趋势，建议将国际总部设在香港作为出海的桥头堡。但每个企业需明确出海目的，根据自身情况决定是否出海。 邢自强 摩根士丹利中国首席经济学家董事总经理 邢自强先生指出，当前的经济决策框架是走出通缩，而非短期托个底。需要千钧之力，不能半途而废。 当前已经出炉了第一轮政策组合，但力度上不足以完全摆脱通缩。第二轮更有力的刺激与改革组合拳，更值得期待。 决策层已认识到通缩严重性，但关于应对力度、发力方向，仍存在一定的思维定势。当前政策在试错中逐步推出。但未来，社会感知指数的变化，叠加外部环境风险，或有助于凝聚共识，推动更大力度和更精准的政策，他建议实施“新三大工程”，即充实社保福利，鼓励生育上升至国策和中央帮助房地产收储改为保障房。 心系全球，中国企业新格局 本次论坛下午场暨第四届香港大学中国经济季度论坛，由港大经管学院和香港大学中国经济研究所共同主办，持续输出独到见解与观点交锋。 刘会平 香港贸易发展局副总裁 刘会平先生为大家简单介绍了香港贸易发展局的构成及主要业务。香港背靠祖国、连通世界，面对当前的地缘政治变局和经济挑战，刘会平先生用“6个D”分享了新机遇和新方向：Diversification（多元化）、Digitalization（数字化）、Domestic（内销市场）、Deal Making（促成交易）、Design & Disruptive（设计与颠覆性创新）、De-carbonalization/ESG（碳中和与环境、社会和公司治理）。 毛振华 港大经管学院实务教授
- [新大航海時代，如何掌舵？| 香港大學經管學院全球CEO論壇](https://www.hkubs.hku.hk/sc/media/school-news/新大航海時代，如何掌舵？-香港大學經管學院全球/) - 港大全球CEO課程二期班揚帆開課 所有偉大的征途都離不開精准前瞻的判斷，在古代大航海時代，航海家的判斷基于日月風雲、星圖羅盤，而在當今商業世界，企業領軍者的判斷有賴于滲透空氣的全球化資訊、抽絲剝繭的智者分析、發人深省的觀點交鋒。 “這場論壇節奏非常緊凑，沒有假大空。”“他們的觀點很不一樣，不一樣才有碰撞。”“這就是我們來香港真正想聽到的。”這些是首届香港大學經管學院全球CEO論壇後學員們最集中的反饋。此次論壇于10月18日在香港大學舉行，恰逢港大全球CEO課程二期班開課，彙聚了首期班與二期班全體學員。6小時的巔峰論壇集結16位頂級政商學界大咖，縱論古今，放眼全球。諸位學者嘉賓不懼觀點衝突，真實表達，爲企業家們呈現了一場真正的思想激蕩。 聽到不一樣的聲音，是一切的起點 蔡洪濱 港大經管學院院長、中國經濟研究所所長 經濟學講座教授 港大經管學院院長蔡洪濱教授以陸佑堂的歷史底蘊爲論壇拉開序幕。陸佑堂是香港大學最具象徵意義的禮堂之一，孫中山先生曾在這裏發表著名演說，激勵了一代代港大學子，而禮堂的名字是爲了紀念著名華人企業家、香港大學重要捐贈者，陸佑。 蔡洪濱教授將大家的思緒帶回十九世紀中葉，貧困的廣東少年陸佑離鄉背井，飄搖南洋，憑藉聰明才智和勤奮毅力，步步進階馬來西亞的錫礦大王、橡膠大王，最終成爲南洋最著名的企業家之一。他慷慨捐贈，反哺祖國，爲華人社會貢獻了巨大物質與精神能量。相比那個時代，如今的全球化趨勢使得許多過去幾十年才能積累的資源唾手可得，如果說陸佑當年是被迫出海，那現如今，出海已經成爲企業家們的積極選擇。 蔡洪濱院長强調，陸佑堂的存在，不僅是對陸佑個人成就的紀念，更是對所有華人企業家在全球化進程中不畏艱難、勇于探索的精神的肯定。它提醒我們，無論身處何地，面臨怎樣的挑戰，都應保持那份初心和勇氣，追尋自己的夢想。 王于漸 香港大學首席副校長、經濟學講座教授 黃乾亨黃英豪基金教授（政治經濟學） 王于漸教授爲同學們分享了《香港經濟轉型歷史》，從歷史脉絡中描摹出一段幾乎被人遺忘的香港歷史，幫助大家更深刻地理解香港文化及精神內核。這一場歷史溯源從1842年之前講起，將香港發展分爲五個階段。其中第三階段（1945-1970年），香港發揮人口優勢、利用國際市場，大力發展製造業，打造成“亞洲四小龍”之一。 王于漸教授指出，香港因爲英國殖民遺留，采用普通法，這對發展金融服務業有天然優勢，可以有效限制企業內部人士、國家、政府官員和政客對投資者徵用的程度，使得私有財産得到比較牢固的保護，尤其有利于知識産權的保護。 在全球化浪潮中，香港面臨諸多挑戰，其中最主要的問題是土地和人口。打造香港的人才庫是香港所有其他對外發展中最主要的一點，這爲有志于出海、走向國際化的內地企業家們打開了機遇之門。 陳志武 金融學講座教授、鄭裕彤基金教授（金融學） 香港大學量化歷史研究所所長、香港人文社會研究所所長 香港大學校董會成員 陳志武教授亦從歷史切入，回顧兩次讓香港獲益的古代大航海，其一是鮮爲人知的唐初至明初期間阿拉伯和波斯商人來華，帶動了香港的早期發展；其二是歐洲文化來華，帶動對外貿易。而如今的新大航海時代，中華文化、中國商人終于也能走出，促進商業發展。 陳志武教授重點分析了最近的經濟刺激政策，認爲當下的困境與2008年經濟危機不同，相應地，政策如想達到接近當年的救市效果，還需要更大的力度，更多元維度的考量，維護好消費者和投資者的信心，尤其是民營企業家的信心，國內加入經濟內循環行列。如此，中國經濟的未來發展將在新的大航海時代繼續騰飛。 陳啓宗 恒隆地産榮譽董事長 陳啓宗先生爲出海“敲響警鐘”，話鋒犀利，直言內地企業家缺乏出海經驗，對中美關係認知不足，風險評估不够。早在二十年前，他便預言在中國真正成功的不是海歸，而是本土企業家。十年前，他建議馬雲將阿裏巴巴帶回香港上市，這些在當時看來讓許多人費解的觀點正逐一被現實佐證。他大方分享自己家族的投資經歷，也曾試錯，也曾放手，最終才有了今天的全球布局。 陳啓宗先生認爲內地企業家正面臨兩難，“出去也不是，不出去也不是”。但至少，出海的前提應是足够瞭解海外政治經濟、市場、風險，主動出擊，而非迫于市場環境進行選擇。世界正發生巨變，俄烏戰爭導致石油政治、結構性通貨膨脹等問題，其中蘊含未來真正的風險和機遇。 圓桌對話：出海，還是不出海 圓桌環節主持人王峰先生直擊重點，問出了很多同學關心的市場問題。嘉賓們從各自角度觀察9月底到現在的市場反應，幷提出對明年的經濟展望和對企業出海的建議。 李彤 中銀香港（控股）有限公司副總裁 李彤女士認爲，中國近期政策傳遞出較强的穩健和擴張的積極信號。 關于國家對于地方債化解的舉措，李彤女士持積極樂觀態度。和其他另外兩位嘉賓觀點不同，出海方面，她表示，東南亞與中國互爲最大貿易夥伴，中國與東南亞地緣相近，經濟相互依存度高，東南亞是中國企業出海的首選地。 孟羽 香港中國金融協會主席 孟羽主席認爲，中央高層重視幷直接面對經濟問題，作爲銀行從業者，在最近股市表現中能够感受到政策的根本性變化。他指出，化解當前通貨緊縮風險的核心是有效解决房地産問題。對于需求端的刺激，他更傾向于進行稅收結構調整而非購物券發放。 基于美元降息步伐，孟羽主席對明年的經濟形勢，持謹慎樂觀態度。他强調中資企業出海是趨勢，建議將國際總部設在香港作爲出海的橋頭堡。但每個企業需明確出海目的，根據自身情况决定是否出海。 邢自强 摩根士丹利中國首席經濟學家董事總經理 邢自强先生指出，當前的經濟决策框架是走出通縮，而非短期托個底。需要千鈞之力，不能半途而廢。 當前已經出爐了第一輪政策組合，但力度上不足以完全擺脫通縮。第二輪更有力的刺激與改革組合拳，更值得期待。 决策層已認識到通縮嚴重性，但關于應對力度、發力方向，仍存在一定的思維定勢。當前政策在試錯中逐步推出。但未來，社會感知指數的變化，叠加外部環境風險，或有助于凝聚共識，推動更大力度和更精准的政策，他建議實施“新三大工程”，即充實社保福利，鼓勵生育上升至國策和中央幫助房地産收儲改爲保障房。 心系全球，中國企業新格局 本次論壇下午場暨第四届香港大學中國經濟季度論壇，由港大經管學院和香港大學中國經濟研究所共同主辦，持續輸出獨到見解與觀點交鋒。 劉會平 香港貿易發展局副總裁 劉會平先生爲大家簡單介紹了香港貿易發展局的構成及主要業務。香港背靠祖國、連通世界，面對當前的地緣政治變局和經濟挑戰，劉會平先生用“6個D”分享了新機遇和新方向：Diversification（多元化）、Digitalization（數字化）、Domestic（內銷市場）、Deal Making（促成交易）、Design & Disruptive（設計與顛覆性創新）、De-carbonalization/ESG（碳中和與環境、社會和公司治理）。 毛振華 港大經管學院實務教授
- [Navigating the New Era of Great Voyages: HKU Business School Global CEO Forum and the HKU Business School 4th Quarterly Forum on Chinese Economy](https://www.hkubs.hku.hk/sc/media/school-news/新大航海時代，如何掌舵？-香港大學經管學院全球/) - 港大全球CEO課程二期班揚帆開課 所有偉大的征途都離不開精准前瞻的判斷，在古代大航海時代，航海家的判斷基于日月風雲、星圖羅盤，而在當今商業世界，企業領軍者的判斷有賴于滲透空氣的全球化資訊、抽絲剝繭的智者分析、發人深省的觀點交鋒。 “這場論壇節奏非常緊凑，沒有假大空。”“他們的觀點很不一樣，不一樣才有碰撞。”“這就是我們來香港真正想聽到的。”這些是首届香港大學經管學院全球CEO論壇後學員們最集中的反饋。此次論壇于10月18日在香港大學舉行，恰逢港大全球CEO課程二期班開課，彙聚了首期班與二期班全體學員。6小時的巔峰論壇集結16位頂級政商學界大咖，縱論古今，放眼全球。諸位學者嘉賓不懼觀點衝突，真實表達，爲企業家們呈現了一場真正的思想激蕩。 聽到不一樣的聲音，是一切的起點 蔡洪濱 港大經管學院院長、中國經濟研究所所長 經濟學講座教授 港大經管學院院長蔡洪濱教授以陸佑堂的歷史底蘊爲論壇拉開序幕。陸佑堂是香港大學最具象徵意義的禮堂之一，孫中山先生曾在這裏發表著名演說，激勵了一代代港大學子，而禮堂的名字是爲了紀念著名華人企業家、香港大學重要捐贈者，陸佑。 蔡洪濱教授將大家的思緒帶回十九世紀中葉，貧困的廣東少年陸佑離鄉背井，飄搖南洋，憑藉聰明才智和勤奮毅力，步步進階馬來西亞的錫礦大王、橡膠大王，最終成爲南洋最著名的企業家之一。他慷慨捐贈，反哺祖國，爲華人社會貢獻了巨大物質與精神能量。相比那個時代，如今的全球化趨勢使得許多過去幾十年才能積累的資源唾手可得，如果說陸佑當年是被迫出海，那現如今，出海已經成爲企業家們的積極選擇。 蔡洪濱院長强調，陸佑堂的存在，不僅是對陸佑個人成就的紀念，更是對所有華人企業家在全球化進程中不畏艱難、勇于探索的精神的肯定。它提醒我們，無論身處何地，面臨怎樣的挑戰，都應保持那份初心和勇氣，追尋自己的夢想。 王于漸 香港大學首席副校長、經濟學講座教授 黃乾亨黃英豪基金教授（政治經濟學） 王于漸教授爲同學們分享了《香港經濟轉型歷史》，從歷史脉絡中描摹出一段幾乎被人遺忘的香港歷史，幫助大家更深刻地理解香港文化及精神內核。這一場歷史溯源從1842年之前講起，將香港發展分爲五個階段。其中第三階段（1945-1970年），香港發揮人口優勢、利用國際市場，大力發展製造業，打造成“亞洲四小龍”之一。 王于漸教授指出，香港因爲英國殖民遺留，采用普通法，這對發展金融服務業有天然優勢，可以有效限制企業內部人士、國家、政府官員和政客對投資者徵用的程度，使得私有財産得到比較牢固的保護，尤其有利于知識産權的保護。 在全球化浪潮中，香港面臨諸多挑戰，其中最主要的問題是土地和人口。打造香港的人才庫是香港所有其他對外發展中最主要的一點，這爲有志于出海、走向國際化的內地企業家們打開了機遇之門。 陳志武 金融學講座教授、鄭裕彤基金教授（金融學） 香港大學量化歷史研究所所長、香港人文社會研究所所長 香港大學校董會成員 陳志武教授亦從歷史切入，回顧兩次讓香港獲益的古代大航海，其一是鮮爲人知的唐初至明初期間阿拉伯和波斯商人來華，帶動了香港的早期發展；其二是歐洲文化來華，帶動對外貿易。而如今的新大航海時代，中華文化、中國商人終于也能走出，促進商業發展。 陳志武教授重點分析了最近的經濟刺激政策，認爲當下的困境與2008年經濟危機不同，相應地，政策如想達到接近當年的救市效果，還需要更大的力度，更多元維度的考量，維護好消費者和投資者的信心，尤其是民營企業家的信心，國內加入經濟內循環行列。如此，中國經濟的未來發展將在新的大航海時代繼續騰飛。 陳啓宗 恒隆地産榮譽董事長 陳啓宗先生爲出海“敲響警鐘”，話鋒犀利，直言內地企業家缺乏出海經驗，對中美關係認知不足，風險評估不够。早在二十年前，他便預言在中國真正成功的不是海歸，而是本土企業家。十年前，他建議馬雲將阿裏巴巴帶回香港上市，這些在當時看來讓許多人費解的觀點正逐一被現實佐證。他大方分享自己家族的投資經歷，也曾試錯，也曾放手，最終才有了今天的全球布局。 陳啓宗先生認爲內地企業家正面臨兩難，“出去也不是，不出去也不是”。但至少，出海的前提應是足够瞭解海外政治經濟、市場、風險，主動出擊，而非迫于市場環境進行選擇。世界正發生巨變，俄烏戰爭導致石油政治、結構性通貨膨脹等問題，其中蘊含未來真正的風險和機遇。 圓桌對話：出海，還是不出海 圓桌環節主持人王峰先生直擊重點，問出了很多同學關心的市場問題。嘉賓們從各自角度觀察9月底到現在的市場反應，幷提出對明年的經濟展望和對企業出海的建議。 李彤 中銀香港（控股）有限公司副總裁 李彤女士認爲，中國近期政策傳遞出較强的穩健和擴張的積極信號。 關于國家對于地方債化解的舉措，李彤女士持積極樂觀態度。和其他另外兩位嘉賓觀點不同，出海方面，她表示，東南亞與中國互爲最大貿易夥伴，中國與東南亞地緣相近，經濟相互依存度高，東南亞是中國企業出海的首選地。 孟羽 香港中國金融協會主席 孟羽主席認爲，中央高層重視幷直接面對經濟問題，作爲銀行從業者，在最近股市表現中能够感受到政策的根本性變化。他指出，化解當前通貨緊縮風險的核心是有效解决房地産問題。對于需求端的刺激，他更傾向于進行稅收結構調整而非購物券發放。 基于美元降息步伐，孟羽主席對明年的經濟形勢，持謹慎樂觀態度。他强調中資企業出海是趨勢，建議將國際總部設在香港作爲出海的橋頭堡。但每個企業需明確出海目的，根據自身情况决定是否出海。 邢自强 摩根士丹利中國首席經濟學家董事總經理 邢自强先生指出，當前的經濟决策框架是走出通縮，而非短期托個底。需要千鈞之力，不能半途而廢。 當前已經出爐了第一輪政策組合，但力度上不足以完全擺脫通縮。第二輪更有力的刺激與改革組合拳，更值得期待。 决策層已認識到通縮嚴重性，但關于應對力度、發力方向，仍存在一定的思維定勢。當前政策在試錯中逐步推出。但未來，社會感知指數的變化，叠加外部環境風險，或有助于凝聚共識，推動更大力度和更精准的政策，他建議實施“新三大工程”，即充實社保福利，鼓勵生育上升至國策和中央幫助房地産收儲改爲保障房。 心系全球，中國企業新格局 本次論壇下午場暨第四届香港大學中國經濟季度論壇，由港大經管學院和香港大學中國經濟研究所共同主辦，持續輸出獨到見解與觀點交鋒。 劉會平 香港貿易發展局副總裁 劉會平先生爲大家簡單介紹了香港貿易發展局的構成及主要業務。香港背靠祖國、連通世界，面對當前的地緣政治變局和經濟挑戰，劉會平先生用“6個D”分享了新機遇和新方向：Diversification（多元化）、Digitalization（數字化）、Domestic（內銷市場）、Deal Making（促成交易）、Design & Disruptive（設計與顛覆性創新）、De-carbonalization/ESG（碳中和與環境、社會和公司治理）。 毛振華 港大經管學院實務教授
- [港大经管学院领袖企业家讲坛系列第二讲 – 走进世界，奔向未来](https://www.hkubs.hku.hk/sc/media/school-news/港大經管學院領袖企業家講壇系列第二講-走進世/) - 港大经管学院很荣幸邀请到上海德龙钢铁集团有限公司董事长丁立国先生，参与学院于2024年11月6日举办的“港大经管学院领袖企业家讲坛系列”第二讲，并担任主题演讲嘉宾。丁先生以中国钢铁行业为基础，与港大经管学院经济学实务教授毛振华教授深入讨论创业的心路历程及出海的成功经验，为与会者带来宝贵的学习机会。 丁先生首先分享了创立德龙钢铁集团的经验，阐述中国钢铁行业是最具国际竞争力的产业之一，具备“走出去”的优势和实力。德龙钢铁集团经过30多年的发展，目前年产能规模高达3500万吨、生产1000多个品种的产品，并获得超过1000项授权专利。 然而，“出海”的道路并非繁花似锦。丁先生表示到印尼发展的过程面临六大挑战，包括项目融资、建设条件、员工培训挑战、文化差异、新冠疫情及频繁的地震。幸好获得各方支持，德龙历经六年多的艰苦奋斗，使印尼德信项目在发展区域经济、满足钢材需求、带动当地就业、促进文化融合、履行社会责任等方面发挥了重要作用。该项目更令德龙的印尼项目德信集团成为中国在海外投资建设规模最大的单体钢铁企业，引领印尼钢铁市场的规范发展，实现“买全球、卖全球”，成为共建“一带一路”的钢铁明珠。 其后，丁先生寄语会众：成功的路不会一帆风顺。他强调在面对困难时应保持苦中作乐，以苦为乐的心态，并谨记企业家精神是企业的底座。在“走出去”的道路上，各位也要对新事物保持好奇心，还要守一不移，敢于尝试和实践。正因为“走进世界、奔向未来”的梦想与执著，他成功把德龙打造成一家跨企业、跨区域及跨国界的大型综合企业集团。他表示，集团将于未来因地制宜发展新质生产力，加快科技创新、数字赋能、绿色钢铁和低碳循环经济发展，致力打造精品化、数智化、绿色化、国际化的钢铁集团。 进入最后一部分，丁先生以《史记》的一句话作结：“顺境的时候不妄自狂喜，逆境的时候不惶恐气馁，安稳的时候不骄奢淫逸，危机的时候不恐惧害怕”，寄语会众应拥抱大时代、培育国际视野，才不负韶华。 本次讲坛涵盖企业家精神、企业“出海”、及在大时代创业等话题，为与会者带来丰富的思想洞见。我们相信丁先生的分享定能鼓励更多企业“走进世界”，奔向辉煌未来。
- [港大經管學院領袖企業家講壇系列第二講 - 走進世界，奔向未來](https://www.hkubs.hku.hk/sc/media/school-news/港大經管學院領袖企業家講壇系列第二講-走進世/) - 港大經管學院很榮幸邀請到上海德龍鋼鐵集團有限公司董事長丁立國先生，參與學院於2024年11月6日舉辦的「港大經管學院領袖企業家講壇系列」第二講，並擔任主題演講嘉賓。丁先生以中國鋼鐵行業為基礎，與港大經管學院經濟學實務教授毛振華教授深入討論創業的心路歷程及出海的成功經驗，為與會者帶來寶貴的學習機會。 丁先生首先分享了創立德龍鋼鐵集團的經驗，闡述中國鋼鐵行業是最具國際競爭力的產業之一，具備「走出去」的優勢和實力。德龍鋼鐵集團經過30多年的發展，目前年產能規模高達3500萬噸、生產1000多個品種的產品，並獲得超過1000項授權專利。 然而，「出海」的道路並非繁花似錦。丁先生表示到印尼發展的過程面臨六大挑戰，包括項目融資、建設條件、員工培訓挑戰、文化差異、新冠疫情及頻繁的地震。幸好獲得各方支持，德龍歷經六年多的艱苦奮鬥，使印尼德信項目在發展區域經濟、滿足鋼材需求、帶動當地就業、促進文化融合、履行社會責任等方面發揮了重要作用。該項目更令德龍的印尼項目德信集團成為中國在海外投資建設規模最大的單體鋼鐵企業，引領印尼鋼鐵市場的規範發展，實現「買全球、賣全球」，成為共建「一帶一路」的鋼鐵明珠。 其後，丁先生寄語會眾：成功的路不會一帆風順。他強調在面對困難時應保持苦中作樂，以苦為樂的心態，並謹記企業家精神是企業的底座。在「走出去」的道路上，各位也要對新事物保持好奇心，還要守一不移，敢於嘗試和實踐。正因為「走進世界、奔向未來」的夢想與執著，他成功把德龍打造成一家跨企業、跨區域及跨國界的大型綜合企業集團。他表示，集團將於未來因地制宜發展新質生產力，加快科技創新、數字賦能、綠色鋼鐵和低碳循環經濟發展，致力打造精品化、數智化、綠色化、國際化的鋼鐵集團。 進入最後一部分，丁先生以《史記》的一句話作結：「順境的時候不妄自狂喜，逆境的時候不惶恐氣餒，安穩的時候不驕奢淫逸，危機的時候不恐懼害怕」，寄語會眾應擁抱大時代、培育國際視野，才不負韶華。 本次講壇涵蓋企業家精神、企業「出海」、及在大時代創業等話題，為與會者帶來豐富的思想洞見。我們相信丁先生的分享定能鼓勵更多企業「走進世界」，奔向輝煌未來。
- [港大經管學院領袖企業家講壇系列第二講 - 走進世界，奔向未來](https://www.hkubs.hku.hk/sc/media/school-news/港大經管學院領袖企業家講壇系列第二講-走進世/) - 港大經管學院很榮幸邀請到上海德龍鋼鐵集團有限公司董事長丁立國先生，參與學院於2024年11月6日舉辦的「港大經管學院領袖企業家講壇系列」第二講，並擔任主題演講嘉賓。丁先生以中國鋼鐵行業為基礎，與港大經管學院經濟學實務教授毛振華教授深入討論創業的心路歷程及出海的成功經驗，為與會者帶來寶貴的學習機會。 丁先生首先分享了創立德龍鋼鐵集團的經驗，闡述中國鋼鐵行業是最具國際競爭力的產業之一，具備「走出去」的優勢和實力。德龍鋼鐵集團經過30多年的發展，目前年產能規模高達3500萬噸、生產1000多個品種的產品，並獲得超過1000項授權專利。 然而，「出海」的道路並非繁花似錦。丁先生表示到印尼發展的過程面臨六大挑戰，包括項目融資、建設條件、員工培訓挑戰、文化差異、新冠疫情及頻繁的地震。幸好獲得各方支持，德龍歷經六年多的艱苦奮鬥，使印尼德信項目在發展區域經濟、滿足鋼材需求、帶動當地就業、促進文化融合、履行社會責任等方面發揮了重要作用。該項目更令德龍的印尼項目德信集團成為中國在海外投資建設規模最大的單體鋼鐵企業，引領印尼鋼鐵市場的規範發展，實現「買全球、賣全球」，成為共建「一帶一路」的鋼鐵明珠。 其後，丁先生寄語會眾：成功的路不會一帆風順。他強調在面對困難時應保持苦中作樂，以苦為樂的心態，並謹記企業家精神是企業的底座。在「走出去」的道路上，各位也要對新事物保持好奇心，還要守一不移，敢於嘗試和實踐。正因為「走進世界、奔向未來」的夢想與執著，他成功把德龍打造成一家跨企業、跨區域及跨國界的大型綜合企業集團。他表示，集團將於未來因地制宜發展新質生產力，加快科技創新、數字賦能、綠色鋼鐵和低碳循環經濟發展，致力打造精品化、數智化、綠色化、國際化的鋼鐵集團。 進入最後一部分，丁先生以《史記》的一句話作結：「順境的時候不妄自狂喜，逆境的時候不惶恐氣餒，安穩的時候不驕奢淫逸，危機的時候不恐懼害怕」，寄語會眾應擁抱大時代、培育國際視野，才不負韶華。 本次講壇涵蓋企業家精神、企業「出海」、及在大時代創業等話題，為與會者帶來豐富的思想洞見。我們相信丁先生的分享定能鼓勵更多企業「走進世界」，奔向輝煌未來。
- [Professor Shuqing Luo Being Awarded the Case Awards 2024 Strategy and General Management trophy](https://www.hkubs.hku.hk/sc/media/school-news/professor-shuqing-luo-being-awarded-the-case-awards-2024-strategy-and-general-management-trophy/) - Prof. Shuqing Luo and her co-author Prof. Guoli Chen won the Case Centre Awards and Competitions 2024 - Strategy and General Management category for their outstanding case “SHEIN vs Zara: Digital Transformation in the Fast-fashion Industry”. The case highlights how the Chinese apparel maker SHEIN has disrupted the fast-fashion industry, and explores how it can
- [Professor Shuqing Luo Being Awarded the Case Awards 2024 Strategy and General Management trophy](https://www.hkubs.hku.hk/sc/media/school-news/professor-shuqing-luo-being-awarded-the-case-awards-2024-strategy-and-general-management-trophy/) - Prof. Shuqing Luo and her co-author Prof. Guoli Chen won the Case Centre Awards and Competitions 2024 - Strategy and General Management category for their outstanding case “SHEIN vs Zara: Digital Transformation in the Fast-fashion Industry”. The case highlights how the Chinese apparel maker SHEIN has disrupted the fast-fashion industry, and explores how it can
- [Professor Shuqing Luo Being Awarded the Case Awards 2024 Strategy and General Management trophy](https://www.hkubs.hku.hk/sc/media/school-news/professor-shuqing-luo-being-awarded-the-case-awards-2024-strategy-and-general-management-trophy/) - Prof. Shuqing Luo and her co-author Prof. Guoli Chen won the Case Centre Awards and Competitions 2024 - Strategy and General Management category for their outstanding case “SHEIN vs Zara: Digital Transformation in the Fast-fashion Industry”. The case highlights how the Chinese apparel maker SHEIN has disrupted the fast-fashion industry, and explores how it can
- [AMPB Alumni Homecoming 2024: A Celebration of Connections and Achievements](https://www.hkubs.hku.hk/sc/media/school-news/ampb-alumni-homecoming-2024-a-celebration-of-connections-and-achievements/) - On September 13th, 2024, The University of Hong Kong played host to the highly anticipated AMPB Alumni Homecoming Party, bringing together an exceptional group of individuals from the Asset Management and Private Banking (AMPB) programme. With over 70 guests in attendance—including industry practitioners who have served as our adjunct professors, guest mentors and guest speakers,
- [AMPB Alumni Homecoming 2024: A Celebration of Connections and Achievements](https://www.hkubs.hku.hk/sc/media/school-news/ampb-alumni-homecoming-2024-a-celebration-of-connections-and-achievements/) - On September 13th, 2024, The University of Hong Kong played host to the highly anticipated AMPB Alumni Homecoming Party, bringing together an exceptional group of individuals from the Asset Management and Private Banking (AMPB) programme. With over 70 guests in attendance—including industry practitioners who have served as our adjunct professors, guest mentors and guest speakers,
- [AMPB Alumni Homecoming 2024: A Celebration of Connections and Achievements](https://www.hkubs.hku.hk/sc/media/school-news/ampb-alumni-homecoming-2024-a-celebration-of-connections-and-achievements/) - On September 13th, 2024, The University of Hong Kong played host to the highly anticipated AMPB Alumni Homecoming Party, bringing together an exceptional group of individuals from the Asset Management and Private Banking (AMPB) programme. With over 70 guests in attendance—including industry practitioners who have served as our adjunct professors, guest mentors and guest speakers,
- [HKU Business School Pilot Forum Explores New Pathways for Chinese Enterprises Going Abroad](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-pilot-forum-explores-new-pathways-for-chinese-enterprises-going-abroad/) - (24 September, 2024, Hong Kong) The HKU Business School Pilot Forum – “Going Global: Exploring the Growth of Chinese Businesses Overseas”, hosted by HKU Business School, in collaboration with the International Cooperation Center of the National Development and Reform Commission (NDRC-ICC), concluded successfully on 20 September 2024. The Forum gathered esteemed business leaders and experts
- [NHH International Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/nhh-international-case-competition-2024/) - We are thrilled to announce that our students have won the Champion in the NHH International Case Competition 2024! NHH International Case Competition is an annual international undergraduate case competition hosted by Norwegian School of Economics in Bergen, Norway. 15 teams from top business schools around the globe were invited to tackle real-life business issue
- [NHH International Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/nhh-international-case-competition-2024/) - We are thrilled to announce that our students have won the Champion in the NHH International Case Competition 2024! NHH International Case Competition is an annual international undergraduate case competition hosted by Norwegian School of Economics in Bergen, Norway. 15 teams from top business schools around the globe were invited to tackle real-life business issue
- [NHH International Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/nhh-international-case-competition-2024/) - We are thrilled to announce that our students have won the Champion in the NHH International Case Competition 2024! NHH International Case Competition is an annual international undergraduate case competition hosted by Norwegian School of Economics in Bergen, Norway. 15 teams from top business schools around the globe were invited to tackle real-life business issue
- [Venture into Future Career 2024-2025 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/venture-into-future-career-2024-2025-opening-ceremony/) - Collaborating with Hong Kong Cyberport Management Company Limited (Cyberport) and the AICPA & CIMA, Venture into Future Career (VFC) was initially introduced in 2020 as an exclusive programme for undergraduate students at the HKU Business School. The primary objectives of the VFC Programme are to assist our budding talents in the following ways: Providing students
- [Venture into Future Career 2024-2025 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/venture-into-future-career-2024-2025-opening-ceremony/) - Collaborating with Hong Kong Cyberport Management Company Limited (Cyberport) and the AICPA & CIMA, Venture into Future Career (VFC) was initially introduced in 2020 as an exclusive programme for undergraduate students at the HKU Business School. The primary objectives of the VFC Programme are to assist our budding talents in the following ways: Providing students
- [Venture into Future Career 2024-2025 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/venture-into-future-career-2024-2025-opening-ceremony/) - Collaborating with Hong Kong Cyberport Management Company Limited (Cyberport) and the AICPA & CIMA, Venture into Future Career (VFC) was initially introduced in 2020 as an exclusive programme for undergraduate students at the HKU Business School. The primary objectives of the VFC Programme are to assist our budding talents in the following ways: Providing students
- [Striving Ahead on Sustainability Stewardship: HKU Business School published its First Sustainability Report](https://www.hkubs.hku.hk/sc/media/school-news/striving-ahead-on-sustainability-stewardship-hku-business-school-published-its-first-sustainability-report/) - Global challenges have become increasingly acute. We have accomplished much, but more to be done. The year of 2024 marks a milestone in HKU Business School’s sustainability journey, as we proudly launch our first-ever Sustainability Report, which makes us the first business school in Hong Kong to publish a standalone sustainability report. We hope to
- [Striving Ahead on Sustainability Stewardship: HKU Business School published its First Sustainability Report](https://www.hkubs.hku.hk/sc/media/school-news/striving-ahead-on-sustainability-stewardship-hku-business-school-published-its-first-sustainability-report/) - Global challenges have become increasingly acute. We have accomplished much, but more to be done. The year of 2024 marks a milestone in HKU Business School’s sustainability journey, as we proudly launch our first-ever Sustainability Report, which makes us the first business school in Hong Kong to publish a standalone sustainability report. We hope to
- [Striving Ahead on Sustainability Stewardship: HKU Business School published its First Sustainability Report](https://www.hkubs.hku.hk/sc/media/school-news/striving-ahead-on-sustainability-stewardship-hku-business-school-published-its-first-sustainability-report/) - Global challenges have become increasingly acute. We have accomplished much, but more to be done. The year of 2024 marks a milestone in HKU Business School’s sustainability journey, as we proudly launch our first-ever Sustainability Report, which makes us the first business school in Hong Kong to publish a standalone sustainability report. We hope to
- [HKU Business School and KPMG sign third MoU to foster future business talent in Hong Kong](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-and-kpmg-sign-third-mou-to-foster-future-business-talent-in-hong-kong/) - (24 September, 2024, Hong Kong) HKU Business School and KPMG announced the signing of their third Memorandum of Understanding (“MoU”) to further strengthen their mutual collaboration in nurturing accounting and business analytics talents in Hong Kong, marking a new chapter in the partnership commenced since 2018. Professor Hongbin CAI, Dean of HKU Business School, and
- [港大经管学院与毕马威第三次签订合作备忘录 继续培育本地未来商业人才](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-and-kpmg-sign-third-mou-to-foster-future-business-talent-in-hong-kong/) - （2024年9月24日，香港）港大经管学院与毕马威宣布第三度签订合作备忘录，进一步推动双方在培育香港会计及商业数据分析人才方面的合作。港大经管学院与毕马威自2018年起紧密合作，是次签订合作备忘录标志著双方伙伴合作关系再迈向重要一步。 港大经管学院院长蔡洪滨教授以及毕马威香港区审计服务主管合伙人李威信先生代表签署合作备忘录，并由港大经管学院副院长（硕士课程）高平阳教授、港大经管学院助理院长（硕士课程）陈海亮教授、港大经管学院会计及法学学术领域主任王鑫教授、港大经管学院会计学硕士课程总监许继伟教授、港大经管学院理科硕士(商业分析) 课程总监张帷教授、毕马威审计合伙人兼私人和家族企业香港主管叶嘉明女士、毕马威审计合伙人兼香港地区ESG鉴证服务领导合伙人袁文正先生、毕马威审计合伙人黄岗达先生、毕马威人力资源总监李廷钧先生，以及毕马威人力资源经理萧颖珊女士，共同见证签署仪式。 蔡洪滨教授表示：“ 我们很高兴能继续与毕马威合作，这彰显了我们的共同愿景，携手为学生提供专业培训，让他们能累积实战经验，在职场上脱颖而出。过去数年，计划已惠及超过 400 名港大经管学院的学生，成功为他们增进商业知识和拓展专业网络。是次签订新一轮合作备忘录进一步展现我们致力培育出色的商业领袖，为区内人才库的未来发展作出贡献。” 是次签订的合作备忘录将会为港大经管学院会计学硕士课程及理学硕士（商业分析）课程的学生提供专业培训。透过实习、研讨会、导师指导计划及行业专案等一系列活动，学生将累积到会计及数据分析方面的知识及宝贵经验，为应对全球经济瞬速变化做好充分准备。 李威信先生表示：“ 今次再次与港大经管学院签订合作备忘录，标志我们继续同心并肩而行，坚定携手应对新挑战和把握机遇。是次合作有助我们发挥更大影响力，为香港以至其他地区培育顶尖商业领袖。” Photos 港大经管学院院长蔡洪滨教授（左）以及毕马威香港区审计服务主管合伙人李威信先生（右）代表签署合作备忘录。 （由左至右）港大经管学院理科硕士(商业分析) 课程总监张帷教授、港大经管学院会计学硕士课程总监许继伟教授、港大经管学院会计及法学学术领域主任王鑫教授、港大经管学院助理院长（硕士课程）陈海亮教授、港大经管学院副院长（硕士课程）高平阳教授、港大经管学院院长蔡洪滨教授、毕马威香港区审计服务主管合伙人李威信先生、毕马威审计合伙人兼私人和家族企业香港主管叶嘉明女士、毕马威审计合伙人兼香港地区ESG鉴证服务领导合伙人袁文正先生、毕马威审计合伙人黄岗达先生、毕马威人力资源总监李廷钧先生、毕马威人力资源经理萧颖珊女士。 港大经管学院院长蔡洪滨教授致欢迎辞，强调港大经管学院与毕马威携手合作将为学生提供专业知识，以提升他们的就业前景和全面发展。 毕马威香港区审计服务主管合伙人李威信先生致欢迎辞时表示，双方再次合作有助为培育顶尖商业领袖发挥更大影响力。 请按此下载高清图片。
- [港大經管學院與畢馬威第三次簽訂合作備忘錄 繼續培育本地未來商業人才](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-and-kpmg-sign-third-mou-to-foster-future-business-talent-in-hong-kong/) - （2024年9月24日，香港）港大經管學院與畢馬威宣布第三度簽訂合作備忘錄，進一步推動雙方在培育香港會計及商業數據分析人才方面的合作。港大經管學院與畢馬威自2018年起緊密合作，是次簽訂合作備忘錄標誌著雙方夥伴合作關係再邁向重要一步。 港大經管學院院長蔡洪濱教授以及畢馬威香港區審計服務主管合夥人李威信先生代表簽署合作備忘錄，並由港大經管學院副院長（碩士課程）高平陽教授、港大經管學院助理院長（碩士課程）陳海亮教授、港大經管學院會計及法學學術領域主任王鑫教授、港大經管學院會計學碩士課程總監許繼偉教授、港大經管學院理科碩士(商業分析) 課程總監張帷教授、畢馬威審計合夥人兼私人和家族企業香港主管葉嘉明女士、畢馬威審計合夥人兼香港地區ESG鑒證服務領導合夥人袁文正先生、畢馬威審計合夥人黃崗達先生、畢馬威人力資源總監李廷鈞先生，以及畢馬威人力資源經理蕭穎珊女士，共同見證簽署儀式。 蔡洪濱教授表示：「 我們很高興能繼續與畢馬威合作，這彰顯了我們的共同願景，攜手為學生提供專業培訓，讓他們能累積實戰經驗，在職場上脫穎而出。過去數年，計劃已惠及超過 400 名港大經管學院的學生，成功為他們增進商業知識和拓展專業網絡。是次簽訂新一輪合作備忘錄進一步展現我們致力培育出色的商業領袖，為區內人才庫的未來發展作出貢獻。」 是次簽訂的合作備忘錄將會為港大經管學院會計學碩士課程及理學碩士（商業分析）課程的學生提供專業培訓。透過實習、研討會、導師指導計劃及行業專案等一系列活動，學生將累積到會計及數據分析方面的知識及寶貴經驗，為應對全球經濟瞬速變化做好充分準備。 李威信先生表示：「 今次再次與港大經管學院簽訂合作備忘錄，標誌我們繼續同心並肩而行，堅定攜手應對新挑戰和把握機遇。是次合作有助我們發揮更大影響力，為香港以至其他地區培育頂尖商業領袖。」 Photos 港大經管學院院長蔡洪濱教授（左）以及畢馬威香港區審計服務主管合夥人李威信先生（右）代表簽署合作備忘錄。 （由左至右）港大經管學院理科碩士(商業分析) 課程總監張帷教授、港大經管學院會計學碩士課程總監許繼偉教授、港大經管學院會計及法學學術領域主任王鑫教授、港大經管學院助理院長（碩士課程）陳海亮教授、港大經管學院副院長（碩士課程）高平陽教授、港大經管學院院長蔡洪濱教授、畢馬威香港區審計服務主管合夥人李威信先生、畢馬威審計合夥人兼私人和家族企業香港主管葉嘉明女士、畢馬威審計合夥人兼香港地區ESG鑒證服務領導合夥人袁文正先生、畢馬威審計合夥人黃崗達先生、畢馬威人力資源總監李廷鈞先生、畢馬威人力資源經理蕭穎珊女士。 港大經管學院院長蔡洪濱教授致歡迎辭，強調港大經管學院與畢馬威攜手合作將為學生提供專業知識，以提升他們的就業前景和全面發展。 畢馬威香港區審計服務主管合夥人李威信先生致歡迎辭時表示，雙方再次合作有助為培育頂尖商業領袖發揮更大影響力。 請按此下載高清圖片。
- [HKU Business School Career Fair 2024-25: Investing in HKU Business School’s Global Talent – Aspire & Connect!](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-career-fair-2024-25-investing-in-hku-business-schools-global-talent-aspire-connect/) - Group photo of all participating company representatives Prof. Pingyang GAO, Associate Dean (Taught Postgraduate) delivered a welcoming speech to all participating employers. Prof. Pingyang GAO, Associate Dean (Taught Postgraduate) and Prof. Derek CHAN, Associate Dean (Undergraduate), joined the fair on behalf of the HKU Business School and presented souvenirs to show appreciation for the
- [HKU Business School Career Fair 2024-25: Investing in HKU Business School’s Global Talent – Aspire & Connect!](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-career-fair-2024-25-investing-in-hku-business-schools-global-talent-aspire-connect/) - Group photo of all participating company representatives Prof. Pingyang GAO, Associate Dean (Taught Postgraduate) delivered a welcoming speech to all participating employers. Prof. Pingyang GAO, Associate Dean (Taught Postgraduate) and Prof. Derek CHAN, Associate Dean (Undergraduate), joined the fair on behalf of the HKU Business School and presented souvenirs to show appreciation for the
- [HKU Business School Career Fair 2024-25: Investing in HKU Business School’s Global Talent – Aspire & Connect!](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-career-fair-2024-25-investing-in-hku-business-schools-global-talent-aspire-connect/) - Group photo of all participating company representatives Prof. Pingyang GAO, Associate Dean (Taught Postgraduate) delivered a welcoming speech to all participating employers. Prof. Pingyang GAO, Associate Dean (Taught Postgraduate) and Prof. Derek CHAN, Associate Dean (Undergraduate), joined the fair on behalf of the HKU Business School and presented souvenirs to show appreciation for the
- [港大经管学院领袖企业家讲坛系列第一讲 - 传统企业的数字化改造与创新](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院领袖企业家讲坛系列第一讲-传统企/) - 港大经管学院非常荣幸邀请到物美集团创始人、多点Dmall创始人张文中博士，于2024年9月25日参与学院举办的「港大经管学院领袖企业家讲坛系列」第一讲，并担任主题演讲嘉宾。在这场讲座中，张博士深入解读了传统企业数字化改造与创新的关键路径，并与港大经管学院经济学实务教授毛振华教授进行了深入交流，为与会者带来宝贵的经验和思考。 首先，张博士回顾自己创立物美集团和多点Dmall的历程，深刻阐述了企业家作为时代英雄的价值。他指出，企业家除了要勇于迎接挑战、持续超越和提升自我外，还要谨记「创新、创业、创造」是人类进步的动力。 在第二部分，张博士重点分享了物美和多点Dmall的「数智化」转型实践过程。他表示，传统企业需要建立一套底层操作系统+SaaS应用的新型解决方案，并运用数智化的思维和技术全面重构业务场景，才能实现以科技驱动产业发展的美好未来。张博士以物美和多点Dmall为例，生动地展示传统零售企业如何透过「数智化」从根本改善业务流程，并借助大数据和算法等技术提升营运效率和用户体验。 最后，张博士分享了自己平反冤案的心路历程。这段经历不仅充分体现了他坚韧不拔的个人品格，也成为中国依法平等保护民营企业家合法权益的典型案例。他特别提及他早前写下的信：《丹心鉴岁月情义满人间》，借此寄语学生：即使面临逆境，也不要选择躺平，其实「躺也躺不平」；而且要相信公平正义、相信改革开放，只要「心中有春天」，人生就一定会充满希望和光明。 本次讲座涵盖了企业家精神、数字化转型实践及个人奋斗历程等多个维度，为与会者带来了丰富的思想洞见和实战经验。我们相信张博士的分享必能激励更多企业家拥抱数字化时代，开创辉煌的未来。
- [港大經管學院領袖企業家講壇系列第一講 - 傳統企業的數字化改造與創新](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院领袖企业家讲坛系列第一讲-传统企/) - 港大經管學院非常榮幸邀請到物美集團創始人、多點Dmall創始人張文中博士，於2024年9月25日參與學院舉辦的「港大經管學院領袖企業家講壇系列」第一講，並擔任主題演講嘉賓。在這場講座中，張博士深入解讀了傳統企業數字化改造與創新的關鍵路徑，並與港大經管學院經濟學實務教授毛振華教授進行了深入交流，為與會者帶來寶貴的經驗和思考。 首先，張博士回顧自己創立物美集團和多點Dmall的歷程，深刻闡述了企業家作為時代英雄的價值。他指出，企業家除了要勇於迎接挑戰、持續超越和提升自我外，還要謹記「創新、創業、創造」是人類進步的動力。 在第二部分，張博士重點分享了物美和多點Dmall的「數智化」轉型實踐過程。他表示，傳統企業需要建立一套底層操作系統+SaaS應用的新型解決方案，並運用數智化的思維和技術全面重構業務場景，才能實現以科技驅動產業發展的美好未來。張博士以物美和多點Dmall為例，生動地展示傳統零售企業如何透過「數智化」從根本改善業務流程，並借助大數據和算法等技術提升營運效率和用戶體驗。 最後，張博士分享了自己平反冤案的心路歷程。這段經歷不僅充分體現了他堅韌不拔的個人品格，也成為中國依法平等保護民營企業家合法權益的典型案例。他特別提及他早前寫下的信：《丹心鑒歲月 情義滿人間》，藉此寄語學生：即使面臨逆境，也不要選擇躺平，其實「躺也躺不平」；而且要相信公平正義、相信改革開放，只要「心中有春天」，人生就一定會充滿希望和光明。 本次講座涵蓋了企業家精神、數字化轉型實踐及個人奮鬥歷程等多個維度，為與會者帶來了豐富的思想洞見和實戰經驗。我們相信張博士的分享必能激勵更多企業家擁抱數字化時代，開創輝煌的未來。
- [港大經管學院領袖企業家講壇系列第一講 - 傳統企業的數字化改造與創新](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院领袖企业家讲坛系列第一讲-传统企/) - 港大經管學院非常榮幸邀請到物美集團創始人、多點Dmall創始人張文中博士，於2024年9月25日參與學院舉辦的「港大經管學院領袖企業家講壇系列」第一講，並擔任主題演講嘉賓。在這場講座中，張博士深入解讀了傳統企業數字化改造與創新的關鍵路徑，並與港大經管學院經濟學實務教授毛振華教授進行了深入交流，為與會者帶來寶貴的經驗和思考。 首先，張博士回顧自己創立物美集團和多點Dmall的歷程，深刻闡述了企業家作為時代英雄的價值。他指出，企業家除了要勇於迎接挑戰、持續超越和提升自我外，還要謹記「創新、創業、創造」是人類進步的動力。 在第二部分，張博士重點分享了物美和多點Dmall的「數智化」轉型實踐過程。他表示，傳統企業需要建立一套底層操作系統+SaaS應用的新型解決方案，並運用數智化的思維和技術全面重構業務場景，才能實現以科技驅動產業發展的美好未來。張博士以物美和多點Dmall為例，生動地展示傳統零售企業如何透過「數智化」從根本改善業務流程，並借助大數據和算法等技術提升營運效率和用戶體驗。 最後，張博士分享了自己平反冤案的心路歷程。這段經歷不僅充分體現了他堅韌不拔的個人品格，也成為中國依法平等保護民營企業家合法權益的典型案例。他特別提及他早前寫下的信：《丹心鑒歲月 情義滿人間》，藉此寄語學生：即使面臨逆境，也不要選擇躺平，其實「躺也躺不平」；而且要相信公平正義、相信改革開放，只要「心中有春天」，人生就一定會充滿希望和光明。 本次講座涵蓋了企業家精神、數字化轉型實踐及個人奮鬥歷程等多個維度，為與會者帶來了豐富的思想洞見和實戰經驗。我們相信張博士的分享必能激勵更多企業家擁抱數字化時代，開創輝煌的未來。
- [蔡洪濱院長：獅子山精神與出海](https://www.hkubs.hku.hk/sc/media/school-news/蔡洪滨院长：狮子山精神与出海/) - 9月20日，由香港大學經管學院主辦的領航論壇在香港大學陸佑堂隆重舉行。香港大學經管學院院長蔡洪濱致歡迎辭。 蔡洪濱稱，目前民營企業受到考驗和挑戰，在這一背景下，香港大學經管學院舉行領航論壇有著特別的意義。在過去的一百多年發展過程中，即使香港面臨各種各樣的困難，它總是能够從不同的危機中走出來。同樣，香港一代一代的企業家讓人佩服的地方在于，他們在任何情况都非常的堅韌、頑强、永不言敗。 蔡洪濱表示，這是香港獅子山精神的體現和凝練。企業家需要以這種精神力量爲支撑，不斷地在逆境中前行、尋找新的機會和發展。 對于中資企業面臨著開拓國際市場的問題。蔡洪濱認爲，出海幷不容易，需要深入瞭解國際市場，尋找到優秀國際人才，深入洞察國際體制和文化。而香港這座國際大都市恰恰就有這方面最好的資源和積累，是中國企業家出海最好的橋頭堡。 在蔡洪濱看來，出海幷不一定是所有行業、所有企業、每一個人的選擇。出海有著更廣泛的定義：思維出海。中國經濟社會經歷著深刻的變化，過去成功的經驗很難複製。企業家最重要的是走出原來的固有模式、舒服區，看不同的世界，學習最新的技術。 蔡洪濱進一步稱，企業家需要打開自己的思維，通過香港積極的觀察世界，提升思維深度、擴展眼界寬度、擴大視野遠度，再回過頭看國內的市場、行業，可能就有新的體會。哪怕是跨界之間的交流，也可能對大家都有啓發。這樣的一種體驗和經歷，會成爲企業家自身提升重要的路徑，進而演化成企業未來發展的核心競爭力。 有關港大經管學院領航論壇，請按此。
- [蔡洪滨院长：狮子山精神与出海](https://www.hkubs.hku.hk/sc/media/school-news/蔡洪滨院长：狮子山精神与出海/) - 9月20日，由香港大学经管学院主办的领航论坛在香港大学陆佑堂隆重举行。香港大学经管学院院长蔡洪滨致欢迎辞。 蔡洪滨称，目前民营企业受到考验和挑战，在这一背景下，香港大学经管学院举行领航论坛有着特别的意义。在过去的一百多年发展过程中，即使香港面临各种各样的困难，它总是能够从不同的危机中走出来。同样，香港一代一代的企业家让人佩服的地方在于，他们在任何情况都非常的坚韧、顽强、永不言败。 蔡洪滨表示，这是香港狮子山精神的体现和凝练。企业家需要以这种精神力量为支撑，不断地在逆境中前行、寻找新的机会和发展。 对于中资企业面临着开拓国际市场的问题。蔡洪滨认为，出海并不容易，需要深入了解国际市场，寻找到优秀国际人才，深入洞察国际体制和文化。而香港这座国际大都市恰恰就有这方面最好的资源和积累，是中国企业家出海最好的桥头堡。 在蔡洪滨看来，出海并不一定是所有行业、所有企业、每一个人的选择。出海有着更广泛的定义：思维出海。中国经济社会经历着深刻的变化，过去成功的经验很难复制。企业家最重要的是走出原来的固有模式、舒服区，看不同的世界，学习最新的技术。 蔡洪滨进一步称，企业家需要打开自己的思维，通过香港积极的观察世界，提升思维深度、扩展眼界宽度、扩大视野远度，再回过头看国内的市场、行业，可能就有新的体会。哪怕是跨界之间的交流，也可能对大家都有启发。这样的一种体验和经历，会成为企业家自身提升重要的路径，进而演化成企业未来发展的核心竞争力。 有关港大经管学院领航论坛，请按此。
- [蔡洪滨院长：狮子山精神与出海](https://www.hkubs.hku.hk/sc/media/school-news/蔡洪滨院长：狮子山精神与出海/) - 9月20日，由香港大学经管学院主办的领航论坛在香港大学陆佑堂隆重举行。香港大学经管学院院长蔡洪滨致欢迎辞。 蔡洪滨称，目前民营企业受到考验和挑战，在这一背景下，香港大学经管学院举行领航论坛有着特别的意义。在过去的一百多年发展过程中，即使香港面临各种各样的困难，它总是能够从不同的危机中走出来。同样，香港一代一代的企业家让人佩服的地方在于，他们在任何情况都非常的坚韧、顽强、永不言败。 蔡洪滨表示，这是香港狮子山精神的体现和凝练。企业家需要以这种精神力量为支撑，不断地在逆境中前行、寻找新的机会和发展。 对于中资企业面临着开拓国际市场的问题。蔡洪滨认为，出海并不容易，需要深入了解国际市场，寻找到优秀国际人才，深入洞察国际体制和文化。而香港这座国际大都市恰恰就有这方面最好的资源和积累，是中国企业家出海最好的桥头堡。 在蔡洪滨看来，出海并不一定是所有行业、所有企业、每一个人的选择。出海有着更广泛的定义：思维出海。中国经济社会经历着深刻的变化，过去成功的经验很难复制。企业家最重要的是走出原来的固有模式、舒服区，看不同的世界，学习最新的技术。 蔡洪滨进一步称，企业家需要打开自己的思维，通过香港积极的观察世界，提升思维深度、扩展眼界宽度、扩大视野远度，再回过头看国内的市场、行业，可能就有新的体会。哪怕是跨界之间的交流，也可能对大家都有启发。这样的一种体验和经历，会成为企业家自身提升重要的路径，进而演化成企业未来发展的核心竞争力。 有关港大经管学院领航论坛，请按此。
- [港大经管学院举办领航论坛 探讨中国企业出海新路径](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-pilot-forum-explores-new-pathways-for-chinese-enterprises-going-abroad/) - （2024年9月24日，香港）港大经管学院联同国家发展和改革委员会国际合作中心于9月20日举办的“千川江海阔 出海正扬帆——香港大学经管学院领航论坛”完满结束。是次论坛汇聚了多位全球化及宏观经济领域的企业领袖、专家和学者，深入剖析中国企业出海所迎来的机遇及挑战。一众讲者透过主题演讲及圆桌研讨环节，针对中国企业在“走出去”的过程以及拓展新市场的策略发表真知灼见，并和与会者共同探讨香港应如何发挥其战略地位及优势，发展成跨国供应链管理中心，积极满足中国企业海外营商的需要。论坛于香港大学本部陆佑堂举行，共吸引近400位工商界领袖、企业家及杰出学者出席。 港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞时表示：“面对中国经济和企业正面临的挑战和考验，今天在香港举办领航论坛别具意义，好让我们重新领悟企业家精神的本质 — 犹如香港的狮子山精神，即使面对考验，仍然坚韧不屈，勇敢面对挑战。香港作为国际化城市，是支持中国企业出海的桥头堡，同时汇聚了在国际化进程中所需的人才和资源。我们寄望企业家能通过香港走出固有模式及舒适区，积极开拓新思维，并扩展环球视野，走向世界，更灵活地应对现今瞬息万变的市场变化。” 国家发展和改革委员会国际合作中心副主任付保宗主任致欢迎辞时表示：“随著中国经济实力不断提升和全球分工格局变化，中国企业‘走出去’正逐步成为中国全球化的重要发展路径，也是中国经济参与全球化的重要方向。中国企业在国外的影响力不断增长并正呈现新特点，当中‘专精特新’公司正加速出海，2024上半年有832家专业化、精细化、特色化、创新能力突出的‘专精特新’上市公司布局境外市场，境外收入合计超过8,100亿元人民币，创下历史新高。其次是中企出海的不断升级，国内企业引领全球从制造转向技术和服务，高端制造业在全球的竞争力亦见显著增长。再者，民企出海也成为了重要力量。香港作为国际贸易和金融中心，是唯一同时承接中国的市场优势和国际化优势的城市，凭借成熟多元化的金融市场和人才，未来定必是内地企业‘走出去’和国际资本流通内地的重要通道。” 随后，论坛分别邀请了六位知名讲者进行主题演讲。冯氏集团主席、利丰有限公司荣誉主席及香港大学亚洲环球硏究所主席冯国经博士以“中国企业‘走出去’的策略及香港的角色”为题，提出中国企业出海的发展策略应分为两个阶段。第一阶段利用“间接出口”模式，在其他发展中国家打造出口平台，于当地设厂并加工中国的半成品，再出口到欧美市场。在本地化经营能力成熟时，进行第二阶段，以“出口转内销”的方式打开当地市场。产业转移的过程可为其他国家带来投资、就业、技术、出口等机会，有助提升中国在全球的影响力和软实力。在此背景下，香港具备国际商业网络，配合正在发展的总部经济，将可成为供应链管理中心，为中企提供金融、培训人才和法律谘询等专业服务。 香港大学亚洲全球研究院杰出研究员、国家金融监督管理总局国际谘询委员、马来西亚国库控股集团前董事会成员、香港证监会前主席沈联涛先生以“出海需新舟”为题，指出国内竞争激烈，欧美市场成熟，增量有限，反观全球南方市场，包括占全球人口和国内生产总值约40%的金砖国家，则具很大发展潜力。而且，新时代需要新融资模式，中国企业出海可以为全球南方市场提供资金，提高劳动力培训，帮助其达到更高的收入水平。 溢达集团董事长杨敏德女士以“奋楫扬帆正当时”为题，道出了全球政经格局巨变是促使企业加快升级转型、迈向高品质发展的契机。面对经济高速增长背后隐藏的全球性资源危机，企业若能善用科技发展自动化和数字化，灵活运用在国内累积的科技能力和人才资源，定必能为企业以至行业创造巨大价值，更可推动可持续发展。 中国投资有限责任公司副总经理兼副首席投资官祁斌先生以“团结全球合作伙伴 助力中国企业走向世界”为题进行演讲。他指出，中国企业走出去的过程，遇到很多的挑战。企业需要秉持互利共赢的理念，建立与国际企业和金融机构的互信关系，共同面对全球化过程中的挑战，并进一步发挥香港国际金融中心的作用，与世界同行。 全球化智库创始人兼理事长、原国务院参事王辉耀教授围绕“再全球化的机遇与挑战”一题，提出中国企业在“走出去”的过程中，应宏观地理解国际关系、气候变化等全球治理课题。在中国于各方面提升与外国的关系和合作的同时，香港则应持更开放态度去担任“超级连系人”的角色。 港大经管学院副院长（对外事务）及香港大学亚洲环球研究所总监邓希炜教授就“中企出海破壁之路”为题，指出全球化正在演变，变得更区域化、以服务为导向和更数字化。在地缘政治影响下，中企出海的重心将转移至全球南方市场，过程须考虑到文化差异和著重本地化。 论坛当天亦进行了两场圆桌讨论环节，深入探讨香港作为跨国供应链管理中心及在推动Web3、数字化转型的角色。讲者们在“构建香港为跨国供应链管理中心”的圆桌会议中，提到企业出海的成功之道在于本地化，包括了解当地政府和法规、伙拍当地信誉良好的合作伙伴和聘用当地人才，并指出香港的优势在于其稳健的国际网络和债券市场，是促进人民币国际化的重要一环。另外，讲者们在第二场名为“布局香港雁形出海 迎浪造潮寻再增长机遇”的圆桌会议中提到，香港可在金融基础建设方面提供一个高效、实时、透明的平台，支持中企发展跨境贸易和跨境支付，甚至将供应链结合区块链，应用智能合约去加快和加强验证流程，继续发挥其国际金融中心的优势。 港大经管学院领航论坛为“领航工程｜战略企业家项目”课程的延伸，该课程由港大经管学院及国家发展和改革委员会国际合作中心共同发起，旨在透过主题课程、深度研访、课题共研、问题解决、成果共享的方式，帮助企业家学员认清世界变局，融入国家战略，推动实业科创兴邦。 图片 港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞。 国家发展和改革委员会国际合作中心副主任付保宗主任致欢迎辞。 冯氏集团主席、利丰有限公司荣誉主席及香港大学亚洲环球硏究所主席冯国经博士发表主旨演讲。 香港大学亚洲全球研究院杰出研究员、国家金融监督管理总局国际谘询委员、马来西亚国库控股集团前董事会成员、香港证监会前主席沈联涛先生发表主题演讲。 溢达集团董事长杨敏德女士发表主题演讲。 中国投资有限责任公司副总经理兼副首席投资官祁斌先生发表主题演讲。 全球化智库创始人兼理事长、原国务院参事王辉耀教授发表主题演讲。 港大经管学院副院长（对外事务）及香港大学亚洲环球研究所总监邓希炜教授发表主题演讲。 （左二起）香港金融管理局副总裁陈维民先生；富卫集团主席兼独立非执行董事、香港特区政府前商务及经济发展局局长、前财经事务及库务局局长马时亨教授；溢达集团董事长杨敏德女士，以及货拉拉首席运营官卢家培先生进行以“构建香港为跨国供应链管理中心”为题的圆桌会议，由港大经管学院副院长（对外事务）及香港大学亚洲环球研究所总监邓希炜教授（左一）主持。 （左二起）香港大学协理副校长、港大经管学院副院长（研究与知识交流）及金融学讲座教授林晨教授；中国投资有限责任公司副总经理兼副首席投资官祁斌先生；国家发展和改革委员会国际合作中心副主任付保宗主任，以及全球化智库创始人兼理事长、原国务院参事王辉耀教授进行以“布局香港雁形出海 迎浪造潮寻再增长机遇”为题的圆桌会议，由原凤凰卫视主持人谢亚芳女士（左一）主持。 论坛于香港大学本部陆佑堂举行，共吸引近400位工商界领袖、企业家及杰出学者出席。 请按此下载高清图片。
- [港大經管學院舉辦領航論壇 探討中國企業出海新路徑](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-pilot-forum-explores-new-pathways-for-chinese-enterprises-going-abroad/) - （2024年9月24日，香港）港大經管學院聯同國家發展和改革委員會國際合作中心於9月20日舉辦的「千川江海闊 出海正揚帆——香港大學經管學院領航論壇」完滿結束。是次論壇匯聚了多位全球化及宏觀經濟領域的企業領袖、專家和學者，深入剖析中國企業出海所迎來的機遇及挑戰。一眾講者透過主題演講及圓桌研討環節，針對中國企業在「走出去」的過程以及拓展新市場的策略發表真知灼見，並和與會者共同探討香港應如何發揮其戰略地位及優勢，發展成跨國供應鏈管理中心，積極滿足中國企業海外營商的需要。論壇於香港大學本部陸佑堂舉行，共吸引近400位工商界領袖、企業家及傑出學者出席。 港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭時表示：「面對中國經濟和企業正面臨的挑戰和考驗，今天在香港舉辦領航論壇別具意義，好讓我們重新領悟企業家精神的本質 — 猶如香港的獅子山精神，即使面對考驗，仍然堅韌不屈，勇敢面對挑戰。香港作為國際化城市，是支持中國企業出海的橋頭堡，同時匯聚了在國際化進程中所需的人才和資源。我們寄望企業家能通過香港走出固有模式及舒適區，積極開拓新思維，並擴展環球視野，走向世界，更靈活地應對現今瞬息萬變的市場變化。」 國家發展和改革委員會國際合作中心副主任付保宗主任致歡迎辭時表示：「隨著中國經濟實力不斷提升和全球分工格局變化，中國企業『走出去』正逐步成為中國全球化的重要發展路徑，也是中國經濟參與全球化的重要方向。中國企業在國外的影響力不斷增長並正呈現新特點，當中『專精特新』公司正加速出海，2024上半年有832家專業化、精細化、特色化、創新能力突出的『專精特新』上市公司布局境外市場，境外收入合計超過8,100億元人民幣，創下歷史新高。其次是中企出海的不斷升級，國內企業引領全球從製造轉向技術和服務，高端製造業在全球的競爭力亦見顯著增長。再者，民企出海也成為了重要力量。香港作為國際貿易和金融中心，是唯一同時承接中國的市場優勢和國際化優勢的城市，憑藉成熟多元化的金融市場和人才，未來定必是內地企業『走出去』和國際資本流通內地的重要通道。」 隨後，論壇分別邀請了六位知名講者進行主題演講。馮氏集團主席、利豐有限公司榮譽主席及香港大學亞洲環球硏究所主席馮國經博士以「中國企業『走出去』的策略及香港的角色」為題，提出中國企業出海的發展策略應分為兩個階段。第一階段利用「間接出口」模式，在其他發展中國家打造出口平台，於當地設廠並加工中國的半成品，再出口到歐美市場。在本地化經營能力成熟時，進行第二階段，以「出口轉內銷」的方式打開當地市場。產業轉移的過程可為其他國家帶來投資、就業、技術、出口等機會，有助提升中國在全球的影響力和軟實力。在此背景下，香港具備國際商業網絡，配合正在發展的總部經濟，將可成為供應鏈管理中心，為中企提供金融、培訓人才和法律諮詢等專業服務。 香港大學亞洲全球研究院傑出研究員、國家金融監督管理總局國際諮詢委員、馬來西亞國庫控股集團前董事會成員、香港證監會前主席沈聯濤先生以「出海需新舟」為題，指出國內競爭激烈，歐美市場成熟，增量有限，反觀全球南方市場，包括佔全球人口和國內生產總值約40%的金磚國家，則具很大發展潛力。而且，新時代需要新融資模式，中國企業出海可以為全球南方市場提供資金，提高勞動力培訓，幫助其達到更高的收入水平。 溢達集團董事長楊敏德女士以「奮楫揚帆正當時」為題，道出了全球政經格局巨變是促使企業加快升級轉型、邁向高品質發展的契機。面對經濟高速增長背後隱藏的全球性資源危機，企業若能善用科技發展自動化和數字化，靈活運用在國內累積的科技能力和人才資源，定必能為企業以至行業創造巨大價值，更可推動可持續發展。 中國投資有限責任公司副總經理兼副首席投資官祁斌先生以「團結全球合作夥伴 助力中國企業走向世界」為題進行演講。他指出，中國企業走出去的過程，遇到很多的挑戰。企業需要秉持互利共贏的理念，建立與國際企業和金融機構的互信關係，共同面對全球化過程中的挑戰，並進一步發揮香港國際金融中心的作用，與世界同行。 全球化智庫創始人兼理事長、原國務院參事王輝耀教授圍繞「再全球化的機遇與挑戰」一題，提出中國企業在「走出去」的過程中，應宏觀地理解國際關係、氣候變化等全球治理課題。在中國於各方面提升與外國的關係和合作的同時，香港則應持更開放態度去擔任「超級連繫人」的角色。 港大經管學院副院長（對外事務）及香港大學亞洲環球研究所總監鄧希煒教授就「中企出海破壁之路」為題，指出全球化正在演變，變得更區域化、以服務為導向和更數字化。在地緣政治影響下，中企出海的重心將轉移至全球南方市場，過程須考慮到文化差異和著重本地化。 論壇當天亦進行了兩場圓桌討論環節，深入探討香港作為跨國供應鏈管理中心及在推動Web3、數字化轉型的角色。講者們在「構建香港為跨國供應鏈管理中心」的圓桌會議中，提到企業出海的成功之道在於本地化，包括了解當地政府和法規、夥拍當地信譽良好的合作夥伴和聘用當地人才，並指出香港的優勢在於其穩健的國際網絡和債券市場，是促進人民幣國際化的重要一環。另外，講者們在第二場名為「布局香港雁形出海 迎浪造潮尋再增長機遇」的圓桌會議中提到，香港可在金融基礎建設方面提供一個高效、實時、透明的平台，支持中企發展跨境貿易和跨境支付，甚至將供應鏈結合區塊鏈，應用智能合約去加快和加強驗證流程，繼續發揮其國際金融中心的優勢。 港大經管學院領航論壇為「領航工程｜戰略企業家項目」課程的延伸，該課程由港大經管學院及國家發展和改革委員會國際合作中心共同發起，旨在透過主題課程、深度研訪、課題共研、問題解決、成果共享的方式，幫助企業家學員認清世界變局，融入國家戰略，推動實業科創興邦。 圖片 港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭。 國家發展和改革委員會國際合作中心副主任付保宗主任致歡迎辭。 馮氏集團主席、利豐有限公司榮譽主席及香港大學亞洲環球硏究所主席馮國經博士發表主旨演講。 香港大學亞洲全球研究院傑出研究員、國家金融監督管理總局國際諮詢委員、馬來西亞國庫控股集團前董事會成員、香港證監會前主席沈聯濤先生發表主題演講。 溢達集團董事長楊敏德女士發表主題演講。 中國投資有限責任公司副總經理兼副首席投資官祁斌先生發表主題演講。 全球化智庫創始人兼理事長、原國務院參事王輝耀教授發表主題演講。 港大經管學院副院長（對外事務）及香港大學亞洲環球研究所總監鄧希煒教授發表主題演講。 （左二起）香港金融管理局副總裁陳維民先生；富衛集團主席兼獨立非執行董事、香港特區政府前商務及經濟發展局局長、前財經事務及庫務局局長馬時亨教授；溢達集團董事長楊敏德女士，以及貨拉拉首席運營官盧家培先生進行以「構建香港為跨國供應鏈管理中心」為題的圓桌會議，由港大經管學院副院長（對外事務）及香港大學亞洲環球研究所總監鄧希煒教授（左一）主持。 （左二起）香港大學協理副校長、港大經管學院副院長（研究與知識交流）及金融學講座教授林晨教授；中國投資有限責任公司副總經理兼副首席投資官祁斌先生；國家發展和改革委員會國際合作中心副主任付保宗主任，以及全球化智庫創始人兼理事長、原國務院參事王輝耀教授進行以「布局香港雁形出海 迎浪造潮尋再增長機遇」為題的圓桌會議，由原鳳凰衛視主持人謝亞芳女士（左一）主持。 論壇於香港大學本部陸佑堂舉行，共吸引近400位工商界領袖、企業家及傑出學者出席。 請按此下載高清圖片。
- [Empowering Connections: Launch of the new alumni district network in North China](https://www.hkubs.hku.hk/sc/media/school-news/empowering-connections-launch-of-the-new-alumni-district-network-in-north-china/) - On September 1, the HKU Business School held the distinguished Beijing Forum at the HKU Beijing Centre. The event drew over 200 esteemed guests, professors, students, and alumni, culminating with the inaugural dinner of the HKU Business School North China Alumni Network. This significant occasion marked the official establishment of the HKU Business School North
- [Empowering Connections: Launch of the new alumni district network in North China](https://www.hkubs.hku.hk/sc/media/school-news/empowering-connections-launch-of-the-new-alumni-district-network-in-north-china/) - On September 1, the HKU Business School held the distinguished Beijing Forum at the HKU Beijing Centre. The event drew over 200 esteemed guests, professors, students, and alumni, culminating with the inaugural dinner of the HKU Business School North China Alumni Network. This significant occasion marked the official establishment of the HKU Business School North
- [Empowering Connections: Launch of the new alumni district network in North China](https://www.hkubs.hku.hk/sc/media/school-news/empowering-connections-launch-of-the-new-alumni-district-network-in-north-china/) - On September 1, the HKU Business School held the distinguished Beijing Forum at the HKU Beijing Centre. The event drew over 200 esteemed guests, professors, students, and alumni, culminating with the inaugural dinner of the HKU Business School North China Alumni Network. This significant occasion marked the official establishment of the HKU Business School North
- [Distinguished HKU Business School Professors Awarded Grants by China’s National Natural Science Fund](https://www.hkubs.hku.hk/sc/media/school-news/distinguished-hku-business-school-professors-awarded-grants-by-chinas-national-natural-science-fund/) - National Natural Science Fund by the National Natural Science Foundation of China (NSFC) is widely recognised as one of the main efforts to support basic research in China, and the success of research projects being awarded by the fund is a key indicator of an institution's academic prowess and research strength. We are delighted to
- [港大经管学院4位学者荣获国家自然科学基金支持](https://www.hkubs.hku.hk/sc/media/school-news/distinguished-hku-business-school-professors-awarded-grants-by-chinas-national-natural-science-fund/) - 国家自然科学基金是中国支持基础研究的 “主渠道” ，其获准项目情况是衡量高校学术水平和科研实力的重要标志之一。港大经管学院今年取得亮眼成绩，4位杰出学者的研究项目获国家自然科学基金拨款资助， 其中包括 “国家杰出青年科学基金” 、 “优秀青年科学基金” 和 “青年科学基金” 的项目资助。这无疑是对学院在基础研究领域卓越实力的有力肯定。
- [港大經管學院4位學者榮獲國家自然科學基金支持](https://www.hkubs.hku.hk/sc/media/school-news/distinguished-hku-business-school-professors-awarded-grants-by-chinas-national-natural-science-fund/) - 國家自然科學基金是中國支持基礎研究的 “主渠道” ，其獲准項目情況是衡量高校學術水平和科研實力的重要標誌之一。港大經管學院今年取得亮眼成績，4位傑出學者的研究項目獲國家自然科學基金撥款資助， 其中包括 “國家傑出青年科學基金” 、 “優秀青年科學基金” 和 “青年科學基金” 的項目資助。這無疑是對學院在基礎研究領域卓越實力的有力肯定。
- [恭喜何国俊教授荣获2023-24年度「学院杰出研究学者奖」](https://www.hkubs.hku.hk/sc/media/school-news/professor-guojun-he-awarded-the-faculty-outstanding-researcher-award-2023-24/) - 恭喜何国俊教授荣获2023-24年度「学院杰出研究学者奖」！?何教授是主要从事环境与发展经济学方面的研究的经济学家。现任香港大学经济学教授，亦同时担任香港大学赛马会环球企业可持续发展研究所所长和香港大学中国经济研究所副所长。过去五年，何国俊教授已有四篇高水准研究获刊登于国际顶尖学术期刊，成就备受肯定。
- [恭喜何國俊教授榮獲2023-24年度「學院傑出研究學者獎」](https://www.hkubs.hku.hk/sc/media/school-news/professor-guojun-he-awarded-the-faculty-outstanding-researcher-award-2023-24/) - 恭喜何國俊教授榮獲2023-24年度「學院傑出研究學者獎」！?何教授是主要從事環境與發展經濟學方面的研究的經濟學家。現任香港大學經濟學教授，亦同時擔任香港大學賽馬會環球企業可持續發展研究所所長和香港大學中國經濟研究所副所長。過去五年，何國俊教授已有四篇高水準研究獲刊登於國際頂尖學術期刊，成就備受肯定。
- [Professor Guojun He Awarded the Faculty Outstanding Researcher Award 2023-24](https://www.hkubs.hku.hk/sc/media/school-news/professor-guojun-he-awarded-the-faculty-outstanding-researcher-award-2023-24/) - This year's Faculty Outstanding Researcher Award goes to Professor Guojun He, an esteemed scholar in Environmental Economics! Professor He is a leading scholar specialising in Environmental Economics. His research aims to address some of the most challenging problems faced by developing countries and seeks to produce empirically grounded estimates for optimal policy design. His research accomplishments
- [A Warm Welcome to Undergraduate Freshmen of the 2024-25 Intake and Incoming Exchange Students at HKU Business School](https://www.hkubs.hku.hk/sc/media/school-news/a-warm-welcome-to-undergraduate-freshmen-of-the-2024-25-intake-and-incoming-exchange-students-at-hku-business-school/) - In celebration of the commencement of the new academic year, HKU Business School is fully prepared to greet the undergraduate freshmen of the 2024-25 intake and incoming exchange students with a diverse range of engaging and informative orientation activities commencing in mid-August 2024. August 19 | Faculty Academic Induction Talk: Serving as the official welcome
- [A Warm Welcome to Undergraduate Freshmen of the 2024-25 Intake and Incoming Exchange Students at HKU Business School](https://www.hkubs.hku.hk/sc/media/school-news/a-warm-welcome-to-undergraduate-freshmen-of-the-2024-25-intake-and-incoming-exchange-students-at-hku-business-school/) - In celebration of the commencement of the new academic year, HKU Business School is fully prepared to greet the undergraduate freshmen of the 2024-25 intake and incoming exchange students with a diverse range of engaging and informative orientation activities commencing in mid-August 2024. August 19 | Faculty Academic Induction Talk: Serving as the official welcome
- [A Warm Welcome to Undergraduate Freshmen of the 2024-25 Intake and Incoming Exchange Students at HKU Business School](https://www.hkubs.hku.hk/sc/media/school-news/a-warm-welcome-to-undergraduate-freshmen-of-the-2024-25-intake-and-incoming-exchange-students-at-hku-business-school/) - In celebration of the commencement of the new academic year, HKU Business School is fully prepared to greet the undergraduate freshmen of the 2024-25 intake and incoming exchange students with a diverse range of engaging and informative orientation activities commencing in mid-August 2024. August 19 | Faculty Academic Induction Talk: Serving as the official welcome
- [香港大学越南办事处与胡志明市经济大学及胡志明市银行大学签订合作备忘录](https://www.hkubs.hku.hk/sc/media/school-news/hku-vietnam-signed-mous-with-the-university-of-economics-ho-chi-minh-city-and-the-ho-chi-minh-university-of-banking/)
- [香港大學越南辦事處與胡志明市經濟大學及胡志明市銀行大學簽訂合作備忘錄](https://www.hkubs.hku.hk/sc/media/school-news/hku-vietnam-signed-mous-with-the-university-of-economics-ho-chi-minh-city-and-the-ho-chi-minh-university-of-banking/)
- [HKU Vietnam signed MOUs with the University of Economics Ho Chi Minh City and the Ho Chi Minh University of Banking](https://www.hkubs.hku.hk/sc/media/school-news/hku-vietnam-signed-mous-with-the-university-of-economics-ho-chi-minh-city-and-the-ho-chi-minh-university-of-banking/)
- [港大经管学院“未来领袖奖学金计划”  表扬逾百名学术成绩卓越的本地学生](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-schools-future-leader-scholarship-programme-honours-academic-excellence-of-over-100-local-students/) - (2024年9月5日，香港) 港大经管学院一直致力培育新一代成为更全面及具前瞻性的领袖，举办了第三届“未来领袖奖学金计划”（简称“计划”）（Future Leader Scholarship Programme），表扬104名学术成绩表现卓越的本地本科生，旨在为学生提供所需资源，扩阔他们的知识领域，增强竞争力，为他们未来的事业发展奠定基础。 该计划连续三年获得港大经管学院长期合作伙伴和社会领袖的支持，包括但不限于AKwok Charitable Fund、中银集团人寿保险有限公司、陈上智先生及其家族、The Fan Family Charitable Trust、潘燊昌博士及万方家族办公室。每位获选的全日制三、四年级本地本科生可获颁发港币20,000元的一次性奖学金，以肯定他们卓越的学术成就，并鼓励他们参与各种课外学习活动。 港大经管学院对去年获颁奖学金的学生进行调查，结果显示，学生运用奖学金参与了多项课堂以外的学习活动。当中41%学生进行实习、38%参加海外交流计划、27%参与课外活动，以及13%报考专业考试。调查结果显示，大部份学生利用奖学金来促进个人发展，以充分准备迎接未来的挑战。 港大经管学院院长蔡洪滨教授表示：“适逢‘未来领袖奖学金计划’三周年之际，我们很高兴已有超过300 名学生从计划中受益。我们衷心感谢多位商界翘楚的慷慨支持，使计划成为港大经管学院规模最大的奖学金。这项计划不仅体现了香港商界领袖的热忱，也反映了学院致力为香港的未来培养人才的坚定承诺。 ” 港大经管学院一直致力成为具全球影响力和领先的商业和经济学术机构，并透过如“未来领袖奖学金计划”等不同项目，为世界培育带来正面影响的未来领袖。 图片 港大经管学院举办第三届“未来领袖奖学金计划”，表扬104名学术成绩表现卓越的本地本科生 请按此下载高清图片。
- [港大經管學院「未來領袖獎學金計劃」  表揚逾百名學術成績卓越的本地學生](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-schools-future-leader-scholarship-programme-honours-academic-excellence-of-over-100-local-students/) - (2024年9月5日，香港) 港大經管學院一直致力培育新一代成為更全面及具前瞻性的領袖，舉辦了第三屆「未來領袖獎學金計劃」（簡稱「計劃」）（Future Leader Scholarship Programme），表揚104名學術成績表現卓越的本地本科生，旨在為學生提供所需資源，擴闊他們的知識領域，增強競爭力，為他們未來的事業發展奠定基礎。 該計劃連續三年獲得港大經管學院長期合作夥伴和社會領袖的支持，包括但不限於AKwok Charitable Fund、中銀集團人壽保險有限公司、陳上智先生及其家族、The Fan Family Charitable Trust、潘燊昌博士及萬方家族辦公室。每位獲選的全日制三、四年級本地本科生可獲頒發港幣20,000元的一次性獎學金，以肯定他們卓越的學術成就，並鼓勵他們參與各種課外學習活動。 港大經管學院對去年獲頒獎學金的學生進行調查，結果顯示，學生運用獎學金參與了多項課堂以外的學習活動。當中41%學生進行實習、38%參加海外交流計劃、27%參與課外活動，以及13%報考專業考試。調查結果顯示，大部份學生利用獎學金來促進個人發展，以充分準備迎接未來的挑戰。 港大經管學院院長蔡洪濱教授表示：「適逢『未來領袖獎學金計劃』三週年之際，我們很高興已有超過300 名學生從計劃中受益。我們衷心感謝多位商界翹楚的慷慨支持，使計劃成為港大經管學院規模最大的獎學金。這項計劃不僅體現了香港商界領袖的熱忱，也反映了學院致力為香港的未來培養人才的堅定承諾。 」 港大經管學院一直致力成為具全球影響力和領先的商業和經濟學術機構，並透過如「未來領袖獎學金計劃」等不同項目，為世界培育帶來正面影響的未來領袖。 圖片 港大經管學院舉辦第三屆「未來領袖獎學金計劃」，表揚104名學術成績表現卓越的本地本科生 請按此下載高清圖片。
- [HKU Business School’s Future Leader Scholarship Programme  honours academic excellence of over 100 local students](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-schools-future-leader-scholarship-programme-honours-academic-excellence-of-over-100-local-students/) - (5 September, 2024, Hong Kong) HKU Business School awards the third year of the Future Leader Scholarship Programme, recognising 104 outstanding local undergraduates of the School. The annual programme aims to empower students by providing the resources needed to expand their knowledge and bolster their competitiveness for future career success. It also manifests HKU Business School's
- [Prof. Roni Michaely wins the Pagano and Zechner Award for the Best Non-investment Paper in the Review of Finance](https://www.hkubs.hku.hk/sc/media/school-news/prof-roni-michaely-wins-the-pagano-and-zechner-award-for-the-best-non-investment-paper-in-the-review-of-finance/) - Congratulations! Prof. Roni Michaely and co-authors’ research “Does Socially Responsible Investing Change Firm Behaviour?”, won the Pagano and Zechner Award for the Best Non-investment Paper published in the Review of Finance. The research highlights the need for alternative approaches to socially responsible investing and potential regulatory responses to ensure that SRI funds deliver on their
- [Prof. Roni Michaely wins the Pagano and Zechner Award for the Best Non-investment Paper in the Review of Finance](https://www.hkubs.hku.hk/sc/media/school-news/prof-roni-michaely-wins-the-pagano-and-zechner-award-for-the-best-non-investment-paper-in-the-review-of-finance/) - Congratulations! Prof. Roni Michaely and co-authors’ research “Does Socially Responsible Investing Change Firm Behaviour?”, won the Pagano and Zechner Award for the Best Non-investment Paper published in the Review of Finance. The research highlights the need for alternative approaches to socially responsible investing and potential regulatory responses to ensure that SRI funds deliver on their
- [Prof. Roni Michaely wins the Pagano and Zechner Award for the Best Non-investment Paper in the Review of Finance](https://www.hkubs.hku.hk/sc/media/school-news/prof-roni-michaely-wins-the-pagano-and-zechner-award-for-the-best-non-investment-paper-in-the-review-of-finance/) - Congratulations! Prof. Roni Michaely and co-authors’ research “Does Socially Responsible Investing Change Firm Behaviour?”, won the Pagano and Zechner Award for the Best Non-investment Paper published in the Review of Finance. The research highlights the need for alternative approaches to socially responsible investing and potential regulatory responses to ensure that SRI funds deliver on their
- [HKGCC Business Case Competition 2023/24](https://www.hkubs.hku.hk/sc/media/school-news/hkgcc-business-case-competition-2023-24/) - The HKGCC Business Case Competition is an annual competition hosted by Hong Kong General Chamber of Commerce (HKGCC). The competition aims to foster the sharing of ideas between tertiary students and businesses and to motivate students to apply the skills and knowledge learned in class to develop solutions for real-life business challenges. This year’s
- [HKGCC Business Case Competition 2023/24](https://www.hkubs.hku.hk/sc/media/school-news/hkgcc-business-case-competition-2023-24/) - The HKGCC Business Case Competition is an annual competition hosted by Hong Kong General Chamber of Commerce (HKGCC). The competition aims to foster the sharing of ideas between tertiary students and businesses and to motivate students to apply the skills and knowledge learned in class to develop solutions for real-life business challenges. This year’s
- [HKGCC Business Case Competition 2023/24](https://www.hkubs.hku.hk/sc/media/school-news/hkgcc-business-case-competition-2023-24/) - The HKGCC Business Case Competition is an annual competition hosted by Hong Kong General Chamber of Commerce (HKGCC). The competition aims to foster the sharing of ideas between tertiary students and businesses and to motivate students to apply the skills and knowledge learned in class to develop solutions for real-life business challenges. This year’s
- [Cross-Strait Hong Kong and Macao Logistics and Supply Chain Management Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/cross-strait-hong-kong-and-macao-logistic-and-supply-chain-management-case-competition-2024/) - Congratulations to our students for winning 2nd Runner-up in the Cross-Strait Hong Kong and Macao Logistics and Supply Chain Management Case Competition 2024! The competition, co-organised by the China Chamber of International Commerce and the Department of Statistics and Actuarial Science of The University of Hong Kong, aims to bolster the advancement of contemporary logistics
- [Cross-Strait Hong Kong and Macao Logistics and Supply Chain Management Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/cross-strait-hong-kong-and-macao-logistic-and-supply-chain-management-case-competition-2024/) - Congratulations to our students for winning 2nd Runner-up in the Cross-Strait Hong Kong and Macao Logistics and Supply Chain Management Case Competition 2024! The competition, co-organised by the China Chamber of International Commerce and the Department of Statistics and Actuarial Science of The University of Hong Kong, aims to bolster the advancement of contemporary logistics
- [Cross-Strait Hong Kong and Macao Logistics and Supply Chain Management Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/cross-strait-hong-kong-and-macao-logistic-and-supply-chain-management-case-competition-2024/) - Congratulations to our students for winning 2nd Runner-up in the Cross-Strait Hong Kong and Macao Logistics and Supply Chain Management Case Competition 2024! The competition, co-organised by the China Chamber of International Commerce and the Department of Statistics and Actuarial Science of The University of Hong Kong, aims to bolster the advancement of contemporary logistics
- [Celebrating a Decade of Quantitative History in China](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-a-decade-of-quantitative-history-in-china/) - The Summer School for Quantitative History cum International Symposium, a cross-institutional effort initiated by Prof. Zhiwu Chen in 2013, trains aspiring young researchers from various disciplines to become successful scholars in the rapidly growing field of quantitative history, with a focus on China. This summer, the project team members and advisory board members of the
- [JUSWIS 2024: An inspirational gathering of the world’s top minds in Information Systems research](https://www.hkubs.hku.hk/sc/media/school-news/juswis-2024-an-inspirational-gathering-of-the-worlds-top-minds-in-information-systems-research/) - The Joint University Summer Workshop on Information Systems (JUSWIS) 2024, held from July 7th to July 10th, was a resounding success, bringing together leading academics, researchers, and students from across the globe. Hosted at HKU, the workshop featured a dynamic lineup of keynote speeches, breakout sessions, and collaborative discussions that spanned a wide range of
- [JUSWIS 2024: An inspirational gathering of the world’s top minds in Information Systems research](https://www.hkubs.hku.hk/sc/media/school-news/juswis-2024-an-inspirational-gathering-of-the-worlds-top-minds-in-information-systems-research/) - The Joint University Summer Workshop on Information Systems (JUSWIS) 2024, held from July 7th to July 10th, was a resounding success, bringing together leading academics, researchers, and students from across the globe. Hosted at HKU, the workshop featured a dynamic lineup of keynote speeches, breakout sessions, and collaborative discussions that spanned a wide range of
- [JUSWIS 2024: An inspirational gathering of the world’s top minds in Information Systems research](https://www.hkubs.hku.hk/sc/media/school-news/juswis-2024-an-inspirational-gathering-of-the-worlds-top-minds-in-information-systems-research/) - The Joint University Summer Workshop on Information Systems (JUSWIS) 2024, held from July 7th to July 10th, was a resounding success, bringing together leading academics, researchers, and students from across the globe. Hosted at HKU, the workshop featured a dynamic lineup of keynote speeches, breakout sessions, and collaborative discussions that spanned a wide range of
- [Deloitte Digital Camp 2024](https://www.hkubs.hku.hk/sc/media/school-news/deloitte-digital-camp-2024/) - Congratulations to our student for winning the Second Place in Deloitte Digital Camp 2024! The Deloitte Digital Camp 2024 is a global competition organised by Deloitte with the aim to inspire and equip future talent with skills to thrive in an ever-evolving business landscape. In the first round, participants delved deep into their chosen topics
- [Deloitte Digital Camp 2024](https://www.hkubs.hku.hk/sc/media/school-news/deloitte-digital-camp-2024/) - Congratulations to our student for winning the Second Place in Deloitte Digital Camp 2024! The Deloitte Digital Camp 2024 is a global competition organised by Deloitte with the aim to inspire and equip future talent with skills to thrive in an ever-evolving business landscape. In the first round, participants delved deep into their chosen topics
- [Deloitte Digital Camp 2024](https://www.hkubs.hku.hk/sc/media/school-news/deloitte-digital-camp-2024/) - Congratulations to our student for winning the Second Place in Deloitte Digital Camp 2024! The Deloitte Digital Camp 2024 is a global competition organised by Deloitte with the aim to inspire and equip future talent with skills to thrive in an ever-evolving business landscape. In the first round, participants delved deep into their chosen topics
- [Deloitte USHINE Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/deloitte-ushine-case-competition-2024/) - Congratulations to our students for winning the Champion in Deloitte USHINE Case Competition! The Deloitte USHINE Case Competition is organised by Deloitte which aims to provide a platform for the next generation of young talents to showcase their innovative business solutions. This year's competition focused on the Chinese Cosmetics Market, challenging participants to submit a
- [Deloitte USHINE Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/deloitte-ushine-case-competition-2024/) - Congratulations to our students for winning the Champion in Deloitte USHINE Case Competition! The Deloitte USHINE Case Competition is organised by Deloitte which aims to provide a platform for the next generation of young talents to showcase their innovative business solutions. This year's competition focused on the Chinese Cosmetics Market, challenging participants to submit a
- [Deloitte USHINE Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/deloitte-ushine-case-competition-2024/) - Congratulations to our students for winning the Champion in Deloitte USHINE Case Competition! The Deloitte USHINE Case Competition is organised by Deloitte which aims to provide a platform for the next generation of young talents to showcase their innovative business solutions. This year's competition focused on the Chinese Cosmetics Market, challenging participants to submit a
- [庆祝中国量化历史研究十周年](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-a-decade-of-quantitative-history-in-china/) - The Summer School for Quantitative History cum International Symposium, a cross-institutional effort initiated by Prof. Zhiwu Chen in 2013, trains aspiring young researchers from various disciplines to become successful scholars in the rapidly growing field of quantitative history, with a focus on China. This summer, the project team members and advisory board members of the
- [慶祝中國量化歷史研究十周年](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-a-decade-of-quantitative-history-in-china/) - The Summer School for Quantitative History cum International Symposium, a cross-institutional effort initiated by Prof. Zhiwu Chen in 2013, trains aspiring young researchers from various disciplines to become successful scholars in the rapidly growing field of quantitative history, with a focus on China. This summer, the project team members and advisory board members of the
- [Conference on Digital Innovation and Transformation in the Age of AI](https://www.hkubs.hku.hk/sc/media/school-news/conference-on-digital-innovation-and-transformation-in-the-age-of-ai/) - The Conference on Digital Innovation and Transformation in the Age of AI was successfully held on July 12, 2024, at HKU-iCube. Hosted by the HKU Business School’s Institute of Digital Economy and Innovation (IDEI) and the Area of Innovation and Information Management (IIM), the event brought together over 50 researchers, professionals, and industry experts. Participants
- [Conference on Digital Innovation and Transformation in the Age of AI](https://www.hkubs.hku.hk/sc/media/school-news/conference-on-digital-innovation-and-transformation-in-the-age-of-ai/) - The Conference on Digital Innovation and Transformation in the Age of AI was successfully held on July 12, 2024, at HKU-iCube. Hosted by the HKU Business School’s Institute of Digital Economy and Innovation (IDEI) and the Area of Innovation and Information Management (IIM), the event brought together over 50 researchers, professionals, and industry experts. Participants
- [Conference on Digital Innovation and Transformation in the Age of AI](https://www.hkubs.hku.hk/sc/media/school-news/conference-on-digital-innovation-and-transformation-in-the-age-of-ai/) - The Conference on Digital Innovation and Transformation in the Age of AI was successfully held on July 12, 2024, at HKU-iCube. Hosted by the HKU Business School’s Institute of Digital Economy and Innovation (IDEI) and the Area of Innovation and Information Management (IIM), the event brought together over 50 researchers, professionals, and industry experts. Participants
- [港大经管学院与德勤中国合作培育未来商业人才    把握香港和大湾区的新兴商机](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-and-deloitte-china-collaborate-to-nurture-future-talent-for-emerging-business-opportunities-in-hong-kong-and-greater-bay-area/) - （2024年8月14日，香港）港大经管学院与德勤中国宣布签订合作备忘录，透过学院与企业之间的合作，共同培育未来商界人才，把握香港和大湾区不断增长的商机。 港大经管学院副院长（本科）陈国荣教授以及德勤中国华南区主管合伙人欧振兴先生代表签署合作备忘录，并由港大经管学院助理院长（本科）梁小菁教授、港大经管学院会计及法学学术领域主任王鑫教授、港大经管学院工商管理学学士（会计及财务、会计数据分析）课程总监陈谦丽教授、港大经管学院工商管理学学士（会计及财务、会计数据分析）课程副总监、新生遴选委员Derrald STICE教授、港大经管学院传讯主管林羽女士、德勤中国副主席施能自博士、德勤中国税务合伙人及华南区人才主管合伙人石咏文女士、德勤中国信息技术审计与鉴证合伙人陈逸文先生、德勤中国华南区人力资源总监梁咏心女士，以及德勤中国华南区主管合伙人办公室高级经理杜卓贤先生，共同见证签署仪式。 陈国荣教授表示：「是次与德勤中国签订合作备忘录不仅代表了我们将展开多方面的紧密合作，也标志着亚洲顶尖大学与会计业翘楚携手实践抱负，培养学生具备学术知识及专业技能，以应对世界的挑战，共同塑造引领未来的商业领袖。」他补充：「我深信这次合作将带来协同效应，有助于我们的学生准备好面对未来的挑战和把握机遇，同时，也能为整个行业持续提供具备良好操守的专业人才。」 是次合作包括举办师友计划和交流会，由具备丰富经验的德勤专业人士为学生提供指导，令学生了解业界的实际信息，以驾驭瞬息万变的商业环境。此外，双方将透过实习计划、商业实践以及为毕业生提供招聘机会等方式开展紧密合作，让学生有更多机会亲身接触德勤的本地和地区业务，为他们的就业发展提供支持。 欧振兴先生表示：「作为立足本土、连接全球的专业服务机构，德勤与港大经管学院抱有相同的愿景，致力于栽培优秀的商业领袖。在『跃动香港』战略驱动下，我们积极培育具备『迎接未来能力』的专业人才，以支持香港及大湾区的发展。通过结合德勤中国和香港大学的优势，我们将赋能本地新一代人才，共同构建面向未来的专业人才库，为进一步巩固和提升香港国际金融中心的地位作出贡献。」 港大经管学院位居亚洲顶尖商学院之列，汇聚全球各地杰出学者。学院致力于培育出色的商业领袖，并推动对亚洲为主导的新兴经济体具影响力的学术研究。 港大经管学院的国际网络已延伸至深圳、北京、越南和以色列。来自22个不同国籍的190多名教授为学生传授环球知识和带来多元化的学习体验。学院将秉持致力提供教育和服务社会的抱负，继续在本地、亚太区乃至全球培育领袖人才和促进社会进步。 图片 港大经管学院副院长（本科）陈国荣教授（左）以及德勤中国华南区主管合伙人欧振兴先生（右）代表签署合作备忘录 （由左至右）港大经管学院传讯主管林羽女士、港大经管学院工商管理学学士（会计及财务、会计数据分析）课程副总监、新生遴选委员Derrald STICE教授、港大经管学院会计及法学学术领域主任王鑫教授、港大经管学院工商管理学学士（会计及财务、会计数据分析）课程总监陈谦丽教授、港大经管学院助理院长（本科）梁小菁教授、港大经管学院副院长（本科）陈国荣教授、德勤中国华南区主管合伙人欧振兴先生、德勤中国副主席施能自博士、德勤中国税务合伙人及华南区人才主管合伙人石咏文女士、德勤中国信息技术审计与鉴证合伙人陈逸文先生、德勤中国华南区人力资源总监梁咏心女士、德勤中国华南区主管合伙人办公室高级经理杜卓贤先生 港大经管学院副院长（本科）陈国荣教授致欢迎辞，强调港大经管学院与德勤中国携手合作将为学生提供必要的技能和知识，助其在瞬息万变的商业环境中茁壮成长。 德勤中国华南区主管合伙人欧振兴先生致辞时表示，是次德勤中国与港大经管学院的合作别具意义，他由衷感谢并有信心是次携手合作将为双方缔造互利的新里程。 请按此下载高清图片。
- [港大經管學院與德勤中國合作培育未來商業人才    把握香港和大灣區的新興商機](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-and-deloitte-china-collaborate-to-nurture-future-talent-for-emerging-business-opportunities-in-hong-kong-and-greater-bay-area/) - （2024年8月14日，香港）港大經管學院與德勤中國宣布簽訂合作備忘錄，透過學院與企業之間的合作，共同培育未來商界人才，把握香港和大灣區不斷增長的商機。 港大經管學院副院長（本科）陳國榮教授以及德勤中國華南區主管合夥人歐振興先生代表簽署合作備忘錄，並由港大經管學院助理院長（本科）梁小菁教授、港大經管學院會計及法學學術領域主任王鑫教授、港大經管學院工商管理學學士（會計及財務、會計數據分析）課程總監陳謙麗教授、港大經管學院工商管理學學士（會計及財務、會計數據分析）課程副總監、新生遴選委員Derrald STICE教授、港大經管學院傳訊主管林羽女士、德勤中國副主席施能自博士、德勤中國稅務合夥人及華南區人才主管合夥人石詠文女士、德勤中國信息技術審計與鑒證合夥人陳逸文先生、德勤中國華南區人力資源總監梁詠心女士，以及德勤中國華南區主管合夥人辦公室高級經理杜卓賢先生，共同見證簽署儀式。 陳國榮教授表示：「是次與德勤中國簽訂合作備忘錄不僅代表了我們將展開多方面的緊密合作，也標誌著亞洲頂尖大學與會計業翹楚攜手實踐抱負，培養學生具備學術知識及專業技能，以應對世界的挑戰，共同塑造引領未來的商業領袖。」他補充：「我深信這次合作將帶來協同效應，有助於我們的學生準備好面對未來的挑戰和把握機遇，同時，也能為整個行業持續提供具備良好操守的專業人才。」 是次合作包括舉辦師友計劃和交流會，由具備豐富經驗的德勤專業人士為學生提供指導，令學生了解業界的實際資訊，以駕馭瞬息萬變的商業環境。此外，雙方將透過實習計劃、商業實踐以及為畢業生提供招聘機會等方式開展緊密合作，讓學生有更多機會親身接觸德勤的本地和地區業務，為他們的就業發展提供支援。 歐振興先生表示：「作為立足本土、連接全球的專業服務機構，德勤與港大經管學院抱有相同的願景，致力於栽培優秀的商業領袖。在『躍動香港』戰略驅動下，我們積極培育具備『迎接未來能力』的專業人才，以支持香港及大灣區的發展。通過結合德勤中國和香港大學的優勢，我們將賦能本地新一代人才，共同構建面向未來的專業人才庫，為進一步鞏固和提升香港國際金融中心的地位作出貢獻。」 港大經管學院位居亞洲頂尖商學院之列，匯聚全球各地傑出學者。學院致力於培育出色的商業領袖，並推動對亞洲為主導的新興經濟體具影響力的學術研究。 港大經管學院的國際網絡已延伸至深圳、北京、越南和以色列。來自22個不同國籍的190多名教授為學生傳授環球知識和帶來多元化的學習體驗。學院將秉持致力提供教育和服務社會的抱負，繼續在本地、亞太區乃至全球培育領袖人才和促進社會進步。 圖片 港大經管學院副院長（本科）陳國榮教授（左）以及德勤中國華南區主管合夥人歐振興先生（右）代表簽署合作備忘錄 （由左至右）港大經管學院傳訊主管林羽女士、港大經管學院工商管理學學士（會計及財務、會計數據分析）課程副總監、新生遴選委員Derrald STICE教授、港大經管學院會計及法學學術領域主任王鑫教授、港大經管學院工商管理學學士（會計及財務、會計數據分析）課程總監陳謙麗教授、港大經管學院助理院長（本科）梁小菁教授、港大經管學院副院長（本科）陳國榮教授、德勤中國華南區主管合夥人歐振興先生、德勤中國副主席施能自博士、德勤中國稅務合夥人及華南區人才主管合夥人石詠文女士、德勤中國信息技術審計與鑒證合夥人陳逸文先生、德勤中國華南區人力資源總監梁詠心女士、德勤中國華南區主管合夥人辦公室高級經理杜卓賢先生 港大經管學院副院長（本科）陳國榮教授致歡迎辭，強調港大經管學院與德勤中國攜手合作將為學生提供必要的技能和知識，助其在瞬息萬變的商業環境中茁壯成長。 德勤中國華南區主管合夥人歐振興先生致辭時表示，是次德勤中國與港大經管學院的合作別具意義，他由衷感謝並有信心是次攜手合作將為雙方締造互利的新里程。 請按此下載高清圖片。
- [HKU Business School and Deloitte China Collaborate to Nurture Future Talent for Emerging Business Opportunities in Hong Kong and Greater Bay Area](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-and-deloitte-china-collaborate-to-nurture-future-talent-for-emerging-business-opportunities-in-hong-kong-and-greater-bay-area/) - (14 August, 2024, Hong Kong) HKU Business School and Deloitte China announced the signing of a Memorandum of Understanding (“MoU”) to strengthen their academic and corporate collaborations, with the aim to nurture future generations for growing business opportunities in Hong Kong and the Greater Bay Area. Professor Derek CHAN, Associate Dean (Undergraduate) of HKU
- [Roni Michaely教授榮獲2024年金融研討會“最佳論文獎”](https://www.hkubs.hku.hk/sc/media/school-news/prof-roni-michaely-wins-the-best-research-paper-award-at-the-finance-symposium-2024/) - 衷心祝賀! 香港大學賽馬會 環球企業可持續發展研究所 聯席所長Roni Michaely教授榮獲 2024年金融研討會“最佳論文獎” (Best Paper Award, The Finance Symposium 2024) 該獎項由金融研討會科學委員會(The Scientific Committee, The Finance Symposium) 提名，於2024年7月24至27日在希臘羅多斯舉行的2024年國際同行評審金融研討會，由至少兩名同行評審員進行評審後，頒發予最高得分的研究論文。 獎項表彰了Roni Michaely教授在金融科學領域作出的傑出成就，彰顯了人工智慧科技，對解決金融理論前沿問題有顯著效果。 Roni Michaely教授的得獎論文《產生人工智慧創新和價值影響》 (Producing AI Innovation and Value Implications）記錄了AI在過去三十年間所產生的創新總量中所占的重要份額，並見到了持續增長的趨勢，科技目前已遍佈各個行業和技術領域。隨後，研究團隊對上市公司進行了分析，發現企業在其自身、其客戶、其員工接觸AI的激勵推動下，更多的將創新的題目導向AI。研究團隊對企業創新能力和其與AI的接觸進行外部交互，以衡量實際的AI生產量。研究主要發現，生產人工智慧會增加公司未來的股票回報，而更高的盈利能力和更低的風險則是其主要支撐因素。結果表明，生產人工智慧會增加公司價值。 再次祝賀Roni Michaely教授取得這一超卓成就！ THE FINANCE SYMPOSIUM 金融研討會針對金融理論新趨勢中的前沿問題提出新的解決方案，這些解決方案由學術界開發，並與國際從業人員的研究和行業實用經驗相結合。研討會亦大力支持學術界和實務界在金融科學方面的卓越成就，是次主題為金融及銀行，促使研究、演講和交易大廳從業人員的新觀點，能通過金融領域的各種特別會議得到廣泛性傳播。 機構簡介 香港大學賽馬會環球企業可持續發展研究所（HKU Jockey Club Enterprise Sustainability Global Research Institute）是香港大學與香港賽馬會之間的戰略合作專案，致力於建立一個全球一流的環境、社會和治理(ESG)最佳實踐中心，服務于香港、亞洲及更遠的地區。通過聚集來自不同領域的傑出全球學者，我們的使命是培育一種多學科的ESG研究和培訓方法，並與私營和公共部門建立夥伴關係，推動可持續發展宣導和負責任領導力倡議。 作為ESG研究的領先機構，我們致力於通過開創性研究、可行性見解、ESG指數開發、初創企業孵化和變革性專案創造有意義且持久的影響。我們的目標是為下一代ESG專業人士和領導者提供促進負責任和可持續增長所需的知識和技能。 在追求卓越的過程中，我們認識到合作和知識交流的重要性。我們致力於促進監管機構、企業、非政府組織和學術界之間的對話與合作，以確保ESG最佳實踐的發展和傳播。通過共同努力，我們的目標是塑造一個更加可持續、公平和負責任的未來，造福所有利益相關者。
- [Roni Michaely教授荣获2024年金融研讨会“最佳论文奖”](https://www.hkubs.hku.hk/sc/media/school-news/prof-roni-michaely-wins-the-best-research-paper-award-at-the-finance-symposium-2024/) - 衷心祝贺! 香港大学赛马会 环球企业可持续发展研究所 联席所长Roni Michaely教授荣获 2024年金融研讨会“最佳论文奖” (Best Paper Award, The Finance Symposium 2024) 该奖项由金融研讨会科学委员会(The Scientific Committee, The Finance Symposium) 提名，于2024年7月24至27日在希腊罗多斯举行的2024年国际同行评审金融研讨会，由至少两名同行评审员进行评审后，颁发予最高得分的研究论文。 奖项表彰了Roni Michaely教授在金融科学领域作出的杰出成就，彰显了人工智能科技，对解决金融理论前沿问题有显著效果。 Roni Michaely教授的得奖论文《产生人工智能创新和价值影响》 (Producing AI Innovation and Value Implications）记录了AI在过去三十年间所产生的创新总量中所占的重要份额，并见到了持续增长的趋势，科技目前已遍布各个行业和技术领域。随后，研究团队对上市公司进行了分析，发现企业在其自身、其客户、其员工接触AI的激励推动下，更多的将创新的题目导向AI。研究团队对企业创新能力和其与AI的接触进行外部交互，以衡量实际的AI生产量。研究主要发现，生产人工智能会增加公司未来的股票回报，而更高的盈利能力和更低的风险则是其主要支撑因素。结果表明，生产人工智能会增加公司价值。 再次祝贺Roni Michaely教授取得这一超卓成就！ THE FINANCE SYMPOSIUM 金融研讨会针对金融理论新趋势中的前沿问题提出新的解决方案，这些解决方案由学术界开发，并与国际从业人员的研究和行业实用经验相结合。研讨会亦大力支持学术界和实务界在金融科学方面的卓越成就，是次主题为金融及银行，促使研究、演讲和交易大厅从业人员的新观点，能通过金融领域的各种特别会议得到广泛性传播。 机构简介 香港大学赛马会环球企业可持续发展研究所（HKU Jockey Club Enterprise Sustainability Global Research Institute）是香港大学与香港赛马会之间的战略合作项目，致力于建立一个全球一流的环境、社会和治理(ESG)最佳实践中心，服务于香港、亚洲及更远的地区。通过聚集来自不同领域的杰出全球学者，我们的使命是培育一种多学科的ESG研究和培训方法，并与私营和公共部门建立伙伴关系，推动可持续发展倡导和负责任领导力倡议。 作为ESG研究的领先机构，我们致力于通过开创性研究、可行性见解、ESG指数开发、初创企业孵化和变革性项目创造有意义且持久的影响。我们的目标是为下一代ESG专业人士和领导者提供促进负责任和可持续增长所需的知识和技能。 在追求卓越的过程中，我们认识到合作和知识交流的重要性。我们致力于促进监管机构、企业、非政府组织和学术界之间的对话与合作，以确保ESG最佳实践的发展和传播。通过共同努力，我们的目标是塑造一个更加可持续、公平和负责任的未来，造福所有利益相关者。
- [Prof. Roni Michaely wins the best research paper award at the Finance Symposium 2024](https://www.hkubs.hku.hk/sc/media/school-news/prof-roni-michaely-wins-the-best-research-paper-award-at-the-finance-symposium-2024/) - Prof. Roni Michaely and coauthors’ research “Producing AI Innovation and Its Value Implications”, won the best research paper award at the Finance Symposium 2024. The research offers a roadmap for understanding the far-reaching impacts of the artificial intelligence (AI) revolution on innovation, corporate strategy, and firm value. By examining the activities of U.S. publicly traded
- [HKU Business School and Wynn Resorts (Macau) S.A. Sign an MoU to Cultivate Leaders and  Boost Professional Service Capabilities in Tourism Industry](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-and-wynn-resorts-macau-s-a-sign-an-mou-to-cultivate-leaders-and-boost-professional-service-capabilities-in-tourism-industry/) - HKU Business School and Wynn Resorts (Macau) S.A. signed a Memorandum of Understanding (MoU) to collaborate on nurturing industry leaders and elevating academic research in support of the tourism industry. The partnership marks an important milestone in strengthening collaboration between the academic and business sectors in the modern service industry. The MoU was jointly signed
- [HKU Business School and Wynn Resorts (Macau) S.A. Sign an MoU to Cultivate Leaders and  Boost Professional Service Capabilities in Tourism Industry](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-and-wynn-resorts-macau-s-a-sign-an-mou-to-cultivate-leaders-and-boost-professional-service-capabilities-in-tourism-industry/) - HKU Business School and Wynn Resorts (Macau) S.A. signed a Memorandum of Understanding (MoU) to collaborate on nurturing industry leaders and elevating academic research in support of the tourism industry. The partnership marks an important milestone in strengthening collaboration between the academic and business sectors in the modern service industry. The MoU was jointly signed
- [HKU Business School and Wynn Resorts (Macau) S.A. Sign an MoU to Cultivate Leaders and  Boost Professional Service Capabilities in Tourism Industry](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-and-wynn-resorts-macau-s-a-sign-an-mou-to-cultivate-leaders-and-boost-professional-service-capabilities-in-tourism-industry/) - HKU Business School and Wynn Resorts (Macau) S.A. signed a Memorandum of Understanding (MoU) to collaborate on nurturing industry leaders and elevating academic research in support of the tourism industry. The partnership marks an important milestone in strengthening collaboration between the academic and business sectors in the modern service industry. The MoU was jointly signed
- [HKU Business School 2024 China and Global Economic Forum Discusses the New Chapter of China’s Economy in Global Perspectives](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-2024-china-and-global-economic-forum-discusses-the-new-chapter-of-chinas-economy-in-global-perspectives/) - (23 July, 2024, Hong Kong) The 2024 China and Global Economic Forum – China’s Power and New Chapter of Global Economy: Development and Outlook, hosted by HKU Business School’s Institute of China Economy (ICE), in collaboration with China Macroeconomy Forum (CMF) of the Renmin University of China, concluded successfully on 20 July 2024. The Forum
- [港大经管学院举办2024 年中国与全球经济论坛 以环球视野剖析中国经济发展新篇章](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-2024-china-and-global-economic-forum-discusses-the-new-chapter-of-chinas-economy-in-global-perspectives/) - （2024年7月23日，香港）港大经管学院中国经济研究所（ICE）联同中国人民大学中国宏观经济论坛（CMF）于7月20日举办「2024 年中国与全球经济论坛 —— 中国力量与全球经济新篇章：发展与展望」。是次论坛云集了多位重量级经济学者和工商界领袖，联袂分析中国经济未来发展方向和应对潜在挑战的解决方案。一众讲者透过主题演讲及圆桌会议，就中国和全球经济金融等多个重要议题分享真知灼见，并与出席论坛的嘉宾共同探讨环球政经格局的变化下，中国与全球经济面临的新机遇及挑战。论坛由中国人民大学香港校友会联合举办，于香港大学本部黄丽松讲堂举行，全日共吸引近400位工商界领袖、杰出学者、校友和学生出席。 港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授致欢迎辞时表示：「香港和中国大陆的发展紧密相连，香港对中国大陆经济发展的各种趋势也是非常关注，因此，我相信这次论坛能够加强香港社会对中国重大社会经济发展趋势的理解，并对中国的繁荣发展作出重要贡献。我们非常荣幸这次与中国人民大学宏观经济论坛合作，为致力探讨中国经济政策的学术界和商界人士构建这个平台，让我们通过思想的碰撞交流，对中国经济问题有更加清晰的理解，为中国经济面临的各种挑战选择正确的政策取向，并理解政策背后的逻辑，继而推动形成全社会的共识。」 中国人民大学国家一级教授、中国经济研究所联席所长及中国宏观经济论坛联席主席杨瑞龙教授在论坛上发表了2024年中期CMF中国宏观经济分析与预测报告，报告以「『流量恢复』与『存量调整』下的中国宏观经济——2024年中国经济形势分析与展望」为题，阐释了2024年中国宏观经济值得关注的十大现象，并指出今年中国经济呈现前高后稳的格局，预期可以实现5% 的GDP增速。受宏观政策、房地产市场调整与改革方案三大因素的影响，他相信中国经济在今年下半年仍会「在曲折中前进」。杨瑞龙教授建议：「要实现预期增长，宜制定分阶段政策，短期集中需求管理，中期聚焦供给侧结构性改革，着力提高生产率，而长期则以实现高质量发展为目标。」 港大经管学院实务教授及中国宏观经济论坛联席主席毛振华教授亦发表了第三届香港大学中国经济季度论坛ICE中国经济报告，以「中国经济筑底复苏的政策选择」为题分析中国经济筑底回升的六项重要政策选择，当中强调应以政策协助稳住房地产价格、调整消费需求和消费能力、妥善应对及化解债务问题、激发市场与民间投资与创新，以及透过改革开放进一步提升生产量和产质量素，毛振华教授补充：「开放是中国经济增长与发展的源泉之一，除了全面深化改革开放，更要充分发挥香港与大湾区的优势，透过『引进来、走出去』，加快构建经济双循环新格局。」 随后，论坛分别邀请了七位知名讲者进行主题演讲，中国社科院学部委员高培勇教授就「健全宏观经济治理体系的着重点」分析了当前中国经济发展的重中之重是「强信心、稳预期」，在改革和政策双引擎推动下，宏观经济政策需有效地延伸到预期管理，才有稳健的基础为经济发展注入新动力。 中国人民大学国家金融研究院院长、国家一级教授吴晓求教授以「法治的力量与制度的作用：中国经济繁荣发展的基石」为题指出了完善的法治为中国现代化市场经济提供重要的制度平台，是国家经济持续发展的基础。他认为中国需要在法制和其他制度标准与国际衔接，才能全面实现中国现代化发展。 上海财经大学校长、中国宏观经济论坛联合创办人刘元春教授围绕「全球经济软着陆中的分化及其原因」的主题，指出虽然美国和欧洲均快速果断地作出决策而成功达到了经济软着陆的预期成效，然而环球市场仍潜在很多不稳定因素，因此，现时世界经济软着陆有可能只是「过眼烟云」，并预计因受到地缘政治、科技发展以及人口流动对国家劳动力市场的影响，全球经济将继续加剧分化。 香港交易所董事总经理、首席中国经济学家及香港特区政府特首政策组专家组专家巴曙松教授以「当前推动人民币国际化有哪些新的市场变化？香港可以提供哪些支持？」为题分析了人民币国际化的前景。他指出要进一步让人民币在更多国家的投资或储备领域中作为结算工具，需要完善的金融体制作为基础，而香港作为离岸市场在这方面可担当辅助角色，为人民币国际化带来突破。 港大经管学院副院长（研究与知识交流）、金融学讲座教授林晨教授围绕「香港Web3行业发展」的主题，分享了Web3于全球不同地区的发展情况。他指出Web3和加密货币已在外国的传统投资领域中逐渐被接纳，并产生愈来愈多协同效应，个中经验非常值得香港和内地借镜。 中国经济研究所副所长、港大经管学院经济学、管理与商业策略系教授何国俊教授以「气候变化、自然灾害风险及应对」为题，指出不论是中国或其他国家，均需要从国家宏观政策层面或微观企业决策方面，积极寻求方法以推迟气候变化对全球不同地区的影响。 港大经管学院金融学讲座教授陈志武教授就「从两千年历史看待邓小平的开放政策：外贸改变中国」为题，从历史宏观角度剖析了中国由唐朝以来的海洋贸易历史，以至邓小平的改革开放政策，如何逐步培育出现代中国的商业文化，为国家改革开放奠下根基。 论坛当天亦进行了两场圆桌讨论环节，在上午举行的「当前中国宏观经济形势分析与研讨」经济圆桌会议中，讲者指出中国上半年经济回暖，但仍存在不少不稳定因素，除了靠国际投资贸易支撑经济发展，同时需解决内需不足和出口超预期增长等问题，讲者亦预计未来五至十年国际间会有新一轮的产业转移，而中国的制造业大概占全球的30%，加上对创新技术的快速应用，相信将会在产业转移中提供强大基础，成为其中一股重要力量。在下午举行的「中国与香港宏观微观金融：挑战与前景」金融圆桌会议中，讲者指出香港作为人民币离岸中心是整个大中华区的「桥头堡」，亦是中国连接世界的重要桥梁，因此，应该着力提倡香港与内地互相协作的金融创新，充分利用香港作为国际金融中心为国内的经济发展的带来联动效应。 图片 港大经管学院院长兼经济学讲座教授及中国经济研究所所长蔡洪滨教授致欢迎辞。 中国人民大学国家一级教授、中国经济研究所联席所长及中国宏观经济论坛联席主席杨瑞龙教授发表2024年中期CMF中国宏观经济分析与预测报告。 港大经管学院实务教授及中国宏观经济论坛联席主席毛振华教授发表ICE中国经济报告。 中国社科院学部委员高培勇教授发表主题演讲。 中国人民大学国家金融研究院院长、国家一级教授吴晓求教授发表主题演讲。 上海财经大学校长、中国宏观经济论坛联合创办人刘元春教授发表主题演讲。 香港交易所董事总经理、首席中国经济学家及香港特区政府特首政策组专家组专家巴曙松教授发表主题演讲。 港大经管学院副院长（研究与知识交流）、金融学讲座教授林晨教授发表主题演讲。 中国经济研究所副所长、港大经管学院经济学、管理与商业策略系教授何国俊教授发表主题演讲。 港大经管学院金融学讲座教授陈志武教授发表主题演讲。 （左二起）上海重阳投资董事长兼首席经济学家王庆博士；摩根士丹利中国首席经济学家、董事总经理邢自强先生；中国人民大学国家发展与战略研究院副院长（主持工作）、中国宏观经济论坛成员刘青教授；港大经管学院中国经济研究所副所长、经济学副教授李冰晶教授，以及建银国际证券董事总经理、首席经济学家崔历博士进行以「当前中国宏观经济形势分析与研讨」为题的经济圆桌会议，由港大经管学院中国经济研究所副所长、港大经管学院经济学副教授张红松教授（左一）主持。
- [港大經管學院舉辦2024 年中國與全球經濟論壇 以環球視野剖析中國經濟發展新篇章](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-2024-china-and-global-economic-forum-discusses-the-new-chapter-of-chinas-economy-in-global-perspectives/) - （2024年7月23日，香港）港大經管學院中國經濟研究所（ICE）聯同中國人民大學中國宏觀經濟論壇（CMF）於7月20日舉辦「2024 年中國與全球經濟論壇 —— 中國力量與全球經濟新篇章：發展與展望」。是次論壇雲集了多位重量級經濟學者和工商界領袖，聯袂分析中國經濟未來發展方向和應對潛在挑戰的解決方案。一眾講者透過主題演講及圓桌會議，就中國和全球經濟金融等多個重要議題分享真知灼見，並與出席論壇的嘉賓共同探討環球政經格局的變化下，中國與全球經濟面臨的新機遇及挑戰。論壇由中國人民大學香港校友會聯合舉辦，於香港大學本部黃麗松講堂舉行，全日共吸引近400位工商界領袖、傑出學者、校友和學生出席。 港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授致歡迎辭時表示：「香港和中國大陸的發展緊密相連，香港對中國大陸經濟發展的各種趨勢也是非常關注，因此，我相信這次論壇能夠加強香港社會對中國重大社會經濟發展趨勢的理解，並對中國的繁榮發展作出重要貢獻。我們非常榮幸這次與中國人民大學宏觀經濟論壇合作，為致力探討中國經濟政策的學術界和商界人士構建這個平台，讓我們通過思想的碰撞交流，對中國經濟問題有更加清晰的理解，為中國經濟面臨的各種挑戰選擇正確的政策取向，並理解政策背後的邏輯，繼而推動形成全社會的共識。」 中國人民大學國家一級教授、中國經濟研究所聯席所長及中國宏觀經濟論壇聯席主席楊瑞龍教授在論壇上發表了2024年中期CMF中國宏觀經濟分析與預測報告，報告以「『流量恢復』與『存量調整』下的中國宏觀經濟——2024年中國經濟形勢分析與展望」為題，闡釋了2024年中國宏觀經濟值得關注的十大現象，並指出今年中國經濟呈現前高後穩的格局，預期可以實現5% 的GDP增速。受宏觀政策、房地產市場調整與改革方案三大因素的影響，他相信中國經濟在今年下半年仍會「在曲折中前進」。楊瑞龍教授建議：「要實現預期增長，宜制定分階段政策，短期集中需求管理，中期聚焦供給側結構性改革，著力提高生產率，而長期則以實現高質量發展為目標。」 港大經管學院實務教授及中國宏觀經濟論壇聯席主席毛振華教授亦發表了第三屆香港大學中國經濟季度論壇ICE中國經濟報告，以「中國經濟築底復蘇的政策選擇」為題分析中國經濟築底回升的六項重要政策選擇，當中強調應以政策協助穩住房地產價格、調整消費需求和消費能力、妥善應對及化解債務問題、激發市場與民間投資與創新，以及透過改革開放進一步提升生產量和產品質素，毛振華教授補充：「開放是中國經濟增長與發展的源泉之一，除了全面深化改革開放，更要充分發揮香港與大灣區的優勢，透過『引進來、走出去』，加快構建經濟雙循環新格局。」 隨後，論壇分別邀請了七位知名講者進行主題演講，中國社科院學部委員高培勇教授就「健全宏觀經濟治理體系的著重點」分析了當前中國經濟發展的重中之重是「強信心、穩預期」，在改革和政策雙引擎推動下，宏觀經濟政策需有效地延伸到預期管理，才有穩健的基礎為經濟發展注入新動力。 中國人民大學國家金融研究院院長、國家一級教授吳曉求教授以「法治的力量與制度的作用：中國經濟繁榮發展的基石」為題指出了完善的法治為中國現代化市場經濟提供重要的制度平台，是國家經濟持續發展的基礎。他認為中國需要在法制和其他制度標準與國際銜接，才能全面實現中國現代化發展。 上海財經大學校長、中國宏觀經濟論壇聯合創辦人劉元春教授圍繞「全球經濟軟著陸中的分化及其原因」的主題，指出雖然美國和歐洲均快速果斷地作出決策而成功達到了經濟軟著陸的預期成效，然而環球市場仍潛在很多不穩定因素，因此，現時世界經濟軟著陸有可能只是「過眼雲煙」，並預計因受到地緣政治、科技發展以及人口流動對國家勞動力市場的影響，全球經濟將繼續加劇分化。 香港交易所董事總經理、首席中國經濟學家及香港特區政府特首政策組專家組專家巴曙松教授以「當前推動人民幣國際化有哪些新的市場變化？香港可以提供哪些支援？」為題分析了人民幣國際化的前景。他指出要進一步讓人民幣在更多國家的投資或儲備領域中作為結算工具，需要完善的金融體制作為基礎，而香港作為離岸市場在這方面可擔當輔助角色，為人民幣國際化帶來突破。 港大經管學院副院長（研究與知識交流）、金融學講座教授林晨教授圍繞「香港Web3行業發展」的主題，分享了Web3於全球不同地區的發展情況。他指出Web3和加密貨幣已在外國的傳統投資領域中逐漸被接納，並產生愈來愈多協同效應，箇中經驗非常值得香港和內地借鏡。 中國經濟研究所副所長、港大經管學院經濟學、管理與商業策略系教授何國俊教授以「氣候變化、自然災害風險及應對」為題，指出不論是中國或其他國家，均需要從國家宏觀政策層面或微觀企業決策方面，積極尋求方法以延緩氣候變化對全球不同地區的影響。 港大經管學院金融學講座教授陳志武教授就「從兩千年歷史看待鄧小平的開放政策：外貿改變中國」為題，從歷史宏觀角度剖析了中國由唐朝以來的海洋貿易歷史，以至鄧小平的改革開放政策，如何逐步培育出現代中國的商業文化，為國家改革開放奠下根基。 論壇當天亦進行了兩場圓桌討論環節，在上午舉行的「當前中國宏觀經濟形勢分析與研討」經濟圓桌會議中，講者指出中國上半年經濟回暖，但仍存在不少不穩定因素，除了靠國際投資貿易支撐經濟發展，同時需解決內需不足和出口超預期增長等問題，講者亦預計未來五至十年國際間會有新一輪的產業轉移，而中國的製造業大概佔全球的30%，加上對創新技術的快速應用，相信將會在產業轉移中提供強大基礎，成為其中一股重要力量。在下午舉行的「中國與香港宏觀微觀金融：挑戰與前景」金融圓桌會議中，講者指出香港作為人民幣離岸中心是整個大中華區的「橋頭堡」，亦是中國連接世界的重要橋樑，因此，應該著力提倡香港與內地互相協作的金融創新，充分利用香港作為國際金融中心為國內的經濟發展的帶來聯動效應。 圖片 港大經管學院院長兼經濟學講座教授及中國經濟研究所所長蔡洪濱教授致歡迎辭。 中國人民大學國家一級教授、中國經濟研究所聯席所長及中國宏觀經濟論壇聯席主席楊瑞龍教授發表2024年中期CMF中國宏觀經濟分析與預測報告。 港大經管學院實務教授及中國宏觀經濟論壇聯席主席毛振華教授發表ICE中國經濟報告。 中國社科院學部委員高培勇教授發表主題演講。 中國人民大學國家金融研究院院長、國家一級教授吳曉求教授發表主題演講。 上海財經大學校長、中國宏觀經濟論壇聯合創辦人劉元春教授發表主題演講。 香港交易所董事總經理、首席中國經濟學家及香港特區政府特首政策組專家組專家巴曙松教授發表主題演講。 港大經管學院副院長（研究與知識交流）、金融學講座教授林晨教授發表主題演講。 中國經濟研究所副所長、港大經管學院經濟學、管理與商業策略系教授何國俊教授發表主題演講。 港大經管學院金融學講座教授陳志武教授發表主題演講。 （左二起）上海重陽投資董事長兼首席經濟學家王慶博士；摩根士丹利中國首席經濟學家、董事總經理邢自強先生；中國人民大學國家發展與戰略研究院副院長（主持工作）、中國宏觀經濟論壇成員劉青教授；港大經管學院中國經濟研究所副所長、經濟學副教授李冰晶教授，以及建銀國際證券董事總經理、首席經濟學家崔歷博士進行以「當前中國宏觀經濟形勢分析與研討」為題的經濟圓桌會議，由港大經管學院中國經濟研究所副所長、港大經管學院經濟學副教授張紅松教授（左一）主持。 （上圖，左二起）中國人民大學經濟學院副院長、中國宏觀經濟論壇成員王晉斌教授；高盛首席中國經濟學家閃輝博士；中國人民大學經濟研究所副所長、中國宏觀經濟論壇副主席閻衍教授；中國人民大學國家發展與戰略研究院教授、中國宏觀經濟論壇成員劉曉光教授；中國人民大學香港校友會副會長李鷹先生，以及巴克萊銀行中國首席經濟學家常健女士進行以「國家與香港宏觀微觀金融：挑戰與前景」為題的金融圓桌會議，由德林控股董事局主席江欣榮女士（下圖）主持。 論壇於香港大學本部黃麗松講堂舉行，吸引近400位傑出學者、工商界領袖、校友和學生出席。
- [MBS Simulated Business Management Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/mbs-simulated-business-management-competition-2024/) - Congratulations to our students for winning Champion and 1st Runner-up in MBS Simulated Business Management Competition 2024! The MBS Simulated Business Management Competition is organised by the International Association of Business Management Simulation (IABMS) and HKU SAAS Data Science Lab. It aims to provide students with the opportunity to apply their theoretical knowledge in practical
- [MBS Simulated Business Management Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/mbs-simulated-business-management-competition-2024/) - Congratulations to our students for winning Champion and 1st Runner-up in MBS Simulated Business Management Competition 2024! The MBS Simulated Business Management Competition is organised by the International Association of Business Management Simulation (IABMS) and HKU SAAS Data Science Lab. It aims to provide students with the opportunity to apply their theoretical knowledge in practical
- [MBS Simulated Business Management Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/mbs-simulated-business-management-competition-2024/) - Congratulations to our students for winning Champion and 1st Runner-up in MBS Simulated Business Management Competition 2024! The MBS Simulated Business Management Competition is organised by the International Association of Business Management Simulation (IABMS) and HKU SAAS Data Science Lab. It aims to provide students with the opportunity to apply their theoretical knowledge in practical
- [HKGCC Pitch Perfect Programme 2024](https://www.hkubs.hku.hk/sc/media/school-news/hkgcc-pitch-perfect-programme-2024/) - The HKGCC Pitch Perfect Programme 2024 is an all-round training programme organised by Hong Kong General Chamber of Commerce (HKGCC). This year, the programme was sponsored by six companies - Cathay Pacific Airways, Ernst & Young, MTR Corporation, The Mills Fabrica (Nan Fung Group), New World Development and NEC Hong Kong. The programme consists of
- [HKGCC Pitch Perfect Programme 2024](https://www.hkubs.hku.hk/sc/media/school-news/hkgcc-pitch-perfect-programme-2024/) - The HKGCC Pitch Perfect Programme 2024 is an all-round training programme organised by Hong Kong General Chamber of Commerce (HKGCC). This year, the programme was sponsored by six companies - Cathay Pacific Airways, Ernst & Young, MTR Corporation, The Mills Fabrica (Nan Fung Group), New World Development and NEC Hong Kong. The programme consists of
- [HKGCC Pitch Perfect Programme 2024](https://www.hkubs.hku.hk/sc/media/school-news/hkgcc-pitch-perfect-programme-2024/) - The HKGCC Pitch Perfect Programme 2024 is an all-round training programme organised by Hong Kong General Chamber of Commerce (HKGCC). This year, the programme was sponsored by six companies - Cathay Pacific Airways, Ernst & Young, MTR Corporation, The Mills Fabrica (Nan Fung Group), New World Development and NEC Hong Kong. The programme consists of
- [港大经管学院212届学位颁授典礼回顾(夏季)](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院212届学位颁授典礼回顾夏季/) - 港大经管学院212届学位颁授典礼于2024年7月9日和10日在香港大学百周年校园大会堂隆重举行。这一为期六场的盛大典礼为所有参与者创造了一个独特而难忘的经历。 其中院长蔡洪滨教授的鼓舞人心的演讲令人印象深刻。在毕业生们准备踏入充满活力的商业世界时,蔡教授提醒他们:"秉承香港大学的校训 - '明德格物'，我坚信你们将能迎难而上，克服一切困难和挑战，并找到通往成功与实现理想的道路。" 毕业生代表杨睿邦、冯沛谦、Vallent Elbert、李蕙竹、Gong Yifan和杨光发表了感谢致辞，衷心感谢教职员工、家人和朋友在求学路上的坚定支持。他们的话语引发了观众的共鸣,表达了毕业生所面临的挑战、取得的成就,以及迎接未来机遇的乐观和前瞻性心态。 此次毕业典礼共有3,100多人参加,其中包括1,100名即将开启人生新篇章的毕业生,以及2,000名前来支持和庆祝这一重要里程碑的家人们和朋友们。
- [港大經管學院212屆學位頒授典禮回顧(夏季)](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院212届学位颁授典礼回顾夏季/) - 港大經管學院212屆學位頒授典禮於2024年7月9日和10日在香港大學百周年校園大會堂隆重舉行。這一為期六場的盛大典禮為所有參與者創造了一個獨特而難忘的經歷。 其中院長蔡洪濱教授的鼓舞人心的演講令人印象深刻。在畢業生們準備踏入充滿活力的商業世界時,蔡教授提醒他們:"秉承香港大學的校訓 - '明德格物'，我堅信你們將能迎難而上，剋服一切困難和挑戰，並找到通往成功與實現理想的道路。" 畢業生代表楊睿邦、馮沛謙、Vallent Elbert、李蕙竹、Gong Yifan和楊光發表了感謝致辭，衷心感謝教職員工、家人和朋友在求學路上的堅定支持。他們的話語引發了觀眾的共鳴,表達了畢業生所面臨的挑戰、取得的成就,以及迎接未來機遇的樂觀和前瞻性心態。 此次畢業典禮共有3,100多人參加,其中包括1,100名即將開啟人生新篇章的畢業生,以及2,000名前來支持和慶祝這一重要里程碑的家人們和朋友們。
- [HKU 212th Congregation – Faculty of Business and Economics (Summer Session) Highlights](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院212届学位颁授典礼回顾夏季/) - The 212th Congregation Ceremony of the HKU Business School took place at the Grand Hall, Centennial Campus, The University of Hong Kong on July 9 and 10, 2024. This momentous event spanned six sessions, creating a truly special occasion for all involved. One of the highlights was an inspiring speech delivered by Dean Professor Hongbin
- [香港大学赛马会环球企业可持续发展研究所举办首届论坛倡导ESG最佳实践](https://www.hkubs.hku.hk/sc/media/press-release/the-hku-jockey-club-enterprise-sustainability-global-research-institute-launches-inaugural-forum-to-pioneer-esg-best-practices/) - （2024年6月7日，香港）由香港大学（港大）创办，并由香港赛马会慈善信托基金捐助的香港大学赛马会环球企业可持续发展研究所（研究所）于6月5日正式成立，并举办首届ESG论坛，旨在促进各界对话和合作，共同探讨解决环境、社会和管治（ESG）挑战的最佳实践和创新解决方案。 是次论坛吸引近300位来宾出席，云集了来自世界各地的学者，以及监管机构、国际企业和非政府组织领袖。 香港大学校长张翔教授致欢迎辞时表示：「我们正面临环境和气候变迁的挑战，因此，香港大学赛马会环球企业可持续发展研究所选择在世界环境日成立，并举办首届ESG论坛是别具意义。面对复杂而牵涉多个层面的难题，凭借单一学科知识根本无法解决，本研究所从商业和学术等不同角度进行研究是至关重要。」 香港特别行政区政府环境及生态局局长谢展寰先生致主题演讲时说：「要成功实行减碳策略需要所有持份者的积极参与。除了透过跨学科研究，开发应对ESG 挑战的最佳实践和创新解决方案之外，研究所还可以提供一个平台，建构促进知识交流，并培养可持续发展领袖的能力。」 香港大学赛马会环球企业可持续发展研究所所长何国俊教授在论坛上介绍了研究所的使命和主要活动。他表示：「研究所聚焦于三个核心范畴：研究、交流及教育。我们汇集了来自不同领域的全球杰出学者，致力以跨学科方法开展ESG研究，同时促进各界对话和合作，并为下一代的ESG人才和领袖提供所需的知识和技能，以促进可持续发展。」 香港大学赛马会环球企业可持续发展研究所联席所长Roni MICHAELY 教授补充：「今天，我们正在努力推动投资者、企业以至整个社会走向负责任领导，并可在全球发挥影响力。我相信研究所不仅可成为亚洲的领导者，更是世界领先的研究所之一。」 论坛由亚洲基础建设投资银行首席经济学家埃里克·伯格洛夫博士（Dr. Erik BERGLÖF）以「管治净零排放的转型：国家和多边开发银行的角色」为题的ESG主题讲座揭开序幕，随后进行了四场专题讨论，深入探讨多个ESG议题。在上午的专题讨论中，嘉宾围绕着「绿色金融和可持续披露的监管框架」的主题，分享了如何加强合规监管和资讯透明度，以推动企业采取可持续发展的经营模式。 在论坛的下午环节，讲者首先以「通往碳中和之路」为题探讨了政府和企业在推动减碳排放技术、再生能源和碳交易等解决方案中所担当的角色，以促进实现碳中和，并推动可持续发展。此外，商界领袖于「可持续风险的缓冲和适应机会」的专题讨论中，探讨ESG投资的最新发展趋势和机会，以及ESG投资如何为企业创造价值及达成长期绩效。在最后一场专题讨论——「社会迈进的崭新道径」，非政府组织代表分享了不同组织的角色和举措，支援企业透过落实ESG措施，以实践社会责任和发挥社会影响力，达致社会公义和可持续发展。论坛结束前，多名港大经管学院的知名学者亦介绍了不同与ESG 议题相关的最新研究成果。 新成立的研究所致力为香港、亚洲以至其他地区建立世界级的ESG最佳实践枢纽。研究所汇集来自不同领域的全球杰出学者，以多学科方法开展ESG方面的研究和培训，并期望透过开创性的研究、可实践的见解、开发ESG指数、支援初创企业和变革性项目，创造有意义而持久的影响。 香港大学赛马会环球企业可持续发展研究所的成立，标志着香港在可持续发展之路迈出了重要一步。港大经管学院院长蔡洪滨教授表示：「我在此祝贺研究所的成立，这展示了港大经管学院在培育具负责任领导和可持续发展的未来发挥着关键作用，使我非常期待研究所将为社会和商业领域在可持续发展方面带来的正面影响。」 请按此重温论坛内容。 图片 （左起）香港大学赛马会环球企业可持续发展研究所联席所长Roni MICHAELY 教授；香港赛马会慈善事务部主管（策略、计划、营运及汇报）梁淑仪女士；中央人民政府驻香港特别行政区联络办公室教育科技部副部长叶水球先生；香港特别行政区政府环境及生态局局长谢展寰先生；香港大学校长张翔教授；港大经管学院院长蔡洪滨教授；以及香港大学赛马会环球企业可持续发展研究所所长何国俊教授为首届ESG 论坛担任主礼嘉宾。 香港大学校长张翔教授致欢迎辞。 香港特别行政区政府环境及生态局局长谢展寰先生致主题演讲。 香港大学赛马会环球企业可持续发展研究所所长何国俊教授介绍研究所使命、倡议和研究团队。 香港大学赛马会环球企业可持续发展研究所联席所长Roni MICHAELY 教授介绍研究所使命、倡议和研究团队。 亚洲基础建设投资银行首席经济学家埃里克·伯格洛夫博士（Dr. Erik BERGLÖF）在杰出 ESG 讲座发表演说。 （左二起）证券及期货事务监察委员会（证监会）企业融资部执行董事戴霖先生（Mr. Michael DUIGNAN）；欧洲联盟驻华代表团经济金融处公使衔参赞沙斌诺先生（Mr. Sabino FORNIES-MARTINEZ）；香港金融管理局助理总裁（外事）许怀志先生；以及国际可持续准则理事会理事冷冰博士进行以「绿色金融和可持续披露的监管框架」为题的专题讨论，由港大经管学院管理及商业策略实务教授、香港绿色金融协会主席兼会长马骏教授主持（左一）。 （左二起）联合国可持续发展目标影响力指导委员会委员、 国家科技成果转化引导基金理事长、原招商银行行长马蔚华博士；香港中国金融协会副主席孙明春博士；MSCI ESG 与气候研究部亚太区主管王晓书女士；以及香港特别行政区政府前环境局局长、香港大学杰出建筑学系院士黄锦星先生进行以「通往碳中和之路」为题的专题讨论，由香港大学赛马会环球企业可持续发展研究所所长何国俊教授（左一）主持。 （左二起）Undivided Ventures 联合创办人兼执行合伙人Alexander BENT 先生；毕马威中国香港新经济市场及生命科学主管、环境、 社会及治理咨询服务合伙人朱雅仪女士；以及Rewind 共同创办人兼永续发展主管Noa OLENIK 女士进行以「可持续风险的缓冲和适应机会」为题的专题讨论，由香港大学赛马会环球企业可持续发展研究所联席所长Roni MICHAELY 教授（左一）主持。 （左二起）香港红十字会行政总裁/秘书长苏婉娴女士；世界自然基金会香港分会行政总裁黄碧茵女士；香港赛马会慈善事务总经理（资料分析及综合报告）赵志方先生；以及LRQA（劳盛）首席增长官Kevin FRANKLIN
- [“Creativity, Innovation and Entrepreneurship in China“ Summer Virtual Programme 2024 marks another successful year with an Alumni Gathering at Shenzhen Campus](https://www.hkubs.hku.hk/sc/media/school-news/creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme-2024-marks-another-successful-year-with-an-alumni-gathering-at-shenzhen-campus/) - The annual summer programme, “Creativity, Innovation and Entrepreneurship in China (CIEC)” was successfully concluded online on June 19, 2024. Right after the completion of the fourth cohort of the CIEC programme, an in-person networking event was held on June 22, 2024 at Shenzhen Campus. The event offered CIEC past participants an opportunity to exchange ideas
- [“Creativity, Innovation and Entrepreneurship in China“ Summer Virtual Programme 2024 marks another successful year with an Alumni Gathering at Shenzhen Campus](https://www.hkubs.hku.hk/sc/media/school-news/creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme-2024-marks-another-successful-year-with-an-alumni-gathering-at-shenzhen-campus/) - The annual summer programme, “Creativity, Innovation and Entrepreneurship in China (CIEC)” was successfully concluded online on June 19, 2024. Right after the completion of the fourth cohort of the CIEC programme, an in-person networking event was held on June 22, 2024 at Shenzhen Campus. The event offered CIEC past participants an opportunity to exchange ideas
- [“Creativity, Innovation and Entrepreneurship in China“ Summer Virtual Programme 2024 marks another successful year with an Alumni Gathering at Shenzhen Campus](https://www.hkubs.hku.hk/sc/media/school-news/creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme-2024-marks-another-successful-year-with-an-alumni-gathering-at-shenzhen-campus/) - The annual summer programme, “Creativity, Innovation and Entrepreneurship in China (CIEC)” was successfully concluded online on June 19, 2024. Right after the completion of the fourth cohort of the CIEC programme, an in-person networking event was held on June 22, 2024 at Shenzhen Campus. The event offered CIEC past participants an opportunity to exchange ideas
- [How did Wanda founder Wang Jianlin escape the wave that swept away embattled Evergrande property tycoon Hui Ka Yan?](https://www.hkubs.hku.hk/sc/media/in-the-media/how-did-wanda-founder-wang-jianlin-escape-the-wave-that-swept-away-embattled-evergrande-property-tycoon-hui-ka-yan/)
- [How did Wanda founder Wang Jianlin escape the wave that swept away embattled Evergrande property tycoon Hui Ka Yan?](https://www.hkubs.hku.hk/sc/media/in-the-media/how-did-wanda-founder-wang-jianlin-escape-the-wave-that-swept-away-embattled-evergrande-property-tycoon-hui-ka-yan/)
- [How did Wanda founder Wang Jianlin escape the wave that swept away embattled Evergrande property tycoon Hui Ka Yan?](https://www.hkubs.hku.hk/sc/media/in-the-media/how-did-wanda-founder-wang-jianlin-escape-the-wave-that-swept-away-embattled-evergrande-property-tycoon-hui-ka-yan/)
- [HKUBS and Alibaba Cloud Academy Launched the First Undergraduate Course in Cloud Computing](https://www.hkubs.hku.hk/sc/media/school-news/alibaba-cloud-academy-launched-the-first-undergraduate-course-in-cloud-computing/) - HKU Business School and Alibaba Cloud Academy successfully launched the first cloud computing credit course for undergraduate students. In the second semester of 2023/24, over 50 students worldwide enrolled in the course. Nearly 90% of the students attained the Alibaba Cloud Associate (ACA) Cloud Computing Certification at the end of the course. The comprehensive curriculum
- [HKUBS and Alibaba Cloud Academy Launched the First Undergraduate Course in Cloud Computing](https://www.hkubs.hku.hk/sc/media/school-news/alibaba-cloud-academy-launched-the-first-undergraduate-course-in-cloud-computing/) - HKU Business School and Alibaba Cloud Academy successfully launched the first cloud computing credit course for undergraduate students. In the second semester of 2023/24, over 50 students worldwide enrolled in the course. Nearly 90% of the students attained the Alibaba Cloud Associate (ACA) Cloud Computing Certification at the end of the course. The comprehensive curriculum
- [HKUBS and Alibaba Cloud Academy Launched the First Undergraduate Course in Cloud Computing](https://www.hkubs.hku.hk/sc/media/school-news/alibaba-cloud-academy-launched-the-first-undergraduate-course-in-cloud-computing/) - HKU Business School and Alibaba Cloud Academy successfully launched the first cloud computing credit course for undergraduate students. In the second semester of 2023/24, over 50 students worldwide enrolled in the course. Nearly 90% of the students attained the Alibaba Cloud Associate (ACA) Cloud Computing Certification at the end of the course. The comprehensive curriculum
- [香港大學賽馬會環球企業可持續發展研究所舉辦首屆論壇倡導ESG最佳實踐](https://www.hkubs.hku.hk/sc/media/press-release/the-hku-jockey-club-enterprise-sustainability-global-research-institute-launches-inaugural-forum-to-pioneer-esg-best-practices/) - （2024年6月7日，香港）由香港大學（港大）創辦，並由香港賽馬會慈善信託基金捐助的香港大學賽馬會環球企業可持續發展研究所（研究所）於6月5日正式成立，並舉辦首屆ESG論壇，旨在促進各界對話和合作，共同探討解決環境、社會和管治（ESG）挑戰的最佳實踐和創新解決方案。 是次論壇吸引近300位來賓出席，雲集了來自世界各地的學者，以及監管機構、國際企業和非政府組織領袖。 香港大學校長張翔教授致歡迎辭時表示：「我們正面臨環境和氣候變遷的挑戰，因此，香港大學賽馬會環球企業可持續發展研究所選擇在世界環境日成立，並舉辦首屆ESG論壇是別具意義。面對複雜而牽涉多個層面的難題，憑藉單一學科知識根本無法解決，本研究所從商業和學術等不同角度進行研究是至關重要。」 香港特別行政區政府環境及生態局局長謝展寰先生致主題演講時說：「要成功實行減碳策略需要所有持份者的積極參與。除了透過跨學科研究，開發應對 ESG 挑戰的最佳實踐和創新解決方案之外，研究所還可以提供一個平台，建構促進知識交流，並培養可持續發展領袖的能力。」 香港大學賽馬會環球企業可持續發展研究所所長何國俊教授在論壇上介紹了研究所的使命和主要活動。他表示：「研究所聚焦於三個核心範疇：研究、交流及教育。我們匯集了來自不同領域的全球傑出學者，致力以跨學科方法開展ESG研究，同時促進各界對話和合作，並為下一代的ESG人才和領袖提供所需的知識和技能，以促進可持續發展。」 香港大學賽馬會環球企業可持續發展研究所聯席所長Roni MICHAELY 教授補充：「今天，我們正在努力推動投資者、企業以至整個社會走向負責任領導，並可在全球發揮影響力。我相信研究所不僅可成為亞洲的領導者，更是世界領先的研究所之一。」 論壇由亞洲基礎建設投資銀行首席經濟學家埃裡克·伯格洛夫博士 （Dr. Erik BERGLÖF）以「管治淨零排放的轉型：國家和多邊開發銀行的角色」為題的ESG主題講座揭開序幕，隨後進行了四場專題討論，深入探討多個ESG議題。在上午的專題討論中，嘉賓圍繞著「綠色金融和可持續披露的監管框架」的主題，分享了如何加強合規監管和資訊透明度，以推動企業採取可持續發展的經營模式。 在論壇的下午環節，講者首先以「通往碳中和之路」為題探討了政府和企業在推動減碳排放技術、再生能源和碳交易等解決方案中所擔當的角色，以促進實現碳中和，並推動可持續發展。此外，商界領袖於「可持續風險的緩衝和適應機會」的專題討論中，探討ESG投資的最新發展趨勢和機會，以及ESG投資如何為企業創造價值及達成長期績效。在最後一場專題討論——「社會邁進的嶄新道徑」，非政府組織代表分享了不同組織的角色和舉措，支援企業透過落實ESG措施，以實踐社會責任和發揮社會影響力，達致社會公義和可持續發展。論壇結束前，多名港大經管學院的知名學者亦介紹了不同與ESG 議題相關的最新研究成果。 新成立的研究所致力為香港、亞洲以至其他地區建立世界級的ESG最佳實踐樞紐。研究所匯集來自不同領域的全球傑出學者，以多學科方法開展ESG方面的研究和培訓，並期望透過開創性的研究、可實踐的見解、開發ESG指數、支援初創企業和變革性項目，創造有意義而持久的影響。 香港大學賽馬會環球企業可持續發展研究所的成立，標誌著香港在可持續發展之路邁出了重要一步。港大經管學院院長蔡洪濱教授表示：「我在此祝賀研究所的成立，這展示了港大經管學院在培育具負責任領導和可持續發展的未來發揮著關鍵作用，使我非常期待研究所將為社會和商業領域在可持續發展方面帶來的正面影響。」 請按此重溫論壇內容。 圖片 （左起）香港大學賽馬會環球企業可持續發展研究所聯席所長Roni MICHAELY 教授；香港賽馬會慈善事務部主管（策略、計劃、營運及匯報）梁淑儀女士；中央人民政府駐香港特別行政區聯絡辦公室教育科技部副部長葉水球先生；香港特別行政區政府環境及生態局局長謝展寰先生；香港大學校長張翔教授；港大經管學院院長蔡洪濱教授；以及香港大學賽馬會環球企業可持續發展研究所所長何國俊教授為首屆 ESG 論壇擔任主禮嘉賓。 香港大學校長張翔教授致歡迎辭。 香港特別行政區政府環境及生態局局長謝展寰先生致主題演講。 香港大學賽馬會環球企業可持續發展研究所所長何國俊教授介紹研究所使命、倡議和研究團隊。 香港大學賽馬會環球企業可持續發展研究所聯席所長Roni MICHAELY 教授介紹研究所使命、倡議和研究團隊。 亞洲基礎建設投資銀行首席經濟學家埃裡克·伯格洛夫博士（Dr. Erik BERGLÖF）在傑出 ESG 講座發表演說。 （左二起）證券及期貨事務監察委員會 （證監會）企業融資部執行董事戴霖先生（Mr. Michael DUIGNAN）；歐洲聯盟駐華代表團經濟金融處公使銜參贊沙斌諾先生（Mr. Sabino FORNIES-MARTINEZ）；香港金融管理局助理總裁（外事）許懷志先生；以及國際可持續準則理事會理事冷冰博士進行以「綠色金融和可持續披露的監管框架」為題的專題討論，由港大經管學院管理及商業策略實務教授、香港綠色金融協會主席兼會長馬駿教授主持（左一）。 （左二起）聯合國可持續發展目標影響力指導委員會委員、 國家科技成果轉化引導基金理事長、原招商銀行行長馬蔚華博士；香港中國金融協會副主席孫明春博士；MSCI ESG 與氣候研究部亞太區主管王曉書女士；以及香港特別行政區政府前環境局局長、香港大學傑出建築學系院士黃錦星先生進行以「通往碳中和之路」為題的專題討論，由香港大學賽馬會環球企業可持續發展研究所所長何國俊教授（左一）主持。 （左二起）Undivided Ventures 聯合創辦人兼執行合夥人Alexander BENT 先生；畢馬威中國香港新經濟市場及生命科學主管、環境、 社會及治理諮詢服務合夥人朱雅儀女士；以及Rewind 共同創辦人兼永續發展主管Noa OLENIK 女士進行以「可持續風險的緩衝和適應機會」為題的專題討論，由香港大學賽馬會環球企業可持續發展研究所聯席所長Roni
- [The HKU Jockey Club Enterprise Sustainability Global Research Institute Launches Inaugural Forum to Pioneer ESG Best Practices](https://www.hkubs.hku.hk/sc/media/press-release/the-hku-jockey-club-enterprise-sustainability-global-research-institute-launches-inaugural-forum-to-pioneer-esg-best-practices/) - (7 June, 2024, Hong Kong) The HKU Jockey Club Enterprise Sustainability Global Research Institute (Research Institute), established by The University of Hong Kong (HKU) and funded by The Hong Kong Jockey Club Charities Trust, was officially launched on 5 June with an inaugural forum to foster dialogue and collaboration on the best practices and innovative
- [HSBC/HKU Asia Pacific Business Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/hsbc-hku-asia-pacific-business-case-competition-2024/) - Congratulations to all contestants for their outstanding effort at the HSBC/HKU Asia Pacific Business Case Competition 2024 – the world’s largest business case competition for undergraduates. The final round of this year’s competition, which took place from 26 to 29 May, was held in-person for the first time since 2019. Students from 24 prestigious universities
- [HSBC/HKU Asia Pacific Business Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/hsbc-hku-asia-pacific-business-case-competition-2024/) - Congratulations to all contestants for their outstanding effort at the HSBC/HKU Asia Pacific Business Case Competition 2024 – the world’s largest business case competition for undergraduates. The final round of this year’s competition, which took place from 26 to 29 May, was held in-person for the first time since 2019. Students from 24 prestigious universities
- [HSBC/HKU Asia Pacific Business Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/hsbc-hku-asia-pacific-business-case-competition-2024/) - Congratulations to all contestants for their outstanding effort at the HSBC/HKU Asia Pacific Business Case Competition 2024 – the world’s largest business case competition for undergraduates. The final round of this year’s competition, which took place from 26 to 29 May, was held in-person for the first time since 2019. Students from 24 prestigious universities
- [HKU Business School PhD Recruitment Camp 2024: Exploring the Path to Academic Excellence](https://www.hkubs.hku.hk/sc/media/school-news/phd-recruitment-camp-2024-exploring-the-path-to-academic-excellence/) - The HKU Business School PhD Recruitment Camp 2024 was successfully held from May 1 to 3, 2024. 53 elite students with diverse academic backgrounds from China, Singapore, the UK and the USA were selected from a pool of over three hundred applicants to join us at the event. During the three-day Camp, participants were presented
- [HKU Business School PhD Recruitment Camp 2024: Exploring the Path to Academic Excellence](https://www.hkubs.hku.hk/sc/media/school-news/phd-recruitment-camp-2024-exploring-the-path-to-academic-excellence/) - The HKU Business School PhD Recruitment Camp 2024 was successfully held from May 1 to 3, 2024. 53 elite students with diverse academic backgrounds from China, Singapore, the UK and the USA were selected from a pool of over three hundred applicants to join us at the event. During the three-day Camp, participants were presented
- [HKU Business School PhD Recruitment Camp 2024: Exploring the Path to Academic Excellence](https://www.hkubs.hku.hk/sc/media/school-news/phd-recruitment-camp-2024-exploring-the-path-to-academic-excellence/) - The HKU Business School PhD Recruitment Camp 2024 was successfully held from May 1 to 3, 2024. 53 elite students with diverse academic backgrounds from China, Singapore, the UK and the USA were selected from a pool of over three hundred applicants to join us at the event. During the three-day Camp, participants were presented
- [Asset Management and Private Banking Programme - “Meeting the Practitioners”](https://www.hkubs.hku.hk/sc/media/school-news/asset-management-and-private-banking-programme-meeting-the-practitioners/) - The Asset Management and Private Banking (AMPB) Programme provides students with the opportunities to meet senior practitioners in the finance industry. Three events were held in the second semester of 2023-2024. Meeting the Vice Chairman of the Family Office Association Hong Kong On 23 January 2024, we hosted Mr. Jim Kwok, the Vice Chairman of
- [Asset Management and Private Banking Programme - “Meeting the Practitioners”](https://www.hkubs.hku.hk/sc/media/school-news/asset-management-and-private-banking-programme-meeting-the-practitioners/) - The Asset Management and Private Banking (AMPB) Programme provides students with the opportunities to meet senior practitioners in the finance industry. Three events were held in the second semester of 2023-2024. Meeting the Vice Chairman of the Family Office Association Hong Kong On 23 January 2024, we hosted Mr. Jim Kwok, the Vice Chairman of
- [Asset Management and Private Banking Programme - “Meeting the Practitioners”](https://www.hkubs.hku.hk/sc/media/school-news/asset-management-and-private-banking-programme-meeting-the-practitioners/) - The Asset Management and Private Banking (AMPB) Programme provides students with the opportunities to meet senior practitioners in the finance industry. Three events were held in the second semester of 2023-2024. Meeting the Vice Chairman of the Family Office Association Hong Kong On 23 January 2024, we hosted Mr. Jim Kwok, the Vice Chairman of
- [声明: 我们坚守学术诚信 - 港大经管学院](https://www.hkubs.hku.hk/sc/media/school-news/statement-upholding-academic-integrity-at-hku-business-school/) - 港大经管学院作为亚洲及全球顶尖商学院之一，一直获得众多优秀学生青睐。本院的硕士研究生项目每年收到超过2万份入学申请，入学竞争激烈，因此录取标准格外严格。本院招生程序一贯遵循香港大学的规定，对入学申请所需的文件，如学历证书及成绩单等，进行严格审查。 遗憾的是，近期本院发现极少数个案，涉及在招生过程中提交虚假文件。经初步调查，这些文件为某些非法中介机构伪造。该等中介机构声称提供所谓「保录取」服务，企图通过提供虚假资料为申请者获得不公平优势。 本院对该等欺诈行为表示坚决谴责，并重申对任何形式的学术不端行为持零容忍态度。本院在发现相关线索后，立即对此事展开全面调查。一旦证据确凿，我们将根据大学和法律规定，采取一切适当的纪律和法律措施，包括但不限于剥夺录取资格、取消学籍注册等。对于涉及其中的非法中介机构，我们将向相关执法部门报警处理，追究其法律责任。 港大经管学院一直致力于为所有学生提供一个公平、健康的学习环境，协助他们实现卓越成就。真正凭实力获录取的学生，皆是通过不懈努力和付出才取得入学资格。本院将竭尽所能，确保学生在香港大学的成就，不受这极少数图谋犯罪份子的行为所影响。
- [聲明：我們堅守學術誠信 - 港大經管學院](https://www.hkubs.hku.hk/sc/media/school-news/statement-upholding-academic-integrity-at-hku-business-school/) - 港大經管學院作為亞洲及全球頂尖商學院之一，一直獲得眾多優秀學生青睞。本院的碩士研究生項目每年收到超過2萬份入學申請，入學競爭激烈，因此錄取標準格外嚴格。本院招生程序一貫遵循香港大學的規定，對入學申請所需的文件，如學歷證書及成績單等，進行嚴格審查。 遺憾的是，近期本院發現極少數個案，涉及在招生過程中提交虛假文件。經初步調查，這些文件為某些非法中介機構偽造。該等中介機構聲稱提供所謂「保錄取」服務，企圖通過提供虛假資料為申請者獲得不公平優勢。 本院對該等欺詐行為表示堅決譴責，並重申對任何形式的學術不端行為持零容忍態度。本院在發現相關線索後，立即對此事展開全面調查。一旦證據確鑿，我們將根據大學和法律規定，採取一切適當的紀律和法律措施，包括但不限於剝奪錄取資格、取消學籍註冊等。對於涉及其中的非法中介機構，我們將向相關執法部門報警處理，追究其法律責任。 港大經管學院一直致力於為所有學生提供一個公平、健康的學習環境，協助他們實現卓越成就。真正憑實力獲錄取的學生，皆是通過不懈努力和付出才取得入學資格。本院將竭盡所能，確保學生在香港大學的成就，不受這極少數圖謀犯罪份子的行為所影響。
- [Statement: Upholding Academic Integrity at HKU Business School](https://www.hkubs.hku.hk/sc/media/school-news/statement-upholding-academic-integrity-at-hku-business-school/) - HKU Business School as one of the top business schools in Asia and the world, attracts over 20,000 postgraduate programme applicants annually, including many outstanding students. The intense competition has led to high admission standards, but unfortunately, it has also attracted suspected illegal agencies who provide fraudulent documents to help applicants secure admission qualifications through
- [Celebrating Academic Excellence: Beta Gamma Sigma HKU Chapter Welcomes Over 100 New Inductees](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-academic-excellence-beta-gamma-sigma-hku-chapter-welcomes-over-100-new-inductees/) - In its 13th year, the Beta Gamma Sigma (BGS) HKU Chapter proudly hosted its induction ceremony on April 22, 2024, at the HKU iCube. The event marked the induction of 108 exceptional undergraduate and postgraduate students into the esteemed ranks of Beta Gamma Sigma. The ceremony was graced by the presence of Prof. Poman Lo,
- [Celebrating Academic Excellence: Beta Gamma Sigma HKU Chapter Welcomes Over 100 New Inductees](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-academic-excellence-beta-gamma-sigma-hku-chapter-welcomes-over-100-new-inductees/) - In its 13th year, the Beta Gamma Sigma (BGS) HKU Chapter proudly hosted its induction ceremony on April 22, 2024, at the HKU iCube. The event marked the induction of 108 exceptional undergraduate and postgraduate students into the esteemed ranks of Beta Gamma Sigma. The ceremony was graced by the presence of Prof. Poman Lo,
- [Celebrating Academic Excellence: Beta Gamma Sigma HKU Chapter Welcomes Over 100 New Inductees](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-academic-excellence-beta-gamma-sigma-hku-chapter-welcomes-over-100-new-inductees/) - In its 13th year, the Beta Gamma Sigma (BGS) HKU Chapter proudly hosted its induction ceremony on April 22, 2024, at the HKU iCube. The event marked the induction of 108 exceptional undergraduate and postgraduate students into the esteemed ranks of Beta Gamma Sigma. The ceremony was graced by the presence of Prof. Poman Lo,
- [HKSI Institute Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/hksi-institute-case-competition-2024/) - Congratulations to our students for winning Champion, 1st Runner-up and Merit in HKSI Institute Case Competition 2024! The HKSI Institute Case Competition is an annual business competition organised by the Hong Kong Securities and Investment Institute (HKSI Institute). The competition aims to nurture young talents in the financial services industry and equip students with practical
- [HKSI Institute Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/hksi-institute-case-competition-2024/) - Congratulations to our students for winning Champion, 1st Runner-up and Merit in HKSI Institute Case Competition 2024! The HKSI Institute Case Competition is an annual business competition organised by the Hong Kong Securities and Investment Institute (HKSI Institute). The competition aims to nurture young talents in the financial services industry and equip students with practical
- [HKSI Institute Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/hksi-institute-case-competition-2024/) - Congratulations to our students for winning Champion, 1st Runner-up and Merit in HKSI Institute Case Competition 2024! The HKSI Institute Case Competition is an annual business competition organised by the Hong Kong Securities and Investment Institute (HKSI Institute). The competition aims to nurture young talents in the financial services industry and equip students with practical
- [HKUBS Mentorship Programme 2023-24 Networking Event](https://www.hkubs.hku.hk/sc/?post_type=media&p=212015) - The HKUBS Mentorship Programme 2023-24's Networking Event was successfully concluded on April 19, witnessed the presence of esteemed guests, including Prof. Derek Chan, Associate Dean (Undergraduate), Prof. Winnie Leung, Assistant Dean (Undergraduate), and a gathering of nearly 100 mentors and mentees. The event commenced with an opening remarks from Prof. Chan, who graciously extended his
- [HKU-Airstar Bank Joint University Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/hku-airstar-bank-joint-university-case-competition-2024/) - We are pleased to announce the successful conclusion of the HKU-Airstar Bank Joint University Case Competition (JUCC) 2024. Our HKU Teams have demonstrated exceptional analytical and presentation skills, securing the Championship and 2nd Runner-up position in the competition. JUCC is the annual signature event of HKU International Case Society (HICS), a student-run organisation supported by
- [HKU-Airstar Bank Joint University Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/hku-airstar-bank-joint-university-case-competition-2024/) - We are pleased to announce the successful conclusion of the HKU-Airstar Bank Joint University Case Competition (JUCC) 2024. Our HKU Teams have demonstrated exceptional analytical and presentation skills, securing the Championship and 2nd Runner-up position in the competition. JUCC is the annual signature event of HKU International Case Society (HICS), a student-run organisation supported by
- [HKU-Airstar Bank Joint University Case Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/hku-airstar-bank-joint-university-case-competition-2024/) - We are pleased to announce the successful conclusion of the HKU-Airstar Bank Joint University Case Competition (JUCC) 2024. Our HKU Teams have demonstrated exceptional analytical and presentation skills, securing the Championship and 2nd Runner-up position in the competition. JUCC is the annual signature event of HKU International Case Society (HICS), a student-run organisation supported by
- [2024 ISM-HK Student Case Competition](https://www.hkubs.hku.hk/sc/media/school-news/2024-ism-hk-student-case-competition/) - Congratulations to our HKU teams for winning the First Place, Third Place and Best Presenter in 2024 ISM-HK Student Case Competition! The ISM-HK Student Case Competition is an annual competition hosted by the Institute for Supply Management Hong Kong (ISM-HK). The competition aims to empower students to discover the latest and upcoming trends in Supply
- [2024 ISM-HK Student Case Competition](https://www.hkubs.hku.hk/sc/media/school-news/2024-ism-hk-student-case-competition/) - Congratulations to our HKU teams for winning the First Place, Third Place and Best Presenter in 2024 ISM-HK Student Case Competition! The ISM-HK Student Case Competition is an annual competition hosted by the Institute for Supply Management Hong Kong (ISM-HK). The competition aims to empower students to discover the latest and upcoming trends in Supply
- [2024 ISM-HK Student Case Competition](https://www.hkubs.hku.hk/sc/media/school-news/2024-ism-hk-student-case-competition/) - Congratulations to our HKU teams for winning the First Place, Third Place and Best Presenter in 2024 ISM-HK Student Case Competition! The ISM-HK Student Case Competition is an annual competition hosted by the Institute for Supply Management Hong Kong (ISM-HK). The competition aims to empower students to discover the latest and upcoming trends in Supply
- [港大經管學院舉辦第二屆中國經濟季度論壇 以學術角度分析當前中國經濟熱點話題](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-2nd-quarterly-forum-on-chinese-economy-discusses-hot-topics-in-the-chinese-economy-from-academic-perspectives/) - 港大經管學院及香港大學中國經濟研究所於4月26日舉辦第二屆中國經濟季度論壇，邀請中誠信集團創始人、港大經管學院經濟學實務教授毛振華教授擔任專題演講嘉賓，發表以「當前中國經濟走勢與政策調整」為題的主題報告。港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授兼香港經濟及商業策略研究所副總監鄧希煒教授亦於會上分享「新全球化下中國經濟未來發展的挑戰及機遇 」的主題演講。隨後，港大經管學院院長兼經濟學講座教授蔡洪濱教授與學者及行業專家，透過圓桌會議一同探討中國經濟當前的熱點話題、分享真知灼見。論壇與香港南開校友會合辦，於香港大學創立方舉行，吸引近兩百位商界領袖、傑出學者、校友和學生出席。 蔡洪濱教授致歡迎辭時表示：「中國經濟是大家特別關注的議題，我們希望透過中國經濟研究所，開展各種學術研究活動，打造成為國內外研究中國經濟學術政策的最佳平台。我們將持續舉辦中國經濟季度論壇，旨在結合學術研究，讓不同思想自由交流，深入探討當前中國經濟所面臨的重要問題，為我們帶來新的啟發和觀點。」 毛振華教授在專題演講時表示：「今年首季中國經濟增速達5.3%超出市場預期，但目前中國經濟的周期調整與結構調整尚未到位，仍處在周期下行與觸底的階段，特別是供求失衡的問題正在加劇。去年底的中央經濟工作會議與今年的政府工作報告透露出轉向的信號，或許表明中國經濟政策正在進行重大調整，包括穩定GDP增速、擴大內需、提振價格和擴大開放，並鼓勵中國企業出海。」 鄧希煒教授在專題演講時表示：「全球貿易正經歷變革，從過往的全球化慢慢變成以服務為導向的區域化和數碼化。近年，地緣政治因素影響了國際貿易和國家間的經濟往來。長遠而言，中國作為一個工業發展比較有優勢的大國，在新一輪的全球化就未必可以得到那麽多的紅利，因此中國需要探索新的產業發展路徑。此外，數位化將進一步推動國際貿易發展，而各種數位平台將發揮重要作用。」 講座當天亦邀請了五位知名講者進行圓桌討論，包括中國龍頭企業案例研究中心主任、亞洲商務大學堂創始人及上海交通大學安泰管理學院教授陳琦偉教授；交通銀行(香港)行政總裁及香港中國金融協會會長孟羽先生；彭博大中華區首席經濟學家曲天石先生；瑞銀董事總經理及瑞銀投資銀行亞洲經濟研究主管和首席中國經濟學家汪濤博士；以及建銀國際證券有限公司首席策略師、董事總經理兼研究部主管趙文利博士。圓桌討論環節由蔡洪濱教授主持，一眾講者共同把脈中國目前宏觀經濟，和與會者探討國家金融和國際貿易面臨的挑戰和解決方法。 圖片 港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭。 中誠信集團創始人、港大經管學院經濟學實務教授毛振華教授進行主題報告。 馮國經馮國綸基金經濟學教授兼香港經濟及商業策略研究所副總監鄧希煒教授進行專題演講。 （左起）港大經管學院院長兼經濟學講座教授蔡洪濱教授；中國龍頭企業案例研究中心主任、亞洲商務大學堂創始人及上海交通大學安泰管理學院教授陳琦偉教授；交通銀行(香港)行政總裁及香港中國金融協會會長孟羽先生；彭博大中華區首席經濟學家曲天石先生；瑞銀董事總經理及瑞銀投資銀行亞洲經濟研究主管和首席中國經濟學家汪濤博士，以及建銀國際證券有限公司首席策略師、董事總經理兼研究部主管趙文利博士進行圓桌討論。 （中）中國龍頭企業案例研究中心主任、亞洲商務大學堂創始人及上海交通大學安泰管理學院教授陳琦偉教授 （左）交通銀行(香港)行政總裁及香港中國金融協會會長孟羽先生 （左二）彭博大中華區首席經濟學家曲天石先生 （右）建銀國際證券有限公司首席策略師、董事總經理兼研究部主管趙文利博士 論壇於香港大學創立方舉行，吸引近兩百位商界領袖、傑出學者、校友和學生出席。
- [港大经管学院举办第二届中国经济季度论坛 以学术角度分析当前中国经济热点话题](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-2nd-quarterly-forum-on-chinese-economy-discusses-hot-topics-in-the-chinese-economy-from-academic-perspectives/) - 港大经管学院及香港大学中国经济研究所于4月26日举办第二届中国经济季度论坛，邀请中诚信集团创始人、港大经管学院经济学实务教授毛振华教授担任专题演讲嘉宾，发表以「当前中国经济走势与政策调整」为题的主题报告。港大经管学院副院长（对外事务）、冯国经冯国纶基金经济学教授兼香港经济及商业策略研究所副总监邓希炜教授亦于会上分享「新全球化下中国经济未来发展的挑战及机遇 」的主题演讲。随后，港大经管学院院长兼经济学讲座教授蔡洪滨教授与学者及行业专家，透过圆桌会议一同探讨中国经济当前的热点话题、分享真知灼见。论坛与香港南开校友会合办，于香港大学创立方举行，吸引近两百位商界领袖、杰出学者、校友和学生出席。 蔡洪滨教授致欢迎辞时表示：「中国经济是大家特别关注的议题，我们希望透过中国经济研究所，开展各种学术研究活动，打造成为国内外研究中国经济学术政策的最佳平台。我们将持续举办中国经济季度论坛，旨在结合学术研究，让不同思想自由交流，深入探讨当前中国经济所面临的重要问题，为我们带来新的启发和观点。」 毛振华教授在专题演讲时表示：「今年首季中国经济增速达5.3%超出市场预期，但目前中国经济的周期调整与结构调整尚未到位，仍处在周期下行与触底的阶段，特别是供求失衡的问题正在加剧。去年底的中央经济工作会议与今年的政府工作报告透露出转向的信号，或许表明中国经济政策正在进行重大调整，包括稳定GDP增速、扩大内需、提振价格和扩大开放，并鼓励中国企业出海。」 邓希炜教授在专题演讲时表示：「全球贸易正经历变革，从过往的全球化慢慢变成以服务为导向的区域化和数码化。近年，地缘政治因素影响了国际贸易和国家间的经济往来。长远而言，中国作为一个工业发展比较有优势的大国，在新一轮的全球化就未必可以得到那么多的红利，因此中国需要探索新的产业发展路径。此外，数字化将进一步推动国际贸易发展，而各种数字平台将发挥重要作用。」 讲座当天亦邀请了五位知名讲者进行圆桌讨论，包括中国龙头企业案例研究中心主任、亚洲商务大学堂创始人及上海交通大学安泰管理学院教授陈琦伟教授；交通银行(香港)行政总裁及香港中国金融协会会长孟羽先生；彭博大中华区首席经济学家曲天石先生；瑞银董事总经理及瑞银投资银行亚洲经济研究主管和首席中国经济学家汪涛博士；以及建银国际证券有限公司首席策略师、董事总经理兼研究部主管赵文利博士。圆桌讨论环节由蔡洪滨教授主持，一众讲者共同把脉中国目前宏观经济，和与会者探讨国家金融和国际贸易面临的挑战和解决方法。 图片 港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞。 中诚信集团创始人、港大经管学院经济学实务教授毛振华教授进行主题报告。 冯国经冯国纶基金经济学教授兼香港经济及商业策略研究所副总监邓希炜教授进行专题演讲。 （左起）港大经管学院院长兼经济学讲座教授蔡洪滨教授；中国龙头企业案例研究中心主任、亚洲商务大学堂创始人及上海交通大学安泰管理学院教授陈琦伟教授；交通银行(香港)行政总裁及香港中国金融协会会长孟羽先生；彭博大中华区首席经济学家曲天石先生；瑞银董事总经理及瑞银投资银行亚洲经济研究主管和首席中国经济学家汪涛博士，以及建银国际证券有限公司首席策略师、董事总经理兼研究部主管赵文利博士进行圆桌讨论。 （中）中国龙头企业案例研究中心主任、亚洲商务大学堂创始人及上海交通大学安泰管理学院教授陈琦伟教授 （左）交通银行(香港)行政总裁及香港中国金融协会会长孟羽先生 （左二）彭博大中华区首席经济学家曲天石先生 （右）建银国际证券有限公司首席策略师、董事总经理兼研究部主管赵文利博士 论坛于香港大学创立方举行，吸引近两百位商界领袖、杰出学者、校友和学生出席。
- [HKU Business School 2nd Quarterly Forum on Chinese Economy; Discusses Hot Topics in the Chinese Economy from Academic Perspectives](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-2nd-quarterly-forum-on-chinese-economy-discusses-hot-topics-in-the-chinese-economy-from-academic-perspectives/) - HKU Business School and Institute of China Economy (ICE) organised the 2nd HKU Quarterly Forum on Chinese Economy on 26 April 2024. The forum featured Professor Zhenhua Mao, Founder of ZhongChengXin (HK) Investment Services Limited, and Professor of Practice of HKU Business School as the keynote speaker and presented the theme report titled “Current Trends
- [直播预约：第二届香港大学中国经济季度论坛](https://www.hkubs.hku.hk/sc/media/school-news/registration-2nd-hku-quarterly-forum-on-chinese-economy/)
- [[Livestream Available] 2nd HKU Quarterly Forum on Chinese Economy](https://www.hkubs.hku.hk/sc/media/school-news/registration-2nd-hku-quarterly-forum-on-chinese-economy/)
- [直播預約：第二屆香港大學中國經濟季度論壇](https://www.hkubs.hku.hk/sc/media/school-news/registration-2nd-hku-quarterly-forum-on-chinese-economy/)
- [HKU Business School and Pasona Group Inc. Sign an MOU to Strengthen Global Business Education and Nurture International Business Professionals](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-and-pasona-group-inc-sign-an-mou-to-strengthen-global-business-education-and-nurture-international-business-professionals/) - We are delighted to share the news that HKU Business School and Pasona Group Inc. have entered into a Memorandum of Understanding (MOU) on 28 Mar 2024. This collaboration between the two institutions aims to promote global business education and empower professionals to excel in the international community. Pasona Group Inc., a leading Japanese company
- [HKU Business School and Pasona Group Inc. Sign an MOU to Strengthen Global Business Education and Nurture International Business Professionals](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-and-pasona-group-inc-sign-an-mou-to-strengthen-global-business-education-and-nurture-international-business-professionals/) - We are delighted to share the news that HKU Business School and Pasona Group Inc. have entered into a Memorandum of Understanding (MOU) on 28 Mar 2024. This collaboration between the two institutions aims to promote global business education and empower professionals to excel in the international community. Pasona Group Inc., a leading Japanese company
- [HKU Business School and Pasona Group Inc. Sign an MOU to Strengthen Global Business Education and Nurture International Business Professionals](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-and-pasona-group-inc-sign-an-mou-to-strengthen-global-business-education-and-nurture-international-business-professionals/) - We are delighted to share the news that HKU Business School and Pasona Group Inc. have entered into a Memorandum of Understanding (MOU) on 28 Mar 2024. This collaboration between the two institutions aims to promote global business education and empower professionals to excel in the international community. Pasona Group Inc., a leading Japanese company
- [1,500 Alumni Return for HKU Business School's Inaugural Homecoming Weekend](https://www.hkubs.hku.hk/media/school-news/1500-alumni-return-for-hku-business-schools-inaugural-homecoming-weekend/) - https://vss.hku.hk/vod/vs7000/faculty/hkubs_gala_dinner_2024.m4v The inaugural HKU Business School Alumni Homecoming Weekend has marked an exhilarating start to 2024! Thank you to the 1,500 alumni who joined us from March 15 to 17 for this unforgettable series of events, filled with learning, networking, and reminiscing. Day 1 – March 15, we kicked off the weekend with a nostalgic
- [New Appointees And Other Updates（April, 2024）](https://www.hkubs.hku.hk/sc/media/school-news/new-appointees-and-other-updates/) - New Appointments Prof. Xinghao Qiao Associate Professor Area: Innovation and Information Management Prof. Xiaoyuan Hong Principal Professional Practitioner (carrying the title of Professor of Practice) Area: Finance Prof. Jun Ma Principal Professional Practitioner (carrying the title of Professor of Practice) Area: Management and Strategy Promotion and/or Tenure Professor Shiyang Huang, promotion to Professor from
- [New Appointees And Other Updates（April, 2024）](https://www.hkubs.hku.hk/sc/media/school-news/new-appointees-and-other-updates/) - New Appointments Prof. Xinghao Qiao Associate Professor Area: Innovation and Information Management Prof. Xiaoyuan Hong Principal Professional Practitioner (carrying the title of Professor of Practice) Area: Finance Prof. Jun Ma Principal Professional Practitioner (carrying the title of Professor of Practice) Area: Management and Strategy Promotion and/or Tenure Professor Shiyang Huang, promotion to Professor from
- [New Appointees And Other Updates（April, 2024）](https://www.hkubs.hku.hk/sc/media/school-news/new-appointees-and-other-updates/) - New Appointments Prof. Xinghao Qiao Associate Professor Area: Innovation and Information Management Prof. Xiaoyuan Hong Principal Professional Practitioner (carrying the title of Professor of Practice) Area: Finance Prof. Jun Ma Principal Professional Practitioner (carrying the title of Professor of Practice) Area: Management and Strategy Promotion and/or Tenure Professor Shiyang Huang, promotion to Professor from
- [奖学金、奖项及院长优异生名单 2022 - 2023](https://www.hkubs.hku.hk/sc/media/school-news/scholarships-prizes-and-deans-honours-list-2022-2023/)
- [獎學金、獎項及院長優異生名單 2022 - 2023](https://www.hkubs.hku.hk/sc/media/school-news/scholarships-prizes-and-deans-honours-list-2022-2023/)
- [港大經管學院首辦大型校友歡聚盛宴 逾600名傑出校友聚首一堂](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院首办大型校友欢聚盛宴-逾600名杰出校/) - 港大經管學院首次校友歡聚盛宴於3月16日（星期六）圓滿舉行，逾600名港大教授及校友聚首一堂，更邀得香港特別行政區政府財政司司長陳茂波先生擔任主禮嘉賓並發表主旨演講，以及多位政商界領袖出席。活動當晚特設校友表演、拍賣會及抽獎等環節，讓在場嘉賓一同緬懷學生時代的點滴。明星校友分享環節則邀請了前11項香港游泳紀錄保持者方力申先生，分享自己於運動競賽及娛樂事業的心路歷程。 香港特別行政區政府財政司司長陳茂波先生表示榮幸獲邀出席港大經管學院首次舉辦的校友歡聚盛宴。在他的主旨演講中，陳司長分享了對香港經濟前景的看法，以及2024/25年度《財政預算案》中的主要措施，包括推動香港經濟進一步發展的主要方向。陳司長指出：「今年《財政預算案》背後有三條主要思路：在短期内，堅定信心；在中至長期，通過積極擁抱綠色轉型和數字經濟等大趨勢，著力推進香港「八大中心」的建設，推動經濟的高質量發展。與此同時，特區政府正採取財政整合策略，控制開支的增長，並適當增加收入，在兩到三年内令收支回復平衡。」 香港大學首席副校長、港大經管學院創始院長兼黃乾亨黃英豪政治經濟學教授王于漸教授致歡迎辭時表示：「今日適逢是香港大學奠基日，很高興今天能與大家歡聚一堂。創校先賢們奠定了大學卓越和創新的精神基礎，使港大經管學院作為全球商業經濟教育和研究的領導者角色傲然屹立，我們的影響力已延伸至世界各地，建立起穩固的國際地位。透過戰略合作和夥伴關係，港大經管學院已經成為大眾信賴的商學院和研究機構，在急速變化的全球商業環境中培育人才，以及於專業知識發展領域作出莫大貢獻。」 港大經管學院院長兼經濟學講座教授蔡洪濱教授表示：「港大經管學院多年來一直追求卓越，保持韌性，代代相傳，無論處境如何艱難，學院始終保持積極和具前瞻性。校友的成就就是我們卓越的原因，他們帶領社會朝著正確的方向前進，並且一直心繫母校。現在，我們正處於充滿不確定性的時代，前景滿佈挑戰和困難，我們要像跨越渾水的橋樑般一樣互相支持。預測未來的最佳方法就是創造未來，讓我們一同共創未來。」 校友歡聚盛宴是港大經管學院首度舉辦的校友返校週（3月15日至17日）的重點活動，其他活動包括：卓越講堂、明星教授午餐會、高峰論壇、校園導賞及企業參觀。卓越講堂邀請了香港特別行政區政府商務及經濟發展局局長丘應樺先生剖析香港可持續經濟增長的願景；港大經管學院經濟學、管理及商業策略助理教授王柏林則主持明星教授午餐會，與出席者一起探討亞洲房地產市場狀況及應對策略；多名運動翹楚出席高峰論壇，分析體育經濟發展，並分享如何兼顧學生和明星運動員的雙重身份。校園導賞讓校友邊走邊了解大學的最新發展；參觀香港著名企業國泰城及李錦記則讓校友與業界專業人士進行深入交流，了解最新的行業趨勢。 圖片 （左起）港大經管學院院長兼經濟學講座教授蔡洪濱教授；香港特別行政區政府財政司司長陳茂波先生及香港大學首席副校長、港大經管學院創始院長兼黃乾亨黃英豪政治經濟學教授王于漸教授 香港大學首席副校長、港大經管學院創始院長兼黃乾亨黃英豪政治經濟學教授王于漸教授致歡迎辭 香港特別行政區政府財政司司長陳茂波先生發表主旨演講 港大經管學院首辦大型校友歡聚盛宴，吸引逾600名港大師生、校友出席
- [港大经管学院首办大型校友欢聚盛宴 逾600名杰出校友聚首一堂](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院首办大型校友欢聚盛宴-逾600名杰出校/) - 港大经管学院首次校友欢聚盛宴于3月16日（星期六）圆满举行，逾600名港大教授及校友聚首一堂，更邀得香港特别行政区政府财政司司长陈茂波先生担任主礼嘉宾并发表主旨演讲，以及多位政商界领袖出席。活动当晚特设校友表演、拍卖会及抽奖等环节，让在场嘉宾一同缅怀学生时代的点滴。明星校友分享环节则邀请了前11项香港游泳纪录保持者方力申先生，分享自己于运动竞赛及娱乐事业的心路历程。 香港特别行政区政府财政司司长陈茂波先生表示荣幸获邀出席港大经管学院首次举办的校友欢聚盛宴。在他的主旨演讲中，陈司长分享了对香港经济前景的看法，以及2024/25年度《财政预算案》中的主要措施，包括推动香港经济进一步发展的主要方向。陈司长指出：「今年《财政预算案》背后有三条主要思路：在短期内，坚定信心；在中至长期，通过积极拥抱绿色转型和数字经济等大趋势，着力推进香港「八大中心」的建设，推动经济的高质量发展。与此同时，特区政府正采取财政整合策略，控制开支的增长，并适当增加收入，在两到三年内令收支回复平衡。」 香港大学首席副校长、港大经管学院创始院长兼黄乾亨黄英豪政治经济学教授王于渐教授致欢迎辞时表示：「今日适逢是香港大学奠基日，很高兴今天能与大家欢聚一堂。创校先贤们奠定了大学卓越和创新的精神基础，使港大经管学院作为全球商业经济教育和研究的领导者角色傲然屹立，我们的影响力已延伸至世界各地，建立起稳固的国际地位。透过战略合作和伙伴关系，港大经管学院已经成为大众信赖的商学院和研究机构，在急速变化的全球商业环境中培育人才，以及于专业知识发展领域作出莫大贡献。」 港大经管学院院长兼经济学讲座教授蔡洪滨教授表示：「港大经管学院多年来一直追求卓越，保持韧性，代代相传，无论处境如何艰难，学院始终保持积极和具前瞻性。校友的成就就是我们卓越的原因，他们带领社会朝着正确的方向前进，并且一直心系母校。现在，我们正处于充满不确定性的时代，前景满布挑战和困难，我们要像跨越浑水的桥梁般一样互相支持。预测未来的最佳方法就是创造未来，让我们一同共创未来。」 校友欢聚盛宴是港大经管学院首度举办的校友返校周（3月15日至17日）的重点活动，其他活动包括：卓越讲堂、明星教授午餐会、高峰论坛、校园导赏及企业参观。卓越讲堂邀请了香港特别行政区政府商务及经济发展局局长丘应桦先生剖析香港可持续经济增长的愿景；港大经管学院经济学、管理及商业策略助理教授王柏林则主持明星教授午餐会，与出席者一起探讨亚洲房地产市场状况及应对策略；多名运动翘楚出席高峰论坛，分析体育经济发展，并分享如何兼顾学生和明星运动员的双重身份。校园导赏让校友边走边了解大学的最新发展；参观香港著名企业国泰城及李锦记则让校友与业界专业人士进行深入交流，了解最新的行业趋势。 圖片 （左起）港大经管学院院长兼经济学讲座教授蔡洪滨教授；香港特别行政区政府财政司司长陈茂波先生及香港大学首席副校长、港大经管学院创始院长兼黄乾亨黄英豪政治经济学教授王于渐教授 香港大学首席副校长、港大经管学院创始院长兼黄乾亨黄英豪政治经济学教授王于渐教授致欢迎辞 香港特别行政区政府财政司司长陈茂波先生发表主旨演讲 港大经管学院首办大型校友欢聚盛宴，吸引逾600名港大师生、校友出席
- [HKU Business School’s First-ever Alumni Gala Dinner, Gathering over 600 alumni for the momentous occasion](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院首办大型校友欢聚盛宴-逾600名杰出校/) - HKU Business School’s first-ever Alumni Gala Dinner concluded successfully on 16 March, with over 600 alumni and faculty members gathered for this momentous occasion. We were honoured to have The Honourable Paul Chan Mo-po, Financial Secretary of the HKSAR Government, as the guest-of-honour and keynote speaker, along with several distinguished leaders from the society. The
- [HKU-Accenture Business Consulting Programme 2023-24 - Case Competition cum Lunch Celebration](https://www.hkubs.hku.hk/sc/media/school-news/hku-accenture-business-consulting-programme-2023-24-case-competition-cum-lunch-celebration/) - We are delighted to announce the successful conclusion of the HKU-Accenture Business Consulting Programme (BCP) 2023-24, held on February 24, 2024. This year marked the sixth edition of the programme, which aims to equip students with industry knowledge, exposure, and essential skills for the business consulting field, allowing them to apply their university education in
- [Scholarships, Prizes And Dean’s Honours List 2022 - 2023](https://www.hkubs.hku.hk/sc/media/school-news/scholarships-prizes-and-deans-honours-list-2022-2023/)
- [HKU Business School Unveils "Hong Kong Economic Policy Green Paper 2024":  Outlining Strategies in Eight Key Areas to Accelerate Hong Kong's Economic Growth](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院发表《香港经济政策绿皮书2024》-八大/) - HKU Business School today announced the “Hong Kong Economic Policy Green Paper 2024” (“Green Paper”). The Green Paper was prepared by HKU faculty members, researchers and other internationally renowned scholars, who have conducted in-depth policy analysis and proposed recommendations for various pressing issues in Hong Kong. Topics include the city’s future as an international financial
- [HKU-Accenture Business Consulting Programme 2023-24 - Case Competition cum Lunch Celebration](https://www.hkubs.hku.hk/sc/media/school-news/hku-accenture-business-consulting-programme-2023-24-case-competition-cum-lunch-celebration/) - We are delighted to announce the successful conclusion of the HKU-Accenture Business Consulting Programme (BCP) 2023-24, held on February 24, 2024. This year marked the sixth edition of the programme, which aims to equip students with industry knowledge, exposure, and essential skills for the business consulting field, allowing them to apply their university education in
- [HKU-Accenture Business Consulting Programme 2023-24 - Case Competition cum Lunch Celebration](https://www.hkubs.hku.hk/sc/media/school-news/hku-accenture-business-consulting-programme-2023-24-case-competition-cum-lunch-celebration/) - We are delighted to announce the successful conclusion of the HKU-Accenture Business Consulting Programme (BCP) 2023-24, held on February 24, 2024. This year marked the sixth edition of the programme, which aims to equip students with industry knowledge, exposure, and essential skills for the business consulting field, allowing them to apply their university education in
- [Beta Gamma Sigma (HKU Chapter) Student Representatives for Cultivating Authentic Leadership Beta Gamma Sigma Conference in Washington, D.C. 2024](https://www.hkubs.hku.hk/sc/media/school-news/beta-gamma-sigma-hku-chapter-student-representatives-for-cultivating-authentic-leadership-beta-gamma-sigma-conference-in-washington-d-c-2024/) - Two current Undergraduate Students, Mr. Christopher Lee [Year 4 - BBA(IS)], and Mr. Leslie Li [(Year 4 BFin(AMPB)] have been nominated by the Faculty as student representatives for attending the Cultivating Authentic Leadership Beta Gamma Sigma Conference in Washington, D.C. from 8-10 February 2024. The 2024 Cultivating Authentic Leadership Conference boasts a comprehensive program comprising
- [Beta Gamma Sigma (HKU Chapter) Student Representatives for Cultivating Authentic Leadership Beta Gamma Sigma Conference in Washington, D.C. 2024](https://www.hkubs.hku.hk/sc/media/school-news/beta-gamma-sigma-hku-chapter-student-representatives-for-cultivating-authentic-leadership-beta-gamma-sigma-conference-in-washington-d-c-2024/) - Two current Undergraduate Students, Mr. Christopher Lee [Year 4 - BBA(IS)], and Mr. Leslie Li [(Year 4 BFin(AMPB)] have been nominated by the Faculty as student representatives for attending the Cultivating Authentic Leadership Beta Gamma Sigma Conference in Washington, D.C. from 8-10 February 2024. The 2024 Cultivating Authentic Leadership Conference boasts a comprehensive program comprising
- [Beta Gamma Sigma (HKU Chapter) Student Representatives for Cultivating Authentic Leadership Beta Gamma Sigma Conference in Washington, D.C. 2024](https://www.hkubs.hku.hk/sc/media/school-news/beta-gamma-sigma-hku-chapter-student-representatives-for-cultivating-authentic-leadership-beta-gamma-sigma-conference-in-washington-d-c-2024/) - Two current Undergraduate Students, Mr. Christopher Lee [Year 4 - BBA(IS)], and Mr. Leslie Li [(Year 4 BFin(AMPB)] have been nominated by the Faculty as student representatives for attending the Cultivating Authentic Leadership Beta Gamma Sigma Conference in Washington, D.C. from 8-10 February 2024. The 2024 Cultivating Authentic Leadership Conference boasts a comprehensive program comprising
- [China Mainland, Hong Kong and Macao Digital Economy Innovation and Entrepreneurship Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/china-mainland-hong-kong-and-macao-digital-economy-innovation-and-entrepreneurship-competition-2024/) - The China Mainland, Hong Kong and Macao Digital Economy Innovation and Entrepreneurship Competition 2024 was hosted by the China Chamber of International Commerce (CCOIC) and HKU SAAS Data Science Lab, and organized by International Association of Business Management Simulation. The Competition aimed to promote informatization and advance the modernization of economic and trade practices, and
- [China Mainland, Hong Kong and Macao Digital Economy Innovation and Entrepreneurship Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/china-mainland-hong-kong-and-macao-digital-economy-innovation-and-entrepreneurship-competition-2024/) - The China Mainland, Hong Kong and Macao Digital Economy Innovation and Entrepreneurship Competition 2024 was hosted by the China Chamber of International Commerce (CCOIC) and HKU SAAS Data Science Lab, and organized by International Association of Business Management Simulation. The Competition aimed to promote informatization and advance the modernization of economic and trade practices, and
- [China Mainland, Hong Kong and Macao Digital Economy Innovation and Entrepreneurship Competition 2024](https://www.hkubs.hku.hk/sc/media/school-news/china-mainland-hong-kong-and-macao-digital-economy-innovation-and-entrepreneurship-competition-2024/) - The China Mainland, Hong Kong and Macao Digital Economy Innovation and Entrepreneurship Competition 2024 was hosted by the China Chamber of International Commerce (CCOIC) and HKU SAAS Data Science Lab, and organized by International Association of Business Management Simulation. The Competition aimed to promote informatization and advance the modernization of economic and trade practices, and
- [Investing in the Future University Competition 2023 by Pictet Asset Management](https://www.hkubs.hku.hk/sc/media/school-news/investing-in-the-future-university-competition-2023-by-pictet-asset-management/) - The Investing in the Future University Competition 2023 by Pictet Asset Management provided an opportunity for students from universities in Hong Kong, Mainland China, Singapore, South Korea and Taiwan to act as investment managers in Pictet Asset Management's thematic equities team and to identify a company with attractive growth prospects that offers products and/or services
- [Investing in the Future University Competition 2023 by Pictet Asset Management](https://www.hkubs.hku.hk/sc/media/school-news/investing-in-the-future-university-competition-2023-by-pictet-asset-management/) - The Investing in the Future University Competition 2023 by Pictet Asset Management provided an opportunity for students from universities in Hong Kong, Mainland China, Singapore, South Korea and Taiwan to act as investment managers in Pictet Asset Management's thematic equities team and to identify a company with attractive growth prospects that offers products and/or services
- [Investing in the Future University Competition 2023 by Pictet Asset Management](https://www.hkubs.hku.hk/sc/media/school-news/investing-in-the-future-university-competition-2023-by-pictet-asset-management/) - The Investing in the Future University Competition 2023 by Pictet Asset Management provided an opportunity for students from universities in Hong Kong, Mainland China, Singapore, South Korea and Taiwan to act as investment managers in Pictet Asset Management's thematic equities team and to identify a company with attractive growth prospects that offers products and/or services
- [Prof. Yang You wins 2023 Research Output Prize](https://www.hkubs.hku.hk/media/school-news/prof-yang-you-wins-2023-research-output-prize/) - Congratulations to Prof. Yang You, Assistant Professor in Finance, for winning the 2023 Research Output Prize for the paper "Redeemable platform currencies" published in The Review of Economic Studies. The paper shows that token issuers who provide redemption services have a natural tendency to limit token tradability. The private token issuers tend to implement price
- [Professor Zhiwu Chen receives “Economist of the Year 2023” by South Reviews Magazine](https://www.hkubs.hku.hk/sc/media/school-news/陈志武教授荣获南风窗年度人物「2023年度经济学家/) - Congratulations to Professor Zhiwu Chen, Chair Professor of Finance, Cheng Yu-Tung Professor in Finance, Director of Centre for Quantitative History and Director of Hong Kong Institute for Humanities and Social Sciences, is awarded “Economist of the Year 2023” by South Reviews Magazine, a leading politics and economics magazine in China. For the details of the
- [港大经管学院举办首场中国经济季度论坛 以崭新视角探讨当前中国经济热点问题](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院举办首场中国经济季度论坛-以崭新视/) - 港大经管学院中国经济研究所于1月28日举办首场中国经济季度论坛，邀请中诚信集团创始人、港大经管学院经济学实务教授毛振华教授担任专题演讲嘉宾，发表以「2024年中国经济：修复分化与周期筑底」为题的主题报告。随后，香港大学协理副校长、港大经管学院副院长 （研究与知识交流）、金融学讲座教授及宝光基金教授 （金融学）林晨教授及港大经管学院经济学学术领域主任、经济学讲座教授朱晓冬教授等学者及行业专家，也一同探讨中国经济当前的热点问题、分享真知灼见。讲座与武汉大学香港校友会合办，于香港大学创立方举行，吸引近两百位商界领袖、杰出学者、校友和学生出席。 港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞时表示：「香港大学中国经济研究所举办一系列『香港大学—中国经济季度论坛』，邀请来自政、产、学、研领域的顶级中国经济专家学者共同讨论，探讨如何应对正处在深刻转型和发展中的中国经济面临的各种挑战，以及如何推动中国经济实现可持续、高质量和创新驱动的增长。」 毛振华教授在主题演讲时表示：「过去一年，中国面临新的地缘政治格局以及需求不足、预期不稳等多重挑战，经济按年增长5.2%，总体呈现「弱复苏」的特点。今年，我预测中国经济增长约为4.8%左右。发放人民币10亿元规模的现金补贴是重启经济的关键，只有终端消费改善，才能实现「CPI（消费者物价指数）- PPI（生产者物价指数）- 资产价格」的链条价格水平的筑底，令中国经济摆脱通缩风险。内地政府亦要保持政策的一致性、连续性，焕发民间的力量。」 林晨教授分享了对香港股票市场流动性趋势的认识和分析。林教授表示：「港股流动性变差主要体现在零交易股票占比和股价对交易量的敏感度上（根据Amihud流动性指针），而非交易量本身。当中，以科技行业的敏感度变化最大，与地缘政治和潜在投资限制提案有关。与美国相比，香港目前的量化和算法交易占比较低（10% vs 70%+）。然而，交易费率结构可能需要重新设计，例如采用包月、包年或阶梯下降的收费结构，以更适应此类基金的需求。」 朱晓冬教授就中国面临的生产率挑战作出阐释。朱教授表示：「中国经济的长期潜在国内生产总值（GDP） 增长取决于全要素生产率（TFP）的增长，自上而下的政策制定不利于TFP增长，自下而上的政策改革才是TFP增长的重要驱动力。」 讲座当天亦邀请了五位知名讲者进行圆桌讨论，包括港大经管学院兼职教授、中国银行业协会首席经济学家及中国宏观经济学会副会长巴曙松教授；泰康资产管理有限责任公司董事兼首席执行官、泰康保险集团股份有限公司执行副总裁兼首席投资官及中国保险资产管理业协会会长段国圣先生；美银证券大中华区首席经济学家乔虹博士；中诚信国际信用评级有限责任公司研究院副院长袁海霞博士；以及天壕能源股份有限公司董事长、聚辰半导体股份有限公司董事长、武汉大学校董陈作涛先生。圆桌讨论环节由蔡洪滨教授主持，一众讲者共同把脉中国经济，与与会者探讨世界第二大经济体未来的挑战和机遇。 请按此观看论坛重播。 图片 港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞。 中诚信集团创始人、港大经管学院经济学实务教授毛振华教授进行主题报告。 香港大学协理副校长、港大经管学院副院长 （研究与知识交流）、金融学讲座教授及宝光基金教授 (金融学) 林晨教授进行专题演讲。 港大经管学院经济学学术领域主任、经济学讲座教授朱晓冬教授进行专题演讲。 （左起）港大经管学院院长兼经济学讲座教授蔡洪滨教授；中诚信国际信用评级有限责任公司研究院副院长袁海霞博士；美银证券大中华区首席经济学家乔虹博士；香港大学经管学院兼职教授、中国银行业协会首席经济学家及中国宏观经济学会副会长巴曙松教授；泰康资产管理有限责任公司董事兼首席执行官、泰康保险集团股份有限公司执行副总裁兼首席投资官及中国保险资产管理业协会会长段国圣先生，以及天壕能源股份有限公司董事长、聚辰半导体股份有限公司董事长、武汉大学校董陈作涛先生进行圆桌讨论。 讲座于香港大学创立方举行，吸引近两百位商界领袖、杰出学者、校友和学生出席。 请按此下载高清图片。
- [港大經管學院舉辦首場中國經濟季度論壇 以嶄新視角探討當前中國經濟熱點問題](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院举办首场中国经济季度论坛-以崭新视/) - 港大經管學院中國經濟研究所於1月28日舉辦首場中國經濟季度論壇，邀請中誠信集團創始人、港大經管學院經濟學實務教授毛振華教授擔任專題演講嘉賓，發表以「2024年中國經濟：修復分化與週期築底」為題的主題報告。隨後，香港大學協理副校長、港大經管學院副院長 （研究與知識交流）、金融學講座教授及寶光基金教授 （金融學）林晨教授及港大經管學院經濟學學術領域主任、經濟學講座教授朱曉冬教授等學者及行業專家，也一同探討中國經濟當前的熱點問題、分享真知灼見。講座與武漢大學香港校友會合辦，於香港大學創立方舉行，吸引近兩百位商界領袖、傑出學者、校友和學生出席。 港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭時表示：「香港大學中國經濟研究所舉辦一系列『香港大學—中國經濟季度論壇』，邀請來自政、產、學、研領域的頂級中國經濟專家學者共同討論，探討如何應對正處在深刻轉型和發展中的中國經濟面臨的各種挑戰，以及如何推動中國經濟實現可持續、高品質和創新驅動的增長。」 毛振華教授在主題演講時表示：「過去一年，中國面臨新的地緣政治格局以及需求不足、預期不穩等多重挑戰，經濟按年增長5.2%，總體呈現「弱復蘇」的特點。今年，我預測中國經濟增長約為4.8%左右。發放人民幣10億元規模的現金補貼是重啓經濟的關鍵，只有終端消費改善，才能實現「CPI（消費者物價指數）- PPI（生產者物價指數）- 資產價格」的鏈條價格水準的築底，令中國經濟擺脫通縮風險。內地政府亦要保持政策的一致性、連續性，煥發民間的力量。」 林晨教授分享了對香港股票市場流動性趨勢的認識和分析。林教授表示：「港股流動性變差主要體現在零交易股票占比和股價對交易量的敏感度上（根據Amihud流動性指標），而非交易量本身。當中，以科技行業的敏感度變化最大，與地緣政治和潛在投資限制提案有關。與美國相比，香港目前的量化和演算法交易占比較低（10% vs 70%+）。然而，交易費率結構可能需要重新設計，例如採用包月、包年或階梯下降的收費結構，以更適應此類基金的需求。」 朱曉冬教授就中國面臨的生產率挑戰作出闡釋。朱教授表示：「中國經濟的長期潛在國內生產總值（GDP） 增長取決於全要素生產率（TFP）的增長，自上而下的政策制定不利於TFP增長，自下而上的政策改革才是TFP增長的重要驅動力。」 講座當天亦邀請了五位知名講者進行圓桌討論，包括港大經管學院兼職教授、中國銀行業協會首席經濟學家及中國宏觀經濟學會副會長巴曙松教授；泰康資產管理有限責任公司董事兼首席執行官、泰康保險集團股份有限公司執行副總裁兼首席投資官及中國保險資產管理業協會會長段國聖先生；美銀證券大中華區首席經濟學家喬虹博士；中誠信國際信用評級有限責任公司研究院副院長袁海霞博士；以及天壕能源股份有限公司董事長、聚辰半導體股份有限公司董事長、武漢大學校董陳作濤先生。圓桌討論環節由蔡洪濱教授主持，一眾講者共同把脈中國經濟，與與會者探討世界第二大經濟體未來的挑戰和機遇。 請按此觀看論壇重播。 圖片 港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭。 中誠信集團創始人、港大經管學院經濟學實務教授毛振華教授進行主題報告。 香港大學協理副校長、港大經管學院副院長 （研究與知識交流）、金融學講座教授及寶光基金教授 (金融學) 林晨教授進行專題演講。 港大經管學院經濟學學術領域主任、經濟學講座教授朱曉冬教授進行專題演講。 （左起）港大經管學院院長兼經濟學講座教授蔡洪濱教授；中誠信國際信用評級有限責任公司研究院副院長袁海霞博士；美銀證券大中華區首席經濟學家喬虹博士；香港大學經管學院兼職教授、中國銀行業協會首席經濟學家及中國宏觀經濟學會副會長巴曙松教授；泰康資產管理有限責任公司董事兼首席執行官、泰康保險集團股份有限公司執行副總裁兼首席投資官及中國保險資產管理業協會會長段國聖先生，以及天壕能源股份有限公司董事長、聚辰半導體股份有限公司董事長、武漢大學校董陳作濤先生進行圓桌討論。 講座於香港大學創立方舉行，吸引近兩百位商界領袖、傑出學者、校友和學生出席。 請按此下載高清圖片。
- [HKU Business School Launches Inaugural Quarterly Forum on Chinese Economy Discusses Pressing Challenges Facing Chinese Economy in New Perspectives](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院举办首场中国经济季度论坛-以崭新视/) - HKU Business School’s Institute of China Economy organised the inaugural HKU Quarterly Forum on Chinese Economy on 28 January 2024. Professor Zhenhua Mao, Founder of ZhongChengXin (HK) Investment Services Limited, and Professor of Practice of HKU Business School presented the theme report titled “China Economy in 2024 – Recovery and Cyclical Bottom”, and discussed pressing
- [「香港经济前景展望」研讨会 云集政商领袖  共同探索香港未来经济发展](https://www.hkubs.hku.hk/sc/media/press-release/「香港经济前景展望」研讨会-云集政商领袖-共同/) - 由港大经管学院主办、香港经济及商业策略研究协办的「香港经济前景展望」研讨会于1月18日圆满举行。研讨会云集学术权威、政府官员及商界领袖，共同探讨香港经济机遇，提出具策略性及针对性的政策建议，范畴包括环球经济展望、重新定位香港经济、揭示香港转型的经济机遇、企业家眼中香港经济的未来机遇、香港推动地区及全球 ESG 之发展，以及新世代的人才和青年发展等。研讨会更邀请诺贝尔经济学奖得主 Joseph Stiglitz教授，以及瑞安集团创始人及主席罗康瑞先生担任主讲嘉宾。 香港大学首席副校长、经济学讲座教授、黄干亨黄英豪政治经济学教授兼香港经济及商业策略研究所总监王于渐教授致欢迎辞时表示：「香港作为高度开放的经济体，经济发展与全球进程关系密不可分。世界繁荣，香港亦会繁荣；世界面临挑战，香港亦会受挫，是恒久不变的定理。对我们而言，克服地缘政治限制和疫后经济复苏至关重要。透过灵活应变、持续创新和互相协作，我们定能应对未来的挑战，开拓新的发展机遇，为香港共建繁荣未来。」 诺贝尔经济学奖得主 Joseph Stiglitz教授表示：「要应对全球性问题，全球合作的影响力举足轻重，其中气候变化和疫情爆发等议题尤其重要。在这些特定领域展开合作符合所有相关各方的最大利益。我们身处瞬息万变的时代，没有事情是理所当然的。新兴的经济体、政治格局、地缘经济和地缘政治的出现更凸显了各方共同合作协调的必要性。这对于香港来说别具意义，因为这个城市将受到环球动态持续发展的显著影响。香港与其他地区一样处于不确定的局势，定将面临新的挑战。」 瑞安集团创始人及主席罗康瑞先生致午宴主题演讲时表示：「大湾区提供各种机遇，香港能够充分利用全球私营市场的资金和资源，成为一个『一带一路』倡议的投资中心。我们拥有各方面的专业知识，知道如何处理基础设施、如何筹集资金，所以香港是一个超级价值的创造者。」 香港特别行政区政府劳工及褔利局局长孙玉菡先生出席关于香港人才及青年发展的专题讨论环节时表示：「过去数十年来，香港从丰富的本地人才中获益匪浅。正是这广泛且高技能的本地人才储备，塑造了今日的香港。然而，我们现今所面对的现实是人才供应不足的问题。展望未来，我们所面临的挑战不仅仅是吸引人才，更是如何留住人才。这就是为何我们成立了人才服务办公室，提供便利服务，更重要的是建立我们的合作伙伴网络。」 港大经管学院院长兼经济学讲座教授蔡洪滨教授表示：「港大经管学院多年来致力进行经济政策研究，旨在为香港经济的可持续发展作出贡献。为了应对香港未来的重重挑战，社会需要专注于愿景、政策、住房和土地。今年的绿皮书及研讨会取得了令人瞩目的成果，与会者给予了热烈的回响，肯定了其价值和影响力。」 港大经管学院副院长（对外事务）、冯国经冯国纶基金经济学教授兼香港经济及商业策略研究所副总监邓希炜教授表示：「尽管全球面临着众多挑战和不确定性，包括地缘政治紧张局势，我们始终保持着乐观的态度，这得归功于社会的凝聚力。今年的研讨会和绿皮书取得了非常骄人的成果，汇聚了来自各行业的持份者，大家互相交流、为应对经济挑战提供了宝贵的建议。展望未来，港大经管学院定将继往开来，积极加强与社会各界的合作，共创成功。」 港大经管学院一直致力透过专业的知识和卓越的研究，分析香港的经济环境及政策问题。继2021年成功推出《香港经济政策绿皮书》及举行「香港经济前景展望」研讨会后，港大经管学院今年再接再厉，第三度连同多名学者撰写《香港经济政策绿皮书2024》，并举行「香港经济前景展望」研讨会，凝聚社会各界领袖，为香港长远发展出谋献策。 （由左至右）港大经管学院院长兼经济学讲座教授蔡洪滨教授；香港大学首席副校长、经济学讲座教授、黄干亨黄英豪政治经济学教授兼香港经济及商业策略研究所总监王于渐教授；Christoph H Loch（克里斯托弗·洛赫）教授，运营和技术管理教授、剑桥大学中国管理中心联合主任、前剑桥大学贾吉商学院院长及Management Science 期刊总编辑；以及诺贝尔经济学奖得主 Joseph Stiglitz教授进行专题讨论。 （由左至右） 港大经管学院副院长（对外事务）、冯国经冯国纶基金经济学教授兼香港经济及商业策略研究所副总监邓希炜教授；以及瑞安集团创始人及主席罗康瑞先生于台上交流。 香港特别行政区政府劳工及褔利局局长孙玉菡先生 （中） 出席研讨会，并担任「新时代的人才及青年发展」的专题讨论嘉宾。 其他图片及高清图片链接
- [「香港經濟前景展望」研討會 雲集政商領袖  共同探索香港未來經濟發展](https://www.hkubs.hku.hk/sc/media/press-release/「香港经济前景展望」研讨会-云集政商领袖-共同/) - 由港大經管學院主辦、香港經濟及商業策略研究協辦的「香港經濟前景展望」研討會於1月18日圓滿舉行。研討會雲集學術權威、政府官員及商界領袖，共同探討香港經濟機遇，提出具策略性及針對性的政策建議，範疇包括環球經濟展望、重新定位香港經濟、揭示香港轉型的經濟機遇、企業家眼中香港經濟的未來機遇、香港推動地區及全球 ESG 之發展，以及新世代的人才和青年發展等。研討會更邀請諾貝爾經濟學獎得主 Joseph Stiglitz教授，以及瑞安集團創始人及主席羅康瑞先生擔任主講嘉賓。 香港大學首席副校長、經濟學講座教授、黃乾亨黃英豪政治經濟學教授兼香港經濟及商業策略研究所總監王于漸教授致歡迎辭時表示：「香港作為高度開放的經濟體，經濟發展與全球進程關係密不可分。世界繁榮，香港亦會繁榮；世界面臨挑戰，香港亦會受挫，是恆久不變的定理。對我們而言，克服地緣政治限制和疫後經濟復甦至關重要。透過靈活應變、持續創新和互相協作，我們定能應對未來的挑戰，開拓新的發展機遇，為香港共建繁榮未來。」 諾貝爾經濟學獎得主 Joseph Stiglitz教授表示：「要應對全球性問題，全球合作的影響力舉足輕重，其中氣候變化和疫情爆發等議題尤其重要。在這些特定領域展開合作符合所有相關各方的最大利益。我們身處瞬息萬變的時代，沒有事情是理所當然的。新興的經濟體、政治格局、地緣經濟和地緣政治的出現更凸顯了各方共同合作協調的必要性。這對於香港來說別具意義，因為這個城市將受到環球動態持續發展的顯著影響。香港與其他地區一樣處於不確定的局勢，定將面臨新的挑戰。」 瑞安集團創始人及主席羅康瑞先生致午宴主題演講時表示：「大灣區提供各種機遇，香港能夠充分利用全球私營市場的資金和資源，成為一個『一帶一路』倡議的投資中心。我們擁有各方面的專業知識，知道如何處理基礎設施、如何籌集資金，所以香港是一個超級價值的創造者。」 香港特別行政區政府勞工及褔利局局長孫玉菡先生出席關於香港人才及青年發展的專題討論環節時表示：「過去數十年來，香港從豐富的本地人才中獲益匪淺。正是這廣泛且高技能的本地人才儲備，塑造了今日的香港。然而，我們現今所面對的現實是人才供應不足的問題。展望未來，我們所面臨的挑戰不僅僅是吸引人才，更是如何留住人才。這就是為何我們成立了人才服務辦公室，提供便利服務，更重要的是建立我們的合作夥伴網絡。」 港大經管學院院長兼經濟學講座教授蔡洪濱教授表示：「港大經管學院多年來致力進行經濟政策研究，旨在為香港經濟的可持續發展作出貢獻。為了應對香港未來的重重挑戰，社會需要專注於願景、政策、住房和土地。今年的綠皮書及研討會取得了令人矚目的成果，與會者給予了熱烈的回響，肯定了其價值和影響力。」 港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授兼香港經濟及商業策略研究所副總監鄧希煒教授表示：「儘管全球面臨著眾多挑戰和不確定性，包括地緣政治緊張局勢，我們始終保持著樂觀的態度，這得歸功於社會的凝聚力。今年的研討會和綠皮書取得了非常驕人的成果，匯聚了來自各行業的持份者，大家互相交流、為應對經濟挑戰提供了寶貴的建議。展望未來，港大經管學院定將繼往開來，積極加強與社會各界的合作，共創成功。」 港大經管學院一直致力透過專業的知識和卓越的研究，分析香港的經濟環境及政策問題。繼2021年成功推出《香港經濟政策綠皮書》及舉行「香港經濟前景展望」研討會後，港大經管學院今年再接再厲，第三度連同多名學者撰寫《香港經濟政策綠皮書2024》，並舉行「香港經濟前景展望」研討會，凝聚社會各界領袖，為香港長遠發展出謀獻策。 （由左至右）港大經管學院院長兼經濟學講座教授蔡洪濱教授；香港大學首席副校長、經濟學講座教授、黃乾亨黃英豪政治經濟學教授兼香港經濟及商業策略研究所總監王于漸教授；Christoph H Loch（克里斯多夫·洛赫）教授，運營和技術管理教授、劍橋大學中國管理中心聯合主任、前劍橋大學賈吉商學院院長及Management Science 期刊總編輯；以及諾貝爾經濟學獎得主 Joseph Stiglitz教授進行專題討論。 （由左至右） 港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授兼香港經濟及商業策略研究所副總監鄧希煒教授；以及瑞安集團創始人及主席羅康瑞先生於台上交流。 香港特別行政區政府勞工及褔利局局長孫玉菡先生 （中） 出席研討會，並擔任「新時代的人才及青年發展」的專題討論嘉賓。 其他圖片及高清圖片連結
- [Conference on “The Future Hong Kong Economy” gathers  thought leaders to discuss the city’s economic development](https://www.hkubs.hku.hk/sc/media/press-release/「香港经济前景展望」研讨会-云集政商领袖-共同/) - The “Thought Leadership Conference Series: The Future of Hong Kong Economy”, organised by HKU Business School and co-organised by the Hong Kong Institute of Economics and Business Strategy, concluded successfully on 18 January. The conference gathers distinguished scholars, policymakers and business leaders to engage in knowledge exchange and explore policy directions and opportunities for economic
- [Call for papers: The 8th Asian Historical Economics Conference 2024 (AHEC 2024)](https://www.hkubs.hku.hk/media/school-news/call-for-papers-the-8th-asian-historical-economics-conference-2024-ahec-2024/)
- [陳志武教授專訪：陳志武回來了，決定做一件有趣的事](https://www.hkubs.hku.hk/sc/media/in-the-media/陈志武教授专访：陈志武回来了，决定干一件有趣/) - 出書，演講，評論，他觀察中國，也參與中國，溶金融邏輯於中國水土。 在資本的海洋中，他俯身細看數字背後的人文，用簡潔的經濟學語言，解釋文明演進與社會建構。 他談理想宏願，唯萬家燈火，是其經濟學思想的倒影，仍未倦，且駐講台，傳道授業解惑。 在東西方思想交會處，他篤定，做兩者的橋樑。
- [陳志武教授專訪：陳志武回來了，決定做一件有趣的事](https://www.hkubs.hku.hk/sc/media/in-the-media/陈志武教授专访：陈志武回来了，决定干一件有趣/) - 出書，演講，評論，他觀察中國，也參與中國，溶金融邏輯於中國水土。 在資本的海洋中，他俯身細看數字背後的人文，用簡潔的經濟學語言，解釋文明演進與社會建構。 他談理想宏願，唯萬家燈火，是其經濟學思想的倒影，仍未倦，且駐講台，傳道授業解惑。 在東西方思想交會處，他篤定，做兩者的橋樑。
- [陈志武教授专访：陈志武回来了，决定干一件有趣的事](https://www.hkubs.hku.hk/sc/media/in-the-media/陈志武教授专访：陈志武回来了，决定干一件有趣/) - 出书，演讲，评论，他观察中国，也参与中国，溶金融逻辑于中国水土。在资本的海洋中，他俯身细看数字背后的人文，用简洁的经济学语言，解释文明演进与社会建构。他谈理想宏愿，唯万家灯火，是其经济学思想的倒影，仍未倦，且驻讲台，传道授业解惑。在东西方思想交汇处，他笃定，做两者的桥梁。
- [陈志武教授荣获南风窗年度人物「2023年度经济学家」](https://www.hkubs.hku.hk/sc/media/school-news/陈志武教授荣获南风窗年度人物「2023年度经济学家/) - 恭贺港大经管学院陈志武教授获颁南风窗年度人物「2023年度经济学家」。 有关奖项详情，请参阅 南风窗 及 中国金融时报 报导。
- [陳志武教授榮獲南風窗年度人物「2023年度經濟學家」](https://www.hkubs.hku.hk/sc/media/school-news/陈志武教授荣获南风窗年度人物「2023年度经济学家/) - 恭賀港大經管學院陳志武教授獲頒南風窗年度人物「2023年度經濟學家」。 有關奬項詳情，請參閱 南風窗 及 中國金融時報 報導。
- [ACCA Hong Kong Business Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/acca-hong-kong-business-competition-2023/) - The ACCA Hong Kong Business Competition 2023 provided an opportunity for students to demonstrate their business analysis and problem-solving skills by assuming the role of business consultants for start-up companies – Filix Medtech, MakeOmnia, and R2C2 from Cyberport Hong Kong with a focus on sustainable solutions. The theme for this year's competition is "Be you.
- [ACCA Hong Kong Business Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/acca-hong-kong-business-competition-2023/) - The ACCA Hong Kong Business Competition 2023 provided an opportunity for students to demonstrate their business analysis and problem-solving skills by assuming the role of business consultants for start-up companies – Filix Medtech, MakeOmnia, and R2C2 from Cyberport Hong Kong with a focus on sustainable solutions. The theme for this year's competition is "Be you.
- [ACCA Hong Kong Business Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/acca-hong-kong-business-competition-2023/) - The ACCA Hong Kong Business Competition 2023 provided an opportunity for students to demonstrate their business analysis and problem-solving skills by assuming the role of business consultants for start-up companies – Filix Medtech, MakeOmnia, and R2C2 from Cyberport Hong Kong with a focus on sustainable solutions. The theme for this year's competition is "Be you.
- [HKICPA Business Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/hkicpa-business-case-competition-2023/) - The HKICPA Business Case Competition provided an opportunity for students from Mainland China, Hong Kong, and Macau, with diverse educational backgrounds, to demonstrate their academic competencies and business acumen in solving real-life challenges and honing their skills, while also fostering their professional judgment and global perspectives. This year, the competition focused on the Digital Entertainment
- [HKICPA Business Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/hkicpa-business-case-competition-2023/) - The HKICPA Business Case Competition provided an opportunity for students from Mainland China, Hong Kong, and Macau, with diverse educational backgrounds, to demonstrate their academic competencies and business acumen in solving real-life challenges and honing their skills, while also fostering their professional judgment and global perspectives. This year, the competition focused on the Digital Entertainment
- [HKICPA Business Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/hkicpa-business-case-competition-2023/) - The HKICPA Business Case Competition provided an opportunity for students from Mainland China, Hong Kong, and Macau, with diverse educational backgrounds, to demonstrate their academic competencies and business acumen in solving real-life challenges and honing their skills, while also fostering their professional judgment and global perspectives. This year, the competition focused on the Digital Entertainment
- [Hong Kong Economic Policy Green Paper 2024 Download](https://www.hkubs.hku.hk/sc/media/school-news/hong-kong-economic-policy-green-paper-2024/)
- [《香港经济政策绿皮书2024》](https://www.hkubs.hku.hk/sc/media/school-news/hong-kong-economic-policy-green-paper-2024/)
- [《香港經濟政策綠皮書2024》](https://www.hkubs.hku.hk/sc/media/school-news/hong-kong-economic-policy-green-paper-2024/)
- [港大经管学院发表《香港经济政策绿皮书2024》 八大范畴出谋献策 推动香港经济发展动能](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院发表《香港经济政策绿皮书2024》-八大/) - 港大经管学院今日发表《香港经济政策绿皮书2024》（《绿皮书》），由港大教授和研究人员，以及多位国际知名学者共同撰写，就多个香港热门议题作出研究分析，并从崭新角度给予政策建议，题目涵盖香港作为国际金融中心的未来、联系汇率制度的利与弊、香港收入不均贫富悬殊的情况、人口老龄化对医疗开支的影响、如何有效减少公屋轮候时间、人才去留问题、香港发展知识产权商业化及提升国际航空枢纽地位的重要性等。 港大经管学院院长兼经济学讲座教授蔡洪滨教授表示：「港大经管学院扎根香港，一直致力透过专业知识和卓越研究，探讨香港的经济难题并提供政策建议。学院自2021年起与一众关心香港未来发展的学者共同撰写及发表年度《绿皮书》，并举办『香港经济前景展望』研讨会。延续过去两年的成功，我们今年更联同港大公共卫生学院及法律学院的学者，以及全球知名专家，与政策制定者、商界领袖及社会贤达等不同持份者积极讨论及交流，从多个角度为推动香港经济多元化发展出谋献策。」 香港大学首席副校长、经济学讲座教授、黄干亨黄英豪政治经济学教授兼香港经济及商业策略研究所总监王于渐教授表示：「在全球疫情大爆发后和地缘政治紧张局势的背景下，为我们的城市制定明确的战略方向变得比以往任何时候都更为重要。今年的《绿皮书》为我们在这充满变数的时期提供了宝贵的洞见和指引。香港大学学者们不懈的努力和卓越的专业知识，为我们深爱的城市塑造一个繁荣且具有韧性的未来，正是此刻我们所需要的。」 港大经管学院副院长（对外事务）、冯国经冯国纶基金经济学教授兼香港经济及商业策略研究所副总监邓希炜教授表示：「在第四次工业革命的背景下，未来各个经济体在全球激烈竞争中的成败，或将取决于能否建立起高效的知识产权制度，以维持在创新科技方面的领先地位。因此，制度创新仍对香港未来经济发展至关重要。尽管香港在保护知识产权方面的国际声誉相当不俗，但仍需加速知识产权商业化的进展，以放大知识产权制度的经济效益。」 香港大学公共卫生学院院长兼临床教授贝大为教授表示：「未来的五年里，香港医疗卫生开支的增长速度预计将持续高于本地生产总值的增长速度，进一步扩大医疗卫生在整体经济中的比重。眼下的当务之急是商讨医疗卫生体系的最佳方案，以应对人口老龄化和不断增长的医疗卫生开支，同时避免公共医疗卫生服务退步。若对改革踌躇不决的时间愈长，难度就愈大。」 香港大学法律学院嘉里基金教授 (法学) 、研究资助局数码金融与可持续发展高级研究员兼「港大 – 渣打慈善基金金融科技学院」协理总监Douglas Arner 教授表示：「香港要增强其作为国际金融中心的角色，当务之急在于维持和巩固现有优势，包括资本、信息和人员的自由流动，辅之以稳定的法律、货币、金融和监管基建。香港作为资本市场，需要聚焦集资和投资所需的新客户；同时招徕有能力更广泛投资的国际及中国机构投资者。另外，香港应加强多极化支付和财资管理框架，从而受惠于中国未来的发展及资金出入，并在支持人民币国际化、利用其他货币进行贸易、金融及投资，以及提升香港作为新兴多极金融体系中的枢纽角色方面更上层楼。」 按此查看《香港经济政策绿皮书2024》重点分析 （左起）香港大学法律学院嘉里基金教授(法学) 、研究资助局数码金融与可持续发展高级研究员兼「港大– 渣打慈善基金金融科技学院」协理总监Douglas Arner 教授；港大经管学院副院长（对外事务）、冯国经冯国纶基金经济学教授兼香港经济及商业策略研究所副总监邓希炜教授；香港大学首席副校长、经济学讲座教授、黄乾亨黄英豪政治经济学教授兼香港经济及商业策略研究所总监王于渐教授；港大经管学院院长兼经济学讲座教授蔡洪滨教授及香港大学公共卫生学院院长兼临床教授贝大为教授 港大经管学院院长兼经济学讲座教授蔡洪滨教授 香港大学首席副校长、经济学讲座教授、黄干亨黄英豪政治经济学教授兼香港经济及商业策略研究所总监王于渐教授 港大经管学院副院长（对外事务）、冯国经冯国纶基金经济学教授兼香港经济及商业策略研究所副总监邓希炜教授 香港大学公共卫生学院院长兼临床教授贝大为教授 香港大学法律学院嘉里基金教授 (法学) 、研究资助局数码金融与可持续发展高级研究员兼「港大 – 渣打慈善基金金融科技学院」协理总监Douglas Arner 教授 《香港经济政策绿皮书2024》重点分析 《香港经济政策绿皮书2024》辑录的八篇文章，重点分析如下： 香港结构演变与作为国际金融中心的未来 从历史的角度来看，有人可能会认为2019年上半年是香港作为国际金融中心地位的最高点，并将如同世界各地和亚洲的许多其他金融中心一样，香港的角色也会衰落及被其他金融中心取而代之。然而，对香港来说，2019年并非高峰时期，而是转折点。 香港要增强作为国际金融中心的地位，首先在法律、货币、金融和监管基础建设的支持下，必须维持和加强与内地的现有优势：资本、信息和人员的自由流动。同时，必须继续强化与内地的联系。但由于香港的角色本质是作为中介，因此需要增加与内地和世界其他地区（包括欧洲、北美和东盟/东亚，特别是RCEP地区）之间持续的金融和经济联系走廊的联系，同时寻求识别新兴的潜在机会领域（如中东、非洲和拉丁美洲）。 香港联系汇率制度损益评估 社会上一直议论纷纷，认为联汇制度或会无以为继，而在中美两国经济政治摩擦不断之际，或应加以调整甚至替代。诚然，经贸摩擦使联汇制度对香港的好处有所削弱。然而，从长远发展来看，有关摩擦所带来的影响只属短暂，而在这困境中对联汇制度的坚持，则更能为投资者对港元稳定性的信心注入强心针。 除了现有的联汇制度和浮动汇率以外，香港还可以采取其他形式的固定汇率制度。部分观点支持港元与人民币挂钩，主因包括贸易、人民币国际化等。然而，挂钩人民币亦或会带来运作上的挑战，处理不当的话可能引致系统性金融风险。国际资金或因资金管制而受阻，使针对在岸人民币的货币投机活动难以进行。挂钩人民币的港元市场深度将变得更大、流动性更佳，金融衍生工具发展更全面，容易成为更直接的投机目标。若出现此一情况，政府就需要以更多的外汇储备维持港元币值，以免在金融系统中埋下隐患。 聚焦香港收入不均 日益严重的收入不均实由高收入者收入增长加快所致。尽管住户收入中位数有所上升，最贫穷住户的收入却在倒退。而政府转移开支和政府的高等教育投资，对纾缓贫穷和减轻高技能与低技能工人之间的工资不均发挥了重要作用。 这些研究结果表明，如果没有政府的干预，香港的不均问题可能更为严重，过度依赖低技能和房地产服务来创造就业机会，也限制了香港年轻一代大学毕业生的就业机会和收入增长。由于楼价高昂，财富不均可能较收入不均要严重得多。因此，为了减轻香港的不均现象，特区政府应该在公共房屋方面增加投资，并通过调低进入门坎，扩大高技能服务的就业机会。 人口老龄化对香港未来医疗卫生开支的影响分析 香港医疗卫生开支未来的增长趋势将使特区政府财政日益受压。至少直至2028年，医疗卫生开支的增长速度将超过本地生产总值的增长速度。香港若能在10年内实现每年净流入约5万个年轻家庭，估计医疗卫生开支占本地生产总值份额的升幅在2040年得以放缓，下降到7%水平。否则，在缺乏外来移民抵消人口老龄化问题的效应下，此一比例将于2040年升至9%。 对于医疗卫生体系的改善方案，必须涵盖多方面，其中主要包括：一、加大投资力度，通过疾病预防、健康推广和全面基层医疗以免市民染病入院之需；二、通过供求控制，提高现有医疗资源的使用效率；三、对新药物和新技术的引入和定价善加管理；四、协助市民计划和支付适合其文化背景的长期护理；五、推动整体医疗保险市场在医疗融资方面发挥更大作用 ；六、通过抵押收入或社会保险为政府融资开源。 利用数据和算法减低公屋轮候时间 特区政府推出过渡性房屋及简约公屋的资助计划，旨在从速为轮候租住公屋者构建可负担的住屋选择。然而，在新界的过渡性房屋出现使用不足的情况；政府又能否在2049年之前取缔劏房，同样令人忧虑。而过渡性房屋使用率偏低，原因包括居民与房屋之间的地域错配，以及申请手续繁复。 要改善过渡性房屋分配和使用，建议特区政府房屋局善用数据分析和参考为Alvin Roth赢得诺贝尔经济学奖的市场机制设计，改善公屋配对，并让过渡性房屋充分使用。市场机制设计的基本概念在于搜集每个人从一组既定选项所选择的次序，然后运用计算机算法产生配对，从而优化整体效用。以选择居住地区次序各异的过渡性房屋申请者为例，若把各自的优先次序递交至统一系统，即可利用计算机算法推进配对程序。有关方法具成本效益，可促进过渡性房屋的分配和使用，确保各申请者获编配合适的房屋选择；同时亦可减轻行政费用，并提升编配程序的效率。 人才得失与香港前景：领英社交资料左证 文章根据专业人士网络平台LinkedIn及特区政府的数据，对香港人口结构和经济前景的变化作出评估。结果发现香港在面临人才流失之余，人才流入量亦甚高。相对于离港人口，来港人口年龄较大，教育程度较高，但在全球人脉网络和种族多元程度方面则有所不及；其中又以来自中国内地者居多，来自美国等地者亦有。整体而言，人才流失之说未免以偏概全；事实上，相比于其他主要大都会，香港对环球人才依然极具吸引力。 香港可考虑制定挽留年轻一代的劳工政策。在有关数据中，青年属移民意欲最高的社群，皆因大多社会地位未稳，而事业发展仍在探索路上，难免对未来感到困惑。为减少这类外流移民，特区政府不妨以挽留这一社群为长远目标，采取一系列措施，如提供持续进修津贴或海外奖学金，条件为必须在进修后回港工作。 知识产权商业化有利香港经济高质发展 近年，香港特区政府在推动知识产权商业化方面作出不少努力，例如发展「原授专利」制度、推动《商标国际注册马德里协议有关议定书》在本地实施，以及推出「专利盒」税务优惠，对通过研发活动而产生的合资格专利，为其源自香港所赚取的利润提供税务优惠。尽管如此，由于地区竞争激烈，香港在知识产权商业化方面的进展仍有不足。因此，必须思考如何更有效率地把市场做大，从而调动各持份者将香港建设成为区域知识产权贸易中心。 香港应加强生态系统建设，促进知识产权商业化发展，例如以绿色金融框架为模板，鼓励公司披露与知识产权相关的投资与项目，以无形资产作融资抵押、建立估值准则、成立知识产权持份者联盟、与内地加强合作打击侵权行为、提供年度财政资助及发展知识产权交易平台、与各大学及国际组织合作，开办知识产权课题相关的本地课程、深化与内地的合作及政府通过「香港增长组合」等投资基金，采购生命健康科技等先进行业的知识产权。 伟大城市：强化香港国际航空枢纽地位的重要性
- [港大經管學院發表《香港經濟政策綠皮書2024》 八大範疇出謀獻策 推動香港經濟發展動能](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院发表《香港经济政策绿皮书2024》-八大/) - 港大經管學院今日發表《香港經濟政策綠皮書2024》（《綠皮書》），由港大教授和研究人員，以及多位國際知名學者共同撰寫，就多個香港熱門議題作出研究分析，並從嶄新角度給予政策建議，題目涵蓋香港作為國際金融中心的未來、聯繫匯率制度的利與弊、香港收入不均貧富懸殊的情況、人口老齡化對醫療開支的影響、如何有效減少公屋輪候時間、人才去留問題、香港發展知識產權商業化及提升國際航空樞紐地位的重要性等。 港大經管學院院長兼經濟學講座教授蔡洪濱教授表示：「港大經管學院紥根香港，一直致力透過專業知識和卓越研究，探討香港的經濟難題並提供政策建議。學院自2021年起與一眾關心香港未來發展的學者共同撰寫及發表年度《綠皮書》，並舉辦『香港經濟前景展望』研討會。延續過去兩年的成功，我們今年更聯同港大公共衞生學院及法律學院的學者，以及全球知名專家，與政策制定者、商界領袖及社會賢達等不同持份者積極討論及交流，從多個角度為推動香港經濟多元化發展出謀獻策。」 香港大學首席副校長、經濟學講座教授、黃乾亨黃英豪政治經濟學教授兼香港經濟及商業策略研究所總監王于漸教授表示：「在全球疫情大爆發後和地緣政治緊張局勢的背景下，為我們的城市制定明確的戰略方向變得比以往任何時候都更為重要。今年的《綠皮書》為我們在這充滿變數的時期提供了寶貴的洞見和指引。香港大學學者們不懈的努力和卓越的專業知識，為我們深愛的城市塑造一個繁榮且具有韌性的未來，正是此刻我們所需要的。」 港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授兼香港經濟及商業策略研究所副總監鄧希煒教授表示：「在第四次工業革命的背景下，未來各個經濟體在全球激烈競爭中的成敗，或將取決於能否建立起高效的知識產權制度，以維持在創新科技方面的領先地位。因此，制度創新仍對香港未來經濟發展至關重要。儘管香港在保護知識產權方面的國際聲譽相當不俗，但仍需加速知識產權商業化的進展，以放大知識產權制度的經濟效益。」 香港大學公共衞生學院院長兼臨床教授貝大為教授表示：「未來的五年裡，香港醫療衞生開支的增長速度預計將持續高於本地生產總值的增長速度，進一步擴大醫療衞生在整體經濟中的比重。眼下的當務之急是商討醫療衞生體系的最佳方案，以應對人口老齡化和不斷增長的醫療衞生開支，同時避免公共醫療衞生服務退步。若對改革躊躇不決的時間愈長，難度就愈大。」 香港大學法律學院嘉里基金教授 (法學) 、研究資助局數碼金融與可持續發展高級研究員兼「港大 – 渣打慈善基金金融科技學院」協理總監Douglas Arner 教授表示：「香港要增強其作為國際金融中心的角色，當務之急在於維持和鞏固現有優勢，包括資本、資訊和人員的自由流動，輔之以穩定的法律、貨幣、金融和監管基建。香港作為資本市場，需要聚焦集資和投資所需的新客戶；同時招徠有能力更廣泛投資的國際及中國機構投資者。另外，香港應加強多極化支付和財資管理框架，從而受惠於中國未來的發展及資金出入，並在支持人民幣國際化、利用其他貨幣進行貿易、金融及投資，以及提升香港作為新興多極金融體系中的樞紐角色方面更上層樓。」 按此查看《香港經濟政策綠皮書2024》重點分析 （左起）香港大學法律學院嘉里基金教授 (法學) 、研究資助局數碼金融與可持續發展高級研究員兼「港大 – 渣打慈善基金金融科技學院」協理總監Douglas Arner 教授；港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授兼香港經濟及商業策略研究所副總監鄧希煒教授；香港大學首席副校長、經濟學講座教授、黃乾亨黃英豪政治經濟學教授兼香港經濟及商業策略研究所總監王于漸教授；港大經管學院院長兼經濟學講座教授蔡洪濱教授及香港大學公共衞生學院院長兼臨床教授貝大為教授 港大經管學院院長兼經濟學講座教授蔡洪濱教授 香港大學首席副校長、經濟學講座教授、黃乾亨黃英豪政治經濟學教授兼香港經濟及商業策略研究所總監王于漸教授 港大經管學院副院長（對外事務）、馮國經馮國綸基金經濟學教授兼香港經濟及商業策略研究所副總監鄧希煒教授 香港大學公共衞生學院院長兼臨床教授貝大為教授 香港大學法律學院嘉里基金教授 (法學) 、研究資助局數碼金融與可持續發展高級研究員兼「港大 – 渣打慈善基金金融科技學院」協理總監Douglas Arner 教授 《香港經濟政策綠皮書2024》重點分析 《香港經濟政策綠皮書2024》輯錄的八篇文章，重點分析如下： 香港結構演變與作為國際金融中心的未來 從歷史的角度來看，有人可能會認為2019年上半年是香港作為國際金融中心地位的最高點，並將如同世界各地和亞洲的許多其他金融中心一樣，香港的角色也會衰落及被其他金融中心取而代之。然而，對香港來說，2019年並非高峰時期，而是轉捩點。 香港要增強作為國際金融中心的地位，首先在法律、貨幣、金融和監管基礎建設的支持下，必須維持和加強與內地的現有優勢：資本、資訊和人員的自由流動。同時，必須繼續強化與內地的聯繫。但由於香港的角色本質是作為中介，因此需要增加與內地和世界其他地區（包括歐洲、北美和東協/東亞，特別是RCEP地區）之間持續的金融和經濟聯繫走廊的聯繫，同時尋求識別新興的潛在機會領域（如中東、非洲和拉丁美洲）。 香港聯繫匯率制度損益評估 社會上一直議論紛紛，認為聯匯制度或會無以為繼，而在中美兩國經濟政治摩擦不斷之際，或應加以調整甚至替代。誠然，經貿摩擦使聯匯制度對香港的好處有所削弱。然而，從長遠發展來看，有關摩擦所帶來的影響只屬短暫，而在這困境中對聯匯制度的堅持，則更能為投資者對港元穩定性的信心注入強心針。 除了現有的聯匯制度和浮動匯率以外，香港還可以採取其他形式的固定匯率制度。部分觀點支持港元與人民幣掛鈎，主因包括貿易、人民幣國際化等。然而，掛鈎人民幣亦或會帶來運作上的挑戰，處理不當的話可能引致系統性金融風險。國際資金或因資金管制而受阻，使針對在岸人民幣的貨幣投機活動難以進行。掛鈎人民幣的港元市場深度將變得更大、流動性更佳，金融衍生工具發展更全面，容易成為更直接的投機目標。若出現此一情況，政府就需要以更多的外匯儲備維持港元幣值，以免在金融系統中埋下隱患。 聚焦香港收入不均 日益嚴重的收入不均實由高收入者收入增長加快所致。儘管住戶收入中位數有所上升，最貧窮住戶的收入卻在倒退。而政府轉移開支和政府的高等教育投資，對紓緩貧窮和減輕高技能與低技能工人之間的工資不均發揮了重要作用。 這些研究結果表明，如果沒有政府的干預，香港的不均問題可能更為嚴重，過度依賴低技能和房地產服務來創造就業機會，也限制了香港年輕一代大學畢業生的就業機會和收入增長。由於樓價高昂，財富不均可能較收入不均要嚴重得多。因此，為了減輕香港的不均現象，特區政府應該在公共房屋方面增加投資，並通過調低進入門檻，擴大高技能服務的就業機會。 人口老齡化對香港未來醫療衞生開支的影響分析 香港醫療衞生開支未來的增長趨勢將使特區政府財政日益受壓。至少直至2028年，醫療衞生開支的增長速度將超過本地生產總值的增長速度。香港若能在10年內實現每年淨流入約5萬個年輕家庭，估計醫療衞生開支佔本地生產總值份額的升幅在2040年得以放緩，下降到7%水平。否則，在缺乏外來移民抵消人口老齡化問題的效應下，此一比例將於2040年升至9%。 對於醫療衞生體系的改善方案，必須涵蓋多方面，其中主要包括：一、加大投資力度，通過疾病預防、健康推廣和全面基層醫療以免市民染病入院之需；二、通過供求控制，提高現有醫療資源的使用效率；三、對新藥物和新技術的引入和定價善加管理；四、協助市民計劃和支付適合其文化背景的長期護理；五、推動整體醫療保險市場在醫療融資方面發揮更大作用 ；六、通過抵押收入或社會保險為政府融資開源。 利用數據和算法減低公屋輪候時間 特區政府推出過渡性房屋及簡約公屋的資助計劃，旨在從速為輪候租住公屋者構建可負擔的住屋選擇。然而，在新界的過渡性房屋出現使用不足的情況；政府又能否在2049年之前取締劏房，同樣令人憂慮。而過渡性房屋使用率偏低，原因包括居民與房屋之間的地域錯配，以及申請手續繁複。 要改善過渡性房屋分配和使用，建議特區政府房屋局善用數據分析和參考為Alvin Roth贏得諾貝爾經濟學獎的市場機制設計，改善公屋配對，並讓過渡性房屋充分使用。市場機制設計的基本概念在於搜集每個人從一組既定選項所選擇的次序，然後運用電腦算法產生配對，從而優化整體效用。以選擇居住地區次序各異的過渡性房屋申請者為例，若把各自的優先次序遞交至統一系統，即可利用電腦算法推進配對程序。有關方法具成本效益，可促進過渡性房屋的分配和使用，確保各申請者獲編配合適的房屋選擇；同時亦可減輕行政費用，並提升編配程序的效率。 人才得失與香港前景：領英社交資料佐證 文章根據專業人士網絡平台LinkedIn及特區政府的數據，對香港人口結構和經濟前景的變化作出評估。結果發現香港在面臨人才流失之餘，人才流入量亦甚高。相對於離港人口，來港人口年齡較大，教育程度較高，但在全球人脈網絡和種族多元程度方面則有所不及；其中又以來自中國內地者居多，來自美國等地者亦有。整體而言，人才流失之說未免以偏概全；事實上，相比於其他主要大都會，香港對環球人才依然極具吸引力。 香港可考慮制定挽留年輕一代的勞工政策。在有關數據中，青年屬移民意欲最高的社群，皆因大多社會地位未穩，而事業發展仍在探索路上，難免對未來感到困惑。為減少這類外流移民，特區政府不妨以挽留這一社群為長遠目標，採取一系列措施，如提供持續進修津貼或海外獎學金，條件為必須在進修後回港工作。 知識產權商業化有利香港經濟高質發展 近年，香港特區政府在推動知識產權商業化方面作出不少努力，例如發展「原授專利」制度、推動《商標國際註冊馬德里協定有關議定書》在本地實施，以及推出「專利盒」稅務優惠，對通過研發活動而產生的合資格專利，為其源自香港所賺取的利潤提供稅務優惠。儘管如此，由於地區競爭激烈，香港在知識產權商業化方面的進展仍有不足。因此，必須思考如何更有效率地把市場做大，從而調動各持份者將香港建設成為區域知識產權貿易中心。
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- [Faculty Teaching Award Scheme 2022-23](https://www.hkubs.hku.hk/sc/media/school-news/faculty-teaching-award-scheme-2022-23/) - Delivering quality education to nurture future leaders is an integral part of the Faculty’s mission. Every year, the Faculty recognises teachers with outstanding achievements and significant contributions in teaching and student learning through the Faculty Teaching Award Scheme. The award-winners for the academic year 2022-23 are: Faculty Outstanding Teacher Award (Undergraduate Teaching) Dr. Alex CHAN
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- [HKU 211th Congregation – Faculty of Business and Economics (Winter Session) Highlights](https://www.hkubs.hku.hk/sc/media/school-news/highlights-of-hku-211th-congregation-faculty-of-business-and-economics-winter-session/) - https://www.youtube.com/watch?v=SIHfru4neWw The highly anticipated 211th Congregation Ceremony of HKU Business School took place at the Grand Hall, Centennial Campus, The University of Hong Kong. This momentous event, spanning five sessions on December 3 and 4, 2023, created a truly special occasion for all involved. One of the highlights of the Congregation Ceremony was an inspiring
- [HKU Business School held its Inaugural ESG Conference](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-held-its-inaugural-esg-conference/) - On 24 November 2023, the HKU Business School held its Inaugural ESG Conference, setting the stage for impactful discussions on cutting-edge research findings and recommendations for pressing environmental and social challenges. It was a remarkable gathering of 75 brilliant academics, including faculty members and PhD students from a range of disciplines such as Accounting, Economics,
- [HKU Business School held its Inaugural ESG Conference](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-held-its-inaugural-esg-conference/) - On 24 November 2023, the HKU Business School held its Inaugural ESG Conference, setting the stage for impactful discussions on cutting-edge research findings and recommendations for pressing environmental and social challenges. It was a remarkable gathering of 75 brilliant academics, including faculty members and PhD students from a range of disciplines such as Accounting, Economics,
- [Deloitte Tax Championship 2023](https://www.hkubs.hku.hk/sc/media/school-news/deloitte-tax-championship-2023/) - Background: The Deloitte Tax Championship (DTC) is an annual case competition for students to demonstrate their expertise in China Tax and International Tax. The competition aimed to provide an opportunity for students to develop comprehensive tax strategies, critical thinking, analytical reasoning, and problem-solving skills while demonstrating an in-depth understanding of complex tax regulations to a
- [Deloitte Tax Championship 2023](https://www.hkubs.hku.hk/sc/media/school-news/deloitte-tax-championship-2023/) - Background: The Deloitte Tax Championship (DTC) is an annual case competition for students to demonstrate their expertise in China Tax and International Tax. The competition aimed to provide an opportunity for students to develop comprehensive tax strategies, critical thinking, analytical reasoning, and problem-solving skills while demonstrating an in-depth understanding of complex tax regulations to a
- [Deloitte Tax Championship 2023](https://www.hkubs.hku.hk/sc/media/school-news/deloitte-tax-championship-2023/) - Background: The Deloitte Tax Championship (DTC) is an annual case competition for students to demonstrate their expertise in China Tax and International Tax. The competition aimed to provide an opportunity for students to develop comprehensive tax strategies, critical thinking, analytical reasoning, and problem-solving skills while demonstrating an in-depth understanding of complex tax regulations to a
- [2023 Bloomberg Global Trading Challenge](https://www.hkubs.hku.hk/sc/media/school-news/2023-bloomberg-global-trading-challenge/) - Background: The 2023 Bloomberg Global Trading Challenge (GTC) is a university investment competition taken place within the Bloomberg Terminal. This challenge brought together more than 10,000 university students from 310 schools worldwide to compete for the Grand Prize with the support of the School’s Bloomberg Terminal. Each of the 2,007 teams was assigned a U.S.
- [2023 Bloomberg Global Trading Challenge](https://www.hkubs.hku.hk/sc/media/school-news/2023-bloomberg-global-trading-challenge/) - Background: The 2023 Bloomberg Global Trading Challenge (GTC) is a university investment competition taken place within the Bloomberg Terminal. This challenge brought together more than 10,000 university students from 310 schools worldwide to compete for the Grand Prize with the support of the School’s Bloomberg Terminal. Each of the 2,007 teams was assigned a U.S.
- [2023 Bloomberg Global Trading Challenge](https://www.hkubs.hku.hk/sc/media/school-news/2023-bloomberg-global-trading-challenge/) - Background: The 2023 Bloomberg Global Trading Challenge (GTC) is a university investment competition taken place within the Bloomberg Terminal. This challenge brought together more than 10,000 university students from 310 schools worldwide to compete for the Grand Prize with the support of the School’s Bloomberg Terminal. Each of the 2,007 teams was assigned a U.S.
- [1st Runner-up at HSBC Global Private Banking Case Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/1st-runner-up-at-hsbc-global-private-banking-case-challenge-2023/) - Background: HSBC Global Private Banking Case Challenge is a highly competitive competition that spanned across universities in Singapore and Hong Kong. Over 500 teams participated. The HKU team, comprising of 3 students from HKU Business School and 1 student from Faculty of Arts, went through two rounds of challenges and was one of the four
- [1st Runner-up at HSBC Global Private Banking Case Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/1st-runner-up-at-hsbc-global-private-banking-case-challenge-2023/) - Background: HSBC Global Private Banking Case Challenge is a highly competitive competition that spanned across universities in Singapore and Hong Kong. Over 500 teams participated. The HKU team, comprising of 3 students from HKU Business School and 1 student from Faculty of Arts, went through two rounds of challenges and was one of the four
- [1st Runner-up at HSBC Global Private Banking Case Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/1st-runner-up-at-hsbc-global-private-banking-case-challenge-2023/) - Background: HSBC Global Private Banking Case Challenge is a highly competitive competition that spanned across universities in Singapore and Hong Kong. Over 500 teams participated. The HKU team, comprising of 3 students from HKU Business School and 1 student from Faculty of Arts, went through two rounds of challenges and was one of the four
- [“Meet the Author” book talk by Dr. Weijian Shan](https://www.hkubs.hku.hk/sc/media/school-news/meet-the-author-book-talk-by-dr-weijian-shan/) - HKU Business School, together with The HKU Business School Alumni Association and HKU iCube, was pleased and honored to host the distinguished Dr. Weijian Shan for a captivating “Meet the Author” book talk on the evening of December 1. Dr. Shan discussed his latest book, “Money Machine – A Trailblazing American Venture in China”, which
- [“Meet the Author” book talk by Dr. Weijian Shan](https://www.hkubs.hku.hk/sc/media/school-news/meet-the-author-book-talk-by-dr-weijian-shan/) - HKU Business School, together with The HKU Business School Alumni Association and HKU iCube, was pleased and honored to host the distinguished Dr. Weijian Shan for a captivating “Meet the Author” book talk on the evening of December 1. Dr. Shan discussed his latest book, “Money Machine – A Trailblazing American Venture in China”, which
- [“Meet the Author” book talk by Dr. Weijian Shan](https://www.hkubs.hku.hk/sc/media/school-news/meet-the-author-book-talk-by-dr-weijian-shan/) - HKU Business School, together with The HKU Business School Alumni Association and HKU iCube, was pleased and honored to host the distinguished Dr. Weijian Shan for a captivating “Meet the Author” book talk on the evening of December 1. Dr. Shan discussed his latest book, “Money Machine – A Trailblazing American Venture in China”, which
- [2023年Lazaridis國際案例研討會](https://www.hkubs.hku.hk/sc/media/school-news/lazaridis-international-case-conference-2023/) - The Lazaridis International Case Conference (LazICC) 2023 was organised and hosted entirely by the Lazaridis School of Business and Economics, Wilfrid Laurier University. LazICC, is an annual business-technology themed case conference attracted teams from respected schools around the globe. LazICC aims to provide students with opportunities to learn from industry experts, compete with top international
- [2023年Lazaridis国际案例研讨会](https://www.hkubs.hku.hk/sc/media/school-news/lazaridis-international-case-conference-2023/) - The Lazaridis International Case Conference (LazICC) 2023 was organised and hosted entirely by the Lazaridis School of Business and Economics, Wilfrid Laurier University. LazICC, is an annual business-technology themed case conference attracted teams from respected schools around the globe. LazICC aims to provide students with opportunities to learn from industry experts, compete with top international
- [2023年卓越領域-數量歷史研討會：探索中國和香港的資料與研究之旅](https://www.hkubs.hku.hk/sc/media/area-of-excellence-quantitative-history-conference-2023-exploring-china-and-hong-kongs-journey-through-data-and-research/) - The Centre for Quantitative History of HKU Business School hosted a two-day conference on October 25-26, 2023, showcasing the latest quantitative history (QH) research carried out under the Areas of Excellence (AoE) Scheme funded by the Research Grants Council. This scheme aims to increase research collaboration. The conference brought together over 60 attendees from Asia,
- [卓越领域-2023年会议:通过数据和研究探索中国和香港的历程](https://www.hkubs.hku.hk/sc/media/area-of-excellence-quantitative-history-conference-2023-exploring-china-and-hong-kongs-journey-through-data-and-research/) - The Centre for Quantitative History of HKU Business School hosted a two-day conference on October 25-26, 2023, showcasing the latest quantitative history (QH) research carried out under the Areas of Excellence (AoE) Scheme funded by the Research Grants Council. This scheme aims to increase research collaboration. The conference brought together over 60 attendees from Asia,
- [HKU Business School held its Inaugural ESG Conference](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-held-its-inaugural-esg-conference/) - On 24 November 2023, the HKU Business School held its Inaugural ESG Conference, setting the stage for impactful discussions on cutting-edge research findings and recommendations for pressing environmental and social challenges. It was a remarkable gathering of 75 brilliant academics, including faculty members and PhD students from a range of disciplines such as Accounting, Economics,
- [生產力局公布《香港人工智能產業發展研究》主要數據 | 49%受訪AI企業表示有技術人才招聘困難 生產力局提九大建議推動香港發展為「國際AI及數據產業發展樞紐」](https://www.hkubs.hku.hk/sc/media/press-release/hkpc-announces-the-key-findings-on-the-hong-kong-ai-industry-development-study-49-of-ai-enterprises-expressing-difficulties-in-recruiting-technical-talent-hkpc-provides-nine-major/) - 香港生產力促進局（生產力局）今天公布《香港人工智能產業發展研究》主要數據，集中研究香港人工智能（AI）產業發展的現況、海內外競爭及實際企業運用，並提供九大建議以推動香港發展為「國際AI及數據產業發展樞紐」。 作為2023年度施政報告的重點之一，香港特區政府將「人工智能與數據科學」列為其中一個三大新型工業發展產業，於數年前獲立法會通過撥款後成功建立了14個跨行業的AI研究實驗室，並有三間大學進入U.S. News 2023全球AI頂尖高級院校前30名。政府亦將設立「數字政策辦公室」及加速建設超算中心，預計2024-2025年建成，並已逐步在公共服務系統中應用AI技術。為打造香港成為「國際AI及數據產業發展樞紐」，企業及政府該如何部署？有見及此，生產力局與香港大學經管學院香港經濟及商業策略研究所（港大經管學院）合作，於2023年年中進行《香港人工智能產業發展研究》，探討香港人工智能產業發展的需求、挑戰及機遇，以問卷成功訪問216間AI相關企業，以了解香港AI產業概況，研究結果重點如下： 香港AI產業發展概況 49%受訪AI企業表示有技術人才招聘困難 受訪的AI企業中，25%為大型企業，75%為中小型企業（中小企），其中17%企業表示同時在基礎層、技術層和應用層全面發展，22%企業表示未來有意拓展其產業鏈至其他層面，更有55%企業預計將開拓國際及本地市場，亦有14%和11%企業分別選擇於香港和內地拓展業務。 在財政概況方面： 大型企業中有51%表示有盈利，整體企業則有31%能達致盈利 資金來源：43%企業表示包括香港政府資助基金，而19%則包括創業投資／天使基金 累計投資金額：49%企業投資少於100萬港元，21%企業投資100至500萬港元，6%企業投資500至1000萬港元，5%企業投資1000萬至1億港元，4%企業投資超過1億港元 在產業發展概況方面： 48%企業只針對一個行業發展AI，16%企業針對兩個行業，15%企業同時針對三個行業 主要針對行業：29%為電訊及資訊科技服務，24%為醫療／診所及健康器械、保健品、藥品，23%為教育、培訓／訓練，22%為製造，21%為政府機構 主要收入來源地：63%來自本港、19%來自內地、15%來自海外 行業最大挑戰 – 算力及數據不足、難以招聘技術人才： 算力不足：有44%企業表示正面對「算力不足」的挑戰。為解決算力不足的問題，有71%正使用雲計算服務，有31%選用內地的超算中心，26%則選用海外超算中心 數據不足：有44%企業表示難以收集數據，16%表示需要長時間才能收集數據，而8%表示沒有相關數據 招聘困難：49%受訪企業表示遇到技術人才招聘困難，更有企業減少香港技術人才職位，77%企業表示因為香港的營運成本較高，41%表示因為香港缺乏相關的技術人才。儘管如此，仍有45%企業打算增加聘用香港技術人才 海內外AI產業發展概況 各地政府推動AI產業發展 內地政府大力推動AI發展，已形成產業規模。上海市AI公共算力服務平台和深圳鵬城雲腦II的算力均已達到世界頂尖水平。上海與深圳均已頒布促進AI產業發展的法規和政策措施，全方位涵蓋關鍵發展要素，包括人才、算力、數據、算法、基礎研究、應用場景、產業鏈、產業園區服務體系、基金群等。在產業應用方面，上海聚焦製造、金融、航運等行業；而深圳則聚焦公共服務、城市治理等領域，由政府帶頭應用AI。 海外方面，新加坡於2019年便推出「國家人工智能戰略」，聚焦政產學研互動、人才、數據等方面，並將資源集中投放於金融、政府、醫療、物流等領域。新加坡特別注重培養本地人才和支援中小企，例如AI學徒計劃為本地人才提供技能培訓和項目實踐的機會，並配有不俗的每月津貼。而新加坡政府亦為中小企提供AI就緒指數測評服務、配對資金項目、平台工程團隊、高性能雲集群等，以推動其應用AI。 美國紐約的國際金融中心地位為AI企業提供一流的融資空間，並聚集眾多AI科技巨頭的研發中心。紐約市政府亦致力構建一個健康的AI生態系統，在推動公共部門應用AI的同時，保障市民的數字權利。而瑞士政府對研發及教育的大力支持，為當地AI發展提供了一流的創新土壤。瑞士培育出蘇黎世聯邦理工學院等世界級創新型大學，孕育出大量本地AI企業，以及吸引眾多外國頂尖科技企業落戶當地。這些一流的公私營機構合作緊密，為瑞士的AI基礎研究和科研成果產業化作出重要貢獻。 綜觀各地情況，各地政府均致力為AI的發展營造良好環境，反映AI已列入各地政府的重要議程。 香港企業應用AI概況 41%香港企業正在或將會應用AI 為了解香港企業使用AI概況，是次研究同時訪問267間企業，當中81%為中小企，19%為大型企業，涵蓋多個行業，當中零售及膳食、個人、專業服務業等。受訪企業中，有41%香港企業正在或將會應用AI，32%已在多個層面如市場營銷（58%）、營運（44%）、內部營運管理（34%）上應用AI，平均累計投資額更達到83萬港元，而其他準備將AI技術投入業務營運上的餘下9%企業，則平均預算將投資約14萬港元。在擴充使用AI的計劃上，有59%正在應用AI的企業表示會進一步拓展其AI應用，當中有61%的企業預計拓展30萬港元投資額，平均預計投資額高達122萬港元。 生產力局首席數碼總監黎少斌先生表示：「生產力局作為一個科研機構，擁有強大的AI應用並有研發AI的實戰能力，一直致力推動AI產業發展，成功研發AI技術並協助企業升級轉型。而根據最新數據，在已應用AI的企業方面，有49%認為其效果符合預期，有14%更指出其技術效果比預期更理想，亦有小部分表示其AI運用效果有待改善。通過本數據研究，生產力局希望進一步推動AI在各行各業的應用，幫助企業優化業務及生產流程、提升效率、降低成本，並推動AI產業在香港發展及提供實用建議。」 港大經管學院副院長鄧希煒教授總結研究報告時表示：「人工智能賦能千行百業發展，為經濟帶來龐大的增長潛力。本次報告檢視新加坡、紐約、瑞士、上海和深圳五個國家或地區的人工智能政策及發展情況，發現各地均已推出政策措施，為人工智能營造良好的發展環境。其中，深圳更主動提出與香港合作，打造人工智能算力賦能中心。此外，報告還反映出部分香港企業有意進一步發展人工智能業務或應用人工智能。香港政府可參考其他地區的經驗，結合本地企業目前面臨的挑戰，制定具有針對性的激勵措施，確保香港能夠抓住人工智能時代的機遇，實現產業升級，為疫後經濟和數碼經濟的發展注入新動力。作為教育界的重要一員，香港大學近年來積極開辦與人工智能相關的學士和碩士學位課程，涵蓋了人工智能的理論、技術、產業應用以及倫理等面向。同時，港大經管學院亦有推出針對大數據分析的課程。我們相信，這些課程將為社會培養出具有才華和能力的人才，為推動香港數字經濟的發展做出重要貢獻。」 生產力局在研發AI和推動AI產業發展已有顯著的成果，黎少斌先生續稱：「香港特區政府重點發展的世界級創新研發平台『AIR@InnoHK』為香港創科旗艦項目，而生產力局在香港科學園建立的香港工業人工智能及機械人研發中心（FLAIR）正是其中一員。FLAIR結合技術專長、網絡、創新研發和專利等優勢，以AI驅動生產力。本局作為唯一創辦機構，與合作者德國RWTH Aachen Campus共同營運FLAIR。經過多年努力， FLAIR不但與國際研究機構、領先企業等進行合作，更是開發了『天工開物：工業人工智能應用平台』，透過數據儲存、模型儲存和代碼生成的功能，讓業界人士可存取和使用涉及領域的資料，協助訓練、開發和使用各種AI技術，協助企業實踐AI應用，切實支持香港發展成為國際創科中心。生產力局將繼續促進香港創科和新型工業化發展，推動香港成為『國際AI及數據產業發展樞紐』，並提出三大核心、九大建議，有望能完善基礎設施、加快產業化和壯大人才庫。」 九大建議推動香港發展為「國際AI及數據產業發展樞紐」 完善基礎設施 建立亞洲領先超算中心：政府投資建立「公共」超算中心，並與其他公共超算資源聯網（例如大學），同時推出優惠政策吸引本地及境外企業來港建設「私營」超算中心，吸引企業來港進行AI研發。 構建「國際大數據樞紐」：透過「數字政策辦公室」制定數據政策，例如數據「去隱私」規定，以便涉及個人私隱（例如醫療）大數據的流通，推動政府部門、公營及公用事業機構提供「去隱私」大數據及API，與內地及海外城市協商及實施數據流通。 制定AI技術發展及應用監管政策及指引：在推動AI行業發展與維護公眾利益之間達至平衡，增強業界及公眾對應用AI的信心。參考其他地區的先進經驗與做法，保持與內地及海外接軌。 加強與大灣區及國際合作來完善AI及數據產業鏈，香港聚焦發展優勢領域：AI芯片設計、算法、AI框架、AI應用軟件等。 加快產業化 政府帶頭推廣大規模AI應用：配合智慧城市及智慧政府的發展願景，推出大規模AI應用場景，引領AI產業發展及吸引AI企業來港發展。 以AI賦能香港行業升級轉型：行業商會與AI業界合作，分享AI應用成功案例，發掘新應用場景，運用政府資助向員工提供AI培訓，利用AI幫助傳統行業升級轉型，加快新興行業發展，並為AI產業創造商機。 發展「AI企業國際融資中心」：政府與相關公、私營機構合作，向外宣傳港交所新推出的機制，即允許無收入、無盈利的特專科技公司來港上市，及未來創業板上市規則的改革，吸引更多AI企業來港上市及更多風險投資基金來港。 壯大人才庫 普及AI教育，加快培養跨學科「AI+人才」：大學及專業院校把AI納入更多學科的必修課，中學分階段開設AI學科。 邁向「國際AI人才宜居城市」：政府向外宣傳香港AI產業發展計劃及國際城市生活便利，制定政策鼓勵AI企業把非本地AI技術員工遷移到香港，吸引全球AI人才來港發展。 《香港人工智能產業發展研究》主要數據報告，請按此瀏覽；完整調查報告將於稍後正式公布，屆時可於生產力局及港大經管學院相關網頁下載。
- [生产力局公布《香港人工智能产业发展研究》主要数据 | 49%受访AI企业表示有技术人才招聘困难 生产力局提九大建议推动香港发展为「国际AI及数据产业发展枢纽」](https://www.hkubs.hku.hk/sc/media/press-release/hkpc-announces-the-key-findings-on-the-hong-kong-ai-industry-development-study-49-of-ai-enterprises-expressing-difficulties-in-recruiting-technical-talent-hkpc-provides-nine-major/) - 香港生产力促进局（生产力局）今天公布《香港人工智能产业发展研究》主要数据，集中研究香港人工智能（AI）产业发展的现况、海内外竞争及实际企业运用，并提供九大建议以推动香港发展为「国际AI及数据产业发展枢纽」。 作为2023年度施政报告的重点之一，香港特区政府将「人工智能与数据科学」列为其中一个三大新型工业发展产业，并于数年前获立法会通过拨款后成功建立了14个跨行业的AI研究实验室，并有三间大学进入U.S. News 2023全球AI顶尖高级院校前30名。 政府亦将设立「数字政策办公室」及加速建设超算中心，预计2024-2025年建成，并已逐步在公共服务系统中应用AI技术。 为打造香港成为「国际AI及数据产业发展枢纽」，企业及政府该如何部署？有见及此，生产力局与香港大学经管学院香港经济及商业策略研究所（港大经管学院）合作，于2023年年中进行《香港人工智能产业发展研究》，探讨香港人工智能产业发展的需求、挑战及机遇，以问卷成功访问216间AI相关企业，以了解香港AI产业概况，研究结果重点如下： 香港AI产业发展概况 49%受访AI企业表示有技术人才招聘困难 受访的AI企业中，25%为大型企业，75%为中小型企业（中小企），其中17%企业表示同时在基础层、技术层和应用层全面发展，22%企业表示未来有意拓展其产业链至其他层面，更有55%企业预计将开拓国际及本地市场，亦有14%和11% 企业分别选择于香港和内地拓展业务。 在财政概况方面： 大型企业中有51%表示有盈利，整体企业则有31%能达致盈利 资金来源：43%企业表示包括香港政府资助基金，而19%则包括创业投资/天使基金 累计投资金额：49%企业投资少于100万港元，21%企业投资100至500万港元，6%企业投资500至1000万港元，5%企业投资1000万至1亿港元，4%企业投资超过1亿港元 在产业发展概况方面： 48%企业只针对一个行业发展AI，16%企业针对两个行业，15%企业同时针对三个行业 主要针对行业：29%为电讯及信息科技服务，24%为医疗/诊所及健康器械、保健品、药品，23%为教育、培训/训练，22%为制造，21%为政府机构 主要收入来源地：63%来自本港、19%来自内地、15%来自海外 行业最大挑战 – 算力及数据不足、难以招聘技术人才： 算力不足：有44%企业表示正面对「算力不足」的挑战。 为解决算力不足的问题，有71%正使用云计算服务，有31%选用内地的超算中心，26%则选用海外超算中心 数据不足：有44%企业表示难以收集数据，16%表示需要长时间才能收集数据，而8%表示没有相关数据 招聘困难：49%受访企业表示遇到技术人才招聘困难，更有企业减少香港技术人才职位，77%企业表示因为香港的营运成本较高，41%表示因为香港缺乏相关的技术人才。 尽管如此，仍有45%企业打算增加聘用香港技术人才 海内外AI产业发展概况 各地政府推动AI产业发展 内地政府大力推动AI发展，已形成产业规模。 上海市AI公共算力服务平台和深圳鹏城云脑II的算力均已达到世界顶尖水平。 上海与深圳均已颁布促进AI产业发展的法规和政策措施，全方位涵盖关键发展要素，包括人才、算力、数据、算法、基础研究、应用场景、产业链、产业园区服务体系、基金群等。 在产业应用方面，上海聚焦制造、金融、航运等行业;而深圳则聚焦公共服务、城市治理等领域，由政府带头应用AI。 海外方面，新加坡于2019年便推出「国家人工智能战略」，聚焦政产学研互动、人才、数据等方面，并将资源集中投放于金融、政府、医疗、物流等领域。 新加坡特别注重培养本地人才和支持中小企，例如AI学徒计划为本地人才提供技能培训和项目实践的机会，并配有不俗的每月津贴。 而新加坡政府亦为中小企提供AI就绪指数测评服务、配对资金项目、平台工程团队、高性能云集群等，以推动其应用AI。 美国纽约的国际金融中心地位为AI企业提供一流的融资空间，并聚集众多AI科技巨头的研发中心。 纽约市政府亦致力构建一个健康的AI生态系统，在推动公共部门应用AI的同时，保障市民的数字权利。 而瑞士政府对研发及教育的大力支持，为当地AI发展提供了一流的创新土壤。 瑞士培育出苏黎世联邦理工学院等世界级创新型大学，孕育出大量本地AI企业，以及吸引众多外国顶尖科技企业落户当地。 这些一流的公私营机构合作紧密，为瑞士的AI基础研究和科研成果产业化作出重要贡献。 综观各地情况，各地政府均致力为AI的发展营造良好环境，反映AI已列入各地政府的重要议程。 香港企业应用AI概况 41%香港企业正在或将会应用AI 为了解香港企业使用AI概况，是次研究同时访问267间企业，当中81%为中小企，19%为大型企业，涵盖多个行业，当中零售及膳食、个人、专业服务业等。 受访企业中，有41%香港企业正在或将会应用AI，32%已在多个层面如市场营销（58%）、营运（44%）、内部营运管理（34%）上应用AI，平均累计投资额更达到83万港元，而其他准备将AI技术投入业务营运上的余下9%企业，则平均预算将投资约14万港元。 在扩充使用AI的计划上，有59%正在应用AI的企业表示会进一步拓展其AI应用，当中有61%的企业预计拓展30万港元投资额，平均预计投资额高达122万港元。 生产力局首席数码总监黎少斌先生表示：「生产力局作为一个科研机构，拥有强大的AI应用并有研发AI的实战能力，一直致力推动AI产业发展，成功研发AI技术并协助企业升级转型。 而根据最新数据，在已应用AI的企业方面，有49%认为其效果符合预期，有14%更指出其技术效果比预期更理想，亦有小部分表示其AI运用效果有待改善。 通过本数据研究，生产力局希望进一步推动AI在各行各业的应用，帮助企业优化业务及生产流程、提升效率、降低成本，并推动AI产业在香港发展及提供实用建议。 」 港大经管学院副院长邓希炜教授总结研究报告时表示：「人工智能赋能千行百业发展，为经济带来庞大的增长潜力。 本次报告检视新加坡、纽约、瑞士、上海和深圳五个国家或地区的人工智能政策及发展情况，发现各地均已推出政策措施，为人工智能营造良好的发展环境。 其中，深圳更主动提出与香港合作，打造人工智能算力赋能中心。 此外，报告还反映出部分香港企业有意进一步发展人工智能业务或应用人工智能。 香港政府可参考其他地区的经验，结合本地企业目前面临的挑战，制定具有针对性的激励措施，确保香港能够抓住人工智能时代的机遇，实现产业升级，为疫后经济和数字经济的发展注入新动力。
- [HKU Business School and UNCTAD Co-organised HKU iCube Impact Series: Challenges and Opportunities of the Global Economy Development](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-and-unctad-co-organised-hku-icube-impact-series-challenges-and-opportunities-of-the-global-economy-development/) - HKU Business School hosted the HKU iCube Impact Series today and invited Mr Richard Kozul-Wright, Director of the Division on Globalisation and Development Strategies, United Nations Conference on Trade and Development (UNCTAD) as the keynote speaker to examine the United Nations’ Trade and Development Report 2023, and explore the challenges and opportunities of the global
- [HKPC announces the key findings on the “Hong Kong AI Industry Development Study” | 49% of AI enterprises expressing difficulties in recruiting technical talent HKPC provides nine major recommendations for establishing Hong Kong as a well-recognised “International AI and Data Industry Development Hub](https://www.hkubs.hku.hk/sc/media/press-release/hkpc-announces-the-key-findings-on-the-hong-kong-ai-industry-development-study-49-of-ai-enterprises-expressing-difficulties-in-recruiting-technical-talent-hkpc-provides-nine-major/) - Hong Kong Productivity Council (HKPC) released the key findings on their "Hong Kong AI Industry Development Study" today, focusing on the status of Hong Kong's artificial intelligence (AI) industry development, domestic and overseas competition and local corporate utility. HKPC also provided nine major recommendations for establishing Hong Kong as a well-recognised “International AI and Data
- [Area of Excellence-Quantitative History Conference 2023: Exploring China and Hong Kong's Journey through Data and Research](https://www.hkubs.hku.hk/sc/media/area-of-excellence-quantitative-history-conference-2023-exploring-china-and-hong-kongs-journey-through-data-and-research/) - The Centre for Quantitative History of HKU Business School hosted a two-day conference on October 25-26, 2023, showcasing the latest quantitative history (QH) research carried out under the Areas of Excellence (AoE) Scheme funded by the Research Grants Council. This scheme aims to increase research collaboration. The conference brought together over 60 attendees from Asia,
- [Celebrating HKU-Fudan IMBA‘s 25th Anniversary](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-hku-fudan-imbas-25th-anniversary/) - Congratulations to HKU-Fudan IMBA programme for achieving 25 years of academic excellence! An anniversary celebration was held in HKU campus, with the aim to thank all parties for their support of the programme and to welcome 210 students who joined the IMBA program in 2023. Two main founders of the programme, Professor Y.C. Richard Wong,
- [港大-复旦IMBA课程 2023级开学典礼暨25周年庆典](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-hku-fudan-imbas-25th-anniversary/) - 恭喜港大-复旦大学工商管理（国际）硕士课程踏入25周年！ 是次周年庆典旨在感谢各方人士对课程的支持，及欢迎210位2023级IMBA同学加入计划。两位计划的主要推动者——王于渐副校长和吴立鹏老师在典礼上致辞。过去二十五年来，港大经管学院及复旦大学管理学院的教学和管理人员辛勤投入，让课程教学和运营维持极高品质。同时，众多IMBA校友积极对课程进行回馈，有利计划长远发展。 港大-复旦IMBA课程自开办以来长足发展，屡次稳占国际排名前列，共同培育近六千名商界翘楚。展望未来，两校将持续携手合作，致力于培养优秀人才，以迎接瞬息万变的商业环境、共创辉煌。 活動回顧：
- [港大-復旦IMBA課程 2023級開學典禮暨25週年慶典](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-hku-fudan-imbas-25th-anniversary/) - 恭喜港大-復旦大學工商管理（國際）碩士課程踏入25週年！ 是次週年慶典旨在感謝各方人士對課程的支持，及歡迎210位2023級IMBA同學加入計劃。兩位計劃的主要推動者——王于漸副校長和吳立鵬老師在典禮上致辭。過去二十五年來，港大經管學院及復旦大學管理學院的教學和管理人員辛勤投入，讓課程教學和運營維持極高品質。同時，眾多IMBA校友積極對課程進行回饋，有利計劃長遠發展。 港大-復旦IMBA課程自開辦以來長足發展，屢次穩佔國際排名前列，共同培育近六千名商界翹楚。 展望未來，兩校將持續攜手合作，致力於培養優秀人才，以迎接瞬息萬變的商業環境、共創輝煌。 活動回顧：
- [Lazaridis International Case Conference 2023](https://www.hkubs.hku.hk/sc/media/school-news/lazaridis-international-case-conference-2023/) - The Lazaridis International Case Conference (LazICC) 2023 was organised and hosted entirely by the Lazaridis School of Business and Economics, Wilfrid Laurier University. LazICC, is an annual business-technology themed case conference attracted teams from respected schools around the globe. LazICC aims to provide students with opportunities to learn from industry experts, compete with top international
- [港大經管學院與聯合國貿發會議合辦 香港大學創立方Impact系列 共同探討環球經濟發展的挑戰與機遇](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-and-unctad-co-organised-hku-icube-impact-series-challenges-and-opportunities-of-the-global-economy-development/) - 港大經管學院今天舉辦香港大學創立方Impact系列，邀請來自聯合國貿易和發展會議全球化及發展戰略分會主任理查德·科祖爾-懷特(Richard Kozul-Wright)擔任專題演講嘉賓，深入剖析聯合國《2023貿易和發展報告》，並探討環球經濟局勢發展的挑戰和機遇。是次講座由香港大學創立方、聯合國貿易和發展會議、亞洲環球研究所及港大經管學院中國經濟研究所合辦，吸引一眾商界領袖、傑出學者、校友和學生出席。 世界經濟增長預計將從 2022 年的 3% 放緩至 2023 年的 2.4%，明年實現反彈的跡象也幾乎沒有。國際社會需要對全球金融架構進行制度性改革，採取更務實的政策以對抗通貨膨脹、不平等和主權債務困境，以及對主要市場採取更強有力的監督。全球經濟正處於十字路口，分化的增長路徑、不斷擴大的不平等、日益集中的市場和不斷加重的債務負擔， 都給全球經濟的未來蒙上了陰影。《2023 年貿易和發展報告》* 聚焦這些不容忽視的問題，強調了解決這些問題的緊迫性。 港大經管學院副院長（對外事務）及亞洲環球研究所總監鄧希煒教授致歡迎辭時表示：「在過去十多年，世界各地，尤其是亞洲地區，都只關注商機何在。但如今，地緣政治已經取而代之成為環球市場的重要議題。中東和歐洲的局勢發展對我們的日常生活、經濟以至其他方面，無容置疑的產生了重大影響。經過三年疫情，環球經濟的復甦之路面對重重挑戰，進展緩慢。供應鏈重組及主要國家之間的地緣衝突持續，均導致貿易變得更區域化。因此，我們必須尋求維持全球化進程的方法，使發展中國家能夠急起直追，縮小貧富差距。」 聯合國貿易和發展會議全球化及發展戰略分會主任理查德·科祖爾-懷特表示：「今年《2023貿易和發展報告》重點指出全球經濟持續疲弱，平衡的政策方針對全球經濟重回正軌不可或缺，特別是對已發展經濟體而言，不能單單依賴貨幣政策以推動經濟復甦。儘管在疫情期間，我們經常提出不能沿用過去的運作模式，很多持分者仍然堅持以往做法。發展中國家需要以創新方式，應對經濟、環境、氣候和糧食等一系列危機，而這些危機對已發展經濟體產生的影響正逐漸加大。」 講座當日亦以「增長、債務與氣候：重整全球金融架構」為題進行專題討論，講者包括與理查德·科祖爾-懷特及澳洲貿易投資委員會資深全球關係經理（衛生部門）及Tanoto基金會亞洲環球學人戴涵(Helen Dai)女士，並由鄧希煒教授主持。各講者積極探討東南亞地區在科技發展及經濟增長的潛力，並認為必須重整全球金融架構，擴展長期、可靠的融資機會，以確保金融環境穩定。 香港大學創立方 Impact系列自2022年開始，舉辦逾十場講座及工作坊，邀請到不同界別頂尖講者，就社會熱門話題與嘉賓分享真知灼見，包括中國及香港經濟發展、社會領袖及文化藝術等。 圖片 請按此下載高清圖片 *瀏覽聯合國貿易和發展會議《2023 年貿易和發展報告》新聞稿及報告全文(只限英文)
- [港大经管学院与联合国贸发会议合办 香港大学创立方Impact系列 共同探讨环球经济发展的挑战与机遇](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-and-unctad-co-organised-hku-icube-impact-series-challenges-and-opportunities-of-the-global-economy-development/) - 港大经管学院今天举办香港大学创立方Impact系列，邀请来自联合国贸易和发展会议全球化及发展战略分会主任理查德·科祖尔-怀特(Richard Kozul-Wright)担任专题演讲嘉宾，深入剖析联合国《2023贸易和发展报告》，并探讨环球经济局势发展的挑战和机遇。是次讲座由香港大学创立方、联合国贸易和发展会议、亚洲环球研究所及港大经管学院中国经济研究所合办，吸引一众商界领袖、杰出学者、校友和学生出席。 世界经济增长预计将从 2022 年的 3% 放缓至 2023 年的 2.4%，明年实现反弹的迹象也几乎没有。国际社会需要对全球金融架构进行制度性改革，采取更务实的政策以对抗通货膨胀、不平等和主权债务困境，以及对主要市场采取更强有力的监督。全球经济正处于十字路口，分化的增长路径、不断扩大的不平等、日益集中的市场和不断加重的债务负担， 都给全球经济的未来蒙上了阴影。 《2023 年贸易和发展报告》* 聚焦这些不容忽视的问题，强调了解决这些问题的紧迫性。 港大经管学院副院长（对外事务）及亚洲环球研究所总监邓希炜教授致欢迎辞时表示：「在过去十多年，世界各地，尤其是亚洲地区，都只关注商机何在。但如今，地缘政治已经取而代之成为环球市场的重要议题。中东和欧洲的局势发展对我们的日常生活、经济以至其他方面，无容置疑的产生了重大影响。经过三年疫情，环球经济的复苏之路面对重重挑战，进展缓慢。供应链重组及主要国家之间的地缘冲突持续，均导致贸易变得更区域化。因此，我们必须寻求维持全球化进程的方法，使发展中国家能够急起直追，缩小贫富差距。」 联合国贸易和发展会议全球化及发展战略分会主任理查德·科祖尔-怀特表示：「今年《2023贸易和发展报告》重点指出全球经济持续疲弱，平衡的政策方针对全球经济重回正轨不可或缺，特别是对已发展经济体而言，不能单单依赖货币政策以推动经济复苏。尽管在疫情期间，我们经常提出不能沿用过去的运作模式，很多持分者仍然坚持以往做法。发展中国家需要以创新方式，应对经济、环境、气候和粮食等一系列危机，而这些危机对已发展经济体产生的影响正逐渐加大。」 讲座当日亦以「增长、债务与气候：重整全球金融架构」为题进行专题讨论，讲者包括与理查德·科祖尔-怀特及澳洲贸易投资委员会资深全球关系经理（卫生部门）及Tanoto基金会亚洲环球学人戴涵(Helen Dai)女士，并由邓希炜教授主持。各讲者积极探讨东南亚地区在科技发展及经济增长的潜力，并认为必须重整全球金融架构，扩展长期、可靠的融资机会，以确保金融环境稳定。 香港大学创立方Impact系列自2022年开始，举办逾十场讲座及工作坊，邀请到不同界别顶尖讲者，就社会热门话题与嘉宾分享真知灼见，包括中国及香港经济发展、社会领袖及文化艺术等。 图片 请按此下载高清图片 *浏览联合国贸易和发展会议《2023 年贸易和发展报告》新闻稿及报告全文(只限英文)
- [Students embark on HKU Business School Mentorship Programme 2023-24](https://www.hkubs.hku.hk/media/school-news/students-embark-on-hku-business-school-mentorship-programme-2023-24/) - The Inauguration Ceremony of the HKU Business School Mentorship 2023-24 Programme was successfully held on 30 October 2023 at Loke Yew Hall. This year, 80 pairs of mentors and mentees have been matched. In addition, mentors and mentees from the Executive Mentorship Programme (EMP) hosted by the Bachelor of Science in Quantitative Finance Programme are
- [Citi-HKCSS Community Intern Program 2023: HKU Business School Student Awarded for Outstanding Achievement](https://www.hkubs.hku.hk/media/school-news/citi-hkcss-community-intern-program-2023-hku-business-school-student-awarded-for-outstanding-achievement/) - Starting in 2010, Citi and the Hong Kong Council of Social Service (HKCSS) have jointly organised the Citi-HKCSS Community Intern Program. The program aims to inspire university students to contribute their knowledge and expertise to non-profit organisations through internships, ultimately cultivating their concept of Corporate Social Responsibility. Since its establishment, the programme has collaborated
- [New Century Elite Development Programme 2023](https://www.hkubs.hku.hk/sc/media/school-news/new-century-elite-development-programme-2023/) - The New Century Elite Development Programme 2023 hosted by the Kowloon Chamber of Commerce. The competition aimed to empower and connect future business leaders and facilitate networking opportunities for students in mainland China, Taiwan, Hong Kong, and Macau. The final competition brought together students from prestigious institutions such as Cambridge, Imperial College London, CUHK GBUS,
- [New Century Elite Development Programme 2023](https://www.hkubs.hku.hk/sc/media/school-news/new-century-elite-development-programme-2023/) - The New Century Elite Development Programme 2023 hosted by the Kowloon Chamber of Commerce. The competition aimed to empower and connect future business leaders and facilitate networking opportunities for students in mainland China, Taiwan, Hong Kong, and Macau. The final competition brought together students from prestigious institutions such as Cambridge, Imperial College London, CUHK GBUS,
- [New Century Elite Development Programme 2023](https://www.hkubs.hku.hk/sc/media/school-news/new-century-elite-development-programme-2023/) - The New Century Elite Development Programme 2023 hosted by the Kowloon Chamber of Commerce. The competition aimed to empower and connect future business leaders and facilitate networking opportunities for students in mainland China, Taiwan, Hong Kong, and Macau. The final competition brought together students from prestigious institutions such as Cambridge, Imperial College London, CUHK GBUS,
- [HKU Business School celebrates Impact Lab’s 10th Anniversary   Join forces with social ventures to offer valuable experiential learning opportunity](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-celebrates-impact-labs-10th-anniversary-join-forces-with-social-ventures-to-offer-valuable-experiential-learning-opportunity/) - HKU Business School is pleased to announce the 10th Anniversary of the establishment of the experiential learning course – Impact Lab. A celebration ceremony was held at HKU iCube yesterday and attracted a hundred guests, including partners, NGO representatives, students and alumni. In view of the robust growth of social entrepreneurship development in the past
- [Asset Management and Private Banking  Alumni Sharing](https://www.hkubs.hku.hk/sc/media/school-news/asset-management-and-private-banking-alumni-sharing/) - On 27th September, Alumni Sharing, attended by 47 young AMPB students (freshmen and Year 2) was our Programme’s first networking event. 15 alumni returned to their alma mater to interact with their juniors (師弟 and 師妹) and shared their stories at AMPB and their paths landing on their first job, including UBS, CS, JB, DB,
- [港大經管學院領航論壇暨領航工程戰略企業家計畫二期班開學典禮隆重舉行](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院领航论坛暨领航工程战略企业家项目/) - 10月20日，由香港大學經管學院主辦的領航論壇於香港大學陸佑堂隆重舉行。香港特別行政區創新科技及工業局局長孫東教授，國家發展與改革委員會國際合作中心主任袁鋒先生， 香港大學首席副校長、香港大學經濟及工商管理學院經濟學講座教授、黃幹亨黃英豪政治經濟學教授王于漸教授，香港大學經濟及工商管理學院院長、經濟學講座教授蔡洪濱教授，原香港特區政府財政司司長、黑石集團前大中華區主席、南豐集團董事長 、新風天域集團董事長兼聯合創辦人梁錦松先生，中國國際金融股份有限公司董事總經理黃海洲先生，香港科技園區CEO黃克強先生，野村國際（香港）董事總經理陸挺先生，香港特別行政區第七屆立法會議員、新世界集團研究部總經理洪雯女士，香港大學協理副校長、香港大學經濟及工商管理學院副院長林晨教授，香港大學協理副校長、香港青年科學院院長岑浩璋教授， 香港大學經濟及工商管理學院副院長沈海鵬教授，香港大學亞洲環球研究所亞洲環球學者計劃總監郭國全先生等領導代表出席論壇。 香港大學經濟及工商管理學院院長、經濟學講座教授蔡洪濱教授在致詞中表示國際創新科技中心是國家對香港的發展定位。粵港澳大灣區具有「一國兩制」的特殊性，加速建構跨境協同創新機制和網絡是建立國際科技創新中心的關鍵。香港大學經管學院提供最前沿的商業和技術研討，幫助理清技術變革下行業發展的軌跡，發現變局中的獨特機遇；培養更多優秀的商業人才，貢獻更多的智慧和力量；積極創新並為社會帶來正面影響。 香港特別行政區創新科技及工業局局長孫東教授與大家分享河套深港科技創新合作區如何協助打造香港國際創新科技中心。 河套深港創新合作區是粵港澳大灣區四個重大合作平台之一，也是唯一一個以科技創新為主題的平台。 合作區地理位置優越，盡享一河兩岸、一區兩園的優勢，可為建造國際創科高地提供優越的條件。 計劃積極從以下四個方面努力建設好河套園區： 第一，打造世界級的產研平台。 第二，建構具國際競爭力的產業中試轉化基地。 第三，匯聚天下的創新資源，充分利用香港背靠祖國、聯通世界的獨特優勢。 第四，開闢政策創新的試驗田。 香港將會深入參與全球創新科技的建設，全速全力地推進港深河套合作區的建設，為香港建設成為國際創新科技中心走出一條更廣闊、更燦爛的道路。 國家發展與改革委員會國際合作中心主任袁鋒先生作題為《科技協同——推動粵港澳大灣區經濟高品質發展》的主題演講。關於如何推動大灣區的科技協同，手段包括有建構開放型的協同創新生態、建立高端人才聚集地、強化產業鍊和創新鏈的協同、建構國際科技創新體制機制以外，香港如何利用好內地的製造業以及市場優勢尤其重要。國家發展與改革委員會國際合作中心將持續深化與香港大專院校的創新合作與學術研究，舉辦專題研討會、產業諮詢，共同培養企業家領軍人才等。同時也希望與香港特區政府相關部門、商會和企業開展交流合作，做好橋樑作用，促進香港和內地科技創新融合發展，共同推動國際科創中心建設。 香港大學首席副校長、香港大學經濟及工商管理學院經濟學講座教授、黃幹亨黃英豪政治經濟學教授王于漸教授帶來題為《發揮高校科研力量 培育優秀青年人才助力香港科創發展》的主題演講。香港擁有雄厚的科學研究實力，一共有5間大學躋身全球百強。香港大學作為香港第一的知名大學，具有豐富的校史和國際化教學特色，吸引了全球範圍內的學生。香港大學在培養學生的創新能力和國際視野方面具有獨特的優勢，是大灣區高等教育的重要組成部分。此外，香港大學在科學研究方面也表現出色，為大灣區的科技創新做出了重要貢獻。大學將繼續發揮自己的科研優勢，培養優秀的青年人才，為香港、大灣區、國家的發展做出更大的貢獻。 本次論壇也邀請了前香港特區政府財政司司長、黑石集團前大中華區主席、南豐集團董事長、新風天域集團董事長兼聯合創始人梁錦松先生，作題為《新情勢下如何發展》的主題演講 。圍繞香港發展問題，必須充分認識到，香港在國家發展中的獨特功能和地位不可替代，要繼續充分發揮香港的獨特優勢。要著力鞏固香港金融、貿易、航運、專業服務等傳統優勢產業，要大力提升香港創新科技、數位經濟、數位貿易、文化創意等新興產業，促進香港更融入國家大局。 隨後，原香港鳳凰衛視著名主持人謝亞芳女士主持了題為《科技創新—香港經濟發展新動能》 的高端對話。香港大學經濟及工商管理學院院長、經濟學講座教授蔡洪濱教授，香港特別行政區第七屆立法會議員、新世界集團研究部總經理洪雯女士，香港科技園公司CEO黃克強先生，香港大學協理副校長、香港青年科學院院長岑浩璋教授參與了這場對話。圍繞著「科創是否能成為香港新的增長點」、「哪些優勢可以助理香港'突圍'」、「是否可以在香港打造另一個'矽谷'」以及「高校在香港科創發展戰略中的作用」等話題展開了討論。 接著，原香港鳳凰衛視著名主持人謝亞芳女士繼續主持了題為《聯通世界——香港國際金融中心的 重要角色》的高端對話。 中國國際金融股份有限公司董事總經理黃海洲先生，野村國際（香港）董事總經理陸挺先生，香港大學協理副校長、香港大學經濟及工商管理學院副院長林晨教授，香港大學亞洲環球研究所亞洲環球學者計劃總監郭國全先生參與了討論。 對話的圍繞著「香港的國際金融中心地位如何助力其成為國際科創中心」、「中美博弈對香港資本市場的影響」、「香港金融市場的新動能是什麼」展開了討論。 在「一國兩制」下，香港作為國家的國際金融中心，匯聚海內外資金和頂級金融機構和人才，融資管道多元豐富，規則和製度深受國際投資者信任，能在這方面作出積極和 獨特的貢獻。金融科技正好匯聚香港金融服務傳統優勢和創新科技新興發展的橋樑。相信未來香港的優勢將能更充份發揮，謀求更美好的發展、發掘更多的商機、創造亮麗的前景。 是夜，領航工程策略企業家計畫歡迎晚宴暨二期開學典禮圓滿舉辦。香港大學經濟及工商管理學院院長、經濟學講座教授蔡洪濱教授，國家發展與改革委員會國際合作中心主任袁鋒先生，香港交易所董事總經理、首席中國經濟學家巴曙松教授，世紀城市集團副主席及執行董事、富豪酒店集團副主席兼董事總經理、可持續科技學院創辦人羅寶文女士，野村國際（香港）董事總經理陸挺先生，香港大學協理副校長、香港大學經濟及工商管理學院副院長林晨教授，香港大學政治學教授、當代中國與世界研究中心主任李成教授等嘉賓出席晚宴。 精彩回顧：
- [HKU Business School Pilot Forum and HKU-ICC Programme](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院领航论坛暨领航工程战略企业家项目/) - (Content in Chinese only) 港大經管學院領航論壇暨領航工程戰略企業家計畫二期班開學典禮隆重舉行 10月20日，由香港大學經管學院主辦的領航論壇於香港大學陸佑堂隆重舉行。香港特別行政區創新科技及工業局局長孫東教授，國家發展與改革委員會國際合作中心主任袁鋒先生， 香港大學首席副校長、香港大學經濟及工商管理學院經濟學講座教授、黃幹亨黃英豪政治經濟學教授王于漸教授，香港大學經濟及工商管理學院院長、經濟學講座教授蔡洪濱教授，原香港特區政府財政司司長、黑石集團前大中華區主席、南豐集團董事長 、新風天域集團董事長兼聯合創辦人梁錦松先生，中國國際金融股份有限公司董事總經理黃海洲先生，香港科技園區CEO黃克強先生，野村國際（香港）董事總經理陸挺先生，香港特別行政區第七屆立法會議員、新世界集團研究部總經理洪雯女士，香港大學協理副校長、香港大學經濟及工商管理學院副院長林晨教授，香港大學協理副校長、香港青年科學院院長岑浩璋教授， 香港大學經濟及工商管理學院副院長沈海鵬教授，香港大學亞洲環球研究所亞洲環球學者計劃總監郭國全先生等領導代表出席論壇。 香港大學經濟及工商管理學院院長、經濟學講座教授蔡洪濱教授在致詞中表示國際創新科技中心是國家對香港的發展定位。 粵港澳大灣區具有「一國兩制」的特殊性，加速建構跨境協同創新機制和網絡是建立國際科技創新中心的關鍵。香港大學經管學院提供最前沿的商業和技術研討，幫助理清技術變革下行業發展的軌跡，發現變局中的獨特機遇；培養更多優秀的商業人才，貢獻更多的智慧和力量；積極創新並為社會帶來正面影響。 香港特別行政區創新科技及工業局局長孫東教授與大家分享河套深港科技創新合作區如何協助打造香港國際創新科技中心。 河套深港創新合作區是粵港澳大灣區四個重大合作平台之一，也是唯一一個以科技創新為主題的平台。 合作區地理位置優越，盡享一河兩岸、一區兩園的優勢，可為建造國際創科高地提供優越的條件。 計劃積極從以下四個方面努力建設好河套園區： 第一，打造世界級的產研平台。 第二，建構具國際競爭力的產業中試轉化基地。 第三，匯聚天下的創新資源，充分利用香港背靠祖國、聯通世界的獨特優勢。 第四，開闢政策創新的試驗田。 香港將會深入參與全球創新科技的建設，全速全力地推進港深河套合作區的建設，為香港建設成為國際創新科技中心走出一條更廣闊、更燦爛的道路。 國家發展與改革委員會國際合作中心主任袁鋒先生作題為《科技協同——推動粵港澳大灣區經濟高品質發展》的主題演講。關於如何推動大灣區的科技協同，手段包括有建構開放型的協同創新生態、建立高端人才聚集地、強化產業鍊和創新鏈的協同、建構國際科技創新體制機制以外，香港如何利用好內地的製造業以及市場優勢尤其重要。國家發展與改革委員會國際合作中心將持續深化與香港大專院校的創新合作與學術研究，舉辦專題研討會、產業諮詢，共同培養企業家領軍人才等。同時也希望與香港特區政府相關部門、商會和企業開展交流合作，做好橋樑作用，促進香港和內地科技創新融合發展，共同推動國際科創中心建設。 香港大學首席副校長、香港大學經濟及工商管理學院經濟學講座教授、黃幹亨黃英豪政治經濟學教授王于漸教授帶來題為《發揮高校科研力量 培育優秀青年人才助力香港科創發展》的主題演講。香港擁有雄厚的科學研究實力，一共有5間大學躋身全球百強。香港大學作為香港第一的知名大學，具有豐富的校史和國際化教學特色，吸引了全球範圍內的學生。香港大學在培養學生的創新能力和國際視野方面具有獨特的優勢，是大灣區高等教育的重要組成部分。此外，香港大學在科學研究方面也表現出色，為大灣區的科技創新做出了重要貢獻。大學將繼續發揮自己的科研優勢，培養優秀的青年人才，為香港、大灣區、國家的發展做出更大的貢獻。 本次論壇也邀請了前香港特區政府財政司司長、黑石集團前大中華區主席、南豐集團董事長、新風天域集團董事長兼聯合創始人梁錦松先生，作題為《新情勢下如何發展》的主題演講 。圍繞香港發展問題，必須充分認識到，香港在國家發展中的獨特功能和地位不可替代，要繼續充分發揮香港的獨特優勢。要著力鞏固香港金融、貿易、航運、專業服務等傳統優勢產業，要大力提升香港創新科技、數位經濟、數位貿易、文化創意等新興產業，促進香港更融入國家大局。 隨後，原香港鳳凰衛視著名主持人謝亞芳女士主持了題為《科技創新—香港經濟發展新動能》 的高端對話。香港大學經濟及工商管理學院院長、經濟學講座教授蔡洪濱教授，香港特別行政區第七屆立法會議員、新世界集團研究部總經理洪雯女士，香港科技園公司CEO黃克強先生，香港大學協理副校長、香港青年科學院院長岑浩璋教授參與了這場對話。圍繞著「科創是否能成為香港新的增長點」、「哪些優勢可以助理香港'突圍'」、「是否可以在香港打造另一個'矽谷'」以及「高校在香港科創發展戰略中的作用」等話題展開了討論。 接著，原香港鳳凰衛視著名主持人謝亞芳女士繼續主持了題為《聯通世界——香港國際金融中心的 重要角色》的高端對話。中國國際金融股份有限公司董事總經理黃海洲先生，野村國際（香港）董事總經理陸挺先生，香港大學協理副校長、香港大學經濟及工商管理學院副院長林晨教授，香港大學亞洲環球研究所亞洲環球學者計劃總監郭國全先生參與了討論。對話的圍繞著「香港的國際金融中心地位如何助力其成為國際科創中心」、「中美博弈對香港資本市場的影響」、「香港金融市場的新動能是什麼」展開了討論。 在「一國兩制」下，香港作為國家的國際金融中心，匯聚海內外資金和頂級金融機構和人才，融資管道多元豐富，規則和製度深受國際投資者信任，能在這方面作出積極和 獨特的貢獻。金融科技正好匯聚香港金融服務傳統優勢和創新科技新興發展的橋樑。相信未來香港的優勢將能更充份發揮，謀求更美好的發展、發掘更多的商機、創造亮麗的前景。 是夜，領航工程策略企業家計畫歡迎晚宴暨二期開學典禮圓滿舉辦。香港大學經濟及工商管理學院院長、經濟學講座教授蔡洪濱教授，國家發展與改革委員會國際合作中心主任袁鋒先生，香港交易所董事總經理、首席中國經濟學家巴曙松教授，世紀城市集團副主席及執行董事、富豪酒店集團副主席兼董事總經理、可持續科技學院創辦人羅寶文女士，野村國際（香港）董事總經理陸挺先生，香港大學協理副校長、香港大學經濟及工商管理學院副院長林晨教授，香港大學政治學教授、當代中國與世界研究中心主任李成教授等嘉賓出席晚宴。 精彩回顧：
- [Asset Management and Private Banking  Alumni Sharing](https://www.hkubs.hku.hk/sc/media/school-news/asset-management-and-private-banking-alumni-sharing/) - On 27th September, Alumni Sharing, attended by 47 young AMPB students (freshmen and Year 2) was our Programme’s first networking event. 15 alumni returned to their alma mater to interact with their juniors (師弟 and 師妹) and shared their stories at AMPB and their paths landing on their first job, including UBS, CS, JB, DB,
- [Asset Management and Private Banking  Alumni Sharing](https://www.hkubs.hku.hk/sc/media/school-news/asset-management-and-private-banking-alumni-sharing/) - On 27th September, Alumni Sharing, attended by 47 young AMPB students (freshmen and Year 2) was our Programme’s first networking event. 15 alumni returned to their alma mater to interact with their juniors (師弟 and 師妹) and shared their stories at AMPB and their paths landing on their first job, including UBS, CS, JB, DB,
- [港大经管学院领航论坛暨领航工程战略企业家项目二期班开学典礼隆重举行](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院领航论坛暨领航工程战略企业家项目/) - 10月20日，由香港大学经管学院主办的领航论坛于香港大学陆佑堂隆重举行。香港特别行政区创新科技及工业局局长孙东教授，国家发展和改革委员会国际合作中心主任袁锋先生，香港大学首席副校长、香港大学经济及工商管理学院经济学讲座教授、黄乾亨黄英豪政治经济学教授王于渐教授，香港大学经济及工商管理学院院长、经济学讲座教授蔡洪滨教授，原香港特区政府财政司司长、黑石集团前大中华区主席、南丰集团董事长、新风天域集团董事长兼联合创始人梁锦松先生，中国国际金融股份有限公司董事总经理黄海洲先生，香港科技园公司CEO黄克强先生，野村国际（香港）董事总经理陆挺先生，香港特别行政区第七届立法会议员、新世界集团研究部总经理洪雯女士，香港大学协理副校长、香港大学经济及工商管理学院副院长林晨教授，香港大学协理副校长、香港青年科学院院长岑浩璋教授，香港大学经济及工商管理学院副院长沈海鹏教授，香港大学亚洲环球研究所亚洲环球学者计划总监郭国全先生等领导代表出席论坛。 香港大学经济及工商管理学院院长、经济学讲座教授蔡洪滨教授在致辞中表示国际创新科技中心是国家对香港的发展定位。粤港澳大湾区具有“一国两制”的特殊性，加速构建跨境协同创新机制和网络是建设国际科技创新中心的关键。香港大学经管学院提供最前沿的商业和技术研讨，帮助理清技术变革下行业发展的轨迹，发现变局中的独特机遇；培养更多优秀的商业人才，贡献更多的智慧和力量；积极创新并为社会带来正面影响。 香港特别行政区创新科技及工业局局长孙东教授与大家分享河套深港科技创新合作区如何助力打造香港国际创新科技中心。河套深港创新合作区是粤港澳大湾区四个重大合作平台之一，也是唯一一个以科技创新为主题的平台。合作区地理位置优越，尽享一河两岸、一区两园的优势，可为建设国际创科高地提供优越的条件。计划积极从以下四个方面努力建设好河套园区： 第一，打造世界级的产学研平台。 第二，构建具国际竞争力的产业中试转化基地。 第三，汇聚天下的创新资源，充分利用香港背靠祖国、联通世界的独特优势。 第四，开辟政策创新的试验田。 香港将会深度参与全球创新科技的建设，全速全力地推进港深河套合作区的建设，为香港建设成为国际创新科技中心走出一条更广阔、更灿烂的道路。 国家发展和改革委员会国际合作中心主任袁锋先生作题为《科技协同——推动粤港澳大湾区经济高质量发展》的主题演讲。关于如何推动大湾区的科技协同，手段包括有构建开放型的协同创新生态、建设高端人才聚集地、强化产业链和创新链的协同、构建国际科技创新体制机制以外，香港如何利用好内地的制造业以及市场优势尤为重要。国家发展和改革委员会国际合作中心会继续深化与香港高校的创新合作与学术研究，召开专题研讨会、产业咨询，共同培养企业家领军人才等。同时也希望与香港特区政府有关部门、商协会和企业开展交流合作，做好桥梁作用，促进香港和内地科技创新融合发展，共同推动国际科创中心建设。 香港大学首席副校长、香港大学经济及工商管理学院经济学讲座教授、黄乾亨黄英豪政治经济学教授王于渐教授带来题为《发挥高校科研力量 培育优秀青年人才 助力香港科创发展》的主题演讲。香港拥有雄厚的科研实力，一共有5间大学跻身全球百强。香港大学作为香港第一的知名大学，具有丰富的校史和国际化教学特色，吸引了全球范围内的学生。香港大学在培养学生的创新能力和国际视野方面具有独特的优势，是大湾区高等教育的重要组成部分。此外，香港大学在科研方面也表现出色，为大湾区的科技创新做出了重要贡献。高校将继续发挥自己的科研优势，培养优秀的青年人才，为香港、大湾区、国家的发展做出更大的贡献。 本次论坛还邀请了原香港特区政府财政司司长、黑石集团前大中华区主席、南丰集团董事长、新风天域集团董事长兼联合创始人梁锦松先生，作题为《新形势下如何发展》的主旨演讲。围绕香港发展问题，必须充分认识到，香港在国家发展中的独特功能和地位不可替代，要继续充分发挥香港的独特优势。要着力巩固香港金融、贸易、航运、专业服务等传统优势产业，要大力提升香港创新科技、数字经济、数字贸易、文化创意等新兴产业，促进香港更好融入国家大局。 随后，原香港凤凰卫视著名主持人谢亚芳女士主持了题为《科技创新——香港经济发展新动能》的高端对话。香港大学经济及工商管理学院院长、经济学讲座教授蔡洪滨教授，香港特别行政区第七届立法会议员、新世界集团研究部总经理洪雯女士，香港科技园公司CEO黄克强先生，香港大学协理副校长、香港青年科学院院长岑浩璋教授参与了此次对话。围绕“科创是否能成为香港新的增长点”、“哪些优势可以助理香港’突围’”、“是否可以在香港打造另一个‘硅谷’”以及“高校在香港科创发展战略中的作用”等话题展开了讨论。 接着，原香港凤凰卫视著名主持人谢亚芳女士继续主持了题为《联通世界——香港国际金融中心的重要角色》的高端对话。中国国际金融股份有限公司董事总经理黄海洲先生，野村国际（香港）董事总经理陆挺先生，香港大学协理副校长、香港大学经济及工商管理学院副院长林晨教授，香港大学亚洲环球研究所亚洲环球学者计划总监郭国全先生参与了讨论。对话的围绕着“香港的国际金融中心地位如何助力其成为国际科创中心”、“中美博弈对香港资本市场的影响”、“香港金融市场的新动能是什么”展开了讨论。 在“一国两制”下，香港作为国家的国际金融中心，汇聚海内外资金和顶级金融机构和人才，融资渠道多元丰富，规则和制度深受国际投资者信任，能在这方面作出积极和独特的贡献。金融科技正好汇聚香港金融服务传统优势和创新科技新兴发展的桥梁。相信在未来香港的优势将能更充份发挥，谋求更美好的发展、发掘更多的商机、创造亮丽的前景。 是夜，领航工程战略企业家项目欢迎晚宴暨二期开学典礼圆满举办。香港大学经济及工商管理学院院长、经济学讲座教授蔡洪滨教授，国家发展和改革委员会国际合作中心主任袁锋先生，香港交易所董事总经理、首席中国经济学家巴曙松教授，世纪城市集团副主席及执行董事、富豪酒店集团副主席兼董事总经理、可持续科技学院创办人罗宝文女士，野村国际（香港）董事总经理陆挺先生，香港大学协理副校长、香港大学经济及工商管理学院副院长林晨教授，香港大学政治学教授、当代中国与世界研究中心主任李成教授等嘉宾出席晚宴。 精彩回顾：
- [HKU Team placed the First Runner-up in Polymer Intervarsity ESG Case Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/hku-team-placed-the-first-runners-up-polymer-intervarsity-esg-case-challenge-2023/) - The HKU team “Lighthouse Capital” won first runner-up in the Polymer Capital Management Intervarsity ESG Case Challenge 2023. Team members are Adrian Chung (BSc(QFin) – Year 3), Huey Lee (BBA(IBGM) – Year 3) and Kelvin Cheung (BEcon&Fin – Year 3). The Case Challenge attracted over 80 team applications from universities in Hong Kong and Singapore. Over
- [HKU Team placed the First Runner-up in Polymer Intervarsity ESG Case Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/hku-team-placed-the-first-runners-up-polymer-intervarsity-esg-case-challenge-2023/) - The HKU team “Lighthouse Capital” won first runner-up in the Polymer Capital Management Intervarsity ESG Case Challenge 2023. Team members are Adrian Chung (BSc(QFin) – Year 3), Huey Lee (BBA(IBGM) – Year 3) and Kelvin Cheung (BEcon&Fin – Year 3). The Case Challenge attracted over 80 team applications from universities in Hong Kong and Singapore. Over
- [HKU Team placed the First Runner-up in Polymer Intervarsity ESG Case Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/hku-team-placed-the-first-runners-up-polymer-intervarsity-esg-case-challenge-2023/) - The HKU team “Lighthouse Capital” won first runner-up in the Polymer Capital Management Intervarsity ESG Case Challenge 2023. Team members are Adrian Chung (BSc(QFin) – Year 3), Huey Lee (BBA(IBGM) – Year 3) and Kelvin Cheung (BEcon&Fin – Year 3). The Case Challenge attracted over 80 team applications from universities in Hong Kong and Singapore. Over
- [Venture into Future Career 2023-2024 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/venture-into-future-career-2023-2024-opening-ceremony/) - Partnering with Hong Kong Cyberport Management Company Limited (Cyberport) and the AICPA & CIMA, Venture into Future Career (VFC) was first introduced in 2020 and served as an exclusive programme for HKU Business School's Undergraduate Students. The VFC Programme aims to support our future young talents in the following: Providing career advice and coaching to
- [Venture into Future Career 2023-2024 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/venture-into-future-career-2023-2024-opening-ceremony/) - Partnering with Hong Kong Cyberport Management Company Limited (Cyberport) and the AICPA & CIMA, Venture into Future Career (VFC) was first introduced in 2020 and served as an exclusive programme for HKU Business School's Undergraduate Students. The VFC Programme aims to support our future young talents in the following: Providing career advice and coaching to
- [Venture into Future Career 2023-2024 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/venture-into-future-career-2023-2024-opening-ceremony/) - Partnering with Hong Kong Cyberport Management Company Limited (Cyberport) and the AICPA & CIMA, Venture into Future Career (VFC) was first introduced in 2020 and served as an exclusive programme for HKU Business School's Undergraduate Students. The VFC Programme aims to support our future young talents in the following: Providing career advice and coaching to
- [HKU Business School ESG Forum: Net Zero Transition and Challenges and Opportunities of ESG Investing](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院举办esg论坛/) - (25 June, 2023, Hong Kong) HKU Business School hosted an ESG forum last Friday and invited Professor Patrick Bolton, Professor of Finance and Economics, Imperial College London as the keynote speaker, along with representatives from various sectors of business and academia to discuss crucial ESG topics. Professor Hongbin Cai, Dean of HKU Business School and
- [HKU Business School Career Fair 2023-24: Investing in HKU Business School's Global Talent – Engage & Excel!](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-career-fair-2023-24-investing-in-hku-business-schools-global-talent-engage-excel/) - The HKU Business School Career Fair was successfully held on 26 September 2023 (Tuesday). The fairwas an extraordinary event and exclusive for Business School Students where all together over 60 renowned companies and more than 100 HR executives and industry experts. Under the theme of "Investing in HKU Business School's Global Talent
- [HKU Business School Career Fair 2023-24: Investing in HKU Business School's Global Talent – Engage & Excel!](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-career-fair-2023-24-investing-in-hku-business-schools-global-talent-engage-excel/) - The HKU Business School Career Fair was successfully held on 26 September 2023 (Tuesday). The fairwas an extraordinary event and exclusive for Business School Students where all together over 60 renowned companies and more than 100 HR executives and industry experts. Under the theme of "Investing in HKU Business School's Global Talent
- [HKU Business School Career Fair 2023-24: Investing in HKU Business School's Global Talent – Engage & Excel!](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-career-fair-2023-24-investing-in-hku-business-schools-global-talent-engage-excel/) - The HKU Business School Career Fair was successfully held on 26 September 2023 (Tuesday). The fairwas an extraordinary event and exclusive for Business School Students where all together over 60 renowned companies and more than 100 HR executives and industry experts. Under the theme of "Investing in HKU Business School's Global Talent
- [EY Young Tax Professional of the Year 2023](https://www.hkubs.hku.hk/sc/media/school-news/ey-young-tax-professional-of-the-year-2023/) - Background: The EY Young Tax Professional of the Year is an international competition designed to reward young talents and foster the next generation of tax leaders. As one of the yearly highlights of EY Hong Kong, the competition provides an opportunity for students to share experiences with people from a range of backgrounds and cultures.
- [EY Young Tax Professional of the Year 2023](https://www.hkubs.hku.hk/sc/media/school-news/ey-young-tax-professional-of-the-year-2023/) - Background: The EY Young Tax Professional of the Year is an international competition designed to reward young talents and foster the next generation of tax leaders. As one of the yearly highlights of EY Hong Kong, the competition provides an opportunity for students to share experiences with people from a range of backgrounds and cultures.
- [EY Young Tax Professional of the Year 2023](https://www.hkubs.hku.hk/sc/media/school-news/ey-young-tax-professional-of-the-year-2023/) - Background: The EY Young Tax Professional of the Year is an international competition designed to reward young talents and foster the next generation of tax leaders. As one of the yearly highlights of EY Hong Kong, the competition provides an opportunity for students to share experiences with people from a range of backgrounds and cultures.
- [100WF Hong Kong JumpStart University Investment Hackathon](https://www.hkubs.hku.hk/sc/media/school-news/100wf-hong-kong-jumpstart-university-investment-hackathon/) - Background: The 100WF Hong Kong JumpStart University Investment Hackathon brought together female university students to participate in a stock picking challenge focused on the consumer sector. It simulated the role of an investment analyst, where students conducted research and presented their findings to portfolio managers. The competition simulated the real-world workflow of investment analysts, from
- [100WF Hong Kong JumpStart University Investment Hackathon](https://www.hkubs.hku.hk/sc/media/school-news/100wf-hong-kong-jumpstart-university-investment-hackathon/) - Background: The 100WF Hong Kong JumpStart University Investment Hackathon brought together female university students to participate in a stock picking challenge focused on the consumer sector. It simulated the role of an investment analyst, where students conducted research and presented their findings to portfolio managers. The competition simulated the real-world workflow of investment analysts, from
- [100WF Hong Kong JumpStart University Investment Hackathon](https://www.hkubs.hku.hk/sc/media/school-news/100wf-hong-kong-jumpstart-university-investment-hackathon/) - Background: The 100WF Hong Kong JumpStart University Investment Hackathon brought together female university students to participate in a stock picking challenge focused on the consumer sector. It simulated the role of an investment analyst, where students conducted research and presented their findings to portfolio managers. The competition simulated the real-world workflow of investment analysts, from
- [港大經管學院慶祝Impact Lab成立十周年   與社會企業聯手為學生提供實踐的學習機會](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-celebrates-impact-labs-10th-anniversary-join-forces-with-social-ventures-to-offer-valuable-experiential-learning-opportunity/) - 港大經管學院欣然宣布實踐學習課程Impact Lab成立十周年。慶祝典禮昨日於香港大學創立方舉行，吸引近百位嘉賓出席，包括合作夥伴、社會企業及非政府組織代表、校友和學生。 鑑於過去幾十年來社會企業不斷蓬勃發展，港大經管學院於2013年引入這門實踐學習課程。通過課程，學生可以直接與社會企業合作，並藉著團隊管理嘗試解決現實生活中面對的問題、同時與社會企業合作夥伴建立友好關係，從中獲得實際的商業經驗。 迄今為止，Impact Lab已經為接近1,200名學生培養可轉移技能，他們總共貢獻了約136,000小時的工作時間予超過50家社會組織，其中97%學生表示課程提高了他們的就業競爭力。除了培養領導才能、溝通、批判性思考和協作能力外，學生在過去十年和新冠疫情期間，亦為社會組織推進各項聯合國可持續發展目標的工作上提供重要支持，協助解決棘手的社會問題及其根源，為有需要的群體提供服務。 港大經管學院教學副教授兼Impact Lab課程講師畢達偉教授表示：「Impact Lab的成功在於我們有機會與學生一起合作及培育傑出領袖。看到學生在可持續發展相關或創業道路上發展不同項目，或在社區上發揮領導作用，對我們來説是最重要的。」 港大經管學院院長蔡洪濱教授表示：「Impact Lab課程是一種獨特的學習體驗，有助學生加強他們的軟技能，讓他們接觸多元化的環境，並應用學術上的商業概念。在快速變化和充滿挑戰的市場環境中，新一代的學生必須具備高度靈活性及創新思維，方能在就業市場中脫穎而出，保持競爭力。我很高興看到1,200名Impact Lab的學生在『社會影響』這個範疇作出貢獻，一方面獲得實用的技能，另一方面造福社區。我相信這個課程將繼續為社會帶來顯著的影響，也期待見證學生和校友們的非凡成就，共同開創美好未來。」 附件 關於Impact Lab課程: https://www.impact-lab.co/ Impact Lab課程創辦人及講師畢達偉教授：dbishop@hku.hk Impact Lab課程講師Lucia Loposova女士：lucialo@hku.hk Impact Lab學生創立或合作的案例 再皂福, https://soapcycling.org/ 再皂福是 Impact Lab 的第一家公司，由課程的第一批學生創立的一個試點項目，旨在讓學生實踐創業和工作技能，同時為回饋社會。自此，再皂福已發展成為香港知名的慈善機構，而Impact Lab 的舊生 Justen Li 更一度成為了該組織的首任主席。 自再皂福成立以來，Impact Lab 的學生一直與再皂福合作。儘管在新冠疫情期間，社交距離帶來了挑戰，他們依然支持再皂福的籌款工作。學生幫助再皂福組織了幾場社區外展活動，向街道清潔工、難民和無家可歸者分發了數千個口罩和衛生用品。 再皂福也試行了「Soap Walk for Good」活動，為香港少數族裔提供支援，同時促進跨文化理解和社會包容。 Myanmar Youth Empowerment Opportunities (MYEO), https://mymyeo.com/ MYEO致力透過科技培養數位生活技能，同時為緬甸最偏遠地區的年輕人帶來發展機會。MYEO 的創辦人Htet Thiri Swe 是 Impact Lab
- [港大经管学院庆祝Impact Lab成立十周年   与社会企业联手为学生提供实践的学习机会](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-celebrates-impact-labs-10th-anniversary-join-forces-with-social-ventures-to-offer-valuable-experiential-learning-opportunity/) - 港大经管学院欣然宣布实践学习课程Impact Lab成立十周年。庆祝典礼昨日于香港大学创立方举行，吸引近百位嘉宾出席，包括合作伙伴、社会企业及非政府组织代表、校友和学生。 鉴于过去几十年来社会企业不断蓬勃发展，港大经管学院于2013年引入这门实践学习课程。通过课程，学生可以直接与社会企业合作，并借着团队管理尝试解决现实生活中面对的问题、同时与社会企业合作伙伴建立友好关系，从中获得实际的商业经验。 迄今为止，Impact Lab已经为接近1,200名学生培养可转移技能，他们总共贡献了约136,000小时的工作时间予超过50家社会组织，其中97%学生表示课程提高了他们的就业竞争力。除了培养领导才能、沟通、批判性思考和协作能力外，学生在过去十年和新冠疫情期间，亦为社会组织推进各项联合国可持续发展目标的工作上提供重要支持，协助解决棘手的社会问题及其根源，为有需要的群体提供服务。 港大经管学院教学副教授兼Impact Lab课程讲师毕达伟教授表示：「Impact Lab的成功在于我们有机会与学生一起合作及培育杰出领袖。看到学生在可持续发展相关或创业道路上发展不同项目，或在社区上发挥领导作用，对我们来说是最重要的。」 港大经管学院院长蔡洪滨教授表示：「Impact Lab课程是一种独特的学习体验，有助学生加强他们的软技能，让他们接触多元化的环境，并应用学术上的商业概念。在快速变化和充满挑战的市场环境中，新一代的学生必须具备高度灵活性及创新思维，方能在就业市场中脱颖而出，保持竞争力。我很高兴看到1,200名Impact Lab的学生在『社会影响』这个范畴作出贡献，一方面获得实用的技能，另一方面造福社区。我相信这个课程将继续为社会带来显著的影响，也期待见证学生和校友们的非凡成就，共同开创美好未来。」 附件 关于Impact Lab课程: https://www.impact-lab.co/ Impact Lab课程创办人及讲师毕达伟教授：dbishop@hku.hk Impact Lab课程讲师Lucia Loposova女士：lucialo@hku.hk Impact Lab学生创立或合作的案例 再皂福, https://soapcycling.org/ 再皂福是 Impact Lab 的第一家公司，由课程的第一批学生创立的一个试点项目，旨在让学生实践创业和工作技能，同时为回馈社会。自此，再皂福已发展成为香港知名的慈善机构，而Impact Lab 的旧生 Justen Li 更一度成为了该组织的首任主席。自再皂福成立以来，Impact Lab 的学生一直与再皂福合作。尽管在新冠疫情期间，社交距离带来了挑战，他们依然支持再皂福的筹款工作。学生帮助再皂福组织了几场社区外展活动，向街道清洁工、难民和无家可归者分发了数千个口罩和卫生用品。再皂福也试行了「Soap Walk for Good」活动，为香港少数族裔提供支援，同时促进跨文化理解和社会包容。 Myanmar Youth Empowerment Opportunities (MYEO), https://mymyeo.com/ MYEO致力透过科技培养数位生活技能，同时为缅甸最偏远地区的年轻人带来发展机会。 MYEO 的创办人Htet Thiri Swe 是Impact Lab 的校友，MYEO 是她参加课程时的计划，而她和MYEO
- [港大经管学院「未来领袖奖学金计划」嘉许逾百名杰出本地学生](https://www.hkubs.hku.hk/sc/media/press-release/hkubusiness-schools-futureleader-scholarship-programme-recognises-over-100-outstanding-local-students/) - 港大经管学院一直致力培育新一代成为更全面及具前瞻性的领袖，今年再度举办「未来领袖奖学金计划」（简称「计划」）（Future Leader Scholarship Programme），嘉许104 名学术成绩表现卓越的本地本科生，让他们装备自己，应对未来市场的激烈竞争，更为香港新一代人才提供支持。 港大经管学院院长蔡洪滨教授表示：「我们很高兴这个计划今年的申请反应也非常热烈。去年我们推出这个奖学金计划时，大家都还在适应和应对全球疫情带来的新常态和新挑战。踏入计划的第二个年头，社会乍看来已恢复正常，但科技急速发展、环球地缘政治变化，以及市场越趋重视可持续发展，为我们带来众多前所未见的挑战。具备创新思维、懂得灵活变通是新一代未来成功的关键，也是『未来领袖奖学金计划』成立的初衷。感谢与学院愿景一致的多位商界翘楚慷慨支持，令这个计划取得成功。」 港大经管学院就去年首届获奖学金的学生进行调查，结果显示，学生运用奖学金参与了各项课外学习活动，当中36%参加了游学团、25%参与实习、25%报读短期自我增值课程，而14%参加了专业考试。而今年获奖学金的学生，23%计划参与海外游学团，23%报读商业有关的课程，20%参加专业资格考试，14%参与义务工作、而建立个人事业及其他各占 10%。结果显示大部分同学计划利用奖学金作自我增值，以应对未来的挑战。 「未来领袖奖学金计划」已连续第二年获港大经管学院长期合作伙伴和社会领袖的支持，将向获选的全日制三、四年级本地本科生颁发港币20,000 元的一次性奖学金，肯定他们的学业成就，并鼓励他们参与各类课外学习活动。
- [港大經管學院「未來領袖獎學金計劃」嘉許逾百名傑出本地學生](https://www.hkubs.hku.hk/sc/media/press-release/hkubusiness-schools-futureleader-scholarship-programme-recognises-over-100-outstanding-local-students/) - 港大經管學院一直致力培育新一代成為更全面及具前瞻性的領袖，今年再度舉辦「未來領袖獎學金計劃」（簡稱「計劃」）（Future Leader Scholarship Programme），嘉許 104 名學術成績表現卓越的本地本科生，讓他們裝備自己，應對未來市場的激烈競爭，更為香港新一代人才提供支持。 港大經管學院院長蔡洪濱教授表示：「我們很高興這個計劃今年的申請反應也非常熱烈。去年我們推出這個獎學金計劃時，大家都還在適應和應對全球疫情帶來的新常態和新挑戰。踏入計劃的第二個年頭，社會乍看來已恢復正常，但科技急速發展、環球地緣政治變化，以及市場越趨重視可持續發展，為我們帶來眾多前所未見的挑戰。具備創新思維、懂得靈活變通是新一代未來成功的關鍵，也是『未來領袖獎學金計劃』成立的初衷。感謝與學院願景一致的多位商界翹楚慷慨支持，令這個計劃取得成功。」 港大經管學院就去年首屆獲獎學金的學生進行調查，結果顯示，學生運用獎學金參與了各項課外學習活動，當中 36%參加了遊學團、25%參與實習、25%報讀短期自我增值課程，而 14%參加了專業考試。而今年獲獎學金的學生，23%計劃參與海外遊學團，23%報讀商業有關的課程，20%參加專業資格考試，14%參與義務工作、而建立個人事業及其他各佔 10%。結果顯示大部分同學計劃利用獎學金作自我增值，以應對未來的挑戰。 「未來領袖獎學金計劃」已連續第二年獲港大經管學院長期合作夥伴和社會領袖的支持，將向獲選的全日制三、四年級本地本科生頒發港幣 20,000 元的一次性獎學金，肯定他們的學業成就，並鼓勵他們參與各類課外學習活動。
- [HKU	Business School’s Future	Leader Scholarship Programme recognises over 100 outstanding local students](https://www.hkubs.hku.hk/sc/media/press-release/hkubusiness-schools-futureleader-scholarship-programme-recognises-over-100-outstanding-local-students/) - HKU Business School presents the second year of the Future Leader Scholarship Programme, which will be offered to 104 outstanding local undergraduates of the School every year. The Programme aims to provide support to students to acquire new knowledge, to enrich themselves and to strengthen their competitiveness for future career development. It also demonstrates the
- [港大经管学院研究发现绿色助推可达致卓越环保效益](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-schools-research-shows-that-green-nudges-bring-nontrivial-aggregate-environmental-benefits/) - 塑料废物污染威胁全球，严重危害海洋和淡水生态系统。 2021年，全球产生超过4亿吨塑料废物。在2019冠状病毒病疫情期间，外卖服务越趋受欢迎，导致即弃餐具产生的塑料废物激增，成为许多国家面临的主要环境挑战。 国际知名学术期刊《科学》近期以封面论文形式刊发了题为《绿色助推减少即弃餐具：来自中国外卖行业的证据》的研究。该研究由港大经管学院经济学及管理与商业策略副教授何国俊带领，其他共同作者包括：北京大学助理教授潘聿航、亚洲开发银行首席经济学家及香港科技大学教授朴之水、东京大学教授泽田康幸和亚洲开发银行陈瑞娟。研究主要探讨绿色助推如何有效增加「不需餐具」订单的份额。 该研究的第一及通讯作者何国俊博士表示：「助推“Nudge”可以用作改变行为的强大诱因。 是次研究利用在中国收集的数据，发现绿色助推可以显著减少外卖产生的塑料废物。阿里巴巴的外卖平台透过把订单预设定为『不需餐具』，并向消费者派发绿色积分（蚂蚁森林绿色能量）作奖励（见图1），让选择无餐具的订单增加6.48倍，且效果持续。如将绿色助推推广至全国市场，估计每年将减少超过217.5亿套即弃餐具消耗，相当于减少326万吨塑料废物，或拯救544万棵树木，整体环保效益卓著。」 研究方法 研究数据源自阿里巴巴订餐和外卖平台「饿了么」，随机抽取近20万名用户在2019年1月1日至2021年12月31日期间，在中国10个主要城市的每月点餐记录、绿色积分记录、植树记录和个人消费习惯的数据。这些用户均在研究期内至少下单一次。 为遵守各城市的最新环保规定，阿里巴巴就其应用程序进行了以下修改：(i) 增加弹出窗口，要求顾客在订单中明确选择所需即弃餐具的数量；(ii) 弹出窗口预设为「不需餐具」；以及(iii) 提供「蚂蚁森林绿色能量」作为非金钱奖励。 主要发现 1. 绿色助推带动「不需餐具」的订单比例倍增 不论是被选作绿色助推的试点城市，还是其他城市，用户在实施绿色助推前的下单行为大致相若。然而，在实施绿色助推后，试点城市选择「不需餐具」的订单比例立即显著增加。平均而言，绿色助推使个人订购「不需餐具」的比例增加20.1个百分点，比之前的 3.1 个百分点大增6.48倍。 2. 绿色助推未有影响业务表现 研究期间，试点城市和其他城市的订单总额和订单数目趋势相同。绿色助推对外卖平台业务没有负面影响，也未有出现消费者因不喜欢新的选择模式，而较少使用阿里巴巴外卖平台的情况。 3. 个别群组对绿色助推反应更正面 在实施绿色助推后，女性消费者选择「不需餐具」的订单增加21.4个百分点，男性消费者的增幅为18.4个百分点。至于中老年消费者「不需餐具」的订单比例显著增加30至34个百分点，而18岁至24岁的消费者仅增加11.9个百分点。经常性用户（即较少自行烹饪的用户）对绿色助推的反应弱于非经常性用户。若以手机价值和订单价值计算，结果显示，较富裕的消费者对绿色助推的反应较大。 建议 1. 鼓励其他网上外卖平台，例如DoorDash和Uber Eats尝试实施绿色助推以减少全球塑料废物 由于绿色助推并未对阿里巴巴的外卖平台业务产生负面影响，而且环保效益可观，因此建议其他网上外卖平台，例如DoorDash和Uber Eats，尝试实施类似的绿色助推，以减少全球塑料废物。 2. 私营部门和平台公司可在促进顾客支持社会行为方面发挥巨大作用 私营部门和平台公司可以更好地结合企业社会责任与环境保护措施，为地球带来更深远影响。
- [HKU Business School’s research shows that green nudges bring nontrivial aggregate environmental benefits](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-schools-research-shows-that-green-nudges-bring-nontrivial-aggregate-environmental-benefits/) - Plastic waste is a global threat that endangers marine and freshwater ecosystems. In 2021, more than 400 million metric tons of plastic waste were produced worldwide. More recently, as food-delivery services became increasingly popular during COVID-19 pandemic, the surge in plastic waste generated by single-use cutlery (SUC) has become a key environmental challenge faced by
- [港大經管學院研究發現綠色助推可達致卓越環保效益](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-schools-research-shows-that-green-nudges-bring-nontrivial-aggregate-environmental-benefits/) - 塑料廢物污染威脅全球，嚴重危害海洋和淡水生態系統。2021年，全球產生超過4億噸塑料廢物。在2019冠狀病毒病疫情期間，外賣服務越趨受歡迎，導致即棄餐具產生的塑料廢物激增，成為許多國家面臨的主要環境挑戰。 國際知名學術期刊《科學》近期以封面論文形式刊發了題為《綠色助推減少即棄餐具：來自中國外賣行業的證據》的研究。該研究由港大經管學院經濟學及管理與商業策略副教授何國俊帶領，其他共同作者包括：北京大學助理教授潘聿航、亞洲開發銀行首席經濟學家及香港科技大學教授朴之水、東京大學教授澤田康幸和亞洲開發銀行陳瑞娟。研究主要探討綠色助推如何有效增加「不需餐具」訂單的份額。 該研究的第一及通訊作者何國俊博士表示：「助推“Nudge”可以用作改變行為的強大誘因。 是次研究利用在中國收集的數據，發現綠色助推可以顯著減少外賣產生的塑料廢物。阿里巴巴的外賣平台透過把訂單預設定為『不需餐具』，並向消費者派發綠色積分（螞蟻森林綠色能量 ）作獎勵（見圖1），讓選擇無餐具的訂單增加6.48倍，且效果持續。如將綠色助推推廣至全國市場，估計每年將減少超過217.5億套即棄餐具消耗，相當於減少326萬噸塑料廢物，或拯救544萬棵樹木，整體環保效益卓著。」 研究方法 研究數據源自阿里巴巴訂餐和外賣平台「餓了麼」，隨機抽取近20萬名用戶在2019年1月1日至2021年12月31日期間，在中國10個主要城市的每月點餐記錄、綠色積分記錄、植樹記錄和個人消費習慣的數據。這些用戶均在研究期內至少下單一次。 為遵守各城市的最新環保規定，阿里巴巴就其應用程序進行了以下修改：(i) 增加彈出窗口，要求顧客在訂單中明確選擇所需即棄餐具的數量；(ii) 彈出窗口預設為「不需餐具」；以及(iii) 提供「螞蟻森林綠色能量」作為非金錢獎勵。 主要發現 1. 綠色助推帶動「不需餐具」的訂單比例倍增 不論是被選作綠色助推的試點城市，還是其他城市，用戶在實施綠色助推前的下單行為大致相若。然而，在實施綠色助推後，試點城市選擇「不需餐具」的訂單比例立即顯著增加。平均而言，綠色助推使個人訂購「不需餐具」的比例增加20.1個百分點，比之前的 3.1 個百分點大增6.48倍。 2. 綠色助推未有影響業務表現 研究期間，試點城市和其他城市的訂單總額和訂單數目趨勢相同。綠色助推對外賣平台業務沒有負面影響，也未有出現消費者因不喜歡新的選擇模式，而較少使用阿里巴巴外賣平台的情況。 3. 個別群組對綠色助推反應更正面 在實施綠色助推後，女性消費者選擇「不需餐具」的訂單增加21.4個百分點，男性消費者的增幅為18.4個百分點。至於中老年消費者「不需餐具」的訂單比例顯著增加30至34個百分點，而18歲至24歲的消費者僅增加11.9個百分點。經常性用戶（即較少自行烹飪的用戶）對綠色助推的反應弱於非經常性用戶。若以手機價值和訂單價值計算，結果顯示，較富裕的消費者對綠色助推的反應較大。 建議 1. 鼓勵其他網上外賣平台，例如DoorDash和Uber Eats嘗試實施綠色助推以減少全球塑料廢物 由於綠色助推並未對阿里巴巴的外賣平台業務產生負面影響，而且環保效益可觀，因此建議其他網上外賣平台，例如DoorDash和Uber Eats，嘗試實施類似的綠色助推，以減少全球塑料廢物。 2. 私營部門和平台公司可在促進顧客支持社會行為方面發揮巨大作用 私營部門和平台公司可以更好地結合企業社會責任與環境保護措施，為地球帶來更深遠影響。
- [淘宝香港站委托港大经管学院发布香港跨境电商报告   产品价格、商家信誉及消费者保障为跨境网购首要考虑](https://www.hkubs.hku.hk/sc/media/press-release/淘寶香港站委託港大經管學院發佈香港跨境電商報/) - 跨境电子商务让企业突破地域限制，并高效拓展境外市场，更改变了企业和客户的互动方式，捕捉更多市场机遇。淘宝天猫中国香港站（下称「淘宝香港站」）委托香港大学经济及工商管理学院（下称「港大经管学院」）进行一项有关香港跨境市场的消费者调查，并发布《 2023年香港跨境电商市场研究报告》（下称报告）。报告显示，产品价格、总体商家信誉及买家保障，是消费者选用跨境电商平台的三大重要考虑因素。 调查发现，18.7% 的受访者认为自己对市场非常熟悉，而分别有41.5% 和28.7% 的受访者认为自己相当熟悉和对此问题表示中立。换句话说，大多数受访者认为自己熟悉香港的跨境电商平台。过去12个月，受访者曾光顾的平台依频次最多为淘宝、本地平台及亚马逊；而满意度方面，淘宝的满意度与本地电商平台的满意度相若，且淘宝获得平均分3.83（满分5 分），为各平台中最高，而本地平台仅次于其后，平均分为3.81。 71%的受访者表示，他们每月至少在跨境电商平台购物一次，而过半数受访者每周至少浏览跨境电商平台一次，反映出本地消费者不仅视该些平台为购物渠道，也视之为网上生活一部分。有约三分之一的受访者每次于跨境电商平台上平均消费200至399港元，由此可看到香港消费者对跨境电商平台的信任程度，报告建议，跨境电商参与者可以考虑提供更多优质及更高端的产品选择，以及从加强服务体验着手，这将有助提升客单价。 调查亦向消费者了解在电商平台选择或购买产品时的考虑因素，结果显示消费者最看重以下五大因素：产品价格、总体卖家信誉、买家保障、折扣或促销活动的吸引力，以及产品种类，它们的平均值分别为4.53、4.37、4.24、4.23 和4.22。报告建议跨境电商参与者应加强产品性价比，以及买卖双方的保障等，以让消费者放心购物。适时推出如大促销一类的营销推广活动，也有助刺激消费者购买意欲。 在不同的细分类目下，消费者选用特定平台的先决条件也会更加有针对性。调查以家具为例，了解受访者考虑使用不同跨境电商平台的因素。分析显示，商品的设计和款式（平均值= 4.42）、品质保障（平均值= 4.32），以及包邮（平均值= 4.16）是消费者在跨境电商平台购物时最关心的三项个主要因素。 另一方面，大受内地消费者欢迎的线上互动游戏、具丰富资讯或娱乐性的直播、及关键意见消费者（KOC）或关键意见领袖（KOL）的建议，在此次调查中得分最低，但这不代表跨境电商参与者可以忽略这些互动及营销方式。报告建议跨境电商及本地电商平台均应该借镜内地的电商发展，关注此等新兴趋势和技术应用，及早捕捉市场机遇。 消费习惯方面，研究发现，女性受访者最常在线上购买的三大产品类别，是时尚产品、家具和家居用品，以及食品杂货。而男性受访者的三大产品选择则为电子设备及产品、家具及家居用品，以及时尚产品。有趣的是，71.2% 的女性受访者习惯在跨境电商平台购买时尚产品，而只有44.7% 的男性受访者表示相同意向。此外，多达59.9% 的男性受访者表示他们会在跨境电商平台上购买电子设备和产品，但只有34.8% 的女性受访者表达同样倾向。 港大经管学院创新及资讯管理学教授周昭泷教授表示：「通过今次调查发现，香港消费者对跨境电商平台有一定的熟悉程度，而且对于来自不同地方的购物平台都显示出一定的满意度。在提供跨境购物服务时，跨境电商参与者不应只着重产品供给层面，还应专注于提供独特及具差异性的产品及服务，例如多从细分类目加强选品；以及从整体购物体验着手，例如物流时效性、支付优惠及保障。跨境电商参与者也应加强与消费者互动，以增加黏性，提升留存率，甚至增加获客率。」 淘宝天猫港澳事业部负责人陈子坚表示：「淘宝香港站留意到香港消费者会在平台上购买的产品品类众多，部份用户对于小众产品的接受程度更愈来愈高。近年我们开始针对垂直类目产品提供更多贴心的服务，例如满额包邮及指定产品包退服务，让偏好购买服饰的消费者可以买得更轻松；另外我们也针对家具推出大件物流优惠、除虫除甲醛及加固打架服务，令消费者买得更放心。未来我们仍会积极加强针对垂直类目的服务，进一步提升消费者在淘宝香港站的购物体验。」 《2023年香港跨境电商市场研究报告》以香港跨境电商市场为背景，通过问卷方式向本地消费者收集回覆，是次问卷调查对象为年满18岁并于过去12 个月内曾使用跨境电商平台购物的香港居民。在收集到的 2,548 宗回覆中，2,289 宗属有效。在有效的回覆中，35.7% 的受访者为男性，64.3% 为女性。超过60%受访者年龄介乎21至35岁。此报告集中研究消费者对在港的主要跨境电商平台的看法，包括消费者的考虑因素和消费行为，以及消费者对平台促销活动的认知程度。 如欲参阅完整报告，请点击以下连结：中文及英文报告。
- [淘寶香港站委託港大經管學院發佈香港跨境電商報告   產品價格、商家信譽及消費者保障為跨境網購首要考慮](https://www.hkubs.hku.hk/sc/media/press-release/淘寶香港站委託港大經管學院發佈香港跨境電商報/) - 跨境電子商務讓企業突破地域限制，並高效拓展境外市場，更改變了企業和客戶的互動方式，捕捉更多市場機遇。淘寶天貓中國香港站（下稱「淘寶香港站」）委託香港大學經濟及工商管理學院（下稱「港大經管學院」）進行一項有關香港跨境市場的消費者調查，並發佈《2023年香港跨境電商市場研究報告》（下稱報告）。報告顯示，產品價格、總體商家信譽及買家保障，是消費者選用跨境電商平台的三大重要考慮因素。 調查發現，18.7% 的受訪者認為自己對市場非常熟悉，而分別有41.5% 和28.7% 的受訪者認為自己相當熟悉和對此問題表示中立。換句話說，大多數受訪者認為自己熟悉香港的跨境電商平台。過去12個月，受訪者曾光顧的平台依頻次最多為淘寶、本地平台及亞馬遜；而滿意度方面，淘寶的滿意度與本地電商平台的滿意度相若，且淘寶獲得平均分3.83（滿分 5 分），為各平台中最高，而本地平台僅次於其後，平均分為3.81。 71%的受訪者表示，他們每月至少在跨境電商平台購物一次，而過半數受訪者每周至少瀏覽跨境電商平台一次，反映出本地消費者不僅視該些平台為購物渠道，也視之為網上生活一部分。有約三分之一的受訪者每次於跨境電商平台上平均消費200至399港元，由此可看到香港消費者對跨境電商平台的信任程度，報告建議，跨境電商參與者可以考慮提供更多優質及更高端的產品選擇，以及從加強服務體驗著手，這將有助提升客單價。 調查亦向消費者了解在電商平台選擇或購買產品時的考慮因素，結果顯示消費者最看重以下五大因素：產品價格、總體賣家信譽、買家保障、折扣或促銷活動的吸引力，以及產品種類，它們的平均值分別為 4.53、4.37、4.24、4.23 和 4.22。報告建議跨境電商參與者應加強產品性價比，以及買賣雙方的保障等，以讓消費者放心購物。適時推出如大促銷一類的營銷推廣活動，也有助刺激消費者購買意欲。 在不同的細分類目下，消費者選用特定平台的先決條件也會更加有針對性。調查以家具為例，了解受訪者考慮使用不同跨境電商平台的因素。分析顯示，商品的設計和款式（平均值= 4.42）、品質保障（平均值= 4.32），以及包郵（平均值= 4.16）是消費者在跨境電商平台購物時最關心的三項個主要因素。 另一方面，大受內地消費者歡迎的線上互動遊戲、具豐富資訊或娛樂性的直播、及關鍵意見消費者（KOC）或關鍵意見領袖（KOL）的建議，在此次調查中得分最低，但這不代表跨境電商參與者可以忽略這些互動及營銷方式。報告建議跨境電商及本地電商平台均應該借鏡內地的電商發展，關注此等新興趨勢和技術應用，及早捕捉市場機遇。 消費習慣方面，研究發現，女性受訪者最常在線上購買的三大產品類別，是時尚產品、家具和家居用品，以及食品雜貨。而男性受訪者的三大產品選擇則為電子設備及產品、家具及家居用品，以及時尚產品。有趣的是，71.2% 的女性受訪者習慣在跨境電商平台購買時尚產品，而只有44.7% 的男性受訪者表示相同意向。此外，多達59.9% 的男性受訪者表示他們會在跨境電商平台上購買電子設備和產品，但只有34.8% 的女性受訪者表達同樣傾向。 港大經管學院創新及資訊管理學教授周昭瀧教授表示：「通過今次調查發現，香港消費者對跨境電商平台有一定的熟悉程度，而且對於來自不同地方的購物平台都顯示出一定的滿意度。在提供跨境購物服務時，跨境電商參與者不應只著重產品供給層面，還應專注於提供獨特及具差異性的產品及服務，例如多從細分類目加強選品；以及從整體購物體驗著手，例如物流時效性、支付優惠及保障。跨境電商參與者也應加強與消費者互動，以增加黏性，提升留存率，甚至增加獲客率。」 淘寶天貓港澳事業部負責人陳子堅表示：「淘寶香港站留意到香港消費者會在平台上購買的產品品類眾多，部份用戶對於小眾產品的接受程度更愈來愈高。近年我們開始針對垂直類目產品提供更多貼心的服務，例如滿額包郵及指定產品包退服務，讓偏好購買服飾的消費者可以買得更輕鬆；另外我們也針對家具推出大件物流優惠、除蟲除甲醛及加固打架服務，令消費者買得更放心。未來我們仍會積極加強針對垂直類目的服務，進一步提升消費者在淘寶香港站的購物體驗。」 《2023年香港跨境電商市場研究報告》以香港跨境電商市場為背景，通過問卷方式向本地消費者收集回覆，是次問卷調查對象為年滿18歲並於過去 12 個月內曾使用跨境電商平台購物的香港居民。在收集到的 2,548 宗回覆中，2,289 宗屬有效。 在有效的回覆中，35.7% 的受訪者為男性，64.3% 為女性。超過60%受訪者年齡介乎21至35歲。此報告集中研究消費者對在港的主要跨境電商平台的看法，包括消費者的考慮因素和消費行為，以及消費者對平台促銷活動的認知程度。 如欲參閱完整報告，請點擊以下連結：中文及英文報告。
- [淘寶香港站委託港大經管學院發佈香港跨境電商報告   產品價格、商家信譽及消費者保障為跨境網購首要考慮](https://www.hkubs.hku.hk/sc/media/press-release/淘寶香港站委託港大經管學院發佈香港跨境電商報/) - 跨境電子商務讓企業突破地域限制，並高效拓展境外市場，更改變了企業和客戶的互動方式，捕捉更多市場機遇。淘寶天貓中國香港站（下稱「淘寶香港站」）委託香港大學經濟及工商管理學院（下稱「港大經管學院」）進行一項有關香港跨境市場的消費者調查，並發佈《2023年香港跨境電商市場研究報告》（下稱報告）。報告顯示，產品價格、總體商家信譽及買家保障，是消費者選用跨境電商平台的三大重要考慮因素。 調查發現，18.7% 的受訪者認為自己對市場非常熟悉，而分別有41.5% 和28.7% 的受訪者認為自己相當熟悉和對此問題表示中立。換句話說，大多數受訪者認為自己熟悉香港的跨境電商平台。過去12個月，受訪者曾光顧的平台依頻次最多為淘寶、本地平台及亞馬遜；而滿意度方面，淘寶的滿意度與本地電商平台的滿意度相若，且淘寶獲得平均分3.83（滿分 5 分），為各平台中最高，而本地平台僅次於其後，平均分為3.81。 71%的受訪者表示，他們每月至少在跨境電商平台購物一次，而過半數受訪者每周至少瀏覽跨境電商平台一次，反映出本地消費者不僅視該些平台為購物渠道，也視之為網上生活一部分。有約三分之一的受訪者每次於跨境電商平台上平均消費200至399港元，由此可看到香港消費者對跨境電商平台的信任程度，報告建議，跨境電商參與者可以考慮提供更多優質及更高端的產品選擇，以及從加強服務體驗著手，這將有助提升客單價。 調查亦向消費者了解在電商平台選擇或購買產品時的考慮因素，結果顯示消費者最看重以下五大因素：產品價格、總體賣家信譽、買家保障、折扣或促銷活動的吸引力，以及產品種類，它們的平均值分別為 4.53、4.37、4.24、4.23 和 4.22。報告建議跨境電商參與者應加強產品性價比，以及買賣雙方的保障等，以讓消費者放心購物。適時推出如大促銷一類的營銷推廣活動，也有助刺激消費者購買意欲。 在不同的細分類目下，消費者選用特定平台的先決條件也會更加有針對性。調查以家具為例，了解受訪者考慮使用不同跨境電商平台的因素。分析顯示，商品的設計和款式（平均值= 4.42）、品質保障（平均值= 4.32），以及包郵（平均值= 4.16）是消費者在跨境電商平台購物時最關心的三項個主要因素。 另一方面，大受內地消費者歡迎的線上互動遊戲、具豐富資訊或娛樂性的直播、及關鍵意見消費者（KOC）或關鍵意見領袖（KOL）的建議，在此次調查中得分最低，但這不代表跨境電商參與者可以忽略這些互動及營銷方式。報告建議跨境電商及本地電商平台均應該借鏡內地的電商發展，關注此等新興趨勢和技術應用，及早捕捉市場機遇。 消費習慣方面，研究發現，女性受訪者最常在線上購買的三大產品類別，是時尚產品、家具和家居用品，以及食品雜貨。而男性受訪者的三大產品選擇則為電子設備及產品、家具及家居用品，以及時尚產品。有趣的是，71.2% 的女性受訪者習慣在跨境電商平台購買時尚產品，而只有44.7% 的男性受訪者表示相同意向。此外，多達59.9% 的男性受訪者表示他們會在跨境電商平台上購買電子設備和產品，但只有34.8% 的女性受訪者表達同樣傾向。 港大經管學院創新及資訊管理學教授周昭瀧教授表示：「通過今次調查發現，香港消費者對跨境電商平台有一定的熟悉程度，而且對於來自不同地方的購物平台都顯示出一定的滿意度。在提供跨境購物服務時，跨境電商參與者不應只著重產品供給層面，還應專注於提供獨特及具差異性的產品及服務，例如多從細分類目加強選品；以及從整體購物體驗著手，例如物流時效性、支付優惠及保障。跨境電商參與者也應加強與消費者互動，以增加黏性，提升留存率，甚至增加獲客率。」 淘寶天貓港澳事業部負責人陳子堅表示：「淘寶香港站留意到香港消費者會在平台上購買的產品品類眾多，部份用戶對於小眾產品的接受程度更愈來愈高。近年我們開始針對垂直類目產品提供更多貼心的服務，例如滿額包郵及指定產品包退服務，讓偏好購買服飾的消費者可以買得更輕鬆；另外我們也針對家具推出大件物流優惠、除蟲除甲醛及加固打架服務，令消費者買得更放心。未來我們仍會積極加強針對垂直類目的服務，進一步提升消費者在淘寶香港站的購物體驗。」 《2023年香港跨境電商市場研究報告》以香港跨境電商市場為背景，通過問卷方式向本地消費者收集回覆，是次問卷調查對象為年滿18歲並於過去 12 個月內曾使用跨境電商平台購物的香港居民。在收集到的 2,548 宗回覆中，2,289 宗屬有效。 在有效的回覆中，35.7% 的受訪者為男性，64.3% 為女性。超過60%受訪者年齡介乎21至35歲。此報告集中研究消費者對在港的主要跨境電商平台的看法，包括消費者的考慮因素和消費行為，以及消費者對平台促銷活動的認知程度。 如欲參閱完整報告，請點擊以下連結：中文及英文報告。
- [Graduation Appreciation Drinks – 2023 Pilot Apprenticeship Programme For Private Wealth Management](https://www.hkubs.hku.hk/sc/media/school-news/graduation-appreciation-drinks-2023-pilot-apprenticeship-programme-for-private-wealth-management/) - Co-organised by the Hong Kong Monetary Authority (HKMA) and the Private Wealth Management Association (PWMA), the Pilot Apprenticeship Programme For Private Wealth Management Programmehas provided training and hands-on experience at a participating PWMA member firm to undergraduate university students in Hong Kong interested in a potential career in private wealth management. Since 2017, over 100
- [Graduation Appreciation Drinks – 2023 Pilot Apprenticeship Programme For Private Wealth Management](https://www.hkubs.hku.hk/sc/media/school-news/graduation-appreciation-drinks-2023-pilot-apprenticeship-programme-for-private-wealth-management/) - Co-organised by the Hong Kong Monetary Authority (HKMA) and the Private Wealth Management Association (PWMA), the Pilot Apprenticeship Programme For Private Wealth Management Programmehas provided training and hands-on experience at a participating PWMA member firm to undergraduate university students in Hong Kong interested in a potential career in private wealth management. Since 2017, over 100
- [Graduation Appreciation Drinks – 2023 Pilot Apprenticeship Programme For Private Wealth Management](https://www.hkubs.hku.hk/sc/media/school-news/graduation-appreciation-drinks-2023-pilot-apprenticeship-programme-for-private-wealth-management/) - Co-organised by the Hong Kong Monetary Authority (HKMA) and the Private Wealth Management Association (PWMA), the Pilot Apprenticeship Programme For Private Wealth Management Programmehas provided training and hands-on experience at a participating PWMA member firm to undergraduate university students in Hong Kong interested in a potential career in private wealth management. Since 2017, over 100
- [Deloitte Digital Camp 2023](https://www.hkubs.hku.hk/sc/media/school-news/deloitte-digital-camp-2023/) - Background: Deloitte Digital Camp 2023 provided an excellent platform for digital talents to showcase their skills and learn from industry leaders. Since its launch in 2017, ten of thousands of students have participated in the competition. This year, the Camp focused on the commercialization of AI technology, where students and their mentors explored ways to
- [Deloitte Digital Camp 2023](https://www.hkubs.hku.hk/sc/media/school-news/deloitte-digital-camp-2023/) - Background: Deloitte Digital Camp 2023 provided an excellent platform for digital talents to showcase their skills and learn from industry leaders. Since its launch in 2017, ten of thousands of students have participated in the competition. This year, the Camp focused on the commercialization of AI technology, where students and their mentors explored ways to
- [Deloitte Digital Camp 2023](https://www.hkubs.hku.hk/sc/media/school-news/deloitte-digital-camp-2023/) - Background: Deloitte Digital Camp 2023 provided an excellent platform for digital talents to showcase their skills and learn from industry leaders. Since its launch in 2017, ten of thousands of students have participated in the competition. This year, the Camp focused on the commercialization of AI technology, where students and their mentors explored ways to
- [HKU Business School’s Second Distinguished Lecture discusses  Unprecedented challenges and opportunities of the Chinese Economy](https://www.hkubs.hku.hk/sc/media/press-release/港大經管學院舉辦名家講座系列-第二講-商界領袖/) - (25 August, 2023, Hong Kong) HKU Business School organised the Second Distinguished Lecture on Chinese Economy yesterday and invited guest speakers Mr Michael Minhong Yu, 2023 Rotating Chairman of Yabuli China Entrepreneurs Forum and Founder of New Oriental Education & Technology Group, Mr Yonghao Liu, Chairman of New Hope Group, and Mr Ronnie C. Chan,
- [港大经管学院举办名家讲座系列 - 第二讲  商界领袖共同探讨中国经济百年未有之挑战与机遇](https://www.hkubs.hku.hk/sc/media/press-release/港大經管學院舉辦名家講座系列-第二講-商界領袖/) - （2023年8月25日，香港）港大经管学院于8月24日举办名家讲座系列- 第二讲，邀请了2023年亚布力中国企业家论坛轮值主席、新东方教育科技集团董事长俞敏洪先生；亚布力论坛理事、新希望集团董事长刘永好先生；及恒隆地产董事长陈启宗先生担任专题演讲嘉宾，从不同视角观察及探讨中国经济未来发展的挑战与机遇。讲座于香港大学创立方举行，吸引逾百位商界领袖、杰出学者、校友和学生出席。 港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞时表示：「今天港大经管学院非常荣幸，邀请到几位极具影响力的杰出企业家，他们过去经历了不同的风云跌宕，也一直推动我国的经济发展和社会进步。中国现在面临多重挑战，包括地缘政治加剧紧张、国际金融政策的风云突变和经济转型，国家当务之急是要让民营企业家重拾信心，积极参与竞争及努力开拓。我们希望中国能不断改革开放及优化市场环境，让中国企业家精神发扬光大，带动国家经济走向另一个辉煌。」 2023年亚布力中国企业家论坛轮值主席、新东方教育科技集团董事长俞敏洪先生表示：「集团过去曾遭遇诸多变故，由于政策、疫情、国际关系等原因，很多业务都处于不确定中，甚至清零。去年我与团队成立了东方甄选，从教育行业转型为以农产品筛选和销售为核心的电商平台，成功把股值回升到四百亿港币以上，在别人眼中是一个奇迹，但是对于我来说，却是如何从失败中找寻另一条出路。学习和热爱是企业成功的重要因素，学习不只是为了知识的积累，而是要全面地了解世界，预测人生。」 亚布力论坛理事、新希望集团董事长刘永好先生表示：「中国经过改革开放，已经发生了翻天覆地变化，经济面临新格局新时代，而传统产业也必须跟上时代发展而作出变化。企业家要懂得组织的变革，新希望集团坚持把传统农产业做专、做深、做透，以科技创新引领高质量发展，推动传统农业升级转型，提升企业竞争力。企业要承担社会责任，更要脚踏实地把企业做好。通过“产业+生态”的战略创新调整，集团不仅在主业上得到发展提升，更帮助500多个合伙人和100多家中小企业在各赛道上快速发展。」 恒隆地产董事长陈启宗先生表示：「二战之后全世界都进入了全球化的格局，中国， 特别是背靠祖国的香港都是受益人，而大家都是在这个大环境成长。然而，今天我们走进了一个逆全球化的阶段。地缘政治引致地缘经济的问题，中国内部的经济和房地产行业都改变了很多。面对诸多不确定因素，我对未来五到十年的前途感到担忧，但是我认为国家变强，才是达至和平比较有把握的道路。」 讲座当日亦邀请了四位知名讲者以「百年未有之大变局下的中国经济」为题进行圆桌对话，包括亚布力论坛理事长、泰康保险集团股份有限公司创始人、董事长兼CEO陈东升博士；物美集团创始人、多点Dmall创始人张文中先生；地平线有限公司创始人兼CEO余凯博士；及港大经管学院金融系讲座教授、郑裕彤基金金融学教授、香港人文社会研究所所长陈志武教授。专题讨论环节由亚布力论坛理事、中诚信集团创始人、港大经管学院经济学实务教授毛振华教授主持，一众讲者与参加者分享真知灼见。 现附上论坛的照片： 图1：港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞。 图2：2023年亚布力中国企业家论坛轮值主席、新东方教育科技集团董事长俞敏洪先生 进行专题演讲。 图3：亚布力论坛理事、新希望集团董事长刘永好先生进行专题演讲 图4：恒隆地产董事长陈启宗先生进行专题演讲。 图5：（右起）亚布力论坛理事、中诚信集团创始人、港大经管学院经济学实务教授毛振华教授；亚布力论坛理事、物美集团创始人、多点Dmall创始人张文中先生；亚布力论坛理事长、泰康保险集团股份有限公司创始人、董事长兼CEO陈东升博士；地平线有限公司创始人兼 CEO余凯博士；及港大经管学院金融系讲座教授、郑裕彤基金金融学教授、香港人文社会研究所所长陈志武教授进行圆桌对话。 图6：一众演讲嘉宾及亚布力论坛理事合影 图7：讲座于香港大学创立方举行，吸引百多位商界领袖、杰出学者、校友和学生出席。
- [港大經管學院舉辦名家講座系列 - 第二講  商界領袖共同探討中國經濟百年未有之挑戰與機遇](https://www.hkubs.hku.hk/sc/media/press-release/港大經管學院舉辦名家講座系列-第二講-商界領袖/) - （2023年8月25日，香港）港大經管學院於8月24日舉辦名家講座系列 - 第二講，邀請了 2023年亞布力中國企業家論壇輪值主席、新東方教育科技集團董事長俞敏洪先生；亞布力論壇理事、新希望集團董事長劉永好先生；及恒隆地產董事長陳啟宗先生擔任專題演講嘉賓，從不同視角觀察及探討中國經濟未來發展的挑戰與機遇。講座於香港大學創立方舉行，吸引逾百位商界領袖、傑出學者、校友和學生出席。 港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭時表示：「今天港大經管學院非常榮幸，邀請到幾位極具影響力的傑出企業家，他們過去經歷了不同的風雲跌宕，也一直推動我國的經濟發展和社會進步。中國現在面臨多重挑戰，包括地緣政治加劇緊張、國際金融政策的風雲突變和經濟轉型，國家當務之急是要讓民營企業家重拾信心，積極參與競爭及努力開拓。我們希望中國能不斷改革開放及優化市場環境，讓中國企業家精神發揚光大，帶動國家經濟走向另一個輝煌。」 2023年亞布力中國企業家論壇輪值主席、新東方教育科技集團董事長俞敏洪先生表示：「集團過去曾遭遇諸多變故，由於政策、疫情、國際關係等原因，很多業務都處於不確定中，甚至清零。去年我與團隊成立了東方甄選，從教育行業轉型為以農產品篩選和銷售為核心的電商平台，成功把股值回升到四百億港幣以上，在別人眼中是一個奇蹟，但是對於我來說，卻是如何從失敗中找尋另一條出路。學習和熱愛是企業成功的重要因素，學習不只是為了知識的積累，而是要全面地了解世界，預測人生。」 亞布力論壇理事、新希望集團董事長劉永好先生表示：「中國經過改革開放，已經發生了翻天覆地變化，經濟面臨新格局新時代，而傳統產業也必須跟上時代發展而作出變化。企業家要懂得組織的變革，新希望集團堅持把傳統農產業做專、做深、做透，以科技創新引領高質量發展，推動傳統農業升級轉型，提升企業競爭力。企業要承擔社會責任，更要腳踏實地把企業做好。通過“產業+生態”的戰略創新調整，集團不僅在主業上得到發展提升，更幫助500多個合夥人和100多家中小企業在各賽道上快速發展。」 恒隆地產董事長陳啟宗先生表示：「二戰之後全世界都進入了全球化的格局，中國， 特別是背靠祖國的香港都是受益人，而大家都是在這個大環境成長。然而，今天我們走進了一個逆全球化的階段。地緣政治引致地緣經濟的問題，中國內部的經濟和房地產行業都改變了很多。面對諸多不確定因素，我對未來五到十年的前途感到擔憂，但是我認爲國家變強，才是達至和平比較有把握的道路。」 講座當日亦邀請了四位知名講者以「百年未有之大變局下的中國經濟」爲題進行圓桌對話，包括亞布力論壇理事長、泰康保險集團股份有限公司創始人、董事長兼CEO陳東升博士；物美集團創始人、多點 Dmall創始人張文中先生；地平線有限公司創始人兼 CEO余凱博士；及港大經管學院金融系講座教授、鄭裕彤基金金融學教授、香港人文社會研究所所長陳志武教授。專題討論環節由亞布力論壇理事、中誠信集團創始人、港大經管學院經濟學實務教授毛振華教授主持，一眾講者與參加者分享真知灼見。 現附上論壇的照片： 圖1：港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭。 圖2：2023年亞布力中國企業家論壇輪值主席、新東方教育科技集團董事長俞敏洪先生 進行專題演講。 圖3：亞布力論壇理事、新希望集團董事長劉永好先生進行專題演講 圖4：恒隆地產董事長陳啟宗先生進行專題演講。 圖5：（右起）亞布力論壇理事、中誠信集團創始人、港大經管學院經濟學實務教授毛振華教授；亞布力論壇理事、物美集團創始人、多點Dmall創始人張文中先生；亞布力論壇理事長、泰康保險集團股份有限公司創始人、董事長兼CEO陳東升博士；地平線有限公司創始人兼 CEO余凱博士；及港大經管學院金融系講座教授、鄭裕彤基金金融學教授、 香港人文社會研究所所長陳志武教授進行圓桌對話。 圖6：一眾演講嘉賓及亞布力論壇理事合影 圖7：講座於香港大學創立方舉行，吸引百多位商界領袖、傑出學者、校友和學生出席。
- [BOCHK Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/bochk-challenge-2023/) - Background: The BOCHK Challenge 2023 is a fintech innovation case challenge hosted by the Bank of China (Hong Kong) and co-organized by Huawei, Microsoft, HKPC, and HKMA-ASTRI Fintech Innovation Hub. The challenge aimed to provide a platform for young innovators to showcase their creative ideas and foster an environment of creativity. The theme this year
- [BOCHK Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/bochk-challenge-2023/) - Background: The BOCHK Challenge 2023 is a fintech innovation case challenge hosted by the Bank of China (Hong Kong) and co-organized by Huawei, Microsoft, HKPC, and HKMA-ASTRI Fintech Innovation Hub. The challenge aimed to provide a platform for young innovators to showcase their creative ideas and foster an environment of creativity. The theme this year
- [BOCHK Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/bochk-challenge-2023/) - Background: The BOCHK Challenge 2023 is a fintech innovation case challenge hosted by the Bank of China (Hong Kong) and co-organized by Huawei, Microsoft, HKPC, and HKMA-ASTRI Fintech Innovation Hub. The challenge aimed to provide a platform for young innovators to showcase their creative ideas and foster an environment of creativity. The theme this year
- [竞争事务委员会与港大经管学院合办 2023竞争法执法机构与学术界高峰会](https://www.hkubs.hku.hk/sc/media/press-release/竞争事务委员会与港大经管学院合办-2023竞争法执法/) - 竞争事务委员会（竞委会）联同港大经管学院，于2023年8月10至11日举办第二届竞争法执法机构与学术界高峰会（会议）。该会议旨在推动竞争法执法机构与学术界，就亚太区不同的竞争议题互相交流意见及经验，并提供加强彼此间合作的机会。 承接首届会议于2019年成功举办，今年的会议共有超过100位来自亚太区12个经济体的顶尖学者及高级执法人员出席，就区内竞争法及竞争政策的最新发展交流见解和经验。一连两日的高峰会将包括七个专题讨论环节，涵盖一系列热门竞争议题，包括数码经济带来的挑战、竞争法与环境可持续性之间的相互作用、操控转售价格安排的执法情况，以及运用数据筛选分析进行调查等。是次会议为竞争法执法机构提供了难得的机会，让他们汲取学术界的专业知识和创意思维，而学者亦可更深入了解执法机构在工作中所实际面对的挑战。 商务及经济发展局局长丘应桦先生今日在开幕典礼上表示，香港在「一国两制」下拥有「背靠祖国、联通世界」的独特优势。他乐见竞委会利用香港的独特优势，汇聚来自内地和海外的专家和学者，透过他们的客观性、智慧和创意加强交流互动，进一步完善竞争方面的工作。商务及经济发展局会继续全力支持竞委会与内地和海外的竞争事务机构加强合作。 竞委会主席陈家殷先生表示：「竞委会热烈欢迎来自内地及海外的顶尖学者及执法人员出席是次高峰会。竞委会与港大经管学院是次合办的高峰会有三大目标，包括：汲取区内竞争法执法机构的经验、善用学术界的专业知识，以及强化各执法机构同侪间的联系。竞委会希望透过促进跨境交流及协作，加强其在区内推动竞争执法、及协助制定竞争政策的角色。」 港大经管学院院长兼经济学讲座教授蔡洪滨教授表示：「港大经管学院很荣幸能与竞争事务委员会携手合办这次高峰会，这是三年疫情过后，竞争法领域最重要的活动之一。通过与竞委会的合作，一方面确保我们的学术理论及实证研究，能为现实社会的竞争政策提供依据，并让执法机构可充分利用学术界丰富的知识及研究，取得更理想的政策成效。而另一方面，执法机构在会议上分享案例及最佳做法，亦能启发学者展开实用及具影响力的研究。」 竞委会及港大经管学院感谢香港中文大学法律学院、香港城市大学法律学院、香港大学法律学院、香港岭南大学经济学系，以及香港科技大学经济学系的教职员及学生的积极参与，在各专题讨论环节中担任讲者或主持，全力支持是次活动。 图片说明： 图片一： （左起）港大经管学院院长兼经济学讲座教授蔡洪滨教授、商务及经济发展局局长丘应桦先生及竞争事务委员会主席陈家殷先生主持今天的开幕典礼。 图片二： 竞争事务委员会联同港大经管学院举办第二届竞争法执法机构与学术界高峰会。
- [競爭事務委員會與港大經管學院合辦 2023競爭法執法機構與學術界高峰會](https://www.hkubs.hku.hk/sc/media/press-release/竞争事务委员会与港大经管学院合办-2023竞争法执法/) - 競爭事務委員會（競委會）聯同港大經管學院，於2023年8月10至11日舉辦第二屆競爭法執法機構與學術界高峰會（會議）。該會議旨在推動競爭法執法機構與學術界，就亞太區不同的競爭議題互相交流意見及經驗，並提供加強彼此間合作的機會。 承接首屆會議於2019年成功舉辦，今年的會議共有超過100位來自亞太區12個經濟體的頂尖學者及高級執法人員出席，就區內競爭法及競爭政策的最新發展交流見解和經驗。一連兩日的高峰會將包括七個專題討論環節，涵蓋一系列熱門競爭議題，包括數碼經濟帶來的挑戰、競爭法與環境可持續性之間的相互作用、操控轉售價格安排的執法情況，以及運用數據篩選分析進行調查等。是次會議為競爭法執法機構提供了難得的機會，讓他們汲取學術界的專業知識和創意思維，而學者亦可更深入了解執法機構在工作中所實際面對的挑戰。 商務及經濟發展局局長丘應樺先生今日在開幕典禮上表示，香港在「一國兩制」下擁有「背靠祖國、聯通世界」的獨特優勢。他樂見競委會利用香港的獨特優勢，匯聚來自內地和海外的專家和學者，透過他們的客觀性、智慧和創意加強交流互動，進一步完善競爭方面的工作。商務及經濟發展局會繼續全力支持競委會與內地和海外的競爭事務機構加強合作。 競委會主席陳家殷先生表示：「競委會熱烈歡迎來自內地及海外的頂尖學者及執法人員出席是次高峰會。競委會與港大經管學院是次合辦的高峰會有三大目標，包括：汲取區內競爭法執法機構的經驗、善用學術界的專業知識，以及強化各執法機構同儕間的聯繫。競委會希望透過促進跨境交流及協作，加強其在區內推動競爭執法、及協助制定競爭政策的角色。」 港大經管學院院長兼經濟學講座教授蔡洪濱教授表示：「港大經管學院很榮幸能與競爭事務委員會携手合辦這次高峰會，這是三年疫情過後，競爭法領域最重要的活動之一。通過與競委會的合作，一方面確保我們的學術理論及實證研究，能為現實社會的競爭政策提供依據，並讓執法機構可充分利用學術界豐富的知識及研究，取得更理想的政策成效。而另一方面，執法機構在會議上分享案例及最佳做法，亦能啟發學者展開實用及具影響力的研究。」 競委會及港大經管學院感謝香港中文大學法律學院、香港城市大學法律學院、香港大學法律學院、香港嶺南大學經濟學系，以及香港科技大學經濟學系的教職員及學生的積極參與，在各專題討論環節中擔任講者或主持，全力支持是次活動。 圖片説明： 圖片一： （左起）港大經管學院院長兼經濟學講座教授蔡洪濱教授、商務及經濟發展局局長丘應樺先生及競爭事務委員會主席陳家殷先生主持今天的開幕典禮。 圖片二： 競爭事務委員會聯同港大經管學院舉辦第二屆競爭法執法機構與學術界高峰會。
- [競爭事務委員會與港大經管學院合辦 2023競爭法執法機構與學術界高峰會](https://www.hkubs.hku.hk/media/press-release-tc/競爭事務委員會與港大經管學院合辦-2023競爭法執法/) - 競爭事務委員會（競委會）聯同港大經管學院，於2023年8月10至11日舉辦第二屆競爭法執法機構與學術界高峰會（會議）。該會議旨在推動競爭法執法機構與學術界，就亞太區不同的競爭議題互相交流意見及經驗，並提供加強彼此間合作的機會。 承接首屆會議於2019年成功舉辦，今年的會議共有超過100位來自亞太區12個經濟體的頂尖學者及高級執法人員出席，就區內競爭法及競爭政策的最新發展交流見解和經驗。一連兩日的高峰會將包括七個專題討論環節，涵蓋一系列熱門競爭議題，包括數碼經濟帶來的挑戰、競爭法與環境可持續性之間的相互作用、操控轉售價格安排的執法情況，以及運用數據篩選分析進行調查等。是次會議為競爭法執法機構提供了難得的機會，讓他們汲取學術界的專業知識和創意思維，而學者亦可更深入了解執法機構在工作中所實際面對的挑戰。 商務及經濟發展局局長丘應樺先生今日在開幕典禮上表示，香港在「一國兩制」下擁有「背靠祖國、聯通世界」的獨特優勢。他樂見競委會利用香港的獨特優勢，匯聚來自內地和海外的專家和學者，透過他們的客觀性、智慧和創意加強交流互動，進一步完善競爭方面的工作。商務及經濟發展局會繼續全力支持競委會與內地和海外的競爭事務機構加強合作。 競委會主席陳家殷先生表示：「競委會熱烈歡迎來自內地及海外的頂尖學者及執法人員出席是次高峰會。競委會與港大經管學院是次合辦的高峰會有三大目標，包括：汲取區內競爭法執法機構的經驗、善用學術界的專業知識，以及強化各執法機構同儕間的聯繫。競委會希望透過促進跨境交流及協作，加強其在區內推動競爭執法、及協助制定競爭政策的角色。」 港大經管學院院長兼經濟學講座教授蔡洪濱教授表示：「港大經管學院很榮幸能與競爭事務委員會携手合辦這次高峰會，這是三年疫情過後，競爭法領域最重要的活動之一。通過與競委會的合作，一方面確保我們的學術理論及實證研究，能為現實社會的競爭政策提供依據，並讓執法機構可充分利用學術界豐富的知識及研究，取得更理想的政策成效。而另一方面，執法機構在會議上分享案例及最佳做法，亦能啟發學者展開實用及具影響力的研究。」 競委會及港大經管學院感謝香港中文大學法律學院、香港城市大學法律學院、香港大學法律學院、香港嶺南大學經濟學系，以及香港科技大學經濟學系的教職員及學生的積極參與，在各專題討論環節中擔任講者或主持，全力支持是次活動。 圖片説明： 圖片一： （左起）港大經管學院院長兼經濟學講座教授蔡洪濱教授、商務及經濟發展局局長丘應樺先生及競爭事務委員會主席陳家殷先生主持今天的開幕典禮。 圖片二： 競爭事務委員會聯同港大經管學院舉辦第二屆競爭法執法機構與學術界高峰會。
- [Competition Commission and HKU Business School co-organise 2023 Competition Enforcers and Academics Summit](https://www.hkubs.hku.hk/sc/media/press-release/竞争事务委员会与港大经管学院合办-2023竞争法执法/) - The Competition Commission (Commission) and HKU Business School are co-organising the second edition of the Competition Enforcers and Academics Summit (Summit) on 10-11 August 2023 to foster the exchange of ideas and experiences on competition issues in the Asia-Pacific region, as well as to provide opportunities for academic institutions and competition law enforcement agencies to
- [HKU Undergraduates Shine through the Business Consulting Practicum in 15 Consecutive Years](https://www.hkubs.hku.hk/sc/media/school-news/hku-undergraduates-shine-through-the-business-consulting-practicum-in-15-consecutive-years/) - The HKU Business School introduced the Business Consulting Practicum (BCP) in 2008 to offer students the hands-on experience of working with business clients to solve "real-life" problems related to their studies. In the past 14 years, the school partnered with over 100 client companies and professional mentors in this BCP programme, nurturing more than 500
- [HKU Undergraduates Shine through the Business Consulting Practicum in 15 Consecutive Years](https://www.hkubs.hku.hk/sc/media/school-news/hku-undergraduates-shine-through-the-business-consulting-practicum-in-15-consecutive-years/) - The HKU Business School introduced the Business Consulting Practicum (BCP) in 2008 to offer students the hands-on experience of working with business clients to solve "real-life" problems related to their studies. In the past 14 years, the school partnered with over 100 client companies and professional mentors in this BCP programme, nurturing more than 500
- [HKU Undergraduates Shine through the Business Consulting Practicum in 15 Consecutive Years](https://www.hkubs.hku.hk/sc/media/school-news/hku-undergraduates-shine-through-the-business-consulting-practicum-in-15-consecutive-years/) - The HKU Business School introduced the Business Consulting Practicum (BCP) in 2008 to offer students the hands-on experience of working with business clients to solve "real-life" problems related to their studies. In the past 14 years, the school partnered with over 100 client companies and professional mentors in this BCP programme, nurturing more than 500
- [HKSI Institute Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/hksi-institute-case-competition-2023/) - Background: The HKSI Institute Case Competition 2023 is a business competition organized by the Hong Kong Securities and Investment Institute (HKSI). The competition aims to provide an unique opportunity for students to develop their careers in the financial industry. Since its launch in 2004, the Case Competition (previously known as the Scholarship Programme), has provided
- [HKSI Institute Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/hksi-institute-case-competition-2023/) - Background: The HKSI Institute Case Competition 2023 is a business competition organized by the Hong Kong Securities and Investment Institute (HKSI). The competition aims to provide an unique opportunity for students to develop their careers in the financial industry. Since its launch in 2004, the Case Competition (previously known as the Scholarship Programme), has provided
- [HKSI Institute Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/hksi-institute-case-competition-2023/) - Background: The HKSI Institute Case Competition 2023 is a business competition organized by the Hong Kong Securities and Investment Institute (HKSI). The competition aims to provide an unique opportunity for students to develop their careers in the financial industry. Since its launch in 2004, the Case Competition (previously known as the Scholarship Programme), has provided
- [International MBS Business Management Simulation Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/international-mbs-business-management-simulation-competition-2023/) - Background: The International MBS Business Management Simulation Competition 2023 is an annual event that aims to provide a platform for students from various business schools across the Asia-Pacific region to apply their knowledge and skills in a simulated business management environment. The competition involved a series of challenges that simulated real-world business scenarios and required
- [International MBS Business Management Simulation Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/international-mbs-business-management-simulation-competition-2023/) - Background: The International MBS Business Management Simulation Competition 2023 is an annual event that aims to provide a platform for students from various business schools across the Asia-Pacific region to apply their knowledge and skills in a simulated business management environment. The competition involved a series of challenges that simulated real-world business scenarios and required
- [International MBS Business Management Simulation Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/international-mbs-business-management-simulation-competition-2023/) - Background: The International MBS Business Management Simulation Competition 2023 is an annual event that aims to provide a platform for students from various business schools across the Asia-Pacific region to apply their knowledge and skills in a simulated business management environment. The competition involved a series of challenges that simulated real-world business scenarios and required
- [CGMA Global Business Challenge 2023 - North Asia Final](https://www.hkubs.hku.hk/sc/media/school-news/cgma-global-business-challenge-2023-north-asia-final/) - Background: The CGMA Global Business Challenge 2023 is an international business competition held by the Association of International Certified Professional Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA) to nurture young business leaders. The Challenge provided an excellent platform for students to showcase their potential while gaining practical experience in a real-world setting,
- [CGMA Global Business Challenge 2023 - North Asia Final](https://www.hkubs.hku.hk/sc/media/school-news/cgma-global-business-challenge-2023-north-asia-final/) - Background: The CGMA Global Business Challenge 2023 is an international business competition held by the Association of International Certified Professional Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA) to nurture young business leaders. The Challenge provided an excellent platform for students to showcase their potential while gaining practical experience in a real-world setting,
- [CGMA Global Business Challenge 2023 - North Asia Final](https://www.hkubs.hku.hk/sc/media/school-news/cgma-global-business-challenge-2023-north-asia-final/) - Background: The CGMA Global Business Challenge 2023 is an international business competition held by the Association of International Certified Professional Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA) to nurture young business leaders. The Challenge provided an excellent platform for students to showcase their potential while gaining practical experience in a real-world setting,
- [Celebrating One-Year Anniversary of HKU Business School's Representative Office in Vietnam](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-one-year-anniversary-of-hku-business-schools-representative-office-in-vietnam/) - HKU's representative office opened its doors in Vietnam on July 27, 2022, focusing on three pillars: Education, Research, and Impact. This milestone marks a significant step in promoting educational and cultural exchange between Vietnam, Hong Kong and beyond. Grand Opening ceremony of HKU in Hochiminh City, July 2022 Under the theme "Connecting Vietnam", HKU in
- [Celebrating One-Year Anniversary of HKU Business School's Representative Office in Vietnam](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-one-year-anniversary-of-hku-business-schools-representative-office-in-vietnam/) - HKU's representative office opened its doors in Vietnam on July 27, 2022, focusing on three pillars: Education, Research, and Impact. This milestone marks a significant step in promoting educational and cultural exchange between Vietnam, Hong Kong and beyond. Grand Opening ceremony of HKU in Hochiminh City, July 2022 Under the theme "Connecting Vietnam", HKU in
- [Celebrating One-Year Anniversary of HKU Business School's Representative Office in Vietnam](https://www.hkubs.hku.hk/sc/media/school-news/celebrating-one-year-anniversary-of-hku-business-schools-representative-office-in-vietnam/) - HKU's representative office opened its doors in Vietnam on July 27, 2022, focusing on three pillars: Education, Research, and Impact. This milestone marks a significant step in promoting educational and cultural exchange between Vietnam, Hong Kong and beyond. Grand Opening ceremony of HKU in Hochiminh City, July 2022 Under the theme "Connecting Vietnam", HKU in
- [Highlights of HKU 210th Congregation - Faculty of Business and Economics (Summer Session)](https://www.hkubs.hku.hk/sc/media/school-news/highlights-of-hku-210th-congregation-faculty-of-business-and-economics-summer-session/) - https://youtu.be/nlOW87KD6oU
- [Highlights of HKU 210th Congregation - Faculty of Business and Economics (Summer Session)](https://www.hkubs.hku.hk/sc/media/school-news/highlights-of-hku-210th-congregation-faculty-of-business-and-economics-summer-session/) - https://youtu.be/nlOW87KD6oU
- [Highlights of HKU 210th Congregation - Faculty of Business and Economics (Summer Session)](https://www.hkubs.hku.hk/sc/media/school-news/highlights-of-hku-210th-congregation-faculty-of-business-and-economics-summer-session/) - https://www.youtube.com/watch?v=nlOW87KD6oU
- [The 2nd Global Reunion Series Alumni Talk](https://www.hkubs.hku.hk/sc/media/school-news/the-2nd-global-reunion-series-alumni-talk/) - The 2nd edition of our “Global Reunion Series” alumni talk was another hit success! A full house of over 130 of our own amazing alumni, along with our event partner, Harvard Club of Hong Kong members, convened at the exquisite venue for a wonderful luncheon talk by the distinguished guest speakers - Prof. William Kirby
- [The 2nd Global Reunion Series Alumni Talk](https://www.hkubs.hku.hk/sc/media/school-news/the-2nd-global-reunion-series-alumni-talk/) - The 2nd edition of our “Global Reunion Series” alumni talk was another hit success! A full house of over 130 of our own amazing alumni, along with our event partner, Harvard Club of Hong Kong members, convened at the exquisite venue for a wonderful luncheon talk by the distinguished guest speakers - Prof. William Kirby
- [The 2nd Global Reunion Series Alumni Talk](https://www.hkubs.hku.hk/sc/media/school-news/the-2nd-global-reunion-series-alumni-talk/) - The 2nd edition of our “Global Reunion Series” alumni talk was another hit success! A full house of over 130 of our own amazing alumni, along with our event partner, Harvard Club of Hong Kong members, convened at the exquisite venue for a wonderful luncheon talk by the distinguished guest speakers - Prof. William Kirby
- [THE 2023 GLOBAL AI FINANCE RESEARCH CONFERENCE](https://www.hkubs.hku.hk/sc/media/school-news/the-2023-global-ai-finance-research-conference/) - Global AI Finance Research Conference 2023 - Call for Papers HKU Business School - The University of Hong Kong in Vietnam, the FinTech Research & Education Center - Sungkyunkwan University, and the Asian Institute of Digital Finance - National University of Singapore will hold the annual international conference in Ho Chi Minh City, Vietnam, on
- [THE 2023 GLOBAL AI FINANCE RESEARCH CONFERENCE](https://www.hkubs.hku.hk/sc/media/school-news/the-2023-global-ai-finance-research-conference/) - Global AI Finance Research Conference 2023 - Call for Papers HKU Business School - The University of Hong Kong in Vietnam, the FinTech Research & Education Center - Sungkyunkwan University, and the Asian Institute of Digital Finance - National University of Singapore will hold the annual international conference in Ho Chi Minh City, Vietnam, on
- [THE 2023 GLOBAL AI FINANCE RESEARCH CONFERENCE](https://www.hkubs.hku.hk/sc/media/school-news/the-2023-global-ai-finance-research-conference/) - Global AI Finance Research Conference 2023 - Call for Papers HKU Business School - The University of Hong Kong in Vietnam, the FinTech Research & Education Center - Sungkyunkwan University, and the Asian Institute of Digital Finance - National University of Singapore will hold the annual international conference in Ho Chi Minh City, Vietnam, on
- [2023 Marks Another Successful Year of “Creativity, Innovation and Entrepreneurship in China“ Summer Virtual Programme](https://www.hkubs.hku.hk/sc/media/school-news/2023-marks-another-successful-year-of-creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme/) - “Creativity, Innovation and Entrepreneurship in China (CIEC)” Summer Virtual Programme was successfully completed on 20 June, 2023. Launched in 2019, the CIEC programme aims to provide the younger generation with an in-depth understanding of the economic development in Hong Kong and Mainland China, as well as the latest trend in business, economics, creativity, innovation and
- [2023 Marks Another Successful Year of “Creativity, Innovation and Entrepreneurship in China“ Summer Virtual Programme](https://www.hkubs.hku.hk/sc/media/school-news/2023-marks-another-successful-year-of-creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme/) - “Creativity, Innovation and Entrepreneurship in China (CIEC)” Summer Virtual Programme was successfully completed on 20 June, 2023. Launched in 2019, the CIEC programme aims to provide the younger generation with an in-depth understanding of the economic development in Hong Kong and Mainland China, as well as the latest trend in business, economics, creativity, innovation and
- [2023 Marks Another Successful Year of “Creativity, Innovation and Entrepreneurship in China“ Summer Virtual Programme](https://www.hkubs.hku.hk/sc/media/school-news/2023-marks-another-successful-year-of-creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme/) - “Creativity, Innovation and Entrepreneurship in China (CIEC)” Summer Virtual Programme was successfully completed on 20 June, 2023. Launched in 2019, the CIEC programme aims to provide the younger generation with an in-depth understanding of the economic development in Hong Kong and Mainland China, as well as the latest trend in business, economics, creativity, innovation and
- [港大经管学院举办ESG论坛  前瞻净零转型及ESG投资的挑战与机遇](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院举办esg论坛/) - （2023年6月25日，香港）港大经管学院上周五举办环境、社会及管治（ESG）论坛，邀请伦敦帝国学院的金融及经济学教授Patrick Bolton担任主讲嘉宾，以及来自不同界别的商学界翘楚以专题演讲方式，共同探讨ESG相关热门议题。 港大经管学院院长兼经济学讲座教授蔡洪滨教授表示：「ESG投资已成为全球发展大趋势，要面对当前挑战，全球需要共同努力，配合前瞻性思维及研究工作。香港作为国际金融中心，一直致力在各方面扮演更重要角色，并以ESG作为战略目标，旨在令其变成香港的竞争优势。港大经管学院锐意推动ESG研究、教育及各界的参与，不但积极进行ESG相关研究，更特别成立『创立方联盟』，并透过将ESG融入课程内容，致力为香港培育相关人才。」 Patrick Bolton教授在主题演讲时表示：「气候金融是一项风险管理问题。投资组合的碳足迹与净零碳足迹偏差越大，投资组合的转型风险越大。另外，时间也是一项重要的风险因素。投资组合调整需时越长，转型风险也会增加。投资者会透过减少风险敞口、要求补偿风险持有成本，以及与企业合作，以对冲气候变化风险。由于支持全面补助绿色创新及应对碳排放问题的政策需要不同企业和行业的协调和努力，因此，我们需要一个绿色产业政策，从而克服生态系统替代效应。」 港大经管学院亦邀请了学术界和商界的杰出讲者，于主题演讲后参与两场专题讨论，进一步就ESG议题与出席嘉宾分享真知灼见。 第一场专题讨论以对应ESG的投资机遇为题，邀请了中国国际金融股份有限公司资本市场委员会主席黄海洲博士、摩根大通亚太区ESG证券研究部主管Hannah Lee女士、富豪酒店集团副主席兼董事总经理罗宝文女士及瑞银可持续金融大中华区主管Tasos Zavitsanakis先生为演讲嘉宾，并由港大经管学院金融学教授、金融创新及发展研究中心副所长汤勇军教授主持。各讲者分享了在发展ESG时的主要考虑因素，并认为香港企业可以在应对气候危机方面发挥重要影响力。 第二场专题讨论的主题是「企业如何更好地实践ESG策略，推动社会迈向净零排放之路」，讲者包括港铁公司持续发展事务主管陈淑媚女士、南丰集团业务创新及共享价值主管刘家骏先生、煤气公司企业事务，环境、社会及管治及内地业务战略经理黄俊璋先生及恒基兆业地产主席办公室顾问于正人先生，并由港大经管学院经济学、管理及商业策略副教授、中国经济研究所副所长何国俊博士主持。一众讲者均表示现时坊间欠缺培训专业ESG人才的课程，企业在未来需要投入大量资源，提升ESG工作成效及减少碳排放。 论坛于香港大学创立方举行，吸引逾百位商界领袖、杰出学者、校友和学生出席。 现附上论坛的照片： 图1：港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞。 图2：伦敦帝国学院的金融和经济学教授Patrick Bolton进行主题演讲。 图3：（左二起）黄海洲博士、 Hannah Lee女士、罗宝文女士及 Tasos Zavitsanakis先生在专题讨论环节上交流意见；此环节由（左一）港大经管学院金融学教授、金融创新及发展研究中心副所长汤勇军教授主持。 图4：（左起）港大经管学院经济学、管理及商业策略副教授、中国经济研究所副所长何国俊博士、陈淑媚女士、刘家骏先生、黄俊璋先生、于正人先生进行专题讨论。 图5：论坛吸引百多位商界领袖、杰出学者、校友和学生出席。
- [港大經管學院舉辦ESG論壇 前瞻淨零轉型及ESG投資的挑戰與機遇](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院举办esg论坛/) - （2023年6月25日，香港）港大經管學院上周五舉辦環境、社會及管治（ESG）論壇，邀請倫敦帝國學院的金融及經濟學教授Patrick Bolton擔任主講嘉賓，以及來自不同界別的商學界翹楚以專題演講方式，共同探討ESG相關熱門議題。 港大經管學院院長兼經濟學講座教授蔡洪濱教授表示：「ESG投資已成為全球發展大趨勢，要面對當前挑戰，全球需要共同努力，配合前瞻性思維及研究工作。香港作為國際金融中心，一直致力在各方面扮演更重要角色，並以ESG作為戰略目標，旨在令其變成香港的競爭優勢。港大經管學院銳意推動ESG研究、教育及各界的參與，不但積極進行ESG相關研究，更特別成立『創立方聯盟』，並透過將ESG融入課程內容，致力為香港培育相關人才。」 Patrick Bolton教授在主題演講時表示：「氣候金融是一項風險管理問題。投資組合的碳足跡與淨零碳足跡偏差越大，投資組合的轉型風險越大。另外，時間也是一項重要的風險因素。投資組合調整需時越長，轉型風險也會增加。投資者會透過減少風險敞口、要求補償風險持有成本，以及與企業合作，以對沖氣候變化風險。由於支持全面補助綠色創新及應對碳排放問題的政策需要不同企業和行業的協調和努力，因此，我們需要一個綠色產業政策，從而克服生態系統替代效應。」 港大經管學院亦邀請了學術界和商界的傑出講者，於主題演講後參與兩場專題討論，進一步就ESG議題與出席嘉賓分享真知灼見。 第一場專題討論以對應ESG的投資機遇為題，邀請了中國國際金融股份有限公司資本市場委員會主席黃海洲博士、摩根大通亞太區ESG證券研究部主管Hannah Lee女士、富豪酒店集團副主席兼董事總經理羅寶文女士及瑞銀可持續金融大中華區主管Tasos Zavitsanakis先生為演講嘉賓，並由港大經管學院金融學教授、金融創新及發展研究中心副所長湯勇軍教授主持。各講者分享了在發展ESG時的主要考慮因素，並認爲香港企業可以在應對氣候危機方面發揮重要影響力。 第二場專題討論的主題是「企業如何更好地實踐ESG策略，推動社會邁向淨零排放之路」，講者包括港鐵公司持續發展事務主管陳淑媚女士、南豐集團業務創新及共享價值主管劉家駿先生、煤氣公司企業事務，環境、社會及管治及內地業務戰略經理黃俊璋先生及恒基兆業地產主席辦公室顧問于正人先生，並由港大經管學院經濟學、管理及商業策略副教授、中國經濟研究所副所長何國俊博士主持。一眾講者均表示現時坊間欠缺培訓專業ESG人才的課程，企業在未來需要投入大量資源，提升ESG工作成效及減少碳排放。 論壇於香港大學創立方舉行，吸引逾百位商界領袖、傑出學者、校友和學生出席。 現附上論壇的照片： 圖1：港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭。 圖2：倫敦帝國學院的金融和經濟學教授Patrick Bolton進行主題演講。 圖3：（左二起）黃海洲博士、 Hannah Lee女士、羅寶文女士及 Tasos Zavitsanakis先生在專題討論環節上交流意見； 此環節由（左一）港大經管學院金融學教授、金融創新及發展研究中心副所長湯勇軍教授主持。 圖4：（左起）港大經管學院經濟學、管理及商業策略副教授、中國經濟研究所副所長何國俊博士、 陳淑媚女士、劉家駿先生、黃俊璋先生、于正人先生進行專題討論。 圖5：論壇吸引百多位商界領袖、傑出學者、校友和學生出席。
- [ESG Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/esg-challenge-2023/) - Background: The ESG Challenge was an annual case competition organized by the Hong Kong Federation of Business Students (HKFBS) which aims to raise awareness among university students about the importance of Environmental, Social, and Governance (ESG) in different industries. With the sponsorship from PwC, this year's competition focused on sustainability in the Food & Beverage
- [ESG Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/esg-challenge-2023/) - Background: The ESG Challenge was an annual case competition organized by the Hong Kong Federation of Business Students (HKFBS) which aims to raise awareness among university students about the importance of Environmental, Social, and Governance (ESG) in different industries. With the sponsorship from PwC, this year's competition focused on sustainability in the Food & Beverage
- [ESG Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/esg-challenge-2023/) - Background: The ESG Challenge was an annual case competition organized by the Hong Kong Federation of Business Students (HKFBS) which aims to raise awareness among university students about the importance of Environmental, Social, and Governance (ESG) in different industries. With the sponsorship from PwC, this year's competition focused on sustainability in the Food & Beverage
- [Winner of the CBS Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/winner-of-the-cbs-case-competition-2023/) - Background: The CBS Case Competition (CCC), one of the world’s most recognized undergraduate case competitions, aims to strengthen internationalization and create lifetime experiences through elevating both social and professional student. It is organized and hosted entirely by highly dedicated students from Copenhagen Business School. The eight-day case competition took place from February 25 – March
- [Winner of the CBS Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/winner-of-the-cbs-case-competition-2023/) - Background: The CBS Case Competition (CCC), one of the world’s most recognized undergraduate case competitions, aims to strengthen internationalization and create lifetime experiences through elevating both social and professional student. It is organized and hosted entirely by highly dedicated students from Copenhagen Business School. The eight-day case competition took place from February 25 – March
- [Winner of the CBS Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/winner-of-the-cbs-case-competition-2023/) - Background: The CBS Case Competition (CCC), one of the world’s most recognized undergraduate case competitions, aims to strengthen internationalization and create lifetime experiences through elevating both social and professional student. It is organized and hosted entirely by highly dedicated students from Copenhagen Business School. The eight-day case competition took place from February 25 – March
- [Family Office Association Hong Kong (FOAHK) 2023 Case Competition](https://www.hkubs.hku.hk/sc/media/school-news/family-office-association-hong-kong-foahk-2023-case-competition/) - Background: The Family Office Association Hong Kong (FOAHK) 2023 Case Competition provides an opportunity for students to gain insights into the growing family office industry and their role in wealth management. The competition involved solving a case through portfolio management and ESG investing. Students were able to discover what it takes to work as a
- [Family Office Association Hong Kong (FOAHK) 2023 Case Competition](https://www.hkubs.hku.hk/sc/media/school-news/family-office-association-hong-kong-foahk-2023-case-competition/) - Background: The Family Office Association Hong Kong (FOAHK) 2023 Case Competition provides an opportunity for students to gain insights into the growing family office industry and their role in wealth management. The competition involved solving a case through portfolio management and ESG investing. Students were able to discover what it takes to work as a
- [Family Office Association Hong Kong (FOAHK) 2023 Case Competition](https://www.hkubs.hku.hk/sc/media/school-news/family-office-association-hong-kong-foahk-2023-case-competition/) - Background: The Family Office Association Hong Kong (FOAHK) 2023 Case Competition provides an opportunity for students to gain insights into the growing family office industry and their role in wealth management. The competition involved solving a case through portfolio management and ESG investing. Students were able to discover what it takes to work as a
- [港大经管学院举办首场中国经济名家讲座系列 以学术分析提供崭新视角](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院举办首场中国经济名家讲座系列/) - 港大经管学院于4月1日举办首场名家讲座系列，邀请全国政协常委、经济委员会副主任、国务院发展研究中心原党组书记、国家统计局原局长马建堂博士担任主讲嘉宾，以及泰康保险集团创始人、董事长兼首席执行官陈东升博士及中诚信集团创始人、港大经管学院经济学实务教授毛振华教授担任专题演讲嘉宾，对中国经济当前最迫切的挑战提出独到见解。讲座于香港大学创立方举行，吸引百多位商界领袖、杰出学者、校友和学生出席。 港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞时表示：「香港大学中国经济研究所于2022年成立，今天首次举办活动，隆重推出名家讲座系列的首讲，邀请到马建堂博士、陈东升博士及毛振华教授三位重量级嘉宾为我们打响头炮。今天我们亦欣然发表首份《中国经济：分析与展望—2023》报告，当中辑录了七篇文章，分析中国宏观经济、金融、就业、环境保护、投资及企业家信心等关键议题。基于众位教授对中国经济的透彻了解，加上严谨的学术分析，这份报告针对重要的经济问题进行了深度探讨，同时提出了相应的政策建议。透过香港大学中国经济研究所这个平台，我们未来将推出一系列关于中国经济的讲座、报告、论坛及国际学术交流会等活动，持续推动对中国经济深入持久的研究，推动港大经管学院成为研究中国经济的世界级学术重地。」 马建堂博士在主题演讲时表示：「2022年面对风云激荡的国际环境和艰巨繁重的国内发展改革稳定任务，以习近平同志为核心的党中央坚持稳中求进的工作总基调，积极实施科学、精准的宏观政策与纾困政策，财政政策更加积极、货币政策灵活稳健、就业政策更加有力，克服需求收缩、供给冲击、预期转弱等超预期冲击和困难，基本完成主要经济目标，我国经济展现了坚强韧性。今年我国经济社会发展存在诸多有利条件和基础，我们要克服困难，增强信心，在以习近平同志为核心的党中央坚强领导下，国民经济一定能够继续回升向好，实现经济整体好转的目标。要按照去年中央经济工作会议的要求和今年“两会”的具体安排，着力扩大国内需求，引导民营经济健康发展，加快建设现代化产业体系，大力优化营商环境，大力推进高水平开放，切实防范金融风险，在建设社会主义现代化建设新征程中取得新成就。」 泰康保险集团董事长兼首席执行官陈东升博士分享了关于中国式现代化与企业家精神的思考与认识。陈东升博士表示：「高效的行政体系、社会主义市场经济和法治社会建设，是改革开放以来中国式现代化探索成功的三大法宝，形成了国有经济板块、外向型的制造业和供应链体系板块、互联网与科技板块、基础设施与虚拟经济板块，以及「双碳+科技」的生态经济和「健康+消费」的民生经济的六大板块和脉络。中国企业家是中国现代化探索与民族振兴的核心力量。面临百年未有之大变局，企业家要健康、高质量发展，从过去跑马圈地、野蛮生长、多元化、资源型、高杠杆向专注专业、专注主业，以效率和创新驱动为特征的头部企业转型。 」 毛振华教授的演讲聚焦中国经济增长平台下移及其资产负债表收缩压力。他表示虽然当前中国经济呈疫后修复态势，但中长期来看下行压力仍存；同时，疫情冲击、微观主体预期偏弱下资产负债表收缩压力显现，需要警惕出现居民、企业和政府资产负债表衰退共振的情形发生。对此他建议，政策仍需坚持以经济建设为中心，坚持改革开放，以持续的制度变革推动全要素生产率的提升，并将科技“补短板”、供给侧改革、扩大内需等有机结合，发挥好粤港澳大湾区的作用，以缓解经济下行压力。他同时表示，宏观调控应坚持稳增长与防风险的动态平衡，可以以一定的代价换取经济的平稳增长，为风险缓释赢得时间和空间。 讲座当天亦邀请了四位知名讲者进行专题讨论，包括香港交易所董事总经理、首席中国经济学家巴曙松教授、港大经管学院金融系讲座教授、郑裕彤基金金融学教授、香港人文社会研究所所长陈志武教授，以及两位专题演讲嘉宾陈东升博士和毛振华教授。专题讨论环节由蔡洪滨教授主持，一众讲者与与会者分享其真知灼见。 《中国经济：分析与展望—2023》的重点分析请见附件。在此浏览报告全文。 图片 图1：（左起）港大经管学院金融系讲座教授、郑裕彤基金金融学教授、香港人文社会研究所所长 陈志武教授；香港交易所董事总经理、首席中国经济学家巴曙松教授；全国政协常委、经济委员会 副主任、国务院发展研究中心原党组书记、国家统计局原局长马建堂博士；泰康保险集团创始人、 董事长兼首席执行官陈东升博士；中诚信集团创始人、港大经管学院经济学实务教授毛振华教授； 港大经管学院院长兼经济学讲座教授蔡洪滨教授。 图2：港大经管学院院长兼经济学讲座教授蔡洪滨教授致欢迎辞。 图3：全国政协常委、经济委员会副主任、国务院发展研究中心原党组书记、国家统计局原局长 马建堂博士进行主题演讲。 图4：泰康保险集团创始人、董事长兼首席执行官陈东升博士进行专题演讲。 图5：中诚信集团创始人、港大经管学院经济学实务教授毛振华教授进行专题演讲。 图6：（左起）港大经管学院金融系讲座教授、郑裕彤基金金融学教授、香港人文社会研究所所长陈志武教授； 香港交易所董事总经理、首席中国经济学家巴曙松教授； 泰康保险集团创始人、董事长兼首席执行官陈东升博士； 中诚信集团创始人、港大经管学院经济学实务教授毛振华教授； 港大经管学院院长兼经济学讲座教授蔡洪滨教授进行专题讨论。 图7：讲座于香港大学创立方举行，吸引百多位商界领袖、杰出学者、校友和学生出席。 请按此下载高清图片。 附件 中国经济改善可期，仍需关注资产负债表演化—中国宏观经济2022年回顾与2023年展望 综合来看，考虑到疫情免疫高峰的时间、经济修复节奏以及基数效应的影响，2023年经济可能呈「N」字形修复，一季度的宏观增速可能相对较低，二季度将为增速高点。全年增速或为3%左右，较之2022年修复预期明显加强。 假设科技和制度没有变化，潜在增速一般呈现不断下行的趋势：从资本要素看，资本投入呈现边际回报递减，主要经济体的固定资产投资增速也总体下行；从劳动要素看，主要经济体皆呈现人口增速放缓、老龄化及劳动参与率下行，并且出现劳动生产率增速下滑。从实际数据来看，利用滤波方法简单测算，十四五期间中国GDP潜在平均增速或为8%左右，2025年GDP潜在增速或下行至4.4%，从中长期看，中国经济增长的支撑线或也将从疫情前的5.5%左右下行至4%。 中国经济还存在较大的人群差别、城乡差别和区域差别，经济社会发展过程中的矛盾还需要在「蛋糕」较快增大中解决。在此背景下，宏观政策要坚持「发展是第一要务」原则，避免社会运行过度政治化。在当前经济存在下行压力的情况下，尤其需要重申「以经济建设为中心」，继续将GDP 增长目标作为政府部门的最为重要的考核指标，以提升政府部门发展经济的积极性。与此同时，针对疫情冲击微观主体受损严重的实际情况，宏观政策应注重「与民休息」，加大民生工程投入力度，支援鼓励民间资本投资兴业，夯实经济行稳致远的微观基础，释放经济增长潜能。 2023年中国金融体系回顾与展望 2023年，疫情后的J曲线效应有望相对平缓，信贷增长仍将在一定程度上受制于疫情政策调整后对供给端的冲击，以及中期预期缓慢修复等疤痕效应。更中长期看，地产大周期见顶将带来金融扩张模式和城市化路径、以及产业发展模式的深刻调整，也将是未来一段时间观察中国金融波动的重要线索之一。 2020年起，中国出口增速持续超出市场预期，占比中枢从 14% 抬升至 16%，净出口对中国经济增长的贡献率持续保持着相当高的水准，即便是 2022 年在出口增速持续回落的情形下，净出口对经济增长的贡献率依然高达1%。目前，基于对2023年全球经济的谨慎展望，市场预计 2023年中国出口增速将下滑至 -2% 左右，并对经济形成负向贡献。对金融层面的直接影响来自于美联储加息和出口下挫带来新兴市场流动性的被动紧缩，而出口下挫的影响路径会更多表现为实体信贷需求和流动性循环放缓，这将为 2023 年的金融政策带来新的挑战。 在中国资产管理市场上，净值化、政策激励共同驱动中国财富管理市场转型增长，人口老龄化加速驱动养老金融体系突破发展。银行理财收益率代表着财富管理市场的无风险收益率，其破净和波动加大，使得中国整体财富管理市场的风险偏好更为市场化。同时，伴随人口老龄化的加速和出生率的持续走低，养老金融体系的建设日益紧迫。 2022年，个人养老金制度建设加快进程，个人养老金个人所得税优惠落地。上述因素预计在2023年及未来较长一段时间驱动中国财富管理市场的长期增长。 中国经济增长：经验教训与未来挑战 1990-2007 年期间，中国经济增长的主要驱动力是全要素生产率（TFP）增长，而不是投资率的提高。中国未来GDP增长在很大程度上取决于其TFP的增长。如果TFP没有增长，即使政府将固定资本投资率每年提高5%，中国在2023-2035年期间的GDP年均增长率也将低于3%。但是，如果TFP年均增长2%，即使投资率下降，2023年至2035年期间中国GDP年均增长率仍将接近5%。如果TFP年增长率达到3%，且投资率保持不变，那么，2023年至2035年期间，中国GDP增长就不会放缓，保持每年6.77%左右的增长。 2007年之前，中国TFP年均增幅超过4%，原因是改革和权力下放，引发了很多自下而上的政策和制度变化。 2007年开始，中国政府更多地强调政策的顶层设计以及「集中力量办大事」的举国体制，这种做法可能实现了一些短期目标，如2010年全球金融危机后的增长复苏和基础设施建设的快速扩张，但付出的是经济效率下滑的巨大代价。没有了自下而上的政策改革，中国的TFP增长表现不佳，年均增长率仅为1%，远低于2007年之前的4%。 在最近的一次新闻发布会上，国务院总理李强告诉记者，中国应该重振上世纪八九十年代江浙两省的民营企业家创业精神，希望标志着由自上而下的顶层设计和实施方法回归到自下而上的自发性政策变革的潜在变化。自下而上的政策变革在上世纪八九十年代非常有效，成功地推动了令人瞩目的TFP增长，对未来中国的经济增长也是一个至关重要的决定因素。
- [港大經管學院舉辦首場中國經濟名家講座系列 以學術分析提供嶄新視角](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院举办首场中国经济名家讲座系列/) - 港大經管學院於4月1日舉辦首場名家講座系列，邀請全國政協常委、經濟委員會副主任、國務院發展研究中心原黨組書記、國家統計局原局長馬建堂博士擔任主講嘉賓，以及泰康保險集團創始人、董事長兼首席執行官陳東升博士及中誠信集團創始人、港大經管學院經濟學實務教授毛振華教授擔任專題演講嘉賓，對中國經濟當前最迫切的挑戰提出獨到見解。講座於香港大學創立方舉行，吸引百多位商界領袖、傑出學者、校友和學生出席。 港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭時表示：「香港大學中國經濟研究所於2022年成立，今天首次舉辦活動，隆重推出名家講座系列的首講，邀請到馬建堂博士、陳東升博士及毛振華教授三位重量級嘉賓為我們打響頭炮。今天我們亦欣然發表首份《中國經濟：分析與展望—2023》報告，當中輯錄了七篇文章，分析中國宏觀經濟、金融、就業、環境保護、投資及企業家信心等關鍵議題。基於眾位教授對中國經濟的透徹了解，加上嚴謹的學術分析，這份報告針對重要的經濟問題進行了深度探討，同時提出了相應的政策建議。透過香港大學中國經濟研究所這個平台，我們未來將推出一系列關於中國經濟的講座、報告、論壇及國際學術交流會等活動，持續推動對中國經濟深入持久的研究，推動港大經管學院成為研究中國經濟的世界級學術重地。」 馬建堂博士在主題演講時表示：「2022年面對風雲激蕩的國際環境和艱鉅繁重的國內發展改革穩定任務，以習近平同志為核心的黨中央堅持穩中求進的工作總基調，積極實施科學、精準的宏觀政策與紓困政策，財政政策更加積極、貨幣政策靈活穩健、就業政策更加有力，克服需求收縮、供給衝擊、預期轉弱等超預期衝擊和困難，基本完成主要經濟目標，我國經濟展現了堅強韌性。今年我國經濟社會發展存在諸多有利條件和基礎，我們要克服困難，增強信心，在以習近平同志為核心的黨中央堅強領導下，國民經濟一定能夠繼續回升向好，實現經濟整體好轉的目標。要按照去年中央經濟工作會議的要求和今年“兩會”的具體安排，著力擴大國內需求，引導民營經濟健康發展，加快建設現代化產業體系，大力優化營商環境，大力推進高水平開放，切實防范金融風險，在建設社會主義現代化建設新征程中取得新成就。」 泰康保險集團董事長兼首席執行官陳東升博士分享了關於中國式現代化與企業家精神的思考與認識。陳東升博士表示：「高效的行政體系、社會主義市場經濟和法治社會建設，是改革開放以來中國式現代化探索成功的三大法寶，形成了國有經濟板塊、外向型的製造業和供應鏈體系板塊、互聯網與科技板塊、基礎設施與虛擬經濟板塊，以及「雙碳+科技」的生態經濟和「健康+消費」的民生經濟的六大板塊和脈絡。中國企業家是中國現代化探索與民族振興的核心力量。面臨百年未有之大變局，企業家要健康、高質量發展，從過去跑馬圈地、野蠻生長、多元化、資源型、高槓桿向專注專業、專注主業，以效率和創新驅動為特徵的頭部企業轉型。」 毛振華教授的演講聚焦中國經濟增長平台下移及其資產負債表收縮壓力。他表示雖然當前中國經濟呈疫後修復態勢，但中長期來看下行壓力仍存；同時，疫情衝擊、微觀主體預期偏弱下資產負債表收縮壓力顯現，需要警惕出現居民、企業和政府資產負債表衰退共振的情形發生。對此他建議，政策仍需堅持以經濟建設為中心，堅持改革開放，以持續的制度變革推動全要素生產率的提升，並將科技“補短板”、供給側改革、擴大內需等有機結合，發揮好粵港澳大灣區的作用，以緩解經濟下行壓力。他同時表示，宏觀調控應堅持穩增長與防風險的動態平衡，可以以一定的代價換取經濟的平穩增長，為風險緩釋贏得時間和空間。 講座當天亦邀請了四位知名講者進行專題討論，包括香港交易所董事總經理、首席中國經濟學家巴曙松教授、港大經管學院金融系講座教授、鄭裕彤基金金融學教授、香港人文社會研究所所長陳志武教授，以及兩位專題演講嘉賓陳東升博士和毛振華教授。專題討論環節由蔡洪濱教授主持，一眾講者與與會者分享其真知灼見。 《中國經濟：分析與展望—2023》的重點分析請見附件。在此瀏覽報告全文。 圖片 圖1：（左起）港大經管學院金融系講座教授、鄭裕彤基金金融學教授、香港人文社會研究所所長 陳志武教授；香港交易所董事總經理、首席中國經濟學家巴曙松教授；全國政協常委、經濟委員會 副主任、國務院發展研究中心原黨組書記、國家統計局原局長馬建堂博士；泰康保險集團創始人、 董事長兼首席執行官陳東升博士；中誠信集團創始人、港大經管學院經濟學實務教授毛振華教授； 港大經管學院院長兼經濟學講座教授蔡洪濱教授。 圖2：港大經管學院院長兼經濟學講座教授蔡洪濱教授致歡迎辭。 圖3：全國政協常委、經濟委員會副主任、國務院發展研究中心原黨組書記、國家統計局原局長 馬建堂博士進行主題演講。 圖4：泰康保險集團創始人、董事長兼首席執行官陳東升博士進行專題演講。 圖5：中誠信集團創始人、港大經管學院經濟學實務教授毛振華教授進行專題演講。 圖6：（左起）港大經管學院金融系講座教授、鄭裕彤基金金融學教授、香港人文社會研究所所長陳志武教授； 香港交易所董事總經理、首席中國經濟學家巴曙松教授； 泰康保險集團創始人、董事長兼首席執行官陳東升博士； 中誠信集團創始人、港大經管學院經濟學實務教授毛振華教授； 港大經管學院院長兼經濟學講座教授蔡洪濱教授進行專題討論。 圖7：講座於香港大學創立方舉行，吸引百多位商界領袖、傑出學者、校友和學生出席。 請按此下載高清圖片。 附件 中國經濟改善可期，仍需關注資產負債表演化—中國宏觀經濟2022年回顧與2023年展望 綜合來看，考慮到疫情免疫高峰的時間、經濟修復節奏以及基數效應的影響，2023年經濟可能呈「N」字形修復，一季度的宏觀增速可能相對較低，二季度將為增速高點。全年增速或為3%左右，較之2022年修復預期明顯加強。 假設科技和制度沒有變化，潛在增速一般呈現不斷下行的趨勢：從資本要素看，資本投入呈現邊際回報遞減，主要經濟體的固定資產投資增速也總體下行；從勞動要素看，主要經濟體皆呈現人口增速放緩、老齡化及勞動參與率下行，並且出現勞動生產率增速下滑。從實際數據來看，利用濾波方法簡單測算，十四五期間中國GDP潛在平均增速或為8%左右，2025年GDP潛在增速或下行至4.4%，從中長期看，中國經濟增長的支撐線或也將從疫情前的5.5%左右下行至4%。 中國經濟還存在較大的人群差別、城鄉差別和區域差別，經濟社會發展過程中的矛盾還需要在「蛋糕」較快增大中解決。在此背景下，宏觀政策要堅持「發展是第一要務」原則，避免社會運行過度政治化。在當前經濟存在下行壓力的情況下，尤其需要重申「以經濟建設為中心」，繼續將GDP 增長目標作為政府部門的最為重要的考核指標，以提升政府部門發展經濟的積極性。與此同時，針對疫情衝擊微觀主體受損嚴重的實際情況，宏觀政策應注重「與民休息」，加大民生工程投入力度，支援鼓勵民間資本投資興業，夯實經濟行穩致遠的微觀基礎，釋放經濟增長潛能。 2023年中國金融體系回顧與展望 2023年，疫情後的J曲線效應有望相對平緩，信貸增長仍將在一定程度上受制於疫情政策調整後對供給端的衝擊，以及中期預期緩慢修復等疤痕效應。更中長期看，地產大周期見頂將帶來金融擴張模式和城市化路徑、以及產業發展模式的深刻調整，也將是未來一段時間觀察中國金融波動的重要線索之一。 2020年起，中國出口增速持續超出市場預期，佔比中樞從 14% 抬升至 16%，淨出口對中國經濟增長的貢獻率持續保持著相當高的水準，即便是 2022 年在出口增速持續回落的情形下，淨出口對經濟增長的貢獻率依然高達1%。目前，基於對2023年全球經濟的謹慎展望，市場預計 2023年中國出口增速將下滑至 -2% 左右，並對經濟形成負向貢獻。對金融層面的直接影響來自於美聯儲加息和出口下挫帶來新興市場流動性的被動緊縮，而出口下挫的影響路徑會更多表現為實體信貸需求和流動性循環放緩，這將為 2023 年的金融政策帶來新的挑戰。 在中國資產管理市場上，淨值化、政策激勵共同驅動中國財富管理市場轉型增長，人口老齡化加速驅動養老金融體系突破發展。銀行理財收益率代表著財富管理市場的無風險收益率，其破淨和波動加大，使得中國整體財富管理市場的風險偏好更為市場化。同時，伴隨人口老齡化的加速和出生率的持續走低，養老金融體系的建設日益緊迫。 2022年，個人養老金制度建設加快進程，個人養老金個人所得稅優惠落地。上述因素預計在2023年及未來較長一段時間驅動中國財富管理市場的長期增長。 中國經濟增長：經驗教訓與未來挑戰 1990-2007 年期間，中國經濟增長的主要驅動力是全要素生產率（TFP）增長，而不是投資率的提高。中國未來GDP增長在很大程度上取決於其TFP的增長。如果TFP沒有增長，即使政府將固定資本投資率每年提高5%，中國在2023-2035年期間的GDP年均增長率也將低於3%。但是，如果TFP年均增長2%，即使投資率下降，2023年至2035年期間中國GDP年均增長率仍將接近5%。如果TFP年增長率達到3%，且投資率保持不變，那麼，2023年至2035年期間，中國GDP增長就不會放緩，保持每年6.77%左右的增長。 2007年之前，中國TFP年均增幅超過4%，原因是改革和權力下放，引發了很多自下而上的政策和制度變化。2007年開始，中國政府更多地強調政策的頂層設計以及「集中力量辦大事」的舉國體制，這種做法可能實現了一些短期目標，如2010年全球金融危機後的增長復甦和基礎設施建設的快速擴張，但付出的是經濟效率下滑的巨大代價。沒有了自下而上的政策改革，中國的TFP增長表現不佳，年均增長率僅為1%，遠低於2007年之前的4%。 在最近的一次新聞發布會上，國務院總理李強告訴記者，中國應該重振上世紀八九十年代江浙兩省的民營企業家創業精神，希望標誌著由自上而下的頂層設計和實施方法回歸到自下而上的自發性政策變革的潛在變化。自下而上的政策變革在上世紀八九十年代非常有效，成功地推動了令人矚目的TFP增長，對未來中國的經濟增長也是一個至關重要的決定因素。 中國青年就業：現實、成因及政策建議
- [HKU Business School’s Inaugural Distinguished Lecture on Chinese Economy Provides new perspectives through rigorous academic analysis](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院举办首场中国经济名家讲座系列/) - In the inaugural lecture of the HKU Business School Distinguished Lecture Series on the Chinese Economy, keynote speaker Dr Jiantang Ma, Standing Committee Member and Deputy Director of the Economic Affairs Committee of the Chinese People's Political Consultative Conference, former Party Secretary and Vice President of the Development Research Center of the State Council, and
- [Over 100 outstanding students inducted into Beta Gamma Sigma HKU Chapter](https://www.hkubs.hku.hk/sc/media/school-news/over-100-outstanding-students-inducted-into-beta-gamma-sigma-hku-chapter-2/) - Coming to its 12th year, the Beta Gamma Sigma (BGS) HKU Chapter has inducted 110 undergraduate and postgraduate students at the ceremony held on 19 April 2023. Esteemed business leader, Ms Christina Wong, the Manging Director of Strategy & Consulting Accenture of Greater China was conferred the BGS HKU Chapter Honoree. Professor Hongbin Cai, Dean of the HKU Business School, welcomed the
- [Over 100 outstanding students inducted into Beta Gamma Sigma HKU Chapter](https://www.hkubs.hku.hk/sc/media/school-news/over-100-outstanding-students-inducted-into-beta-gamma-sigma-hku-chapter-2/) - Coming to its 12th year, the Beta Gamma Sigma (BGS) HKU Chapter has inducted 110 undergraduate and postgraduate students at the ceremony held on 19 April 2023. Esteemed business leader, Ms Christina Wong, the Manging Director of Strategy & Consulting Accenture of Greater China was conferred the BGS HKU Chapter Honoree. Professor Hongbin Cai, Dean of the HKU Business School, welcomed the
- [Over 100 outstanding students inducted into Beta Gamma Sigma HKU Chapter](https://www.hkubs.hku.hk/sc/media/school-news/over-100-outstanding-students-inducted-into-beta-gamma-sigma-hku-chapter-2/) - Coming to its 12th year, the Beta Gamma Sigma (BGS) HKU Chapter has inducted 110 undergraduate and postgraduate students at the ceremony held on 19 April 2023. Esteemed business leader, Ms Christina Wong, the Manging Director of Strategy & Consulting Accenture of Greater China was conferred the BGS HKU Chapter Honoree. Professor Hongbin Cai, Dean of the HKU Business School, welcomed the
- [HKU-SaSa Joint University Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/hku-sasa-joint-university-case-competition-2023/) - We are pleased to announce the successful completion of the HKU-SaSa Joint University Case Competition (JUCC) 2023 and the winning of 1st Runner-up and Best Presenter of our HKU Team. JUCC is the annual signature event of HKU International Case Society (HICS), a student-run organization supported by the School which aims to provide a platform
- [HKU-SaSa Joint University Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/hku-sasa-joint-university-case-competition-2023/) - We are pleased to announce the successful completion of the HKU-SaSa Joint University Case Competition (JUCC) 2023 and the winning of 1st Runner-up and Best Presenter of our HKU Team. JUCC is the annual signature event of HKU International Case Society (HICS), a student-run organization supported by the School which aims to provide a platform
- [HKU-SaSa Joint University Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/hku-sasa-joint-university-case-competition-2023/) - We are pleased to announce the successful completion of the HKU-SaSa Joint University Case Competition (JUCC) 2023 and the winning of 1st Runner-up and Best Presenter of our HKU Team. JUCC is the annual signature event of HKU International Case Society (HICS), a student-run organization supported by the School which aims to provide a platform
- [Winner of the Scotiabank International Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/winner-of-the-scotiabank-international-case-competition-2023/) - Background: The 33rd Scotiabank International Case Competition welcomed 12 teams from top-ranked undergraduate schools across the globe to Canada from March 22 – 25, 2023 for the real world business case on Non-Fungible Tokens (NFTs). With the event motto “Work Hard, Play Hard”, teams also joined series of international networking and fun social activities, which gave
- [Winner of the Scotiabank International Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/winner-of-the-scotiabank-international-case-competition-2023/) - Background: The 33rd Scotiabank International Case Competition welcomed 12 teams from top-ranked undergraduate schools across the globe to Canada from March 22 – 25, 2023 for the real world business case on Non-Fungible Tokens (NFTs). With the event motto “Work Hard, Play Hard”, teams also joined series of international networking and fun social activities, which gave
- [Winner of the Scotiabank International Case Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/winner-of-the-scotiabank-international-case-competition-2023/) - Background: The 33rd Scotiabank International Case Competition welcomed 12 teams from top-ranked undergraduate schools across the globe to Canada from March 22 – 25, 2023 for the real world business case on Non-Fungible Tokens (NFTs). With the event motto “Work Hard, Play Hard”, teams also joined series of international networking and fun social activities, which gave
- [Local Final of CFA Institute Research Challenge 2022-23](https://www.hkubs.hku.hk/sc/media/school-news/local-final-of-cfa-institute-research-challenge-2022-23/) - Background: The CFA Institute Research Challenge is an annual equity research competition organized by CFA Society Hong Kong for university students to gain hands-on mentoring and financial analysis training. Each team was assigned a professional industry mentor from the CFA Society as well as a faculty advisor from their respective university. Students gained real-world experience
- [Local Final of CFA Institute Research Challenge 2022-23](https://www.hkubs.hku.hk/sc/media/school-news/local-final-of-cfa-institute-research-challenge-2022-23/) - Background: The CFA Institute Research Challenge is an annual equity research competition organized by CFA Society Hong Kong for university students to gain hands-on mentoring and financial analysis training. Each team was assigned a professional industry mentor from the CFA Society as well as a faculty advisor from their respective university. Students gained real-world experience
- [Local Final of CFA Institute Research Challenge 2022-23](https://www.hkubs.hku.hk/sc/media/school-news/local-final-of-cfa-institute-research-challenge-2022-23/) - Background: The CFA Institute Research Challenge is an annual equity research competition organized by CFA Society Hong Kong for university students to gain hands-on mentoring and financial analysis training. Each team was assigned a professional industry mentor from the CFA Society as well as a faculty advisor from their respective university. Students gained real-world experience
- [Venture Capital on Campus Investment Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/venture-capital-on-campus-investment-challenge-2023/) - Background: The Venture Capital on Campus (VCOC) Investment Challenge 2023 is a case competition organized by HKSTP (Hong Kong Science and Technology Parks Corporation) Capital and Hong Kong Federation of Business Students (HKFBS). The competition aimed to provide university students with an opportunity to explore the world of venture capital by evaluating and analyzing tech
- [Venture Capital on Campus Investment Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/venture-capital-on-campus-investment-challenge-2023/) - Background: The Venture Capital on Campus (VCOC) Investment Challenge 2023 is a case competition organized by HKSTP (Hong Kong Science and Technology Parks Corporation) Capital and Hong Kong Federation of Business Students (HKFBS). The competition aimed to provide university students with an opportunity to explore the world of venture capital by evaluating and analyzing tech
- [Venture Capital on Campus Investment Challenge 2023](https://www.hkubs.hku.hk/sc/media/school-news/venture-capital-on-campus-investment-challenge-2023/) - Background: The Venture Capital on Campus (VCOC) Investment Challenge 2023 is a case competition organized by HKSTP (Hong Kong Science and Technology Parks Corporation) Capital and Hong Kong Federation of Business Students (HKFBS). The competition aimed to provide university students with an opportunity to explore the world of venture capital by evaluating and analyzing tech
- [港大经管学院与阿里云携手推出首个云计算本科学分课程](https://www.hkubs.hku.hk/sc/media/press-release/阿里云与港大经管学院携手推出首个云计算学分课/) - （2023年4月18日，香港）阿里巴巴集团的数字技术与智能骨干业务阿里云今日与港大经管学院宣布携手推出首个「企业开发的云端运算应用及精要」本科学分课程，借此共同探索「云上商业世界」。阿里云亦成为首个参与港大经管学院学分课程设计及教学的企业伙伴。 透过此次业内独有的合作，有关课程将引导学生体验云端技术的真实应用场景，同时为他们提供技术资源及行业见解。此项合作再次凸显阿里云支持香港数码科技人才成长的不懈努力。 阿里云与港大经管学院共同签署合作备忘录，有关合作将从多方面培育参与该课程的学生，包括让学生免费登记参加「阿里云助理工程师认证—云计算考试」，以及参与访问阿里云学术培训计划（AAEP）下超过300个涵盖云计算、大数据和人工智能等的在线课程等。阿里云亦将提供相应资源，让参加课程的师生亲身体验云计算原理及操作。 港大经管学院院长兼经济学讲座教授蔡洪滨教授表示：「今天我们签署的合作备忘录以未来人才及领袖培育为重点，透过港大经管学院和阿里云的共同努力，我们将为学生提供多元化的学习机会。此次推出的优秀课程让我们的学生有机会向业内顶尖的专业人士学习，了解行业的最新趋势及发展，掌握实用技能。我们期待与阿里云建立富有成效的伙伴关系，共同为世界带来积极影响。」 阿里云智能港澳及菲律宾区域总经理刘彬星表示：「面对香港持续发展成为顶尖科创中心的机遇，我们十分高兴能与港大经管学院开展合作，携手推动本地人才发展，并协助学生们作好筹备，迎接一个云端技术发挥重要商业及社会价值的未来。我们期待见证此次课程的推出，未来我们也将继续寻求创新方式来推广科技应用，并全力支持下一代商业领袖的发展。」 「企业开发的云端运算应用及精要」课程将从2023年9月起正式推出，共计6个学分。预计每学期将有40至50名来自港大经管学院或其他学院的本科学生参加课程。课程将以阿里云学院的资源来介绍云计算的核心概念，并应用真实行业案例来帮助学生学习。课程结业时，学生须制定一份融合云端技术的商业计划。 除了推出学分课程之外，双方还将定期举办研讨会和工作坊，助学生了解云计算如何推动香港商界数码化并实现蓬勃发展，相关主题将涵盖Web3、金融科技及各行业落地应用案例等。 阿里云一直致力于支持香港人才发展。 2022年11月，阿里云便宣布推出人才赋能计划，为本地超过2,000名学生提供涵盖云计算、数据分析、人工智能及机器学习等领域的超过300个免费培训课程，并将为完成课程的学生颁发证书。 港大经管学院院长兼经济学讲座教授蔡洪滨教授（左）与阿里云智能港澳及菲律宾区域总经理刘彬星（右）签署合作备忘录
- [港大經管學院與阿里雲攜手推出首個雲計算本科學分課程](https://www.hkubs.hku.hk/sc/media/press-release/阿里云与港大经管学院携手推出首个云计算学分课/) - （2023年4月18日，香港）阿里巴巴集團的數字技術與智能骨幹業務阿里雲今日與港大經管學院宣布攜手推出首個「企業開發的雲端運算應用及精要」本科學分課程，藉此共同探索「雲上商業世界」。阿里雲亦成為首個參與港大經管學院學分課程設計及教學的企業夥伴。 透過此次業內獨有的合作，有關課程將引導學生體驗雲端技術的真實應用場景，同時為他們提供技術資源及行業見解。此項合作再次凸顯阿里雲支持香港數碼科技人才成長的不懈努力。 阿里雲與港大經管學院共同簽署合作備忘錄，有關合作將從多方面培育參與該課程的學生，包括讓學生免費登記參加「阿里雲助理工程師認證—雲計算考試」，以及參與訪問阿里雲學術培訓計劃（AAEP）下超過300個涵蓋雲計算、大數據和人工智能等的在線課程等。阿里雲亦將提供相應資源，讓參加課程的師生親身體驗雲計算原理及操作。 港大經管學院院長兼經濟學講座教授蔡洪濱教授表示：「今天我們簽署的合作備忘錄以未來人才及領袖培育為重點，透過港大經管學院和阿里雲的共同努力，我們將為學生提供多元化的學習機會。此次推出的優秀課程讓我們的學生有機會向業內頂尖的專業人士學習，了解行業的最新趨勢及發展，掌握實用技能。我們期待與阿里雲建立富有成效的夥伴關係，共同為世界帶來積極影響。」 阿里雲智能港澳及菲律賓區域總經理劉彬星表示：「面對香港持續發展成為頂尖科創中心的機遇，我們十分高興能與港大經管學院開展合作，攜手推動本地人才發展，並協助學生們作好籌備，迎接一個雲端技術發揮重要商業及社會價值的未來。我們期待見證此次課程的推出，未來我們也將繼續尋求創新方式來推廣科技應用，並全力支持下一代商業領袖的發展。」 「企業開發的雲端運算應用及精要」課程將從2023年9月起正式推出，共計6個學分。預計每學期將有40至50名來自港大經管學院或其他學院的本科學生參加課程。課程將以阿里雲學院的資源來介紹雲計算的核心概念，並應用真實行業案例來幫助學生學習。課程結業時，學生須制定一份融合雲端技術的商業計劃。 除了推出學分課程之外，雙方還將定期舉辦研討會和工作坊，助學生了解雲計算如何推動香港商界數碼化並實現蓬勃發展，相關主題將涵蓋Web3、金融科技及各行業落地應用案例等。 阿里雲一直致力於支持香港人才發展。2022年11月，阿里雲便宣佈推出人才賦能計劃，為本地超過2,000名學生提供涵蓋雲計算、數據分析、人工智能及機器學習等領域的超過300個免費培訓課程，並將為完成課程的學生頒發證書。 港大經管學院院長兼經濟學講座教授蔡洪濱教授（左）與阿里雲智能港澳及菲律賓區域總經理劉彬星（右）簽署合作備忘錄
- [HKU Business School Partners with Alibaba Cloud to Introduce First Undergraduate Credit Course in Cloud Computing](https://www.hkubs.hku.hk/sc/media/press-release/阿里云与港大经管学院携手推出首个云计算学分课/) - (18 April 2023, Hong Kong) Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, together with HKU Business School, today jointly announced the first credit course “Cloud Computing: Essential and Application in Entrepreneurship” for undergraduate students, exploring “a business world on cloud”. Alibaba Cloud is the first enterprise partner of HKU Business School
- [Dr Hailiang Chen wins the Faculty Outstanding Researcher Award 2022-23](https://www.hkubs.hku.hk/sc/media/school-news/dr-hailiang-chen-wins-the-faculty-outstanding-researcher-award-2022-23/) - Congratulations to Dr Hailing Chen, Associate Professor in Innovation and Information Management, for winning the Faculty Outstanding Researcher Award 2022-23. The Faculty Outstanding Researcher Award aims to honour and reward faculty members for having done excellent research and achieved international recognition in the field of business and economics. The recognition of Dr Hailing Chen’s advancement
- [Dr Hailiang Chen wins the Faculty Outstanding Researcher Award 2022-23](https://www.hkubs.hku.hk/sc/media/school-news/dr-hailiang-chen-wins-the-faculty-outstanding-researcher-award-2022-23/) - Congratulations to Dr Hailing Chen, Associate Professor in Innovation and Information Management, for winning the Faculty Outstanding Researcher Award 2022-23. The Faculty Outstanding Researcher Award aims to honour and reward faculty members for having done excellent research and achieved international recognition in the field of business and economics. The recognition of Dr Hailing Chen’s advancement
- [Dr Hailiang Chen wins the Faculty Outstanding Researcher Award 2022-23](https://www.hkubs.hku.hk/sc/media/school-news/dr-hailiang-chen-wins-the-faculty-outstanding-researcher-award-2022-23/) - Congratulations to Dr Hailing Chen, Associate Professor in Innovation and Information Management, for winning the Faculty Outstanding Researcher Award 2022-23. The Faculty Outstanding Researcher Award aims to honour and reward faculty members for having done excellent research and achieved international recognition in the field of business and economics. The recognition of Dr Hailing Chen’s advancement
- [HSBC Life Insurance Innovation Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/hsbc-life-insurance-innovation-competition-2023/) - Background: The HSBC Life Insurance Innovation Competition was launched in 2019 to encourage young talent to come up with innovative ideas for the future of the insurance industry. The competition aims to provide a platform for participants to interact with senior HSBC Life executives and gain insights on the new trends of insurance product propositions,
- [HSBC Life Insurance Innovation Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/hsbc-life-insurance-innovation-competition-2023/) - Background: The HSBC Life Insurance Innovation Competition was launched in 2019 to encourage young talent to come up with innovative ideas for the future of the insurance industry. The competition aims to provide a platform for participants to interact with senior HSBC Life executives and gain insights on the new trends of insurance product propositions,
- [HKU-Accenture Business Consulting Programme 2022-23 - Case Competition cum Lunch Celebration](https://www.hkubs.hku.hk/sc/media/school-news/hku-accenture-business-consulting-programme-2022-23-case-competition-cum-lunch-celebration/) - We are pleased to announce the successful completion of the HKU-Accenture Business Consulting Programme (BCP) 2022-23, which was held on March 4, 2023. This is the fifth year of the programme, which aims to equip students with industrial knowledge, exposure and the necessary skill sets in the business consulting industry, and putting theories they learnt
- [HKU-Accenture Business Consulting Programme 2022-23 - Case Competition cum Lunch Celebration](https://www.hkubs.hku.hk/sc/media/school-news/hku-accenture-business-consulting-programme-2022-23-case-competition-cum-lunch-celebration/) - We are pleased to announce the successful completion of the HKU-Accenture Business Consulting Programme (BCP) 2022-23, which was held on March 4, 2023. This is the fifth year of the programme, which aims to equip students with industrial knowledge, exposure and the necessary skill sets in the business consulting industry, and putting theories they learnt
- [HKU-Accenture Business Consulting Programme 2022-23 - Case Competition cum Lunch Celebration](https://www.hkubs.hku.hk/sc/media/school-news/hku-accenture-business-consulting-programme-2022-23-case-competition-cum-lunch-celebration/) - We are pleased to announce the successful completion of the HKU-Accenture Business Consulting Programme (BCP) 2022-23, which was held on March 4, 2023. This is the fifth year of the programme, which aims to equip students with industrial knowledge, exposure and the necessary skill sets in the business consulting industry, and putting theories they learnt
- [HSBC Life Insurance Innovation Competition 2023](https://www.hkubs.hku.hk/sc/media/school-news/hsbc-life-insurance-innovation-competition-2023/) - Background: The HSBC Life Insurance Innovation Competition was launched in 2019 to encourage young talent to come up with innovative ideas for the future of the insurance industry. The competition aims to provide a platform for participants to interact with senior HSBC Life executives and gain insights on the new trends of insurance product propositions,
- [港大經管學院與格拉斯哥大學合辦「Smith Around the World講座系列」 紀念經濟學之父亞當・史密斯的300 歲誕辰](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院与格拉斯哥大学合办smith-around-the-world讲座/) - （2023年3月24日，香港）港大經管學院與格拉斯哥大學(University of Glasgow) 攜手合作，並獲得香港人文社會研究所的鼎力支持，今日成功舉辦「Smith Around the World講座系列」，慶祝亞當·史密斯的300 歲誕辰。講座以「市場發展的勝利：中國古今歷史的指示」為題，分享中國南部沿海地區的崛起與史密斯型經濟增長的關係。講座匯集了過百位來自不同界別的代表，包括研究人員、學生、專業人士和商業領袖等，反應熱烈。 香港大學首席副校長、經濟學講座教授、黃乾亨黃英豪政治經濟學教授兼香港經濟及商業策略研究所總監王于漸教授致歡迎辭時表示：「港大經管學院很榮幸成爲格拉斯哥大學的合作夥伴，合辦具代表性的『Smith Around the World講座系列』。此次合作亦標記了兩所世界著名學府之間知識交流的重要里程碑。亞當・史密斯對全球經濟發展影響深遠，希望是次講座能夠加深大家對亞當・史密斯的了解及興趣，並將他的思想及理論融入現今的討論。」 是次講座主講嘉賓、港大經管學院金融系講座教授、鄭裕彤基金金融學教授及香港人文社會研究所所長陳志武教授提到中國南部沿海地區，尤其是香港、深圳和珠江三角洲在過去150年的發展，正是史密斯型經濟增長的最佳寫照。：「亞當-斯密如看到中國過去一個半世紀里所取得的成就一定感到驚訝。早在亞當・史密斯於1776年出版傳世經典之作《國富論》時，中國的村莊和城鎮發展大至相若。由於自由交易鼓勵勞動力分工，提高了生產力並促進財富創造，加上全球化加深了專業化並延長了供應鏈，將經濟增長推向了前所未有的水平。這正是史密斯型經濟增長賦予華南一帶、獨特的親商文化，與華北的親權文化截然不同。」 王于漸教授、陳志武教授及港大經管學院經濟學學術領域主任朱曉冬教授於討論環節進一步探討亞當・史密斯的經濟理論，精彩發言引人入勝，多名觀眾在問答環節中踴躍發問。 由格拉斯哥大學主辦的「Smith Around the World講座系列」，在2023年陸續於多間世界知名學府舉行多場活動，慶祝亞當·史密斯這位著名蘇格蘭經濟學家的300 歲誕辰。 現附上今天活動的照片： 王于漸教授（右四）、陳志武教授（左三）、朱曉冬教授（右二）與格拉斯哥大學副校長及社會科學學院主管Sara Carter教授（左四）、環球事務 (中國及東亞) 院長 Kostas Kontis教授（右三）等代表，一同出席「Smith Around the World講座系列」。 香港大學首席副校長、經濟學講座教授、黃乾亨黃英豪政治經濟學教授兼香港經濟及商業策略研究所總監王于漸教授致歡迎辭。 主講嘉賓港大經管學院金融系講座教授、鄭裕彤基金金融學教授及香港人文社會研究所所長陳志武教授在「Smith Around the World講座系列 」從史密斯的角度介紹中國南北文明和發展的分野。 王于漸教授（左二）和陳志武教授（右一）在討論環節上交流意見； 港大經管學院與格拉斯哥大學合辦的「Smith Around the World講座系列」，吸引過百位觀眾出席。 請按此下載高清圖片。
- [港大经管学院与格拉斯哥大学合办「 Smith Around the World讲座系列」纪念经济学之父亚当・史密斯的 300 岁诞辰](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院与格拉斯哥大学合办smith-around-the-world讲座/) - （2023年3月24日，香港）港大经管学院与格拉斯哥大学(University of Glasgow) 携手合作，并获得香港人文社会研究所的鼎力支持，今日成功举办「Smith Around the World讲座系列」，庆祝亚当·史密斯的300 岁诞辰。讲座以「市场发展的胜利：中国古今历史的指示」为题，分享中国南部沿海地区的崛起与史密斯型经济增长的关系。讲座汇集了过百位来自不同界别的代表，包括研究人员、学生、专业人士和商业领袖等，反应热烈。 香港大学首席副校长、经济学讲座教授、黄乾亨黄英豪政治经济学教授兼香港经济及商业策略研究所总监王于渐教授致欢迎辞时表示：「港大经管学院很荣幸成为格拉斯哥大学的合作伙伴，合办具代表性的『Smith Around the World讲座系列』。此次合作亦标记了两所世界著名学府之间知识交流的重要里程碑。亚当・史密斯对全球经济发展影响深远，希望是次讲座能够加深大家对亚当・史密斯的了解及兴趣，并将他的思想及理论融入现今的讨论。」 是次讲座主讲嘉宾、港大经管学院金融系讲座教授、郑裕彤基金金融学教授及香港人文社会研究所所长陈志武教授提到中国南部沿海地区，尤其是香港、深圳和珠江三角洲在过去150年的发展，正是史密斯型经济增长的最佳写照。 ：「亚当-斯密如看到中国过去一个半世纪里所取得的成就一定感到惊讶。早在亚当・史密斯于1776年出版传世经典之作《国富论》时，中国的村庄和城镇发展大至相若。由于自由交易鼓励劳动力分工，提高了生产力并促进财富创造，加上全球化加深了专业化并延长了供应链，将经济增长推向了前所未有的水平。这正是史密斯型经济增长赋予华南一带、独特的亲商文化，与华北的亲权文化截然不同。」 王于渐教授、陈志武教授及港大经管学院经济学学术领域主任朱晓冬教授于讨论环节进一步探讨亚当・史密斯的经济理论，精彩发言引人入胜，多名观众在问答环节中踊跃发问。 由格拉斯哥大学主办的「Smith Around the World讲座系列」，在2023年陆续于多间世界知名学府举行多场活动，庆祝亚当·史密斯这位著名苏格兰经济学家的300 岁诞辰。 现附上今天活动的照片： 王于渐教授（右四）、陈志武教授（左三）、朱晓冬教授（右二）与格拉斯哥大学副校长及社会科学学院主管Sara Carter教授（左四）、环球事务 (中国及东亚) 院长 Kostas Kontis教授（右三）等代表，一同出席「Smith Around the World讲座系列」。 香港大学首席副校长、经济学讲座教授、黄乾亨黄英豪政治经济学教授兼香港经济及商业策略研究所总监王于渐教授致欢迎辞。 主讲嘉宾港大经管学院金融系讲座教授、郑裕彤基金金融学教授及香港人文社会研究所所长 陈志武教授在「Smith Around the World讲座系列 」从史密斯的角度介绍中国南北文明和发展的分野。 王于渐教授（左二）和陈志武教授（右一）在讨论环节上交流意见；此环节由港大经管学院经济学学术领域主任朱晓冬教授（左一）主持。 港大经管学院与格拉斯哥大学合办的「Smith Around the World讲座系列」，吸引过百位观众出席。 請按此下載高清圖片。
- [HKU Business School and University of Glasgow jointly organises the “Smith Around the World Lecture Series” to mark Adam Smith’s Tercentenary](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院与格拉斯哥大学合办smith-around-the-world讲座/) - (March 24, 2023 – Hong Kong) HKU Business School is pleased to collaborate with the University of Glasgow, with the support from the Hong Kong Institute for the Humanities and Social Sciences, to jointly organise the Smith Around the World Lecture Series (the Lecture), which was held successfully at the University of Hong Kong today.
- [“FAMILY OFFICE” at Asset Management and Private Banking (“AMPB”)](https://www.hkubs.hku.hk/sc/media/school-news/family-office-at-asset-management-and-private-banking-ampb/) - “Family Office” is becoming a hot topic for Hong Kong. Not just the HKSAR Government and the asset and wealth management industry are keen to promote Hong Kong as a “Family Office Hub”, we at the HKU Business School is closely following the trend and preparing our students to understand the industry dynamics. Other than
- [“FAMILY OFFICE” at Asset Management and Private Banking (“AMPB”)](https://www.hkubs.hku.hk/sc/media/school-news/family-office-at-asset-management-and-private-banking-ampb/) - “Family Office” is becoming a hot topic for Hong Kong. Not just the HKSAR Government and the asset and wealth management industry are keen to promote Hong Kong as a “Family Office Hub”, we at the HKU Business School is closely following the trend and preparing our students to understand the industry dynamics. Other than
- [“FAMILY OFFICE” at Asset Management and Private Banking (“AMPB”)](https://www.hkubs.hku.hk/sc/media/school-news/family-office-at-asset-management-and-private-banking-ampb/) - “Family Office” is becoming a hot topic for Hong Kong. Not just the HKSAR Government and the asset and wealth management industry are keen to promote Hong Kong as a “Family Office Hub”, we at the HKU Business School is closely following the trend and preparing our students to understand the industry dynamics.
- [HKUBS Optimas Scholarship Award 2023 for Vietnamese Students](https://www.hkubs.hku.hk/sc/media/school-news/optimas-scholarship-award-2023-for-vietnamese-students/) - In 2022, Optimas Capital and HKU Business School established a Scholarship Award for Vietnamese students, with up to 10 full scholarships per year. The Scholarship aims to support high calibre students from Vietnam to enroll in full-time Master Degree programmes at HKU Business School.
- [HKUBS Optimas Scholarship Award 2023 for Vietnamese Students](https://www.hkubs.hku.hk/sc/media/school-news/optimas-scholarship-award-2023-for-vietnamese-students/) - In 2022, Optimas Capital and HKU Business School established a Scholarship Award for Vietnamese students, with up to 10 full scholarships per year. The Scholarship aims to support high calibre students from Vietnam to enroll in full-time Master Degree programmes at HKU Business School.
- [HKUBS Optimas Scholarship Award 2023 for Vietnamese Students](https://www.hkubs.hku.hk/sc/media/school-news/optimas-scholarship-award-2023-for-vietnamese-students/) - In 2022, Optimas Capital and HKU Business School established a Scholarship Award for Vietnamese students, with up to 10 full scholarships per year. The Scholarship aims to support high calibre students from Vietnam to enroll in full-time Master Degree programmes at HKU Business School.
- [ACRC Online Workshop Series on Case Solving](https://www.hkubs.hku.hk/sc/media/school-news/acrc-online-workshop-series-on-case-solving/) - We are delighted to provide you with a recap of our recent online workshop series on "Case Solving," conducted by case expert Zsolt Ábrahám. The workshop series consisted of three sessions, which aimed to equip participants with the concepts and tools necessary to excel in case and problem-solving, in addition to other skills relevant to
- [ACRC Online Workshop Series on Case Solving](https://www.hkubs.hku.hk/sc/media/school-news/acrc-online-workshop-series-on-case-solving/) - We are delighted to provide you with a recap of our recent online workshop series on "Case Solving," conducted by case expert Zsolt Ábrahám. The workshop series consisted of three sessions, which aimed to equip participants with the concepts and tools necessary to excel in case and problem-solving, in addition to other skills relevant to
- [ACRC Online Workshop Series on Case Solving](https://www.hkubs.hku.hk/sc/media/school-news/acrc-online-workshop-series-on-case-solving/) - We are delighted to provide you with a recap of our recent online workshop series on "Case Solving," conducted by case expert Zsolt Ábrahám. The workshop series consisted of three sessions, which aimed to equip participants with the concepts and tools necessary to excel in case and problem-solving, in addition to other skills relevant to
- [HKU MBA – HR Leaders Forum 2023](https://www.hkubs.hku.hk/sc/media/school-news/hku-mba-hr-leaders-forum-2023/) - The HKU Business School MBA programme successfully hosted the annual HR Leaders Forum 2023 on 20 February at the Park Lane Hotel in Causeway Bay. Around 100 participants joined the event, which offered a valuable opportunity for the MBA programme to strengthen partnerships with stakeholders and corporate partners in the field of HR.
- [HKU MBA – HR Leaders Forum 2023](https://www.hkubs.hku.hk/sc/media/school-news/hku-mba-hr-leaders-forum-2023/) - The HKU Business School MBA programme successfully hosted the annual HR Leaders Forum 2023 on 20 February at the Park Lane Hotel in Causeway Bay. Around 100 participants joined the event, which offered a valuable opportunity for the MBA programme to strengthen partnerships with stakeholders and corporate partners in the field of HR.
- [HKU MBA – HR Leaders Forum 2023](https://www.hkubs.hku.hk/sc/media/school-news/hku-mba-hr-leaders-forum-2023/) - The HKU Business School MBA programme successfully hosted the annual HR Leaders Forum 2023 on 20 February at the Park Lane Hotel in Causeway Bay. Around 100 participants joined the event, which offered a valuable opportunity for the MBA programme to strengthen partnerships with stakeholders and corporate partners in the field of HR.
- [百勝中國首席執行官及港大校友屈翠容女士 分享《財富》500強企業如何化挑戰為機遇](https://www.hkubs.hku.hk/sc/media/press-release/百胜中国首席执行官及港大校友屈翠容女士-分享《/) - 港大經管學院今天舉辦2023年「陳坤耀傑出學人講座」，邀請了中國最大的餐飲公司百勝中國首席執行官、港大校友屈翠容女士擔任主講嘉賓，以「一位港大畢業生及財富500 CEO眼中的中國」為題，分享在新冠疫情的衝擊之下，百勝中國這家《財富》世界500強企業如何化挑戰為機遇，在逆境中帶領公司持續發展，進一步擴大業務版圖。
- [百胜中国首席执行官及港大校友屈翠容女士 分享《财富》500强企业如何化挑战为机遇](https://www.hkubs.hku.hk/sc/media/press-release/百胜中国首席执行官及港大校友屈翠容女士-分享《/) - 港大经管学院今天举办2023年「陈坤耀杰出学人讲座」，邀请了中国最大的餐饮公司百胜中国首席执行官、港大校友屈翠容女士担任主讲嘉宾，以「一位港大毕业生及财富500 CEO眼中的中国」为题，分享在新冠疫情的冲击之下，百胜中国这家《财富》世界500强企业如何化挑战为机遇，在逆境中带领公司持续发展，进一步扩大业务版图。
- [Yum China CEO & HKU Alumna Ms. Joey Wat: How to turn Challenges into Opportunities](https://www.hkubs.hku.hk/sc/media/press-release/百胜中国首席执行官及港大校友屈翠容女士-分享《/) - The Edward K Y Chen Distinguished Lecture 2023, titled “China: in the eyes of an HKU Graduate & Fortune 500 CEO” presented by HKU Business School was successfully held today.
- [港大經管學院於UTD商學院研究排名 蟬聯亞洲第一  位列全球十八](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院于utd商学院研究排名-蝉联亚洲第一/) - （2023年2月8日，香港）港大經管學院欣然宣布，學院繼2021年於UTD商學院研究排名獲亞洲第一後，於2022年蟬聯亞洲第一，名列全球第十八位，表現備受肯定。此排名是根據各院校在2022年間，在世界最頂尖24本商學學術期刊 （UTD24期刊）中發表的論文數量，以及作者貢獻度進行計算。 UTD （美國德克薩斯州大學達拉斯分校的管理學院）透過緊貼追蹤自1990年起刊登於UTD24期刊的學術文章，於2005年開始編制全球前100名的商學院排名。UTD24期刊涵蓋管理科學、會計學、金融、市場學、信息系統、策略管理、組織科學、國際商務等商學院的主要研究領域，廣受世界各大院校認可，是評價全球商學院國際研究排名的權威性指標。 港大經管學院院長蔡洪濱教授表示：「這個排名表現肯定了我們在學術研究方面力臻卓越的堅持和努力。我們不斷精益求精，與2021年相比，學院獲刊登於UTD24期刊的文章增加了16篇。港大經管學院獨特的環球網絡已拓展至以色列、越南、深圳和北京，有助我們吸引全球頂尖學者加盟，進一步提升學院的學術和研究實力。我有信心這個新發展格局將引領學院未來的研究表現再創新猷。」 港大經管學院是世界頂尖、具有全球影響力的經濟學及商業教育和科研機構，根植香港、融入中國、面向國際，致力透過世界領先的商業和經濟學教育，讓學生建立審時度勢、洞察先機的應變能力，成為勇於承擔的領袖；並積極創新和進行對全球具有重要意義的科研，拓展前沿新知；及與業界和社會不同團體緊密合作，推動社會進步，為世界帶來正面影響。
- [港大经管学院于UTD商学院研究排名 蝉联亚洲第一  位列全球十八](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院于utd商学院研究排名-蝉联亚洲第一/) - （2023年2月8日，香港）港大经管学院欣然宣布，学院继2021年于UTD商学院研究排名获亚洲第一后，于2022年蝉联亚洲第一，名列全球第十八位，表现备受肯定。此排名是根据各院校在2022年间，在世界最顶尖24本商学学术期刊 （UTD24期刊）中发表的论文数量，以及作者贡献度进行计算。 UTD （美国德克萨斯州大学达拉斯分校的管理学院）透过紧贴追踪自1990年起刊登于UTD24期刊的学术文章，于2005年开始编制全球前100名的商学院排名。 UTD24期刊涵盖管理科学、会计学、金融、市场学、信息系统、策略管理、组织科学、国际商务等商学院的主要研究领域，广受世界各大院校认可，是评价全球商学院国际研究排名的权威性指标。 港大经管学院院长蔡洪滨教授表示：「这个排名表现肯定了我们在学术研究方面力臻卓越的坚持和努力。我们不断精益求精，与2021年相比，学院获刊登于UTD24期刊的文章增加了16篇。港大经管学院独特的环球网络已拓展至以色列、越南、深圳和北京，有助我们吸引全球顶尖学者加盟，进一步提升学院的学术和研究实力。我有信心这个新发展格局将引领学院未来的研究表现再创新猷。」 港大经管学院是世界顶尖、具有全球影响力的经济学及商业教育和科研机构，根植香港、融入中国、面向国际，致力透过世界领先的商业和经济学教育，让学生建立审时度势、洞察先机的应变能力，成为勇于承担的领袖；并积极创新和进行对全球具有重要意义的科研，拓展前沿新知；及与业界和社会不同团体紧密合作，推动社会进步，为世界带来正面影响。
- [HKU Business School ranks Asia’s No. 1 for the second consecutive year and  World’s No. 18 in UTD Research Rankings](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院于utd商学院研究排名-蝉联亚洲第一/) - (8 February, 2023, Hong Kong) HKU Business School is pleased to announce that it tops the rank of UTD Research Rankings in Asia successively in 2022, and ranks No. 18 in the world, subsequent to its remarkable achievement in 2021. The ranking is based on the number of academic articles published in 24 top business
- [HKU-Accenture Business Consulting Programme 2022-23 Inaugurated](https://www.hkubs.hku.hk/sc/media/school-news/hku-accenture-business-consulting-programme-2022-23-inaugurated/) - A ceremony was held on January 10, 2023 at HKU iCube to mark the inauguration of the HKU-Accenture Business Consulting Programme 2022-23 – an experiential learning opportunity that allows students from HKU Business School to gain industry knowledge and exposure to business consulting.
- [HKU-Accenture Business Consulting Programme 2022-23 Inaugurated](https://www.hkubs.hku.hk/sc/media/school-news/hku-accenture-business-consulting-programme-2022-23-inaugurated/) - A ceremony was held on January 10, 2023 at HKU iCube to mark the inauguration of the HKU-Accenture Business Consulting Programme 2022-23 – an experiential learning opportunity that allows students from HKU Business School to gain industry knowledge and exposure to business consulting.
- [HKU-Accenture Business Consulting Programme 2022-23 Inaugurated](https://www.hkubs.hku.hk/sc/media/school-news/hku-accenture-business-consulting-programme-2022-23-inaugurated/) - A ceremony was held on January 10, 2023 at HKU iCube to mark the inauguration of the HKU-Accenture Business Consulting Programme 2022-23 – an experiential learning opportunity that allows students from HKU Business School to gain industry knowledge and exposure to business consulting.
- [FBE Student Contribution and Innovation Award 2022-23](https://www.hkubs.hku.hk/sc/media/school-news/fbe-student-contribution-and-innovation-award-2022-23/) - FBE Student Contribution and Innovation Award aims to recognise and reward HKU Business School undergraduate students who have demonstrated contribution and innovation to the School, University and the wider community through their leadership and/or entrepreneurship; and to promote experiential learning through students’ participation in extra-curricular activities, involvement in community service and student leadership. Website /
- [FBE Student Contribution and Innovation Award 2022-23](https://www.hkubs.hku.hk/sc/media/school-news/fbe-student-contribution-and-innovation-award-2022-23/) - FBE Student Contribution and Innovation Award aims to recognise and reward HKU Business School undergraduate students who have demonstrated contribution and innovation to the School, University and the wider community through their leadership and/or entrepreneurship; and to promote experiential learning through students’ participation in extra-curricular activities, involvement in community service and student leadership. Website /
- [FBE Student Contribution and Innovation Award 2022-23](https://www.hkubs.hku.hk/sc/media/school-news/fbe-student-contribution-and-innovation-award-2022-23/) - FBE Student Contribution and Innovation Award aims to recognise and reward HKU Business School undergraduate students who have demonstrated contribution and innovation to the School, University and the wider community through their leadership and/or entrepreneurship; and to promote experiential learning through students’ participation in extra-curricular activities, involvement in community service and student leadership. Website /
- [Inaugural Global Reunion HKU Business School Alumni Dinner Talk](https://www.hkubs.hku.hk/sc/media/school-news/inaugural-global-reunion-hku-business-school-alumni-dinner-talk/) - The inaugural edition of our brand new “Global Reunion Series” Alumni Dinner Talk was successfully held on January 12!
- [Inaugural Global Reunion HKU Business School Alumni Dinner Talk](https://www.hkubs.hku.hk/sc/media/school-news/inaugural-global-reunion-hku-business-school-alumni-dinner-talk/) - The inaugural edition of our brand new “Global Reunion Series” Alumni Dinner Talk was successfully held on January 12!
- [Inaugural Global Reunion HKU Business School Alumni Dinner Talk](https://www.hkubs.hku.hk/sc/media/school-news/inaugural-global-reunion-hku-business-school-alumni-dinner-talk/) - The inaugural edition of our brand new “Global Reunion Series” Alumni Dinner Talk was successfully held on January 12!
- [港大經管學院與畢馬威中國簽訂合作備忘錄 繼續攜手為社會培育商業專才](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院与毕马威中国签订合作备忘录-继续携/) - （2023年1月16日，香港）港大經管學院與畢馬威中國宣佈啟動新一輪合作，共同培育會計及商業數據分析方面的人才。計劃於2018年展開，並於今日第二次簽訂合作備忘錄，進一步鞏固夥伴合作關係和落實新階段的合作。 港大經管學院院長蔡洪濱教授以及畢馬威中國香港區管理合夥人張頴嫻女士代表簽署合作備忘錄。共同出席儀式的成員包括：港大經管學院副院長 （碩士課程）房育輝教授、助理院長王鑫教授、會計學碩士課程總監許繼偉教授、理學碩士（商業分析）課程總監陳海亮博士；畢馬威中國私人和家族企業香港主管合夥人葉嘉明女士、高端製造行業審計服務香港主管合夥人袁文正先生、審計合夥人黃崗達先生，以及香港區中資金融機構主管合夥人方海雲先生。 是次簽訂的合作備忘錄將會為港大經管學院會計學碩士課程及理學碩士（商業分析）課程的學生提供一系列專業培訓。透過實習機會、講座、企業合作計劃及師友計劃等活動，學生將獲得會計及數據分析方面的知識及寶貴經驗，以應對全球經濟的快速變化。 港大經管學院院長蔡洪濱教授表示：「我們非常榮幸能夠再次與畢馬威中國合作，為區內人才庫的發展作出貢獻。過去數年，超過300名港大經管學院的學生受惠，透過專業培訓，累積實戰經驗，為他們的職業前景和個人發展帶來深遠的影響。我們將與畢馬威中國繼續攜手並肩，為本地以至世界各地培育更多頂尖的商業領袖。」 畢馬威中國香港區管理合夥人張頴嫻女士表示：「人才是社會最寶貴的資產，而年青一代除了是社會的未來棟樑，亦是支持經濟發展的推動力。透過與港大經管學院新一輪的合作，畢馬威中國希望培育商界專才擔任更重要的角色以推動世界向前，加深對社會的正面影響。例如，新一代的會計師能夠跳出傳統會計的框架，結合解難能力與批判性思維而為企業塑造未來發展。除了高質素教育以外，我們提供的實習計劃及跨境學習機會亦是實現上述轉型的重要因素。」 港大經管學院院長蔡洪濱教授(左)以及畢馬威中國香港區管理合夥人張頴嫻女士(右)代表簽署合作備忘錄
- [HKU Business School and KPMG China sign an MoU to continue to  nurture business talent for Hong Kong and beyond](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院与毕马威中国签订合作备忘录-继续携/) - (16 January 2023, Hong Kong) HKU Business School and KPMG China jointly announce a new round of collaboration to nurture accounting and business analytics talent. The two parties signed their second Memorandum of Understanding (“MoU”) today, strengthening the partnership since 2018 and entering a new stage of collaboration. Professor Hongbin Cai, Dean of HKU Business
- [港大经管学院与毕马威中国签订合作备忘录 继续携手为社会培育商业专才](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院与毕马威中国签订合作备忘录-继续携/) - （2023年1月16日，香港）港大经管学院与毕马威中国宣布启动新一轮合作，共同培育会计及商业数据分析方面的人才。计划于2018年展开，并于今日第二次签订合作备忘录，进一步巩固伙伴合作关系和落实新阶段的合作。 港大经管学院院长蔡洪滨教授以及毕马威中国香港区管理合伙人张頴娴女士代表签署合作备忘录。共同出席仪式的成员包括：港大经管学院副院长 （硕士课程）房育辉教授、助理院长王鑫教授、会计学硕士课程总监许继伟教授、理学硕士（商业分析）课程总监陈海亮博士；毕马威中国私人和家族企业香港主管合伙人叶嘉明女士、高端制造行业审计服务香港主管合伙人袁文正先生、审计合伙人黄岗达先生，以及香港区中资金融机构主管合伙人方海云先生。 是次签订的合作备忘录将会为港大经管学院会计学硕士课程及理学硕士（商业分析）课程的学生提供一系列专业培训。透过实习机会、讲座、企业合作计划及师友计划等活动，学生将获得会计及数据分析方面的知识及宝贵经验，以应对全球经济的快速变化。 港大经管学院院长蔡洪滨教授表示：「我们非常荣幸能够再次与毕马威中国合作，为区内人才库的发展作出贡献。过去数年，超过300名港大经管学院的学生受惠，透过专业培训，累积实战经验，为他们的职业前景和个人发展带来深远的影响。我们将与毕马威中国继续携手并肩，为本地以至世界各地培育更多顶尖的商业领袖。」 毕马威中国香港区管理合伙人张頴娴女士表示：「人才是社会最宝贵的资产，而年青一代除了是社会的未来栋梁，亦是支持经济发展的推动力。透过与港大经管学院新一轮的合作，毕马威中国希望培育商界专才担任更重要的角色以推动世界向前，加深对社会的正面影响。例如，新一代的会计师能够跳出传统会计的框架，结合解难能力与批判性思维而为企业塑造未来发展。除了高质素教育以外，我们提供的实习计划及跨境学习机会亦是实现上述转型的重要因素。」 港大经管学院院长蔡洪滨教授(左)以及毕马威中国香港区管理合伙人张頴娴女士(右)代表签署合作备忘录
- [港大经管学院就人才招聘计划的成效及影响进行研究](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院就人才招聘计划的成效及影响进行研/) - 国际知名权威学术期刊《科学》最近发布一篇由港大经管学院王砚波博士及上海交通大学史冬波博士合着的研究文章，题为「中国『青年千人计划』是否成功招募及培养顶尖科学家」。文章研究中国「千人计划」中的「青年千人计划」，在招募和培养顶尖科学家方面的成效。
- [港大經管學院就人才招聘計劃的成效及影響進行研究](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院就人才招聘计划的成效及影响进行研/) - 國際知名權威學術期刊《科學》最近發布一篇由港大經管學院王硯波博士及上海交通大學史冬波博士合著的研究文章，題為「中國『青年千人計劃』是否成功招募及培養頂尖科學家」。文章研究中國「千人計劃」中的「青年千人計劃」，在招募和培養頂尖科學家方面的成效。
- [HKU Business School examines the effectiveness and implications of the talent recruitment programmes](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院就人才招聘计划的成效及影响进行研/) - Science, an internationally renowned academic journal on scientific research, has recently published a research paper co-authored by Dr Yanbo Wang from HKU Business School and Dr Dongbo Shi from Shanghai Jiao Tong University, titled ‘Has China’s Young Thousand Talents program been successful in recruiting and nurturing top-caliber scientists’, examining the effectiveness of China’s Young Thousand Talents (YTT) programme in recruiting, retaining and nurturing top scientists.
- [2022 International Forum on Poverty Reduction and Sustainable Development](https://www.hkubs.hku.hk/sc/media/school-news/2022减贫与可持续发展国际论坛线上成功召开/) - The International Forum on Poverty Reduction and Sustainable Development was successfully held online yesterday.
- [2022减贫与可持续发展国际论坛线上成功召开](https://www.hkubs.hku.hk/sc/media/school-news/2022减贫与可持续发展国际论坛线上成功召开/) - 12月15日下午，2022减贫与可持续发展国际论坛在线上举办，论坛围绕“以人为本，通过产业创新融合推动持续减贫”主题进行广泛交流与深入探讨。
- [2022減貧與可持續發展國際論壇線上成功召開](https://www.hkubs.hku.hk/sc/media/school-news/2022减贫与可持续发展国际论坛线上成功召开/) - 12月15日下午，2022減貧與可持續發展國際論壇在線上舉辦，論壇圍繞“以人為本，通過產業創新融合推動持續減貧”主題進行廣泛交流與深入探討。
- [Prof. Zhiwu Chen’s book The Logic of Civilization has been listed as “FTChinese-Oliver Wyman Business Books of the Year 2022”](https://www.hkubs.hku.hk/sc/media/school-news/prof-ziwu-chens-book-the-logic-of-civilization-has-been-listed-as-ftchinese-oliver-wyman-business-books-of-the-year-2022/) - Professor Zhiwu Chen’s book The Logic of Civilization has been listed as one of the five “FTChinese-Oliver Wyman Business Books of the Year 2022”, a recognition of the most influential publication in economics and finance. Prof. Chen introduces in his book four major approaches to cope with risks over human history, helping us rise to
- [陈志武教授著作《文明的逻辑：人类与风险的博弈》 获选为「FT中文网-奥纬咨询2022年度中国商业书单」](https://www.hkubs.hku.hk/sc/media/school-news/prof-ziwu-chens-book-the-logic-of-civilization-has-been-listed-as-ftchinese-oliver-wyman-business-books-of-the-year-2022/) - 陈志武教授的著作《文明的逻辑：人类与风险的博弈》获选为「FT中文网-奥纬咨询2022年度中国商业书单」之一！ 该书单旨在评选具有影响力的商业财经新著。陈教授在书中介绍了人类发展史中的四大风险应对方式，启发人们应对现今地缘政治带来的挑战。陈教授认为，人类社会的发展道路漫长且曲折，但最终会迈向全球化融合，迎接更好的未来。
- [陳志武教授著作《文明的邏輯：人類與風險的博弈》 獲選為「FT中文網-奧緯諮詢2022年度中國商業書單」](https://www.hkubs.hku.hk/sc/media/school-news/prof-ziwu-chens-book-the-logic-of-civilization-has-been-listed-as-ftchinese-oliver-wyman-business-books-of-the-year-2022/) - 陳志武教授的著作《文明的邏輯：人類與風險的博弈》獲選為「FT中文網-奧緯諮詢2022年度中國商業書單」之一！ 該書單旨在評選具有影響力的商業財經新著。陳教授在書中介紹了人類發展史中的四大風險應對方式，啟發人們應對現今地緣政治帶來的挑戰。陳教授認為，人類社會的發展道路漫長且曲折，但最終會邁向全球化融合，迎接更好的未來。
- [香港大学经管学院马驰骋博士获颁经济史学会最佳论文奖](https://www.hkubs.hku.hk/sc/media/school-news/香港大学经管学院马驰骋博士获颁经济史学会最佳/) - 港大学经管学院经济学助理教授马驰骋凭独著论文 「知识传播与智识变迁：当儒家文人遇上耶稣会士」(Knowledge Diffusion and Intellectual Change: When Chinese Literati Met European Jesuits)，荣获本年度美国经济史协会 (Economic History Association)「Arthur H. Cole奖」，用以表彰刊登与经济史学顶级期刊《经济史杂志》 (The Journal of Economic History) 的年度最佳论文。
- [香港大學經管學院馬馳騁博士獲頒經濟史學會最佳論文獎](https://www.hkubs.hku.hk/sc/media/school-news/香港大学经管学院马驰骋博士获颁经济史学会最佳/) - 港大經管學院經濟學助理教授馬馳騁憑獨著論文 「知識傳播與智識變遷：當儒家文人遇上耶穌會士」(Knowledge Diffusion and Intellectual Change: When Chinese Literati Met European Jesuits)，榮獲本年度美國經濟史協會 (Economic History Association)「Arthur H. Cole獎」，用以表彰刊登與經濟史學頂級期刊《經濟史雜誌》 (The Journal of Economic History) 的年度最佳論文。
- [Arthur H. Cole Prize of the Economic History Association goes to Dr. Chicheng Ma of HKU Business School](https://www.hkubs.hku.hk/sc/media/school-news/香港大学经管学院马驰骋博士获颁经济史学会最佳/) - Dr. Chicheng Ma has recently won the prestigious Arthur H. Cole Prize of the Economic History Association for his paper “Knowledge Diffusion and Intellectual Change: When Chinese Literati Met European Jesuits” published in The Journal of Economic History (JEH). The prize was awarded at the annual meeting of the Economic History Association, held in La Crosse, Wisconsin, September 16-18, 2022.
- [Climathon@Hangzhou 2022](https://www.hkubs.hku.hk/sc/media/school-news/climathonhangzhou-2022/) - The “Climathon@Hangzhou 2022” is a regional case competition, hosted by the Melton Foundation. This year, in light of the COVID-19 pandemic situation, the competition was organised virtually by Melton Foundation ZU (Zhejiang University) and co-organised by the ZU Student Association of Energy Conservation and Emission Reduction (SAEC).
- [Climathon@Hangzhou 2022](https://www.hkubs.hku.hk/sc/media/school-news/climathonhangzhou-2022/) - The “Climathon@Hangzhou 2022” is a regional case competition, hosted by the Melton Foundation. This year, in light of the COVID-19 pandemic situation, the competition was organised virtually by Melton Foundation ZU (Zhejiang University) and co-organised by the ZU Student Association of Energy Conservation and Emission Reduction (SAEC).
- [Climathon@Hangzhou 2022](https://www.hkubs.hku.hk/sc/media/school-news/climathonhangzhou-2022/) - The “Climathon@Hangzhou 2022” is a regional case competition, hosted by the Melton Foundation. This year, in light of the COVID-19 pandemic situation, the competition was organised virtually by Melton Foundation ZU (Zhejiang University) and co-organised by the ZU Student Association of Energy Conservation and Emission Reduction (SAEC).
- [Advancing Greener Tomorrow Competition](https://www.hkubs.hku.hk/sc/media/school-news/advancing-greener-tomorrow-competition/) - The “Advancing Greener Tomorrow Competition”, organized by KONE Elevator (HK) Limited, aims to encourage students to develop innovative ideas to convert the existing building into a greener structure come in form of efficient use of energy or consideration of environmental sustainability in the design.
- [Advancing Greener Tomorrow Competition](https://www.hkubs.hku.hk/sc/media/school-news/advancing-greener-tomorrow-competition/) - The “Advancing Greener Tomorrow Competition”, organized by KONE Elevator (HK) Limited, aims to encourage students to develop innovative ideas to convert the existing building into a greener structure come in form of efficient use of energy or consideration of environmental sustainability in the design.
- [Advancing Greener Tomorrow Competition](https://www.hkubs.hku.hk/sc/media/school-news/advancing-greener-tomorrow-competition/) - The “Advancing Greener Tomorrow Competition”, organized by KONE Elevator (HK) Limited, aims to encourage students to develop innovative ideas to convert the existing building into a greener structure come in form of efficient use of energy or consideration of environmental sustainability in the design.
- [周政教授獲科睿唯安選錄為「2022年度最廣獲徵引研究人員」](https://www.hkubs.hku.hk/sc/media/school-news/周政教授获科睿唯安选录为「2022年度最广获征引研/) - 恭喜港大經管學院商業策略及國際商務講座教授暨鍾瀚德基金教授(商業策略及國際商務) 周政教授 獲科睿唯安選錄為「2022年度最廣獲徵引研究人員」！ 是次獲選錄的都是學術表現卓越的世界頂級學者。周政教授的多份學術著作，在其學術範疇得以晉身該年度全球被引用最多首1%的學術文章，是所屬研究領域内極具影響力的人物。https://cutt.ly/YMUDdK4
- [周政教授获科睿唯安选录为「2022年度最广获征引研究人员」](https://www.hkubs.hku.hk/sc/media/school-news/周政教授获科睿唯安选录为「2022年度最广获征引研/) - 恭喜港大经管学院商业策略及国际商务讲座教授暨钟瀚德基金教授(商业策略及国际商务) 周政教授 获科睿唯安选录为「2022年度最广获征引研究人员」！ 是次获选录的都是学术表现卓越的世界顶级学者。周政教授的多份学术著作，在其学术范畴得以晋身该年度全球被引用最多首1%的学术文章，是所属研究领域内极具影响力的人物。https://cutt.ly/YMUDdK4
- [Professor Kevin Zheng Zhou is named by Clarivate in its list of “Highly Cited Researchers 2022” as the most influential in the world](https://www.hkubs.hku.hk/sc/media/school-news/周政教授获科睿唯安选录为「2022年度最广获征引研/) - Congratulations to Professor Kevin Zheng Zhou, Chair of Strategy and International Business, Chung Hon-Dak Professor in Strategy and International Business, for being named on the list of “Highly Cited Researchers 2022” from Clarivate.
- [【精彩重溫】第二百零八屆學位頒授典禮](https://www.hkubs.hku.hk/sc/media/school-news/highlights-of-hku-208th-congregation-faculty-of-business-and-economics-winter-session/)
- [【精彩重温】第二百零八届学位颁授典礼](https://www.hkubs.hku.hk/sc/media/school-news/highlights-of-hku-208th-congregation-faculty-of-business-and-economics-winter-session/)
- [Highlights of HKU 208th Congregation - Faculty of Business and Economics (Winter Session)](https://www.hkubs.hku.hk/sc/media/school-news/highlights-of-hku-208th-congregation-faculty-of-business-and-economics-winter-session/)
- [HKU Business School Mentorship Programme 2022-23 Empowers Students](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-mentorship-programme-2022-23-empowers-students/) - The Inauguration Ceremony of the HKU Business School Mentorship Programme was successfully held on 3 November 2022. We were delighted to welcome a record high of mentors with diversified business backgrounds, most of whom are alumni, friends and supporters of the Faculty, as well as 93 student mentees to embark on this year’s mentorship journey.
- [HKU Business School Mentorship Programme 2022-23 Empowers Students](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-mentorship-programme-2022-23-empowers-students/) - The Inauguration Ceremony of the HKU Business School Mentorship Programme was successfully held on 3 November 2022. We were delighted to welcome a record high of mentors with diversified business backgrounds, most of whom are alumni, friends and supporters of the Faculty, as well as 93 student mentees to embark on this year’s mentorship journey.
- [HKU Business School Mentorship Programme 2022-23 Empowers Students](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-mentorship-programme-2022-23-empowers-students/) - The Inauguration Ceremony of the HKU Business School Mentorship Programme was successfully held on 3 November 2022. We were delighted to welcome a record high of mentors with diversified business backgrounds, most of whom are alumni, friends and supporters of the Faculty, as well as 93 student mentees to embark on this year’s mentorship journey.
- [Polymer Capital Management Inter-varsity ESG Case Challenge 2022](https://www.hkubs.hku.hk/sc/media/school-news/polymer-capital-management-inter-varsity-esg-case-challenge-2022/) - Background: HKU - WINNER of the Inter-Varsity ESG Case Challenge 2022 !!! The final round of the Polymer Inter-Varsity Case Challenge was held on 28th October 2022 at the auditorium of Polymer’s office, it showcased a tight competition amongst the three Universities: “RAC Capital” of the University of Hong Kong (“HKU”) “PolyFarm” of the Hong
- [Polymer Capital Management Inter-varsity ESG Case Challenge 2022](https://www.hkubs.hku.hk/sc/media/school-news/polymer-capital-management-inter-varsity-esg-case-challenge-2022/) - Background: HKU - WINNER of the Inter-Varsity ESG Case Challenge 2022 !!! The final round of the Polymer Inter-Varsity Case Challenge was held on 28th October 2022 at the auditorium of Polymer’s office, it showcased a tight competition amongst the three Universities: “RAC Capital” of the University of Hong Kong (“HKU”) “PolyFarm” of the Hong
- [Polymer Capital Management Inter-varsity ESG Case Challenge 2022](https://www.hkubs.hku.hk/sc/media/school-news/polymer-capital-management-inter-varsity-esg-case-challenge-2022/) - Background: HKU - WINNER of the Inter-Varsity ESG Case Challenge 2022 !!! The final round of the Polymer Inter-Varsity Case Challenge was held on 28th October 2022 at the auditorium of Polymer’s office, it showcased a tight competition amongst the three Universities: “RAC Capital” of the University of Hong Kong (“HKU”) “PolyFarm” of the Hong
- [CT Good Jobs Hong Kong Future Leaders Awards 2022](https://www.hkubs.hku.hk/sc/media/school-news/ct-good-jobs-hong-kong-future-leaders-awards-2022/) - Background: The CT Good Jobs Hong Kong Future Leaders Awards aims to provide a unique opportunity for undergraduates and fresh graduates to explore their potential and sharpen their talents to become future leaders and connect with industry experts. Participants have the opportunity to win the scholarship, connect with industry experts and even join the leading
- [CT Good Jobs Hong Kong Future Leaders Awards 2022](https://www.hkubs.hku.hk/sc/media/school-news/ct-good-jobs-hong-kong-future-leaders-awards-2022/) - Background: The CT Good Jobs Hong Kong Future Leaders Awards aims to provide a unique opportunity for undergraduates and fresh graduates to explore their potential and sharpen their talents to become future leaders and connect with industry experts. Participants have the opportunity to win the scholarship, connect with industry experts and even join the leading
- [CT Good Jobs Hong Kong Future Leaders Awards 2022](https://www.hkubs.hku.hk/sc/media/school-news/ct-good-jobs-hong-kong-future-leaders-awards-2022/) - Background: The CT Good Jobs Hong Kong Future Leaders Awards aims to provide a unique opportunity for undergraduates and fresh graduates to explore their potential and sharpen their talents to become future leaders and connect with industry experts. Participants have the opportunity to win the scholarship, connect with industry experts and even join the leading
- [Fireside Chat with Mr. Antony Leung and Ms. Alison Chan](https://www.hkubs.hku.hk/sc/media/school-news/fireside-chat-with-mr-antony-leung-and-ms-alison-chan/) - HKU Business School and Solomon Learning Group co-organized the “Fireside Chat with Mr. Antony Leung and Ms. Alison Chan” for the Future Leader Scholarship Awardees on September 27th, 2022.
- [Fireside Chat with Mr. Antony Leung and Ms. Alison Chan](https://www.hkubs.hku.hk/sc/media/school-news/fireside-chat-with-mr-antony-leung-and-ms-alison-chan/) - HKU Business School and Solomon Learning Group co-organized the “Fireside Chat with Mr. Antony Leung and Ms. Alison Chan” for the Future Leader Scholarship Awardees on September 27th, 2022.
- [Fireside Chat with Mr. Antony Leung and Ms. Alison Chan](https://www.hkubs.hku.hk/sc/media/school-news/fireside-chat-with-mr-antony-leung-and-ms-alison-chan/) - HKU Business School and Solomon Learning Group co-organized the “Fireside Chat with Mr. Antony Leung and Ms. Alison Chan” for the Future Leader Scholarship Awardees on September 27th, 2022.
- [Career Open Day with Sun Hung Kai Properties Limited](https://www.hkubs.hku.hk/sc/media/school-news/career-open-day-with-sun-hung-kai-properties-limited/) - Sun Hung Kai Properties Limited hosted a Career Open Day exclusively for the recipients of the Future Leader Scholarship at the Head Office of Sun Hung Kai Centre on October 12, 2022.
- [Career Open Day with Sun Hung Kai Properties Limited](https://www.hkubs.hku.hk/sc/media/school-news/career-open-day-with-sun-hung-kai-properties-limited/) - Sun Hung Kai Properties Limited hosted a Career Open Day exclusively for the recipients of the Future Leader Scholarship at the Head Office of Sun Hung Kai Centre on October 12, 2022.
- [Career Open Day with Sun Hung Kai Properties Limited](https://www.hkubs.hku.hk/sc/media/school-news/career-open-day-with-sun-hung-kai-properties-limited/) - Sun Hung Kai Properties Limited hosted a Career Open Day exclusively for the recipients of the Future Leader Scholarship at the Head Office of Sun Hung Kai Centre on October 12, 2022.
- [Dr. Hailiang Chen receives INFORMS Information Systems Society (ISS) Sandy Slaughter Early Career Award 2022](https://www.hkubs.hku.hk/sc/media/school-news/dr-hailiang-chen-receives-informs-information-systems-society-iss-sandy-slaughter-early-career-award-2022/) - Congratulations to Dr. Hailiang Chen on winning the INFORMS Information Systems Society (ISS) Sandy Slaughter Early Career Award 2022. The ISS Sandy Slaughter Early Career Award recognizes and honours individuals who are on a path towards making outstanding intellectual contributions to the information systems discipline. Dr. Chen is the first information systems scholar in Asia
- [Dr. Hailiang Chen receives INFORMS Information Systems Society (ISS) Sandy Slaughter Early Career Award 2022](https://www.hkubs.hku.hk/sc/media/school-news/dr-hailiang-chen-receives-informs-information-systems-society-iss-sandy-slaughter-early-career-award-2022/) - Congratulations to Dr. Hailiang Chen on winning the INFORMS Information Systems Society (ISS) Sandy Slaughter Early Career Award 2022. The ISS Sandy Slaughter Early Career Award recognizes and honours individuals who are on a path towards making outstanding intellectual contributions to the information systems discipline. Dr. Chen is the first information systems scholar in Asia
- [Dr. Hailiang Chen receives INFORMS Information Systems Society (ISS) Sandy Slaughter Early Career Award 2022](https://www.hkubs.hku.hk/sc/media/school-news/dr-hailiang-chen-receives-informs-information-systems-society-iss-sandy-slaughter-early-career-award-2022/) - Congratulations to Dr. Hailiang Chen on winning the INFORMS Information Systems Society (ISS) Sandy Slaughter Early Career Award 2022. The ISS Sandy Slaughter Early Career Award recognizes and honours individuals who are on a path towards making outstanding intellectual contributions to the information systems discipline. Dr. Chen is the first information systems scholar in Asia
- [HSBC Global Private Banking Case Challenge 2022](https://www.hkubs.hku.hk/sc/media/school-news/hsbc-global-private-banking-case-challenge-2022/) - Background: The HSBC Global Private Banking Case Challenge is a competition that takes students' financial and economic knowledge outside of the classroom and immerses them in the real business world. It is the fourth edition of the case challenge and the competition is organized in Hong Kong and Singapore for the first time. The top
- [HSBC Global Private Banking Case Challenge 2022](https://www.hkubs.hku.hk/sc/media/school-news/hsbc-global-private-banking-case-challenge-2022/) - Background: The HSBC Global Private Banking Case Challenge is a competition that takes students' financial and economic knowledge outside of the classroom and immerses them in the real business world. It is the fourth edition of the case challenge and the competition is organized in Hong Kong and Singapore for the first time. The top
- [HSBC Global Private Banking Case Challenge 2022](https://www.hkubs.hku.hk/sc/media/school-news/hsbc-global-private-banking-case-challenge-2022/) - Background: The HSBC Global Private Banking Case Challenge is a competition that takes students' financial and economic knowledge outside of the classroom and immerses them in the real business world. It is the fourth edition of the case challenge and the competition is organized in Hong Kong and Singapore for the first time. The top
- [FSDC Career Day 2022 "Pitch Perfect" Video Competition](https://www.hkubs.hku.hk/sc/media/school-news/fsdc-career-day-2022-pitch-perfect-video-competition/) - Background: Financial Services Development Council (FSDC) Career Day 2022 - Pitch Perfect Video Competition aims to encourage the young people of Hong Kong to develop innovative ideas to promote Hong Kong as a Future Tech-lent Hub. The Topic for the competition was: “To promote Hong Kong as an international financial centre and develop the city
- [FSDC Career Day 2022 "Pitch Perfect" Video Competition](https://www.hkubs.hku.hk/sc/media/school-news/fsdc-career-day-2022-pitch-perfect-video-competition/) - Background: Financial Services Development Council (FSDC) Career Day 2022 - Pitch Perfect Video Competition aims to encourage the young people of Hong Kong to develop innovative ideas to promote Hong Kong as a Future Tech-lent Hub. The Topic for the competition was: “To promote Hong Kong as an international financial centre and develop the city
- [FSDC Career Day 2022 "Pitch Perfect" Video Competition](https://www.hkubs.hku.hk/sc/media/school-news/fsdc-career-day-2022-pitch-perfect-video-competition/) - Background: Financial Services Development Council (FSDC) Career Day 2022 - Pitch Perfect Video Competition aims to encourage the young people of Hong Kong to develop innovative ideas to promote Hong Kong as a Future Tech-lent Hub. The Topic for the competition was: “To promote Hong Kong as an international financial centre and develop the city
- [「FT中文網-奧緯諮詢2022年度中國商業書單」投票環節](https://www.hkubs.hku.hk/sc/media/school-news/voting-for-ftchinese-oliver-wyman-business-books-of-the-year-2022/) - 陳志武教授的著作《文明的邏輯：人類與風險的博弈》入選「FT中文網-奧緯諮詢2022年度中國商業書單」投票環節，成為具有影響力的商業財經著作。請於2022年11月6日晚上十時前投出你的一票。
- [Voting for “FTChinese-Oliver Wyman Business Books of the Year 2022”](https://www.hkubs.hku.hk/sc/media/school-news/voting-for-ftchinese-oliver-wyman-business-books-of-the-year-2022/) - Professor Zhiwu Chen’s book The Logic of Civilization has been shortlisted in the top ten list of “FTChinese-Oliver Wyman Business Books of the Year 2022”. Cast your vote by 6 November 2022, 10 p.m.
- [「FT中文网-奥纬咨询2022年度中国商业书单」投票环节](https://www.hkubs.hku.hk/sc/media/school-news/voting-for-ftchinese-oliver-wyman-business-books-of-the-year-2022/) - 陈志武教授的著作《文明的逻辑：人类与风险的博弈》入选「FT中文网-奥纬咨询2022年度中国商业书单」投票环节，成为具有影响力的商业财经著作。请于2022年11月6日晚上十时前投出你的一票。
- [Conference on "The Future of Hong Kong Economy” explores the opportunities of Hong Kong’s economic and policy development](https://www.hkubs.hku.hk/sc/media/press-release/「香港经济前景展望」研讨会-云集政商贤达-积极/) - The “Thought Leadership Conference Series: The Future of Hong Kong Economy”, organised by HKU Business School, and co-organised by the Hong Kong Institute of Economics and Business Strategy, and Institute of Digital Economy and Innovation and Asia Global Institute, concluded successfully today. The conference aims to serve as an exchange platform to foster discussion among well-regarded scholars, policy makers, business leaders and the community.
- [HKU Business School Career Fair 2022-23: Investing in HKU Business School's Global Talent – Explore & Embark!](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-career-fair-2022-23-investing-in-hku-business-schools-global-talent-explore-embark/) - The HKU Business School Career Fair was successfully held on 29 September 2022 (Thursday). The event received huge support from over 100 HR professionals and experts from nearly 60 respected companies.
- [HKU Business School Career Fair 2022-23: Investing in HKU Business School's Global Talent – Explore & Embark!](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-career-fair-2022-23-investing-in-hku-business-schools-global-talent-explore-embark/) - The HKU Business School Career Fair was successfully held on 29 September 2022 (Thursday). The event received huge support from over 100 HR professionals and experts from nearly 60 respected companies.
- [Venture into Future Career 2022-2023 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/venture-into-future-career-2022-2023-opening-ceremony/) - Partnering with Hong Kong Cyberport Management Company Limited (Cyberport) and Chartered Institute of Management Accountants (CIMA), Venture into Future Career (VFC) is an exclusive programme for HKU Business School's Undergraduate Students.
- [Venture into Future Career 2022-2023 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/venture-into-future-career-2022-2023-opening-ceremony/) - Partnering with Hong Kong Cyberport Management Company Limited (Cyberport) and Chartered Institute of Management Accountants (CIMA), Venture into Future Career (VFC) is an exclusive programme for HKU Business School's Undergraduate Students.
- [Venture into Future Career 2022-2023 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/venture-into-future-career-2022-2023-opening-ceremony/) - Partnering with Hong Kong Cyberport Management Company Limited (Cyberport) and Chartered Institute of Management Accountants (CIMA), Venture into Future Career (VFC) is an exclusive programme for HKU Business School's Undergraduate Students.
- [Polymer Inter-varsity ESG Case Challenge 2022](https://www.hkubs.hku.hk/sc/media/school-news/polymer-inter-varsity-esg-case-challenge-2022/) - Polymer Capital is a leading alternative investment firm with a market-neutral, multi-manager platform investing in liquid securities with a strong Asia focus. One of the missions of Polymer is to discover and to develop the region’s best talent. 
- [Polymer Inter-varsity ESG Case Challenge 2022](https://www.hkubs.hku.hk/sc/media/school-news/polymer-inter-varsity-esg-case-challenge-2022/) - Polymer Capital is a leading alternative investment firm with a market-neutral, multi-manager platform investing in liquid securities with a strong Asia focus. One of the missions of Polymer is to discover and to develop the region’s best talent. 
- [Polymer Inter-varsity ESG Case Challenge 2022](https://www.hkubs.hku.hk/sc/media/school-news/polymer-inter-varsity-esg-case-challenge-2022/) - Polymer Capital is a leading alternative investment firm with a market-neutral, multi-manager platform investing in liquid securities with a strong Asia focus. One of the missions of Polymer is to discover and to develop the region’s best talent. 
- [1st Runner-up of the Asian Business Case Competition 2022](https://www.hkubs.hku.hk/sc/media/school-news/1st-runner-up-of-the-asian-business-case-competitionnanyang-2022/) - Background: Asian Business Case Competition (ABCC) is an international undergraduate business case competition hosted by the Nanyang Technological University (NTU). It aims to gather the brightest students from business schools across Europe, North America and Asia Pacific to put their analytical thinking competencies and communication skills to the test by solving real-life business problems. In
- [1st Runner-up of the Asian Business Case Competition 2022](https://www.hkubs.hku.hk/sc/media/school-news/1st-runner-up-of-the-asian-business-case-competitionnanyang-2022/) - Background: Asian Business Case Competition (ABCC) is an international undergraduate business case competition hosted by the Nanyang Technological University (NTU). It aims to gather the brightest students from business schools across Europe, North America and Asia Pacific to put their analytical thinking competencies and communication skills to the test by solving real-life business problems. In
- [HKGCC Business Case Competition 2021](https://www.hkubs.hku.hk/sc/media/school-news/hkgcc-business-case-competition-2021/) - The HKGCC Business Case Competition is an annual competition hosted by Hong Kong General Chamber of Commerce (HKGCC). The competition aims to promote the exchange of ideas between tertiary students and businesses by encouraging students to utilize the skills and knowledge learned in class to develop feasible solutions for real-life business problems.
- [HKGCC Business Case Competition 2021](https://www.hkubs.hku.hk/sc/media/school-news/hkgcc-business-case-competition-2021/) - The HKGCC Business Case Competition is an annual competition hosted by Hong Kong General Chamber of Commerce (HKGCC). The competition aims to promote the exchange of ideas between tertiary students and businesses by encouraging students to utilize the skills and knowledge learned in class to develop feasible solutions for real-life business problems.
- [HKGCC Business Case Competition 2021](https://www.hkubs.hku.hk/sc/media/school-news/hkgcc-business-case-competition-2021/) - The HKGCC Business Case Competition is an annual competition hosted by Hong Kong General Chamber of Commerce (HKGCC). The competition aims to promote the exchange of ideas between tertiary students and businesses by encouraging students to utilize the skills and knowledge learned in class to develop feasible solutions for real-life business problems.
- [1st Runner-up of the Asian Business Case Competition 2022](https://www.hkubs.hku.hk/sc/media/school-news/1st-runner-up-of-the-asian-business-case-competitionnanyang-2022/) - Background: Asian Business Case Competition (ABCC) is an international undergraduate business case competition hosted by the Nanyang Technological University (NTU). It aims to gather the brightest students from business schools across Europe, North America and Asia Pacific to put their analytical thinking competencies and communication skills to the test by solving real-life business problems. In
- [「香港经济前景展望」研讨会  云集政商贤达 积极出谋献策](https://www.hkubs.hku.hk/sc/media/press-release/「香港经济前景展望」研讨会-云集政商贤达-积极/) - 港大经管学院主办，并由香港经济及商业策略研究所、数字经济与创新 研究所和亚洲环球研究所协办的「香港经济前景展望」研讨会今日圆满举行。研讨会为知名学者、政 策制定者及商界领袖提供一个交流平台，探讨经济发展政策方向及机遇，旨在为香港经济的可持续发展作出贡献。
- [「香港經濟前景展望」研討會  雲集政商賢達 積極出謀獻策](https://www.hkubs.hku.hk/sc/media/press-release/「香港经济前景展望」研讨会-云集政商贤达-积极/) - 港大經管學院主辦，並由香港經濟及商業策略研究所、數字經濟與創新 研究所和亞洲環球研究所協辦的「香港經濟前景展望」研討會今日圓滿舉行。研討會為知名學者、政 策制定者及商界領袖提供一個交流平台，探討經濟發展政策方向及機遇，旨在為香港經濟的可持續發展作出貢獻。
- [港大经管学院发表「香港经济政策绿皮书2022」 携手为香港未来经济发展献策](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院发表「香港经济政策绿皮书2022」-携手/) - 港大经管学院今日发表「香港经济政策绿皮书2022」，就香港经济政策的主要范畴作出分析并提出新举措，为未来经济发展作出贡献。
- [港大經管學院發表「香港經濟政策綠皮書2022」 攜手為香港未來經濟發展獻策](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院发表「香港经济政策绿皮书2022」-携手/) - 港大經管學院今日發表「香港經濟政策綠皮書2022」，就香港經濟政策的主要範疇作出分析並提出新舉措，為未來經濟發展作出貢獻。
- [HKU Business School publishes the “Hong Kong Economic Policy Green Paper 2022”, joining hands to offer recommendations on Hong Kong’s economic development](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院发表「香港经济政策绿皮书2022」-携手/) - HKU Business School today announced the “Hong Kong Economic Policy Green Paper 2022” (Green Paper 2022). The Green Paper aims to analyse the key areas of Hong Kong's economic policy and find new insights into enhancing Hong Kong’s economic development.
- [Successfully Completion of “Creativity, Innovation and Entrepreneurship in China” Summer Virtual Programme 2022](https://www.hkubs.hku.hk/sc/media/school-news/successfully-completion-of-creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme-2022/) - The 2nd edition of “Creativity, Innovation and Entrepreneurship in China (CIEC)” Summer Programme was successfully completed on August 9, 2022. Further to the inaugural CIEC programme in 2019, this year, we are happy to have brought together 43 students from different faculties in The University of Hong Kong and other top universities in Australia, Belgium, United Kingdom, and Mainland China for a virtual summer programme.
- [Successfully Completion of “Creativity, Innovation and Entrepreneurship in China” Summer Virtual Programme 2022](https://www.hkubs.hku.hk/sc/media/school-news/successfully-completion-of-creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme-2022/) - The 2nd edition of “Creativity, Innovation and Entrepreneurship in China (CIEC)” Summer Programme was successfully completed on August 9, 2022. Further to the inaugural CIEC programme in 2019, this year, we are happy to have brought together 43 students from different faculties in The University of Hong Kong and other top universities in Australia, Belgium, United Kingdom, and Mainland China for a virtual summer programme.
- [Successfully Completion of “Creativity, Innovation and Entrepreneurship in China” Summer Virtual Programme 2022](https://www.hkubs.hku.hk/sc/media/school-news/successfully-completion-of-creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme-2022/) - The 2nd edition of “Creativity, Innovation and Entrepreneurship in China (CIEC)” Summer Programme was successfully completed on August 9, 2022. Further to the inaugural CIEC programme in 2019, this year, we are happy to have brought together 43 students from different faculties in The University of Hong Kong and other top universities in Australia, Belgium, United Kingdom, and Mainland China for a virtual summer programme.
- [Business Administration Paper 2021 Sponsored by UBS](https://www.hkubs.hku.hk/sc/media/school-news/business-administration-paper-2021-sponsored-by-ubs/) - Background: Established in 1986, the Business Administration Paper (BA Paper) is an international case competition held annually by the Hong Kong Federation of Business Students (HKFBS). This year, over 50 teams from all around the world virtually joined the competition. To participate in the BA Paper Case Competition, teams were required to submit a 5-page
- [Business Administration Paper 2021 Sponsored by UBS](https://www.hkubs.hku.hk/sc/media/school-news/business-administration-paper-2021-sponsored-by-ubs/) - Background: Established in 1986, the Business Administration Paper (BA Paper) is an international case competition held annually by the Hong Kong Federation of Business Students (HKFBS). This year, over 50 teams from all around the world virtually joined the competition. To participate in the BA Paper Case Competition, teams were required to submit a 5-page
- [Business Administration Paper 2021 Sponsored by UBS](https://www.hkubs.hku.hk/sc/media/school-news/business-administration-paper-2021-sponsored-by-ubs/) - Background: Established in 1986, the Business Administration Paper (BA Paper) is an international case competition held annually by the Hong Kong Federation of Business Students (HKFBS). This year, over 50 teams from all around the world virtually joined the competition. To participate in the BA Paper Case Competition, teams were required to submit a 5-page
- [BOCHK Challenge 2021-22](https://www.hkubs.hku.hk/sc/media/school-news/bochk-challenge-2021-22/) - Background: The BOCHK Challenge, organized by Bank of China (Hong Kong), aims to explore the potentials , nurture talents of youngsters and create groundbreaking business models with innovative technological solutions. The theme of the challenge this year covered five of the most trending technologies in the market. By applying these technologies to the financial industry,
- [BOCHK Challenge 2021-22](https://www.hkubs.hku.hk/sc/media/school-news/bochk-challenge-2021-22/) - Background: The BOCHK Challenge, organized by Bank of China (Hong Kong), aims to explore the potentials , nurture talents of youngsters and create groundbreaking business models with innovative technological solutions. The theme of the challenge this year covered five of the most trending technologies in the market. By applying these technologies to the financial industry,
- [BOCHK Challenge 2021-22](https://www.hkubs.hku.hk/sc/media/school-news/bochk-challenge-2021-22/) - Background: The BOCHK Challenge, organized by Bank of China (Hong Kong), aims to explore the potentials , nurture talents of youngsters and create groundbreaking business models with innovative technological solutions. The theme of the challenge this year covered five of the most trending technologies in the market. By applying these technologies to the financial industry,
- [MonsoonSIM Enterprise Resource Management Competition 2021](https://www.hkubs.hku.hk/sc/media/school-news/monsoonsim-enterprise-resource-management-competition-2021/) - Background: The MonsoonSIM International ERM Competition (MERMC) is an annual inter-varsity competition hosted by MonsoonSIM and its partners. The competition provides an opportunity for students to gain knowledge of how to adapt to the changing business environments, use the enterprise resource planning (ERP) system, run a successful business with limited resources and manage a large
- [MonsoonSIM Enterprise Resource Management Competition 2021](https://www.hkubs.hku.hk/sc/media/school-news/monsoonsim-enterprise-resource-management-competition-2021/) - Background: The MonsoonSIM International ERM Competition (MERMC) is an annual inter-varsity competition hosted by MonsoonSIM and its partners. The competition provides an opportunity for students to gain knowledge of how to adapt to the changing business environments, use the enterprise resource planning (ERP) system, run a successful business with limited resources and manage a large
- [MonsoonSIM Enterprise Resource Management Competition 2021](https://www.hkubs.hku.hk/sc/media/school-news/monsoonsim-enterprise-resource-management-competition-2021/) - Background: The MonsoonSIM International ERM Competition (MERMC) is an annual inter-varsity competition hosted by MonsoonSIM and its partners. The competition provides an opportunity for students to gain knowledge of how to adapt to the changing business environments, use the enterprise resource planning (ERP) system, run a successful business with limited resources and manage a large
- [何国俊博士获颁2022年「学院知识交流奖」（Faculty Knowledge Exchange (KE) Awards）](https://www.hkubs.hku.hk/sc/media/school-news/何国俊博士获颁2022年「学院知识交流奖」（faculty-knowledge-exchange-ke-aw/) - 何博士的获奖项目「中国『与污染宣战』后取得的巨大成就」，唤起大众关注中国近年治理污染的成就，以及中国环境污染在社会、经济及健康层面的影响。此外，何博士亦积极参与学术交流论坛，研究成果被大众媒体广泛报导，并运用于学习活动当中。
- [何國俊博士獲頒2022年「學院知識交流獎」（Faculty Knowledge Exchange (KE) Awards）](https://www.hkubs.hku.hk/sc/media/school-news/何国俊博士获颁2022年「学院知识交流奖」（faculty-knowledge-exchange-ke-aw/) - 何博士的獲獎項目「中國『與污染宣戰』後取得的巨大成就」，喚起大眾關注中國近年治理污染的成就，以及中國環境污染在社會、經濟及健康層面的影響。此外，何博士亦積極參與學術交流論壇，研究成果被大眾媒體廣泛報導，並運用於學習活動當中。
- [Dr. Guojun He receives Faculty Knowledge Exchange (KE) Awards 2022](https://www.hkubs.hku.hk/sc/media/school-news/何国俊博士获颁2022年「学院知识交流奖」（faculty-knowledge-exchange-ke-aw/) - With his award-winning research ‘The Extraordinary Success of China’s War on Pollution’, Dr. He raised awareness of China’s success in tackling pollution in recent years and highlighted the social, economic and health impacts of environmental pollution in the Mainland. Dr. He also actively participated in academic exchange forums, and his research findings were widely covered by mass media and integrated into learning activities.
- [HKU-Accenture Business Consulting Programme 2021-22 - One Day Programme](https://www.hkubs.hku.hk/sc/media/school-news/hku-accenture-business-consulting-programme-2021-22-one-day-programme/) - Background: The HKU-Accenture Business Consulting Programme is a unique learning opportunity that gives Business School students exposure to business consulting and equips them with fundamental skills, knowledge and methodologies for delivering values to enterprises. Due to the outbreak of COVID-19, an intensive one-day programme was organized for all 14 participating students on 11 June 2022.
- [HKU-Accenture Business Consulting Programme 2021-22 - One Day Programme](https://www.hkubs.hku.hk/sc/media/school-news/hku-accenture-business-consulting-programme-2021-22-one-day-programme/) - Background: The HKU-Accenture Business Consulting Programme is a unique learning opportunity that gives Business School students exposure to business consulting and equips them with fundamental skills, knowledge and methodologies for delivering values to enterprises. Due to the outbreak of COVID-19, an intensive one-day programme was organized for all 14 participating students on 11 June 2022.
- [HKU-Accenture Business Consulting Programme 2021-22 - One Day Programme](https://www.hkubs.hku.hk/sc/media/school-news/hku-accenture-business-consulting-programme-2021-22-one-day-programme/) - Background: The HKU-Accenture Business Consulting Programme is a unique learning opportunity that gives Business School students exposure to business consulting and equips them with fundamental skills, knowledge and methodologies for delivering values to enterprises. Due to the outbreak of COVID-19, an intensive one-day programme was organized for all 14 participating students on 11 June 2022.
- [港大經管學院宣布香港大學特拉維夫創新中心正式成立（HKU-Tel Aviv Innovation Hub）](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院宣布香港大学特拉维夫创新中心正式/) - 港大經管學院於2022年8月1日宣布，位於以色列特拉維夫的香港大學特拉維夫創新中心（創新中心）正式成立。港大經管學院院長蔡洪濱教授與創新中心創辦人兼執行董事Roni Michaely教授為開幕禮致歡迎辭，並聯同多名校友、合作夥伴等一同慶祝這個重要時刻。
- [港大经管学院宣布香港大学特拉维夫创新中心正式成立（HKU-Tel Aviv Innovation Hub）](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院宣布香港大学特拉维夫创新中心正式/) - 港大经管学院于2022年8月1日宣布，位于以色列特拉维夫的香港大学特拉维夫创新中心（创新中心）正式成立。港大经管学院院长蔡洪滨教授与创新中心创办人兼执行董事Roni Michaely教授为开幕礼致欢迎辞，并联同多名校友、合作伙伴等一同庆祝这个重要时刻。
- [HKU Business School Announces the Official Launch of the HKU-Tel Aviv Innovation Hub](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院宣布香港大学特拉维夫创新中心正式/) - HKU Business School announced the official launch of the HKU-Tel Aviv Innovation Hub in Tel-Aviv, Israel on August 1, 2022. Professor Hongbin Cai, Dean of HKU Business and Professor Roni Michaely, Founder and Executive Director of the Hub delivered welcome speeches at the ceremony, and celebrated this momentous occasion with numerous alumni, corporate partners and distinguished guests.
- [港大經管學院宣布香港大學越南代表辦事處正式成立（Representative Office of HKU in Vietnam）](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院宣布香港大学越南代表办事处正式成/) - 港大經管學院院長蔡洪濱教授率領代表團出席開幕典禮，聯同校友、合作夥伴等過百位賓客一同見證這個重要的里程碑。
- [HKU Business School Announces the Official Launch of the Representative Office of HKU in Vietnam](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院宣布香港大学越南代表办事处正式成/) - Professor Hongbin Cai, Dean of HKU Business School, led a delegation to join the opening ceremony, celebrating this important milestone with over 100 alumni, corporate partners and distinguished guests.
- [港大经管学院宣布香港大学越南代表办事处正式成立（Representative Office of HKU in Vietnam）](https://www.hkubs.hku.hk/sc/media/school-news/港大经管学院宣布香港大学越南代表办事处正式成/) - 港大经管学院院长蔡洪滨教授率领代表团出席开幕典礼，联同校友、合作伙伴等过百位宾客一同见证这个重要的里程碑。
- [International Macro Business Simulation Competition 2022](https://www.hkubs.hku.hk/sc/media/school-news/international-macro-business-simulation-competition-2022/) - Background: The International Macro Business Simulation 2022 aims to provide students with the edge to broaden their business acumen, critical thinking and competitiveness in the community through the experiential learning experience of Business Management Simulation. The competition consisted of four rounds. Participating teams were required to go through a month-long Bootcamp on learning the Macro
- [International Macro Business Simulation Competition 2022](https://www.hkubs.hku.hk/sc/media/school-news/international-macro-business-simulation-competition-2022/) - Background: The International Macro Business Simulation 2022 aims to provide students with the edge to broaden their business acumen, critical thinking and competitiveness in the community through the experiential learning experience of Business Management Simulation. The competition consisted of four rounds. Participating teams were required to go through a month-long Bootcamp on learning the Macro
- [International Macro Business Simulation Competition 2022](https://www.hkubs.hku.hk/sc/media/school-news/international-macro-business-simulation-competition-2022/) - Background: The International Macro Business Simulation 2022 aims to provide students with the edge to broaden their business acumen, critical thinking and competitiveness in the community through the experiential learning experience of Business Management Simulation. The competition consisted of four rounds. Participating teams were required to go through a month-long Bootcamp on learning the Macro
- [Innovation Häagen-Dazs competition](https://www.hkubs.hku.hk/sc/media/school-news/innovation-haagen-dazs-competition/) - Background: Innovation Häagen-Dazs provides an opportunity for students to submit innovative ideas to transform a quality ice cream company into a brand focused on consumer experiences. The competition consisted of three rounds. During the competition, students in teams of two to five members across the world were required to submit the presentation deck in the
- [Innovation Häagen-Dazs competition](https://www.hkubs.hku.hk/sc/media/school-news/innovation-haagen-dazs-competition/) - Background: Innovation Häagen-Dazs provides an opportunity for students to submit innovative ideas to transform a quality ice cream company into a brand focused on consumer experiences. The competition consisted of three rounds. During the competition, students in teams of two to five members across the world were required to submit the presentation deck in the
- [Innovation Häagen-Dazs competition](https://www.hkubs.hku.hk/sc/media/school-news/innovation-haagen-dazs-competition/) - Background: Innovation Häagen-Dazs provides an opportunity for students to submit innovative ideas to transform a quality ice cream company into a brand focused on consumer experiences. The competition consisted of three rounds. During the competition, students in teams of two to five members across the world were required to submit the presentation deck in the
- [港大經管學院推出「未來領袖獎學金計劃」](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院推出「未来领袖奖学金计划」/) - 港大經管學院一向致力培育新一代成為更全面及具前瞻性的領袖，今日欣然宣布推出「未來領袖獎學金計劃」（簡稱「計劃」）（Future Leader Scholarship Programme），旨在嘉勉學術成績表現卓越的本地本科生，每年設名額100個。
- [港大经管学院推出「未来领袖奖学金计划」](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院推出「未来领袖奖学金计划」/) - 港大经管学院一向致力培育新一代成为更全面及具前瞻性的领袖，今日欣然宣布推出「未来领袖奖学金计划」（简称「计划」）（Future Leader Scholarship Programme），旨在嘉勉学术成绩表现卓越的本地本科生，每年设名额100个。
- [HKU Business School launches the Future Leader Scholarship Programme](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院推出「未来领袖奖学金计划」/) - HKU Business School today announces the launch of a new scholarship, the Future Leader Scholarship Programme, which will be offered to top 100 local undergraduates in HKU Business School every year.
- [Highlights of HKU 206th Congregation - Faculty of Business and Economics (Summer Session)](https://www.hkubs.hku.hk/sc/media/school-news/graduation-ceremony-2022/) - https://youtu.be/jmi74hvSPdQ
- [【精彩重温】第二百零六届学位颁授典礼](https://www.hkubs.hku.hk/sc/media/school-news/graduation-ceremony-2022/) - https://youtu.be/jmi74hvSPdQ
- [【精彩重溫】第二百零六屆學位頒授典禮](https://www.hkubs.hku.hk/sc/media/school-news/graduation-ceremony-2022/) - https://youtu.be/jmi74hvSPdQ
- [港大经管学院「量化历史研究」 获大学教育资助委员会拨款创新高](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院「量化历史研究」-获大学教育资助委/) - 港大经管学院今日宣布，由陈志武教授统筹的跨领域研究项目获得大学教育资助委员会（教资会）辖下的研究资助局（研资局）6,732万港元（即逾850万美元） 的拨款资助，再加上香港大学的支持，此单一研究项目共获得7,480万港元 （即逾950万美元），资助金额创学院自2001年成立以来的新高。
- [港大經管學院「量化歷史研究」 獲大學教育資助委員會撥款創新高](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院「量化历史研究」-获大学教育资助委/) - 港大經管學院今日宣布，由陳志武教授統籌的跨領域研究項目獲得大學教育資助委員會（教資會）轄下的研究資助局（研資局）6,732萬港元（即逾850萬美元） 的撥款資助，再加上香港大學的支持，此單一研究項目共獲得7,480萬港元 （即逾950萬美元），資助金額創學院自2001年成立以來的新高。
- [HKU Business School garners record high UGC funding for research on the “Quantitative History of China”](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院「量化历史研究」-获大学教育资助委/) - The HKU Business School (or the “School”) today announced that its interdisciplinary research project, coordinated by Professor Zhiwu Chen, was awarded HK$67.32 million (over US$8.5 million) by the Research Grants Council (RGC) under the University Grant Committee (UGC), alongside substantial funding from the University, totalling up to HK$74.8 million (over US$9.5 million).
- [HKU Business School successfully holds first Greater Bay Area Digital Economy and Business Analytics Summit](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-successfully-holds-first-greater-bay-area-digital-economy-and-business-analytics-summit/) - On June 25, 2022, HKU Business School successfully held the first Greater Bay Area Digital Economy and Business Analytics Summit, with the theme "Digital Intelligence Economy, Empowering the Greater Bay Area".
- [HKU Business School successfully holds first Greater Bay Area Digital Economy and Business Analytics Summit](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-successfully-holds-first-greater-bay-area-digital-economy-and-business-analytics-summit/) - On June 25, 2022, HKU Business School successfully held the first Greater Bay Area Digital Economy and Business Analytics Summit, with the theme "Digital Intelligence Economy, Empowering the Greater Bay Area".
- [HKU Business School successfully holds first Greater Bay Area Digital Economy and Business Analytics Summit](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-successfully-holds-first-greater-bay-area-digital-economy-and-business-analytics-summit/) - On June 25, 2022, HKU Business School successfully held the first Greater Bay Area Digital Economy and Business Analytics Summit, with the theme "Digital Intelligence Economy, Empowering the Greater Bay Area".
- [A Promising Career for Graduates of the Asset Management and Private Banking Programme Second Cohort 2022](https://www.hkubs.hku.hk/sc/media/school-news/asset-management-and-private-banking-second-cohort-2022-graduating/) - The Bachelor of Finance in Asset Management and Private Banking programme was founded in 2017, 20 students are graduating this year with another 12 students moving into Year 5. The latter are students who have taken gap term during their studies and such experience would definitely broaden their perspectives in career development. Out of the
- [A Promising Career for Graduates of the Asset Management and Private Banking Programme Second Cohort 2022](https://www.hkubs.hku.hk/sc/media/school-news/asset-management-and-private-banking-second-cohort-2022-graduating/) - The Bachelor of Finance in Asset Management and Private Banking programme was founded in 2017, 20 students are graduating this year with another 12 students moving into Year 5. The latter are students who have taken gap term during their studies and such experience would definitely broaden their perspectives in career development. Out of the
- [A Promising Career for Graduates of the Asset Management and Private Banking Programme Second Cohort 2022](https://www.hkubs.hku.hk/sc/media/school-news/asset-management-and-private-banking-second-cohort-2022-graduating/) - The Bachelor of Finance in Asset Management and Private Banking programme was founded in 2017, 20 students are graduating this year with another 12 students moving into Year 5. The latter are students who have taken gap term during their studies and such experience would definitely broaden their perspectives in career development. Out of the
- [L'Oréal Brandstorm 2022 - Hong Kong National Champion (Tech Track)](https://www.hkubs.hku.hk/sc/media/school-news/loreal-brandstorm-2022-hong-kong-national-champion-tech-track/) - Background: The L’Oréal Brandstorm is an international innovation case competition with participants from 65 countries. This year, more than 1300 registrants with 270 teams from 3 tracks - Green, Inclusion, and Tech have pitched their projects in Hong Kong. Each participating team consisting of 3 members shall come up with an unconventional solution to pitch
- [L'Oréal Brandstorm 2022 - Hong Kong National Champion (Tech Track)](https://www.hkubs.hku.hk/sc/media/school-news/loreal-brandstorm-2022-hong-kong-national-champion-tech-track/) - Background: The L’Oréal Brandstorm is an international innovation case competition with participants from 65 countries. This year, more than 1300 registrants with 270 teams from 3 tracks - Green, Inclusion, and Tech have pitched their projects in Hong Kong. Each participating team consisting of 3 members shall come up with an unconventional solution to pitch
- [L'Oréal Brandstorm 2022 - Hong Kong National Champion (Tech Track)](https://www.hkubs.hku.hk/sc/media/school-news/loreal-brandstorm-2022-hong-kong-national-champion-tech-track/) - Background: The L’Oréal Brandstorm is an international innovation case competition with participants from 65 countries. This year, more than 1300 registrants with 270 teams from 3 tracks - Green, Inclusion, and Tech have pitched their projects in Hong Kong. Each participating team consisting of 3 members shall come up with an unconventional solution to pitch
- [EY Young Tax Professional of the Year 2022](https://www.hkubs.hku.hk/sc/media/school-news/ey-young-tax-professional-of-the-year-2022/) - Background: The EYHK Young Tax Professional of the Year is an international competition designed to reward young talents and foster the next generation of tax leaders. As one of the yearly highlights of EY Hong Kong, the competition provides an opportunity for students to share experiences with people from a range of backgrounds and cultures.
- [EY Young Tax Professional of the Year 2022](https://www.hkubs.hku.hk/sc/media/school-news/ey-young-tax-professional-of-the-year-2022/) - Background: The EYHK Young Tax Professional of the Year is an international competition designed to reward young talents and foster the next generation of tax leaders. As one of the yearly highlights of EY Hong Kong, the competition provides an opportunity for students to share experiences with people from a range of backgrounds and cultures.
- [EY Young Tax Professional of the Year 2022](https://www.hkubs.hku.hk/sc/media/school-news/ey-young-tax-professional-of-the-year-2022/) - Background: The EYHK Young Tax Professional of the Year is an international competition designed to reward young talents and foster the next generation of tax leaders. As one of the yearly highlights of EY Hong Kong, the competition provides an opportunity for students to share experiences with people from a range of backgrounds and cultures.
- [Joint University Algo FX Trading Challenge 2021](https://www.hkubs.hku.hk/sc/media/school-news/joint-university-algo-fx-trading-challenge-2021/) - Background: The Joint-University Algo FX Trading Challenge 2021, organized by Algo Challenge Association, aims to identify and nurture the next generation of algo trading talents and advance the development of the FinTech industry in Hong Kong. The Challenge focuses on Hong Kong Equity Market, including stocks, futures, and options. Participating students implement their strategies and
- [J.P. Morgan Private Bank Challenge 2022](https://www.hkubs.hku.hk/sc/media/school-news/j-p-morgan-private-bank-challenge-2022/) - Background: J.P. Morgan Private Bank Challenge 2022 provides an opportunity for students to gain knowledge of how the Global Private Bank business works, get access to senior leaders and gain invaluable skills to prepare them for future opportunities at the firm. Through a hypothetical case study, students are able to find out what it takes
- [Direct Dialogue with Investment Consulting and Family Office Expertise](https://www.hkubs.hku.hk/sc/media/school-news/direct-dialogue-with-investment-consulting-and-family-office-expertise/) - A new course, FINA 3336 – Investment Consulting, Institutional Business and Family Office, was added to the AMPB curriculum in the second semester of 2021-22. The course was led by two experienced industry practitioners, Ms. Janet Li and Mr. Edmond Lau, and aims to provide conceptual and practical approach to the understanding of the institutional
- [Direct Dialogue with Investment Consulting and Family Office Expertise](https://www.hkubs.hku.hk/sc/media/school-news/direct-dialogue-with-investment-consulting-and-family-office-expertise/) - A new course, FINA 3336 – Investment Consulting, Institutional Business and Family Office, was added to the AMPB curriculum in the second semester of 2021-22. The course was led by two experienced industry practitioners, Ms. Janet Li and Mr. Edmond Lau, and aims to provide conceptual and practical approach to the understanding of the institutional
- [Direct Dialogue with Investment Consulting and Family Office Expertise](https://www.hkubs.hku.hk/sc/media/school-news/direct-dialogue-with-investment-consulting-and-family-office-expertise/) - A new course, FINA 3336 – Investment Consulting, Institutional Business and Family Office, was added to the AMPB curriculum in the second semester of 2021-22. The course was led by two experienced industry practitioners, Ms. Janet Li and Mr. Edmond Lau, and aims to provide conceptual and practical approach to the understanding of the institutional
- [J.P. Morgan Private Bank Challenge 2022](https://www.hkubs.hku.hk/sc/media/school-news/j-p-morgan-private-bank-challenge-2022/) - Background: J.P. Morgan Private Bank Challenge 2022 provides an opportunity for students to gain knowledge of how the Global Private Bank business works, get access to senior leaders and gain invaluable skills to prepare them for future opportunities at the firm. Through a hypothetical case study, students are able to find out what it takes
- [J.P. Morgan Private Bank Challenge 2022](https://www.hkubs.hku.hk/sc/media/school-news/j-p-morgan-private-bank-challenge-2022/) - Background: J.P. Morgan Private Bank Challenge 2022 provides an opportunity for students to gain knowledge of how the Global Private Bank business works, get access to senior leaders and gain invaluable skills to prepare them for future opportunities at the firm. Through a hypothetical case study, students are able to find out what it takes
- [Joint University Algo FX Trading Challenge 2021](https://www.hkubs.hku.hk/sc/media/school-news/joint-university-algo-fx-trading-challenge-2021/) - Background: The Joint-University Algo FX Trading Challenge 2021, organized by Algo Challenge Association, aims to identify and nurture the next generation of algo trading talents and advance the development of the FinTech industry in Hong Kong. The Challenge focuses on Hong Kong Equity Market, including stocks, futures, and options. Participating students implement their strategies and
- [Joint University Algo FX Trading Challenge 2021](https://www.hkubs.hku.hk/sc/media/school-news/joint-university-algo-fx-trading-challenge-2021/) - Background: The Joint-University Algo FX Trading Challenge 2021, organized by Algo Challenge Association, aims to identify and nurture the next generation of algo trading talents and advance the development of the FinTech industry in Hong Kong. The Challenge focuses on Hong Kong Equity Market, including stocks, futures, and options. Participating students implement their strategies and
- [Learning state-of-the-art social collaboration in the fast-paced global business environment](https://www.hkubs.hku.hk/sc/media/school-news/learning-state-of-the-art-social-collaboration-in-the-fast-paced-global-business-environment/) - The Virtual Business Professional (VBP) Project offered by the Marshall School of Business at the University of Southern California (USC) is a six-week project that offers students an opportunity to collaborate and work in a virtual setting with students from all over the world to develop virtual and cross-cultural collaboration skills using state-of-the-art collaboration tools.
- [Learning state-of-the-art social collaboration in the fast-paced global business environment](https://www.hkubs.hku.hk/sc/media/school-news/learning-state-of-the-art-social-collaboration-in-the-fast-paced-global-business-environment/) - The Virtual Business Professional (VBP) Project offered by the Marshall School of Business at the University of Southern California (USC) is a six-week project that offers students an opportunity to collaborate and work in a virtual setting with students from all over the world to develop virtual and cross-cultural collaboration skills using state-of-the-art collaboration tools.
- [Learning state-of-the-art social collaboration in the fast-paced global business environment](https://www.hkubs.hku.hk/sc/media/school-news/learning-state-of-the-art-social-collaboration-in-the-fast-paced-global-business-environment/) - The Virtual Business Professional (VBP) Project offered by the Marshall School of Business at the University of Southern California (USC) is a six-week project that offers students an opportunity to collaborate and work in a virtual setting with students from all over the world to develop virtual and cross-cultural collaboration skills using state-of-the-art collaboration tools.
- [Impact Lab released its first Annual Report](https://www.hkubs.hku.hk/sc/media/school-news/impact-lab-released-its-first-annual-report/) - Impact Lab is an experiential learning course offered by HKU Business School, designing to nurture the next generation of socially conscious business leaders. In its newly released 2021-22 Annual Report, it details how Impact Lab realises its vision - Internationlisation, Innovation, Interdisciplinarity, and hence creates Impact. It also displays achievements Impact Lab has made in
- [Impact Lab released its first Annual Report](https://www.hkubs.hku.hk/sc/media/school-news/impact-lab-released-its-first-annual-report/) - Impact Lab is an experiential learning course offered by HKU Business School, designing to nurture the next generation of socially conscious business leaders. In its newly released 2021-22 Annual Report, it details how Impact Lab realises its vision - Internationlisation, Innovation, Interdisciplinarity, and hence creates Impact. It also displays achievements Impact Lab has made in
- [Impact Lab released its first Annual Report](https://www.hkubs.hku.hk/sc/media/school-news/impact-lab-released-its-first-annual-report/) - Impact Lab is an experiential learning course offered by HKU Business School, designing to nurture the next generation of socially conscious business leaders. In its newly released 2021-22 Annual Report, it details how Impact Lab realises its vision - Internationlisation, Innovation, Interdisciplinarity, and hence creates Impact. It also displays achievements Impact Lab has made in
- [HKU Business School Students shine in The Hong Kong Joint University Case Competition 2022](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-students-shine-in-the-hong-kong-joint-university-case-competition-2022/) - Congratulations! Two teams of our students won the Championship and 2nd Runner-up in The Hong Kong Joint University Case Competition (HKJUCC) 2022. Background: Organised by the HKU International Case Society (HICS), the HKJUCC is an external competition among 16 student teams from 4 top universities in Hong Kong, including The University of Hong Kong, The
- [港大经管学子于《The Hong Kong Joint University Case Competition 2022》中夺金夺铜](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-students-shine-in-the-hong-kong-joint-university-case-competition-2022/) - Congratulations! Two teams of our students won the Championship and 2nd Runner-up in The Hong Kong Joint University Case Competition (HKJUCC) 2022. Background: Organised by the HKU International Case Society (HICS), the HKJUCC is an external competition among 16 student teams from 4 top universities in Hong Kong, including The University of Hong Kong, The
- [港大經管學子於《The Hong Kong Joint University Case Competition 2022》中奪金奪銅](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-students-shine-in-the-hong-kong-joint-university-case-competition-2022/) - Congratulations! Two teams of our students won the Championship and 2nd Runner-up in The Hong Kong Joint University Case Competition (HKJUCC) 2022. Background: Organised by the HKU International Case Society (HICS), the HKJUCC is an external competition among 16 student teams from 4 top universities in Hong Kong, including The University of Hong Kong, The
- [HKU Business School Students Dominate the Scotiabank International Case Competition 2022](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-students-dominate-the-scotiabank-international-case-competition-2022/) - Facing off against 12 competitive teams across the globe, our students have come out on top and become the winner of the 32nd Annual Scotiabank International Case Competition! Let’s give them a round of applause! Background: The Scotiabank International Case Competition (SICC) 2022 was organised and hosted entirely by the Ivey Business School students. This year marks
- [港大经管学子称霸 《Scotiabank International Case Competition 2022》](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-students-dominate-the-scotiabank-international-case-competition-2022/) - Facing off against 12 competitive teams across the globe, our students have come out on top and become the winner of the 32nd Annual Scotiabank International Case Competition! Let’s give them a round of applause! Background: The Scotiabank International Case Competition (SICC) 2022 was organised and hosted entirely by the Ivey Business School students. This year marks
- [港大經管學子稱霸 《Scotiabank International Case Competition 2022》](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-students-dominate-the-scotiabank-international-case-competition-2022/) - Facing off against 12 competitive teams across the globe, our students have come out on top and become the winner of the 32nd Annual Scotiabank International Case Competition! Let’s give them a round of applause! Background: The Scotiabank International Case Competition (SICC) 2022 was organised and hosted entirely by the Ivey Business School students. This year marks
- [劉挺軍教授榮獲2021-22年度學院傑出研究學者獎](https://www.hkubs.hku.hk/sc/media/school-news/professor-tingjun-liu-receives-faculty-outstanding-researcher-award-2021-22/) - 恭賀港大經管學院金融系教授劉挺軍博士獲頒2021-22年度「學院傑出研究學者獎」﹙Faculty Outstanding Researcher Award﹚。 劉教授是研究「拍賣理論」的優秀學者，他對金融學中證券投標拍賣 ﹙Security-bid Auction﹚ 這個較少有人涉獵的研究領域有精闢獨到的見解。過去五年，劉教授共有五篇研究獲刊登於國際頂尖學術期刊，包括《美國經濟評論》﹙American Economic Review﹚、《管理科學》﹙Management Science﹚、《經濟理論雜誌》﹙Journal of Economic Theory﹚及《金融雜誌》﹙The Journal of Finance﹚。 評審委員會表揚劉教授出色的研究質量，以及他透過創新研究為學術界作出的重要貢獻。 「學院傑出研究學者獎」於2013年設立，旨在表揚及嘉獎學者於商學及經濟學方面的傑出研究，並獲國際認可的非凡成就。
- [刘挺军教授荣获2021-22年度学院杰出研究学者奖](https://www.hkubs.hku.hk/sc/media/school-news/professor-tingjun-liu-receives-faculty-outstanding-researcher-award-2021-22/) - 恭贺港大经管学院金融系教授刘挺军博士获颁2021-22年度「学院杰出研究学者奖」﹙Faculty Outstanding Researcher Award﹚。 刘教授是研究「拍卖理论」的优秀学者，他对金融学中证券投标拍卖 ﹙Security-bid Auction﹚ 这个较少有人涉猎的研究领域有精辟独到的见解。过去五年，刘教授共有五篇研究获刊登于国际顶尖学术期刊，包括《美国经济评论》﹙American Economic Review﹚、《管理科学》﹙Management Science﹚、《经济理论杂志》﹙Journal of Economic Theory﹚及《金融杂志》﹙The Journal of Finance﹚。 评审委员会表扬刘教授出色的研究质量，以及他透过创新研究为学术界作出的重要贡献。 「学院杰出研究学者奖」于2013年设立，旨在表扬及嘉奖学者于商学及经济学方面的杰出研究，并获国际认可的非凡成就。
- [Professor Tingjun Liu receives Faculty Outstanding Researcher Award 2021-22](https://www.hkubs.hku.hk/sc/media/school-news/professor-tingjun-liu-receives-faculty-outstanding-researcher-award-2021-22/) - Congratulations to Professor Tingjun Liu, Professor in Finance, on winning the Faculty Outstanding Researcher Award 2021-22. Professor Tingjun Liu is a leading scholar specialises in auction theory. The recognition of his advancement in the understanding of a less understood topic in Finance, which is related to security-bid auctions, was evidenced by having five articles published in
- [香港大学与英国特许管理会计师公会合作推出CGMA® 财务领袖课程](https://www.hkubs.hku.hk/sc/media/school-news/hkus-partnership-with-cima-on-cgma-finance-leadership-program/) - 香港大学近日与英国特许管理会计师公会（CIMA）签署协议，推出CGMA® 财务领袖课程。课程为全新遥距数码自学模式课程，可自订学习进度，以培育未来的商业和财务领袖。 CIMA 及港大经管学院将向所有商科本科和会计学硕士课程的学生，以及两年内修毕该等课程的校友提供 CGMA® 财务领袖课程。课程以真实案例，教授一系列知识，涵盖财务、会计、商业、人才管理、领导力和数码技能，让学生及校友建立成功事业，并成为 CIMA 会员及获得全球特许管理会计师（CGMA）资格。 按此浏览更多。
- [香港大學與英國特許管理會計師公會合作推出CGMA® 財務領袖課程](https://www.hkubs.hku.hk/sc/media/school-news/hkus-partnership-with-cima-on-cgma-finance-leadership-program/) - 香港大學近日與英國特許管理會計師公會（CIMA）簽署協議，推出CGMA® 財務領袖課程。課程為全新遙距數碼自學模式課程，可自訂學習進度，以培育未來的商業和財務領袖。 CIMA 及港大經管學院將向所有商科本科和會計學碩士課程的學生，以及兩年內修畢該等課程的校友提供 CGMA® 財務領袖課程。課程以真實案例，教授一系列知識，涵蓋財務、會計、商業、人才管理、領導力和數碼技能，讓學生及校友建立成功事業，並成為 CIMA 會員及獲得全球特許管理會計師（CGMA）資格。 按此瀏覽更多。
- [HKU’s Partnership with CIMA on CGMA® Finance Leadership Program](https://www.hkubs.hku.hk/sc/media/school-news/hkus-partnership-with-cima-on-cgma-finance-leadership-program/) - HKU recently signed an agreement with the Chartered Institute of Management Accountants (CIMA) for “The CGMA® Finance Leadership Program (FLP)” – a new remote, digital self-paced learning program for aspiring business and finance leaders. The partnership is developed for HKU Business School’s students of all Business Undergraduate programmes, Master of Accounting programme and to alumni
- [港大經管學院的國際足跡、校友網絡，以及輝煌成就](https://www.hkubs.hku.hk/sc/media/school-news/the-global-footprint-alumni-network-and-achievements-of-hku-business-school/) - 港大經管學院的國際足跡 港大經管學院的校友網絡 港大經管學院的輝煌成就
- [港大经管学院的国际足迹、校友网络，以及辉煌成就](https://www.hkubs.hku.hk/sc/media/school-news/the-global-footprint-alumni-network-and-achievements-of-hku-business-school/) - 港大经管学院的国际足迹 港大经管学院的校友网络 港大经管学院的辉煌成就
- [The Global Footprint, Alumni Network, and Achievements of HKU Business School](https://www.hkubs.hku.hk/sc/media/school-news/the-global-footprint-alumni-network-and-achievements-of-hku-business-school/) - HKU Business School’s Global Footprint HKU Business School’s Alumni Network HKU Business School’s Achievements
- [虎年伊始　院长道贺](https://www.hkubs.hku.hk/sc/media/school-news/lunar-new-year-greetings-from-the-dean/)
- [虎年伊始　院長道賀](https://www.hkubs.hku.hk/sc/media/school-news/lunar-new-year-greetings-from-the-dean/)
- [Lunar New Year Greetings from the Dean](https://www.hkubs.hku.hk/sc/media/school-news/lunar-new-year-greetings-from-the-dean/)
- [Learning to Coordinate in Firms’ Behaviours - Dr. Jasmine Yu HAO](https://www.hkubs.hku.hk/sc/media/school-news/learning-to-coordinate-in-firms-behaviours-dr-jasmine-yu-hao/) - Fascinated by the idea of exploring the frontiers of human knowledge with quantitative methodologies, Dr. Yu has officially joined us at July 2021 as an Assistant Professor in Economics after completing her doctoral studies. One percent inspiration 99 percent perspiration Endowed with superb numerical reasoning skills and a deep interest in analysing human behaviours, Dr.
- [研究企業之間的協調行為 – 郝宇博士](https://www.hkubs.hku.hk/sc/media/school-news/learning-to-coordinate-in-firms-behaviours-dr-jasmine-yu-hao/) - 熱衷於利用量化工具探索和拓展人類知識的界限，郝博士在博士畢業後便旋即在2021年7月以經濟學助理教授的身份加入港大經管學院。 1% 的天分，99%的努力 擁有過人的數理科天賦以及對研究人類行為的好奇心只是門檻，沒有一顆堅毅的心是成不了經濟學家的。郝博士說：「早在求學時期，我就已經比身邊的同學擁有更旺盛的好奇心和更強大的求知欲，所以我一直相信自己有責任成為一名學者，在知識的領域上推陳出新。創建新知固然非易事，我們需要查閲大量的文獻，與師長和同學進行反復的深入討論，才能得到啓發。」 對郝博士而言，經濟學的吸引之處在於其無處不在，以及能夠包含跨學科知識的無限潛力。例如，政治學和心理學知識，經常被用於解釋政策誘因和消費者行為。而歷史學中的歷史編纂學更能用於編輯經濟史志。 在眾多的經濟學議題中，郝博士對企業的決策過程最感興趣，故她的重點研究項目均集中在組織經濟學的領域上。組織經濟學研究消費者與企業之間的複雜互動，以及在同一個行業中不同企業之間的關係，學者們會透過觀察和分析從業員的行為，為決策者在市場設計上提供有科學根據的指引。 以智利數據模組化企業學習行為 在攻讀博士學位期間，郝博士因緣際會下得到來自智利製藥業市場的珍貴數據。郝博士利用這些數據在2020年研發了一個模型，解釋市場上互相競爭的企業組建價格同盟的過程。郝博士告訴我們，智利製藥市場在2000年初由三家大型製藥公司（Cruz Verde, FASA, Salcobrand）割據。由於智利政府當時尚未立法規管藥物的定價，三大製藥寡頭在2006年末展開了一場價格戰。但隨著Salcobrand的公司擁有權在2007年轉手，戰況出現了新的轉機。Salcobrand的新管理班子在履新後，旋即開始招聘來自另外兩家製藥寡頭的管理人員，並以他們為橋梁，與Cruz Verde和FASA的管理層展開了一連串秘密對話。當管理層之間建立了足夠的信任，智利製藥市場的三大寡頭便組成了一個價格同盟，在2007年11月至2008年四月期間，合謀操控了超過222種品牌藥物的價格。時至今日，這三家藥廠依然能夠透過販賣特定藥物謀取暴利。郝博士相信，在這三家公司的管理層建立互信後，成功建立了一套協調機制。 郝博士還在攻讀博士的階段，便成功設計了一個學習協調過程模型（learning-to-coordination process model）解釋合謀定價如何有效運作，令決策者能夠「計算」企業組建價格同盟的可能性，以及他們成功進行合謀定價的機率。郝博士有信心這項研究能夠幫助監管當局預測反競爭行為。有鑑於現時學術界就有關合謀定價的研究，大部分都集中在企業進行反競爭行為的過程，郝博士的研究可謂開創了學術界先河。這亦令她的論文在2020年榮獲加拿大銀行研究生論文獎（Bank of Canada Graduate Student Paper Award）。 「在這趟研究旅程中，我發現合謀定價是一個漸進的過程，這一點令我感到十分新奇。在價格同盟中，從業員會時刻學習如何提升和調整他們對盟友們的期望。傳統的經濟學理論認為企業是一個理性的角色，他們只能夠被動地作出反應。但根據我的觀察，他們的學習行為其實和人類非常相似。」郝博士說。 越洋加盟港大經管學院 以驕人的成績完成博士學位，郝博士決心繼續研究製藥公司的行為。放眼中國内地的製藥市場，郝博士認為回歸亞洲以及加盟港大經管學院是一個明智的選擇。她解釋：「亞洲有很多頂尖一流的商學院，但港大經管學院的年輕活力、開明的研究氛圍以及在亞洲學界擴展的決心，深深的吸引著我這名年輕、好奇、渴求空間發展的學者。除此之外，香港的獨特位置亦令研究人員接觸得到來自内地和海外市場的寶貴數據，我真的急不及待想馬上展開我的研究工作！」 郝博士現時在學院的經濟學碩士課程，教授有關應用經濟學。除教導書本上的知識外，郝博士希望能提升學生們的計算機編程水平。她説：「基於課程的時間所限，我不能教導他們學會所有的經濟學分析工具，所以我會轉為教授一些基礎的編程技巧。計算機編程聽起來好像和經濟風馬牛不相及，但擁有出色的編程技術，不但能幫助個人進行經濟學學術研究，更能助你在商界捉緊更多就業機會。」
- [研究企业之间的协调行为 – 郝宇博士](https://www.hkubs.hku.hk/sc/media/school-news/learning-to-coordinate-in-firms-behaviours-dr-jasmine-yu-hao/) - 热衷于利用量化工具探索和拓展人类知识的界限，郝博士在博士毕业后便旋即在2021年7月以经济学助理教授的身份加入港大经管学院。 1% 的天分，99%的努力 拥有过人的数理科天赋以及对研究人类行为的好奇心只是门槛，没有一颗坚毅的心是成不了经济学家的。郝博士说：「早在求学时期，我就已经比身边的同学拥有更旺盛的好奇心和更强大的求知欲，所以我一直相信自己有责任成为一名学者，在知识的领域上推陈出新。创建新知固然非易事，我们需要查阅大量的文献，与师长和同学进行反复的深入讨论，才能得到启发。」 对郝博士而言，经济学的吸引之处在于其无处不在，以及能够包含跨学科知识的无限潜力。例如，政治学和心理学知识，经常被用于解释政策诱因和消费者行为。而历史学中的历史编纂学更能用于编辑经济史志。 在众多的经济学议题中，郝博士对企业的决策过程最感兴趣，故她的重点研究项目均集中在组织经济学的领域上。组织经济学研究消费者与企业之间的复杂互动，以及在同一个行业中不同企业之间的关系，学者们会透过观察和分析从业员的行为，为决策者在市场设计上提供有科学根据的指引。 以智利数据模组化企业学习行为 在攻读博士学位期间，郝博士因缘际会下得到来自智利制药业市场的珍贵数据。郝博士利用这些数据在2020年研发了一个模型，解释市场上互相竞争的企业组建价格同盟的过程。郝博士告诉我们，智利制药市场在2000年初由三家大型制药公司（Cruz Verde, FASA, Salcobrand）割据。由于智利政府当时尚未立法规管药物的定价，三大制药寡头在2006年末展开了一场价格战。但随着Salcobrand的公司拥有权在2007年转手，战况出现了新的转机。 Salcobrand的新管理班子在履新后，旋即开始招聘来自另外两家制药寡头的管理人员，并以他们为桥梁，与Cruz Verde和FASA的管理层展开了一连串秘密对话。当管理层之间建立了足够的信任，智利制药市场的三大寡头便组成了一个价格同盟，在2007年11月至2008年四月期间，合谋操控了超过222种品牌药物的价格。时至今日，这三家药厂依然能够透过贩卖特定药物谋取暴利。郝博士相信，在这三家公司的管理层建立互信后，成功建立了一套协调机制。 郝博士还在攻读博士的阶段，便成功设计了一个学习协调过程模型（learning-to-coordination process model）解释合谋定价如何有效运作，令决策者能够「计算」企业组建价格同盟的可能性，以及他们成功进行合谋定价的机率。郝博士有信心这项研究能够帮助监管当局预测反竞争行为。有鉴于现时学术界就有关合谋定价的研究，大部分都集中在企业进行反竞争行为的过程，郝博士的研究可谓开创了学术界先河。这亦令她的论文在2020年荣获加拿大银行研究生论文奖（Bank of Canada Graduate Student Paper Award）。 「在这趟研究旅程中，我发现合谋定价是一个渐进的过程，这一点令我感到十分新奇。在价格同盟中，从业员会时刻学习如何提升和调整他们对盟友们的期望。传统的经济学理论认为企业是一个理性的角色，他们只能够被动地作出反应。但根据我的观察，他们的学习行为其实和人类非常相似。」郝博士说。 越洋加盟港大经管学院 以骄人的成绩完成博士学位，郝博士决心继续研究制药公司的行为。放眼中国内地的制药市场，郝博士认为回归亚洲以及加盟港大经管学院是一个明智的选择。她解释：「亚洲有很多顶尖一流的商学院，但港大经管学院的年轻活力、开明的研究氛围以及在亚洲学界扩展的决心，深深的吸引着我这名年轻、好奇、渴求空间发展的学者。除此之外，香港的独特位置亦令研究人员接触得到来自内地和海外市场的宝贵数据，我真的急不及待想马上展开我的研究工作！」 郝博士现时在学院的经济学硕士课程，教授有关应用经济学。除教导书本上的知识外，郝博士希望能提升学生们的计算机编程水平。她说：「基于课程的时间所限，我不能教导他们学会所有的经济学分析工具，所以我会转为教授一些基础的编程技巧。计算机编程听起来好像和经济风马牛不相及，但拥有出色的编程技术，不但能帮助个人进行经济学学术研究，更能助你在商界捉紧更多就业机会。」
- [Students shine at the HKCGI Corporate Governance Paper Competition and Presentation Awards](https://www.hkubs.hku.hk/sc/media/school-news/students-shine-at-the-hkcgi-corporate-governance-paper-competition-and-presentation-awards/) - Two teams of students won four awards at the HKCGI Corporate Governance Paper Competition and Presentation Awards including 1st Runner Up and 2nd Runner Up for Paper Writing Competition as well as Best Presentation Award and Audience’s Favourite Team Award for Paper Presentation Competition. The Annual Corporate Governance Paper Competition and Presentation Awards organised by
- [Students shine at the HKCGI Corporate Governance Paper Competition and Presentation Awards](https://www.hkubs.hku.hk/sc/media/school-news/students-shine-at-the-hkcgi-corporate-governance-paper-competition-and-presentation-awards/) - Two teams of students won four awards at the HKCGI Corporate Governance Paper Competition and Presentation Awards including 1st Runner Up and 2nd Runner Up for Paper Writing Competition as well as Best Presentation Award and Audience’s Favourite Team Award for Paper Presentation Competition. The Annual Corporate Governance Paper Competition and Presentation Awards organised by
- [Students shine at the HKCGI Corporate Governance Paper Competition and Presentation Awards](https://www.hkubs.hku.hk/sc/media/school-news/students-shine-at-the-hkcgi-corporate-governance-paper-competition-and-presentation-awards/) - Two teams of students won four awards at the HKCGI Corporate Governance Paper Competition and Presentation Awards including 1st Runner Up and 2nd Runner Up for Paper Writing Competition as well as Best Presentation Award and Audience’s Favourite Team Award for Paper Presentation Competition. The Annual Corporate Governance Paper Competition and Presentation Awards organised by
- [Look out for These Future Leaders](https://www.hkubs.hku.hk/sc/media/school-news/look-out-for-these-future-leaders/) - FBE Student Leadership Award aims to recognise and reward HKU Business School undergraduate students who have demonstrated leadership within the University and the wider community; and to promote informal learning through students’ participation in extra-curricular activities, involvement in community service and student leadership. Five FBE students have won the Award in 2021/22, the award winners
- [Look out for These Future Leaders](https://www.hkubs.hku.hk/sc/media/school-news/look-out-for-these-future-leaders/) - FBE Student Leadership Award aims to recognise and reward HKU Business School undergraduate students who have demonstrated leadership within the University and the wider community; and to promote informal learning through students’ participation in extra-curricular activities, involvement in community service and student leadership. Five FBE students have won the Award in 2021/22, the award winners
- [Look out for These Future Leaders](https://www.hkubs.hku.hk/sc/media/school-news/look-out-for-these-future-leaders/) - FBE Student Leadership Award aims to recognise and reward HKU Business School undergraduate students who have demonstrated leadership within the University and the wider community; and to promote informal learning through students’ participation in extra-curricular activities, involvement in community service and student leadership. Five FBE students have won the Award in 2021/22, the award winners
- [構想虛擬貨幣的未來 – 游楊博士](https://www.hkubs.hku.hk/sc/media/school-news/to-imagine-the-future-of-digital-currencies-dr-yang-you/) - 千變萬化的金融世界一直深深吸引著游楊博士，驅使他踏上求知的道路，以科學和客觀的學術理論探索當中的奧妙。游博士立志窮畢生精力在知識前沿上推陳出新，他在2021年7月加入港大經管學院擔任金融學助理教授。 堅持創造知識不忘初心 「金融市場是一個很特別的領域，與此相關的議題多如繁星，而它們亦與普羅大眾的生活息息相關。以不斷攀升的樓價和波幅不定的股市為例，各地政府都一直致力研究不同的政策應對。然而商界亦不斷調整措施，以保障自身的權益。不同持份者之間的角力，以及他們之間錯綜複雜的關係真的非常刺激。這驅使我從社會風氣、文化以及制度的角度，研究這些金融政策所帶來的影響。」游博士說。但被問到為什麽他不選擇走進廬山，從政或成為公僕，游博士笑言學界才是最適合自己的歸宿：「學者們發表的研究與他們的收入幷不掛勾。身處學術殿堂，學者可以隨心所欲地研究不同的可能性、構思新的未來，成為真真正正的思維領導。」 成為港大學者前，游博士曾在美國某量化自營交易基金中擔任量化交易員，亦曾為臉書的虛擬貨幣團隊提供顧問服務。游博士一踏出校門後便旋即晉身高端金融圈，他的商界生涯，可以說是諸多經管學子夢寐以求的理想人生。但游博士幷未因為這段經歷而忘記初心，反倒令他成為學者的夢想更堅定。他說：「不要誤會，我非常珍惜在量化基金工作的經歷。直到這一刻，我依然覺得自己很幸運，能夠有機會參與編寫和執行不同的交易算法，並在過程中學會各類投資策略的注意事項。但金融從業員大多不願意花時間，研究交易算法能成功獲利背後的原因，或建立一套科學和客觀的理論作出解釋，因此回到學界追尋自己的理想。」 作為一名立志探索未知知識的學者，虛擬貨幣的不確定性、不穩定性和極具破壞性的本質，大大勾起了游博士的研究意欲。究竟虛擬貨幣會否打破美元霸權的地位？跨境貿易的技術壁壘，會否因為虛擬貨幣中的區塊鏈技術而從此消失？成為學者後，游博士擁有近乎無限的時間進行學術研究。他已經準備好利用自己的金融天賦，創造及探索各類超乎想像的新知識。他最近的一篇論文就研究了平台企業能否推動虛擬貨幣普及化。 構想一個平台企業兼任中央銀行的未來 電子禮券和購物積分對一般消費者而言並不陌生。大眾不時會利用這類電子貨幣在特定的平台上兌換各類産品和服務。但你曾否想過，這些獨有的電子貨幣有一天會享有和法定貨幣一樣的地位？ 為探索這個問題的可能性，游博士研發了一個用於追踪可贖回代幣的模型，探索這類代幣的設計、特點和供應政策。最終游博士和他的團隊發現，除非這些代幣能爲消費者帶來非常可觀的便利，否則平台决不會研發一種能够在他們的銷售渠道以外能自由兌換的代幣。游博士進一步解析：「我們進行了一系列的理論分析，結果發現發行這類可自由兌換的代幣，對平台企業而言幷不划算。甚至對阿裏巴巴和亞馬遜這類富可敵國的平台企業，維持及發行貨幣的成本依然相當昂貴，而且會嚴重損害他們的盈利。」游博士這項研究開創了學界先河，同時團隊研發的代幣追踪模型別樹一格，深受學界中人欣賞。 港大乃跨學科研究的應許之地 雖然游博士是一名金融學者，但他的研究却擁有深遠的宏觀經濟學啓示。游博士告訴我們，港大經管學院自由的學術風氣在亞洲中可謂鳳毛麟角，非常適合他這類熱衷于進行跨學科研究的學者。他說：「在港大面試金融學助理教授一職時，我直言自己除了有意進行金融學的研究，亦有意同時進行一些關於經濟學的研究。學院非常鼓勵我多進行跨學科研究，尋找自己在學術上的真正興趣。這段經歷令我感受到港大經管學院真的非常重視對年輕學者的栽培。我亦非常期待和學院開明的學者合作。」 在這個學年，游博士會在金融學碩士課程和金融學碩士（金融科技）課程中執教。游博士認為，在香港這個國際金融中心攻讀金融學碩士的人，必然是以晉身金融圈為主要目標。作為教師，游博士鼓勵學員努力學習之餘，亦會主動了解本地市場運作以及邀請僱主來到課堂分享業界經驗。
- [构想虚拟货币的未来 – 游杨博士](https://www.hkubs.hku.hk/sc/media/school-news/to-imagine-the-future-of-digital-currencies-dr-yang-you/) - 千变万化的金融世界一直深深吸引着游杨博士，驱使他踏上求知的道路，以科学和客观的学术理论探索当中的奥妙。游博士立志穷毕生精力在知识前沿上推陈出新，他在2021年7月加入港大经管学院担任金融学助理教授。 坚持创造知识不忘初心 「金融市场是一个很特别的领域，与此相关的议题多如繁星，而它们亦与普罗大众的生活息息相关。以不断攀升的楼价和波幅不定的股市为例，各地政府都一直致力研究不同的政策应对。然而商界亦不断调整措施，以保障自身的权益。不同持份者之间的角力，以及他们之间错综复杂的关系真的非常刺激。这驱使我从社会风气、文化以及制度的角度，研究这些金融政策所带来的影响。」游博士说。但被问到为什么他不选择走进庐山，从政或成为公仆，游博士笑言学界才是最适合自己的归宿：「学者们发表的研究与他们的收入幷不挂勾。身处学术殿堂，学者可以随心所欲地研究不同的可能性、构思新的未来，成为真真正正的思维领导。」 成为港大学者前，游博士曾在美国某量化自营交易基金中担任量化交易员，亦曾为脸书的虚拟货币团队提供顾问服务。游博士一踏出校门后便旋即晋身高端金融圈，他的商界生涯，可以说是诸多经管学子梦寐以求的理想人生。但游博士幷未因为这段经历而忘记初心，反倒令他成为学者的梦想更坚定。他说：「不要误会，我非常珍惜在量化基金工作的经历。直到这一刻，我依然觉得自己很幸运，能够有机会参与编写和执行不同的交易算法，并在过程中学会各类投资策略的注意事项。但金融从业员大多不愿意花时间，研究交易算法能成功获利背后的原因，或建立一套科学和客观的理论作出解释，因此回到学界追寻自己的理想。」 作为一名立志探索未知知识的学者，虚拟货币的不确定性、不稳定性和极具破坏性的本质，大大勾起了游博士的研究意欲。究竟虚拟货币会否打破美元霸权的地位？跨境贸易的技术壁垒，会否因为虚拟货币中的区块链技术而从此消失？成为学者后，游博士拥有近乎无限的时间进行学术研究。他已经准备好利用自己的金融天赋，创造及探索各类超乎想像的新知识。他最近的一篇论文就研究了平台企业能否推动虚拟货币普及化。 构想一个平台企业兼任中央银行的未来 电子礼券和购物积分对一般消费者而言并不陌生。大众不时会利用这类电子货币在特定的平台上兑换各类产品和服务。但你曾否想过，这些独有的电子货币有一天会享有和法定货币一样的地位？ 为探索这个问题的可能性，游博士研发了一个用于追踪可赎回代币的模型，探索这类代币的设计、特点和供应政策。最终游博士和他的团队发现，除非这些代币能为消费者带来非常可观的便利，否则平台决不会研发一种能够在他们的销售渠道以外能自由兑换的代币。游博士进一步解析：「我们进行了一系列的理论分析，结果发现发行这类可自由兑换的代币，对平台企业而言幷不划算。甚至对阿里巴巴和亚马逊这类富可敌国的平台企业，维持及发行货币的成本依然相当昂贵，而且会严重损害他们的盈利。」游博士这项研究开创了学界先河，同时团队研发的代币追踪模型别树一格，深受学界中人欣赏。 港大乃跨学科研究的应许之地 虽然游博士是一名金融学者，但他的研究却拥有深远的宏观经济学启示。游博士告诉我们，港大经管学院自由的学术风气在亚洲中可谓凤毛麟角，非常适合他这类热衷于进行跨学科研究的学者。他说：「在港大面试金融学助理教授一职时，我直言自己除了有意进行金融学的研究，亦有意同时进行一些关于经济学的研究。学院非常鼓励我多进行跨学科研究，寻找自己在学术上的真正兴趣。这段经历令我感受到港大经管学院真的非常重视对年轻学者的栽培。我亦非常期待和学院开明的学者合作。」 在这个学年，游博士会在金融学硕士课程和金融学硕士（金融科技）课程中执教。游博士认为，在香港这个国际金融中心攻读金融学硕士的人，必然是以晋身金融圈为主要目标。作为教师，游博士鼓励学员努力学习之余，亦会主动了解本地市场运作以及邀请雇主来到课堂分享业界经验。
- [To Imagine the Future of Digital Currencies – Dr. Yang YOU](https://www.hkubs.hku.hk/sc/media/school-news/to-imagine-the-future-of-digital-currencies-dr-yang-you/) - Fascinated by the unpredictable financial world, Dr. Yang YOU seeks to give form to intangible phenomena with scientific methodologies. Devoted to spend his lifetime probing at the frontiers of human knowledge, Dr. You has officially joined us in July 2021 as an Assistant Professor in Finance. The determination of a knowledge explorer "The financial world
- [港大经管学院与国家发展和改革委员会国际合作中心签署合作备忘录　加深国内国际双循环发展](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-signs-mou-with-international-cooperation-center-of-national-development-and-reform-commission-to-strengthen-dual-circulation-development/) - 港大经管学院与国家发展和改革委员会国际合作中心今天签署合作备忘录，加深国内、国际市场不同领域的合作，为国家双循环发展作出贡献。
- [港大經管學院與國家發展和改革委員會國際合作中心簽署合作備忘錄　加深國內國際雙循環發展](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-signs-mou-with-international-cooperation-center-of-national-development-and-reform-commission-to-strengthen-dual-circulation-development/) - 港大經管學院與國家發展和改革委員會國際合作中心今天簽署合作備忘錄，加深國內、國際市場不同領域的合作，為國家雙循環發展作出貢獻。
- [HKU Business School Signs MoU with International Cooperation Center of  National Development and Reform Commission  to Strengthen Dual Circulation Development](https://www.hkubs.hku.hk/sc/media/press-release/hku-business-school-signs-mou-with-international-cooperation-center-of-national-development-and-reform-commission-to-strengthen-dual-circulation-development/) - HKU Business School signed a two-year Memorandum of Understanding (MoU) today with the International Cooperation Center of the National Development and Reform Commission.
- [黃詩楊博士榮獲2020 - 2021年香港大學傑出青年研究學者奬](https://www.hkubs.hku.hk/sc/media/school-news/dr-shiyang-huang-recognised-as-hku-outstanding-young-researcher-2020-2021/) - 港大經管學院金融學副教授黃詩楊博士近日獲頒香港大學「傑出青年研究學者奬2020 – 2021」(Outstanding Young Researcher Award)。
- [黄诗杨博士荣获2020 - 2021年香港大学杰出青年研究学者奬](https://www.hkubs.hku.hk/sc/media/school-news/dr-shiyang-huang-recognised-as-hku-outstanding-young-researcher-2020-2021/) - 港大经管学院金融学副教授黄诗杨博士近日获颁香港大学「杰出青年研究学者奬2020 – 2021」(Outstanding Young Researcher Award)
- [Dr. Shiyang Huang recognised as HKU Outstanding Young Researcher 2020 - 2021](https://www.hkubs.hku.hk/sc/media/school-news/dr-shiyang-huang-recognised-as-hku-outstanding-young-researcher-2020-2021/) - Dr. Shiyang Huang, Associate Professor of HKU Business School, is awarded “Outstanding Young Researcher Award (OYRA) 2020-21” by The University of Hong Kong (HKU).
- [從量子物理學到計量市場學—黨矗博士](https://www.hkubs.hku.hk/sc/media/school-news/from-quantum-physics-to-quantitative-marketing-dr-chu-ivy-dang/) - 全心致力於探索未知領域，黨矗博士期盼透過創造知識，為世界帶來正面影響。黨博士在大學主修應用物理學，畢業後以博士生的身份在香港研究量子物理學。因緣際會下，她發現自己真正的興趣所在—計量市場學。 2020年2月，黨博士以市場學助理教授的身份加入香港大學經管學院。理科出身的她希望將自然科學中的數理模型和歸納推理方法應用到教學和研究中，為商學教育和發展做出自己的貢獻。 致力推動科學發展 完善市場學理論實踐 從學生時代探索宇宙的奧秘，到香港大學經管學院市場學助理教授，黨矗博士始終保持著對科學的探索興趣。正是因為這份對科學的求知欲讓她義無反顧地做出學術生涯中的又一次選擇，並且堅定地將「探索」探索進行到「底」。 「香港是一個科技主導、不斷變化而且節奏快速的大都會，商業元素和金融信息無處不在，時刻左右個人行為及決定。」這是黨博士對香港的獨到見解。作為學者，她從經濟學的角度出發，探索個人以至商戶的行為規範、以及商業社會背後的運作原理。 在諸多商業議題中，黨博士致力於利用計量模型，分析消費者行為及相關管理影響，進一步完善市場學的理論實踐。黨博士告訴我們：「與受物理定律支配的物理世界不同，支配商業世界和消費者行為的無形之手時刻在演變，難以預測。學者在進行研究時經常需要進行價值判斷。在商學領域中很多時候並沒有絕對的對與錯，皆因任何牽涉價值判斷的事物，均會隨著時間流逝及社會文化轉變，而被賦予新的意義和價值。這一點令理科出身的我感到非常著迷。」 此外，黨博士認為市場學的研究，與我們的日常生活息息相關，直接影響社會生產，研究成果具有重大的現實意義。 隱私無價？ 最近，黨博士及其合作者在消費者隱私領域進行了一項研究。他們將研究聚焦在「隱私何價」這一方向。她指出，消費者資料是市場營銷中的戰略性資產，很多企業願意以高價購買消費者的資料，但很多消費者依然不願意出售自己的資料。若能弄清消費者對其私人數據的真實價值，無論是對商界、法律界還是政策研究者來說，都是至關重要的。 為了針對這一課題進行深入而有成效的研究，黨博士及其合作者與一家本地龍頭網貸銀行合作。該銀行願意提供5-20%的利息優惠，給予願意提供個人學歷和社交媒體平台信息的客戶。基於客戶數據分享行為和還貸行為，黨博士和她的合作夥伴共同建立了一個消費者行為經濟模型。利用該模型可以量化用戶在主動披露個人信息隱私和所承擔風險之間的考慮，得到消費者對其隱私的「定價」及其風險類型。黨博士相信在製定隱私政策時這項研究能為企業和決策者提供參考和指引，除此之外，還可以為企業提供有意義的管理策略，幫助企業優化他們的資料收集政策。與此同時，針對近年來，香港小額信貸市場迅猛發展，這項研究也可以幫助小額貸款企業從業人員，建立高效的風險審查機制。 網戀研究：夢中情人 (Mr. Best) 還是真命天子 (Mr. Right)？ 儘管大眾普遍對企業收集個人資料的行為充滿戒心，但一旦涉及婚戀交友，往往會成為大眾的盲點。黨博士及其合作者研究了來自內地某大型交友網站的上萬名用戶，發現在自我介紹部分，如果主動介紹太多個人信息，可能會影響戀愛對象的選擇。 關於戀愛對象，每個人在最開始心中都有自己的標準，主要體現在外貌、身高、物質等各方面，但這只是我們對另一半的想像，我們稱之為夢中情人 (Mr. Best)。而真命天子 (Mr. Right) 作為你的終身伴侶，可能外貌、身高、物質等各方面並不是最好的，但是卻和你各方面最合得來。要完全了解一個人，雙方可能需要付出經年累月的時間相處和互相觀察，並不是寫一篇詳細的自我介紹，或在手機發一兩句問候語就能辦妥。有時候，太詳細的自我介紹可能會讓其他用戶用自己夢中情人的標準做判斷，從而過早的錯過了真命天子。我們知道現實生活中，要找到真命天子，是需要雙方長時間的溝通、相處、觀察和了解。因此黨博士認為：「在自我介紹部分保留一些想像空間，不要單單基於簡歷上的數字和表格過早排除對方，多給雙方互相溝通的機會，說不定會有意想不到的效果。」 黨博士和她的合作夥伴，根據這項研究，建立了一套理論模型，將這一行為合理化，為交友平台在客戶端的最優信息紕漏策略提供參考。 教與學–互相學習的過程 「能夠看見不同背景的同學，以不一樣的方式及角度解難，實在令我眼界大開。畢竟對我來說，教學是雙向的，在教導學生的同時，我亦從他們身上獲得不少研究靈感！」這是黨矗博士常說的話。 在研究以外，黨博士對教學同樣葆有赤誠之心。本學期，她開設了有關社交媒體市場推廣的課程，吸引不同學科的同學報讀。同時在教學中，黨博士還發現港大學生善於運用新科技，並且擁有強大的商業觸覺。 「理科出身的我，非常欣賞他們的商業觸覺。作為他們的師長，在教導他們使用數理工具作出科學判斷的同時，我亦希望能夠鼓勵他們愛上學習，保持對未知事物的好奇心，應用課堂所學到的知識為社會做出貢獻。」黨矗博士說。
- [BFin (AMPB) activities Bridge Students to Business Elites](https://www.hkubs.hku.hk/sc/media/school-news/bfin-ampb-activities-bridge-students-to-business-elites/) - Prof. Anna Wong, Programme Director of Bachelor of Finance in Asset Management and Private Banking (AMPB), has arranged a monthly roundtable series and informal coffee chats last semester. Students who are majoring in AMPB had the opportunity to meet with the senior executives and practitioners in Asset Management and Private Banking industry during these activities.
- [BFin (AMPB) activities Bridge Students to Business Elites](https://www.hkubs.hku.hk/sc/media/school-news/bfin-ampb-activities-bridge-students-to-business-elites/) - Prof. Anna Wong, Programme Director of Bachelor of Finance in Asset Management and Private Banking (AMPB), has arranged a monthly roundtable series and informal coffee chats last semester. Students who are majoring in AMPB had the opportunity to meet with the senior executives and practitioners in Asset Management and Private Banking industry during these activities.
- [BFin (AMPB) activities Bridge Students to Business Elites](https://www.hkubs.hku.hk/sc/media/school-news/bfin-ampb-activities-bridge-students-to-business-elites/) - Prof. Anna Wong, Programme Director of Bachelor of Finance in Asset Management and Private Banking (AMPB), has arranged a monthly roundtable series and informal coffee chats last semester. Students who are majoring in AMPB had the opportunity to meet with the senior executives and practitioners in Asset Management and Private Banking industry during these activities.
- [HKU Business School ranks Asia’s No. 1 in UTD Research Rankings; ‘Finance Research’ ranks Top 5 in the World](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院于utd研究排名亚洲第一-「金融学研究/) - HKU Business School is pleased to announce that it tops the rank of UTD Research Rankings in Asia. In ‘Finance Research’, HKU Business School is ranked No. 5 globally.
- [港大經管學院於UTD研究排名亞洲第一 「金融學研究」晉身全球第五](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院于utd研究排名亚洲第一-「金融学研究/) - 港大經管學院欣然宣布，學院於UTD研究排名亞洲第一，而「金融學研究」更晉身全球第五，成績斐然。
- [港大经管学院于UTD研究排名亚洲第一 「金融学研究」晋身全球第五](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院于utd研究排名亚洲第一-「金融学研究/) - 港大经管学院欣然宣布，学院于UTD研究排名亚洲第一，而「金融学研究」更晋身全球第五，成绩斐然。
- [从量子物理学到计量市场学—党矗博士](https://www.hkubs.hku.hk/sc/media/school-news/from-quantum-physics-to-quantitative-marketing-dr-chu-ivy-dang/) - 全心致力于探索未知領域，黨矗博士期盼透過創造知識，為世界帶來正面影響。党博士在大学主修应用物理学，毕业后以博士生的身份在香港研究量子物理学。因缘际会下，她发现自己真正的兴趣所在—计量市场学。2020年2月，党博士以市场学助理教授的身份加入香港大学经管学院。理科出身的她希望将自然科学中的数理模型和归纳推理方法应用到教学和研究中，为商学教育和发展做出自己的贡献。 致力推动科学发展 完善市场学理论实践 从学生时代探索宇宙的奥秘，到香港大学经管学院市场学助理教授，党矗博士始终保持着对科学的探索兴趣。正是因为这份对科学的求知欲让她义无反顾地做出学术生涯中的又一次选择，并且坚定地将「探索」进行到「底」。 「香港是一个科技主导、不断变化而且节奏快速的大都会，商业元素和金融信息无处不在，时刻左右个人行为及决定。」这是党博士对香港的独到见解。作为学者，她从经济学的角度出发，探索个人以至商户的行为规范、以及商业社会背后的运作原理。 在诸多商业议题中，党博士致力于利用计量模型，分析消费者行为及相关管理影响，进一步完善市场学的理论实践。党博士告诉我们：「与受物理定律支配的物理世界不同，支配商业世界和消费者行为的无形之手时刻在演变，难以预测。学者在进行研究时经常需要进行价值判断。在商学领域中很多时候并没有绝对的对与错，皆因任何牵涉价值判断的事物，均会随着时间流逝及社会文化转变，而被赋予新的意义和价值。这一点令理科出身的我感到非常着迷。」 此外，党博士认为市场学的研究，与我们的日常生活息息相关，直接影响社会生产，研究成果具有重大的现实意义。 隐私无价？ 最近，党博士及其合作者在消费者隐私领域进行了一项研究。他们将研究聚焦在「隐私何价」这一方向。她指出，消费者资料是市场营销中的战略性资产，很多企业愿意以高价购买消费者的资料，但很多消费者依然不愿意出售自己的资料。若能弄清消费者对其私人数据的真实价值，无论是对商界、法律界还是政策研究者来说，都是至关重要的。 为了针对这一课题进行深入而有成效的研究，党博士及其合作者与一家本地龙头网贷银行合作。该银行愿意提供5-20%的利息优惠，给予愿意提供个人学历和社交媒体平台信息的客户。基于客户数据分享行为和还贷行为，党博士和她的合作伙伴共同建立了一个消费者行为经济模型。利用该模型可以量化用户在主动披露个人信息隐私和所承担风险之间的考虑，得到消费者对其隐私的「定价」及其风险类型。党博士相信在制定隐私政策时这项研究能为企业和决策者提供参考和指引，除此之外，还可以为企业提供有意义的管理策略，帮助企业优化他们的资料收集政策。与此同时，针对近年来，香港小额信贷市场迅猛发展，这项研究也可以帮助小额贷款企业从业人员，建立高效的风险审查机制。 网恋研究：夢中情人 (Mr. Best) 還是真命天子 (Mr. Right)？ 尽管大众普遍对企业收集个人资料的行为充满戒心，但一旦涉及婚恋交友，往往会成为大众的盲点。党博士及其合作者研究了来自内地某大型交友网站的上万名用户，发现在自我介绍部分，如果主动介绍太多个人信息，可能会影响恋爱对象的选择。 关于恋爱对象，每个人在最开始心中都有自己的标准，主要体现在外貌、身高、物质等各方面，但这只是我们对另一半的想象，我们称之为梦中情人 (Mr. Best)。而真命天子 (Mr. Right) 作為你的終身伴侶，可能外貌、身高、物质等各方面并不是最好的，但是却和你各方面最合得来。要完全了解一個人，雙方可能需要付出經年累月的時間相處和互相觀察，並不是寫一篇详细的自我介紹，或在手機發一兩句問候語就能辦妥。有时候，太详细的自我介绍可能会让其他用户用自己梦中情人的标准做判断，从而过早的错过了真命天子。我们知道现实生活中，要找到真命天子，是需要双方长时间的沟通、相处、观察和了解。因此党博士认为：「在自我介绍部分保留一些想象空间，不要单单基于简历上的数字和表格过早排除对方，多给双方互相沟通的机会，说不定会有意想不到的效果。」 党博士和她的合作伙伴，根据这项研究，建立了一套理论模型，将这一行为合理化，为交友平台在客户端的最优信息纰漏策略提供参考。 教与学–互相学习的过程 「能够看见不同背景的同学，以不一样的方式及角度解难，实在令我眼界大开。毕竟对我来说，教学是双向的，在教导学生的同时，我亦从他们身上获得不少研究灵感！」这是党矗博士常说的话。 在研究以外，党博士对教学同样葆有赤诚之心。本学期，她开设了有关社交媒体市场推广的课程，吸引不同学科的同学报读。同时在教学中，党博士还发现港大学生善于运用新科技，并且拥有强大的商业触觉。 「理科出身的我，非常欣赏他们的商业触觉。作为他们的师长，在教导他们使用数理工具作出科学判断的同时，我亦希望能够鼓励他们爱上学习，保持对未知事物的好奇心，应用课堂所学到的知识为社会做出贡献。」党矗博士说。
- [我們的以色列先鋒 － 羅尼.米凱利教授](https://www.hkubs.hku.hk/sc/media/school-news/our-vanguard-into-the-middle-east-professor-roni-michaely/) - 羅尼.米凱利（Roni Michaely）教授在環球金融界是一位家喻戶曉的知名學者。米凱利教授曾在以色列證券局（Israel Securities Authority） 擔任管理職務，他同時亦是以色列一家出色的金融初創企業 — Tipranks的董事和早期投資者。米凱利教授卓越的成就和資歷深厚的背景獲港大經管學院管理層的青睞和信任，對他委以重任，未來將在以色列成立一所創業及創新研究中心，為我們學院進軍中東以及歐洲市場跨出重要的一步。
- [From Quantum Physics to Quantitative Marketing – Dr. Chu (Ivy) Dang](https://www.hkubs.hku.hk/sc/media/school-news/from-quantum-physics-to-quantitative-marketing-dr-chu-ivy-dang/) - Born with a desire to explore the unknown, Dr. Ivy Dang aspires to create positive impact to the world via knowledge creation. Starting off as a science major in Applied Physics and spending two years studying Quantum Physics at PhD level, Dr. Dang had eventually realised that her true interest lies in quantitative marketing. Dedicated
- [港大经管学院研究团队再创佳绩　获国家自然科学基金重大项目资助](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院研究团队再创佳绩　获国家自然科学/) - 港大经管学院一直致力追求卓越的学术成就，创造前沿知识。近日，学院的研究团队再度取得卓越佳绩，团队经香港大学深圳研究院申请的主题研究项目「数字金融市场反垄断和风险双重规制」，获国家自然科学基金委员会批出资助，标志港大经管学院在数字经济和金融科技研究取得重大突破
- [港大經管學院研究團隊再創佳績　獲國家自然科學基金重大項目資助](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院研究团队再创佳绩　获国家自然科学/) - 港大經管學院一直致力追求卓越的學術成就，創造前沿知識。近日，學院的研究團隊再度取得卓越佳績，團隊經香港大學深圳研究院申請的主題研究項目「數字金融市場反壟斷和風險雙重規制」，獲國家自然科學基金委員會批出資助，標誌港大經管學院在數字經濟和金融科技研究取得重大突破。
- [港大經管學院研究團隊再創佳績　獲國家自然科學基金重大項目資助](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院研究团队再创佳绩　获国家自然科学/) - 港大經管學院一直致力追求卓越的學術成就，創造前沿知識。近日，學院的研究團隊再度取得卓越佳績，團隊經香港大學深圳研究院申請的主題研究項目「數字金融市場反壟斷和風險雙重規制」，獲國家自然科學基金委員會批出資助，標誌港大經管學院在數字經濟和金融科技研究取得重大突破。
- [Dive Deep and Touch the Bedrock of Business - Dr. Ka Chung Travis Chow](https://www.hkubs.hku.hk/sc/media/school-news/dive-deep-and-touch-the-bedrock-of-business-dr-ka-chung-travis-chow/) - Accumulating years of research and teaching experiences in Canada and Singapore, Dr. Chow believes that it is the time for him to return and contribute to the city that raises him. Joining us in July 2020, Dr. Chow is an Assistant Professor in Accounting. To explore the blue ocean of business studies “I had met
- [十年商旅生涯后的新开始 – 张鹏博士](https://www.hkubs.hku.hk/sc/media/school-news/the-destination-of-a-decade-long-marketing-journey-dr-peng-zhang/) - 在商界驰骋十年，张鹏博士发现有很多市场营销领域上的问题被从业员忽略了。有见及此，张博士毅然改变自己的事业轨道，踏上创造知识的学者生涯，并在2021年7月加入港大经管学院，担任市场学助理教授。 回归市场学的原点 良久以来，学者、企业和市场营销员之间，从未就数码营销的「正确执行方法」达成共识，这一点令张博士觉得非常困惑。他认为这个问题的症结，在于从业员大多只顾为企业赚取最大利润，忽略对数码营销进行本质上的研究。纵使他们的营销策略在企业的层面上高效而到位，但他们往往缺乏动力对客户进行透彻的研究。张博士笑言：「我天性比较好奇，所以我很想知道这些问题的答案。」 在张博士眼中，学术界是一个完美的地方，让他可在不受企业议程和赞助商的影响下创造知识。此外张博士亦察觉到，随着大数据和人工智能等高端科技的发展渐趋成熟，市场营销策略亦变得越来越数据化。故此，他相信市场学学者和从业员之间的合作将会更加紧密。为紧贴时代步伐，张博士一直致力针对不同的市场现象和商品革新进行实证研究。他说：「我一方面享受研究营销计划失败的原因，同时亦对区块链技术如何影响市场推广行业感到着迷。例如：当区块链能够为服务提供者和客户之间带来透明度时，作为中介的市场推广公司是否已没有必要存在？这类的问题对我来说，具有相当吸引力。」 研究动摇战略决策的因素 张博士最近开始研究动态广告策略，以及从业员在营销计划中所作出的策略性调整。他指出，由于我们正生活于一个科技发展日新月异的时代，故市场从业员必须时刻更新他们的营销计划。张博士对这类计划调整背后的考虑因素相当有兴趣，故他最近对某家用游戏机公司的一项营销计划进行实证研究。虽然研究还在进行中，但张博士已经发现了一些有趣的现象。「我发现目标客户群和投资者的意见，最能够左右企业在市场营销上的战略决策，媒体和竞争对手的意见则最不受重视。但我发现，这些重大的策略性调整虽然能改善一些在传统媒体（比如电视广告、印刷广告）进行的营销计划，并提升销售成效，但对于在线上进行营销计划而言，成效却不太显著。这个现象真的相当有趣，我将会作更深入的研究。」张博士分享。 进行这类实证研究，完备的资料和数据对研究员而言可谓至关重要。张博士认为，港大经管学院在学术界享负盛名，并在亚太区建立了强大的商业合作网络，非常适合进行市场学研究。他并对学者们的积极进取态度表示非常欣赏：「港大经管学院的市场学者非常热衷于与商界合作。他们不单单为进行学术研究，同时亦致力运用他们的学术天赋，为从业员构想出各种不同的营销机制。他们真真正正做到商学合一，互惠共赢。我真的非常期待与他们共事。」 修读本科市场学的意义 加入学院后，张博士会执教两个本科课程。作为一名教育家，张博士认为本科课程的精髓，是帮助同学认识和熟习使用最新的营销科技，为他们日后的事业发展打好基础。张博士进一步解释：「当你在本科建立了坚实的技能后，便能进而修读硕士课程，学习如何有策略地拟定市场营销策略。」张博士期望他的学生能够在课堂上踊跃发言。他相信只有透过知识交流和辩论，同学才有机会振翅高飞、取得突破。
- [十年商旅生涯後的新開始 – 張鵬博士](https://www.hkubs.hku.hk/sc/media/school-news/the-destination-of-a-decade-long-marketing-journey-dr-peng-zhang/) - 在商界馳騁十年，張鵬博士發現有很多市場營銷領域上的問題被從業員忽略了。有見及此，張博士毅然改變自己的事業軌道，踏上創造知識的學者生涯，並在2021年7月加入港大經管學院，擔任市場學助理教授。 回歸市場學的原點 良久以來，學者、企業和市場營銷員之間，從未就數碼營銷的「正確執行方法」達成共識，這一點令張博士覺得非常困惑。他認為這個問題的癥結，在於從業員大多只顧為企業賺取最大利潤，忽略對數碼營銷進行本質上的研究。縱使他們的營銷策略在企業的層面上高效而到位，但他們往往缺乏動力對客戶進行透徹的研究。張博士笑言：「我天性比較好奇，所以我很想知道這些問題的答案。」 在張博士眼中，學術界是一個完美的地方，讓他可在不受企業議程和贊助商的影響下創造知識。此外張博士亦察覺到，隨著大數據和人工智能等高端科技的發展漸趨成熟，市場營銷策略亦變得越來越數據化。故此，他相信市場學學者和從業員之間的合作將會更加緊密。為緊貼時代步伐，張博士一直致力針對不同的市場現象和商品革新進行實證研究。他說：「我一方面享受研究營銷計劃失敗的原因，同時亦對區塊鏈技術如何影響市場推廣行業感到著迷。例如：當區塊鏈能夠為服務提供者和客戶之間帶來透明度時，作為中介的市場推廣公司是否已沒有必要存在？這類的問題對我來說，具有相當吸引力。」 研究動搖戰略決策的因素 張博士最近開始研究動態廣告策略，以及從業員在營銷計劃中所作出的策略性調整。他指出，由於我們正生活於一個科技發展日新月異的時代，故市場從業員必須時刻更新他們的營銷計劃。張博士對這類計劃調整背後的考慮因素相當有興趣，故他最近對某家用遊戲機公司的一項營銷計劃進行實證研究。雖然研究還在進行中，但張博士已經發現了一些有趣的現象。「我發現目標客戶群和投資者的意見，最能夠左右企業在市場營銷上的戰略決策，媒體和競爭對手的意見則最不受重視。但我發現，這些重大的策略性調整雖然能改善一些在傳統媒體（比如電視廣告、印刷廣告）進行的營銷計劃，並提升銷售成效，但對於在線上進行營銷計劃而言，成效卻不太顯著。這個現象真的相當有趣，我將會作更深入的研究。」張博士分享。 進行這類實證研究，完備的資料和數據對研究員而言可謂至關重要。張博士認為，港大經管學院在學術界享負盛名，並在亞太區建立了強大的商業合作網絡，非常適合進行市場學研究。他並對學者們的積極進取態度表示非常欣賞：「港大經管學院的市場學者非常熱衷於與商界合作。他們不單單為進行學術研究，同時亦致力運用他們的學術天賦，為從業員構想出各種不同的營銷機制。他們真真正正做到商學合一，互惠共贏。我真的非常期待與他們共事。」 修讀本科市場學的意義 加入學院後，張博士會執教兩個本科課程。作為一名教育家，張博士認為本科課程的精髓，是幫助同學認識和熟習使用最新的營銷科技，為他們日後的事業發展打好基礎。張博士進一步解釋：「當你在本科建立了堅實的技能後，便能進而修讀碩士課程，學習如何有策略地擬定市場營銷策略。」張博士期望他的學生能夠在課堂上踴躍發言。他相信只有透過知識交流和辯論，同學才有機會振翅高飛、取得突破。
- [The Destination of a Decade Long Marketing Journey – Dr. Peng Zhang](https://www.hkubs.hku.hk/sc/media/school-news/the-destination-of-a-decade-long-marketing-journey-dr-peng-zhang/) - Disembarking at HKU Business School after his decade long odyssey in the private sector, Dr. Zhang seeks to explore the unattended questions ignored by marketers. At July 2021, Dr. Zhang has officially joined us as an Assistant Professor in Marketing. Return to the basics of marketing Dr. Zhang is baffled by the fact that scholars,
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- [HKU Business School Corporate Video](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-corporate-video/)
- [探索商学的根源 — 周家聪博士](https://www.hkubs.hku.hk/sc/media/school-news/dive-deep-and-touch-the-bedrock-of-business-dr-ka-chung-travis-chow/) - 在加拿大和新加坡两地累聚多年研究和教学经验，周家聪博士相信自己是时候回到香港这个成长地贡献。他于2020年七月加入港大经管学院，成为会计学助理教授。 探索商学的蓝海 「在预备公开考试的时候，我在补习班上遇到了一位经济学导师。他的讲课生动，大大启发了我对经济学的兴趣，亦令我立志成为一名教师。在四年的大学本科课程中，我对经济学理论和研究方法的热情得到进一步的提升，亦加深了探索个人和企业行为的好奇心。因此我决定在本科毕业后继续深造，寄情于经济学的学术研究。」周博士说。 但周博士渐渐发现，所有企业行为和与会计学都有着紧密的关联。周博士指出，会计原则是现代商业社会的根基，这些原则不但规范企业的行为，更对政策制定有着举足轻重的影响。例如税务会计原则会影响到征税工作和防止偷税安排的成效，从而影响企业所得税税收。 游走于免税期的灰色地带牟利 周博士最近的一项研究，探讨美国企业如何利用其它国家提供的免税期优惠进行利润转移。订立免税期在亚洲国家非常普遍，当地政府旨在透过提供期限长达五至十年的超低税率，甚至零税率优惠吸引外资。参与计划的外资企业需要满足特定的条件，如在当地设立总部、雇用一定数目的本地劳工等等。 「我的研究团队发现，美国企业利用免税期进行利润转移的情况尤为显著。他们平均每年转移近四千万美元本地收入到海外，当中节省的税务开支每年达一千万多美元。」周博士说。但研究亦发现，企业利用免税期优惠进行利润转移亦为这些企业带来更多的税务不确定性，因为大额利润转移容易招致美国税务局对企业进行审查。 这种企业行为无疑损害了美国政府的税务收入。为解决这个问题，美国在2017年12月推出了《减税与就业法案》进行税务改革。法案于2018年生效，周博士认为法案能从三方面鼓励美国企业放弃参与海外免税期计划。首先，法案直接对美国企业部分的海外收入免税；其二，法案把美国的企业税由35%降至21%；其三，法案在美国的税制框架中，新增了一项名为「全球无形低税收入」的海外收入项目，并设置最低税收。周博士认为，法案能否吸引企业回巢，以及对他们的投资行为所造成的影响，将会是一个值得探讨的议题。 求真的重要性 在港大授课两个学期，周博士觉得学生在学习上可以更加主动。如在温习时遇到困难时，千万不要惧怕向老师求助。与此同时，学生亦应该向老师求证自以为学懂的知识，才能在学业上取得成功。他亦同时希望，疫情尽快结束，能够脱下口罩与同学们面对面交流。 展望将来，周博士说：「能够回归香港实在令我感到相当兴奋。我会致力透过创造知识和人才培训，为港大社群作出贡献。」
- [探索商學的根源 — 周家聰博士](https://www.hkubs.hku.hk/sc/media/school-news/dive-deep-and-touch-the-bedrock-of-business-dr-ka-chung-travis-chow/) - 在加拿大和新加坡兩地累聚多年研究和教學經驗，周家聰博士相信自己是時候回到香港這個成長地貢獻。他於2020年七月加入港大經管學院，成為會計學助理教授。 探索商學的藍海 「在預備公開考試的時候，我在補習班上遇到了一位經濟學導師。他的講課生動，大大啓發了我對經濟學的興趣，亦令我立志成為一名教師。在四年的大學本科課程中，我對經濟學理論和研究方法的熱情得到進一步的提升，亦加深了探索個人和企業行為的好奇心。因此我決定在本科畢業後繼續深造，寄情於經濟學的學術研究。」周博士說。 但周博士漸漸發現，所有企業行為和與會計學都有著緊密的關聯。周博士指出，會計原則是現代商業社會的根基，這些原則不但規範企業的行為，更對政策制定有著舉足輕重的影響。例如稅務會計原則會影響到徵稅工作和防止偷税安排的成效，從而影響企業所得稅稅收。 遊走於免稅期的灰色地帶牟利 周博士最近的一項研究，探討美國企業如何利用其它國家提供的免稅期優惠進行利潤轉移。訂立免稅期在亞洲國家非常普遍，當地政府旨在透過提供期限長達五至十年的超低稅率，甚至零稅率優惠吸引外資。參與計劃的外資企業需要滿足特定的條件，如在當地設立總部、僱用一定數目的本地勞工等等。 「我的研究團隊發現，美國企業利用免稅期進行利潤轉移的情況尤為顯著。他們平均每年轉移近四千萬美元本地收入到海外，當中節省的稅務開支每年達一千萬多美元。」周博士說。但研究亦發現，企業利用免稅期優惠進行利潤轉移亦為這些企業帶來更多的稅務不確定性，因為大額利潤轉移容易招致美國稅務局對企業進行審查。 這種企業行為無疑損害了美國政府的稅務收入。為解決這個問題，美國在2017年12月推出了《減稅與就業法案》進行稅務改革。法案於2018年生效，周博士認為法案能從三方面鼓勵美國企業放棄參與海外免稅期計劃。首先，法案直接對美國企業部分的海外收入免稅；其二，法案把美國的企業稅由35%降至21%；其三，法案在美國的稅制框架中，新增了一項名爲「全球無形低稅收入」的海外收入項目，並設置最低稅收。周博士認為，法案能否吸引企業回巢，以及對他們的投資行為所造成的影響，將會是一個值得探討的議題。 求真的重要性 在港大授課兩個學期，周博士覺得學生在學習上可以更加主動。如在溫習時遇到困難時，千萬不要懼怕向老師求助。與此同時，學生亦應該向老師求證自以為學懂的知識，才能在學業上取得成功。他亦同時希望，疫情盡快結束，能夠脫下口罩與同學們面對面交流。 展望將來，周博士說：「能夠回歸香港實在令我感到相當興奮。我會致力透過創造知識和人才培訓，為港大社群作出貢獻。」
- [港大经管学院学生于「香港共享价值个案比赛2021」中获得冠军](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-team-won-the-champion-in-hong-kong-shared-good-values-hksgv-2021-case-competition/) - Students from HKU Business School wins the Champion in the Hong Kong Shared Good Values (HKSGV) 2021 Case Competition – Case of Nestlé Hong Kong It is the fifth year that HKSGV organised the case competition. It is a programme that aims to propagate the concept of doing good and doing well in businesses in
- [港大經管學院學生於「香港共享價值個案比賽2021」中獲得冠軍](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-team-won-the-champion-in-hong-kong-shared-good-values-hksgv-2021-case-competition/) - Students from HKU Business School wins the Champion in the Hong Kong Shared Good Values (HKSGV) 2021 Case Competition – Case of Nestlé Hong Kong It is the fifth year that HKSGV organised the case competition. It is a programme that aims to propagate the concept of doing good and doing well in businesses in
- [HKU Business School team wins the Champion in Hong Kong Shared Good Values (HKSGV) 2021 Case Competition](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-team-won-the-champion-in-hong-kong-shared-good-values-hksgv-2021-case-competition/) - Students from HKU Business School wins the Champion in the Hong Kong Shared Good Values (HKSGV) 2021 Case Competition – Case of Nestlé Hong Kong It is the fifth year that HKSGV organised the case competition. It is a programme that aims to propagate the concept of doing good and doing well in businesses in
- [封锁措施导致了更多还是更少非新冠死亡？](https://www.hkubs.hku.hk/sc/media/press-release/did-the-lockdown-lead-to-more-or-fewer-non-covid-deaths/) - 由港大经管学院经济学及管理及商业策略学副教授何国俊博士领导的一个国际研究小组，量化了中国严格的抗疫政策（即「封锁政策」）对非新冠死亡率的影响。这项研究刚刚发表在权威科学杂志《自然 - 人类行为》上。
- [Did the Lockdown Lead to More or Fewer Non-COVID Deaths?](https://www.hkubs.hku.hk/sc/media/press-release/did-the-lockdown-lead-to-more-or-fewer-non-covid-deaths/) - An international research team led by Dr. Guojun He, Associate Professor in Economics and Management & Strategy at HKU Business School, investigated how China’s strict anti-contagion policies affect non-COVID mortality. This research has just been published in Nature Human Behaviour, a leading science journal.
- [封鎖措施導致了更多還是更少非新冠死亡？](https://www.hkubs.hku.hk/sc/media/press-release/did-the-lockdown-lead-to-more-or-fewer-non-covid-deaths/) - 由港大經管學院經濟學及管理及商業策略學副教授何國俊博士領導的一個國際研究小組，量化了中國嚴格的抗疫政策（即 「封鎖政策」）對非新冠死亡率的影響。這項研究剛剛發表在權威科學雜誌《自然 - 人類行為》上。
- [HKU Business School teams won the 1st runner-up in HKICPA Business Case Competition 2021](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-teams-won-the-1st-runner-up-in-hkicpa-business-case-competition-2021/) - The HKU Business School team won the 1st runner-up in HKICPA Business Case Competition 2021. This year, the competition received a total of 657 team entries from various institutions in Hong Kong, Greater China and Macau regions. The HKICPA Business Case Competition is an inter-tertiary event that aims at developing students' business skills, cultivating their professional judgment
- [港大经管学院学生于「香港会计师公会会计及商业管理个案比赛2021」中获得亚军](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-teams-won-the-1st-runner-up-in-hkicpa-business-case-competition-2021/) - The HKU Business School team won the 1st runner-up in HKICPA Business Case Competition 2021. This year, the competition received a total of 657 team entries from various institutions in Hong Kong, Greater China and Macau regions. The HKICPA Business Case Competition is an inter-tertiary event that aims at developing students' business skills, cultivating their professional judgment
- [港大經管學院學生於「香港會計師公會會計及商業管理個案比賽2021」中獲得亞軍](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-teams-won-the-1st-runner-up-in-hkicpa-business-case-competition-2021/) - The HKU Business School team won the 1st runner-up in HKICPA Business Case Competition 2021. This year, the competition received a total of 657 team entries from various institutions in Hong Kong, Greater China and Macau regions. The HKICPA Business Case Competition is an inter-tertiary event that aims at developing students' business skills, cultivating their professional judgment
- [From Being the First Mei Tuan Intern to Becoming “Forbes 30 under 30 Asia” Entrepreneur: Waterdrop Founder Shared His Journey in Business Innovation](https://www.hkubs.hku.hk/sc/media/school-news/from-being-the-first-mei-tuan-intern-to-becoming-forbes-30-under-30-asia-entrepreneur-waterdrop-founder-shared-his-journey-in-business-innovation/) - Leaving a promising career and starting a new venture is something that many have envisioned but yet taken the initiative as it requires courage, determination and vision to forge a new path amid this ever-changing and globalized world. The seminar “與CEO對話: 水滴公司沈鵬談創新創業” was successfully held on 23 September, 2021, which drew more than 100 participants
- [從成為美團第一位實習生到入選福布斯亞洲30歲以下的杰出企業家: 水滴公司創辦人分享他的創業之旅](https://www.hkubs.hku.hk/sc/media/school-news/from-being-the-first-mei-tuan-intern-to-becoming-forbes-30-under-30-asia-entrepreneur-waterdrop-founder-shared-his-journey-in-business-innovation/) - 許多人曾幻想自己會離開穩定的工作，創立自己的事業，但最終並非每人都能夠踏出舒適圈，並在物競天擇的商業世界開拓出一條新路。成功創業的關鍵往往在於創業家是否有破釜沉舟的決心、堅韌不拔的精神和遠大的目光。是次「與CEO對話: 水滴公司沈鵬談創新創業」講座已於2021年9月23日舉行，吸引過百名嘉賓參加，了解企業創新和創業精神。水滴公司創辦人沈鵬先生以他自身的經歷，分享他對創業的看法以及他帶領水滴公司打入中國保險市場的激勵故事。 沈先生的創業之旅從成為美團的客戶服務實習生開始, 他憑住自己的努力和對工作的熱誠，很快晉升為美團的管理層，帶領美團急速擴展業務。他認為在好的環境工作好比坐上火箭般，獲得的機會和回報將有助發掘自己的潛能和建立人際關係。因此，他建議畢業生不要只憑薪金選擇第一份工作。反之，他們應該選擇那些提供機會成長和突破自我的公司。 在2013年，他帶領自己的團隊創立美團外賣平台，初嘗內部創業的滋味。他們利用人工智能和大數據等技術，使平台發展成國內最大的外賣平台，每天處理最少400萬宗訂單。 可是，他對創業的熱誠並沒有就此停下。沈先生其後談及他離開美團，創立水滴的故事。 他觀察到三線城市和農村的人們因受保門檻過高和他們的收入較低，無法支付高昂的保險費，而沒有得到醫療保險的保障。 因此，他決意設立一個眾籌平台，為那些被傳統保險市場排除在外的人，提供可負擔的保險產品，改善他們的生活質素。 此外，他透露帶領水滴公司成為第一間在美國上司的中國保險公司的秘訣。他認為一間公司的成敗很大程度在於他們是否擁有一個好的團隊。若一個團隊能吸納不同人才， 維持良好的溝通和建立信任，將能想出創意的點子和具前瞻性的策略。再者，他分享管理自己的公司和進行市場推廣的策略, 例如他推祟的傑克韋爾奇的管理方法論和PM12條原則。在演講總結時，他以「始終創業，縱情向前！」這一句話鼓勵學生們勇敢跳出舊有的框架，努力去追尋自己的夢想。
- [从成为美团第一位实习生到入选福布斯亚洲30岁以下的杰出企业家: 水滴公司创办人分享他的创业之旅](https://www.hkubs.hku.hk/sc/media/school-news/from-being-the-first-mei-tuan-intern-to-becoming-forbes-30-under-30-asia-entrepreneur-waterdrop-founder-shared-his-journey-in-business-innovation/) - 许多人曾幻想自己会离开稳定的工作，创立自己的事业，但最终并非每人都能够踏出舒适圈，并在物竞天择的商业世界开拓出一条新路。成功创业的关键往往在于创业家是否有破釜沉舟的决心、坚韧不拔的精神和远大的目光。是次「与CEO对话: 水滴公司沉鹏谈创新创业」讲座已于2021年9月23日举行，吸引过百名嘉宾参加，了解企业创新和创业精神。水滴公司创办人沉鹏先生以他自身的经历，分享他对创业的看法以及他带领水滴公司打入中国保险市场的激励故事。 沉先生的创业之旅从成为美团的客户服务实习生开始, 他凭住自己的努力和对工作的热诚，很快晋升为美团的管理层，带领美团急速扩展业务。他认为在好的环境工作好比坐上火箭般，获得的机会和回报将有助发掘自己的潜能和建立人际关系。因此，他建议毕业生不要只凭薪金选择第一份工作。反之，他们应该选择那些提供机会成长和突破自我的公司。在2013年，他带领自己的团队创立美团外卖平台，初尝内部创业的滋味。他们利用人工智能和大数据等技术，使平台发展成国内最大的外卖平台，每天处理最少400万宗订单。 可是，他对创业的热诚并没有就此停下。沉先生其后谈及他离开美团，创立水滴的故事。他观察到三线城市和农村的人们因受保门槛过高和他们的收入较低，无法支付高昂的保险费，而没有得到医疗保险的保障。因此，他决意设立一个众筹平台，为那些被传统保险市场排除在外的人，提供可负担的保险产品，改善他们的生活质素。 此外，他透露带领水滴公司成为第一间在美国上司的中国保险公司的秘诀。他认为一间公司的成败很大程度在于他们是否拥有一个好的团队。若一个团队能吸纳不同人才， 维持良好的沟通和建立信任，将能想出创意的点子和具前瞻性的策略。再者，他分享管理自己的公司和进行市场推广的策略, 例如他推祟的杰克韦尔奇的管理方法论和PM12条原则。在演讲总结时，他以「始终创业，纵情向前！」这一句话鼓励学生们勇敢跳出旧有的框架，努力去追寻自己的梦想。
- [陳坤耀傑出學人講座2021雲集四位商界超新星分享  「香港未來25載：不容錯過？」](https://www.hkubs.hku.hk/sc/media/press-release/edward-ky-chen-distinguished-lecture-2021/) - 港大經管學院今天舉辦2021年「陳坤耀傑出學人講座」，由四位商界超新星擔任主講嘉賓，包括卓能集團董事會副主席趙式芝小姐、新世界發展有限公司執行副主席兼行政總裁鄭志剛博士、滙豐亞太區聯席行政總裁廖宜建先生，以及溢達集團品牌及分銷董事總經理潘楚頴小姐，就香港如何保持自身作爲國際金融中心之優勢進行討論，並分享見解。
- [Edward KY Chen Distinguished Lecture 2021 “Hong Kong’s Next 25 Years: Challenges and Opportunities”](https://www.hkubs.hku.hk/sc/media/press-release/edward-ky-chen-distinguished-lecture-2021/) - The Edward KY Chen Distinguished Lecture 2021 presented by HKU Business School was successfully held today. Four young business leaders, including Ms. Gigi Chao, Dr. Adrian Cheng, Mr. David Liao and Ms. Dee Poon, shared their insights into how Hong Kong can maintain its advantages and its role as a world city and international financial centre.
- [陈坤耀杰出学人讲座2021云集四位商界超新星分享　「香港未来25载：不容错过？」](https://www.hkubs.hku.hk/sc/media/press-release/edward-ky-chen-distinguished-lecture-2021/) - 港大经管学院今天举办2021年「陈坤耀杰出学人讲座」，由四位商界超新星担任主讲嘉宾，包括卓能集团董事会副主席赵式芝小姐、新世界发展有限公司执行副主席兼行政总裁郑志刚博士、汇丰亚太区联席行政总裁廖宜建先生，以及溢达集团品牌及分销董事总经理潘楚颕小姐，就香港如何保持自身作为国际金融中心之优势进行讨论，并分享见解。
- [港大经管学院少年股神于第六届联大投资比赛中夺魁](https://www.hkubs.hku.hk/sc/media/school-news/meet-our-young-king-of-stocks-hku-business-school-student-mr-cai-justin-anderson-shines-at-the-6th-joint-university-investment-game/) - Congratulations! BBA (Acc&Fin) student Mr. CAI Justin Anderson is crowned the Overall Champion in the category of “Stocks” at the 6th Joint University Investment Game! Being the largest investment competition for University students in Hong Kong, it has attracted more than 3000 participants from over 14 universities and 20 student unions across Hong Kong and
- [港大經管學院少年股神於第六屆聯大投資比賽中奪魁](https://www.hkubs.hku.hk/sc/media/school-news/meet-our-young-king-of-stocks-hku-business-school-student-mr-cai-justin-anderson-shines-at-the-6th-joint-university-investment-game/) - Congratulations! BBA (Acc&Fin) student Mr. CAI Justin Anderson is crowned the Overall Champion in the category of “Stocks” at the 6th Joint University Investment Game! Being the largest investment competition for University students in Hong Kong, it has attracted more than 3000 participants from over 14 universities and 20 student unions across Hong Kong and
- [Combining Computational Intelligence into Marketing – Dr. Xi LI](https://www.hkubs.hku.hk/sc/media/school-news/combining-computational-intelligence-into-marketing-dr-xi-li/) - Born with a strong sense of curiosity, Dr. Xi Li is deeply interested in marketing strategies and economic phenomena. Impressed by the high quality of research and the rapid growth of HKU Business School, Dr. Li had officially joined us in July 2021 as an Associate Professor in Marketing. Curious about product pricing in supermarket
- [Meet our Young King of Stocks - HKU Business School student Mr. CAI Justin Anderson shines at the 6th Joint University Investment Game](https://www.hkubs.hku.hk/sc/media/school-news/meet-our-young-king-of-stocks-hku-business-school-student-mr-cai-justin-anderson-shines-at-the-6th-joint-university-investment-game/) - Congratulations! BBA (Acc&Fin) student Mr. CAI Justin Anderson is crowned the Overall Champion in the category of “Stocks” at the 6th Joint University Investment Game! Being the largest investment competition for University students in Hong Kong, it has attracted more than 3000 participants from over 14 universities and 20 student unions across Hong Kong and
- [HKU Business School Mentorship Programme 2021-22 Empowers Students](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-mentorship-programme-2021-22-empowers-students/) - The Inauguration Ceremony of the HKU Business School Mentorship Programme was successfully held on 11 November 2021. We were delighted to welcome a record high of mentors with diversified business background, most of whom are alumni, friends and supporters of the Faculty, as well as 80 student mentees to embark on this year’s mentorship journey.
- [HKU Business School Mentorship Programme 2021-22 Empowers Students](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-mentorship-programme-2021-22-empowers-students/) - The Inauguration Ceremony of the HKU Business School Mentorship Programme was successfully held on 11 November 2021. We were delighted to welcome a record high of mentors with diversified business background, most of whom are alumni, friends and supporters of the Faculty, as well as 80 student mentees to embark on this year’s mentorship journey.
- [HKU Business School Mentorship Programme 2021-22 Empowers Students](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-mentorship-programme-2021-22-empowers-students/) - The Inauguration Ceremony of the HKU Business School Mentorship Programme was successfully held on 11 November 2021. We were delighted to welcome a record high of mentors with diversified business background, most of whom are alumni, friends and supporters of the Faculty, as well as 80 student mentees to embark on this year’s mentorship journey.
- [Highlights of the 2021 Graduation Ceremony](https://www.hkubs.hku.hk/sc/media/school-news/2021-graduation-ceremony-successfully-held/)
- [獅子山精神尚存，但獅子山夢何在？ 港大經管學院 x 香港總商會最後一節線上研討會：探討香港社會不公](https://www.hkubs.hku.hk/sc/media/school-news/does-the-lion-rock-spirit-still-work-in-hong-kong-the-final-hku-business-school-x-hkgcc-webinar-explores-social-inequality-in-hong-kong/) - 「獅子山精神」的概念始於七十年代，勸勉香港人不屈不撓、奮發向上。由於香港經濟當時發展蓬勃、機遇處處，「獅子山精神」在時代的巨輪下成為了香港人心中的信仰。但時移世易，隨著經濟增長速度放緩，社會上流的機會亦隨之減少。從2019年肆虐至今的新冠肺炎疫情大大影響了草根階層的生計，而市場過剩的資金流動性和長年的低利率水平更使香港的財富差距問題日益嚴重。獅子山精神尚存，但獅子山夢何在？ 最後一節的港大經管學院 x 香港總商會線上研討會於2021年11月11日舉辦，並以「社會不公：獅子山精神在香港仍奏效嗎？」(Social Inequality: Does the Lion Rock Spirit Still Work in Hong Kong?) 為題，邀請了王于漸教授，港大經管學院的創院院長、現任香港大學首席副校長、經濟學講座教授及黃乾亨黃英豪政治經濟學教授 和 小彬紀念基金會暨社商賢匯創辦人兼行政總裁 馬夏邐女士，就著社會不公這個議題進行深入討論。 會上，王于漸教授以住房問題為切入點，解釋房屋供應短缺如何影響個人甚至跨代人的上流機會。王教授以數據助證，指出香港人的收入增幅遠遠追不上樓價的攀升，甚至出現了工作一輩子也付不起首期的情況。王教授直言這是一個非常嚴重的問題。若社會流動性出現了巨大而無法清除的阻力，整個世代的人會逼迫「躺平」，直接扼殺香港的獅子山精神。歸根究柢，是因爲香港的置業階梯出現斷層。要重設置業階梯，王教授認爲其中一個可行的方法，是重推租者置其屋計劃，以相宜的價格把公共房屋出售予公屋租戶，讓草根階層能享受香港的房產資源，緩解香港社會不公的問題。 馬夏邐女士則利用她的親身經歷，與我們分享少數族裔在香港這個以華人爲主的社會中被漠視和掙扎求存的故事。馬女士指，縱使香港自翹為一個開放和多元的社會，本地近260，000名少數族裔卻飽受制度上的結構性歧視。不論在入讀公立學校或求職上，他們經常會遇到不公平的待遇。馬女士直斥香港的教育制度欠缺包容性，令少數族裔難以有效地學習中文，繼而剝削了他們在華人社會建立事業及融入社區的機會。這個制度上的種族隔離，使少數族裔們向上奮鬥的努力往往付諸東流，困在社會金字塔的最底層。馬女士慨嘆香港人的獅子山精神遺憾與他們無緣。 在問答環節中，兩位講者進一步闡釋他們的想法。王教授認爲在教育和房屋等關鍵議題上，政府必須更主動地團結持份者，合力清除障礙。他回想起自己其中一位導師，名聞遐邇的彌爾頓·傅利曼教授（Milton Friedman）曾說企業對社會的唯一責任就是牟利。但在21世紀，他相信傅利曼教授會同意當年彼得·杜拉克教授（Peter Drucker）的觀點 - 私人企業的高效率是提升我們整體社會福利的關鍵。政府並非全知全能，而我們作爲社會的一份子，亦有義務解決社會不公。 被問到融入大灣區能否緩解香港社會不公的問題，王教授認爲這是一條正確的道路。但他同時亦提醒決策者在制定跨境流動政策時，要謹慎留意當中可能會出現的負面外部因素。 馬女士認爲要消除結構性歧視，政府必須在語文政策上作深度改革。她提倡政府推出一個以中文為第二語言教學的課程，幫助來自非華語背景的少數族裔兒童突破語言上的壁壘。同時她亦指出獅子山精神在鼓勵努力拼博的同時，亦强調大家作爲香港人的團結和互助。馬女士亦提議商界主動創造一個更具包容性的工作環境，為每一個視香港為家的人提供上流機會。 在研討會的尾聲，主持人苗學禮先生總結了從七月至今，過去五場研討會的重點。苗先生很感激港大經管學者對是此研討會系列的支持，並感謝每一位曾出席這個活動的嘉賓。思考是行動的前設，苗先生希望大家能在這場研討會馬拉松中有所得著，為貢獻香港社會做好準備。
- [狮子山精神尚存，但狮子山梦何在？港大经管学院 x 香港总商会最后一节线上研讨会：探讨香港社会不公](https://www.hkubs.hku.hk/sc/media/school-news/does-the-lion-rock-spirit-still-work-in-hong-kong-the-final-hku-business-school-x-hkgcc-webinar-explores-social-inequality-in-hong-kong/) - 「狮子山精神」的概念始于七十年代，劝勉香港人不屈不挠、奋发向上。由于香港经济当时发展蓬勃、机遇处处，「狮子山精神」在时代的巨轮下成为了香港人心中的信仰。但时移世易，随着经济增长速度放缓，社会上流的机会亦随之减少。从2019年肆虐至今的新冠肺炎疫情大大影响了草根阶层的生计，而市场过剩的资金流动性和长年的低利率水平更使香港的财富差距问题日益严重。狮子山精神尚存，但狮子山梦何在？ 最后一节的港大经管学院 x 香港总商会线上研讨会于2021年11月11日举办，并以「社会不公：狮子山精神在香港仍奏效吗？」(Social Inequality: Does the Lion Rock Spirit Still Work in Hong Kong?) 为题，邀请了王于渐教授，港大经管学院的创院院长、现任香港大学首席副校长、经济学讲座教授及黄乾亨黄英豪政治经济学教授 和 小彬纪念基金会暨社商贤汇创办人兼行政总裁 马夏逦女士，就着社会不公这个议题进行深入讨论。 会上，王于渐教授以住房问题为切入点，解释房屋供应短缺如何影响个人甚至跨代人的上流机会。王教授以数据助证，指出香港人的收入增幅远远追不上楼价的攀升，甚至出现了工作一辈子也付不起首期的情况。王教授直言这是一个非常严重的问题。若社会流动性出现了巨大而无法清除的阻力，整个世代的人会逼迫「躺平」，直接扼杀香港的狮子山精神。归根究柢，是因为香港的置业阶梯出现断层。要重设置业阶梯，王教授认为其中一个可行的方法，是重推租者置其屋计划，以相宜的价格把公共房屋出售予公屋租户，让草根阶层能享受香港的房产资源，缓解香港社会不公的问题。 马夏逦女士则利用她的亲身经历，与我们分享少数族裔在香港这个以华人为主的社会中被漠视和挣扎求存的故事。马女士指，纵使香港自翘为一个开放和多元的社会，本地近260，000名少数族裔却饱受制度上的结构性歧视。不论在入读公立学校或求职上，他们经常会遇到不公平的待遇。马女士直斥香港的教育制度欠缺包容性，令少数族裔难以有效地学习中文，继而剥削了他们在华人社会建立事业及融入社区的机会。这个制度上的种族隔离，使少数族裔们向上奋斗的努力往往付诸东流，困在社会金字塔的最底层。马女士慨叹香港人的狮子山精神遗憾与他们无缘。 在问答环节中，两位讲者进一步阐释他们的想法。王教授认为在教育和房屋等关键议题上，政府必须更主动地团结持份者，合力清除障碍。他回想起自己其中一位导师，名闻遐迩的弥尔顿·傅利曼教授（Milton Friedman）曾说企业对社会的唯一责任就是牟利。但在21世纪，他相信傅利曼教授会同意当年彼得·杜拉克教授（Peter Drucker）的观点 - 私人企业的高效率是提升我们整体社会福利的关键。政府并非全知全能，而我们作为社会的一份子，亦有义务解决社会不公。 被问到融入大湾区能否缓解香港社会不公的问题，王教授认为这是一条正确的道路。但他同时亦提醒决策者在制定跨境流动政策时，要谨慎留意当中可能会出现的负面外部因素。 马女士认为要消除结构性歧视，政府必须在语文政策上作深度改革。她提倡政府推出一个以中文为第二语言教学的课程，帮助来自非华语背景的少数族裔儿童突破语言上的壁垒。同时她亦指出狮子山精神在鼓励努力拼博的同时，亦强调大家作为香港人的团结和互助。马女士亦提议商界主动创造一个更具包容性的工作环境，为每一个视香港为家的人提供上流机会。 在研讨会的尾声，主持人苗学礼先生总结了从七月至今，过去五场研讨会的重点。苗先生很感激港大经管学者对是此研讨会系列的支持，并感谢每一位曾出席这个活动的嘉宾。思考是行动的前设，苗先生希望大家能在这场研讨会马拉松中有所得着，为贡献香港社会做好准备。
- [Does the Lion Rock Spirit Still Work in Hong Kong? - The Final HKU Business School x HKGCC Webinar Explores Social Inequality in Hong Kong](https://www.hkubs.hku.hk/sc/media/school-news/does-the-lion-rock-spirit-still-work-in-hong-kong-the-final-hku-business-school-x-hkgcc-webinar-explores-social-inequality-in-hong-kong/) - Emerged in the era where the Hong Kong economy took flight, “Lion Rock spirit” has become the dogma among generations of Hong Kongers, that quality of life and social mobility could be achieved through grit and perseverance. But as the momentum of Hong Kong’s economic growth is slowly losing its velocity, opportunities to climb the
- [以计算机科学的力量实现市场学数字化 – 李曦博士](https://www.hkubs.hku.hk/sc/media/school-news/combining-computational-intelligence-into-marketing-dr-xi-li/) - 天生对周遭事物充满好奇的李曦博士，自幼对市场营销策略以及相关的经济现象深感兴趣。李博士非常欣赏港大经管学院卓越的研究水平，所以他最终在2021年7月以市场学副教授的身份加入我们港大经管学院的大家庭。 无尽的好奇心萌芽于超市 「我很喜欢在逛超市时观察商品价格的变化。我会问自己，为什么这件商品昨天卖100元，今天却只卖80元。为什么超市经理不干脆把这件商品的价格永远定在80元？割价速销的行为真的对公司有益吗？」李博士笑言自己在成为一名市场学学者前，就已经拥有一名研究员的好奇心和求知欲。 虽然李博士对市场学和经济学有着浓厚的兴趣，但他在本科时却选择了主修计算机科学。他解释：「在我中学毕业的时候，资讯科技这个行业刚萌芽，发展潜力强大。我坚信这个行业、这门技术将会改变世界。而随着我对计算机科学的理解日益加深，我的信念亦越发坚定。我很清楚这门技术能大大改善企业治理，甚至优化市场营销计划。」李博士在成为一名计算机科学家后，依然不忘研究市场学的初心。他先后攻读了运筹学的硕士课程和管理学的博士课程，好让自己能透过融合跨学科知识，解决现实世界中林林总总的市场营销问题。纵使现有的经济学和市场学理论，已经能解释许多经济现象，但世界的发展一日千里，大数据这类颠覆性科技，为市场所带来了前所未见的挑战和机遇。故李博士认为市场学学者有义务在知识的前沿推进，为世界创造新的知识、新的答案。 实证与理论并重的计量市场学 随着大数据的发展日益蓬勃，求知若渴的李博士很有兴趣研究这门科技，在定价和其他营销事宜上，如何帮助市场从业员更上一层楼。在进行实证研究的同时，李博士亦致力利用他在计算机科学上的知识分析市场学数据。李博士指出：「除了传统的数字数据，纵使现时的科技还未达到这个程度，但我相信在将来，文字、图案甚至影片都可以被研究。所以我一直致力在计算机演算法的领域进行研究，希望能帮助从业员能更有效地利用数据服务他们的客户。」 从政策研究的角度研究大数据 李博士最近的一份论文，就着大数据所带来的隐私问题进行研究。李博士解释：「在现今时代，企业分分钟比你自己更了解你自己。比方说，搜寻引擎对你的个人喜好一清二楚，叫车软件了解你每日的行踪，而销售平台则知晓你最爱的商品和品牌。以往商家与消费者之间资讯不对称的现象，在大数据横空出世后逆转，而消费者对此觉得相当不自在。」 有见各地政府陆续对私人企业收集用户数据的行为立法规范，李博士决定从政策研究的角度出发，从多角度研究这些条例。李博士指出企业在缺乏监管的情况下，从一切可行的途径收集用户的个人资料。故他的论文集中研究欧盟、美国以及中国内地，针对企业数据囤积的行为所采取的行动。最近滴滴出行因过度囤积用户数据，而遭内地监管部门约谈一事，亦将会是这份论文的其中一个现实例子。李博士认为企业应该平衡利润最大化和社会责任，他指出：「收集数据本身是一件很中性的事，但政府有需要因应市场的实际情况，适时调整监管力度。」 培养市场学主修生熟悉计算机功能 李博士一方面为市场学学术领域，贡献自己在计算机科学方面的天赋，一方面亦不忘优化市场学主修生们在应用资讯科技方面的能力。李博士相信数据将会主导市场营销，故本科生应涉猎更多有关数量市场学的知识，例如学习如何进行大数据分析，以保持他们在市场上的竞争力。在2021学年首个学期，李博士将会在本科执教数字营销的课程，并在研究生课程中教授有关计算机算法和大数据的知识。 在李博士眼中，港大经管学院是一个非常适合进行研究的学术机构。他笑言：「香港大学的百年基业声威远播，再加上我们学院与亚太区的商业群体关系良好。在强强结合下，港大的市场学学者们在研究上将如虎添翼，并能更有效地把他们的研究和知识传授给学生，继而为社会培养更优秀的人才。」
- [以計算機科學的力量實現市場學數字化 – 李曦博士](https://www.hkubs.hku.hk/sc/media/school-news/combining-computational-intelligence-into-marketing-dr-xi-li/) - 天生對周遭事物充滿好奇的李曦博士，自幼對市場營銷策略以及相關的經濟現象深感興趣。李博士非常欣赏港大經管學院卓越的研究水平，所以他最終在2021年7月以市場學副教授的身份加入我們港大經管學院的大家庭。 無盡的好奇心萌芽於超市 「我很喜歡在逛超市時觀察商品價格的變化。我會問自己，爲什麽這件商品昨天賣100元，今天卻只賣80元。爲什麽超市經理不乾脆把這件商品的價格永遠定在80元？割價速銷的行爲真的對公司有益嗎？」李博士笑言自己在成爲一名市場學學者前，就已經擁有一名研究員的好奇心和求知慾。 雖然李博士對市場學和經濟學有著濃厚的興趣，但他在本科時卻選擇了主修計算機科學。他解釋：「在我中學畢業的時候，資訊科技這個行業剛萌芽，發展潛力強大。我堅信這個行業、這門技術將會改變世界。而隨著我對計算機科學的理解日益加深，我的信念亦越發堅定。我很清楚這門技術能大大改善企業治理，甚至優化市場營銷計劃。」李博士在成為一名計算機科學家後，依然不忘研究市場學的初心。他先後攻讀了運籌學的碩士課程和管理學的博士課程，好讓自己能透過融合跨學科知識，解決現實世界中林林總總的市場營銷問題。縱使現有的經濟學和市場學理論，已經能解釋許多經濟現象，但世界的發展一日千里，大數據這類顛覆性科技，為市場所帶來了前所未見的挑戰和機遇。故李博士認爲市場學學者有義務在知識的前沿推進，為世界創造新的知識、新的答案。 實證與理論並重的計量市場學 隨著大數據的發展日益蓬勃，求知若渴的李博士很有興趣研究這門科技，在定價和其他營銷事宜上，如何幫助市場從業員更上一層樓。在進行實證研究的同時，李博士亦致力利用他在計算機科學上的知識分析市場學數據。李博士指出：「除了傳統的數字數據，縱使現時的科技還未達到這個程度，但我相信在將來，文字、圖案甚至影片都可以被研究。所以我一直致力在計算機演算法的領域進行研究，希望能幫助從業員能更有效地利用數據服務他們的客戶。」 從政策研究的角度研究大數據 李博士最近的一份論文，就著大數據所帶來的隱私問題進行研究。李博士解釋：「在現今時代，企業分分鐘比你自己更了解你自己。比方説，搜尋引擎對你的個人喜好一清二楚，叫車軟件了解你每日的行蹤，而銷售平台則知曉你最愛的商品和品牌。以往商家與消費者之間資訊不對稱的現象，在大數據橫空出世後逆轉，而消費者對此覺得相當不自在。」 有見各地政府陸續對私人企業收集用戶數據的行爲立法規範，李博士決定從政策研究的角度出發，從多角度研究這些條例。李博士指出企業在缺乏監管的情況下，從一切可行的途徑收集用戶的個人資料。故他的論文集中研究歐盟、美國以及中國内地，針對企業數據囤積的行爲所採取的行動。最近滴滴出行因過度囤積用戶數據，而遭内地監管部門約談一事，亦將會是這份論文的其中一個現實例子。李博士認爲企業應該平衡利潤最大化和社會責任，他指出：「收集數據本身是一件很中性的事，但政府有需要因應市場的實際情況，適時調整監管力度。」 培養市場學主修生熟悉計算機功能 李博士一方面為市場學學術領域，貢獻自己在計算機科學方面的天賦，一方面亦不忘優化市場學主修生們在應用資訊科技方面的能力。李博士相信數據將會主導市場營銷，故本科生應涉獵更多有關數量市場學的知識，例如學習如何進行大數據分析，以保持他們在市場上的競爭力。在2021學年首個學期，李博士將會在本科執教數字營銷的課程，並在研究生課程中教授有關計算機算法和大數據的知識。 在李博士眼中，港大經管學院是一個非常適合進行研究的學術機構。他笑言：「香港大學的百年基業聲威遠播，再加上我們學院與亞太區的商業群體關係良好。在强强結合下，港大的市場學學者們在研究上將如虎添翼，並能更有效地把他們的研究和知識傳授給學生，繼而為社會培養更優秀的人才。」
- [HKU Business School Students Shine with the Light of CSR](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-students-shines-with-the-light-of-csr/) - CSR is the key to achieve sustainable development. Starting from 2020, Citigroup Inc. and the Hong Kong Council of Social Service (HKCSS) have jointly organised the Citi-HKCSS Community Intern Program to nurture socially responsible business leaders for the future. In the past decade, the programme has collaborated with 258 NGOs and social enterprises, and nurtured
- [港大經管學子發揚企業社會責任精神](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-students-shines-with-the-light-of-csr/) - 推廣企業社會責任是實現可持續發展的關鍵。自2020年起，花旗集團和香港社會服務聯會展開合作，舉辦「花旗集團－社聯大學生社責實踐計劃」，為香港培育對企業社會有責任感的未來商業領袖。過去十一年來，該計劃與258所非政府機構和社會企業合作，培育超過800名主修商科的本科生。計劃每年會挑選80名品學兼優的同學進行20小時的培訓。同學們會以兩人一組的方式，進行160小時的實習工作。 蔡嘉惠同學（工商管理學﹙資訊系統﹚三年級生）的團隊獲選為兩組榮獲超凡卓越大獎的得獎隊伍之一，而溫婉茵同學（工商管理學二年級生）的團隊則獲選為四組榮獲卓越大獎的得獎隊伍之一。 在今年十月的嘉許禮上，我們很榮幸商務及經濟發展局局長邱騰華先生、花旗集團香港及澳門區行長暨行政總裁伍燕儀女士、香港社會服務聯會行政總裁蔡海偉先生、和港大經管學院助理院長（本科）梁小菁博士出席支持，鼓勵同學們日後積極推廣企業社會責任。
- [港大经管学子发扬企业社会责任精神](https://www.hkubs.hku.hk/sc/media/school-news/hku-business-school-students-shines-with-the-light-of-csr/) - 推广企业社会责任是实现可持续发展的关键。自2020年起，花旗集团和香港社会服务联会展开合作，举办「花旗集团－社联大学生社责实践计划」，为香港培育对企业社会有责任感的未来商业领袖。过去十一年来，该计划与258所非政府机构和社会企业合作，培育超过800名主修商科的本科生。计划每年会挑选80名品学兼优的同学进行20小时的培训。同学们会以两人一组的方式，进行160小时的实习工作。 蔡嘉惠同学（工商管理学﹙资讯系统﹚三年级生）的团队获选为两组荣获超凡卓越大奖的得奖队伍之一，而温婉茵同学（工商管理学二年级生）的团队则获选为四组荣获卓越大奖的得奖队伍之一。 在今年十月的嘉许礼上，我们很荣幸商务及经济发展局局长邱腾华先生、花旗集团香港及澳门区行长暨行政总裁伍燕仪女士、香港社会服务联会行政总裁蔡海伟先生、和港大经管学院助理院长（本科）梁小菁博士出席支持，鼓励同学们日后积极推广企业社会责任。
- [周政教授获科睿唯安选为2021年度最广获征引研究人员](https://www.hkubs.hku.hk/sc/media/school-news/professor-kevin-zheng-zhou-is-named-by-clarivate-in-its-list-of-highly-cited-researchers-2021-as-the-most-influential-in-the-world/) - 恭喜恭喜！港大经管学院的管理及商业策略讲座教授 暨 钟瀚德基金（商业策略及国际商务）教授 周政，被科睿唯安选为「2021年度最广获征引研究人员」。周教授的学术著作，获国际间的同侪学者广泛征引，在学术界极具影响力。 今年亦是港大首次被列入全球首50间院校，拥有最多「最广获征引研究人员」，合共有31位学者入选，数目为去年的两倍多，持续为本港院校之冠。确实可喜可贺！ 获选录的都是学术表现卓越的世界顶级学者，他们多份学术著作，在其学术范畴得以晋身年度内，全球被引用最多首1%的学术文章，是所属研究领域内极具影响力的人物。 31位港大学者：https://www.hku.hk/press/c_news_detail_23587.html
- [周政教授獲科睿唯安選為2021年度最廣獲徵引研究人員](https://www.hkubs.hku.hk/sc/media/school-news/professor-kevin-zheng-zhou-is-named-by-clarivate-in-its-list-of-highly-cited-researchers-2021-as-the-most-influential-in-the-world/) - 恭喜恭喜！港大經管學院的管理及商業策略講座教授 暨 鐘瀚德基金（商業策略及國際商務）教授 周政，被科睿唯安選為「2021年度最廣獲徵引研究人員」。周教授的學術著作，獲國際間的同儕學者廣泛徵引，在學術界極具影響力。 今年亦是港大首次被列入全球首50間院校，擁有最多「最廣獲徵引研究人員」，合共有31位學者入選，數目為去年的兩倍多，持續為本港院校之冠。確實可喜可賀！ 獲選錄的都是學術表現卓越的世界頂級學者，他們多份學術著作，在其學術範疇得以晉身年度內，全球被引用最多首1%的學術文章，是所屬研究領域內極具影響力的人物。 31位港大學者： https://www.hku.hk/press/c_news_detail_23587.html
- [Professor Kevin Zheng Zhou is named by Clarivate in its list of “Highly Cited Researchers 2021” as the most influential in the world.](https://www.hkubs.hku.hk/sc/media/school-news/professor-kevin-zheng-zhou-is-named-by-clarivate-in-its-list-of-highly-cited-researchers-2021-as-the-most-influential-in-the-world/) - Congratulations! Our Chair of Strategy and International Business, Chung Hon-Dak Professor in Strategy and International Business Kevin Zheng Zhou is named by Clarivate in its list of “Highly Cited Researchers 2021” as the most influential in the world. Prof. Zhou’s papers have been highly cited by fellow academics and rank in the top 1% by citations
- [To Catch up in the Global Talent Race - The Fourth HKU Business School x HKGCC Webinar Explores New Talent Strategies to Sustain our Competitiveness](https://www.hkubs.hku.hk/sc/?post_type=media&p=153642) - The global talent race is getting increasingly fierce with the development of disruptive technologies such as AI and big data. To remain relevant in the international landscape, we must plug our brain drain and boost our talent supply.
- [研究宏观经济学以促进包容性经济增长 － 张丽晨博士](https://www.hkubs.hku.hk/sc/media/school-news/promoting-inclusive-growth-with-macroeconomics-research-dr-lichen-zhang/) - 传承了双亲的书香，张丽晨博士立志成为一名能够以所学所得贡献社会的学者。在海外攻读博士时，张博士见识到港大经管学院毕业生出色的经济学天赋。这段经历驱使她在2020年七月加入我校，任职经济学助理教授。 以宏观经济学为政策的试金石 张博士笑言：「可能是因为我的父母都是大学教授，所以我对学习和分享知识一直很有热诚。我在修读本科的时候，就同时主修了数学、统计、和经济学。」虽然张博士钟情数学，但为了能对社会产生更直接的影响，她最终选择成为一名宏观经济学家。 宏观经济学研究结合数据和各类结构模型，故学者的研究往往能为决策者提供政策指引。张博士说：「举个例子，学者能够利用量化结构模型评估某项政策的经济影响，例如政策对社会的输出、消费、福利、和资源分配不公等各方面的影响。这种研究手法又称之为量化宏观法。在我任职美聯儲明尼阿波利斯分行的兼职研究员时，我身边就有不少的同僚利用量化宏观法进行了一系列影响深远的研究分析，为决策者在设计货币政策和谋划其他策略性项目时提供了宝贵的指引。」 研究劳动份额在环球经济中的消减 劳动份额近年在环球经济中出现了一个长期递减的问题，然而产业集中度却不断上升。这反映劳工在国民所得中的份额越来越少，但大型企业的市场占比却越来越多。张博士最近的一项研究发现这个现象与科技发展，特别是计算机软件和研究与开发等（R&D）无形资本的发展息息相关。她解释道：「很多人认为现时的趋势正在加强市场的力量，但我的研究指出，产业集中度的上升，是科技进步下的必然产物，而这些优势在那些大型、高产量、和无形资产集中度高的企业身上尤其普遍。这个现象并不一定会导致市场失衡。」 张博士希望研究能释除决策者的疑虑，防止他们过度干预市场。 如何优化对企业家的征税？ 除此以外，企业家人数减少亦是环球领袖需要面对的另一项难题，即使强如美国亦不能忽视。张博士解释：「企业家是一群非常特别的人口。在美国，企业家虽然只占总人口的7－8%，但他们拥有近1／3的国民财富。他们同时亦是市场上重要的职位提供者和创新动力。」企业家的消失对一个国家的长远竞争力有着毁灭性的打击。为帮助决策者提供政策指引，张博士决定在企业家的税务问题上进行研究。「对企业家征税是一个颇为棘手的问题。」张博士进一步解释：「一方面，这个群体对一个国家的发展举足轻重，对他们征收过高的税额可能迫使他们迁离国土，这是政府当局不容乐见的；另一方面，企业家比一般市民的确较为富裕，对他们征收更多的税项可以帮助减低政府的财政赤字和收窄贫富悬殊。」 利用美国PSID （Panel Study of Income Dynamics）的数据，张博士对自雇以及积极营运的企业家进行研究，希望能计算出对企业家最有利的薪俸税和利得税。有鉴于我们院校即将会在以色列建立一所创业和创新中心，张博士的研究将会为中心的数据库生色不少。 以研究成果升华教育素质 张博士目前已在港大执教一年，她对下个学期的教学安排尤感兴趣：「下个学期的课程与我的研究息息相关。」在2022年的首个学期，张博士将会执教一个有关社会资源分配不公和经济增长的本科进阶课程。张博士多年来就着劳工市场上的问题进行多项研究，她期待在课堂上与学生们分享自己的研究成果，并启发他们将来为社会出一份力。
- [研究宏觀經濟學以促進包容性經濟增長 － 張麗晨博士](https://www.hkubs.hku.hk/sc/media/school-news/promoting-inclusive-growth-with-macroeconomics-research-dr-lichen-zhang/) - 傳承了雙親的書香，張麗晨博士立志成為一名能夠以所學所得貢獻社會的學者。在海外攻讀博士時，張博士見識到港大經管學院畢業生出色的經濟學天賦。這段經歷驅使她在2020年七月加入我校，任職經濟學助理教授。 以宏觀經濟學為政策的試金石 張博士笑言：「可能是因為我的父母都是大學教授，所以我對學習和分享知識一直很有熱誠。我在修讀本科的時候，就同時主修了數學、統計、和經濟學。」雖然張博士鍾情數學，但為了能對社會產生更直接的影響，她最終選擇成為一名宏觀經濟學家。 宏觀經濟學研究結合數據和各類結構模型，故學者的研究往往能為決策者提供政策指引。張博士說：「舉個例子，學者能夠利用量化結構模型評估某項政策的經濟影響，例如政策對社會的輸出、消費、福利、和資源分配不公等各方面的影響。這種研究手法又稱之爲量化宏觀法。在我任職美聯儲明尼阿波利斯分行的兼職研究員時，我身邊就有不少的同僚利用量化宏觀法進行了一系列影響深遠的研究分析，為決策者在設計貨幣政策和謀劃其他策略性項目時提供了寶貴的指引。」 研究勞動份額在環球經濟中的消減 勞動份額近年在環球經濟中出現了一個長期遞減的問題，然而產業集中度卻不斷上升。這反映勞工在國民所得中的份額越來越少，但大型企業的市場佔比卻越來越多。張博士最近的一項研究發現這個現象與科技發展，特別是電腦軟件和研究與開發等（R&D）無形資本的發展息息相關。她解釋道：「很多人認為現時的趨勢正在加强市場的力量，但我的研究指出，產業集中度的上升，是科技進步下的必然產物，而這些優勢在那些大型、高產量、和無形資產集中度高的企業身上尤其普遍。這個現象並不一定會導致市場失衡。」 張博士希望研究能釋除決策者的疑慮，防止他們過度干預市場。 如何優化對企業家的徵稅？ 除此以外，企業家人數減少亦是環球領袖需要面對的另一項難題，即使强如美國亦不能忽視。張博士解釋：「企業家是一群非常特別的人口。在美國，企業家雖然只占總人口的7－8%，但他們擁有近1／3的國民財富。他們同時亦是市場上重要的職位提供者和創新動力。」企業家的消失對一個國家的長遠競爭力有著毀滅性的打擊。為幫助決策者提供政策指引，張博士決定在企業家的稅務問題上進行研究。「對企業家徵稅是一個頗爲棘手的問題。」張博士進一步解釋：「一方面，這個群體對一個國家的發展舉足輕重，對他們徵收過高的稅額可能迫使他們遷離國土，這是政府當局不容樂見的；另一方面，企業家比一般市民的確較爲富裕，對他們徵收更多的稅項可以幫助減低政府的財政赤字和收窄貧富懸殊。」 利用美國PSID （Panel Study of Income Dynamics）的數據，張博士對自僱以及積極營運的企業家進行研究，希望能計算出對企業家最有利的薪俸稅和利得稅。有鑑於我們院校即將會在以色列建立一所創業和創新中心，張博士的研究將會為中心的資料庫生色不少。 以研究成果昇華教育素質 張博士目前已在港大執教一年，她對下個學期的教學安排尤感興趣：「下個學期的課程與我的研究息息相關。」在2022年的首個學期，張博士將會執教一個有關社會資源分配不公和經濟增長的本科進階課程。張博士多年來就著勞工市場上的問題進行多項研究，她期待在課堂上與學生們分享自己的研究成果，並啟發他們將來為社會出一份力。
- [Promoting inclusive growth with macroeconomics research – Dr. Lichen Zhang](https://www.hkubs.hku.hk/sc/media/school-news/promoting-inclusive-growth-with-macroeconomics-research-dr-lichen-zhang/) - Born in a scholar family, Dr. Zhang aspires to use her knowledge to generate positive impact to the world. Impressed by the intellectual prowess of the HKU alumni she had met in her PhD years, Dr. Zhang decided to embark on a pilgrimage to HKU Business School on July 2020 as an Assistant Professor in
- [Faculty Teaching Award Scheme 2020-21](https://www.hkubs.hku.hk/sc/media/school-news/faculty-teaching-award-scheme-2020-21/) - The Faculty Teaching Award Scheme recognises and rewards teachers with outstanding achievements and significant contributions in teaching and student learning in the Faculty. The award-winners for the academic year 2020-21 are: Faculty Outstanding Teacher Award (Undergraduate Teaching) Dr. Matthias BUEHLMAIER Principal Lecturer “I feel very honored to receive the Faculty Outstanding Teacher Award (Undergraduate Teaching)
- [Faculty Teaching Award Scheme 2020-21](https://www.hkubs.hku.hk/sc/media/school-news/faculty-teaching-award-scheme-2020-21/) - The Faculty Teaching Award Scheme recognises and rewards teachers with outstanding achievements and significant contributions in teaching and student learning in the Faculty. The award-winners for the academic year 2020-21 are: Faculty Outstanding Teacher Award (Undergraduate Teaching) Dr. Matthias BUEHLMAIER Principal Lecturer “I feel very honored to receive the Faculty Outstanding Teacher Award (Undergraduate Teaching)
- [Faculty Teaching Award Scheme 2020-21](https://www.hkubs.hku.hk/sc/media/school-news/faculty-teaching-award-scheme-2020-21/) - The Faculty Teaching Award Scheme recognises and rewards teachers with outstanding achievements and significant contributions in teaching and student learning in the Faculty. The award-winners for the academic year 2020-21 are: Faculty Outstanding Teacher Award (Undergraduate Teaching) Dr. Matthias BUEHLMAIER Principal Lecturer “I feel very honored to receive the Faculty Outstanding Teacher Award (Undergraduate Teaching)
- [HKU Business School Launches the First HR Leaders Forum](https://www.hkubs.hku.hk/sc/media/press-release/港大经管学院举办首届人力资源领袖论坛/) - HKU Business School MBA Career Development and Training team organised an HR Leaders Forum and invited over 20 prominent leaders in the field to share their insights on latest HR trends and new strategies in talent acquisition.
- [Researching the Under-Privileged at the Forefront - Dr. Gedeon LIM](https://www.hkubs.hku.hk/sc/media/school-news/researching-the-under-privileged-at-the-forefront-dr-gedeon-lim/) - As a development economist, Dr. Gedeon Lim has been dedicated to the study of reducing poverty and facilitating economic growth and development. He joined HKU Business School in August 2020 as an Assistant Professor in Economics. Our young and energetic Singaporean scholar is thrilled to have the opportunity to collaborate and generate new knowledge with local scholars.
- [How to build and scale up a fintech start up? Insightful knowledge shared in HKU Business School x IFTA Masterclass](https://www.hkubs.hku.hk/sc/media/school-news/how-to-build-and-scale-up-a-fintech-start-up-insightful-knowledge-shared-in-hku-business-school-x-ifta-masterclass/) - The webinar on How to build and scale up fintech projects & startups in Hong Kong and the Greater Bay Area, co-hosted by HKU Business School and Institute of Financial Technologists of Asia (IFTA), was successfully held on June 16, with more than 100 participants joining us on such a fruitful evening.
- [2021年毕业典礼精彩回顾](https://www.hkubs.hku.hk/sc/media/school-news/2021-graduation-ceremony-successfully-held/)
- [2021年畢業典禮精彩回顧](https://www.hkubs.hku.hk/sc/media/school-news/2021-graduation-ceremony-successfully-held/)
- [为保护环境和人民的福祉进行学术研究 – 何国俊博士](https://www.hkubs.hku.hk/sc/media/school-news/researching-for-the-betterment-of-environmental-protection-and-the-civilian-wellbeing-dr-guojun-he/) - 作为一名环境经济学和发展经济学的专家，何国俊博士看准了港大经管学院对外扩张的机遇，开辟了环境经济学和环境政策研究这两门崭新的研究主题。在2021年7月，何博士正式以经济学副教授的身份加入我们。 钟情于经济学的实战价值 何博士坦言他早在本科修读经济学的时候便被这门学科深深吸引：「经济学这门科学能高效地把学术知识应用在现实世界的问题上。有鉴于经济学家能利用他们的所学所得贡献社会，我认为这门学科拥有相当大的潜力。」蓦然回首，何博士很感恩自己能够在求知的道路上与不少优秀的学者结缘。他说：「我真的很幸运，能够在本科时听到钱颖一教授和林毅夫教教授在北大讲授的经济学课程，从这两位国内的精英经济学者身上学习。往后当我在加利福尼亚大学柏克莱分校展开我的研究生生涯，以及在哈佛大学担任博士后研究员的旅途中，亦有幸一直得到其他杰出的学者指点。他们对我的循循善诱，培养了我对学术研究的兴趣，并激起了我对探索未知的好奇和热诚。」 中国近年发展迅速，工业化的进程带来了环境污染的副作用，何博士希望能透过经济学知识优化现状。何博士一方面透过研究环境保护政策的效率，以及研究工业活动中的成本和效益，为决策者提供政策指引。另一方面，他亦致力发展经济学研究，例如，如何应用不同的激励机制提升中国基层政府雇员的工作表现，鼓励他们在提供公共服务上精益求精。 群众参与对政策执行的影响 自2013年起，内地当局要求企业实时公布他们的排污数据，以便执法部门更有效地打击超标排放。有见及此，何博士进行了一项随机对照试验（randomised control trial），研究群众参与能否提升执法部门的效率。此研究雇用了大量志愿者监察一些「超排」记录欠佳的企业，利用实施监测结果通过不同渠道像政府部门投诉。何博士发现民众参与，能大大提高执法部门的效率。他指出：「研究发现执法部门会迅速响应市民的投诉，而且当企业意识到自己正受到群众监督时，他们冒险进行非法排放的机率会下降50%。」 做好自己胜过左右逢源 与此同时，何博士亦在经济发展学方面进行研究，探讨提升治理质素和优化公共服务的策略。何博士认为，环境问题和治理问题这两个议题不论在过去、现在、甚至未来，都会是中国政府面对最具挑战性的议题，故他希望能利用自身的经济学知识为国家略尽绵力。 在他正在进行的一项研究中，何博士为国内的基层公务员设计了一套全新的评核机制，以打击部分基层公务员「阿谀献媚而玩忽职守」的不良风气。何博士解释，由于这些基层公务员的工作范围过于广泛，他们的工作表现难以被客观地评核。某些基层公务员因而利用这个漏洞，选择积极巴结上司而忽略实务。纵使基层公务员有他们的盘算，何博士也有应对方案：「倘若你连谁是考官都不清楚时，就不可能单凭甜言蜜语加官进爵。所以我们的研究团队便提议，地区政府同时为每位基层公务员的两位领导中随机选择评核员，而他们只会在年终评核当日才会知晓谁才是真正的考官。」这个安排能使基层公务员在计划拍马屁的时候陷入两难：同时拍两名评核员的马屁，可能会产生一种「不忠」的观感，结果同时开罪两人；但若只集中巴结其中一名评核员，则难免会导致另一名评核员反感。何博士笑言：「在这情况下，努力工作才是上策。」 港大的环境经济学先锋 何博士在醉心研究的同时，亦不忘教育。他在面谈中跟我们分享了一段他在香港教学时的有趣经历：「当我在另一所本地大学任教时，我发现不少来自其他学系的同学对商科的知识，特别是能用于解决社会问题的经济学知识特别好奇，他们甚至愿意花学分报读！但由于缺乏经济学的基础知识，他们在处理课业时难免会缺乏自信。所以我在安排小组专题研习的分组时，会确保每一个专题小组，都会包含非商科和商科的同学，让他们能互补不足、互相学习。」他认为这个安排能帮助商科的同学，从跨学科的角度理解商业问题，帮助他们拓宽眼界，学习从多角度思考；同时亦能帮助非商科的同学，对经济学的研究和知识创造建立浓厚的兴趣。不少学生在选修该门课以后，都选择继续读研究生深造。这段经历对何博士而言，是他的教学生涯中最具满足感的。 加入港大经管学院后，何博士将会在研究生和本科课程中，教授有关环境保护的经济学知识。他告诉我们：「环境经济学近年在学界备受关注，我很荣幸能加入港大经管学院，并多谢领导层能给予我这个机会在港大担任这一门研究领域的先锋。我希望能透过教育把这个研究领域发扬光大，吸引更多有潜质的人成为这方面的学者。」
- [為保護環境和人民的福祉進行學術研究 – 何國俊博士](https://www.hkubs.hku.hk/sc/media/school-news/researching-for-the-betterment-of-environmental-protection-and-the-civilian-wellbeing-dr-guojun-he/) - 作爲一名環境經濟學和發展經濟學的專家，何國俊博士看準了港大經管學院對外擴張的機遇，開闢了環境經濟學和環境政策研究這兩門嶄新的研究主題。在2021年7月，何博士正式以經濟學副教授的身份加入我們。 鍾情於經濟學的實戰價值 何博士坦言他早在本科修讀經濟學的時候便被這門學科深深吸引：「經濟學這門科學能高效地把學術知識應用在現實世界的問題上。有鑒於經濟學家能利用他們的所學所得貢獻社會，我認爲這門學科擁有相當大的潛力。」驀然回首，何博士很感恩自己能夠在求知的道路上與不少優秀的學者結緣。他說：「我真的很幸運，能夠在本科時聽到錢穎一教授和林毅夫教教授在北大講授的經濟學課程，從這兩位國內的精英經濟學者身上學習。往後當我在加利福尼亞大學柏克萊分校展開我的研究生生涯，以及在哈佛大學擔任博士後研究員的旅途中，亦有幸一直得到其他傑出的學者指點。他們對我的循循善誘，培養了我對學術研究的興趣，並激起了我對探索未知的好奇和熱誠。」 中國近年發展迅速，工業化的進程帶來了環境污染的副作用，何博士希望能透過經濟學知識優化現狀。何博士一方面透過研究環境保護政策的效率，以及研究工業活動中的成本和效益，為決策者提供政策指引。另一方面，他亦致力發展經濟學研究，例如，如何應用不同的激勵機制提升中國基層政府僱員的工作表現，鼓勵他們在提供公共服務上精益求精。 群眾參與對政策執行的影響 自2013年起，内地當局要求企業實時公佈他們的排污數據，以便執法部門更有效地打擊超標排放。有見及此，何博士進行了一項隨機對照試驗（randomised control trial），研究群眾參與能否提升執法部門的效率。此研究僱用了大量志願者監察一些「超排」記錄欠佳的企業，利用實施監測結果通過不同渠道像政府部門投訴。何博士發現民眾參與，能大大提高執法部門的效率。他指出：「研究發現執法部門會迅速回應市民的投訴，而且當企業意識到自己正受到群眾監督時，他們冒險進行非法排放的機率會下降50%。」 做好自己勝過左右逢源 與此同時，何博士亦在經濟發展學方面進行研究，探討提升治理質素和優化公共服務的策略。何博士認爲，環境問題和治理問題這兩個議題不論在過去、現在、甚至未來，都會是中國政府面對最具挑戰性的議題，故他希望能利用自身的經濟學知識為國家略盡綿力。 在他正在進行的一項研究中，何博士為國内的基層公務員設計了一套全新的評核機制，以打擊部分基層公務員「阿諛獻媚而玩忽職守」的不良風氣。何博士解釋，由於這些基層公務員的工作範圍過於廣泛，他們的工作表現難以被客觀地評核。某些基層公務員因而利用這個漏洞，選擇積極巴結上司而忽略實務。縱使基層公務員有他們的盤算，何博士也有應對方案：「倘若你連誰是考官都不清楚時，就不可能單憑甜言蜜語加官進爵。所以我們的研究團隊便提議，地區政府同時為每位基層公務員的兩位領導中隨機選擇評核員，而他們只會在年終評核當日才會知曉誰才是真正的考官。」這個安排能使基層公務員在計劃拍馬屁的時候陷入兩難：同時拍兩名評核員的馬屁，可能會產生一種「不忠」的觀感，結果同時開罪兩人；但若只集中巴結其中一名評核員，則難免會導致另一名評核員反感。何博士笑言：「在這情況下，努力工作才是上策。」 港大的環境經濟學先鋒 何博士在醉心研究的同時，亦不忘教育。他在面談中跟我們分享了一段他在香港教學時的有趣經歷：「當我在另一所本地大學任教時，我發現不少來自其他學系的同學對商科的知識，特別是能用於解決社會問題的經濟學知識特別好奇，他們甚至願意花學分報讀！但由於缺乏經濟學的基礎知識，他們在處理課業時難免會缺乏自信。所以我在安排小組專題研習的分組時，會確保每一個專題小組，都會包含非商科和商科的同學，讓他們能互補不足、互相學習。」他認爲這個安排能幫助商科的同學，從跨學科的角度理解商業問題，幫助他們拓寬眼界，學習從多角度思考；同時亦能幫助非商科的同學，對經濟學的研究和知識創造建立濃厚的興趣。不少學生在選修該門課以後，都選擇繼續讀研究生深造。這段經歷對何博士而言，是他的教學生涯中最具滿足感的。 加入港大經管學院後，何博士將會在研究生和本科課程中，教授有關環境保護的經濟學知識。他告訴我們：「環境經濟學近年在學界備受關注，我很榮幸能加入港大經管學院，並多謝領導層能給予我這個機會在港大擔任這一門研究領域的先鋒。我希望能透過教育把這個研究領域發揚光大，吸引更多有潛質的人成爲這方面的學者。」

## 团队

- [RUAN Tianyue](https://www.hkubs.hku.hk/sc/people/ruan-tianyue/)
- [RUAN Tianyue](https://www.hkubs.hku.hk/sc/people/ruan-tianyue/)
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- [Connor JIN](/)
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- [Shusong BA](/)
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- [Yenny LIU](/)
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- [Trinnie SO](https://www.hkubs.hku.hk/sc/people/trinnie-so/)
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- [Chi Pui HO](https://www.hkubs.hku.hk/sc/people/chi-pui-ho-2/)
- [Derek K. W. CHAN](https://www.hkubs.hku.hk/sc/people/derek-k-w-chan/)
- [Winnie S.C. LEUNG](https://www.hkubs.hku.hk/sc/people/winnie-s-c-leung/)
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- [Winnie S.C. LEUNG](https://www.hkubs.hku.hk/sc/people/winnie-s-c-leung/)
- [Winnie S.C. LEUNG](https://www.hkubs.hku.hk/sc/people/winnie-s-c-leung/)
- [Chi Pui HO](https://www.hkubs.hku.hk/sc/people/chi-pui-ho-2/)
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- [Chao DING](https://www.hkubs.hku.hk/sc/people/chao-ding/)
- [Harold Chiu](/)
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- [Beau LEFLER](https://www.hkubs.hku.hk/sc/people/beau-lefler/)
- [Philip N L Chen](/)
- [Philip N L Chen](/)
- [Olivia LEUNG](https://www.hkubs.hku.hk/sc/people/olivia-leung/)
- [Derek K. W. CHAN](https://www.hkubs.hku.hk/sc/people/derek-k-w-chan/)
- [Terence YIU](https://www.hkubs.hku.hk/sc/people/terence-yiu/)
- [Terence YIU](https://www.hkubs.hku.hk/sc/people/terence-yiu/)
- [Philip N L Chen](/)
- [Ms . Fonly CHU](/)
- [Ms . Fonly CHU](/)
- [Ms . Fonly CHU](/)
- [Ms. Qingyu FAN](/)
- [Ms. Qingyu FAN](/)
- [Ms. Qingyu FAN](/)
- [Ankit SURI](https://www.hkubs.hku.hk/sc/people/ankit-suri/)
- [Ankit SURI](https://www.hkubs.hku.hk/sc/people/ankit-suri/)
- [Terence YIU](https://www.hkubs.hku.hk/sc/people/terence-yiu/)
- [Anna Wai-Kwan Wong](https://www.hkubs.hku.hk/sc/people/anna-wai-kwan-wong/)
- [Anna Wai-Kwan Wong](https://www.hkubs.hku.hk/sc/people/anna-wai-kwan-wong/)
- [Anna Wai-Kwan Wong](https://www.hkubs.hku.hk/sc/people/anna-wai-kwan-wong/)
- [Ms. Rachael LAM](/)
- [Ms. Rachael LAM](/)
- [Ms. Rachael LAM](/)
- [Ms. Truebe TSE](/)
- [Ms. Truebe TSE](/)
- [Ms. Truebe TSE](/)
- [Meran CHAN](/)
- [Meran CHAN](/)
- [Meran CHAN](/)
- [Ivy HUANG](/)
- [Ivy HUANG](/)
- [Ivy HUANG](/)
- [Venus HO](/)
- [Venus HO](/)
- [Venus HO](/)
- [Ms. Xin WANG](/)
- [Ms. Xin WANG](/)
- [Ms. Xin WANG](/)
- [Mr. Richard YANG](/)
- [Mr. Richard YANG](/)
- [Mr. Richard YANG](/)
- [Ellen YIU](/)
- [Tat Yuen CHAN](https://www.hkubs.hku.hk/sc/people/tat-yuen-chan/)
- [Tat Yuen CHAN](https://www.hkubs.hku.hk/sc/people/tat-yuen-chan/)
- [Tat Yuen CHAN](https://www.hkubs.hku.hk/sc/people/tat-yuen-chan/)
- [Danny WANG](/)
- [Matthew FOK](/)
- [Matthew FOK](/)
- [Matthew FOK](/)
- [YUKI HO](/)
- [Kendall LAI](/)
- [Kendall LAI](/)
- [Kendall LAI](/)
- [Kan LAI](/)
- [Melody LEUNG](/)
- [Melody LEUNG](/)
- [Melody LEUNG](/)
- [Wendy LU](/)
- [Mimi CHAN](/)
- [Mimi CHAN](/)
- [Mimi CHAN](/)
- [Cherrie YEUNG](/)
- [Cherrie YEUNG](/)
- [Cherrie YEUNG](/)
- [Ariel NGAN](/)
- [Luyan WANG](/)
- [Janice TSANG](/)
- [Janice TSANG](/)
- [Janice TSANG](/)
- [Joanne HO](/)
- [Joanne HO](/)
- [Joanne HO](/)
- [Mr. Robbie HO](/)
- [Mr. Robbie HO](/)
- [Mr. Robbie HO](/)
- [Selina Shen](/)
- [Selina Shen](/)
- [Selina Shen](/)
- [Rachel WANG](/)
- [Rachel WANG](/)
- [Rachel WANG](/)
- [Vivid Wei](/)
- [Vivid Wei](/)
- [Vivid Wei](/)
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- [Ms. Bella XU](/)
- [Ms. Bella XU](/)
- [Paul LI](/)
- [Paul LI](/)
- [Paul LI](/)
- [Horace YEUNG](/)
- [Horace YEUNG](/)
- [Horace YEUNG](/)
- [Danny WONG](/)
- [Sherry ZHANG](/)
- [Sherry ZHANG](/)
- [Sherry ZHANG](/)
- [Thomas TSANG](/)
- [Sylvia LI](/)
- [Sylvia LI](/)
- [Rebecca HUANG](/)
- [Karen LEE](/)
- [Nicole CHEUNG](/)
- [Nicole CHEUNG](/)
- [Nicole CHEUNG](/)
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- [Cadence TANG](/)
- [Ida CHEANG](/)
- [Joshua CHEE](/)
- [Mason Mak](/)
- [Mason Mak](/)
- [Mason Mak](/)
- [Raymond LAU](/)
- [Ms. Lucia LIU](/)
- [Ms. Lucia LIU](/)
- [Ms. Lucia LIU](/)
- [Paul TSE](/)
- [Paul TSE](/)
- [Paul TSE](/)
- [Mr. Anson WONG](/)
- [Mr. Anson WONG](/)
- [Mr. Anson WONG](/)
- [Eki CHENG](/)
- [Eki CHENG](/)
- [Eki CHENG](/)
- [Stella Yeung](/)
- [Stella Yeung](/)
- [Stella Yeung](/)
- [Vivian LAM](/)
- [Ann Li](/)
- [Ann Li](/)
- [Ann Li](/)
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- [Max MA](/)
- [Max MA](/)
- [Irina ZHANG](/)
- [Jennifer LO](/)
- [Jennifer LO](/)
- [Jennifer LO](/)
- [Pinky WONG](/)
- [Dr. Connie Dai](/)
- [Joseph HUANG](/)
- [Joseph HUANG](/)
- [Joseph HUANG](/)
- [Mr. Bill ZHANG](/)
- [Yi HUANG](/)
- [Kongqi LI](/)
- [Karen MAI](/)
- [Ms. Cindy ZHANG](/)
- [Tori WANG](/)
- [Frankie WU](/)
- [Frankie WU](/)
- [Frankie WU](/)
- [Alex CHAN](/)
- [Mr. Sebastian FAN](/)
- [Sean GAO](/)
- [Lin LIN](/)
- [Lin LIN](/)
- [Lin LIN](/)
- [Dickie YE](/)
- [Shuling CHEN](/)
- [Alex ZHAOHUANG](/)
- [Ms. Aries PAN](/)
- [Kenny LAM](/)
- [Ms. May Cheng](/)
- [Ms. Eliza XIANG](/)
- [Ms. Zhijing LIN](/)
- [Yiting WU](/)
- [Anthony WONG](/)
- [Shuang LI](/)
- [Mr. Lucas WANG](/)
- [Mr. Lucas WANG](/)
- [Mr. Lucas WANG](/)
- [Joyce LIU](/)
- [Joyce LIU](/)
- [Joyce LIU](/)
- [Brittany HUANG](/)
- [Brittany HUANG](/)
- [Brittany HUANG](/)
- [Elena TIAN](/)
- [Norah JIN](/)
- [Norah JIN](/)
- [Norah JIN](/)
- [Chloe Chui](/)
- [Chloe Chui](/)
- [Chloe Chui](/)
- [Sophie LI](/)
- [Carrie MAN](/)
- [Carrie MAN](/)
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- [Jessie Fung](/)
- [Jessie Fung](/)
- [Jessie Fung](/)
- [Teresa DENG](/)
- [Teresa DENG](/)
- [Teresa DENG](/)
- [Venus LEE](/)
- [Venus LEE](/)
- [Venus LEE](/)
- [Annie NIE](/)
- [Freya JIANG](/)
- [Denise CHAU](/)
- [Denise CHAU](/)
- [Denise CHAU](/)
- [Ambrose XIE](/)
- [Jessie SIN](/)
- [Jessie SIN](/)
- [Jessie SIN](/)
- [Ms. Nikki HUANG](/)
- [Ms. Nikki HUANG](/)
- [Ms. Nikki HUANG](/)
- [Nelson CHAN](/)
- [Eva Tsui](/)
- [Eva Tsui](/)
- [Eva Tsui](/)
- [Ms. Karin WU](/)
- [Ms. Karin WU](/)
- [Ms. Karin WU](/)
- [Ms. Zinnia YIP](/)
- [Ms. Zinnia YIP](/)
- [Ms. Zinnia YIP](/)
- [Samantha SUEN](/)
- [Serena TANG](/)
- [Serena TANG](/)
- [Serena TANG](/)
- [Eva CHAN](/)
- [Eva CHAN](/)
- [Eva CHAN](/)
- [Ms. Bowie TSOI](/)
- [Ms. Bowie TSOI](/)
- [Ms. Bowie TSOI](/)
- [Yunxi ZHOU](/)
- [Yunxi ZHOU](/)
- [Yunxi ZHOU](/)
- [Alicia LIANG](/)
- [Alicia LIANG](/)
- [Alicia LIANG](/)
- [Chelsea YIM](/)
- [Chelsea YIM](/)
- [Chelsea YIM](/)
- [Heidi WU](/)
- [Heidi WU](/)
- [Heidi WU](/)
- [Janice YUEN](/)
- [Janice YUEN](/)
- [Janice YUEN](/)
- [Yifan ZHOU](/)
- [Yifan ZHOU](/)
- [Yifan ZHOU](/)
- [Mr. Ted WONG](/)
- [Mr. Ted WONG](/)
- [Mr. Ted WONG](/)
- [Vincent WANG](/)
- [Vincent WANG](/)
- [DUAN Junting](https://www.hkubs.hku.hk/sc/people/duan-junting/)
- [DUAN Junting](https://www.hkubs.hku.hk/sc/people/duan-junting/)
- [DUAN Junting](https://www.hkubs.hku.hk/sc/people/duan-junting/)
- [Yi Tang](https://www.hkubs.hku.hk/sc/people/yi-tang/)
- [Yi Tang](https://www.hkubs.hku.hk/sc/people/yi-tang/)
- [Yi Tang](https://www.hkubs.hku.hk/sc/people/yi-tang/)
- [Yifan WU](https://www.hkubs.hku.hk/sc/?post_type=people&p=244862)
- [Wenhao LI](https://www.hkubs.hku.hk/sc/people/wenhao-li/)
- [Wenhao LI](https://www.hkubs.hku.hk/sc/people/wenhao-li/)
- [Wenhao LI](https://www.hkubs.hku.hk/sc/people/wenhao-li/)
- [Ms. Jenny YU](/)
- [Ms. Jenny YU](/)
- [Ms. Jenny YU](/)
- [Mr. Ronald LAM](/)
- [Mr. Ronald LAM](/)
- [Mr. Ronald LAM](/)
- [Ron WANG](/)
- [Ron WANG](/)
- [Ron WANG](/)
- [Calvin Fu - Strategic Partnerships](/)
- [Calvin Fu - Strategic Partnerships](/)
- [Calvin Fu - Strategic Partnerships](/)
- [Mr. Calvin FU](/)
- [Mr. Calvin FU](/)
- [Mr. Calvin FU](/)
- [Haishi LI](https://www.hkubs.hku.hk/sc/people/haishi-li/)
- [Haishi LI](https://www.hkubs.hku.hk/sc/people/haishi-li/)
- [Haishi LI](https://www.hkubs.hku.hk/sc/people/haishi-li/)
- [Soojin OH](https://www.hkubs.hku.hk/sc/people/soojin-oh/)
- [Soojin OH](https://www.hkubs.hku.hk/sc/people/soojin-oh/)
- [Soojin OH](https://www.hkubs.hku.hk/sc/people/soojin-oh/)
- [Mr. Ethan ZHANG](/)
- [Mr. Ethan ZHANG](/)
- [Mr. Ethan ZHANG](/)
- [Ms. Bonnie CHIU](/)
- [Ms. Alexis ZHOU](/)
- [Ms. Alexis ZHOU](/)
- [Ms. Alexis ZHOU](/)
- [Mr. Alvin YEUNG](/)
- [Mr. Alvin YEUNG](/)
- [Mr. Alvin YEUNG](/)
- [Wenjie XUE](https://www.hkubs.hku.hk/sc/people/wenjie-xue/)
- [Wenjie XUE](https://www.hkubs.hku.hk/sc/people/wenjie-xue/)
- [Wenjie XUE](https://www.hkubs.hku.hk/sc/people/wenjie-xue/)
- [Aaron Seokhyun YOON](https://www.hkubs.hku.hk/sc/people/aaron-seokhyun-yoon/)
- [Aaron Seokhyun YOON](https://www.hkubs.hku.hk/sc/people/aaron-seokhyun-yoon/)
- [Aaron Seokhyun YOON](https://www.hkubs.hku.hk/sc/people/aaron-seokhyun-yoon/)
- [Xuanyi JIN](https://www.hkubs.hku.hk/sc/people/xuanyi-jin/)
- [Xuanyi JIN](https://www.hkubs.hku.hk/sc/people/xuanyi-jin/)
- [Xuanyi JIN](https://www.hkubs.hku.hk/sc/people/xuanyi-jin/)
- [Yifan YU](https://www.hkubs.hku.hk/sc/people/yifan-yu/)
- [Yifan YU](https://www.hkubs.hku.hk/sc/people/yifan-yu/)
- [Yifan YU](https://www.hkubs.hku.hk/sc/people/yifan-yu/)
- [Bunny CHUNG](/)
- [Bunny CHUNG](/)
- [Bunny CHUNG](/)
- [Helen Yu](/)
- [Helen Yu](/)
- [Helen Yu](/)
- [Heathrow ZHU](/)
- [Heathrow ZHU](/)
- [Heathrow ZHU](/)
- [Yiwei LI](https://www.hkubs.hku.hk/sc/people/yiwei-li/)
- [Yiwei LI](https://www.hkubs.hku.hk/sc/people/yiwei-li/)
- [Yiwei LI](https://www.hkubs.hku.hk/sc/people/yiwei-li/)
- [Billy Mengyang GUO](https://www.hkubs.hku.hk/sc/people/billy-mengyang-guo/)
- [Billy Mengyang GUO](https://www.hkubs.hku.hk/sc/people/billy-mengyang-guo/)
- [Billy Mengyang GUO](https://www.hkubs.hku.hk/sc/people/billy-mengyang-guo/)
- [Mr. Kayden WONG](/)
- [Mr. Kayden WONG](/)
- [Mr. Kayden WONG](/)
- [Ms. Gloria CHEN](/)
- [Ms. Gloria CHEN](/)
- [Ms. Gloria CHEN](/)
- [Katie NG](/)
- [Katie NG](/)
- [Katie NG](/)
- [Rocks WATT](/)
- [Haley PENG](/)
- [Rocks WATT](/)
- [Rocks WATT](/)
- [Cindy WONG](/)
- [Cindy WONG](/)
- [Cindy WONG](/)
- [Anita CHAN](/)
- [Anita CHAN](/)
- [Anita CHAN](/)
- [Ms. Khloe CHAN](/)
- [Ms. Khloe CHAN](/)
- [Ms. Khloe CHAN](/)
- [Stella CHUNG](/)
- [Sammi CHEUNG](/)
- [Mable LAU](/)
- [Ella LUO](/)
- [Mable LAU](/)
- [Mable LAU](/)
- [Ella LUO](/)
- [Ella LUO](/)
- [Ran YANG](/)
- [Ran YANG](/)
- [Ran YANG](/)
- [Ms. Tonia CAI](/)
- [Ms. Tonia CAI](/)
- [Ms. Tonia CAI](/)
- [Jane CHEN](/)
- [Ms. Clara HE](/)
- [Ms. Clara HE](/)
- [Ms. Clara HE](/)
- [Ms. Yuwei ZHAO](/)
- [Ms. Yuwei ZHAO](/)
- [Ms. Yuwei ZHAO](/)
- [Claudia TAM](/)
- [Claudia TAM](/)
- [Claudia TAM](/)
- [Peonie MAN](/)
- [Peonie MAN](/)
- [Peonie MAN](/)
- [Logan CHEUNG](/)
- [Logan CHEUNG](/)
- [Logan CHEUNG](/)
- [Hong Zou](https://www.hkubs.hku.hk/sc/people/hong-zou/)
- [Hong Zou](https://www.hkubs.hku.hk/sc/people/hong-zou/)
- [Hong Zou](https://www.hkubs.hku.hk/sc/people/hong-zou/)
- [Mr. Aaron LEUNG](/)
- [Mr. Aaron LEUNG](/)
- [Mr. Aaron LEUNG](/)
- [Ms. Yuqing YANG](/)
- [Ms. Yuqing YANG](/)
- [Ms. Yuqing YANG](/)
- [Liea XIA](/)
- [Liea XIA](/)
- [Liea XIA](/)
- [Ms. Monica CHAN](/)
- [Ms. Monica CHAN](/)
- [Ms. Monica CHAN](/)
- [Xin TONG](https://www.hkubs.hku.hk/sc/people/xin-tong/)
- [Xin TONG](https://www.hkubs.hku.hk/sc/people/xin-tong/)
- [Xin TONG](https://www.hkubs.hku.hk/sc/people/xin-tong/)
- [Xinghao QIAO](https://www.hkubs.hku.hk/sc/people/xinghao-qiao/)
- [Xinghao QIAO](https://www.hkubs.hku.hk/sc/people/xinghao-qiao/)
- [Xinghao QIAO](https://www.hkubs.hku.hk/sc/people/xinghao-qiao/)
- [Rachel YEUNG](/)
- [Junhong CHU](https://www.hkubs.hku.hk/sc/people/junhong-chu/)
- [Junhong CHU](https://www.hkubs.hku.hk/sc/people/junhong-chu/)
- [Junhong CHU](https://www.hkubs.hku.hk/sc/people/junhong-chu/)
- [David Anyu GAO](https://www.hkubs.hku.hk/sc/people/anyu-gao/)
- [David Anyu GAO](https://www.hkubs.hku.hk/sc/people/anyu-gao/)
- [David Anyu GAO](https://www.hkubs.hku.hk/sc/people/anyu-gao/)
- [Joe Tsai](https://www.hkubs.hku.hk/sc/people/joe-tsai/)
- [Joe Tsai](https://www.hkubs.hku.hk/sc/people/joe-tsai/)
- [Minje PARK](https://www.hkubs.hku.hk/sc/people/minje-park/)
- [Minje PARK](https://www.hkubs.hku.hk/sc/people/minje-park/)
- [Minje PARK](https://www.hkubs.hku.hk/sc/people/minje-park/)
- [Erika CHAN](/)
- [Erika CHAN](/)
- [Erika CHAN](/)
- [Madina JAMOLOVA](/)
- [Madina JAMOLOVA](/)
- [Madina JAMOLOVA](/)
- [Wesley MAN](/)
- [Wesley MAN](/)
- [Wesley MAN](/)
- [Lawrence WONG](/)
- [Lawrence WONG](/)
- [Lawrence WONG](/)
- [Celine Cheung](/)
- [Dr. Adam YAN](/)
- [Catherine LIN](/)
- [Ms. Eugene SU](/)
- [Ms. Eugene SU](/)
- [Ms. Eugene SU](/)
- [Mr. Bernard ZHANG](/)
- [Mr. Bernard ZHANG](/)
- [Mr. Bernard ZHANG](/)
- [Mr. Clovis FAN](/)
- [Mr. Clovis FAN](/)
- [Mr. Clovis FAN](/)
- [Jane JIAN](/)
- [Jane JIAN](/)
- [Jane JIAN](/)
- [Ms. QU SUN](/)
- [Ms. QU SUN](/)
- [Ms. QU SUN](/)
- [Catherine LIN](/)
- [Catherine LIN](/)
- [Sara Chen](/)
- [Sara Chen](/)
- [Sara CHEN](/)
- [Vivian CHEN](/)
- [Vivian CHEN](/)
- [Vivian CHEN](/)
- [Mr. Michael YU](/)
- [Mr. Michael YU](/)
- [Mr. Michael YU](/)
- [Dr. Adam YAN](/)
- [Dr. Adam YAN](/)
- [Prof. Wei Luo](/)
- [Prof. Wei Luo](/)
- [Prof. Wei Luo](/)
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- [Poman LO](https://www.hkubs.hku.hk/sc/people/poman-lo/)
- [Poman LO](https://www.hkubs.hku.hk/sc/people/poman-lo/)
- [Ms. Emma CHENG](/)
- [Ms. Emma CHENG](/)
- [Ms. Emma CHENG](/)
- [Daisy LAU](/)
- [Daisy LAU](/)
- [Daisy LAU](/)
- [Stacey WONG](/)
- [Stacey WONG](/)
- [Stacey WONG](/)
- [Wenwei William XU](https://www.hkubs.hku.hk/sc/people/wenwei-william-xu/)
- [Wenwei William XU](https://www.hkubs.hku.hk/sc/people/wenwei-william-xu/)
- [GiGi CHENG](/)
- [GiGi CHENG](/)
- [GiGi CHENG](/)
- [Ms. Elaine WANG](/)
- [Ms. Elaine WANG](/)
- [Ms. Elaine WANG](/)
- [Ms. Bobo HUANG](/)
- [Ms. Bobo HUANG](/)
- [Ms. Bobo HUANG](/)
- [Mr. Ivan KWOK](/)
- [Mr. Ivan KWOK](/)
- [Mr. Ivan KWOK](/)
- [Ms. Iris ZHANG](/)
- [Ms. Iris ZHANG](/)
- [Ms. Iris ZHANG](/)
- [Yuna TANG](/)
- [Yuna TANG](/)
- [Yuna TANG](/)
- [Ms. Iris LI](/)
- [Ms. Amelie LIN](/)
- [Ms. Amelie LIN](/)
- [Ms. Amelie LIN](/)
- [Ms. Clara LAW](/)
- [Ms. Clara LAW](/)
- [Ms. Clara LAW](/)
- [Ms. Joey HUANG](/)
- [Ms. Joey HUANG](/)
- [Ms. Joey HUANG](/)
- [Mr. Royce CHAN](/)
- [Mr. Royce CHAN](/)
- [Mr. Royce CHAN](/)
- [Ms. Iris LI](/)
- [Ms. Iris LI](/)
- [Copy of SHAN GAO T](/)
- [Copy of SHAN GAO T](/)
- [Copy of SHAN GAO T](/)
- [Copy of 高杉](/)
- [Copy of Ms. Shan GAO](/)
- [Ms. Jenny CHEN](/)
- [Ms. Jenny CHEN](/)
- [Ms. Jenny CHEN](/)
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- [Theresa Anna KWON](https://www.hkubs.hku.hk/sc/people/theresa-anna-kwon/)
- [Theresa Anna KWON](https://www.hkubs.hku.hk/sc/people/theresa-anna-kwon/)
- [Theresa Anna KWON](https://www.hkubs.hku.hk/sc/people/theresa-anna-kwon/)
- [Chen Zhao](https://www.hkubs.hku.hk/sc/people/chen-zhao/)
- [Ms. Louise TAO](/)
- [Ms. Louise TAO](/)
- [Ms. Louise TAO](/)
- [Mr. Billy HUANG](/)
- [Mr. Billy HUANG](/)
- [Mr. Billy HUANG](/)
- [Haojun CHEN](https://www.hkubs.hku.hk/sc/people/haojun-chen/)
- [Ms. Jinmei AN](/)
- [Ms. Jinmei AN](/)
- [Ms. Jinmei AN](/)
- [Yang Liu](https://www.hkubs.hku.hk/sc/people/yang-liu/)
- [Yang Liu](https://www.hkubs.hku.hk/sc/people/yang-liu/)
- [Yang Liu](https://www.hkubs.hku.hk/sc/people/yang-liu/)
- [Lu ZHANG](/)
- [Maggie TAN](/)
- [Maggie TAN](/)
- [Maggie TAN](/)
- [Bo YANG](https://www.hkubs.hku.hk/sc/people/bo-yang/)
- [Bo YANG](https://www.hkubs.hku.hk/sc/people/bo-yang/)
- [Bo YANG](https://www.hkubs.hku.hk/sc/people/bo-yang/)
- [Haipeng SHEN](https://www.hkubs.hku.hk/sc/people/haipeng-shen/)
- [Haipeng SHEN](https://www.hkubs.hku.hk/sc/people/haipeng-shen/)
- [Haipeng SHEN](https://www.hkubs.hku.hk/sc/people/haipeng-shen/)
- [Dan Yang](https://www.hkubs.hku.hk/sc/people/dan-yang/)
- [Dan Yang](https://www.hkubs.hku.hk/sc/people/dan-yang/)
- [Dan Yang](https://www.hkubs.hku.hk/sc/people/dan-yang/)
- [Wing Suen](https://www.hkubs.hku.hk/sc/people/wing-suen/)
- [Wing Suen](https://www.hkubs.hku.hk/sc/people/wing-suen/)
- [Wing Suen](https://www.hkubs.hku.hk/sc/people/wing-suen/)
- [Jing LI](https://www.hkubs.hku.hk/sc/people/jing-li-3/)
- [Jing LI](https://www.hkubs.hku.hk/sc/people/jing-li-3/)
- [Jing LI](https://www.hkubs.hku.hk/sc/people/jing-li-3/)
- [Xiao HOU](https://www.hkubs.hku.hk/sc/?post_type=people&p=244909)
- [Yun SHI](https://www.hkubs.hku.hk/sc/people/yun-shi/)
- [Yun SHI](https://www.hkubs.hku.hk/sc/people/yun-shi/)
- [Yun SHI](https://www.hkubs.hku.hk/sc/people/yun-shi/)
- [Mr. Nicholas IP](/)
- [Mr. Nicholas IP](/)
- [Mr. Nicholas IP](/)
- [Joe Tsai](https://www.hkubs.hku.hk/sc/people/joe-tsai/)
- [Neil Wen May TAN](https://www.hkubs.hku.hk/sc/people/neil-wen-may-tan/)
- [Neil Wen May TAN](https://www.hkubs.hku.hk/sc/people/neil-wen-may-tan/)
- [Neil Wen May TAN](https://www.hkubs.hku.hk/sc/people/neil-wen-may-tan/)
- [Gilbert Man Lung LEE](https://www.hkubs.hku.hk/sc/people/gilbert-man-lung-lee/)
- [Gilbert Man Lung LEE](https://www.hkubs.hku.hk/sc/people/gilbert-man-lung-lee/)
- [Gilbert Man Lung LEE](https://www.hkubs.hku.hk/sc/people/gilbert-man-lung-lee/)
- [Nafis RAHMAN](https://www.hkubs.hku.hk/sc/people/nafis-rahman/)
- [Nafis RAHMAN](https://www.hkubs.hku.hk/sc/people/nafis-rahman/)
- [Nafis RAHMAN](https://www.hkubs.hku.hk/sc/people/nafis-rahman/)
- [Mr. Christopher WONG](/)
- [Mr. Christopher WONG](/)
- [Mr. Christopher WONG](/)
- [Miss Ellie ZHANG](/)
- [Miss Ellie ZHANG](/)
- [Miss Ellie ZHANG](/)
- [Jiawei QIAO](https://www.hkubs.hku.hk/sc/people/jiawei-qiao/)
- [Jiawei QIAO](https://www.hkubs.hku.hk/sc/people/jiawei-qiao/)
- [Jiawei QIAO](https://www.hkubs.hku.hk/sc/people/jiawei-qiao/)
- [Jinzhao Du](https://www.hkubs.hku.hk/sc/people/jinzhao-du/)
- [Jinzhao Du](https://www.hkubs.hku.hk/sc/people/jinzhao-du/)
- [Jinzhao Du](https://www.hkubs.hku.hk/sc/people/jinzhao-du/)
- [King Lun AU](https://www.hkubs.hku.hk/sc/people/king-lun-au/)
- [King Lun AU](https://www.hkubs.hku.hk/sc/people/king-lun-au/)
- [King Lun AU](https://www.hkubs.hku.hk/sc/people/king-lun-au/)
- [Jeffrey NG](https://www.hkubs.hku.hk/sc/people/jeffrey-tee-yong-ng/)
- [Jeffrey NG](https://www.hkubs.hku.hk/sc/people/jeffrey-tee-yong-ng/)
- [Jeffrey NG](https://www.hkubs.hku.hk/sc/people/jeffrey-tee-yong-ng/)
- [Jingcun CAO](https://www.hkubs.hku.hk/sc/people/jingcun-cao/)
- [Jingcun CAO](https://www.hkubs.hku.hk/sc/people/jingcun-cao/)
- [Jingcun CAO](https://www.hkubs.hku.hk/sc/people/jingcun-cao/)
- [Ernest Sze Yuen LO](/)
- [Ernest Sze Yuen LO](/)
- [Ernest Sze Yuen LO](/)
- [Ajit NAVANI](/)
- [Ajit NAVANI](/)
- [Ajit NAVANI](/)
- [Doris JIAO](/)
- [Doris JIAO](/)
- [Doris JIAO](/)
- [Ms. Meiyi CHEN](/)
- [Ms. Meiyi CHEN](/)
- [Ms. Meiyi CHEN](/)
- [Lewei HUANG](https://www.hkubs.hku.hk/sc/people/huang-lewei/)
- [Lewei HUANG](https://www.hkubs.hku.hk/sc/people/huang-lewei/)
- [Lewei HUANG](https://www.hkubs.hku.hk/sc/people/huang-lewei/)
- [Ada LAM](/)
- [Amy CHAN](/)
- [Amy CHAN](/)
- [Ada LAM](/)
- [Ada LAM](/)
- [Fanny MA](/)
- [Andrea CHEUNG](/)
- [Andrea CHEUNG](/)
- [Andrea CHEUNG](/)
- [Queenie CHAN](/)
- [Ariel POON](/)
- [Ariel POON](/)
- [Ariel POON](/)
- [Nicole WU](/)
- [Emily TAM](/)
- [Emily TAM](/)
- [Emily TAM](/)
- [Marco FOOK](/)
- [Marco FOOK](/)
- [Marco FOOK](/)
- [Chris TO](/)
- [Chris TO](/)
- [Chris TO](/)
- [Sasha NG](/)
- [Tiff LIU](/)
- [Monica MIAO](/)
- [Monica MIAO](/)
- [Monica MIAO](/)
- [Miss Roxy XIONG](/)
- [Miss Roxy XIONG](/)
- [Miss Roxy XIONG](/)
- [Ms. Sarah LAU](/)
- [Ms. Sarah LAU](/)
- [Ms. Sarah LAU](/)
- [Ms. Nancy WONG](/)
- [Ms. Nancy WONG](/)
- [Ms. Nancy WONG](/)
- [Feng TIAN](https://www.hkubs.hku.hk/sc/people/feng-tian/)
- [Feng TIAN](https://www.hkubs.hku.hk/sc/people/feng-tian/)
- [Feng TIAN](https://www.hkubs.hku.hk/sc/people/feng-tian/)
- [Shipeng YAN](https://www.hkubs.hku.hk/sc/people/shipeng-yan/)
- [Shipeng YAN](https://www.hkubs.hku.hk/sc/people/shipeng-yan/)
- [Shipeng YAN](https://www.hkubs.hku.hk/sc/people/shipeng-yan/)
- [朱荟霖](/)
- [朱荟霖](/)
- [Mr. Gavin WONG](/)
- [Mr. Gavin WONG](/)
- [Mr. Gavin WONG](/)
- [Nico WANG](/)
- [Nico WANG](/)
- [朱荟霖](/)
- [Nico WANG](/)
- [Mandy YANG](/)
- [Mandy YANG](/)
- [Mandy YANG](/)
- [Anne HUA](/)
- [Anne HUA](/)
- [Anne HUA](/)
- [Amy CHAN](/)
- [Ms. Aglaia WANG](/)
- [Ms. Aglaia WANG](/)
- [Ms. Aglaia WANG](/)
- [Ms. Tsz Ting LEUNG](/)
- [Ms. Tsz Ting LEUNG](/)
- [Ms. Tsz Ting LEUNG](/)
- [Ms. April MA](/)
- [Ms. April MA](/)
- [Ms. April MA](/)
- [Ms. Grace CHOY](/)
- [Ms. Grace CHOY](/)
- [Ms. Grace CHOY](/)
- [Hanzhe LI](https://www.hkubs.hku.hk/sc/people/hanzhe-li/)
- [Hanzhe LI](https://www.hkubs.hku.hk/sc/people/hanzhe-li/)
- [Hanzhe LI](https://www.hkubs.hku.hk/sc/people/hanzhe-li/)
- [Ms. Ruoyao ZHANG](/)
- [Ms. Ruoyao ZHANG](/)
- [Ms. Ruoyao ZHANG](/)
- [Qiyuan LI](https://www.hkubs.hku.hk/sc/people/qiyuan-li/)
- [Qiyuan LI](https://www.hkubs.hku.hk/sc/people/qiyuan-li/)
- [Qiyuan LI](https://www.hkubs.hku.hk/sc/people/qiyuan-li/)
- [Andy S. BACK](https://www.hkubs.hku.hk/sc/people/andy-s-back/)
- [Andy S. BACK](https://www.hkubs.hku.hk/sc/people/andy-s-back/)
- [Andy S. BACK](https://www.hkubs.hku.hk/sc/people/andy-s-back/)
- [Ms. Fang FANG](/)
- [Ms. Fang FANG](/)
- [Ms. Fang FANG](/)
- [Lin CHEN](https://www.hkubs.hku.hk/sc/people/lin-chen/)
- [Lin CHEN](https://www.hkubs.hku.hk/sc/people/lin-chen/)
- [Lin CHEN](https://www.hkubs.hku.hk/sc/people/lin-chen/)
- [Fangzhou LU](https://www.hkubs.hku.hk/sc/people/fangzhou-lu/)
- [Sean RACH](https://www.hkubs.hku.hk/people/sean-rach/)
- [Ms. Rainnie IP](https://www.hkubs.hku.hk/people/ms-rainnie-ip/)
- [Ms. Betty LUO](/)
- [Ms. Betty LUO](/)
- [Ms. Betty LUO](/)
- [Ms. Fiona LEE](/)
- [Ms. Fiona LEE](/)
- [Ms. Fiona LEE](/)
- [Christy CHUNG](/)
- [Christy CHUNG](/)
- [Christy CHUNG](/)
- [Ms. Renee CHAN](/)
- [Ms. Renee CHAN](/)
- [Ms. Renee CHAN](/)
- [Ms. Genni LAM](/)
- [Ms. Genni LAM](/)
- [Ms. Genni LAM](/)
- [Ms. Yvonne WU](/)
- [Ms. Yvonne WU](/)
- [Ms. Yvonne WU](/)
- [Ms. Yan WANG](/)
- [Ms. Yan WANG](/)
- [Ms. Yan WANG](/)
- [Mr. Ka Leung CHENG](/)
- [Mr. Ka Leung CHENG](/)
- [Mr. Ka Leung CHENG](/)
- [Isaac LEUNG](/)
- [Isaac LEUNG](/)
- [Isaac LEUNG](/)
- [Do Do SO](/)
- [Sachin TIPNIS - Vietnam](/)
- [Sachin TIPNIS - Vietnam](/)
- [Sachin TIPNIS - Vietnam](/)
- [Vivian LEE](/)
- [Vivian LEE](/)
- [Vivian LEE](/)
- [Vivian FOK](/)
- [Vivian FOK](/)
- [Vivian FOK](/)
- [Jimmy LAI](/)
- [Jimmy LAI](/)
- [Jimmy LAI](/)
- [Kwok-chuen Kwok](https://www.hkubs.hku.hk/sc/people/kwok-chuen-kwok/)
- [Vanessa LEUNG](/)
- [Vanessa LEUNG](/)
- [Vanessa LEUNG](/)
- [Will Peichun WANG](https://www.hkubs.hku.hk/sc/people/will-peichun-wang/)
- [Will Peichun WANG](https://www.hkubs.hku.hk/sc/people/will-peichun-wang/)
- [Will Peichun WANG](https://www.hkubs.hku.hk/sc/people/will-peichun-wang/)
- [Shuo LI](/)
- [Shuo LI](/)
- [Shuo LI](/)
- [Matthias Buehlmaier](https://www.hkubs.hku.hk/sc/people/matthias-buehlmaier/)
- [Matthias Buehlmaier](https://www.hkubs.hku.hk/sc/people/matthias-buehlmaier/)
- [Matthias Buehlmaier](https://www.hkubs.hku.hk/sc/people/matthias-buehlmaier/)
- [Zhenhui Jack Jiang](https://www.hkubs.hku.hk/sc/people/zhenhui-jack-jiang/)
- [Zhenhui Jack Jiang](https://www.hkubs.hku.hk/sc/people/zhenhui-jack-jiang/)
- [Zhenhui Jack Jiang](https://www.hkubs.hku.hk/sc/people/zhenhui-jack-jiang/)
- [Yulin FANG](https://www.hkubs.hku.hk/sc/people/yulin-fang/)
- [Yulin FANG](https://www.hkubs.hku.hk/sc/people/yulin-fang/)
- [Yulin FANG](https://www.hkubs.hku.hk/sc/people/yulin-fang/)
- [Ellis LUO](/)
- [Ellis LUO](/)
- [Ellis LUO](/)
- [Fangzhou LU](https://www.hkubs.hku.hk/sc/people/fangzhou-lu/)
- [Fangzhou LU](https://www.hkubs.hku.hk/sc/people/fangzhou-lu/)
- [Jin Li](https://www.hkubs.hku.hk/sc/people/jin-li/)
- [Jin Li](https://www.hkubs.hku.hk/sc/people/jin-li/)
- [Roni MICHAELY](https://www.hkubs.hku.hk/sc/people/roni-michaely-2/)
- [Roni MICHAELY](https://www.hkubs.hku.hk/sc/people/roni-michaely-2/)
- [Roni MICHAELY](https://www.hkubs.hku.hk/sc/people/roni-michaely-2/)
- [Jin Li](https://www.hkubs.hku.hk/sc/people/jin-li/)
- [Mr. Jimmy LEUNG](/)
- [Mr. Jimmy LEUNG](/)
- [Mr. Jimmy LEUNG](/)
- [Ms. Sally LAM](/)
- [Ms. Sally LAM](/)
- [Ms. Sally LAM](/)
- [Ms. Janna MOK](/)
- [Ms. Janna MOK](/)
- [Ms. Janna MOK](/)
- [Ms. Kathy LAM](/)
- [Ms. Kathy LAM](/)
- [Ms. Kathy LAM](/)
- [Mr. Lewis CHEN](/)
- [Mr. Lewis CHEN](/)
- [Mr. Lewis CHEN](/)
- [Echo Wen WAN](https://www.hkubs.hku.hk/sc/people/echo-wen-wan/)
- [Echo Wen WAN](https://www.hkubs.hku.hk/sc/people/echo-wen-wan/)
- [Echo Wen WAN](https://www.hkubs.hku.hk/sc/people/echo-wen-wan/)
- [Wenwei William XU](https://www.hkubs.hku.hk/sc/people/wenwei-william-xu/)
- [Youngduk Lee](https://www.hkubs.hku.hk/sc/people/youngduk-lee/)
- [Youngduk Lee](https://www.hkubs.hku.hk/sc/people/youngduk-lee/)
- [Youngduk Lee](https://www.hkubs.hku.hk/sc/people/youngduk-lee/)
- [Xin WANG](https://www.hkubs.hku.hk/sc/people/xin-wang/)
- [Xin WANG](https://www.hkubs.hku.hk/sc/people/xin-wang/)
- [Xin WANG](https://www.hkubs.hku.hk/sc/people/xin-wang/)
- [Seungju CHOI](https://www.hkubs.hku.hk/sc/people/seungju-choi/)
- [Seungju CHOI](https://www.hkubs.hku.hk/sc/people/seungju-choi/)
- [Seungju CHOI](https://www.hkubs.hku.hk/sc/people/seungju-choi/)
- [Trevor Tin Shing LUI](/)
- [Jiang Bian](https://www.hkubs.hku.hk/sc/people/jiang-bian/) - Dr. Jiang BIAN is an assistant professor in Management and Strategy at HKU Business School. Jiang’s research interests lie at the intersection of organizations, innovation and firm strategy.
- [Jiang Bian](https://www.hkubs.hku.hk/sc/people/jiang-bian/) - Dr. Jiang BIAN is an assistant professor in Management and Strategy at HKU Business School. Jiang’s research interests lie at the intersection of organizations, innovation and firm strategy.
- [Jiang Bian](https://www.hkubs.hku.hk/sc/people/jiang-bian/) - Dr. Jiang BIAN is an assistant professor in Management and Strategy at HKU Business School. Jiang’s research interests lie at the intersection of organizations, innovation and firm strategy.
- [Anthony Chun Yue CHEUNG](https://www.hkubs.hku.hk/sc/people/chun-yue-anthony-cheung/)
- [Anthony Chun Yue CHEUNG](https://www.hkubs.hku.hk/sc/people/chun-yue-anthony-cheung/)
- [Anthony Chun Yue CHEUNG](https://www.hkubs.hku.hk/sc/people/chun-yue-anthony-cheung/)
- [Hui LI](https://www.hkubs.hku.hk/sc/people/hui-li/)
- [Hui LI](https://www.hkubs.hku.hk/sc/people/hui-li/)
- [Hui LI](https://www.hkubs.hku.hk/sc/people/hui-li/)
- [Elvis YEE](/)
- [Elvis YEE](/)
- [Elvis YEE](/)
- [Zongwei LI](/)
- [Ivy Chu DANG](https://www.hkubs.hku.hk/sc/people/chu-ivy-dang/)
- [Ivy Chu DANG](https://www.hkubs.hku.hk/sc/people/chu-ivy-dang/)
- [Ivy Chu DANG](https://www.hkubs.hku.hk/sc/people/chu-ivy-dang/)
- [Sasha WANG](/)
- [Sasha WANG](/)
- [Sasha WANG](/)
- [Casey Kok Chew LIM](https://www.hkubs.hku.hk/sc/people/casey-kok-chew-lim/)
- [Casey Kok Chew LIM](https://www.hkubs.hku.hk/sc/people/casey-kok-chew-lim/)
- [Casey Kok Chew LIM](https://www.hkubs.hku.hk/sc/people/casey-kok-chew-lim/)
- [Anson KWOK](https://www.hkubs.hku.hk/sc/people/anson-kwok/)
- [Anson KWOK](https://www.hkubs.hku.hk/sc/people/anson-kwok/)
- [Anson KWOK](https://www.hkubs.hku.hk/sc/people/anson-kwok/)
- [Dr. Elizabeth LI WOO](https://www.hkubs.hku.hk/people/dr-elizabeth-li-woo/)
- [Elvis HE](https://www.hkubs.hku.hk/people/elvis-he/)
- [Han SHI](https://www.hkubs.hku.hk/people/han-shi/)
- [Mainy CHAN](/)
- [Mainy CHAN](/)
- [Mainy CHAN](/)
- [Bora JIN](/)
- [Bora JIN](/)
- [Vivian CHEUNG](/)
- [Ernest CHEUNG](/)
- [Floria RUAN](/)
- [Albert LO](/)
- [Albert LO](/)
- [Albert LO](/)
- [Shraddha BALASARIA](/)
- [Shraddha BALASARIA](/)
- [Shraddha BALASARIA](/)
- [Ellen LAI](/)
- [Ellen LAI](/)
- [Ellen LAI](/)
- [Li HUANG](/)
- [Candace YEO](/)
- [Aileen AI](/)
- [Vicky ZHANG](/)
- [Vicky ZHANG](/)
- [Vicky ZHANG](/)
- [Nicole WAN](/)
- [Rachel RAO](/)
- [Rachel RAO](/)
- [Rachel RAO](/)
- [Nico WANG](/)
- [Nico WANG](/)
- [Nico WANG](/)
- [Jeffrey CHAU](/)
- [Jeffrey CHAU](/)
- [Jeffrey CHAU](/)
- [Sophie YANG](/)
- [Sophie YANG](/)
- [Sophie YANG](/)
- [Zora JIN](/)
- [Vicky LI](/)
- [Fiona LAW](/)
- [Fiona LAW](/)
- [Fiona LAW](/)
- [Abby LAI](/)
- [Iris TANG](/)
- [Bon CHENG](/)
- [Bon CHENG](/)
- [Bon CHENG](/)
- [Anders WONG](/)
- [Alita DU](/)
- [Alita DU](/)
- [Alita DU](/)
- [Kathryn CHAN](/)
- [Kathryn CHAN](/)
- [Kathryn CHAN](/)
- [Elaine YU](/)
- [Elaine YU](/)
- [Elaine YU](/)
- [Brenda LEUNG](/)
- [Tina Mak](/)
- [Tina Mak](/)
- [Tina Mak](/)
- [Willa JIANG](/)
- [Willa JIANG](/)
- [Willa JIANG](/)
- [Martin MA](/)
- [Mercy LIU](/)
- [Anthea HUI](/)
- [Ping LAM](/)
- [Ping LAM](/)
- [Ping LAM](/)
- [Josephine CHAN](/)
- [Josephine CHAN](/)
- [Josephine CHAN](/)
- [Sachin TIPNIS](/)
- [Cecilia Jingya WANG](/)
- [Cecilia Jingya WANG](/)
- [Cecilia Jingya WANG](/)
- [Alan Kin San CHOW](https://www.hkubs.hku.hk/sc/people/alan-kin-san-chow/)
- [Jeff Chak Fai LAM](/)
- [Jeff Chak Fai LAM](/)
- [Jeff Chak Fai LAM](/)
- [Seraph XIAN](/)
- [Seraph XIAN](/)
- [Seraph XIAN](/)
- [Max Z.J. Shen](https://www.hkubs.hku.hk/sc/people/max-z-j-shen/)
- [Philipp BARTESKA](https://www.hkubs.hku.hk/sc/people/philipp-barteska/)
- [Philipp BARTESKA](https://www.hkubs.hku.hk/sc/people/philipp-barteska/)
- [Philipp BARTESKA](https://www.hkubs.hku.hk/sc/people/philipp-barteska/)
- [Z. Max Shen](https://www.hkubs.hku.hk/sc/people/max-z-j-shen/)
- [Z. Max Shen](https://www.hkubs.hku.hk/sc/people/max-z-j-shen/)
- [Matthias Nikolaus FAHN](https://www.hkubs.hku.hk/sc/people/matthias-fahn/)
- [Matthias Nikolaus FAHN](https://www.hkubs.hku.hk/sc/people/matthias-fahn/)
- [Matthias Nikolaus FAHN](https://www.hkubs.hku.hk/sc/people/matthias-fahn/)
- [Rio LI](/)
- [Rio LI](/)
- [Rio LI](/)

## Multimedia Library

- [2025.05.04-05 Alumni Vietnam Trip](https://www.hkubs.hku.hk/media/multimedia-library/2025-05-04-05-alumni-vietnam-trip/)
- [When Theory Meets Practice: IIMT3262 Students Explore ESG and Business Evolution at The Henderson and Christie’s](https://www.hkubs.hku.hk/media/multimedia-library/when-theory-meets-practice-iimt3262-students-explore-esg-and-business-evolution-at-the-henderson-and-christies/)
- [A Legacy of Excellence Continues: Beta Gamma Sigma HKU Chapter Inducts Over 100 Outstanding Scholars](https://www.hkubs.hku.hk/media/multimedia-library/a-legacy-of-excellence-continues-beta-gamma-sigma-hku-chapter-inducts-over-100-outstanding-scholars/)
- [A delightful afternoon of connection and camaraderie!](https://www.hkubs.hku.hk/media/multimedia-library/a-delightful-afternoon-of-connection-and-camaraderie/)
- [Ready to Pop: Unlocking Potential at the HKU Business School Mentorship Programme 2025-26 Networking Event](https://www.hkubs.hku.hk/media/multimedia-library/ready-to-pop-unlocking-potential-at-the-hku-business-school-mentorship-programme-2025-26-networking-event/)
- [Edward K Y Chen Distinguished Lecture 2025](https://www.hkubs.hku.hk/sc/media/multimedia-library/edward-k-y-chen-distinguished-lecture-2025/) - Technological Drivers of China’s Economic Growth in the Next 10 Years Programme Welcome Remarks by Professor Hongbin Cai Dean, Chair of Economics HKU Business School Introduction by Mr. Hing Wang Fung Convenor, Edward Chen Distinguished Lecture Series Organising Committee Fireside Chat Mr. Joe Tsai Co-founder and Chairman, Alibaba Group Professor Heiwai Tang Associate Vice-President (Global),
- [Edward K Y Chen Distinguished Lecture 2025](https://www.hkubs.hku.hk/sc/media/multimedia-library/edward-k-y-chen-distinguished-lecture-2025/) - Technological Drivers of China’s Economic Growth in the Next 10 Years Programme Welcome Remarks by Professor Hongbin Cai Dean, Chair of Economics HKU Business School Introduction by Mr. Hing Wang Fung Convenor, Edward Chen Distinguished Lecture Series Organising Committee Fireside Chat Mr. Joe Tsai Co-founder and Chairman, Alibaba Group Professor Heiwai Tang Associate Vice-President (Global),
- [Edward K Y Chen Distinguished Lecture 2025](https://www.hkubs.hku.hk/sc/media/multimedia-library/edward-k-y-chen-distinguished-lecture-2025/) - Technological Drivers of China’s Economic Growth in the Next 10 Years Programme Welcome Remarks by Professor Hongbin Cai Dean, Chair of Economics HKU Business School Introduction by Mr. Hing Wang Fung Convenor, Edward Chen Distinguished Lecture Series Organising Committee Fireside Chat Mr. Joe Tsai Co-founder and Chairman, Alibaba Group Professor Heiwai Tang Associate Vice-President (Global),
- [Celebrating 20 Years of BBA(IBGM): Anniversary Event and Alumni Chapter Inauguration](https://www.hkubs.hku.hk/media/multimedia-library/celebrating-20-years-of-bbaibgm-anniversary-event-and-alumni-chapter-inauguration/)
- [Synergy in Motion: A Commitment to Student-Faculty Collaboration at the Tea Reception with Student Associations Reception 2026](https://www.hkubs.hku.hk/media/multimedia-library/synergy-in-motion-a-commitment-to-student-faculty-collaboration-at-the-tea-reception-with-student-associations-reception-2026/)
- [25th Anniversary Gala Dinner](https://www.hkubs.hku.hk/media/multimedia-library/25th-anniversary-gala-dinner/)
- [BSc(QFin) Get-Together a Resounding Success: Forging a Stronger Future Together](https://www.hkubs.hku.hk/media/multimedia-library/bscqfin-get-together-a-resounding-success-forging-a-stronger-future-together/)
- [Inauguration of the HKU-Accenture Business Consulting Programme 2025-26](https://www.hkubs.hku.hk/media/multimedia-library/inauguration-of-the-hku-accenture-business-consulting-programme-2025-26/)
- [HKU Business Consulting Practicum 2025-26: Empowering Student Consultants, Strengthening NGOs](https://www.hkubs.hku.hk/media/multimedia-library/hku-business-consulting-practicum-2025-26-empowering-student-consultants-strengthening-ngos/)
- [Boosting Future Leaders: HKU Business Student Societies Kickstart 2025-26 with a Dynamic Leadership Bootcamp!](https://www.hkubs.hku.hk/media/multimedia-library/boosting-future-leaders-hku-business-student-societies-kickstart-2025-26-with-a-dynamic-leadership-bootcamp/)
- [Experience Asia’s Best with HKU - Esade Masters in Hong Kong for a Week of Academic Excellence, Meaningful Connections, and Cultural Immersion](https://www.hkubs.hku.hk/media/multimedia-library/experience-asias-best-with-hku-esade-masters-in-hong-kong-for-a-week-of-academic-excellence-meaningful-connections-and-cultural-immersion/)
- [2nd Annual Joey Wat Scholarship Ceremony](https://www.hkubs.hku.hk/media/multimedia-library/2nd-annual-joey-wat-scholarship-ceremony/)
- [Master’s Students Explore London’s Innovation, Global Business, and Culture!](https://www.hkubs.hku.hk/media/multimedia-library/masters-students-explore-londons-innovation-global-business-and-culture/)
- [From Hong Kong to Europe, Learning by Doing in Barcelona!](https://www.hkubs.hku.hk/media/multimedia-library/from-hong-kong-to-europe-learning-by-doing-in-barcelona/)
- [Conversation with Prof. Jeffrey D. Sachs](https://www.hkubs.hku.hk/sc/media/multimedia-library/conversation-with-prof-jeffrey-d-sachs/)
- [Conversation with Prof. Jeffrey D. Sachs](https://www.hkubs.hku.hk/sc/media/multimedia-library/conversation-with-prof-jeffrey-d-sachs/)
- [Conversation with Prof. Jeffrey D. Sachs](https://www.hkubs.hku.hk/sc/media/multimedia-library/conversation-with-prof-jeffrey-d-sachs/)
- [Hong Kong Economic Policy Green Paper 2026 by HKU Business School Focuses on New Opportunities for Hong Kong’s Economy](https://www.hkubs.hku.hk/media/multimedia-library/hong-kong-economic-policy-green-paper-2026-by-hku-business-school-focuses-on-new-opportunities-for-hong-kongs-economy/)
- [Igniting Futures: A Thunderous Start to the HKU Business School Mentorship Programme 2025-26!](https://www.hkubs.hku.hk/media/multimedia-library/igniting-futures-a-thunderous-start-to-the-hku-business-school-mentorship-programme-2025-26/)
- [Public Lecture and Panel Talk with Stanford’s Prof Peter DeMarzo](https://www.hkubs.hku.hk/media/multimedia-library/public-lecture-and-panel-talk-with-stanfords-prof-peter-demarzo/)
- [HKU Business School Launches our 4th International Alumni Network in Korea](https://www.hkubs.hku.hk/media/multimedia-library/hku-business-school-launches-our-4th-international-alumni-network-in-korea/)
- [HKU 215th Congregation – Faculty of Business and Economics (Winter Session) Highlights](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-215th-congregation-faculty-of-business-and-economics-winter-session-highlights/)
- [HKU 215th Congregation – Faculty of Business and Economics (Winter Session) Highlights](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-215th-congregation-faculty-of-business-and-economics-winter-session-highlights/)
- [HKU 215th Congregation – Faculty of Business and Economics (Winter Session) Highlights](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-215th-congregation-faculty-of-business-and-economics-winter-session-highlights/)
- [HKU Business School Launches our 3rd International Alumni Network in Japan](https://www.hkubs.hku.hk/media/multimedia-library/hku-business-school-launches-our-3rd-international-alumni-network-in-japan/)
- [Embracing Our Newcomers: Freshmen and Exchange Students of the 2025-26 Intake at HKU Business School](https://www.hkubs.hku.hk/media/multimedia-library/embracing-our-newcomers-freshmen-and-exchange-students-of-the-2025-26-intake-at-hku-business-school/)
- [“Creativity, Innovation and Entrepreneurship in China” Summer Virtual Programme 2025 Marks a Successful Conclusion](https://www.hkubs.hku.hk/media/multimedia-library/creativity-innovation-and-entrepreneurship-in-china-summer-virtual-programme-2025-marks-a-successful-conclusion/)
- [The Successful Hosting of the HKU Business School South China Forum](https://www.hkubs.hku.hk/media/multimedia-library/the-successful-hosting-of-the-hku-business-school-south-china-forum/)
- [HKU 214th Congregation – Faculty of Business and Economics (Summer Session) Highlights](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-214th-congregation-faculty-of-business-and-economics-summer-session-highlights/)
- [HKU 214th Congregation – Faculty of Business and Economics (Summer Session) Highlights](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-214th-congregation-faculty-of-business-and-economics-summer-session-highlights/)
- [HKU 214th Congregation – Faculty of Business and Economics (Summer Session) Highlights](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-214th-congregation-faculty-of-business-and-economics-summer-session-highlights/)
- [HKU Business School North China Alumni Network Forum & Dinner on June 19, 2025](https://www.hkubs.hku.hk/media/multimedia-library/hku-business-school-north-china-alumni-network-forum-dinner-on-june-19-2025/)
- [HKU Reunion at the Races 2025](https://www.hkubs.hku.hk/media/multimedia-library/hku-reunion-at-the-races-2025/)
- [HKUBS x ACCA Greater Bay Area Study Tour 2024-25 Concludes with Enriching Experiences and Industry Insights](https://www.hkubs.hku.hk/media/multimedia-library/hkubs-x-acca-greater-bay-area-study-tour-2024-25-concludes-with-enriching-experiences-and-industry-insights/)
- [HKU Business School Masters Programme Entrepreneur Lecture Series 2025 #4 – Advancements and Pivotal Applications of Artificial Intelligence Technology](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-masters-programmes-entrepreneur-lecture-series-2025-lecture-4/)
- [HKU Business School Masters Programme Entrepreneur Lecture Series 2025 #4 – Advancements and Pivotal Applications of Artificial Intelligence Technology](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-masters-programmes-entrepreneur-lecture-series-2025-lecture-4/)
- [HKU Business School Masters Programme Entrepreneur Lecture Series 2025 #4 – Advancements and Pivotal Applications of Artificial Intelligence Technology](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-masters-programmes-entrepreneur-lecture-series-2025-lecture-4/)
- [Praising Academic Excellence: Beta Gamma Sigma HKU Chapter Embraces a New Wave of Over 100 Inductees](https://www.hkubs.hku.hk/media/multimedia-library/praising-academic-excellence-beta-gamma-sigma-hku-chapter-embraces-a-new-wave-of-over-100-inductees/)
- [HKU Business School Masters Programmes Entrepreneur Lecture Series 2025 #2 – Leveraging Challenges and Failures as Key Opportunities in Life and Career](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-masters-programmes-entrepreneur-lecture-series-2025-2-leveraging-challenges-and-failures-as-key-opportunities-in-life-and-career/)
- [HKU Business School Masters Programmes Entrepreneur Lecture Series 2025 #2 – Leveraging Challenges and Failures as Key Opportunities in Life and Career](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-masters-programmes-entrepreneur-lecture-series-2025-2-leveraging-challenges-and-failures-as-key-opportunities-in-life-and-career/)
- [HKU Business School Masters Programmes Entrepreneur Lecture Series 2025 #2 – Leveraging Challenges and Failures as Key Opportunities in Life and Career](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-masters-programmes-entrepreneur-lecture-series-2025-2-leveraging-challenges-and-failures-as-key-opportunities-in-life-and-career/)
- [Fireside Chat with Joey Wat: Inspiring the Next Generation of Leaders](https://www.hkubs.hku.hk/media/multimedia-library/fireside-chat-with-joey-wat-inspiring-the-next-generation-of-leaders/)
- [Edward K Y Chen Distinguished Lecture 2024](https://www.hkubs.hku.hk/sc/media/multimedia-library/edward-k-y-chen-distinguished-lecture-2024/) - Navigating Shifts - Geopolitical and Post-Covid Supply Chain Realignment: Implications for the Mainland and Hong Kong Programme Welcome Remarks by Professor Hongbin Cai Dean, Chair of Economics HKU Business School Introduction by Professor Frederick Si-Hang Ma Honorary Professor HKU Business School Presentation of Views by Keynote Speaker Professor Hau Lee Thoma Professor Emeritus of
- [Edward K Y Chen Distinguished Lecture 2024](https://www.hkubs.hku.hk/sc/media/multimedia-library/edward-k-y-chen-distinguished-lecture-2024/) - Navigating Shifts - Geopolitical and Post-Covid Supply Chain Realignment: Implications for the Mainland and Hong Kong Programme Welcome Remarks by Professor Hongbin Cai Dean, Chair of Economics HKU Business School Introduction by Professor Frederick Si-Hang Ma Honorary Professor HKU Business School Presentation of Views by Keynote Speaker Professor Hau Lee Thoma Professor Emeritus of
- [Edward K Y Chen Distinguished Lecture 2024](https://www.hkubs.hku.hk/sc/media/multimedia-library/edward-k-y-chen-distinguished-lecture-2024/) - Navigating Shifts - Geopolitical and Post-Covid Supply Chain Realignment: Implications for the Mainland and Hong Kong Programme Welcome Remarks by Professor Hongbin Cai Dean, Chair of Economics HKU Business School Introduction by Professor Frederick Si-Hang Ma Honorary Professor HKU Business School Presentation of Views by Keynote Speaker Professor Hau Lee Thoma Professor Emeritus of
- [Meeting the Practitioners Series 2024.2025 Asset Management and Private Banking](https://www.hkubs.hku.hk/sc/media/multimedia-library/meeting-the-practitioners-series-2024-2025-asset-management-and-private-banking/)
- [Meeting the Practitioners Series 2024.2025 Asset Management and Private Banking](https://www.hkubs.hku.hk/sc/media/multimedia-library/meeting-the-practitioners-series-2024-2025-asset-management-and-private-banking/)
- [Meeting the Practitioners Series 2024.2025 Asset Management and Private Banking](https://www.hkubs.hku.hk/sc/media/multimedia-library/meeting-the-practitioners-series-2024-2025-asset-management-and-private-banking/)
- [HKU Business School Masters Programmes Entrepreneur Lecture Series 2025 #1 – The Evolution of Chinese Entrepreneurial Spirit through the Development of the Yabuli China Entrepreneurs Forum](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-masters-programmes-entrepreneur-lecture-series-2025-1-the-evolution-of-chinese-entrepreneurial-spirit-through-the-development-of-the-yabuli-china-entrepreneurs-forum/)
- [HKU Business School Masters Programmes Entrepreneur Lecture Series 2025 #1 – The Evolution of Chinese Entrepreneurial Spirit through the Development of the Yabuli China Entrepreneurs Forum](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-masters-programmes-entrepreneur-lecture-series-2025-1-the-evolution-of-chinese-entrepreneurial-spirit-through-the-development-of-the-yabuli-china-entrepreneurs-forum/)
- [HKU Business School Masters Programmes Entrepreneur Lecture Series 2025 #1 – The Evolution of Chinese Entrepreneurial Spirit through the Development of the Yabuli China Entrepreneurs Forum](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-masters-programmes-entrepreneur-lecture-series-2025-1-the-evolution-of-chinese-entrepreneurial-spirit-through-the-development-of-the-yabuli-china-entrepreneurs-forum/)
- [HKU Business School Alumni Reunion Luncheon 2025](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-alumni-reunion-luncheon-2025/) - Marking the HKU Alumni Day on March 16, we had the pleasure of welcoming back a crowd of about 1,000 business school alumni, along with their friends and family members, to the campus for a delightful afternoon. During the lunch, nearly 50 alumni spanning graduating classes joined us for the reunion luncheon, filled with reconnections,
- [HKU Business School Alumni Reunion Luncheon 2025](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-alumni-reunion-luncheon-2025/) - Marking the HKU Alumni Day on March 16, we had the pleasure of welcoming back a crowd of about 1,000 business school alumni, along with their friends and family members, to the campus for a delightful afternoon. During the lunch, nearly 50 alumni spanning graduating classes joined us for the reunion luncheon, filled with reconnections,
- [HKU Business School Alumni Reunion Luncheon 2025](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-alumni-reunion-luncheon-2025/) - Marking the HKU Alumni Day on March 16, we had the pleasure of welcoming back a crowd of about 1,000 business school alumni, along with their friends and family members, to the campus for a delightful afternoon. During the lunch, nearly 50 alumni spanning graduating classes joined us for the reunion luncheon, filled with reconnections,
- [Unite and Flourish: Undergraduate Students and Alumni Mixer Event 2025](https://www.hkubs.hku.hk/media/multimedia-library/unite-and-flourish-undergraduate-students-and-alumni-mixer-event-2025-2/)
- [Unite and Flourish: Undergraduate Students and Alumni Mixer Event 2025](https://www.hkubs.hku.hk/sc/media/multimedia-library/unite-and-flourish-undergraduate-students-and-alumni-mixer-event-2025/) - In an endeavor to nurture the ties between our School Alumni and empower our students with invaluable insights for their career progression, HKU Business School hosted the UG Students and Alumni Mixer event on March 6. This collaborative venture, organized by the School’s Undergraduate Student Enrichment team and the Development and Alumni Team, brought together
- [Unite and Flourish: Undergraduate Students and Alumni Mixer Event 2025](https://www.hkubs.hku.hk/sc/media/multimedia-library/unite-and-flourish-undergraduate-students-and-alumni-mixer-event-2025/) - In an endeavor to nurture the ties between our School Alumni and empower our students with invaluable insights for their career progression, HKU Business School hosted the UG Students and Alumni Mixer event on March 6. This collaborative venture, organized by the School’s Undergraduate Student Enrichment team and the Development and Alumni Team, brought together
- [Unite and Flourish: Undergraduate Students and Alumni Mixer Event 2025](https://www.hkubs.hku.hk/sc/media/multimedia-library/unite-and-flourish-undergraduate-students-and-alumni-mixer-event-2025/) - In an endeavor to nurture the ties between our School Alumni and empower our students with invaluable insights for their career progression, HKU Business School hosted the UG Students and Alumni Mixer event on March 6. This collaborative venture, organized by the School’s Undergraduate Student Enrichment team and the Development and Alumni Team, brought together
- [Inauguration of the HKU-Accenture Business Consulting Programme 2024-25](https://www.hkubs.hku.hk/sc/media/multimedia-library/inauguration-of-the-hku-accenture-business-consulting-programme-2024-25/)
- [Inauguration of the HKU-Accenture Business Consulting Programme 2024-25](https://www.hkubs.hku.hk/sc/media/multimedia-library/inauguration-of-the-hku-accenture-business-consulting-programme-2024-25/)
- [Inauguration of the HKU-Accenture Business Consulting Programme 2024-25](https://www.hkubs.hku.hk/sc/media/multimedia-library/inauguration-of-the-hku-accenture-business-consulting-programme-2024-25/)
- [Cultivating Tomorrow's Leaders: HKU Business School and Deloitte China Mentorship Programme 2025 Kick-off Ceremony](https://www.hkubs.hku.hk/media/multimedia-library/cultivating-tomorrows-leaders-hku-business-school-and-deloitte-china-mentorship-programme-2025-kick-off-ceremony/)
- [Empowering Connections: HKU Business School Expands Its Global Alumni Networks](https://www.hkubs.hku.hk/media/multimedia-library/empowering-connections-hku-business-school-expands-its-global-alumni-networks/)
- [Happy Chinese New Year: Alumni Networking Drinks Event](https://www.hkubs.hku.hk/sc/media/multimedia-library/happy-chinese-new-year-alumni-networking-drinks-event/) - On February 6, the HKU Business School was delighted to host the Alumni Networking Drinks event at the Senior Common Room of HKU. This gathering was in celebration of the Chinese New Year, ringing in the Year of the Snake, with presence of 70 alumni and dedicated faculty members. Alice Hui, our Head of Development
- [Happy Chinese New Year: Alumni Networking Drinks Event](https://www.hkubs.hku.hk/sc/media/multimedia-library/happy-chinese-new-year-alumni-networking-drinks-event/) - On February 6, the HKU Business School was delighted to host the Alumni Networking Drinks event at the Senior Common Room of HKU. This gathering was in celebration of the Chinese New Year, ringing in the Year of the Snake, with presence of 70 alumni and dedicated faculty members. Alice Hui, our Head of Development
- [Happy Chinese New Year: Alumni Networking Drinks Event](https://www.hkubs.hku.hk/sc/media/multimedia-library/happy-chinese-new-year-alumni-networking-drinks-event/) - On February 6, the HKU Business School was delighted to host the Alumni Networking Drinks event at the Senior Common Room of HKU. This gathering was in celebration of the Chinese New Year, ringing in the Year of the Snake, with presence of 70 alumni and dedicated faculty members. Alice Hui, our Head of Development
- [The Nobel Prize Public Lecture by Prof. James Robinson](https://www.hkubs.hku.hk/sc/media/multimedia-library/the-nobel-prize-public-lecture-by-prof-james-robinson/) - HKU Business School hosted the distinguished 2024 Nobel Laureate in Economics, Prof. James Robinson, for a captivating lecture. The theatre was buzzing with excitement as nearly 400 attendees gathered to engage with the intellectual giant in economics. Prof. Hongbin Cai, Dean of HKU Business School, commenced the event by welcoming the attendees and setting a
- [The Nobel Prize Public Lecture by Prof. James Robinson](https://www.hkubs.hku.hk/sc/media/multimedia-library/the-nobel-prize-public-lecture-by-prof-james-robinson/) - HKU Business School hosted the distinguished 2024 Nobel Laureate in Economics, Prof. James Robinson, for a captivating lecture. The theatre was buzzing with excitement as nearly 400 attendees gathered to engage with the intellectual giant in economics. Prof. Hongbin Cai, Dean of HKU Business School, commenced the event by welcoming the attendees and setting a
- [The Nobel Prize Public Lecture by Prof. James Robinson](https://www.hkubs.hku.hk/sc/media/multimedia-library/the-nobel-prize-public-lecture-by-prof-james-robinson/) - HKU Business School hosted the distinguished 2024 Nobel Laureate in Economics, Prof. James Robinson, for a captivating lecture. The theatre was buzzing with excitement as nearly 400 attendees gathered to engage with the intellectual giant in economics. Prof. Hongbin Cai, Dean of HKU Business School, commenced the event by welcoming the attendees and setting a
- [港大经管学院领袖企业家讲坛系列第五讲 – 在大模型时代，年轻人值得干点什么](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第五講-在大模/)
- [港大經管學院領袖企業家講壇系列第五講 – 在大模型時代，年輕人值得幹點甚麼](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第五講-在大模/)
- [港大經管學院領袖企業家講壇系列第五講 – 在大模型時代，年輕人值得幹點甚麼](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第五講-在大模/)
- [Connect and Grow: Students Embark on HKU Business School Mentorship Programme 2024-25](https://www.hkubs.hku.hk/sc/media/multimedia-library/connect-and-grow-students-embark-on-hku-business-school-mentorship-programme-2024-25/)
- [Connect and Grow: Students Embark on HKU Business School Mentorship Programme 2024-25](https://www.hkubs.hku.hk/sc/media/multimedia-library/connect-and-grow-students-embark-on-hku-business-school-mentorship-programme-2024-25/)
- [Connect and Grow: Students Embark on HKU Business School Mentorship Programme 2024-25](https://www.hkubs.hku.hk/sc/media/multimedia-library/connect-and-grow-students-embark-on-hku-business-school-mentorship-programme-2024-25/)
- [港大经管学院领袖企业家讲坛系列第四讲 – 从家居行业的转型看中国经济的未来](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第四講-從家居/)
- [港大經管學院領袖企業家講壇系列第四講 – 從家居行業的轉型看中國經濟的未來](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第四講-從家居/)
- [港大經管學院領袖企業家講壇系列第四講 – 從家居行業的轉型看中國經濟的未來](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第四講-從家居/)
- [港大經管學院213屆學位頒授典禮回顧(冬季)](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-213th-congregation/)
- [HKU 213th Congregation – Faculty of Business and Economics (Winter Session) Highlights](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-213th-congregation/)
- [港大经管学院213届学位颁授典礼回顾(冬季)](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-213th-congregation/)
- [港大經管學院領袖企業家講壇系列第三講 – 中國企業全球化之路](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第三講-中國企/)
- [港大经管学院领袖企业家讲坛系列第三讲 – 中国企业全球化之路](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第三講-中國企/)
- [港大經管學院領袖企業家講壇系列第三講 – 中國企業全球化之路](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第三講-中國企/)
- [港大經管學院領袖企業家講壇系列第二講 - 走進世界，奔向未來](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第二講-走進世/)
- [港大經管學院領袖企業家講壇系列第二講 - 走進世界，奔向未來](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第二講-走進世/)
- [港大經管學院領袖企業家講壇系列第二講 - 走進世界，奔向未來](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第二講-走進世/)
- [Celebrating Connections: HKU Business School's First-ever Alumni Dinner in the UAE](https://www.hkubs.hku.hk/sc/media/multimedia-library/celebrating-connections-hku-business-schools-first-ever-alumni-dinner-in-the-uae/) - Our first-ever Alumni Dinner with the Dean reception in the United Arab Emirates this past Sunday was an intimate and memorable evening that was heartily enjoyed by all in attendance. Held at the Sofitel Dubai Downtown, some of our most passionate and accomplished alumni in the region were invited to join this occasion to hear
- [Celebrating Connections: HKU Business School's First-ever Alumni Dinner in the UAE](https://www.hkubs.hku.hk/sc/media/multimedia-library/celebrating-connections-hku-business-schools-first-ever-alumni-dinner-in-the-uae/) - Our first-ever Alumni Dinner with the Dean reception in the United Arab Emirates this past Sunday was an intimate and memorable evening that was heartily enjoyed by all in attendance. Held at the Sofitel Dubai Downtown, some of our most passionate and accomplished alumni in the region were invited to join this occasion to hear
- [Celebrating Connections: HKU Business School's First-ever Alumni Dinner in the UAE](https://www.hkubs.hku.hk/sc/media/multimedia-library/celebrating-connections-hku-business-schools-first-ever-alumni-dinner-in-the-uae/) - Our first-ever Alumni Dinner with the Dean reception in the United Arab Emirates this past Sunday was an intimate and memorable evening that was heartily enjoyed by all in attendance. Held at the Sofitel Dubai Downtown, some of our most passionate and accomplished alumni in the region were invited to join this occasion to hear
- [HKU Business School Launches Inaugural Overseas Alumni Network in Singapore](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-launches-inaugural-overseas-alumni-network-in-singapore/) - On October 1, HKU Business School celebrated a significant milestone with the successful establishment of its first-ever school-wide overseas alumni network in Singapore. The event saw an impressive turnout, bringing together over 50 alumni from Singapore and more than 20 alumni from the HKU-Fudan IMBA program in Shanghai, fostering international ties and reinforcing the global
- [HKU Business School Launches Inaugural Overseas Alumni Network in Singapore](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-launches-inaugural-overseas-alumni-network-in-singapore/) - On October 1, HKU Business School celebrated a significant milestone with the successful establishment of its first-ever school-wide overseas alumni network in Singapore. The event saw an impressive turnout, bringing together over 50 alumni from Singapore and more than 20 alumni from the HKU-Fudan IMBA program in Shanghai, fostering international ties and reinforcing the global
- [HKU Business School Launches Inaugural Overseas Alumni Network in Singapore](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-launches-inaugural-overseas-alumni-network-in-singapore/) - On October 1, HKU Business School celebrated a significant milestone with the successful establishment of its first-ever school-wide overseas alumni network in Singapore. The event saw an impressive turnout, bringing together over 50 alumni from Singapore and more than 20 alumni from the HKU-Fudan IMBA program in Shanghai, fostering international ties and reinforcing the global
- [Venture into Future Career 2024-2025 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/multimedia-library/venture-into-future-career-2024-2025-opening-ceremony/)
- [Venture into Future Career 2024-2025 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/multimedia-library/venture-into-future-career-2024-2025-opening-ceremony/)
- [Venture into Future Career 2024-2025 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/multimedia-library/venture-into-future-career-2024-2025-opening-ceremony/)
- [港大經管學院領袖企業家講壇系列第一講 - 傳統企業的數字化改造與創新](https://www.hkubs.hku.hk/sc/media/multimedia-library/港大經管學院領袖企業家講壇系列第一講-傳統企/)
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- [開篇啟航｜港大經管學院華北校友會成立晚宴隆重舉辦](https://www.hkubs.hku.hk/sc/media/multimedia-library/开篇启航｜港大经管学院华北校友会成立晚宴隆重/) - 百年港大，春華秋實。 風華旅程，奮北啟航！ 九月伊始，港大經管學院華北校友會成立晚宴在北京北辰洲際酒店隆重舉行。眾多港大經管校友從五湖四海齊聚首都，共同見證這激動人心的時刻。 伴隨著莊嚴的香港大學校歌，十位主禮嘉賓在港大經管學院十名項目護旗手帶領下，緩緩入場。隨後，港大經管學院明德合唱團以一曲《明我以德》，正式為華北校友會成立晚宴序幕。 出席本港大經管學院華北校友會成立晚宴的嘉賓有：港大經管學院院長、經濟學講座教授、中國經濟研究所所長蔡洪濱教授，香港大學協理副校長、港⼤經管學院副院⻓（研究與知識交流）、寶光基金教授席（金融學）林晨教授，港⼤經管學院副院⻓（高階管理教育）、潘燊昌基金會教授（資料科學與創新）沈海鵬教授，港大經管學院助理院長、管理及商業策略實務教授張煒教授，香港大學EMBA課程主任、港大經管學院會計及法學副教授，亞洲個案研究中心副主任李煦教授，港大經管學院首席講師、香港大學EMBA及IMBA課程副主任謝曉瑩博士，香港大學發展及校友事務部校友事務總監黃珮瑤女士，香港大學北京中心主任王儉銳女士，港大經管學院發展及校友事務部總監許靜洋女士，港大經管學院戰略合作關係總監閆肅博士，港大經管學院DBA計畫行政總監阮曉莉女士，港大經管學院EMBA計畫行政總監曾碧文女士以及香港大學北京校友會會長施能自博士，香港大學上海校友會會長陳寶金女士等近三百位嘉賓及校友。 港大經管學院院長、經濟學講座教授、中國經濟研究所所長蔡洪濱教授發表開場致辭，並提到「港大經管學院作為香港大學最年輕的一所學院，在過去幾年發展迅速，每年在校學生已達7,000多人，國際學術研究UTD已名列亞洲第一，世界影響力已經越來越大，但始終以「植根香港、融入中國、面向世界」的定位推動香港和大陸的融合和發展。意味著生活或工作在北京及華北地區的港大經管學院校友們，都能在這個校友大家庭中參與各類活動。 、成就自己、奉獻社會，因為衡量港大經管學院成功的關鍵是校友們的成功。 當晚，香港大學北京校友會會長、德勤中國副主席施能自博士也為校友會的成立送上祝福，他期待未來與華北校友會加深合作，更好地將校友與母校鏈接起來，發揮港大經管學院優勢，為社會創造更大影響力。 港大經管學院發展與校友事務部總監許靜洋女士也在晚宴上介紹了華北校友會的相關情況。她指出，本屆校友理事會和執委會成員涵蓋了學院DBA、EMBA、IMBA、MBA、本科生、碩士生、博士生以及全球CEO、商業領袖、領航工程等學制長度在18個月以上的高階管理教育項目，是經學院認可的，由代表各課程項目遴選出的，具有一定影響力及號召力的優秀校友組成。未來，他們將在「服務校友、回饋港大、奉獻社會」的宗旨下開展各類校友活動，激發校友們積極參與學院發展，熱心公益及慈善事業，共同打造具有凝聚力的校友組織，支持回饋母校，為學院永續發展貢獻能量，讓華北校友會成為各位校友的第二個家！ 港大經管學院副院長、華北校友會理事長鄧希煒教授特地錄製影片為華北校友會的成立送上祝福：「希望我們能夠加強校友之間的聯繫，促進資訊共享與資源整合，為校友們提供更多元化、更高品質的服務，同時也期待華北校友會能夠積極搭建平台，促進校友與母校之間的交流與合作，共同推進學術進步與學院發展。 晚宴上，蔡洪濱教授頒發聘書給到場的港大經管學院華北校友理事會成員。 隨後，在現場近三百位校友的見證下，港大經管學院華北校友理事會理事、港大經管學院華北校友會會長、明陽集團聯席董事長沈忠民博士正式接過蔡洪濱教授授予的華北校友會會旗，標誌著港大經管學院華北校友會的正式成立，也將港大精神正式傳遞給了華北校友會。 隨後，沈會長發表致辭，「華北校友會有信心建立一張強大而緊密的港大經管校友網絡，未來將透過搭建校友平台，促進校友交流，支持學院發展，提升校友凝聚力，擴大學院影響力，以服務校友為初衷，聚集回饋港大的力量，完成貢獻社會的閉環。賦能、校友與學院之間緊密連接的終身學習互助平台，形成具有華北校友會特色的一系列高品質的活動，並在學院支持下有序推進成立各項目同學會、各地方分會、各活動俱樂部及行業社團等校友組織，促進與各社會組織的溝通和資源分享，為校友們提供有益的服務和資源，共建屬於我們華北的家。 港大經管學院華北校友會執委會由會長、執行秘書長和分管文化交流、戶外活動、媒體宣傳、會員發展、對外關係、財務管理、法律事務和行政事務的八個職能的副會長組成。在發言後，沈忠民會長頒發聘書給執委會成員。 港大經管學院華北校友會執委會王善智先生上台代表分管副會長們發言，表達了華北校友會以學院為平台、心向華北校友的決心，並號召大家明我以德，讓華北的我們走在一起；感恩懷德，讓華北的我們走的更遠。鼓勵大家有錢則援、有力則助，為華北校友會添磚加瓦、貢獻力量。 雷射交織成網，猶如星辰大海中的航道,引領我們向著知識的深海智慧的彼岸迸發。 這光影的匯聚，正如每位校友的匯聚，共同照亮前進的道路。 晚宴的尾聲，全場嘉賓及校友共同舉杯，慶祝華北校友會正式成立，祝福港大經管學院，祝福校友們明天會更好！ 風華旅程，奮北啟航！歡迎更多港大經管校友加入華北校友會，攜手共進創造屬於港大經管的精彩輝煌！
- [开篇启航｜港大经管学院华北校友会成立晚宴隆重举办](https://www.hkubs.hku.hk/sc/media/multimedia-library/开篇启航｜港大经管学院华北校友会成立晚宴隆重/) - 百年港大，春华秋实。 风华征程，奋北启航！ 九月伊始，港大经管学院华北校友会成立晚宴在北京北辰洲际酒店隆重举行。众多港大经管校友从五湖四海齐聚首都，共同见证这一激动人心的时刻。 伴随着庄严的香港大学校歌，十位主礼嘉宾在港大经管学院十名项目护旗手带领下，缓缓入场。随后，港大经管学院明德合唱团以一曲《明我以德》，正式拉开华北校友会成立晚宴序幕。出席本次港大经管学院华北校友会成立晚宴的嘉宾有：港大经管学院院长、经济学讲座教授、中国经济研究所所长蔡洪滨教授，香港大学协理副校长、港⼤经管学院副院⻓（研究与知识交流）、宝光基金教授席（金融学）林晨教授，港⼤经管学院副院⻓（高层管理教育）、潘燊昌基金教授（数据科学与创新）沈海鹏教授，港大经管学院助理院长、管理及商业策略实践教授张炜教授，香港大学EMBA项目主任、港大经管学院会计学及法学副教授，亚洲案例研究中心副主任李煦教授，港大经管学院首席讲师、香港大学EMBA及IMBA项目副主任谢晓莹博士，香港大学发展及校友事务部校友事务总监黄珮瑶女士，香港大学北京中心主任王俭锐女士，港大经管学院发展及校友事务部总监许静洋女士，港大经管学院战略合作关系总监闫肃博士，港大经管学院DBA项目行政总监阮晓莉女士，港大经管学院EMBA项目行政总监曾碧文女士以及香港大学北京校友会会长施能自博士，香港大学上海校友会会长陈宝金女士等近三百位嘉宾及校友。港大经管学院院长、经济学讲座教授、中国经济研究所所长蔡洪滨教授发表开场致辞，并提到“港大经管学院作为香港大学最年轻的一所学院，在过去几年发展迅速，每年在校学生已达7,000多人，国际学术研究UTD已名列亚洲第一，世界影响力已经越来越大，但始终以“植根香港、融入中国、面向世界”的定位推动香港和大陆的融合和发展。今天，学院在内地成立了首个区域性校友会，对学院来说是一个重要里程碑时刻，代表了港大经管学院在华北地区、甚至在中国大陆地区的蓬勃发展。华北校友会的成立，意味着生活或工作在北京及华北地区的港大经管学院校友们，都能在这个校友大家庭中参与各类活动。”他同时勉励在场的校友们牢记校训，明我以德、求真至善、成就自己、奉献社会，因为衡量港大经管学院成功的关键是校友们的成功。当晚，香港大学北京校友会会长、德勤中国副主席施能自博士也为校友会的成立送上祝福，他期待未来与华北校友会加深合作，更好地将校友与母校链接起来，发挥港大经管学院优势，为社会创造更大影响力。 港大经管学院发展与校友事务部总监许静洋女士也在晚宴上介绍了华北校友会的相关情况。她指出，本届校友理事会和执委会成员涵盖了学院DBA、EMBA、IMBA、MBA、本科生、硕士生、博士生以及全球CEO、商业领袖、领航工程等学制长度在18个月以上的高层管理教育项目，是经学院认可的，由代表各课程项目遴选出的，具有一定影响力及号召力的优秀校友组成。未来，他们将在 “服务校友、回馈港大、奉献社会”的宗旨下开展各类校友活动，激发校友们积极参与学院发展，热心公益及慈善事业，共同打造具有凝聚力的校友组织，支持回馈母校，为学院可持续发展贡献能量，让华北校友会成为各位校友的第二个家！ 港大经管学院副院长、华北校友会理事长邓希炜教授特地录制视频为华北校友会的成立送上祝福：“希望我们能够加强校友之间的联系，促进信息共享与资源整合，为校友们提供更多元化、更高质量的服务，同时也期待华北校友会能够积极搭建平台，促进校友与母校之间的交流与合作，共同推进学术进步和学院发展。” 晚宴上，蔡洪滨教授为到场的港大经管学院华北校友理事会成员颁发聘书。 随后，在现场近三百位校友的见证下，港大经管学院华北校友理事会理事、港大经管学院华北校友会会长、明阳集团联席董事长沈忠民博士正式接过蔡洪滨教授授予的华北校友会会旗，标志着港大经管学院华北校友会的正式成立，也将港大精神正式传递给了华北校友会。 随后，沈会长发表致辞，“华北校友会有信心建立一张强大而紧密的港大经管校友网络，未来将通过搭建校友平台，促进校友交流，支持学院发展，提升校友凝聚力，扩大学院影响力，以服务校友为初衷，聚集回馈港大的力量，完成贡献社会的闭环。通过内部有愿景、有规划、有流程、有系统的四有型校友组织建设，最终为校友们搭建一个促进校友之间交流赋能、校友与学院之间紧密连接的终身学习互助平台，形成具有华北校友会特色的一系列高品质的活动，并在学院支持下有序推进成立各项目同学会、各地方分会、各活动俱乐部及行业社团等校友组织，促进与各社会组织的沟通和资源分享，为校友们提供有益的服务和资源，共建属于我们华北的家。” 港大经管学院华北校友会执委会由会长、执行秘书长和分管文化交流、户外活动、媒体宣传、会员发展、对外关系、财务管理、法律事务和行政事务的八个职能的副会长组成。在发言后，沈忠民会长为执委会成员颁发聘书。 港大经管学院华北校友会执委会王善智先生上台代表分管副会长们发言，表达了华北校友会以学院为平台、心向华北校友的决心，并号召大家明我以德，让华北的我们走在一起；感恩怀德，让华北的我们走的更远。鼓励大家有钱则援、有力则助，为华北校友会添砖加瓦、贡献力量。 激光交织成网，犹如星辰大海中的航道,引领我们向着知识的深海智慧的彼岸迸发。 这光影的汇聚，正如每一位校友的汇聚，共同照亮前行的道路。 晚宴的尾声，全场嘉宾及校友共同举杯，庆祝华北校友会正式成立，祝福港大经管学院，祝福校友们明天会更好！ 风华征程，奋北启航！欢迎更多港大经管校友加入华北校友会，携手共进创造属于港大经管的精彩辉煌！
- [开篇启航｜港大经管学院华北校友会成立晚宴隆重举办](https://www.hkubs.hku.hk/sc/media/multimedia-library/开篇启航｜港大经管学院华北校友会成立晚宴隆重/) - 百年港大，春华秋实。 风华征程，奋北启航！ 九月伊始，港大经管学院华北校友会成立晚宴在北京北辰洲际酒店隆重举行。众多港大经管校友从五湖四海齐聚首都，共同见证这一激动人心的时刻。 伴随着庄严的香港大学校歌，十位主礼嘉宾在港大经管学院十名项目护旗手带领下，缓缓入场。随后，港大经管学院明德合唱团以一曲《明我以德》，正式拉开华北校友会成立晚宴序幕。出席本次港大经管学院华北校友会成立晚宴的嘉宾有：港大经管学院院长、经济学讲座教授、中国经济研究所所长蔡洪滨教授，香港大学协理副校长、港⼤经管学院副院⻓（研究与知识交流）、宝光基金教授席（金融学）林晨教授，港⼤经管学院副院⻓（高层管理教育）、潘燊昌基金教授（数据科学与创新）沈海鹏教授，港大经管学院助理院长、管理及商业策略实践教授张炜教授，香港大学EMBA项目主任、港大经管学院会计学及法学副教授，亚洲案例研究中心副主任李煦教授，港大经管学院首席讲师、香港大学EMBA及IMBA项目副主任谢晓莹博士，香港大学发展及校友事务部校友事务总监黄珮瑶女士，香港大学北京中心主任王俭锐女士，港大经管学院发展及校友事务部总监许静洋女士，港大经管学院战略合作关系总监闫肃博士，港大经管学院DBA项目行政总监阮晓莉女士，港大经管学院EMBA项目行政总监曾碧文女士以及香港大学北京校友会会长施能自博士，香港大学上海校友会会长陈宝金女士等近三百位嘉宾及校友。港大经管学院院长、经济学讲座教授、中国经济研究所所长蔡洪滨教授发表开场致辞，并提到“港大经管学院作为香港大学最年轻的一所学院，在过去几年发展迅速，每年在校学生已达7,000多人，国际学术研究UTD已名列亚洲第一，世界影响力已经越来越大，但始终以“植根香港、融入中国、面向世界”的定位推动香港和大陆的融合和发展。今天，学院在内地成立了首个区域性校友会，对学院来说是一个重要里程碑时刻，代表了港大经管学院在华北地区、甚至在中国大陆地区的蓬勃发展。华北校友会的成立，意味着生活或工作在北京及华北地区的港大经管学院校友们，都能在这个校友大家庭中参与各类活动。”他同时勉励在场的校友们牢记校训，明我以德、求真至善、成就自己、奉献社会，因为衡量港大经管学院成功的关键是校友们的成功。当晚，香港大学北京校友会会长、德勤中国副主席施能自博士也为校友会的成立送上祝福，他期待未来与华北校友会加深合作，更好地将校友与母校链接起来，发挥港大经管学院优势，为社会创造更大影响力。 港大经管学院发展与校友事务部总监许静洋女士也在晚宴上介绍了华北校友会的相关情况。她指出，本届校友理事会和执委会成员涵盖了学院DBA、EMBA、IMBA、MBA、本科生、硕士生、博士生以及全球CEO、商业领袖、领航工程等学制长度在18个月以上的高层管理教育项目，是经学院认可的，由代表各课程项目遴选出的，具有一定影响力及号召力的优秀校友组成。未来，他们将在 “服务校友、回馈港大、奉献社会”的宗旨下开展各类校友活动，激发校友们积极参与学院发展，热心公益及慈善事业，共同打造具有凝聚力的校友组织，支持回馈母校，为学院可持续发展贡献能量，让华北校友会成为各位校友的第二个家！ 港大经管学院副院长、华北校友会理事长邓希炜教授特地录制视频为华北校友会的成立送上祝福：“希望我们能够加强校友之间的联系，促进信息共享与资源整合，为校友们提供更多元化、更高质量的服务，同时也期待华北校友会能够积极搭建平台，促进校友与母校之间的交流与合作，共同推进学术进步和学院发展。” 晚宴上，蔡洪滨教授为到场的港大经管学院华北校友理事会成员颁发聘书。 随后，在现场近三百位校友的见证下，港大经管学院华北校友理事会理事、港大经管学院华北校友会会长、明阳集团联席董事长沈忠民博士正式接过蔡洪滨教授授予的华北校友会会旗，标志着港大经管学院华北校友会的正式成立，也将港大精神正式传递给了华北校友会。 随后，沈会长发表致辞，“华北校友会有信心建立一张强大而紧密的港大经管校友网络，未来将通过搭建校友平台，促进校友交流，支持学院发展，提升校友凝聚力，扩大学院影响力，以服务校友为初衷，聚集回馈港大的力量，完成贡献社会的闭环。通过内部有愿景、有规划、有流程、有系统的四有型校友组织建设，最终为校友们搭建一个促进校友之间交流赋能、校友与学院之间紧密连接的终身学习互助平台，形成具有华北校友会特色的一系列高品质的活动，并在学院支持下有序推进成立各项目同学会、各地方分会、各活动俱乐部及行业社团等校友组织，促进与各社会组织的沟通和资源分享，为校友们提供有益的服务和资源，共建属于我们华北的家。” 港大经管学院华北校友会执委会由会长、执行秘书长和分管文化交流、户外活动、媒体宣传、会员发展、对外关系、财务管理、法律事务和行政事务的八个职能的副会长组成。在发言后，沈忠民会长为执委会成员颁发聘书。 港大经管学院华北校友会执委会王善智先生上台代表分管副会长们发言，表达了华北校友会以学院为平台、心向华北校友的决心，并号召大家明我以德，让华北的我们走在一起；感恩怀德，让华北的我们走的更远。鼓励大家有钱则援、有力则助，为华北校友会添砖加瓦、贡献力量。 激光交织成网，犹如星辰大海中的航道,引领我们向着知识的深海智慧的彼岸迸发。 这光影的汇聚，正如每一位校友的汇聚，共同照亮前行的道路。 晚宴的尾声，全场嘉宾及校友共同举杯，庆祝华北校友会正式成立，祝福港大经管学院，祝福校友们明天会更好！ 风华征程，奋北启航！欢迎更多港大经管校友加入华北校友会，携手共进创造属于港大经管的精彩辉煌！
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- [HKU Business School Alumni Get-Together](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-alumni-get-together-2/) - About 100 alumni from various batches of the Business School convened in the vibrant city of Shanghai for an enchanting evening filled with reconnections, shared memories, and the nurturing of lifelong relationships. The atmosphere was electric as old friendships were reignited, new connections were formed, and the spirit of our incredible network was strengthened. The
- [HKU Business School Alumni Get-Together](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-alumni-get-together-2/) - About 100 alumni from various batches of the Business School convened in the vibrant city of Shanghai for an enchanting evening filled with reconnections, shared memories, and the nurturing of lifelong relationships. The atmosphere was electric as old friendships were reignited, new connections were formed, and the spirit of our incredible network was strengthened. The
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- [HKU Business School Alumni Family Welcomes Class of 2024!](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-alumni-family-welcomes-class-of-2024/) - Congratulations to the Class of 2024! The 212th Congregation was filled with smiling faces, enthusiastic cheers, and unforgettable memories at every corner of the campus. As our newest graduates bid farewell to their student life, they now embark on a thrilling journey as distinguished alumni of HKU Business School. With our alumni counter ticking, we're
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- [Engaging Discussion on Pressing Challenges and Implications of China's Property Sector](https://www.hkubs.hku.hk/sc/media/multimedia-library/engaging-discussion-on-pressing-challenges-and-implications-of-chinas-property-sector/) - As a supporting organization, HKU Business School is thrilled to have contributed to the success of the Young China Watchers Hong Kong (YCWHK) x HKU Business School Alumni Association (HKUBSAA) Talk on China's Property Sector. This engaging event fostered an invaluable opportunity to explore the critical challenges and implications of China's property sector for Hong
- [Engaging Discussion on Pressing Challenges and Implications of China's Property Sector](https://www.hkubs.hku.hk/sc/media/multimedia-library/engaging-discussion-on-pressing-challenges-and-implications-of-chinas-property-sector/) - As a supporting organization, HKU Business School is thrilled to have contributed to the success of the Young China Watchers Hong Kong (YCWHK) x HKU Business School Alumni Association (HKUBSAA) Talk on China's Property Sector. This engaging event fostered an invaluable opportunity to explore the critical challenges and implications of China's property sector for Hong
- [Engaging Discussion on Pressing Challenges and Implications of China's Property Sector](https://www.hkubs.hku.hk/sc/media/multimedia-library/engaging-discussion-on-pressing-challenges-and-implications-of-chinas-property-sector/) - As a supporting organization, HKU Business School is thrilled to have contributed to the success of the Young China Watchers Hong Kong (YCWHK) x HKU Business School Alumni Association (HKUBSAA) Talk on China's Property Sector. This engaging event fostered an invaluable opportunity to explore the critical challenges and implications of China's property sector for Hong
- [HKU Business School Alumni Get-Together](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-alumni-get-together/) - About 70 alumni from various batches of the Business School convened for an enchanting evening filled with reconnections, shared memories, and the nurturing of lifelong relationships. The atmosphere was buzzing as old friendships were rekindled, new bonds were forges, and the spirit of our incredible network was reaffirmed. What truly stood out during the evening
- [HKU Business School Alumni Get-Together](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-alumni-get-together/) - About 70 alumni from various batches of the Business School convened for an enchanting evening filled with reconnections, shared memories, and the nurturing of lifelong relationships. The atmosphere was buzzing as old friendships were rekindled, new bonds were forges, and the spirit of our incredible network was reaffirmed. What truly stood out during the evening
- [HKU Business School Alumni Get-Together](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-alumni-get-together/) - About 70 alumni from various batches of the Business School convened for an enchanting evening filled with reconnections, shared memories, and the nurturing of lifelong relationships. The atmosphere was buzzing as old friendships were rekindled, new bonds were forges, and the spirit of our incredible network was reaffirmed. What truly stood out during the evening
- [BGS HKU Chapter Induction Ceremony 2024](https://www.hkubs.hku.hk/sc/?post_type=multimedia-library&p=213816)
- [Alumni Christmas Drinks: A Night of Reconnections and Festivities](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-christmas-drinks-a-night-of-reconnections-and-festivities/) - HKUBSAA recently hosted the Alumni Christmas Drinks event at the Senior Common Room, HKU. We were delighted to welcome 80 alumni from various programs, along with some of our esteemed professors. Everyone enjoyed an evening filled with reconnections, networking, and festive cheer. It was heartwarming to see old friends catching up, new friendships forming, and
- [Alumni Christmas Drinks: A Night of Reconnections and Festivities](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-christmas-drinks-a-night-of-reconnections-and-festivities/) - HKUBSAA recently hosted the Alumni Christmas Drinks event at the Senior Common Room, HKU. We were delighted to welcome 80 alumni from various programs, along with some of our esteemed professors. Everyone enjoyed an evening filled with reconnections, networking, and festive cheer. It was heartwarming to see old friends catching up, new friendships forming, and
- [Alumni Christmas Drinks: A Night of Reconnections and Festivities](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-christmas-drinks-a-night-of-reconnections-and-festivities/) - HKUBSAA recently hosted the Alumni Christmas Drinks event at the Senior Common Room, HKU. We were delighted to welcome 80 alumni from various programs, along with some of our esteemed professors. Everyone enjoyed an evening filled with reconnections, networking, and festive cheer. It was heartwarming to see old friends catching up, new friendships forming, and
- [HKU 211th Congregation – Faculty of Business and Economics (Winter Session) Highlights](https://www.hkubs.hku.hk/sc/media/multimedia-library/highlights-of-hku-211th-congregation-faculty-of-business-and-economics-winter-session/)
- [HKU 211th Congregation – Faculty of Business and Economics (Winter Session) Highlights](https://www.hkubs.hku.hk/sc/media/multimedia-library/highlights-of-hku-211th-congregation-faculty-of-business-and-economics-winter-session/)
- [HKU 211th Congregation – Faculty of Business and Economics (Winter Session) Highlights](https://www.hkubs.hku.hk/sc/media/multimedia-library/highlights-of-hku-211th-congregation-faculty-of-business-and-economics-winter-session/)
- [“Meet the Author” book talk by Dr. Weijian Shan](https://www.hkubs.hku.hk/sc/media/multimedia-library/meet-the-author-book-talk-by-dr-weijian-shan/)
- [“Meet the Author” book talk by Dr. Weijian Shan](https://www.hkubs.hku.hk/sc/media/multimedia-library/meet-the-author-book-talk-by-dr-weijian-shan/)
- [“Meet the Author” book talk by Dr. Weijian Shan](https://www.hkubs.hku.hk/sc/media/multimedia-library/meet-the-author-book-talk-by-dr-weijian-shan/)
- [Students embark on HKU Business School Mentorship Programme 2023-24](https://www.hkubs.hku.hk/sc/media/multimedia-library/students-embark-on-hku-business-school-mentorship-programme-2023-24/)
- [Students embark on HKU Business School Mentorship Programme 2023-24](https://www.hkubs.hku.hk/sc/media/multimedia-library/students-embark-on-hku-business-school-mentorship-programme-2023-24/)
- [Students embark on HKU Business School Mentorship Programme 2023-24](https://www.hkubs.hku.hk/sc/media/multimedia-library/students-embark-on-hku-business-school-mentorship-programme-2023-24/)
- [Alumni Community: Stay Connected and Drive Sustainability Initiatives Together](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-community-stay-connected-and-drive-sustainability-initiatives-together/) - At the HKU Business School Alumni network, we are dedicated to fostering a strong and connected alumni community that continues to make a difference in the world. We were thrilled to witness our distinguished alumni in action at a recent event hosted by HKU Business School in partnership with the US Heartland China Association, featuring
- [Alumni Community: Stay Connected and Drive Sustainability Initiatives Together](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-community-stay-connected-and-drive-sustainability-initiatives-together/) - At the HKU Business School Alumni network, we are dedicated to fostering a strong and connected alumni community that continues to make a difference in the world. We were thrilled to witness our distinguished alumni in action at a recent event hosted by HKU Business School in partnership with the US Heartland China Association, featuring
- [Alumni Community: Stay Connected and Drive Sustainability Initiatives Together](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-community-stay-connected-and-drive-sustainability-initiatives-together/) - At the HKU Business School Alumni network, we are dedicated to fostering a strong and connected alumni community that continues to make a difference in the world. We were thrilled to witness our distinguished alumni in action at a recent event hosted by HKU Business School in partnership with the US Heartland China Association, featuring
- [Exploring Global Logistics with Industry Leaders at HKU Business School Alumni Luncheon](https://www.hkubs.hku.hk/sc/media/multimedia-library/exploring-global-logistics-with-industry-leaders-at-hku-business-school-alumni-luncheon/) - The HKU Business School recently hosted an engaging alumni luncheon themed “Connecting Hong Kong: Bridging Global Logistics,” featuring two distinguished speakers: Mr. Andy Tung (Managing Partner of QBN Capital, Former CEO of Orient Overseas Container Lines), Prof. Philip Chen (Professor of Practice in Management and Strategy of HKU Business School, Independent Non-Executive Director of Hang
- [Exploring Global Logistics with Industry Leaders at HKU Business School Alumni Luncheon](https://www.hkubs.hku.hk/sc/media/multimedia-library/exploring-global-logistics-with-industry-leaders-at-hku-business-school-alumni-luncheon/) - The HKU Business School recently hosted an engaging alumni luncheon themed “Connecting Hong Kong: Bridging Global Logistics,” featuring two distinguished speakers: Mr. Andy Tung (Managing Partner of QBN Capital, Former CEO of Orient Overseas Container Lines), Prof. Philip Chen (Professor of Practice in Management and Strategy of HKU Business School, Independent Non-Executive Director of Hang
- [Exploring Global Logistics with Industry Leaders at HKU Business School Alumni Luncheon](https://www.hkubs.hku.hk/sc/media/multimedia-library/exploring-global-logistics-with-industry-leaders-at-hku-business-school-alumni-luncheon/) - The HKU Business School recently hosted an engaging alumni luncheon themed “Connecting Hong Kong: Bridging Global Logistics,” featuring two distinguished speakers: Mr. Andy Tung (Managing Partner of QBN Capital, Former CEO of Orient Overseas Container Lines), Prof. Philip Chen (Professor of Practice in Management and Strategy of HKU Business School, Independent Non-Executive Director of Hang
- [Venture into Future Career 2023-2024 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/multimedia-library/venture-into-future-career-2023-2024-opening-ceremony/)
- [Venture into Future Career 2023-2024 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/multimedia-library/venture-into-future-career-2023-2024-opening-ceremony/)
- [Venture into Future Career 2023-2024 Opening Ceremony](https://www.hkubs.hku.hk/sc/media/multimedia-library/venture-into-future-career-2023-2024-opening-ceremony/)
- [Savoring Sake & Culture: Alumni Networking Workshop](https://www.hkubs.hku.hk/media/multimedia-library/savoring-sake-culture-alumni-networking-workshop/) - A successful evening unfolded at the Savoring Sake & Culture: Alumni Networking event, which took place at the prestigious Lamborghini Hong Kong showroom! The event was filled with engaging moments, including networking opportunities, sake tasting, and car appreciation. We are grateful to everyone who attended and contributed to the success of this gathering. We’d like
- [Alumni Sharing Session: Navigating the Private Credit Landscape - Strategies, Growth and Opportunities](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-sharing-session-navigating-the-private-credit-landscape-strategies-growth-and-opportunities/) - HKU Business School Alumni Association (HKUBSAA) hosted an insightful session on "Demystifying Private Credit: The Cousin of Private Equity" on 12 September! Thanks to everyone who joined this alumni talk! Our esteemed speaker and HKU Business School alumni, Sandy Yeung, shared her expertise and led a thought-provoking interactive session on various credit strategies and the
- [Alumni Sharing Session: Navigating the Private Credit Landscape - Strategies, Growth and Opportunities](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-sharing-session-navigating-the-private-credit-landscape-strategies-growth-and-opportunities/) - HKU Business School Alumni Association (HKUBSAA) hosted an insightful session on "Demystifying Private Credit: The Cousin of Private Equity" on 12 September! Thanks to everyone who joined this alumni talk! Our esteemed speaker and HKU Business School alumni, Sandy Yeung, shared her expertise and led a thought-provoking interactive session on various credit strategies and the
- [Alumni Sharing Session: Navigating the Private Credit Landscape - Strategies, Growth and Opportunities](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-sharing-session-navigating-the-private-credit-landscape-strategies-growth-and-opportunities/) - HKU Business School Alumni Association (HKUBSAA) hosted an insightful session on "Demystifying Private Credit: The Cousin of Private Equity" on 12 September! Thanks to everyone who joined this alumni talk! Our esteemed speaker and HKU Business School alumni, Sandy Yeung, shared her expertise and led a thought-provoking interactive session on various credit strategies and the
- [Uniting Alumni in Shanghai: HKU Business School's Alumni Cruise Reunion Event](https://www.hkubs.hku.hk/sc/media/multimedia-library/uniting-alumni-in-shanghai-hku-business-schools-alumni-cruise-reunion-event/) - We are excited to share that our HKU Business School held its first-ever Alumni Cruise Reunion Event for alumni in Shanghai, which was a huge success. As we all know, Shanghai is the economic and financial center of China, and a hub where Eastern and Western cultures meet. Many alumni from HKU Business School who
- [Uniting Alumni in Shanghai: HKU Business School's Alumni Cruise Reunion Event](https://www.hkubs.hku.hk/sc/media/multimedia-library/uniting-alumni-in-shanghai-hku-business-schools-alumni-cruise-reunion-event/) - We are excited to share that our HKU Business School held its first-ever Alumni Cruise Reunion Event for alumni in Shanghai, which was a huge success. As we all know, Shanghai is the economic and financial center of China, and a hub where Eastern and Western cultures meet. Many alumni from HKU Business School who
- [Uniting Alumni in Shanghai: HKU Business School's Alumni Cruise Reunion Event](https://www.hkubs.hku.hk/sc/media/multimedia-library/uniting-alumni-in-shanghai-hku-business-schools-alumni-cruise-reunion-event/) - We are excited to share that our HKU Business School held its first-ever Alumni Cruise Reunion Event for alumni in Shanghai, which was a huge success. As we all know, Shanghai is the economic and financial center of China, and a hub where Eastern and Western cultures meet. Many alumni from HKU Business School who
- [Joint Programmes Alumni Drinks: A Joyful Gathering for Alumni to Connect](https://www.hkubs.hku.hk/sc/media/multimedia-library/joint-programmes-alumni-drinks-a-joyful-gathering-for-alumni-to-connect/) - The School was delighted to host a joint-programms alumni drinks event last night! With an impressive turnout of around 70 alumni, our alumni had the opportunity to network and connect with peers across various programmes, industries, and generations. They were joined by the ExCo members of the HKU Business School Alumni Association (HKUBSAA) and other
- [Joint Programmes Alumni Drinks: A Joyful Gathering for Alumni to Connect](https://www.hkubs.hku.hk/sc/media/multimedia-library/joint-programmes-alumni-drinks-a-joyful-gathering-for-alumni-to-connect/) - The School was delighted to host a joint-programms alumni drinks event last night! With an impressive turnout of around 70 alumni, our alumni had the opportunity to network and connect with peers across various programmes, industries, and generations. They were joined by the ExCo members of the HKU Business School Alumni Association (HKUBSAA) and other
- [Joint Programmes Alumni Drinks: A Joyful Gathering for Alumni to Connect](https://www.hkubs.hku.hk/sc/media/multimedia-library/joint-programmes-alumni-drinks-a-joyful-gathering-for-alumni-to-connect/) - The School was delighted to host a joint-programms alumni drinks event last night! With an impressive turnout of around 70 alumni, our alumni had the opportunity to network and connect with peers across various programmes, industries, and generations. They were joined by the ExCo members of the HKU Business School Alumni Association (HKUBSAA) and other
- [HKU Undergraduates Shine through the Business Consulting Practicum in 15 Consecutive Years](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-undergraduates-shine-through-the-business-consulting-practicum-in-15-consecutive-years/)
- [HKU Undergraduates Shine through the Business Consulting Practicum in 15 Consecutive Years](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-undergraduates-shine-through-the-business-consulting-practicum-in-15-consecutive-years/)
- [HKU Undergraduates Shine through the Business Consulting Practicum in 15 Consecutive Years](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-undergraduates-shine-through-the-business-consulting-practicum-in-15-consecutive-years/)
- [Alumni Engagement at the Class of 2023 Summer Congregation](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-engagement-at-the-class-of-2023-summer-congregation/) - On July 12, Faculty of Business and Economics (HKU Business School) celebrated the 210th Congregation of the Class of 2023 at Grand Hall, Centennial Campus, The University of Hong Kong. The Ceremony, one of the most significant events for our Faculty’s graduates, is a memorable occasion for them to celebrate their joy and achievements with
- [Alumni Engagement at the Class of 2023 Summer Congregation](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-engagement-at-the-class-of-2023-summer-congregation/) - On July 12, Faculty of Business and Economics (HKU Business School) celebrated the 210th Congregation of the Class of 2023 at Grand Hall, Centennial Campus, The University of Hong Kong. The Ceremony, one of the most significant events for our Faculty’s graduates, is a memorable occasion for them to celebrate their joy and achievements with
- [Alumni Engagement at the Class of 2023 Summer Congregation](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-engagement-at-the-class-of-2023-summer-congregation/) - On July 12, Faculty of Business and Economics (HKU Business School) celebrated the 210th Congregation of the Class of 2023 at Grand Hall, Centennial Campus, The University of Hong Kong. The Ceremony, one of the most significant events for our Faculty’s graduates, is a memorable occasion for them to celebrate their joy and achievements with
- [The 2nd Global Reunion Series Alumni Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/the-2nd-global-reunion-series-alumni-talk/)
- [The 2nd Global Reunion Series Alumni Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/the-2nd-global-reunion-series-alumni-talk/)
- [The 2nd Global Reunion Series Alumni Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/the-2nd-global-reunion-series-alumni-talk/)
- [Highlights of 210th Congregation - Faculty of Business and Economics (Summer Session)](https://www.hkubs.hku.hk/sc/media/multimedia-library/highlights-of-210th-congregation-faculty-of-business-and-economics-summer-session/)
- [Highlights of 210th Congregation - Faculty of Business and Economics (Summer Session)](https://www.hkubs.hku.hk/sc/media/multimedia-library/highlights-of-210th-congregation-faculty-of-business-and-economics-summer-session/)
- [Highlights of 210th Congregation - Faculty of Business and Economics (Summer Session)](https://www.hkubs.hku.hk/sc/media/multimedia-library/highlights-of-210th-congregation-faculty-of-business-and-economics-summer-session/)
- [A Resounding Success – the 2nd Global Reunion Alumni Talk](https://www.hkubs.hku.hk/media/multimedia-library/a-resounding-success-the-2nd-global-reunion-alumni-talk/) - We are thrilled to announce the success of the 2nd Global Reunion Series Alumni Talk, hosted by HKU Business School, co-hosted by HKUBSAA and the Harvard Club of Hong Kong, on 27th June 2023. We had the privilege of hosting Prof. William Kirby, a distinguished scholar from Harvard University, who explored the history of universities
- [A Memorable Day Exploring the Historic Lo Wu Region](https://www.hkubs.hku.hk/sc/media/multimedia-library/a-memorable-day-exploring-the-historic-lo-wu-region/) - We had an incredible time last Saturday with HKU Business School alumni and students on our one-day tour of the historic land connection between Shenzhen and Hong Kong – Lo Wu! Our journey began at the iconic International Foreign Trade Centre (Guomao Building), where our group of enthusiastic alumni gathered and embarked on a guided
- [A Memorable Day Exploring the Historic Lo Wu Region](https://www.hkubs.hku.hk/sc/media/multimedia-library/a-memorable-day-exploring-the-historic-lo-wu-region/) - We had an incredible time last Saturday with HKU Business School alumni and students on our one-day tour of the historic land connection between Shenzhen and Hong Kong – Lo Wu! Our journey began at the iconic International Foreign Trade Centre (Guomao Building), where our group of enthusiastic alumni gathered and embarked on a guided
- [A Memorable Day Exploring the Historic Lo Wu Region](https://www.hkubs.hku.hk/sc/media/multimedia-library/a-memorable-day-exploring-the-historic-lo-wu-region/) - We had an incredible time last Saturday with HKU Business School alumni and students on our one-day tour of the historic land connection between Shenzhen and Hong Kong – Lo Wu! Our journey began at the iconic International Foreign Trade Centre (Guomao Building), where our group of enthusiastic alumni gathered and embarked on a guided
- [Alumni Early Engagement](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-early-engagement/) - To cheer up final-year students before their last exam period at HKU and to welcome them joining the alumni family in advance, the Faculty Alumni Team organised two sessions of engagement pop-up events at KK Leung Building Concourse and Cyberport campus in April and May respectively. We created an especially fun and memorable experience, featuring
- [Alumni Early Engagement](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-early-engagement/) - To cheer up final-year students before their last exam period at HKU and to welcome them joining the alumni family in advance, the Faculty Alumni Team organised two sessions of engagement pop-up events at KK Leung Building Concourse and Cyberport campus in April and May respectively. We created an especially fun and memorable experience, featuring
- [Alumni Early Engagement](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-early-engagement/) - To cheer up final-year students before their last exam period at HKU and to welcome them joining the alumni family in advance, the Faculty Alumni Team organised two sessions of engagement pop-up events at KK Leung Building Concourse and Cyberport campus in April and May respectively. We created an especially fun and memorable experience, featuring
- [IMBA Networking Session](https://www.hkubs.hku.hk/sc/media/multimedia-library/imba-networking-session/) - What a fantastic evening networking with the HKUBSAA Executive Committee members and our amazing IMBA students and alumni! With drinks and light refreshments in hand, students and alumni engaged in casual conversations, discussing career paths, industry trends, networking tips, and personal journeys. The relaxed atmosphere allowed for genuine connections, new friendships, and potential collaborations. We're
- [IMBA Networking Session](https://www.hkubs.hku.hk/sc/media/multimedia-library/imba-networking-session/) - What a fantastic evening networking with the HKUBSAA Executive Committee members and our amazing IMBA students and alumni! With drinks and light refreshments in hand, students and alumni engaged in casual conversations, discussing career paths, industry trends, networking tips, and personal journeys. The relaxed atmosphere allowed for genuine connections, new friendships, and potential collaborations. We're
- [IMBA Networking Session](https://www.hkubs.hku.hk/sc/media/multimedia-library/imba-networking-session/) - What a fantastic evening networking with the HKUBSAA Executive Committee members and our amazing IMBA students and alumni! With drinks and light refreshments in hand, students and alumni engaged in casual conversations, discussing career paths, industry trends, networking tips, and personal journeys. The relaxed atmosphere allowed for genuine connections, new friendships, and potential collaborations. We're
- [Leadership Talk: Talents are always mobile](https://www.hkubs.hku.hk/media/multimedia-library/leadership-talk-talents-are-always-mobile/) - Today, we had the pleasure of hosting Mei Mei Ng, General Manager, Head of Talent Solutions of LinkedIn Hong Kong and Taiwan, who shared with us an inspiring and informative talk centered around establishing thought leadership and executive presence using social media during this IMBA Executive Workshop for our students. Her sharing attracted business leaders
- [Alumni Get-together](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-get-together/) - What a wonderful night it was at our first alumni happy hour event after the pandemic! Over 130 HKU Business School alumni, graduated in different years and across different disciplines, had a blast mixing and mingling at Tai Kwun! It was great to see our very own Dr Matthias Buelmaier (BBA-IBGM Programme Director), Sachin Tipnis
- [Alumni Get-together](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-get-together/) - What a wonderful night it was at our first alumni happy hour event after the pandemic! Over 130 HKU Business School alumni, graduated in different years and across different disciplines, had a blast mixing and mingling at Tai Kwun! It was great to see our very own Dr Matthias Buelmaier (BBA-IBGM Programme Director), Sachin Tipnis
- [Alumni Get-together](https://www.hkubs.hku.hk/sc/media/multimedia-library/alumni-get-together/) - What a wonderful night it was at our first alumni happy hour event after the pandemic! Over 130 HKU Business School alumni, graduated in different years and across different disciplines, had a blast mixing and mingling at Tai Kwun! It was great to see our very own Dr Matthias Buelmaier (BBA-IBGM Programme Director), Sachin Tipnis
- [BGS HKU Chapter Induction Ceremony 2022](https://www.hkubs.hku.hk/sc/media/multimedia-library/bgs-hku-chapter-induction-ceremony-2022/)
- [BGS HKU Chapter Induction Ceremony 2022](https://www.hkubs.hku.hk/sc/media/multimedia-library/bgs-hku-chapter-induction-ceremony-2022/)
- [BGS HKU Chapter Induction Ceremony 2022](https://www.hkubs.hku.hk/sc/media/multimedia-library/bgs-hku-chapter-induction-ceremony-2022/)
- [Leadership Talk: Family Business and Healthcare Opportunities in Asia](https://www.hkubs.hku.hk/sc/media/multimedia-library/186342/) - Today, we had the pleasure of hosting Dr. Zhang Fengsheng, Founder of Chaoju Eye Care Holdings Limited (Chaoju Eye Care), who shared with us his experiences and insights on how to build and sustain a thriving family business, as well as the challenges and opportunities that come with running a family business. Chaoju Eye Care,
- [Leadership Talk: Family Business and Healthcare Opportunities in Asia](https://www.hkubs.hku.hk/sc/media/multimedia-library/186342/) - Today, we had the pleasure of hosting Dr. Zhang Fengsheng, Founder of Chaoju Eye Care Holdings Limited (Chaoju Eye Care), who shared with us his experiences and insights on how to build and sustain a thriving family business, as well as the challenges and opportunities that come with running a family business. Chaoju Eye Care,
- [Leadership Talk: Family Business and Healthcare Opportunities in Asia](https://www.hkubs.hku.hk/sc/media/multimedia-library/186342/) - Today, we had the pleasure of hosting Dr. Zhang Fengsheng, Founder of Chaoju Eye Care Holdings Limited (Chaoju Eye Care), who shared with us his experiences and insights on how to build and sustain a thriving family business, as well as the challenges and opportunities that come with running a family business. Chaoju Eye Care,
- [BGS HKU Chapter Induction Ceremony 2023](https://www.hkubs.hku.hk/sc/media/multimedia-library/bgs-hku-chapter-induction-ceremony-2023/)
- [BGS HKU Chapter Induction Ceremony 2023](https://www.hkubs.hku.hk/sc/media/multimedia-library/bgs-hku-chapter-induction-ceremony-2023/)
- [BGS HKU Chapter Induction Ceremony 2023](https://www.hkubs.hku.hk/sc/media/multimedia-library/bgs-hku-chapter-induction-ceremony-2023/)
- [Local Entrepreneur Sharing Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/local-entrepreneur-sharing-talk/) - The Local Entrepreneur Sharing Talk, co-hosted by the HKU Business School Alumni Association (HKUBSAA) and HKU Business School was a hit success, attracting roughly 100 alumni to reconnect with their peers and Profs, while making new friends from different cohorts and programmes. Special thanks to our MBA alumni, Francis Cheng, CEO, and Founder of Number One PR
- [Local Entrepreneur Sharing Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/local-entrepreneur-sharing-talk/) - The Local Entrepreneur Sharing Talk, co-hosted by the HKU Business School Alumni Association (HKUBSAA) and HKU Business School was a hit success, attracting roughly 100 alumni to reconnect with their peers and Profs, while making new friends from different cohorts and programmes. Special thanks to our MBA alumni, Francis Cheng, CEO, and Founder of Number One PR
- [Local Entrepreneur Sharing Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/local-entrepreneur-sharing-talk/) - The Local Entrepreneur Sharing Talk, co-hosted by the HKU Business School Alumni Association (HKUBSAA) and HKU Business School was a hit success, attracting roughly 100 alumni to reconnect with their peers and Profs, while making new friends from different cohorts and programmes. Special thanks to our MBA alumni, Francis Cheng, CEO, and Founder of Number One PR
- [The CIMC Vehicles Leadership Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/the-cimc-vehicles-leadership-talk/) - The CIMC Vehicles Leadership Talk event co-hosted by HKUBSAA and HKU Business School was successfully held with just over 70 business school alumni and students joining together, in person and online. Our distinguished speaker, Mr. David Li, CEO, President & Executive Director of the Board of CIMC Vehicles (Group), shared with us his leadership philosophy
- [The CIMC Vehicles Leadership Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/the-cimc-vehicles-leadership-talk/) - The CIMC Vehicles Leadership Talk event co-hosted by HKUBSAA and HKU Business School was successfully held with just over 70 business school alumni and students joining together, in person and online. Our distinguished speaker, Mr. David Li, CEO, President & Executive Director of the Board of CIMC Vehicles (Group), shared with us his leadership philosophy
- [The CIMC Vehicles Leadership Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/the-cimc-vehicles-leadership-talk/) - The CIMC Vehicles Leadership Talk event co-hosted by HKUBSAA and HKU Business School was successfully held with just over 70 business school alumni and students joining together, in person and online. Our distinguished speaker, Mr. David Li, CEO, President & Executive Director of the Board of CIMC Vehicles (Group), shared with us his leadership philosophy
- [Smith Around the World Lecture Series](https://www.hkubs.hku.hk/sc/media/multimedia-library/smith-around-the-world-lecture-series/) - Smith Around the World Lecture Series Triumph of the Market: What China’s past and present tell us Date: 24 March, 2023 (Friday) Time: 16:30 – 17:45 Location: Wang Gungwu Lecture Hall, Graduate House, The University of Hong Kong Adam Smith 300 is a timely opportunity to renew the global interest in Adam Smith and to
- [Smith Around the World Lecture Series](https://www.hkubs.hku.hk/sc/media/multimedia-library/smith-around-the-world-lecture-series/) - Smith Around the World Lecture Series Triumph of the Market: What China’s past and present tell us Date: 24 March, 2023 (Friday) Time: 16:30 – 17:45 Location: Wang Gungwu Lecture Hall, Graduate House, The University of Hong Kong Adam Smith 300 is a timely opportunity to renew the global interest in Adam Smith and to
- [Smith Around the World Lecture Series](https://www.hkubs.hku.hk/sc/media/multimedia-library/smith-around-the-world-lecture-series/) - Smith Around the World Lecture Series Triumph of the Market: What China’s past and present tell us Date: 24 March, 2023 (Friday) Time: 16:30 – 17:45 Location: Wang Gungwu Lecture Hall, Graduate House, The University of Hong Kong Adam Smith 300 is a timely opportunity to renew the global interest in Adam Smith and to
- [Edward K Y Chen Distinguished Lecture 2023](https://www.hkubs.hku.hk/sc/media/multimedia-library/edward-k-y-chen-distinguished-lecture-2023/) - China: in the eyes of an HKU Graduate & Fortune 500 CEO Programme Welcoming Remarks by Professor Hongbin Cai Dean, Chair of Economics HKU Business School Introduction by Professor Frederick Si-hang Ma Honorary Professor HKU Business School Presentation of Views by Keynote Speaker Ms. Joey Wat CEO, Yum China Holdings, Inc. Panel Discussion Mr.
- [Edward K Y Chen Distinguished Lecture 2023](https://www.hkubs.hku.hk/sc/media/multimedia-library/edward-k-y-chen-distinguished-lecture-2023/) - China: in the eyes of an HKU Graduate & Fortune 500 CEO Programme Welcoming Remarks by Professor Hongbin Cai Dean, Chair of Economics HKU Business School Introduction by Professor Frederick Si-hang Ma Honorary Professor HKU Business School Presentation of Views by Keynote Speaker Ms. Joey Wat CEO, Yum China Holdings, Inc. Panel Discussion Mr.
- [Edward K Y Chen Distinguished Lecture 2023](https://www.hkubs.hku.hk/sc/media/multimedia-library/edward-k-y-chen-distinguished-lecture-2023/) - China: in the eyes of an HKU Graduate & Fortune 500 CEO Programme Welcoming Remarks by Professor Hongbin Cai Dean, Chair of Economics HKU Business School Introduction by Professor Frederick Si-hang Ma Honorary Professor HKU Business School Presentation of Views by Keynote Speaker Ms. Joey Wat CEO, Yum China Holdings, Inc. Panel Discussion Mr.
- [Inaugural Global Reunion HKU Business School Alumni Dinner Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/inaugural-global-reunion-hku-business-school-alumni-dinner-talk/)
- [Inaugural Global Reunion HKU Business School Alumni Dinner Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/inaugural-global-reunion-hku-business-school-alumni-dinner-talk/)
- [Inaugural Global Reunion HKU Business School Alumni Dinner Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/inaugural-global-reunion-hku-business-school-alumni-dinner-talk/)
- [2022 International Forum on Poverty Reduction and Sustainable Development](https://www.hkubs.hku.hk/media/multimedia-library/2022-international-forum-on-poverty-reduction-and-sustainable-development/)
- [Edward K Y Chen Distinguished Lecture Series 2021](https://www.hkubs.hku.hk/sc/media/multimedia-library/edward-k-y-chen-distinguished-lecture-series-2021/) - Hong Kong's Next 25 Years: Challenges and Opportunities Programme Welcoming Remarks by Professor Hongbin Cai Dean, Chair of Economics HKU Business School Introduction by Mr. Hing Wang Fung Convenor, Executive Committee Edward Chen Distinguished Lecture Series Presentation of Views by Guest Speakers Ms. Gigi Chao Executive Vice Chairman, Cheuk Nang (Holdings) Limited Dr. Adrian
- [Edward K Y Chen Distinguished Lecture Series 2021](https://www.hkubs.hku.hk/sc/media/multimedia-library/edward-k-y-chen-distinguished-lecture-series-2021/) - Hong Kong's Next 25 Years: Challenges and Opportunities Programme Welcoming Remarks by Professor Hongbin Cai Dean, Chair of Economics HKU Business School Introduction by Mr. Hing Wang Fung Convenor, Executive Committee Edward Chen Distinguished Lecture Series Presentation of Views by Guest Speakers Ms. Gigi Chao Executive Vice Chairman, Cheuk Nang (Holdings) Limited Dr. Adrian
- [Edward K Y Chen Distinguished Lecture Series 2021](https://www.hkubs.hku.hk/sc/media/multimedia-library/edward-k-y-chen-distinguished-lecture-series-2021/) - Hong Kong's Next 25 Years: Challenges and Opportunities Programme Welcoming Remarks by Professor Hongbin Cai Dean, Chair of Economics HKU Business School Introduction by Mr. Hing Wang Fung Convenor, Executive Committee Edward Chen Distinguished Lecture Series Presentation of Views by Guest Speakers Ms. Gigi Chao Executive Vice Chairman, Cheuk Nang (Holdings) Limited Dr. Adrian
- [HKU Business School Mentorship Programme 2022-23 Empowers Students](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-mentorship-programme-2022-23-empowers-students/)
- [HKU Business School Mentorship Programme 2022-23 Empowers Students](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-mentorship-programme-2022-23-empowers-students/)
- [HKU Business School Mentorship Programme 2022-23 Empowers Students](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-mentorship-programme-2022-23-empowers-students/)
- [【精彩重溫】第二百零八屆學位頒授典禮](https://www.hkubs.hku.hk/sc/media/multimedia-library/highlights-of-hku-208th-congregation-faculty-of-business-and-economics-winter-session/)
- [【精彩重温】第二百零八届学位颁授典礼](https://www.hkubs.hku.hk/sc/media/multimedia-library/highlights-of-hku-208th-congregation-faculty-of-business-and-economics-winter-session/)
- [Highlights of HKU 208th Congregation - Faculty of Business and Economics (Winter Session)](https://www.hkubs.hku.hk/sc/media/multimedia-library/highlights-of-hku-208th-congregation-faculty-of-business-and-economics-winter-session/)
- [「香港經濟前景展望」研討會](https://www.hkubs.hku.hk/sc/media/multimedia-library/thought-leadership-conference-series-the-future-of-hong-kong-economy/)
- [「香港经济前景展望」研讨会](https://www.hkubs.hku.hk/sc/media/multimedia-library/thought-leadership-conference-series-the-future-of-hong-kong-economy/)
- [Thought Leadership Conference Series - The Future of Hong Kong Economy](https://www.hkubs.hku.hk/sc/media/multimedia-library/thought-leadership-conference-series-the-future-of-hong-kong-economy/)
- [Highlights of HKU 206th Congregation - Faculty of Business and Economics (Summer Session)](https://www.hkubs.hku.hk/sc/media/multimedia-library/【精彩重温】第二百零六届学位颁授典礼/)
- [【精彩重温】第二百零六届学位颁授典礼](https://www.hkubs.hku.hk/sc/media/multimedia-library/【精彩重温】第二百零六届学位颁授典礼/)
- [【精彩重溫】第二百零六屆學位頒授典禮](https://www.hkubs.hku.hk/sc/media/multimedia-library/【精彩重温】第二百零六届学位颁授典礼/)
- [港大經管學院20周年慶典及答謝晚宴精彩回顧](https://www.hkubs.hku.hk/sc/media/multimedia-library/highlights-of-the-hku-business-school-celebration-and-appreciation-dinner-2021/)
- [Highlights of the HKU Business School Celebration and Appreciation Dinner 2021](https://www.hkubs.hku.hk/sc/media/multimedia-library/highlights-of-the-hku-business-school-celebration-and-appreciation-dinner-2021/)
- [港大经管学院20周年庆典及答谢晚宴精彩回顾](https://www.hkubs.hku.hk/sc/media/multimedia-library/highlights-of-the-hku-business-school-celebration-and-appreciation-dinner-2021/)
- [HKU Business School Student Shine with the Light of CSR](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-students-shines-with-the-light-of-csr/)
- [港大经管学子发扬企业社会责任精神](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-students-shines-with-the-light-of-csr/)
- [港大經管學子發揚企業社會責任精神](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-students-shines-with-the-light-of-csr/)
- [HKU Business School Mentorship Programme 2021-22 empowers students](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-mentorship-programme-2021-22-empowers-students/)
- [HKU Business School Mentorship Programme 2021-22 empowers students](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-mentorship-programme-2021-22-empowers-students/)
- [HKU Business School Mentorship Programme 2021-22 empowers students](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-mentorship-programme-2021-22-empowers-students/)
- [與CEO對話: 水滴公司沈鵬談創新創業](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-x-waterdrop-inc-ceo-talk/)
- [與CEO對話: 水滴公司沈鵬談創新創業](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-x-waterdrop-inc-ceo-talk/)
- [與CEO對話: 水滴公司沈鵬談創新創業](https://www.hkubs.hku.hk/sc/media/multimedia-library/hku-business-school-x-waterdrop-inc-ceo-talk/)
- [Social Enterprise Summit (SES) 2021/ Central and Western Community Program - School Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/social-enterprise-summit-ses-2021-central-and-western-community-program-school-talk/)
- [Social Enterprise Summit (SES) 2021/ Central and Western Community Program - School Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/social-enterprise-summit-ses-2021-central-and-western-community-program-school-talk/)
- [Social Enterprise Summit (SES) 2021/ Central and Western Community Program - School Talk](https://www.hkubs.hku.hk/sc/media/multimedia-library/social-enterprise-summit-ses-2021-central-and-western-community-program-school-talk/)
- [2021年毕业典礼精彩回顾](https://www.hkubs.hku.hk/sc/media/multimedia-library/2021-graduation-ceremony-successfully-held/)
- [2021年畢業典禮精彩回顧](https://www.hkubs.hku.hk/sc/media/multimedia-library/2021-graduation-ceremony-successfully-held/)
- [2021 Graduation Ceremony Successfully Held](https://www.hkubs.hku.hk/sc/media/multimedia-library/2021-graduation-ceremony-successfully-held/)
- [Financial Services Development in Hong Kong amidst an Ever-changing World](https://www.hkubs.hku.hk/sc/media/multimedia-library/financial-services-development-in-hong-kong-amidst-an-ever-changing-world/)
- [Financial Services Development in Hong Kong amidst an Ever-changing World](https://www.hkubs.hku.hk/sc/media/multimedia-library/financial-services-development-in-hong-kong-amidst-an-ever-changing-world/)
- [Financial Services Development in Hong Kong amidst an Ever-changing World](https://www.hkubs.hku.hk/sc/media/multimedia-library/financial-services-development-in-hong-kong-amidst-an-ever-changing-world/)
- [Successful Completion of HKU-NWS Joint University Case Competition 2021](https://www.hkubs.hku.hk/sc/media/multimedia-library/successful-completion-of-hku-nws-joint-university-case-competition-2021/)
- [Successful Completion of HKU-NWS Joint University Case Competition 2021](https://www.hkubs.hku.hk/sc/media/multimedia-library/successful-completion-of-hku-nws-joint-university-case-competition-2021/)
- [Successful Completion of HKU-NWS Joint University Case Competition 2021](https://www.hkubs.hku.hk/sc/media/multimedia-library/successful-completion-of-hku-nws-joint-university-case-competition-2021/)

## Home Slides

- [217th Congregation (Summer Congregation 2026)](https://www.hkubs.hku.hk/sc/home-slide/217th-congregation-summer-congregation-2026/)
- [HKU Solidifies Elite Global Standing, Ranking 11th place in QS World University Rankings 2027](https://www.hkubs.hku.hk/sc/home-slide/hku-solidifies-elite-global-standing-ranking-11th-place-in-qs-world-university-rankings-2027/)
- [香港大学蝉联2027年QS世界大学排名全球第11位 稳居全球顶尖学府行列](https://www.hkubs.hku.hk/sc/home-slide/hku-solidifies-elite-global-standing-ranking-11th-place-in-qs-world-university-rankings-2027/)
- [香港大學蟬聯2027年QS世界大學排名全球第11位 穩居全球頂尖學府行列](https://www.hkubs.hku.hk/sc/home-slide/hku-solidifies-elite-global-standing-ranking-11th-place-in-qs-world-university-rankings-2027/)
- [The Second “Early China Development and Its Long-Term Impact” Workshop](https://www.hkubs.hku.hk/home-slide/the-second-early-china-development-and-its-long-term-impact-workshop/)
- [香港大学第217届学位颁授典礼 – 经济及工商管理学院](https://www.hkubs.hku.hk/sc/home-slide/217th-congregation-summer-congregation-2026/)
- [香港大學第217屆學位頒授典禮 - 經濟及工商管理學院](https://www.hkubs.hku.hk/sc/home-slide/217th-congregation-summer-congregation-2026/)
- [第十届香港大学中国经济季度论坛](https://www.hkubs.hku.hk/sc/home-slide/the-10th-hku-quarterly-forum-on-chinese-economy/)
- [第十屆香港大學中國經濟季度論壇](https://www.hkubs.hku.hk/sc/home-slide/the-10th-hku-quarterly-forum-on-chinese-economy/)
- [The 10th HKU Quarterly Forum on Chinese Economy](https://www.hkubs.hku.hk/sc/home-slide/the-10th-hku-quarterly-forum-on-chinese-economy/)
- [港大經管學院高管教育正式推出「商道中國2.0」公開課程](https://www.hkubs.hku.hk/sc/home-slide/hku-executive-education-launches-the-open-enrolment-doing-business-with-china-2-0/)
- [港大经管学院高管教育正式推出"商道中国2.0"公开课程](https://www.hkubs.hku.hk/sc/home-slide/hku-executive-education-launches-the-open-enrolment-doing-business-with-china-2-0/)
- [HKU Executive Education launches the open-enrolment Doing Business with China 2.0](https://www.hkubs.hku.hk/sc/home-slide/hku-executive-education-launches-the-open-enrolment-doing-business-with-china-2-0/)
- [香港经济前景展望论坛2026 – 直播回放](https://www.hkubs.hku.hk/sc/home-slide/the-future-of-hong-kong-economy-conference-2026-join-our-livestream/)
- [香港經濟前景展望論壇2026 - 直播回放](https://www.hkubs.hku.hk/sc/home-slide/the-future-of-hong-kong-economy-conference-2026-join-our-livestream/)
- [The Future of Hong Kong Economy Conference 2026 - Watch our full replay!](https://www.hkubs.hku.hk/sc/home-slide/the-future-of-hong-kong-economy-conference-2026-join-our-livestream/)
- [The Future of Hong Kong Economy Conference 2026](https://www.hkubs.hku.hk/home-slide/conference-on-the-future-of-hong-kong-economy-2026/)
- [New Flagship Programme (BGLIS): Reimagining Higher Education for the AI Era](https://www.hkubs.hku.hk/sc/home-slide/new-flagship-programme-bglis-reimagining-higher-education-for-the-ai-era/)
- [港大经管学院杰出学人讲座 — 人工智能与经济学](https://www.hkubs.hku.hk/sc/home-slide/hku-business-school-distinguished-scholar-lecture-a-i-and-economics/)
- [港大經管學院傑出學人講座 — 人工智能與經濟學](https://www.hkubs.hku.hk/sc/home-slide/hku-business-school-distinguished-scholar-lecture-a-i-and-economics/)
- [HKU Business School Distinguished Scholar Lecture – A.I. and Economics](https://www.hkubs.hku.hk/sc/home-slide/hku-business-school-distinguished-scholar-lecture-a-i-and-economics/)
- [全新旗舰课程（BGLIS）：重构AI时代的高等教育](https://www.hkubs.hku.hk/sc/home-slide/new-flagship-programme-bglis-reimagining-higher-education-for-the-ai-era/)
- [全新旗艦課程（BGLIS）：重構AI時代的高等教育](https://www.hkubs.hku.hk/sc/home-slide/new-flagship-programme-bglis-reimagining-higher-education-for-the-ai-era/)
- [港大经管学院215届学位颁授典礼回顾(冬季)](https://www.hkubs.hku.hk/sc/home-slide/215th-congregation-winter-congregation-2025/)
- [港大經管學院215屆學位頒授典禮回顧(冬季)](https://www.hkubs.hku.hk/sc/home-slide/215th-congregation-winter-congregation-2025/)
- [HKU 215th Congregation – Faculty of Business and Economics (Winter Session) Highlights](https://www.hkubs.hku.hk/sc/home-slide/215th-congregation-winter-congregation-2025/)
- [陳坤耀傑出學人講座 2025](https://www.hkubs.hku.hk/sc/home-slide/edward-k-y-chen-distinguished-lecture-2025/)
- [陈坤耀杰出学人讲座 2025](https://www.hkubs.hku.hk/sc/home-slide/edward-k-y-chen-distinguished-lecture-2025/)
- [Edward K Y Chen Distinguished Lecture 2025](https://www.hkubs.hku.hk/sc/home-slide/edward-k-y-chen-distinguished-lecture-2025/)
- [港大新设四个香港赛马会基金教授席](https://www.hkubs.hku.hk/sc/home-slide/hku-jockey-club-enterprise-sustainability-global-research-institute-establishes-four-prestigious-endowed-professorships/)
- [港大新設四個香港賽馬會基金教授席](https://www.hkubs.hku.hk/sc/home-slide/hku-jockey-club-enterprise-sustainability-global-research-institute-establishes-four-prestigious-endowed-professorships/)
- [HKU Jockey Club Enterprise Sustainability Global Research Institute Establishes Four Prestigious Endowed Professorships](https://www.hkubs.hku.hk/sc/home-slide/hku-jockey-club-enterprise-sustainability-global-research-institute-establishes-four-prestigious-endowed-professorships/)
- [香港大学第214届学位颁授典礼 - 经济及工商管理学院](https://www.hkubs.hku.hk/sc/home-slide/214th-congregation-summer-congregation-2025/)
- [香港大學第214屆學位頒授典禮 - 經濟及工商管理學院](https://www.hkubs.hku.hk/sc/home-slide/214th-congregation-summer-congregation-2025/)
- [214th Congregation (Summer Congregation 2025)](https://www.hkubs.hku.hk/sc/home-slide/214th-congregation-summer-congregation-2025/)
- [汇智创新，启远未来｜领袖企业家讲坛系列 2025 #4：通用人工智能的技术发展和典型应用](https://www.hkubs.hku.hk/sc/home-slide/entrepreneur-lecture-2025/)
- [匯智創新，啟遠未來｜領袖企業家講壇系列 2025 #4：通用人工智能的技術發展和典型應用](https://www.hkubs.hku.hk/sc/home-slide/entrepreneur-lecture-2025/)
- [HKU Business School Masters Programmes Entrepreneur Lecture Series 2025](https://www.hkubs.hku.hk/sc/home-slide/entrepreneur-lecture-2025/)
- [The 6th HKU Quarterly Forum on Chinese Economy](https://www.hkubs.hku.hk/sc/home-slide/the-6th-hku-quarterly-forum-on-chinese-economy/)
- [第六届“香港大学中国经济季度论坛”](https://www.hkubs.hku.hk/sc/home-slide/the-6th-hku-quarterly-forum-on-chinese-economy/)
- [第六屆「香港大學中國經濟季度論壇」](https://www.hkubs.hku.hk/sc/home-slide/the-6th-hku-quarterly-forum-on-chinese-economy/)
- [恭喜丁超博士获得2024年度香港大学杰出教学奖](https://www.hkubs.hku.hk/sc/home-slide/congratulations-dr-chao-ding-received-the-hku-outstanding-teaching-award/)
- [恭喜丁超博士獲得2024年度香港大學傑出教學獎](https://www.hkubs.hku.hk/sc/home-slide/congratulations-dr-chao-ding-received-the-hku-outstanding-teaching-award/)
- [Congratulations! Dr. Chao Ding received the HKU Outstanding Teaching Award for 2024](https://www.hkubs.hku.hk/sc/home-slide/congratulations-dr-chao-ding-received-the-hku-outstanding-teaching-award/)
- [香港大学全日制MBA项目在2025年QS国际贸易排名中位列全港第1，全球第26名](https://www.hkubs.hku.hk/sc/home-slide/hku-business-schools-mba-programme-ranked-1-in-hong-kong-for-4-consecutive-years/)
- [香港大學全日制MBA項目在2025年QS國際貿易排名中位列全港第1，全球第26名](https://www.hkubs.hku.hk/sc/home-slide/hku-business-schools-mba-programme-ranked-1-in-hong-kong-for-4-consecutive-years/)
- [HKU Business School’s Full-Time MBA Programme Tops Hong Kong and Ranks 26th Worldwide in QS International Trade Rankings 2025](https://www.hkubs.hku.hk/sc/home-slide/hku-business-schools-mba-programme-ranked-1-in-hong-kong-for-4-consecutive-years/)
- [港大经管学院在UTD商学院研究排名（2020–2024）中荣膺亚洲第一](https://www.hkubs.hku.hk/sc/home-slide/hku-business-school-ranked-1-in-asia-in-the-utd-research-rankings-2020-2024/)
- [港大經管學院在UTD商學院研究排名（2020–2024）中榮膺亞洲第一](https://www.hkubs.hku.hk/sc/home-slide/hku-business-school-ranked-1-in-asia-in-the-utd-research-rankings-2020-2024/)
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- [港大經管學院推出「未來領袖獎學金計劃」](https://www.hkubs.hku.hk/sc/home-slide/港大经管学院推出「未来领袖奖学金计划」/)
- [Scholarships, Prizes and Dean’s Honours List](https://www.hkubs.hku.hk/sc/home-slide/scholarships-prizes-and-deans-honours-list/)
- [港大經管學院「香港經濟前景展望」研討會](https://www.hkubs.hku.hk/sc/home-slide/the-future-of-hong-kong-economy/)
- [港大经管学院「香港经济前景展望」研讨会](https://www.hkubs.hku.hk/sc/home-slide/the-future-of-hong-kong-economy/)
- [The Future of Hong Kong Economy](https://www.hkubs.hku.hk/sc/home-slide/the-future-of-hong-kong-economy/)
- [奖学金, 奖项及院长优异生名单](https://www.hkubs.hku.hk/sc/home-slide/scholarships-prizes-and-deans-honours-list/)
- [獎學金, 獎項及院長優異生名單](https://www.hkubs.hku.hk/sc/home-slide/scholarships-prizes-and-deans-honours-list/)
- [港大经管学院回应2021-22年度财政预算案](https://www.hkubs.hku.hk/sc/home-slide/hku-business-school-responds-to-2021-22-budget/)
- [港大經管學院回應2021-22年度財政預算案](https://www.hkubs.hku.hk/sc/home-slide/hku-business-school-responds-to-2021-22-budget/)
- [HKU Business School Responds to 2021-22 Budget](https://www.hkubs.hku.hk/sc/home-slide/hku-business-school-responds-to-2021-22-budget/)
- [Hong Kong Economic Policy Green Paper 2021](https://www.hkubs.hku.hk/sc/home-slide/香港经济政策绿皮书2021/)
- [香港经济政策绿皮书2021](https://www.hkubs.hku.hk/sc/home-slide/香港经济政策绿皮书2021/)
- [香港經濟政策綠皮書2021](https://www.hkubs.hku.hk/sc/home-slide/香港经济政策绿皮书2021/)
- [Insights for Young Leaders in a New Global Era](https://www.hkubs.hku.hk/sc/home-slide/online-dialogue-insights-for-young-leaders-in-a-new-global-era/)
- [新世代領袖如何引領全球發展](https://www.hkubs.hku.hk/sc/home-slide/online-dialogue-insights-for-young-leaders-in-a-new-global-era/)
- [新世代领袖如何引领全球发展](https://www.hkubs.hku.hk/sc/home-slide/online-dialogue-insights-for-young-leaders-in-a-new-global-era/)
- [20个学院小知识](https://www.hkubs.hku.hk/sc/home-slide/20个学院小知识/)
- [20個學院小知識](https://www.hkubs.hku.hk/sc/home-slide/20个学院小知识/)
- [Discover 20 interesting facts about the School](https://www.hkubs.hku.hk/sc/home-slide/20个学院小知识/)

## Header Templates

- [HKUBS Header](https://www.hkubs.hku.hk/sc/header/hkubs-header/) - 全球网络港大经管学院 关于我们 国际化的教职员团队，积极推动课程发展，提供优质教育。 教学人员助理教授〔研究〕/ 博士后研究员助教/教学助理研究生行政人员 研究 研究 引领知识创造的前沿 思维领导 学术论文信报龙虎山下专栏FT中文网明德商论专栏媒体报导 学科专业学院团队研究资助哲学博士就业市场候选人 学术活动 陈坤耀杰出学人讲座系列 Impact Factors研究中心香港宏观经济预测香港大学知识交流香港大学学术库深圳研究院 活动媒体 媒体 促进知识交流，分享独到的见解及构思，启发社会大众。 学院消息媒体报导新闻稿 就业及工作 就业及工作 加强与企业及伙伴的合作，携手培育专业人才。 招聘人才学生就业发展工作机会 教员招聘香港大学招聘网站 繁 简 Type To Search
- [HKUBS Header](https://www.hkubs.hku.hk/sc/header/hkubs-header/) - 全球网络港大经管学院 关于我们 国际化的教职员团队，积极推动课程发展，提供优质教育。 教学人员助理教授〔研究〕/ 博士后研究员助教/教学助理研究生行政人员 研究 研究 引领知识创造的前沿 思维领导 学术论文信报龙虎山下专栏FT中文网明德商论专栏媒体报导 学科专业学院团队研究资助哲学博士就业市场候选人 学术活动 陈坤耀杰出学人讲座系列 Impact Factors研究中心香港宏观经济预测香港大学知识交流香港大学学术库深圳研究院 活动媒体 媒体 促进知识交流，分享独到的见解及构思，启发社会大众。 学院消息媒体报导新闻稿 就业及工作 就业及工作 加强与企业及伙伴的合作，携手培育专业人才。 招聘人才学生就业发展工作机会 教员招聘香港大学招聘网站 繁 简 Type To Search
- [HKUBS Header](https://www.hkubs.hku.hk/sc/header/hkubs-header/) - 全球网络港大经管学院 关于我们 国际化的教职员团队，积极推动课程发展，提供优质教育。 教学人员助理教授〔研究〕/ 博士后研究员助教/教学助理研究生行政人员 研究 研究 引领知识创造的前沿 思维领导 学术论文信报龙虎山下专栏FT中文网明德商论专栏媒体报导 学科专业学院团队研究资助哲学博士就业市场候选人 学术活动 陈坤耀杰出学人讲座系列 Impact Factors研究中心香港宏观经济预测香港大学知识交流香港大学学术库深圳研究院 活动媒体 媒体 促进知识交流，分享独到的见解及构思，启发社会大众。 学院消息媒体报导新闻稿 就业及工作 就业及工作 加强与企业及伙伴的合作，携手培育专业人才。 招聘人才学生就业发展工作机会 教员招聘香港大学招聘网站 繁 简 Type To Search

## 分类

- [Uncategorized](https://www.hkubs.hku.hk/sc/类别/uncategorized-sc/)

## 标签

- [Big Data](https://www.hkubs.hku.hk/sc/tag/big-data-sc/)
- [Innovation](https://www.hkubs.hku.hk/sc/tag/innovation-sc/)
- [Economics](https://www.hkubs.hku.hk/sc/tag/economics-sc/)
- [Entrepreneurship](https://www.hkubs.hku.hk/sc/tag/entrepreneurship-sc/)
- [Finance](https://www.hkubs.hku.hk/sc/tag/finance-sc/)
- [Politics](https://www.hkubs.hku.hk/sc/tag/politics-sc/)
- [Trade War](https://www.hkubs.hku.hk/sc/tag/trade-war-sc/)
- [Trade](https://www.hkubs.hku.hk/sc/tag/trade-sc/)
- [Social media](https://www.hkubs.hku.hk/sc/tag/social-media-sc/)
- [大數據](https://www.hkubs.hku.hk/sc/tag/big-data-sc/)
- [大数据](https://www.hkubs.hku.hk/sc/tag/big-data-sc/)
- [經濟學](https://www.hkubs.hku.hk/sc/tag/economics-sc/)
- [经济学](https://www.hkubs.hku.hk/sc/tag/economics-sc/)
- [創業](https://www.hkubs.hku.hk/sc/tag/entrepreneurship-sc/)
- [创业](https://www.hkubs.hku.hk/sc/tag/entrepreneurship-sc/)
- [金融學](https://www.hkubs.hku.hk/sc/tag/finance-sc/)
- [金融学](https://www.hkubs.hku.hk/sc/tag/finance-sc/)
- [創新](https://www.hkubs.hku.hk/sc/tag/innovation-sc/)
- [创新](https://www.hkubs.hku.hk/sc/tag/innovation-sc/)
- [政治](https://www.hkubs.hku.hk/sc/tag/politics-sc/)
- [政治](https://www.hkubs.hku.hk/sc/tag/politics-sc/)
- [社交媒體](https://www.hkubs.hku.hk/sc/tag/social-media-sc/)
- [社交媒体](https://www.hkubs.hku.hk/sc/tag/social-media-sc/)
- [貿易](https://www.hkubs.hku.hk/sc/tag/trade-sc/)
- [贸易](https://www.hkubs.hku.hk/sc/tag/trade-sc/)
- [貿易戰](https://www.hkubs.hku.hk/sc/tag/trade-war-sc/)
- [贸易战](https://www.hkubs.hku.hk/sc/tag/trade-war-sc/)
- [Trade disputes](https://www.hkubs.hku.hk/tag/trade-disputes/)
- [贸易纠纷](https://www.hkubs.hku.hk/sc/tag/贸易纠纷/)
- [貿易糾紛](https://www.hkubs.hku.hk/tc/tag/貿易糾紛/)
- [deglobalisation](https://www.hkubs.hku.hk/tag/deglobalisation/)
- [去全球化](https://www.hkubs.hku.hk/tc/tag/去全球化/)
- [去全球化](https://www.hkubs.hku.hk/sc/tag/去全球化-sc/)
- [Public Finance](https://www.hkubs.hku.hk/tag/public-finance/)
- [公共財政](https://www.hkubs.hku.hk/tc/tag/公共財政/)
- [公共财政](https://www.hkubs.hku.hk/sc/tag/公共财政/)
- [Greater Bay Area](https://www.hkubs.hku.hk/tag/greater-bay-area/)
- [Youth employment](https://www.hkubs.hku.hk/tag/youth-employment/)
- [Economy](https://www.hkubs.hku.hk/tag/economy/)
- [大湾区](https://www.hkubs.hku.hk/sc/tag/大湾区/)
- [青年就业](https://www.hkubs.hku.hk/sc/tag/青年就业/)
- [经济](https://www.hkubs.hku.hk/sc/tag/经济/)
- [大灣區](https://www.hkubs.hku.hk/tc/tag/大灣區/)
- [青年就業](https://www.hkubs.hku.hk/tc/tag/青年就業/)
- [經濟](https://www.hkubs.hku.hk/tc/tag/經濟/)
- [Sovereign wealth fund](https://www.hkubs.hku.hk/tag/sovereign-wealth-fund/)
- [主權財富基金](https://www.hkubs.hku.hk/tc/tag/主權財富基金/)
- [主权财富基金](https://www.hkubs.hku.hk/sc/tag/主权财富基金/)
- [Hong Kong](https://www.hkubs.hku.hk/tag/hong-kong/)
- [Global economy](https://www.hkubs.hku.hk/tag/global-economy/)
- [環球經濟](https://www.hkubs.hku.hk/tc/tag/環球經濟/)
- [香港](https://www.hkubs.hku.hk/tc/tag/香港/)
- [环球经济](https://www.hkubs.hku.hk/sc/tag/环球经济/)
- [香港](https://www.hkubs.hku.hk/sc/tag/香港-sc/)
- [US](https://www.hkubs.hku.hk/tag/us/)
- [Foreign trade policy](https://www.hkubs.hku.hk/tag/foreign-trade-policy/)
- [美國](https://www.hkubs.hku.hk/tc/tag/美國/)
- [外貿政策](https://www.hkubs.hku.hk/tc/tag/外貿政策/)
- [美国](https://www.hkubs.hku.hk/sc/tag/美国/)
- [外贸政策](https://www.hkubs.hku.hk/sc/tag/外贸政策/)
- [Talent Development](https://www.hkubs.hku.hk/sc/tag/talent-development-sc/)
- [Master Programmes](https://www.hkubs.hku.hk/sc/tag/master-programmes-sc/)
- [Master Programmes](https://www.hkubs.hku.hk/sc/tag/master-programmes-sc/)
- [Talent Development](https://www.hkubs.hku.hk/sc/tag/talent-development-sc/)
- [Master Programmes](https://www.hkubs.hku.hk/sc/tag/master-programmes-sc/)
- [碩士課程](https://www.hkubs.hku.hk/tc/tag/碩士課程/)
- [培育人才](https://www.hkubs.hku.hk/tc/tag/培育人才/)
- [硕士课程](https://www.hkubs.hku.hk/sc/tag/硕士课程/)
- [培育人才](https://www.hkubs.hku.hk/sc/tag/培育人才-sc/)
- [Dual-class Share Structure](https://www.hkubs.hku.hk/tag/dual-class-share-structure/)
- [雙重股權架構](https://www.hkubs.hku.hk/tc/tag/雙重股權架構/)
- [双重股权架构](https://www.hkubs.hku.hk/sc/tag/双重股权架构/)
- [China](https://www.hkubs.hku.hk/sc/tag/china-sc/)
- [Economic development](https://www.hkubs.hku.hk/tag/economic-development/)
- [經濟發展](https://www.hkubs.hku.hk/tc/tag/經濟發展/)
- [中國](https://www.hkubs.hku.hk/tc/tag/中國/)
- [经济发展](https://www.hkubs.hku.hk/sc/tag/经济发展/)
- [中国](https://www.hkubs.hku.hk/sc/tag/中国/)
- [COVID-19](https://www.hkubs.hku.hk/tag/covid-19/)
- [Liquidation](https://www.hkubs.hku.hk/tag/liquidation/)
- [Bankruptcy](https://www.hkubs.hku.hk/tag/bankruptcy/)
- [公司清盤](https://www.hkubs.hku.hk/tc/tag/公司清盤/)
- [破產](https://www.hkubs.hku.hk/tc/tag/破產/)
- [新冠肺炎](https://www.hkubs.hku.hk/tc/tag/新冠肺炎/)
- [公司清盘](https://www.hkubs.hku.hk/sc/tag/公司清盘/)
- [破产](https://www.hkubs.hku.hk/sc/tag/破产/)
- [新冠肺炎](https://www.hkubs.hku.hk/sc/tag/新冠肺炎-sc/)
- [Global Regulation](https://www.hkubs.hku.hk/sc/tag/global-regulation-sc/)
- [China](https://www.hkubs.hku.hk/sc/tag/china-sc/)
- [Global Regulation](https://www.hkubs.hku.hk/sc/tag/global-regulation-sc/)
- [China](https://www.hkubs.hku.hk/sc/tag/china-sc/)
- [Global Regulation](https://www.hkubs.hku.hk/sc/tag/global-regulation-sc/)
- [Cotton](https://www.hkubs.hku.hk/tag/cotton/)
- [棉花](https://www.hkubs.hku.hk/sc/tag/棉花/)
- [棉花](https://www.hkubs.hku.hk/tc/tag/棉花-tc/)
- [Positive non-interventionism](https://www.hkubs.hku.hk/tag/positive-non-interventionism/)
- [積極不干預政策](https://www.hkubs.hku.hk/tc/tag/積極不干預政策/)
- [积极不干预政策](https://www.hkubs.hku.hk/sc/tag/积极不干预政策/)
- [Socialism](https://www.hkubs.hku.hk/tag/socialism/)
- [社會主義](https://www.hkubs.hku.hk/tc/tag/社會主義/)
- [社会主义](https://www.hkubs.hku.hk/sc/tag/社会主义/)
- [Ageing population](https://www.hkubs.hku.hk/tag/ageing-population/)
- [人口老化](https://www.hkubs.hku.hk/tc/tag/人口老化/)
- [人口老化](https://www.hkubs.hku.hk/sc/tag/人口老化-sc/)
- [Special drawing rights](https://www.hkubs.hku.hk/tag/special-drawing-rights/)
- [global economic recovery](https://www.hkubs.hku.hk/tag/global-economic-recovery/)
- [特別提款權](https://www.hkubs.hku.hk/tc/tag/特別提款權/)
- [全球經濟復甦](https://www.hkubs.hku.hk/tc/tag/全球經濟復甦/)
- [特别提款权](https://www.hkubs.hku.hk/sc/tag/特别提款权/)
- [全球经济复苏](https://www.hkubs.hku.hk/sc/tag/全球经济复苏/)
- [培育人才](https://www.hkubs.hku.hk/tag/培育人才-2/)
- [碩士課程](https://www.hkubs.hku.hk/tag/碩士課程-2/)
- [Vaccine](https://www.hkubs.hku.hk/tag/vaccine/)
- [Patentwaiver](https://www.hkubs.hku.hk/tag/patentwaiver/)
- [專利開放](https://www.hkubs.hku.hk/tc/tag/專利開放/)
- [专利开放](https://www.hkubs.hku.hk/sc/tag/专利开放/)
- [疫苗](https://www.hkubs.hku.hk/tc/tag/疫苗/)
- [疫苗](https://www.hkubs.hku.hk/sc/tag/疫苗-sc/)
- [Hong Kong Education System](https://www.hkubs.hku.hk/tag/hong-kong-education-system/)
- [Future](https://www.hkubs.hku.hk/tag/future/)
- [未來](https://www.hkubs.hku.hk/tc/tag/未來/)
- [香港教育制度](https://www.hkubs.hku.hk/tc/tag/香港教育制度/)
- [未来](https://www.hkubs.hku.hk/sc/tag/未来/)
- [香港教育制度](https://www.hkubs.hku.hk/sc/tag/香港教育制度-sc/)
- [US economy](https://www.hkubs.hku.hk/tag/us-economy/)
- [eceonomic stimulus packages](https://www.hkubs.hku.hk/tag/eceonomic-stimulus-packages/)
- [美國經濟](https://www.hkubs.hku.hk/tc/tag/美國經濟/)
- [經濟紓困計劃](https://www.hkubs.hku.hk/tc/tag/經濟紓困計劃/)
- [美国经济](https://www.hkubs.hku.hk/sc/tag/美国经济/)
- [经济纾困计划](https://www.hkubs.hku.hk/sc/tag/经济纾困计划/)
- [The 14th Five-Year Plan](https://www.hkubs.hku.hk/tag/the-14th-five-year-plan/)
- [Hong Kong economy](https://www.hkubs.hku.hk/tag/hong-kong-economy/)
- [Hong Kong opportunities](https://www.hkubs.hku.hk/tag/hong-kong-opportunities/)
- [「十四五」規劃](https://www.hkubs.hku.hk/tc/tag/「十四五」規劃/)
- [香港機遇](https://www.hkubs.hku.hk/tc/tag/香港機遇/)
- [「十四五」规划](https://www.hkubs.hku.hk/sc/tag/「十四五」规划/)
- [香港机遇](https://www.hkubs.hku.hk/sc/tag/香港机遇/)
- [香港經濟轉型](https://www.hkubs.hku.hk/tag/香港經濟轉型/)
- [再工業化](https://www.hkubs.hku.hk/tag/再工業化/)
- [香港经济转型](https://www.hkubs.hku.hk/sc/tag/香港经济转型/)
- [再工业化](https://www.hkubs.hku.hk/sc/tag/再工业化/)
- [香港經濟轉型](https://www.hkubs.hku.hk/tc/tag/香港經濟轉型-tc/)
- [再工業化](https://www.hkubs.hku.hk/tc/tag/再工業化-tc/)
- [Talent strategy](https://www.hkubs.hku.hk/tag/talent-strategy/)
- [Fact checking](https://www.hkubs.hku.hk/tag/fact-checking/)
- [事實查證](https://www.hkubs.hku.hk/tc/tag/事實查證-tc/)
- [事实查证](https://www.hkubs.hku.hk/sc/tag/事实查证/)
- [Deception](https://www.hkubs.hku.hk/tag/deception/)
- [詐騙](https://www.hkubs.hku.hk/tc/tag/詐騙/)
- [诈骗](https://www.hkubs.hku.hk/sc/tag/诈骗/)
- [Build Trust](https://www.hkubs.hku.hk/tag/build-trust/)
- [建立互信](https://www.hkubs.hku.hk/tc/tag/建立互信-tc/)
- [建立互信](https://www.hkubs.hku.hk/sc/tag/建立互信-sc/)
- [vaccination programme](https://www.hkubs.hku.hk/tag/vaccination-programme/)
- [疫苗接種計畫](https://www.hkubs.hku.hk/tc/tag/疫苗接種計畫/)
- [疫苗接种计画](https://www.hkubs.hku.hk/sc/tag/疫苗接种计画/)
- [Moral Education](https://www.hkubs.hku.hk/tag/moral-education/)
- [品德教育](https://www.hkubs.hku.hk/tc/tag/品德教育/)
- [品德教育](https://www.hkubs.hku.hk/sc/tag/品德教育-sc/)
- [Bretton Woods system](https://www.hkubs.hku.hk/tag/bretton-woods-system/)
- [布雷頓森林制度](https://www.hkubs.hku.hk/tc/tag/布雷頓森林制度/)
- [布雷顿森林制度](https://www.hkubs.hku.hk/sc/tag/布雷顿森林制度/)
- [platform business model](https://www.hkubs.hku.hk/tag/platform-business-model/)
- [平台商業模式](https://www.hkubs.hku.hk/tc/tag/平台商業模式-tc/)
- [平台商业模式](https://www.hkubs.hku.hk/sc/tag/平台商业模式/)
- [central bank digital currency](https://www.hkubs.hku.hk/tag/central-bank-digital-currency/)
- [央行数字货币](https://www.hkubs.hku.hk/sc/tag/央行数字货币/)
- [re-industrialisation](https://www.hkubs.hku.hk/tag/re-industrialisation/)
- [QE](https://www.hkubs.hku.hk/tag/qe/)
- [Fiscal QE](https://www.hkubs.hku.hk/tag/fiscal-qe/)
- [MMT](https://www.hkubs.hku.hk/tag/mmt/)
- [財政QE](https://www.hkubs.hku.hk/tc/tag/財政qe/)
- [QE](https://www.hkubs.hku.hk/tc/tag/qe-tc/)
- [MMT](https://www.hkubs.hku.hk/tc/tag/mmt-tc/)
- [QE](https://www.hkubs.hku.hk/sc/tag/qe-sc/)
- [MMT](https://www.hkubs.hku.hk/sc/tag/mmt-sc/)
- [common prosperity](https://www.hkubs.hku.hk/tag/common-prosperity/)
- [共同富裕](https://www.hkubs.hku.hk/tc/tag/共同富裕/)
- [共同富裕](https://www.hkubs.hku.hk/sc/tag/共同富裕-sc/)
- [Digital payment](https://www.hkubs.hku.hk/tag/digital-payment/)
- [電子支付](https://www.hkubs.hku.hk/tc/tag/電子支付/)
- [电子支付](https://www.hkubs.hku.hk/sc/tag/电子支付/)
- [Exchange Fund](https://www.hkubs.hku.hk/tag/exchange-fund/)
- [Hong Kong fiscal reserves](https://www.hkubs.hku.hk/tag/hong-kong-fiscal-reserves/)
- [香港財政儲備](https://www.hkubs.hku.hk/tc/tag/香港財政儲備-tc/)
- [外滙基金](https://www.hkubs.hku.hk/tc/tag/外滙基金-tc/)
- [香港财政储备](https://www.hkubs.hku.hk/sc/tag/香港财政储备/)
- [外汇基金](https://www.hkubs.hku.hk/sc/tag/外汇基金/)
- [Digital Currency](https://www.hkubs.hku.hk/tag/digital-currency/)
- [數碼貨幣](https://www.hkubs.hku.hk/tc/tag/數碼貨幣/)
- [数码货币](https://www.hkubs.hku.hk/sc/tag/数码货币/)
- [Debt ceiling](https://www.hkubs.hku.hk/tag/debt-ceiling/)
- [美國債務上限](https://www.hkubs.hku.hk/tc/tag/美國債務上限/)
- [美国债务上限](https://www.hkubs.hku.hk/sc/tag/美国债务上限/)
- [Innovation & Technology](https://www.hkubs.hku.hk/tag/innovation-technology/)
- [創科](https://www.hkubs.hku.hk/tc/tag/創科/)
- [创科](https://www.hkubs.hku.hk/sc/tag/创科/)
- [tax reform](https://www.hkubs.hku.hk/tag/tax-reform/)
- [wealth gap](https://www.hkubs.hku.hk/tag/wealth-gap/)
- [稅制改革](https://www.hkubs.hku.hk/tc/tag/稅制改革/)
- [財富不均](https://www.hkubs.hku.hk/tc/tag/財富不均/)
- [Northern Metropolis](https://www.hkubs.hku.hk/tag/northern-metropolis/)
- [Pudong New Area](https://www.hkubs.hku.hk/tag/pudong-new-area/)
- [北部都會區](https://www.hkubs.hku.hk/tc/tag/北部都會區/)
- [浦東新區](https://www.hkubs.hku.hk/tc/tag/浦東新區/)
- [香港經濟](https://www.hkubs.hku.hk/tc/tag/香港經濟/)
- [北部都会区](https://www.hkubs.hku.hk/sc/tag/北部都会区/)
- [浦东新区](https://www.hkubs.hku.hk/sc/tag/浦东新区/)
- [香港经济](https://www.hkubs.hku.hk/sc/tag/香港经济/)
- [Sino-US relationship](https://www.hkubs.hku.hk/tag/sino-us-relationship/)
- [中美关系](https://www.hkubs.hku.hk/sc/tag/中美关系/)
- [中美關係](https://www.hkubs.hku.hk/tc/tag/中美關係/)
- [SPAC](https://www.hkubs.hku.hk/tag/spac/)
- [港交所](https://www.hkubs.hku.hk/tc/tag/港交所-tc/)
- [SPAC](https://www.hkubs.hku.hk/tc/tag/spac-tc/)
- [HKeX](https://www.hkubs.hku.hk/tag/hkex/)
- [SPAC](https://www.hkubs.hku.hk/sc/tag/spac-sc/)
- [港交所](https://www.hkubs.hku.hk/sc/tag/港交所-sc/)
- [WTO](https://www.hkubs.hku.hk/tag/wto/)
- [PostCovid](https://www.hkubs.hku.hk/tag/postcovid/)
- [Business Strategies](https://www.hkubs.hku.hk/tag/business-strategies/)
- [後疫情時代](https://www.hkubs.hku.hk/tc/tag/後疫情時代/)
- [業務策略](https://www.hkubs.hku.hk/tc/tag/業務策略/)
- [后疫情时代](https://www.hkubs.hku.hk/sc/tag/后疫情时代/)
- [业务策略](https://www.hkubs.hku.hk/sc/tag/业务策略/)
- [Biotech](https://www.hkubs.hku.hk/tag/biotech/)
- [Reindustrialisation](https://www.hkubs.hku.hk/tag/reindustrialisation/)
- [Regulation](https://www.hkubs.hku.hk/tag/regulation/)
- [监管](https://www.hkubs.hku.hk/sc/tag/监管/)
- [監管](https://www.hkubs.hku.hk/tc/tag/監管/)
- [Parking space](https://www.hkubs.hku.hk/tag/parking-space/)
- [泊車位](https://www.hkubs.hku.hk/tc/tag/泊車位/)
- [泊车位](https://www.hkubs.hku.hk/sc/tag/泊车位/)
- [Women Leadership](https://www.hkubs.hku.hk/tag/women-leadership/)
- [女性领导力](https://www.hkubs.hku.hk/sc/tag/女性领导力/)
- [女性領導力](https://www.hkubs.hku.hk/tc/tag/女性領導力/)
- [Class Action Lawsuits](https://www.hkubs.hku.hk/tag/class-action-lawsuits/)
- [證券集體訴訟制度](https://www.hkubs.hku.hk/tc/tag/證券集體訴訟制度/)
- [证券集体诉讼制度](https://www.hkubs.hku.hk/sc/tag/证券集体诉讼制度/)
- [Securities Class Action](https://www.hkubs.hku.hk/tag/securities-class-action/)
- [證券集體訴訟](https://www.hkubs.hku.hk/tc/tag/證券集體訴訟/)
- [证券集体诉讼](https://www.hkubs.hku.hk/sc/tag/证券集体诉讼/)
- [證券集體訴訟](https://www.hkubs.hku.hk/sc/tag/證券集體訴訟-sc/)
- [Traffic Congestion](https://www.hkubs.hku.hk/tag/traffic-congestion/)
- [交通擠塞](https://www.hkubs.hku.hk/tc/tag/交通擠塞/)
- [交通挤塞](https://www.hkubs.hku.hk/sc/tag/交通挤塞/)
- [China Electricity Market](https://www.hkubs.hku.hk/tag/china-electricity-market/)
- [Net-Zero](https://www.hkubs.hku.hk/tag/net-zero/)
- [中國電力市場](https://www.hkubs.hku.hk/tc/tag/中國電力市場/)
- [碳中和](https://www.hkubs.hku.hk/tc/tag/碳中和/)
- [中国电力市场](https://www.hkubs.hku.hk/sc/tag/中国电力市场/)
- [碳中和](https://www.hkubs.hku.hk/sc/tag/碳中和-sc/)
- [Social Resilience](https://www.hkubs.hku.hk/tag/social-resilience/)
- [社会韧性](https://www.hkubs.hku.hk/sc/tag/社会韧性/)
- [社會韌性](https://www.hkubs.hku.hk/tc/tag/社會韌性/)
- [Romance Scam](https://www.hkubs.hku.hk/tag/romance-scam/)
- [情騙](https://www.hkubs.hku.hk/tc/tag/情騙/)
- [Inflation](https://www.hkubs.hku.hk/tag/inflation/)
- [通脹](https://www.hkubs.hku.hk/tc/tag/通脹/)
- [通胀](https://www.hkubs.hku.hk/sc/tag/通胀/)
- [Product Design Strategy](https://www.hkubs.hku.hk/tag/product-design-strategy/)
- [Curve Theory](https://www.hkubs.hku.hk/tag/curve-theory/)
- [無差異曲線](https://www.hkubs.hku.hk/tc/tag/無差異曲線/)
- [產品設計策略](https://www.hkubs.hku.hk/tc/tag/產品設計策略/)
- [Virtual Banking](https://www.hkubs.hku.hk/tag/virtual-banking/)
- [貨幣體系](https://www.hkubs.hku.hk/tag/貨幣體系/)
- [Hong Kong Internationalisation](https://www.hkubs.hku.hk/tag/hong-kong-internationalisation/)
- [involution](https://www.hkubs.hku.hk/tag/involution/)
- [內捲](https://www.hkubs.hku.hk/tc/tag/內捲/)
- [内捲](https://www.hkubs.hku.hk/tc/tag/内捲/)
- [内卷](https://www.hkubs.hku.hk/sc/tag/内卷/)

## Leadership Topic Category

- [Latest Research Publications](https://www.hkubs.hku.hk/sc/thought-leadership/latest-research-publications-sc/)
- [Research Insights](https://www.hkubs.hku.hk/sc/thought-leadership/research-impacts-sc/)
- [HKEJ Column](https://www.hkubs.hku.hk/sc/thought-leadership/hkej-column-sc/)
- [Impact Stories](https://www.hkubs.hku.hk/sc/thought-leadership/talk-business-sc/)
- [In the Media](https://www.hkubs.hku.hk/sc/thought-leadership/opinions-and-speeches-sc/)
- [龙虎山下](https://www.hkubs.hku.hk/sc/thought-leadership/hkej-column-sc/)
- [龍虎山下](https://www.hkubs.hku.hk/sc/thought-leadership/hkej-column-sc/)
- [知识转移](https://www.hkubs.hku.hk/sc/thought-leadership/talk-business-sc/)
- [知識轉移](https://www.hkubs.hku.hk/sc/thought-leadership/talk-business-sc/)
- [媒体报导](https://www.hkubs.hku.hk/sc/thought-leadership/opinions-and-speeches-sc/)
- [媒體報導](https://www.hkubs.hku.hk/sc/thought-leadership/opinions-and-speeches-sc/)
- [學術論文](https://www.hkubs.hku.hk/sc/thought-leadership/latest-research-publications-sc/)
- [学术论文](https://www.hkubs.hku.hk/sc/thought-leadership/latest-research-publications-sc/)
- [研究焦点](https://www.hkubs.hku.hk/sc/thought-leadership/research-impacts-sc/)
- [研究焦點](https://www.hkubs.hku.hk/sc/thought-leadership/research-impacts-sc/)
- [Global Scholars](https://www.hkubs.hku.hk/sc/thought-leadership/global-scholars-sc/)
- [全球學者](https://www.hkubs.hku.hk/sc/thought-leadership/global-scholars-sc/)
- [全球学者](https://www.hkubs.hku.hk/sc/thought-leadership/global-scholars-sc/)
- [FT Chinese Column](https://www.hkubs.hku.hk/sc/thought-leadership/ft-chinese-column-sc/)
- [明德商論](https://www.hkubs.hku.hk/sc/thought-leadership/ft-chinese-column-sc/)
- [明德商论](https://www.hkubs.hku.hk/sc/thought-leadership/ft-chinese-column-sc/)

## Research Impact Topic Category

- [Management and Strategy](https://www.hkubs.hku.hk/sc/research-impact-topic-category/management-and-strategy-sc/)
- [Innovation and Information Management](https://www.hkubs.hku.hk/sc/research-impact-topic-category/innovation-and-information-management-sc/)
- [Research](https://www.hkubs.hku.hk/sc/research-impact-topic-category/research-sc/)
- [Finance](https://www.hkubs.hku.hk/sc/research-impact-topic-category/finance-sc/)
- [Accounting and Law](https://www.hkubs.hku.hk/sc/research-impact-topic-category/accounting-and-law-sc/)
- [Marketing](https://www.hkubs.hku.hk/sc/research-impact-topic-category/marketing-sc/)
- [Economics](https://www.hkubs.hku.hk/sc/research-impact-topic-category/economics-sc/)
- [經濟學](https://www.hkubs.hku.hk/sc/research-impact-topic-category/economics-sc/)
- [金融學](https://www.hkubs.hku.hk/sc/research-impact-topic-category/finance-sc/)
- [管理及商業策略](https://www.hkubs.hku.hk/sc/research-impact-topic-category/management-and-strategy-sc/)
- [市場學](https://www.hkubs.hku.hk/sc/research-impact-topic-category/marketing-sc/)
- [研究](https://www.hkubs.hku.hk/sc/research-impact-topic-category/research-sc/)
- [经济学](https://www.hkubs.hku.hk/sc/research-impact-topic-category/economics-sc/)
- [金融学](https://www.hkubs.hku.hk/sc/research-impact-topic-category/finance-sc/)
- [管理及商业策略](https://www.hkubs.hku.hk/sc/research-impact-topic-category/management-and-strategy-sc/)
- [市场学](https://www.hkubs.hku.hk/sc/research-impact-topic-category/marketing-sc/)
- [研究](https://www.hkubs.hku.hk/sc/research-impact-topic-category/research-sc/)

## 论经管

- [Management and Strategy](https://www.hkubs.hku.hk/sc/论经管/management-and-strategy-sc/)
- [Economics](https://www.hkubs.hku.hk/sc/论经管/economics-sc/)
- [Marketing](https://www.hkubs.hku.hk/sc/论经管/marketing-sc/)
- [Accounting](https://www.hkubs.hku.hk/sc/论经管/accounting-sc/)
- [會計學](https://www.hkubs.hku.hk/sc/论经管/accounting-sc/)
- [会计学](https://www.hkubs.hku.hk/sc/论经管/accounting-sc/)
- [經濟學](https://www.hkubs.hku.hk/sc/论经管/economics-sc/)
- [经济学](https://www.hkubs.hku.hk/sc/论经管/economics-sc/)
- [管理及商業策略](https://www.hkubs.hku.hk/sc/论经管/management-and-strategy-sc/)
- [管理及商业策略](https://www.hkubs.hku.hk/sc/论经管/management-and-strategy-sc/)
- [市場學](https://www.hkubs.hku.hk/sc/论经管/marketing-sc/)
- [市场学](https://www.hkubs.hku.hk/sc/论经管/marketing-sc/)
- [Finance](https://www.hkubs.hku.hk/sc/论经管/finance-sc/)
- [金融学](https://www.hkubs.hku.hk/sc/论经管/finance-sc/)
- [金融學](https://www.hkubs.hku.hk/sc/论经管/finance-sc/)

## Latest Research Publication Topic Category

- [Journal of Financial Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-financial-economics-sc/)
- [Journal of Marketing](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-marketing-sc/)
- [Journal of Economic Theory](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-economic-theory-sc/)
- [MIS Quarterly](https://www.hkubs.hku.hk/sc/latest-research-category/mis-quarterly-sc/)
- [The Review of Financial Studies](https://www.hkubs.hku.hk/sc/latest-research-category/the-review-of-financial-studies-sc/)
- [Journal of the American Statistical Association](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-american-statistical-association-sc/)
- [International Economic Review](https://www.hkubs.hku.hk/sc/latest-research-category/international-economic-review-sc/)
- [Journal of Corporate Finance](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-corporate-finance-sc/)
- [Strategic Management Journal](https://www.hkubs.hku.hk/sc/latest-research-category/strategic-management-journal-sc/)
- [Operations Research](https://www.hkubs.hku.hk/sc/latest-research-category/operations-research-sc/)
- [Journal of International Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-international-economics-sc/)
- [Journal of International Business Studies](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-international-business-studies-sc/)
- [American Economic Journal: Microeconomics](https://www.hkubs.hku.hk/sc/latest-research-category/american-economic-journal-microeconomics-sc/)
- [Journal of Consumer Research](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-consumer-research-sc/)
- [The Economic Journal](https://www.hkubs.hku.hk/sc/latest-research-category/the-economic-journal-sc/)
- [Management Science](https://www.hkubs.hku.hk/sc/latest-research-category/management-science-sc/)
- [Journal of Accounting and Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-accounting-and-economics-sc/)
- [American Economic Review](https://www.hkubs.hku.hk/sc/latest-research-category/american-economic-review-sc/)
- [Journal of Applied Psychology](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-applied-psychology-sc/)
- [The Accounting Review](https://www.hkubs.hku.hk/sc/latest-research-category/the-accounting-review-sc/)
- [Information Systems Research](https://www.hkubs.hku.hk/sc/latest-research-category/information-systems-research-sc/)
- [Manufacturing & Service Operations Management](https://www.hkubs.hku.hk/sc/latest-research-category/manufacturing-service-operations-management-sc/)
- [Journal of Management Information Systems](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-management-information-systems-sc/)
- [Academy of Management Journal](https://www.hkubs.hku.hk/sc/latest-research-category/academy-of-management-journal-sc/)
- [The Rand Journal of Economics](https://www.hkubs.hku.hk/sc/latest-research-category/the-rand-journal-of-economics-sc/)
- [Journal of Accounting Research](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-accounting-research-sc/)
- [Academy of Management Journal](https://www.hkubs.hku.hk/sc/latest-research-category/academy-of-management-journal-sc/)
- [Academy of Management Journal](https://www.hkubs.hku.hk/sc/latest-research-category/academy-of-management-journal-sc/)
- [American Economic Journal: Microeconomics](https://www.hkubs.hku.hk/sc/latest-research-category/american-economic-journal-microeconomics-sc/)
- [American Economic Journal: Microeconomics](https://www.hkubs.hku.hk/sc/latest-research-category/american-economic-journal-microeconomics-sc/)
- [American Economic Review](https://www.hkubs.hku.hk/sc/latest-research-category/american-economic-review-sc/)
- [American Economic Review](https://www.hkubs.hku.hk/sc/latest-research-category/american-economic-review-sc/)
- [Information Systems Research](https://www.hkubs.hku.hk/sc/latest-research-category/information-systems-research-sc/)
- [Information Systems Research](https://www.hkubs.hku.hk/sc/latest-research-category/information-systems-research-sc/)
- [International Economic Review](https://www.hkubs.hku.hk/sc/latest-research-category/international-economic-review-sc/)
- [International Economic Review](https://www.hkubs.hku.hk/sc/latest-research-category/international-economic-review-sc/)
- [Journal of Accounting Research](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-accounting-research-sc/)
- [Journal of Accounting Research](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-accounting-research-sc/)
- [Journal of Accounting and Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-accounting-and-economics-sc/)
- [Journal of Accounting and Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-accounting-and-economics-sc/)
- [Journal of Applied Psychology](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-applied-psychology-sc/)
- [Journal of Applied Psychology](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-applied-psychology-sc/)
- [Journal of Consumer Research](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-consumer-research-sc/)
- [Journal of Consumer Research](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-consumer-research-sc/)
- [Journal of Corporate Finance](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-corporate-finance-sc/)
- [Journal of Corporate Finance](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-corporate-finance-sc/)
- [Journal of Economic Theory](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-economic-theory-sc/)
- [Journal of Economic Theory](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-economic-theory-sc/)
- [Journal of Financial Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-financial-economics-sc/)
- [Journal of Financial Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-financial-economics-sc/)
- [Journal of International Business Studies](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-international-business-studies-sc/)
- [Journal of International Business Studies](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-international-business-studies-sc/)
- [Journal of International Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-international-economics-sc/)
- [Journal of International Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-international-economics-sc/)
- [Journal of Management Information Systems](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-management-information-systems-sc/)
- [Journal of Management Information Systems](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-management-information-systems-sc/)
- [Journal of Marketing](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-marketing-sc/)
- [Journal of Marketing](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-marketing-sc/)
- [Journal of the American Statistical Association](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-american-statistical-association-sc/)
- [Journal of the American Statistical Association](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-american-statistical-association-sc/)
- [MIS Quarterly](https://www.hkubs.hku.hk/sc/latest-research-category/mis-quarterly-sc/)
- [MIS Quarterly](https://www.hkubs.hku.hk/sc/latest-research-category/mis-quarterly-sc/)
- [Management Science](https://www.hkubs.hku.hk/sc/latest-research-category/management-science-sc/)
- [Management Science](https://www.hkubs.hku.hk/sc/latest-research-category/management-science-sc/)
- [Manufacturing & Service Operations Management](https://www.hkubs.hku.hk/sc/latest-research-category/manufacturing-service-operations-management-sc/)
- [Manufacturing & Service Operations Management](https://www.hkubs.hku.hk/sc/latest-research-category/manufacturing-service-operations-management-sc/)
- [Operations Research](https://www.hkubs.hku.hk/sc/latest-research-category/operations-research-sc/)
- [Operations Research](https://www.hkubs.hku.hk/sc/latest-research-category/operations-research-sc/)
- [The Rand Journal of Economics](https://www.hkubs.hku.hk/sc/latest-research-category/the-rand-journal-of-economics-sc/)
- [The Rand Journal of Economics](https://www.hkubs.hku.hk/sc/latest-research-category/the-rand-journal-of-economics-sc/)
- [Strategic Management Journal](https://www.hkubs.hku.hk/sc/latest-research-category/strategic-management-journal-sc/)
- [Strategic Management Journal](https://www.hkubs.hku.hk/sc/latest-research-category/strategic-management-journal-sc/)
- [The Accounting Review](https://www.hkubs.hku.hk/sc/latest-research-category/the-accounting-review-sc/)
- [The Accounting Review](https://www.hkubs.hku.hk/sc/latest-research-category/the-accounting-review-sc/)
- [The Economic Journal](https://www.hkubs.hku.hk/sc/latest-research-category/the-economic-journal-sc/)
- [The Economic Journal](https://www.hkubs.hku.hk/sc/latest-research-category/the-economic-journal-sc/)
- [The Review of Financial Studies](https://www.hkubs.hku.hk/sc/latest-research-category/the-review-of-financial-studies-sc/)
- [The Review of Financial Studies](https://www.hkubs.hku.hk/sc/latest-research-category/the-review-of-financial-studies-sc/)
- [Production and Operations Management](https://www.hkubs.hku.hk/sc/latest-research-category/production-and-operations-management-sc/)
- [Production and Operations Management](https://www.hkubs.hku.hk/sc/latest-research-category/production-and-operations-management-sc/)
- [Production and Operations Management](https://www.hkubs.hku.hk/sc/latest-research-category/production-and-operations-management-sc/)
- [Academy of Management Review](https://www.hkubs.hku.hk/sc/latest-research-category/academy-of-management-review-sc/)
- [Administrative Science Quarterly](https://www.hkubs.hku.hk/sc/latest-research-category/administrative-science-quarterly-sc/)
- [American Economic Journal: Applied Economics](https://www.hkubs.hku.hk/sc/latest-research-category/american-economic-journal-applied-economics-sc/)
- [Annals of Applied Statistics](https://www.hkubs.hku.hk/sc/latest-research-category/annals-of-applied-statistics-sc/)
- [Contemporary Accounting Research](https://www.hkubs.hku.hk/sc/latest-research-category/contemporary-accounting-research-sc/)
- [Econometrica](https://www.hkubs.hku.hk/sc/latest-research-category/econometrica-sc/)
- [European Accounting Review](https://www.hkubs.hku.hk/sc/latest-research-category/european-accounting-review-sc/)
- [International Business Review](https://www.hkubs.hku.hk/sc/latest-research-category/international-business-review-sc/)
- [Journal of Consumer Psychology](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-consumer-psychology-sc/)
- [Journal of Development Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-development-economics-sc/)
- [Journal of Econometrics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-econometrics-sc/)
- [Journal of Financial and Quantitative Analysis](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-financial-and-quantitative-analysis-sc/)
- [Journal of Law and Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-law-and-economics-sc/)
- [Journal of Machine Learning Research](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-machine-learning-research-sc/)
- [Journal of Management](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-management-sc/)
- [Journal of Management Studies](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-management-studies-sc/)
- [Journal of Marketing Research](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-marketing-research-sc/)
- [Journal of Monetary Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-monetary-economics-sc/)
- [Journal of Operations Management](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-operations-management-sc/)
- [Journal of Political Economy](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-political-economy-sc/)
- [Journal of Public Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-public-economics-sc/)
- [Journal of the Academy of Marketing Science](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-academy-of-marketing-science-sc/)
- [Journal of the Academy of Marketing Science](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-academy-of-marketing-science-sc-2/)
- [Journal of the European Economic Association](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-european-economic-association-sc/)
- [Journal of the Royal Statistical Society. Series B: Statistical Methodology](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-royal-statistical-society-series-b-statistical-methodology-sc/)
- [Journal of Vocational Behavior](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-vocational-behavior-sc/)
- [Marketing Science](https://www.hkubs.hku.hk/sc/latest-research-category/marketing-science-sc/)
- [Organization Science](https://www.hkubs.hku.hk/sc/latest-research-category/organization-science-sc/)
- [Review of Accounting Studies](https://www.hkubs.hku.hk/sc/latest-research-category/review-of-accounting-studies-sc/)
- [Review of Finance](https://www.hkubs.hku.hk/sc/latest-research-category/review-of-finance-sc/)
- [The Journal of Economic History](https://www.hkubs.hku.hk/sc/latest-research-category/the-journal-of-economic-history-sc/)
- [The Journal of Finance](https://www.hkubs.hku.hk/sc/latest-research-category/the-journal-of-finance-sc/)
- [The Review of Economic Studies](https://www.hkubs.hku.hk/sc/latest-research-category/the-review-of-economic-studies-sc/)
- [The Review of Economics and Statistics](https://www.hkubs.hku.hk/sc/latest-research-category/the-review-of-economics-and-statistics-sc/)
- [Academy of Management Review](https://www.hkubs.hku.hk/sc/latest-research-category/academy-of-management-review-sc/)
- [Academy of Management Review](https://www.hkubs.hku.hk/sc/latest-research-category/academy-of-management-review-sc/)
- [Administrative Science Quarterly](https://www.hkubs.hku.hk/sc/latest-research-category/administrative-science-quarterly-sc/)
- [Administrative Science Quarterly](https://www.hkubs.hku.hk/sc/latest-research-category/administrative-science-quarterly-sc/)
- [American Economic Journal: Applied Economics](https://www.hkubs.hku.hk/sc/latest-research-category/american-economic-journal-applied-economics-sc/)
- [American Economic Journal: Applied Economics](https://www.hkubs.hku.hk/sc/latest-research-category/american-economic-journal-applied-economics-sc/)
- [Annals of Applied Statistics](https://www.hkubs.hku.hk/sc/latest-research-category/annals-of-applied-statistics-sc/)
- [Annals of Applied Statistics](https://www.hkubs.hku.hk/sc/latest-research-category/annals-of-applied-statistics-sc/)
- [Contemporary Accounting Research](https://www.hkubs.hku.hk/sc/latest-research-category/contemporary-accounting-research-sc/)
- [Contemporary Accounting Research](https://www.hkubs.hku.hk/sc/latest-research-category/contemporary-accounting-research-sc/)
- [Econometrica](https://www.hkubs.hku.hk/sc/latest-research-category/econometrica-sc/)
- [Econometrica](https://www.hkubs.hku.hk/sc/latest-research-category/econometrica-sc/)
- [International Business Review](https://www.hkubs.hku.hk/sc/latest-research-category/international-business-review-sc/)
- [International Business Review](https://www.hkubs.hku.hk/sc/latest-research-category/international-business-review-sc/)
- [Journal of Financial and Quantitative Analysis](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-financial-and-quantitative-analysis-sc/)
- [Journal of Financial and Quantitative Analysis](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-financial-and-quantitative-analysis-sc/)
- [Journal of Law and Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-law-and-economics-sc/)
- [Journal of Law and Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-law-and-economics-sc/)
- [Journal of Machine Learning Research](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-machine-learning-research-sc/)
- [Journal of Machine Learning Research](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-machine-learning-research-sc/)
- [Journal of Management](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-management-sc/)
- [Journal of Management](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-management-sc/)
- [Journal of Management Studies](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-management-studies-sc/)
- [Journal of Management Studies](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-management-studies-sc/)
- [Journal of Marketing Research](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-marketing-research-sc/)
- [Journal of Marketing Research](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-marketing-research-sc/)
- [Journal of Monetary Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-monetary-economics-sc/)
- [Journal of Monetary Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-monetary-economics-sc/)
- [Journal of Operations Management](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-operations-management-sc/)
- [Journal of Operations Management](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-operations-management-sc/)
- [Journal of Political Economy](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-political-economy-sc/)
- [Journal of Political Economy](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-political-economy-sc/)
- [Journal of Public Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-public-economics-sc/)
- [Journal of Public Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-public-economics-sc/)
- [Organization Science](https://www.hkubs.hku.hk/sc/latest-research-category/organization-science-sc/)
- [Organization Science](https://www.hkubs.hku.hk/sc/latest-research-category/organization-science-sc/)
- [Review of Accounting Studies](https://www.hkubs.hku.hk/sc/latest-research-category/review-of-accounting-studies-sc/)
- [Review of Accounting Studies](https://www.hkubs.hku.hk/sc/latest-research-category/review-of-accounting-studies-sc/)
- [Review of Finance](https://www.hkubs.hku.hk/sc/latest-research-category/review-of-finance-sc/)
- [Review of Finance](https://www.hkubs.hku.hk/sc/latest-research-category/review-of-finance-sc/)
- [The Journal of Economic History](https://www.hkubs.hku.hk/sc/latest-research-category/the-journal-of-economic-history-sc/)
- [The Journal of Economic History](https://www.hkubs.hku.hk/sc/latest-research-category/the-journal-of-economic-history-sc/)
- [The Journal of Finance](https://www.hkubs.hku.hk/sc/latest-research-category/the-journal-of-finance-sc/)
- [The Journal of Finance](https://www.hkubs.hku.hk/sc/latest-research-category/the-journal-of-finance-sc/)
- [The Review of Economic Studies](https://www.hkubs.hku.hk/sc/latest-research-category/the-review-of-economic-studies-sc/)
- [The Review of Economic Studies](https://www.hkubs.hku.hk/sc/latest-research-category/the-review-of-economic-studies-sc/)
- [Journal of Consumer Psychology](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-consumer-psychology-sc/)
- [Journal of Consumer Psychology](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-consumer-psychology-sc/)
- [Journal of Development Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-development-economics-sc/)
- [Journal of Development Economics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-development-economics-sc/)
- [Journal of Econometrics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-econometrics-sc/)
- [Journal of Econometrics](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-econometrics-sc/)
- [Journal of the Academy of Marketing Science](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-academy-of-marketing-science-sc/)
- [Journal of the Academy of Marketing Science](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-academy-of-marketing-science-sc/)
- [Journal of the Academy of Marketing Science](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-academy-of-marketing-science-sc-2/)
- [Journal of the Academy of Marketing Science](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-academy-of-marketing-science-sc-2/)
- [Journal of the Royal Statistical Society. Series B: Statistical Methodology](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-royal-statistical-society-series-b-statistical-methodology-sc/)
- [Journal of the Royal Statistical Society. Series B: Statistical Methodology](https://www.hkubs.hku.hk/sc/latest-research-category/journal-of-the-royal-statistical-society-series-b-statistical-methodology-sc/)
- [Marketing Science](https://www.hkubs.hku.hk/sc/latest-research-category/marketing-science-sc/)
- [Marketing Science](https://www.hkubs.hku.hk/sc/latest-research-category/marketing-science-sc/)
- [The Review of Economics and Statistics](https://www.hkubs.hku.hk/sc/latest-research-category/the-review-of-economics-and-statistics-sc/)
- [The Review of Economics and Statistics](https://www.hkubs.hku.hk/sc/latest-research-category/the-review-of-economics-and-statistics-sc/)

## In The Media Topic Category

- [Faculty](https://www.hkubs.hku.hk/sc/in-the-media-topic-category/faculty-sc/)
- [教學人員](https://www.hkubs.hku.hk/sc/in-the-media-topic-category/faculty-sc/)
- [教学人员](https://www.hkubs.hku.hk/sc/in-the-media-topic-category/faculty-sc/)

## Opinion and Speeches Topic Category

- [Management and Strategy](https://www.hkubs.hku.hk/sc/opinion-speeches-category/management-and-strategy-sc/)
- [Finance](https://www.hkubs.hku.hk/sc/opinion-speeches-category/finance-sc/)
- [Economics](https://www.hkubs.hku.hk/sc/opinion-speeches-category/economics-sc/)
- [Accounting and Law](https://www.hkubs.hku.hk/sc/opinion-speeches-category/accounting-and-law-sc/)
- [Marketing](https://www.hkubs.hku.hk/sc/opinion-speeches-category/marketing-sc/)
- [Faculty](https://www.hkubs.hku.hk/sc/opinion-speeches-category/faculty-sc/)
- [Alumni](https://www.hkubs.hku.hk/sc/opinion-speeches-category/alumni-sc/)
- [Student](https://www.hkubs.hku.hk/sc/opinion-speeches-category/student-sc/)
- [Faculty Development](https://www.hkubs.hku.hk/sc/opinion-speeches-category/faculty-development-sc/)
- [會計學及法學](https://www.hkubs.hku.hk/sc/opinion-speeches-category/accounting-and-law-sc/)
- [会计学及法学](https://www.hkubs.hku.hk/sc/opinion-speeches-category/accounting-and-law-sc/)
- [校友](https://www.hkubs.hku.hk/sc/opinion-speeches-category/alumni-sc/)
- [校友](https://www.hkubs.hku.hk/sc/opinion-speeches-category/alumni-sc/)
- [經濟學](https://www.hkubs.hku.hk/sc/opinion-speeches-category/economics-sc/)
- [经济学](https://www.hkubs.hku.hk/sc/opinion-speeches-category/economics-sc/)
- [教學人員](https://www.hkubs.hku.hk/sc/opinion-speeches-category/faculty-sc/)
- [教学人员](https://www.hkubs.hku.hk/sc/opinion-speeches-category/faculty-sc/)
- [院校發展](https://www.hkubs.hku.hk/sc/opinion-speeches-category/faculty-development-sc/)
- [院校发展](https://www.hkubs.hku.hk/sc/opinion-speeches-category/faculty-development-sc/)
- [金融學](https://www.hkubs.hku.hk/sc/opinion-speeches-category/finance-sc/)
- [金融学](https://www.hkubs.hku.hk/sc/opinion-speeches-category/finance-sc/)
- [管理及商業策略](https://www.hkubs.hku.hk/sc/opinion-speeches-category/management-and-strategy-sc/)
- [管理及商业策略](https://www.hkubs.hku.hk/sc/opinion-speeches-category/management-and-strategy-sc/)
- [市場學](https://www.hkubs.hku.hk/sc/opinion-speeches-category/marketing-sc/)
- [市场学](https://www.hkubs.hku.hk/sc/opinion-speeches-category/marketing-sc/)
- [學生](https://www.hkubs.hku.hk/sc/opinion-speeches-category/student-sc/)
- [学生](https://www.hkubs.hku.hk/sc/opinion-speeches-category/student-sc/)

## Our stories categories

- [Students](https://www.hkubs.hku.hk/sc/alumni-type/students-sc-2/)
- [Alumni](https://www.hkubs.hku.hk/sc/alumni-type/alumni-sc/)
- [Faculty](https://www.hkubs.hku.hk/sc/alumni-type/faculty-sc-2/)
- [校友](https://www.hkubs.hku.hk/sc/alumni-type/alumni-sc/)
- [校友](https://www.hkubs.hku.hk/sc/alumni-type/alumni-sc/)
- [教職員](https://www.hkubs.hku.hk/alumni-type/faculty-tc/)
- [教职员](https://www.hkubs.hku.hk/alumni-type/faculty-sc/)
- [Faculty](https://www.hkubs.hku.hk/sc/alumni-type/faculty-sc-2/)
- [Faculty](https://www.hkubs.hku.hk/sc/alumni-type/faculty-sc-2/)
- [Students](https://www.hkubs.hku.hk/sc/alumni-type/students-sc-2/)
- [教职员](https://www.hkubs.hku.hk/sc/alumni-type/教职员/)
- [學生](https://www.hkubs.hku.hk/sc/alumni-type/學生-sc/)
- [学生](https://www.hkubs.hku.hk/sc/alumni-type/学生/)
- [教職員](https://www.hkubs.hku.hk/sc/alumni-type/教職員/)
- [學生](https://www.hkubs.hku.hk/sc/alumni-type/學生-sc/)

## Seminar Category

- [Accounting and Law](https://www.hkubs.hku.hk/sc/seminar-category/accounting-and-law-sc/)
- [Economics](https://www.hkubs.hku.hk/sc/seminar-category/economics-sc/)
- [Finance](https://www.hkubs.hku.hk/sc/seminar-category/finance-sc/)
- [Marketing](https://www.hkubs.hku.hk/sc/seminar-category/marketing-sc/)
- [Innovation and Information Management](https://www.hkubs.hku.hk/sc/seminar-category/innovation-and-information-management-sc/)
- [Management and Strategy](https://www.hkubs.hku.hk/sc/seminar-category/management-and-strategy-sc/)
- [會計學及法學](https://www.hkubs.hku.hk/sc/seminar-category/accounting-and-law-sc/)
- [經濟學](https://www.hkubs.hku.hk/sc/seminar-category/economics-sc/)
- [金融學](https://www.hkubs.hku.hk/sc/seminar-category/finance-sc/)
- [創新及資訊管理學](https://www.hkubs.hku.hk/sc/seminar-category/innovation-and-information-management-sc/)
- [管理及商業策略](https://www.hkubs.hku.hk/sc/seminar-category/management-and-strategy-sc/)
- [Quantitative History Series](https://www.hkubs.hku.hk/sc/seminar-category/quantitative-history-series-sc/)
- [会计学及法学](https://www.hkubs.hku.hk/sc/seminar-category/accounting-and-law-sc/)
- [经济学](https://www.hkubs.hku.hk/sc/seminar-category/economics-sc/)
- [金融学](https://www.hkubs.hku.hk/sc/seminar-category/finance-sc/)
- [创新及资讯管理学](https://www.hkubs.hku.hk/sc/seminar-category/innovation-and-information-management-sc/)
- [管理及商业策略](https://www.hkubs.hku.hk/sc/seminar-category/management-and-strategy-sc/)
- [量化历史网上讲座系列](https://www.hkubs.hku.hk/sc/seminar-category/quantitative-history-series-sc/)
- [量化歷史網上講座系列](https://www.hkubs.hku.hk/sc/seminar-category/quantitative-history-series-sc/)
- [Enhancement of Teaching and Learning](https://www.hkubs.hku.hk/sc/seminar-category/教学促进/)
- [教學促進](https://www.hkubs.hku.hk/sc/seminar-category/教学促进/)
- [教学促进](https://www.hkubs.hku.hk/sc/seminar-category/教学促进/)

## Seminar Type

- [Conference](https://www.hkubs.hku.hk/sc/seminar-type/conference-sc/)
- [Seminar](https://www.hkubs.hku.hk/sc/seminar-type/seminar-sc/)
- [Workshop](https://www.hkubs.hku.hk/sc/seminar-type/workshop-sc/)
- [Conference](https://www.hkubs.hku.hk/sc/seminar-type/conference-event-sc/)
- [Seminar/Workshop](https://www.hkubs.hku.hk/sc/seminar-type/seminar-workshop-sc/)
- [Management and Strategy](https://www.hkubs.hku.hk/sc/seminar-type/management-and-strategy-sc/)
- [Seminar](https://www.hkubs.hku.hk/sc/seminar-type/management-and-strategy-seminar-sc/)
- [Conference](https://www.hkubs.hku.hk/sc/seminar-type/management-and-strategy-conference-sc/)
- [Marketing](https://www.hkubs.hku.hk/sc/seminar-type/marketing-sc/)
- [Seminar](https://www.hkubs.hku.hk/sc/seminar-type/marketing-seminar-sc/)
- [Conference](https://www.hkubs.hku.hk/sc/seminar-type/marketing-conference-sc/)
- [Innovation and Information Management](https://www.hkubs.hku.hk/sc/seminar-type/innovation-and-information-management-sc/)
- [Seminar](https://www.hkubs.hku.hk/sc/seminar-type/innovation-and-information-management-seminar-sc/)
- [Conference](https://www.hkubs.hku.hk/sc/seminar-type/innovation-and-information-management-conference-sc/)
- [Workshop](https://www.hkubs.hku.hk/sc/seminar-type/innovation-and-information-management-workshop-sc/)
- [Finance](https://www.hkubs.hku.hk/sc/seminar-type/finance-sc/)
- [Seminar](https://www.hkubs.hku.hk/sc/seminar-type/finance-seminar-sc/)
- [Economics](https://www.hkubs.hku.hk/sc/seminar-type/economics-sc-2/)
- [Seminar](https://www.hkubs.hku.hk/sc/seminar-type/economics-seminar-sc-2/)
- [Conference](https://www.hkubs.hku.hk/sc/seminar-type/economics-conference-sc/)
- [Workshop](https://www.hkubs.hku.hk/sc/seminar-type/economics-workshop-sc/)
- [Accounting and Law](https://www.hkubs.hku.hk/sc/seminar-type/accounting-and-law-sc/)
- [Conference](https://www.hkubs.hku.hk/sc/seminar-type/accounting-and-law-conference-sc/)
- [Seminar Category Level 2](https://www.hkubs.hku.hk/sc/seminar-type/seminar-category-level-2-sc/)
- [經濟學](https://www.hkubs.hku.hk/sc/seminar-type/economics-sc-2/)
- [经济学](https://www.hkubs.hku.hk/sc/seminar-type/economics-sc-2/)
- [研討會](https://www.hkubs.hku.hk/sc/seminar-type/economics-seminar-sc-2/)
- [研讨会](https://www.hkubs.hku.hk/sc/seminar-type/economics-seminar-sc-2/)
- [創新及資訊管理學](https://www.hkubs.hku.hk/sc/seminar-type/innovation-and-information-management-sc/)
- [创新及资讯管理学](https://www.hkubs.hku.hk/sc/seminar-type/innovation-and-information-management-sc/)
- [研討會](https://www.hkubs.hku.hk/sc/seminar-type/innovation-and-information-management-seminar-sc/)
- [研讨会](https://www.hkubs.hku.hk/sc/seminar-type/innovation-and-information-management-seminar-sc/)
- [研討會／工作坊](https://www.hkubs.hku.hk/sc/seminar-type/seminar-workshop-sc/)
- [研讨会／工作坊](https://www.hkubs.hku.hk/sc/seminar-type/seminar-workshop-sc/)
- [第二級研討會](https://www.hkubs.hku.hk/sc/seminar-type/seminar-category-level-2-sc/)
- [第二级研讨会](https://www.hkubs.hku.hk/sc/seminar-type/seminar-category-level-2-sc/)
- [會議](https://www.hkubs.hku.hk/sc/seminar-type/conference-sc/)
- [会议](https://www.hkubs.hku.hk/sc/seminar-type/conference-sc/)
- [研討會](https://www.hkubs.hku.hk/sc/seminar-type/seminar-sc/)
- [研讨会](https://www.hkubs.hku.hk/sc/seminar-type/seminar-sc/)

## Event Nature

- [Finance](https://www.hkubs.hku.hk/sc/event-nature/sc-finance-seminar/)
- [Faculty events](https://www.hkubs.hku.hk/sc/event-nature/faculty-events/)
- [Economics](https://www.hkubs.hku.hk/sc/event-nature/sc-economics-seminar/)
- [SEF Seminar Calendar](https://www.hkubs.hku.hk/sc/event-nature/sef-seminar-calendar/)
- [Seminar](https://www.hkubs.hku.hk/sc/event-nature/sc-seminar/)
- [Seminar Calendar](https://www.hkubs.hku.hk/sc/event-nature/seminar-calendar/)
- [Accounting and Law](https://www.hkubs.hku.hk/sc/event-nature/sc-accounting-2/)
- [Economics](https://www.hkubs.hku.hk/sc/event-nature/sc-economics-seminar-seminar-calendar/)
- [Finance](https://www.hkubs.hku.hk/sc/event-nature/sc-finance-seminar-seminar-calendar/)
- [Information and Innovation Management](https://www.hkubs.hku.hk/sc/event-nature/sc-information-and-innovation-management-seminar-calendar/)
- [Management and Strategy](https://www.hkubs.hku.hk/sc/event-nature/sc-management-seminar-calendar/)
- [Marketing](https://www.hkubs.hku.hk/sc/event-nature/sc-marketing-seminar-calendar/)
- [ECON - Conference](https://www.hkubs.hku.hk/sc/event-nature/sc-conference-seminar-calendar/)
- [Event Calendar](https://www.hkubs.hku.hk/sc/event-nature/event-calendar/)
- [Faculty events](https://www.hkubs.hku.hk/sc/event-nature/faculty-events-event-calendar/)
- [Seminar](https://www.hkubs.hku.hk/sc/event-nature/seminar/)
- [Alumni activities](https://www.hkubs.hku.hk/sc/event-nature/alumni-activities/)
- [UG programmes](https://www.hkubs.hku.hk/sc/event-nature/ug-programmes/)
- [TPG programmes](https://www.hkubs.hku.hk/sc/event-nature/tpg-programmes/)
- [經濟學](https://www.hkubs.hku.hk/sc/event-nature/sc-economics-seminar/)
- [经济学](https://www.hkubs.hku.hk/sc/event-nature/sc-economics-seminar/)
- [活動日程](https://www.hkubs.hku.hk/sc/event-nature/event-calendar/)
- [活动日程](https://www.hkubs.hku.hk/sc/event-nature/event-calendar/)
- [校友活動](https://www.hkubs.hku.hk/sc/event-nature/alumni-activities/)
- [校友活动](https://www.hkubs.hku.hk/sc/event-nature/alumni-activities/)
- [院校活動](https://www.hkubs.hku.hk/sc/event-nature/faculty-events-event-calendar/)
- [院校活动](https://www.hkubs.hku.hk/sc/event-nature/faculty-events-event-calendar/)
- [授课式研究生課程](https://www.hkubs.hku.hk/sc/event-nature/tpg-programmes/)
- [授课式研究生课程](https://www.hkubs.hku.hk/sc/event-nature/tpg-programmes/)
- [研討會](https://www.hkubs.hku.hk/sc/event-nature/seminar/)
- [研讨会](https://www.hkubs.hku.hk/sc/event-nature/seminar/)
- [本科生課程](https://www.hkubs.hku.hk/sc/event-nature/ug-programmes/)
- [本科生课程](https://www.hkubs.hku.hk/sc/event-nature/ug-programmes/)
- [院校活動](https://www.hkubs.hku.hk/sc/event-nature/faculty-events/)
- [院校活动](https://www.hkubs.hku.hk/sc/event-nature/faculty-events/)
- [金融學](https://www.hkubs.hku.hk/sc/event-nature/sc-finance-seminar/)
- [金融學](https://www.hkubs.hku.hk/sc/event-nature/sc-finance-seminar/)
- [研討會日程](https://www.hkubs.hku.hk/sc/event-nature/seminar-calendar/)
- [研讨会日程](https://www.hkubs.hku.hk/sc/event-nature/seminar-calendar/)
- [經濟學](https://www.hkubs.hku.hk/sc/event-nature/sc-economics-seminar-seminar-calendar/)
- [经济学](https://www.hkubs.hku.hk/sc/event-nature/sc-economics-seminar-seminar-calendar/)
- [金融学](https://www.hkubs.hku.hk/sc/event-nature/sc-finance-seminar-seminar-calendar/)
- [金融学](https://www.hkubs.hku.hk/sc/event-nature/sc-finance-seminar-seminar-calendar/)
- [管理及商業策略](https://www.hkubs.hku.hk/sc/event-nature/sc-management-seminar-calendar/)
- [管理及商业策略](https://www.hkubs.hku.hk/sc/event-nature/sc-management-seminar-calendar/)

## Event Category

- [Faculty Level](https://www.hkubs.hku.hk/sc/event-category/faculty-level-sc/)
- [Undergraduate](https://www.hkubs.hku.hk/sc/event-category/undergraduate-sc/)
- [Postgraduate](https://www.hkubs.hku.hk/sc/event-category/postgraduate-sc/)
- [Knowledge Exchange](https://www.hkubs.hku.hk/sc/event-category/knowledge-exchange-sc/)
- [Research](https://www.hkubs.hku.hk/sc/event-category/research-sc/)
- [Career Development](https://www.hkubs.hku.hk/sc/event-category/career-development-sc/)
- [Alumni](https://www.hkubs.hku.hk/sc/event-category/alumni-sc/)
- [Executive Education](https://www.hkubs.hku.hk/sc/event-category/executive-education-sc/)
- [Academic Areas](https://www.hkubs.hku.hk/sc/event-category/academic-areas/)
- [校友](https://www.hkubs.hku.hk/sc/event-category/alumni-sc/)
- [學術領域](https://www.hkubs.hku.hk/sc/event-category/academic-areas/)
- [学术领域](https://www.hkubs.hku.hk/sc/event-category/academic-areas/)
- [校友](https://www.hkubs.hku.hk/sc/event-category/alumni-sc/)
- [就業發展](https://www.hkubs.hku.hk/sc/event-category/career-development-sc/)
- [就业发展](https://www.hkubs.hku.hk/sc/event-category/career-development-sc/)
- [高層管理教育](https://www.hkubs.hku.hk/sc/event-category/executive-education-sc/)
- [高层管理教育](https://www.hkubs.hku.hk/sc/event-category/executive-education-sc/)
- [知識交流](https://www.hkubs.hku.hk/sc/event-category/knowledge-exchange-sc/)
- [知识交流](https://www.hkubs.hku.hk/sc/event-category/knowledge-exchange-sc/)
- [學院活動](https://www.hkubs.hku.hk/sc/event-category/faculty-level-sc/)
- [学院活动](https://www.hkubs.hku.hk/sc/event-category/faculty-level-sc/)
- [碩士生](https://www.hkubs.hku.hk/sc/event-category/postgraduate-sc/)
- [硕士生](https://www.hkubs.hku.hk/sc/event-category/postgraduate-sc/)
- [本科生](https://www.hkubs.hku.hk/sc/event-category/undergraduate-sc/)
- [本科生](https://www.hkubs.hku.hk/sc/event-category/undergraduate-sc/)
- [Enhancement of Teaching and Learning](https://www.hkubs.hku.hk/sc/event-category/enhancement-of-teaching-and-learning-sc/)

## Event Type

- [Event](https://www.hkubs.hku.hk/sc/event-type/event/)
- [Conference](https://www.hkubs.hku.hk/sc/event-type/conference/)
- [Seminar/Workshop](https://www.hkubs.hku.hk/sc/event-type/seminar-workshop/)
- [Conference](https://www.hkubs.hku.hk/sc/event-type/conference-seminar-category-level-2/)
- [Academic Areas](https://www.hkubs.hku.hk/sc/event-type/academic-areas/)
- [Seminar](https://www.hkubs.hku.hk/sc/event-type/academic-areas-seminar/)
- [Conference](https://www.hkubs.hku.hk/sc/event-type/academic-areas-conference/)
- [Workshop](https://www.hkubs.hku.hk/sc/event-type/academic-areas-workshop/)
- [Executive Education](https://www.hkubs.hku.hk/sc/event-type/executive-education/)
- [Seminar / Workshop](https://www.hkubs.hku.hk/sc/event-type/executive-education-seminar-workshop/)
- [Alumni](https://www.hkubs.hku.hk/sc/event-type/alumni/)
- [Seminar / Workshop](https://www.hkubs.hku.hk/sc/event-type/alumni-seminar-workshop/)
- [Event](https://www.hkubs.hku.hk/sc/event-type/alumni-event/)
- [Career Development](https://www.hkubs.hku.hk/sc/event-type/career-development/)
- [Seminar / Workshop](https://www.hkubs.hku.hk/sc/event-type/career-development-seminar-workshop/)
- [Event](https://www.hkubs.hku.hk/sc/event-type/career-development-event/)
- [Research](https://www.hkubs.hku.hk/sc/event-type/research/)
- [Conference](https://www.hkubs.hku.hk/sc/event-type/research-conference/)
- [Seminar / Workshop](https://www.hkubs.hku.hk/sc/event-type/research-seminar-workshop/)
- [Knowledge Exchange](https://www.hkubs.hku.hk/sc/event-type/knowledge-exchange/)
- [Seminar / Workshop](https://www.hkubs.hku.hk/sc/event-type/knowledge-exchange-seminar-workshop/)
- [Event](https://www.hkubs.hku.hk/sc/event-type/knowledge-exchange-event/)
- [Postgraduate](https://www.hkubs.hku.hk/sc/event-type/postgraduate/)
- [Seminar / Workshop](https://www.hkubs.hku.hk/sc/event-type/postgraduate-seminar-workshop/)
- [Undergraduate](https://www.hkubs.hku.hk/sc/event-type/undergraduate/)
- [Event](https://www.hkubs.hku.hk/sc/event-type/undergraduate-event/)
- [Faculty Level](https://www.hkubs.hku.hk/sc/event-type/faculty-level-sc/)
- [Conference](https://www.hkubs.hku.hk/sc/event-type/faculty-level-conference/)
- [Seminar / Workshop](https://www.hkubs.hku.hk/sc/event-type/faculty-level-seminar-workshop/)
- [Event](https://www.hkubs.hku.hk/sc/event-type/faculty-level-event/)
- [Event Category Level 2](https://www.hkubs.hku.hk/sc/event-type/event-category-level-2/)
- [Event](https://www.hkubs.hku.hk/sc/event-type/event/)
- [學術領域](https://www.hkubs.hku.hk/sc/event-type/academic-areas/)
- [学术领域](https://www.hkubs.hku.hk/sc/event-type/academic-areas/)
- [會議](https://www.hkubs.hku.hk/sc/event-type/academic-areas-conference/)
- [会议](https://www.hkubs.hku.hk/sc/event-type/academic-areas-conference/)
- [校友](https://www.hkubs.hku.hk/sc/event-type/alumni/)
- [校友](https://www.hkubs.hku.hk/sc/event-type/alumni/)
- [活動](https://www.hkubs.hku.hk/sc/event-type/alumni-event/)
- [活动](https://www.hkubs.hku.hk/sc/event-type/alumni-event/)
- [研討會／工作坊](https://www.hkubs.hku.hk/sc/event-type/alumni-seminar-workshop/)
- [研討會／工作坊](https://www.hkubs.hku.hk/sc/event-type/alumni-seminar-workshop/)
- [就業發展](https://www.hkubs.hku.hk/sc/event-type/career-development/)
- [就业发展](https://www.hkubs.hku.hk/sc/event-type/career-development/)
- [活動](https://www.hkubs.hku.hk/sc/event-type/career-development-event/)
- [活动](https://www.hkubs.hku.hk/sc/event-type/career-development-event/)
- [研討會／工作坊](https://www.hkubs.hku.hk/sc/event-type/career-development-seminar-workshop/)
- [研讨会／工作坊](https://www.hkubs.hku.hk/sc/event-type/career-development-seminar-workshop/)
- [第二級研討會](https://www.hkubs.hku.hk/sc/event-type/event-category-level-2/)
- [第二级研讨会](https://www.hkubs.hku.hk/sc/event-type/event-category-level-2/)
- [活动](https://www.hkubs.hku.hk/sc/event-type/event/)
- [研討會／工作坊](https://www.hkubs.hku.hk/sc/event-type/seminar-workshop/)
- [研讨会／工作坊](https://www.hkubs.hku.hk/sc/event-type/seminar-workshop/)
- [學院活動](https://www.hkubs.hku.hk/sc/event-type/faculty-level-sc/)
- [学院活动](https://www.hkubs.hku.hk/sc/event-type/faculty-level-sc/)
- [活動](https://www.hkubs.hku.hk/sc/event-type/faculty-level-event/)
- [活动](https://www.hkubs.hku.hk/sc/event-type/faculty-level-event/)
- [研討會／工作坊](https://www.hkubs.hku.hk/sc/event-type/faculty-level-seminar-workshop/)
- [研讨会／工作坊](https://www.hkubs.hku.hk/sc/event-type/faculty-level-seminar-workshop/)
- [知識交流](https://www.hkubs.hku.hk/sc/event-type/knowledge-exchange/)
- [知识交流](https://www.hkubs.hku.hk/sc/event-type/knowledge-exchange/)
- [活動](https://www.hkubs.hku.hk/sc/event-type/knowledge-exchange-event/)
- [活动](https://www.hkubs.hku.hk/sc/event-type/knowledge-exchange-event/)
- [碩士生](https://www.hkubs.hku.hk/sc/event-type/postgraduate/)
- [硕士生](https://www.hkubs.hku.hk/sc/event-type/postgraduate/)
- [研討會／工作坊](https://www.hkubs.hku.hk/sc/event-type/postgraduate-seminar-workshop/)
- [研讨会／工作坊](https://www.hkubs.hku.hk/sc/event-type/postgraduate-seminar-workshop/)
- [本科生](https://www.hkubs.hku.hk/sc/event-type/undergraduate/)
- [本科生](https://www.hkubs.hku.hk/sc/event-type/undergraduate/)
- [活動](https://www.hkubs.hku.hk/sc/event-type/undergraduate-event/)
- [活动](https://www.hkubs.hku.hk/sc/event-type/undergraduate-event/)

## Admission Categories

- [UG](https://www.hkubs.hku.hk/sc/admission-category/ug-sc/)
- [MBA](https://www.hkubs.hku.hk/sc/admission-category/mba-sc/)
- [工商管理學碩士課程](https://www.hkubs.hku.hk/sc/admission-category/mba-sc/)
- [工商管理学硕士课程](https://www.hkubs.hku.hk/sc/admission-category/mba-sc/)
- [本科生課程](https://www.hkubs.hku.hk/sc/admission-category/ug-sc/)
- [本科生课程](https://www.hkubs.hku.hk/sc/admission-category/ug-sc/)

## Conference Categories

- [Up coming event](https://www.hkubs.hku.hk/conference-category/upcoming-eng/)

## Media Category

- [School news](https://www.hkubs.hku.hk/sc/media-category/school-news-sc/)
- [Press Release](https://www.hkubs.hku.hk/sc/media-category/press-release-sc/)
- [In the Media](https://www.hkubs.hku.hk/sc/media-category/in-the-media-sc/)
- [媒体报导](https://www.hkubs.hku.hk/sc/media-category/in-the-media-sc/)
- [媒體報導](https://www.hkubs.hku.hk/sc/media-category/in-the-media-sc/)
- [新闻稿](https://www.hkubs.hku.hk/sc/media-category/press-release-sc/)
- [新聞稿](https://www.hkubs.hku.hk/sc/media-category/press-release-sc/)
- [学院消息](https://www.hkubs.hku.hk/sc/media-category/school-news-sc/)
- [學院消息](https://www.hkubs.hku.hk/sc/media-category/school-news-sc/)

## Topic Category

- [News](https://www.hkubs.hku.hk/sc/media-topic-categories/announcement-sc/)
- [Award and Achievement](https://www.hkubs.hku.hk/sc/media-topic-categories/achievement-sc/)
- [Rankings](https://www.hkubs.hku.hk/sc/media-topic-categories/rankings-sc/)
- [Research](https://www.hkubs.hku.hk/sc/media-topic-categories/research-sc/)
- [Featured Faculty](https://www.hkubs.hku.hk/sc/media-topic-categories/featured-faculty-sc/)
- [學院成就](https://www.hkubs.hku.hk/sc/media-topic-categories/achievement-sc/)
- [学院成就](https://www.hkubs.hku.hk/sc/media-topic-categories/achievement-sc/)
- [學院新聞](https://www.hkubs.hku.hk/sc/media-topic-categories/announcement-sc/)
- [研究](https://www.hkubs.hku.hk/sc/media-topic-categories/research-sc/)
- [排名](https://www.hkubs.hku.hk/sc/media-topic-categories/rankings-sc/)
- [學者專訪](https://www.hkubs.hku.hk/sc/media-topic-categories/featured-faculty-sc/)
- [学者专访](https://www.hkubs.hku.hk/sc/media-topic-categories/featured-faculty-sc/)
- [学院新闻](https://www.hkubs.hku.hk/sc/media-topic-categories/announcement-sc/)
- [排名](https://www.hkubs.hku.hk/sc/media-topic-categories/rankings-sc/)
- [研究](https://www.hkubs.hku.hk/sc/media-topic-categories/research-sc/)
- [Teaching and Learning](https://www.hkubs.hku.hk/sc/media-topic-categories/teaching-and-learning-sc/)
- [教与学](https://www.hkubs.hku.hk/sc/media-topic-categories/teaching-and-learning-sc/)
- [教與學](https://www.hkubs.hku.hk/sc/media-topic-categories/teaching-and-learning-sc/)

## Staff Types

- [Faculty Management](https://www.hkubs.hku.hk/sc/staff_type/faculty-management-sc/)
- [Faculty](https://www.hkubs.hku.hk/sc/staff_type/faculty-sc/)
- [Administration](https://www.hkubs.hku.hk/sc/staff_type/administration-sc/)
- [Demonstrators/ Teaching Assistants](https://www.hkubs.hku.hk/sc/staff_type/demonstrators-teaching-assistants-sc/)
- [Research Postgraduate Students](https://www.hkubs.hku.hk/sc/staff_type/research-sc/)
- [International Advisory Council](https://www.hkubs.hku.hk/sc/staff_type/international-advisory-council-sc/)
- [Research Assistant Professors / Post-Doctoral Fellows](https://www.hkubs.hku.hk/sc/staff_type/post-doctoral-fellows-sc/)
- [行政人員](https://www.hkubs.hku.hk/sc/staff_type/administration-sc/)
- [行政人员](https://www.hkubs.hku.hk/sc/staff_type/administration-sc/)
- [助教/教學助理](https://www.hkubs.hku.hk/sc/staff_type/demonstrators-teaching-assistants-sc/)
- [助教/教学助理](https://www.hkubs.hku.hk/sc/staff_type/demonstrators-teaching-assistants-sc/)
- [教學人員](https://www.hkubs.hku.hk/sc/staff_type/faculty-sc/)
- [教学人员](https://www.hkubs.hku.hk/sc/staff_type/faculty-sc/)
- [學院領導](https://www.hkubs.hku.hk/sc/staff_type/faculty-management-sc/)
- [学院领导](https://www.hkubs.hku.hk/sc/staff_type/faculty-management-sc/)
- [國際顧問委員會](https://www.hkubs.hku.hk/sc/staff_type/international-advisory-council-sc/)
- [国际顾问委员会](https://www.hkubs.hku.hk/sc/staff_type/international-advisory-council-sc/)
- [助理教授〔研究〕/ 博士後研究員](https://www.hkubs.hku.hk/sc/staff_type/post-doctoral-fellows-sc/)
- [助理教授〔研究〕/ 博士后研究员](https://www.hkubs.hku.hk/sc/staff_type/post-doctoral-fellows-sc/)
- [研究生](https://www.hkubs.hku.hk/sc/staff_type/research-sc/)
- [研究生](https://www.hkubs.hku.hk/sc/staff_type/research-sc/)

## Faculty Management

- [Dean](https://www.hkubs.hku.hk/sc/学院领导/fmt-dean-sc/)
- [Associate Dean](https://www.hkubs.hku.hk/sc/学院领导/fmt-associate-deans-sc/)
- [Assistant Dean](https://www.hkubs.hku.hk/sc/学院领导/fmt-assistant-deans-sc/)
- [Academic Area Head](https://www.hkubs.hku.hk/sc/学院领导/fmt-area-hea-sc/)
- [學術領域主任](https://www.hkubs.hku.hk/sc/学院领导/fmt-area-hea-sc/)
- [学术领域主任](https://www.hkubs.hku.hk/sc/学院领导/fmt-area-hea-sc/)
- [助理院長](https://www.hkubs.hku.hk/sc/学院领导/fmt-assistant-deans-sc/)
- [助理院长](https://www.hkubs.hku.hk/sc/学院领导/fmt-assistant-deans-sc/)
- [副院長](https://www.hkubs.hku.hk/sc/学院领导/fmt-associate-deans-sc/)
- [副院长](https://www.hkubs.hku.hk/sc/学院领导/fmt-associate-deans-sc/)
- [院長](https://www.hkubs.hku.hk/sc/学院领导/fmt-dean-sc/)
- [院长](https://www.hkubs.hku.hk/sc/学院领导/fmt-dean-sc/)

## Academic Area

- [Accounting and Law](https://www.hkubs.hku.hk/sc/学术领域/accounting-sc/)
- [Economics](https://www.hkubs.hku.hk/sc/学术领域/economics-sc/)
- [Finance](https://www.hkubs.hku.hk/sc/学术领域/finance-sc/)
- [Innovation and Information Management](https://www.hkubs.hku.hk/sc/学术领域/innovation-and-information-management-sc/)
- [Management and Strategy](https://www.hkubs.hku.hk/sc/学术领域/management-sc/)
- [Marketing](https://www.hkubs.hku.hk/sc/学术领域/marketing-sc/)
- [會計學及法學](https://www.hkubs.hku.hk/sc/学术领域/accounting-sc/)
- [会计学及法学](https://www.hkubs.hku.hk/sc/学术领域/accounting-sc/)
- [經濟學](https://www.hkubs.hku.hk/sc/学术领域/economics-sc/)
- [经济学](https://www.hkubs.hku.hk/sc/学术领域/economics-sc/)
- [金融學](https://www.hkubs.hku.hk/sc/学术领域/finance-sc/)
- [金融学](https://www.hkubs.hku.hk/sc/学术领域/finance-sc/)
- [創新及資訊管理學](https://www.hkubs.hku.hk/sc/学术领域/innovation-and-information-management-sc/)
- [创新及资讯管理学](https://www.hkubs.hku.hk/sc/学术领域/innovation-and-information-management-sc/)
- [管理及商業策略](https://www.hkubs.hku.hk/sc/学术领域/management-sc/)
- [管理及商业策略](https://www.hkubs.hku.hk/sc/学术领域/management-sc/)
- [市場學](https://www.hkubs.hku.hk/sc/学术领域/marketing-sc/)
- [市场学](https://www.hkubs.hku.hk/sc/学术领域/marketing-sc/)

## Admin Staff Functions

- [IT Support](https://www.hkubs.hku.hk/sc/admin_staff_function/itt-support-sc/)
- [技術支援](https://www.hkubs.hku.hk/sc/admin_staff_function/itt-support-sc/)
- [技术支援](https://www.hkubs.hku.hk/sc/admin_staff_function/itt-support-sc/)
- [碩士課程總監](https://www.hkubs.hku.hk/sc/admin_staff_function/ptg-tpg-programme-directors-sc/)

## Admin Staff Category

- [Dean's Office](https://www.hkubs.hku.hk/sc/admin_staff_category/dean-s-office-sc/)
- [Academic & Research Administrative Support](https://www.hkubs.hku.hk/sc/admin_staff_category/academic-research-administrative-support-sc/)
- [Academic Area Administration](https://www.hkubs.hku.hk/sc/admin_staff_category/aras-academic-area-administration-sc/)
- [Research Administration](https://www.hkubs.hku.hk/sc/admin_staff_category/aras-research-administration-and-teaching-learning-sc/)
- [Teaching and Learning](https://www.hkubs.hku.hk/sc/admin_staff_category/aras-teaching-and-learning-sc/)
- [Programme Administration](https://www.hkubs.hku.hk/sc/admin_staff_category/udg-undergraduate-administration-and-admissions-sc/)
- [Student Enrichment](https://www.hkubs.hku.hk/sc/admin_staff_category/udg-undergraduate-student-enrichment-sc/)
- [IT Support](https://www.hkubs.hku.hk/sc/admin_staff_category/it-sc/)
- [Finance](https://www.hkubs.hku.hk/sc/admin_staff_category/finance-sc/)
- [Human Resources](https://www.hkubs.hku.hk/sc/admin_staff_category/human-resources-sc/)
- [Programmes - Undergraduate](https://www.hkubs.hku.hk/sc/admin_staff_category/communications-and-external-relations-sc/)
- [Programmes - Taught Postgraduate](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-sc/)
- [General Administrative Support](https://www.hkubs.hku.hk/sc/admin_staff_category/postgraduate-sc/)
- [FBE Pokfield Campus](https://www.hkubs.hku.hk/sc/admin_staff_category/fbe-pokfield-campus-sc/)
- [Communications and Public Relations](https://www.hkubs.hku.hk/sc/admin_staff_category/communications-team-sc/)
- [Doctor of Business Administration (DBA)](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-dba-sc/)
- [MSc Marketing and Admissions](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-mba-emba-global-asia-marketing-and-admissions-sc/)
- [Executive Master of Business Administration (EMBA)](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-hku-pku-embasc/)
- [MSc Programme Operations](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-macct-mecon-mfin-and-msc-ba-sc/)
- [Executive Education](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-executive-education-sc/)
- [General Office (K. K. Leung Building)](https://www.hkubs.hku.hk/sc/admin_staff_category/faco-general-support-k-k-leung-building-sc/)
- [General Office (Cyberport 4)](https://www.hkubs.hku.hk/sc/admin_staff_category/faco-general-support-cyberport-4-sc/)
- [Admiralty Town Centre (3/F, Tower II, Admiralty Centre)](https://www.hkubs.hku.hk/sc/admin_staff_category/faco-general-support-admiralty-town-centre-sc/)
- [Programmes - China Postgraduate](https://www.hkubs.hku.hk/sc/admin_staff_category/china-tpg-sc/)
- [Taught Postgraduate Programmes](https://www.hkubs.hku.hk/sc/admin_staff_category/taught-postgraduate-programmes-sc/)
- [學術領域及學術研究行政支援](https://www.hkubs.hku.hk/sc/admin_staff_category/academic-research-administrative-support-sc/)
- [学术领域及学术研究行政支援](https://www.hkubs.hku.hk/sc/admin_staff_category/academic-research-administrative-support-sc/)
- [學術領域行政支援](https://www.hkubs.hku.hk/sc/admin_staff_category/aras-academic-area-administration-sc/)
- [学术领域行政支援](https://www.hkubs.hku.hk/sc/admin_staff_category/aras-academic-area-administration-sc/)
- [學術研究行政支援](https://www.hkubs.hku.hk/sc/admin_staff_category/aras-research-administration-and-teaching-learning-sc/)
- [学术研究行政支援](https://www.hkubs.hku.hk/sc/admin_staff_category/aras-research-administration-and-teaching-learning-sc/)
- [教與學](https://www.hkubs.hku.hk/sc/admin_staff_category/aras-teaching-and-learning-sc/)
- [教与学](https://www.hkubs.hku.hk/sc/admin_staff_category/aras-teaching-and-learning-sc/)
- [工商管理學博士課程](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-dba-sc/)
- [工商管理学博士课程](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-dba-sc/)
- [傳訊及公共事務](https://www.hkubs.hku.hk/sc/admin_staff_category/communications-team-sc/)
- [传讯及公共事务](https://www.hkubs.hku.hk/sc/admin_staff_category/communications-team-sc/)
- [高層管理教育](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-executive-education-sc/)
- [高层管理教育](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-executive-education-sc/)
- [課程 - 碩士](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-sc/)
- [课程 - 硕士](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-sc/)
- [蒲飞路校园发展计划](https://www.hkubs.hku.hk/sc/admin_staff_category/fbe-pokfield-campus-sc/)
- [蒲飛路校園發展計劃](https://www.hkubs.hku.hk/sc/admin_staff_category/fbe-pokfield-campus-sc/)
- [課程 - 中國碩士課程](https://www.hkubs.hku.hk/sc/admin_staff_category/china-tpg-sc/)
- [课程 - 中国硕士](https://www.hkubs.hku.hk/sc/admin_staff_category/china-tpg-sc/)
- [香港大学高级管理人员工商管理学硕士课程](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-hku-pku-embasc/)
- [香港大學高級管理人員工商管理學碩士課程](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-hku-pku-embasc/)
- [院務處](https://www.hkubs.hku.hk/sc/admin_staff_category/dean-s-office-sc/)
- [院务处](https://www.hkubs.hku.hk/sc/admin_staff_category/dean-s-office-sc/)
- [财务](https://www.hkubs.hku.hk/sc/admin_staff_category/finance-sc/)
- [財務](https://www.hkubs.hku.hk/sc/admin_staff_category/finance-sc/)
- [一般行政支援](https://www.hkubs.hku.hk/sc/admin_staff_category/postgraduate-sc/)
- [一般行政支援](https://www.hkubs.hku.hk/sc/admin_staff_category/postgraduate-sc/)
- [市区中心（金钟）（海富中心2期3楼）](https://www.hkubs.hku.hk/sc/admin_staff_category/faco-general-support-admiralty-town-centre-sc/)
- [市區中心（金鐘）（海富中心2期3樓）](https://www.hkubs.hku.hk/sc/admin_staff_category/faco-general-support-admiralty-town-centre-sc/)
- [办公室（数码港4座）](https://www.hkubs.hku.hk/sc/admin_staff_category/faco-general-support-cyberport-4-sc/)
- [辦公室（數碼港4座）](https://www.hkubs.hku.hk/sc/admin_staff_category/faco-general-support-cyberport-4-sc/)
- [办公室（梁銶琚楼4楼）](https://www.hkubs.hku.hk/sc/admin_staff_category/faco-general-support-k-k-leung-building-sc/)
- [辦公室（梁銶琚樓）](https://www.hkubs.hku.hk/sc/admin_staff_category/faco-general-support-k-k-leung-building-sc/)
- [人力資源](https://www.hkubs.hku.hk/sc/admin_staff_category/human-resources-sc/)
- [人力资源](https://www.hkubs.hku.hk/sc/admin_staff_category/human-resources-sc/)
- [资讯科技支援](https://www.hkubs.hku.hk/sc/admin_staff_category/it-sc/)
- [資訊科技支援](https://www.hkubs.hku.hk/sc/admin_staff_category/it-sc/)
- [碩士市场推广及收生](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-mba-emba-global-asia-marketing-and-admissions-sc/)
- [碩士市場推廣及收生](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-mba-emba-global-asia-marketing-and-admissions-sc/)
- [专业硕士课程](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-macct-mecon-mfin-and-msc-ba-sc/)
- [專業碩士課程](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-macct-mecon-mfin-and-msc-ba-sc/)
- [碩士課程項目](https://www.hkubs.hku.hk/sc/admin_staff_category/taught-postgraduate-programmes-sc/)
- [硕士课程项目](https://www.hkubs.hku.hk/sc/admin_staff_category/taught-postgraduate-programmes-sc/)
- [课程 - 本科](https://www.hkubs.hku.hk/sc/admin_staff_category/communications-and-external-relations-sc/)
- [課程 - 本科](https://www.hkubs.hku.hk/sc/admin_staff_category/communications-and-external-relations-sc/)
- [本科課程行政](https://www.hkubs.hku.hk/sc/admin_staff_category/udg-undergraduate-administration-and-admissions-sc/)
- [本科课程行政](https://www.hkubs.hku.hk/sc/admin_staff_category/udg-undergraduate-administration-and-admissions-sc/)
- [學生拓展項目](https://www.hkubs.hku.hk/sc/admin_staff_category/udg-undergraduate-student-enrichment-sc/)
- [学生拓展项目](https://www.hkubs.hku.hk/sc/admin_staff_category/udg-undergraduate-student-enrichment-sc/)
- [Master of Business Administration (International) [IMBA]](https://www.hkubs.hku.hk/sc/admin_staff_category/imba-sc/)
- [工商管理学（国际）硕士课程](https://www.hkubs.hku.hk/sc/admin_staff_category/imba-sc/)
- [工商管理學（國際）碩士課程](https://www.hkubs.hku.hk/sc/admin_staff_category/imba-sc/)
- [Development and Alumni](https://www.hkubs.hku.hk/sc/admin_staff_category/alumni-and-development-sc/)
- [Shenzhen Centre](https://www.hkubs.hku.hk/sc/admin_staff_category/shenzhen-centre-sc/)
- [深圳中心](https://www.hkubs.hku.hk/sc/admin_staff_category/shenzhen-centre-sc/)
- [深圳中心](https://www.hkubs.hku.hk/sc/admin_staff_category/shenzhen-centre-sc/)
- [Asia Case Research Centre](https://www.hkubs.hku.hk/sc/admin_staff_category/research-centres-institutes-asia-case-research-centre-sc/)
- [亚洲案例研究中心](https://www.hkubs.hku.hk/sc/admin_staff_category/research-centres-institutes-asia-case-research-centre-sc/)
- [亞洲案例研究中心](https://www.hkubs.hku.hk/sc/admin_staff_category/research-centres-institutes-asia-case-research-centre-sc/)
- [Undergraduate Programmes](https://www.hkubs.hku.hk/admin_staff_category/undergraduate-programmes/)
- [本科課程](https://www.hkubs.hku.hk/tc/admin_staff_category/undergraduate-programmes-tc/)
- [本科课程](https://www.hkubs.hku.hk/sc/admin_staff_category/undergraduate-programmes-sc/)
- [HKU-Tel Aviv Innovation Hub](https://www.hkubs.hku.hk/sc/admin_staff_category/hku-tel-aviv-innovation-hub-sc/)
- [香港大学特拉维夫创新中心](https://www.hkubs.hku.hk/sc/admin_staff_category/hku-tel-aviv-innovation-hub-sc/)
- [香港大學特拉維夫創新中心](https://www.hkubs.hku.hk/sc/admin_staff_category/hku-tel-aviv-innovation-hub-sc/)
- [Career Development and Training](https://www.hkubs.hku.hk/sc/admin_staff_category/career-development-and-training-sc/)
- [碩士就业发展及培训](https://www.hkubs.hku.hk/sc/admin_staff_category/career-development-and-training-sc/)
- [碩士就業發展及培訓](https://www.hkubs.hku.hk/sc/admin_staff_category/career-development-and-training-sc/)
- [Knowledge Exchange and Research Centres/Institutes](https://www.hkubs.hku.hk/sc/admin_staff_category/research-centres-institutes-sc/)
- [知识交流及学术研究行政支援](https://www.hkubs.hku.hk/sc/admin_staff_category/research-centres-institutes-sc/)
- [知識交流及學術研究行政支援](https://www.hkubs.hku.hk/sc/admin_staff_category/research-centres-institutes-sc/)
- [Knowledge Exchange](https://www.hkubs.hku.hk/sc/admin_staff_category/ke-centre-administration-sc/)
- [知识交流及研究中心行政人员](https://www.hkubs.hku.hk/sc/admin_staff_category/ke-centre-administration-sc/)
- [知識交流及研究中心行政人員](https://www.hkubs.hku.hk/sc/admin_staff_category/ke-centre-administration-sc/)
- [Hong Kong Institute of Economics and Business Strategy](https://www.hkubs.hku.hk/sc/admin_staff_category/hong-kong-institute-of-economics-and-business-strategy-sc/)
- [香港经济及商业策略研究所](https://www.hkubs.hku.hk/sc/admin_staff_category/hong-kong-institute-of-economics-and-business-strategy-sc/)
- [香港經濟及商業策略研究所](https://www.hkubs.hku.hk/sc/admin_staff_category/hong-kong-institute-of-economics-and-business-strategy-sc/)
- [学院发展及校友事务](https://www.hkubs.hku.hk/sc/admin_staff_category/alumni-and-development-sc/)
- [學院發展及校友事務](https://www.hkubs.hku.hk/sc/admin_staff_category/alumni-and-development-sc/)
- [IT Support](https://www.hkubs.hku.hk/sc/admin_staff_category/it-support-sc/)
- [Technical Support - KKL, Town Centre](https://www.hkubs.hku.hk/sc/admin_staff_category/technical-support-kkl-town-centre-sc/)
- [Technical Support - Cyberport](https://www.hkubs.hku.hk/sc/admin_staff_category/technical-support-cyberport-sc/)
- [Web Application](https://www.hkubs.hku.hk/sc/admin_staff_category/web-application-sc/)
- [Multimedia](https://www.hkubs.hku.hk/sc/admin_staff_category/multimedia-sc/)
- [资讯科技支援](https://www.hkubs.hku.hk/sc/admin_staff_category/it-support-sc/)
- [技术支援 - 梁銶琚楼，海富中心](https://www.hkubs.hku.hk/sc/admin_staff_category/technical-support-kkl-town-centre-sc/)
- [技术支援 - 数码港](https://www.hkubs.hku.hk/sc/admin_staff_category/technical-support-cyberport-sc/)
- [网页及网路应用程式](https://www.hkubs.hku.hk/sc/admin_staff_category/web-application-sc/)
- [多媒体](https://www.hkubs.hku.hk/sc/admin_staff_category/multimedia-sc/)
- [資訊科技支援](https://www.hkubs.hku.hk/sc/admin_staff_category/it-support-sc/)
- [技術支援 - 梁銶琚樓，海富中心](https://www.hkubs.hku.hk/sc/admin_staff_category/technical-support-kkl-town-centre-sc/)
- [技術支援 - 數碼港](https://www.hkubs.hku.hk/sc/admin_staff_category/technical-support-cyberport-sc/)
- [網頁及網路應用程式](https://www.hkubs.hku.hk/sc/admin_staff_category/web-application-sc/)
- [多媒體](https://www.hkubs.hku.hk/sc/admin_staff_category/multimedia-sc/)
- [Centre of Quantitative History](https://www.hkubs.hku.hk/sc/admin_staff_category/centre-of-quantitative-history-sc/)
- [MSc Alumni and Student Services](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-alumni-and-stduent-services-sc/)
- [Centre of Quantitative History](https://www.hkubs.hku.hk/sc/admin_staff_category/centre-of-quantitative-history-sc/)
- [Centre of Quantitative History](https://www.hkubs.hku.hk/sc/admin_staff_category/centre-of-quantitative-history-sc/)
- [碩士校友及学生事务](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-alumni-and-stduent-services-sc/)
- [碩士校友及學生事務](https://www.hkubs.hku.hk/sc/admin_staff_category/tpg-alumni-and-stduent-services-sc/)
- [HKU Jockey Club Enterprise Sustainability Global Research Institute](https://www.hkubs.hku.hk/sc/admin_staff_category/hku-hkjc-esg-ri-sc/)
- [HKU Jockey Club Enterprise Sustainability Global Research Institute.](https://www.hkubs.hku.hk/sc/admin_staff_category/hku-hkjc-esg-ri-sc/)
- [HKU Jockey Club Enterprise Sustainability Global Research Institute](https://www.hkubs.hku.hk/sc/admin_staff_category/hku-hkjc-esg-ri-sc/)
- [Office of Strategic Partnerships](https://www.hkubs.hku.hk/sc/admin_staff_category/office-of-strategic-partnerships-sc/)
- [战略合作关系办公室](https://www.hkubs.hku.hk/sc/admin_staff_category/office-of-strategic-partnerships-sc/)
- [戰略合作關係辦公室](https://www.hkubs.hku.hk/sc/admin_staff_category/office-of-strategic-partnerships-sc/)
- [MBA Marketing and Admissions](https://www.hkubs.hku.hk/sc/admin_staff_category/mba-marketing-and-admissions-sc-2/)
- [MBA Marketing and Admissions](https://www.hkubs.hku.hk/sc/admin_staff_category/mba-marketing-and-admissions-sc-2/)
- [MBA Marketing and Admissions](https://www.hkubs.hku.hk/sc/admin_staff_category/mba-marketing-and-admissions-sc-2/)
- [MBA Alumni and Student Services](https://www.hkubs.hku.hk/sc/admin_staff_category/mba-alumni-and-student-services-sc/)
- [MBA Alumni and Student Services](https://www.hkubs.hku.hk/sc/admin_staff_category/mba-alumni-and-student-services-sc/)
- [MBA Alumni and Student Services](https://www.hkubs.hku.hk/sc/admin_staff_category/mba-alumni-and-student-services-sc/)
- [MBA Programme Operations](https://www.hkubs.hku.hk/sc/admin_staff_category/mba-programme-operations-sc-2-tpg-sc/)
- [MBA Programme Operations](https://www.hkubs.hku.hk/sc/admin_staff_category/mba-programme-operations-sc-2-tpg-sc/)
- [MBA Programme Operations](https://www.hkubs.hku.hk/sc/admin_staff_category/mba-programme-operations-sc-2-tpg-sc/)
- [MSc Data Team](https://www.hkubs.hku.hk/sc/admin_staff_category/msc-data-analysis-eng-sc/)
- [MSc Data Team](https://www.hkubs.hku.hk/tc/admin_staff_category/msc-data-analysis-tc/)
- [MSc Data Team](https://www.hkubs.hku.hk/sc/admin_staff_category/msc-data-analysis-eng-sc/)
- [Global Engagement](https://www.hkubs.hku.hk/sc/admin_staff_category/global-engagement-sc/)
- [環球事務](https://www.hkubs.hku.hk/sc/admin_staff_category/global-engagement-sc/)
- [环球事务](https://www.hkubs.hku.hk/sc/admin_staff_category/global-engagement-sc/)
- [Faculty Level](https://www.hkubs.hku.hk/sc/admin_staff_category/faculty-level-sc/)
- [Faculty Level](https://www.hkubs.hku.hk/sc/admin_staff_category/faculty-level-sc/)
- [Faculty Level](https://www.hkubs.hku.hk/sc/admin_staff_category/faculty-level-sc/)
- [Career Development and Training](https://www.hkubs.hku.hk/sc/admin_staff_category/career-development-training-sc/)
- [Career Development and Training](https://www.hkubs.hku.hk/sc/admin_staff_category/career-development-training-sc/)
- [Career Development and Training](https://www.hkubs.hku.hk/sc/admin_staff_category/career-development-training-sc/)
- [MBA Programmes](https://www.hkubs.hku.hk/sc/admin_staff_category/mba-programmes-sc/)
- [MBA Programmes](https://www.hkubs.hku.hk/sc/admin_staff_category/mba-programmes-sc/)
- [MBA Programmes](https://www.hkubs.hku.hk/sc/admin_staff_category/mba-programmes-sc/)
- [Masters Programmes](https://www.hkubs.hku.hk/sc/admin_staff_category/masters-programmes-sc/)
- [Masters Programmes](https://www.hkubs.hku.hk/sc/admin_staff_category/masters-programmes-sc/)
- [Masters Programmes](https://www.hkubs.hku.hk/sc/admin_staff_category/masters-programmes-sc/)
- [Undergraduate Programmes](https://www.hkubs.hku.hk/sc/admin_staff_category/cdt-undergraduate-programmes-sc/)
- [Undergraduate Programmes](https://www.hkubs.hku.hk/sc/admin_staff_category/cdt-undergraduate-programmes-sc/)
- [Undergraduate Programmes](https://www.hkubs.hku.hk/sc/admin_staff_category/cdt-undergraduate-programmes-sc/)
- [Bachelor of Global Leadership, Innovation and Society (BGLIS)](https://www.hkubs.hku.hk/sc/admin_staff_category/ugprogramme-bglis-sc/)
- [創領未來學士課程](https://www.hkubs.hku.hk/sc/admin_staff_category/ugprogramme-bglis-sc/)
- [创领未来学士课程](https://www.hkubs.hku.hk/sc/admin_staff_category/ugprogramme-bglis-sc/)
- [Admissions](https://www.hkubs.hku.hk/sc/admin_staff_category/ugprogramme-admissions-sc/)
- [本科招生及入學事務](https://www.hkubs.hku.hk/sc/admin_staff_category/ugprogramme-admissions-sc/)
- [本科招生及入学事务](https://www.hkubs.hku.hk/sc/admin_staff_category/ugprogramme-admissions-sc/)

## Staff Type Category

- [Teaching](https://www.hkubs.hku.hk/sc/staff-track/teaching-sc/)
- [Professoriate](https://www.hkubs.hku.hk/sc/staff-track/professoriate-sc/)
- [Research](https://www.hkubs.hku.hk/sc/staff-track/research-sc/)
- [Honorary](https://www.hkubs.hku.hk/sc/staff-track/honorary-sc/)
- [Adjunct](https://www.hkubs.hku.hk/sc/staff-track/adjunct-sc/)
- [Emeritus](https://www.hkubs.hku.hk/sc/staff-track/emeritus-sc/)
- [客席教授](https://www.hkubs.hku.hk/sc/staff-track/adjunct-sc/)
- [客席教授](https://www.hkubs.hku.hk/sc/staff-track/adjunct-sc/)
- [荣休教授](https://www.hkubs.hku.hk/sc/staff-track/emeritus-sc/)
- [榮休教授](https://www.hkubs.hku.hk/sc/staff-track/emeritus-sc/)
- [名誉教授](https://www.hkubs.hku.hk/sc/staff-track/honorary-sc/)
- [名譽教授](https://www.hkubs.hku.hk/sc/staff-track/honorary-sc/)
- [教授级人员](https://www.hkubs.hku.hk/sc/staff-track/professoriate-sc/)
- [教授級人員](https://www.hkubs.hku.hk/sc/staff-track/professoriate-sc/)
- [研究员](https://www.hkubs.hku.hk/sc/staff-track/research-sc/)
- [研究員](https://www.hkubs.hku.hk/sc/staff-track/research-sc/)
- [講師](https://www.hkubs.hku.hk/sc/staff-track/teaching-sc/)
- [讲师](https://www.hkubs.hku.hk/sc/staff-track/teaching-sc/)
- [Visiting](https://www.hkubs.hku.hk/sc/staff-track/visiting-sc/)
- [客座教授](https://www.hkubs.hku.hk/sc/staff-track/visiting-sc/)
- [客座教授](https://www.hkubs.hku.hk/sc/staff-track/visiting-sc/)
- [Practice](https://www.hkubs.hku.hk/sc/staff-track/practice-sc/)
- [实务教授](https://www.hkubs.hku.hk/sc/staff-track/practice-sc/)
- [實務教授](https://www.hkubs.hku.hk/sc/staff-track/practice-sc/)

## Research Expertise Category

- [Corporate disclosure](https://www.hkubs.hku.hk/sc/研究专长-sc/corporate-disclosure-sc/)
- [Accounting standards and regulations](https://www.hkubs.hku.hk/sc/研究专长-sc/accounting-standards-and-regulations-sc/)
- [Auditing](https://www.hkubs.hku.hk/sc/研究专长-sc/auditing-sc/)
- [Debt contracting](https://www.hkubs.hku.hk/sc/研究专长-sc/debt-contracting-sc/)
- [Corporate governance](https://www.hkubs.hku.hk/sc/研究专长-sc/corporate-governance-sc/)
- [Executive compensation](https://www.hkubs.hku.hk/sc/研究专长-sc/executive-compensation-sc/)
- [Financial analysts](https://www.hkubs.hku.hk/sc/研究专长-sc/financial-analysts-sc/)
- [Financial institutions](https://www.hkubs.hku.hk/sc/研究专长-sc/financial-institutions-sc/)
- [Financial reporting and capital markets](https://www.hkubs.hku.hk/sc/研究专长-sc/financial-reporting-and-capital-markets-sc/)
- [Management accounting](https://www.hkubs.hku.hk/sc/研究专长-sc/management-accounting-sc/)
- [Chinese economy](https://www.hkubs.hku.hk/sc/研究专长-sc/chinese-economy-sc/)
- [Development economics](https://www.hkubs.hku.hk/sc/研究专长-sc/development-economics-sc/)
- [Economic history](https://www.hkubs.hku.hk/sc/研究专长-sc/economic-history-sc/)
- [Economic policy](https://www.hkubs.hku.hk/sc/研究专长-sc/economic-policy-sc/)
- [International trade](https://www.hkubs.hku.hk/sc/研究专长-sc/international-trade-sc/)
- [Labour economics](https://www.hkubs.hku.hk/sc/研究专长-sc/labour-economics-sc/)
- [International finance](https://www.hkubs.hku.hk/sc/研究专长-sc/international-finance-sc/)
- [Macroeconomics](https://www.hkubs.hku.hk/sc/研究专长-sc/macroeconomics-sc/)
- [Microeconomics](https://www.hkubs.hku.hk/sc/研究专长-sc/microeconomics-sc/)
- [Organizational economics](https://www.hkubs.hku.hk/sc/研究专长-sc/organizational-economics-sc/)
- [Political economy](https://www.hkubs.hku.hk/sc/研究专长-sc/political-economy-sc/)
- [Asset pricing](https://www.hkubs.hku.hk/sc/研究专长-sc/asset-pricing-sc/)
- [Banking](https://www.hkubs.hku.hk/sc/研究专长-sc/banking-sc/)
- [Behavioural finance](https://www.hkubs.hku.hk/sc/研究专长-sc/behavioural-finance-sc/)
- [Corporate finance](https://www.hkubs.hku.hk/sc/研究专长-sc/corporate-finance-sc/)
- [Fintech](https://www.hkubs.hku.hk/sc/研究专长-sc/fintech-sc/)
- [Green finance](https://www.hkubs.hku.hk/sc/研究专长-sc/green-finance-sc/)
- [Investment](https://www.hkubs.hku.hk/sc/研究专长-sc/investment-sc/)
- [Market microstructure and trading](https://www.hkubs.hku.hk/sc/研究专长-sc/market-microstructure-and-trading-sc/)
- [Financial engineering](https://www.hkubs.hku.hk/sc/研究专长-sc/financial-engineering-sc/)
- [Healthcare operation and analytics](https://www.hkubs.hku.hk/sc/研究专长-sc/healthcare-operation-and-analytics-sc/)
- [Insurtech](https://www.hkubs.hku.hk/sc/研究专长-sc/insurtech-sc/)
- [Machine learning and intelligence for business](https://www.hkubs.hku.hk/sc/研究专长-sc/machine-learning-and-intelligence-for-business-sc/)
- [Sharing economy](https://www.hkubs.hku.hk/sc/研究专长-sc/sharing-economy-sc/)
- [Social media and advertising](https://www.hkubs.hku.hk/sc/研究专长-sc/social-media-and-advertising-sc/)
- [Supply chain management](https://www.hkubs.hku.hk/sc/研究专长-sc/supply-chain-management/)
- [Entrepreneurship](https://www.hkubs.hku.hk/sc/研究专长-sc/entrepreneurship-sc/)
- [Human resources management](https://www.hkubs.hku.hk/sc/研究专长-sc/human-resources-management-sc/)
- [International business](https://www.hkubs.hku.hk/sc/研究专长-sc/international-business-sc/)
- [Organizational behaviour](https://www.hkubs.hku.hk/sc/研究专长-sc/organizational-behaviour-sc/)
- [Strategic management](https://www.hkubs.hku.hk/sc/研究专长-sc/strategic-management-sc/)
- [Behavioural decision making](https://www.hkubs.hku.hk/sc/研究专长-sc/behavioural-decision-making-sc/)
- [Consumer behaviour](https://www.hkubs.hku.hk/sc/研究专长-sc/consumer-behaviour-sc/)
- [Consumer information processing and judgment](https://www.hkubs.hku.hk/sc/研究专长-sc/consumer-information-processing-and-judgment-sc/)
- [Digital marketing](https://www.hkubs.hku.hk/sc/研究专长-sc/digital-marketing-sc/)
- [International marketing](https://www.hkubs.hku.hk/sc/研究专长-sc/international-marketing-sc/)
- [Marketing analytics](https://www.hkubs.hku.hk/sc/研究专长-sc/marketing-analytics-sc/)
- [Marketing strategy](https://www.hkubs.hku.hk/sc/研究专长-sc/marketing-strategy-sc/)
- [Quantitative marketing](https://www.hkubs.hku.hk/sc/研究专长-sc/quantitative-marketing-sc/)
- [Services marketing](https://www.hkubs.hku.hk/sc/研究专长-sc/services-marketing-sc/)
- [Social networks](https://www.hkubs.hku.hk/sc/研究专长-sc/social-networks-sc/)
- [Accounting standards and regulations](https://www.hkubs.hku.hk/sc/研究专长-sc/accounting-standards-and-regulations-sc/)
- [Accounting standards and regulations](https://www.hkubs.hku.hk/sc/研究专长-sc/accounting-standards-and-regulations-sc/)
- [Asset pricing](https://www.hkubs.hku.hk/sc/研究专长-sc/asset-pricing-sc/)
- [Asset pricing](https://www.hkubs.hku.hk/sc/研究专长-sc/asset-pricing-sc/)
- [Auditing](https://www.hkubs.hku.hk/sc/研究专长-sc/auditing-sc/)
- [Auditing](https://www.hkubs.hku.hk/sc/研究专长-sc/auditing-sc/)
- [Banking](https://www.hkubs.hku.hk/sc/研究专长-sc/banking-sc/)
- [Banking](https://www.hkubs.hku.hk/sc/研究专长-sc/banking-sc/)
- [Behavioural decision making](https://www.hkubs.hku.hk/sc/研究专长-sc/behavioural-decision-making-sc/)
- [Behavioural decision making](https://www.hkubs.hku.hk/sc/研究专长-sc/behavioural-decision-making-sc/)
- [Behavioural finance](https://www.hkubs.hku.hk/sc/研究专长-sc/behavioural-finance-sc/)
- [Behavioural finance](https://www.hkubs.hku.hk/sc/研究专长-sc/behavioural-finance-sc/)
- [Chinese economy](https://www.hkubs.hku.hk/sc/研究专长-sc/chinese-economy-sc/)
- [Chinese economy](https://www.hkubs.hku.hk/sc/研究专长-sc/chinese-economy-sc/)
- [Consumer behaviour](https://www.hkubs.hku.hk/sc/研究专长-sc/consumer-behaviour-sc/)
- [Consumer behaviour](https://www.hkubs.hku.hk/sc/研究专长-sc/consumer-behaviour-sc/)
- [Consumer information processing and judgment](https://www.hkubs.hku.hk/sc/研究专长-sc/consumer-information-processing-and-judgment-sc/)
- [Corporate disclosure](https://www.hkubs.hku.hk/sc/研究专长-sc/corporate-disclosure-sc/)
- [Corporate disclosure](https://www.hkubs.hku.hk/sc/研究专长-sc/corporate-disclosure-sc/)
- [Consumer information processing and judgment](https://www.hkubs.hku.hk/sc/研究专长-sc/consumer-information-processing-and-judgment-sc/)
- [Corporate finance](https://www.hkubs.hku.hk/sc/研究专长-sc/corporate-finance-sc/)
- [Corporate finance](https://www.hkubs.hku.hk/sc/研究专长-sc/corporate-finance-sc/)
- [Corporate governance](https://www.hkubs.hku.hk/sc/研究专长-sc/corporate-governance-sc/)
- [Corporate governance](https://www.hkubs.hku.hk/sc/研究专长-sc/corporate-governance-sc/)
- [Debt contracting](https://www.hkubs.hku.hk/sc/研究专长-sc/debt-contracting-sc/)
- [Debt contracting](https://www.hkubs.hku.hk/sc/研究专长-sc/debt-contracting-sc/)
- [Development economics](https://www.hkubs.hku.hk/sc/研究专长-sc/development-economics-sc/)
- [Development economics](https://www.hkubs.hku.hk/sc/研究专长-sc/development-economics-sc/)
- [Digital marketing](https://www.hkubs.hku.hk/sc/研究专长-sc/digital-marketing-sc/)
- [Digital marketing](https://www.hkubs.hku.hk/sc/研究专长-sc/digital-marketing-sc/)
- [Economic history](https://www.hkubs.hku.hk/sc/研究专长-sc/economic-history-sc/)
- [Economic history](https://www.hkubs.hku.hk/sc/研究专长-sc/economic-history-sc/)
- [Economic policy](https://www.hkubs.hku.hk/sc/研究专长-sc/economic-policy-sc/)
- [Economic policy](https://www.hkubs.hku.hk/sc/研究专长-sc/economic-policy-sc/)
- [Entrepreneurship](https://www.hkubs.hku.hk/sc/研究专长-sc/entrepreneurship-sc/)
- [Entrepreneurship](https://www.hkubs.hku.hk/sc/研究专长-sc/entrepreneurship-sc/)
- [Executive compensation](https://www.hkubs.hku.hk/sc/研究专长-sc/executive-compensation-sc/)
- [Executive compensation](https://www.hkubs.hku.hk/sc/研究专长-sc/executive-compensation-sc/)
- [Financial analysts](https://www.hkubs.hku.hk/sc/研究专长-sc/financial-analysts-sc/)
- [Financial analysts](https://www.hkubs.hku.hk/sc/研究专长-sc/financial-analysts-sc/)
- [Financial engineering](https://www.hkubs.hku.hk/sc/研究专长-sc/financial-engineering-sc/)
- [Financial engineering](https://www.hkubs.hku.hk/sc/研究专长-sc/financial-engineering-sc/)
- [Financial institutions](https://www.hkubs.hku.hk/sc/研究专长-sc/financial-institutions-sc/)
- [Financial institutions](https://www.hkubs.hku.hk/sc/研究专长-sc/financial-institutions-sc/)
- [Financial reporting and capital markets](https://www.hkubs.hku.hk/sc/研究专长-sc/financial-reporting-and-capital-markets-sc/)
- [Financial reporting and capital markets](https://www.hkubs.hku.hk/sc/研究专长-sc/financial-reporting-and-capital-markets-sc/)
- [Fintech](https://www.hkubs.hku.hk/sc/研究专长-sc/fintech-sc/)
- [Fintech](https://www.hkubs.hku.hk/sc/研究专长-sc/fintech-sc/)
- [Green finance](https://www.hkubs.hku.hk/sc/研究专长-sc/green-finance-sc/)
- [Green finance](https://www.hkubs.hku.hk/sc/研究专长-sc/green-finance-sc/)
- [Healthcare operation and analytics](https://www.hkubs.hku.hk/sc/研究专长-sc/healthcare-operation-and-analytics-sc/)
- [Healthcare operation and analytics](https://www.hkubs.hku.hk/sc/研究专长-sc/healthcare-operation-and-analytics-sc/)
- [Human resources management](https://www.hkubs.hku.hk/sc/研究专长-sc/human-resources-management-sc/)
- [Human resources management](https://www.hkubs.hku.hk/sc/研究专长-sc/human-resources-management-sc/)
- [Insurtech](https://www.hkubs.hku.hk/sc/研究专长-sc/insurtech-sc/)
- [Insurtech](https://www.hkubs.hku.hk/sc/研究专长-sc/insurtech-sc/)
- [International business](https://www.hkubs.hku.hk/sc/研究专长-sc/international-business-sc/)
- [International business](https://www.hkubs.hku.hk/sc/研究专长-sc/international-business-sc/)
- [International finance](https://www.hkubs.hku.hk/sc/研究专长-sc/international-finance-sc/)
- [International finance](https://www.hkubs.hku.hk/sc/研究专长-sc/international-finance-sc/)
- [International marketing](https://www.hkubs.hku.hk/sc/研究专长-sc/international-marketing-sc/)
- [International marketing](https://www.hkubs.hku.hk/sc/研究专长-sc/international-marketing-sc/)
- [International trade](https://www.hkubs.hku.hk/sc/研究专长-sc/international-trade-sc/)
- [International trade](https://www.hkubs.hku.hk/sc/研究专长-sc/international-trade-sc/)
- [Investment](https://www.hkubs.hku.hk/sc/研究专长-sc/investment-sc/)
- [Investment](https://www.hkubs.hku.hk/sc/研究专长-sc/investment-sc/)
- [Labour economics](https://www.hkubs.hku.hk/sc/研究专长-sc/labour-economics-sc/)
- [Labour economics](https://www.hkubs.hku.hk/sc/研究专长-sc/labour-economics-sc/)
- [Machine learning and intelligence for business](https://www.hkubs.hku.hk/sc/研究专长-sc/machine-learning-and-intelligence-for-business-sc/)
- [Machine learning and intelligence for business](https://www.hkubs.hku.hk/sc/研究专长-sc/machine-learning-and-intelligence-for-business-sc/)
- [Macroeconomics](https://www.hkubs.hku.hk/sc/研究专长-sc/macroeconomics-sc/)
- [Macroeconomics](https://www.hkubs.hku.hk/sc/研究专长-sc/macroeconomics-sc/)
- [Management accounting](https://www.hkubs.hku.hk/sc/研究专长-sc/management-accounting-sc/)
- [Management accounting](https://www.hkubs.hku.hk/sc/研究专长-sc/management-accounting-sc/)
- [Marketing analytics](https://www.hkubs.hku.hk/sc/研究专长-sc/marketing-analytics-sc/)
- [Marketing analytics](https://www.hkubs.hku.hk/sc/研究专长-sc/marketing-analytics-sc/)
- [Marketing strategy](https://www.hkubs.hku.hk/sc/研究专长-sc/marketing-strategy-sc/)
- [Marketing strategy](https://www.hkubs.hku.hk/sc/研究专长-sc/marketing-strategy-sc/)
- [Market microstructure and trading](https://www.hkubs.hku.hk/sc/研究专长-sc/market-microstructure-and-trading-sc/)
- [Market microstructure and trading](https://www.hkubs.hku.hk/sc/研究专长-sc/market-microstructure-and-trading-sc/)
- [Microeconomics](https://www.hkubs.hku.hk/sc/研究专长-sc/microeconomics-sc/)
- [Microeconomics](https://www.hkubs.hku.hk/sc/研究专长-sc/microeconomics-sc/)
- [Organizational behaviour](https://www.hkubs.hku.hk/sc/研究专长-sc/organizational-behaviour-sc/)
- [Organizational behaviour](https://www.hkubs.hku.hk/sc/研究专长-sc/organizational-behaviour-sc/)
- [Organizational economics](https://www.hkubs.hku.hk/sc/研究专长-sc/organizational-economics-sc/)
- [Organizational economics](https://www.hkubs.hku.hk/sc/研究专长-sc/organizational-economics-sc/)
- [Political economy](https://www.hkubs.hku.hk/sc/研究专长-sc/political-economy-sc/)
- [Political economy](https://www.hkubs.hku.hk/sc/研究专长-sc/political-economy-sc/)
- [Quantitative marketing](https://www.hkubs.hku.hk/sc/研究专长-sc/quantitative-marketing-sc/)
- [Quantitative marketing](https://www.hkubs.hku.hk/sc/研究专长-sc/quantitative-marketing-sc/)
- [Services marketing](https://www.hkubs.hku.hk/sc/研究专长-sc/services-marketing-sc/)
- [Services marketing](https://www.hkubs.hku.hk/sc/研究专长-sc/services-marketing-sc/)
- [Sharing economy](https://www.hkubs.hku.hk/sc/研究专长-sc/sharing-economy-sc/)
- [Sharing economy](https://www.hkubs.hku.hk/sc/研究专长-sc/sharing-economy-sc/)
- [Social media and advertising](https://www.hkubs.hku.hk/sc/研究专长-sc/social-media-and-advertising-sc/)
- [Social media and advertising](https://www.hkubs.hku.hk/sc/研究专长-sc/social-media-and-advertising-sc/)
- [Social networks](https://www.hkubs.hku.hk/sc/研究专长-sc/social-networks-sc/)
- [Social networks](https://www.hkubs.hku.hk/sc/研究专长-sc/social-networks-sc/)
- [Strategic management](https://www.hkubs.hku.hk/sc/研究专长-sc/strategic-management-sc/)
- [Strategic management](https://www.hkubs.hku.hk/sc/研究专长-sc/strategic-management-sc/)
- [Supply chain management](https://www.hkubs.hku.hk/sc/研究专长-sc/supply-chain-management/)
- [Supply chain management](https://www.hkubs.hku.hk/sc/研究专长-sc/supply-chain-management/)

## Advisory Council Category

- [Chairman](https://www.hkubs.hku.hk/sc/staff-adv-council/chairman-sc/)
- [Members](https://www.hkubs.hku.hk/sc/staff-adv-council/members-sc/)
- [主席](https://www.hkubs.hku.hk/sc/staff-adv-council/chairman-sc/)
- [主席](https://www.hkubs.hku.hk/sc/staff-adv-council/chairman-sc/)
- [成员](https://www.hkubs.hku.hk/sc/staff-adv-council/members-sc/)
- [成員](https://www.hkubs.hku.hk/sc/staff-adv-council/members-sc/)

## Region

- [HKU](https://www.hkubs.hku.hk/sc/region/hku-sc/)
- [HKU Beijing Centre](https://www.hkubs.hku.hk/sc/region/hku-beijing-centre-sc/)
- [HKU Business School Shenzhen Campus](https://www.hkubs.hku.hk/sc/region/hku-shenzhen-centre-sc/)
- [香港大學](https://www.hkubs.hku.hk/sc/region/hku-sc/)
- [香港大學北京中心](https://www.hkubs.hku.hk/sc/region/hku-beijing-centre-sc/)
- [香港大學經管學院深圳校區](https://www.hkubs.hku.hk/sc/region/hku-shenzhen-centre-sc/)
- [香港大学](https://www.hkubs.hku.hk/sc/region/hku-sc/)
- [香港大学北京中心](https://www.hkubs.hku.hk/sc/region/hku-beijing-centre-sc/)
- [香港大学经管学院深圳校区](https://www.hkubs.hku.hk/sc/region/hku-shenzhen-centre-sc/)
- [HKU-Tel Aviv Innovation Hub](https://www.hkubs.hku.hk/sc/region/hku-tel-aviv-innovation-hub-sc/)
- [香港大學特拉維夫創新中心](https://www.hkubs.hku.hk/sc/region/hku-tel-aviv-innovation-hub-sc/)
- [香港大学特拉维夫创新中心](https://www.hkubs.hku.hk/sc/region/hku-tel-aviv-innovation-hub-sc/)
- [Representative Office of HKU in Vietnam](https://www.hkubs.hku.hk/sc/region/representative-office-of-hku-in-vietnam-sc/)
- [香港大学越南办事处](https://www.hkubs.hku.hk/sc/region/representative-office-of-hku-in-vietnam-sc/)
- [香港大學越南辦事處](https://www.hkubs.hku.hk/sc/region/representative-office-of-hku-in-vietnam-sc/)
- [HKU iCube](https://www.hkubs.hku.hk/sc/region/icube-sc/)
- [香港大學創立方](https://www.hkubs.hku.hk/sc/region/icube-sc/)
- [香港大学创立方](https://www.hkubs.hku.hk/sc/region/icube-sc/)
- [HKU Business School Shanghai Centre](https://www.hkubs.hku.hk/region/hku-shanghai-centre/)
- [香港大學經管學院上海校區](https://www.hkubs.hku.hk/tc/region/hku-shanghai-centre-tc/)
- [香港大学经管学院上海校区](https://www.hkubs.hku.hk/sc/region/hku-shanghai-centre-sc/)

## 多媒体图书馆

- [Alumni](https://www.hkubs.hku.hk/sc/多媒体图书馆/alumni-sc/)
- [Faculty Level](https://www.hkubs.hku.hk/sc/多媒体图书馆/faculty-level-sc/)
- [Faculty Communications Team](https://www.hkubs.hku.hk/sc/多媒体图书馆/faculty-communications-team-sc/)
- [School of Business](https://www.hkubs.hku.hk/sc/多媒体图书馆/school-of-business-sc/)
- [Undergraduate](https://www.hkubs.hku.hk/sc/多媒体图书馆/undergraduate-sc/)
- [Achievements](https://www.hkubs.hku.hk/sc/多媒体图书馆/achievements-sc/)
- [Knowledge Exchange](https://www.hkubs.hku.hk/sc/多媒体图书馆/knowledge-exchange-sc/)
- [成就](https://www.hkubs.hku.hk/sc/多媒体图书馆/achievements-sc/)
- [成就](https://www.hkubs.hku.hk/sc/多媒体图书馆/achievements-sc/)
- [校友](https://www.hkubs.hku.hk/sc/多媒体图书馆/alumni-sc/)
- [校友](https://www.hkubs.hku.hk/sc/多媒体图书馆/alumni-sc/)
- [传讯及公共事务组](https://www.hkubs.hku.hk/sc/多媒体图书馆/faculty-communications-team-sc/)
- [院校层面](https://www.hkubs.hku.hk/sc/多媒体图书馆/faculty-level-sc/)
- [院校層面](https://www.hkubs.hku.hk/sc/多媒体图书馆/faculty-level-sc/)
- [傳訊及公共事務組](https://www.hkubs.hku.hk/sc/多媒体图书馆/faculty-communications-team-sc/)
- [知識交流](https://www.hkubs.hku.hk/sc/多媒体图书馆/knowledge-exchange-sc/)
- [知识交流](https://www.hkubs.hku.hk/sc/多媒体图书馆/knowledge-exchange-sc/)
- [本科课程](https://www.hkubs.hku.hk/sc/多媒体图书馆/undergraduate-sc/)
- [本科課程](https://www.hkubs.hku.hk/sc/多媒体图书馆/undergraduate-sc/)

## Media Library Type

- [Event](https://www.hkubs.hku.hk/sc/media-library-type/event-sc/)
- [Conference](https://www.hkubs.hku.hk/sc/media-library-type/conference-sc/)
- [Seminar / Workshop](https://www.hkubs.hku.hk/sc/media-library-type/seminar-workshop-sc/)
- [Admissions](https://www.hkubs.hku.hk/sc/media-library-type/admissions-sc/)
- [Others](https://www.hkubs.hku.hk/sc/media-library-type/others-sc/)
- [Photo](https://www.hkubs.hku.hk/sc/media-library-type/photo-sc/)
- [Achievements](https://www.hkubs.hku.hk/sc/media-library-type/achievements-sc/)
- [Video](https://www.hkubs.hku.hk/sc/media-library-type/video-sc/)
- [Knowledge Exchange](https://www.hkubs.hku.hk/sc/media-library-type/knowledge-exchange-sc/)
- [成就](https://www.hkubs.hku.hk/sc/media-library-type/achievements-sc/)
- [成就](https://www.hkubs.hku.hk/sc/media-library-type/achievements-sc/)
- [收生](https://www.hkubs.hku.hk/sc/media-library-type/admissions-sc/)
- [收生](https://www.hkubs.hku.hk/sc/media-library-type/admissions-sc/)
- [會議](https://www.hkubs.hku.hk/sc/media-library-type/conference-sc/)
- [会议](https://www.hkubs.hku.hk/sc/media-library-type/conference-sc/)
- [活動](https://www.hkubs.hku.hk/sc/media-library-type/event-sc/)
- [活动](https://www.hkubs.hku.hk/sc/media-library-type/event-sc/)
- [知識交流](https://www.hkubs.hku.hk/sc/media-library-type/knowledge-exchange-sc/)
- [知识交流](https://www.hkubs.hku.hk/sc/media-library-type/knowledge-exchange-sc/)
- [照片](https://www.hkubs.hku.hk/sc/media-library-type/photo-sc/)
- [照片](https://www.hkubs.hku.hk/sc/media-library-type/photo-sc/)
- [研讨会／工作坊](https://www.hkubs.hku.hk/sc/media-library-type/seminar-workshop-sc/)
- [研討會／工作坊](https://www.hkubs.hku.hk/sc/media-library-type/seminar-workshop-sc/)
- [影片](https://www.hkubs.hku.hk/sc/media-library-type/video-sc/)
- [影片](https://www.hkubs.hku.hk/sc/media-library-type/video-sc/)