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 from Asia, Europe, and North America to exchange ideas and explore cutting-edge research in financial history. Convened by Professors Chicheng Ma, Chen Lin, and Zhiwu Chen, the programme featured distinguished contributions from established academics alongside promising work by emerging scholars, including two PhD candidates—reflecting the field’s vitality and future growth.
The sessions spanned a wide range of historical periods, geographic contexts, and thematic approaches.
Day One opened with Professor Fabio Braggion (Tilburg University) presenting his study of the London Stock Exchange (1900–1926), demonstrating how greater access to historical price data intensified market anomalies. Professor Jinlin Wei (HKUST) followed with an analysis of the City of Glasgow Bank’s sudden collapse, showing how the resulting financial panic spurred the expansion of English joint-stock banking.
The next session addressed the social dimensions of finance. Professor Tim Koojimans (NTU) examined the role of external financing in sustaining the transatlantic slave trade, while Professor Jiafu An (HKU) explored how the ethos of “rugged individualism” rooted in the American frontier continues to shape corporate environmental practices today.
Turning to monetary systems, Professor Zhihao Xu (Tsinghua University) assessed the Shanghai Gold Futures Market under the British gold standard, highlighting its effectiveness in mitigating foreign exchange risk. Ms. Jiongyi Xue (HKU PhD Candidate in Finance) traced how the influx of New World silver catalysed China’s shift to a silver standard during the late Ming dynasty.
Day Two began with Professor Carola Frydman (Northwestern University) charting the gradual rise of female corporate leadership in the United States, revealing persistent structural and cultural barriers despite increasing representation. Mr. Wanda Wang (HKU PhD Candidate in Finance) investigated how the 1910s financial crisis in China fuelled anti-government sentiment and contributed to the Qing dynasty’s collapse.
In the final session, Professor Mark Hup (CUHK) analysed 17th-century Dutch public debt, showing how adverse selection in life annuities affected social welfare. Professor Yuchen Xu (UNSW) concluded with research on how patriotism and civic engagement fostered public trust, facilitating the emergence of modern banking institutions.
Closing the workshop, Professor Chicheng Ma—Associate Director of the Centre and event organizer—expressed heartfelt thanks to all participants for their contributions to scholarly exchange and collaboration. He shared his vision to make the workshop a recurring platform for international dialogue in financial history.
The Centre extends its appreciation to the session chairs—Chicheng Ma (HKU), Mark Hup (CUHK), Xiang Fang (HKU), Yuchen Xu (UNSW), and Zhihao Xu (Tsinghua)—for their expert moderation, as well as to all colleagues, students and guests whose insightful questions enriched the discussions. Special thanks go to the Hong Kong Institute for the Humanities and Social Sciences (IHSS) for providing the elegant May Hall venue and invaluable logistical support.
For more details, visit the programme page and view moments from the workshop in our photo gallery.
