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 CoordinatorCHENZhiwuChair of Finance
Cheng Yu-Tung Professor of Finance
Co-Principal InvestigatorLINChenChair of Finance
Stelux Professor in Finance
Associate Dean (Research and Knowledge Exchange)
Co-Principal InvestigatorMAChichengAssistant Professor in Economics
Collaborator (Local)SINCLAIRAndrewAssistant Professor in Finance



China’s recent economic success and its development trajectory are among the most discussed stories of our time. To understand what drove these achievements, scholars have looked back at China’s historical roots. Before the computer age, however, no scholar could handle hundreds of thousands, let alone millions, of historical documents/cases/observations. As a result, historians traditionally had to rely on selective case studies to construct qualitative narratives that are often important and insightful but difficult for systematic testing. Now, with numerous archives being digitised in China and beyond, scholars have no choice but to work with historical ‘big data’, and the only feasible way to conduct big data-based historical inquiries is with quantitative methods.

Uniquely among nations, China has a wealth of historical and archaeological archives covering almost all aspects of society, from politics to business, law and regulation, crime and unrest, family and lineage, culture and customs, religion and social organisation and science. Many of these records have been recently digitised, offering quantitative historians an unprecedented opportunity to re-examine various aspects of China’s past, which is extremely important to assess its future and guide policymaking in Hong Kong.

We propose to establish a new Centre for Quantitative History (CQH) at the University of Hong Kong (HKU) to serve as a focal institution for coordinating and conducting research on the ‘Quantitative History of China’. The CQH will make Hong Kong a global leader in quantitative history research for three reasons. First, Hong Kong is part of China and has a linguistic/cultural/human resources advantage. Second, Hong Kong enjoys more academic freedom than mainland universities. Third, and of equal importance, is that our research team, including the PC, Co-PIs and their collaborators, has published widely on the quantitative history of China and constructed key historical databases in recent years. In 2013, the PC, together with the Co-PIs, started an annual 9-day summer school and international symposium for quantitative history to promote the proposed research approach to approximately 200 young and middle-aged scholars from more than 40 universities each year. These on-going efforts have yielded positive results in greater China and had a significant influence in Hong Kong. This project will significantly advance knowledge on the mainland’s and Hong Kong’s historical development, enhance teaching and learning, aid policymaking and improve business practices.

University Grant Committee – Areas of Excellence Scheme 1999/2000 (First Round)

Project Title: Hong Kong Institute of Economics and Business Strategy

Funding Amount: HK$36.2 million

Project Coordinator: Professor Richard Wong


HIEBS aims to become the leading international center for the study of economic policy and business strategy focusing on the dynamic role of Hong Kong in China and the Asia Pacific Region, as well as in the world. It also conducts independent and pioneering research studies, to advance the frontiers of both theoretical and applied knowledge in this area, to develop and deliver innovative educational programs to train researchers and practitioners for Hong Kong, Mainland China and the Asia-Pacific region, and to have an impact on the formulation of policy choices and business strategies. This new adventure is co-ordinated by The University of Hong Kong and benefits from cooperation with other local and overseas institutions.

University Grant Committee - Theme-based Research Scheme 2020/21 (Tenth Round)

Theme 3: Enhancing Hong Kong's Strategic Position as a Regional and International Business Centre
Project Title: Financial Technology, Stability, and Inclusion
Project Coordinator: Prof Chen Lin (HKU)

Project Coordinator (PC)LINChenChair of Finance Stelux Professor in Finance Associate DeanFBE / HKU
Co-Principal Investigator (Co-PI) LUOYeAssistant Professor in FinanceFBE / HKU
Co-Principal Investigator (Co-PI) TANGDragon YongjunProfessor in Finance & Area HeadFBE / HKU
Co-Investigator (Co-I)KWANAlan PaulAssistant Professor in FinanceFBE / HKU
Co-Investigator (Co-I)LIUYangAssistant Professor in EconomicsFBE / HKU
Co-Investigator (Co-I)TAIMingzhuAssistant Professor in FinanceFBE / HKU
FinTech has witnessed a spectacular growth in the aftermath of the 2008 financial crisis. While the industry has taken innovative approaches to promote financial inclusion by serving traditionally under-banked businesses and people, it is also exposed to nonnegligible risk that can threaten the stability of financial market. Hence, a key challenge facing the industry is to assess and manage financial risks properly while extending financial services to a wider spectrum of firms (especially small and medium enterprises SMEs) and consumers. Since SMEs and consumers possess little "hard information" (e.g., financial statements, collaterals, credit history), it makes it a grand challenge – how to evaluate and finance them adequately. This is particularly the case as SMEs and consumers play a crucial role in economic development. According to the State Council of China and HKTID, SMEs contribute to more than 80% (46%) of employment and 90% (98%) of business units in mainland China (Hong Kong). Household consumption is also a key driver of economic growth, accounting for 60% of GDP (World Bank, 2018). Therefore, it is imperative to search for the solutions. In this research, we aim to develop a scientific framework on credit risk assessment and management for small businesses and consumers, lay out a formal foundation for smart contract / mechanism design, provide a platform for conducting program evaluation on the real economic and social impact of FinTech, form and test macro theories/models of financial risk featured with FinTech development, and provide policy recommendations for financial stability and inclusion. The framework is featured with a comprehensive guidance on (a) "high-frequency, high-dimensions, high-coverage" data collection, such as capturing granular digital footprints and networks of firms and consumers, (b) feature extraction based on behavioral consistency theories (Cronqvist et al., 2012), such as extracting behavioral traits (e.g., risk attitude, self-efficacy) of small business owners and consumers from investment, consumption and their behaviors through social networks and ownership chains, (c) transformation of such "soft information" into "hard information", (d) design, selection and training of credit models that (i) exploit the predictive power of digital footprints, networks and behavioral traits versus traditional financial metrics, and (ii) dynamically adapt to business cycles, and (e) interpretation and application of model outcomes for financial institutions and policy makers. To achieve these objectives, we will convene a team of experts in finance, economics, law, data science and engineering, collaborate with top financial institutions (e.g., the largest FinTech company), and form an advisory board of world leading economists (e.g., Nobel Laureates) and important policy makers (e.g., IMF Deputy MD overseeing FinTech). The extensive network of the team with global and regional institutions (e.g., IMF, World Bank, BIS, ECB, FSB, Fed, PBC, HKMA, HKFSDC, HK Competition Commission, etc.) will help disseminate the research outputs. The deliverables will help Hong Kong transit from a traditional International Financial Centre to a FinTech hub.

GRF 2021-22

Principal InvestigatorAreaProject TitleAmount Awarded (HK$)
Professor K.W. HuiAccounting and LawEmployee Litigation and Financial Reporting291,993
Professor X. WangAccounting and LawInformation Diffusion in Broker Networks around Share Pledges400,985
Dr. Chen HengEconomicsCronies in the Courtroom: Judicial Bias, Interference and Corruption935,673
Dr. H. ZhangEconomicsDemand Uncertainty, Inventory Stock, and the Impact of Road Infrastructure on Firm Markup387,993
Dr. L. ZhangEconomicsLabor Market Liberalization, Human Capital Investment, and Inequality399,993
Dr. Y. LuoEconomics
Inference of linear programming of high dimensionality487,753
Dr. C. SunEconomics
Management and Strategy
Communication Costs and International Trade418,975
Dr. Y. WuEconomics
Management and Strategy
Social Media, Accountability, and Public Health in China670,993
Professor J. LiEconomics
Management and Strategy
Subjective Contracting with Revisions544,093
Dr. A.J. SinclairFinanceOptimal Government Funding for Innovation380,985
Dr. D. JinFinanceEquilibrium Effect of Swing Pricing on Liquidity Management of Open-End Funds349,993
Dr. Y. LiuFinanceCurrency Home Bias and Currency Choice in the International Credit Market711,993
Professor H. ZouFinanceIs there a stigma effect of publicly disclosed consumer complaints? The case of insurance504,545
Dr. Chen HailiangInnovation and Information ManagementThe Impact of Platform Commission on Mobile Ecosystem Dynamics: Analysis of a Natural Experiment953,993
Dr. L. WangInnovation and Information ManagementSupply Chain Planning and Hedging: Managing Correlated Supply and Demand Risks679,667
Dr. M.C.L. ChauInnovation and Information ManagementThe Invisible Hand in Crowdfunding535,993
Dr. X. HuInnovation and Information ManagementAn Analytical Framework for On-Demand Carpooling: Pricing, Matching, and Capacity Allocation655,993
Dr. X. ZhangInnovation and Information ManagementHigh-dimensional Simulation Metamodeling: Theory and Applications1,139,146
Professor Z. JiangInnovation and Information ManagementNudging for Healthy Behavior through Mobile Touch Experience Design610,993
Dr. H. ZhaoManagement and StrategyThe effects of performance pay complexity on job performance: A signaling theory perspective465,993
Dr. H.M. JiaMarketingFostering an Interdependent Self-Construal to Reduce Food Waste: A Resource Re-Allocation Perspective593,993
Dr. J. DuMarketingImpact of Consumer Review Bias on Quality Inference and Review System Design343,193

GRF 2020-21

Principal InvestigatorAreaProject TitleAmount Awarded (HK$)
Dr. D.K.W. ChanAccounting and LawBoard’s Dual Role of Advising and Monitoring CEOs and CEO Retention Decisions284,587
Dr. S. LuoAccounting and LawCEO Political Ideologies and CSR Contracting in Compensation Design413,475
Dr. N. RahmanAccounting and LawMarket reaction to earnings news of strategic alliance partners: The good, the bad, and the contagion438,571
Professor G. ZhangAccounting and LawCharacteristics of business operations, investment flexibility, and value generation383,515
Dr. S. ParkEconomicsOpening the Black Box of North Korea's Economy: Deep Learning with Daytime Satellite Imagery401,000
Professor W.C. SuenEconomicsPrivate tutoring as a signal-jamming activity271,994
Dr. P. XuEconomicsSelectivity in Auctions with Costly Entry: Estimation, Inference, and Counterfactuals413,450
Dr. Y. XuEconomicsReneging at a cost: the optimal selling mechanism and regulation267,336
Dr. P. YuEconomicsCalibrating the Confidence Intervals in Threshold Regression320,000
Dr. C. ZhaoEconomicsPrior Bias, Mistrust, and Garbling: An Experiment550,950
Dr. X. FangFinanceEmerging Market Spreads and Risk Premium: The Risk-free Rate Channel306,032
Dr. S. HuangFinanceDeciphering Dynamic Liquidity Management with Derivatives in Mutual Funds386,800
Dr. T.A. MaurerFinancePricing Implications of Inter-Cohort Heterogeneity in FX Markets548,000
Dr. M. TaiFinanceFrom the owner to the business: how do small business owners’ personal financial wellbeing affect their businesses?683,614
Dr. J. ZhangFinanceHousing Policy and Access to Finance for Small Business280,000
Dr. H. ChenInnovation and Information ManagementA Social Proximity Measure based on Knowledge Graph Embedding763,000
Dr. E. ParkInnovation and Information ManagementImpact of emergency department waiting time announcements on patient behavior592,000
Dr. D. YangInnovation and Information ManagementStatistical Learning of Big Data with Dynamic Tensor Structure599,861
Dr. X. ZhangInnovation and Information ManagementRanking and Selection with Covariates: Simulation for Contextual Decision-Making873,995
Professor C. HuiManagement and StrategyIdeal or not so ideal? A Career Resourcing Approach to Effects of Idiosyncratic-deals on Employee Career Success377,984
Professor J. LiManagement and StrategyThe management of incentives for waiting361,999
Dr. C. SunManagement and StrategyInput Sourcing and Output Market Power540,425
Professor Z. TaoManagement and StrategyChoice of hospital by patients in China528,360
Dr. Z. YanManagement and StrategyAntecedents of Corporate Political Strategies: A Political Network Perspective725,710
Professor K.Z. ZhouManagement and StrategyCapability Asymmetry and Innovation Performance in Buyer-Supplier Product Co-Development: A Dyadic and Dynamic View580,000
Dr. H.M. JiaMarketingHow Animated Movement Speed in Video Ads Shapes Consumer Responses: An Affective Reaction Perspective530,196

GRF 2019-20

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Professor H. CaiEconomicsIntrinsic Motivations, Incentives and Corporate Culture515,400
Dr. H. ChenInnovation and Information ManagementThe Relationship Among Digital Download, Digital Rental and Subscription-based Streaming505,079
Dr. T.T. GuAccounting and LawDo Retail Investors Affect Corporate Disclosure Policies? Evidence from the 2013 Tax Policy Change in the Alternative Investment Market304,618
Dr. S. HuangFinanceGuaranteed-Loan Networks383,133
Dr. T.W. KimAccounting and LawLabor Market for Accounting Experts and Investment Efficiency240,000
Professor K.S.J. KungEconomicsThe Rise of Communism in China988,834
Professor S.H. LauEconomicsPublic annuities: Understanding annuity buyers’ decision and proposing welfare-improving solutions404,431
Professor J. LiManagement and StrategyDesigning Power Structure536,480
Dr. J. LiAccounting and LawAccounting information quality and risk shifting with asymmetrically informed creditors206,722
Professor C. LinFinanceCredit Supply and Healthcare Service Quality563,518
Dr. T. LiuFinanceImplementing Auction Designs via Market Feedback320,000
Dr. Y. LuoEconomicsAmbiguous Consumption and Portfolio Decisions with Labor Income and Stochastic Differential Utility329,961
Dr. K. NaAccounting and LawPolitical Ideology and Corporate Tax Avoidance490,966
Dr. P. YuEconomicsPanel Threshold Regression with Unobserved Individual-Specific Threshold Effects450,000
Dr. Y. ZhengManagement and StrategyDo Political Connections Stifle Firm Innovation? Quasi-experimental Evidence from China’s Anti-corruption Campaigns339,900
Professor K.Z. ZhouManagement and StrategyIs Bribery Beneficial to Firm Performance in China? The Overlooked Side Effect on Market Capabilities526,745

GRF 2018-19

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. L.H.L. ChanAccounting and LawThe effect of career opportunities after retirement and auditor's behavior208,800
Dr. M.C.L. ChauInnovation and Information ManagementFactors Moderating the Predictive Power of Social Media Sentiment on Stock Returns382,410
Dr. C. ChenEconomicsOptimal Forecasting under Informational Frictions: Theory and Evidence414,000
Dr. H. ChenEconomicsLeaders and Social Changes164,925
Dr. L. GuFinanceInflexibility and Capital Structure Decisions283,492
Dr. P.P. KarhadeInnovation and Information ManagementSearch for Innovation: Integrating the Behavioral Theory of the Firm with Agency-Theoretic Explanations717,470
Dr. A. KathuriaInnovation and Information ManagementInformation Signals in Microsourcing Platforms170,697
Professor C. LinFinanceCredit Supply and Labor Policies450,000
Dr. T. LiuFinanceGuiding Target Shareholders301,492
Dr. Y. LiuFinanceCommodity, Asset Returns, and Inflation482,400
Dr. C. MaEconomicsKnowledge Diffusion and Scientific Production in Historical China, 1550-1800324,333
Dr. K. NaAccounting and LawTurnover Risk and CEO Compensation: Evidence From a Natural Experiment244,800
Dr. S. ShimManagement and StrategyConsequences of Nonverbal Cues During Computer-Mediated Communications: The Impact of a Leader's Emoticons on Employees' Creativity at Work271,062
Professor W.E. WanMarketingThe Impact of Access-Based, Liquid Consumption in the Sharing Economy on Consumer Moral Behavior470,511
Dr. X. WangAccounting and LawFirm's Cost Structure and IPO Price Formation330,099
Dr. Z. WangFinanceToxic Emissions and Inventor Migration445,489
Dr. H. ZhangEconomicsCapital Goods, Intermediate Goods and Gains from International Sourcing: Evidence from Chinese Manufacturing Firms485,207

GRF 2017-18

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. D.K.W. ChanAccountingCritical Audit Matter Disclosure314,596
Professor E.C. ChangFinanceThe Effect of Stock Market Indexing on the Quality of Options Market442,027
Dr. S. HuangFinanceDividend Catering and Learning from Stock Prices241,127
Professor K.W. HuiAccountingAccounting Quality and Supply Chain Mergers and Acquisitions263,826
Professor S.H. LauEconomicsEffects of mortality decline on life-cycle variables: A state-dependent approach221,613
Dr. D. LiFinanceSupply Chain, News and Post-earnings Announcement Drift346,060
Dr. J. LiAccountingA Framework of Network Analysis Based on Quadruple Book-entry Accounting System318,482
Dr. X. LiAccountingDoes Increased Mandatory Risk Disclosure Lead to Investor Perceptions of Higher Risk?  Evidence from Cross-listed Firms in China and Hong Kong328,458
Professor C. LinFinanceDo Managerial Incentives Matter? Evidence from SOE Pay-Cap Reforms in China473,885
Dr. T. LiuFinanceOptimal Securities Auctions with Entry Costs179,202
Dr. Y. LuoEconomicsParameter Uncertainty and Consumption Volatility in General Equilibrium189,158
Dr. T.W.H. NgManagementTwo Sides of the Same Coin: Disentangling the Contrary Effects of Perspective Taking on Employee Creativity368,360
Professor L.D. QiuEconomicsIntellectual Property Rights, Innovator Migration and Technology Diffusion402,281
Professor Z. TaoStrategyHospital heterogeneity, quality certification, and impacts of competition320,569
Professor D.K.C. TseMarketingMNCs as Good Parents: Strategy Tenets and Nurturing Mechanisms435,163
Dr. J. WangInnovation and Information ManagementThe Impact of the Bundled Payment Policy Scheme on Operational Performance in Health Care522,654
Dr. P. YuEconomicsTesting Unconditional Rank Preservation and Conditional Rank Similarity in Quantile Treatment Effects Evaluation139,379

GRF 2016-17

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. C.M.K. ChanStrategyA Dynamic Institution-based View of Foreign Firm Performance453,750
Dr. M.C.L. ChauInnovation and Information ManagementThe Impact of Average Rating and Information Disparity on Consumer Perception of Review Diagnosticity518,500
Dr. C. ChenEconomicsUncertainty, Trade and FDI: Short-Run and Long-Run Impact of China-Japan Island Disputes330,000
Dr. S.Y.W. ChiuEconomicsDemography and Political Economy of Large-Scale Economic Reform299,000
Dr. T.T. GuAccountingThe Impact of the Credit Default Market on Auditors: Evidence from Audit Pricing and Going Concern Reporting242,700
Dr. S.J. JiaMarketingHedonic combinatorics: How combining unrelated products affects product enjoyment969,240
Dr. H.H. KwokEconomicsEstimation Methods for Social Interaction Models with Unknown Networks196,000
Dr. H. LeeInnovation and Information ManagementMitigating the Impacts of Natural Disasters on Firms and Supply Chains715,992
Dr. T.W.H. NgManagementYou Speak, I Speak: The Dynamic Contagion Effects of Coworker Voice on Employee Voice510,550
Dr. B. QinEconomicsThe effect of anti-corruption campaigns on the value of political connections: evidence from Chinese listed companies240,000
Professor W.C. SuenEconomicsCompeting for Limited Attention in Large Media Markets282,000
Dr. Y. TangFinanceDo Credit Default Swaps Reduce the Information Advantage of Corporate Insiders?450,550
Professor Z. TaoStrategyGetting back a level playing field: evidence from China's private enterprises297,000
Dr. S.H. WangMarketingEvoking Novelty-Seeking Adoption of User-Innovations: Effects of Differential Sequencing of Category Positioning Strategies between Domain and Non-Domain Adopters394,900
Dr. X. WangAccountingCEO's Subsidiary Position and Firm's Tax Avoidance285,000
Dr. P. XuEconomicsInformation transmission and efficiencies in foreclosure sales352,500
Dr. Y. XuFinanceDisplacement risk and value premium: a global analysis639,580
Dr. Y. XuEconomicsInterdealer Trades in Over-the-Counter (OTC) Markets - Who Buys and Who Sells?227,750
Dr. P. YuEconomicsInferences and Specification Testing in Threshold Regression with Endogeneity330,000
Dr. W. ZhangInnovation and Information ManagementTechnology Adoption in Firm Networks618,000
Dr. Y. ZhangManagementEarly dysfunctional parental influence in leadership development: An adult attachment perspective387,000
Professor K.Z. ZhouStrategyAmbidexterity of International Joint Ventures in China: Institutional Drivers and Performance Implications330,000
Dr. H. ZouFinanceDirector liability, talent attraction and retention: Evidence from a natural experiment661,050

GRF 2015-16

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. P. HsuFinanceTechnology replacement and stock returns360,870
Dr. S.C.S. LaiFinanceDo Innovation-Focused Shareholders Spur Corporate Innovation?251,420
Professor C. LinFinanceDoes Corporate Governance Affect Debtholder Value? Evidence from Shareholder Voting762,800
Dr. Y. LuoEconomicsRobustness, Intertemporal Hedging Demands, and Precautionary Savings in a Partially Observable Economy165,000
Dr. H. ZhangEconomicsExport Destination, Product Quality, and Margins of Chinese Products in the International Markets339,000
Dr. S. ZhangFinanceIn search of systematic distress risk319,151
Dr. M.K. AhnAccountingThe Use of Direct Method Cash Flow Presentation and the Cost of Capital240,830
Dr. M.C.L. ChauInnovation and Information ManagementThe Effects of Traditional Media and Social Media on Penny Stocks and Non-penny Stocks621,500
Dr. S. KimMarketingUnderstanding the Motivation to Help under Mortality Salience369,000
Dr. X. LiAccountingMonitoring Role of the Press – Evidence from Press Coverage of Chinese Firms Listed in the U.S.295,000
Dr. T.W.H. NgManagementDiscrete Employee Emotions and Voice Behavior: A Longitudinal Investigation of the Reciprocal Relationships366,000
Professor C.W. ParkAccountingCEO Turnover, Incentives and Firm Life Cycle326,480
Dr. E.W. WanMarketingThe Influence of Customer Density on Consumer Experience with Anthropomorphized Self-Serving Technologies412,751
Dr. J. WangInnovation and Information ManagementOptimizing Reliability and Extended Warranty Pricing Decisions in a Supply Chain299,996

GRF 2014-15

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. H. ChenEconomicsPolitical Economy of Middle Class Activism281,285
Dr. X. HuFinanceTri-party Repo Pricing512,800
Dr. T.C. LinFinanceHow hedging and speculation demands in equity lending market are related to put option trading?232,232
Dr. B. QinEconomicsHow does political control of the Chinese media affect politician promotion and the fight against corruption?194,880
Professor L.D. QiuEconomicsFDI spillovers through Joint Ventures: Evidence from China390,000
Dr. Y. XuFinanceCorporate R&D and the cross section of stock returns: International evidence426,289
Dr. H. ZhangEconomicsEstimating Firm-Level R&D Demand and Innovation Process with Technology Spillover317,289
Professor G.C. BiddleAccountingBoard Selection Endogeneity: Evidence from Hong Kong440,916
Dr. C.M.K. ChanStrategyForeign Market Entry Mode Choice in Subnational Regions: An Institution- based view480,919
Dr. D.K.W. ChanAccountingThe Effects of Internal Control Reporting Regulation on Control Quality, Compensation and Audit Quality208,684
Dr. L.H.L. ChanAccountingEconomic consequences of collateralized personal loan by executives301,252
Dr. M.C.L. ChauInnovation and Information ManagementStudying the Order Effect of Feedbacks in Online Auction Markets: A User Study and a Bayesian Updating Model312,539
Dr. F. DuAccountingAnalyst teamwork: Team composition and forecast performance324,394
Dr. T.W.H. NgManagementTransformational and Transactional Leadership, Idiosyncratic Employment Arrangements, and Emotional and Behavioral Outcomes202,304
Dr. G.H.R. SinInnovation and Information ManagementSocial and Economic Implications of Search Engine Optimization383,264
Professor Z. TaoStrategyDo Chinese imports influence American politics?387,289
Dr. F. TianAccountingDo Accounting standards affect innovation?329,266
Professor B.C.K. YimMarketingService-Sales Ambidexterity: A Dyadic Analysis on the Underlying Processes of Its Influences on Satisfaction and Performance Outcomes for Both Employees and Customers373,114
Dr. B. ZhaoStrategyTrailing Connected Government Officials in Geographic Expansion: Evidence from Chinese Firms374,072
Professor K.Z. ZhouStrategyCustomer Participation, Product Newness, and New Product  Performance: A Conflict Management Perspective580,762
Dr. J. ZhuMarketingTap Into Product Cocreation Model-Crowd, Idea, Product Development, and Market Performance In Crowdsourcing312,425

GRF 2013-14

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. F. DuAccountingSeeing is Believing: Do Analysts Benefit from Site Visits?239,570
Dr. J. HanAccountingManagement Earnings Guidance Quantification and Attribution Quantification: An Interactive Pattern271,427
Professor C. HuiManagementTowards a threat-reaction theory of supervisor reactions to subordinate voice394,500
Professor S.S.K. LamManagementOrganizational Citizenship Behavior: A Multilevel and Cross Cultural Study295,000
Dr. H. LeeOperations ManagementThe Drivers and Impacts of Knowledge Exchange within a Supply Chain: An Empirical Study828,000
Dr. X. LiAccountingRevealed Investor Sentiment: Textual Analysis of Earnings Conference Calls208,247
Professor C.W. ParkAccountingA Structural Approach To Estimating Abnormal Working Capital Accruals266,655
Professor D.K.C. TseInternational BusinessHow Capitalism Works in China State-Owned Enterprises: An Agency Assessment of their Corporate, Social and Societal Performance350,000
Dr. E.W. WanMarketingDoes Seeing Human in Brands Enhance Brand Preference For Socially Disconnected Consumers? Anthropomorphism, Social Exclusion, and Brand Relationship374,980
Dr. X. Wang Differential Insider Trading Profitability and the Efficiency of Diversification in Multi-Segment Firms480,000
Dr. C. WuManagementA Signaling Perspective on Strategic Investments: Evidence from IPO Firms210,068
Dr. Y.S. WuAccountingIncentive Compensation for Multidimensional Tasks: A Field Experiment233,000
Dr. Y. ZhengManagementTime to leave? The influence of resource dependence structures on sequential investment termination by venture capital firms583,020
Dr. K.Z. ZhouManagementExchange Hazards, Contractual Design, and Exchange Performance: A Study of Buyer-Supplier Relationships in China496,600
Professor Y. ZhouOperations ManagementModels and Analysis of Dual-Channel Supply Chain Strategies392,000
Dr. W. ChanEconomicsThe Impact of Housing Status on Labor Market Outcomes325,057
Dr. P. HsuFinanceThe Determinants of Innovation Efficiency and Influence180,587
Dr. K. JiangEconomicsOptimal Promotion Rules in a Firm's Internal Labor Market174,864
Dr. T.C. LinFinanceDoes Short Selling Discipline Managerial Value-Destroying Behaviors?340,660
Dr. Y. LuoEconomicsModel Uncertainty and Emerging Market Business Cycles154,000
Dr. W.Y. ParkEconomicsAn empirical investigation on the dynamics of credit spreads and their implications in the euro area139,891
Dr. C. XiaFinanceCan the Feedback Effect Explain Momentum Trading and Returns?50,000

GRF 2012-13

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. M. BuehlmaierFinanceMedia-Based Merger Arbitrage297,301
Dr. C.M.K. ChanInternational BusinessSubnational institutions and foreign affiliate performance505,050
Dr. M.C.L. ChauInformation System ManagementApplying Blog Mining Techniques in Suicide Research and Prevention360,815
Dr. H. ChenEconomicsA Theory of Rumors and Revolution235,690
Dr. X. GaoFinanceRisk and Corporate Activities161,980
Professor S.H. LauEconomicsDifferential Incentives, Group Size, and Cooperation in the Intergroup Prisoner's Dilemma: An Experimental Investigation589,098
Dr. H. LeeOperations ManagementThe effect of competition on firms' sustainable policies600,600
Dr. D. LiBusiness StudiesWho causes idiosyncratic stock price volatility?363,891
Dr. T.C. LinFinanceWhat Do Informed Options Traders Know?263,827
Dr. X. LiuAccountingThe effects of CEOs' and CFOs' equity-based compensation on the remediation of internal control material weaknesses (ICMWs)180,180
Dr. C. QiuMarketingFuture Consumption Opportunity and the Generation of Mental Imagery: A New Perspective on the Impact of Mental Construal on Consumer Judgments330,603
Professor L.D. QiuEconomicsFormation and Dynamics of Free Trade Agreements: Theory and Empirics243,880
Professor Z. TaoEconomicsOnce an Enemy, Forever an Enemy? The Long-run Impact of Japanese Occupation of China on Trade and Investment198,380
Dr. F. TianAccountingThe valuation impact of managers' performance explanations in earnings press releases404,477
Dr. X. WangAccountingHow Is Equity Value Affected by the Information Risk Associated with Accounting Earnings? Evidence from Closed-end Fund Discounts.396,760
Dr. F. YangFinanceOil Shocks and Asset Prices273,874

GRF 2011-12

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr Stephen ChiuEconomicsPreferential Treatment in Centralized Admissions: The Case of Motive Schools220,000
Dr Yulei LuoEconomicsRisk-sensitive Control and Filtering, Production Fluctuations, and Inventory Behavior134,159
Prof Wing SuenEconomicsStrategic Deliberation and Super-majority Rules216,000
Prof Chenggang XuEconomicsChinese Local Governments, Industrial Clusters, and Regional Disparities804,178
Dr Frances XuEconomicsDefense Attorney's Fee Structure: A Signaling Explanation197,000
Dr Matthias BuehlmaierFinanceA Narrative Approach to Measuring Financial Constraints413,880
Dr Xianming ZhouFinanceThe Efficiency of Internal Capital Markets around Financial Crises338,059
Dr Mei LinInformation System ManagementOpen License in Platform Business Model Competition278,000
Dr Echo WanMarketingThe Risk-Taking of Excluded Consumers: Social Exclusion and Financial Decision352,434
Dr Kevin ZhouMarketingThe Development and Contingent Value of Marketing and Technology Capabilities in China: A Longitudinal and Multilevel Study344,554
Dr Heng ChenOthers - relating to Social Sciences (Economics)Housing Finance and Household Saving Rate in the U.S. and China129,749

GRF 2010-11

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr Lilian ChanAccountingInsider trading and family firms312,650
Dr Xiaohui GaoBusiness StudiesInvestor Sentiment and Idiosyncratic Risk: Implications on Expected Market Returns162,800
Dr Wen ZhouEconomicsDivestitures, mergers and competition203,500
Dr Kaiji ChenEconomicsTrends in the U.S. Hours Worked: The Effects of Population Aging and Changes in Social Security Policies247,900
Dr Zhigang LiEconomicsBelieving or belonging: Economic analysis of contributions to village temples in modern China434,660
Dr Melody LoEconomicsCompetition and Reputation in the Market for Information Intermediaries138,750
Dr Yulei LuoEconomicsModel Misspecification, Consumption Volatility, and the Current Account in Small Open Economies142,450
Dr Frances XuEconomicsCommission Sharing among Agents180,375
Dr Konan ChanFinanceInformation content of reduction in R&D investments431,975
Dr Tse-chun LinFinanceDetecting Stock Price Barriers413,475
Dr Qiao LiuFinanceOn the Chinese Pyramids: evolution, economic effects, and regulations319,125
Dr Dragon TangFinanceCollateral Asset Portfolio Management of CDOs405,150
Prof Chun HuiManagementIdiosyncratic Deals in Different Cultures: Does Being an Insider Matter?323,750
Dr Thomas NgManagementThe Consequences of Job Embeddedness: A Cross-Cultural Comparison276,575
Dr Kevin ZhouManagementThe Evolving Role of Trust and Contracts in China: A Longitudinal Assessment of Foreign Buyer-Local Supplier Exchanges384,800
Dr Tracy ZhouManagementServant Leadership on Team Performance: Moderating Effects of Team Values167,425
Prof David TseMarketingAssessing Consumer Product Brand performance in China: a Dynamic Capability Model331,150
Dr John ZhuMarketingAntecedents of Customer Satisfaction An Examination with Firm Level Augmented Quality-Satisfaction Framework271,950

GRF 2009-10

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr Jun HanAccountingThe Effect of Self-Serving versus Self-Disserving Attributions with Management Earnings Guidance267,500
Dr Xiaohui GaoBusiness StudiesMutual Fund Brokerage Commissions and Soft Dollars462,240
Dr William ChanEconomicsThe Effect of Dowry on the Welfare of Women449,720
Dr Stephen ChiuEconomicsA Theory of Intergroup Relation: with Applications to the Decline of Class and Diversity and Economic Performance241,792
Dr Zhigang LiEconomicsGrowth, Haze, and Health Outcomes: Empirical Evidence from China (1978-2006)321,200
Dr Yulei LuoEconomicsIncomplete Information Diffusion, Durables Consumption, and Inertial behavior154,080
Dr CY TseEconomicsSearch and Matching in a Spatial Economy - Middlemen, Agglomeration Economies, and the Growth of Cities as Commercial Centers in Economic Development226,544
Dr Pai XuEconomicsUnobservable Heterogeneity in Wage Variations: A Structural Approach317,000
Dr Yi LuEconomicsAn Economic Analysis of Economic Institutions and FDI Location Choice250,000
Dr Dragon TangFinanceUnderstanding the 2007/2008 Credit Crisis: Collateralized Debt Obligations (CDO) Credit Ratings286,760
Dr Jin ZhangFinanceThe Chinese Warrant Market400,000
Prof Eric ChangFinanceDual-listing and pricing efficiency: The informational and anchoring role played by the reference price.414,090
Prof Patrick ChauInformation System ManagementExamining the Effects of Avatars as a New Form of Personalization Agents on Online Shopping Decision Making and How Distrust Influences These Effects484,140
Dr S Venkata SubbanManagementStrategic Groups: A Business Model Perspective334,482
Dr Tan WangOthers - relating to Business Studies (International Business(Foreign Direct Investments in China))Assessing Positive and Negative Spillovers of Non-local Direct Investments in Chinese Cities: An Institutional-Based Model301,055
Dr Neale O'ConnorOthers - relating to Business Studies (Management Accounting)The use of management control systems in buyer supplier partnerships456,200
Dr Benjamin YenSoftwareAnalytical Modeling, Evaluation and Enhancement of Website Design438,720

GRF 2008-09

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr Jun HanAccountingInvestors' Reactions to Management Earnings Guidance: The Joint Effect of Investment Position, News Direction, and News Ambiguity359,600
Prof Amy LauAccountingAlternative Approaches for Handling Demand Curves and Production Costs in a Fundamental Supply-Chain Pricing Model (new proposed code 41081)644,180
Dr Neale O'ConnorAccountingThe Influence of Insitutional Factors and Specific Knowledge on Organization Design and Performance Measurement in China's Listed Enterprises.395,580
Dr Echo WanBusiness & Management StudiesWhen Controlling Risk Risks Control: Communicating Health Risk Perceptions and Consumer Self-control412,500
Dr Liu ZhengEconomicsShort Sale Constraints, Asymmetric Price Movements, and Skewness: Evidence from Hong Kong254,100
Dr Paul LauEconomicsEconomic Impacts of Fertility and Mortality Changes: Decomposing Demographic Dividend269,452
Dr Melody LoEconomicsStrategic Voting in Multi-candidate Races241,880
Prof Wing SuenEconomicsDelay as a Mechanism to Improve Collective Decision Making263,000
Prof Larry QiuFinanceAn Empirical Analysis of Antidumping Filings and Decisions355,000
Dr Konan ChanFinanceMarket timing and the cost of raising equity through seasoned equity offerings310,000
Dr Dean XuManagementCorporate Diversification, Group Diversification, and the Performance of Chinese Listed Firms464,000
Dr Cheng QiuMarketingDisentangling the Dual Impact of Affect on Product Judgment: The Role of Marketing Stimuli Characteristics482,185

GRF 2007-08

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr Christine ChanBusiness & Management Studies (including Accounting)The Institutional Perspective of Foreign Affiliate Performance402,368
Prof Simon LamBusiness & Management Studies (including Accounting)Hiddle Profile Decision Making: The Effects of Group Efficacy367,184
Dr Bennett YimBusiness & Management Studies (including Accounting)Effect of Coalignment of Service Strategy on Service Performance Metrics and Firm Performance Outcomes: An Integrative and Contingency Approach714,520
Dr Stephen ChiuEconomics (including Finance)Dissecting a Centralized College Admission Scheme210,008
Dr Qiao LiuEconomics (including Finance)Institutions, Financial Development, and Corporate Investment: Evidence from China's Reform Era815,480
Dr Yulei LuoEconomics (including Finance)Risk Sensitivity Meets Rational Inattention166,500
Prof Zhigang TaoEconomics (including Finance)An Economic Analysis of the Bi-sourcing Strategy for Organizing Production in the Global Economy: A Property Rights Theory Approach360,000
Dr Jianguo XuEconomics (including Finance)Heterogeneous Confidence and Short Sale Constraints: Implications for Volatility, Volume, and Skewness610,000

ECS 2021-22

Principal InvestigatorAreaProject TitleAmount Awarded (HK$)
Dr. G. SheAccounting and LawFirm Boundaries and Disclosure Quality504,000
Dr. P. TaoriAccounting and LawThe Power of Facial Expressions: Do CEOs’ Facial Emotions Convey Information to Capital Markets?455,992
Dr. J.D.G. LimEconomicsEthnic Segregation and National Identity: Evidence from Large-Scale Resettlement in Malaysia 929,594
Dr. X. FangFinanceInflation Risk in the Currency Market547,000
Dr. C.I. DangMarketingThe Information Role under Preference Mismatch on Matching Platforms674,658
Dr. J. CaoMarketingStudy App Market Structure Using Consumer App Usage Data495,358

ECS 2020-21

Principal InvestigatorAreaProject TitleAmount Awarded (HK$)
Dr. L. QiuAccounting and LawShareholder activism and firm value: the role of board incentive415,992
Dr. H. OuyangInnovation and Information ManagementOptimal bed allocation in intensive care unit with patients' health evolution and patient readmission629,540
Dr. Q. WangInnovation and Information ManagementUnderstanding matching dynamics in online labor markets577,520
Dr. M. ZhuangMarketingFeed Your Advertisements Smart: An Empirical Analysis of Newsfeed Native Advertisement Characteristics on Advertising Effectiveness in Mobile News Apps374,000

ECS 2019-20

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. J. DuMarketingNews Aggregation in Media Markets251,700
Dr. A.P. KwanFinanceBig data measures of labor supply and their economic consequences to firm performance891,340
Dr. Y. LiuFinanceIntermediary-Based International Asset Pricing402,400
Dr. W. MiyamotoEconomicsThe Role of International Trade on Business Cycle Volatilities: A Quantitative Assessment434,748

ECS 2018-19

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. Z.T. HuangMarketingSeeking Meaning through Constructing Preferences: The Effect of Life Meaninglessness on Preference Construction545,351
Dr. K.R. LeeAccounting and LawThe effect of SEC reviewer characteristics on the review process: An empirical examination of CTO reviews320,000
Dr. S. ParkEconomicsTechnology Upgrading in Agricultural Export Supply Chains: A Field Experiment in Vietnam373,100
Dr. A.J. SinclairFinanceHot Money in the Hedge Fund Market371,378
Dr. C. SunManagement and StrategyGlobalization, Capital-biased Technological Change, and the Labor Shares200,700
Dr. M. TaiFinanceThe financial and real consequences of mortgage securitization on SMEs: evidence from GSE policy changes570,380

ECS 2017-18

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. H.M. JiaMarketingWhen Consumers Perceive Products as Biological Entities: Exploring a New Perspective on How Product Anthropomorphism Affects Consumer Decision Making510,000
Dr. T.W. KimAccountingNetworks, Inter-firm Relationships, and Disclosure370,000

ECS 2016-17

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. T. SchmidFinancePrice Uncertainty, Operating Flexibility, and Payout Policy517,000
Dr. Y. TangStrategyThe Growth of Emerging Market Firms and Capital Market Choice403,790
Dr. Z. WangFinanceBank Network Centrality and Risk Sharing509,000
Dr. Y. XuFinancePartisan Politics, Tax Policy Uncertainty, and Asset Pricing497,996
Dr. B. ZhaoStrategyResource-Seeking Relocation: A Study of Life Sciences Startup Mobility345,828

ECS 2015-16

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. Y. SunFinanceMandatory Dividends and Shareholder Protection348,614
Dr. T.T. GuAccountingThe economics of enhancing audit transprancy: auditor’s reporting model and stakeholder’s behaviors376,614
Dr. J.H. JooAccountingThe ability of expected credit losses versus incurred credit losses to predict future credit losses: Implications for the 2014 credit loss accounting reform from Basel II and incurred credit loss disclosures304,715
Dr. K. NaAccountingDoes CFO Incentives Cause Accounting Manipulation? Evidence from a Natural Experiment228,614
Dr. Y. ZhangManagementLeaders' Work Demands and Abusive Supervision: A Self-Verification Perspective599,748

ECS 2014-15

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. S.J. JiaMarketingThe Taste of a Good Deal: How Transactional Utility Affects Experiential Utility569,600

ECS 2013-14

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. S. KimMarketingHow Self-Affirmation Changes Emotions and Consumer Word-of-Mouth Communications421,840
Dr. H.H. KwokEconomicsIdentification Problems in Linear Social Interaction Models140,000

ECS 2012-13

Principal InvestigatorPrimary FieldProject TitleAmount Awarded (HK$)
Dr. X. HuBusiness StudiesArbitrage Spreads and Aggregate Liquidity456,800
Financial Year of income receivedPI/ Grant HolderDepartmentFunding BodyFunding SchemeProject TitleStart Date (dd/mm/yy)Completion Date (dd/mm/yy)Amount of Funding (HK$)
2017-2018Shen, Haipeng, ProfFaculty of Business and EconomicsMinisty of Science and Technology of the People's Republic of China 中华人民共和国科学技术部("科技部")国家重点研发计划脑血管病临床研究大数据关键技术及标准和运行共享机制研究11/1/201712/31/2020235,162.00