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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.
February 2026
Journal of Marketing Research
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.
February 2026
Journal of Marketing Research
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.
February 2026
Journal of Public Economics
Key Takeaways Net-zero portfolios (NZPs), managing over $130 trillion USD in assets, align financial performance with climate goals. These portfolios reward firms that actively reduce emissions while excluding those lagging behind, driving market incentives for decarbonization.
The study introduces distance to exit (DTE), a forward-looking metric that measures a firm’s risk of exclusion from NZPs based on its carbon footprint and decarbonization efforts.
Firms with higher DTEs—seen as safer from exclusion—tend to have higher valuations but lower expected returns, highlighting the market’s pricing of carbon-transition risks.
DTE serves as both a risk measure and a catalyst for action, incentivizing firms to accelerate decarbonization to remain in NZPs, while enabling portfolios to achieve up to 95% reductions in carbon intensity without sacrificing sector diversification. Source Publication:
10 Jan 2025
Research
Key Takeaways The agricultural export value of Brazil has quadrupled over the last two decades due to rising global demand.
Brazil’s agricultural export boom drives deforestation: between 1997 and 2019, trade-induced agricultural expansion led to the loss of 3.6 million hectares of forest.
Trade-induced deforestation causes severe health consequences: it results in over 700,000 premature deaths, primarily from cardio-respiratory diseases linked to pollution from deforestation in upwind areas.
The economic cost of these deaths is estimated at $513 billion USD—about 18% of Brazil’s total agricultural export value during the same period.
These findings highlight the negative health impacts of trade-induced deforestation and the resulting regional inequality, because mortality costs and economic benefits are not always shared by the same populations. Source Publication:
8 Jan 2025
Research
Key Takeaways This study develops a theoretical framework to explore how carbon taxes and financial market tools (e.g., sustainability-linked loans and bonds) interact in reducing carbon emissions.
Carbon taxes remain the most effective tool for achieving emission reductions and increasing welfare but are often politically constrained.
Carbon-contingent financing provides an alternative incentive for standard agents to adopt green technologies, but its effectiveness depends on the financial resources of environmentally motivated agents who are funding the transition.
Although carbon taxes and market-based solutions can coexist, carbon-contingent financing may undermine political support for taxes, potentially reducing their overall effectiveness in addressing emissions.
The model’s predictions emphasize the need for a balanced climate strategy, whereby carbon taxes and financial market solutions complement each other by targeting different regions or sectors with distinct characteristics. Source Publication:
5 Jan 2025
Research
While computer languages may sound alien to economics, I aim to showcase that good programming skills are conducive not limited to economic research, it can also open up endless career possibilities for you in the business world.
31 Jan 2022
Economics
As a teacher, I will push myself to understand the expectations of local employers' and the market dynamics of Hong Kong.
18 Jan 2022
Finance
As a science person, I am impressed by our students' strong business acumen. But as a teacher, other than teaching them how to use quantitative tools to make scientific claims, I also hope that I can encourage them to continue to stay inquisitive about the world and apply their classroom knowledge for the betterment of the society.
5 Jan 2022
Marketing
Sitting in an office at the foot of Lung Fu Shan, the view from the window is of the lush greenery of Pok Fu Lam, with the shimmering waters of Victoria Harbour faintly visible in the distance. This is where academia and finance converge in Hong Kong, and it offers one of the best vantage points for observing the city’s economic pulse.
11 Feb 2026
Faculty
In the history of global new energy vehicles’ refueling (or replenishment) evolution, battery-swapping technology has undergone a dramatic rebirth. As early as 2007, the Israeli company Better Place conceived a blueprint for automated battery swapping, attempting to eliminate range anxiety through the physical replacement of batteries.
4 Feb 2026
Faculty
Looking back over the past five years, the global automobile industry has gone through a turbulent first half, during which the main focus of competition was “energy defines the car” — a race in battery technology and driving range.
28 Jan 2026
Faculty
China’s economy is currently in a period of deep structural transformation. Despite the potential of its 1.4 billion-strong domestic market, the contraction of the wealth effect triggered by the real estate correction, together with a high household savings rate (exceeding 43% in 2024) and weak consumer confidence, is constraining the release of domestic demand.
6 Feb 2026
Large language models are increasingly permeating core domains such as knowledge production, business analysis, legal consulting, and medical decision-making. A problem that was once often regarded as a mere technical flaw is rapidly becoming a new focal point in the global technology race: the “hallucination” of large language models—namely, the tendency of a model, when lacking any factual basis, to still produce highly “confident,” fluent, yet false answers.
22 Jan 2026
When used appropriately, generative AI can significantly enhance human productivity. It can help teams explore strategies, draft marketing plans, and greatly expand the breadth and speed of individual output.
8 Jan 2026
Sitting in an office at the foot of Lung Fu Shan, the view from the window is of the lush greenery of Pok Fu Lam, with the shimmering waters of Victoria Harbour faintly visible in the distance. This is where academia and finance converge in Hong Kong, and it offers one of the best vantage points for observing the city’s economic pulse.
11 Feb 2026
Faculty
China’s economy is currently in a period of deep structural transformation. Despite the potential of its 1.4 billion-strong domestic market, the contraction of the wealth effect triggered by the real estate correction, together with a high household savings rate (exceeding 43% in 2024) and weak consumer confidence, is constraining the release of domestic demand.
6 Feb 2026
In the history of global new energy vehicles’ refueling (or replenishment) evolution, battery-swapping technology has undergone a dramatic rebirth. As early as 2007, the Israeli company Better Place conceived a blueprint for automated battery swapping, attempting to eliminate range anxiety through the physical replacement of batteries.
4 Feb 2026
Faculty


























