The 1^st Joint Hong Kong Empirical Microeconomics Workshop (HKEMW) 2021 was successfully held on June 11 and June 25. The workshop attracted a total of 40 scholars and students from local universities and the Cheung Kong Graduate School of Business.

To facilitate cross-university interactions, HKU Business School joined hands with HKUST to kick start the HKEMW series. The event marks the first of its kind in Hong Kong since Covid-19 started, spearheaded by the Economic Area of HKU Business School, and chaired by Dr. Gedeon Lim, Dr. John Klopfer, and Dr. Sangyoon Park.

“The pandemic will not stop us from creating knowledge for the world. Through this workshop series, we aim to facilitate the interaction and exchange of ideas between economic scholars in Hong Kong, especially in times of coronavirus where there are few face-to-face events. This is a small step towards promoting cross-university knowledge exchange and fostering camaraderie among local scholars and I look forward to upcoming workshops hosted by our partner universities. In particular, we would like to thank colleagues at HKUST and Professor James Kung for his unwavering support. The event would not have been possible without their help.” said Dr. Lim.

Dr. Gedeon Lim, Assistant Professor at HKU Business School, presents the paper “Ethnic Segregation & Politics: Evidence from Malaysia”

A total of 15 papers from empirical micro-economists in Hong Kong covering diverse fields of economic development, political economy, economic history, media, health, productivity, labour, and matching were presented during the workshop. Insightful sharing and discussions were made among participants.

Dr. Bryant Kim, Associate Professor, HKUST presents the paper “Do Part-time Jobs Attract Less Productive Workers? Evidence from Field Experiment on Data Entry Clerks in Ethiopia”

The second session was hosted by HKUST on June 25 at LSKG012, G/F, Lee Shau Kee Business Building. The workshop will be a recurrent bi-weekly event, hosted by participating institutions, for academics in Hong Kong to exchange ideas.

Through the experiential learning course, Business Consulting Practicum (BCP), students have an opportunity to work in teams to provide consulting services, and leverage business knowledge to solve specific real-life business problems for their assigned clients, under the professional guidance of teachers and mentors.

The six-week course provides students with 3 days of intensive training on consulting related skills. It allows the students to practice critical thinking, analytical skills and problem-solving skills and become more effective in working with clients, teammates and others. It also provides a free service to the organisations, mainly local small and medium-sized enterprises (SMEs).

This year, 33 students were teamed up to provide consulting services for 8 different companies. The course ended with a presentation held on July 17, 2021. In response to the impact brought by the pandemic, students were asked to provide solutions mainly on e-marketing and client acquisition. Clients and the mentors are impressed by the students’ creativity and the practicalness of the suggested solutions.

Sharing from the students:

So Ho Tin, Jacky

BCP 2021 provides me with an invaluable opportunity to be a business consultant and tackle business difficulties for my client. I can utilise the knowledge I have learned in lectures in a real-life business setting. Other than that, I developed soft skills like interpersonal skills and problem-solving skills during the 6 weeks program. Not to mention that my mentor was more than willing to provide my group with helpful advice.

Leung Shun Yan, Jamie

The most valuable thing that BCP offers is the client-facing opportunity. We face a real-life business scenario in which we need to consider the client’s budget and the marketing goals when making recommendations. We also need to keep adjusting the strategies to keep ourselves in line with the client’s expectations. During this process, we learn to communicate, negotiate and understand the difficulties of the client. This is a unique experience that we cannot have in the academic courses.

Three undergraduate FBE students took part in the HKSI Institute Scholarship Programme 2021 and were awarded 1st Runner-up, Team Award and Finalists.

Since first introduced in 2004, the HKSI Institute Scholarship Programme has provided more than 800 university students with an avenue to advance their career development for the finance industry.

For this year, participants had to submit a 1,000-word essay on the topic “How the COVID-19 has changed the world?”. Selected finalists were teamed up to work on the research project on the topic “Identify 3 major challenges impacting Research Project Sponsor’s sector due to COVID-19, and propose measures to address them” and presentation. The awardees had been offered cash prizes, 1-year HKSI membership and HKSI Institute eCredit.

Sharing from the awardees

1st Runner-up & Team Award – LAU Pak Hei Austin, BBA(Law)&LLB

“The HKSI Scholarship Program has surely been a rewarding journey for a year 1 student like me. Through rounds of oral presentations and essay writings, I have learned how Covid-19 made an impact to the banking sector and to financial regulations. My mentor, Mr. Dicky Hung from SPD Bank provided me with career insights and guidance on my group project. The program allowed me to realize the potential of my double-degree program and kick start my career in an early stage.”

Finalist – Cheung Lok Yiu Anson, BBA(Acc&Fin) 

“It is my honour to be one of the awardees of the HKSI Institute Scholarship Programme 2021 where I have the exclusive and precious opportunity to connect, network with and learn from business leaders!  I have also gained insights in the accounting industry after conducting the research project with my teammate.”

Finalist – Ma Leo, BBA(Law)&LLB

“The HKSI Institute Scholarship is an invaluable experience that allows me to explore challenges and opportunities from companies’ perspective, as well as to learn from and connect with experienced practitioners and aspiring peers. Students from all business disciplines should not hesitate to join and explore your potential.”

Professor Anna Wong, Programme Director of Asset Management and Private Banking, and ex-Director of the Hong Kong Securities and Investment Institute was at the Award Presentation and met Austin, Anson and Leo.    

“The best learning for students is learning outside of the classroom, the HKSI Scholarship Programme provides students with an excellent platform to learn and interact directly with industry practitioners.  My congratulations go to Austin, Anson and Leo.”

From the left: Ms Katherine Ng, Chairman, HKSI, Mr Leo Ma, Ms. Anson Cheung, Prof Anna Wong, Mr. Austin Lau, Ms Ruth Kung, Chief Executive, HKSI

近日，香港大学与深圳市福田区人民政府正式签订合作协议，以香港大学经管学院为载体，充分发挥大学在人才培养、科研创新和全球影响力等方面的优势，打造深港两地教学融合、产研融合、人才互通等合作交流样板。此项合作势必推动粤港澳大湾区深度融合，并促进两地经济长远发展。

香港大学是世界一流的研究型大学，其经济及工商管理学院成立于2001年，由商学院及经济金融学院联合组成。香港大学经管学院秉持根植香港、融入国内、面向国际的战略定位，探索“一院两区”的模式，搭建全球领先的教学创研平台，打造国际化高端人才“蓄水池”。

福田是深圳的中心城区，是深圳的金融中心，在打造具有全球竞争力的金融科技产业高地方面已具规模，也具有产教研深度融合的优良基础，建设“分布式、嵌入式、高精尖”的新型大学前景广阔。未来，福田区将与香港大学携手共进，不断开拓全方位深层次的合作空间，合力打造金融科技新引擎，为国家乃至全球的金融科技发展贡献。

在此规划下，香港大学经管学院计划于2022年初于福田区落成港大经管深圳校区。校区将拥有超过1万平物理空间，在此，港大学生、校友及合作伙伴可以开展教学互动、研究讨论及创业交流，格物致知，携手共进。

港大经管学院锐意成为亚洲首屈一指、具有全球影响力的知识研究中心。大学教育资助委员会（教资会）最近公布2项研究拨款计划，包括「优配研究金」及「杰出青年学者计划」的结果，冀嘉许及支持学者进行更多卓越研究，而港大经管学院亦于当中取得卓越佳绩。

港大经管学院于2项计划中取得总额逾$1,600万元拨款，创下历年新高，比2020/21年度的$1,440万增长达11%；总成功率亦达47%，远高于小组的平均成功率36%，为商科学科小组之首。

在「杰出青年学者计划」中，学院亦在商科学科小组的众多参与院校中脱颖而出，获得最佳表现。其75%成功率为小组之中最高，所获的资助达至$360万，相较2020/21年度有近80%的明显升幅。

学院于「优配研究金」及「杰出青年学者计划」表现理想，实有赖众多学院成员的共同努力，逐步实践我们成为世界顶尖、具有影响力的经济及工商管理学术机构的目标。港大经管学院一直致力吸引更多出色的环球学者加入，进一步巩固学院的研究实力。在过去3年间，学院邀得超过40位来自世界各地的杰出学者加盟，继续追求更卓越的学术成就，创造前沿知识，致力于未来发展再创高峰。

展望未来，港大经管学院将继续打造更多研究及知识交流的项目，与更多社会上不同的持份者携手合作，期望能以我们的专长贡献社会，为本地及全球的发展作出正面的影响。

The seminar on Financial Services Development in Hong Kong amidst an Ever-changing World co-hosted by HKU Business School and the Hong Kong Academy of Finance (AoF), was successfully held on 16 July. Over 250 students, alumni, and members of the AoF had joined us via zoom or in person.

Facing the challenges of geopolitical tensions and the rise of disruptive technologies, stakeholders of Hong Kong must unite and fathom new strategies to breakthrough. Against this backdrop, we have collaborated with the AoF, a renowned academic hub dedicated in bridging the intellectual might of academia, the industry, professional training institutes and the regulatory community. We are honoured to invite Mr. KC Kwok, CEO of AoF, and three gargantuan elites from the banking, securities, and insurance sectors, to share with us their sagacious knowledge.

Professor Yuk-fai Fong, Associate Dean (Taught Postgraduate) and Professor of Management and Strategy and Economics, kick-started the seminar with an overview of the challenges our financial sector are facing. Mr. KC Kwok then further elaborated his points with detailed statistics, pointing out that our financial sector is undaunted by the pandemic and its lion share in our GDP will only keep expanding. “As Hong Kong is working with international partners in the development of digital currency projects for cross-border payments, we will carry more clout in the global financial market. But against the backdrop of a low-interest rate, regulators and investors have to remain vigilant,” said Mr. Kwok.

The banking sector has not slacked, and local banks have been working closely with regulatory authorities on the development and promotion of fintech. Ms. Miranda Kwok, President and Executive Director, China Construction Bank (Asia), had also used her career story to demonstrate the adaptability and vigour of local banking elites. “While some criticise that our regulations are too tight for innovation, the stability of our banking sector must not be sacrificed.  We innovate in accordance to the market’s demand,” said Ms. Kwok.

Ms. Ding Chen, CEO, CSOP Asset Management Limited, told us that the problems of income inequality, climate changes, and ageing population, are imminent threats to the world. As such, investments in environmental, social, and governance (ESG) related issues will become increasingly important, so as the role of data science in these aspects. “It is easier to collect international financial transaction data in Hong Kong compared to other mainland cities, which makes it the excellent place for quantitative trading and big data development,” commented Ms. Ding. She observed that local business schools have conducted excellent research over the years, but more communication between the private sector and academia is needed to better utilise this great treasure. Mr. KC Kwok agreed, and he told us that the AoF has been advocating applied research in recent years.

As the world changes rapidly and unseen threat like COVID emerges, Mr. Jingwei Jia, CEO Greater China, Swiss Re Corporate Solutions, believed that risk assessments are increasingly difficult and Hong Kong must develop its tech capability to stay relevant. He exhorted students to be humble and innovative to leverage on the mass market of the mainland. “As geopolitical tensions worsens, more of the mainland’s emphasis has inevitably shifted inwards, Hong Kong’s position as China’s gateway will be further strengthened,” said Mr. Jia.

Our distinguished guests have shown us that fintech, ESG, and quantitative trading are the feasible paths we should take. The future may be unpredictable, but as our students are equipped with patience, perseverance, and good communication skills, we believe that they can grasp every opportunity and excel.

活动重温：

港大经管学院一直致力于经济政策研究，锐意成为经济及商业趋势、金融科技、人工智能及环球金融的知识研究中心，为本港、亚洲以至全球经济作出贡献。学院学者早前参与香港工业总会（工总）《香港制造：香港工业启新章》研究，冀检视港资制造企业在香港内外的经营状况和发展策略。

是次研究为工总六十周年钻禧项目，由工业贸易署「工商机构支持基金」拨款资助，并由港大经管学院香港经济研究中心研究团队进行。今年7月，工总特意举办《香港制造：香港工业启新章》研究报告发布及知识交流论坛发表主要研究成果，并就研究所得提出对香港未来工业发展的政策建议。活动邀得多位业界及学界专家出席，探讨香港产业政策及港资制造业发展路向等议题。

香港特别行政区财政司司长陈茂波先生为是次论坛致开幕辞，他表示：「研究指出，不少港资企业采取『中国+1』策略，在其他地区如东盟设立新生产线，以应对全球政治格局引起的贸易变化，反映港企营商视野广阔、灵活应变，亦引证政府各项支持切合市场需要。是次工总的研究报告汇集了商会、学者及企业的见解，为政府日后制订工业政策提供了有用参考。」

港大首席副校长、经济学讲座教授、黄干亨黄英豪基金政治经济学教授、香港经济及商业策略研究所总监王于渐教授分享对香港产业转型的观点。他指出：「科技发展、完善体制、知识产权、贸易合约、公平裁决以及恰当的监管力度为产业链全球化的基础。除了硬件上的配合，香港应建立更多的无形资本，如知识、科研结果、人才等，改变现时的土地及人才政策，配合产业转型，将香港重新定位。我相信香港的品牌仍然有一定的优势，亦备有足够的条件进行『工业再出发』。业界应好好把握香港的转型契机，在大湾区及周边地区推动并发展创新的产业。」

图片说明：王于渐教授分享对香港产业转型的观点

另外，论坛亦邀得港大经管学院汇丰基金教授（环球经济与企业策略）、中国与全球发展研究所所长陶志刚教授连同3位业界代表，包括利丰发展（中国）有限公司董事总经理张家敏先生、团结香港基金高级副总裁兼公共政策研究院院长黄元山先生及ASM Pacific Technology Limited集团首席运营官徐靖民先生，就国家产业政策、亚洲区域发展、本地人才培育以至先进制造业界现况等多个角度，探讨港资制造业的未来发展方向及所需政策支持。

图片说明：业界及学界专家聚首，讨论港资制造业的未来发展

研究报告指，本港制造业自八十年代北移，港资厂商在内地的生产活动，带动了本地生产性服务业的需求，促使香港成为一个以服务业主导的经济体。根据研究团队估算，在2019年港资厂商在内地所产生的利润达6,801亿港元，相当于该年香港本地生产总值近四分之一（23.7%）；若将服务业细分计算，香港生产性服务业一直有上升趋势，占本地生产总值42.2%，为港资厂商境外工业对香港产生的经济贡献提出实证。

工总就着港资制造企业发展实况、经营策略及环球制造业发展趋势，归纳出三个政策方向并向政府提出倡议，期望政府善用香港优势及港资工业的基础，为长远产业发展作出具针对性及前瞻性的策略规划，促进香港经济及就业多元发展。当中包括选定行业及改善政策配套以发展本地「再工业化」、强化香港作为区域内制造业产业链的核心角色以及调整经济数据统计方式以理解香港工业实貌。

工总主席叶中贤博士指：「在过去，『香港制造 (Made in Hong Kong)』只代表在香港进行生产工序的产品，惟在制造业生态转变、香港向生产性服务业发展的趋势下，『香港制造』应被更广义理解为由港资厂商进行科研、设计、生产管理，蕴含源自香港的智能与工艺的『香港制造 (Made by Hong Kong)』多元产品。政府必须正视及长远计划如何透过本地优势产业的『再工业化』发展核心技术及培育工业人才、助『香港制造』持续成长，以推动香港工业整体借着亚洲经济起飞、制造业转型等机遇寻求下一次突破。」

研究报告全文：
https://fhki.s3.ap-east-1.amazonaws.com/assets/news/MBHK%20final%20report.pdf

特殊目的收购公司(SPAC)是指以并购私人企业为主要目的的空壳公司，近年来成为不少公司筹集资金的重要渠道。在2020 年，单是美国已有248个SPAC首次公开发售(IPO)成功筹集834亿美元，远超于传统IPO所筹集的资金。然而，亦有不少的SPAC于收购后表现欠佳。由于在IPO前未能得知合并公司的身份，亦难以预先取得其他相关的公司信息，因此普遍认为投资者只能信赖SPAC的发起人(Sponsors)。港大经管学院几位学者最近发布的研究则发现，有其他的因素能有助投资者辨别SPAC能否取得成功。

是次的研究由港大经管学院金融学讲座教授、宝光基金教授席教授（金融学）林晨教授、教授（金融学）Roni Michaely教授、助理教授（金融学）卢方舟博士及研究生秦诗画进行。

发起人的角色在SPAC中比传统IPO更重要，因为投资者需要依靠他们来选择合适的公司进行合并，情况与创业投资中的普通合伙人相似。由于发起人相对受到较少的检查及制衡，他们的大部分报酬亦与长期业绩并无联系，因此增加了交易未如理想的机会。由此可见，SPAC发起人的资历、声誉和质素对SPAC IPO的最终成功率至关重要。是次的研究以「网络向心性」(network centrality)作为量度的指标，以衡量管理者的人际关系、社交网络中的影响力以及获取信息的能力，这些特质均能有效展现SPAC 发起人的声誉、经验和质素。研究显示，发起人在私募基金(PE)和创业投资(VC)行业的人际网络强度及覆盖范围是其能力的重要指标。具有高网络向心性的发起人通常亦有更成功的IPO资金募集、更好的收购目标和更佳的长期股票回报，以及目标公司在合并后营运业绩更理想的情况更为显注。

该研究运用了2003年至2020年6月390个SPAC IPO的数据，包括发起人的往绩以及与PE及VC的关系等相关数据。实证显示，在挑选及寻找优质的合并目标时，拥有强大的社交和专业网络非常重要，因此研究人员决定主要以PE及VC的网络向心性以证明发起人的质素。好的人际网络通常意味着在IPO期间可获得更多潜在资金，以及有更多机会接触机构投资者或上市后私募投资(PIPE)，这些都是完成业务合并不可或缺的条件。最后，网络向心性也能向投资者发出信号，证明发起人曾获得一定的成功率，而且值得信赖。

研究发现，PE及VC网络向心性高的发起人比向心性低的更能有效筹募资金，向心性增加一个标准偏差(SD)意味着 IPO收益增加4467万美元及PIPE投资增加5387万美元。由于研究对象中的IPO平均收益总额为1.98亿美元，而PIPE平均投资则为7900万美元，从比率而言，研究中所表现的收益增长可算颇为可观。

有庞大人际网络的发起人往往能更快地寻获目标公司进行合并。他们完成业务合并的时间能比一般平均所需的20.5个月进一步减少两个月。同时他们亦能运用美国证券交易委员会S-4登记声明的篇幅展露更多与目标公司相关的信息。研究发现网络向心性每增加一个标准偏差，披露的信息量就会增加 12%。考虑到大众一般缺乏关于SPAC IPO的资料，投资者应更乐意获取更多消息以带来更大的业务合并成功机会及营运成效，而此假设亦符合研究团队的观察所得。网络向心性每增加一个标准偏差，亦会将合并和收购成功的可能性增加 3.7%。更重要的是，网络向心性的增加亦与良好的长期业绩息息相关：网络向心性增加一个标准偏差可令收入在合并前增长15.2%，而合并后，杜宾Q比率(Tobin’s Q)亦能增加17.4%。在业务合并后的2年期间，PE网络向心性每增加一个标准偏差能令合并后每月Fama-French三因子模型(Fama-French three-factor alpha)增加 2.1%。综合以上研究结果发现，有更高网络向心性的发起人更擅于寻找及挑选目标公司进行合作，并且对合并后的公司产生一定程度的正面影响。

是次的研究结果亦为监管机构带来一些启示。他们或可考虑实施SPAC发起人的资格认证，以及对他们的获利方式加以规管。通过提高SPAC发起人的质素及减少结构性摊薄(dilution structure)的影响，SPAC能够成为公司上市的可行渠道。有见于SPAC的长期表现并不理想，实施这些政策建议也可能减少SPAC整体表现欠佳的情况，并为投资者提供更好的保障。

研究全文（只提供英文版本）：
SPAC IPOs and Sponsor Network Centrality
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3856181

Professor Anthony Yeh (middle in left grid), Professor Zhigang Tao (left in left grid) and Professor George Lin (right in left grid) invited nine distinguished panellists representing leaders of trade, industry and academia to share their insights into Hong Kong’s new economic roles and economic cooperation models in the Greater Bay Area. The distinguished panelists are Mr. C.M. Chan, Vice-President, The Law Society of Hong Kong; Mr. Ka-mun Chang, Managing Director, Li & Fung Development (China) Ltd and Secretary General, 2022 Foundation; Mr. David Graham, Executive Director, The British Chamber of Commerce; Mr. Nicholas Kwan, Director of Research, Hong Kong Trade Development Council; Mr. Thomas Lee, President, Hong Kong Institute of Planners; Mr. George Siu-kay Leung, CEO, The Hong Kong General Chamber of Commerce; Ir Prof. Paul Hon-yan Tsui, Vice-President, The Chartered Institute of Logistics and Transport in Hong Kong; Professor Lap-Chee Tsui, President, Hong Kong Academy of Sciences; and Dr. Daniel Yip, Chairman, Federation of Hong Kong Industries

The University of Hong Kong has a long history of active research on the Pearl River Delta after China’s economic reform and Open-Door Policy in 1978. Since the early 2000s, the University has been conducting policy-oriented and academic research relating to Hong Kong and Pearl River Delta (now known as the Greater Bay Area, GBA) development in a bid to inform business leaders and policymakers about the opportunities and challenges in the GBA.

On Friday, July 9, a webinar with over 200 registered participants was held to present and discuss the findings of a latest strategic public policy research project “In Search of New Economic Cooperation Models between Hong Kong and the Greater Bay Area” funded by the Policy Innovation and Co-ordination Office (PICO) of the HKSAR Government.

The webinar began with welcoming remarks by Professor Richard Y.C. Wong, Provost and Deputy Vice-Chancellor of the University of Hong Kong and Mr. Benjamin Mok, Deputy Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area of the Hong Kong SAR Government.

Professor Richard Y.C. Wong, Provost and Deputy Vice-Chancellor of the University of Hong Kong delivered a pre-recorded opening speech.

Mr. Benjamin Mok Kwan-yu, Deputy Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area of the Hong Kong SAR Government was invited to give opening remarks.

Following the presentations on major findings of the studies and possible new economic cooperation models, nine panellists representing both the private and public sectors joined a panel discussion to exchange their views on how Hong Kong can capitalise on the opportunities brought about by the development of the GBA and proactively develop innovative policies to implement new economic cooperation models between Hong Kong and the GBA.

This interdisciplinary research project was led by Professor Anthony Yeh of HKU Department of Urban Planning and Design, with Professor Zhigang Tao of HKU Business School, Professor George Lin of HKU Department of Geography, Dr. Xingjian Liu of HKU Department of Urban Planning and Design, and Dr. Fiona Yang of the School of Geography and Urban Planning of Sun Yat-Sen University as co-investigators. It aims to search for new economic cooperation models between Hong Kong and the Greater Bay Area in a knowledge-based high-tech economy.

A Guangdong-Hong Kong-Macau Greater Bay Area Information Net that provides a one-stop portal about the 9+2 cities in the Greater Bay Area has been produced by the research project. Find out more: http://www.dupad.hku.hk/hkprd/greaterbay/english/index.htm

Webinar website: http://www.dupad.hku.hk/cusup/gba/webinar

The Bachelor of Finance in Asset Management and Private Banking programme was founded in 2017, the first cohort of 23 students will be graduating, most of them this summer and a few (who have taken gap term) next semester/year.

Five of them have decided to pursue a Master degree joining King’s College London, Imperial London College, Carnegie Mellon University, Waseda University and the University of Hong Kong.   One student is returning to his home country in Europe.

Of the remaining 17 students, all of them have secured their graduate job or internship (for those who graduate next semester/year).  Six (35% out of the 17) of them are joining Private Banking/Retail Wealth Management, five (29%) of them are joining Investment Banks/Securities Firms, four (24%) of them are joining Asset Management, one (6%) of them is joining Consulting. Interestingly, one student (6%) decided to start his own “start-up”.

Asset Management and Private Banking First Cohort of 23 Students going into…

Recruiting firms include BNP Paribas, BOC International, Bretteville Consulting, China Asset Management, CCB International, Fidelity, Goldman Sachs, Guotai Junan International, HSBC, Julius Baer, Millennium Management, Pictet, Societe Generale, Standard Chartered and UBS.

Congratulations to the first graduating cohort and we look forward to your sharing with your junior AMPBers in the years to come.  Stay connected. CONGRATULATIONS!