团队

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.

Prof Michaely presented a paper utilizing a unique dataset comprising nearly one million voting rationales provided by investors. The research findings shed light on the motivations behind institutional investors’ voting decisions and their impact on corporate governance practices.

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.

There’s little evidence that the benefits to mankind make up for lower returns on your investment.

「被港大管理层委以重任，在我的家乡成立一所创业及创科中心，对我来说，是一趟非常刺激的旅程。我很期待与港大优秀的学者合作、尽早展开我的教学工作、并与香港和中国内地的商界精英交流。我相信在以色成立港大创新中心，将会为所有持分者带来莫大的裨益。我非常高兴能够参与其中。」

港大经管学院教授（金融学）Roni Michaely及另外几位教授共同参与的一项研究显示，指数基金未能有效监察旗下企业，引致投资者与公司管理层权力失衡。

港大经管学院几位学者最近发布的研究发现，有些因素能有助投资者辨别SPAC能否取得成功。