学术论文
研究焦点
知识转移
龙虎山下
媒体报导
The Impact of Logic (In)Compatibility: Green Investing, State Policy, and Corporate Environmental Performance
The Impact of Logic (In)Compatibility: Green Investing, State Policy, and Corporate Environmental Performance
Environmental protection is widely perceived as a state responsibility, but market-based solutions such as green investing have emerged in the financial sector. Little research has addressed whether green investing can affect corporate environmental performance and how the state would moderate such an impact. Using an institutional logics perspective, we extend the literature on institutional complexity by exploring the factors leading to compatibility of logics and practices. We theorize that the success of green investing as a novel hybrid practice combining financial means and environmental goals depends on the legitimacy it achieves as an appropriate solution to the stated goal, and this legitimacy can be boosted or dampened by other hybrid practices in the field. Analyzing a panel dataset of 3,706 firms from 20 countries between 2002 and 2013, we find a positive relationship between the relative size of green investment in the economy and firm-level environmental performance in that country. This relationship is moderated by state policies: a strong environmental protection policy weakens the positive relationship between green investing and corporate environmental performance, and a strong shareholder protection policy strengthens the relationship. We contribute to research on institutional complexity, logic compatibility, and public–private cooperation in pursuing the common good.

Do Multinationals Transfer Culture? Evidence on Female Employment in China
Do Multinationals Transfer Culture? Evidence on Female Employment in China
We study the global diffusion of culture through multinationals, focusing on gender norms. Using data on manufacturing firms in China from 2004 to 2007, we find that foreign affiliates from countries with a more gender-equal culture tend to employ proportionally more women and appoint more female managers. They also generate cultural spillovers, as we find that domestic firms' female labor share increases with the prevalence of foreign affiliates in the same industry or city. Based on a multi-sector model that accounts for firm heterogeneity in productivity, gender bias, and learning, we perform counterfactual exercises. By hypothetically eliminating firms' gender biases, we observe a 5% increase in China's aggregate total factor productivity, 19% of which is due to spillovers from foreign affiliates.

Air Pollution, Behavioral Bias, and the Disposition Effect in China
Air Pollution, Behavioral Bias, and the Disposition Effect in China
Inspired by the recent health science findings that air pollution affects mental health and cognition, we examine whether air pollution can intensify the cognitive bias observed in the financial markets. Based on a proprietary data set obtained from a large Chinese mutual fund family consisting of complete trading information for more than 773,198 accounts in 247 cities, we find that air pollution significantly increases investors’ disposition effects. Analysis based on two plausible exogenous variations in air quality (the vast dissipation of air pollution caused by strong winds and the Huai River policy) supports a causal interpretation. Mood regulation provides a potential mechanism.

The Competition between Confucianism and Capitalism
The Competition between Confucianism and Capitalism
Since Max Weber, Confucianism has been widely viewed as being in opposition to capitalist or modern growth in historical China, especially in comparison with the rise of Western Europe after the Protestant Reformation. In pre-19th century China, the absence of industrialization or capitalism is partially attributed to the conservative nature of Confucian culture, particularly the emphasis on the ‘adjustment’ to the world and the depreciation of pursuing wealth, among others. And perhaps more importantly, the clan as a tangible organization of Confucianism restricted interpersonal cooperation to the family or lineage scope. Such ‘kinship-based morality’, in contrast to the ‘generalised morality’ enforced by market institutions in the West, paved the way for China’s divergent developmental path from the West. In a recent study, Zhiwu Chen, Andrew Sinclair and Chicheng Ma find another channel through which Confucianism inhibits capitalism: competition in financial markets.

以计算机科学的力量实现市场学数字化 – 李曦博士
以计算机科学的力量实现市场学数字化 – 李曦博士
香港大学的百年基业声威远播,再加上我们学院与亚太区的商业群体关系良好。在强强结合下,港大的市场学学者们在研究上将如虎添翼,并能更有效地把他们的研究和知识传授给学生,继而为社会培养更优秀的人才。

周政教授获科睿唯安选为2021年度最广获征引研究人员
周政教授获科睿唯安选为2021年度最广获征引研究人员
恭喜恭喜!港大经管学院的管理及商业策略讲座教授 暨 钟瀚德基金(商业策略及国际商务)教授 周政,被科睿唯安选为「2021年度最广获征引研究人员」。

研究宏观经济学以促进包容性经济增长 - 张丽晨博士
研究宏观经济学以促进包容性经济增长 - 张丽晨博士
多年来我一直就着劳工市场上的问题进行多项研究,我期待在课堂上与学生们分享研究成果,并启发他们将来为社会出一份力。

利弊互见的SPAC热潮
利弊互见的SPAC热潮
特殊目的收购公司(Special Purpose Acquisition Company;简称SPAC)早于1990年代已在美国出现。以SPAC融资 上市虽非主流,但对比传统的首次公开招股(IPO),SPAC能提供更快捷的途径进入公开市场,尤其便于初创公司。
中美对抗的前景:理念之争还是体制之争?
中美对抗的前景:理念之争还是体制之争?
国家主席习近平最近与美国总统拜登举行视像峰会。有人可能认为中美关系会出现新转机,但有鉴双方基本态势依旧,中美战略对抗的格局不会因为最高领导人之间的会面而产生重大改变。
北部都会区将成香港的浦东新区吗?
北部都会区将成香港的浦东新区吗?
特首林郑月娥在10月发表了最新一份《施政报告》,其中大篇幅强调推动新界北的发展,并重点推出了「北部都会区」战略。北部都会区包括元朗和北区两个地方行政区,占地约300平方公里,计划落成后可容纳250万人居住。北部都会区的构想展现了香港政府少见的宏大格局。社会各界对此反应热烈,很多评论指出北部都会区的建设,有助缓解香港当前面临的诸多问题,例如土地供应长期不足、产业结构单一、创科发展缓慢、经济活动过度集中在维港两岸等。但也有分析人士持观望态度,主要是质疑香港政府对于这样一个宏大规划的实际执行能力。
利弊互见的SPAC热潮
利弊互见的SPAC热潮
特殊目的收购公司(Special Purpose Acquisition Company;简称SPAC)早于1990年代已在美国出现。以SPAC融资 上市虽非主流,但对比传统的首次公开招股(IPO),SPAC能提供更快捷的途径进入公开市场,尤其便于初创公司。
HKU Listed Among World’s Top 50 Universities With The Most Highly Cited Researchers
HKU Listed Among World’s Top 50 Universities With The Most Highly Cited Researchers
Thirty one academics of the University of Hong Kong (HKU) have been named by Clarivate in its list of “Highly Cited Researchers 2021” as the most influential in the world. Their works have been highly cited by fellow academics and are hence making a significant impact in ongoing research in their respective fields of study. The number of world’s top researchers at HKU has more than doubled that of 2020’s, and remains to be the highest among universities in Hong Kong. It is also the first time that HKU is listed among the top 50 universities globally. Highly Cited Researchers are selected for their exceptional research performance, determined by production of multiple highly cited papers that rank in the top 1% by citations for field and year in Web of Science.

4商界领袖:港企未来 不能只求赚钱
4商界领袖:港企未来 不能只求赚钱
香港大学经管学院昨举办「陈坤耀傑出学人讲座」,找来4位代表不同界别的未来领袖出席。几位与会者不约而同强调,企业应考虑对持份者的影响,而不应单单是为股东带来盈利,他们又分享了对科技、环保及企业社会责任等。