学术论文
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全球学者
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A Frog in Every Pan: Information Discreteness and the Lead-lag Returns Puzzle
A Frog in Every Pan: Information Discreteness and the Lead-lag Returns Puzzle
We re-examine the puzzling pattern of lead-lag returns among economically-linked firms. Our results show that investors consistently underreact to information from lead firms that arrives continuously, while information with the same cumulative returns arriving in discrete amounts is quickly absorbed into price. This finding holds across many different types of economic linkages, including shared-analyst-coverage. We conclude that the ǣfrog in the panǥ (FIP) momentum effect is pervasive in co-momentum settings, suggesting that information discreteness (ID) serves as a cognitive trigger that reduces investor inattention and improves inter-firm news transmission.

Listening in on Investors’ Thoughts and Conversations
Listening in on Investors’ Thoughts and Conversations
A large literature in neuroscience and social psychology shows that humans are wired to be meticulous about how they are perceived by others. In this paper, we propose that impression management considerations can also end up guiding the content that investors transmit via word of mouth and inadvertently lead to the propagation of noise. We analyze server log data from one of the largest investment-related websites in the United States. Consistent with our proposition, we find that investors more frequently share articles that are more suitable for impression management despite such articles less accurately predicting returns. Additional analyses suggest that high levels of sharing can lead to overpricing.

Paying for Beta: Leverage Demand and Asset Management Fees
Paying for Beta: Leverage Demand and Asset Management Fees
We examine how investor demand for leverage shapes asset management fees. We show that in the sample of U.S. equity mutual funds: (1) fees increase in fund market beta precisely for beta larger than one; (2) this relation becomes stronger and high-beta funds experience larger inflows when leverage constraints tighten; and (3) low net alphas are especially common among high-beta funds. These results are consistent with a model in which asset managers compete for leverage-constrained investors with heterogeneous risk aversion. The asymmetric relation between betas and fees also extends to the HML and SMB factors.

How to Recover from Work Stress, According to Science
How to Recover from Work Stress, According to Science
To combat stress and burnout, employers are increasingly offering benefits like virtual mental health support, spontaneous days or even weeks off, meeting-free days, and flexible work scheduling. Despite these efforts and the increasing number of employees buying into the importance of wellness, the effort is lost if you don’t actually recover. So, if you feel like you’re burning out, what works when it comes to recovering from stress? The authors discuss the “recovery paradox” — that when our bodies and minds need to recover and reset the most, we’re the least likely and able to do something about it — and present five research-backed strategies for recovering from stress at work.

Purple Haze, All in My Brain
Purple Haze, All in My Brain
Jian Zhang from the HKU Business School along with authors from the Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University, INSEAD in Singapore and the PBC School of Finance at Tsinghua University, helped to advance understanding of this phenomenon in their recent paper, called Air Pollution, Behavioral Bias, and the Disposition Effect in China. The team studied how air pollution can affect mental health by intensifying a certain type of cognitive bias observed in financial markets.
Future Anxiety – How COVID-19 Led People to Save More Money
Future Anxiety – How COVID-19 Led People to Save More Money
Take the recent study by Chen Lin and Mingzhu Tai from the HKU Business School, conducted with collaborators from the University of California, Berkeley and the Chinese University of Hong Kong. Their paper addressed a fundamental worry for almost everyone during the pandemic: Money. Specifically, they examined how people in the U.S. saved money in response to COVID-19.
教学和研究就是互相启发的过程 – 范亭亭博士
教学和研究就是互相启发的过程 – 范亭亭博士
求知若渴的范亭亭博士立志以大数据和数理模型探索和解释消费者的行为。在2021年12月,范博士加入我们学院任职市场学高级讲师。
以跨学科知识促进数码创新及转型 – 方钰麟教授
以跨学科知识促进数码创新及转型 – 方钰麟教授
方钰麟教授是一名资深的学者、商业个案作者、资讯科技顾问,同时亦在顶尖的国际期刊担任编辑。看中了港大经管学院拥有成为学界超新星的潜力,方教授有意贡献自己在数码创新和转型方面的知识,助学院更上一层楼。于2021年9月正式加入港大后,方教授将会领导我院新成立的数字经济和创新研究所。
在资讯科技的前沿上推陈出新 – 李哲鹏博士
在资讯科技的前沿上推陈出新 – 李哲鹏博士
「与其为个人创造财富,不如为世界创造改变」是李哲鹏博士的格言。李博士一直致力透过学术研究推动资讯科技和机器学习的创新和进步。
研究企业之间的协调行为 – 郝宇博士
研究企业之间的协调行为 – 郝宇博士
计算机编程听起来好像和经济风马牛不相及,但拥有出色的编程技术,不但能帮助个人进行经济学学术研究,更能助你在商界捉紧更多就业机会。

构想虚拟货币的未来 – 游杨博士
构想虚拟货币的未来 – 游杨博士
作为教师,在鼓励同学努力学习之余,我亦会主动了解本地市场运作以及邀请雇主来到课堂分享业界经验。

从量子物理学到计量市场学—党矗博士
从量子物理学到计量市场学—党矗博士
理科出身的我,非常欣赏同学们的商业触觉。作为他们的师长,在教导他们使用数理工具作出科学判断的同时,我亦希望能够鼓励他们爱上学习,保持对未知事物的好奇心,应用课堂所学到的知识为社会做出贡献。

控疫復常 曙光初亮
控疫復常 曙光初亮
近日香港新冠疫情回稳,特区政府于9月26日开始放宽入境检疫安排,把实施一个多月以来的「3+4」门槛下调至「0+3」,亦即抵港人士毋须接受强制检疫,只须进行3天医学监察。显而易见,此举旨在掌控疫情、保障市民健康的大前提之下,尽量扩大香港连接国际的空间,让经济有序地重拾正轨,社会得以脱离困境。
合法拉布与江湖破局
合法拉布与江湖破局
近年美国民意两极化,许多社会重大问题如枪械管制、堕胎等难以化解。民众的分歧,本该以少数服从多数的原则,在国会通过立法来解决,但这一原则常常无法奏效。少数派的拿手绝活是「拉布」,亦即通过长时间发言、讨论,阻止对某项法案投票以至法案的通过。从古罗马到当今各国议会,包括香港特区立法会的不同党派,都使用过这种手段。美国国会参众两院则只有参议院可以拉布,这自然成为法案通过的重要关卡。
确保粮食安全 农业科技绝不可少
确保粮食安全 农业科技绝不可少
自全球新冠肺炎疫情及俄乌战争爆发以来,各国在维持供应链稳定和粮食安全问题方面一直面对史无前例的挑战。2050年,预计全球将需要养活接近100亿的人口,加上粮食供应会受到一些不可预测的短期冲击,以至长期气候变化加剧对土地水源的影响,环球农业将面临巨大的考验,对丰富和廉价食品的供应造成严重压力。香港90%以上的食品供应是从国外进口,所以700多万人口的粮食安全,长远来看亦会备受冲击。
合法拉布与江湖破局
合法拉布与江湖破局
近年美国民意两极化,许多社会重大问题如枪械管制、堕胎等难以化解。民众的分歧,本该以少数服从多数的原则,在国会通过立法来解决,但这一原则常常无法奏效。少数派的拿手绝活是「拉布」,亦即通过长时间发言、讨论,阻止对某项法案投票以至法案的通过。从古罗马到当今各国议会,包括香港特区立法会的不同党派,都使用过这种手段。美国国会参众两院则只有参议院可以拉布,这自然成为法案通过的重要关卡。
Fortress China: Xi Jinping’s plan for economic independence
Fortress China: Xi Jinping’s plan for economic independence
Chen Zhiwu, a professor of finance at the University of Hong Kong, says Chinese leaders understand military conflicts may be “hard to avoid” if Beijing wants to unify Taiwan with the mainland. “The comprehensive economic sanctions against Russia after its invasion of Ukraine have only added urgency to [China] achieving self-sufficiency in technology, finance, food and energy,” Chen adds. “Self-sufficiency as a phrase has regained currency in the party’s publications.”