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，香港大學與深圳市福田區人民政府正式簽訂合作協議，以香港大學經管學院爲載體，充分發揮大學在人才培養、科研創新和全球影響力等方面的優勢，打造深港兩地教學融合、産研融合、人才互通等合作交流樣板。此項合作勢必推動粵港澳大灣區深度融合，幷促進兩地經濟長遠發展。

香港大學是世界一流的研究型大學，其經濟及工商管理學院成立于2001年，由商學院及經濟金融學院聯合組成。香港大學經管學院秉持根植香港、融入國內、面向國際的戰略定位，探索“一院兩區”的模式，搭建全球領先的教學創研平臺，打造國際化高端人才“蓄水池”。

福田是深圳的中心城區，是深圳的金融中心，在打造具有全球競爭力的金融科技産業高地方面已具規模，也具有産教研深度融合的優良基礎，建設“分布式、嵌入式、高精尖”的新型大學前景廣闊。未來，福田區將與香港大學携手共進，不斷開拓全方位深層次的合作空間，合力打造金融科技新引擎，爲國家乃至全球的金融科技發展貢獻。

在此規劃下，香港大學經管學院計劃于2022年初于福田區落成港大經管深圳校區。校區將擁有超過1萬平物理空間，在此，港大學生、校友及合作夥伴可以開展教學互動、研究討論及創業交流，格物致知，携手共進。

港大經管學院銳意成為亞洲首屈一指、具有全球影響力的知識研究中心。大學教育資助委員會（教資會）最近公佈2項研究撥款計劃，包括「優配研究金」及「傑出青年學者計劃」的結果，冀嘉許及支持學者進行更多卓越研究，而港大經管學院亦於當中取得卓越佳績。

港大經管學院於2項計劃中取得總額逾$1,600萬元撥款，創下歷年新高，比2020/21年度的$1,440萬增長達11%；總成功率亦達47%，遠高於小組的平均成功率36%，為商科學科小組之首。

在「傑出青年學者計劃」中，學院亦在商科學科小組的眾多參與院校中脫穎而出，獲得最佳表現。其75%成功率為小組之中最高，所獲的資助達至$360萬，相較2020/21年度有近80%的明顯升幅。

學院於「優配研究金」及「傑出青年學者計劃」表現理想，實有賴眾多學院成員的共同努力，逐步實踐我們成為世界頂尖、具有影響力的經濟及工商管理學術機構的目標。港大經管學院一直致力吸引更多出色的環球學者加入，進一步鞏固學院的研究實力。在過去3年間，學院邀得超過40位來自世界各地的傑出學者加盟，繼續追求更卓越的學術成就，創造前沿知識，致力於未來發展再創高峰。

展望未來，港大經管學院將繼續打造更多研究及知識交流的項目，與更多社會上不同的持份者攜手合作，期望能以我們的專長貢獻社會，為本地及全球的發展作出正面的影響。

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.

活動重溫：

港大經管學院一直致力於經濟政策研究，銳意成為經濟及商業趨勢、金融科技、人工智能及環球金融的知識研究中心，為本港、亞洲以至全球經濟作出貢獻。學院學者早前參與香港工業總會（工總）《香港製造：香港工業啟新章》研究，冀檢視港資製造企業在香港內外的經營狀況和發展策略。

是次研究為工總六十周年鑽禧項目，由工業貿易署「工商機構支援基金」撥款資助，並由港大經管學院香港經濟研究中心研究團隊進行。今年7月，工總特意舉辦《香港製造：香港工業啟新章》研究報告發布及知識交流論壇發表主要研究成果，並就研究所得提出對香港未來工業發展的政策建議。活動邀得多位業界及學界專家出席，探討香港產業政策及港資製造業發展路向等議題。

香港特別行政區財政司司長陳茂波先生為是次論壇致開幕辭，他表示：「研究指出，不少港資企業採取『中國+1』策略，在其他地區如東盟設立新生產線，以應對全球政治格局引起的貿易變化，反映港企營商視野廣闊、靈活應變，亦引證政府各項支援切合市場需要。是次工總的研究報告匯集了商會、學者及企業的見解，為政府日後制訂工業政策提供了有用參考。」

港大首席副校長、經濟學講座教授、黃乾亨黃英豪基金政治經濟學教授、香港經濟及商業策略研究所總監王于漸教授分享對香港產業轉型的觀點。他指出：「科技發展、完善體制、知識產權、貿易合約、公平裁決以及恰當的監管力度為產業鏈全球化的基礎。除了硬件上的配合，香港應建立更多的無形資本，如知識、科研結果、人才等，改變現時的土地及人才政策，配合產業轉型，將香港重新定位。我相信香港的品牌仍然有一定的優勢，亦備有足夠的條件進行『工業再出發』。業界應好好把握香港的轉型契機，在大灣區及周邊地區推動並發展創新的產業。」

圖片說明：王于漸教授分享對香港產業轉型的觀點

另外，論壇亦邀得港大經管學院滙豐基金教授（環球經濟與企業策略）、中國與全球發展研究所所長陶志剛教授連同3位業界代表，包括利豐發展（中國）有限公司董事總經理張家敏先生、團結香港基金高級副總裁兼公共政策研究院院長黃元山先生及ASM Pacific Technology Limited集團首席運營官徐靖民先生，就國家產業政策、亞洲區域發展、本地人才培育以至先進製造業界現況等多個角度，探討港資製造業的未來發展方向及所需政策支援。

圖片說明：業界及學界專家聚首，討論港資製造業的未來發展

研究報告指，本港製造業自八十年代北移，港資廠商在內地的生產活動，帶動了本地生產性服務業的需求，促使香港成為一個以服務業主導的經濟體。根據研究團隊估算，在2019年港資廠商在內地所產生的利潤達6,801億港元，相當於該年香港本地生產總值近四分之一（23.7%）；若將服務業細分計算，香港生產性服務業一直有上升趨勢，佔本地生產總值42.2%，為港資廠商境外工業對香港產生的經濟貢獻提出實證。

工總就著港資製造企業發展實況、經營策略及環球製造業發展趨勢，歸納出三個政策方向並向政府提出倡議，期望政府善用香港優勢及港資工業的基礎，為長遠產業發展作出具針對性及前瞻性的策略規劃，促進香港經濟及就業多元發展。當中包括選定行業及改善政策配套以發展本地「再工業化」、強化香港作為區域內製造業產業鏈的核心角色以及調整經濟數據統計方式以理解香港工業實貌。

工總主席葉中賢博士指：「在過去，『香港製造 (Made in Hong Kong)』只代表在香港進行生產工序的產品，惟在製造業生態轉變、香港向生產性服務業發展的趨勢下，『香港製造』應被更廣義理解為由港資廠商進行科研、設計、生產管理，蘊含源自香港的智慧與工藝的『香港製造 (Made by Hong Kong)』多元產品。政府必須正視及長遠計劃如何透過本地優勢產業的『再工業化』發展核心技術及培育工業人才、助『香港製造』持續成長，以推動香港工業整體藉著亞洲經濟起飛、製造業轉型等機遇尋求下一次突破。」

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

特殊目的收購公司(SPAC)是指以併購私人企業為主要目的的空殼公司，近年來成為不少公司籌集資金的重要渠道。在2020 年，單是美國已有248個SPAC首次公開發售(IPO)成功籌集834億美元，遠超於傳統IPO所籌集的資金。然而，亦有不少的SPAC於收購後表現欠佳。由於在IPO前未能得知合併公司的身份，亦難以預先取得其他相關的公司資訊，因此普遍認為投資者只能信賴SPAC的發起人(Sponsors)。港大經管學院幾位學者最近發佈的研究則發現，有其他的因素能有助投資者辨別SPAC能否取得成功。

是次的研究由港大經管學院金融學講座教授、寶光基金教授席教授（金融學）林晨教授、教授（金融學）Roni Michaely教授、助理教授（金融學）盧方舟博士及研究生秦詩畫進行。

發起人的角色在SPAC中比傳統IPO更重要，因為投資者需要依靠他們來選擇合適的公司進行合併，情況與創業投資中的普通合夥人相似。由於發起人相對受到較少的檢查及制衡，他們的大部分報酬亦與長期業績並無聯繫，因此增加了交易未如理想的機會。由此可見，SPAC發起人的資歷、聲譽和質素對SPAC IPO的最終成功率至關重要。是次的研究以「網絡向心性」(network centrality)作為量度的指標，以衡量管理者的人際關係、社交網絡中的影響力以及獲取資訊的能力，這些特質均能有效展現SPAC 發起人的聲譽、經驗和質素。研究顯示，發起人在私募基金(PE)和創業投資(VC)行業的人際網絡強度及覆蓋範圍是其能力的重要指標。具有高網絡向心性的發起人通常亦有更成功的IPO資金募集、更好的收購目標和更佳的長期股票回報，以及目標公司在合併後營運業績更理想的情況更為顯注。

該研究運用了2003年至2020年6月390個SPAC IPO的數據，包括發起人的往績以及與PE及VC的關係等相關資料。實證顯示，在挑選及尋找優質的合併目標時，擁有強大的社交和專業網絡非常重要，因此研究人員決定主要以PE及VC的網絡向心性以證明發起人的質素。好的人際網絡通常意味著在IPO期間可獲得更多潛在資金，以及有更多機會接觸機構投資者或上市後私募投資(PIPE)，這些都是完成業務合併不可或缺的條件。最後，網絡向心性也能向投資者發出信號，證明發起人曾獲得一定的成功率，而且值得信賴。

研究發現，PE及VC網絡向心性高的發起人比向心性低的更能有效籌募資金，向心性增加一個標準差(SD)意味著 IPO收益增加4467萬美元及PIPE投資增加5387萬美元。由於研究對象中的IPO平均收益總額為1.98億美元，而PIPE平均投資則為7900萬美元，從比率而言，研究中所表現的收益增長可算頗為可觀。

有龐大人際網絡的發起人往往能更快地尋獲目標公司進行合併。他們完成業務合併的時間能比一般平均所需的20.5個月進一步減少兩個月。同時他們亦能運用美國證券交易委員會S-4登記聲明的篇幅展露更多與目標公司相關的信息。研究發現網絡向心性每增加一個標準差，披露的信息量就會增加 12%。考慮到大眾一般缺乏關於SPAC IPO的資料，投資者應更樂意獲取更多消息以帶來更大的業務合併成功機會及營運成效，而此假設亦符合研究團隊的觀察所得。網絡向心性每增加一個標準差，亦會將合併和收購成功的可能性增加 3.7%。更重要的是，網絡向心性的增加亦與良好的長期業績息息相關：網絡向心性增加一個標準偏差可令收入在合併前增長15.2%，而合併後，杜賓Q比率(Tobin’s Q)亦能增加17.4%。在業務合併後的2年期間，PE網絡向心性每增加一個標準差能令合併後每月Fama-French三因子模型(Fama-French three-factor alpha)增加 2.1%。綜合以上研究結果發現，有更高網絡向心性的發起人更擅於尋找及挑選目標公司進行合作，並且對合併後的公司產生一定程度的正面影響。

是次的研究結果亦為監管機構帶來一些啟示。他們或可考慮實施SPAC發起人的資格認證，以及對他們的獲利方式加以規管。通過提高SPAC發起人的質素及減少結構性攤薄(dilution structure)的影響，SPAC能夠成為公司上市的可行渠道。有見於SPAC的長期表現並不理想，實施這些政策建議也可能減少SPAC整體表現欠佳的情況，並為投資者提供更好的保障。

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!