Roni MICHAELY
Prof. Roni MICHAELY
金融學
Professor

3910 2185

KK 934

Academic & Professional Qualification

PhD

Biography

Professor Michaely is a professor of Finance and Entrepreneurship at The University of Hong Kong. Before that he spent a significant portion of his career as The Rudd Family professor of Finance at Cornell University and Cornell Tech. His teaching include Corporate Finance and Entrepreneurial Finance for MBAs, executive MBAs, DBA and PhD students. Professor Michaely’s research interests are in the areas of empirical corporate finance, corporate governance, entrepreneurial finance, and FinTech. His current research focuses on how frictions in capital markets affect managers’ corporate decisions and new product developments; with a particular focus on corporate payout policy, the effect of competition in firms’ behavior, and on the impact of Fintech on capital market efficiency. He was recently recognised as one of the most prolific researchers in finance with over 25,000 citations.

His research has appeared in such scholarly journals as the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Management Science, The Review of Finance, and Journal of Financial and Quantitative Analysis. His research has been frequently featured in the Wall Street Journal, New York Times, the Economist, Investor’s Business Daily, Bloomberg, BusinessWeek, Forbes, Barrons, Money, and others. Prof. Michaely has given over 200 invited research talks, conference presentations and key-note speeches around the world, and is working with scholars from Asia, the US, and Europe, on research in corporate finance. Professor Michaely collaborates on research projects with many research scholars from Asia, the US, and Europe.

Professor Michaely’s research has also received many awards and honors. Awards include the 2020 Review of Finance best paper award, the 2017 Distinguish research award of the Eastern Finance Association, the 2005 Journal of Financial Economics Fama Prize for best paper, the 2000 Journal of Finance Smith Breeden Prize for distinguish paper, the 2000 Western Finance Association Award for the best paper on capital formation, The Review of Financial Studies 1999 Barclays Global Investors/Michael Brennan Runner-up Award, the 1999 Western Finance Association Award for the best paper, 1996 Quantitative Alliance Group Prize for best paper, and the 1996 Western Finance Association Award for best paper on investments.

Professor Michaely is a co-founder of Gina Life, a medical devise startup, and is currently on the board of Tipranks, and on the advisory board of Mogul, Hyro and Nielsen Innovate. He was a director of the Israeli Securities Authority (ISA) from 1998 to 2003, and was the chairperson of Tachlit (mutual fund) investment committee.

Research Interest
  • Empirical Corporate Finance
  • Corporate Governance
  • Entrepreneurialship
  • Fin Tech
  • Innovation
Selected Publications
Awards and Honours
  • The 2020 Review of Finance best paper award (the Pagano-Zechner Award) for the paper: “Are U.S. Industries Becoming More Concentrated?”
  • Distinguish Research Award, Eastern Finance Association, 2017
  • The 2005 Jensen Prize for the best paper published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations; (for the paper: “Payout Policy in the 21st Century”).
  • The 2000 Journal of Finance Smith Breeden Prize for distinguish paper (for the paper: “When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket”)
  • The 2000 Western Finance Association Award for the best paper on capital formation (for the paper: “The Making of a Dealer Market: From Entry to Equilibrium in the trading of Nasdaq Stocks”)
  • The Review of Financial Studies 1999 Barclays Global Investors/Michael Brennan Runner-up Award (“Conflict of Interest and The Credibility of Underwriter Analyst Recommendations “)
  • The 1999 Western Finance Association Award for the best paper (for the paper: “When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket”)
Recent Publications
銀行提供禮賓服務:來自薪資保護計劃的實證

研究透過薪資保護計劃向上市公司提供貸款的數據,區分銀行和公司因人際關係而造成偏袒和信息優勢這兩個因素。由於薪資保護計劃的貸款由政府作擔保,因此銀行毋需對貸款人進行嚴格的審查,這有效減少信息摩擦,並可量化偏袒行為的效應。研究發現與銀行有私人聯繫的公司,較容易獲取薪資保護計劃的貸款。當公司的財務越透明,此等私人聯繫的作用會因而減弱,但並不會因銀行的企業管治而產生變化。研究亦指出,為避免監管審查,關聯公司還款機率較大。整體而言,我們就銀行借貸的偏袒行為提出清晰的估算,並突顯政府計劃利用銀行體系分配資本時,所帶來意想不到的後果。

快速成功之路:獲取訊息的成本與訊息生產

研究利用中國引入高速鐵路 (HSR) 的項目作為獲取訊息成本的外來衝擊因素,發現獲取訊息成本降低可導致 (i) 訊息生產量顯著增加 (從分析師更頻密地到訪投資組合公司足可證明),以及 (ii) 生產質量有所提升 (從分析師能夠提高預測準確度及提出更好的投資建議中展現)。對於難以生產訊息的公司,以上的影響尤其明顯。重要的是,訊息生產量提升與改善價格效益有所關聯。通過對財務分析師進行大規模統計調查,我們進一步證實了上述的發現。最後,實證和調查結果都指出軟訊息對分析師建立獨特訊息十分重要。

Disappearing and Reappearing Dividends

We decompose the decrease (1970s-2000) and subsequent recovery (2000-2018) in the fraction of dividend-paying firms. Changes in firm characteristics and proclivity to pay (probability of paying dividends conditional on characteristics) each drive half of the dividend disappearance. A higher proclivity drives 82% of the dividend reappearance. The remaining 18% is driven by a single characteristic: reduced earnings volatility. Changing characteristics are associated with low-profitability, high-earnings-volatility firms. Changing proclivity is associated with stable, profitable firms. Rather than dividend initiations or omissions, newly listed and delisted firms drive trends. Finally, the magnitude and duration of disappearing total payout is substantially smaller than that of dividends, indicating some substitution between dividends and repurchases.

指數基金有否扮演監察角色?

透過被動方式管理的指數基金現時持有美國近三成的股權基金資產,這股趨勢令人聯想到其對企業的管治和監察所帶來的影響。我們最新的研究發現,與主動型基金相比,指數基金在監察上較為遜色:(1) 他們普遍不會否決企業管理層所提出具爭議性的政策;(2) 缺乏證據證明他們會主動地公開或私下與企業管理層協調互動;(3) 他們對其投資組合內公司的董事獨立性和薪酬績效敏感性貢獻較少。總而言之,指數基金的崛起降低了受益所有人與企業管理層之間的利益一致性,並把企業的控制權由投資者手中轉移到企業管理層。