Roni MICHAELY
Prof. Roni MICHAELY
金融學
Zhang Yonghong Professor in Finance
Founder & Executive Director, HKU-TLV Innovation Hub

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
Unlocking shareholder value: How finance professors enrich corporate governance, maximise wealth

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.

ESG Does Neither Much Good nor Very Well

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

我們的以色列先鋒 - 羅尼.米凱利教授

「被港大管理層委以重任,在我的家鄉成立一所創業及創科中心,對我來說,是一趟非常刺激的旅程。我很期待與港大優秀的學者合作、盡早展開我的教學工作、並與香港和中國內地的商界精英交流。我相信在以色成立港大創新中心,將會為所有持分者帶來莫大的裨益。我非常高興能夠參與其中。」

Rise Of Index Funds Leads To Deterioration Of Corporate Governance Study Reveals Index Funds Put Less Efforts In Monitoring Their Portfolio Firms, Resulted In Power Imbalance Between Investors And Firm Managements

Over the past three decades, the rise of passively managed index funds has transformed how Americans and other investors around the world invest. In 1990, index funds held only less than 1% of all mutual fund assets. By 2018, this had grown to more than 30%, which worth over US$6 trillion and now represent the largest shareholders of many US corporations.

指數基金發展不利於企業管治

港大經管學院教授(金融學)Roni Michaely及另外幾位教授共同參與的一項研究顯示指數基金未能有效監察旗下企業,引致投資者與公司管理層權力失衡。

研究顯示發起人的關係網絡為決定SPAC成功的關鍵因素

港大經管學院幾位學者最近發佈的研究發現,有些因素能有助投資者辨別SPAC能否取得成功。

社會責任投資基金未能有效鼓勵企業肩負更多社會責任

港大經管學院金融學教授Roni Michaely與幾位教授最新的研究發現,SRI基金雖然在選擇具社會責任的公司方面眼光獨到,但這些基金的注資卻未能有效鼓勵企業在執行社會責任上更進一步。

Socially Responsible Investment Funds Fail to Inspire Firms to Improve

Socially Responsible Investment (SRI) Funds have become popular in recent years as investors increasingly give weight to measures such as reducing pollution, maintaining employee and customer satisfaction and diversifying board membership. However, new research shows that while such funds are good at picking firms that adopt such behaviours, they do not inspire those firms to further improve their performance.