學術論文
研究焦點
全球學者
知識轉移
龍虎山下
媒體報導
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.
教學和研究就是互相啟發的過程 – 范亭亭博士
教學和研究就是互相啟發的過程 – 范亭亭博士
求知若渴的范亭亭博士立志以大數據和數理模型探索和解釋消費者的行為。在2021年12月,范博士加入我們學院任職市場學高級講師。
以跨學科知識促進數碼創新及轉型 – 方鈺麟教授
以跨學科知識促進數碼創新及轉型 – 方鈺麟教授
方鈺麟教授是一名資深的學者、商業個案作者、資訊科技顧問,同時亦在頂尖的國際期刊擔任編輯。看中了港大經管學院擁有成為學界超新星的潛力,方教授有意貢獻自己在數碼創新和轉型方面的知識,助學院更上一層樓。於2021年9月正式加入港大後,方教授將會領導我院新成立的數字經濟和創新研究所。
在資訊科技的前沿上推陳出新 – 李哲鵬博士
在資訊科技的前沿上推陳出新 – 李哲鵬博士
「與其為個人創造財富,不如為世界創造改變」是李哲鵬博士的格言。李博士一直致力透過學術研究推動資訊科技和機器學習的創新和進步。
研究企業之間的協調行為 – 郝宇博士
研究企業之間的協調行為 – 郝宇博士
計算機編程聽起來好像和經濟風馬牛不相及,但擁有出色的編程技術,不但能幫助個人進行經濟學學術研究,更能助你在商界捉緊更多就業機會。

疫況愈下 「清零」何價?
疫況愈下 「清零」何價?
香港在連續數月「清零」後,在社區出現Omicron變種病毒個案,爆發第五波疫情,特區政府因而重新推出表列處所須關閉等社交距離防疫措施,並取消多項大型活動。
構想虛擬貨幣的未來 – 游楊博士
構想虛擬貨幣的未來 – 游楊博士
作為教師,在鼓勵同學努力學習之餘,我亦會主動了解本地市場運作以及邀請僱主來到課堂分享業界經驗。

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穩,特區政府於9月26日開始放寬入境檢疫安排,把實施一個多月以來的「3+4」門檻下調至「0+3」,亦即抵港人士毋須接受強制檢疫,只須進行3天醫學監察。顯而易見,此舉旨在掌控疫情、保障市民健康的大前提之下,盡量擴大香港連接國際的空間,讓經濟有序地重拾正軌,社會得以脫離困境。
合法拉布與江湖破局
合法拉布與江湖破局
近年美國民意兩極化,許多社會重大問題如槍械管制、墮胎等難以化解。民眾的分歧,本該以少數服從多數的原則,在國會通過立法來解決,但這一原則常常無法奏效。少數派的拿手絕活是「拉布」,亦即通過長時間發言、討論,阻止對某項法案投票以至法案的通過。從古羅馬到當今各國議會,包括香港特區立法會的不同黨派,都使用過這種手段。美國國會參眾兩院則只有參議院可以拉布,這自然成為法案通過的重要關卡。
確保糧食安全 農業科技絕不可少
確保糧食安全 農業科技絕不可少
自全球新冠肺炎疫情及俄烏戰爭爆發以來,各國在維持供應鏈穩定和糧食安全問題方面一直面對史無前例的挑戰。2050年,預計全球將需要養活接近100億的人口,加上糧食供應會受到一些不可預測的短期衝擊,以至長期氣候變化加劇對土地水源的影響,環球農業將面臨巨大的考驗,對豐富和廉價食品的供應造成嚴重壓力。香港90%以上的食品供應是從國外進口,所以700多萬人口的糧食安全,長遠來看亦會備受衝擊。
合法拉布與江湖破局
合法拉布與江湖破局
近年美國民意兩極化,許多社會重大問題如槍械管制、墮胎等難以化解。民眾的分歧,本該以少數服從多數的原則,在國會通過立法來解決,但這一原則常常無法奏效。少數派的拿手絕活是「拉布」,亦即通過長時間發言、討論,阻止對某項法案投票以至法案的通過。從古羅馬到當今各國議會,包括香港特區立法會的不同黨派,都使用過這種手段。美國國會參眾兩院則只有參議院可以拉布,這自然成為法案通過的重要關卡。
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.”