學術論文
研究焦點
全球學者
知識轉移
龍虎山下
媒體報導
The Impact of Logic (In)Compatibility: Green Investing, State Policy, and Corporate Environmental Performance
The Impact of Logic (In)Compatibility: Green Investing, State Policy, and Corporate Environmental Performance
Environmental protection is widely perceived as a state responsibility, but market-based solutions such as green investing have emerged in the financial sector. Little research has addressed whether green investing can affect corporate environmental performance and how the state would moderate such an impact. Using an institutional logics perspective, we extend the literature on institutional complexity by exploring the factors leading to compatibility of logics and practices. We theorize that the success of green investing as a novel hybrid practice combining financial means and environmental goals depends on the legitimacy it achieves as an appropriate solution to the stated goal, and this legitimacy can be boosted or dampened by other hybrid practices in the field. Analyzing a panel dataset of 3,706 firms from 20 countries between 2002 and 2013, we find a positive relationship between the relative size of green investment in the economy and firm-level environmental performance in that country. This relationship is moderated by state policies: a strong environmental protection policy weakens the positive relationship between green investing and corporate environmental performance, and a strong shareholder protection policy strengthens the relationship. We contribute to research on institutional complexity, logic compatibility, and public–private cooperation in pursuing the common good.

Do Multinationals Transfer Culture? Evidence on Female Employment in China
Do Multinationals Transfer Culture? Evidence on Female Employment in China
We study the global diffusion of culture through multinationals, focusing on gender norms. Using data on manufacturing firms in China from 2004 to 2007, we find that foreign affiliates from countries with a more gender-equal culture tend to employ proportionally more women and appoint more female managers. They also generate cultural spillovers, as we find that domestic firms' female labor share increases with the prevalence of foreign affiliates in the same industry or city. Based on a multi-sector model that accounts for firm heterogeneity in productivity, gender bias, and learning, we perform counterfactual exercises. By hypothetically eliminating firms' gender biases, we observe a 5% increase in China's aggregate total factor productivity, 19% of which is due to spillovers from foreign affiliates.

Air Pollution, Behavioral Bias, and the Disposition Effect in China
Air Pollution, Behavioral Bias, and the Disposition Effect in China
Inspired by the recent health science findings that air pollution affects mental health and cognition, we examine whether air pollution can intensify the cognitive bias observed in the financial markets. Based on a proprietary data set obtained from a large Chinese mutual fund family consisting of complete trading information for more than 773,198 accounts in 247 cities, we find that air pollution significantly increases investors’ disposition effects. Analysis based on two plausible exogenous variations in air quality (the vast dissipation of air pollution caused by strong winds and the Huai River policy) supports a causal interpretation. Mood regulation provides a potential mechanism.

The Competition between Confucianism and Capitalism
The Competition between Confucianism and Capitalism
Since Max Weber, Confucianism has been widely viewed as being in opposition to capitalist or modern growth in historical China, especially in comparison with the rise of Western Europe after the Protestant Reformation. In pre-19th century China, the absence of industrialization or capitalism is partially attributed to the conservative nature of Confucian culture, particularly the emphasis on the ‘adjustment’ to the world and the depreciation of pursuing wealth, among others. And perhaps more importantly, the clan as a tangible organization of Confucianism restricted interpersonal cooperation to the family or lineage scope. Such ‘kinship-based morality’, in contrast to the ‘generalised morality’ enforced by market institutions in the West, paved the way for China’s divergent developmental path from the West. In a recent study, Zhiwu Chen, Andrew Sinclair and Chicheng Ma find another channel through which Confucianism inhibits capitalism: competition in financial markets.

Does External Monitoring from Government Improve the Performance of State-Owned Enterprises?
Does External Monitoring from Government Improve the Performance of State-Owned Enterprises?
Dr Hongsong Zhang of HKU Business School and Dr Shengyu Li of University of New South Wales discussed in this VoxChina piece their investigation of the impact of external monitoring from the government on state-owned enterprise performance, using the variation in monitoring strength arising from a nationwide policy change and firms’ geographic location in China. We utilize a structural approach to estimate input prices and productivity separately at the firm level using commonly available production data. We show that enhanced external monitoring, as a key component of corporate governance, can substantially reduce managerial expropriation in procurement and shirking in production management. The results suggest that government monitoring can be an effective policy instrument to improve state-owned enterprise performance.

我們的以色列先鋒 - 羅尼.米凱利教授
我們的以色列先鋒 - 羅尼.米凱利教授
羅尼.米凱利(Roni Michaely)教授在環球金融界是一位家喻戶曉的知名學者。米凱利教授曾在以色列證券局(Israel Securities Authority) 擔任管理職務,他同時亦是以色列一家出色的金融初創企業 — Tipranks的董事和早期投資者。米凱利教授卓越的成就和資歷深厚的背景獲港大經管學院管理層的青睞和信任,對他委以重任,未來將在以色列成立一所創業及創新研究中心,為我們學院進軍中東以及歐洲市場跨出重要的一步。
以創造知識完善自我 – 金敦泓博士
以創造知識完善自我 – 金敦泓博士
金敦泓博士是一名理論金融經濟學家,專長於證券設計及資產管理等領域。在牛津大學取得博士學位後,金博士於2020年八月以金融學助理教授的身份加入港大經管學院。
研究貧窮問題 推動經濟發展-林家德博士
研究貧窮問題 推動經濟發展-林家德博士
來自新加坡的發展經濟學家林家德博士立志利用他的所學所得推動環球經濟增長和發展,長遠解決貧窮問題。充滿活力且年輕的林博士在2020年8月加入港大經管學院,成為學院的經濟學助理教授,開展他與本地學者積極進行知識交流的旅程。
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。

從量子物理學到計量市場學—黨矗博士
從量子物理學到計量市場學—黨矗博士
理科出身的我,非常欣賞同學們的商業觸覺。作為他們的師長,在教導他們使用數理工具作出科學判斷的同時,我亦希望能夠鼓勵他們愛上學習,保持對未知事物的好奇心,應用課堂所學到的知識為社會做出貢獻。

十年商旅生涯後的新開始 – 張鵬博士
十年商旅生涯後的新開始 – 張鵬博士
港大經管學院的市場學者非常熱衷於與商界合作。他們不單單為進行學術研究,同時亦致力運用他們的學術天賦,為從業員構想出各種不同的營銷機制。他們真真正正做到商學合一,互惠共贏。我真的非常期待與他們共事。

創造人人都能寫程式的社會
創造人人都能寫程式的社會
編寫電腦程式(computer programming)是將特定任務轉換為電腦可以理解命令的過程,以便電腦執行所述任務。編寫程式是當今科技大趨勢的支柱;包括人工智能、機器學習、數據科學、預測分析、區塊鏈和數字化轉型。而且這些新科技更可為人類創造巨大價值。根據麥肯錫估計,到2030年,人工智能將會帶來約13萬億美元的經濟產出,使全球生產總值每年提升約1.2%。另外,根據微軟2018年的估計,到2021年,數字化轉型將為印度貢獻1540億美元的生產總值,合計為亞太地區GDP貢獻超過1萬億美元的生產總值。
2021是中國的監管年
2021是中國的監管年
從中國經濟的角度而言,2021是具歷史意義的一年;若作一精簡總結,2021可謂中國經濟加強監管的一年。
香港再工業化的微觀分析
香港再工業化的微觀分析
繼《2016年施政報告》提出香港「再工業化」計劃,創新科技局翌年成立創新、科技及再工業化委員會。至今香港工業化進展不大,市民對再工業化前景與政府的政策用心也不太了解。有見及此,筆者最近與香港生產力促進局合作,撰寫《香港再工業化研究》報告,透過企業問卷調查及與業界代表焦點小組討論,以微觀數據分析製造業的當前挑戰,以及利用工業4.0技術升級轉型的潛力與困難,最後分析本港再工業化的可能性與政策期望。
再工業化五大產業 為香港經濟和年輕一代創新天
再工業化五大產業 為香港經濟和年輕一代創新天
推動再工業化除了能提高香港創新及科技水平,也能為年輕人提供更廣闊的就業選擇及向上流機會,況且西方經濟研究早已發現,以創新科技帶動的製造業,比服務業更能提供向上流就業及在職學習機會,並能産生協同效應。

貨幣革命.下|香港星洲金融叮噹馬頭 「批發型數字港元」要加鞭
貨幣革命.下|香港星洲金融叮噹馬頭 「批發型數字港元」要加鞭
「金融業未來趨勢是數字化,數字貨幣將會是未來金融基建的核心部份。」立法會議員、團結香港基金公共政策研究院院長黃元山把研發央行數字貨幣(CBDC)形容為金融業數字化的「基建先行」,「CBDC的研發,事關香港從傳統的國際金融中心轉型為數字國際金融中心。」

貨幣革命.中|「零售數字港元」應用超乎想像 惟金管局仍未拍板
貨幣革命.中|「零售數字港元」應用超乎想像 惟金管局仍未拍板
央行數字貨幣(CBDC)在設計上可分為零售層面和批發層面兩類——前者供普羅大眾(包括企業及個人)使用,後者則以金融機構為對象,作銀行同業交易結算等用途。在實際應用當中,某程度上,零售型央行數字貨幣(下稱「零售CBDC」)與港人廣泛使用的「轉數快」類似,同樣數字時代的公共產品,由政府提供,服務大眾消費者;但與轉數快不同的是,零售CBDC的應用場景更廣,生產力也更高。那麼,零售CBDC與傳統的電子支付究竟有何不同?「零售數碼港元」到底何時面世?不妨從政府、消費者和商業機構三個市場主體重新認識其經濟價值。