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擊敗算法：消費者操縱、個性化定價和大數據管理
擊敗算法：消費者操縱、個性化定價和大數據管理
Prof. Xi LI
現代企業利用大數據技術收集消費者數據，並對消費者進行個性化定價。與此同時，消費者可以利用各種手段篡改數據來誆騙公司，以獲取更優惠的價格。我們研究當消費者可以收集數據時企業應當如何收集消費者數據以及應否向消費者披露數據收集情況。研究考慮一個企業可以收集消費者數據以識別不同消費者的類型，並進行個性化定價，而消費者可以篡改數據。我們發現，當公司不向消費者披露數據收集範圍時，它會收集更多消費者數據；當公司披露數據收集範圍時，公司所收集的數據則會減少。消費者篡改數據可能對公司和消費者都不是一件好事。此外我們發現，公開數據收集範圍可以增加公司利潤、消費者盈餘及社會福利。 研究結果表明，公司應根據消費者操縱數據的成本和需求異質性，來調整數據收集範圍和價格。公共政策應要求公司披露其數據收集範圍，以增加消費者剩餘及社會福利。即使沒有強制披露數據的政策，企業也應該自願披露其數據收集範圍以增加利潤。此外，為消費者篡改數據提供便利最終可能會損害消費者和公司的利益。
Jan-Feb 2023
Manufacturing & Service Operations Management
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事件時間（相比時鐘時間）規劃方式對滿足感的影響
事件時間（相比時鐘時間）規劃方式對滿足感的影響
Prof. Tak Zhongqiang HUANG
消費者經常需要規劃不同的活動。採用時鐘時間作規劃方式的消費者會根據外部時間線索（例如時鐘）決定何時從一項活動過渡到下一項活動，而採用事件時間作規劃方式的消費者傾向於執行每項活動，直到他們內心覺得活動已完成。是項研究指出消費者的日程規劃方式（時鐘時間方式對比事件時間方式）會影響他們對重複消費的滿足感。四項涉及不同領域（如音樂、藝術品、食物）的實際消費研究發現，採用事件時間作規劃方式比採用時鐘時間作規劃方式會更快令消費者在重複消費中感到厭倦，因為採用事件時間規劃方式的消費者更關注自我感受。研究結果進一步顯示，當消費者分神或得悉其他影響消費刺激的線索時，會減弱日程規劃方式在重複消費方面所帶來的厭倦感。
Jan 2023
Journal of Consumer Psychology
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美國政客有否預期中國會帶來貿易衝擊？
美國政客有否預期中國會帶來貿易衝擊？
Prof. Bingjing LI
信息集、個人期望和喜好都是政客作出政治決策時的重要考慮因素，但这些因素并不能被直接观测。中國加入世界貿易組織的進程橫跨二十年，期間美國眾議院對是否給予中國正常貿易關係地位進行了多次投票。我們对國會議員掌握的信息集进行弱假设，並採用矩不平等的方法分析相關數據，確保估算一致。這種研究方法能可靠地測試政客在決策時所掌握的資訊，並估計選民、意識形態及其他因素對政策制定和投票時的影響力。
Jan 2023
American Economic Review
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通過旋轉門收受利益：來自中國一級土地市場的證據
通過旋轉門收受利益：來自中國一級土地市場的證據
Prof. James Kai-sing KUNG
透過把中國一級土地市場的土地交易數據與上市公司董事會成員的詳細履歷作出配對，我們發現地方官員與公司之間存在「旋轉門」交易模式。地方官員以折扣價出售土地予此等上市公司，隨後在其退休時獲這些公司任命加入董事會作為報酬。具體來說，與沒有幫助公司取得低廉土地交易的董事會成員相比，這些「旋轉門官員」獲「交易公司」聘為董事會成員的可能性高達三倍，薪酬則高出23%，而持有公司的股份更高出81%。然而，上述情況均以交易公司能夠獲得價格折扣為大前提。一般而言，公司可享平均19.4%的買地折扣。但在突擊審計期間，旋轉門官員無法提供價格折扣，其獲聘為董事會成員的可能性亦會減半，而雙方分別獲得的價格折扣和額外補償亦會完全消失。透過提供互惠互利的實證，我們發現「旋轉門」在內地被用作「支付」而非「拉關係」的工具。
Jan 2023
The Economic Journal
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Mark-to-Market, Loan Retention, and Loan Origination
Mark-to-Market, Loan Retention, and Loan Origination
Prof. Pingyang GAO
We study the effects of mark-to-market accounting (MTM) for banks following the originate-to-distribute lending model. Banks have expertise in originating loans but it is costly for them to retain the loans on their books. We study how the accounting measurement of the retained loans affects the banks' origination and retention decisions. We show that, relative to historic cost accounting (HC), MTM has three consequences. First, it improves the accuracy of loan valuation ex post. Second, it forces banks to retain more risk exposure on their own books. Finally, it can reduce ex-ante origination efforts and lower the average quality of loans in the economy. To the extent that lower loan quality and banks' excessive risk exposure are two important ingredients for the recent financial crisis, we identify one mechanism through which MTM could contribute to financial crises.
January 2023
The Accounting Review
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Do Political Ties Facilitate Operational Efficiency? A Contingent Political Embeddedness Perspective
Do Political Ties Facilitate Operational Efficiency? A Contingent Political Embeddedness Perspective
Prof. Kevin Zheng ZHOU
Although the significance of relational ties with supply chain partners to firms' operations management has been frequently studied, it is unclear how political ties, which represent another form of relational ties that is especially important in emerging economies, relate to operational efficiency. Drawing on the political embeddedness perspective, we propose a negative association between political ties and operational efficiency and examine how this association is moderated by environmental and firm-level factors. Using panel data of listed private firms in China, we show that political ties are negatively correlated with operational efficiency. In addition, this negative relationship is stronger when firms operate in regions with less developed factor markets and in highly competitive industries. However, the negative relationship is weaker for firms with high levels of foreign shareholding and customer concentration. These findings caution against the downsides of political ties for operations management and highlight strategies for reducing their negative effect.
January 2023
Journal of Operations Management
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Career Concerns, Investment, and Management Forecasts
Career Concerns, Investment, and Management Forecasts
Dr. Tae Wook (Ryan) KIMDr. Jing LI
A firm manager is concerned about both the firm value and the market assessments of his abilities. When investing in a project, he has private knowledge of his project-related ability that interacts with the project investment, and his general ability that produces a cash flow independent of the project cash flow. The concerns about the general (project-related) ability assessment create a signaling incentive to decrease (increase) investment. In the presence of underinvestment (overinvestment), higher-quality earnings information reduces (improves) equilibrium efficiency. When the manager issues an earnings forecast as an additional signaling device, the forecast is upwardly biased, and the equilibrium investment is smaller than that without a forecast. The latter is because the signaling incentive to decrease investment is strengthened. When the manager’s concerns about the general ability assessment are relatively large, he is better off by committing to no forecast. Novel empirical predictions about investment and earnings forecast emerge.
January 2023
The Accounting Review
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Cybersecurity Risk
Cybersecurity Risk
Prof. Roni MICHAELY
Based on textual analysis and a comparison of cybersecurity risk disclosures of firms that were hacked to others that were not, we propose a novel firm-level measure of cybersecurity risk for all U.S.-listed firms. We then examine whether cybersecurity risk is priced in the cross-section of stock returns. Portfolios of firms with high exposure to cybersecurity risk outperform other firms, on average, by up to 8.3% per year. Yet, high-exposure firms perform poorly in periods of high cybersecurity risk. Reassuringly, the measure is higher in information-technology industries, correlates with characteristics linked to firms hit by cyberattacks, and predicts future cyberattacks.
January 2023
The Review of Financial Studies
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競爭、合約與創造力：以平台市場上的小說寫作為例
競爭、合約與創造力：以平台市場上的小說寫作為例
Prof. Yanhui WU
在現今社會，愈來愈多的人以獨立生產者的身份參與經濟活動，零工經濟的規模和社會影響逐漸擴大。我們研究在中文小說寫作平台上，產品競爭如何影響零工工作者的努力和創意。小說作者與寫作平台按營利共享或按字計酬的合約方式，逐個篇章創作及售賣他們的作品。我們的研究利用政府對平台管理的一項新規則，來檢驗市場競爭對不同合約方式下作者行為的影響。具體而言，政府強制關閉一批專門從事愛情小說創作的不規範平台，導致創造愛情小說的作者轉移到管理規範的綜合性創作平台，從而加劇了綜合性平台上愛情類小說之間的產品競爭。其它類型的小說（例如科幻小說）不受此影響，可以作為有效的控制群來幫助因果推斷。我們發現，競爭加劇會令作者加快創作內容的速度，但對小說內容的新穎性影響微弱。然而，與按字計酬方式創作的小說相比，以營利共享方式創作的小說在競爭激烈的情況下，則不僅速度更快，而且內容更為新穎。此外，對處於產品生命週期初期的書籍，競爭對小說內容的新穎性影響更為顯著。最後，寫作平台在推廣合約書籍的努力，在競爭加劇之後，則大幅傾向於以按字計酬方式創作的書籍，從而大大提高這類書籍的點擊和訂閱率。此項研究有助於探討市場結構對零工經濟的影響，也對平台經濟反壟斷政策的製定有借鑒意義。
DEC 2022
Management Science
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專欄作者
Prof. Z. Max SHEN

Prof. Z. Max SHEN

Prof. Fangzhou LU

Prof. Fangzhou LU

Prof. Fabrice LUMINEAU

Prof. Fabrice LUMINEAU

Prof. Roni MICHAELY

Prof. Roni MICHAELY

Prof. Junhong CHU

Prof. Junhong CHU

Prof. Pingyang GAO

Prof. Pingyang GAO

Prof. Shan HUANG

Prof. Shan HUANG

Prof. Lionel Zhepeng LI

Prof. Lionel Zhepeng LI

Prof. Weichen WANG

Prof. Weichen WANG

Prof. Xin TONG

Prof. Xin TONG

Prof. Haipeng SHEN

Prof. Haipeng SHEN

Prof. Dan YANG

Prof. Dan YANG

Prof. Z. Max SHEN

Chair Professor in Logistics and Supply Chain Management

學術論文
Scaling Urban On-Demand Delivery: A Dabbawala-Inspired System for Handling Massive Demands Via Public Transit
May 2026
A Deep-DiD Method to Estimate Heterogeneous Treatment Effects: Application to Content Creator Selection
March - April 2026
Last-Iterate Convergence in No-Regret Learning: Games with Reference Effects Under Logit Demand
February 2026
Prof. Fangzhou LU

Assistant Professor

學術論文
SPAC IPOs and Sponsor Network Centrality
April 2026
Government Bond Risk and Return in the US and China
February 2026
Subsidizing Failing Firms: Evidence from Chinese Restaurants
December 2024
Prof. Fabrice LUMINEAU

Professor

學術論文
The Influence of Power on Trust in Buyer-Supplier Relationships: An Actor-Partner Interdependence Approach
April 2026
How Organizational Is Interorganizational Trust?
October 2025
CFO職能語言使用不當的弊端
DEC 2022
Prof. Roni MICHAELY

Associate Dean (Global Engagement)

The Hong Kong Jockey Club Professor in Finance and Entrepreneurship

Chair of Finance and Entrepreneurship

Founder & Executive Director, HKU-TLV Innovation Hub

Co-director, HKU Jockey Club Enterprise Sustainability Global Research Institute

學術論文
SPAC IPOs and Sponsor Network Centrality
April 2026
Climate Change and Mutual Fund Voting on Climate Proposals
February 2026
Political Activism and Market Power
September 2025
Prof. Junhong CHU

Professor

EMBA International Programme Director

Associate Director, Centre for Innovation and Entrepreneurship

Associate Director, HKU Jockey Club Enterprise Sustainability Global Research Institute

學術論文
Bargaining and Network Effects in Two-Sided Platforms: Evidence from Online Healthcare
March - April 2026
Soothing the Unsatisfied or Pleasing the Satisfied? The Effects of Managerial Responses to Positive versus Negative Reviews on Customer Ratings and Financial Performance
February 2026
Heterogeneous Complementarity and Team Design: The Case of Real Estate Agents
May - June 2025
Prof. Pingyang GAO

Associate Dean (Research and Knowledge Exchange)

Zhang Yonghong Professor in Accounting

Professor

DBA Programme Director

學術論文
A Theory of Investors’ Disclosure
Spring 2026
Manipulation, Panic Runs, and the Short Selling Ban
January 2025
Mark-to-Market, Loan Retention, and Loan Origination
January 2023
Prof. Shan HUANG

Assistant Professor

學術論文
Emotions in Online Content Diffusion
March 2026
Do More Likes Lead to More Clicks? Evidence from a Field Experiment on Social Advertising
September 2025
Prof. Lionel Zhepeng LI

External Data Scientist, Bank of Ning Bo (SZSE: 002142)

Associate Professor

學術論文
Mitigating Exposure Bias for Recommendations in Physical Spaces: An Unbiased Pairwise Ranking Approach Using Spatial Movement
March 2026
Mitigating Bias in Hate Speech Detection With a Small Number of Expert Annotations: A Prompt-Based Learning Approach
December 2025
What Will Be Popular Next? Predicting Hotspots in Two-Mode Social Networks
June 2021
Prof. Weichen WANG

Assistant Professor

MSc(BA) Deputy Programme Director

學術論文
Estimation of Out-of-Sample Sharpe Ratio for High Dimensional Portfolio Optimization
March 2026
Spectral Ranking Inferences Based on General Multiway Comparisons
January - February 2026
Inference on Time Series Nonparametric Conditional Moment Restrictions Using Nonlinear Sieves
May 2025
Prof. Xin TONG

Deputy Area Head of Innovation and Information Management

Professor

BGLIS Programme Director

學術論文
Adaptive Conformal Classification with Noisy Labels
July 2025
Prof. Haipeng SHEN

Associate Vice-President (Teaching and Learning - TPG)

Associate Dean (EMBA and IMBA)

Patrick S C Poon Professor in Analytics and Innovation

Chair of Business Analytics and Innovation

學術論文
Optimal Functional Bilinear Regression with Two-dimensional Functional Covariates via Reproducing Kernel Hilbert Space
January 2025
Testing and Support Recovery of Correlation Structures for Matrix-valued Observations With an Application to Stock Market Data
February 2023
Prof. Dan YANG

Associate Director, Institute of Digital Economy and Innovation

Associate Professor

學術論文
Optimal Functional Bilinear Regression with Two-dimensional Functional Covariates via Reproducing Kernel Hilbert Space
January 2025
Testing and Support Recovery of Correlation Structures for Matrix-valued Observations With an Application to Stock Market Data
February 2023
Factor Models for High-Dimensional Tensor Time Series
March 2022