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The rate of communication
The Rate of Communication
We study the transmission of financial news and opinions through social interactions among retail investors in the United States. We identify a series of plausibly exogenous shocks, which cause “treated investors” to trade abnormally. We then trace the “contagion” of abnormal trading activity from the treated investors to their neighbors and their neighbors’ neighbors. Coupled with methodology drawn from epidemiology, our setting allows us to estimate the rate of communication and how it varies with the characteristics of the underlying investor population.

Corporate immunity to the COVID-19 pandemic
Corporate Immunity to the COVID-19 Pandemic
We evaluate the connection between corporate characteristics and the reaction of stock returns to COVID-19 cases using data on more than 6,700 firms across 61 economies. The pandemic-induced drop in stock returns was milder among firms with stronger pre-2020 finances (more cash and undrawn credit, less total and short-term debt, and larger profits), less exposure to COVID-19 through global supply chains and customer locations, more corporate social responsibility activities, and less entrenched executives. Furthermore, the stock returns of firms controlled by families (especially through direct holdings and with non-family managers), large corporations, and governments performed better, and those with greater ownership by hedge funds and other asset management companies performed worse. Stock markets positively price small amounts of managerial ownership but negatively price high levels of managerial ownership during the pandemic.

The telegraph and modern banking development, 1881–1936
The Telegraph and Modern Banking Development, 1881-1936
The telegraph was introduced to China in the late 19th century, a time when China also saw the rise of modern banks. Based on this historical context, this paper documents the importance of information technology in banking development. We construct a data set on the distributions of telegraph stations and banks across 287 prefectures between 1881 and 1936. The results show that the telegraph significantly expanded banks’ branch networks in terms of both number and geographic scope. The effect of the telegraph remains robust when we instrument it using proximity to the early military telegraph trunk.

A Shield with a Razor’s Edge: Understand the Pros and Cons of CDS With an Empirical Lens
A Shield with a Razor’s Edge: Understand the Pros and Cons of CDS With an Empirical Lens
A research by Professor Dragon Youngjun Tang, Professor in Finance at HKU Business School and other co-authors discovers that banks using CDS for capital relief have effectively freed up extra capital for businesses, but at the same time are more likely to extend loans and build up riskier loan portfolios.

Socially Responsible Investment Funds Fail to Inspire Firms to Improve
Socially Responsible Investment Funds Fail to Inspire Firms to Improve
New research by Professor Roni Michaely and other co-authors shows that while Socially Responsible Investment Funds are good at picking firms that adopt such behaviours, they do not inspire those firms to further improve their performance.

HK Conference
Event recap – Visionary knowledge curated by honourable guests in the “Conference on The Future of Hong Kong Economy”
The Conference on The Future of Hong Kong Economy was successfully held on May 14, 2021.
How to nurture a truthworthy generation
How to nurture a truthworthy generation
很久以前,一位同事曾向我講述這個故事:有一次,他見到一對父子在自動提款機提取款項。當年這種提款機尚未流行,當那個爸爸正要提款時,兒子(大概是小學生的年紀)鬼鬼祟祟,東張西望,然後低聲對爸爸說:「沒有人,快點取錢,愈多愈好!」原來他以為爸爸在偷錢,所以叫他趕緊按鍵!不知道什麼原因,過了這麼多年,這個故事仍然縈繞腦際。
How to incentivise vaccination in Hong Kong?
How to incentivise vaccination in Hong Kong?
新型冠狀病毒疫情揮之未去,香港的經濟損失已高達6000億港元。要重振經濟,恢復正常生活,唯一的途徑就是接種疫苗。特區政府自2月底啟動疫苗接種計劃,至今4個多月才接種了451萬劑(截至周二),進度未如理想。按通行的標準(即每100人接種的劑數)加以比較:香港54劑,新加坡快了將近一倍,達到98劑,中國內地90劑、美國99劑、英國118劑、以色列125劑,最高的是阿聯酋157劑
How to gain people's trust
How to gain people’s trust
現代社會日趨進步,高度分工,互相依存。僱員需要得到僱主的信任、政府需要得到人民的信任、一家公司需要其客戶的信任,否則就會事倍功半。當然,信任往往是雙向的:僱主也須得到僱員的信任;一家公司要取信於另一家公司,也希望後者值得信任,餘此類推。
疫市數碼轉型 HR責任擴大遇難題
疫市數碼轉型 HR責任擴大遇難題
新冠肺炎疫情驅動下,數碼時代變革加速。作為傳統行業的人力資源管理(HR),也正面臨着轉型升級的趨勢,無論是招聘渠道與面試方法、或是日常辦公以及培訓模式,均正逐步轉變。

【時事全方位】土地共享計劃能否有效增加供應?(二)
【時事全方位】土地共享計劃能否有效增加供應?(二)
【Now新聞台】題目:土地共享計劃能否有效增加供應

hku business school
港大經管學院獲逾1600萬研資局撥款
港大經管學院宣布,於兩項教資會研究撥款計劃,包括「優配研究金」及「傑出青年學者計劃」中,取得總額逾1600萬元撥款,創下歷年新高,比上一年度的1440萬增長11%;總成功率亦達47%,遠高於小組的平均成功率36%,為商科學科小組之首。