Topic:   Term structure of recession probabilities and the cross section of asset returns   Time&Date:    10:30am-12:00pm, 2018/3/30 Venue:   Room A619, Teaching A Speaker:   Dr. Ti Zhou (Southern University of Science and Technology)  Abstract: The duration of business cycles changes over time, generating time-varying investor concern about recessions. I study a new macro-factor model that links assets’ risk premia to such concern, directly measured by the term structure of recession probabilities from professional forecasters. The innovation to the slope of the term structure is negatively priced with economically large risk premiums in a wide range of tests assets, consistent with how the slope predicts long-horizon…

       智能化引爆第四次工业革命，智能产业席卷全球科技革命，未来20年是创新驱动的经济，以技术创新驱动新产业、新产品创造新市场。中国将会出现越来越多的独角兽和千亿级市值公司，如何勇做时代潮流的冲浪者？        2018年3月11日(周日) ，AAMA 珠三角分会在香港中文大学深圳研究院举办五周年盛会，五年是个重要里程碑。年会以「共融全球智慧 迈向智能时代」为题，透过主题演讲丶圆桌对话丶以及推动和培养未来科技商业领袖的创业摇篮计划导师与学员分享等形式，通过邀请矽谷丶北京丶台湾的高端业界人士和创新创业家，汇集美国旧金山湾区和粤港澳大湾区两大湾区前沿的科技技术，智慧智能，不同社会领域及经验，深度交流和对话。        首先，AAMA亚杰珠三角分会郑灼荣会长在大会致辞。由香港科技园公司罗范椒芬议员主席以“香港融入粤港澳大湾区的机会与挑战”作专题演讲。创科是新时代经济发展的驱动力，香港如何加强和支援生物科技、人工智能、智慧城市和金融科技四大优势领域，让更多初创创新公司受惠。        香港中文大学(深圳) 协理副校长, Jesús SEADE 施雅德教授以“当今复杂的全球贸易环境中的大湾区业务”作专题演讲。如何在快速发展新产业和巨型市场行业中挖掘机会。          原万达文化集团高级副总裁兼国际事业部首席执行官，原新闻集团和二十一世纪福克斯公司全球资深副总裁,中国投资与战略发展首席执行官，原微软中国有限公司总裁兼总经理，香港中文大学商学院客座教授高群耀博士给现场观众和香港中文大学校友带来思考的主题“勇做时代潮流的冲浪者”。智能化席卷社会大变革，互联网、通讯、智能产业改变我们的生活方式和产业业态，现代的科技革命是一个比过去更加来势凶猛的全方位的科技革命的时代，在这浪潮中，如何勇做时代的冲浪者？        老鹰基金创始人，著名企业家、天使投资人，亚杰摇篮计划导师刘小鹰先生分享了“我最想投資的創新创业項目”，分享创业者成长经历，希望创业家们莫忘初衷丶自我提升。…

       为了帮助大家探索自己的职业兴趣，提升就业能力，增强就业竞争力，经管学院职业发展中心将于明天正式启动职业探索主题月，并开展一系列相关活动，以下是部分重点活动内容：        Career Buddy项目正式启动        由CDC主办的为期九个月的“小伙伴大联盟” Career Buddy Program将于本月下旬正式启动，我们将邀请大四的学长学姐担任学弟学妹的Career Buddy，不同年级的同学将成为升学/就业的学习伙伴，分享来自大四同学的宝贵经验。        行业分享会        互联网金融和金融科技（FinTech）的发展前沿 主讲人：倪涛 （阿里巴巴蚂蚁金服集团金融机构战略合作部总监） 时间：4月1日14:00  地点：TB102   经管类大学生的考证与职业发展     主讲人：陈秋雨（西南证券股权投资有限公司投资部主任） 时间：4月1日14:00  地点：TB102   大数据和人工智能背景下的财务和会计 主讲人：王亚坤教授（香港中文大学（深圳）助理教授） 时间：4月1日14:00  地点：TB102     欧莱雅（中国）介绍以及2018暑期实习生项目     主讲人：欧莱雅（中国）HR团队 时间：3月20日18:00  地点：TB202   AI Marketing 主讲人：黄介中（Google大中华区首席市场官） 时间：3月26日10:30  地点：TB202 专业认证领域 CFA校园分享会 时间：4月14日 10:30   地点：待定        CFA协会会员将与同学们分享关于CFA考试的经验和相关职业发展路径。…

Topic:    The Visual Judgment of Performance   Time&Date:   10:30am-12:00pm, 2018/3/27 Venue:   Room A619, Teaching A Speaker:   Prof. Chia-Jung Tsay (University College London) Chia-Jung Tsay is an Associate Professor in the UCL School of Management. Her research examines the psychological processes that influence decision making and interpersonal perception in performance contexts. She investigates the role of expertise and nonconscious biases in professional selection and advancement. Tsay graduated Phi Beta Kappa with an A.B. in Psychology and an A.M. in History of Science from Harvard University. In other professional experience, as a classical pianist, Tsay has performed at venues including Carnegie Hall, Lincoln Center, and the U.S. Embassy. She holds degrees…

Topic:    Solving Shortage in the Market for Blood in China: Evidence from Big Data and Large-scale Field Experiment   Time&Date:    10:30am-12:00pm, 2018/3/26 Venue:   Room A619, Teaching A Speaker:    Dr. Tianshu Sun (University of Southern California) Tianshu Sun's research conducted in collaboration with leading private and public sector platforms addresses how firms can use business analytics and large-scale field experiments in conjunction with big data to improve business decisions. His current research focuses on understanding 1) how digital platforms can use IT-enabled and analytics-driven interventions to influence information sharing among individuals, and 2) how organizations can leverage mobile devices and Internet of Things to influence individuals'…

Topic:    The Price Effects of Liquidity Shocks: A Study of SEC’s Tick-Size Experiment   Time&Date:   10:30am-12:00pm, 2018/3/23 Venue :   Room A619, Teaching A Speaker:    Dr. Chen Yao (Chinese University of Hong Kong) Detail: This paper studies the SEC’s pilot program that increased the tick size for approximately 1,200 randomly chosen stocks. We provide causal evidence of a negative impact of a larger tick size on stock prices equivalent to roughly $7 billion investor loss. We investigate direct and indirect effects of the tick size change on stock prices. We find that treated stocks experience a reduction in liquidity, but find no significant change in liquidity risk. Test stocks experience a decline in price efficiency…

Topic:   A Firm’s Information Environment and Employee Wages   Time&Date:   10:30am-12:00pm, 2018/3/20 Venue :   Room A619, Teaching A Speaker:    Dr. John Bai (Northeastern University) Detail: We examine the relation between a firm’s information environment and the wages paid to its rank-and-file employees. Using establishment-level Census data, we document that firms with poorer information environments, measured by less readable annual reports and the lack of management earnings forecasts, pay their workers more. This relation is stronger when employees own more stock in their firm, bear greater information acquisition costs, and have more influence in the wage-setting process. We also utilize instrumental…

Topic ：    Is The Synthetic Stock Price Really Lower Than The Cash Price?   Time and Date ：    10:30am-12:00 am, 2018/3/9 (Friday) Venue:    Room A619, Teaching A Speaker:      Dr. Jianfeng Hu, Singapore Management University Detail: Previous literature shows a synthetic stock created using options is priced below the cash stock due to short-sale constraint on the underlying stock and lack of voting rights. This study finds that while the synthetic stock usually has a lower bid price than the cash stock for sellers, it also has a higher ask price for buyers in the sample from 2007 to 2012. Therefore, investors face worse prices in the synthetic stock market regardless of the trade direction as the synthetic…

.node_5298 tr td{padding:5px}; 环球供应链与物流管理专业是由香港中文大学（深圳）经管学院、哥本哈根商学院及英属哥伦比亚大学尚德商学院共同管理的三方合作专业。每年，各合作院校都会选出15名学生组成一个集体，共同学习。根据项目学制，该集体的学生将按照规定的时间安排（如下表）到各合作院校进行交换。交换期间，各合作院校会为学生提供两门专业定制课程并安排与项目相关的活动。 学年 课程安排 学习地点 第一、二学年 基础课程 学生所属学校 第三学年 第一学期 两门专业定制课与其他选修课 哥本哈根，丹麦 第二学期 两门专业定制课与其他选修课 温哥华，加拿大 第四学年 第一学期 两门专业定制课与其他选修课 深圳，中国 第二学期 其他课程及实习 学生所属学校 项目课程介绍 专业定制课： 香港中文大学（深圳） IDE4110-中国创新管理 MGT4270-供应链与物流管理现代和区域性问题 哥本哈根商学院 BA-BISHO2010U-Supply Chain Risk Management （供应链风险管理*） BA-BISHO2011U-Logistics Clusters （物流产业集群*） 英属哥伦比亚大学尚德商学院 COMM414-Data Visualization and Business Analytics （数据可视化与商业分析*） COMM449-Supply Chain Management （供应链管理…

Topic:  Rice cultivation, cooperativeness, risk attitude and evidence for gene (DRD4) x culture co-evolution   Time & Date: 10:30am-12:00pm, 2018/3/2 Venue: Room A619, Teaching A Speaker:  Prof. Richard Ebstein, National University of Singapore Detail: We make use of a range of individual choice tasks and behavioural games together with 1,104 university students in Beijing to investigate how culture induced by rice cultivation influences people's risk taking and cooperative behavior. We find that cooperativeness proxied by the level of contribution in the public goods game (PGG) varies positively with the proportion of rice cultivation in subjects' birth province. This finding is mutually replicated in an independent study by Zhou (2017). It is…

   赵小健 香港中文大学（深圳）经管学院副教授 研究领域：契约论、应用微观经济学、心理学与经济学、实验经济学          《经管视野》是香港中文大学（深圳）经管学院推出的一档视频栏目，在该栏目中，经管新闻社将邀请经管学院教授主讲，以影像的方式为我们解读经管科学，带大众穿透学术之高墙，走进经济与管理的研究领域。主讲教授会因循广博学识，甄选代表性的话题与内容，与大家分享。          沉没成本是在经济和商业决策中，已经付出的但无法收回的成本，如时间和精力，我们通常称其为“沉没成本（Sunk Cost）”。主流的经济学家们一般会告诉我们，作为理性人，在做决策时不应该考虑沉没成本，应该放下，让过去的过去。但是，人们知道应该怎么选择是一回事，而真正做出的选择又是另一回事。          我院赵小健教授与香港岭南大学的洪福海教授以及武汉大学的黄暐教授合作的有关沉没成本效应的论文即将发表在Management Science，而在本期的经管视野中，赵小健教授便将简单介绍“沉没成本”这一概念的来龙去脉，以及即将发表论文的主要贡献。相信在看完本期的经管视野后，大家可以对 “沉没成本”这一基础却不简单的概念有更进一步的了解。

       今年十月，诺贝尔经济学奖授予美国经济学家Richard H. Thaler，获奖理由则是他对于行为经济学的贡献。评审委员会委员Peter Gardenfors表示：“Thaler的贡献在于让经济学更为人性。”在第二期节目当中，我们便邀请到了王健教授为大家解读在当下备受关注的行为经济学。   王健 香港中文大学（深圳）经济管理学院助理院长（学术），副教授 教育背景: 威斯康星大学麦迪逊分校经济学硕士、博士 研究领域: 国际金融，货币政策，国际贸易，行为金融和经济学          诺贝尔经济学奖授予美国经济学家Richard H. Thaler，获奖理由则是他对于行为经济学的贡献。评审委员会委员Peter Gardenfors表示：“Thaler的贡献在于让经济学更为人性。”在第二期节目当中，我们便邀请到了王健教授为大家解读在当下备受关注的行为经济学。        行为经济学曾经作为一门饱受学术界争议的非主流学科，将行为分析理论与经济运行规律有机结合，利用人们的心理现象与偏差分析投资行为、预估市场状况。而今，行为经济学逐步打破了传统经济学认知中的有效市场和理性行为的观念，认为市场中广泛存在一些“非理性”的行为，尽管市场总体而言多数情况下仍然保持着较高的有效性。这些行为经济学的研究方法和成果也开始在学术界乃至大众中逐渐被广泛接受。        本期节目中，王健教授介绍了心理账户、过度自信等常见的行为偏差，并从进化论的角度解释现代社会人类这些行为偏差产生的原因。通过介绍这些看似非理性行为背后的理性基础，希望本期节目能带领大家初步认识行为经济学。相信这套“让经济学更为人性”的理论将在众多的实际决策（如项目投资、资金管理）中为人们提供理论与实务指导。    

Topic:  Combating Child Labor: Incentives and Information Disclosure in Global Supply Chains     Time & Date: 10:30am-12:00pm, 2018/1/12 Venue: Room A619, Teaching A Speaker:  Dr. Xin Fang(Singapore Management University) Detail: We investigate multinational firms’ strategies to control their suppliers’ use of child labor in global supply chains. We also examine the effect of several initiatives taken by NGOs and information disclosure on child labor.  Nearly 200 million children are engaged in child labor, many in developing countries that are part of the supply base of global manufacturing networks. However, there has been little research on evaluating the impact of firms’ strategies and NGOs’ initiatives on…

Topic: Shadow Banking and Interest Rate Liberalization: Evidence from Wealth Management Products and Interbank CDs in China   Time & Date: 10:30am-12:00pm, 2017/12/22 Venue: Room 502, Daoyuan Building, CUHK(SZ) Speaker:   Dr. Ji Huang， National University of Singapore Detail: Banks bear risks that originate from their shadow banking businesses. To quantify banks' risk exposure to their shadow banking activities, we compile a comprehensive product-level data on one of China's major shadow banking sectors, the wealth management product (WMP) sector, and link it to interbank CD data. In this paper, we have three main findings: 1) small and medium-sized banks assume more risks from their WMPs than large banks do; 2) banks bear more…

Topic: Marketplace Lending: A New Banking Paradigm?   Time & Date: 10:30am-12:00pm, 2017/12/29 Venue: Room 502, Daoyuan Building, CUHK(SZ) Speaker:  Dr. Yao Zeng, University of Washington Detail: One prominent feature of the burgeoning marketplace lending (i.e., P2P lending) is that investors conducting tasks traditionally performed by banks.  Lending platforms pre-screen loan applications moderately, while investors, heterogeneous in their level of sophistication, further screen and decide on funding the loans. We theoretically argue that the participation of informationally sophisticated investors improves lending and loan pricing efficiency but creates an endogenous adverse selection problem.  In maximizing loan volume, the platform trade-off between these two…

张劲帆教授获耶鲁大学金融学博士，清华大学电子工程博士，哈佛大学统计学硕士，清华大学电子工程学硕士，清华大学电子工程学学士，北京大学经济学双学位学士；曾担任国际货币基金组织（IMF）经济学家、中国人民银行研究局高级访问学者、长江商学院助理教授，现任香港中文大学（深圳）经济管理学院副教授, 金融领域负责人, 中国证监会中证金融研究院特聘研究员，深圳高等金融研究院中国经济与企业出海战略研究中心联合主任。张劲帆教授获国家级人才奖励，在国内外顶级经济金融学学术期刊，包括 American Economic Review: Insights, Review of Financial Studies, Journal of Financial Economics，Review of Finance和《金融研究》等杂志发表论文多篇。出版著作《危机的逻辑》。研究成果获得2022年度欧洲金融学会会刊Review of Finance最佳论文提名奖；2021香港中文大学（深圳）经管学院杰出学术研究奖（创始）；2019，2020深圳特区金融学会优秀论文奖；2011美国西部金融年会(WFA)最佳资产定价论文奖；指导博士研究生获得“2021年第七届全国经济学研究生学术年会优秀论文一等奖”。主要研究方向: 中国经济，资本市场和金融机构，数字经济。   教育背景 耶鲁大学 金融经济学博士, 2013.3 哈佛大学 统计学硕士, 2008.6 清华大学 通信技术与系统博士（清华大学十佳研究生）, 2007.6 -博士论文: “第四代无线通信系统多用户技术” (清华大学优秀博士论文) 清华大学 通信技术与系统硕士, 2005.6 北京大学 经济学双学位（中国经济研究中心）, 2006.6 清华大学 电子工程学本科, 2003.6   工作经历   香港中文大学（深圳）经济管理学院 --副教授, 2017.9–至今 中国证监会中证研究院 --特聘专家2022.3–至今 中国人民银行研究局 --高级访问学者, 2018.6– 2018.9 国际货币基金组织（IMF…

            2017年12月1日，瑞士联邦委员会宣布任命现年49岁的Marlene Amstad 担任瑞士市场监督管理局（FINMA）董事会副主席一职。Marlene Amstad 为我院经济学专业应用教授，同时她也在伯尔尼大学任教。她在2016年1月1日加入瑞士市场监督管理局。对于这次任命，瑞士市场监督管理局主席Thomas Bauer表示：“Marlene Amstad 是一位跟社会各界有着广泛联系、具有国际视野的经济学家，同时，她也是金融市场专家。我们都为她能够成为董事会副主席而高兴。         瑞士市场监督管理局（FINMA）是负责瑞士金融市场监管的独立机构。它的职能是监督银行、保险公司、交易所、证劵交易商、集体募资计划及其资产管理人和基金管理公司，并管理分销商和保险中介机构。它的职权范围包括保护债权人、投资者和保单持有人，保证瑞士金融市场的良好运转。它的总部位于瑞士联邦政府所在地伯尔尼。         Marlene Amstad 教授在我院主要负责应用经济学方向的教学，她的主要研究方向是货币、银行和金融市场。 在来到香港中文大学（深圳）之前，Marlene在香港国际清算银行工作，协作处理其余11间亚洲中央银行的事务。她也曾担任苏黎世瑞士国家银行的副主管和投资策略与金融分析市场主管。在纽约联邦储备银行工作期间她建立了“美联储纽约工作人员的潜在通胀指标”。在与中国人民银行合作工作期间，Marlene向中国介绍了一套相似的指标。在瑞士信贷工作期间，她建立了定量信用风险模型，在瑞士KOF经济研究所工作期间，她建立了经济周期指标。 

Topic: How Costly Are External Financing and Agency for Private Firms?   Time & Date: 10:30am-12:00pm, 2017/12/8 Venue: Room 502, Daoyuan Building, CUHK(SZ) Speaker: Nan Xiong, Shanghai Advanced Institute of Finance Detail: We estimate the magnitude of external financing costs and manager-shareholder conflicts for large U.S. private firms, and compare the results of the estimation to those from a sample of comparable public firms. Large private firms face marginal equity issuance costs for the first million dollar raised that are 2% higher than public firms. However, managerial diversion of cash is more severe in public firms, as managers of public firms can consume as a private benefit a fraction of corporate cash that is four times higher than managers of…

Topic: Customer Capital, Markup Cyclicality, and Amplification   Time & Date: 10:30am-12:00pm, 2017/12/5 Venue: Room 502, Daoyuan Building, CUHK(SZ) Speaker: Sungki Hong, St. Louis Fed Detail: This paper studies the importance of firm-level price markup dynamics for business cycle fluctuations. The first part of the paper uses state-of-the-art IO techniques to measure the behavior of markups over the business cycle at the firm level. I find that markups are countercyclical with an average elasticity of -0.9 with respect to real GDP, in line with the earlier industry-level evidence. Importantly, I find substantial heterogeneity in markup cyclicality across firms, with small firms having significantly more countercyclical markups than large _rms. In the…

Topic: Understanding AH Premium in China Stock Market   Time & Date: 10:30am-12:00pm, 2017/12/4 Venue: Room 502, Daoyuan Building, CUHK(SZ) Speaker: Tongbin Zhang, Shanghai University of Finance and Economics Detail: There are 88 companies (AH-share) dual-listed in both China mainland stock market (A-share) and Hong Kong stock market (H-share) accounted for 20% of total A-share. The .Shanghai-Hong Kong Stock Connect.pro- gram starting at November, 2014 makes previously two segmented markets. Shanghai and Hong Kong stock markets-connected. The price difference of AH-share in Shanghai and Hong Kong stock markets, measured by Hang Seng China AH Premium Index, persistently divergences instead of converging , and even reaches 50% higher in…

Topic: Index Membership and Capital Structure: International Evidence   Time & Date: 10:30am-12:00pm, 2017/11/28 Venue: Room 502, Daoyuan Building, CUHK(SZ) Speaker: Vidhan Goyal, Hong Kong University of Science and Technology Detail: How much do shocks to the information environment in equity markets matter for debt supply and the financing of firms? We find that the use of debt increases by about two to three percentage points following exogenous additions of stocks to an index. The leverage response is primarily in public debt markets: Borrowing costs in these markets decrease, while bond liquidity increases. These results suggest that index additions affect leverage because an increase in public information reduces information asymmetries for lenders…

Topic: On the Pure Theory of Wage Dispersion   Time & Date: 10:30am-12:00pm, 2017/12/1 Venue: Room 502, Daoyuan Building, CUHK(SZ) Speaker: Cheng Wang, Iowa State University & Fudan University Detail: We develop a pure theory of wage dispersion an equilibrium model of search and on- the-job search where identical firms offer differential wages/contracts to homogeneous workers. Jobs are optimal dynamic contracts that allow firms to match the worker's outside offers or let the job be terminated. Such a model generates distributions of wage offers that are non-degenerate and unimodal. It can be calibrated to the U.S. labor market to produce a wage offer dispersion that resembles observations, together with a distribution in the wages earned that is consistent…

      11月21日下午，道远楼理事厅座无虚席。两百余位同学齐聚一堂。在满席掌声中，诺贝尔奖得主舒尔斯教授进入会场。出席此次交流会的还有我院执行副院长范杰信教授、Marlene Amstad教授、助理教授黄宗博、刘洪七与刘庄，以及参与研究课题展示的韦思力、吴泓宇、任佰勇与王唯羽同学。  Dean’s List 颁奖仪式        活动第一场是金融学理学硕士学生Dean’s List的颁奖仪式。优秀学子们从舒尔斯教授和香港中文大学（深圳）金融学理学硕士主任、深圳高等金融研究院执行副院长刘民教授手中接过荣誉证书并亲切合影，想必这会成为他们学习旅程中难忘的回忆与莫大鼓励。  迈伦•舒尔斯教授主题演讲         礼毕，舒尔斯教授热情洋溢地为与会同学做了一场主题演讲。他回忆自己的人生经历：出生在一座加拿大小城，因天资崭露，父母便带他迁到更好的城市去读书。在本科学业时，找到了自己对经济学的学习兴趣，并有幸结识芝加哥大学的优秀教授，从此踏上经济金融相关领域的研究……舒尔斯教授在讲座中一再强调，学习兴趣至关重要，年轻学子应当勇于尝试自己喜欢的领域，而非随波逐流，在时代的喧嚣洪流中迷失自我。在座的同学们想必也从中体会到了舒尔斯教授的坚定学术信念，并产生了对未来职业道路的深切反思。 本科学生研究课题展示         由黄宗博教授主持，本科生研究课题开场。 黄宗博教授主持研究课题        首先进行课题展示的是由经管学院大四学生韦思力，吴泓宇、任佰勇三位同学组成的行为金融学研究团队。该团队的课题为“投资者注意力和股票收益：基于极端市场情况的研究”。        以中国股票市场运用断路机制时的逆作用为切入点，三位同学分析了在股票熔断机制运行期间，投资者注意力对于股价的影响并发现投资者注意力和股价显著正相关。…

Topic: Risk Preferences and the Macroeconomic Announcement Premium   Time & Date: 10:30am-12:00pm, 2017/11/21 Venue: Room 502, Daoyuan Building, CUHK(SZ) Speaker: Hengjie Ai, University of Minnesota Detail: This paper develops a revealed preference theory for the equity premium around macroeconomic announcements. Stock returns realized around pre-scheduled macroeconomic announcements, such as the employment report and the FOMC statements, account for 55% of the market equity premium. We provide a characterization theorem for the set of intertemporal preferences that generates a non-negative announcement premium. Our theory establishes that the announcement premium identifies a significant deviation from time-separable expected utility and provides asset-market-…