团队

研究团队收集来自 61 个经济体，合共超过6700间公司的数据，评估企业特质与股票收益表现，以及新冠疫情个案之间的关联性。研究发现，尽管新冠疫情导致股票收益减少，但某些企业录得的跌幅较为轻微，而这些企业具有以下特质：在 2020 年前公司的财务状况较好（如拥有较多现金和未提取的信贷额、较少的总债务和短期债务，以及维持较高的利润水准）、全球供应链和客户地点受新冠疫情影响较小，积极推动企业社会责任的活动，以及较少地位稳固的高管人员。此外，家族企业（尤其是家族直接控股和雇佣职业经理人的家族企业）、大企业或政府控制的企业的股票回报表现较佳，而由对冲基金和其他资产管理公司大量投资的公司则表现逊色。在疫情期间，股票市场给予拥有较低管理层所有权的企业正面评价，却给予拥有较高管理层所有权的企业负面评价。

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.

港大经管学院几位学者最近发布的研究发现，有些因素能有助投资者辨别SPAC能否取得成功。

香港大学经管学院副院长林晨昨天出席大公文汇传媒集团主办的「粤港澳大湾区系列财经沙龙」时，在会上提出，金融科技可以改善内地中小企融资困难的问题，例如最近港大与内地的最大金融机构合作，制作一个动态的信用模型，有助降低中小企的债务违约率。

We assess the impact of geographic diversification on a bank’s costs of interest-bearing liabilities. We employ a new identification strategy and discover that geographic expansion across U.S. states lowered funding costs. Consistent with expansion facilitating risk diversification, we find that (1) funding costs fall more when banks expand into states whose economies are less correlated with the banks’ state and (2) geographic diversification reduces the costs of uninsured, but not insured, deposits. Consistent with expansion intensifying agency frictions, which puts upward pressures on funding costs, we discover that geographic diversification reduces the costs of interest-bearing liabilities more in better-monitored and better-run banks.

Product price risk is a potentially important factor for firms’ liquidity management. A natural place to evaluate the impact of this risk on liquidity management is the electricity industry, because producing firms face substantial price volatility in wholesale markets. Empirically, higher volatility of electricity prices leads to an increase in cash holdings, and this effect is robust to instrumenting for price risk using weather volatility. Cash increases more with price risk in firms using inflexible production technologies and those that cannot easily hedge electricity prices, indicating that operating flexibility and hedging are substitutes for liquidity management.

We investigate how communication within banks affects small business lending. Using travel times between a bank’s headquarters and its branches to proxy for the costs of communicating soft information, we exploit shocks to these travel times—the introduction of new airline routes—to evaluate the impact of within-bank communication costs on small business loans. We find that reducing headquarters-branch travel time boosts small business lending in the branch’s county. Several extensions suggest that new airline routes facilitate in-person communications that boost small-firm lending.

透過金融借貸周轉資金、擴大投資已是不少企業慣用的生財之道，但即使是在金融市場非常發達而開放的香港，仍有不少小型企業連小額借貸也會被銀行拒諸門外。香港大學經濟及工商管理學院副院長（研究與知識交流）林晨早前獲批2,200萬元撥款，開展「金融科技、金融穩定和普惠金融」研究項目，冀能透過大數據、雲計算、區塊鏈、人工智能等金融科技手段，開發一套針對中小企業和消費者的風險評估管理體系，保障普羅大眾平等享用金融服務，推動金融業再發展。

Does the predeal geographic overlap of the branches of two banks affect the probability that they merge, postannouncement stock returns, and postmerger performance? We compile information on U.S. bank acquisitions from 1984 through 2016, construct several measures of network overlap, and design and implement a new identification strategy. We find that greater predeal network overlap (1) increases the likelihood that two banks merge; (2) boosts the cumulative abnormal returns of the acquirer, target, and combined banks; and (3) reduces employment, boosts revenues, reduces the number of branches, improves loan quality, and expedites executive turnover.