Roni MICHAELY
Prof. Roni MICHAELY
金融學
Associate Dean (Global Engagement)
Zhang Yonghong Professor in Finance
Founder & Executive Director, HKU-TLV Innovation Hub
Co-director, HKU Jockey Club Enterprise Sustainability Global Research Institute

3910 2185

KK 934

Academic & Professional Qualification

PhD

Biography

Professor Michaely is a professor of Finance and Entrepreneurship at The University of Hong Kong. Before that he spent a significant portion of his career as The Rudd Family professor of Finance at Cornell University and Cornell Tech. His teaching include Corporate Finance and Entrepreneurial Finance for MBAs, executive MBAs, DBA and PhD students. Professor Michaely’s research interests are in the areas of empirical corporate finance, corporate governance, entrepreneurial finance, and FinTech. His current research focuses on how frictions in capital markets affect managers’ corporate decisions and new product developments; with a particular focus on corporate payout policy, the effect of competition in firms’ behavior, and on the impact of Fintech on capital market efficiency. He was recently recognised as one of the most prolific researchers in finance with over 25,000 citations.

His research has appeared in such scholarly journals as the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Management Science, The Review of Finance, and Journal of Financial and Quantitative Analysis. His research has been frequently featured in the Wall Street Journal, New York Times, the Economist, Investor’s Business Daily, Bloomberg, BusinessWeek, Forbes, Barrons, Money, and others. Prof. Michaely has given over 200 invited research talks, conference presentations and key-note speeches around the world, and is working with scholars from Asia, the US, and Europe, on research in corporate finance. Professor Michaely collaborates on research projects with many research scholars from Asia, the US, and Europe.

Professor Michaely’s research has also received many awards and honors. Awards include the 2020 Review of Finance best paper award, the 2017 Distinguish research award of the Eastern Finance Association, the 2005 Journal of Financial Economics Fama Prize for best paper, the 2000 Journal of Finance Smith Breeden Prize for distinguish paper, the 2000 Western Finance Association Award for the best paper on capital formation, The Review of Financial Studies 1999 Barclays Global Investors/Michael Brennan Runner-up Award, the 1999 Western Finance Association Award for the best paper, 1996 Quantitative Alliance Group Prize for best paper, and the 1996 Western Finance Association Award for best paper on investments.

Professor Michaely is a co-founder of Gina Life, a medical devise startup, and is currently on the board of Tipranks, and on the advisory board of Mogul, Hyro and Nielsen Innovate. He was a director of the Israeli Securities Authority (ISA) from 1998 to 2003, and was the chairperson of Tachlit (mutual fund) investment committee.

Research Interest
  • Empirical Corporate Finance
  • Corporate Governance
  • Entrepreneurialship
  • Fin Tech
  • Innovation
Selected Publications
Awards and Honours
  • The 2020 Review of Finance best paper award (the Pagano-Zechner Award) for the paper: “Are U.S. Industries Becoming More Concentrated?”
  • Distinguish Research Award, Eastern Finance Association, 2017
  • The 2005 Jensen Prize for the best paper published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations; (for the paper: “Payout Policy in the 21st Century”).
  • The 2000 Journal of Finance Smith Breeden Prize for distinguish paper (for the paper: “When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket”)
  • The 2000 Western Finance Association Award for the best paper on capital formation (for the paper: “The Making of a Dealer Market: From Entry to Equilibrium in the trading of Nasdaq Stocks”)
  • The Review of Financial Studies 1999 Barclays Global Investors/Michael Brennan Runner-up Award (“Conflict of Interest and The Credibility of Underwriter Analyst Recommendations “)
  • The 1999 Western Finance Association Award for the best paper (for the paper: “When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket”)
Recent Publications
Rise Of Index Funds Leads To Deterioration Of Corporate Governance Study Reveals Index Funds Put Less Efforts In Monitoring Their Portfolio Firms, Resulted In Power Imbalance Between Investors And Firm Managements

Over the past three decades, the rise of passively managed index funds has transformed how Americans and other investors around the world invest. In 1990, index funds held only less than 1% of all mutual fund assets. By 2018, this had grown to more than 30%, which worth over US$6 trillion and now represent the largest shareholders of many US corporations.