研究資助

卓越學科領域計劃

主題研究

優配研究金（GRF）

傑出青年學者計劃（ECS）

其他

大學教育資助委員會 — 2022/23年度「卓越學科領域計劃」（第十輪）

項目題目：	量化歷史研究：追尋現代中國發展的根源
資助金額：	6,732萬港元

港大經管學院研究團隊成員：

項目統籌人	陳	志武	金融學講座教授鄭裕彤基金教授（金融學）
聯合首席研究員	林	晨	金融學講座教授寶光基金教授（金融學）副院長（研究及知識交流）
聯合首席研究員	馬	馳騁	經濟學助理教授
合作方（本地）	SINCLAIR	Andrew	金融學助理教授

摘要

中國近年的經濟成就及其發展軌跡備受學界注目和討論。為了解這些成就，學者們曾嘗試追溯其歷史根源。然而，在電腦時代之前，沒有學者能夠處理數十萬，更遑論數百萬的歷史材料。因此，傳統歷史學家不得不依靠選擇性個案建構具重要意義、惟難以系統檢驗的定性敘述，頂多提出一些假說。隨著眾多歷史檔案在中國和其他國家被數碼化，學者們如今別無他選，只能週旋於歷史「大數據」之中，而當中唯一的可行之策就是採用量化方法來處理歷史大數據研究。

中國蘊藏豐富的歷史檔案和考古挖掘，其規模在世界各國中是獨一無二的, 內容幾乎涵蓋中國社會的所有方面：從政治到商業、法律和監管、犯罪和動亂、家庭和宗族、文化和習俗、宗教和社會組織，乃至科學。其中不少檔案近年被數碼化，為量化歷史學家提供前所未有的機會去全面重新審視中國歷史的各方面，這對評估中國的未來和指導香港的政策制定尤為重要。

我們計劃在香港大學成立量化歷史研究中心，作為協調和開展「量化中國歷史」研究的核心學術機構。量化歷史研究中心將使香港成為全球的量化歷史研究領導者，其原因有三。首先，作為中國的一部分，香港具有語言、文化和人力資源的優勢。第二，香港比內地大學享有更多的國際學術資源和研究空間。第三，我們的研究團隊 (包括項目統籌人、核心團隊成員和多位合作者) 近年來已經發表許多量化中國歷史的學術論文，並構建了多個歷史數據庫。自2013年開始，項目統籌人與其核心成員一起，舉辦一年一次為期九天的量化歷史講習班和量化歷史研究國際年會，每年為來自40多所大學約200名青年學者講解、推廣量化歷史研究方法。團隊的量化歷史研究工作在大中華區持續取得良好成效，包括在香港與內地學界產生重要影響。本項目將致力加深對中國和香港的歷史發展的認識，挖掘歷史新知識，促進歷史教學，引導政策制定，改善商界運營模式。

大學教育資助委員會 — 1999/2000年度「卓越學科領域計劃」（第一輪）

項目題目：香港經濟與企業策略研究所

資助金額：3,620萬港元

項目統籌人：王于漸教授

摘要

香港經濟與企業策略研究所旨在成為國際首屈一指的經濟政策及企業策略研究中心，專門研究香港在中國、亞太地區、以至全球所扮演的互動角色。這個研究所亦會獨立地進行一些首創的調查研究，務求進一步掌握上述範疇的理論和應用知識，發展及舉辦嶄新的教學課程，培訓香港、中國內地及亞太地區的研究員及從業員，並在政策方案及企業策略的制訂上發揮影響力。這個新項目以香港大學為首，亦獲得其他本地及海外院校合作參與。

University Grant Committee - Theme-based Research Scheme 2020/21 (Tenth Round)

Theme 3: Enhancing Hong Kong's Strategic Position as a Regional and International Business Centre

Project Title: Financial Technology, Stability, and Inclusion

Project Coordinator: Prof Chen Lin (HKU)

Project Coordinator (PC)	LIN	Chen	Chair of Finance Stelux Professor in Finance Associate Dean	FBE / HKU
Co-Principal Investigator (Co-PI)	LUO	Ye	Assistant Professor in Finance	FBE / HKU
Co-Principal Investigator (Co-PI)	TANG	Dragon Yongjun	Professor in Finance & Area Head	FBE / HKU
Co-Investigator (Co-I)	KWAN	Alan Paul	Assistant Professor in Finance	FBE / HKU
Co-Investigator (Co-I)	LIU	Yang	Assistant Professor in Economics	FBE / HKU
Co-Investigator (Co-I)	TAI	Mingzhu	Assistant Professor in Finance	FBE / HKU

Abstract

FinTech has witnessed a spectacular growth in the aftermath of the 2008 financial crisis. While the industry has taken innovative approaches to promote financial inclusion by serving traditionally under-banked businesses and people, it is also exposed to nonnegligible risk that can threaten the stability of financial market. Hence, a key challenge facing the industry is to assess and manage financial risks properly while extending financial services to a wider spectrum of firms (especially small and medium enterprises SMEs) and consumers. Since SMEs and consumers possess little "hard information" (e.g., financial statements, collaterals, credit history), it makes it a grand challenge – how to evaluate and finance them adequately. This is particularly the case as SMEs and consumers play a crucial role in economic development. According to the State Council of China and HKTID, SMEs contribute to more than 80% (46%) of employment and 90% (98%) of business units in mainland China (Hong Kong). Household consumption is also a key driver of economic growth, accounting for 60% of GDP (World Bank, 2018). Therefore, it is imperative to search for the solutions. In this research, we aim to develop a scientific framework on credit risk assessment and management for small businesses and consumers, lay out a formal foundation for smart contract / mechanism design, provide a platform for conducting program evaluation on the real economic and social impact of FinTech, form and test macro theories/models of financial risk featured with FinTech development, and provide policy recommendations for financial stability and inclusion. The framework is featured with a comprehensive guidance on (a) "high-frequency, high-dimensions, high-coverage" data collection, such as capturing granular digital footprints and networks of firms and consumers, (b) feature extraction based on behavioral consistency theories (Cronqvist et al., 2012), such as extracting behavioral traits (e.g., risk attitude, self-efficacy) of small business owners and consumers from investment, consumption and their behaviors through social networks and ownership chains, (c) transformation of such "soft information" into "hard information", (d) design, selection and training of credit models that (i) exploit the predictive power of digital footprints, networks and behavioral traits versus traditional financial metrics, and (ii) dynamically adapt to business cycles, and (e) interpretation and application of model outcomes for financial institutions and policy makers. To achieve these objectives, we will convene a team of experts in finance, economics, law, data science and engineering, collaborate with top financial institutions (e.g., the largest FinTech company), and form an advisory board of world leading economists (e.g., Nobel Laureates) and important policy makers (e.g., IMF Deputy MD overseeing FinTech). The extensive network of the team with global and regional institutions (e.g., IMF, World Bank, BIS, ECB, FSB, Fed, PBC, HKMA, HKFSDC, HK Competition Commission, etc.) will help disseminate the research outputs. The deliverables will help Hong Kong transit from a traditional International Financial Centre to a FinTech hub.

GRF 2021-22

Principal Investigator	Area	Project Title	Amount Awarded (HK$)
Professor K.W. Hui	Accounting and Law	Employee Litigation and Financial Reporting	291,993
Professor X. Wang	Accounting and Law	Information Diffusion in Broker Networks around Share Pledges	400,985
Dr. Chen Heng	Economics	Cronies in the Courtroom: Judicial Bias, Interference and Corruption	935,673
Dr. H. Zhang	Economics	Demand Uncertainty, Inventory Stock, and the Impact of Road Infrastructure on Firm Markup	387,993
Dr. L. Zhang	Economics	Labor Market Liberalization, Human Capital Investment, and Inequality	399,993
Dr. Y. Luo	Economics Finance	Inference of linear programming of high dimensionality	487,753
Dr. C. Sun	Economics Management and Strategy	Communication Costs and International Trade	418,975
Dr. Y. Wu	Economics Management and Strategy	Social Media, Accountability, and Public Health in China	670,993
Professor J. Li	Economics Management and Strategy	Subjective Contracting with Revisions	544,093
Dr. A.J. Sinclair	Finance	Optimal Government Funding for Innovation	380,985
Dr. D. Jin	Finance	Equilibrium Effect of Swing Pricing on Liquidity Management of Open-End Funds	349,993
Dr. Y. Liu	Finance	Currency Home Bias and Currency Choice in the International Credit Market	711,993
Professor H. Zou	Finance	Is there a stigma effect of publicly disclosed consumer complaints? The case of insurance	504,545
Dr. Chen Hailiang	Innovation and Information Management	The Impact of Platform Commission on Mobile Ecosystem Dynamics: Analysis of a Natural Experiment	953,993
Dr. L. Wang	Innovation and Information Management	Supply Chain Planning and Hedging: Managing Correlated Supply and Demand Risks	679,667
Dr. M.C.L. Chau	Innovation and Information Management	The Invisible Hand in Crowdfunding	535,993
Dr. X. Hu	Innovation and Information Management	An Analytical Framework for On-Demand Carpooling: Pricing, Matching, and Capacity Allocation	655,993
Dr. X. Zhang	Innovation and Information Management	High-dimensional Simulation Metamodeling: Theory and Applications	1,139,146
Professor Z. Jiang	Innovation and Information Management	Nudging for Healthy Behavior through Mobile Touch Experience Design	610,993
Dr. H. Zhao	Management and Strategy	The effects of performance pay complexity on job performance: A signaling theory perspective	465,993
Dr. H.M. Jia	Marketing	Fostering an Interdependent Self-Construal to Reduce Food Waste: A Resource Re-Allocation Perspective	593,993
Dr. J. Du	Marketing	Impact of Consumer Review Bias on Quality Inference and Review System Design	343,193

GRF 2020-21

Principal Investigator	Area	Project Title	Amount Awarded (HK$)
Dr. D.K.W. Chan	Accounting and Law	Board’s Dual Role of Advising and Monitoring CEOs and CEO Retention Decisions	284,587
Dr. S. Luo	Accounting and Law	CEO Political Ideologies and CSR Contracting in Compensation Design	413,475
Dr. N. Rahman	Accounting and Law	Market reaction to earnings news of strategic alliance partners: The good, the bad, and the contagion	438,571
Professor G. Zhang	Accounting and Law	Characteristics of business operations, investment flexibility, and value generation	383,515
Dr. S. Park	Economics	Opening the Black Box of North Korea's Economy: Deep Learning with Daytime Satellite Imagery	401,000
Professor W.C. Suen	Economics	Private tutoring as a signal-jamming activity	271,994
Dr. P. Xu	Economics	Selectivity in Auctions with Costly Entry: Estimation, Inference, and Counterfactuals	413,450
Dr. Y. Xu	Economics	Reneging at a cost: the optimal selling mechanism and regulation	267,336
Dr. P. Yu	Economics	Calibrating the Confidence Intervals in Threshold Regression	320,000
Dr. C. Zhao	Economics	Prior Bias, Mistrust, and Garbling: An Experiment	550,950
Dr. X. Fang	Finance	Emerging Market Spreads and Risk Premium: The Risk-free Rate Channel	306,032
Dr. S. Huang	Finance	Deciphering Dynamic Liquidity Management with Derivatives in Mutual Funds	386,800
Dr. T.A. Maurer	Finance	Pricing Implications of Inter-Cohort Heterogeneity in FX Markets	548,000
Dr. M. Tai	Finance	From the owner to the business: how do small business owners’ personal financial wellbeing affect their businesses?	683,614
Dr. J. Zhang	Finance	Housing Policy and Access to Finance for Small Business	280,000
Dr. H. Chen	Innovation and Information Management	A Social Proximity Measure based on Knowledge Graph Embedding	763,000
Dr. E. Park	Innovation and Information Management	Impact of emergency department waiting time announcements on patient behavior	592,000
Dr. D. Yang	Innovation and Information Management	Statistical Learning of Big Data with Dynamic Tensor Structure	599,861
Dr. X. Zhang	Innovation and Information Management	Ranking and Selection with Covariates: Simulation for Contextual Decision-Making	873,995
Professor C. Hui	Management and Strategy	Ideal or not so ideal? A Career Resourcing Approach to Effects of Idiosyncratic-deals on Employee Career Success	377,984
Professor J. Li	Management and Strategy	The management of incentives for waiting	361,999
Dr. C. Sun	Management and Strategy	Input Sourcing and Output Market Power	540,425
Professor Z. Tao	Management and Strategy	Choice of hospital by patients in China	528,360
Dr. Z. Yan	Management and Strategy	Antecedents of Corporate Political Strategies: A Political Network Perspective	725,710
Professor K.Z. Zhou	Management and Strategy	Capability Asymmetry and Innovation Performance in Buyer-Supplier Product Co-Development: A Dyadic and Dynamic View	580,000
Dr. H.M. Jia	Marketing	How Animated Movement Speed in Video Ads Shapes Consumer Responses: An Affective Reaction Perspective	530,196

GRF 2019-20

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Professor H. Cai	Economics	Intrinsic Motivations, Incentives and Corporate Culture	515,400
Dr. H. Chen	Innovation and Information Management	The Relationship Among Digital Download, Digital Rental and Subscription-based Streaming	505,079
Dr. T.T. Gu	Accounting and Law	Do Retail Investors Affect Corporate Disclosure Policies? Evidence from the 2013 Tax Policy Change in the Alternative Investment Market	304,618
Dr. S. Huang	Finance	Guaranteed-Loan Networks	383,133
Dr. T.W. Kim	Accounting and Law	Labor Market for Accounting Experts and Investment Efficiency	240,000
Professor K.S.J. Kung	Economics	The Rise of Communism in China	988,834
Professor S.H. Lau	Economics	Public annuities: Understanding annuity buyers’ decision and proposing welfare-improving solutions	404,431
Professor J. Li	Management and Strategy	Designing Power Structure	536,480
Dr. J. Li	Accounting and Law	Accounting information quality and risk shifting with asymmetrically informed creditors	206,722
Professor C. Lin	Finance	Credit Supply and Healthcare Service Quality	563,518
Dr. T. Liu	Finance	Implementing Auction Designs via Market Feedback	320,000
Dr. Y. Luo	Economics	Ambiguous Consumption and Portfolio Decisions with Labor Income and Stochastic Differential Utility	329,961
Dr. K. Na	Accounting and Law	Political Ideology and Corporate Tax Avoidance	490,966
Dr. P. Yu	Economics	Panel Threshold Regression with Unobserved Individual-Specific Threshold Effects	450,000
Dr. Y. Zheng	Management and Strategy	Do Political Connections Stifle Firm Innovation? Quasi-experimental Evidence from China’s Anti-corruption Campaigns	339,900
Professor K.Z. Zhou	Management and Strategy	Is Bribery Beneficial to Firm Performance in China? The Overlooked Side Effect on Market Capabilities	526,745

GRF 2018-19

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. L.H.L. Chan	Accounting and Law	The effect of career opportunities after retirement and auditor's behavior	208,800
Dr. M.C.L. Chau	Innovation and Information Management	Factors Moderating the Predictive Power of Social Media Sentiment on Stock Returns	382,410
Dr. C. Chen	Economics	Optimal Forecasting under Informational Frictions: Theory and Evidence	414,000
Dr. H. Chen	Economics	Leaders and Social Changes	164,925
Dr. L. Gu	Finance	Inflexibility and Capital Structure Decisions	283,492
Dr. P.P. Karhade	Innovation and Information Management	Search for Innovation: Integrating the Behavioral Theory of the Firm with Agency-Theoretic Explanations	717,470
Dr. A. Kathuria	Innovation and Information Management	Information Signals in Microsourcing Platforms	170,697
Professor C. Lin	Finance	Credit Supply and Labor Policies	450,000
Dr. T. Liu	Finance	Guiding Target Shareholders	301,492
Dr. Y. Liu	Finance	Commodity, Asset Returns, and Inflation	482,400
Dr. C. Ma	Economics	Knowledge Diffusion and Scientific Production in Historical China, 1550-1800	324,333
Dr. K. Na	Accounting and Law	Turnover Risk and CEO Compensation: Evidence From a Natural Experiment	244,800
Dr. S. Shim	Management and Strategy	Consequences of Nonverbal Cues During Computer-Mediated Communications: The Impact of a Leader's Emoticons on Employees' Creativity at Work	271,062
Professor W.E. Wan	Marketing	The Impact of Access-Based, Liquid Consumption in the Sharing Economy on Consumer Moral Behavior	470,511
Dr. X. Wang	Accounting and Law	Firm's Cost Structure and IPO Price Formation	330,099
Dr. Z. Wang	Finance	Toxic Emissions and Inventor Migration	445,489
Dr. H. Zhang	Economics	Capital Goods, Intermediate Goods and Gains from International Sourcing: Evidence from Chinese Manufacturing Firms	485,207

GRF 2017-18

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. D.K.W. Chan	Accounting	Critical Audit Matter Disclosure	314,596
Professor E.C. Chang	Finance	The Effect of Stock Market Indexing on the Quality of Options Market	442,027
Dr. S. Huang	Finance	Dividend Catering and Learning from Stock Prices	241,127
Professor K.W. Hui	Accounting	Accounting Quality and Supply Chain Mergers and Acquisitions	263,826
Professor S.H. Lau	Economics	Effects of mortality decline on life-cycle variables: A state-dependent approach	221,613
Dr. D. Li	Finance	Supply Chain, News and Post-earnings Announcement Drift	346,060
Dr. J. Li	Accounting	A Framework of Network Analysis Based on Quadruple Book-entry Accounting System	318,482
Dr. X. Li	Accounting	Does Increased Mandatory Risk Disclosure Lead to Investor Perceptions of Higher Risk? Evidence from Cross-listed Firms in China and Hong Kong	328,458
Professor C. Lin	Finance	Do Managerial Incentives Matter? Evidence from SOE Pay-Cap Reforms in China	473,885
Dr. T. Liu	Finance	Optimal Securities Auctions with Entry Costs	179,202
Dr. Y. Luo	Economics	Parameter Uncertainty and Consumption Volatility in General Equilibrium	189,158
Dr. T.W.H. Ng	Management	Two Sides of the Same Coin: Disentangling the Contrary Effects of Perspective Taking on Employee Creativity	368,360
Professor L.D. Qiu	Economics	Intellectual Property Rights, Innovator Migration and Technology Diffusion	402,281
Professor Z. Tao	Strategy	Hospital heterogeneity, quality certification, and impacts of competition	320,569
Professor D.K.C. Tse	Marketing	MNCs as Good Parents: Strategy Tenets and Nurturing Mechanisms	435,163
Dr. J. Wang	Innovation and Information Management	The Impact of the Bundled Payment Policy Scheme on Operational Performance in Health Care	522,654
Dr. P. Yu	Economics	Testing Unconditional Rank Preservation and Conditional Rank Similarity in Quantile Treatment Effects Evaluation	139,379

GRF 2016-17

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. C.M.K. Chan	Strategy	A Dynamic Institution-based View of Foreign Firm Performance	453,750
Dr. M.C.L. Chau	Innovation and Information Management	The Impact of Average Rating and Information Disparity on Consumer Perception of Review Diagnosticity	518,500
Dr. C. Chen	Economics	Uncertainty, Trade and FDI: Short-Run and Long-Run Impact of China-Japan Island Disputes	330,000
Dr. S.Y.W. Chiu	Economics	Demography and Political Economy of Large-Scale Economic Reform	299,000
Dr. T.T. Gu	Accounting	The Impact of the Credit Default Market on Auditors: Evidence from Audit Pricing and Going Concern Reporting	242,700
Dr. S.J. Jia	Marketing	Hedonic combinatorics: How combining unrelated products affects product enjoyment	969,240
Dr. H.H. Kwok	Economics	Estimation Methods for Social Interaction Models with Unknown Networks	196,000
Dr. H. Lee	Innovation and Information Management	Mitigating the Impacts of Natural Disasters on Firms and Supply Chains	715,992
Dr. T.W.H. Ng	Management	You Speak, I Speak: The Dynamic Contagion Effects of Coworker Voice on Employee Voice	510,550
Dr. B. Qin	Economics	The effect of anti-corruption campaigns on the value of political connections: evidence from Chinese listed companies	240,000
Professor W.C. Suen	Economics	Competing for Limited Attention in Large Media Markets	282,000
Dr. Y. Tang	Finance	Do Credit Default Swaps Reduce the Information Advantage of Corporate Insiders?	450,550
Professor Z. Tao	Strategy	Getting back a level playing field: evidence from China's private enterprises	297,000
Dr. S.H. Wang	Marketing	Evoking Novelty-Seeking Adoption of User-Innovations: Effects of Differential Sequencing of Category Positioning Strategies between Domain and Non-Domain Adopters	394,900
Dr. X. Wang	Accounting	CEO's Subsidiary Position and Firm's Tax Avoidance	285,000
Dr. P. Xu	Economics	Information transmission and efficiencies in foreclosure sales	352,500
Dr. Y. Xu	Finance	Displacement risk and value premium: a global analysis	639,580
Dr. Y. Xu	Economics	Interdealer Trades in Over-the-Counter (OTC) Markets - Who Buys and Who Sells?	227,750
Dr. P. Yu	Economics	Inferences and Specification Testing in Threshold Regression with Endogeneity	330,000
Dr. W. Zhang	Innovation and Information Management	Technology Adoption in Firm Networks	618,000
Dr. Y. Zhang	Management	Early dysfunctional parental influence in leadership development: An adult attachment perspective	387,000
Professor K.Z. Zhou	Strategy	Ambidexterity of International Joint Ventures in China: Institutional Drivers and Performance Implications	330,000
Dr. H. Zou	Finance	Director liability, talent attraction and retention: Evidence from a natural experiment	661,050

GRF 2015-16

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. P. Hsu	Finance	Technology replacement and stock returns	360,870
Dr. S.C.S. Lai	Finance	Do Innovation-Focused Shareholders Spur Corporate Innovation?	251,420
Professor C. Lin	Finance	Does Corporate Governance Affect Debtholder Value? Evidence from Shareholder Voting	762,800
Dr. Y. Luo	Economics	Robustness, Intertemporal Hedging Demands, and Precautionary Savings in a Partially Observable Economy	165,000
Dr. H. Zhang	Economics	Export Destination, Product Quality, and Margins of Chinese Products in the International Markets	339,000
Dr. S. Zhang	Finance	In search of systematic distress risk	319,151
Dr. M.K. Ahn	Accounting	The Use of Direct Method Cash Flow Presentation and the Cost of Capital	240,830
Dr. M.C.L. Chau	Innovation and Information Management	The Effects of Traditional Media and Social Media on Penny Stocks and Non-penny Stocks	621,500
Dr. S. Kim	Marketing	Understanding the Motivation to Help under Mortality Salience	369,000
Dr. X. Li	Accounting	Monitoring Role of the Press – Evidence from Press Coverage of Chinese Firms Listed in the U.S.	295,000
Dr. T.W.H. Ng	Management	Discrete Employee Emotions and Voice Behavior: A Longitudinal Investigation of the Reciprocal Relationships	366,000
Professor C.W. Park	Accounting	CEO Turnover, Incentives and Firm Life Cycle	326,480
Dr. E.W. Wan	Marketing	The Influence of Customer Density on Consumer Experience with Anthropomorphized Self-Serving Technologies	412,751
Dr. J. Wang	Innovation and Information Management	Optimizing Reliability and Extended Warranty Pricing Decisions in a Supply Chain	299,996

GRF 2014-15

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. H. Chen	Economics	Political Economy of Middle Class Activism	281,285
Dr. X. Hu	Finance	Tri-party Repo Pricing	512,800
Dr. T.C. Lin	Finance	How hedging and speculation demands in equity lending market are related to put option trading?	232,232
Dr. B. Qin	Economics	How does political control of the Chinese media affect politician promotion and the fight against corruption?	194,880
Professor L.D. Qiu	Economics	FDI spillovers through Joint Ventures: Evidence from China	390,000
Dr. Y. Xu	Finance	Corporate R&D and the cross section of stock returns: International evidence	426,289
Dr. H. Zhang	Economics	Estimating Firm-Level R&D Demand and Innovation Process with Technology Spillover	317,289
Professor G.C. Biddle	Accounting	Board Selection Endogeneity: Evidence from Hong Kong	440,916
Dr. C.M.K. Chan	Strategy	Foreign Market Entry Mode Choice in Subnational Regions: An Institution- based view	480,919
Dr. D.K.W. Chan	Accounting	The Effects of Internal Control Reporting Regulation on Control Quality, Compensation and Audit Quality	208,684
Dr. L.H.L. Chan	Accounting	Economic consequences of collateralized personal loan by executives	301,252
Dr. M.C.L. Chau	Innovation and Information Management	Studying the Order Effect of Feedbacks in Online Auction Markets: A User Study and a Bayesian Updating Model	312,539
Dr. F. Du	Accounting	Analyst teamwork: Team composition and forecast performance	324,394
Dr. T.W.H. Ng	Management	Transformational and Transactional Leadership, Idiosyncratic Employment Arrangements, and Emotional and Behavioral Outcomes	202,304
Dr. G.H.R. Sin	Innovation and Information Management	Social and Economic Implications of Search Engine Optimization	383,264
Professor Z. Tao	Strategy	Do Chinese imports influence American politics?	387,289
Dr. F. Tian	Accounting	Do Accounting standards affect innovation?	329,266
Professor B.C.K. Yim	Marketing	Service-Sales Ambidexterity: A Dyadic Analysis on the Underlying Processes of Its Influences on Satisfaction and Performance Outcomes for Both Employees and Customers	373,114
Dr. B. Zhao	Strategy	Trailing Connected Government Officials in Geographic Expansion: Evidence from Chinese Firms	374,072
Professor K.Z. Zhou	Strategy	Customer Participation, Product Newness, and New Product Performance: A Conflict Management Perspective	580,762
Dr. J. Zhu	Marketing	Tap Into Product Cocreation Model-Crowd, Idea, Product Development, and Market Performance In Crowdsourcing	312,425

GRF 2013-14

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. F. Du	Accounting	Seeing is Believing: Do Analysts Benefit from Site Visits?	239,570
Dr. J. Han	Accounting	Management Earnings Guidance Quantification and Attribution Quantification: An Interactive Pattern	271,427
Professor C. Hui	Management	Towards a threat-reaction theory of supervisor reactions to subordinate voice	394,500
Professor S.S.K. Lam	Management	Organizational Citizenship Behavior: A Multilevel and Cross Cultural Study	295,000
Dr. H. Lee	Operations Management	The Drivers and Impacts of Knowledge Exchange within a Supply Chain: An Empirical Study	828,000
Dr. X. Li	Accounting	Revealed Investor Sentiment: Textual Analysis of Earnings Conference Calls	208,247
Professor C.W. Park	Accounting	A Structural Approach To Estimating Abnormal Working Capital Accruals	266,655
Professor D.K.C. Tse	International Business	How Capitalism Works in China State-Owned Enterprises: An Agency Assessment of their Corporate, Social and Societal Performance	350,000
Dr. E.W. Wan	Marketing	Does Seeing Human in Brands Enhance Brand Preference For Socially Disconnected Consumers? Anthropomorphism, Social Exclusion, and Brand Relationship	374,980
Dr. X. Wang		Differential Insider Trading Profitability and the Efficiency of Diversification in Multi-Segment Firms	480,000
Dr. C. Wu	Management	A Signaling Perspective on Strategic Investments: Evidence from IPO Firms	210,068
Dr. Y.S. Wu	Accounting	Incentive Compensation for Multidimensional Tasks: A Field Experiment	233,000
Dr. Y. Zheng	Management	Time to leave? The influence of resource dependence structures on sequential investment termination by venture capital firms	583,020
Dr. K.Z. Zhou	Management	Exchange Hazards, Contractual Design, and Exchange Performance: A Study of Buyer-Supplier Relationships in China	496,600
Professor Y. Zhou	Operations Management	Models and Analysis of Dual-Channel Supply Chain Strategies	392,000
Dr. W. Chan	Economics	The Impact of Housing Status on Labor Market Outcomes	325,057
Dr. P. Hsu	Finance	The Determinants of Innovation Efficiency and Influence	180,587
Dr. K. Jiang	Economics	Optimal Promotion Rules in a Firm's Internal Labor Market	174,864
Dr. T.C. Lin	Finance	Does Short Selling Discipline Managerial Value-Destroying Behaviors?	340,660
Dr. Y. Luo	Economics	Model Uncertainty and Emerging Market Business Cycles	154,000
Dr. W.Y. Park	Economics	An empirical investigation on the dynamics of credit spreads and their implications in the euro area	139,891
Dr. C. Xia	Finance	Can the Feedback Effect Explain Momentum Trading and Returns?	50,000

GRF 2012-13

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. M. Buehlmaier	Finance	Media-Based Merger Arbitrage	297,301
Dr. C.M.K. Chan	International Business	Subnational institutions and foreign affiliate performance	505,050
Dr. M.C.L. Chau	Information System Management	Applying Blog Mining Techniques in Suicide Research and Prevention	360,815
Dr. H. Chen	Economics	A Theory of Rumors and Revolution	235,690
Dr. X. Gao	Finance	Risk and Corporate Activities	161,980
Professor S.H. Lau	Economics	Differential Incentives, Group Size, and Cooperation in the Intergroup Prisoner's Dilemma: An Experimental Investigation	589,098
Dr. H. Lee	Operations Management	The effect of competition on firms' sustainable policies	600,600
Dr. D. Li	Business Studies	Who causes idiosyncratic stock price volatility?	363,891
Dr. T.C. Lin	Finance	What Do Informed Options Traders Know?	263,827
Dr. X. Liu	Accounting	The effects of CEOs' and CFOs' equity-based compensation on the remediation of internal control material weaknesses (ICMWs)	180,180
Dr. C. Qiu	Marketing	Future Consumption Opportunity and the Generation of Mental Imagery: A New Perspective on the Impact of Mental Construal on Consumer Judgments	330,603
Professor L.D. Qiu	Economics	Formation and Dynamics of Free Trade Agreements: Theory and Empirics	243,880
Professor Z. Tao	Economics	Once an Enemy, Forever an Enemy? The Long-run Impact of Japanese Occupation of China on Trade and Investment	198,380
Dr. F. Tian	Accounting	The valuation impact of managers' performance explanations in earnings press releases	404,477
Dr. X. Wang	Accounting	How Is Equity Value Affected by the Information Risk Associated with Accounting Earnings? Evidence from Closed-end Fund Discounts.	396,760
Dr. F. Yang	Finance	Oil Shocks and Asset Prices	273,874

GRF 2011-12

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr Stephen Chiu	Economics	Preferential Treatment in Centralized Admissions: The Case of Motive Schools	220,000
Dr Yulei Luo	Economics	Risk-sensitive Control and Filtering, Production Fluctuations, and Inventory Behavior	134,159
Prof Wing Suen	Economics	Strategic Deliberation and Super-majority Rules	216,000
Prof Chenggang Xu	Economics	Chinese Local Governments, Industrial Clusters, and Regional Disparities	804,178
Dr Frances Xu	Economics	Defense Attorney's Fee Structure: A Signaling Explanation	197,000
Dr Matthias Buehlmaier	Finance	A Narrative Approach to Measuring Financial Constraints	413,880
Dr Xianming Zhou	Finance	The Efficiency of Internal Capital Markets around Financial Crises	338,059
Dr Mei Lin	Information System Management	Open License in Platform Business Model Competition	278,000
Dr Echo Wan	Marketing	The Risk-Taking of Excluded Consumers: Social Exclusion and Financial Decision	352,434
Dr Kevin Zhou	Marketing	The Development and Contingent Value of Marketing and Technology Capabilities in China: A Longitudinal and Multilevel Study	344,554
Dr Heng Chen	Others - relating to Social Sciences (Economics)	Housing Finance and Household Saving Rate in the U.S. and China	129,749

GRF 2010-11

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr Lilian Chan	Accounting	Insider trading and family firms	312,650
Dr Xiaohui Gao	Business Studies	Investor Sentiment and Idiosyncratic Risk: Implications on Expected Market Returns	162,800
Dr Wen Zhou	Economics	Divestitures, mergers and competition	203,500
Dr Kaiji Chen	Economics	Trends in the U.S. Hours Worked: The Effects of Population Aging and Changes in Social Security Policies	247,900
Dr Zhigang Li	Economics	Believing or belonging: Economic analysis of contributions to village temples in modern China	434,660
Dr Melody Lo	Economics	Competition and Reputation in the Market for Information Intermediaries	138,750
Dr Yulei Luo	Economics	Model Misspecification, Consumption Volatility, and the Current Account in Small Open Economies	142,450
Dr Frances Xu	Economics	Commission Sharing among Agents	180,375
Dr Konan Chan	Finance	Information content of reduction in R&D investments	431,975
Dr Tse-chun Lin	Finance	Detecting Stock Price Barriers	413,475
Dr Qiao Liu	Finance	On the Chinese Pyramids: evolution, economic effects, and regulations	319,125
Dr Dragon Tang	Finance	Collateral Asset Portfolio Management of CDOs	405,150
Prof Chun Hui	Management	Idiosyncratic Deals in Different Cultures: Does Being an Insider Matter?	323,750
Dr Thomas Ng	Management	The Consequences of Job Embeddedness: A Cross-Cultural Comparison	276,575
Dr Kevin Zhou	Management	The Evolving Role of Trust and Contracts in China: A Longitudinal Assessment of Foreign Buyer-Local Supplier Exchanges	384,800
Dr Tracy Zhou	Management	Servant Leadership on Team Performance: Moderating Effects of Team Values	167,425
Prof David Tse	Marketing	Assessing Consumer Product Brand performance in China: a Dynamic Capability Model	331,150
Dr John Zhu	Marketing	Antecedents of Customer Satisfaction An Examination with Firm Level Augmented Quality-Satisfaction Framework	271,950

GRF 2009-10

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr Jun Han	Accounting	The Effect of Self-Serving versus Self-Disserving Attributions with Management Earnings Guidance	267,500
Dr Xiaohui Gao	Business Studies	Mutual Fund Brokerage Commissions and Soft Dollars	462,240
Dr William Chan	Economics	The Effect of Dowry on the Welfare of Women	449,720
Dr Stephen Chiu	Economics	A Theory of Intergroup Relation: with Applications to the Decline of Class and Diversity and Economic Performance	241,792
Dr Zhigang Li	Economics	Growth, Haze, and Health Outcomes: Empirical Evidence from China (1978-2006)	321,200
Dr Yulei Luo	Economics	Incomplete Information Diffusion, Durables Consumption, and Inertial behavior	154,080
Dr CY Tse	Economics	Search and Matching in a Spatial Economy - Middlemen, Agglomeration Economies, and the Growth of Cities as Commercial Centers in Economic Development	226,544
Dr Pai Xu	Economics	Unobservable Heterogeneity in Wage Variations: A Structural Approach	317,000
Dr Yi Lu	Economics	An Economic Analysis of Economic Institutions and FDI Location Choice	250,000
Dr Dragon Tang	Finance	Understanding the 2007/2008 Credit Crisis: Collateralized Debt Obligations (CDO) Credit Ratings	286,760
Dr Jin Zhang	Finance	The Chinese Warrant Market	400,000
Prof Eric Chang	Finance	Dual-listing and pricing efficiency: The informational and anchoring role played by the reference price.	414,090
Prof Patrick Chau	Information System Management	Examining the Effects of Avatars as a New Form of Personalization Agents on Online Shopping Decision Making and How Distrust Influences These Effects	484,140
Dr S Venkata Subban	Management	Strategic Groups: A Business Model Perspective	334,482
Dr Tan Wang	Others - relating to Business Studies (International Business(Foreign Direct Investments in China))	Assessing Positive and Negative Spillovers of Non-local Direct Investments in Chinese Cities: An Institutional-Based Model	301,055
Dr Neale O'Connor	Others - relating to Business Studies (Management Accounting)	The use of management control systems in buyer supplier partnerships	456,200
Dr Benjamin Yen	Software	Analytical Modeling, Evaluation and Enhancement of Website Design	438,720

GRF 2008-09

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr Jun Han	Accounting	Investors' Reactions to Management Earnings Guidance: The Joint Effect of Investment Position, News Direction, and News Ambiguity	359,600
Prof Amy Lau	Accounting	Alternative Approaches for Handling Demand Curves and Production Costs in a Fundamental Supply-Chain Pricing Model (new proposed code 41081)	644,180
Dr Neale O'Connor	Accounting	The Influence of Insitutional Factors and Specific Knowledge on Organization Design and Performance Measurement in China's Listed Enterprises.	395,580
Dr Echo Wan	Business & Management Studies	When Controlling Risk Risks Control: Communicating Health Risk Perceptions and Consumer Self-control	412,500
Dr Liu Zheng	Economics	Short Sale Constraints, Asymmetric Price Movements, and Skewness: Evidence from Hong Kong	254,100
Dr Paul Lau	Economics	Economic Impacts of Fertility and Mortality Changes: Decomposing Demographic Dividend	269,452
Dr Melody Lo	Economics	Strategic Voting in Multi-candidate Races	241,880
Prof Wing Suen	Economics	Delay as a Mechanism to Improve Collective Decision Making	263,000
Prof Larry Qiu	Finance	An Empirical Analysis of Antidumping Filings and Decisions	355,000
Dr Konan Chan	Finance	Market timing and the cost of raising equity through seasoned equity offerings	310,000
Dr Dean Xu	Management	Corporate Diversification, Group Diversification, and the Performance of Chinese Listed Firms	464,000
Dr Cheng Qiu	Marketing	Disentangling the Dual Impact of Affect on Product Judgment: The Role of Marketing Stimuli Characteristics	482,185

GRF 2007-08

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr Christine Chan	Business & Management Studies (including Accounting)	The Institutional Perspective of Foreign Affiliate Performance	402,368
Prof Simon Lam	Business & Management Studies (including Accounting)	Hiddle Profile Decision Making: The Effects of Group Efficacy	367,184
Dr Bennett Yim	Business & Management Studies (including Accounting)	Effect of Coalignment of Service Strategy on Service Performance Metrics and Firm Performance Outcomes: An Integrative and Contingency Approach	714,520
Dr Stephen Chiu	Economics (including Finance)	Dissecting a Centralized College Admission Scheme	210,008
Dr Qiao Liu	Economics (including Finance)	Institutions, Financial Development, and Corporate Investment: Evidence from China's Reform Era	815,480
Dr Yulei Luo	Economics (including Finance)	Risk Sensitivity Meets Rational Inattention	166,500
Prof Zhigang Tao	Economics (including Finance)	An Economic Analysis of the Bi-sourcing Strategy for Organizing Production in the Global Economy: A Property Rights Theory Approach	360,000
Dr Jianguo Xu	Economics (including Finance)	Heterogeneous Confidence and Short Sale Constraints: Implications for Volatility, Volume, and Skewness	610,000

ECS 2021-22

Principal Investigator	Area	Project Title	Amount Awarded (HK$)
Dr. G. She	Accounting and Law	Firm Boundaries and Disclosure Quality	504,000
Dr. P. Taori	Accounting and Law	The Power of Facial Expressions: Do CEOs’ Facial Emotions Convey Information to Capital Markets?	455,992
Dr. J.D.G. Lim	Economics	Ethnic Segregation and National Identity: Evidence from Large-Scale Resettlement in Malaysia	929,594
Dr. X. Fang	Finance	Inflation Risk in the Currency Market	547,000
Dr. C.I. Dang	Marketing	The Information Role under Preference Mismatch on Matching Platforms	674,658
Dr. J. Cao	Marketing	Study App Market Structure Using Consumer App Usage Data	495,358

ECS 2020-21

Principal Investigator	Area	Project Title	Amount Awarded (HK$)
Dr. L. Qiu	Accounting and Law	Shareholder activism and firm value: the role of board incentive	415,992
Dr. H. Ouyang	Innovation and Information Management	Optimal bed allocation in intensive care unit with patients' health evolution and patient readmission	629,540
Dr. Q. Wang	Innovation and Information Management	Understanding matching dynamics in online labor markets	577,520
Dr. M. Zhuang	Marketing	Feed Your Advertisements Smart: An Empirical Analysis of Newsfeed Native Advertisement Characteristics on Advertising Effectiveness in Mobile News Apps	374,000

ECS 2019-20

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. J. Du	Marketing	News Aggregation in Media Markets	251,700
Dr. A.P. Kwan	Finance	Big data measures of labor supply and their economic consequences to firm performance	891,340
Dr. Y. Liu	Finance	Intermediary-Based International Asset Pricing	402,400
Dr. W. Miyamoto	Economics	The Role of International Trade on Business Cycle Volatilities: A Quantitative Assessment	434,748

ECS 2018-19

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. Z.T. Huang	Marketing	Seeking Meaning through Constructing Preferences: The Effect of Life Meaninglessness on Preference Construction	545,351
Dr. K.R. Lee	Accounting and Law	The effect of SEC reviewer characteristics on the review process: An empirical examination of CTO reviews	320,000
Dr. S. Park	Economics	Technology Upgrading in Agricultural Export Supply Chains: A Field Experiment in Vietnam	373,100
Dr. A.J. Sinclair	Finance	Hot Money in the Hedge Fund Market	371,378
Dr. C. Sun	Management and Strategy	Globalization, Capital-biased Technological Change, and the Labor Shares	200,700
Dr. M. Tai	Finance	The financial and real consequences of mortgage securitization on SMEs: evidence from GSE policy changes	570,380

ECS 2017-18

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. H.M. Jia	Marketing	When Consumers Perceive Products as Biological Entities: Exploring a New Perspective on How Product Anthropomorphism Affects Consumer Decision Making	510,000
Dr. T.W. Kim	Accounting	Networks, Inter-firm Relationships, and Disclosure	370,000

ECS 2016-17

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. T. Schmid	Finance	Price Uncertainty, Operating Flexibility, and Payout Policy	517,000
Dr. Y. Tang	Strategy	The Growth of Emerging Market Firms and Capital Market Choice	403,790
Dr. Z. Wang	Finance	Bank Network Centrality and Risk Sharing	509,000
Dr. Y. Xu	Finance	Partisan Politics, Tax Policy Uncertainty, and Asset Pricing	497,996
Dr. B. Zhao	Strategy	Resource-Seeking Relocation: A Study of Life Sciences Startup Mobility	345,828

ECS 2015-16

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. Y. Sun	Finance	Mandatory Dividends and Shareholder Protection	348,614
Dr. T.T. Gu	Accounting	The economics of enhancing audit transprancy: auditor’s reporting model and stakeholder’s behaviors	376,614
Dr. J.H. Joo	Accounting	The ability of expected credit losses versus incurred credit losses to predict future credit losses: Implications for the 2014 credit loss accounting reform from Basel II and incurred credit loss disclosures	304,715
Dr. K. Na	Accounting	Does CFO Incentives Cause Accounting Manipulation? Evidence from a Natural Experiment	228,614
Dr. Y. Zhang	Management	Leaders' Work Demands and Abusive Supervision: A Self-Verification Perspective	599,748

ECS 2014-15

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. S.J. Jia	Marketing	The Taste of a Good Deal: How Transactional Utility Affects Experiential Utility	569,600

ECS 2013-14

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. S. Kim	Marketing	How Self-Affirmation Changes Emotions and Consumer Word-of-Mouth Communications	421,840
Dr. H.H. Kwok	Economics	Identification Problems in Linear Social Interaction Models	140,000

ECS 2012-13

Principal Investigator	Primary Field	Project Title	Amount Awarded (HK$)
Dr. X. Hu	Business Studies	Arbitrage Spreads and Aggregate Liquidity	456,800

Financial Year of income received	PI/ Grant Holder	Department	Funding Body	Funding Scheme	Project Title	Start Date (dd/mm/yy)	Completion Date (dd/mm/yy)	Amount of Funding (HK$)
2017-2018	Shen, Haipeng, Prof	Faculty of Business and Economics	Ministy of Science and Technology of the People's Republic of China 中华人民共和国科学技术部("科技部")	国家重点研发计划	脑血管病临床研究大数据关键技术及标准和运行共享机制研究	11/1/2017	12/31/2020	235,162.00