Welcome to Impact Factors!
Discover insights and influential research
from HKU Business School’s distinguished faculty.
Browse our collected articles for the latest academic research
and its implications across key areas of
business, economics, finance, and more.
Latest Research
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Navigating geopolitical risks: How U.S. firms adjust supply chains amid U.S.–China rivalry
The recent geopolitical rivalry—most notably between the U.S. and China—has fuelled a resurgence of geopolitical risks for firms. This is defined as disruptions driven by…
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The Determinants of ESG Ratings: Rater Ownership Matters
Third-party ESG ratings are used in investment practices as key metrics for evaluating corporate ESG performance. However, substantial disagreements in ESG ratings for the same…
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Rebuilding Hong Kong as the Catalyst to the Greater Bay Area (GBA) Startup Ecosystem
1. Introduction Hong Kong’s global reputation as an international finance and trade hub is now complemented by its aspiration to become a centre for innovation…
Insight Articles
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When AI Hallucinates: The Hidden Risks in the Global Large-Model Race
Large language models are increasingly permeating core domains such as knowledge production, business analysis, legal consulting, and medical decision-making. A problem that was once often…
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The Validation Tax: Shifting Focus from Production to Verification in the AI Era
When used appropriately, generative AI can significantly enhance human productivity. It can help teams explore strategies, draft marketing plans, and greatly expand the breadth and…
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AI Investment Bubble?
As global technology conglomerates project an unprecedented $390 billion expenditure on Artificial Intelligence infrastructure in 2025, the discourse surrounding a potential “AI bubble” has intensified.
The Applications of Blockchain in Green Finance: Hong Kong’s experience and opportunities
Abstract This paper examines the application of blockchain technology in green finance, with a particular focus on Hong Kong’s pioneering initiatives. It shows how blockchain’s key features—immutability, transparency, and traceability—address…
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Rebuilding Hong Kong as the Catalyst to the Greater Bay Area (GBA) Startup Ecosystem
1. Introduction Hong Kong’s global reputation as an international finance and trade hub is now complemented by its aspiration to become a centre for innovation and entrepreneurship. In recent years,…
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Empowering Trade Finance with Digital Technology in Hong Kong
Trading has long been a cornerstone of Hong Kong’s economy, sustained by the city’s role as a bridge between the Chinese Mainland and the rest of the world. Any comprehensive…
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When AI Hallucinates: The Hidden Risks in the Global Large-Model Race
Large language models are increasingly permeating core domains such as knowledge production, business analysis, legal consulting, and medical decision-making. A problem that was once often regarded as a mere technical…
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Competition and Reward Practices: Evidence from Public Schools
In this study, the researchers explored how competition intensity in the market for public services affected the reward practices of managers. Financial and nonfinancial rewards were considered and the following…
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Timely Cybersecurity Disclosure and Information Manipulation
Cybersecurity incidents pose a significant business risk to modern companies. Consequently, regulators have increasingly mandated prompt disclosures regarding cybersecurity incidents to facilitate timely and effective external monitoring of cybersecurity risk.…
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Credit information sharing and firm innovation: Evidence from the establishment of public credit registries
This study examined the effect of credit information sharing on corporate innovation. Although innovation is important for firm growth, these activities tend to have highly uncertain payoffs. Obtaining financing for…
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Choosing to Discover the Unknown: The Effects of Choice on User Attention to Online Video Advertising
Online video advertising has rapidly grown into a popular marketing tool. U.S. firms spent about US$74 billion on online video advertising in 2022, and this expenditure is expected to further…
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Ambiguity, information processing, and financial intermediation
In this paper, the researchers incorporated ambiguity and information processing constraints into the He and Krishnamurthy (HK) model of intermediary asset pricing. Intermediary asset pricing, pioneered by He and Krishnamurthy…
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Comply or Explain: Do Firms Opportunistically Claim Trade Secrets in Mandatory Environmental Disclosure Programs?
In this study, the researcher examined whether firms opportunistically use the exemption rule to hide environmental externalities when making trade secret claims. Mandatory environmental disclosure regulations are used as a…
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Information sharing in financial markets
Information sharing is ubiquitous in financial markets. In one study, a majority of institutional investors attributed their recent trades to discussions with peers. More recent studies have provided evidence suggesting…
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Applied Econometrics, Corporate Finance, Financial Economics
Corporate finance theory suggests that the quality of a firm’s information environment affects its overall access to external funds and its access to equity financing. Information quality also affects investment…
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