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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Voting Rationales
Using a novel dataset where institutional investors explain their votes—voting rationales—the researchers uncovered direct evidence on the motivations behind votes in director elections. This approach…
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The Interactions of Customer Reviews and Price and Their Dual Roles in Conveying Quality Information
This paper discusses an analytical model for assessing how customer reviews and price can influence market signalling for experience goods with uncertain quality, especially when…
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Does Liquidity Management Induce Fragility in Treasury Prices? Evidence from Bond Mutual Funds
Mutual funds investing in illiquid corporate bonds actively manage Treasury positions to buffer redemption shocks. This practice can cause flow shocks and cause excess return…
Insight Articles
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US H-1B Fee Hike Creates Tech Opportunity for Mainland China and Hong Kong
U.S. President Donald Trump recently signed an executive order announcing that, starting September 21, 2025, foreign talent applying for an H-1B work visa for the…
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Public Oversight Essential for the Northern Metropolis Development
Last week, the Chief Executive released his Policy Address 2025, covering the full gamut of Hong Kong’s economic and livelihood development, from promoting fertility and…
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The Underlying Market Risks of Politicized Finance
Launched by World Liberty Financial, a decentralized financial (DeFi) protocol and governance platform backed by Donald Trump’s family, the digital token WLFI began trading on…
Designing Industrial Policy with Insights from Hong Kong-Invested Industrial Firms
Commissioned by the Federation of Hong Kong Industries, the “Made by Hong Kong: Strategies for New Industrialisation” study report compiled by us was released last month. In this article, we…
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The Interactions of Customer Reviews and Price and Their Dual Roles in Conveying Quality Information
This paper discusses an analytical model for assessing how customer reviews and price can influence market signalling for experience goods with uncertain quality, especially when there is selection bias. The…
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Does Liquidity Management Induce Fragility in Treasury Prices? Evidence from Bond Mutual Funds
Mutual funds investing in illiquid corporate bonds actively manage Treasury positions to buffer redemption shocks. This practice can cause flow shocks and cause excess return volatility. Excess return volatility is…
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Cultural Phenomena and Financial Innovation: From Labubu to RWA in Hong Kong
We have been listening to discussions about Labubu’s innovative marketing and customer engagement, given its global success today. However, how can it shed light on Hong Kong’s RWA economy?
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Stablecoins Advancing Steadily in Hong Kong’s Evolving Financial Landscape
As cryptocurrencies, stablecoins are pegged to another asset, typically the US dollar, another fiat currency, or a financial asset such as gold or the US Treasury bonds. The issuance mechanism…
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Reflections on the Essence of Stablecoin Economics
Typically issued by private institutions, stablecoins are digital currencies that are pegged one-to-one to a fiat currency or collateralized by a reference asset. Currently, 99% of the world’s stablecoins are…
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The Art of Pricing in the Digital Age
In 2023, the Belgian newspaper Dernière Heure revealed that the ride-hailing platform Uber charges different prices to users based on their phone’s battery level.[1] Specifically, for the same trip, if…
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Going Global Riding ESG Waves: Labubu’s Meteoric Rise
With its signature jagged-teeth smile and “ugly cute” look, Labubu has quickly turned into a cultural symbol, offering solace to city dwellers. In 2024, the IP of the Monsters series,…
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A preliminary, large-scale evaluation of the collaborative potential of human and machine creativity
Abstract Artificial intelligence research focuses on machine reasoning and knowledge-based problem-solving. Yet, Einstein observed that knowledge stagnates without human imagination. “Imagination,” he said, “is more important than knowledge. Knowledge is…
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The Effects of Mandatory ESG Disclosure Around the World
Environmental, social, and governance (ESG) considerations have gained increasing significance in investment decision-making processes. Despite this heightened importance, investors often express concerns regarding the sufficiency and quality of firm-level ESG…
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Who captures the state? Evidence from irregular awards in a public innovation grant program
Abstract Research summary This study utilizes the administrative data of an innovation grant program in a major emerging economy to study which firms are best positioned to capture the state…
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U.S. monetary policy: 2025 Q2 review and outlook
High inflation emerged as a top concern for the U.S. economy in early 2022. While the inflation has come down a great deal, as of 2025 Q2, it remains somewhat…
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