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16 Nov 2020, 04:00
| FROM CUHK: CUHK Business School Faculty Members and Student Honoured at the University’s Research and Teaching Excellence Awards |
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Research Excellence Award 2019-20 The Research Excellence Award aims to encourage outstanding research performance and to provide a long-term, overall positive effect on promoting research excellence at the University and further improving the success rate of all major research grant applications. Prof. Sudipto Dasgupta Professor, Department of Finance  “I am greatly honoured. Research output brings its own reward; however, this type of recognition tells you that you are hopefully doing something that is meaningful for the institution.” Vice-Chancellor’s Exemplary Teaching Award 2019 The Vice-Chancellor’s Exemplary Teaching Award Scheme was launched in 1999 to recognise outstanding teachers. Every year, each Faculty can nominate at least one faculty member with excellent teaching performance in the eyes of students, as well as other teaching staff. Dr. Fred Ku Senior Lecturer, Department of Decision Sciences and Managerial Economics Assistant Dean (Undergraduate Studies), CUHK Business School Director, BBA in Integrated BBA Programme  “I am deeply honoured to receive this year’s Vice-Chancellor’s Exemplary Teaching Award. I wish to express my gratitude to CUHK Business School and its Department of Decision Sciences and Managerial Economics, my mentors and colleagues for the encouragement and opportunities. We are probably having one of the most challenging years. Online teaching and learning have been tough for both teachers and students, but every cloud has a silver lining. COVID-19 pushed us to reflect on our teaching and learning approach and adopt new technologies to enhance students’ learning experiences. For instance, taking advantage of the online environment, I’ve been embedding even more class activities, discussion and case studies in my virtual classes. I am also able to invite guest speakers from all over the world to share their insights with my students. It is simply not possible in the past. Students appreciate these new opportunities and are fascinated to see how business knowledge can help them see the world differently. CUHK Business School has been committed to providing the best education. With our drive and passion, I am sure we will continue to embrace every challenge and strive for excellence in teaching.” Young Researcher Award 2019 In view of recognising research accomplishments of young faculty, the University established the Young Researcher Award in 2002. One young faculty with the best research output will be nominated by the Dean of each Faculty every year. Prof. Keongtae Kim Associate Professor, Department of Decision Sciences and Managerial Economics  “I am truly humbled and honoured to receive the Young Research Award 2019. It is such a prestigious award that gives recognition to my work. I would like to express my sincere gratitude to my advisers, collaborators, and colleagues. I had to deal with various challenges and difficulties that came across the path. Without their continuing support, I would not have made any achievements and would never be able to receive the award. Conducting impactful research is a lifelong endeavour for me. This award will only motivate me to produce research that achieves demonstrable benefits to the wider society and economy.” Postgraduate Research Output Award 2019 To encourage quality research, the University established the Postgraduate Research Output Award in 2002. One postgraduate student per faculty will be nominated by the Dean every year. Dr. Chu (Ivy) Dang Graduate of 2020, Ph.D. Programme in Marketing, CUHK Business School  “It is my great honour to receive the Postgraduate Research Output Award 2019. I want to share this award with my supervisor Prof. Mandy Hu and my external committee member Prof. Pradeep Chintagunta, both of whom are coauthors of this award-winning paper*. I am deeply indebted to them for their guidance and support. My sincere gratitude also goes to my thesis committee Chair Prof. Xianchi Dai and committee member Prof. Francisco Cisternas. Throughout my PhD studies in the Department of Marketing, I gained a wealth of support from the faculty members and staff there. This is a place like home to me. I am also very lucky to have had a supportive and caring cohort during my time as a Ph.D. student. I want to express my sincere thanks to them for the countless moments of laughter we shared together and for the support given to each other. CUHK Business School is where I discovered my passion and the career that I want to pursue. I will continue to “look forward”, work hard, and conduct meaningful and impactful research.” Notes: * Mantian (Mandy) Hu, Chu (Ivy) Dang, Pradeep K. Chintagunta (2019) Search and Learning at a Daily Deals Website. Marketing Science 38(4):609-642. https://doi.org/10.1287/mksc.2019.1156 The post CUHK Business School Faculty Members and Student Honoured at the University’s Research and Teaching Excellence Awards appeared first on CUHK Business School. |
18 Nov 2020, 21:00
| FROM CUHK: CUHK Accounting Professor Recognised by the Hong Kong ICT Awards 2020 for Outstanding Innovation in FinTech |
The award-winning project entitled “Text Analytics Platform for Chinese Capital Market” leverages big data and artificial intelligence technologies. Prof. Zhang and his team mine quantitative and easy-to-use structured data from large scale text data that is related to the capital market in mainland China and Hong Kong, such as news, reports and social media posts. Based on the accurate and real-time quantitative financial data analytics services provided by Datago, its clients can easily and systematically incorporate public information in their work flow of developing trading and risk management strategies which helps improve returns and reduce risk. Datago’s clients include several leading hedge funds and top universities such as Tsinghua University, Peking University and University of Toronto and more. Tianyu Zhang, Professor of School of Accountancy at CUHK Business School “It’s a great honour to receive the Hong Kong ICT Award. The market recognition on Datago’s product is a big encouragement to my research, making me more determined to explore research areas with stronger market relevance in addition to publications. Researchers should be obligated to contribute their value to the community by doing value relevance research,” said Prof. Zhang. CUHK currently owns more than 1,000 granted patents in different jurisdictions worldwide. Some of these patents have been licensed to relevant industries that help bring these innovations to the market to benefit the society. In the 2019-20 academic year, CUHK has received 257 granted patents and filed 386 patent applications for inventions developed in the areas of medical technology, biotechnology, information technology, telecommunications, and materials science. Organised by The Hong Kong Institute of Bankers, the Hong Kong ICT Awards 2020: FinTech Award aims to celebrate the exceptional achievements and dedicated efforts of the FinTech community to promote Hong Kong as an innovative financial hub in Asia, especially during this challenging year. The awards also encourage the continuing development of innovative solutions for the local financial industry to achieve its full potential by connecting the technological capabilities across future potential markets.  Dr. Yi Long received the Certificate of Merit in the award presentation ceremony held on 10 November 2020. The post CUHK Accounting Professor Recognised by the Hong Kong ICT Awards 2020 for Outstanding Innovation in FinTech appeared first on CUHK Business School. |
26 Nov 2020, 13:00
| FROM CUHK: Cheers All Around for Class of 2020 at CUHK’s 88th Congregation for the Bachelor’s and Master’s Degrees |
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This year’s master’s and bachelor’s graduation ceremonies were divided into 17 sessions, hosted by colleges and faculties. The nine colleges of CUHK conferred the Bachelor’s Degrees on 19 November, while CUHK Business School, along with the other seven faculties, held the Master’s Degree Graduation Ceremonies on 21 November. A total of 6,394 master’s degrees and 4,761 bachelor’s degrees were conferred at the Congregation. Among them, there were 1,069 Bachelor of Business Administration, 105 Bachelor of Science, and 1,160 Master of Accountancy, Master of Business Administration, Master of Professional Accountancy and Master of Science degrees. At the Master’s Degree Graduation Ceremony, Ms Angel Ng (BBA 1990), CEO, Citi Hong Kong & Macau (right) delivered a keynote speech to all the CUHK Business School graduates. The theme of her speech is “Courage Conquers”, encouraging the School’s graduates to be courageous for the challenges ahead of them, “In times of uncertainty, it takes courage to keep trying and keep believing. When you encounter problems, your natural instinct will tell you to run away. It takes courage to resist the urge to escape, but face the problems head-on even if it’s unpleasant. Courage gives you patience and strength. With these qualities, you’ll find solutions to almost all the problems.”    Capturing the Precious Moments with AR Technology Graduation is one of the life moments that many students look forward to. With the ongoing threat of COVID-19, graduates may not be able to return to campus for taking graduation photos, but geographical constraints do not restrict the capture of such important moments. As such, CUHK Business School has created a photo-taking app harnessing the power of AR technology to let its graduates capture the important moments with their respected professors. Developed with the support of the School’s devoted alumnus Lucas Leung (BBA in Hotel and Tourism Management 2013) and his startup, TraVR, the AR graduation photo-taking app is available in two versions – one allows graduates to take photos with hologram images of their professors at the CUHK campus, and one for graduates in China and overseas who cannot be back physically to take a photo with the hologram image of Dean Lin Zhou. Let’s hear some of our graduates’ sharing on this precious moment:  “My friends in CUHK definitely influenced me the most. Friends I met here are so kind-hearted and considerate, and they inspired me a lot. Studying in the Hotel and Tourism Management programme is the most unforgettable experience throughout my university journey. I learnt a lot at CUHK and met bunch of good classmates. I was able to improve my interpersonal skills too. Marketing knowledge is the most valuable thing I learnt in CUHK. I have never thought of stepping into the marketing industry before I took my first marketing course. Taking marketing as my minor has built up my passion, and I am determined to develop my career in the industry.” – Yuki Chan (BBA in Hotel and Tourism Management Programme) “My friends and classmates definitely influenced me the most during my studies in CUHK. They are all talented, determined and kind-hearted. I learned a lot from them. Besides, the professors also inspired me a lot. They are very friendly and knowledgeable, especially Prof. Lisa Wan and Dr. Felix Chao. Studying the course “Food & Beverage Management” is the most unforgettable learning experience in CUHK. I need to cooperate with my group mates and organise a Harry-Potter-themed dinner banquet for 60 guests. It was demanding yet fruitful experience. Although we had lots of work, it was fun! The Human Resources (HR) courses I took in CUHK definitely made an impact on my career. Not only can I enhance my knowledge in HR, but I can also improve my interpersonal skills.” – Carrie Fung (BBA in Hotel and Tourism Management Programme) Notes: In the above photo, Carrie is the first student at the right-hand end of the row, and Yuki is the first student at the left-hand end of the row.  “The first person that come into my mind is Chi-kit Wong, 2018 MAcc graduate. I have connected with Kit in the Alumni Mentorship Programme, and he was my mentor. Since we have a similar academic and professional background, we discussed a lot about career development and future education possibilities. Kit is very open to share his strategies and techniques in preparing for the CPA and CFA examinations. In terms of career, he is willing to try as best as he can to accommodate internship and full-time opportunities for us. I am thankful for knowing Kit through the programme, which provides MAcc students with chances to receive invaluable advice in career and life from the School’s extensive alumni network. The studies in CUHK has equipped me with all-round accounting and financial knowledge that can be applied to my daily work. The in-class presentations also boosted my confidence to speak more comfortably in front of large audiences. The knowledge and skills gained from MAcc has helped propel my career and stand out among my peers.” – Tiffany Leong Yan Lai (Master of Accountancy [Part-time])  “The AR app gives me a great experience to be ‘physically’ back to campus. I’d like to thank the professors who taught me in the actuarial analysis courses. CUHK has trained me well to adjust myself and cope with the fast-changing environment, being able to apply my knowledge and skills in the real-life environment especially during the ongoing pandemic.” – Vivienne Toh (BBA in Insurance, Financial and Actuarial Analysis Programme)  “I’d like to thank Dr. William Lau for his classes on statistics which guided me to learn statistics from a fundamental level. This allows me to build a strong foundation for more advanced data analytics classes. CUHK offered me a lot of opportunities and provided an optimal learning environment which had equipped me well for my future career.” – Hiep Vu (MSc in Business Analytics)  “This year has truly been a challenging yet fulfilling journey of self-discovery as well as personal and professional enrichment. CUHK MSc in Finance programme offers us not only a systemic coverage of academic studies, but, more importantly, it also connects us tightly with the industry through real-life case studies, lectures from practitioners and market updates and discussions with professors. The programme brings out the proactive, motivated and initiative-taking qualities of students which are later translated into passion and pursuit for a good start of career. It’s been a pleasure to become part of the programme.” – Alex WANG (MSc in Finance [Full time])  “My journey in CUHK has been exciting, rewarding, and unforgettable. I am glad that I have chosen CUHK for my bachelor’s degree. Thanks for designing the app for us to capture the wonderful moment with our professors.” – Yee-wing WONG (BBA in Integrated BBA Programme)  “It was undoubtedly a challenging year. The social movement and COVID-19 outbreak turned the learning environment upside down with classes, projects and exams all being moved online. I’d like to thank Prof. Zhaoyang Gu and all the MAcc programme staff, including Dr. Joyce Wang, Joyce Lee, Ellen Lin and Carmen Lo, for their tremendous support, care and guidance on career planning. I can feel that providing students with the best learning experience is a top-of-mind priority for them. In the past year, what CUHK impressed me most was its strong alumni network. A lot of outstanding and committed alumni — many of whom are prominent business leaders/entrepreneurs — proactively took part in activities arranged by the programme to share their invaluable experiences with us. I feel so blessed to have met with them for a face-to-face sharing. I hope I will have the opportunity to return to my alma mater as an alumni speaker in the future. – Wenyuan YAN (Master of Accountancy [Full-time]) ---> ---> ---> The post Cheers All Around for Class of 2020 at CUHK’s 88th Congregation for the Bachelor’s and Master’s Degrees appeared first on CUHK Business School. |
30 Nov 2020, 19:00
| FROM CUHK: Seeking Sagacity and Clarity from Data Analytics |
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“Data analytics enables me to filter out noise and focus my time and energy on important data points; it can augment my financial skills and give me a competitive edge in investment banking,” Hiep said. From Fascination to Aspiration. From Germany to Hong Kong. An overseas student from Germany, Hiep’s fascination with data analytics stems from an IT class he took while studying for the Bachelor’s degree in International Business at Germany’s ESB Business School of Reutlingen University. Intent on pursuing advanced studies in data analytics, he decided to come to The Chinese University of Hong Kong (CUHK) Business School and fulfil two dreams: to attend a top business analytics programme, and to live and work in a city he has long admired. Being awarded with a full scholarship from CUHK, Hiep joined the advanced one-year MSc in Business Analytics programme and took up a minor in investment banking. “My professor in Germany described Hong Kong as having a ‘perfect balance of chaos and order’, a city whose ‘distinctive dynamic pushes people forward’. I thought it would be an excellent place to push myself out of my comfort zone.” ── Hiep Vu. Mining for Opportunities in New Surroundings Before long, Hiep realised that his CUHK experience would be “intense”, “challenging” and “dynamic”. He said while the first trimester involved learning about the basics and attending different activities, such as career fairs and talent recruitment events, the second and third trimesters were about diving deep into challenging concepts, such as machine learning models and applications. “Coming from a smaller city and university, I also needed to get used to CUHK’s huge campus and Hong Kong’s dynamic rhythm. Fortunately, Hong Kong is very international. Everyone speaks fluent English, so communicating with others is easy.”  Hiep Vu (4th from left) and Maria Sbarbati (3rd from right) of the champion team pose with Prof. Seen Meng Chew (1st from left), Prof. Joseph Cheng (1st from right) and other prize winners at 2019 CUHK-LSEG Trading Competition. Hiep began embracing the opportunities CUHK offered as soon as school started. Upon learning about the CUHK-LSEG Trading Competition, in which students compete to earn the largest percentage gains in simulated trading of securities listed in the London Stock Exchange (LSE), Hiep quickly teamed up with an MSc in Finance student – Maria Sbarbati from Italy — to join the competition, and won. “My partner and I knew we needed a good strategy from the get-go. So we discussed it at length and decided to invest in the European mid- and small-caps markets, buy CDS and ETFs and bet against the UK market during the Brexit discussions and the Sino-US trade war.” Hiep credited the habit of daily news reading for informing him and his partner of evolving impacts on the global socio-economic landscape. “Although other teams did better than us in the first round, our team came ahead in the end when established markets faltered because of the trade war and Brexit.” “Data analytics enables me to filter out noise and focus my time and energy on important data points; it can augment my financial skills and give me a competitive edge in investment banking.” ── Hiep Vu.  When Chaos Tips the Balance This ability to find clarity amid tumult, draw insights despite distraction and chart a course forward through nebulous conditions certainly primes Hiep well for the world of data analytics. The mindset also helped him cope with the impact of Covid-19, which abruptly altered the trajectory of his studies. The coronavirus pandemic broke out just as Hiep’s intense second trimester was about to start. Immediately, he knew the sponsored trip to attend an insight week at the LSE headquarters, an award of the trading competition, would be suspended. Covid also disrupted his personal life as a student. Hiep had originally joined the CUHK rowing team to enjoy the camaraderie that comes with being a team member. He also wanted to hone his acumen in collaborating with people from different backgrounds, a soft skill that will be useful in his future career. But with all classes moved online and extracurricular activities paused, Hiep could only maintain regular networking virtually. ”I find it admirable that Roosevelt managed to thrive in many lives and careers wrapped up in one, and I want to emulate this achievement as much as I can.” ─ Hiep Vu  Emulating the Positivity of President Theodore Roosevelt Despite such challenges, Hiep was not dejected. With the cool head and discipline of an analyst, he kept a positive mindset and motivated himself by running and constant learning. He decided to use the period of social restriction to improve his technical skills by taking an online course on company valuation from New York University’s famous “Dean of Valuation”, Professor Damodaran. Consolidating his knowledge of data analytics and finance, Hiep also started writing on Medium, offering his thoughts on topical subjects such as Tesla’s valuation and sentiment analysis for S&P 500 stocks. In addition to honing his analytical chops, writing offers an excellent opportunity to think more clearly and rigorously and to practice presenting his ideas to the general reader. Hiep said his interest in continually exploring new roles is inspired by the example of Theodore Roosevelt. “The US president said, ‘Get action. Do things; be sane; don’t fritter away your time; create, act, take a place wherever you are and be somebody’. I find it admirable that he managed to thrive in many lives and careers wrapped up in one, and I want to emulate this achievement as much as I can.” ” ‘The way is the goal.’ Try to enjoy the journey and keep an open mind.” ─ Hiep Vu  “Der Weg ist das Ziel” Hiep now plans to take the skills and knowledge he acquired and pursue a career in investment banking, as it allows him to work with people while sharpening his analytical skills. “My career plan last year was to work in Hong Kong for at least one to two years to gain more international experiences. Thankfully, I have landed a Market Activity Trainee position at Société Générale working on market and risk analysis. I plan to learn as much as possible, identify areas where I can improve and contribute to the success of the bank.” For a pragmatist who seeks out the best opportunities from evolving situations, and who assesses options by analysing facts and data, Hiep’s take on the future is surprisingly serendipitous. “There is a German saying, ‘Der Weg ist das Ziel, or ‘the way is the goal’. I will try to enjoy the journey and keep an open mind.” The post Seeking Sagacity and Clarity from Data Analytics appeared first on CUHK Business School. |
15 Dec 2020, 00:00
| FROM CUHK: CUHK Business School Faculty Members Earn International Recognition for Research Excellence |
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The Best Paper Award on Derivatives at the Northern Finance Association’s 32ndAnnual Conference The research paper co-authored by Associate Professor Jie Cao, Assistant Professor Xintong Zhan and Ph.D. student Ms. Jie (Jessica) Xu from the Department of Finance of CUHK Business School, together with Mike Hertzel, Professor of Finance at Arizona State University’s W. P. Carey School of Business won the Best Paper Award on Derivatives at the Northern Finance Association’s 32nd Annual Conference. The winning paper entitled Options Trading and Corporate Debt Structure explores how options trading enhances firm value through a financing channel, by promoting a debt structure that relies more on public debt and less on more expensive bank financing. Consistent with both an information channel and a governance channel, the researchers find that bank loan issuance and the ratio of bank loans to total debt are negatively related to option listing and options trading volume. The Ferber Award’s Honorable Mentions by the Journal of Consumer Research Co-authored by Luxi Shen, Associate Professor of Department of Marketing at CUHK Business School, the research paper entitled The Fun and Function of Uncertainty: Uncertain Incentives Reinforce Repetition Decisions also won the Ferber Award’s Honorable Mentions. The Ferber Award is given to the best dissertation-based article published in the most recent volume of the Journal of Consumer Research (JCR). The award is named in honour of Robert Ferber, one of the founders and the second editor of JCR. Prof. Shen’s research studies repetition decisions—whether to repeat a behavior (e.g., a purchase) after receiving an incentive (e.g., a discount), and if uncertainty drives repetition. Four experiments, all involving real consequences for each individual participant, document a counterintuitive reinforcing uncertainty effect: individuals repeat a behaviour more if its incentive is uncertain than if it is certain, even when the certain incentive is financially better. This research reveals the hidden value of uncertain incentives and sheds light on the delicate relationship between incentive uncertainty and repetition decisions. The post CUHK Business School Faculty Members Earn International Recognition for Research Excellence appeared first on CUHK Business School. |
27 Dec 2020, 22:00
| FROM CUHK: Global Alumni Forum 2020: What It Will Take to Rebuild, Recover and Reinvigorate from COVID-19 |
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The spread of the coronavirus has put a dampener on economic growth and disrupted business activity around the world, but that just makes it even more important for current and future leaders to look forward and adapt as well as innovate to overcome the challenges brought about by the difficult environment. That was the collective message that speakers sought to convey in the 2nd annual Global Alumni Forum (GAF) held by The Chinese University of Hong Kong (CUHK) Business School in November and December 2020. This eagerly awaited event, held this year under the overarching theme “Recover – Rebuild – Reinvigorate”, sought to shed a light on the way forward for individuals, companies as well as economies not only on how they can recover from the economic shock brought about by the spread of COVID-19, but how to rebuild careers, businesses and brands to achieve even higher levels of success under the new normal. Within adversity lies opportunity, and due to the enactment of social distancing measures, the event this year was transformed into a global gathering of CUHK Business School alumni in the form of three online webinars on consecutive weeks in as many languages. It was attended by past CUHK Business School students from China, Hong Kong, and across the globe from Singapore, Korea, to the UK and the US. For the first time, it was also opened for the stakeholders of CUHK Business School eager to find out exactly what is the “special something” that sets graduates of CUHK Business School apart from the rest. To spice things up, the in-depth talks were held together with a series of online fundraising auctions where participants bid on one-of-a-kind items and experiences ranging from tea with CUHK’s Vice-Chancellor Prof. Rocky Tuan, dinner with two of Hong Kong’s most prominent business leaders, to calligraphy and autographed book collections. The proceeds of the auction will be donated to the CUHK Business School Development Fund to support education, global connection and facility advancement. Out with the Old and In with the New?  (From left) Guest speakers Mr. Ricky Wong, Vice Chairman and Group CEO of Hong Kong Television Network Limited; Mr. Shih Wing-ching, Founder and Chairman of Centaline Group; and moderator Dr. Dominic Chan, Associate Professor of Practice in Entrepreneurship at CUHK In the first episode, conducted in Cantonese, two well-known Hong Kong business titans examined what the rapid change brought about by the pandemic means for the ongoing struggle between the old economy – characterised by the predominate use of tangible assets, with businesses taking advantage of the new economy, which espouses the use of cutting edge technologies to create new products and services. This the topic that Shih Wing-ching, Founder and Chairman of Centaline Group and Ricky Wong Wai-kay, Vice Chairman and Group CEO of Hong Kong Television Network Limited, discussed in detail. “A positive thing about the pandemic is that it pushed us to improve.” — Shih Wing-ching “Successful companies often indulge in their past glories, so they are less willing to change,” said Mr. Shih. “A positive thing about the pandemic is that it pushed us to improve.” Mr. Shih said successful companies often indulge in their past glories, so they are less willing to change. Traditional industries in Hong Kong, including real estate agencies, can consider switching to an “Internet+” model, referring to using the internet to provide extra services to complement conventional business activities. For example, his company has started using virtual reality technology for online property listings. “The most important thing is you need to imagine what the world will be like after 10 years.” — Ricky Wong On the other hand, Mr. Wong, who launched Hong Kong’s biggest online shopping platform, HKTVmall, said that despite his success in the “new economy”, the old and the new are actually complementary. “For example, if you want to be an Uber driver, you still need to have an actual car. Technology just adds another layer to the existing business model,” Mr. Wong said. “The most important thing is you need to imagine what the world will be like after 10 years. We cannot stop the development of technology. But we can change ourselves to adapt to the future.” According to both speakers, the essence of change is to be flexible and imaginative when using technology to enhance existing practices. They added that the younger generation in Hong Kong must be ready to adapt to the changes brought on by new technologies, and students should think carefully when choosing university majors. “University is not only a place to learn practical skills but also a place to teach you a new way to think. If you can think critically and creatively, then you will know how to create a favourable condition for yourself even in the toughest time,” said Mr. Wong, alumnus of CUHK EMBA programme. China’s Economic Growth under COVID-19 and its Relationship with the US  (From left) Moderator Prof. Zhaoyang Gu, Professor of School of Accountancy at CUHK and guest speaker Prof. Justin Yifu Lin, Dean of Institute of New Structural Economics at Peking University As the engine of the global growth, China’s path to rebuilding its economy under COVID-19 and the ongoing China-US friction is of paramount importance to the world’s economic recovery. This was the focus of the second episode, which featured a talk in Putonghua by Justin Yifu Lin, Dean of Institute of New Structural Economics at Peking University and former Chief Economist and Senior Vice President at the World Bank. “Next year will be full of uncertainty. If the COVID-19 vaccine can be ready for not only for one or two countries, but for all those affected, then I think China’s GDP will grow at a relatively fast pace,” Prof. Lin said, citing figures published by the International Monetary Fund (IMF) that projects an 8.2 percent growth for China in 2021. “The real problem between China and the US is resistance from the existing leading superpower against the fact that it is likely to be surpassed by another.” — Prof. Justin Lin Although the fight against the coronavirus has hindered the growth of China’s economic development, Prof. Lin highlighted that it is friction between the US and the Asian economic giant that stands to affect global economic recovery on a more significant level. He said the world must be prepared that friction between the two superpowers may continue in the near term, even with the inauguration of a new US president in Joe Biden. “The real problem between China and the US is resistance from the existing leading superpower against the fact that it is likely to be surpassed by another. The new US president may make use of more civilised rhetoric, but the essence of the problem would not change,” said Prof. Lin. Prof. Lin pointed out that an economic decoupling between China and the US would not be advantageous to the latter nor to other western countries because China is the main market for their products, especially in technology. To cope with this ongoing friction, Prof. Lin said China should continue to maintain development at a fast pace, as well as deepen its economic reforms and opening-up policies. Above all, China must seek to increase its GDP per capita, which is an important indicator of people’s living standards and the country’s overall economic development. The “Globotics” Upheaval  (From left) Moderator Prof. Kalok Chan, Wei Lun Professor of Finance at CUHK and guest speaker Prof. Richard Baldwin, Professor of International Economics at the Graduate Institute of International and Development Studies The third and final episode was conducted in English and featured Richard Baldwin, Professor of International Economics at the Graduate Institute of International and Development Studies in Geneva, Switzerland and who served as a Senior Staff Economist for President George H. W. Bush’s Council of Economic Advisors. Using a new term he coined called “globotics” (an amalgamation of the buzzwords globalisation with robotics), Prof. Baldwin explained that digital technology is accelerating the evolution of white collar and professional work due to increased automation and globalisation. This is affecting both the higher value-adding white collar jobs from legal and medical services, to journalism and finance, to more mundane roles such as data entry. And while businesses have faced offshoring and automation in the past, the current wave is different in that not only is it affecting white collar professions for the first time, but it has been accelerated by the spread of COVID-19. The increasing sophistication and application of machine learning has also opened up these higher value jobs to be automated, since computers have made marked strides in conducting more complex tasks such as recognising natural speech and translating foreign languages in the last five years. “Telemigration and software automation will transform almost every service job in some way but replace very few because there’s always something that they can’t do,” said Prof. Baldwin. In the short to medium term, it will create some hardships as jobs are being displaced by these new technologies faster than other jobs are being created. “The good news is that new jobs will appear, as they have done so in the past,” Prof. Baldwin said, adding that new opportunities will appear in roles that cannot be automated or offshored. These include “human” roles such as those requiring strong creativity, grasp of ethics, the ability to deal with unknown situations, managing and motivating large groups of people, or the showing of empathy. Opportunities will also arise in jobs that cannot be done remotely, he added. “In the short run, digital technology is destroying jobs faster than it is replacing them. Managing that transition is the challenge that we will need to meet.” — Prof. Richard Baldwin The post Global Alumni Forum 2020: What It Will Take to Rebuild, Recover and Reinvigorate from COVID-19 appeared first on CUHK Business School. |
29 Dec 2020, 02:00
| FROM CUHK: CUHK Business – December 2020 |
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Our Research Can Robots Save the Service Industry from COVID-19?  The use of robots in the service industry may help reduce the perceived risk of viral infection, according to new study co-authored by Prof. Lisa Wan, Associate Professor at the School of Hotel and Tourism Management and Department of Marketing at CUHK Business School. Read Article [/*][/list] Could COVID-19 Be a Turning Point for ESG in China?  Research co-authored by Prof. Kalok Chan, Wei Lun Professor of Finance at CUHK, shows sustainable investing could mitigate risks in times of crisis. Read Article [/*][/list] Is There a Silver Lining in Unemployment?  New study co-authored by Prof. Michael Zhang, Associate Dean (Innovation and Impact) and Professor of Decision Sciences and Managerial Economics at CUHK Business School, reveals how unemployment could lead to contributions of public good. Read Article [/*][/list] Our Outreach Global Alumni Forum 2020: What It Will Take to Rebuild, Recover and Reinvigorate from COVID-19  Business leaders and thinkers shared what it will take for the world to recover, rebuild and reinvigorate amidst the disruption brought about by COVID-19. Read Article [/*][/list] Our People A Resolute Runner Leading Hong Kong’s Endurance Race in R&D  Albert Wong (MBA 1994), now CEO of Hong Kong Science and Technology Parks (HKSTP), began his career in electrical and electronics engineering. For almost two decades, Albert worked for such prominent global enterprises as Emerson Electric and General Electric (GE), serving various key roles in M&A, business development, product management and business operations. Read Article [/*][/list] A Journey of Exploration from Copper to Data Mining  Marketing professor Francisco Cisternas’ career has traversed diverse fields from engineering to analytics, in a journey of constant learning and keeping up with the newest trends. Read Article [/*][/list] Charting a Journey of Enrichment and Self-Discovery through COVID  With classes, projects, exams and even job searches all being moved online due to COVID-19, the Chengdu-native Alex Wang made it a mission to seize every opportunity to pursue personal and professional growth in the MSc in Finance programme. Read Article [/*][/list] Leading Business through Thick, Thin and COVID-19  With COVID-19’s impacts still reverberating across the business and economic landscape, several outstanding CUHK Business School alumni from some of the hardest-hit sectors shared their experiences. Read Article [/*][/list] School News Highlight
[/list]  Read Online Download PDF Want even more insights? Subscribe to the monthly digest of China Business Knowledge and our biannual CUHK Business School magazine now! About CUHK Business CUHK Business School’s magazine CUHK Business provides a platform to inform readers of selected business topics and school updates through articles written by staff and guest writers. Situated at the world’s doorway to China, with a well developed foundation in business education and research, CUHK Business School has a unique role in nurturing business leaders of tomorrow. We hope you will find the articles interesting and stimulating. The post CUHK Business – December 2020 appeared first on CUHK Business School. |
03 Jan 2021, 19:00
| FROM CUHK: Worldly Wisdom Empowers World-class Learning |
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Pursuing a Love of Economics Prof. Kitney pursued his bachelor’s and master’s degrees in economics at the University of Sydney, where he met an eclectic group of world-famous economists such as Prof. Gerard Debreu, Prof. John Kenneth Galbraith, and Dr. Murray Milgate — historic figures in general equilibrium microeconomics, institutionalist and Post-Keynesian economics, respectively. He was captivated by economics as an intellectual pursuit and read widely on the subject, but he was particularly drawn to macroeconomics, mathematics and econometrics. Good grades subsequently earned him the revered Reserve Bank of Australia (RBA) Cadetship. This top scholarship for economics in Australia enabled him to study his final year of university with salary before heading straight into central banking once he graduated. After two years of working in macroeconomics and monetary policy at the RBA, Prof. Kitney’s interest in finance came forth. “I was quite an avid investor in the stock market even when I was an undergraduate student. I saw early on the linkages between macroeconomic aggregates, like GDP and earnings, and equity market returns. I decided to give finance a real go,” Prof. Kitney reminisced. However, it was 1988 and no investment bank was hiring after the 1987 crash, except in Japan. The world’s then second largest economy was exploding with a fantastic bull equity market. “I was already interested in Asia because I had taken the view that the Asian economy was going to take off.” So, he joined Nomura in Japan and began a lifelong career in Asian economics and finance, which would see him shuttle between Hong Kong, Japan and Singapore for the next three decades to come. “I was already interested in Asia because I had taken the view that the Asian economy was going to take off.” ── Prof. Paul Kitney  Steering Through a Career in Asian Economics and Finance For more than a decade, not only did Prof. Kitney develop a speciality in Japanese and Asian equities, he also witnessed Japan’s Lost Decade unfold from a front-row seat. “I went through Japan’s short period of its rise and then a long period of its decline and saw all the lessons that you could learn from some of the policy mistakes that were made.” In late 2002, after spending around two years as a strategist at Morgan Stanley in Japan, Prof. Kitney was transferred to New York to work for the investment bank’s proprietary trading team. He was trained with some of the greatest minds on Wall Street and learnt the ropes of fundamental equity and quantitative portfolio management. Gaining these new skills proved transformative, as it empowered him to evolve his strategy from being a Japan-focused hedge fund strategy to a Pan-Asian one. “One of my greatest achievements in strategy was being able to blend quantitative analysis with fundamental economic analysis and macro analysis in one strategy. It was fairly unique in the long/short equity space.” ── Prof. Paul Kitney  This integrated strategy enabled Prof. Kitney to generate a positive return in 2008 when most fund managers fell short. It remains a significant achievement that he is proud of till this day. Completing a PhD to Answer Economics’ Big Questions Having amassed a wealth of knowledge and real-world experience over two decades, including a two-year stint running his own hedge fund in Singapore, Prof. Kitney decided to go back to school in 2010 and complete a PhD in economics from The Australian National University, focusing on macroeconomics, monetary policy and macro econometrics. “I collected all this real-world experience between my undergraduate and my PhD, including navigating the Asian financial crisis, the Long-Term Capital Management (LTCM) crisis, the Argentinean crisis, the dotcom bubble and the global financial crisis. I had a clear idea about what questions I wanted to answer in my PhD studies.” He was particularly interested in looking at the role of financial factors in the setting of monetary policy, a novel topic at the time. After spending nearly five years in research, he produced a thesis entitled “Essays on the Role of Financial Factors in Monetary Policy – Theory and Evidence”. Hopping from Industry to Academia Taking time off from the fast-paced finance industry also gave him the space to reflect. “I wanted to do something for myself intellectually, to give myself the optionality to teach and to give something back to the next generation if I got the right opportunity.” That opportunity came in 2017. While he was working for Daiwa Capital Markets in Hong Kong, he met Prof. Kalok Chan, the Dean of CUHK Business School at the time, and Prof. Vernon Hsu, then Chairman of the Department of Decision Sciences and Managerial Economics. The offer of being hired as an adjunct professor provided him with the chance to continue working full-time while exploring teaching part-time. “CUHK Business School is one of the top business schools in Asia and it is particularly strong in economics and finance. These are my areas, and it felt right.” ── Prof. Paul Kitney  After two years of part-time teaching, in August 2020, Prof. Kitney took up full-time professorship, a joint appointment between the Department of Finance and the Department of Decision Sciences and Managerial Economics. He now teaches a total of six courses – three in each department. Marrying Abstract Theory with Real-world Cases Prof. Kitney considers his “net add” to be his real-world experience and decades-long expertise in Asian economics and finance. It enables him to teach theory and marry that with real-life cases that he has lived through himself. He believes this will help students grasp abstract textbook concepts better and learn more thoroughly. “For example, when I am teaching about central banking and regulation and the impact of the financial crisis on regulators, I can explain the various nuances and get more granular and specific than textbooks about the real world in practice.” An additional benefit to studying current cases is that the cases are still unfolding and the outcome is unknown. By analysing these cases with the students, examining the macroeconomic implication and deciding on the tools, theories and models to apply, students can go from being a consumer of research to becoming self-reliant and thought-leaders themselves. “We can conjecture using the theory that we have and make them think laterally about how they are going to attack this problem. If you make the wrong model choice, you are going to be wrong; no matter how rigorous you are, no matter how precise you are.” “By analysing the cases, examining the macroeconomic implication and deciding on the tools, theories and models to apply, students can go from being a consumer of research to becoming self-reliant and thought-leaders themselves.” ── Prof. Paul Kitney  Prof. Paul Kitney (centre, front row) posed with his MBA students after class back in 2019. In addition to helping students hone their technical and data interpretation skills, both of which are indispensable in today’s financial world, Prof. Kitney wants students to harness another essential skill—the ability to express their thoughts in writing. “If you cannot write, how are you going to communicate the results of your work?” He pointed out that financial firms are increasingly evaluating people by whether they can express themselves in writing and verbally in public speaking. Embracing the New Life in Teaching Having taught for over three years now, Prof. Kitney said what gratifies him the most is seeing students work hard on the challenges that he presents them with and receiving their trust to be their career advisor or confidant. He maintains a friendly relationship with them; after each course, he used to treat all of his MBA students to drinks and undergraduate students to ice-cream parties. This year, because of COVID-19, the tradition continued over Zoom with no less fun. Prof. Kitney is now developing two new courses and putting a new curriculum together. He is planning a central banking course and a macro investing course to add to the Business School’s curriculum. Additionally, he will refine the MBA’s macroeconomics and microeconomics courses. “I love Hong Kong. I would highlight the outdoors lifestyle here. I think it is underestimated.” ── Prof. Paul Kitney  Prof. Kitney is also optimistic about Hong Kong’s prospects in the new normal. He foresees the city’s recovery to be faster than many other countries. “Coming back to economic theory, you have the Chinese economic background recovering, and at the same time, you have the fixed exchange rate in Hong Kong with monetary policy set by the Federal Reserve. So, you have all this easy monetary policy stimulating the Hong Kong economy and an external environment starting to improve.” He added: “Hong Kong will continue to be an important financial centre in Asia. There are tremendous opportunities here. I think we are going to do just fine.” The post Worldly Wisdom Empowers World-class Learning appeared first on CUHK Business School. |
03 Jan 2021, 21:00
| FROM CUHK: CUHK Business School Alumni Sweep Top Achiever Awards in ACCA Exams |
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Among those awardees, eight alumni come from BBA in Professional Accountancy (PACC) programme, two from Master of Accountancy (MAcc) programme, as well as one from Postgraduate Diploma in Professional Accountancy (PDPA) programme and Integrated BBA (IBBA) programme respectively. They demonstrated outstanding calibre with their outstanding performance at the ACCA exams. It is encouraging to find many top performers from the School for specialised papers. In particular, Perveen Pui-wing Wong (MAcc 2019), Patrick Pak-fai Siu (IBBA 2015) and Yemin Ma (PDPA 2017 and MAcc 2020) were honoured the gold, silver and bronze medalists* in the September 2019, December 2019 and June 2020 exam sessions respectively. It is also encouraging to find many top performers from the School for specialised papers. The alumni brought home the following awards of the ACCA exams: September 2019 Session
 (From left to right) Queena Hoi-ying Chan, Dongyan Yuan; Dr. Edmund Wong, Senior Lecturer of School of Accountancy and Director of Professional Accountancy Programme at CUHK Business School; Yiqian Zhang, Debbie Tzu-ying Chen and Wenxing Pei posed for a group photo at the award presentation ceremony. This year, ACCA also recognised students joining its fast track progamme – ACCA Conditional Exemption (CE) Programme and complete all ACCA papers in less than two years. The following six alumni were awarded the inaugural Outstanding CE Award:
ACCA is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. The ACCA Qualification rigorously tests the skills, abilities and competencies demanded of a modern-day accountant, preparing students for a rewarding career as a qualified and ethical finance professional. The qualification also examines digital skills and knowledge, with enhanced digital content across many of the exams designed to keep ACCA students ahead.  Erdi Lai was named among Hong Kong’s top affiliates in ACCA exams’ September 2019 Session *Notes: Top Affiliates are those who completed all the ACCA exams while also attaining the top aggregate marks for papers in the Strategic Professional level – essentials and option module papers. Among those Top Affiliates, the ones with the highest scores will be awarded Gold, Silver and Bronze Medals. Photo courtesy of ACCA Hong Kong The post CUHK Business School Alumni Sweep Top Achiever Awards in ACCA Exams appeared first on CUHK Business School. |
06 Jan 2021, 03:00
| FROM CUHK: Master’s Programmes Career Webinar Series #2: How to Propel Your Career in the Greater Bay Area |
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The pandemic is truly an unprecedented time. But no matter how uncertain it is to live in the pandemic, young graduates have to cope with the new normal when seeking to propel their career in the turbulent job market. While the COVID-19 pandemic has hampered the worldwide employment market, China’s economy continues to bounce back from the virus slump. Now home to 71 million people with huge development potential, the Greater Bay Area (GBA) can provide vast career opportunities for young graduates. Join the career webinar on the topic “How to Prepare Yourself in the New Normal” on 26 January, and Ms Elizabeth Lebrun, Administrative Director, Career Management Centre, MBA and Master’s Programmes at The Chinese University of Hong Kong (CUHK) Business School will share with you her insights into:
 Ms. Elizabeth Lebrun Administrative Director, Career Management Centre, MBA & Master’s Programmes [/list] With a GDP of more than US$1.6 trillion, the GBA combines the sophistication of the service industries in Hong Kong and Macau with the dynamism of Guangdong. It will create tremendous opportunities for a wide range of sectors, including accounting, financial services, real estate and many others. Dr. Jenny Tien, Director of MSc in Real Estate programme and Dr. Joyce Wang, Director of Master of Accountancy programme at CUHK Business School will also share with both business and non-business graduates their industry specific views on how to capitalise on career opportunities in the accounting, finance and real estate sectors. Speakers:  Dr. Jenny Tian Programme Director Senior Lecturer, School of Hotel and Tourism Management  Dr. Joyce Wang Programme Director Senior Lecturer, School of Accountancy [/list] Date: 26 January 2021 (Tuesday) Time: 4:00pm – 5:00pm Format: Online via Zoom Language: English Register Here For enquiries, please contact the Taught Postgraduate Programme office: Email: masters.bschool@cuhk.edu.hk Phone: +852 3943 8773 The post Master’s Programmes Career Webinar Series #2: How to Propel Your Career in the Greater Bay Area appeared first on CUHK Business School. |
12 Jan 2021, 03:00
| FROM CUHK: CUHK Business School Undergraduates Shine at HKICPA Business Case Competition 2020 |
Over 919 teams from various institutions in Hong Kong, Greater China and Macau joined the Competition this year. After several rounds of evaluation, six finalist teams from Hong Kong undergraduate groups were selected for competing in the final Oral Presentation Day held online. Among the six teams, two of them are formed by CUHK undergraduate students, and their results are as follows: The champion team Champion Award
Photo courtesy of HKICPA The post CUHK Business School Undergraduates Shine at HKICPA Business Case Competition 2020 appeared first on CUHK Business School. |
13 Jan 2021, 01:00
| FROM CUHK: CUHK Business School Research Honoured the IBR Best Journal Paper of the Year 2020 |
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Published in IBR, one of the most influential journals in international business, the research was coauthored by Shige Makino, Professor of Department of Management at CUHK Business School, Prof. Megan Li from Nanjing University of Aeronautics and Astronautics and Prof. Chunyan Jiang from Nanjing University Business School. Prof. Li and Prof. Jiang received their PhD in Management from CUHK Business School in 2015 and 2006 respectively, and they were also students of Prof. Makino before. Previous studies of foreign direct investment (FDI) decisions typically assume that decision makers and stakeholders act rationally. Drawing on studies conducted at the individual level, this award-winning study focuses instead on affect and explores theoretically and empirically how national sentiment influences FDI decisions. In particular, the research develops a typology for understanding national sentiment along two axes – positive versus negative and accumulated versus transient – and investigate their separate influences on FDI. The results indicate that negative sentiment has a greater influence on FDI than positive sentiment and that accumulated sentiment has a greater influence than transient sentiment.  Image by Clker-Free-Vector-Images from Pixabay IBR, the European International Business Academy‘s associated journal, published by Elsevier, sponsors the IBR Best Journal Paper of the Year Award and accompanying money prize for the best IBR article (published in the previous year’s volume) in terms of enhancing the field of International Business research in the future. To find out more about the research, please visit the School’s China Business Knowledge (CBK) where you can find the feature article entitled “Foreign Investments – A Matter of Head or Heart?” which was contributed by Prof. Li. The post CUHK Business School Research Honoured the IBR Best Journal Paper of the Year 2020 appeared first on CUHK Business School. |
15 Jan 2021, 06:00
| FROM CUHK: Reining in the Winds of Entrepreneurship with a New Perspective |
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After graduating from CUHK, like many of his classmates, Harry joined a Big Four accounting firm, but last year he suddenly resigned and set up AOB CPA & Co., and this year he partnered with a few friends to co-find Rein Alliance asset management company. Many doubted the potential of his new ventures especially during these turbulent times; however, Harry joked that he had always gone against the norms since young, “I think it means even more to be able to do well during challenging times and be able to prove yourself to others. If you prepare in advance, then just like the ‘Rein’ in our company name, you would be able to take the reins even through the tides and storms.” “If you prepare in advance, you would be able to take the reins even through the tides and storms.” ── Harry Ho Dare to Accept New Challenges Most people would think of accountants are rule followers, Harry admits that he is the black sheep. “Within my graduating class, I am only one of two people who have started our own businesses, which is probably because I like to try new things.” Harry continues, “When I was young, I would take a screwdriver and unscrew all sorts of electrical appliances at home.” Harry admits that his biggest interest is studying various business models. “My father is a businessman, and since young I’ve observed the way he does business and manages his employees, maybe that’s how my interest in business took root,” Harry said. “I got an offer from Deloitte upon graduation, but with four months to go before I had to start work, I decided to look into the possibility of starting a bubble tea shop with a friend. We really did stand outside a tea shop every single day to observe and count the number of customers, but after doing a cost analysis we realized the profit margin was too low and gave up on the idea. Things would otherwise be very different today!”  Harry was very proactive during his study in CUHK. Being the President of Society of School of Accountancy broadened his network and equipped him with the inter-personal communication skills. Some of his university schoolmates even became his business partner today. “You need to always be looking ahead – build up your fundamentals so that when business comes in, you would already have people to do the work.” ── Harry Ho Invest before Bringing in Business After going through the motions for a few years in an accounting firm, Harry still had a strong desire to break through the norms and start something new, but he did not have a clear direction. “Quite a number of my friends had started their own companies and would come to me with questions about corporate accounting and taxation. It suddenly dawned on me how accounting was a truly viable business; and having moved into middle management and accumulating experience of leading projects independently, I felt more confident to venture beyond.”  Harry (first from right) has worked in PwC for many years. He was invited to be the master of ceremonies for the 2019 annual dinner. He hosted the large party of 3,000 participants for the first time without being stage fright. Last year Harry finally made up his mind to leave the accounting firm, and just as always, he was adamant about not going along with the flow. For example, to save cost in a new venture most people would only begin to hire after they bring in business, but Harry started to hire in the second month of operations. He explained, “I think you need to always be looking ahead – build up your fundamentals so that when business comes in, you would already have people to do the work. If you only start to hire after business comes in, you’ll never be able to find the right people.” Results proved his theory right – last month a large enterprise approached Harry’s company to take over their accounting department, and he was able to immediately assign three to four staff for this job. If he had not prepared ahead of time, he would not have been able to take on this job.  Harry successfully opened his own accounting firm last year becoming a young entrepreneur. On the opening day, he installed the company logo on the wall personally, turning a new chapter in his life. Do More with Less by Hiring Smart People This philosophy can certainly be applied to Rein Alliance. They named their company Rein Alliance because they want it to be an alliance of the best and brightest – apart from Angus and Harry’s secondary school and CUHK classmates, they have also attracted another experienced fund manager to join. Harry shared, “I think that no matter how smart you might be, it’s impossible to know and do everything, but if you’re able to bring in smart people, you’ll be able to grow your business. Just like how I did not know how to pick stocks, but I chose Angus who ultimately helped me grow my investments.” “No matter how smart you might be, it’s impossible to know and do everything, but if you’re able to bring in smart people, you’ll be able to grow your business.” ── Harry Ho Life and Accounting are Inextricably Intertwined There has been research pointing out that with technology advancement in recent years, some industries will eventually be eliminated, and accounting happens to be second on the list. Many people have hesitated to join the industry because of this. Harry tells his accounting juniors not to worry, “I met the owner of Indonesian company CVSaya.id last year at an event, he owns a few IT companies in Indonesia and has businesses in auctioning, medical beauty and human resources, he’s very passionate about doing business but doesn’t have enough knowledge about accounting which led to a financial crisis.”  The Indonesia-China Business Forum on Investment and Tourism 2019 held in Beijing last year invited business partners between China and Indonesia from various industries to sign contracts under the witness of the Indonesian Embassy. Harry (second from left) and the owner of CVSaya.id (third from left) were invited to sign their contract in the ceremony. Harry continues to share, “I decided to make a personal investment in his company and used my accounting knowledge to turn his business around. This really shows how important accounting is, whether it’s from managing daily finances and taxes to lowering the risks when doing business, accounting is a huge part of life.” The post Reining in the Winds of Entrepreneurship with a New Perspective appeared first on CUHK Business School. |
31 Jan 2021, 18:01
| FROM CUHK: The Ever Spinning Reel |
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December 2009. For a little over a week in the Danish capital of Copenhagen, politicians from around the globe were to come together and, before it was too late, reach a deal on tackling what was finally appreciated as a major crisis: climate change. Everyone got eschatological all of a sudden, calling the summit “humanity’s last chance”. All eyes were on the hundreds of world leaders packed in the conference hall and how they might turn the tide, and youngsters like myself flocked to Twitter and Facebook with waves of posts heralding the potential dawning of a brighter, cleaner future—And the summit failed miserably. The insubstantial “accord” that came out of the negotiation, if it can even be called that, was so disappointing that I, for one, lost faith in the cause for a long time afterwards. But not everybody was left dispirited. For Walden Lam, the failure was what motivated him to bring about Unspun with his partners, an innovation in fashion lauded by Time as one of 2019’s best inventions, and transform the clothing industry for a more sustainable world. It was the beginning of their own green revolution. Walden had just finished university at CUHK with a degree in insurance, financial and actuarial analysis (IFAA) when the summit collapsed. What was also in a ruin was the global economy following the 2008 crisis, leaving the new finance graduate with far fewer career options. But where there are changes—as he now likes to say with the world being in an even bigger crisis 11 years later—there are new opportunities. He took a consulting job, and with companies jumping on the pre-summit hype train, his first two assignments were both about environmental protection. As the summit ended with a whimper, he reflected on the movement and thought it needed a paradigm shift.  “It’s hard to get things done if we depend solely on a certain country or government, especially when it comes to climate action,” he said. Seeing the need for a bottom-up solution addressing, above all, the impact of modern consumer products on the environment, he turned his attention to shaking things up in the clothing industry, a hotspot of unsustainable production. To guarantee that customers will always find what they want the moment they step into the store, fashion brands have come to manufacture much more than is needed. This leads to more, unnecessary pollution from procedures like dyeing and piles after piles of unsold garments, which end up in the dumpster. And unlike, say, food waste, clothes do not get converted into anything useful and just linger on in landfills. Hence the birth of Unspun, which makes jeans to order and measure. In a sense, it is a return from the era of mass production to the olden days of handiwork: only it is much less of a hassle with Walden and his partners’ cutting-edge technology. You will not find a tailor taking your measurements at either of their stores in Hong Kong and San Francisco but instead a 3D body scanner that does the job in seconds. There is also an app for those seeking privacy or living far away to do the scanning themselves with their phone. Features like the style and the fabric can then be customised, and an algorithm will generate a model to be sent to the nearest factory. In two weeks’ time, a customer in Hong Kong will find a pair of perfectly fitted jeans on them, made with less waste.  I was on Unspun’s website the other day and saw one of their taglines—”‘sustainable’ isn’t enough”. “When the fashion industry talks about sustainability,” Walden explained, “it’s usually the material they’re focusing their efforts on. At Unspun, we do that by default. We never use virgin cotton, which consumes a lot of water, and if we are to use polyester, we always go for the recycled kind. That for us is table stakes.” A bold statement they are making there, and they are making the effort to live up to it. Their move away from mass production and having to keep an inventory is one way they are going the extra mile. Now they are going further with their latest weaving technology, which allows their jeans to be woven straight out of the yarn in a way similar to that of 3D printing. “Right now, different parts of a pair of jeans are cut out from the denim and sewn together, which leaves us with scraps. As much as we can optimise the cutting and creatively use the scraps for, say, accessories of some sort, there is still going to be waste,” Walden noted. “With our 3D ‘printer’, all the yarn goes into the jeans, leaving effectively zero waste.” A first pair of jeans has already been manufactured using this technology, and when it is put to practical use, hopefully by the end of the third quarter of 2021, it will take Unspun closer to their goal of unravelling, as their name suggests, the very fabric of the industry for a world that works for all. Coming from a finance background, Walden has had his share of difficulties setting foot in the world of textiles and made countless mistakes. But while his inexperience might have led him astray, an empty mind permitted him to see past traditions that only serve to stymie the industry. “We might wonder, for instance, why the denim is dyed such a dark colour, using so much water and energy, only to then be washed with loads of bleach. We asked questions that might sound kind of dumb. But that was how we found out that certain conventions the fashion industry had come to accept are in fact unnecessary.” And while his degree might seem to be a far cry from what he now does, his days at CUHK are still very much relevant to him, not least because it was where he met his wife. His training in actuarial science, for one, has given him an edge in this era of big data and helped him work with his engineers on their 3D scanning technology and improving their algorithm. What has also been valuable to him is the University General Education (UGE). “There’s a deep-rooted belief in Hong Kong that students should stay focused on a particular area of study,” he said. With the UGE programme, however, he had to travel out of his niche. “I had to take an elective in material science back then, and now it’s become the core of my life.” His acquaintance with art history through the programme has been helpful too, having enabled him to put his fashion into the context of the social changes at home and abroad.  Walden now splits his time between Unspun’s bases in Hong Kong and the US. Besides disrupting the industry on an international level, he hopes his ventures have paved the way for young people here looking for a breakthrough as he did after that fateful week in Copenhagen 11 years ago. “What frustrates the young is the lack of a diverse economy, the lack of a chance to try new things,” he said. “It should be possible to take the road less travelled, and we want to set a precedent.” And this is another way his jeans encapsulate the spirit of sustainability—the promise of a future, that is. By jasonyuen@cuhkcontents Photos by Eric Sin This article first appeared in No. 568, CUHK Newsletter, reprinted with permission from Information Services Office, The Chinese University of Hong Kong. The post The Ever Spinning Reel appeared first on CUHK Business School. |
10 Feb 2021, 01:00
| FROM CUHK: CUHK Wins Champion and 1st Runner-up in the ACCA Hong Kong Business Competition 2020-21 |
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Themed “Rewiring our future: leading digital innovation and sustainable success” this year, students were challenged to bring new ideas of survival and transformation to decipher the next business normal. Contesting teams took on the role of an executive management team, advising the company on its business transformation with positive impact on its sustainable growth as well as the wider community. Each team has to develop a visionary proposal with the suggested framework and budget plans to optimise the return from the ideas. Their performance and business proposals were evaluated by the seven professional quotients of ACCA – the behaviours and qualities required for an ACCA qualified accountant to meet the future needs and demands of the profession. CUHK had four teams shortlisted as the top 20 teams and was awarded the Top Participating Institute Award with the most number of teams participated in the Competition. All the top 20 teams had the opportunity to attend a professional skills workshop, and to be coached by seasoned ACCA-qualified professionals during the competition.     At last, two of the CUHK teams took home not only the Champion and 1st Runner Up awards, but also the Creative Excellence, Best Proposal, and My Favourite Videos awards. They received cash prizes along with full sponsorship of ACCA Qualification Initial Registration Fee and ACCA Annual Subscription Fee for one year. Champion Award and Creative Excellence Award
Organised by ACCA, the annual Hong Kong Business Competition equips accounting and business students with the accounting, business analysis and communication skills employers demand. ACCA has a thriving global community of 227,000 members and 544,000 future members based in 176 countries that upholds the highest professional and ethical values. The post CUHK Wins Champion and 1st Runner-up in the ACCA Hong Kong Business Competition 2020-21 appeared first on CUHK Business School. |
15 Feb 2021, 18:01
| FROM CUHK: Global Business Studies Students Triumph at the Hong Kong General Chamber of Commerce Business Case Competition 2020 |
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In this edition of the competition, participating teams were required to provide ideas and solutions to crack the business cases formulated by Great Eagle, NEC, NWS or Sino Group. Over 960 students from various universities and community colleges in Hong Kong participated in the competition this year. After several rounds of voting selections, mentoring and pitching, the team comprised five Year 2 Global Business Studies (GBS) students took home the championship. Team members included Hayden Lee Ching-hei, Jessica Fung Ching-man, Matthew Cheung Hoi-chun, Hilary Tse Tsz-ching and Hebe Lee Hoi-ning. They were awarded with HKD 30,000 and 2-month internship in NWS. The annual HKGCC Business Case Competition promotes the exchange of ideas between university students and businesses, as well as encourages students to develop innovative and creative solutions for real-life business cases. Students have the opportunity to solve business cases and be challenged by a panel of industry-leading professionals. The post Global Business Studies Students Triumph at the Hong Kong General Chamber of Commerce Business Case Competition 2020 appeared first on CUHK Business School. |
16 Feb 2021, 03:00
| FROM CUHK: Professor Ying-yi Hong Seizes the 2020 Outstanding Contributions to Cultural Psychology Award |
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Established by the Society for Personality and Social Psychology (SPSP), the award aims to recognise a scholar (or group of scholars) whose work has added substantially to the body of knowledge in cultural psychology—and related fields examining the intersection of cultural and psychological processes—and whose sustained contributions in research, teaching, and/or service have significantly advanced the field. “I am really grateful and honoured to receive this award. It is very meaningful to me as I am passionate about advancing cultural psychology in my whole career,” said Prof. Hong.  Prof. Hong delivered a speech at the 2021 Advances in Cultural Psychology SPSP Preconference on 9 February. In the laudation co-written by the 2021 Advances in Cultural Psychology SPSP Preconference organisers Prof. Jozefien De Leersnyder, Prof. Ayse Üskül, Prof. Igor Grossmann and Prof. Krishna Savani, it stated the reasons Prof. Hong was nominated by multiple scholars for the award: “Her [Prof. Hong’s] groundbreaking theoretical and empirical work on the psychology of biculturals has inspired the field of cultural psychology to shift from focusing on static differences between cultural groups to study dynamic processes of cultural affordances and changes in both individuals and societies. Throughout her work, she has always tried to take an interdisciplinary approach, thereby bridging classic cultural psychology approaches with novel insights from personality science, behavioral economics, intergroup relations and, more lately, also neuroscience and genetics. During her career, Ying-yi Hong not only contributed to numerous high-quality scientific publications, but also served her field on multiple fronts. For instance, she has served as an editor for multiple top journals and book series, including the Advances in Culture and Psychology series and the Oxford Handbook of Multicultural Identity. In addition, she co-founded the Summer Institute of Personality and Social Psychology in China that has trained over 150 advanced graduate students, postdocs and assistant professors from over 50 universities or research units in China, thereby contributing to the internationalization of social and personality psychology science and becoming a role model and mentor to so many. ” Founded in 1974, SPSP is the world’s largest organisation of social and personality psychologists. With over 7,500 members, the organisation strives to advance the science, teaching, and application of social and personality psychology. Image by Gerd Altmann from Pixabay The post Professor Ying-yi Hong Seizes the 2020 Outstanding Contributions to Cultural Psychology Award appeared first on CUHK Business School. |
28 Feb 2021, 18:00
| FROM CUHK: Wisdom of the Crowd |
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Crowdfunding is a new and relatively untested way for startups to raise money. It opens up to the public a world traditionally populated by angel investors and venture capitalists. Although the process has its risks, the investors in the crowd make better decisions than might be expected, given their inexperience. Investors with expertise and experience in the field have a disproportionate influence on the success or failure of a fundraising effort, according to the research of Prof. Kim Keongtae. Other investors heed the actions and advice of those experts, Professor Kim’s work shows, the first study of its kind. A crowd-driven funding model is not an unruly mob, in other words. Professor Kim shows that experts invest earlier than the crowd, and have an outsize impact when their expertise aligns with the underlying risks of the startup in question. Startups that draw this kind of expert investment also show better performance down the line. There are two main drivers. First, experts select better startups in the first place. Second, they can add value to the startups they select. The crowd shows more sophistication than we might initially credit it with. They are able to identify these experts, and act upon the signals provided by the behaviour of the experts. The crowd also looks for the right kind of expertise. Professor Kim’s work demonstrates that experts are not always influential—they only exert influence when their particular expertise aligns with the underlying risk surrounding the startup. The experts divided into two camps: market experts, and product experts. “This research implies these experts are influential, but only when the expertise is aligned with the nature of the risk,” Professor Kim says. To compile his results, Kim worked with a smaller crowdfunding platform, App Backer, unfortunately now defunct. But the results still hold. App Backer supplied information on its website about who was investing in what, when and how much they put up. One click on the investor in question would provide their past investment history, helping other investors establish if they know what they are doing or not. There is another advantage to the data set. App Backer provided crowdfunding only for mobile apps. That made the population of investment companies fairly homogenous, with measurable performance metrics such as the number of downloads an app later has. A larger crowdfunding platform such as Kickstarter would not have provided that level of detail. There are also many kinds of project on Kickstarter, perhaps a college musician trying to fund an album, or a novice director trying to get a movie project off the ground. The success of such diverse projects is far harder to assess.  According to Prof. Kim Keongtae, the winning strategy of crowdfunders is to identify the right kind of expert investors and follow their decisions Professor Kim separated the apps into two camps: concept apps, which have an idea that may still be under development; and live apps, which are already being sold but may require funding to improve the app or expand marketing. Product experts have particular influence on concept apps, whereas market experts are influential for live apps, according to the findings of Professor Kim. He won a 2020 Young Researcher Award at CUHK for his work on crowdfunding, as one of the few professors to have taken any academic rigour to the topic. “Crowds can differentiate different types of signals, and act on those signals,” says Professor Kim, who is an associate professor in CUHK Business School’s Department of Decision Sciences and Managerial Economics. “They are not naïve. They will only follow experts when the expertise is aligned with the nature of the uncertainty.” Regular investors pumped money into concept apps favoured by product experts. But if product experts invest into live apps, they did not prove influential. The same is true that market experts drew money to live apps, but not concept apps. Professor Kim tracked whether money flows followed the decisions made by the expert investors, and the subsequent success of the app. There are implications for policymakers. The category of “professional” or “angel” investor is often defined by securities law, and it would be worth identifying such investors on the crowdfunding platform so that “regular” investors can pay attention to what they do. Disclosure requirements could be imposed on crowdfunding platforms to ensure that information is made clear. The more information is available to the crowd, the better the decisions it makes. Equity-based investing, in which crowdfunders are pumping money into a company in exchange for an ownership stake, is of greater concern. It makes sense, Professor Kim says, to restrict how much an individual investor can place in a startup, depending on their experience. Startups seeking equity funding should face greater requirements on what information they provide, too, Professor Kim adds. Reward-based crowdfunding, though, seeks investment in return for a product to be made, for instance. In those cases, an investor only puts at risk the price of the product. Such markets may be able to function with fewer restrictions, Professor Kim suggests.  Professor Kim is optimistic about the rationality of crowdfunding Crowdfunding can fill an important gap in the credit system, particularly during an economic downturn. At such a time, banks may restrict their lending, and startups may find it particularly difficult to secure financial backing. Non-traditional funding sources can then step in. Crowdfunding is a nascent system that nevertheless seems to be functioning well. Should investors be persistently disappointed with the outcome of their investments, then the public could lose faith in it. But Professor Kim’s work suggests the right kinds of company are ending up with the funds. “Crowdfunding is fairly rational,” Professor Kim says. “If bad-quality projects raise more money than good-quality projects, it means this market isn’t working very well. In my research we didn’t find that.” by Alex Frew McMillan Photos by Eric Sin This article first appeared in No. 567, CUHK Newsletter, reprinted with permission from Information Services Office, The Chinese University of Hong Kong. The post Wisdom of the Crowd appeared first on CUHK Business School. |
12 Mar 2021, 01:00
| FROM CUHK: Hospitality and Real Estate Students Explore Space Travel with OASA at the SHTM Distinguished Speaker Series |
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Have you ever thought of travelling to Space? Working in a space hotel? Or even living in the outer space? As a business major student, how could you seize the opportunity to make yourself an astropreneur (entrepreneur in the outer space sector)? Astropreneurship leaders Dr. Gregg Li (also called “Dr. G”) and Mr. Hubert Lem shared their knowledge and expertise in Space Tourism at the School of Hotel and Tourism Management (SHTM) Distinguished Speaker Series on 5 March 2021. Dr. G and Mr. Lem are respectively the Founding Chairman and Vice Chairman of the Orion Astropreneur Space Academy (OASA) in Hong Kong. The Academy aims to provide leadership training and development of entrepreneurs in space. The enlightening sharing by Dr. G and Mr. Lem reminded all of us that “space travel is not far from us”. The first cosmonaut, a Russian, travelled to space in 1961. In fact, Russia also sent the first space tourist to space in 2001. Twenty years have passed, and as technology advances, space travel is no longer a job for astronauts but is becoming a recreational activity for humans. Space related activities will take up an indispensable market share in future economy. A few companies have been developing space travel in the past decades and are soon expecting to realise this dream to humans. The first private commercial spacecraft to carry passengers to space is expected to be the one developed by SPACEX, founded by Elon Musk in 2002. It uses the “Falcon 9” reusable launcher and the “Crew Dragon” capsule which can carry up to 7 passengers to and from Earth orbit and beyond. It is expected to be launched by the end of 2021. So it is not too long to wait! Another carrier is Virgin Galactic, founded by British air travel entrepreneur Sir Richard Branson, who also founded Virgin Atlantic airlines. Virgin Galactic is targeting its first space tourist launch in 2022. Galactic’s SpaceShipTwo is expected to carry 6 passengers and 2 crew members to space for a suborbital flight lasting for 2-2.5 hours from takeoff to landing. Passengers will be able to experience zero-gravity for 4 minutes during flight time.  SpaceShipTwo (source: Virgin Galactic) So far it sounds exciting, doesn’t it? Then, the next question on many people’s minds is …… How much does it cost? The speakers gave a rough figure of the cost in the presentation. SPACEX is estimated to cost approximately US$50 million per trip while Virgin Galactic has announced a cost of US$250,000. It will be another “homework” for future astropreneurs to think of how to economise space travel in order to make space tourism more affordable. To become a successful entrepreneur or astropreneur, Dr. G recommended the students to “think outside the box” and “be a bold innovator”. He emphasised that active listening and sensing are important. Mr. Lem added that User Experience (UX) is an important part of the process. “The world has changed so fast, except that we don’t see it!” – Dr. Gregg Li Dr. G and Mr. Lem’s sharing has definitely drawn attention and interest from our students towards Space Tourism and Astropreneurship. It is a topic that our students should drill into as it would be where future opportunity lies.  (From left) Prof. David Chan, Director and Professor of the School of Hotel and Tourism Management, The Chinese University of Hong Kong (CUHK); Dr. Gregg Li, Founding Chairman of OASA; and Mr. Hubert Lem, Vice Chairman of OASA. “A lovely sharing! Thank you both! Learnt a lot and got a lot to think about now!” – Aysiah Lam (BBA in Hospitality and Real Estate [HRE], Year 3) “Dr. G and Mr. Lem guided us on a space journey. Knowledge ranging from how to be an astropreneur, the prospect of suborbital and orbital flights, to contributing back to society, are very insightful and inspirational.” – Effie Lau (HRE, Year 4) Since 2002, the School of Hotel and Tourism Management at CUHK Business School has incorporated a series of credit-bearing Distinguished Speaker Series courses into the BBA in Hospitality and Real Estate programme curriculum. Every semester, senior executives including CEOs, Directors and Presidents are invited to share their business insights with students. Students could not only gain insights from business insiders, but also see it as a networking opportunity for developing their careers in the hospitality, tourism or real estate fields. The post Hospitality and Real Estate Students Explore Space Travel with OASA at the SHTM Distinguished Speaker Series appeared first on CUHK Business School. |
18 Mar 2021, 06:00
| FROM CUHK: CUHK Business School Announces the Faculty Teaching Excellence Award 2019-20 |
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FTEA recognises and rewards its top educators with outstanding achievements and significant contributions in teaching and student learning in the School. Following the introduction of the Award in 2014-15, the School’s students and academic staff nominate their excellent teachers/colleagues to a selection panel every year. The awardees for the 2019-20 academic year are: General Faculty Members
 “I would like to thank the CUHK Business School and Department of Marketing for the relentless support and guidance. The award is indeed a huge encouragement for me to work harder for students. I am humbled by all the former and present recipients, who are excellent teachers and role models setting a high standard of education at CUHK.” —— Prof. Andy Wong  “I would like to express my gratitude to CUHK Business School and Department of Decision Sciences and Managerial Economics for their continuous support. I would also like to thank all the great teachers around me, in particular my mentor Prof. Michael Fung, for their guidance and support. In this special year, I look forward to co-creating an excellent teaching and learning environment with all faculty members and students.” —— Dr. Andrew Yuen  “I would like to express my sincere appreciation for the recognition and support by CUHK Business School and Department and Management. I am grateful to have been afforded the opportunity to grow and learn to be an entrepreneurial educator. I look forward to all the excitement and challenges ahead!” —— Dr. Frank Ng Every year, the School’s full-time academic staff members with teaching duties are eligible for FTEA nomination under two categories. The “General Faculty Members” category is for staff who have taught at CUHK Business School for at least three years; and the “Early Career Faculty Members” category is for staff with at least one year teaching experience at the School and no more than five years of teaching experience in higher education institutions. Each awardee will receive a professional allowance of HK$10,000 and a commemorative plaque specially designed for the award. The post CUHK Business School Announces the Faculty Teaching Excellence Award 2019-20 appeared first on CUHK Business School. |
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