Regulation

HKUST-led research shows that judges’ ideological leanings affect the outcomes of insider-trading cases. According to Allen H. Huang, Yue Zheng, and a co-author, liberal judges take an especially strong stance against insider trading, with significant real-world consequences for traders and regulators. Judge ideology is known to influence securities lawsuits ... 阅读更多

Research by the HKUST’s Charles Hsu shows that disclosures of non-GAAP earnings numbers are associated with a greater risk of stock price crashes. Working with international collaborators, Hsu found that non-GAAP disclosures enable managers to divert investors’ attention from bad news included in GAAP earnings. This mechanism, which is substitutive to ... 阅读更多

A comprehensive study that examines four key areas most critical to fintech development: Regulation, Government Support, Business Environment and Talent of Hong Kong and seven other fintech hubs. The report identifies opportunities across the four areas with actionable recommendations for Hong Kong to further enhance its fintech strengths and to thrive as a ... 阅读更多

银行业的发展会影响科技进步吗？研究人员通常对此持怀疑态度：创新公司，特别是上市公司，会受惠于银行信贷，为其创新活动融资。但一项研究提出，应该重新思考这一假设。 香港科大的Alminas Zaldokas及其合作學者Mario Daniele Amore和Cédric Schneider考察了一連串的实际事件。上世纪八十年代和九十年代，美国银行业放寬一系列州际的规定。放寬后，州外银行控股公司获准收购在放寬在州內经营的银行，导致美国各州边境银行数量增加。作者证实，银行业的这种自由化对企业创新有积极效应。 “经济繁荣与银行发展之间的关系一直是討論焦點，但要建立两者的因果關係方是一项艰巨任务。我们重点考察制造业公司的创新绩效，并探索州际银行业放寬法规的情況。放寬管制后，银行得以扩大经营地域，增加信贷的供应及品质 ... 阅读更多