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CUHK Business School Celebrates Its 60-year Legacy of Forging the City’s Largest Business School Alumni Network
The Chinese University of Hong Kong (CUHK) Business School held a reception event on Thursday 9 March 2023, kicking off its 60th anniversary campaign to celebrate the impact it created in business education, forging the largest network of business school alumni in the city over the past six decades. The event was attended by close […]
The Chinese University of Hong Kong (CUHK) Business School held a reception event on Thursday 9 March 2023, kicking off its 60th anniversary campaign to celebrate the impact it created in business education, forging the largest network of business school alumni in the city over the past six decades.
The event was attended by close to 200 distinguished guests, including CUHK management and advisers, as well as top-notch leaders from the private, public and social sectors, 80% of whom are ardent alumni from the School. It was a testament to its staunch alumni network, which comprises over 40,000 members in 49 locations.
The event connected CUHK Business School’s remarkable alumni, major partners and university members across generations.
The mesmerising trio performance of harmonica and piano symbolises the inception of CUHK Business School in 1963, as a federation of three foundation colleges – Chung Chi College, New Asia College and United College – and became the first to trailblaze a full suite of business education programmes in Asia.
Over 60 years, attributing to the unique collegiate system and whole-person development focus, CUHK Business School has nurtured generations of industry leaders who are compassionate and virtuous, besides being capable of shaping business landscapes. Encapsulating the best from the West and the East, the School has pioneered and reinvented its education experience, developing the most sought-after business talent and empowering business with cutting-edge research insights.
The guest of honour and a CUHK Business School alumnus, the Honourable Paul Chan Mo-po, GBM, GBS, MH, JP, Financial Secretary of the Government of the Hong Kong Special Administrative Region, said, “Over the past six decades, the School has flourished at the forefront of business-management education and research. Today’s CUHK Business School alumni network includes some of the most influential business leaders, scholars and entrepreneurs in Hong Kong, and far beyond. And they have helped enable Hong Kong’s rise as one of the world’s leading financial and business centres. With Hong Kong once again wide open to the pursuit of business and opportunity, I look forward to the continuing contributions of CUHK Business School alumni and the School itself.”
Mr Paul Chan Mo-po, Financial Secretary, delivers a speech as guest of honour.
Professor John Chai Yat-chiu, Council Chairman of CUHK, said, “As Hong Kong is moving vigorously toward a digital economy and an international green finance centre, CUHK and the Business School are committed to nurturing future-ready talent with a high level of digital literacy and an unwavering humanistic spirit to lead the city’s transformation. The school will continue to bring innovation to its programmes and curriculum and generate practical insights to empower business.”
Professor John Chai Yat-chiu, Chairman of CUHK Council, delivers a welcome address.
The event showcased an array of anniversary-special activities spanning across the year. Highlights include round-the-world alumni celebrations, its flagship Global Alumni Forum and AsRES-GCREC 2023, an international academic conference for real estate industry.
Professor Rocky S. Tuan, CUHK Vice-Chancellor and President, congratulated the Faculty of Business Administration for making remarkable accomplishments as a trailblazer in business education in Hong Kong and in Asia, “It gives me much pride to see our strong community of staff, students and alumni of the Business School constantly commit themselves to creating positive impact on business and society through teaching, learning, research and practice. The high-achieving professionals, leaders and entrepreneurs that the School has nurtured over the past six decades have been contributing significantly to Hong Kong, the country and the world. As we celebrate the doubled happiness of the School’s 60th anniversary and CUHK’s diamond jubilee this year, I sincerely wish the School will continue to prosper and nurture successive generations of talents who steer and shape the business landscape of Hong Kong, the Guangdong-Hong Kong-Macao Greater Bay Area and beyond, further solidifying CUHK’s unique position as a place where great minds shine.”
Professor Zhou Lin, Dean of CUHK Business School, remarked, “Our achievements today would not have been possible without our founders, former leaders, partners, colleagues, alumni and students. As we embark on a new chapter, we will carry the torch of our founding mission and proud heritage and continue to cultivate value-driven business leaders capable of tackling the most complex issues for the future.”
The Power of Calling in Effective Talent Management
CUHK research highlights a highly focused strategic HR system can promote positive work behaviours among employees through building a sense of calling By Jaymee Ng, Principal Writer, China Business Knowledge@CUHK Talent management aims to help companies hire, manage, develop and retain their best employees and is crucial to success because people are the most valuable assets […]
CUHK research highlights a highly focused strategic HR system can promote positive work behaviours among employees through building a sense of calling
By Jaymee Ng, Principal Writer, China Business Knowledge@CUHK
Talent management aims to help companies hire, manage, develop and retain their best employees and is crucial to success because people are the most valuable assets of any organisation. However, even in a day and age when talent management is widely recognised as a key competitive advantage, its practice is far from universal. For example, a recent survey in the UK found that only three out of five businesses take a strategic approach to talent management.
It is against this context that a new study argues that implementing a specialised human resources system to identify organisational needs and direct resources to where they can benefit the most can help companies to achieve their strategic goals. Specifically, it looks at how such a talent management system can encourage employee behaviour that benefits the organisation, by helping them to find their professional “calling,” whether that be in the form of meaning, purpose or passion.
“Strategic talent management and intensive investment in talent will be the major trend for any businesses that want to succeed.” – Prof. David Ahlstrom
“Every talent is different. Some may want more money while others may want more flexibility at work. Just like other business plans, you also need to strategise your talent management planning,” says David Ahlstrom, Professor and Chairman in the Department of Management at The Chinese University of Hong Kong (CUHK) Business School.
Prof. Ahlstrom’s research paper – Strategic Talent Management Systems and Employee Behaviours: the Mediating Effect of Calling, was co-written with Prof. Chen Shu-Yuan at the National United University and Prof. Amber Lee Yun-Ping at the National University of Tainan in Taiwan. The researchers invited HR managers from 45 companies and 234 executives (who were considered by their organisation as “talent”) from various top-performing companies in Taiwan to participate in the study.
They asked the HR managers to fill out questionnaires about their company’s talent management practices and asked the talent a range of questions about their workplace behaviour and attitudes. They analysed the results collected and concluded that as opposed to a generic HR system, a strategic talent management system is more effective in motivating talent to achieve the business goals of a company.
Prof. David Ahlstrom is our instructor of MBA core course “Leadership Development” which aims to develop well-rounded leaders who excel in helming and managing organisations.
‘Strategic’ Talent Management
A strategic talent management system is a highly focused HR system that provides resources and invests in talent, based on the value and uniqueness of their skills. Using this type of talent management system, companies could identify and position talent according to their organisational goals. On the other hand, a traditional HR system tends to be more focused on solving employee problems and managing workplace relations instead of focusing on developing ways to help employees to reach the company’s various goals.
Strategic talent management appears in many different forms. For example, Google uses its famous data-driven approach – called people analytics – to identify and groom talent. Meanwhile, networking giant CISCO developed an internal application called Talent Cloud that gives managers transparency into the skills and experiences of its employees. It allows managers to put together teams with the right skills to complete specific projects, and employees the opportunity and tools to learn by working on projects that meet their career goals.
Google uses its famous data-driven approach – called people analytics – to identify and groom talent.
Prof. Ahlstrom explains that a strategic talent management system can help organisations succeed because on an employee level, it allows talent to make changes to their work routines through a concept called “job crafting” as well as developing their professional calling.
Job Crafting and Calling
Job crafting refers to an HR technique that allows employees to have control over how they shape and execute their job tasks. For example, an accountant can create innovative ways to file taxes to make his or her job less repetitive. It can also alter the way workers see the nature of their jobs. For instance, it may allow a cleaner to look at their work as a way to give back to society rather than just the sum of their tasks. All in all, job crafting is said to be able to build a greater sense of meaningfulness among employees toward their jobs. Prof. Ahlstrom explains that when employees see their jobs as meaningful, these job crafters can develop a sense of calling towards their jobs, which can make them perform even better in their companies.
Meanwhile, calling usually refers to a strong inner drive towards a particular profession. The study explains that calling can have a remarkable effect on how an employee evaluates his or her work in terms of purpose and meaning, which prompts them to take charge in their workplace in order to achieve the goals and expectations of their work.
Job crafting allows employees to have control over how they shape and execute their job tasks. For example, an accountant can create innovative ways to file taxes to make his or her job less repetitive.
The study results show that employees with a higher level of calling tend to develop entrepreneurial behaviour and are more likely to voice out their opinions to make constructive changes for their companies.
“What we see is that employees essentially become ‘job crafters’ and, by extension, masters of their craft. It helps them to develop a sense of calling through their jobs, and could lead to an alignment so that they have the company’s best interest at heart,” Prof. Ahlstrom adds.
Challenging the Status Quo
Entrepreneurial behaviour, by definition, involves a significant amount of effort and willingness to develop certain new opportunities. Employees who exhibit a high level of entrepreneurial behaviour often tend to present more creative solutions when faced with problems and can constantly improve the effectiveness of their firms.
On the other hand, employees that voice their opinions proactively challenge the status quo at their existing firms and all too often lead to productive suggestions. Prof. Ahlstrom highlights that such behaviour is often not required by companies and it highly depends on the individual employee’s ability to detect problems and his or her motivation to actively solve the problem.
Overall, the study found strategic talent management provides opportunities for employees to feel recognised and valuable within their companies, which then motivates them to make constructive changes at work. Employees are encouraged to speak up and they would not be intimidated even when their opinions are the minority.
Overall, a strategic talent management system can help employees to like their jobs more and find meaning in their work, he adds.
Prof. Ahlstrom and his co-authors urge companies to incorporate strategic talent management into their human resources practices to build a sense of calling in their staff in order to further develop positive energy at work. Companies should also consider allocating resources on implementing a more directed and strategy-oriented HR system with a special focus on talent. For HR managers with a strategic mindset, the researchers said it is important for them to understand how to satisfy the needs of their talent and develop positive mentalities among their staff.
“Strategic talent management and intensive investment in talent will be the major trend for any businesses that want to succeed,” Prof. Ahlstrom says. “Our study shows that companies can use this approach to forge positive mindsets, such as the sense of calling, among their employees. This is key to building a bright future for your company.”
How to Spot and Avoid Greenwashing in Supply Chains
Research draws attention to practice of firms greenwashing their CSR by disclosing supply chain relationships with “green” but concealing “brown” suppliers By Jaymee Ng, Principal Writer, China Business Knowledge@CUHK The days of running businesses solely for profit are long gone. Businesses, large or small, must make considerable efforts to be socially responsible and eco-friendly. A past survey shows […]
Research draws attention to practice of firms greenwashing their CSR by disclosing supply chain relationships with “green” but concealing “brown” suppliers
By Jaymee Ng, Principal Writer, China Business Knowledge@CUHK
The days of running businesses solely for profit are long gone. Businesses, large or small, must make considerable efforts to be socially responsible and eco-friendly. A past survey shows that 91 percent of global consumers expect businesses to address social and environmental issues, and 90 percent of them would boycott a company if it were engaged in irresponsible business practices. In other words, corporate social responsibility (CSR) is not only a buzzword, but vital for businesses to be successful nowadays. However, it is not always easy to tell whether a company is really doing good or just faking it, and as a recent research study looks at depth, some firms would voluntarily publish their supply chain relationships with “green” suppliers to to present a CSR image that fails to represent the whole truth.
Titled Corporate Social Responsibility in Supply Chain: Green or Greenwashing?, this research study is the first to examine greenwashing behaviour of firms by looking at the voluntary disclosure of their suppliers. It was co-conducted by Jing Wu, Assistant Professor in the Department of Decision Sciences and Managerial Economics at The Chinese University of Hong Kong (CUHK) Business School, Yilin Shi, an incoming PhD student at the CUHK Business School, and Prof. Yu Zhang at Peking University. The researchers found greenwashing to be common in the more than 40 countries who are the world’s major economies. The team looked at around 7,600 public manufacturing firms globally and observed over 12,000 unique firm-supplier-year relationships from 2003 to 2017.
“It is just not enough for firms to show the ‘green’ image of themselves to the world to demonstrate their efforts in CSR. Our results show that firms now selectively reveal their ‘green’ suppliers to win customer trust,” Prof. Wu says.
“If the ‘bright’ side to CSR is a world where firms are seeking to lower their carbon footprint, then what our study shows is the ‘dark’ side and how smaller and weaker firms are using it to greenwash their public image.” – Prof. Jing Wu
To gauge greenwashing behaviour, the researchers first calculated a score for each of the companies in the sample based on their environmental performance. They found consistent evidence that a suppliers’ environment score is positively related to how likely their partner firm would disclose its supply chain relationship. Specifically, a one-standard-deviation increase in a supplier’s environment score would lead to a 4.2 percent higher chance of being disclosed by their customer firm. In addition, firms tend to not reveal their less eco-friendly suppliers.
To rule out the alternative explanation that firms may have chosen to disclose their relationship with a certain set of suppliers based on other favourable characteristics and that these suppliers also happen to possess strong CSR credentials, the researchers tested if firms displayed greenwashing behaviour more when their local weather was abnormally hotter, an indicator of global warming.
People typically google more about global warming in extremely hot days and even retail investors would sell stocks of firms that produce more carbon emissions and buy stocks of more eco-friendly firms.
“For example, people google more about global warming in extremely hot days and even retail investors would sell stocks of firms that produce more carbon emissions and buy stocks of more eco-friendly firms,” Prof. Wu explains. “The same goes for our study. We think that if firms greenwash because they are concerned about their CSR image, then such behaviour would be more prominent in extreme weather conditions.”
Just as theorised, Prof. Wu and his co-authors found that firms are significantly more likely to fake good CSR image by greenwashing in extremely hot weather. “We also find that when other environmental concerns trigger people’s attention to climate warming, such as wildfire outbreaks, local firms are also more likely to greenwash their images,” Prof. Wu adds.
Who Does Greenwashing?
In terms of firm size and market share, the study found that small firms and those with less market share and usually lower CSR scores are more likely to greenwash in presenting a good CSR image. This is because unlike large firms, small firms may not have the resources to invest in substantial CSR efforts and they may need to leverage the power of their supplier’s images. For firms facing intensive competition, faking a green image without making real CSR efforts can be a convenient strategy. When small firms are under competitive pressure, a good CSR image may help them to stand out from their rivals.
Firms that are more concerned about their public image and reputation are also more likely to conduct greenwashing. In particular, firms that spend significantly more on advertising are found to be more aggressive in supply chain greenwashing, as the strategic disclosure of their “green” suppliers would help build a better CSR image.
For firms facing intensive competition, faking a green image without making real CSR efforts can be a convenient strategy, the study found.
The researchers also found that more profit-hungry firms are likely to engage in supply chain greenwashing. According to the study, firms seeking to chase a higher return on assets (ROA) tend to hide their “brown” or less environmentally-friendly suppliers to avoid being punished for having a low CSR affiliation. The same is true for firms that are owned more by institutional investors. A firm with a good CSR image is a profitable asset in investors’ portfolios, and therefore firms might want to maintain a positive image for institutional investors. On the other hand, some institutional investors might not care about greenwashing at all as long as it brings in profits.
The study highlights that if a supplier has more institutional ownership, then a firm using this supplier is more likely to selectively disclose the relationship based on the latter’s environmental performance. This is because a relationship with a supplier with good CSR credentials and large institutional ownership will receive more public attention, which would benefit the firm using this supplier in terms of publicity and recognition.
“If the ‘bright’ side to CSR is a world where firms are seeking to lower their carbon footprint, then what our study shows is the ‘dark’ side and how smaller and weaker firms are using it to greenwash their public image,” Prof. Wu says.
Short-term Benefit
Showing off a “green” image is not the only benefit that the firms can get out of greenwashing. The researchers found that sales in firms that disclose their suppliers with good environment ratings increased when compared with sales of the firms that disclose their “brown” suppliers. However, such an improvement in sales was short-lived. Similarly, disclosing “green” suppliers could have a positive effect on a firm’s ROA, but the effect would diminish in the long term.
Why is that? Prof. Wu explains that the public can be slow in familiarising themselves with the manufacturing process of products or the details of supply chains, so it is easy for firms to lure people with their seemingly “green” efforts in the supply chain. But, in the long run, the general public would realise that what the firms did was a mere publicity stunt. Therefore, the boosted sales and ROA would not last.
“Everyone wants to drive a Tesla, but not all of them know how the cars are made and where the parts come from. If a manufacturer tells the public that they only work with eco-friendly suppliers, then people might just fall for it,” Prof. Wu says. “Just like how retail customers are now increasingly sceptical of so-called ‘green’ products, the public would become sophisticated enough to tell whether the firms are dedicating real efforts in protecting the planet. It just takes time.”
Real-world Implications
Prof. Wu and his co-authors point out that there is a way to put a damper on firms’ greenwashing behaviour. In examining environment-related disclosure regulations around the world launched between 2003 and 2016, they found that supply chain greenwashing typically reduces after CSR reporting and disclosure regulations are tightened.
The researchers also say that since, more often than not, environmental legislation tends to focus on the green credentials of a company’s own production and operations and pay less attention to its suppliers, it can be easy for firms to hide environmentally polluting production processes in complex supply chains.
Everyone wants to drive a Tesla, but not everyone knows how cars are made. It takes time for the public to familiarise with the manufacturing process of products or the details of supply chains, so it can be easy for firms to lure people with seemingly “green” efforts in the supply chain.
To enhance the effectiveness of regulations, they suggest countries expand their scope in requiring the disclosure of suppliers. This way, firms would not be able to only disclose the “green” suppliers and hide the bad ones. Policymakers should also consider improving the transparency of supply chains in the current regulatory framework and they should always beware of firms’ strategic and selective disclosure to boost a “green” image.
For managers, the researchers advise them to bear in mind that higher profits, either in the form of sales or ROA, brought about by greenwashing practices only last for a very short term. When people find out that a firm engaged in greenwashing their CSR efforts and with no actual interest in being socially responsible, then the short-term gains would likely disappear.
“For investors, they should make an effort to detect when strategic disclosure of ‘green’ suppliers purely for CSR image purposes is happening, and realise that only truly greener supply chains can improve firms’ capital market valuation in the long term,” Prof. Wu comments. “The public can also get in on the action and help out by monitoring any suspicious supply chain greenwashing behaviour.”
CUHK Business School Develops a Corporate Innovation Index to Empower Hong Kong’s Economy through Innovation
The Chinese University of Hong Kong (CUHK) Business School today announces the development of a Corporate Innovation Index (CII) that will serve as a management and assessment tool to cultivate an innovation culture and to enhance capabilities and achievements in technology adoption among large corporations and SMEs in Hong Kong. Funded by Innovation and Technology […]
The Chinese University of Hong Kong (CUHK) Business School today announces the development of a Corporate Innovation Index (CII) that will serve as a management and assessment tool to cultivate an innovation culture and to enhance capabilities and achievements in technology adoption among large corporations and SMEs in Hong Kong.
Funded by Innovation and Technology Commission of the Hong Kong Government under the General Support Programme, CUHK Business School’s Asia-Pacific Institute of Business (APIB) will take charge of the CII project. It plans to establish a conceptual framework of corporate innovation that best fits the Hong Kong business community under the digital age, as well as to develop a set of measurement matrices. CUHK APIB will work together with The Hong Kong General Chamber of Commerce (HKGCC), the project’s strategic partner, to invite around 100 corporations and 200 SMEs from six categories – including trading, manufacturing, distribution, services, franchising and investment – for a survey. Online assessment tools, guidebooks and a series of seminars/workshops will also be available to help companies rev up their technology innovation. Details of the inaugural CII will be announced in the second quarter of 2022.
(From left to right) Dr. David Chung, the Under Secretary for Innovation and Technology of the HKSAR Government; Prof. Lin Zhou, Dean of CUHK Business School; Mr. George Leung, CEO of HKGCC; and Prof. Waiman Cheung, Associate Dean (Graduate Studies) and Co-Executive Director of APIB at CUHK Business School
Dr. David Chung, the Under Secretary for Innovation and Technology of the Government of the Hong Kong SAR, said: “This research project, supported by Innovation and Technology Fund, dovetails well with the Government’s efforts to address the upcoming challenges facing the business community by means of a conceptual framework constructed from literature review, industrial consultations and communication forum. Other than the most commonly used measures of corporate innovation such as R&D expenditure, patent counts, patent citations and new product announcements, I am sure the Corporate Innovation Index will serve as a reliable tool for the public and business sectors to measure the innovation competence in a scientific and data-driven manner. I would like to thank the Chinese University and the Hong Kong General Chamber of Commerce for their devotion in making Hong Kong an innovative city.”
Dr. David Chung, Dean Zhou, Mr. George Leung, Prof. Waiman Cheung and representatives from the sponsoring organisations posed for a group photo in the kickoff ceremony of Corporate Innovation Index.
Prof. Waiman Cheung, Associate Dean (Graduate Studies) and Co-Executive Director of APIB at CUHK Business School, added: “In response to the Government’s call for developing Hong Kong into a knowledge-based economy and a regional innovation hub, CII will raise awareness about the applications of advanced technologies and foster an innovative mindset among corporations and SMEs in Hong Kong. Emerging technologies such as artificial intelligence, biomedical science, the Internet of Things (IoT) and 5G are changing the Hong Kong economy at warp speed and scale.”
Mr. George Leung, CEO of HKGCC, said: “Many companies are aware of the importance of innovation, which drives their competitiveness and ultimate success. However, knowing how to upgrade their capabilities or benchmarking their innovation until now has been very challenging. We hope that with the success of the Corporate Innovation Index, not just businesses, but the whole Hong Kong economy and society will be able to benefit and build from this index. This is precisely why we feel it is important to give it our utmost support.”
MoU Signed Between The Chinese University of Hong Kong Business School and Shenzhen Luohu District People’s Government
A Memorandum of Understanding (MoU) was signed between The Chinese University of Hong Kong (CUHK) Business School and Shenzhen Luohu District People’s Government, on 14 April 2021, for the establishment of CUHK Business School’s satellite campus at Luohu, Shenzhen. Prof. Lin Zhou, Dean of CUHK Business School and Mr. Zhiyong Liu, Deputy Secretary of District […]
A Memorandum of Understanding (MoU) was signed between The Chinese University of Hong Kong (CUHK) Business School and Shenzhen Luohu District People’s Government, on 14 April 2021, for the establishment of CUHK Business School’s satellite campus at Luohu, Shenzhen. Prof. Lin Zhou, Dean of CUHK Business School and Mr. Zhiyong Liu, Deputy Secretary of District Commission and District Mayor of Shenzhen Luohu District People’s Government, signed the MoU on behalf of their respective organisations.
CUHK Business School and Shenzhen Luohu District People’s Government signed a MoU for the establishment of CUHK Business School’s satellite campus at Luohu, Shenzhen.
In recent years, many Hong Kong universities have set up satellite campuses in the Pearl River Delta – including Shenzhen, Guangzhou, Zhuhai and other areas – to provide high quality tertiary education in mainland China. CUHK is a pioneer in establishing a satellite campuse in mainland China with the founding of CUHK-Shenzhen at Longgang, Shenzhen in 2014. CUHK-Shenzhen has admitted students with the highest scores in the Guangdong province for five consecutive years. The establishment of CUHK Business School’s Shenzhen campus is an important next step in the development of higher education in the Guangdong-Hong Kong-Macao Greater Bay Area. Prof. Lin Zhou elaborated: “Currently, the satellite campuses of Hong Kong universities in the Pearl River Delta operate independently with their own faculty members and students, and teaching and research activities are undertaken with no synergy with their main campus. As it takes only about half an hour to travel by train between the two campuses at Shatin and Luohu, CUHK Business School at Luohu will thus adopt a new approach in operations. The School can arrange classes in either Shatin or Luohu for faculty members and students from Hong Kong, mainland China and overseas based on the course structure. Teaching and research can also be carried out in parallel at the two campuses. Under this new operating model, our students will get a thorough understanding of different industries in both Hong Kong and Shenzhen, and they can further their careers in these two cities after graduation. By immersing themselves in the business environment of Hong Kong and Shenzhen, and leveraging the resources from both governments and enterprises for research, our faculty members will become experts of both cities. These activities will also foster the integration of economic and business development of Hong Kong and Shenzhen.”
Prof. Alan Chan, Provost of CUHK (left) and Prof. Lin Zhou, Dean of CUHK Business School
By signing the MoU, the Shenzhen Luohu District People’s Government will support the establishment of CUHK Business School’s satellite campus at Shenzhen. The new facility not only allows the School to arrange teaching and learning activities for its existing programmes, but also enables the School to meet market demand by launching new programmes and training courses for senior executives. In the future, an internship base and incubation centre will also be set up to provide support to our undergraduate and postgraduate students for career planning and development in Shenzhen and the Greater Bay Area. The Shenzhen campus can serve as a platform through which our faculty members can participate in research projects commissioned by the mainland Chinese government. With the Shenzhen Luohu District People’s Government’s help, the School can reach out to businesses in Luohu and the Greater Bay Area to strengthen our collaboration with a wide range of corporations.
In his speech, Prof. Alan Chan, Provost of CUHK, noted: “Our thanks go out to Shenzhen Luohu District People’s Government, for their recognition and support to CUHK. We look forward to working together in nurturing business leaders with a global mindset who can help reinforce the socio-economic development of Hong Kong and Shenzhen.”
Mr. Yude Luo, Secretary of District Commission of the Shenzhen Luohu District People’s Government, echoed: “I hope the two parties will, in accordance with the principle of ‘resource sharing, complementary advantages, and win-win cooperation’, give full play to their respective strengths in fostering the collaboration between Shenzhen and Hong Kong in areas such as higher education. We will work hand in hand to build a centre with global influence for nurturing innovation talents in the financial sector, as well as platforms for international research and advanced academic exchange, cultivating the Greater Bay Area’s talent development and intellectual support.”
The MoU was signed by Dean Zhou and Mr. Zhiyong Liu (right), Deputy Secretary of District Commission and District Mayor of Shenzhen Luohu District People’s Government.
The ceremony was witnessed by senior management/senior officials from both sides, including Prof. Tai-fai Fok, Pro-Vice-Chancellor; Prof. Suk-ying Wong, Associate Vice-President; Ms. Wing Wong, Director of Office of Academic Links (China) at CUHK; Prof. Waiman Cheung, Associate Dean (Graduate Studies); Prof. Michael Zhang, Associate Dean (Innovation and Impact); Prof. Seen-Meng Chew, Associate Dean (External Engagement); and Prof. Ming Liu, Director of the CUHK-Tsinghua MBA in Finance Programme at CUHK Business School; Mr. Defan Fan, Standing Committee Member of the District Commission and Executive Deputy District Mayor; Mr. Qiang Song, Deputy District Mayor; Mr. Xiaojian Zhou, Director of Development and Reform Bureau; and Mr. Gang Yin, Director of Education Bureau from the Shenzhen Luohu District People’s Government.
(From left) Ms. Wing Wong, Director of Office of Academic Links (China); Prof. Suk-ying Wong, Associate Vice-President; Prof. Tai-fai Fok, Pro-Vice-Chancellor; Prof. Alan Chan, Provost at CUHK; Prof. Lin Zhou, Dean; Prof. Waiman Cheung, Associate Dean (Graduate Studies); and Prof. Seen-Meng Chew, Associate Dean (External Engagement) at CUHK Business School posed for a group photo in the MoU signing ceremony.
MoU Signed between CUHK Business School and Shenzhen CIMC Industry & City Development Group
A Memorandum of Understanding (MoU) was signed between The Chinese University of Hong Kong (CUHK) Business School and Shenzhen CIMC Industry & City Development Group Company Limited. This will provide a framework between CUHK Business School and Shenzhen CIMC Industry & City Development Group to collaborate on executive education, joint research, business forums and consultation, […]
A Memorandum of Understanding (MoU) was signed between The Chinese University of Hong Kong (CUHK) Business School and Shenzhen CIMC Industry & City Development Group Company Limited. This will provide a framework between CUHK Business School and Shenzhen CIMC Industry & City Development Group to collaborate on executive education, joint research, business forums and consultation, as well as job and internship opportunities for students.
The MoU signing ceremony was held virtually on 19 March afternoon. Prof. Lin Zhou, Dean of CUHK Business School and Choh-Ming Li Professor of Economics; and Ms. Dandan Zhang, Assistant President of Shenzhen CIMC Industry & City Development Group signed the MoU on behalf of their respective organisations.
The ceremony was witnessed by guests and senior executives/faculty members from both sides, including Prof. Michael Zhang, Associate Dean (Innovation and Impact); Prof. Seen-Meng Chew, Associate Dean (External Engagement) at CUHK Business School; Xianguo Xu, Deputy General Manager, Merchants Marketing Department; and Hao Xiong, Senior Operations Manager, Park Operation Department at Shenzhen CIMC Industry & City Development Group.
Ms. Dandan Zhang said, “As a business education pioneer in Asia, CUHK Business School has nurtured many high-achieving graduates who steer and shape the global economic landscape. With the signing of this MoU, the two organisations will strengthen their collaboration in various areas by leveraging their respective expertise.”
Prof. Lin Zhou, Dean of CUHK Business School and Choh-Ming Li Professor of Economics
Prof. Lin Zhou expressed, “Thanks to CIMC Industry & City Development Group for their recognition and support to CUHK Business School. We are looking forward to working hand in hand and bringing our industry-teaching-research cooperation to new heights. As CIMC Industry & City Development Group is a leading developer of industrial cities in China, the collaboration will serve as a benchmark that helps us foster partnerships with more corporations in the mainland.”
Established in 2003, Shenzhen CIMC Industry & City Development Group is headquartered in Shekou, Shenzhen. The company is a subsidiary of China International Marine Containers (Group) Ltd. (CIMC). CIMC is a world leading supplier of logistics and energy equipment, dedicated to supplying high-quality and reliable equipment and services, including containers, vehicles, energy, chemical and food equipment, offshore, trucks, logistics services, airport facilities, etc.
Representatives from CUHK Business School and Shenzhen CIMC Industry & City Development Group posed for a virtual group photo in the MoU signing ceremony.
CUHK Business School Research Honoured the IBR Best Journal Paper of the Year 2020
The Chinese University of Hong Kong (CUHK) Business School’s research titled “Does national sentiment affect foreign direct investment, and if so, how? Additional evidence” won the International Business Review (IBR) Best Journal Paper of the Year 2020 award. Published in IBR, one of the most influential journals in international business, the research was coauthored by Shige Makino, Professor […]
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. Prof. Shige Makino is also the renowned instructor for MBA course “Strategic Management”. He provides students with an understanding of the role of managers in the process of strategy formulation, implementation and evaluation.
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.
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.
What is cryptocurrency? Cryptocurrency is a form of digital money. Unlike traditional currencies, it has no physical equivalent and exists purely online in a network of computers. It’s usually decentralized, meaning that no single authority controls its circulation. Instead, transactions happen directly between peers, and the flow of money is typically tracked using blockchain technology. […]
Cryptocurrency is a form of digital money. Unlike traditional currencies, it has no physical equivalent and exists purely online in a network of computers.
It’s usually decentralized, meaning that no single authority controls its circulation. Instead, transactions happen directly between peers, and the flow of money is typically tracked using blockchain technology.
A blockchain is essentially a virtual database. It’s spread across multiple computers and secures in a single place a chronological ledger of transactions. To be added to the chain, blocks must be approved by a majority of computers in the network. Because the blocks are chained together, to alter one you’d need to change the entire chain, for every computer across the network.
This makes removing or amending a block almost impossible and creates an enhanced level of security. It resolves issues of financial fraud and counterfeiting that often plague fiat currencies—government-issued currency not backed by a commodity, like gold.
In the case of Bitcoin, the security process also generates new currency. When a computer in the network completes the work of adding a block, it may randomly be rewarded with a Bitcoin: a process known as “mining”.
Producing Bitcoin at this slow rate helps prevent inflation within the system, but that hasn’t stopped the dollar value of Bitcoin fluctuating wildly since its launch. The value of Bitcoin dropped by 12% in the space of a week at one point, toppling from an all-time high valuation of $34,000 to $29,000.
The volatility comes down to the intense speculation that surrounds it, explains Seen Meng Chew (above right), associate professor of practice in finance at the Chinese University of Hong Kong (CUHK) Business School.
“The value of cryptocurrencies is still mainly driven by speculative activities,” he notes. The perceived value of these currencies has been influenced by their reputation in the media, as well as events like the 2014 bankruptcy of Mt. Gox—the largest cryptocurrency exchange platform at the time.
“If a digital currency becomes universally accepted as a medium of exchange of value, then it has the potential to replace fiat currencies,” thinks Seen Meng.
Greater accessibility to cryptocurrencies could greatly help people without access to traditional banking. In the US alone, this amounts to around seven million unbanked people.
Anyone with a smartphone can send and receive cryptocurrency payments, removing the need for a central bank. Easier access to this credit would provide the unbanked or underbanked with wider access to goods and services.
Another key application is in smart contracts. These contracts use blockchain technology and cryptocurrency—usually Ethereum—to facilitate the terms of a contract more easily, and ensure legality is upheld and funds transferred between client and customer.
A native Australian who lived and worked in Asia for over 30 years, Prof. Paul Kitney has forged an illustrious career in economics and finance and thrived through bears and bulls. Now, this globetrotting investment strategist and Asian economics expert is a full-time professor at The Chinese University of Hong Kong (CUHK) Business School, where he consolidates […]
A native Australian who lived and worked in Asia for over 30 years, Prof. Paul Kitney has forged an illustrious career in economics and finance and thrived through bears and bulls. Now, this globetrotting investment strategist and Asian economics expert is a full-time professor at The Chinese University of Hong Kong (CUHK) Business School, where he consolidates his worldly wisdom and passes it on to the next generation for the Asian Century.
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.”
“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
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.”
CUHK MBA Alumni Audit Programme (AAP) is open for enrollment now!! AAP runs to address the learning needs of MBA alumni to refresh professional knowledge as lifelong learning after graduation! MBA alumni are entitled to sign-up selective elective courses in coming terms to catch up with new business concepts, up-to-date research findings, and cutting-edge topics […]
CUHK MBA Alumni Audit Programme (AAP) is open for enrollment now!! AAP runs to address the learning needs of MBA alumni to refresh professional knowledge as lifelong learning after graduation! MBA alumni are entitled to sign-up selective elective courses in coming terms to catch up with new business concepts, up-to-date research findings, and cutting-edge topics from CUHK’s top academic scholars and business leaders.
14 elective courses include Fintech, Investment Analysis, Management Consulting, AI & Machine Learning, Digital Transformation & Innovation, Family Business Management, Business Valuations and more+. These courses will be offered to alumni for auditing from upcoming Term 2 (Dec – Mar) to Summer Term (Jun – Jul). Please click HERE for course details including schedules, course descriptions, terms of engagement, etc.
Please be reminded you will NOT be graded but active class participation is expected. A letter of participation will be issued to participants who have completed the courses with at least 80% of attendance.
Enrolment
Sign-up HERE by 29 Nov (Sun), first-come, first-served. Candidates will be notified the result via email. Successful candidates will be required to pay a nominal fee of HK$1,000 for registration on each elective course.
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