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HKUST Business School [SBM] Newsletter (Issue 34)

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(1)HKUST Business School. Newsletter Issue 34. From the Dean. Let me start off with my gratitude to everyone for the tremendous support that you have given me in my new position. I am deeply honored to be appointed Dean of the School and, as I have said on various occasions, the main reason I accepted this post was because of the people that I am so lucky to have around me. I have enormous enthusiasm for what we can accomplish together. The HKUST Business School is an excellent example of the notion that great institutions are made up of great people. Our Newsletter lets you know about the great achievements of our faculty and staff, students and alumni. In this issue, we recognize the outstanding teaching and research performance of our faculty, the excellent quality of our programs, the remarkable achievements of our students, and our on-going collaborations with the business community. We also bid farewell to one of our colleagues. Please read on to find out more. As always, be sure to let us know what you think – we welcome your input and feedback.. Prof Leonard Cheng Dean April 2009. President-designate of HKUST Professor Tony Chan has been appointed as the President-Designate of HKUST to succeed Professor Paul Chu who will be retiring in August. Prof Chan is currently the Assistant Director of the US National Sciences Foundation. He is overseeing the mathematical and physical sciences directorate and managing an annual research budget of almost HK$10 billion. Prior to that posting, he was Dean of Physical Sciences at UCLA. HKUST Council Chairman, Dr Marvin Cheung, described Prof Chan as “a visionary leader, a pre-eminent scientist and a world-class administrator”. Prof Chan is a Hong Kong native who completed secondary school here before pursuing studies in the US at Caltech and Stanford, from where he obtained a PhD in computer science. His appointment is for five years.. Leonard Cheng Confirmed as Dean P. rofessor Leonard Cheng has been confirmed as the Dean of the Business School and will steer the School through what are expected to be interesting times.. having mixed effects on the school, boosting enrolment for some programs, slowing it down for others, and opening up many research opportunities.. Prof Cheng is a leading scholar in industrial and international economics and was one of the founders of the Business School in 1992. He has been Acting Dean since 2007 and was appointed Dean after an international search. Apart from his academic appointments, he is a member o f t h e P r o v i s i o n a l M i n i m u m Wa g e Commission (see page 3) and the Broadcasting Authority.. Another issue is the change to Hong Kong’s undergraduate structure in 2012 from three years to four, which requires more staff to be hired and the curriculum to be redesigned. “The Business School has accomplished a lot in less than 20 years. We have very strong foundations and we will work hard to continue our leadership position in the region and internationally,” Prof Cheng said.. “... honored and humbled ...”. “I feel honored and humbled to head up what is widely recognized as one of the best business schools in this part of the world. We will continue to offer the very best to our students and to reach out further to the business community by actively sharing our thoughts on important and topical issues,” he said. One issue at the top of the agenda is the financial crisis. Prof Cheng noted it was. Shortly after taking the helm, Dean Cheng enhanced the School's leadership by appointing two senior faculty members, Prof Kalok Chan and Prof J.T. Li, as associate deans. (see story on page 3). In early April, he shared his vision for the School with colleagues at an open forum, which generated a lot of helpful discussion and ideas.. HKUST Business School Dean: Leonard Cheng Senior Associate Dean: Steven DeKrey Associate Deans: Kalok Chan, Kate Chan, J.T. Li, Angela Ng Newsletter Editors: Anna Chan, May Hung Sub-editor: Patrick Megan Writer: Kathy Griffin 2009 by the HKUST Business School. All rights reserved. Contact us: bmpr@ust.hk Fax: (852) 2358 1467 Website: www.bm.ust.hk.

(2) Top Marks from Students Business School lecturers have received the lion’s share of the Best Ten Lecturers Election 2008 awards which are organized by HKUST students. These results confirm the School’s strength in teaching. Six of the 10 awards went to our professors, up from five in 2007. The six were Prof Riki Takeuchi, Prof Stephen Nason and Prof Emily Nason, all from the Department of Management of Organizations; Prof Milind Rao from the Department of Economics; Prof Chen Tai Yuan in the Department of Accounting; and Prof Anthony Chan Tuck Kwai in the Department of Information Systems, Business Statistics and Operations Management.. News. Riki Takeuchi. Stephen Nason. Emily Nason. Milind Rao. Chen Tai Yuan. Anthony Chan Tuck Kwai. Prof Takeuchi and Prof Emily Nason were also honored in 2007. The annual election is organized by the Vertex, House II Student’s Association. Other recipients were from the Department of Biology, the Department of Mathematics, the Department of Chemical and Biomolecular Engineering and the Language Center.. Business Insights Online A new webpage has been launched to make the School’s outstanding research output accessible to a wider audience. HKUST Business Insights offers summaries of research papers published in the top 40 academic journals as identified by the Financial Times (FT), written with the general reader in mind. The launch comes as the School continues to gain recognition for its research. The FT recently ranked HKUST 17th in the world for business research (see story on MBA ranking), while a University of Texas at Dallas survey ranked HKUST tops in Asia, 23rd in the world and one of only three non-American universities to crack the top 30, together with INSEAD and the London Business School. The diversity of our professors’ output is highlighted in HKUST Business Insights, which covers everything. from how auditors should be audited, to how to manage diversity in a company and how a brand can recover after a serious scandal such as food poisoning. A new topic is added each week. Dean Leonard Cheng said: “Part of our mission is to push the frontiers of global business knowledge and contribute to the social and economic transformation of the region. We encourage our academic staff to conduct research that is relevant, appealing to both the academic and business worlds, and underpinned by a commitment to excellence.” HKUST Business Insights can be visited at http:// www.bm.ust.hk/research/business_insights/index. html. Below are examples of findings from our faculty research, as reported on the HKUST Business Insights web page.. “While flashing animation can attract Web users' attention, it may not be the right kind of attention that advertisers hope for...”. “firms that made higher capital investments had lower than expected returns over the next five years...” 2. MBA Ranks 16th Best in The World T. he full-time MBA program continues to advance its international status, climbing to 16th best in the world in the annual Financial Times ranking, where it scored especially high in the international dimensions of the survey. The program scored 2nd best in the world for “international faculty” and “international board” and 3rd for the “international experience” it provides students. It is the only Hong Kong program to rank in the top 100 MBAs and moved up one place from 17th last year. Dean Leonard Cheng said the results confirmed the program’s leadership position. “The results reflect well on the quality of the School and our MBA program, and reaffirm our leading position in management education.” The FT also recognized the intellectual quality of the School, ranking it 17th on research performance, up t h re e s p o t s f ro m l a s t y e a r, b a s e d o n f a c u l t y publications in 40 highly-regarded international academic journals.. Senior Associate Dean Steven DeKrey toasts the success of the MBA program..

(3) Prize-winning Research A research paper that offers a new take on trade imbalances and is co-authored by Dean Leonard Cheng and economists from Hong Kong, Mainland China and the US, has been honored in China. The Peikang Chang Prize was awarded in Beijing in February by the Peikang Chang Research Foundation of Development Economics. The authors focussed on two key benefits from exports – domestic value added and employment – to shed new light on trade surpluses and deficits, and applied them to bilateral trade between China and the US .. “We provide an alternative perspective to measuring trade surpluses and deficits, in particular the US-Sino trade imbalance that has received much attention in the press and from policy makers,” Dean Cheng said. The prize is named for Dr Peikang Chang, a pioneering development economist in China who in 1949 wrote the first book in the nascent field of development economics, Agriculture and Industrialization. The prize ceremony coincided with a forum to mark the 60th anniversary of Dr Chang’s book, where Dean Cheng spoke on Hong Kong’s role in the. internationalization of the RMB, the management of China’s huge foreign reserves, and the financial integration between Hong Kong and the Pearl River Delta. (A report about their research is on page 6.). News. Advisor on Minimum Wage. New Leadership Roles. D ean Leonard Cheng has been appointed a. Two respected academics in the School have been. m e m b e r o f t h e P r o v i s i o n a l M i n i m u m Wa g e Commission, which will advise the government on establishing a statutory minimum wage. The commission will consider empirical findings and stakeholders’ views to determine how to find a balance between forestalling excessively low wages and minimizing the loss of jobs. The outcome is also expected to take into account Hong Kong’s economic growth and competitiveness.. Members of the commission are drawn from the labor sector, business community, gover nment and academia. Prof Cheng is a respected scholar in industrial and international economics and has extensive experience in other community affairs. He is a member of the Broadcasting Authority and was formerly a member of the Manpower Development Committee and the Commission on Strategic Development.. Quality Assured in Review Exercise. appointed Associate Deans and will take up leadership roles in research and faculty development. Professor Kalok Chan is the new Associate Dean (Research & Resources Planning), and Professor J T Li is the new Associate Dean (Faculty). They will also continue in their current departmental posts, with Prof Chan Head of Finance and Prof Li Head of Management of Organizations. Dean Leonard Cheng said the appointments would ensure active faculty involvement in developing new initiatives at the School. “Both Prof Chan and Prof Li are accomplished scholars with strong international reputations. They are experienced administrative leaders, who have participated in many major school decisions in their capacities as Department Heads,” he said.. with more than 100 internal and external stakeholders, including 60 faculty members, and were provided with detailed documentation and records both before and during their visit.. Prof Chan’s duties will involve setting new research directions and strategies, promoting applied research, fostering links between the School’s research centers and the business sector and wider society, and planning and allocating resources.. The AACSB began accrediting schools in 1919 and inspects major schools around the world, such as Harvard and INSEAD.. “Quality assurance is a very important reason behind t h e S c h o o l ’s c o n t i n u e d s u c c e s s . E x t e r n a l accreditation is a way of demonstrating that we strive for and meet the highest standards, both in the international arena and in Hong Kong,” Dean Leonard Cheng said.. Prof Li’s duties will include chairing the School Appointments and Substantiation Committee, establishing systems for faculty development and the provision of faculty services, and formulating a faculty resource strategy.. In February it sent a team of four reviewers, including two deans of business faculties in the US, a dean from Australia and a department head from the US. They determined that the School had continuous improvement measures in place. The reviewers met. In addition to the AACSB, the School is accredited by the European Quality Improvement System (EQUIS). In 2010 it will again undergo an EQUIS review as well as the University Grants Council’s Quality Assurance Audit.. One of the key ways the School benchmarks its teaching and research standards is through periodic review by external bodies. We are happy to report that the School has been awarded an unconditional extension of accreditation by a premier international organization, the Association to Advance Collegiate Schools of Business-International (AACSB).. Kalok Chan. From left are Peter W. Wolnizer, Dean, Faculty of Economics and Business, The University of Sydney, Dean Leonard Cheng, Jan R. Williams, Dean, College of Business Administration, University of Tennessee at Knoxville, Kevin Chen, Head of Accounting, Carl P. Zeithaml, Dean, McIntire School of Commerce, University of Virginia, and Dan S. Dhaliwal, Head, Department of Accounting, Eller College of Management, The University of Arizona.. 3. HKUST Business School. J.T. Li.

(4) Ronnie Chan Offers a Lesson on the Economic Storm Ronnie Chan is Chairman of Hang Lung Properties Ltd, a company that is riding the financial crisis exceptionally well. He recently had some words of advice for students as they look to their future. Among other things, he suggested that students, upon graduation, should pick a solid career like accounting, commercial banking or even consulting as their choice of career.. Mr Chan was speaking to an audience of 160 Global Business (GBUS) students, prospective GBUS students and members of the HKUST Beta Gamma Sigma chapter and he told them that his company had been able to stay strong because it had prepared for the current crisis. “I want you to understand how this crisis came about so you can chart a better course next time and avoid this happening again,” he said.. Mr Chan said one of the causes of the crisis was too much money in the market, particularly money created through complex and difficult-to-understand financial products. These products became available at a time when technology could spread them quickly, and when deregulation meant there was little oversight. According to Mr Chan, there could be five possible outcomes from the crisis, including changes to financial systems, the operating practices of investment and commercial banks, the compensation paid to financiers, and the systems governing rating agencies and accounting practices. “The fifth outcome will be the further rise of China,” he said.. Undergraduate Programs/MBA. Mr Chan was speaking at the inaugural Global Leadership Forum, which was organized by the Undergraduate Program Office and is intended to encourage independent and critical thinking among Global Business students. Ronnie Chan (4th from the left), Chairman of Hang Lung Properties, poses for a picture with professors and students after the talk.. Winning Performances The Marshall MBA Global Consulting Challenge A team of MBA students earned high praise at one of the world’s most prestigious case competitions, the Marshall MBA Global Consulting Challenge. The event was held in March at the University of Southern California for MBA students from leading. international business schools, such as NYU Stern, London Business School, UCLA and Carnegie Mellon. The HKUST team of Joannis Kiahopoulos, Preeti Poddar, Thomas Ng and Abhishek Makharia was awarded the “Best Industry Analysis Award” and was singled out by the panelists for the innovativeness of their idea, excellent teamwork skills, and best overall presentation style. They competed against eight other teams on a case study of AT&T. Each team had to recommend how the company could continue to grow revenue, increase traffic and remain at the forefront of technological advancements in the wake of regulatory changes regarding net neutrality.. Front row from left: Joannis Kiahopoulos, Preeti Poddar. Back row from left: Thomas Ng, Stephen Nason, the faculty advisor and Abhishek Makharia.. From left are Sven Fredrik Angel, Peng Liu, Pradeep Ambavaram, Pierre-Emmanuel Meyer and Steven DeKrey, the faculty advisor.. 2009 Asia Moot Corp Business Plan Competition. The HKUST team, Multi-Vision, pitched a technology that can quickly modify the focal length of a Liquid Crystal Lens via electronic control. The team members were Pradeep Ambavaram, Fredrik Angel, Pierre E Meyer and Peng Liu.. Another MBA team won the 2009 Asia Moot Corp business plan competition, which fosters entrepreneurial initiatives. This is the first time that a team from HKUST has won this prestigious competition.. In addition to the overall award, they won for Best Presentation and Best Business Plan. They are also now eligible to compete at the Global Moot Corp competition to be held at the University of Texas, Austin in May 2009.. Emerson Scholarship Awarded M. BA student Sherlock Tang has been awarded the Emerson Bob Staley Scholarship 2008/09 worth of HK$50,000. The recognition is awarded annually to an outstanding MBA student with a minimum cumulative grade average of A- and a first degree in engineering. Sherlock, a first-year full-time MBA student, impressed the selection panel of Emerson Electric Asia-Pacific with his academic excellence and positive attitude.. 4. Sara Bosco, President, Asia-Pacific, Emerson Electric Asia-Pacific presents the certificate to Sherlock Tang Tze-Lok, MBA Year 1 student..

(5) Stay a Step Ahead of the Game C ontinuing education can help even busy executives to stay competitive in these challenging times and HKUST has designed a variety of options to cater to them. Programs on management, leadership, wealth management, finance, negotiation and marketing are taught by leading academics who have intensive experience in industry and executive education and who bring the latest research insights and real life discussion to the classroom.. Executive Education/EMBA. The goal of the School’s executive education p ro g r a m s i s t o i n t e g r a t e t h e o r y a n d re a l - l i f e applications. Their success has been recognized by the Financial Times, which has ranked HKUST 1st in Asia for customized education since 2003. Sessions are taught in a few days or, in the case of the Leading for Success program, 4 modules in 10 days over four months. For further information, visit http://www.bm.ust.hk/ExecEd/index.html. Global Outreach Through EMBA E. xecutives from as far away as New Jersey, New Delhi, Helsinki and Moscow are jetting to Hong Kong this year to study the Kellogg-HKUST EMBA. The program, ranked among the top three in the world for the past four years by the Financial Times, brings together top executives from a diverse range of industries to learn from a world-renowned faculty and develop a deep personal and professional network. The students spend two weekends per month over 16 months studying for the degree. This year more than 20 nationalities are represented among the 60 students. The program’s rising reputation and its location amid the dynamic markets of Asia are chief attractions for students outside the region, while more locallybased students benefit from the input of global perspectives.. Students also get the opportunity to learn first-hand about other markets, through agreements that allow them to take elective courses at campuses in Germany, Toronto, Miami, Chicago and Israel. More than 50 per cent of last year’s intake took up this option. Apart from global diversity, the program offers diverse perspectives. The new NPO Endowment subsidizes one-quarter of the tuition of a student from a not-forprofit organization. The first recipient is Mei Mei Ng, executive director of Hong Kong Education City Ltd.. New Collaboration in the Middle East HKUST and The Saudi Arabian Oil Company (Saudi Aramco) have agreed to collaborate in education and research, strengthening the University’s connections to the Middle East. A Memorandum of Understanding (MOU) with the leading oil company includes business administration and management as a key area of co-operation. Aramco will sponsor students to enrol in HKUST degree programs and send staff and students for short-term training and development. There will also be co-operation on research projects. The HKUST Vice-President for Academic Affairs (Deputy to the President), Professor Roland Chin,. signed the MOU on behalf of the University and said it was an exciting opportunity for both sides. “We can both benefit by sharing our experiences and knowledge. HKUST provides world-class education and research. The MOU opens a new window of exploration for us – the Middle East – and I hope in the long run our exchanges can contribute to stronger links between Hong Kong and Saudi Arabia,” he said. The new agreement follows an MOU signed in February 2008 between HKUST and the King Abdullah University of Science and Technology to collaborate on research in marine biology and nanotechnology.. Nabeel Al Jama, General Manager for Training & Career Development of Saudi Aramco (right) and Roland Chin, VicePresident for Academic Affairs sign the MoU while (back row from left) Steven DeKrey, Leonard Cheng from HKUST Business School, Ibrahim Q Al Buainain and Yacoub Y Al Dossary from Saudi Aramco look on.. 5. “The fly-in students bring their local knowledge into the classroom so we know exactly what’s going on in corporations from Bangkok to Seoul to Shanghai,” Prof Steven DeKrey, Senior Associate Dean and founding Director of the Kellogg-HKUST EMBA program, said.. HKUST Business School. “Dissecting the Ox” Book A. collection of the weekly “Dissecting the Ox” columns has been published and is available for sale in all major book stores. The column is carried in the Hong Kong Economic Journal..

(6) Out of the Shadows: Uncovering the True Value of Trade Dean Leonard Cheng and his eight co-authors* recently won the Peikang Chang Prize for their work on measuring trade surpluses and deficits (see page 3). A summary of their findings as applied to the US and China is provided below.. C. hina’s huge trade surplus with the US has led to increased friction between these two countries. Yet,. for US beef exports it’s almost 100 per cent and for. as many economists have noted, there is more than. engines it’s about 80 per cent.. meets the eye. The dollar value of this trade does not reflect the input from countries who supply the two giants, especially China, with materials to produce their exports. This puts a different spin on the notion of bilateral trade.. aircraft produced by Boeing using General Electric. “Thus, the imbalance in the gross value of trade flows between the US and China may greatly overstate the imbalance in the domestic economic benefits resulting from such trade.” Domestic value-added content can spur activity in other sectors. For example, to produce clothes one. True Economic Benefit. needs cloth, which requires yarn production, cotton. Many exports from China contain intermediate. Research. products that are made elsewhere and imported for processing before being shipped abroad. Computers, for example, may have their printed circuit-boards and other parts manufactured in other countries but assembled in China. So is it fair to say the full face value of the exported computer reflects the economic benefit it brings to China? Professor Leonard Cheng of the Hong Kong University of Science and Technology and his eight coauthors from Hong Kong, China and the US, don’t think so. They have constructed a model to. growing and chemical fertilizers for fields, to name a few of the inputs. If all of this is done in China, then the Chinese economy can gain the full benefits of the. The authors extrapolated these figures to trade data. export. If China is just sewing the clothes and. in 2005 and 2006, while cautioning that their results. importing the cloth, the benefits would be dispersed. could be overestimates because the proportion of. “If China is just sewing the clothes and importing the cloth, the benefits would be dispersed among different countries.”. among different countries. The authors created an input-. domestic value-added content in Chinese exports appeared to be on a downward trend.. output model that incorporates all. Whereas the gross values of the US trade deficit with. inputs and outputs to establish. China were estimated to be $172.3 billion in 2005. direct and indirect domestic value-. and $203.4 billion in 2006, the authors’ domestic. added impacts, as well as the. value-added model put the deficits at $39.8 billion. impact on employment. They used. and $44.2 billion respectively. This was because US. 2002 trade figures from the. exports to China had a much higher domestic value-. Chinese and American. added content than Chinese exports to the US.. governments, and tweaked their model to take account of special conditions, such as the high. Low-Wage, Labor-Intensive. proportion of Chinese-US trade. Employment was another area with significant. that travels through Hong Kong and the fact that. differences. Every $1,000 of Chinese exports to the. Chinese exports incorporate a much higher level of. US in 2002 generated about 0.1642 person-years of. imported inputs than the US.. employment, whereas $1,000 of US exports to China. would fall to US$44.2 billion when measured in terms. The results showed that only 36.8 per cent of every. generated 0.0098 person-years. The authors. of value-added.. US$1,000 in Chinese exports to the US represented a. cautioned this was not a cause for celebration but. benefit to the Chinese economy. China gained about. reflected the low-wage, labor-intensive nature of. $177 in direct domestic value-added (from the. production in China.. product itself) and $191 indirect domestic value-. “Analyzing trade balances using this more. added (from the inputs used to make the product and. sophisticated model provides a better perspective to. the inputs used to make the inputs and so on) for a. the on-going and sticky arguments between trading. total $368.. partners such as China and the US,” the authors. On the other hand, 86.8 per cent of every US $1,000. said.. better quantify the value of exports and found that face. value deficits and surpluses may be significantly overstated. In their model, for instance, the Chinese gross value trade surplus of US$203.4 billion in 2006. US$ billion. 203.4. Gross value. in US exports to China stayed in the US. The US earned about $372 in direct domestic value-added and $496 indirect, for a total $868.. Value-added. 44.2 US$ 1,000. 2002. 2003. 2004. 2005. indirect 868. 2006. direct. China-US Trade Surplus. “A better perspective to the on-going and sticky arguments between trading partners such as China and the US.” Moreover, other factors not measured here could. “China is often the last link in the global supply chain because it is engaged in the final processing and. have a further impact on surplus and deficit figures.. 500 368. assembly of many products before they are exported 372. and since part of China’s domestic value-added. economists point out that global production sharing is the reason for the large US-China bilateral trade. 177. imbalance. Moreover, the total domestic value-added content of these final products [equivalent to GDP] is. of US exports to China is relatively high. For example,. 6. represents the income of foreign investors, the USChina trade balances measured by national valueadded (i.e. value-added that contributes to national. 0 US. China. normally quite low,” they said. “In contrast, the total domestic value-added content. “Since a large percentage of Chinese exports to the US come from foreign-invested enterprises in China. to final consumers across the world. Many. Domestic value-added to economy per US$1,000 in export. income) would be even smaller than those measured by domestic value-added. The same conclusion may thus hold with greater force about trade balances measured by national value-added,” they said.. Based on, among other research: Estimates of US-China Bilateral Trade Balances in Terms of Domestic Value-Added. By Lawrence J Lau*, Xikang Chen*, Leonard K Cheng, KC Fung*, Jiansuo Pei*, Yun-Wing Sung*, Zhipeng Tang*, Yanyan Xiong, Cuihong Yang* and Kunfu Zhu*. Their research benefited from funding support from Mr Tung Chee-Hwa, the Chinese University of Hong Kong and the National Natural Science Foundation of China..

(7) PhD Talent in Demand O. ur PhD graduates have become highly sought after by other universities and are achieving a remarkably high rate of job placement despite the economic downturn – a sign of recognition of the School’s intellectual vigor and strength. All 12 PhD students graduating in 2007-08 secured positions with institutions keen to tap into their. training and expertise. That success rate has continued in the 2008-09 academic year, where four of the 17 students have already completed their studies and all secured employment.. Singapore, Shanghai Jiao Tong University, Georgia S t a t e U n i v e r s i t y, t h e M a x P l a n c k I n s t i t u t e o f Economics and the University of Guam, as well as Hong Kong universities.. A total 13 recent graduates now have faculty positions in such places as Cambridge University, the University of Toronto, the National University of. Another two have secured senior positions in banks and one with the Hong Kong Police Force.. Universities 81%. Overseas 44%. local 37%. Government 6%. PhD. Banks 13%. Placement of Recent PhD Graduates Total: 16. A Chance to Pursue the Truth When Ling Cen started his PhD studies at the School five years ago, it was a little like a homecoming. As a teenager on a two-year scholarship to the Li Po Chun United World College in Hong Kong, he used to visit HKUST’s library, which was much better stocked than that in his secondary school. “I was impressed with the beautiful campus and the a c a d e m i c a t m o s p h e re a n d I l e a r n e d a b o u t t h e University. When I decided to do my PhD, HKUST was my obvious choice,” he said.. Ling Cen. Ling is originally from Zhejiang province and returned to the Mainland after completing his secondary school studies to do an undergraduate degree in Economics. He then went to The University of Warwick where he received an MSc in Economics and Finance with Distinction and worked for a short period with an investment company, before deciding he belonged in academia.. “I find research fascinating because nothing matters but the beauty of thinking in the pursuit of truth,” he said. “The current financial crisis will provide a lot of interesting subjects for future research.” He has also proven to be a gifted teacher. Most of the senior PhD students plan and teach a full summer course, and Ling was recognized with a runner-up award in the School’s annual Franklin Prize for Teaching Excellence last year. Ling has recently completed his PhD and in the fall he will join the Rotman School of Management at the University of Toronto, a leading center for finance research.. “I find research fascinating”. University of Toronto. 7. HKUST Business School. “Well trained talent is always in demand, even if the markets are tough,” Professor Inchi Hu, Director of PhD program, said. “Our program trains PhD students to not only create new knowledge through research, but also to think critically and communicate academic research results with clarity. These attributes will have long lasting value to their future as scholars.” The School admits about 15 PhD students per year and encourages those from disciplines outside business to apply, such as science, engineering and the arts. The PhD program typically takes about five years to complete.. A Scholar and a Writer V. incent Mak has a resume that would pique the interest of any manager. He is a writer of fiction, prose essays, and music criticism, who is also armed with an MSc in physics from Cambridge and several years’ experience penning general features for newspapers. Now he can add PhD in marketing to his achievements. “I could have done a PhD in fluid mechanics but I wasn’t that deeply interested in working on the flow of fluid day in and day out. When I came back to Hong Kong from Cambridge, I didn’t rush back into academia,” he said. Vincent Mak “I tried writing and reporting for newspapers, then I joined the University of Hong Kong as a case writer. I became fascinated with the applicability and practicality of business research and I wanted to dig deeper, especially in the field of marketing. My colleagues told me that, given my background and training, if I wanted to study for a PhD in marketing in Hong Kong, I should go to HKUST.”. He graduated last year, having had opportunities to conduct research, co-author papers with established scholars in their fields, teach and go on exchange to Duke University as a visiting scholar. His research interests include game theory and experimental economics, and he has even found a topic that links his enjoyment of music with his studies. “One of my interests is the pricing strategy and operation model of Radiohead, a British band that asked people to name their price for downloading their recent album,” he said. His body of achievements made him a strong candidate for academic positions, and in the fall he will join the Judge Business School at his alma mater, Cambridge, as Lecturer/Assistant Professor.. “I became fascinated with the applicability and practicality of business research”. Cambridge University.

(8) The Role of Finance in Uncertain Times A n invitation-only seminar for Chief Financial Officers was offered jointly by the School and IBM to share insights into the current financial crisis.. The event, titled “The CFO Mandate for Change in Uncertain Times”, included speakers from IBM, the School and the International Monetary Fund. Olaf Unteroberdoerster of the IMF chronicled the growing economic links between Asia and the US over the past 15 years and how this made the region vulnerable amid the protracted slowdown in activity.. From left are Siu-Wai Lam (IBM), Steven DeKrey, Kalok Chan, Dominic Tong (IBM), Leonard Cheng, John Wei and Sai-Wing Ho (IBM).. Hong Kong was particularly hit as a financial center and trading services hub, but Mr Unteroberdoerster expected it to benefit from its close links with China and the potential for further integration with the PRD as a trading services hub. Professor Kalok Chan explained how the crisis had reversed the relationship between operating and financial performance, so that now finance was affecting operations rather than the other way around. He detailed the effects of valuation based on market price and the short-term focus of quarterly reporting. Dave Bloshuk, Vice President, Finance, of Global Technology Services in the IBM Growth Market Unit, showed how CFOs were well-positioned to sharpen enterprises and help them navigate the new economic environment.. Events/People. Close Encounter with Dr Doom Nouriel Roubini, Professor of Economics at New York University’s Stern School of Business & Cofounder and Chairman of RGE Monitor, has been dubbed “Dr Doom” by the media for dishing out precautionary advice even during boom times. At a talk supported by the School in mid-April, some 200 guests from the local business community came to hear him in person. Dean Leonard Cheng, an invited commentator, described Prof Roubini as “a dissident” in the field of economics. “We love to have more dissidents like Prof Roubini as they provide thoughtful and balanced. views on the imperfection of the market system and identify potential risks that could seriously threaten the system,” he said. Prof Roubini argued and Dean Cheng agreed that the global financial downturn, in particular the situation in US, would be U-shaped, with the likelihood that the US economy might not be bottoming out until some time next year. They also thought that internationally, governments are doing the right thing by applying their fiscal and monetary policies aggressively to support the financial system and stimulate economic activities.. Nouriel Roubini. The luncheon talk was organized by the Hong Kong General Chamber of Commerce. The School and the NYU Stern School run a joint Master of Science Program in Global Finance.. Budget Talk H ong Kong’s 2009-10 Budget was eagerly anticipated by a public anxious to see what stimuli it o f f e r e d t o a f l a g g i n g e c o n o m y. A n d H K U S T professors were fast off the mark with a forum to discuss its implications on the macro and micro levels. In early March, the Center for Economic Development hosted a forum on the budget featuring Dean Leonard Cheng (pictured right), who is also Chair Professor of Economics; the Director of the Center for Economic. Development and Professor of Economics, Siu Fai Leung (center); and Professor of Economics Francis Lui (left). This was the latest in a series of open forums in which leading Business School professors analyze topical issues and their implications with members of the HKUST community and the general public.. In Memory of Salih Neftci It is with sadness that the School notes the passing of Professor Salih Neftci, a visiting faculty member who was renowned globally for his work in financial engineering. Prof Neftci held a visiting position with the HKUST Business School since 2005. He taught in HKUST MSc finance programs as well as the HKUST/NYU Master in Global Finance Program. He also taught in the US, Switzerland and. 8. the UK. Professor Neftci obtained his PhD at the University of Minnesota.. credit lines, and the relationship between yield curve curvature and volatility.. Prof Neftci began as an economist but shifted to finance. He is the author of several influential publications. His book “Principles of Financial Engineering” was selected as the runner up for The Book of the Year award by Risk magazine in 2004. His research interests include credit default swaps, pricing of contingent. He was a consultant to various institutions such as the World Bank and the US Department of State, held workshops for finance professionals and contributed columns to newspapers around the world, including China and his native Turkey. Prof Neftci passed away on April 16, aged 62, in Switzerland after a battle with brain cancer. The School extends its deepest sympathies to his family..

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