This working paper is written by Cho-Hoi Hui (Hong Kong Monetary Authority), Paul Luk (Hong Kong Institute for Monetary and Financial Research), Giorgio Valente (Hong Kong Institute for Monetary and Financial Research) and Gabriel Wu (Hong Kong Monetary Authority).We study the joint...

This working paper is written by Gaofeng Han (Hong Kong Institute for Monetary and Financial Research), Hui Miao (International Monetary Fund) and Zhitao Lin (Jinan University).This paper compares Chinese firms’ IPO performance both in the short- and the long-run on domestic and overseas...

This working paper is written by Nina Klocke (Paderborn University), Daniel Muller (Paderborn University), Tim Hasso (Bond University) and Matthias Pelster (Paderborn University).This paper studies the impact of social interactions on investors’ trading behaviour and risk-taking. We analyse a...

In view of the demographic changes in Hong Kong and the associated increase in demand for long-term assets for retirement planning, this report explores the opportunities and developments in Hong Kong’s long-term asset markets. It investigates the growth in demand for long-term assets due to...

This applied research paper was written by Sean Foley (Macquarie University), Bernt Arne Ødegaard (University of Stavanger), Jiri Svec (University of Sydney) and Angelo Aspris (University of Sydney). The outbreak of the COVID-19 pandemic caused some of the largest — and fastest —market...

This working paper is written by Emre Ozdenoren (London Business School), Kathy Yuan (London School of Economics) and Shengxing Zhang (London School of Economics).Borrowers obtain liquidity by issuing securities backed by current period payoff and resale price of a long-lived collateral asset....

This working paper is written by Edmund Ho-Cheung Ho (Hong Kong Monetary Authority) and Keith Law (Hong Kong Monetary Authority).This study examines the driving factors behind Asian firms’ choice of currency denomination (US dollar versus local currency) when issuing corporate bonds. Our...

Chinese Abstract: 本政策研究报告由中国⼈⺠⼤学国发院秦虹編寫。我国房地产业在经历了 23 年高速增长之后面临转型发展的考验。得出这一判断主要是基于以下两点：一是第七次人口普查数据...

This applied research paper was written by Kai Li (Peking University HSBC Business School) and Tingyu Yu (The Hong Kong University of Science and Technology, Southern University of Science and Technology). We construct various measures of firm-level climate risk exposure by utilising two natural...