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Congratulations to the Prof. Abhiroop Mukherjee for receiving the CFAM-ARX Best Paper Award. The award is jointly sponsored by the Asia-Pacific Research Exchange of the CFA Institute (ARX) and the CFA Society of Melbourne (CFAM). The award presentation ceremony was held at the Finance Down Under Conference in Melbourne, and the award was granted to the paper with the most relevance to the Asia-Pacific region and the asset management industry. Professor Mukherjee’s paper was titled “Eye in the Sky: Private Satellites and Government Macro Data” and was jointly written by Professor George PANAYOTOV and PhD student Janghoon SHON, both from the Department of Finance. The paper looked at an innovative approach to pinpoint whether government data can be provided through alternative technological advancements, including the rise of commercial satellite-based macro estimates. By measuring “the extent to which satellite estimates affect the value of a government macro announcement using its asset price impact...some satellite estimates are now so effective that markets are no longer surprised by government announcements.” The key findings are, indeed, significant and sufficiently indicate a future where the resolution of macro uncertainty will be more effortless while governments’ control over macro information will diminish.

The HKUST Finance Symposium is an exclusive, two-day conference hosted annually every mid-December by the Department of Finance at HKUST since 2003. The topics alternate each year between asset pricing and corporate finance, both broadly defined. The program allows plenty of opportunities for participants to interact in a convivial, small-group setting. Presenters and discussants are expected to stay for the full two days to maximize the benefit of scholarly discussions and other social events.

The Annual Value Investing Challenge aims to promote value investing and encourages students to perform fundamental, bottom-up stock research in the Asia-Pacific Region. Contestants will value a publicly listed stock, write a research report and present the research. The 3rd Annual Value Investing Challenge 2019 has concluded on December 5, 2019, and contestants had very outstanding performance.

We would like to send a big thank you to everyone who participated in our 2nd Annual Value Investing Challenge 2018 and helped make it a success! And a special congratulations to the winners who had outstanding performance: Champion Joshua TJIE (GBUS & FINA, Class of 2020) Jason CHENG (FINA & ECON, Class of 2020) Emily LI (GBUS & FINA, Class of 2020)   Second Place Cloud LI (QFIN, Class of 2021) Ryan HSU (COSC & QFIN, Class of 2021) Heidi TANG (ECOF, Class of 2021)   Third Place Moses WU (GBUS,  Class of 2021) Sigmund AU (QFIN, Class of 2021) Joe TSANG (QFIN, Class of 2021)   Our panel of judges, which included representatives from Chartwell Capital Limited (H.K.) and professors from Department of Finance of HKUST, chose the winning teams based on how well they did in the research reports and the investment presentation.   Congratulations all winning teams!