Insider trading is the trading of a public company's stock or other securities based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider information is illegal. This is because it is seen as unfair to other investors who do not have access to the information, as the investor with insider information could potentially make larger profits than a typical investor could make. The rules governing insider trading are complex and vary significantly from country to country. The extent of enforcement also varies from one country to another. The definition of insider in one jurisdiction can be broad, and may cover not only insiders themselves but also any persons related to them, such as brokers, associates, and even family members. A person who becomes aware of non-public information and trades on that basis may be guilty of a crime.
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded.
The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to "beat the market" consistently on a risk-adjusted basis since market prices should only react to new information.
The Hong Kong University of Science and Technology (HKUST) is a public research university in Clear Water Bay Peninsula, New Territories, Hong Kong. Founded in 1991 by the British Hong Kong Government, it was the territory's third institution to be granted university status.
Eugene Francis "Gene" Fama is an American economist, best known for his empirical work on portfolio theory, asset pricing, and the efficient-market hypothesis.
Black Monday is the name commonly given to the global, sudden, severe, and largely unexpected stock market crash on Monday, October 19, 1987. In Australia and New Zealand, the day is also referred to as Black Tuesday because of the time zone difference from other English-speaking countries. All of the twenty-three major world markets experienced a sharp decline in October 1987. When measured in United States dollars, eight markets declined by 20 to 29%, three by 30 to 39%, and three by more than 40%. The least affected was Austria while the most affected was Hong Kong with a drop of 45.8%. Out of twenty-three major industrial countries, nineteen had a decline greater than 20%. Worldwide losses were estimated at US$1.71 trillion. The severity of the crash sparked fears of extended economic instability or even a reprise of the Great Depression.
Jacob Aharon Frenkel is an Israeli economist and the Chairman of JPMorgan Chase International. He served as Governor of the Bank of Israel between 1991 and 2000.
Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of securities laws.
Steven Ng-Sheong Cheung is a Hong Kong-born American economist who specializes in the fields of transaction costs and property rights, following the approach of new institutional economics. He achieved his public fame with an economic analysis on China open-door policy after the 1980s. In his studies of economics, he focuses on economic explanation that is based on real world observation. He is also the first to introduce concepts from the Chicago School of Economics, especially price theory, into China. In 2016, Cheung claimed to have written "1,500 articles and 20 books in Chinese" during his academic career.
Maureen Patricia O'Hara is an American financial economist. O'Hara is the Robert W. Purcell Professor of Management, a professor of finance, and Acting Director in Graduate Studies at the Samuel Curtis Johnson Graduate School of Management at Cornell University. She has won numerous awards and grants for her research, served on numerous boards, served as an editor for numerous finance journals, and chaired the dissertations of numerous students. In addition, she is well known as the author of Market Microstructure Theory. She was the first female president of the American Finance Association. She has been awarded honorary doctorates from three European universities.
David Hirshleifer is an American economist. He is a professor of finance and currently holds the Merage chair in Business Growth at the University of California at Irvine. As of 2018 he became President-Elect of the American Finance Association. In 2017, he was elected as Vice President of the American Finance Association (AFA) and assigned as Research Associate to National Bureau of Economic Research. He was previously a professor at the University of Michigan, Ohio State University, and UCLA. His research is mostly related to behavioral finance and informational cascades. In 2007, he was on the Top 100 list of most cited economist by Web of Science's Most-Cited Scientists in Economics & Business.
Wei ShyyJP is an aerospace engineer who served as the 4th President of the Hong Kong University of Science and Technology (HKUST) from 2018 to 2022 with his acting presidency starting from 1 February 2018. He also holds a concurrent appointment as Chair Professor of Mechanical & Aerospace Engineering. He first joined HKUST in August 2010 as Provost.
Gilles Hilary is an accountant academic, working as a Professor of Accounting and Control at Georgetown University.
Hazem Daouk is a financial economist, known for his work on securities regulation, especially insider trading, earnings management and short selling. He is a professor at Cornell University where he holds the Peter J. & Stephanie J. Nolan chair. His articles have been cited over 4,000 times. Daouk is the general manager of United Insurance Company.
Cheah Cheng Hye is a fund manager and the Co-Chairman and Co-CIO of Value Partners, a Hong Kong-based listed asset management company with a Greater China focus. In 2010, it was the second biggest private fund managing company in the continent. Currently, Cheah and his team manage the flagship equity Classic Fund and other funds of the Group.
Bruno Solnik was a professor of finance at Hong Kong University of Science and Technology in Hong Kong. He was academic director of the HKUST-NYU Master in Global Finance. He is also distinguished emeritus professor of finance at HEC Paris.
HKUST Institute for Emerging Market Studies is a university-level institute under the Office of the Vice-President for Research and Graduate Studies of The Hong Kong University of Science and Technology (HKUST). It is launched on May 27, 2013, with 5 years of financial support from Ernst & Young. Over 30 faculty associates have joined the conversation about the challenges and opportunities facing businesses and policy-makers in emerging markets via HKUST IEMS. They mainly come from Division of Social Science in the School of Humanities and Social Science, and Departments of Economics, Finance, Management, Marketing, Accounting and ISOM of the School of Business and Management.
Barry Victor Sautman is a professor emeritus with the Division of Social Science at the Hong Kong University of Science and Technology. He holds both Canadian and American nationalities and he speaks both English and Cantonese
Wang Tao, better known as Frank Wang, is a Chinese aerospace engineer and businessman. He is the founder and CEO of the Shenzhen-based technology company DJI, the world's largest manufacturer of commercial drones. As of December 2020, he has a net worth of US$4.8 billion.
Alicia Garcia Herrero is a Spanish economist and academic who has been the chief economist for Asia-Pacific at French investment bank Natixis since June 2015. Beyond her work, she is an academic and has worked in Bruegel, a Think Tank based in Brussels. She is an adjunct professor at the Hong Kong University of Science and Technology and a Senior Fellow at Bruegel, and non-resident Research Fellow at Real Instituto Elcano. Alicia is also a Member of the Advisory Board of Berlin-based think tank on China, MERICS.
