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Relative Valuation Effects of Local and Foreign Analysts’ Voting: The Case of IR Awards [Full] Event Code: 180705LU
Date 05-Jul-2018
Time 12:15 p.m. - 1:30 p.m.
Venue 14/F, BOC Group Life Assurance Tower, 136 Des Voeux Road Central, Hong Kong
Speaker(s) Prof. Louis Cheng
Professor of Finance, School of Accounting and Finance
The Hong Kong Polytechnic University
Fee TBC
HKSFA Member(s) at HK$0.0/person
CFA Candidate(s) at HK$0.0/person
Guest(s) and Non-member(s) at HK$0.0/person
This seminar is qualified for 1 CPT hour(s), 1 CE hour(s), 1 RBV CPD hour(s)
Remarks CFA Societies Global Passport Program Eligible 
# CFA Candidate(s) for Year 2018/19 only.
- Sandwiches and drinks will be provided.
- Only Visa and Master Card are accepted for online payment.
- Language: English


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Using a proprietary data set on voting records of analysts and professional investors on Hong Kong listed firms for Investor Relation (IR) Awards for 2015-2017, preliminary finding suggests that the stock price effect of IR award announcements is positively significant. More importantly, awardees receiving stronger voting from international investors experience higher valuation effect upon announcements. Professor Louis Cheng will present the findings from his recent study of IR Awards, and share how international voters/investors disseminate positive information of these voted firms in the market, leading to a stronger market valuation effect.


About the Speaker



Prof. Louis Cheng
Professor of Finance, School of Accounting and Finance
The Hong Kong Polytechnic University 


Dr. Cheng is a Professor of Finance at the School of Accounting and Finance of the Hong Kong Polytechnic University. He is a member of the Investment Committee of the Hospital Authority Provident Fund Scheme (Nov 2016 - Nov 2018) and a member of the Solicitors Disciplinary Tribunal Panel (Nov 2013 - Oct 2019). He also serves as a member for the Business Studies Panel (Joint Research Schemes, Feb 2016 - Jan 2018) for the Research Grants Council (RGC). He served as the Monitoring & Assessment Panel of the Local Self-financing Sector (Feb 2015 - Aug 2017) for the Research Grants Council (RGC). He served as a Council member and a Trustee of the Pension Fund of the Hong Kong Polytechnic University in January 2011 to February 2013. He also served as a member of the Advisory Committee on Human Resources Development in the Financial Services Sector for HKSAR in June 2009 to May 2013. He is currently a member of the Examination Board of The Institute of Financial Planners of Hong Kong (IFPHK). He has been a CFPCM certificant since 2001.
 
Dr. Cheng graduated with a DBA in Finance from Louisiana Tech University in 1989. Before joining PolyU, he was an Associate Professor of Finance at Murray State University in Kentucky. He served as a Visiting Scholar at Hong Kong Baptist University in 1995-96 and at Southern Illinois University, Carbondale in the Spring of 1997. In the summer of 2003, he served as the HSBC Fellow of Asian Financial Markets at the University of Exeter in UK. Moreover, he has more than  80  articles published  in top finance research  journals including the Journal of Finance.
 
Dr. Cheng is an author of Fundamentals of Financial Planning by McGraw-Hill, 2006, and the lead author of Financial Planning and Wealth Management: An International Perspective, also by McGraw-Hill, 2008. Dr. Cheng served as a project consultant for various organizations including Bank of China (HK) Private Banking, Investor Education Centre (IEC), Securities and Futures Commission (SFC), Mandatory Provident Fund Scheme Authority (MPFA), Value Partners, Agricultural Bank of China (HK) Private Banking, Bank Consortium Trust Hong Kong, Fubon Bank, Hong Kong Exchanges (HKEx), Charles Schwab (US), Tai Fook Securities, and Hong Kong Securities and Investment Institute (HKSI).


 
Rating - General 
Material presented will be basic and of interest to a general audience having no background in the area.
 
 
 
CFA Societies Global Passport Program



HKSFA has participated in the CFA Societies Global Passport Program which allows CFA society members to enjoy local society member rate at selected events like this luncheon.  Members of non-HKSFA CFA Institute societies qualify to attend this event at HKSFA member rates.  Please contact HKSFA at 
info@hksfa.org to register.