Second Issue Spring 2020 P14 PHBS 15th Anniversary: A Big Milestone for a Better Future P20 PHBS International Alumni's Stories in Shenzhen Peking University HSBC Business School P44 Guide to the Perplexed about Math and Macroeconomics CONTENTS PHBS MAGAZINE NEWS BRIEFINGS PHBS Magazine is published by Peking 2 A diversity of events and conferences held University HSBC Business School at PHBS and awards earned by PHBSers Director of Editorial Board SPOTLIGHTS Hai Wen 4 Major achievements and undertakings Editorial Board including the launch of executive education Nicole Chastagner Feng Yan programs with Cambridge Judge Business Guy Liu School, the 15th anniversary celebration, Young Joon Park and a high-level international workshop in Jonathan Pearson macroeconomics and finance Priscilla Lynne Young Executive Editor C. James Yen CAMPUS Managing Editor 24 PHBS financial media students enjoy the Annie Jin summer school at UK Campus Contributing Editor Priscilla Lynne Young Soojin Roh FEATURES Contributing Writers 28 Stories about the many inspiring faculty, Ding Ning students and alumni whose talent defines Annie Jin our school Design and photography Chen Jieyin RESEARCH Pixelwave Ying Qi 40 A selection of recent research findings in noteworthy papers PHBS Magazine is published twice a year PHBS WE WANT TO HEAR FROM YOU! Facebook: phbs2004 VIEW Instagram: pekinguniversityhsbc Linkedin: SPRING 2020 44 Faculty’s insights into math and macro- Peking University HSBC Business School economics, effectual thinking, trans- formation of China’s insurance industry, and EU-China relation 1 PHBS NEWS BRIEFINGS NEWS BRIEFINGS PHBS Holds 2019 Asia Tri- Cambridge Delegation Visits Lateral Seminar PHBS and Shenzhen’s Qianhai 1 2 New District Sir Mark Welland, deputy vice-chancellor of the University of Cambridge, visited PHBS on September 4, 2019 accompanied by Professor Christoph Loch, director of Cambridge Judge Business School (CJBS). Sir Mark and PHBS Dean Professor Hai Wen discussed future co- operation between the schools. The delegation also visited the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, which focuses on finance, modern logistics, information and technology services. Sir Mark was interested in Qianhai’s role as a transpor- tation hub and service center, as well as its Participants listen to the keynote addresses demand for international education and profes- sional training. As the business landscape has undergone significant changes, countries worldwide are striving to give full play to technological innovations. PHBS held the 2019 Asia Tri-lateral Seminar was held with the theme of 2019 White Paper on Ecology of “Technological Change and Development of Business Chinese Insurance Intermediary Model in Japan, Korea, and China.” Since its inau- Market Released gural meeting, this annual seminar has been jointly 3 organized by three leading business schools, Peking The 2019 White Paper on the Ecology of Chi- University HSBC Business School (PHBS); School of nese Insurance Intermediary Market was Business Administration, Hitotsubashi University publicly released at PHBS, providing guidance Business School (HUB-SBA, Japan); and Korea Univer- for future development of the insurance inter- sity Business School (KUBS). Scholars and research- mediary market in terms of team building and ers converged to discuss technology’s impact on the personal branding. Professor Ju Lan, director business model and analyze critical issues in current of the Risk Management and Insurance Re- business trends. This year’s seminar featured keynote search Center at PHBS, remarked that in the addresses, open discussions and a Q&A session, with future, the White Paper series will continue to wide-ranging topics such as big data science, AI appli- “tell Chinese insurance stories and build up an cation, and business ecosystems. excellent Chinese insurance culture.” 2 NEWS BRIEFINGS SPRING 2020 EMBA Alumnus Pu Aimin brings PHBS flag to A Wonderful Adventure the Muztagh Ata at “Night at Mirror 5 Lake” Party Themed “Youth without Borders’, the campus party offered an amazing chance for students to enjoy the wonderful diver- sity of cultures from around the world on PHBS EMBA Alumnus Pu Aimin campus. For example, PHBS managed Conquers Muztagh Ata a UK booth welcoming guests with wax seals and postcards, as well as chips; the 4 School of Electronic and Computer Engi- EMBA alumnus Pu Aimin successfully climbed to the sum- neering provided Thai food such as duri- mit of Muztagh Ata, 7,546 meters above the sea level and the an pizzas and dried mangoes. In addition, "Father of Ice Mountain” on July 5, 2019. He also completed international students from such diverse the World Marathon Challenge, popularly known as the “777,” regions as Latin-America, the Czech Re- ranking 8th overall (28 hours, 24 mins, 26 secs), and the leading public, India, Italy, and Germany, took Asian participant in last year's February event. Pu Aimin is a the opportunity to introduce their own well-known long-distance runner in Shenzhen, with a personal culture through the culture and special best in the marathon of 2 hours and 54 minutes. food, drink, and games. International Students Attend Over 50 international students from Peking Univer- sity Shenzhen Graduate School attended the First Inaugural Internship Fair in Shenzhen Overseas Students Internship Fair on November 16, 6 2019. The event is an initiative launched by the Nan- shan Yuehai Sub-District Government Office, along with the Shenzhen Nanshan Southwind Social Work Service Center, serving to encourage greater collab- oration between Shenzhen’s international student community and firms based in Shenzhen. Interna- tional students from PHBS and the School of Transna- tional Law (STL) were given the opportunity to meet with representatives from firms such as Baidu, Oppo, Tesla, and Intercontinental Hotels, as well as 50 oth- er firms either founded in Shenzhen or with a large presence in the area. 3 PHBS SPOTLIGHTS PHBS Dean Hai and CJBS Dean Loch promenade in Cambridge Peking University HSBC Business School and Cambridge Judge Business School Together Launch Executive Education Programs eking University HSBC Business School (PHBS) and Cambridge Judge Business P School (CJBS) announced on December 20, 2019 that they will work together to launch two execu- tive education programs in 2020, focusing on innova- tion and international management. CJBS is consistently ranked as one of the world's top business schools, advancing knowledge and leadership through people who leave a mark on the world, and its non-degree Executive Education division is an import- ant part of the school. PHBS continues to set its sights on worldwide recognition, now holding AACSB and AMBA accreditations, and has opened its UK campus. PHBS Executive Development Program (EDP) aims to cultivate top business leaders and academic talents. The new executive education program will focus on the implementation of methods and tools under real operating conditions and strive to train international experts in professional knowledge and strategic vision. Professor Hai Wen, dean of Peking University HSBC Business School, and Professor Christoph Loch, dean of Cambridge Judge Business School, attended the launch ceremony in Shenzhen, along with nearly 1,000 execu- tive education students. 4 SPOTLIGHTS SPRING 2020 5 PHBS SPOTLIGHTS The programs "Making Innovation Hap- The new executive education pen" and "International Strategic Manage- programs will focus on the ment" are designed to stimulate business model innovation and strategic, internation- implementation of methods al thinking of Chinese entrepreneurs and and tools under real operating executives through practical and interactive conditions and strive to teaching methods. Specifically, the cours- es will guide entrepreneurs in coping with train international experts in the challenges and opportunities of an ev- professional knowledge and er-changing world, while also continuously strategic vision. enhancing the innovation and excellence of their enterprises. The new executive education programs developed by PHBS and CJBS aim to advance the national talent development strategy of the Guangdong-Hong Kong-Macao Greater The launch ceremony in Shenzhen Bay Area. 6 SPOTLIGHTS SPRING 2020 PHBS Holds the Second PHBS Workshop in Macroeconomics and Finance By Annie Jin he Second PHBS Workshop in Macroeco- scholars worldwide to present papers and discuss nomics and Finance was held at Peking topics related to macroeconomics and financial T University HSBC Business School (PHBS), economics, as well as the various fields of liquidity, Shenzhen, from December 13 to 15, 2019. With support corporate finance, macro-finance, trade and capital from the Ping An Macroeconomics Research Insti- flow, and theory. In his opening remarks, PHBS As- tute, the event was jointly sponsored and organized sociate Dean Professor Wang Pengfei emphasized by PHBS, the Sargent Institute of Quantitative Eco- the event’s aim to facilitate international dialogue nomics and Finance (SIQEF), and the Center for Mac- and research among scholars and universities. roeconomy and Finance (CMF) of Peking University. Following is a summary of presentations and The three-day workshop attracted more than 40 discussions: 7 PHBS SPOTLIGHTS Professor Francisco Buera shared his research on liquid- ity traps in response to the question, how does the economy operate and what role does policy play in the liquidity trap? A liquidity trap arises when