Page 116 - Undergraduate Research Opportunities Program Proceedings 2017-18

School of Business and Management
Department of Finance

determining P/B value. These results speak to the significance of E factors in company valuation in China A-Share market,
and also have implications for asset managers who have committed to the integration of E factors in their capital
allocation decisions.

Supervisor: BENZ Entela / FINA
Student: WONG Pan / QFIN Course: UROP1100, Spring

Although investors around the world are being increasingly aware of the growing trend of ESG (Environment, Social,
Governance) driven allocations, this investment concept in Asia, especially in China, is underdeveloped and not widely
acknowledged. As the financial markets of China is expanding unprecedentedly and going international in recent years,
we should also consider incorporating ESG concepts in investing in China A-shares. However, stocks market in China is
not identical with other financial markets worldwide, under a unique economy and different regulatory measures. This
paper focuses on ways to help incorporating ESG investment approaches like screening ESG score in China A-shares.
Besides, it includes analysis on the statistical importance of ESG factors towards China A-shares in company prospects
and firm values.

How green are the green bonds?

Supervisor: BENZ Entela / FINA
Student: JAIN Aakash / FINA Course: UROP1100, Spring

This paper investigates the differences between green and vanilla bonds in different countries. In Australia, green bond
issues are dominated by banks, and there is no significant green premium. In Japan, there is no green premium. In the
U.S., green bond issues are dominated by corporations (supranationals and financial firms), which issue 55% of all green
bonds by value. In the U.K., green bonds have been relatively more volatile and there is no significant green premium.
The global green bond market has grown exponentially over the past five years, with much of the growth coming from
Chinese corporates. This growth could slow down due to tightening credit rules. There are also more concerns over
greenwashing.

Supervisor: BENZ Entela / FINA
Student: LO Chun Hang / ECOF Course: UROP1100, Summer

Since World Bank Group’s first issuance of Green Bonds in 2008, the Green Bond Market has been emerging rapidly in
almost every part of the world. With less than a decade, the Global Green Bond Issuance has already reached USD 161
billion. Despite the fact Green Bond Issuers tend to have better credit ratings, several unique risks are often associated
with Green Bonds, for instance, the Environmental, Social and Governance (ESG) risks. This paper intends to align and
compare between the Green Bond Issuers’ Environmental, Social and Governance Risks between Asia and the U.S. This
static comparison will be performed in 3 dimensions, across sectors within Asia, across countries within Asia and against
U.S.

An Empirical Study of China's Structured Mutual Funds
Supervisor: LI Kai / FINA
Student: HU Haoyang / QFIN Course: UROP1100, Summer

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