Page 119 - Undergraduate Research Opportunities Program Proceedings 2017-18

School of Business and Management
Department of Finance

Real estate investment trusts (REITs) are a kind of investment portfolio that sells shares in a trust that owns a collection
of real estates. They have already been popular and developed finical products in many countries like the US, Singapore,
and Hong Kong. In this report REITs listed in Hong Kong will be studied by calculating their Sharpe ratios and correlations
with real estate’s market in Hong Kong. In this way, it can be concluded that the performances of different REITs listed in
Hong Kong have huge gaps in terms of Sharpe ratio while irregular distribution has not been figured out and more
regression models will be tried in UROP project next semester.

Corporate Risk Management Practices: Global Survey of BRICS-Country Firms
Supervisor: MACKAY Peter / FINA
Student: FU Yingying / FINA Course: UROP1100, Fall
UROP2100, Spring
ZHANG Ziyue / QFIN UROP1100, Spring

In the real world corporate operation practices, there are numerous factors that can potentially generate risk for
company such as exchange rates, interest rates, commodity prices, domestic equities and credit spreads. Company
normally conduct different strategies to control total risk exposure. They may hold cash balances, minimize debt usage,
maintain lines of credit, perform natural hedging, etc. This project is aiming to conducting the first large-scale
comparative analysis of corporate risk-management practices of firms domiciled or operating in the BRICS countries
(Brazil, Russia, India, China, and South Africa). In partnership with GARP (Global Association of Risk Professionals), the
project has finished survey planning and currently under the survey execution stage.

Supervisor: MACKAY Peter / FINA
Student: WU Minyue / SBM Course: UROP1000, Summer
YE Muyang / SBM UROP1000, Summer
ZHANG Ziyue / QFIN UROP1000, Summer

This project aims at identifying characteristics of corporate risk management, focusing on firms that are domiciled or
operating in the BRICS countries (Brazil, Russia, India, China, and South Africa), through objective statistical surveys and
analyses. Corporate risk management refers to all of the methods and processes that a company may use to optimize
risk portfolio and minimize financial losses. In the previous phase of the project, the team has finalized a questionnaire
on corporate risk-management. At this stage of execution of the questionnaire survey, efforts have been done to refine
as well as translating the questionnaire from English to Portuguese and Simplified Chinese etc., design the online format
and then publish it in Qualtrics.

Corporate Risk Management: What Can We Learn from Financial Statements?
Supervisor: MACKAY Peter / FINA
Student: WANG Xinyue / QFIN Course: UROP1100, Fall
ZHANG Ziyue / QFIN UROP1100, Fall

A hedge is an investment to decrease the potential loss incurred by adverse price movements in an asset of oil refiners.
This project mainly focused on discovering the hedge accounting activities, and analyzing the intensity of hedge from
revenue and cost sides. A big obstacle faced by previous empirical research on this topic was lack of publicly available
information on corporate hedging activities. Therefore, we adopted another approach and collected financial reports for
each oil refiner in our sample, and divided them by a five-year time interval to analyse the change of hedging policy for

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