Father of Z-score Predicts Timing of Market Burst at HSMC

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The Executive Development Centre & the School of Business of Hang Seng Management College (HSMC), together with the CFA Institute organised a finance conference on 14 November 2015. Dr Edward Altman, father of Altman Z Score for bankruptcy prediction formula and the Max Heine Professor at the New York University, together with the Hon Kenneth Leung Kai Cheong, legislative councillor and senior consultant of Clifford Chance LLP, shared their inspirational views on the topic “Market Outlook – Is it a Bubble?”.

The event was held at the Alice Lam Theatre of Hang Seng Management College, and was supported by Friends of LSE in Hong Kong (London School of Economics & Political Science Alumni), The Hong Kong Institute of Bankers, The Hong Kong Securities and Investment Institute, HSMC/HSSC Alumni, The Institute of Certified Management Accountants (Hong Kong Branch), The Institute of Financial Accountants in Hong Kong (IFA HK), and Institute of Public Accountants (Hong Kong Branch), with the attendance of about 100 finance professionals, academia, senior executives, investors, staff and students.

The conference was kicked start by Ms Joanna Kwok, Director of Executive Development Centre (EDC), “EDC is set up to provide corporate training, management consultancy and marketing survey for corporations and individuals.” Said Ms Kwok.

Dean Raymond So (School of Business) of HSMC, gave welcome remarks and explained the concept of “Market Bubble”.

The Hon Kenneth Leung then delivered his speech on “The Outlook of Hong Kong Property Market”. Leung gave some background information by showing current property market statistics and some related figures on land sale and property transaction. He evaluated different government’s policies on tackling the private and public housing supply issue in Hong Kong, such as the use of country-park land. Kenneth suggested, “The government should have a review on the ‘New Territories Small House Policy’, carry out researches on other solutions and develop housing strategies favourable for the ’sandwich class’ in Hong Kong”.

Dr Edward Altman gave some background information on the high-yield bond market and brought forward two questions: Does the bubble exist? What would the impact be if the bubble bursts? Dr Altman discussed in details on how the financial crisis in 2008 made the global market much more sensitive towards risky debt and equity. “The bubble is now building and will not burst unless a major economic downturn happens, which might eventually lead to issues regarding credit crisis and global security.” Dr Altman concluded with his forecast on the world economics in the coming few years.

EDC will organise conferences with top notch speakers including this November event for industry players. The seminar “Global Trend for Islamic Finance”, conducted by seasoned speakers from Malaysia, will be held on 30 November at HSMC, another important event of the HSMC Finance Month.

For the event details, please visit http://www.hsmc.edu.hk/index.php/market-outlook-is-it-a-bubble-conference.

 

Attachment :

1 ) Is It a Bubble.pdf 

2 ) Outlook of HK property market.pdf

President Simon S M Ho (5th from left), Dr Edward Atlman (5th from right) and the Hon Kenneth Leung (6th from right) took a memorable photo together with the representatives of co-organiser and supporting units

President Simon S M Ho (5th from left), Dr Edward Atlman (5th from right) and the Hon Kenneth Leung (6th from right) took a memorable photo together with the representatives of co-organiser and supporting units

President Simon S M Ho presented a souvenir to Dr Edward Atlman

President Simon S M Ho presented a souvenir to Dr Edward Atlman

President Simon S M Ho presented a souvenir to the Hon Kenneth Leung

President Simon S M Ho presented a souvenir to the Hon Kenneth Leung
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Dr Edward Altman shared his view on the “Outlook of Global Credit Market”

The Hon Kenneth Leung delivered his speech on “The Outlook of Hong Kong Property Market”

The Hon Kenneth Leung delivered his speech on “The Outlook of Hong Kong Property Market”
Ms Joanna Kwok, HSMC Director of Executive Development Centre (EDC) introduced the EDC scope of services and speakers

Ms Joanna Kwok, HSMC Director of Executive Development Centre (EDC) introduced the EDC scope of services and speakers

Professor Raymond So, Dean of School of Business, gave welcome remarks and defined “Market Bubble”

Professor Raymond So, Dean of School of Business, gave welcome remarks and defined “Market Bubble”

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