Newsletter No. 274

Nobel Laureate Illuminates How Financial Innovation Enhances Prosperity T he fourth lectur e o f the Nobe l Laureate s Lectur e Serie s was delivered b y Prof . Myron S . Scholes, 1997 Nobel Laureat e in Economic Sciences , on 15t h Februar y 2006. The lecture , entitled 'Financia l Innovation : Enhancin g Prosperity', was jointl y presented b y th e Universit y an d Su n Hun g Ka i Properties . I t was attende d b y ove r 60 0 busines s an d communit y leaders, representative s fro m th e financia l sector , government officials, academics, CUHK student s and alumni, secondar y schoo l students , and member s o f the public . Prof. Schole s e x p l a i n e d h o w f i n a n c i a l innovation affect s th e wa y corporations , asse t managers an d government s operate , relatin g change t o the growt h o f alternative asse t manager s and r i sk -managemen t t e c hn i que s . Financia l i n n o v a t i on i s a mean s t o creat e e c o n om i c p r o s pe r i t y . I t i n c l ude s o n l i n e t r ansac t i ons , personal bankin g services, and othe r ne w financia l products whic h hel p investor s lowe r transactio n cost an d us e resource s mor e effectively , an d i n doing so , increas e profit s an d enhanc e prosperity . Prof. Schole s i s widel y know n fo r hi s semina l work o n options pricing , capital markets , tax policie s and the financial service s industry . H e co-develope d the Black-Schole s option s pricin g model , whic h i s the basi s o f pricin g an d risk-managemen t technolog y use d aroun d th e worl d t o evaluat e financia l instruments. The Nobe l Laureate s Lectur e Series, founded i n 2004, invit e Nobe l laureate s i n the fields o f physics , chemistry, physiolog y an d medicine , literature , peace , and economi c sciences , to Hon g Kon g to delive r public lecture s an d promot e discovery , professiona l an d entrepreneuria l expertise , scholarl y pursuits , and contribution s t o humanit y an d society . Siu Lien L i ng Wong Vi s i t i ng Fel low Programme 2005-06 of Chung Chi Col lege P rof. Anthon y C . Yu , Car l Darlin g Buc k Distinguished Servic e Professo r Emeritus i n the Humanitie s an d Professo r Emeritu s o f Religion an d Literatur e i n th e Divinit y Schoo l of th e Universit y o f Chicago , wa s invite d t o serve a s Si u Lie n Lin g Won g Visitin g Fello w 2005-06 o f Chung Ch i College . Prof . Yu, wh o holds th e recor d o f finishing the first complet e and annotated translation o f The Journey to the West i n English, i s well-known fo r his academi c and intellectua l achievement s i n c o m p a r a t i v e r e l i g i o n a n d comparative literar y studies . During hi s visi t t o Chun g Ch i from 5t h t o 18t h Februar y 2006 , Prof. Y u exchange d view s w i t h college member s an d student s i n different college functions includin g the Annua l Educatio n Conference , the Frida y Assembl y Talk , th e College Lif e Luncheo n Talk , an d Tolo Nocturne . Am o n g t h e m t h e A n n u a l Education Conferenc e hel d o n th e morning o f 11t h Februar y 200 6 on th e colleg e campu s wa s th e highlight. Prof . Y u addresse d th e theme 'Clas h an d Accommodation o f Cultur e in Con t empo r a r y Con t ex t ' togethe r w i t h three othe r gues t speakers , namely , Prof . Le o Lee Ou Fan , professo r o f humanities , CUH K Faculty o f Arts ; Prof . Archi e Le e Ch i Chun g of th e Departmen t o f Cultura l an d Religiou s Studies, CUHK ; an d Prof . An t h o n y B.L . Cheung o f th e Departmen t o f Publi c an d Social Admi n i s t r a t i on , Cit y Universit y of . Hong Kong . (From left) Prof. Anthony G Yu, Prof. Lawrence J. Lau, vice-chancellor of the University, and Prof. Leung Yuen-sang, head of Chung Chi College ULS Exhibition to Honou r World-renowned Botanis t T he Universit y Librar y Syste m i s organizing a n exhibitio n from 10t h Februar y t o 26t h Marc h 200 6 i n recognitio n o f the outstandin g contribution s o f Prof . H u Shiuying , honorar y professor o f Chines e medicin e a t th e University , t o plan t taxonomy fo r over seven decades, as well a s to promote interes t in plan t taxonomy an d Chinese medicina l herb s i n Hon g Kong . The exhibition takes place in the exhibition hal l of the Universit y Library. Exhibit s includ e Prof . Hu' s publications , researc h materials, plan t specimens , letters , manuscript s an d photos . More detail s ar e available a t www.lib.cuhk.edu.hk/Exhibition/ Hushiuying. The openin g hour s o f the exhibition ar e 1 0 a.m. to 7 p.m . Monday t o Saturday , an d 1 t o 7 p.m. o n Sunday . I t i s close d on publi c holidays . At the opening ceremony of the exhibition, Prof. Lawrence J. Lau (left 1), vice-chancellor of the University, Mrs. Stella Hung (left 2), director of agriculture, fisheries and conservation of the HKSAR, and Dr. Colin Storey (right 1), University Librarian, celebrated Prof. Hu Shiuying's 101st birthday. CUHK Pioneers Use of Cardiac Contractility Modu l a t i on H eart failure , a top diseas e leadin g t o hospitalizatio n i n Hon g Kong, ha s a mortality rat e of close to 5 0 pe r cent i n three years. Patients suffe r fro m a weakening o f th e hear t muscle' s pumpin g function. I n a lat e stage , th e hear t enlarge s progressively , makin g contraction an d bloo d pumpin g difficult . Orga n failur e ma y result . Conventional treatmen t fo r hear t failur e include s medication s to control symptoms and prevent disease progression. Howeve r ther e has bee n n o effectiv e treatmen t tha t directl y enhance s th e heart' s pumping an d contractility . The Divisio n o f Cardiology o f the Departmen t o f Medicin e an d Therapeutics ha s been i n the forefront o f clinical researc h to develo p new an d effectiv e therapie s fo r hear t failure . Sinc e July 2005 , i t ha s been usin g a new therap y calle d Cardia c Contractilit y Modulatio n (CCM) o n hear t failur e case s ─ the firs t an d onl y centr e i n Asi a t o implant thi s device . CC M therap y involve s plantin g a device tha t delivers intermitten t electrica l impulse s t o increas e the contractilit y of the heart during native muscle contraction. Patient s having receive d the implant s al l reporte d improvemen t o f symptoms , a better qualit y of life , an d increase d capacit y fo r exercise . The ne w therap y wa s introduce d t o th e publi c a t a pres s conference o n 1 7th Februar y a t the Postgraduat e Educatio n Centr e of th e Princ e o f Wale s Hospital . 1 No. 27 4 4t h Marc h 200 6

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