People

無論是投資者或是經營者，都希望自己參與的企業在市場競爭中立於不敗之地。一間公司的內在價值，取決於其維持自由現金流的能力。能做到歷久不衰、長期獲利的企業，通常都具備可持續競爭優勢（sustainable competitive advantage），也就是畢非德（Warren Buffett）口中的「經濟護城河」（economic moat）。

We study the optimal contracting problem with subjective evaluation when the principal can ask the agent to revise his work. The possibility of revision benefits the principal by providing the option value of making another attempt at the work. However, it also introduces a new type of incentive problem for the principal: she may ask for revision even if it is inefficient to do so. This new incentive issue for the principal also affects the incentive of the agent: he may procrastinate his effort in anticipation of excessive revision. This results in a trilemma: The optimal contract cannot simultaneously provide for efficient revision, efficient effort, and minimal ex post surplus destruction. The optimal contract will of necessity contain at least one of the following problems: revision, the principal asks for excessive revision; procrastination, the agent shirks in the early stage; or punishment, excessive surplus destruction at low-quality final output.

今年哈佛大學的畢業典禮上，校長巴科（Lawrence Bacow）提到由於受疫情和供應鏈影響，校內摺椅短缺，要不是員工足智多謀，可能一半畢業生得坐在地上。巴科以椅子作為比喻，目的是向畢業生提出希望和挑戰。

今年哈佛大學的畢業典禮上，校長巴科（Lawrence Bacow）提到由於受疫情和供應鏈影響，校內摺椅短缺，要不是員工足智多謀，可能一半畢業生得坐在地上。巴科以椅子作為比喻，目的是向畢業生提出希望和挑戰。

This paper shows that debt undermines relational incentives and harms worker morale. We build a dynamic model of a manager who uses limited financial resources to simultaneously repay a creditor and motivate a worker. If the manager can divert or misuse revenue, then debt makes the manager less willing to follow through on promised rewards, leading to low worker effort. In profit-maximizing equilibria, the firm prioritizes repaying its debts, leading to gradual increases in effort and wages. These dynamics can persist even after debts have been fully repaid. Consistent with this analysis, we document that a firm’s financial leverage is negatively related to measures of employee morale, wages, and productivity.

網上流傳這樣一條選擇題：「疫情過後，誰在主導你公司業務的數碼轉型？」答案並非行政總裁或技術總監，而是2019冠狀病毒。這個答案雖聽上去頗具玩笑意味，但卻甚具現實意義。

網上流傳這樣一條選擇題：「疫情過後，誰在主導你公司業務的數碼轉型？」答案並非行政總裁或技術總監，而是2019冠狀病毒。這個答案雖聽上去頗具玩笑意味，但卻甚具現實意義。顧問公司麥肯錫（McKinsey & Company）對899位高管進行了調研，受訪者中絕大部分表示新冠肺炎疫情是促使其公司業務數碼化的催化劑，而數碼化進程也較之前的預期更快速。公共衞生危機尚未爆發之際，受訪者公司普遍以為「需超過一年時間才有望實現遠程工作」，但實際上疫情後這些公司「平均只需11天就能制定可行方案」。

迄今為止，2019冠狀病毒病（COVID-19）的疫情還遠未結束。儘管病毒仍在世界各地肆虐，香港仍需依賴嚴格的旅遊限制和檢疫措施來阻止病毒變種的流入，但我們建議政府，應提早研究後疫情時代的新常態，並根據研究制定相關政策，從而讓本港經濟得益。

迄今為止，2019冠狀病毒病（COVID-19）的疫情還遠未結束。儘管病毒仍在世界各地肆虐，香港仍需依賴嚴格的旅遊限制和檢疫措施來阻止病毒變種的流入，但我們建議政府，應提早研究後疫情時代的新常態，並根據研究制定相關政策，從而讓本港經濟得益。