Maurice K.S. Tse
Dr. Maurice K.S. TSE, JP
Finance
Principal Lecturer
BEcon/BEcon&Fin Programme Director

2857 8636

KK 919

Biography

Maurice Tse received a Ph.D. in Finance from Michigan State University. In 1988, when still a Ph.D. candidate, he won the All-University-Excellence in Teaching Award as a graduate course instructor. Maurice joined the School of Business at Indiana University in 1989. In 1991, he also obtained a professional qualification as an Associate of the Society of Actuaries (ASA). Maurice’s teaching has mainly been concerned with telling students how to get rich slowly but surely instead of getting rich fast.

Maurice has also been involved in teaching and consulting services to professional institutions. Since 1995, he has been an external assessor for the University Grants Committee. In 1996, while on staff at HKUST, Maurice taught the Professional Course for Equity Options Practitioners and the Diploma Course in Derivatives and Risk Management for the Stock Exchange of Hong Kong. In 1993 and 1994, he served on one of the Examination Committees in the Society of Actuaries. In 1991, he prepared the 1991 Housing Affordability Report for the Housing Finance Authority, State of Indiana, USA, to assist the state in complying with Department of Housing and Urban Development regulations.

Maurice has wide research interests, which include the effects of government regulations on the volatility and the wealth transfer in financial markets, asset pricing, corporate finance, and risk management. His current research focuses on the valuation of hybrid mortgage, signaling and corporate acquisitions, market structure and return volatility in Hong Kong, the commercial real estate market adjustment process, and the U.S. and Japanese Currency and Stock Market Responses to Japanese Merchandise Balance of Trade Announcements

Selected Publications
  • “Supply Adjustments to Demand Shocks in the Commercial Real Estate Market”,
    (with G.H. Lentz), Real Estate Economics, forthcoming.
  • “The U.S. International Air Route Award Process: Shareholder Wealth Effects and Policy Implications”,
    (with G.E. Hoffer and S.W. Pruitt), The Journal of Regulatory Economics, Vol. 12, 1997, pp.197-217.
  • “The Price, volatility, volume, and liquidity effects of Changes in Federal Reserve Margin Requirements on both Marginable and Non-marginable OTC Stocks”,
    in S.W. Pruitt and Andrew Lo, (eds.), The Industrial Organization and Regulation of the Securities Industry, National Bureau of Economic Research, University of Chicago, 1996.The Industrial Organization and Regulation of the Securities Industry
    National Bureau of Economic Research, University of Chicago, 1996.
  • “An Option Pricing Approach to the Valuation of Commercial Real Estate Contaminated with Hazardous Materials”,
    (with G.H. Lentz), The Journal of Real Estate Finance and Economics, Vol. 10. No. 2, Spring 1995, pp.121-144.
  • “A Quadratic Approach to the Two-Stage Dividend Discount Model”,
    in K.Han and J. Uppal, Dilip K. Ghosh, (eds) , New Advances in Financial Economics, Oxford, Elsevier Science Publishers, London, U.K., 1995, pp.23-37.New Advances in Financial Economics
    Oxford, Elsevier Science Publishers, London, U.K., 1995.
  • “The CRISMA Trading System: The Next Five Years”,
    (with S.W. Pruitt and R.E. White), The Journal of Portfolio Management, Vol. 18, 1992, pp.22-25.
  • “Downside Risk and Investment Planning”,
    (with M.A. White and J. Uppal), The Financial Review, Vol. 28 No. 4, November 1993, pp.585-605, an abstract of this article was also published in the CFA Digest, Spring 1994, by the Association for Investment Management and Research.
Recent Publications
Unveiling the Mask of Fake News

Ranking as a top global risk in 2024, misinformation poses severe economic threat. It distorts judgments, leading to resource misallocation and immense economic costs. Moreover, it impacts everyone, regardless of their educational background.

Unveiling the Mask of Fake News

Ranking as a top global risk in 2024, misinformation poses severe economic threat. It distorts judgments, leading to resource misallocation and immense economic costs. Moreover, it impacts everyone, regardless of their educational background.

The Reality of Sustainable Investing and Return on Investment

The scale of sustainable investing has grown rapidly, with total assets reaching US$3 trillion in 2023, demonstrating investors' increased awareness of sustainability's importance. While sustainable funds outperformed traditional funds overall in 2022, performance varied across asset classes.

The Reality of Sustainable Investing and Return on Investment

可持續投資方興未艾,2023年資產總值已增至3萬億美元;可持續基金的表現勝過2022年,惟在不同資產類別卻表現不一。據美國金融服務公司晨星(Morningstar)去年12月發表的報告,若與傳統基金相比,可持續基金略見遜色。

Preserving Hong Kong’s status as an International Financial Centre

2023年9月發布的《全球金融中心指數》報告指出,香港在全球金融中心排名維持第四位,整體評分為741分,較2022年上升19分,僅以1分之微落後於第三位的新加坡。香港的整體評分顯著上升,而且在營商環境、人力資本、金融業發展水平,以及聲譽和綜合等四方面的排名,上升至全球第四,反映在新冠疫情後,香港作為國際金融中心的持久優勢和韌性均備受肯定。

Preserving Hong Kong’s status as an International Financial Centre

2023年9月發布的《全球金融中心指數》報告指出,香港在全球金融中心排名維持第四位,整體評分為741分,較2022年上升19分,僅以1分之微落後於第三位的新加坡。香港的整體評分顯著上升,而且在營商環境、人力資本、金融業發展水平,以及聲譽和綜合等四方面的排名,上升至全球第四,反映在新冠疫情後,香港作為國際金融中心的持久優勢和韌性均備受肯定。

Hong Kong Property Market Outlook Amidst Slowing US Interest Rate Hikes

美國聯邦儲備局(聯邦儲備銀行)11月2日議息會議後宣布,將基準利率維持在5.25厘至5.5厘不變,雖然符合市場預期,但水準仍處於22年來高點。 主席鮑威爾表示,對於下個月的會議尚未做出具體決定。

Hong Kong Property Market Outlook Amidst Slowing US Interest Rate Hikes

美國聯邦儲備局(聯邦儲備銀行)11月2日議息會議後宣布,將基準利率維持在5.25厘至5.5厘不變,雖然符合市場預期,但水準仍處於22年來高點。 主席鮑威爾表示,對於下個月的會議尚未做出具體決定。

From Perils to Precautions: Recognising the Importance of Regulating Crypto

香港證券及期貨事務監察委員會(證監會)上月就虛擬資產交易平台綠石交易所(JPEX)無牌經營發表聲明之後,JPEX立刻限制客戶每次只可提取1000泰達幣(USDT),並一度把提幣手續費調高至999泰達幣,換言之每次只取回一個泰達幣,投資騙局的本質看來呼之欲出。

From Perils to Precautions: Recognising the Importance of Regulating Crypto

香港證券及期貨事務監察委員會(證監會)上月就虛擬資產交易平台綠石交易所(JPEX)無牌經營發表聲明之後,JPEX立刻限制客戶每次只可提取1000泰達幣(USDT),並一度把提幣手續費調高至999泰達幣,換言之每次只取回一個泰達幣,投資騙局的本質看來呼之欲出。