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

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
The Power and Limitation of ChatGPT

目前ChatGPT應用插件(plug-in)還處於alpha測試階段,不久將來,發展應會日趨成熟,可作不同用途,例如預訂航班、編排旅程等,因而或會顛覆固有商業運作模式。政府應與各界攜手,密切注視AI的演進情況。

The Power and Limitation of ChatGPT

目前ChatGPT應用插件(plug-in)還處於alpha測試階段,不久將來,發展應會日趨成熟,可作不同用途,例如預訂航班、編排旅程等,因而或會顛覆固有商業運作模式。政府應與各界攜手,密切注視AI的演進情況。

New Form of Security In The Blockchain Era

證券型代幣發行(Security Token Offering;簡稱STO)指在符合證券市場的監管要求下,利用日新月異的區塊鏈技術,將股票、房地產、古董等有形和無形資產代幣化的一種企業融資途徑。證券型代幣的底層技術是區塊鏈,以此進行的每項交易都屬匿名,並公開記賬,所用代幣標誌對有關資產或證券的擁有權。所有STO交易都會儲存於數碼交易分類賬中,以免資料遭任意篡改,既高度透明,也高度安全。

New Form of Security In The Blockchain Era

證券型代幣發行(Security Token Offering;簡稱STO)指在符合證券市場的監管要求下,利用日新月異的區塊鏈技術,將股票、房地產、古董等有形和無形資產代幣化的一種企業融資途徑。證券型代幣的底層技術是區塊鏈,以此進行的每項交易都屬匿名,並公開記賬,所用代幣標誌對有關資產或證券的擁有權。所有STO交易都會儲存於數碼交易分類賬中,以免資料遭任意篡改,既高度透明,也高度安全。

Beware of Pig Butchering Scam

典型的加密貨幣騙局通常涉及網上情緣,稱為「殺豬盤」。這個內地網絡流行用語指騙徒利用社交平台尋找行騙對象(「豬」),然後與之建立網上關係(「養豬」),起初以少許回報作為甜頭,最終從受害人身上騙得巨額錢財(「殺豬」)後,就逃之夭夭。

Beware of Pig Butchering Scam

典型的加密貨幣騙局通常涉及網上情緣,稱為「殺豬盤」。這個內地網絡流行用語指騙徒利用社交平台尋找行騙對象(「豬」),然後與之建立網上關係(「養豬」),起初以少許回報作為甜頭,最終從受害人身上騙得巨額錢財(「殺豬」)後,就逃之夭夭。

Hong Kong Returning to Normalcy with Resumption of Mainland Travel

香港特區實施長達3年的嚴控新冠疫情措施後,隨着2022年過去而成為歷史。鑑於去年本地經濟表現遜於預期,加上環球局勢不明朗等因素,特區政府將全年實質本地生產總值(GDP)下調至負3.2%。

Hong Kong Returning to Normalcy with Resumption of Mainland Travel

香港特區實施長達3年的嚴控新冠疫情措施後,隨着2022年過去而成為歷史。鑑於去年本地經濟表現遜於預期,加上環球局勢不明朗等因素,特區政府將全年實質本地生產總值(GDP)下調至負3.2%。

Sport as a Catalyst for Economic Development

在新冠肺炎的影響下,卡塔爾仍成功主辦舉世矚目的世界盃,令全球觀眾盡情投入一股足球熱潮。觀乎今屆賽事,亞洲球隊如日本和南韓表現出色,香港足球發展卻停滯不前,相形見絀。特區政府必須提供更多誘因,吸引投資者注入更多資源,才有望為本地足運帶來生機。香港理應乘此熱潮,追上體育產業化的國際潮流,達致相關產品多元化和效益最大化。

Sport as a Catalyst for Economic Development

在新冠肺炎的影響下,卡塔爾仍成功主辦舉世矚目的世界盃,令全球觀眾盡情投入一股足球熱潮。觀乎今屆賽事,亞洲球隊如日本和南韓表現出色,香港足球發展卻停滯不前,相形見絀。特區政府必須提供更多誘因,吸引投資者注入更多資源,才有望為本地足運帶來生機。香港理應乘此熱潮,追上體育產業化的國際潮流,達致相關產品多元化和效益最大化。