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
Islamic Finance in Hong Kong

香港金融市場表現出色,截至2021年底,在港管理的資產總值4.5萬億美元;私募基金資產達1800億美元,在亞洲區內規模僅次於內地。然而在金融市場產品方面,香港仍側重股票,缺乏多元化發展,為加強產品及服務的深度和廣度,以鞏固其國際金融中心地位,不妨從新興領域入手。

Islamic Finance in Hong Kong

香港金融市場表現出色,截至2021年底,在港管理的資產總值4.5萬億美元;私募基金資產達1800億美元,在亞洲區內規模僅次於內地。然而在金融市場產品方面,香港仍側重股票,缺乏多元化發展,為加強產品及服務的深度和廣度,以鞏固其國際金融中心地位,不妨從新興領域入手。

Hong Kong to Adapt to Change and Explore Late-mover Advantage

2019冠狀病毒病困擾香港特區快將3年,期間世界局勢波詭雲譎,在內外交困之際,本地社會民生問題不斷湧現,經濟雪上加霜,香港作為國際金融中心的地位備受挑戰。

Hong Kong to Adapt to Change and Explore Late-mover Advantage

2019冠狀病毒病困擾香港特區快將3年,期間世界局勢波詭雲譎,在內外交困之際,本地社會民生問題不斷湧現,經濟雪上加霜,香港作為國際金融中心的地位備受挑戰。

Relaxed Quarantine Policy: A Light in the Pandemic Tunnel

近日香港新冠疫情回穩,特區政府於9月26日開始放寬入境檢疫安排,把實施一個多月以來的「3+4」門檻下調至「0+3」,亦即抵港人士毋須接受強制檢疫,只須進行3天醫學監察。顯而易見,此舉旨在掌控疫情、保障市民健康的大前提之下,盡量擴大香港連接國際的空間,讓經濟有序地重拾正軌,社會得以脫離困境。

Relaxed Quarantine Policy: A Light in the Pandemic Tunnel

近日香港新冠疫情回穩,特區政府於9月26日開始放寬入境檢疫安排,把實施一個多月以來的「3+4」門檻下調至「0+3」,亦即抵港人士毋須接受強制檢疫,只須進行3天醫學監察。顯而易見,此舉旨在掌控疫情、保障市民健康的大前提之下,盡量擴大香港連接國際的空間,讓經濟有序地重拾正軌,社會得以脫離困境。

Turning the Tide on Gender Equality

作為婦女事業發展史上的重要里程碑,《北京宣言》和《行動綱領》早於1995年第四次世界婦女大會上已獲通過。然而據世界經濟論壇於2021年3月的《全球性別差距報告》(Global Gender Gap Report),性別平等進展受新冠肺炎影響而遭遇挫折,距離達標為期135年,較2019年的預期推遲36年。

Turning the Tide on Gender Equality

作為婦女事業發展史上的重要里程碑,《北京宣言》和《行動綱領》早於1995年第四次世界婦女大會上已獲通過。然而據世界經濟論壇於2021年3月的《全球性別差距報告》(Global Gender Gap Report),性別平等進展受新冠肺炎影響而遭遇挫折,距離達標為期135年,較2019年的預期推遲36年。

Easing the anti-epidemic measures with caution to control the spread of virus

年初歷經Omicron第五波疫情,香港估計可能已有400萬人染疫。4月下旬,防疫政策放寬後,本地經濟逐步恢復,現在正是檢視防疫策略的好時機。綜觀國際,防疫策略大致有二:一是零確診,重點是減低確診個案,檢疫需時較長;二是隨機應變,按疫情起伏而增減防疫措施,盡量紓緩對公共醫療系統的壓力。

Easing the anti-epidemic measures with caution to control the spread of virus

年初歷經Omicron第五波疫情,香港估計可能已有400萬人染疫。4月下旬,防疫政策放寬後,本地經濟逐步恢復,現在正是檢視防疫策略的好時機。綜觀國際,防疫策略大致有二:一是零確診,重點是減低確診個案,檢疫需時較長;二是隨機應變,按疫情起伏而增減防疫措施,盡量紓緩對公共醫療系統的壓力。