团队

最近港元拆息下跌，将如何影响未来香港楼市与金融大环境？ 港大经管学院金敦泓教授接受无线新闻访问时表示，港元拆息下跌对楼市短期有利好作用，但长远仍要看长期利率走势，以及对香港经济环境的信心。她指出：“大家预期在不久的未来，比较大型的新股会出现大量的资金注入，但从目前的状态来说，我们没有看到美国在短期内有降息的可能，确实不一定能维持在低点很长时间。”

How can fragility be averted in open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor-level transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces outflows during market stress. Swing pricing also reduces concavity in the flow-performance relationship and dilution in fund performance.