Maurice K.S. Tse
Dr. Maurice K.S. TSE, JP
金融学
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
可持续投资与回报现实

可持续投资方兴未艾,2023年资产总值已增至3万亿美元;可持续基金的表现胜过2022年,惟在不同资产类别却表现不一。 据美国金融服务公司晨星(Morningstar)去年12月发表的报告,若与传统基金相比,可持续基金略见逊色。

可持续投资与回报现实

可持续投资方兴未艾,2023年资产总值已增至3万亿美元;可持续基金的表现胜过2022年,惟在不同资产类别却表现不一。 据美国金融服务公司晨星(Morningstar)去年12月发表的报告,若与传统基金相比,可持续基金略见逊色。

力保国际地位 拒成金融遗址

2023年9月发布的《全球金融中心指数》报告指出,香港在全球金融中心排名维持第四位,整体评分为741分,较2022年上升19分,仅以1分之微落后于第三位的新加坡。香港的整体评分显著上升,而且在营商环境、人力资本、金融业发展水平,以及声誉和综合等四方面的排名,上升至全球第四,反映在新冠疫情后,香港作为国际金融中心的持久优势和韧性均备受肯定。

力保国际地位 拒成金融遗址

2023年9月发布的《全球金融中心指数》报告指出,香港在全球金融中心排名维持第四位,整体评分为741分,较2022年上升19分,仅以1分之微落后于第三位的新加坡。香港的整体评分显著上升,而且在营商环境、人力资本、金融业发展水平,以及声誉和综合等四方面的排名,上升至全球第四,反映在新冠疫情后,香港作为国际金融中心的持久优势和韧性均备受肯定。

美国加息潮退之下的香港楼市走势

美国联邦储备局(联储局)11月2日议息会议后宣布,将基准利率维持在5.25厘至5.5厘不变,虽然符合市场预期,但是水平仍处于22年来高位。主席鲍威尔表示,对于下月的会议尚未作出具体决定。

美国加息潮退之下的香港楼市走势

美国联邦储备局(联储局)11月2日议息会议后宣布,将基准利率维持在5.25厘至5.5厘不变,虽然符合市场预期,但是水平仍处于22年来高位。主席鲍威尔表示,对于下月的会议尚未作出具体决定。

从虚拟之险见监管之需

香港证券及期货事务监察委员会(证监会)上月就虚拟资产交易平台绿石交易所(JPEX)无牌经营发表声明之后,JPEX立刻限制客户每次只可提取1000泰达币(USDT),并一度把提币手续费调高至999泰达币,换言之每次只取回一个泰达币,投资骗局的本质看来呼之欲出。

从虚拟之险见监管之需

香港证券及期货事务监察委员会(证监会)上月就虚拟资产交易平台绿石交易所(JPEX)无牌经营发表声明之后,JPEX立刻限制客户每次只可提取1000泰达币(USDT),并一度把提币手续费调高至999泰达币,换言之每次只取回一个泰达币,投资骗局的本质看来呼之欲出。