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
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。

重振港股气氛与交投之道

新冠疫情虽过,但本港经济复苏不似预期;基于高息环境、宏观经济不稳定等因素,恒生指数久未重上两万点,港股投资气氛与成交量持续低迷。随着特区政府在2021年上调股票交易印花税税率,宣布当天港股应声下跌近3%。股票印花税无疑可在避免增加基层市民负担的情况下增加库房收入,然而多年来金融业界不乏要求政府降低股票印花税的声音,以便向国际看齐。

重振港股气氛与交投之道

新冠疫情虽过,但本港经济复苏不似预期;基于高息环境、宏观经济不稳定等因素,恒生指数久未重上两万点,港股投资气氛与成交量持续低迷。随着特区政府在2021年上调股票交易印花税税率,宣布当天港股应声下跌近3%。股票印花税无疑可在避免增加基层市民负担的情况下增加库房收入,然而多年来金融业界不乏要求政府降低股票印花税的声音,以便向国际看齐。

金融「绿天鹅」的潜在乱局

环顾世界各地,气候变化导致自然灾难频生,而且破坏力极强,冲击各行各业,影响经济稳定,甚至引发金融危机。近10年来,全球经济因气候变化灾难而蒙受的直接经济损失,估计平均每年高达约1.3万亿美元,相当于世界本地生产总值(GDP)的0.2%左右。 2018年加州森林大火的损失为3500亿美元,相当于当时美国GDP的1.7%。上月台风杜苏芮直袭福建省,亦造成千亿元人民币的损失。

金融「绿天鹅」的潜在乱局

环顾世界各地,气候变化导致自然灾难频生,而且破坏力极强,冲击各行各业,影响经济稳定,甚至引发金融危机。近10年来,全球经济因气候变化灾难而蒙受的直接经济损失,估计平均每年高达约1.3万亿美元,相当于世界本地生产总值(GDP)的0.2%左右。 2018年加州森林大火的损失为3500亿美元,相当于当时美国GDP的1.7%。上月台风杜苏芮直袭福建省,亦造成千亿元人民币的损失。

濒临迷失十年的反思

当前世界各地正陆续走出新冠疫情的困境,经济前景将会如何?本年1月底,国际货币基金组织在其《世界经济展望报告》中预测,未来5年环球经济平均增长率只有3%,低于1990年代以来的中期增长预测;美国经济则于本年年底陷于衰退,明年环球经济很可能大幅放缓,而逐渐步向衰退。

濒临迷失十年的反思

当前世界各地正陆续走出新冠疫情的困境,经济前景将会如何?本年1月底,国际货币基金组织在其《世界经济展望报告》中预测,未来5年环球经济平均增长率只有3%,低于1990年代以来的中期增长预测;美国经济则于本年年底陷于衰退,明年环球经济很可能大幅放缓,而逐渐步向衰退。