Maurice K.S. Tse
Dr. Maurice K.S. TSE, JP
金融学
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
控疫復常 曙光初亮

近日香港新冠疫情回稳,特区政府于9月26日开始放宽入境检疫安排,把实施一个多月以来的「3+4」门槛下调至「0+3」,亦即抵港人士毋须接受强制检疫,只须进行3天医学监察。显而易见,此举旨在掌控疫情、保障市民健康的大前提之下,尽量扩大香港连接国际的空间,让经济有序地重拾正轨,社会得以脱离困境。

性别平权 峰回路转

作为妇女事业发展史上的重要里程碑,《北京宣言》和《行动纲领》早于1995年第四次世界妇女大会上已获通过。然而据世界经济论坛于2021年3月的《全球性别差距报告》(Global Gender Gap Report),性别平等进展受新冠肺炎影响而遭遇挫折,距离达标为期135年,较2019年的预期推迟36年。

性别平权 峰回路转

作为妇女事业发展史上的重要里程碑,《北京宣言》和《行动纲领》早于1995年第四次世界妇女大会上已获通过。然而据世界经济论坛于2021年3月的《全球性别差距报告》(Global Gender Gap Report),性别平等进展受新冠肺炎影响而遭遇挫折,距离达标为期135年,较2019年的预期推迟36年。

适度把关 稳控疫患

年初历经Omicron第五波疫情,香港估计可能已有400万人染疫。4月下旬,防疫政策放宽后,本地经济逐步恢复,现在正是检视防疫策略的好时机。综观国际,防疫策略大致有二:一是零确诊,重点是减低确诊个案,检疫需时较长;二是随机应变,按疫情起伏而增减防疫措施,尽量纾缓对公共医疗系统的压力。

适度把关 稳控疫患

年初历经Omicron第五波疫情,香港估计可能已有400万人染疫。4月下旬,防疫政策放宽后,本地经济逐步恢复,现在正是检视防疫策略的好时机。综观国际,防疫策略大致有二:一是零确诊,重点是减低确诊个案,检疫需时较长;二是随机应变,按疫情起伏而增减防疫措施,尽量纾缓对公共医疗系统的压力。

虚实并济 银行大势

香港金融管理局2017年9月就针对金融业数码化,以「智慧银行新纪元」为题,推出多项倡议;随后于2021年6月公布「金融科技2025」策略,迎向银行业要以科技为基础的未来,旨在促进银行采用科技、增强数据基础设施、支持不断发展的数码生态系统。继2017年清晰表达把虚拟银行引进本港之后,该局翌年即发出《虚拟银行的认可》指引修订本;虚拟银行须遵守适用于传统银行的同一套监管规定,在合乎其运作性质及所承担的银行业风险情况下,维持最少3亿元缴足款股本。

虚实并济 银行大势

香港金融管理局2017年9月就针对金融业数码化,以「智慧银行新纪元」为题,推出多项倡议;随后于2021年6月公布「金融科技2025」策略,迎向银行业要以科技为基础的未来,旨在促进银行采用科技、增强数据基础设施、支持不断发展的数码生态系统。继2017年清晰表达把虚拟银行引进本港之后,该局翌年即发出《虚拟银行的认可》指引修订本;虚拟银行须遵守适用于传统银行的同一套监管规定,在合乎其运作性质及所承担的银行业风险情况下,维持最少3亿元缴足款股本。

时势造就 情骗横流

交友应用程式的流行和针对新冠疫情而实施的社交距离措施为人际关系带来重大变化。近年欺诈案在香港特区层出不穷,升势不止。笔者相信这与疫情期间流行网上聊天交友不无关系。

时势造就 情骗横流

交友应用程式的流行和针对新冠疫情而实施的社交距离措施为人际关系带来重大变化。近年欺诈案在香港特区层出不穷,升势不止。笔者相信这与疫情期间流行网上聊天交友不无关系。

虚拟宇宙 渐露势头

不论在线上线下,「元宇宙」(Metaverse)都是城中热话。何谓元宇宙?