学术论文
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Endogenous Costs, Market Competition, and Disclosure
Endogenous Costs, Market Competition, and Disclosure
Firms must often decide whether to disclose private information regarding their costs to other market participants. Although extant literature has explored firms’ incentives to disclose exogenous and uncertain costs, little is known about when their endogenous costs should be disclosed. This paper studies the cost-disclosure strategies of competing firms whose inputs are sourced from and endogenously priced by upstream suppliers. We find, first, that cost disclosure affects not only market competition but also the motivations of suppliers in setting their input prices. As such, firms can strategize their disclosure decisions to optimize their procurement costs. Second, we find that firms’ disclosure decisions vary depending on both the nature of the competition and the market structure at hand. That is, when competing firms source from the same supplier or compete on price, they never disclose their costs; in such a case, nondisclosure is strictly better for consumers and welfare compared with disclosure. When competing firms source from different suppliers and compete on quantity, they always disclose; in such a case, disclosure is strictly better for consumers and welfare compared with nondisclosure. We also find that whereas manufacturers’ disclosure incentives are misaligned with those of suppliers, they are largely aligned with the goal of maximizing channel profits. Together, our results underscore the distinct role that endogenous costs play in firms’ disclosure decisions.

The Dark Side of Voluntary Data Sharing
The Dark Side of Voluntary Data Sharing
To balance the need for privacy and the benefits of big-data analytics, regulators around the world are giving consumers control over their data, allowing them to choose whether or not to voluntarily share their purchase history data with firms. Intuition suggests that voluntary data sharing only benefits consumers who can now choose to share their data only when it is profitable to do so. To investigate this argument, we build a model in which a monopolistic firm sells a repeatedly purchased product to consumers over two periods, and consumers decide whether or not to share their purchase history data with the firm, who can use it in the future to price discriminate against them. We find that, compared to when data collection is completely outlawed, voluntary data sharing can benefit the firm but at its consumers’ expense. Moreover, regulations that mandate firms to better protect consumer data against data breaches can backfire on consumers. Finally, we show that under voluntary data sharing, a firm’s ability to offer consumers a monetary incentive to share their data can improve profits without hurting consumers. Taken together, these findings underscore the surprising effects of voluntary data sharing and caution public policymakers of how certain data policies that, on the surface, seem purely beneficial can lead to unintended consequences.

Disclosing Endogenous Cost Information
Disclosing Endogenous Cost Information
We study voluntary cost disclosure by duopoly firms when they can invest in a cost-reduction technology, i.e., when their private cost is endogenously determined. We find that, contrary to most of the literature, firms disclose their endogenous cost information regardless of the type of competition. The underlying mechanisms and welfare implications, however, are different. Under Bertrand competition, cost disclosure helps a firm avoid aggressive investment in cost reduction to coordinate actions to the mutual advantage of the duopoly firms. Under Cournot competition, disclosing cost information enables a firm to show a hardened stance toward the competing firm. Although firms gain from their disclosure decisions under Bertrand competition, their disclosure decisions under Cournot competition place them in a prisoner’s dilemma, as both firms would be better off if they chose not to disclose their information. Consequently, consumers may lose under Bertrand competition but gain under Cournot competition.

Corporate Lobbying of Bureaucrats
Corporate Lobbying of Bureaucrats
Executive agencies play a pivotal role in shaping the regulatory environment by crafting rules, enforcing regulations, and overseeing government contracts—all of which can have a profound impact on businesses. For firms, this potential impact creates a clear incentive for firms to influence these agencies, particularly during the critical stages of rulemaking and enforcement. In this context, lobbying emerges as a key tool that companies use to mold the regulatory landscape to their advantage. Unlike politicians, whose decisions are often swayed by electoral cycles and campaign contributions, agency officials are not elected, serve longer terms, and are less susceptible to direct political pressures. As a result, engaging in lobbying efforts with executive agencies is both more complicated and strategically crucial for firms operating within heavily regulated industries. However, the dynamics of such lobbying remain underexplored in the literature.
春节幸福感和疫情感知风险调查:来自机器学习的洞察
春节幸福感和疫情感知风险调查:来自机器学习的洞察
2023年刚结束的兔年春节内地民众过得怎样?调查显示,兔年春节期间,民众的幸福感平均值为5.47,介于“比较开心”与“开心”之间(1为最低值,7为最高值),“比较开心”以上人群占比为83.1%。
How to Recover from Work Stress, According to Science
How to Recover from Work Stress, According to Science
To combat stress and burnout, employers are increasingly offering benefits like virtual mental health support, spontaneous days or even weeks off, meeting-free days, and flexible work scheduling. Despite these efforts and the increasing number of employees buying into the importance of wellness, the effort is lost if you don’t actually recover. So, if you feel like you’re burning out, what works when it comes to recovering from stress? The authors discuss the “recovery paradox” — that when our bodies and minds need to recover and reset the most, we’re the least likely and able to do something about it — and present five research-backed strategies for recovering from stress at work.

研究企业之间的协调行为 – 郝宇博士
研究企业之间的协调行为 – 郝宇博士
计算机编程听起来好像和经济风马牛不相及,但拥有出色的编程技术,不但能帮助个人进行经济学学术研究,更能助你在商界捉紧更多就业机会。

构想虚拟货币的未来 – 游杨博士
构想虚拟货币的未来 – 游杨博士
作为教师,在鼓励同学努力学习之余,我亦会主动了解本地市场运作以及邀请雇主来到课堂分享业界经验。

从量子物理学到计量市场学—党矗博士
从量子物理学到计量市场学—党矗博士
理科出身的我,非常欣赏同学们的商业触觉。作为他们的师长,在教导他们使用数理工具作出科学判断的同时,我亦希望能够鼓励他们爱上学习,保持对未知事物的好奇心,应用课堂所学到的知识为社会做出贡献。

风起于青萍之末:内地电商浪潮重塑香港
风起于青萍之末:内地电商浪潮重塑香港
香港曾以「购物天堂」闻名于世,其零售业是经济的关键支柱。从尖端电子产品到国际奢侈品,这座城市一度凭借品质保证与汇率优势吸引着全球消费者。如今,内地电商平台的崛起,正深刻重塑着香港的商业生态。这不仅是一场线上与线下的模式之争,更是由技术进步与区域经济一体化驱动的,对香港核心经济结构与比较优势发起的根本性拷问。
直播带货的热浪:短暂刺激还是持久商机?
直播带货的热浪:短暂刺激还是持久商机?
在数位化浪潮的推动下,直播带货已迅速崛起为电商领域的现象级行销方式之一。 凭借即时互动与沉浸式体验,它成功吸引了数以亿计消费者的目光。 数据显示,2020年中国直播电商市场规模增速高达196%,总体规模突破1800亿美元; 到2022年,该数位已跃升至5000亿美元,预计2025年将达到9680亿美元。
离岸人民币稳定币机遇与挑战并存
离岸人民币稳定币机遇与挑战并存
2025年8月1日,香港《稳定币条例》生效,标志著中国将逐步参与稳定币市场,并探索如何通过香港这一离岸金融中心,利用稳定币推动人民币国际化。 要回答这一问题,我们需要在当前市场情绪高涨的背景中,理性、客观地理解离岸人民币稳定币的发展逻辑。
以长技铸智慧:借人工智能赋能自我成长
以长技铸智慧:借人工智能赋能自我成长
人工智能(AI)技术发展日新月异。学术界已有大量研究报告表明,在不同工作场景中,人机协作能显著提升效率与创造力。社会各界亦已对人工智能技术对不同工作带来的生产力提升有所感知。
美国H1B签证费用暴涨:中港把握机遇构筑科创新优势
美国H1B签证费用暴涨:中港把握机遇构筑科创新优势
美国总统特朗普近日签署行政令,宣布自2025年9月21日起,首次申请H-1B工作签证的外籍人才需缴纳高达10万美元的签证费。这一政策突变令美国企业和国际人才措手不及,尤其是科技行业,受到最直接的冲击。这一政策如果完全实施,将不仅重塑美国科技生态,更会引发全球人才、资本与创新链的调整。作为国际金融、贸易与科技枢纽的香港,以及正全力推进科技自立自强的中国内地,更需冷静研判其潜在冲击,采取措施把握这一多年难逢的人才机遇。
北都发展宜接受公众监督
北都发展宜接受公众监督
上星期特首发表2025年施政报告。从鼓励生育到规范外地劳工,从发展游艇产业到太空经济,包含了香港经济民生发展的方方面面。笔者在此选取印象深刻的几个重点讯息,以作分析评论,只为抛砖引玉,为读者带来思考并留作日后参考。
以长技铸智慧:借人工智能赋能自我成长
以长技铸智慧:借人工智能赋能自我成长
人工智能(AI)技术发展日新月异。学术界已有大量研究报告表明,在不同工作场景中,人机协作能显著提升效率与创造力。社会各界亦已对人工智能技术对不同工作带来的生产力提升有所感知。
动漫IP展览 | 无就业复苏
动漫IP展览 | 无就业复苏
近年大力发展IP产业的东莞,早前举办了一个动漫博览会,参展的IP企业如何看产业的发展前景?本地经济录得增长,但就业情况就转差,这种相反的特殊经济现象一旦出现,是代表甚么?

科技短期难救中国经济
科技短期难救中国经济
Deepseek及AI国产晶片问世,中国逐渐成为真正创新强国,“科技救国”一调蔚然成风。然而科技发展一日千里,经济复苏却未见重大起色。港大协理副校长及亚洲环球研究所总监邓希炜教授接受《信报》访问时表示,中国近十年对科技发展的重视,其核心驱动力并非短期的经济增长,而是源于地缘政治下的战略考量,旨在实现长远的“科技独立”与自给自足,以应对外部压力。