学术论文
研究焦点
全球学者
知识转移
明德商论
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Does Liquidity Management Induce Fragility in Treasury Prices? Evidence from Bond Mutual Funds
Does Liquidity Management Induce Fragility in Treasury Prices? Evidence from Bond Mutual Funds
Mutual funds investing in illiquid corporate bonds actively manage Treasury positions to buffer redemption shocks. This liquidity management practice can transmit non-fundamental fund flow shocks onto Treasuries, generating excess return volatility. Consistent with this hypothesis, we find that Treasury excess return volatility is positively associated with bond fund ownership, and this pattern is more pronounced among funds conducting intensive liquidity management. Causal evidence is provided by exploiting the U.S. Securities and Exchange Commission’s 2017 Liquidity Risk Management Rule. Evidence also suggests that the COVID-19 Treasury market turmoil was attributed to intensified liquidity management, an unintended consequence of the 2017 Liquidity Risk Management Rule.

The Interactions of Customer Reviews and Price and Their Dual Roles in Conveying Quality Information
The Interactions of Customer Reviews and Price and Their Dual Roles in Conveying Quality Information
Customer reviews help communicate product information, but their effectiveness may suffer from selection bias (i.e., depending on factors, such as the individual experience and price, not all consumers may voluntarily write reviews). Consequently, a seller may have to resort to additional means (e.g., signaling through price in the context of an experience good) to convey its quality. This paper develops an analytical model to investigate the interaction of customer reviews and price with the presence of selection bias in marketing an experience good with uncertain quality to consumers. Our analysis reveals the dual roles played by both customer reviews and price in communicating quality information. On one hand, customer reviews may either directly convey product information with unbiased distribution of reviews or facilitate price signaling when reviews are biased because of selection. On the other hand, price may be adjusted to mitigate the selection bias of reviews to make them more informative, and it may also signal quality directly in the presence of review bias. As a result, we show that bias in reviews may actually benefit consumers without compromising information communication as the incentive to reduce review selection bias makes it credible and profitable for the high-quality seller to signal its type by undercutting the price that would be set if it is of low quality. We then extend our analysis to examine the information, profits, and welfare impacts of several important design elements of a review system as well as the impact of consumers’ aversion to risk. Finally, the implications of our findings on the management of user-generated content and pricing are discussed.

Manipulation, Panic Runs, and the Short Selling Ban
Manipulation, Panic Runs, and the Short Selling Ban
Short selling regulation has been a longstanding topic of debate in financial markets, particularly during times of crisis. While proponents argue that short selling aids in price discovery and market efficiency, critics raise concerns about manipulative short selling practices that can destabilize markets. This paper presents a theoretical model to analyze the impact of short selling, specifically manipulative short selling (MSS), on bank runs and efficiency. The model demonstrates that MSS can emerge as an equilibrium outcome driven by uninformed speculators seeking to profit from artificially depressing stock prices. The prevalence of MSS is influenced by the level of informed trading and coordination friction among creditors. We find that short selling bans can enhance welfare by mitigating the negative effects of MSS, particularly in scenarios with high coordination frictions. We also provide policy and empirical implications.

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。

医疗革命:创新模式重塑新兴经济体健康版图​​
医疗革命:创新模式重塑新兴经济体健康版图​​
在资源有限与人口持续增长的双重压力下,对于新兴经济体来说,是否可以在保障医疗质量的同时,提升医疗的普及性并降低医疗费用呢? 港大经管学院创新及资讯管理学助理教授Sundara结合近期对多个新兴经济体医疗机构的实地考察和与多位学者在公共卫生领域的合作研究发现,一些新兴市场的实践正在突破传统局限,探索同时满足医疗质量、医疗普及性以及医疗费用的创新医疗模式。
AI工业革命冲击劳动力市场
AI工业革命冲击劳动力市场
你是否注意到,有别于过往工业革命主要冲击基层职位,此轮AI浪潮的影响显然不同? 它不但深入自动化流程,更可能取代那些高技能、高收入的工作。 据国际货币基金组织预测,AI或将影响全球高达40%的就业,其中在发达经济体如香港,比例可能更高达60%。
贸易战下中国经济的危与机
贸易战下中国经济的危与机
邓希炜教授:特朗普关税政策对中国而言,短期压力虽大,但长期通过产业链韧性建设、内需市场挖掘和理性出海,中国经济仍具备较强的抗风险能力。
内地电商强攻下香港零售业如何自救
内地电商强攻下香港零售业如何自救
近期内地电商巨头淘宝、京东、拼多多纷纷发力,将香港市场纳入包邮区。过去港人需先通过中转集运才能接收所订货品,相比之下,最新推出的一站式购物服务,自然大受欢迎。 无庸置疑,内地电商龙头的抢滩行为必会影响本地零售业,让早已低迷的销情雪上加霜。这种趋势下,本土零售业有什么应对之道?笔者从以下3个角度建议业界如何破解困局。
香港旅游IP可向泡泡玛特取经
香港旅游IP可向泡泡玛特取经
香港旅游首季迎来开门红,内地五一黄金周也出现访港高峰。 然而旅游热潮并未带动消费,访港游客甚至“发明”了在速食店过夜的省钱攻略。 如何突破香港旅游旺丁不旺财的困境? 泡泡玛特一夜爆红,实现口碑与销量的双赢。 其成功经验能否为香港打造旅游IP(知识产权)提供借鉴?
贸易战与宏观经济恒等式
贸易战与宏观经济恒等式
早前中美双方在日内瓦就关税会谈,出乎意料地迅速达成休战共识,关税税率暂时回落至所谓美国“解放日”之前的水平,但全球局面却难复旧观。美国总统特朗普玩弄所谓谈判技巧,叫价忽高忽低、忽真忽假,威逼利诱,为己方制造谈判空间。可是碍于底气不足,逻辑紊乱,贸易战犹如美方蹩脚的马戏班杂耍,将全球经济政策不确定性指数推至历史高点【注1】。
内地电商强攻下香港零售业如何自救
内地电商强攻下香港零售业如何自救
近期内地电商巨头淘宝、京东、拼多多纷纷发力,将香港市场纳入包邮区。过去港人需先通过中转集运才能接收所订货品,相比之下,最新推出的一站式购物服务,自然大受欢迎。 无庸置疑,内地电商龙头的抢滩行为必会影响本地零售业,让早已低迷的销情雪上加霜。这种趋势下,本土零售业有什么应对之道?笔者从以下3个角度建议业界如何破解困局。
企业创新:动力与挑战
企业创新:动力与挑战
面对快速演变的市场与技术浪潮,企业欲保持竞争力,创新已非选择,而是生存之道。香港大学经管学院创新与创业研究中心副总监、管理及商业策略实务副教授陈炳雄(Joseph)在《经济一周》的专访中,详细分析了企业创新的驱动力、以及香港在创新领域的机遇和未来发展方向。

香港旅游IP可向泡泡玛特取经
香港旅游IP可向泡泡玛特取经
香港旅游首季迎来开门红,内地五一黄金周也出现访港高峰。 然而旅游热潮并未带动消费,访港游客甚至“发明”了在速食店过夜的省钱攻略。 如何突破香港旅游旺丁不旺财的困境? 泡泡玛特一夜爆红,实现口碑与销量的双赢。 其成功经验能否为香港打造旅游IP(知识产权)提供借鉴?