学术论文
研究焦点
全球学者
知识转移
明德商论
龙虎山下
媒体报导
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。

创新合作新解法:战略性信息设计助力小型企业防范技术盗用
创新合作新解法:战略性信息设计助力小型企业防范技术盗用
在当前竞争激烈的商业环境中,创新合作已成为企业在竞争中取得优势的重要路径。在创新驱动的合作伙伴关系中,大型企业往往通过与小型科技公司合作,将后者的核心技术整合进自身产品,以推动产品创新、扩大市场份额。为了争取合作机会,小型企业也需要向潜在合作方展示技术整合的应用潜力和市场前景。
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%。
伦敦经验对香港经贸转型的四大启示
伦敦经验对香港经贸转型的四大启示
第二次世界大战后,伦敦经历了从全球贸易港口到离岸金融中心的深刻转型。1964年,伦敦位居欧洲三大港口之一,处理货物量高达6130万吨;但至1980年代,随着大型远洋船舶和集装箱技术的普及,当地封闭式码头在地理与设施上均难以适应新型货运需求,货物处理量大降至2500万吨,伦敦港口因而失落领导地位。
芯片里的梵高:人工智能如何重塑创作逻辑和艺术市场
芯片里的梵高:人工智能如何重塑创作逻辑和艺术市场
近年来,人工智能(AI)技术的爆发式发展,在世界各地掀起了激烈讨论与深层焦虑,究竟人工智能会否替代人类工作,并且摧毁各行各业。早在 2016 年,英国物理学家霍金生前就有此预言:随着人工智能崛起,中产阶级势将深受就业流失趋势的影响,只有最讲求关爱、创造力和监督力的岗位得以保留。
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。
伦敦经验对香港经贸转型的四大启示
伦敦经验对香港经贸转型的四大启示
第二次世界大战后,伦敦经历了从全球贸易港口到离岸金融中心的深刻转型。1964年,伦敦位居欧洲三大港口之一,处理货物量高达6130万吨;但至1980年代,随着大型远洋船舶和集装箱技术的普及,当地封闭式码头在地理与设施上均难以适应新型货运需求,货物处理量大降至2500万吨,伦敦港口因而失落领导地位。
创新合作新解法:战略性信息设计助力小型企业防范技术盗用
创新合作新解法:战略性信息设计助力小型企业防范技术盗用
在当前竞争激烈的商业环境中,创新合作已成为企业在竞争中取得优势的重要路径。在创新驱动的合作伙伴关系中,大型企业往往通过与小型科技公司合作,将后者的核心技术整合进自身产品,以推动产品创新、扩大市场份额。为了争取合作机会,小型企业也需要向潜在合作方展示技术整合的应用潜力和市场前景。