学术论文
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全球学者
知识转移
明德商论
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Ethnic Diversity and Corporate Interstate Investments
Ethnic Diversity and Corporate Interstate Investments
We document that firms prefer counties with higher ethnic diversity in locating their interstate investments, especially for those pursuing innovation, seeking to establish service centers, or capable of managing a diverse workforce. We also find some evidence that interstate investment in high ethnic diversity locations results in increased patent applications, sales growth, positive media coverage, and overall operating performance. Taken together, we show that firms prefer to invest in ethnically diverse locations as they recognize the potential benefits of leveraging a diverse labor supply such as enhancing problem-solving, innovation, and performance.

Getting to the Core: Inflation Risks Within and Across Asset Classes
Getting to the Core: Inflation Risks Within and Across Asset Classes
Do real assets protect against inflation? Stocks’ core inflation betas are negative, while their energy betas are positive. Currencies, commodities, and real estate mostly hedge against energy inflation, but not core inflation. These hedging properties are reflected in the prices of inflation risks: only core inflation carries a negative risk premium, and its magnitude is consistent within and across asset classes, uniquely among macroeconomic risk factors. Energy inflation has become more procyclical and volatile since the 1990s, which helps explain the time-varying correlation between stock and bond returns. A two-sector New Keynesian asset pricing model accounts for these facts quantitatively.

Testing for Jumps in a Discretely Observed Price Process with Endogenous Sampling Times
Testing for Jumps in a Discretely Observed Price Process with Endogenous Sampling Times
This paper introduces a novel nonparametric high-frequency jump test for discretely observed Itô semimartingales. Based on observations sampled recursively at first exit times from a symmetric double barrier, our method distinguishes between threshold exceedances caused by the Brownian component and jumps, which enables the construction of a feasible, noise-robust statistical test. Simulation results demonstrate superior finite-sample performance of our test compared to existing methods. An empirical analysis of NYSE-traded stocks provides clear statistical evidence for jumps, with the results highly robust to spurious detections.

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。

购物智能体,正在改写移动互联网的权力结构
购物智能体,正在改写移动互联网的权力结构
2025下半年,“AI帮人购物”从概念走向现实,逐步介入搜寻、比价、下单等环节。当AI智能体让平台在用户面前“隐身”,用户不再意识到自己从哪个应用完成购买,平台的品牌价值、用户黏性,乃至对数据的掌控,都将遭受重创。 当前AI竞赛中,一场入口争夺战正悄然上演。
AI时代的一人公司:机遇、内卷与护城河
AI时代的一人公司:机遇、内卷与护城河
2025年,被业界称为"Agent元年"。AI正在从辅助工具变成能自主决策的"虚拟合伙人":过去需要团队协作完成的代码开发、设计、文案等工作,现在可以由创始人编排一组AI Agent来完成。与此同时,另一组数据同样醒目:"结构性替代"正在发生,当下企业在逐步调整人力模型:用AI做更多事、用更少的人完成标准化流程。
全球增长:陷入 “低速挡” 困局
全球增长:陷入 “低速挡” 困局
全球经济正陷入 “低速挡” 困局,宛如一辆纵使深踩油门也难以提速的车,全球经济始终难寻往日的增长动能 。
当关税壁垒闹上法庭——一堂千亿美元的宪法课
当关税壁垒闹上法庭——一堂千亿美元的宪法课
本年2月20日,美国最高法院以六比三的裁决,在Learning Resources, Inc. v. Trump一案中作出里程碑式的判决:总统无权依据《国际紧急经济权力法》(International Emergency Economic Powers Act;简称IEEPA)单方面征收关税。
寻找“负责任的阿尔法”:平衡生成式AI与金融监管之道
寻找“负责任的阿尔法”:平衡生成式AI与金融监管之道
如果未来中环多家基金的智能体(AI agent),能在同一秒内读完中央银行声明、业绩电话会议纪录与全球新闻,并据此作出方向相近的交易判断,市场究竟会变得更有效率,还是更脆弱?这已不是科幻想像,而是正迅速逼近金融业的现实。
对等关税一周年  制造仍弱贸赤升
对等关税一周年  制造仍弱贸赤升
特朗普对等关税实施一年,美国商品贸易逆差不跌反升,制造业就业人数持续下滑,关税收入亦远不足以填补财赤。港大经管学院陆炎辉教授剖析关税政策的多重矛盾与局限。
当关税壁垒闹上法庭——一堂千亿美元的宪法课
当关税壁垒闹上法庭——一堂千亿美元的宪法课
本年2月20日,美国最高法院以六比三的裁决,在Learning Resources, Inc. v. Trump一案中作出里程碑式的判决:总统无权依据《国际紧急经济权力法》(International Emergency Economic Powers Act;简称IEEPA)单方面征收关税。
寻找“负责任的阿尔法”:平衡生成式AI与金融监管之道
寻找“负责任的阿尔法”:平衡生成式AI与金融监管之道
如果未来中环多家基金的智能体(AI agent),能在同一秒内读完中央银行声明、业绩电话会议纪录与全球新闻,并据此作出方向相近的交易判断,市场究竟会变得更有效率,还是更脆弱?这已不是科幻想像,而是正迅速逼近金融业的现实。
让AI成为你的下属:从执行者到管理者
让AI成为你的下属:从执行者到管理者
投行分析师让AI同时跑数据清洗、行业对标和报告初稿,自己只负责审核与决策。律所合伙人用AI几分钟完成过去实习生一整天的尽职调查检索。这些已不是想像。