團隊

最近港元拆息下跌，將如何影響未來香港樓市與金融大環境？ 港大經管學院金敦泓教授接受無線新聞訪問時表示，港元拆息下跌對樓市短期有利好作用，但長遠仍要看長期利率走勢，以及對香港經濟環境的信心。她指出：「大家預期在不久的未來，比較大型的新股會出現大量的資金注入，但從目前的狀態來說，我們沒有看到美國在短期內有降息的可能，確實不一定能維持在低點很長時間。」

How can fragility be averted in open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor-level transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces outflows during market stress. Swing pricing also reduces concavity in the flow-performance relationship and dilution in fund performance.