Maurice K.S. Tse
Dr. Maurice K.S. TSE, JP
金融學
Principal Lecturer
BEcon/BEcon&Fin Programme Director

2857 8636

KK 919

Biography

Maurice Tse received a Ph.D. in Finance from Michigan State University. In 1988, when still a Ph.D. candidate, he won the All-University-Excellence in Teaching Award as a graduate course instructor. Maurice joined the School of Business at Indiana University in 1989. In 1991, he also obtained a professional qualification as an Associate of the Society of Actuaries (ASA). Maurice’s teaching has mainly been concerned with telling students how to get rich slowly but surely instead of getting rich fast.

Maurice has also been involved in teaching and consulting services to professional institutions. Since 1995, he has been an external assessor for the University Grants Committee. In 1996, while on staff at HKUST, Maurice taught the Professional Course for Equity Options Practitioners and the Diploma Course in Derivatives and Risk Management for the Stock Exchange of Hong Kong. In 1993 and 1994, he served on one of the Examination Committees in the Society of Actuaries. In 1991, he prepared the 1991 Housing Affordability Report for the Housing Finance Authority, State of Indiana, USA, to assist the state in complying with Department of Housing and Urban Development regulations.

Maurice has wide research interests, which include the effects of government regulations on the volatility and the wealth transfer in financial markets, asset pricing, corporate finance, and risk management. His current research focuses on the valuation of hybrid mortgage, signaling and corporate acquisitions, market structure and return volatility in Hong Kong, the commercial real estate market adjustment process, and the U.S. and Japanese Currency and Stock Market Responses to Japanese Merchandise Balance of Trade Announcements

Selected Publications
  • “Supply Adjustments to Demand Shocks in the Commercial Real Estate Market”,
    (with G.H. Lentz), Real Estate Economics, forthcoming.
  • “The U.S. International Air Route Award Process: Shareholder Wealth Effects and Policy Implications”,
    (with G.E. Hoffer and S.W. Pruitt), The Journal of Regulatory Economics, Vol. 12, 1997, pp.197-217.
  • “The Price, volatility, volume, and liquidity effects of Changes in Federal Reserve Margin Requirements on both Marginable and Non-marginable OTC Stocks”,
    in S.W. Pruitt and Andrew Lo, (eds.), The Industrial Organization and Regulation of the Securities Industry, National Bureau of Economic Research, University of Chicago, 1996.The Industrial Organization and Regulation of the Securities Industry
    National Bureau of Economic Research, University of Chicago, 1996.
  • “An Option Pricing Approach to the Valuation of Commercial Real Estate Contaminated with Hazardous Materials”,
    (with G.H. Lentz), The Journal of Real Estate Finance and Economics, Vol. 10. No. 2, Spring 1995, pp.121-144.
  • “A Quadratic Approach to the Two-Stage Dividend Discount Model”,
    in K.Han and J. Uppal, Dilip K. Ghosh, (eds) , New Advances in Financial Economics, Oxford, Elsevier Science Publishers, London, U.K., 1995, pp.23-37.New Advances in Financial Economics
    Oxford, Elsevier Science Publishers, London, U.K., 1995.
  • “The CRISMA Trading System: The Next Five Years”,
    (with S.W. Pruitt and R.E. White), The Journal of Portfolio Management, Vol. 18, 1992, pp.22-25.
  • “Downside Risk and Investment Planning”,
    (with M.A. White and J. Uppal), The Financial Review, Vol. 28 No. 4, November 1993, pp.585-605, an abstract of this article was also published in the CFA Digest, Spring 1994, by the Association for Investment Management and Research.
Recent Publications
美國加息潮退之下的香港樓市走勢

美國聯邦儲備局(聯邦儲備銀行)11月2日議息會議後宣布,將基準利率維持在5.25厘至5.5厘不變,雖然符合市場預期,但水準仍處於22年來高點。 主席鮑威爾表示,對於下個月的會議尚未做出具體決定。

美國加息潮退之下的香港樓市走勢

美國聯邦儲備局(聯邦儲備銀行)11月2日議息會議後宣布,將基準利率維持在5.25厘至5.5厘不變,雖然符合市場預期,但水準仍處於22年來高點。 主席鮑威爾表示,對於下個月的會議尚未做出具體決定。

從虛擬之險見監管之需

香港證券及期貨事務監察委員會(證監會)上月就虛擬資產交易平台綠石交易所(JPEX)無牌經營發表聲明之後,JPEX立刻限制客戶每次只可提取1000泰達幣(USDT),並一度把提幣手續費調高至999泰達幣,換言之每次只取回一個泰達幣,投資騙局的本質看來呼之欲出。

從虛擬之險見監管之需

香港證券及期貨事務監察委員會(證監會)上月就虛擬資產交易平台綠石交易所(JPEX)無牌經營發表聲明之後,JPEX立刻限制客戶每次只可提取1000泰達幣(USDT),並一度把提幣手續費調高至999泰達幣,換言之每次只取回一個泰達幣,投資騙局的本質看來呼之欲出。

重振港股氣氛與交投之道

新冠疫情雖過,但本港經濟復甦不似預期;基於高息環境、宏觀經濟不穩定等因素,恒生指數久未重上兩萬點,港股投資氣氛與成交量持續低迷。隨着特區政府在2021年上調股票交易印花稅稅率,宣布當天港股應聲下跌近3%。股票印花稅無疑可在避免增加基層市民負擔的情況下增加庫房收入,然而多年來金融業界不乏要求政府降低股票印花稅的聲音,以便向國際看齊。

重振港股氣氛與交投之道

新冠疫情雖過,但本港經濟復甦不似預期;基於高息環境、宏觀經濟不穩定等因素,恒生指數久未重上兩萬點,港股投資氣氛與成交量持續低迷。隨着特區政府在2021年上調股票交易印花稅稅率,宣布當天港股應聲下跌近3%。股票印花稅無疑可在避免增加基層市民負擔的情況下增加庫房收入,然而多年來金融業界不乏要求政府降低股票印花稅的聲音,以便向國際看齊。

金融「綠天鵝」的潛在亂局

環顧世界各地,氣候變化導致自然災難頻生,而且破壞力極強,衝擊各行各業,影響經濟穩定,甚至引發金融危機。近10年來,全球經濟因氣候變化災難而蒙受的直接經濟損失,估計平均每年高達約1.3萬億美元,相當於世界本地生產總值(GDP)的0.2%左右。2018年加州森林大火的損失為3500億美元,相當於當時美國GDP的1.7%。上月颱風杜蘇芮直襲福建省,亦造成千億元人民幣的損失。

金融「綠天鵝」的潛在亂局

環顧世界各地,氣候變化導致自然災難頻生,而且破壞力極強,衝擊各行各業,影響經濟穩定,甚至引發金融危機。近10年來,全球經濟因氣候變化災難而蒙受的直接經濟損失,估計平均每年高達約1.3萬億美元,相當於世界本地生產總值(GDP)的0.2%左右。2018年加州森林大火的損失為3500億美元,相當於當時美國GDP的1.7%。上月颱風杜蘇芮直襲福建省,亦造成千億元人民幣的損失。

瀕臨迷失十年的反思

當前世界各地正陸續走出新冠疫情的困境,經濟前景將會如何?本年1月底,國際貨幣基金組織在其《世界經濟展望報告》中預測,未來5年環球經濟平均增長率只有3%,低於1990年代以來的中期增長預測;美國經濟則於本年年底陷於衰退,明年環球經濟很可能大幅放緩,而逐漸步向衰退。

瀕臨迷失十年的反思

當前世界各地正陸續走出新冠疫情的困境,經濟前景將會如何?本年1月底,國際貨幣基金組織在其《世界經濟展望報告》中預測,未來5年環球經濟平均增長率只有3%,低於1990年代以來的中期增長預測;美國經濟則於本年年底陷於衰退,明年環球經濟很可能大幅放緩,而逐漸步向衰退。