學術論文
研究焦點
全球學者
知識轉移
明德商論
龍虎山下
媒體報導
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.
春節幸福感和疫情感知風險調查:來自機器學習的洞察
春節幸福感和疫情感知風險調查:來自機器學習的洞察
2023年剛結束的兔年春節內地民眾過得怎樣?調查顯示,兔年春節期間,民眾的幸福感平均值為5.47,介於“比較開心”與“開心”之間(1為最低值,7為最高值),“比較開心”以上人群占比為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.

研究企業之間的協調行為 – 郝宇博士
研究企業之間的協調行為 – 郝宇博士
計算機編程聽起來好像和經濟風馬牛不相及,但擁有出色的編程技術,不但能幫助個人進行經濟學學術研究,更能助你在商界捉緊更多就業機會。

疫況愈下 「清零」何價?
疫況愈下 「清零」何價?
香港在連續數月「清零」後,在社區出現Omicron變種病毒個案,爆發第五波疫情,特區政府因而重新推出表列處所須關閉等社交距離防疫措施,並取消多項大型活動。
構想虛擬貨幣的未來 – 游楊博士
構想虛擬貨幣的未來 – 游楊博士
作為教師,在鼓勵同學努力學習之餘,我亦會主動了解本地市場運作以及邀請僱主來到課堂分享業界經驗。

醫療革命:創新模式重塑新興經濟體健康版圖​​
醫療革命:創新模式重塑新興經濟體健康版圖​​
在資源有限與人口持續增長的雙重壓力下,對於新興經濟體來說,是否可以在保障醫療質量的同時,提升醫療的普及性並降低醫療費用呢? 港大經管學院創新及資訊管理學助理教授Sundara結合近期對多個新興經濟體醫療機構的實地考察和與多位學者在公共衛生領域的合作研究發現,一些新興市場的實踐正在突破傳統局限,探索同時滿足醫療質量、醫療普及性以及醫療費用的創新醫療模式。
AI工業革命衝擊勞動力市場
AI工業革命衝擊勞動力市場
你是否注意到,有別於過往工業革命主要衝擊基層職位,此輪AI浪潮的影響顯然不同? 它不但深入自動化流程,更可能取代那些高技能、高收入的工作。 據國際貨幣基金組織預測,AI或將影響全球高達40%的就業,其中在發達經濟體如香港,比例可能更高達60%。
貿易戰下中國經濟的危與機
貿易戰下中國經濟的危與機
鄧希煒教授:特朗普關稅政策對中國而言,短期壓力雖大,但長期通過產業鏈韌性建設、內需市場挖掘和理性出海,中國經濟仍具備較強的抗風險能力。
內地電商強攻下香港零售業如何自救
內地電商強攻下香港零售業如何自救
近期內地電商巨頭淘寶、京東、拼多多紛紛發力,將香港市場納入包郵區。過去港人需先通過中轉集運才能接收所訂貨品,相比之下,最新推出的一站式購物服務,自然大受歡迎。 無庸置疑,內地電商龍頭的搶灘行為必會影響本地零售業,讓早已低迷的銷情雪上加霜。這種趨勢下,本土零售業有什麼應對之道?筆者從以下3個角度建議業界如何破解困局。
香港旅遊IP可向泡泡瑪特取經
香港旅遊IP可向泡泡瑪特取經
香港旅遊首季迎來開門紅,內地五一黃金周也出現訪港高峰。 然而旅遊熱潮並未帶動消費,訪港遊客甚至「發明」了在速食店過夜的省錢攻略。 如何突破香港旅遊旺丁不旺財的困境? 泡泡瑪特一夜爆紅,實現口碑與銷量的雙贏。 其成功經驗能否為香港打造旅遊IP(知識產權)提供借鑒?
貿易戰與宏觀經濟恆等式
貿易戰與宏觀經濟恆等式
早前中美雙方在日內瓦就關稅會談,出乎意料地迅速達成休戰共識,關稅稅率暫時回落至所謂美國「解放日」之前的水平,但全球局面却難復舊觀。美國總統特朗普玩弄所謂談判技巧,叫價忽高忽低、忽真忽假,威逼利誘,爲己方製造談判空間。可是礙于底氣不足,邏輯紊亂,貿易戰猶如美方蹩脚的馬戲班雜耍,將全球經濟政策不確定性指數推至歷史高點【注1】。
內地電商強攻下香港零售業如何自救
內地電商強攻下香港零售業如何自救
近期內地電商巨頭淘寶、京東、拼多多紛紛發力,將香港市場納入包郵區。過去港人需先通過中轉集運才能接收所訂貨品,相比之下,最新推出的一站式購物服務,自然大受歡迎。 無庸置疑,內地電商龍頭的搶灘行為必會影響本地零售業,讓早已低迷的銷情雪上加霜。這種趨勢下,本土零售業有什麼應對之道?筆者從以下3個角度建議業界如何破解困局。
企業創新:動力與挑戰
企業創新:動力與挑戰
面對快速演變的市場與技術浪潮,企業欲保持競爭力,創新已非選擇,而是生存之道。香港大學經管學院創新與創業研究中心副總監、管理及商業策略實務副教授陳炳雄(Joseph)在《經濟一週》的專訪中,詳細分析了企業創新的驅動力、以及香港在創新領域的機遇和未來發展方向。

香港旅遊IP可向泡泡瑪特取經
香港旅遊IP可向泡泡瑪特取經
香港旅遊首季迎來開門紅,內地五一黃金周也出現訪港高峰。 然而旅遊熱潮並未帶動消費,訪港遊客甚至「發明」了在速食店過夜的省錢攻略。 如何突破香港旅遊旺丁不旺財的困境? 泡泡瑪特一夜爆紅,實現口碑與銷量的雙贏。 其成功經驗能否為香港打造旅遊IP(知識產權)提供借鑒?