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。

創新合作新解法:戰略性信息設計助力小型企業防範技術盜用
創新合作新解法:戰略性信息設計助力小型企業防範技術盜用
在當前競爭激烈的商業環境中,創新合作已成為企業在競爭中取得優勢的重要路徑。在創新驅動的合作夥伴關係中,大型企業往往通過與小型科技公司合作,將後者的核心技術整合進自身產品,以推動產品創新、擴大市場份額。為了爭取合作機會,小型企業也需要向潛在合作方展示技術整合的應用潛力和市場前景。
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%。
倫敦經驗對香港經貿轉型的四大啟示
倫敦經驗對香港經貿轉型的四大啟示
第二次世界大戰後,倫敦經歷了從全球貿易港口到離岸金融中心的深刻轉型。1964年,倫敦位居歐洲三大港口之一,處理貨物量高達6130萬噸;但至1980年代,隨着大型遠洋船舶和集裝箱技術的普及,當地封閉式碼頭在地理與設施上均難以適應新型貨運需求,貨物處理量大降至2500萬噸,倫敦港口因而失落領導地位。
芯片裡的梵高:人工智能如何重塑創作邏輯和藝術市場
芯片裡的梵高:人工智能如何重塑創作邏輯和藝術市場
近年來,人工智能(AI)技術的爆發式發展,在世界各地掀起了激烈討論與深層焦慮,究竟人工智能會否替代人類工作,並且摧毀各行各業。早在 2016 年,英國物理學家霍金生前就有此預言:隨着人工智能崛起,中產階級勢將深受就業流失趨勢的影響,只有最講求關愛、創造力和監督力的崗位得以保留。
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。
倫敦經驗對香港經貿轉型的四大啟示
倫敦經驗對香港經貿轉型的四大啟示
第二次世界大戰後,倫敦經歷了從全球貿易港口到離岸金融中心的深刻轉型。1964年,倫敦位居歐洲三大港口之一,處理貨物量高達6130萬噸;但至1980年代,隨着大型遠洋船舶和集裝箱技術的普及,當地封閉式碼頭在地理與設施上均難以適應新型貨運需求,貨物處理量大降至2500萬噸,倫敦港口因而失落領導地位。
創新合作新解法:戰略性信息設計助力小型企業防範技術盜用
創新合作新解法:戰略性信息設計助力小型企業防範技術盜用
在當前競爭激烈的商業環境中,創新合作已成為企業在競爭中取得優勢的重要路徑。在創新驅動的合作夥伴關係中,大型企業往往通過與小型科技公司合作,將後者的核心技術整合進自身產品,以推動產品創新、擴大市場份額。為了爭取合作機會,小型企業也需要向潛在合作方展示技術整合的應用潛力和市場前景。