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
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。

當算法成為消費者——AI代理經濟如何重塑消費行業
當算法成為消費者——AI代理經濟如何重塑消費行業
人工智能正在經歷從「副駕駛」向「智慧體」的進化,這一躍遷對市場營銷行業的影響將是史無前例的。在過去幾年,我們見證了 AI 如何作為一種效率工具優化營銷鏈條:客服機器人削減了運營成本,生成式 AI(AIGC)實現了內容的規模化生產,而機器學習讓消費者洞察變得更加精準。
中企出海:中國宏觀經濟轉型的必經之路
中企出海:中國宏觀經濟轉型的必經之路
當前中國經濟正處於深度轉型期。 儘管擁有14億人口的內需潛力,但房地產調整引發的財富效應收縮、居民高儲蓄率(2024年超過43%)與消費信心不足制約內需釋放。 同時,部分高端製造領域供強需弱,國內市場「內卷」加劇。

當AI開始「一本正經地胡說八道」:全球大模型競逐中的隱性風險
當AI開始「一本正經地胡說八道」:全球大模型競逐中的隱性風險
大語言模型如今正日益滲透到知識生產、商業分析、法律諮詢與醫療決策等核心領域,一個過去常被視為技術性缺陷嘅問題,正迅速成為全球技術競賽嘅新焦點:大語言模型嘅「幻覺」( Hallucination )——即模型喺缺乏事實依據時,仍然以極高「信心」畀出流暢、卻虛假嘅答案。
預測市場靠眼光還是內幕
預測市場(prediction market)是以進行預測為目的而產生的一種投機市場。輸贏綁定某一特定事件(如美國和以色列空襲伊朗)或參數(如明日股市升跌),最終結果決定取得的金錢價值。
綠綠賞,如何「賞」? 數據驅動社區回收轉型
綠綠賞,如何「賞」? 數據驅動社區回收轉型
環顧全球,垃圾分類回收已成為城市管治不可迴避的一環。過去10年,特區政府通過「綠在區區」計劃和「綠綠賞」積分制度,在全港建立起社區回收網絡,推動市民把回收行為融入日常生活。
第三次經濟轉型關鍵時刻:從四大支柱產業說起
第三次經濟轉型關鍵時刻:從四大支柱產業說起
香港是一個高度發達的經濟體,其本地生產總值(GDP)近94% 均來源於服務業。然而,在現時的服務業結構下,存在一個「二元結構陷阱」:一方面是就業機會稀缺的高附加值行業;另一方面則是附加值較低的大眾行業。
預測市場靠眼光還是內幕
預測市場(prediction market)是以進行預測為目的而產生的一種投機市場。輸贏綁定某一特定事件(如美國和以色列空襲伊朗)或參數(如明日股市升跌),最終結果決定取得的金錢價值。
綠綠賞,如何「賞」? 數據驅動社區回收轉型
綠綠賞,如何「賞」? 數據驅動社區回收轉型
環顧全球,垃圾分類回收已成為城市管治不可迴避的一環。過去10年,特區政府通過「綠在區區」計劃和「綠綠賞」積分制度,在全港建立起社區回收網絡,推動市民把回收行為融入日常生活。
新一份預算案提高免稅額 中產不再被忽視?
新一份預算案提高免稅額 中產不再被忽視?
新一年度《財政預算案》現已發佈,政府財政狀況扭轉近年頹勢並錄得盈餘。這是否預示著經濟將全面反彈?港大經管學院副院長鄧希煒教授早前接受無綫電視《新聞透視》專訪,就預算案對本港未來經濟發展的啟示發表看法。