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
Endogenous Costs, Market Competition, and Disclosure
Endogenous Costs, Market Competition, and Disclosure
Firms must often decide whether to disclose private information regarding their costs to other market participants. Although extant literature has explored firms’ incentives to disclose exogenous and uncertain costs, little is known about when their endogenous costs should be disclosed. This paper studies the cost-disclosure strategies of competing firms whose inputs are sourced from and endogenously priced by upstream suppliers. We find, first, that cost disclosure affects not only market competition but also the motivations of suppliers in setting their input prices. As such, firms can strategize their disclosure decisions to optimize their procurement costs. Second, we find that firms’ disclosure decisions vary depending on both the nature of the competition and the market structure at hand. That is, when competing firms source from the same supplier or compete on price, they never disclose their costs; in such a case, nondisclosure is strictly better for consumers and welfare compared with disclosure. When competing firms source from different suppliers and compete on quantity, they always disclose; in such a case, disclosure is strictly better for consumers and welfare compared with nondisclosure. We also find that whereas manufacturers’ disclosure incentives are misaligned with those of suppliers, they are largely aligned with the goal of maximizing channel profits. Together, our results underscore the distinct role that endogenous costs play in firms’ disclosure decisions.

The Dark Side of Voluntary Data Sharing
The Dark Side of Voluntary Data Sharing
To balance the need for privacy and the benefits of big-data analytics, regulators around the world are giving consumers control over their data, allowing them to choose whether or not to voluntarily share their purchase history data with firms. Intuition suggests that voluntary data sharing only benefits consumers who can now choose to share their data only when it is profitable to do so. To investigate this argument, we build a model in which a monopolistic firm sells a repeatedly purchased product to consumers over two periods, and consumers decide whether or not to share their purchase history data with the firm, who can use it in the future to price discriminate against them. We find that, compared to when data collection is completely outlawed, voluntary data sharing can benefit the firm but at its consumers’ expense. Moreover, regulations that mandate firms to better protect consumer data against data breaches can backfire on consumers. Finally, we show that under voluntary data sharing, a firm’s ability to offer consumers a monetary incentive to share their data can improve profits without hurting consumers. Taken together, these findings underscore the surprising effects of voluntary data sharing and caution public policymakers of how certain data policies that, on the surface, seem purely beneficial can lead to unintended consequences.

Disclosing Endogenous Cost Information
Disclosing Endogenous Cost Information
We study voluntary cost disclosure by duopoly firms when they can invest in a cost-reduction technology, i.e., when their private cost is endogenously determined. We find that, contrary to most of the literature, firms disclose their endogenous cost information regardless of the type of competition. The underlying mechanisms and welfare implications, however, are different. Under Bertrand competition, cost disclosure helps a firm avoid aggressive investment in cost reduction to coordinate actions to the mutual advantage of the duopoly firms. Under Cournot competition, disclosing cost information enables a firm to show a hardened stance toward the competing firm. Although firms gain from their disclosure decisions under Bertrand competition, their disclosure decisions under Cournot competition place them in a prisoner’s dilemma, as both firms would be better off if they chose not to disclose their information. Consequently, consumers may lose under Bertrand competition but gain under Cournot competition.

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。

下一個Labubu:泡泡瑪特的「造星」神話能否繼續?
下一個Labubu:泡泡瑪特的「造星」神話能否繼續?
從2024年開始,一個長著尖尖小耳朵,惡魔般大眼睛,咧著9顆尖尖獠牙的玩偶Labubu風靡全球。 2025年上半年,Labubu銷售額高達48億人民幣。 Labubu驚艷市場的不僅是它強大的吸金能力,更是它在海外市場的勢不可擋。 從東南亞到歐洲美國,Labubu都是年輕人追捧的潮流。 Labubu的成功也讓泡泡瑪特股票從2020年IPO的38.5港幣一路飆升到超過200港幣,短短5年漲幅超過400%。
風起於青萍之末:內地電商浪潮重塑香港
風起於青萍之末:內地電商浪潮重塑香港
香港曾以「購物天堂」聞名於世,其零售業是經濟的關鍵支柱。 從尖端電子產品到國際奢侈品,這座城市一度憑藉品質保證與匯率優勢吸引著全球消費者。 如今,內地電商平臺的崛起,正深刻重塑著香港的商業生態。 這不僅是一場線上與線下的模式之爭,更是由技術進步與區域經濟一體化驅動的,對香港核心經濟結構與比較優勢發起的根本性拷問。
直播帶貨的熱浪:短暫刺激還是持久商機?
直播帶貨的熱浪:短暫刺激還是持久商機?
在數位化浪潮的推動下,直播帶貨已迅速崛起為電商領域的現象級行銷方式之一。 憑藉即時互動與沉浸式體驗,它成功吸引了數以億計消費者的目光。 數據顯示,2020年中國直播電商市場規模增速高達196%,總體規模突破1800億美元; 到2022年,該數位已躍升至5000億美元,預計2025年將達到9680億美元。
港股私有化暗藏的玄機
港股私有化暗藏的玄機
繼上市不足3年半的譚仔國際,在今年2月由日本母公司東利多控股提出私有化之後,滙豐集團亦於本月9日公布,建議私有化創立於1933年的恒生銀行。換言之,恒生成為滙豐全資子公司後,其超過50年的上市地位將被撤銷。
建設區域IP貿易中心   推動中國IP國際化
建設區域IP貿易中心   推動中國IP國際化
兩年前,筆者於本欄撰寫〈知識產權商業化 有利經濟高質量發展〉一文,並與香港青年工業家協會發表《知識產權商品化:策動香港再工業化發展》研究報告,提出包括「鼓勵以無形資產作融資抵押」等一系列建議,以期促進本港IP(知識產權)商業化發展。
阿根廷經濟再陷困境
阿根廷經濟再陷困境
踏入2025年最後一季,中美經濟戰火重燃。當前全球經濟的焦點,落在本月底在南韓慶州舉行的亞太經濟合作組織(APEC)會議中。但在APEC會議舉行之前數天,在地球的另一邊,有另一事情也值得關注,那是10月26日阿根廷立法機關的中期選舉。
港股私有化暗藏的玄機
港股私有化暗藏的玄機
繼上市不足3年半的譚仔國際,在今年2月由日本母公司東利多控股提出私有化之後,滙豐集團亦於本月9日公布,建議私有化創立於1933年的恒生銀行。換言之,恒生成為滙豐全資子公司後,其超過50年的上市地位將被撤銷。
華無懼芯戰 AI發展趕美
華無懼芯戰 AI發展趕美
人工智能(AI)日新月異,中國科企之成就令海外投資者對中資股刮目相看,迎來美國更強力的圍堵,務求拖慢中國的AI技術發展。香港大學經管學院創新及資訊管理學教授兼夏利萊伉儷基金教授蔣鎮輝表示,中國AI大模型的實力已領先全球,跟美國的差距也愈來愈近,華府的晶片管制不能完全解釋兩國AI技術差距,但接下來的挑戰也非光靠砸錢就能彌補。

建設區域IP貿易中心   推動中國IP國際化
建設區域IP貿易中心   推動中國IP國際化
兩年前,筆者於本欄撰寫〈知識產權商業化 有利經濟高質量發展〉一文,並與香港青年工業家協會發表《知識產權商品化:策動香港再工業化發展》研究報告,提出包括「鼓勵以無形資產作融資抵押」等一系列建議,以期促進本港IP(知識產權)商業化發展。