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。

解釋反對票:機構投資者藉助投票理由推動公司治理改革
解釋反對票:機構投資者藉助投票理由推動公司治理改革
過去,機構投資者在對企業董事投下反對票時,極少公開說明反對的具體原因。 而如今,這種情況正在改變。 附在反對票上的簡短書面說明——正成為推動公司治理改革的利器。 香港大學、布裡斯托大學和多倫多大學的學者分析了2014至2022年間273家機構投資者(合計管理資產超過37萬億美元)披露的近80萬條投票記錄,發現:當投資者明確解釋反對理由時,企業更願意傾聽,並據此調整治理策略。 這一簡單而透明的機制,正在悄然改變全球董事會的運作方式。
用演算法拿捏消費者? 「割韭菜」之前,請三思
用演算法拿捏消費者? 「割韭菜」之前,請三思
網購時代,「舊用戶與狗不得享受」的優惠,往往讓忠實的消費者感到無奈。許多電商平台實施「一人一價」策略,甚至基於用戶的購買習慣和瀏覽記錄「看人下菜碟」,讓不同的消費者為同樣的商品支付不同的價格。此外,機票價格也不斷波動,越搜越貴已成常態。許多消費者發現,同一班機在不同時段價格差異龐大,甚至剛查看的票價,片刻後便上漲了。沒錯,你被演算法操控了──身為消費者,我們對商家的這些套路早已見怪不怪。
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。
2025年第二季美國貨幣政策回顧與展望
2025年第二季美國貨幣政策回顧與展望
2022年初,高通脹為美國經濟當務之急。2025年第二季,雖然通脹已顯著回落,卻仍略高於美國聯邦儲備局(聯儲局)2% 的長期目標水平。美國聯邦公開市場委員會一直出台各項措施,旨在令通脹回落至2%長期目標水平,但美國政府近期的政策變動為經濟前景和貨幣政策的制訂增添不確定性。本文就2025年第二季美國經濟狀況與貨幣政策走向作扼要分析。
《大而美法案》是又一個政策敗筆
《大而美法案》是又一個政策敗筆
OBBBA和「對等關稅」,是特朗普2.0的經濟政策基石,目的在維持美國金融霸權的同時,讓美國再工業化,確保國家安全,繼續唯我獨尊,又不願如過往般付出。然而,兩項政策還未認真啟動便已在動搖美國的根基。OBBBA導致的經濟分化和債務增長,都可能是將來經濟危機的伏筆。
穩定幣——數字汪洋中的信任之錨
穩定幣——數字汪洋中的信任之錨
近年環球金融市場風起雲湧,其中比特幣的價格波動猶如過山車,備受追求高回報的投資者追捧。然而,在這片浩瀚的數字海洋中,大多數企業與投資者尋求的並非冒險,而是一個投資避風港。
2025年第二季美國貨幣政策回顧與展望
2025年第二季美國貨幣政策回顧與展望
2022年初,高通脹為美國經濟當務之急。2025年第二季,雖然通脹已顯著回落,卻仍略高於美國聯邦儲備局(聯儲局)2% 的長期目標水平。美國聯邦公開市場委員會一直出台各項措施,旨在令通脹回落至2%長期目標水平,但美國政府近期的政策變動為經濟前景和貨幣政策的制訂增添不確定性。本文就2025年第二季美國經濟狀況與貨幣政策走向作扼要分析。
公屋富戶嘆難置業:私樓買不起 抽一手居屋又難過中六合彩
公屋富戶嘆難置業:私樓買不起 抽一手居屋又難過中六合彩
港大經管學院經濟學、管理及商業策略助理教授王柏林教授最近接受文匯報訪問時表示,提升居屋建造質素可為公屋人士置業提供誘因。他認為,公屋與居屋質素趨同是政策設計的重大失誤,公屋旨在為低收入群體提供基本居所,居屋整理質素理應優於公屋,才能吸引公屋戶向上流動。他建議,政府應該預留高質素、地點好的單位為居屋,並提升市場流通性,鼓勵「樓換樓」。

港人不缺錢 只是不花在你身上
港人不缺錢 只是不花在你身上
香港餐飲業經營壓力前所未有,租金、人工、食材成本上升,壓縮利潤,人力成本上漲,招聘及留住員工困難;消費北移,旅客消費未完全復蘇;內地品牌進駐,加劇競爭。宏觀經濟環境不明朗,消費者偏好轉變,且節省開支。為挽救劣勢,有集團的多間高級食肆推出優惠。