Maurice K.S. Tse
Dr. Maurice K.S. TSE, JP
金融学
Principal Lecturer
BEcon/BEcon&Fin Programme Director

2857 8636

KK 919

Biography

Maurice Tse received a Ph.D. in Finance from Michigan State University. In 1988, when still a Ph.D. candidate, he won the All-University-Excellence in Teaching Award as a graduate course instructor. Maurice joined the School of Business at Indiana University in 1989. In 1991, he also obtained a professional qualification as an Associate of the Society of Actuaries (ASA). Maurice’s teaching has mainly been concerned with telling students how to get rich slowly but surely instead of getting rich fast.

Maurice has also been involved in teaching and consulting services to professional institutions. Since 1995, he has been an external assessor for the University Grants Committee. In 1996, while on staff at HKUST, Maurice taught the Professional Course for Equity Options Practitioners and the Diploma Course in Derivatives and Risk Management for the Stock Exchange of Hong Kong. In 1993 and 1994, he served on one of the Examination Committees in the Society of Actuaries. In 1991, he prepared the 1991 Housing Affordability Report for the Housing Finance Authority, State of Indiana, USA, to assist the state in complying with Department of Housing and Urban Development regulations.

Maurice has wide research interests, which include the effects of government regulations on the volatility and the wealth transfer in financial markets, asset pricing, corporate finance, and risk management. His current research focuses on the valuation of hybrid mortgage, signaling and corporate acquisitions, market structure and return volatility in Hong Kong, the commercial real estate market adjustment process, and the U.S. and Japanese Currency and Stock Market Responses to Japanese Merchandise Balance of Trade Announcements

Selected Publications
  • “Supply Adjustments to Demand Shocks in the Commercial Real Estate Market”,
    (with G.H. Lentz), Real Estate Economics, forthcoming.
  • “The U.S. International Air Route Award Process: Shareholder Wealth Effects and Policy Implications”,
    (with G.E. Hoffer and S.W. Pruitt), The Journal of Regulatory Economics, Vol. 12, 1997, pp.197-217.
  • “The Price, volatility, volume, and liquidity effects of Changes in Federal Reserve Margin Requirements on both Marginable and Non-marginable OTC Stocks”,
    in S.W. Pruitt and Andrew Lo, (eds.), The Industrial Organization and Regulation of the Securities Industry, National Bureau of Economic Research, University of Chicago, 1996.The Industrial Organization and Regulation of the Securities Industry
    National Bureau of Economic Research, University of Chicago, 1996.
  • “An Option Pricing Approach to the Valuation of Commercial Real Estate Contaminated with Hazardous Materials”,
    (with G.H. Lentz), The Journal of Real Estate Finance and Economics, Vol. 10. No. 2, Spring 1995, pp.121-144.
  • “A Quadratic Approach to the Two-Stage Dividend Discount Model”,
    in K.Han and J. Uppal, Dilip K. Ghosh, (eds) , New Advances in Financial Economics, Oxford, Elsevier Science Publishers, London, U.K., 1995, pp.23-37.New Advances in Financial Economics
    Oxford, Elsevier Science Publishers, London, U.K., 1995.
  • “The CRISMA Trading System: The Next Five Years”,
    (with S.W. Pruitt and R.E. White), The Journal of Portfolio Management, Vol. 18, 1992, pp.22-25.
  • “Downside Risk and Investment Planning”,
    (with M.A. White and J. Uppal), The Financial Review, Vol. 28 No. 4, November 1993, pp.585-605, an abstract of this article was also published in the CFA Digest, Spring 1994, by the Association for Investment Management and Research.
Recent Publications
美国大选结果折射出的避责文化

感冒具传染性,你知道指责别人似乎也同样具传染性吗? 心理学学者进行了一项实验,让参与者阅读有关政治失败的新闻,并写下政客的过失。当他们看到政客将失败归咎于特殊利益时,更容易将自己的责任推卸给他人。同样,若管理层轻易指责下属,员工也会效仿,这样就容易形成推卸责任的文化。

美国大选结果折射出的避责文化

感冒具传染性,你知道指责别人似乎也同样具传染性吗? 心理学学者进行了一项实验,让参与者阅读有关政治失败的新闻,并写下政客的过失。当他们看到政客将失败归咎于特殊利益时,更容易将自己的责任推卸给他人。同样,若管理层轻易指责下属,员工也会效仿,这样就容易形成推卸责任的文化。

AI市场重蹈千禧科网泡沫覆辙?

生成式人工智能(AI)会否成为下一个科技泡沫?抑或这纯属是短期调整?AI近年急速发展,各界争相投资,但不少专家担心已出现泡沫。有意见指出,AI公司的估值被过度推高,且其实际增益有限,提醒投资者须对这一行业的发展保持理性、客观的态度。

AI市场重蹈千禧科网泡沫覆辙?

生成式人工智能(AI)会否成为下一个科技泡沫?抑或这纯属是短期调整?AI近年急速发展,各界争相投资,但不少专家担心已出现泡沫。有意见指出,AI公司的估值被过度推高,且其实际增益有限,提醒投资者须对这一行业的发展保持理性、客观的态度。

美国财困难纾 前景堪虞

过去5年,美国政府财赤持续超过1万亿美元,债务水平更居全球前列,而政府财赤占GDP比率持续超过3%,均令许多经济学家和国际机构感到担忧。当前美国公债占GDP比率接近100%,2034年更将升至116%,会为美国长远经济发展构成沉重负担。

美国财困难纾 前景堪虞

过去5年,美国政府财赤持续超过1万亿美元,债务水平更居全球前列,而政府财赤占GDP比率持续超过3%,均令许多经济学家和国际机构感到担忧。当前美国公债占GDP比率接近100%,2034年更将升至116%,会为美国长远经济发展构成沉重负担。

假资讯满天飞 正视听稳财经

早前,世界经济论坛将错误资讯 (misinformation) 和虚假资讯 (disinformation) 视为全球面临的最严重短期风险。另有研究报告指出,假新闻资讯每年造成股市 390 亿美元的损失。 错误和虚假资讯的杀伤力何以如此惊人?皆因配以一套阴谋论,便可以提高其可信性,令普罗大众防不胜防。随着各地社会资讯泛滥、真伪难辨;加上政治渐趋两极化,经济持续不振,种种传言与臆测如货币战争阴谋论以至美国登月均不胫而走。

假资讯满天飞 正视听稳财经

早前,世界经济论坛将错误资讯 (misinformation) 和虚假资讯 (disinformation) 视为全球面临的最严重短期风险。另有研究报告指出,假新闻资讯每年造成股市 390 亿美元的损失。 错误和虚假资讯的杀伤力何以如此惊人?皆因配以一套阴谋论,便可以提高其可信性,令普罗大众防不胜防。随着各地社会资讯泛滥、真伪难辨;加上政治渐趋两极化,经济持续不振,种种传言与臆测如货币战争阴谋论以至美国登月均不胫而走。

投资无疆界 规管新安排

去中心化金融(Decentralized Finance,简称DeFi)和虚拟资产市场是第三代互联网(Web 3.0)生态圈的重要板块,亦是全球金融城市必争之地,它为传统的投资方式带来改变,同时衍生网络安全和监管等问题。

投资无疆界 规管新安排

去中心化金融(Decentralized Finance,简称DeFi)和虚拟资产市场是第三代互联网(Web 3.0)生态圈的重要板块,亦是全球金融城市必争之地,它为传统的投资方式带来改变,同时衍生网络安全和监管等问题。