学术论文
研究焦点
全球学者
知识转移
明德商论
龙虎山下
媒体报导
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.
春节幸福感和疫情感知风险调查:来自机器学习的洞察
春节幸福感和疫情感知风险调查:来自机器学习的洞察
2023年刚结束的兔年春节内地民众过得怎样?调查显示,兔年春节期间,民众的幸福感平均值为5.47,介于“比较开心”与“开心”之间(1为最低值,7为最高值),“比较开心”以上人群占比为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.

研究企业之间的协调行为 – 郝宇博士
研究企业之间的协调行为 – 郝宇博士
计算机编程听起来好像和经济风马牛不相及,但拥有出色的编程技术,不但能帮助个人进行经济学学术研究,更能助你在商界捉紧更多就业机会。

构想虚拟货币的未来 – 游杨博士
构想虚拟货币的未来 – 游杨博士
作为教师,在鼓励同学努力学习之余,我亦会主动了解本地市场运作以及邀请雇主来到课堂分享业界经验。

从量子物理学到计量市场学—党矗博士
从量子物理学到计量市场学—党矗博士
理科出身的我,非常欣赏同学们的商业触觉。作为他们的师长,在教导他们使用数理工具作出科学判断的同时,我亦希望能够鼓励他们爱上学习,保持对未知事物的好奇心,应用课堂所学到的知识为社会做出贡献。

另类数据隐患:AI时代下的信贷市场
另类数据隐患:AI时代下的信贷市场
人工智能技术高速发展,有机会被部分借款者用来美化其信贷资料以获批贷款。贷款方与其透过多方面大量收集数据审批借款者,倒不如自我设限,集中提高收集数据的质量,同时增加贷款利润。
动态定价如何在解决游戏成瘾问题中实现“双赢”?
动态定价如何在解决游戏成瘾问题中实现“双赢”?
涵盖电子游戏、社交媒体和视频共享平台的数字媒体行业,去年收入估计打破5600亿美元。当全球多达数千万人沉迷电子游戏,多国政府和组织都积极采取措施遏制趋势。我们的研究显示,动态定价可望解决游戏成瘾的问题。
多模态人工智能模型:图像生成能力评测与安全挑战
多模态人工智能模型:图像生成能力评测与安全挑战
人工智慧图像生成技术日新月异,推动市场营销、广告设计及艺术创作等领域的创新。港大经管学院创新及资讯管理学教授蒋镇辉早前联同其人工智慧大模型评测团队对22款主流AI模型进行评估,深入剖析不同AI模型在图像生成方面的表现及潜在风险。
美债风暴与环球金融重新洗牌
美债风暴与环球金融重新洗牌
2025年4月,全球金融市场经历了一场前所未有的信用危机,美国10年期国债收益率飙升至4.5%,创下自2001年以来的最大单周涨幅。 这场危机背后的深层原因是什么? 特朗普政府的关税政策是市场动荡的催化剂? 美债市场能否转危为安?
泡泡玛特一夜爆红的IP策略
泡泡玛特一夜爆红的IP策略
提到现时最潮玩意,绝非Chanel或Taylor Swift,而是尖耳大眼、露九颗獠牙的Labubu! 港大经管学院市场学首席讲师范亭亭指出,泡泡玛特(Pop Mart)旗下Labubu迅速爆红,并非偶然,而是源于其独特的IP运营策略。品牌透过全球设计师合作,积极打造多元化角色,配合一条龙式的营运模式,从设计、生产至市场推广,全面迎合年轻消费者的需求与喜好。 范亭亭认为:“泡泡玛特善于利用数据分析,深入了解18至29岁年轻族群的潮流趋势,并持续优化IP形象,增强消费者黏性。”Labubu的成功,并不仅依赖明星效应,而是在于品牌能够持续建立社群互动,巩固粉丝基础,并引领潮流文化。 未来泡泡玛特能否延续增长动力,关键在于其能否持续洞察市场变化,并深化与消费者之间的情感连结。
特朗普关税大棒的背后
特朗普关税大棒的背后
美国总统特朗普在“美国解放日”宣布全面征收“对等关税”(reciprocal tariffs),税率高于市场预期,瞬即引发经济和金融市场的震荡。耶鲁的预算实验室亦估计各种关税共会推高美国短期物价 2.3%、导致每住户平均减少3800美元的消费、及降低2025年美国GDP实质增长率0.9%,后果严重。 港大经管学院荣誉副教授陆炎辉认为,对特朗普政府而言,关税既是目的也是手段。关税可以直接为政府带来收入,虽然不足以取代主要税项;也可以推动些许再工业化,但难以回到美国工业的辉煌年代,而且发展工业并非一蹴即至,美国经济可以在高关税下持续多久仍待观望。
美债风暴与环球金融重新洗牌
美债风暴与环球金融重新洗牌
2025年4月,全球金融市场经历了一场前所未有的信用危机,美国10年期国债收益率飙升至4.5%,创下自2001年以来的最大单周涨幅。 这场危机背后的深层原因是什么? 特朗普政府的关税政策是市场动荡的催化剂? 美债市场能否转危为安?
关税不能让美国再次伟大
关税不能让美国再次伟大
美国总统特朗普贸然向全世界掀起关税大战,搅乱世界经济棋局。为何“科班”出身的特朗普执意要打违反经济规律的关税战?能解决美国的贸易逆差问题吗?对中国产业发展又会带来哪些深远影响?