Maurice K.S. Tse
Dr. Maurice K.S. TSE, JP
金融學
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
美國大選結果折射出的避責文化

感冒具傳染性,你知道指責別人似乎也同樣具傳染性嗎? 心理學學者進行了一項實驗,讓參與者閱讀有關政治失敗的新聞,並寫下政客的過失。當他們看到政客將失敗歸咎於特殊利益時,更容易將自己的責任推卸給他人。同樣,若管理層輕易指責下屬,員工也會效仿,這樣就容易形成推卸責任的文化。

美國大選結果折射出的避責文化

感冒具傳染性,你知道指責別人似乎也同樣具傳染性嗎? 心理學學者進行了一項實驗,讓參與者閱讀有關政治失敗的新聞,並寫下政客的過失。當他們看到政客將失敗歸咎於特殊利益時,更容易將自己的責任推卸給他人。同樣,若管理層輕易指責下屬,員工也會效仿,這樣就容易形成推卸責任的文化。

AI市場重蹈千禧科網泡沫覆轍?

生成式人工智能(AI)會否成為下一個科技泡沫?抑或這純屬是短期調整?AI近年急速發展,各界爭相投資,但不少專家擔心已出現泡沫。有意見指出,AI公司的估值被過度推高,且其實際增益有限,提醒投資者須對這一行業的發展保持理性、客觀的態度。

AI市場重蹈千禧科網泡沫覆轍?

生成式人工智能(AI)會否成為下一個科技泡沫?抑或這純屬是短期調整?AI近年急速發展,各界爭相投資,但不少專家擔心已出現泡沫。有意見指出,AI公司的估值被過度推高,且其實際增益有限,提醒投資者須對這一行業的發展保持理性、客觀的態度。

美國財困難紓 前景堪虞

過去5年,美國政府財赤持續超過1萬億美元,債務水平更居全球前列,而政府財赤佔GDP比率持續超過3%,均令許多經濟學家和國際機構感到擔憂。當前美國公債占GDP比率接近100%,2034年更將升至116%,會為美國長遠經濟發展構成沉重負擔。

美國財困難紓 前景堪虞

過去5年,美國政府財赤持續超過1萬億美元,債務水平更居全球前列,而政府財赤佔GDP比率持續超過3%,均令許多經濟學家和國際機構感到擔憂。當前美國公債占GDP比率接近100%,2034年更將升至116%,會為美國長遠經濟發展構成沉重負擔。

假資訊滿天飛 正視聽穩財經

早前,世界經濟論壇將錯誤資訊 (misinformation) 和虛假資訊 (disinformation) 視為全球面臨的最嚴重短期風險。另有研究報告指出,假新聞資訊每年造成股市 390 億美元的損失。 錯誤和虛假資訊的殺傷力何以如此驚人?皆因配以一套陰謀論,便可以提高其可信性,令普羅大眾防不勝防。隨着各地社會資訊泛濫、真偽難辨;加上政治漸趨兩極化,經濟持續不振,種種傳言與臆測如貨幣戰爭陰謀論以至美國登月均不脛而走。

假資訊滿天飛 正視聽穩財經

早前,世界經濟論壇將錯誤資訊 (misinformation) 和虛假資訊 (disinformation) 視為全球面臨的最嚴重短期風險。另有研究報告指出,假新聞資訊每年造成股市 390 億美元的損失。 錯誤和虛假資訊的殺傷力何以如此驚人?皆因配以一套陰謀論,便可以提高其可信性,令普羅大眾防不勝防。隨着各地社會資訊泛濫、真偽難辨;加上政治漸趨兩極化,經濟持續不振,種種傳言與臆測如貨幣戰爭陰謀論以至美國登月均不脛而走。

投資無疆界 規管新安排

去中心化金融(Decentralized Finance,簡稱DeFi)和虛擬資產市場是第三代互聯網(Web 3.0)生態圈的重要板塊,亦是全球金融城市必爭之地,它為傳統的投資方式帶來改變,同時衍生網絡安全和監管等問題。

投資無疆界 規管新安排

去中心化金融(Decentralized Finance,簡稱DeFi)和虛擬資產市場是第三代互聯網(Web 3.0)生態圈的重要板塊,亦是全球金融城市必爭之地,它為傳統的投資方式帶來改變,同時衍生網絡安全和監管等問題。