針對2019冠狀病毒病研製而成的兩種疫苗(Pfizer-BioNTech和Moderna),近日獲得美國食品及藥物管理局的批准,得以在美國廣泛使用;與此同時,其他疫苗的研發也正進行得如火如荼。可以預見,不久將有更多疫苗獲批面市。疫苗研發成功固然是好消息,但要戰勝病毒、重啟經濟,前路依然漫長。
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Stephen Ching did his undergraduate and master in economics at The University of Hong Kong; PhD at the University of Rochester, where he was awarded with the Conibear Prize. He left the City University of Hong Kong and returned to his alma mater in 2002.
His research is related to different areas in economics, which include game theory, mechanism design, industrial organization, and international economics. He has published in the Economics Letters, International Journal of Game Theory, Journal of Economic Theory, Regional Science and Urban Economics, Review of International Economics, and Social Choice and Welfare. His papers have also appeared in the Asia-Pacific Journal of Taxation and Pacific Economic Review, as a result of invited submissions.
His research activities extend outside the academia. He is the first Hong Kong academic appointed as a research fellow by the Hong Kong Monetary Authority. He was the senior consultant of the project, An Extended Study of the Key Economic Characteristics of Indirect Taxes in Hong Kong, commissioned by the Government of the HKSAR. He was also appointed as consultants by the Hong Kong Coalition of Service Industries, Pacific Basin Economic Council, and the former Hongkong Telecom.
He is the only economic professor in Hong Kong who is a CFA charterholder. He also holds the title of Financial Risk Manager (FRM). He has been invited to give professional workshops at the Central University of Finance of Economics, Renmin University, Research Institute of Tsinghua University in Shenzhen, and Shanghai University of Finance and Economics.
- “Contestability of the Urban Land Market: An Event Study of Hong Kong Land Auctions”,
(with Yuming Fu), Regional Science and Urban Economics, forthcoming. - “A Maximal Domain for the Existence of Strategy-Proof Rule”,
(with Shigehiro Serizawa), Journal of Economic Theory, 78(1), January 1998, pp.157-166. - “Strategy-Proofness and ‘Mdian Voters'”,
International Journal of Game Theory, 26(4), 1997, pp.473-490. - “A Simple Characterization of Plurality Rule”,
Journal of Economic Theory , 71(1), October 1996, pp.298-302. - “An Alternative Characterization of the Uniform Rule”,
Social Choice and Welfare, 11(2), April 1994, pp.131-136.
最近,原定於11月5日在上交所和港交所同步上市的螞蟻集團,在滬港兩交易所暫緩上市。這次暫緩上市不僅影響了外界對螞蟻集團的評價,更導致了投資者融資認購所帶來的利息問題。融資認購是指投資者以投資帳戶內的資產為基準,以某個槓桿倍率向銀行或券商借貸,以此來認購更多新股。當新股配售結束時,無論獲發新股與否,投資者都需要支付利息。這次螞蟻集團的暫緩上市,讓不少投資者都蒙受了利息損失。其中,通過加倍槓桿來進行超額認購的投資者或會首當其衝。
The article 《物業稅的資本化》 was originally published in Hong Kong Economic Journal column 「龍虎山下」
Article by Associate Professor Dr Stephen Ching and Research Assistant Mr Peter Mu in Ming Pao Daily.
樓價過高一向是香港亟待解決的問題之一。觀乎香港自1997年回歸後的22個財政年度(1997/98至2018/19),四類主要私人物業售價指數升幅可觀,私人住宅上升超過130%,私人寫字樓上升逾150%,零售業樓宇升幅約210%,分層工廠大廈增幅更逾420%。樓價升勢與地價高企關係密不可分。
Article by Dr. Stephen Ching, Associate Professor in Economics, on his suggestions to government's public policy.
Monty Hall(1921-2017)是經典電視遊戲節目Let's Make a Deal主持人。節目在1963年首播;自此,Monty Hall一直是節目主持,至1986年節目一度停播為止。作為Let's Make a Deal首任節目主持人,主持此節目更逾20年,Monty Hall自然成為Let's Make a Deal的代表。(Let's Make a Deal是長青節目,目前仍在美國電視網絡CBS播放,現任節目主持為Wayne Brady。)
Opinion piece by Dr. Stephen Ching, Associate Professor in Economics
Opinion piece by Dr. Stephen Ching, Associate Professor in Economics
香江寓所,供不應求;房價飆升,年復一年;能負擔者,寥寥無幾;問題累積,深層次矣;長遠房策,標本不治;對症換藥,方有轉機。