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

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

Challenges and opportunities of ageing population

本地人口結構正經歷人口老化的轉變,特區政府估計20年後,每3個香港人中,約有1人是65歲或以上的長者,而長者人口增長的一個特點就是,80歲及以上的增幅在未來40年間尤為顯著。2021年80歲及以上人口約為40萬(5.3%),到2040年會倍增至接近99萬(12.2%),2060年更將跳升到125萬(16.3%)

Challenges and opportunities of ageing population

本地人口結構正經歷人口老化的轉變,特區政府估計20年後,每3個香港人中,約有1人是65歲或以上的長者,而長者人口增長的一個特點就是,80歲及以上的增幅在未來40年間尤為顯著。2021年80歲及以上人口約為40萬(5.3%),到2040年會倍增至接近99萬(12.2%),2060年更將跳升到125萬(16.3%)

The trend of bankruptcy and liquidation under COVID-19 pandemic

新冠肺炎大流行引發的經濟衰退年內揮之不去,為抗疫紓困,特區政府曾推出多輪措施,金額超過3000億元,包括失業支援計劃、保就業計劃及中小企融資擔保計劃,並提出立法改⾰建議,允許財困公司在得到主要債權⼈同意下,透過法庭以外的「臨時監管」(provisional supervision)和「企業拯救」(corporate rescue)以促使公司重整。

The trend of bankruptcy and liquidation under COVID-19 pandemic

新冠肺炎大流行引發的經濟衰退年內揮之不去,為抗疫紓困,特區政府曾推出多輪措施,金額超過3000億元,包括失業支援計劃、保就業計劃及中小企融資擔保計劃,並提出立法改⾰建議,允許財困公司在得到主要債權⼈同意下,透過法庭以外的「臨時監管」(provisional supervision)和「企業拯救」(corporate rescue)以促使公司重整。

To rejuvenate the Hong Kong economy 2021

冠狀病毒病疫情初期,一眾經濟學家預測,2020年全球將陷入1930年代大蕭條以來最嚴重衰退,但後來則修訂為與2007至2009年金融海嘯情況相若。例如根據2020年5月《華爾街日報》的調查,美國經濟學家普遍預測,同年美國經濟將收縮6.6%,屬大蕭條以來之最;聯邦儲備局官員隨於6月預測,收縮幅度為6.5%。

To rejuvenate the Hong Kong economy 2021

冠狀病毒病疫情初期,一眾經濟學家預測,2020年全球將陷入1930年代大蕭條以來最嚴重衰退,但後來則修訂為與2007至2009年金融海嘯情況相若。例如根據2020年5月《華爾街日報》的調查,美國經濟學家普遍預測,同年美國經濟將收縮6.6%,屬大蕭條以來之最;聯邦儲備局官員隨於6月預測,收縮幅度為6.5%。

Break through the rules and find new revenue sources

香港一向高度依賴來自物業市場交易的地價收入和印花稅,作為政府主要財政來源,但兩種稅收均與經濟周期掛鈎,波動性高,長遠難成穩定收入來源。面對2019冠狀病毒病威脅下的嚴峻經濟環境,筆者認為當局應另闢蹊徑,透過破格思維力求財政穩健均衡。

Break through the rules and find new revenue sources

香港一向高度依賴來自物業市場交易的地價收入和印花稅,作為政府主要財政來源,但兩種稅收均與經濟周期掛鈎,波動性高,長遠難成穩定收入來源。面對2019冠狀病毒病威脅下的嚴峻經濟環境,筆者認為當局應另闢蹊徑,透過破格思維力求財政穩健均衡。

Booming silver economy

根據特區政府統計處2016年公布的人口預測,香港人口老化在未來20年將加快步伐。2018至2038年,老年人口的數字和比率將分別從127萬和17.9%增至244萬和31.9%。換言之,在2038年,幾乎每3個香港人中,就有1人為65歲或以上的長者。 長者議題一般與貧困、危疾和社會福利扯上關係。究竟長者是香港的資產抑或負資產?人口老化對社會資源的運用及經濟有何影響,而政府面對人口老化的趨勢又有何對策?

Hong Kong-Shenzhen collaboration brings strong synergy

在深圳經濟特區建立40周年慶祝大會上,國家主席習近平發表講話,提及深圳是粵港澳大灣區的重要引擎及其在大灣區的領導地位將更提升,卻無觸及香港對深圳及全國改革開放的貢獻,有人認為這等於將香港邊緣化;其實香港在深圳改革開放的歷史軌跡中,一直佔着舉足輕重的地位,港商早期已在當地投資,時至今日,香港特區仍然是深圳最大的外資來源地,在當地經營的香港企業為數共約8萬。 正當國家面對嚴峻國際局勢、本港經濟持續衰退,評論與其突顯港深之間競爭,不如聚焦香港如何繼續借助「一國兩制」的獨特優勢,與深圳進一步攜手合作,在大灣區發展互補共榮。

Fight poverty with entrepreneurship

香港經濟面臨嚴峻困境,令人憂慮貧窮問題勢將變本加厲。 2018年,全港貧窮人口為140.6萬,在恆常現金政策介入後,則降至102.4萬,其中90,100人為18–29歲青年,佔整體貧窮人口8.8%,比率更在過去3年持續上升【註】。政府為此於2016年設立青年發展基金及青少年空間共享計劃,2017及2018年施政報告亦提出加強對年青人追求創新和創業的支援,並鼓勵年青人開拓境外(如大灣區)的發展機會。

貨幣爭霸 花落誰家 (The race is on for the new world currency)

近年來,數碼貨幣在世界各地日常經濟活動中已擔當不可或缺的角色,例如中國內地的支付系統,就以微信和支付寶居主導地位,數以億計的消費者已習慣以電子錢包取代現金。臉書正籌備發行新加密幣Libra,標榜為與一籃子官方貨幣掛鈎的「穩定幣」(stablecoin)。在非洲,肯尼亞電訊公司Safaricom亦已推出手機支付程式M-Pesa。

Entrepreneurship as spearhead of the new economy

創業可帶動經濟更上層樓,在低迷時期亦有助刺激經濟復甦。投資推廣署的《2019 年初創企業統計調查》顯示,相對於2017年,去年全港初創企業增至 3,184 家,增幅達42.8%;僱員12,478 人,增幅更高達 97.4%。

Beacons to pierce the info fog

上月報載,WhatsApp群組瘋傳聖安娜餅屋快將結業,呼籲持有餅卡的顧客趕緊換領產品。聖安娜母企利亞零售隨即澄清集團財政穩健,聖安娜不會結業,網上流傳的消息純屬虛假。

Keys to Economic Recovery from the Pandemic

近幾年國際政經局勢日趨波詭雲譎,但當前各國頭號公敵只有一個──「2019冠狀病毒病」(COVID-19)。

Leaders of the pack under the economic new normal

自世界衞生組織3月11日宣布「2019冠狀病毒病」(COVID-19)為全球大流行之後,歐美各地疫情愈演愈烈,確診個案持續激增。面對如此重大的公共衞生危機,全球經濟短期內難免備受挑戰,下行風險加劇。經濟合作與發展組織估計,2020年全球經濟增長可能放慢至1.5%, 約為2019年11月預測的一半。國際貨幣基金組織亦表示,預計在2020年1月增長3.3%之後,全球經濟增長可能放慢至2.9%,而中國則為保持正增長的少數世界主要經濟體之一。

Economic measures amid the global pandemic

過去一年,香港一直處於多事之秋。自2019年年中修訂《逃犯條例》引發社會紛爭開始,直至今年年初街頭暴亂持續,更於1月底遭遇前所未有的「2019冠狀病毒病」(COVID-19),經濟低迷現象每況愈下。隨着疫情在各國廣泛蔓延、惡化,根據世界衞生組織(世衞)最新公布的資料,病例至今總數超過33萬宗,死亡人數約14500。美國作為全球最大經濟體,同樣備受大流行疫情打擊,該國勞工部於3月6日發布2月初的勞動市場報告時指出,2月份非農就業人數增加27.3萬人,失業率維持在3.5%水平,失業人數仍為580萬人,反映出當時美國的經濟及勞動力市場依然穩定。2月中道瓊斯指數尚達29232點,但及至3月中,已跌至19800點,跌幅達32%,股市因不斷觸動熔斷機制而停止交易。

Hong Kong crisis in the shroud of COVID-19

「2019冠狀病毒病」(COVID-19)自去年12月在武漢爆發以來,迅速擴散至世界各地,至今全球病例總數超過78000宗,死亡個案達2400多人。

Overcome adversity in the new year

作為外向型經濟體兼國際金融中心,香港今年除受制於複雜多變的國際政經形勢,還備受本地社會動盪衝擊,內外交困,經濟前景未許樂觀。

An advanced blueprint on Belt and Road Initiative

The article 《一帶一路深化藍圖》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Rebuilding Housing Ladder to Narrow the Wealth Gap

The article 《重建置業階梯 收窄貧富差距》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Weaponisation of Fake News: Let the Bullets Fly?

The article 《難分真偽 讓子彈飛》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Tenants Purchase Scheme Helps Reduce Wealth Inequality

The article 《租置計劃有助縮窄貧富懸殊》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

From Occupy Wall Street to Social Movements in Hong Kong

The article 《從佔領華爾街到香港社運》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Immense Development Potential in Sha Tau Kok Frontier Closed Area

The article 《沙頭角禁區潛力蓄勢待發》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Outlook of US-China Trade

The article 《中美貿易形勢觀測》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Small House Policy: Crux of the Problem and Opportunities

The article 《丁屋問題癥結與契機》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

The Prospects of Hong Kong as an International Financial Hub in Bay Area Development

The article 《大灣區發展趨勢下香港國際金融中心地位展望》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Forward-looking of Greater Bay Area

The article 《大灣區大趨勢前瞻》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Redesign Urban Planning to Utilise Land Resources

The article 《重整城市規劃 善用土地資源》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Trade War – a Struggle between China and the US

The article 《貿易戰之中美之爭》 was originally published in Hong Kong Economic Journal column 「龍虎山下」