Hong Kong as a financial centre of greater China

During the past three decades, Hong Kong has emerged as one of the leading international financial centres (IFCs) of the world. Since China began its economic reform and open-door policies in 1979, and since cross-strait economic contacts began to improve in the mid-1980s, Hong Kong\u27s role has also become more varied and multi-faceted. The purpose of this paper is to evaluate Hong Kong as an IFC of Greater China (which comprises Mainland China, Taiwan, Hong Kong and Macau). The territory\u27s prospects as an IFC after its retrocession to China on July 1, 1997 will also be discussed

'Parasitic invasions' or sources of good governance: constraining foreign competition in Hong Kong banking, 1956-81

This paper investigates the operation and impact of the moratorium on new banking licences imposed in Hong Kong in 1965 and the claims that foreign banks destabilised the banking system and drained resources from the colony. First it examines foreign banks' attempts to circumvent the moratorium through claims of special circumstances and buying interests in local banks, and secondly it examines the efforts of incumbents to extend barriers to non-bank financial institutions and to branches of foreign banks. The general conclusions are that while the moratorium was aimed at increasing the stability of the banking system, it had the effect of decreasing the regulatory breadth of the government, and reducing incentives for mergers and acquisitions that might have improved governance

The Solar Neighborhood. XXVI. AP Col: The Closest (8.4 pc) Pre-Main-Sequence Star

We present the results of a multi-technique investigation of the M4.5Ve flare star AP Col, which we discover to be the nearest pre-main-sequence star. These include astrometric data from the CTIO 0.9m, from which we derive a proper motion of 342.0+/-0.5 mas yr^-1, a trigonometric parallax of 119.21+/-0.98 mas (8.39+/-0.07 pc), and photometry and photometric variability at optical wavelengths. We also provide spectroscopic data, including radial velocity (22.4+/-0.3 km s^-1), lithium Equivalent Width (EW) (0.28+/-0.02 A), H-alpha EW (-6.0 to -35 A), {\it vsini} (11+/-1 km s^-1), and gravity indicators from the Siding Spring 2.3-m WiFeS, Lick 3-m Hamilton echelle, and Keck-I HIRES echelle spectrographs. The combined observations demonstrate that AP Col is the closer of only two known systems within 10 pc of the Sun younger than 100 Myr. Given its space motion and apparent age of 12-50 Myr, AP Col is likely a member of the recently proposed ~40 Myr old Argus/IC 2391 association.Comment: 31 pages, 11 figure

An objective approach to model reduction: application to the Sirius wheat model

An existing simulation model of wheat growth and development, Sirius, was evaluated through a systematic model reduction procedure. The model was automatically manipulated under software control to replace variables within the model structure with constants, individually and in combination. Predictions of the resultant models were compared to growth analysis observations of total biomass, grain yield, and canopy leaf area derived from 9 trials conducted in the UK and New Zealand under optimal, nitrogen limiting and drought conditions. Model performance in predicting these observations was compared in order to evaluate whether individual model variables contributed positively to the overall prediction. Of the 1 1 1 model variables considered 16 were identified as potentially redundant. Areas of the model where there was evidence of redundancy were: (a) translocation of biomass carbon to grain; (b) nitrogen physiology; (c) adjustment of air temperature for various modelled processes; (d) allowance for diurnal variation in temperature; (e) vernalisation (f) soil nitrogen mineralisation (g) soil surface evaporation. It is not suggested that these are not important processes in real crops, rather, that their representation in the model cannot be justified in the context of the analysis. The approach described is analogous to a detailed model inter-comparison although it would be better described as a model intra-comparison as it is based on the comparison of many simplified forms of the same model. The approach provides automation to increase the efficiency of the evaluation and a systematic means of increasing the rigour of the evaluation

Angular Diameters of the G Subdwarf μ\mu Cassiopeiae A and the K Dwarfs σ\sigma Draconis and HR 511 from Interferometric Measurements with the CHARA Array

Using the longest baselines of the CHARA Array, we have measured the angular diameter of the G5 V subdwarf $\mu$ Cas A, the first such determination for a halo population star. We compare this result to new diameters for the higher metallicity K0 V stars, $\sigma$ Dra and HR 511, and find that the metal-poor star, $\mu$ Cas A, has an effective temperature ($T_{\rm eff}=5297\pm32$ K), radius ($R=0.791\pm0.008 R_{\rm \odot}$), and absolute luminosity ($L=0.442\pm0.014 L_{\rm \odot}$) comparable to the other two stars with later spectral types. We show that stellar models show a discrepancy in the predicted temperature and radius for $\mu$ Cas A, and we discuss these results and how they provide a key to understanding the fundamental relationships for stars with low metallicity.Comment: Accepted for publication in The Astrophysical Journa

K^0 pi^0 Sigma^+ and K^*0 Sigma^+ photoproduction off the proton

The exclusive reactions $\gamma p \to K^{*0} \Sigma^+(1189)$ and $\gamma p \to K^{0} \pi^{0}\Sigma^+(1189)$, leading to the p 4$\pi^{0}$ final state, have been measured with a tagged photon beam for incident energies from threshold up to 2.5 GeV. The experiment has been performed at the tagged photon facility of the ELSA accelerator (Bonn). The Crystal Barrel and TAPS detectors were combined to a photon detector system of almost 4$\pi$ geometrical acceptance. Differential and total cross sections are reported. At energies close to the threshold, a flat angular distribution has been observed for the reaction $\gamma p\to K^{0} \pi^{0}\Sigma^+$ suggesting dominant s-channel production. $\Sigma^*(1385)$ and higher lying hyperon states have been observed. An enhancement in the forward direction in the angular distributions of the reaction $\gamma p \to K^{*0}\Sigma^+$ indicates a $t$-channel exchange contribution to the reaction mechanism. The experimental data are in reasonable agreement with recent theoretical predictions.Comment: 11 pages, 13 figures, submitted to EPJ

Corrosive-Abrasive Wear Induced by Soot in Boundary Lubrication Regime

Soot is known to induce high wear in engine components. The mechanism by which soot induces wear is not well understood. Although several mechanisms have been suggested, there is still no consensus. This study aims to investigate the most likely mechanism responsible for soot-induced wear in the boundary lubrication regime. Results from this study have shown that previously suggested mechanisms such as abrasion and additive adsorption do not fully explain the high wear observed when soot is present. Based on the results obtained from tests conducted at varying temperature and soot levels, it has been proven that the corrosive–abrasive mechanism was responsible for high wear that occurred in boundary lubrication conditions