A critical analysis of a goods and services tax in Hong Kong.

This project investigates the views of accountants in Hong Kong on the proposed Goods and Services Tax (“GST”). It also analyses the overall economy of Hong Kong in the past 60 years, focusing on the public finance system and the tax bases. The Hong Kong economy and its economic policies have been overviewed. The deficits after 1997 are found not to be structural. The tax base is also found not to be narrow as there are various types of taxes hidden in people’s daily life and consumptions. This explains the reasons that Hong Kong obtained a surplus for 48 years out of the past 60 years and accumulated a huge fiscal reserve. A survey was conducted and the result revealed that 62% of accountants were against the GST. Even though the response rate is low, the sample size lies in the range of 5% to 6% level of precision at 95% confidence. The Hong Kong Institute of Certified Public Accountants (“HKICPA”) conducted another survey on the GST after the result of this project had been publicly released. The result was consistent with the findings of this project i.e. about 59% of accountants objected the GST. The result of the survey was widely publicised and reported by the media. It provided some references for the Government whether the GST was really needed and whether accountants supported the GST. To a large extent, it caused the Government to set aside the GST consultation in September 2006 and suspend the implementation of the GST

Very fine structures in scalar mixing

We explore very fine scales of scalar dissipation in turbulent mixing, below Kolmogorov and around Batchelor scales, by performing direct numerical simulations at much finer grid resolution than is usually adopted in the past. We consider the resolution in terms of a local, fluctuating Batchelor scale and study the effects on the tails of the probability density function and multifractal properties of the scalar dissipation. The origin and importance of these very fine-scale fluctuations are discussed. One conclusion is that they are unlikely to be related to the most intense dissipation events.Comment: 10 pages, 7 figures (low quality due to downsizing

Dynamics underlying Box-office: Movie Competition on Recommender Systems

We introduce a simple model to study movie competition in the recommender systems. Movies of heterogeneous quality compete against each other through viewers' reviews and generate interesting dynamics of box-office. By assuming mean-field interactions between the competing movies, we show that run-away effect of popularity spreading is triggered by defeating the average review score, leading to hits in box-office. The average review score thus characterizes the critical movie quality necessary for transition from box-office bombs to blockbusters. The major factors affecting the critical review score are examined. By iterating the mean-field dynamical equations, we obtain qualitative agreements with simulations and real systems in the dynamical forms of box-office, revealing the significant role of competition in understanding box-office dynamics.Comment: 8 pages, 6 figure

An empirical analysis of nitrogen pressure effect on grain size development of nanostructured ternary nitride coatings

An empirical relationship between the grain diameter of ternary nitride coatings and trhe nitrogen deposition pressure was formulated in the present study. A linear relationship was established between the reciprocals of the square roots of the rgain diameter of the coatings and the nitrogen deposition pressure. It was further confirmed that the equation parameter, md of the empirical relationship was linearly proportional to the primary yield of the coating materials. With defined discharge conditions and sputter characteristics of the larget materials, the values of md for diffeent coatings can be calculated and te rgain size of the coating structure at different nitrogen deposition pressures can be determined

Institutional ownership and IPO performance: Australian evidence

The duo IPO anomalies of underpricing and long run underperformance have inspired a plethora of studies. Yet few have examined the impact of majority investors in IPOs, namely institutional investors. Consistent with previous studies, we found large underpricing which was greatest in those issuers with the highest initial institutional ownership. Yet these issuers experienced the worst long ]run underperformance which casts doubts over the informed ]trading hypothesis. The findings are consistent with overreactions driven by informational cascade in the IPO market. High level of initial institutional interests generates informational herding that drives these issuers f prices beyond the fundamental. Over time, market correction leads to the long ]run underperformance. Our results cast a somewhat different light on institutions f role in IPOs, rather than being a valuable source of price discovery; Institutions may be a force of destabilization in what is already an event wrath with uncertainty