Decision-Making in the Hong Kong Bank Stock Market

Abstract. This paper investigates the decision-making of small investors in the Hong Kong bank stock market.The objective of this study was to search the factors, investing characteristics, and decision-making processes that affect Hong Kong small investors who participate in bank stock market.The results suggest that we can derive the following ascending order of importance of factors:reference group, stock nature, returnsperformance and bank performance. Reference group is the least important factor and bank performance is the most important factor. We used Kendall rank correlation coefficients to measure thedifferent ranking of factorsand are therefore attempting to give advice for financial advisers approaching target customers in Hong Kong. Keywords.Investment decision, smallinvestors, bank stock markets, Hong Kong.JEL. G02, G10, G11

Radical theory for group semiautomata

A Kurosh-Amitsur radical theory is developed for group semiautomata. Radical theory stems from ring theory, it is apt for deriving structure theorems and for a comparative study of properties. Unlikely to conventional radical theories, the radical of a group semiautomaton need not be a subsemiautomaton, so the whole scene will take place in a suitably constructed category. The fundamental facts of the theory are described in § 2. A special feature of the theory, the existence of complementary radicals, is discussed in § 3. Restricting the theory to additive automata, which still comprise linear sequential machines, in § 4 stronger results will be achieved, and also a (sub)direct decomposition theorem for certain semisimple group semiautomata will be proved. Examples are given at appropriate places. The paper may serve also as a framework for future structural investigations of group semiautomata

Maine Distributed Solar Valuation Study

During its 2014 session, the Maine Legislature enacted an Act to Support Solar Energy Development in Maine. P.L Chapter 562 (April 24, 2014) (codified at 35‐A M.R.S. §§ 3471‐3473) (“Act”). Section 1 of the Act contains the Legislative finding that it is in the public interest is to develop renewable energy resources, including solar energy, in a manner that protects and improves the health and well‐being of the citizens and natural environment of the State while also providing economic benefits to communities, ratepayers and the overall economy of the State. Section 2 of the Act requires the Public Utilities Commission (Commission) to determine the value of distributed solar energy generation in the State, evaluate implementation options, and to deliver a report to the Legislature. To support this work, the Commission engaged a project team comprising Clean Power Research (Napa, California), Sustainable Energy Advantage (Framingham, Massachusetts), Pace Energy and Climate Center at the Pace Law School (White Plains, New York), and Dr. Richard Perez (Albany, New York). Under the project, the team developed the methodology under a Commission‐run stakeholder review process, conducted a valuation on distributed solar for three utility territories, and developed a summary of implementation options for increasing deployment of distributed solar generation in the State. The report includes three volumes which accompany this Executive Summary: Volume I Methodology; Volume II Valuation Results; Volume III Implementation Options

Study protocol for a randomised controlled trial evaluating the effectiveness of strengths model case management (SMCM) with Chinese mental health service users in Hong Kong

Introduction Strengths-based approaches mobilise individual and environmental resources that can facilitate the recovery of people with mental illness. Strengths model case management (SMCM), developed by Rapp and Goscha through collaborative efforts at the University of Kansas, offers a structured and innovative intervention. As evidence of the effectiveness of strengths-based interventions come from Western studies, which lacked rigorous research design or failed to assure fidelity to the model, we aim to fill these gaps and conduct a randomised controlled trial (RCT) to test the effectiveness of SMCM for individuals with mental illness in Hong Kong. Methods and analysis This will be an RCT of SMCM. Assuming a medium intervention effect (Cohen’s d=0.60) with 30% missing data (including dropouts), 210 service users aged 18 years or above will be recruited from three community mental health centres. They will be randomly assigned to SMCM groups (intervention) or SMILE groups (control) in a 1:1 ratio. The SMCM groups will receive strengths model interventions from case workers, whereas the SMILE groups will receive generic care from case workers with an attention placebo. The case workers will all be embedded in the community centres and will be required to provide a session with service users in both groups at least once every fortnight. There will be two groups of case workers for the intervention and control groups, respectively. The effectiveness of the SMCM will be compared between the two groups of service users with outcomes at baseline, 6 and 12 months after recruitment. Functional outcomes will also be reported by case workers. Data on working alliances and goal attainment will be collected from individual case workers. Qualitative evaluation will be conducted to identify the therapeutic ingredients and conditions leading to positive outcomes. Trained outcome assessors will be blind to the group allocation. Ethics and dissemination Ethical approval from the Human Research Ethics Committee at the University of Hong Kong has been obtained (HRECNCF: EA1703078). The results will be disseminated to service users and their families via the media, to healthcare professionals via professional training and meetings and to researchers via conferences and publications

The African Lungfish (\u3cem\u3eProtopterus dolloi\u3c/em\u3e): Ionoregulation and Osmoregulation in a Fish out of Water

Although urea production and metabolism in lungish have been thoroughly studied, we have little knowledge of how internal osmotic and electrolyte balance are controlled during estivation or in water. We tested the hypothesis that, compared with the body surface of teleosts, the slender African lungfish (Protopterus dolloi) body surface was relatively impermeable to water, Na+ and Cl- due to its greatly reduced gills. Accordingly, we measured the tritiated water (3H-H2O) flux in P. dolloi in water and during air exposure. In water, 3H-H2O efflux was comparable with the lowest measurements reported in freshwater teleosts, with a rate constant (K) of 17.6% body water h-1. Unidirectional ion fluxes, measured using 22Na+ and 36Cl-, indicated that Na+ and Cl- influx was more than 90% lower than values reported in most freshwater teleosts. During air exposure, a cocoon formed within 1 wk that completely covered the dorsolateral body surface. However, there were no disturbances to blood osmotic or ion (Na+, Cl-) balance, despite seven- to eightfold increases in plasma urea after 20 wk. Up to 13-fold increases in muscle urea (on a dry-weight basis) were the likely explanation for the 56% increase in muscle water content observed after 20 wk of air exposure. The possibility that muscle acted as a “water reservoir” during air exposure was supported by the 20% decline in body mass observed during subsequent reimmersion in water. This decline in body mass was equivalent to 28 mL water in a 100-g animal and was very close to the calculated net water gain (approximately 32 mL) observed during the 20-wk period of air exposure. Tritiated water and unidirectional ion fluxes on air-exposed lungfish revealed that the majority of water and ion exchange was via the ventral body surface at rates that were initially similar to aquatic rates. The 3H-H2O flux declined over time but increased upon reimmersion. We conclude that the slender lungfish body surface, including the gills, has relatively low permeability to water and ions but that the ventral surface is an important site of osmoregulation and ionoregulation. We further propose that an amphibian-like combination of ventral skin water and ion permeability, plus internal urea accumulation during air exposure, allows P. dolloi to extract water from its surroundings and to store water in the muscle when the water supply becomes limited

In-Flight Performance of the Water Vapor Monitor Onboard the Sofia Observatory

NASA's Stratospheric Observatory for Infrared Astronomy (SOFIA) airborne observatory flies in a modified B747-SP aircraft in the lower stratosphere above more than 99.9% of the Earth's water vapor. As low as this residual water vapor is, it will still affect SOFIA's infrared and sub-millimeter astronomical observations. As a result, a heterodyne instrument has been developed to observe the strength and shape of the 1830Hz rotational line of water, allowing measurements of the integrated water vapor overburden in flight. In order to be useful in correcting the astronomical signals, the required measured precipitable water vapor accuracy must be 2 microns or better, 3 sigma, and measured at least once a minute. The Water Vapor Monitor has flown 22 times during the SOFIA Early Science shared-risk period. The instrument water vapor overburden data obtained were then compared with concurrent data from GOES-V satellites to perform a preliminary calibration of the measurements. This presentation will cover the.results of these flights. The final flight calibration necessary to reach the required accuracy will await subsequent flights following the SOFIA observatory upgrade that is taking place during the spring and summer of 2012