Long-term performance of dual-listed companies in mainland China and Hong Kong

The long-run underperformance of initial public offering (IPO) that has been commonly documented in many previous literatures. The investigation of dual-listed stocks is one of the most popular topics about IPO in the world wide range. This paper studies the long-term post performance of dual-listed stocks in mainland China and HK stock markets by using 48 Chinese mainland based companies over the period of January 1993 to August 2010. Consistent with Guo et al. (2010), Foerster and Karolyi (1993), Serra (1999) and Lee (1992)’s findings in various stock markets, an apparent underperformance also been found for these dual-listed IPOs in mainland China and HK in a three-year observation period. The regression result of the last dummy variable, exchange, indicates the long-term abnormal returns are different in two markets. When looking at them separately, stocks listed in HK even experience a worse aftermarket performance (-29.66%) than in Chinese mainland (-5.67%). In addition, eight explanatory variables that identified from several typical and relevant theories have combined with the unique features of each market to provide a comprehensive explanation on underperformance

Reconstruct the Missing Narrative: Rethinking Contemporary Chinese Architecture Through Ancient Landscape Paintings

This thesis addresses the issue of lacking self-identity and missing narrative under contemporary Chinese architecture discipline. Using ancient landscape paintings as design source, this project aims to create an environment that provides personal experience and exclusive meaning from a participant’s point of view instead of an omniscient view. Paintings are selected from different dynasties and artists, but all based on one important cultural theme: Reclusion. Thus, the reconstructed narrative would provide a tranquil environment for inhabitant to have a temporary retreatment from the city life through making, seeking and thinking

Reconstruct the Missing Narrative: Rethinking Contemporary Chinese Architecture Through Ancient Landscape Paintings

In this thesis, we will continue to address the issue of self-identity and missing narrative in contemporary context. Differently, we will use landscape paintings as our design source to revive the narrative quality. We will use the methodologies developed from the research to deconstruct the selected landscape paintings, transform them into narratives, and reconstruct the narratives into architecture. By extracting events, atmosphere, and spirits from original painting narratives, and by borrowing the principles of paintings to transform them into sequences, we will set up architectural narratives in contemporary context for people to experience