Regulatory reform in an emerging stock market: the case of Hong Kong, 1945-86

Hong Kong is one of the world's top five international financial centres, but this is mainly due to banking activity in the territory. The stock exchange is relatively poorly developed, ranking only tenth by market capitalisation in 2002. In common with emerging stock markets in Asia and elsewhere, the Hong Kong exchange tended to be used as a speculative outlet for both small and large investors, which led to wide fluctuations in prices. This article explores how the development of the exchanges in the 1960s and 1970s, and the combination of self-regulation and poor external supervision contributed to weaknesses in the stock market in Hong Kong

Evaluation of anti-oxidant capacity of root of Scutellaria baicalensis Georgi, in comparison with roots of polygonum multiflorum thunb and Panax ginseng CA Meyer

Author name used in this publication: Jian-Hong WuAuthor name used in this publication: Alice Lai-Shan AuAuthor name used in this publication: Peter Hoi-Fu Yu2009-2010 > Academic research: refereed > Publication in refereed journalAccepted ManuscriptPublishe

Outsourcing Tariff Evasion: A New Explanation for Entrepot Trade

Traditional explanations for indirect trade through an entrepot have focused on savings in transport costs and on the role of specialized agents in processing and distribution. We provide an alternative perspective based on the possibility that entrepots may facilitate tariff evasion. Using data on direct exports to mainland China and indirect exports via Hong Kong SAR, we find that the indirect export rate rises with the Chinese tariff rate, even though there is no legal tax advantage to sending goods via Hong Kong SAR. We undertake a number of extensions to rule out plausible alternative hypotheses based on existing explanations for entrepot trade.

Revisiting the issue of mediator immunity: the way forward for prospective mediation legislation in Hong Kong

Mediator immunity has been identified as one major issue for possible future mediation legislation in the 2010 Consultation Paper released by the Hong Kong Government. So far there is no uniform stance on the issue around the world. This paper analyses relevant methods for determining mediator liability and the scope of that liability in different countries. Hong Kong’s revised Arbitration Ordinance has taken a forward through its qualified immunity position with respect to the issue of mediator liability under the arbitration framework. This position is commendable for adapting to the current trend of dispute resolution. The paper concludes that a similar approach should be adopted in future mediation legislation in Hong Kong.published_or_final_versio

On the sustainability of currency boards : evidence from Argentina and Hong Kong : [Version: September 2008]

This paper examines the sustainability of the currency board arrangements in Argentina and Hong Kong. We employ a Markov switching model with two regimes to infer the exchange rate pressure due to economic fundamentals and market expectations. The empirical results suggest that economic fundamentals and expectations are key determinants of a currency board’s sustainability. We also show that the government’s credibility played a more important role in Argentina than in Hong Kong. The trade surplus, real exchange rate and inflation rate were more important drivers of the sustainability of the Hong Kong currency board

La casa de Norman Foster en Hampstead: tecnología y domesticidad

En 1978, Norman y Wendy Foster proyectan su propia vivienda en el exclusivo barrio londinense de Hampstead. A caballo entre el Sainsbury Centre for Visual Arts en Norwich y el Hong Kong and Shanghai Bank en Hong Kong, esta casa, que nunca llegó a realizarse, representa el primer y único intento de aplicación en el campo de la arquitectura doméstica de un modelo, «la nave tecnológica», desarrollado por el Team 4 y posteriormente por Foster Associates durante los años 60 y 70 en edificios industriales, administrativos, escolares y comerciales

The Chinese New Middle Class and Green NGOs in South China: Vanguards of Guanxi (Connections)-Seeking, Laggards in Promoting Social Causes?

By examining the emerging Chinese new middle class as well as green non-governmental organisations, this study finds that while the emergence of the Chinese new middle class facilitates the growth of green NGOs, the Chinese new class is not activists or agitators working against the government. Based on in-depth interviews with leaders of green NGOs founded by the Chinese new middle class in Guangdong province, this research examines why green NGOs do not call for or advocate environmental protection It concludes that contrary to conventional wisdom, the Chinese new middle class is a vanguard of guanxi (connections)-seeking, but a laggard in promoting environmental protection and civil-society activism. Green NGOs are principally used as a tool to cultivate social capital in the form of guanxi in order to promote personal material interests

“I can't remember them ever not doing what I tell them!” : Negotiating face and power relations in ‘upward’ refusals in multicultural workplaces in Hong Kong

This paper explores how refusals are constructed and negotiated in multicultural workplaces in Hong Kong. A particular focus is on the ways in which Hong Kong Chinese subordinates negotiate issues of face and power relations when refusing their expatriate superiors. Despite abundant research on refusals in a variety of contexts across cultures, there are very few studies of multicultural workplaces. This is particularly surprising considering that refusals have been described as a frequent “ ‘sticking point’ in cross-cultural communication” (Beebe et al. 1990). This paper addresses this gap by drawing on more than 80 hours of authentic audio- and video-recorded spoken workplace discourse and a corpus of emails collected in multicultural workplaces in Hong Kong. Findings of this exploratory study indicate that refusals are complex communicative activities that are carefully negotiated among participants. We argue that in contrast to earlier studies, participants' socio-cultural backgrounds do not appear to be the main determining factor of how issues of face and power relations are negotiated in upward refusals. Rather, a range of other factors, including media of communication, normative ways of interacting in a workplace, the relationship between interlocutors, as well as the content of the refusal, are more relevant for explaining participants’ communicative behavior

How Will The Politics And Government Of Hong Kong Change In 2047 When The “One Country, Two Systems” Policy Has Expired.

Since the official transfer of sovereignty over Hong Kong from Great Britain to China in 1997, Hong Kong has been governed under a special set of laws dubbed “One Country, Two Systems”. Though Hong Kong and the mainland are one country, the People’s Republic of China, they are governed under two different systems with regards to economic and political policy. This two-system agreement has been seen as a guarantor of Hong Kong’s Western-style democracy and political freedoms, especially as compared to the rest of the People’s Republic. However, the system was set to be in place for only fifty years and is due to expire in 2047. The upcoming expiration of the One Country, Two Systems style of governance has led to speculation as to whether or not 2047 will spell the end of Hong Kong’s way of life. Through data gathered from research into other studies of the same topic, as well as interviews with experts from Hong Kong, these fears seem unfounded. Because of Hong Kong’s significant economic importance to China, as well as the presence of Western interests and nationals in Hong Kong, the expiration of the One Country, Two Systems law is not expected to affect any sort of significant change for Hong Kong. Though the Chinese government is likely to continue suppression of independence movements, and immigration to the island is expected to increase, the general projection for Hong Kong after the expiration of the Two Systems law will continue into the future in a very similar way since cost and gains do not seem to be equitable for mainland China