Status Goods and Market Powers

Status goods are often produced by firms with market powers. Taking this into account, we construct a new class of models of status goods, which refutes many important results in the conventional models without assuming market powers. Specifically, relative consumption effect normally leads to under‐consumption of status goods, which is the opposite of the conventional result. Generally speaking, status goods may be over‐ or under‐consumed, depending crucially on a widely overlooked factor in the literature ? the elasticity of marginal status. More competition tends to support overconsumption and is not necessarily welfare‐enhancing. Our results call into questions if, as often suggested in existing literature, a general taxation is an appropriate solution to tackle market bias from status seeking.     

Maintaining competitiveness of aviation hub: Empirical evidence of visitors to China via Hong Kong by air transport

Prior studies have not extensively researched and explored the key determinants (aviation and tourism attributes) that could affect Hong Kong’s competitiveness as a transit hub for international visitors using Hong Kong as a stopover to Chinese cities when travelling by air. This study adds to that knowledge to empirically investigate Hong Kong’s eight major tourist source markets (Germany, India, Japan, Singapore, South Korea, Taiwan, the UK, and the US), and also provides an insight to policy-makers in Hong Kong to help them understand the factors that influence Hong Kong’s aviation hub competitiveness and tourism development. The findings of the study suggest that increased air transport capacity from foreign countries and Hong Kong to China, trade volumes between China and its trading partners, air transport costs, and the global financial crisis are the key factors affecting the number of visitors to China by air passing through Hong Kong as their preferred stopover. The policy implications of the findings are discussed.     

New evidence on the effect of belief heterogeneity on stock returns

We develop a new measure to examine the effect of the heterogeneity of beliefs among investors on stock returns. Our initial results do not support the information asymmetry hypothesis or the sidelined investor hypothesis (and thus are consistent with the unbiased prices hypothesis). However, since the first two hypotheses make opposite predictions regarding stock returns, they may both have merit but offset one another. Further analysis suggests that this is indeed the case. Overall, our results support both the information asymmetry and sidelined investor hypotheses and thus occupy middle ground in the debate on the effect of disagreement on stock returns.     

Gender and Technology in Hong Kong: A Study of Pupils' Attitudes Toward Technology

Attitudes play an important role in guiding and predicting future actions. In Hong Kong, where traditional attitudes regarding female and male roles often clash with more-modern influences, students' negative or positive attitudes toward technology have obvious implications for their participatory role in society. This paper reports on a study of Hong Kong Pupils' Attitudes Toward Technology. Items in a survey distributed to nearly 3,500 junior secondary school students were used to gauge their attitudes toward several areas of technology. Questions related to parents' careers and domestic influences were also asked.The analysis revealed that significant differences existed between girls and boys in many of the items. For instance, the importance of taking technical subjects such as Design & Technology (D&T) was found to be significant in their attitudes about technology being an activity for both genders. Similarly, students' interest in technology, attitudes about technology in the school curriculum, and ideas about careers related to technology showed significant differences between girls and boys. Given the results of the study, changes in Hong Kong's secondary school D&T are proposed. Current strategies being developed in Hong Kong's D&T teacher preparation programs are also outlined.     

The Determinants of Debt Maturity: The Case of Bank Financing in Singapore

This study presents important international evidence by examining the determinants of debt maturity of listed firms in Singapore, a major financial center in Asia. We focus on bank debt because it is the principal source of financing for most Singapore firms. We find that consistent with the contracting-cost hypothesis, firms with greater growth opportunities rely more heavily on short-term bank debt whereas larger firms are more likely to use long-term bank debt. In contrast, we find no strong support for either the tax or signaling hypotheses.     

Managers’ conflict management styles and employee attitudinal outcomes: The mediating role of trust

This study examines the mediating effects of trust on the relationships between manager’s conflict management styles (CMS) and employee attitudinal outcomes, as well as identifies the potential deviations in the areas of CMS and trust from the west in Chinese culture. One hundred sixty-nine employees in Guangzhou of China participated. As predicted, Integrating CMS of managers is found significantly correlated to trust and subordinates’ job satisfaction and turnover intention. Trust fully mediates the link between Integrating CMS and subordinates attitudinal outcomes. Results also support the expectations concerning the deviations on the impacts of the uncooperative CMS on subordinates under Chinese culture. Discussion and implications are presented.

Financial Liberalisation and Growth in China’s Economic Reform

This paper summarises China’s financial liberalisation experience and examines the contributions of financial resources on economic growth during the post‐reform period. Financial liberalisation has resulted in the reallocation of the four sources of total investment in fixed assets: state budget appropriation, national bank loans, self‐raised funds, and foreign investment. We find that the growth of GDP and industrial production are positively related to the growth of self‐raised funds and foreign investment. We conclude that the use of foreign investment and funds raised by the enterprises themselves are more efficient than the government’s appropriation and provision of bank loans.     

加快构建无锡城乡统筹制度框架的初步研究

一、当前无锡城乡统筹现状的基本判断和分析 目前,无锡市名义城市化水平65％左右,而实际实行农村管理体制下的人口有247．51万人,占全市户籍人口的56．44％。在制度与政策的层面,统筹城乡的主要实践有六个方面：进行土地流转制度改革,探索村级股份合作制改革;加快产业布局调整步伐,优化农村要素资源配置;改革城乡分割的户籍制度,     

Developing effective social media messages: Insights from an exploratory study of industry experts

As consumers are increasingly utilizing the social network and media platforms for prepurchase information, managers are confronted with producing effective social media messages that can favorably influence buyers’ attitudes and behavioral intentions towards brands. A qualitative, in‐depth, elite interview investigation with social media marketing experts was undertaken to develop awareness of the factors influencing the effectiveness of social media marketing. Adopting a thematic analysis approach, this study establishes the three overriding themes of interactivity, credibility, and infotainment as being valuable in determining how social media marketing can enhance brand performance. Attitude theory and the hierarchy‐of‐effects model is utilized to support understanding and explain the decision making of social media users in this context. Overall, this study provides managers with a thorough explanation of the effects of the identified core themes on social media attitudes and intentions. Implications for social media marketing theory and practice are presented based upon the depth and breadth of knowledge attained from the analysis of the expert interview data.     

A semantic similarity analysis of Internet of Things

ABSTRACT

Internet of Things (IoT) has gradually become one of the most popular topics among both academia and industry, and it is considered as a crucial part of future Internet. However, very few objective and systematic review was conducted to address high-value articles and summarize the intellectual components from journals for examination and identification of the intellectual core and structure of IoT. Therefore, this study conducted a co-citation analysis for IoT by using 68 high-value articles retrieved within 1457 source papers from Web of Science online database. By using factor analysis, ten critical factors were identified, which includes (1) frameworks and challenges of IoT; (2) current situation of IoT in different applications; (3) interactions of IoT; (4) security issues of IoT; (5) application domains of IoT; (6) data management of IoT; (7) IoT in product lifecycle management; (8) enabling technologies of IoT; (9) IoT in smart cities; (10) IoT in recommender systems. Hierarchical Custer Analysis and Multidimensional Scaling were used to graphically illustrate the intellectual elements of IoT. In the current findings, fundamental elements of IoT including architectural framework, enabling technologies, network communication, data management, and IoT interactions were discussed with a series of challenges for wider and deeper IoT applications.