Return and Risk Premium Seasonalities in three Emerging Asian Markets: Hong Kong,Korea and Taiwan*

In this study, we find that seasonal return patterns differ from that implied by risk premiums in three emerging Asian markets; namely, Hong Kong, Korea and Taiwan. Positive January seasonal returns are found in the Hong Kong and Taiwan markets, while positive February seasonal returns are also found in Taiwan. These findings suggest that investors should place their money in these markets during January but not for the months of June and December in Korea, and for the months of May and November in Taiwan. Corporate managers should also be aware of the need to adjust for such seasonal variations when they use market data to evaluate the risk premium or required rate of return for projects in these markets. The results also show that the size effect may also be priced in some of these markets.     

从香港税制探讨对海南自贸港税制建设的几点借鉴

香港特别行政区(以下称“香港”)以自由贸易、低税率及少政府干预而著称,是东亚主要的国际贸易中心、离岸人民币业务中心、金融中心及国际航运中心,与新加坡、迪拜港共同被称为“全球三大自由贸易港”。“十九大”报告中,习总书记提出“探索建设自由贸易港”,后续又圈定海南全岛建设自贸区和中国特色自由贸易港。论文通过研究香港税制,分析香港税制中鼓励自由贸易的独特设计,提出海南自贸港税制设计时可借鉴的方案。     

论绩效预算与现代大学制度的耦合

西方,包括我国港、澳、台地区高校绩效预算制度之所以盛行,主要是因为这一预算制度能够作为现代大学制度运行的良好载体或平台,至少在以下四个方面能够完善中国特色的大学制度:一是完善党委领导下的公立高校校长负责制;二是扩大高等学校及其所属单位、部门的办学自主权;三是实现教授通过学术委员会治学,并发挥教代会、学代会作用,实现高校民主管理;四是在不取消行政级别的前提下,改革行政化管理模式,实现高校去行政化目标。为此,现行绩效预算制度应当作如下变革:建立以结果为导向的绩效评价指标体系;实行长、短期结合的考核评价周期;将物力资源也纳入绩效预算体系;建立符合高校法人治理结构要求的绩效预算体制。     

An empirical test of individual and institutional trading patterns in Japan, Hong Kong, and Taiwan

We examine the pattern of daily stock returns in Japan, Hong Kong, and Taiwan. Our results support the information-processing hypothesis: Average returns on Monday are lower than on other days of the week, particularly when the previous trading day’s return is negative. Our results also support the positive-feedback-trading hypothesis: Daily returns exhibit positive autocorrelation, particularly when the previous trading day’s return is positive. Further analysis reveals that institutional investors (Japan), individual investors (Taiwan), or both (Hong Kong) can cause these patterns. Our findings are consistent with the relative importance of institutional and individual investors in each of these markets. We thank three anonymous reviewers for helpful comments and suggestions.     

全科医师培训模式分析与探讨

本文将欧美等发达国家及我国台湾、香港地区开展全科医师培训情况和我国国内的培训现状作了对比,从国内全科医师培训的教育体系、培养模式、培训基地管理、培训经费等四个方面进行详细的分析,并找出目前存在的问题和困惑,为全科医师培训工作提出了政策建议。     

Human resource practices and firm performance of multinational corporations: influences of country origin

Drawing from a cultural values perspective, we investigate the effects of country origins on HR (human resource) practices of firms from the United States, Great Britain, Japan and Hong Kong operating in Hong Kong. In general, results supported hypothesized differences in HR practices of firms from different countries. In addition, results indicated that HR practices, specifically structural training and development and retention-oriented compensation, were related to various measures of firm performance. Of further interest was the finding that country origin moderated relationships of HR practices with firm performance; in general, relationships of structural training and development and retention-oriented compensation were stronger for Hong Kong firms. Implications of the results are discussed.     

The Foundations of Rapid Economic Growth

A bstract The fast pace of economic growth of the East Asian nations known as the " Four Tigers "– South Korea, Taiwan, Hong Kong, and Singapore –has become a legend It is usually claimed that the export-oriented industrialization (EOI) strategy was the basic cause of that rapid growth However, it is contended that the growth strategy of these countries was the result of certain unique historical and geo-political factors The colonial government had created the necessary infrastructure and international linkages which set the stage for initiating the EOI strategy Furthermore, because of the political support accorded to them from foreign governments, these countries, with the exception of Hong Kong, excluded major oppositional groups from sharing political power, and thus they were able to pursue effectively growth and export-oriented policies South Korea and Taiwan also received a large amount of foreign aid from the U S This aid, and the fact the U S laid open its huge market for cheaper Asian exports without insisting on reciprocity , prepared the conditions for export-led growth in those countries     

The Changing Nature of Border,Scale and the Production of Hong Kong's Water Supply System since 1959

This article investigates the making of Hong Kong's water supply system since 1959. It starts by assessing the perspectives provided by the regime approach and the political ecology literatures. The case of Hong Kong brings in ideas from border studies and draws attention to the changing nature of the border to explain socio‐ecological and scaling interactions. The case study maps the border relationship between China and Hong Kong (and Britain), and the political tussle between them over the control of water supply to the city in the late colonial period 1959–78, which resulted in the creation of a localized self‐sufficient water supply system in Hong Kong, and the consolidation of Hong Kong's scale as a colonial city‐state under British rule. It further explicates the change in the nature of the political border since 1979, and the processes by which Hong Kong abandoned attempts to strengthen its local supply, becoming dependent on supply from the regional Dongjiang water networks, as well as the transformation of its scale to become a subordinate of the larger political unit in subsequent years.     

粤港服务贸易自由化的难点及对策研究

为推动落实国家"十二五"规划有关内地对香港基本实现服务贸易自由化的目标,广东省十一届三次全会审议通过了《中共广东省委贯彻落实〈中共中央关于全面深化改革若干重大问题的决定〉的意见》,明确提出了要在2014年底率先基本实现粤港服务贸易自由化。从现状看,粤港服务贸易自由化进展顺利,成绩斐然。但由于国家政策、社会制度、服务贸易发展水平等方面的影响,粤港服务贸易自由化还存在较多的难点。争取国家政策支持,加强制度设计,加快重点合作区建设,是推进粤港服务贸易自由化的关键。     

基于引力模型的港澳台入境游收入影响因素实证研究

本文通过引力模型实证分析,探索各省港澳台入境旅游的客源和收入的影响因素,结果表明入境旅游收入受距离的影响低于目的地提供旅游产品的丰富程度的影响,而入境游收入与各省旅游资源呈现负相关。     

International transmission of stock price movements: Evidence from the U.S. and five Asian-Pacific markets

Using a vector autoregressive analysis, this paper examines the structure of international transmissions in daily returns for six national stock markets— the U.S., Japan, Hong Kong, Singapore, Taiwan, and Thailand. Our results generally indicate that (1) the degree of interdependence among national stock markets has increased substantially after the 1987 stock market crash, (2) the U.S. market plays a dominant role of influencing the Pacific-Basin markets, (3) Japan and Singapore together have a significant persistent impact on the other Asian markets, and (4) the markets in Taiwan and Thailand are not efficient in processing international news.     

香港建筑测量师及其专业角色的研究

香港建筑测量师是专门从事设计审图、防火安全审查、房屋检测、旧房维修、楼宇勘测和量度、投保估值等业务的专业人士，在建设工程管理领域扮演着十分重要的角色。通过研究香港建筑测量师及其专业的发展和工作模式，与内地对应的业务和运作方式进行对比分析，借鉴香港建筑测量师制度的成功经验，提出相关专业领域的改革和发展方向。     

香港再造

香港会陷入新的悖论吗：一方面不遗余力地向中央政府争取传统产业的惠利政策,为香港向创新产业转型争取时间窗口;但另一方面,得到政策扶持的本地企业家又似乎安于传统产业里的红利     

香港与世界级金融中心的差距及发展优势

我国经济规模正在迅速扩大,越来越需要世界级金融中心的支撑.香港目前是排在伦敦和纽约之后第二梯队的国际金融中心;认为香港金融业的成长具有优越的条件,分析了香港与伦敦和纽约的差距及向世界级金融中心迈进的有利条件.     

From a labour-surplus to a labour-scarce economy: challenges to human resource management in Hong Kong

In this paper, the acute problems faced by the market economy of Hong Kong are assessed. These are seen to arise from the shift in the labour market from labour surplus to labour scarcity. The major geo-political role of Hong Kong both in servicing the extendal capital requirements of South China and as a key state within the conurbation of ‘little dragons’ is also examined. The consequences of this structural shift in terms of the challenges being mounted to HRM both strategically and functionally are also evaluated and are interpreted as an evolutionary process.     

Performance appraisal and culture: practice and attitudes in Hong Kong and Great Britain

This article compares the practice of and attitudes towards performance appraisal for managerial and professional staff in Hong Kong and Britain, and considers the extent to which actual practice and employee preferences are in alignment. Findings suggest that appraisal may be more widespread in Hong Kong than in Britain. However, British appraisal tends to be more participative and to place greater emphasis on discussing objectives, development and career plans. Hong Kong appraisals appear to be more directive and Hong Kong respondents perceive a higher level of 'negative' appraiser behaviour. In spite of this, Hong Kong respondents show if anything slightly more confidence in the utility of appraisal than do British respondents. They show stronger support for appraisal's use for reward and punishment and less support for the objectives-setting and training and development uses than do the British sample. Hong Kong respondents are more likely than their British counterparts to favour involving a more senior manager in appraisal, and they are less likely to prefer more frequent appraisals. There was little evidence that Hong Kong respondents had a stronger preference for group-based appraisal criteria, although they did show more support than the British sample for the use of personality as a basis for appraisal. Overall, the suggestion is that appraisal has been adopted in Hong Kong organizations but that the practice of appraisal has been adapted to suit the cultural characteristics of the society.     

从全国高度看"更紧密经贸关系安排和自由行"

香港回归,任何有利于香港的政策和举措,一定会反馈到内地,内地每前进一步,香港必然会有感应。《内地与香港关于建立更紧密经贸关系的安排》(CEPA)和自由行保障香港继续繁荣,是给香港人民的大礼。《内地与香港关于建立更紧密经贸关系的安排》和自由行推动内地改革开放,促进内地与世界经济融合,也是给内地人民的大礼。随着时光流逝,《内地与香港关于建立更紧密经贸关系的安排》和自由行将进一步释放绚丽的光彩。     

浅析Partnering模式在铁路建设中的运用

近年来,Partnering模式在欧美国家以及我国香港和台湾地区迅速发展,运用成效显著,而在我国铁路建设领域运用不多。本文提出了铁路建设项目的Partnering模式的工作流程。最后,结合合福高铁建设项目提出了在此项目上拟用Partnering模式的思路。     

Antecedents of employee involvement with the comparative model

Instead of discussing employee’s performance that previous researchers emphasized in their studies on the work behavior of employees, this study analyzes employee involvement from the viewpoint of their emotional labor, organizational culture, and the intimacy relationships between employees and their supervisors. Large-scale financial holding conglomerates in Taiwan and subsidiaries of Hong Kong-based conglomerates were selected as the populations for the research. The result of the empirical analysis indicates that emotional labor has a significantly positive effect on the involvement of employees; the stronger the intimacy relationship between employees and their supervisors is, the higher the employee involvement will be, strong culture has a significantly negative effect on the involvement of employees, and there is a significant difference in a number of dimensions among some Chinese enterprises in Taiwan & Hong Kong. This study has the following characteristics in comparison with the previous studies: (1) The theoretical structure of this study is formed based on an integrated prospect of internal organizational structure, personal factors of employees and their interpersonal relationship; (2) the study focuses on a comparative study of regional enterprises, which was seldom emphasized in literature; (3) the study uses the Non-Linear Fuzzy Neural Network Model and multivariate analysis approach as tools for the research and may contribute more to the theory in this field.     

THE ORGANIZATIONAL CORRELATES AND CONSEQUENCES OF SUBCONTRACTING: EVIDENCE FROM A SURVEY OF SOUTH WALES BUSINESSES

Recent interest in the growth of subcontracting, as part of a broader trend towards greater ‘flexibility’in forms of employment relationship, has not as yet been matched by a full consideration of its organizational and managerial implications. In particular, the question of whether or not subcontracting has an impact upon, or is affected by, the organization's structural characteristics remains largely unexplored. the aim of this article is to report findings from a detailed study of subcontracting practices across a sample of British industry, which focuses upon the relationship between subcontracting and organizational characteristics. the results indicate several important points about the practice. Firstly, that there is wide variation in the use of subcontracting across industry, although the overall extent is limited. Secondly, that variation in the practice is significantly related to basic firm characteristics - namely, industrial sector, type of production system and pattern of ownership and control. Thirdly, that, on balance, subcontracting is associated with more, not less, structural complexity. Finally, that this greater complexity is found in particular types of firms - notably, outside the manufacturing sector, in mass and process production systems and amongst British independents and subsidiaries, rather than in their foreign competitors.