香港劳动市场供给变动及影响因素分析

根据1961-2000年香港劳动人口变动的数据,分析人口规模、人口构成以及劳动参与率对香港劳动市场变动的影响。从劳动供给一方,讨论香港劳动市场的主要特征。     

证券市场选择是否影响公司业绩与价值?--来自中国房地产行业的经验证据

企业在不同资本市场之间的选择往往是上市过程中一个重要决策。上市地点是否会影响其后续业绩表现以及价值？文章基于中国内地房地产企业数据的研究发现,在中国香港上市的企业比在中国内地上市的企业经营业绩更优,而两者在股市价值上并无显著差别。另外,在(中国)香港上市的房地产企业中,国有企业股市价值低于非国有企业;而在中国内地上市的房地产企业中,国有企业股市价值高于非国有企业。研究结果说明,证券市场完善的监管有利于降低代理人问题,提高企业经营业绩。     

中国内地与香港商品市场一体化测度研究——以北京、上海、广州、深圳为例

采用世界主要城市物价指针数据库中北京、上海、广州、深圳和香港一篮子商品零售价格数据测度了中国内地与香港商品市场的一体化程度。研究表明,中国内地与香港的商品价格差异在逐步缩小,市场呈现一体化趋势,而且CEPA的实施更加推动了两地商品市场一体化进程。随着CEPA的推进,中国内地与香港将从合作走向融合并最终实现市场的大一统。     

我国内地与香港地区权证市场发展之比较

本文首先介绍了权证的定义和分类等相关概念,然后简单阐述权证在内地和香港地区的发展状况,最后对两个市场进行比较分析,为内地权证市场的进一步繁荣和规范发展提供借鉴。     

基于时变Copula的我国股票市场联动性研究

通过运用Copula技术,构建4种Copula-GARCH模型,讨论金融市场的相关模式问题得出的结论是Joe-ClaytonCopula比正态Copula好,动态模型比静态模型要好。表明沪港股市确实存在非对称的相关变化规律。同时表明沪、港股票市场股市相关程度较小,两个市场联动性较弱,上海股市的波动具有相对的独立性,通过组合上海股市和香港股市的方式可以较好的降低投资风险。     

Globalization and Hong Kong's labour market: the deregulation paradox

The globalization of business has affected Hong Kong, giving rise to important changes in its labour market and with impacts on workers and labour organizations. This has been felt in the migration of manufacturing plants to China in combination with labour market deregulation via the government's guest worker policy. We examine the institutional implications of liberalizing the previous ban on the admission of guest workers. While this seeming reversal was tantamount to deregulation, it also produced regulation via a new body of norms and rules governing guest labour which were, paradoxically, restrictive and disabling for the affected parties.     

A BENCHMARK APPROACH TO FINANCE

This paper derives a unified framework for portfolio optimization, derivative pricing, financial modeling, and risk measurement. It is based on the natural assumption that investors prefer more rather than less, in the sense that given two portfolios with the same diffusion coefficient value, the one with the higher drift is preferred. Each such investor is shown to hold an efficient portfolio in the sense of Markowitz with units in the market portfolio and the savings account. The market portfolio of investable wealth is shown to equal a combination of the growth optimal portfolio (GOP) and the savings account. In this setup the capital asset pricing model follows without the use of expected utility functions, Markovianity, or equilibrium assumptions. The expected increase of the discounted value of the GOP is shown to coincide with the expected increase of its discounted underlying value. The discounted GOP has the dynamics of a time transformed squared Bessel process of dimension four. The time transformation is given by the discounted underlying value of the GOP. The squared volatility of the GOP equals the discounted GOP drift, when expressed in units of the discounted GOP. Risk-neutral derivative pricing and actuarial pricing are generalized by the fair pricing concept, which uses the GOP as numeraire and the real-world probability measure as pricing measure. An equivalent risk-neutral martingale measure does not exist under the derived minimal market model.     

中国内地与香港债券市场整合问题研究

债券市场是现代金融体系的重要组成部分,债券市场整合是中国内地与香港开展金融合作的重要方面。文章认为中国内地与香港进行债券市场整合有助于巩固香港的国际金融中心地位,有助于推进人民币国际化和利率市场化进程,有助于促进中国内地债券市场的发展完善和加快亚洲金融一体化步伐。但目前中国内地与香港在进行债券市场整合时会遇到一系列障碍性因素:香港人民币存量有限;人民币尚未实现完全可自由兑换;内地与香港两地的利差带来的投机套利活动会对内地金融体系形成冲击等。在对中国内地与香港债券市场整合的近期、中期和远期模式进行设计展望的基础上,文章提出了推进内地与香港债券市场整合的一系列政策建议。     

Small Firm Marketing in China: A Comparative Study

This paper examines the influence of Chinese cultural values on marketing practices in different socio-cultural settings and business contexts, for example the United Kingdom, Hong Kong and China. 20 Chinese small firms in China were selected and their owner-managers were interviewed. Findings of interviews undertaken by Brooksbank et al. (1992) with 20 British small firm chief marketing executives, and Siu (1997) with 26 Chinese owner-managers in Hong Kong, were collated to form a database for comparison purposes. The research results suggest that the specific marketing practices of Chinese small firms in mainland China are different from those of their counterparts, for example, British and Hong Kong Chinese small firms. A tentative model is developed explaining the factors that appear likely, on the basis of this research, to affect the marketing performance of small firms in China.     

What do bond holdings reveal about international funds' preferences?

International bond funds are important institutional investors in emerging markets and their asset allocation decisions have significant implications for bond market developments and debt management policies in developing countries. This paper studies emerging market bond holdings of international funds and analyzes economic and financial factors affecting their bond preferences. It shows that mutual funds prefer to invest in countries with sound fundamentals and more openness to trade. In addition, they favor bonds with high past returns and yields while averting bonds with high transaction costs and idiosyncratic risks.     

论珠江三角洲五大机场的定位

珠三角地区是香港、广州、深圳、澳门、珠海五大机场的市场“交集”与市场腹地：各机场间既存在着此消彼长的“零和”竞争,又共享增长,是珠三角地域机场的一部分：五大机场根据自身条件,定位于不同的枢纽层级和市场分工,分层、分市场开展竞争与合作是五大机场获得共赢的基础,也是提高珠三角航空运输业整体竞争力的基础,     

期货市场与上海国际金融中心建设的突破口

期货市场具有规避风险和价格发现功能,它在推动经济市场化和参与国际竞争中具有重要作用。借鉴新加坡、法兰克福、香港这三个新兴国际金融中心建设的经验,期货市场应该成为上海建设国际金融中心的突破口。     

How electronic trading affects bid‐ask spreads and arbitrage efficiency between index futures and options

This paper examines the impact of switching to electronic trading on the relative pricing efficiency of Hang Sang Index futures and options contracts traded on the Hong Kong exchange. The study is motivated by the recent shift in 2000 from the pit to an electronic trading platform. Electronic trading leads to lower bid‐ask spreads and less price clustering than floor trading in both the options and futures markets. Mispricing between futures and options drops significantly after the change. Quicker correction of mispricing indicates a significant improvement in dynamic inter‐market arbitrage efficiency with electronic trading. © 2005 Wiley Periodicals, Inc. Jrl Fut Mark 25:375–398, 2005     

Market Potential of a Fast-Food Outlet Against Location Based on Customer Traveling Distance Profiles

Abstract

This paper studies how best to estimate the market potential of a fast-food outlet based on customer traveling distance profiles. We selected two outlets from a fast-food chain in Hong Kong, one located in a business district, the other in an urban area, as typical demonstrations. According to the hourly sales indices of either outlet, sales can be categorized into four time segments. The potential market population of each time segment for each outlet is first determined from customer traveling distance profiles. The overall potential market population for each outlet is then determined. To determine the market potential of an outlet, we need to include two factors: the fraction of this population having fast food and the associated frequency of having fast food, in addition to the overall potential market population. Aspects determining these three factors are also examined.     

The three faces of China: Strategic alliance partner selection in three ethnic Chinese economies

It is generally understood that firm strategy is linked to both internal firm resources and external, competitive industry forces. More recently, studies have suggested that firm strategy is also influenced by the formal and informal institutions of the institutional environment. Culture and commercial conventions represent important informal institutions – the norms and values shared by a group of individuals – whereas more formal institutions include the regulatory, economic, and political forces in the environment. We explore the effects of formal and informal institutions on strategic alliance partner preferences in Mainland China, Taiwan, and Hong Kong. Although the three share a broad lineage, their institutional development differs in some respects. Utilizing a policy capturing study, we explore alliance preferences of senior managers from each of the three economies to demonstrate how similarities and differences in the institutional environment can produce variation in alliance partner preferences. This paper contributes empirically by comparing alliance partner preferences in three different ethnic Chinese communities in East Asia. We add to the nascent but growing literature on institutions and strategy, with practical implications for understanding alliance partner preferences of managers in China, Taiwan, and Hong Kong, which represent major centers of strategic alliance activity.     

Economic Restructuring and HRM in Hong Kong

This article discusses the human resource implications of' business readjustment and advances in Hong Kong as its economy is restructured into a post-industrial centre of tertiary service industries. Corporate reforms are benchmarked against Western practices of exploring flexibilities and competitiveness which emphasize labour performance and cost savings. However, job security does not appear to have been eroded, possibly betraying an Oriental importance placed upon trust and commitment between employer and employee. As a meeting-place where Eastern and Western cultural practices interface, Hong Kong probably remains economically resilient by keeping its normative and institutional permissiveness in a hybrid mix of Western and Oriental practices.     

Born to be similar? Global isomorphism and the emergence of latecomer business schools

By building on insights from institutional isomorphism, this paper investigates the development paths of latecomer business schools in Hong Kong, (South) Korea, Singapore, and Taiwan. The global isomorphic pressure prevalent in higher education (e.g. the global regime of rankings) drives latecomers to imitate the practices of incumbents in order to enhance their academic impact through business and management research. Our study argues that latecomers respond to global isomorphism by forging their own paths. Our analysis shows that business knowledge production in Hong Kong and Singapore was more responsive to coercive (research strategy) and normative (faculty recruitment strategy) isomorphic pressure than Korea and Taiwan. The response to mimetic isomorphic pressure (co-authorship strategy) was less salient in Hong Kong and Taiwan than in Singapore and Korea. Further, we find that research, faculty recruitment, and co-authorship strategies affect the academic impact (citations) of the higher education institutions across each country differently. Our study sheds new light on the role of global isomorphism in the emergence of latecomer business schools.     

Viability and Equilibrium in Securities Markets with Frictions

In this paper we study some foundational issues in the theory of asset pricing with market frictions. We model market frictions by letting the set of marketed contingent claims (the opportunity set) be a convex set, and the pricing rule at which these claims are available be convex. This is the reduced form of multiperiod securities price models incorporating a large class of market frictions. It is said to be viable as a model of economic equilibrium if there exist price-taking maximizing agents who are happy with their initial endowment, given the opportunity set, and hence for whom supply equals demand. This is equivalent to the existence of a positive lineaar pricing rule on the entirespace of contingent claims—an underlying frictionless linear pricing rule—that lies below the convex pricing rule on the set of marketed claims. This is also equivalent to the absence of asymptotic free lunches—a generalization of opportunities of arbitrage. When a market for a nonmarketed contingent claim opens, a bid-ask price pair for this claim is said to be consistent if it is a bid-ask price pair in at least a viable economy with this extended opportunity set. If the set of marketed contingent claims is a convex cone and the pricing rule is convex and sublinear, we show that the set of consistent prices of a claim is a closed interval and is equal (up to its boundary) to the set of its prices for all the underlying frictionless pricing rules. We also show that there exists a unique extended consistent sublinear pricing rule—the supremum of the underlying frictionless linear pricing rules—for which the original equilibrium does not collapse when a new market opens, regardless of preferences and endowments. If the opportunity set is the reduced form of a multiperiod securities market model, we study the closedness of the interval of prices of a contingent claim for the underlying frictionless pricing rules.     

论ECFA背景下大陆企业在台湾证券市场的融资机制——借鉴香港证券市场的发展经验

在ECFA背景下,大陆与台湾之间的经贸合作必将进一步深化,此时研究台湾证券市场对大陆企业的制度开放问题具有重要的现实意义。本文认为,同属于"亚洲四小龙"的香港在经济发展历程、经济发展战略上与台湾都非常相似,而资本市场从一开始就是附属于实体经济的,是为了满足实体经济资金融通需求而发展起来的,因此,香港证券市场的成功发展策略对台湾证券市场具有很好的借鉴意义。本文研究了内地与香港CE-PA协议及其附加协议中对大陆企业融资开放的规制,认为大陆与台湾可以在ECFA附加协议的框架内达成台湾证券市场对大陆企业的融资开放,并进一步研究融资开放过程中相关法律法规的协调、有效监管体系的构建等制度构建问题。     

The elusive effect of bank size on profits

This study investigates the determinants of bank profit while paying particular attention to the influence of market share on profit, referred as the market share effect. The research seeks to answer the question whether the market share effect is conditional upon four country institutional factors including concentration ratio, bank regulations, the government's governance and country wealth, and is thus better in explaining the mixed results in the literature. This study employs comprehensive data of 44 countries from 1998 to 2004. The results show that market share positively influences profit when no country institutional factors are considered, but further strengthened in countries that are characterized by high concentration ratios, high restrictions on bank activities in insurance and real estate, good investor protection and a strong rule of law.