Return spread and liquidity: Evidence from Hong Kong ADRs

Fifteen Chinese H-shares listed on the Stock Exchange of Hong Kong are cross listed as ADRs on the NYSE. We empirically determine the role of security specific liquidity associated with those ADRs and their underlying H-shares on return spreads, differences between the returns on ADRs and their corresponding H-shares after controlling for ADRs and H-shares excess market returns and their respective price inverses denoting conditional betas. We use three proxies for liquidity, trading volume, turnover, and illiquidity (Amihud, 2002) and find that only trading volume and turnover are consistent determinants of return spread for the majority of Chinese ADRs with primary listing in Hong Kong Stock Exchange (SEHK). We use a switching regression model and find that the model parameter estimates are not stationary and change, often drastically between pre and post 2000 and 2003. Further tests using Bai Perron indicate return spreads data as non-stationary with multiple regime changes during the sample period. Further the causes of non-stationarity seem to be largely security specific and not driven by broad market swings in either market.     

浅论我国医疗纠纷ADR机制

医疗纠纷愈演愈烈,如何建立一套行之有效的解决途径,减少"医闹"现象非常必要。文章通过探讨医疗纠纷ADR机制的合理与可行性,在借鉴美国经验的基础上,对引入第三方介入医疗纠纷的调解协商机制、完善符合我国国情的非诉讼解决医疗纠纷机制及加快我国医事立法方面提出了建议,以此构建和谐医患关系。     

Towards Employee Wellness: Rethinking Bullying Paradoxes and Masks

“Wellness in organizations” should focus on the well being of individual workers. At a time when the wellness of individuals is increasingly being threatened in our workplaces, I argue that one way wellness can be sought is through careful examination of routine organizational practices. To make this point, I look to the problem of bullying in organizations and, in particular, traditional organizational responses to bullying. The paradoxes of protective legislation and protective workplace policies are explored, before numerous organizational masks that serve to bolster these paradoxes are discussed: the mask of stereotypes; the mask of Alternative Dispute Resolution (ADR); the mask of counseling; and the mask of training. The way towards wellness in organizations lies with the recognition of unintended distortions and limitations on existing legislation, policy and process, and the critical assessment of traditional remedies.

证券监管与执法ADR模式探参

选择性或替代性纠纷解决方法（ADR），是一种新兴的诉讼外和解机制，它具有程序简捷、解决纠纷快、降低成本、提高效率及减少诉讼风险等优势。目前，ADR在美、欧等发达国家司法实践以及资本市场监管与执法中被广泛采用。本文在总结ADR特点、类别的基础上，对ADR在证券监管与执法中的表现形式进行了分析，结合我国资本市场新兴加转轨的发展现状，论述了引入ADR制度的必要性，并诠释TADR的适用范围及模式选择。     

Valuation impact of currency crises: Evidence from the ADR market

This study analyzes American depository receipts (ADR) performance surrounding the outbreak of major currency crises during the past decade. By employing event-study methodologies and multifactor pricing models, we find that the outbreak of a currency crisis is accompanied by a negatively significant abnormal return for the corresponding ADRs, even after controlling for variations in exchange rates. We also find significant upward shifts in the exchange rate exposure of ADRs when the home currency is switched from a “pegging” to a “floating” exchange rate regime. In addition, ADR-originating firms with larger sizes, greater proportions of U.S. market activities, and greater market liquidity have relatively less negative abnormal returns (ARs) and less significant upward shifts in currency exposure, implying that such firms are relatively better hedged against currency crises.     

Institutional Herding in the ADR Market

This study examines institutional herding in the ADR market between 1985 and 1998. We find a significant positive relation between changes in institutional ownership and ADR returns over the same period. The positive relation persists after we control for the momentum effect in the US stock markets. We also find that in the ADR market, past winners (losers) in the herding period continue to be the winners (losers) in the post-herding period. The lack of a returns reversal suggests institutional herding is related to momentum trading. However, the positive relation between institutional ownership changes and ADR returns remains after controlling for momentum trading in the ADR market. Our results also rule out that positive feedback trading is related to institutional herding in the ADR market.     

对引入存托凭证（DR）的思考

加入WTO后，金融创新已成为我国推进金融市场开放，促进资本市场发展，增强我国金融市场国际竞争力的重要手段。存托凭证作为一种重要的投资理财工具，已引起有关各方的关注。本文介绍了美国存托凭证的概念和运行机制，对当前中国发行存托凭证的困难进行了思考，认为目前推出中国存托凭证尚不具备条件。     

Inside the mediation room - efficiency,voice and equity in workplace mediation

Existing research into workplace mediation in the UK has tended to focus on managerial perceptions. Consequently, there has been a unitarist emphasis on the business case for mediation, revolving around its alleged superior efficiency properties compared to conventional rights-based procedures. This paper develops the research agenda in two respects: first, it foregrounds the experiences of participants in mediation through 25 interviews with individuals drawn from a variety of contexts. Second, it extends the analysis beyond the efficiency of mediation to consider issues of voice and equity. In doing so it explores the role played by mediation within the negotiation and re-negotiation of workplace relations and also the way in which it shapes, and is shaped by, power and control. In the cases examined in the paper, mediation not only facilitated employee voice, but allowed subordinates to challenge the authority of supervisors and line managers. However, the influence of mediation on the balance of workplace power relations outside the mediation room was much more limited.