Narrow Results

In this note, I document the change in correlation between Hong Kong, Singapore and the US financial market indexes using Geweke Measures after the handover of Hong Kong to China. The results show that these relationships have changed significantly. While the feedback relationship between Hong Kong, Singapore and the US markets increase after the handover of Hong Kong, the increases in feedback relationship between Singapore and the US markets is relatively higher compared to the change between Hong Kong and the US markets.

Based on a small, open-economy IS-LM prototype model, this paper examines the sources of macroeconomic instabilities in Hong Kong and Singapore operating under two different currency board arrangements. The empirical findings suggest that in general, both external and internal factors contribute to the macroeconomic volatilities observed in the two economies. There is evidence of a tradeoff between exchange rate and interest rate targeting for the stability of money supply in Singapore. Our findings have important implications for Mainland China's monetary authorities in the transition from a hard-peg exchange rate regime like Hong Kong to a basket-link system like the one in Singapore.

This paper first provides a brief review of the global financial tsunami. It then explains why the quantitative easing in the US and the unique characteristics of the Asian property markets have contributed to the formation of property bubbles in some Asian economies. Thereafter, it discusses the possibility of a bursting of property bubbles in Hong Kong, Singapore or another Asian economy a few years from now, and highlights that the bursting of the property bubble in that economy could trigger severe corrections of property prices in this region through the contagion effect. After pointing out that the implied crisis could be more severe than that during the Asian Financial Crisis, it (i) discusses policies that could mitigate the damages of the potential crisis and (ii) draws important lessons and conclusions that could pre-empt similar disasters in the future.

This paper aims to investigate the role of a consumer satisfaction index (CSI) for financial investments in the Hong Kong market. Using yearly data for Hong Kong consumer satisfaction index (HKCSI) to compile a CSI at company level, the effect of consumer satisfaction on company market value is identified. A hypothesized investment portfolio based only on CSI at company level is created, and its return compares with a widely used index measuring stock market performance in Hong Kong. A formal statistical test on the outperformance of portfolios that load on consumer satisfaction is conducted. Using the Capital Asset Pricing Model (CAPM), the beta risk of the entire time period is evaluated, and shows that the portfolio risk based on company level CSI is not significantly different than the market risk. This paper concludes therefore that consumer satisfaction can be incorporated into financial models and applied for formulating investment portfolios with better performance than the market rate in Hong Kong.

In this paper, the results of a survey on capital structure decisions of Hong Kong listed firms are reported. It is found that Hong Kong firms conformed more to the "pecking order" principle than a target long term debt-equity mix in their financing decisions. Financial managers' preferences over alternative capital raising instruments are also investigated. The degree of information asymmetry and firm size are found to have impacts on the ranking of some factors governing capital structure decisions. However, signaling motivation does not play a role in managers' financing decisions.

This paper studies the extent to which real estate prices impact common stock prices in Hong Kong. Real estate-related firms account for over 30 percent of Hong Kong's stock market capitalization. The real estate markets are therefore major determinants of changes in common stock prices. This study, using data during the 1974-1998 period, not only supports empirically that both unexpected changes in residential and office property prices are important determinants of the change in stock prices for Hong Kong, it also finds that the property and stock price series are cointegrated. Impulse response function based on an error-correction VAR model is used to examine the dynamic relationships between real estate and common stock prices.

Chinese listed companies issue Class A, B and H shares to Chinese, foreign and Hong Kong investors, respectively. Entitled to exactly the same rights and obligations, the three classes of shares are, however, traded at significantly different prices. The valuation differential is attributable to the different responses to the country-specific risk related to the emerging Chinese stock market by the three categories of investors. The country risk of China can be decomposed into political risk, exchange rate risk, interest rate risk and market risk. Empirical tests provide strong evidence to support the decomposition model. Compared with Chinese investors of A-shares, foreign investors would require a higher rate of return for B-shares to adjust for the political risk of China, reflecting a differential in the risk premium required on the world capital market. In comparison, the Hong Kong investors, who have greater tolerance of the political risk involved in H-shares as a result of the increasing integration between the Hong Kong and Chinese markets under "one country and two systems", are willing to pay a higher price for H-shares relative to B-shares.

The least effective working capital management and poor corporate governance resulted in the 2008 global financial crisis besides various other factors as highlighted by the prior studies. So far, the existing literature reveals that WCM and CG affect firm performance (FP) on an individual basis. However, the collective effect of working capital management and corporate governance on firm performance has been paid the least attention. This study investigates the collective effect of working capital management and corporate governance on firm performance for Australia and Hong Kong markets, being the top two markets in the Pacific region. For this purpose, a system generalized method of moments based on two steps is applied to address the endogeneity issue. The results establish that working capital management and corporate governance affect firm performance on an individual basis and then these individual effect results compliment the collective effect results. The limitation of the study is that it did not consider two stages of Least Squares Regression due to difficulty in the identification of instrumental variables for both explanatory variables. As a policy implication, firm manager may take the benefit of the findings of this study while devising financial policies to enhance firm performance. Future investors may use the findings of this study to make an informed decision on future investment in both markets.

In Hong Kong, post-divorce families have long been conceptualised as "single parent families", thereby overlooking the fact that some non-resident parents do have continuous participation in the post-divorce families. With this over-generalised conceptualisation, social services have been focusing on bringing about successful single parenting and have ignored the possibility of post-divorce co-parenting and non-residential parenting in these families. It also reinforces the win-lose dichotomy in fighting over child custody. The author recommends re-conceptualising the post-divorce families as "binuclear families" to draw our attention to the possible participation and influence of the non-resident parents in these families. Promotion of forever-parenthood and family law reform would also help to induce change in the dominant social discourse. We need more empirical research on post-divorce families to clear the obscured picture and facilitate the formulation of an inclusive practice model with these families. Last but not least, as co-constructors of the social discourse on families in alternate forms such as post-divorce families, social work practitioners should enhance their reflexivity on family ideologies and beliefs in parent-child relationships.

基 於 离 婚 家 庭 被 等 同 於 单 亲 家 庭 的 理 解， “非 与 孩 子 同 住 的 父 ／ 母” 在 香 港 离 婚 家 庭 中 的 参 与 一 直 被 忽 略。 在 服 务 设 计 及 实 施 时 也 忽 略 了 离 婚 家 庭 中 “非 与 孩 子 同 住 的 父 ／ 母” 的 亲 职 参 与 及 “协 作 亲 职” 的 可 能， 这 理 解 也 强 化 了 孩 子 抚 养 权 于 父 母 在 离 婚 中 作 为 成 与 败 的 象 徵 意 义。 基 于 过 往 的 不 足， 作 者 提 出 在 概 念 层 面 上 以 “双 核 心 家 庭” 取 代 单 亲 家 庭 的 理 解 以 及 在 法 律 层 面、 实 务 层 面 以 至 训 练 层 面 上 所 需 作 出 的 改 革 考 虑。

強制性施虐者服務是現時香港家庭暴力防 治 服務缺少的一環。根據國外的經驗，本文展示強制性輔導的優點，並討論在現時的法律框架下，香港可以如何通過香港法例第298章《感化犯人條例》去展開法庭頒令的施虐者輔導服務。

Can governments really do anything to strengthen families? What are the implications of different policies for both governments and families? Based on his family-policy responsibilities in Hong Kong and the U.S., the author brings his own personal historical and international lessons of experience for consideration by the proposed Hong Kong commission on family-friendly policies. Competing advocates of family policies might share common historical misunderstandings and value assumptions but they can differ in their definitions of family failure and how government can help families directly through general policies or through problem-specific advocacy groups. In addition to providing the first although abbreviated history of Hong Kong's Urban Family Life Survey of the 1960s, the author proposes three charges to be included in the current commission's terms of reference and work plan.

Lone parent families are often portrayed as welfare-dependent, and social policies and social services can be hostile to and discriminating against lone parents especially in societies dominated by traditional familism, such as Hong Kong. This resentment of lone parent families has not been present throughout Hong Kong's history, but has arisen over the past decade. This paper is based on a study that traced the changing discourses of the lone parent family in Hong Kong. Adopting the Foucauldian concept of genealogy of knowledge and inspired by Nancy Fraser and Linda Gordon's work on "genealogy of dependency", we trace the discourses of the lone parent family from the 1970s to the early 21st century. The term "lone parent" did not exist before the mid-1980s, and when it first appeared it was closely associated with vulnerability and charity. In the early 21st century, the lone parent discourse developed into a problematic discourse, with lone parents associated with welfare dependency, social security fraud, juvenile delinquency, family violence, and perceived as a threat to social stability. This paper notes that the "success" of this discourse may help to rationalize the cutting back of social security benefits for lone mothers and regulate welfare recipients.

In Asian societies, the sexual abuse experiences of male victims are rarely studied due to social gender role stereotype, which enforces the discourse that men are supposed to be tough and impossible to be hurt, and not to report sexual abuse. This research examines the life journey of 12 sexually abused male survivors in Hong Kong to explore their struggles. Results show: firstly, male survivors are caught in shame and excitement when talking about their abusive incidents. Shamefulness leads some of them to have negative self-esteem while excitement makes some of them addicted to sexual activities or even become homosexual; secondly, they feel insecure to tell others about it after being abused, because of masculinity identity; thirdly, relationship building is always hard for them since they do not know how to maintain distance with the others.

This paper reports research that examines general values and work values held by university students studying social work in Hong Kong. Comparison is also made with values held by similar students studying in different majors. Results indicated that social work students rated general values such as benevolence, self-direction, universalism and tradition higher than their non-social work counterparts. They also rated work values such as altruism, creativity, supervisory relations, independence and intellectual stimulation more highly. However, the social work students held lower values associated with economic returns, thus supporting a view that students with an inclination towards social work tend to espouse self-transcendence and intrinsic work values, and are less influenced by material rewards. Among the social work respondents, gender differences were found in both general and work values. Differences were also noted between the groups with different modes of study. Implications for social work education and future research are discussed.

This is a research brief on a qualitative study conducted from 2009 to 2010 in Hong Kong on the experiences of sexual violence victims in dealing with the various social systems and different professionals. The findings reveal that not only did the victims suffer from being sexually assulted, they also experienced a "secondary trauma". Secondary victimization is most serious in schools, the Equal Opportunities Commission and the judical system. The police, medical and social welfare systems need to be improved as well.

The purpose of this article is to uncover the trend of developing education courses for social entrepreneurship in higher education institutions in Hong Kong. The author had searched the syllabi or course descriptions across the websites of the higher education institutions in Hong Kong with the keywords of entrepreneurship, social entrepreneurship and social innovation. It was found that most of the social entrepreneurship courses offered were one-off single subject for undergraduate students, General Education courses, and minor courses, with only a few courses targeting postgraduates. It was also found that curricular differences among the courses offered by various schools or faculties were not that obvious. To understand this, the author had undertaken an analysis of the schools where these courses resided, course objectives, course content, and teaching and learning strategies among these various social entrepreneurship courses. Discussion of these has given insights to arguing for the need of multidisciplinary collaborations among social entrepreneurship educators.

Using a large-scale dataset from Hong Kong, this study describes the prevalence of cyberbullying and examines how gender and grade level relate to cyberbullying among secondary school students in Hong Kong. Participants were 1,855 students from secondary schools (Forms 1 to 7). Students were given an anonymous questionnaire that included a scale for reporting their experiences of cyberbullying. Responses indicated that 17.8% of students reported cyberbullying and 30.9% experienced at least one type of cyberbullying in the past three months. Curses, insults, and humiliation were the most common types of cyberbullying. Males reported higher rates of bullying and victimization than did females. The overall rates of bullying and victimization peaked in Forms 2 or 3 and in Form 6. Cyberbullying among secondary students in Hong Kong is a serious problem that needs immediate attention. Potential intervention programs should target males and students in Forms 2, 3, and 6. Programs should mainly aim to reduce online curses, insults, and humiliation by students.

A case in the Hong Kong Chinese context is presented in this paper to illustrate the use of both quantitative (Holland's SDS) and qualitative career assessment (Card Sorts) to help a 16-year-old girl overcome career indecision. Guided by both Holland's Hexagonal Career Types Theory and Socio-Cognitive Career Theory, a career counsellor can promote a client's positive changes after two counseling sessions. This case supports Tracey's (2002) and Nauta et al.'s (2002) postulated bidirectional causal path between self-efficacy and interests. In addition, it highlights that partial match instead of perfect match between Self-directed search (SDS) scores and choice of academic major is more pragmatic or effective while performing quantitative assessment. Finally, it points to the need for establishing local SDS norms, examining the Holland codes for occupations in Hong Kong, and researching the link between congruence and maximal career outcomes in future research.

This study aimed to contribute to an exploratory categorization of different adolescent drug rehabilitation service models in Hong Kong. In-depth interviews were conducted with local social workers working in the medical model setting, integrated model setting, and social model setting. There was a trend that hybrid models were used by the drug rehabilitation service providers and a shift to postmodernism was found in the current service settings.

Official data shows that in 2021, there were 1,423 street sleepers in Hong Kong (excluding other forms of homelessness). However, the Hong Kong government has only subsidized a few NGOs to operate temporary shelters and homeless hostels. In this context, the Society for Community Organization pioneered a non-government-funded program called "Friend Home Hostel," a relatively long-stay hostel. This paper reports on resident profiles in this program and scrutinizes the functions of this program, drawing on data collected from a questionnaire survey and 21 in-depth interviews. The findings from this study are used to discuss the prospects and challenges of long-stay hostels that prepare residents for pathways out of homelessness. This long-stay hostel offers a social service model for the government and other NGOs by adopting a unique practice setting in which innovative and persistent intervention can promote the health and welfare of homeless people.