| THE
UNIVERSITY OF HONG KONG |
SCHOOL OF ECONOMICS & FINANCE
| Researcher : Bai C |
| Project Title: | Expropriation and incentives in team production |
| Investigator(s): | Dr. Bai C.E., Dr. Li D.D., Dr. Tao Z.G. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Hong Kong Research Grants Council Competitive Earmarked Research Grants |
| Start Date: | 08/2000 |
| Completion Date: | 01/2004 |
| Abstract: |
| To investigate how closely held firms such as joint ventures deal with the threat of expropriation of other investors by the controlling investor. |
| Project Title: | The system of incentives for managers with multitasks: theory and evidence from Chinese state-owned enterprises |
| Investigator(s): | Dr. Bai C.E., Dr. Xu C.L.X. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Block Grant Earmarked for Research |
| Start Date: | 01/2003 |
| Abstract: |
| To contribute to the general economic literature on incentive issues in firms rather than policies about firms in China. |
| Project Title: | Franchising as a nexus of incentive devices for production involving a brand name |
| Investigator(s): | Dr. Bai C.E. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Hong Kong Research Grants Council Competitive Earmarked Research Grants |
| Start Date: | 09/2003 |
| Abstract: |
| To provide a unified theoretical framework to understand various incentive devices in franchising, including dual distribution, minimum quality standards, asset specificity, mandatory advertising expenditures, and area development plans. |
| Project Title: | Franchising as a nexus of incentive devices for production involving a brand name |
| Investigator(s): | Dr. Bai C.E. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | RGC Projects (Block Grant Funded) |
| Start Date: | 09/2003 |
| Abstract: |
| To provide a unified theoretical framework to understand various incentive devices in franchising, including dual distribution, minimum quality standards, asset specificity, mandatory advertising expenditures, and area development plans. |
| List of Research Outputs |
| Bai C., Du M., Tao Z. and Tong S., Local Protectionism and Regional Specialization: Evidence from China's Industries, 2003 ASSA meetings, AEA/CES session. 2003. |
| Bai C., Du M., Tao Z. and Tong S., Local Protectionism and Regional Specialization: Evidence from China's Industries, 2004 Annual International Conference on Transition Economics in Hanoi. 2004. |
| Bai C., Tao Z. and Wu C., Revenue Sharing and Control Rights in Team Production: Theories and Evidence from Joint Ventures, 2004 Annual International Conference on Transition Economics in Hanoi. 2004. |
| Bai C., Li D., Qian Y. and Wang Y., Rule of Law and Economic Development, 2003 ASSA meetings, AEA session. 2003. |
| Bai C., Thriving on a Tilted Playing Field: China's Non-State Enterprises in the Reform Era, In: Nicolas Hope, Dennis Tao Yang, and Mu Yang Li, How Far Across the River? Chinese Policy Reform at the Millennium. Stanford University Press, 2003, 97-121. |
| Bai C. and Wang Y., Uncertainty in Labor Productivity and Specific Human Capital Investment, Journal of Labor Economics. 2003, 21 (3): 651-675. |
| Bai C., Du M., Tao Z. and Tong S., 地方保護主義以及產業的地區集中度的決定因素和變動趨勢, 經濟研究, 2004, 4: 29-40. |
| Yang Y. and Bai C., The Prevalence of the State Sector and Capital Market Movement: A Cross-Country Analysis, 2004. |
| Researcher : Chan AWH |
| Project Title: | Optimal reserve commitment for stability of currency board arrangement |
| Investigator(s): | Dr. Chan A.W.H., Prof. Chen N.F. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Hong Kong Research Grants Council Competitive Earmarked Research Grants |
| Start Date: | 09/2000 |
| Abstract: |
| To examine the optimal reserve commitment for enhancing the stability of currency board arrangement. |
| Project Title: | Information contents of the end-of-day effect |
| Investigator(s): | Dr. Chan A.W.H., Prof. Chen N.F. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Hong Kong Research Grants Council Competitive Earmarked Research Grants |
| Start Date: | 12/2002 |
| Abstract: |
| Many studies find that stock prices systematically increase just before the end of trading day. This phenomenon, end-of-day effect, exists in many different exchanges of different countries; it does not depend on any particular trading system. This project is to empirically study this end-of-day effect. |
| List of Research Outputs |
| Tse C.Y. and Chan A.W.H., Estimating the commuting cost and commuting time property prices gradients, Regional Science and Urban Economics. Amsterdam, Holland, Elsevier Science, 2003, 33: 745-767. |
| Researcher : Chan W |
| Project Title: | Investing in reputation: strategic choices in career-building |
| Investigator(s): | Dr. Chan W., Prof. Suen W.C. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Hong Kong Research Grants Council Competitive Earmarked Research Grants |
| Start Date: | 08/2002 |
| Abstract: |
| In most economics literature, the match between workers and careers is not random bu involves selection. Yet, most economists tend to treat a career as a static concept, ignoring the fact that pursuing a successful career involves strategic decisions at different stages. This project attempts to explore the dynamics of a career path. |
| List of Research Outputs |
| Suen W.C., Chan W. and Zhang J., Marital Transfer and Intrahousehold Allocation: A Nash-Bargaining Analysis, Journal of Economic Behavior and Organization. 2003, 52: 133-146. |
| Researcher : Cheung MT |
| List of Research Outputs |
| Cheung M.T. and Liao Z., Supply-side Hurdles in Internet B2C e-Commerce: An Empirical Investigation, IEEE Transactions on Engineering Management. New York, USA, IEEE, 2003, 50: 458-469. |
| Liao Z. and Cheung M.T., Challenges to Internet e-Banking, Communications of the ACM . New York, USA, Assoc. Computing Machinery, 2003, 46: 248-250. |
| Liao Z. and Cheung M.T., Concurrent-Convergent Strategy in IT Consulting, Communications of the ACM. New York, USA, Assoc. Computing Machinery, 2003, 46: 103-104. |
| Researcher : Ching STF |
| List of Research Outputs |
| Ching S.T.F., Can Fiscal Balance Be Restored in 2008-09, Asia-Pacific Journal of Taxation. 2004, 8 (1): 88-91. |
| Ching S.T.F. and Devereux M., Mundell Revisited: A Simple Approach to the Costs and Benefits of a Single Currency Area, Review of International Economics. 2003, 11 (4): 674-691. |
| Ching S.T.F., Wong C. and Zhang A., Non-Tariff Barriers to Trade in the Pacific Rim, Pacific Economic Review. 2004, 9 (1): 65-73. |
| Researcher : Fung K |
| List of Research Outputs |
| Siu A.K.F., Fung K., Iizaka H. and Lin C.C., An Econometric Estimation of Locational Choices of Foreign Direct Investment: The Case of Hong Kong and U.S. Firms in China, Critical Issues in China's Growth and Development. U.K., Ashgate Publishing, 2004. |
| Siu A.K.F., Fung K. and Iizaka H., Japanese Direct Investment in China, China Economic Review. Elsevier Inc., 2003, 14: 304-315. |
| Siu A.K.F., Fung K., Iizaka H. and Kim H.K., Korean, Japanese and Taiwanese Direct Investment in China, Proceedings on Rising China and the East Asian Economic. Korea, Korean Institute of International Economic Policy, 2003. |
| Researcher : Hau TD |
| List of Research Outputs |
| Hau T.D., International Editorial Board Member, Transport Policy. Amsterdam, The Netherlands, Elsevier Ltd., 2004. |
| Yang H., Meng Q. and Hau T.D., Optimal integrated pricing in a bi-modal transportation network, In: Der-Horng Lee, Urban and Regional Transportation Modeling: Essays in Honor of David Boyce. Cheltenham, Gloucester, UK, Edward Elgar Publishing Limited, 2004, 134-156. |
| Researcher : Jao YC |
| List of Research Outputs |
| Jao Y.C., Hong Kong's Deflation Problem, 香港的通縮問題, Hong Kong Economic Journal. 信報財經月刊, 2003, 318: 40-44. |
| Jao Y.C., Shanghai and Hong Kong as Financial Centres: Orientation and Comparison, ?港金融中心的定位與比較, Asian Studies. 亞洲研究, 2003, 48: 7-26. |
| Jao Y.C., The Evolution of the Monetary System and the Development of the Financial Sector in the Postwar Period 1945-1980, 戰後金融業的演變和發展, In: Liu Shuyong, The Hong Kong Economy in the 20th Century. 20世紀的香港經濟, Hong Kong, Joint Publishing Co, 2004, Chapter 9: 259-306. |
| Researcher : Kang Q |
| Project Title: | Investor base and pay performance sensitivity |
| Investigator(s): | Dr. Kang Q., Prof. Brandt M. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Block Grant Earmarked for Research |
| Start Date: | 02/2003 |
| Completion Date: | 01/2005 |
| Abstract: |
| There is no convincing empirical evidence on the pay performance sensitivity in the literature yet. In this project, we try to answer this question: whether the sensitivity is related to the investor base of the firm which the manager is managing? Alternatively, does (or not) the investor base contribute to the pay-performance sensitivity? |
| Project Title: | A revisit of the nature of risks and the source of momentum profits |
| Investigator(s): | Dr. Kang Q., Prof. MacKinlay A.C. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Block Grant Earmarked for Research |
| Start Date: | 11/2003 |
| Completion Date: | 10/2005 |
| Abstract: |
| To resolve the following questions: (1) Is there a way to reconcile the differences in those contradicting arguments? If yes, what have caused the differences? (2) What are the natue of the risks and the economic source of the rewards to momentum investing? (3) What do those commonly-used Fama-French risk factors stand for? Is there any other economically-sound risk factor for the theoretical and empirical asset pricing models? |
| List of Research Outputs |
| Kang Q. and Brandt M.W., On the relationship between the conditional mean and volatility of stock returns: A latent VAR approach, Journal of Financial Economics. Amsterdam, Netherland, Elsevier, 2004, 72, No. 2: 217-257. |
| Researcher : Latter AR |
| List of Research Outputs |
| Latter A.R., A reappraisal of the form and functions of the Hong Kong Monetary Authority, the usage of the Exchange Fund, and related aspects of Hong Kong's fiscal and foreign reserves policies, A reappraisal of the form and functions of the Hong Kong Monetary Authority, the usage of the Exchange Fund, and related aspects of Hong Kong's fiscal and foreign reserves policies. Hong Kong, Civic Exchange, 2003. |
| Latter A.R., Assessing risks at the macro level, Experian-Scorex Asia-Pacific Credit Risk Management Forum. 2004. |
| Latter A.R., Challenges and risks posed to central banks by deflation, New horizons in central bank risk management. London, Central Banking Publications, 2004, 41-50. |
| Latter A.R., Deflation holds no terrors for Hong Kong, Central Banking. London, Central Banking Publications, 2003, XIV. 1: 31-34. |
| Latter A.R., How progressive is taxation in Hong Kong, and should it be more so?, Hong Kong Business Professionals Federation. 2004. |
| Latter A.R., Regular articles on a weekly basis, South China Morning Post. Hong Kong, South China Morning Post, 2003. |
| Researcher : Lau SH |
| Project Title: | Economic fluctuations with endogenous growth: theory and evidence (with particular emphasis on Hong Kong and other NICs) |
| Investigator(s): | Dr. Lau S.H. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Hong Kong Research Grants Council Competitive Earmarked Research Grants |
| Start Date: | 08/2000 |
| Abstract: |
| To develop models with endogenous growth and fluctuations, and examine their empirical successes with respect to both industrial countires (such as USA) and newly industrialised countires (including Hong Kong). The project will emphasise the growth-enhancing and cycle-generating roles of human capital accumulation and infrastructure provision, and assess these effects quantitatively. |
| Project Title: | Achieving intertemporal efficiency and symmetry through intratemporal asymmetry: an analysis of turn taking |
| Investigator(s): | Dr. Lau S.H., Dr. Mui V.L. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Block Grant Earmarked for Research |
| Start Date: | 11/2003 |
| Abstract: |
| To study when and how turn taking can be supported as an equilibrium outcome; to find a quantitative measure of the players' welfare gain in the turn-taking equilibrium, and to provide an economic interpretation of such gain; to study other welfare-improving methods (such as the use of correlated strategies, cheap talk) in addition to turn taking, and to assess the separate contribution of turn taking, cheap talk etc. in improving the players' payoffs. |
| Researcher : Liu Q |
| Project Title: | Firm value, risk, and options of technology breakthrough or impasse |
| Investigator(s): | Dr. Liu Q. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Hong Kong Research Grants Council Competitive Earmarked Research Grants |
| Start Date: | 08/2001 |
| Abstract: |
| To theoretically and empirically study how knowledge capital affects the firm's stock market performance and its R&D stragegies. |
| Project Title: | An information-based explanation on investment cash flow sensitivity |
| Investigator(s): | Dr. Liu Q. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | RGC Projects (Block Grant Funded) |
| Start Date: | 07/2003 |
| Abstract: |
| To find an information based explanation that is able to reconcile "financing constraint" hypothesis. |
| List of Research Outputs |
| Lejot P.L., Arner D.W. and Liu Q., Asia's Bond Market: Reforms to Promote Activity and Lessen Financial Contagion, HKIEBS Working Paper. Hong Kong, HKIEBS, 2004, 1090: 110pp. |
| Lejot P.L., Arner D.W., Liu Q., Chan M.K.C. and Mays M., Asia's Debt Capital Markets: Appraisal and Agenda for Policy Reform, HKIMR Working Paper. Hong Kong, Hong Kong Institute for Monetary Research, 2003, 19/2003: 34pp. |
| Researcher : Luk YF |
| List of Research Outputs |
| Luk Y.F., Regular articles on a weekly basis, Sing Tao Daily. 星島日報, Hong Kong, Sing Tao Daily, 2003. |
| Researcher : Song FM |
| Project Title: | Futures market hedging and the behavior of commodity prices |
| Investigator(s): | Dr. Song F.M. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Block Grant Earmarked for Research |
| Start Date: | 05/2002 |
| Completion Date: | 09/2003 |
| Abstract: |
| To test the important predictions on price behavior implied in the theory of Commodity Prices, in paticular, to examine whether the regime-dependency in price-behavior (if it exists) is a result of speculative inventories; to examine the extent to which any regime-dependence is responsible for the evidence of the very poor effectiveness of hedging strategies that employ commodity futures contracts. |
| Project Title: | Corporate Governance and Market Valuation in China and Hong Kong |
| Investigator(s): | Dr. Song F.M., Prof. Geng X., Prof. Lin J., Prof. Yin H.R., Dr. Zhang J.J., Prof. Zhen Z.W. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | HKU Foundation Seed Grant |
| Start Date: | 07/2003 |
| Abstract: |
| To develop extensive knowledge and expertise in the field of China and Hong Kong's corporate governance; to play an important role in the reform of corporate governance in China and Hong Kong. |
| Project Title: | The behavior of commodity prices and futures market hedging |
| Investigator(s): | Dr. Song F.M., Prof. Ai C.R., Prof. Chatrath A. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | RGC Projects (Block Grant Funded) |
| Start Date: | 07/2003 |
| Abstract: |
| To examine several important predictions on price behavior implied in the theory of commodity prices, in particular the behavior of price autocorrelations, conditional volatility, and term structure of commodity prices; to identify and test variables in various hedging models using futures contracts. We belived the hedging models based on our understanding of behavior of commodity prices will be more effective in hedging against risk of commodity market; to search for different hedging models other than static and dynamic GARCH models. |
| List of Research Outputs |
| Chow K.W., Song F.M. and Wong K.P., Investment and the Soft Budget Constraints in China, China Journal of Finance. China, Sichuan University, 2004, 1: 59-72. |
| Ping X., Song F.M. and Zhang J.J., Corporate Governance, Securities Market and Banking Reform. 治理結構,証券市場與銀行改革, Beijing, China, Peking University Press, 2003. |
| Researcher : Suen WC |
| Project Title: | Decision making under divergent interests |
| Investigator(s): | Prof. Suen W.C., Dr. Li H. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Hong Kong Research Grants Council Competitive Earmarked Research Grants |
| Start Date: | 09/2001 |
| Completion Date: | 08/2004 |
| Abstract: |
| To studies the tension between information aggregation and strategic information manipulation in collective decision making. |
| List of Research Outputs |
| Li H. and Suen W.C., Delegating Decisions to Experts, Journal of Political Economy. 2004, 112 Part 2: S311-S335. |
| Li H. and Suen W.C., Self-Fulfilling Early Contracting Rush, International Economic Review. 2004, 45: 301-324. |
| Suen W.C., Chan W. and Zhang J., Marital Transfer and Intrahousehold Allocation: A Nash-Bargaining Analysis, Journal of Economic Behavior and Organization. 2003, 52: 133-146. |
| Suen W.C., The Self-Perpetuation of Biased Beliefs, Economic Journal. 2004, 114: 377-396. |
| Researcher : Tse CY |
| List of Research Outputs |
| Tse C.Y. and Chan A.W.H., Estimating the commuting cost and commuting time property prices gradients, Regional Science and Urban Economics. Amsterdam, Holland, Elsevier Science, 2003, 33: 745-767. |
| Tse C.Y., Search Frictions, Market Power and Long Run Growth, Journal of Economic Theory. Amsterdam, Holland, Elsevier Science, 2004, 116: 323-346. |
| Researcher : Tse KS |
| Project Title: | The role of optimal tick size in explaining stock splits: evidence from Hong Kong |
| Investigator(s): | Dr. Tse K.S. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Block Grant Earmarked for Research |
| Start Date: | 07/1999 |
| Abstract: |
| This study uses data from the Stock Exchange of Hong Kong to investigate the role of stock splits. |
| Researcher : Vere JP |
| Project Title: | Studies in labor force participation, unemployment and displaced workers |
| Investigator(s): | Dr. Vere J.P. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Block Grant Earmarked for Research |
| Start Date: | 05/2003 |
| Abstract: |
| To undertake basic research in the determinants of unemployment and job displacement, using data from Hong Kong and the United States Current Population Surveys. |
| Project Title: | Labor cost saving measures in Hong Kong, and employees' response |
| Investigator(s): | Dr. Vere J.P. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | RGC Projects (Block Grant Funded) |
| Start Date: | 07/2003 |
| Abstract: |
| To evaluate the above theories and identify the most important factors in a firm's decision to cut salaries or lay off workers; to use this information to predict which sectors, firms and employees will be the worst hit by unemployment during an economic downturn. |
| List of Research Outputs |
| Vere J.P., Dragon Children: Identifying the Causal Effect of the First Child on Female Labor Supply with the Chinese Lunar Calendar, Society of Labor Economists 9th Annual Meetings, 30 April - 1 May 2004. San Antonio, TX, USA. |
| Researcher : Wong KP |
| List of Research Outputs |
| Adam-Müller A.F.A. and Wong K.P., The Impact of Delivery Risk on Optimal Production and Futures Hedging, European Finance Review. The Netherlands, Kluwer, 2004, 7: 459-477. |
| Chang E.C. and Wong K.P., Cross-Hedging with Currency Options and Futures, Journal of Financial and Quantitative Analysis. Seattle, USA, University of Washington, 2003, Vol.38, No.3: 555-574. |
| Chow K.W., Song F.M. and Wong K.P., Investment and the Soft Budget Constraints in China, China Journal of Finance. China, Sichuan University, 2004, 1: 59-72. |
| Wong K.P., Currency Hedging with Options and Futures, European Economic Review. The Netherlands, North-Holland, 2004, 47: 833-839. |
| Wong K.P., Export Flexibility and Currency Hedging, International Economic Review. USA, Blackwell, 2004, 44: 1295-1312. |
| Wong K.P., Forward Markets and the Behavior of the Competitive Firm with Production Flexibility, Bulletin of Economic Research. UK, Blackwell, 2004, 55: 303-310. |
| Researcher : Wong RYC |
| Project Title: | Institute of economics and business strategy |
| Investigator(s): | Prof. Wong R.Y.C. |
| Department: | School of Business |
| Source(s) of Funding: | Areas of Excellence Scheme (UGC) |
| Start Date: | 11/1999 |
| Abstract: |
| To study economic and business issues of strategic significance, to advance the frontiers of both theoretical and applied knowledge in this area and to have an impact on policy decisions and business practices through research, education and public information. |
| List of Research Outputs |
| Tao Z. and Wong R.Y.C., Hong Kong: From Entrepot to Manufacturing and Then to Producer Services, In: Aimin Chen, Gordon G. Liu and Kevin H. Zhang, Urbanization and Social Welfare in China. Ashgate Publishing Company, 2004. |
| Wong R.Y.C. and Siu A.K.F., Causes and Consequences of Deflation in Hong Kong, Hong Kong, 2003, 7. |
| Wong R.Y.C., Economic Impact of SARS: The Case of Hong Kong, "Hong Kong SARS Forum" organized by the Hong Kong Hospital Authority, 11 May 2004. 2004. |
| Wong R.Y.C., Hong Kong in the Pearl River Delta: China's First Global City - An Inseparable Partnership, In: E. Terry, Pearl River Super Zone - Tapping into the World's Fastest Growing Economy. Hong Kong, SCMP Publishing, 2003, 160-170. |
| Wong R.Y.C., Made in PRD - The Changing Face of Hong Kong Manufacturers, The Hong Kong and Macau Economy Year Book 2003. Beijing, PRC, HK & Macau Affairs Office, 2003. |
| Wong R.Y.C., Siu A.K.F., Wong M.Y. and Choi G.S.W., Made in PRD, The Changing Face of HK Manufacturers: Part II & Full Report, Hong Kong, FHKI, 2003, 92. |
| Wong R.Y.C., Made in PRD: Integration with the Greater PRD - What Next?, Conference on "Made in PRD Study/CEPA", Federation of Hong Kong Industries, 3 July 2003. 2003. |
| Wong R.Y.C., Pearl River Delta Super Zone - How to Build a Global Powerhouse in the Delta, In: E. Terry, Pearl River Super Zone - Tapping into the World's Fastest Growing Economy. Hong Kong, SCMP Publishing, 2003, 1-4. |
| Wong R.Y.C., Producer Service Growth in Hong Kong, The Servicing Economy. Hong Kong, HK Coalition of Service Industry, 2003, 1-3. |
| Wong R.Y.C. and Siu A.K.F., Reviving Hong Kong's Competitiveness, Asian Economic Panel, 12 April 2004. 24. |
| Wong R.Y.C., The Opportunities and Role of Hong Kong's Financial Sector under the New Economic Order with the Mainland, "Hong Kong's Economy set to Rebound - A New Economic Positioning for the SAR" seminar jointly organized by Hong Kong Commercial Broadcasting Co. Ltd. and Ming Pao Newspapers Ltd., 19 March 2004. 2004. |
| Wong R.Y.C., The Role of Hong Kong in China's Economic Development (also in Japanese in Higasi Asia he no Shiten), East Asian Economic Perspectives. Japan, 2003, 14, No. 2. |
| Wong R.Y.C., The Tenants Purchase Scheme and Home Ownership Scheme Secondary Market, In: YM Yeung & TKY Wong, Fifty Year of Public Housing in Hong Kong. Hong Kong, The Chinese University Press, 2003, 283-297. |
| Researcher : Wu JSK |
| List of Research Outputs |
| Herbst A.F. and Wu J.S.K., Trajectory of Earnings Growth Influences Cost of Equity Capital, and Optimal Time to Sell, Investment Management and Financial Innovations. Sumy, Ukraine, Business Perspective, 2004, 1. |
| Researcher : Xiao G |
| List of Research Outputs |
| Sheng A.L.T., Xiao G. and Wang Y., A New Institutional Economics Analysis of "Original Sin", 原罪的新制度經濟學分析, Perspectives. 視角, Rockville, MD, USA, 2004, No. 2, Volume 4: 4. |
| Sheng A.L.T., Xiao G. and Wang Y., China's Financial Reform: Property Rights Infrastructure and the Resolution of Original Sin, 中國金融改革中的產權基礎設施與原罪問題, Shanghai Institute of Law and Economics Seminar Paper. 上海法律與經濟研究所學術研討會論文, Beijing, China, 2003, 20. |
| Sheng A.L.T., Xiao G. and Wang Y., Corporate Governance, Capital Market, and Property Rights Infrastructure: The Experiences of Hong Kong and Lessons for China, China's Policy Reforms: Progress and Challenges. Beijing, China, 2004, 8. |
| Xiao G., Asian Team of Flying Geese: The Rise of China and Implications for Hong Kong SAR, Rising China and the East Asian Economy. 2004, 28. |
| Xiao G., Global Capital Flow and China's Policy Reform, 全球資本流動與中國改革的互動, Caijing Magazine. 財經, Beijing, China, 2003, 14. |
| Xiao G., Non-Performing Debts in Chinese Enterprises: Patterns, Causes and Implications for Banking Reform, 7th Asian Economic Panel Meeting. Hong Kong, 2004, 61. |
| Xiao G., Round-Tripping Foreign Direct Investment in the People's Republic of China: Scale, Causes and Implications, Asian Development Bank Institute Discussion Paper. Tokyo, Japan, 2004, 7: 39. |
| Xiao G., 銀行壞賬是被“偷走”而不是“浪費”了, 21世紀經濟報導, 2004. |
| Researcher : Yang Y |
| List of Research Outputs |
| Yang Y. and Bai C., The Prevalence of the State Sector and Capital Market Movement: A Cross-Country Analysis, 2004. |
| Researcher : Yetman JA |
| Project Title: | Central bank forecasting |
| Investigator(s): | Dr. Yetman J.A. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Block Grant Earmarked for Research |
| Start Date: | 12/2001 |
| Completion Date: | 11/2003 |
| Abstract: |
| To understand why some central banks issue forecasts, while others do not; to shed light on the different forms of central bank forecasts- for example, why some are "conditional" while others are "unconditional", as well as the differences in variables forecast by central banks. |
| List of Research Outputs |
| Devereux M.B. and Yetman J.A., Predetermined Prices and the Persistent Effects of Money on Output, Journal of Money, Credit, and Banking. Columbus, Ohio, USA, Ohio State University Press, 2003, 35 (5): 729-741. |
| Devereux M.B. and Yetman J.A., Price Setting and Exchange Rate Pass-through: Theory and Evidence, American Economics Association. 2004. |
| Devereux M.B. and Yetman J.A., Price Setting and Exchange Rate Pass-through: Theory and Evidence, Conference Volume: Price Adjustment and Monetary Policy: Proceedings of a conference held by the Bank of Canada, November 2002. Ottawa, Canada, Bank of Canada, 2003, 347-371. |
| Devereux M.B. and Yetman J.A., Price Setting and Exchange Rate Pass-through: Theory and Evidence, Deflation, Pegs, and Capital Flows. 2003. |
| Yetman J.A., Currency Unions, Trade Flows, and Capital Flows, Hong Kong Institute for Monetary Research Working Paper. 2003, 18/2003: 22. |
| Yetman J.A., Fixed Prices versus Predetermined Prices and the Equilibrium Probability of Price Adjustment, Economics Letters. Elsevier, 2003, 80 (3): 421-427. |
| Yetman J.A., Is the case for Central Bank Severely Overstated? The Optimal Stabilization of Nominal Shocks, Australasian Macro Workshop. 2003. |
| Yetman J.A., Probing Potential Output: Monetary Policy, Credibility, and Optimal Learning Under Uncertainty, Journal of Macroeconomics. Elsevier, 2003, 25 (3): 311-330. |
| Yetman J.A., Suicidal Terrorism and Discriminatory Screening: An Efficiency-Equity Trade-off, Defence and Peace Economics. Carfax Publishing, 2004, 15 (3): 221-230. |
| Yetman J.A., The Credibility of the Monetary Policy "Free Lunch", European Central Bank Working Paper Series. Frankfurt, Germany, European Central Bank, 2003, 284: 30. |
| Researcher : Yuen CW |
| Project Title: | Globalization and the output-inflation tradeoff |
| Investigator(s): | Dr. Yuen C.W., Prof. Razin A. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Block Grant Earmarked for Research |
| Start Date: | 11/2001 |
| Completion Date: | 10/2003 |
| Abstract: |
| To understand how globalization in the form of opening up an otherwise closed economy to commodity trade and foreign investment will affect the economy's ability to simultaneously control inflation and output (or unemployment); to understand how openness and the exchange rate regime interact to determine the output-inflation tradeoff; to understand how the changing nature of the output-inflation tradeoff in closed vs. open economies will alter the optimal design of monetary policy in stabilizing inflation and output. |
| Project Title: | Globalization and the output-inflation tradeoff |
| Investigator(s): | Dr. Yuen C.W., Prof. Razin A. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Hong Kong Research Grants Council Competitive Earmarked Research Grants |
| Start Date: | 08/2002 |
| Abstract: |
| The study attempts to better understand, both theoretically and empirically, how globalization in the form of opening up an otherwise closed economy to commodity trade and foreign investment will affect the economy's ability to simultaneously control inflation and output (or unemployment). It also tries to examine the implications of the changing nature of the output-inflation tradeoff under different forms of opennes for economic efficiency and social welfare and, on such bases, design optimal (loss-minimizing or welfare-maximizing) policies to stabilize inflation and output. |
| List of Research Outputs |
| Yuen C.W., Inflation and output dynamics under fixed and flexible exchange rates, Proceedings of the Hawaii International Conference on Business. Honolulu, USA, Hawaii International Conference on Business, 2004. |
| Yuen C.W., Tax neutrality under implicit intergenerational contracts, The 59th Congress of the International Institute of Public Finance. Prague, Czech Republic, 2003. |
| Researcher : Zhang JJ |
| Project Title: | Permanent and temporary components of stock prices: an empirical investigation of the Chinese stock market |
| Investigator(s): | Dr. Zhang J.J. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Block Grant Earmarked for Research |
| Start Date: | 05/2002 |
| Abstract: |
| To investigate permanent and transitory components in stock prices for the Chinese markets. |
| List of Research Outputs |
| Ping X., Song F.M. and Zhang J.J., Corporate Governance, Securities Market and Banking Reform. 治理結構,証券市場與銀行改革, Beijing, China, Peking University Press, 2003. |
| Researcher : Zhou X |
| Project Title: | Management turnover and related incentive issues |
| Investigator(s): | Dr. Zhou X.M. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Hong Kong Research Grants Council Competitive Earmarked Research Grants |
| Start Date: | 12/2001 |
| Abstract: |
| To deepen our understanding of the phenomenon of managerial turnover and address related serious issues in the literature. |
| Project Title: | Managerial ownership, turnover, and firm performance: an examination of listed Chinese companies |
| Investigator(s): | Dr. Zhou X.M. |
| Department: | School of Economics and Finance |
| Source(s) of Funding: | Hong Kong Research Grants Council Competitive Earmarked Research Grants |
| Start Date: | 12/2002 |
| Abstract: |
| The separation between ownership (shareholders) and control (managers) in modern corporations raises a fundamental question: how can managers be motivated to promote teh interests of shareholders? Theoretically, providing managers an equity stake in the company is said to enhance managerial working incentives. The current project will use a large sample of listed Chinese companies to re-examine the ownership-performance relationship and dismissal incentives. |