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Article
Publication date: 1 January 1999

Kwong‐leung Tang

Examines the extent to which social policy adopted by the colonial government in Hong Kong (prior to its hand‐over China in 1997) has set the agenda for the government of…

Abstract

Examines the extent to which social policy adopted by the colonial government in Hong Kong (prior to its hand‐over China in 1997) has set the agenda for the government of the newly formed Special Administrative Region (SAR). Chronicles the historical development of social policy in Hong Kong since the inception of the colonial government in 1842; identifies that, with the exception of a short‐lived period of expansionism (stimulated by social unrest in the mid‐1960’s) social welfare provision appears to have been low on the government’s agenda and incremental in nature ‐ the emphasis being on economic growth, rather than public spending on welfare programmes. Examines the strengths and weaknesses of this incremental approach; outlines the commitment of the SAR government to the market economy and its proposals for a modest increase in welfare provision, essentially building on the legacy left behind by the colonial government.

Details

International Journal of Sociology and Social Policy, vol. 19 no. 1/2
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 1 January 1999

Gary Miller

International financial markets are rapidly becoming a single global market. For these markets, most large institutional users are not satisfied with the existing levels…

Abstract

International financial markets are rapidly becoming a single global market. For these markets, most large institutional users are not satisfied with the existing levels of disclosures by multinational firms. One purpose of this research study was to investigate existing footnote disclosure practices for H‐Shares in Hong Kong. Another purpose was to determine if the existing financial statement disclosures for H‐Share companies are comparable to the other companies traded on the HKSE. This study classified, summarised and analysed financial statement disclosures for H‐Share Hong Kong companies. In a recent US study, Barth and Murphy (1994) developed a framework to analyse the required footnotes for companies in the United States. This study uses a similar approach to examine the situation in Hong Kong. However, there are some significant differences. The Barth and Murphy study is extended to include the review of actual disclosures in Hong Kong financial statements. In this way, this project attempts to determine if existing disclosures for Hong Kong H‐Share companies can be classified according to the purposes identified in the US study and by a review of Hong Kong standards. Descriptive statistics are provided for all disclosures. The results indicate that similar purposes have been met for both H‐Shares and other Hong Kong companies traded on the Hong Kong Stock Exchange.

Details

Asian Review of Accounting, vol. 7 no. 1
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 1 September 2012

T. H. Khan and T. K. Dhar

This paper investigates the private housing in Hong Kong in terms of flexibility. Since the last few decades Hong Kong Government is steadily endeavoring to achieve a…

Abstract

This paper investigates the private housing in Hong Kong in terms of flexibility. Since the last few decades Hong Kong Government is steadily endeavoring to achieve a sustained and healthy development of private housing property market. With Hong Kong's economy on the rise, and its fertility rate being one of the lowest in the world, more people are looking for increased space standards even for higher price. Currently, around two-third of the population of Hong Kong lives in private flats. However, it is observed that these flats, especially the highrise housing estates do not come as open shell like the public housing estates do. This paper at first identifies the major prototypes of contemporary private housings built in the past few decades. Then it compares the flexibility of different prototypes in four sequential levels of construction i.e structure, envelop, building services and infill. Flexibility is measured by means of potential layout options that the users practice inside these prototypes. It finds that some prototypes offer more flexibility than the others. It concludes that flexibility in recent private flats is gradually reducing. But on a positive note, they are offering more varieties in size and layout design in order to meet the increasing demand in spatial standards.

Details

Open House International, vol. 37 no. 3
Type: Research Article
ISSN: 0168-2601

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Article
Publication date: 1 July 2001

Z. Jun Lin and Liyan Wang

This paper presents a comparative study of the financial reporting practices of three Chinese companies listed simultaneously in Mainland China (A‐shares) and Hong Kong (H

Abstract

This paper presents a comparative study of the financial reporting practices of three Chinese companies listed simultaneously in Mainland China (A‐shares) and Hong Kong (H‐shares). Their financial statements, prepared based on the accounting and disclosure regulations in China and Hong Kong (or International Accounting Standards, IASs) over the period of 1995‐1998 were studied, including an examination of their corporate structures, and vertical and horizontal comparisons of their primary accounting numbers and key financial ratios. This study demonstrates that significant discrepancies exist for financial information disclosed in terms of Chinese GAAP, Hong Kong GAAP or IASs. In addition, there are notable deviations in financial disclosures among the three companies. The study findings confirm the existence of a substantial gap between the Chinese practices of corporate accounting and financial reporting and the internationally accepted norms. It is suggested that there is an urgent need to promote internationalization of Chinese accounting and improve the understandability and comparability of financial statements released by Chinese listed companies in order to enhance their relevance and usefulness for decision‐making by domestic and overseas investors.

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Managerial Auditing Journal, vol. 16 no. 5
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 25 July 2008

Thomas A. Birtch and Paul B. McGuinness

The purpose of this paper is to examine the population of Chinese state‐owned enterprises (SOEs) listing A‐ (Chinese Mainland) and H‐ (Hong Kong) shares with a view to…

Abstract

Purpose

The purpose of this paper is to examine the population of Chinese state‐owned enterprises (SOEs) listing A‐ (Chinese Mainland) and H‐ (Hong Kong) shares with a view to explaining differential pricing across the two stock types.

Design/methodology/approach

Despite the fact that both A‐ and H‐shares carry ostensibly the same shareholder benefits, when issued by a given SOE, major pricing differences are apparent. The behaviour of such prices for 20 quarters spanning January 2001 to December 2005 was examined. During this period, a marked contraction in the mean A‐ to H‐price relative occurred, whereby A‐prices generally softened and H‐prices soared.

Findings

It was noted that that the principal factors relevant to the contraction in the A‐ to H‐share price relative relate to two issues: first, an enveloping risk premium centring on state‐share disposal fears, and second, the firming of expectations surrounding the likely deployment of a qualified domestic institutional investor (QDII) scheme.

Research limitations/implications

Modelling of changing expectations, especially in relation to uncertain policy deployment, is an invidious task. Measurement of such expectations is obviously strewn with difficulties.

Originality/value

As pertinent factors largely hinge on the deliberations of the PRC state, the analysis herein provides useful input into how policy can either wittingly or unwittingly shape general share price movements. Such insights are especially important given the evolving nature of the Chinese economy.

Details

Journal of Financial Regulation and Compliance, vol. 16 no. 3
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 3 August 2015

Bryane Michael and S.H. Goo

The purpose of this paper was to determine to what extent Hong Kong’s experience proves (or disproves) theories from corporate governance in the areas of family ownership…

Abstract

Purpose

The purpose of this paper was to determine to what extent Hong Kong’s experience proves (or disproves) theories from corporate governance in the areas of family ownership, concentration, self-dealing in Hong, executive compensation and other issues. This paper – written in the comparative corporate governance tradition – uses data from Hong Kong to discuss wider trends and issues in the corporate governance literature.

Design/methodology/approach

The authors use the comparative corporate governance approach – exposing a range of corporate governance theories to the light of Hong Kong data. The authors purposely avoid over-theorising – leaving the data to speak for themselves for other researchers interested in such theorising.

Findings

The authors find that Hong Kong presents corporate challenges that are unique among upper-income jurisdictions – in terms of potentially harmful (shareholder value diminishing) family relationships, shareholder concentration and self-dealing by insiders. The authors also show that excessive executive compensation, accounting and audit weaknesses do not pose the same kinds of problems they do in other countries. The authors provide numerous comments on theoretical papers throughout the presentation in this paper.

Research limitations/implications

The authors chose a relatively unused research approach that eschews theory building – instead, the authors use data from a range of sectors to build an overall picture of corporate governance in Hong Kong. The authors subsequently affirm or critique the theories of others in this paper.

Practical implications

The original analysis conducted by the authors provided 22 recommendations for revising listing rules for Hong Kong’s stock exchange. Others – particularly Asian officials – should consider Hong Kong’s experience when revising their own corporate governance listing rules and regulations.

Originality/value

This paper offers new and original insights in four directions. First, the authors use the empiricist’s method – presenting data from a wide range of corporate governance areas to comment on and critique existing studies. Second, the authors provide a system-wide view of corporate governance – showing how different parts of corporate governance rules work together using concrete data. Third, the authors provide a new study in the comparative corporate governance tradition – another brick in the wall that is “normal scientific progress”. Fourth, the authors pose tentative resolutions to highly debated questions in corporate governance for the specific time and place of Hong Kong in the early 2010s.

Details

Corporate Governance, vol. 15 no. 4
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 20 February 2009

Paul B. McGuinness

The purpose of this paper is to provide an updated and critical assessment of the share reforms relevant to Chinese A‐share issuers listed in the two mainland markets of…

Abstract

Purpose

The purpose of this paper is to provide an updated and critical assessment of the share reforms relevant to Chinese A‐share issuers listed in the two mainland markets of Shanghai and Shenzhen. The reform programme first began in 2005 and has now spread widely across issuers in the two markets. It is therefore timely to assess how effective the reforms have been as well as gauging the ongoing effects of the transformation (of non‐tradable scrip into tradable form) on A‐share prices.

Design/methodology/approach

The “Split Share Structure” reform programme represents a major policy initiative in China and potentially opens‐the‐door to large‐scale state‐share disposals. The evidence to date however suggests that the Chinese authorities are primarily concerned with the reconfiguration of the array of share types that presently exist into a more comprehendible, streamlined form. The various checks and balances imposed on controlling shareholders engaged in the transformation of their shares from non‐tradable to tradable form suggest that eventual re‐designation of the holdings into an unfettered tradable type will not necessarily translate to the state's acquiescence in the disposal of such shares. On the contrary, state holdings in the most strategic of assets are likely to be retained more or less intact. Insights are developed by focusing on examples involving major A‐share issuers. In particular, a case study of the Sinopec reform proposal of August/September 2006 is set out to help illuminate the principal features of the reform package. Critical examination of the empirical literature relating to the A‐share price effects of the share reform programme also features.

Findings

There is little evidence to date of significant stock disposals amongst the largest and most strategic of China's issuers. However, for a number of A‐listed issuers, parts of the lock‐up moratoria have already expired or are set to do so in the very near future. Given the precipitous fall in A‐share prices (in Shanghai and Shenzhen) since late 2007, largely wrought by the enveloping global credit‐crunch, the Chinese authorities have an even more compelling case than hitherto to assiduously dampen fears of large‐scale state‐share disposals. Notwithstanding this, at least a small part of the drop in A‐share values during 2008 derives from the building risk‐premium on this issue.

Research limitations/implications

As the trading moratoria on re‐designated shares still applies in most cases, at least in respect of the majority of domestic stock holdings, a clearer picture will not emerge until 2009‐2011 when all such moratoria would have lapsed.

Originality/value

The discussions in this paper help to bring into focus a highly topical issue within the context of the Chinese equity market.

Details

Journal of Financial Regulation and Compliance, vol. 17 no. 1
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 7 May 2019

Hanseung Woo and Kyoungchul Kong

Actuators for human-interactive robot systems require transparency and guaranteed safety. An actuation system is called transparent when it is able to generate an…

Abstract

Purpose

Actuators for human-interactive robot systems require transparency and guaranteed safety. An actuation system is called transparent when it is able to generate an actuation force as desired without any actuator dynamics. The requirements for the transparent actuation include high precision and large frequency bandwidth in actuation force generation, zero mechanical impedance and so on. In this paper, a compact rotary series elastic actuator (cRSEA) is designed considering the actuation transparency and the mechanical safety.

Design/methodology/approach

The mechanical parameters of a cRSEA are optimally selected for the controllability, the input and output torque transmissibility and the mechanical impedance by simulation study. A mechanical clutch that automatically disengages the transmission is devised such that the human is mechanically protected from an excessive actuation torque due to any possible controller malfunction or any external impact from a collision. The proposed cRSEA with a mechanical clutch is applied to develop a wearable robot for incomplete paraplegic patients. To verify torque tracking performance and disengagement of the mechanical clutch, experiments were conducted.

Findings

As the effects of the gear ratio, N1, on the four control performance indexes are conflicting, it should be carefully selected such that the controllability and the output torque transmissibility are maximized, while the disturbance torque transmissibility and the mechanical impedance are minimized. When the four control performance indexes were equally weighted, N1 was selected as 30. Experimental results showed that the designed cRSEA provided good control performances and the mechanical clutch worked properly.

Originality/value

It is important to design the actuator so as to maximize the control performance in accordance with its purpose. This paper presents the design guidelines for the SEA by introducing four control performance indexes and analyzing how the performance indexes vary according to the change of design parameter. From the viewpoint of practicality, a mechanical clutch design method that prevents excessive torque from being transmitted to the wearer and an analysis to solve the locking phenomenon when using a worm gear are presented, and a design method of SEA satisfying both control performance and practicality is presented.

Details

Industrial Robot: the international journal of robotics research and application, vol. 46 no. 2
Type: Research Article
ISSN: 0143-991X

Keywords

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Article
Publication date: 1 December 2002

Shi‐Wei Ricky Lee, Ben Hoi Wai Lui, Y.H. Kong, Bernard Baylon, Timothy Leung, Pompeo Umali and Hector Agtarap

Evaluates the board level reliability of plastic ball grid array (PBGA) assemblies under thermal and mechanical loading, with the objective of characterizing the…

Abstract

Evaluates the board level reliability of plastic ball grid array (PBGA) assemblies under thermal and mechanical loading, with the objective of characterizing the reliability of lead‐free solder joints for various assembly conditions. A five‐leg experiment was designed which included various combinations of solder materials and peak reflow temperatures. It was found that the lead‐free solder joints have a much longer thermal fatigue life than the 63Sn–37Pb solder. The 63Sn–37Pb solder joints seem to perform slightly better than the lead‐free solder under mechanical loading.

Details

Soldering & Surface Mount Technology, vol. 14 no. 3
Type: Research Article
ISSN: 0954-0911

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Article
Publication date: 26 November 2019

Stephan Ortmann

The purpose of this paper is to explain why many activists in Hong Kong have shifted from demanding democracy to independence while, at least for a short time, there have…

Abstract

Purpose

The purpose of this paper is to explain why many activists in Hong Kong have shifted from demanding democracy to independence while, at least for a short time, there have been more aggressive tactics which culminated in the Fishball Revolution of 2016.

Design/methodology/approach

Based on event analysis, participant observation in recent protests, as well as interviews with participants and non-participants in various pro-democracy protests, this paper traces the changes of the democracy movement from 1997 until 2018.

Findings

The paper demonstrates that the inability of the democracy movement to make progress has contributed to a change in the goals and tactics of some pro-democracy activists. The goals have shifted from moderate democratic reforms to much more revolutionary demands including calls for full autonomy or independence while the approach has shifted from an institutionalized approach toward more aggressive tactics such as illegal forms of resistance. During the Lunar New Year in 2016, the growing frustrations over perceived threats to the local culture have, for the first time since the handover, even led to the use of violence.

Originality/value

This paper views contentious politics in Hong Kong through McAdam’s distinction of reform-oriented and revolutionary goals as well as institutionalized and non-institutionalized tactics. This provides a new perspective for explaining the rise of localism and Hong Kong nationalism.

Details

Asian Education and Development Studies, vol. 9 no. 4
Type: Research Article
ISSN: 2046-3162

Keywords

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