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The purpose of this paper is to investigate the relationship between investors' divergence of opinions and the asset prices of foreign stocks and also examine the effect of home market country-level factors on the influence of divergency of opinions on stock price.

The authors employ panel data estimation with fixed effects to examine the host market response in divergent opinions to the earnings announcements. The paper uses the American Depositary Receipts (ADRs) of 42 countries from 1985 to 2011.

The authors find a negative relationship between differences of opinions and excess quarterly earnings announcement returns, and investors do process information asymmetrically based on good and bad earnings shocks. In addition, the authors find the negative relationship between divergent opinions and excess earnings announcement returns in ADRs is more pronounced in countries with short-sales restrictions, while other home-market country-level factors – the enforcement of insider trading law, legal origin, investor protection and rating on accounting standard – do not influence the relationship between investors' divergency of opinion and stock returns.

This paper is among the first to bring asymmetric effects on convergence in Miller framework and enhance the understanding of price convergence documented in Miller (1977). In addition, this study incorporates home-market country-level factors in explaining the relationship between investors' divergency of opinions and stock returns.

The purpose of this paper is to explore the effect of ZnO on the structure and properties of micro-arc oxidation (MAO) coating on rare earth magnesium alloy under large concentration gradient.

The macroscopic and microscopic morphology, thickness, surface roughness, chemical composition and structure of the coating were characterized by different characterization methods. The corrosion resistance of the film was studied by electrochemical and scanning Kelvin probe force microscopy. The results show that the addition of ZnO can significantly improve the compactness and corrosion resistance of the MAO coating, but the high concentration of ZnO will cause microcracks, which will reduce the corrosion resistance to a certain extent.

When the concentration of zinc oxide is 8 g/L, the compactness and corrosion resistance of the coating are the best, and the thickness of the coating is positively correlated with the concentration of ZnO.

Too high concentration of ZnO reduces the performance of MAO coating.

The MAO coating prepared by adding ZnO has good corrosion resistance. Combined with organic coatings, it can be applied in corrosive marine environments, such as ship parts and hulls. To a certain extent, it can reduce the economic loss caused by corrosion.

The effect of ZnO on the corrosion resistance of MAO coating in electrolyte solution was studied systematically, and the conclusion was new to the common knowledge.

The purpose of this paper is to give a critical review of the City-State Theory by Wan Chin of Hong Kong. Chin is referred to as the “Father of Hong Kong Independence,” and his two books about the City-State Theory of Hong Kong are popular among the netizens in Hong Kong as a new model of Hong Kong-China (People’s Republic of China (PRC)), in which Hong Kong is considered a city-state and should be fully segregated from the PRC other than in seeking its help in military and diplomatic functions. This paper will aim to review his works with the view of nationalism and nativism theories.

This paper uses nationalism theories with particular focus on Benedict Anderson’s Imagined Communities and theories on American nativism. Then an effort is made to compare these theories against Chin’s arguments on his City-State Theory. This paper also compares his theories against China’s state-nationalism raised by Professors He and Guo.

This paper concludes that Chin advocates a “Hong Kong Nationalism,” a blend of traditional Chinese culture and moral values (he used the term Huaxia), but with a Western influence, into a typical Hong Kong culture. His theory fits into Anderson’s arguments of allowing Hong Kong citizens to imagine Hong Kong as a nation, through the “ramparts” of the city-state. His nativist advocacies also have shown strong nationalistic sentiments. He argues that China should be built in the Hong Kong model before the PRC intervention.

Despite his fame, this paper is the first comprehensive academic paper to review Chin’s theories. This paper introduced the notion of “ramparts” and how this has become the backbone of Chin’s nationalism advocacies.