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This study is a pioneer in the academic literature to investigate the relationship between Valentine’s Day and stock market returns of major economies around the world.
Specific control variables for Valentine's Day are introduced to eliminate the potential influence of other effects.
The findings indicate that stock returns are higher on the days when Valentine's Day is approaching than on other days for most cases, showing “the Valentine Effect” in the stock market.
Unlike other holiday effects in the previous literature, the Valentine's Day effect cannot be explained by many conventional theories, such as tax-loss selling and the inventory adjustment hypothesis.
There is a broad consensus in the literature that spinoffs tend to create value for shareholders and exhibit positive long‐run excess returns. However, most of the prior…
There is a broad consensus in the literature that spinoffs tend to create value for shareholders and exhibit positive long‐run excess returns. However, most of the prior studies are confined to the US and the European cases. The spinoff problems in Hong Kong are surprisingly under‐studied despite its important role as a global center of capital formation. In this paper, we find that there is a short‐run value creation for the Hong Kong spinoffs. However, the financial health of the spinoff companies, measured by various financial ratios, tends to deteriorate in the long‐run. In general, Hong Kong spinoffs generate negative returns to investors.
Illegal changes of use in aged industrial and residential buildings is now a prevalent problem in Hong Kong. This research aims to develop a strategy for an effective and…
Illegal changes of use in aged industrial and residential buildings is now a prevalent problem in Hong Kong. This research aims to develop a strategy for an effective and efficient control of illegal land use in a highly dense environment, with high rise buildings in multiple leasehold ownerships.
Multiple cases were qualitatively analyzed, based on documentary analysis of the court proceedings.
In Cases 1 and 2, lease conditions for restriction to industrial purposes on aged industrial buildings were found to be obsolete and not economically viable, thus resulting in illegal conversion of the premises for commercial use. Cases 2 and 3 showed that ambiguity in user clauses in land leases could lead to illegal changes of use from industrial or residential to commercial activities. Most importantly, Cases 1 and 3 demonstrated that limited resources for lease enforcement are the fundamental cause of the problem. Cases 4 and 5 proved that property managers could take effective legal action against changes of use in buildings with multiple ownerships.
The results of this study are derived from five typical cases in Hong Kong, but they form a baseline upon which further research can build to test their significance in many other settings. Ultimately, a more robust strategy can be developed for ensuring an effective and efficient control of illegal land uses in the leasehold system for Hong Kong and for those countries with a similar tenure system.
A total economic and management strategy should be implemented by the government. The land management system should work in partnership with private property managers which are empowered under the Deed of Mutual Covenant (DMC) of multiple occupied buildings to take instant action against individual owners for breaches of lease conditions. The system should also be more flexible to expand the scope of new uses for aged industrial premises, allow affordable premium for lease modifications, as well as review and clarify any ambiguous user clauses in the related land ordinances.
The public should be educated that it is important to seek approvals and consents from the government prior to making any changes of land use. The government should also establish a housing policy to provide sufficient affordable housing for the lower income group so that illegal sub‐divisions on buildings for residential purposes can be eliminated.
The improvement measures identified can effectively enforce compliance with lease conditions, which in turn can reduce the enforcement transaction costs, ensure efficient allocation and use of land in the leasehold system, and maintain building safety.
This chapter covers the history of the Standing Conference for Management and Organizational Inquiry (sc’MOI). It develops insights into embodiment conference practices…
This chapter covers the history of the Standing Conference for Management and Organizational Inquiry (sc’MOI). It develops insights into embodiment conference practices, how critical storytelling was part of our conference work from the beginning, and how the conference community used “ensemble leadership” rather than a hierarchical solo leader, or board-led approach. Sc’MOI existed for 25 years, and disbanded, while still solvent.
This paper studies how Chinese consumers respond to foreign goods in the post‐WTO era. Specifically, it examines brand sensitivity as a mediator and product cues as…
This paper studies how Chinese consumers respond to foreign goods in the post‐WTO era. Specifically, it examines brand sensitivity as a mediator and product cues as moderator of purchase intention. Additionally, it examines consumer preferences for different products and consumption plans for the subsequent five years. The survey sample is drawn from a population of foreign product users from 34 cities in 18 provinces in China. Results provide evidence that brand sensitivity mediates the relationship between consumer ethnocentrism and purchase intention; product cues moderate the effect of ethnocentrism on purchase intention. As the first study to link consumer ethnocentrism directly to brand sensitivity and purchase intention, this research provides some managerial implications. Global marketers can offset the negative effect of ethnocentrism by emphasizing brand image of its products, taking advantage of specific product cues, or by providing more comprehensive after‐sale service to reduce the perceived risk of purchasing imports. Also, price is still a hurdle that prevents Chinese consumers from mass consumption of foreign products. Global firms should not overestimate the purchasing power of Chinese consumers. This study represents a “snapshot” of Chinese consumers’ decision making at a time when their economic system is undergoing rapid change.
This paper proposes a framework for connecting the involvement construct’s antecedents of Internet marketing, measured involvement degree, related constructs and…
This paper proposes a framework for connecting the involvement construct’s antecedents of Internet marketing, measured involvement degree, related constructs and consequences of consumer behavior. The research first determined the factors that influence the degree of Internet marketing involvement then established the different involvement degree clusters by measured involvement. Finally, the relationship among influence factors, Internet marketing involvement degree, and consequences of consumer behavior was analyzed. Based on the research findings, this paper discusses the possible Internet marketing strategies for a variety involvement degree clusters.