Avian Influenza Risk Perception and Live Poultry Purchase in Guangzhou, China, 2006

Human H5N1 highly pathogenic avian influenza (HPAI) infection is associated with intimate exposure to live poultry. Perceptions of risk can modify behaviors, influencing actual exposure. However, greater hazard is not necessarily followed by perception of greater risk and more precautionary behavior because self-serving cognitive biases modulate precautionary and hazardous behaviors. We examined risk perception associated with avian influenza. A total of 1,550 face-to-face within-household interviews and 1,760 telephone interviews were derived to study avian influenza risk perception and live poultry use in Guangzhou and Hong Kong, respectively. Chi-square and Mann-Whitney tests assessed bivariate associations and risk distributions, respectively, and fully adjusted multivariate logistic models determined independent risk associations. Relative to Hong Kong, perceived "generalized" risk from buying live poultry (GZ, 58%, 95% confidence interval 55–60% vs. HK, 41%, 39–43%; χ²= 86.95, df  = 1, p < 0.001) and perceived self/family risk from buying ( z  =−2.092, p  = 0.036) were higher in Guangzhou. Higher perceived "generalized" risk was associated with not buying live poultry (OR = 0.65, 0.49–0.85), consistent with the pattern seen in Hong Kong, while perceived higher self/family risk was associated with buying ("likely/very likely/certain" OR = 1.74, 1.18–2.59); no such association was seen in Hong Kong. Multivariate adjustment indicated older age was associated with buying live poultry in Guangzhou (OR = 2.91, 1.36–6.25). Guangzhou respondents perceived greater risk relative to Hong Kong. Buying live poultry was associated with perceptions of less "generalized" risk but more self/family risk. Higher generalized risk was associated with fewer live poultry purchases, suggesting generalized risk may be a useful indicator of precautionary HPAI risk behavior.     

基于滚窗VAR的沪港通波动溢出效应测度

股市间的互联互通是把“双刃剑”,在加强联动性的同时也扩大了风险敞口。作为中国股市对外开放的重大举措,沪港通开通六年来的效果如何是业界关注的议题。本文运用滚窗VAR方法计算沪港通前后各1000个交易日期间上海、香港和纽约股市的时变波动溢出指数,进而分析两两市场之间波动溢出效应的大小、传导方向变化。研究发现,沪港通的实施,增大了沪市与香港股市的波动溢出效应,与美国的波动溢出效应相对减小,沪港通在加强沪、港两市联动性的同时弱化了与纽约股市的联动性;改变了沪港两市之间波动溢出效应的传导方向,由单一的港→沪溢出变为以沪市为主的双向沪←→港溢出,同时也增大了对纽约股市的溢出效应,增强了沪市的竞争力。这一结果符合经济基础假说和协同市场假说。本文的研究改进了股市间互联互通波动溢出效应程度和传导方向的测度方法,并为中国沪港通政策效果评价及进一步的国际板开设提供决策参考依据。     

A systematic model for assessing innovation competence of Hong Kong/China manufacturing companies: A case study

Although having moved to mainland China, Hong Kong manufacturing plus trading industry is still the largest contributor to Hong Kong GDP. However, they are facing great challenges like higher cost, lower value adding, higher pollution, and lower efficiency these years. Many of them have to be closed or moved out of the southern part of China. These companies have recognized the urgency to upgrade them by innovation. This paper reports a research that aims to analyze the innovation competence in Hong Kong manufacturing companies. The project starts with literature review and the development of a conceptual model. A structured interview guide was developed then. The model was used to evaluate the innovation competence of 7 case companies via a training and consultancy program. The literature provides a long list of critical factors or enablers for innovation (Badawy, 2011). However, they are all listed as linear, separate factors. This research proposes a multi-level model for assessing innovation competence which allows researchers to investigate strategic factors, operational factors and innovation process, separately.     

The derived demand for imported cheese in Hong Kong

The objective of this paper was to provide the U.S. dairy industry with empirical estimates of Hong Kong’s derived demand for imported cheese differentiated by source country of production. These estimates were used to simulate the effects of European Union (EU) subsidy reductions on the U.S. share of Hong Kong cheese imports. Simulation results suggested that Oceania was the primary beneficiary from EU subsidy reductions. Hong Kong cheese imports from the U.S. were expected to increase by 12% if subsidy reductions continue at the same pace as the 1994 GATT agreement and 21% if reductions were twice the pace.     

卖空限制对股票市场收益非对称性的影响——基于上海和香港的实证比较研究

利用改进的BB法则划分股市的波动周期,运用EGARCH-GED模型比较研究了上海和香港股票市场的非对称性问题.通过研究发现,上证综指的收益分布从长期来看呈负偏,而恒生指数呈正偏;在熊市中两个市场均存在"杠杆效应",在牛市中香港市场坏消息的影响仍然更大,而上海市场则存在"反杠杆效应".出现这一差异主要由于上海证券市场缺乏卖空机制,影响了价格对坏消息的吸收,这一结果能够解释我国内地股市"暴涨暴跌"的现象.     

香港银行业开办人民币业务的风险评估

香港市场上人民币流通的规模变化,对于人民币业务开办的风险评估结论具有明显的影响。在渐进式的离岸业务推进模式下,当前可能会在特定的业务领域形成监管的模糊地带,但是总体上不会形成明显的风险隐患。通常而言离岸业务对于信息披露的要求较低,因而应当加强内地与香港的反洗钱合作。从当前的市场环境判断,当前香港市场上不会出现大规模的人民币对港币的替代。香港离岸的个人人民币业务的开展会对在岸的人民币业务形成一定的竞争,这种竞争压力随着香港离岸市场业务范围的扩大而继续增大。随着香港人民币离岸市场规模的不断扩大和业务范围的拓展,离岸人民币市场对于内地金融管制的冲击力会提高。从长期来看,随着人民币在香港流通规模的扩大,应及早研究人民币流通扩大背景下香港的金融体系改革战略问题。     

沪、深股票市场与香港股票市场的溢出效应——基于发布“港股直通车”方案前后的比较分析

本文以沪、深、港三地股票市场的数据为样本,用VAR模型和二元GARCH模型重点研究"港股直通车"事件是否对港市与沪、深股市的收益率及波动溢出关系有显著影响.研究结果表明,"港股直通车"公布之前,港市与沪、深股市间不存在任何方向的收益率溢出效应,但存在单向波动溢出效应;"港股直通车"公布之后.港市与沪、深股市间不仅存在单向收益率溢出效应,港市与沪市间还存在双向波动溢出效应,与深市间则存在单向波动溢出效应.     

Successful entrepreneurship in Hong Kong

The business performance of Chinese firms throughout the world is generally regarded as outstanding. It is also generally accepted in the literature that entrepreneurial business firms play a significant role in economic development of countries at every level of industrialization. Even though entrepreneurship is a major influencing factor for economic growth and development, the interpretation of this factor is still debatable. This paper examines the following factors which might influence the emergence of entrepreneuship: (1) economic; (2) non-economic; and (3) psychological. It then relates these factors to Chinese culture in an attempt to explain the apparent outstanding entrepreneurial skills of the Chinese people. As for economic factors, in Hong Kong the free open market and voluntary exchange provide freedom for distribution of income which in turn allows business practitioners to retain profits and accumulate wealth. Non-economic factors in Hong Kong include is blocked upward mobility in political channels in the colonial environment. This causes the Chinese to use economic mobility as an alternative. Psychological factors include the viewpoint that Chinese are more concerned about a sense of personal or individual achievement, power and influence than other cultures. This causes the Hong Kong Chinese to shift their achievement drives to business success and this encourages entrepreneurship.     

Bridging the Gap - Contractor and Bureaucrat Conceptions of Contract Management in Outsourcing

Perceptions of bureaucrats and contractors and their contractual relationship underpin contracting success. They are important phenomena but have not been fully explored in the current contracting literature, particularly in a highly politicalized context, namely Hong Kong. Using the principal-agent theory and the transaction cost theory as the theoretical framework, this study examines the perceptions of the key stakeholders, conceptualizes five attributes of effective contract management, and offers recommendations on bridging their perceptions for success of contract administration in Hong Kong. The study helps readers comprehend the dynamics of contract management, and its implications of Hong Kong’s politicalized background.     

来自新兴市场的公司上市对目的地市场的影响——以中国香港市场为例

选取1993-2017年数据,以H股在香港证券市场上市为研究对象,运用DCC-MVGARCH模型、线性回归模型和事件研究法等多种组合方法,考察来自新兴市场的公司上市对目的地市场发展和目的地既有上市公司影响。结果表明：第一,H股在港上市扩大了香港市场的市场规模和交易活动,吸引了更多的国际资本流入;第二,H股在港上市提升了H股与香港市场既有股票的收益相关性,以及香港市场与大陆市场及全球市场的联动性;第三,H股在港上市对既有股票的估值影响是积极的。总之,来源于新兴市场的公司上市对目的地市场和既有上市公司的综合影响是积极的,溢出效应大于"质量传染"效应和分流效应,促进了目的地市场质量提升和市场发展。本文结论有助于丰富跨境上市对目的地市场影响的研究,对于基于"一带一路"新兴市场国家开放资本市场战略构建国际金融中心的我国具有重要的启示意义。     

Will Hong Kong's entrepreneurs move to planning?

This article is based on a research study carried out in Hong Kong on a group of eight of the most significant companies in that area. The study found that in general Hong Kong businesses did not undertake much corporate planning but that the situation was changing and organizations were becoming more appreciative of the need to plan, particularly as business became ever more complex and competitive. The author describes how two somewhat exceptional organizations undertook corporate planning.     

基于管理类国际权威期刊的中国管理科学与工程学科研究现状分析

基于管理科学与工程学科2010~2019年发表在46份国际权威期刊上的13391篇论文数据,利用文献计量学分析方法,从文献发表记录和基金资助文献两个维度对管理科学与工程学科19个领域的研究现状进行分析。研究结果表明:近10年来,管理科学与工程学科的研究热点主要集中在“博弈论”“创新”“定价”“项目管理”“动态规划”和“供应链管理”等方向。美国、中国、英国、加拿大、德国的发文量排名前5位。在发文量最多的5个国家中,中国国家自然科学基金委员会资助的论文数量排名第一位,且信息系统与管理、管理系统工程是获得资助最多的领域。此外,在国家自然科学基金资助项目中,“供应链”是最热门的主题,“交通管理”和“优化”等主题受到较大关注。在中国大陆机构中,香港城市大学、香港科技大学、香港理工大学、香港中文大学和清华大学的发文量位居前5位。     

Operations research in the management of the airlines

This paper is intended to present an introduction to the use of operations research in the international airline industry, and to demonstrate the scope and significance of the airline OR activities. First, the special reasons for the viability and spread of airline OR are discussed. Then a functional framework for an airline is outlined, to be used in analyzing the problems of an airline and relating the OR work to it. Four major applications are described, corresponding to four major components of the framework. These applications are: schedule development, overbooking control, crew scheduling and engine management, respectively. In each case we describe the problem and its significance, indicate the types of solution techniques which have been developed, and assess the implemented solutions. The paper concludes with comments on the current state-of-the-art and the future of airline OR. A detailed bibliography is given.Both of the authors have been operations research directors in major airlines and more recently have focused their attention upon the industry as academic researchers. This background has provided us with an unusual opportunity to analyze the role of OR in the airlines, and our paper seeks to share with the reader some of the insights we have gained thereby.     

Integration and Autonomy in Organizational Governance: A Comparative Study of Two Government-Owned Railways in Hong Kong

This article identifies the patterns of integration and autonomy in organizational governance in two government-owned railways in Hong Kong in relation to relevant external and internal actors from the government, market and civil society. The Kowloon Canton Railway Corporation, a government department turned into a statutory corporation, and the Mass Transit Railway Corporation Limited, a statutory corporation turned into a listed company, are both profitable enterprises. They have been subjected to similar macro-governance influences (mainly political and policy changes), but their patterns of integration and autonomy with relevant actors in organizational governance are not the same. The historical variations in the integration-autonomy patterns, notably an increased tendency for government intervention, as well as major differences between the two railways in their relationships with market and civil society actors, can often be explained by three interrelated factors, namely, political conditions, community expectations and performance.

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Risk Perceptions of Hong Kongese vs. Americans

Hong Kong students rated the risk of 30 hazards and quantified a subset on six risk characteristics; data are compared to a prior study of American students. Hong Kongese rated 10 hazards substantially higher and five hazards substantially lower than Americans, and factor structures indicated differences on five hazards. Possible explanations for these differences are discussed.     

An Integrated Decision Methodology for Designing and Operating an Air‐Express Courier's Distribution Network*

DHL, an international air‐express courier, has been operating in Hong Kong for many years. In 1998, the new international airport located at a site considerably distant from the old location opened in Hong Kong (HK). Other airport‐related infrastructure facilities have also been developed or are being developed, resulting in major changes in transport structure as well as a shift in customer demand. In this paper a multiyear distribution network is designed for DHL(HK) using an integrated network design methodology, which consists of a macro model and a micro model. The macro model, a mixed 0–1 LP, determines in an aggregate manner the least‐cost distribution network. The micro model, a simulation, evaluates the operational viability and efficacy of the network according to its service coverage and service reliability. We also illustrate how coverage and reliability can be improved via the integrated use of the two models. Extensive discussion on relevant planning and operational issues of an air‐express courier are included. The methodology has been successfully implemented at DHL(HK). It has been used to design the network, to test strategic decisions, and to update the network.     

The Chinese version of the multidimensional orientation toward dying and death inventory (MODDI-F/chin): an introduction

Preliminary data on the test criteria of the Chinese version of the Multidimensional Orientation Toward Dying and Death Inventory (MODDI-F/chin) are presented. Data from a sample of Hong Kong college students (N = 256) revealed internal consistencies of the eight subtests between .68 and .91, on the whole favorable shape of frequency distributions, and evidence of construct as well as differential validity of the instrument. The use of the full set of 47 items is recommended for the time being.     

The characteristics of industrial R&D—A study of major manufacturing industries in Hong Kong

An empirical study of 69 firms in Hong Kong identifies the characteristics of industrial R&D activities. Results of the study show that R&D intensity is highest in the manufacture of professional equipment, electronics, scientific, photographic and optical goods; the type of R&D activities is mainly confined to product research and development, and R&D strategies are mainly the ‘follow-the-leader’ strategy complemented by the ‘me-too-strategy’. Through the analysis of the results, recommendations have been made for the promotion of industrial R&D activities in Hong Kong.     

沪港通能否促进A股与香港股票市场一体化

沪港通是否有助于促进A股与香港股票市场一体化?本文从微观视角研究沪港通标的股中A+H交叉上市公司A股和H股的价格差异,分析A股市场和港股市场一体化程度的变化并提出提高市场一体化的套利交易策略。基于转移模型的log t检验结果表明,交叉上市公司A股和H股价格的收敛性因公司和时间而变,具有收敛关系的交叉上市公司占比较低,A股与香港股票市场一体化程度较低且未见提高趋势。为提高股票市场一体化水平,本文基于价差极值服从广义帕累托分布（Generalized Pareto Distribution,GPD）的VaR模型构造了无套利区间的上下界,提出A+H交叉上市公司A股和H股套利交易策略,实证结果表明该策略能够获得显著的正收益。本文为市场一体化研究提供经验证据并为通过套利交易促进市场一体化提供解决方案,为深港通推出起到借鉴作用。     

Challenges of Hong Kong toy manufacturers operating plants in the Pearl River Delta

For years, Hong Kong has been the worlds largest toy exporter. However, as the costs of rent and labor have increased drastically over the past years, Hong Kong toy manufacturers have moved their labor-intensive operations to other lower-wage areas. The Pearl River Delta (PRD) region of the Peoples Republic of China (PRC) has been one of their favorite choices for outsourcing because of cheap and available labor. This paper explores, using data culled from interviews with the senior management of five leading Hong Kong toy companies, how some Hong Kong toy manufacturers overcame various strategic management issues after having made the move to the PRD. The results are presented within five major areas of concern: rules and regulations, the less-developed infrastructure, R&D, relationship with suppliers, and new technology, and they are used to show how the manufacturers were able to overcome various strategic constraints in order to accomplish outstanding performance. Supporting data were gathered through factory visits in order to better understand the actual operations within the PRD. This collected experience should be beneficial to other manufacturers interested in operating plants within the PRD.