Optimal Portfolio Selection and Cutoff Rates of Security Performance: A Multi-Index Case*

The present study performs portfolio analysis using a multi-index model in the diagonal form. In a mean-variance framework, an alternative solution to a portfolio optimization problem is derived, providing analytical and computational improvements. This leads to a proof of a crucial functional property of cutoff rates of security performance in the solution, thus providing formal justification for a nonranking procedure of optimal portfolio selection. The robustness of the above functional property, and hence the nonranking procedure, is demonstrated numerically when the underlying normality assumption of security returns is replaced by a more general assumption of stable Paretian distributions.     

Interactive association between negative emotion regulation and savoring is linked to anxiety symptoms among college students

Abstract

Objective: This study tested the interactive relationships between college students’ perceived capability of regulating negative emotions and savoring positive emotions on mental health outcomes, including anxiety and depressive symptoms. Participants: Participants were healthy undergraduates (n?=?167) recruited from two universities in Hong Kong. Methods: Students completed four scales assessing their perceived capability of using strategies to regulate negative and positive emotions and their anxiety and depressive symptoms. Results: Findings revealed that both anxiety and depressive symptoms were negatively linked to perceived capabilities of regulating negative emotions and savoring positive emotions. Furthermore, regulating negative emotions interacted with savoring positive emotions to predict anxiety symptoms. Conclusions: The need to simultaneously perform negative and positive emotion regulation is highlighted. The results suggest the priority of regulating negative emotions over savoring positive emotions in alleviating anxiety symptoms. Nevertheless, enhancing positive emotion shows greater benefits for those who are less adept at regulating negative emotions.     

China’s precariats

ABSTRACT

This essay offers a stylized account of the trajectory of precarious labour in China over the past seven decades and identifies the various contested terrains constitutive of its politics. I define ‘precarity’ not as a thing-like phenomenon with fixed attributes but as relational struggles over the recognition, regulation, and reproduction of labour. For each of the three periods of contemporary Chinese development, i.e. the Mao era of state socialism (1949–1979), the high-growth market reform era (1980–2010), and the current era of slow growth and overcapacity (since around 2010), I analyse the political economic drivers of precarity – from state domination to class exploitation and then to exclusion, indebtedness and dispossession – and workers’ changing capacity and interest to contest it.     

Effects of online news forum on corporate reputation

This study tests the effects of online discussions about a company in an online news forum on people's perception of the corporate reputation of the company. The study is a 2 (tone of comments: negative versus positive) by 2 (number of comments: one versus five) factorial design experiment (n = 80). We found significant interaction effects between the two factors (tone versus number of comments) with regard to people's perception of the company's social responsiveness and employee treatment.     

Effects of Surface Material,Ventilation, and Human Behavior on Indirect Contact Transmission Risk of Respiratory Infection

Infectious particles can be deposited on surfaces. Susceptible persons who contacted these contaminated surfaces may transfer the pathogens to their mucous membranes via hands, leading to a risk of respiratory infection. The exposure and infection risk contributed by this transmission route depend on indoor surface material, ventilation, and human behavior. In this study, quantitative infection risk assessments were used to compare the significances of these factors. The risks of three pathogens, influenza A virus, respiratory syncytial virus (RSV), and rhinovirus, in an aircraft cabin and in a hospital ward were assessed. Results showed that reducing the contact rate is relatively more effective than increasing the ventilation rate to lower the infection risk. Nonfabric surface materials were found to be much more favorable in the indirect contact transmission for RSV and rhinovirus than fabric surface materials. In the cases considered in this study, halving the ventilation rate and doubling the hand contact rate to surfaces and the hand contact rate to mucous membranes would increase the risk by 3.7–16.2%, 34.4–94.2%, and 24.1–117.7%, respectively. Contacting contaminated nonfabric surfaces may pose an indirect contact risk up to three orders of magnitude higher than that of contacting contaminated fabric surfaces. These findings provide more consideration for infection control and building environmental design.     

Quality of Life in Hong Kong: the Cuhk Hong Kong Quality of Life Index

The CUHK Hong Kong Quality of Life Index, which aims to assess and monitor the quality of life in Hong Kong, is a composite index incorporating both objective and subjective measures. This index, developed by the Faculty of Social Science of The Chinese University of Hong Kong, employs data collected in representative sample surveys and official statistics. A wide range of life domains is covered and the year 2002 is taken as the base year of the study. Index scores demonstrate that in general the quality of life in Hong Kong has improved slightly in 2003; scores of the composite index and the three sub-indices on sectorial performance are somewhat higher than those of the previous year. It is noteworthy that Hong Kong has made noticeable progress and performs as well as many economically advanced societies in certain life domains; yet, the well-being of the people relies on further improvement in others.     

Construction of Health Indices Using Paired Comparisons

The paper discusses, by making use of past experiences in the area, the main issues and the methodology of developing a health status instrument for a developing country from a well-established instrument. The use of Thurstone's model of paired comparisons in evaluating the relative importance of health symptoms has been reviewed and some alternative models, i.e., Linear, Exponential, and Information, are proposed. By applying the models to the health data of Chinese elderly persons, the three models have been demonstrated to be able to produce some valid and responsive health scores.     

Caring for the poor versus degrading the poor – the case of Hong Kong newspaper charity

This study examined how Hong Kong newspapers constructed charity and what the implications were for Hong Kong's residual welfare state. The Oriental Daily (OD) and the Apple Daily (AD), the two most popular newspapers, with over 50 per cent of Hong Kong's newspaper market, were selected as the objects of study. A total of 155 cases were collected from the social service columns of these two newspapers between 1 August and 31 October 2000. The study found that poor physical health and 'incomplete family patterns' were the criteria used to verify the recipients' dependency, which also formed the basis for charitable welfare entitlements. Moreover, an extremely unequal social status was produced between donors and recipients. The former were accorded high social recognition for their charitable contributions whereas the latter were presented as being desperate, weak and helpless people. In addition, four categories of needs were identified; tradition-oriented needs, emergency assistance, basic material assistance and basic health needs. The study concluded that Hong Kong newspaper charity has helped to consolidate the basis for a residual welfare state. It also revealed that charity was mainly able to deal only with short-term and specific needs at a particular point in time. More importantly, it was found that a code of practice is needed for journalists involved in charitable activities in order to safeguard the dignity of recipients.     

A Multivariate Threshold Varying Conditional Correlations Model

In this article, a multivariate threshold varying conditional correlation (TVCC) model is proposed. The model extends the idea of Engle (2002 Engle , R. F. ( 2002 ). Dynamic conditional correlation: a simple class of multivariate generalized autoregressive conditional heteroskedasticity models . Journal of Business and Economic Statistics 20 ( 3 ): 339 – 350 .[Taylor & Francis Online], [Web of Science ®] , [Google Scholar]) and Tse and Tsui (2002 Tse , Y. K. , Tsui , A. K. C. ( 2002 ). A multivariate GARCH model with time-varying correlations . Journal of Business and Economic Statistics , July 2002 , 20 ( 3 ): 351 – 362 .[Taylor & Francis Online], [Web of Science ®] , [Google Scholar]) to a threshold framework. This model retains the interpretation of the univariate threshold GARCH model and allows for dynamic conditional correlations. Techniques of model identification, estimation, and model checking are developed. Some simulation results are reported on the finite sample distribution of the maximum likelihood estimate of the TVCC model. Real examples demonstrate the asymmetric behavior of the mean and the variance in financial time series and the ability of the TVCC model to capture these phenomena.     

Chinese Migrants' Class Mobility in Hong Kong

Resources such as education and social networks are likely to contribute to migrants' upward mobility in the class hierarchy. Moreover, according to structural fit theory, the contribution tends to be contingent on age and social network size. The contingency is the major concern of the present study of mainland Chinese migrants in Hong Kong, which is somewhat different from the Chinese mainland economically, politically and even culturally. In this study, we show that the conditions for upward mobility are some human and social resources and their various combinations. Notably, schooling after arrival in Hong Kong contributed more to the upward mobility of the migrant who was younger or had a larger social network at the time of arrival in Hong Kong. Purportedly, promoting the migrant's integration with the school and local social network would prepare the migrant for upward mobility.