The role of the social innovation and entrepreneurship development fund in fostering social entrepreneurship in Hong Kong: A study on public policy innovation

Creating an enabling environment for social entrepreneurship in tackling complex socio‐economic challenges is at the forefront of government policy agendas globally. Although several policy mechanisms have been proposed to this end, whether and to what extent those policy mechanisms may (re)shape the social entrepreneurship environments have rarely been explored. By examining the Social Innovation and Entrepreneurship Development Fund (SIE Fund), a recent policy project aimed at fostering social innovation in Hong Kong, this article presents a rare empirical exploration to illustrate how public policies can potentially drive social innovation. We explore first the impact of the SIE Fund in fostering innovation among its funded social enterprises, and second, how the SIE Fund may have influenced Hong Kong's social entrepreneurship environment. Results show that the projects under the SIE Fund exhibit characteristics distinct from the social enterprises prior to the inception of the SIE Fund. In addition, evidence of innovations in terms of product, process, marketing, and innovation in developing new or improved social practices were also identified. This study illustrates how specific public policy mechanisms may potentially facilitate the diversification, inclusion, innovation, and expansion of the social entrepreneurship environment. Findings carry substantial policy implications, in particular to neighbouring East Asian societies typically characterized by a strong government, and face similar structural, demographic and socio‐economic challenges that necessitate innovative solutions.     

The Present Value Issue in a Sequential Selection Problem*

This note shows that, due to the misapplication of the present value concept, the Chun and Platt (CP) formulation of a sequential selection problem, which intends to improve on the Kwan and Yuan (KY) analysis, is flawed and the decision criterion thus obtained is invalid. In the context of capital budgeting, we make necessary corrections to the CP analysis and establish a decision criterion which is more refined than the KY case. The refined decision criterion enables us to evaluate the KY analysis objectively and to refute CP's argument about its suboptimality. We also address the managerial implications of the refined decision criterion.     

Optimal Portfolio Selection Using the General Multi-Index Model: A Stable Paretian Framework*

The problem of selecting optimal portfolios is examined using the general multi-index model. This model is useful because it allows investors to diversify across different types of assets and thereby exploit or hedge against a wide variety of economic conditions. The analysis is carried out in a stable Paretian framework with and without short sales. As such, it not only encompasses the mean-variance results for a variety of index models as special cases, but also provides a broad framework for applying the arbitrage pricing theory to portfolio decision making.     

OPTIMAL PORTFOLIO SELECTION OF BONDS AND STOCKS*

In the present study, we offer an alternative approach to bond portfolio management which differs from the traditional immunization approach. In doing so, we formalize what has been a common practice among some investors who form portfolios of bonds and stocks with a view to optimizing the trade-off between risk and return. By using the general multiindex model to characterize the variance-covariance structure of security returns, both duration theory and modern equilibrium theories of the term structure are incorporated in the analysis. In addition, a simplified selection procedure based on a single-index model is derived. This procedure is intuitively appealing to practitioners since it selects assets on the basis of reward per unit of risk of individual assets.     

Beauty Work: Individual and Institutional Rewards, the Reproduction of Gender, and Questions of Agency

Physical attractiveness is associated with a number of positive outcomes, including employment benefits such as hiring, wages, and promotion, and is correlated with social and personal rewards such as work satisfaction, positive perceptions of others, and higher self-esteem. As a result, individuals perform various forms of beauty work, thus reproducing and strengthening a social system that privileges youth and attractiveness. In this article, we explore the beauty work practices that people perform. We begin with an examination of the cultural context in which beauty work occurs, including the individual, social, and institutional rewards accompanying physical attractiveness, and then review the practices themselves. Because these rewards and practices contribute in part to the reproduction of social relations and norms, we then turn to the gender dimensions of beauty work, along with its unique racial embodiment. Throughout, we raise the issue of individual agency in beauty work. Finally, we conclude with suggestions for future research.     

Adolescent Health in Hong Kong: Disturbing Socio-Demographic Correlates

Relationships between self-assessed health status and socio-demographic variables were examined among 4,502 Chinese adolescent secondary school students in Hong Kong, a modern society with traditional Chinese ethno-cultural origin. Health status was self-rated in four aspects: overall health, physical health, mental health, and health effects on usual activities. In both the bivariate and multivariate analyses, there was health advantage for adolescent males relative to females, and there were inverse relationships between health level and age/level of study, in all four health aspects. Family structure was an important risk factor for all health aspects. Two-parent family was associated with significantly higher health levels than those living with father only, or with no parent/single parent and other adults, but not those living with mother only. Mainland-born adolescents had higher risks of low health level than the local-born in the aspect of overall health status. Finally economically well-being was associated with lower level of mental health.     

Social construction of national identity: Taiwanese versus Chinese consciousness

The struggle to break away from the parent state and claim independence often results in political unrest, terrorist activities and even ethnic cleansing. Understanding the nature of the secessionist movement does not only preserve national unity, but can also avoid conflict and violence, and maintain peace. Irredentist and secessionist advocators generally defend themselves in terms of common blood, race or culture. None of them regards the issue from the human agency theory, namely Weber-Thomas-Berger's social construction theory. This paper uses phenomenological analysis to explain the origin of national identity and hence the emergence of a nation. It argues that social construction of national reality originates from everyday life experience taken for granted during socialization. Individuals make sense of the external world. Experiences taken for granted become the actor's stock of knowledge. A common scheme of knowledge shared by the community serves to differentiate in-group (nationals) and out-group (foreigners). Collective consciousness thus defines national identity and hence a nation. Unless people (both in-group and out-group) interact with and learn from each other, different stocks of knowledge taken for granted will create political conflict. This theory is applied to the Taiwan Strait conflict. People in Taiwan are searching for national identity, manifested in the processes of Sinicization and Taiwanization. The struggle between Chinese and Taiwanese consciousness is the underlying cause of conflict within Taiwan and across the Taiwan Strait. The growing tendency of Taiwanization and diminution of Sinicization in Taiwan render the Cross-Strait relation vulnerable. The paper concludes that Cross-Strait exchanges and communication provide opportunities for people to understand each other and re-define their national identity, hence resulting in a peaceful political resolution between Taiwan and mainland China.     

Modification and simplification of thurstone scaling method,and its demonstration with a crime seriousness assessment

The paper aims to improve the Thurstone scaling method by reducing the workload of data collection and simplifying the procedures of application. It proposes a hierarchical structure for organizing items that are to be scaled. Instead of making paired comparisons, the respondents would be asked to rank the items. The ranks of the items would then be transformed into paired comparisons. Workload of data collection can hence be greatly reduced. As an alternative to Thurstone model, the use of three models, i.e., linear, exponential and information, to compute serious scores is also demonstrated.     

The Current Duration Approach to Estimating Time to Pregnancy

Abstract. Time‐to‐pregnancy (TTP) is the duration from the time a couple starts trying to become pregnant until they succeed. It is considered one of the most direct methods to measure natural fecundity in humans. Statistical tools for designing and analysing time to pregnancy studies belong to survival analysis, but several features require special attention. Prospective designs are difficult to carry out and retrospective (pregnancy‐based) designs, being widely used in this area, do not allow efficiently including couples remaining childless. A third possible design starts from a cross‐sectional sample of couples currently trying to become pregnant, using current duration (backward recurrence time) as basis for the estimation of TTP. Regression analysis is then most conveniently carried out in the accelerated failure time model. This paper surveys some practical and technical‐statistical issues in implementing this approach in a large telephone‐based survey, the Epidemiological Observatory of Fecundity in France (Obseff).