The existing literature on the performance of monetary policy regimes is separate and incomplete, with unidentified monetary policy framework for floating rate regime in the exchange rate regime literature and non-inflation targeting regime in the inflation targeting literature. This paper...

Chinese Abstract:...

English Abstract: For the past several years Macau has distributed part of its government surplus to its residents at the end of each fiscal year. This paper analyses the advantages and disadvantages of such a programme, and suggests other ways of efficiently distributing the surplus

This paper develops a new market sentiment index for the Hong Kong stock market, one of the largest stock market in the world. The components of the sentiment measure include the turnover ratio, short-selling volume, money flow, HIBOR and return of the U.S. and Japanese markets. We also include...

This paper examines the possible determinants for the sources of variation in ASEAN stock returns across financial crises. Using a comprehensive data of 4043 firms from six ASEAN countries and 40 industries, we find that lagged country return and concentration are among the determinants...

Tse and Chan (2003) investigated the relationship between property sales price and value of commuting time. However, property sales price is subject to the inherent limitation that it includes speculative elements. A better measure to be used for such study should be the rent paid by the genuine...

Chinese Abstract:...

Chinese Abstract:...

This paper examines the causes of herd behavior in the Chinese stock market. Using the non-linear model of Chang, Cheng and Khorana (2000), we find robust evidence of herding in both the up and down markets. We contribute to the existing literature by exploring the underlying reasons for herding...

This paper establishes a causal relationship between the quality of an institutional environment and the stated types of entrepreneurial activities in China. An event study on the influence of Forbes magazine's list of China's billionaires (the list) on the associated share prices is conducted....