Economists and policy-makers have long sought the ideal framework for monetary policy as it is arguably one of the most important tools for government to influence the economy. Exchange rate and inflation are believed to be the most appealing anchors for providing guidance to the conduct of...

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 examines the impact of the minimum wage legislation on firms' performance through the abnormal returns of share prices. Abnormal returns are estimated for events throughout the legislation in Hong Kong. Evidences show that the anticipated impact of the minimum wage on firms'...