Evidence from existing studies on the impact of minimum wage on firm profitability and shareholder wealth are inconsistent. One of the explanations is the different natures of event studied. This paper is motivated to offer evidence for the relationship of minimum wage and shareholder wealth...

The Mutual Market Access scheme in 2014 triggered an influx of capital from mainland China to Hong Kong. We argue that it is exogenous demand shock for the Hong Kong stocks market and thus provides a unique opportunity to test whether the demand curves for stocks are downward sloping. We find a...

We find that sensitivity of fund flows and fund performance are both related to participants' right to choose their investments in defined contribution plans. Under the Mandatory Provident Fund system of Hong Kong, both employers and employees are required to contribute to a retirement account....

This paper examines the effect of migration population on their host places using evidence from the local election in Hong Kong. Findings of this paper reveal that the migrated population not only shape the political institutions of their home countries but also their host regions, depends on...

Market-wide circuit breaker is one of typical market mechanisms in stock exchanges but little evidence exists on its impacts on stock returns. Using high frequency data during the four-day period which a circuit breaker was imposed in Chinese stock exchanges, this paper examines the magnet...

There has been a long-running debate over the relationship between income and happiness. The Easterlin paradox and the paradox of unhappy growth are both discussed at length in the literature. The traditional reduced form regression model, however, limits the structure of relationships that can...