This study analyzed the cost to U.S. cotton producers of two policy alternatives under which the U.S. seeks to cut its total AMS payments for cotton by 60%. We considered two scenarios; the U.S. decides to act unilaterally versus conducting the policy initiative along with multilateral tariff...

Using a direct test, this paper studies the month-of-the-year effect on the higher moments of six industrial stock indices of the Hong Kong market. We also examine the portfolio effect on skewness and kurtosis across month of the year to see if such an anomaly exists. The empirical results...

Hong Kong’s currency is pegged to the US dollar in a currency board arrangement. In autumn 2003, the Hong Kong dollar appreciated from close to 7.80 per US dollar to 7.70, as investors feared that the currency board would be abandoned. In the wake of this appreciation, the monetary authorities...

The cross-sectional share price variation in eight East Asian markets before, during and after the 1997 Asian financial crisis is examined. The paper also studies whether firms in these markets correct their share prices to the optimal trading range using stock splits. The results vary across...

The public value of history, culture and heritage interacts in complex ways with the private ownership of so many of the facilities which give substance to these matters. This article begins by reflecting on the processes involved in seeking to associate government, community and the market in...

‘Cornerstone’ investor agreements, in which high net-worth entities receive a guaranteed block of IPO shares, constitute an important potential signal of IPO value. Their recent emergence in the Hong Kong market setting, in tandem with detailed prospectus disclosures on such items, opens-up...

This paper examines the effects of deposit rate deregulation in Hong Kong on the market value of banks. The release of the Consumer Council's Report in 1994 recommending interest rate deregulation is found to produce negative abnormal returns, while the announcement in 1995 terminating the...

This paper uses the stochastic econometric cost frontier approach to investigate the cost efficiency of commercial banks in Hong Kong. On average, the X-efficiency of Hong Kong banks is found to be about 16 to 30 percent of observed total costs, which is comparable to the findings in the U.S....

This paper estimates that about 50 ¡V 70% of the Hong Kong-dollar currency in circulation (equivalent to about $100 ¡V 140 billion), mostly in the form of high-denomination banknotes, was being circulated outside Hong Kong at the end of 2009. The large external circulation was mainly a result...