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The British colony of Hong Kong was one of the last ports that Jewish refugees transited through before their arrival in Shanghai. By using recently declassified materials this paper argues that Hong Kong played a more complicated role an ambiguous refuge: one that provided shelter, but whose colonial administration was responsible for the internment and expulsion of Jewish refugees. This paper broadens its inquiry by analyzing local and historiographical factors that contributed to Hong Kong being overlooked. Adopting a Global Holocaust framework and following refugees' paths of escape reveals Hong Kong as more than just a transit port. [ABSTRACT FROM AUTHOR]

This paper discusses the emergence of the new global educational governance characterized by 1) global educational reform movement, 2) the active participation of the international organizations in global educational policy making, and 3) the emerging performative culture. Against this background, this article contextualizes the East Asian Educational Model (Shanghai, Singapore, and Hong Kong) and its operation mechanism by appropriating the Confucian habitus and educational harmonization. Then this study compares the EAEM, the high performing educational system, and the representative global fourth-way countries by interrogating the underling binary—new orientalism vs. reciprocal learning. Finally, this paper draws some implications by learning from these different educational systems. [ABSTRACT FROM AUTHOR]

The opening of Shanghai-Hong Kong Stock Connect (SH-HK) Program and Shenzhen-Hong Kong Stock Connect (SZ-HK) Program has changed the relationship between stock markets, and caused more challenges to the risk management and asset portfolio. Therefore, this paper applies the DY and BK methods to analyze the static and dynamic spillovers of Shanghai, Shenzhen and Hong Kong stock markets from the time and frequency perspectives. Based on 29 sector indexes from three markets ranging from June 15, 2011 to December 31, 2020, three conclusions are obtained. The implementation of the SH-HK Program and the SZ-HK Program has enhanced the spillover effects of return and volatility among Chinese Mainland stock markets and Hong Kong stock market. The Shanghai Energy, the Shanghai Material and the Shanghai Industrial are always obvious net senders of spillover, while the Hang Seng telecommunications, the Hang Seng real estate construction industry and the Hang Seng public utilities are always net receivers. The spillover mainly occurs in the short term. These results would be beneficial to risk supervision and portfolio optimization. [ABSTRACT FROM AUTHOR]

Foreign investors attracted by capital-market liberalization may either inhibit controlling shareholdersʻ tunneling due to the influence of 'long-term value investmentʻ or exacerbate it due to the effect of 'short-term price speculation.ʻ Therefore, it is unclear whether and how capital-market liberalization will eventually influence controlling shareholdersʻ tunneling. We take the implementation of Shanghai-Hong Kong Stock Connect (SHHKSC) and Shenzhen-Hong Kong Stock Connect (SZHKSC) in Chinaʻs capital market as a quasi-natural experiment and use a difference-in-differences (DID) model to identify the causal effect of capital-market liberalization on controlling shareholdersʻ tunneling. The results show that capital-market liberalization significantly reduces controlling shareholdersʻ tunneling. Improving the quality of information disclosure and corporate governance as the predominant channels that allow capital-market liberalization to reduce controlling shareholdersʻ tunneling. Further analysis shows that the effect is more pronounced when companies are private, when the level of external marketization is low and when product market competition is weak. This study enriches and supplements the literature that the impact of capital-market liberalization on the real economy and provides policy insights. Regulators should improve the supervision of information disclosure and corporate governance to decrease controlling shareholdersʻ tunneling. (Jel codes:D82;G34;G38) [ABSTRACT FROM AUTHOR]