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Price discovery of real estate investment has been getting lots of attentions from researchers and it is generally believed that lagging errors exist in appraisal-based returns of commercial real estate investments, in comparison to other investment instruments traded in the stock market Due to fewer transactions in the commercial real estate market, it is reasonable to notice a difference in the handling of current market information. By introducing two study approaches along with a test case using Singapore's data, this paper explores the extent of lagging in Hong Kong's commercial (office)real estate values, in a State Space Model with Kalman filter. The findings first suggest that whether appraisal-based indices overstate or understate true values lies in the economy condition at the time. Then, commercial real estate values in Hong Kong are about three months behind the stock market property indices. Also, as indicated by the findings, data collection/selection bias may render a de-lagged index not as efficient as it is supposed to be. This paper provides a different perspective on price discovery and the process of de-lagging property values. [ABSTRACT FROM AUTHOR]

Although previous research has pointed to potential performance gains through relational contracting (RC), reservations remain as to its value and viability. Even those who wish to use RC need guidelines for introducing it, especially where it clashes with prevalent project cultures. A study was launched from Hong Kong to identify the critical factors which promote RC and team building in the context of specific cultures. This paper consolidates the perceptions of 60 respondents to a questionnaire survey in Singapore, in relation to the hypothesized 24 factors facilitating RC, and 28 factors impeding/deterring RC. It indicates the evident readiness of the Singaporean contracting industry to embrace collaborative working practices. On the whole: (1) all the 24 factors facilitating RC, and 23 of the 28 factors deterring RC, are significant; (2) these two sets of factors could be represented by six and seven “broad factors,” respectively; and (3) except in a few cases, respondents from large and medium companies, as well as with and without experience in RC, have similar perceptions of the importance of different factors. It was perceived that trust should be at the core of RC approaches to construction procurement, but also seen that the current level of trust is low. Identifying the principal “facilitators” and “impediments”/ deterrents to RC, provides pointers to building relationally integrated teams to boost performance to much higher levels, as are now expected from the industry. The literature indicates that the outcome of the survey in Singapore reflects the trends in many countries that are moving toward RC. This research model and approach may be conveniently replicated in other contractual regimes, in order to reinforce these observations. [ABSTRACT FROM AUTHOR]

Hong Kong and Singapore have been the leading cities for hosting MICE in Asia. Every year, thousands of events are held, both by local and international organizers, in Singapore and Hong Kong. Despite the significant economic contributions of MICE to a local economy, hospitality and tourism literature seldom analyzes Hong Kong and Singapore in terms of MICE promotion. The absence of published articles is particularly true in the context of virtual promotion. This paper reports on a study examining events promotion in the Web sites of the Hong Kong Tourism Board and the Singapore Tourism Board. The paper also analyzes the performance of the official Web sites in providing useful site selection information to event organizers and meeting planners. Empirical results of a content-based analysis indicate that the information provided by the Singaporean Web site is more comprehensive than its Hong Kong counterpart. [ABSTRACT FROM PUBLISHER]

Land and buildings form a significant portion of the national wealth in most economies, but in Singapore and Hong Kong, two small city-states where land is scarce, real estate has an important role in the functioning of the whole economy. Transnational property and development companies are important players in Singapore and Hong Kong. They form an important part of the local stock market and have enjoyed considerable growth while providing substantial revenue for governments and wealth for individuals. Because of this important role, the paper redescribes Singapore and Hong Kong as property states, not rent-seeking economies as the term rent is usually used in discussing Asian capitalism. The importance of real estate, an immobile asset, is not only surprising in a global era defined in part by the mobility of capital, but also because in Singapore and Hong Kong land is publicly owned. The paper attempts to explain the anomaly by analysing the land allocation mechanisms in Singapore and Hong Kong. In spite of their similarities, real estate markets in Singapore and Hong Kong exhibit several differences, linked in turn to different policy options for their management. [ABSTRACT FROM AUTHOR]

• We focus on three locations in the Asia-Pacific region—Hong Kong, Shenzhen, and Singapore. • We analyze the impact of variations in research and development (R&D) spending on total factor productivity (TFP) growth. • In each of the three cases, we compare and contrast the role of public and private R&D in boosting TFP growth as well as the pattern of causality between public and private R&D and the capacity of both types of R&D to generate economic spillovers. • We show that the impact of both private and public R&D varies across the three cases, with significant but limited outcomes for TFP growth in the case of Hong Kong, no significant growth in Shenzhen, but strong and positively significant growth in Singapore. In this paper, we focus on three locations in the Asia-Pacific region—Hong Kong, Shenzhen, and Singapore—to analyse the impact of variations in research and development (R&D) spending on total factor productivity (TFP) growth. In each of the three cases, we compare and contrast the role of public and private R&D in boosting TFP growth as well as the pattern of causality involving public and private R&D and the capacity of both types of R&D to generate economic spillovers. Our results show that the impact of both public and private R&D varies across the three cases, with significant but limited outcomes for TFP growth in the case of Hong Kong, no significant growth in Shenzhen, but strong and positively significant growth in Singapore. [ABSTRACT FROM AUTHOR]

The spectacular economic success of the Newly Industrialising Countries (NICS) of Asia since the 1960s, has led to the quest to identify other less developed countries which may be just about to become the next NICS of Asia. This paper examines the arguments for and against the view that there is a "second tier" of less developed countries which are about to join the ranks of the Asian NICS. While Malaysia and Thailand are generally thought to be the most likely candidates, this paper argues that one hitherto unrecognised contender. China, is likely to join these countries in achieving NIC status. This paper examines the question of whether there are likely to be more Newly Industrializing Countries (NICS) emerging over time, following in the footsteps of the original four in Asia (Hong Kong, Singapore, South Korea and Taiwan). While some writers suggest that several developing countries are about to achieve NIC status in the near future, others argue that world trading conditions have deteriorated to such an extent as to make this very unlikely. [ABSTRACT FROM AUTHOR]

This article presents author Alwyn Young's response to comments on his paper A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore. Responding to the Robert Barro, Young noted that all endogenous growth models are in a sense trivially linear in something. The AK model and other models of endogenous growth certainly do not yield the same predictions. Nouriel Roubini noted that because of the large volume of foreign investment, there is likely to be a substantial gap between gross domestic product and gross national product (GNP). Because much of the capital in Singapore is foreign owned, and, therefore, much of the income to factors of production flows abroad, the growth rate of GNP may better reflect the welfare of Singaporeans and may help to explain the relative low growth rate of consumption. Michael Bruno observed that subsidies to capital accumulation will cause the true elasticity of output with respect to capital to be less than its observed factor share. Because both implicit and explicit subsidies play such an important role in Singapore, Bruno wondered if one could estimate the true production elasticities. Young replied that he did not attempt to estimate the true elasticities.

Hong Kong's subprime moneylending sector has grown rapidly in recent decades and exploitation of the vulnerable continues largely unabated. Hong Kong's first Money Lending Ordinance, which was enacted in 1911, introduced a rudimentary system of regulation, which was improved by its successor, the Money Lending Ordinance of 1980. Since 1980, there have been some further improvements. This article traces the historical development of moneylending legislation in the context of Hong Kong's free market and non-intervention policy and how that has resulted in a lack of an effective safety net for the financially disadvantaged. This article compares the developments in the UK and Singapore and considers what lessons can be learnt from their experience. This article will make some suggestions for further improving the regulatory framework, thereby advancing financial inclusion of lower income and other vulnerable borrowers. [ABSTRACT FROM AUTHOR]

Urban governance involves institutional rules that can be combined to serve aims of providing and delivering public welfare and services. Such combination can be achieved by engaging stakeholders holding respective resources and power into a rule-structured interaction to orient the collective outcome towards a more favourable end, while the conflicts among actors remain as the governance imperative in the urban renewal arena. This paper aims to elucidate against this background of urban renewal governance and consequences of its resource mobilization by comparing three high-density Asian cities from north to south: Taipei, Hong Kong and Singapore all with a Chinese cultural background. The comparative study investigates the capacity of actors and implications of instrumental tools to mobilize non-state resources in different urban renewal governances. In particular, the assembly of, concession in, incentive for, and transfer of plot ratio, are further accentuated as the said manipulation by public authorities, private sectors, and the community. The findings identify the practical utilities rooted in the manipulation of plot ratios to fuel the redevelopment projects, and highlight that while the mobilization of non-state resources relieves the government deficit of service delivery, the value-laden governance approach and policy instruments for resource mobilization can also strengthen the unbalanced power relations between actors and have consequences on various aspects. As urban governance evolves in response to local and global pressures, the findings in this paper will shed light on the future of urban renewal governance. • A comparative study of urban renewal governances in terms of plot ratio regimes. • Utilities of plot ratio schemes conducive to redevelopment are identified. • Outcomes of urban renewal governances regarding plot ratio controls are identified. [ABSTRACT FROM AUTHOR]

For the last two decades, the international auction houses Sotheby's and Christie's have been at the forefront of global art market expansion. Their world-wide footprints have enabled auction house specialists to engage with emerging artists and aspiring collectors, most notably in the developing economies of the Global South. By establishing their sales infrastructure in new locales ahead of the traditional mechanisms of primary market commercial galleries, the international auction houses have played a foundational role in the notional construction of new genres of art. However, branding alone is not sufficient to establish these new markets; the auction houses require a network of willing supporters to facilitate and drive marketplace supply and demand, be that trans-locational art market intermediaries, local governments, and/or regional auction businesses. This paper examines emerging art auction markets in three Global South case studies. It elucidates the strategic mechanisms and networks of international and regional art auction houses in the development of specific genres of contemporary art: Hong Kong and 'Chinese contemporary art', Singapore and 'Southeast Asian art', and Australia and 'Aboriginal art'. Through examination and comparison of these three markets, this paper draws on research conducted over the past decade to reveal an integral role played by art auctions in the expansion of broader contemporary art world infrastructure in the Global South. [ABSTRACT FROM AUTHOR]

This paper offers new evidence as to how RPTs can be value enhancing for minority shareholders. In doing so, we address an ongoing theoretical tension in the related party transaction (RPT) literature by focusing on real estate investment trusts (REITs) in Asia. The empirical evidence is mixed in the corporate finance literature on whether RPTs create or destroy firm value. On average, REITs in our sample engaged in RPTs amounting to 5.4 % of total assets, annually, between 2003 and 2010. This is not a trivial amount and is nearly double the 2.8 % RPT rate for U.S. industrial firms. We identify three main channels for REIT RPTs: real estate asset acquisitions from related parties (57.4 %), income earned from related parties (22.2 %) and management fees paid to related parties (14.8 %). The identification strategy we employ relies on two distinct methodologies when examining RPTs and firm value: a multivariate regression approach and, secondly, an exogenous wealth effects test for RPT announcements. Overall, the results suggest that REIT managers and sponsors do not expropriate wealth from their minority shareholders through RPTs. We find evidence that an ad hoc acquisitions pipeline from sponsor to REIT generally drives the value and wealth proposition, although the impact could be reversed in a credit crisis. [ABSTRACT FROM AUTHOR]

This paper compares public–private partnerships (PPPs) in education in post-war Singapore and Hong Kong. After the Second World War the Singapore government shied away from PPPs, while the state in Hong Kong collaborated extensively with the non-state sector in education. Singapore was a small city-state flanked by two Muslim nations, and its post-war regime faced challenges from the Malayan Communist Party. These pressures curbed the state’s involvement with missionary and Chinese bodies in education. Hong Kong, however, was a mono-racial society without any anti-Chinese neighbours, and its authorities were seldom challenged by a militant antagonist. Thus, its government was freer to involve non-state agents in education. This study reveals that PPPs are viable only when suitable non-state partners exist and when the state does not believe that such undertakings would expose the school system to an antagonist. It also urges scholars in future to explore the socio-political preconditions for PPPs. [ABSTRACT FROM PUBLISHER]

In this study, the Trends in International Mathematics and Science Study 2007 data were used to build mathematics achievement models of fourth graders in two East Asian school systems: Hong Kong and Singapore. In each school system, eight variables at student level and nine variables at school/class level were incorporated to build an achievement model through hierarchical linear modelling. The final achievement models suggested that in both school systems, four variables at student level, i.e. number of books at home, frequency of test language spoken at home, frequency of mathematics homework, student's self-confidence in learning mathematics, and one variables at school/class level, i.e. class size for mathematics instruction were significantly correlated with fourth graders' mathematics achievement, and student's self-confidence in learning mathematics was the strongest predictor of mathematics achievement. The relations between mathematics achievement and other variables differed across the two systems. Implications for educational research and practice are presented at the end of this paper. [ABSTRACT FROM AUTHOR]

This paper proposes and tests a model of how firms acquire knowledge from their international joint venturing experience. Based on survey response from 73 Singapore and 89 Hong Kong firms with respect to their joint ventures set up in China, the results indicate that both overseeing effort and management involvement are significant channels of knowledge acquisition. The former channel is more important for firms with a great deal of operational experience in China and for parents of older joint ventures. This finding indicates that firms improve their skills of knowledge acquisition through learning-by-doing. Moreover, the strategic importance of the venture concerned, instead of the learning intent of the parent, is the driving force behind the allocation of resources to the two channels. This implies that firms mainly learn through managing their key joint ventures. Since a venture that provides novel and fruitful learning experience may not, and need not, be an operation of great strategic importance, this finding suggests the existence of learning myopia. [ABSTRACT FROM AUTHOR]

The article examines the consequences of amending a claim on a warrant of arrest in admiralty actions. It is reported that the Singapore High Court allowed the warrant to be upheld based on the amended claim, emphasizing the interconnection between the warrant and the statement of claim. It further stressed the retroactive effect of amendments under the relation-back rule, rejecting a rigid interpretation of a Hong Kong precedent.

Purpose – The purpose of this paper is to help us understand the real estate cycle and offers an analysis using a vector auto regression (VAR) model. The authors study the key international cities of Hong Kong, Kuala Lumpur and Singapore. The authors find four key outcomes. One, the real estate cycle is generally different from the underlying business cycle in local markets for the cities studies. Two, the real estate cycle is more exaggerated in the construction and development areas than in rents and vacancies. Three, the vacancy cycle tends to lead the rental cycle. And four, new construction completions tend to peak when vacancy is also peaking. The authors believe that future research should try to help understand the linkages that drive these outcomes. For example, are rigidities in the local permit and construction markets responsible for the link between construction peaks and vacancy peaks? Design/methodology/approach – Real estate market cyclical dynamics and its estimation via VAR model offers an insightful set of practical and empirical models. It affirms a comprehensive theoretical underpinning for analysing the prime office and residential sectors of the capitol cities of Kuala Lumpur, Singapore and Hong Kong in the fast developing Asia region. Its unrestricted form also provides an effective and insightful way of modelling real estate market cyclical dynamics utilising only real estate market indicators, furnished by real estate market data providers. Findings – The office rental VAR model for Singapore (SOR), KL (KOR) and HK (HOR) show good fits. In the HOR model, rents and vacancies are negatively signed and significant for certain lagged relationships with other variables and with rents themselves. The office CV VAR model for Singapore (SOCV), KL (KOCV) and HK (HOCV) show good fits. In the HOCV model, capital values (CVs) and initial yields are negatively signed and significant for certain lagged relationships with other variables and with CVs themselves. Impulse response functions specified for seven years to mirror a medium-term real estate market cycle “die out” to zero for the stationary VAR models that are estimated for the endogenous variables. The accumulated responses asymptote to some non-zero constant. Practical implications – The VAR model offers a complete and meaningful dynamic system of solely real estate variables for international real estate investors and policy makers in decision making. Its unrestricted form offers an effective and insightful way of modelling real estate market cyclical dynamics utilising only real estate market indicators, which can be reliably provided by a dedicated real estate information and consultancy provider of international standing. Originality/value – The theoretical model offers a complete dynamic model system of the real estate space market, comprising a unique system of six linked equations that denote the relationship among supply, demand, construction, vacancy and rent over time, inclusive of price response slopes and lags. The VAR model enables the investigation of the effect of the lagged values of all the variables concerned. It also enables the explicit and rigorous quantitative forecasts of say rents and CVs when the rest of the variable can be forecasted beforehand. [ABSTRACT FROM AUTHOR]

This paper focuses on a relatively overlooked aspect of social polarisation in Singapore, Hong Kong and Taipei: its gender implications. The transformation of these cities, from industrial to post-industrial cities, has been accompanied by a transition from Chinese patriarchal society to modern society. A dual gendered structure is emerging—a regime of labour intimacy (RLI) under state regulations and a technomuscular capitalism (TMC), presenting itself as a competitive labour market. Migrant workers are introduced to compensate for the loss of household labour, but the wage gap between them and their local counterparts may be controlled. The occupational segmentation and income disparity between men and women are improving because of the upgrade of women’s status. The model of bound RLIs and open TMCs emphasises a more contextually situated construction in which state migration policies and changing gender status play an intermediate role in the division of labour between work and home. [ABSTRACT FROM PUBLISHER]

An interesting feature of the Asian urban landscape is the presence of Chinese religious altars that may be found lying next to a tree, in a discrete section of public space or at a road junction. These altars and statues of deities are usually items left behind by previous owners who have relocated to another area. To the older Chinese generation, "house gods" or religious statues formerly acquired for home collections are not to be discarded disrespectfully. In changing circumstances, when their owners need to leave "family ties" behind, these statues are either given to another "caretaker" or relocated to auspicious places to serve some publicly meaningful function. This practice gives rise to the makeshift or informal shrines in public areas that are not uncommon in highly urbanised and Westernised Asian cities such as Hong Kong and Singapore. Seen from a museological perspective, these are "public collections", driven not by the ideologies of professional curators, but by a sense of cultural religiosity and the social purposes of the populace. This paper aims to re-interpret current curatorial practices by explicating some of the typologies and features of these informal repositories and their custodianship. It also explores the curatorial implications of these community assets in relation to the ageing population and to place-making in the two Asian cities of Hong Kong and Singapore. [ABSTRACT FROM AUTHOR]

This paper examines the impact of profitability, stock price performance and growth opportunity on the capital structure of firms in Singapore, Taiwan and Hong Kong. In contrast to Kayhan and Titman (2007), it is found that firms in these three Chinese-dominated economies strongly prefer debt to equity or internal fund financing. They also take advantage of stock price appreciation by issuing more shares. An adjustment model for debt ratios is estimated. The results suggest that the leverage ratios of these firms slowly adjust toward their target levels. Deviations from the target due to the pecking order and market timing effects are found to be significant. [ABSTRACT FROM AUTHOR]

Shenzhen Special Economic Zone (SEZ) has been the flagship labouratory of Deng Xiaoping’s reform and open-door policy and the forerunner of China’s capitalist transformation. The initiation of the Shenzhen SEZ was driven by the imperative of political and economic survival along the state hierarchy and was informed by the international practices of export processing zones (EPZs). Shenzhen’s capitalist fundamentals, such as the commodification of land and labour, were largely established through imitating its ‘big master’ Hong Kong across the border. However, Shenzhen’s policy learning style has gradually shifted from laissez-faire Hong Kong to authoritarian Singapore, propelled by the aspiration, shared among policy-making party élites across China’s administrative hierarchy, of perpetuating the single-party rule. Theoretically, this paper demonstrates how policy mobility is shaped path-dependently by the pre-structured institutional/ideological regime, in what ways the idiosyncratic geographical/historical conjuncture matters, and why political representation and participation are crucial to policy selection and mutation. [ABSTRACT FROM PUBLISHER]

This paper aims to develop an integrated policy index system using a Surface Measure of Overall Performance ( SMOP) approach to comprehensively evaluate and compare the policy input and social output of the retirement payment system in urban and rural China, Hong Kong, Singapore and Taiwan. With this, a tool may be developed to help insightfully examine the old-age income policies and appropriately, and perhaps theoretically in the future, categorize the types of retirement provisions or social security policies as a whole in the East and West. The results indicate that, particularly in urban China, Hong Kong, Singapore and Taiwan, a low level of de-familization and medium and high levels of gender equality are the common features of these five pensions in China, Hong Kong, Singapore and Taiwan. Furthermore, it is found that the retirement provisions in China, Hong Kong, Singapore and Taiwan can well be divided into two groups based on the level of pension right protection and illustrate different characteristics between them accordingly. In addition, policy implications and suggestions for further reforms of these retirement payment schemes are elaborated in the light of the findings of this policy index system. [ABSTRACT FROM AUTHOR]

This paper examines the determinants of foreign direct investment (FDI) from Singapore to two main host destinations: China and Hong Kong. It allows policy makers and researchers to understand the differences/similarities in the determinants of FDI from Singapore to a developing country, China, and a developed country, Hong Kong. Annual time series data covers the period 1994 to 2014 is used. Commonly used determinants, such as gross domestic product per capita of a host country, gross domestic product per capita of Singapore, real interest rate of a host country and trade openness of a host country are utilized to study Singapore's outward FDI (OFDI). Because the sample has only 21 observations, autoregressive distributed lag based bounds testing approach to cointegration developed by Pesaran, Shin & Smith (2001) is used to estimate cointegrating regression among these variables. This approach is an appropriate econometric estimation technique because the estimated long-run coefficients obtained from the reparameterization of an ARDL model are super-consistent even in small sample size. The main findings show that gross domestic product per capita of a host country attracts FDI from Singapore to each of these countries. It is also observed that higher interest rates in these two host countries attract Singapore's FDI. The degree of openness of China influences the flows of Singapore's FDI to China positively, but not for Hong Kong. It is a surprise that this empirical study is unable to find evidence that gross domestic product per capita of Singapore has an influence on its own FDI outflows. The overall results reveal that the motives of multinational corporations (MNCs) from Singapore to invest abroad typically differ between developing and developed economies, depending upon their respective competitive advantages. In general, MNCs invest in more advanced economies, such as Hong Kong, due to its purchasing power and market potential. Same goes for the developing markets, such as China, that consists of cheaper labor and large market opportunities. For the developing economies, trade liberalization is proved to be the pull factor that attracts MNCs. The more open an economy, the greater the attraction it has to MNCs. [ABSTRACT FROM AUTHOR]

This study examines generalized trust and trust in institutions in Confucian Asia, covering six countries namely, China, Japan, Singapore, South Korea, Taiwan and Vietnam, and one dependent region, Hong Kong. Using data from the 2006 AsiaBarometer Survey, our study affirms the reliability and validity of using a two-item scale to measure generalized trust. Our analysis suggests that due to demographic differences, there are variations in the level of generalized trust of countries in Confucian Asia, despite the fact that these societies share a similar background in Confucian philosophy. The relationships between generalized trust and political trust, and between generalized trust and trust in public institutions, are weak but positive. The positive relationship between generalized trust and trust in economic institutions is only significant for some of the economies, while trust in international institutions has the weakest relationship with generalized trust for all societies. We conclude the paper with research implications. [ABSTRACT FROM AUTHOR]

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This paper considers the circumstances under which science teachers can respond positively and productively to educational policy reforms in the area of science practical assessment. To understand what might be involved in linking science teachers’ assessment capacities and their professional development, we present illustrative data from recent research studies conducted in Singapore and Hong Kong showing contrasting approaches taken in the implementation of reforms in science practical assessment. In Singapore, teachers worked together to select, discuss, clarify and refine their practices as they made decisions about what to teach and assess. In Hong Kong, teachers took a critical stance towards the new policy and learnt from their own experiences in order to build their confidence. With the same policy initiative, one group of teachers focused more on the technicalities of complying with requirements imposed on them while in the other group had their professional consciousness of what they thought was best for their students provoked so that their practices would be transformed. In an attempt to draw lessons for other contexts in supporting the implementation of assessment policy reforms through professional development work, we identify and discuss a range of factors in science teachers’ professional development that arise once in situ professional development work has started. Overall, our intent in this article is to recast assessment reform as a driver or pivot in teachers’ professional development and learning. To do this it is necessary, we argue, to afford teachers’ experiences and the processes involved in learning from them greater emphasis in order to ensure the continuance of innovation in the assessment of laboratory-based work. [ABSTRACT FROM AUTHOR]

The common law derivative action was developed as a result of decades of case law in common law jurisdictions. Hong Kong and Singapore continue to retain the common law derivative action within their respective legal frameworks, despite both having enacted statutory derivative actions. This paper considers the situations in which the common law derivative action continues to have practical application in each of these jurisdictions. It then considers whether the common law derivative action should be abolished in these jurisdictions, and if so, what consequential changes should be made to the statutory derivative action framework concurrent with this proposed abolition. [ABSTRACT FROM AUTHOR]

The case fatality rate is an important indicator of the severity of a disease, and unbiased and accurate estimates of it during an outbreak are important in the study of epidemic diseases, including severe acute respiratory syndrome (SARS). In this paper, estimation methods are developed using a constant cure-death hazard ratio. A semiparametric model is presented, in which the cure-death hazard ratio is a parameter of interest, and a profile likelihood-based technique is proposed for estimating the case fatality rate. An extensive simulation was carried out to investigate the performance of this technique for small and medium sample sizes, using both summary and individual data. The results show that the performance depends on the model validity but is not heavily dependent on the sample size. The method was applied to summary SARS data obtained from Hong Kong and Singapore. [ABSTRACT FROM AUTHOR]

This paper used public data of the last ten years from the Institute of Shipping Economics and Logistics to analyze vessel tonnage structures of FCFs in detail. The recursive residual GM(1,1) model of Grey theory was used to compare the growth trends of vessel tonnage structures of FCFs with the rest of the world. The results show vessel tonnage structures of China and Taiwan are consistent with the world trend in which national flag vessels are reduced, while foreign flag vessels are increasing, In the next three years, vessel tonnages of China and Singapore are expected to increase rapidly, whereas much slower growth is expected in Taiwan: on the other hand, a slight decrease is forecasted for Hong Kong. [ABSTRACT FROM AUTHOR]

A case study provides the basis for consideration of the purpose of business ethics teaching, the importance of reflection and the evaluation of ethics teaching. The way in which personal reflection and an increased capacity for ethical action can be encouraged and openly identified as aims of the course is discussed. The paper considers changes in the design and delivery of the international management ethics and values course taught at the University of South Australia as part of the undergraduate management degree in Australia, Singapore and Hong Kong. As a result of student and teaching staff responses, and course evaluations, the course design, teaching and assessment has moved steadily toward an aim which explicitly refers to behaviour, without losing the significant conceptual base. Ways in which opportunities can be provided to enhance the development of a reflective capability are considered, including narrative, role models, ethical reflection, journal-keeping and practice. The changes required a change in assessment practice. The difficulties of assessing intention and commitment to ethical action, whether in an individual course or across the curriculum, are discussed. [ABSTRACT FROM AUTHOR]

The article discusses the mandated reporting of key performance indicators by public agencies to public accountability authorities in Taiwan, Hong Kong, and Singapore. The author suggests that the existence of these indicators in public agencies' annual reports and budget papers does not necessarily lead to their effective use for decision making. The actual utilization of these indicators for making decisions should be described as careful and cautious. They are still affective because they give symbolic benefits to the government.

This paper examines the economic performance of 16 property companies in Hong Kong, and how well they do in comparison with Singapore property companies. The results show that Hong Kong property companies that diversified into other sectors appeared to perform better than those focused solely in real estate. Property companies in Hong Kong generally achieved higher rate of returns on their capital invested than Singapore property companies. Government financial assistance for private homeownership is believed to play an important role in the relatively better performance of Hong Kong's companies, particularly after 1997. Meanwhile, firms in Hong Kong are exposed to higher weighted average cost of capital due to higher business risks, in addition to higher interest rate stemmed from a linked exchange rate system. On the whole, property companies in both Singapore and Hong Kong do not perform well from an Economic Value-Added (EVA) perspective, but this does not necessarily mean that they are poorly managed. The empirical results show that the performance of a company is influenced dramatically by profits generated from the sale of non-property assets. [ABSTRACT FROM AUTHOR]

This paper studies loan loss disclosures by banks in Hong Kong, Malaysia, and Singapore for the period 1993 through 2000. We find that unexpected loan loss provisions are positively related to bank stock returns and future cash flows. This indicates that Asian bank managers increase loan loss provisions to signal favorable cash flow prospects, and bank investors bid bank stock prices up when unexpected provisions are positive. These results are consistent with those obtained by Wahlen (1994) for US banks. We also examine the impact of the Asian financial crisis of 1997 on the loan loss variables. The results indicate that the association between the unexpected loan loss provisions and bank stock returns and future cash flows was significantly lower in the crisis years, relative to the non-crisis period. Evidently, discretionary loan loss provisions had no signaling value during the crisis. This suggests that macroeconomic uncertainty influenced the strategic behavior of Asian bank managers and investors. [ABSTRACT FROM AUTHOR]

Although many studies have found that unemployment has a negative effect on housing prices, the explanation put forward for this effect, that is, uncertainty over the ability to repay long-term mortgage loans, has not been empirically tested. This paper attempts to empirically test this explanation using a cross-city analysis. Singapore and Hong Kong have been chosen because they are both compact cities and are similar in many aspects. The exception is that Singapore has an established system of home financing from the Central Provident Fund, thereby enhancing greater certainty over the ability to repay long-term mortgage loans. Macro-economic factors, including unemployment rate, were analysed from 1993Q1 to 2003Q4 for Singapore and from 1985Q1 to 2000Q4 for Hong Kong. The results show that, unlike Hong Kong, Singapore's rate of unemployment has no statistical significant effect on housing prices. This study has confirmed the financial constraints hypothesis in the permanent income hypothesis study. [ABSTRACT FROM AUTHOR]

This paper examines the time-series behaviour of house prices for the four Asian markets, namely, Hong Kong, Singapore, Tokyo and Taipei, by using structural time-series methodology. The paper assumes two types of trend models to characterise and compare the long-run movement of house prices. It also examines the cyclical pattern hidden in the series. The long-run trend rate in these markets ranged between approximately 1.6 and 3.2 per cent per annum. Hong Kong, Singapore and Taipei have relatively higher figures, which could be expected in light of the rapidly growing economies. Surprisingly, their cyclical patterns were fairly similar, although causes of the cycles differed. The markets were found to have stochastic cycles of around one year, two to four years and seven to ten years, which were consistent with previous findings on real business cycles commonly observed internationally in other macroeconomic time series. However, the found stochastic nature suggests all these markets are not in a steady state and is still changing. [ABSTRACT FROM AUTHOR]

Hong Kong has maintained a pegged exchange rate since 1983, while Singapore has been on a floating regime since the early 1970s. This paper provides an interpretation of the different performance of the Hong Kong and Singapore economy that could be attributable to the differences in their exchange rate regime. We develop a model that can help to interpret the differences in both the longer run trends in inflation and real exchange rates in Hong Kong and Singapore as well as the short differences in macroeconomic and real exchange rate volatility. The difference in the response of the two economies to the Asian crisis is also consistent with our model. [ABSTRACT FROM AUTHOR]

• This paper reviews the range of strategic tools and techniques available to strategic planners. • The study focuses on strategic planning tool usage by small and medium-sized enterprises (SMEs) in Western Australia, Singapore, Hong Kong and Malaysia. • A six-stage strategic framework was used to provide for 36 core strategic tasks. • Results are contrasted with a previous study published in this journal that considered the use of strategic tools by organizations in the United Kingdom and New Zealand. • SMEs were found to use a restricted range of strategic tools. There is a need for a wider understanding of the tools available and their application to strategy development. [ABSTRACT FROM AUTHOR]

The objective of this paper is to provide the Hong Kong government with an alternative forecast of container throughput, by studying various interactive relationships between major ports in East and Southeast Asia. As the demand for container handling services is 'derived' from the demand for imports, the resulting market shares for the container handling services gripped by different regions inevitably become a mirror image of the relative competitiveness of their exports. When the markets of the two ports overlap, their market shares will become a function of the prices they charge and how well they meet the needs of the shippers and shipping lines. A vector error correction model (VECM) with structural identification was set up to capture this kind of trade-interdependency and oligopolistic relationship in the East and Southeast Asian market for container handling services. In the course of so-doing, the upward sloping supply curves and downward sloping demand curve for the container handling services provided by Hong Kong and Singapore are identified from the model. Interestingly, the impulse response functions display what is reminiscent of the trade-interdependency and oligopolistic relationship. The forecast of Hong Kong container throughput generated by the structural VECM is then compared with that obtained by the Hong Kong Port Development Board (PDB). The sensitivity analysis shows that, in all possible cases, the structural VECM produces higher growth paths for the Hong Kong container throughput than the PDB does and, hence, suggests an earlier construction of new terminals. [ABSTRACT FROM AUTHOR]

This paper uses a case study of Hong Kong and Singapore, two of the fastest growing economies in the postwar world, to evaluate competing theories of economic growth. Although broadly similar in historical background and economic structure, the two economies are strikingly different along three dimensions of interest to growth theorists: (1) Hong Kong began the postwar era with a considerably better educated labor force; (2) the subsequent accumulation of human and physical capital in Singapore far exceeds that in Hong Kong; and (3) Singapore has experienced considerably more rapid structural change, as government targeting policies have propelled the economy into technologically advanced sectors. A total factor productivity growth analysis of the two economies reveals that while TFP growth in Hong Kong accounts for over two-thirds of the increase in GDP per capita during the 1970s and 1980s, total factor productivity growth in Singapore during the same period is next to nil. These results constitute strong evidence against linear models of growth that emphasize contemporaneous externalities in the accumulation of factors of production. The poor TFP performance of the Singaporean economy, when associated with its astounding rate of structural transformation, supports models that emphasize the constraints imposed by learning by doing on the evolution of comparative advantage. [ABSTRACT FROM AUTHOR]

The economic success of some of the countries within the East Asian region has generated a range of studies which have attempted to identify the sources of that growth. One strand within these analyses has focused on the critical role of schooling in the accumulation of human capital. This paper examines the role which education has played in the rapid development of the four 'Asian Tigers'; namely: Hong Kong, Taiwan, South Korea and Singapore. It is argued that whilst patterns of educational provision displayed some common features there were also significant differences in other areas such as the role of the state, sources of educational funding, the role of technical education and of the school curriculum. [ABSTRACT FROM AUTHOR]

In recent years, labour-management relations in Hong Kong and Singapore appear to have been shifting away from confrontation towards cooperation. This paper examines the relative contributions of the laissez-faire and the State approaches to this development, and proposes that a collaborative industrial partnership might take different forms in the two societies. [ABSTRACT FROM AUTHOR]

The fifth wave of COVID-19 in Hong Kong (2022) had brought a series of chaos to society. Nevertheless, its Asian neighbours, namely Singapore and Macao, have avoided such chaos. By investigating the well-rounded preventive measures and social environment in Singapore and Macao, this article highlights the Hong Kong government's "idleness". It reveals that the relationship between a government and its people does play a significant role in operating COVID-19 measures, which could directly prevent a large-scale outbreak. [ABSTRACT FROM AUTHOR]

Maritime services prefer to locate in places where factors indicating the business environment, such as its tax and legal systems, are attractive. However, when there are competing regions to choose from, it is important to understand the impact of each of these factors at each alternative location and whether the negative impacts of one factor may be offset by the positive impacts of other factors. This study analyzes the preferences of maritime services selecting from three potential business locations in Asia (Shanghai, Hong Kong, and Singapore) and the possibility of factor substitution. A stated preference survey is designed to collect the choices of industry leaders facing five major factor options, and discrete choice models are applied to analyze the alternative- and company-specific impacts of these factors. The estimated alternative-specific parameters are consistent with the socioeconomic and legal backgrounds of the three locations, and the company-specific parameters indicate that it is not necessary for maritime services to be located near their clients, namely, shipowners. Finally, the factor trade-off analysis can help each location to identify possible policy changes that may improve its competitiveness. [ABSTRACT FROM AUTHOR]

Background: The rate of international migration for the primary purpose of employment has increased exponentially in recent decades. A significant proportion of this global movement takes place across East and Southeast Asia as workers move on a temporary basis from lower-middle-income home countries such as Indonesia, the Philippines, Thailand and Vietnam to high-income host destinations including Hong Kong and Singapore. Relatively little is known about the unique and long-term health needs of this heterogeneous group of people. This systematic review presents an analysis of recent research into the experiences and perceptions of health of temporary migrant workers in the East and Southeast Asian regions. Methods: Five electronic databases CINAHL Complete (via EbscoHost), EMBASE (including Medline), PsycINFO (via ProQuest), PubMed and Web of Science, were systematically searched for qualitative or mixed methods, peer-reviewed literature published in print or online between January 2010 and December 2020. Quality of the studies was assessed using the Critical Appraisal Checklist for Qualitative Research published by the Joanna Briggs Institute. Findings from the included articles were extracted and synthesised using qualitative thematic analysis. Results: Eight articles were included in the review. Findings from this review indicate that multiple dimensions of workers' health is impacted by the processes of temporary migration. In addition, the research reviewed indicated that migrant workers used various strategies and mechanisms to attempt to address their health-related issues and to take better care of themselves. Such agentic practices could help them manage and maintain their health and wellbeing across physical, psychological and spiritual dimensions within the structural constraints of their employment. Conclusions: Limited published research has focused on the health perceptions and needs of temporary migrant workers in East and Southeast Asia. The studies included in this review focused on female migrant domestic workers in Hong Kong, Singapore, and the Philippines. These studies provide valuable insights but do not reflect the heterogeneity of migrants moving within these regions. The findings of this systematic review highlight that temporary migrant workers experience high and sustained levels of stress and are exposed to certain health risks which may compromise long-term health outcomes. These workers demonstrate knowledge and skills in managing their own health. This suggests that strength-based approaches to health promotion interventions may be effective in optimising their health over time. These findings are relevant to policy makers and non-government organisations supporting migrant workers. [ABSTRACT FROM AUTHOR]

In recent years, accompanied by the massive increased urban population density and the compact built environment, the challenge lies in Asian metropolis has evoked the promotion of human health and well-being. This paper aims to deliver the authors’ intention to evaluate the performance of diverse site configuration in the field of urban open space under the tropical and subtropical Asian climatic conditions. The empirical study was conducted in Hong Kong and Singapore in 2015 by the approach of objective environment assessment and perceived health survey. The research findings postulated two paradigms in climate-adaptive design strategy: 1) the precise composition of urban canopy directly impacts the thermal comfort of urban open space; and 2) the comprehensive site configuration significantly influences the personal evaluation of health perception. Based on the above findings, a framework is conceptualized as an attempt to strengthen the climate-adaptive open space design strategy. [ABSTRACT FROM AUTHOR]

China is ranked as the number one maritime connected country in the world. This study attempts to analyse the characteristics of its 155 maritime trading partners. Five components of maritime connectivity have been used for the analysis. A hierarchical clustering technique is applied to group the trading partners into distinct meaningful clusters. As China's main maritime competitors within the East Asian region, the analysis is also applied to Singapore and Hong Kong. The clustering technique produces three distinct clusters for China and Singapore and two for Hong Kong. The results reveal the importance of direct maritime connectivity, with China having the highest number of trading partners with zero transhipment (including its top 15 trading partners), compared to Singapore and Hong Kong. The analysis is further extended by applying ordered logistic regression. The results show that the logistic performance index (LPI) and exports/imports have a positive and significant influence on clusters. Conclusions are drawn as to the potential for implementing strategies and policy interventions on the basis of the emergent clusters, particularly the need for Hong Kong to improve all five components of maritime connectivity in order to compete with China and Singapore. [ABSTRACT FROM AUTHOR]

Harassment continues to plague modern society. Yet, countries have not found the panacea. Some have opted for a common law tort approach, while others have sought to legislate for protection against harassment. Singapore initially tackled this issue with the former, but turned to the latter after the common law tort created by the Singapore High Court in Malcomson Nicholas Hugh Betram v Naresh Kumar Mehta was thrown into disarray by AXA Insurance Singapore Pte Ltd v Chandran s/o Natesan. This article undertakes a comparative analysis of similar harassment legislation in the United Kingdom and New Zealand and English and Hong Kong case law. It argues that while statutory protection from harassment is preferred over a common law tort, several recommendations can be considered to calibrate the scope of harassment and provide greater clarity as to what constitutes impermissible social interaction. [ABSTRACT FROM AUTHOR]

This article investigates the nuanced and disaggregated role of state and civil society in the fight against COVID-19 in Hong Kong and Singapore through a comparative policy study. Hong Kong and Singapore provide two contrasting cases of state-society interaction under the framework of Political Nexus Triads (PNT). Hong Kong combats COVID-19 with greater dependence on its civil society and bureaucrats, while Singapore relies more on a state-centred approach. They represent the diversity of state-society relations and multiple configurational causality in the COVID-19 responses and question the efficacy of any single and contextless model. [ABSTRACT FROM AUTHOR]

Energy is a resource of strategic importance for cities, a fortiori global cities that rely on tremendous indirect energy embodied in interregional trades of service industries. The assessment of embodied energy in service industries is thus vital to the committed sustainable development of global cities and fundamental to tailor-made local policymaking. This paper applies Multi-Regional Input-Output analysis to the assessment of total embodied energy in service industries in six global cities, i.e., Beijing, Chongqing, Hong Kong, Shanghai, Singapore, and Tianjin. It is found that Hong Kong and Singapore have relatively lower energy use intensities compared with the four cities located in Mainland China. Service industries consume 17.02∼46.40 % of total embodied energy in the six cities. Coastal cities like Tianjin, Shanghai, Hong Kong, and Singapore have higher proportions of transportation consumption. The four Chinese mainland cities consume a larger proportion of coal than Hong Kong and Singapore. The method and the findings of this paper are expected to facilitate both the government and the industries in energy policymaking for a smarter and more sustainable urban economy. [ABSTRACT FROM AUTHOR]

What is the effect of declaring a pandemic? This research assesses behavioral and psychological responses to the WHO declaration of the COVID-19 pandemic, in Hong Kong, Singapore, and the U.S. We surveyed 3,032 members of the general public in these three regions about the preventative actions they were taking and their worries related to COVID-19. The WHO announcement on March 11th, 2020 created a quasi-experimental test of responses immediately before versus after the announcement. The declaration of the pandemic increased worries about the capacity of the local healthcare system in each region, as well as the proportion of people engaging in preventative actions, including actions not recommended by medical professionals. The number of actions taken correlates positively with anxiety and worries. Declaring the COVID-19 crisis as a pandemic had tangible effects–positive (increased community engagement) and negative (increased generalized anxiety)–which manifested differently across regions in line with expectancy disconfirmation theory. [ABSTRACT FROM AUTHOR]