With its rapid development in the past two decades, the Pearl River Delta has become one of the most developed regions in China. During this period, an important corridor between Hong Kong and Guangzhou has emerged an...With its rapid development in the past two decades, the Pearl River Delta has become one of the most developed regions in China. During this period, an important corridor between Hong Kong and Guangzhou has emerged and shaped the spatial structure of the region. The growth of this region has been greatly marched with the twin poles of Guangzhou and Hong Kong, and the economic and social development has taken place in a corridor between these two metropolises. This paper provides an analysis of the significance of this corridor in terms of its infrastructure, population, land use, and economic development. Massive infrastructure construction in the corridor has played an important role in its development. The corridor has high-frequent transport, and each transport mode has contributed in a different way to the process of development of the corridor. With high land use intensity and high population density, it is developing the characteristics of a megalopolis. As a pathway of connection between Guangzhou and Hong Kong, the corridor includes not only physical infrastructure, such as roads, railways and airports, but also logistics operations, human resources, information and capital, which plays important roles in accelerating business development. It demonstrates how this Main Street has become one of the most important factors in regional development.展开更多
This study investigates the earnings performance of 418 initial public offerings (IPOs) listed on the stock exchange of Hong Kong. By analyzing several profitability measures of these 1PO companies from the third ye...This study investigates the earnings performance of 418 initial public offerings (IPOs) listed on the stock exchange of Hong Kong. By analyzing several profitability measures of these 1PO companies from the third year prior to listing up to the fifth year post-listing, it is found that IPO companies' operating performances as a whole peak in the year of listing or the year preceding the listing, but exhibit a fall in post-issue profitability with the decline being most pronounced in the first financial year following the year in which the listing take place. Over 30% of these IPOs suffer a loss three years after the offerings. Deterioration of post-issue performance is found to be more severe for smaller finns, highly-geared companies, fast-growing enterprises, companies with lower ownership retention by original shareholders, and companies which have managed earnings upwards at the time of listing. These observations are consistent with the higher agency costs when firms go public and that managers have timed the issue at the peak of the companies' long-run performance. Further investigation confirms that IPO companies in general make use of income-increasing accruals to manage their earnings upwards in the year when they go public. The reversal of the accruals in post-issue years further exaggerates the decline in their profitability.展开更多
The Country Parks of Hong Kong occupy 40%of the total landmass of Hong Kong,and consists of vast areas of secondary woodlands,scrublands,grasslands,and reservoirs.That vegetation-and the soil underneathsubtract carbon...The Country Parks of Hong Kong occupy 40%of the total landmass of Hong Kong,and consists of vast areas of secondary woodlands,scrublands,grasslands,and reservoirs.That vegetation-and the soil underneathsubtract carbon from the atmosphere,which has a market value.The aim of this paper is to estimate the value of that carbon,to assess whether that value would be sufficient to pay for the upkeep of the Country Parks,and to compare that value to the costs of alternative ways to reduce atmospheric carbon dioxide.To do this,we compare the land cover of 1978,1991,1997 and 2004 using remote sensing,and identify the three predominant land covers(woodlands,scrublands,grasslands) .We then estimate the amount and value of the carbon sequestered by the vegetation and soil of the Country Parks,and compare it to the budget available to the Agriculture,Fisheries and Conservation Department to run the Country Parks(HK$234 million in 2009/2010) .We extrapolate our results over 50 years,from 1978 to 2028.We conclude that by 2028 the carbon sequestered would be valued over HK$800 million,but the value of the additional carbon subtracted yearly would only cover approximately 7%of the total budget needed to run the Country Parks.We also conclude that because of the large budget allocated to the Country Parks,alternative methods of carbon sequestration-represented by the EU ETS price of carbon-are much cheaper.展开更多
Recent studies by the Hong Kong Observatory show that the urban centre of Hong Kong has considerable Urban Heat Island (UHI) effect that arises from the different thermal properties between urban and the surrounding...Recent studies by the Hong Kong Observatory show that the urban centre of Hong Kong has considerable Urban Heat Island (UHI) effect that arises from the different thermal properties between urban and the surrounding rural areas. The studies have also shown that the urban-rural temperature difference or UHI intensity in the urban centre of Hong Kong can be greater than 10℃. However, the characteristics of UHI in Hong Kong would not be unique were it not for its complex topography and the significant spatial variation in the degree of urbanization within the territory. Making use of the extensive spatial coverage of the automatic weather stations operated by the Observatory, this study attempts to document the spatial variation of the characteristics of UHI effect in Hong Kong in summer and winter through cases studies. Cases in summer and winter with meteorological conditions typical for high UHI effect (that is, clear sky, light wind and stable atmospheric condition) are selected for the study. The characteristics of UHI effect in terms of the daytime warming rates, nocturnal cooling rates and diurnal temperature ranges at the selected automatic weather stations are analysed. The territory of Hong Kong is then classified into different categories according to the identified characteristics with a view to portraying the spatial morphology of UHI effect in Hong Kong.展开更多
This article examines the approaches that are adopted by both Singapore and Hong Kong in developing themselves as "regional hubs of higher education" through different strategies on the development of their higher e...This article examines the approaches that are adopted by both Singapore and Hong Kong in developing themselves as "regional hubs of higher education" through different strategies on the development of their higher education systems, and via developing transnational higher education. The article starts off with a delineation on how the process of globalization has structurally altered the landscape of the global higher education market, upon which these changes drive both Singapore and Hong Kong to become more competitive in the global education marketplace. By examining and evaluating the recent education reforms in the two Asian city-states, the author argues that the two places have significant differences and are using rather different strategies in developing their higher education sectors, which can then reflect upon their fundamental differences in terms of the basic mindsets, underlying philosophies and style of governance of higher education by the two governments.展开更多
Gift Industry Reaps More Than RMB 200 Billion in Profits,China's Railways Fire a Shot at Airlines,Standardized Check to Be Launched,Chinese Urbanites Prepare for Retirement in Their 30s,HK Disneyland Offers One-Year ...Gift Industry Reaps More Than RMB 200 Billion in Profits,China's Railways Fire a Shot at Airlines,Standardized Check to Be Launched,Chinese Urbanites Prepare for Retirement in Their 30s,HK Disneyland Offers One-Year Free Entrance to Children Born in 1997展开更多
To be a real financial center, you must become a magnet for global financial activity. If the Shanghai stock market aims to become China's financial center, the Hong Kong Stock Exchange should strive to become East A...To be a real financial center, you must become a magnet for global financial activity. If the Shanghai stock market aims to become China's financial center, the Hong Kong Stock Exchange should strive to become East Asia's financial center. It should be actively pursuing the world's biggest companies, not scrabbling about for the limited number of red chips.展开更多
In Burkina Faso, significant amounts of endosulfan are applied to cotton fields; in addition, urban vegetable agriculture is often characterised by high fertiliser inputs, such as urban solid wastes containing heavy m...In Burkina Faso, significant amounts of endosulfan are applied to cotton fields; in addition, urban vegetable agriculture is often characterised by high fertiliser inputs, such as urban solid wastes containing heavy metals(e.g., Cu and Cd). Thus, the relevance of surrounding cotton and urban vegetable plots with vetiver(Vetiveria zizanioides) hedges to reduce environmental pollution by micropollutants was investigated using a leaching experiment, with outdoor lysimeters filled with two representative agricultural soils of Burkina Faso: Vertisol and Lixisol. After 6 months, little Cu was found in the leachates(< 0.010% of the applied amount) due to its high adsorption coefficient and its tendency to remain at the soil surface. Despite leachate and bromide recoveries being greater in soils planted with vetiver grass than in the bare soils, smaller amounts of endosulfan and Cd were found in the effluents from the planted soils(0.01% to 0.70% of the applied amount) than in those from the bare soils(0.01% to 1.48% of the applied amount), in agreement with their adsorption coefficients. These results may also be explained by a greater degradation of endosulfan in planted soils compared to bare soils and the absorption of Cd by vetiver. Thus, vetiver may decrease the risk of groundwater contamination,especially for Cd and endosulfan, which are more mobile than Cu. In addition, despite the smaller amounts of endosulfan and Cd measured in the Vertisol leachates(0.01% and 0.04% of the applied amount, respectively) compared to the Lixisol leachates, vetiver was more effective in decreasing the leaching of micropollutants if planted on Lixisol rather than on Vertisol. Further field monitoring is necessary to demonstrate the effectiveness of vetiver under the climatic conditions of Burkina Faso.展开更多
文摘With its rapid development in the past two decades, the Pearl River Delta has become one of the most developed regions in China. During this period, an important corridor between Hong Kong and Guangzhou has emerged and shaped the spatial structure of the region. The growth of this region has been greatly marched with the twin poles of Guangzhou and Hong Kong, and the economic and social development has taken place in a corridor between these two metropolises. This paper provides an analysis of the significance of this corridor in terms of its infrastructure, population, land use, and economic development. Massive infrastructure construction in the corridor has played an important role in its development. The corridor has high-frequent transport, and each transport mode has contributed in a different way to the process of development of the corridor. With high land use intensity and high population density, it is developing the characteristics of a megalopolis. As a pathway of connection between Guangzhou and Hong Kong, the corridor includes not only physical infrastructure, such as roads, railways and airports, but also logistics operations, human resources, information and capital, which plays important roles in accelerating business development. It demonstrates how this Main Street has become one of the most important factors in regional development.
文摘This study investigates the earnings performance of 418 initial public offerings (IPOs) listed on the stock exchange of Hong Kong. By analyzing several profitability measures of these 1PO companies from the third year prior to listing up to the fifth year post-listing, it is found that IPO companies' operating performances as a whole peak in the year of listing or the year preceding the listing, but exhibit a fall in post-issue profitability with the decline being most pronounced in the first financial year following the year in which the listing take place. Over 30% of these IPOs suffer a loss three years after the offerings. Deterioration of post-issue performance is found to be more severe for smaller finns, highly-geared companies, fast-growing enterprises, companies with lower ownership retention by original shareholders, and companies which have managed earnings upwards at the time of listing. These observations are consistent with the higher agency costs when firms go public and that managers have timed the issue at the peak of the companies' long-run performance. Further investigation confirms that IPO companies in general make use of income-increasing accruals to manage their earnings upwards in the year when they go public. The reversal of the accruals in post-issue years further exaggerates the decline in their profitability.
文摘The Country Parks of Hong Kong occupy 40%of the total landmass of Hong Kong,and consists of vast areas of secondary woodlands,scrublands,grasslands,and reservoirs.That vegetation-and the soil underneathsubtract carbon from the atmosphere,which has a market value.The aim of this paper is to estimate the value of that carbon,to assess whether that value would be sufficient to pay for the upkeep of the Country Parks,and to compare that value to the costs of alternative ways to reduce atmospheric carbon dioxide.To do this,we compare the land cover of 1978,1991,1997 and 2004 using remote sensing,and identify the three predominant land covers(woodlands,scrublands,grasslands) .We then estimate the amount and value of the carbon sequestered by the vegetation and soil of the Country Parks,and compare it to the budget available to the Agriculture,Fisheries and Conservation Department to run the Country Parks(HK$234 million in 2009/2010) .We extrapolate our results over 50 years,from 1978 to 2028.We conclude that by 2028 the carbon sequestered would be valued over HK$800 million,but the value of the additional carbon subtracted yearly would only cover approximately 7%of the total budget needed to run the Country Parks.We also conclude that because of the large budget allocated to the Country Parks,alternative methods of carbon sequestration-represented by the EU ETS price of carbon-are much cheaper.
文摘Recent studies by the Hong Kong Observatory show that the urban centre of Hong Kong has considerable Urban Heat Island (UHI) effect that arises from the different thermal properties between urban and the surrounding rural areas. The studies have also shown that the urban-rural temperature difference or UHI intensity in the urban centre of Hong Kong can be greater than 10℃. However, the characteristics of UHI in Hong Kong would not be unique were it not for its complex topography and the significant spatial variation in the degree of urbanization within the territory. Making use of the extensive spatial coverage of the automatic weather stations operated by the Observatory, this study attempts to document the spatial variation of the characteristics of UHI effect in Hong Kong in summer and winter through cases studies. Cases in summer and winter with meteorological conditions typical for high UHI effect (that is, clear sky, light wind and stable atmospheric condition) are selected for the study. The characteristics of UHI effect in terms of the daytime warming rates, nocturnal cooling rates and diurnal temperature ranges at the selected automatic weather stations are analysed. The territory of Hong Kong is then classified into different categories according to the identified characteristics with a view to portraying the spatial morphology of UHI effect in Hong Kong.
文摘This article examines the approaches that are adopted by both Singapore and Hong Kong in developing themselves as "regional hubs of higher education" through different strategies on the development of their higher education systems, and via developing transnational higher education. The article starts off with a delineation on how the process of globalization has structurally altered the landscape of the global higher education market, upon which these changes drive both Singapore and Hong Kong to become more competitive in the global education marketplace. By examining and evaluating the recent education reforms in the two Asian city-states, the author argues that the two places have significant differences and are using rather different strategies in developing their higher education sectors, which can then reflect upon their fundamental differences in terms of the basic mindsets, underlying philosophies and style of governance of higher education by the two governments.
文摘Gift Industry Reaps More Than RMB 200 Billion in Profits,China's Railways Fire a Shot at Airlines,Standardized Check to Be Launched,Chinese Urbanites Prepare for Retirement in Their 30s,HK Disneyland Offers One-Year Free Entrance to Children Born in 1997
文摘To be a real financial center, you must become a magnet for global financial activity. If the Shanghai stock market aims to become China's financial center, the Hong Kong Stock Exchange should strive to become East Asia's financial center. It should be actively pursuing the world's biggest companies, not scrabbling about for the limited number of red chips.
基金financially supported in part by a CORUS Ⅱ Projecta Gabonese Government Fellowship
文摘In Burkina Faso, significant amounts of endosulfan are applied to cotton fields; in addition, urban vegetable agriculture is often characterised by high fertiliser inputs, such as urban solid wastes containing heavy metals(e.g., Cu and Cd). Thus, the relevance of surrounding cotton and urban vegetable plots with vetiver(Vetiveria zizanioides) hedges to reduce environmental pollution by micropollutants was investigated using a leaching experiment, with outdoor lysimeters filled with two representative agricultural soils of Burkina Faso: Vertisol and Lixisol. After 6 months, little Cu was found in the leachates(< 0.010% of the applied amount) due to its high adsorption coefficient and its tendency to remain at the soil surface. Despite leachate and bromide recoveries being greater in soils planted with vetiver grass than in the bare soils, smaller amounts of endosulfan and Cd were found in the effluents from the planted soils(0.01% to 0.70% of the applied amount) than in those from the bare soils(0.01% to 1.48% of the applied amount), in agreement with their adsorption coefficients. These results may also be explained by a greater degradation of endosulfan in planted soils compared to bare soils and the absorption of Cd by vetiver. Thus, vetiver may decrease the risk of groundwater contamination,especially for Cd and endosulfan, which are more mobile than Cu. In addition, despite the smaller amounts of endosulfan and Cd measured in the Vertisol leachates(0.01% and 0.04% of the applied amount, respectively) compared to the Lixisol leachates, vetiver was more effective in decreasing the leaching of micropollutants if planted on Lixisol rather than on Vertisol. Further field monitoring is necessary to demonstrate the effectiveness of vetiver under the climatic conditions of Burkina Faso.