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Hong Kong's Global Financial Centre and China's Development
This book provides an overview of Hong Kong’s role as an international financial centre, focusing especially on how Hong Kong has contributed significantly, and continues to contribute significantly, to China’s economic development. It considers the importance of Hong Kong’s stock market in raising finance for Chinese companies, explores the potential of Hong Kong as an offshore financial centre, and discusses recent regulatory reforms. It concludes by assessing the prospects for Hong Kong’s continuing success as a global financial centre, and puts forward recommendations for policies which would help secure continuing success.
Social Capital in Hong Kong
"Given the rapid pace at which the Hong Kong Special Administrative Region (HKSAR) and other Asian economies are growing and the global volatility that these societies are experiencing, social capital and its divers connectivities can furnish useful anchoring to communities, neighbourhoods, local governments and social protection networks. This book provides a critical analysis of social capital, its indigenous evolution and spread in HKSAR. Some of the experiments and activities narrated in this book indicate the ingenious blending of the local ethos and culture with modern organisational forms and information networks." -- BACK COVER.
Tunneling, Propping, and Expropriation
We examine a sample of 328 filings of quot;connected transactionsquot; between Hong Kong listed companies and their controlling shareholders during 1998-2000. We address three questions: What types of connected transactions are likely to lead to expropriation of minority shareholders? Which firms are more likely to expropriate? Does the market anticipate the expropriation? On average, firms earn significant negative excess returns both around the initial announcement of the connected transactions (from -2.5 per cent for firms making cash payments to directors to -5.9 per cent for firms selling equity stakes to their controlling shareholders) and during the 12-month period following the annou...
