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Motivated by the significant role of uncertainty in affecting investment decisions and China's economic leadership in Asia, this paper investigates the predictive role of exposure to Chinese economic policy uncertainty at the individual stock level in large Asian markets.

We estimate the monthly uncertainty exposure (beta) for each stock and then employ the portfolio-level sorting analysis to investigate the relationship between the China’s uncertainty exposure and the future returns of major Asian markets over multiple trading horizons. The raw returns of the high-minus-low portfolios are then adjusted using conventional asset pricing models to investigate whether the relationship is explained by common risk factors. Finally, we check the robustness of the portfolio-level results through firm-level Fama and MacBeth (1973) regressions.

Applying portfolio-level sorting analysis, we reveal that exposure to Chinese uncertainty is negatively related to the future returns of large stocks over multiple trading horizons in Japan, Hong Kong and India. We discover this is unexplained by common risk factors, including market, size, value, profitability, investment and momentum, and is robust to the specification of stock-level Fama and MacBeth (1973) regressions.

Our analysis demonstrates the spillover effects of Chinese economic policy uncertainty across the region, provides evidence of China's emerging economic leadership, and offers trading strategies for managing uncertainty risks.

The findings of the study significantly improve our understanding of stock return predictability in Asian markets. Unlike previous studies, our results challenge the leading role of the US by providing a new intra-regional return predictor, namely, China’s uncertainty exposure. These results also evidence the continuing integration of the Asian economy and financial markets. However, contrary findings for some Asian markets point toward certain market-specific features. Compared with market-level research, our analysis provides deeper insights into the performance of individual stocks and is of particular importance to investors and other market participants.

This paper responds to the lack of visitor engagement in many culture-based World Heritage sites and conceptualises a “Cuteification-Value Nexus” for the discussion of the communication of heritage values through “cute” or aesthetically pleasing popular culture elements. It reflects on observations in Macao to argue for a greater engagement of culture-based World Heritage sites through a combination of popular culture inspired motifs and truthful heritage messages. Specifically, it identifies a form of “cuteified heritage” – a hyperreal cultural zone that happens away from the actual heritage sites, but which articulates the heritage significances of those sites. This draws on concepts on themed spaces and insights from postmodernistic hyperreality and tourism to examine how the “completely real” becomes identified with the “completely fake” in the staging, consumption and negotiation of experiences with World Heritage and their utility in the management of World Heritage tourism sites.

For Chinese companies that cross-list in Chinese A share and Hong Kong (H share) markets, the H share price has been consistently lower than the A share price by an average of 85% in recent years. This is puzzling because most institutional differences between the two markets have been eliminated since 2007. The purpose of this study is to explain the puzzle of the price difference of A+H companies.

Using all A and H share Chinese firms in the period 2007–2013 and a simultaneous equations approach, this study identifies three new explanations for the recent price difference.

First, utilizing a unique earning quality measure that is directly related to non-persistent components of fair value accounting under International Financial Reporting Standards (IFRS), this study finds that the lower the earnings quality, the lower the H share price relative to the A share price, and hence the greater the price difference. Second, the higher the myopic investor ownership in A share firms, the larger the A share price relative to the H share price. Third, the short-selling mechanism introduced to the A share market since 2010 helps reduce the price difference.

First, this study identifies three new explanations for the puzzle of the AH price difference which remains substantial even after the institutional and accounting standards differences between the two markets were eliminated. Second, we examine the impact of the implementation of fair value accounting under IFRS in an emerging market on the pricing difference of cross-listed shares and reveal that it can induce an unintended negative consequence on the pricing difference of cross-listed shares. Third, this study contributes to the literature on short sales by providing its mitigating role in pricing differences across two different markets. Finally, this study makes improvements in research design, which utilizes a unique measure of earnings quality that is directly related to the implementation of IFRS and a simultaneous equations approach that minimizes endogeneity concern.

The aim of this work is to research and design an expert diagnosis system for rail vehicle driven by data mechanism models.

The expert diagnosis system utilizes statistical and deep learning methods to model the real-time status and historical data features of rail vehicle. Based on data mechanism models, it predicts the lifespan of key components, evaluates the health status of the vehicle and achieves intelligent monitoring and diagnosis of rail vehicle.

The actual operation effect of this system shows that it has improved the intelligent level of the rail vehicle monitoring system, which helps operators to monitor the operation of vehicle online, predict potential risks and faults of vehicle and ensure the smooth and safe operation of vehicle.

This system improves the efficiency of rail vehicle operation, scheduling and maintenance through intelligent monitoring and diagnosis of rail vehicle.

A new academic structure for senior secondary and higher education was introduced to Hong Kong in 2009/2010. This paper aims to: (1) compare the cohort from the old academic structure (Cohort 2010) and the cohort from the new academic structure (Cohort 2015) on the 14 categories of generic competencies; and (2) compare these attributes among students from different divisions in a tertiary institution in Hong Kong.

Self-Assessment of All-Round Development (SAARD) questionnaires were distributed to students who took the two-year sub-degree programmes offered by the College of Professional and Continuing Education, The Hong Kong Polytechnic University in 2010 and 2015 on a self-administered basis. A total of 4,424 students have returned the questionnaires. Data were analyzed with t-test to compare between the two cohorts.

When comparing Cohort 2015 with Cohort 2010, significantly higher scores were observed on five areas such as global outlook and healthy lifestyle (p<0.05). Significantly lower scores were observed on the other five areas such as problem solving, critical thinking and leadership (p<0.05). Students from all divisions unanimously showed higher perceived rating on social and national responsibility but lower perceived rating on leadership (p<0.05).

The elimination of one public examination, the newly included components such as Other Learning Experiences (OLE) and the compulsory Liberal Studies were believed to contribute partially to the diverse responses of the two cohorts. The dramatic change of the curriculum has not changed the examination culture in Hong Kong which may hinder the development of generic skills among students.

This paper aims to explore students’ work-integrated learning experience. Particularly, students’ application of knowledge and improvement of multiple skills in work-integrated learning, their influence on positive industry image change due to the COVID-19 pandemic, and students’ desired career prospect were explored.

A questionnaire survey with valid responses from 168 undergraduate students in hospitality and tourism management was conducted in four colleges/universities in Guangdong, China in 2021. PLS-SEM method was used to analyze the data.

It was found that students’ multiple skills had improved through application of knowledge in work-integrated learning. Skill improvement helped form positive industry image change and shape future career prospect. However, such positive industry image change did not impact students’ career prospect directly.

Today, work-integrated learning has become one of the most valuable opportunities for students in hospitality and tourism management to gain industry experience. However, recent literature has largely examined the negative impacts of COVID-19, whereas few studies have examined the positive aspects of work-integrated learning.

Research on workplace stress measurements varied without much accuracy and effectiveness. The purpose of this paper is to introduce a new quantitative assessment tool emWave Pro Plus (Institute of HeartMath) and compare heart rate variability (HRV) results with the Personal and Organizational Quality Assessment (POQA) and the Perceived Stress Scale (PSS).

This research opted for a correlational study which involves 85 full-time employees who were working at least 40 h per week in a large corporation participated in this study. The POQA and PSS were used to correlate with HRV.

Astonishing findings emerged in this study. Significant positive correlations were found between emotional stress and HRV, and between intention to quit and HRV. In other words, the researchers have to make sense the following surprising findings: the higher the emotional stress an employee faces, the healthier they are. Healthier employees may have higher intentions of quitting their jobs. The surprising results may be attributed to personality, culture, emotional regulation and age among others.

This research fulfills an identified need to validate quantifiable stress measurements especially in a corporate environment. The research also shows promising results, and future studies should continue to tap into HRV as an objective measure of mental health and workplace stress.

This study aims to inform prospective listing firms, investors and regulators of the unique drivers of Chinese initial public offering (IPO) pricing on the Hong Kong Exchange.

Using a hand-collected IPO dataset, we investigate whether information uncertainty or investor exuberance drives underpricing and Chinese IPOs’ performance from 2002 to 2015, including 114 state-owned enterprises (SOEs).

Contrasting with the “listing bubble” in the China domestic stock market, generated by the overoptimism of retail investors, we highlight a “placing bubble” among Chinese firms listed in Hong Kong. This is driven by institutional investors’ buoyant demand for Chinese IPO shares, particularly those of SOEs. Chinese listing firms employ discreet earnings management strategies with their working capital accounts to smooth pre-IPO earnings, which becomes apparent to the market only in the long term.

This study is the first to examine the pricing of sought-after Chinese IPOs among international investors, who face various restrictions when investing in the Chinese domestic stock market. Additionally, it is the first study to measure earnings management using hand-collected pre-IPO data in IPO underpricing studies.