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The purpose of this paper is to make sense of the slow and frustrating process of democratization in Hong Kong through understanding the pan-democrats’ struggle for realizing universal suffrage. It aims to offer possible explanations for the current political impasse between Hong Kong and mainland China over the issue of universal suffrage.

This paper seeks to construct a triangular model of institutional constraint, clashing visions of democracy and mutual political distrust for understanding the pan-democrats’ struggle for realizing universal suffrage in Hong Kong since the 1980s, the nature of current political predicament they found themselves in and the current political impasse between the pan-democrats and Beijing.

The dilemma facing Hong Kong’s pan-democrats and Beijing’s leadership is attributed to the institutional constraints of Basic Law on Hong Kong’s system of governance, the clashing visions of Beijing-led Chinese-style democracy and Western-style liberal democracy as advocated by the pan-democrats and the mutual political distrust between the two parties. The findings suggest that this triangular model will remain relevant in understanding the political predicament of the pan-democrats under Chinese rule and the political impasse between Hong Kong and mainland China over universal suffrage for the coming decades.

This paper provides a new interpretation of the current political impasse between Hong Kong and mainland China over the issue of universal suffrage. It offers new insights into the nature of current political predicament the pan-democrats found themselves in amidst their fight for realizing universal suffrage since the 1980s by constructing a triangular model of institutional constraints, clashing visions of democracy and mutual political distrust.

Examines the dynamic relationships between stock markets in Japan, Hong Kong, Singapore, Malaysia, Taiwan and Thailand before, during and after the October 1997 crisis. Discusses linear and non‐linear Granger causality tests and applies both to stock market data for three time periods between Jan 1997 and Oct 1998. Presents the results, which suggest that Hong Kong, Singapore and Malaysia led the Asian crisis, Taiwan and Thailand followed but Japan played no part in spreading it. Considers consistency with other research and the implications for these stock exchanges, their regulators and future research.

Using volatility cones as the estimate of actual volatility instead of GARCH models, the purpose of this paper is to explore whether volatility arbitrage strategy can provide positive profits and how the transaction costs existed in the real market affect the effectiveness of volatility arbitrage strategy.

A number of hedging approaches proposed to improve the hedging results and final returns of Black-Scholes model are analyzed and compared.

The general finding is that volatility arbitrage strategy can provide satisfactory returns based on the samples in Chinese market. Regarding transaction costs, the variable bandwidth delta and delta tolerance approach showed better results. Besides, choosing futures together with ETFs as hedging underlying can increase the VaR for better risk management.

This paper offers a new method for volatility arbitrage in Chinese financial market.

This paper researches the profitability of the volatility arbitrage strategy on ETF 50 options using volatility cones method for the first time. This method has advantage over the point-wise estimation such as GARCH model and stochastic volatility model.

The purpose of this paper is to analyze the results of Hong Kong’s 2015 District Council elections in order to test the repercussions of the Occupy Central Movement. The paper attempts to identify the political implications of the Movement as reflected by the 2015 election results.

The methodology used for the paper was to collect election data and conduct data analysis to generalize the political implications of the Occupy Central Movement.

The paper found that, first, Hong Kong is still polarized, as most voters were divided into those who supported the Occupy Central Movement and those who opposed it. Second, there is no consensus regarding political reforms, as most voters were split into two antagonistic positions. Third, the activists of the Occupy Central Movement have formed a new political force that attracts voters who demand change. Fourth, the Occupy Central Movement has become a breeding ground that nurtures localism.

The 2015 District Council elections were a continuation of the Occupy Central Movement. The Movement affected the political balance between the pro-establishment and pan-democratic camps in the 2015 elections and it has shaped the democratization process in Hong Kong.

The paper was the product of an original research project that examined the results of the 2015 District Council elections to reflect on the implications of the Occupy Central Movement. The paper concluded that the 2015 elections sent important political messages to key political players in Hong Kong.

The purpose of the paper is to analyze the challenges brought by the localist faction to the traditional democratic camp in order to examine the risks and opportunities for the pan-democratic camp in the democratization process.

The methodologies used for the paper were documentary analyses to examine the theory and practice of localism in the political context of Hong Kong and the election data analyses to study the electoral performances of localist and traditional democratic camps in the 2015 District Council and 2016 Legislative Council elections.

The paper found that firstly mainland–Hong Kong conflicts were the nurturing ground for emergence of localism in Hong Kong. Secondly, the ideology of localism in the context of Hong Kong connotes an anti-China element in the protection of Hongkongers’ identity, interests, and values. Thirdly, the growth of localist camp was rapid as evidenced in the 2015 and 2016 elections. Fourthly, localism presented both challenges and new opportunities for the pan-democratic camp in the democratization process.

The paper was the product of an original research project that examined the ideology of localism and the challenges brought by localism to the pan-democratic camp to reflect on the implications for the democratization process.

Epidemiologists are concerned the next deadly global cognition will be a new kind of deadly flu which humans have no resistance. Since the 1960s, their alarm has been focused on a bird (avian) virus (H5N1). This virus is generally harmless in its host species, but it is extremely deadly when contracted by humans. H5N1 mutates quickly and tends to pick up genes from flu viruses that affect other species. The flu is far more contagious and harder to contain than the SARS (severe acute respiratory syndrome) virus. It is projected that 30‐40 per cent of the population would be infected in a H5N1 flu pandemic, and as many as one‐third would die. The 1918 Spanish flu caused 20 to 50 million deaths world wide. One scientist observed that the 1918 Spanish flu pandemic could have caused civilisation to disappear within a few weeks. Currently, more than 50 million chickens have been slaughtered in eight Asian countries in efforts to curb the spread of avian influenza. This article examines the roots and dangers of the potential avian influenza pandemic, examining the business and social ramifications that could ensue if the worst case scenario occurs.

The purpose of this paper is to assess critically the political challenges facing Hong Kong’s “one country, two systems” policy following the Umbrella Movement and to evaluate the territory’s democratic and autonomous future.

A critical, contextual, and analytical approach has been adopted to evaluate the problems and prospects for post-Umbrella Movement Hong Kong.

The contradictions embedded in the “one country, two systems” policy have become apparent since the Umbrella Movement arose and Hong Kong’s political and democratic future is as problematic as its prospects are uncertain, though the possibility of some rapprochement between Hong Kong and Beijing should not be ruled out completely.

The critical evaluation offered by this paper is no scientific prediction. Social scientific analysis of this kind is suggestive rather than definitive. The informed discussion offered by this paper will help readers to better understand the strengths and weaknesses inherent in Beijing’s “one country, two systems” policy and the tortuous process of democratization in Hong Kong. The conclusion drawn in the paper points to a possible way out of the political impasse that is facing post-Umbrella Movement Hong Kong.

This paper is a pioneering study of the most important political conflict between Beijing and Hong Kong since 1997, the conclusion of which may have important political and policy implications for both China and Hong Kong.

While the investment in construction projects has increased over the past few decades, low construction project productivity (CPP) appeared to be persistent, thereby reflecting an “investment-in-failure” paradox between the investment and CPP. Hence, this paper aims to develop a systematic and holistic CPP evaluation framework to explain the apparent paradox in the construction industry.

The paper first reviews the literature about the theories of system, production, principal–agent and project success evaluation to re-conceptualise the CPP and proposes a two-stage CPP evaluation framework. The framework is subsequently explored through a sequential qualitative mixed-methods design within the context of the Hong Kong construction industry by combining 32 semi-structured interviews with senior industry experts and exploratory case studies, with three real-life construction projects.

The paper identifies three system boundaries for CPP evaluation, that is, parameter, timeframe and stakeholder, and develops a two-stage CPP evaluation framework to indicate site efficiency and utilisation effectiveness, thereby accessing the productivity of both the construction and post-construction stages. The “investment-in-failure” paradox associated with current CPP evaluation approaches is primarily attributed to the narrowly defined CPP boundaries.

The qualitative exploration of the evaluation framework only focusses on the Hong Kong construction industry. Further case studies within other urban contexts could be used to improve the generalisability of the findings. Quantitative research is also necessary to advance theoretical development of the two-stage CPP evaluation.

The systemic CPP conceptualisation and the two-stage CPP evaluation framework support the systems thinking of industry stakeholders and enable them to formulate holistic strategies for long-term CPP enhancement.

The research demonstrates the needs to expand the system boundaries of CPP to reflect its systemic value and to shift the paradigm of CPP evaluation from being output-orientated and quantity-focussed to being outcome-orientated and value-focussed.

This study examines education for sustainability (EfS) within the Chinese context, to specifically enrich the understanding on how EfS is structured and implemented to nurture citizenship in the policy practices of universities in Mainland China and Hong Kong.

A cross-case analysis is recruited to examine the commonalities and differences between two universities and identify patterns in cultivating sustainability citizenship within higher education institutions (HEIs) in China. Data were collected through reviewing documents, including two universities’ strategic plans, action plans, department meeting memos, program introductions, course outlines and publicity coverage. Observation was also adopted to enrich the data for analysis, covering meetings, speeches by senior management, university events and informal conversations about university operations.

Citizenship and sustainability in university strategic planning, curriculum and instruction, carriers of EfS institutionalization, and resources and impacts of EfS beyond the institutes were analyzed in a comparative manner, offering valuable insights into how EfS can be institutionalized in different universities based on their unique appeals, existing curriculum and management systems.

By exploring these intra-national distinctions in EfS, the study sheds light on the variation within China's citizenship education, which is traditionally seen as highly unified with limited room for differences. The detailed exploration of university strategies and program/course content enriches the literature of sustainability as an educational phenomenon on an international scale and modernized citizenship education in China.