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Article
Publication date: 1 February 2003

Michael Fung

Most of the past studies have managed to confirm the value‐relevance of R&D, but few of them have formally addressed the issue of knowledge spillovers. In reality, firms improve…

229

Abstract

Most of the past studies have managed to confirm the value‐relevance of R&D, but few of them have formally addressed the issue of knowledge spillovers. In reality, firms improve their know‐how both by producing new knowledge and by learning from others. The objective of this study is to examine the relevance of R&D and knowledge spillovers as an explanation for the observed inconsistency between market and book values. While the level of R&D is measured by R&D expenses and patent counts, the intensity of knowledge spillovers is measured by tracing the linkages between inventions across time as established by patent citations. Specifically, knowledge spillovers are decomposed into intraindustry, internal, and interindustry spillovers. The empirical findings from this study conclude that R&D and knowledge spillovers are value‐relevant. The results also suggest that, among the three components of spillovers, intraindustry spillovers have the strongest impact on market‐to‐book ratios.

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Pacific Accounting Review, vol. 15 no. 2
Type: Research Article
ISSN: 0114-0582

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Publication date: 29 January 2021

Michael K. Fung and Arnold C. S. Cheng

If the only difference between cities lies in their initial housing prices, the initially lower-price cities should eventually catch up with the initially higher-price ones, i.e.…

Abstract

If the only difference between cities lies in their initial housing prices, the initially lower-price cities should eventually catch up with the initially higher-price ones, i.e., “absolute convergence.” Alternatively, if the major determinants of housing prices are city-specific, cities will converge to parallel growth paths of housing prices, i.e., “conditional convergence.” This study tests for the existence of absolute and conditional convergence in house prices among cities in China. The strong evidence for conditional convergence suggests that each city possesses its own steady-state housing price to which it is converging, which depends on the city's own socio-economic characteristics. In other words, differences in these socio-economic characteristics among cities can create permanent differences in housing price among them. The differences in steady-states house price across cities reflect differences in the level of socio-economic development among them. The findings inform the kinds of interventions and resources that are most likely to be effective in reducing income disparity.

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Modeling Economic Growth in Contemporary Hong Kong
Type: Book
ISBN: 978-1-83909-937-3

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Publication date: 29 January 2021

Michael K. Fung and Arnold C. S. Cheng

Using a sample of developed and developing nations (including China and Hong Kong), this study examines the financial market and housing wealth effects on consumption. Housing…

Abstract

Using a sample of developed and developing nations (including China and Hong Kong), this study examines the financial market and housing wealth effects on consumption. Housing performs the dual functions as both a commodity providing a flow of housing services and an investment providing a flow of capital income. With an empirical framework based on the permanent income hypothesis, this study's findings suggest that a rise in housing price has both a positive wealth effect and a negative price effect on consumption. While the positive wealth effect is caused by an increase in capital income from housing investment, the negative price effect is caused by an increase in the cost of consuming housing services. Moreover, the sensitivity of consumption to unanticipated changes in housing price is related to the level of financial and institutional development.

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Modeling Economic Growth in Contemporary Hong Kong
Type: Book
ISBN: 978-1-83909-937-3

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Publication date: 29 January 2021

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Modeling Economic Growth in Contemporary Hong Kong
Type: Book
ISBN: 978-1-83909-937-3

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Publication date: 31 May 2016

Clement Kong Wing Chow, Michael Ka Yiu Fung and Japhet Sebastian Law

This chapter studies the technical efficiencies of Chinese airports by using a meta-frontier production function model which accounts for airports in different regions accessing…

Abstract

This chapter studies the technical efficiencies of Chinese airports by using a meta-frontier production function model which accounts for airports in different regions accessing different technologies. Our empirical results show that the technical efficiency scores of airports and provincial output in the coastal region are higher than their counterparts in the inland region. However, the technical efficiency scores of airports and provincial output in inland region are steadily increasing while the counterparts of airports and provincial output in coastal region are slowly declining. In addition, our analysis of provincial efficiency changes shows that airport productivity has a positive and statistically significant effect on the technical changes of provincial output. Our results partially confirm the success of the government policy of promoting airport construction and development in the western inland region.

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Airline Efficiency
Type: Book
ISBN: 978-1-78560-940-4

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Article
Publication date: 1 December 2000

Kay A. Cassell and Marina I. Mercado

253

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The Bottom Line, vol. 13 no. 4
Type: Research Article
ISSN: 0888-045X

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Publication date: 29 January 2021

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Modeling Economic Growth in Contemporary Hong Kong
Type: Book
ISBN: 978-1-83909-937-3

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Article
Publication date: 1 April 1995

Michael Ka‐Yiu Fung and Paul R. Flacco

Analyses the influence of export share and domestic contentpolicies on the level of capital investment undertaken by amultinational firm both in its home country and in the…

280

Abstract

Analyses the influence of export share and domestic content policies on the level of capital investment undertaken by a multinational firm both in its home country and in the foreign country in which it operates. These protective policies, in force in both developing and industrialized countries, require the firm to employ a certain proportion of inputs from the foreign country in which it operates and to export a certain proportion of its output abroad. Cases examined in the analysis include those for which the firm faces uncertainty in the production process in the host and home countries; and in neither country. Finds that both of these policies can have spillover effects to the home country as well, i.e. when there is uncertainty in production in the home country, these policies can reduce the optimal level of investment in the home country, too.

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Journal of Economic Studies, vol. 22 no. 2
Type: Research Article
ISSN: 0144-3585

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Publication date: 29 January 2021

Michael Chi-man NG

Sustainable economic growth is a major policy target of many governments over the world; Hong Kong also has no exception after its sovereignty handover on 1st July 1997. Hong Kong…

Abstract

Sustainable economic growth is a major policy target of many governments over the world; Hong Kong also has no exception after its sovereignty handover on 1st July 1997. Hong Kong has also been inertly receiving more than one hundred Chinese immigrants every day for several decades which mainly serves the purpose of family reunion through One-way Permit scheme. There exists a public voice in relation to Chinese immigrants' intentions of migrating to Hong Kong; some people argued Chinese immigrants are not simply aimed to reunifying their family but purposely grasping public resources of Hong Kong; public resources include public healthcare benefits and subsidized public housing; such hidden motivation and immigrants' economic contribution are not theoretically mutually exclusive. This chapter summarizes literature in relation to various concerns about immigrants' contribution towards economic growth, also consolidates immigrants' survey results which regularly conducted by Hong Kong Home Affairs Department and Immigration Department, and utilized Hong Kong census and by-census datasets to empirically compare the return rates of schooling and work experience between Chinese immigrants and natives over the past forty years, and investigate the causality between Hong Kong economic growth rates and these two return rates.

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Modeling Economic Growth in Contemporary Hong Kong
Type: Book
ISBN: 978-1-83909-937-3

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Publication date: 4 October 2018

Michael K. Fung

A full Edgeworth cycle of deposit rate is divided into two phases: an “overcutting cycle” in which the banks battle for deposits, and a “relenting cycle” in which the banks cease…

Abstract

A full Edgeworth cycle of deposit rate is divided into two phases: an “overcutting cycle” in which the banks battle for deposits, and a “relenting cycle” in which the banks cease battling and instead choose to restore a temporarily low deposit rate. Such strategies have two testable implications on overall market movements. First, deposit rate decreases are more likely to be initiated when the deposit rate is near the upper bound of a cycle. Second, deposit rate decreases are more sensitive than increases to market interest rate changes. This chapter empirically confirms this pattern and shows strong evidence for the presence of Edgeworth cycles in deposit rates after Hong Kong’s interest rate deregulation.

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Banking and Finance Issues in Emerging Markets
Type: Book
ISBN: 978-1-78756-453-4

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