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This paper aims to examine the impact of stock market liberalization on efficiency of the stock markets in Latin America.

Daily stock indices from Latin American countries, including Brazil, Mexico, Chile, Peru, Jamaica and Trinidad and Tobago, are used in the analysis. To examine the impact of stock market liberalization on efficiency, the authors use several approaches, including the runs test, Chow–Denning multiple variation ratio test, Wright variance ratio test, the martingale hypothesis test and the stochastic dominance (SD) test, on the above Latin American stock market indices.

The authors find that stock market liberalization does not improve stock market efficiency in Latin America.

This investigation is among the first to examine the impact of stock market liberalization on the efficiency of the stock markets. It is among the first to examine the impact of stock market liberalization on the efficiency of the Latin American stock markets. It is also among the first to apply the martingale hypothesis test and a SD approach on issue about efficient market.

IN LESS than sixteen years time—on June 30 1997 to be precise—the lease on Kowloon beyond Boundary Street, and on the New Territories, will, according to British Law, expire. Naturally Hong Kong is concerned as the Peking Lease nears its end. Writing in the Daily telegraph on September 28 1981 Graham Earnshaw commented that China ‘obviously wants to keep Hong Kong as it is for at least the immediate future because of its immense economic value, and that is the main thread of hope that Hong Kong people keep returning to when discussing the future’. Kevin Rafferty concluded a lead article ‘The first city in Asia’ in the Financial times special supplement on Hong Kong (June 15 1981)—‘China and Hong Kong are two different worlds and it will take a lot of effort and patience to bring them together’. David Bonavia writing in the Times on October 3 1981 sees in China's recent ‘seemingly generous offer to Taiwan of easy terms for a political reunion’, ‘the true way to a possible solution for the eventual re‐absorption of Hong Kong into the People's Republic’.

The aim of this study is to examine the roles of social identity and perceived cultural distance in forming the attitude of Hong Kong residents toward the relaxation of the individual visit scheme (IVS).

Face-to-face interviews with local Hong Kong residents were conducted. A total of 24 respondents’ interviews were qualified for qualitative analysis using the snowball sampling technique.

The perceived positive and negative impacts, social identity and perceived cultural distance of Hong Kong residents were important in explaining their attitude toward tourism development. Perceived cultural distance influenced both the perceived negative impacts and social identity of residents, which, in turn, affected their attitude toward mainland Chinese tourists and tourism development.

The sample size for the interviews was relatively small; however, it was acceptable for qualitative studies.

First, the Hong Kong Government should enhance civic education among mainland Chinese tourists to reduce their cultural conflicts with Hong Kong residents. Second, the Hong Kong Government should enhance national education among Hong Kong residents to mitigate the negative influence of the relaxation of the IVS.

This study sheds light on the roles of perceived cultural distance and social identity in the attitude of residents toward tourism development, thus narrowing research gaps. Moreover, the current study applies an intercultural-interaction perspective, social identity theory, common in-group identity theory and social distance theory to understand resident attitude toward tourism development.