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The purpose of this paper is to investigate the voluntary horizontal M&A impact on operating performance in Nigeria between 1995 and 2012 under different complementary approaches.

Residual income valuation (RIV), economic value-added (EVA), data envelopment analysis (DEA) and stochastic frontier analysis (SFA).

Results showed a statistically significant improvement in the technical efficiency of both bidder and target companies, the reduced efficiency levels of the bidder firms under DEA scores reveals the specifics of the productive technology. This may suggest that resulting merged companies in Nigeria may have not even become too big in scale or even reached the most productive scale size, despite their almost monopolistic position in the sector. This happens because the scale size of the sector is small per se, implying that the investments necessary to achieve synergistic gains have to be partially covered by price increases.

This study will guide both the M&A practitioners, investment banks, and the policy makes. In terms of having to review M&A policy as well as seeing to the improvement in the infrastructural needs.

With improved performance, employment can be created thereby giving employment to the youths. This will reduce social problems.

From the literature and records, no long-term operating performance on voluntary mergers and acquisitions has not been carried out in Nigeria. The paper seeks to know the fundamental value of the firms after these transactions with the current methodology that is acceptable from the literature.

Hong Kong is one of the most dynamic property markets in the world, and now provides the economic gateway to China. Using style analysis, the level of direct property in Hong Kong property company performance is shown to be approximately 15 per cent over 1984‐2000, with the level of direct property increasing to approximately 25 per cent in recent years. The level of direct property in Hong Kong property company performance is significantly below that seen for the USA, Europe and Australia. This highlights a number of key strategic property investment issues over 1984‐2000, relating to the level of direct property in Hong Kong property company performance. Also assesses the level of direct property at the individual property company level, as well as the property company sector level, further emphasising the strategic role of Hong Kong property companies in an investment portfolio. This research complements the previous research by Brown and Chau on excess returns in the Hong Kong property market, as well as highlighting the issues and role of both direct and indirect property for inclusion in diversified investment portfolios; these being key areas of Gerald Brown's extensive property research agenda.

Smart card-based E-payment systems are receiving increasing attention as the number of implementations is witnessed on the rise globally. Understanding of user adoption behavior of E-payment systems that employ smart card technology becomes a research area that is of particular value and interest to both IS researchers and professionals. However, research interest focuses mostly on why a smart card-based E-payment system results in a failure or how the system could have grown into a success. This signals the fact that researchers have not had much opportunity to critically review a smart card-based E-payment system that has gained wide support and overcome the hurdle of critical mass adoption. The Octopus in Hong Kong has provided a rare opportunity for investigating smart card-based E-payment system because of its unprecedented success. This research seeks to thoroughly analyze the Octopus from technology adoption behavior perspectives.

Cultural impacts on adoption behavior are one of the key areas that this research posits to investigate. Since the present research is conducted in Hong Kong where a majority of population is Chinese ethnicity and yet is westernized in a number of aspects, assuming that users in Hong Kong are characterized by eastern or western culture is less useful. Explicit cultural characteristics at individual level are tapped into here instead of applying generalization of cultural beliefs to users to more accurately reflect cultural bias. In this vein, the technology acceptance model (TAM) is adapted, extended, and tested for its applicability cross-culturally in Hong Kong on the Octopus. Four cultural dimensions developed by Hofstede are included in this study, namely uncertainty avoidance, masculinity, individualism, and Confucian Dynamism (long-term orientation), to explore their influence on usage behavior through the mediation of perceived usefulness.

TAM is also integrated with the innovation diffusion theory (IDT) to borrow two constructs in relation to innovative characteristics, namely relative advantage and compatibility, in order to enhance the explanatory power of the proposed research model. Besides, the normative accountability of the research model is strengthened by embracing two social influences, namely subjective norm and image. As the last antecedent to perceived usefulness, prior experience serves to bring in the time variation factor to allow level of prior experience to exert both direct and moderating effects on perceived usefulness.

The resulting research model is analyzed by partial least squares (PLS)-based Structural Equation Modeling (SEM) approach. The research findings reveal that all cultural dimensions demonstrate direct effect on perceived usefulness though the influence of uncertainty avoidance is found marginally significant. Other constructs on innovative characteristics and social influences are validated to be significant as hypothesized. Prior experience does indeed significantly moderate the two influences that perceived usefulness receives from relative advantage and compatibility, respectively. The research model has demonstrated convincing explanatory power and so may be employed for further studies in other contexts. In particular, cultural effects play a key role in contributing to the uniqueness of the model, enabling it to be an effective tool to help critically understand increasingly internationalized IS system development and implementation efforts. This research also suggests several practical implications in view of the findings that could better inform managerial decisions for designing, implementing, or promoting smart card-based E-payment system.

Purpose – This chapter aims to explore the strategies used by the Hong Kong government to respond to the adult worker model and the male-breadwinner model; and to explore the views of women on the desirability of these strategies. The male-breadwinner model posits that men work full-time outside the home and women take on domestic work. The adult worker model suggests that women and men should be equally expected to participate in formal employment.

Design/methodology/approach – This chapter analyses the policy measures used by the Hong Kong government to support women in their participation in formal employment and the local work-based pension scheme (the Mandatory Provident Fund) as well as other policy measures that offer potential for enabling family care providers to accumulate resources for secure retirement. Additionally, it draws on semi-structured interviews with 30 Hong Kong young women to examine their views on the extent to which the government supports them to save pension incomes.

Findings – This study shows that the Hong Kong government uses a ‘weak action strategy’ to respond to the adult worker model and the male-breadwinner model, and that this strategy fails to meet women’s diverse preferences for their roles in the labour market and the family.

Originality/value – Based on a newly developed framework, this study examines the responses made by the government to both the male-breadwinner model and the adult worker model. It sheds new insights into possible ways of assisting women to achieve secure retirement .

The paper's objective is to empirically study the effects of building refurbishment on the prices of the dwelling units in a contiguous housing estate in Hong Kong.

In a congested living environment like Hong Kong, it is difficult, if not impossible, to have a view unobstructed by buildings. As such, the quality of views is dependent on the aesthetic quality of surrounding buildings. It is likely that poorly maintained buildings will impose negative visual effects on their immediate surroundings. Refurbishing these poor buildings should, therefore, reduce or even counter this negative externality. To study the positive externality brought about by building refurbishment, a hedonic price analysis was conducted on a set of panel data consisting of property transactions in a large housing estate located in Pokfulam. This estate was chosen because its adjoining buildings underwent refurbishment in 1998.

The results showed that the refurbishment increased significantly the prices of those properties which faced refurbished buildings, keeping other things constant. The increments, on average, amounted 6.6 per cent of the prices of the properties.

Building refurbishment can have various scopes and scales but this study did not consider how the characteristics of the building refurbishment affected the prices of neighbourhood properties.

Given the problems of aging buildings in most urban areas, the results presented significant practical implications for building refurbishment and urban renewal as a whole. Developers or property owners may be lured to invest in the refurbishment of adjacent dilapidated properties with a view to enhancing the values of their own properties.

Although previous studies analytically suggested that building refurbishment created positive externality, this study is the first attempt to explore this connection.

This paper aims to collect and compile the historical data of Guanfu Salt Farm, officially built by the Song Dynasty (960–1279) within modern Hong Kong territories, to reconstruct its history for the reflection of Hong Kong society of the time.

This paper is largely based on identification and analysis of historical documents, including keyword search on electronic databases and verification with the original sources, with reference to archaeological findings when necessary.

This paper reconstructs the history of Guanfu Salt Farm based on documentary sources with reference to archaeological findings. English translation of Chinese sources is also provided when necessary.

There has been an absence of systematic compilation of historical data of Hong Kong during the Song Dynasty, which are limited in quantity and scattered across different sources. This paper seeks to fill the vacuum of knowledge about pre-colonial Hong Kong, with a more comprehensive reconstruction of the history of Guanfu Salt Farm.

For the sake of public health and safety, a territory‐wide evaluation of the quality of buildings in Hong Kong is crucial. However, it is a lengthy process to assess the performance of the whole stock of buildings in the city. To get around this predicament, this paper aims to propose a statistical approach for a fast and reliable building evaluation algorithm using the Building Quality Index (BQI) developed by The University of Hong Kong.

Using the BQI assessment framework, the condition of 133 and 160 private apartment buildings in Yau Tsim Mong and the Eastern District respectively are assessed and rated. The data of the Yau Tsim Mong buildings are used to estimate a regression model associating the relationships between building performance, measured by the BQI, and other exogenous factors. The resulting model is then employed to predict the performance of the surveyed buildings in the Eastern District.

The regression analyses on the Yau Tsim Mong data indicate that building age, development scale and building management mode are significant determinants of the existing condition of the sampled buildings, echoing the findings of previous studies. BQI scores of buildings in the Eastern District are estimated using the resulting regression model, and there is a highly positive relationship between the predicted BQI and in‐situ BQI scores.

The study is the first in the literature to provide an algorithm for estimating building condition in a densely developed high‐rise urban area.

The purpose of this paper is to study the similarities of the normative ideas underpinning the welfare‐to‐work measures for young people in Hong Kong and the UK. These normative ideas include the two respective Governments' views on their ideal model of the relationship between individual and society, and Etzioni's and Confucian ideas on how people's attempts to fulfill social obligations can reduce moral deficits. It is believed that the study of these issues contributes to the examination of the ethnocentric bias in the analysis of social welfare and different ways that non‐Western governments organize social welfare in response to foreign ideas.

The paper starts by discussing the ethnocentric bias in the study of social welfare. Then it examines the similarities of the normative ideas of the welfare‐to‐work measures for young people in Hong Kong and the UK, and discusses how the examination of these similarities helps us understand the ethnocentric bias in the analysis of social welfare.

The paper shows the ethnocentric bias arising from over‐emphasizing the differences between the ways in which social welfare is organized in Western societies and non‐Western societies, and the ethnocentric bias arising from taking for granted that people in non‐Western societies passively accept the dominance of Western models in shaping the development of their social welfare system, even if it appears that Western ideas share many similarities to their indigenous ideas.

The paper shows different types of ethnocentric bias in the analysis of social welfare and different possible ways that non‐Western governments could organize social welfare in response to foreign ideas.

The purpose of this study is to explore the effects of revitalization of old industrial buildings on the market value of the neighbourhood residential properties. Hong Kong’s economy has undergone a remarkable transformation in the past three decades. The most visible phenomenon in this transformation is the relocation of traditional manufacturing activities from Hong Kong to China since the 1990s. This has led many of the old industrial buildings in Hong Kong to be empty/underutilized and dilapidated. The Hong Kong Special Administrative Region Government launched the “Revitalizing Industrial Buildings Policy” to revitalize these underutilized properties with the aim to provide suitable land and premises to meet local’s economic and social needs.

The study used a hedonic price model to determine whether there is a relationship between revitalization projects and neighbourhood residential property values and the influence of revitalization programmes on the residential property price if there is such a relationship. The study is based on a sample of 4,015 residential transactions obtained from the residential developments located near three large-scale revitalization projects in an old industrial district, Kwun Tong.

Empirical findings suggest that revitalization programmes have not brought net positive price effects on the value of neighbourhood residential properties. This is in line with findings of some previous studies. However, it reveals that both the mode and scale of revitalization projects have different impacts on the neighbourhood: wholesale conversion has less negative impacts compared with redevelopment, while the larger the scale of a revitalization programme, the greater are the negative impacts on nearby property values. The study also finds that negative externalities generated by the revitalization during and post-revitalization stages are almost similar in magnitudes.

The results imply that industrial revitalization projects located adjacent to residential developments both reduce the value of the latter and discourage potential property buyers. The negative public perception of these properties diminishes their value and hence decreases the value of the property.

The paper raises the concern about the importance of adequately addressing issues of planning and zoning to minimize the negative externalities arising from urban renewal projects.

This research paper is first of its kind to analyze the effects of revitalized industrial buildings on the value of neighbourhood properties in Hong Kong. The tangible benefits identified in this study would be incentives, or otherwise, to motivate the revitalization policy in general.

The construction industry has been criticized for cultural intolerance and its poor industrial image. The ethnically diverse construction workplace in Hong Kong (HK) is frequently noted as a place in which racial harassment and discrimination occurs. The purpose of this paper is to explore the discriminatory experiences and working conditions experienced by ethnic minority (EM) construction operatives in HK.

A mixed-method approach was adopted, including a questionnaire survey and focus group discussions. The survey identified the thoughts of EM construction workers about racial discrimination and harassment in the workplace. The focus group discussions were aimed at further exploring the discriminatory practices on HK construction sites and possible discrimination-coping strategies.

Questionnaire data from 100 EM site operatives and labourers mainly from Nepal and Pakistan, but some few from other Asian countries as well as, plus two focus group discussions suggested that indirect and subtle forms of racial harassment do exist on HK construction sites. The operatives sampled reported the existence of inequality of treatment in their working life. Communication difficulties caused by language barriers affect work relationships between different cultural groups on construction sites. EM site operatives tend to interact with workers of similar cultural and ethnic groups. On the corporate/company level, language support and translations of safety procedures notices and policies, should be established to bring staff together and promote a more inclusive and harmonious workplace.

The paper offers insights into the racial discrimination problems in the construction sector in an Asian context, which has been less explored. It aims to provide insight into the EM construction worker's situation in HK as well as the need for developing workplace-specific policies that protect against discrimination and protect the rights of EM workers.