The Impact of Tick Size on Market Quality: An Empirical Investigation of the Stock Exchange of Hong Kong

1998 ◽  
Author(s):  
K.C. C. Chan ◽  
Chuan-yang Hwang
Keyword(s):  
Hong Kong ◽  
Empirical Investigation ◽  
Stock Exchange ◽  
Market Quality ◽  
Tick Size ◽  
The Impact

scholarly journals Red capital in Hong Kong

2019 ◽  
Vol 8 (2) ◽  
pp. 149-160 ◽  
Author(s):  
Heidi Wang-Kaeding ◽  
Malte Philipp Kaeding
Keyword(s):  
Hong Kong ◽  
Stock Exchange ◽  
The Political ◽  
Content Type ◽  
Comparative Capitalism ◽  
Liberal Societies ◽  
One Country Two Systems ◽  
The One ◽  
Systems Framework ◽  
The Impact

Purpose The purpose of this paper is threefold: first, to recount the scale, composition and agents of red capital in Hong Kong; second, to conceptualise the peculiarity of red capital; and third, to explore the impact of red capital on the political and economic institutional setup in Hong Kong. Design/methodology/approach The paper consults the comparative capitalism literature to conceptualise the phenomenon of red capital. The paper gathers data from Hong Kong Stock Exchange and indices to provide an overview of red capital. Furthermore, the case study of 2016 Legislative Election is deployed to investigate the mechanisms of red capital’s influence. The paper concludes with a summary of how red capital may challenge the validity of the “One Country, Two Systems” framework. Findings This paper argues that red capital replicates China’s state–capital nexus in Hong Kong and morphs the game of competition in favour of Chinese nationally controlled companies. In tandem with the emerging visibility of the party–state in Hong Kong’s economic sphere, the authors observe attempts of Chinese economic actors to compromise democratic institutions, deemed obstacles to state control. Originality/value This paper is the first attempt to systematically embed the discussion of red capital into comparative capitalism literature. This study provides conceptual tools to examine why red capital could pose a threat to liberal societies such as Hong Kong. Through this paper, we introduce a novel research agenda to scrutinise capital from authoritarian states and investigate how the capital is changing the political infrastructure shaped by liberal principles and values.

DIVIDENDS, CONTROLLING SHAREHOLDERS AND FIRM PERFORMANCE: AN INVESTIGATION OF LARGE FIRMS ON THE HONG KONG STOCK EXCHANGE

2013 ◽  
Vol 08 (02) ◽  
pp. 1350011 ◽  
Author(s):  
TINA T. HE ◽  
WILSON X. B. LI ◽  
GORDON Y. N. TANG
Keyword(s):  
Hong Kong ◽  
Firm Performance ◽  
Stock Exchange ◽  
Positive Contribution ◽  
Large Firms ◽  
Control Rights ◽  
Significant Interaction Effect ◽  
Controlling Shareholders ◽  
The Impact ◽  
Hong Kong Stock Exchange

This study examines whether dividends payout has a positive contribution to firm performance while taking into account the important firm level characteristics such as the divergence between the control rights and the ownership rights of controlling shareholders and firm leverage. Investigating the large firms listed on the Main Board of Hong Kong Stock Exchange over the 1998–2007 period, we find that dividends payout has statistically significantly positive impacts on both return on assets (ROA) and Tobin's Q, particularly after controlling for the nonlinear relation between dividends and firm performance and between control rights of the controlling shareholder and firm performance. The regression results do not show significant interaction effect between dividends payout and control divergence on firm performance. But the impact of dividends payout on firm performance is different in family controlled firms versus state controlled firms and varies with institutional factors.

scholarly journals Varying market conditions on the New York Stock Exchange and their effects on non-USA markets

1993 ◽  
Vol 24 (2) ◽  
pp. 39-44
Author(s):  
D. J. Bradfield
Keyword(s):  
New York ◽  
Empirical Investigation ◽  
Stock Exchange ◽  
New York Stock Exchange ◽  
Market Conditions ◽  
York Stock Exchange ◽  
The Impact

The effects of various market conditions of the New York Stock Exchange (NYSE) on non-USA markets are investigated in this article. On the basis of an empirical investigation, evidence is presented which suggests that the influence of the NYSE on non-USA markets differs during different market conditions of the NYSE. For example, it was found that during declining market conditions on the NYSE the influence was greater on non-USA markets than during rising market conditions on the NYSE. A model designed to yield detailed risk statistics of individual non-USA securities was also implemented to investigate the impact of various market conditions of the NYSE.

scholarly journals Do Stock markets welcome signs of changing ruling set-up? An empirical investigation on the impacts of General and Presidential Elections on KSE

2015 ◽  
Vol 03 (01) ◽  
pp. 08-18
Author(s):  
Zaheer Khan ◽  
◽  
Sahar Zeast ◽  
Keyword(s):  
Stock Market ◽  
Presidential Elections ◽  
Empirical Investigation ◽  
Stock Exchange ◽  
Market Returns ◽  
Stock Market Returns ◽  
Study Methodology ◽  
Set Up ◽  
The Impact ◽  
Event Study Methodology

This study was an attempt to analyze the impact of general and presidential elections on stock market returns of Karachi Stock Exchange. The event study methodology was employed and the data from 1997 to 2013 was used to identify the impact. This study investigated the impact of general and presidential elections held in Pakistan individually and collectively. The results established that there was a significant impact of elections on stock market returns of Karachi Stock Exchange.

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