This study examines the effects of delisting on firm value, risk and market liquidity. In a world where markets are becoming increasingly integrated, delistings may prove counter productive. We use the unique event, free from company specifics, that occurred on January 2, 1990 in the stock exchanges of Singapore and Malaysia to test for the above effects. On that day, dual listed companies were required to delist from the foreign stock exchange. We also use this event to test if the Singapore and Malaysia markets are globally integrated. Since financial data is found to show persistence in volatility, we model the return generating process in a generalized autoregressive conditionally heteroskedastic (GARCH) framework that takes into consideration changing volatility. For comparison purposes, OLS and Time-Deformation models are included. The study found delistings to decrease firm value, the size of which is related to how actively the stocks were previously traded on the foreign stock exchange. Risk levels increased following delistings. Nevertheless, thinly traded stocks showed significant changes in neither firm value nor riskiness. Further evidence of new listings to increase firm value was noted. Consistent with the political motive hypothesis, delisted stocks showed an increase in post-event volume, but however, lost relative liquidity compared with other stocks. While all portfolios considered show evidence for existence of conditional heteroskedasticity, comparison with standard OLS event-study results yields similar conclusions, although the return generating models with GARCH errors result in lower abnormal return variances. As for the time-deformation model, trading volume was found to be a good proxy for rate of information flow only for smaller capitalized stocks. Correlation and regression analyses showed that the Singapore and Malaysia markets are integrated to some degree with the international markets, such that a major delistings event between both markets did not change the pricing of risk …
One of the major issues concerning old age security is the adequacy of support systems for the aged population. Population aging and economic development in the People's Republic of China have raised the question about the ability of the family to take care of the elderly. Using the latest data collected by the Research Center on Aging in China of a national representative sample of the aged population, this study develops a model to examine the effectiveness of family support for the elderly during the current socio-economic transition of the society. The model also examines the adequacy and effectiveness of state welfare systems on the aged population and the effect of select socio-demographic factors on the well-being of the elderly in China. The investigation into the social, economic, and health aspects of the life of the elderly provides the background knowledge for understanding the support systems for the elderly in China. The multivariate analyses of the effects of the elderly support systems within the framework of shared functions of the primary groups, and the bureaucracy in achieving social goals, identify the important effects of the economic conditions of the family and the state income maintenance programs on the sense of well-being of the elderly. The findings lead to the conclusion that the cooperation of the family and the state is necessary to provide a secure life for an aged population. The patterns and trends of old age support in China are found to be constrained by the interplay of various social forces, among which the effect of politicalization of the social and economic conditions of the elderly is crucial. Policy recommendations include public assistance to the family, encouragement of the local effort, and national legislation on old age security.
The video decribes a Chinese temple, Kwan Kong temple. This documentary follows the ceremony of this temple. We will watch the interaction between the worshipers and their God. The accompanying paper reports on the production background, preproduction process, and includes discussion of the problems encountered from production through postproduction stages.
This study is an historical and institutional analysis of The Lutheran Theological Seminary (LTS) in Hong Kong. The study first traces the seminary's theological and missiological roots and its history from 1913 to 1948, from its founding in Hubei Province, China to its move to Hong Kong because of civil war. Next, it describes major events of the early years in Hong Kong and the factors which contributed to an institutional crisis in the late 1960's. The study then analyzes the modern development of the institution, specifically the years 1971 to 1993. During this period several regional church groups joined together to create a collaborative educational effort through LTS, the school gained regional accreditation, expanded the ranks of its Chinese faculty, developed Asian financial support, and constructed a new campus. The modern development of the institution cannot be understood apart from a comprehension of the twenty-two year administration of Andrew Hsiao, the first Chinese president of the school. A chapter is therefore included on Andrew Hsiao's personal and academic background, the distinctives of his administration, and the strengths and weaknesses of his presidency. A current profile of the school is provided including its purposes, theology, organizational structure, faculty, student body, programs, and facilities. Finally, the future of the school is discussed in light of the reversion of Hong Kong to the sovereignty of China in July 1997. This portion of the study contains an analysis of CCP religious policy, the structures which enforce religious policy in China, the current relationship between the China Christian Council and LTS, and the seminary's plans after the reversion of Hong Kong to China.
Increasing globalization and transnational trends in business have resulted in greater contact with people from different cultures. However, in any cross-cultural encounter, miscommunication and misunderstandings are likely to occur. In a workplace setting, these can seriously undermine job performance and employee relations. The Intercultural Sensitizer is a cross-cultural training tool that is designed to increase the likelihood that trained individuals will make accurate interpretations concerning behavior observed in individuals from other cultural groups (Albert, 1983) . The purpose of this study was two-fold: (1) to identify cultural differences between Americans and Japanese that can lead to misunderstandings in the workplace and hinder communication, and (2) to construct an intercultural sensitizer that will enable the two cultural groups to interact more effectively with each other. The study's five-phase research design was based on Albert's (1983) delineation of the construction of an intercultural sensitizer. Twenty-four episodes were constructed and statistically analyzed to determine if there was a difference in the way the two cultural groups responded to a given situation. Nine episodes yielded critical values significant at the .05 level. The study concluded that there while there are differences in the cultural perspectives of American and Japanese business professionals, the two groups also share common cultural assumptions. The study's findings have numerous implications for cross-cultural corporate training and higher education.
In this study, various communicative strategies that young children employed to create and develop pretend play with peers in the block center were examined. Two preschools, one in Korea and the other in the United States, were selected. Subjects were children in the 4-year-old classroom in each school. The average age of the children at the time of the investigation was 59 months. For data collection, videotaping, audiotaping, field-note taking, interviews with teachers, and school enrollment records were used. During pretend block play, children created talk and actions in order to deal with challenges related to various aspects of play (e.g., accessory play materials, construction, plot, and enactment). Accordingly, children's communicative strategies were categorized as follows: (a) material communication, (b) construction communication, (c) plot communication, and (d) enactment. Also, subcategories under each category were developed. It was found that, in different phases of play in which they faced different types of challenges, children used certain strategies more often (communication about material selection and construction definition were most frequently used in the initiation phase of play). In terms of cultural aspects of the pretend play, in the Korean setting, the following were noticed: (a) a rigidly formed participant structure in which several positions were available, (b) the use of various comparison strategies, and (c) an overwhelmingly prevalent play theme: "The good guys winning over the bad guys." In the American setting, the following aspects were common: (a) frequent calling for the teachers when conflicts involving the ownership issue arose, (b) negotiable play atmosphere, and (c) consequent ample negotiation. Implications for educators as to how to encourage children to participate more in pretend play with peers in the block center were provided. Recommendations for further research pertained to the following: (a) methodological progress in studying children's play, (b) use of categories developed …
The purpose of the study was to determine the effects of normal instruction supplemented by the computer-assisted instruction English program Grammar Game on achievement and attitude scores of vocational-technical students in Thailand. The experimental design was a 2 x 2 factorial ANOVA design. One hundred seventy-eight students at the Lanna Polytechnical College in Thailand were randomly selected from the population of 10 classrooms. Four classes were intact groups, with two classes randomly assigned to the experimental groups which received Lecture/CAI and the other two as control groups which received Lecture. The 89 students in each group were divided into high- and low- ability, based on their previous English scores. Subjects received treatment for nine weeks. Pre-test and post-test instruments on achievement and attitude were administered to both groups. The Statistical Analysis System (SAS), and the General Linear Model (GLM) package computer program yielded the MANOVA results. Based on data analysis, the findings were as follows: (1) There was a significant difference between the students in a Lecture/CAI English program and the students in a Lecture English program when they were compared simultaneously on the achievement and attitude scores, F(l, 176) = 18.97, p < .05. (2) There was no significant interaction between the types of teaching methods and levels of ability when achievement was used as the dependent variable, F(l, 174) = .48, p > .05. (3) There was no significant interaction between the types of teaching methods and levels of ability when attitude was used as the dependent variable, F(l, 174) = .06, p > .05. The conclusion was that normal instruction supplemented by CAI improved achievement and attitude scores. On the other hand, the effect of two types of methods on achievement remained the same for high- and low-ability students and so did the effect of two types …
The purposes of this study were to (a) examine higher education activities from 1945 to 1980 before Taiwan, Singapore, and Hong Kong became newly industrialized countries; (b) study the higher education reforms that each country made in its progress in order to meet the challenge; (c) compare and contrast the higher education systems that were adopted; and (d) identify a single Asian higher education system model (descriptive model) for any country that desires to become an industrialized country. Historical research was utilized in this study. This study was approached as follows: First, the economic growth of the countries under study was examined. Then, the countries' higher education systems were compared and contrasted. The result is at least one possible higher education system model that can be used by any country to improve the future performance of its higher education system. The study concluded that the models of higher education used by Taiwan, Singapore, and Hong Kong from 1945 to 1980 were not identical. However, they came to similar conclusions in terms of economic development. In this case, an emerging industrial country like the social and economic condition of Taiwan, Singapore, and Hong Kong would find that adoption of those higher education models might be appropriate. For instance, an emerging country with a social and economic system like Taiwan would find Taiwan's higher education model appropriate for adoption in that country. On the other hand, if an emerging industrial nation has social and economic criteria dissimilar to those of Taiwan, Singapore, and Hong Kong, a proposed single model of higher education would be appropriate, with an adjustment to suit the national resources, cultural background, and structure of trades and the labor force of that country.
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