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This study examines whether the Hong Kong stock market overreacts. By using monthly return data of all the common stocks listed on the Hong Kong Stock Exchange from January 1980 to December 1995, it examines the profitability of a contrarian strategy of buying prior losers and selling prior winners. The evidence shows that prior losers outperform prior winners by up to 68.59% in the subsequent five‐year test period. This finding can be interpreted as investors' tendency to react over‐optimistically to positive information and over‐pessimistically to negative information, thus causing stock prices to take temporary swing away from their intrinsic values and then reverse back subsequently. Our result is consistent with that documented by Debondt and Thaler (1985) for the U.S. market. This study also investigates whether seasonality accounts for the abnormal return but finds that the overreaction effect is not caused by the well‐known January effect. Further tests are conducted to investigate whether changes in betas of the winners and losers account for the abnormal return. The evidence shows that such changes are also minor, which cannot explain the price reversal phenomenon.

This paper attempts to deploy a systematic and structural approach to examine Macau's strengths and weaknesses and to scan its external opportunities and threats. A fresh way to quantify the extent of perceived opportunities and threats is introduced here. This is adopted and modified from the quality management tool box, i.e. the failure mode and effects analysis (FMEA) and success mode and effects analysis (SMEA).

The internal factors, i.e. its strengths and weaknesses are systematically and structurally gauged using a Likert scale of 0 to 10 (i.e. 0 representing least important or least well performed … to 10 representing most important and best performed).

Following the matching of internal factors with the external factors in the strengths, weaknesses, opportunities, and threats (SWOT) analysis, a list of meaningful responses is identified as possible strategies for the Macau SAR Government. The SWOT analysis is simple to use yet powerful and flexible in responding to changes in the external environment and should be useful to organizations both in the commercial sector and government machinery.

This innovative and structured strategic formulation approach is useful to both business practitioners and management consultants.

The purpose of this paper is to investigate the effects of parameters on the liquid phase migration (LPM) during the freeze-form extrusion fabrication (FEF) process.

To carry out this study, three factors were systematically investigated using orthogonal design of experiments. These three parameters are the extrusion velocity, the extrusion interval time and the extrusion head length. An orthogonal array with nine test units was selected for the experiments. Range analysis and analysis of variance were used to analyze the data obtained by the orthogonal experiments to identify the order of significant factors on LPM.

It was found that the LPM decreased with the increase of extrusion velocity and increased with the lengthening of extrusion interval time and the length of the extrusion nozzle. The order of significant factors for the LPM were found to be extrusion velocity > extrusion nozzle length > extrusion interval time.

Using an orthogonal design of experiments and a statistical analysis method, the liquid content of extrudate can be predicted and appropriate process parameter values can be selected. This leads to the minimization of LPM during the FEF process. Also, this analysis method could be used to study the LPM in other paste extrusion processes.

This paper suggests that the factors have significant impact on LPM during FEF process. The following analysis in this paper is useful for FEF users when prediction of LPM is needed. This methodology could be easily applied to different materials and initial conditions for optimization of other FEF-type processes. The research can also help to get better understanding of LPM during the FEF process.

This article looks at the differences and similarities between globalization and the role of China on globalization, in particular for the Hong Kong Special Administrative Region of China (HKSAR).

This article is based on research, reading, and interviews on globalization.

China is promoting the new globalization of the century called Belt and Road Initiative (BRI) which is a unique way to boost again the economy of China.

Studies of the New Maritime and Land Silk Road of China are rare; in particular, the role of the HKSAR is ignored. Macau also plays a role because it was the first point of globalization in the seventeenth century. China is really a global country, and the Chinese are numerous in all continents. Chinese Internet role is also mentioned.

Globalization is a key concept not only for China and Asia but also for the Hong Kong Special Administrative Region (HKSAR), Africa, and countries in Latin America such as Bolivia and Venezuela. This article looks at the differences and similarities between globalization and the role of China on globalization. The HKSAR and the Greater Bay Area are part of the same country. China is developing the new globalization of the century called, in 2017, the Belt and Road Initiative (BRI). The current definition of Chinese globalization includes land and maritime Silk Road, now the BRI.