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We find that sensitivity of fund flows and fund performance are both related to participants' right to choose their investments in defined contribution plans. Under the Mandatory Provident Fund system of Hong Kong, both employers and employees are required to contribute to a retirement account. Originally, employees' investment choices were restricted to a subset of funds chosen by their employers. The system was later modified so that employees are allowed to invest in any fund within the system. We present evidence that flows of fund have become more sensitive to past fund performance after this policy change, and that average fund performance in the system has also improved. Based on the improvement in fund performance, we estimate the accumulated cost of the lack of choice to be around 10% of the current total asset value of the system. (JEL G14, G18)

AbstractWe offer an explanation of why changes in house price are predictable. We consider a housing market with loss‐averse sellers and anchoring buyers in a dynamic setting. We show that when both cognitive biases are present, changes in house prices are predicted by price dispersion and trade volume. Using a sample of housing transactions in Hong Kong from 1992 to 2006, we find that price dispersion and transaction volume are, indeed, powerful predictors of housing return. For both in and out of sample, the two variables predict as well as conventional predictors such as the real interest rate and real stock return.

Education is supposed to advance humans towards the common good and a better future, but the present environmental education in trend has largely failed to inculcate a social perception of nature as is required in education for sustainability. The world is facing an ecological crisis as a result of unrestrained exploitation of natural resources and pollution; while the sustainability movement remains sluggish as prevailing citizenship education in the national context continues to serve dominant values through the top-down approach and fall behind actual needs in reforming societies. Outdated thinking of citizenship and the absence of civil society involvement are argued to be the main factors slowing down education for sustainability. Ecological citizenship as an emerging concept to address world sustainability suggests a stronger role to be played by the civil society particularly in renewing the political obligations of citizens towards their unsustainable relationship with nature. A paradigm shift in educational values towards critical pedagogy should encompass environmental justice and ecological footprint to reflect the global dynamics of environmental issues today. International environmental non-government organizations can capture opportunities of this rising role, as affirmed by the Hong Kong case analyzing the work of Greenpeace and WWF and views of local key stakeholders taking part in this movement. Through their usual environmental governance work in the forms of advocacy and stakeholder engagement, international environmental non-government organizations can foster more community-based sustainability education in formal, non-formal and informal settings through the more bottom-up tripartite approach of government-business-civil society. ; published_or_final_version ; Education ; Master ; Master of Education

This article reports on a study of whether young adolescents make decisions autonomously, share decisions with their parents, or have decisions made for them by parents. Using a sample of 2,632 12‐ and 13‐year‐olds from the National Longitudinal Survey of Youth 1979 Child Survey we examine how childhood behavior and competence influence decision patterns in young adolescence. Individual models are used to test whether traits predict decision patterns, and sibling fixed‐effects models allow us to estim\ate effects of child characteristics net of stable family contributions. In both individual and sibling fixed‐effects models, children with higher verbal ability share more decision making with parents. Children with greater mathematical aptitude and children who are impulsive are more likely to make decisions without consulting parents. The impulsivity effect is stronger in families with fewer resources. These results suggest that children directly and indirectly influence household decision‐sharing patterns.