This study discusses about the relationships between the qualities of collateralized shares by the broad of directors and the bank performance. In this study, we focus on the quantitative indicators of collateralized shares. Base on individual collateralization data, we build up the sets of the loans permitted by banks. In additon, this study is based on the multiple regression model to find out the relationships between the qualities of the collateral loans and the bank performance. By the conclusion, this study tries to give some advice to the banks about measuring the loans with collateralized shares. There are few conclusion of this study: 1. The stocks with higher price volatility are not good collaterals. The banks which have the loan with the collaterals with higher price volatility usually have bad proformance. The banks should pay attension to this indicator. 2. The collaterals are better with high ¡¥market price-to-book value¡¦. 3. By literature review, the higher proportion of collateralized shares by the broad of directors, the shares seem to be the worse collaterals for the banks. However, in this study, we find out some trade-off relationship between the profit and the risk in measuring this indicator.

Functional magnetic resonance imaging (fMRI) is a widely used, noninvasive technique to map brain activation, and has provided considerable insight into human brain function over the past two decades. Until recently, fMRI studies have focused on gray matter; however, reports of fMRI activation in white matter are mounting. White matter fMRI activation has the potential to greatly expand the breadth of brain connectivity research, as well as improve the assessment and diagnosis of white matter and connectivity disorders. Despite these potential benefits, white matter fMRI activation remains controversial. The controversy is partially due to the existence of incompletely understood facets of fMRI signals in white matter. This thesis describes three experiments that aim to refine what is currently known about white matter fMRI activation. In the first experiment, one of the main concerns about fMRI activation in white matter was addressed; namely, whether white matter has sufficient cerebrovascular reactivity to support hemodynamic changes that can be measured with fMRI. It was demonstrated that white matter has the capacity to support detectable hemodynamic changes in the absence of partial volume effects. In the second experiment, the effect of static magnetic field strength on sensitivity to white matter fMRI activation was explored as a possible cause of the relative paucity of reports of white matter fMRI activation. The results showed greater sensitivity to white matter fMRI activation at 4 T relative to 1.5 T MRI. In the third experiment, the relationship between white matter activation and the activated network of gray matter regions was explored. This was accomplished using fMRI-guided tractography in which structural connections between activated clusters are evaluated. Structural connectivity between white matter fMRI activation and regions of gray matter activation was demonstrated, providing evidence of the functional significance of fMRI activation in white matter. These experiments provide important insights, which will allow for improved investigations of white matter fMRI activation in the future. In addition, it is posited that experimenter bias, via selective reporting of activation clusters, has contributed to the slow acceptance of fMRI activation in white matter.

本文探討我國金控公司在不同子公司組合以及考量雙引擎策略下，對各種績效指標以及風險指標影響。資料取樣我國2002年至2013年間15家金控公司之季度資料，在考量過去關於金融機構及金控公司多角化經營與子公司組合有關文獻後，選取適當控制變數搭配「以銀行搭配壽險為主」之虛擬變數進行分析，並以虛擬變數及三種集中率進行穩健度測試及並觀察不同面向影響；接著於雙引擎分析當中，試圖發展用於測量雙引擎策略程度之兩種平衡率變數，並且考量交叉項的效果，分別加入模型中進行分析分析。研究結果分為複迴歸、追蹤資料模型，以及關於落後一期自變數對當期應變數之延伸分析。 　　在複迴歸及追蹤資料模型進行橫斷面及縱斷面之實證研究結果指出，金控投入的資源越分散(資產多角化程度越高)或是越集中(集中率越高)皆未能顯著提昇金控績效或降低風險；然而若考慮雙引擎策略時，則能顯著提昇EPS、P/B Ratio或RBC，同時，不論資產面或營收面建立的平衡率變數，皆可觀察出金控旗下兩大子公司在收益傾向越相等的情況下，具顯著改善金控整體獲利能力、投資人評價或是降低破產風險的情況。 　　本研究對於各個金控公司前一期的自變數對當期應變數進行延伸分析，實證結果支持了本研究對於投入到產出存在時間落差的假設，亦即以資產平衡率而言，較屬於以資源「投入」概念觀察雙引擎策略程度，因此需要隔一段時間才能展現對於績效與風險的影響；而收益平衡率則偏向以當期「產出」的概念觀察雙引擎變數，此時用於衡量下一期之績效指標將會傾向不顯著，但對於風險方面則傾向能夠顯著降低破產風險。 / This study investigates the relationship of different subsidiary combination and dual-engine strategies on financial holding companies’ performance and risk. Using quarterly data for 15financial holding companies（FHCs）in the R.O.C for the period 2002Q1–2013Q4 and controlling for the size, size growth, equity ratio and diversification. In order to analysis the issue, we choose “the top-two subsidiaries are bank and life insurance” as a dummy variables, asset and revenue balance ratio as dual-engine variables. Also, the paper introduces several relevant variables to implement the robust tests. These relevant variables are “the FHC has subsidiary of life insurance”, three concentration ratios and two interaction variables. Our empirical finding can be divided into three parts: multiple regression, panel data and one-period lagged data analysis. 　　In multiple regression and panel data, we find evidence that both higher diversification and concentration in subsidiary resource have an ambiguities relation for the performance and risk of financial holding companies. However, considering dual-engine strategies can significantly improve the EPS, P/B Ratio and RBC in empirical results. Also, both asset and revenue balance ratios have significant effect to improve the earning power, the valuation of investors and the insolvency risk. 　　This paper also use the one time lagged data to conduct the extension study. The findings support the assumption of ours that FHCs exist time-lag between input and output. The asset balance ratio is more like the input concept and the revenue balance ratio is rather more like the output concept when we discuss the dual-engine strategies. In other words, there need more time to show the impact of performance and risk indicators when we use the asset balance ratio. However, output variable has insignificant relation to the performance indicators and significant effect to the risk indicator when we use the revenue balance ratio.

The Financial Services Modernization Act, also known as the Gramm-Leach-Bliley Act (GLBA), of 1999 has permitted U.S. bank holding companies (BHCs) to operate in non-banking activities that are financial in nature. This dissertation addresses the impact of this across-activity diversification within the U.S. financial services industry on the profitability and the risk-adjusted performance of bank holding companies. Using a variety of diversification measures, the study analyzes the relationship between corporate diversification and the financial performance of BHCs pre- and post-GLBA, from 1990 to 2011. The analysis of the profitability-diversification relationship provides evidence that the negative impact of revenue diversification on the profitability of banking firms that exists in the literature is mainly due to measurement and model specification issues. Failure to differentiate between interest-versus-noninterest and banking-versus-nonbanking types of revenue diversification has resulted in using measures of the first type of diversification to study the second, leading to inaccurate results. Moreover, introducing nonlinearity to the relationship between revenue diversification and profitability provides evidence that this relationship is negative only at relatively low levels of diversification but positive if the level of diversification is sufficiently high. Controlling for these measurement and model specification issues results in profitability premium, rather than discount, that is associated with higher levels of revenue diversification. The study also employs an event study methodology to measure how stock markets respond to mergers and acquisitions (M&As) in which BHCs acquire other banking and nonbanking financial targets. The cumulative abnormal returns (CARs) to acquirers and targets show that M&A that are either non-diversifying or diversifying within closely-related credit intermediation activities increase the value of merged firms. The effect of M&As that combine less-related financial activities on firm value is either negative or insignificant. This implies that market participants have better expectations of the future performance of less diversified firms in managing the risk-return trade-off. Comparing the average CARs of the pre- and post-GLBA eras supports this conclusion.

Natural coarse textured soils comprise a significant portion (approximately 20%) of the area to be mined at Suncor, Syncrude (aurora mine), Albian/Shell, and CNRL mines in the Alberta’s oil sands (Macyk, 2006). Although similar in soil textural classifications, the undisturbed areas support a range of ecosite types which exhibit different moisture regimes, suggesting that there are natural mechanisms controlling the plant available water sufficient for forest development. The global objective of this study was to evaluate the potential for textural variability to enhance water storage in coarse textured soil. The observations of the infiltration and drainage behaviour of natural and reclaimed coarse-texture soils in this study have demonstrated that this potential exists and can be applied in reclamation design to achieve the ranges of soil water storage needed to establish different ecosites. Field based infiltration and drainage testing, pit excavation and sampling have been completed on 14 sites (7 natural and 7 reclaimed). Bulk saturated hydraulic conductivity and field capacity were estimated for each of the 14 sites based on the field test results. The observed transient water dynamics give an indication of the effect of layering on these material properties. Laboratory analysis of water content (650 samples), particle size (650 samples), water retention (35 samples), organic carbon (100 samples) as well as calibration of field instrumentation were completed on a large number of samples (approximate values shown in brackets above) across all sites. The laboratory analysis was used to characterize textural variability (mean and standard deviation of the particle diameter) for the layered sites and estimate the soil water retention curve (SWRC) relationships for the range of soil textures encountered at the study sites. Pedotransfer functions (PTFs) were used to investigate if there were significant differences in the residual sum of squares between estimated and measured SWRCs. The measured organic carbon was used to aid in estimating permanent wilting point (WP) used in the calculation of the available water holding capacity (AWHC) of all profiles. An investigation into the calibration of the moisture capacitance probe (MCP) was undertaken as part of a comparison of the measured and simulated volumetric water content (VWC) profiles. Water storage at the cessation of drainage was related to the soil texture and textural variability as measured in the laboratory. Sites with more textural variability generally stored more water for plant use. There appeared to be a limit to what can be considered ‘useful’ textural variability. If adjacent soil layers had too extreme a contrast in texture and therefore hydraulic conductivity, unstable/preferential flow (i.e. bypassing of some of the water and nutrients from plant roots) occurred. The total porosity calculated from field samples was often higher than the maximum measured VWC in each layer which may be indicative of one or more factors that resulted in less than full saturation being attained within the targeted 1 m depth of saturation during the test. Some of these factors include: errors in sampling leading to an overestimate of total porosity; lateral flow along textural interfaces; air entrapment within the rapidly advancing wetting front; unstable/preferential flow as a result of the high contrast in hydraulic conductivity (fine over coarse) between adjacent layers (i.e. Ks Ratio >20) or where tests were conducted on slopes (i.e. funnel flow). This latter case was common at the reclaimed sites. A modelling study of one uniform (SV10) and one layered (NLFH1) natural site was conducted. The models were built by incorporating soil properties of the layers in the various soil profiles as estimated from field and/or laboratory testing. This study offers a comparison between various PTFs and their ability to capture the soil-water storage/dynamics during infiltration and drainage testing. The Arya PTF gave a better estimation of the laboratory measured SWRCs. However, when modeling the measured infiltration and drainage testing for the relatively uniform site SV10, the Arya PTF and Modified Kovacs (MK) PTF performed similarly. The Arya PTF performing slightly better for the infiltration phase and the MK PTF performing slightly better for the drainage phase. Both PTFs gave a reasonable estimation of water storage but the MK PTF gave a better estimation of the water storage with time as compared to the Arya PTF. For the highly layered site NLFH1, neither model performed well. The Arya PTF gave a substantially better estimation of the infiltration phase and gave the better estimation of the magnitude of water storage with time, the MK PTF performed marginally better for the drainage phase and gave a better estimation of the shape of the water storage with time. Generally, the study showed that the replication of the profile water storage requirements for the layered natural ecosites (‘b’ and ‘d’ ecosites) has been achieved and can be achieved by layering (or even mixing) available coarse textured reclamation materials. This study has indicated that replicating the highly uniform ecosites (‘a’ ecosites) is where the bigger challenge lies in reclamation. Reclaiming with a diversity of target ecosites is essential to achieving the pre-disturbance land capability standard that the mine operators are bound by. The temptation may exist to simply condone reclamation that has met or exceeded the pre-exisiting land capability. However, problems with ground water recharge and regional water distribution are likely to arise if large areas of lower functioning ecosites are replaced with higher functioning ecosites.

隨著金融控股公司法的實施，國內的金融機構紛紛朝金融控股公司的型態發展。然而，金控銀行的經營效率是否如預期般的有明顯的改善? 隸屬於金控集團的銀行其生產力是否優於無金控背景銀行?其生產力差異源自於哪些因素?。本研究採DEA模型，衡量金融控股公司與非金融控股公司效率差異，並透過差額變數分析（Slack Variable Analysis），使相對無效率銀行瞭解其缺失所在，進而尋求改進之道，將過多的投入量減少及過少的產出量增加；再利用Tobit迴歸模型，探討銀行之資本適足率、逾放比率、市場佔有率、風險水準、成本收益指標與經營效率之關係。 研究發現「金融控股公司」的平均總效率、技術效率值均高於「非金融控股公司」 。且不論是「金融控股公司」或「非金融控股公司」相對上都需減少固定資產及增加非利息收入，因而全體樣本銀行不僅需裁減人員還需廣增存款以外的利息收入或費用，以免在存款減少下引發資金不足的營運危機。

鑒於美國、日本先後引進金融控股公司法制從事金融改革，我國政府亦為增進金融機構經營效能及國際競爭力，於2001年開始陸續通過「金融機構合併法」、「金融控股公司法」等，並准許銀行、保險及證券三大金融業務得跨業經營，鼓勵同業及異業合併，期能發揮金融機構業務經營與組織整合綜效。金融控股公司為追求其成立目標之整合綜效，以組織整合方案以因應，已成為多變的競爭環境必然之趨勢。 本研究以金融控股公司為追求組織整合綜效，配合旗下子公司之核心事業與發展專業分工組織整合，對應調整內部控制與內部稽核之影響。透過○○金融控股公司之案例，論述組織整合後之內部控制與內部稽核並進行分析，作為日後金融控股公司組織整合時，於內部控制與內部稽核制度面之參考，避免產生不必要之問題，俾利於強化整合綜效。 本研究由探討為追求組織整合綜效目標成立金融控股公司出發，再論述現行金融控股公司之組織及組織整合與內部控制、內部稽核之關係，配合○○金融控股公司組織整合案例，進而論述金融控股公司組織整合後之內部控制及稽核制度，提出金融控股公司組織整合實務上所面臨之矛盾現象與建議解決方案，最後以內部稽核角度推演金融控股公司組織架構之未來發展，就本研究所探討金融控股公司組織整合發展過程，對其內部控制及稽核制度所產生之問題與影響，由研究過程中歸納彙整各項法規後，作成結論並對我國金融控股公司與金融監理單位提供建議。 此外，本研究由金融控股公司成立後，檢視現行內部控制及稽核作業規範，配合實務案例之組織整合過程，指出組織整合過程所面臨實務之問題，說明內部稽核未來發展所面臨之挑戰。推論過程均以案例公司之實務問題與解決方案，並據以為結論之依據，因此，並未對於整合綜效建立指標或實證研究，建議留為以後研究方向參考。

本文旨在探討金控公司合併換股比率之決定因素，變數包含財務與非財務因素。依財務變數選用標準之不同，區分為一般財務指標模型與五構面指標模型，兩模型之非財務變數皆相同。截至民國100年12月31日，樣本共43家。一般財務指標模型包含八項財務變數，五構面指標模型則包含七項財務變數，由中央存款保險公司金融預警系統中資本適足性、資產品質、管理績效、營利性、流動性等五個構面中捕捉。一般財務指標模型中共有每股淨值、員工平均年齡、員工學歷程度、董監事持股比率、服務據點等五個變數達到影響換股比率之顯著結果，截距項係數的不顯著結果，顯示主併與被併公司在併購價格中未有顯著溢價或折價之收付；五構面指標模型則有財務槓桿、貝里比率、每人營收淨額、稅前純益占實收資本比率、稅後淨利率、員工平均年齡、員工人數、服務據點八項變數達到顯著結果。五構面模型解釋能力較一般財務指標模型高，但截距項呈現顯著負值，顯示可能有併購溢價或其他為五構面所遺漏的變數未被納入。 / The objective of this study is to discuss the determinants of the stock exchange ratios for mergers of the financial holding companies in Taiwan. All factors are divided into two parts, financial and non-financial. There are two models used in this study, the common financial index model and the five-perspective index model, depending on the choosing standard in financial factors. Financial factors in the common financial index model are widely used in financial statement analysis, while in five-perspective index model they’re chosen based upon five critical elements of CAMEL ratings system, a method of evaluating the health of credit unions. All non-financial factors used are indifferent between the two models. Choosing the study sample which has been a member of financial holding company until December 2011 and using ordinary least square (OLS) method, the empirical investigations suggest that in the common financial index model there are five factors have significantly positive effects on the exchange ratio, which are book value per share, average employees’ ages, the educational background of employees, corporate ownership and service locations. The intercepts in this model are not statistically significant in the regressions, implying that there are not any premiums or discounts after incorporating the impact of the financial and non-financial factors. In the five-perspective index model there are eight factors have significantly positive effects on the exchange ratio, which are financial leverage, Berry ratio, net sales revenue per employee, the proportion of capital of the pretax income, net profit margin, average ages of employees, number of employees and service locations. In summary, the interpretation power of the five-perspective index model is greater than the common financial index model. But the fact that the intercepts in this model are statistically significant, implying that there might be some other factors which have been omitted.

Submitted by Cristiane Shirayama (cristiane.shirayama@fgv.br) on 2011-06-03T17:17:44Z No. of bitstreams: 1 66080100264.pdf: 308949 bytes, checksum: 7a390b2d4b90a64b4e8396e2d219827f (MD5) / Approved for entry into archive by Gisele Isaura Hannickel(gisele.hannickel@fgv.br) on 2011-06-03T17:35:19Z (GMT) No. of bitstreams: 1 66080100264.pdf: 308949 bytes, checksum: 7a390b2d4b90a64b4e8396e2d219827f (MD5) / Approved for entry into archive by Gisele Isaura Hannickel(gisele.hannickel@fgv.br) on 2011-06-03T17:40:23Z (GMT) No. of bitstreams: 1 66080100264.pdf: 308949 bytes, checksum: 7a390b2d4b90a64b4e8396e2d219827f (MD5) / Made available in DSpace on 2011-06-03T18:34:47Z (GMT). No. of bitstreams: 1 66080100264.pdf: 308949 bytes, checksum: 7a390b2d4b90a64b4e8396e2d219827f (MD5) Previous issue date: 2011-08-08 / Este trabalho analisa se o modelo de demanda corporativa por liquidez desenvolvido por Almeida, Campelo e Weisbach (2002) pode ser utilizado para identificar se empresas latino- americanas apresentam restrição financeira para obter financiamento. Para testarmos a hipótese de que as empresas restritas financeiramente detêm um nível de caixa mais elevado, e sua propensão marginal a poupar o excedente de caixa gerado também é superior às empresas irrestritas, procedeu-se uma análise de dados em painel, relativos a uma amostra que inclui empresas de capital aberto no Brasil e no México, de 2001 a 2009. As empresas restritas financeiramente, tanto do Brasil quanto do México, aumentam o nível do caixa em decorrência do tamanho de seus ativos, sendo um fator relevante para gestão do caixa na América Latina. As empresas Mexicanas irrestritas apresentam um nível de caixa superior às restritas, além de apresentar uma propensão marginal a poupar inferior às empresas irrestritas mexicanas, consistente com a expectativa inicial, de que o investment grade obtido logo no começo da amostra facilitou o acesso ao crédito para as empresas da amostra. / We examine the model of corporate demand for liquidity, developed by Almeida, Campelo and Weisbach (2002) can be used to identify whether Latin American companies have financial constraint to obtain financing. To test the hypothesis that financially constrained firms have a higher level of cash, and their marginal propensity to save the cash surplus generated is superior to unconstrained firms, we carried out an analysis of panel data relating to a sample, which includes publicly traded companies in Brazil and Mexico from 2001 to 2009. Financially constrained firms, both Brazil and Mexico, increase the level of cash due to the size of its assets, being a relevant factor for cash management in Latin America. Unconstrained Mexican companies have a higher level of cash than restricted firms have, and present a lower propensity to save cash than constrained Mexican firms, consistent with the initial expectation that the investment grade obtained at the beginning of the sample made easier access to credit for firms in the sample.

Title: Assessment of motor performance and body holding in young school-age children Objectives: The aim of this thesis is the assessment of motor performance, body holding and basic information concerning movement activity in young school-age children and to reveal any possible interrelations between these data. Hypothesis: 1. The volume of movement load in young school-age children affects their motor performance and body holding. 2. Motor performance evaluated by a modification of the UNIFITTEST has a significant correlation with body holding in young school age children. Methods: In order to determine the level of motor performance of the children, I used a modification of the UNIFITTEST (Měkota et al., 2002), while I also evaluated their basic somatic parameters. Their body holding was evaluated according to Mathias (Hošková and Matoušová 2007), Jaroš and Lomníček (Hošková and Matoušová 2007) and Adams's Test (Haladová and Nechvátalová 2005). Information about the frequency of the children's sports activities and their lifestyle, I collected with the form of a short survey. The research group consists of 19 boys and 11 girls with an average age of 9 years old (age range 8-11 years - by 1.1.2018), mean body height of 1.4 m (σ=8,2 cm) and mean body weight of 36.5 kg (σ=9,1 kg). Results:...