The issue of depositary receipt gets more attention in investors in recent year because of the explosion of Taiwan Depositary Receipt (hereafter, TDR) in Taiwan. The depositary receipts should equal to the value of primary listing stocks because they are represent the same value to a company. Therefore, we would discuss the price relationship between TDR and the primary listing stock it represents at first. In addition, because all the TDRs in Taiwan have the price spread (i.e. the price difference between TDRs and the primary listing stocks) with its original stocks, we discuss what the reasons to cause the price spread from a point of market segment. And we find it is because of liquidity, demand, information asymmetry, and stock price manipulation to lead to the price spread. After we takes market emotion into account, the market index has significant influence on price spread and individual investors also have a large influence on price spread. Finally, we try to find that whether the market has the arbitrage opportunity from the price spread after we consider the transaction cost. And the result shows that when TDR is in discount, it really has the arbitrage opportunity in market after we use the close price as the transaction price. Furthermore, if we use the open price in the next day as the transaction price, it still has excess return in market, but the profit will be lower than the strategy using the close price as the transaction price.

Much research has been conducted on the topic of the construct-related validity of assessment centers, however a definitive conclusion has yet to be drawn. The central question of this debate is whether assessment centers are measuring the dimensions they are designed to measure. The present study attempted to provide more evidence toward the improvement of construct-related validity. The first hypothesis involved determining whether opportunity to observe and opportunity to behave influenced discriminant and convergent validity. The second hypothesis addressed the debate over evaluation method and examined which method, within-exercise or within-dimension, yielded more favorable internal construct-related validity evidence. The third hypothesis explored the call for exercise scoring in assessment centers and compared the criterion-related validity of exercise versus dimension scores within the same assessment center. Finally, the fourth objective looked at the relationship of the stability of the dimensions with internal construct-related validity, specifically convergent validity evidence. A developmental assessment center used in two applied settings supplied the data. Two administrations of the assessment center were conducted for low to mid-level managers in a state agency (N = 31). Five administrations were conducted in a professional graduate school of public administration that prepares students for leadership and managerial positions in government and public service (N = 108). The seven administrations yielded a total sample size of 139 participants. Analysis of multi-trait-multi-method (MTMM) matrices revealed that, as hypothesized, a lack of opportunity to behave within exercises, operationalized using behavior counts, yielded poor discriminant validity. Assessor ratings of opportunity to observe and behave did not produce hypothesized results. Consistent with the second hypothesis, secondary assessors, who represented the within-dimension evaluation method, provided ratings that demonstrated better construct-related validity evidence than the ratings provided by primary assessors, who represented the within-exercise method. Correlation and regression analyses of the dimension/performance relationships and the exercise/performance relationships revealed neither dimensions nor exercises to be the better predictor of supervisor ratings of performance. Using MTMM, partial support was found for the fourth objective: those dimensions that were more stable across exercises yielded better convergent validity evidence versus those dimensions that were more situationally specific. However the differences were not statistically significant or large. Overall results of this study suggest that there are some areas of design and implementation that can affect the construct-related validity of assessment centers, and researchers should continue to search for ways to improve assessment center construct-related validity, but should also look for ways other than MTMM to assess validity.

The purpose of the article is to analyze the relationship among dividend policy,future earnings and growth opportunities.And the results are below: 1.Total dividend and cash dividend can predict future earnings,but stock dividend can only reflect current earnings 2.total dividend and stock dividend are signaling effect,but I have a diffent result in cash dividend. Using MBA,MBE and E/P as substitute variables,it is contracting effect.But using R&D as a substitute variable,it is signaling effect.

Besides the three traditional ICs(Intellectual Capital) including Human Capital, Structural Capital and Customer Capital, Social Capital(SC) has been recognized as a forth critical IC of an organization in the network economy. In the 21st century, various kinds of collaborations among organizations such as strategic alliance or virtual organization play a major role in the global competition marketplace; no one can do their business alone. Therefore, only an inter-organizational collaborative team with strong relationships and network ties among the members can more efficiently and effectively discover, evaluate and exploit the emerging entrepreneurial opportunities. The purpose of this study is to investigate the impact of a firm¡¦s social capital on its capabilities to discover, evaluate and exploit the entrepreneurial opportunities. Three dimensions of a firm¡¦s social capital are canalized. (Nahapiet & Ghoshal, 1998) (1)structural dimension: includes network ties and network configurations (2)cognitive dimension: includes shared codes, languages and narratives (3)relational dimension: includes trust, norm, obligations, and identifications. Moreover, since a firm¡¦s absorptive capability of new knowledge and its past related knowledge base also influence the effectiveness of its exploitation of entrepreneurial opportunity, Absorptive Capability Theory (Cohen & Levinthal, 1990) and current knowledge base of a firm are also used as two variables in the research model to increase the integrity of the model. An empirical survey methodology is applied to test the research model and hypotheses proposed in this study. Five out of nine hypotheses are validated in our research model with Path Analysis. The research result reveals that the structural dimension of a firm¡¦s social capital has the most impact on its abilities of entrepreneurial opportunities; on the other hand, a firm¡¦s absorptive capability of knowledge is affected by the structural and relational dimensions of social capital. Furthermore, the result validates that both absorptive capability and the abilities of entrepreneurial opportunities of a firm exhibit significant path dependency. This result will be useful to both the academic and business particularly in its advocacy of the cultivation of the structural dimension of a firm¡¦s social capital.

The purpose of this study is to explore the current conceptual cognition of elementary school teachers toward Educational Priority Areas as well as to analyze the impact of cognition on the program executive effectiveness. So that the result of the study would proffer referential information for educational authorities , elementary school principals and teachers and hence helps to promote efficiency and effectiveness. The methodology of this study is as follows :firstly , based on theoretical literature and empirical research on related subjects, an assessment tool is developed : Questionnaire-¡§The executive effectiveness between the elementary school of the Educational Priority Areas in Kaohsiung city and Pingtung county¡¨ and content validity is constructed by professionals. Pilot test is conducted at Stage 2 to construct the reliability and validity of questionnaire via statistical measurements such as item analysis and factor analysis. In the questionnaire, regarding the Item ¡§Conceptual Cognition¡¨, the overall Cronbach £\ value obtained is .9128, the total explained variances are 48.42%¡Fregarding the Item ¡§Program Executive Effectiveness¡¨, the overall Cronbach £\ value is .9673, the total explained variances are 67.27%. Then, formal test is proceeded on education staff members at Stage 3.Among a total of 453 copies of questionnaire issued, 387 copies are collected, the usability is 85.43%. Descriptive statistics , variances analysis, product-moment correlation, regression analysis, independent sample two-ways analysis of variance are applied for statistics and analysis of assumptions proposed in this study. I draw the following conclusions based on the results of statistical analysis: 1. The result of overall sampling indicates a positive recognition on the relationship between the conceptual cognition of elementary school teachers and executive effectiveness of Educational Priority Areas. 2. Senior educators have a more positive viewpoint towards the ¡§Conceptual cognition¡¨ and ¡§Executive effectiveness¡¨ of the Educational Priority Areas. 3. Educators, who hold different positions, have similar ¡§Conceptual cognition¡¨ on the Educational Priority Areas, but teachers with administrative positions have better performance on the ¡§Executive effectiveness¡¨. 4. Educators between Kaohsiung city and Pindung county, who have similar ¡§Conceptual cognition¡¨ of Educational Priority Areas, but those in Kaohsiung city have better ¡§Executive effectiveness¡¨. 5. Educators, who have higher ¡§Conceptual cognition¡¨ on Educational Priority Areas, achieve the higher ¡§Executive effectiveness¡¨. 6. There are close relationships between the ¡§Conceptual cognition¡¨ of Educational Priority Areas and ¡§Executive effectiveness¡¨. 7. The ¡§Executive effectiveness¡¨ can be effectively predicted through the ¡§Conceptual cognition¡¨ of Educational Priority Areas. Among the predications, ¡§Equity of educational opportunity¡¨ is most predicable. 8. The executive effectiveness will be different due to location, seniority, degree of teachers. Based on the above conclusions, I would propose concrete suggestions for educators as the referential foundations to promote the executive effectiveness in Educational Priority Areas.

Many people instinctively agree that entrepreneurial experience is a valuable property more useful in identifying new opportunities. In fact, many entrepreneurs who had started an enterprise thought that they identified a new opportunity but failed in new enterprise. This let us consider a question ¡§How entrepreneurial experience effects opportunity identification¡H¡¨ Past researches have discussed more about ¡§prior knowledge¡¨, but not deeply discussed about the content of entrepreneurial experience. It is hard to express the unique value of entrepreneurial experience and to explain the logic of the relation between entrepreneurial experience and opportunity identification. This research further describes and defines the content of entrepreneurial experience on the basis of ¡§prior knowledge¡¨ discussed by past researches, and explains the relation between entrepreneurial experience and opportunity identification. Analyzing literature, this research generalizes a conclusion that entrepreneurial experience includes ¡§start-up experience¡¨, ¡§management experience¡¨ and ¡§industry-specific experience¡¨. ¡§Start-up experience¡¨ is the most unique and is also the key point of this research. Through discussion with entrepreneur, the content of ¡§start-up experience¡¨ includes ¡§sustained opportunity identification¡¨, ¡§establishment of networks of stakeholders¡¨ and ¡§establishment of honor¡¨. The goals of these activities are reacting to the environmental impact of high uncertainty, variance and time pressure in start-up period. Finally, according to the result of case study, this research finds ¡§sustained opportunity identification¡¨ and ¡§establishment of networks of stakeholders¡¨ could be useful or harmful to opportunity identification in different conditions. ¡§Establishment of honor¡¨ is absolutely useful to opportunity identification. So it can be understood that entrepreneurial experience could give opportunity identification a positive or negative effect.

¡@Ever since the foundation in 2000, the branches of Administrative Enforcement Agency have been handling the cases of monetary payment duty in public law with the total amount reaching 3,0178,624, by only about the workforce of 400 people in average while bringing in 1,133,000,000 financial income for the nation in six years. Among these cases, 24,386,174 are closed, which are more effective than in the past and helpful in keeping the publics from evading their duties by luck and therefore realizing the social fairness and justice, thus manifesting the public authority. However, there are still many problems hiding behind the new organizations and their systems, as the number indicates: unresolved cases reach 5,809,904 while 3,732 1,1609,753 dollars are unexecuted. In order to reduce the number of unclosed cases and enhance the administrative efficiency from two indexes: rate of the case-closing and levied tax, the thesis had combined the transaction cost theory from the Coase Theorem with the concept of opportunity cost in law economics, and had discussed the forming causes and strategies from three aspects under the principle of maximum efficiency, while not omitting the point of view of the public choices by the people of the duty. Three main conclusions are therefore made as follow: Firstly, speaking of system in terms of case management and evaluation, the amount of case closed must outnumbers the case received, while different types of cases (according to the amount of money) must be reduced in proportion; moreover, specific execution procedure should be arranged according to its types, and to indicate a clear termination of the time rather than being delayed for too long. Secondly, as far as the case efficiency is concerned, the more payment channel ,the better. In addition, by using information technology, it is effective in exchanging the information among different individuals, and speeding up the case to be closed. Thirdly, in the part of case receiving, be sure to monitor the loading of cases according to the workforce and to adjust the human resource or control the speed of case receiving. Setting up the voucher re-transfer evaluation mechanism to avoid the running-empty of administrative procedure and the waste of resource; to build up the pre-case database and to provide decision support system of the case execution so as to reduce the cost of research and decision making.

Abstract The purpose of this study is to examine the relationship of junior high school educators¡¦ attitudes in Tainan county toward the school-based finance management¡Bthe equality of educational opportunity and school efficiency. With the result¡Awe may analyse the expectation on the equality of educational opportunity and school efficiency. This study was conducted by the questionnaires survey. The valid samples are 271. The data was collected by self-designed questionnaire, and analyzed by statistic methods of mean, standard deviation, independent samples t-test, one way ANOVA , Pearson's product-moment correlation and stepwise multiple regression. The following conclusions are derived¡G First, generally speaking, the junior high school faculties in Tainan county hold the positive attitudes toward school-based finance management. Second, there would be different attitudes toward school-based finance management with different school occupations. Third, there would be different attitudes toward the equality of educational opportunity with different school occupations. Fourth, entirely speaking¡Athe attitudes of junior high school faculties in Tainan county toward the expectation of school efficiency with school-based finance management are positive. Finally, support for school-based finance management would explain 36.2¢H of the equality of educational opportunity and 40.3¢H of school efficiency by total variance explained. Keywords¡Gschool-based finance management¡Bthe equality of educational opportunity¡Bschool efficiency

The increasing number of graduates from higher education program has arouse the discussion of its effect on Taiwan workers¡¦ competency and whether such booming production has advantages for graduates¡¦ first job search. Even though a large aggregation of literatures has been published and includes such vocational activities into turnover theories, social cognitive theory and so on, there has not been a explicate framework of combining internal and external factors with job search outcome. The study has achieved illustrate 2009 graduates¡¦ from department of business administrative perception of how the difference of their degrees interact with internal factor (self-efficacy), external factor (economic condition) and job search outcome (employment opportunity index). By adding valid scales into the existing job search framework, the study is able to conclude the discrepancy between master degree graduates and bachelor degree graduates scoring on different scales as well as the overall discrepancy the graduates¡¦ perception have against the actual facts in the contemporary job market. In sum, the findings in this study are as the following: 1. There are positive relationships between: education attainment vs. self-efficacy, level of external factor resistance, EOI; self-efficacy vs. level of external factor resistance, EOI; level of external factor resistance vs. EOI. 2. Master graduates have higher occupational self-efficacy, level of external factor resistance and EOI than the bachelor graduates. 3. Master graduates are likely to make overestimation on the amount of their first monthly payment and underestimation on the duration needed for their first job search.

Opportunity has emerged as a focal point in the field of entrepreneurship and recognizing potential opportunities is the first step of new venture creation. A number of studies acknowledge the contributions of prior knowledge and social networks in explaining opportunity recognition. However, previous research ignored the importance of cognitive process. Thus, the purpose of this study is filling the research gap of the mediation mechanism in this process. Through the entrepreneurial cognitions view lens, this research goes a step further by asking:¡¨how do individuals conclude that an opportunity from their prior knowledge and information?¡¨ Entrepreneurial alertness, first used by Kirzner (1973) has been identified as a major factor in the process of opportunity recognition. We equate this cognitive ability with entrepreneurial alertness, proposing that this bridges the gap between knowledge/information and the innovativeness/number of opportunities. There are 3 studies in this research; first, Study 1 developed a scale of entrepreneurial alertness. Secondly, Study 2 conducted an experimental design research to test the relationships between prior knowledge, entrepreneurial alertness, and the number of opportunities. Thirdly, Study 3 collected large numbers sample to test the full model. Results indicate that prior knowledge and social networks had positive effects on entrepreneurial alertness. Moreover, entrepreneurial alertness was positively associated with the innovativeness and number of opportunities. In the mediating effect, interpretation ability was partially mediated the relationship between prior knowledge of markets, professional networks and opportunity recognition. This study contributed theoretical and practical implications. Future directions for research are described, and its practical implications for entrepreneurship education and entrepreneurs are examined.