The relative economic efficiency of acquisitions as a means of restructuring financially distressed firms is investigated. Yearly accounting and daily stock price data are extracted for the period between 1979 and 1998 on firms entering financial distress The behaviour and performance of these firms were traced for a five year period following their entry into distress or until their shares were no longer trading. These collected data forms the basis for analyzing the returns acquired from investing in potential takeover targets. Survival analysis is used to analyze the hazard rate for both the acquisition and bankruptcy of distressed firms. The results of the analysis indicate that the ZSCORE, a predictor of the probability of failure, and SPCSRM, the rating by Standard and Poor's, can be used as financial indicators in the screening mechanisms for financially distressed firms. A multinomial-logit acquisition model is used to predict three outcomes of financially distressed firms: survival, acquisition and failure. This model is tested using two methods by simulating the probability of acquisition. The first uses to compare the predicted versus the actual corporate events to maximize the predicted acquisition event. The second uses to compute abnormal return to maximize portfolio return over a given time period, continual on the ZSCORE, probability of acquisition, and the length of holding period. The predictive model of the acquisition probability is applied as a stock entry rule in a buy-sell system. The success of the model will serve two purposes. One is to predict the economic value of acquisition. The other is to provide successful strategies for investing in stocks.

The aim of this Project is to study the influence of high return temperatures in district heating on the costs for heat and power production in a CHP plant.When the temperatures of the water coming back to the heating plant are so high, the overall performance of heat and power production is decreased and, consequently, also the production costs. Along the project, the influence of this temperature on the different parts of a CHP plant are analysed as well as the economical impact it has. At the same time, some general impacts on the entire network are mentioned.   A real network is used in this project, and it is the net of district heating in Gävle (Sweden), and the most of the study is focus in its bigger combined heat and power production plant (CHP), called Johannes.

The relative economic efficiency of acquisitions as a means of restructuring financially distressed firms is investigated. Yearly accounting and daily stock price data are extracted for the period between 1979 and 1998 on firms entering financial distress The behaviour and performance of these firms were traced for a five year period following their entry into distress or until their shares were no longer trading. These collected data forms the basis for analyzing the returns acquired from investing in potential takeover targets. Survival analysis is used to analyze the hazard rate for both the acquisition and bankruptcy of distressed firms. The results of the analysis indicate that the ZSCORE, a predictor of the probability of failure, and SPCSRM, the rating by Standard and Poor's, can be used as financial indicators in the screening mechanisms for financially distressed firms. A multinomial-logit acquisition model is used to predict three outcomes of financially distressed firms: survival, acquisition and failure. This model is tested using two methods by simulating the probability of acquisition. The first uses to compare the predicted versus the actual corporate events to maximize the predicted acquisition event. The second uses to compute abnormal return to maximize portfolio return over a given time period, continual on the ZSCORE, probability of acquisition, and the length of holding period. The predictive model of the acquisition probability is applied as a stock entry rule in a buy-sell system. The success of the model will serve two purposes. One is to predict the economic value of acquisition. The other is to provide successful strategies for investing in stocks.

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As the economic developing, the demanding for various kind of medical and health caring is rising for the people in Taiwan and it lead to a more competitive medical market. The average life for people in Taiwan is getting higher, nevertheless, the population that suffering from chronic diseases is growing. However, people are expecting a considerate medical service. Therefore, how to increase the service efficiency and quality, and maintain the patient¡¦s right and further rising the satisfaction are becoming important issues for the medical institutes and the government. After the National Health Service was carried out in March, 1995, an enormous and constructive change has revealed. As the government finance has getting worse, the Bureau of National Health Insurance conducted the budget control policy in July, 2002. This policy caused the profit of medical institutes was reducing and the cost was getting higher. Besides, more and more new competitors joined this medical market, and plus, people asked for a better medical service and quality, medical institute is no longer profitable. In order to improve the circumstance, the medical institutes devoted in promoting the service quality and patient¡¦s satisfaction to maintain the fully support from the patients. This research is probe to one major medical center in South of Taiwan and to invest its medical service quality and the return willing of the patient. We released 400 questionnaires and 367 returned validly, the recycling rate is 91%. We adopted SPSS for windows 17.0 as the main tool to analyze the data and get the following conclusion: the medication environment and expectation, the process and the accuracy of diagnose, the waiting and diagnose hour, the attitude of nursing staff, the diagnose service and the return willing are all obvious. Meanwhile, the hardware and software of the medical institute, the service attitude of the nursing staff is greatly affecting the return willing of the patient. Therefore, the management of medical institute should think highly of the above sectors as main strategy to increase the return willing of the patient. And we will have better medical service.

This study is to discuss the retailer¡¦s order quantity decisions in a situation of two- echelon channel. When the upper manufacturer or wholesaler provides or does not provide the return policy, how the downstream retailer does the best strategy to respond to¡HDoes the return policy influence the retailer¡¦s will of order merchandise¡HAnd how does the risk attitudes of the retailer influence his order quantity decision¡H Different form the papers before, we use the method of maximum utility to find the best solution. We also refer to the model developed by Lau & Lau (1999), and conduct a model for the retailers who are different risk attitude to make strategic decisions after simplified and modified it. First, the manufacturer quotes for the wholesale price of merchandise and the buyback price of returned merchandise. After considering this information of the quotation of prices, then the retailer can do the order quantity decision in accordance with his own risk attitude. Because there are few paper talk about how the risk attitudes influence pricing¡Border decision and return policy, we hope this paper can become a useful reference material and more and more related researches will been issued in the future to provide suggestion for business .

Abstract With the liberalization and globalization, the scope for banks is much more sophisticated in decade. Accompanied with Asian Financial Crisis, the Non-Performing Loan (NPL) ratio of domestic financial institutions has increased significantly. Consequently, this research adopts 2SLS to estimate simultaneous equations and examines the impact of risk-based capital regulation on NPL ratio and operating performance. The empirical results are summarily as following: 1. There exists a negative relationship between capital adequacy ratio and NPL ratio, which means that the higher the capital adequacy ratio is, the lower the NPL loan will be. Therefore, adopting the capital regulation will be helpful to improve the balance-sheet structure. 2. With the change of capital adequacy ratio, ROE moves in the same direction; that is, there is a positive relationship between capital adequacy ratio and ROE. Usually, the high-profit companies have more cash flow to support the capital requirement. 3. Examining the effectiveness of ¡§First-Stage Financial Reform Policy¡¨, we find that only 12% and 26% of the banks are not qualified for capital adequacy ratio and NPL ratio, respectively.. Thus, the ¡§First-Stage Financial Reform Policy¡¨ has achieved the preliminary goal. 4. We adopt t-test to distinguish whether the difference between actual and standard figures is significantly large for those disqualified banks. It shows that the main factor might be because of the essential problem of bad asset-debt structure, and not the lack of time to adapt themselves to the new regulation.

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In the past, most scholars emphasized the cause of the short-term and long-term abnormality, but often neglected the influence of measure method. As a result, seldom scholars explained the measure method completely. Most scholars think market factor can explain asset return completely, so they use CAPM to evaluate the short-run and long-run performance of IPOs. They find IPOs have initial abnormal return, but they are underperformance in the long run. But if market factors cannot explain IPOs performance completely, short-run and long-run performance does exist or just the model cannot explain? We think it is necessary to modify three-factor model to improve its explanatory power. We utilize Fama-French three- factor model and momentum factor to assemble into four-factor model to revaluate IPOs performance, explore the reasons which influence abnormal return of IPOs in Taiwan, and discuss market efficiency to understand the tendency and the variation of IPOs performance. We conclude that there is no underperformance in Taiwan and Taiwan¡¦s stock market is market efficient. In addition, the empirical result is the same with Loughran and Ritter¡]2000¡^that it will increase explanatory power to use purging benchmark.

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