Bank has always played an important role as capital saving and supply and demand of expenditure since long time ago in the whole financial,and it has become an essential part of our financial system.However,because of the 1997 Asia financial crisis and 2008 financial storm all over the world,the structure of domestic banks has shown bad operation quality situation under the over-competitive environment,also,the profitability and asset quality are decreasing year by year. Along with the similarity of financial products,the segment among financial practices is blurring,it can has the multiple operation effect to meet the diversified demands of customers only by the merge of industry and cross-industry integration to operate in different industry.At this time,to encourage local banks to operate in different industry and encourage financial industry to cooperate via strategic alliance,it can help to enhance competency and improve the dilemma of financial institution. 1991 is the important divide for the financial industry.The ministry of finance gave green light to the erection of sixteen banks,the lack of new practices and finance creativity,plus the effects of financial institution are confined to traditional industry,stock market,the depression of house market,the capital outflow,and the evil competitive of finance industry let the finance market decreasing,lead to the non-performing loan of banks is increasing and return on equity is decreasing.Over the past ten years,bank's interest rate spread decreased from 3% to 1% recently.The local banks,franchising guaranteed industry,1046 branches in 1991 increased to 2411 branches in 2000 and 3155 branches in 2009,if includes foreign banks' branches in Taiwan,medium and small size business banks,credit union of farmer's and fisherman's associate,Chunghwa Post Co.,the branches can up to 5973,on average,one bank can only has 3850 customers out of 23 million people in Taiwan,let the industry become red sea.After the financial storm,governments all over the world emphasize on suppressing market rate, plus the defrost of the relationship between Taiwan and China,the conclusion and sign of MOU,negotiation of ECFA,all let the difference among financial institutions decreasing,and more and more financial institutions operate in different industry,for those local financial institution not belonged to financial holding companies,it's critical for them to figure out how to create their own operating advantage. In terms of this, under the never-end competitive environment, this study got the following conclusion, economic of scale has effects on bank industry, but after the on-site interview on local banks' operating effects, do research on the main factors of banks, not only the external environment effects the profitability of branches, but manager's operation of individual project and the copy of success model, to erect cross-region local bank's optimal operating model. It has benefits on bank's overall effects¡Fthe comparative advantages can create higher value for it under the depression.

The Analysis of Ilan¡¦s Out-of-Hospital Cardiac Arrest (OHCA) Patients Abstract The study uses Ilan¡¦s out-of-hospital cardiac arrest (OHCA) patients as the research object to understand the variable backgrounds of OHCA patients how they are affected by first aid factors between the period of pre-hospital and post-hospital admission. The study also discusses whether there is a correlation between first aid factors and first aid prognosis among those OHCA patients during pre-hospital and post-hospital admission periods. The study is retrospective and based on the Utstein style format. It collects 284 out-of-hospital cardiac arrest (OHCA) patient cases with trauma and non-trauma (282 effective samples) in an example of a regional teaching hospital in Ilan from 2007 to 2009. It uses descriptive statistics, independent sample t test, and Chi-Square test as the statistical analysis to obtain the following conclusions: 1. There are 282 effective sample patients in the study. There are 57 patients ( 20.2 %) who were return of spontaneous circulation (ROSC) after cardiac arrest approximately 14.77 minutes on average. There are 33 patients (11.7 % ) who survived to be hospitalized for 15.36 days on average, and there are 6 patients ( 2.1 % ) who were discharged from the hospital. 2. Internal medicine disease is the major causative factor of out-of-hospital cardiac arrest. Among those internal medicine disease cases, the history showed hypertension, diabetes mellitus, and heart diseases are the main causes of out-of-hospital cardiac arrest. Patients who are older than 65 years old are the main age groups, accounting for 67.7% of these cases. 3. The pre-hospital admission factors which affect the prognosis after the Emergency Department (ED) are the place of the accident, whether there are witnesses, scene process time , total reaction time , whether automatic external defibrillation was used, and whether people at the scene used CPR. 4. The post-hospital admission factors which affect the prognosis after the ED are initial cardiac rhythm, body temperature, pupil size , dose of epinephrine, whether defibrillation was used, the time of applying emergency first-aid, and medical expense. 5. The percentages of return of spontaneous circulation and survival rates in the study are lower than those of past studies of Taipei City and National Taiwan University Hospital. The possible factors are probably related to differences between rural and urban areas in the quality of emergency medical service systems (EMSS), and healthcare training. 6. From now on, in addition to improving the first-aid continuous monitoring system, we should also enhance EMT related training, and actively educate people to understand and learn CPR, so that comprehensive first-aid systems are available everywhere to effectively increase the success rate of first-aid. Keywords¡GOut-of-hospital cardiac arrest (OHCA), Cardiopulmonary resuscitation

In Taiwan, the trading value of electronics related stocks makes up over 60% of Taiwan stock market and has grown gradually to the recent high of 70.03% in Dec. 2009. The high correlation between the TAIEX and TAIEX Electronic Index raises our interest to build a fund aiming to outperform TAIEX Electronic Index performance with similar risk as index by constructing an enhanced fund. We are keen to investigate if active management gain higher return than passive one according to our empirical study. This paper presents a combination effect of multi-factor model in the electronic sector and illiquidity, that expected returns are increasing in illiquidity. The major outcome is that we construct single industry Multi-Factor Model (MFM) and test for its prediction ability. The other is we form a proxy for illiquidity and incorporate it into the multi-factor model using Principal Component Analysis (PCA). The objective of this study is to discover mispriced stocks and make adjustments to build an enhanced fund, targeting 3% tracking error. As a result, the most stable factors based on cumulative return in forecasting electronic sector are Leverage, Value3, ValueToGrowth, EarningQulity respectively. The average explanatory power of electronic multi-factor model (ELE-MFM) is around 52.4% over the sample from 2004/1 to 2009/12. For illiquidity measure, we run cross-regression of stock return on illiquidity and other stock characteristics from the period of 2000/1 to 2009/12. What we find is sub-period is the significant evidence for the work of illiquidity. With the PCA combination of electronic multi-factor model and illiquidity measure into scores coming from the first principal component, we rank stocks through it. With the appropriate constraint rules added into our quadratic programming, the portfolio using the techniques combining multi-factor model and liquidity measures shows IR 0.69, TE 3% and Alpha 2.04% in our sample period. The work of the electronic Multi-Factor Model (MFM) and the illiquidity measure showing satisfactory result support enhanced skills.

In the increasingly fierce international competition today, short product life cycle has led to lead time compression and narrow profit margins. Rapid respond to customers has become the key to survival of modern enterprises. Many large corporations in Taiwan have implemented the Toyota¡¦s just-in-time (JIT) production planning approach to reduce inventory to a minimum level, keeping on hand only the amount needed in production until the next order arrives. However, most of those companies have often overlooked that the basic principal of just-in-time replenishment model is the raw materials and other purchased items should be delivered steadily by the supplier when they are needed, and meanwhile those materials from suppliers require no inspection. Nevertheless, it is very difficult to achieve those objectives of JIT Production, especially in an increased market demand. Once some of the suppliers can not meet the delivery time of raw materials and quality is also affected, it would derive lots of problems. This study is aimed to JIT replenishment models on examining firms¡¦ inventory issues. Based on the result of the analysis, it would be the reference to build up the model of quality-oriented embedding collaborative replenishment mechanism for enterprises to improve their JIT replenishment operations. This model, quality-oriented embedding collaborative replenishment model, could assist business in measuring the accurate and precise delivery time and ensuring product quality from suppliers. The research is on the basis of Taiwan optoelectronic industry to investigate the companies of the TFT-LCD panel, and the supply chains of the industry. In analyzing the main TFT-LCD panel providers, the paper will probe into TFT-LCD firms to implement the inventory management system by building the quality-oriented embedding collaborative replenishment mechanism to improve the reaction capacity of businesses, to reduce the risk of raw material quality issues, and to respond to the market rapid change. The study exerts simulation software to conduct simulation and improvement of such models, then according to the simulation results to utilize them as a reference to implementation of quality-oriented embedding collaborative replenishment model into the future operation.

Quantitative analysis is one branch of portfolio management. The advantages of quantitative analysis are fast and objective. It has developed significantly in recent years because of the improvements in computer technology. This thesis applies the structure of a multi-factor model (MFM) to undertake quantitative analysis. Singapore has one of the most prosperous financial markets in Southeast Asia. The Singapore Stock Exchange (SGX) and Financial Times and the London Stock Exchange (FTSE) are now in cooperation, which has added vitality to this market. It has great influence in global financial markets, and this is why we select its security market to be our target in MFM. The model refers the multi-factor processes of Jeng and Tsai (2011) . For backtesting, we adopt an enhanced strategy as testimony. We transmit information from the MFM to the enhanced strategy. Then we create the stock weightings to constitute the enhanced portfolio. This model includes 68 significant descriptors, 14 composite factors and 7 industry factors. The Singapore MFM shows 43% adjusted R-Square in the sample period. The enhanced portfolio we suggested has an information ratio of 76.80% with a tracking error of 4.02% and 1.53% for monthly turnover rate.

We model a two period game with duopoly market under either quantity or price competition. In the first period, the manufacturer decides on whether to accept the returned products. The optimal ratio of refurbishing is then determined in the second period once the manufacturer has decided to do refurbishing. We identify the optimality conditions that lead to different possible equilibrium outcomes for different scenarios in which two firms may play symmetrically or asymmetrically. Our extensive numerical analysis substantiates the analytical results and we focus on the effect on the subgame perfect equilibrium caused by various parameters. Among our results, we find that, as the return ratio increases, the profits generated from the refurbished market become harder to compensate the loss in the new product market. Besides, the increase of substitution effect in the quantity competition enhances the degree of satisfaction for the refurbished products and it hurts firm¡¦s performance in the more profitable new product market. However, the effect of substitution effect in the price competition is entirely opposite. For instance, when the substitution effect is high, only one firm enters the refurbished product market; and when the substitution effect is low, both firms enter the refurbished product market.

The primary investment objective of investors is to create their wealth which is reflected in the change of stock market price and dividend yield they receive over the investment period. Thus, investors need financial tools to assess and forecast company performance before making investment decisions. Traditionally, such accounting measures as Earnings Per Share (EPS), Return On Assets (ROA), Return On Equity (ROE) and Return On Sales (ROS) are basic tools for investors in Thailand to evaluate companies¡¦ performance in the stock market. Value based approaches such as Economic Value Added (EVA) and Market Value Added (MVA) are not widely known among investors yet. Therefore, this study aims to examine the explanatory power of various accounting measures (EPS, ROA, ROE and ROS ) and value based measures ( EVA and MVA ) on the stock returns. This study focuses on 190 sample companies which are representative of all listed companies in the years from 2006-2010 in terms of the spread of EPS and industry diversification. The empirical results indicate that accounting measures are more associated with stock returns than MVA and EVA respectively. Among accounting measures, ROA provides highest explanatory power on stock return although the analysis is done separately by sector. In contrast, the results for EVA appear in some sectors and are not consistent with the past research done in other stock markets including Thailand. Thus, the analysis is extended to examine the company characteristics that have relationship between EVA and stock return. The findings indicate that EVA tends to be associated with stock return in companies that have low book to market ratio. In terms of portfolio returns, typical investing styles, such as value and growth strategies still outperform the return from MVA and EVA strategies.

In this thesis, we propose a model which applies the genetic programming (GP) to train the profitable and stable trading strategy in the training period, and then the strategy is applied to trade stocks in the testing period. The variables for GP in our models include 6 basic information and 25 technical indicators. We perform our models on Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) from 2000/9/14 to 2010/5/21, approximately ten years. We conduct five experiments. In these experiments, we find that the trading strategies generated by GP with two arithmetic trees have more stable returns. In addition, if we obtain the trading strategies in three historical periods which are the most similar to the current training period, we earn higher return in the testing periods. In each experiment, 24 cases are considered, with training periods of 90, 180, 270, 365, 455, 545, 635 and 730 days, and testing periods of 90, 180 and 365 days, respectively. The testing period is rolling updated until the end of the experiment period. The best cumulative return 165.30\% occurs when 730-day training period pairs with 365-day testing period, which is much higher than the return of the buy-and-hold strategy 1.19\%.

Taiwanese stock market. The results suggest that there exist two heterogeneous agents in Taiwanese stock market, £\-investors behaving as long-term contrarian and £]-investor behaving as short-term momentum traders. To depict in detail the practical financial market, this research empirically tests HAM with different fundamental values (measured by the moving average price in different rolling windows) across different investment frequencies (daily, weekly and monthly). The result suggests that £\-investors (fundamentalists) expect prices to deviate from the short-term moving average but mean revert to long-term moving average. Beta investors (chartists) act as momentum traders in daily and monthly frequency, but short-term contrarian in weekly frequency. In addition, this study tests whether the parameters in HAM can explain some characteristics of crashes and bubbles. The result suggests that there are different investor behaviors in Asian, Dotcom, and Subprime crashes. By comparing the parameters (£\, £], and £^) of each individual stock, the study finds that stocks with contrarian £\-investors and short-term momentum £]-investors acting as short-term momentum traders have more volatile price pattern. As to crashes and individual stock volatility, the result suggests that sudden crashes (abrupt price decline) tend to occur in the stocks with short-term momentum traders, and while general crash (longterm economic cycle) tend to occur in the stocks with long-term contrarian investors. Stocks with larger Gamma, proxy for uncertainty, tends to have general crash only when £\-investors acting as contrarian and £]-investors acting as momentum traders.

This study tires to find out how a firm¡¦s advertising and customer satisfaction influence firms¡¦ abnormal return and we uses the abnormal return (i.e. Jensne¡¦s £\) as the proxy of firm¡¦s shareholder value. We expect firms¡¦ advertising and customer satisfaction will have a positive impact on abnormal return while having a negative impact on firms¡¦ risk. In addition, we also consider under different market state whether advertising and customer satisfaction have an asymmetric effect. Compare with Carhart (1997) four factor model, this paper also takes the factor of VIX into account, and we use Markov regime switching model to recognize bull market and bear market because it can help us get a more accurate estimation. We choose the Generalized method of moments (GMM) to estimate the impact of advertising and customer satisfaction on shareholder value and discuss that whether advertising and customer satisfaction are able to lift up shareholder value or not. The outcome shows that advertising doesn¡¦t have significantly positive impact on firms¡¦ abnormal return under bull market and bear market. However, customer satisfaction has a significantly positive relationship with firms¡¦ abnormal return under bull market and bear market. And we find that if firms maintain the level of customer satisfaction under bear market, it will be more efficiently to lift up firms¡¦ abnormal return rather than spending more money on advertising.