The objective of this thesis is to develop a decision support tool to assess the feasibility of a hydro electrical power plant (HEPP) investment option by estimating its profitability under various scenarios. The decision support tool may help the decision makers to understand critical parameters that affect the internal rate of return (IRR) of a HEPP investment, create realistic scenarios by assigning different values to these parameters and monitor profitability under various scenarios. The information and the assumptions to construct the proposed decision support tool have been collected by conducting interviews with experts and its reliability has been tested by a real case study.

Underwriter need to participate in the process of new issue firms going public. Related reference about Taiwan's underwriter IPOs market share haven't appear. In this study, we expect to find out the relationship between Taiwan's underwriter IPOs market share and some related factors. Then offer issuer, underwriter and investor the conclusion as reference. The IPOs samples are selected during the period 1991 through 2000 in Taiwan. There are 475 newly issued firms in this period. We subtract some incomplete data samples and bank samples.There are 247 IPOs samples in our regression model. Although underwriter IPOs market share is less significantly impacted by IPOs offer price , results imply that when offer price is too low,this would damage issuer's benefit and lead to underwriter IPOs market share decrease. When offer price is too high, this would damage investor's benefit and just lightly lead to underwriter IPOs market share decrease. Results show that there is no industry specialization in Taiwan's underwriter industry. Although underwriter IPOs market share is less significantly impacted by IPOs one year performance,results imply that when underwriter market higher one year return IPOs, this would attract more investors and lead to underwriter IPOs market share increase.Results show that underwriter IPOs market share is significantly impacted by nderwriter's asset and age. The underwriter with larger asset and larger age gains more IPOs market share.

Abstract Mutual fund, which has become a popular domestic investment tool possess a lot of advantages. However, how on earth investors could choose the fund that worth investing is often confusing. This research begins from the qualities of mutual fund itself and it¡¦s manager. I¡¦ll discuss the influence that the type of fund, achievement in the past, scale of fund, turnover rate, risks and investors¡¦ age, sex, schooling record and experiences would have on its achievement. Hoping through these different sides of thinking would provide a direction for investors when choosing Mutual fund. This research was done in the period from January, 1997 to January, 2002, after excluding some of the survivorship bias, we sift through the whole information in the five years, and we acquire 59 open type that would be used as sample fund in this research. We adopt Jensen-performance-estimated model and 4-factor model as achievement measure standard. By setting tests of Pearson Correlation Coefficients and Durbin-Watson, plus OLS, we estate mate Jensen-performance-estimated model and 4-factor model, and the result of its alpha would be cross-analyzed with the multiple linear regression model, thus we¡¦ll clearly see the relation of quality between mutual fund and their managers. Before going on the cross-analysis, in order to seek for the best estimating method, we test heteroscedasticity by residual pattern and Breusch-Pagan Test. Since it comes out there is no heteroscedasticity, we still conduct the process by OLS to observe how the relation between the qualities of mutual fund itself and that of managers will affect on fund achievement. We found 4-factor model is more convincing among all other achievement evaluation model though the results vary from types of model. In the achievement index, a positive and remarkable difference type of fund is from Jensen index,, which coincided with Dahlquist, Engstrom, and Soderlind(2000)¡BJia-ling Hong(2000). Under 4-factor model, global fund and region ones appear obvious negative related, but high-tech types and general are not convincing at all. Besides, the influence of reward in the past and the scale of it shows the conclusion that two model are related positively in achievement side of short and long term, but negative in scale. Moreover, the risks can¡¦t explain the achievement difference, and turnover-rate doesn¡¦t affect achievement directly, the outcome coincided with the prove of Ippolito(1989) . Finally, which this research shows that the types results vary from managers personal qualities, but most of them can¡¦t explain the achievement differences. We only catch that under Jensen index, managers who get their MBA degree abroad tends to have positive relation in achievement of fund.

The study site, Ta-pon Bay, is located in southwestern Taiwan that has the total volume of 9.92 x 106 m3, surface area of 4.46 x 106 m2, and an average depth of 2.19 m. The Ta-pon Bay is a shallow and semi-enclosed lagoon. The tidal regime at the Ta-pon Bay inlet is mixed, with diurnal dominance. There is noticeable amount of land-derived freshwater inflow in Ta-pon Bay and the mixing between the sea water and freshwater is largely determined by the tide. In order to understand the tidal exchange process between Ta-pon Bay and the coastal sea, the observation focused on the physiographic and hydrographic characteristics of this lagoon. The bathymetry of the study area was also surveyed. From the spatial sediment grain-size distribution pattern, the high energy region is at the inlet and the low energy region is in the interior of the lagoon. Our observation results indicate that freshwater outflow from the Kao-ping River was not transported into Ta-pon Bay. Tides are also the dominant cause for the water level fluctuations in the lagoon. In our winter observation, the local wind effects and atmospheric forcing dominated the subtidal sea surface fluctuations. In summer observation, the subtidal variability was strongly influenced by freshwater inflow. In Ta-pon Bay, the spatial salinity distribution was controlled by the flood and ebb tides, and the spatial temperature distribution was controlled by the different seasons. The tidal prism model can help us understand the tidal exchange between a shallow coastal lagoon and the open sea, and estimate the volume of freshwater inflow, return flow factor, and the turn-over time. Furthermore, we used a one-dimensional model to simulate the hydrodynamics of tidal inlet. The model results show good agreement with observations. We found that the superelevation of the lagoon was 20 cm. This mean sea level difference was caused by freshwater inflow and accumulation of lagoonward tidal transport of water.

Abstract It has long been Taiwan¡¦s primary goal to be the Asia-Pacific financial center, especially after joining WTO, the internationalization of stock exchange, finance, and economy has undoubtedly become an inevitable trend. After Taiwan ensured the policy goals of financial liberalization, internationalization, as well as building Taiwan into an Asia-Pacific operation center in the mid-1980s, government has gradually eased financial restrictions and scrapped limits on foreign investment in the domestic stock market to expand and stabilize stock market through opening to foreign investment, and to direct investors toward rational trading through professional analysis of foreign investment capital. Although foreign capital inflow can strengthen stock market which helps accelerate economic development and internationalization; nevertheless, Mexico¡¦s and Asia¡¦s financial crisis in 1990s due to the abolishment of restrictions on capital movement, turned the policy of easing restrictions on foreign participation in the stock exchange into a double-edged sword. That is to say, while it is easier for enterprises to finance business and expand total demands to accelerate economic growth, the excessive foreign capital movement may impact domestic economy and finance, causing rapid expansion of capital and credit, inflation, as well as appreciation of real exchange rate. This study attempts to explore the dynamic effect of fundamental and stock trading factors on the stock¡¦s return rate after government eased restrictions on foreign participation in the stock exchange at the third stage of entirely opening to foreign investment. The results include that first, after the third stage of opening to foreign investment, foreign capital inflow actually causes the validity of exchange rate and monetary supply to influence stock¡¦s return rate, which changes the interpretation on the cause-and-effect of stock¡¦s return rate. Second, shortened reaction time on the impact of fundamental and trading factors on stock¡¦s return rate can rapidly reflect on stock¡¦s return rate, which helps stabilize stock market. And finally, the decomposition of forecast error variance verifies that financial internationalization indeed structurally changes how Taiwan¡¦s macroeconomic environment interprets stock¡¦s return rate. Moreover, as for trading behavior, the influence of the more speculative trading credit on stock¡¦s return rate decreases, and the foreign capital deregulation helps stabilize stock market. Key word: foreign investment, stock return, fundamental factor, trading factor, unit root, VAR

The traditional fund performance-evaluating measures rely on historical returns; however, this return-based performance measures are demonstrated with less precision but more biases than the holding-based measures by many studies. Therefore, the paper uses both return-based measure and holding-based measure by Cohen et al (2005). The equity fund samples begin from January 2004 to December 2008 with monthly returns and seasonally holdings of equity funds. The purpose of the study is to compare the predicting ability and information-containing ability between the four models: CAPM alpha model, Fama & French alpha model, CAPM holding based alpha model, and Fama & French holding based alpha model. At the end, the study analyzes the stock selection ability of Taiwan equity funds with the model which has the best predicting and information-containing power. The result shows that the best predicting power models are Fama & French model and CAPM model. Also, the best information-containing models for predicting future returns are Fama & French model and CAPM model. Thus, the study uses both Fama & French model and CAPM model to analyze the stock-picking ability of Taiwan equity funds. And we find that the funds have no stock selecting ability under Fama & French alpha model, but have the contrary results under CAPM alpha model. However, considering the number of the factors and the explanation of the two models, we conclude this paper with Fama & French model which shows Taiwan equity funds having no stock selection ability.

Many enhanced index funds are based on a quantitative model to control active risk and to acquire active return. In this thesis we first construct a multiple-factor model (MFM) and then use statistical methods to evaluate the significance and stability of factor explanatory power. Significant and stable factors are utilized to fine tune weights of T50 index fund portfolio by an intuitive weight allocation model to achieve the effect of return enhancement. Empirical studies show that the multiple-factor model can explain the excess stock return effectively; the average R-Square of multiple-factor model reaches 49%. After analyzing the sensitivity of parameter of enhanced index weight allocation, the study finds that the original weight retention rate has linear relationship with active return and active risk of the T50 index fund. Adjusting the retention rate allows us to control the active return and active risk of T50 index fund. Furthermore, adjusting the original weight retention rate according to the Adj-R2 of multiple-risk factor model can effectively improve the stability of active return. The study finds also that the expected rates of return which are calculated by multiple-risk factor model could not differentiate among future performance of the first your guarantee portfolios. Thus, the study adjusts the range of weight allocation to T50 constituent stocks with higher and lower expected return rates. The result shows that this adjustment increased the IR of the enhanced index funds.

TSEC and OTC listed companies conduct capital increase by retained earnings and stock dividend distribution numerously and that weakens performance of return on equity (ROE), return on asset (ROA) and earnings per share (EPS) and increases stress on managements. Since Formosa International Hotels Corporation pioneered in reducing capital and returning cash to shareholders, this topic has commonly discussed in capital market. Has a company been unable to utilize cash efficiently, reducing capital followed by returning cash to shareholders is a practical option to elevate financial ratio. This study discusses the effect on stock price subsequent to announcement of reducing capital followed by returning cash to shareholders. This study adopts event study to discuss the effect on stock price after declaring reducing capital and returning cash to shareholders and the sample size covers 27 TSEC and OTC listed companies which conducted capital reduction followed by returning cash to shareholders. The results are as follows: 1.The stock price shows positive effect when a company announces reducing capital followed by returning cash to shareholders for the first time. On the date of announcement and the first date after announcement, the average abnormal returns are generated evidently. Accumulated abnormal returns reach the highest level on the date of announcement and the first two days after announcement. Therefore, announcement effect of reducing capital followed by returning cash to shareholders is effective in short term. 2.Based on regression model analysis, return on asset, ratio of reducing capital and P/E ratio are positively correlated with announcement of reducing capital followed by returning cash to shareholders.

The annular-return flow and the utility of small-scale, combustion-based actuators for its control are investigated experimentally. The annular return flow is generated by an axial primary round jet, which impinges normally on a bounded end wall of a concentric tube, subsequently reverses direction, and exits the tube in a countercurrent flow to the primary jet. The combustion-based actuator generates a momentary (pulsed) jet that is produced by the ignition of a mixture of gaseous fuel and oxidizer in a small (cubic centimeter scale) combustion chamber. The operating frequency and the phase can be continuously varied by independently controlling the flow rate of the fuel/oxidizer and the ignition frequency. Two radially-opposing actuators are mounted on the wall of the annular return tube and are used to trigger flow transients that alter the global flow through strong feedback. The characteristics of the baseline flow and the effects of actuation are investigated using particle image velocimetry (PIV) as well as static and unsteady pressure measurements. The baseline flow is highly unstable, exhibiting very high rates of flow recirculation. The actuator jet acts as an azimuthal obstruction deflecting the primary jet and causing it to flow around the actuator jet. Furthermore, the interaction of the primary jet with the actuator jets generates large-scale circulation domains.

Clothing purchases represent the largest selling category on the internet at $13.6 billion (US Census, 2008), however return rates are extremely high at 14-50%, almost twice as high as return rates for most other categories (Barbaro, 2007). This has negative implications for consumers and retailers as the cost of returns and lost consumers is extremely high. High return rates force retailers to take on the cost of restocking and reselling merchandise, with an estimated $100 billion lost annually (Blanchard 2005). This research focuses on online product representation with the goal of identifying the method of product representation that most effectively improves a consumers' ability to make accurate size decisions without negatively impacting brand and product quality perceptions. This research uses interviews to assess retailer beliefs about how best to deploy online clothing visualizations. Next an experiment was conducted to compare alternative clothing model visualizations to assess effects on fit satisfaction, return likelihood, brand and quality perceptions. Finally, to understand current use of visualizations by clothing retailers and their effects on consumer satisfaction and sales, a content analysis was conducted. This study can provide a solution that can improve consumers' abilities to make accurate fit decisions, thus reducing return rates and improving consumer satisfaction, at a minimal cost to retailers.