為了處理在願付價格的研究中，極端受訪者對於估計結果所造成的誤差。本文沿用Tsai(2005)所建議採用的三要素混合模型，將受訪者區分為價格再高都願意支付、願意支付合理價格以及價格再低都不願意支付等三種類型。在評估願付價格時，以加速失敗模型(accelerated failure time model，簡稱AFT model)針對願意支付合理價格的受訪者進行估計，並且在考慮不同起價點可能會造成不同程度的起價點偏誤(starting point bias)或是定錨效果(anchoring effect)的情形下，提出一個起價點偏誤調整模型來做探討。我們並以CVDFACTS中的高血壓之願付價格資料進行實證分析。分析結果發現，教育程度越高的男性對於能降低高血壓病患罹患心臟血管相關疾病之新藥願意付較高的金額。此外我們也發現在此筆資料中，不同起價點確實會造成不同程度的偏誤，經由偏誤調整後會得到較高的願付金額。 / A study of willingness-to-pay often suffers from the bias introduced by extreme respondents who are willing to or not willing to pay any price. To overcome the problem, a three-component model proposed by Tsai (2005) is adopted. Under such a circumstance, respondents are classified into three categories, i.e. respondents who are willing to pay any price, unwilling to pay any price, or willing to pay a reasonable price. The willingness-to-pay for those subjects who are willing to pay a reasonable price is again modeled by an accelerated failure time model (AFT model). In this study, we, however, propose an unified model that allows us to look into the issue related to starting point bias and anchoring effect, simultaneously. Willingness-to-pay for cardiovascular disease treatment from a longitudinal follow-up survey- CVDFACTS, is investigated using the new model. Through the use of the model, we are able to detect the effects of starting point biases, and make a proper adjustment accordingly. Our analysis indicates that male respondents with higher education level have an inclination to pay higher price for the new treatment. Besides, we also discover that starting point bias does exist in this dataset.

本文以 GJR-GARCH 為分析模型，針對所選八家台灣上市公司股價所計算之每日對數報酬率(daily log returns)，對於各種不斷到達的新增訊息所引起的波動反應。所納入條件變異數方程式的訊息到達(解釋變數)分別為：(1)同日成交數量(2)成交量變動率(3)星期一與星期五之日曆效應(4)不同權值規模(size-based)投資組合間的波動外溢效果。研究結果發現(1)同日成交量對於台股權值較低的小公司，有能力捕捉其波動性，但是對於權值偏高的大公司，其解釋能力顯有不足(2)成交量變化普遍會導致公司報酬率的波動(3)臺灣股市波動性並不具有星期五效應，至於星期一效應也只出現在部分的小公司(4)不同規模的投資組合間雖然互有波動外溢現象，但其不對稱性非常明顯， 亦即訊息到達後，先造成大公司股價的波動，此波動再進而影響到小公司，引起小公司股價的波動。 / Applying the GJR-GARCH model to the daily returns of eight selected firms from Taiwan stock market, this paper examines response of variance volatility to various information arrivals which separately include (1) concurrent trading volume (2) change in trading volume (3) calendar effects, especially Modnay and Friday effects, and (4) asymmetric volatility spillover between two sized-based portfolios. The results find that concurrent trading volume as a proxy of information arrival dramatically reduces volatility persistence of the small firm's conditional variance, but has little influence on large firm's, and change in trading volume cause significant change in conditional variance. Although there is a conjecture that the volatility in stock markets may be higher on Monday and Friday, it can't be found in this study. The results also strongly support that the volatility spillover effect from larger to small portfolio is more significant than that from smaller to large portfolio.

面為基階段在視覺處理歷程中扮演重要角色，面表徵是高於視網膜影像的視覺表徵，本研究目的在於探討以「面表徵」為選擇基礎之注意力運作。參考過去研究者所採用的面材料，本研究改為同時呈現二個交叉斜面並進行線索提示作業，以同面優勢效果作為面為基注意力運作之指標。 本研究分成四項實驗，每項實驗皆由兩個子實驗構成，此二個子實驗分別使用「外因性線索提示作業」與「內因性線索提示作業」探討面為基注意力的運作。實驗一利用上述「面」的設計及兩種提示作業，得同面優勢效果，反映面為基注意力的運作參與其中。實驗二目的在於排除注意力根據「可能目標的斜度」進行選擇之混淆，因此將面改為擁有相同斜度且互相平行的二個斜面。注意力若根據可能目標的斜度進行選擇，則無法得同面優勢效果。結果顯示在實驗二的兩種提示作業中，仍得同面優勢效果。實驗三目的在於排除可能目標因空間排列而形成簡單的知覺組織，繼而影響注意力分配之可能性。結果顯示在外因性線索提示作業下，仍得同面優勢效果；在內因性線索提示作業下，SOA需延長至500毫秒，才展現同面優勢效果。實驗四則進一步確認在不同SOA下，面為基注意力的運作情況，結果發現：在外因性線索提示作業下，SOA為500毫秒展現同面優勢效果；內因性線索提示作業下， SOA為1000毫秒下展現同面優勢效果。 綜合而言，在外因性線索提示作業與內因性線索提示作業下皆得到同面優勢效果。當可能目標難以群聚後，在長SOA時距下，依然展現同面優勢效果。因此本研究的結果，對於面為基注意力提供了直接的支持證據。 / Surface-based stage plays an important role in visual information process. Surface representation means the representation that goes beyond 2-D image representation. The purpose of this study is on the exploration of attentional selection which is based on surface representation. Referring to the surface material used before, this study adopted two interlacing slant surfaces structured by random-dot stereogram to test the effect of “same-surface advantage”. There are four experiments and each experiment includes two sub-experiments which are exogenous cuing task and endogenous cuing task, respectively. In Experiment 1, the same-surface advantage was revealed. In Experiment 2, the confounding of “slant” was ruled out and the same-surface advantage was still kept. In Experiment 3, we reduced the possibility that candidate targets group together to form simple perceptual organization and then influence the allocation of attention. After rearrange the spatial positions of candidate targets, attention cannot select the simple perceptual organization easily. In exogenous cuing task, same-surface advantage was still revealed. In endogenous cuing task, SOA should be prolonged to 500ms, and it shows same-surface advantage. Furthermore, in Experiment 4, we manipulate three kinds of SOA and confirm the operation of surface-based attention. We found that in exogenous cuing task, SOA should be prolonged to 500ms, and it shows same-surface advantage.In endogenous cuing task, SOA should be prolonged to 1000ms, and it shows same-surface advantage. In conclusion, it shows same-surface advantage in exogenous cuing task and endogenous cuing task. When candidate cannot group together to be selected easily, SOA should be prolonged to longer, and it still shows same-surface advantage. The results provide the direct support evidences of surface-based attention.

本研究利用亞洲九個國家，自1995至2005年共十一年的資料，以固定效果模型對外人直接投資進入模式的外溢效果進行估計，探討外人直接投資進入模式與國家的勞動生產力之間的關係？另外，本文也研究外人直接投資的進入模式在高低技術及高低收入國家間是否會產生不同的外溢效果？　　 實證結果發現，跨國併購的行為剛進入時，並不會帶來顯著的外溢效果，然而只要一國的人力資本達到一定的門檻時，跨國併購便會為地主國帶來正向的外溢效果。而外商新建投資，可為當地市場產生正向的外溢效果。而透過技術能力的增進後，外商新建投資會帶來正向且顯著的外溢效果。 其次，在中低收入(技術)國家，外商新建投資透過人力資本的加乘後，也會產生顯著的正向外溢效果。 / The research adopts eleven-year of information from nine different Asian countries to evaluate the impact of spillover effect from the entry mode of foreign direct investment (FDI) on the national labor productivity. That is to construct a fixed-effects model studying, utilizing the information from nine Asian countries on FDI flows from 1995 to 2005. Moreover, the research also test the different spillover effect of entry mode between high-tech/high-incomed and low-tech/low-incomed countries. The empirical result shows that when first initiates a cross-border mergers or acquisitions, it doesn’t obviously result in the spillover effect. Thus, a country will has higher productivity of cross-border mergers and acquisitions, only when it has a minimum threshold stock of human capital. The foreign greenfield investment may have the positive spillover effect over the local market. And the higher the technology ,the higher the positive spillover effect of the foreign greenfield investment Lastly, in a low-tech/low-incomeed country,it will has higher productivity of foreign greenfield investment, also when it has a minimum threshold stock of human capital.

近年來國外探討健康人力資本對經濟成長影響的相關研究雖有漸漸增加的趨勢，但國內對這方面的研究仍然很少。因此，本研究藉由OECD國家與我國經濟快速成長的經驗，採用Cobb- Douglas 生產函數為基本類型，應用 1993至2003 年間追蹤資料進行實證研究，以探討健康人力資本、教育人力資本、及實物資本等生產要素個別在經濟成長中的影響力、貢獻率、及人力資本的外部經濟效果。實證結果顯示，各生產要素中，以人力資本對OECD國家與我國經濟成長的貢獻率最大。人力資本中又以健康人力資本貢獻率最大，其次是教育人力資本，最後是人力資本的外部經濟效果。高所得組國家健康人力資本貢獻率雖然低於低所得組國家，但高所得組國家人力資本存在外部經濟效果，藉由其外部經濟效果可使其教育人力資本及實物資本貢獻率均相對提高，而低所得組國家健康人力資本的貢獻是直接反映在其健康人力資本上，所以並不存在外部經濟效果。 / In recent years, the studies of the relationship between health human capital and economic growth are gradually increasing. However, it is still very few studies in Taiwan. Accordingly, this study adopts Cobb-Douglas production function and uses panel data from 1993 to 2003 of OECD countries as well as Taiwan to conduct an empirical study. The aim of this study is to explore the influence, the contribution rate and the human capital external economy effect of the healthy human capital, the education human capital, and the physical capital grows in the economy respectively. The results of this study show that the human capital contributes most to the economic growth of OECD country and Taiwan. Especially, the human capital in health human capital is the largest factor, education human capital is the second, and the human capital external economy effect is the next. Although the contribution rate of health human capital of high income country group is lower than the low income country group, the high income country group human capital has the external economy effect. However, the contribution of healthy human capital in low income country group directly reflects in health human capital, therefore the human capital does not have the external economy effect.

本研究探討長期投資人在面臨通貨膨脹風險時的最適投資決策。就長期投資者而言，諸如退休金規劃者等，通貨膨脹是無可避免卻又不易被數量化之風險，因為各國僅公布與之相關的消費者物價指數而沒有公布真實通貨膨脹數值，因此我們延伸Campbell和Viceira(2001)及Brennan和Xia(2002)的模型假設，以消費者物價指數的資訊來校正原先假定符合Vasicek模型之通貨膨脹動態過程。本研究之理論背景為：利用貝式過濾方法(Baysian Filtering Method)，將含有雜訊之消費者物價指數，透過後驗分配得出通貨膨脹動態過程。利用帄賭過程(Martingale Method)求解資產之公帄價格。再引進定值相對風險趨避(Constant Relative Risk Aversion，CRRA)的效用函數，求出最適投資組合下之期末累積財富、各期資產配置以及效用值。 / 本研究歸納數值結果如下： 一、投資期間越長，通貨膨脹學習效果越顯著。投資期間達25年以上時，有學習效果之累積財富為無學習效果時兩倍以上，25年為2.36倍；30年為2.18倍。此外，學習效果對投資人效用改善率於長期投資時也較顯著，投資10年效用改善率為35%，而投資30年則高達1289%，呈非線性成長。以上結果顯示：資產在市場上累積越久，受到通膨影響越明顯，更需要以學習方式動態調整資產配置進行通貨膨脹風險管理。 / 二、風險較趨避之投資人，CRRA參數值越大；於最適投資組合下之期末財富較少，因為風險較趨避投資人偏好低波動度資產組合。風險容忍度低之投資人較需要通貨膨脹之學習，否則效用減損過高，例如CRRA參數為1.5之投資人30年後效用減損65%，CRRA參數為4之投資人效用減損達96.5%。以上數據顯示：風險趨避投資人對風險關注程度較高，考慮學習效果時，較能根據目前通貨膨脹調整資產配置。 / This study examines the optimal portfolio selection incorporating inflation risk learning adjustments for a long-term investor. For long-term investors, it is inevitable to face the uncertainty of inflation. On the other hand, quantifying inflation risk needs more effort since the government announced the information on Consumer Price Index (CPI) rather than the real inflation rates. / In order to measure the inflation rate in planning the long-term investment strategies, we extend the works in Campbell and Viceira (2001) and Brennan and Xia (2002) to construct a stochastic process of the inflation rate. The prior distribution of inflation rate process, which is not directly observable, is assumed to follow the diffusion process. Based on the information of CPI, we then employ the optimal linear filtering equations to estimate the posterior distribution of the inflation rate process. Through these mechanisms, the inflation rate process is closer to reality by learning from CPI. We also construct the optimal portfolio strategy through a Martingale formulation based on the wealth constraints. The optimal portfolio strategies are given in closed-form solutions. / Furthermore, the importance of learning about inflation risk is summarized through the numerical results. (1) When the investment interval is longer, the learning effect becomes more significant. If the investment horizon is longer than 25 years, the wealth accumulation under learning will be twice more than that without learning effect, e.g., the wealth accumulation is approximately 2.36, 2.18 folds at the end of 25, 30 years. Utility increase under learning also become larger for long-term investor, e.g., the utility values will improve 35% after considering learning ability on inflation from 10-year interval, improve 1289% from 30 years. / (2)When the CRRA parameter increases, the investor have lower risk tolerance; and their wealth accumulation become less due to the lower volatility portfolio. A conservative investor requires more learning ability given the inflation, otherwise their utility value will be reduced, e.g., the utility values will be reduced 35% when CRRA=1.5 after 30 years’ investment, 96,5% when CRRA=4.

本研究主要探討盈餘重編宣告如何影響重編公司之供應商的股價評價與實質投資決策。首先，本研究假設並發現，盈餘重編宣告除了導致重編公司的股價顯著下跌外，亦誘發其上游供應商的股價顯著下跌。實證進一步發現，供應商的股價依盈餘重編之資訊內涵而調整，促使投資人關注重編事件對上游供應商的預期盈餘之影響，也提醒投資人去關心上游供應商的財務報表品質。其次，本研究假設，盈餘重編宣告傳遞有關重編公司未來前景不佳及財務報表不實的資訊，將影響其供應商對投入特定關係資產所能獲得收益之預期，進而影響其對重編公司所投入的特定關係資產投資決策。實證結果支持前述假說，重編公司之供應商於重編宣告年度後將減少其研究發展支出，且此研究發展支出之變動與重編宣告所引起的股價變動具顯著關聯性。最後本文假設，重編公司扭曲其實際盈餘數字將影響供應商的投資決策，進而影響供應商的投資效率性。研究發現，供應商在重編公司財務報表誤述期間有顯著超額投資之現象。然而，此供應商之超額投資現象在盈餘重編宣告年度後不再顯著。 / This dissertation extends prior research on earnings restatements by examining the effects of earnings restatements on valuation and investment decisions of restating firms’ suppliers. First, this paper hypothesizes and finds that earnings restatements that adversely affect stock price of the restating firms also induce their suppliers’ stock price declines. These stock price declines are related to changes in analysts’ earnings forecasts and seem to reflect investors’ financial reporting quality concerns. Second, I hypothesize that earnings restatements contain information about the value of relationship-specific investments by suppliers. This information causes suppliers to revise their belief about the value of relationship-specific investments, and therefore affects their subsequent relationship-specific investment decisions. Consistent with my prediction, I find that changes in suppliers’ relationship-specific investments after restatement announcements are related to information in the restatements. Finally, I predict and find that a restating firm misreporting financial results induces its suppliers to make excess investments during the misreporting period, while excess investment is no longer positive after the restatement announcement.

本論文探討外在環境和女性支持性別歧視的關係，透過實驗室的操弄和現實情境的測量進行了解，並探討可能的機制。此外，本論文也探討女性知覺到的負面環境、女性自身的性別歧視和工作家庭衝突的關聯性。根據社會認同威脅理論和Fischer（2006）的研究發現，本論文預期當外在環境對於女性的態度為負向時，女性較支持性別歧視。在實驗室情境中（研究一），藉由訊息價值和訊息來源的操弄，以了解正負面環境和態度來源差異對於女性性別歧視的影響，並透過負向狀態解除和女性次類別評估，探討女性支持性別歧視的可能原因。在現實情境中（研究二），我們請女性填答工作環境量表以測量受試者知覺到的負面環境，並檢驗女性負面環境和性別歧視之間的關係。此外，也檢驗負面環境與女性所經歷的工作家庭衝突有何關係。除了探討女性支持性別歧視的現象與機制外，本論文亦檢驗性別歧視與女性經驗工作家庭衝突的因應策略有何關係。 總結來說，本論文有兩個研究。研究一透過實驗法探討女性因負面環境而支持性別歧視的現象，並關心負面來源的影響，藉此檢驗外在環境對於女性支持性別歧視的影響。並透過兩個可能機制：負向狀態解除和女性次類別評估，以了解女性支持性別歧視的可能原因，其中受試者為223位大學女學生。實驗操弄女性受試者得知男性（或女性）對女性的正向（或負向）評價，並經由三種不同作業探討兩種機制，即採2（訊息來源：男性、女性）× 2（訊息價值：正向、負向）× 3（作業：控制組、負向狀態解除、女性次類別評估）實驗者間設計。結果顯示控制組的惡意性別歧視受訊息價值和訊息來源影響。當得知女性對女性有正向評價時，受試者較不支持惡意性別歧視，而善意性別歧視不受訊息價值和訊息來源影響。根據次類別評估作業，本研究發現相較於正向評價組，負向評價組的受試者會貶抑無能力、負向且非典型的女性次類別。此外，透過對女性次類別的評價，受試者的性別歧視不受訊息來源和訊息價值的影響。 研究二採問卷調查，以32名已婚且有工作的女性做為研究對象，探討在現實情境中女性知覺負面環境與其性別歧視間的關係，以及知覺負面環境、性別歧視、與女性工作與家庭衝突的關係。有別於研究一使用訊息價值的操弄作為負面環境的激發，研究二使用工作環境量表來測量負面環境。研究結果顯示女性惡意性別歧視與負面工作環境間並無顯著關聯。然而，結果顯示性別角色態度在女性工作環境與善意性別歧視間扮演調節的角色：具有傳統性別角色態度者，其善意性別歧視與工作環境的關聯較不傳統者高，也就是說，性別角色態度較傳統者，知覺越負面的工作環境，其善意性別歧視也越高；性別角色態度較不傳統者其知覺的工作環境與善意性別歧視則無關聯。而在探討負面環境對於工作家庭衝突的影響時，我們發現越知覺負面工作環境，受試者感受的工作與家庭衝突壓力越大。

國內外大部分的學者，探討法拍屋與市價的價差，存有極大的興趣，學者的文獻資料數量極為豐富。但對於從法拍市場取得後再出售的房地產價格效果，鮮少見有研究者著墨。更少的是有關存在於法拍市場與一般搜尋市場的兩次出售的價格比較研究。過去有關房地產的交易過程與成交價格關係的研究，不論是從法拍市場或一般搜尋市場取得後再出售的售價，部分的學者認為有受到定錨效應的影響有折價現象，而產生最後成交價的不同。傳統經濟學的假設，許多人以為「人是理性的」是必要的假設，其實是很大的誤解。事實上，傳統經濟學的模型在解釋經濟活動時，早已發現許多的「異常」現象。展望理論提出對傳統效率市場假說的批判，成功的將心理學導入經濟學領域，讓我們在解釋「異常」的現象時，多加上「人性」因素方面的考量，而使得解釋能力更為周延。本研究分析法拍屋拍定價格及一般搜尋市場投資者買入後再出售時價格比較。我們發現：在法拍市場與一般搜尋市場中，賣方訂定參考點存有不同的價差關係。這說明了，參考點存在於交昜過程中不同的時點，賣方依各個不同的參考點，在法拍市場與一般搜尋市場中決定最後的成交價。 / 研究結果發現，顯示在不同市場之法拍與一般搜尋市場中獲得房子，再出售之賣方訂定的各種參考點也存有顯著的差異性，在一般市場與法拍市場中均以最大可能成交價價差最為顯著。其次，研究同時發現在不同的市場景氣狀態中，賣方訂定參考點存有不同的價差關係，法拍與一般搜尋市場價格存有規避損失現象。賣方存有規避損失的訂價價格效果。深入訪談時發現，賣方出盈保虧的規避損失現象是一個十分普遍的現象。如果投資人對於已造成跌價損失的房地產不願輕易認賠脫手，表示投資人在有規避損失心態下，願意承擔風險，繼續持有該房地產。因此，在停損前，往往已下跌了相當的幅度；相反的，如果投資人對於已獲利的房地產很快的獲利了結，則表示停利前的上漲幅度有限，賣方為了得到正報酬，將依不同的參考點，調整不同的出售訂價。這個研究讓我們了解到「世事無絕對，視參考點而定」。參考點的選擇，對於我們的決策上會產生不同的結果。然而，面對參考點如此的多樣性，投資人於投資後，應避免只以購買價為決策參考點，以免造成損失。尤其在景氣低迷時期，在擬定銷售策略時，除了較難以改變區位條件外，應改變以價格為主要的行銷重點的方式，多提供買方相關外部資訊，滿足其需求，以縮短出售時的銷售期間。

本文採雙因子固定效果模型(Two-Factor Fixed-Effects Model)，利用中 華人民共和國國家統計局1998 年至2007 年資料，排除台港澳等旅客，研 究中國大陸各省市地區國外入境遊客人次，探討影響各地區入境遊客人次 之決定因素，以及其影響程度。實證模型採用之解釋變數分別為各地區交 通便利性、星級飯店旅館數、人均可支配所得、外資投入總額、製造業比 重、人均醫療機構數、園林與綠地面積、鄰近地區旅遊到訪人數、前兩年 旅遊到訪人數、人均貿易額、平均降水量、降水量變異數以及各地區特質 效果以及時間效果。而被解釋變數為中國大陸各省市地區接待國外入境遊 客人次，經由迴歸分析發現影響中國大陸各地區吸引外國遊客之決定因素 有、星級飯店旅館數、外資投入總額、人均醫療機構數、園林與綠地面積、 前兩年旅遊到訪人數、人均貿易額、平均降水量。並分析中國大陸各地區 之旅遊觀光產業之發展方向，最後則是對觀光產業發展進行政策建議。 / This article is aimed at the factors why visitors visit those regions in mainland China. This study will firstly review literatures about the demand of tourism. By viewing all the discussions, we tried to find out the most likely factors, and the two-factor fixed-effects model was used to analyze these various factors. Data for this analysis was provided by the National Bureau of Statistics People's Republic of China from 1998 to 2007. Several likely factors were taken into consideration as independent variables: the convenience of local traffic, the number of hotels, per capita disposable income, the total amount of foreign investment, the manufacturing sector, the per capita number of medical institutions, gardens and green area, the number of tourist visits around, The number of tourist visiting the first two years, the per capita volume of trade, the average rainfall, rainfall variation and the characteristics effects, and time effects. We used the numbers of foreign visitors of each region of China as dependent variables. The results showed that the factors which would significantly attract foreign tourists were the number of hotels, the total amount of foreign investment, per capita number of medical institutions, gardens and green area, the first two years the number of visiting tourists, the per capita volume of trade, and the average rainfall.