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狀態相依公司信用模型下之信用違約交換評價 / Credit default spread valuation under the state-dependent corporate credit model梁瀞文, Liang, Ching Wem Unknown Date (has links)
違約事件受到系統性風險與獨特性風險的綜合影響。本研究建構一狀態相依公司信用模型,該模型能反映出系統環境對市場造成的影響與個別公司獨特因子帶來的個別衝擊。
本模型透過從總體環境中萃取出的狀態變數來捕捉系統性變化,另外透過Variance Gamma過程來描繪個別公司的獨特因子帶來的影響。Variance Gamma過程可藉由調整分配的鋒態及偏態來調整布朗運動無法反映出的分配,以更貼近真實的市場訊息。
與縮減試模型相較之下,本模型無需參考信評機構的信用評等資訊,僅依賴市場上公開且透明的資訊,並且與結構式模型相同的是其富有經濟意涵。我們可以透過本模型來同時生成公司流動性危機發生機率與預期流動性危機造成的損失,進而利用本模型評價出個別公司信用違約交換的價格。
關鍵字:信用違約交換;系統風險;獨特性風險;狀態空間模型;Variance Gamma 過程 / Systematic and idiosyncratic risks are thought to affect the default events. This study develops a state-dependent corporate credit model that reflects both systematic movement and idiosyncratic shocks. To capture the systematic movement, the model extracts state factors from macroeconomics data. For the idiosyncratic part, the model applied Variance Gamma Process in depicting the potential variable of the firm by altering the distribution’s skewness and kurtosis. The model contains abundant economic significance as structural-form model does. Comparing to the reduced-form model, it does not rely on the information provided by rating agency but use information that is transparent and public. One can generate a firm’s probabilities of liquidity crisis and expected liquidity shortfalls endogenously and concurrently by employing the model. Credit derivative such as Single-name CDS can be priced under the model.
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瑞特氏症模式小鼠的運動障礙與紋狀體特性之表型分析 / Phenotypical analysis of motor behaviors and striatal characteristics in mouse models of Rett Syndrome蘇三華, Su, San Hua Unknown Date (has links)
瑞特氏症(Rett syndrome, RTT)為第二型甲基化CPG結合蛋白(2methyl-CpG binding protein 2, MeCP2)基因發生突變所造成的神經發育疾病,其症狀包含了嚴重的運動障礙及自閉傾向等特徵。由於紋狀體(striatum)為運動控制的重要腦區,我們假設RTT的運動障礙主要為紋狀體的功能異常所造成,故利用RTT模式小鼠來研究紋狀體是否為RTT運動障礙的致病原因。利用敞箱試驗(open field test)及加速滾輪測試(accelerating rotarod task)結果發現,Mecp2基因剔除小鼠的活動力明顯下降,並伴隨有運動協調能力的缺失。以免疫組織染色法及西方點墨法分別標定紋狀體中的mu-opioid receptor及calbindin蛋白,發現二者表現量均有明顯下降,然而表現parvalbumin的中間神經元細胞數目卻大量增加。我們發現在紋狀體中多巴胺D2受體的表現量顯著增加,但多巴胺合成酶tyrosine hydroxylase與多巴胺訊號傳遞下游分子DARPP-32蛋白並沒有明顯減少。為了更進一步確認紋狀體的致病角色,我們利用特定在紋狀體中缺少MeCP2的「Mecp2條件缺失小鼠」,觀察其運動行為的改變。結果發現,Mecp2條件缺失小鼠不管是在活動力或是運動學習上都表現出和Mecp2基因剔除小鼠相似的運動障礙,顯示紋狀體所調控的正常活動力及運動學習能力皆需要MeCP2的參與。我們接著進一步探討是否擁有完整MeCP2表現的紋狀體就足以執行正常的運動功能。當Mecp2基因剔除小鼠的紋狀體重新表現MeCP2(即「Mecp2條件回復小鼠」),MeCP2缺失所造成的運動障礙可被回復到接近野生型小鼠運動能力的正常水準。顯示紋狀體中MeCP2的存在為正常運動控制的充要條件。在以cyclin-dependent kinase-like 5 (Cdkl5)突變小鼠研究MeCP2的磷酸化是否會影響到運動行為,發現Cdkl5突變小鼠在出生早期及成年時期皆存在與Mecp2基因剔除小鼠一致的運動協調能力缺失。免疫組織染色及西方點墨法結果顯示,Cdkl5突變小鼠的紋狀體中mu-opioid receptor表現量有明顯下降,但parvalbumin的中間神經元數目並無改變,而在大腦皮質中多巴胺轉運子DAT1蛋白表現量明顯上升。CDKL5突變造成與RTT相似症狀的原因還須更進一步的探討。綜上所述,本研究為「紋狀體異常可能為RTT運動障礙的主要致病原因」提供動物模式的實驗證據,並提供了一個新的觀點用於未來治療RTT或防止其症狀的惡化。
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國際貿易下之非信用狀交易實務與風險規避:從台灣出口廠商之角度探討 / International trade practice and risk aversion of Non-LC trading from the perspective of Taiwanese exporters王威凱, Wang, Kevin Unknown Date (has links)
Taiwan, an island with outstanding economic miracle, has deeply depended on international trades to increase economic growth and national wealth. There are many successful companies, including listed enterprises and SME, manufacturing and marketing Made-in-Taiwan products all over the world through international trade and commerce. Therefore, undoubtedly the power international trade is one of our strength and plays a key role on stimulating economy as well as elevating the living standard of people. .
To compete with other international exporters, Taiwanese exporters must provide not only products with good quality and reasonable price, but also offer competitive payment terms to further strive for new clients and strengthen individual competitiveness. This is a recent trend of International Trade. From the risk-free payment term, such as- T/T Advance to O/A 90 days after shipment, Taiwanese exporters suffered both political risk and credit risk. Not to mention cash flow risk and exchange rate risk that normally appears during transaction.
Remembered financial crisis in 2007, market failed and malfunctioned at that time. As for corporate side, individual companies faced difficulties of continuously operation. Some even seriously went bankruptcy during that time. In this circumstance, Taiwanese exporters, even successfully won the orders, could not receive the payment on time from foreign buyers. Some of them may even suffered huge loss because of intentional disputes or buyer’s closedown. Therefore, it goes without saying that risk aversion is becoming an important issue for Taiwanese companies to survive.
There would be three major financial tools being introduced for risk aversion with three case studies. Each of them has its special features and functions by different needs. How and why does Taiwanese exporter choose and leverage for risk aversion will be explained and discussed. The purpose of this paper is to find out the solutions for Taiwanese exporters to reduce risk of international trade as well as increase competitiveness in the foreign trade and grow the economy as contribution in the long run.
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從環境權論受污染土地整治及再利用 / A study to contaminated land remediation and revitalization from the prospect of environmental right洪淑幸, Hung, Shu Hsing Unknown Date (has links)
筆者於擔任環境保護署土壤及地下水污染整治基金管理委員會組長之過程中,因土壤及地下水污染整治法責任議題未能清晰於環境作用法中明確規範其範疇,致使被論列污染行為人之責任分擔產生公平性上之危機,亦深切感受到,執法過程諸多窒礙。本諸職責所在,於民國93年起開始著手研議土壤及地下水污染整治法修正草案,並辦理研商、座談與公聽會議,廣納各界意見,終於於99年1月8日完成二、三讀之程序,並於99年2月3日由總統公布施行。亦將過程中所收集到之資料,由實務及理論之角度切入探討現階段之實務困難以及學理上各國之理論納入可能性分析,再進而闡出落實受污染土地整治再開發之必要以及提出相關配套之修法建議,完成本論文。本論文共分六章,第一章緒論:主要交代研究動機、目的、範圍與方法,第二章為環境權之論述:由該權限發展之歷程、各國立法例之參酌以及我國實務上案例中附近居民及環保團體之主張,確認環境權存在之價值。第三章為國家對於環保之憲法義務:第四章為受污染土地再利用法制上之研析:針對國外立法例之褐地制度及規範統合成國內未來得以參酌之制度,第五章為我國受污染土地行政管制規定及相關問題之說明:除將土壤及地下水污染整治法行政管制之手段逐一作說明外,探討違反責任之論述,區隔狀態責任以及行為責任,並且援引國外立法例及我國實務上之判決釐清及說明責任歸屬,第六章為結論。
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論保稅區的管理和發展卞祖耀 January 2003 (has links)
University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration
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發展澳門產業適度多元化的政治經濟分析 / Political economy perspective on the diversification of Macao industry蘇文靜 January 2011 (has links)
University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration
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台灣大學生社會背景、個人才情和專業選擇的關係 / Social origins, personal profiles, and college majors;"台灣大學生社會背景個人才情和專業選擇的關係"吳黃旭 January 2010 (has links)
University of Macau / Faculty of Education
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高學歷女性生涯角色協調歷程之敘事研究 / Career roles coordinating process of highly educated female : a narrative research賀晶 January 2012 (has links)
University of Macau / Faculty of Education
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語言與手勢之溝通動態性 / Communicative Dynamism in Language and Co-speech Gesture楊婉君, Yang, Wan Chun Unknown Date (has links)
本研究探討溝通動態與手勢之關係。本研究相較於過去的研究提供了中文口語語料的量化結果,除了檢視語言上的溝通動態值與手勢出現、手勢類型的關係以外,並加入手勢特徵進而檢視。語言上的溝通動態值分別以「資訊狀態」與「主題連續性」來決定溝通動態值之高低,並且將手勢所伴隨的語詞依詞性分開分為名詞與動詞,檢視是否手勢上會依循語碼原則(the coding principle):當溝通動態值越高,所使用的代碼材料便越多;當溝通動態值越低,所使用的代碼材料越少。結果發現,以決定溝通動態值的標準來看,資訊狀態較主題連續性更能依語碼原則反應溝通動態值。原因是因為資訊狀態反應訊息的新舊差異性,而主題連續性反應的是舊訊息當中的不同的「舊」的程度差異,因此前者較能反應溝通動態與手勢之關係;而以手勢伴隨的語詞而言,動詞較名詞更能依語碼原則反應溝通動態值。因為動詞相較於名詞而言,在語言上無完整的語碼系統以反應溝通動態值之高低,因此倚賴手勢出現與手勢特徵來反應語言上的溝通動態值之高低。 / The study investigates the correlation between communicative dynamism (CD) and gesture. Different from the previous studies, the present study provides quantitative analysis based on Chinese conversational data. The study examines the correlation between CD in language and the occurence of gestures, gestural types and gestural features. The various degrees of CD are deteremined by two separate criteria, namely “information status” and “topic continuity”. Morover, the study also distinguishes between the nominal affiliates of gesture and the verbal counterparts. The study found that gestures occur at the two extremities of CD. Gestures tend to co-occur with linguistic elements bearing the highest or the lowest CD. In addition, based on the criterion of “information status”, stroke duration and handedness were found to reflect the various degrees of CD. On the other hand, based on the criterion of “topic continuity”, all gestural features including stroke duration, gestural space, handedness and stroke frequency have no correlation with CD.
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例外狀態:阿岡本(Giorgio Agamben)思想中的法與生命 / State of Exception: Law and Life in Giorgio Agamben's Thought薛熙平, Schive,Hsi-Ping Unknown Date (has links)
本論文的研究主題是探討當代義大利哲學家阿岡本(Giorgio Agamben)關於法律與生命之關係的思想,而其中的關鍵概念則為「例外狀態」(state of exception)。延續著由傅柯(Michel Foucault)所鋪展的生命政治(biopolitics)分析,當代政治確實面對著如下困徑(aporia):其所欲展演人類幸福與自由之處─神聖的生命本身─同時正是政治權力所試圖全面掌控的對象。政治如此,作為其運作綱要的法律亦然。這可由大法官釋字603號關於換身份證需按指紋的爭議透露出來:為了保障「身家性命」的基本人權,國家要求介入該權利的核心領域,將每個人的生物性特徵─指紋─強制建檔以進行更全面的人口治理。
這個法與生命的弔詭關係,在阿岡本的思想中,乃是透過一個特殊的法權裝置─例外狀態─而產生。相對於一般所認為的,法與生命的關係在於以法律規範生命,或由生命創造法律,阿岡本認為法與生命的關係首先在於法與生命的區分(distinction)本身,而例外狀態便是建立這個區分的裝置。所謂的例外狀態,就是透過懸置法律(憲法),用不受法律限制的措施進行治理的狀態。例外狀態彷彿是一個無法狀態(anomie),而生命彷彿被棄置於法律之外成為赤裸的生命(bare life)。然而,根據史密特(Carl Schmitt)的名言:「主權者就是決斷例外狀態之人」,例外狀態並非與法律無關,相反地,其作用在於創造或回復一個讓法律能夠適用於生命的正常情境。因此,正是透過將生命排除於法律之外,例外狀態試圖建構一個能將生命包含進來的法秩序。這個透過排除而包含的關係,就是阿岡本所定義的例外關係,也就是法律與生命的根本關係。而阿岡本認為現代生命政治的特性,便在於例外狀態已非例外,而逐漸成為常態,也因此法與生命的關係本身也日益成為對抗爭議的焦點所在。
因此,本文的工作便在於探討阿岡本的思想中,法與生命間如何透過例外狀態而建立關係,其形式、力道、所構作之生命形象與可能的出路。本文的作法主要在於理論的耙梳與思辨;然而,例外狀態並非僅是一個抽象概念。放在台灣的歷史脈絡中,伴隨著現代化的殖民統治、戒嚴統治,甚至直到今天的「事實上國家」,無一不是例外狀態的常態體現。911之後由美國所主導的全球化反恐活動亦是此結構的更新部署。甚而,在日常實踐上,例外的潛在揭示著每一個「依法行政」、「依法裁判」背後所無可避免的決斷,以及賦予此決斷以法的效力(force of law)的國家暴力。阿岡本《例外狀態》一書的第一句話因此問道:「你們法律人為何對那與你切身相關之事保持沈默?」
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