金融市場中存在著許多預測機構, 他們各自召集信眾並且不時地釋放訊息給其會員好讓他們能在交易中獲利。每筆訊息皆代表著各機構對此資產價值的預測, 會員則依此訊息至市場上尋找機會交易。他們交易前會先理性地觀察市場過往的波動。如果市場走勢所預測的訊息與自己的訊息一致, 那交易者交易時大概不會有所顧慮。然而當市場趨勢與自己的訊息不一致時, 交易者勢必會陷入兩難。仔細地衡量斟酌兩股力量的輕重後, 進而選擇他覺得對的決定。如果交易者放棄自己的訊息而追隨前人交易的腳步, 那我們可定義這是一種群聚的行為。 如果某一機構的會員人數龐大, 則他們勢必會影響市場價格的波動。不知情的交易者在看到價格趨勢如此時, 可能會放棄自己的訊息轉而追隨過往交易者的選擇。然而此種交易伴隨著風險, 因為不知道正確的訊息為何, 當價格已經達到機構所預測的目標時, 知情的會員便開始反向操作, 而不知情的交易者可能會持續地採取此一交易策略。於是當資產真正價值揭露時, 不知情交易者便可能因此被套牢。跟隨大眾的決策相對保險, 但是當追隨的人沒有額外的訊息無法查覺情勢的變化時, 便可能面臨損失的風險。 我們建構了一個存在兩種類型交易者的市場, 一方是沒有參加機構的一般交易者, 另一方是同時參加某一機構的會員交易者。透過私有訊息與公開歷史交易預測的權衡, 交易者必須想辦法在這一次機會的交易中獲利。而我們想找出是否對任何交易者而言, 參加預測機構是有利可圖的。 想當然爾, 市場中會員交易者的多寡對於機構預測目標價位的達成頗為重要, 因為影響力的大小間接決定了市場雙方的利潤。當然每位交易者對訊息的信心也有所不同, 這些因素都會影響雙方的利潤。而本篇論文即是嘗試找出在哪種條件之下, 參與機構交易者的交易績效會比沒有參與機構交易者的績效為佳。 / Traders with their own heterogeneous hidden information are coming to the market to trade in order to maximize their expected profits. They will observe the trends of prices and compare it to their private signals and then make the right decisions. The trends might not consistent with the private signals. If the traders choose to abandon his own signals and follow the actions made by predecessors, we called the action “Herds.” In this paper, we set a mechanism to harmonize with these two powers. Also we put the traders into two subgroups, and one of the groups will send another signal to its members. For simplicity, we use a sequential trading model to see the trade patterns. Since we use the closing price to measure traders’ profits, traders in the market need to presume what the closing price will be. Then we calculate the profits of each group and find out their performance. We want to see under what kind of conditions, the performance of one group will be better than that of another group. If we can find the conditions of better performance, it is worth for the traders to join that group.

在傳統的投資者有限關注度對於股價影響的研究中，往往都採取極端收益率、異常成交量等市場指標作為投資者關注度的代理變量。隨著網絡科技的發展，搜索引擎和財經網站的數據更直觀、即時、準確地反應了投資者關注度的變化。本文用和訊網股票關注度作為衡量投資者關注度的代理變量，實證檢驗了和訊網股票關注度所帶來的投資者異質性以及和創業板股價的聯繫。本文的實證結論主要有以下幾點：1.和訊網股票關注度比市場指標為代表的投資者關注度的代理變量更及時地反應投資者的注意力的分佈。2.小額投資者受關注度影響持續淨買入，而大額投資者則在關注度高的期間大量賣出以套利。3.投資者有限關注度對股價當期起正向的壓力，之後迅速反轉。4.在創業板市場上的高轉送(high stock dividends)事件期的股價反轉現象受關注度驅動。 / In the traditional studies of investor attention,scholars often use indirect proxies of investor attention .such as extreme return，trading volume and price limit.with the development of network technology,the measures of investor attention from search engine and financial web are more direct ,immediate and accurate.this paper use the measure of investor attention from hexun web to test if investor attention links with investor heterogeneity and GEM stock performance.We find that：1. hexun investor attention captures investor attention in a more timely fashion than the other proxies of investor attention. 2. Retail investors are likely to be net buyers of attention-grabbing stock continuously while large investors keep selling. 3. The investor attention brings the positive pressure to current stock price, and then quickly reverses. 4. The stock price reversal in the period of high stock dividends event is driven by the investor attention.

自從Engle（1982）觀察金融資產報酬序列具有波動叢聚的現象，進而提出自迴歸條件變異數異質（Autoregressive Conditional Heteroskedasticity）模型後，解決了傳統的時間序列模型如自我迴歸移動平均（Autoregressive Moving Average；簡稱ARMA）模型在財務金融的實證研究上對變異數異質（Heteroskedasticity）的現象不能做有效解釋的問題後。陸續的延申模型如Bollerslev（1986）一般化自我迴歸條件異質變異（General Autoregressive Conditional Heteroskedasticity；簡稱GARCH）模型、Chou（1988）的GARCH - M（General Autoregressive Conditional Heteroskedasticity in Mean；簡稱GARCH - M）模型，已廣泛的應用於分析股票市場股價持續波動的問題上。 同時，由於國際股市間通常存在著訊息傳遞的現象，國際股市波動命題已在學術界廣泛的被討論，因此本文選取與台灣經濟景氣息息相關的美國、日本來分析訊息的傳遞型式，並且討論風險貼水項在解釋股價指數報酬上是否具有解釋能力。此外，若美、日、台三地的股價指數無法擊敗隨機漫步模型Ⅰ，則三地股票市場是效率市場，股價指數將是完全隨機不可預測的，因此本文經由BDS檢定方法來檢定隨機漫步模型Ⅰ是否足以表徵三地的價格過程，做為在是否進行多變數GARCH模型估計的參考。同時，若市場間的非同步現象嚴重的話將對估計結果產生影響，因此，本文也對三地股市非同步現象加以探討，視其是否有非同步調整的必要再加以調整，以避免估計時產生誤差。 接著，本文亦就股價指數歷史資料橫斷面探討國際間股市的互動性，經由Tank and Kwok（1997）模型加以延申，進行台灣、美國、日本國際投資組合多角化效益之分析，探討的命題主要是週末效果、元月效果，和Rogalski效果是否顯著存在於台灣、美國、日本股票市場，即分析上述效果是否對國際投資組合均報酬、報酬波動、風險分散利益產生影響。 總言之，經由上述的實證過程，將使我們對美、日、台股市具有更進一步的了解。同時，三地股票市場訊息的連結與傳遞型式分析，也可做為投資人在進行股票市場投資與國際投資組合建構時的決策參考。

網際網路蓬勃發展，使得全球創新種子不斷地萌芽，個人或公司可以運用自身的知識能力，透過網際網路，將創新成果呈現在大眾的面前，創造出極高的創新價值。進一步分析網際網路創新的產生，會發現網路上任何創意都必須透過網路技術來加以實現，因此本研究探討組織如何整合技術合創意，結合不同專業的知識，產生創新價值。 本研究從知識管理的理論基礎出發，以台灣兩大搜尋引擎蕃薯藤、奇摩推薦網站以及專業評估選網站”人間煙火”評選的中文推薦網站為研究對象，挑選出台灣經營網路事業具代表性的公司，嘗試從成功企業的經營模式中歸納出台灣網路事業的創新類型以及公司在知識整合機制上的作法。研究發現： 一、網站創新類型可分為漸進式創新與跳躍式創新 二、知識特性不同，公司採用之創新類型不同，知識異質度高，網路創新傾向採用跳躍式創新，知識異質地低，網站創新傾向採用漸進式創新。 三、網站創新所需的知識特性不同，公司所採用的知識整合機制不同 3-1 網站企業所需的知識整合機制包括方向／目標、順序／流程、例規、共同語言、多元專業個人、對話／開會，區分為組織機制、介面溝通機制、多元專業個人機制、團隊運作機制四種類型。 3-2 網站創新所需的知識複雜度高，且知識異質度高，組織傾向採用介面溝通機制、多元專業個人機制與團隊運作機制整合不同專業的知識，介面溝通機制複雜度較高。 3-3 網站創新所需的知識複雜度高，且知識異質度低，組織傾向採用多元專業個人機制與組織機制整合不同專業的知識。 3-4 網站創新所需的知識複雜度低，且知識異質度高，組織傾向採用團隊運作機制與組織機制整合不同專業的知識。 3-5 網站創新所需的知識複雜度低，且知識異質度低，組織傾向採用多元專業個人機制與介面溝通機制整合不同專業的知識，介面溝通機制複雜度較低。 / The relationship between knowledge integration and innovation on the World Wide Web -By Ruo-Jun WUAdvisor: Dr. Se-Hwa WuKeywords: Internet innovation, knowledge heterology, Knowledge integration , mechanisms of knowledge integration 1. Background Internet industry grows rapidly. According the Internet report of Mogan Stanley company, new businesses that are created by or for Internet marketplace will grow very rapidly, at an estimated CAGR of 38% from now until ths year 2000. One of the important factor in the Internet's on-going growth is that there are many original innovations in the Internet. One person or a small company can create high innovative value by their own knowledge through the World Wide Web. Innovation becomes an important ubject i2. Purpose According to the research background ,the research objective of this study are four points: (1) To find the innovation on the World Wide Web and the categorization of innovation on the World Wide Web.(2) To explore the characteristic of knowledge with the innovation on the World Wide Web. (3) To explore the relationship between the characteristic of knowledge and categorization of innovation. (4) To explore the relationship between the characteristic of knowledge and the mechanism of integration knowledge?3. Conceptual FrameworkThe literature on organization knowledge and learning has explored the role of organizations in the acquisition, processing, storage, and application of knowledge(Argyris and Schon 1978,Levitt and March 1988,Ribertwon and Swan and Newell 1996). Demsetz(1991) proposes that efficiency in the acquisition of knowledge requires that individuals specialize in specific areas of knowledge, while the application of knowledge to produce goods and services requires the bringing together of many areas of specialized kGrant's(1996) observations of mechanism of integrating knowledge imply that the difference of knowledge characteristic will influence the method of knowledge management and Lyles and Zander(1992) propose the structure of organization knowledge would play an important role in searching the strategic opportunity. Based on the literature review in the preview paragraph, this study proposes the following framework (shown in figure 1), which is made up of two dimensions: knowledge heterology and knowledge complexity as the variables and in order to discussing the company how to integrate different individual's knowledge and to produce innovation on the World Wide Web. 4. MethodologyThe data were collected through research in both primary and secondary sources. Primary data were then collected about the web site project by contacting directly one of the members of web site team and requesting an interview. Search engine is considered the representative product in the Internet and so six project was picked through the recommendation of search engine to show the operation of successful companies on the World Wide Web5. Conclusion(1) The categorization of innovation in Internet industry included incremental innovation and radical innovation. (2) Organizations are more likely to adopt incremental innovation when the degree of knowledge heterology is low and adopt radical innovation when the degree of knowledge heterology is high. (3) Organization will take different mechanism to integrate knowledge when the characteristic of knowledge with Web innovation is different. 3.1 Organizations take "Rules and Directives, Routines, Sequencing, problem solving, dialogue/meeting, multiskilled individual " as the mechanism of integrating knowledge. These mechanisms can be categorized by four mechanism patterns-Organization mechanism, Team mechanism, Individual mechanism and Communication mechanism. 3.2 Organizations will take Team mechanism, Individual mechanism and Communication mechanism, when the degree of knowledge complexity is high and the degree of knowledge heterology is high. The degree of common language is more complex. 3.3 Organizations will take Organization mechanism and Team mechanism, when the degree of knowledge complexity is low and the degree of knowledge heterology is high. 3.4 Organizations will take Organization mechanism and ndividual mechanism, when the degree of knowledge omplexity is high and the degree of knowledge heterology is low. 3.5 Organizations will take Individual mechanism and Communication mechanism, when the degree of knowledge complexity is low and the degree of knowledge heterology is low. The degree of common language is less complex.

本文主要探討出售長期資產對公司股價的影響,由於金融性資產時間序列資料有異質變異數現象,傳統事研究以最小平方法無法正確描述殘差項之變異,故使用一般自我迴歸異質變異數(GARCH)模型.由實証發現,市場對公司出售資產的反應視其處分目的而定,對為了改善營運而出售資產的公司,一般相信公司營運能提升,有助於增進公司價值;對為了改善財務而出售資產的公司,由於公司本身財務狀況不佳,雖藉出售資產取得資金,但市場反應仍不佳.另外,由迴歸分析也發現處分目的為宣告期間累積異常報酬重要的解釋變數.

Children use Internet for many reasons, such as playing on-line games, searching for information, downloading music and videos or doing homework. However, there is one interesting tendency that Internet has changed the boundary between the sender and the receiver. Children in this Internet age, they change their roles to become content providers. While they are blogging or uploading photos, they are processing “I media”. In the past, children invite their friends to their bedroom. They talk the secrets or playing games while they are in a parenting area. Today, ‘bedroom’ and ‘digital bedroom’ can be combined. Staying at home, and not going out, but by surfing the (world) of the web, both boys and girls of different ages are engaging in a kind of domestic or bedroom culture that take place in virtual space. In this study, children’s personal weblog may be seen as ‘heterotopias’, Michel Foucault (1986) proposed. This research concerned about children's use of blogs in their everyday life, attempted to learn children's digital bedroom culture through the analyses of all kinds of documents presented in children’s blogs, and to know how children gain identity through blogs.

關於風險值之估計，拔靴法因直接以市場資料為抽樣分配，計算時便包含一般財務時間序列所常有的厚尾高峰等現象，避免模型偏誤(Model Risk)。但市場上的波動因具有異質變異，易產生波動聚集現象(Volatility Clustering)，是以歷史資料無法立即反應波動之起伏與及時之資訊，一般VaR估計模型往往在波動較劇烈起伏處，無法準確估計風險值，因而提高市場風險。 　　針對於此，此次研究嘗試以GARCH模型捕捉波動起伏，並運用拔靴法估計之便捷與優點，估計更可靠之風險值（簡稱GARCH Bootstrap）。研究所得之主要結論如下： 　　1.拔靴法(Bootstrap)以及偏誤修正之拔靴法(Bias-Corrected Bootstrap)在厚尾及常態之下，皆比歷史模擬法有較佳之估計。但實證資料因厚尾情形不足，三者之VaR估計，並無顯著差異。 　　2.拔靴法及偏誤修正之拔靴法於模擬中有較大之差距，實證下則較小，應為實證資料厚尾情形較輕微所致。 　　3.模擬中，在GARCH模型之配適上，選擇樣本大小（或窗口大小）為250日或500日皆為條件之估計較佳。但實證上，250日的資料仍嫌不足，在計算參數時會有不收斂而無法得其結果。建議在窗口選擇上應至少為500日。 　　4.在資料本身具有GARCH現象時，GARCH Bootstrap會較Bootstrap為佳。

俄國作家索忍尼辛在其文學創作生涯中，以不凡勇氣對抗蘇聯體系聞名於世，並因對俄羅斯文學精神價值的延續而榮膺1970年諾貝爾文學獎。過往對於索忍尼辛的研究受到冷戰政治語境的限制而有所侷限，然今日觀之，其創作中雖有許多對於蘇聯體制的直接指涉與批判，但其中的藝術內涵與永恆價值仍值得文學研究者深究。具有高度自傳色彩的小說《癌症病房》以作家曾罹患癌症並奇蹟痊癒的經歷寫就，該作品雖是以癌症病房為背景，但延續作家在創作中對於蘇聯的批判傳統，文本呈現權力、空間與個體的深刻互動：權力透過種種規訓手段對個體加以馴化，個體則透過不同方式對權力進行抵制，權力關係在兩者的積極互動之中成形；空間成為權力施展與個體抵抗的場域，以及反映個體權力之消長等多重角色。本論文主要分為三個部分：首先是以傅柯的權力理論分析小說中所存在的規訓權力；接著以傅柯的異質空間理論和巴赫金的狂歡化理論析論癌症病房同時亦為一抵抗場域，並分析小說中個體的抵抗形式及其意義；最後續以異質空間理論，分析小說中病房外的其它空間在喻示個體權力之升沉所具備的意涵。

早期匯率目標區之研究是在政策具有完全可信度、央行採邊界干預形式及商品價格完全調整等三個假設下所成立。Krugman (1991)在此前提下，提出實行目標區政策會使匯率波動變小，但需付出利率差波動變大代價之結論。唯後續實證上卻發現：有許多實行匯率目標區的國家，其匯率與利率差兩者波動皆變大，與上述理論結果不符。因此，往後學者便陸續將這些假設逐一放寬，以求理論模型更能切合實際的資料。本文之重點，在於將政策具有完全可信度之假設放寬；在政策不具完全可信度下，分析民眾未來匯率之預期，對目標區政策成效影響，即民眾預期對匯率與利率差兩者的影響。 本文與以往文獻相異處在於：(1)假設市場上存在異質民眾的預期，分析兩類民眾相對比例的多寡，對於匯率動態走勢與利率差走勢兩者之影響。(2)討論影響異質民眾預期之因素，如將目標區寬度、民眾對貨幣當局政策敏感度、重整規模大小及市場基要偏離的大小等，以數值模擬之方法，個別探討其對於民眾比例之影響；再藉由兩類民眾比例之變化，來觀察其對匯率動態走勢與利率差走勢兩者所造成的影響。 本文結果大致歸納如下：(1)在確定性之各種邊界干預或重整規模比例小於1之匯率目標區下，匯率具有蜜月效果，且匯率與利率差的波動具抵換關係。唯當重整規模比例大於1之目標區下，匯率波動變大而不具有蜜月效果，且匯率與利率差之波動不具抵換關係。(2)在考慮民眾有邊界干預與浮動匯率之異質預期下，匯率走勢仍具有蜜月效果，且匯率與利率差之波動皆存在抵換關係。(3)在考慮民眾有邊界干預與目標區重整之異質預期下，給定信任政府的民眾比例較多或當市場基要值在中心平價附近時，匯率走勢仍具有蜜月效果，且匯率與利率差波動具有抵換關係。唯當給定信任政府的民眾比例較少或當市場基要偏離中心平價越多時，匯率波動變大，且不具蜜月效果；此外，匯率與利率差兩者亦不具抵換關係。

隨著全球越來越多人和資源投入到新創企業的活動中，創業活動逐漸成為一個國家發展的助力，不僅對經濟發展和社會成長有幫助，對提升就業力和國家創新能力也至關重要。創業過程中關鍵因素之一的創業團隊成員，也越來越受到世界各地學者的重視和研究。但作為一個新的研究領域，依然有很多的不足。如何讓創業者能準確挑選適合自己的創業團隊并維繫團隊成員之間的關係是創業過程中的核心問題。團隊成員關係直接影響了創業團隊的表現，而創業團隊的表現直接影響新創企業的績效。 本研究對已有研究和文獻進行了梳理，總結和評論，針對創業團隊成員的個人特質，挑選因素，成員間的異質性，團隊組成因素，創業團隊成員關係維持，特殊合夥人關係，股權分配以及退出策略八個層面，開展了探討台灣創業環境下創業者及創業團隊成員關係維繫為主題的研究。研究發現以下幾點對關係維繫是正向作用的：創業前確認彼此的信任關係，創業團隊成員具有優秀的特質，創業前明確職責和權利，團隊成員之間願景一致且能力互補，合理分配股權。未來，在本研究的基礎上，還可繼續探究優秀個人特質之間的關係，創業團隊成員的溝通方式，成員的異質性對彼此關係的影響，以及產業細分后的創業團隊成員關係。希望對創業團隊成員關係的研究，能補充現有創業研究的不足，擴大創業理論的研究範圍，給創業者和投資人更多的指導性建議。 / With more and more startups around the globe, entrepreneurship has become a key to the national development, not only to economic development and social growth, also to improving the employment and national innovation capability. One of the key factors of entrepreneurship is the business partner matching. Partner matching has drawn more and more scholars’ attention and research around the world. But as an emerging research area, there are still some theoretical and practical questions worth investigating. How to make sure that an entrepreneur can accurately select a partner that is suitable for the business and how to maintain the relationship between the partners are the core issues in an entrepreneurial practice. In this study, I conducted a comprehensive analysis of the existing literature related to the relationships of business partners. Drawn lights from the literature, this study discussed 8 key variables such as the individual characteristics of the partners, the selection of the partners, heterogeneity among the partners, the factors of the partnership team, the relationship maintenance of partners, the special partner relationship, the distribution of the shares and the withdrawal strategy of the partners. This research grounds itself on the relationship maintenance between entrepreneurs and partners in Taiwan's entrepreneurial environment. The study found that the following aspects are positive for the maintenance of partner relationships: mutual trust among the partners before the partnership, the constructive characters of partners, the clear sense of liability and rights before the partnership, the accordant of the vision and the complementary ability, and the rational allocation of equity. In the future, we will continue exploring the relationship among individual characters, the communication among partners, the impact of partners’ heterogeneity on partnership, and the partnership after industry segmentation. By studying the partner relationship, this study casts light on supplementing the existing research of entrepreneurship, expanding the scope of research on entrepreneurial theory, and giving more practical guidance to entrepreneurs and investors.