長久以來，傳統性別角色刻板印象的框限，造成兩性資源分配的不當，女性在職場中多數扮演從屬的角色。以國民中學而言：女性教師是校園的多數，卻面臨校長大多為男性的結構性特色。有感於兩性平權逐漸成為公共論述的重要議題及兩性平等教育正在各級學校中深耕，本研究試著從國中校長的性別、性別角色出發，探索其與領導型態、學校效能之間的相關性，期能有深度的發現並能於研究過程中獲致深層的省思。 本研究所關心的問題有：1、校長的性別角色、轉換型領導型態及學校效能三者，是否會因校長性別之不同，而有差異？2、校長的轉換型領導程度與學校效能，是否會因環境變項之不同而有差異？3、校長的轉換型領導程度是否會因不同的性別角色而有差異？4、學校效能和校長的性別角色有多少相關？5、學校效能是否會因轉換型領導程度的不同而有差異？6、人口變項對校長性別角色、轉換型領導程度及學校效能究竟會造成何種影響？ 為了解前述問題，本研究除探討相關文獻外，以問卷調查為主要研究方法。問卷之對象以台北縣所轄公立中等學校內，實際擔任國民中學教學工作之編制內合格教師為母群體。樣本之選取係先以同規模之學校為叢集，並分別自四種規模之學校中隨機抽取70％之校數，再以每所學校分派6-7人為研究樣本。 本研究所採用的主要研究工具有「性別特質量表」、「轉換型領導量表」、「學校效能量表」等三種；欲採用之統計方法有：信度分析、因素分析、平均數的差異考驗、皮爾遜積差相關、單因子變異數分析(one-way ANOVA)Sheffe的事後比較。據此，本研究計有如下發現： 一、校長性別與性別角色、轉換型領導、學校效能關係方面；不同性別之校長所表現出的性別角色行為、轉換型領導程度、學校效能均未達顯著差異。 二、環境變項與校長轉換型領導及學校效能關係方面：地區別、學校規模別與校長轉換型領導、學校效能間存在顯著差異；校齡與二者之間均未達顯著水準。 三、校長性別角色與轉換型領導、學校效能關係方面：兩性化特質的校長其轉換型領導程度與學校經營效能均最高，其次依序為：女性化、男性化、未分化特質者。 四、校長轉換型領導程度與學校效能關係方面：校長的轉換型領導程度與學校效能之間，存在顯著正相關。 五、人口變項與校長性別角色、轉換型領導及學校能關係方面：在人口變項中與校長，往別角色、轉換型領導、學校效能之間存在顯著差異的有：服務年資別、年齡別；沒有顯著相關的為：性別、擔任職務別。 根據如上發現，本研究分別對教育行政機關、國民中學校長暨未來研究者提出建議。 / Due to the traditional stereotype of gender role, there are many discriminatory attitudes toward the female which cause the female still plays a secondary role in their professional fields. In the educational field of junior high schools, although the female teachers take the major proportion of the staff, the administrative structure of school is still of pro-male nature. Because of the importance of equality between men and women, this thesis begins from the analysis to the gender role of junior high school principles, then discusses the relationship between the gender of principle, the leading model and school effectiveness. The thesis hopes to derive some magnificent conclusions from the above analysis. The major concerns of this thesis are: 1.whether the gender role of principle, the transformational leadership and the school effectiveness will be influenced by the gender of principle? 2.whether the degree of transformational leadership and school effectiveness will be influenced by surrounding elements? 3.whether the leading degree of the transformational leadership will be different because of different gender role? 4.How much the degree of relationship between school effectiveness and gender role of principles? 5.whether the school effectiveness will be different because of the degree of transformational leadership? 6.what influence will the population variables cause to the gender role of principals', the degree of transformational leadership and school effectiveness? In order to resolve the above questions, the research method this thesis takes are literature review and opinion's survey with questionnaire. The subjects of questionnaire are the public junior high school teachers within the territory ofTaipei County. The survey tool this thesis takes are‘table of gender characters’,‘table of transformational leadership’and‘table of school effectiveness’. The statistic methods this thesis takes are reliability analysis, factor analysis, t-test, product-moment correlation, one-way ANOVA ,chi-square test. Therefore, the thesis concludes that: 1.In the respect of gender and gender role of principles, transformational leadership and school effectiveness: the gender role behaviors, transformational leadership and school effectiveness have not reached magnificent difference. 2.In the respect of the relationship between surrounding variables, transformational leadership and school effectiveness: there is significant difference exists in scale of school, location of school, degree of transformational leadership, however, no significant difference has been found in the age of school. 3.In the respect of gender role of the principles, transformational leadership and school effectiveness: the principles with characters of androgynous have the highest degree of transformational leadership and school effectiveness, then the femininity, the masculinity and the non-differentiation. 4.In the respect of the relationship between transformational leadership and school effectiveness: they are positive relevant to each other. 5.In the respect of the relationship between population variables, the gender role of principles, transformational leadership and school effectiveness: there is magnificent difference in the age of serving as teachers and age of teachers, however, there is no magnificent difference in the gender and duty. According to the conclusion, the thesis offers some suggestions to educational administratives, junior high school principles and respective researchers.

由於台灣資源並不豐富，市場有限，對外進出口（含製造）自然成為維繫台灣經濟的命脈。因此國內總體經濟環境容易受到國際經濟變數的影響，而匯率波動就是對國際貿易一個直接衝擊的因素。企業的匯率風險來源主要有二，一為交易性風險（Transaction Exposure），一為換算性風險（Translation Exposure）。本研究將針對台灣境內多國籍公司的匯率風險進行研究，探討會計衡量與公司價值的關聯性，亦即外幣匯兌損益與外幣換算調整數與公司價值之關係。 本研究採「關聯性研究法」針對民國79年至民國86年的多國籍公司進行研究，並分由「年度分析」與「Pooled Analysis」二方面進行實證分析。此外，本研究又考量了股票報酬與外幣匯兌損益及外幣換算調整數間可能具非線性關係，故又採Regressions on Ranks的方式探討此非線性關係是否成立。 本研究大部分年度分析並不支持本研究之假說。本研究之部分模式的實證結果支持市場在評價公司時，會將損益表的外幣匯兌損益及股東權益項下的外幣換算調整數納入考量。且亦發現市場對於二者所持態度是無差異的，亦即市場對於二者的考量權重並不具顯著差異。 / This study examines whether the stock market considers foreign exchange transaction when pricing securities about multinational firms. It primary examines the relations between the foreign exchange gains and losses in the income statement, the foreign translation adjustments in the stock equity, and stock price. Most of the results from the annual analysis do not support the hypotheses of this study. But some of the results from the pooled analysis support the hypotheses of this study. It suggests that the stock market will consider both the foreign exchange gains and losses in the income statement and the foreign translation adjustments in the stock equity when pricing securities. And it also suggest that the weights the stock market gave them show no significant difference.

本研究為討探投資人是否可透過捕捉無拋補的利率平價說的成立期間以及預測其反轉時機，建構對應的投資策略以獲得顯著且持續的超額報酬，故採用情境轉換模型，以馬可夫鏈描述情境轉換行為，分析1999年至2012年的七個已開發經濟體的外匯資料，透過將樣本期間區分為三種情境，根據各情境特性決定相對應之最適資產配置，並以預期情境轉換機率決定投資組合調整時機，模擬投資人在現有可得資訊下所做的投資決策以檢定此投資策略是否能提升利差交易者的投資績效。 根據樣本外實證測試結果，考慮情境因子的模擬投資策略之報酬在99%的信賴水準下顯著優於買進持有利差交易策略，且可有效降低風險，在無拋補的利率平價說成立的景氣低迷時期投資策略表現尤佳，顯示納入情境因子的考量有助提升資產配置效率，藉由預期下一期的情境可使進行利差交易的投資人具備擇時機會，幫助預測未來景氣走勢並於空頭市場時承擔較低的風險並獲得相對優異的風險調整後報酬。

在國際間的股票市場中，股票報酬常存在有不對稱的相關結構，而其會造成許多極度地尾端風險。Copula函數常被用來描述多變數之間的聯合相關程度。多數的文獻均以二元copula函數為架構，去描述多種不同資產，像是股票、債券、匯率等之間的關係。我們討論多元copula的應用，本文以四元copula為主軸，並輔以狀態轉換 (regime-switching) 之機率過程，建構出四資產的投資組合之相關結構模型。 考慮了狀態轉換之copula的配適性後，我們以此模型來做資產投資策略。在模擬過程中，我們嘗試根據不同的未來目標做出最佳的投資組合權重，並採用動態預期模型 (dynamic anticipative model) 來藉由資訊的不斷更新，重新估計模型的參數來做資產評估。實證結果上，我們發現考慮狀態轉換之copula模型可以捕捉到更多股票報酬波動的情形，因此能減少在股市共跌時造成的重大損失。 / The correlation of returns in international stock markets exist asymmetric structure, which cause extremely tail dependence. The copula functions are commonly used to describe the dependence between random variables. Most literatures use basic pair-copulas to model the dependence of two variables, like stocks, bonds and exchange rates. This article try to use multivariate copulas, mainly 4-copula, and regime-switching method to construct a portfolio dependence, and extend to asset allocation. Given the fitting regime-switching copula, we use the model to decide investment strategy. We try to select the optimal weights of portfolio by different objective function, and we adapt a dynamic anticipative model, which can take all new information for parameters estimation. Empirically, we find that the copula-based model with regime-switching can capture more variation, and decrease the return loss from downside co-movement.

勞退新制即將在 94年 7 月 1 日起正式實施，在新的退休金體系下，勞工可由舊制的確定給付制轉換到擁有資產配置與投資決策權利的確定提撥制。台灣的勞退新制可分為兩種退休金制度供勞工選擇－個人帳戶制及其他年金制。確定提撥制與確定給付制在本質上有諸多的差異性，分別具有不同的優缺點，在本文的假設下，轉換選擇權存在於個人帳戶制與其他年金制之間。另外，在期望達到勞工退休金財富極大化的目標下，勞工會選擇在適當的時點，由個人帳戶制轉換到其他年金制。 　　雖然本文是採定值模型來分析，但是提供一個直觀上充分的洞悉與表徵，來解釋勞退新制下之個人帳戶制及其他年金制之間，若存在一最適轉換時點，其在經濟意涵中所表示之抵換關係與經濟價值為何。本文建構一個退休金財富極大化之模型，結合數值模擬的方法來分析其要點。研究結果發現，最適轉換時點之衡量，是由兩種制度下的變動率，而非帳戶內金額之大小來決定；此外，年金精算現值計算經折現後的給付率和剩餘工作年數，對於勞動工作者的選擇也屬重要變數之一。另外，本文針對年輕的勞工，在不同投資報酬率環境下，計算出兩種制度間抵換的價值；最後，本文也探討了執行轉換選擇權對於不同年紀的勞動工作者影響的幅度。總而言之，本文希望提供勞動工作者在勞退新制下，一個退休金財富配置最適化的準則，及執行轉換選擇權時參考的方針。 / The newly Labor Pension Act will be carried out in 2005 soon. Under this new pension system, employees will be given the choices of converting their traditional defined benefit (DB) pension plan into an individual-account defined contribution (DC) pension plan with full control over assets allocation and investment decisions. Under DC pension plan in Taiwan, there are two types of pension plan- Individual Account System and Commercial Pension Plan System- for employees to choose. DC and DB pension plan are totally different in essences, so on the basis of our assumptions, switch options will exist among Individual Account System and Commercial Retirement Plan System. Thus, in order to maximum employees’ retired wealth, employees might choose the optimal time to convert Individual Account System into Commercial Pension Plan System. Although our model is deterministic in nature, we believe that it provides an intuitive insight about switch options. We find not only the optimal switch time between Individual Account System and Commercial Retirement Plan System but also the “trade-off” economic values. This paper designs a model of maximizing retired wealth and makes numerical simulation to analyze optimal switch time. We find it is the “rate of change” of these two different pension systems affects the times for employees to exercise switch options. Besides, both the payment-rate scaled present value of the DB pension annuity and the retirement horizon are significant parameters in our analysis. Third, we also calculate the threshold investment returns between Individual Account System and Commercial Pension Plan System under various investment environments. Finally, we also contrast the effects of exercising switch options between younger and older employees. In short, we want to provide some principles for employees to make the optimal retired wealth allocation under Newly Labor Pension Act, then exercise switch options at the proper time.

本篇論文主要在外匯市場建立市場投資組合、利差交易投資組合與動能交易投資組合，探討透過不同情境適當改變投資組合比重配置，是否能夠顯著提升交易策略的報酬表現。 以1999年1月至2015年10月為樣本期間，根據28個國家外匯市場資料建構市場投資組合、利差交易投資組合與動能交易投資組合等，之後根據三種投資組合報酬情況透過馬可夫情境轉換模型區分成三種情境。按三種情境的各種投資組合超額報酬表現，再利用馬可維茲的平均數-變異數投資組合模型配置各情境下各項交易的比重，再依據計算出的預期情境與相對應比重進行投資。其結果顯示在樣本期間內，本篇論文的交易策略相較於外匯市場投資組合、利差交易投資組合與動能交易組合有較佳的投資表現。 在樣本外測試部分，採用自2012年中開始的連續情境二資料進行分析。報酬方面，在其他交易型態呈現負報酬較多情況下，就本文交易策略而言，投資者隨時根據其各種交易平均報酬與共變異數進行交易比重配置，適時放空交易策略或投資無風險資產，產生正報酬。但從標準差可以推斷投資者面對未來的不確定，在整個樣本外期間歷時的34個月當中標準差亦無法有效降低，說明了投資者面對下一期總體環境的高不確定性。 / In this thesis, we mainly investigate whether it could improve the performance of currency portfolio by adjusting weights among carry trade, momentum and market return in foreign exchange market under different kinds of regimes. Based on a sample of 28 market currencies, we form three kinds of transactions in our portfolio, including carry trade, momentum, and market return. Under Markov switching model, we divide the sample period into three regimes, and then determine weights among carry trade, momentum and market return by parameters of each re-gime using Markowitz mean-variance analysis. Finally, we invest different weights among three transactions according to each expected regime. We find the result that although the return of the strategy is just a little higher than the carry trade, the risk is much lower compared to other transactions. In our out-of-sample testing, we analyze the performance by using the data of the regime two which begins September, 2012. With the respect to the return, most of other risky transactions have negative return, but we get positive return by adjusting the long position and short position according to the result of the mean-variance anal-ysis. However, we can not effectively reduce risk by using the strategy, and in the meantime it can explain the high uncertainty investors face toward the next period.

過去實證研究發現，資產的動態過程存在不連續的跳躍與大波動伴隨大波動的波動度叢聚現象而造成資產報酬分配呈現出厚尾與高狹峰的情況，然而，此現象並不能完全被傳統所使用幾何布朗運動模型與跳躍擴散模型給解釋。因此，本文設定資產模型服從Lévy 過程中Generalized Hyperbolic (GH)的normal inverse Gaussian(NIG) 和 variance gamma (VG)兩個模型，然而，Lévy 過程是一個跳躍過程，是屬於一個不完備的市場，這將使得平賭測度並非唯一，因此，本文將採用Gerber 和 Shiu (1994)所提的Esscher 轉換來求得平賭測度。關於美式選擇權將採用LongStaff and Schwartz (2001)所提的最小平方蒙地卡羅模擬法來評價美式選擇權。實證結果發現VG有較好的評價績效，此外，進一步探討流動性與價內外的情況對於評價誤差的影響，亦發現部分流動性高的樣本就較小的評價誤差；此外，價外的選擇權其評價誤差最大。另一方面從交易的觀點來看，次貸風暴後交易對手信用風險愈來愈受到重視，此外，近年來由於巨災事件的頻傳，使得傳統保險公司風險移轉的方式，漸漸透過資本市場發行衍生性商品來進行籌資，以彌補其在巨災發生時所承擔的損失。因此，透過發行衍生性商品來進行籌資，必須考量交易對手的信用風險，否則交易對手違約，就無法獲得額外的資金挹注，因此，本文評價巨災權益賣權，並考量交易對手信用風險對於其價格的影響。 / In the traditional models such as geometric Brownian motion model or the Merton jump diffusion model can’t fully depict the distributions of return for financial securities and the those return always have heavy tail and leptokurtic phenomena due to the price jump or volatilities of return changing over time. Hence, the first article uses two time-changed Lévy models: (1) normal inverse Gaussian model and (2) variance gamma model to capture the dynamics of asset for pricing American option. In order to deal with the early-exercised problem of the American option, we use the LSM to determine the optimal striking point until maturity. In the empirical analyses, we can find the VG model have better performance than the other three models in some cases. In addition, with the comparison the pricing performance under different liquidity and moneyness conditions, we also find in some samples increasing the liquidity really can reduce the pricing errors, at the same time, the maximum pricing errors appears in the OTM samples in all cases. The global subprime crisis during 2008 and 2009 arouses much more attention of the counterparty risk and the number of default varies with economic condition. Hence, we investigate the counterparty risk impact on the price of the catastrophe equity put with a Markov-modulated default intensity model in the second study. At the same time, we also extend the stochastic interest rate setting in Jaimungal and Wang (2006) and relax some restrictive assumption of Black-Scholes model by taking the regime-switching effects of the economic status, then use the Markov-modulated processes to model the dynamics of the underlying asset and interest rate. In the numerical analyses, we illustrate the impact of the recovery rate, time to maturity, jump intensity of the equity and default intensity of counterparty on the CatEPut price.

中文摘要 家庭訪問是親師溝通的重要管道，教師與家長常常藉此進行教育理念的溝通或教養方式的協調，教師與家長常會在訪談中變換身份，彼此在不同時機以不同角色進行互動。如何選擇適合的身份進行溝通，在社會文化中是極其自然的現象，研究者希望藉由家訪在社會活動脈絡中具有的獨特意義，解釋日常生活中的常識性知識如何被人們理解與運用的現象。 　　本研究透過成員類別分析法，探知家庭訪問中教師、家長及學生在溝通時，如何使用大量類別知識溝通的樣貌，研究者以國民中學十則家庭訪問對話記錄作 為分析個案，描繪以下三類現象：第一，家訪的樣貌；第二，家訪機制中的成員類別內涵；第三，成員類別身份轉換。 　　首先，藉由訪問者語言工具箱的整體提問順序、開場白及結語、問問題、人稱代名詞，勾勒出家訪的樣貌；其次，描繪出教師、家長身份的類別內涵，以及親師言談建構出的學生形象。 　　教師擁有教育者或輔導者的身份，也有轉換為私領域身份（如女兒、太太、媽媽）的現象；家長是照顧者，同時也是教育者；國中生在家長與老師眼中是不成熟的青少年、面臨抉擇的轉大人階段、更是背負著期許的承繼者。研究者藉由家訪中的言語對談，闡述以上這些身份的類別內涵，描繪出社會文化對於教師與家長、學生有何種身份期待的文化現象。 　　最後，陳述教師與家長轉換身份的時機點：教師在交談時因為爭取話權、居中協商、提供教養方式，而不自覺地轉換身份；家長在交談時則因為闡述事實、釐清觀念、尋求支持，而不自覺地轉換身份。教師 /家長的關係成為朋友/朋友之間的關係，運用相通的社會知識溝通，採用社會類別的特徵表達，或是藉著存在於社會中的類別知識協商，這些都呈現了社會文化的一部份。 關鍵字詞：親師溝通、家庭訪問、身份轉換、成員類別分析 / Abstract Home visits are important channels for communication between teachers and parents. Through this, teachers and parents often carry out communication of educational philosophy or coordination of teaching and rearing approaches. Oftentimes, teachers and parents go through identity transformation during their conversations. They take on different identities at different times to interact with each other. How to choose an appropriate identity to proceed with conversations has become a very natural phenomenon in social culture. Through the unique significance of home visits in the context of social activities, the researcher hopes to explain the phenomenon of how commonsense knowledge is understood and utilized by people. Through membership categorization analysis, this study explores how the considerable amount of knowledge communication is used between teachers, parents, and students as they communicate with each other during home visits. The research used ten recorded conversations of junior high school home visits as case studies. The following three phenomena are depicted: First, the appearance of home visits; Second, implications of membership categorization of home visits’ mechanism; Third, identity transformation of membership categorization. First, the appearance home visits is depicted through interviewers’ language toolkit, including the overall order of questioning, opening and closing remarks, asking questions, and personal pronoun. Second, the categorization connotation of identities of teachers and parents are illustrated. The image of students created by parents and teachers through their conversations is also illustrated. Teachers have the identity of educators or counselors. The phenomenon of transforming into a private identity (such as a daughter, wife, or mother) was seen. Parents are caregivers; they are also educators at the same time. Junior high school students are immature teenagers in the eyes of parents and teachers. They are at the stage of becoming adults, which is associated with decision-making. They are also successors burdened with expectations. Through the conversations during home visits, the researcher expounded the categorization connotation of the above identities. The kind of cultural phenomena of teachers, parents, and students expected by the social culture are illustrated. Finally, the points of time of identity transformation of teachers and parents are presented. During conversations, to fight for the authority of their words, coordinate, and provide teaching and rearing approaches, teachers underwent identity transformation unconsciously. During conversations, to set forth facts, clarify perspectives, and seek support, parents underwent identity transformation unconsciously. A teacher-parent relationship was transformed into a friend-friend relationship. This is done through utilization of common social knowledge to communicate, adoption of social category’s characteristic expression, or by the categorial knowledge consultation existed in the society. These have all presented a part of social culture. Keywords: Parent-teacher communication, Home visit, Identity transformation,Membership categorization analysis

聯合開發的理念是公私部門來共同從事不動產興闢事業，雙方共享利益、共擔風險。 此種開發方式在國外已被廣為運用。大台北都會區為因應運輸需求，已規劃興建大眾 捷運系統，這是一項工程浩大的交通建設，所須的經費亦相當驚人。若能摒除政府獨 立負擔開發工作的傳統作法，引入聯合開發的觀念，積極方面可望解決政府財政拮據 的窘境，亦藉助開發後不動產之出售或租賃所得利潤，來維續捷運的服務品質及營運 開支。消極方面因使民眾能共同分享開發利益，可減低民眾情緒的反彈與杯葛，亦賦 予市民更多參與都市建設的機會。 捷運系統的聯合開發允許投資人以金錢方式參與開發，亦可權宜允許開發區之相關權 利人 (如土地及地上物所有權人) 以其不動產價值來參與建設；俟開發完成，以新建 不動產之一部份作為償還代價。因此，捷運系統的聯合開發牽涉到權利轉換的問題， 與一般的投資開發并不完全雷同。在整個合作開發的過程中，產權的處理是成功與否 的關鍵，故慎選權利轉換方式是異常重要的。揆諸各種權利轉換型式，如發展權移轉 、合建方式、設定地上權等，以日本「等值交換方式」最能契合捷運系統土地聯合開 發的特性和要求。因此，將等值交換中立體換地的精神應用於捷運場站聯合開發過程 中，前後價值的評估、換算與配置，以謀求各相關權利人的產權能合理平衡。 本文的研究章節為：第一章為研究緣起與目的，並建立研究的架構。第二章主要內容 在探討大眾捷運系統土地開發面臨的各種問題，採行聯合開發以試圖突破這些困境。 唯聯合開發乃須解決若干產權關係以取得開發用地，這又與權轉換習習有關。第三章 對各種權利轉換型式作一番描述，並慎選適合捷運場站開發性質的轉換方法。第四章 將權利轉換方法運用於產權的評估與換算，並建立配置原則。第五章之內容為由上述 各章中可知合理的價值評估與公正的配置原則在權利轉換計劃中具有舉足輕重的地位 ，因而估價制度的確立是不容延宕的，而若干配合措施以獎勵投資人參與聯合開發亦 不容偏廢。第六章為結論與建議。

本研究主要在探討特別股之性質究偏向股東權益或負債性質，首先介紹特別股之歷史 ，從單純的特別股開始，到今日企業的複雜性增加，而發展出因應不同需求，多種性 質特徵之特別股。既而由財務、法律及會計的觀點來趼究經理人、投資人、債權人及 權威機構對特別股之認定與觀感。 特別股性質研究之分析架構乃以其發行目的及其具有之特徵（參加與否，累積非累積 ，有無剩餘財產分配優先權、有無否決權、贖回權、轉換權等）為主，分別研究該發 行目的或該特徵符合負債定義或股東權益定義，從而決定特別股之適當表達方式。 本研究之實證部分，除介紹國外特別股之發行概況外，並以國內公開發行公司為對象 ，對於已發行之特別股探究其性質，對於未發行特別股者，了解其發行意願與其對特 別股之看法。希望經由已有之特別股與將來欲發行特別股者之觀感來證實特別股在使 用者心目中之性質如何。