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筋のかたちとストレッチング河上, 敬介 31 March 1999 (has links)
(第一分科会「理学療法のための筋組織研究の進歩」)
(第33回全国研修会特集号(テーマ:運動療法に関する最新の基礎医学))
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192. 大殿筋の起始と停止の形態松原, 貴子, 講武, 芳英, 河上, 敬介, 辻井, 洋一郎, 兼松, 美紀 20 April 1997 (has links)
No description available.
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重設型股權連結債券之評價呂姍姍, Sang-sang Lu Unknown Date (has links)
本文由結合債券和股票特性的股權連結債券出發,以Morgan Stanley發行之重設型股權連結債券( Reset Performance Equity-linked Redemption Quarterly pay Securities, Reset PERQS )為例,由高收益型股權連結債券的基本設計,介紹Reset PERQS產品特性,並分析比較Reset PERQS與PERQS,及台灣可轉換公司債之差異。以推導固定利率模型下之評價公式,進行實證結果的分析,發現產品價格( Reset PERQS )較不重設之產品( PERQS )價格要高。由此可推論,當商品重設次數越多,相對較保護發行商,此乃由於Reset PERQS的商品設計動機源於發行商本身的融資及投資需求,而以高於市場定存利率和股利率的債息來滿足投資人對高收益報酬的需要。此外,比較對標的股價、到期期限、標的股價報酬波動度的影響,其中受到標的股價報酬波動度的影響程度最高,而站在投資人的角度,提出一個可信賴的商品評價公式,幫助市場價格透明化,並試算在不同的標的股價下商品價格的變動及避險參數等分析,最後推導出在隨機利率( HJM model )下之Reset PERQS封閉解,期使評價更接近現實世界的情況。
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保險連結型證券在台灣市場之應用與未來發展分析 / The implementation and market development of insurance-linked security (ILS) in Taiwan蔡智聖, Tsai, Chih Sheng Unknown Date (has links)
Past several decades have been an extraordinary time period in the history of extreme catastrophes e, g., the September 11 terrorist attack (2001), the South Asia tsunami (2004), and Hurricane Katrina (2005). Life insurance industry also faces catastrophic risk events- longevity and mortality risks. Facing this insurance/reinsurance capacity shortage, raising additional equity capital is one of solutions. Then, innovation occurred. Insurance-linked securities (ILS) was created. Insurance-linked securities is a means of transferring insurance risks to the capital market. Since the inception of the market in 1996, ILS has evolved to become a strong complement to traditional reinsurance, providing benefits to transaction sponsors, i.e. ceding companies. This study explores the prospects for ILS by focusing on some issues, First of all, the product features of ILS, reviewing the structure, trigger mechanism, perils, capacity, pricing and costs of ILS. Secondly, this will make some analysis for the international market development of ILS. Thirdly, This study will turn on to the potential market in Taiwan. The study tries to review the potential market in Taiwan from property casualty insurance and life insurance respectively. Finally, with the analysis in various aspects, hopefully, the study can provide solid conclusion for ILS development in Taiwan. / Past several decades have been an extraordinary time period in the history of extreme catastrophes e, g., the September 11 terrorist attack (2001), the South Asia tsunami (2004), and Hurricane Katrina (2005). Life insurance industry also faces catastrophic risk events- longevity and mortality risks. Facing this insurance/reinsurance capacity shortage, raising additional equity capital is one of solutions. Then, innovation occurred. Insurance-linked securities (ILS) was created. Insurance-linked securities is a means of transferring insurance risks to the capital market. Since the inception of the market in 1996, ILS has evolved to become a strong complement to traditional reinsurance, providing benefits to transaction sponsors, i.e. ceding companies. This study explores the prospects for ILS by focusing on some issues, First of all, the product features of ILS, reviewing the structure, trigger mechanism, perils, capacity, pricing and costs of ILS. Secondly, this will make some analysis for the international market development of ILS. Thirdly, This study will turn on to the potential market in Taiwan. The study tries to review the potential market in Taiwan from property casualty insurance and life insurance respectively. Finally, with the analysis in various aspects, hopefully, the study can provide solid conclusion for ILS development in Taiwan.
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ヒト骨格筋の肉眼解剖学的研究河上, 敬介, 柴田, 恵, 兼松, 美紀, 辻井, 洋一郎 30 November 1996 (has links)
(理学療法士による基礎研究)
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結構型商品之評價與分析-以美元CMS連動債券及雪球型利率連動債易世傑 Unknown Date (has links)
由於近幾年連動式債券的盛行,要如何在眾多的投資商品中找到適合自己的標的,對投資人來說越來越重要。本篇論文選擇目前市面上常見的兩種利率連動債來做評價與分析。一為CMS連結債券,另一為滾雪球型連動債券。
在各個利率模型中,由於BGM Model具備了良好的評價特性,因此成為本論文評價的依據。另外,處理利率動態過程中各個遠期利率相關係數時,本論文採用了Peter Weigel(2004)有關於將市場利率相關係數矩陣降秩的方法,以便增進運算時的效率。最後,考量此兩種連動債券都具備了可贖回的權利,再加上評價時是利用蒙地卡羅來進行模擬,因此採用了最小平方蒙地卡羅來處理可贖回債券的評價。進行一萬次模擬後,可以得出標的債券的價格,之後再對各個因素進行敏感度分析,可以發現影響商品價格的各種原因。
根據評價的結果,可以針對投資人與發行商做不同的策略建議。對投資人而言,在購買此類商品時需注意商品是否具有贖回條款,並且未來的利率走勢是否會大幅影響投資收益。對發行商而言,一般所發行的連動式債券大多較複雜,很難直接在市場上找到可供避險的商品,因此除了利用回權的方式外,用現在市場的的商品來做部分避險也是另一種選擇。
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碳交易市場之法律研究 / A Critical Legal Study on Linking Emission Trading Systems陳韻竹, Chen, Yun Chu Unknown Date (has links)
氣候變遷已然成為國際間急需面對的課題。為了減輕溫室氣體排放量所採取之環境政策工具,不僅需要內國及國際環境法制加以處理,也需要輔以經濟誘因來推動溫室氣體減量工作。開發中國家因經濟成長使排放量急劇增加,包括亞洲主要國家的中國大陸、南韓、日本與台灣等,也開始積極推動碳交易機制。
碳交易機制連結是一種將各國的碳交易機制有組織性地連結而成全球碳交易市場的方式,在目前全球氣候變遷制度談判僵局之下,亞洲國家積極建立推動各國碳交易機制及其法規,亞洲碳交易市場連結發展之可能性成為氣候變遷焦點之一。本文採取文獻回顧法及歸納法,透過檢視分析學者文獻、歐盟、加州與魁北克碳交易機制的連結法規制度,探討連結碳交易機制所需要的法規要素,藉由分析成功的連結經驗,以探討亞洲國家複製歐盟、加州與魁北克碳交易機制連結模式之可行性。
以亞洲國家現今關於碳交易制度的立法規劃來看,目前只有韓國法規具有明確立法連結之相關規定,因此,進而比對韓國連結法規是否已具備足以對外連結之規範及要素,檢視韓國在運行了韓國碳交易機制之後,是否會有對外連結的可能性。台灣雖然已經於2015年通過溫室氣體減量及管理法,並於同年7月生效之,在該法規中有連結之基本概念,但是對於其他如減量階段時程、抵銷詳細規範等,在法規中或其他相關法規中未有具體擘劃。
在面臨亞洲地區一個大型的區域性碳交易市場即將崛起之際,亞洲地區的國家若要發展下一步的連結碳交易機制,在法規制度內須對於對外連結有明確的法律授權,其碳交易機制才有望可發展後續的對外連結。 / In order to reduce greenhouse gas emissions, every country should not only construct the international environmental law and country law, but also use economic strategies as assistant. The emission increases sharply because of rapid economic growth in developing countries in Asia. Therefore, major Asian countries including China, South Korea, Japan and Taiwan, promote the emission trading system. The emissions trading system is a key tool for reducing greenhouse gas emissions.
Linking the emission trading systems is an organized way to create a global carbon market. When the global climate change negotiation is deadlocked, a growing number of countries in Asia are integrating cap-and-trade systems into their national climate policies, so that the probability of developing the carbon market in Asia becomes the main issue. This study summarizes and refers to the scholars’ reference materials, the law and regulation of the EU, California and Quebec emission trading systems. The aim of the study is to: (1) generalize the legal and institutional requirements for linking emissions trading systems by analyzing the experiences from the EU, California and Quebec; (2) discuss whether emission trading systems in Asia could be linked.
The study concludes that only South Korea has the relevant legislation that authorizes linking with other emissions trading systems in Asia. It is more likely that South Korea emission trading system will establish link to other countries. By viewing and comparing the legal requirements for linking emissions trading system in this study, however, it seems like that there are still some legal challenges for South Korea to be fully prepared for linking with other emissions trading systems in the short term.
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結構型商品評價與分析--以逆浮動利率連結商品與匯率連結商品為例顏忠田, Yen, Chung-Tien Unknown Date (has links)
在中國金融市場逐步開放,結構型理財商品的發行與需求日益增加的情形下,本文以目前市場上已發行的利率連結商品與匯率連結商品為個案,進行評價與分析。在利率連結商品方面,以連結6個月美元LIBOR利率的「美元12個月期逆浮動利率連動債」為例,採用Brace, Gaterek and Musiela(1997)提出的LIBOR市場模型(又稱BGM模型),由市場觀察到的即期LIBOR利率與交換利率,求出遠期利率的起始值,並利用市場上利率上限選擇權(CAP)報價,校準遠期利率波動度結構,而遠期利率間的相關係數矩陣則以歷史資料來估計,然後以蒙地卡羅模擬法進行商品評價;在匯率連結商品方面,以連結日元兌澳元、英鎊、歐元匯率的「美元三個月期組合匯率理財專案」為例,採用Garman and Kohlhagen(1983)外匯選擇權的匯率動態過程,利用歷史資料求出各匯率變動率波動度以及各匯率間的相關係數矩陣,然後以蒙地卡羅模擬法進行商品評價。此外亦針對兩種商品的敏感性與避險參數作分析,最後分別由發行商與投資人的觀點,探討其發行與投資該商品的策略與風險所在。
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結構型商品之評價與分析─商品連動與固定期限交換利率利差連動債券張雅昕 Unknown Date (has links)
隨著財務工程學的發展,結構型商品的架構日趨複雜,連結標的也更加多元化,可依投資人對市場未來的預期,設計出不同的商品型態,滿足投資人財富管理的需求或企業理財的規劃。但因為一般投資人不容易了解結構型商品複雜的設計,可能發生投資報酬不符預期或忽略商品潛在風險的情況。
本論文以建華銀行「美金組合式商品連動債券」與「固定期限交換利率利差連動債券」為例,進行評價與避險分析,以互換選擇權推導極小值選擇權的評價方法推導次小值選擇權的封閉解,並與蒙地卡羅模擬結果相較;利用對數常態遠期LIBOR利率模型評價連結固定期限交換利率的商品。最後進行投資與避險策略分析。希望能增進投資人對商品風險與報酬的認識,和提供金融機構未來設計相關類型商品時,對於評價與避險之理論基礎和方法的一個參考。
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結構型商品之評價與分析─以美元區間保本票券及信用連結暨通貨膨脹連動票券為例張嘉云 Unknown Date (has links)
本論文分別以美元計價之「美元區間保本票券」(連結美元固定年期交換利率)與歐元計價之「信用連結暨通貨膨脹連動票券」為例,進行個案評價與避險分析,期能提供證券商未來設計相關類型商品時的一個參考。
由於過去評價利率衍生性商品所使用的模型主要是建構瞬間利率的隨機過程,但市場上無法觀察到瞬間利率的動態行為;而對數常態遠期LIBOR利率模型則是建立一個較貼近市場殖利率曲線的利率模型架構,並且可以直接描述市場指標利率的動態行為。因此,本論文在評價「美元保本區間票券」是使用對數常態遠期LIBOR利率模型,盼透過該模型能更精準地訂定商品的合理價格。另外,基於國內信用評等機制尚未成熟,因此國際上普遍使用的信用評等移轉模型目前並不適用於台灣,故本論文係採用建構信用曲線的方法評價「信用連結暨通貨膨脹連動票券」。
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