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The reform of the split share structure in China and its effects on the capital market: an empirical studyLu, Fei, Accounting, Australian School of Business, UNSW January 2007 (has links)
This thesis investigates the impact of the reform of the split share structure on the Chinese capital market. It adopts an event study methodology to examine the share price performance around the announcements of the reform and its predicted determinants, the type and level of consideration by using a sample of the top 300 companies listed in the combined Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). I find the three-day cumulative abnormal returns (CAR) to be negative and significant around government announcement of the reform on 29 April 2005, but the three-day CAR around company???s announcement of the reform to be positive and significant. I attribute this change of sentiment by the market to the release of information about the reform process concerning features such as type and level of consideration. I also regress the company???s CAR on the type and level of consideration and find evidence to suggest that type of consideration matters, where investors prefer payment of shares from capital reserves or retained profits, cash, warrants or any combination of these methods as opposed to payment of shares from non-tradable shareholders. However, I observe no relation between level of consideration and CAR. I interpret this reaction to be that investors perceive that the consideration level is fair and reasonable based on the company???s financial and operating conditions. These results imply that the reform of the split share structure exerts a positive impact on a company???s share price and the extent of impact is a function of the type of consideration.
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The reform of the split share structure in China and its effects on the capital market: an empirical studyLu, Fei, Accounting, Australian School of Business, UNSW January 2007 (has links)
This thesis investigates the impact of the reform of the split share structure on the Chinese capital market. It adopts an event study methodology to examine the share price performance around the announcements of the reform and its predicted determinants, the type and level of consideration by using a sample of the top 300 companies listed in the combined Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). I find the three-day cumulative abnormal returns (CAR) to be negative and significant around government announcement of the reform on 29 April 2005, but the three-day CAR around company???s announcement of the reform to be positive and significant. I attribute this change of sentiment by the market to the release of information about the reform process concerning features such as type and level of consideration. I also regress the company???s CAR on the type and level of consideration and find evidence to suggest that type of consideration matters, where investors prefer payment of shares from capital reserves or retained profits, cash, warrants or any combination of these methods as opposed to payment of shares from non-tradable shareholders. However, I observe no relation between level of consideration and CAR. I interpret this reaction to be that investors perceive that the consideration level is fair and reasonable based on the company???s financial and operating conditions. These results imply that the reform of the split share structure exerts a positive impact on a company???s share price and the extent of impact is a function of the type of consideration.
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從《結構人類學》到《考古知識學》的理論分析 / A Theory Anaiysis From "Stucturai Anthpogy" To "The Archaroiogy iedge"歐崇敬, O, Chung Jing Unknown Date (has links)
本論文乃是討論法國人類學家李維斯陀的著作《結構人類學》一對於文化人類學以及民族學研究的重要意義,並說明《結構人類學》所代表的結構主義方法對於文化人類學與民族學的衝擊,並就由《c人類學》一書所引發的一連串法國學術界之討論,進行一屬於法國當代結構研究方法之變化改動上的描寫,這段學術上的重要變化正是自1958年到1969年之間的法國學術發展,而其發展的過程乃是自《結構人類學》1958年出版到《考古知識學》1969年出版為最高點的發展,這其中的結構主義的研究方法,乃由結構走向後結構,或說由結構轉變為差異思想,在《考古知識學》上則其傅柯於1966年自身的《詞與物》一作品之討論,而以“知識型”為方法來研究對傳統的一切文化、人文研究的項目之方法提出修正,這其間的過程,歷經三位學者,分別是:李維斯陀、傅柯、德希達,而三者作品皆集中在1958年到1969年出版於法國學術界本論文即是對於此方法的變革過程,為就三者的主要作品作一理論的分析,以對民族學、民族史的研究方法有直接的幫助。
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Curcumin/Melatonin Hybrids as Neuroprotective Agents for Alzheimer's diseaseSaathoff, John 01 January 2016 (has links)
Alzheimer's disease (AD) is a progressive neurodegenerative disorder and the leading cause of dementia, affecting ~5.2 million Americans. Current FDA approved medications provide mainly symptomatic relief and there are no agents available to delay or cure this disease. Multiple factors such as amyloid-β aggregates, dyshomeostasis of biometals, oxidative stress, and neuroinflammation have been implicated in the development of AD. Even though significant advances have been made in understanding the mechanisms leading to AD, the exact etiology still remains elusive. Given AD’s multifactorial nature, a multifunctional strategy of small molecule design would help to identify novel chemical templates. Recently our lab has developed hybrid molecules of curcumin and melatonin that exhibited potent neuroprotective ability in various AD models. Further modifications identified a lead compound with potent neuroprotective and antioxidative activity in MC65 cells, while also establishing the hybrid strategy as a viable approach in providing unique chemotypes with novel pharmacology. Further preliminary biological studies suggest that the lead is orally available and exhibits multifunctional properties both in vitro and in vivo on AD pathologies, thus strongly encouraging further structural examination. Herein, we report the structural exploration of this chemical template through structure-activity relationship studies at three domains: the phenyl domain, α,β-unsaturated β-ketone amide domain, and the indole domain. Collectively, the results show that the chemical space around the curcumin portion doesn’t favor electronic or steric/hydrophobic interactions, but might favor pi-pi (π-π) and hydrogen-bond interactions. Additionally, the α,β-unsaturated β-ketone amide domain is not as important as the linearity of the β-ketone acetamide. Moreover, the results indicate that a free rotatable β-OH might be the actual moiety that is important for the observed biological activity through favorable hydrogen bonds. Finally, steric interactions are not favored in the chemical space surrounding the indole nitrogen, suggesting that hydrogen bond interactions are required for the observed neuroprotective activity. Conversely, a hydrogen bond acceptor is necessary at the 5-position of the indole ring and bulky substitutions can be accommodated, with restrictions, suggesting steric tolerance and hydrophobic interactions at this position. These modifications have yielded a series of novel compounds that are capable of modifying AD pathology while shedding further light onto the chemical scaffold thus warranting future investigations into the development, optimization, and characterization of these curcumin/melatonin hybrids as potential treatments for AD.
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母子公司架構可否增進公司籌資彈性 / Does a Parent-Subsidiary Structure Enhance Financing Flexibility?許心婷, Hsu,Shin-Ting Unknown Date (has links)
本研究就台灣上市母子公司之現金增資發行與新股發行海外存託憑證進行事件研究與發行個體的選擇研究,是否在母子公司的架構下因為發行個體的選擇會為公司帶來不同的宣告效果影響,進而提升公司籌資彈性。
在事件研究上,宣告發行新股對發行公司而言在發行公司為母公司時有負向的效果,子公司則可能因為成長機會存在而不顯著為正;對非發行公司而言,則無顯著價格效果存在,可見宣告效果僅存在於發行公司。與國外Vijh (2006)的實證研究結果相符。但母子公司架構下,母公司的管理階層仍有就發行個體作選擇。管理階層傾向選擇前期股價高估程度較高之公司進行新股發行;在子公司有資金缺口時傾向以子公司作為發行個體,然而在母公司有資金缺口時則不一定選擇以母公司為發行個體,可能因子公司通常為成長型公司,此時選擇以子公司發行對子公司股價影響程度較低。 / This study examines if parent-subsidiary structure is capable of enhancing a company’s financial flexibility by influencing the announcement effects of issuing SEOs and DRs in Taiwan.
The event studies under the parent-subsidiary structure in Taiwanese companies show that:
1) When issuing companies are the parent company, issuing companies have negative announcement effect.
2) When issuing companies are the subsidiary company, issuing companies have non-significant positive effect, probably due to high growth potential of subsidiaries.
3) For non-issuing companies under parent-subsidiary structure, the evidence shows that there are no significant effects.
Yet under parent-subsidiary structure, the executives do choose the issuing entity between parent and subsidiaries. Executives lean to choose more overvalue entity as issuing companies. And choose subsidiary to issue stocks when subsidiary do have positive deficit. But when parent company has deficit executives are not significantly choosing parent company to issue stock. This may be due to the reason that subsidiaries are usually with higher growth potential and result in less announcement effect on the stock price.
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英雄史詩的結構與流傳-以中國少數民族文學三大英雄史詩為中心 / The Structure and Diffusion of Hero-epic - The Three Great Hero- epic of Minority Ethnic Literature in China黃季平, Huang, Chi Ping Unknown Date (has links)
本論文在結構上,除去「緒論」與「結論」外,「本論」共分成五章。第一章「三大英雄史詩的產生及其內容」,第二章「三大英雄史詩的情節類型」,第三章「三大英雄史詩生存的社會背景」,第四章「三大英雄史詩的流傳」,第五章「從比較文學看三大英雄史詩」。
第一章,是對「三大英雄史詩」作一個整體性的論述。英雄史詩與民族的關係不但非常密切,而且能成為該民族文學的活水源頭與象徵,變成後期文學攫取養分的精神寶庫。本論文以中國少數民族文學裡最具代表性的「三大英雄史詩」《格薩爾》、《江格爾》、《瑪納斯》為對象,它們比諸世界上其他民族的英雄史詩雖然內容相同(歌頌英雄的戰績),但是在類型上卻有很大的不同(已定型或仍在繼續生長)。了解「三大英雄史詩」的形成、發展、茁壯、消退,將會讓我們更清楚「英雄史詩」在民族文學史以至於世界文學史上的重要地位。
對英雄史詩的整體了解之後,我們進入英雄史詩的內部結構。「三大英雄史詩」作品內容都有大同小異的情節,經過比較和分析,可以找出相對固定的情節,也就是所謂的「情節板塊」。本論文大膽使用「板塊」這個概念,整理出《格薩爾》板塊13個、《江格爾》板塊10個、《瑪納斯》板塊20個。由於英雄史詩的情節大多是相對固定的「板塊」構成。歌手按一定的情節模式構造的「板塊」,以不同的方式連接拼綴起來,加上藝術的加工和個人的即興發揮,一個個完整的故事便千姿百態地呈現出來。因此只要掌握「情節板塊」,不管史詩故事如何的離奇怪異,都可以輕易指出它的故事結構。本論文第二章利用「板塊」來分析比較「三大英雄史詩」,這應該是「三大英雄史詩」結構分析的研究裡較為突出並呈現整貌的一坎。
透過英雄史詩作品的結構掌握到英雄史詩的內部之後,第三章是探討英雄史詩的生存的社會環境。宗教與娛樂的社會功能,是英雄史詩能夠廣泛流傳的重要條件,透過了解這兩項重要的條件,我們才能進一步知道英雄史詩能夠生存的背景環境。
第四章「三大英雄史詩」的流傳,本論文從四個方面下手,即「三大英雄史詩」的演唱環境、說唱藝人的傳承、書面版本的傳播、以及「三大英雄史詩」的跨族流傳現象。整章完全環繞「流傳」這個主題,從各種不同的面向,討論「三大英雄史詩」的傳播過程。因為藝人傳承在過去是比較被忽略的,而「三大英雄史詩」的版本也過於繁瑣散亂,無法理出頭緒,所以本章較費心力是在整理藝人傳承的發展以及書面版本的匯整。
本論文對「三大英雄史詩」的了解是先從外在大環境的分析開始,然後深入史詩內部結構剖析,再回到「三大英雄史詩」的生存環境,探討史詩的社會功能而明自「三大英雄史詩」的流傳現象。最後一章則從比較文學的角度來探討,「三大英雄史詩」的地位與影響力。
對「中國少數民族文學」而言,精華之所在是「民間文學」,而「民間文學」燦爛耀眼的地方在「史詩」,史詩則以「三大英雄史詩」聞名。反過來說,研究「三大英雄史詩」正是採擷到史詩的粹精。
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