Abstract Employee stock option had been discussed for long time and had become very popular topic for current corporates¡¦ financial management. The importance of its option value model becomes hot topic now. The recommended model based on FASB No. 123 may not be helpful to see its payoff distortion from risk aversion and employee exit rate factors. We choose some companies at Taiwan which use employee stock option as their financial tool and study how both risk aversion and employee exit rate impact their value with modified binomial tree method. The results show that risk aversion factor is more sensitivity and cause option payoff change its value within very narrow input range, while employee exit rate also change option value sigfincantly after 10% exit rate range. Hence. Evaluation of risk aversion and employee exit rate factors become important. Companies need to search for optimal solution of those factors to achieve optimal option valuation and its relative incentive effect in order to retain their employee.

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¡@¡@Taiwan lacks of natural resources and highly industrialized at the same time. International trade activities are the most crucial way to obtain raw materials for production and channels to sell Taiwan¡¦s output to the rest of the world. Therefore, the fluctuation of real exchange rate influences exports and imports just as double blades sword, and subtly causes welfare issue. In this paper, we combine traditional productivity argument proposed by Balassa-Samuelson and recent literatures focusing on sticky price both to cause real exchange rate in the long-run using Taiwan as a case. Using structural VAR model to decompose unobservable shocks, change in productivity between domestic economy and the trading blocs is still the most influencing factor to explain the fluctuation of real exchange rate of Taiwan.

The current knowledge concerning effects of polybrominated diphenyl ether (PBDEs) on benthic aquatic organisms is still very limited although they have been widely used as fire retardant additives for 3 decades. This study was conducted to evaluate the toxic effects of BDE-47 and BDE-183, the two common congeners of PBDEs in river sediments, on a benthic oligochaete worms, Monopylephorus limosus. The worms were exposed to BDE-47 or to BDE-183 for two or eight weeks. The survival rates of M. limosus decreased significantly when exposed to 700 ng/g dry soil of BDE-47 or BDE-183 for 8 weeks, but not in groups of 1-1000 ng/g BDE-47 for 2 weeks. A total of forty proteins of M. limosus has been expressed and determined by the two-dimensional gel electrophoresis (2-DE). Through the cluster analysis, it was found that the protein expression in the group of 100 ng/g BDE-47 was similar to 10 ng/g BDE-183. The results indicate that the toxicity of BDE-183 was greater than BDE-47 to M.limosus. Although the survival rate of M. limosus was not significantly affected when exposed to BDE-47 or BDE-183 at concentrations of 1 to 100 ng/g, significant differences in protein expression were found. Thus, the analysis of protein expression is more sensitive to detect the toxicological change in M. limosus than the survival test.

Regulators only require banks to manage their short-term exchange rate risk stringently. A possible reason is that the prevailing capital-market methodology cannot determine the long-term exchange rate risk. Using the real performance of operating incomes, this paper investigates the impact of fluctuating foreign currencies on the values of Taiwanese banking institutions, and decomposes the overall exchange rate risk into short-term and long-term components. We not only overcome the deficiency of prior studies that have limited success in detecting significant currency exposure, but also measure correct economic exposure that firms are confronted with. Comparing with the capital market approach, we find the evidence of the relative strength of cash flows to detect currency exposure. After controlling for the impact of interest rates, we find that, over the time period examined, 61.54% of the sample firms have a significant currency exposure, which is larger than those documented by prior research. Our result also shows that the existence of significant long-term exchange rate risk is prevalent among Taiwanese banking institutions. Furthermore, US dollar (the currency of a nation which is Taiwan¡¦s largest exporting country) has an opposite effect as opposed to Japanese Yen (the currency of a nation which is Taiwan¡¦s largest importing partner). Our results have policy implications that banking institutions should manage long-term currency exposure.

High quality defense personnel have decisive influence at modern war, and therefore it is the benefit for national security, and the root, garuantee for enhancing military combat power. For years, highly personnel resignation rate has been an important issue for militart personnel resources management. Abnormal resignation rate will not only influences the quality of organizational operation but also disr pts the experience of personnel of the organizational structure.Especially for military services,it will effect our national security and combat power as a whole. General studies of probing resignation were most focuset on factors of resignation will,tendency as probing issues,seldom studies were focused on systematic stuies of resignation rate. Therefore, it is a respond of human resources policies to probe resignation rate in an appropriate way. In this stay, the commissioned and non-commissioned offices in Chinese Marine Corp who stationed in southern Taiwan were taken as probing factors. The predictable capability of Logistic Regression Model has been used in this study as well in order to create the calculation model mode for resignanation rate. The result of the study has been comfirmed that educational level, part-time studies, seniority, marriage, ranking, branch of military services, salary, unit character, welfare and so on were all resignationrelared. Also it is acceptable to predict resignation rate by utilizing this method.

Abstract There are gradually prosperous trades in foreign exchange markets, agents could hedge, speculate and arbitrage in markets. Market efficiency therefore is worthy of investigate in international finance. There are a lot of empirical studies examine whether the long-run relationship would exist between spot exchange rate and forward exchange rate in conventional linear models. However the conclusions were not similar. Sarno and Chowdhury¡]2003¡^mentioned that linear models imply residuals of model adjust to equilibrium by fixed speed. If dynamic adjustment of nonlinear model exists, linear model is hard to capture the dynamic adjustment. Ender¡]1995¡^also mentioned that cointegration has long run linear relationship in variables. Theoretically, nonlinear relationship may exist. Furthermore, some literatures demonstrate how transaction cost and technical analysis induce nonlinear adjustment of the deviation for equilibrium exchange rate. We consider a new approach that Tersävirta and Anderson¡]1992¡^provided the Smooth Transition Autoregressive Model¡]STAR¡^, to re-examine the long-run relationship between spot exchange rate and forward exchange rate. According to the empirical results, we can find that all variables can be modeled by nonlinear models. The results of relationships exist between spot and forward exchange rates in France, Germany, Canada, Japan, Norway, Spain, Australia, Ireland, Italy, .Austria, Belgium, Denmark, Luxembourg, the Netherlands, Sweden, Switzerland, Greece and New Zealand, but it doesn¡¦t exist in the United Kingdom and Finland.

Using asset prices to explain the fluctuations of nominal exchange rate is popular for decades. A majority of papers focused on Monetary Model but failed to make a consistent conclusion. In this article, we suggest that the failure of monetary model might be coming from the basic assumption of taking different countries¡¦ assets as ¡§perfect substitutes¡¨. Under such circumstances, we introduce another model named as ¡§Portfolio Balance Model¡¨ where assets of different countries are no longer be taken as ¡§perfect substitutes¡¨ , implying that UIP( Uncoverd Interest Rate Parity)exist no more either. We do not overthrow the entire theory of Monetary Model. Instead, we expect the combination of these two models will turn something out that can be much more general, consistent, and robust. We take Canada as our domestic currency and adopt Johansen(1988) and Stock & Walson(1988) by using co-integration to test on three exchange rates relation (USD/CAD,GBP/CAD,JPY/CAD) from 1973 Q1 to 2004 Q4. It turns out that most of the coefficient are correct and passing statistical significance, such result suggest that the portfolio balance effect should not be ignored in the model.

SAS has become an increasingly important public-health problem in recent years. It can adversely affect neurocognitive, cardiovascular, respiratory diseases and can also cause behavior disorder. Since up to 90% of these cases are obstructive sleep apnea (OSA), therefore, the study of how to diagnose, detect and treat OSA is becoming a significant issue, academically and medically. Polysomnography (PSG) can monitor the OSA with relatively fewer invasive techniques. However, PSG-based sleep studies are expansive and time-consuming because they require overnight evaluation in sleep laboratories with dedicated systems and attending personnel. This work develops a flow rate based detection method for apneas. In particular, via signal processing, feature extraction and neural network, this thesis introduces a flow rate based detective system. The goal is to detect OSA with less time and reduced financial costs.