This paper provides microstructure models of order-driven market to analyze the dynamic dependencies of order strategy, price formation and order book information. This study gradually derives three models to shed light on those dynamic dependencies: risk-neutral order-submission model, risk-averse order-submission model and revision order-submission model based on order book information. Those inferences support that the order-driven market dynamically adjusts the bid/ask at any moment to generate enough price improvement return in order to cover the fluctuations of the adverse selection risk and the non-execution risk faced by limit order submitters of both side. In risk-neutral order-submission model, the model anatomizes adverse selection cost and bid-ask spread under risk-neutral preference of order submitters. This study finds that adverse selection cost comprises three components: arrival probability of informed traders, execution probability of setting price of limit order, cost-to-benefit ratio of investment. In risk-averse order-submission model, the model analyzes the optimal order-submission behavior of risk-averse uninformed traders. This study finds that the asset volatility is the key determinant of the adverse selection risk and the non-execution risk, and thereby the bid-ask spread is associated with the asset volatility. The novelty approach of this model could connect both previous risk-neutral models of Handa, Schwartz and Tiwari (2003) and Foucault (1999), which are the special cases of the reduced form of this model. In revision order-submission model, the model analyzes adverse selection costs and price formation of bid-ask spread, dynamically adjusted by previous state of limit order book in an electronic limit order market. Using order book data from the Taiwan Stock Exchange, the empirical analysis corroborates the following findings: (1) the state of the limit order book significantly affects subsequent order aggressiveness; (2) adverse selection cost and spread are negatively associated with the precision of order book information; (3) information effects of limit order book on the bid-ask spread provide strong support for the model.

This paper studies the relation between the pecking order theory and industry dynamic. First,we discuss the contribution in industry between debt and equity. And we analyze all possible sorts of debt and equity. Then,we verify the pecking order theory is not exist in Taiwan¡¦s high tech. The empirical work is based on firm level data of Taiwan high-technology industries during 2003 ~2007. The empirical results show that (1) debt capital ¡¥s contribution is negative and equity capital¡¦contribution is uncertainty.(2) we can observe high-tech industries in Taiwan are high risk and great development and still need government subsidy.Cause of high-tech¡¦s uniqueness ,manager will give up the plan of net present value over one,and like finance in equity without interest expense. Consequently,Pecking Order theory is not proven in Taiwan¡¦high tech industries.

Thesis (Ph. D.)--University of Missouri, Columbia, 2001. / Includes abstract, bibliographical references (leaves 145-152) and vita. Also available on the Internet.

Thesis (Ph. D.)--University of Hong Kong, 2001. / Includes bibliographical references (leaves 164-199).

Thesis (Ph. D.)--Princeton University, 1913.

Dissertation (Ph.D.)--Auburn University, 2009. / Abstract. Vita. Includes bibliographic references.

Proefschrift-Amsterdam. / "Stellingen", 2 p.L. at beginning.

Title from PDF of title page (University of Missouri--Columbia, viewed on Feb. 19, 2010). The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract appears in the public.pdf file. Dr. James Noble, Thesis Supervisor. Includes bibliographical references.

No description available.

This thesis attempts to explain the functions of the preposing of the direct object in Japanese. Japanese is generally a verb-final language and the basic word order is Subject (S) -> Object (O) -> Verb (V). However, it also has relatively free word order, and a direct object can be preposed to the sentence-initial position forming OSV word order. Although clauses expressed in SOV and OSV word orders are semantically identical, OSV is used much less frequently in comparison to SOV. This thesis examines the motivations behind the preposing of direct objects. As a first step toward understanding the possible functions of OSV word order, this thesis analyzes characteristics of preposed direct objects in its data collected from written materials. The results show that both structural characteristics and the information status of direct objects play roles in preposing. Structural characteristics found in preposed direct objects are that they tend to be lengthy, tend to contain demonstratives, or tend not be a direct object component of idiomatic expressions formed with a direct object and a verb. Preposed direct objects tend to convey information that is either linked to the preceding discourse, is linked to the hearer's knowledge, or is emphasized. The findings also show that the preposing of direct objects is motivated by various reasons depending on what is required to enhance communication in the context. Direct objects that have structurally different characteristics, namely those that contain demonstratives or long direct object phrases, are preposed for easier sentence processing or reference. In order to avoid ambiguity, preposing does not occur when the process would split an idiomatic expression comprised of a direct object and a verb. Preposing of direct objects conveying information linked to either the preceding discourse or the hearer's knowledge creates relevance between the preceding discourse and the present proposition. Preposing direct objects structurally indicates what information is emphasized. In other words, the preposing of direct objects facilitates effective communication.