nÃo hà / A presente dissertaÃÃo tem como objetivo principal investigar uma estrutura financeira otimizada, atravÃs de suas formas de pagamentos, que amenize os efeitos decorrentes da assimetria de informaÃÃes nos custos de transaÃÃes. Reduzir custo de transaÃÃo para empresas varejista se justifica pelo fato de se estar vivendo a era da competitividade, onde empresas, cada vez mais, buscam por alternativas de alta produtividade e por novos modelos de gestÃo. Em uma economia estÃvel, onde os custos de produÃÃo nÃo oscilam a ponto de comprometer as empresas, a âguerraâ se foca para a administraÃÃo de preÃos. Assim, com polÃticas de reduÃÃo de preÃos para conquistar cada vez mais clientes, a conseqÃÃncia à inevitavelmente a perda da rentabilidade da operaÃÃo como um todo. O contra-ponto desse contexto à a reduÃÃo sistemÃtica e continuada dos custos operacionais e financeiros. à com este enfoque que serÃo abordadas as relaÃÃes entre as diversas formas de pagamentos dos clientes aos lojistas e seus impactos na estrutura de custos, assim como sobre um dos provÃveis causadores destes distÃrbios, reconhecido aqui como a assimetria de informaÃÃo entre os agentes envolvidos nas transaÃÃes varejistas. / The present dissertation has as its main objective to investigate an optimized financial structure, through its forms of payments, that softens the effects of asymmetric information on the costs of transactions. To reduce transaction costs for retailer companies is justified for the fact of todayâs era of competitiveness, where companies, more and more, look for alternatives linked to high productivity, and for new management models. In a stable economy, where production costs do not oscillate to the point of harming the companies, the âwarâ is to focus on price administration. This, with prices always in fall to more and more conquer customers, the consequence is unavoidably the loss of profitability of the firms operation. The counter-point of that context is the systematic and continuous reduction of operational and financial costs. This dissertation focus on the relationship between ways of payment and the finantial cost structure. It is recognized the importance of asymmetry information as a major factor that increass the sales cost.

Summary Taiwan¡¦s petroleum market has been deregulated in the wake of the passing of the Petroleum Administration Law. The market structure should have been shifted to monopolistic competition from the monopoly and the price backed to the so-called equilibrium one. Observing its historical data, we can find the effect of the price decrease is not obvious. In this article, we try to explore the reasons for that using the interest group theory in the public choice school. Every interest group demanding regulation decides how much political resource they would provide in light of their own cost benefit analysis. On the other hand, the administration department supplying regulation will be influenced by some variables such as ideology, institutional constraint, and political variance. Finally the political equilibrium price, i.e. output of regulation, will be reached through adjusting both sides each other.

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由人類學家所定義的互惠經濟之交易行為與我們所認知的市場交易相較之下有幾個特殊之處，如，強調交易雙方的關係、主觀的價值判斷等，近來經濟學家也嘗試以各種不同的角度（如：訊息經濟學、賽局理論、實驗經濟學、制度經濟學）來探討此一耐人尋味的交易行為， Kranton 的文章就是其中的一個代表。 Kranton 認為互惠經濟與市場經濟制度的差異僅是一些人們的心理偏好如：對財貨多樣性的偏好、對未來消費偏好上的程度大小之選擇問題，另外制度本身有一種「自我延續」的機能，任一種制度越被人們所青睞也就更確認其普行於社會的地位。他認為制度與制度之間存在著一種「競爭」的關係，社會最終只能容許一種制度存留，而結果取決於上述的偏好因素以及某制度開始時的起始值大小。 惟我們認為 Kranton 的模型有許多不完美之處，根據他的缺失，我們有了以下的補充及發揮。首先，從交易關係來瞭解交易行為，可以將兩種制度「互相競爭」的單一思考角度擴充到有「互補」可能性的思考空間。我們認為一項交易的完成不僅是客觀上財貨的交換，其他相關的事項如交易雙方藉由交易互動來達成訊息探測的目的及交易雙方的關係因為一連串的交易所發生的變化等都是值得我們注意的。我們會看見兩種不同的制度（互惠經濟與市場經濟）在同樣一項交易上運作乃是因為這兩種制度所詮釋的功能及範圍有所不同，彼此相互輔助而不一定有衝突發生。 第二、我們分別推演了「貨幣」、「法律制度」、「物品交換知識累積」等因素對互惠經濟轉變成市場經濟的可能性。我們發現「貨幣」的出現影響了因為以物易物所無法避免的一種「跨期交換」的人情債，但是貨幣也僅是影響其中一個「交易互動」的機會而已，新的互動機會可以不因為貨幣的出現而受到影響。法律制度對交易細節的強力背書，可省去交易雙方為了交易過程中可能發生的不確定性所額外必須做的「關係功夫」，但是真正令雙方滿意的交易仍需要交易當事者主動探尋求得。物品交換知識的累積代表人們將一些彼此之間的共識客觀成熟化，所以通常互惠經濟成熟後，市場經濟就會跟著出現。 最後我們認為「訊息」是互惠經濟能步入「市場經濟」的一個重要關鍵。一個人面對市場經濟多樣化的選擇時必須擁有充分的訊息作為選擇的依據，惟市場本身能衍生出另一種「訊息市場」來。在訊息提供上不僅要考慮到訊息的「廣度」也要考慮到「深度」，互惠經濟所形成的人際網路能透過「瞭解」的機制來傳遞及過濾「適當」的訊息，但是人際網路一樣會有「遞移成本」及「維護成本」的問題，另外訊息在消費上的不具敵對性會減低訊息市場上供給者的提供誘因，我們將以上的所有考慮因素具體化為一個簡單的模型，並試圖找出在訊息上提供上，互惠經濟與市場經濟之間的「分水嶺」。 / Reciprocal economy , compared to the familiar market economy,is characterized byseveral features such as gift giving,social structure patterns,subjective valuesRecently,economists try to explain such ambigious behavior by means of game theory, experimental methods,and institutional views.Kranton's paper is oneexample. From Kranton's point of view,reciprocal economy differs with market economyonly in poople's preferences such as preferences for diversity of goods,preferences for future consumption. In addition,institution itself has mechanisms of self-sustaining which guarantees its pervasion. That reciprocal economy is competitive with market economy means that only one institution can survivewhich is dependent on social preferences and institution's initial value. Not satisfied with Kranton's model, we try another way to handle the probleminto three parts. First,in views of transaction relationships,we may say that each institution'ssurvival is dependent on the other's persistence. Second, "money", "laws", and "transaction knowledge" are all important factors influncing the transition from reciprocal economy to market economy.Third,"information completeness "is a key factor of the market economy and the provision of information is another choice problem between reciprocal economy and market economy.

「強制性財務預測」不但規範在何種情況下須發布財務預測，同時也規範在何種狀況下須作財務預測更新。不論第一次預測或更新均需經會計師核閱。因此，「強制性財務預測」比自願性揭露要審慎得多，但其資訊成本也高。盈餘預測的準確性為其是否有用的先決條件。一個高成本的規範，如其所產生資訊的準確性不高，則其必要性便存疑。本研究首先對此一問題加以探討。實證結果顯示， 「強制性財務預測」規範下的第一次盈餘預測和 「天真模型」(Naive Model)下的盈餘預測比較，其準確性較高。由此可推論「強制性財務預測規範」對盈餘預測資訊約有用性應有助益。 　　「財務預測更新」會增加資訊成本，而「財務預測更新與否」係依據「預測盈餘」與將來「公告盈餘」的差距來決定。「財務第一次預測準確性」影響「預測盈餘」，而「盈餘操縱」則影響「公告盈餘」。因此，「財務第一次預測準確性」、「盈餘操縱」均與 「財務預測更新與否」有關，而且「盈餘操縱」的需要性亦受「財務第一次預測準確性」的影響。本研究以單因子多變量變異數分析對此一問題加以實證。結果顯示，「財務預測未更新組」的「財務第一次預測準確性」較高，但其「盈餘操縱」情形亦較嚴重。 　　受規範公司的「盈餘操縱」會影響「預測更新」成本，因而其經濟實質。投資人投資這類股票，其投資報酬的影響因素為何？本研究以「行業別股價指數變動」代表總體面及行業面因素，以「當期盈餘」代表個別公司面因素，以「盈餘操縱」代表「財務預測成本」，並以迴歸分析探討各因素對股票投資報酬的影響。實證結果顯示，「行業別股價指數變動」、「當期盈餘」、「盈餘操縱」與「股票投資報酬」均呈正相關。 　　「盈餘操縱」除與「財務預測更新」的資訊成本有關外，尚可能影響其他契約成本。本研究懷疑「盈餘操縱」會因「財務預測曾否更新」而有不同的目的。本研究以虛擬變數迴歸分析為工具，探討「盈餘操縱」對股價變動的影響力是否會因「財務預測更新與否」而不同？實證結果顯示，「盈餘操縱」對股價變動的影響力並不因「財務預測更新與否」而不同。 　　此外，「使用一般公認會計原則的經驗」應有助於相對準確性的提升。本研究實證「盈餘第一次預測準確性」的同時，額外針對這個問題加以實證，結果顯示「非新上市年度樣本」的盈餘第一次預測準確性優於「新上市年度樣本」。此一結論應能給證管會若干鼓舞，只要持續推動「強制性財務預測規範」，「盈餘預測準確性」將因受規範公司經驗的累積而提升，預測資訊約有用性會因而加強。

This thesis is composed of two economic evaluations: one trial-based study and one model-based study. In a recent study published in Clinical Infectious Diseases in 2011, a team of OUCRU investigators found that immediate antiretroviral therapy (ART) was not associated with improved 9-month survival in HIV-associated TBM patients (HR, 1.12; 95% CI, .81 to–1.55; P = .50). An economic evaluation of this clinical trial was conducted to examine the cost-effectiveness of immediate ART (initiate ART within 1 week of study entry) versus deferred ART (initiate ART after 2 months of TB treatment) in HIV-associated TBM patients. Over 9 months, immediate ART was not different from deferred ART in terms of costs and QALYs gained. Late initiation of ART during TB and HIV treatment for HIV-positive TBM patients proved to be the most cost-effective strategy. Increasing resistance of Plasmodium falciparum malaria to artemisinin is posing a major threat to the global effort to eliminate malaria. Artesmisinin combination therapies (ACT) are currently known as the most efficacious first-line therapies to treat uncomplicated malaria. However, resistance to both artemisinin and partner drugs is developing and this could result in increasing morbidity, mortality, and economic costs. One strategy advocated for delaying the development of resistance to the ACTs is the wide-scale deployment of multiple first-line therapies. A previous modeling study examined that the use of multiple first-line therapies (MFT) reduced the long-term treatment failures compared with strategies in which a single first-line ACT was recommended. Motivated by observed results of the published modelling study in the Lancet, the cost-effectiveness of the MFT versus the single first-line therapies was assessed in settings of different transmission intensities, treatment coverages and fitness cost of resistance using a previously developed model of the dynamics of malaria and a literature –based cost estimate of changing antimalarial drug policy at national level. This study demonstrates that the MFT strategies outperform the single first-line strategies in terms of costs and benefits across the wide range of epidemiological and economic scenarios considered. The second analysis of the thesis is not only internationally relevant but also with a focus towards healthcare practice in Vietnam. These two studies add significant new cost-effectiveness evidence in Vietnam. This thesis presents the first trial-based economic evaluation in Vietnam considers patient-health outcome measures as the participants have cognitive limitations (tuberculous meningitis), dealing with missing data along with the potential ways to handle this common problem by the use of multiple imputation, and the issues of censored costs data. Having identified these issues would support the decision makers or stakeholders including the pharmaceutical industry to devise a new guideline on how to implement a well-design trial-based economic evaluation in Vietnam in the future. Another novelty of this thesis is the introduction of the detailed of costing of drug regimens change in which the economic evaluations considering the drug policy change often do not include. This cost could be substantial to the healthcare system for retraining the staff and publishing the new guidelines. This thesis will document the costs incurred by the Vietnamese government by changing the first-line treatment of malaria, from single first-line therapy (ACT) to multiple first-line therapies.

本論文之研究目的在以成本與利益觀點，驗證產品資訊搜尋過程，消費者於對搜尋時間成本與產品資訊信心程度之主觀估計，在極大化程度對消費者產品資訊搜尋行為影響所扮演的中介變數角色，藉此瞭解產品資訊搜尋階段，極大化程度對消費者資訊搜尋行為與態度之影響機制。 極大化程度為一種個人追求最佳選擇程度之人格特質傾向。過去極大化程度在消費者行為領域之相關研究，多聚焦於探討不同極大化程度消費者之選項數量偏好、時間成本投入意願與決策後情感反應之差異，甚少有消費者資訊搜尋過程相關議題之討論。本研究認為，產品資訊搜尋實為消費者整體選擇與決策歷程最重要之階段，經常影響消費決策之最終品質，因此若要真正瞭解極大化程度對消費者選擇行為與態度差異之影響，除從極大化人格特質基本定義做為影響之解釋外，亦須藉由探討極大化程度在產品資訊搜尋過程，對消費者資訊成本與利益認知之影響中，連結出整段消費者選擇行為歷程之影響機制關係。 本論文以Ratchford (1982) 所提之「資訊搜尋之成本－利益模式 (The Cost-Benefit Model for Information Seeking)」為理論基礎，並將研究分為兩部份，研究一為探討不同極大化程度消費者在產品挑選機制與產品屬性要求標準上的差異，透過受測者對四項產品之屬性重要度評估、對特定屬性規格之期望標準，得知不同極大化程度受測者在產品屬性重視的程度、視為重要的屬性數量，以及產品屬性要求標準上之差異。研究二則採取2 (資訊延遲時間高、低)×2 (產品屬性離散程度高、低) 組間設計實驗，透過本研究設計之虛擬產品購物網站平台，讓受測者執行產品資訊搜尋任務，從中衡量受測者對產品資訊搜尋時間成本與資訊信心之主觀估計，驗證單位搜尋時間估計與單位資訊效用估計在極大化程度對受測者產品資訊搜尋數量、搜尋過程滿意度與產品知覺價值中，扮演之中介變數角色，以瞭解箇中之內在心理機制。 研究結果顯示，極大化程度與產品屬性重視程度及屬性要求標準呈現顯著正向關係，極大化受測者對產品屬性的重視程度與對產品屬性的要求標準皆較滿足化者高。足見不同極大化程度消費者對選擇之追求目標差異，會具體展現於產品遴選機制與屬性要求標準上。而經過中介變數關係檢定後也發現，極大化程度越高之受測者所估計之搜尋時間與對資訊在決策幫助上的信心越低，因而正向影響了搜尋的產品數量，搜尋時間成本與資訊效用估計亦分別成為受測者對搜尋過程滿意度以及對產品知覺價值之中介變數。 本論文之研究成果除驗證極大化選擇目標與產品遴選機制及屬性要求標準之關聯性外，亦進一步得知極大化程度影響消費者產品資訊搜尋行為與態度之內在心理機制，成功將系統性之消費者資訊搜尋經濟模式與極大化概念結合，為極大化程度研究領域帶來更深入且具理論基礎之發現。研究成果亦可作為通路或產品廠商思索產品陳列與資訊呈現方式時之參考依據，以降低顧客之主觀成本花費、提升產品資訊帶給顧客決策上的利益，提高顧客對個人整體消費過程之滿意度與所選產品之知覺價值。 / The purpose of this research is to demonstrate whether consumers’ subjective estimations of search time and product information confidence are the mediators mediating the effects of maximization tendency on consumers’ product information seeking behavior and attitude. From the perspective of information cost-benefit, the psychological mechanism will be found from this effect of personality on consumer behavior in this research. Maximization tendency was conceptualized in recent ten years to describe individual’s personality that strives for pursuing the best choice. After this concept was developed, most of the researches in this domain focused on discussing in the relationships between maximization orientation and consumers’ choice preferences such as the differences in the amount of alternatives, the aspiration to invest search time, and affective response after making decision. However seldom of them paid their attentions to the stage of product information search to probe the mechanism for the effect of maximization tendency on consumers’ searching behaviors about product information. Since the information seeking is the most important process to influence consumers’ decisions, the current study aims to explore the effects of maximization tendency on the individuals’ subjective estimations of time cost and benefit of product information. Hereby, the whole picture of the causal relationship in consumers’ information searching process would be drawn in this study. Referring to the rationales of Ratchford’s cost-benefit model, this research conducts two studies: the first part is to assess the differences in the criteria and attribute standard of consumers’ product selection with differential maximization tendencies. The second part is to conduct a 2 (the delay length of information appearance: low and high)×2 (the the dispersion of information attributes: low and high) between subject design experiments to demonstrate the mediating effect of two variables: consumers’ subjective estimation of time cost and information confidence during searching for information in the relations between maximization tendency and consumers’ information seeking behavior. The result shows the relationship between participants’ maximization orientation and their selection criteria as well as attribute demand standard exists. In general, maximizers have more complex choice criteria and higher picking standards than satisficers do when they choose the same products. The psychological mechanism is confirmed to help us understand how maximization tendency affect seeking behaviors and attitudes of product information from consumer’s product information seeking behavior and attitude. Manufacturers and store owners are suggested to apply these findings in the arrangement of alternatives and the display of product attribute information in order to reduce customers’ subjective estimation of time cost and improve their perception on information utility to, eventually, increase their satisfaction with the whole consumption experiences.

Widespread cross-border securities trading have led to the internationalization of securities markets. No one seriously disputes that such securities dealings require regulation, but there is no academic consensus on the best normative approach to such regulation. The academic debate initially focused on whether regulatory competition or cooperation constitutes the better model. However, the debate seems to have evolved to adopt a hybrid model combining the virtues of these two approaches. ‘Harmonization’ constitutes the dominant hybrid model. Nevertheless, the implementation of the harmonization model has barely received any attention in the literature. The aim of this thesis is hence two-fold: first, justify why harmonization should be the preferred model for the regulation of international securities markets; and second, develop, applying an international trade regulation perspective, a regulatory framework to implement the harmonization model using the World Trade Organization and General Agreement on Trade in Services (WTO/GATS) framework.

Widespread cross-border securities trading have led to the internationalization of securities markets. No one seriously disputes that such securities dealings require regulation, but there is no academic consensus on the best normative approach to such regulation. The academic debate initially focused on whether regulatory competition or cooperation constitutes the better model. However, the debate seems to have evolved to adopt a hybrid model combining the virtues of these two approaches. ‘Harmonization’ constitutes the dominant hybrid model. Nevertheless, the implementation of the harmonization model has barely received any attention in the literature. The aim of this thesis is hence two-fold: first, justify why harmonization should be the preferred model for the regulation of international securities markets; and second, develop, applying an international trade regulation perspective, a regulatory framework to implement the harmonization model using the World Trade Organization and General Agreement on Trade in Services (WTO/GATS) framework.