This study investigates variability in the importance of investment decision criteria used by venture capitalists in assessing new technology-based ventures and relates the criteria to the subsequent performance of the investment in the new venture. Variability was measured using interval and ordinal scale approaches for both criteria ratings and rankings. The analyses found that the criteria used by venture capitalists form a general hierarchy that is consistently ranked across ventures. However, there are some criteria that do not form part of this hierarchy and whose importance varies depending on the specific venture being evaluated. The criteria that are consistently considered important by venture capitalists can be thought of as necessary conditions for investment. The hypotheses concerning the relationship between the criteria and subsequent deal performance are that:· deal performance can be assessed by venture capitalists earlier for Internet-related ventures than for other-technology based ventures (H1);· Internet-related ventures have more extreme levels of deal performance (H2);· a small number of criteria will distinguish between successful and unsuccessful deal performance (H3);· criteria that do distinguish have above average variability (H4); and· criteria related to first-mover advantage distinguish between successful and unsuccessful deals (H5). The study was conducted in two parts. The original study (n=100) conducted by Bachher (2000) gathered information about the importance of the investment criteria using a web-based survey. The follow-up study (n=40) gathered information about the success of the investments by surveying the original participants and gathering information from the Internet. Limitations of the study include a nonrandom sample, a small sample size for the follow-up survey and the very small number (n=5) of unsuccessful investments identified. Evidence for hypotheses H1 and H2 was in the predicted direction but failed to achieve statistical significance. The evidence is supportive of H3. Evidence for H4 and H5 was not found. Additional analysis of the results suggests that venture capitalists whose investments were ultimately unsuccessful placed less importance on technology-related criteria than did venture capitalists investing in the other ventures. This finding implies that venture capitalists need to perform detailed assessments of the technology of new ventures.

Background A common goal for many investors is to beat the market. However, only a few are able to do so consistently over a long time. The random walk theory and the efficient market hypothesis are two widely accepted theories that state that it should not be possible to consistently generate abnormal returns in an efficient market. There are though some contradicting results that argue against market efficiency and a lot of those studies have value investment in common. Joseph Piotroski was in 2000 able to generate a value investment model that consistently beat the market between the years 1976-1996. Purpose The purpose of this paper is to test Piotroski’s model on stock markets with different size and maturity to evaluate if the model, as an investment strategy, can generate a better risk adjusted rate of return than a comparable market index. Unlike recent studies done on Piotroski’s value investing model, we will add a number of additional comparison portfolios and use two different valuation models to determine the source of return variation. Method This thesis employed a quantitative research method with a deductive approach. With data from four markets with different characteristics regarding efficiency and development, we performed an ex-ante test from 1995 to 2009. By employing Piotroski’s model, each stock on the four markets was given a score from 0-9; a portfolio for each market was created by the stocks that received a score of 8-9. They were then compared with portfolios from the same market based on the small firm- and book-to-market anomaly. We also performed a test between the markets to see if Piotroski’s model worked better in low efficiency or developed countries. All portfolios in this thesis were risk-adjusted with two different models, CAPM and the Fama & French three-factor model. Since these models use various factors to risk-adjust we have tested if they generate a different valuation of the same portfolio. Results Our study has shown that Piotroski’s model is not able to generate significant abnormal returns compared to our portfolios based on anomalies, our results also give an indication that by removing the anomaly premium the model might be destroying value instead of creating it. An explanation to why the model works in Piotroski’s study and not in ours could be the different method of risk adjustment. Piotroski uses a simple method by deducting the market return while we use two models that are taking additional factors into account. Our results are also able to show that choice of the valuation model does have a significant effect on the risk-adjusted return and could therefore affect the end-results of a study. Last of all our results do not give any support for the hypothesis that Piotroski’s model works better in countries with low efficiency compared to high efficiency or in countries that are developed compared to emerging.

In the wake of the Diamond Action Plan for Biotech Takeoff, the government's drafting of the Biotech and New Pharmaceutical Development Statute and signing of the Economic Cooperation Framework Agreement (ECFA) and Cross-strait Cooperation Agreement on Medicine and Public Health Affairs with China will expand collaboration opportunities for the biotech industries in Taiwan and China, bring future market opportunities, and induce domestic and foreign firms to sharply increase their investment in the biotech industry.Furthermore, as demographic aging continues worldwide, healthcare reform in numerous countries and the continued growth of emergency markets will increase demand for pharmaceuticals and medical products,creating more opportunities for the biotech industry. In view of this background, the Diamond Action Plan for Biotech Takeoff will enable industry to take advantage of upstream R&D results and technologies at an early date, promote the establishment and development of R&D-oriented pharmaceutical and medical devices companies, attract investment by international capital, and transform Taiwan into a major biotech hub providing foreign firms with convenient access to the Asian market.

This study aims to find an effective linear combination of factors in different economic cycle periods and then construct two factor timing multi-factor alpha models, one each for the expansion and contraction periods. Then, we wish to examine a further two effects, namely calendar effect and cross effect. The calendar periods are divided into the first half year and the second half year. The cross effect is the combination of the economic cycle and the calendar effect. In addition, this study puts different loadings in core and satellite descriptors, which means we wish to examine which descriptors are more important when we rebalance our portfolio weekly. The empirical results show that the Value factor is effective in expansion and the first half year, and the Size and Earnings Quality factors are effective in contraction and the second half year. Moreover, the Price Momentum and Trading Activity factors are effective most of the time. We find that the optimal weight for core descriptors is 0.3 and for satellite descriptors is 0.7. Finally, the information ratios of our models are superior to the Standard alpha model by Hsu et al. (2011) and the Market Trend-based alpha model by Wang (2011). Taking the AMCross as an example, when the tracking error is below 3%, the IR is 1.40, the active return is 3.09%, the tracking error is 2.20%, the turnover rate is 207% and the transaction costs are 1.2%.

This thesis is an investment strategy that seeks to profit from increases in market volatility. There have been several boom and bust cycles during the past fifteen years and volatility is projected to continue forward as a result of global asset misallocation and challenges stemming from debt liquidity. Volatility is measured by the Chicago Board of Options Exchange VIX volatility index. A proposed mean reversion strategy uses the VIX as a contrarian indicator of hope and fear to time decisions at extreme levels that have been determined through statistical analysis. This thesis found through back testing that market timing is possible at extreme levels of fear but is less reliable during extreme levels of hope and complacency. This strategy that utilizes measures of sentiment does however outperform the general market despite being active only five months on average per year. By synthesizing a broad range of fundamental, technical, and behavioral research, this thesis develops a unique contribution and practical set of market trading guidelines. The significance of these findings will help the individual investor to make better decisions during times of increased volatility.

Due to the impact of globalization, enterprises have undertaken all possible cuts to survive. Fresh-outs have encountered obstacles entering job markets. Unemployment rate has reached its record high. The solution could be ¡§Invest & Emigrate Abroad¡¨ to create job opportunities for Taiwan people. This study ¡§The Impact of Foreign Investment and Emigration on the Unemployment¡¨ is to find ways for people from Taiwan to be employed abroad. With the assistance of Government, this would be a win-win solution for employers and work force in Taiwan. The purpose of this study is outlined below: 1. Providing solutions to lessen the impact of globalization which are causing closure and relocations of businesses. 2. Providing solutions to prevent mid-aged work force losing their jobs. 3. Encouraging educated workers to emigrate, this could in turn promote the image of Taiwan. 4. Assisting businesses to find opportunities abroad. 5. Emigrating to other countries can reduce unemployment rate and improve quality life in Taiwan. The research procedures and their flow are designed based on the objectives of this study. The sources of literature and the definitions of the issues are considered in designing the procedure. The research constructions then are planned according to the chosen research method. There are two research issues: A and B. Issue A: Would the perception of the factors which cause the closure of businesses and workers to lose jobs vary due to personal characteristics. Issue B: Would the perception of the important issues which cause businesses to close and workers to lose jobs vary due to personal characteristics.¡C The questionnaire consists of 31 questions. 450 copies were sent via mail or hand delivery. 331 responded and collected. 9 out of 331 were invalid. Valid rate is 73%. People randomly chosen to fill out the questionnaire or to be interviewed included those from manufacturing, construction, services, agriculture, governmental, and academic (incl. students) fields. 68% perceived that ¡§Invest & Emigrate Abroad¡¨ could help businesses and improve employment environment. The details of the results are as followed: Issue A¡GUsing factor analysis to operate measuring tool, we chose 4 major factors. According to the definitions¡]Organized Emigration with Special Task Officials¡BInvestment & Emigration improve investment environment¡BEmigration can reduce unemployment¡BPlanning Emigration & Investment Strategies and Changes of Policies¡^, the findings from Variation Analysis are¡G ¡]1¡^Organized Emigration with Special Task Officials: Investment & Emigration is highly interested by those who are currently employed. North America, South-East Asia, Mainland China, Europe, Australia, and North-East Asia are highly preferred to Africa. Male have stronger interest than Female. ¡]2¡^Investment & Emigration improves investment environment: As the scale of investment and capital, most prefer small/mid sizes. In this case, More Male think so than Female. ¡]3¡^Capitals on ¡§Emigration can reduce population and unemployment rate¡¨¡GAs far as ¡§using small/mid size capital to invest in big enterprises¡¨ more people from service industry show the support than those from governmental offices. ¡]4¡^Places to Invest & Emigrate on ¡§Planning Emigration & Investment Strategies and Changes of Policies¡¨¡G North America, South-East Asia, Mainland China, Europe, Australia, and North-East Asia are highly preferred. Male are more so than Female. Issue B¡GWould the perception of the important issues which cause the closure of businesses and workers to lose jobs vary due to personal characteristics? The results from Variation Analysis are¡G ¡]1¡^Providing businesses with the best investment environment: Workers with certain amount of education are preferred. Countries are crucial too. However the differences of preference among countries are insignificant. Age is an important consideration, yet the differences aren¡¦t significant. ¡]2¡^Looking to the governmental officials to reduce unemployment rate¡GNo significance ¡]3¡^Looking to the governmental officials to provide education and training¡GNo significance ¡]4¡^Providing Internal Affairs Ministry with solutions to reduce population¡G In terms of scope of investment: ¡§using small/mid size capital to invest in big enterprises¡¨, more professionals think it feasible, however¡Ano data refer to any significance among different sources. On the age issue, it is also feasible, however¡Ano data refer to any significance among different sources. ¡]5¡^¡§Organized Invest & Emigrate can promote the image of Taiwan¡¨¡GLocations are vital but no data refer to the differences among countries. Gender wise, Male has more significant response than Female. ¡]6¡^The relationship between the effective globalization of businesses and emigration policies¡¨¡GLocations are vital but no data refer to the differences among countries. Age is an important factor but no significance among various data. Profession wise: More governmental workers than in the industries. To sum up, the government ought to pass the ¡§Policies for Emigration Offices (EO)¡¨. EO then can plan ¡§ Optimal Invest & Emigrate Abroad¡¨. At the same time, with the very large scale of governmental infrastructure projects, there would be a great increase of employment opportunities. Thus, foreign labors would be reduced gradually. By the same token, the closure of businesses and unemployment rate would be reduced. The suggestions of this study are¡G 1. How to plan ¡uThe Optimum population¡vto emigrate to reduce unemployment rate. 2. How to plan ¡§Invest & Emigrate¡¨ in order to bring economic benefits to the subject countries 3. How to set up Special Task Offices in the Government for implementations. 4. How to organize strategic industry groups¡C 5. The implementation steps to realize the big project.

Abstract This thesis is focus on exploring the effect that domestic manufacturing vendors investing in Mainland China vs. Taiwan domestic employment issue. That the trend of the Taiwan unemployment rate gradually increasing these years is whether not related to the domestic vendors investing in Mainland China is the main topic of what we are discovering from the research. We have been observing the yearly tendency toward investing in other countries and change of the domestic labor demand and supply. According to the labor demand theory and other factors of labor demand affected we simultaneously consider one real model is built. Afterwards, we have divided manufacturing into 15 industries that categorizes labor intensity and capital intensity depended on industry characteristic. Based on the 1991-2202 pooling data calculated by OLS, we proceed to get the real evidential analysis of the domestic labor demand effect by investing in China. The result found: labor intensity of manufacturing who invest in China have outstandingly negative effect on the Taiwan domestic labor demand that means the employment opportunity in Taiwan is dramatically decreasing. The higher the investment percentage is, the lower the domestic labor demand is. Capital intensity of manufacturing, however, have positive effect that is not that outstanding at this moment. Therefore, the reason of unemployment rate yearly increasing in general is the manufacturers¡¦ enthusiastic investing behavior to Mainland China that only happened in labor intensity of manufacturing. Beside the factor of labor manufacture, the domestic economy downside is decreasing labor demand that is one of the reasons for unemployment rate increasing.

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A widely respected consultancy firm predicts that the amount of FDI (Foreign Direct Investment) into the petrochemical sector in China will reach USD 30 billion between 2000 and 2005. If we consider the huge investments in China announced by several renowned petrochemical MNCs (multinationals) such as BP, Exxon Mobil and Shell, we can quickly conclude that the chemical market in China has become one of the most attractive for investments. In a similar way, Company X has also followed this trend and increased its investment more than 250 Million USD in China. An interesting question arises, namely, why is China able to attract such huge investments from so many well-known MNCs including Company X ? What kind of operation risks are entailed when entering this attractive market still under communist rule? Further, why by contrast, is there so much less investment by this multinational company X in Taiwan ? My research has two objectives which can be summarized as follows : • To verify if the entry mode chosen by Company X accords with the academic theory about which I have learned in the IEMBA course. • To provide some clues about the entry modes for new entrants who are interested in investing in the chemical market either in Taiwan or in China. In principle, companies who want to go international can choose from a wide range of alternatives when deciding how to participate markets in the world. Firms use basically six different modes to enter foreign markets: (1) exporting, (2) turnkey projects, (3) licensing, (4) franchising, (5) establishing joint ventures with a host country firm and (6) setting up a whole owned subsidiary in the host country. Each entry mode is accompanied with respective advantages and disadvantages of which has to be evaluated by the concerned company to meet its needs in a specific business/ market environment. Traditionally, it has been usually the core competence and the extent of market openness for MNCs to drive the choices of entry mode into a new market. Key words: Entry Modes, Multinationals, Foreign Direct Investment

As a series of financial crisis and accounting scandals occur around the world, the government, many institutions and the public have put great emphasis on corporate governance. Most of the prior research focus on how the corporate governance monitoring system can enhance the firm value and reduce the financial crisis. This empirical analysis includes investment opportunity set (IOS) as an environmental factor and tests the interaction between IOS, firm performance and external corporate governance mechanisms (audit quality and institutional investor ownership) as well as internal corporate governance mechanisms (CEO duality and pledged shares ratio of directors and supervisors) in Taiwan. The sample consists of 999 Taiwan publicly listed companies both in electronics industry and non-electronics industries in 2003. This empirical study uses common factor analysis, Pearson¡¦s correlation analysis and regression analysis to test four hypotheses. The hypotheses are as follows: (1) the relationship between IOS and firm performance will be affected if the auditor is from the Big 4 auditing firm. (2) The relationship between IOS and firm performance will be changed due to the institutional investor ownership. (3) The CEO duality will influence the relationship between IOS and firm performance. (4) The pledged shares ratio of directors and supervisors has an influence on the relationship between IOS and firm performance. The results show that audit quality has no influence on the association of IOS and firm performance, but the institutional investor ownership has a negative and significant influence on that relationship. In non-electronics industries, CEO duality won¡¦t change the firm performance but a negative influence is reported in this study. Eventually, while many companies with financial distress have a higher pledged shares ratio than other normal companies, a positive influence is shown in this study when the investment opportunity set is considered.