House Price in Taiwan is very volatile during the past few decades. As Taiwan go into enormous boom, more and more amount of money invest in the house market. Although house investment is considered as a good investment tool with low risk and inflation hedge properties, its risk can not be underestimated. Therefore, by using the GARCH model, this paper tries to analyze volatilities of investment return in the Taipei housing market from 1973 to 2002. For existing housing, we are not able to use GARCH to model investment volatility because of uncorrelated term risks. On the contrary, pre-sale housing contains correlated term risk. We adopt ARMA(4,4)-GARCH(1,1) to model the investment volatility of pre-sale housing. The investment risk of pre-sale housing is not constant but is time-varying. When an unexpected event happened, the shock will persist but decay from 86 percent in the next term to 40 percent in the sixth term. And we can observe volatility cluster phenomenon from the graph of conditional variance. During 1973 to 1975¡B1979 to 1983 and 1987 to 1990, the risks are higher than other period. Because previous studies commonly suggest some structural changes in the Taiwan housing market, we also control the risk premium affected by the structural changes in our model. We found ARMA(4,4)-GARCH(1,1) can still model the investment volatility process of pre-sale housing, but there is no evidence of risk premium caused by structural changes.

ABSTRACT The pig industry is one of the important industry for rural economy development in Taiwan¡CGross production value is about NTD 100 billion¡Awhich accounts for 51% and 16% respectively of animal husbandry and agricultural production value¡CIt is estimated around six hundred persons are engaged in related field of pig industry¡CTherefore¡Ain addition to proper rural economy¡Apig industry is also an important factor for social stability¡C Before foot-and-mouth disease outbreak in Taiwan in 1997¡Ait was a gold era for Taiwan pig industry¡Aas Taiwan export big amount of pork to Japan¡CHowever pork export suddenly stopped due to FMD outbreak¡Aswine producer suffered enormous economic losses¡C In order to enter WTO¡Ain 1998 Taiwan agreed to open pork import by the way of increasing quota progressively¡Aand then ¡Ain 2005¡Aopen pork import in all-round way¡C Because of high labor and land cost plus high cost to prevent environment pollution¡ATaiwan pork cost is generally higher than that in the main pork producer¡CFortunately¡Apeople in Taiwanese prefer warm body pork than imported frozen pork at present¡CImported pork is mainly used in pork processing industry¡Ait has not caused immediate threat to the domestic pork¡CImported pork only accounted for 7.2 % of total pork consumption till 2003¡C Facing the situation¡ACOA(Council Of Agriculture) has drafted a complete plan to support swine producer¡CIn this research¡Athree representative pig farms were choosed for depth interview, and than carry on questionnaire interview to 139 different scale swine farmers located in different area¡CThe result shows swine farmers think that the open of pork market in an all-round way will influence the industry development, but the majority does not cherish the pessimistic attitude¡CThey think except open of pork market¡Athere are many other factors¡Asuch as high morbidity of swine disease¡Bwaste water treatment¡Bgovernment¡¦s industrial policy etc¡Awill impact pig industry development¡C According to the survey results¡A43% of swine farmer have taken some actions to face the open of pork market, the major actions include to improve breed stock¡Bto create brand pork¡Bgood swine farm authentication¡Bto enter pig cooperative society and to raise black hair pig¡C Key Word ¡Gopen of pork market¡Apig industry

Given the continuous improvement of IT, the organizational information system moves from single department system to integrated organizational system, like the ERP system. Because of competitive commercial environment, the market of integrated system has developed quickly. It¡¦s important to apply domain knowledge of the organization when an information system is adopted. If the organization does not consider domain knowledge, it will bring less effect to the organization. On the other hand, the consultant company hopes the case be dealt with a package solution to save cost. Therefore, adjusting both sides becomes a critical way to reach the successful adoption. This study attempts using the view of knowledge transfer to investigate how enterprise and ERP consulting company to exchange knowledge. Computer efficacy will become the adjustable power to make two powers fit. Good computer efficacy will bring two advantages. One is to avoid too much customization. The other is to step away the package¡¦s type of ERP implementation. This study used deeply discussion to interview four adoption company and two consultant companies to prove the relation of knowledge transfer model. The result of study shows that apparently positive effect between interaction and knowledge transfer. The better knowledge transfer will provide the better quality of ERP system. The computer efficacy in the user company will provide balance in knowledge, avoiding the situation that the consultant company might be too powerful to lower the ERP system quality.

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Market information services established in 1999 were aimed at the promotion of market efficiency through provision of information across the nation. While the responsible bodies have improved the knowledge of prices, information exchange and flow, as a result of competition between markets, is not known and questions of market effectiveness still stand. This study examines market efficiency based upon response to price signals across Ugandan markets. We focus on information exchange for maize and beans among 16 key markets. We study weekly price data from the first week of 2000 to the last week of 2003 from each of the sixteen markets. Each commodity is studied separately using Vector Autoregessions (VARs) and Directed Acyclic Graphs (DAGs). The two techniques are widely used to show market risk and causal relations in time series data. While results are presented individually for each commodity, the markets are comparable. In determining market efficiency, we test for stationarity of the data, explore the magnitude of forecast error decompositions over time across markets, and observe the patterns of communication based on DAGs. We find that markets are more efficient in exchanging information on maize than beans. Communication of data is mostly between markets in eastern, western, and central parts of Uganda. Overall, markets are very slow in reacting to information in the short run.Information from the Mbale and Iganga markets, which are located in areas of high production, is very valuable in the maize trade. However, of the two markets, it is data from the Mbale market, located near the border with Kenya, which is of paramount importance. Specifically, price is discovered in Mbale in the maize trade. Our results also show the Gulu market, which is situated in an insecure zone, to be very responsive to price signals over the long run. In the case of beans, it is the price signals from Tororo and Jinja that cause more disruption in most of the markets. Price is discovered in these two markets. A majority of the markets is more affected by data from Jinja than Tororo. This segmentation in market price discovery suggests an existing market failure. Arua and Gulu are found to be the least responding markets in regards to price signals for beans. We do not find information from the Kampala market to be important in either the maize or beans trade.

Due to the renewing technologies and the rapid growing of the electronic transaction, the market share of the industry of mask in Taiwan is getting greater in the skin care products market. The products that sold in different channels make the effects to consumers¡¦ tastes. The progressing of internet technologies make the industry of mask in Taiwan growing lager and arrestive. This study discusses the evolvement of mask industry in Taiwan, which makes consumers increasing with products¡¦ low price and prevailing internet auctions. The market of mask expands while the numbers of companies and brands which manufacture facial masks raise rapidly. Further, the technologies applied on the process of manufacturing facial masks develop drastically. The outcomes of the trend for skin care brought about by low-price mask not only show on sales but also the business models via net. This study wants to help entrepreneurs to realize how to start their business through such researches on the models of facial masks¡¦ sales via net. Within the cosmetics industry, no matter the brands initiated by cosmetologist, the brands started by state-operated business, or the brands created by the general public, they will work on the promotion of mask, even to make mask become the hit products. Meanwhile, the products belonging to own-built brands show a great result on sales. From the viewpoint of entrepreneurship on mask, the cyber commerce market in Taiwan evolves for the traits of the infinity of the net. The chances to start businesses are generated while the consumer market expands. This study talks about making use the internet platform as the new trading channel. Further, this study focuses on seeing if such business model via net on facial masks could be a trend of entrepreneurship. In the end, this study wants to provide those who want to start their business on cosmetics via net some reference to initiate their operations.

Taiwan Security Market is a typical order-driven market, and the business transactions are matched through the electronic trading system since 1988. In this work, we study the joint distributions of tick size changes of bid price and ask price, bid volume, and ask volume¡@for each matching order in Taiwan Stock Exchange (TSEC). Exponentially weighted moving average (EWMA) method is adopted to update the joint distribution of the incoming order variables aforementioned. Here we propose five methods to determine the update timing and consider three different initial matrices of the joint distributions. In empirical study, the daily matching data of two enterprises Uni-president Enterprises Corporation and Formosa Plastics Corporation in April, 2005 are considered. The goodness of fit for the joint distributions are determined by Chi-square Goodness of Fit Test. The results show that EWMA method provide good fit for most of the daily transaction data.

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