This study investigates whether REITs provide a better hedge against macroeconomic shocks; namely, the impact of the macroeconomy on REITs returns. The methodology of Sims (1980) and its applications: impulse response analysis and variance decomposition are employed to investigate this question. Four NAREIT indexes, including equity, mortgage, hybrid and all REIT are examined. The results show that discount rate change, with the exception of hybrid REITs, has a negative impact across the other types of REITs. Returns on REITs appear to be unable to hedge against inflation in the short-run. The growth in income only has a negative impact on the return of hybrid and all REITs whereas the default risk has an insignificant impact across the four types of REITs. For any of the REITs, the primary source of explanation to the forecast error is itself.

Due to the progressive development of science and technology, globalization has become the main trend in the 21st century and, consequently, teamwork cooperation has been the key for achieving successful enterprise organization. However, the individual background and profession as well as other factors will focus of its existence. In the competitive social structure, each member own himself net field, and rely on the net to link with the other people ,than ,per trust others or make deal with individual person .Thus,the competitive advantage will be effected by human resource via available social net or human relationship to reach it¡¦s target. Empiricism is employed to analyze related index from collecting group¡¦s multiplicity¡B group¡¦s social capital in organize¡Bgroup¡¦s emotional Intelligence and group¡¦s performance. The results of questionnaires revealed the following.

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This research is based on Mr. Wang¡¦s¡]2006¡^ ¡§The structure of public affair management ¡§, which is depend on the phenomenon include four blocks as the economics, society, politics and government and find the relationship between the block and employment training. Moore¡¦s (1995) V.C.S (Value, Capacity, Support) is applied for public management segment. Three segments are related and applied for analysis of multiple studies for the matters of training and employment to upgrade the ability of training and employment center in order to obtain support, and to create heavy public value. The training and employment center of Labor bureau of Kaohsiung Municipal (Hereafter referred to as the centre) is facing multiple aspects of society, changed economics; the government offers more plural vocational training to the people in order to solve the problem of unemployment. For employment, recent years government appreciably push on pre-job training, and also looks for support and develop the input of civilian training resources more actively to upgrade training capacity and civilian¡¦s satisfaction to reach the goal of promoting employment training effectively. However, for the service of labor source and employment training, although the government invested numerous resources, only benefited depend on the correlation of value, capacity, and support segments. If the three segments are not interactive at all, it will be unsuccessful to make policy.

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