With the cost of Employee bonus in 2008, the performance of employee stock options with 39¡¦s bulletin is going to adopt fair market value to accept the expense. The purpose of sequenced policy is make the corporate finance transparently and able to connect with international business. However, with the performance of policy, it did gain the cost of encouragement especially high tech industry. Therefore, author is going to use simulated statements to observe the influence of the cost of encouragement in this project. By the case study, it is found that most of enterprises experience the limited impact in the short term and positive growth in the long term. Moreover, due to the performance of stock options, companies generally have three phenomenons that are increased cash flow, protected levy design and reduced EPS (Earnings per share). On the other hand, the censorable stock bonus policy, compared with previous one, is able to lower the situation of diluted stock and to reduce the concern of shareholders. The only huge issue which is ready to break through for firms nowadays is how to design a flexible system to encourage the employees who usually earn more than one million NT dollars by stock bonus policy.

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¡@¡@Treasury stock system allows listed companies to buy back their own shares in the open market. In general, when the company announced stock repurchase event, investors are optimistic about the prospects of the company. Therefore, the company's stock price usually rises. But will investors buy more stocks, leading to increased liquidity of stocks? This study combines with stock repurchase and liquidity to investigate the impact of stock repurchase on liquidity. Further events will be studied by different factors stratified, including firm size, stock price, industry, the purpose of stock repurchase, the proportion of execution, the holding ratio of insiders and institutional investors. By using three types of liquidity measures, the study is to observe the changes of liquidity of stocks in the different situations. ¡@¡@After conducting mean difference in pair-sample test, the empirical results indicate that the sample stocks in the stock repurchase announcement, the outcome supports liquidity increase hypothesis. In terms of the stratification factors, the smaller of the company size or lower stock price will help increase the liquidity of the stock in the market. Non-electronics sector, aims to buy back equity write-off shares can improve market liquidity. Higher or lower percentage of insider ownership shares in¡@companies will lead to the increase of stock liquidity. Higher holding shares proportion of institutional investor in companies will increase liquidity. The amount of execution ratio is of no factors, but the liquidity of the stock repurchase still supports the liquidity increase hypothesis.

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This research is to improve the efficiency of present prediction factors. It has been tested that many factors have prediction power toward stocks returns. Although the prediction power is not stable, the factors are still valuable. This research analyzes preceding factors by neural network in order to make better use of these factors. Besides, we examine 15 companies respectively and compare the results between neural network and liner regression of those companies. Data are divided into training period and prediction period. We use data of training period to build up our model and test the model by the data from prediction period to verify the prediction powers of the models. The results show neural network has better solution compared to liner regression in both training and prediction period. Neural network is more precision and has less prediction error.

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This study proposes a program trading system and applied to Taiwan Stock Market , the trading rules refer to Curtis(2007) -¡yWay of the turtle¡z. In this research , we follow the trend following rule to invest in Taiwan Stock Market and not predict the future price of the market. To see if this system is good enough , we use average earn/loss ratio and average return to measure. Finally , we take trend following strategy compare with four different strategies. This research choose 16 stocks of Taiwan Stock Market , research period is from 1998/1/3 to 2007/12/31. The result show that trend following strategy gain positive return in different states and periods , its performance better than other strategies. We find the¡§Loss Stop¡¨is the key of trend following strategy in this research.

Ethylene-vinyl acetate emulsion is the copolymer of vinyl acetate and ethylene, which has been developed as a powerful adhesive base. It effectively bonds substrates such as wood, cotton cloth, hardboard and paperboard. After modifying by adhesives producers, EVA emulsion can bond a great variety of surfaces, particularly effective in bonding polyvinyl chloride films and narrow-pore materials. Adhesives producers provides customized products according to different end users¡¦ needs and consequently have to keep raw materials in stock until orders are placed. The ordering of EVA emulsion is an important issue for adhesives producers because of the seasonal demand pattern and price fluctuation of raw materials. Furthermore, under certain transporting and order restrictions, the ordering quantity is fixed and delivery time has to be made in advance. The multi-period inventory models, including EOQ and ROP, are not suitable for analyzing the ordering of EVA emulsion due to the presupposition of unlimited period. This research is based on the case study for NP chemical, using modified ROP model to explore how the selection of service level and delivery time can effect safety stock, probability of shortage, and inventory cost under the conditions of limited period, seasonal demand, given order quantity, and pre-selecting delivery points. The study also constructs a liquid raw material inventory model with fluctuating price and given order quantity in order to determine the optimal combination of delivery points. The conclusion of this study are presented as follows: 1.Service level doesn¡¦t directly effects the probability of shortage and inventory cost in limited period. 2.The combination of delivery points is the key decision factor because of its causal relationship with the probability of shortage and inventory cost. 3.The optimal combination which leads to the lowest inventory cost can be determined by using the inventory model introduced in this study.

Project (M.A.) - Simon Fraser University, 2004. / Theses (Dept. of Economics) / Simon Fraser University. Also issued in digital format and available on the World Wide Web.