After East Asian financial crisis in 1997 and European monetary unification in 1999, if it is suitable of establishing the Asian common monetary area becomes the hot topic. The precondition of establishing the monetary policy cooperation depends on the synchronization of various countries¡¦ business cycle co-movement. And the trade is the connector among the countries. Trade linkages seemed to have an influence on business cycle co-movement. Countries with close international trade link are more likely to be members of an optimal currency area. According to the theoretical literature, the impact of trade integration on business cycle correlation may go either way. On the one hand, if trade occurs mainly by Heckscher-Ollin or is of the Ricardian type, higher specialization would induce the industrial structures of the trading countries to diverge, resulting in less synchronized movements of business cycle. In contrast, if trade occurs mainly through intra-industry trade, specialization does not necessarily lead to less synchronized. In summary, the total effect of trade intensity on cycle correlation is theoretically ambiguous and poses a question that could only be solved empirically. The volume of trade in East Asia has increased continuously. This paper extends the study of Frankel and Rose (1998) to analyze the impact of trade integration on business cycle correlation and intra-industry trade by using SITC data and other macroeconomic factors. Moreover, using two-stage estimation and instruments to take into account the fact that trade intensity itself may be endogenous. Then, we use panel data to estimate our equation. By gathering annual information of 10 East Asian countries from 1987 to 2005, we found that higher trade integration leads higher business cycle synchronization. To sum up, intra-industry trade is the process of establishing East Asian common monetary area.

Current status data are usually obtained with a failure time variable T which is diffcult observed but can be determined to lie below or above a random monitoring time or inspection time t. In this work we consider bivariate current status data ${t,delta_1,delta_2}$ and assume we have some prior information of the bivariate failure time variables T1 and T2. Our main goal is to find an optimal inspection time for testing the relationship between T1 and T2.

本文以流行病學法探討空氣污染物對人體健康影響之研究，主要有3個研究重點： 　　1.採用probit模型分析空氣污染物造成的慢性與急性健康效果：實證結果發現懸浮微粒及二氧化硫對慢性支氣管炎、肺氣腫與氣喘三種慢性病組合之罹患，有顯著的正向效果；懸浮微粒、臭氧及PSI對15種急性病症組合有顯著的促發作用。 　　2.運用兩階段估計法，將急性計量反應函數中之慢性疾病變數內生化：估計結果顯示懸浮微粒、臭氧及PSI對急性病症仍有顯著的促發作用，而慢性疾病變數之顯著性則大幅提高。急性健康效益的估計顯示，如果沒有將慢性疾病變數內生化，可能會造成效益的低估。 　　3.利用隨機效果模型分析急性panel資料：此部分以Limdep軟體進行估計，結果發現懸浮微粒、臭氧及PSI對急性病症亦有顯著的促發作用，抽煙、運動、所得與工作或學校環境有無污染等解釋變數則不顯著，與前述研究之結果不同。

本文以2003到2006年美國上市之不動產投資信託（REITs）的資產稅賦遞延交換做研究，並用資產出售交易作為比較，觀察稅賦遞延交換對股票報酬和股利的影響，研究結果發現稅賦遞延交換對於股票報酬有負的宣告效果，然而出售資產的交易有正的且顯著的宣告效果，由於美國REITs基於稅法規定，作為免稅體，每年要以股利的形式分配百分之九十的盈餘給股東，稅賦遞延交換並不能像資產出售交易一樣帶來現金流入，因此對於未來股東的股利所得有所影響，股東對於股票報酬沒有正向的反應，但是股東會考慮稅賦遞延交換會帶來資產重配置的效率，再加上REITs通常會支付比規定還要多的股利，因此稅賦遞延交換的對於股票報酬的負影響會因此而減弱，進一步針對交易方式還有REITs股利分配進行研究，研究的結果支持稅賦遞延交換後的股利比起直接出售交易後所發放的股利還要少。本文除了研究股東對於交易宣告的反應之外，也綜觀不同資產交易方式的現金流量和REITs股利的關連性，藉此瞭解影響REITs選擇交易方式的內涵因素，以及對股票報酬和股利的影響。 / This research examines the tax deferred exchanges made by public U.S. Real Estate Investment Trusts (REITs) over 2003-2006 as well as the transactions of sell-off. The purpose of this study attempts to explore the effects of tax deferred exchange on stock returns and dividend distribution. Result of this study shows that announcement effect of tax deferred exchange is negative in stock value. On the contrary, the relationship between sell-offs and stock value is significantly positive. The reason to explain the difference on announcement effect between two types of property transaction is the specific taxable earning distribution restriction on REITs. U.S REITs have to pay out 90 % of taxable earnings in the form of dividends to their shareholders to exempt from tax. As a result, tax deferred exchange doesn’t bring cash inflow contributing to dividend increase and then shareholders react a lower stock return on tax deferred exchange than on sell-offs. However, the negative effect is weakened by the efficiency of asset reallocation and the regular dividend distribution over tax law restriction. In the analysis of dividend payment, the result of dividend examination supports the hypothesis that tax deferred exchange without cash inflow make dividend fewer than sell-offs. This study may be of importance in explaining the reaction of shareholders on tax deferred exchange of REITs’ property, as well as in providing shareholders with a better understanding of the relationship between cash flow and dividend distribution in order to clarify the cause that affect REITs to utilize different types of transaction and the factors that affect stock return and dividend.

金融監理制度影響一國商業銀行經營績效的相關議題，一直受到學者與政府當局的重視，為瞭解亞洲地區銀行業在中央銀行與監理單位不同管理下的利潤效率，找出最適的制度設計，本研究根據Huang、Huang與Liu（2014）提出之隨機共同利潤邊界（stochastic meta-profit frontier），採用兩階段估計法，蒐集中國大陸、香港、印度、日本、韓國、馬來西亞、巴基斯坦、菲律賓、新加坡、斯里蘭卡、泰國以及阿拉伯聯合大公國等十二國商業銀行資料，分成開發中和已開發國家兩個群組，將環境變數納入無效率模型中，進行實證分析，比較不同群組的利潤效率差異，發掘影響效率的主要變數與方向，從而獲得重要政策意涵。 根據實證分析結果，中央銀行介入銀行監理程度越高，商業銀行利潤效率越低；金融監理單位整合程度越高，商業銀行利潤效率越高；中央銀行獨立程度越高，商業銀行利潤效率越低；已開發國家群組的平均技術缺口比率與共同邊界技術效率值皆高於開發中國家群組，符合預期。共同利潤效率最高的是日本，最低的是韓國。平均而言，各國若在共同利潤邊界上從事生產，能提升41.9%至75%的利潤。 / The effects of degrees of financial supervision on performance of commercial banks have long been important issues and drawn much attention to academic researchers and government authorities. This study applies the stochastic meta-profit frontier, recently developed by Huang, Huang, and Liu (2014), to estimate and compare profit efficiencies of commercial banks from 12 Asian countries, i.e., Mainland China, Hong Kong, India, Japan, South Korea, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and United Arab Emirates. We divide the sample countries into two groups, i.e., developing and developed countries. This enables us to further investigate the effects of different supervisory systems, enforced by central banks (CB) and supervisory authorities, on commercial banks’ profit efficiencies, as well as to make a suggestion about the optimal supervision regimes in the area. Note that a set of supervisory indices are considered as environmental variables that explain profit inefficiency. Using the two-stage estimation procedure, the empirical results are summarized as follows. First, it is found that bank’s profit efficiency decreases with the increase in a CB’s supervision sectors. Second, the unification of supervisory authority has positive effect on bank’s profit efficiency. Third, the more independent is the CB, the less profit efficient the commercial bank is. Fourth, banks in the group of developed countries are found to have higher technology gap ratios and meta-profit efficiencies than those in the group of developing countries, as expected. Fifth and finally, Japan and South Korea has the highest and the lowest level of meta-profit efficiency, respectively. Evidence is found that if an average commercial bank were adopting the best technology, it can earn roughly 41.9% to 75% more profits than otherwise.