According to the World Health Organization (WHO), the population over the age of 65 in Taiwan has reached over 7% of the total population, making Taiwan an aging society and the senior consumer market a target market with significant potential. This study attempts to identify, quantify, and target the potential of senior living. First, the study identifies the senior living market demand, and product examples within the senior living market. Secondly, the report quantifies the senior living market demand. Lastly, the study proposes a senior living community resort as an investment. The study targets the senior population over 60 years old, indigenous peoples over 55 years old, are capable of independent living, and spouses no less than 50 years old. The study method is based upon secondary research and comparative analysis. This research analyzes the current residential market for seniors, identifies trends in the senior residential market, and based on existing research on the senior living market; discuss product design, target market, and pricing strategies for a senior residential product. From this research, we provide an investment valuation model that can be used to develop an investment proposal for a community-style senior living resort. This study aims for two main contributions from this research. First, current studies on seniors currently do not address the investment possibilities of senior living resorts or provide an investment valuation model for a workable investment proposal. Secondly, this research report provides actual management experience and industry information appropriate for Taiwanese businesses that require an investment valuation model for the development of an investment plan of a community-style senior living resort.

Though recycled toilet paper (RTP) is more environmental friendly than toilet paper made of virgin fiber, they are also more expensive. The price difference has made manufacturers hesitate about marketing RTP in shops, because they assume that consumers are reluctant to buy it. However, no research has been done in Taiwan to explore consumers¡¦ willingness to pay (WTP) for RTP. This study is an attempt to do so by the use of two methods: contingent evaluation method (CVM) and conjoint analysis. Both methods were administered through a survey, which had a convenience sample of 192 female Kaohsiung citizens as respondents. Results based on CVM showed that the mean WTP for RTP was NT 151, which was a little higher than the price set by Homemaker¡¦s Union and Foundation¡Xan NGO which was the main channel selling RTP to the domestic sector in Taiwan. This suggests that manufacturers might have underestimated the market for RTP. To check the validities of the CVM and conjoint method, two criteria were measured: the respondents¡¦ past environmental behavior (PEB) and their willingness to make sacrifice for environmental causes (WTP3). The WTP as estimated by CVM, namely WTP1, was significantly related to both of these criteria (rs = .16, .32, ps < .05), showing that the CVM had a certain degree of validity. The importance that respondents attached to the eco-label of RTP was assessed by conjoint analysis. Validity of the importance scores thus obtained, however, was quite low: the correlation between these scores and WTP1, PEB and WTP3 were .05, .12 and .20 respectively, with only the last one significant. Results also suggest that environmental knowledge and health and safety concerns for products were not related to WTP1. Keywords: green consumption, contingent valuation method, conjoint analysis, environmental behavior, eco-label, green mark.

In recent years, Small and Medium Enterprise Credit Guarantee Fund(SMEG) has been actively promoting organization restructuring, boosted its business unceasingly, and impelled each innovation guarantee service actively, in order to display the best benefit. This paper combines C. J. Kuo.¡]2003¡^market-based risk neutral model with actuarial valuation principles, using above observable rate discrepancy¡]i.e. one for that guaranteed by SMEG, and the other for non-guaranteed portion¡^to evaluate the credit risk SMEG assumed from guaranteed schemes, then derives the optimal guaranty fees model. The major research finding shows fixed as follows conclusion: 1.The real prepayment in subrogation is close to the total guaranty fees estimated by proposed model. 2.Applying this model can help that the credit risk degree SMEG takes reacts to the guarantee premium, and that SMEG control risk balance revenue and expenditure. This indicates that the model can reflect market information, and thus is easily applicable and referable by SMEG to establish the structure of guaranty fees as well as to reach an integrated risk management.

Abstract This research is based on the WeMET Wireless Broadband Corp., the greatest wireless broadband provider in Kaohusiung. We integrate business resource of WeMET, industrial background in Kaohsiung, channel advantage about ISP, and dynamic feature from IP, then creating new ads media with digital narrowcasting media service by using wireless broadband network. Depending on the business plan with highly narrowcasting ads service, we can establish the market segment against the tradition ads channel, and go deep into the economical recovering market in Kaohsiung. This research gathers many references about broadband network, ISP, outdoor and narrowcasting media, as well as economical development in Kaohsiung. The research also investigates and interviews ads provider, store keeper and customer. By using such data, we can create the business plan due to this research, and analyze the advantage and development strategy depending on the ads service. In order to prove the availability of this plan, we evaluate the financial performance and make the sensitivity analysis in conclusion. Based on the empirical result, comparing to traditional outdoor ads, the advantage of this business plan is , and reduce the channel cost about setting up ads equipment. Besides, not only the characteristic of narrowcasting media can save media resource, but also increase the matching efficiency, and create the long tail effect, which reduce ads quantity and raise ads quality.

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While considering disposing the priority of various kinds of communal facilities, the cost that must assess benefit and make the investment first, will not just have waste or the improper situation of resource distribution. Seeing that public goods importance that benefit assess, it is market that appraise law develop successively and extensive application, it is a law of appraisal more feasible and with more potentiality among them to assess the law in condition, so this research does deep discussion to this. Because the traditional demand theory has it to limit to the public goods short of marketing, unable to get consumer's appraisal on the public goods, this research attempts to bring the public goods into personal utility function, via the deriving of mathematics and physics, under the same demand principle, give monetary value to the public goods. Set up the compensation demand function of the public wealth, and can lead and pay wishing to pay prices of public goods from this. Utilize the compensating demand function, the valuation of pushing away regarded in order to wish to pay prices as benefit of public wealth of the income. To the increase or reduction of the quantity of the public goods, generally often use WTP or WTA. A lot of theories or positive research, mostly inclined to use WTP to draw benefit value in the past. Because target, tour of benefit numerous, visit offering, the estimate of benefit of recreation resources have model public characteristic of wealth, so this text attempts to use the public wealth promptly, and wide CVM (contingent valuation method) accepted, apply to Kaohsiung on resource of recreation, rest of resource assess, hope via personal inherent attitude and wishing pairs of behavior is it is it visit benefit, rest of resource to assess to come different of partiality, this is a purpose of this research. It is 23.94 yuan that visitors, willingness to pay ,the average amount of money of the maintenance expense, develop some continuously forever by safeguarding local ecological resources and tour industry in collecting the maintenance expense, up to 53% of the visitors and will to pay, the amount of money is 23.94 yuan to like to pay on average. If can collect the charges with 2007, calculate in accordance with 580,591 persons, it is 13,902,586.8 yuan.

Dividend Valuation Model is a well-known stock pricing model. However, many empirical studies of foreign stock markets do not support the Dividend Valuation Model; most of these studies think stock price is too volatile to explain by expected dividend. Therefore, this article would like to use Stochastic Cointegration to reexamining Taiwan stock market, and observe whether Taiwan stock market supports Dividend Valuation Model. The empirical results showed that stock price and dividends exist a positive comovements relationship in the plastic, steel, electronic, and the banking & insurance industries, but empirical results does not completely support the theoretical value of cointegration vector. Therefore, this study has not been sufficient evidence to support Taiwan stock market is efficient.

Real options have been widely applied to analyze investment planning and asset valuation under uncertainty in many industries, especially energy markets. Because of their close analogy to financial options, real options can be valued using the classical financial option pricing theories and their extensions. However, as real options valuation often involves complex payoff structures and operational constraints of the underlying real assets or projects, accurate and flexible methods for solving the valuation problem are essential. This thesis investigates three different approaches to real options valuation and contributes to aspects of modeling realism and computational efficiency. The contributions are illustrated through two important applications of real options in energy markets: natural gas storage and power plant valuation. Because spread options are commonly used in basic real options valuation techniques, the first part of the thesis addresses the problems of spread option pricing and hedging. We develop a new closed-form approximation method for pricing two-asset spread options. Numerical analysis shows that our method is more accurate than existing analytical approximations. Our method is also extremely fast, with computing time more than two orders of magnitude shorter than one-dimensional numerical integration. Closed-form approximations for the Greeks of spread options are also developed. In addition, we analyze the price sensitivities of spread options and provide lower and upper bounds for digital spread options. We then further generalize the above results to multi-asset spread options on an arbitrary number of assets. We provide two new closed-form approximation methods for pricing spread options on a basket of risky assets: the extended Kirk approximation and the second-order boundary approximation. Numerical analysis shows that both methods are extremely fast and accurate, with the latter method more accurate than the former. Closed-form approximations for important Greeks are also derived. Because our approximation methods enable the accurate pricing of a bulk volume of spread options on two or more assets in real time, it offers traders a potential edge in a dynamic market environment. In the third part of this thesis, we propose a market-based valuation framework for valuing natural gas storage facility with realistic operational characteristics. The operational process is modeled as a multi-stage stochastic optimization problem. We develop a Gaussian quadrature scheme to solve for the dynamically optimal spot trading strategy and show that the computational efficiency of this method exceeds existing approaches in about two orders of magnitude. Furthermore, with this flexible quadrature scheme, we propose to value a gas storage based on a novel hybrid trading strategy that successfully incorporates both spot and forward trading, thus improving the storage valuation significantly by accounting for both the inter-month and intra-month operational flexibilities and price volatility. In the fourth part of this work, we develop a continuous-time formulation for power plant valuation in infinite time horizon. We propose a real-option-based model for a power plant to account for the embedded operational flexibility. This model incorporates start-up and shut-down costs as two major operational constraints. Under this continuous valuation model, spark spread is modeled directly as a continuous stochastic process to take account of the long term co-integration relationship between electricity and fuel prices. Instead of discretizing the stochastic process, we preserve continuity of the stochastic spark spread process and work directly with the value function. Closed-form of value function under threshold policy is obtained. The corresponding optimal operational strategy can then be solved. The advantage of this approach is that it reduces computational complexity while incorporates major operation characteristics. It enables fast computation of a power plant value that approximates the real market value and sensitivity analysis of the asset value with respect to the cost parameters of a power plant and the distribution parameters of spark spread.

The increase in the types of airspace users (large aircraft, small and regional jets, very light jets, unmanned aerial vehicles, etc.), as well as the very limited number of future new airport development projects are some of the factors that will characterize the next decades in air transportation. These factors, associated with a persistent growth in air traffic will worsen the current gridlock situation experienced at some major airports. As airports are becoming the major capacity bottleneck to continued growth in air traffic, it is therefore primordial to make the most efficient use of the current, and very often, underutilized airport infrastructure. This research thus proposes to address the increase in air traffic demand and resulting capacity issues by considering the implementation of operational concepts and technologies at underutilized airports. However, there are many challenges associated with sustaining the development of this type of airports. First, the need to synchronize evolving technologies with airports' needs and investment capabilities is paramount. Additionally, it was observed that the evolution of secondary airports, and their needs, is tightly linked to the environment in which they operate. In particular, sensitivity of airports to changes in the dynamics of their environment is important, therefore requiring that the factors that drive the need for capacity expansion be identified and characterized. Finally, the difficulty to evaluate risk and make financially viable decisions, particularly when investing in new technologies, cannot be ignored. This work thus focuses on the development of a methodology to address these challenges and ensure the sustainability of airport capacity-enhancement investments in a continuously changing environment. The four-step process developed in this research leverages the benefits yielded by impact assessment techniques, system dynamics modeling, and real options analysis to 1) provide the decision maker with a rigorous, structured, and traceable process for technology selection, 2) assess the combined impact of interrelated technologies, 3) support the translation of technology impact factors into airport performance indicators, and help identify the factors that drive the need for capacity expansion, and finally 4) enable the quantitative assessment of the strategic value of embedding flexibility in the formulation of technology portfolios and investment options. The proposed methodology demonstrates, through a change in demand at the airport modeled, the importance of being able to weigh both the technological and strategic performance of the technology portfolios considered. Hence, by capturing the time dimension and technology causality impacts in technology portfolio selection, this work helps identify key technologies or technology groupings, and assess their performance on airport metrics. By embedding flexibility in the formulation of investment scenarios, it provides the decision maker with a more accurate picture of the options available to him, as well as the time and sequence under which these should be exercised.

<p>This paper adds to the understanding and transparency of equity pricing in emerging markets. Its novel contribution is that it empirically investigates the pricing of Country Risk in BRIC markets, using a two-factor intertemporal pricing model. Bridging the gap between academics and practitioners, this paper contributes to the debate as to whether or not it is justified to adjust discount rates for emerging market companies – as given by the CAPM – by including an unconditional country risk premium. In choosing between country risk proxies, the sovereign yield spread adjusted for relative equity volatility appears to supersede the classical sovereign yield spread in explaining return variations. Evidence is presented that country risk is priced in India and China indicating some type of market segmentation; in these markets, the addition of a country risk premium to the discount rate is justified. Moreover, the paper complements the market integration literature in that it is shown that the correlation between the change in country risk premium and the equity risk premium might show signs of market segmentation or market integration, rendering the pricing factor for country risk in specific countries significant or insignificant, respectively. © 2010 Soeriowardojo, G.T. All rights reserved.</p>