With the longevity risk of human being and the low income replacement ratio (IRR), people start to plan their retirement early. Even though there are many new designed products for retirement demand on the market, but actually the investors have no enough time and financial knowledge to select the proper retirement products for themselves, and to plan their future retirement life. Therefore, this study aims at designing the ¡§Life Cycle Fund¡¨ for those Taiwan investors. This study mainly bases on the method of asset allocation using ¡§Age¡¨ basis and the method of international asset allocation to construct the life cycle portfolio. We consider both conditions of ¡§age¡¨ and ¡§international asset allocation¡¨ in this study. We use simple questionnaire investigation in two dimensions, the preference of investment instrument (to tell the risk preference of stocks or bonds) and the preference of investment region (to tell the risk preference of international asset allocation), to analyze the investors risk acceptance level. At the end, construct the life cycle portfolio by applying our model and the result of questionnaire investigation. We divided the empirical study into three parts, which are respectively the investment in four assets, the investment in multi-assets and the life cycle fund for American investors, to explore the portfolio performance under different risk parameters and different retirement ages. Consequently, from the result of forecasting and history back-testing, our model not only can control the risk properly, but also can be applied to different countries. This model can help the investors in planning for their retirement, and help investors who have the investment demand in multilnational countries to reach stable asset allocation. We expected this model can be a comparing benchmark for investors to measure the performance of life cycle fund.

Real Estate Investment Trusts is suggested as an attractive addition to mixed-asset portfolio. This study develops several hypothesized portfolio and tests whether REITs can actually increase diversification benefits of investors. We use mean-variance spanning test by Kan and Zhou (2008) to examine whether adding a REITs into portfolio can significantly expand efficient frontier in either global minimum variance portfolio or tangency portfolio. We assume our investors hold portfolio in the four markets, namely Japan, Singapore, Taiwan and US markets for period from March 2005 to February 2008. Three hypotheses are tested under various assumed conditions. The first hypothesis, which is REITs can provide diversification benefit, is confirmed in all these four markets. In addition, we find, for Taiwan domestic investors, holding international REITs in their portfolio rather than only Taiwan¡¦s REITs will provide more diversification benefit. The second hypothesis, which is holding period will affect diversification benefit, is not supported. However, this could be resulted from a test of short period in this study. The final hypothesis, which is different investment portfolio will affect the diversification benefit of RETIs for Taiwan domestic investors, is confirmed. Our results also suggest that expanding of efficient frontier are mainly from global minimum variance portfolio rather than tangency portfolio.

Abstract After the martial law was lifted in Taiwan, the policy objectives to allocating the resources for social welfare have been changed greatly. Disadvantaged groups have began ask social welfare as a political appeal for public concerns. Now, more and more people care about the voices of demanding the authority to renew the unfair and unjust social welfare policy formerly set up under the era of authoritarian rule so as to re-allocate the resources of social welfare. In 2000, Democratic Progress Party (DPP) win the presidential election which the ruling party was changed the first time in Taiwan. The campaign slogan ¡§welfare for all¡¨ and the political goal of fulfilling ¡§transitional justice¡¨ DDP advocated for a long time have become the benchmark for evaluating whether the resources of social welfare are reasonably allocated after democratization. As to research methodology, the study would be based on the approach of more integrated allocation of resources for social welfare to expound respectively and integrate the social welfare ideologies, expenditure of welfare budgets and policy options of DDP and KMT. As to the research themes, besides comparing with the phenomena of unequal, unjust allocation of resources for social welfare under the era of authoritarian rule, the author would also illustrate the status quo of reallocation of resources for social welfare after democratization by empirical analysis and bring some new thoughts to evaluate whether the reformation of social welfare meets the demands for equality and justice; furthermore, reinforces the ¡§sense of solidarity¡¨ among Taiwan residents so as to promote the construction of ¡§moral community¡¨ in Taiwan society. The research results found the welfare systems for military and veterans laid down by both KMT and DPP are quite similar as conservative ideology that makes military and veterans the biggest beneficiary of practical expenditure of social welfare over the years. Though the ratio of welfare resources they received has been decreased year by year, the reasons just come from the number of beneficiary are diminished and the social welfare of non- military and non-veterans are increased, while the ratio of individual benefits are enhanced, it¡¦s still far away from equalized social welfares. As to welfare policy, the structural natures of welfares for soldiers and veterans still haven¡¦t been comprehensively reformed under KMT rule after democratization and the ruling party was changed.therefore, the author suggests that the welfares for military and veterans should be reviewed, reconsidered openly and legalized swiftly so as to acquire legal basis and win public recognition, then would the ¡§sense of solidarity¡¨ be promoted and the ¡§moral community¡¨ established. Keywords: Allocation of Social Welfare Resources, Military, Veterans

The aim of the paper is to investigate how the dual brand of firm decides its optimal allocation of advertising and fundamental strategy of marketing under taking account of markets with multi-consumption externalities. We assume that the market is multi-consumption externalities, and advertising may function as a device to coordinate consumer expectations of the purchasing decisions of other consumers, which is different from the past assumption that consumer type is single and role of advertising in market. Therefore, we reexamine the firm with optimal allocation of advertising. Finally, we show that the firm will adapt different pricing, allocation of advertising and strategy of marketing when facing the different consumer type of combination proportion. If market is dissimilar consumption externalities, above statement will be more significant; On the contrary, if firm facing similar consumption externalities, the optimal is single strategy. In other words, it is independent to consumer's type of combination proportion.

This thesis studies the subcarrier power allocation for the relayed signal in Orthogonal Frequency-Division Multiplexing (OFDM) based dual-hop system where the relay node operated in amplify-and-forward (AF) scheme. The investigated system assumes that each subcarrier at the source node transmits the signal with uniform power distribution. Considering the separated sum power constraints which the power constraint at source and relay node are uncorrelated, the conventional iterative water-filling algorithm can maximize the system capacity. However, it requires high computational complexity and the performance improvement is limited when the source node transmits the signal with uniform power distribution, subcarrier power allocation at relay node for capacity maximization is impractical. To further enhance the system performance, a novel subcarrier power allocation method is derived into a closed-form for the relayed signal to minimize the summation of equivalent noise power of the destination node. Comparing with the existing schemes, simulation results demonstrate that the proposed power scaling scheme significantly improves system average bit error rate (ABER).

Thesis (M.A.)--West Virginia University, 2002. / Title from document title page. Document formatted into pages; contains vi, 56 p. Vita. Includes abstract. Includes bibliographical references (p. 40-43).

Thesis (M.Phil.)--City University of Hong Kong, 2009. / "Submitted to Department of Electronic Engineering in partial fulfillment of the requirements for the degree of Master of Philosophy." Includes bibliographical references (leaves 66-74)

Thesis (Ph. D.)--University of Texas at Austin, 2003. / Vita. Includes bibliographical references. Available also from UMI Company.

Thesis (M. Econ.)--University of Hong Kong, 2001. / Includes bibliographical references (leaves 95-96).

Thesis--Auburn University, 2009. / Abstract. Includes bibliographic references (p.70-72).