In the past, most scholars emphasized the cause of the short-term and long-term abnormality, but often neglected the influence of measure method. As a result, seldom scholars explained the measure method completely. Most scholars think market factor can explain asset return completely, so they use CAPM to evaluate the short-run and long-run performance of IPOs. They find IPOs have initial abnormal return, but they are underperformance in the long run. But if market factors cannot explain IPOs performance completely, short-run and long-run performance does exist or just the model cannot explain? We think it is necessary to modify three-factor model to improve its explanatory power. We utilize Fama-French three- factor model and momentum factor to assemble into four-factor model to revaluate IPOs performance, explore the reasons which influence abnormal return of IPOs in Taiwan, and discuss market efficiency to understand the tendency and the variation of IPOs performance. We conclude that there is no underperformance in Taiwan and Taiwan¡¦s stock market is market efficient. In addition, the empirical result is the same with Loughran and Ritter¡]2000¡^that it will increase explanatory power to use purging benchmark.

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Abstract By using Tobit model to remove price limit regulation from the limited price data, this study analyzes the IPO aftermarket¡¦s rationality using a sample of 362 stocks which conducted IPO between 1991 and 1998 in Taiwan stock markets. Two market efficiency hypotheses were examined: the efficient markets hypothesis (EMH) and the hypothesis of efficiently learning market (ELM). The later relaxed EMH by letting prior beliefs to be unspecified. Risk was valued by market portfolio return, market model, and an alteration of Fama-French three-factor model. Tobit model is used to remove price limits in case of limit-move day. In addition to examining the hypotheses of market efficiency, this study also explores cross-section and time-series return patterns. We are interested in the effect of competitive bidding on market efficiency, the role of SEO on IPOs long-run performance, the implication of heavy issuance return pattern, and momentum and mean reversion. The results show that our IPO sample does learn rationally from information in the sense of ELM in conjunction with market model or thee-factor model. The cross-section and time-series results indicate that market is not ¡¥overreaction¡¦ or ¡¥fad¡¦, but learning sequentially and cautiously. Thus, the IPOs long-run anomalies disappear in our sample if model is properly defined.

I examine the market reaction to merger announcements and the long-term post-merger stock price performance of newly merged firms. For a sample of 484 acquiring firms completing mergers between 1993 and 2000, the average value-weighted abnormal announcement date return (market-adjusted) is a statistically significant -1.02%. On average, this reaction is more negative for firms with "good governance." Specifically, a governance index comprised of three governance variables is significantly negative in a multivariate regression of announcement date abnormal returns. Comp is the percentage of CEO salary consisting of equity incentives (including stock options and restricted stock grants), InsideOwn is the percentage of the firm owned by officers and directors, and InstOwn is the percentage of the firm owned by large outside block shareholders. Value-weighted calendar-time portfolios consisting of the full sample of acquirers exhibit significant abnormal returns of 9.12%, 33.84% and 55.8% for the 12, 36 and 60 months following the merger, respectively. This overperformance is limited to the value-weighted portfolios. There is calendar-time evidence of abnormal performance for some subsamples on a risk adjusted basis. However, when compared to a control group, abnormal performance is limited to large glamour acquirers on a 12-month horizon, large cash acquirers on a 36 and 60-month horizon, and small focusing acquirers on a 60-month horizon. Multivariate analysis of long-run returns reveals that use of equity and corporate diversification are associated with lower post-merger performance. With regard to governance and long-run stock returns, there is also evidence that suggests higher levels of incentive compensation for CEOs is associated with more successful merger transactions for long-term investors.

Lignocellulosic biomass (e.g., poplar wood) provides a unique and sustainable resource for environmentally safe organic fuels and chemicals. The core of this study is the pretreatment step involved in bioconversion processes. Pretreatment is required to realize high yields vital to commercial success. The focus of the pretreatment step is to methodically change key features of the biomass to favor enzymatic hydrolysis. This work assesses the compositional changes due to oxidative and non-oxidative longterm lime pretreatment of poplar wood (up to 4 weeks of pretreatment) at mild temperatures (25ºC to 65ºC), and their effect on the enzymatic yield of glucan and xylan. The most important pretreatment yield of lignin was 54 g lignin remaining/100 g lignin in raw biomass, and was accomplished for 4-week lime pretreatment at 65ºC in oxidative conditions. The corresponding pretreatment yields of glucan and xylan were 85.9 g glucan recovered/100 g glucan in raw biomass and 80.2 g xylan recovered/100 g xylan in raw biomass respectively. For poplar wood oxidatively pretreated with lime for 4 weeks at 65ºC and enzymatically hydrolyzed with an enzyme loading of 15 FPU/g glucan in raw biomass during a 3-day period, the best overall yields of glucan and xylan, were 80.7 g glucan hydrolyzed/100 g glucan in raw biomass and 66.9 g xylan hydrolyzed/100 g xylan in raw biomass respectively. The corresponding hydrolysis yields were 94.0 g glucan hydrolyzed/100 g glucan in treated biomass and 83.5 g xylan hydrolyzed/100 g xylan in treated biomass respectively. Because there is a previous study of long-term lime pretreatment of corn stover (Kim, 2004), the data obtained in this work show the effect of using woody lignocellulose as substrate. From the comparison, resulted that in the case of poplar wood oxidatively pretreated at 65ºC for 4 weeks, less lignin was removed and more carbohydrates were solubilized, however the hydrolysis yield of glucan was almost equal and the hydrolysis yield of xylan was higher than the reported by Kim for corn stover oxidatively pretreated at 55ºC for 4 weeks. The overall yield of glucan resulted lower in the case of poplar wood because of the lower pretreatment yield of glucan. Thus, it is important to complete the mass balances including an analysis on the pretreatment liquor to determine if the solubilized glucan was degraded.

The Cuu Long and Nam Con Basins, offshore Vietnam, contain sediment dispersal systems, from up-dip fluvial environments to down-dip deep-water slope and basinal environments that operated along the southern continental margin of Vietnam during Pliocene to Recent time. The available data enabled sediment thickness patterns, sequence-stratigraphic relationships, and channel types (fluvial to deep-water channels) within the lower Pliocene to Recent stratigraphic succession in the Cuu Long and Nam Con Son basins of offshore Vietnam to be analyzed. At least nine sequences and their accompanying systems tracts exist in the Pliocene to Recent section. Shelf-edge development in the study area is limited to the Eastern Nam Con Son Sub-Basin. Overall south to southeastward migration of the shelf edge complex during Pliocene to Recent time indicates that the Paleo-Mekong River System was the dominant sediment source for the area.

This study is to discuss the services of public ¡§Sheng Mu¡¨ Time Bank in Taiwan. Time Bank was developed as a way of providing non-medical services for older people ¡V helping them to stay in the own homes, keep hospital appointments and stay healthy. Unlike traditional services of volunteers, Time Bank enables volunteers to earn and pay time credits for giving and receiving non-medical services.That is to say, Time Bank is a community plan for mutual contribution. Everyone can give and everyone can get. ¡§Sheng Mu¡¨ Time Bank was established by Taiwan governmental instituation in 1998. Since ¡§Sheng Mu¡¨ Time Bank has over ten years of experience in promoting this program, there must be some difficults and problems during promoting process.Thus, the first purpose of this study is to understand what Time Bank is and how it works. Besides, this study is to understand how do managers of volunteers and volunteers think about Time Bank. Finally, this study is to find out the difficults and problems in promoting this program.

Under the well developed economy and the medical, aged population brings up the related medical service demands. In the future, the service quality is a key to determines the life of long-term-care institutes. The purpose of this study to address the relationships among the product factors by which people make a decision. Besides, the construction of what degrees of people emphasis on them is also explored as well. Based on the above, ten nights were used to collect 1097 effective samples by making phone calls. After analysis by statistics software, the conclusions are as below, 1. Men pay more attention to opinions of medical professionals than women. In the inspections of reference group, opinions of relatives & friends (46%) hardly differ from them of medical professionals (47%). However, It was found that man intends to refer more of medical professionals than women, and women put more emphasis on them relatives and friends than men in the cross analysis of gender-reference group. 2. The better educated people put more emphasis on quality of institutes. We can expect the better educated people earn more incomes, and they usually can accept the more expenses which are set as 25 thousands for each month. And this also highlights they concern the service quality than other groups even they¡¦re charged more. 3. It determines the service quality whether an institute has medical professionals or not. This highlights the expectations and trust of people to an institute with medical professionals. Under the trends of diseases changes of the older, the daily care of them is not only included, but also long term tracing or inspection on diseases is necessary. 4. In the past affections on filial piety of China, people thought that distances between the institute and home will be a key factor to choose for visit and take over the older easier. However, People do not care how far from home, when an institute with good service quality can also provide better prices. Key words: Kaohsiung Area, Long Term Care Institute

Thèse de doctorat : Psychologie cognitive : Lyon 2 : 2001. / Titre provenant de l'écran-titre. Bibliogr.

Thesis (Ph. D.)--University of Kentucky, 2003. / Title from document title page (viewed onJune 1, 2004). Document formatted into pages; contains ix, 106 leaves : ill. (some col.). Includes abstract and vita. Includes bibliographical references (p. 99-104).