Observation of nano copper in waste heat boiler fly ashes

[[abstract]]Fly ashes collected from waste heat boilers in the incineration process may possess representative chemical structure of toxic metals during incineration and their changes in the quench process at 1125–553 K and 503–493 K, respectively. Note that copper may play an important role in catalytic formation of dioxins during incineration. Speciation of copper in the fly ashes has, therefore, been studied by X-ray absorption spectroscopy in the present work. About 24% of nano copper in the fly ash was observed by least-squares-fitted XANES (X-ray absorption near edge structural) spectroscopy. Sintering of the fly ash at 1423 K for 30 min led to a reduction of the nano CuO content to 8%

Accounting Information, Corporate Governance Characteristics, and Valuation Relevance

[[abstract]]本研究為探討公司價值的攸關性，主要係以Ohlson(1995)會計評價架構為基礎，並以公司治理特性為會計資訊以外的其他資訊之代理變數，而公司真實價值的衡量係延續Frankel and Lee(1998)對剩餘所得評價的推導，並將之修改以較能符合公司理財觀念與理性投資人實務行為。實證發現，市場價格有偏離真實價值的情況，若以價值的領先落後關係而論，則造成價值偏離的原因可能係市場價格對資訊的反應較敏感所引起。其次，若董事會穩定性能提高，則不論是公司真實價值或市場價格，皆能獲得提昇。最後，若能在模式內同時考慮會計資訊與公司治理特性，則模式對市場價格的解釋能力將有大幅度的增加，此即支持若能以會計資訊為評價架構，並考慮公司治理特性，則能更為完整地探討公司價值的攸關性。[[abstract]]This paper presents empirical evidence to investigate corporate features of value-relevance. Mainly based on Ohlson (1995) model, we bring governance characteristics as proxy variables for qualitative attributes other than accounting information. To determine corporate intrinsic value, we evolve Frankel and Lee (1998)'s residual income measurement which can better meets the concept of corporate finance and virtual behavior of judicious investors. Our results reveal that the market price deviates from the intrinsic value. With the assumption that the intrinsic value lags behind the market price, we may attribute this phenomenon to highly sensible response of market price to information. Moreover, the board stability can simultaneously lift both the market price and the intrinsic value. Therefore, under the circumstance of taking both accounting information and governance characteristics into consideration, the model's explanatory ability for market price will have dramatic increment. Our findings are consistent with the idea that governance characteristics are valuable in providing oversight of accounting information to completely discuss corporate features of value-relevance

The Relationship between Fund Managers' Herding Behavior and Stock Returns

[[abstract]]當基金經理人面臨績效的壓力與對手競爭等因素，導致其可能會同時買入或賣出同一股票，稱之「群集行為」。本研究依循Lakonishok, Shleifer and Vishny(1992)與Wermers(1999)之研究方法，探討我國基金經理人的交易是否存在群集行為，並衡量群集行為對股市之波動性的影響。研究結果顯示，基金經理人存在著群集行為，但若以買賣力量劃分不同的群集力量，則呈現出基金經理人於樣本觀察期間有群集買入行為與群集賣出的行為，尤以群集賣出程度較群集買入程度明顯。當股票有前期超額報酬時，基金經理人會大量地群集買入或產生買超之情況；而當股票無前期超額報酬時，則會大量群集賣出或產生賣超之情況。此外，群集買入時之追漲程度大於群集賣出時之殺跌程度，表示基金經理人會採取正向操作策略。[[abstract]]Once fund managers have to face fund performance and profession challenge, the managers procured the behavior of purchasing or selling in the same stock. Following Lakonishok, Shleifer and Vishny (1992) and Wermers (1999), this paper examines the evidences of herding behavior among fund managers, and explores its impact on the stock market. First, the empirical results show that fund managers of open high-tech stocks exists the herding behavior. Besides, the herding behavior of selling stocks is more significant than that of buying stocks. Second, fund managers take positive feedback trading strategies

The Operating Efficiency of Bills Finance Corporations: An Application of Malmquist Productivity Index

[[abstract]]在政府推動金融自由化的政策下，原長期保有寡占優勢地位的三家老票券金融公司，如今已面臨新票券金融公司的競爭威脅。故本研究即在於探討台灣票券金融產業經營效率之態勢變化，讓個別票券金融公司瞭解自己與競爭者在經營效率上的差距，期能提供票券業者改善經營效率之決策參考。本研究係運用DEA與Malmquist生產力指數，參酌票券實務運用之投入產出要素，以評估個別票券金融公司之經營效率。實證結果發現，造成老票券金融公司技術不效率的原因，明顯與經理人管理決策不佳有關；而新票券金融公司的技術不效率情況，則與其未處於最適規模狀態有關。此外，本研究發現新票券金融公司的經營效率雖然不及老票券金融公司，但其經營效率卻相對地快速進步中，此一競爭威脅警訊頗值得老票券金融公司特別注意。[[abstract]]Since the government introduced financial deregulation policy, the older three bills finance corporations, which had formed an oligopoly money market, are currently been threaten by newly established bills finance corporations. We aim to discover the trend of operating efficiency of bills finance industry and to provide assessment of resource allocation efficiency. Moreover, we can offer suggestions for each bills firm to improve operating efficiency. By considering practical usage of inputs and outputs factors, this study employs Data Envelopment Analysis (DEA) and Malmquist productivity index to examine the operating efficiency of bill financial corporations. We find out that the causes of older bills finance corporations' technical inefficiency are related to worse management decision, while new bills firms' inefficiency is mostly caused by scale inefficiency. Meanwhile, although their operating efficiency is lower than the old ones, the new bills finance corporations are improving fast and their threats should be very carefully observed

A Reexamination of the Performance of Seasoned Equity Offerings with the IPOs Effects, Growth Opportunity, and Insider Trading

[[abstract]]本研究旨在檢測SEOs績效，並探討各種特徵是否能解釋SEOs績效的變化。實證結果發現，在IPOs發行市場為贏家者，並不表示其在後續SEOs發行市場亦會是贏家。再者，成長機會較佳的公司，其SEOs長期績效表現不但能持續超越市場投資組合，更顯著高於成長機會較差的公司。此外，若內部關係人在SEO宣告日前的交易屬性為買超者，則其後續績效表現持續超越賣超者。根據上述結果，藉由檢視公司成長機會與內部人持股變化等資訊，可減輕SEOs權益融資之資訊不對稱問題，投資人可據此擬定投資操作策略。[[abstract]]The aim of this study is to examine the performance of SEOs and investigate whether the variation of SEOs' performance can be explained by firm characteristics. We find that the winners of IPOs issuing market may not always be the ones in SEOs. Long-term performance of SEOs for firms with higher growth opportunity does not only beat the market portfolio, but also significantly outperform firms with lower growth opportunity. Moreover, the subsequent performance of insiders who overbought before SEO's declaration date will be higher than those who oversold. Based on our findings, the asymmetric information on SEOs equity financing will be alleviated by investigating growth opportunity and the variation of insider' share-holdings and then investors can formulate their investing strategy accordingly