Does virtual currency development harm financial stocks’ value? Comparing Taiwan and China markets

This research incorporated virtual currency development factors into the capital asset pricing model (CAPM) and interpreted the effects of bitcoin and fin-tech on the capital market through a deduction of the portfolio theory and innovation diffusion theory (IDT) on changes to financial stocks’ value. This paper examined a total of 67,166 panel data of financial stocks in the two emerging markets of Taiwan and China between July 2016 and April 2019, presenting the following significant findings. (1) Financial stocks in Taiwan’s market are more greatly shocked by the bitcoin and interaction effect between bitcoin and fin-tech than those in China’s market. (2) Even after changing proxy variable or autocorrelation and heteroskedasticity are considered, the asymmetric shocks on financial stocks in Taiwan’s market are still great. (3) The effects of the two variables of bitcoin and interaction with fin-tech on financial stocks are consistently important as the three-factor CAPM model. (4) Transmitted by the changes in currency supply and demand as well as exchange rate volatilities, the spillover effects of virtual currencies and financial innovation indirectly change the currency multiplier of the home country, investors’ sensibility to interest rates, and balance of import and export trades and may eventually impact the gross outputs and inflation of individual economies

Ward Identities and High-energy Scattering Amplitudes in String Theory

High-energy limit of stringy Ward identities derived from the decoupling of two types of zero-norm states in the old covariant first quantized (OCFQ) spectrum of open bosonic string are used to check the consistency of saddle point calculations of high energy scattering amplitudes of Gross and Mende and Gross and Manes. Some inconsistencies of their saddle point calculations are found even for the string-tree scattering amplitudes of the excited string states. We discuss and calculate the missing terms of the calculation by those authors to recover the stringy Ward identities. In addition, based on the tree-level stringy Ward identities, we give the proof of a general formula, which was proposed previously, of all high energy four-point string-tree amplitudes of arbitrary particles in the string spectrum. In this formula all such scattering amplitudes are expressed in terms of those of tachyons as conjectured by Gross. The formula is extremely simple which manifestly demonstrates the universal high energy behavior of the interactions among all string states.Comment: 1 typo, to appear in Nucl. Phys.

A new and efficient intelligent collaboration scheme for fashion design

Technology-mediated collaboration process has been extensively studied for over a decade. Most applications with collaboration concepts reported in the literature focus on enhancing efficiency and effectiveness of the decision-making processes in objective and well-structured workflows. However, relatively few previous studies have investigated the applications of collaboration schemes to problems with subjective and unstructured nature. In this paper, we explore a new intelligent collaboration scheme for fashion design which, by nature, relies heavily on human judgment and creativity. Techniques such as multicriteria decision making, fuzzy logic, and artificial neural network (ANN) models are employed. Industrial data sets are used for the analysis. Our experimental results suggest that the proposed scheme exhibits significant improvement over the traditional method in terms of the time–cost effectiveness, and a company interview with design professionals has confirmed its effectiveness and significance

Zero-norm states and stringy symmetries

We identify spacetime symmetry charges of 26D open bosonic string theory from an infinite number of zero-norm states (ZNS) with arbitrary high spin in the old covariant first quantized string spectrum. We give various evidences to support this identification. These include massive sigma-model calculation, Witten string field theory calculation, 2D string theory calculation and, most importantly, three methods of high-energy stringy scattering amplitude calculations. The last calculations explicitly prove Gross's conjectures in 1988 on high energy symmetry of string theory.Comment: 6 pages. Talks presented by Jen-Chi Lee at XXVIII Spanish Relativity Meeting (ERE2005),"A Century of Relativity Physics",Oviedo,Spain,6-10 Sep 2005 and "4th Meeting on constrained Dynamics and Quantum Gravity",Cala Gonone,Sardinia,Italy,12-16 Sep 2005. To appear in the Journal of Physics: Conference Serie

Accretion-induced Collapse of Dark Matter-admixed Rotating White Dwarfs: Dynamics and Gravitational-wave Signals

We present two-dimensional hydrodynamic simulations of the accretion-induced collapse (AIC) of rotating white dwarfs admixed with an extended component of dark matter (DM) comprising of sub-GeV degenerate fermionic DM particles. We find that the DM component would follow the collapse of the normal matter (NM) component to become a bound DM core. Thus, we demonstrate how a DM-admixed neutron star could form through DM-admixed AIC (DMAIC) for the first time, with the dynamics of DM taken into account. The gravitational-wave (GW) signature from the DMAIC shows distinctive features. In the diffusive DM limit, the DM admixture indirectly suppresses the post-bounce spectral peak of the NM GWs. In the compact DM limit, the collapse dynamics of the DM in a Milky Way event generate GWs that are strong enough to be detectable by Advanced LIGO as continuous low-frequency ($< 1000$ Hz) signals after the NM core bounce. Our study not only is the first-ever computation of GW from a collapsing DM object but also provides the key features to identify DM in AIC events through future GW detections.Comment: 14 pages, 13 figure

Evaluating the Operational Efficiency of Life Insurance Companies in Taiwan– An Application of the Dynamic Network SBM Model

Using a Dynamic Network Slack-based Measurement model (Tone & Tsutsui, 2014), this study evaluated the operational efficiency of life insurance firms in Taiwan from 2006 to 2013. In contrast to previous research, we incorporated assets and liabilities management into the model and compared them against optimal efficiency values in order to determine whether firms are earning maximizing profit while ensuring long-term solvency. The life insurance industry in Taiwan has matured. We found that market competitiveness depends on firms size and business model. Financial holdings companies and large corporations are performing strongly, while small local firms and foreign-owned firms scored poorly in technical efficiency. Economies of scale contribute to the business performance of life insurance firms. Life insurance companies that had merged with or been acquired by financial holdings firms showed notable improvement in efficiency. However, change in term efficiency is a warning signal in long-term business performance of life insurance firms. Lastly, most companies achieved optimal carry-over efficiency, indicating that they place considerable emphasis on managing assets and liabilities in order to ensure future solvency

Numerical Analysis on Color Preference and Visual Comfort from Eye Tracking Technique

Color preferences in engineering are very important, and there exists relationship between color preference and visual comfort. In this study, there are thirty university students who participated in the experiment, supplemented by pre- and posttest questionnaires, which lasted about an hour. The main purpose of this study is to explore the visual effects of different color assignment with subjective color preferences via eye tracking technology. Eye-movement data through a nonlinear analysis detect slight differences in color preferences and visual comfort, suggesting effective physiological indicators as extensive future research discussed. Results found that the average pupil size of eye-movement indicators can effectively reflect the differences of color preferences and visual comfort. This study more confirmed that the subjective feeling will make people have misjudgment