Wealth Effects of Dividend Announcements on Bondholders: The Case of Taiwan Bond Market

Although bonds play an important role in U.S. capital markets, this financial instrument is less common in the emerging markets. Taiwan is a typical case. In fact, both bond issuances and bond transactions in Taiwan have been declining in the past years. Consistent with the previous studies, this research documents that wealth transfer effects exist between bondholders and stockholders. We hypothesize that this wealth transfer discourages investors from investing in bond markets because companies in Taiwan seem to care less about the interest of bondholders. Using the event study methodology, we examine the price change of bonds and stocks in Taiwan capital market around cash dividend announcements. We find that there are significant abnormal returns before cash dividend announcements from 30 days to 60 days and that there is insignificant price change of bonds during the three-day period around the announcement. Possible explanations of the results include low bond trading volumes, insider trading before announcements, and mixing signaling and wealth transfer effects. Although this study cannot prove that the results are directly related to management holdings, we tend to believe that insider trading somehow matters

Active RIS-Assisted MIMO-OFDM System: Analyses and Prototype Measurements

In this study, we develop an active reconfigurable intelligent surface (RIS)-assisted multiple-input multiple-output orthogonal frequency division multiplexing (MIMO-OFDM) prototype compliant with the 5G New Radio standard at 3.5 GHz. The experimental results clearly indicate that active RIS plays a vital role in enhancing MIMO performance, surpassing passive RIS. Furthermore, when considering factors such as complexity, energy consumption, and performance, the comparative evaluation between passive RIS and active RIS reinforces the critical role of active RIS in MIMO systems. These findings underscore the practical significance of active RIS in improving MIMO gain in 5G scenarios.Comment: 5 pages, 6 figures, 1 table. This work has been submitted to the IEEE for possible publication. Copyright may be transferred without notice, after which this version may no longer be accessibl

Sport-related ankle injuries attending an accident and emergency department

Introduction: This study investigated the sport-related ankle injuries attending an accident and emergency (A&E) department during a 1-year period. Methods: A total of 1715 sports injuries cases attending an A&E department from 1 January 2005 to 31 December 2005 were prospectively recorded. Details of each classified case were recorded in a computerised record system by the triage nurse. At the end of the study period, all sport-related ankle injury cases were analysed. Results: A total of 240 sport-related ankle injury cases were reported. Most cases were sustained from basketball (32.9%), soccer (31.7%) and hiking (5.8%) sports. The majority of the cases was ligamentous sprains (81.3%) and fractures (10.4%). The mean age of all patients was 24.6 years (S.D. = 12.3). Four fifths (80.4%) were male patients. All cases were not life threatening. Most cases (99.2%) were referred to orthopedics specialty. Radiography was routinely employed in 99.2% of the cases. Ligamentous sprains were mostly sustained in basketball (37.4%) and soccer (28.7%), and were often treated with bandaging (60.0%) and analgesics (48.7%). Most cases were discharged with or without referral to physiotherapy and specialty clinic (95.4%). Fractures were mostly sustained in soccer (52.0%), basketball (20.0%) and hiking (16.0%), and were very often admitted to hospital wards (84.0%). The estimated A&E attendance rate for all sports injuries, ankle injuries, ligamentous sprains and fractures were 1.68, 0.24, 0.19 and 0.02/1000 person-year

Isotopic Fractionation of Nitrogen in Ammonia in the Troposphere of Jupiter

Laboratory measurements of the photoabsorption cross section of ^(15)NH_3 at wavelengths between 140 and 220 nm are presented for the first time. Incorporating the measured photoabsorption cross sections of ^(15)NH_3 and ^(14)NH_3 into a one-dimensional photochemical diffusive model, we find that at 400 mbar, the photolytic efficiency of ^(15)NH_3 is about 38% greater than that of ^(14)NH_3. In addition, it is known that ammonia can condense in the region between 200 and 700 mbar, and the condensation tends to deplete the abundance ratio of ^(15)NH_3 and ^(14)NH_3. By matching the observed ratio of ^(15)NH_3 and ^(14)NH_3 at 400 mbar, the combined effect of photolysis and microphysics produces the ratio of (2.42 ± 0.34) × 10^(-3) in the deep atmosphere, in excellent agreement with the Galileo spacecraft measurements. The usefulness of the isotopic composition of ammonia as a tracer of chemical and dynamical processes in the troposphere of Jupiter is discussed

Automated Long-Term Monitoring of Parallel Microfluidic Operations Applying a Machine Vision-Assisted Positioning Method

As microfluidics has been applied extensively in many cell and biochemical applications, monitoring the related processes is an important requirement. In this work, we design and fabricate a high-throughput microfluidic device which contains 32 microchambers to perform automated parallel microfluidic operations and monitoring on an automated stage of a microscope. Images are captured at multiple spots on the device during the operations for monitoring samples in microchambers in parallel; yet the device positions may vary at different time points throughout operations as the device moves back and forth on a motorized microscopic stage. Here, we report an image-based positioning strategy to realign the chamber position before every recording of microscopic image. We fabricate alignment marks at defined locations next to the chambers in the microfluidic device as reference positions. We also develop image processing algorithms to recognize the chamber positions in real-time, followed by realigning the chambers to their preset positions in the captured images. We perform experiments to validate and characterize the device functionality and the automated realignment operation. Together, this microfluidic realignment strategy can be a platform technology to achieve precise positioning of multiple chambers for general microfluidic applications requiring long-term parallel monitoring of cell and biochemical activities

Definitive radiotherapy for early stage glottic cancer by 6 MV photons

Purpose: To evaluate the clinical outcome of early glottic cancer (GC) treated by primary radiotherapy (RT) with 6 MV photons. Methods and materials: We retrospectively reviewed the medical records of 695 consecutive patients with T1N0 and T2N0 GC treated between 1983 and 2005 by RT in our institution. Clinical outcome in terms of local control (LC), overall survival (OS) and cause- specific survival (CSS) rate were evaluated. Results: The median follow-up time was 10.5 years.The 10-year actuarial LC rates were as follows: T1A, 91%; T1B, 87%; T2, 77%. The 10-year OS were as follows: T1, 74.2%; T2, 70.7%. The 10-year CSS were as follows: T1, 97.7%; T2, 97.1%. Poorly differentiated histology and tumor biologically effective dose < 65 Gy.© 2012 Tong et al.; licensee BioMed Central Ltd.Link_to_subscribed_fulltex

台2線 68K 八斗子滾石災害致災成因初探

基隆市北寧路於2013 年8 月31 日下午發生高強度降雨事件 (最高達94.5 mm/hr)，並導致台2 線68K+000 處於當日16 時19 分左右發生落石擊毀小客車之意外。本次落石災害之發生區屬於大寮層中段塊狀砂岩，且為逆向坡之型態，現地調查結果顯示本區域具有兩組傾角近乎垂直之節理面，一組走向約略平行於海岸線，另一組走向則約略垂直於海岸線。致災成因可能與長期雨水入滲及風化作用有關，節理裂隙除因風化作用逐漸加大外，節理面上之含鐵質結核亦可能於風化後體積增加，進而加速節理開裂速度。本次落石災害之運動歷程大致可分為傾倒、滾動、墜落、彈跳、滾動等數段歷程，落石運動過程耗時約23 秒，移動路徑上之植被與風化土壤層可能為遲滯落石運動之主因。本文將說明此次災害之地質調查成果，並探討可能之破壞機制，以供未來類似災害之防治對策參考。Several rockfalls caused damages on Highway No.2 during an intensive rainfall on August 31, 2013, in Keelung. One of the rockfalls hit a car and the event was captured by a camera. This study analyzes the mechanism of the rockfall based on the video and field investigation. Two major joints which led to the hazard, one was parallel to the coast and the other was perpendicular to the coast. Both of them were almost vertical and cut the rock into several blocks. Weathering processes may have lead to the extension of joints during the heavy rainfall; the infiltration and the surface runoff took the weathered material away, making the rock unable and ultimately leading to the rockfall. The process of this hazard can be divided into topple, roll, fall, bounce and roll. The rockfall took about 23 seconds in total. This paper focuses on the results of field investigation and the mechanism of the rockfall is also discussed