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

Overview of Some Intelligent Control Structures and Dedicated Algorithms

Automatic control refers to the use of a control device to make the controlled object automatically run or keep the state unchanged without the participation of people. The guiding ideology of intelligent control is based on people’s way of thinking and ability to solve problems, in order to solve the current methods that require human intelligence. We already know that the complexity of the controlled object includes model uncertainty, high nonlinearity, distributed sensors/actuators, dynamic mutations, multiple time scales, complex information patterns, big data process, and strict characteristic indicators, etc. In addition, the complexity of the environment manifests itself in uncertainty and uncertainty of change. Based on this, various researches continue to suggest that the main methods of intelligent control can include expert control, fuzzy control, neural network control, hierarchical intelligent control, anthropomorphic intelligent control, integrated intelligent control, combined intelligent control, chaos control, wavelet theory, etc. However, it is difficult to want all the intelligent control methods in a chapter, so this chapter focuses on intelligent control based on fuzzy logic, intelligent control based on neural network, expert control and human-like intelligent control, and hierarchical intelligent control and learning control, and provide relevant and useful programming for readers to practice

Anion Binding Modes In Meso-substituted Hexapyrrolic Calix[4]pyrrole Isomers

We report on the synthesis of a new receptor for anions, meso-substituted hexapyrrolic calix[4]pyrrole 1. The calix[4]pyrrole\u27s core features two additional pyrrole side-arms suspended above or below the calix[4]pyrrole core. This hexapyrrolic calix[4]pyrrole 1 is formed as cis- and trans-configurational isomers, the structures of which have been determined by single crystal X-ray diffraction. The anion binding experiments revealed interesting difference in the binding mode: The cis-1 isomer binds anions in a mixed binding mode featuring a combination of hydrogen bonding and anion-pi interactions resulting in an unexpected strong binding. On the other hand, the trans-1 isomer displays only hydrogen bonding and lower affinity for anions. This is unexpected as one would assume both isomers to display the same binding modes. Overall, the titrations of 1 using UV spectrophotometry and NMR titrations by anions reveal that cis-isomer 1 displays higher affinity (10(5)-10(6) M-1) and cross-reactivity for anions, while the trans-isomer 1 shows a more selective response to anions. Such differences in binding mode in configurational isomers are so far unexplored and a feature deserving further study

Attention-based Learning for Sleep Apnea and Limb Movement Detection using Wi-Fi CSI Signals

Wi-Fi channel state information (CSI) has become a promising solution for non-invasive breathing and body motion monitoring during sleep. Sleep disorders of apnea and periodic limb movement disorder (PLMD) are often unconscious and fatal. The existing researches detect abnormal sleep disorders in impractically controlled environments. Moreover, it leads to compelling challenges to classify complex macro- and micro-scales of sleep movements as well as entangled similar waveforms of cases of apnea and PLMD. In this paper, we propose the attention-based learning for sleep apnea and limb movement detection (ALESAL) system that can jointly detect sleep apnea and PLMD under different sleep postures across a variety of patients. ALESAL contains antenna-pair and time attention mechanisms for mitigating the impact of modest antenna pairs and emphasizing the duration of interest, respectively. Performance results show that our proposed ALESAL system can achieve a weighted F1-score of 84.33, outperforming the other existing non-attention based methods of support vector machine and deep multilayer perceptron