The Effect of Exercising Employee Stock Options on Investment in Taiwanese Firms

The purpose of this study is to examine whether the proceeds from stock option exercises can influence on investment in Taiwanese listed firms. Since the proportion of high-tech firms account for the most in Taiwan, the study expects that the sensitivity of R&D expenses to the cash inflows received from exercising stock options is significantly positive, In addition, high percentage of firms in Taiwan are multinational enterprises which tend to invest in oversees where the costs of running businesses are lower. Therefore, the study predicts the effect of exercising stock options on FDI is also statistically positive. The data is collected from Taiwanese Economic Journal database, including 2,218 firm-year stock option observations from 402 listed firms between 2003 and 2009. Other financial data are merged with the stock option data by hand collecting. The final sample used in the analysis comes to 2,814 firm-year observations. The panel data analysis is used in the study. Furthermore, in order to investigate whether the influence of the proceeds from stock option exercises on investment can vary cross different financing constraints, the regression discontinuity approach is also employed. The study expects that the effect of the stock option proceeds on investment is greater for firms facing high cost financing. The results indicate the influence of the stock option proceeds on R&D is larger than the influence on FDI. The coefficient estimates explain that $0.948 of each dollar of the proceeds from stock option exercises is assigned to R&D expenditures and 0.498 of each dollar of the stock option exercise proceeds is allocated to FDI spending. However, the correlation between the proceeds from stock option exercises and investment is not significant when firms face costly external financing

Team Quotients, Resilience, and Performance of Software Development Projects

Past studies have examined actions and strategies that software project teams can take to reduce the negative impact of uncertainties, such as changing requirements. Software development project teams often have to be flexible to follow the pre-defined plans and strive to meet project goals. Sometimes uncertainty may go extreme to temporarily slow projects down and set project teams into reduced productivity. Project teams should be resilient to recover from the reduce productivity condition and move forward toward predefined goals. This study focuses on understanding the importance of team resilience for software project teams and exploring the antecedents of team resilience. Specifically, we investigate the impacts of intelligence and emotional quotient on team resilience capability, the extent to which project team can recover from the impediment and move forward. This is a research-in-progress work. A future empirical test plan has been discussed at the end

Seismic test and numerical verification of the scaled-down reinforced concrete containment vessel

According to the ASME-359 code, a scaled-down structure of Reinforced Concrete Containment Vessel (RCCV) of Advanced Boiling Water Reactor (ABWR) building is constructed for the seismic test on the shaking table. Several acceleration time history satisfing design response spectrum with different magnitudes are used in the test. Besides, the numerical finite element model of RCCV is built by SAP2000 for calculating the dynamic responses numerically

Anthropomorphism of AI-based Intelligent Customer Service, and Its Affective and Behavioral Consequences

Recently, as many users turn to social media to interact with service providers, organizations apply Artificial intelligence (AI) to improve the efficiency and effectiveness of the operation. This type of customer service system is called intelligent customer service (ICS) which one of the most commonly adopted tools is chatbot. Since chatbot is AI-empowered, whether this system can effectively interact with customers and solve their problems is critical. However, the quality of ICS has received significant attention recently, and a lack of systematic study on the outcomes of anthropomorphism leaves this question unanswered in an ICS context. Based on a cognitive-affective-behavioral framework, this study attempts to understand whether anthropomorphism can promote desired behaviors (including usage and citizen-ship behaviors) through enhancing affective out-comes, such as satisfaction and identity. Data collected from 183 chatbot-ICS users, this study illustrates how anthropomorphism can increase quality, enhance satisfaction and identity. Furthermore, we also show that satisfaction and identity lead to further usage and citizenship behaviors. This highlights the importance of increasing anthropomorphism for the chatbot-ICS

Spatially resolved MaNGA observations of the host galaxy of superluminous supernova 2017egm

Superluminous supernovae (SLSNe) are found predominantly in dwarf galaxies, indicating that their progenitors have a low metallicity. However, the most nearby SLSN to date, SN 2017egm, occurred in the spiral galaxy NGC 3191, which has a relatively high stellar mass and correspondingly high metallicity. In this paper, we present detailed analysis of the nearby environment of SN 2017egm using MaNGA IFU data, which provides spectral data on kiloparsec scales. From the velocity map we find no evidence that SN 2017egm occurred within some intervening satellite galaxy, and at the SN position most metallicity diagnostics yield a solar and above solar metallicity (12 + log (O/H) = 8.8-9.1). Additionally we measure a small H-alpha equivalent width (EW) at the SN position of just 34 Angs, which is one of the lowest EWs measured at any SLSN or Gamma-Ray Burst position, and indicative of the progenitor star being comparatively old. We also compare the observed properties of NGC 3191 with other SLSN host galaxies. The solar-metallicity environment at the position of SN 2017egm presents a challenge to our theoretical understanding, and our spatially resolved spectral analysis provides further constraints on the progenitors of SLSNe.Comment: Accepted version in ApJ Letter. Thank you for useful comment