A Legal Analysis on Enterprises Overseas Fundraising -- A Comparison Between the U.S. Market and the Taiwanese Market

Since the 1990’s, Taiwan’s government has made efforts to upgrade economic development by attraction more foreign enterprises to enter the domestic capital market. However, in the early 2000s, statistics indicated that the number of such new enterprise listings in Taiwan actually decreased. Some believe a very important factor in the decrease to the number of new listings in Taiwan is the current regulatory framework’s lack of flexibility. It is assumed that the regulatory intensity for foreign enterprises is very high. In order to review this intensity on the foreign issuer, this dissertation presents research on the law regulating a foreign enterprise that is conduction fundraising. Securities regulation is one of the most important areas of law governing enterprises fundraising, as the issuance of securities is a very efficient method of rising funds in the capital markets. The research herein addresses regulatory standards on information disclosure, corporate governance, and stock market listing requirements for the domestic issuer and the foreign issuer, respectively. Once we understand the regulatory standards applicable to the domestic issuer and the foreign issuer, we can best calibrate an appropriate regulatory intensity for the foreign issuer. In 2012, legislators amended the Securities and Exchange Act to expressly include the foreign issuer conducting fundraising under the regulatory scope of the Taiwanese law. In that law, several disadvantages exist that may present obstacles for the foreign issuer. On the other hand, the theories of international securities that helped create a well-structured regulatory system in the U.S. has allowed the U.S. to become a primary capital market for international enterprises conducting fundraising. Hence, this dissertation intends to use the method of comparative study to analyze the differences in those legal structures between the U.S. and Taiwan. This dissertation demonstrates that the Taiwanese law could improve by imposing some of the regulatory merits of the U.S. system, adjusting regulatory intensity on the foreign issues and reducing the downsides resulting from current regulation

Self-organization in social tagging systems

Individuals often imitate each other to fall into the typical group, leading to a self-organized state of typical behaviors in a community. In this paper, we model self-organization in social tagging systems and illustrate the underlying interaction and dynamics. Specifically, we introduce a model in which individuals adjust their own tagging tendency to imitate the average tagging tendency. We found that when users are of low confidence, they tend to imitate others and lead to a self-organized state with active tagging. On the other hand, when users are of high confidence and are stubborn to change, tagging becomes inactive. We observe a phase transition at a critical level of user confidence when the system changes from one regime to the other. The distributions of post length obtained from the model are compared to real data, which show good agreement

Kinematics of the Broad-line Region of 3C 273 from a Ten-year Reverberation Mapping Campaign

Despite many decades of study, the kinematics of the broad-line region of 3C~273 are still poorly understood. We report a new, high signal-to-noise, reverberation mapping campaign carried out from November 2008 to March 2018 that allows the determination of time lags between emission lines and the variable continuum with high precision. The time lag of variations in H$\beta$ relative to those of the 5100 Angstrom continuum is $146.8_{-12.1}^{+8.3}$ days in the rest frame, which agrees very well with the Paschen-$\alpha$ region measured by the GRAVITY at The Very Large Telescope Interferometer. The time lag of the H$\gamma$ emission line is found to be nearly the same as for H$\beta$. The lag of the Fe II emission is $322.0_{-57.9}^{+55.5}$ days, longer by a factor of $\sim$2 than that of the Balmer lines. The velocity-resolved lag measurements of the H$\beta$ line show a complex structure which can be possibly explained by a rotation-dominated disk with some inflowing radial velocity in the H$\beta$-emitting region. Taking the virial factor of $f_{\rm BLR} = 1.3$, we derive a BH mass of $M_{\bullet} = 4.1_{-0.4}^{+0.3} \times 10^8 M_{\odot}$ and an accretion rate of $9.3\,L_{\rm Edd}\,c^{-2}$ from the H$\beta$ line. The decomposition of its $HST$ images yields a host stellar mass of $M_* = 10^{11.3 \pm 0.7} M_\odot$, and a ratio of $M_{\bullet}/M_*\approx 2.0\times 10^{-3}$ in agreement with the Magorrian relation. In the near future, it is expected to compare the geometrically-thick BLR discovered by the GRAVITY in 3C 273 with its spatially-resolved torus in order to understand the potential connection between the BLR and the torus.Comment: 17 pages, 12 figures, 6 tables, accepted for publication in The Astrophysical Journa

Semiconductor integrated circuit chip, multilayer chip capacitor and semiconductor integrated circuit chip package

Disclosed are a semiconductor integrated circuit chip, a multilayer chip capacitor, and a semiconductor integrated circuit chip package. The semiconductor integrated circuit chip includes a semiconductor integrated circuit chip body, an input/output terminal disposed on the outside of the semiconductor integrated circuit chip body, and a decoupling capacitor disposed at a side face of the semiconductor integrated circuit chip body and electrically connected to the input/output terminal. The semiconductor integrated circuit chip cab be obtained, which can maintain an impedance of a power distribution network below a target impedance in a wide frequency range, particularly at a high frequency, by minimizing an inductance between a decoupling capacitor and a semiconductor integrated circuit chip