AN ANALYSIS ON POTENTIAL ECONOMIC IMPACTS OF GREENHOUSE GAS MITIGATION THROUGH PLANTING ENERGY CROPS IN TAIWAN

The purpose of this study is to evaluate the economic and environmental impacts of planting energy crop on set-aside acreages in Taiwan. To do so, a Taiwan Agricultural Sector Model (TASM) was built and the data parameters of energy crop were incorporated into this model in order to simulate the economic and environmental impacts. Simulation results show that GHGE mitigation depends on the planting acreage of energy crops in which the optimal planting acreage of energy is determined by the profit of other agricultural products as well as government subsidy on energy crop. Therefore, the mitigation of GHGE depends on the government subsidy on energy crop per hectare. Such subsidy is also suitable for the green box by the regulation of WTO.Resource /Energy Economics and Policy,

Efficiency and Returns to Scale Measurements with Shared Inputs in Multi-Activity Data Envelopment Analysis: An Application to Farmers' Organizations in Taiwan

This paper addresses the question how team production promotes efficiency of a firm when some inputs can be rewarded on the basis of outputs but some cannot because they are shared among outputs and non-separable. A multi-activity DEA model with variable returns to scale is proposed to provide information on the efficiency performance for organizations with inputs shared among several closely related activities. The model is applied to study the case of 279 farmers' associations in Taiwan. The result suggests that it is important to improve the efficiency of the non-profit oriented activities to improve their overall performances. Three out of four departments of TFAs can gain from economies of scale through expansion, while the remaining one gains through contraction. Thus, policies promoting structural adjustment and consolidations of TFAs would not be inconsistent with public interests.multi-activity DEA, shared inputs, efficiency measure, directional distance function, Productivity Analysis,

SPATIAL EQUILIBRIUM MODELING WITH IMPERFECTLY COMPETITIVE MARKETS: AN APPLICATION TO RICE TRADE

A general imperfect competition spatial equilibrium model is developed to estimate the trading country behaviors in the international rice market using a conjectural variation approach. Such a model allows the possibility of an imperfect competitive market to exit on both the export and import sides without any assumption of market structure. The empirical results show that the major exporting countries, Thailand, Vietnam, and the U.S. acted as high degree of imperfect competitors(or oligopolies) while Pakistan acted as a lower degree of imperfect competitor. The importing countries such as Japan, the Philippines, Europe, Brazil, and the former USSR behaved as high degree of imperfect competitors (or oligopsonies). The empirical results also show that there are welfare gains of $1,492 million when all trading countries comply with the free trade agreement.Marketing,

The Relationship between Stock Price and EPS: Evidence Based on Taiwan Panel Data

In this study, we use panel cointegration methods to investigate the relationship between stock prices and earnings-per-share (EPS). Furthermore, we consider whether stock prices respond to EPS under the different level of growth rate of operating revenue. The empirical result indicated that the cointegration relationship existed between stock prices and EPS in the long-run. Furthermore, we found that for the firm with a high level of growth rate, EPS has less power in explaining the stock prices however, for the firm with a low level of growth rate, EPS has a strong impact in stock prices.Earnings Response Coefficient (ERC)

Productivity Change in Taiwan's Farmers' Credit Unions: A Nonparametric Risk-Adjusted Malmquist Approach

This article proposes an extended three-stage DEA methodology similar to Fried et al. (2002) to improve the measurement of productivity growth then the assumption of free disposability of undesirable outpu t does not apply. A directional distance function is used to construct adjusted Malmquist-Luenberger productivity indexes which simultaneously account for the impacts of undesirable outputs, environmental variables, and statistical noise. Panel data for 264 farmers' credit unions (FCUs) in Taiwan covering the 1998-2000 period are employed to illustrate the advantages of this method. On average, the productivity of Taiwan's FCUs is found to have deteriorated over the 1998-2000 period. Although an improvement in efficiency has been observed, the major reason for the deterioration is found to be due to the regression of techno logy.Malmquist-Luenberger productivity index, three-stage DEA, undesirable outputs, directional distance function, Agricultural Finance, Productivity Analysis,

GaN and InN Hexagonal Microdisks

The high-quality GaN microdisks with InGaN/GaN quantum wells (QWs) and InN microdisks were grown on γ-LiAlO2 substrates by plasma-assisted molecular beam epitaxy (PA-MBE). The samples were analysed using scanning electron microscopy, X-ray diffraction, photoluminescence, cathodoluminescence and high-resolution transmission electron microscope. The characteristics of the GaN microdisks and InN microdisks were studied and the effect of growth temperature was evaluated

Effect of Managers' Illusion of Control and Corporate Governance Structure on the Sensitivity of Investment Cash Flow

This study examines publicly listed Taiwanese companies to explore the effect of managers' illusion of control on the sensitivity of investment cash flow, as well as the adjustment effects of different corporate governance structures. We constructed various proxy variables and found that non-operating income and expense has a significant positive impact on future capital expenditure ratios. As the company's operating risk increases, managers are more willing to invest, showing managers' confidence in their own expertise and their optimistic expectation to control future scenarios. The results related to corporate governance structures showed that co-governance and expert management governance mechanisms tend to mitigate managers' illusion of control, weakening the investment cash flow sensitivity. Government control models did not show a significant impact and there was no significant adjustment effect on the investment cash flow sensitivity. Firms with single-family governance may have agency problems and strengthen the investment cash flow sensitivity. Keywords: illusion of control, non-operating income and expense, investment cash flow sensitivity JEL Classifications: G30, G3

Debris Flow Risk Assessment and Land-Use Planning – A Case Study of Jhonglun Hot Spring Area

The Jhonglun Scenic Area in Chiayi County, is famous for its hot spring, the region was hit by debris flow with tremendous losses and resulted with dramatic change of the landscape during Typhoon Morakot in 2009. The most effective strategy for reducing natural hazard risks is through land-use planning. Following the concept of Risk=Hazard*Exposure*Vulnerability, this study conducted risk identification through the collection of landslide inventory and history debris flow hazard mapping of Chiayi DF051 potential debris flow torrent. Together with elements at risk information from field investigations, the risk analysis was conducted with several return periods debris flow simulation to recognize the possible economic losses and fatalities by debris flow. The identified high risk areas in Jhonglun Scenic Area were compared to the current special district planning to understand the spatial distribution of high risk areas. The result shows that some of the designated zones were among the areas with high debris flow risks, which further indicates that land-use planning should consider the consequences of natural hazards. The result of this study provides one of the first steps for land use planning restrictions within the potential debris flow region