DSpace Community: 第65期
https://ah.lib.nccu.edu.tw/handle/140.119/102341
第65期2024-03-29T05:50:51ZA Comparison of Yearly Stock Return Seasonality Among the American, Hong Kong and Taiwanese Markets
https://ah.lib.nccu.edu.tw/handle/140.119/102862
題名: A Comparison of Yearly Stock Return Seasonality Among the American, Hong Kong and Taiwanese Markets
摘要: 在世界各國一些較小規模之股票市場,學術文獻的探討發現有元月份及非元月份股票報酬呈年度季節性變動之現象。本研究的主要目的在檢驗美國、香港及台灣股票市場投資報酬之月份季節性情形。研究元月份及非元月份股票報酬季節性在三個市場之顯著性及其出現可靠性,並加以比較。我們發現以下諸結論(1)美國市場不具任何顯著的及高可靠性的季節變動,然而香港及台灣市場卻分別的有五個及三個月份具顯著之季節性;(2)在台灣及香港之中國人市場出現之非元月份季節性現象,並非由中國人傳統而來;(3)元月份股價效應在香港及台灣市場顯然較美國市場強烈得多;(4)股票報酬在不同規模之市場大有不同,並且不同規模之市場間存在著風險與報酬之不均衡現象。; January and non-January seasonals have been found in several stock markets with lower capitalization. This study examines the yearly seasonals of the American, Hong Kong, and Taiwanese markets. The significance and persistence of the January and non-January seasonals are investigated and compared. Our findings are as follows: (1) the U.S. market does not have any significant and persistent seasonals while the Hong Kong market shows five months and Taiwan three; (2) non-January seasonals found in these Chinese markets are not caused by Chinese tradition; (3) the January effect is stronger in the Hong Kong and the Taiwanese markets than in the American marekt; and (4) the return patterns are different and the risk return disequilibrium exists between high and low capitalized markets.2016-10-17T07:31:29ZTwo-Phase Semi-Asynchronous Parallel Iterative Methods for the Symmetric Linear Complementarity Problems
https://ah.lib.nccu.edu.tw/handle/140.119/102861
題名: Two-Phase Semi-Asynchronous Parallel Iterative Methods for the Symmetric Linear Complementarity Problems
摘要: 在本文中,我們提出了一個在求解對稱線性互補問題上的二階段半非同步平行演算法。此法的求解程序可分成一連串交互的兩個演算階段。在第一階段中,我們進行完全非同步的演算,亦即,無論是各處理器在更新疊代解的次數上,或是各處理器之間的通訊次序上,都完全沒有任何的限制;而在第二階段的演算中,我們僅執行一個簡單的線性搜索步驟。此演算法大大地減少了因同步化及通訊上所產的冗額成本,因此增進了演算法的效率;而且由於此法在更新疊代解的演算中,擷取了大部份最新的資訊,也因而加快了收斂速度。至於在建立此法的收斂理論上,我們僅須對線性搜索範圍給予一微弱的限制,即可保證此半非同步演算過程,終將收斂到線性互補問題的解。我們將此法在IBM 3090的機器上模擬執行,並應用於求解一個由二次規劃所導出之對稱線性互補問題,其數值結果亦顯示出此法優於一些同步的平行疊代法。; In this paper, we propose a two-phase semi-asynchronous parallel iterative method for solving the symmetric linear complementarity problem. The solution process is divided into 1st-phase and 2nd-phase alternatingly. In the 1st- phase, we allow the process to be completely asynchronous. That is. the computation for new iterate on separate processors and communication in between them could be absolutely tree and chaotic. We impose essentially no restrictions on the ordering and the number of times of such iterate updating and information exchanging among processors. In the 2nd-phase. we simply perform a line search. The method dramatically reduces the overhead arising from synchronization and communication. Moreover, the process has always used and taken advantage of the most recent information available, when updating the iterate. Convergence of the overall scheme is established under a mild restriction on the range of the line search. The method is simulated and implemented on the IBM 3090 machine for solving the symmetric linear complementarity problem arising from the constrained convex quadratic program. Numerical results are also reported.2016-10-17T07:31:07ZEconomic Implications of Statement of Financial Accounting Standard NO.2:Review and Synthesis
https://ah.lib.nccu.edu.tw/handle/140.119/102860
題名: Economic Implications of Statement of Financial Accounting Standard NO.2:Review and Synthesis
摘要: 本文旨在評估美國財務會計準則第二號公報(會計研究發展成本)之經濟意義。研究發展活動是美國企業活力的根源之一。第二號公報對財務報表的負面影響導致會計學者欲瞭解此公報的經濟影響程度。除了對小型研究發展公司以外,此公報對研究發展活動並無重大影響;在公報相關發佈日前後股價亦無重大反應。就實證會計理論(positive AccountingTheory)的角度來看,實證結果與紅利假設及槓桿假設(Debt/Equity Hypothesis)所預測者相一致。; This study critically surveys the economic implications of SFAS2 (Statement of Financial Accounting Standard No. 2) based on the literature in relation to economic theory of R&D, market-reaction studies, and positive accounting theory. The economic implications here are defined as the economic importance of R&D, the effects of SFAS2 on the R&D expenditures, stock returns, and the impact of agency relationship (i.e., owner-management and debtholder- management contratual relationships). The SFAS2 has adverse effects on financial statements; thus, it should have negative economic implications. The requirements of SFAS2 eliminate the flexibility of manipulating reported earnings by using R&D costs. This accounting standard decreases the earnings number, retained earnings, and capitalized value. It also increases the variability of the income streams over time. In addition, the requirements of SFAS2 force the firm to fully disclose the financial information of R&D costs in each period, therefore, reduce the competitive edge of the R&D activities. Theoretically, the requirements of SFAS2 should result in lower level of R&D expenditures based on the debt/equity hypothesis, negative stock return surrounding related event dates of this standard, and lesser amounts of bonus given to management. The empirical findings are weak. The R&D expenditures in the post-SFAS2 periods are not significantly different from those of pre-SFAS2 periods. The firms affected by the SFAS2 were fear of the closeness to bond convenant. No significant market reaction was detected. Generally, market did not respone to relevant announcement dates of SFAS2. The results are consistent to bonus hypothesis, however, a firm would also rewrite compensation contract for adapting the requirements of SFAS2.2016-10-17T07:30:48ZMuslims in China Prior to the Qing Dynasty(1644-1911 AD), a Historical Survey
https://ah.lib.nccu.edu.tw/handle/140.119/102859
題名: Muslims in China Prior to the Qing Dynasty(1644-1911 AD), a Historical Survey
摘要: 中國之伊斯蘭及穆斯林歷史一直被中外伊斯蘭學者所忽略,至今尚未有一較完整且具科學性的現代著作問世。(西方之研究自十九世紀末、二十世紀初以來就產生研究斷層。而中國大陸回族學者之著作與台灣坊間之有關書籍亦缺乏科學批判研究精神,且大多為人云亦云之襲作。)本文之目的在於提供中國穆斯林歷史起自唐代下至明末的背景探討,並藉以拋磚引玉,期能引起更深入的研究。由於滿清時代之穆斯林情況較為複雜,需要較長篇幅專題探就故不在本文內研討。伊斯蘭之傳入中國的時間與途徑中外至今尚無定論,然在唐代已有穆斯林或以經商或以外交目的進入中國。此些人以蕃客自居而享有唐朝廷之禮遇,且自組成一非漢人社會。宋朝期間穆斯林陸續移入中國尤以南宋為甚,且以商賈居多。多數穆斯林商人遂逐漸定居中國繁衍。蒙古西征中亞伊斯蘭國家後,吸收不少穆斯林為其所用,尤以軍事、經濟方面為最。更大量穆斯林繼而隨著蒙古入主中國而移入中原,進而散布至中國各角落。由於蒙古帝國之建立有賴穆斯林之助,故穆斯林在蒙古元朝享有高於漢人而僅次於蒙古人之某些特權。然而明朝創立之後,朱元璋鼎立推行漢化政策,穆斯林亦受影響而逐漸融入漢文化社會,而其信仰之伊斯蘭宗教亦因而蒙上中國色彩,進而演變發展成一獨特之中國伊斯蘭。簡言之,穆斯林在中國歷史演變過程可由「蕃客在中國」至「中國之穆斯林」的過程中探討。; This article aims to provid a historical survey of Muslims in China prior to the Manchu-Qing dynasty (1644-1911). The history of Chinese Muslims has not been thoroughly studied by modern scholars. This research will shed some light on this important hut neglected field. How did Islam enter China has been an unsolved issue in Islamo-sinology. This is caused by the confusing Chinese sources. However, it is certain that Muslims first migrated to China in the Tang period. During that period, Muslims in China were mainly traders or some envoys who came from Arabia or Central Asia via sea rute or partially by the land silk road. They were treated with honour by the Tang Court. Through the Song period, more Muslims flocked into China from South Arabia and Southeast Asia for the purpose of trade. Many of them became settled in China and assimilated into Chinese society. However, they were still regarded as foreigners by the Han Chinese. The Mongol conquests of Central Asia brought a great number of Muslims into China proper. These Muslims were with various skills. With their assistance, the Mongol-Yuan dynasty in China was established. Thus Muslims secured more privileges than other Chinese peoples, and Muslims played a significant role in the Yuan politics and economics. Under the Ming rule, Muslims` social status declined due to central governments policy on minorities. The founder of Ming dynasty stipulated strict law which was to sinicise non--Han people, to eliminate foreign elements in Chinese society. As a result. Muslims were forced to adopt Chinese traditions and assimilate further into Chinese society, and their religion became syncretised with Chinese elements.\n 2016-10-17T07:30:31Z