Applied Product Capability Analysis Chart in Measure Step of Six Sigma

This paper will apply product capability analysis chart PCAC in Measure step of Six Sigma. Because the test model is sampling, sampling error must be consider. Thus minimum value will be used to evaluate process capability. Besides the paper used minimum value to evaluate process capability, we also applied the concept of Six Sigma in PCAC and construct PCAC of Six Sigma standard. Finally, PCAC of Six Sigma standard will apply in Six Sigma project of Offset Ratchet Wrenches which manufactured by Y company.     

Relative accuracy of analysts’ earnings forecasts over time: a Markov chain analysis

The main purpose of this paper is to analyze the time patterns of individual analysts’ relative accuracy ranking in earnings forecasts using a Markov chain model. Two levels of stochastic persistence are found in analysts’ relative accuracy over time. Factors underlying analysts’ performance persistence are identified and they include analyst’s length of experience, workload, and the size and growth rate of firms followed by the analyst. The strength and the composition of these factors are found to vary markedly in different industries. The findings support the general notion that analysts are heterogeneous in their accuracy in earnings forecasts and that their superior/inferior performance tends to persist over time. An analysis based on a refined measure of analysts’ forecast accuracy ranking that strips off firm-specific factors further enhances the empirical validity of the findings. These findings provide a concrete basis for researchers to further explore why and how analysts perform differently in the competitive market of investment information services.     

Patterns of work goal importance: A comparison of Singapore and Taiwanese managers

Contrary to a belief commonly held, significant differences have been found between Singapore and Taiwanese managers in respect of the importance they attach to various work goals. The comparison is based on the results of a cluster analysis conducted on three nomethetic goal factors. The four patterns of work goal importance identified include passive stoics, moralistic enthusiasts, aloof turned-offs, and pragmatic individualists. These findings call for new explanations for the differences beyond the conventional cultural and occupational factors.The author is grateful to Mr Lee Yew Sim for his assistance in data collection and processing.     

Developing future hotel managers in Taiwan: from an industry viewpoint

The purpose of the study was to investigate and identify competencies needed for entry-level hotel managers from the industry professional's point of view. A survey instrument was used to gather data from present hotel managers in Taipei, Taiwan. Competencies identified in this survey, as being important by entry-level managers, could be a foundation for development of hospitality management curricula in Taiwan.     

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The Relation Among Targets' R&D Activities, Acquirers' Returns, and In-Process R&D in the US

Abstract:  Using a sample of 129 mergers and acquisitions (M&As) in the US between publicly traded acquirers and targets in research and development (R&D) intensive industries over the period of 1994-2004 and a size- and industry-matched sample, we examine the relation among targets' R&D activities, the probability of acquirers' writing-off in-process R&D (IPRD), and acquirers' returns around the time of M&A announcements. We find that firms acquiring targets with higher R&D investments tend to write off some of the acquired R&D assets upon the completion of the M&As. We also find that the median cumulative abnormal return during the three days around M&A announcements for acquirers with subsequent IPRD write-offs is −2.73% while the return for acquirers without IPRD write-offs is −0.60%. This suggests that acquirers' stock returns around M&A announcements are much lower when investors expect acquirers to expense IPRD. The results are consistent with our conjecture that acquirers tend to write-off IPRD when they acquire overvalued targets. We also find that IPRD write-offs do not increase earnings or stock returns of acquirers after M&As, which is inconsistent with an earnings management hypothesis.     

Effectiveness of copula-extreme value theory in estimating value-at-risk: empirical evidence from Asian emerging markets

A traditional Monte Carlo simulation using linear correlations induces estimation bias in measuring portfolio value-at-risk (VaR), due to the well-documented existence of fat-tail, skewness, truncations, and non-linear relations in return distributions. In this paper, we consider the above issues in modeling VaR and evaluate the effectiveness of using copula-extreme-value-based semiparametric approaches. To assess portfolio risk in six Asian markets, we incorporate a combination of extreme value theory (EVT) and various copulas to build joint distributions of returns. A backtesting analysis using a Monte Carlo VaR simulation suggests that the Clayton copula-EVT evinces the best performance regardless of the shapes of the return distributions, and that in general the copulas with the EVT provide better estimations of VaRs than the copulas with conventionally employed empirical distributions. These findings still hold in conditional-coverage-based backtesting. These findings indicate the economic significance of incorporating the down-side shock in risk management.     

Dynamic efficiency assessment of the Chinese hotel industry

The paper introduces for the first time a totally dynamic two-stage approach to analyzing the hotel industry's technical efficiency at the sub-national level. The first stage uses data envelopment window analysis (DEWA) to assess regional hotel sectors' technical efficiency over time. Unlike previous studies, the second stage uses a dynamic Tobit model to investigate the impact of macro contextual factors on the hotel sector efficiency. The study chooses the Chinese hotel industry during the period 2001-2006 as its application setting. The findings of the investigation indicate that the Chinese hotel industry is approaching an efficient operation in general, recovering from a major dip in 2003 resulting from the Severe Acute Respiratory Syndrome (SARS) outbreak. In addition, the study introduces a novel two-dimensional efficiency-based matrix to assess the competitive advantage of different regions of the Chinese hotel sector. The paper presents strategic market implications for hoteliers, government decision-makers, and destination management organizations. The proposed methods are applicable for situations in which an exogenous event of a destabilizing impact (e.g., SARS) does occur.     

The Advertising Effects of Corporate Social Responsibility on Corporate Reputation and Brand Equity: Evidence from the Life Insurance Industry in Taiwan

This study investigates the persuasive advertising and informative advertising effects of CSR initiatives on corporate reputation and brand equity based on the evidence from the life insurance industry in Taiwan. The study finds, first, policyholders?? perceptions concerning the CSR initiatives of life insurance companies have positive effects on customer satisfaction, corporate reputation, and brand equity. Second, the advertising effects of the CSR initiatives on corporate reputation are only informative. Third, the impacts of CSR initiatives on brand equity include informative advertising and persuasive advertising effects. This study contributes the literature by explicit defining the advertising effects of CSR initiatives. Following the first step made by McWilliams et al. (Journal of Management Studies 43(1):1?C18, 2006), the hypotheses of this study crystallize their conceptual framework. The obtained results in this research first identify the informative advertising effects and persuasive advertising effects of CSR initiatives.