A Practical and Efficient Electronic Checkbook

Recently, Chen proposed an electronic check scheme, making it possible for payers to attach the desired face value and the payee's identification information to the electronic check while paying. Extending this scheme, we introduce the new concept of an electronic checkbook to meet some practical requirements in e-check applications. First, it allows the payer to attach the desired face value and the payee's account number to the e-check and utilizes a signed e-checkbook to reduce the bank's computation overhead. Second, the new scheme benefits from overcoming problems in the prior scheme: (1) high computation cost of generating digital signatures for the bank; (2) inconvenience caused by a bank's repeated request for a single electronic check for its customers; and (3) maintenance of storage for a set of electronic checks. The security analysis and the advantages examined show that the new scheme works.     

Analytical bounds for Treasury bond futures prices

The pricing of delivery options, particularly timing options, in Treasury bond futures is prohibitively expensive. Recursive use of the lattice model is unavoidable for valuing such options, as Boyle in J Finance 14(1):101?C113, (1989) demonstrates. As a result, the main purpose of this study is to derive upper bounds and lower bounds for Treasury bond futures prices. This study first shows that the popular preference-free, closed form cost of carry model is an upper bound for the Treasury bond futures price. Then, the next step is to derive analytical lower bounds for the futures price under one and two-factor Cox-Ingersoll-Ross models of the term structure. The bound under the two-factor Cox-Ingersoll-Ross model is then tested empirically using weekly futures prices from January 1987 to December 2000.     

A meta-regression analysis on the willingness-to-pay for country-of-origin labelling

Food quality and food safety issues arouse increasing interest and concern among consumers and policy-makers. Consequently, the importance of country-of-origin labelling (COOL) is increasing in business, policy and research. Numerous studies have reported a wide range of estimates for consumers' willingness-to-pay (WTP) for COOL using stated preference methods and, in particular, discrete choice experiments. We apply meta-regression analyses to synthesise the heterogeneous results of 204 WTP for COOL estimates extracted from 59 studies which used discrete choice experiments and were published between 2009 and 2020. Meta-regression analysis allows an adjusted summary proxy to be derived for the WTP for COOL and the determinants of heterogeneity in reported WTP estimates are also investigated. Our results suggest that there is a significant positive WTP for COOL, and also reveal that the reported WTP estimates are unaffected by publication bias. In addition, they show systematic variation in WTP estimates across the context and methodological characteristics of the studies. More precisely, we find that the region and the product (animal- vs. plant-based) analysed, as well as certain characteristics of the choice design (e.g., the number of attributes used, or the inclusion of an opt-out option) can have a significant impact on the estimated WTP for COOL. Finally, our results reveal significant differences in price premiums between various types of COOL (e.g., domestic vs. foreign). This highlights that results from individual primary studies should not be generalised without further consideration of the underlying study design.     

Ecological-Inference-Based Latent Growth Models: Modeling Changes of Alienation

Ecological-inference-based statistical methods employ aggregated (ecological) data to approximately infer individual-level structures of interests when individual-level data were not available. Under the same conceptual frames, we introduce the ecological-inference-based latent growth model (EI-LGM) to analyze cross-years latent trends of a general population when longitudinally collected data were not available. We showed both the substantive values and methodological feasibilities of EI-LGMs. Substantively, we analyze results from several Taiwan Social Change Surveys (TSCS) to show the cross-years latent trends using a subscale of alienation psychological characteristics. Not only the cross-years movements of measurement constructs of the scale were shown, the trends of latent factors were revealed as well. More importantly, these trends can be formally tested under the frameworks of EI-LGMs. Statistically, EI-LGMs were implemented under the weighted least square (WLS) approaches because of the dichotomous outcomes of the subscale. We demonstrate some of the estimation methods as well as some cautions of interpreting EI-LGMs using the estimated results.Part of this paper was presented at the Fourth Survey Research Conference held at the Academia Sinica, Taipei, August 29–August 30, 2002.     

Influence of problem-based learning strategy on enhancing student’s industrial oriented competences learned: an action research on learning weblog analysis

In order to respond to the ever-changing global economic environment, the technological and vocational education system in Taiwan needs to be dramatically reformed to the changing needs of the domestic industrial structure. Integrating practical talents with practical industrial experiences and competences can help avoid discrepancy and close the gap between vocational education and the practical demands of industries. Thus, to achieve the goals of technological and vocational education, it is necessary to incorporate instruction that meets the demands of the industrial-oriented manpower in Taiwan. In this study, the well-known problem-based learning (PBL) approach, utilized commonly in the educational area of medicine and business management, was integrated with the qualitative method of action research to explore how such a learning strategy could influence college students’ learning outcomes regarding industrial-oriented competences. The research results were induced from the empirical data collected via participatory classroom observations, and analyses of teachers’ instructional journals and semi-structural interviews. A survey with quasi-experimental design of the control group pretest and posttest was conducted by using an industrial-oriented competences scale to explore the influences of PBL on students’ learning outcomes of industrial-oriented competences. The findings are expected to shed light on the teaching and learning strategy of college students’ industrial-oriented competences and contribute to theoretical implications and future educational and industrial development of Taiwan.     

Measuring the end of the European financial crisis

In 2013 it was declared that ‘the eurozone crisis is over’. However, in fact, the series of financial crises since 2008 may have interrupted the process of EMU enlargement, which in turn triggered a continuing crisis of confidence in the euro. In this paper we extend the sigma‐convergence test to provide a more precise understanding of real interest rate parity (RIP) convergence. On the basis of this, we predict the timing for eliminating the cost of economic asymmetric shocks. Our estimation indicates the RIP among EMU members and accessions were still valid after the disruptions of the 2008 financial crisis. However, the situation has been even worse since the 2010 European sovereign debt crisis, and ceteris paribus, symmetry cannot be achieved without further policy actions. This implies that the EMU authority must do its best to strengthen symmetry and thereby solidify the EMU, at which point it will be better able to re‐start the process of enlargement.     

An Asian Currency Unit: Simulations for Its Effects on East Asia

An Asian currency unit (ACU) is necessary to deepen Asian financial markets and to convert national currencies into a single monetary policy. However, the experiences of the European Currency Unit and the European Exchange Rate Mechanism crisis in 1992–93 have indicated the danger of the so‐called gradual approach. This study evaluates the effects of welfare should the ACU indicator become a long‐term constraint of the People's Republic of China and Japan, the big two in East Asia. Our results indicate that the constraints of countries’ own baskets (e.g. real effective exchange rates) are still better before the launch of a true single currency. That is, pegging to an ACU indicator could hardly be sustained in the long‐run if East Asian countries have not reached a consensus about a regional monetary union.     

Managerial Overconfidence and Share Repurchases

Following prior studies, we use keywords in press portrayals to gauge managerial overconfidence. We hypothesize that managerial overconfidence is related to a manager's perception that the firm is undervalued. Results from 2744 share repurchase programs launched by 783 listed firms in Taiwan confirm this hypothesis. We find that managerial overconfidence is positively correlated with the intensity of share repurchasing, which is measured by scale, execution, frequency, and the difference between the announced price and post‐execution price. Moreover, the programs launched by overconfident managers were not undervalued and therefore were associated with reduced post‐announcement returns.