论东亚各国资本移动自由化的影响——资本移动自由化的文献综述

亚洲各国的资本移动自由化开始于20世纪80年代后期至90年代之间。历经90年代后期的金融危机,亚洲各国的资本移动情况各不相同。以韩国为例,亚洲危机之后,外资流入股市的比例激增;另一方面,流入印尼和菲律宾的外资则多为外债的借入,投入股市及直接投资的比例几无成长。在中国,以其独特的外资管制政策抑制投入股市的总额之外,90年代后期起,更快速的开放国外直接投资的资本进入。文章拟就有关国际资本移动自由化既存的研究作简单回顾,同时考察亚洲各国对外资管制多样化的各种重要论述。     

Location choice for direct foreign investment in new hospitals in China by using ANP and TOPSIS

This study models location choices for foreign direct investments in new hospitals in China as an multi-criteria decision-making (MCDM) problem and designs develops a multidirectional relationship decision model combines the techniques of analytic network process (ANP) and technique for order performance based on similarity to the ideal solution (TOPSIS). This study discusses applying ANP to the relative weighting of multiple assessment criteria. The TOPSIS approach is employed to rank 15 counties without the Zhoushan of China’s Yangtze River Delta (YRD) region in terms of their overall performance under the decision model. To illustrate how the proposed approach is applied to the problem of selecting locations for new hospitals in China an empirical study of a real case is performed. This study demonstrates the effectiveness and feasibility of the proposed assessment procedure.     

Impact of Asynchronous Learning Networks in Large Lecture Classes

The evolution of the computer-assisted personalized approach (CAPA) system and its use in large lecture classes is described. Increased individual student contact in these large classes of over 400 students has been established by implementing an asynchronous learning network (ALN). The two systems complement each other and provide the means to monitor and promote individual student performance at any time during the semester. During one semester poorly performing students were individually contacted by personalized e-mail to inform them of their standing and to encourage better performance. Results of this combined technological approach are presented.     

Factors Affecting Third-Generation Mobile Services: Applying the Purchase Intention Model

Based on the theoretical framework of the Purchase Intention Model, this study integrated the constructs of perceived over performance, perceived relative advantage, network effects, perceived enjoyment, and individual optimal stimulation level to investigate the factors affecting third-generation (3G) mobile service adoption behavior in Taiwan. Data was collected from 322 potential services users in Taiwan. The empirical results indicated that perceived need and perceived enjoyment were key factors that determined whether or not an individual would adopt 3G service. Furthermore, this study confirmed the importance of perceived over performance and relative advantage on the perceived need for 3G service. Perceived price was also found to be positively correlated with purchasability, but purchasability and network effect did not significantly impact adoption behavior. At the end of this paper, we discuss several implications for 3G service management practices and future research regarding innovative technology acceptance.     

Understanding the decision rules for 3D printing adoption

ABSTRACT

While 3D printing is a radically different manufacturing method based on advanced technologies, it has not been adopted to-date with as much alacrity as was originally expected. A variety of hidden rules may influence the broad adoption of this novel technology. The purpose of this study is to explore the decision rules for 3D printing adoption from an organisational perspective. Hybrid approaches are proposed to integrate the technology-organisation-environment (TOE) framework and the rough set theory (RST) in order to generate the decision rule and the determinants for 3D printing adoption. An empirical study on manufacturing enterprises in Taiwan is subsequently carried out, with the results revealing a considerable amount of meaningful information that may therefore be useful in the context of management.     

Risk and regret aversions on optimal bank interest margin under capital regulation

This paper examines the bank's optimal loan rate (and thus the bank's interest margin) under more stringent capital regulation when the bank is not only risk-averse but also regret-averse. Risk-averse preferences are characterized by an option-based utility function that includes disutility from the dislike of bank equity risk. Regret-averse preferences feature an option-based utility function that includes disutility from having chosen ex-post suboptimal alternatives. We show that an increase in bank capital requirement results in an increased margin under risk aversion dominating regret aversion, whereas it results in a reduced margin under regret aversion dominating risk aversion. The former holds when risk aversion domination stems from increasing risk-averse preference, but not from decreasing regret-averse preference, while the latter holds when regret aversion domination results from either decreasing risk-averse or increasing regret-averse preference. Risk aversion, as such, makes the bank more prudent and less prone to risk-taking, while regret aversion, as such, makes the bank less prudent and more prone to risk-taking.     

A model of counterfeiting: A duopoly approach

This paper establishes a duopoly model, which considers consumers’ preference exhibits the horizontal differentiation and vertical differentiation simultaneously, to investigate how counterfeiting affects firms’ market power and consumer's purchasing behavior. The effects of government enforcement on counterfeiting are also concerned. The findings tell that (1) the market power of the firms is higher than the one when consumers with only the characteristic of horizontal differentiation or vertical differentiation; (2) when the production cost of a genuine product increases, the consumers who originally purchased this genuine product may continue to purchase the genuine one, purchase the genuine of the other brand, or, quite interestingly, purchase the counterfeiting product of the other brand; (3) If government imposes a (stricter) enforcement on counterfeiting, the consumers who do not have a strong preference on a particular brand of product but originally purchased the counterfeit of this brand of product may instead purchase the genuine one or purchase nothing; the consumers who originally purchased its genuine may instead purchase the genuine of the other brand or purchase nothing.     

Analyzing yield, duration and convexity of mortgage loans under prepayment and default risks

In this article, we construct a general model, which considers the borrower’s financial and non-financial termination behavior, to derive the closed-form formula of the mortgage value for analyzing the yield, duration and convexity of the risky mortgage. Since the risks of prepayment and default are reasonably expounded in our model, our formulae are more appropriate than traditional mortgage formulae. We also analyze the effects of the prepayment penalty and partial prepayment on the yield, duration and convexity of a mortgage, and provide lenders with an upper-bound for the mortgage default insurance rate. Our model provides portfolio managers a useful framework to more appropriately appraise the mortgage and more effectively hedge their mortgage holdings. From the results of sensitivity analyses, we find that higher interest-rate, prepayment and default risks will increase the mortgage yield and reduce the duration and convexity of the mortgage.     

The information content of the S&P 500 index and VIX options on the dynamics of the S&P 500 index

Given that both S&P 500 index and VIX options essentially contain information about the future dynamics of the S&P 500 index, in this study, we set out to empirically investigate the informational roles played by these two option markets with regard to the prediction of returns, volatility, and density in the S&P 500 index. Our results reveal that the information content implied from these two option markets is not identical. In addition to the information extracted from the S&P 500 index options, all of the predictions for the S&P 500 index are significantly improved by the information recovered from the VIX options. Our findings are robust to various measures of realized volatility and methods of density evaluation. © 2011 Wiley Periodicals, Inc. Jrl Fut Mark     

INTERNATIONAL ORIGINAL EQUIPMENT MANUFACTURING AND ORIGINAL DESIGN MANUFACTURING CONTRACTS WITH QUALITY‐DIFFERENTIATED PRODUCTS

We build a model of international subcontracting in quality‐differentiated goods. Assuming no entry in an original equipment manufacturing (OEM) market, we show that the foreign outsourcer will choose an original design manufacturing (ODM) contract only if the subcontractor is good enough at product design. However, the product quality with the ODM contract is not necessarily higher than that with the OEM contract. When the subcontracting market becomes perfectly competitive, the outsourcer will always choose an OEM contract. In a two‐period model with learning and entry effects, the foreign outsourcer chooses between different modes of manufacturing contracts. We demonstrate that a laissez‐faire policy on research and development (R&D) activity may be optimal even if the subcontracting firm can only obtain an OEM contract. In the case where the OEM market becomes perfectly competitive in the second period, we predict that a positive R&D subsidy in the first period can help the domestic subcontractor obtain OEM–ODM contracts and, as a result, national welfare rises.