To achieve a rational distribution of population: the experience of Taiwan

This paper is concerned with the spatial distribution of the population in Taiwan and in particular with the reasons that the population has not become as concentrated in the major urban centers during the course of rapid economic growth since World War II as it has in some other Asian countries. Trends in spatial distribution over the past 30 years are first described. The policies that have indirectly affected these trends are then considered. Finally, policies that were specifically designed to influence population distribution are examined.     

Demand choices of high-tech industry for logistics service providers—an empirical case of an offshore science park in Taiwan

This study presents a methodological framework for analyzing factors that influence market share of third-party logistics (TPL) in high-tech industry. An emerging science park located in Southern Taiwan was chosen as the empirical case for the study. Confirmatory factor analysis was first conducted to examine the reliability and validity of the census data (136 outsourcing cases from 68 high-tech manufacturers). This was followed by calibrations of a binary logit model that examines the demand choices of the manufacturers in selecting two types of TPLs, express and forwarder. Results indicate that the strongest determinant of industrial demand choices is the service performance of the TPL, followed by service cost, and added value. In improving these service factors, the market share effect of express-based TPL is found to be slightly greater than that of forwarder-based. The analysis indicates that high-tech manufacturers with larger annual sales or smaller shipments favor express services over forwarding services.     

Will eChannel additions increase the financial performance of the firm?—The evidence from Taiwan

The emergence of the Internet has forced firms to add eChannels to their existing channel system. Nevertheless, empirical studies failed to provide direct evidence on whether eChannel addition could enhance the financial performance of the firm. In this research, an attempt was made to fill in this literature gap from three financial measure perspectives, i.e., Event Study methodology, Economic Value Added (EVA) measure and Market Value Added (MVA) measure. Empirical data were collected from Taiwan's financial service sector. The finding revealed that eChannel addition announcement could increase a firm's accumulative abnormal returns, EVA value and MVA value. We therefore concluded that eChannel addition could help increase the financial performance of the firm.     

Framing New Zealand: Understanding tourism TV commercials

Tourism TV commercials (TVCs) are a source of information for tourists. TVCs serve to assist the consumer in forming a mental image of a destination. These commercials, however, are seldom a topic of research. This paper analyses two New Zealand tourism TVCs, launched separately in 1999 and 2007. It combines video content analysis procedures suggested by Dimitrova, Zhang, Shahraray, Sezan, Huang and Zakhor (2002). and Rose (2007), a destination image research framework proposed by Beerli and Martin (2004) and Echtner and Ritchie (1991), and a film analysis methodology proposed by Giannetti (2008). The objective is to present a systematic approach to the understanding of tourism TVCs. It is found that 87% of camera shots in these two tourism TVCs last no more than one or 2 s; this is equivalent to using a montage to create an emotional or intellectual response. In the new TVC, established themes such as “nature” and “adventure” remain salient, and the way of life of the local people is emphasized. The aim of this study is to assess the destination image as framed through tourism TVCs to pave the way for future study on the visual elements that may influence an audience’s response to TVCs.     

Mean‐reverting and Asymmetric Volatility Switching Properties of Stock Price Index,Exchange Rate and Foreign Capital in Taiwan*

The main purpose of the present study is to explore the relationships among stock price index, exchange rate and foreign capital in Taiwan and to detect whether the mean‐reverting and asymmetric volatility switching properties exist in these markets. The multivariate asymmetric nonlinear smooth transition generalized autoregressive conditional heteroskedastic in mean model is used in this study. The empirical results indicate that overbuy and oversell rates of foreign capital influence the movements of the stock price index and the exchange rate. All three conditional means exhibit asymmetric mean‐reverting behavior, with negative returns reverting quicker than positive returns in terms of both speed and magnitude. The empirical results also demonstrate that the conditional heteroskedasticities of these markets are asymmetric, generating different volatility persistence under a prior positive and negative return shock.     

Determining an Optimal Principal Limit Factor for Reverse Mortgages under Economics-Based Models

The Journal of Real Estate Finance and Economics - Determining an optimal principal limit factor (PLF) is important for a reverse mortgage (RM) contract because it mainly influences the development...     

Signaling in Technology Licensing with a Downstream Oligopoly

Review of Industrial Organization - We analyze licensing contracts in an oligopolistic downstream market where an outside innovator has private information with regard to its technology. Under...     

Managerial personal diversification and portfolio equity incentives

This paper examines the diversification choices of top managers and their implications for the levels of portfolio equity incentives as well as for firms' financial policies. Standard portfolio theory should also apply to corporate managers and therefore excessive risk exposures to the firm should create portfolio diversification incentives for the managers. We use a unique dataset from the Taiwan tax data center and construct the measures of the degree of diversification in a manager's equity portfolio that is made up of equities of other firms to capture his motives for diversifying his risk exposure to his own firm. We provide empirical evidence supporting the view that managers have a risk-reduction motive when they trade in the equities of other firms besides their own. Moreover, we document evidence that the degree of diversification in such equity portfolios also significantly affects managerial equity incentives as well as firms' financial policies. Overall, our findings confirm that managers' personal diversification can help make up for the diversification that the managers would otherwise have lost, thereby reducing the agency cost of equity incentive contracts.     

Modeling the Relationship Among Perceived Corporate Citizenship,Firms’ Attractiveness,and Career Success Expectation

Drawing on propositions from the signaling theory and expectancy theory, this study hypothesizes that the perceived corporate citizenship of job seekers positively affects a firm’s attractiveness and career success expectation. This study’s proposed research hypotheses are empirically tested using a survey of graduating MBA students seeking a job. The empirical findings show that a firm’s corporate citizenship provides a competitive advantage in attracting job seekers and fostering optimistic career success expectation. Such findings substantially complement the growing literature arguing that corporate citizenship brings firms competitive advantages without solid evidence from the perspective of recruitment and human resources. Finally, managerial implications and limitations of this study are also discussed.