Suchergebnisse

There is no margin settlement mechanism for existing covered warrants in Taiwan, thus the credit risk of the warrant issuer must be considered when investors evaluate the price of a covered warrant. This paper applies the vulnerable option valuation model to empirically study the difference in the theoretical value of a vulnerable warrant, Black–Scholes option price and the market price of warrant by using the Taiwan warrant data. Empirical results show that the theoretical value of a vulnerable warrant is lower than the Black–Scholes non-vulnerable option value and its market value.

RÉSUMÉ Confrontée à la question de la « production de la société », la « sociologie des transitions » doit rechercher de nouvelles méthodes qui se distinguent du positivisme instrumental. L' « Intervention sociologique », fondée sur la « sociologie de l'action », représente un choix possible. Cependant, face aux logiques pratiques de la transition sociale chinoise, cette méthode, développée par l' « École de Touraine », doit être perfectionnée tant dans ses principes que dans ses techniques. S'inspirant de la « sociologie de la libération » et de la « sociologie publique », les deux types d'intervention que nous distinguons, « forte » et « faible », constituent une tentative féconde. En présentant deux recherches menées sur les paysans migrants et les mouvements urbains, cet article tente d'expliquer les caractéristiques des « interventions forte et faible ».

The increased flows of securities investment have shifted from developed countries to emerging ones over the last decade. Capital flows to developing countries have important benefits. However, large surges in short-term and potentially reversible capital flows can have very negative effects. The idea of this study is to assess the empirical evidence in Asia-Pacific developed and emerging markets for whether the "return-chasing" hypothesis is true? The conditional variance in the model is assumed to follow a generalized ARCH-M model, including country credit ratings as explanatory risk variables in the mean and variance equations. The results suggest that the relationship between country index returns and return variance are weak for both developed and emerging markets. The changes of country credit ratings have positive impacts on country index returns in some Asian emerging markets, but not in developed markets. We also found that the changes of country credit ratings have significant influence, but with mixed sign, on country index return volatility for some Asian emerging markets, but not for developed markets. The findings support the "return-chasing" hypothesis, in which the flow securities investment tends to move into the markets whose returns are expected to be high and retreat from markets whose returns are predicted to be low. The result suggests that the world community and national authorities have to manage these flows more effectively. There exists a serious risk that such volatile flows could undermine the benefits that globalization and free markets can otherwise bring.

Two competing hypotheses regarding market structure and the performance of firms are the traditional "structure-conduct-performance" (SCP) hypothesis, in which high concentration lowers the cost of collusion and earns monopoly rents, and the "efficiency" hypothesis, which emphasizes the operating efficiency of particular firms. In this paper, we present the results from testing both the hypotheses in the context of Taiwan's banking market. Our goal is to understand the effect of the 1991 liberalization policy by examining whether market structure and firm performance in this industry differ in the periods before and after the 1991 revisions to the Banking Act. Prior to the 1991 revisions, our results do not support either the SCP or the efficiency hypothesis for Taiwan's banking industry. The industry's market structure seems to exhibit a kind of "quiet-life" competing environment. The results for the period after the 1991 revisions tend to support the competing efficiency hypothesis. Our findings suggest that the 1991 revisions to the Banking Act have stimulated competition and brought about an emphasis on efficiency in Taiwan's banking industry.

This paper examines the arbitrage opportunity existing between Taiwan stock index futures and spot markets with the consideration of transaction costs. Index-futures arbitrageurs only enter into the market if the deviation from the equilibrium relationship is sufficiently large to compensate for transaction costs, as well as risk and price premiums. Employing the 5-minute intraday data of Taiwan index futures contracts, this paper uses the threshold cointegration model to estimate the upper and lower thresholds within which arbitrage is not profitable and, hence, the mispricing errors do not adjust back to equilibrium in the central regime. Combining these thresholds with an error correction model (ECM), empirical results show that there exists bi-directional Granger–causality relationship between index futures and spot markets. However, once the long-run cointegrated equilibrium does not hold, re-establishment of the equilibrium situation mostly depends on price adjustment in the futures market.

This article uses daily data from July 21, 1998 to July 31, 2000 to examine the hedging effectiveness, price behavior, and lead-lag relationship of SGX MSCI Taiwan index futures and TAIFEX TAIEX futures. By applying the Bayesian approach using Gibbs sampler, we find that TAIFEX index futures has a better hedging performance. A variance ratio test reveals that mean reversion and negative correlation of returns exist in SGX index futures. Only TAIFEX TAIEX futures is cointegrated with TAIEX spot. The uni-directional Granger causality between the two futures markets and spot market are from SGX to TAIEX and from TAIEX to TAIFEX. In terms of price discovery, SGX MSCI Taiwan index futures play a more important role than TAIFEX TAIEX futures.

By utilizing vector error correction model (VECM) and EGARCH model, this article uses 5-minute intraday data to examine the interaction of return and volatility between Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) and the newly introduced TAIEX futures. VECM model shows that there exists bi-directional Granger causality between index spot and index futures markets, but spot market plays a more important role in price discovery. The results of impulse response function and information share indicate that most of the price discovery happens in index spot market. The evidence of EGRACH shows that the impacts of spot and futures innovations are asymmetrical, and the volatility spillovers between spot and futures markets are bi-directional. However, the information flow from spot to futures is stronger. These results suggest that the TAIEX spot market dominates the TAIEX futures market in terms of return and volatility.

Diese Studie beschreibt am Beispiel des chinesisch-taiwanesischen Unternehmens Foxconn ein Fertigungssystem, in dem westliche Konzerne ihre Geräte für Billiglöhne zusammensetzen lassen. Sie analysiert u.a. das Wohnarbeitssystem, fragwürdige Arbeitsbedingungen und verschiedene Widerstandsformen. (Andreas Ufen)

AbstractHelp‐seeking is a common strategy for children to cope with daily stress. However, little is known as to how children make help‐seeking expectations during early development. The current study examined the effects of situational stress levels and help‐seekers' competence on children's expectations of help‐seeking behavior and willingness from age 4 to 6. We manipulated situational stress levels and help‐seekers' competence in a social expectation task. Children were tested to determine their expectations of help‐seeking behavior and willingness. Two hundred and twenty‐one Han Chinese children aged 4–6 from a city in East China participated in this study. We found that 5‐ to 6‐year‐olds expected the incompetent help‐seekers to seek support more than the competent help‐seekers regardless of situational stress levels. However, 4‐ to 5‐year‐olds made expectations as such only in the low‐stress condition. These results suggest that both situational stress levels and help‐seekers' competence influence 4‐ to 6‐year‐old children's help‐seeking expectations, and the influence varies across ages.