1,721,001 research outputs found
The Dilution Effect of Continuous Internet Information Disclosure on the Information Content of Annual Financial Reports
No full text隨著網際網路的發達與上網人口的增加，網際網路已逐漸取代平面媒體，成為投資人獲得公司資訊的主要管道，證券主管機關對於公司資訊揭露的要求，進一步鼓勵公司於網路上揭露更多即時資訊。台灣證期會於2002年6月28日發布行政函釋，規定上市櫃公司於2002年8月1日起，以全面網路揭露，取代報紙公告申報，證交所並針對公司及投資人舉辦多場公開資訊觀測站宣導活動，因而增加平時網路揭露資訊的數量。網路揭露資訊能夠讓投資者以方便快速的方式取得多樣與及時的資訊，由於相關公司營運訊息已經先傳遞給投資者，所以當年報發布時，其出乎投資人原先預估的程度不大，因此年報資訊內涵會降低。本研究以事件研究法計算年報宣告所導致的股價異常報酬，並以此作為年報資訊內涵的代理變數，探究管理當局平時揭露資訊的多寡是否對於年報資訊內涵具有稀釋效果。研究結果與我們的假設一致，發現實施強制性公開資訊觀測站資訊揭露，有助於資訊流通的快速與便捷，因此降低年報宣告的異常報酬，而取消強制性財務預測使投資人獲得公司資訊的管道變少，導致年報宣告的異常報酬增加。此外，除了整體大環境政策的改變會對整體上市櫃公司平均異常報酬水準有所影響外，個別公司平時揭露程度的差異也會對年報資訊內涵有不同的稀釋效果。本研究以證券暨期貨市場發展基金會所建置的「資訊揭露評鑑系統」評鑑結果作為評估公司資訊揭露透明度的依據，研究結果發現，資訊揭露評鑑結果屬於較透明的公司，其年報宣告的異常報酬較小，而有公告財務預測的公司，其年報宣告的異常報酬也比其他未公告財務預測的公司小，符合本研究推論。With the development of the Internet and an increasing acceptance by its users, Internet gradually began to replace the print media and become a major information channel for investors to obtain corporate information. Requiring mandatory continuous information disclosure on the Market Observation Post System (MOPS) further increased the amount of information disclosed on the Internet. Since the relevant corporate operating information was already disclosed, when firms announce their annual reports, the difference between the annual report presentation and investor’s expectation is not large and therefore the abnormal return would be reduced. We employ event study methodology to compute the abnormal return of annual report announcement and regard it as the proxy for information content of annual reports to investigate whether management continuous information disclosure dilutes the information content of annual reports. The findings in accordance with our hypotheses suggest that requiring mandatory continuous information disclosure on the MOPS facilitated easy and fast access to corporate information and therefore reduced the abnormal returns of annual reports. Also, abolishing mandatory management financial forecasts diminished the amount of information captured by investors through financial forecasts and thus increased the abnormal returns of annual reports. Finally, the findings also indicate that firms with financial forecasts or being ranked as more transparent by Information Transparency and Disclosure Rankings System (ITDRS) have smaller abnormal returns of annual reports.Acknowledgement ii
Abstract iii
Table of Contents v
List of Figures vi
List of Tables vii
1. Introduction 1
2. Literature Review and Hypothesis Development 4
2.1. Time-Series Analysis 5
2.2. Cross-Sectional Analysis 9
3. Definition and Measurement of Variables 12
3.1. Abnormal Return 12
3.2. Financial Forecast (Forecast) 22
3.3. Information Disclosure Rankings (Degree) 22
3.4. Control Variables 23
3.5. Regression Analysis 24
4. Analysis of Empirical Results 26
4.1. Sample Selection 26
4.2. Announcement Dates of Annual Financial Reports 28
4.3. Empirical Results 30
4.4. Sensitivity Checks 56
5. Conclusions and Suggestions 60
5.1. Conclusions 60
5.2. Research Limits and Recommendations for Future Researchers 60
References 6
Thesis on Defect of Products
No full text 在傳統「過失責任主義」之大旗下，唯有不法行為人有過失時，始應負損害賠償之責。然而，當商品事故日漸頻繁，傳統民事責任體系卻無法得出令人滿意之結論時，一套獨立的商品責任自然應運而生。
在高度分工的消費社會之中，消費者往往未能擁有足夠專業知識，無法認識商品所隱含的潛在危險。在此背景之下，消費者只能依據商品之通常使用方法加以消費，也只能相信此種商品消費模式不致於發生損害。為維持社會分工機制之運作，法律制度作為生活行為分際之維繫者，自應保護此種對於分工社會之信賴，並以此指導原則分配商品事故之損害風險。
我國民法第191-1條以及消費者保護法第7條等規定，立法目的均在於保護此種分工社會之信賴，顛覆傳統過失責任主義之原則。上開兩條商品責任之相關規定，確實擺脫向來以「人的行為」作為歸責基礎之責任體系，判斷重點反而落在「物的狀態」之上，商品安全性是否有欠缺成為重要議題。
商品安全性欠缺之概念，應係指商品未具備一定之商品安全狀態。由社會分工信賴之角度出發，此種商品安全狀態之判斷標準應為：一般消費者對於系爭商品安全性之期待。詳言之，倘若商品已符合一般消費者安全性之期待者，系爭商品之狀態已為消費者所知悉，商品危險亦已為消費者所認識；此時，縱令商品終致損害結果，本於自我負責之原則，相關風險應由消費者自行承擔。反之，倘若商品未能符合一般消費者安全性之期待者，系爭商品之狀態無法為一般消費者所知悉，消費者亦未認識商品之危險性；此時，商品致生之損害結果顯已違反一般消費者對於商品之想像與信賴，製造人則應負損害賠償責任。
最後，為使「一般消費者期待」得以操作，提出若干參酌因素確有其必要。我國消費者保護法施行細則第5條之中，立法者列出「商品之標示說明」、「商品可期待之合理使用」與「商品流通進入市場之時期」等參考因素。除此之外，與商品安全相關之法令規定與檢驗標準、商品種類，甚至當時科技及專業水準等事由，均可能影響一般消費者對於商品安全性期待之認定。惟應併予強調者，以上所列舉之事由，不過屬於「參考因素」之一種，任一因素均無決定性之影響，安全性欠缺之論斷仍應回歸「消費者期待」標準為要！Person who wrongfully damaged others'' rights only need to take responsibility in negligence situation under the tradition pretext of “negligence liability”. However, “product accident” becomes more frequently happened, we still do not find the suita-ble solution for it in the tradition legal system. It also breeds the individual “product liability” systems.
In the high-division-of-labor of consumer society, consumers have no enough professional knowledge for avoiding the potential risk of products. Under this background, they could only do consumption by usual use or consumption and trust the products would not cause any damages. For continuing mechanism for division of labor, law system as important system for keeping people’s life in suitable way should protect this trust for division of labor among people. And it should be principal for dispersing the damage risk of product accident.
The purpose of Civil Law Article 191-1 and Consumer Protection Law Article 7 is that protect this kind of trust for division of labor and overthrow an negligence liabil-ity. These two Articles really get out of the system, which always attribute responsi-bility to human behavior. It would induce the judgment would come to safety of products”, so defect of products would become important issues.
Defect of products would mean that products do not meet the standard of the rea-sonably expected safety. Based on trust for division of labor, this standard of the safety would be: normal consumer expectation for safety. In detail, if the product has accordance with the expectation, the condition of product is widely known by con-sumer, and even risk as well. It will make consumer take those risk according principal of self-responsibility, when the product causes the damage. In the other hand, if product would not reach the anticipation of consumer for product safety, the condi-tion of product is not widely known by consumer, and consumer have no knowledge for the risk. Damage resulted from the products has already break the trust of the nor-mal consumer; the product manufacturers should take this responsibility.
Finally, for conducting the “normal consumer expectation”, we need some im-portant to consider.The Enforcement Rules of Consumers Protection Law Article 5, legislators show the “the presentation of the product”, “the use to which it could rea-sonably be expected that the product would be put”, and “the time when the product was put into circulation” as the factors. Besides, the regulations of safety of products, kind of products, and the state of scientific and technical knowledge at the time when he put the product into circulation could all influence the consideration for the safety of product. Furthermore, all examples above are only one of “factors”, and any one of factor has no decisive influence for it. We should go back to “expectation of consum-ers” for the principal of defect safety
Information Discreteness and the Market Underreaction to Share Repurchase
No full text本研究討論資訊流分佈對於股票購回事件反應不足的現象所造成的影響。首先確認台灣股票市場股票購回事件是否存在反應不足的現象，實證結果顯示無論長短期皆存在顯著正向的異常報酬，與過去國內外文獻結果一致。在確認股票購回事件反應不足的現象後，加入資訊離散度(ID)作為分類依據。資訊離散度越高的族群資訊流的分佈越分散，投資人的關注度越高，股價反應速度相對較快，資訊離散度越低的族群資訊流的分佈越連續，投資人的關注度越低，股價反應速度相對較慢。分類後的實證結果發現資訊離散度與一年內異常報酬之間存在顯著負向關係，證實資訊流的分佈確實影響股票購回事件反應不足的現象，且長期異常報酬可能亦會因股價反應速度較快而消失。We discuss how the information flows of firm affect the underreaction to open market share repurchases. Being consistent with the prior literature, we use the data from Taiwan stock market and find significant positive short-term and long-term abnormal returns after the announcement of stock repurchase of firms. After confirming stock price underreaction to open market share repurchases, we use the measure of information discreteness (ID) to identify information flows of firm and find significant negative relationship between information discreteness and abnormal returns within one year. The evidence further suggests that stock price underreaction to open market share repurchases may disappear in the long run
Transformation and Classification of Temporal Properties with Applications
No full textIn the automata-based approach, the model checking problem can be stated as follows: given a system M and a temporal property f, determine whether the intersection of A_M and A_~f is empty, where A_M is a Buchi automaton representing the system M and A_~f is an automaton representing the negation of the given property f. In principles, a smaller A_~f would be speed up the model checking process. An open repository called Buchi Store has been proposed recently, where numerous temporal formulae and their corresponding automata are collected. One can obtain the Buchi automaton of a desired formula by table look-up rather than applying translation algorithms. Since there will be hundreds or even thousands of formulae in the Buchi Store, an appropriate formulae classification is needed for the user to browse and search readily.
In this thesis, we study property transformation and classification methods, where properties are represented as formulae or automata. With the understanding of different classes of temporal properties, one can specify a program more completely and avoid underspecification. We implement the classification algorithm proposed by Manna and Pnueli in GOAL, which is a tool for creating, manipulating, and testing temporal formulae and Omega-automata, and apply the classification methods on formulae in the Buchi Store. These will make it easier for the user to search in the classified formulae. Moreover, checking the equivalence between two formulae or finding an equivalent formula for a given formula becomes easier, as two formulae are equivalent only if they belong to the same class. As a result, the capability of research and education will be enhanced in GOAL and the functionality of the Buchi Store will also be enriched
sj-pdf-2-tva-10.1177_15248380231151690 – Supplemental material for The Effectiveness of Parenting Programs in Preventing Abusive Head Trauma: A Systematic Review and Meta-Analysis
No full textSupplemental material, sj-pdf-2-tva-10.1177_15248380231151690 for The Effectiveness of Parenting Programs in Preventing Abusive Head Trauma: A Systematic Review and Meta-Analysis by Hsin-Yi Chang, Yu-Chun Chang, Yi-Ting Chang, Yi-Wen Chen, Pei-Yu Wu and Jui-Ying Feng in Trauma, Violence, & Abuse</p
sj-pdf-3-tva-10.1177_15248380231151690 – Supplemental material for The Effectiveness of Parenting Programs in Preventing Abusive Head Trauma: A Systematic Review and Meta-Analysis
No full textSupplemental material, sj-pdf-3-tva-10.1177_15248380231151690 for The Effectiveness of Parenting Programs in Preventing Abusive Head Trauma: A Systematic Review and Meta-Analysis by Hsin-Yi Chang, Yu-Chun Chang, Yi-Ting Chang, Yi-Wen Chen, Pei-Yu Wu and Jui-Ying Feng in Trauma, Violence, & Abuse</p
sj-pdf-1-tva-10.1177_15248380231151690 – Supplemental material for The Effectiveness of Parenting Programs in Preventing Abusive Head Trauma: A Systematic Review and Meta-Analysis
No full textSupplemental material, sj-pdf-1-tva-10.1177_15248380231151690 for The Effectiveness of Parenting Programs in Preventing Abusive Head Trauma: A Systematic Review and Meta-Analysis by Hsin-Yi Chang, Yu-Chun Chang, Yi-Ting Chang, Yi-Wen Chen, Pei-Yu Wu and Jui-Ying Feng in Trauma, Violence, & Abuse</p
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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