Economic Value Added VS. Stockholder’s Equity Value Added
The corresponding author is Chao-Hui Yeh that is currently working as an Associate Professor in the Department of Business Administration in ISU: I-Shou University in Taiwan.
Chao-Hui Yeh earned his PHD in the Department of Business Administration in NSYSU: National Sun Yat-sen University (National University) in Taiwan.
TEL: +886-7-6577711 E-Mail: CHY@ISU.edu.tw
Keywords: Economic Profit, Economic Value Added, and Stoc Kholder’s Equity Value Added
In this manuscript, we will report a new general performance incentive scheme, which we will trademark as Stockholder’s Equity Value Added (SEVA). We will show that the SEVA is a analytical method for calculating economic profit, with a fundamental financial sense and fitness of acting as an substitute to the economic value added (EVA). We discover that the SEVA has some relations with the EVA, and we form the equation model between EVA and SEVA (the 5th equation in this manuscript). It shows that two distinctive analyses are possible. The outcomes opened make this new SEVA method a good candidate for corporation valuation, incentive compensation, and capital budgeting. The SEVA offer us a new technique of thinking of the economic profit, which is a substitute to EVA but equally helpful. The SEVA is a full management scheme that changes significance and performance to focus on value. It is both the quantity of a corporation’s real profitability and a strategy for creating corporation and stockholder wealth. The SEVA is seen as a new, original and logical device to management and inspire persons to make decisions based on the different strategic alternatives.
Residential vacancies, ownership and new construction in an earthquake region: Taiwan, 1982-2010
Henry H. Y. HSIEH
Assistant professor Department of Business Administration
National Ping Tung University of Science and Technology
Tel: +886-8-7703202 Ext 7694 Email: firstname.lastname@example.org
Associate Professor Department of Accounting,
Finance and Economics Griffith University
Keywords: Residential Construction, Taiwan, Earthquake, Vacancies, Housing Market, Home Ownership.
Vacancies are usually considered in terms of short-run, rental housing markets, with structural vacancies associated with run-down local physical environments. However, nations can have such persistently high and spatially widespread vacancy rates that this is misleading. Taiwan has not only had a national vacancy rate that has been high for decades, but residential construction continues, and residential purchase prices rise in real terms. An explanation and a model consistent with these phenomena is the challenge for empirical modelling. For Taiwan the mass of total vacancies is interpreted as structural and imperfectly habitable units but having little housing market impact. Physically Taiwanese dwelling units are overwhelmingly urban, high-density and high-rise, with over eighty-five per cent of occupants being owners. Underlying this is a close relationship between construction and the housing market, with the impact of continually evolving earthquake construction codes considered critical. An aggregate model is estimated using two-stage least-squares on pooled cross-section time-series data for 23 cities and counties annually covering all Taiwan for 1982-2010. Interpretation of the model’s results suggests that implicit improvements in new unit completions help raise real prices, and is consistent with completions forcing older but habitable units off the market into structural vacancies.
The effect of perceive quality and price on consumers purchase intention in Cosmetics
Doctoral Student, Department of Management, Massey University, Auckland, New Zealand. Email: email@example.com
Steven C.H. LIN
Associate Professor, Department of Marketing and Logistics Management, Southern Taiwan University of Technology, Taiwan, R.O.C.
Assistant Professor, Department of Business Administration, Shu-Te University, Kaohsiung city, Taiwan, R.O.C.
* Corresponding author Tsung-Hao Chen : firstname.lastname@example.org
Keywords: country of origin, Brand Preference, Perceive Product Quality, Perception of Price, Purchasing intention.
This research aims to investigate the Cambodia consumer perception and country of origin, brand preference, perceived product quality, and purchase intention of fast food products from four counties: Cambodia, Thailand, Korean, and Malaysia and compare their brand names: Lucky7, Pizza Company, Pizza World and KFC (franchises from Malaysia). This study also examines the phenomenon of consumers of local and non-local brand preference that are influenced from their country of origin and the differences between the two. The result shows that country of origin has a strong influence on nonlocal brand preference, but less influence on local brand preference. However, Thailand brand (Pizza Company) has a significant difference compared to a Cambodian brand. Additionally, this study found that consumers’ purchases were influenced by country of origin information. Consumers assume perceived product quality by perceived country of origin and perceptions of price.
Contagion Effects of 2011 Japan Earthquake-
The Case of REITs Markets
Professor of Insurance and Finance, National Taichung University of Science and Technology,129, Sec.3, Sanmin Road, Taichung 40401, Taiwan
Assistant Professor of Finance, Nanhua University 55, Sec. 1, Nanhua Road, Dalin, Chiayi 62248, Taiwan
Professor of Banking and Finance, Chinese Culture University 55 Hua Kang Road, Yang Ming Shan, Taipei 11114, Taiwan
Keywords: Japanese Earthquake, Contagion Effects, REITs, Correlation Coefficients, T-GARCH Model
Powerful earthquake may cause serious damage upon international financial markets. On March 11, 2011, a 9.0 magnitude undersea mega thrust earthquake hit Tohoku in Japan. In accordance with the Bloomberg data revealed that the disaster decreased the Nikkei 225 index by 17.3% and the J-REIT Index by 26.2% in 2011. Did the contagion effects of natural disasters exist on the REITs markets of other country (or region)? The purpose of this study uses the heteroscedasticity biases on unconditional correlation coefficients by Forbes and Rigobon(2002) and T-GARCH model to examine the contagion effects of the March 11, 2011 Japanese earthquake, tsunami and nuclear crisis on the global REITs markets. This study findings reveal that no individual country REITs market suffered from the contagion effect. Our results have paramount implications of demonstrate that the international REITs market transmission not occur contagion effects, even on the emerging markets or neighboring countries, during the great earthquake, tsunami, and subsequent nuclear crisis event.
An Examination of the Relationship among Involvement, Fan Identification, and Fan Loyalty Pre- and Post- Brand Acquisition – An Empirical Study of Chinatrust Brother
Keywords: Brand Acquisition, involvement, fan identification, and fan loyalty
Baseball was the first professional sport in Taiwan. Brother Elephants has long been the most popular team in CPBL. In 2013, due to heavy financial losses, Brother Elephants was sold to Hua Yi, a subdivision of CTBC Holding. In 2014, the new team was officially renamed as “Chinatrust Brothers”. Although the team mascot and the team’s color are still in use, the change of the team’s name and management style receives harsh criticism from fans. Therefore, using Brother Elephants as an example, this study examines the relationship among involvement, fan identification, and fan loyalty pre- and post- brand acquisition. Furthermore, this study aims to determine whether there are differences in involvement, fan identification, and fan loyalty pre- and post- brand acquisition.
Using fans of Brother Elephants (or Chinatrust Brother) as research subjects, this study adopts online survey to investigate involvement, fan identification, and fan loyalty pre- and post- brand acquisition. 215 (pre-acquisition assumed) and 245 (post-acquisition assumed) effective sample questionnaires are collected respectively. The results show that (1) involvement is positively associated with fan identification; (2) involvement is positively associated with fan loyalty; (3) fan identification is positively associated with fan loyalty; (4) There are significant differences in involvement, fan identification, and fan loyalty pre- and post- brand acquisition, implying a declining trend in all variables over the post-acquisition period.
The Impact of Information Asymmetry On Residential Construction Industry
Keywords: Vacancies, Real House Price, Construction Behavior, Information Transparency、Exaggerating and Exacerbating Effects.
The vacancies of residential construction increased from 480,000 units in 1980 to 1,550,000 units in 2010 in Taiwan, implying oversupply of residential house units. Although high vacancies, average unit price of residential unit increased from NT$ 96,600/ping in 1999 to NT$ 165,600/ping in 2013, indicating the malfunction of market mechanism. This research based on the Structure-Conduct-Performance (S-C-P) model examines those factors influencing residential construction industry. A sample of 280 observations in the 20 cities and counties in Taiwan during 2000-2013 was tested by Pooled Cross-Sectional Time-Series regression model. We use Two Stage Least Squares (2SLS) to analyze the impact of the transparency of vacancies and real housing price on the behavior and performance of the construction industry in Taiwan. We found that event such as Luxury Tax caused negative impact on construction industry, whereas the revelation of the housing price sold resulted in the increase of the real average housing price. The transparency of the housing market causes exaggeration of price, indicating irrational exuberance. Housing prices negatively influenced vacancies indicating irrationality of this market. Although high vacancies the approvals increased consistently, indicating there were demands of quality house unit, speculation, and investment. The residential approvals caused the increase of residential completions resulting the increase of vacancies. The vacancy and real housing price also influenced the approvals verifying the Industrial Organization model (SCP). We suggest that the demolishing and renovation of structural vacancies i.e. obsolete and unwanted house units will improve high vacancies. In addition the implementation of government policy should consider structural factors to avoid exaggerating and exacerbating effects.
A Study on the Correlation between Career Anchor and Job Satisfaction of the Grass-roots Civil Servants:Taking the Grass-roots Civil Servants of Town of Guangxi province
Keywords: The Grass-Roots Civil Servant,Career Anchor,Job Satisfaction.
The present thesis aims to explore the correlation between career anchor and job satisfaction of the grass-roots civil servants.Understanding the grass-roots civil servants’career anchor and job satisfaction is a Constructive help to enhance the stability of administrative work and development of high quality, high efficiency of the grass-roots civil servant team.The present study use questionnaire methode to investigate and analysis 182 grass-roots civil servants of X town of Guangxi province.The result is that different individul background of the grass-roots civil servants have significant differences with career anchor and job satisfaction.Meanwhile,when the grass-roots civil servants pay attention to different career anchor,their job satisfaction is also different.At last,according to the result of the investigation puts forward certain suggestions for training and management of grass-roots civil servants.
An Empirical Research of Five-Phases Allelopathy Model on Stock Selection Strategy – An Example of Singapore Stock Market
Alex K.H. CHANG
Hsin Ching LIN
Keywords：SGX Market、FPAM、Chinese Numerology、 Stock Selecting.
This research is based on Five-Phases Allelopathy Theory of Chinese numerology, which we use to establish a stock selecting model. There are five elements in the theory of the Five- Phases Allelopathy of Chinese numerology, including metals, wood, fire, water and earth. All elements are related with each other, and we make use of this relations as the main concept. Our sample data are all stocks’ monthly data in Singapore stock market from 2000 to 2013, totally 14 years. This study use two aspects to verify the use of the Five- Phases Allelopathy Model(FPAM) in Singapore stock market. The results show that the group, which the element of companies are “earth”, have highest accuracy of 84.44% in sampling period from a natal numerology. And from the view of appropriate of different natal industry group in sequencing years, eight of fourteen years match the Five-Phases Allelopathy Theory that the average return of the high-paid group is higher than the average return of the low-paid group, accuracy up to 57%. Owing to most international specialists believe the stock is a leading index, we add the return rate which is three month earlier to compare the original return rate.Thehighest accuracy is the companies which element are “wood”, accuracy up to 63.83%;, During the study period, the average return of the high-paid group is higher than the average return of the low-paid group in eleven years, accuracy up to 78%.
An Empirical Research of Five-Phases Allelopathy Model on Stock Selection Strategy: An Example of the S&P 500 Index’s Component Stocks
Alex K.H. CHANG
Keywords: Five-PhasesAllelopathy Model, Chinese Numerology, S&P500 Index’s Constituent Stocks
Based on the Five-Phases Allelopathy Theory of Chinese numerology, this paper establishes a stock selecting model. In this study, we use the theory of the Five-Phases of Chinese numerology as the main concept of the modeling establishment, of which the five elements wood, fire, earth, gold, water’s allelopathy relations as the main concept. We use all stocks’ monthly data in the S&P 500 Index’s Component Stocks as sampling data from 2000 to 2013, totally as 14 years. This study uses two steps to verify the use of the Five-Phases Allelopathy Model (FPAM) in the S&P 500 Index’s Component Stocks. According to Chang, et al.,(2013) A Study of Grey VAR on Dynamic Structure between Economic Indicators and Stock Market Indices in the United States, pointed out that S & P 500 Index of leading economic indicators relationship, most international specialists believe the stock is a leading index, we add the return rate which is three and six month earlier to compare the original return rate.The results show that the company type is “wood” this group have highest accuracy of 90% in sampling period from a natal numerology. And from the view of appropriate of different natal industry group in sequencing years, eight of fourteen years match partly the Five-Phases Allelopathy Theory that the average return of the high-paid group is higher than the average return of the low-paid group.