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iFAIRS 2010


Thank you for attending, it was a great trip!

Call for Papers


The Annual International Conference on
Finance, Accounting, Investment, and Risk Management 2010

Tuesday 15 June 2010

Chengdu Sichuan, China

The Organising Committee invites the submission of papers to be presented at the iFAIRS Conference 2010.
Papers dealing with topics related to the disciplines of Finance, Accounting, Investment, and Risk Management.
Other related topics are welcome.

The iFAIRS conference consists of the following symposiums:

Finance: financial market, corporate finance and related topics.
Accounting: financial accounting, cost accounting, management accounting, corporate government and related topics.
Investment: market microstructure, portfolio management, financial deregulation, financial behaviour and related topics.
Risk management: market variation, credit ration, VAR, and related topics.
Other topics about economics, commerce, business or management are welcomed.


Manuscript with 10 pages limited please sent to ifair2010@yahoo.com.tw before 30 April 2010.
Acceptance of contributed papers will be based on two blind referee reports of complete papers.
See prototype here please.
Paper acceptance notification will be forwarded from 7 May 2010.
All accepted papers are divided into oral papers and post papers.
Oral papers are invited presented in the sessions of iFAIR 2010, and published on the special issue of YMC Management Review 2010.
A best paper of each session will be selected as an Essay Award of the year.

Submit Papers

  • Accepted file types: pdf, doc, docx, txt, rtf.


About Southwest Jiaotong University (SWJTU)


Southwest Jiaotong University (SWJTU) was founded at Shanhaiguan in 1896, named then Imperial Chinese Railway College. It is one of the oldest universities in China majoring in engineering. In 1905, it was moved to Tangshan, Hebei Province, and was renamed Tangshan Jiaotong University, Tangshan Railway Institute, and so on. In 1972, the university was removed to Emei, Sichuan province, and began to use its present name-Southwest Jiaotong University. In 1989, it was moved to Chengdu, and in 2002, the construction of a new campus covering an area of over 3,000 mu was started in Chengdu. With this, a new pattern of “ one university, in two places, with three campuses” is coming into being.

Currently, the university has 18 schools, 3 departments and 2 divisions, with students totaling more than 38000, teachers and staff over 3900, which including full-time teachers about 1800, professors and associate professors about 1000, 3 CAS academicians and 2 CAE academicians. In addition, there are also 29 academicians from CAS and CAE who serve as part-time professors at the university’s invitation. There are now 45 PHD programs, 95 master degree accredit posts, 61 undergraduate majors and 7 post-doctorate research centers, 3 national basic scientific research and teaching talents training bases, 6 national key disciplines and 1 national key lab.

SWJTU pays great attention to international exchanges and cooperations, and has now established good collaboration relationships with over 70 universities of 50 countries and states. Each year, SWJTU invites over 250 long and short-term international experts, and over 300 long-term international students from more than 20 countries and states study here.
In light of the inscription by Comrade Jiang Zemin, “ Carry forward the cause and forge ahead into the future, be bold in scaling heights, and strive even harder to turn the Jiaotong University into a first-class university in the world”, SWJTU will adhere to the fine tradition of “Rigorous Scholarship” and accelerate its development so as to make itself into a first-class university in the world.


The programof i FAIR 2010 conference

Tuesday 15 June 2010

Chengdu Sichuan, China

0830-850 Registration
0900-1000 Opening and Keynote speech
1000-1010 Tea Time
1010-1150 YMC Forum
1200-1300 Lunch Time
1310-1430 Session F       Chair:Xiao, Zo-Pin
Conference Call and Information Asymmetry-Evidence from Regulatory Change on Earnings Forecast Disclosure in Taiwan  Yaying Mary Chou YehDisclosure Level of Prospective Financial Information in IPO Prospectuses – New Zealand Evidence  Wen-Hsi Lydia HsuLiquidity Discount in Valuing Unlisted Targets: Japanese M&A Market  Wu, ChimingFinancial Reforms in Indonesia and South Korea in 1980s and Early 1990s: Policies and Outcomes  Alexandr Akimov and Brian DolleryA Measure of the Model Adequacy: Using the Method of Area under ROC Curve (AUC)Hsien-Chueh Peter Yang, Tsung-Hao Chen, Alex Kung-Hsiung Chang, Sheng-Tang Huang, Chien-Chou Chen, and Yin-Tung ChenAn Investigation on Capital Factors Influencing Medical Resources Utilization of the Elderly People in Taiwan  Che-Chao Chiang, Yi-Wei Chang, Po-Tsang Chen, and Fu-Ming Chiang
1430-1550 Session I   Chair: Zhu, Hong-Chung
Smart Money or Dumb Money? The Evidence from TaiwanSheng-Tang Huang and Tsung-Hao ChenAn Empirical Study of Myopic Loss Aversion on Taiwan Security Risk PremiumMing-Hsien Chen and Chun-Chen LinHedging With Futures Contract: Estimation and Performance Evaluation of Optimal Hedge Ratios in European Union Emissions Trading SchemeJohn Hua Fan, Eduardo Roca, and Alexandr AkimovA Study of Grey Theory on Improving the InvestmentPerformance of Technical Analysis Index —An Example of the DAX Index’s Component StocksAlex Kung-Hsiung Chang and Hsiao-Ching Hung
1550-1610 Tea Time
1610-1740 Session  M     Chair: Huang, Den-Shih  
Using Data Envelop Analysis to Examine the Performance and Influential Factors in Construction Industry: A Balanced Scorecard PerspectiveHenry H. Y. HsiehA Study of Tainan Consumers’ Expectation and Perception toward Buffet RestaurantsChia-Sheng Yeh, Jong-Jeng Liang, Yuan-Hui Lin, Yng-Shyuau LayDeveloping a Conceptual Model of Service Recovery QualityShu-Yi Liaw, Yi-Wen Yang, Shih-chung ChengThe Relationship between Top Management team Commitment and Alliance Performance – Mediator of Alliance Learning MechanismMu Hua Chen, Xing Ming Tian, Yan-Hao Chen, Bih-Shiaw JawStrategic Selection and Strategic Change-Examples from Food Industry and Textile Industry  Tsai, Chan-Wei and Hsan-Hsuang Liu
1740 Ending
1820 The Grand Banquet



Information for Presenters

Printing Papers

Conference delegates will receive a hard copy of the contributed conference full paper and a CD-Rom in the Conference Proceedings Book. Delegates who wish to access a hard copy of the conference papers during the conference should print copies from the CD-Rom prior traveling.

Presentation Time

Presentations will consist of 5 papers per session. Each session is of 80 minutes duration. Each presenter will be allocated 15 minutes for their presentation, including reviewer and questions. It is very important that presenters do not take more time than is allowed. To help the presenter keep track of time, the Chair of the Session will show a green-colored card to indicate that 3 minutes are remaining, and a red-colored card to indicate that your presentation should end immediately.

Loading Your Presentation

Please save your presentation on CD/DVD or a USB memory stick. Presenters should arrive at their allocated room 15 minutes before the start of the session to load their presentation. Student Volunteers will be available to assist conference presenters in this process.

When presenting

  • Show interest in your own presentation!
  • Make sure the audience can see you – stand where there is light, and turn towards your audience when speaking.
  • Allow time for the audience to review your slides if they are complicated – do not rush through models or large tables. Explain arrows in complicated models.
  • Respect the time limit. You will have about 12 minutes to present, and then 3 minutes for reviewer and questions. If questions remain after the time is up, we suggest that you discuss these after the session. Do not intrude on others’ time slots.
  • Respect the Chair of the session. They are instructed to ensure that the time is kept and will hold presenters to this. If you take more time than allowed, the Chair is instructed to ask you to conclude in order for other presenters to have enough time.

Helpful Hints for first-time presenters
When preparing your presentation:

  • Make sure each slide has a purpose in your presentation – consider how it helps the audience understand your message.
  • Prepare slides that support your oral presentation – do not read the entire presentation from your slides. The main message should come from the presenter, not the slides.
  • Prepare an adequate number of slides – too many may make you appear rushed, and too few may make the presentation less clear.
  • A summary slide may be useful at a certain stage in the presentation.
  • If you plan to show a particular slide more than once, make copies of it so you do not have to scroll through your slides to find it.

Tour & Accommodation

Data source:成都文化旅游网Panda Home http://www.pandahome.com/en/

Kuan, Zhai, and Jing Lane: Three Lifestyles of Chengdu People

Kuan Lane: Old Chengdu’s Leisure Life

Kuan (literally means Wide or Broad in Chinese) Lane represents a most typical Chengdu folk culture. At such a lane, you may find local residents, taverns, elaborate door headers, plane trees, old teahouses under house eaves, and the likes-being words or expressions unique to Kuan Lane in Chengdu. Kuan Lane is also reflecting how a city impresses modern people. The old, for example, are drinking tea or chit-chatting at a teahouse gate (apt to drink outside in fine days). What is commonly seen may also be a lazy sleeping cat in a crouching manner, shadows beneath plane trees, and a caged thrush couple  amid the tree in some courtyard corner and so on.
Following the Kuan Lane, you may find Old Chengdu Life Experience House, name card and touring center of KuanZhai Lane. This House unveils to visitors the true life of old Chengdu in an all-round way. It also exhibits what an average family goes through in the day during the Republic China period. This is achieved by restoring a courtyard’s every possible thing such as kitchen, study, central room, and bridal chamber. Visitors may see how the old chit-chatted scores of years ago, how Chengdu girls make Sichuan Brocade as well as other amusements like watching shadow play and puppet show at night, and calligraphy writing show. From the perspective of business services, Kuan Lane provides refinement hotels, private houses drink and food, special local food, leisure teahouses, taverns, business clubs, and SPA-themed services combination zone.

Zhai Lane: Old Chengdu’s Slow Life

Zhai (literally means Narrow in Chinese) Lane is characterized by Slow Life of old Chengdu. Chengdu is dubbed Tian Fu (Tian means heavenly granted, and Fu means land of abundance), while Fu is none other than Zhai Lane. The modified Zhai Lane, representing Chengdu’s courtyard culture, is partly for keeping the cultural relics, and partly for culture enrichment. Courtyard is both heavenly and earthly favored in Chinese culture. Its culture is therefore a combination of elite culture and traditional elegant culture. In a courtyard there are gardens, in which there are houses; while in a house there are courtyards, in which there are trees; above a tree there is the sky, where there is the moon…This is what’s expected from a Chinese-style courtyard, as well as what a Zhai Lane life requires. The plants in this Zhai Lane are generally Golden Bamboos and vines. Antique wall lamplights are decorating the streets, close to which are courtyards with show windows that give a miniature of business climate. There are also various Western foods and drinks, take-away, coffees, arts and leisure, healthy living plaza, and special culture-themed fine life zone.

Jing Lane: Chengdu People’s New Life

Jing (literally means a Well in Chinese) Lane is designed for Chengdu people’s new life. The well modified Jing Lane is interface to KuanZhai Lane’s modernization, as well as its most open, versatile and vigorous consumption space—enjoying nice foods in Chengdu’s most beautiful historic streets; feasting your eyes at night with vibrant colors of Chengdu’s fine buildings; freeing your mind in Chengdu’s most classic long-lane. Jing Lane provides bars, nightclubs, dissert shops, wedding ceremony venue, small special retail store, D.I.Y themed fashion & amusement zone. Western-style Buildings Plaza is the most characteristic building. One example is a French-style building which is said to be the private residence of a rich family in the past and later used as a church. This building serves as an indicator of Chengdu’s open attitude to the outside world. Nowadays, the plaza oriented around these buildings is becoming a center point of KuanZhai Lane.

Furthermore, it turns into a best wedding ceremony venue as well as a token for romance of love.

Du Fu’s Thatched Cottage

Du Fu’s Thatched Cottage, or Du Fu’s Thatched Cottage & Museum, located at Huanhuaxi, Western Gate, Chengdu, Sichuan, was once the local dwelling of Du Fu, the great realistic poet of the Tang Dynasty, when he lived in Chengdu in exile. The cottage was there no more after the poet left Chengdu. Wei Zhuang, a poet of the Qianshu Kingdom during the Five Dynasties Era, found the ruins of the cottage, rebuilt it and preserved it as a cultural relic. After that, extension and repair work was done all through the Song Dynasty, Yuan Dynasty, Ming Dynasty and Qing Dynasty, changing the cottage into a complex of a memorial and a dwelling and also a place of interest known for its ancient-style architecture and attractive, secluded gardens and landscapes. After that, the cottage became known for its dweller’s poems and the poet’s title of the Saint of Poems. The cottage was listed by the State Council as one of the Major National Cultural Relics in March 1961 and then listed as Du Fu’s Thatched Cottage & Museum. Currently, the cottage was the largest, most well-preserved, most characteristic and most renowned one of its kind in existence.

The museum houses over 30,000 volumes of various archives and over 2,000 cultural artifacts. The archives include diverse anthologies of the poet’s works published or printed in the Song Dynasty, the Yuan Dynasty, the Ming Dynasty, the Qing Dynasty and the Republic of China, available in elaborate woodcut print, photocopy, manuscript and letterpress print. Also included are 15 different foreign language versions and over 120 traditional Chinese print versions published by Korea and Japan. No doubt, the museum is the place where the poet’s creations are the most prolific and most well-preserved.

Du Fu (712 A.D-770 A.D.), alias Zimei and nicknamed Shaoling yelao, was a realistic poet born in Gongxian, Henan. As the greater part of his life was spent during the turning point of the Tang Empire, the poet had an eventful but unsuccessful political career. He was a world-famous poet canonized for his extraordinary achievements in philosophic and poetic aspects. For his greatness in poems, he was known as the Saint of Poems to the later generations. To date, about 1,400 poems has been ascribable to him.

In the late winter of 759 A.D., Du Fu fled to Chengdu to elude the Rebellion of An Lushan and Shi Siming. The next year, he had a thatched cottage erected beside the Huanhua Stream, located west of Chengdu, with the assistance of some friends. The cottage was the very one he referred to in one of his poems in the following sentences: “My cottage is located west of Wanli Bridge and north of Baihua Pond.” The poet, also nicknamed Du Gongbu for his former public office of jianjiao gongbu yuanwailang (a deputy to the Undersecretary of the Ministry of Construction Engineering), lived in this cottage for almost four years. He created a great number of poems, around 240 of which are still extant to this day. These masterpieces include The Rain on the Spring Night, The Prime Minister of Shu, and My Thatched Cottage Was Destroyed by the Autumn Wind, the last of which is a masterpiece of perpetual reputation. As a very sociable personage during his stay in Chengdu, Du Fu created countless beautiful poems and paintings. One of his poems, Four Jueju Poems (III), gave a vivid description of the spring scenery about his dwelling. Take a few couplets in this poem for example: “Two twittering orioles are perched on willow wands and a file of egrets are shooting themselves into the blue sky; my windowsill is covered with the same snow as that accumulated on the Western Hill and giant merchant ships are moored right outside my door, bound for the Eastern Wu Kingdom. After Yan Wu, the poet’s patron, died of a disease in 765, Du Fu had to leave Chengdu with his family and exiled themselves to Jing (Hubei) and Xiang (Hunan) by way of the Three Gorges.

The current cottage is attributable to the frequent repairs and reconstructions during the Song Dynasty, the Yuan Dynasty, the Ming Dynasty and the Qing Dynasty. Two reconstruction efforts of the largest scale took place in the 13th year (or 1500 A.D.) of the reign of Emperor Hongzhi of the Ming Dynasty and the 16th year (or 1811 A.D.) of the reign of Emperor Jiaqing of the Qing Dynasty, prescribing the scale and layout of the current cottage. The current cottage has preserved the intact and original layout of the reconstruction effort made in Emperor Jiaqing and covers an area of around 300 mu (a traditional Chinese unit of measurement equal to 666.7 m2). The landscape had adopted a very unique “complex style” characteristic of classical Chinese landscapes. Giant nanmu trees, plums and bamboos abound everywhere and meandering streams gurgle about the cottage. There are narrow bridges, pavilions, wooden doors and flower petal-covered sinuous paths that lead to more secluded landscapes. Besides, the elegantly and beautifully designed cottage is dotted by sweet-scented flowers, e.g. plum blossoms in spring, lotus flowers in summer, chrysanthemums in autumn and orchids in winter.

The museum, as the local place of interest frequented by the most tourists, is divided into the sightseeing area for the cultural relic (the original seat of the cottage), the sightseeing area for the landscape (or the plum garden) and the service area (or Caotang Buddhist Temple). The original seat of the cottage, accessible from the gates, is aligned with the office, the study, the wooden door and Du Fu’s Shrine on a centerline. The two calligraphic-style Chinese characters, reading Cao Tang (meaning the Thatched Cottage), on the tablet hung above the main entrance, were written by the 17th son (Aixinjueluo Yunli) of Emperor Kangxi of the Qing Dynasty. The study, as the landmark structure of the cottage, has a statue of the poet right at the center, sculpted by Liu kaiqu, a sculptor. Rhymed couplets and tablets, created by personalities and celebrities of different eras, adorn the interior of the study. In the shrine, a portrait of the poet is enshrined and tributes paid by Lu You and Huang Tingjian, two renowned Song poets who had stayed in Chengdu, are exhibited. East of the shrine stands a pavilion-type stele, reading “Shaoling’s Thatched Cottage”, which symbolizes a shelter for the poet. Shaoling had originally been the mausoleum of the consort of Emperor Xuandi of Han (the empress’s tomb has a scale smaller than that of her husband; shao means lesser in ancient Chinese) and the mausoleum of the emperor was called Duling. As the poet had lived here for quite a long time and nicknamed himself duling yelao or shaoling yelao, the stele referred to him as Shaoling. At the rear of the shrine is a thatched cottage reconstructed on the basis of Du Fu’s description of his dwelling, the characteristics of Western Sichuan-style folk houses and the layout of Ming-style houses. There is also a beautiful ancient-style “shadow wall” (yingbi), dotted with porcelain chips and lined with bamboo canes.

Wanfo Pagoda, rebuilt in 2005 and located among the nanmu groves east of the cottage, is a perfect replica of the original architecture depicted in one of Du Fu’s poems in the following verses: “Congli Mansion rests east of my cottage and Wanfo Pagoda lies on the west”. A giant color-glazed and polished mosaic wall painting (64m2) and the statues of twelve most accomplished Chinese poets are also exhibited in the Daya Hall of the Mahavira Palace, which belongs to the original architectures in the Fan’an Buddhist Temple.

An exhibition hall, with Tang cultural relics on show, is located northeast of the cottage. These relics and artifacts, unearthed about the cottage in late 2001, contribute more traceable cultural and historical elements to Du Fu’s Thatched Cottage by corroborating the poet’s depictions of his life and living quarters.

Giant Panda Paradise

The giant panda is one of the world’s rarest species on the verge of extinction. Currently, there are approximately 1,000 wild pandas, 85% of which are distributed in Sichuan. Chengdu Research Base of Giant Panda Breeding, founded to rescue giant pandas from extinction, is a world-class breeding and research center. In order to impress people with Chengdu’s unique image as a city of giant pandas, Chengdu Culture & Tourism Development Group have launched campaigns to seek external participators and investors with the aim of building an international giant panda-themed holiday resort. The resort, based on the periphery of Chengdu Base of Giant Panda Breeding, shall consolidate the functions of tourist attraction, natural reserve and the recreational industry.

The group intends to achieve three aims, including giant-panda-centered ecotourism projects, a giant panda-centered cultural industry and a giant panda-centered digital industry. The group has entered into agreements with both domestic and foreign tourist agencies and enterprises and joined in hands with Warner Bros. and EE-Media in developing giant-panda-themed video and audio products. Besides, other programs protected by intellectual property rights are also launched on the market, such as the giant panda colored ink paintings, chain specialty stores selling giant panda-centered souvenirs (Giant Panda House) and Giant Panda Studio. A gigantic cluster of giant panda themed cultural industries have formed and propelled the development of the panda as a name brand image.

Giant Panda Paradise, covering 150 hectares of land and involving an RMB 2 billion worth of investment, is located on the Futou Hill north of Chengdu. The paradise is constructed to the standards for National Grade AAAAA Scenic Spots and integrates a giant panda-themed paradise (including Giant Panda Town Shopping & Entertainment Area, Theme-Experiencing Hall, Giant Panda-Themed Future World for Kids, Giant Panda-Themed 4D Film Theater and high-tech amusement facilities).

Tour Signup

Credits & Sponsors


The Young Men Business Club (YMC) TAIWAN
The YMC Management Review


Southwest Jiaotong University, China


National Dong-Hwa University, TAIWAN
National Pingtung University of Sci. & Tech., TAIWAN
Association of Chinese E-Commerce Industry (ACECI)
Sichuan Electronic Commerce Association


Chinatrust Commercial Bank TAIWAN 中國信託銀行 We are family
GoodNet Co. Ltd. TAIWAN 兩岸最專業的電子商務專家
Charm Soon Transportation Co. Ltd. TAIWAN 超順運通有限公司 兩岸雙向小三通貨運報關物流
羅莎蛋糕ROSA Bakery 中国最专业的蛋糕制造者

Honorable General Chairs:

CHEN, Chun-Yang
President, Southwest Jiaotong University (CHINA)


Jiang, Ge-Fu. Director-in-Chief

Professor and Vice president, Southwest Jiaotong University (CHINA)

Jia, Jen-Ming

Professor and Dean, School of Economics & Management, Southwest Jiaotong University (CHINA)

Zhao, Yong.

Professor, Southwest Jiaotong University (CHINA)

Xu, Bin.

Professor, Southwest Jiaotong University (CHINA)

Lee, Wen-Chih

Professor, National Kaohsiung University of Applied Sciences (TAIWAN)

Lin, Ying-Fen

Professor & Director, Dept. of Accounting, National Dong-Hwa University (TAIWAN)

Shen, David Ching-Lung

Associate Professor & Director, Dept. of Business Administration, National Pingtung University of Sci & Tech. (TAIWAN)


Organizing Committee


CHANG, Alex Kung-Hsiung

The Editor in Chief, YMC Management Review,
The Chairman of Young Men Business Club (YMC) TAIWAN 2009, and
Professor National Pingting University of Science and Technology (TAIWAN)


TSAI, Chan-Wei

Assistor Professor National Pingting University of Science and Technology (TAIWAN)

Program Committee


Huang, Den-Shih

Professor and Vice Dean, School of Economics & Management,
Southwest Jiaotong University (CHINA)


CHANG, Alex Kung-Hsiung

Associate Chairs:

CHEN, Tsung-Hao Shu-Te University (Taiwan)
CHIANG, Che-chao Victory University (Australia)

General Affair Committee


ZHU, Hong-Chung

Professor and Director, Dept. of Finance Southwest Jiaotong University


HSEIH, Chang-Chun Ph.D. Student, Southwest Jiaotong University
CHEN, Mu-Hua Ph.D. Student, Shanghai Jiaotong University

Session Chairs:

Finance – Lin, Ying-Fen (Taiwan)
Accounting – Xiao, Z.P. (China); Lee, Wen-Chih (Taiwan)
Investment – Eduardo Roca (Australia) ; Lin, Chu-Hsiung(Taiwan)
Risk Management – Zhu, Hongquan (China); CHANG, Kung-Hsiung(Taiwan)
Economics and other topics – John Forster (Australia); CHIANG, Fu-Ming(TAIWAN)


The Young Men Business Club (YMC) TAIWANSouthwest Jiaotong University, China National Dong-Hwa University, TAIWANNational Pingtung University of  Sci. & Tech., TAIWANAssociation of Chinese E-Commerce Industry (ACECI)Sichuan Electronic Commerce AssociationChinatrust Commercial Bank, TAIWANGoodNet Co. Ltd. TAIWANCharm Soon Transportation Co. Ltd. TAIWAN羅莎蛋糕ROSA Bakery