碩士
國立高雄第一科技大學
金融營運所
95
The study prices convertible bond by Lattice Approach and uses simple BGM model to approximate interest rate stochastic process. The study erases correlation between the stock ...return and interest rate by orthogonalization in order to decrease complexity of pricing model. We build single factor interest tree and two factors stock price tree. According to each node’s stock price of lattice and clauses of CB calculate cash flow of each node. By discount we can estimate price of CB and assume firm will be default or not default at each node. By considering interest rate process, stock process and default status, we can construct the convertible bond pricing model, and as CB price as given to find out the implied default probability of CB.
The study discusses the relation between implied default probability of CB and Taiwan Corporate Credit Risk Index (TCRI). Therefore we understand rationality of implied default probability of CB in the study. We use sensitivity analysis with price of CB an
碩士
朝陽科技大學
財務金融系
102
The main purpose of this paper probes into "Is the issuance of convertible bonds within a year after Initial Public Offering (IPO) a negative signal?" We use Market-Adjusted ...Returns Model to examine the cumulative average abnormal returns (CAAR ). The research finds the stocks' price of firms issued convertible bonds (CB) present lasting 30 months significantly (p<0.05) negative CAAR form event month t=+7,and CAAR declines to -32.57% in the end event month t=+36. This result shows that it is really be regarded as a negative signal for outside investors when firms issued CB within a year after offering. Moreover, we do the second phase analysis by utilizing ordinary-income Return on Equity (ROE) ratio as a criteria categorizing the sample to investigate the financing announcement effect. The findings indicate that the monthly CAAR of issued CB underperformed than non-issuing ones for elite class business group (yearly ROE over 15% in the three years). Likewise, the CAAR in backward class business group (ROE in deficit state in any year of three years) in event month +10 to +36 of issued CB firms show significant(p<0.01) decline, and CAAR are -106.45% for three years. The average CAAR of issuers is less 20.10% than non-issuers, and the largest difference of CAAR between both is 38.61% in month +22. In conclusion, the empirical result is in complete accord with our assumption. We suggest the investors can execute pairs trading. They can buy non-issuing CB elite class shares after 1 year of offering and do short selling stocks in first month of backward class business group which issued CB within a year after offering so that they can earn relatively higher returns.
After Collapse Schwartz, Glenn M; Nichols, John J
08/2010
eBook
From the Euphrates Valley to the southern Peruvian Andes, early complex societies have risen and fallen, but in some cases they have also been reborn. Prior archaeological investigation of these ...societies has focused primarily on emergence and collapse. This is the first book-length work to examine the question of how and why early complex urban societies have reappeared after periods of decentralization and collapse.Ranging widely across the Near East, the Aegean, East Asia, Mesoamerica, and the Andes, these cross-cultural studies expand our understanding of social evolution by examining how societies were transformed during the period of radical change now termed "collapse." They seek to discover how societal complexity reemerged, how second-generation states formed, and how these re-emergent states resembled or differed from the complex societies that preceded them.The contributors draw on material culture as well as textual and ethnohistoric data to consider such factors as preexistent institutions, structures, and ideologies that are influential in regeneration; economic and political resilience; the role of social mobility, marginal groups, and peripheries; and ethnic change. In addition to presenting a number of theoretical viewpoints, the contributors also propose reasons why regeneration sometimes does not occur after collapse. A concluding contribution by Norman Yoffee provides a critical exegesis of "collapse" and highlights important patterns found in the case histories related to peripheral regions and secondary elites, and to the ideology of statecraft.After Collapseblazes new research trails in both archaeology and the study of social change, demonstrating that the archaeological record often offers more clues to the "dark ages" that precede regeneration than do text-based studies. It opens up a new window on the past by shifting the focus away from the rise and fall of ancient civilizations to their often more telling fall and rise.CONTRIBUTORSBennet Bronson, Arlen F. Chase, Diane Z. Chase, Christina A. Conlee, Lisa Cooper, Timothy S. Hare, Alan L. Kolata, Marilyn A. Masson, Gordon F. McEwan, Ellen Morris, Ian Morris, Carlos Peraza Lope, Kenny Sims, Miriam T. Stark, Jill A. Weber, Norman Yoffee
Language Regard Evans, Betsy E; Benson, Erica J; Stanford, James N
01/2018
eBook
Bringing together a team of renowned international scholars, this volume provides a wide-ranging collection of historical and state-of-the-art perspectives on language regard, particularly in the ...context of language variation and language change, and importantly, highlights the range of new methodologies being used by linguists to explore and evaluate it. The importance of language regard to the inquiry of language variation and change in the field of sociolinguistics is increasingly being recognized, yet misunderstandings about its nature and importance continue to exist. This volume provides scholars and students of sociolinguistics, with the tools and theory to pursue such inquiry. Contributions and research come from Europe, North America, and Asia, and language varieties such as Spanish, Dutch, Danish, and American Sign Language are discussed.
We are often told that the Victorians were far less violent than their forebears: over the course of the nineteenth century, violent sports were mostly outlawed, violent crime, including homicide, ...notably declined, and punishments were hidden from public view within prison walls. They were also much more respectable, and actively sought orderly, uplifting, domestic and refined pastimes. Yet these were the very same people who celebrated the exceptionally violent careers of anti-heroes such as the brutal puppet Punch and the murderous barber Sweeney Todd. By drawing attention to the wide range of gruesome, bloody and confronting amusements patronised by ordinary Londoners this book challenges our understanding of Victorian society and culture. From the turn of the nineteenth century, graphic, yet orderly, 're-enactments' of high level violence flourished in travelling entertainments, penny broadsides, popular theatres, cheap instalment fiction and Sunday newspapers.
It is often taken for granted that modernity emerged in Europe and diffused from there across the world. This book questions that assumption and re-examines the question of European modernity in the ...light of world history.
Stewards of Memory Cadou, Carol Borchert; Pecoraro, Luke J; Reinhart, Thomas A
11/2018
eBook
Mount Vernon, despite its importance as the estate of George Washington, is subject to the same threats of time as any property and has required considerable resources and organization to endure as a ...historic site and house. This book provides a window into the broad scope of preservation work undertaken at Mount Vernon over the course of more than 160 years and places this work within the context of America's regional and national preservation efforts.
It was at Mount Vernon, beginning with efforts in 1853, that the American tradition of historic preservation truly took hold. As the nation's oldest historic house museum, Mount Vernon offers a unique opportunity to chronicle preservation challenges and successes over time as well as to forecast those of the future.Stewards of Memoryfeatures essays by senior scholars who helped define American historic preservation in the twentieth and early twenty-first centuries, including Carl R. Lounsbury, George W. McDaniel, and Carter L. Hudgins. Their contributions-complemented by those of Scott E. Casper, Lydia Mattice Brandt, and Mount Vernon's own preservation scholars-offer insights into the changing nature of the field. The multifaceted story told here will be invaluable to students of historic preservation, historic site professionals, specialists in the preservation field, and any reader with an interest in American historic preservation and Mount Vernon.
Support provided by the David Bruce Smith Book Fund and the Fred W. Smith National Library for the Study of George Washington at Mount Vernon.
Reproductive skew is the study of how reproduction is partitioned in animal societies. In many social animals reproduction is shared unequally and leads to a reproductive skew among group members. ...Skew theory investigates the genetic and ecological factors causal to the partitioning of reproduction in animal groups and may yield fundamental insights into the evolution of animal sociality. This book brings together new theory and empirical work, mostly in vertebrates, to test assumptions and predictions of skew models. It also gives an updated critical review of skew theory. The team of leading contributors cover a wide range of species, from insects to humans, and discuss both ultimate (evolutionary) and proximate (immediate) factors influencing reproductive skew. Academic researchers and graduate students alike with an interest in evolution and sociality will find this material stimulating and exciting.
