Browsing by Author "Chen, Chun-Da"

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Microalgal biomass production and on-site bioremediation of carbon dioxide, nitrogen oxide and sulfur dioxide from flue gas using Chlorella sp cultures
(2011-10-01)
Chiu, Sheng-Yi
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Kao, Chien-Ya
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Huang, Tzu-Ting
;
Lin, Chia-Jung
;
Ong, Seow-Chin
The growth and on-site bioremediation potential of an isolated thermal- and CO(2)-tolerant mutant strain. Chlorella sp. MTF-7, were investigated. The Chlorella sp. MTF-7 cultures were directly aerated with the flue. gas generated from coke oven of a steel plant. The biomass concentration, growth rate and lipid content of Chlorella sp. MTF-7 cultured in an outdoor 50-L photobioreactor for 6 days was 2.87 g L(-1) (with an initial culture biomass concentration of 0.75 g L(-1)), 0.52 g L(-1) d(-1) and 25.2%, respectively. By the operation with intermittent flue gas aeration in a double-set photobioreactor system, average efficiency of CO(2) removal from the flue gas could reach to 60%, and NO and SO(2) removal efficiency was maintained at approximately 70% and 50%, respectively. Our results demonstrate that flue gas from coke oven could be directly introduced into Chlorella sp. MTF-7 cultures to potentially produce algal biomass and efficiently capture CO(2), NO and SO(2) from flue gas. (C) 2011 Elsevier Ltd. All rights reserved.
Panel data analyses of the pecking order theory and the market timing theory of capital structure in Taiwan
(2013-06-01)
Chen, Dar-Hsin
;
Chen, Chun-Da
;
Chen, Jianguo
;
Huang, Yu-Fang
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資訊管理與財務金融系註：原資管所+財金所
We exploit panel data of publicly-traded Taiwanese firms to test the pecking order theory the market timing theory over 1990-2005. On the one hand, the results indicate no support for pecking order behavior (consistent with Frank & Goyal, 2003), as net equity issues track the financing deficit much more closely than net debt issues do. The adverse selection also demonstrates that the pecking order theory is not supported by our empirical results. On the other hand, the evidence of the market timing theory is favorable for the Taiwan stock market especially for the period 1990 to 2001, suggesting that the results of this theory provide an explanation when our results do not support the pecking order hypothesis. However, the market timing theory does not apply in the period of 2002-2005. In other words, firms in Taiwan prefer issuing more debt rather than equity under low market performance. (C) 2012 Elsevier Inc. All rights reserved.
Utilization of carbon dioxide in industrial flue gases for the cultivation of microalga Chlorella sp.
(2014-08-01)
Kao, Chien-Ya
;
Chen, Tsai-Yu
;
Chang, Yu-Bin
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Chiu, Tzai-Wen
;
Lin, Hsiun-Yu
The biomass and lipid productivity of Chlorella sp. MTF-15 cultivated using aeration with flue gases from a coke oven, hot stove or power plant in a steel plant of the China Steel Corporation in Taiwan were investigated. Using the flue gas from the coke oven, hot stove or power plant for cultivation, the microalgal strain obtained a maximum specific growth rate and lipid production of (0.827 d(-1), 0.688 g L-1), (0.762 d(-1), 0.961 g L-1), and (0.728 d(-1), 0.792 g L-1), respectively. This study demonstrated that Chlorella sp. MTF-15 could efficiently utilize the CO2, NOX and SO2 present in the different flue gases. The results also showed that the growth potential, lipid production and fatty acid composition of the microalgal strain were dependent on the composition of the flue gas and on the operating strategy deployed. (C) 2014 Elsevier Ltd. All rights reserved.
VAR AND THE CROSS-SECTION OF EXPECTED STOCK RETURNS: AN EMERGING MARKET EVIDENCE
(2014-06-01)
Chen, Dar-Hsin
;
Chen, Chun-Da
;
Wu, Su-Chen
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資訊管理與財務金融系註：原資管所+財金所
;
Department of Information Management and Finance
In this paper we investigate the explanatory power of the market beta, firm size, and the book-to-market ratio, as well as Value-at-Risk regarding the cross-sectional expected stock returns in a less developed stock market - Taiwan\'s stock market. The main purpose is to examine whether the Value-at-Risk factor has marginal explanatory power related to the Fama-French three-factor model. The empirical results show that Value-at-Risk can account for the average stock returns at both 1% and 5% significance levels based on cross-sectional regression analysis. Moreover, from the perspective of the time series regression, the Value-at-Risk factor can also demonstrate the variation of the stock market, especially for the larger companies in the Taiwan stock market.