Browsing by Author "Chen, Hong-Yi"

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Does revenue momentum drive or ride earnings or price momentum?
(2014-01-01)
Chen, Hong-Yi
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Chen, Sheng-Syan
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Hsin, Chin-Wen
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Lee, Cheng-Few
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管理學院
This paper examines the profits of revenue, earnings, and price momentum strategies in an attempt to understand investor reactions when facing multiple information of firm performance in various scenarios. We first offer evidence that there is no dominating momentum strategy among the revenue, earnings, and price momentums, suggesting that revenue surprises, earnings surprises, and prior returns each carry some exclusive unpriced information content. We next show that the profits of momentum driven by firm fundamental performance information (revenue or earnings) depend upon the accompanying firm market performance information (price), and vice versa. The robust monotonicity in multivariate momentum returns is consistent with the argument that the market does not only underestimate the individual information but also the joint implications of multiple information on firm performance, particularly when they point in the same direction. A three-way combined momentum strategy may offer monthly return as high as 1.44%. The information conveyed by revenue surprises and earnings surprises combined account for about 19% of price momentum effects, which finding adds to the large literature on tracing the sources of price momentum. (C) 2013 Elsevier B.V. All rights reserved.
Porphyrin-Perylene Dyes for Dye-Sensitized Solar Cells
(2010-10-01)
Chen, Hong-Yi
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Lu, Hsueh-Pei
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Lee, Cheng-Wei
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Chuang, Shu-Han
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Diau, Eric Wei-Guang
Two novel porphyrin-perylene dyads 1 and 2 for DSSC applications have been synthesized. The absorption band of the perylene fills up the trough between the Soret and Q bands of the porphyrin, leading to an increase in the absorption efficiency of the dye. The highly conjugated acetylenic bridge mediates strong electronic coupling between the porphyrin and perylene units and results in the extension of it-conjugation of the porphyrin ring. The Soret and Q bands are broadened and red-shifted and the light-harvesting effect is thus improved. We propose that energy transfer occurs from the photoexcited perylene to porphyrin for dyad 1 whereas energy transfer proceeds from the excited porphyrin to perylene for dyad 2. Our studies show that multichromophoric dyes used for DSSC can be designed in a rational manner with predictable photophysical behavior and efficient light-harvesting properties, but the efficiency of the energy transfer process in a consecutive model needs to be controlled for a significant improvement of the cell performance using perylene-porphyrin sensitizers.
Technical, fundamental, and combined information for separating winners from losers
(2016-09)
Chen, Hong-Yi
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Lee, Cheng-Few
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Shih, Wei K.
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資訊管理與財務金融系註：原資管所+財金所
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Department of Information Management and Finance
This study examines how fundamental accounting information can be used to supplement technical information to separate momentum winners from losers. We first introduce a ratio of liquidity buy volume to liquidity sell volume (BOS ratio) to proxy the level of information asymmetry for stocks and show that the BOS momentum strategy can enhance the profits of momentum strategy. We further propose a unified framework, produced by incorporating two fundamental indicators the-FSCORE (Piotroski, 2000) and the GSCORE (Mohanram, 2005) into momentum strategy. The empirical results show that the combined investment strategy includes stocks with a larger information content that the market cannot reflect in time, and therefore, the combined investment strategy outperforms momentum strategy by generating significantly higher returns. (C) 2016 Published by Elsevier B.V.