Browsing by Author "Zhao, Yang"

Now showing 1 - 5 of 5

Founders and the decision of Chinese dual-class IPOs in the US
(2019-10-01)
Li, Xiaodan
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Jiao, Yang
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Yu, Min-Teh
;
Zhao, Yang
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資訊管理與財務金融系註：原資管所+財金所
This study collects data on IPOs of U.S.-listed Chinese companies from 2000 to 2015 and explores why some of these firms deviate from the one share-one vote regime when going public. Our results identify "founder's influence" and "e-businesses" as two key determinants of dual-class IPOs that have not been found in the previous literature. The significance of the effect of fundraising for long-term investments as found in the literature and this study disappears when comparing these two new determinants together. We also provide empirical evidence that managers adopt a dual-class share structure in order to retain control and to diversify the risk of their own wealth, and that there is no significant performance difference between dual-class firms and single-class firms after IPOs.
High figure-of-merit laterally fluorinated biphenyltolane-isothiocyanates
(2007)
Gauza, Sebastian
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Zhao, Yang
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Le Cor, Tatiana
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Wu, Shin-Tson
;
Ziolek, Anna
We have designed, synthesized, and evaluated the physical properties of some high birefringence (Delta n) isothiocyanato biphenyl-tolane liquid crystals. These compounds exhibit Delta n similar to 0.48-0.52 at room temperature and wavelength lambda = 633 nm. Laterally substituted short alkyl chains and fluorine atom elinlinate smectic phase and lower the melting temperature. The moderate melting temperature and very high clearing temperature make those compounds attractive for eutectic mixture formulation. A eutectic mixture based on those compounds was formulated and its physical properties evaluated.
Pair-trading profitability and short-selling restriction: Evidence from the Taiwan stock market
(2018-05-01)
Wang, Jai-Jen
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Lee, Jin-Ping
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Zhao, Yang
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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
This paper examines the profitability of a pair-trading strategy in the Taiwan stock market while considering alternative frequency-distance filters, thresholds for opening a pair trade relationship, reinvestment mechanisms, different lengths of trading period, industry boundary, and the short selling restriction. In contrast with the recent literature showing that pair-trading strategy returns are insignificant and negative in the Taiwan stock market, we find that the profitabilities of pair trades developed by positions in the Taiwan 50 Index during 1990/1-2016/3 present significant annualized mean returns of 1.84%-3.04%. Moreover, thresholds with different stringent degrees, industry boundary, and alternative reinvestment mechanisms are unable to help pick out more profitable pair-trading portfolios. The distance filter and shorter trading-day setting are more reliable for pair trading. Finally, the deregulation on short selling results in more pair-trading activities, which obviously diminish the profitability of a pair-trading strategy.
Portfolio optimization in the catastrophe space
(1970-01-01)
Chang, Carolyn W.
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Chang, Jack S. K.
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Yu, Min-Teh
;
Zhao, Yang
;
交大名義發表
In today's global catastrophe space, the role of insurance-linked securities has evolved from that of a threatened reinsurance substitute to now being a viable complementary reinsurance product, underpinning the convergence of the two markets. This study constructs a two-agent sequential optimization framework to mimic the economics of the reinsurance/insurance markets and shows how NPV-maximizing reinsurers and hedging cost-minimizing insurers can optimally allocate default-risky catastrophe reinsurance and default-free catastrophe bonds at the interface of these two markets. We analyze parametric impacts considering interest rate risk, financial leverage, basis risk, differential markup, catastrophe arrival intensity, and severity, as well as other relevant characteristics.
Power Factor Enhancement for Few-Layered Graphene Films by Molecular Attachments
(2011-02-10)
Sim, Daohao
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Liu, Dayong
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Dong, Xiaochen
;
Xiao, Ni
;
Li, Sean
In this work, we prepared few-layered graphene (FLG) films and investigated their thermoelectric properties. It was found that pristine FLG films showed a low thermopower of similar to 40 mu V/K. We further processed these FLG films by attaching them with 1,1'-azobis(cyanocyclohexane) or 1,3,6,8-pyrenetetrasulfonic acid. The thermopower of FLG films with attached molecules increased to above similar to 180 mu V/K. Such enhancement in the thermopower led to an increase in their power factor by more than 4.5 times. Theoretical investigation indicated that a potential difference can be introduced between the outer layer and inner layer of FLG films upon molecule attachments. Simulation of the thermopower based on Kubo's formula provided qualitative support to our experimental results.