http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
The Effects of Executive Stock Options and Stock Bonuses on Payout Policies in Taiwan
Chia-Ying Chan,Vivian W. Tai,Chi-Hung Chan,Kuo-An Li 한국증권학회 2012 Asia-Pacific Journal of Financial Studies Vol.41 No.2
This study investigates how executive stock-based compensation affects the payout policies of a company. Stock bonuses, which are dividend-protected, induce executives to pay out cash dividends. Conversely, stock options, which are not dividend-protected, discourage the payment of dividends. We posit that the structure of executive stock-based compensation plays a crucial role in determining the payout policies of a firm, particularly for those firms with higher percentages of institutional investors and shareholders with ultimate controlling power. We further examine the effects of the 2008 stock option expensing policy reform in Taiwan as well as the repercussions, if any, that this policy had on payout choices in 2009. The empirical results not only indicate that executive stock-based compensation has a conspicuous influence on the payout policies of a firm, but also that there is a positive relation between stock bonuses and cash dividends. Furthermore, in the case of Taiwan, which has a relatively low corporate income tax rate, firms with higher percentages of shareholders with ultimate controlling power have less preference to pay cash dividends and greater preference to retain profits within the company.
Ming-Chun Wang,Chia-Ying Chan,Christian de Peretti,Hong-Min Chen 한국증권학회 2017 Asia-Pacific Journal of Financial Studies Vol.47 No.5
This study examines the volatility spillover effect among five index options and their underlying markets. Results show that the bidirectional volatility spillover effect and the cross-market leverage effect exist between index options and their underlying markets. Our findings confirm that the volatility spillover effect is generally outweighed by shocks in the underlying market, and that the options implied price volatility is provoked by the information shock occurring in both the cash and options markets to a higher degree. Through the volatility impulse response function, this study shows that the options implied prices are more sensitive to innovations in both markets.
A Short Test of English Silent Word Reading for English Language Learners
Kalindi, Sylvia C.,McBride, Catherine,Chan, Shingfong,Chung, Kien Hoa Kevin,Lee, Chia-Ying,Maurer, Urs,Tong, Xiuhong Korean Association of Child Studies 2015 Child studies in Asia-Pacific context Vol.2 No.2
We developed a test of English silent word reading, following work by Mather, Hammill, Allen and Roberts (2004) and Bell, McCallum, Krik, Fuller, and McCane-Bowling (2007), in order to tap Hong Kong Chinese children's reading of English as a foreign language. We created one subtest of individual word reading and another of word reading contextualized within sentences; together, these tests require no more than 10 minutes for administration. In Study 1, we administered the entire test to 552 second grade Hong Kong Chinese children between the ages of 70 and 121 months old, from five different primary schools. The association between the subtests of English silent word reading and contextual reading was positively correlated (.78). In Study 2, 77 Hong Kong Chinese second graders were tested on our newly developed English silent word reading test, together with non-verbal IQ, an English word reading and a Chinese character recognition test (both read aloud). With age and non-verbal IQ statistically controlled, there was a significant correlation between English silent word reading and the more standard English word reading, read aloud, (.78); the association between English silent word reading and Chinese character recognition was also positively correlated (.49). This newly created test is a quick and reliable measure, suitable for both educators and researchers to use to identify poor readers who learn English as a foreign or second language.
A Short Test of English Silent Word Reading for English Language Learners
Sylvia C. Kalindi,Catherine Mcbride Chang,Shingfong Chan,Kien Hoa Kevin Chung,Chia Ying Lee,Urs Maurer,Xiuhong Tong 한국아동학회 2015 Child studies in Asia-Pacific context Vol.5 No.2
We developed a test of English silent word reading, following work by Mather, Hammill, Allen, and Roberts (2004) and Bell, McCallum, Krik, Fuller, and McCane-Bowling (2007), in order to tap Hong Kong Chinese children``s reading of English as a foreign language. We created one subtest of individual word reading and another of word reading contextualized within sentences; together, these tests require no more than 10 minutes for administration. In Study 1, we administered the entire test to 552 second grade Hong Kong Chinese children between the ages of 70 and 121 months old, from five different primary schools. The association between the subtests of English silent word reading and contextual reading was positively correlated (.78). In Study 2, 77 Hong Kong Chinese second graders were tested on our newly developed English silent word reading test, together with non-verbal IQ, an English word reading and a Chinese character recognition test (both read aloud). With age and non-verbal IQ statistically controlled, there was a significant correlation between English silent word reading and the more standard English word reading, read aloud, (.78); the association between English silent word reading and Chinese character recognition was also positively correlated (.49). This newly created test is a quick and reliable measure, suitable for both educators and researchers to use to identify poor readers who learn English as a foreign or second language.