Estimation of the Asymmetric ACD-PIN Model: The Case of Taiwan Stock Exchange

Teng Tsai Tu,Duong Truc Phuong 한국유통과학회 2017 KODISA ICBE (International Conference on Business Vol.2017 No.-

This paper measure the asymmetric ACD probability of information trading (AACD PIN) under the case of Taiwan Stock Exchange (TWSE) market. Our microstructure data is obtained from TWSE and we calculate the asymmetric ACD probability of information trading for high-frequency transaction individual stocks. By using an extension of Tay et al. (2009)’s methodology, which based on an AACD model of the expected duration of buy- and sell-orders, we measure AACD PIN for selected stocks in Conventional, Electronic and Financial Services industry selected from TWSE listed stocks. Our empirical results indicate that the weighted AACD PIN is smaller than that of the simple AACD PIN in each type of the industry. Next, the smaller the market capitalization of the firms, the larger the value of both simple and weighted AACD PIN. Our results also reveal that the performance of daily state probabilities for AACD-PIN model has the same fluctuation with liquidity and opposite trending with volatility for each industry.

Block Trading Based Volatility Forecasting: An Application of VACD-FIGARCH Model

TU, Teng-Tsai,LIAO, Chih-Wei Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.4

The purpose of this study is to construct the ACD model for the block trading volume duration. The ACD model based on the block trading volume duration is referred to as Volume ACD (VACD) in this study. By integrating with GARCH-type models, the VACD based GARCH type models, which include VACD-GARCH, VACD-IGARCH and VACD-FIGARCH models, are set up. This study selects Chunghwa Telecom (CHT) Inc., offering the America Depository Receipt (ADR) in NYSE, to investigate the block trading volume duration in Taiwanese equity market. The empirical results indicate that the long memory in volume duration series increases dependence at level of volatility clustering by VACD (2,1)-FIGARCH (3,d,1) model. Moreover, the VACD (2,1)-IGARCH (1,1) exhibits relatively better performance of prediction on capturing block trading volume duration. This volatility model is more appropriate in this study to portray the change of the CHT Inc. prices and provides more information about the volatility process for investment strategy, which can be a reference indicator of financial asset pricing, hedging strategy and risk management.

The Effect of Abnormal Turnover on Asymmetric Autoregressive Behavior of Index Returns: Evidence from the Chinese A-share Stock Markets

Jung-Lieh Hsiao,Teng-Tsai Tu 한국증권학회 2012 Asia-Pacific Journal of Financial Studies Vol.41 No.5

This study tests the effect of turnover shocks on the asymmetric autoregressive behavior of index returns. The methodological approach adopted in this study is based on the relationship between market return and trading volume. This study first uses a vector autoregression (VAR) to model two market trading volume series by controlling for the variation associated with the sign and magnitude of both week t and week t ) 1 or week t + 1 market returns. The generated market-adjusted relative turnover (MRTO) series are then plugged into the bivariate asymmetric AR GARCH-t model (asAR-GARCH-t) using weekly data from the Shanghai and Shenzhen A-share stock markets. The results show that turnover shocks have a material effect on asymmetric autoregressive behavior and thus on asymmetric persistence of past returns.

A Study on the Development Strategy of the Taiwan Beauty SPA Industry

Hsin Fen Chien,Teng Tsai Tu,Chun Yu Chen 한국유통과학회 2017 KODISA ICBE (International Conference on Business Vol.2017 No.-

This study focuses on the future development strategy of Taiwan beauty SPA industry. The analysis is based on the PEST analysis of external environment, five forces analysis of internal industry, SWOT analysis of dealer K and in-depth interviews with senior executives of distributors. The results indicate that under the trend of the pursuit of health care, the products of the beauty industry are primarily healthy and environmentally friendly, naturally organic certificated, cosmetic beauty and natural non-toxic biotechnology products. In response to the advent of the era E, beauty SPA industry should make good use of digital platform marketing functions and establish beauty APP application software. At the same time, the beauty SPA industry can also use the e-commerce channel to carry out the business model of clicks and mortar to create greater economic benefits. The beauty SPA industry should integrate alliances with its peers to develop new customers and to innovate their revenue structure. Based on the results of this study, this research hopes to help the beauty SPA industry and individual companies to find the most suitable development strategies so as to enhance the competitiveness of the beauty SPA industry.

Distinctive Roles of Wnt Signaling in Chondrogenic Differentiation of BMSCs under Coupling of Pressure and Platelet-Rich Fibrin

Cheng Baixiang,Feng Fan,Shi Fan,Huang Jinmei,Zhang Songbai,Quan Yue,Tu Teng,Liu Yanli,Wang Junjun,Zhao Ying,Zhang Min 한국조직공학과 재생의학회 2022 조직공학과 재생의학 Vol.19 No.4

BACKGROUND: Although newly formed constructs of feasible pressure-preadjusted bone marrow mesenchymal stem cells (BMSCs) and platelet-rich fibrin (PRF) showed biomechanical flexibility and superior capacity for cartilage regeneration, it is still not very clear how BMSCs and seed cells feel mechanical stimuli and convert them into biological signals, and the difference in signal transduction underlying mechanical and chemical cues is also unclear. METHODS: To determine whether mechanical stimulation (hydrostatic pressure) and chemical cues (platelet-rich fibrin, PRF) activate canonical or noncanonical Wnt signaling in BMSCs, BMSCs cocultured with PRF were subjected to hydrostatic pressure loading, and the activation of the Wnt signaling molecules and expression of cartilage-associated proteins and genes were determined by western blotting and polymerase chain reaction (PCR). Inhibitors of canonical or noncanonical Wnt signaling, XVX-939 or L690,330, were adopted to investigate the role of Wnt signaling molecules in mechanically promoted chondrogenic differentiation of BMSCs. RESULTS: Hydrostatic pressure of 120 kPa activated both Wnt/b-catenin signaling and Wnt/Ca2? signaling, with the the maximum promotion effect at 60 min. PRF exerted no synergistic effect on Wnt/b-catenin signaling activation. However, the growth factors released by PRF might reverse the promotion effects of pressure on Wnt/Ca2? signaling. Real-time PCR and Western blotting results showed that pressure could activate the expression of Col-II, Sox9, and aggrecan in BMSCs cocultured with PRF. Blocking experiment found a positive role of Wnt/b-catenin signaling, and a negative role of Wnt/ Ca2? signaling in chondrogenic differentiation of the BMSCs. Mutual inhibition exists between canonical and noncanonical Wnt signaling in BMSCs under pressure. CONCLUSION: Wnt signaling participates in the pressure-promoted chondrogenesis of the BMSCs co-cultured with PRF, with canonical and noncanonical pathways playing distinct roles during the process.

O-GlcNAc transferase regulates intervertebral disc degeneration by targeting FAM134B-mediated ER-phagy

Luo Rongjin,Li Gaocai,Zhang Weifei,Liang Huaizhen,Lu Saideng,Cheung Jason Pui Yin,Zhang Teng,Tu Ji,Liu Hui,Liao Zhiwei,Ke Wencan,Wang Bingjin,Song Yu,Yang Cao 생화학분자생물학회 2022 Experimental and molecular medicine Vol.54 No.-

Both O-linked β-N-acetylglucosaminylation (O-GlcNAcylation) and endoplasmic reticulum-phagy (ER-phagy) are well-characterized conserved adaptive regulatory mechanisms that maintain cellular homeostasis and function in response to various stress conditions. Abnormalities in O-GlcNAcylation and ER-phagy have been documented in a wide variety of human pathologies. However, whether O-GlcNAcylation or ER-phagy is involved in the pathogenesis of intervertebral disc degeneration (IDD) is largely unknown. In this study, we investigated the function of O-GlcNAcylation and ER-phagy and the related underlying mechanisms in IDD. We found that the expression profiles of O-GlcNAcylation and O-GlcNAc transferase (OGT) were notably increased in degenerated NP tissues and nutrient-deprived nucleus pulposus (NP) cells. By modulating the O-GlcNAc level through genetic manipulation and specific pharmacological intervention, we revealed that increasing O-GlcNAcylation abundance substantially enhanced cell function and facilitated cell survival under nutrient deprivation (ND) conditions. Moreover, FAM134B-mediated ER-phagy activation was regulated by O-GlcNAcylation, and suppression of ER-phagy by FAM134B knockdown considerably counteracted the protective effects of amplified O-GlcNAcylation. Mechanistically, FAM134B was determined to be a potential target of OGT, and O-GlcNAcylation of FAM134B notably reduced FAM134B ubiquitination-mediated degradation. Correspondingly, the protection conferred by modulating O-GlcNAcylation homeostasis was verified in a rat IDD model. Our data demonstrated that OGT directly associates with and stabilizes FAM134B and subsequently enhances FAM134B-mediated ER-phagy to enhance the adaptive capability of cells in response to nutrient deficiency. These findings may provide a new option for O-GlcNAcylation-based therapeutics in IDD prevention.

The development of Taiwan Fracture Liaison Service network

Lo-Yu Chang,Keh-Sung Tsai,Jen-Kuei Peng,Chung-Hwan Chen,Gau-Tyan Lin,Chin-Hsueh Lin,Shih-Te Tu,I-Chieh Mao,Yih-Lan Gau,Hsusan-Chih Liu,Chi-Chien Niu,Min-Hong Hsieh,Jui-Teng Chien,Wei-Chieh Hung,Rong-S 대한골다공증학회 2018 Osteoporosis and Sarcopenia Vol.4 No.2

Osteoporosis and its associated fragility fractures are becoming a severe burden in the healthcare system globally. In the Asian-Pacific (AP) region, the rapidly increasing in aging population is the main reason accounting for the burden. Moreover, the paucity of quality care for osteoporosis continues to be an ongoing challenge. The Fracture Liaison Service (FLS) is a program promoted by International Osteoporosis Foundation (IOF) with a goal to improve quality of postfracture care and prevention of secondary fractures. In this review article, we would like to introduce the Taiwan FLS network. The first 2 programs were initiated in 2014 at the National Taiwan University Hospital and its affiliated Bei-Hu branch. Since then, the Taiwan FLS program has continued to grow exponentially. Through FLS workshops promoted by the Taiwanese Osteoporosis Association (TOA), program mentors have been able to share their valuable knowledge and clinical experience in order to promote establishments of additional programs. With 22 FLS sites including 11 successfully accredited on the best practice map, Taiwan remains as one of the highest FLS coverage countries in the AP region, and was also granted the IOF Best Secondary Fracture Prevention Promotion award in 2017. Despite challenges faced by the TOA, we strive to promote more FLS sites in Taiwan with a main goal of ameliorating further health burden in managing osteoporotic patients.