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RISS 인기검색어
- 검색키워드
- 저자 : San-Lin Chung (검색결과 3 건)
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The Impact of Derivatives Hedging on Stock Market : Evidence from Taiwan Covered Warrants Market
San-Lin Chung,Wen-Ranq Liu,Wei-Che Tsai 한국재무학회 2011 한국재무학회 학술대회 Vol.2011 No.09
This paper examines the hedging impact on the underlying stock market using a comprehensive dataset of covered warrants traded in the Taiwan Stock Exchange (TWSE). Since TWSE requires the warrant issuers to conduct dynamic hedging over the life of warrants, we can estimate the number of shares bought or sold for rebalancing the hedging portfolio and measure its impact. We find significant positive abnormal returns and trading volumes before the announcement day of warrants issuance, suggesting that issuers establish their hedging portfolios before the announcement day. The magnitude of the price effect is positively related to the size of the hedging portfolio. Moreover, there is a significantly positive relationship between stock return volatility and the price elasticity of hedging demand (defined as the percentage of shares needed for rebalancing hedge portfolio when the underlying stock price changes 1%). Finally, we also observe significantly negative price effect to the underlying stock before (after) the expiration date for call warrants that are expired out-of-the-money (in-the-money). For call warrants expired in-the-money, the negative price impact is due to the fact that warrants traded in TWSE are cash settlement when exercised, and thus the issuers have to liquidate the hedging portfolio after expiration, which results in selling pressure on the underlying stock.
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Lung-Chun Huang,Wen-San Huang,Chung-Ping Lin,Olga M. Nuñeza,Hui-Yun Tseng,Hsin-Chieh Tang 한국응용곤충학회 2018 Journal of Asia-Pacific Entomology Vol.21 No.4
Endemic species of oceanic islands are vulnerable due to their geographical isolation and small population sizes. For endangered island species, captive breeding program is an important strategy for conservation and sustainable management. Pachyrhynchus sarcitis is a flightless weevil decorated with colourful markings and distributed exclusively on several islets of Southeast Asia including Lanyu, Ludao, and Babuyan Islands. The life history of threatened Pachyrhynchus species of these islands was poorly known. This study reared P. sarcitis from Lanyu and Babuyan Islands for the first time in the laboratory using their host plant (Leea guineensis). The two island populations showed significant differences in instar numbers, in which the weevils from Lanyu Island had a higher instar number regardless the length of developmental duration. The adult body size of both sexes of the Babuyan population became smaller under laboratory condition; whereas Lanyu population in the laboratory did not show this trend. The differences in larval development might suggest local adaptation to the host plants or other life history associated characteristics which requires further research.
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Chen, Ming-Yu,Huang, San-Yuan,Lin, En-Chung,Hseu, Tzong-Hsiung,Lee, Wen-Chuan Asian Australasian Association of Animal Productio 2003 Animal Bioscience Vol.16 No.1
Higher environmental temperature affects the economic performance of pigs. Heat shock protein 70 has been shown to play an important role in thermoresistance. The purpose of this study was to assess the effect of a single nucleotide polymorphism in the 5'-flanking region of porcine HSP70.2 on growth performance in Taiwanese Duroc. The genotype of this nt 393 polymorphic site could be verified by digestion with Bsa WI restriction enzyme of a PCR product. Pigs with TT and TC genotypes have thinner backfats than those with CC type (p<0.05). The result suggested that the polymorphic Bsa WI site in the 5'flanking region of porcine HSP70.2 may be used as a marker for the early selection of ultrasonic backfat thickness in Duroc pigs.
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