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( Tun-ya Yang ),( Si-yuan Huang ),( Wei-che Tsai ),( Pei-shih Weng ) 한국파생상품학회(구 한국선물학회) 2020 선물연구 Vol.28 No.4
This paper aims to investigate the impact of day trading on market quality on the Taiwan stock market with the implementation of a unique policy change. This paper examines 396 listed stocks from June 2015 to October 2016, a period when the stock market in Taiwan officially approved selected stocks for day trading for all investors. Within the sample period, the empirical findings show that day trading increases the bid-ask spread, price depth and stock volatility, indicating that day trading activities not only cause higher transaction costs and trading risk but also raise the market’s ability to absorb price impact. This paper considers two-stage regression and tests the exogenous shock because of further relaxation for day trading to deal with the possible endogenous problem and the main findings remain consistent. Since early 2014, the Taiwan stock market has been experiencing a distinct growth in trading volume after unwinding the day trading; however, the results show that the impacts of stock day trading on market quality are not all positive.
Hui-Ru Xu,Ping-Yuan Lee,Ya-Wei Tsai,Ying-Chieh Lee 한양대학교 세라믹연구소 2021 Journal of Ceramic Processing Research Vol.22 No.2
Titanium dioxide thin films with silver dopant (Ag-TiO2) were successfully prepared on glass substrates using the thermaloxidation method. Ag-doped titanium films were prepared using direct current (DC) and radio frequency (RF) magnetron cosputteringsystems. The thermal oxidation temperature and Ag content effects on the phase evolution, microstructure, andphoto catalytic activity of TiO2 film were studied. The crystalline structures and photo catalytic activity of the annealed AgdopedTiO2 films were methodically investigated using transmission electron microscopy (TEM), field emission scanningelectron microscopy (FESEM), X-ray diffraction (XRD), and ultraviolet spectrophotometry. The results exhibited that thethermal oxidation process at 550 oC clearly caused rutile phase formation in the 2.7% Ag-doped TiO2 films directly affectingthe photo catalytic activity. The Ag-doped TiO2 films showed good photo catalytic activity under UV-light radiation, with 59%methylene blue dye degradation rate.