ࡱ> 9 R$bjbjT~)l\\\\\\\pSSS8VSTdpBU(U"UUUqW?[d\       $ | 1\W]OW"qWW]W] \\UU{W]\U\U W]  ,\\ U~U -pOS|b 0Br pp\\\\ The Joint 14th Annual PBFEA and 2006 Annual FeAT Conference ,{ASVF\N*YR}oSggp f 2006ScpR] zx[g oTxg The Grand Hotel, Taipei, Taiwan SS Wq\'Y^ July 14 & July 15, 2006 -Nl W]NASNt^ NgASVeNgASNe Conference Organizers : Rutgers University, U.S.A. (  WT 0 0 0ub 0OmiW International Bills Financial Corporation/ Why8RёN gPlQS Gretai Securities Market/WlN-Nl WI8Rjj-N_ SCSB Cultural & Educational Foundation/WlN NwmFUmi2QĄLeYeWёg Taipei Foreign Exchange Market Development Foundation/WlNY/S^4X|vU\Wёg Prudential Financial Securities Investment Trust Enterprise /O_OI8RbnjON gPlQS Taiwan Insurance Institute/WlNONmi|vU\-N_ HonTai Life Insurance Co., LTD./[lNXON gPlQS AAA Capital Management Co., Ltd./8lՈgOUN gPlQS The Bankers Association of the Republic of China/-Nl WL TmilQg Ministry of Education/Ye SinoPac Securities Co., Ltd./^I8RN gPlQS Taiwan Securities Co., Ltd./S<}TI8RN gPlQS Chunghwa Post Co., Ltd./-N?eN gPlQS Capital Securities Corporation/vI8RN gPlQS Protrend Management Consulting Co., Ltd./nf{tgOUN gPlQS Securities & Futures Institute/WlN-Nl WI8Rfg^4X|vU\Wёg Joint Credit Information Center /WlNёoT_O-N_ Program Director: Cheng-Few Lee, Rutgers University, USA and National Chiao Tung University, Taiwan NgckyZSX  WrTS[{tKNc0b (Room 110) Panel Session VII. Collateralized Debt Obligation Products bbPRP8R"uT (Room 105) Academic Session VI. Macro Economics and Finance (A) (Room 101) Academic Session VII. Financial Accounting (B) (Room 109) Academic Session VIII. Asset Pricing (Room 104) Academic Session IX. Asian Stock Market (B) (Room 107) Academic Session X. Mutual Fund and Stock Recommendation (Room 102) 15:30p.m.  15:45 p.m. Coffee Break 6Xe 15:45 p.m.  17:15 p.m. Concurrent Sessions: Panel Session VIII. The Present and Future of Wealth Management Business Development [{tLmi|vU\vs(W*gO (International Reception Hall) Panel Session IX. Intangible Asset Valuation(A) !qb_nj"u[P(A) (Room 110) Panel Session X. Economic Forecasting}o,n (Room 105) Academic Session XI. Financial Accounting (C) (Room 101) Academic Session XII. Futures Market and Stock Market (Room 109) Academic Session XIII. Microstructure (Room 104) Academic Session XIV. Business Policy and Strategy (Room 107) Academic Session XV. International Finance (Room 102) 18:30 p.m. 20:30 p.m. Dinner &Dinner Speech ZffZfo Speaker: Chun-Yen Chang, National Chiao Tung University, Taiwan ( WzN'Yx[!hw 5_Oe_ ) Title: Bridging the Soft and Hard Industries (ߎԚ|vU\ؚyb gRmiTlxԚ]mivP}T) ChairpersonCheng Few Lee, Rutgers University, USA (12 F, ]]^ Skylounge Room) Saturday, July 15, 2006 8:30 a.m.  9: 00 a.m. Registration 1X0R 9:00 a.m.  9:40 a.m. Keynote Speech II/ \Lo2 Speaker: Sheng-Cheng Hu Chairman, Council for Economic Planning and Development, Taiwan (L?eb}o^-YTg;NNYT Rck) Title: Financial Reform and Taiwan's Economic Development Chairperson: Victor Kung, President, Fubon Financial Holding Co., Ltd., Taiwan ([ёc=~}t )YL) (1F, International Reception Hall fefw^) 9:40 a.m.  10:30 a.m. Keynote Speech III/ \Lo3 Speaker: Stephen J. Brown New York University, USA Title: Hedge Fund Market Neutral Strategies: Distinguishing Financial and Operational Risk Factors Chairperson: William T. Lin, Tamkang University, Taiwan (m_l'Yx[Rё| geyYec) (1F, International Reception Hall fefw^) 10:30 a.m.  10:45 a.m. Coffee Break 6Xe 10:45 a.m.  12:15 p.m. Concurrent Sessions: Panel Session XI. ETF Product and Market: Present and Future s(W*gOvcxehyWWё"uT^4X (International Reception Hall) Panel Session XII. How to Publish Papers in High Quality Journals YUO(WؚTg R|vhez (Room 110) Panel Session XIII. How to Improve Warrant Market in Taiwan YUOR7_Scp kI^4Xv|vU\ (Room 105) Academic Session XVI. Risk Management (B) (Room 101) Academic Session XVII. Financial Econometrics (Room 109) Academic Session XVIII. Options: Theory and Application (Room 107) Academic Session XIX. Financial Accounting (D) (Room 102) 12:15 p.m.  14:00 p.m. Luncheon Speech SpeakerChi Schive, President, Taiwan Academy of Banking and Finance (Scpёxbbw &t) TitleThe History of Financial Development in Taiwan (Scpvё|vU\S) ChairpersonHong-Chang Chang, Fubon Financial Holding Co., Ltd. and Former Dean of College of Management of National Taiwan University, Taiwan ([ёchszcNfMRS'Y{tx[bbw 5_;z) (B1, _S+ Tey^ Der-Hou & Gi-Shang Room) 14:00 p.m.  15:30 p.m. Concurrent Sessions: Panel Session XIV. The Applications of Derivative Products for Insurance Companies Investment and Risk Management Mu'`ёFUT(WXmibnjS{tva(u (Room 110) Panel Session XV. Business Education in USA  WFUmiYe (Room 102) Panel Session XVI. Taiwan s Biopharmaceutical Industry Facing the Coming Financial Age ё|vU\ScpubmiKNQY_j (Room 105) Panel Session XVII. Intangible Asset Valuation (B) !qb_nj"u[P(B) (International Reception Hall) Academic Session XX. Asian Stock Market (C) (Room 101) Academic Session XXI. Risk Management (C) (Room 107) Academic Session XXII. IPO and Event Study (Room 109) 15:30 p.m.  15:45 p.m. Coffee Break 6Xe 15:45 p.m.  17:15 p.m. Concurrent Sessions: Panel Session XVIII. The Implementation of Basel II and Future Perspectives in Taiwan Scpe]^X>rTS[KNWLU\g (International Reception Hall) Panel Session XIX. Strategy of Developing Insurance Industry O"umiKN|vU\V{eu (Room 110) Academic Session XXIII. Macro Economics and Finance (B) (Room 109) Academic Session XXIV. Management of Financial Institution (B) (Room 105) Academic Session XXV. Financial Accounting and Corporate Finance (Room 107) Friday, July 14, 2006 10:45 a.m.  12:15 p.m. Panel Session I. Venture Capital Industry Development in Taiwan ScpuRbmiKN|vU\ ( 10F, The Grand Ballroom Wgp^) Chairperson: Dar-Yeh Huang, National Taiwan University, Taiwan (Scp'Yx[ё||;NN ÞTmi) Keynote Speaker: Thomas M. F. Yeh, Vice chairman, Council for Economic Planning and Development, Taiwan (L?eb}o^-YTgoR;NNYT If\) Panel Session II. The Development of Options and Futures Products: Present and Future xd kg"uT|vU\KNslU\g (International Reception Hall) Chairperson: Rong-I Wu, Senior Advisor, Office of the President, Taiwan and Former Vice-Primer, Executive Yuan (the Cabinet), Taiwan (=~q}^nj?efMRL?eboRbw 3Ti) Keynote Speaker: Cheng Few Lee, Distinguished Professor of Finance and Economics, Rutgers University, USA ( WrTS[{tKNc0b (Room 110) Chairperson: Ted Hong, Beyondbond, Inc, USA Panelists: David Chow, Cosmos Bank, Taiwan (,lFUmiLcw hT'Yva) Grace Chu, Taiwan International Securities Corporation, Taiwan (ёI8RN gPlQS 2Q[) Da-bai Shen, Soochow University, Taiwan (qg3T'Yx[ё|;NN l'Y}v) Hsien-Hsing Liao, National Taiwan University, Taiwan (S'Yё|Yec ^T) Allen Wang, Polaris Financial Group, Taiwan ([OёƖWnj,g^4XUTSt s`N) Panel Session VII. Collateralized Debt Obligation ProductsbbPRP8R"uT (Room 105) Chairperson: Cheng Few Lee, Rutgers University, USA Keynote Speaker: Shyan-Yuan Lee, Financial Supervisory Commission, Taiwan ё{tvcwYTgYT Ng⌐n Panelists: Yu-Ming Wang, Wachovia Securities, USA Joice Shih, Citibank, Taiwan (eLoR=~ e\e) Hwa Ping Chang, Executive Vice President, Industrial Bank of Taiwan, Taiwan (Scp]miLoR=~}t 5_s^) John Y. Kuang, Wholesale Banking, Taiwan (#nSbLScp@Stt^4XUWLoR=~}t !SUYg) Academic Session VI. Macro Economics and Finance (A) (Room 101) Chairperson: Chao-Cheng Mai, Academia Sinica and Tamkang University, Taiwan A Co-integration Analysis of Monetary Endogeneity in China, 1995-2005 Ying Wu, Salisbury University, USA Equilibrium Asset Bubbles and Optimal Money Supply Wong Chin-Yoong, University Tunku Abdul Rahman, Malaysia Is Per Capita Real GDP Stationary in the Countries of Latin America Integration Association? Evidence from a Panel Stationary Test with Structural Breaks Wen-Chi Liu, Da Yeh University, Taiwan Tsangyao Chang, Feng Chia University, Taiwan Academic Session VII. Financial Accounting (B) Room 109 Chairperson: Leonard Goodman, Rutgers University, USA Managerial Ownership, Corporate Governance and Voluntary Disclosure H. Young Baek, Nova Southeastern University, USA Darlene R. Johnson, Nova Southeastern University, USA Joung W. Kim, Concordia University, USA Re-Examining the Ownership Structure and Corporate Performance of Chinese Listed Companies Joy Yang, Galaxy Securities Corporation, China Yea-Mow Chen, San Francisco State University, USA Logistic Model versus Dynamic Logistic Model in Bankruptcy Forecasting: Some Empirical Evidence Cheng-Few Lee, Rutgers University, USA Jessica Mai, Rutgers University, USA Lili Sun, Rutgers University, USA Developing Financial Distress Prediction Models A Study of US, Europe and Japan Retail Performance Yu-Chiang Hu, University of Edinburgh, UK Jake Ansell, University of Edinburgh, UK Corporate Governance and Equity Liquidity: Analysis of S&P Transparency and Disclosure Rankings Wei-Peng Chen, National Chiao Tung University, Taiwan Huimin Chung, National Chiao Tung University, Taiwan Cheng-few Lee, Rutgers University, USA Wei-Li Liao, National Chiao Tung University, Taiwan Academic Session VIII. Asset Pricing Room 104 Chairperson: J. Yao Lee, Monash University, Australia Return Predictability and State Variables in Consumption-Based CAPMs: International Perspectives Bin Li, The University of Queensland, Australia Maosen Zhong, The University of Queensland, Australia Dynamic Asymmetric Volatility between FX and Stock Market Returns: Evidence from the BRICs Angel Liao, University of Wales, UK Jonathan Williams, University of Wales, UK A Partial Asymmetric Price Adjustment Model and Famas Market Efficiency Tatsuyoshi Miyakoshi, Tohoku University, Japan Yoshihiko Tsukuda, Tohoku University, Japan Junji Shimada, Aoyama Gakuin University, Japan Complexity and the Character of Stock Returns: Empirical Evidence and a Model of Asset Prices Based Upon Complex Investor Learning Scott C. Linn, University of Oklahoma, USA Nicholas S. P. Tay, University of San Francisco, USA A Dynamic CAPM with Supply Effect Theory and Empirical Results Cheng-Few Lee, Rutgers University, USA Chiung-Min Tsai, Central Bank of China, Taiwan Alice C. Lee, San Francisco State University, USA Academic Session IX. Asian Stock Market (B) Room 107 Chairperson: Min-Teh Yu, Providence University, Taiwan Benefits of co-trading: evidence from Australia and Singapore Stock Exchanges Charlie Charoenwong, Nanyang Technological University, Singapore Chee Ng, Fairleigh Dickinson University, USA Timothy Kin Hoe Tung, Nanyang Technological University, Singapore The price formation of substitute markets: Theory and application to twin-board China Firms Michael T. Chng, Monash University, Australia Aihua Xiay, University of Melbourne, Australia The change in relationship between the Asia-Pacific equity markets after the 1997 Financial Crisis Mahendra Chandra, Edith Cowan University, Australia The High-Volume Return Premium: Evidence from Chinese Stock Markets Zhong-guo Zhou, California State University, USA Herding, Investor Psychology And Market Conditions Yoke-Chen Wong, University of Malaya, Malaysia Ah-Hin Pooi, University of Malaya, Malaysia Kim-Lian Kok, Sunway University College, Malaysia Academic Session X. Mutual Fund and Stock Recommendation Room 102 Chairperson: Shean-Bii Chiu, National Taiwan University, Taiwan Investment Style of Mutual Funds: How is it Useful In Communicating Economic Trends to Investors Lau Wee Yeap, Osaka University, Japan Mutual Fund Ratings: Do They Really Matter? Philip Samuel Russel, Philadelphia University, USA The Value of Columnists Stock Recommendations Dan Palmon, The State University of New Jersey, Rutgers, USA Ephraim F. Sudit, The State University of New Jersey, Rutgers, USA Ari Yezegel, The State University of New Jersey, Rutgers, USA Evaluating the Performance of Mutual Funds by Fuzzy Multi-Criteria Decision-Making Shin-Yun Wang, National Dong Hwa University, Taiwan The Performance Evaluation for Fund of Funds by Comparing Asset Allocation of Mean-Variance model or Genetic Algorithms to that of Fund Managers Syouching Lai, National Cheng Kung University, Taiwan Hungchih Li, National Cheng Kung University, Taiwan Wunshing Chung, Esun Bank Company, Taiwan Chingching Chang, Esun Bank Company, Taiwan Friday, July 14, 2006 15:45 p.m. 17:15 p.m. Panel Session VIII. The Present and Future of Wealth Management Business Development [{tLmi|vU\vs(W*gO (International Reception Hall) Chairperson: Mike Chang, Bank of Overseas Chinese, Taiwan (PL cNw 5_i]\) Panelists: Edward H. Chow, National Chengchi University, Taiwan ( Wz?el'Yx[FUx[bbw hTLN) Grace M. L. Jeng, First Financial Group, Taiwan (,{NLtmiRUUw -s) Carolyn Chou, Bank of Overseas Chinese, Taiwan (PL t/ PёNmi oR=~}t hTq{s) Gavin Peng, Bank of Overseas Chinese, Taiwan (PL [{t TSt m_Nck) Johnson Tseng, Polaris Securities Group, Taiwan ([OI8R }}NmiU =~}t fP W) Panel Session IX. Intangible Asset Valuation (A) !qb_nj"u[P(A) (Room 110) Panel Co-Sponsor: China Intangible Asset Valuation Association Chairperson: Robert Su, National Cheng Chi University, Taiwan and China Intangible Asset Valuation Association ( Wz?el'Yx[g|Yec t) Panelists: Robert Su, National Cheng Chi University, Taiwan and China Intangible Asset Valuation Association ( Wz?el'Yx[g|Yec t) Yea-Mow Chen, San Francisco State University, USA ( WSan Francisco State University Yec sn) Chi-Ming Wu, National Cheng Chi University, Taiwan ( Wz?el'Yx[{|oRYec 3T_U) Panel Session X. Economic Forecasting}o,n (Room 105) Chairperson: Rong-I Wu, Senior Advisor, Office of the President, Taiwan and Former Vice-Primer, Executive Yuan (the Cabinet), Taiwan (=~q}^nj?efMRL?eboRbw 3Ti) ISEAS-NTU Financial Reforms and Liberalization Ranking Indices For ASEAN 10 + 5 Economies (i.e. China, Japan, South Korea, Hong Kong & Chinese Taipei)* Tan Khee Giap, Nanyang Technological University, Singapore Chen Kang, Nanyang Technological University, Singapore Taiwan's Economic Momentum and Prospects Yaw-Chung Liaw, Council for Economic Planning and Development, Executive Yuan (the Cabinet), Taiwan Japans Distressed-Debt Market Manmohan Singh, International Monetary Fund, USA Kazunari Ohashi, International Monetary Fund, USA The Rise of China Heh-Song Wang, Kai-Nan University and Fu-Jen Catholic University, Taiwan Economic prospective of Vietnam Cao Hao Thi, HoChiMinh City University of Technology, Vietnam Academic Session XI. Financial Accounting (C) Room 101 Chairperson: Ching Fu Chang, National Chengchi University, Taiwan The Relationship between Financial Leverage and Earnings Response Coefficient in South Korean Stock Market Yeo-Hwan Kim, Dankook University, South Korea Stock Option Compensation in Japan: A Test of Alternative Theories Hamid Hassan, University of Tsukuba, Japan Yasuo Hoshino, University of Tsukuba, Japan Changing Business Environment and the Value Relevance of Accounting Information Virginia Cortijo, University of Huelva, Spain Dan Palmon, The State University of New Jersey, Rutgers, USA Ari Yezegel, The State University of New Jersey, Rutgers, USA Do Core and Non-core Cash Flows from Operations Persist Differentially in Predicting Future Cash Flows? C. S. Agnes Cheng, University of Houston, USA Dana Hollie, University of Houston, USA Academic Session XII. Futures Market and Stock Market Room 109 Chairperson: Kehluh Wang, National Chiao Tung University, Taiwan Contrarian Long-Short Futures Arbitrages and Market Efficiency: Evidence in the Index Futures Markets around the Globe Andrew H. Chen, Southern Methodist University, USA Joseph Kang,  HYPERLINK "http://tw.wrs.yahoo.com/_ylt=A8orxC51UCtEGsAAjkBr1gt./SIG=11nupdt3d/EXP=1143775733/**http%3a/www.ntu.edu.sg/publicportal/" Nanyang Technological University, Singapore Donald Lien, University of Texas at San Antonio, USA Time-Varying Hedge Ratios: An Application to the Indian Stock Futures Market Prasad S. Bhattacharya, Deakin University, Australia Harminder Singh, Deakin University, Australia Gerard L. Gannon, Deakin University, Australia Lead-lag relationship and Hedge Effectiveness: Hang Seng Index, Hang Seng Index Futures and Tracker Fund Gordon, Y.N. Tang, Hong Kong Baptist University, Hong Kong Karen, H.Y. Wong, Chu Hai College of Higher Education, Hong Kong Nonlinear Market Model with Endogenous Threshold to Estimate Bull and Bear Betas Chien-Chung Nieh, Tamkang University, Taiwan Academic Session XIII. Microstructure Room 104 Chairperson: Yu-Jane Liu, National Chengchi University, Taiwan Interday and intraday volatility in a continuous order-driven market with a separate auction opening procedure Gary Tian, University of Western Sydney, Australia Mingyuan Guo, University of Western Sydney, Australia IPO Auctions and Private Information Ji-Chai Lin, Louisiana State University, USA Yi-Tsung Lee, National Chengchi University, Taiwan Yu-Jane Liu, National Chengchi University, Taiwan Are Magnet Effects Caused by Uninformed Traders? Evidence from Taiwan Stock Exchange Woon K. Wong, Tamkang University, Taiwan Matthew C. Chang, Tamkang University & Taiwan Futures Exchange, Taiwan Anthony H. Tu, National Chengchi University, Taiwan Partial Auction, Pricing Information, and Price Adjustment in the IPOs AftermarketAn Empirical Study of TAIEX-listing Firms Gili Yen, Chaoyang University of Technology, Taiwan Ching-Lung Chen, Chaoyang University of Technology, Taiwan Academic Session XIV. Business Strategy and Policy Room 107 Chairperson: Sheng-Syan Chen, National Taiwan University, Taiwan Technological innovations, activity based costing and satisfaction Davood Askarany, The University of Auckland, New Zealand Innovation, Market Share, and Firm Value- Patents in Personal Computer Industry Bi-Huei Tsai, National Chiao Tung University, Taiwan A Concave Quadratic Programming Marketing Strategy Model with Product Life Cycles Paul Y. Kim, University of Pennsylvania, USA Cindy Hsiao-Ping Peng, National Central University Taiwan, Taiwan Chin W. Yang, University of Pennsylvania, USA Ken Hung, National Dong Hua University, Taiwan The Effects Of Lump Sum, Profit And Property Taxes On Regulated Monopolies Ken Hung, National Dong Hwa University, Taiwan Chin-Wei Yang, Clarion University of Pennsylvania, USA John Anthony Fox, The Fox Consultant Incorporated, USA Sequential Compound Option Pricing with Random Interest Rate and Applications to Project Valuation Meng-Yu Lee, National Chiao-Tung University, Taiwan Fang-Bo Yeh, Tunghai University, Taiwan An-Pin Chen, National Chiao-Tung University, Taiwan Academic Session XV. International Finance Room 102 Chairperson: Shikuan Chen , National Taiwan University , Taiwan Does the Weekday Effect of the Yen/Dollar Spot Rates Exist in Tokyo, London, and New York? An Analysis of Panel Probability Distributions Hai-Chin Yu, Chung Yuan University, Taiwan Ingyu Chiou , Eastern Illinois University, USA James Jordan-Wagner, Eastern Illinois University, USA Price Transmission, Foreign Exchange rate Risks, and Global Diversification of ADRs Alan T. Wang, National Cheng Kung University, Taiwan Ming-Yuan Leon Li, National Cheng Kung University, Taiwan Ti-Chen Chena, National Cheng Kung University, Taiwan Earnings Management and Stock Exposure to Exchange Rate Risk Feng-Yi Chang, Yuan Ze University, Taiwan Chin-Wen Hsin, Yuan Ze University, Taiwan Shin-Rong Shiah-Hou, Yuan Ze University, Taiwan Liquidity Commonality and Spillover in the US and Japanese Markets: An Intraday Analysis using the Exchange-Traded Funds Vinay Datar, Seattle University, USA Raymond W. So, Chinese University of Hong Kong, Hong Kong Yiuman Tse, University of Texas at San Antonio, USA Saturday, July 15, 2006 10:45 a.m. 12:15 p.m. Panel Session XI. ETF Product and Market: Present and Future s(W*gOvcxehyWWё"uT^4X (International Reception Hall) Chairperson: Shau Dai Lin, Chairman of Polaris International Securities Investment Trust Co., Ltd. ([OI8RbnjON gPlQScNw g][T) Panelists: Edward H. Chow, National Chengchi University, Taiwan ( Wz?el'Yx[FUx[bbw hTLN) Mina W. Wang, Taiwan Stock Exchange, Taiwan (ScpI8RNf@bOkuoRt jl,l) Yang Ding Goe, Polaris International Securities Investment Trust Co., Ltd., Taiwan ([OI8RbnjON gPlQSeёFUTUoR=~}t Ji[ W) Scott Yu, Fubon Asset. Management Co., Ltd, Taiwan ([I8RbnjON gPlQSWё}tN 8nof_) Sammy Yip, State Street Global Advisors, Asia Limited (S[ttbnj[N2m]ttP}i"uT=~v I[_) Panel Session XII. How to Publish Papers in High Quality Journals YUO(WؚTg R|vhez (Room 110) Chairperson: Cheng Few Lee Rutgers University, USA Editor of RQFA and RPBFMP Panelists: Stephen J. Brown New York University, USA Editor of JFQA J. David Cummins Wharton School of the University of Pennsylvania, USA Editor of Banking and Finance Carl R. Chen University of Dayton, USA Editor of International Review of Economics and Finance Panel Session XIII. How to Improve Warrant Market in Taiwan YUOR7_Scp kI^4Xv|vU\ (Room 105) Chairperson: Min Juh Hwang, Chairman, SinoPac Securities, Taiwan (^I8RcNw ÞOeR) Panelists: Tsun-Siou Lee, National Taiwan University, Taiwan (S'Yё|Yec NgX[O) Richard Chen, Accounting Research and Development Foundation, Taiwan (-Nl Wgxvz|vU\Wёgyfw sg~g) Gary Tan, Polaris Financial Group / Financial Market, Taiwan ([OёƖWё^4XNmiU=~}t sQ) Ching-Pin Liou, Yuanta Core Pacific Securities, Taiwan (CQ'YNI8RёNfoR=~}t Rvas^) Academic Session XVI. Risk Management (B) Room 101 Chairperson: Da-Bai Shen, Soochow University, Taiwan The Basel Accords Puzzle: Do the Risk Weights Reflect the Financial Risk Properly Mei-ying Liu, Soochow University, Taiwan Competition, Deposit Insurance and Bank Risk-taking Roung-Jen Wu, National Yunlin University of Science and Technology, Taiwan Chien-Ping Chi, Yuta Institute of Technology and Commerce, Taiwan Pricing Credit Card Loans and Credit Card Asset Backed Securities with Default Risks Chuang-Chang Chang, National Central University, Taiwan Ra-Jian Ho, National Central University, Taiwan His-Chi Chen, the Taiwan Futures Exchange, Taiwan Hong-Wen Lin, National Central University, Taiwan E-Banking Risks Management Chang-tseh Hsieh, University of Southern Mississippi, USA An Empirical Work on Investigating the Structural Agency Problem under Credit Risk Ren-Raw Chen, Rutgers University, USA Hsuan-Chu Lin, Rutgers University, USA Michael Long, Rutgers University, USA Academic Session XVII. Financial Econometrics Room 109 Chairperson: Ray Yeutien Chou, Academia Sinica, Taiwan A New Approach to Combine Econometric Model with Time-series Analyses-An Empirical Study of International Exchange Markets Ming-Yuan Leon Li, National Cheng Kung University, Taiwan Estimating and Forecasting Volatility of the Stock Indices Using Conditional Autoregressive Range (CARR) Model Heng-Chih Chou, Ming Chuan University, Taiwan David Wang, Hsuan Chuang University, Taiwan What Explains Recent Changes in Monetary Policy Attitudes toward Inflation? Evidence from Developed Countries Melody Lo, University of Texas at San Antonio, USA Applying Grey Forecasting Model on the Investment Performance of Markowitz Efficiency Frontier: A Case of the Dow Jones Industry Index Alex Kung-Hsiung Chang, National Pingtung University of Science and Technology, Taiwan Shin-Wei Huang, National Pingtung University of Science and Technology, Taiwan Academic Session XVIII. Options : Theory and Application Room 107 Chairperson: Chuang-Chang Chang, National Central University, Taiwan An Empirical Comparison of the Constant Elasticity Variance and Alternative Option Pricing Models Cheng-Few Lee, Rutgers University, USA Ren-Raw Chen, Rutgers University, USA Han-Hsing Lee, Rutgers University, USA Pricing Vulnerable Options by Binomial Trees Shu-Ing Liu, Shih Hsin University, Taiwan Yu-Chung Liu, National Taiwan University, Taiwan Impact of Put Warrant Introductions on the Time-Varying Volatility and Trading Properties of the Underlying Stocks Yi-Chen Wang, National Kaohsiung First University of Science and Technology, Taiwan Yuan-Hung Hsu Ku, National Kaohsiung First University of Science and Technology, Taiwan Shih-Kuo Yeh, National Chung Hsing University, Taiwan An Analytic Study of Bond Price with Jump Risk Yu-Ting Chen, National Chiao-Tung University, Taiwan Cheng-Few Lee, Rutgers University, USA Yuan-Chung Sheu, National Chiao-Tung University, Taiwan Solving nonlinear PDE for option pricing under illiquidity Huimin Chung, National Chiao Tung University, Taiwan San-Lin Chung, National Taiwan University, Taiwan Ming-Chih Lai, National Chiao Tung University, Taiwan Chia-Nung Yang, National Chiao Tung University, Taiwan Academic Session XIX. Financial Accounting (D) Room 102 Chairperson: Chung-Fern Wu, National Taiwan University, Taiwan Corporate Voluntary Disclosure and The Separation of Cash Flow Rights From Control Rights Kin-Wai Lee, Nanyang Technological University, Singapore Corporate Ownership Structure and Accuracy and Bias of Mandatory Earnings Forecast: Evidence from Taiwan Chen-Lung Chin, National Chengchi University, Taiwan Gary Kleinman, Kean University, USA Picheng Phil Lee, Pace University, USA Mei-Feng Lin, National Yunlin University of Science & Technology, Taiwan Internal Governance and the Wealth Effect of R&D Expenditure Increases Shao-Chi Chang, National Cheng Kung University, Taiwan Sheng-Syan Chen, National Taiwan University, Taiwan Wen-Chun Lin, National Cheng Kung University, Taiwan The Capital Market Implications of the Frequency of Interim Financial Reporting: An International Analysis Yaw M. Mensah, Rutgers, The State University of New Jersey, USA Robert Werner, Rutgers, The State University of New Jersey, USA Sarbanes-Oxley Act, Non-Audit Service Fees, and Audit Quality Myungsoo Son, State University of New York, USA Kung H. Chen, University of Nebraska, USA Aaron D Crabtree, University of Nebraska, USA Saturday, July 15, 2006 14:00 p.m. 15:30 p.m. Panel Session XIV. The Applications of Derivative Products for Insurance Companies Investment and Risk Management Mu'`ёFUT(WXmibnjS{tva(u (Room 110) Chairperson : Gwo-Duan Jou, HonTai Life Insurance Co., LTD., Taiwan ([lNXcNw hT Wz) Panelists: Ching Lan Lee, AEGON Life, Taiwan (hQtNXbnjw NgleP]) Arnold Kan, JP Morgan Chase Bank, Taiwan (JP MORGANWLcNSRw !|_Un) Shun Yu Chuang, Cathay Life Insurance Co., Taiwan ( WlNX WgQV[6ev萓}t Ո) Chih Yuan Wu, HonTai Life Insurance Co., LTD., Taiwan ([lNXROR萓}t 3T_`) Panel Session XV. Business Education in USA WFUmiYe (Room 102) Chairperson: Leonard Goodman, Rutgers University, USA Keynote Speaker : Howard Tuckman, Dean, Rutgers Business School, Rutgers University, USA ( WT) J.Jeffrey Yang, President, InnoBiotek International, Inc., Maywufa Biopharrmaceutical Enterprise Group, Taiwan (>T 0 0 0ub 0OmiW i`uReub()lQS=~}t JiOe_) Ko-Chung Lin, PharmaEssentia Corp. (兡N gPlQScNw|Q=~}t g W) Panel Session XVII. Intangible Asset Valuation (B) !qb_nj"u[P(B) (International Reception Hall) ChairpersonHong-Chang Chang, Fubon Financial Holding Co., Ltd. and Former Dean of College of Management of National Taiwan University, Taiwan ([ёchszcNfMRS'Y{tx[bbw 5_;z) Keynote Speaker: Daung-Yen Lu, Acting Chairman, Financial Supervisory Commission, Taiwan ё{tvcwYTgN;NNYT BTqg Panelists: Michael Tully, Senior Manager, Ernst & Young Valuation Advisors Group of Los Angeles office Academic Session XX. Asian Stock Market (C) Room 101 Chairperson: Chaoshin Chiao, National Dong Hua University, Taiwan Stock Market Integration And Trade Regionalism Chee-Wooi Hooy, University of Malaya, Malaysia Kim-Leng Goh, University of Malaya, Malaysia Variation of Stock Return Volatility: An International Comparison Wan-Jiun Paul Chiou, Shippensburg University, USA Alice C. Lee, San Francisco State University, USA Cheng-Few Lee, Rutgers University, USA Chiung-Min Tsai, Central Bank of China (Taiwan), Taiwan Determinants of Winner-Loser Effects in National Stock Markets Ming-Shiun Pan, Shippensburg University, USA Rocks Model Revisited: The Case of the Hong Kong IPO Market David Ng, Fillipo Asia Limited, Hong Kong Ranko Jelic, Birmingham University, UK Brahim Saadouni, the University of Manchester, UK Trading Behaviors Under Floating Exchange Rate System: An Analysis of South Koreas Financial Market Dar-Hsin Chen, National Chiao Tung University, Taiwan Chun-Da Chen, Da Yeh University, Taiwan Lloyd P. Blenman, University of North Carolina at Charlotte, USA Academic Session XXI. Risk Management (C) Room 107 Chairperson: Mary A. Weiss, Temple University, USA Overpricing in Emerging Market Credit-Default-Swap Contracts: Some Evidence from Recent Distress Cases Manmohan Singh, International Monetary Fund,, USA Jochen Andritzky, International Monetary Fund, USA Macro Fundamentals In Equity Premium Prediction Jennie J. Bai, University of Chicago, USA Gauging the credit risk by conditional Markov chain model Su-Lien Lu, National United University, Taiwan Kuo-Jung Lee, Shih Chien University Kaohsiung Campus, Taiwan Long and Short Run Liquidity Effects on Term Structure: Evidences from the Taiwan Market William T. Lin, Tamkang University, Taiwan David Sun, Tamkang University, Taiwan Shih-Chuang Tsai, Ling Tung University, Taiwan Has the Market Price of Risk Remained the Same? A Test of Constancy of the Long-Run Aversion Keshab Man Shrestha , Nanyang Technological University, Singapore Academic Session XXII. IPO and Event Study Room 109 Chairperson: Chin-Wen Hsin, Yuan Ze University, Taiwan Determination of the IPO s Underwriting Price Empirical Findings from A Proposed Fuzzy Games Model Kuang-Hua Hsu, Chaoyang University of Technology, Taiwan Does the Involvement of Expert Intermediaries Improve the Survival Profile of IPO Firms? Evidence from Industry Specialist Auditors and Reputable Venture Capitalists Ting-Kai Chou, National Cheng-Kung University, Taiwan Jia-Chi Cheng, National Cheng-Kung University, Taiwan Chin-Chen Chien, National Cheng-Kung University, Taiwan Does Prior Record Matter in the Wealth Effect of Open-Market Share Repurchase Announcement? Shao-Chi Chang, National Cheng Kung University, Taiwan Sheng-Syan Chen, National Cheng Kung University, Taiwan Li-Yu Chen, National Cheng Kung University, Taiwan Share-only IPOs Vs. Unit IPOs Empirical Evidence for the Hong Kong Stock Exchange Khelifa Mazouz, Aston University, UK Brahim Saadouni, the University of Manchester, UK Shuxing Yin, The University of Manchester, UK Inferring Underwriter Intervention on First Day IPO Market -- A Comparison of Two Methods of Gauging Price Support Emilio Venezian, Rutgers University, USA Xiaoli Wang, Rutgers University, USA Saturday, July 15, 2006 15:45 p.m. 17:15 p.m. Panel Session XVIII. The Implementation of Basel II and Future Perspectives in Taiwan Scpe]^X>rTS[KNWLU\g (International Reception Hall) Chairperson: Ching-chyi Lai, ChungHwa Post Co., Ltd., Taiwan (-N?eN gPlQScNw nzy) Keynote Speaker: Gary K. L. Tseng, Director General, Banking Bureau, Taiwan (L@\@\w f Wp) Panelists: Connie Lin, FuHwa Financial Holding Co., Ltd., Taiwan (_ёc{t-N_WLw|Q_L{t=~UnjmoR=~}t gGRh) Panel Session XIX. Risk Management on Non-life Insurance Companies "uirOlQSv{t (Room 110) Chairperson : Gwo-Duan Jou, HonTai Life Insurance Co., LTD., Taiwan ([lNXcNw hT Wz) Keynote Speaker: Frank K. B. Ling, Feng Chia University, Taiwan ("2u'Yx[Yec Q [) Panelists: Joseph Chang, Chairman, Dragon Insurance Co. Ltd., Taiwan (s^["uirOlQScNw 5_CNĖ) Jack Tai, Vice Chairman, South China Insurance Co., Ltd., Taiwan (WS"uirOlQSoRcNw 4bey) Jeremy Kan, Vice President, Taiwan Insurance Institute, Taiwan (ONmi|vU\-N_oR=~}t !|Nf) Academic Session XXIII. Macro Economics and Finance (B) Room 109 Chairperson: Chien-Fu Lin, National Taiwan University, Taiwan Three GARCH-based volatility forecast approaches in the context of periodicities -an empirical study based on foreign exchange and equity data Meng-Feng Yen, Chaoyang University of Technology, Taiwan Information Content of Local Bond Rating Changes Chin-Pang WONG, Hong Kong Polytechnic University, Hong Kong Income Inequality, Openness, and Fiscal and Monetary Impacts in China: Provincial Evidence Ying Wu, Salisbury University, USA Hong Yao, Salisbury University, USA The Predictive Power of Short-term Exchange Rate based on ARIMA and Hybrid Models Syouching Lai, National Cheng Kung University, Taiwan Hungchih Li, National Cheng Kung University, Taiwan Manling Lee, National Cheng Kung University, Taiwan Tsung-yueh Yang, Cheng Shin Company, Taiwan Academic Session XXIV. Management of Financial Institution (B) Room 105 Chairperson: Chung-Hua Shen, National Chengchi University, Taiwan Responses Of Commercial Bank Lending To Interest Rate Changes In Malaysia: An ARDL Approach Kim-Leng Goh, University of Malaya, Malaysia Sook-Lu Yong, University of Malaya, Malaysia Is the growth in China sustainable with the existing financial structure? R. Gupta, Central Queensland University, Australia Annie, Chang Chun Taxation University, China Evolving Risk Aversion and the Evidence On Constant Relative Risk Aversion Emilio Venezian, Rutgers University, USA Academic Session XXV. Financial Accounting and Corporate Finance Room 107 Chairperson: Chin-Chen Chien, National Cheng Kung University, Taiwan Non-Audit Service and Auditor Independence: An Examination of the Procomp Effect Rong-Ruey Duh, National Taiwan University, Taiwan Wen-Chih Lee, National Kaohsiung University of Applied Sciences, Taiwan Chi-Yun Hua, Fu-Jen Catholic University, Taiwan IAS 7 Alternative Methods of Disclosing Cash Flow from Operations: Evidence on the Usefulness of Direct Method Cash Flow Disclosures Neal Arthur, The University of Sydney, Australia Grace C-H Chuang, The University of Sydney, Australia A reexamination of the association between CEO compensation and the components of accounting earnings Steven Balsam, Temple University, USA Simon Yang, Adelphi University, USA Jennifer Yin , University of Texas at San Antonio, USA The Synergy and Timing of Multi-Firms Merges under Uncertainty Kuo-Jung Lee, Shih Chien University, Kaohsiung Campus, Taiwan David S. 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