Search

PurposeThis research examines how macroeconomic variables can precisely predict bull/bear stock markets in China and Taiwan.Design/methodology/approachThis paper adopts a two-state Markov switching model to characterize the bull and bear markets spanning from 1994 to 2019 and then conduct a bear stock market predictability test by running regressions between the filtered probabilities of bear markets and a series of macroeconomic variables in turn at different horizons of 1, 3, 6, 12 and 24 months.FindingsThis paper shows that inflation rates, changes in real exchange rates, and foreign currency reserve growth are key predictors of bear markets in China, while term spreads, unemployment rates and foreign reserve growth are major factors that can predict bear markets in Taiwan. Remarkably, industrial production growth does not have predictive power for bear markets, which may suggest emerging markets are driven by fund flows rather than real economic activities. Besides, the impact directions of foreign currency reserve growth are opposite, which may be due to different proportions of the financial accounts in their balance of payments.Practical implicationsIn practical respect, this paper provides market participants the usefulness, impact direction and implications of bear market predictors when building their market-timing strategies in China and Taiwan stock markets. The government institutions may also thereby make appropriate policies to prevent huge stock market downturns and serious drawbacks.Originality/valueIt highlights the “fund-driven market hypothesis” and “foreign currency reserve effects” that commonly dominate Taiwan and China stock markets since both are highly affected by international funds.

Insect-induced galls are an atypical growth and differentiation form of plant tissue. The objective of this research was to study the expression of photosynthesis-associated proteins in Cecidomyiidae galls derived from the leaves of Litsea acuminata using a Western blot analysis of antibodies against light-harvesting complex (LHC) proteins isolated from non-galled and galled leaves and gall tissues. These LHC proteins involved in RC-1a, RC-1b, LHCb4, LHCb5, CP47, and CP-1a showed different responses in galls and leaves and exhibited a remarkable potential modulation role in regulating gall development. All photosynthetic proteins were repressed in gall tissues, indicating that light reaction functioning was significantly repressed. Compared to non-galled and galled leaves, galls demonstrated significantly lower chlorophyll (Chl) content and photosystem II maximum quantum efficiency (Fv/Fm) values, suggesting that insect infestations reduced photosynthetic efficiency. In addition, there were significant and positive correlations between LHCb5, CP-1a, and CP47 vs. Fv/Fm values and Chl content in galls and leaves, indicating that gall infections induced physiological changes, and therefore, that the Fv/Fm value could be utilized as a tool to easily and quickly study the eco-physiology of galls.

Wild tomatoes are important genomic resources for tomato research and breeding. Development of a foreign DNA-free CRISPR-Cas delivery system has potential to mitigate public concern about genetically modified organisms. Here, we established a DNA-free protoplast regeneration and CRISPR-Cas9 genome editing system for Solanum peruvianum, an important resource for tomato introgression breeding. We generated mutants for genes involved in small interfering RNAs (siRNA) biogenesis, RNA-DEPENDENT RNA POLYMERASE 6 (SpRDR6) and SUPPRESSOR OF GENE SILENCING 3 (SpSGS3); pathogen-related peptide precursors, PATHOGENESIS-RELATED PROTEIN-1 (SpPR-1) and PROSYSTEMIN (SpProsys); and fungal resistance (MILDEW RESISTANT LOCUS O, SpMlo1) using diploid or tetraploid protoplasts derived from in vitro-grown shoots. The ploidy level of these regenerants was not affected by PEG-calcium-mediated transfection, CRISPR reagents, or the target genes. By karyotyping and whole genome sequencing analysis, we confirmed that CRISPR-Cas9 editing did not introduce chromosomal changes or unintended genome editing sites. All mutated genes in both diploid and tetraploid regenerants were heritable in the next generation. spsgs3 null T0 regenerants and sprdr6 null T1 progeny had wiry, sterile phenotypes in both diploid and tetraploid lines. The sterility of the spsgs3 null mutant was partially rescued, and fruits were obtained by grafting to wild-type stock and pollination with wild-type pollen. The resulting seeds contained the mutated alleles. Tomato yellow leaf curl virus proliferated at higher levels in spsgs3 and sprdr6 mutants than in the wild type. Therefore, this protoplast regeneration technique should greatly facilitate tomato polyploidization and enable the use of CRISPR-Cas for S. peruvianum domestication and tomato breeding.One-sentence summaryDNA-free CRISPR-Cas9 genome editing in wild tomatoes creates stable and inheritable diploid and tetraploid regenerants.

This study aims to investigate earnings management during the fourth quarter and explains why there is a large kink in the distribution of annual earnings around zero. We use multinomial logistic r...

Terpios hoshinota is an aggressive, space-competing sponge that kills various stony corals. Outbreaks of this species have led to intense damage to coral reefs in many locations. Here, the first large-scale 16S rRNA gene survey across three oceans revealed that bacteria related to the taxa Prochloron, Endozoicomonas, SAR116, Ruegeria, and unclassified Proteobacteria were prevalent in T. hoshinota. A Prochloron-related bacterium was the most dominant and prevalent cyanobacterium in T. hoshinota. The complete genome of this uncultivated cyanobacterium and pigment analysis demonstrated that it has phycobiliproteins and lacks chlorophyll b, which is inconsistent with the definition of Prochloron. Furthermore, the cyanobacterium was phylogenetically distinct from Prochloron, strongly suggesting that it should be a sister taxon to Prochloron. Therefore, we proposed this symbiotic cyanobacterium as a novel species under the new genus Candidatus Paraprochloron terpiosi. Comparative genomic analyses revealed that 'Paraprochloron' and Prochloron exhibit distinct genomic features and DNA replication machinery. We also characterized the metabolic potentials of 'Paraprochloron terpiosi' in carbon and nitrogen cycling and propose a model for interactions between it and T. hoshinota. This study builds a foundation for the study of the T. hoshinota microbiome and paves the way for better understanding of ecosystems involving this coral-killing sponge.

Extreme temperatures have become a threat to crop yields. To maintain plant growth and yield, chlorophyll (Chl) biosynthesis plays a crucial role in adaptation to temperature stress. This study investigated the influence of temperature on the biosynthesis and characteristics of pigments (Chl a, Chl b, and carotenoids) in the leaves of Chl b-lacking mutant rice (Chlorina 1, ch1) and wild-type rice (Norin No.8, wt). The ch1 showed thinner stacked grana caused by a decrease in thylakoid membranes per granum at 15 °C, whereas the destacked grana were observed at 35 °C after 12 h incubation. However, the grana are stacked normally, along with the absence of Chl b, and a significantly decreased amount of Chl a in both wt and ch1 were observed after heat stress exposure, demonstrating that light-harvesting complex II proteins are involved in grana stacking. Ch1 was sensitive to 15 °C during the first 4 h of incubation but it subsequently adapted to the cold environment. In addition, there were no significant differences in the photosynthesis between wt and ch1 after 12 h incubation at 35 °C. Differentially expressed gene (DEGs) analysis revealed that GluRS expression decreased, which resulted in a decline in Chl biosynthesis in wt and ch1 at 35 °C. At 8 h and 12 h, there were no significant differences in the expression of DEGs involved in Chl biosynthesis and degradation between wt and ch1 at 15 °C. ALAD expression in wt and ch1 at 15 °C decreased until it was undetectable. These findings suggested that ch1 may adapt to temperatures ranging from 15 °C to 35 °C.

Terpios hoshinota is a ferocious, space-competing sponge that kills a variety of stony corals by overgrowth. Outbreaks of this species have led to intense coral reef damage and declines in living corals on the square kilometer scale in many geographical locations. Our large-scale 16S rRNA gene survey across three oceans revealed that the core microbiome of T. hoshinota included operational taxonomic units (OTUs) related to Prochloron, Endozoicomonas, Pseudospirillum, SAR116, Magnetospira, and Ruegeria. A Prochloron- related OTU was the most dominant cyanobacterium in T. hoshinota in the western Pacific Ocean, South China Sea, and Indian Ocean. The complete metagenome-assembled genome of the Prochloron-related cyanobacterium and our pigment analysis revealed that this bacterium had phycobiliproteins and phycobilins and lacked chlorophyll b, inconsistent with the iconic definition of Prochloron. Furthermore, the phylogenetic analyses based on 16S rRNA genes and 120 single-copy genes demonstrated that the bacterium was phylogenetically distinct to Prochloron, strongly suggesting that it should be a sister taxon to Prochloron; we therefore proposed this symbiotic cyanobacterium as a novel species under a new genus: Candidatus Paraprochloron terpiosii. With the recovery of the complete genome, we characterized the metabolic potentials of the novel cyanobacterium in carbon and nitrogen cycling and proposed a model for the interaction between Ca. Pp. terpiosi LD05 and T. hoshinota. In addition, comparative genomics analysis revealed that Ca. Paraprochloron and Prochloron showed distinct features in transporter systems and DNA replication.ImportanceThe finding that one species predominates cyanobacteria in T. hoshinota from different geographic locations indicates that this sponge and Ca. Pp. terpiosi LD05 share a tight relationship. This study builds the foundation for T. hoshinota’s microbiome and paves a way for understanding the ecosystem, invasion mechanism, and causes of outbreak of this coral-killing sponge. Also, the first Prochloron-related complete genome enables us to study this bacterium with molecular approaches in the future and broadens our knowledge of the evolution of symbiotic cyanobacteria.

This study aims to examine how the social networks of top management affect the recovery of their companies when facing a financial crisis. We mainly use the logit and Cox regression models to investigate whether social networks help overcome the financial distress and shorten the crisis duration. The empirical findings suggest that companies with characteristics of low degree centrality of the chairman’s bank networks and high closeness centrality of the general manager’s general networks and bank networks are more likely to overcome financial distress and get back to normal status. Furthermore, for companies with characteristics of low degree centrality of the chairman’s personal general networks, low closeness centrality of the financial executive’s personal general networks, and high degree centrality of the financial executive’s personal bank networks, it was easier to shorten the crisis duration. The practical implication is that companies need to prioritize quality over quantity in order to survive or shorten the crisis. All company top managers should not look only at the size of the company but consider how the social network is configured.

This paper aims to explore the relationship between information asymmetry and stock momentum. Using winner and loser approach, we find that winners with exaggerated forecast of earnings per share are more likely to have contrarian profits in subsequent holding periods. On the contrary, winners with low or middle-low information asymmetry tend to continue their good returns in future holding periods. In addition, the losers with middle information asymmetry achieve the highest contrarian profits, which may be called “white lie effects.”, Information asymmetry, Stock momentum, Contrarian profits, Trading strategy, White lie effects; Economics; Finance; Corporate finance; International finance; Behavioral economics; Accounting.

This study examines the relationship between nursing staff's emotional intelligence, social support, job involvement, and turnover intention of nursing staff. The MANOVA Multivariate Analysis of Variance (MANOVA) and Structural Equation Modeling (SEM) were used to examine the aforesaid constructs. The results of the study show that while emotional intelligence has a positive impact on social support and job involvement, social support also has a positive impact on job involvement. Meanwhile, both social support and job involvement have a negative impact on turnover intention. Therefore, the underlying reasons for turnover behavior can be traced back to emotional intelligence, whereas social support and job involvement can be two tiers of mediators. These results can provide hospitals with human resource management strategies and serve as a reference for organizational management.

Photosynthetic properties and transcriptomic profiles of green and white sectors of Ficus microcarpa (c.v. milky stripe fig) leaves were examined in naturally variegated plants. An anatomic analysis indicated that chloroplasts of the white sectors contained a higher abundance of starch granules and lacked stacked thylakoids. Moreover, no photosynthetic rate was detected in the white sectors. Transcriptome profile and differential expressed gene (DEG) analysis showed that genes encoding PSII core proteins were down-regulated in the white sectors. In genes related to chlorophyll metabolism, no DEGs were identified in the biosynthesis pathway of chlorophyll. However, genes encoding the first step of chlorophyll breakdown were up-regulated. The repression of genes involved in N-assimilation suggests that the white sectors were deprived of N. The mutation in the transcription factor mitochondrial transcription termination factor (mTERF) suggests that it induces colorlessness in leaves of the milky stripe fig.

Photosynthetic properties and transcriptomic profiles of green and white sectors of Ficus microcarpa (c.v. milky stripe fig) leaves were examined in naturally variegated plants. An anatomic analysis indicated that chloroplasts of the white sectors contained a higher abundance of starch granules and lacked stacked thylakoids. Moreover, no photosynthetic rate was detected in the white sectors. Transcriptome profile and differential expressed gene (DEG) analysis showed that genes encoding PSII core proteins were down-regulated in the white sectors. In genes related to chlorophyll metabolism, no DEGs were identified in the biosynthesis pathway of chlorophyll. However, genes encoding the first step of chlorophyll breakdown were up-regulated. The repression of genes involved in N-assimilation suggests that the white sectors were deprived of N. The mutation in the transcription factor mitochondrial transcription termination factor (mTERF) suggests that it induces colorlessness in leaves of the milky stripe fig.

Background Insect galls are atypical plant tissues induced by the invasion of insects. Compared to the host leaf, gall tissues lose photosynthetic ability, but have higher soluble sugar content. Although the physiological and biochemical regulation of gall tissues have been demonstrated, the mechanism of genetic regulation has only been analyzed in few studies. Results In this study, the transcriptome of cup-shaped galls and its host leaf were de novo assembled. Cellular functional enrichment and differentially expressed gene groups in the gall tissues were analyzed. The genes associated with primary metabolism, including photosynthesis, cell wall turnover, and sugar degradation, were expressed differently in galls and leaves. The examination of gene expression demonstrated that the genes involved in brassinosteroid synthesis and responses exhibited a remarkable modulation in cup-shaped galls, suggesting a potential role of steroid hormones in regulating gall development. Conclusions This study revealed the genetic responses, including those involved in source-sink reallocation and phytohormone metabolism, of galls induced by a dipteran insect.

It is important to determine whether firms realize assets within a short period to settle liabilities when the debts are due. Most common indicators used to measure liquidity are the current and quick ratios. However, the cash conversion cycle period (CCC) may be a better approach. This study chooses two Taiwan companies in food industries: a listed company (Uni-President) and a delisted company (Tsin Tsin) to compare performance based on liquidity indicators. We examine financial data of the two companies from 1996 to 2005 (Tsin Tsin was delisted in 2006), to calculate their current ratio, quick ratio and cash conversion cycles. The research results show that CCC indicators better reflect the company's actual short term debt-paying ability and liquidity.

This study aims to examine how attainment discrepancy and financial slack affect risk-taking behaviour across a Firm's Life Cycle (FLC) stages. The empirical results show that the investment behaviour of the firms is deeply affected by the industry's investment behaviour in all FLC stages. Especially in the mature stage, slack search can appropriately explain Foreign Direct Investment (FDI) behaviour, and long-run resource is an essential factor. In the growth stage, financial soundness is a prerequisite for firms to launch FDIs. In the recession stage, firms seem to be insensitive to performance or slack resources.

This paper uses an event study methodology to examine the stock price behavior surrounding announcements of stock repurchases made by Taiwan firms from 2000 to 2008. Our analysis shows that stock prices go up in response to stock repurchase announcements. We also find the announcement effects between various industries to be significantly different; the announcement effect is greatest in the financial industry and least in the electronics industry. Finally, firms which fully executed stock repurchases were confirmed to have experienced a relatively large stock price decline in the pre-announcement period compared with those which executed less than 10% stock repurchases; however, there is no significant difference in their announcement effects.

This study examines whether a high dividend yield is equivalent to a high return. For constructing a proposed portfolio, we use the panel data of listed companies dividends in six consecutive quarters, and other financial data to estimate expected current yields, which more conform to firms’ profit prospective than the traditional current dividend yield. The results show that in 2003 Q1 to 2008 Q2, the performance differences between the portfolio and the benchmark portfolio are significantly positive statistically. Furthermore, the use of Sharpe ratios and Treynor indices to re-measure the performances does not change the results. In addition, when we extend our prediction period, the effectiveness of the portfolio persists for at least a quarter.

This study examines the association between dividend payout ratios and subsequent earnings growth using a unique dataset on Taiwanese firms paying dual dividends. The practice of paying dual dividends, which is quite common in Taiwan, gives rise to a novel ‘balanced-dividend hypothesis’ to be addressed in this study. The main thrusts of the hypothesis are that high cash-dividend payouts may reduce agency costs, and that high stock-dividend payouts provide a signal of optimism. The empirical evidence shows that a significant positive association between dividend payout ratios and subsequent earnings growth exists only in the dual-dividend payouts sample. After further dividing the whole sample according to their cash-to-stock ratios, the significantly positive association between dual-dividend payouts and subsequent earnings growth is discernible only in the balanced-dividend sub-samples.

Aligned carbon nanotubes were synthesized under a combination of 20 different C 2 H 2 /H 2 /NH 3 compositions at 700 °C using a thermal chemical vapor deposition method. Thin film Fe was used as the catalyst, which was pretreated with H 2 or NH 3 prior to the growth of carbon nanotubes. The use of different pretreatment gases results in little difference in the growth and characteristics of the carbon nanotubes except that the carbon nanotubes grown on H 2 treated catalysts have smaller diameters. The growth rate of the CNTs does not depend on the NH 3 concentration but on the ratio of NH 3 /C 2 H 2 . There is a critical NH 3 /C 2 H 2 ratio that is independent of the C 2 H 2 concentration and at which the peak growth rate occurs. The critical value was found to be 4.7 ± 1.2. Microstructural analysis indicates that the carbon nanotubes obtained at higher NH 3 concentrations contain defects and disorder. Field emission tests show that the carbon nanotubes exhibit a turn-on field of 2.36 V/μm and a maximum current density of 1.91 mA/cm 2 . The field emission properties were found to be stable after 15 test cycles.

In this paper, we propose an emotion profile based music recommendation system. In the proposed algorithm, two emotion profiles are constructed using decision value in support vector machine (SVM), and based on short term and long term features respectively. The recognized emotion, emotion profile, and personal historical query results are fed into the recommendation module to generate the recommended music list.

Owing to the emotion deficiency problem in many of the conventional education systems, emotion sensing has become a new recent research trend as it is possible to provide useful strategies to enhance the learning effectiveness of a student. Among the various modalities for emotion sensing, this paper a speech-based emotion verification system. In particular, boredom verification is addressed herein. We present an emotion feature set comprising mel-frequency cepstral coefficients (MFCCs), Legendre-based trend coefficients (LBTCs) of MFCCs and 4th subband power, PCA transformed LBTCs, spectral flatness, and RSS. The proposed feature set is fed into a 2-class support vector machine (SVM) for boredom emotion verification. The proposed system has been demonstrated an emotional speech database with a 67.79% verification rate.

This study examines the behaviors of firms that engage in Foreign Direct Investments (FDIs). The present study is unique in adopting the classification of underperforming or outperforming, relative to aspiration level, to examine FDI behaviors. An analysis of the fixed-effects panel regression shows that the attainment discrepancy and the behaviors of their peer firms affect the listed Taiwanese firms’ FDIs into China. However, slack search is more appropriate than problemistic search in explaining firms’ FDI behaviors. Shifts of managers’ attention occur when firms face different situations. Managers may shift their attention from aspiration to survival when threats are present. The focal point of managers’ attention can be more on unabsorbed slack or potential slack depending on whether firms are pursuing aspiration or survival. Understanding how the role of aspiration level and the shifts of managers’ attention play in FDI behaviors can help outsiders such as investors and policymakers to identify firms’ strategy and modify investment strategies or policies. Key words: Foreign direct investment, the behavioral theory of the firm, the resource-based view of the firm, attainment discrepancy, slack search, problemistic search.

Commercial large area bi-layered ZnO front contact (FTCO) in tandem Si (amorphous/microcrystalline) solar cells was investigated. Different haze value and doping level of the FTCO were analyzed. From the SEM and EQE investigations, it was verified that the surface morphology of the ZnO significantly influence the μ-Si quality. Although the light trapping effect was suppressed in the low haze cell, the improved carrier-collection ability still maintained the cell efficiency. The initial cell efficiency was slightly improved from 10.27% to 10.46% by using the low haze FTCO. In addition, the carrier-collection ability could be further enhanced by using a bilayer ZnO with lower surface roughness and doping level. In this paper, the test cells with such low haze and low surface doped FTCO exhibited highest efficiency 11.17%. The bilayer FTCO was then successfully implemented in the mass production of large area (1.1∗1.3m) modules, and more than 1 W power improvement was acquired.

Carbon nanotubes were grown on hydrogen-treated Fe catalyst at 700 °C using a thermal chemical vapor deposition method. During the growth, acetylene was used as the carbon source, which is balanced by hydrogen and/or ammonia. Raman analysis shows that the introduction of ammonia to the gaseous carbon source can lead to defect structures in the carbon nanotubes due to the incorporation of nitrogen atoms into the carbon nanotubes. Furthermore, the growth rate of carbon nanotubes was also affected by the introduction of ammonia into the gaseous carbon source. We show that the dependence of the growth rate on the gaseous source composition is better described in terms of the ratio of ammonia to acetylene than the overall ammonia concentration. It is proposed that there is a competition between the ammonia and the acetylene during the growth of CNTs. At low ammonia/acetylene ratios the growth increases with ammonia concentration; while at high ammonia/acetylene ratios the growth decreases with the ammonia concentration. A critical ammonia/acetylene ratio of 4.4, at which the growth peaks, was found and discussed.

The main purpose of this paper is to explore Taiwanese firms' risk behavior when investing in China. Firms' investment decision-making in relation to risk propensity may be affected by its (1) aspiration performance, (2) looming bankruptcy, (3) sound operating resource, and/or (4) investment behavior within an industry. There is no reason to believe that a consensus of risk behavior is shared among various industry sectors. Nevertheless, little empirical evidence exists on this issue in the academic world. Apart from risks associated with globalization, firms in Taiwan, unlike those of other nations, face very high political risk owing to the cross-strait political tension with China. Past researchers have taken variables such as innovation or R&D expenditure as proxies in testing the risk behavior of firms, and yet the reliability of these two variables to represent risk behavior remains arguable. The authors use China investment as the proxy for risk behavior of firms in Taiwan to study the decision-making behavior of two groups: One group in electronic and information technology (EIT) industry and another group in the nonelectronic and information technology (nonEIT) industry. Empirical results show that (1) China investment is significantly affected by peer investment; (2) the EIT firms are more aggressive in resource utilization; and (3) R&D expenditure has a significant positive relationship with China investments in Taiwanese firms with strong past performance.

This work presents the first chip design for a portable speech-to-speech translation application. First, we construct a speech-to-speech translation system based on multiple-translation spotting (MTS). In terms of the proposed MTS method, the optimal multiple-translation spotting template is retrieved and the appropriate target patterns are extracted. To overcome the computational bottleneck due to the MTS algorithm, this work introduces a template retrieval core and a target pattern extraction core. Combined with a low cost programmable core, this work takes the most out of both programmable and application-specific architectures, including performance, design complexity, and flexibility. This design was experimentally verified via semi-custom chips using 0.35 μm CMOS single-poly-four-metal technology on a die of approximately 3.85 × 3.85 mm 2 size.