This thesis contains four parts that are all connected by their contributions to the Efficient Market Hypothesis and decision-making literature. Chapter two investigates how national stock market indices reacted to the news of national lockdown restrictions in the period from January to May 2020. The results show that lockdown restrictions led to different reactions in a sample of OECD and BRICS countries: there was a general negative effect resulting from the increase in lockdown restrictions, but the study finds strong evidence for underreaction during the lockdown announcement, followed by some overreaction that is corrected subsequently. This under-/overreaction pattern, however, is observed mostly during the first half of our time series, pointing to learning effects. Relaxation of the lockdown restrictions, on the other hand, had a positive effect on markets only during the second half of our sample, while for the first half of the sample, the effect was negative. The third chapter investigates the gender differences in stock selection preferences on the Taiwan Stock Exchange. By utilizing trading data from the Taiwan Stock Exchange over a span of six years, it becomes possible to analyze trading behavior while minimizing the self-selection bias that is typically present in brokerage data. To study gender differences, this study uses firm-level data. The percentage of male traders in a company is the dependent variable, while the company’s industry and fundamental/technical aspects serve as independent variables. The results show that the percentage of women trading a company rises with a company’s age, market capitalization, a company’s systematic risk, and return. Men trade more frequently and show a preference for dividend-paying stocks and for industries with which they are more familiar. The fourth chapter investigated the relationship between regret and malicious and benign envy. The relationship is analyzed in two different studies. In experiment 1, subjects had to fill out psychological scales that measured regret, the two types of envy, core self-evaluation and the big 5 personality traits. In experiment 2, felt regret is measured in a hypothetical scenario, and the subject’s felt regret was regressed on the other variables mentioned above. The two experiments revealed that there is a positive direct relationship between regret and benign envy. The relationship between regret and malicious envy, on the other hand, is mostly an artifact of core self-evaluation and personality influencing both malicious envy and regret. The relationship can be explained by the common action tendency of self-improvement for regret and benign envy. Chapter five discusses the differences in green finance regulation and implementation between the EU and China. China introduced the Green Silk Road, while the EU adopted the Green Deal and started working with its own green taxonomy. The first difference comes from the definition of green finance, particularly with regard to coal-fired power plants. Especially the responsibility of nation-states’ emissions abroad. China is promoting fossil fuel projects abroad through its Belt and Road Initiative, but the EU’s Green Deal does not permit such actions. Furthermore, there are policies in both the EU and China that create contradictory incentives for economic actors. On the one hand, the EU and China are improving the framework conditions for green financing while, on the other hand, still allowing the promotion of conventional fuels. The role of central banks is also different between the EU and China. China’s central bank is actively working towards aligning the financial sector with green finance. A possible new role of the EU central bank or the priority financing of green sectors through political decision-making is still being debated.
Since November 1997, we started to focus on the population ecology of two sympatric Sinonatrix snakes in the Chutzuhu swamp, northern Taiwan. At the same time we also examined some specimens from Senckenberg Natural History Museum, Frankfurt am Main and accumulated field data of some observation made on S. percarinata suriki from Fushan botanical garden, Sanping and Gaoshu, Taiwan. According to the specimens examined, we suspect that the close phylogeny of S. percarinata suriki may come from two ancestors, northeast Taiwan population closest to Fujien or Zehjiang and the southwest population closest to Guandong or Vietnam. This pattern was also represented in some molecular phylogeny studies of freshwater fish in Taiwan. There were 22,462 trap-nights, taken from the Chutzuhu swamp, during the period November 1999 to September 2001 and 361 snakes were collected, comprising five species and 617 snake-times. The population sizes were based on the Lincoln-Peterson index and were estimated to be 988-±326 in S. annularis and 129-±78 in S. percarinata suriki. Movement and home range data showed S. annularis is a restricted activity water snake and S. percarinata suriki possesses great mobility in spatial patterns, but movement ability seems to be influenced by the size of the aquatic environment. S. annularis is live-bearing, on average 8.19 neonates and this principally occurs in September; S. percarinata suriki lays 6-24 eggs, but due to insufficient observations no conclusions can be drawn. It must be noted that oviposition was also noted in September. The reproductive mode may reflect on thermal requirement differences of the two sympatric snakes. S. annularis tended to be a fish (98%) eater and S. percarinata suriki take 50% fish and 50% frogs in their diet. Middle to high ground cover marshland appears to be the favorite microhabitat of S. annularis, and S. percarinata suriki seems prefer open creeks and ditches. The population condition of S. annularis in the Chutzuhu swamp seems to be rapidly deteriorating and this trend is also reflected in the BCI declines, low proportion stomach contents and diseases of S. annularis. Water seems to be the major influencing factor and strongly correlates with the conservation strategy. Conservation proposals for S. annularis in the Chutzuhu swamp will be formulated. During this study period we also developed an efficient technique for snake morphological data accumulation and image database, with the aid of the following devices, PC notebook and scanner, which is adapted for practical field studies. We also want to propose a component system for the establishment of a fundamental snake population databases (FPDS) for long-term snake ecological studies and monitoring herein.
The main purpose of this dissertation is to solve the following question: How will the emergence of the Euro influence the currency composition of the NICs?monetary reserves? Taiwan and Thailand are chosen as our investigation subjects. There are two sorts of motives for central banks' reserve holdings, i.e., intervention-related motives and portfolio-related motives. The need for reserve holdings resulting from intervention-related motives are justified because of the costs resulting from exchange rate instability. On the other hand, we use the Tobin-Markowitz model to justify the need for monetary reserves held for portfolio-related motives. The operational implication of this distinction is the separation of monetary reserves into two tranches corresponding to different objectives. An analysis of a central bank's transaction balance is a money quality analysis. Such an analysis has to do with transaction costs and non-pecuniary rates of return. The facts point out, that the Euro's emergence will not change the fact that the USD will continue to be the major currency of transaction balances of the central banks in Taiwan and Thailand. In order to answer the question about diversification of monetary reserves as idle balance in the two NICs, we carry out an analysis of the portfolio approach, which is based on the basic ideas of the Tobin-Markowitz model. This analysis shows that Taiwan and/or Thailand respectively cannot reduce risk at a given rate of return or increase the rate of return at a given risk by diversifying their monetary reserves as idle balance from the USD to the Euro.
Soziale Dienste in Taiwan
(2001)
Soziale Dienste sind Ausdruck einer wichtigen Form von Helfen innerhalb einer Gesellschaft. Die Entfaltungsmöglichkeit und der Entwicklungsgrad der sozialen Dienste sind nicht unabhängig von spezifischen räumlichen und zeitlichen Hintergründen, und sie werden auch von den gesamtgesellschaftlichen Bedingungen (z. B. politisch-rechtlichen, wirtschaftlichen, soziokulturellen Faktoren) beeinflusst. Um die Besonderheiten der sozialen Dienste innerhalb der taiwanesischen Gesellschaft zu verdeutlichen, sollen die oben erwähnten Hintergründe und Bedingungen analysiert und dargestellt werden. In Taiwan erfolgte die Entwicklung wohlfahrtsstaatlicher Institutionen und Programmen im Vergleich zu Westeuropa zeitlich schnellen. Dabei ist ein Zusammenhang zu sehen mit der gezielt vorangetriebenen wirtschaftlichen Modernisierung. Dies gilt auch für die Demokratisierungsbewegung, die gleichzeitig auf Druck von unten wie auf Initiative von oben ausging. Sozialpolitische Maßnahmen konnten nur dann Erfolg haben, wenn Systemvertrauen gewonnen werden konnte. Dies erwies sich in Taiwan als notwendig, weil in der taiwanesischen Gesellschaft traditionell nur eine Vertrauensbasis innerhalb überschaubarer Personenkreise bestand. In dieser Arbeit zeigte es sich, dass entgegen einer häufig geäußerten Behauptung von der Überlegenheit "asiatischer Werte" bestimmte kulturelle Muster (z. B. Drei-Generationen-Zusammenleben) angesichts eines rasanten sozialen Wandels anpassungshemmend wirken werden können. Es handelt sich im vorliegenden Fall um die innerfamiliäre Solidarität bei der Versorgung älterer Angehöriger. Wenn dieses Leitbild weiterhin Orientierung geben soll, müssen in der sich verändernden Gesellschaft unterstützende Maßnahmen entwickelt werden. Ohne entsprechende Innovationen auf diesem Gebiet und in verwandten Bereichen gerät der "Confucian welfare state" in Gefahr.