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This paper examines the empirical patterns of futures prices volatility by using different seasonal adjustment techniques The average absolute month to month percentage (AAPC) figures are used to describe the extent of smoothness when seasonal adjustment methods are applied. Several interesting patterns are suggested from the observation of different futures contracts. The authors then suggest further that if seasonal patterns do exist for futures prices volatility, it is possible to focus the study of futures prices volatility on the different seasonal filters selection, and/or on the different seasonal models alternatives.

Examines the negative impacts of brand extension failure upon the original brand by calibrating the difference of brand equity. Using data collected from college students in Taiwan, establishes four hypotheses to identify various effects of a failed brand extension in diluting the original brand’s equity. Analyzes the different effects among four types of equity‐source brands for both close and distant extensions. Equity‐source and equity level of the original brand is identified first. All components of brand equity‐source are then used to evaluate the performance of a brand extension. Finds that an unsuccessful brand extension dilutes the original brand for all three high equity‐source brands. Effects of brand dilution differ according to the type of equity source possessed by the original brand, but there is no difference in brand dilution effects from close and distant extension failures.

Factors which have contributed to gold price fluctuation include the interaction between gold demand and supply, government intervention, uncertainty of the world political environment and global economic stability. Previously researchers looked at modeling the variation in gold price movements. Williams (1972) used a pure descriptive way to review the activities of the gold market during the period from 1968 to 1972, a time when great changes in gold prices occurred. He asserted that the private gold markets are relatively unstable, and that gold prices may show a rapid rise under conditions of crisis or acute uncertainty. In Williams' study, no precise relationship or functional forms were employed to explain the fluctuation of gold prices.

In this chapter, we demonstrate that studying relevant investment information helps reduce individual investors’ disposition effect. It is prevalent that many individual investors in stock market do not form their own opinion about the investments; instead they mimic investment strategies of others. This research shows that the intention of making easy money only worsens the disposition effect. We collect 2,632 individual stock investors through nationwide surveys in Taiwan. Using regression models, we examine the effects of study on reducing investors’ inclination of holding-losers/selling-winners and the disposition effect. The findings show that investors realize losses sooner and significantly reduce the disposition effect if they choose to learn about their investments. The results also demonstrate that if the investors are willing to learn about firms in which they invest, they become more rational about their investment decisions. They are no longer influenced by the sentiment of regret resistance or misperception of the stock trend, which in turn reduces the disposition effect. This study supports that investors make better investment decisions if they perform necessary due diligence prior to investing.

The objective of this research is to explore the relationship between brand experience and customer equity (value equity, brand equity, and relationship equity). We examine the impacts of different contact points’ experiences (media contact, physical environment contact, people contact, and product usage contact) and different dimensions of brand experience on customer equity. Further we investigate the possible moderating effects of different brand positioning and strategies – hedonic and utilitarian, on this relationship. The data which are collected via online survey includes 410 observations with brand experience and 83 without brand experience, 493 valid samples in total. We found that positive and strong brand experience is the key factor for building strong customer equity. Although the impacts of all four contact points’ brand experiences are significant, product usage contact has the most powerful influence on customer equity and its individual drivers. The results also indicate that the different brand positioning strategies do have moderating effects. For utilitarian brand, only brand experience at product usage contact point has significant impact on customer equity and its three drivers. For hedonic brand, all four contact points’ experiences have significant relationships with customer equity. Finally, the four experience dimensions (sensory, affective, intellectual, and behavioral) have different impacts on customer equity and its three drivers at different experience contact points.

A one-year-ahead price change forecasting model is proposed based on the fundamental analysis to examine the relationship between equity market value and financial performance measures. By including book value and six financial statement items in the valuation model, current firm value can be determined and the estimation error can predict the direction and magnitude of future returns of a given portfolio. The six financial performance measures represent both cash flows – cash flows from operations (CFO), cash flows from investing (CFI), and cash flows from financing (CFF) – as well as net income – R&D expenditures (R&D), operating income (OI), and adjusted nonoperating income (ANOI). This study uses a 10-year sample of the Taiwan information electronic industry (1995–2004 with 2,465 firm-year observations). We find hedge portfolios (consisting of a long position in the most underpriced portfolio and an offsetting short position in the most overpriced portfolio) provide an average annual return of 43%, more than three times the average annual stock return of 12.6%. The result shows the estimation error can be a good stock return predictor; however, the return of hedge portfolios generally decreases as the market matures.

This study attempts to address the question of whether and how new product development (NPD) performance can be enhanced by interacting with users at specific stages in the process and whether performance can be affected by user knowledge management.

In this study, data were collected from firms in the software industry in Taiwan and a model of knowledge management capabilities was adopted to analyze the effectiveness of a firm's user knowledge.

The findings demonstrate that user interaction during NPD stages significantly promotes new product performance in the early stages and that user knowledge management competence has a positive effect on NPD performance – especially through the process capability dimension.

Drawing from the findings of this paper, further research directions and theoretical and managerial implications are projected.

The purpose of this paper is to demonstrate that various disposition patterns in terms of the price changes are plausible under the Prospect Theory (PT), which argues that investors have a greater tendency to sell assets that have risen in value since the purchase than those that have fallen. Numerous empirical evidences have shown that investors demonstrate the disposition effect (DE). This study highlights that, when the disposition measure is defined by the stock price changes, the PT predicts the DE indeed. It also indicates other seemingly contradicting disposition patterns: the reversed disposition effect and the pattern of the symmetry over gains and losses.

To show that the disposition effect is only one of the disposition patterns under the preference of PT, as part of this study the authors apply the mental account theory and propose two decision criteria for the gain and loss accounts, respectively, (i.e. maximum loss tolerated and minimum gain required). An empirical analysis was performed from a large‐scale market survey in Taiwan to examine individual investors' disposition patterns.

The findings show that more than 50 percent of individual investors demonstrate their disposition patterns other than the disposition effect. Many investors show the reversed disposition effect or the pattern of symmetry (holding about the same magnitude of gains or losses before realization).

This study answers the questions which, to the authors' knowledge, have not been incorporated in the studies of the PT or the DE: first, when do investors sell losers which they are inclined to hold on to? Second, for how long do they hold winners which they are eager to sell? The authors' arguments allow various disposition patterns to exist simultaneously, without changing the value function in the PT of convexity over losses and concavity over gains and without requiring strict assumptions on the expected stock returns.

The components of earnings or cash flows have different implications for the assessment of the firm's value. We extend the research for value-relevant fundamentals to examine which financial performance measures convey more information to help investors evaluate the performance and value for firms in different life cycle stages in the high-tech industry. Six financial performance measures are utilized to explain the difference between market value and book value. Cross-sectional data from firms in Taiwanese information electronics industry are used. We find all the six performance measures which are taken from Income Statement and Cash Flow Statement are important value indicators but the relative degrees of value relevance of various performance measures are different across the firm's life cycle stages. The empirical results support that capital markets react to various financial performance measures in different life cycle stages and are reflected on the stock price.