Top PDF Measuring the performance of financial holding companies

Measuring the performance of financial holding companies

Measuring the performance of financial holding companies

On the other hand, FHC6 has the lowest overall ranking, but their banking activity (ranked fifth) and others activity (ranked first) are relatively efficient. The inefficiency of security (ranked third-lowest) and insurance (the lowest-ranking) activities is the reason behind the overall inefficiency. Therefore, FHC6 should make use of its compara- tive advantages in the banking sector and other financial activities, such as bills financing, asset management, venture capital, etc. On the other hand, FHC6 should improve the per- formance of its security and insurance activities. Given that the security firm of FHC6 is a merger of three existing security firms in 2003, this new security firm may be still have been in the consolidation stage in 2004 and thus the available resources had not been effi- ciently allocated. Concerning the insurance activity, according to the rating list of Taiwan Ratings Corporation, the insurance company of FHC6 is among the lowest ranking of all the insurance companies of the FHCs. Taiwan Ratings Corporation is Taiwan’s first credit rating services organisation and provides independent and objective assessments of the ability of banks, bills finance companies, and securities firms. The report of Taiwan Ratings Corporation indicates that the integration within the group has been relatively slow and that therefore, group synergies have been limited. As a result, this study suggests that FHC6 should increase its pace of integration and utilise its group resources to support its subsidiaries.
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Profit Performance of Financial Holding Companies: Evidence from Taiwan

Profit Performance of Financial Holding Companies: Evidence from Taiwan

Conclusion Using an unbalanced panel data set of fourteen FHCs with annual observations from 2001 to 2009, we investigate the determinants of profit performance of financial holding companies, specifically, the effects of the board and ownership structure. The conclusions of this study are summarized as follows: First, FHCs are more profitable when they are associated with more diversified businesses, a lower finance operational cost ratio, a higher liquidity ratio, larger assets, and lower debt ratios. Second, the director or government ownership does not statistically significantly increase FHC profitability, whereas the relationship between foreign ownership and FHC profitability is significantly negative.
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The Influence of Diversification to the Operation Performance of Financial Holding Companies in Taiwan 張雅涵、林筱鳳

The Influence of Diversification to the Operation Performance of Financial Holding Companies in Taiwan 張雅涵、林筱鳳

ABSTRACT In this paper, 14 financial holding companies subsisting in Taiwan from 2009 to 2011 are selected as samples. The Herfindahl index is used to measure the total level of diversification of these companies. Followed are CCR and BCC models of the input-oriented data envelopment analysis (DEA) to measure the operating efficiency of these companies Finally, Tobit regression analysis is also used to estimate operating performance. The empirical results are as follows: 1.We find, in 14 financial holding companies in Taiwan, only Jih-Sun’s total level of diversification is increasing year by year, but the growth rate is small; The level of
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To Cloud or Not to Cloud: Measuring the Performance of Mobile Gaming

To Cloud or Not to Cloud: Measuring the Performance of Mobile Gaming

Therefore, running mobile clients on these resource-constrained devices may lead to inferior performance and high energy con- sumption. For example, the gaming frame rate may become too low for smooth game play due to insufficient CPU power to exe- cute video decoders. This results in degraded gaming quality and may drive the gamers away. On the other hand, when gamers play cloud games, the communication, computing, and display compo- nents on mobile devices all consume nontrivial energy, which may quickly drain the battery and prevent gamers from using their mo- bile devices for other purposes, such as making phone calls. Hence, carefully measuring the performance and energy consumption of mobile clients is critical to the success of the new mobile cloud gaming ecosystem.
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Measuring the Client Performance and Energy Consumption in Mobile Cloud Gaming

Measuring the Client Performance and Energy Consumption in Mobile Cloud Gaming

Mobile devices, such as tablets and smartphones, have limited computation power and are battery-powered. There- fore, running mobile clients on these resource-constrained devices may lead to inferior performance and high energy consumption. For example, the gaming frame rate may become too low for smooth game play due to insufficient CPU power to execute software video decoders. This results in degraded gaming quality and may drive the gamers away. On the other hand, when gamers play cloud games, the communication, computing, and display components on mobile devices all consume nontrivial energy, which may quickly drain the bat- tery and prevent gamers from using their mobile devices for other purposes, such as making phone calls. Hence, carefully measuring the performance and energy consumption of mobile clients is critical to the success of the new mobile cloud gaming ecosystem.
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A Performance Study of Merge and Acquisition for the Financial Holding Companies in Taiwan. 陳信良、何文榮

A Performance Study of Merge and Acquisition for the Financial Holding Companies in Taiwan. 陳信良、何文榮

ABSTRACT The main purpose of this research is to utilize the way in which the real example is analysed, the difference among the performance before and after to study the financial holding company it is amalgamated, this research regards finance holding companies of 14 of now as samples, it is that 13 carry on research that the effective sample is counted , the source of the materials is taken from financial office websites of the Ministry of Finance and every large financial website of holding company, disclosed the monitoring station of information and new newspaper database of Taiwan economy. Study tools and rely mainly on the fact that SPSS counts the
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Validation of a Model Measuring the Effect of a Project Manager's Leadership Style on Project Performance

Validation of a Model Measuring the Effect of a Project Manager's Leadership Style on Project Performance

Keywords: leadership, project performance, teamwork, SEM (Structural Equation Modeling), stakeholder satisfaction ··································································································································································································································· 1. Introduction In the highly competitive construction industry, top companies are constantly searching for proven practices that offer a com- petitive advantage. These companies generally avoid practices that do not provide proven added value. Several studies have shown that the role of a project manager is critical to project success. Green (2005) showed that an effective project leader is good at managing relationships across organizational functions and boundaries to break through organization inertia and bu- reaucracy. Sauer (1993) suggested that non-technical factors such as management, organization, and culture are associated with project success. Prior studies have shown that managing relationships is critical to project success (Acharya et al., 2006a;
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Measuring relative performance of wafer fabrication operations: a case study

Measuring relative performance of wafer fabrication operations: a case study

Although number of wafer outputs is commonly used as output in productivity indices, the two-stage model shows that this output may skew the performance of fab operations. Only Stage 1, productivity, stands for real operations per- formance. Poor performance using wafer outputs consists of activities determined and contributed by other functions (e.g., R&D in manufacturing recipes) and central produc- tion planning (e.g., in product allocation). Good operations (productivity) may yield less wafers due to poor manufac- turability. In fact, the “real” responsibility of fab operations is to process various layers based on certain manufacturing recipes using the resources at hand. That is, the operations consume resources to provide services—the layer process- ing—so that the final product—the wafer—is produced via completing the required processes. The two-stage model pro- vides a more accurate picture of this process, and thus the performance evaluation can be conducted with fewer argu- ments, a more effective diagnosis, and proper identification of departmental responsibilities.
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Measuring the relative performance for leading fabless firms by using data envelopment analysis

Measuring the relative performance for leading fabless firms by using data envelopment analysis

After analyzing and comparing the results, this research can give us the result of the competitive orientation and rel- ative operation performance; moreover, it provides fabless industry the reference and basis for the development of spe- cific policies. The performance evaluation of a fabless should not use a single financial input and output index. Using a sin- gle output weight value, or making comparisons with just a few companies, would result in inaccuracy. Therefore, our approach can obtain the weight of each standard objectively by using the DEA model of multi-input and multi-output in this research while at the same time find the objective analy- sis and orientation to evaluate the operation performance of global fabless firms. The author’s hope that, on the strength of these results and the relevant business efficiency, this infor- mation could provide decision-makers with the references needed to improve their operation efficiency and wise allo- cation of resources.
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Modeling international investment decisions for financial holding companies

Modeling international investment decisions for financial holding companies

The higher the degree of commitment, the more the resources in question are integrated with other parts of the firm and their value is derived from these inte- grated activities. The amount of resources commit- ted is indirectly related to the size of the investment in the market. In order to clarify the roles of integrat- ing the experience of the firm into the international- ization process, the authors distinguish between firm experience and market experience. Because of the performance of current activities, both experiences are necessary. For the commitment decision, the authors distinguish between an economic effect and an uncertainty effect for each additional com- mitment. They note that the economic effect is associated primarily with increases in the scale of operations in the market. Further, market uncer- tainty is reduced through increased interaction and integration with the market environment.
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Social Capital and Cross-Selling within Financial Holding Companies in an Emerging Economy

Social Capital and Cross-Selling within Financial Holding Companies in an Emerging Economy

In addition, this article also extends the previous work on business groups in Taiwan. Luo and Chung (2005) study how family and other particularistic ties between top leaders affect business group performance in Taiwan during institutional transition. Also, Chung (2006) reveals that the external ties with government facilitate business group entry into a newly deregulated industry, i.e., banking industry, in Taiwan. Our article extends the argument by explicitly showing how embedded ties with customers, yet another source of social capital, create economies of scope through cross-selling mechanisms for FHCs. Overall, this article validates the importance of informal social structure on the performance of a business group or FHC in an emerging economy.
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Use the Operating Performance of the DEA Assessment of Taiwan's Financial Holding Company 徐夢萍、方顯光

Use the Operating Performance of the DEA Assessment of Taiwan's Financial Holding Company 徐夢萍、方顯光

ABSTRACT The purpose of this study is to investigate the operating perfor-mance of the financial holding company set up by the publication of the Financial Holding Company Act. During the study period from 2007 to 2009, a sample of 14 financial holding companies in Taiwan, and empirical analysis of data envelopment analysis (DEA) to con-struct analysis model of the input and output of the domestic finan-cial holding companies in Taiwan and from the Public Observation Station select the relevant information, the assets of the company, the employer costs as input variables; net income other than interest and interest as the output variables. Finally, based on the empirical analysis of the results of better performance of financial holding companies, the object can be used as a reference standard of the financial holding company, with the financial industry and the financial holding companies can also be used as a reference in the strategic direction of future operating efficiencies.
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Factors affecting the safety performance of bus companies - The experience of Taiwan bus deregulation

Factors affecting the safety performance of bus companies - The experience of Taiwan bus deregulation

The other two organizational factors, the mechanical failure rate and the driver to non-driver staff ratio, were insignificant for the occurrence of fatal, major injury, and minor injury accidents. This study provided the exploratory findings about the factors that affected the safety performance of bus companies. However, some limitations should be noted here before making conclusions and recommendations. First, the number of PDO accidents should be another important indicator for measuring the safety perfor- mance of bus companies, however, it was not included in this study for the reasons of data inconsistencies among bus companies due to different estimations of the lost cost of PDO accidents as well as the bus driversÕ underreporting problems. It might influence our opportunity to find out some more significant factors affecting the safety performance of bus companies. Second, the number of accidents other than casualties was used as the indicator of safety performance of bus companies in this study. Casualties are more numerous than accidents, because some accidents involve multiple casualties, especially for buses. Some common casualties occurred during boarding and alighting from the vehicle as well as people falling within the vehicle or being hit by objects within the vehicle were not included in this study. Including casualty data might provide an insight to understand the safety performance of bus companies more comprehensively.
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Using Frontier Efficiency Analysis to Measure Impacts of Financial Holding Company System on Operational Performance of Subsidiary Banks

Using Frontier Efficiency Analysis to Measure Impacts of Financial Holding Company System on Operational Performance of Subsidiary Banks

Key words: banking, financial holding company (FHC), efficiency, performance, productivity. 1. INTRODUCTION The banking sector of Taiwan has been facing many challenges over the past 15 years. Since 1990, the government has made continuous efforts to accelerate liberalization and globalization of the banking market in Taiwan. Among the various financial measures adopted, the deregulation of the establishment of commercial banks was one of the most important measures that radically altered the banking landscape of Taiwan. In April 1990, the Commercial Bank Establishment Promotion Decree was enacted to relax the long-standing restriction on the establishment of new banks. The number of domestic banks grew substantially, from 25 in 1990 to 53 in 2000, which makes the banking market far more competitive and forces the banks to squeeze margins in their traditional businesses. Additionally, to enable domestic financial institutions to compete with
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The Mechanisms of Corporate Control: the case of China Development Financial Holding Corporation 陳玠汶、

The Mechanisms of Corporate Control: the case of China Development Financial Holding Corporation 陳玠汶、

Djankov, J. Fan, and H. P. Lang, 1999b, “Expropriation of minority shareholders: Evidence from East Asia,” Policy research working paper 2088, The World Bank. 6.DeAngelo, Linda Elizabeth, “Managerial Competition, Information Costs, and Corporate Governance: The Use of Accounting Performance Measures in Proxy Contests, “Journal of Accounting & Economics, Vol. 10, No.1, 1988,pp.3-36. 7.DeAngelo, Harry & Linda DeAngelo, “Proxy Contests and the Governance of Publicly Held Corporations, ”Journal of Financial Economics, Vol.23, 1989, pp.29-59. 8.DeAngelo, Linda Elizabeth, Accounting Numbers as Market Valuation Substitutes: A Study of Management Buyouts of Public Stockholders, The Accounting Review, Vol. LXI, No. 3, July1986, pp.400-419. 9.Duvall, Richard M. & Douglas V. Austin, “Predicting the Results of Proxy Contests, “Journal of Finance, Vol .20, No.3,September 1965, pp.464-471. 10.Hancock, G. D. and M. Mougoue, “The Impact of Financial Factors on Proxy Contest Outcomes, “Journal of Business Finance& Accounting, Vol.18, No.4, June 1991, pp.541-551. 11.Ikenberry, David and Josef Lakonishok, “Corporate Governance through the Proxy Contest : Evidence and Implications,” Journal of Business, Vol.66, No.3, 1993, pp.405-435. 12.Jensen, Michale C. and Richard S. Ruback, “The Market for Corporate Control,” Journal of Financial Economics, Vol.11,1983, pp.5-50. 13.La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny, 1998,”Law and finance,” Journal of Political Economy 106,1113-1155. 14.La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, 1999,”Corporate ownership around the world,” Journal of Finance 54, 471-517. 15.Manne, Henery G., “Mergers and the Market for Corporate Control,” Journal of Political Economy, Vol.73, No.2, April 1965, pp.110-120. 16.Mukherjee, Tarun K. and Oscar Varela, “Corporate Operating Performance around the Proxy Contest,” Journal of Business Finance & Accounting, Vol.20, No.3, April 1993, pp.417-425. 17.Mukherjee, Tarun K., “Stock Price Behavior Surrounding Proxy Contests for Control : A Non-parametric Approach,”Review of Business and Economice Research, Vol.21, No.1, Fall 1985, pp.85-103. 18.Shleifer, A., and R.
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The Study of Value at Risk in Financial Holding Company~ A Case of E. Sun Financial Holding Co. 張珮寧、唐啟發 ; 施能仁

The Study of Value at Risk in Financial Holding Company~ A Case of E. Sun Financial Holding Co. 張珮寧、唐啟發 ; 施能仁

。 31. 蔡俊明,2002年,「金融控股經營規範與個案探討-以中華開發金融控股公司為例」,國立政治大學經營管理研究所碩士論文。 32. 賴錦章,2002年8月,「台灣金融控股公司的獲利與風險分析」,國立高雄第一科技大學風險管理與保險所碩士論文。 33. 謝依真 ,2000年,「銀行投資組合之風險值衡量-VaR模型之應用」,私立東吳大學國際貿易研究所碩士論文。 二、英文部分: 1. Bluford H. Putnam, D. Skyes Wilford, Philip D. Zecher (2002), A short note on the concept of risk management and VaR for asset management firms, Review of Financial Economics, 11, 205-212. 2. Elizabeth A. Eccher, K. RaNESH, s. Ramu Thiagarajan (1996),Fair value disclosures by bank holding companies, Journal of Accounting and Economics, 22, 79-117. 3. Elisa Luciano, Lorenzo Peccati, Donato M. Cifarelli, (2003), VaR as a risk measure for multiperiod static inventory models, Int.J. Production Economics,81-82,375-384. 4. Fabio C. Abgliano, Carlo A. Favero, (1999), Information from financial markets and VAR measures of monetary policy, European Economic Review, 43, 825-837. 5. Greg Filibeck, Donald J.
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A Study on the Effect of Personality Attributes and Taiwan Financial Holding Companys’ Performance on Stock Investors’ 鍾碧菁、賴文魁

A Study on the Effect of Personality Attributes and Taiwan Financial Holding Companys’ Performance on Stock Investors’ 鍾碧菁、賴文魁

Keywords : Investor’s Attributes ; Performance of Financial Hoding Companys ; Investment Pattern ; Investment Performance Table of Contents 封面內頁 簽名頁 授權頁 iii 中文摘要 iv 英文摘要 v 誌謝 vi 目錄 vii 圖目錄 x 表目錄 xi 第一章 緒論........................1 1.1 研究 背景及動機........................1 1.2 研究目的........................2 第二章 相關理論及文獻探討........................3 2.1 金融控股公司之定 義與其成立後之優缺點............3 2.2 經營績效及其相關文獻........................8 2.2.1 經營績效的概念........................8 2.2.2 經營績 效衡量之構面........................ 8 2.2.3 國內金控業績效評估相關文獻........................10 2.3 投資行為理論及文獻探
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The Impact of the Financial Holding Company Law on Strategies of Banking Industry 沈玉珮、劉 原 超

The Impact of the Financial Holding Company Law on Strategies of Banking Industry 沈玉珮、劉 原 超

Since the liberalization of banking industry in 1991, there are 16 new banks established, thereafter the competition deepened. Due to the small scale of financial market in Taiwan, the banking industry fell into vicious competition and the margin for the banks shrank and non-productive loan increased. The results are serious financial problems. At this time, following the liberalization and globalization of international economy, Taiwan was admitted into WTO in January 1, 2002. In order to meet the challenge of powerful competition from international financial groups, the Government had to solve domestic financial problem, integrate financial institutes as the first priority. Therefore, as early as June 27, 2001, six Laws for financial were passed. Among them, the Financial Holding Company Law exercised tremendous impact on the financial industry. The purpose of enactment was to guide the financial system of Taiwan to “concentrate holding, expand organization, diversify operation and make the supervision transparent”, so as to promote the competitive capacity and internationalization of financial institutes. Since the enactment of Financial Holding Company Law, there are 14 financial holding companies formed and domestic financial market remapped, also the operation modes of banking industry were changed. This study is intended to find out the influence the financial holding company system over the operation of banking industry in Taiwan through gathering the financial system development of advanced countries and the reality of current financial market in Taiwan. Fubon Bank, a member of Fubon Financial Holding, is taken for case study through in depth interview with the senior managements of Fubon Financial Holding and Fubon Bank. By analyzing data gathered through the process described above, the conclusion of this study is induced. According to the results of this study, financial holding company system is a new trend of world financial system and the financial commodities are in the era of globalization and diversification. The financial commodities of conventional banks are unable to meet the needs of customers─making the
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The Impact of Corporate Governance Structure on the Efficiency Performance of Insurance Companies in Taiwan

The Impact of Corporate Governance Structure on the Efficiency Performance of Insurance Companies in Taiwan

regulatory requirements. Specifically, as suggested by Booth et al. 2 and Macey and O’Hara, 3 the industry confronts a different set of agency costs and may lack adequate corporate governance controls as a result of the distinctive nature of its assets and liabilities, the special character of its ownership structure, fewer hostile takeovers, and the higher degree of financial leverage. Thus, empirical findings from non-financial services industries may not apply to financial service industries, though regulators, executives, investors, and policyholders must understand how corporate governance structure affects insurers’ performance. In response, a special issue on corporate governance and corporate social responsibility in the Geneva Papers on Risk and Insurance 4 shed some new light and provided thought-provoking discussion on this issue. This article aims to extend that research using the corporate governance system of the insurance industry in Taiwan, which holds board members fully responsible for bankruptcies and thus offers a unique environment in which to explore regulatory impacts on insurers’ efficiency. In so doing, this research provides a richer understanding of corporate governance structure’s overall role in insurers’
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Considering the financial ratios on the performance evaluation of highway bus industry

Considering the financial ratios on the performance evaluation of highway bus industry

The ® gures in the parentheses refer to the relative closeness to the ideal solution. The higher the ® gure is, the closer the distance is. 4.3.2. Implications of the evaluation result Taking San-Chung as an example, although in the total performance evaluation it holds ® rst among the four companies, after making more detailed analysis of its e ciency, one discovers that in execution e ciency it does not compare to Tan- Sui. It is necessary to examine the company’ s ® nancial situation to correct its execution e ciency, and to ask such questions about whether the ® nancial leverage is being utilized improperly, or whether it is too far in debt, thus creating a heavy interest burden, etc. Although Tan-Sui occupies the second spot in overall ratings, its performance in production e ciency is lacking. This shows that its production department is not making full use of its current capacity. For instance, perhaps
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