In Taiwan, underwriting fees for initial public offerings (IPOs) are extremely low compared to fees in other countries. From 1989 to 1999, the average underwriting fee for IPOs in Taiwan is 0.99%-far below the regulatory limit. Although the Taiwanese underwriting industry is highly concentrated,...

The present study is concerned with dynamic simulation of thermal-lag Stirling engines. A dynamic model is built and incorporated with a thermodynamic model to study the engine start process. A prototype engine is designed and simulated by using the dynamic model. In the simulation, different...

We employ a doubly-binomial process as in Gerber [Gerber, H.U., 1988. Mathematical fun with the compound binomial process. ASTIN Bull. 18, 161-168] to discretize and generalize the continuous "randomized operational time" model of Chang et al. ([Chang, C.W., Chang, J.S.K., Yu, M.T., 1996....

Empirical evidence has shown that subordinated processes represent well the price changes of stocks and futures. Using either transaction counts or trading volume as a proxy for information arrival, it supports the contention that volatility is stochastic in calendar-time because of random...