Using the Stochastic Frontier Approach (SFA) and Data Envelope Analysis (DEA), this study examines the influence of bank efficiencies on the market assessment of bank holding company (BHC) mergers. The following two questions are addressed: (1) Is the target BHC's frontier efficiency reflected in the bidder BHC's abnormal returns? and (2) Does the difference in frontier efficiency between the bidder and/or target banks relative to their peer institutions influence the acquirer's abnormal returns? In support of the Inefficient Management Hypothesis, the findings indicate that bidder wealth effects do incorporate the target's X‐efficiency as well as the difference in bidder/target efficiencies relative to their peer institutions.

The supplementation of sodium bicarbonate (NaHCO3) could increase performance or delay fatigue in intermittent high-intensity exercise. Prolonged tennis matches result in fatigue, which impairs skilled performance. The aim of this study was to investigate the effect of NaHCO3 supplementation on skilled tennis performance after a simulated match. Nine male college tennis players were recruited for this randomized cross-over, placebo-controlled, double-blind study. The participants consumed NaHCO3 (0.3 g. kg-1) or NaCl (0.209 g. kg-1) before the trial. An additional supplementation of 0.1 g. kg-1 NaHCO3 or 0.07 g. kg-1 NaCl was ingested after the third game in the simulated match. The Loughborough Tennis Skill Test was performed before and after the simulated match. Post-match [HCO3-] and base excess were significantly higher in the bicarbonate trial than those in the placebo trial. Blood [lactate] was significantly increased in the placebo (pre: 1.22 ± 0.54; post: 2.17 ± 1.46 mM) and bicarbonate (pre: 1.23 ± 0.41; post: 3.21 ± 1.89 mM) trials. The match-induced change in blood [lactate] was significantly higher in the bicarbonate trial. Blood pH remained unchanged in the placebo trial (pre: 7.37 ± 0.32; post: 7.37 ± 0.14) but was significantly increased in the bicarbonate trial (pre: 7.37 ± 0.26; post: 7.45 ± 0.63), indicating a more alkaline environment. The service and forehand ground stroke consistency scores were declined significantly after the simulated match in the placebo trial, while they were maintained in the bicarbonate trial. The match-induced declines in the consistency scores were significantly larger in the placebo trial than those in the bicarbonate trial. This study suggested that NaHCO3 supplementation could prevent the decline in skilled tennis performance after a simulated match.

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Abstract:The development of financial technology has fostered a wave revolutionary change in financial service industry worldwide. The objective of this study is to examine whether the adoption of Fintech contributes to the productivity growth of the Taiwan banking industry in 2015. To investigate such potential effect, the study use the preferred Cost Malmquist Index to estimate the 25 listed sample banks over the period from 2010 to 2015. The empirical result suggests the observed period 2014-2015, the ΔPTE, ΔAE, ΔPE, and ΔCSE are improving by 0.01%, 0.13%, 0.42%, and 0.10% respectively. Moreover, the degree of ΔT deterioration is much improved relative to the other observe periods without adoption of Fintech. It provides the positive evidence to support an adoption of Fintech contribute a potential growth of competiveness of the Taiwan banking industry.

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Air pollution prediction is an important issue for regulators and practitioners in a sustainable era. Air pollution, especially PM2.5 resulting from industrialization, has fostered a wave of global weather migration and jeopardized human health in the past three decades. Taiwan has evolved as a highly developed economy and has a severe PM2.5 pollution problem. Thus, the control of PM2.5 is a critical issue for regulators, practitioners and academics. More recently, GA-SVM, an artificial-intelligence-based approach, has become a preferred prediction model, attributed to the advances in computer technology. However, hourly observation of PM2.5 concentration tends to present the GARCH effect. The objective of this study is to explore whether the integration of GA-SVM with the GARCH model can build a more accurate air pollution prediction model. The study adopts central Taiwan, the region with the worst level of PM2.5, as the source of observations. The empirical implementation of this study took a two-step approach; first, we examined the potential existence of the GARCH effect on the observed PM2.5 data. Second, we built a GA-SVM model integrated with the GARCH framework to predict the 8 h PM2.5 concentration of the sample region. The empirical results indicate that the prediction performance of our proposed alternative model outperformed the traditional SVM and GA-SVM models in terms of both MAPE and RMSE. The findings in this study provide evidence to support our expectation that adopting the SVM-based approach model for PM2.5 prediction is appropriate, and that prediction performance can be improved by integrating the GARCH model. Moreover, consistent with our prior expectation, the evidence further supports that taking the GARCH effect into account in the GA-SVM model significantly improves the accuracy of prediction. To the knowledge of the authors, this study is the first to attempt to integrate the GARCH effect into the GA-SVM model in the prediction of PM2.5. In summary, with regard to the development of sustainability for both regulators and practitioners, our results strongly encourage them to take the GARCH effect into consideration in air pollution prediction if a regression-based model is to be adopted. Furthermore, this study may shed light on the application of the GARCH model and SVM models in the air pollution prediction literature.

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