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Aims to develop an efficient and robust system for real‐time personal identification by automatic face recognition.

A wavelet‐based image hierarchy and a guided coarse‐to‐fine search scheme are introduced to improve the computation efficiency in the face detection task. In addition, a Gabor‐based low feature dimensional pattern is proposed to deal with the face recognition problem.

The proposal of a wavelet‐based image hierarchy and a guided coarse‐to‐fine search scheme is effective to improve the computation efficiency in the face detection task. The introduction of a low feature dimensional pattern is powerful to cope with the transformed appearance‐based face recognition problem. In addition, the use of aggregated Gabor filter responses to represent face images provides a better solution to face feature extraction.

Provides guidance in the design of automatic face recognition system for real‐time personal identification.

Biometrics recognition has been emerging as a new and effective identification technology that attains certain level of maturity. Among many body characteristics that have been used, face is one of the most commonly used characteristics and has drawn considerably large attentions. An automated system to confirm an individual's identity employing features of face is very attractive in many specialized fields.

Introduces a wavelet‐based image hierarchy and a guided coarse‐to‐fine search scheme to improve the computation efficiency in the face detection task. Introduces a Gabor‐based low feature dimensional pattern to deal with the face recognition problem.

EVERY so often, somebody comes up with a new idea. Of course, it may be an old idea dressed up, or an idea taken from some other country, so it MUST be good. Always the idea is intended to be the answer to almost every manufacturer's problems. They are seized on, copied, altered, adapted.

This study examines the accuracy and bias of profit forecasts disclosed in prospectuses by New Zealand companies for initial public offerings during the period 1987 to 1994. The results show that profit forecasts in this period are, on average, more accurate titan those disclosed prior to 1987, which were examined in prior studies. However, the results reject the null hypothesis that profit forecasts are accurate. In examining forecast bias, the evidence shows that the forecasts are, on average, somewhat pessimistic, but not sufficiently to reject the hypothesis that profit forecasts are unbiased. Tests of the determinants of error show that larger companies make more accurate forecasts, and forecasts made in the year 1987 are less accurate than in other years. Tests of the determinants of bias show that forecasts made in 1987 are also more optimistic, and that companies with longer trading histories and pessimistic forecasts make less biased forecasts. Forecast period and industry type are not significantly related to error or bias.

Using a data set of Taiwanese listed firms from 2002 to 2015, this paper aims to examine the determinants to voluntarily appoint independent directors.

This study uses panel estimation to exploit both the cross-section and time-series nature of the data. Further, this paper uses Tobit regression, generalized linear model (GLM) in the additional analysis and the two-stage least squares to mitigate for a possible endogeneity issue.

The main findings show that Taiwanese firms with large board sizes tend to voluntarily appoint independent directors and firms that already have independent supervisors more willingly to accept additional independent directors onto the board. Furthermore, ownership concentration and institutional ownership are positively associated with the voluntary appointment of independent directors. On the contrary, firms controlled by family members are generally reluctant to voluntarily appoint independent directors.

The findings are important for managers, shareholders, creditors and policymakers. In particular, when considering the determinants of the voluntary appointment of independent directors, the results indicate that independent supervisors, outside shareholders and institutional investors are significant factors in influencing effective internal and external corporate governance mechanisms. This research work focuses on the voluntary appointment of independent directors. It would be interesting to compare the effectiveness of voluntary appointments with a mandatory appointment within Taiwan and with other jurisdictions.

This study incrementally contributes to the corporate governance literature in several ways. First, this study extends the earlier research by using a more comprehensive data set of non-financial Taiwanese firms and using alternative methodologies to investigate the determinants of voluntary appointment of independent directors. Second, prior studies tend to neglect the possible issue of using a censored and fractional dependent variable, the proportion of independent directors, which might yield biased and inconsistent parameter estimates when using ordinary least squares regression estimation. Finally, this study addresses the relevant econometric issues by using the Tobit, GLM and the two-stage least squares for a possible endogeneity concern.

The auditing profession has been an important feature of industrialized economies for many years. The manner in which the auditing profession is regulated in the insurance industry, therefore, is worthy of investigation in light of the recent collapse of Heath International Holdings (HIH) which is currently recorded as the biggest corporate collapse in Australia's history. Two questions remain: did the HIH auditors carry out the work ethically and responsibly? Did the regulators fulfill their responsible roles? Among all factors that have led to the collapse of HIH, that of the auditor's role and the auditing profession's ethics has assumed particular importance.

This paper aims to focus on how forecasts information is disclosed in IPO prospectuses. In France, managers report either detailed forecasts or only a brief summary.

The authors investigate the determinants and consequences of the varying levels of details provided in these forecasts. The research is based on a sample of 82 IPOs on the Euronext Paris market (2000‐2002).

The paper shows that only two variables are associated with highly detailed forecast disclosures: forecast horizon and firm age. It is also found that the forecast error decreases as the level of detail in the forecast disclosures increases. This finding is robust to a reverse causality test (Heckman two‐stage self‐selection procedure) and suggests that the level of detail in forecast disclosures enhances the reliability of earnings forecasts.

The paper suffers from at least two potential flaws. First, omitted variables, such as the possession of good news or proprietary costs. can influence both forecast errors and the level of detail of forecasts. Second, the negative association between the level of detail in forecast information and forecast errors may either show that detailed information leads to less forecast error or reflect a self‐selection bias.

This research could have implications for stock market regulators as it suggests that mandatory disclosure of highly detailed forecasts would improve the effeciency of the markets by reducing forecast error.

This paper contributes to be literature by presenting evidence tha the way forecast information is disclosed in IPO prospectuses is of importance and by documenting a negative association between forecast error and the level of detail in forecast disclosures.

This study empirically examines the relationship between the effective bid‐ask spread on foreign currency options traded on the Philadelphia Stock Exchange and the likelihood of a transaction occurring. Important contributions of this research include the use of a more precise measure of the effective bid‐ask spread than generally used in the literature and the use of data on actual transactions, plus several requests for quotes that did not culminate in a transaction. Consistent with prior theoretical work in the market micro structure literature, the results document empirical evidence that the likelihood of a transaction is inversely proportional to the effective bid‐ask spread.

The worlds of literature and business are as different as they get. While literature often revels in the artistic and abstract aspects, business focuses on the more practical and realistic facets of life. Literature talks ideas, business speaks money. Writers express themselves with words, business men prove themselves through numbers. Former US President Calvin Coolidge once exclaimed, “The business of America is business. Not Art!” (West brook, 1980:1). However, this difference is, at most, on the surface. Literature and business intertwine on more perspectives than one might think. For example, there are traces of corporate capitalism in Upton Sinclair’s The Jungle in which workers are portrayed as “slaves to the economic system” (Watts, 1982:77). Or Joseph Heller’s Something Happened depicts the harsh rules of business by which any one who is not contributing efficiently to the success of a company will be discarded, also known as corporate Darwinism (Horner, 1992:27). Or in Mark Twain’s A Connecticut Yankee in King Arthur’s Court, with a humourous tone, medieval England is modernised with various economic measures, such as new currency, stock exchange in the court, and full‐time employment for the knights, and hence saved from financial ruins (West brook, 1980:49). In other words, literature has been drawing inspirations from the financial market. Therefore, it might not be surprising if there are major themes in literature than can be applied to the corporate world. In fact, managers at all levels can learn valuable lessons for the many areas of business from literature.

Using a data set of listed firms domiciled in Taiwan, this paper aims to empirically assess the effects of ownership structure and board of directors on firm value.

Using a sample of Taiwanese listed firms from 1997 to 2015, this study uses a panel estimation to exploit both the cross-section and time–series nature of the data. Furthermore, two stage least squares (2SLS) regression model is used as robustness test to mitigate the endogeneity issue.

The main results show that the higher the proportion of independent directors, the smaller the board size, together with a two-tier board system and no chief executive officer duality, the stronger the firm’s performance. With respect to ownership structure, block-holders’ ownership, institutional ownership, foreign ownership and family ownership are all positively related to firm value.

Although the Taiwanese corporate governance reform concerning the independent director system which is mandatory only for newly-listed companies is successful, the regulatory authority should require all listed companies to appoint independent directors to further enhance the Taiwanese corporate governance.

First, unlike most of the previous literature on Western developed countries, this study examines the effects of corporate governance mechanisms on firm performance in a newly industrialised country, Taiwan. Second, while a number of studies used a single indicator of firm performance, this study examines both accounting-based and market-based firm performance. Third, this study addresses the endogeneity issue between corporate governance factors and firm performance by using 2SLS estimation, and details the econometric tests for justifying the appropriateness of using 2SLS estimation.