Table 1 Variables definitions

Inputs

Employees

Individual who works part time or full time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties, measured in person

Net fixed assets

(Purchase price of all fixed assets + Leasehold improvements) – (Accumulated depreciation + Total liabilities), measured in NT$ thousand

Operating expenses

Those incurred in carrying out a firm’s day-to-day activities but not directly associated with production, measured in NT$ thousand

Intermediates

Transaction costs

The expenses when funds buy and sell securities (or “turns over” its portfolio), measured in NT$ million

Management fee of equity fund

Cost of running an equity fund or unit trust, charged against its income, measured in NT$ million

Management fee of bond fund

Cost of running a bond fund or unit trust, charged against its income, measured in NT$ million

Other expenses

Included in this category are expenses not included in the categories of “Management Fees,” measured in NT$ million

Outputs

Change in equity fund

It is computed once a day based on the closing market prices of the securities in the equity fund's portfolio, measured in NT$ million

Change in bond fund

It is computed once a day based on the closing market prices of the securities in the bond fund's portfolio, measured in NT$ million