Results and Conclusion 012. References

246 Ku, Zheng-yu. The Hakka images in Hsiao- Hsien Ho’s films, 2011 Lin, Yen-hen. The formulation of Hakka image: the culture representation in Hakka Broadcast in Taiwan, 2003 Liwo, Mei-Ling. A Study of Branding Hakka Tung Blossom Festival with Storytelling.2010 Schon, D. A. Educating the reflective practitioner. London: Jossey-Bass, 1987 Tsai, Ching-tien. Action and reflection in action research, 2000 Tsai, Ching-Tien. Educational Action Research. Taipei:Wunan Book Company, 2000 Tourism Council of Bhutan. BHUTAN TOURISM MONITOR Annual Report, 2012 Wen, Li-jon. An action research on the combination of Hakka image and dance education: a case study on grade 3 dance class in Jiand-gong Elementary school, 2010 Wang, S., C.-Y. Tsai, et al. 2010. Tourist behavior in Hakka Cultural Parks. African Journal of Business Management 414: 2952-2961. Yen, Pey-Ru. The Worldview Travel of A Hakka Primary School in a Taiwan Mountain County- A Study of Cooperative Action Research of Curriculum Development on Global Education. 2007 247 ACMASS-5818 Islamic Terrorism in South Asia : Indo-US Perspective Samson Shekho Chiru Manipur University samsonsekho37gmail.com The World is alarmed, more so, when the most powerful country in the world—United States was shaken by non-state actors like Osama Bin Laden and its terrorist network. This incident tended to shape as to how to tackle or contain world terrorism. Research policies of the U.S. government were profoundly transformed by the shock of the September 11, 2001Popularly known as 911, attack on the World Trade Center, the Pentagon, and another unknown target forced a restructuring to meet the threat of catastrophic terrorism. Thereafter, in December 13, 2001known as 1213, the Indian Parliament Attack incident. In India, the presence of the persistence of the terrorist movements specifically the Osama Bin Laden and its Al Qaeda networks, Laskar Taiba and others are the greatest threat to Indian democracy. Though democracy in India has its own failure to achieve. The failure of the democratic principles to fight the terrorist as mentioned per se is itself the failure of the democratic country. India enjoys a stable democracy, has one of the worlds highest growth rates of over 9 per cent and is seen as an emerging economic and political power. This has been achieved without curbing democratic freedoms, using army in a military role, resorting to air strikes and using area weapons, capable of causing heavy collateral civilian damages. Interestingly, a special antiterrorism act which was passed in March 2002 was repealed after 2 years in September, 2004 to dispel misgivings, unfounded though, among section of Muslims that it was discriminatory and directed against them. Democracy, was used as an effective tool to fight terrorists. Successful holding of free and fair elections proved to be silent but most effective display of civil societies’ rejection of terrorists—both in terms of means and ends. This paper addresses critically the nature of the threat and the role that both India and United States committed to play in mitigating the risk and the consequences of such attacks. The paper summarizes the impact of terrorism on the two largest democratic countries in the world. There is a serious constraint on evolving a policy for a sustainable and affordable strategy, which the two governments will adopt and which the public will support for many years as future course of action. In this regard, the paper attempts to focus also on the aftermath of the attacks by the terrorists on both the countries. Detailed highlights will be made by examining on security preparedness and intelligence exchanges. Key Words: Osama Bin Laden and its Al Qaeda Networks, Laskar Taiba, Stable Democracy; Democratic Freedoms; World Terrorism. Dr. Samson S. Chiru w formerly a Post Doctoral Fellow at the Center for Canadian, United States and Latin American Studies, School of International Studies, Jawaharlal Nehru University, New Delhi-110067. 248 Economics Finance Business Economics III Lavender II 20140816 Saturday 08:45-10:15 Session Chair: Prof. Hung-Yi Chen ACMASS-5960 Catfish Effect of Internet Finance on Chinas Financial Reform Andy W.W. Cheng︱Hang Seng Management College ACMASS-5924 A Study of Industry Environmental Accounting Disclosure associated with cost and benefits ─ A Case Study of Japanese Company Nai Hua Chen︱Southern Taiwan University of Science and Technology Yi Hua Lin︱Southern Taiwan University of Science and Technology ACMASS-5851 An Analysis on Risk Identification of Medium and Large Size Theaters in Taiwan Shang-Ying Chen︱National Sun Yat - Sen University ACMASS-5902 Money as a Consumer Insurance Kenta Toyofuku︱Nihon University ACMASS-5988 Increasing Farmer’s Income with Production of Seaweed Irma yani Masnur︱Universitas Muhammadiyah Parepare Syarifuddin Yusuf︱Universitas Muhammadiyah Parepare Muhammad Arsyad︱Hasanuddin University ACMASS-5995 CertificationMonitoring, Adverse selectionGrandstanding: Underpricing IPO and post- IPO backed by venture capital Xiaoming Ding︱Xian Jiaotong - Liverpool University Jiaoyan Zhang︱Xian Jiaotong - Liverpool University Yao Rao︱University of Liverpool 249 ISBBME-1217 Fair Trade Organizations, Buyer Power, and Export Policy for the Developing Country Hung-Yi Chen︱Soochow University Shih-Jye Wu︱National Sun Yat - Sen University Yang-Ming Chang︱Kansas State University 250 ACMASS-5960 Catfish Effect of Internet Finance on Chinas Financial Reform Cheng W.W. Andy Department of Economics and Finance, Hang Seng Management College, Hong Kong andychenghsmc.edu.hk Abstract China officially gained access to the Internet in 1994. Over the past 20 years, the Internet has brought substantial changes to people’s living and is one of the driving force behind China’s economic development. The raise of the ‘Internet finance’ creates a new industry format in China. The cat-fish effect brought by the Internet finance spurs the reform and promotes innovation of the China’s financial industry. These in return become important variables which affect the ecology of the industry. Inevitably, Internet finance will entry into a new era of orderly competition under separate supervision of the Regulators and supplement the tradition financial industry. This paper examines the current development of the Internet finance, its operation model and potential issues faced in China. Keyword: Internet Finance Mobile Payment P2P Lending

1. Introduction

The use of big data and Internet analytics create a competitive advantage for organizations. Big data and Internet analytics are especially promising and differentiating for financial services companies. The merge of financial services and Internet has unveiled the curtain on Internet finance in China. The Internet finance is based on the technology advancement on cyber web especially on mobile payment, social communication network development, search engine and cloud computing. All these have changed the operational flow and delivery of financial services. Internet finance breaks the geographic restriction and becomes the third major source of finance which comes after commercial bank which appears as financial intermediates and securities market which performs the role of direct financing. Two major views of Internet finance are formed. Generally, it refers to the application of Internet technology to tradition financial services which included the electronicInternet banking and mobile banking. Specifically, it refers to the e-commerce business advancing to financial sector, in particular on third party payment and credit platform. Thus, the integration of the e- commerce and financial industry has enriched the service contents and change the existing operating model. The logical content of Internet finance can be viewed from different angles. Firstly, it can be defined as the migration of the existing banking or financial transaction to the Internet platform. All transactions executed over the Internet can broadly be grouped under this area. Secondly, it excludes all established Internet applications currently provided by traditional financial institutions, but embeds hot areas like remote payment and settlement services, supply chain financing for small and medium enterprises and microcredit. Thirdly, the narrow sense of Internet finance refers to e-commerce and other companies enter the financial sector and become 251 part of the industrial supply chain. Thus, the second and third definitions of Internet finance receive the most attention.

2. Long Tail Market

[1] The term ‘long tail’ has gained popularity in recent years as describing the retailing strategy of selling a large number of unique items with relatively small quantities sold of each, usually in addition to selling fewer popular items in large quantities [2] . One of the most important shifts brought by the Internet finance long tail effect is the emergence of different forms of microfinance. Those who were being ignored by traditional banking sector are now being grouped together to form a market share that becomes one of the major income sources of financial institutions. It is a potential market illustrates that the distribution and sales channel opportunities created by the Internet often enable businesses to tap that market successfully. 2.1 Information Processing and Interaction Traditionally, when a consumer or a small and medium enterprise apply a loan from a bank, a special unit or credit department of financial institution is responsible for the credit evaluation. The institution will evaluate their financial posi tion based on applicants’ information provided. In addition, banks usually focus on a few large corporations and major customers for providing credit. However, with the help of big data and cloud computing, the Internet finance captures the signal generated from the long tail market. Internet finance helps publicize private information and centralize discrete information. Large amount of data is generated over the social communication network, the search engine helps to classify and build up index. While the cloud computing processes massive of data into meaningful information. Based on the interaction among social communication network, search engine and cloud computing, it enables the development of the microfinance which aims at providing source of finance to individuals or small and medium enterprises at a nominal amount. This becomes an important niche which has long ignored by commercial banks. The cloud concept has been extended to big data analytics that leverage massive amount of data usually gathered and stored in the cloud. Financial institutions and e-commerce companies can use the information in marketing services for more targeted, and therefore to have more effective marketing campaigns. Such development has also helped to reduce the information asymmetric issue which had long existed in financial sector. Another key motivation is to perform operational run-the-business tasks at the minimum total cost of ownership and invest more in customer-facing or customer-decoding technologies. Thus, cloud computing enables companies more nimble in understanding customer preference and behaviour. 2.2 Better Resource Allocation Internet finance has eliminated the middleman in sending orders to financial markets. Both the fund providers and borrowers can match with each other according to the information obtained. Under Internet finance, massive of information both about current prices and individuals’ credit performance and behavior are being captured and evaluated. This can be referred as ‘democratization of trading process’. [3] Those tools and products which were available only in the hand of specialists now are spread over the web and widely provide to individuals. This new price discovery mechanism can greatly reduce search cost, lower transaction cost and degree of information asymmetric, which provide a level playing field for both parties.