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中國大陸房企債務與影響評析
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125460
title: 中國大陸房企債務與影響評析大陸人行降準能否奏效
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125458
title: 大陸人行降準能否奏效The price continuity, return and volatility spillover effects of regular and after-hours trading
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125456
title: The price continuity, return and volatility spillover effects of regular and after-hours trading abstract: This study employs a bivariate EGARCH model to examine the Taiwan Futures Exchange’s
regular and after-hours trading, focusing on the critical aspects of spillover and expiration
effects, as well as volatility clustering and asymmetry. The objective of this study is to
observe the impact on the trading sessions in Taiwan by the influences of the European and
American markets, focusing on the essential roles of the price discovery function and risk
disclosure effectiveness of the regular hours trading. This research is imperative considering
the increasing interconnectedness of global financial markets and the need for comprehensive
risk assessment for investment strategies. It also examines the hedging behavior of
after-hours traders, thereby aiming to contribute to pre-investment analysis by future investors.
This examination is vital for understanding the dynamics of after-hours trading and its
influence on market stability. Results indicate price continuity between both trading sessions,
with regular trading often determining after-hours price ranges. Consequently, afterhours
price changes can inform regular trading decisions. This finding highlights the importance
of after-hours trading for shaping market expectations. Significant profit potential
exists in after-hours trading open interest, which serves speculative and hedging purposes.
While regular trading volatility influences after-hours trading, the reverse is not true. This
suggests Taiwan market information poses a higher risk impact than European and American
market data, emphasizing the unique position of the Taiwan market in the global financial
ecosystem. After-hours trading volatility reflects the absorption of international market
information and plays a crucial role in advance revelation of risks. This underscores the
importance of after-hours trading in global risk management and strategy formulation.
Introduction
The futures market plays a crucial role in financial ecosystems, performing key functions such
as speculation, hedging, and price discovery. A well-established futures market is vital for the
overall health of the securities market. In this context, the Taiwan Futures Exchange (TAIFEX)
PLOS ONE
PLOS ONE
<br>Air Transportation Network Flows: Equilibrium Model
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125197
title: Air Transportation Network Flows: Equilibrium Model abstract: Passenger flow is an important planning factor in an air transportation system. However, forecasting segment (link) and airport flows becomes more complicated in a hub-and-spoke system since segment flows are the aggregations of route flows, and the number of routes increases with hubbing activities. This research develops an equilibrium model considering certain important characteristics of an air transportation system such as distance, airport delay, airline competition, and networks to predict segment and airport passenger flows from the viewpoint of the whole system. The major features of the model include (a) treatment of segment flows and airport delays as endogenous by considering the feedback of assigned segment flows and their impacts on airports; (b) reflecting the flexibility of air networks, a start with all links between all airports as the potential network and determination of the predicted network according to the equilibrium flows on segments; and (c) connection of key elements of the system so that it can evaluate the system impacts of some element changes. The model is demonstrated by applying it to the National Airspace System of the United States. Several characteristics of the model are also investigated. In addition, a policy experiment shows that improvement of an airport not only affects the airport itself but also changes the flows and performance of other airports–-the model can be a tool for evaluating systemwide effects. Finally, the model's limitations and possible remedies are discussed.
<br>臺鐵旅運者之服務水準選擇與願支付價格研究
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125196
title: 臺鐵旅運者之服務水準選擇與願支付價格研究 abstract: 臺鐵近年積極提升列車服務水準,先後引進太魯閣及普悠瑪號,大多投入東部線營運以解決花東旅運問題。東部線尖峰時間本就一票難求,又因車種簡化政策將不同服務水準列車訂定相同票價,致使有限資源之配置遭到扭曲,讓問題更加嚴重。依據服務水準與旅運者願支付價格定價,為改善資源配置效率之良方,惟現有研究於此著墨甚少。故本研究採用敘述性偏好方法進行問卷調查,建構多項及潛在類別羅吉特模式以分析旅運者對列車服務屬性之偏好及其異質性,用以估計旅運者對服務屬性之願支付價格,並推估旅客對普悠瑪號、太魯閣號與自強號的願支付價差;另外亦以條件評估法估計三種列車之願支付價格,以期探究方法論之差異。羅吉特模式結果均顯示可退票、可換票為旅客重要考量因素,且長程旅客較短程、中程旅客在意旅行時間。潛在類別羅吉特模式以年齡、所得、商務旅次為分類變數,結果顯示年齡為18歲至24歲或65歲以上、所得較低且非商務旅次之旅客較在意金錢相關變數,而年齡介於25至64歲、所得較高且商務旅次之旅客較在意時間相關變數。三界二分選擇模式所得願支付價格之標準差較雙界二分選擇模式者小,增加詢價次數在願付價格之估計上更具效率。經三種模式校估結果顯示透過旅客對方案屬性間之取捨,進而做出偏好選擇的離散機率選擇模式所得到的列車願付價差差異較大。利用本研究成果將三車種與其服務屬性進行方案組合,例如搭配不同之旅行時間、退換票機制以設計差別票價,可供臺鐵未來調整訂價策略、優化營收管理之參考依據。
<br>The ESG washing in banks: Evidence from the syndicated loan market
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125195
title: The ESG washing in banks: Evidence from the syndicated loan market abstract: We investigate whether banks practice environmental, social, and governance (ESG) washing in their lending decisions and how the market reacts. That is, do banks with worse ESG performance intentionally lend to firms with better ESG performance to improve their ESG reputations? Banks with worse ESG performance offer significantly lower loan spreads, longer loan maturities, fewer general covenants, and fewer collaterals to firms with better ESG performance. More importantly, the stock market generally reacts favorably to banks that make these kinds of deals, which could explain why banks engage in ESG washing. We also find that the effects of ESG washing are significantly stronger for borrowers from high-polluting industries and in the post-Kyoto Protocol period. These results support the idea that the banks with worse ESG performance use ESG-washing lending to improve their ESG reputations.
<br>Mastery of “Monthly Effects”: Big Data Insights into Contrarian Strategies for DJI 30 and NDX 100 Stocks over a Two-Decade Period
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125194
title: Mastery of “Monthly Effects”: Big Data Insights into Contrarian Strategies for DJI 30 and NDX 100 Stocks over a Two-Decade Period abstract: In contrast to finding better monthly performance shown in a specific month, such as the January effect (i.e., better stock price performance in January as opposed to other months), which has been extensively studied, the goal of this study is to determine whether investors would obtain better subsequent performance as technical trading signals emitted in a specific month because, from the investment perspective, investors purchasing stocks now would not know their performance until later. We contend that our analysis emphasizes its critical role in steering investment decisions and enhancing profitability; nonetheless, this issue appears to be overlooked in the relevant literature. As such, utilizing big data to analyze the constituent stocks of the DJI 30 and NDX 100 indices from 2003 to 2022 (i.e., two-decade data), this study investigates whether trading these stocks as trading signals emitted via contrarian regulation of stochastic oscillator indicators (SOIs) and the relative strength index (RSI) in specific months would result in superior subsequent performance (hereafter referred to as “monthly effects”). This study discovers that the oversold signals generated by these two contrarian regulations in March were associated with higher subsequent performance for holding 100 to 250 trading days (roughly one year) than other months. These findings highlight the importance of the trading time and the superiority of the RSI over SOIs in generating profits. This study sheds light on the significance of oversold trading signals and suggests that the “monthly effect” is crucial for achieving higher returns.
<br>Enhancing Crypto Success via Heatmap Visualization of Big Data Analytics for Numerous Variable Moving Average Strategies
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125193
title: Enhancing Crypto Success via Heatmap Visualization of Big Data Analytics for Numerous Variable Moving Average Strategies abstract: This study employed variable moving average (VMA) trading rules and heatmap visualization because the flexibility advantage of the VMA technique and the presentation of numerous outcomes using the heatmap visualization technique may not have been thoroughly considered in prior financial research. We not only employ multiple VMA trading rules in trading crypto futures but also present our overall results through heatmap visualization, which will aid investors in selecting an appropriate VMA trading rule, thereby likely generating profits after screening the results generated from various VMA trading rules. Unexpectedly, we demonstrate in this study that our results may impress Ethereum futures traders by disclosing a heatmap matrix that displays multiple geometric average returns (GARs) exceeding 40%, in accordance with various VMA trading rules. Thus, we argue that this study extracted the diverse trading performance of various VMA trading rules, utilized a big data analytics technique for knowledge extraction to observe and evaluate numerous results via heatmap visualization, and then employed this knowledge for investments, thereby contributing to the extant literature. Consequently, this study may cast light on the significance of decision making via big data analytics.
<br>Do bitcoin news information flow and return volatility fit the sequential information arrival hypothesis and the mixture of distribution hypothesis?
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125192
title: Do bitcoin news information flow and return volatility fit the sequential information arrival hypothesis and the mixture of distribution hypothesis? abstract: The financial asset return volatility and information field have continued to compare both hypotheses: sequential information arrival hypothesis (SIAH) and the mixture of distribution hypothesis (MDH). However, numerous former studies have not found an appropriate information indicator but just used trading volume as an indirect proxy. The study examines the relationship between Bitcoin return volatility and information flow instead of the trading volume. We apply a text and web mining to get all related 24,316 news items for Bitcoin from 64 news websites. Next, we apply a sentiment analysis of natural language processing (NLP) to generate information flow data to replace the traditional trading volume. Finally, we appropriate vector autoregressive (VAR) models to catch the lead-lag relationship and Spearman Correlation to test contemporaneous nexus. The study results show that Bitcoin return volatility is affected by the negative information flow and parallels SIAH; the positive information flow impacts Bitcoin return volatility and matches MDH. The empirical result benefits investors in making proper investment decisions in Bitcoin, and the gist of the paper fills the gap in academic literature because the aspect of information is still absent in academia.
<br>Overviewing Global Surface Temperature Changes Regarding CO2 Emission, Population Density, and Energy Consumption in the Industry: Policy Suggestions
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125191
title: Overviewing Global Surface Temperature Changes Regarding CO2 Emission, Population Density, and Energy Consumption in the Industry: Policy Suggestions abstract: The focus of this study is to investigate the causal relationships between global surface temperature changes and various relevant economy-related factors and to provide a clearer regime for authorities. The study reveals that the growth rate of production-based CO2 productivity and energy consumption in industrial, service, and transport sectors positively correlates with global surface temperature changes, aggravating the problem in the long run. However, it is evident that, on the one hand, the energy efficiency of industrial and service sectors needs to be highly scrutinized to address the mitigation issues of global surface temperature change. On the other hand, the contributions of the agricultural and transport sectors are not obvious due to their bidirectional causal relationships with respect to global surface temperature changes. Thus, improving energy efficiency and consumption in these sectors should also be a significant concern. Furthermore, the study highlights the positive causal relationship between population density and the contribution of renewable energy to global surface temperature change. Although population density aggravates the issue, the use of renewable energy confronts it. The contribution from empirical evidence presented in this study emphasizes the need for industries to improve their energy efficiency and consumption in order to mitigate global surface temperature changes.
<br>The soft commodities multiple bubbles tests: evidence from the New York Futures Markets
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125190
title: The soft commodities multiple bubbles tests: evidence from the New York Futures Markets abstract: The soft commodity is a high-frequency trading market. We use the right-tailed unit root tests of Phillips et al. to investigate asset bubbles within and to detect explosive episodes on each soft commodity sample date set. Our empirical test uses weekly data from New York soft commodity market and finds bubbles existed in each of the soft commodities. The test model allows us to exam each bubble’s origination and termination dates using date-stamping in the recursive procedure. We found that the soft commodities bubble is more relevant to the man-made factor.
<br>Econometric Analysis of U.S. Airline Flight Delays with Time-of-Day Effects
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125189
title: Econometric Analysis of U.S. Airline Flight Delays with Time-of-Day Effects abstract: An econometric model of average daily delay is formulated and estimated to analyze flight delay in the U.S. domestic system. The model considers the effects of arrival queuing, volume, terminal weather, en route weather, seasonal effects, and secular effects. In particular, the time-of-day effects of arrival queuing, the effects of scheduled arrivals, and the interaction between scheduled arrivals and weather conditions are investigated. The estimation results suggest that (a) queuing has a greater delay impact in the morning than in the afternoon or evening (one unit of morning queuing delay causes about three times as much average daily delay as one unit of evening queuing delay), (b) scheduled arrivals–-both alone and in interaction with weather conditions–-significantly affect average delay, and (c) 31% of the total delay increase between early 2004 and early 2005 can be attributed to traffic growth.
<br>A passenger demand model for air transportation in a hub-and-spoke network
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125188
title: A passenger demand model for air transportation in a hub-and-spoke network abstract: This paper develops an air passenger model that deals with city-pair demand generation and demand assignment in a single framework. Using publicly available and regularly collected panel data, the model captures both time series and cross-sectional variation of air travel demand. The empirical analysis finds that pattern of correlations among alternatives can be described by a three-level nested logit model. Fare, frequency, flight time, direct routing, on-time performance, income, and market distance have significantly effects on air demand. Correcting for the problem of endogenous air fares using instrumental variables yields more plausible estimates of price sensitivity and value of time.
<br>Going South? Econometric Analysis of U.S. Airline Flight Delays from 2000 to 2004
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125187
title: Going South? Econometric Analysis of U.S. Airline Flight Delays from 2000 to 2004 abstract: The recent increase in flight delays in the U.S. domestic system is analyzed by estimating an econometric model of average daily delay that incorporates the effects of arrival queuing, convective weather, terminal weather conditions, seasonal effects, and secular effects (trends in delays not accounted for by other variables). From the estimation results it was possible to quantify some sources of higher delays in late 2003 and early 2004 and track changes in delays that are not attributable to major causal factors. Results suggest that when these factors are controlled for, delays decreased steadily from 2000 through early 2003, but that the trend reversed thereafter. Of the total delay increase between early 2003 and early 2004, half to two-thirds can be attributed to specific sources.
<br>Analysis of the Idiosyncratic Risk Characteristics from Commodity Markets
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125186
title: Analysis of the Idiosyncratic Risk Characteristics from Commodity Markets abstract: The main purpose of this study is to explore the commodity characteristics of crude oil market and gold market, and use CBP-GARCH model to capture whether there is instantaneous co-jump variation between the two markets when unexpected information occurs. The empirical results show that there is a phenomenon of volatility clustering between commodity markets. When the interest rate spread of stock market and long-term and short-term bonds expands, it has a significant impact on gold, but not in crude oil commodities, showing that there are different linkage between commodity market and financial market. In addition, when there is a transmission of market information, the jump intensity of crude oil will be higher than that of gold market, and there are instantaneous co-jump variation characteristics. This phenomenon can be attributed to the fact that the crude oil market is affected by market supply and demand, and the gold market plays a mixed characteristic of hedging and investment. Therefore, the empirical results of this study also suggest that investors should consider the asymmetric jump fluctuation variation between commodity markets when the market unexpected information is generated, so as to effectively control the risk degree in the portfolio.
<br>ESG與綠色金融對銀行財務績效影響
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125161
title: ESG與綠色金融對銀行財務績效影響Cryptocurrency Momentum and VIX premium
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125101
title: Cryptocurrency Momentum and VIX premium abstract: The cryptocurrency momentum premium, defined as the risk premium exposure to the cryptocurrencies with higher past return, is a key factor in the cryptocurrency market. In this paper, we investigate whether VIX, VIX premium (Cheng, 2019), or economic policy uncertainty (EPU) can predict changes in cryptocurrency momentum premiums. The empirical analysis indicates that higher VIX premiums can increase the one-month-ahead momentum premium, and that VIX and EPU levels are not predictors of momentum premiums. Overall, we demonstrate that uncertainty can affect the cryptocurrency momentum premium through VIX futures rather than VIX itself or news-based information (i.e., EPU).
<br>Cryptocurrency Return Dependency and Economic Policy Uncertainty
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125100
title: Cryptocurrency Return Dependency and Economic Policy Uncertainty公司治理評鑑對股價之影響:以台灣上市公司為例
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125099
title: 公司治理評鑑對股價之影響:以台灣上市公司為例首屆永續金融評鑑的觀察
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125083
title: 首屆永續金融評鑑的觀察 abstract: 第一屆永續金融評鑑前20%名單出爐,57家參與的金融機構當中,計有銀行業7家、證券業2家及保險業3家等,共12家表現成果佳。金管會旋即公布第二屆永續金融評鑑指標,進行相關調整及擴大受評對象範圍。受評金融業落在前段班具有鼓勵作用及發揮影響力;後段班亦宜引為警惕,持續精進邁向永續。
<br>一帶一路倡議對柬埔寨發展的機會與挑戰
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125030
title: 一帶一路倡議對柬埔寨發展的機會與挑戰 abstract: 本研究旨在分析中國一帶一路倡議(BRI)對柬埔寨政治、經濟和社會等因素的影響。柬埔寨是東南亞國家協會(ASEAN)中最支持習近平一帶一路倡議的國家。本研究首先比較中國官方媒體和柬埔寨政府,在報導與一帶一路基礎設施協議相關的事項時,所呈現的不同觀點,揭示其中的基本敘述和利益。其次,探討日本和中國在參與柬埔寨基礎建設過程中所採取的策略,包括日本的官方發展援助(ODA)和中國的對外直接投資(FDI)以及建設-營運-移交(BOT)模式,並評估兩者對柬埔寨經濟發展的影響。另外,納入中國在西哈努克港經濟特區投資進行案例研究,透過中國在西港經濟特區投資的經濟效益、潛在挑戰和社會影響,審視一帶一路倡議在柬埔寨的影響。在後疫情時代,中國經濟增長預期會放緩的情況下,本研究探討一帶一路倡議對柬埔寨未來的影響。最後,分析一帶一路倡議與柬埔寨即將到來的七月選舉之間的關係。在兼顧公民社會對自由公正選舉、民主和公眾參與的要求下,洪森政府是如何利用一帶一路基礎設施成果來增強其持續執政的合法性。
<br>中共第三屆「一帶一路」高峰會論壇八項行動與對台灣新南向政策的影響
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/125005
title: 中共第三屆「一帶一路」高峰會論壇八項行動與對台灣新南向政策的影響市場情緒與公司債風險溢酬
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124994
title: 市場情緒與公司債風險溢酬The impact of firm risk on the value of cash holdings: The moderating role of corporate social responsibility
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124993
title: The impact of firm risk on the value of cash holdings: The moderating role of corporate social responsibility abstract: This study investigates the impact of firm risk on the value of cash holdings, and how corporate social responsibility (CSR) affects this relationship considering controlling shareholders. Using a sample of Taiwanese publicly listed firms from 2005 to 2018, we find that firms' CSR activities are more positively associated with the value of cash holdings because of controlling shareholders' incentive effects in most cases. Moreover, the precautionary view suggests that high-risk firms positively influence the value of cash holdings. Interestingly, considering controlling shareholders weakens the moderating impact of CSR engagement on the relationship between firm risk and value of cash holdings. Thus, CSR is an important determinant of corporate cash policies among Taiwanese firms. Our empirical results provide managers, investors, and policymakers with important decision-making insights.
<br>Behavioral Intention toward Adoption of Mobile Payment During the COVID-19 Pandemic: A Comparison Between Taiwan and Indonesia
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124987
title: Behavioral Intention toward Adoption of Mobile Payment During the COVID-19 Pandemic: A Comparison Between Taiwan and Indonesia abstract: This thesis investigates and compares consumer behavior towards e-payment in Taiwan and Indonesia during the COVID-19 pandemic. It explores the surge in cashless payment methods and the significant increase in e-payment usage in Taiwan, driven by its perceived safety during the pandemic. The study focuses on Taiwanese and Indonesian nationals, using a quantitative survey methodology to collect data. The findings contribute to understanding the factors influencing Taiwanese consumers' adoption of e-payment services and offer insights for e-payment companies. The research highlights the growing importance of cashless payment trends in these countries and provides a foundation for future research to delve deeper into the topic. Overall, it offers a comprehensive analysis of consumer behavior in e-payment during the COVID-19 pandemic in Taiwan and Indonesia.
<br>中國綠色「一帶一路2.0」的機會與挑戰
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124895
title: 中國綠色「一帶一路2.0」的機會與挑戰東南亞半導體供應鏈的發展與挑戰
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124807
title: 東南亞半導體供應鏈的發展與挑戰 abstract: 過去中國在全球供應鏈中具有戰略性地位,然受美中貿易戰、新冠疫情、能源短缺、地緣政治和人口結構改善,以及中國經濟復甦乏力之影響,與中國脫鉤的「供應鏈去中化」或「去風險化」進行供應鏈重組與新建,早已如火如荼展開。如今東協一躍成了貿易必經港口、世界爭搶的鑽石,成為半導體供應鏈去風險化的首選之地。
<br>大陸金融風險對台灣產業影響
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124737
title: 大陸金融風險對台灣產業影響 abstract: 房地產一直是中國大陸支撐經濟成長的重要引擎,2021年「恆大事件」後其房地產市場即一蹶不振。今年以來更是屋漏偏逢連夜雨。首先,恆大地產因無力償還到期債務,在紐約聲請破產保護。接著,民營房企巨頭碧桂園也爆雷,就連最大的資產管理公司中植集團,也傳出債務違約困境。標普預估大陸今年房地產銷售額將年跌10%至15%。再者,美元強升、大陸經濟復甦乏力、中美利差擴大等因素衝擊,加速人民幣貶值。大陸房地產違約潮及人民幣貶值是否惡化成金融系統性風險?對台產業又有何影響?
<br>借鏡英國:探索台灣加入CPTPP的機遇與挑戰
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124736
title: 借鏡英國:探索台灣加入CPTPP的機遇與挑戰中國大陸正面臨經濟通貨緊縮與年輕世代失業潮的雙重挑戰
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124735
title: 中國大陸正面臨經濟通貨緊縮與年輕世代失業潮的雙重挑戰中國房地產債務違約風暴
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124640
title: 中國房地產債務違約風暴中國大陸居民消費不振與官方刺激消費措施評析
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124585
title: 中國大陸居民消費不振與官方刺激消費措施評析陸壯大民營經濟31條措施評析
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124584
title: 陸壯大民營經濟31條措施評析臺美21世紀貿易倡議 影響與挑戰
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124495
title: 臺美21世紀貿易倡議 影響與挑戰 abstract: 臺美21世紀貿易倡議(U.S.-Taiwan Initiative on 21st-Century Trade)首批協定(first agreement)於今(2023)年6月1日正式簽署,7月26日立法院臨時會院會上無異議通過。
美國國會也於8月8日宣布「臺美21世紀貿易倡議首批協定實施法案;US-Taiwan Initiative on 21st-Century Trade First Agreement Implementation Act」,獲得美國總統拜登簽署生效。此協定號稱是臺美自 1979 年以來所簽署結構最為完整的貿易協定,也是未來臺灣與美國簽訂自由貿易協定(FTA)的基礎。究竟其內容為何?未來面臨那些挑戰?對臺灣產業與國際貿易有何影響?
<br>The Valuation of Contract Deposit and Purchase Price
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124409
title: The Valuation of Contract Deposit and Purchase Price abstract: This paper evaluates the deposit and purchase pricing of purchase contracts in a risk-neutral framework. First, we determine the fair deposit price of a single-installment purchase contract based on theoretical modeling and numerical analysis. Second, the buyer’s threshold pricing in dual-installment and multi-installment contracts is investigated under the framework of compound options. Lastly, the pricing behavior of deposits and purchases is further analyzed using a simultaneous equations modeling framework.
<br>Analysis on the Efficiency of Risk Management in the Chinese Listed Companies
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124408
title: Analysis on the Efficiency of Risk Management in the Chinese Listed Companies abstract: Since a firm’s profitability is associated with a degree of risk taking, risk indicators have been extensively treated as exogenous variables and affected firm performance. The level of risk taking should be determined through internal control quality and firm-specific characteristics to effectively understand the relationship between risk management and firm performance. This study aims to investigate the effects of risk management efficiency on the production efficiency of Chinese listed companies from 2002 to 2016 using the two-step data envelopment analysis (DEA) approach. Empirical results indicate that risk management differs from traditional financial theory, which means that high-level risk would earn high expected returns. Firms with a low efficiency index of enterprises risk management will have low performance. In particular, internal controls were significantly improved after the 2008 financial crisis. Our overall results also suggest that information asymmetry is still a problem in financial markets. To achieve maximum benefits for shareholders and improve the quality of information disclosure, methods for enacting market regulations are still very important issues in China.
<br>從im.B事件看臺灣 P2P借貸平台發展與監理
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124402
title: 從im.B事件看臺灣 P2P借貸平台發展與監理 abstract: 國內P2P借貸平台im.B爆出詐騙風暴惹議,上千名投資人受害,損失金額粗估超過新臺幣25億元,但似乎無法可管?究竟,im.B這起大規模的龐氏騙局主要成因為何?有關單位應如何監理?投資人又該如何防範風險?
<br>The soft commodities multiple bubbles tests: evidence from the New York Futures Markets.
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124304
title: The soft commodities multiple bubbles tests: evidence from the New York Futures Markets. abstract: The soft commodity is a high-frequency trading market. We use the right-tailed unit root tests of Phillips et al. to investigate asset bubbles within and to detect explosive episodes on each soft commodity sample date set. Our empirical test uses weekly data from New York soft commodity market and finds bubbles existed in each of the soft commodities. The test model allows us to exam each bubble’s origination and termination dates using date-stamping in the recursive procedure. We found that the soft commodities bubble is more relevant to the man-made factor.
<br>經濟發展大趨勢
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124278
title: 經濟發展大趨勢Evaluating the Efficiency of Financial Assets as Hedges against Bitcoin Risk during the COVID-19 Pandemic
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/124255
title: Evaluating the Efficiency of Financial Assets as Hedges against Bitcoin Risk during the COVID-19 Pandemic abstract: In the turbulent landscape of financial markets, Bitcoin has emerged as a significant focus for investors due to its highly volatile returns. However, the risks and uncertainties associated with it necessitate effective hedging strategies. This paper explores the potential of various financial assets, including interest rates, stock markets, commodities, and exchange rates, as dynamic hedges against Bitcoin’s risk. Utilizing a DCC-GARCH model, we construct a dynamic hedging model to analyze the viability of these financial assets as hedges. The data is categorized into pre-pandemic and pandemic periods to assess any change in hedging performance due to the outbreak of COVID-19. Our empirical findings suggest that the dynamic DCC-GARCH model outperforms the static OLS model in this context. During the pandemic period, a diverse set of financial assets demonstrated enhanced efficiency in hedging Bitcoin risk compared to the pre-pandemic phase. Among the hedging commodities, stock market indices, the US dollar index, and commodity futures displayed superior performance.
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