DSpace collection: 期刊論文

壽險業企業形象、服務品質與顧客滿意度對購買意願之影響

title: 壽險業企業形象、服務品質與顧客滿意度對購買意願之影響 abstract: 台灣過去二十年積極發展壽險業務，直至今日，壽險業在金融機構具有舉足輕重的地位。然而面對外在環境的改變，以及金融市場變化迅速，壽險公司如何在百家爭鳴的市場中脫穎而出並吸引消費者的目光？本研究針對壽險業企業形象、服務品質與顧客滿意度對購買意願之影響進行探究。本研究藉由371份十八歲以上消費者之有效問卷進行研究分析。本研究透過複迴歸分析以檢定研究假說。研究結果顯示：(1)壽險業企業形象對顧客滿意度與購買意願有顯著正向影響。(2)壽險業服務品質對顧客滿意度與購買意願亦有顯著正向影響。(3)顧客滿意度分別在壽險業企業形象、服務品質對購買意願具有部份中介影響效果。本研究結果有助於壽險業者加強競爭優勢，並提供壽險業者制定顧客關係管理和增進消費者購買意願相關策略之參考。

The Effects of Taiwan's DRGs-Based Payment System on the Private Health Insurance Market

title: The Effects of Taiwan's DRGs-Based Payment System on the Private Health Insurance Market

Representation, Medical Examination, and the Effectiveness of Underwriting: Evidence from A Life and Health Insurance Company

title: Representation, Medical Examination, and the Effectiveness of Underwriting: Evidence from A Life and Health Insurance Company abstract: This study examines whether underwriting methods—representation, medical examination, extra premiums, and coverage—effectively mitigate adverse selection using data from an insurance company. Regarding representation, we focus on statements disclosing pre-existing medical conditions. Our findings show that for insured individuals with claims, claim costs are higher for those with pre-existing conditions or who require medical examinations. These individuals are also charged extra premiums. However, their loss ratios do not significantly differ from those without pre-existing conditions or medical examination requirements, possibly due to extra premiums. A quasi-difference-in-differences (DID) analysis confirms that extra premiums significantly lower the loss ratio of high-risk insureds, indicating that extra premiums serve as an effective underwriting mechanism. Lastly, insured individuals with pre-existing conditions receive lower coverage than those without, a finding that contrasts with existing literature. Finally, using the method introduced by Chiappori and Salanie (2000), we find a statistically significant positive correlation between the residuals of coverage and claim costs (loss ratio), suggesting strong evidence of adverse selection. Overall, the evidence suggests that underwriting effectively mitigates adverse selection.

The role of affiliates' external financing and risk-taking in internal capital markets: Evidence from U.S. nonlife insurance groups

title: The role of affiliates' external financing and risk-taking in internal capital markets: Evidence from U.S. nonlife insurance groups abstract: This study explores how groups source financial support to inadequately capitalized members without compromising group-wide solvency in US nonlife insurance sector. By examining the mediating roles of affiliates' financial decisions on the effect of focal firms' inadequate capitalization on internal capital transfers (ICTs), we discover that affiliates raise external capital in response to focal firms' inadequate capitalization, and affiliates’ increased financial positions via external financing translate into ICTs to focal firms. In conclusion, the present study reveals that affiliates with better financial positions and access to external financing actively source financial resources through external capital issuance in group-wide solvency management.

Predictive models for type 2 diabetes mellitus in han Chinese with insights into cross-population applicability and demographic specific risk factors

title: Predictive models for type 2 diabetes mellitus in han Chinese with insights into cross-population applicability and demographic specific risk factors abstract: Backgruound: The rising global incidence of type 2 diabetes mellitus (T2DM) underscores the need for predictive models that enhance early detection and prevention across diverse populations. This study aimed to identify predictors of incident T2DM within a Han Chinese population, assess their impact across various age and sex demographics, and explore their applicability to European populations. Methods: Using data from about 65,000 participants in the Taiwan Biobank (TWB), we developed a predictive model, achieving an area under the receiver operating characteristic curve of 90.58%. Key predictors were identified through LASSO regression within the TWB cohort and validated using over 4 million records from Taiwan's Adult Preventive Healthcare Services (APHS) program and the UK Biobank (UKB). Results: Our analysis highlighted 13 significant predictors, including established factors like glycosylated hemoglobin (HbA1c) and blood glucose levels, and less conventionally considered variables such as peak expiratory flow. Notable differences in the effects of HbA1c levels and polygenic risk scores between the TWB and UKB cohorts were observed. Additionally, age and sex-specific impacts of these predictors, detailed through APHS data, revealed significant variances; for instance, waist circumference and diagnosed mixed hyperlipidemia showed greater impacts in younger females than in males, while effects remained uniform across male age groups. Conclusion: Our findings offer novel insights into the diagnosis and management of diabetes for the Han Chinese and potentially for broader East Asian populations, highlighting the importance of ethnic and demographic diversity in developing predictive models for early detection and personalized intervention strategies.

保險科技使用意願之研究

title: 保險科技使用意願之研究

內外控人格特質、公平待客原則對理賠人員決策的影響

title: 內外控人格特質、公平待客原則對理賠人員決策的影響

從中國監管制度變化探討保險公司銀保業務影響與趨勢-以C保險公司為例

title: 從中國監管制度變化探討保險公司銀保業務影響與趨勢-以C保險公司為例

類全委投資型保單之研究

title: 類全委投資型保單之研究

TCFD Compliance and Decarbonization Practices: Evidence From Taiwan's Financial Institutions

title: TCFD Compliance and Decarbonization Practices: Evidence From Taiwan's Financial Institutions abstract: Using Taiwan's unique Task Force on Climate-Related Financial Disclosures (TCFD) compliance dataset on 80 financial institutions compiled based on a content analysis methodology, we find that financial firms' extent of decarbonization practices positively affects TCFD compliance, suggesting that firms with more substantive decarbonization commitments provide more robust climate- related financial disclosures, effectively articulating their efforts and commitments to stakeholders. Moreover, enhanced TCFD compliance positively influences firms' decarbonization practices in terms of Science Based Targets initiative (SBTi) participation, Scope 3 emissions disclosure, and reduced Scope 1 and 2 emissions intensity. We attribute the positive relationship between TCFD compliance and decarbonization practices to heightened stakeholder scrutiny under Taiwan's mandatory disclo- sure regime. By increasing public awareness of firms' disclosure and decarbonization practices, TCFD compliance is likely to be a genuine indicator of decarbonization commitments. Our findings offer insights for other emerging markets considering the adoption of mandatory climate- related financial disclosure.

體驗行銷與顧客滿意度對投保意願之影響－以保險店鋪為例

title: 體驗行銷與顧客滿意度對投保意願之影響－以保險店鋪為例

退休再就業與退休後兼職保險業務員意向之研究

title: 退休再就業與退休後兼職保險業務員意向之研究

Tournament incentives and reserve management

title: Tournament incentives and reserve management abstract: This paper examines the impact of internal tournament incentives on reserve management within the property-liability insurance industry. We find a positive relationship between internal tournament incentives and reserve errors, suggesting that a larger tournament prize is associated with more conservative loss-reserve management. In contrast to the literature on nonfinancial firms, we do not observe a positive association between tournament incentives and risk-taking behavior or performance. The overall evidence indicates that vice presidents participating in internal tournaments prioritize strong financial health over performance. Moreover, the positive effect of tournament incentives on conservative reserve management is more pronounced for insurers with more volatile returns and a higher ratio of claim loss reserves to total liabilities. This effect attenuates for larger insurers, those underwriting long-tail lines, and those operating in less competitive environments. Our findings also suggest that the Sarbanes–Oxley Act significantly influences executives' reserve behavior. Finally, we show that stronger board monitoring is associated with more conservative reserve practices in internal tournaments.

A Performance Index Consistent with Fractional-order Stochastic Dominance

title: A Performance Index Consistent with Fractional-order Stochastic Dominance abstract: We propose a performance index for ranking risky projects, termed the fractional-order Omega. The proposed index is consistent with the fractional-order stochastic dominance in between the first- and the second-order stochastic dominance, and bridges the traditional Omega and the second-order Omega. To illustrate its empirical applicability, we utilize the index to develop a market timing strategy. Empirical results show that the market timing strategy, which aims to maximize the fractional-order Omega ex ante, generally performs well ex post.

Roles of ownership structure and investment opportunities in directing internal capital allocation within groups

title: Roles of ownership structure and investment opportunities in directing internal capital allocation within groups abstract: By employing regression analyses on matched samples formed by propensity score matching to investigate the factors driving internal capital allocation decisions, this study reveals a negative relationship between net capital inflows via related-party borrowing and sales, implying that resources within groups are circulated rather than allocated in a unidirectional way. After controlling for net capital inflows via related-party sales (borrowing) and other covariates within each year and industry, we find that the negative relationship between profitability and net capital inflows via related-party borrowing is concentrated among the firms in which controlling shareholders have large ownership and a high level of corporate control in terms of voting rights and board control. These findings suggest that the linkage between controlling shareholders’ private benefits and firms and controlling shareholders’ influence on managerial decisions drives the coinsurance or cross-subsidization function of internal capital markets within groups.

義大利中間類型勞動者保障法制之省思

title: 義大利中間類型勞動者保障法制之省思 abstract: 隨著零工經濟蓬勃發展，零工經濟勞動者之勞動條件漸漸受各界關注，繼而勞動者若未被歸類為勞工，應如何保障其勞動權益之議題亦受到重視。衡諸上開議題在國際社會間已受到廣泛討論，在我國亦成為眾所矚目之焦點。對此，義大利在1973年即於該國民事訴訟法中創設介於「勞工」與「自營作業者」兩者間之中間類型，並將之稱為「持續協調的合作者」(Continuous and Coordinated Collaborators, Co. Co. Co.)，亦即中間類型勞動者，並持續不斷修正相關法制，近年來更直接明文將部分零工經濟勞動者納入保障，該國近半世紀以來之法制發展與實施經驗應具參考價值，對於我國未來建構中間類型勞動者法制，有一定的啟發性。有別於我國著重在勞動者職安衛面向之保障，且設有較為完備之法令，義大利中間類型勞動者法制之保障範圍，除上開訴訟程序之保障外，其規範保障內容尚涵蓋中間類型勞動者得在契約存續中合法暫停履約、在特定時間工作之補償制度、禁止就業歧視、隱私保護、請求訂定書面契約及知悉一切有助於保障其個人權益與安全資訊之權利等；至於集體勞動權益之保護方面，該國集體活動之發展甚為活躍，近年來更簽訂多項團體協約，亦值吾人持續關注。

勞動基準法第 22 條第 2 項但書規定之探討－以制服費負擔為中心

title: 勞動基準法第 22 條第 2 項但書規定之探討－以制服費負擔為中心 abstract: 雇主要求勞工負擔制服費爭議涉及制服成本負擔之合理分配與適法性。在民事法院部分，固有諸多判決採肯定見解，惟亦有判決分自雇主經營成本、勞動從屬性或定型化契約等情，否定此種行為之適法性，見解分歧；行政法院見解相對一致，通常從雇主經營成本之觀點或定型化契約實質審查，否定此種要求之適法性。本文認為雇主並非完全不得要求勞工負擔制服費，惟其應具備法律上正當事由，且須於勞工無異議之情況下，始得為之。

氣候風險揭露與 NAIC 保險業氣候風險揭露調查機制之探討

title: 氣候風險揭露與 NAIC 保險業氣候風險揭露調查機制之探討 abstract: 2000 年美國證券交易委員會（Securities and Exchange Commission，簡稱 SEC）即要求保險業提交氣候變遷報導，雖然 SEC 已經發布指導方針，建議上市公司考慮氣候變遷對資產的影響，但是並無強制要求任何具體的揭露。對於保險業，美國有六個州的監理官在 2014 年後要求保險業填寫氣候風險揭露調查，透過調查機制揭露保險業之氣候風險資訊，監理官與其他利害關係人亦可藉由調查作為評估保險業氣候風險揭露績效之出發點，而政策制定者得以經由調查洞察公共政策必要之改變。在全球朝向低碳未來轉型下，本文建議監理上可參採全國保險監理官協會（National Association of Insurance Commission，簡稱 NAIC）實務，建立我國保險業氣候風險揭露調查機制；再者，鼓勵乃至於要求保險業必須實行一定程度之氣候風險資訊揭露。此外，在氣候風險治理揭露、整合氣候風險至企業風險管理架構、於公司投資組合中考慮碳資產風險、與重要的利害關係人互動交流氣候風險等議題上，可以敦促保險業更有效地揭露氣候風險，並進一步強化監理上之氣候風險揭露調查工具。

保險公司氣候相關資訊揭露與TCFD揭露架構整合之探討

title: 保險公司氣候相關資訊揭露與TCFD揭露架構整合之探討 abstract: 本文主要論述歐盟氣候相關資訊報導指引對於保險業之具體指引，該指引納入氣候相關財務揭露工作小組(TCFD)之建議架構，以做為企業遵循歐盟相關法令規定之一致性標準。就保險公司實行氣候風險揭露而言，TCFD領域已整合至歐盟企業社會責任指令(NFRD)，而從監管之角度，保險核心原則(ICPs)亦對應連結TCFD揭露架構，且為國際保險監理官協會(IAIS)所支持。本文探討歐盟非財務資訊如何與氣候相關財務資訊加以整合；同時以保險核心原則公開揭露(ICP 20)為論述之重點，說明TCFD揭露架構與ICPs之參照連結，以做為保險公司實行TCFD架構及氣候相關風險監理之參考。

ISSB氣候相關揭露準則與NAIC氣候風險揭露調查機制之改革-以TCFD核心要素為主

title: ISSB氣候相關揭露準則與NAIC氣候風險揭露調查機制之改革-以TCFD核心要素為主

防疫保險中斷交涉保險人締約過失責任之探討-從最高法院 106 年度台上字第 1362 號民事判決出發

title: 防疫保險中斷交涉保險人締約過失責任之探討-從最高法院 106 年度台上字第 1362 號民事判決出發 abstract: 2022 年第一季國內新冠肺炎疫情發生變化，Omicron 病毒傳染力高且染疫人數暴增，引發民眾搶買防疫保險，進而衍生保險人拒絕訂約之爭議。基本上，財產保險公司銷售的防疫保險屬於一年期健康保險且無保證續保，締約雙方本無法期待契約一定成立，一方自得中斷訂約，各方須承擔自己在契約協商過程中所產生的費用。然而，個案事實若加入其他因素，契約交涉已達其中一方信賴契約即將締結的地步，中斷訂約即有違反誠信之締約責任。當要保人之信賴內容與在當事人處所發生之事實有所出入，因為此項不一致而造成損害，加上保險人先契約義務之違反有過失，則可形成完整的信賴損害，且具保護之必要。在防疫保險拒絕訂約之爭議，經要保人同意附加自動續約附加條款，保險金額並未異動、降低或縮減承保範圍，保險人寄發續保通知且要保人預繳保險費，於到期前完成續保程序且保險金額未異動、降低或縮減承保範圍之案例，保險人之言行舉止使要保人須承擔一定費用支出，引致要保人正當信賴防疫保險即將締結，基於誠信，保險人有通知、警告、保護義務（例如相較於平時，在病毒變異染疫人數暴增且民眾搶買保險時，通知成功完成訂約的機會、警告契約可能無法在足夠的時間內完成），以免要保人遭受損失，義務違反則有信賴賠償責任。

我國受僱者心理資訊隱私權保護法制之研究－美國經驗之啟示

title: 我國受僱者心理資訊隱私權保護法制之研究－美國經驗之啟示 abstract: 受僱者人格特質、性向及是否契合企業文化多為雇主作成僱用決定所重視者，惟其探求受僱者心理資訊時不無侵害受僱者隱私之可能，本文旨在衡平受僱者資訊隱私權與雇主經營需求，探討雇主取得、利用受僱者心理資訊之合法界線。我國固訂有個人資料保護法、就業服務法第五條第二項及同法施行細則第一條之一，惟該等規範未臻完備。衡諸美國透過美國身心障礙人士法（the Americans with Disabilities Act of 1990, ADA）與受僱者測謊保護法（the Employee Polygraph Protection Act of 1988, EPPA），就受僱者心理資訊取得、利用設有周延之程序與實體規範，要件之認定亦較明確，且禁止雇主對受僱者不利對待。本文建議未來宜明定心理資訊之意涵、確明就業所需之認定，並就雇主蒐集受僱者心理資訊之正當程序、書面通知義務及不利對待禁止原則等加以規範。

董事新興風險與董事及經理人責任保險之轉變

title: 董事新興風險與董事及經理人責任保險之轉變 abstract: 本文探討ESG 概念與董事的ESG 職責，說明ESG 訴訟案件，以及董事及經理人責任保險於定價、承保條件的改變。企業若未適當應對氣候與ESG 以符合監管要求，將面臨訴訟或監管調查風險，ESG 可能產生潛在法律風險及訴訟成本，例如董事會疏於治理違反受託義務與公開資訊揭露法律責任。當前董事新興責任風險來自氣候與ESG 訴訟，且涉及違反受託義務或證券詐欺，保險人開始應對氣候訴訟風險，準備因應Caremark 訴訟與董事會關鍵任務ESG 責任。因保險人與被保險人雙方皆可受益於氣候治理改善，保險人更有動機監督氣候治理，加強氣候治理審查，瞭解被保險人關鍵任務暴險，以及處理關鍵任務暴險的治理結構。

Meanders and Dyck-path billiards

title: Meanders and Dyck-path billiards abstract: We study a statistic traj on the ordered pairs (P,Q) of Dyck paths of size n, which counts the number of billiard trajectories in the grid polygon enclosed by P and Q, where Q is the path obtained by reflecting Q over the ground line. In terms of grid polygon, we establish an involution on the set of such ordered pairs (P,Q) which either increases or decreases traj(P,Q) by 1. This proves a result by Di Francesco-Golinelli-Guitter that the numbers of semimeanders (meanders, respectively) of order n with even and odd numbers of components are equal if n is even and differ by a Catalan number (the square of a Catalan number, respectively) if n is odd. Some results about ( 1)-evaluation of the generating functions for the statistic traj on restricted sets of Dyck paths are also presented.

An easy-to-implement construction for (k,n)-threshold progressive visual secret sharing schemes

title: An easy-to-implement construction for (k,n)-threshold progressive visual secret sharing schemes abstract: Visual cryptography encrypts the secret image into n shares (transparency) so that only stacking a qualified number of shares can recover the secret image by the human visual system while no information can be revealed without a large enough number of shares. This paper investigates the ( k, n )-threshold Visual Secret Sharing (VSS) model, where one can decrypt the original image by stacking at least k shares and get nothing with less than k shares. There are two main approaches, which have been showed equivalent in some sense, in the literature: codebook-based schemes and random-grid-based schemes; the former is the case of this paper. In general, given any positive integers k and n, it is not easy to design a valid scheme for the ( k, n )-threshold VSS model. In this paper, we propose a simple strategy to construct an efficient scheme for the ( k, n )-threshold VSS model for any positive integers 2 ≤ k ≤ n. The crucial idea is to establish a seemingly unrelated connection between the ( k, n )-threshold VSS scheme and a mathematical structure — the generalized Pascal’s triangle. This paper improves and extends previous results in four aspects: • Our construction offers a unified viewpoint and covers several known results. • The resulting scheme has a progressive-viewing property that means the more shares being stacked together the clearer the secret image would be revealed. • The proposed scheme can be constructed explicitly and efficiently based on the generalized Pascal’s triangle without a computer. • Performance of the proposed scheme is comparable with known results.

CEO Past Distress Experience and Risk‐taking: Evidence from US Property–Liability insurance firms

title: CEO Past Distress Experience and Risk‐taking: Evidence from US Property–Liability insurance firms abstract: We investigate the relationship between CEOs' past distress experience and risk-taking in US property–liability insurance companies. Our evidence shows that CEOs' past distress experience is negatively associated with insurers' risk-taking behavior, suggesting that CEOs with distress experiences tend to take lower levels of risk in making financial decisions for their firms. The results are robust to using alternative measures of risk-taking, including value at risk, expected shortfall, volatility of stock return, idiosyncratic volatility, systematic volatility, underwriting risk, and investment risk. Additionally, our results pass a placebo test, and we mitigate endogeneity concerns with the propensity score matching method.

保險法第116條優惠期之探討

title: 保險法第116條優惠期之探討 abstract: 保險為將個人危險分散於大眾，藉以分散風險暨消化損失，並確保經濟安全，而廣為大眾所肯認。保險契約為被保險人與保險人基於最大善意所訂定之契約，雙方互負交付保險者與承擔危險之義務，兩者間應具對價關係。我國保險法第116條規定保險費遲延給付之效果，被保險人到期未交付保險費，經保險人催告後三十日屆滿仍未交付者，契約效力停止。然若保險人未為催告，則依據該法之規定，保險契約似將永存，此與對價均衡原則有違，甚或有道德風險之慮。本文即就相關問題加以討論。

評金融控股公司法第65條之2與銀行法第133條之2修正草案─從兆豐1.8億美元裁罰案出發

title: 評金融控股公司法第65條之2與銀行法第133條之2修正草案─從兆豐1.8億美元裁罰案出發

一訴合併請求損害賠償及保險法第94條第2項責任保險給付？─從臺灣高等法院108年度保險上易字第16號民事判決出發

title: 一訴合併請求損害賠償及保險法第94條第2項責任保險給付？─從臺灣高等法院108年度保險上易字第16號民事判決出發 abstract: 依照保險法第94條第2項規定，於責任保險之被保險人損害賠償責任確定時，保險契約外受害第三人即得直接請求責任保險人為保險給付，而最高法院向來否定第三人一訴請求損害賠償及責任保險給付，而臺灣高等法院108年度保險上易字第16號民事判決罕見於同一訴訟中，肯認責任保險人應於被保險人對於第三人之賠償責任「判決確定時」為保險給付，以確保第三人所得請求責任保險給付時之被保險人賠償責任已然確定，實與本條項規定無違。

評限制對保險契約權利為強制執行之立法草案─以2024年6月預告之保險法第174條之2草案為中心

title: 評限制對保險契約權利為強制執行之立法草案─以2024年6月預告之保險法第174條之2草案為中心 abstract: 人壽保險契約解約金債權或保險金給付債權，性質均為普通金錢債權，自屬要保人之責任財產，得為強制執行之標的。執行債務人依保險契約所生權利時，固應顧及比例原則及債務人之生存保障，然而保險法修正草案第174條之2所豁免執行保險契約權利之情形，均欠缺理論基礎，嚴重偏離豁免強制執行之基本原則。且修正草案所豁免執行之金額，遠高於債務人及其同居親屬基本生活所需，有違憲法保護債權人財產權之意旨，且不符比例原則。本文認為，本條草案無增訂之必要，應予捨棄。

Evaluating the Efficiency of Capital Enhancement and Investment Constraints in Life Insurance Supervision

title: Evaluating the Efficiency of Capital Enhancement and Investment Constraints in Life Insurance Supervision abstract: This study addresses the critical public concern of effectively mitigating solvency risks in insurance companies through supervisory intervention. Building upon existing research, we extend our analysis to incorporate the effects of foreign investment and examine the impact of varying degrees of risk aversion among insurers. Furthermore, we investigate the optimal expected terminal utility in relation to initial insurance company premiums, integrating interest and exchange rates into our analytical framework. Additionally, we evaluate the impact of regulatory interventions, specifically capital injection schemes and risk-constrained asset allocation, on insurers’ default risk and certainty equivalent wealth using a utility-based approach. Our findings indicate that: (1) when policyholders exhibit higher degrees of risk aversion, a reduced propensity to allocate funds to riskier assets, such as stock index funds and foreign assets, is observed; (2) when exchange rates offer higher returns, an increased allocation to foreign assets is advisable; (3) conversely, when exchange rate returns exhibit greater uncertainty, a reduction in foreign asset allocation is recommended; (4) in scenarios where foreign risk-free rates yield higher returns, an increased allocation to foreign assets is suggested; and (5) under conditions of capital minimization, the influence of exchange rates and foreign interest rates on optimization becomes less discernible.

Risk-sharing function in internal capital markets: Evidence from intragroup reinsurance activities

title: Risk-sharing function in internal capital markets: Evidence from intragroup reinsurance activities abstract: This study explicitly investigates the risk-sharing function of internal capital markets by analyzing intragroup reinsurance (a substitute for capital) activities in the United States' non-life insurance sector. We find supporting evidence that intragroup reinsurance participants are generally associated with smoother income flows, and such an income smoothing effect exists for both ceding and assuming firms. Further to prior studies, we find that internal reinsurance ceded exerts both direct and indirect effects on premiums growth in the aftermath of the financial crisis in 2007 and 2008. In addition to direct capacity support, the reduction in income volatility is another channel through which intragroup reinsurance enhances ceding firms' premiums growth. In the presence of market turmoil, the risk-sharing function can lower member firms' insolvency risk and thus enable them to pursue business growth.

Information asymmetry in reinsurance through various ceded contracts

title: Information asymmetry in reinsurance through various ceded contracts abstract: By using unique individual-level data, this study investigates information asymmetry in reinsurance contracts ceded by commercial fire insurance contracts in Taiwan. The significantly negative conditional correlation between the ceded portion and claim probability in reinsurance contracts indicates no information asymmetry in the reinsurance market. However, when analyzing reinsurance through various ceding methods and ceding layers, there is evidence of information asymmetry in reinsurance contracts ceded through treaty agreements emerges when claims reach higher ceding layers. In lower ceding layers, the evidence of information asymmetry does not emerge, but the force of adverse selection and/or moral hazard are stronger in facultative reinsurance than in treaty reinsurance. When the ceding layer increases, this relative force alternates between treaty agreement and facultative agreement. These results indicate that information asymmetry effects exist but may be attenuated by various factors. For example, insurers may be strongly motivated to maintain long-term good relationships with reinsurers, and reinsurers may possess superior information that enables them to underwrite and audit effectively. Our findings also align with those in the literature, indicating that multilayer reinsurance treaties can mitigate information asymmetry.

臺灣長照產業之歷史發展與課題-準市場觀點

title: 臺灣長照產業之歷史發展與課題-準市場觀點 abstract: 根據推估臺灣將於2025年成為超高齡社會（國家發展委員會，2022），快速建立充足且良質的長照服務供給體系成為刻不容緩的課題。引進市場機制是一個能快速的發展長照資源的策略，近30餘年來已成為全球的重要發展趨勢之一（Blank, 2000）。有別於一般傳統市場，運用市場機制進行福利服務輸送的模式稱為「準市場」（quasi-market）（Le Grand, 1991; Miranda & Lerner, 1995）。　　準市場概念最早出現在1990 年前後，其特徵在於將市場的競爭機制引進傳統以政府為供給主體的公共服務領域，開放營利機構參與供給，希望藉此提升效率、節省成本、改善服務品質，以增加服務使用者的利益。與一般傳統市場（conventional market）的決定性差異在於，政府負擔全部或大部分的費用，政府對產業的介入與規範較為嚴密。　　2017 年「長期照顧十年計畫2.0 」（以下簡稱長照十年2.0）與《長期照顧服務法》（以下簡稱長服法）開始實施，確立了政府補助長照費用的責任及對長照產業的規範體系，臺灣的長照產業正式邁入準市場體制。要正確評估以長照十年2.0與長服法為核心架構的長照產業，有必要先釐清長照產業的歷史發展，才能建立符合臺灣的市場規範，並針對市場進行持續性的有效管理，以提供充足且高品質的長照服務，達成長服法中所明訂「確保照顧及支持服務品質，發展普及、多元及可負擔之服務，保障接受服務者與照顧者之尊嚴及權益」的目標。從準市場的理論架構出發，檢視臺灣長照產業的發展歷史，釐清歷史變遷的特徵與課題，將有助於長照產業政策的發展與推動，以回應急速高齡化下大量增加的長照服務需求。　　承上，本文根據準市場的理論架構，探討1980∼2016年為止臺灣長照產業的形成及發展，釐清產業的特質與政策的課題。除前言之外，本文架構如下：首先，回顧準市場概念的起源與特徵作為分析的起點，並依據準市場的核心要素對臺灣長照產業的發展進行歷史分期；其次，檢視各個發展階段臺灣長照產業的特徵；最後、從歷史發展特徵探討臺灣發展長照產業的政策課題。

Estimating Probability Weighting Functions through Option Pricing Bounds

title: Estimating Probability Weighting Functions through Option Pricing Bounds abstract: This paper proposes a novel approach to estimating the probability weighting function (PWF) of investors in the option market. We match observed option prices to the option pricing bounds under stochastic dominance rules. Using 1-month S&P 500 index option data, we find that investors could subjectively employ an inverse S-shaped probability weighting function, which increases the weights on extreme returns and asymmetrically assigns greater weights to extremely low returns than to extremely high returns. Our findings suggest that the inverse S-shaped nature of the PWFs is robust across various estimation specifications, such as adopting an alternative methodology to construct the return distribution, and employing option data with different times to maturity.

Health Insurance Status and Anxiety or Depressive Symptoms during the COVID-19 Pandemic among US Adults

title: Health Insurance Status and Anxiety or Depressive Symptoms during the COVID-19 Pandemic among US Adults

Internal versus external capital markets and risk-taking

title: Internal versus external capital markets and risk-taking abstract: We examine the effects of internal capital transfer and external capital issuance on asset risk-taking using a database containing detailed information on capital. Consistent with capital buffer theory, we find that external capital issuance is positively related to risk-taking adjustment. We also find that the funds received via internal capital transfers are negatively related to risk-taking adjustment among affiliated insurers with lower capitalization and negative profitability, underscoring the monitoring role of groups with affiliates' risk-taking behavior. Our results emphasize the sharp contrast between internal capital transfer and external capital issuances on affiliates’ risk-taking.

Predicting Long-Term Care Service Demands for Cancer Patients: A Machine Learning Approach

title: Predicting Long-Term Care Service Demands for Cancer Patients: A Machine Learning Approach abstract: Background: Long-term care (LTC) service demands among cancer patients are significantly understudied, leading to gaps in healthcare resource allocation and policymaking. Objective: This study aimed to predict LTC service demands for cancer patients and identify the crucial factors. Methods: 3333 cases of cancers were included. We further developed two specialized prediction models: a Unified Prediction Model (UPM) and a Category-Specific Prediction Model (CSPM). The UPM offered generalized forecasts by treating all services as identical, while the CSPM built individual predictive models for each specific service type. Sensitivity analysis was also conducted to find optimal usage cutoff points for determining the usage and non-usage cases. Results: Service usage differences in lung, liver, brain, and pancreatic cancers were significant. For the UPM, the top 20 performance model cutoff points were adopted, such as through Logistic Regression (LR), Quadratic Discriminant Analysis (QDA), and XGBoost (XGB), achieving an AUROC range of 0.707 to 0.728. The CSPM demonstrated performance with an AUROC ranging from 0.777 to 0.837 for the top five most frequently used services. The most critical predictive factors were the types of cancer, patients’ age and female caregivers, and specific health needs. Conclusion: The results of our study provide valuable information for healthcare decisions, resource allocation optimization, and personalized long-term care usage for cancer patients.

孝道的認同是否影響長照保險需求

title: 孝道的認同是否影響長照保險需求 abstract: 本研究從子女的角色出發，探討孝道的認同是否影響長照保險的需求。研究結果發現：第一、孝道的認同是影響長照保險需求之因素，但僅在為父母購買長照保險時之意願產生影響，並未影響為自己之購買意願。第二、做為孝道實踐的「孝養金」會影響長照保險的需求，無論是在為父母或為自己購買。第三、與過去大多數的研究結論相同，「風險認知」仍是影響長照保險的重要因素。

Binary Classification with Imbalanced Data

title: Binary Classification with Imbalanced Data abstract: When the binary response variable contains an excess of zero counts, the data are imbalanced. Imbalanced data cause trouble for binary classification. To simplify the numerical computation to obtain the maximum likelihood estimators of the zero-inflated Bernoulli (ZIBer) model parameters with imbalanced data, an expectation-maximization (EM) algorithm is proposed to derive the maximum likelihood estimates of the model parameters. The logistic regression model links the Bernoulli probabilities with the covariates in the ZIBer model, and the prediction performance among the ZIBer model, LightGBM, and artificial neural network (ANN) procedures is compared by Monte Carlo simulation. The results show that no method can dominate the other methods regarding predictive performance under the imbalanced data. The LightGBM and ZIBer models are more competitive than the ANN model for zero-inflated-imbalanced data sets.