DSpace collection: 期刊論文

The impact of trading mechanism reforms on behavioral biases Evidence from Taiwan stock market

Thu, 28 May 2026 04:05:12 GMT

title: The impact of trading mechanism reforms on behavioral biases Evidence from Taiwan stock market abstract: This paper analyzes the impact of the Taiwan Stock Exchange's shift to a continuous trading mechanism in March 2020 on two significant retail investor biases: the disposition effect and overconfidence. We use daily margin trading data from 768 listed companies to make stock-level behavioral measures that show how things changed after the reform. The findings indicate that both biases experienced a substantial increase subsequent to the implementation of continuous trading. Difference-in-differences analyses further show that this behavioral amplification is stronger in stocks that were traded more heavily by retail investors before the reform. Robustness checks employing alternative, return-based bias metrics validate a consistent market-wide impact of continuous trading. In general, the results show that changes to trading mechanisms can unintentionally make behavioral biases worse in markets where retail investors are in charge. This has important effects on how markets are designed and regulated.

運用長文本BERT情感分析探討ESG事件對台灣股市的影響

Thu, 30 Apr 2026 04:05:44 GMT

title: 運用長文本BERT情感分析探討ESG事件對台灣股市的影響 abstract: 本研究運用事件研究法和長文本 BERT 情感分析模型，探討 2014至 2023 年間台灣上市公司 ESG 負面事件對股價異常報酬的影響。首先，本研究確認採用長文本 BERT 模型與台灣 CKIP Lab 中文詞知識庫進行情感分析，能提高 ESG 負面事件內容的理解和分類準確性。其次，ESG 負面事件確實會導致短期股價下跌，每日異常報酬在第 3 天後減弱，但累積異常報酬持續至第5天。社會責任和公司治理事件對股價的影響比環境保護事件更為顯著。此外，大型公司 (台灣 50 指數成分股) 與其他公司面對 ESG 事件時，其股價異常報酬表現並不相同。大型公司可能有更大幅度的短期異常報酬變化，這可能是因為大公司受市場關注，因此其負面 ESG 事件可能易引發更強烈的短期市場反應

2025年中共中央經濟工作會議重點剖析及展望

Tue, 28 Apr 2026 04:06:19 GMT

title: 2025年中共中央經濟工作會議重點剖析及展望

台灣因應穩定幣時代的策略與建議

Tue, 28 Apr 2026 04:06:17 GMT

title: 台灣因應穩定幣時代的策略與建議

臺美對等關稅協定對產業影響

Tue, 28 Apr 2026 04:06:14 GMT

title: 臺美對等關稅協定對產業影響

Does family engagement influence loan diversification and tax behavior in banks? Evidence from the Taiwanese market

Thu, 16 Apr 2026 04:05:54 GMT

title: Does family engagement influence loan diversification and tax behavior in banks? Evidence from the Taiwanese market abstract: This study examines whether family engagement in banks leads to different operational practices, with a focus on loan portfolio diversification and tax aggressiveness. Using data from Taiwanese banks, we manually assess the family member data by identifying the number of key related parties disclosed, and apply the approach of Parise (2024) to identify potential family links within banks. Our findings show that family-run banks exhibit significantly greater loan diversification and have more conservative tax strategies compared to non-family banks. These results suggest that family engagement fosters long-term stability rather than short-term profit maximization in the banking industry.

The Impact of Foreign Aid and Foreign Direct Investment on Economic Growth: The Case of Taiwan's Caribbean Allies

Thu, 09 Apr 2026 04:05:32 GMT

title: The Impact of Foreign Aid and Foreign Direct Investment on Economic Growth: The Case of Taiwan's Caribbean Allies

Mitigating food insecurity through sustainable livelihoods framework (SLF): fresh global evidence

Tue, 10 Mar 2026 04:08:04 GMT

title: Mitigating food insecurity through sustainable livelihoods framework (SLF): fresh global evidence abstract: The shocks experienced between 2020 and 2022, specifically the COVID-19 epidemic and the surge in commodity prices, have highlighted a precarious scenario for the resilience of the global food system. This paper examines the determinants of global food security using the Sustainable Livelihoods Framework (SLF) across a panel of 74 developing and developed countries from 2011 to 2022. The study employs Fully Modified Ordinary Least Squares (FMOLS) and Generalized Method of Moments (GMM) to analyze the impact of SLF’s vulnerability context (internal conflicts, inflation), livelihood assets (credit to agriculture, social globalization), transforming structures and processes (regulatory quality), and livelihood strategies (labor force participation) on the global food security (livelihood outcome). Credit to agriculture, social globalization, and labor force participation were found to be the strong positive determinants of food security across countries. The study’s findings reveal important interactions between the components of the SLF, highlighting the complex interplay between livelihood assets and transforming structures and processes. Based on these findings, the study recommends policies to enhance agricultural credit access, improve regulatory frameworks, and promote social globalization to achieve food security.

Panel data insights into adoption of green technology and its economic role in shaping sustainability goals

Tue, 10 Mar 2026 04:07:57 GMT

title: Panel data insights into adoption of green technology and its economic role in shaping sustainability goals abstract: The expansion in economic activities, coupled with irreparable damage to the environmental sector, reinforces the rising need for sustainability. Consequently, the notion of green technology has become a vital policy variable at the global level for achieving this sustainability, more specifically in the environmental domain. This study addresses a gap in the literature by analyzing role of the green technology using novel environmental sustainability indicators (waste reduction, water productivity, energy efficiency) and focusing on the 10 advanced European economies an underexplored regional context. For this purpose, the study considered advanced European nations using the data from 2001 to 2023 and provided empirical evidence based on the various econometric tools, including Driscoll and Kraay estimators and panel causality tests. The study utilizes waste reduction, water productivity, and energy efficiency as environmental sustainability measures. The outcomes highlighted the contributing role of green technology in environmental sustainability. The analysis reports the positive role of green technology in waste reduction and water productivity while the negative role of green technology in energy efficiency in case of advanced European nations, while a negative effect was observed on the energy efficiency, possibly due to the initial energy demands of green infrastructure or the rebound effect. Policy suggestions are given based on empirical outcomes and causality analysis. Policy suggestions are given based on the empirical outcomes and causality analysis. These include enhancing the green R&D investment, strengthening regulatory frameworks to support the eco-innovation, and promoting circular economy practices to improve waste management and resource efficiency.

The negative consequences of avoiding health information on health risk behaviors: An SOR perspective

Tue, 10 Mar 2026 04:07:50 GMT

title: The negative consequences of avoiding health information on health risk behaviors: An SOR perspective abstract: The study aims at measuring and validating the stimulus organism response (SOR) theory among health consumers, as well as identifying the factors that predict health information avoidance behavior and its relationship to risk behaviors. A cross-sectional survey design was employed to collect the data from health consumers, who have either recently used health services or are likely to do so in the future. An eight-factor (information overload, risk perception, social stigma, health information anxiety, sadness, cognitive dissonance, health information avoidance, and health risk behavior) measurement model was used to measure the health information avoidance behavior. The model was tested using the structural equation modelling (SEM). The findings show that health information avoidance behavior is associated with engaging in risky health behaviors. Information overload and risk perception are both found to increase health information anxiety significantly, which, in turn, drives health consumers to avoid seeking and processing health information. Our study suggests that health literacy sessions can play an important role in helping consumers navigate information overload, manage health anxiety, and effectively seek out reliable health information. This study extends the SOR theory by demonstrating its applicability to public health information avoidance and its consequences for health. By identifying the factors contributing to avoidance, this research can inform the development of more effective health communication strategies.

To sell the cow and drink the milk: How could China harmonize its growth and risk?

Tue, 10 Mar 2026 04:07:41 GMT

title: To sell the cow and drink the milk: How could China harmonize its growth and risk?

Are family firms more efficient? Revisiting the U-shaped curve of scale and efficiency

Tue, 10 Mar 2026 04:07:35 GMT

title: Are family firms more efficient? Revisiting the U-shaped curve of scale and efficiency

Environmental, social, and governance (ESG) initiative scores and firm performance: the importance and role of firm size

Tue, 10 Mar 2026 04:07:28 GMT

title: Environmental, social, and governance (ESG) initiative scores and firm performance: the importance and role of firm size

Acceptance sampling plan under step stress accelerated life test for one-shot devices

Tue, 10 Mar 2026 04:07:21 GMT

title: Acceptance sampling plan under step stress accelerated life test for one-shot devices abstract: Acceptance sampling plans are essential in many manufacturing industries, serving as a statistical method to decide whether to accept or reject a batch of products based on the quality of a sample. The demand for reliable assessment methodologies has grown increasingly important as devices become more reliable under normal operating conditions. This trend poses challenges for reliability assessments, especially when there is limited failure data from tests. To address this, accelerated life testing (ALT) is widely employed to induce rapid failures for reliability analysis. This paper presents a comprehensive study of acceptance sampling plans under step-stress ALT (SSALT) for one-shot devices. We propose a tailored acceptance sampling plan that incorporates SSALT principles to enhance decision-making regarding product acceptance. Our methodology enables the determination of acceptable quality thresholds while evaluating the associated producer’s and consumer’s risks. Moreover, it can determine the minimum sample size required to ensure that both risks are adequately addressed, as well as to identify the optimal percentage of test items to examine at various testing stages. Two illustrative examples are provided to demonstrate the developed optimal acceptance sampling plans. This research highlights the significant impact of the choice of reliability index and stress pattern on inspection allocation.

Decarbonizing East China's energy landscape: The role of geothermal energy in the energy-water-food nexus

Tue, 10 Mar 2026 04:07:10 GMT

title: Decarbonizing East China's energy landscape: The role of geothermal energy in the energy-water-food nexus abstract: This paper seeks to fill this knowledge gap by examining the relationships between economic factors, flexibility modelling and geothermal innovation as a nexus in East China. Energy and water are intensively influencing the production of food, which indicates the utmost significant role of the energy-food-water nexus (EWF) in the current literature. Although de-carbonization is urgently needed due to climate change, the gap in the research regarding the development of the models that improve the EWF nexus and renewable energy production is present. With the help of an extensive evaluation framework and pioneer models, this study explores how geothermal energy can help resolve energy poverty and address the issue of de-carbonization. Moreover, the research paper explores the possibility of hydrogen produced by surplus electricity generated by geothermal energy. The economic perspective of the analysis is to assess the cost-effectiveness, investment, and financial incentives to increase renewable resources, especially geothermal energy, of the EWF nexus. The study provides a strategic implementation plan with specific milestones in 2030, 2040 and 2050, showing the longer-term advantages of combining economic roadmaps with technology to create a sustainable and low-carbon world. The study's findings indicate that harnessing geothermal energy to fulfill energy demands can eliminate energy poverty and enhance the EWF nexus in the region. Based on these results, the study recommends that policymakers in selected countries develop applicable strategies to harness the benefits of geothermal energy sources, achieving the goals of renewable energy generation and EWF nexus enhancement.

Exact inference and prediction for exponential models under general progressive censoring with application to tire wear data

Tue, 10 Mar 2026 04:07:01 GMT

title: Exact inference and prediction for exponential models under general progressive censoring with application to tire wear data abstract: General progressive Type-II censoring is widely applied in life-testing experiments to enhance efficiency by allowing early removal of surviving units, thereby reducing experimental time and cost. This paper develops exact inference and prediction procedures for one- and two-parameter exponential models based on multiple independent general progressively Type-II censored samples. Using the recursive algorithm repeatedly, exact confidence intervals for model parameters and exact prediction intervals for unobserved failure times are constructed. The proposed methods are illustrated with simulated and real (tire wear) data, demonstrating their practical applicability to partially censored reliability experiments.

Cryptocurrency Dependency of Realized Variance and Economic Policy Uncertainty

Fri, 06 Mar 2026 04:06:14 GMT

title: Cryptocurrency Dependency of Realized Variance and Economic Policy Uncertainty abstract: We examine how economic policy uncertainty (EPU) influences realized variance dependency and tail-risk synchronization across major cryptocurrencies. Using 5-min high-frequency returns to construct realized variance and signed jump variance measures, we document that global and Western EPU (the US, UK, France) significantly strengthen both variance dependency (VD) and signed jump variance dependency (SJVD) among the top 15 cryptocurrencies, whereas Asian EPUs exhibit weaker and less consistent effects. The sensitivity of SJVD is particularly pronounced, reflecting the asymmetric transmission of tail risk during uncertainty shocks. These findings remain robust after controlling for Bitcoin’s realized volatility and hold in post-COVID subsample analysis. Our results suggest that cryptocurrency markets exhibit greater systemic interconnectedness and heightened tail-risk co-movements during periods of elevated policy uncertainty, with important implications for risk management and financial stability monitoring.

The Influence of Lottery Effect on the Holding Period Returns of Futures around Expiration Date

Thu, 05 Mar 2026 04:06:25 GMT

title: The Influence of Lottery Effect on the Holding Period Returns of Futures around Expiration Date

ESG, Market Microstructure, and Herding Behavior: Evidence from CSAD Tests in Taiwan

Wed, 04 Mar 2026 04:06:36 GMT

title: ESG, Market Microstructure, and Herding Behavior: Evidence from CSAD Tests in Taiwan abstract: This study examines how ESG transparency and market microstructure reform shape herding behavior in Taiwan's equity markets. Using nonlinear CSAD models, we find that low-ESG firms exhibit stronger herding, especially in the OTC market and during market stress. The 2020 shift to continuous trading further amplifies herding among low-ESG firms. Return-dispersion decomposition shows that this convergence is mainly intentional and driven by noise trading. High-ESG firms display consistently weaker herding, underscoring the informational value of ESG. Overall, ESG transparency helps mitigate behaviorally induced co-movements and enhances market efficiency.

How students adopt generative artificial intelligence tools: A case study of higher education students

Tue, 03 Mar 2026 04:05:55 GMT

title: How students adopt generative artificial intelligence tools: A case study of higher education students abstract: This study examined higher education students' perceptions of generative AI tools, particularly ChatGPT, and their intention to adopt them for academic use. Using a modified Technology Acceptance Model 2, it focused on perceived benefits, usability, and concerns related to ethics, dependency, and academic integrity, while also considering prior AI experience and technological proficiency as control variables. Data from a survey of 102 students across disciplines were analyzed to assess how factors such as Perceived Usefulness, Ease of Use, Social Influence, Cognitive Behavior, and Risk influenced adoption intentions. The findings offer insights for universities aiming to implement AI tools that support student needs while promoting ethical and responsible use.

The Impact of Shanghai-Hong Kong Stock Connect on Positive feedback trading effect in the Hong Kong and Shanghai stock markets

Fri, 27 Feb 2026 04:06:02 GMT

title: The Impact of Shanghai-Hong Kong Stock Connect on Positive feedback trading effect in the Hong Kong and Shanghai stock markets abstract: This study aims to evaluate whether or not positive feedback trading behavior existed in Hong Kong's Hang Seng Index (HSI) and China's SSE A-share Index(ASI) and whether the Shanghai-Hong Kong Stock Connect program (SHSCP) has had the effect of enhancing positive feedback trading on HSI and ASI. The findings showed that the policy of SHSCP had a significant effect on the increase in the positive feedback trading in Hong Kong's stock market. We also found that the Hong Kong stock market reacted more significantly to the SHSCP than China's A-share stock market.

Voluntary disclosure of environmental, social, and governance information; firm performance; and idiosyncratic risk

Fri, 27 Feb 2026 04:05:58 GMT

title: Voluntary disclosure of environmental, social, and governance information; firm performance; and idiosyncratic risk

The fluctuations in the international reserve currency portfolio of Special Drawing Right

Thu, 26 Feb 2026 04:06:12 GMT

title: The fluctuations in the international reserve currency portfolio of Special Drawing Right abstract: The International Monetary Fund (IMF) created the Special Drawing Rights (SDRs) with 16-currencies in 1969 as a reserve asset and a unit of account. In 1980, the IMF modified the composition of and weights to calculate the exchange rate on 5-currencies. This paper mainly discusses the adjustments to the composition of the SDRs and the corresponding weights in terms of the daily exchange rate from 1981 to 2022, using Markowitz's portfolio theory to calculate the changes in risk under the floating exchange rate system. This study shows that the IMF did indeed reduce the risk of exchange rate fluctuations

Student Perspectives on the Efficacy of Three Teaching Strategies for EMI Learners in Intermediate Microeconomics: Prerecorded Videos, Experiential Learning, and Traditional Approaches

Thu, 26 Feb 2026 04:06:08 GMT

title: Student Perspectives on the Efficacy of Three Teaching Strategies for EMI Learners in Intermediate Microeconomics: Prerecorded Videos, Experiential Learning, and Traditional Approaches

The Impact of a Custom-Published Textbook on Learning and Participation among EMI Freshmen

Thu, 26 Feb 2026 04:06:05 GMT

title: The Impact of a Custom-Published Textbook on Learning and Participation among EMI Freshmen

FDI and the Misery Index in Saint Lucia: Analyzing the Impact on a Tourism-Dependent Economy

Thu, 26 Feb 2026 04:06:00 GMT

title: FDI and the Misery Index in Saint Lucia: Analyzing the Impact on a Tourism-Dependent Economy abstract: This study was conducted to examine the relationship that exists between Foreign Direct Investment (FDI) and the Misery Index (MI) in Saint Lucia. Moreover, other macroeconomic variables were included in order to understand their impact on FDI inflows into a small island developing economy. The research employs the Autoregressive Distributed Lag (ARDL) model to analyze the long-run and short-run relationships between FDI and the Misery Index. In addition, the study explores the influence of macroeconomic variables such as GDP per capita growth, trade openness, money supply, and total debt service on FDI inflows. Stationarity of the variables is confirmed using the Phillips-Perron (PP) and Augmented Dickey-Fuller (ADF) tests. It was found that there exists no significant long-run relationship between FDI and the Misery Index. However, GDP per capita growth, money supply, and total debt service, play a significant positive role in influencing FDI inflows. Moreover, there exists a negative relationship between trade openness and FDI. This relationship between trade openness and FDI can be attributed to Saint Lucia’s heavy reliance on tourism and not the trade- intensive sectors. In the short run, foreign direct investment has a negative relationship with money supply and the Misery Index. By examining the relationship between FDI and the Misery Index from the perspective of a small island developing state (SIDS) that is heavily dependent on tourism, this study contributes significantly to the existing literature.

盈餘動能與盈餘創新高動能

Mon, 19 Jan 2026 04:05:47 GMT

title: 盈餘動能與盈餘創新高動能 abstract: Department of Banking and Finance, Tamkang University In this study, the ratios of monthly sales to the highest monthly sales of listed companies in Taiwan are used to construct the highest monthly sales momentum strategy, which generates significant positive average returns over 1- to 12-month holding periods. The highest monthly sales momentum is a unique effect that persists even after controlling price momentum, 52-week high price momentum, earnings momentum, sales momentum, investor attention, and risk. I also find that investors tend to overreact to good news near the highest sales and underreact to bad news far from the highest sales, so that there is no long-term price reversal in the highest monthly sales momentum.

Announcement Effect of Monthly Revenue Hit Record-High for Taiwan-Listed Companies

Mon, 19 Jan 2026 04:05:41 GMT

title: Announcement Effect of Monthly Revenue Hit Record-High for Taiwan-Listed Companies abstract: This study takes Taiwan-listed common stocks with monthly revenue hit record-high from January 2013 to December 2021 as a sample. The event study method is used to test the announcement effect. The results show that stock prices have significant positive abnormal reactions around the revenue announcement date. That is, stock prices have a significant positive announcement effect on news of monthly revenue hitting a record high. Additionally, there is a positive relationship between the announcement effect and its ratio of monthly revenue to the historically highest monthly revenue and a negative relationship between the announcement effect and its monthly revenue size.

The Impact of Mandatory Sustainability Reporting on Firms’ Carbon Emissions

Mon, 19 Jan 2026 04:05:34 GMT

title: The Impact of Mandatory Sustainability Reporting on Firms’ Carbon Emissions abstract: 本文探討強制揭露永續報告書政策對公司碳排放量之影響，並進一步分析公司治理機制是否能協助企業有效降低碳排放量。實證結果顯示，受強制揭露規範之公司因缺乏事前準備，其碳排放量增加幅度顯著高於未受該政策規範之公司，但良好的公司治理機制可以有效抑制這些公司的碳排放行為。此外，高碳排產業之公司因長期面臨政府監管與社會輿論的雙重壓力，往往會提前部署減碳計畫以因應政策變動，因此在政策實施後，其碳排放量與未受強制揭露規範公司之間並無顯著的差異。整體而言，在缺乏適當激勵與懲罰機制下，強制揭露永續報告書政策可能無法有效抑制企業碳排放量；然而，健全的公司治理機制能提升企業應對政策變動之能力，並回應利害關係人對企業永續發展的期待。

玉山金併購三商壽的效益與挑戰

Wed, 14 Jan 2026 04:05:39 GMT

title: 玉山金併購三商壽的效益與挑戰 abstract: 玉山金控與三商美邦人壽董事會日前通過合意併購，待併購案完成後，玉山金資產規模將突破5.8兆元，躍升為第五大上市金控。本文擬從併購動機與戰略意涵、效益評估與未來挑戰，及長期展望等面向，深入分析玉山金併購三商壽的全貌。

ESG, Market Microstructure, and Herding Behavior: Evidence from CSAD Tests in Taiwan

Wed, 14 Jan 2026 04:05:36 GMT

title: ESG, Market Microstructure, and Herding Behavior: Evidence from CSAD Tests in Taiwan abstract: This study examines how ESG transparency and market microstructure reform shape herding behavior in Taiwan’s equity markets. Using nonlinear CSAD models, we find that low-ESG firms exhibit stronger herding, especially in the OTC market and during market stress. The 2020 shift to continuous trading further amplifies herding among low-ESG firms. Return-dispersion decomposition shows that this convergence is mainly intentional and driven by noise trading. High-ESG firms display consistently weaker herding, underscoring the informational value of ESG. Overall, ESG transparency helps mitigate behaviorally induced co-movements and enhances market efficiency.

歐盟永續供應鏈禁止強制勞動機制之研究

Wed, 08 Oct 2025 04:05:35 GMT

title: 歐盟永續供應鏈禁止強制勞動機制之研究

高階經理人酬金對避險性衍生性商品使用的影響

Mon, 22 Sep 2025 04:06:52 GMT

title: 高階經理人酬金對避險性衍生性商品使用的影響 abstract: 本文探討高階經理人酬金與激勵性質員工紅利對企業避險衍生性商品使用的影響。本文以2016年至2019年符合證基會公司治理評鑑標準之上市櫃公司為樣本。實證結果顯示，總經理、副總經理酬金對企業避險衍生性商品使用有顯著正向影響，代表高階經理人酬金越高，有助於企業使用避險衍生性商品。但高階經理人現金紅利與股票紅利對企業避險衍生性商品使用則無影響。此外，家族企業高階經理人酬金對企業避險衍生性商品使用有顯著負向影響，存在剝奪效果。

董事會性別組成，對避險衍生性商品使用的影響

Mon, 22 Sep 2025 04:06:48 GMT

title: 董事會性別組成，對避險衍生性商品使用的影響 abstract: 本文探討女性董事對企業避險衍生性商品使用的影響，並進一步分析女性董事與女性獨立董事對此影響的差異。本文以 2016 年至 2019 年符合證基會公司治理評鑑標準之上市櫃公司為樣本。實證結果支持代理理論，女性董事對企業避險衍生性商品使用無顯著影響，但女性獨立董事對企業避險衍生性商品使用有顯著正向影響，代表董事會性別多元性雖然重要，但仍需要獨立董事機制的運作，方能促使企業使用避險衍生性商品。此外，本文還發現，當董監事具財務經歷人數越多與董監事具大學以上學歷比率越高，愈可能因避險而使用衍生性商品，顯示衍生性商品教育與推廣的重要性。

AN EMPIRICAL STUDY ON CARBON PRICE PREDICTION USING STACKING ENSEMBLE MACHINE LEARNING

Mon, 22 Sep 2025 04:06:45 GMT

title: AN EMPIRICAL STUDY ON CARBON PRICE PREDICTION USING STACKING ENSEMBLE MACHINE LEARNING abstract: Carbon pricing is an essential instrument for reducing climate change and has substantial environmental protection as a co-benefit. This paper proposes a technique for predicting the price of carbon emission futures based on a stacking ensemble machine learning approach. This method incorporates the historical prices of carbon, fossil energy, and renewable energies, all of which influence carbon price fluctuations. Notably, there are no existing studies that employ renewable energy data and stacking ensemble models to forecast the futures price of European Union Allowances (EUA). By integrating diverse data sources and leveraging the power of ensemble learning, this research aims to fill that gap. The results of the experiments demonstrate that the stacking support vector regression model outperforms traditional machine learning models and earlier single-factor approaches in predicting future carbon prices. This superior performance is attributed to the model's ability to capture complex interactions among various influencing factors, thus providing more accurate and robust predictions. Overall, using the stacking learning model for pricing carbon has significant implications. It can lead to more informed policy decisions, better management of carbon markets, and more effective strategies for mitigating the impact of fossil fuels on the environment. By accurately forecasting carbon prices, stakeholders can enhance their planning and investment decisions, ultimately contributing to the reduction of pollution emissions and the advancement of sustainable energy practices. This approach represents a significant step forward in the utilization of advanced machine learning techniques for environmental and economic sustainability.

經理人股權質押對公司衍生性商品使用之影響

Mon, 22 Sep 2025 04:06:42 GMT

title: 經理人股權質押對公司衍生性商品使用之影響 abstract: 不少研究指出，具有股權質押之控制股東將增加衍生性商品使用。然而，衍生性商品之使用目的，包含避險與投機，尚無文獻進行兩者完整的論述。此外，現有研究多針對控制股東的股權質押進行探討，但卻鮮少關注經理人的股權質押行為。然而，作為公司內部主要管理人員，經理人對衍生性商品使用的決策具有重要影響。因此，本研究將探討具有股權質押的經理人對衍生性商品使用的影響，並進一步分析其對使用目的的影響。研究結果顯示，相較於沒有股權質押的經理人，具有股權質押的經理人較不傾向使用以交易為目的的衍生性商品。

ESG Disclosure Frequency and Its Association with Market Performance: Evidence from Taiwan

Mon, 22 Sep 2025 04:06:39 GMT

title: ESG Disclosure Frequency and Its Association with Market Performance: Evidence from Taiwan abstract: This study challenges the conventional wisdom that investor reactions to Environmental, Social, and Governance (ESG) information are primarily driven by disclosure sentiment. We propose and test an alternative hypothesis: that for investors navigating information-rich environments, the frequency of ESG disclosures can serve as a more potent signal of a firm’s underlying commitment and risk profile than the sentiment of the announcements themselves. Focusing on Taiwan’s capital market—a globally pivotal technology hub—we analyze 2576 firm-initiated ESG events from 2014 to 2023 using an event study methodology. We innovate by employing a BERT-based NLP model, specifically fine-tuned for Traditional Chinese, to disentangle the effects of disclosure frequency from sentiment. Our results reveal that announcement frequency is a more robust predictor of abnormal returns than sentiment, but its effect is highly contingent on the ESG pillar. A higher frequency of negative Social (S) and Governance (G) disclosures incurs a significant market penalty, whereas frequent proactive Environmental (E) disclosures are rewarded. These findings establish a “disclosure frequency premium/penalty” and offer critical, nuanced insights for corporate strategy and sustainable investment. By demonstrating how communication patterns shape market perceptions, this research directly informs UN SDG 12 (Responsible Production) and SDG 16 (Strong Institutions).

從角色扮演到校園改善：提升大學生對視障者同理心的創新教學

Fri, 19 Sep 2025 04:05:53 GMT

title: 從角色扮演到校園改善：提升大學生對視障者同理心的創新教學 abstract: 本研究透過一系列創新教學活動，提升選修「弱勢團體與社會福利」通識課程的大學生對視障者的同理心與關注，教學設計包含觀影、角色扮演、實地考察和團隊討論等策略。首先，學生觀賞電影《再見可魯》，以情感連結引發對視障者生活挑戰和導盲犬重要性的初步同理心，接著透過角色扮演，學生模擬導盲犬和視障者，扮演導盲犬者以40公分的視線高度觀察環境，學習如何引導視障者避開障礙物，並瞭解視障者在校園內可能面臨的困難。此活動不僅提升學生的合作能力和溝通技巧，亦加深其對視障者日常挑戰的理解。隨後，學生進行實地考察，記錄校園無障礙設施與不友善空間、提出改善建議，最終繪製校園不友善地圖，進行小組展示和討論，培養團隊合作精神和批判性思維。本研究結果顯示，參與活動的學生對視障者有更深刻的理解和同情，並提出具體可行的校園環境改善建議；這些教學策略展示了體驗式教學在提升學生社會責任感和人文關懷方面的成效，此經驗可供其他教學者進一步探索與應用之參考。

美中倫敦關稅談判達成協議評析

Fri, 19 Sep 2025 04:05:49 GMT

title: 美中倫敦關稅談判達成協議評析 abstract: 美中雙方在今（2025）年5月12日於日內瓦達成「休戰協議」之後，於6月9日至10日兩天在倫敦蘭卡斯特宮（Lancaster House）舉行新一輪高層經貿會談。此次會議由美國財政部部長貝森特（Scott Bessent）領軍，中方則由國務院副總理何立峰領銜。

Can Diversified Information Disclosures Mitigate Earnings Management Activities in Taiwanese SMEs

Fri, 19 Sep 2025 04:05:46 GMT

title: Can Diversified Information Disclosures Mitigate Earnings Management Activities in Taiwanese SMEs abstract: Using accrual and real activity manipulation strategies, this paper examines whether there is the relationship between earnings management and corporate diversification in Taiwanese OTC companies. The evidence suggests that geographic diversification is linked to higher levels of downward real activity manipulation. In contrast, product diversification exhibits a negative relationship between earnings manipulation and firm performance. We find that geographically diversified firms are more likely to engage in earnings management activities due to the increased potential for firm's complexity. Moreover, empirical results from difference-in-differences regression model suggest that a greater proportion of insider shareholding is associated with lower levels of earnings manipulation after 2018 corporate governance reforms. Therefore, engaging in diversified information disclosure does not help reduce the sensitivity of earnings management to performance for Taiwanese SMEs, providing valuable insights for policymakers and investors in the capital markets.