Insights
In-depth research and data-driven insights on quantitative finance, factor investing, risk, and ESG from the TEJ research team.
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Fundamental Factor Research: Monthly Revenue Information – part1
The Taiwan equity market possesses a rare institutional advantage globally: under the Securities and Exchange Act, listed companies are required to announce and report their operational results for the preceding month by the 10th of each month (Exception: starting from FY2026, insurance companies and entities with insurance subsidiaries may extend their disclosure deadline to the 15th of each month). This is commonly referred to in the market as "Monthly Revenue".
Factor Research – Tracking Smart Money Footprints via Foreign Institutional Concentration – QFII Part 1
Track QFII ‘smart money’ footprints in Taiwan large-cap stocks! Learn how the Foreign-Institutional Trading Concentration (conc_qfii) factor predicts returns.
Empirical Research on Behavioral Factors in the Taiwan Stock Market: A Case Study of the Share Distribution
In an AI-driven Taiwan stock market, mastering chip distribution (ownership structure) is the key to profitability. This study delves into the Share Distribution data from the TDCC, transforming 15 tiers of shareholding data into behavioral finance factors such as investor attention, opinion dispersion, and retail speculation. By utilizing Fama–MacBeth two-stage regression and the alphalens-tej quantitative tool, we precisely validate the predictive power of psychological biases on stock returns, providing investors with actionable Alpha strategies and robust risk management solutions.
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Market Knowledge & Data Guides
2 Common DCF Valuations — FCFF and FCFE
In business, managers need a method to assess the value of every decision or project. Hence, valuation is developed to help stakeholders assess the worth of almost everything. It involves determining the fair market value of an asset, company, or investment opportunity. In this article, we will introduce the concept of valuation (DCF) and some common ways to perform valuation in business.
Market Knowledge & Data Guides
What Is Odd Lot Trading? TEJ Guides You Through The Basics From The Ground Up
Odd lot trading is all about buying and selling smaller amounts of stock that don’t add up to a full trading unit (usually 1,000 shares). So, instead of needing a lot of money to buy a full unit at once, you can start with a smaller amount of shares. This is super handy for anyone with a limited budget who still wants to get into stock investing!
Market Knowledge & Data Guides
What is ESG Data? Its Importance and Key Categories
ESG data is crucial for data-driven decisions, which is why we will focus on its benefits and provide a guide on how to collect ESG data for reports.
Market Knowledge & Data Guides
Alternative Data Explained for Smarter Investing Decisions
Alternative data refers to information from non-traditional sources. This article will explore its advantages and how it can optimize financial decisions.
Market Knowledge & Data Guides
How to Search Data on the Market Observation Post System? Comprehensive Guide to the New Features of the Updated Market Observation Post System
Whether you’re a seasoned expert in the stock market or a beginner just starting to invest, you might be curious about where many stock analysts get their “company information.” Most of this data is obtained from the Taiwan Stock Exchange (TWSE) website and the Market Observation Post System (MOPS). This includes financial statements, the number of issued shares for listed companies, recent dividend distributions, and more. You can even receive real-time updates on significant announcements from listed companies. It’s one of the must-visit websites for investors! As for why the Market Observation Post System exists and how to use its features and functions, let TEJ (Taiwan Economic Journal) explain it all to you!
Market Knowledge & Data Guides
What is Algorithmic Trading? A Beginner’s Guide to Algorithmic Trading, Including Tutorials, Pros and Cons, and Common Strategies.
If you’ve been involved in investing for some time, you’ve likely heard a lot about algorithmic trading and quantitative trading strategies. For beginners with no software or coding background, it might seem daunting at first. However, with the rise of AI in recent years, the ability to automate investment strategies could become an essential tool […]
Market Knowledge & Data Guides
What is Block Trade? TEJ will introduce you to it from the ground up?
Block Trade, a crucial element of the financial markets, refer to the buying and selling of securities in substantial single transactions. These trades, typically carried out by institutional or large investors, involve a multitude of stocks, bonds, or other financial instruments. Their staggering volume and value characterize them and are often conducted outside the open market to mitigate excessive impact on market prices. TEJ will guide you through this crucial aspect of the financial world.
Market Knowledge & Data Guides
Analyzing the Changes in Sharpe Ratio of NVIDIA Concept Stocks Using TEJ API from Jensen Huang’s Speech at National Taiwan University
During Jensen Huang’s speech at National Taiwan University, he revealed a list of NVIDIA’s business partners in Taiwan, which led to the viral spread of the term “the world’s strongest AI ETF”. What impact did this announcement have on the stocks of these business partners? We will use TEJAPI to calculate the Sharpe ratio to determine whether the effect was positive or negative. Additionally, we will visualize the observed results.
Quant Data Science
Counter-Indicator Analysis: Using TEJ API to Examine the Relationship Between Stock Prices and Counter-Indicators Issued By Authority”
This article will utilize the Stock Exchange’s provided 7 financial information indicators and explore their correlation with stock price counter-indicators using the TEJ API.
Market Knowledge & Data Guides
Sustainability-Linked Bonds: A Detailed Guide to ESG Investing
As America continues to maintain a high-interest rate, the borrowing cost for companies still remains at a peak. However, compared to other bonds, bonds related to ESG enjoy a lower yield, but seldom do we see small or startup companies issue green bonds. This is because issuing green bonds requires the funds only to be used on certain ESG projects, which is normally not the primary goal for small and startup companies. Hence, a new type of bond, Sustainability-Linked Bonds, is created. In this article, we will briefly introduce the concept and principle of Sustainability-Linked Bonds.
Market Knowledge & Data Guides
Introducing Three Major Institutional Investors in Taiwan (2)
The net buy/sell, stock holding ratio, and turnover rate of the three major institutional investors are important indicators in chip analysis. When making investments, using this information as a basis allows us to better understand the market dynamics and potentially profit from stock trading.
Market Knowledge & Data Guides
Introducing Three Major Institutional Investors in Taiwan (1)
The term “Three Major Institutional Investors” specifically refers to foreign institutional investors, investment funds, and dealers. Compared to individual retail investors, these institutions have large and concentrated funds, holding a considerable portion of the market in stock trading.