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In recent years, the efficiency of the Taiwan stock market has been substantially improved due to regulations of information disclosure and the gradual relaxation of daily price limits. Therefore, the relationship between the price momentum of the Taiwan stock market and the expected return is worthy of further exploration. There are some past research on […]

In the 1970s, Eugene Fama introduced the Efficient-market Hypothesis (EMH). The hypothesis assumes that individuals act as rational economic beings who objectively consider all relevant information to make ration decisions. And therefore, the stock price is reasonably estimated by investors and maintains at its “equilibrium price.” However, in the 1980s, anomalies that could not be […]

ESG concepts and actions are developing in full swing around the world. Many well-known large financial services companies in the world are also actively committed to developing their own ESG measurements, such as Morgan Stanley Capital International, Standard & Poor’s Global, Refinitiv, and other companies. Each rating company features different methodologies based on data sources, […]

This article will introduce you to the SASB Standards. In August 2020, the Financial Supervisory Commission (FSC) launched the Corporate Governance 3.0 -Sustainable Development Roadmap to strengthen the sustainable competitiveness of enterprises. The Roadmap referred to disclosure requirements recommended by the Task Force on Climate-related Financial Disclosures (TCFD) and standards issued by the Sustainability Accounting […]

At the beginning of 2022, the FSC (Taiwan) require listed companies with a capital of more than 10 billion to disclose the Forward-looking Statement before March 15, which caused investors to pay more attention to the pre-audit information. It is generally recognized that the performance of corporate financial reports is positively correlated with the stock market value […]

ESG trends in Taiwan will reach another climax in 2022. With the overwhelming presence of advertisements emphasizing corporate ESG, attention to ESG is not only paid internationally and by the requirements of competent authorities, but it even affects consumers’ preference for the enterprise. In the financial industry, in addition to the internal requirements by the […]

The long-anticipated ESG ratings exclusively for companies in Taiwan, TESG, has officially debuted! TESG is an indicator of corporate ESG and is developed especially for “responsible lending” and “responsible investment.” With more than 20 years of research experience in corporate social responsibility (CSR) and quantitative analysis, TEJ will launch the ESG ratings of Taiwan-listed and […]

Preface At the end of 2021Q3, Evergrande Group (3333.HK), the real estate leader in China and other companies defaulted on debt: Sinic Holdings Company (2103.HK), Fantasia Holdings Group (1777.HK), and Sunac China Holdings Limited (1918.HK) were also named by the media as the next company that may face a crisis. This wave of crisis events […]

Preface In the previous article, we introduced the China Evergrande’s bond default case. This case started a series of explosions in China’s real estate company’s debt default. According to statistics, in the first three quarters of 2021, the cumulative number of defaulted bonds of Chinese real estate companies reached 39, an increase of 25 over […]