{"id":39845,"date":"2025-09-22T17:00:00","date_gmt":"2025-09-22T09:00:00","guid":{"rendered":"https:\/\/www.tejwin.com\/?post_type=insight&#038;p=39845"},"modified":"2025-09-22T23:39:33","modified_gmt":"2025-09-22T15:39:33","slug":"tej-point-in-time-audited-financial-database","status":"publish","type":"insight","link":"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/","title":{"rendered":"TEJ Point-in-Time Audited Financial Database\u00a0 \u2013 Rejecting \u201cPeek-ahead\u201d Backtesting"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/Rejecting-Peek-ahead-Backtesting-1024x576.png\" alt=\"\" class=\"wp-image-39858\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/Rejecting-Peek-ahead-Backtesting-1024x576.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/Rejecting-Peek-ahead-Backtesting-300x169.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/Rejecting-Peek-ahead-Backtesting-150x84.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/Rejecting-Peek-ahead-Backtesting-768x432.png 768w, https:\/\/www.tejwin.com\/wp-content\/uploads\/Rejecting-Peek-ahead-Backtesting-1536x864.png 1536w, https:\/\/www.tejwin.com\/wp-content\/uploads\/Rejecting-Peek-ahead-Backtesting.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a0635de765e7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a0635de765e7\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#Introduction\" >Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#Why_does_backtesting_performance_always_get_%E2%80%9Cdiscounted%E2%80%9D_in_live_trading\" >Why does backtesting performance always get \u201cdiscounted\u201d in live trading?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#TEJ_PIT_Audited_Financial_Database%EF%BC%9ARestoring_the_True_Historical_Picture\" >TEJ PIT Audited Financial Database\uff1aRestoring the True Historical Picture<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#Eliminating_Look-ahead_Bias%EF%BC%9AAnnouncement_Timestamp_Full_Version_Retention\" >Eliminating Look-ahead Bias\uff1aAnnouncement Timestamp &amp; Full Version Retention<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#Case1%EF%BC%9A_TRANS-SUN_%EF%BC%886967TW%EF%BC%89\" >Case1\uff1a TRANS-SUN \uff086967.TW\uff09&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#Case_2_TSMC_Financial_Reports\" >Case 2: TSMC Financial Reports&nbsp;<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#Ensuring_Integrity_Building_a_Complete_and_Unified_Sample_Space\" >Ensuring Integrity: Building a Complete and Unified Sample Space&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#TEJs_Value-added_Features_From_Data_to_Research_Efficiency\" >TEJ\u2019s Value-added Features: From Data to Research Efficiency&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#Standardized_Accounting_Items_Achieving_True_Comparability\" >Standardized Accounting Items: Achieving True Comparability&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#Bridging_Accounting_Standards_GAAP_Adjusted_to_IFRS\" >Bridging Accounting Standards: GAAP Adjusted to IFRS&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#Rich_Time_Frequencies_Quarterly_Accumulated_and_TTM\" >Rich Time Frequencies: Quarterly, Accumulated, and TTM&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#Industry-specific_Details_Supporting_Financial_Sector_Accounting\" >Industry-specific Details: Supporting Financial Sector Accounting&nbsp;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#Case_Study_XPEC_Entertainment_3662TW_%E2%80%93_Seeing_the_Value_of_Point-in-Time\" >Case Study:&nbsp; XPEC Entertainment&nbsp; (3662.TW) \u2013 Seeing the Value of Point-in-Time&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tej-point-in-time-audited-financial-database\/#From_Data_Users_to_Data_Masters\" >From Data Users to Data Masters&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><strong>Introduction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"block-04b8ef49-568e-4d54-9de0-0b388d8c7db7\">In quantitative investment research, financial data is the cornerstone of strategy development and validation. Every factor or model design must be built on reliable and complete financial data. If the data itself contains flaws or omissions, even the most sophisticated strategies may fail in the real market. Therefore, establishing a financial database that can faithfully restore the true historical picture is crucial for quantitative researchers.&nbsp;<\/p>\n\n\n\n<p id=\"block-879665a9-8254-4bcc-9fba-f246cc9bc7e9\">TEJ Point-in-Time Audited Financial Database designed specifically for <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">quantitative strategy research<\/mark><\/strong>, provides Point-in-Time (PIT) data as the <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">foundation for backtesting<\/mark><\/strong>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"block-9754109c-8d80-4751-bb26-fb417138bdbd\"><span class=\"ez-toc-section\" id=\"Why_does_backtesting_performance_always_get_%E2%80%9Cdiscounted%E2%80%9D_in_live_trading\"><\/span>Why does backtesting performance always get \u201cdiscounted\u201d in live trading?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"block-68340029-cfec-41f9-9c3a-ab4e01c699e8\">In many research scenarios, traditional databases or self-collected data yield impressive results in backtesting, yet the performance in real markets frequently falls short of expectations. This gap does not stem from flaws in strategy logic, but rather from two fatal issues hidden in the raw data: look-ahead bias and survivorship bias.&nbsp;<\/p>\n\n\n\n<ul id=\"block-7beba250-8bdd-41cf-88dc-2c9c0db17e2d\" class=\"wp-block-list\">\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Look-ahead Bias&nbsp;<\/mark><mark><br><\/mark><\/strong>Backtests may mistakenly include information that was only published later. Such data did not exist at that point in history, but was incorrectly fed into the model, creating misleadingly strong results.&nbsp;<\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Survivorship Bias<\/mark><\/strong>&nbsp;<mark><br><\/mark>Tranditional databases that only keep currently listed firms exclude those that went bankrupt, delisted, or were merged. This makes the sample inconsistent with the real market, overstating returns and understating risks.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p id=\"block-ee4f30fe-9d5d-4310-8226-457cc07d6eb3\">These two pain points are the most easily overlooked in quantitative research and strategy backtesting, yet they are precisely the key factors that determine whether a strategy can truly work in the market.&nbsp;<\/p>\n\n\n\n<p id=\"block-33fc985e-bce5-416d-a27c-f5a355e484cf\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">The foundation of a reliable strategy: Point-in-Time&nbsp;<\/mark><\/strong><\/p>\n\n\n\n<p id=\"block-020698a0-e0ee-4394-bde7-12f56146eb1e\">To build a strategy that truly reflects reality and withstands the test of the market, its foundation must be established on a data structure that can \u201creproduce the information available at the historical moment.\u201d This is the core spirit of Point-in-Time (PIT).&nbsp;<\/p>\n\n\n\n<p id=\"block-6ac01d26-cda0-41f4-9d75-ea466eeec76d\"><strong>TEJ, with 30 years of data processing experience, has specially developed the Financial Database for Investment \uff0d<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">TEJ PIT Audited Financial Database<\/mark>&nbsp;&nbsp;designed for rigorous quantitative research and institutional-level backtesting.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"block-9468a97a-4c03-4b5e-b8b3-6f7f7ae81496\"><span class=\"ez-toc-section\" id=\"TEJ_PIT_Audited_Financial_Database%EF%BC%9ARestoring_the_True_Historical_Picture\"><\/span>TEJ PIT Audited Financial Database\uff1aRestoring the True Historical Picture<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"block-967b9d60-0a96-44fb-ad0e-943ddf0116f0\">The core of TEJ PIT Audited Financial Database is a rigorous Point-in-Time (PIT) data framework. Our data source is based on the public information disclosed via the <strong><a href=\"https:\/\/emops.twse.com.tw\/server-java\/t58query\" target=\"_blank\" rel=\"noreferrer noopener\">Market Observation Post System (MOPS)<\/a>.<\/strong> However, since official data are overwritten once corrections are made, such data cannot be directly used for backtesting.&nbsp;<\/p>\n\n\n\n<p id=\"block-8e0de878-afa8-44b4-9e0c-e59a44447758\">The value of TEJ lies in the subsequent two core processes, ensuring that your research can faithfully reconstruct the complete historical landscape.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"block-1b351c66-e2b8-4d71-bf1b-dabc274ff223\"><span class=\"ez-toc-section\" id=\"Eliminating_Look-ahead_Bias%EF%BC%9AAnnouncement_Timestamp_Full_Version_Retention\"><\/span>Eliminating Look-ahead Bias\uff1aAnnouncement Timestamp &amp; Full Version Retention<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"block-760b4546-a154-4b28-9ef2-34c5a86d9bf4\">For researchers, attempting to manually reconstruct history from MOPS is an extremely difficult task. Two major challenges arise:&nbsp;<\/p>\n\n\n\n<ul id=\"block-a0654341-d2da-48a8-8c22-adae7f16a301\" class=\"wp-block-list\">\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Overwriting of structured data<\/mark><\/strong>\uff1aThe financial statement items available on MOPS are always the latest version. Once a company reissues or reclassifies a report, the old figures are overwritten and become irretrievable.&nbsp;<\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Cumbersome manual tracking<\/mark><\/strong>\uff1aEven if changes are identified, researchers must manually navigate multiple MOPS sections\u2014such as&nbsp; \u201cElectronic Books&nbsp; ,\u201d or \u201cMaterial Information\u201d\u2014to locate updated reports. This process is not only time-consuming and error-prone, but also greatly reduces research efficiency.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p id=\"block-ce6435ae-e9b3-490f-8097-bee3f35ef5ca\">The PIT framework of TEJ systematically resolves these issues and guarantees the most accurate historical snapshot:&nbsp;<\/p>\n\n\n\n<ul id=\"block-c476c9e7-bb60-4a76-a740-88a81d371519\" class=\"wp-block-list\">\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Full version retention<\/mark><\/strong>\uff1a All versions of submitted financial statements are collected and preserved without omission.&nbsp;<\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Precise announcement timestamps<\/mark>\uff1a<\/strong>Each version is labeled with its exact announcement time, allowing backtesting programs at any point T to automatically retrieve only the correct financial version announced before T.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"block-6e4d5af2-d287-439f-9da3-bc25c4587261\"><span class=\"ez-toc-section\" id=\"Case1%EF%BC%9A_TRANS-SUN_%EF%BC%886967TW%EF%BC%89\"><\/span><strong>Case1\uff1a TRANS-SUN \uff086967.TW\uff09&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p id=\"block-40c02eee-1f55-4d1b-aa38-6b00c1efb8c1\">The company mistakenly reported the number of \u201ctotal treasury shares \u201c. On August 14, 2025 , it issued a correction via MOPS \u201cMaterial Information,\u201d revising the figure from 25,637 shares to 500,000 shares.&nbsp;<\/p>\n\n\n\n<p id=\"block-125eb076-99c3-4323-ac47-49f0de9b67de\">In TEJ PIT Audited Financial Database, we retained both versions with their respective timestamps.&nbsp;<\/p>\n\n\n\n<ul id=\"block-d978ad8b-a759-4603-8aff-a453cad9e47f\" class=\"wp-block-list\">\n<li><strong>Any backtest prior to 2025\/08\/14 would still read the old figure of 25,637 shares.&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>Only after that exact timestamp would the corrected figure of 500,000 shares take effect.&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<p id=\"block-7612cfcc-0424-485d-80a7-b18e5810ee62\">This precise treatment ensures that no backtest uses future information and that strategies reflect the reality known to the market at the time.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p id=\"block-65443db4-75d8-4b7c-9ece-4caa25b58365\">Figure 1<strong>\uff1aCorrection notice for TRANS-SUN (6967.TW)&#8217;s Q2 2025 financial report<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"block-46127524-cb10-4924-aa12-9cf0aff41adc\"><img decoding=\"async\" width=\"864\" height=\"370\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-707-1.png\" alt=\"\u9019\u5f35\u5716\u7247\u7684 alt \u5c6c\u6027\u503c\u70ba\u7a7a\uff0c\u5b83\u7684\u6a94\u6848\u540d\u7a31\u70ba image-707.png\" class=\"wp-image-39864\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-707-1.png 864w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-707-1-300x128.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-707-1-150x64.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-707-1-768x329.png 768w\" sizes=\"(max-width: 864px) 100vw, 864px\" \/><figcaption class=\"wp-element-caption\"><em>Source:<strong> MOPS Material Information<\/strong>&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p id=\"block-2612745f-9e5f-4e69-b8f3-f0776ea8e5b2\">Figure 2\uff1aTEJ database retains complete versions of TRANS-SUN (6967.TW) &#8216;s financial data for Q2 2025, both before and after auditor certification.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"block-3c139322-e6f9-4b44-bd6f-910203af8a94\"><img decoding=\"async\" width=\"1024\" height=\"423\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/6967.TW_-1024x423-1.png\" alt=\"\u9019\u5f35\u5716\u7247\u7684 alt \u5c6c\u6027\u503c\u70ba\u7a7a\uff0c\u5b83\u7684\u6a94\u6848\u540d\u7a31\u70ba 6967.TW_-1024x423.png\" class=\"wp-image-39870\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/6967.TW_-1024x423-1.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/6967.TW_-1024x423-1-300x124.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/6967.TW_-1024x423-1-150x62.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/6967.TW_-1024x423-1-768x317.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Source:<strong> TEJ PIT Audited Financial Database<\/strong>&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<p id=\"block-d6275869-f429-4148-8a0e-b392bed99ef9\">More importantly, this correction was not fully disclosed in the English version or other electronic filings, since the original financial PDF itself contained no error. This highlights the fragmentation and inconsistency of official information sources, making it easy for researchers to miss such critical changes. TEJ\u2019s systematic collection process is designed to resolve such gaps.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ffe9ae\"><em>\ud83d\udccc\u00a0You may intetesting\uff1a<a href=\"https:\/\/www.tejwin.com\/en\/news\/factor-library\/\"><strong>\u00a0TEJ Factor Library\uff0d100+ factors built for Taiwan market<\/strong><\/a><\/em><\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"block-bab50aa9-89c9-4491-acf1-cce67fbca9a3\"><span class=\"ez-toc-section\" id=\"Case_2_TSMC_Financial_Reports\"><\/span><strong>Case 2: TSMC Financial Reports&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p id=\"block-fc34b593-96cf-491d-8273-93367d9b1d62\">TEJ\u2019s handling of announcement dates balances historical completeness with maximum precision. Since 2013 (based on the cover date of reports), announcement times are recorded down to hours, minutes, and seconds. This granularity even allows backtesting accuracy to extend to intraday price reactions.&nbsp;<\/p>\n\n\n\n<p id=\"block-6de9c702-b921-4138-9539-5f6e3d53f056\">Figure 3\uff1a<strong>TSMC (2330) financial report release dates in TEJ database, 2013<\/strong>&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"block-f9dd4331-bcab-44d2-9223-177f8094dcc1\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"439\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/2330.TW_-1024x439-1.png\" alt=\"\u9019\u5f35\u5716\u7247\u7684 alt \u5c6c\u6027\u503c\u70ba\u7a7a\uff0c\u5b83\u7684\u6a94\u6848\u540d\u7a31\u70ba 2330.TW_-1024x439.png\" class=\"wp-image-39872\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/2330.TW_-1024x439-1.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/2330.TW_-1024x439-1-300x129.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/2330.TW_-1024x439-1-150x64.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/2330.TW_-1024x439-1-768x329.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Source:<strong> TEJ PIT Audited Financial Database<\/strong>&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"block-131d3e57-0cde-4a50-831c-c2daed9af338\"><span class=\"ez-toc-section\" id=\"Ensuring_Integrity_Building_a_Complete_and_Unified_Sample_Space\"><\/span><strong>Ensuring Integrity: Building a Complete and Unified Sample Space&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"block-ea0de9af-98ca-4108-a82f-1f32e15a0792\">A real market includes successful firms, delisted companies, and industries with very different models. If the sample is incomplete, strategy returns will be distorted. TEJ PIT Audited Financial Database secures sample integrity from two angles:&nbsp;<\/p>\n\n\n\n<ul id=\"block-18c37508-c6b9-4ae7-adce-d9ed01499161\" class=\"wp-block-list\">\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Time<\/mark> <\/strong>\u2013 removing survivorship bias: Covers all companies ever listed since 2005, including delisted firms.&nbsp;<\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Industry dimension<\/mark><\/strong> \u2013 financial and non-financial firms use different reporting structures, and raw statements are usually split across separate tables. TEJ database consolidates all industries, including financials, into a single unified module.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p id=\"block-a0405c96-d1b4-4a6d-9d7c-9a016449cc99\">This design ensures the strategy universe always matches the actual market at any point in history. It provides a complete, unbiased, and efficient foundation for market averages and cross-industry factor tests.&nbsp;<\/p>\n\n\n\n<p id=\"block-9c960d3f-9582-4dcb-a4cf-6e6c81e2ef20\">Example: Both Siliconware Precision (2325, delisted in 2018) and Cathay Financial Holdings (2882, still listed) are fully preserved in the database.&nbsp;<\/p>\n\n\n\n<p id=\"block-4b5de2c8-3387-4286-8175-557e2ae137ee\">Figure 4\uff1aTEJ PIT Audited Financial Database provides complete listed, delisted, financial and non-financial firms<\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"block-48877302-3f8a-4756-ad97-dce911c14ddf\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"396\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/2325.TW_-1024x396-1.png\" alt=\"\u9019\u5f35\u5716\u7247\u7684 alt \u5c6c\u6027\u503c\u70ba\u7a7a\uff0c\u5b83\u7684\u6a94\u6848\u540d\u7a31\u70ba 2325.TW_-1024x396.png\" class=\"wp-image-39868\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/2325.TW_-1024x396-1.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/2325.TW_-1024x396-1-300x116.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/2325.TW_-1024x396-1-150x58.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/2325.TW_-1024x396-1-768x297.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Source:<strong> TEJ PIT Audited Financial Database<\/strong>&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"block-59d35f0e-ad5a-43f8-a8c2-735f85b404ef\"><span class=\"ez-toc-section\" id=\"TEJs_Value-added_Features_From_Data_to_Research_Efficiency\"><\/span><strong>TEJ\u2019s Value-added Features: From Data to Research Efficiency&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"block-44c6e89f-0dcd-4c77-b2cb-d30dda587427\">TEJ PIT Audited Financial Database not only ensures unbiased backtesting but also provides value-added features that turn raw statements into ready-to-use research materials, enabling focus on strategy development instead of data preprocessing.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"block-aff6f937-0264-406d-aa75-65b59a20fd40\"><span class=\"ez-toc-section\" id=\"Standardized_Accounting_Items_Achieving_True_Comparability\"><\/span><strong>Standardized Accounting Items: Achieving True Comparability&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"block-6b637523-666e-4088-a9e8-eb6327a14433\">Quantitative research relies not only on raw financial items but also on numerous ratios derived from them. Researchers often need to extract multiple fields and calculate them manually, a process that is tedious and prone to error when handling different reporting periods.&nbsp;<\/p>\n\n\n\n<p id=\"block-a409f316-7ea9-4715-88e1-66b92ea0d79f\">To address this, TEJ PIT Audited Financial Database builds on standardized accounting items from MOPS and pre-computes more than<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\"> <strong>300 commonly used ratios and indicators<\/strong>,<\/mark> covering:&nbsp;<\/p>\n\n\n\n<ul id=\"block-59d6b4fd-6da2-4ae9-802b-af393a587700\" class=\"wp-block-list\">\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Financial statements<\/mark><\/strong>\uff1abalance sheet, income statement, cash flow statement.<\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Ratios<\/mark><\/strong>\uff1aROA, ROE, inventory turnover, asset turnover, revenue growth, operating income growth, current ratio, operating expense ratio, BPS, EPS, etc.<\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Financial sector specifics<\/mark>\uff1a<\/strong>Discounts and loans \u2013 Banking, insurance commission income, net securities brokering income, etc.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p id=\"block-556c8331-e011-418e-8b40-5aae283d8dd5\">Most importantly, all derived indicators adopt the Point-in-Time methodology, ensuring calculations across periods are also free from look-ahead bias.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"block-63990690-6396-4eda-b56c-839e6b02db18\"><span class=\"ez-toc-section\" id=\"Bridging_Accounting_Standards_GAAP_Adjusted_to_IFRS\"><\/span><strong>Bridging Accounting Standards: GAAP Adjusted to IFRS&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"block-6563893b-02f3-4170-b645-512f7a957b36\">Taiwan adopted IFRS for all listed companies in 2013, creating a discontinuity in long-term data. For researchers needing 15\u201320 years of history, reconciling GAAP with IFRS manually is both complex and time-consuming.&nbsp;<\/p>\n\n\n\n<p id=\"block-ed402ee9-c625-41d8-b929-8479da35fbfd\">TEJ resolves this by<strong> <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">adjusting all pre-2012 GAAP reports into IFRS-equivalent formats<\/mark><\/strong>. This enables seamless long-term analysis across accounting regimes, ensuring strategy validity is not distorted by changes in reporting standards.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"block-5a686194-2fa4-4747-8a70-203a4dc26787\"><span class=\"ez-toc-section\" id=\"Rich_Time_Frequencies_Quarterly_Accumulated_and_TTM\"><\/span><strong>Rich Time Frequencies: Quarterly, Accumulated, and TTM&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"block-b59298ff-11a6-4ffe-b639-2adf34abd38f\">MOPS does not directly provide Q4 standalone data or Trailing Twelve Months (TTM) values. TEJ fills these gaps by offering three reporting frequencies, clearly marked as A \/ Q \/ TTM\uff1a&nbsp;<\/p>\n\n\n\n<ul id=\"block-2c56b882-1c07-470a-a59d-76e00ea1ae70\" class=\"wp-block-list\">\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Accumulated (A)<\/mark><\/strong>\uff1aAs originally reported, e.g., Q3 accumulated covers January\u2013September.&nbsp;<\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Quarterly (Q)<\/mark><\/strong>\uff1aDerived by subtracting prior cumulative values, ensuring consistency across quarters. This includes calculated Q4 data absent from MOPS.&nbsp;<\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">TTM (Trailing Twelve Months)<\/mark><\/strong>\uff1aSum of the most recent four quarters, filtering out seasonality and revealing long-term trends.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p id=\"block-92ed1367-f760-4a87-8ee1-60061bda8226\">These flexible timeframes empower more robust factor design for both value and growth strategies.&nbsp;<\/p>\n\n\n\n<p id=\"block-6c80074f-52fa-4e07-8e6f-09c8f9a589be\">Figure 5\uff1aTEJ database provides complete annual, quarterly, and trailing twelve-month (TTM) data&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"block-50a7cdf6-e47b-4d66-90e1-c2e42a77607b\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"280\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/2330.TW_1-1024x280-1.png\" alt=\"\u9019\u5f35\u5716\u7247\u7684 alt \u5c6c\u6027\u503c\u70ba\u7a7a\uff0c\u5b83\u7684\u6a94\u6848\u540d\u7a31\u70ba 2330.TW_1-1024x280.png\" class=\"wp-image-39876\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/2330.TW_1-1024x280-1.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/2330.TW_1-1024x280-1-300x82.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/2330.TW_1-1024x280-1-150x41.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/2330.TW_1-1024x280-1-768x210.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Sample\uff1aTSMC (2330.TW)\u3000<\/em> <em>Source:<strong> TEJ PIT Audited Financial Database<\/strong>&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"block-119dac5d-01e9-4399-97a0-f9f29d309bea\"><span class=\"ez-toc-section\" id=\"Industry-specific_Details_Supporting_Financial_Sector_Accounting\"><\/span><strong>Industry-specific Details: Supporting Financial Sector Accounting&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"block-5a123904-3d2b-4959-bbe9-63a216663caa\">Different industries operate with distinct models and key indicators, and generic items are insufficient to evaluate financial firms. To address this, TEJ PIT Audited Financial Database includes sector-specific accounts for banks, insurers, holding companies, and securities firms. This allows factors to be built closer to industry fundamentals, expanding both the depth and scope of analysis.&nbsp;<\/p>\n\n\n\n<p id=\"block-ff93502f-7cf6-42b3-b822-73592a4301f5\">Figure 6\uff1aExamples of accounting categories specific to the financial industry&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"block-56cfd066-ef83-434a-a617-1c114b193c18\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"304\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/2882.TW_-1024x304-1.png\" alt=\"\u9019\u5f35\u5716\u7247\u7684 alt \u5c6c\u6027\u503c\u70ba\u7a7a\uff0c\u5b83\u7684\u6a94\u6848\u540d\u7a31\u70ba 2882.TW_-1024x304.png\" class=\"wp-image-39874\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/2882.TW_-1024x304-1.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/2882.TW_-1024x304-1-300x89.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/2882.TW_-1024x304-1-150x45.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/2882.TW_-1024x304-1-768x228.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Source:<strong> TEJ PIT Audited Financial Database<\/strong><\/em><\/figcaption><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"block-c3420ce4-c8b9-4567-9261-30dad35b73e9\"><span class=\"ez-toc-section\" id=\"Case_Study_XPEC_Entertainment_3662TW_%E2%80%93_Seeing_the_Value_of_Point-in-Time\"><\/span><strong>Case Study:&nbsp; XPEC Entertainment&nbsp; (3662.TW) \u2013 Seeing the Value of Point-in-Time&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"block-d2a94b3b-5fd5-4cce-9964-460f7b00c7ec\">The well-known case of XPEC Entertainment (3662.TW) was not only a failed merger but also a litmus test for the rigor of backtesting data.&nbsp;<\/p>\n\n\n\n<p id=\"block-28ec8c18-54d0-49a3-b501-69af19ce8d75\">In 2016, the market was driven into frenzy after Japanese investor \u201cBai Chi Gan Tou Digital Entertainment\u201d announced a high-premium tender offer for XPEC. This dream quickly collapsed when the acquirer defaulted at the end of August, leading to a stock price crash and severe investor losses.&nbsp;<\/p>\n\n\n\n<p id=\"block-ccf1e3ed-a7f2-4cab-b075-2d983c173862\"><strong>&nbsp;<\/strong>Figure7<strong>\uff1aStock price <\/strong>XPEC (3662.TW)<strong> of and timeline of events<\/strong>&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"block-31405c6e-7e20-4ab8-a601-b50d2320d22b\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"508\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/3662.TW_-1024x508-1.png\" alt=\"\u9019\u5f35\u5716\u7247\u7684 alt \u5c6c\u6027\u503c\u70ba\u7a7a\uff0c\u5b83\u7684\u6a94\u6848\u540d\u7a31\u70ba 3662.TW_-1024x508.png\" class=\"wp-image-39866\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/3662.TW_-1024x508-1.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/3662.TW_-1024x508-1-300x149.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/3662.TW_-1024x508-1-150x74.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/3662.TW_-1024x508-1-768x381.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>\uff08Source\uff1aTEJ stock price database\uff09&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<p id=\"block-097ebaf7-fbe3-4883-8065-3d35de6f698e\">More critical issues emerged afterward. On May 16, 2016, XPEC originally reported Q1 EPS as positive (0.1). Yet, after the fraud was exposed, the company retroactively announced on August 14, 2017, that the true Q1 EPS was -16.55, a massive loss.&nbsp;<\/p>\n\n\n\n<p id=\"block-12537c10-bd0b-4831-8c05-c943426df13c\">Figure 8<strong>\uff1a<\/strong><strong>Multiple historical versions of <\/strong>XPEC (3662.TW)<strong> \u2018s EPS data for Q1 2016<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"block-fdac352b-aa25-400c-a15f-2d62b6a96e8a\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"541\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/3662.TW_1-1024x541-1.png\" alt=\"\u9019\u5f35\u5716\u7247\u7684 alt \u5c6c\u6027\u503c\u70ba\u7a7a\uff0c\u5b83\u7684\u6a94\u6848\u540d\u7a31\u70ba 3662.TW_1-1024x541.png\" class=\"wp-image-39878\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/3662.TW_1-1024x541-1.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/3662.TW_1-1024x541-1-300x158.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/3662.TW_1-1024x541-1-150x79.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/3662.TW_1-1024x541-1-768x406.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Source:<strong> TEJ PIT Audited Financial Database<\/strong>&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<p id=\"block-49d7b115-e0e8-45b9-a6d8-f096f85217ba\">This case highlights two very different backtesting outcomes:&nbsp;<\/p>\n\n\n\n<ol start=\"1\" id=\"block-2e3c63c3-8617-44b6-8bd8-d8868950a233\" class=\"wp-block-list\">\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\"><strong>Contaminated backtest (typical databases):<\/strong>&nbsp;<\/mark><mark><br><\/mark>If the database only keeps the \u201clatest version,\u201d any backtest conducted after August 2017 would show Q1 2016 EPS as -16.55. A model might appear to have avoided XPEC, but that is a false success\u2014information not available in 2016 was wrongly used.&nbsp;<\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\"><strong>True backtest (TEJ PIT Audited Financial Database):<\/strong>&nbsp;<\/mark><mark><br><\/mark>With full version retention and precise announcement dates, the database shows only EPS = 0.1 during 2016\/05\/16\u20132017\/08\/13. Only from 2017\/08\/14 does EPS = -16.55 enter the dataset. This ensures strategies reflect the market reality at the time, not future knowledge.&nbsp;<\/li>\n<\/ol>\n\n\n\n<p id=\"block-160d8d63-b3cf-4422-9e6d-02830634393e\">This example demonstrates the core value of Point-in-Time: fair and credible backtesting based solely on information available to the market at each historical moment.&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"block-d286e000-b477-4756-94c0-90c3e6407271\"><span class=\"ez-toc-section\" id=\"From_Data_Users_to_Data_Masters\"><\/span><strong>From Data Users to Data Masters&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"block-a3601df1-9911-4478-a3ff-d220f358d892\">The success of quantitative research starts with the quality of data. Even a seemingly minor flaw can invalidate an otherwise sound strategy. TEJ PIT Audited Financial Database directly addresses the most critical challenges with three key strengths:&nbsp;<\/p>\n\n\n\n<ol start=\"1\" id=\"block-3b02e936-20d2-45a7-9ef3-f06eed595248\" class=\"wp-block-list\">\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Point-in-Time<\/mark> with full version retention and announcement timestamps<\/strong><\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Complete sample coverage<\/mark>, including all listed and delisted companies<\/strong><\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">Standardized indicators<\/mark>, GAAP-to-IFRS adjustment, and multiple frequencies<\/strong><\/li>\n<\/ol>\n\n\n\n<p>Through these advantages, TEJ delivers not just data but a complete, verifiable solution that accelerates research and strategy deployment. With the right tools, researchers can move beyond data traps and focus on strategy design and factor discovery. TEJ PIT Audited Financial Database stands as the most reliable cornerstone for building sustainable alpha in today\u2019s highly competitive markets.&nbsp;<\/p>\n\n\n\n<p class=\"has-background has-medium-font-size\" style=\"background-color:#ffe9ae\"><strong><em>\ud83d\udca1<a href=\"https:\/\/www.tejwin.com\/en\/contact\/\" data-type=\"link\" data-id=\"https:\/\/www.tejwin.com\/en\/contact\/\">Contact us to request a custom Quantitative database demo<\/a><\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-tej wp-block-embed-tej\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"rKQzXXvCdX\"><a href=\"https:\/\/www.tejwin.com\/en\/news\/taiwan-factor-library-intelligence-shines-at-neudata-hong-kong-powered-by-tej\/\">Taiwan Factor Library Intelligence Shines at Neudata Hong Kong | Powered by TEJ<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Taiwan Factor Library Intelligence Shines at Neudata Hong Kong | Powered by TEJ&#8221; &#8212; TEJ\" src=\"https:\/\/www.tejwin.com\/en\/news\/taiwan-factor-library-intelligence-shines-at-neudata-hong-kong-powered-by-tej\/embed\/#?secret=GAgI0E6KAK#?secret=rKQzXXvCdX\" data-secret=\"rKQzXXvCdX\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TEJ PIT Audited Financial Database eliminates look-ahead and survivorship bias with Point-in-Time data, full version retention, IFRS alignment, and 300+ ready-to-use ratios\u2014delivering reliable backtesting and faster strategy development.<\/p>\n","protected":false},"featured_media":39858,"template":"","tags":[3372,3505,3421],"insight-category":[690],"class_list":["post-39845","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-financial-data","tag-point-in-time-2","tag-quantitative-strategy","insight-category-data-analysis"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/39845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight"}],"about":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/types\/insight"}],"version-history":[{"count":11,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/39845\/revisions"}],"predecessor-version":[{"id":39889,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/39845\/revisions\/39889"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media\/39858"}],"wp:attachment":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media?parent=39845"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/tags?post=39845"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight-category?post=39845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}