{"id":11231,"date":"2020-01-01T12:30:00","date_gmt":"2020-01-01T04:30:00","guid":{"rendered":"https:\/\/www.tejwin.com\/?post_type=news&#038;p=11231"},"modified":"2026-04-01T17:52:48","modified_gmt":"2026-04-01T09:52:48","slug":"tcri-watchdog","status":"publish","type":"news","link":"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/","title":{"rendered":"TCRI\u2122 Watchdog"},"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\/\/TCRI\u2122-Watchdog-1024x576.png\" alt=\"TCRI\u2122 Watchdog\" class=\"wp-image-12182\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/TCRI\u2122-Watchdog-1024x576.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/TCRI\u2122-Watchdog-300x169.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/TCRI\u2122-Watchdog-150x84.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/TCRI\u2122-Watchdog-768x432.png 768w, https:\/\/www.tejwin.com\/wp-content\/uploads\/TCRI\u2122-Watchdog-1536x864.png 1536w, https:\/\/www.tejwin.com\/wp-content\/uploads\/TCRI\u2122-Watchdog.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\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-69f32aed9c837\" 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-69f32aed9c837\"  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\/news\/tcri-watchdog\/#Eliminating_Credit_Noise_with_Alternative_Data\" >Eliminating&nbsp;Credit Noise with Alternative Data&nbsp;<\/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\/news\/tcri-watchdog\/#TCRI_Watchdog_Structuring_Unstructured_Information_into_Alternative_Data\" >TCRI Watchdog:&nbsp;Structuring Unstructured Information into&nbsp;Alternative Data&nbsp;&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/#Data_Scope\" >Data Scope:&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/#Data_Sources\" >Data Sources:&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/#Event_Intensity\" >Event Intensity:&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/#Event_Classification\" >Event Classification:&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/#Data_Transmission\" >Data Transmission:&nbsp;&nbsp;<\/a><\/li><\/ul><\/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\/news\/tcri-watchdog\/#3_Reasons_Why_Your_Strategy_Needs_TCRI_WD\" >3 Reasons&nbsp;Why Your Strategy Needs TCRI WD?&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\/news\/tcri-watchdog\/#Unified_Event_Intensity_Grading\" >Unified Event Intensity Grading:&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\/news\/tcri-watchdog\/#Qualitative_to_Quantitative_Information\" >Qualitative to Quantitative Information:&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\/news\/tcri-watchdog\/#Point-in-Time_PIT_Data_Structure\" >Point-in-Time (PIT) Data Structure:&nbsp;&nbsp;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/#Empirical_Research_Leading_Market_Warning_Signals\" >Empirical Research: Leading Market Warning Signals&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/#News_Events_Category_N\" >News Events (Category N):&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/#Announcement_Events_Category_P\" >Announcement Events (Category P):&nbsp;&nbsp;<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eliminating_Credit_Noise_with_Alternative_Data\"><\/span>Eliminating&nbsp;Credit Noise with Alternative Data&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-text-align-left\">In the Taiwan stock market, while structured data such as financial reports and price information are complete and highly real-time, short-term stock price fluctuations are often driven by &#8220;events.&#8221; From announcements and regulatory news to media reports, this unstructured information rapidly influences&nbsp;investor&#8217;s&nbsp;expectations and capital flows, yet it&nbsp;remains&nbsp;difficult to capture effectively using traditional quantitative methods.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-left\">Identifying&nbsp;influential signals from a vast array of events and&nbsp;extracting actionable signals from events and&nbsp;converting&nbsp;them&nbsp;into&nbsp;backtestable&nbsp;investment factors&nbsp;has always been a key threshold for quantitative research.&nbsp;TEJ developed the&nbsp;<strong>TCRI Watchdog (WD)<\/strong>&nbsp;database to&nbsp;transform&nbsp;unstructured&nbsp;information&nbsp;into&nbsp;structured alternative&nbsp;data&nbsp;through a systematic classification and scoring mechanism,&nbsp;assisting&nbsp;researchers in effectively capturing alpha and strengthening forward-looking risk judgment.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-left\"><span class=\"ez-toc-section\" id=\"TCRI_Watchdog_Structuring_Unstructured_Information_into_Alternative_Data\"><\/span>TCRI Watchdog:&nbsp;Structuring Unstructured Information into&nbsp;Alternative Data&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>TCRI Watchdog (WD)<\/strong>&nbsp;processes&nbsp;unstructured information&nbsp;(such as news and announcements)&nbsp;into&nbsp;a&nbsp;structured&nbsp;alternative&nbsp;dataset, featuring&nbsp;consistent and comparable&nbsp;<strong>Event Scores (-3 to +3)<\/strong>&nbsp;based on their impact on corporate credit risk. Through systematic event definitions and automated quantitative&nbsp;processes,it&nbsp;converts raw narratives into quantifiable event signals suitable for&nbsp;backtesting&nbsp;and alpha generation.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Data_Scope\"><\/span>Data Scope:&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Includes historical records&nbsp;from 2019&nbsp;&nbsp;for all listed and OTC companies in the Taiwan market, including delisted companies.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Data_Sources\"><\/span>Data Sources:&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Data is integrated from three major sources:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Material information from the Market Observation Post System (MOPS).&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Official sanctions from regulatory agencies such as the Financial Supervisory Commission (FSC) and the Ministry of Economic Affairs.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mainstream financial media reports.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Event_Intensity\"><\/span>Event Intensity:&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Event scores range from&nbsp;<strong>-3 to +3<\/strong>. Negative values&nbsp;represent&nbsp;potential deterioration in credit risk, while positive values&nbsp;represent&nbsp;risk improvement or operational benefits. The larger the absolute value, the more significant the event&#8217;s impact on corporate risk.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Event_Classification\"><\/span>Event Classification:&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-text-align-left\">All events are categorized into the following&nbsp;<strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">5 dimensions<\/mark><\/strong>&nbsp;and <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>over&nbsp;100 subcategories<\/strong><\/mark>, constructing a quantifiable credit event framework. Each event is classified through collaboration between analysts and AI models based on its impact on corporate operations and credit risk:&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Table 1: 5 Dimensions of TCRI Watchdog Events&nbsp;&nbsp;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Code<\/strong>&nbsp;<\/td><td><strong>Event Category<\/strong>&nbsp;<\/td><td><strong>Meaning<\/strong>&nbsp;<\/td><td><strong>Sub-classification Examples<\/strong>&nbsp;<\/td><\/tr><tr><td><strong>A&nbsp;<\/strong><\/td><td><strong>Accounting<\/strong>&nbsp;<\/td><td>Events related to financial reporting, accounting treatments, and disclosure practices, reflecting financial transparency and stability.&nbsp;&nbsp;<\/td><td>Alleged Fraud of financial&nbsp;report,&nbsp;&nbsp;Restatement&nbsp;of financial report&nbsp;<br><br>Total\uff1a13 subcategories&nbsp;&nbsp;<\/td><\/tr><tr><td><strong>I&nbsp;<\/strong><\/td><td><strong>Industry<\/strong>&nbsp;<\/td><td>Events related to operating environment, capacity, costs, R&amp;D progress, and financing, revealing operating momentum and industry trends.&nbsp;<\/td><td>Issues of suppliers or agency,&nbsp;The loss of important talents&nbsp;<br><br>Total\uff1a27 subcategories&nbsp;&nbsp;<\/td><\/tr><tr><td><strong>M&nbsp;<\/strong><\/td><td><strong>Management<\/strong>&nbsp;<\/td><td>Events involving corporate governance,&nbsp;board&nbsp;and executive changes, internal or external fraud, labor disputes, information security, and internal control deficiencies, reflecting governance and management stability.&nbsp;<\/td><td>Suspicion of embezzlement or hollowing out of assets,&nbsp;Executive changes&nbsp;<br><br>Total\uff1a41 subcategories&nbsp;&nbsp;<\/td><\/tr><tr><td><strong>F&nbsp;<\/strong><\/td><td><strong>Market Trading<\/strong>&nbsp;<\/td><td>Events related to capital market trading, rating changes, abnormal price movements, and listing status, reflecting market&nbsp;perceptions&nbsp;of credit and liquidity.&nbsp;<\/td><td>Stock price manipulation,&nbsp;insider trading,&nbsp;Cross Shareholding&nbsp;<br><br>Total\uff1a12 subcategories&nbsp;&nbsp;<\/td><\/tr><tr><td><strong>R&nbsp;<\/strong><\/td><td><strong>Crsis<\/strong>&nbsp;<\/td><td>Events involving financial distress, default, delisting, or restructuring,&nbsp;representing&nbsp;the&nbsp;most direct signals of credit risk.&nbsp;<\/td><td>Rumored&nbsp;financial crisis,&nbsp;Bankruptcy&nbsp;<br><br>Total\uff1a22 subcategories&nbsp;&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>This framework&nbsp;establishes&nbsp;a unified standard, allowing investors to efficiently evaluate and compare various market events, ranging from individual stock risk monitoring to overall market risk sentiment assessment.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Data_Transmission\"><\/span><strong>Data Transmission:<\/strong>&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Data is delivered via&nbsp;API&nbsp;or&nbsp;FTP&nbsp;for automated transmission.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Figure1: TCRI WD data sample&nbsp;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"831\" height=\"474\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-820.png\" alt=\"\" class=\"wp-image-44757\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-820.png 831w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-820-300x171.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-820-150x86.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-820-768x438.png 768w\" sizes=\"(max-width: 831px) 100vw, 831px\" \/><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>As shown in the data sample, WD precisely defines fragmented market announcements as structured records featuring&nbsp;<strong>Event<\/strong><strong>&nbsp;<\/strong><strong>date<\/strong>,&nbsp;<strong>Event Score<\/strong>, and&nbsp;<strong>Event classification<\/strong>.&nbsp;<\/p>\n\n\n\n<p>According to Figure 2, the system&nbsp;generates an average of over&nbsp;<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>3,500 structured credit&nbsp;signals&nbsp;monthly<\/strong><\/mark>. This steady,&nbsp;<strong>high-density data stream<\/strong>&nbsp;is ideal for&nbsp;<strong>quantitative modeling<\/strong>&nbsp;and&nbsp;<strong>stress testing<\/strong>&nbsp;due to its frequency and depth.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Figure 2: Monthly&nbsp;distribution&nbsp;of TCRI Watchdog events&nbsp;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"829\" height=\"411\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-822.png\" alt=\"\" class=\"wp-image-44762\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-822.png 829w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-822-300x149.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-822-150x74.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-822-768x381.png 768w\" sizes=\"(max-width: 829px) 100vw, 829px\" \/><\/figure>\n\n\n\n<p>&nbsp;<\/p>\n<p><strong>Source\uff1aTEJ&nbsp;TCRI WD database&nbsp;<\/strong><\/p>\n<p><strong>Period\uff1aJan&nbsp;2023~ Dec 2025&nbsp;<\/strong><\/p>\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Reasons_Why_Your_Strategy_Needs_TCRI_WD\"><\/span>3 Reasons&nbsp;Why Your Strategy Needs TCRI WD?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The failure of quantitative strategies often stems from underlying data&nbsp;containing&nbsp;too much noise unrelated to credit risk, causing true early-warning signals to be diluted or obscured. TCRI Watchdog (WD)&nbsp;assists&nbsp;research teams in skipping tedious data cleaning to focus on alpha mining, while enabling investment teams to integrate event risks into decision frameworks for better precision and efficiency.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Unified_Event_Intensity_Grading\"><\/span>Unified Event Intensity Grading:&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>&nbsp;Provides a standardized scoring system from -3 to +3 for diverse unstructured events. This solves the difficulty of cross-sectional comparisons caused by a lack of quantitative benchmarks in original announcements.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Qualitative_to_Quantitative_Information\"><\/span>Qualitative to Quantitative Information:&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>&nbsp;Filters core information relevant to corporate operations through automated algorithms and dual review by the TEJ professional team.&nbsp;Unlike generic AI tools, WD strictly removes emotional noise, significantly reducing manual labeling time for analysts.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Point-in-Time_PIT_Data_Structure\"><\/span>Point-in-Time (PIT) Data Structure:&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Strictly follows the PIT architecture, recording the precise timestamp of every event disclosure and including historical data of delisted companies. This&nbsp;eliminates&nbsp;<strong>look-ahead bias<\/strong>&nbsp;and&nbsp;<strong>survivor bias<\/strong>&nbsp;in&nbsp;backtesting, ensuring model authenticity.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Empirical_Research_Leading_Market_Warning_Signals\"><\/span>Empirical Research: Leading Market Warning Signals&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to TEJ\u2019s ten-year&nbsp;backtest, market reactions to non-financial information depend on the event\u2019s&nbsp;<strong>category<\/strong>&nbsp;and&nbsp;<strong>intensity<\/strong>&nbsp;rather than news volume.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"News_Events_Category_N\"><\/span>News Events (Category N):&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Empirical evidence shows a significant &#8220;advance reaction&#8221; to strongly negative news (e.g., -3 points). Stock prices often show abnormal declines before the news is officially reported, with the downward trend expanding further after disclosure.&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-buttons has-custom-font-size has-medium-font-size is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100 is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link has-white-color has-text-color has-background has-link-color wp-element-button\" href=\"https:\/\/www.tejwin.com\/en\/insight\/from-news-to-markets-investment-signals-from-media-coverage-part-i-an-empirical-analysis-of-tcri-watchdog-n-news-media-events\/\" style=\"background-color:#6482d0\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\ud83d\udc49<strong>Category&nbsp;\u201cN\u201d&nbsp;full version:&nbsp;TCRI Watchdog \u201cN News Media\u201d Events Part1&nbsp;<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Announcement_Events_Category_P\"><\/span>Announcement Events (Category P):&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Market reactions to management and governance announcements are not instantaneous. Even if news leaks beforehand, stock prices continue to fall following the official announcement.&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-buttons has-custom-font-size has-medium-font-size is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100 is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link has-white-color has-text-color has-background has-link-color wp-element-button\" href=\"https:\/\/www.tejwin.com\/en\/insight\/tcri-watchdog-part-1\/\" style=\"background-color:#1387c0\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\ud83d\udc49<strong>Category&nbsp;\u201cP\u201d&nbsp;full version: TCRI Watchdog &#8220;P&#8221; Type Event Part 1<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:82px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"text-align: center;\"><em><span style=\"background-color: #d0e6fd; color: #162660;\"><b>Turning Alternative Data into Alpha Signals!<\/b>\u00a0<\/span><\/em><\/p>\n<p style=\"text-align: center;\"><span data-contrast=\"auto\">\u00a0WD transforms events into structured data and quantitative factors, allowing alternative data to be integrated into models and\u00a0backtests. Investors can adjust positions before the market fully reflects the information, turning event signals into forward-looking alpha.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-fill\"><a class=\"wp-block-button__link has-background has-text-align-center wp-element-button\" href=\"https:\/\/www.tejwin.com\/en\/contact\/\" style=\"background-color:#162660\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>\ud83d\udc49Contact us for a free trial&nbsp;<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:82px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-left\"><strong>\u2b50Discover more specialized financial datasets from TEJ!&nbsp;<\/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=\"rUZtM1jL6U\"><a href=\"https:\/\/www.tejwin.com\/en\/news\/factor-library\/\">Factor Library \u2013 Taiwan&#8217;s Factor Dataset for Quantitative Investing<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Factor Library \u2013 Taiwan&#8217;s Factor Dataset for Quantitative Investing&#8221; &#8212; TEJ\" src=\"https:\/\/www.tejwin.com\/en\/news\/factor-library\/embed\/#?secret=yFSIK0qXOp#?secret=rUZtM1jL6U\" data-secret=\"rUZtM1jL6U\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>TCRI Watchdog (WD) is a structured event-intensity dataset covering all publicly listed and OTC companies in Taiwan. Built on TEJ\u2019s long-standing credit research framework, TCRI WD transforms corporate disclosures, regulatory announcements, and major media coverage into standardized event scores ranging from \u20133 to +3.<\/p>\n","protected":false},"featured_media":12182,"parent":0,"menu_order":0,"template":"","tags":[3264,2916,3617,3476],"news-category":[764],"class_list":["post-11231","news","type-news","status-publish","has-post-thumbnail","hentry","tag-alternative-data","tag-credit-risk","tag-signal","tag-tcri-watchdog","news-category-product-introduction-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/news\/11231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media\/12182"}],"wp:attachment":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media?parent=11231"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/tags?post=11231"},{"taxonomy":"news-category","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/news-category?post=11231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}