Chinese Abstract: 風險中立訂價是衍生性商品理論之基石,但中文教科書皆未說明無套利機會隱含風險中立測度存在之事實。本研究闡述風險中立訂價理論之基礎:資產訂價基本定理。雖然,學術界... more Chinese Abstract: 風險中立訂價是衍生性商品理論之基石,但中文教科書皆未說明無套利機會隱含風險中立測度存在之事實。本研究闡述風險中立訂價理論之基礎:資產訂價基本定理。雖然,學術界具有嚴格之論文審核制度,卻無教科書之評審制度,導致大專教師在斟酌學術著作產出與教科書著作產出之成本與效益後,往往撰寫教科書,造成教科書林立,內容良莠不齊之現況。本研究作者率先起義,補充三冊知名教科書對定價理論陳述不足之處,且評論其缺點與優點,再界定部分值得其他教科書採用,卻無著作權爭議之撰寫形式。本研究再深度評論第四本新出版之教科書,將其與既有教科書作詳細比較,得以討論著作權議題,並且對教科書作者提出具體建議,以避免可能違反著作權法之爭議。本研究呼籲對傳統學術研究缺乏興趣之大專教師,投入教科書評論工作,且以著作或技術報告形式發表,為台灣大專教育與出版界注入革新與成長動力。English Abstract: Risk-neutral valuation is the foundation of modern derivative pricing theory. However, Chinese textbooks do not clarify the fact that no-arbitrage conditions implies the existence of risk-neutral probability. This paper demonstrates the core of the risk-neutral valuation - the fundamental theorem of asset pricing. Although there has been mature reviewing tradition in academic papers, there is no similar tradition in related textbooks. As a result, some young scholars are inclined to write textbooks after scrutinizing the cost and benefits of writing writing for education. Consequently, we witness a growing tide of textbooks of mixed quality. This paper makes the first attempt to ameliorate the description of risk-neutral valuation in three famous textbooks on the subject of derivatives, as well as discussing their respective pros and cons. This paper also highlights some textbook formats and styles which facilitate learning and entail no copyright issues if we make use of them. Finally, this paper also examines a fourth new textbook and compares it with the aforementioned three. Some evidence of copyright violation in the fourth textbook is highlighted in this paper. College faculties are encouraged to point out and to review some popular textbooks in the form of academic papers or technical reports. Such effort will improve textbook quality and promote higher standards in college education.
This article explores the pricing behavior of both debts and call options in a unified context, w... more This article explores the pricing behavior of both debts and call options in a unified context, where the issuer can possibly default. Its contribution is to show that both the securities' priority status and the correlation between the firm value and the option's underlying stock value have significant impacts on the valuation of the securities. It is likely that a security with priority status junior to other liabilities is worth more than a security with priority status ranking equally with other liabilities. Such a situation occurs when the issuer's firm value is low and the dynamics of the firm value is positively correlated with that of the option's underlying stock value. If the market participants ignore this feature, an astute investor can make arbitrage in such a speculative security. These findings are derived via Monte Carlo simulations employing both antithetic and control variate techniques. Analytical explanations are also provided. JEL classificat...
Chinese Abstract: 在臺灣金融市場歷史,上市公司在除息後,未能在半年內支付現金的案例是:英誌與科風。前者在除息後的第582日才支付現金,後者至今 (2014年12月3日)已拖延超... more Chinese Abstract: 在臺灣金融市場歷史,上市公司在除息後,未能在半年內支付現金的案例是:英誌與科風。前者在除息後的第582日才支付現金,後者至今 (2014年12月3日)已拖延超過1,143日,尚未支付現金。兩者分別在公司宣告暫緩發放現金後的第36日與第509日,因其他原因被台灣證券交易所打入全額交割,令參與除息之投資人損失慘重。雖然,法令規定:若上市公司債務違約,即列入全額交割股。但因參與除息之投資人兼具債權人與股東身份,公司對應付股息債務違約,股東未提出求償,使得違約支付股息的公司股票仍然正常交易,致使投資人未能警覺該公司已經對債務違約之事實,而蒙受損失。本研究分析導致公司違約支付股息之因素,且分析全體上市公司 (1999至2012年) 的除息日至發放日間隔週期。研究發現:部分公司試圖利用現金增資流入之資金,以支付現金股息,使得淨股利往往小於0,導致投資人同時曝露於利息損失與公司違約支付風險。本研究根據民法、所得稅法施行細則、台灣證券交易所營業細則與會計準則之相關規定,提出政策面與法令面之改進方向,以降低投資人曝露於公司違約支付股息之風險。English Abstract: In the history of the Taiwanese financial market, two firms listed in the Taiwan Stock Exchange (TWSE) failed to pay the liabilities of dividends payable within six months after the ex-dividend dates. They are Enlight Corp. and Powercom Corp. Afterwards, it took more than 582 days after the ex-dividend for the investors to receive the cash. Some 1,143 days after its ex-dividend date, one firm, Powercom, is still awaiting payment. The TWSE authority placed their shares under altered trading methods for other reasons on the 36th and 509th day after the suspension announcements from the firms. Although a firm will be punished once it defaults on its liabilities, the creditors (with a concurrent identity of shareholders) of the two corporations did not formally file their claims. Consquently, investors did not recognize the fact that such firms had defaulted on its liabilities and, consequently, suffered further losses. This research identifies the factors that triggered these defaults and specifies the merits of regulations relating to those factors. In addition, this article will analyze the periods between the ex-dividend date and the payment date for all TWSE-listed firms over 1999-2012. We examine the possible motives of those firms that have extremely long periods between the ex-dividend date and the payment date. We find that these corporations exploit the newly issued shares to finance the cash dividends. When they failed to raise new equities, they tried to borrow from banks, sell assets, or make private placement. We claim that due to the inadequacy of existing regulations and improper measures taken by the authority, investors are exposed to both interest loss and credit risk. This study highlights these phenomena and proposes amendment on the related law and pertinent regulation.
Chinese Abstract: 風險中立訂價是衍生性商品理論之基石,但中文教科書皆未說明無套利機會隱含風險中立測度存在之事實。本研究闡述風險中立訂價理論之基礎:資產訂價基本定理。雖然,學術界... more Chinese Abstract: 風險中立訂價是衍生性商品理論之基石,但中文教科書皆未說明無套利機會隱含風險中立測度存在之事實。本研究闡述風險中立訂價理論之基礎:資產訂價基本定理。雖然,學術界具有嚴格之論文審核制度,卻無教科書之評審制度,導致大專教師在斟酌學術著作產出與教科書著作產出之成本與效益後,往往撰寫教科書,造成教科書林立,內容良莠不齊之現況。本研究作者率先起義,補充三冊知名教科書對定價理論陳述不足之處,且評論其缺點與優點,再界定部分值得其他教科書採用,卻無著作權爭議之撰寫形式。本研究再深度評論第四本新出版之教科書,將其與既有教科書作詳細比較,得以討論著作權議題,並且對教科書作者提出具體建議,以避免可能違反著作權法之爭議。本研究呼籲對傳統學術研究缺乏興趣之大專教師,投入教科書評論工作,且以著作或技術報告形式發表,為台灣大專教育與出版界注入革新與成長動力。English Abstract: Risk-neutral valuation is the foundation of modern derivative pricing theory. However, Chinese textbooks do not clarify the fact that no-arbitrage conditions implies the existence of risk-neutral probability. This paper demonstrates the core of the risk-neutral valuation - the fundamental theorem of asset pricing. Although there has been mature reviewing tradition in academic papers, there is no similar tradition in related textbooks. As a result, some young scholars are inclined to write textbooks after scrutinizing the cost and benefits of writing writing for education. Consequently, we witness a growing tide of textbooks of mixed quality. This paper makes the first attempt to ameliorate the description of risk-neutral valuation in three famous textbooks on the subject of derivatives, as well as discussing their respective pros and cons. This paper also highlights some textbook formats and styles which facilitate learning and entail no copyright issues if we make use of them. Finally, this paper also examines a fourth new textbook and compares it with the aforementioned three. Some evidence of copyright violation in the fourth textbook is highlighted in this paper. College faculties are encouraged to point out and to review some popular textbooks in the form of academic papers or technical reports. Such effort will improve textbook quality and promote higher standards in college education.
在Jamshidian(1989)對利率選擇權評價研究中,作者闡述了遠期平賭測度的用處。本研究也將利用這個技巧,說明風險性債券的評價過程,並且將這個過程示範於兩個發表於Journal of Fi... more 在Jamshidian(1989)對利率選擇權評價研究中,作者闡述了遠期平賭測度的用處。本研究也將利用這個技巧,說明風險性債券的評價過程,並且將這個過程示範於兩個發表於Journal of Fixed Income期刊的模型。首先,本文證明Cathcart and El-Jahel(1998)的評價模型存在封閉公式解,這個結果取代了原來作者所使用的複雜數值方法。其次,本文說明Schmid and Zagst's (2000)模型中個四個微分方程式求解過程,可以使用三個微分方程式即可。上述的結果都是利用遠期平賭測度轉換技巧達成的。The usefulness of the forward martingale measure has been demonstrated by Jamshidian (1989) in deriving a pricing formula for default-free bond options. By making use of this technique, this paper offers a greatly simplified approach to the valuation of defaultable bonds by revisiting two pioneering hybrid models published in the Journal of Fixed Income. First, Cathcart and El-Jahel's (1998) original numerical inversion of Laplace transformations for pricing defaultable bonds is replaced with a closed-form formula derived through the use of the forward martingale measure. Second, Schmid and Zagst's (2000) original four ordinary differential equations for pricing defaultable bonds are replaced by three ordinar...
English abstract: Academic works should be publicly circulated, discussed, criticized, and digest... more English abstract: Academic works should be publicly circulated, discussed, criticized, and digested by others, who stand on the shoulders of giants to see further and wider. Academic activities not only directly affect a country’s competition, but also contribute to the interactions among different countries, groups, and generations. When the range of intellectual consensus expands through academic communication and clarification, the range of misunderstanding and conflicts diminish. Therefore, Academia is a national institution and directs policy in modern world, Furthermore, academic works must be publicized and circulated, especially those relating to the qualifications of teachers and researchers. Ironically, Ing-Wen Tsai’s document regarding her professor-position was classified as top secret for 30 years, and her LSE Ph.D. thesis granting her a vice professor position was not released until September 2019. This article discusses her Ph.D. thesis to help Chinese readers to digest Ing-Wen Tsai’s (1983) credentials. Chinese abstract: 學術著作必須公開流通、討論、批判與利用,提供接續之研究者站在巨人肩膀,得以看得更寬、更遠。學術活動不僅直接關係國家之競爭力,更關係著不同國家、族群或世代之間的交流。當交流與澄清形成的共識範圍愈多,人與人之間的爭議或衝突範圍即縮減。因此,現代化國家都將學術活動形成國家制度,涉及教育學位授予、教師與研究員資格取得之學術著作,必須公開陳列與流通。相反的,蔡英文的升等教授文件被核定保密30年,而升等副教授的博士論文終於在2019年9月公開。本研究旨在註解蔡英文1983年取得自倫敦政經學院的博士論文,協助華文讀者解讀蔡英文1983博士論文的實質內容。
三位臺灣學者合著論文Lin,Hsu和Chiang(2016)在2020年12月17日被《科學計量》期刊撤除,導因於Liu,Wu和Yeats(2017)揭露該著作的諸多疑點。我們批判強調,爭議論文... more 三位臺灣學者合著論文Lin,Hsu和Chiang(2016)在2020年12月17日被《科學計量》期刊撤除,導因於Liu,Wu和Yeats(2017)揭露該著作的諸多疑點。我們批判強調,爭議論文聲稱的研究結果無法被複製以產生一致的結果。它是基於Electronic Commerce Research已刊出論文的延伸;但是,新刊出的研究結果含糊不清,且存在錯誤。我們揭露許多疑點,並提出一個研究領域知識的文獻計量框架。我們強調,研究人員有義務提供完整和完善的信息,並在此過程中遵守學術誠信。這種情況將激發全球學術界對台灣學者的誠信寄予更大的信任。
Chinese Abstract: 抄襲是直接損害他人權益的剽竊行為。自我抄襲未必直接損害他人權益,卻因為當事人過度膨脹貢獻指標,導致學術資源分配效率被扭曲,損害公共利益,也間接傷害不特定他人之... more Chinese Abstract: 抄襲是直接損害他人權益的剽竊行為。自我抄襲未必直接損害他人權益,卻因為當事人過度膨脹貢獻指標,導致學術資源分配效率被扭曲,損害公共利益,也間接傷害不特定他人之權益。本文說明自我抄襲之必要條件如下:第一、作者未引用相似性之已發表文章。第二、作者未說明相似性文章之差異。第三、相似性文章皆發表在學術性期刊。第四、作者將相似性文章同列於學術著作履歷表,做為升等或申請計畫經費之佐證。第五、作者將相似性文章提出申請研究獎補助經費。第六、作者無法說明發表相似性文章之公益目的。本研究主張學術研究之目的是社會貢獻、知識累積與文明演化。而且強調落實憲法賦予之言論、講學、出版自由,以公開評論與回應方式,闡述自我抄襲違背學術倫理的意涵。本研究透過社會科學方法,分析人文學議題,得以具體闡述自我抄襲之定義與性質,將同時促進人文學與社會科學之進展。English Abstract: Plagiarism is the behavior of stealing, directly impairing the interests of the original authors. Although self-plagiarism does not cause damage to any particular person, it would undermine the distribution efficiency of academic and social resources after the actor exaggerates his or her achievement. Self-plagiarism is still harmful to the academic circle. This paper illustrates the necessary condition of self-plagiarism, including: first, the author does not cite similar prior or contemporary works that he or she authored; second, the author does not acknowledge the difference between the...
<b>Chinese Abstract:</b> 劉任昌公然揭發學術舞弊事件,具體貢獻有二:第一、迫使東華大學財金系王詩韻撰寫之抄襲、錯誤教科書下架,也向廖姓教師賠償;第... more <b>Chinese Abstract:</b> 劉任昌公然揭發學術舞弊事件,具體貢獻有二:第一、迫使東華大學財金系王詩韻撰寫之抄襲、錯誤教科書下架,也向廖姓教師賠償;第二、向刊登關貿公司董事長許建隆升等副教授論文的期刊檢舉,舉證其抄襲、造假、錯誤資訊,導致作品被期刊撤除,副教授資格因此被撤銷。然而,王詩韻的錯誤教科書仍然在二手市場流通,署名「申正義」的黑函不斷攻擊劉任昌,甚至造謠劉任昌向王詩韻指導老師李正福勒索30萬,誣告劉任昌向王詩韻恐嚇取財與妨害名譽。本文詳細說明王詩韻抄襲他人著作、傳遞錯誤知識、傲慢抵賴侵害著作權事實。劉任昌不斷警告王詩韻與「申正義」,勿再發送黑函,勿干擾劉任昌揭發學術舞弊之工作,但「申正義」不但執迷不悟,甚至指控劉任昌控嚇取財、妨害名譽。本文詳細說明王詩韻的誣告行徑,也揭發「申正義」狂寄黑函之行徑。本文主張,「申正義」是王詩韻的匿名,王詩韻意圖利用「申正義」犯罪,掩護台灣管理學界之舞弊犯行。 <b>English Abstract:</b> Jen-Chang Liu has been devoted to disclosing academic misconduct and accomplished two prominent achievements. First, Liu caused Shin-Yun Wang’s, a professor in NDHU’s finance department, textbook to cease publication and to compensate Liao for copyright infringement. Part of Wang’s textbook plagiarized Liao’s, especially replicating some erroneous contents. Second, Liu disclosed Chien-Lung Hsu’s, a director in the Ministry of Treasury, paper plagiarized and fabricated. Consequently, Hsu’s paper was retracted and his associate professor position was revoked. Despite these, Wang’s questionable text-book is still in circulation in the second-hand market, and Liu is constantly harassed by letters and e-mails sent by Zheng-Yi Shen, an alias obviously related to Wang. Moreover, Zheng-Yi Shen is spreading rumor that Liu attempted to extort 300 thousand Taiwan dollars from Wang’s advisor Cheng-Few Lee. Although Liu had been warning both Shen and Wang not to spread malicious rumors, Wang continued to accuse against Liu for extortion and defamation of character. This article described how Wang is guilty of malicious accusations after Liu disclosed that Wang’s textbook had infringed copyright and spreaded misinformation. This article claimed that Shin-Yun Wang is Zheng-Yi Shen and she attempted to boycott Liu’s disclosing academic misconduct in the Management field in Taiwan.
Chinese Abstract: 東華大學黃文樞前校長操弄諮商與臨床心理學系教師升等程序,被臺北高等行法院判決違法。在其任內升等教授的蔡裕源前主任秘書則因兼任民間公司董事,被監察院彈劾,至於升... more Chinese Abstract: 東華大學黃文樞前校長操弄諮商與臨床心理學系教師升等程序,被臺北高等行法院判決違法。在其任內升等教授的蔡裕源前主任秘書則因兼任民間公司董事,被監察院彈劾,至於升等著作被指控違背學術倫理案,則不成立。眾所周知,政府單位遇檢舉交由校方調查是一貫政策,而在大學自治與學術專業掛帥下,校方包庇空間大。有鑑於此,本研究針特別針對非學術專業讀者,撰寫詳細之比對說明蔡裕源升等代表作是如何改寫自合著者的碩士論文。本研究證明爭議著作之學術品質在形式上,不足以區別於合著者的碩士論文之外而自成獨立成果;在實質上,更存在變造自碩士論文的嫌疑。輕度變造嫌疑者,研究樣本、方法相同,計量結果卻不一致。重度變造嫌疑者,研究樣本、方法、計量結果皆相同,卻顯著性係數系統性的折半,試圖膨脹研究結果的重要性。本研究作者相信,此案例僅是冰山一角,因此大聲呼籲,研究首重誠實,次為努力過程,然後忠實紀錄,貢獻於人類智慧的累積。相反的,若為了將結果發表於期刊,而變造研究成果,則不僅傷害學術,也將留下無法抹去的負面痕跡。English Abstract: Wen-shu Hwang, the former President of NDHU, was deemed to have acted illegally by the Taipei High Administrative Court for his manipulation of the promotion procedure involving a member of the Department of Counseling & Clinical Psychology. Incidently, Yuh-Yuan Tsai, the former Secretariat of NDHU, was promoted to professor during Hwang’s administration, and was impeached by the Control Yuan for simultaneously acting as an independent director for a business firm. However, the Control Yuan affirmed the innocent con...
Chinese Abstract: 本文評論二篇關於股票市場價格群聚現象之論文,補充其未納入分析之重要股票:宏達電、大立光與鴻海。遺漏之原因是作者疏忽,以及因為採取排除配發股票股利公司之標準,以... more Chinese Abstract: 本文評論二篇關於股票市場價格群聚現象之論文,補充其未納入分析之重要股票:宏達電、大立光與鴻海。遺漏之原因是作者疏忽,以及因為採取排除配發股票股利公司之標準,以致於前後作品樣本期間不同,即前作樣本期間是2005年10月至次年6月,後作則是2005年9月至次年6月,此安排導致後作樣本數比較少。然而,由於前、後作品未相互引用,讀者不易察覺以上事實。本文詳細解說以利讀者研讀或延續創作。基於憲法學者主張:公民資訊權應該列為憲法基本權利;本文據此主張;被教育部賦予博士或教授等頭銜的知識份子,更須落實讀者知的權利,不應在論文中隱匿資訊。本研究從引文索引系統之觀點,闡述隱匿行為對學術發展造成之阻礙。隱匿資訊剝奪後續研究者透過引文系統,以獲取完整、適當資訊之權利。當讀者同時讀取二篇相似卻參雜小差異之論文時,也產生理解與整合之困難。本研究透過真實個案的闡述,說明隱匿資訊行為對學術發展產生之直接負面效應:不利學術交流,以及間接負面效應:分散應生產於完整、完美、單一論著之資源,而容易產生實質內容瑕疵。English Abstract: This study is a critique of two published papers on price clustering in the Taiwan stock market. We identified high-profile firms that were not recognized in the two papers, including HTC, Largan Precision, and Hon Hai. This omission can be put down to carelessness on the part of the authors and the sampling criterion used, which excludes firms distributing stock dividends. The sampling criterion used was specifically chosen to arrive at two different samples, achieved via the selection of two different sample ...
ISN: Other Legal Perspectives in Information Systems (Topic), 2015
Chinese Abstract: 本研究追蹤實際案例,闡述學術論文之「引用錯誤」透過後續研究者之「二次引用」,而導致連鎖負面效應。本研究比較引文索引資料庫Scopus、WOS與本土TCI-HS... more Chinese Abstract: 本研究追蹤實際案例,闡述學術論文之「引用錯誤」透過後續研究者之「二次引用」,而導致連鎖負面效應。本研究比較引文索引資料庫Scopus、WOS與本土TCI-HSS系統對引用錯誤之處理政策,進而主張TCI-HSS應該仿照WOS系統,訂正引文錯誤紀錄,以減低研究者因為擷取TCI-HSS引文資訊當作參考文獻,而導致引用錯誤之機率。若本文之建議得以落實,可以讓研究者警覺引文索引資訊與原文參考文獻之差異,而提醒研究者進行二次引用所可能導致之風險。本文再從著作權法角度,闡述引文索引資料庫訂正引用錯誤之合法性與正當性。至於臺灣博碩士論文系統之論文引用錯誤,則基於保全「學位論文考試結果」之論點,本研究主張博碩士論文系統維持現行政策。本研究也釐清過去學者爭論之「二次引用」與「引文不規範」議題。English Abstract: Through tracing a real case, this study illustrates the negative academic effects of citation errors, especially those transmitted through secondary source citation. We compare the policies of Scopus, SSCI, and TCI-HSS in dealing with citation errors. We strongly recommend that the newly established TCI-HSS should follow the policy of SSCI and correct citation errors in papers. This policy would reduce the possibility of transmitting citation errors when scholars retrieve the reference from TCI-HSS. More importantly, this would remind scholars of the risk when citing secondary sources, and transmitting citation e...
Chinese Abstract: 本研究應用行為經濟學觀點,說明公司除息日至發放日間隔週期決策是根據某個參考點延續或適度修正而來。對於首次發放股息之公司,參考點是同業或同集團之其他公司;再度發... more Chinese Abstract: 本研究應用行為經濟學觀點,說明公司除息日至發放日間隔週期決策是根據某個參考點延續或適度修正而來。對於首次發放股息之公司,參考點是同業或同集團之其他公司;再度發放股息時,參考點是公司過去之經驗,形成所謂的維持現狀偏好。本研究透過分析台灣上市櫃公司之發放股息資料 (2009至2012年),證明:雖然經濟面因素導致上市公司發放股息傾向高於上櫃公司,但間隔週期決策導因於行為面因素,因此上市與上櫃公司形成相同之分佈特徵。本研究說明:一個月左右之間隔週期是公司依據經驗法則決策產生。雖然,一個月左右之間隔週期普遍被投資人認為是公平且正常之現象,卻未必是合理或最佳化之決策結果。就投資人與股東權益角度,合理之間隔週期應在28天之內。English Abstract: This study examines the corporate decision of the periods between the ex-dividend date and the payment date from the perspective of behavioral economics. We find that the decision is based on a reference point from which an adaption is made to the market. The reference point for a firm initiating dividend payments is derived from that firm's past experience and other firms' past behavior, resulting in a status quo bias. By analyzing the payout policy by TWSE and OTC firms over the period 2009 to 2012, we find that TWSE firms are more likely to pay dividends based on financial factors, whereas the pattern of the periods between the two...
Chinese Abstract: 究文獻也相對的蓬勃發展。國內對於可轉債的研究,可大致歸類為兩大方向:公司發行可轉債的原因,與可轉債的定價。前者是從公司資本結構的角度出發,後者則是從財務工程的... more Chinese Abstract: 究文獻也相對的蓬勃發展。國內對於可轉債的研究,可大致歸類為兩大方向:公司發行可轉債的原因,與可轉債的定價。前者是從公司資本結構的角度出發,後者則是從財務工程的角度出發,卻沒有從投資學角度研究可轉債的文獻。美國的研究發現:折價可轉債投資組合的報酬,顯著高於市場投資組合的報酬。本研究即針對台灣國內發行的可轉換公司債進行類似的研究,而且本研究使用兩種建立折價可轉債組合的方式:買入且持有(buy and hold)與買入再賣出(buy and sell)。研究結果發現:使用市場模式(market model)描述折價可轉債的報酬時,發現異常報酬(alpha值)顯著大於零,系統風險(beta值)則顯著的小於0.5。本文的研究結果除了說明台灣的市場狀況與美國市場大致吻合,更證明臺灣折價可轉債的投資條件優於美國的相對市場。English Abstract: Due to the increasing amount of convertible bonds issued by Taiwan’s corporations, the academic papers on convertible bonds substantially grows. These researches can be categorized into two main directions: the first one is on the fair valuation of convertible bonds, and the second on the motivation of issuing convertible bonds. The former is developed from the perspective of financial engineering, and the latter is from the perspective of corporate finance. However, there hasn’t emerged research on the investment of convertible bonds. According to the research of American convertible bond marke...
Chinese Abstract (繁體中文摘要): 著作權法保護範圍包含翻譯作品,但學界對翻譯作品之重視程度,遠小於對原創之重視程度。以上事實 與賴慈芸 (2008) 筆下形容之「譯格卑下」現... more Chinese Abstract (繁體中文摘要): 著作權法保護範圍包含翻譯作品,但學界對翻譯作品之重視程度,遠小於對原創之重視程度。以上事實 與賴慈芸 (2008) 筆下形容之「譯格卑下」現象,形成惡行循環,可能令優質翻譯人才卻步,劣質翻譯作品卻充斥於市面。本研究試圖為翻譯界貢獻創意與制度,定義翻譯倫理,以及倡議建立台灣翻譯制度。本研究透過詳細審核財金科系必修課程「金融機構管理」教科書之中譯本,闡述上述理念。該中譯本由兩組獨立之主題專家,翻譯先後兩版本。本文檢視與比較兩中譯本,將錯誤之內容,歸類為英文能力與財金專業兩大因素。發現兩版本之錯誤數目皆相當可觀;而且,英文能力因素之錯誤,多於財金專業因素之錯誤。前者導致之錯誤,往往傳達與原意完全相反之內容。而且,新版之錯誤數目比舊版本多出數倍,新版本錯誤內容集中於原文新增部分,本研究得以討論翻譯著作權議題。本研究檢討當今大專教育環境之大老文化,導致瑕疵之翻譯著作被沿用多年,未見訂正。授課教師疲於爭取績效指標,無人出面指證大老翻譯著作之錯誤。本研究作者率先起義,呼籲大專教師指證大老著作之瑕疵,且以著作或技術報告形式發表,為台灣大專教育注入革新與成長動力。本研究內容可作為外文系翻譯課程教學之範本, 也作為財務金融系學生之勘誤參考,學習正確、最新、國際化之專業財金知識。關鍵字: 翻譯評量、著作權法、大專教育、功能對等理論、金融機構管理English Abstract: The scope of regulation by Taiwanese Copyright Act includes translation, which is a product adapted from pre-existing works. However, the academia presses less on the issue of the protection of translations than genuine works. This fact enhances the descent of translation integrity (Lai, 2008), which in turn deteriorates the protection of translation works. As a result, able translators could get discouraged, while bad translation works dominate the market. This study attempts to contribute creation and inspiration to the translation circle, by defining translation ethics and integrity and promoting the establishment of translation evaluation criteria. Through examining the Chinese translations of Saunders and Cornett’s Financial Institutions Management, we demonstrate the aforementioned notion. There are two independent teams of authors who translated two versions of the textbook. Both translations contain numerous errors, classified as linguistic errors and expertise errors. The amounts of linguistic errors are substantial and some of them result in serious twist of the original notion. To illustrate, the amount of errors in the new translation is in multiples to that of the old translation. This fact inspires us to discuss the copyright issue of translation works as the errors of the new edition are mainly distributed in newly added contents. Consequently, this study criticizes the current academic culture of trusting in so-called “grand masters”, which leads to the ongoing use of the defective textbooks. College faculties are busy in endeavor of performance credits and are reluctant to point out the defect of textbooks. This study encourages college faculties using defective textbooks to point out and to review some famous textbooks in the form of academic papers or technical reports. Such effort will improve the textbook quality and promote the college education. The contents of this research can be used as references for teaching translation. It also helps students use this textbook to learn the authentic financial knowledge, expression, and concept from the original textbook.
Chinese Abstract: 風險中立訂價是衍生性商品理論之基石,但中文教科書皆未說明無套利機會隱含風險中立測度存在之事實。本研究闡述風險中立訂價理論之基礎:資產訂價基本定理。雖然,學術界... more Chinese Abstract: 風險中立訂價是衍生性商品理論之基石,但中文教科書皆未說明無套利機會隱含風險中立測度存在之事實。本研究闡述風險中立訂價理論之基礎:資產訂價基本定理。雖然,學術界具有嚴格之論文審核制度,卻無教科書之評審制度,導致大專教師在斟酌學術著作產出與教科書著作產出之成本與效益後,往往撰寫教科書,造成教科書林立,內容良莠不齊之現況。本研究作者率先起義,補充三冊知名教科書對定價理論陳述不足之處,且評論其缺點與優點,再界定部分值得其他教科書採用,卻無著作權爭議之撰寫形式。本研究再深度評論第四本新出版之教科書,將其與既有教科書作詳細比較,得以討論著作權議題,並且對教科書作者提出具體建議,以避免可能違反著作權法之爭議。本研究呼籲對傳統學術研究缺乏興趣之大專教師,投入教科書評論工作,且以著作或技術報告形式發表,為台灣大專教育與出版界注入革新與成長動力。English Abstract: Risk-neutral valuation is the foundation of modern derivative pricing theory. However, Chinese textbooks do not clarify the fact that no-arbitrage conditions implies the existence of risk-neutral probability. This paper demonstrates the core of the risk-neutral valuation - the fundamental theorem of asset pricing. Although there has been mature reviewing tradition in academic papers, there is no similar tradition in related textbooks. As a result, some young scholars are inclined to write textbooks after scrutinizing the cost and benefits of writing writing for education. Consequently, we witness a growing tide of textbooks of mixed quality. This paper makes the first attempt to ameliorate the description of risk-neutral valuation in three famous textbooks on the subject of derivatives, as well as discussing their respective pros and cons. This paper also highlights some textbook formats and styles which facilitate learning and entail no copyright issues if we make use of them. Finally, this paper also examines a fourth new textbook and compares it with the aforementioned three. Some evidence of copyright violation in the fourth textbook is highlighted in this paper. College faculties are encouraged to point out and to review some popular textbooks in the form of academic papers or technical reports. Such effort will improve textbook quality and promote higher standards in college education.
This article explores the pricing behavior of both debts and call options in a unified context, w... more This article explores the pricing behavior of both debts and call options in a unified context, where the issuer can possibly default. Its contribution is to show that both the securities' priority status and the correlation between the firm value and the option's underlying stock value have significant impacts on the valuation of the securities. It is likely that a security with priority status junior to other liabilities is worth more than a security with priority status ranking equally with other liabilities. Such a situation occurs when the issuer's firm value is low and the dynamics of the firm value is positively correlated with that of the option's underlying stock value. If the market participants ignore this feature, an astute investor can make arbitrage in such a speculative security. These findings are derived via Monte Carlo simulations employing both antithetic and control variate techniques. Analytical explanations are also provided. JEL classificat...
Chinese Abstract: 在臺灣金融市場歷史,上市公司在除息後,未能在半年內支付現金的案例是:英誌與科風。前者在除息後的第582日才支付現金,後者至今 (2014年12月3日)已拖延超... more Chinese Abstract: 在臺灣金融市場歷史,上市公司在除息後,未能在半年內支付現金的案例是:英誌與科風。前者在除息後的第582日才支付現金,後者至今 (2014年12月3日)已拖延超過1,143日,尚未支付現金。兩者分別在公司宣告暫緩發放現金後的第36日與第509日,因其他原因被台灣證券交易所打入全額交割,令參與除息之投資人損失慘重。雖然,法令規定:若上市公司債務違約,即列入全額交割股。但因參與除息之投資人兼具債權人與股東身份,公司對應付股息債務違約,股東未提出求償,使得違約支付股息的公司股票仍然正常交易,致使投資人未能警覺該公司已經對債務違約之事實,而蒙受損失。本研究分析導致公司違約支付股息之因素,且分析全體上市公司 (1999至2012年) 的除息日至發放日間隔週期。研究發現:部分公司試圖利用現金增資流入之資金,以支付現金股息,使得淨股利往往小於0,導致投資人同時曝露於利息損失與公司違約支付風險。本研究根據民法、所得稅法施行細則、台灣證券交易所營業細則與會計準則之相關規定,提出政策面與法令面之改進方向,以降低投資人曝露於公司違約支付股息之風險。English Abstract: In the history of the Taiwanese financial market, two firms listed in the Taiwan Stock Exchange (TWSE) failed to pay the liabilities of dividends payable within six months after the ex-dividend dates. They are Enlight Corp. and Powercom Corp. Afterwards, it took more than 582 days after the ex-dividend for the investors to receive the cash. Some 1,143 days after its ex-dividend date, one firm, Powercom, is still awaiting payment. The TWSE authority placed their shares under altered trading methods for other reasons on the 36th and 509th day after the suspension announcements from the firms. Although a firm will be punished once it defaults on its liabilities, the creditors (with a concurrent identity of shareholders) of the two corporations did not formally file their claims. Consquently, investors did not recognize the fact that such firms had defaulted on its liabilities and, consequently, suffered further losses. This research identifies the factors that triggered these defaults and specifies the merits of regulations relating to those factors. In addition, this article will analyze the periods between the ex-dividend date and the payment date for all TWSE-listed firms over 1999-2012. We examine the possible motives of those firms that have extremely long periods between the ex-dividend date and the payment date. We find that these corporations exploit the newly issued shares to finance the cash dividends. When they failed to raise new equities, they tried to borrow from banks, sell assets, or make private placement. We claim that due to the inadequacy of existing regulations and improper measures taken by the authority, investors are exposed to both interest loss and credit risk. This study highlights these phenomena and proposes amendment on the related law and pertinent regulation.
Chinese Abstract: 風險中立訂價是衍生性商品理論之基石,但中文教科書皆未說明無套利機會隱含風險中立測度存在之事實。本研究闡述風險中立訂價理論之基礎:資產訂價基本定理。雖然,學術界... more Chinese Abstract: 風險中立訂價是衍生性商品理論之基石,但中文教科書皆未說明無套利機會隱含風險中立測度存在之事實。本研究闡述風險中立訂價理論之基礎:資產訂價基本定理。雖然,學術界具有嚴格之論文審核制度,卻無教科書之評審制度,導致大專教師在斟酌學術著作產出與教科書著作產出之成本與效益後,往往撰寫教科書,造成教科書林立,內容良莠不齊之現況。本研究作者率先起義,補充三冊知名教科書對定價理論陳述不足之處,且評論其缺點與優點,再界定部分值得其他教科書採用,卻無著作權爭議之撰寫形式。本研究再深度評論第四本新出版之教科書,將其與既有教科書作詳細比較,得以討論著作權議題,並且對教科書作者提出具體建議,以避免可能違反著作權法之爭議。本研究呼籲對傳統學術研究缺乏興趣之大專教師,投入教科書評論工作,且以著作或技術報告形式發表,為台灣大專教育與出版界注入革新與成長動力。English Abstract: Risk-neutral valuation is the foundation of modern derivative pricing theory. However, Chinese textbooks do not clarify the fact that no-arbitrage conditions implies the existence of risk-neutral probability. This paper demonstrates the core of the risk-neutral valuation - the fundamental theorem of asset pricing. Although there has been mature reviewing tradition in academic papers, there is no similar tradition in related textbooks. As a result, some young scholars are inclined to write textbooks after scrutinizing the cost and benefits of writing writing for education. Consequently, we witness a growing tide of textbooks of mixed quality. This paper makes the first attempt to ameliorate the description of risk-neutral valuation in three famous textbooks on the subject of derivatives, as well as discussing their respective pros and cons. This paper also highlights some textbook formats and styles which facilitate learning and entail no copyright issues if we make use of them. Finally, this paper also examines a fourth new textbook and compares it with the aforementioned three. Some evidence of copyright violation in the fourth textbook is highlighted in this paper. College faculties are encouraged to point out and to review some popular textbooks in the form of academic papers or technical reports. Such effort will improve textbook quality and promote higher standards in college education.
在Jamshidian(1989)對利率選擇權評價研究中,作者闡述了遠期平賭測度的用處。本研究也將利用這個技巧,說明風險性債券的評價過程,並且將這個過程示範於兩個發表於Journal of Fi... more 在Jamshidian(1989)對利率選擇權評價研究中,作者闡述了遠期平賭測度的用處。本研究也將利用這個技巧,說明風險性債券的評價過程,並且將這個過程示範於兩個發表於Journal of Fixed Income期刊的模型。首先,本文證明Cathcart and El-Jahel(1998)的評價模型存在封閉公式解,這個結果取代了原來作者所使用的複雜數值方法。其次,本文說明Schmid and Zagst's (2000)模型中個四個微分方程式求解過程,可以使用三個微分方程式即可。上述的結果都是利用遠期平賭測度轉換技巧達成的。The usefulness of the forward martingale measure has been demonstrated by Jamshidian (1989) in deriving a pricing formula for default-free bond options. By making use of this technique, this paper offers a greatly simplified approach to the valuation of defaultable bonds by revisiting two pioneering hybrid models published in the Journal of Fixed Income. First, Cathcart and El-Jahel's (1998) original numerical inversion of Laplace transformations for pricing defaultable bonds is replaced with a closed-form formula derived through the use of the forward martingale measure. Second, Schmid and Zagst's (2000) original four ordinary differential equations for pricing defaultable bonds are replaced by three ordinar...
English abstract: Academic works should be publicly circulated, discussed, criticized, and digest... more English abstract: Academic works should be publicly circulated, discussed, criticized, and digested by others, who stand on the shoulders of giants to see further and wider. Academic activities not only directly affect a country’s competition, but also contribute to the interactions among different countries, groups, and generations. When the range of intellectual consensus expands through academic communication and clarification, the range of misunderstanding and conflicts diminish. Therefore, Academia is a national institution and directs policy in modern world, Furthermore, academic works must be publicized and circulated, especially those relating to the qualifications of teachers and researchers. Ironically, Ing-Wen Tsai’s document regarding her professor-position was classified as top secret for 30 years, and her LSE Ph.D. thesis granting her a vice professor position was not released until September 2019. This article discusses her Ph.D. thesis to help Chinese readers to digest Ing-Wen Tsai’s (1983) credentials. Chinese abstract: 學術著作必須公開流通、討論、批判與利用,提供接續之研究者站在巨人肩膀,得以看得更寬、更遠。學術活動不僅直接關係國家之競爭力,更關係著不同國家、族群或世代之間的交流。當交流與澄清形成的共識範圍愈多,人與人之間的爭議或衝突範圍即縮減。因此,現代化國家都將學術活動形成國家制度,涉及教育學位授予、教師與研究員資格取得之學術著作,必須公開陳列與流通。相反的,蔡英文的升等教授文件被核定保密30年,而升等副教授的博士論文終於在2019年9月公開。本研究旨在註解蔡英文1983年取得自倫敦政經學院的博士論文,協助華文讀者解讀蔡英文1983博士論文的實質內容。
三位臺灣學者合著論文Lin,Hsu和Chiang(2016)在2020年12月17日被《科學計量》期刊撤除,導因於Liu,Wu和Yeats(2017)揭露該著作的諸多疑點。我們批判強調,爭議論文... more 三位臺灣學者合著論文Lin,Hsu和Chiang(2016)在2020年12月17日被《科學計量》期刊撤除,導因於Liu,Wu和Yeats(2017)揭露該著作的諸多疑點。我們批判強調,爭議論文聲稱的研究結果無法被複製以產生一致的結果。它是基於Electronic Commerce Research已刊出論文的延伸;但是,新刊出的研究結果含糊不清,且存在錯誤。我們揭露許多疑點,並提出一個研究領域知識的文獻計量框架。我們強調,研究人員有義務提供完整和完善的信息,並在此過程中遵守學術誠信。這種情況將激發全球學術界對台灣學者的誠信寄予更大的信任。
Chinese Abstract: 抄襲是直接損害他人權益的剽竊行為。自我抄襲未必直接損害他人權益,卻因為當事人過度膨脹貢獻指標,導致學術資源分配效率被扭曲,損害公共利益,也間接傷害不特定他人之... more Chinese Abstract: 抄襲是直接損害他人權益的剽竊行為。自我抄襲未必直接損害他人權益,卻因為當事人過度膨脹貢獻指標,導致學術資源分配效率被扭曲,損害公共利益,也間接傷害不特定他人之權益。本文說明自我抄襲之必要條件如下:第一、作者未引用相似性之已發表文章。第二、作者未說明相似性文章之差異。第三、相似性文章皆發表在學術性期刊。第四、作者將相似性文章同列於學術著作履歷表,做為升等或申請計畫經費之佐證。第五、作者將相似性文章提出申請研究獎補助經費。第六、作者無法說明發表相似性文章之公益目的。本研究主張學術研究之目的是社會貢獻、知識累積與文明演化。而且強調落實憲法賦予之言論、講學、出版自由,以公開評論與回應方式,闡述自我抄襲違背學術倫理的意涵。本研究透過社會科學方法,分析人文學議題,得以具體闡述自我抄襲之定義與性質,將同時促進人文學與社會科學之進展。English Abstract: Plagiarism is the behavior of stealing, directly impairing the interests of the original authors. Although self-plagiarism does not cause damage to any particular person, it would undermine the distribution efficiency of academic and social resources after the actor exaggerates his or her achievement. Self-plagiarism is still harmful to the academic circle. This paper illustrates the necessary condition of self-plagiarism, including: first, the author does not cite similar prior or contemporary works that he or she authored; second, the author does not acknowledge the difference between the...
<b>Chinese Abstract:</b> 劉任昌公然揭發學術舞弊事件,具體貢獻有二:第一、迫使東華大學財金系王詩韻撰寫之抄襲、錯誤教科書下架,也向廖姓教師賠償;第... more <b>Chinese Abstract:</b> 劉任昌公然揭發學術舞弊事件,具體貢獻有二:第一、迫使東華大學財金系王詩韻撰寫之抄襲、錯誤教科書下架,也向廖姓教師賠償;第二、向刊登關貿公司董事長許建隆升等副教授論文的期刊檢舉,舉證其抄襲、造假、錯誤資訊,導致作品被期刊撤除,副教授資格因此被撤銷。然而,王詩韻的錯誤教科書仍然在二手市場流通,署名「申正義」的黑函不斷攻擊劉任昌,甚至造謠劉任昌向王詩韻指導老師李正福勒索30萬,誣告劉任昌向王詩韻恐嚇取財與妨害名譽。本文詳細說明王詩韻抄襲他人著作、傳遞錯誤知識、傲慢抵賴侵害著作權事實。劉任昌不斷警告王詩韻與「申正義」,勿再發送黑函,勿干擾劉任昌揭發學術舞弊之工作,但「申正義」不但執迷不悟,甚至指控劉任昌控嚇取財、妨害名譽。本文詳細說明王詩韻的誣告行徑,也揭發「申正義」狂寄黑函之行徑。本文主張,「申正義」是王詩韻的匿名,王詩韻意圖利用「申正義」犯罪,掩護台灣管理學界之舞弊犯行。 <b>English Abstract:</b> Jen-Chang Liu has been devoted to disclosing academic misconduct and accomplished two prominent achievements. First, Liu caused Shin-Yun Wang’s, a professor in NDHU’s finance department, textbook to cease publication and to compensate Liao for copyright infringement. Part of Wang’s textbook plagiarized Liao’s, especially replicating some erroneous contents. Second, Liu disclosed Chien-Lung Hsu’s, a director in the Ministry of Treasury, paper plagiarized and fabricated. Consequently, Hsu’s paper was retracted and his associate professor position was revoked. Despite these, Wang’s questionable text-book is still in circulation in the second-hand market, and Liu is constantly harassed by letters and e-mails sent by Zheng-Yi Shen, an alias obviously related to Wang. Moreover, Zheng-Yi Shen is spreading rumor that Liu attempted to extort 300 thousand Taiwan dollars from Wang’s advisor Cheng-Few Lee. Although Liu had been warning both Shen and Wang not to spread malicious rumors, Wang continued to accuse against Liu for extortion and defamation of character. This article described how Wang is guilty of malicious accusations after Liu disclosed that Wang’s textbook had infringed copyright and spreaded misinformation. This article claimed that Shin-Yun Wang is Zheng-Yi Shen and she attempted to boycott Liu’s disclosing academic misconduct in the Management field in Taiwan.
Chinese Abstract: 東華大學黃文樞前校長操弄諮商與臨床心理學系教師升等程序,被臺北高等行法院判決違法。在其任內升等教授的蔡裕源前主任秘書則因兼任民間公司董事,被監察院彈劾,至於升... more Chinese Abstract: 東華大學黃文樞前校長操弄諮商與臨床心理學系教師升等程序,被臺北高等行法院判決違法。在其任內升等教授的蔡裕源前主任秘書則因兼任民間公司董事,被監察院彈劾,至於升等著作被指控違背學術倫理案,則不成立。眾所周知,政府單位遇檢舉交由校方調查是一貫政策,而在大學自治與學術專業掛帥下,校方包庇空間大。有鑑於此,本研究針特別針對非學術專業讀者,撰寫詳細之比對說明蔡裕源升等代表作是如何改寫自合著者的碩士論文。本研究證明爭議著作之學術品質在形式上,不足以區別於合著者的碩士論文之外而自成獨立成果;在實質上,更存在變造自碩士論文的嫌疑。輕度變造嫌疑者,研究樣本、方法相同,計量結果卻不一致。重度變造嫌疑者,研究樣本、方法、計量結果皆相同,卻顯著性係數系統性的折半,試圖膨脹研究結果的重要性。本研究作者相信,此案例僅是冰山一角,因此大聲呼籲,研究首重誠實,次為努力過程,然後忠實紀錄,貢獻於人類智慧的累積。相反的,若為了將結果發表於期刊,而變造研究成果,則不僅傷害學術,也將留下無法抹去的負面痕跡。English Abstract: Wen-shu Hwang, the former President of NDHU, was deemed to have acted illegally by the Taipei High Administrative Court for his manipulation of the promotion procedure involving a member of the Department of Counseling & Clinical Psychology. Incidently, Yuh-Yuan Tsai, the former Secretariat of NDHU, was promoted to professor during Hwang’s administration, and was impeached by the Control Yuan for simultaneously acting as an independent director for a business firm. However, the Control Yuan affirmed the innocent con...
Chinese Abstract: 本文評論二篇關於股票市場價格群聚現象之論文,補充其未納入分析之重要股票:宏達電、大立光與鴻海。遺漏之原因是作者疏忽,以及因為採取排除配發股票股利公司之標準,以... more Chinese Abstract: 本文評論二篇關於股票市場價格群聚現象之論文,補充其未納入分析之重要股票:宏達電、大立光與鴻海。遺漏之原因是作者疏忽,以及因為採取排除配發股票股利公司之標準,以致於前後作品樣本期間不同,即前作樣本期間是2005年10月至次年6月,後作則是2005年9月至次年6月,此安排導致後作樣本數比較少。然而,由於前、後作品未相互引用,讀者不易察覺以上事實。本文詳細解說以利讀者研讀或延續創作。基於憲法學者主張:公民資訊權應該列為憲法基本權利;本文據此主張;被教育部賦予博士或教授等頭銜的知識份子,更須落實讀者知的權利,不應在論文中隱匿資訊。本研究從引文索引系統之觀點,闡述隱匿行為對學術發展造成之阻礙。隱匿資訊剝奪後續研究者透過引文系統,以獲取完整、適當資訊之權利。當讀者同時讀取二篇相似卻參雜小差異之論文時,也產生理解與整合之困難。本研究透過真實個案的闡述,說明隱匿資訊行為對學術發展產生之直接負面效應:不利學術交流,以及間接負面效應:分散應生產於完整、完美、單一論著之資源,而容易產生實質內容瑕疵。English Abstract: This study is a critique of two published papers on price clustering in the Taiwan stock market. We identified high-profile firms that were not recognized in the two papers, including HTC, Largan Precision, and Hon Hai. This omission can be put down to carelessness on the part of the authors and the sampling criterion used, which excludes firms distributing stock dividends. The sampling criterion used was specifically chosen to arrive at two different samples, achieved via the selection of two different sample ...
ISN: Other Legal Perspectives in Information Systems (Topic), 2015
Chinese Abstract: 本研究追蹤實際案例,闡述學術論文之「引用錯誤」透過後續研究者之「二次引用」,而導致連鎖負面效應。本研究比較引文索引資料庫Scopus、WOS與本土TCI-HS... more Chinese Abstract: 本研究追蹤實際案例,闡述學術論文之「引用錯誤」透過後續研究者之「二次引用」,而導致連鎖負面效應。本研究比較引文索引資料庫Scopus、WOS與本土TCI-HSS系統對引用錯誤之處理政策,進而主張TCI-HSS應該仿照WOS系統,訂正引文錯誤紀錄,以減低研究者因為擷取TCI-HSS引文資訊當作參考文獻,而導致引用錯誤之機率。若本文之建議得以落實,可以讓研究者警覺引文索引資訊與原文參考文獻之差異,而提醒研究者進行二次引用所可能導致之風險。本文再從著作權法角度,闡述引文索引資料庫訂正引用錯誤之合法性與正當性。至於臺灣博碩士論文系統之論文引用錯誤,則基於保全「學位論文考試結果」之論點,本研究主張博碩士論文系統維持現行政策。本研究也釐清過去學者爭論之「二次引用」與「引文不規範」議題。English Abstract: Through tracing a real case, this study illustrates the negative academic effects of citation errors, especially those transmitted through secondary source citation. We compare the policies of Scopus, SSCI, and TCI-HSS in dealing with citation errors. We strongly recommend that the newly established TCI-HSS should follow the policy of SSCI and correct citation errors in papers. This policy would reduce the possibility of transmitting citation errors when scholars retrieve the reference from TCI-HSS. More importantly, this would remind scholars of the risk when citing secondary sources, and transmitting citation e...
Chinese Abstract: 本研究應用行為經濟學觀點,說明公司除息日至發放日間隔週期決策是根據某個參考點延續或適度修正而來。對於首次發放股息之公司,參考點是同業或同集團之其他公司;再度發... more Chinese Abstract: 本研究應用行為經濟學觀點,說明公司除息日至發放日間隔週期決策是根據某個參考點延續或適度修正而來。對於首次發放股息之公司,參考點是同業或同集團之其他公司;再度發放股息時,參考點是公司過去之經驗,形成所謂的維持現狀偏好。本研究透過分析台灣上市櫃公司之發放股息資料 (2009至2012年),證明:雖然經濟面因素導致上市公司發放股息傾向高於上櫃公司,但間隔週期決策導因於行為面因素,因此上市與上櫃公司形成相同之分佈特徵。本研究說明:一個月左右之間隔週期是公司依據經驗法則決策產生。雖然,一個月左右之間隔週期普遍被投資人認為是公平且正常之現象,卻未必是合理或最佳化之決策結果。就投資人與股東權益角度,合理之間隔週期應在28天之內。English Abstract: This study examines the corporate decision of the periods between the ex-dividend date and the payment date from the perspective of behavioral economics. We find that the decision is based on a reference point from which an adaption is made to the market. The reference point for a firm initiating dividend payments is derived from that firm's past experience and other firms' past behavior, resulting in a status quo bias. By analyzing the payout policy by TWSE and OTC firms over the period 2009 to 2012, we find that TWSE firms are more likely to pay dividends based on financial factors, whereas the pattern of the periods between the two...
Chinese Abstract: 究文獻也相對的蓬勃發展。國內對於可轉債的研究,可大致歸類為兩大方向:公司發行可轉債的原因,與可轉債的定價。前者是從公司資本結構的角度出發,後者則是從財務工程的... more Chinese Abstract: 究文獻也相對的蓬勃發展。國內對於可轉債的研究,可大致歸類為兩大方向:公司發行可轉債的原因,與可轉債的定價。前者是從公司資本結構的角度出發,後者則是從財務工程的角度出發,卻沒有從投資學角度研究可轉債的文獻。美國的研究發現:折價可轉債投資組合的報酬,顯著高於市場投資組合的報酬。本研究即針對台灣國內發行的可轉換公司債進行類似的研究,而且本研究使用兩種建立折價可轉債組合的方式:買入且持有(buy and hold)與買入再賣出(buy and sell)。研究結果發現:使用市場模式(market model)描述折價可轉債的報酬時,發現異常報酬(alpha值)顯著大於零,系統風險(beta值)則顯著的小於0.5。本文的研究結果除了說明台灣的市場狀況與美國市場大致吻合,更證明臺灣折價可轉債的投資條件優於美國的相對市場。English Abstract: Due to the increasing amount of convertible bonds issued by Taiwan’s corporations, the academic papers on convertible bonds substantially grows. These researches can be categorized into two main directions: the first one is on the fair valuation of convertible bonds, and the second on the motivation of issuing convertible bonds. The former is developed from the perspective of financial engineering, and the latter is from the perspective of corporate finance. However, there hasn’t emerged research on the investment of convertible bonds. According to the research of American convertible bond marke...
Chinese Abstract (繁體中文摘要): 著作權法保護範圍包含翻譯作品,但學界對翻譯作品之重視程度,遠小於對原創之重視程度。以上事實 與賴慈芸 (2008) 筆下形容之「譯格卑下」現... more Chinese Abstract (繁體中文摘要): 著作權法保護範圍包含翻譯作品,但學界對翻譯作品之重視程度,遠小於對原創之重視程度。以上事實 與賴慈芸 (2008) 筆下形容之「譯格卑下」現象,形成惡行循環,可能令優質翻譯人才卻步,劣質翻譯作品卻充斥於市面。本研究試圖為翻譯界貢獻創意與制度,定義翻譯倫理,以及倡議建立台灣翻譯制度。本研究透過詳細審核財金科系必修課程「金融機構管理」教科書之中譯本,闡述上述理念。該中譯本由兩組獨立之主題專家,翻譯先後兩版本。本文檢視與比較兩中譯本,將錯誤之內容,歸類為英文能力與財金專業兩大因素。發現兩版本之錯誤數目皆相當可觀;而且,英文能力因素之錯誤,多於財金專業因素之錯誤。前者導致之錯誤,往往傳達與原意完全相反之內容。而且,新版之錯誤數目比舊版本多出數倍,新版本錯誤內容集中於原文新增部分,本研究得以討論翻譯著作權議題。本研究檢討當今大專教育環境之大老文化,導致瑕疵之翻譯著作被沿用多年,未見訂正。授課教師疲於爭取績效指標,無人出面指證大老翻譯著作之錯誤。本研究作者率先起義,呼籲大專教師指證大老著作之瑕疵,且以著作或技術報告形式發表,為台灣大專教育注入革新與成長動力。本研究內容可作為外文系翻譯課程教學之範本, 也作為財務金融系學生之勘誤參考,學習正確、最新、國際化之專業財金知識。關鍵字: 翻譯評量、著作權法、大專教育、功能對等理論、金融機構管理English Abstract: The scope of regulation by Taiwanese Copyright Act includes translation, which is a product adapted from pre-existing works. However, the academia presses less on the issue of the protection of translations than genuine works. This fact enhances the descent of translation integrity (Lai, 2008), which in turn deteriorates the protection of translation works. As a result, able translators could get discouraged, while bad translation works dominate the market. This study attempts to contribute creation and inspiration to the translation circle, by defining translation ethics and integrity and promoting the establishment of translation evaluation criteria. Through examining the Chinese translations of Saunders and Cornett’s Financial Institutions Management, we demonstrate the aforementioned notion. There are two independent teams of authors who translated two versions of the textbook. Both translations contain numerous errors, classified as linguistic errors and expertise errors. The amounts of linguistic errors are substantial and some of them result in serious twist of the original notion. To illustrate, the amount of errors in the new translation is in multiples to that of the old translation. This fact inspires us to discuss the copyright issue of translation works as the errors of the new edition are mainly distributed in newly added contents. Consequently, this study criticizes the current academic culture of trusting in so-called “grand masters”, which leads to the ongoing use of the defective textbooks. College faculties are busy in endeavor of performance credits and are reluctant to point out the defect of textbooks. This study encourages college faculties using defective textbooks to point out and to review some famous textbooks in the form of academic papers or technical reports. Such effort will improve the textbook quality and promote the college education. The contents of this research can be used as references for teaching translation. It also helps students use this textbook to learn the authentic financial knowledge, expression, and concept from the original textbook.
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