This article provides a model of order-submission strategy and price formation by analysing the optimal behaviour of risk-averse uninformed traders. According to our inference, the market dynamically adjusts the bid/ask at any moment to generate enough price improvement return in order to cover...

This paper presents an integrated microstructure model of risk-averse uninformed and informed traders for the evolution of liquidity. Under an actively monitoring market, limit order book as a medium for information and order strategies of traders, thereby market order arrival of informed...

This paper analyzes the effects of removing price limits and term structure upon order-submission behaviors in IPOs. Many Emerging markets impose limits on trading prices within a trading day to prevent the market from overreaction, especially in IPOs market. With a sample of Taiwan IPOs, the...

Chinese Abstract: 本文檢定企業之媒體管理與後續發生財務危機之相關性。以台灣50 成份 股為訓練樣本，使用支援向量機的演算法建立正負面新聞分類的依據。針對台 灣證券市場在1995 年至2010...

This work comprehensively investigates from the perspective of corporate governance and behavioral finance whether the overconfident behavior of a CEO could drive a subsequent corporate default. Using matched samples of listed TSEC firms in Taiwan that had experienced corporate defaults. The...