Prior literature finds that firms incur a lower cost of debt capital when they voluntarily disclose information. However, the economic literature demonstrates that creditors' lending standards become more stringent (lax) when credit is rationed (abundant) suggesting that they value voluntary disclosure from borrowers differentially across credit market regimes. I draw upon the economic and finance literature on credit rationing to test whether the effects of voluntary disclosure on firms' cost of debt capital is greater during periods of credit rationing. I provide some evidence that confirms this prediction. Moreover, I provide some evidence that this relation is stronger for smaller firms than larger firms during periods of credit rationing suggesting that creditors value voluntary disclosure more from firms that have fewer resources to cover the increased agency cost of lending during periods of credit rationing.

This research examines the recent global financial crisis’ (GFC) impact on small- and medium-sized enterprises (SMEs) and analyses governments’ responses. According to most literature, SMEs already faced obstacles prior to the GFC, such as paying high taxes, overcoming low profitability, being affected by rising business costs, finding qualified labour, dealing with increasing competition, etc. The GFC has had serious repercussions for SMEs with respect to financing, markets, and liquidity. In order to explore in depth the governments’ responses, qualitative methods are employed to test the following three research questions: 1) To what extent did governments aim to assist SMEs to survive the GFC? What types of programs have been implemented to address new and existing obstacles? 2) Did governments apply appropriate strategic initiatives to realize their goals? If the initiatives could not achieve the governments’ original goals, what obstacles did they address? 3) Did governments tend to help SMEs more after the GFC? Did governments give up on disadvantaged firms or did they try to help them survive the crisis? Analysis revealed that, as a result of the GFC, governments developed programs aimed at new obstacles and at some of the existing ones. The aims did not differ materially for developed and less-developed economies. Financing and taxation programs tended to be designed to achieve their goals directly, where other programs tended to achieve them in a more indirect manner. Overall, government initiatives covered most of the serious obstacles faced by SMEs and government assistance programs aimed at SMEs tended to have been augmented in light of the GFC.

This study aims to explore the implementation of marketing strategies on companies during the financial crisis, and to identify those strategies that can help a company to remain successful during a period of economic downturn.

Although financial innovations and deregulations are often argued to be one of the main causes of the current global financial crises, there are only a few cross-country empirical evidences. Using several proxy variables for different types of innovations and regulations of a total of 132 countries, this thesis analyzes the effects of various types of financial innovations and regulations on several types of financial crisis such as currency crisis and banking crisis, for countries with different income levels. The thesis shows that financial innovation in the form of securitization has a negative effect on a country’s financial stability, while stronger regulations in the form of restrictions on bank activities and entry requirements are positively associated with the financial stability. However, judicious implementation of financial regulations is required to cope with the financial crisis because some types of regulations, if implemented simultaneously, have countervailing effects and may exacerbate the financial crisis.

Abstract In the recent years, there has been a wave of financial globalization and it caused the rapid expansion of financial markets, financial markets become more open, capital flows speeded greatly, and new financial product published in the market, increased the degree of mutual influence. In the 2007, the subprime mortgage of America caused the global financial crisis. Most invest banks such as Lehman Brother and brokers and lots of investors were hurt deeply by the financial crisis and the assets reduced rapidly as well. Due to the collapse of the financial system, lots of banks need to issue new financial product like Dual Currency Deposit (DCD) to customers instead of structure note. However, the new financial products have sold very well, it caused great concern to the government to restrict strictly to financial consultants and establish the classification for investors. The thesis use survey research and collect relevant reference to discuss the change of the investors¡¦ investment behavior and risk preference of the new financial products after the financial crisis. The questionnaire can be divided into four parts which are personal data¡Binvestor¡¦s risk attributes¡Bthe risk of new financial products and investment related information. In conclusion, we found the level of personal risk and commodity risk inconsistently. For the reason, the investment risk does affect the confidence of investors after the financial crisis. Furthermore, the financial institutions can target the groups of 40-49 year old ages as the future marketing. Most respondents believed that the investment environment between Taiwan and Hong Kong are different in financial policies¡Bfinancial officers knowledge. Consequently, we wish can provide Taiwan financial institutions for further reference for professional investors with specialized service and qualified financial consultants. Keyword: financial crisis, structured product, risk, investment behavior, survey research

This study aimed to explore the business strategies of large financial groups and risk management, analysis of its implementation in practice strategy and decision-making process, and the development of this policy consideration. Understanding of how large financial holding group do its own resources and risk management controls in the financial turmoil of can be maintained after the high-performance business performance and strategy differences before and after the financial crisis This study using case study research made exploratory study foundings that with framework of the theory, according to the theory of the systematic collection, induction and data analysis. Research framework is divided into six items: 1.Analysis of the financial industry environment: 2.Before the financial crisis management strategy of the case company's direction. 3. after the financial crisis management strategy of the case company's direction. 4. Response strategy in the future. On selection of Fubon Financial and Cathay Financial Holding and Citigroup Bank of Taiwan.The research findings before and after the strategy differences between the financial financial crisis are listed as below: 1. The strategy differences for Cathay Financial Holding (1)Reorientation recruitment of manpower; (2).More attention to personnel training function; (3).More and more extensive range of professional services; (4). Information technology continue to improve; (5). Risk management control situations contractor for the previous high-risk business 2. The strategy differences for Fubon Financial Holding (1).To attracts more international and the recognition concept of talents; (2). From quantity to quality education and training aspects of the improvement; (3). Actively seeking to expand overseas business base; (4). Emphasis on providing clients with timely and consistent with the needs of the product; (5). Information processing and improve the marketing and organizational effectiveness; (6). On the action more attention to risk management and implementation. 3. The strategy differences for Citigroup Bank of Taiwan (1). More attention to human quality of staff; (2). Employees to obtain relevant training and professional certifications pay more attention to; (3). After the branch has continued to expand product reach economies of scale advantages; (4). Development of the past, Taiwan has not been exposed to products and services; (5). Information technology upgrading hardware and software facilities; (6). into Citigroup's risk control mechanisms.

The Global Financial Crisis (GFC) of 2008 was a serious economic downturn which affected economies around the world. Like many other areas of investment, pension funds were heavily affected by this crisis. Prior to the GFC, a combination of financial innovation, demand for higher returns, overdependence on ratings agencies and investor complacency increased the severity of the crisis on investors, including those in pensions. As a result of the crisis, we can conclude that there have been changes in the attitudes towards asset management for pension funds. Investors have generally become more conservative when investing, and are placing a greater emphasis on the risk/return profile of investments. In addition, investors have learned that liquidity risk is an important consideration when investing, and that they should always consider the fundamentals of investing when they are making investment decisions. Finally, those investing in pensions should remember that pension investment is a long-term strategy and should not be overly alarmed by an economic downturn such as that of the GFC.

The Financial Crisis of 2008 not only impacted Wall Street but also the finance and insurance sectors in Taiwan. The significance of this financial downturn was such that even one of the largest and the most time-honored ¡§A¡¨ International Group could not escape hardship. The firm in question was a recipient of U.S. financial bailout by funding by the U.S. government. Due to the need to repay the loan, the ¡§N¡¨ Taiwan Insurance Company, a subsidiary of the U.S. ¡§A¡¨ International Group faced a major threat to its very existence: complete liquidation by the ¡§A¡¨ International Group. The parent ¡§A¡¨ International Group made the irrevocable decision to sell the ¡§N¡¨ Insurance Company, as the only means by which a portion of the bailout loan could be covered. The impact of this decision was immediately felt in Taiwan. But the sale process nearly three years and finalized as a merger with a local investment firm. Considerable organizational change occurred within the ¡§N¡¨ Insurance Company post-merger. It continued throughout the acquisitions period of the ¡§N¡¨ Insurance Company by other entities. Through in-depth interviews with different levels of employees and actual customers of the ¡§N¡¨ Insurance Company, the study analyzed how transformational leadership formed, and then actuated the organizational change which was to take place. In addition, this study offers a clear understanding of the connection between organizational change and overall performance by individual cases-by-case basis. The ¡§N¡¨ Insurance Company faced a three-year reversal-of-fortunes during the merger period. The company experienced many crises, including a collapse of productivity, immeasurable financial losses and a loss of market share as a main insurance provider in the lucrative Taiwan market. After the eventual sale, the company¡¦s case settled down and a newly appointed CEO who came from an investment bank and lead the organizational change, announced future directions and new operational strategies. By implementing numerous plans in all key areas of the company, business production rose 283% within the subsequent six months, and regained the ¡§Top 3 Spot¡¨ in Taiwan¡¦s competitive insurance marketplace. This study is based on the ¡§N¡¨ Insurance Company. A transformational model is presented which originated from research on related business materials and in-depth interviews. Furthermore, the leadership is examined regarding how organizational change was affected, how leadership penetrated the entire organizational structure, and how it lead to a rapid transformation resulting in substantial benefit through a singular vision. It is hoped that this study will provide some practical strategies and valuable experiences of the role of transformational management during a time of financial calamity.

The study is based on the financial statistics published by the Financial Supervisory Commission (FSC) to analysis the behavior of Taiwan credit cardholders after the dual card crisis and the global financial storm. In the meantime, the data as of September and November 2008 is applied to examine the impact of credit cardholders in different segments who have cash needs after the regulation implementation. The study concludes that: 1. The behavior of credit cardholders impacted by the dual card crisis and the global financial storm Using various statistical charts and one-way ANOVA analysis can be found that after the dual card crisis and global financial storm, the revolving credit balance of credit card market reduced year by year. Obviously, a correct concept of card usage is established gradually. Cardholders should not only enjoy the convenience of credit card, but also control the burden of over spending. 2. The cash advance amount deteriorated due to FSC regulation implementation After a series of guided actions launched by FSC, people no longer rely on credit card as a financing tool but treat it as a payment implement. The amount of cash advance shrink while the cardholders who have cash advance need get financing from personal loan. 3. The impact is various between each segment by regulation Using Independent-Sample T Test, it is found that there are no significant differences in credit card cash advance features for cardholders who have debt burden ratio greater than 22 times of the monthly income, the internal employee, and cardholders whose credit line is greater than NT$800,000.

The collapse of subprime loan markets in the United States in 2007 sparked a global financial crisis. With the fallout of subprime loan storm, the global economy has been in serious recession. In addition to the financial stagnation, other industries have been also affected. According to the estimation by International Labor Organization (ILO), the global unemployment population in 2009 will be more than 200 millions. The continued rising of misery index and losing confidence among the public become the motivation for inspiring the researcher to explore this issue. The research aims to understand the financial storm and explore the cause of the subprime financial storm through the reviews and reorganization of literature. In light of the cyclical and repetitive nature of financial crisis, if we could find the leverage solution to the subprime loan storm, it will be a useful reference for dealing with possible financial crises in future. This research adopted literature analysis method and history study to collect data and explain the feedback viewpoint of the operation of the subprime loan storm through casual loop diagram (CLD). Through the reorganization of related literature, this research found the historical cause of the subprime loan storm. We also constructed a causal feedback diagram of the formation of subprime loan storm by the archetypes. Furthermore, we found out the leverage solution that might effectively curb subprime loan storm in the causal feedback diagram. This research presents three conclusions: 1) three reasons for the formation of the structure of subprime loan storm: a. the building-up of Black-Scholes Model; b. the regulations on the capital adequacy rates and commodity derivatives in Basel Agreement; c. the domination of performance; 2) the policy factors for the formation of the structure of subprime loan storm: the over-adjustment of rate policy by Fed; 3) the implicit factors for the formation of the structure of subprime loan storm: the effects of moral decline. In the last part, the research recommends six fundamental solutions for the subprime loan problem according to the leverage solution to the subprime loan storm: 1) the de-leverage of commodity derivatives; 2) the strict self-management of internal control and audit system in banks; 3) the adjustment of performance-dominated culture; 4) the promotion of moral education; 5) the pace of adjustment of rate policy by Fed should be slowed down; 6) the governments should adopt fiscal policy as much as they can.