153 NTU Management Review Vol. 31 No. 1 Apr. 2021 Author Biography Shih-Kuei Lin Shih-Kuei Lin is a Professor in the Department of Money and Banking at National Chengchi University. His research has been in the fields of financial engineering, asset pricing, risk management, and fintech. He has published research articles in international journals, including Journal of Banking and Finance, Journal of Derivatives, Journal of Risk and Insurance, Insurance: Mathematics and Economics, Quantitative Finance, Review of Quantitative Finance and Accounting, European Journal of Finance, and International Review of Economics and Finance. Ming-Che Chuang Ming-Che Chuang is an Assistant Professor in the Department of Finance at Feng Chia University. His research has been in the fields of financial engineering, illiquidity risks of derivatives, and interest rate model. He has published research articles in international journals, including Journal of Derivatives, Review of Quantitative Finance and Accounting, European Journal of Finance, International Review of Economics and Finance, North American Journal of Economics and Finance, and Economic Modelling. *Dong-Jie Fang Dong-Jie Fang is a Ph.D. student in the Department of Money and Banking at National Chengchi University. His research interests focus on financial engineering, asset pricing, and risk management. Dong-Jie’s research has been published in NTU Management Review. *E-mail: 108352506@nccu.edu.tw 本文榮獲財團法人宋作楠先生紀念教育基金會一零八年度碩士論文獎，作者們感謝財團法人宋作楠 先生紀念教育基金會及匿名評審人之寶貴意見。 本文獲科技部「人文社會科學研究中心設置計畫( 第二期)」補助，計畫編號：MOST 110-2420-H- 002-003-MY3-JE11060。
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