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˖ٟึ߅ኪ޼Ӻʕː）for sponsoring our editorial personnel, who have been providing
invaluable assistance to both the conferences and the publication, and subsidy of open
access and digital spread.
Last but not the least, we would like to thank T. N. Soong Foundation for their
continuous support. To encourage research efforts in accounting, auditing, finance,
taxation, and accounting information management in Taiwan, the Foundation has been
sponsoring the Best Master’s Thesis Award since 1996. NTU Management Review has
been publishing quite a few awarded research papers ever since.

Introduction of this Edition
This edition of NTU Management Review contains five articles. The following is a
brief introduction to all of them.
There are three articles related to finance and accounting research in this issue.
The first article by Yeh, Chen, Lin, and Yeh uses the Credit Default Swap (CDS) market

quotations in the United States and the corporate bond yield data matched with related
CDS market quotations to estimate the hazard rates of the firms and liquidity risk factors.
The estimation is based on the one-factor squared root process designed for credit risk
model with an unscented Kalman filter on the above mentioned data. The authors conduct
principal component analysis and the regression tests of the first principal component
on two kinds of hazard rates estimated and then extract two liquidity factors. The main
empirical findings are: (1) the estimated liquidity risk factors are good proxies for liquidity
risk; (2) the liquidity risk factor extracted from CDS market quotations combined with
corporate bond yield rates is more significantly related to interest rate measures and has
better goodness of fit than that extracted purely from CDS quotations.
The second paper by Chen and Chang investigates the effects of two tax reforms,
the halved imputation tax credits and wealthy tax (margin tax rate increases from 40% to
45%), on the dividend polices of listed companies in Taiwan. The empirical results suggest
that in the year before the tax reforms, dividend payout ratio is positively correlated to

imputation credit ratios and shareholdings of individual directors and supervisors and the
result is only prevalent family firms. In contrast, after the tax reforms, dividend payout
ratios are statistically indifferent between family firms and non-family firms, and firms
with high imputation credit ratios and high shareholdings did not pay relatively lower
dividends. The authors conclude that in response to the tax reforms, family firms are
more concerned about non-tax costs than non-family firms in determining their dividend