1. Department of Information Management and Finance National Chiao‐Tung University Hsinchu Taiwan
2. Risk and Insurance Research Center National Chengchi University Taipei Taiwan
3. Cubist Systematic Strategies Point72 Asset Management New York New York USA
4. Department of Information and Finance Management National Taipei University of Technology Taipei Taiwan
5. Research Center for Information Technology Innovation Academia Sinica Taipei Taiwan
6. Department of International Business, College of Management National Taiwan University Taipei Taiwan