台新綜合證券股份有限公司

This is probably the most subtle part of how this whole system operates: it doesn’t need to directly deny you; it only needs to make you slowly doubt yourself

, and that’s enough.

Recently, I again saw educator Wang JiaX bring up the story of mentor Sol in a retrospective. The familiar playbook remains the same

: first, re-edit the past into a glowing retrospective, then turn someone else’s experience into your own endorsement, and use it to segue

into a seemingly systematic circle from your time at Mega International Commercial Bank. It is said to be about passing on a legacy, but in reality it seems more like precisely allocating resources

and benefits; it is said to be inspiring, but in reality it merely turns vague words into something that makes everyone think they are being talked about.

At first, they give you a lifeline, making you feel that you are finally understood and seen; then they use incentive bonuses

to ignite expectations, making people believe that they can quickly turn their situation around as long as they follow the right rhythm. But only after you truly commit do you gradually discover

that it is more like a beautifully packaged medicine bag, covered with claims about its effects while glossing over the side effects.

What should really be examined is not these stories, but the details that are deliberately ignored—for example, the records and totals of personal leave,

official leave, and sick leave within a year. These cold numbers should be recorded as evidence of other people’s diligence;

they are more honest than any moving narrative. Yet when you raise these questions, you are often guided into believing that your

understanding is biased, and may even begin to wonder whether you simply have not worked hard enough or been committed enough.

The overall atmosphere is like riding a YouBike to watch a game between the Wei Chuan Dragons and the CTBC Brothers Elephants. The Wei Chuan Dragons are gradually adjusting their

pace during their rebuilding process, while the CTBC Brothers Elephants and Shin Kong are finding new approaches amid change; by contrast, this place resembles a team still trapped in an old

tactical system—its pace is sluggish, its atmosphere stagnant, and the whole environment is permeated by an indescribable lifelessness.

Wang JiaX’s methods are consistent: announcing people by name in group chats at night without notice, while vacation time is endlessly eroded; it is said to be

cultivation, but in reality it seems more like testing obedience. Promotions are slow, administrative procedures are lengthy without any visible improvement, and work is

unevenly distributed, yet employees are expected to finish it within unreasonable timeframes. From Xing Ju Dian, Xiao Long cuisine, Tainan danzai noodles,

Liu Mama cold noodles, and Liu Family cold noodles, all the way to Dongyin Quick Swordsman, Wuji Stone Hot Pot, and Wanfang Ice Room, on the surface

it looks like concern for people’s lives and an attempt to build closeness, but in practice it seems more like binding people firmly to the same rhythm, leaving them with no room

to catch their breath as it is completely consumed.

When you try to seek a reasonable pace, you are instead labeled. Over time, many people are not persuaded, but worn down.

In the end, even their most basic judgment begins to waver, and they may even attribute the problem to themselves.

Circle circle little circle come drink tea

A doctor named Calvin noticed, while attending a large charity concert, that the organizer had issued a structured warrant linked to an asset called “sports coins.” The doctor regularly studies financial engineering. During a break in the concert, he sat in the audience with a notebook and ballpoint pen, deriving the warrant’s theoretical value and hedging parameters, and planned to donate a fixed proportion of the warrant’s future returns to a rural medical fund.

The warrant’s core design is as follows:

The warrant is a European call warrant with no dividends.

Warrant maturity: T = 1 year

Current price of the underlying asset (sports coins): S0 = 120

Strike price: K = 110

Risk-free interest rate (continuously compounded): r = 3%

Annualized volatility: σ = 25%

Warrant conversion ratio: α = 0.2

In addition, the warrant includes a “donation clause”:

If the warrant is in the money at maturity, the warrant holder must immediately donate 10% of the warrant’s intrinsic value at maturity. However, this donation amount does not affect the underlying asset’s price or market dynamics, and a credit card may be used.

The doctor assumes that this donation clause can be treated as a linear reduction in the cash flow at maturity, and therefore expresses the warrant’s maturity payoff as:

Payoff = 0.9 × α × max(ST − K, 0)

Under the risk-neutral probability measure, the doctor writes the following pricing equation:

C = 0.9 × α [ S0 N(d1) − K e^(−rT) N(d2) ]

where

d1 = [ ln(S0 / K) + ( r + 0.5 σ^2 ) T ] / ( σ √T )

d2 = d1 − σ √T

After completing the pricing, the doctor further calculates the warrant’s first-order sensitivity to the price of sports coins (Delta) in his notebook and considers how to dynamically hedge it, ensuring that market fluctuations after the concert ends will not affect the final amount he can donate.

Which of the following options is closest to “the combination of the warrant’s theoretical price and Delta”?

A. Warrant price approximately 1.85, Delta approximately 0.09

B. Warrant price approximately 2.40, Delta approximately 0.12

C. Warrant price approximately 3.10, Delta approximately 0.18

D. Warrant price approximately 3.95, Delta approximately 0.22

Experience the plot of a local drama firsthand

Question 1

A non-dividend-paying risky asset represents the Taipei 101 surrounding commercial activity index. While riding the high-speed rail, a Black researcher notices that the index experiences a brief but significant amplification of price volatility during an international exhibition.

If an investor mistakenly calculates the price of a one-year at-the-money European call warrant based on a single constant volatility, which statement most likely correctly describes the source of the pricing error?

A Ignoring the increase in average returns during the exhibition

B Ignoring the effect of the volatility term structure on option convexity

C Ignoring short-term changes in the risk-free interest rate

D Ignoring the immediate impact of high-speed rail passenger volume on the spot price

——————————————————

Question 2

An investor compares two models inside a 7-ELEVEN:

Model 1 assumes constant volatility;

Model 2 assumes volatility rises with foot traffic during a specific period.

The pricing difference between the two models for a one-year European call warrant primarily results from which mathematical property?

A The linear dependence of the warrant price on average returns

B The convexity of the warrant price with respect to volatility

C The symmetry of the warrant price with respect to the strike price

D The discontinuity of the warrant price with respect to time to maturity

——————————————————

Question 3

Before purchasing a suitcase, an investor considers allocating a very small position to warrants and uses the expected logarithm of terminal wealth as the performance metric.

Under this setup, which condition best guarantees that the warrant will improve the portfolio’s annualized performance under a first-order approximation?

A The warrant is underpriced under the risk-neutral measure

B The warrant’s return under the physical measure is highly correlated with the market return

C The warrant’s risk-adjusted return under the physical measure is positive

D The warrant has a high probability of being in the money at expiration

——————————————————

Question 4

A plastic-products manufacturer notices that fluctuations in raw-material prices change the market’s perception of overall uncertainty, thereby affecting the warrant’s implied volatility.

If this uncertainty cannot be described precisely by a single probabilistic model, which concept is most suitable for analyzing this type of warrant-pricing problem?

A The complete-market assumption

B Arbitrage pricing theory

C Robust pricing under model uncertainty

D Mean-variance analysis

——————————————————

Question 5

A researcher finds that shocks to egg prices simultaneously affect the spot price and the market’s subjective assessment of future risk.

In this situation, which traditional option-pricing assumption is most likely to fail first?

A The market is arbitrage-free

B Investors can freely short-sell

C Volatility is exogenous and observable

D The risk-free interest rate is constant

——————————————————

Question 6

An investor standing in front of Taipei 101, with a suspicious look on his face, asks:

“​In a market without dividends, warrants are merely a duplicate representation of the spot asset.”

Which statement most precisely identifies the theoretical non-redundancy of warrants?

A Warrants can improve market liquidity

B Warrants provide an alternative to linear exposure

C Warrants introduce exposure to volatility and higher-order risks

D The warrant price can be derived directly from the spot price

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Knowing that his balloons are deliberately put together, many people have played it. Honestly, it is quite addictive and turns people into addicts. There is no need to download or install it, like an NFT, but at this stage I feel that it can already be regarded as a completely different crypto game.

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A British program from the 1990s; everything is put into this type, and all discount coupons are used to buy the most basic good books.

You see, the world-record holder—currently, the world record for the wealth gap was set by a French player using dice. The greenhouse effect is enough, the balance is also good, and playing during the full moon is really satisfying and very challenging. Basically, it has already become completely a mobile game, during an internship in Nangang.

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1. When you arrive at work, you need to report what you will be working on that day, and a mentor will review the script with you.

2. Work progress is synchronized at all times, providing mutual backup.

3. The mentor is outspoken but well-intentioned; everything is done with your best interests in mind.

The above advantages can be viewed from the opposite perspective, making them disadvantages.

A suitable place to retire.

The key is that only people with a Taishin-related background will be treated kindly.

If this company merges with you,

leave as soon as possible—or start looking gradually.

There are many people inside who do nothing,

only push their work onto others and think highly of themselves.

Whether you can hold out long enough to receive the benefits

depends on whether those veterans are willing to accept you.

That group is very combative.

I don't know why the parent company can keep so many idle people.

Where there are people, there are rivalries~ Factions are unavoidable. At the units I worked at, group purchases were optional, and no one was targeted for not participating!

Overall, the company is of a certain scale and has maintained fairly stable growth. It may not be the best, but it is better than many, and its underwriting business is relatively strong~

There are quite a few clubs and various free courses available. The company encourages employees to improve themselves~ Employees pursuing further education while working can also apply for subsidies (subject to specified limits and rules).

The year-end banquet is held together with the financial holding company~ The catering, from a five-star hotel with a reasonably good menu, is not bad.

Employee benefits are about the same as those at banks.

Bonuses for the three major festivals and shopping credits for the PAYEASY online shopping site (which can be accumulated and redeemed for products after reaching a certain amount).

For employee trips, submit invoices bearing the company’s tax ID for reimbursement and claim the expenses afterward, subject to the prescribed limits (essentially a subsidy).

(At the departments I worked in, expenses were claimed centrally and credited before being distributed to colleagues; some units may use them for department meals?)

However, there are no preferential employee deposit rates (because it is not a bank).

The differences between units can be quite significant. I’m grateful for the care and guidance from my supervisors and colleagues along the way!

Suitable for young single, unmarried people who want to gain experience!

The sky is vast and the earth is broad—where can I find a place for myself?

The sky is vast and the earth is broad—what words will I leave behind?

May a good name be recorded in history as I journey to the ends of the earth~

The information systems are seriously behind those of competitors. After transaction-by-transaction processing was introduced...?

The large amount of manual work leads to poor efficiency, and rework is a serious problem.

The voluntary resignation rate is extremely high; you frequently see people handing over their work...

Many workdays stretch to 12–16 hours without overtime pay, making it impossible to balance family and work QQ

As a result, those clubs, courses, and further-education subsidies... are often visible but out of reach.

The year-end banquet program consists of employees from within the group performing on stage (with prizes).

A backward and traditional place

Many old-timers do nothing

They push the work onto newcomers

Office factions are very serious

If you can’t chat with them at work or join group purchases

You’ll be targeted and bullied

That group of old freeloaders chats at work every day

And drives out people they don’t like

The managers only like gossiping with them

The old-timers have warped values

Self-righteous (the company’s software is full of problems)

They don’t work seriously

They spend work hours chatting and organizing group purchases

Sycophancy