English  |  正體中文  |  简体中文  |  全文筆數/總筆數 : 81712/111165 (74%)
造訪人次 : 21245277      線上人數 : 482
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧:
  • 您可在西文檢索詞彙前後加上"雙引號",以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋,建議至進階搜尋限定作者欄位,可獲得較完整資料
  • 進階搜尋
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/118534
    請使用永久網址來引用或連結此文件: http://nccur.lib.nccu.edu.tw/handle/140.119/118534


    題名: 非法內線交易行為之研究
    Decoding Illegal Insider Trading
    作者: 詹淑惠
    Chan, Shu-Hui
    貢獻者: 周行一
    詹淑惠
    Chan, Shu-Hui
    關鍵詞: 內線交易
    訊息精確度
    價格發現
    下單策略
    模仿跟單
    Illegal insider trading
    Information precision
    Price discovery
    Order submission strategies
    Mimicking
    日期: 2018
    上傳時間: 2018-07-10 15:34:05 (UTC+8)
    摘要: 本文結合台灣證券交易所日內交易資料與內線交易刑事裁判書,詳細比對出內線交易者的交易與下單資料,以台灣上市公司1993年至2006年因內線交易遭起訴的案件為研究對象,並分成兩個部分對非法內線交易行為進行探討。
    第一部分,將內線交易事件分類為好消息與壞消息探討內線交易的特性、股票價量的反應、內線交易者的報酬、比較內線交易與非內線交易對價格發現的貢獻程度,以及訊息精確度與價格發現之關聯。好消息以購併案的內線交易最多,壞消息則以調降財務預測、盈收下降的內線交易最多。首先,由股價反應來觀察,好消息與壞消息的股價反應不對稱,好消息(訊息精確度較高)在宣告日前股價反應較多,在宣告日後股價反應較少;反之,壞消息(訊息精確度較低)在宣告日前股價反應較少,在宣告日後股價反應較多,與過去文獻(Kothari et al., 2009; Baruch et al., 2017)的發現一致。其次,由內線交易者報酬來看,內線交易者獲取鉅額利益,使投資大眾蒙受損失。最後,由價格發現來看,好消息事件的內線交易對股價貢獻度低,而壞消息事件的內線交易對股價貢獻度高。
    第二部分,在考量隱匿性需求下,探討內線交易的下單策略,以及其他市場參與者跟單之可能性。過去文獻受限於內線交易下單行為無法直接觀察,內線交易下單策略與跟單可能性的相關研究付之闕如。實證結果顯示,首先,基於隱匿性需求高低不同,好消息事件的內線交易者(隱匿性需求高)與壞消息事件的內線交易者(隱匿性需求低)之下單策略並不相同,好消息事件的內線交易者拆單情形較壞消息多,且好消息事件的內線交易者下在積極度最高的委託單比例較壞消息低。其次,好消息事件內線交易後經手的證券經紀商之其他客戶可能有跟單行為,與McNally et al.(2017)發現一致;然而,壞消息事件內線交易後其他法人可能有跟單行為,此現象是否與內線交易公司業務往來密切,對公司財務狀況(Alldredge and Cicero, 2015)或內部人交易行為(Chakrabarty and Shkilko, 2012)瞭解較多有關,有待後續研究探討。
    This paper combines intraday transaction data with criminal litigation events of illegal insider trading to investigate illegal insider trading prosecution events of listed firms in Taiwan Stock Exchange Corporation (TWSE) during 1993-2006.
    The first section, besides capturing the characteristics of illegal insider trading comprehensively, this study not only investigates the stock price and volume around illegal insider trading, but also calculates the abnormal return and the dollar profit for every illegal insider. More important, this study explores the price discovery from illegal insider trading under different information precision. First of all, the empirical result shows that stock prices respond more before good news (high information precision) announced, in contrast, stock prices respond less before bad news (low information precision) announced. Furthermore, illegal insiders gained huge profit from uninformed traders in financial market. Finally, I find that the price contribution of illegal insider trading before good news events is weaker, but the price contribution of illegal insider trading before bad news events is stronger.
    The second section, this research examines that order submission strategies of illegal insider trading associated with stealth trading and piggy-backing by market participators. Unfortunately, the extant literature could not provide answers to these issues. First of all, due to the high stealth trading demand, the evidence indicates good news events illegal insiders hide their orders by less aggressive orders and they break up more orders than bad news events illegal insiders obviously. Furthermore, in good news cases, I find a significant positive volume of non-insider clients buying illegal insider’s brokerage firm. The result is consistent with McNally et al.(2017), implies that good news events illegal insiders leak their order submission activities and lead to mimic by other participators. In contrast, in bad news cases, I find other firms perhaps to mimic trades of illegal insiders.
    參考文獻: 中文參考文獻:
    陳振遠、王朝仕、陳振宇,2011,「以買方與賣方觀點探討內線交易對股票價量之影響」,管理評論,第30卷,第1期,頁77-94。

    References:
    (1)Abad, David and Roberto Pascual, 2011, “Revisiting the Stealth Trading Hypothesis,” Working Paper, EFMA.
    (2)Admati, Anat R. and Paul Pfleiderer, 1988, “A Theory of Intraday Patterns: Volume and Price Variability,” Review of Financial Studies 1(1), 3-40
    (3)Agrawal, Anup, and Tommy Cooper, 2015, “Insider Trading before Accounting Scandals,” Journal of Corporate Finance 34, 169-190.
    (4)Ahern, Kenneth R., 2017, “Information Networks: Evidence from Illegal Insider Trading,” Journal of Financial Economics 125(1), 26-47.
    (5)Alexander, Gordon J. and Mark A. Peterson, 2007, “An Analysis of Trade-size Clustering and Its Relation to Stealth Trading,” Journal of Financial Economics 84, 435-471.
    (6)Alldredge, Dallin M., and David C. Cicero, 2015, “Attentive Insider Trading,” Journal of Financial Economics 115, 84-101.
    (7)Anand, A. and S. Chakravarty, 2007, “Stealth Trading in Options Markets,” Journal of Financial and Quantitative Analysis 42(1), 167–188.
    (8)Anand, A., S. Chakravarty, and Terrence Martell, 2005, “Empirical Evidence on the Evolution of Liquidity: Choice of Market versus Limit Orders by Informed and Uninformed Traders,” Journal of Financial Markets 8, 289–309.
    (9)Ascioglu, Asli, Carole Comerton-Forde, and Thomas H. McInish, 2011, “Stealth trading: The case of the Tokyo Stock Exchange,” Pacific-Basin Finance Journal 19(2), 194-207.
    (10)Baesel, Jerome B., and Garry R. Stein, 1979, “The Value of Information: Inferences from the Profitability of Insider Trading,” Journal of Financial and Quantitative Analysis 14, 553-571.
    (11)Barber, Brad M., Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2009, “Just How Much Do Individual Investors Lose by Trading,” The Review of Financial Studies 22(2), 609-632.
    (12)Barclay, M.J. and J.B Warner, 1993, “Stealth and Volatility: Which Trades Move Prices?” Journal of Financial Economics 34, 281-306.
    (13)Barclay, Machael J. and Terrence Hendershott, 2003, “Price Discovery and Trading after Hours,” Review of Financial Studies, Vol. 16, No. 4, 1041-1073.
    (14)Baruch, Shmuel, Marios Panayides, and Kumar Venkataraman, 2017, “Informed Trading and Price Discovery before Corporate,” Journal of Financial Economics 125, 561-588.
    (15)BĘDOWSKA-SÓJKA, Babara, 2014, Friction,” POZNAŃ University of Economics Review 14(1), 5-19.
    (16)Benabou, Roland and Cuy Laroque, 1992, “Using Privileged Information to Manipulate Markets Insiders, Gurus, and Credibility,” Quarterly Journal of Economics August, 921-958.
    (17)Beny, Laura Nyantung, 2005, “Do Insider Trading Laws Matter? Some Preliminary Comparative Evidence,” American Law and Economics Review 7, 144-183.
    (18)Berber, Alessandro, Cecilia Caglio, 2005, “Order Submission Strategies and Information: Empirical Evidence from the NYSE,” Working Paper, SSRN.
    (19)Bessembinder, Hedrik, Marios Panayides, and Kumar Venkataraman, 2009, “Hidden Liquidity: An Analysis of Order Exposure Strategies in Electronic Stock Markets,” Journal of Financial Economics 94, 361-383.
    (20)Bettis, Carr, Don Vickrey, and Donn W. Vickrey, 1997, “Mimickers of Corporate Insiders Who Make Large Volume Trades,” Financial Analysts Journal 53, 57-66.
    (21)Bhattacharya, Utpal and Hazem Daouk, 2002, “The World Price of Insider Trading,” Journal of Finance 57(1), 75-108.
    (22)Blau, Benjamin M., Bonnie F. Van Ness, and Robert A. Van Ness, 2009, “Intraday Stealth Trading: Which Trades Move Prices during Periods of High Volume?” Journal of Financial Research 32(1), 1-21.
    (23)Bodnaruk, Andriy, Massimo Massa, and Andrei Simonov, 2009, “Investment Banks as Insiders and the Market for Corporate Control,” Review of Financial Studies 22(12), 4989–5026.
    (24)Bommel, Jos V., 2003, “Rumors,” Journal of Finance 58(4), 1499-1519.
    (25)Bris, Arturo, 2005, “Do Insider Trading Laws Work?” European Financial Management 11(3), 267-312.
    (26)Cao, Charles, Eric Ghyels, and Frank Hatheway, 2000, “Price Discovery without Trading: Evidence from the Nasdaq Preopening,” Journal of Finance, 55(3), 1339-1365.
    (27)Chae, Joon, 2005, “Trading Volume, Information Asymmetry, and Timing Information,” Journal of Finance 60(1), 412–442.
    (28)Chakrabarty, Bidisha, and Andriy Shkilko, 2012, “Information Leakages in Financial Markets: Evidence from Shorting around Insider Sales,” Working Paper.
    (29)Chakravarty, Sugato and John J. McConnell, 1997, “An Analysis of Prices, Bid/Ask Spreads, and Bid and Ask Depths Surrounding Ivan Boesky’s Illegal Trading in Carnation’s Stock,” Financial Management 26, 18-34.
    (30)Chakravarty, Sugato and John J. McConnell, 1999, “Does Insider Trading Really Move the Stock Prices?” Journal of Financial and Quantitative Analysis 34, 191-209.
    (31)Chakravarty, Sugato, 2001, “Stealth Trading: Which Traders’ Trades Move Stock Prices?” Journal of Financial Economics 61, 289-307.
    (32)Chang, Eric C., Joseph W. Cheng, and Yinghui Yu, 2007, “Short-Sales Constraints and Price Discovery: Evidence from the Hong Kong Market,” Journal of Finance, 62(5), 2097-2121.
    (33)Chen, Huaizhi, Lauren Cohen, Umit G. Gurun, Dong Lou, and Christopher J. Malloy, 2018, “IQ from IP: Simplifying Search in Portfolio Choice,” Working Paper, SSRN.
    (34)Chen, Hung-Ling, Cheng-Yi Shiu, and Hui-Shan Wei, 2016, “Index Reconstitutions and the Role of Foreign Institutional Investors on Local Corporate Governance: Evidence from MSCI Standard Index,” Working Paper, National Central University.
    (35)Chou, Robin K., and Yun-Yi Wang, 2009, “Strategic Order Splitting, Order Choice and Aggressiveness: Evidence from the Taiwan Futures Exchange,” Journal of Futures Markets 29(12), 1102-1129.
    (36)Cohen, Lauren, Christopher Malloy, and Lukasz Pomorski, 2012, “Decoding Inside Information,” Journal of Finance 67(3), 1009-1043.
    (37)Cornell, Bradford and Erik R. Sirri, 1992, “The Reaction of Investors and Stock Prices to Insider Trading,” Journal of Finance 47, 1031-1059.
    (38)Culpan, Tim and John Helyar, 2010, “Taiwan Offers Trove of Insider Data for Hedge Funds,” Bloomberg News, http://www.bloomberg.com/news/2010-12-19/ taiwan-offers-trove-of-insider-data-for-hedge-funds-seeking-trading-edge.html
    (39)Easley, David, and Maureen O’Hara, 2004, “Information and the Cost of Capital,” Journal of Finance 59(4), 1553-1583.
    (40)Eckbo, B. E., and D. C. Smith, 1998, “The Conditional Performance of Insider Trades,” Journal of Finance 53(2), 467-498.
    (41)Egelen, Peter-Jan, 2012, “What Is the Reputational Cost of a Dishonest CEO? Evidence from US Illegal Insider Trading,” CESifo Economic Studies 58(1), 140-163.
    (42)Essell, Thomas H. and Nasser Arshadi, 1993, “Insiders, Outsiders, or Trend Chasers? : An Investigation of Pre-Takeover Transactions in the Shares of Target Firms,” Journal of Financial Research 16(1), 49-59.
    (43)Finnerty, Joseph E., 1976a, “Insiders and Market Efficiency,” Journal of Finance 31(4), 1141-1148.
    (44)Finnerty, Joseph E., 1976b, “Insiders’ Activity and Insider Information: A Multivariate Analysis,” Journal of Financial and Quantitative Analysis 11(2), 205-215.
    (45)Fishe, Raymond P. H. and Michel A. Robe, 2004, “The Impact of Illegal Insider Trading in Dealer and Specialist Markets: Evidence from a Natural Experiment,” Journal of Financial Economics 71, 461-488.
    (46)Foucault, Thierry, Ohad Kadan, and Eugene Kandel, 2002, “Limit Order Book as a Market for Liquidity,” Review of Financial Studies18, 1171-1217.
    (47)Frino, Alex, Stephen Satchell, Brad Wong, and Hui Zheng, 2013, “How Much Does an Illegal Insider Trade,” International Review of Finance 13(2), 241-263.
    (48)Geczy, Ghristopher C., and Jinghua Yan, 2006, “Who Are the Beneficiaries When Insiders Trades? An Examination of Piggybacking in the Brokerage Industry,” Working Paper, SSRN.
    (49)Givoly, Dan and Dan Palmon, 1985, “Insider Trading and the Exploitation of Inside Information: Some Empirical Evidence,” Journal of Business 58(1), 69-87.
    (50)Glosten, Lawrence R., 1994, “Is the Electronic Open Limit Order Book Inevitable?” Journal of Finance 49, 1127–1161.
    (51)Graham, John R., Jennifer L. Koski, and Uri Loewenstein, 2006, “Information Flow and Liquidity around Anticipated and Unanticipated Dividend Announcements,” Journal of Business 79(5), 2301-2336.
    (52)Harris, Larry, 2003, “Insider Trading,” Trading & Exchanges: Market Microstructure for Practitioners, Chapter 29, 584-617.
    (53)Harris, Lawrence, 1998, “Optimal Dynamic Order Submission Strategies in Some Stylized Trading Problems,” Financial Markets, Institutions and Instruments 7, 1-76.
    (54)Hasbrouck, Joel, 1995, “One Security, Many Markets: Determining the Contributions to Price Discovery,” Journal of Finance 50(4), 1175-1199.
    (55)Hillier, David, and Andrew P. Marshall, 2002, “Are Trading Bans Effective? Exchange Regulation and Corporate Insider Transactions around Earnings Announcements,” Journal of Corporate Finance 8, 393-410.
    (56)Hirshleifer, David, Sonya Seongyeon Lim, and Siew Hong Teoh, 2009, “Driven to Distraction: Extraneous Events and Underreaction to Earnings News,” Journal of Finance 64(5), 2289–2325.
    (57)Hu, Shing-yang, and Yun-lan Tseng, 2006, “Who wants to trade around ex-dividend days?,” Financial Management (July), 95 - 119.
    (58)Huang, Yu-Chuan, Nai-Wen Hou, and Yao-Jen Cheng, 2012, “Illegal Insider Trading and Corporate Governance: Evidence from Taiwan,” Emerging Markets Finance & Trade 48(Supplement 3), 6-22.
    (59)IMD, The World Competitiveness Yearbook, 2008~2017.
    (60)Inci, A. Can, Biao Lu, and H. Nejat Seyhun, 2010, “Intraday Behavior of Stock Prices and Trades around Insider Trading,” Financial Management (Spring), 323-363.
    (61)Jaffe, Jeffrey F., 1974a, “Special Information and Insider Trading,” The Journal of Business 47(3), 410-428.
    (62)Jaffe, Jeffrey F., 1974b, “The Effect of Regulation Changes on Insider Trading,” The Bell Journal of Economics and Management Science 5(1), 93-121.
    (63)Kaniel, Ron, and Hong Liu, 2006, “So What Orders Do Informed Traders Use?” Journal of Business 79, 1867-1913.
    (64)Ke, Bin, Steven Huddard, and Kathy Petroni, 2003, “What Insiders Know about Future Earnings and How They Use It: Evidence from Insider Trades, Journal of Accounting and Economics 35, 315-346.
    (65)Keown, Arthur J. and John M. Pinkerton, 1981, “Merger Announcements and Insider Trading Activity,” Journal of Finance 36, 855-869.
    (66)Kim, Oliver, and Robert E. Verrecchia, 1991, “Volume and Price Reactions to Public Announcements,” Journal of Accounting Research 29(2), 302-321.
    (67)Kothari, S. P., Susan Shu, and Peter D. Wysocki, 2009, “Do Managers Withhold Bad News?,” Journal of Accounting Research 47(1), 241-275.
    (68)Kyle, Albert S., 1985, “Continuous Auctions and Insider Trading,” Econometrica 53(6), 1315-1335.
    (69)La Porta, Rafael, Florencio Lopez-de-silanes, and Andrei Shleifer, 2006, “What Works in Securities Laws?” Journal of Finance 61(1), 1-32.
    (70)Lakonishok, Josef and Inmoo Lee, 2001, “Are In sider Trades Informative?,” Review of Financial Studies 14(1), 79-111.
    (71)Lebedeva, Olga, Ernst Maug, and Christoph Schneider, 2009, “Stealth Trading by Corporate Insiders,” Working Paper.
    (72)Lee, C.M.C. and M. Ready, 1991, “Inferring Trade Direction from Intra Daily Data,” Journal of Finance 46, 733–746.
    (73)Lee, E.J., 2007, “Why Do Market Traders Make Divided Orders?: A Study on Divided Order Transactions in the Korean Stock Market,” Working Paper.
    (74)Lee, Jaehyun, Hyuk-Jin Ko, and Young S. Park, 2009, “Optimal Stealth Trading of the Insider and Expected Profit of the Mimicking Trader,” Asia-Pacific Journal of Financial Studies 38(3), 375-415.
    (75)Lee, Yi-Tsung, Robert C.W. Fok, and Yu-Jane Liu, 2001, “Explaining Intraday Pattern of Trading Volume from the Order Flow Data,” Journal of Business Finance & Accounting 28, 199-230.
    (76)Lee, Yi-Tsung, Yu-Jane Liu, Richard Roll, and Avanidhar Subrahmanyam, 2004, “Order Imbalances and Market Efficiency: Evidence from the Taiwan Stock Exchange,” Journal of Financial and Quantitative Analysis 39(2), 327-341.
    (77)Li, Yinghua, and Liandong Zhang, 2015, “Short Selling Pressure, Stock Price Behavior, and Management Forecast Precision: Evidence from a Natural Experiment,” Journal of Accounting Research 53(1), 79-117.
    (78)Lin, Ji-Chai and John S. Howe, 1990, “Insider Trading in the OTC Market,” Journal of Finance, 45, 1273-1284.
    (79)Marin, Jose M., and Jacques P. Olivier, 2008, “The Dog That Did Not Bark: Insider Trading and Crashes,” Journal of Finance 63(5), 2429-2476.
    (80)McInish, Thomas H., Alex Frino, and Frank Sensenbrenner, 2011, “Strategic Illegal Insider Trading Prior to Price Sensitive Announcements,” Journal of Financial Crime 18(3), 247-253
    (81)McNally, William J., Andriy Shkilko, and Brian F. Smith, 2017, “Do Brokers of Insiders Tip Other Clients?” Management Science 63(2), 317-332.
    (82)Meulbroek, L., 1992, “An Empirical Analysis of Illegal Insider Trading,” Journal of Finance (October), 1661-1699.
    (83)Moinas, Sophie, 2010, “Hidden Limit Orders and Liquidity in Order Driven Markets,” TSE Working Paper, Toulouse.
    (84)O’Hara, Maureen, 2003, “Presidential Address: Liquidity and Price Discovery,” Journal of Finance 58(4), 1335-1354.
    (85)O’Hara, Maureen, Chen Yao, and Mao Ye, 2014, “What’s Not There: Odd Lots and Market Data,” Journal of Finance 69(5), 2199-2236.
    (86)OECD, 2015, G20/OECD Principles of Corporate Governance, 35.
    (87)Pascual, Roberto, Bartolomé Pascual-Fuster, and Francisco Ciment, 2006, “Cross-listing, Price Discovery and the Informativeness of the Trading Process,” Journal of Financial Markets 9, 144-161.
    (88)Pope, P. F., R.C. Morris, and D. A. Peel, 1990, “Insider trading: Some evidence on market efficiency and directors' share dealings in Great Britain,” Journal of Business, Finance, and Accounting 17(3), 359-380.
    (89)Rock, Kevin, 1996, “The Specialist's Order Book and Price Anomalies,” Review of Financial Studies 9, 1-20.
    (90)Rozeff, Michael S., and Mir A. Zaman, 1988, “Market Efficiency and Insider Trading: New Evidence,” Journal of Business 61, 25-44.
    (91)Rozeff, Michael S. and Mir A. Zaman, 1998, “Overreaction and Insider Trading: Evidence from Growth and Value Portfolios,” Journal of Finance 53(2), 701-716.
    (92)Seyhun, H. Nejat, 1986, “Insiders’ Profits, Costs of Trading, and Market Efficiency,” Journal of Financial Economics 16, 189-212.
    (93)Seyhun, H. Nejat, 1988, “The Information Content of Aggregate Insider Trading,” Journal of Business 61(1), 1-24.
    (94)Seyhun, H. Nejat, 1992a, “The Effectiveness of the Insider-Trading Sanctions,” Journal of Law and Economics 35(1), 149-182.
    (95)Seyhun, H. Nejat, 1992b, “Why Does Aggregate Insider Trading Predict Future Stock Returns?” Quarterly Journal of Economics 107(4), 1303-1331.
    (96)Seyhun, H. Nejat, 2000, Investment Intelligence: From Insider Trading, MIT Press, Cambridge, Mass.
    (97)Sharpe, William, 1964, “Capital Asset Prices: A Theory of Market Equilibrium,” Journal of Finance 19(3), 425-442.
    (98)Skaife, Hollis A., David Veenman, and Daniel Wangerin, 2013, “Internal Control over Financial Reporting and Managerial Rent Extraction: Evidence from The Profitability of Insider Trading,” Journal of Accounting and Economics 55, 91-110.
    (99)Stoll, Hans R., 2000, “Friction,” Journal of Finance 55(4), 1478-1514.
    (100)Thevenot, Maya, 2012, “The Factors Affecting Illegal Insider Trading in Firms with Violations of GAAP,” Journal of Accounting and Economics 53, 375-390.
    (101)Tuttle, Laura, 2006, “Hidden Orders, Trading Costs and Information,” Working Paper, SSRN.
    (102)Wang, Jianxin, and Minxian Yang, 2015, “How Well Does the Weighted Price Contribution Measure Price Disvovery,” Journal of Economic Dynamics & Control 55, 113-129.
    描述: 博士
    國立政治大學
    財務管理學系
    97357506
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0973575061
    資料類型: thesis
    DOI: 10.6814/DIS.NCCU.Finance.014.2018.F07
    顯示於類別:[財務管理學系] 學位論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    506101.pdf3014KbAdobe PDF0檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋