2023 Student-Faculty Fellows: Lake Forest College

Doing business in Taiwan: Investment Opportunities and Challenges

Mentors: Dimitra Papadovasilaki, Finance; Ying Wu, Chinese

Students: Capri Michelle Kalvelage, Ava Pulaski,Jiajia Zheng, Anele Mayiga, Nathan Barnes, and Mariam Hovhannisyan

Project Abstract During our immersive journey, we had the privilege of exploring four esteemed universities in Taiwan: Tunghai University, National Changhua University of Education, Chang Gung University and Fengchia University. Our engagement took us into the heart of their classrooms and students actively participated in select courses. Students were able to engage in data collection within the classroom and outside the classroom by successfully recruiting subjects and distributing them surveys through a mobile application. Students were also responsible for providing our participants with chocolate in exchange of their time spent to complete the questionnaire. Data collection and analysis is a particularly important skill for students in the field of Economics, and Business and all of the six students had the opportunity to experience first-hand the complexity of the data collection from human subjects and understand the process very clearly. Students will be able to add their experience in their resumes. Following the data collection phase, we had the invaluable opportunity to interact with a diverse array of individuals, including Taiwan professors, local students, and international peers. These interactions not only deepened our understanding of the academic landscape but also unveiled multifaceted insights into the lives of both college professors and students. Through these dialogues, we gained a panoramic comprehension of various academic, cultural, economic, financial, and societal dimensions. Students had also the opportunity to discuss the possibility of doing internships in multinational companies that are located in Taiwan, and built a network that might be beneficial in the future. Further enhancing our knowledge, we embarked on enlightening visits to their university museums, which gracefully unfolded the tapestry of their histories and cultures, thereby immersing us in the rich heritage and values of the local community. Our exploration extended beyond campus borders, leading us to the vibrant metropolises of Taibei and Taichung – two of Taiwan’s bustling urban gems. As we navigated the dynamic cityscapes, we delved into the pulse of city life and reveled in the diverse tapestry of night markets. As part of the research exploration that seeks to understand the effects of resilience and emotional intelligence on financial risk taking in Taiwan, we also visited the Taiwan Stock Market Museum in Taipei. It was a great experience because students were able to hear about the financial progress and growth of Taiwan throughout history, and understand how individual factors enhanced the evolution of the financial sector.

Capri Michelle Kalvelage
We faced many challenges we had to learn to overcome. In cases where surveys were not organized and previously agreed to be done in certain classes, we had to learn to put ourselves out there and collect volunteers in a professional and polite manner. We also had to do this while finding ways to adapt to the language and cultural barrier between ourselves and the Taiwanese students. On top of this, our survey errors mid-experiment meant we had to adapt quickly and professionally and account for our errors in preparation. We had to professionally deal with the situations that arose with the professors and students, fix the grammatical issues in the time we had, and create a plan to make sure we still had enough survey observations by the end of the trip in the case that we had to throw out some of our observations due to errors. The student symposium as well as the conventions we will present at will be good public speaking practice as well as good practice speaking and looking professional. This experiment allowed my colleagues and I to have firsthand insight into what it is like to conduct economic research, which is something I may be interested in in the future. It also was a chance to present myself nicely and professionally with people with a completely different cultural background than myself as well as a different native language. On top of this, speaking in front of people has been a skill I have struggled with in the past, and I am grateful for an opportunity to work on it in a professional setting.

Ava Pulaski 
The 2023 Lake Forest College trip to Taiwan allowed me and other students to partake in activities that broadened our knowledge of the country and its culture, their outlook on finances, and also allowed me to gain a sense of the citizens’ emotional intelligence (EI). The activities that we were able to partake in including having person-to-person conversations about the topic of financial risk, distributing surveys to college students and also taking a tour of the Taiwanese stock exchange, which provided historical financial context about the country. This trip has allowed me to feel more comfortable adapting to different cultural settings. While I don’t speak Chinese, I was still able to communicate messages to the Taiwanese people through forms of communication that weren’t oral. This included ordering food, transportation directions, and other tasks associated with the trip of this research. This experience has shown me that with a purpose in mind, I am still able to get a message across in a way that accomplishes assignments and duties. I was able to step out of my comfort zone and approach strangers from another country and exchange favors.

Jiajia Zheng 
Through this opportunity, I have been able to further many skills that I believe are crucial in the rest of my academic career and importantly, the professional world. Building and designing, along with distributing surveys is a common skill expected of higher education students. Moreover, with the data that is collected with the surveys, analyzing, and presenting the data is also a valued skill. Through those tasks, critical thinking and problem solving were practiced, specifically with deciding which questions to include in the surveys to clearly communicate and accurately test our objectives with our research question. Furthermore, a very important skill I required was my fluency of the Mandarin Chinese language. Growing up where the main language spoken being English and being constantly surrounded with that being the only language, I found that I gradually lost my skill and confidence in speaking Mandarin Chinese. Through this trip, I was able to rediscover and relearn the language, and as the trip progressed, my overall language competency improved significantly. The main contribution simply being surrounded by those who spoke the language in addition to the constant direct conversations with the local people. Specific activities planned regarding any practical and professional skill development involves learning and furthering any data analysis skills, which are skills that are highly valued in any career path in the professional world.

Anele Mayiga 
From this research project, I have had the opportunity to hone several skills that I will be able to use in my future academic pursuits and working life. Mainly, making, designing, and distributing surveys were skills that I managed to pick up from this research project which may come useful as I further my education. In addition, my ability to analyze and effectively present data collected from these surveys has been further improved and has polished both my ability and knowledge of Excel. These activities have further fostered my critical thinking and problem-solving abilities as well as my ability to adapt and work on the move.

Nathan Barnes 
This trip really allowed me to expand and broaden my horizons in terms of my language proficiency. Speaking or understanding Chinese in a classroom setting in America is very different then having to speak or understand Chinese in a country where that is the primary language that they speak. I tried my best to speak as much Chinese as I could when I was comfortable, and this included talking to people in the elevator in the hotel, communicating with some of the students at the colleges, and while ordering food at restaurants or the night markets. This also forced me out of my comfort zone and allowed me to make leaps in my Chinese learning development that I could’ve never made here in America.

Mariam Hovhannisyan  
My journey to Taiwan, conducting research alongside my peers and professor, has been an enriching and transformative experience. It has equipped me with a valuable set of professional and personal skills that will undoubtedly shape my life’s path. During our visit, we had the privilege of exploring four distinct universities to collect data for our research in behavioral finance. This endeavor yielded more than 300 responses and provided us with unique opportunities to engage with both professors and students from diverse academic backgrounds. The cultural context in which we conducted our research in Taiwan shed light on the intriguing differences in financial mindsets when compared to the United States. Beyond the immediate prospects of presenting our research, this entire experience has left an indelible mark on my personal and professional growth. It has heightened my sense of observation and instilled in me an unwavering attention to detail, qualities that are not only vital in the realm of research but also hold significant value in various professional spheres.