國立暨南國際大學財務金融學系 > Teacher presentation > Pi-Hsia Hung

Department Introduction

Founded History

Aims and Objectives

Teacher Presentation

DISTINGUISHED PROFESSOR

Pi-Hsia Hung

Education (highest degree)

Ph.D. in Finance, National Chung Cheng University

Specialty

Market Microstructure, Behavioral Finance, Financial Management, Investment

Working Experience

Distinguished Professor of Banking and Finance, National Chi Nan University,08/2023-Present

Professor, Dep. of Banking and Finance, National Chi Nan University, 02/2019-07/2020

Independent Director, Taiwan Leader Biotech Corp., 06/2016-08/2020

Chair of Remuneration Committee, Taiwan Leader Biotech Corp., 08/2016-08/2020

Associate Professor, Dep. of Banking and Finance, National Chi Nan University, 08/2015-01/2019

Assistant Professor, Dep. of Banking and Finance, National Chi Nan University, 02/2008-07/2015

Lecturer, Dep. of Banking and Risk Management, Hsiuping University of Science and Technology, 08/2003-07/2004

Adjunct Lecturer, Dep. of International Trade, Tunghai University, 02/2003-07/2007

Adjunct Lecturer, Dep. of Finance, National Chung Cheng University, 08/2003-07/2005

Adjunct Lecturer, Dep. of International Business, Taichung Healthcare and Management University, 02/2002-07/2003

Assistant Research Fellow, Taiwan Institute of Economic Research, 09/1992-07/1995

Education (including Ph.D., M.S., and B.S.)

Ph.D. in Finance, National Chung Cheng University, 09/2000-01/2008

M.S. in Business Administration, Tamkang University, 09/1990-06/1992

B.S. in International Business, Tunghai University, 10/1986-06/1990

Research Interests

Market Microstructure

Behavioral Finance

Investment

Publications

  1. iu, Hsiang-Hsi, Pi-Hsia Hung, and Po-Hung Luo Cho. 2021. Nonlinear Interactions and Volatility Spillovers between Stock and Foreign Exchange Markets: The STVEC-STGARCH-DCC Approach. Journal of Applied Finance and Banking 11 (4). 45-77. (EconLit)
    https://doi.org/10.47260/jafb/1143
  2. Lien, Donald, Pi-Hsia Hung,* and Hung-Ju Chen. 2021. Who Knows More and Makes More? A Perspective of Order Submission Decisions across Investor Types. The Quarterly Review of Economics and Finance 79, 381-398. (MOST Finance A-)
    https://doi.org/10.1016/j.qref.2020.07.011
  3. Lien, Donald, Hsiang-Hsi Liu, Pi-Hsia Hung,* and Ching-Yang Chen. 2020. Best Global Brands and Financial Performance. Advances in Investment Analysis and Portfolio Management 10, 73–129. (MOST Finance B)
    https://doi.org/10.6291/AIAPM.202012_10.0004
  4. Chen, An-Sing, Hsiang-Hui Chu, Pi-Hsia Hung,* and Miao-Sih Cheng. 2020. Financial Risk and Acquirers’ Stockholder Wealth in Mergers and Acquisitions. The North American Journal of Economics and Finance 54, 100815. (SSCI, 2020 Impact Factor 2.772, 5-Year Impact Factor 2.649)
    https://doi.org/10.1016/j.najef.2018.07.016
  5. Hung, Pi-Hsia, Donald Lien,* and Ming-Sin Kuo. 2020. Window Dressing in Equity Mutual Funds. The Quarterly Review of Economics and Finance 78, 338–354. (MOST Finance A-)
    https://doi.org/10.1016/j.qref.2020.05.003
  6. Lien, Donald, Pi-Hsia Hung,* and Li-Wen Chen. 2020. Analyst Recommendations, Herding Intensity, and Trading Performance. Asia-Pacific Journal of Financial Studies 49 (5), 772–802. (SSCI, 2020 Impact Factor 1.113, 5-Year Impact Factor 1.096, MOST Finance B+)
    https://doi.org/10.1111/ajfs.12313
  7. Hung, Pi-Hsia, Donald Lien,* and Yun-Ju Chien. 2020. Portfolio Concentration and Fund Manager Performance. Review of Financial Economics 38 (3), 423–451. (MOST Finance B+)
    https://doi.org/10.1002/rfe.1086
  8. Lien, Donald, Pi-Hsia Hung,* and Chiu-Ting Pan. 2020. Price Limit Changes, Order Decisions, and Stock Price Movements: An Empirical Analysis of the Taiwan Stock Exchange. Review of Quantitative Finance and Accounting 55 (1), 239–268. (MOST Finance A-)
    https://doi.org/10.1007/s11156-019-00842-3
  9. Lien, Donald, Pi-Hsia Hung,* and Zong-Wei Lin. 2020. Whose Trades Move Stock Prices? Evidence from the Taiwan Stock Exchange. International Review of Economics and Finance 66, 25–50. (SSCI, 2020 Impact Factor 2.522, 5-Year Impact Factor 2.900, MOST Finance B+)
    https://doi.org/10.1016/j.iref.2019.10.011
  10. Hung, Pi-Hsia and Donald Lien.* 2019. Trading Aggressiveness, Order Execution Quality, and Stock Price Movements: Evidence from the Taiwan Stock Exchange. Journal of International Financial Markets, Institutions & Money 60, 231–251. (SSCI, 2019 Impact Factor 2.553, 5-Year Impact Factor 2.716, MOST Finance A-)
    https://doi.org/10.1016/j.intfin.2019.01.002
  11. Lien, Donald, Pi-Hsia Hung,* Jia-De Zhu, and Yi-Hsuan Chen. 2019. Price Limit Changes and Market Quality in the Taiwan Stock Exchange. Pacific-Basin Finance Journal 55, 239–258. (SSCI, 2019 Impact Factor 2.382, 5-Year Impact Factor 2.775, MOST Finance ATier-2)
    https://doi.org/10.1016/j.pacfin.2019.04.006
  12. Lien, Donald, Pi-Hsia Hung,* and I-Chun Hung. 2019. Order Price Clustering, Size Clustering, and Stock Price Movements: Evidence from the Taiwan Stock Exchange. Journal of Empirical Finance 52, 149–177. (SSCI, 2019 Impact Factor: 1.566, 5-Year Impact Factor: 1.891, MOST Finance ATier-1)
    https://doi.org/10.1016/j.jempfin.2019.03.005
  13. Lin, Lin, Pi-Hsia Hung, De-Wai Chou, and Christine W. Lai.* 2019. Financial Performance and Corporate Social Responsibility. Asia-Pacific Management Review 24, 61–71. (TSSCI, EconLit)
    https://doi.org/10.1016/j.apmrv.2018.07.001
  14. Lin, Lin, Pi-Hsia Hung,* and Chung-Yueh Lin. 2018. Stock Traders’ Order Aggressiveness and Investment Performance on the Taiwan Stock Exchange. Journal of Financial Studies 26 (1) 59–96. (TSSCI, EconLit)
    https://doi.org/10.6545/JFS.201803_26(1).0003
  15. Lin, Lin, Pi-Hsia Hung,* and Pei-Jhen Su. 2017. The Role of Outstanding Foundation Awards in Fund Families. Asia-Pacific Journal of Financial Studies 46 (1), 87–115. (SSCI, 2017 Impact Factor 0.355, 5-Year Impact Factor 0.459, MOST Finance B+)
    https://doi.org/10.1111/ajfs.12160
  16. Chou, De-Wai, Lin Lin, Pi-Hsia Hung,* and Chun Heng Lin. 2017. A Revisit to Economic Exposure of U.S. Multinational Corporations. The North American Journal of Economics and Finance 39 (C), 273–287. (SSCI, 2017 Impact Factor 1.098, 5-Year Impact Factor 1.194)
    https://doi.org/10.1016/j.najef.2016.10.011
  17. Hung,* Pi-Hsia. 2016. Investor Sentiment, Order Submission, and Investment Performance on the Taiwan Stock Exchange. Pacific-Basin Finance Journal 39, 124–140. (SSCI, 2016 Impact Factor 1.754, 5-Year Impact Factor 1.610, MOST Finance ATier-2)
    http://dx.doi.org/10.1016/j.pacfin.2016.06.005
  18. Hung, Pi-Hsia, An-Sing Chen,* and Yun-Lin Wu. 2015. Order Aggressiveness, Price Impact and Investment Performance in a Pure Order-driven Stock Market. Asia-Pacific Journal of Financial Studies 44 (4), 635–660. (SSCI, 2015 Impact Factor 0.354, 5-Year Impact Factor 0.419, MOST Finance B+)
    https://doi.org/10.1111/ajfs.12102
  19. Chen, Ruey-Shii, Pi-Hsia Hung,* and You-Da Tsai. 2015. How does the Public Information of the Market Observation Post System Affect Stock Return? Evidence from Intra-and Inter-day Analyses in Taiwan Stock Exchange. Review of Securities and Futures Markets 27 (2), 125–184 (TSSCI, in Chinese).
  20. Chen, Ruey-Shii, Pi-Hsia Hung,* and Yu-Hsin Liu. 2014. Are Funds of Funds Superior to Traditional Mutual Funds? A Perspective on the Risk-and-Return and Fund Characteristics. Journal of Management and Systems 21 (2), 187–216 (TSSCI, in Chinese).
  21. Hung,* Pi-Hsia and Hsien-Yi Lee. 2013. A Concentration Analysis of Domestic Equity Mutual Funds. Journal of Financial Studies 21 (1), 83–122 (TSSCI, in English).
  22. Hung,* Pi-Hsia and Wan-Fei Teng. 2013. Price Clustering and Trade-size Clustering in Taiwan Stock Market. Review of Securities and Futures Markets 25 (1), 67–114 (TSSCI, in Chinese).
  23. Hung,* Pi-Hsia, Ruey-Shii Chen, Yung-Cheng Huang, and Hsin-Yen Liao. 2012. Order Imbalances, Investor Types and Stock Return. Review of Securities and Futures Markets 24 (2), 1–48 (TSSCI, Leading Article, in Chinese).
  24. Yu,* Chih-Hsien and Bi-Shia Hong. 2006. Analysts’ Earnings Forecast — Firm Attributes Preferences and Market Response to Earnings Forecast Revision. Review of Securities and Futures Markets 18 (2), 41–78 (TSSCI, in Chinese).
  25. Chen,* An-Sing and Bi-Shia Hong. 2006. Institutional Ownership Changes and Returns around Analysts' Earnings Forecast Release Events: Evidence from Taiwan. Journal of Banking and Finance 30 (9), 2471–2488. (SSCI, Impact factor 1.485, MOST Finance ATier-1)
    https://doi.org/10.1016/j.jbankfin.2005.07.016

 

Awards and Honors

  1. 2020 Academic Research Reward, National Chi Nan University.
  2. 2019 Academic Research Reward, National Chi Nan University.
  3. 2019 Fubon Life Management Doctor and Master Thesis Award, Fine Work in the Category of Financial and Risk Management, Analysts’ Recommendation and Stock Traders’ Herding, Thesis Advisor, supported by Fubon Life Insurance Corporation, hosted by Chinese Management Association.
  4. 2019 MOE Subsidies for Universities and Colleges to Implement Flexible Performance-based Salaries for Outstanding Personnel, supported by Ministry of Education.
  5. 2017-2018 AJFS Top 20 Download Article, The Role of Outstanding Foundation Awards in Fund Families, published in Asia-Pacific Journal of Financial Studies 46 (1).
  6. 2018 Academic Research Reward, National Chi Nan University.
  7. 2018 Teaching Excellence Award, National Chi Nan University.
  8. 2018 Excellent Teaching Instructor for Issues in Financial Econometrics, National Chi Nan University.
  9. 2017 AJFS Best Reviewer Award in Asia-Pacific Journal of Financial Studies, Korea Advanced Institute of Science and Technology (KAIST).
  10. 2017 Academic Research Reward, National Chi Nan University.
  11. 2017 Excellent Teaching Instructor for Regression Analysis, National Chi Nan University.
  12. 2017 Excellent Teaching Assistant Award for Regression Analysis, Course Instructor, National Chi Nan University.
  13. 2017 Excellent Mentor Award, National Chi Nan University.
  14. 2016 Academic Research Reward, National Chi Nan University.
  15. 2015 Academic Research Reward, National Chi Nan University.
  16. 2015 UMC Thesis Award, A Concentration Analysis of Domestic Equity Mutual Funds, published in Journal of Financial Studies 21 (1), supported by United Microelectronics Corporation, hosted by Chinese Management Association.
  17. 2014 Academic Research Reward, National Chi Nan University.
  18. 2013 Academic Research Reward, National Chi Nan University.
  19. 2012 Excellent Teaching Award, National Chi Nan University.
  20.  

Research Grants

  1. Hung, Pi-Hsia, 2021, Determinants and Influences of Block Orders:  An Intraday Analysis of the Taiwan Stock Exchange, Ministry of Science and Technology, Grant No: MOST 110-2410-H-260 -008 -MY2.
  2. Subsidy for Eikon with Datastream for Office, National Science Council, Grant No: 110-2740-H-260 -001 -EDS.
  3. Hung, Pi-Hsia, 2020, The Impacts of Price Limit Changes on Price and Size Clusterings and Market Quality in the Taiwan Stock Exchange, Ministry of Science and Technology, Grant No: MOST 109-2410-H-260-006 -.
  4. Hung, Pi-Hsia, 2019, Information Shares, Stock Returns, and Market Quality in the Taiwan Stock Exchange, Ministry of Science and Technology, Grant No: MOST 108-2410-H-260-006 -.
  5. Hung, Pi-Hsia, 2017, Does the Relaxation of Price Limits Improve Order Execution Quality? Evidence from the Taiwan Stock Exchange, Ministry of Science and Technology, Grant No: MOST 106-2410-H-260-016 -.
  6. Hung, Pi-Hsia, 2016, Trading Activities and Market Quality: Evidence from the Taiwan Stock Exchange, Ministry of Science and Technology, Grant No: MOST 105-2410-H-260-010 -.
  7. Hung, Pi-Hsia, 2015, Does Investor Sentiment Affect How Much of Trading Gains or Losses in the Taiwan Stock Exchange? Ministry of Science and Technology, Grant No: MOST 104-2410-H-260-012 -.
  8. Hung, Pi-Hsia, 2014, Investor Sentiment, Order Submission and Investment Performance in a Pure Order-driven Market, Ministry of Science and Technology, Grant No: MOST 103-2410-H-260 -013 -.
  9. Hung, Pi-Hsia, 2013, Stock Traders’ Order Submission Decision, Market Conditions, Investor Behavior and Investment Performance, National Science Council, Grant No: NSC 102-2410-H-260 -012 -.
  10. Hung, Pi-Hsia, 2012, Traders’ Order Choice Decision in a Pure Order-driven Market: Evidence from Taiwanese Intra-day Trading Behavior, National Science Council, Grant No: NSC 101-2410-H-260 -018 -.
  11. Subsidy for S&P Compustat Database Project, National Science Council, Grant No: NSC 101-2420-H-260 -001 -ED.
  12. Hung, Pi-Hsia, 2011, Order Submission Strategies and Execution Costs: Comprehensive Evidence from Institutional and Individual Intra-day Trading Behavior in a Pure Order-driven Market, National Science Council, Grant No: NSC 100-2410-H-260 -014 -.
  13. Hung, Pi-Hsia, 2010, Default Risk and Takeover Activities, National Science Council, Grant No: NSC 99-2410-H-260 -039 -.
  14. Hung, Pi-Hsia, 2009, Trade Sizes, Order Types, Investor Classes and Informed Trading: Evidence from Intra-day Institutional Trading in Taiwan, National Science Council, Grant No: NSC 98-2410-H-260 -015 -.

Referee Services

  1. Asia-Pacific Journal of Financial Studies
  2. Corporate Management Review
  3. Emerging Markets Finance and Trade
  4. International Journal of Commerce and Strategy
  5. International Review of Economics and Finance
  6. Journal of Finance and Accounting
  7. Journal of Management and Business Research
  8. Managerial Finance
  9. MOST College Student Research Projects, Ministry of Science and Technology
  10. MOST Research Projects, Ministry of Science and Technology
  11. National Accounting Review
  12. North American Journal of Economics and Finance 
  13. Pacific-Basin Finance Journal
  14. PLOS ONE
  15. Quantitative Finance and Economics
  16. Quarterly Review of Economics and Finance
  17. Review of Quantitative Finance and Accounting
  18. South Asian Journal of Management Sciences
  19. Sun Yat-Sen Management Review
  20. The British Accounting Review
  21. Universal Journal of Accounting and Finance

Conference Papers

  1. Lien, Donald and Pi-Hsia,* May 7, 2021, Contribution to Price Discovery across Investor Types in the Taiwan Stock Exchange, 2021 Central Finance Academic Conference, National Chiayi University, Taiwan.
  2. Hung, Pi-Hsia,* Donald Lien, and Hsiang-Yu Lo, May 7, 2021, Order Choices: An Intraday Analysis of the Taiwan Stock Exchange, 2021 Central Finance Academic Conference, National Chiayi University, Taiwan.
  3. Lien, Donald, Hsiang-Hsi Liu, Hung, Pi-Hsia,* and Ching-Yang Chen, June 15-16, 2019, Brand Visibility, Cash Flow Stability, and Idiosyncratic Risk, The 27th Annual Conference on Pacific Basin Finance, Economics, Accounting, and Management (27th PBFEAM), National Taiwan University, Taiwan.
  4. Hung, Pi-Hsia and Wei Chi Huang,* Financial Constraints, Retention Ratios, and Corporate Payout Policy, October 18-19, 2018, Applied and Advanced Science Exchange (AASE) International Academic Conference, Seoul, South Korea.
  5. Hung, Pi-Hsia and Yun-Ju Chien,* The Investment Concentration, Stock Picking, and Market Timing Abilities: Evidence from Equity Mutual Funds in Taiwan, October 18-19, 2018, Applied and Advanced Science Exchange (AASE) International Academic Conference, Seoul, South Korea.
  6. Hung,* Pi-Hsia and Hung-Ju Chen, Trading Price Ratios and Investment Performance: Evidence from the Taiwan Stock Exchange, June 6-8, 2018, BAI 2018 International Conference on Business and Information, Seoul, Korea.
  7. Lien, Donald and Pi-Hsia Hung,* Trading Aggressiveness, Order Execution Quality, and Stock Price Movements: Evidence from the Taiwan Stock Exchange May 25-26, 2018, International Conference of Taiwan Finance Association, National Chengchi University, Taipei, Taiwan.
  8. Hung, Pi-Hsia and Hung-Ju Chen,* Trading Price Ratios and Investment Performance: Evidence from the Taiwan Stock Exchange, October 6-7, 2017, ISERD - 246th International Conference on Accounting and Finance (ICAF 2017), Kobe, Japan.
  9. Hung, Pi-Hsia and Chiu-Ting Pan,* The Relaxation of Daily Price Limit and Stock Traders’ Order Submission Behavior: Evidence from the Taiwan stock Exchange, October 6-7, 2017, ISERD - 246th International Conference on Accounting and Finance (ICAF 2017), Kobe, Japan.
  10. Hung,* Pi-Hsia and Ching-Yang Chen, Brand Visibility, Cash Flow Stability, and Firm Value, June 6-7, 2017, SIBR 2017 Osaka Conference on Interdisciplinary Business and Economics Research (SIBR 2017), Osaka, Japan.
  11. Hung,* Pi-Hsia and Ching-Yang Chen, Brand Visibility, Cash Flow Stability, and Firm Value, June 6-7, 2017, SIBR 2017 Osaka Conference on Interdisciplinary Business and Economics Research (SIBR 2017), Osaka, Japan.
  12. Hung,* Pi-Hsia, Investor Sentiment, Order Submission, and Investment Performance on the Taiwan Stock Exchange, June 3-5, 2016, International Conference on Business and Information (BAI 2016), Nagoya, Japan.
  13. Hung,* Pi-Hsia and Chung-Yueh Lin, Stock Traders’ Order Aggressiveness and Investment Performance on the Taiwan Stock Exchange, May 27-28, 2016, International Conference of Taiwan Finance Association, Asia University, New Taipei City, Taiwan.
  14. Lin, Lin, Pi-Hsia Hung,* and Chun Heng Lin, A Revisit to Economic Exposure of U.S. Multinational Corporations, March 11, 2016, Global Economics and Management Conference: Business Finance and Enterprise Management in the Era of Big Data (Nantou Session), National Chi Nan University, Nantou, Taiwan. (Poster)
  15. Hung,* Pi-Hsia and Chung-Yueh Lin, Stock Traders’ Order Aggressiveness and Investment Performance on the Taiwan Stock Exchange, March 11, 2016, Global Economics and Management Conference: Business Finance and Enterprise Management in the Era of Big Data (Nantou Session), National Chi Nan University, Nantou, Taiwan.
  16. Lin, Lin, Pi-Hsia Hung,* and Pei-Jhen Su, The Role of Outstanding Foundation Awards in Fund Families, July 22-24, 2015, International Symposium on Economics and Social Science, Waseda University, Tokyo, Japan.
  17. Hung, Pi-Hsia and Chun-Heng Lin,* Linear and Nonlinear Economic Exposures of Foreign Exchange Rates: Evidence from U.S. Multinational Corporations, May 21, 2015, Business and Management Academic Conference, National Kaohsiung University of Applied Sciences, Kaohsiung, Taiwan.
  18. Hung, Pi-Hsia, Man-Yi Ting, and En-Hsin Lin,* Fund Rankings and Family Strategies, July 2-3, 2015, SIBR 2015 Osaka Conference on Interdisciplinary Business & Economics Research, Ark Hotel, Osaka, Japan.
  19. Lin, Lin, Pi-Hsia Hung,* and Chun Heng Lin, A Revisit to Economic Exposure of U.S. Multinational Corporations, June 5-6, 2015, International Conference of Taiwan Finance Association, Asia University, Taichung, Taiwan.
  20. Hao, Ying, Pi-Hsia Hung, Kuan-Cheng Ko, and Lin Lin, Residual Momentum and Investor Sentiment, June 5-6, 2015, International Conference of Taiwan Finance Association, Asia University, Taichung, Taiwan.
  21. Hung, Pi-Hsia and Chun-Heng Lin,* Linear and Nonlinear Economic Exposures of Foreign Exchange Rates: Evidence from U.S. Multinational Corporations, May 21, 2015, Business and Management Academic Conference, National Kaohsiung University of Applied Sciences, Kaohsiung, Taiwan.
  22. Hung, Pi-Hsia and Chia-Lin Wu,* The Impact of CEOs and CFOs Incentives on Corporate Policies and Performance, December 19, 2014, NTUB Conference of International, Practive and Management, National Taipei University of Business, Taipei, Taiwan.
  23. Lin, Lin, Pi-Hsia Hung,* and Pei-Jhen Su, The Role of Outstanding Foundation Awards in Fund Families, December 11, 2014, International Conference on Management and Application of Technology (ICFEM 2014), Toko University, Chiayi, Taiwan.
  24. Hung,* Pi-Hsia and Ruey-Shii Chen, Trade Sizes, Order Types, Investor Classes and Informed Trading: Evidence from a Pure Order Driven Market, June 27-29, 2014, International Academy of Business and Economics (IABE 2014), Verona, Italy.
  25. Lin, Lin, Pi-Hsia Hung,* and Pei-Jhen Su, Do Fund Families Take the Discrepancy Strategies toward the Best Fund Awards? May 7-9, 2014, International Conference on Social Science and Management (ICSSAM 2014), Kyoto, Japan.
  26. Hung,* Pi-Hsia and Yun-Lin Wu, Do Active Stock Traders Create Better Investment Performance? Evidence from a Pure Order-driven Market, May 30 - June 2, 2013, The Economics, Finance, Accounting & Management Research Conference (EFAMR 2013), Honolulu, U.S.
  27. Hung,* Pi-Hsia, Hsiang-Hui Chu, and Yun-Lin Wu, Order aggressiveness of traders: Evidence from Taiwan Stock Exchange, July 3-5, 2012, The International Conference on Business and Information (BAI 2012), Sapporo, Japan.
  28. Hung,* Pi-Hsia and You-Da Tsai, How does News of the Market Observation Post System Affect Stock Return? Evidence from Intra- and Inter-day Analyses in Taiwan Stock Exchange, September 20, 2011 International Business and Management Education Forum, Pingtung, Taiwan.
  29. Hung,* Pi-Hsia, Ruey-Shii Chen, and Chai-Yang Wu, A Study on the Relationship between Family, Ownership, Institution Share Holdings and Firm Value, May 6-8, 2011, The International Conference on Business, Engineering and Information Technology Management (BEIM 2011), Shanghai, China.
  30. Hung,* Pi-Hsia and Tang-Cheng Hung, Executive Compensation, Earnings Management, and Profitability, March 14-15, 2011, Taichung, Taiwan.
  31. Yu,* Chih-Hsien and Pi-Hsia Hung, Analysts’ Earnings Forecast — Firm Attributes Preferences and Market Response to Earnings Forecast Revision, June, 2002, Tunghai University, Taichung, Taiwan. (in Chinese)

Supervised College Student Research Projects

  1. Liang, Yu Hong, 2021, Portfolio Pumping: A Stock-level Analysis in the Taiwan Stock Exchange Ministry of Science and Technology, Grant No: 110-2813-C-260- 022-H.
  2. Guan Wei Wang, 2019, Institutional Ownership and Risk-adjusted Equity Returns: An Empirical Analysis of Investment Advantages in the Taiwan Stock Exchange, Ministry of Science and Technology, Grant No: 108-2813-C-260-023-H.
  3. Ming-Xin Guo, 2018, Window Dressing in Fund Managers, Ministry of Science and Technology, Grant No: 107-2813-C-260-008-H
  4. Fang-Yu Hu, 2017, The Influence of the CEO’s Personal Characteristics and Corporate Governance on the Firm Value after Mergers and Acquisitions, Ministry of Science and Technology, Grant No: 106-2813-C-260-019-H.
  5. Wen-Xin Lee, 2012, The Role of Institutional Investors in CEO Turnover: Evidence from Taiwan Stock Exchange, National Science Council, Grant No: 101-2815-C-260-012-H.

Supervised Student Dissertations

  1. Tseng, Li Wen, 2021, The Impacts of Cross-listed Firms’ Motivations and Firm Characteristics on Firm Value, Department of Banking and Finance, National Chi Nan University.
  2. Lan, Kung-Feng, 2021, The Impacts of Price Limit Change and Firm Characteristics on Institutional Ownership in the Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  3. Xu, Pei Qi, 2021, Best Global Brands, Earnings Quality, and Firm Performance, Department of Banking and Finance, National Chi Nan University.
  4. Cheng, Yuan-Ni, 2021, Investor Types and Herding Behavior: Evidence from the Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  5. Tsai, Hsin-Yu, 2021, Order Submissions Decision and Market Quality, Department of Banking and Finance, National Chi Nan University.
  6. Lo, Hsiang-Yu, 2020, Traders’ Order Decisions: Evidence from the Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  7. Lee, Cheng Kang, 2019, Intraday Magnet and Interday Trigger Effects of Price Limits in the Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  8. Lai, Li An, 2019, An Empirical Analysis of Odd Lots in the Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  9. Chen Li-Wen, Analysts’ Recommendation and Stock Traders’ Herding, Department of Banking and Finance, National Chi Nan University.
  10. Huang, Wei-Chi, 2018, Retention Ratios and Corporate Payout Policy: An Empirical Study on Financial Constraints and Crisis, Department of Banking and Finance, National Chi Nan University.
  11. Chien, Yun-Ju 2018, The Investment Concentration, Stock Picking, and Market Timing Abilities: Evidence from Equity Mutual Funds in Taiwan, Department of Banking and Finance, National Chi Nan University.
  12. Wu, Yi-Hsien, 2018, How Block Trades Affect Stock Return? Evidence from the Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  13. Chen, Yi-Hsuan, 2018, The Effects of the Relaxation of Stock Price Limits on Market Quality in the Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  14. Zhu, Jia-De, 2017, The Relaxation of Daily Price Limit, Order Execution, and Market Quality: Evidence from the Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  15. Chen, Hung-Ju, 2017, Trading Price Ratios and Investment Performance: Evidence from the Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  16. Pan, Chiu-Ting, 2017, The Relaxation of Daily Price Limit and Stock Traders’ Order Submission Behavior: Evidence from the Taiwan stock Exchange, Department of Banking and Finance, National Chi Nan University.
  17. Huang, Tzu-Hu, 2017, Stock Traders’ Disposition Effects and Contrarian Behavior: Evidence from the Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  18. Tseng, Yuh-Tyng, 2017, The Value of Cash Holdings and Firm Performance, Department of Banking and Finance, National Chi Nan University.
  19. Hung, Yi-Chun, 2016, Price Clustering, Trade-size Clustering and Performance on the Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  20. Tsai, Meng-Pin, 2016, Market Conditions, Order Submission, and Investment Performance, Department of Banking and Finance, National Chi Nan University.
  21. Chen, Ching-Yang, 2016, Brand Visibility, Cash Flow Stability and Firm Value, Department of Banking and Finance, National Chi Nan University.
  22. Lin, Zong-Wei, 2016, Whose Trades Move Stock Prices? Evidence from the Taiwan Stock Exchange? Department of Banking and Finance, National Chi Nan University.
  23. Lin, Chung-Yueh, 2015, Does Stock Trader’s Order Aggressiveness Predict Future Return? Evidence from an Order-driven Market, Department of Banking and Finance, National Chi Nan University.
  24. Lin, Jun-Heng, 2015, Linear and Nonlinear Economic Exposures of Foreign Exchange Rates: Evidence from U.S. Multinational Corporations, Department of Banking and Finance, National Chi Nan University.
  25. Wu, Chia-Lin, 2015, CEOs versus CFOs Incentives, Corporate Policies and Firm Performance, Department of Banking and Finance, National Chi Nan University.
  26. Wang, Zhi-Jun, 2015, The Degree of Traders’ Confidence, Herding Behavior and Investment Performance in Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  27. Ding, Man-Yi, 2014, The Role of the Fund Ranking: Do Fund Families Take the Discrepancy Strategies? Department of Banking and Finance, National Chi Nan University.
  28. Lin, Si-Yi, 2013, How do momentum strategies explain their dynamic relationship, firms’ excess returns, and earnings? Department of Banking and Finance, National Chi Nan University.
  29. Cheng, Miao-Sih, 2012, Default Risk and Takeover Activities, Department of Banking and Finance, National Chi Nan University.
  30. Su, Pei-Zhen, 2012, The Role of Award Funds in Fund Families: Does Fund Families Use Subsidy Strategies? Department of Banking and Finance, National Chi Nan University. (in Chinese)
  31. Tsai, Yon-Da, 2012, How does News of the Market Observation Post System Affect Stock Return? Evidence from Intra- and Inter-day Analyses in Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University. (in Chinese)
  32. Wu, Yun-Lin, 2011, Order Aggressiveness of Traders: Evidence from Taiwan Stock Exchange, Department of Banking and Finance, National Chi Nan University.
  33. Hung, Tang-Cheng, 2011, Executive Compensation, Earnings Management, and Profitability, Department of Banking and Finance, National Chi Nan University. (in Chinese)
  34. Li, Ssu-Chieh, 2011, A Comparative Study of Equity Mutual Funds: Concentrated versus Distributed Styles, Department of Banking and Finance, National Chi Nan University. (in Chinese)
  35. Liu, Yu-Hsin, 2010, A Comparative Analysis on Funds of Funds and Mutual Funds, Department of Banking and Finance, National Chi Nan University. (in Chinese)
  36. Wu, Chai-Yang, 2010, A Study on the Relationship between Family Ownership, Institution Share Holdings and Firm value, Department of Banking and Finance, National Chi Nan University. (in Chinese)
  37. Liao, Hsin-Yen, 2009, Order Imbalances, Investor Types and Stock Returns, Department of Banking and Finance, National Chi Nan University. (in Chinese)
  38. Teng, Wan-Fei, 2009, Price Clustering and Trade-size Clustering in Taiwan Stock Market, Department of Banking and Finance, National Chi Nan University. (in Chinese)