Research

Research Interests

Behavioral Finance, Corporate Finance, International Finance, and Derivatives

Professional Software Skills

WinRats, SAS, Eventus, Matlab, E-Views, and S-Plus

Publications

1.          ¡§Testing the Pecking Order Theory in Taiwan:  A Panel Data Analysis,¡¨  (with Dar-Hsin Chen, Jianguo Chen, and Yu-Fang Huang) Forthcoming in International Review of Economics and Finance, 2011.

2.         ¡§ The Effects of Abolishing a Foreign Institutional Investment Quota in Taiwan,¡¨ (with Alex Huang and Chih-Chun Chen) Forthcoming in Emerging Markets Finance and Trade, 2011.

3.          ¡§Assessing the Effects of Sports Marketing on Stock Returns:  Evidence from the Nippon Professional Baseball Series,¡¨ (with Chih-Chun Chen) Forthcoming in Journal of Sports Economics, 2011.

4.         ¡§Trading Behaviors under Free-Floating Exchange Rate System:  An analysis of South Korea¡¦s Financial Markets,¡¨ (with Lloyd Blenman and Dar-Hsin Chen) International Journal of Banking and Finance 7(2), 37-58, 2010. (NSC 94-2416-H-212-008)

5.          ¡§Do Investors Herd in Emerging Stock Markets? Evidence from the Taiwanese Market,¡¨ (with Riza Demirer and Ali Kutan) Journal of Economic Behavior and Organization 76(2), 283-295, 2010.

6.          ¡§Return Autocorrelations in the Stock Markets,¡¨ Applied Economics Letters 16(9), 907-911, 2009.

7.          ¡§The Positive and Negative Impacts of the SARS Outbreak:  A Case of Taiwan Industries,¡¨ (with Wan-Wei Tang, Chin-Chun Chen, and Bor-Yi Huang) Journal of Developing Areas 43(1), 281-293, 2009.

8.          ¡§Downside Risk Measures and Equity Returns in the NYSE,¡¨ (with Dar-Hsin Chen and Jianguo Chen) Applied Economics 41(8), 1055-1070, 2009.

9.          ¡§Are They Hedgers or Speculators? Evidence from South Korea¡¦s Political Elections,¡¨ (with Wan-Wei Tang) Emerging Markets Finance and Trade 45(1), 55-66, 2009.

10.      ¡§The Motivations of Issuing Convertible Bonds ¡V An Inquiry of the Sequential-financing Hypothesis,¡¨ (with Fu-Pin Hung, Dar-Hsin Chen, and Hsin-Ho Lin) Journal of Economics and Management 4(2), 229-250, 2008.

11.      ¡§The Effects of Sports Marketing on Enterprise¡¦s Value ¡V A Case from Nippon Professional Baseball Championship Competitions,¡¨ Soochow Journal of Economics and Business 63, 77-110, 2008.

12.      ¡§The Impacts of Opening Margin Trading on Stock Return, Volatility and Turnover Rate in Taiwan¡¨, (with Dar-Hsin Chen and Chih-Min Lai) Journal of Economics and Management 3(1), 99-126, 2006.

13.      ¡§The Effect of IPO Lockup Agreements on Stock Prices: An Empirical Analysis on the Taiwan Stock Exchange,¡¨ (with Dar-Hsin Chen, Lloyd P. Blenman, and Feng-Shun Bin) Global Business and Finance Review 10, 39-56, 2005.

14.      ¡§The Optimal Dynamic Hedging Strategy for Nikkei 225 Index and Futures,¡¨ (with Mingchih Lee and Jer-Shiou Chiou) Journal of Statistics & Management Systems 8(3), 477-491, 2005.

15.      ¡§The Intraday Behaviors and Relationships with Its Underlying Assets:  Evidence on Option Market in Taiwan,¡¨ (with MingChih Lee) International Review of Financial Analysis 14(5), 587-603, 2005.

16.      ¡§Political Elections and Foreign Investor Trading in South Korea¡¦s Financial Market,¡¨ (with Chien-Liang Chiu and Wan-Wei Tang) Applied Economics Letters 12(11), 673-677, 2005.

17.      ¡§Hedging with S&P500 and E-mini S&P500 Stock Index Futures,¡¨ (with Mingchih Lee, Jer-Shiou Chiou and Pei-Shan Wu) Journal of Statistics & Management Systems 8(2), 275-294, 2005.

18.      ¡§Hedging with Floor-Traded and E-mini Stock Index Futures,¡¨ (with Chien-Liang Chiu, Pei-Shan Wu, and Wan-Hsiu Cheng) Quarterly Journal of Business and Economics 44(3&4), 49-68, 2005.

19.      ¡§The Impacts of Political Events on Foreign Institutional Investors and Stock Returns: Emerging Market Evidence from Taiwan,¡¨ (with Dar-Hsin Chen and Feng-Shun Bin) International Journal of Business 10(2), 165-188, 2005.

20.      ¡§Removal of an Investment Restriction:  The ¡¥B¡¦ Share Experience from China¡¦s Stock Markets,¡¨ (with Chien-Liang Chiu and MingChih Lee) Applied Financial Economics 15(4), 273-285, 2005.

21.      ¡§Studies on the Effect of Trading Volume and Return Volatility on Call Warrants and Underlying Stocks in Taiwan,¡¨ (with Chien-Liang Chiu, Ming-Chih Lee, and Cho-Min Lin) Quarterly Journal of Business and Economics 44(1&2), 29-43, 2005.

22.      ¡§Initial Public Offerings in the Tourism Industry:  An International Analysis in Taiwan,¡¨ (with Dar-Hsin Chen) Journal of Hospitality Financial Management 12(1), 27-40, 2004.

Other Publications

23.      ¡§An analysis of Foreign Exchange Market Microstructure in Taiwan,¡¨ SinoPac Financial Journal 41, 1-35, 2008. (Leading Article)

24.      ¡§The Impacts of US and Taiwan Macroeconomic Information on the Asymmetric Volatility Transmission in Taiwan Stock and Futures Markets¡¨, Tunghai Management Review 9(1), 65-90, 2007.

25.      ¡§Monetary Policy, Firm Size and Stock Return in Taiwan¡¨, Journal of Risk Management 8(2), 177-199, 2006.

26.      ¡§Legislative Election Impact on Volatility of Taiwan Stock and Foreign Exchange Markets:  An Application of Jump-Diffusion Model¡¨, Tunghai Management Review 8(1), 33-52, 2006.

27.      ¡§The Relationships among the Asian Stock Markets:  Evidence from the Lowest Index of Japan¡¦s Stock Market¡¨, Journal of Business Administration 67, 1-30, 2005. (Leading Article)

28.      ¡§Re-investigation on Monetary Policy, Exchange Rate and Stock Price: An Application of GARCH-IRF Model¡¨, Chaoyang Business and Management Review 4(2), 73-92, 2005.

29.      ¡§Re-examining the Predictability of Stock Index Return:  Evidence from Time Series Models¡¨, Tunghai Management Review 7(1), 167-192, 2005.

30.      ¡§The Impacts of Monetary Policies on Bull and Bear Stock Market:  Evidence from Taiwan¡¨, Taiwan Money Market Journal 9(1), 1-20, 2005. (Leading Article)

31.      ¡§The Influence of Foreign Capital¡¦s Attitude toward Political Risk on the Taiwanese Stock Market:  The Election of Mr. Chen Shui-Bian as the 10th R.O.C. President¡¨, Taiwan Money Market Journal 8(4), 21-34, 2004.

32.      ¡§The Relationship between Stock Index Returns and Index Option Trading Volumes in Taiwan¡¨, Taiwan Money Market Journal 8(1), 17-36, 2004.

33.      ¡§A Study on the Stock Market Dynamic Asymmetries in the Asian-Pacific Region¡¨, Chung Yuan Management Review 1(2), 147-174, 2003.

34.      ¡§A Capitalization and Industrial Study of Announcement Effects of Stock Repurchases on Taiwan TSE Market¡¨, Hwa-Kang Economic Review 3(1), 69-92, 2003.

35.      ¡§The Hedging Performance of Stock Index Futures Markets in Taiwan¡¨, Journal of Business Administration 58, 85-104, 2003.

36.      ¡§The Relationships of Index Return among Taiwan, U.S., and Japan Stock Markets¡¨, Quarterly Journal of Bank of Taiwan 53(4), 67-88, 2002.

Presentations and Conferences

1.     ¡§Assessing the Effects of Sports Marketing on Stock Returns:  Evidence from the Nippon Professional Baseball Series¡¨ presentation at the 2011 Taiwan Conference on Business and Information, April 28-29, 2011, National Taipei University, Taipei, Taiwan. (Best Paper Award)

2.     ¡§Panel Data Analyses of the Pecking Order Theory and the Market Timing Theory of Capital Structure in Taiwan¡¨ presentation at the 50th Annual Meeting of the Southwestern Finance Association, March 8-12, 2011, Hyatt Regency Houston, Houston, Texas, USA.

3.     ¡§Trading Behaviors among Major Investors in the USD Currency Futures Markets Evidence from South Korea¡¨ presentation at the International Conference on Business And Information (BAI 2010), July 5-7, 2010, Kitakyushu, Japan.

4.     ¡§VaR and the Cross-Section of Expected Stock Returns: An Emerging Market Evidence¡¨ presentation at the 49th Annual Meeting of the Southwestern Finance Association, March 2-6, 2010, Sheraton Dallas Hotel, Dallas, Texas, USA.

5.     ¡§The Uncertainty of Interest Rate and Exchange Rate on Stock Returns:  A Revisit to Japan and Taiwan¡¨ presentation at the 49th Annual Meeting of the Southwestern Finance Association, March 2-6, 2010, Sheraton Dallas Hotel, Dallas, Texas, USA.

6.     ¡§The Abolishment of QFII¡¦s Investment Quota in Taiwan¡¨ presentation at the 48th Annual Meeting of the Southwestern Finance Association, February 24-28, 2009, Renaissance Hotel with the Sheraton, Oklahoma City, Oklahoma, USA.

7.     ¡§The Uncertainty of Interest Rate and Exchange Rate, Stock Return, and Firms Size in Taiwan and Japan:  A Revisit¡¨ presentation at the 2008 Southern Finance Association, November 19-22, 2008, Casa Marina Resort and Beach Club, Key West, Florida, USA.

8.     ¡§Rumors and Stock Returns:  A Study of Taiwan¡¨ presentation at the 15th Industry Management Conference, November 7, 2008, National Taipei University, Taipei, Taiwan.

9.     ¡§The Influence of Rumors on Price Changes and Trading Activity in Taiwan¡¦s Stock Market¡¨ presentation at  the 2008 Annual Meeting of the Financial Management Association International, October 8-11, 2008, Gaylord Texan Resort & Convention Center, Grapevine (Dallas), Texas, USA.

10.   ¡§The Announcement Effect of Cash Dividend Changes on Share Prices:  An Empirical Analysis of China¡¨ presentation at the 57th Annual Meeting of the Midwest Finance Association, February 27-March 1, 2008, Marriott River Center Hotel, San Antonio, Taxes, USA.

11.   ¡§Trading Behaviors and Currency Market Liberalization in South Korea¡¨ presentation at the 2007 Annual Meeting of the Financial Management Association International, October 17-20, 2007, the Caribe Royale Hotel, Orlando, Florida, USA.

12.   ¡§Exchange Market Liberalization, Foreign Direct Investment, and Stock Returns in South Korea¡¨ presentation at the International Academy of Business and Economics-2007 Las Vegas Annual Conference, October 14-17, 2007, Plaza Hotel-Casino, Las Vegas, Nevada, USA.

13.   ¡§Exchange Market Liberalization, Foreign Direct Investment, and Stock Returns in South Korea¡¨ presentation at the 46th Annual Meeting of the Southwestern Finance Association, March 13-17, 2007, the Town & Country Resort and Convention Center, San Diego, California, USA.

14.   ¡§Trading Behaviors under Floating Exchange Rate System: An Analysis of South Korea¡¦s Financial Markets¡¨ presentation at the 2006 Southern Finance Association Annual Meetings, November 15-18, 2006, Hilton Sandestin Beach Golf Resort and Spa, Destin, Florida, USA.

15.   ¡§Foreign Direct Investment, Exchange Rate Systems, and Stock Returns in South Korea¡¨ presentation at the 2006 Taiwan Conference on Business and Information (TBI2006), November 1, 2006, National Taipei University, Taiwan. (Best Paper Award)

16.   September 30, 2006, ¡§Monetary Policy, Firm Size, and Stock Returns¡¨, Ching-Yun University, Taiwan.

17.   ¡§Foreign Direct Investment, Exchange Rate Systems, and Stock Returns in South Korea¡¨ presentation at the 2006 International Conference on New Global Management Environment, September 21, 2006, National Changhua University of Education, Taiwan.

18.   ¡§Trading Behaviors under Floating Exchange Rate System: An Analysis of South Korea¡¦s Financial Market¡¨ presentation at the Joint 14th Annual Conference on Pacific Basin Finance, Economics, and Accounting and 2006 Annual FeAT Conference, July 14-15, 2006, the Grand Hotel, Taipei, Taiwan. (Sponsor by National Science Council, No.94-2416-H-212-008)

19.   ¡§The Positive and Negative Impacts of the SARS Outbreak: A Case of Taiwan Industries¡¨ presentation at the International Conference on Business and Information, July 12-14, 2006, Singapore.

20.   ¡§Trading Behaviors under Free-Floating Exchange Rate System: An analysis of South Korea¡¦s Financial Markets¡¨ presentation at the 2006 AsianFA/FMA Conference, July 10-12, 2006, Auckland, New Zealand. (Sponsor by National Science Council, No.95-2914-I-212-005-A1)

21.   ¡§Are They Hedgers or Speculators? Evidences from South Korea¡¦s Political Elections¡¨ presentation at the 6th Annual Hawaii International Conference on Business, May 25-28, 2006, Waikiki Beach Marriott, Honolulu, Hawaii, USA. (Sponsor by Da-Yeh University)

22.   ¡§The Positive and Negative Impacts of the SARS Outbreak: A Case of Taiwan Industries¡¨ presentation at the 6th Annual Hawaii International Conference on Business, May 25-28, 2006, Waikiki Beach Marriott, Honolulu, Hawaii, USA. (Sponsor by Da-Yeh University)

23.   ¡§Downside Risk Measures and Equity Returns in the NYSE¡¨ presentation at the 2005 International Conference on Business and Finance, December 16-17, 2005, Dept. & Graduate Institute of Banking and Finance, Tamkang University, Taiwan.

24.   December 10, 2005, ¡§The Impact of U.S. and Taiwan Macroeconomic Information Announcements on Taiwan Stock Market¡¨, Graduate School of Business Administration, Chung Hua University, Taiwan.

25.   December 2, 2005, ¡§The Relationships among the Asian Stock Markets:  Evidence from the Lowest Index of Japan¡¦s Stock Market¡¨, National Taipei College of Business, Taiwan.

26.   November 16, 2005, ¡§The Discount Rate and Return Volatility of ETF:  Evidence from UK, France, German, and Japan¡¨, the Ninth Conference on Finance:  Theories and Practices. Department of Finance, Chaoyang University of Technology, Taiwan.

27.   ¡§The Effect of IPO Lockup Agreements on Stock Prices: An Empirical Analysis on the Taiwan Stock Exchange,¡¨ presentation at the 2005 Annual Meeting of the Financial Management Association International, October 12-15, 2005, Chicago, Illinois, USA.

28.   October 22, 2005, ¡§Political Elections and Foreign Investor Trading in South Korea¡¦s Financial Market¡¨, Hsuan Chuang University, Taiwan.

29.   September 24, 2005, ¡§The Motivations of Issuing Convertible Bonds - An Inquiry of the Sequential-financing Hypothesis¡¨, Ching-Yun University, Taiwan.

30.   June 18, 2005, ¡§The Intraday Behaviors and Relationships with Its Underlying Assets: Evidence on Option Market in Taiwan¡¨, Da-Yeh University, Taiwan.

31.   June 18, 2005, ¡§Are They Hedgers or Speculators? Evidences from South Korea¡¦s Political Elections¡¨, Da-Yeh University, Taiwan.

32.   June 9, 2005, ¡§The Intraday Behaviors and Relationships with Its Underlying Assets: Evidence on Option Market in Taiwan¡¨, Shih Chien University, Taiwan.

33.   May 26, 2005, ¡§Political Elections and Foreign Investor Trading in South Korea¡¦s Financial Market¡¨, 2005 Conference on Business Operations and Management, Kainan University, Taiwan.

34.   May 13-14, 2005, ¡§Are They Hedgers or Speculators? Evidences from South Korea¡¦s Political Elections¡¨, 2005 Annual Meeting of the Taiwan Finance Association Meetings, National Cheng Kung University, Taiwan.

35.   December 18, 2004, ¡§Re-examining the Corporate Bankruptcy Prediction Model: Inclusion of Corporate Governance Variables and the Application of Logistic Model¡¨, 2004 Conference on Financial Theory and Practices, Aletheia University, Taiwan.

36.   ¡§The Effect of IPO Lockup Agreements on Stock Prices:  An Empirical Analysis on the Taiwan Stock Exchange,¡¨ presented at the 2003 Hawaii International Conference on Business, June 18-21, 2003, Honolulu, Hawaii, USA.

37.   June 1-2, 2001, ¡§Correlation in Price Changes and Volatility of International Stock Markets¡¨, 2001 Annual Meeting of the Taiwan Finance Association, Tamkang University, Taiwan.

Research Grants

Faculty Development Grants (Tennessee State University)

1.          The Effects of Investment Deregulation of B-shares on China¡¦s Stock Market: Perspectives of Dual-listed Firms. (by Tennessee State University, 2010. Amount:  USD$ 1,500)

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Summer Research Grants (Tennessee State University, College of Business)

1.          Assessing the Effects of Sports Marketing on Stock Returns:  Evidence from the Nippon Professional Baseball Series (by Tennessee State University/College of Business, 2010. Amount:  USD$ 6,000)

2.          An Impact of the Stock Market Liberalization in China:  Evidence from Foreign Institutional Investor Scheme. (by Tennessee State University/College of Business, 2009. Amount:  USD$ 6,000)

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NSC (National Science Council, Taiwan)

1.          Exchange Market Liberalization, Foreign Direct Investment, and Stock Returns in South Korea.  Sponsor by National Science Council, No.96-2416-H-212-009, [2007/8/1-2008/7/31], Amount:  USD$ 12,600.

2.          The Effects of Investment Deregulation of B-shares on Chinese Stock Markets: Perspectives of Dual-Issue Firms and Investors.  Sponsor by National Science Council, No.95-2416-H-212-008, [2006/8/1-2007/7/31], Amount:  USD$ 11,100.

3.          Trading Behaviors under Free-Floating Exchange Rate System: An analysis of Korean Financial Markets.  Sponsor by National Science Council, No.94-2416-H-212-008, [2005/8/1-2006/7/31], Amount:  USD$ 10,600.

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