Copyright © President & Fellows of National Dong Hwa University, College of Management

Tony Chieh-Tse Hou

Vice Dean & Director, International Division, Office of International Affairs

Professor of Finance,

Department of Finance, Sustainable Finance Research Centre

National Dong Hwa University, Hualien, Taiwan.


Tony Chieh-Tse Hou joined the faculty of the Management School in 2007. His research interests relate to the regulation of the financial markets, finance innovative activities and security valuation, carbon price and carbon trading, climate risk financial disclosure, ESG, and role of affect in human judgment and decision-making. In addition to his academic position, he also serves as the director of the sustainable finance research centre (SFRC) at the National Dong Hwa University in Taiwan.

Yushan National Park


Curriculum Vitae

Data Sets

Tony Hou in Working Knowledge

FinTech Research Initiative

Risk Management Research Initiative


Areas of Interest

analysts/investors behaviour

corporate strategy

empirical finance

foreign direct investment



risk management


Additional Topics


business policy

competitive strategy

data mining


intellectual property

technological innovation

technology management

technology strategy

text mining





management consulting

mutual funds



Asian Pacific


United States

侯介澤 (M.B.A., Ph.D.)

財務金融 教授


(03) 890-3142









Tony Chieh-Tse Hou, MBA, Ph.D.

Professor of Finance

National Dong Hwa University

Unit: Finance


(03) 890-3142

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PhD, School of Accounting, Financial Services and Law,

Edinburgh Napier University, Scotland.


PhD, Finance, Business School,

Cardiff University, Wales.


MBA International Banking

Birmingham University, England.


BCom Accounting and Finance,

Birmingham University, England.


Business Studies,

Warwick University, England.

Yale's Nordhaus and NYU's Romer win 2018 Nobel  Economics Prize for work on   climate and tech innovation



working papers


Director network and corporate social responsibility.


Analyst coverage, corporate social performance and firm performance in Asian-Pacific countries.


Corporate social performance and corporate cash holdings.


Financial Development and Carbon Emissions.



Journal Articles


  1. Tony Chieh-Tse Hou, Simon Gao (2021)The Impact of Economic Freedom on Financial Analysts' Earnings Forecast: Evidence from the Asia-Pacific Region, Finance Research Letters, Volume 43, November 2021, SSCI, Impact Factor: 9.848.


  1. Huang, Chia-Hui, and Tony Chieh-Tse Hou (2019) “Innovation, Research and Development, and Firm Profitability in Taiwan: Causality and Determinants.” International Review of Economics and Finance,Volume 59, 385-394, SSCI, Impact Factor: 2.522.


  1. Hou, Tony Chieh-Tse (2019) “The Relationships Between Corporate Social Responsibility and Sustainable Financial Performance: Firm-level Evidence from Taiwan.” Corporate Social Responsibility and Environmental Management, Volume26, Issue1, Pages 19-28, SSCI, Impact Factor: 8.741.


  1. Wu, Guan-Ru, Tony Chieh-Tse Hou, and Jin-Lung Lin, (2019) “Can Economic News Predict Taiwan Stock Market Returns.” Asia Pacific Management Review, Volume 24, Issue 1, 54-59. EconLit, Scopus, TSSCI.


  1. Gao, Simon, and Tony Chieh-Tse Hou (2019) “An Empirical Examination of IPO Underpricing Between High-Technology and Non-High-Technology Firms in Taiwan”, Journal of Emerging Market Finance, Volume: 18 issue: 1, page(s): 23-51. EconLit, ICI, Scopus.


  1. Hou, Tony Chieh-Tse, Phillip J. McKnight, and Charlie Weir (2016) “Returns to Buying Upward Revision and Selling Downward Revision: Some Preliminary Evidence from Canada”, Managerial Finance, Vol. 42 Iss 11 pp.1110 - 1124. EconLit, ESCI, Scopus.


  1. Hou, Tony Chieh-Tse, Weifeng Hung, and Simon Gao (2014) “Investors’ Reactions to Analyst Forecast Revisions and Information Uncertainty – Evidence of Stock Price Drift”, Journal of Accounting, Auditing and Finance, 06/2014; Vol. 29(3), 238-259. Scopus.


  1. Hou, Tony Chieh-Tse, Phillip J. McKnight, and Charlie Weir (2014) “The impacts of stock characteristics and regulatory change on mutual fund herding in Taiwan”, Applied Financial Economics, Vol. 24 (3), 175–186.  FLI, EconLit, Scopus.


  1. Huang, Chia-Hui, Tony Chieh-Tse Hou, and Chih-Hai Yang (2013), “FDI Modes and Parent Firms' Productivity in Emerging Economies: Evidence from Taiwan,” The Journal of International Trade & Economic Development, Vol.22 (8), 1240-1268. SSCI, EcoLit, Scopus Impact Factor: 1.073.


  1. Yang, Chih-Hai, Chia-Hui Huang, and Tony Chieh-Tse Hou (2012), “Tax Incentives and R&D Activity: Firm-Level Evidence from Taiwan,” Research Policy, Vol. 41 (9), 1578–1588. Scopus, SSCI, Impact Factor: 8.11.


  1. Findley, David F., Brian C. Monsell, and Tony Chieh-Tse Hou (2012), “Stock Series Holiday Regressors Generated From Flow Series Holiday Regressors,” Taiwan Economic Forecast and Policy, Vol. 43 (1), 1-48. EconLit, TSSCI.


  1. Hou, Tony Chieh-Tse (2012), “Return Persistence and Investment Timing Decision in Taiwanese Domestic Equity Mutual Funds,” Managerial Finance, Vol. 38 (9), 873–891. EconLit, ESCI, Scopus.


  1. Hou, Tony Chieh-Tse, Phillip J. McKnight and Torng-Her Lee (2012), “Momentum Strategies, Information Diffusion, and Investor Conservatism in Asian-Pacific Region,” Afro-Asian Journal of Finance and Accounting, Vol. 3 (2), 136-160. Scopus.


  1. McKnight, Phillip J., and Tony C.T. Hou (2006), “The Determines of Momentum in the United Kingdom,” Quarterly Review of Economics and Finance, Vol. 46, No. 2, May, pp. 227-240. Scopus, EconLit.


  1. Hou, Tony C.T., and Phillip J. McKnight (2004), “An Explanation of Momentum in Canadian Stocks,” Canadian Journal of Administrative Science, 21, 4, December. ISI, SSCI, Impact Factor: 1.689.


  1. 侯介澤,我國證券商債券部位透過通路銷售並支 付通路服務費之可行性及適法性研究,證券公會 季刊, 2018.12 [民107.Q4], 頁34-39。


  1. 侯介澤,許我一個資本市場合理的稅費制度,證 券公會季刊, 2017.11 [民106.11], 頁38-39。


  1. 林士傑、張蕙嬿、侯介澤,我國不動產逆向抵押 貸款發展之探討,存款保險資訊季刊, 27:3, 2014.09 [民103.09], 頁28-55。


  1. 侯介澤、賴威仁、彭俊能、葉俊沂, 臺灣銀行業整體經營風險之探討:羅吉特迴歸與 危險比率迴歸模型之比較,臺灣銀行季刊, 65:2,2014.06 [民103.06], 頁70-92。


  1. 侯介澤、郝彥瑞,遠期外匯契約避險策略之探討 ,中華管理評論,17:2,2014.05 [民103.05],頁(3)1-(3)17。



Conference Papers:


  1. 侯介澤、王朝賢、吳俊磊,獨立董事社群網絡對 公司信用評等之影響,2021 管理觀念與應用研討會,2021年4月3日至4月4日 ,國立中山大學管理學院


  1. Tony Chieh-Tse Hou, Simon Gao, The Effects of Environmental, Social and Governance Investment on Corporate Cash Holdings: Cross-Country Evidence from Asia-Pacific Economies, the 2019 Cross Country Perspectives in Finance (CCPF) Conference,  June 25-27, 2019 (Jinan, China).


  1. Chia Hui Huang and Tony Chieh-Tse Hou, Patent Scope, Invention and Patent Quality in Taiwan's Electronics Industry, the Western Economic Association 15th International Conference, Keio University, 21-24 March 2019 (Tokyo, Japan); 4th International Workshop on “Financial Markets and Nonlinear Dynamics” (FMND), May 31 - June 1, 2019 (Paris, France).


  1. Tony Chieh-Tse Hou and Chia Hui Huang, R&D Investment and Capital Structure Decisions, the Western Economic Association 15th International Conference, Keio University, 21-24 March 2019 (Tokyo, Japan).


  1. Tony Chieh-Tse Hou, Corporate Social Responsibility and Firms’ Innovation: Evidence from Taiwan. Industrial university of Ho Chi Minh city, 30 March 2019 (Ho Chi Minh city, Vietnam).


  1. Tony Chieh-Tse Hou, Simon Gao, Economic Freedom and Financial Analysts' Earnings Forecast: A Cross-country Study, 2018 Cross Country Perspectives in Finance (CCPF) Conference, Guangzhou, China, 21-23 June, 2018; Special Theme of Journal of International Financial Markets, Institutions and Money, the 2018 Cross Country Perspective in Finance Symposium, Dar es Salaam, Tanzani, 12-17 December, 2018.


  1. Tony Chieh-Tse Hou, Simon Gao, Environmental, Social and Governance and Analyst Coverage in Asian-Pacific Regions, 2nd Carbon Accounting and Finance International Conference, Wuhan, China, 30 November - 1 December, 2018.


  1. Tony Chieh-Tse Hou, Chia-Hui Huang, Corporate Social Responsibility and Firm Innovation in Taiwan, the Ethical Finance and Governance in Emerging Markets Conference (featuring Belt and Road Initiative), Edinburgh, UK, 2-3 May, 2018.


  1. Tony Chieh-Tse Hou, Earnings Management and Stock Returns, 2018 Management Theory and Practice Conference, Hualien, Taiwan, 1-2 April, 2018.


  1. Chia-Hui Huang, Tony Chieh-Tse Hou, Patent Quality and Market Value: Firm-Level Evidence from Taiwan, Finance and Economic Growth in the Aftermath of the Crisis, Milan, Italy, 11-13 September, 2017.


  1. Tony Chieh-Tse Hou, Chia-Hui Huang, Innovation, R&D, and Firm Profitability, Finance and Economic Growth in the Aftermath of the Crisis, Milan, 11-13 September, 2017; ICAFEL, Tainan, Taiwan, April 2017.


  1. Chia-Hui Huang, Tony Chieh-Tse Hou, Innovation Quantity and Quality: Firm-Level Evidence in Taiwan, COMSA 2015, The PRESDA Foundation of Japan, April 2015, Hiroshima, Japan.


  1. Tony Chieh-Tse Hou, Revisit Weekly Momentum, Workshop on Credit Risk Modeling and Management, CRMM 2015, March 2015, Hualien, Taiwan.


  1. Tony Chieh-Tse Hou, Innovation and Profitability: Firm-Level Evidence from Taiwan, The 20th International Panel Data Conference, July 2014, Hitotsubashi University, Tokyo, Japan.


  1. Tony Chieh-Tse Hou, The Study of Default Risk in Equity Return for U.S. Listed Firms, 2014 South Taiwan Statistics Conference (STSC), June 2014, Hualien, Taiwan.

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