Tony Chieh-Tse Hou

Professor Tony Chieh-Tse Hou is currently a Professor in the Department of Finance, College of Management, National Dong Hwa University. His research has long focused on financial market regulation, industrial innovation, and investment strategies, with a particular emphasis on the application of empirical methodologies and the exploration of their policy implications. In recent years, his research interests have expanded to encompass Environmental, Social, and Governance (ESG) issues and sustainable finance, covering topics such as carbon pricing and emissions trading mechanisms, climate-related financial disclosure, and Nature-based Solutions (NbS). His work examines how sustainability factors influence corporate decision-making and the functioning of financial markets.

In addition, Professor Hou has made significant contributions to the field of behavioral finance, investigating how emotions and psychological factors affect individual judgment and decision-making under conditions of uncertainty. Through this research, he seeks to deepen the understanding of investment behavior and market dynamics. Adopting an interdisciplinary perspective that integrates finance theory, empirical analysis, and policy practice, Professor Hou continues to contribute to both the academic advancement and practical development of sustainable finance and investment behavior research.

侯介澤現任國立東華大學管理學院財務金融學系教授，長期致力於金融市場監理、產業創新及投資策略等領域之研究，並特別強調實證分析方法的運用及其政策意涵之探討。近年來，其研究重心逐步延伸至環境、社會與公司治理（ESG）及永續金融相關議題，涵蓋碳定價與碳交易機制、氣候風險財務資訊揭露，以及自然解方（Nature-based Solutions）等重要課題，探究永續發展因素對企業經營決策與金融市場運作之影響。

此外，侯教授亦深耕行為財務學研究，聚焦於情緒與心理因素在不確定環境下對個體判斷與決策行為的影響，藉以深化對投資決策過程及金融市場運作機制之理解。透過跨領域研究視角，結合財務金融理論、實證分析與政策實務，持續為永續金融發展與投資行為研究提供重要學術與實務貢獻。

Yushan National Park

ADDITIONAL INFORMATION

Curriculum Vitae

Data Sets

Tony Hou in Working Knowledge

FinTech Research Initiative

Sustainable Finance Research Initiative

Areas of Interest

analysts/investors behaviour

corporate strategy

empirical finance

foreign direct investment

Investments

patents

ESG

Carbon finance

Additional Topics

arts

business policy

competitive strategy

intellectual property

industrial policy

Industries

banking

consulting

management consulting

mutual funds

Geographies

Asian Pacific

Europe

United States

侯介澤 (M.B.A., Ph.D.)

財務金融學系教授

國立東華大學

97401花蓮縣壽豐鄉

大學路二段一號

Contact:

(03) 890-3142

Email: houc@gms.ndhu.edu.tw

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

Professor of Finance

National Dong Hwa University

Unit: Finance

Contact:

(03) 890-3142

Send Email:

houc@gms.ndhu.edu.tw

ACADEMIC APPOINTMENTS

•2019/08-國立東華大學財務金融學系教授

•2024/01- 2024/07

國立東華大學國際處副處長兼國際專修部主任

•2021/12- 2024/07

國立東華大學國際處副處長兼國際招生組組長

•2022

國立東華大學國際處副處長兼永續發展組組長

•2015/08-2021/07

國立東華大學財務金融學系主任

•2015/08-2021/07

國立東華大學管理科學與財金國際學士學位學程主任

RESEARCH INTERESTS

財務管理、綠色金融、永續投資、碳權市場、產業政策與經濟發展，以及企業減碳策略

Education:

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

Their research integrates environmental factors and technological progress into economic analysis, showing how sustainable growth can be achieved alongside climate policy.

The 2025 Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven economic growth.

Their research explains how technological innovation and “creative destruction” drive long-term economic development and rising living standards.

Working papers

Innovation Persistence and Firm Performance

Technological Agglomeration and Productivity

Carbon Pricing and Corporate Capital Structure Adjustment

Climate Disclosure and Technological Innovation

From Climate Economics to Endogenous Growth: Sustainability Reporting and Firm Performance

Climate Risk, Technological Change, and Cash Holdings

Papers

Griffin Msefula*, Tony Chieh-Tse Hou and Tina Lemesi, “Carbon Pricing, Economic Resilience, and Transport Decarbonization: Evidence from Finland,” Humanities and Social Sciences Communications, July 2026. (SSCI/A&HCI, 2025 IF=4.800, Ranking=9/275=3.27%)(Accepted)

Phillip J. McKnight* and Tony Chieh-Tse Hou, “The Limits of Volatility Drag: Path-Dependency and the Long-Term Suitability of Leveraged Treasury ETFs,” Journal of Asset Management, July 2026. (EconLit)(Accepted)

Tony Chieh-Tse Hou, Yang, Y* and Brightwell, M. S., “Analyst coverage, trade exposure, and corporate carbon emissions in China,” Eurasian Economic Review, pp.1-22, June 2026. (EconLit, 2025 IF=2.300, Ranking=105/581=18.07%)

侯介澤*、陳筱華和蘇韓姿，〈氣候風險與企業資本結構〉，《產業與管理論壇》，第28卷，第2期，第80-113頁， 2026年六月。（TSSCI）

Tony Chieh-tse Hou, Ngoc Hung Tran, Griffin Msefula* and Nokwanda Nokubongwa Dlamini, “Corporate Carbon Emissions and Firm Performance in South Africa,” Review of Integrative Business and Economics Research, Vol.14, No.1, pp.55-71, January 2025. (EconLit)

Chaur-Shyan Wang* and Tony Chieh-Tse Hou, “Independent Directors’ Social Connections and Analysts’ Attention Influence Corporate Social Responsibility Disclosure,” Sage Open, Vol.14, No.4, pp.1-16, November 2024. (SSCI, 2024 IF=2.000, Ranking=56/273=20.51%)

Griffin Msefula, Tony Chieh-Tse Hou* and Tina Lemesi, “Dynamics of legal structure and geopolitical influence on carbon tax in response to green transportation,” Applied Energy, Vol.371, pp.1-14, October 2024. (SCI, 2024 IF=11.000, Ranking=20/182=10.99%)

Griffin Msefula, Tony Chieh-tse Hou* and Tina Lemesi, “Financial and market risks of bitcoin adoption as legal tender: evidence from El Salvador,” Humanities & Social Sciences Communications, Vol.11, pp.1-15, October 2024. (SSCI/A&HCI, 2024 IF=3.600, Ranking=19/273=6.96%)

侯介澤、王朝賢* 和吳俊磊，〈獨立董事社會網絡與公司信用評等之關聯性〉，《東吳經濟商學學報》，第107期，第33-62頁， 2023年十二月。（其他具審查制度期刊）

侯介澤、王朝賢* 和謝明叡，〈企業社會責任與公司財務績效的關係–公司聲譽的中介效果〉，《中原企管評論》，第21卷，第2期，第32-53頁， 2023年八月。（其他具審查制度期刊）

侯介澤，<金融淨零與永續消費>，《財金資訊季刊》，第106期，2023年10月。

林上閔*、桑國忠、侯介澤和陳寶玉，〈客輪業者無預警停航之消費者保護機制研究/Research on Consumer Protection Mechanism of Passenger Ship Service Suspension Without Warning〉，《航運季刊》，第30卷，第1期，第27-53頁，2021年三月。（其他具審查制度期刊）

Muhammad Rizkan*, Romi Bhakti Hartarto, Supiandi and Chieh-Tse Hou, “The Role of Technology Information on Financial Literacy in Indonesia,” Jurnal Ekonomi & Studi Pembangunan, Vol.23, No.1, pp.157-170, April 2022. (其他具審查制度期刊)

Tony Chieh-TseHou* and Simon Gao, “The impact of economic freedom on financial analysts' earnings forecast: Evidence from the Asia-Pacific region,” Finance Research Letters, Vol.43, pp.1-11, November 2021. (SSCI, 2021 IF=9.848)

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.

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.

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.

Simon Gao and Tony Chieh-Tse Hou*, “An Empirical Examination of IPO Underpricing Between High-Technology and Non-High-Technology Firms in Taiwan,” Journal of Emerging Market Finance, Vol.18, No.1, pp.23-51, April 2019. (EconLit/其他具審查制度期刊)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.