Tony Chieh-Tse Hou

Professor Tony Chieh-Tse Hou is a Professor in the Department of Finance, College of Management, National Dong Hwa University. His research focuses on financial market regulation, industrial innovation, and investment strategies, with a strong emphasis on empirical research and policy analysis. In recent years, he has expanded his research to Environmental, Social, and Governance (ESG) issues and sustainable finance, including carbon pricing, emissions trading systems, climate-related financial disclosure, and Nature-based Solutions (NbS). His work examines how sustainability challenges and opportunities influence corporate behavior, investment decisions, and financial market outcomes.

Professor Hou is also actively engaged in behavioral finance research. His work investigates how emotions, cognitive biases, and cognitive distortions shape judgment and decision-making under uncertainty. More recently, he has extended this line of inquiry to explore the interaction between artificial intelligence (AI) and human decision-making, examining how AI-driven information, algorithms, and digital platforms influence investor behavior, risk perception, and financial outcomes. By integrating financial theory, behavioral science, empirical analysis, and policy perspectives, Professor Hou seeks to bridge academic research and real-world practice, contributing to the advancement of sustainable finance, behavioral finance, and AI-enabled financial decision-making.

侯介澤教授現任國立東華大學管理學院財務金融學系教授。其研究領域涵蓋金融市場監理、產業創新及投資策略，並著重於實證研究方法及其政策意涵分析。近年來，研究重心延伸至環境、社會與公司治理（ESG）及永續金融議題，包括碳定價與碳交易制度、氣候相關財務揭露，以及自然解方（Nature-based Solutions, NbS）等，探討永續發展因素如何影響企業決策、投資行為與金融市場運作。

此外，侯教授長期投入行為財務學研究，聚焦於情緒、認知偏誤（cognitive biases）及認知扭曲（cognitive distortions）對個體在不確定環境下判斷與決策行為的影響。近年其研究進一步延伸至人工智慧（AI）與人類決策互動領域，探討AI演算法、智慧資訊系統及數位平台如何影響投資人行為、風險認知與財務決策績效。透過結合財務理論、行為科學、實證分析與政策實務的跨領域研究視角，侯教授持續推動永續金融、行為財務及AI驅動金融決策研究之學術發展與實務應用。

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.

Current Working Papers

Innovation Persistence and Corporate Performance
Technological Agglomeration and Firm Productivity
Carbon Pricing and Corporate Capital Structure Adjustment
Climate Disclosure and Technological Innovation
Sustainability Reporting, Endogenous Growth, and Firm Performance
Climate Risk, Technological Change, and Corporate Cash Holdings

Peer-Reviewed Journal Publications

Msefula, G.*, Hou, T. C.-T., & Lemesi, T. (2026). Carbon Pricing, Economic Resilience, and Transport Decarbonization: Evidence from Finland. Humanities and Social Sciences Communications. Accepted for publication. (SSCI/A&HCI)

McKnight, P. J.*, & Hou, T. C.-T. (2026). The Limits of Volatility Drag: Path Dependency and the Long-Term Suitability of Leveraged Treasury ETFs. Journal of Asset Management. Accepted for publication. (EconLit)

Hou, T. C.-T., Yang, Y.*, & Brightwell, M. S. (2026). Analyst Coverage, Trade Exposure, and Corporate Carbon Emissions in China. Eurasian Economic Review, 1-22. (EconLit)

侯介澤*、陳筱華、蘇韓姿（2026）。氣候風險與企業資本結構。《產業與管理論壇》，2 8（2），80-113。（TSSCI）

Hou, T. C.-T., Tran, N. H., Msefula, G.*, & Dlamini, N. N. (2025). Corporate Carbon Emissions and Firm Performance in South Africa. Review of Integrative Business and Economics Research, 14(1), 55-71. (EconLit)

Wang, C.-S.*, & Hou, T. C.-T. (2024). Independent Directors’ Social Connections and Analysts’ Attention Influence Corporate Social Responsibility Disclosure. SAGE Open, 14(4), 1-16. (SSCI)

Msefula, G., Hou, T. C.-T.*, & Lemesi, T. (2024). Dynamics of Legal Structure and Geopolitical Influence on Carbon Tax in Response to Green Transportation. Applied Energy, 371, 1-14. (SCI)

Msefula, G., Hou, T. C.-T.*, & Lemesi, T. (2024). Financial and Market Risks of Bitcoin Adoption as Legal Tender: Evidence from El Salvador. Humanities & Social Sciences Communications, 11, 1-15. (SSCI/A&HCI)

侯介澤、王朝賢*、吳俊磊（2023）。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》，107，33-62。

侯介澤、王朝賢*、謝明叡（2023）。企業社會責任與公司財務績效之關係：公司聲譽之中介效果。《中原企管評論》，21（2），32-53。

1Hou, T. C.-T.*, & Gao, S. (2021). The Impact of Economic Freedom on Financial Analysts’ Earnings Forecasts: Evidence from the Asia-Pacific Region. Finance Research Letters, 43, 1-11. (SSCI)

Rizkan, M.*, Hartarto, R. B., Supiandi, & Hou, T. C.-T. (2022). The Role of Technology Information on Financial Literacy in Indonesia. Jurnal Ekonomi & Studi Pembangunan, 23(1), 157-170. (EconLit)

Lin, S.-M.*, Sang, K.-C., Hou, T. C.-T., & Chen, P.-Y. (2021). Research on Consumer Protection Mechanisms of Passenger Ship Service Suspension Without Warning. Shipping Quarterly, 30(1), 27-53.

Huang, C.-H., & Hou, T. C.-T. (2019). Innovation, Research and Development, and Firm Profitability in Taiwan: Causality and Determinants. International Review of Economics and Finance, 59, 385-394. (SSCI)

Hou, T. C.-T. (2019). The Relationship Between Corporate Social Responsibility and Sustainable Financial Performance: Firm-Level Evidence from Taiwan. Corporate Social Responsibility and Environmental Management, 26(1), 19-28. (SSCI)

Wu, G.-R., Hou, T. C.-T., & Lin, J.-L. (2019). Can Economic News Predict Taiwan Stock Market Returns? Asia Pacific Management Review, 24(1), 54-59. (EconLit, Scopus, TSSCI)

Gao, S., & Hou, T. C.-T.* (2019). An Empirical Examination of IPO Underpricing Between High-Technology and Non-High-Technology Firms in Taiwan. Journal of Emerging Market Finance, 18(1), 23-51. (EconLit)

Hou, T. C.-T., McKnight, P. J., & Weir, C. (2016). Returns to Buying Upward Revisions and Selling Downward Revisions: Some Preliminary Evidence from Canada. Managerial Finance, 42(11), 1110-1124. (EconLit, ESCI, Scopus)

Hou, T. C.-T., Hung, W., & Gao, S. (2014). Investors’ Reactions to Analyst Forecast Revisions and Information Uncertainty: Evidence of Stock Price Drift. Journal of Accounting, Auditing & Finance, 29(3), 238-259. (Scopus)

Hou, T. C.-T., McKnight, P. J., & Weir, C. (2014). The Impacts of Stock Characteristics and Regulatory Change on Mutual Fund Herding in Taiwan. Applied Financial Economics, 24(3), 175-186. (EconLit, Scopus)

Huang, C.-H., Hou, T. C.-T., & Yang, C.-H. (2013). FDI Modes and Parent Firms’ Productivity in Emerging Economies: Evidence from Taiwan. The Journal of International Trade & Economic Development, 22(8), 1240-1268. (SSCI, EconLit, Scopus)

Yang, C.-H., Huang, C.-H., & Hou, T. C.-T. (2012). Tax Incentives and R&D Activity: Firm-Level Evidence from Taiwan. Research Policy, 41(9), 1578-1588. (SSCI, Scopus)

Findley, D. F., Monsell, B. C., & Hou, T. C.-T. (2012). Stock Series Holiday Regressors Generated From Flow Series Holiday Regressors. Taiwan Economic Forecast and Policy, 43(1), 1-48. (EconLit, TSSCI)

Hou, T. C.-T. (2012). Return Persistence and Investment Timing Decisions in Taiwanese Domestic Equity Mutual Funds. Managerial Finance, 38(9), 873-891. (EconLit, ESCI, Scopus)

Hou, T. C.-T., McKnight, P. J., & Lee, T.-H. (2012). Momentum Strategies, Information Diffusion, and Investor Conservatism in the Asia-Pacific Region. Afro-Asian Journal of Finance and Accounting, 3(2), 136-160. (Scopus)

McKnight, P. J., & Hou, T. C.-T. (2006). The Determinants of Momentum in the United Kingdom. Quarterly Review of Economics and Finance, 46(2), 227-240. (Scopus, EconLit)