![劉玉珍[北京大學光華管理學院教授]](/img/f/121/nBnauM3XyMzN2ITN0ETN2kTO0UTMyITNykTO0EDMwAjMwUzLxUzL4gzLt92YucmbvRWdo5Cd0FmLzE2LvoDc0RHa.jpg "劉玉珍[北京大學光華管理學院教授]")
人物經歷
學習經歷
1991 台灣中山大學 金融學 博士。
1988 台灣中山大學 企業管理 碩士。
1985 台灣政治大學 企業管理 學士。
工作經歷
1991―1996。
台灣中正大學金融系副教授。
1996―1998。
台灣中正大學金融系教授，系主任。
1998―2007。
台灣政治大學財務管理系教授，系主任。
2007―。
光華管理學院金融系主任、金融碩士項目主任 。
研究方向
行為金融學。
證券市場微結構。
家庭金融。
投資學。
主要貢獻
曾在國際主要學術期刊如Review of Financial Studies, Management Science, Journal of Financial and QuantitativeAnalysis, Journal of Banking and Finance, European Finance Management, Reviewof Quantitative Finance and Accounting, Decision Support System, Journal ofBusiness, Finance and Accounting, Pacific Basin Finance Journal等國內外刊物發表數十篇文章。
期刊論文獲得美國 SandellResearch Grant on Retirement (美國聯邦社會安全署支持計畫) (2006)。
研究論文被美國會計師協會文摘,( 2004),美國商業周刊(2004)等多個期刊轉載。
曾獲得美國財務年會American FinanceAssociation（AFA）travel grant Travel Grant。
擔任國際多個重要期刊的評審委員。
她曾分別擔任台灣政治大學與中正大學財務管理學系系主任,政治大學商學院投資人研究中心主任, 台灣證券櫃檯買賣中心獨立董事，期交所交易委員，證券商業同業公會顧問，台北市政府特種基金顧問，投資人保護中心調解委員，台灣金融學會理事，台灣經濟部國有事業民營化諮詢委員，並為台灣多個主要金融學術期刊的編輯委員。
過去十年來深入參與台灣證券暨期貨管理委員會、證券交易所、證券櫃檯買賣中心，台灣期貨交易所，證券暨市場發展基金會, 集保公司與證券商業同業公會等的市場規劃與相關制度設計。其他實務經驗尚包括, 基金投資產品設計, 投資人保護與教育, 銀行不動產估價與企業授信決策模型,國營事業民營化, 釋股評策略規劃等方面。曾出版『財務管理』、『股市EQ』、『證券市場理論與實務』等書。
英文期刊
1) Conghui Hu and Yu-Jane Liu, Valuing Diversity: CEOs' Career Experiences and Corporate Investment, accepted for publication in Journal of Corporate Finance, 2014.
2) Yu-Jane Liu, Longkai Zhao, Zheng Zhang,“Speculation Spillover”, Management Science(SSCI), forthcoming.
3) Yi-Tsung Lee, Yu-Jane Liu, Wei-Shao Wu, Robert Fok, "Hedging Costs, Liquidity, and Inventory Management: The Evidence from Option Market Makers", Journal of Financial Markets(SSCI), 2014, 18: 25-48.
4) Brad Barber, Yi-Tsung Lee, Yu-Jane Liu, Terrance Odean, The Cross-section of Speculator Skill: Evidence from Day Trading", Journal of Financial Markets(SSCI), 2014, 18: 1-24.
5) Mao-Wei Hung, Yu-Jane Liu, and Chia-Fen Tsai, "Managerial personal diversification and portfolio equity incentives." Journal of Corporate Finance, 2012, 18 (1): 38-64..
6) Yu-Jane Liu, Chih-Ling Tsai, Min-Chun Wang and Ning Zhu, "Prior Consequences and Subsequent Risk Taking: New Field Evidence from the Taiwan Futures Exchange", Management Science(SSCI), 2010, 56: 606-620.
7) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, "Just HowMuch do Individual Investors Lose by Trading?" Review of Financial Studies, 2009, 22 (2): 609-632.
8) Li-wen Chen, Ji-Chai Lin, Yu-Jane Liu and Shane Johnsen, Information, Sophisication, and Foreign versus Domestic Investors' Performance, Journal of Banking and Finance(SSCI) , 2009, 33( 9): 1636-1651.
9) Yu-Jane Liu, Min-Chun Wang and Longkai Zhao, Narrow Framing: Perfessions, Sophisication and Experience, Journal of Futures Market (SSCI), 2009,140: 175-203.
10) Rachel, Yu-Jane Liu and Larry Tzeng, "Hidden Overconfidence and Advantageous Selection", The Geneva Risk and Insurance Review, 2010, 35 (2): 93-107.
11) Yi-Tsung Lee, Yu-Jane Liu and Ning Zhu, 2008, The costs of owning employer stocks: Evidence from Taiwan, Journal of Financial and Quantitative Analysis,(SSCI), 2008, 43:717-740.
12) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, Is the Aggregate Investor Reluctant to Realise Losses? Evidence from Taiwan, European Financial Managment(SSCI), Vol 13, Iss. 3, Jun 2007, 423-447.
13) Ji-Chai Lin, Yi-Tsung Lee and Yu-Jane Liu, "IPO Auctions and Private Information", Journal of Banking and Finance (SSCI), Vol. 31 Iss. 5, May 2007, 1483-1500.
14) Lee, Yi-Tsung, Yu-Jane Liu, Richard Roll, and Avanidhar Subrahmanyam, Taxes and Dividend Clientele: Evidence from Trading and Ownership Structure, Journal of Banking and Finance (SSCI), Vol. 30, 2006, 229-246.
15) Yi-Tsung Lee, Yu-Jane Liu, Richard Roll and Avanidhar Subrahmany,"Order Imbalance and Market Efficiency: Evidence from the Taiwan Stock Exchange, " Journal of Financial and Quantitative Analysis (SSCI), Vol. 39, Iss. 2, Jun. 2004,327-342. (has been re-summarized in The CFA Digest, Vol. 34, Iss. 4, Nov. 2004, 54-55.)
16) Ray Tsaih, Yu-Jane Liu, Wenchin Liu, and Yu-Ling Lien, "A Decision Support System for Small Business Loans", Decision Support System（SCI）. Vol. 38, Iss. 1, Oct. 2004, 91-99.
17) Yu-Jane Liu and K.C. John Wei Liaw and Gwohorng, "On the Demand Elasticity of IPO: An Analysis of Discriminatory Auctions", International Review of Finance, 2001,151-178.
18) Y.T.Lee, Robert Fok and Y.J, Liu, "Information Stocks, Trading Strategies and Order Imbalance, " Journal of Business, Finance and Accounting,(SSCI）Vol. 28, No.1&2, Jan/March. 2001.199-230.
19) Chih-Hsien Yu andYu-Jane Liu, "On the Effect of Stock Stabilization Fund—A Case of Taiwan, " Review of Pacific Basin Financial Markets and Policies.
20) Y. T. Lee, J.C. Lin and Y.J.Liu, " Trading Patterns of Big versus Small Traders: An Emerging Market Analysis, " Journal of Banking and Finance (SSCI), 1999, 701-725.
21) Y. J. Liu, V. W. Liu, and C. S. Wu, "The Impact of Information Diffusion on Comparisons among Various Trading Mechanisms," Review of Quantitative Finance and Accounting, Vol. 9, No. 3, 1997, 301-326.
22) Y. J. Liu, "Auction Mechanisms and Information Structure：An Experimental Study of Information Aggregation in Securities Markets," Research in Experimental Economics, Vol. 6, JAI Press Inc., 1996, 165-212.
23) K.C. Wei, Y. J. Liu, C. C. Yang and K. H. Chuang, "Volatility and Price Changes Spillover Effects Across the Developed and Emerging Markets," Pacific-Basin Finance Journal, Vol. 3, No. 1, March 1995, 113-136.
中文期刊
1) 劉莎莎，劉玉珍，唐涯， "信息優勢、風險調整與基金業績"，管理世界，2013，No.8，67-76.
2) 高明、劉玉珍，"跨國家庭金融比較：理論與政策意涵"，經濟研究，2013，No.2， 134-149.
3) 孟涓涓，趙龍凱，劉玉珍，尤煒，"社會性學習、從眾心理和股市參與決策"，金融研究，2013，No.7.
4) 陶啟智，周銘山，劉玉珍，"槓桿率在公司併購後的變動-部分調整模型的套用"，金融學季刊，2011，No.6.
5) 周銘山，孫磊，劉玉珍， "社會互動、相對財富關注及股市參與"，金融研究，2011，No.2， 172-184.
6) 劉玉珍，張崢，徐信忠，張金華， "基金投資者的框架效應"，管理世界，2010，No.2，25-37.
7) 周銘山、張維寧、李廣子、劉玉珍，"自願披露與公司融資選擇"，金融學季刊，2010，No.5.
8) 李怡宗，劉玉珍，王錦瑩，陳薇如，賴文弘，“限價委託簿信息透明度與市場質量”，證券市場發展季刊(TSSCI)，2007，forthcoming.
9) 王錦瑩，陳隆麒，劉玉珍,“股票回購對股利政策變動公告效應之影響”的接受，管理評論(TSSCI),第25 卷第3 期,2006.
10) 陳嘉惠，劉玉珍，林炯垚，“公開市場股票回購影響因素分析”，證券市場發展季刊(TSSCI), 第15 卷第3 期, October 2003, 27-61.
11) 劉玉珍，葉淑玲，簡淑芬，季秀，“建構我國未上市(櫃)股票交易制度之研究”，證券市場發展季刊(TSSCI),第13 卷 第 4 期, Jan, 2002, 1-42.
12) 陳嘉惠，高郁惠，劉玉珍，“ 投資人偏好與資產配置”，台灣管理學刊，第1 卷 第 2 期, February 2002, 213-232.
13) 劉玉珍與徐敏富，“民營化對股市的衝擊”，中山管理評論(TSSCI)，1999.
14) 李怡宗、劉玉珍、李健瑋，“Black-Scholes評價模式在台灣認購權證市場之實證”（最佳論文獎），管理評論(TSSCI)，第18卷第3期，1999，83-104.
15) 劉玉珍、臧大年、陳薇如，“未上市股票市場價差決定因子之實證研究” ，證券市場發展季刊(TSSCI) 10:4（第十卷第四期），1998，27-54.
16) 劉玉珍，何怡滿，“台灣股市隔夜報酬預測因子之實證研究”，管理科學學報(TSSCI)，第十四卷第一期，1994，頁三九~六十四。
17) 劉玉珍，周行一，潘璟靜，“台灣股市價格限制與交易行為”，中國財務學刊(TSSCI)，第四卷第二期，1996, 頁四一~六十。
18) 劉維基，劉玉珍，黃建順，潘璟靜，“台灣股市日內價格變動分析”，證券市場發展季刊(TSSCI)，第七卷第二期，1995年，頁四十七~七十三。
19) 黃仁甫、劉玉珍，“台灣股市交易信息不對稱之實證研究”，中國財務學刊(TSSCI)，第三卷第一期，1995, 七月，頁九十五~一一七。
20) 劉玉珍，“國際股市信息結構之實證研究”，台大管理論叢(TSSCI)，第五卷第一期，1994，頁一八九~ 二二二。
21) 劉玉珍，何怡滿，“台灣股市公司特性與信息結構之實證研究”，國科會人文社會科學論叢，第四卷第一期，1994年一月，頁一一四~三二。
22) 劉玉珍，劉維基，林淑鈴，“台灣股市季盈餘宣告的信息－隨機優勢模式與資本資產定價模式之比較”，管理科學學報(TSSCI)，第十卷第一期，1993，頁二十三~ 四十六。
23) 劉玉珍，劉維基，謝政能，“台灣股市過度反應之實證研究”，台大管理論叢(TSSCI)，第四卷第一期，1993，頁一零五~一四六。
24) 劉玉珍，劉維基，史習安，“台灣股市真實價格發現能力之實證研究”，台大管理論叢(TSSCI)，第二卷第一期，1991，頁一一九~一三八。
25) 劉玉珍，劉維基，吳欽杉，郭秋榮，“台灣地區股票上市公司變現能力與股票報酬關係之實證研究”，管理科學學報(TSSCI)，第八卷第一期，1991，頁三十七~五十一。
26) 劉維基，吳欽杉，劉玉珍，“競價制度對股市變現能力的影響之模擬研究”，社會科學論叢，第三十八輯，1990年，頁一零七~一二九。
27) 劉維基，吳欽杉，劉玉珍，“股市投資人投單策略形成之模擬研究”，政大管理評論(TSSCI)， 1990年，頁一三九~一五四。
28) 22)劉維基，黃鉦堤，劉玉珍，“台灣證券市場公司規模與盈餘公告所含信息內容之實證研究”，管理科學學報(TSSCI)，第七卷第一期，1990年，頁三十一~四十八。
29) 吳欽杉，劉玉珍，“台灣地區上市公司股票最後進出喊價價差的決定因子之實證研究”，管理科學學報(TSSCI)，第六卷第一期，1989年五月，頁一~一十六。
30) 劉維基，劉玉珍，“融資順位理論的發展與實證”，政大管理評論(TSSCI)，1989年，頁七~二十二。
出席會議
1) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2006.01.06, Who Loses from Trade? Evidence from Taiwan,The 2006 Annual Meeting of American Finance Association, AFA, Boston.
2) Lin, Ji-Chai, Yi-Tsung Lee, and Yu-Jane Liu, 2005.12.14, IPO Auctions and Private Information, The 18th Australasian Finance & Banking Conference 2005, School of Banking and Finance, The University of New South Wales, SYDNEY.
3) Lee, Yi-Tsung, Yu-Jane Liu, and Vivian W. Tai, 2005.10.14, Who Demand on the Brokerage House Recommendations? , 2005 Annual Meeting of the Financial Management Association International, FMA, Chicago.NSC 92-2416-H-004-054-EF.
4) Lin, Ji-Chai, Yi-Tsung Lee, and Yu-Jane Liu, 2005.07.05, Why Have Auctions Been Losing Market Shares to Bookbuilding in IPO Markets? The 80th Annual Conference of Western Economic Association International, WEAI, San Fransico.
5) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2004.12.21, Do Individual Day Traders Make Money? Evidence from Taiwan, 2004 NTU International Conference, National Taiwan University, Taipei. (Has been re-summarized by Business Week, August 16, 2004.).
6) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2004.12.18, Who Gains from Trade? Evidence from Taiwan,The 12th Conference on the Theories and Practices of Securities and Financial Markets, Department of Finance, NSYSU, Kaohsiung. (The Best Paper Award).
7) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2004.10.16, Do Individual Day Traders Make Money? Evidence from Taiwan, Behavioral Finance Program Meeting, National Bureau of Economic Research, Inc., Massachusetts, USA.
8) Lin, Ji-Chai, Yi-tsung Lee, and Yu-Jane Liu, 2003.11, Why are IPO Auctions Not Popular? The 11th Conference on Pacific Basin Finance, Economics, and Accounting, Taipei.
9) Lee, Yi-Tsung, Lin, Ji-Chai, and Yu-Jane Liu, 2003.10, The Performance of Auctions in Pricing IPO Shares: New Evidence, 2003 Annual Meeting, Financial Management Association, Denver, US.
10) Lee, Yi-Tsung, Yu-Jane Liu, and John Wei, 2003.08, The Probit Model: An Application to the Choice of Initial Public Offerings Methods, Joint Statistical Meetings, American Statistics, San Francisco, US.
11) Lee, Yi-Tsung, Ji-Chai Lin, and Yu-Jane Liu, 2003.06, The Performance of Auctions in Pricing IPO Shares: New Evidence, 2003 Annual Meeting, European Financial Management Association, Helsinki, Finland.
12) Lee, Yi-Tsung, Ji-Chai Lin, and Yu-Jane Liu, 2003.01, The Performance of Auctions in Pricing IPO Shares: New Evidence, Pacific Rim Conference, WEAI, Taipei.
13) Lee, Yi-Tsung, Yu-Jane Liu, and John Wei, 2002.07, Institutional Order Submission Strategies, Execution Costs, and Opportunity Costs, The 77thAnnual Conference of WEAI, Western Economic Association International, Seattle, USA.
14) Lee, Yi-Tsung, Yu-Jane Liu and John Wei, “Execution costs, and opportunity costs: A tradeoff analysis for institutional traders,” The 10th Security Market Theory and Practice Conference held in National Sun Yat-sen University, 2001.
15) Liaw, Gwohorng, Yu-Jane Liu and K.C. John Wei, "On the Demand Elasticity of IPO: An Analysis of Discriminatory Auctions", American Finance Assoication, 2001, NTU International Finance Conference 2000.（The Best Paper Award）.
16) Y.T.Lee, Robert Fok and Yu-Jane Liu, “Information Stocks, Trading Strategies and Order Imbalance,” The First National Practices Economics Conference（The Best Paper Award）.
17) K.C. John Wei, Yu-Jane Liu, Huan-Di Yi, and Le-Ming Su, “Institutional Trades and Price Impacts on the Taiwan Stock Exchange, FMA, 1998.
18) Yu-Jane Liu, Ming-Fu Shyu, “The Impact of Stock Floation on Privatization”, National Sun Yat-sen Securities and Finance Conference, Oct. 1997.
19) Z. S. Yu, Yu-Jane Liu and W. I. Dai, “The Effect of Taiwan Stabilization Funds: Under the Military Exercise from Mainland China,” National Sun Yat-sen Securities and Finance Conference, Oct. 1997.
20) Edward H. Chow, Yi-Tsung Lee and Yu-Jane Liu, “Intraday Information, trading Volume, and Return Volatiltiy: Evidence from the Order Flows on the Taiwan Stock Exchange,” FMA, Oct. 1997.
21) Lee, J.C. Lin and Yu-Jane Liu, "On the Taiwan Stock Exchange: Big Versus Small Players," PACAP/CFA, EFMA conference, July 1996.
22) Yu-Jane Liu, "Information Shocks, Trading Strategies and Order Imbalance -A Closer Look in Taiwan Stock Market," International Conference of Asian-Pacific Business Management, January 1996（Taipei）.
23) Yu-Jane Liu, Edward, H. Chow and G. G. Pan, "Limit Moves and Positive Feedback Trading," The Theories and Practices in Securities and Finance Markets－National Sun Yat-sen University, 1995,（Kaoshiung）.
24) Yu-Jane Liu, "Auction Mechanisms and Information Structure：An Experimental Study of Information Aggregation in Securities Markets," National Taiwan University Internation Finance Conference. 1995.（Taipei）. (The Best Paper Award).
25) Edward H. Chow, Yu-Jane Liu, Gin-Gin Pan, ”Analysis of The Price Limits, Investing Strategies, and Market Performance in Taiwan Stock Market”, The Theories and Practices in Securities and Finance Markets－National Sun Yat-sen University, 1.
獲獎記錄
曾榮獲國際多個學術論文研討會最佳論文獎。
被評為台灣中山大學管院傑出校友。
