photo
Name Chou-Wen Wang
Title Professor
Research Interests Financial Engineering, High-dimensional Asset Model, Quantitative Investment and Program Trading, Mortality Model and Longevity Securitization, Dimension Reduction In Portfolio Selection
Office 管4096
Phone 4827
Email chouwenwang@mail.nsysu.edu.tw


Education 2002, Ph.D., Money and Banking, National Chengchi University
1998, Master, Finance, National Sun Yat-sen University
1960, Bachelor, Management Science, National Chiao Tung University
Experience 2021-08-01 ~ , Asia-Pacific EMBA, Class Teacher
2019-06-01 ~ , Hua Nan Financial Holdings, Director
2017-08-01 ~ , National Sun Yat-sen University, Chair
2015-01-01 ~ , Taiwan Academy of Banking and Finance, 菁英講座
2013-08-01 ~ 2017-01-31, National Kaohsiung University of Science and Technology, Department of Finance , Professor
2013-04-01 ~ , Risk and Insurance Research Center, College of Commerce, NCCU, Research Fellow
Administrative Positions
2017-08-01 ~ , Department of Finance, National Sun Yat-sen University, Chair
Category Year Title
Journal Article 2021 吳錦文、王昭文、黃振聰、田高銘 (2021). Empirical Study of Financial News Sentiment Classification: Evidence from Anue Financial News. Journal of Futures and Options, 14(3), 71-118. (TSSCI)
Journal Article 2021 Wang, C. W., Zhang, J. G., & Zhu, W. J. (2021). Neighbouring Prediction for Morality. ASTIN Bulletin, 51(3), 689-718. (SSCI)
Journal Article 2021 Lin, T. L., Wang, C. W., & Tsai, C.-L. C. (2021). Correlated age-specific morality model: an application to annuity portfolio management. European Actuarial Journal, 11, 413-440. (SSCI)
Journal Article 2020 Sharon S. Yang, Chou-Wen Wang, I-Chien Liu (2020). Analytic Formulae for Valuing Guaranteed Minimum Withdrawal Benefits in a Multi-Asset Framework. Journal of Financial Studies, 28(1), 1-25. (TSSCI)
Journal Article 2020 Ko-Lun Kung,I-Chien Liu,Chou-Wen Wang (2020). Modeling and Pricing Longevity Derivatives Using Skellam Distribution. Insurance, Mathematics and Economics, 99, 341-354. (SSCI)
Journal Article 2018 Zhu, WJ; Tan, KS; Porth, L; Wang, CW (2018). Spatial dependence and aggregation in weather risk Hedging: A levy subordinated hierarchical archimedean copulas (LSHAC) approach. Astin Bulletin, 48(2), 779-815. (SSCI)
Journal Article 2017 Wang, CW; Huang, HC (2017). RISK MANAGEMENT OF FINANCIAL CRISES: AN OPTIMAL INVESTMENT STRATEGY WITH MULTIVARIATE JUMP-DIFFUSION MODELS. ASTIN BULLETIN, 47(2), 501-525. (SSCI)
Journal Article 2017 Wang, CW; Yang, SS; Huang, JW (2017). Analytic option pricing and risk measures under a regime-switching generalized hyperbolic model with an application to equity-linked insurance. QUANTITATIVE FINANCE, 17(10), 1567-1581. (SSCI)
Journal Article 2017 Zhu, WJ; Tan, KS; Wang, CW (2017). Modeling Multicountry Longevity Risk With Mortality Dependence: A Levy Subordinated Hierarchical Archimedean Copulas Approach. Journal of Risk and Insurance, 84, 477-493. (SSCI)
Conference Paper 2019 I-Chien Liu, Hong-Chih Huang, Chou-Wen Wang (2019). Modeling and Pricing Longevity Derivatives Using CBD Mortality Model withMultivariate Ane non-Gaussian Distributions. 23rd International Congress on Insurance: Mathematics and Economics (IME 2019), Germany.
Conference Paper 2019 Chou-Wen Wang, Chin-Wen Wu, Po-Wen Su (2019). Smart Investment Strategies with Candlestick Convolutional Autoencoder. 23rd International Congress on Insurance: Mathematics and Economics (IME 2019), Germany.
Conference Paper 2019 Chou-Wen Wang, Tzuling Lin (2019). Longevity Securitization with multivariate ane mortality model. 23rd International Congress on Insurance: Mathematics and Economics (IME 2019), Germany.
Conference Paper 2017 Chou-Wen Wang, Tzuling Lin, Cary Chi-Liang Tsai (2017). Annuity Portfolio Management with Correlated Age-Specific Mortality Rates. 21st International Congress on Insurance: Mathematics and Economics - IME 2017, Australia.
Conference Paper 2016 Chou-Wen Wang, Bin Li, Kai Liu, Ken Seng Tan (2016). Asset Allocation model under Multivariate Affine Generalized Hyperbolic Framework.. 2016 International Conference on Business and Information (BAI 2016), Japan.
Book and Chapter 2017

Chou-Wen Wang (2017). 期貨與選擇權. 新陸書局

Year Title
2021

國立中山大學110年度秋季班金融創新產業碩士專班. 台新國際商業銀行股份有限公司 (8)

2021

補助國內大專校院購置「Eikon with Datastream for Office 財經資訊」資料庫專案. Ministry of Science and Techonology (110-2740-H-110-001-EDS)

2021

互動式極限梯度提昇演算法在長壽風險管理之運用. Ministry of Science and Techonology (110-2410-H-110-021-MY3)

2020

Smart Robo-Advisor Information Service Enterprises Industry Cooperation Project. 移通數碼科技股份有限公司 (N109004)

2020

Research on Modeling and Data Source Optimization Model for Small and Medium Enterprise Credit Rating. Institute for Information Industry (N109077)

2020

Industrial Technology Graduate Program in Financial Innovation. Taishin International Bank (N109144)

2020

Construction and Prediction of Multi-Country Mortality Models with Non-Gaussian Extreme Gradient Boosting. Ministry of Science and Techonology (109-2410-H-110-022-)

2019

Industrial Technology Graduate Program in Financial Innovation. Taishin International Bank (N108112)

2018

Pension Fund Management: Longevity Securitization and Smart Beta Strategies. Ministry of Science and Technology, R.O.C (107-2410-H-110-010-MY3)

2018

理財資訊服務產學合作案. THIZLINUX INC. (N107067)

2018

國立中山大學107年度秋季班金融創新產業碩士專班. Taishin International Bank (N107056)

2018

開辦大專院校金融講堂課程. Taiwan Stock Exchange Corporation (N105079)

2018

開辦大專院校金融講堂課程. 臺灣證券交易所股份有限公司 (N107122)

2017

Industrial Technology Graduate Program in Financial Innovation. Taishin International Bank (N106044)

2017

Efficient Portfolio Dimension Reduction in Index Tracking and Enhanced Indexation: Smart Beta Score, Time-Varying Asset Return and Optimal Combination Rule. Ministry of Science and Technology, R.O.C (105-2410-H-110-089-MY2)

2017

FINANCIAL MANAGEMENT & RESEARCH. 安泰證券股份有限公司 (N106104)

Year Semester Required / Selected Department Course Code Course
110 2 Required EMBA EMBA9005 ANALYSIS IN ASIA-PACIFIC ECNOMIC AND TRADE ENVIRON
110 2 Required Department of Finance FM545 CURRENT FINANCIAL PROBLEMS ANALYSIS
110 2 Selected College of Management CM506 FINANCIAL SERVICE AND FINANCIAL TECHNOLOGY CAPSTON
110 2 Required Department of Finance FI603 PROFESSIONAL PRACTICE IN FINANCIAL INDUSTRY (IV)
110 2 Required Department of Finance FM912 CURRENT FINANCIAL PROBLEMS ANALYSIS
110 2 Selected Department of Finance FM905 THE THEORY AND PRACTICE OF INVESTMENT MANAGEMENT
110 2 Required Department of Finance FI502 CURRENT FINANCIAL PROBLEMS ANALYSIS
110 2 Required Department of Finance FI605 INDEPENDENT STUDIES IN MASTER THESIS (II)
110 2 Required EMBA EMBA901B ANALYSIS IN CORPORATE FINANCE
110 2 Required Department of Finance FI501 PROFESSIONAL PRACTICE IN FINANCIAL INDUSTRY (I)
110 2 Required EMBA EMBA9004 ANALYSIS IN ASEAN MARKET AND TRADE ENVIRONMENT(IV)
110 1 Required Department of Finance FI602 PROFESSIONAL PRACTICE IN FINANCIAL INDUSTRY (III)
110 1 Required Department of Finance FI604 INDEPENDENT STUDIES IN MASTER THESIS (I)
110 1 Required Department of Finance FI601 PROFESSIONAL PRACTICE IN FINANCIAL INDUSTRY (II)
110 1 Required EMBA EMBA975 FINANCIAL INSTITUTIONS AND CAPITAL MARKETS
110 1 Selected Department of Finance FM617 FINANCIAL INVESTING AND PROGRAM TRADING
110 1 Selected Department of Finance FM616 THE DEVELOPMENT OF FINTECH SERVICES
110 1 Required EMBA EMBA997 ANALYSIS IN GLOBAL ECONOMY AND TRADE
110 1 Required Department of Finance FM303 INVESTMENT
110 1 Required EMBA EMBA9003 ANALYSIS IN ASEAN MARKET AND TRADE ENVIRONMENT(II
110 1 Selected Department of Finance FM704 ECONOMETRICS (I)
109 2 Required Department of Finance FI501 PROFESSIONAL PRACTICE IN FINANCIAL INDUSTRY (I)
109 2 Selected College of Management CM406 FINANCIAL MANAGEMENT
109 2 Selected 跨院選修(管) GEAI1453 FINANCIAL MANAGEMENT
109 2 Required Department of Finance FM545 CURRENT FINANCIAL PROBLEMS ANALYSIS
109 2 Required Department of Finance FI603 PROFESSIONAL PRACTICE IN FINANCIAL INDUSTRY (IV)
109 2 Required Department of Finance FM912 CURRENT FINANCIAL PROBLEMS ANALYSIS
109 2 Required Department of Finance FI502 CURRENT FINANCIAL PROBLEMS ANALYSIS
109 2 Required EMBA EMBA901B ANALYSIS IN CORPORATE FINANCE
109 2 Selected College of Management CM506 FINANCIAL SERVICE AND FINANCIAL TECHNOLOGY CAPSTON
109 2 Required Department of Finance FI605 INDEPENDENT STUDIES IN MASTER THESIS (II)
109 2 Selected Department of Finance FM803 INVESTMENT THEORY AND EMPIRICAL STUDY
109 1 Required Department of Finance FI602 PROFESSIONAL PRACTICE IN FINANCIAL INDUSTRY (III)
109 1 Selected Department of Finance FM616 THE DEVELOPMENT OF FINTECH SERVICES
109 1 Required Si Wan College GEAE2429 INTRODUCTION TO ARTIFICIAL INTELLIGENCE
109 1 Required Department of Finance FI604 INDEPENDENT STUDIES IN MASTER THESIS (I)
109 1 Required Department of Finance FM303 INVESTMENT
109 1 Selected Department of Finance FM617 FINANCIAL INVESTING AND PROGRAM TRADING
109 1 Required Department of Finance FI601 PROFESSIONAL PRACTICE IN FINANCIAL INDUSTRY (II)
109 1 Required EMBA EMBA975 FINANCIAL INSTITUTIONS AND CAPITAL MARKETS
108 2 Required Department of Finance FI502 CURRENT FINANCIAL PROBLEMS ANALYSIS
108 2 Selected Department of Finance FM704 ECONOMETRICS (I)
108 2 Selected Department of Finance FM521 METHODOLOGY FOR FINANCE (I)
108 2 Selected College of Management CM506 FINANCIAL SERVICE AND FINANCIAL TECHNOLOGY CAPSTON
108 2 Required Department of Finance FI603 PROFESSIONAL PRACTICE IN FINANCIAL INDUSTRY (IV)
108 2 Required Department of Finance FI605 INDEPENDENT STUDIES IN MASTER THESIS (II)
108 2 Required EMBA EMBA901B ANALYSIS IN CORPORATE FINANCE
108 2 Required Department of Finance FM912 CURRENT FINANCIAL PROBLEMS ANALYSIS
108 2 Required Department of Finance FI501 PROFESSIONAL PRACTICE IN FINANCIAL INDUSTRY (I)
108 2 Required Department of Finance FM545 CURRENT FINANCIAL PROBLEMS ANALYSIS
108 1 Required Department of Finance FI604 INDEPENDENT STUDIES IN MASTER THESIS (I)
108 1 Required Department of Finance FI601 PROFESSIONAL PRACTICE IN FINANCIAL INDUSTRY (II)
108 1 Required Department of Finance FI602 PROFESSIONAL PRACTICE IN FINANCIAL INDUSTRY (III)
108 1 Selected Department of Finance FM617 FINANCIAL INVESTING AND PROGRAM TRADING
108 1 Selected Department of Finance FM616 THE DEVELOPMENT OF FINTECH SERVICES
108 1 Required EMBA EMBA975 FINANCIAL INSTITUTIONS AND CAPITAL MARKETS
108 1 Required Department of Finance FM303 INVESTMENT
Year Name Degree Title
2020 張雅媛 Master News Sentiment and Stock Returns: Some Empirical Analysis
2020 楊佳芳 Master Research on Sustainable Management of Fastener Machinery Industry- Case Study of C Company
2020 徐世恩 Master Study on Corporate Governance and Sustainable Operation-A Case Study of Two Companies
2020 吳曼瑄 Master An Empirical Analysis of Social Media Sentiment, Volume and Stock Price Returns
2020 Ming-Hsiang Kuo Master 郭銘翔
2020 Tai-Lin Wan Master Business Model of Multinational Metal Processing Company -Case Study of Company F
2020 Chien-Lin Peng Master The Impact of Advertising Utility on Company Profit
2020 Chin-Hua Chang Master Digital Transformation Strategy Analysis in XYZ English Learning Publishing Company
2020 Chia-Li Kuo Master Analysis of Business Strategy under the China–United States Trade War- Case Study of Medical Equipment Manufacturing Company
2020 Chung-Wei Lee Master The Study of Board Size and Derivative Operation in Banking Industry
2020 Cheng-Yuan Wang Master Analysis of Taiwan''s IPO Process and Capital Market
2020 I-Huan Huang Master Empirical Analysis of Financial Factors Strategies Using Regression Model
2020 Jia-Ming Lee Master An Empirical Analysis of Trading Strategies with Three Major Institutional Investors’ Trading Data
2020 Hsiu-Yu Kuo Master A Case Study about Waste Treatment Business Restructuring-Resource Sharing for the Utilization Processing Plant:An Example of Company W
2020 Chia-Tung Wu Master Explicit Service Innovation: Discussion on the Win-win of International Freight Transport Contractors and Customers-The Case of M Company
2020 Chi-An Chen Master Chi-An Chen
2020 Yuan-Po Liu Master The Application of Chip Analysis and Machine Learning on predicting Taiwan stock market
2020 Rui-Ting Chang Master 企業社會責任揭露對員工福利之探討
2020 Hsuan-Tse Huang Master Exchange Traded Fund Portfolio Construction with Deep Learning
2020 Kuang-Ching Lai Master Generating Technical Indicator Factors by Using Genetic Programming: A Multifactor Stock Selection Strategy
2020 Jeng-Lin Huang Master Research on the Strategic Marketing Analysis of Lubricants Industry —A Case Study of Taiwan Company A
2020 Yung-Hsiao Lin Master Business Merger and Cooperation Research of Driving IC Package, Taking Company C as an Example
2020 Hsin-Ting Chiang Master Using XGBoost and Candlestick Chart to construct investment trading strategy: Evidence from Taiwan stock market
2020 Ching-Chin Hsu Master Analysis of Sustainable Management Strategy of Wharf and Storage Industry-Taking E Company as an Example
2019 Chi ChengMing Master Marketing Strategy Analysis of Bank Mortgage Life Insurance
2019 ChiangWei-Lun Master Multi-Factor Model in Taiwan Stock Market: A Deep Learning Approach
2019 HuangChung-Yi Master An Empirical Analysis For XGBoost Investment Strategies
2019 ShihPin-Hui Master Family Business Property Inheritance Planning-Case Study and Governance Planning of Intergenerational Inheritance
2019 WuI-Ching Master Empirical Analysis of Moving Average Trading Strategies
2019 YiLiu Master Application of Machine Learning in Behavior Finance and Trading Strategy in Taiwan Stock Market
2019 WuWan-Ling Master Efficiency Evaluation of Taiwan’s Banks under Bank holding companies:the Case Study of S Commercial Bank
2019 Cai Jhen-Yu Master A Study On the Strategy and Marketing Analysis of Non-fried Shrimp Cake
2019 LinYu-Ching Master A Study on Marketing Strategies of a Health Examination Center
2019 LinShih-Yin Master Research on the Innovation Strategy of Information Service Industry-Taking H Company as an Example
2019 Yu-Cheng Tsai Master Constructing Fund of Funds with Deep Learning
2019 HuangChih-Ying Master Co-opetition Strategies of Slot Machine Industry-Case Study of Company S
2019 LeeLung-Yu Master A Study on the Co-opetition Strategy of Hardware Scrap Industry - the Case of Company L.
2018 LiuKuan-Ting Master Portfolio Construction with Cluster Analysis: Evidence from Index Funds
2018 HorngYih-Ru Master Taiwan Stock Trading Strategies with Sentiment Factors of Financial News
2018 SuBo-Wen Master Application of Convolutional Autoencoder and K-means Clustering under Stock Price Pattern
2018 HsuHsiu-Ming Master Global Stock and Bond Funds Allocation with Robo-Advisor
2018 TsaiYin-Hui Master Analysis of Investment Strategies for High-Cash-Dividend-Yield Stocks
2018 SuTzu-Hao Master Analysis of Default Factors of Small and Medium Enterprise-– A Case Study of C Leasing Company
2018 LeeYa-Ni Master Analysisi of Systenatic Investment Plan for Odd-Let Trading
2018 HoYi-Chun Master High-Yield Bond Fund Approved in Taiwan–The Analysis of Long-Term Investment Risk and Return
2017 謝育展 Master 以深度學習建構SmartBeta交易策略:以臺灣股票市場為例
2017 Yu-han Liu Master Stock Index Trend Prediction With XGBoost, Random Forest, Elastic Net— Evidence from TAIEX, Nikkei 225 Index, S&P500 Index
2017 Yu Ting Wu Master Investment Performance of Moving Average in Mutual Fund
2017 Tzu-Hsuan Chen Master Using Fundamental, Technical and Chip Factors to Construct Taiwan Stock Deep Learning Trading Strategies
2016 Yi-Chang Chen Ph.D Market Fundamentals, Rational Expectations and Herding Behavior
2016 謝信誠 Master 技術分析型態辨識與機器學習之SmartBeta交易策略應用
2015 Tung-yen Wu Master Pattern Recognition with the Fuzzy Theory in Taiwan Stock Market
2015 Ya-ting Chang Master Kelly Criterion under Stock Price Pattern Recognition Method
2015 Zih-yu Hong Master Trend Trading Strategies in Taiwan Stock Market
2015 Yen-Ting Su Master TAIEX Trend Prediction with Support Vector Machine
2015 Chih-Hung Liao Master A study of strategy trading in Taiwan stock market-An application of Markov Switch Regression Model on Smart Beta
2015 Tai-Yuan Lu Master Fund of Funds with optimal Smart Beta strategies in Taiwan Stock Market
2014 Chien-chi Yeh Master Quantitative Stock Selection Strategy- Using Taiwan Stock Market as Example
2014 Sin-ying Cai Master Forecasting TAIEX under Regime Switch Model with Macroeconomic and Financial indicators.
2013 Po-Cheng Lai Master Constructing Portfolios According to Financial Statement Information and Copula-GARCH Model in Taiwan Stock Market
2013 Chi-Han Huang Master The Feasibility Analysis of Taiwanese Leasing Industry's Expansion to Chinese Civil Aviation Leasing Market
2012 Chun-Hsiang Chang Master An Application of Copula-GARCH on Asset Allocation: A Case for Gold, Oil, Cotton, Stock, and Bond
2012 Jia-Syun Li Master The Empirical Analysis of Volatility Smile in Taiwan Options Market
2012 Yu-Chieh Hung Master A Study on the Financial Characteristics and Business Strategies of Chain Enterprises – The Case of Taiwan and Hong Kong Listed Companies
2012 Yen-na Lien Master How Does The Macroeconomy Asymmetrically Affect The Return of Marketing Portfolios Under Different Business Cycles?
2012 Lin-Yi Chiu Master The Decision Model of Sales-Leaseback: Case Study from CMO
2012 Jui-Chun Yin Master Analyzing How Insurance Company Invest in Fixed Income Product and Its Return by Cathay Life Insurance Case
2012 Yong-Sen Huang Master The Financial Impact of Merger and Acquisition-A Case Study Based on Innolux Merger with CMO and TPO
2011 Hsuan-Yu Fang Master Leverage Trading Strategy of the Kelly Criterion
2011 何品瑤 Fama-French三因子及匯率對股票市場之影響
2011 Shih-Hung Chan Master Studying on stock indexes return’s dependence:Application of dynamic copula method
2011 Hao-Yu Ni Master The application of Multifactor model and VaR model in predicting market meltdown
2011 Chia-ying Wu Master Volatility Forecasting of Crude Oil Future-Under Normal Mixture Model and NIG Mixture Model
2011 Hong-Jhuang Fang Master The Impacts of Advertising and Customer Satisfaction on Shareholder Value under Different Volatility Market States
2011 Chia-Wei Lin Master Financial Market dependence : Stock Markets
2011 Han-Chih Yang Ph.D Predicting Stock Market Crises by VAR Model
2011 Yi-Li Kan Master The Application of 75 Rule in Stock Index Trading Strategies
2010 Jhan-yi Liao Master General Sharpe Ratio Innovation with Levy Process and tis Performance in Different Stock Index
2010 Pei-ru Ke Master Forecasting Volatility for commodity futures using fat-tailed model
2010 De-ruei Gao Master What is the optimal leverage of ETF?
2010 李訓強 市場與行為因素對股票報酬之影響-馬可夫轉換模型之應用
2010 Hsun-Chiang Li Master Market and Behavioral Factors on Stock Returns-The Application of Markov Regime-Switching Models
2010 Wei-ping Chen Master The Analysis of Credit Risk under the Barrier Option Framework-The Comparison between VG Process and NIG Process
2009 陳昌志 Ph.D 信用評等轉移如何影響最適化資本結構決策?
2009 Chao-chih Yang Master The Analysis of Implied Default Point under the Barrier OptionFramework -An Application of Variance Gamma Process
2009 Ju-Ying Chen Master Option Pricing under Stochastic Volatility for Levy Processes: An Empirical Analysis of TAIEX Index Options
2009 Chih-Hsuan Chen Master The Valuation of Participating Life Insurance Contracts under Levy Processes
2009 Liang-Hsueh Feng Master Generalized Sharpe Ratio under the Levy Processes
2009 Ching-ru Liang Master Effective Factors of Real Exchange Rate-Under Markov Regime Switch model
2009 Chang-chih Chen Ph.D How does credit rating migration impacts an optimal capital structure decision?
2008 Shyh-weir Tzang Ph.D The Efficacy of Model-Free and Model-Based Volatility Forecasting: Empirical Evidence in Taiwan
2005 Wei-chih Lien Master The pricing of CDO based on Incomplete Information Credit model
Year Title Awarding Organization
2021 產學研究績優教師 National Sun Yat-sen University
2020 產學研究績優教師 國立中山大學
2019 產學研究績優教師 國立中山大學
2018 國立中山大學新進教師獎勵 國立中山大學
2017 國立中山大學新進教師獎勵 國立中山大學
Period Activity Description Role