| Name | Ma, Tai |
|---|---|
| Title | Professor |
| Research Interests | Market Microstructure, Corporate Governance, Financial Engineering |
| Office | 4068 |
| Phone | 4810 |
| matai@finance.nsysu.edu.tw |
| Education | 1960, Master, Business Administration, University of Hawaii 1960, Bachelor, Department of Commerce, National Taiwan University 1960, Ph.D., Finance, Virginia Tech |
|---|---|
| Experience | ~ , Department of Business Management, National Sun Yat-sen University, Associate Professor ~ , Department of Finance, National Sun Yat-sen University, Professor ~ , Virginia Tech, Assistant Professor |
| Administrative Positions | ~ , Department of Finance, National Sun Yat-sen University, Director
|
| Academic Services | 2019-04-01 ~ , 高雄市政府產業園區開發建設費用及計價審定小組 , 委員 2009-01-01 ~ , 經濟部國營事業委員會, Review Committee 2006-12-31 ~ , Asia Pacific Journal of Finance, Associate Editor 2006-12-31 ~ , Corporate Governance: An International Review, Reviewer 2006-12-31 ~ 2007-01-01, Finance Letters, Editorial Board 2006-12-31 ~ , International Journal of Business, Associate Editor/ Editorial Committee 2006-12-31 ~ , International Review of Finance, Associate Editor/ Editorial Committee 2006-12-31 ~ , Journal of Banking & Finance, Reviewer 2006-12-31 ~ , Sun Yat-sen Management Review , Reviewer 2006-12-31 ~ , 會計研究月刊, Associate Editor/ Editorial Committee 2006-12-31 ~ , Journal of Management and Business Research, Reviewer 2006-12-31 ~ , Management Review , Reviewer 2006-12-31 ~ , 證券市場發展季刊, Reviewer 2006-12-31 ~ , Journal of Financial Studies, Associate Editor/ Editorial Committee 2006-12-31 ~ , Journal of Financial Studies, Reviewer 2004-12-31 ~ , Pacific-Basin Finance Journal, Editorial Board 2003-01-01 ~ 2006-01-01, Taipei Foundation Of Finance, Review Committee 2002-01-01 ~ 2002-01-01, Ministry of Education , Visiting committee 2001-01-01 ~ 2006-01-01, Securities & Futures Institute , Consultant 2000-01-01 ~ 2002-01-01, Tang Eng Iron Works Co., Ltd., Consultant 2000-01-01 ~ 2006-01-01, Securities & Futures Institute , Judge Committee 1998-01-01 ~ 2006-01-01, Council for Economic Planning and Development , Advisory Consultant 1997-01-01 ~ 1998-01-01, 財政部金融革新小組, Committee member 1994-09-01 ~ 2006-01-01, Securities and Futures Commission, Ministry of Finance, Review Committee (Security Analysis) 1993-01-01 ~ 2006-01-01, Taiwan Finance Association , Council member 1992-01-01 ~ 2000-01-01, Taiwan Stock Exchange, Review Committee (Listing Company) 1991-01-01 ~ 2006-01-01, Enterprises under Ministry of Economic Affairs , Review Committee (Operation Performance) |
| Category | Year | Title |
|---|---|---|
| Journal Article | 2024 | Tai Ma；Jun-Mao Chiu；You-Cheng Lee (2024). An Analysis of Crash Risks in Cryptocurrency Markets. Review of Securities and Futures Markets. (TSSCI) |
| Journal Article | 2019 | Ang, TC; Lam, FYEC; Ma, T; Wang, SJ; Wei, KCJ (2019). What is the real relationship between cash holdings and stock returns?. International Review of Economics & Finance, 64, 513-528. (SSCI) |
| Journal Article | 2017 | Hung, KC; Ma, Tai (2017). The effects of expectations-based monetary policy on international stock markets: An application of heterogeneous agent model. International Review of Economics & Finance, 47, 70-87. (SSCI) |
| Journal Article | 2017 | 洪國哲, 馬黛 (2017). Does Monetary Policy Have Any Relationship with the Expectations of Stock Market Participants?. Journal of Multinational Financial Management, 100-117. (其他期刊) |
| Journal Article | 2012 | Ching Yi Yeh and Tai Ma (2012). Why do insiders sometimes pay more and sometimes pay less in private placements?. International Journal of Business and Finance Research, 6(6), 35-52. (SSCI) |
| Journal Article | 2012 | Shu-Fan Hsieh, Hsiu-Kuei Chen, Tai Ma (2012). “Market Transparency, Investor Strategies, and Trading Costs: Evidence from the Taiwan Stock Exchange”. Accounting and Finance Research, 1(1), 180-191. (SSCI) |
| Journal Article | 2011 | Bor-Hong Chen and Tai Ma (2011). Cascades and Determinants for the Investor`s Performance–is the Behavior or Information?. International Research Journal of Finance and Economics(77), 131-152. (SSCI) |
| Journal Article | 2011 | Hsiu-Kuei Chen, Shu-fan Hsieh, Tai Ma (2011). Who Wins and Who-Loses in Transparent Markets?Daily and Intraday Analysis of Taiwan Stock Market. Taiwan Economic Forecast and Policy, 41(2). (TSSCI) |
| Journal Article | 2011 | Wei-Shuo Chang and Tai Ma (2011). Analyzing the Relaxation of Price Fluctuation Limits from the Perspective of Stock Price Jumps. Journal of Management & Systems. (TSSCI) |
| Journal Article | 2011 | Yaling Lin, Hsiu-Kuei Chen, and Ma, Tai (2011). Transparency, Information Content and Order Placement Strategy. Journal of Financial Studies, 19(1), pp.1-32. (TSSCI) |
| Journal Article | 2011 | Yaling Lin,Tai Ma,Hsiu-Kuei Chen (2011). Transparency,Information Content and Order Placement Strategy. journal of Financial Studies, 19. () |
| Journal Article | 2010 | 馬黛、林雅玲、陳秀桂 (2010). Pre-Transparency and Information Content：Evidence from the Taiwan Stock Exchange. International Research Journal of Finance and Economics. (其他期刊) |
| Journal Article | 2010 | Chen, Ming-Chi, Tsai, I-Chun and Ma, Tai (2010). Modeling House Price Volatility States in the UK by Switching ARCH Models. Applied Economics, 42(9), pp.1145-1153. (SSCI) |
| Journal Article | 2010 | (2010). 20105213527607Title:Evidence for ψ′ decays into γπ0 and γη. Physical Review Letters, 105(26). (EI) |
| Journal Article | 2010 | (2010). Modeling House Price Volatility States in the UK by Switching ARCH Models . Applied Economics . () |
| Journal Article | 2010 | 陳秀桂、馬黛、劉佳奇 (2010)。大額委託單交易管道與執行成本：TSEC鉅額新舊制之實證研究。證券市場發展季刊，22(3)，137-180。(TSSCI) |
| Journal Article | 2010 | Tai Ma, Ching Yi Yeh and Huei Yun Hsu (2010). What Determines the Discount for Private Equity Offerings – Ownership or Control Right?. International Research Journal of Finance and Economics. () |
| Journal Article | 2009 | Hsieh, SF; Ma, T (2009). Expiration-day effects: Does settlement price matter?. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 290-300. (SCIE) |
| Journal Article | 2009 | 蔡怡純，馬黛 (2009)。委託單執行的動態及限價單成本的日內型態分析。臺灣管理學刊，9(2)，137-164。(其他期刊) |
| Journal Article | 2009 | Shu-Fan Hsieh, Tai Ma (2009). Expiration-day effects: Does settlement price matter?. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 290-300. (SSCI) |
| Journal Article | 2008 | Ma, T; Lin, YL; Chen, HK (2008). Are investors more aggressive in transparent markets?. ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, 343-380. (SSCI) |
| Journal Article | 2008 | 馬黛、李永全 (2008)。家族控制對負債融資決策的影響。台大管理論叢，18(2)，133-170。(TSSCI) |
| Journal Article | 2008 | 馬黛 (2008)。資本形成的宿命改變了嗎？。證交資料(558)，4-5。(其他期刊) |
| Journal Article | 2008 | 蔡怡純、蔡惠丞、馬黛 (2008)。委託單趨動市場之交易者投單策略分析。人文暨社會科學期刊，4(1)，1-13。(其他期刊) |
| Journal Article | 2008 | 蔡怡純、馬黛 (2008)。委託單失衡之資料性：盤中與盤後交易比較。計量管理期刊，5(1)，73-88。(其他期刊) |
| Journal Article | 2008 | 林雅玲、馬黛、陳秀桂 (2008). Does Information Content Necessarily Increase with Greater Pre-trade Transparency?. Review of Pacific Basin Financial Markets and Policies, 11(4), 531-554. (其他期刊) |
| Journal Article | 2007 | Ma T (Ma, Tai), Hsieh MH (Hsieh, Ming-hua), Chen JH (Chen, Jan-hung) (2007). The probability of informed trading and the performance of stock in an order-driven market. ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, -. (SSCI) |
| Journal Article | 2007 | 李永全、馬黛 (2007). Do Stocks Mispricing Caused by Earnings Management?. Journal of Management and Systems, 14(4), 545-572. (TSSCI) |
| Journal Article | 2007 | 陳明吉、蔡怡純、馬黛 (2007)。股票購回影響因素之理論與實證：資訊不對稱觀點分析。中山管理評論，15(1)，175-195。(TSSCI) |
| Journal Article | 2007 | 蔡怡純、馬黛 (2007)。委託單驅動市場中延長交易時間對投資人投單策略之影響。台灣金融財務季刊，8(2)，29-47。(其他期刊) |
| Journal Article | 2007 | 蔡怡純、吳柏勳、馬黛 (2007)。盤後定價交易之資訊內涵。貨幣觀測與信用評等(63)，67-90。(其他期刊) |
| Journal Article | 2006 | 洪榮耀、馬黛 (2006)。轉上市真能提升能見度嗎？。管理與系統，13(2)，181-200。(TSSCI) |
| Journal Article | 2006 | 李永全、馬黛 (2006). The Study of the Cost of Debt Financing of Taiwan’s Family Firms. Management Review, 25(3), 69-91. (TSSCI) |
| Journal Article | 2005 | 馬黛、胡德中、詹傑仲 (2005)。政府干預股市的影響：市場品質變化的觀點。企銀季刊，28(3)，33-56。(其他期刊) |
| Journal Article | 2004 | 馬黛、連春紅、胡德中 (2004)。政府能有效干預股市嗎？。企銀季刊，27(1)，87-103。(其他期刊) |
| Journal Article | 2004 | 馬黛、胡德中 (2004)。由承銷價低估、市價高估與股權結構觀點分析最適釋股策略與IPO折價。經濟論文，32(2)，227-272。(其他期刊) |
| Journal Article | 2003 | 馬黛、胡德中 (2003)。承銷配售機制之決定及其對IPO折價之影響：競價拍賣、詢價圈購與公開申購。財務金融學刊，11(1)，1-40。(TSSCI) |
| Journal Article | 2002 | 馬黛、詹傑仲、胡德中 (2002)。政府干預股市的理論與實證分析：台灣股市的護盤實例。財務金融學刊，10(3)，1-40。(TSSCI) |
| Journal Article | 2001 | 馬黛.高儀慧.季秀 (2001)。證交所視作業中公佈注意標準與處置措施效果之評估。台灣金融財務季刊(1)，63-82。(其他期刊) |
| Conference Paper | 2019 | Tai Ma(馬黛), Kuo Hsi Lee(李國熙), Chien Huei Lai(賴芊卉), Yang Shen Lee(李揚生) (2019). Rational or Irrational? A comprehensive Studies on Stock Market Crashes. 2019 World Finance Conference, Taiwan. |
| Conference Paper | 2018 | Kuo Hsi Lee (2018). Rational or Irrational? A comprehensive Studies on Stock Market Crashes. 25th Annual Conference of the Multinational Finance Society, Taiwan. |
| Conference Paper | 2017 | Tai Ma, Kuo Hsi Lee, Chien Huei Lai,Yang Shen Lee (2017). Rational or Irrational? A comprehensive Studies on Stock Market Crashes. 24th Annual Conference of the Multinational Finance Society, Taiwan. |
| Conference Paper | 2016 | 馬黛, Yu-Hsuan Chao (2016). A New Measure of Market fragility - Can Trading Network Structure Explain Market Reflexivity. 23rd Annual Conference of the Multinational Finance Society, Sweden. |
| Conference Paper | 2016 | 馬黛, Yu-Hsuan Chao (2016). A New Measure of Market fragility - Can Trading Network Structure Explain Market Reflexivity. 24th Conference on the Theories and Practices of Securities and Financial Market, Taiwan. |
| Conference Paper | 2013 | Shu-fan Hsieh、Tai Ma (2013). Short-selling by individual and institutional investors and its impact on stock returns: Evidence from the Taiwan stock market. 21st Pacific Basin Finance Accounting Economics and Management, Australia. |
| Conference Paper | 2013 | Tai Ma, Chun-Hao Yin (2013). Chartist Weights and Market Instability: Applications of the Heterogeneous Agent Model in International Stock Markets. The 21st Conference on the Theories and Practices of Securities and Financial Markets, Taiwan. |
| Conference Paper | 2012 | Kuo Che Hung, Tai Ma, Ming Chi Chen (2012). Rational Expectations and Monetary Policy: A New Perspective on the Chinese Housing Market. The 11th International Conference of the Japan Economic Policy Association, Japan. |
| Conference Paper | 2011 | 葉京怡、馬黛 (2011). Why do insiders sometimes pay more and sometimes payless in private placements?. 2011 Asian Finance Association (AsianFA) Annual Conference, Macau. |
| Conference Paper | 2011 | 馬黛、張凱威、殷君豪 (2011). 突發流動性危機成因之探討. 2011臺灣財務金融學會年會暨財務金融學術論文研討會, Taiwan. |
| Conference Paper | 2010 | Ching Yi Yeh and Tai Ma (2010). 私募股權宣告效果：台灣市場之實證. 2010 Annual Conference of Taiwan, Finance Association and CTFA Conference, Taiwan. |
| Conference Paper | 2005 | 馬黛、余歆儀 (2005). Corporate Governance in Goverment-Linked Companies-Spoils Driven or Performance Driven?. The Inaugural Asia-Pacific Corporate Governance Conference, Hong Kong. |
| Conference Paper | 2005 | 馬黛、蔡怡純 (2005). A dynamic model of order execution and the intraday cost of limit orders. 2005年歐洲財務學會年會(EFMA), Italy. |
| Conference Paper | 2005 | 馬黛、蔡怡純 (2005). A dynamic model of order execution and the intraday cost of limit orders. 台灣財務金融學會學術研討會, Taiwan. |
| Conference Paper | 2005 | 馬黛、洪榮耀 (2005). 機構投資人市限價委託與市場資訊相關性和交易競爭性的關係. 2005年行為財務學理論與實證研討會, Taiwan. |
| Conference Paper | 2005 | 馬黛、林雅玲、陳秀桂 (2005). Are investors more aggressive in transparent markets?. 第十三屆證券暨金融市場理論與實務研討會, Taiwan. |
| Conference Paper | 2004 | 馬黛.余歆儀 (2004). Does Political Powershift Affect Board Composition and Firm Performance?An empirical Study of Taiwanese Government-Linked Companies. 2004年國際聯合學術研討會, Taiwan. |
| Conference Paper | 2004 | 馬黛、張維碩、謝舒帆、陳柏宏 (2004). 期貨到期效應、資訊揭示與從眾行為：各國市場之實證研究. 第十二屆證券暨金融市場理論與實務研討會, Taiwan. |
| Conference Paper | 2004 | 馬黛、蔡怡純 (2004). A dynamic model of order execution and the intraday cost of limit orders. 第十二屆證券暨金融市場理論與實務研討會, Taiwan. |
| Conference Paper | 2004 | 馬黛、李榮瑞、洪銘駿 (2004). Risk Aversion,Number of Traders and the Effect of Order Flow Transparency in the Order-Driven Market with Rational Uniformed Traders. 第十二屆證券暨金融市場理論與實務研討會, Taiwan. |
| Conference Paper | 2004 | 馬黛、余歆儀 (2004). How Does Power Shift Affect Board Composition and Firm Performance?. 亞洲財務學會/台灣財務金融學會/美國財務管理學會(Asian FA/TFA/FMA)2004年國際聯合財務金融保險學術研討會, Taiwan. |
| Conference Paper | 2004 | 馬黛、洪榮耀 (2004). 交易頻率改變對市場之衝擊. 2004財務管理與金融實務研討會, Taiwan. |
| Conference Paper | 2004 | 馬黛、洪榮耀 (2004). 資訊交易者資訊相關性及交易競爭性對其日內行為的影響. 2004第八屆科際整合管理國際研討會, Taiwan. |
| Book and Chapter | 2014 | 馬黛 (2014). 公司治理的推動與落實-以元大金控為例. 前程管理個案中心 |
| Book and Chapter | 2014 | 馬黛、李坤達、吳言翎 (2014). 元大京華證券-復華金控合併案：併購動機、策略探討與綜效分析. 前程管理個案中心 |
| Book and Chapter | 2008 | Ma, Tai (2008). 證交資料588期. 資本形成的宿命改變了嗎？ (4-5) . 臺灣證券交易所 |
| Book and Chapter | 1993 | Ma, Tai (1993). 台灣股市結構與制度. 中華民國管科會 |
| Year | Title |
|---|---|
| 1970 | 加密貨幣泡沫與崩盤的研究. 台灣財金科技股份有限公司 (10) |
| 2020 | Analysis and Forecast of Cryptocurrencies Prices- Sentiment, Macroeconomics,Network and Investor Structure. 科技部/現代財富科技有限公司 (MOST 109-2622-H-110-001 -CC2) |
| 2019 | An Investor-sentiment based IPO performance learning model: A Machine Learning Approach. MOST (MOST 108-2622-H-110-001 -CC2) |
| 2018 | Asset Pricing, Investor Types and Market Trend: a Social Network and Ai Approach. MOST (107-2410-H-110-017-) |
| 2017 | Construction of a Machine Learning Sentiment Index and Data Visualization Platform Using Big Data, Text Mining and Network Analysis. MOST (MOST 106-2622-H-110-002-CC2) |
| 2017 | Explaining Asset Pricing, Price Trend Pattern and Market Trading Pattern from Investor Trading Network Topology. MOST (106-2410-H-110-022-) |
| 2016 | A New Measure of Market Fragility - Can Trading Network Structure Explain Futures Market Reflexivity ?. MOST (105-2410-H-110-013-) |
| 2016 | 台灣股市情緒風險指標建構. 臺灣證券交易所股份有限公司 (N105153) |
| 2015 | 大數據、市場微結構與投資人交易策略行為實驗平台之建構. MOST (MOST 104-2622-H-110-004 –CC2) |
| 2015 | 解構從眾行為、投資人注意、Google搜尋與股價崩盤. MOST (104-2410-H-110-011-) |
| 2014 | 國際股市價格泡沫預測之研究：理論模型、實證分析應用與比較. MOST (103-2410-H-110-018-) |
| 2013 | 高頻交易對證券市場品質與資產訂價的影響. 科技部 (101-2410-H-110-025-MY2) |
| 2013 | 高頻交易對於期貨市場效益之評析. MOST (NSC102-2622-H-110-001-CC3) |
| 2012 | 高頻交易對證券市場品質與資產訂價的影響. MOST (NSC101-2410-H-110-025-MY2) |
| 2011 | 技術分析、基本分析、雜訊交易、泡沫及資產定價：異質代表模型之應用. MOST (NSC100-2410-H-110-018) |
| 2010 | 臺灣推出股利期貨或選擇權之可行性分析. 臺灣期貨交易所股份有限公司 (99080) |
| 2009 | 意見分歧、投資人結構、放空限制與突發流動性危機：多國實證分析. MOST (NSC98-2410-H-110-031-MY2) |
| 2009 | 私募定價之理論與國際市場實證：監督效果,私人利益與市場行為. MOST (NSC97-2410-H-110-014-MY2) |
| 2008 | 從眾行為、房地產競拍機制與拍賣績效. MOST (NSC97-2410-H-110-019) |
| 2008 | 私募定價之理論與國際市場實證：監督效果, 私人利益與市場行為. MOST (NSC97-2410-H-110-014-MY2) |
| 2007 | 公司內部人財務預測揭示之動態決策模式：透明度與精確度（2/2）. MOST (NSC95-2416-H-110-021-MY2) |
| 2006 | 公司內部人財務預測揭示之動態決策模式：透明度與精確度（1/2）. MOST (NSC95-2416-H-110-021-MY2) |
| 2006 | 臺灣證交所鉅額交易新制之評估. 臺灣證券交易所股份有限公司 (95002) |
| 2005 | 最佳股市穩定機制之決定(2/2). MOST (NSC94-2416-H-110-005) |
| 2004 | 最佳股市穩定機制之決定(1/2). MOST (NSC93-2416-H-110-034) |
| 2004 | 揭露期貨法人未平倉部位資訊之影響及可行性. 台灣期貨交易所股份有限公司 (93102) |
| 2003 | 透明度、交易策略與市場績效之理論與實證. MOST (NSC92-2416-H-110-026) |
| 2002 | 交易機制與價格發現：興櫃市場VS.集中市場. MOST (NSC91-2416-H-110-036) |
| 2002 | 網際網路對證券發行市場影響之探討. 臺灣證券交易所股份有限公司 (1110) |
| 1998 | 報備股票市場制度之研究與檢討—我國中小企業證券交易市場交易機制之研究. 台北市證券商同業公會 (479) |
| Year | Semester | Required / Selected | Department | Course Code | Course |
|---|---|---|---|---|---|
| 112 | 2 | Selected | Department of Finance | FM501 | FINANCIAL MANAGEMENT THEORIES AND STRATEGIES |
| 112 | 1 | Selected | Department of Finance | FM527 | SECURITIES MARKETS MICROSTRUCTURE PRACTICE |
| 111 | 2 | Selected | Department of Finance | FM501 | FINANCIAL MANAGEMENT THEORIES AND STRATEGIES |
| 111 | 1 | Selected | Department of Finance | FM527 | SECURITIES MARKETS MICROSTRUCTURE PRACTICE |
| Year | Title | Awarding Organization |
|---|---|---|
| 2019 | 2019 best thesis advisor award | Taiwan management institute |
| 2014 | The 9th S&F Paper Award (Thesis) | Securities & Futures Institute |
| 2012 | University Research Outstanding Teacher | National Sun Yat-sen University |
| 2011 | University Research Outstanding Teacher | National Sun Yat-sen University |
| 2010 | Best Paper Award (Finance & Economy) | Chinese Association of Business and Management Technology |
| 2010 | The 7th S&F Paper Award | Securities & Futures Institute |
| 2009 | 中山大學優秀博士論文獎 | 中山大學 |
| 2007 | 中山大學優秀博士論文獎 | 中山大學 |
| 2006 | The first International Conference on Asia-Pacific Financial Markets (CAFM) Best Paper Award | CAFM |
| 2006 | Third International Business Research Conference Best Paper Award | Third International Business Research Conference |
| 2006 | S&F Paper Award (Market) | Securities & Futures Institute |
| 2006 | S&F Paper Award (Academic) | Securities & Futures Institute |
| 2006 | 指導碩士學生論文獲研究奬學金 | 合作金庫 |
| 2006 | 指導碩士論文 甲等獎 | 勇源教育發展基金會 |
| 2005 | College Teaching Award | Management Department, National Sun Yat-sen University |
| 2002 | 指導最佳碩士論文奬 | 台灣財務金融學會 |
| 1999 | The 6th GFC Best Paper Award | GFC |
| 1999 | 指導碩士學生論文佳作指導獎 | 中國財務學會 |
| 1999 | 指導碩士論文獎 | 證交所 |
| 1996 | 優良論文獎第一名指導獎 | 證交所 |
| 1996 | 龍騰論文優等指導獎 | 宏碁企業 |
| 1995 | 指導碩士學生論文佳作指導獎 | 中國財務學會 |
| 1991 | Mr. Lu Feng-Zhang Memorial Award | Chinese Management Association |
| 1989 | National Science Council Superior Research Award | National Science Council |
| 1988 | 國科會甲種研究獎助 | 國科會 |
| Period | Activity | Description | Role |
|---|