188 The Impact of the Act for the Development of Biotech and New Pharmaceuticals Industry on Firm Innovation in Taiwan Author Biography *Woan-lih Liang Woan-lih Liang is a professor of Finance at Department of Information Management and Finance of National Yang Ming Chiao Tung University (National Chiao Tung University). She received his PhD in Finance from National Taiwan University in 2007. Her research examines corporate finance issues, payout policy and innovation. Her work is published in the Research Policy, Journal of Financial and Quantitative Analysis, Journal Banking and Finance, Journal of Empirical Finance, Journal of Financial Services Research, Review of Quantitative Finance and Accounting, and International Review of Economics & Finance. Tai-Cheng Liu Tai-Cheng Liu received his master’s degree in Finance from National Yang Ming Chiao Tung University in 2019. *E-mail: wlliang@nycu.edu.tw (wlliang@nctu.edu.tw) The authors are grateful to the Editor-in-Chief Hsiou-Wei Lin（林修葳）and two anonymous reviewers for their insightful comments and suggestions. This work was financially supported by the Center for Research in Econometric Theory and Applications (Grant no. 109L900202) from The Featured Areas Research Center Program within the framework of the Higher Education Sprout Project by the Ministry of Education (MOE) in Taiwan. This work was also supported by Ministry of Science and Technology in Taiwan (109-2634-F-002 -045). 本文榮獲財團法人宋作楠先生紀念教育基金會一零八年度碩士論文獎，作者們感謝財團法人宋作楠 先生紀念教育基金會及匿名評審人之寶貴意見。 本文獲科技部「人文社會科學研究中心設置計畫（第二期）」補助，計畫編號：MOST 110-2420-H-002-003-MY3-JE1106。
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