159 NTU Management Review Vol. 31 No. 3 Dec. 2021 Author Biography *Zi-Mei Wang Zi-Mei Wang is an Associate Professor of Department of Finance at Ming Chuan University and teaches Investment, Market Microstructure and Economics. She completed her Ph. D. in Business Administration at National Dong Hwa University. Her research area includes market microstructure and behavioral finance. Her research papers have been published at Journal of Management, Journal of Management & Systems, Chiao Da Management Review, NTU Management Review, Financial Review, Review of Quantitative Finance and Accounting and International Review of Economics and Finance. Nan-Hsuan Lou Nan-Hsuan Lou completed her master degree at Department of Finance at Ming Chuan University. She is an Assistant in Bank of Kaohsiung. *E-mail: zimay@mail.mcu.edu.tw 本文承蒙二位匿名審查委員提供寶貴意見，使本文修正的更臻完善；文中若仍有疏漏之處，當由作 者負責。作者感謝科技部對本研究的經費補助（NSC 107-2410-H-130-008-）。
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