臺大管理論叢 NTU Management Review VOL.30 NO.1

199 NTU Management Review Vol. 30 No. 1 Apr. 2020 Author Biography Chang Chan Chan, Chang is an associate professor in the Department of Finance and Cooperative Management at National Taipei University. He received his Ph.D. in Finance from National Taiwan University. His main research areas are capital market and corporate social responsibility. His academic papers were published in Review of Securities and Futures Markets (TSSCI), Journal of Financial Studies (TSSCI), Taiwan Economic Review (TSSCI), NTU Management Review (TSSCI), Journal of Accounting Review (TSSCI), Studies of Master Sheng Yen, Proceedings of the National Science Council of Republic of China (TSSCI), Applied Financial Economics Letters and the Conference of American Financial Association. He has been awarded the excellent Talent Award by the Ministry of Science and Technology, the Outstanding Paper Award of the Review of Securities and Futures Markets, the Research Award of the National Science Council, UMC Business Management Outstanding Paper Award, Fubon Culture Foundation Ph.D. Thesis Award, China Development Culture and Education Foundation Ph.D. Thesis Award, Master's thesis award of Acer Culture and Education Foundation. Yehning Chen Yehning Chen is a professor of Finance at National Taiwan University. His main research areas include financial institutions, corporate finance, and game theory. He has published papers in various journals, including Journal of Political Economy, Information Systems Research, Journal of Financial Intermediation, Journal of Money, Credit, and Banking, Financial Management, Journal of International Money and Finance, Journal of Financial Stability, and Journal of Financial Services Research. *E-mail: wenchyan@gm.ntpu.edu.tw The authors are grateful to the Editor Yao-Min Chiang （姜堯民） and two anonymous reviewers for their insightful comments and suggestions. This paper also benefited from the comments of San-Lin Chung （張 森林） , Shing-Yang Hu （胡星陽） , Shu-Geng Dai （戴淑庚） , Derming Lieu （劉德明） , Hsiang-Lin Chih （池祥麟） , and the participants at the 2016 International Conference of Taiwan Finance Association and the 2015 CSBF & IEFA Conference. We would also like to thank for the funding support from the National Taipei University.