北京大学光华管理学院金融学系老师刘玉珍 正文

刘玉珍
系别：金融学系
职称：教授
办公电话：86-10-62757296
Email：Laura.Xiaolei.Liu at gsm.pku.edu.cn

►个人简介
刘玉珍教授目前任北京大学光华管理学院金融系系主任, 研究专长为行为金融学，证券市场与投资学。曾在国际主要学术期刊如Review of Financial Studies, Management Science, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Financial Markets, Journal of Banking and Finance, and European Finance Management 等国内外刊物发表数十篇文章。期刊论文获得美国 Sandell Research Grant on Retirement (美国联邦社会安全署支持计划) (2006)，研究论文被美国会计师协会文摘,( 2004), 美国商业周刊 (2004), 经济学人 Economist(2012) 等多个期刊介紹。曾荣获国际多个学术论文研讨会最佳论文奖, 并曾获得美国财务年会American Finance Association（AFA）travel grant Travel Grant,担任国际多个重要期刊的评审委员与中山大学管院杰出校友。
她曾分别担任台湾政治大学与中正大学财务管理学系系主任,政治大学商学院投资人研究中心主任, 台湾证券柜台买卖中心独立董事，期交所交易委员，证券商业同业公会顾问，台北市政府特种基金顾问，投资人保护中心调解委员，台湾金融学会理事，台湾经济部国有事业民营化咨询委员，并为台湾多个主要金融学术期刊的编辑委员。
过去十年来深入参与台湾证券暨期货管理委员会、证券交易所、证券柜台买卖中心，台湾期货交易所，证券暨市场发展基金会, 集保公司与证券商业同业公会等的市场规划与相关制度设计。其他实务经验尚包括, 基金投资产品设计, 投资人保护与教育, 银行不动产估价与企业授信决策模型,国营事业民营化, 释股评策略规划等方面。曾出版『财务管理』、『股市EQ』、『证券市场理论与实务』等书。

►研究领域
行为金融学
证券市场微结构
家庭金融
投资学

►教育背景
1991  台湾中山大学  金融学  博士
1988  台湾中山大学  企业管理  硕士
1985  台湾政治大学  企业管理  学士

►职业经历
2007―目前
光华管理学院金融系教授
1998―2007
台湾政治大学财务管理系教授，系主任
1996―1998
台湾中正大学金融系教授，系主任
1991―1996
台湾中正大学金融系副教授

►研究成果
英文期刊（Selected）
1) Conghui Hu and Yu-Jane Liu, Valuing Diversity: CEOs' Career Experiences and Corporate Investment, accepted for publication in Journal of Corporate Finance, 2014.
2) Yu-Jane Liu, Longkai Zhao, Zheng Zhang,“Speculation Spillover”, Management Science(SSCI), forthcoming.
3) Yi-Tsung Lee, Yu-Jane Liu, Wei-Shao Wu, Robert Fok, "Hedging Costs, Liquidity, and Inventory Management: The Evidence from Option Market Makers", Journal of Financial Markets(SSCI), 2014, 18: 25-48.
4) Brad Barber, Yi-Tsung Lee, Yu-Jane Liu, Terrance Odean, The Cross-section of Speculator Skill: Evidence from Day Trading", Journal of Financial Markets(SSCI), 2014, 18: 1-24.
5) Mao-Wei Hung, Yu-Jane Liu, and Chia-Fen Tsai, "Managerial personal diversification and portfolio equity incentives." Journal of Corporate Finance, 2012, 18 (1): 38-64..
6) Yu-Jane Liu, Chih-Ling Tsai, Min-Chun Wang and Ning Zhu, "Prior Consequences and Subsequent Risk Taking: New Field Evidence from the Taiwan Futures Exchange", Management Science(SSCI), 2010, 56: 606-620.
7) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, "Just HowMuch do Individual Investors Lose by Trading?" Review of Financial Studies, 2009, 22 (2): 609-632.
8) Li-wen Chen, Ji-Chai Lin, Yu-Jane Liu and Shane Johnsen, Information, Sophisication, and Foreign versus Domestic Investors' Performance, Journal of Banking and Finance(SSCI) , 2009, 33( 9): 1636-1651.
9) Yu-Jane Liu, Min-Chun Wang and Longkai Zhao, Narrow Framing: Perfessions, Sophisication and Experience, Journal of Futures Market (SSCI), 2009,140: 175-203.
10) Rachel, Yu-Jane Liu and Larry Tzeng, "Hidden Overconfidence and Advantageous Selection", The Geneva Risk and Insurance Review, 2010, 35 (2): 93-107.
11) Yi-Tsung Lee, Yu-Jane Liu and Ning Zhu, 2008, The costs of owning employer stocks: Evidence from Taiwan, Journal of Financial and Quantitative Analysis,(SSCI), 2008, 43:717-740.
12) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, Is the Aggregate Investor Reluctant to Realise Losses? Evidence from Taiwan, European Financial Managment(SSCI), Vol 13, Iss. 3, Jun 2007, 423-447.
13) Ji-Chai Lin, Yi-Tsung Lee and Yu-Jane Liu, "IPO Auctions and Private Information", Journal of Banking and Finance (SSCI), Vol. 31 Iss. 5, May 2007, 1483-1500.
14) Lee, Yi-Tsung, Yu-Jane Liu, Richard Roll, and Avanidhar Subrahmanyam, Taxes and Dividend Clientele: Evidence from Trading and Ownership Structure, Journal of Banking and Finance (SSCI), Vol. 30, 2006, 229-246.
15) Yi-Tsung Lee, Yu-Jane Liu, Richard Roll and Avanidhar Subrahmany,"Order Imbalance and Market Efficiency: Evidence from the Taiwan Stock Exchange, " Journal of Financial and Quantitative Analysis (SSCI), Vol. 39, Iss. 2, Jun. 2004,327-342. (has been re-summarized in The CFA Digest, Vol. 34, Iss. 4, Nov. 2004, 54-55.)
16) Ray Tsaih, Yu-Jane Liu, Wenchin Liu, and Yu-Ling Lien, "A Decision Support System for Small Business Loans", Decision Support System（SCI）. Vol. 38, Iss. 1, Oct. 2004, 91-99.
17) Yu-Jane Liu and K.C. John Wei Liaw and Gwohorng, "On the Demand Elasticity of IPO: An Analysis of Discriminatory Auctions", International Review of Finance, 2001,151-178.
18) Y.T.Lee, Robert Fok and Y.J, Liu, "Information Stocks, Trading Strategies and Order Imbalance, " Journal of Business, Finance and Accounting,(SSCI）Vol. 28, No.1&2, Jan/March. 2001.199-230.
19) Chih-Hsien Yu andYu-Jane Liu, "On the Effect of Stock Stabilization Fund—A Case of Taiwan, " Review of Pacific Basin Financial Markets and Policies.
20) Y. T. Lee, J.C. Lin and Y.J.Liu, " Trading Patterns of Big versus Small Traders: An Emerging Market Analysis, " Journal of Banking and Finance (SSCI), 1999, 701-725.
21) Y. J. Liu, V. W. Liu, and C. S. Wu, "The Impact of Information Diffusion on Comparisons among Various Trading Mechanisms," Review of Quantitative Finance and Accounting, Vol. 9, No. 3, 1997, 301-326.
22) Y. J. Liu, "Auction Mechanisms and Information Structure：An Experimental Study of Information Aggregation in Securities Markets," Research in Experimental Economics, Vol. 6, JAI Press Inc., 1996, 165-212.
23) K.C. Wei, Y. J. Liu, C. C. Yang and K. H. Chuang, "Volatility and  Price Changes Spillover Effects Across the Developed and Emerging Markets," Pacific-Basin Finance Journal, Vol. 3, No. 1, March 1995, 113-136.
中文期刊（Selected）
1)李怡宗，刘玉珍，王锦莹，陈薇如，赖文弘，“限价委托簿信息透明度与市场质量”，证券市场发展季刊(TSSCI)，2007，forthcoming.
2)王锦莹，陈隆麒，刘玉珍,“股票回购对股利政策变动公告效应之影响”的接受，管理评论(TSSCI),第25卷第3期,2006.
3)陈嘉惠，刘玉珍，林炯垚，“公开市场股票回购影响因素分析”，证券市场发展季刊(TSSCI),第15卷第3期,October2003,27-61.
4)刘玉珍，叶淑玲，简淑芬，季秀，“建构我国未上市(柜)股票交易制度之研究”，证券市场发展季刊(TSSCI),第13卷第4期,Jan,2002,1-42.
5)陈嘉惠，高郁惠，刘玉珍，“投资人偏好与资产配置”，台湾管理学刊，第1卷第2期,February2002,213-232.
6)刘玉珍与徐敏富，“民营化对股市的冲击”，中山管理评论(TSSCI)，1999.
7)李怡宗、刘玉珍、李健玮，“Black-Scholes评价模式在台湾认购权证市场之实证”（最佳论文奖），管理评论(TSSCI)，第18卷第3期，1999，83-104.
8)刘玉珍、臧大年、陈薇如，“未上市股票市场价差决定因子之实证研究”，证券市场发展季刊(TSSCI)10:4（第十卷第四期），1998，27-54.
9)刘玉珍，何怡满，“台湾股市隔夜报酬预测因子之实证研究”，管理科学学报(TSSCI)，第十四卷第一期，1994，页三九~六十四。
10)刘玉珍，周行一，潘璟静，“台湾股市价格限制与交易行为”，中国财务学刊(TSSCI)，第四卷第二期，1996,页四一~六十。
11)刘维基，刘玉珍，黄建顺，潘璟静，“台湾股市日内价格变动分析”，证券市场发展季刊(TSSCI)，第七卷第二期，1995年，页四十七~七十三。
12)黄仁甫、刘玉珍，“台湾股市交易信息不对称之实证研究”，中国财务学刊(TSSCI)，第三卷第一期，1995,七月，页九十五~一一七。
13)刘玉珍，“国际股市信息结构之实证研究”，台大管理论丛(TSSCI)，第五卷第一期，1994，页一八九~二二二。
14)刘玉珍，何怡满，“台湾股市公司特性与信息结构之实证研究”，国科会人文社会科学论丛，第四卷第一期，1994年一月，页一一四~三二。
15)刘玉珍，刘维基，林淑铃，“台湾股市季盈余宣告的信息－随机优势模式与资本资产定价模式之比较”，管理科学学报(TSSCI)，第十卷第一期，1993，页二十三~四十六。
16)刘玉珍，刘维基，谢政能，“台湾股市过度反应之实证研究”，台大管理论丛(TSSCI)，第四卷第一期，1993，页一零五~一四六。
17)刘玉珍，刘维基，史习安，“台湾股市真实价格发现能力之实证研究”，台大管理论丛(TSSCI)，第二卷第一期，1991，页一一九~一三八。
18)刘玉珍，刘维基，吴钦杉，郭秋荣，“台湾地区股票上市公司变现能力与股票报酬关系之实证研究”，管理科学学报(TSSCI)，第八卷第一期，1991，页三十七~五十一。
19)刘维基，吴钦杉，刘玉珍，“竞价制度对股市变现能力的影响之模拟研究”，社会科学论丛，第三十八辑，1990年，页一零七~一二九。
20)刘维基，吴钦杉，刘玉珍，“股市投资人投单策略形成之模拟研究”，政大管理评论(TSSCI)，1990年，页一三九~一五四。
21)刘维基，黄钲堤，刘玉珍，“台湾证券市场公司规模与盈余公告所含信息内容之实证研究”，管理科学学报(TSSCI)，第七卷第一期，1990年，页三十一~四十八。
22)吴钦杉，刘玉珍，“台湾地区上市公司股票最后进出喊价价差的决定因子之实证研究”，管理科学学报(TSSCI)，第六卷第一期，1989年五月，页一~一十六
23)刘维基，刘玉珍，“融资顺位理论的发展与实证”，政大管理评论(TSSCI)，1989年，页七~二十二
出席会议（Selected）
1) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2006.01.06, Who Loses from Trade? Evidence from Taiwan,The 2006 Annual Meeting of American Finance Association, AFA, Boston.
2) Lin, Ji-Chai, Yi-Tsung Lee, and Yu-Jane Liu, 2005.12.14, IPO Auctions and Private Information, The 18th Australasian Finance & Banking Conference 2005, School of Banking and Finance, The University of New South Wales, SYDNEY.
3) Lee, Yi-Tsung, Yu-Jane Liu, and Vivian W. Tai, 2005.10.14, Who Demand on the Brokerage House Recommendations? , 2005 Annual Meeting of the Financial Management Association International, FMA, Chicago.NSC 92-2416-H-004-054-EF
4) Lin, Ji-Chai, Yi-Tsung Lee, and Yu-Jane Liu, 2005.07.05, Why Have Auctions Been Losing Market Shares to Bookbuilding in IPO Markets? The 80th Annual Conference of Western Economic Association International, WEAI, San Fransico.
5) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2004.12.21, Do Individual Day Traders Make Money? Evidence from Taiwan, 2004 NTU International Conference, National Taiwan University, Taipei. (Has been re-summarized by Business Week, August 16, 2004.)
6) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2004.12.18, Who Gains from Trade? Evidence from Taiwan,The 12th Conference on the Theories and Practices of Securities and Financial Markets, Department of Finance, NSYSU, Kaohsiung. (The Best Paper Award)
7) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2004.10.16, Do Individual Day Traders Make Money? Evidence from Taiwan, Behavioral Finance Program Meeting, National Bureau of Economic Research, Inc., Massachusetts, USA.
8) Lin, Ji-Chai, Yi-tsung Lee, and Yu-Jane Liu, 2003.11, Why are IPO Auctions Not Popular? The 11th Conference on Pacific Basin Finance, Economics, and Accounting, Taipei.
9) Lee, Yi-Tsung, Lin, Ji-Chai, and Yu-Jane Liu, 2003.10, The Performance of Auctions in Pricing IPO Shares: New Evidence, 2003 Annual Meeting, Financial Management Association, Denver, US.
10) Lee, Yi-Tsung, Yu-Jane Liu, and John Wei, 2003.08, The Probit Model: An Application to the Choice of Initial Public Offerings Methods, Joint Statistical Meetings, American Statistics, San Francisco, US.
11) Lee, Yi-Tsung, Ji-Chai Lin, and Yu-Jane Liu, 2003.06, The Performance of Auctions in Pricing IPO Shares: New Evidence, 2003 Annual Meeting, European Financial Management Association, Helsinki, Finland.
12) Lee, Yi-Tsung, Ji-Chai Lin, and Yu-Jane Liu, 2003.01, The Performance of Auctions in Pricing IPO Shares: New Evidence, Pacific Rim Conference, WEAI, Taipei.
13) Lee, Yi-Tsung, Yu-Jane Liu, and John Wei, 2002.07, Institutional Order Submission Strategies, Execution Costs, and Opportunity Costs, The 77thAnnual Conference of WEAI, Western Economic Association International, Seattle, USA.
14) Lee, Yi-Tsung, Yu-Jane Liu and John Wei, “Execution costs, and opportunity costs: A tradeoff analysis for institutional traders,” The 10th Security Market Theory and Practice Conference held in National Sun Yat-sen University, 2001.
15) Liaw, Gwohorng, Yu-Jane Liu and K.C. John Wei, "On the Demand Elasticity of IPO: An Analysis of Discriminatory Auctions", American Finance Assoication, 2001, NTU International Finance Conference 2000.（The Best Paper Award）
16) Y.T.Lee, Robert Fok and Yu-Jane Liu, “Information Stocks, Trading Strategies and Order Imbalance,” The First National Practices Economics Conference（The Best Paper Award）
17) K.C. John Wei, Yu-Jane Liu, Huan-Di Yi, and Le-Ming Su, “Institutional Trades and Price Impacts on the Taiwan Stock Exchange, FMA, 1998.
18) Yu-Jane Liu, Ming-Fu Shyu, “The Impact of Stock Floation on Privatization”, National Sun Yat-sen Securities and Finance Conference, Oct. 1997.
19) Z. S. Yu, Yu-Jane Liu and W. I. Dai, “The Effect of Taiwan Stabilization Funds: Under the Military Exercise from Mainland China,” National Sun Yat-sen Securities and Finance Conference, Oct. 1997.
20) Edward H. Chow, Yi-Tsung Lee and Yu-Jane Liu, “Intraday Information, trading Volume, and Return Volatiltiy: Evidence from the Order Flows on the Taiwan Stock Exchange,” FMA, Oct. 1997.
21) Lee, J.C. Lin and Yu-Jane Liu, "On the Taiwan Stock Exchange: Big Versus Small Players," PACAP/CFA, EFMA conference, July 1996.
22) Yu-Jane Liu, "Information Shocks, Trading Strategies and Order Imbalance -A Closer Look in Taiwan Stock Market," International Conference of Asian-Pacific Business Management, January 1996（Taipei）.
23) Yu-Jane Liu, Edward, H. Chow and G. G. Pan, "Limit Moves and Positive Feedback Trading," The Theories and Practices in Securities and Finance Markets－National Sun Yat-sen University, 1995,（Kaoshiung）
24) Yu-Jane Liu, "Auction Mechanisms and Information Structure：An Experimental Study of Information Aggregation in Securities Markets," National Taiwan University Internation Finance Conference. 1995.（Taipei）. (The Best Paper Award)
25) Edward H. Chow, Yu-Jane Liu, Gin-Gin Pan, ”Analysis of The Price Limits, Investing Strategies, and Market Performance in Taiwan Stock Market”, The Theories and Practices in Securities and Finance Markets－National Sun Yat-sen University, 1

►教授课程
1.       行为金融学
2.       证卷市场结构
3.       公司财务
4.       投资学

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