周賓凰教授 / Pin-Huang Chou
職稱： 教授
現職： 數金系教授
信箱： choup@cgu.edu.tw
電話： (03)211-8800 分機 5810
學歷： 美國聖路易華盛頓大學經濟學系博士
專長領域： 投資學、財務理論、計量經濟學、行為財務學、綠色經濟學、佛教經濟學
個人網頁： https://reurl.cc/6jO7Nk
經歷
長庚大學數位金融科技系教授（2025/2~迄今）國立中央大學財務金融系教授（2000/08~2025/1）
國立中央大學財務管理系副教授（1994/8~2000/7）
榮譽獎項
l 2018, 優等獎，周賓凰、黃冠瑛、劉明謹，文化與市場效率性，第八屆聯電經營管理論文獎
l2017, 最佳論文獎，周賓凰、黃冠瑛、劉明謹，文化與市場效率性，證券市場發展季刊
l2016 第九屆崇越論文大賞競賽管理論文博士組優等獎 「無母數動能策略」 指導教授
l 2010, Runner-up Award, Finance and Corporate Governance Conference, Melbourne, Australia. Paper title: Firm characteristics, alternative factors, and asset-pricing anomalies: Evidence from Japan
l 2009 年管理評論論文獎首獎，池祥萱、林煜恩、周賓凰, 2009, 處份效果、強化承諾與共同基金績效, 管理評論
lBest annual paper award, 2007, Review of Securities and Futures Markets. Paper title: Investor sentiment and stock returns in Taiwan.
lAnnual Paper Award, 2002, The Tenth Conferences on the Theories and Practices of Securities Markets. Paper title: The Effectiveness of Price Limits When Investors are Overconfident.
lBest paper award, 1998, the 1998 NTU Conference on Finance, Taipei Taiwan. Paper title: Using bootstrap to test portfolio efficiency.
l1997年度最佳論文獎，證券市場發展季刊，論文：臺灣股市日資料特性與事件研究法
期刊論文
1. P.-H. Chou, K.-C. Ko, and S. G. Rhee, 2023, Comparing competing factor and characteristics models: Evidence in Japan, Pacific-Basin Finance Journal 82, Article 102179. (SSCI)
2. T.-Y. Chen, P.-H. Chou, C.-H. Hsieh, and S. G. Rhee, 2021, Momentum life cycle, revisited, Journal of Banking and Finance 127, 106-119. (SSCI)
3. T.-Y. Chen, P.-H. Chou, K.-C. Ko, and S. G. Rhee, 2021, Nonparametric momentum based on ranks and signs, Journal of Empirical Finance 60, 94-109. (SSCI)
4. T.-Y. Chen, P.-H. Chou, N.-T. Yang, 2020, Momentum and reversals: are they really separate phenomena? Finance Research Letters 32, Article 101102. (SSCI)
5. P.-H. Chou, K.-C. Ko, N.-T. Yang, 2019, Asset growth, style investing, and momentum, Journal of Banking and Finance 98, 108-124. (SSCI)
6. T.-Y. Chen, P.-H. Chou, 2018, Median momentum, European Financial Management 25, 1080-1118. (SSCI)
7. 丁碧慧、呂振揚、周賓凰, 2018, 信用交易、意見分歧與股票報酬, 經濟論文46:3, 323–366.
8. H.-Y. Chen, P.-H. Chou, C.-H. Hsieh, 2017, Persistency of momentum effect, European Financial Management 24, 856-892. (SSCI)
9. 周賓凰、黃冠瑛、劉明謹, 2016, 文化與市場效率性，證券市場發展季刊28:3, 1-48. (最佳論文獎)
10. P.-H. Chou, C.-H. Hsieh, Carl H. Shen, 2016, What explains the orange juice puzzle: Fundamentals, sentiment, or smart money? Journal of Financial Markets 29, 47-65. (SSCI)
11. P.-H. Chou, T.-S. Huang, H.-J. Yang, 2013, Arbitrage risk and the turnover anomaly, Journal of Banking and Finance 37, 4172-4182. (SSCI)
12. P.-H. Chou, Robin K. Chou, K.-C. Ko and C.-Y. Chao, 2013, What affects the cool-off period under price limits? Pacific-Basin Finance Journal 24, 256-278. (SSCI)
13. P.-H. Chou, P.-H. Ho, and K.-C. Ko, 2012, Do industries matter in explaining stock returns and asset-pricing anomalies? Journal of Banking and Finance 36, 355-370. (SSCI)
14. C.-C. Chang, P.-H. Chou, and T.-H. Liao, 2012, Fitting and testing for the implied volatility curve using parametric models, Journal of Futures Markets 32, 1171-1191. (SSCI)
15. P.-H. Chou, K.-C. Ko, S.-T. Kuo, S.-J. Lin, 2012, Firm characteristics, alternative factors, and asset-pricing anomalies: Evidence from Japan, Quantitative Finance 12, 369-382. (SSCI)
16. M.-C. Lin and P.-H. Chou, 2011, Prospect Theory and the Effectiveness of Price Limits, Pacific-Basin Finance Journal 19, 330-349. (SSCI).
17. P.-H. Chou, K.-C. Ko, and S.-J. Lin, 2010, Do relative leverage and relative distress really explain asset-pricing anomalies? Journal of Financial Markets 13, 77-100. (SSCI)
18. H.-S. Chih, P.-H. Chou, H. Chung, and Y.-E. Lin, 2009, Smart money effect and past performance: Evidence from U.S. mutual funds, 財務金融學刊 17:4, 31-55. (TSSCI)
19. 池祥萱、林煜恩、周賓凰, 2009, 處份效果、強化承諾與共同基金績效, 管理評論 28:4, 1-18. (TSSCI)
20. Chih, Hsiang-Hsuan, Yu-En Lin, Wei-Ru Chen, and Pin-Huang Chou, 2009, Does CEO media coverage affect firm performance? 交大管理學報 29:1, 139-173. (TSSCI)
21. P.-H. Chou, R. K. Chou, and K.-C. Ko, 2008, Prospect theory and risk-return paradox: Some recent evidence, Review of Quantitative Finance and Accounting 33, 193-208.
22. Wang, J.-S., J.-T. Chen, and Pin-Huang Chou, 2008, Market reactions to the passage of financial holding company act in Taiwan, Pacific Economic Review 13, 453-472. (SSCI)
23. Chih, Hsiang-Lin, Hsiang-Hsuan Chih, and Pin-Huang Chou, 2008, Being Good or Being Known: Corporate Governance, Media Coverage, and Earnings Announcements, The Service Industries Journal 30, 405-420. (SSCI)
24. Chou, P.-H. and K.-C. Ko, 2007, Characteristics, Covariances, and Structural Breaks, Economics Letters 100, 31-34. (SSCI)
25. 池祥萱、林煜恩、周賓凰，2007，基金績效與聰明錢效果：台灣實證，管理學報24:3, 307-330. (TSSCI)
26. 周賓凰、張宇志、林美珍，2007，投資人情緒與股票報酬互動關係，證券市場發展季刊 19:2, 153-190. (TSSCI)
27. P.-H. Chou, Huimin Chung, and K. C. Wei, 2007, Sources of contrarian profits in Japanese markets, Journal of Empirical Finance 14, 261-286.
28. P.-H. Chou, Wen-Shen Li, S. Ghon Rhee and Jane-Sue Wang, 2007, Do macroeconomic factors subsume market anomalies in long investment horizons? Managerial Finance 33, 534-552.
29. P.-H. Chou and G. Zhou, 2006, Bootstrap tests of portfolio efficiency, Annals of Economics and Finance 2, 217-249. (lead article)
30. P.-H. Chou, W.-S. Li, J.-B. Lin, and J.-S. Wang, 2006, Estimating the VaR of a portfolio subject to price limits and nonsynchronous trading, International Review of Financial Analysis 15, 363-376.
31. P.-H. Chou, M.-C. Lin and M.-T. Yu, 2006, Margins and price limits in Taiwan's stock index futures market, Emerging Markets Finance and Trade 42, 65-91. (SSCI)
32. P.-H. Chou, Wen-Shen Li and Guofu Zhou, 2006, Portfolio optimization under asset-pricing anomalies, Japan and the World Economy 18, 121-142. (SSCI, leading article)
33. P.-H. Chou, Huimin Chung, and Erh-Yin Sun, 2005, Detecting mutual fund timing ability using the threshold model, Applied Economics Letters 12, 829-834. (SSCI)
34. P.-H. Chou, M.-C. Lin and M.-T. Yu, 2005, Risk Aversion and Price Limits in Futures Markets, Finance Research Letters 2, 173-184.
35. Pin-Huang Chou, 2004, Bootstrap tests for multivariate event studies, Review of Quantitative Finance and Accounting 23, 275-290. (NSC 87-2416-H008-018)
36. P.-H. Chou, Robin K. Chou and J.-S. Wang, 2004, On the Cross-section of Expected Stock Returns: Fama-French Ten Years Later, Finance Letters 2, Issue 1, 18-22.
37. Mei-Chen Lin and Pin-Huang Chou, 2003, The pitfall of using Sharpe ratio, Finance Letters, 1, 84-89.
38. P.-H. Chou, M.-C. Lin and M.-T. Yu, 2003, Coordinating price limits across spot and futures markets, Journal of Futures Markets 23, 577-602. (SSCI)
39. S. Chen, C. Lin, P.-H. Chou and D. Hwang, 2002, A Comparison of Hedge Effectiveness and Price Discovery between TAIFEX TAIEX Index Futures and SGX MSCI Taiwan Index Futures, Review of Pacific Basin Financial Markets and Policies Vol. 5, No. 2, 277-300. ( NSC 87-2418-004-E24)
40. P.-H. Chou, Edward Chow and Gang Shyy, 2002, Exchange rate risk exposure and capital market integration of the Asian emerging markets, Taiwan Academy of Management Journal 2, No. 2, 165-182. (NSC 84-2416-H-008-016-E8)
41. Pin-Huang Chou and Mei-Chen Lin, 2002, Tests of the international CAPM with and without a risk-less asset, Applied Financial Economics, 12, 873-883.
42. 周賓凰、池祥萱、周冠男、龔怡霖, 2002, 行為財務學: 文獻回顧與展望, 證券市場發展季刊 14:2, 1-48. (TSSCI)
43. 周賓凰、劉怡芬, 2000, 台灣股市橫斷面報酬解釋因子：特徵、單因子，或多因子，證券市場發展季刊12:1, 1-32。(TSSCI)
44. 周賓凰、李志宏、李進生, 2000, 當沖相關制度之比較與我國應採行之作法, 證券市場發展季刊11:3, 21-48. (TSSCI)
45. P.-H. Chou, Y.-L. Hsu and Guofu Zhou, 2000, Investment horizon and the cross-section of expected returns: Evidence from the Tokyo Stock Exchange, Annals of Economics and Finance 1, No. 1, 79-100.
46. P.-H. Chou, 2000, Alternative tests of the zero-beta CAPM, Journal of Financial Research 23, 469-494.
47. P.-H. Chou, Mei-Chen Lin and Min-Teh Yu, 2000, Price limits, default risks, and margin requirements, Journal of Futures Markets 20, 573-602. (SSCI)
48. Pin-Huang Chou, 1999, Modeling daily price limits, International Review of Financial Analysis 8:3, 283-301.
49. Pin-Huang Chou and Huimin Chung, 1999, Formulation versus holding horizon, time series predictability, and the performance of contrarian strategies, Journal of Financial Studies 7:2, 1-27. (TSSCI)
50. 周賓凰、劉貽芳、林惠雪, 1998，五種台股指數績效與均異效率性之評估，證券市場發展季刊10:4, 1-26. (TSSCI)
51. 周賓凰與吳壽山, 1998, 漲跌幅限制之再探討, 中國財務學刊 6:2, 19-48. (TSSCI)
52. 周賓凰與蔡坤芳，1997，臺灣股市日資料特性與事件研究法，證券市場發展季刊9:2, 1-27. (TSSCI)
53. Pin-Huang Chou, 1997, A test of relative efficiency between two sets of securities, Applied Financial Economics 7, 193-196.
54. Pin-Huang Chou, 1997, A Gibbs sampling approach to the estimation of linear regression models under daily price limits, Pacific-Basin Finance Journal 5, 39-62.
55. 沈中華與周賓凰, 1997, 漲跌幅限制下的股市星期效應與自我相關, 經濟論文25:1, 21-44. (TSSCI)
56. 周賓凰與邱湘靈，1996，美國亞太地區國際型共同基金績效, 證券市場發展季刊8:3, 117-145. (TSSCI)
57. 吳壽山與周賓凰, 1996, 衡量漲跌幅限制對股票報酬與風險的影響, 證券市場發展季刊8:1, 1-31. (TSSCI)
其他刊物
1. Pin-Huang Chou, Kuan-Cheng Ko, and K C John Wei, 2024, Sources of the Liquidity Premium: Risk or Mispricing? Chapter 65, Handbook of Investment Analysis, Portfolio Management, and Financial Derivatives (editors: C.F. Lee, Alice Lee, and John Lee).
2. 周賓凰, 2021, 淺談綠色經濟的個體心理基礎, 人文與社會科學簡訊 23:1, 81-86.
3. 周賓凰, 2010, 生命就是開放、永遠保有可能性：與年輕學者共勉, 人文與社會科學簡訊 12:1, 97-104.
4. P.-H. Chou, 2002, 認知失調與其於財務之應用, 貨幣觀測與信用評等38，15-22.
5. P.-H. Chou and Mei-Chen Lin, 2002, Effectiveness of price limits when investors are overconfident. Proceedings of the 10th Conference on the Theories and Practices of Securities and Financial Markets, Taiwan.
6. P.-H. Chou and Mei-Chen Lin, 2001, Assessing the size of asset-pricing tests under perfect ex ante efficiency, Proceedings of the 10th Conference on the Theories and Practices of Securities and Financial Markets, Taiwan. (NSC 90-2416-H-008-003)
7. P. -H. Chou and H. Wang, 2000, Alternative tests for event studies: A bootstrap approach, Proceedings of the 2000 Chinese Finance Association Annual Meeting, Taiwan: Taipei. (NSC 88-2416-H-008-009)
8. Mutual fund styles, performance evaluation and investment horizons: Evidence from Taiwanese mutual funds, (with S. Lin and M. Lin), 2000, Securities Finance 65, 55-82.
9. Using Bootstrap to test portfolio efficiency, (with Guofu Zhou), 1998 Proceedings of the 1998 NTU Conference on Finance, Vol. 2, 117-145. National Taiwan University, Taipei, Taiwan. Best Paper Award.
10. A microstructure investigation of Barings crisis: Information trading and trading mechanisms, (with J. Lee and Gang Shyy), Proceedings of the Eighth Annual Asia-Pacific Futures Research Symposium, 39-72, 1997.
11. Hedging effectiveness and price transmission of individual share futures, (with Gang Shyy), Proceedings of the Seventh Annual Asia-Pacific Futures Research Symposium, 83-92, 1996.
專書
1. 《計量經濟學：理論、概念與應用》，2010，智勝出版社；（二版）2022/9 雙葉書廊
2. 《佛教經濟學》，2022/2，商周出版社
3. 《先知》譯註（中英對照），2021/8，新陸書局
4. 《薄伽梵歌》譯注（中英對照），2018/9，啟示出版社
5. 《薄伽梵歌》譯注，2017/4，活石文化
6. 《綠色經濟學》，2011，與徐耀南、王絹淑合譯，智勝出版社
7. 《財金計量—EViews的應用》， 2009，與鍾惠民、孫而音合著，新陸書局
8. 《證券市場》（第三版），2005，與劉玉珍、李志宏合著，證基會
9. 《財金計量》（Financial Econometrics Using SAS）修訂版，2004，與鍾惠民、吳壽山、范懷文合著，雙葉書廊
研究計劃
1. “企業社會責任、投資人異質性與資產定價” ，計劃經費：3,088,000 (NSTC 112-2410-H-008-047-MY3)
2. “定期定額策略: 波動管理觀點” ，計劃經費：645,000 (MOST 111-2410-H-008-054)
3. “意見分歧、凸顯性與資產定價異常現象” ，計劃經費：2,823,000 (MOST 109-2410-H-008-009-MY3)
4. “堅韌與超額動能策略：績效與成因” ，計劃經費：2,976,000 (MOST 107-2410-H-008-013-MY3)
5. “倫理與資產定價：理論與實證” ，計劃經費：2,558,000 (MOST 105-2410-H-008-027-MY3)
6. “橫斷面報酬變異剖析” ，計劃經費：2,260,000 (NSC 102-2410-H-008-014-MY3)
7. “短期動能與長期報酬反轉現象再探” ，計劃經費：2,559,000 (NSC 101-2410-H-008-027-MY3)
8. “違約風險與股票報酬：特徵、因子與計量議題” 計劃經費：2,271,000 (NSC 99-2410-H-008-038-MY3)
9. “因子、特徵與股票報酬：行為與計量議題” ，計劃經費：2,569,000 (NSC 98-2410-H-008-041-MY3)
10. “衍生性金融商品的資訊內涵整合型研究-子計畫三：選擇權微笑型態探討：計量與行為相關議題”，計劃經費：2,337,000（NSC 95-2416-H-008-014-MY3）
11. “規模與帳面市值比效果深探：計量與理論相關議題”，計劃經費：2,265,000（NSC 95-2416-H-008-015-MY3）
12. “金融控股公司法的市場反應之檢測：多變量事件研究法之應用”，計劃經費：405,000（NSC 94-2416-H-008-031）
13. “論產業因子在股票報酬橫斷面與時間序列中的角色(2/2)”，計劃經費：1,067,000（NSC 94 -2416-H-008 -003）
14. “論產業因子在股票報酬橫斷面與時間序列中的角色(1/2)”，計劃經費：917,396（NSC 93-2416-H-008-019）
15. “行為財務學與行為會計學整合型計畫-子計畫七：總體因子、市場情緒、與資產定價”，計劃經費：263,500（NSC 92-2416-H-008-033-EF）
16. “展望理論與風險報酬關係再探”，計劃經費：835,900（NSC 92-2416-H-008-023）
17. “貝他與市值關係的進一步探討：理論與實證”，計劃經費：712,100（NSC 91-2416-H-008-010）
18. “完全事前效率下效率性檢定之績效評估”，計劃經費：621,900（NSC 90-2416-H-008-003）
19. “日內價格反轉與交易策略之研究”，計劃經費：519,300（NSC 89-2416-H-008-024）
20. “交易策略績效與成因之研究”，計劃經費：597,800（NSC 89-2416-H-0088-008）
21. “拔靴複製事件研究法”，計劃經費：530,900（NSC 88-2416-H-008-009）
22. “法規相關(多變量)事件研究 - 拔靴複製法”，計劃經費：442,200（NSC 87-2416-H008-018）
23. “亞太地區證券、期貨及債券關聯資料庫基地的建立與使用－亞洲新興市場與全球系統性風險溢酬之研究”，計劃經費：584,200（NSC 84-2416-H-008-016-E8）