Yuan-Teng Hsu (許元鐙)

Yuan-Teng Hsu currently serves as the Deputy Director at the Research Center of Finance, Shanghai Business School, and holds a postdoctoral position in Accounting at Antai College of Economics & Management, Shanghai Jiao Tong University. Before arriving at SBS in 2017, he worked as a Project Research Fellow at Yuan Ze University. He received his Ph.D. in Finance from Yuan Ze University in 2016. His research specialization includes various aspects of corporate finance, financial accounting, investment, and international finance. He holds the position of Editorial Board Member at the Journal of International Money and Finance, serves as an Associate Editor for the International Review of Financial Analysis and Finance Research Letters, and acts as a Guest Editor for Emerging Markets Finance and Trade. His scholarly contributions have been featured in esteemed publications such as the Journal of Corporate Finance; Journal of Empirical Finance; Journal of International Money and Finance; European Financial Management; Pacific-Basin Finance Journal; International Marketing Review; Journal of Medical Internet Research, etc.

Email: ythsu@sbs.edu.cn; yuanteng.hsu@gmail.com 

Phone: +86-21-64870020 ext. 1406

Address: Room 1406, No. 2271 West Zhongshan Rd., Shanghai, 200235, China.

EDUCATION

Postdoc. in Accounting, Antai College of Economics & Management, Shanghai Jiao Tong University, China. (2022.11~Present)

Ph.D. Candidate in Information Management and Finance, National Yang Ming Chiao Tung University, Taiwan.  (2021.09~Present)

Ph.D. in Finance, Yuan Ze University, Taiwan.  (2010.09~2016.06)

EXPERIENCES

Associate Editor, International Review of Financial Analysis. (2024.02~present); Finance Research Letters. (2025.05~present)

Young Editorial Board, China Finance Review International. (2024.05~present) 

Editorial Board, Journal of International Money and Finance. (2024.02~present)

Guest Editor, Finance Research Letters. (2023.06~present); Emerging Markets Finance and Trade. (2024.06~present)

Academic Editor, PLOS ONE. (2023.01~present) 

Deputy Director, Research Center of Finance, Shanghai Business School, China. (2021.09~Present)

Associate Professor, Research Center of Finance, Shanghai Business School, China. (2020.10~Present)

Assistant Professor, Research Center of Finance, Shanghai Business School, China. (2017.06~2020.09)

Project Research Fellow, Discipline of Finance, Yuan Ze University, Taiwan. (2016.07~2017.05)

RESEARCH INTERESTS

Corporate Finance

Financial Accounting

Investment

SELECTED PUBLICATIONS 

Finance

1.  How Do Executives Respond to Biodiversity Risk? Evidence from Opportunistic Stock Selling. Pacific-Basin Finance Journal, 2025, 91, 102757.
       (With Jiangze Du, Fule Liu, and  Dien Giau Bui )     

2.  Performance Hurdles in Venture Capital Fund Compensation. International Review of Financial Analysis, 2025, 102, 104015.
       (With Jianwei Dong, Guoping Shi, and  Siyuan Tan)     

3. The Daughter Effect and Green Innovation: Evidence from China. International Review of Financial Analysis, 2025, 100, 103968.
       (With Huailing Xie and  Xiaodong Xu)     

4.  Do AI incidents and hazards matter for AI-themed cryptocurrency returns? Finance Research Letters, 2025, 74, 106777.
       (With Jying-Nan Wang and Hung-Chun Liu)   

5. The Impact of ESG Distance on Mergers and Acquisitions. International Review of Financial Analysis, 2024, 96, 103677.
     (With Ning Tang, Xiaodong Xu, and Chih-Yung Lin)    

6. ESG risk, economic policy uncertainty, and the downside risk: Evidence from US firms. The North American Journal of Economics and Finance, 2024, 102293.
       (With Chia-Hsien Tang, Hung-Chun Liu, and Yen-Hsien Lee)     

7. Bans on Eating and Drinking: What Do Investors Think? International Review of Economics and Finance, 2024, 103633.
       (With Chuanxi Zhang, Chih-Chun Chen, and Lan Gou)     

8. Divergent jump characteristics in brown and green cryptocurrencies: The role of energy-related uncertainty. Energy Economics, 2024, 138: 107847.
       (With  Jying-Nan Wang, Samuel A. Vigne, and Hung-Chun Liu)    

9. Hacks and the price synchronicity of bitcoin and ether. The Quarterly Review of Economics and Finance, 2024, 95, 294-299.
       (With  Jying-Nan Wang, Samuel A. Vigne, and Hung-Chun Liu)    

10. The ESG Washing in Banks: Evidence from the Syndicated Loan Market. Journal of International Money and Finance, 2024, 142, 103043.
        (With Kuo-Jui Huang, Dien Giau Bui, and Chih-Yung Lin)    

11.  A U-shaped relationship between the crypto fear-greed index and the price synchronicity of cryptocurrencies. Finance Research Letters, 2024, 59, 104763.
        (With Jying-Nan Wang and Hung-Chun Liu)   

12.  News Sentiment and Investment Efficiency: Evidence from China. European Financial Management, 2024, 30 (3), 1587-1617.
        (With Min Hua, Heng Liu, and Qingren Wang)   

13.  Does disclosure of customers’ identities benefit a company’s performance in the product market? Evidence from China. Pacific-Basin Finance Journal, 2023, 8, 102180.
        (With Huailing Xie and  Xiaodong Xu)   

14.  FoMO in the Bitcoin market: Revisiting and factors. The Quarterly Review of Economics and Finance, 2023, 89, 244-253.
        (With Jying-Nan Wang, Hung-Chun Liu, and Yen-Hsien Lee)   

15.  Dissecting returns of non-fungible tokens (NFTs): Evidence from CryptoPunks. The North American Journal of Economics and Finance, 2023, 65, 101892.
        (With Jying-Nan Wang, Yen-Hsien Lee, and Hung-Chun Liu )   

16.  Unintended Consequences of Compensation Peer Groups on Corporate Innovation. Journal of Corporate Finance, 2023, 78, 102321. [Leading article]
        (With Chia-Wei Huang, and Kees Koedijk)   

17.  Lead Independent Director and Earnings Management. European Financial Management, 2024, 30 (1), 3-54. [Leading article]
        (With Cheng-Few Lee, Chih-Yung Lin, and Ning Tang)    

18.  The Choice of Flotation Methods Evidence from Chinese Seasoned Equity Offerings. Journal of International Money and Finance, 2022, 129, 102725.
        (With Xuechen Gao, Xuewu (Wesley) Wang, and Weici Yuan)    

19.  Further Evidence on Calendar Anomalies. European Financial Management, 2022, 28, 545-566.
        (With Kees Koedijk, Hung-Chun Liu, and Jying-Nan Wang)    

20.  Why Do Stock Repurchases Change Over Time? European Financial Management, 2020, 26, 938-957.
        (With Chia-Wei Huang)    

21.  How Do Job Vacancy Rates Predict Firm Performance? A Web Crawling Massive Data Perspective. Pacific-Basin Finance Journal, 2020, 62, 101371.
        (With Huai-Chun Lo, Kees Koedijk, and Xiang Gao)    

22.  How does the informed trading impact Bitcoin returns and volatility? Applied Economics, 2021, 53, 3223-3233. [Leading article]
        (With Jying-Nan Wang, Hung-Chun Liu, and Shuang Zhang)    

23.  How Does Real Earnings Management Respond to the 2007-2008 Financial Crisis? Pacific Accounting Review, 2020, 32, 495-517.
        (With Zhigang Li, and Xiang Gao)    

24.  Time-of-Day Periodicities of Trading Volume and Volatility in Bitcoin Exchange: Does the Stock Market Matter? Finance Research Letters, 2020, 34, 101243.
        (With Jying-Nan Wang, Hung-Chun Liu)    

25.  Measuring Systemic Risk: Capital Shortfall and CSRISK. International Review of Finance, 2021, 358–369.
        (With Jying-Nan Wang, Joe-Ming Lee, and Chih-Chun Chen)    

26.  On the Predictive Power of ARJI Volatility Forecasts for Bitcoin. Applied Economics, 2019, 51, 4849-4855.
        (With Jying-Nan Wang, Hung-Chun Liu, and Shu-Mei Chiang)    

27.  Economic Benefits of Technical Analysis in Portfolio Management: Evidence from Global Stock Markets. International Journal of Finance and Economics, 2019, 24, 890-902.
        (With Jying-Nan Wang, Hung-Chun Liu, and Jiangze Du)

28.  Measuring Long-term Tail Risk: Evaluating the Performance of the Square-root-of-time Rule. Journal of Empirical Finance, 2018, 47, 120-138.
        (With Jying-Nan Wang, and Jiangze Du)    

29.  The Importance of Hedging Currency Risk: Evidence from CNY and CNH. Economic Modelling, 2018, 75, 81-92.
        (With Jiangze Du, Jying-Nan Wang, and Kin Keung Lai)

30.  Triangular No-arbitrage Estimation through Bitcoin: an Application in Venezuelan Bolivars. Asia-Pacific Journal of Financial Studies, 2018, 47, 529-545.
        (With Jying-Nan Wang, and Chih-Chun Chen)    

31.  Idiosyncratic risk and share repurchases. Finance Research Letters, 2016, 18, 76-82.
        (With Chia-Wei Huang)    

Marketing

1. Can Lawyers’ Facial Attractiveness Increase the Popularity or Customer Satisfaction? An Example of Expert Q&A Services. Service Science, forthcoming.
       (With Ya-Ling Chiu and Jying-Nan Wang)   

2.  The Impact of Online Movie Word-of-Mouth on Consumer Choice: A Comparison of American and Chinese Consumers. International Marketing Review, 2019, 36 (6), 996-1025.
       (With Ya-Ling Chiu, Ku-Hsieh Chen, and Jying-Nan Wang)    

3.  Studying the Relationship between the Perceived Value of Online Group-Buying Websites and Customer Loyalty: The Moderating Role of Referral Rewards. Journal of Business & Industrial Marketing, 2018, 33, 665-679.
       (With Ya-Ling Chiu, Lu-Jui Chen, and Jiangze Du)    

4.  An Empirical Study of Holiday Season Discounts: A Comparison Between Third-Party Marketplace Sellers and Fulfilled by Walmart Sellers. SAGE Open, 2021, 11(2), 21582440211024179.
       (With Ya-Ling Chiu, Xiaoyu Mao, and Jying-Nan Wang)    

eHealth

1.  Electronic Consultation Accessibility Influence on Patient Assessments: a Case-control Study with User-generated Tags of Physician Expertise. Digital Health, 2023, 9, 20552076231180693.
     (With HaiYan Yu, Ya-Ling Chiu, Jying-Nan Wang, and Jiang Yu) 

2.  Can Online Health Information Sources Really Improve Patient Satisfaction? Frontiers in Public Health, 2022, 10:940800.
       (With Yide Sun, Jiajun Yu, and Ya-Ling Chiu)    

3.  Impacts of physician promotion on the online healthcare community: Using a difference-in-difference approach. Digital Health, 2022, 8: 20552076221106319.
       (With Ya-Ling Chiu, Jying-Nan Wang, and Hung-Chun Liu)    

4.  Understanding the Inequality of Web Traffic and Engagement in Online Healthcare Communities. Frontiers in Public Health, 2022, 10:917522.
       (With Ran Duan, Ya-Ling Chiu, and Jying-Nan Wang)    

5.  Extracting Additional Influences from Physician Profiles with Topic Modeling: Impact on Ratings and Page Views in Online Healthcare Communities. Frontiers in Psychology, 2022, 13:830841.
       (With Xiaoling Wei)    

6.  Consultation Pricing of the Online Healthcare Service in China: A Hierarchical Linear Regression Approach. Journal of Medical Internet Research, 2021, 23(7): e29170.
       (With Ya-Ling Chiu, Jying-Nan Wang, and HaiYan Yu)    

7.  Exploring Types of Information Sources Used When Choosing Doctors: Observational Study in the Online Health Care Community. Journal of Medical Internet Research, 2020, 22(9): e20910.
       (With Shuang Zhang, Jying-Nan Wang, and Ya-Ling Chiu)    

8.  Understanding a Nonlinear Causal Relationship Between Rewards and Physicians’Contributions in Online Health Care Communities: Longitudinal Study. Journal of Medical Internet Research, 2017, 19(12): e427 [Ranked #1 in the Medical Informatics discipline]
       (With Jying-Nan Wang, Ya-Ling Chiu, and HaiYan Yu)    

Operations Reserarch

1. Maximum-interval solutions of the given solution for system of addition-min fuzzy relational inequalities. Fuzzy Sets and Systems, 2025, 511, 109369.
     (With Yan-Kuen Wu, Ching-Feng Wen, and Ming-Xian Wang)    

2.  Applying the lexicographic maximum solution of min-product fuzzy relational inequalities for finding the optimal pricing with a fixed priority in a supply chain system. Iranian Journal of Fuzzy Systems, 2024, 21(1), 19-31.
     (With Yan-Kuen Wu, Ching-Feng Wen, and Ming-Xian Wang)    

3.  Finding minimal solutions to the system of addition-min fuzzy relational inequalities. Fuzzy Optimization and Decision Making, 2022, 1-23.
       (With Yan-Kuen Wu, Ching-Feng Wen, and Ming-Xian Wang)    

4.  Some results for the minimal optimal solution of min-max programming problem with addition-min fuzzy relational inequalities. Fuzzy Optimization and Decision Making, 2021, 1-26.
       (With Yan-Kuen Wu, Ching-Feng Wen, and Ming-Xian Wang)    

Education

1.  Soft Skills Unveiled: A Comprehensive Exploration of Employer Preferences and Employability Essentials. Assessment & Evaluation in Higher Education, forthcoming.
     (With Ya-Ling Chiu, Li Xu, and Jying-Nan Wang)    

2.  Understanding the Perceived Quality of Professors’ Teaching Effectiveness in Various Disciplines: The Moderating Effects of Teaching at Top Colleges. Assessment & Evaluation in Higher Education, 2019, 44 (3), 449-462.
     (With Ya-Ling Chiu, Ku-Hsieh Chen, and Jying-Nan Wang)  

PRESENTATION

1. Unveiling Independence: Exploring Corruption Culture Among Independent Directors. (With Robin Chen, Chia-Wei Huang, and Kees G. Koedijk)  

    - The 37th AsianFA Annual Conference, National Chengchi University, Taipei, Taiwan. June 26-28, 2025.

2. The forecasting power of digital transformation on future corporate innovation: Evidence from digital transformation certification. (With Zhidong Tan)  

    - 2024 The BLCU International Conference for Economics and Finance (BLCUEF), Beijing Language and Culture University, Beijing, China. April 26-27, 2024.

3. Are Independent Directors Independent? Evidence from the Corruption Culture. (With Robin Chen, Chia-Wei Huang, and Kees G. Koedijk)    [Third prize for Best paper award]

    - 2023 Accounting Cooperation Forum of Jiaotong University and the fifth Annual Academic Conference, National Yang Ming Chiao Tung University, Taiwan. November 24, 2023.

4. Digital Transformation and Corporate Social Responsibility: Evidence on the Integration of Informatization and Industrialization in China. (With Zhidong Tan, and Kam C. Chan)  

    - 2023 International Conference on Education, Economics, Psychology and Social Studies, Kyoto, Japan. November 23-25, 2023. 

5. Are Independent Directors Independent? Evidence from the Corruption Culture. (With Chia-Wei Huang, Kees G. Koedijk, and Robin)    

    - 2023 FMA EUROPEAN CONFERENCE, Aalborg University, Aalborg, Denmark. June 7-9, 2023.

6. Digital Transformation and Corporate Social Responsibility: Evidence on the Integration of Informatization and Industrialization in China. (With Zhidong Tan, and Kam C. Chan)    [Best paper award]

    - 2023 International Conference on Business Administration, National Taipei University, Taiwan. May 12, 2023.

7. Lead Independent Director and Earnings Management. (With Cheng-Few Lee, Chih-Yung Lin, and Ning Tang)    

    - 2022 International Conference of the Taiwan Finance Association, National Yang Ming Chiao Tung University, Taiwan. June 17-18, 2022.

8. Are Independent Directors Independent? Evidence from the Corruption Culture? (With Chia-Wei Huang, Kees G. Koedijk, and Robin)    

    - 2022 International Conference of the Taiwan Finance Association, National Yang Ming Chiao Tung University, Taiwan. June 17-18, 2022.

9. Why Do Stock Repurchase Change Over Time? (With Chia-Wei Huang)    

    - 2017 The 11th NCTU International Finance Conference, National Chiao Tung University, Taiwan. Dec. 8, 2017.

10. Measuring Long-term Tail Risk: Evaluating Performance of Square-root-of-time Rule. (With Jying-Nan Wang, Jiangze Du)    

    - 2017 China International Risk Forum, Shanghai Jiao Tong University, China. December 16, 2017.

ACADEMIC SERVICE 

Conference Keynote Speaker    

    - 1st CoNeScINTech (Conference on Business, Social Sciences, and Technology, Indonesia, August, 2021 

Conference Co-Vice-Chair    

    - 2024 The SBS International Conference for Finance (SBSICF), Shanghai Business School, Shanghai, 2024/06/21-22
  - 2024 The BLCU International Conference for Economics and Finance (BLCUEF), Beijing Language and Culture University (BLCU), Beijing, China, 2024/04/26-27  
    - 2023 The SBS International Conference for Finance (SBSICF), Shanghai Business School, Shanghai, 2023/06/09-10

  Conference Session Chair    

  - 2022 International Conference on Environment, Social, Governance and Financial Innovation, Shanghai Business School, Shanghai, 2022/10/28-30
    - 2016 International Conference on Modern Management and Innovation, Hsinchu, Taiwan, 2016/04

Academic Speech    

    - Anhui University of Finance & Economics, 2024/05/31

    - National Taipei University, 2024/10/04

    - Hefei University, 2024/05/31

    - Capital University of Economics and Business, 2024/05/16

    - National University of Kaohsiung, 2024/03/19

    - Southwest University, 2023/06/26, 2023/10/27, 2024/09/21

    - Chongqing Technology and Business University, 2023/10/26, 2024/06/13, 2024/09/23

    - Jilin University, Business School, 2021/05/14        

    - Harbin University, School of Economics and Management, 2021/12/22

    - Yuan Ze University, College of Management, 2016/12/17, 2018/05/31, 2018/10/02, 2019/05/01

    - National Ilan University, Department of Applied Economics and Management, 2018/09/29, 2019/04/29, 2020/09/29, 2022/5/23 (online), 2022/5/30 (online), 2022/11/07, 2024/03/25 (online)

    - Chung Yuan Christian University, Department of Finance, 2020/10/06, 2023/04/27, 2023/09/26

    - Chang Jung Christian University, Department of Finance, 2020/03/10

    - Cheng Shiu University, Department of Financial Management, 2020/10/19  

Ad Hoc Referee 

1. Accounting & Finance    

2. Annals of Medicine

3. Applied Economics

4. Applied Economics Letters

5. Applied Soft Computing       

6.         Asia Pacific Business Review

7.         Asia-Pacific Journal of Accounting & Economics

8.         Assessment and Evaluation in Higher Education

9.         Borsa Istanbul Review

10.         Business Strategy and the Environment

11. China Finance Review International

12. Computational Economics    

13. Computational Intelligence and Neuroscience

14.         Digital Health

15. Economic Modelling    

16. Electronic Commerce Research and Applications    

17. Energy Economics  

18.         Environmental Science and Pollution Research

19. Estudios de Economia 

20. European Financial Management

21. European Journal of Finance 

22. Finance Research Letters

23. Financial Innovation

24. Fluctuation and Noise Letters

25. Frontiers in Psychology

26. Frontiers in Public Health

27. Health & Social Care in the Community

28.         Heliyon

29. IEEE Access   

30.         IEEE Transactions on Computational Social Systems

31. IEEE Transactions on Network Science & Engineering

32. Information Processing and Management

33. International Journal of Interactive Multimedia and Artificial Intelligence 

34. International Journal of Consumer Studies

35. International Journal of Finance and Economics    

36.         International Journal of Health Planning and Management

37.         International Journal of Tourism Research

38.         International Marketing Review

39. International Review of Financial Analysis

40. Journal of Accounting Auditing & Finance

41. Journal of Business Economics and Management    

42. Journal of Computational and Applied Mathematics   

43. Journal of International Financial Markets, Institutions & Money 

44. Journal of International Money and Finance

45. Journal of Mathematics

46. Journal of Medical Internet Research 

47.         Journal of Multidisciplinary Healthcare

48. Management Decision

49. Managerial Finance 

50. North American Journal of Economics and Finance

51. PLOS ONE    

52.         Psychology, Health & Medicine

53. Research in International Business and Finance

54.         Review of Quantitative Finance and Accounting

55.         Sage Open

56.         Technology Analysis & Strategic Management

57.         The Singapore Economic Review

58.         Total Quality Management & Business Excellence

TEACHING

SBS    

    - Financial Reporting and Analysis (undergraduate), Fall 2017, Fall 2018    

    - Advanced Financial Management (undergraduate), Spring 2018    

    - The Case Analysis of Financial Management (undergraduate), Spring 2019    

    - Essay Writing (undergraduate), Spring 2021, Fall 2021

MUST

    - Financial Management (undergraduate), Fall 2013, Spring 2013, Fall 2015

    - Commercial Package Software (undergraduate), Spring 2013, Spring 2014, Spring 2015

    - Management (undergraduate), Fall 2014

    - Corporate Ethics (undergraduate), Fall 2014

    - Industry Analysis (undergraduate), Fall 2015

VNU    

    - Behavioral Finance (undergraduate), Spring 2013    

    - Seminar in Financial Innovation (undergraduate), Fall 2014, Spring 2014    

    - Financial Management (undergraduate), Spring 2014, Spring 2015    

    - Accounting (undergraduate), Fall 2015

TSU    

    - Financial Management (undergraduate), Fall 2011, Fall 2012, Fall 2013, Fall 2015    

    - Financial Reporting and Analysis (undergraduate), Spring 2012    

    - Investment (undergraduate), Spring 2012, Spring 2015    

    - International Business Management (undergraduate), Spring 2011    

    - Case study (undergraduate), Fall 2012, Fall 2013