姜堯民

Yao-Min Chiang 

Professor

Department of Finance

National Taiwan University



Contact Information 

EDUCATION

Ph.D., Business Administration (Finance), the University of Iowa, 1996.

MBA, National Chengchi University, Taiwan, 1990.

BA, Statistics, National Chung-Hsing University, Taiwan, 1986. 

ACADEMIC EXPERIENCE 

Professor, Department of Finance, National Taiwan University, 2013-present.

Department Chair, Department of Finance, National Taiwan University, 08/2020-07/2022

Visiting Scholar, University of Florida, 08/2017 – 07/2018

Visiting Scholar, DePaul University, 08/2013-08/2014.

Professor, Department of Finance, National Chengchi University, 2011-2013.

Department Chair, Department of Finance, National Chengchi University, 2009-2011.

Visiting Scholar, University of Iowa, 08/2005-08/2006.

Associate Professor, Department of Finance, National Chengchi University, 1997-2011

Associate Professor of Finance, Yuan Ze Univeristy, 1996-1997. 

RESEARCH INTERESTS 

Corporate Finance

Initial Public Offerings 

COURSES TAUGHT 

Financial Modeling in Excel (Taught at University of Florida.)

Financial Theory (I), Ph.D. level.

Corporate Finance, Ph.D. level.

Case study in Corporate  Finance. (Taught at DePaul University)

Structured Finance/Asset-Backed Securitization, Master level.

Real Estate Investment, Undergraduate level and master level. (Taught at the University of Iowa)

Financial Software Application, Undergraduate level.

Financial Management, Undergraduate level. 

PUBLICATIONS 

Yao-Min Chiang, Michelle Lowry, and Yiming Qian, 2019, "The information advantage of underwriters in IPOs", Management Science 65(12):5721-5740.

Chun Chang, Yao-Min Chiang, Yiming Qian, Jay Ritter, 2017, "Pre-Market Trading and IPO Pricing", Review of Financial Studies, 30 (3): 835-865. 

Yao-Min Chiang, David Hirshleifer, Yiming Qian, Ann Sherman, 2011, “Do Investors Learn from Experience:  Evidence from Frequent IPO Investors.” Review of Financial Studies, Vol. 24 Issue 5, p1560-1589.

Yao-Min Chiang, Yiming Qian, Ann E. Sherman*, 2010, "Endogenous entry and partial adjustment in IPO auctions: Are institutional investors better informed?" Review of Financial Studies, Vol. 23 Issue 3, p1200-1230.

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Liu, Wen-Rang, Yao-Min Chiang, and San-Ling, Chung, 2024, Dividend-Tax Avoidance Trade and its Impact on the Stock Market, Pacific-Basin Finance Journal. Forthcoming.


Liu, Haimingand and Yao-Min Chiang, 2024, Employment protection and environmental corporate social responsibility: Evidence from China, International Review of Financial Analysis, forthcoming.

Li Mingming, Chiang, Yao-Min, and Liu, Haiming, 2023, Employment protection and leverage adjustment speed: Evidence from China, Research in International Business and Finance 64, 101894.

Yu-Hsiang Yang, Yao-Min Chiang, Hai-Ming Liu & Li Huang (2022) Negotiating or regulating executive compensation: application of Benford’s law, Applied Economics Letters, 29:9, 785-789.

Li Mingming, Liu, Haiming, and Chiang, Yao-Min, 2022, Government Intervention, Leverage Adjustment, and Firm Performance: Evidence from Defaulting Firms, Pacific-Basin Finance Journal, 76, 101885.

Xiao, Mingfang, June Cao, and Yao-Min Chiang, 2022, “Kiss the baby for the nurse's sake? - Guaranteeing employees' stock purchase against loss program”, International Review of Financial Analysis, 81, 102119.

Liu, Haiming and Chiang, Yao-Min, 2022, "Confucianism and IPO Underpricing", Pacific-Basin Finance Journal, Vol. 71, 101701.

Yao-Min Chiang and Pang-Ru Chang, 2022, "Overinvestment, ownership structure, and directors' and officers' liability insurance", International Review of Economics and Finance, Vol. 78, p38-50.

Yao-Min Chiang, Vivian Tai, and Wanqin Zhang, 2021, "A Review of Asia’s IPO Research", Asian Review of Financial Research, Vol.34, No.1. pp.1~79

Po-Kai Huang, Pang-Ru Chang, Shu-Yu Lin, and Yao-Min Chiang, 2020,"The Impact of Firm Growth on Dividends Omission", Journal of Management and Systems, Vol.28, No.2, pp.225-248.

Liu, Haiming, Hui-Ju Tsai, and Yao-Min Chiang, 2020, “The Impact of Loan Rollover Restrictions on Capital Structure Adjustments, Leverage Deviations, and Firm Values”, Pacific-Basin Finance Journal, Vol. 62, September, pp. 1-17. 

Hui-Ju Tsai and Yao-Min Chiang, 2019, "Pension policy and the IPO market", Finance Research Letters, Vol. 34, May.

Chien-An Wang and Yao-Min Chiang, 2019, “The Study on the Heterogeneity of Bidders’ Valuation to the Determinants of Bidding Premium: Evidence from Land Auctions of Taiwan”, Journal of Financial Studies, Vol. 27 No. 4 , p33-59.

Po-Kai Huang, Pang-Ru Chang, and Yao-Min Chiang, 2018, "Lockup Expiration and Institutional Investors Trading", Journal of Financial Studies, Vol 26. No.1. p1-24.

Yao-Min Chiang and Vivian Tai, 2016, "A Review of Taiwan's IPO Research", Taiwan Economic Review, Vol. 44, No. 1, p77-125.

Yao-Min Chiang and J. Sa-Aadu, 2014, "Optimal Mortgage Contract Choice Decision in the Presence of Pay Option Adjustable Rate Mortgage and the Balloon Mortgage" Journal of Real Estate Finance and Economics, Vol. 48, No. 4, p709-753 

Tang, Hairong , Shen, Yuqing, and Yao-Min Chiang, 2014, "Overinvestment, Underinvestment, Efficient Investment Decrease, and Efficient Investment Increase", International Journal of Asian Social Science, Vol. 4, No. 6, pp. 752-766.

Hsu, Pei-Hui and Yao-Min Chiang, 2014, "Using Prospect Theory to Explain the Setting of the Expected Rate of Return on Pension Assets", Journal of Applied Business Research, 30 (5), 1457-1464. 

Chang, Pang-Ru, Huang, Po-Kay, Chiang, Yao-Min, and Chiang, Chen Tai, 2013, “The Effect of Price Support on IPOs: Evidence from Taiwan”, Review of Securities and Futures Markets, V.100, p105-146.

Pang-Ru Chang, Ying-Ju Chan, Yao-Min Chiang, 2012, "Empirical Test of Market Timing on Taiwan’s Listed High-Tech Firm", Journal of Innovation and Management, Vol.9, No.2, p.93-120.

Yao-Min Chiang, 2012, A Flexible Franchise Fee Scheme in a BOT Project, International Real Estate Review, Vol.15 No.1, p127-139.

Changrong Deng, Yongkai Ma, and Yao-Min Chiang, 2009.03, "The Dynamic Behavior of Chinese Housing Prices," International Real Estate Review,. Vol.12, No.2, pp.121-134

Vivian W Tai and Yao-Min Chiang, 2007, "The Influence of Emerging Market Trading on IPO performance", Gretai Securities Market, Vol. 129, P17-32.

Vivian W. Tai, Robin K. Chou, and Yao-Min Chiang, 2006, "Number of Transactions and Price Volatility: Evidence from an Electronic, Order Driven, Call Market", Managerial Finance(FLI), Vol.32, No.11, P.903-914.

Liu Chin Hwang and Yao-Min Chiang, 2005, "The Value of Abandonment Option on the Ancillary Business of a BOT Project", Journal of Housing Study, Vol. 14, No. 2.

Chien-Huei Yiu and Yao-Min Chiang, 2003, "How Taiwan Can Learn from Japanese Securitization Experience", 2003, Journal of Housing Study, Vol. 12, No. 1.

Yao-Min Chiang and Chin-Oh Chang, 2002, "Focal Changes in Taiwan’s real estate education – from policy orientation to market orientation " Real Estate Education Throughout The World, Past, Present and Future. Edited by Karl-Werner Schulte, Kluwer Academic Publishers, p417-428. 

WORKING PAPERS 

“Foreign SPACs”， Yao-Min Chiang, Bokyung Park, S. Ghon Rhee, Hui-Ju Tsai

“De-SPAC Performance Under Better Aligned Sponsor Contracts”， Chiang, Yao-Min and Kim, Woojin and Park, Bokyung and Yoon, Tae Jun

"Why Should IPOs Use Auctions When There Is a Pre-market?", Yao-Min Chiang

"The Performance of Stocks Listing on Markets for Small and Emerging Companies" (With Jay Ritter).

TEXTBOOK PUBLICATIONS 

理財玩很大，時報出版，20231226。

Financial Games (in Chinese), Shinlou Inc., Taipei, Taiwan, 2010.

Essentials of Financial Management, 2nd Edition, Dr. Eugene Brigham   |  Dr. Joel F. Houston   |  Dr. Yao-Min Chiang   |  Dr. Hon-Sing Lee   |  Dr. Bany Ariffin Published by Cengage Learning Asia. 2010.

Financial Modeling (in Chinese), 5th edition, Shinlou Inc., Taipei, Taiwan, 2015.

Principal of Corporate Finance (in Chinese), 4th edition, Shinlou Inc., Taipei, Taiwan, 2015.

Financial Management (in Chinese, the translation book of Fundamentals of Financial Management, Brigham & Houston, 10e), HuaTai Inc., Taipei, Taiwan, 2002.

Real Estate Investment (in Chinese), Shinlou Inc., Taipei, Taiwan, 1999. 

HONORS AND AWARDS 

National Science Council, Research Outstanding Award, 2012.

National Chengchi University, Research Outstanding Award, 2013.

National Taiwan University, College of Management, Excellent Teaching Award, 2022.

National Taiwan University, College of Management, Excellent Teaching Award, 2020.

National Taiwan University, College of Management, Excellent Teaching Award, 2019.

National Taiwan University, College of Management, Excellent Teaching Award, 2018.

National Taiwan University, Excellent Teaching Award, 2017

National Taiwan University, Excellent Teaching Award, 2016

National Taiwan University, College of Management, Best English Teaching Award, 2015.

Excellent Teaching Award, College of Business, National Chengchi University, 2013.

Excellent Teaching Award, College of Business, National Chengchi University, 2009.

Excellent Teaching Award, College of Business, National Chengchi University, 2008.

Excellent Teaching Award, College of Business, National Chengchi University, 2004.

Excellent Teaching Award, College of Business, National Chengchi University, 2002.

Ministry of Education Scholarship for studying abroad, 1990. 

SERVICE 

Current

Journal of Financial Studies, Editor-in-Chief

Asia-Pacific Journal of Accounting and Economics, Associate Editor

Asia-Pacific Journal of Financial Studies, Associate Editor

Journal of Financial Studies, Associate Editor

NTU Management Review, Area Editor (Finance)

Management Review, Editor

Past

Sun Yat-Sen Management Review, Area Editor (Finance/Accounting)

Department Chairman, Department of Finance, National Chengchi University, 2009-2011.

Director, Taiwanese Association for Parents of Children with Developmental Delay. 2004-2010.

Board member, Foundation for Children with Developmental Delay.

Director, CNCCU-Sinyi Center for Real Estate. 2001-2005 

PROFESSIONAL EXPERIENCE

Credit Analyst, Royal Bank of Canada, Taipei Branch, Taiwan. 1990-1992