| Name | TSAI FENG-TSE |
|---|---|
| Current Position | Professor |
| Experience | Aug 2015 - Jul 2020: Associate Professor, Department of Finance, Asia University Aug 2010 - Jul 2015: Assistant Professor, Department of Finance, Asia University Aug 2009 - Jul 2010: Postdoctoral Researcher, Department of International Business, National Taiwan University Aug 2002 - Sep 2003: Foreign Exchange Trader, Finance Department, First Commercial Bank Apr 2002 - Jul 2002: Researcher, Derivatives Department, Capital Securities Jul 2000 - Mar 2002: Second Lieutenant, ROC Army 10th Corps |
| Experience | Credit Risk, Asset Pricing, Financial Engineering, Risk Management |
| Courses | Financial Statement Analysis, Financial Risk Management, Financial Management, Financial Risk Management |
| Office Tel No. | 5759 |
- Journal Paper
- Conference Paper
- Book / Book Chapter
- Project
- Industrial Cooperation
- Diploma
- Honor
- Competition
- Volunteer Service
- Thesis Guidance
- Courses
- Certificates
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期刊論文
|
|
| 1. | Feng-Tse Tsai (2019) “Option Implied Stock Buy-Side and Sell-Side Market Depths,” Risks, 7(4): 108. [ESCI]（本人為單一作者） |
| 2. | Wing-Keung Wong, Hooi Hooi Lean, Michael McAleer, and Feng-Tse Tsai (2018) “Why Are Warrant Markets Sustained in Taiwan but Not in China?” Sustainability, 10, 3748. [SSCI] （本人為通訊作者） |
| 3. | Feng-Tse Tsai, Hsin-Min Lu, and Mao-Wei Hung (2016) “The Impact of News Articles and Corporate Disclosure on Credit Risk Valuation,” Journal of Banking & Finance, 68, pp.100-116. [SSCI, 財務A tier-1]（本人為第一、通訊作者） |
| 4. | Jung-Hsien Chang, Mao-Wei Hung, and Feng-Tse Tsai (2015) “Credit Contagion and Competitive Effects of Bond Rating Downgrades Along the Supply Chain,” Finance Research Letters, 15, pp.232-238. [SSCI, 財務B+]（本人為通訊作者） |
| 5. | Feng-Tse Tsai, and Hsien-Yi Chen (2015) “The Announcement Effects of Credit Ratings along the Supply Chain,” Review of Securities and Futures Markets, 27(3), pp.31-64. [TSSCI]（本人為第一作者） |
| 6. | Jow-Ran Chang, Mao-Wei Hung, and Feng-Tse Tsai (2012) “Cross-Market Hedging Strategies for Credit Default Swaps under Markov Regime Switching Framework,” Journal of Fixed Income, 22(2), pp.44-56. [FLI, 財務A-]（本人為通訊作者） |
| 7. | Hsin-Min Lu, Feng-Tse Tsai, Hsinchun Chen, Mao-Wei Hung, and Shu-Hsing Li (2012) “Credit Rating Change Modeling Using News and Financial Ratios,” ACM Transactions on Management Information Systems, 3(3), pp.14:1-14:30. [EI]（本人為通訊作者） |
| Year | Paper Title |
|---|---|
| 2025 | Dec. 2025 |
| 2025 | Aug. 2025 |
| 2025 | Aug. 2025 |
| 2024 | pp. 11-28, Mar. 2024 |
| 2021 | Jul. 2021 |
| 2021 | pp. 25-60, Mar. 2021 |
| 2018 | Oct. 2018 |
| 2016 | pp. 100-116, Jul. 2016 |
| 2015 | pp. 232-238, Nov. 2015 |
| 2015 | pp. 31-64, Sep. 2015 |
| 2012 | pp. 1-14, Oct. 2012 |
| 2012 | pp. 44-56, Sep. 2012 |
|
國際研討會論文
|
|
| 1. | Hsien-Yi Chen, and Feng-Tse Tsai (2020) “Credit Contagion and Risk Sharing among State Governments,” International Conference of Taiwan Finance Association (TFA2020), Puli Nantou, September 25-26, 2020 (Research Paper Award). |
| 2. | Chia-Fen Tsai, Feng-Tse Tsai, and Ming-Ju Chiang (2019) “Do Retail Short Sellers Profit from Investor Optimistic Sentiment,” 27th SFM Conference 2019, Kaohsiung, December 6-7, 2019. |
| 3. | Feng-Tse Tsai, and Ping-Chao Wu (2019) “Media Management in Corporate Bankruptcy Process,” Asia-Pacific Conference on Economics & Finance, Singapore, July 25-26, 2019. |
| 4. | Feng-Tse Tsai, Wing-Keung Wong, Hooi Hooi Lean, and Michael McAleer (2018) “Why did Warrant Markets Close in China but not Taiwan?” World Finance Conference, Taiwan, December 13-14, 2018. |
| 5. | Feng-Tse Tsai, Chia-Fen Tsai, and Ping-Chao Wu (2018) “The Impact of CEOs’ Incentives and Experience on Corporate Credit Risk” International conferences on Economics and Social Sciences (ICESS), Hong Kong, April 27-28, 2018. |
| 6. | Feng-Tse Tsai, and Ping-Chao Wu (2016) “Distinct Reactions of Stock Market for Different Compensation Forms during the Chinese Split Share Reform,” International Business Research, Economics, Finance and MIS Conference, Hokkaido, July 20-21, 2016. |
| 7. | Feng-Tse Tsai, and Jung-Hsien Chang (2014) “Information Transfer Effect of Bond Rating Downgrades within the Industry and along the Supply Chain: Evidence from CDS Market,” IFMA, Bali, December 16-17, 2014. |
| 8. | Feng-Tse Tsai, and Hsin-Min Lu (2013) “Effect of Public News Risk and Sentiment on Credit Default Swap Market,” IFMA, Bali, December 10-11, 2013. |
| 9. | Feng-Tse Tsai, and Hsin-Min Lu (2010) “The Effects of News Sentiment and Coverage on Credit Rating Analysis,” Proceedings of the 14th Pacific Asia Conference on Information Systems, Taipei, July 9-12, 2010. |
| Year | Paper Title |
|---|---|
| 2025 | Feng-Tse Tsai; Yung Chiang Yang, The Effect of Credit Default Swap Trading on Stock Market Sidedness, 2025 Asian Finance Association Annual Conference, Jun. 25-27, 2025, TWN臺灣 |
| 2025 | Feng-Tse Tsai; Hsien-Yi Chen; Yung Chiang Yang, ESG Outcomes for Suppliers Tied to Their Sustainable Government Clients, 2025 Taiwan Finance Association Annual Meeting and International Conference, Jun. 05-06, 2025, TWN臺灣 |
| 2024 | Sustainable Government Customers and Their Suppliers’ ESG Performance, BREFM2024, Mar. 26-28, 2024, JPN日本 |
| 2022 | 疫情前後的期貨避險績效之研究－以10種期貨為例, 2022 TRIA-FeAT聯合年會暨國際學術研討會, Dec. 16, 2022, TWN中華民國(臺灣) |
| 2020 | Credit Contagion and Risk Sharing among State Governments, 2020 TFA International Conference and Annual Meeting, Sep. 24-25, 2020, TWN中華民國(臺灣) |
| 2019 | Chia-Fen Tsai, Feng-Tse Tsai, and Ming-Ju Chiang, Do Retail Short Sellers Profit from Investor Optimistic Sentiment, 27th SFM Conference 2019, Dec. 05-06, 2019, TWN中華民國(臺灣) |
| 2019 | Feng-Tse Tsai, and Ping-Chao Wu, Media Management in Corporate Bankruptcy Process, Asia-Pacific Conference on Economics & Finance, Jul. 24-25, 2019, SGP新加坡共和國(新加坡) |
| 2018 | Feng-Tse Tsai, Wing-Keung Wong, Hooi Hooi Lean, and Michael McAleer, Why did Warrant Markets Close in China but not Taiwan?, World Finance Conference, Dec. 12-13, 2018, TWN中華民國(臺灣) |
| 2016 | Feng-Tse Tsai, and Ping-Chao Wu, Distinct Reactions of Stock Market for Different Compensation Forms during the Chinese Split Share Reform, International Business Research, Economics, Finance and MIS Conference, Jul. 19-20, 2016, JPN日本 |
|
專書
|
|
| 1. | Feng-Tse Tsai (2009) “Asset Prices and Liquidity,” Ph.D. dissertation. |
| 2. | Feng-Tse Tsai (2000) “Pricing Credit Derivatives: applying default-recovery model,” Master thesis. |
| Year |
|---|
|
執行計畫
|
|
| 1. | 信用違約交換與執行長薪酬結構 （民國109年，科技部） |
| 2. | 州政府信用風險及地方政府與公司的政治連結（自由型國際合作加值，民國108年，科技部） |
| 3. | 州政府的信用風險感染及風險分攤（民國107年，科技部） |
| 4. | 文字資訊在公司財務危機的角色 [國外短期訪問（新加坡南洋理工大學）] （民國107年，科技部） |
| 5. | 媒體、執行長與公司破產（民國106年，科技部） |
| 6. | 考慮流動性下的市政信用違約交換評價（民國105年，科技部） |
| 7. | 選擇權隱含之股票市場流動性：以中國權證研究（民國104年，科技部） |
| 8. | 債券評等調降在供應鏈的資訊傳遞效果：以信用違約交換為例（民國103年，科技部） |
| 9. | 中國股權分置改革之研究（民國102年，亞洲大學） |
| 10. | 公司信用事件之經濟關聯性（民國101年，亞洲大學） |
| 11. | 信用違約交換買賣價差之隱含資訊（民國100年，國科會） |
| 12. | 新聞情緒性字眼與涵蓋度對信用市場之影響（民國99年，國科會） |
| 13. | 流動性與資產定價 [千里馬計畫 (美國賓州州立大學)] （民國95年，國科會） |
|
產學合作
|
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| 1. | 金融大數據與人工智能投資應用就業學程（協同主持人，民國109年，勞動部） |
| 2. | 金融大數據與人工智能投資應用就業學程（計畫主持人，民國108年，勞動部） |
| 3. | 金融大數據與人工智能投資應用就業學程（計畫主持人，民國107年，勞動部） |
| 4. | 證券投資與權證避險操作實務-財金資訊系統之應用 （協同主持人，民國105年，勞動部） |
| 5. | 證券投資與權證避險操作實務-財金資訊系統之應用 （協同主持人，民國104年，勞動部） |
| 6. | 中國大陸證券市場之投資研究 （計畫主持人，民國104年，宜南投資） |
| 7. | 財務管理題庫製作 （計畫主持人，民國103年，華泰文化） |
| Country | School Name | Department | Degree |
|---|---|---|---|
| 國立台灣大學 | 物理系 | 學士 | |
| 國立台灣大學 | 財務金融研究所 | 碩士 | |
| 國立台灣大學 | 國際企業研究所 | 博士 |
| Year | Award Name | Awarding Unit |
|---|---|---|
| 2020 | 財務金融學刊研究論文獎 | Taiwan Finance Association |
| Year | Competition Name | Work Name | Student Name | Instructor Name | Award Place |
|---|---|---|---|---|---|
| 2024 | 2 0 2 4 全 國 ⼤ 專 暨 ⾼ 中 職 學 ⽣ 專 題 製 作 競 賽 | 探討黃金、比特幣及主要貨幣對台灣股市的避險效果 | 楊季臻、黃莞柔、白芸瑄、吳宜庭、黃妙芳 | ||
| 2024 | 國立虎尾科技⼤學113年度-學⽣⾃組SDGs創意實踐團隊競賽 | 當個不一樣的壯世代 | 第三名 |
| Service Name | Service Type | Service Unit | Participation Status | Area | Service Start Date | Service End Date |
|---|---|---|---|---|---|---|
| 學術專業服務 | 擔任國外專業期刊編審及評審 | Review of Quantitative Finance and Accounting | 2027-02-28 | 2027-03-01 | ||
| 擔任國外專業期刊編審及評審 | Review of Quantitative Finance and Accounting | 2025-02-28 | 2025-05-30 | |||
| 學術專業服務 | 擔任國外專業期刊編審及評審 | Review of Quantitative Finance and Accounting | 2025-10-31 | 2025-12-31 | ||
| 擔任國外專業期刊編審及評審 | Review of Quantitative Finance and Accounting | 2024-09-26 | 2024-11-25 | |||
| 擔任國內專業期刊編審及評審 | Finance Research Letters | 2023-02-28 | 2023-03-01 | |||
| 擔任國外專業期刊編審及評審 | Finance Research Letters | 2022-08-31 | 2022-09-01 | |||
| 擔任國外專業期刊編審及評審 | Journal of International Financial Management & Accounting | 2022-08-31 | 2022-09-01 | |||
| 擔任國外專業期刊編審及評審 | International Review of Financial Analysis | 2021-08-31 | 2021-09-01 | |||
| 擔任國外專業期刊編審及評審 | Journal of Risk and Financial Management | 2021-02-28 | 2021-03-01 | |||
| 擔任國內專業期刊編審及評審 | 臺大管理論叢 | 2021-02-28 | 2021-03-01 | |||
| 擔任國外專業期刊編審及評審 | The Journal of Futures Markets | 2019-08-31 | 2019-09-01 |
| Year | Paper Title |
|---|---|
| 2024 | LIN, PEI-CHEN, Carbon Emission-Based Fund Stock Selection Strategy:A Comparison with ESG-Related Fund Performance, 2024 |
| 2024 | WANG, YEN-CHU, The Impact of ESG Factors on Fund Performance, 2024 |
| 2023 | Analysis of Stock Selection and Investment Strategies of Value and Growth Stocks – The Evidence of Taiwan’s Listed and Over The Counter Markets, 2023 |
| 2022 | A Study on the Hedge Performance of Futures Before and After COVID19 - The Case of 10 Futures Contracts, 2022 |
| Course Title | Class | Reference Link |
|---|---|---|
| 管理學 | 夜四財金一甲 | https://tqas.nfu.edu.tw/course_schedule/detail/11427508 |
| 校外實習(學期) | 四財金四甲 | https://tqas.nfu.edu.tw/course_schedule/detail/11422076 |
| 財金資訊系統開發 | 四財金三甲 | https://tqas.nfu.edu.tw/course_schedule/detail/11422067 |
| 管理學 | 四財金一甲 | https://tqas.nfu.edu.tw/course_schedule/detail/11422043 |
| 財金程式交易 | 碩財金二甲 | https://tqas.nfu.edu.tw/course_schedule/detail/11420039 |
| Certificate | Issued By |
|---|---|
| 期貨商業務員 | 台北市期貨商業同業公會 |
| 證券商業務員 | 財政部證券暨期貨管理委員會 |
| 證券商高級業務員 | 中華民國證券商業同業公會 |
| Ｍicrosoft Porfessional Program Artificial Intelligence Certificate | Microsoft |