國立臺灣大學
管理學院
College of Management , National Taiwan University
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正體中文
Personal Information
Hsien-Hsing Liao
Ph.D. Ph.D., Rutgers University
Master
Bachelor
Office : Building II, College of Management 814
Tel : 33661090
Fax :
E-mail : hliao@ntu.edu.tw
Office Hour :
Home Page : http://www.fin.ntu.edu.tw/~liao/index.php3
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Research Field
• Analysis of Credit Risk
• Aeest Securtization
• Project Financing
• Real Estate Investment Management
• Corporation Finance
Research Field Summary
Education
• Ph.D., Rutgers University
•
•
Courses
• Financial Management
• FINANCIAL MARKETS AND INVESTMENTS
• INTRODUCTION TO ASSET SECURITIZATION
• Seminar in Credit Risk
• SEMINAR ON CREDIT RISK
• SEMINAR ON STRUCTURED FINANCE
Honors
Experience
Conference Paper
  1. 廖咸興, August 2009, Performance Evaluation of Corporate Strategic Activities —A Comprehensive Model with Debt holders’ View, 2009 American Accounting Association Annual Meeting Conference, (NY).
  2. 廖咸興, June 2009, A Dynamic Optimal Capital Structure Model with Costly Adjustment Mechanisms---A Real Option Perspective, 2009 FMA European Conference, (Turin).
  3. 廖咸興, May 2009, Corporate Diversification and Credit Risk, 2009 FMA Asian Conference, (Xiamen).
  4. 廖咸興, October 2009, Internal Liquidity Risk in Corporate Bond Credit Spreads--Bond- and Market-Level Evidences”, 2009 Financial Management Association (FMA) Annual Meeting Conference, (Reno, Nevada.).
  5. Liao, Hsien-hsing, Meng-Jung Liao, Tsung-kang Chen, June 2007, Solvency Risk in Equity Returns, 2007台灣財務金融學會年會暨學術研討會, (台中).
  6. Liao, Hsien-hsing, Yu-Hui Su, and Tsung-kang Chen, May 2007, A Cash Flow Based Multi-Period Credit Portfolio Model with Dynamic Default Thresholds, The 4th Conference of International Economic, Finance, and Accounting (IEFA), (Taipei).
  7. 廖咸興(Liao, Hsien-Hsing);楊朝成(Yang, Chau-Chen), January 2007, 台灣封閉型基金擇時能力之研究-持股比率分析, 中國財務學會年會.
  8. Liao, Hsien-hsing and Tsung-kang Chen, December 2006, Performance Evaluation of Corporate Strategic Activities—A Market-based Net Synergy Model, The First All China Economics International Conference, (Hong Kong).
  9. Liao, Hsien-hsing and Tsung-kang Chen, December 2006, Credit Analysis of Corporate Credit Portfolios---A Cash Flow Based Conditional Independent Default Approach, 2006 NTU International Conference on Finance, (Taipei).
  10. Liao, Hsien-hsing and Tsung-kang Chen, July 2006, A Cash Flow Based Multi-Period Corporate Credit Model, AsianFA/FMA 2006 Meeting, (Auckland).
  11. 廖咸興、陳宗岡, January 2005, 企業管理決策隱含實質選擇權價值評估—隨機現金流量模型之應用, 2005第二屆財務金融及財金未來學術暨實務研討會, (Taipei).
  12. Liao, Hsien-hsing and Tsung-kang Chen, December 2005, A Cyclicality Linked Corporate Short-term Credit Model--- Solvency Ratio Approach, 13th Conference on the Theories and Practices of Securities and Financial Markets, (Kaohsiung).
  13. Liao, Hsien-hsing and Tsung-kang Chen, December 2004, Multi-period Firm Valuation—A Free Cash Flow Simulation Approach, 2004 NTU International Conference on Finance, (Taipei).
  14. Chiu, Shean-Bii , Hsien-hsing Liao, and Tsung-kang Chen ”, December 2004, A Study on the Relationship between Relative Bargaining Power and Market’s Expected Synergy in Equity Exchange M&A Cases, 2004 NTU International Conference on Finance, (Taipei).
  15. 廖咸興、陳宗岡, December 2004, 企業合併活動之績效評估—市場淨綜效模型之運用, 第一屆創新與管理學術研討會, (Taipei).
  16. Liao, Hsien-hsing and Szu-Han Yeh, December 2004, Liquidity Risk Premium of the Real Estate Stock Market— A Multi-country Analysis, 2004年中華民國都市計畫、住宅、區域科學、地區發展學會聯合年會暨論文研討會, (Taipei).
  17. 廖咸興、陳宗岡, November 2004, 時間相依之隨機現金流量模型下之多期企業評價, 2004台灣科技大學管理新思維學術研討會, “” 論文，會議論文集.
  18. Chen, Ren-Raw, Hsien-hsing Liao, and Tyler Yang, August 2004, Value at Risk of Mortgages, The Ninth Annual Conference of Asian Real Estate Society, (Delhi).
  19. Liao, Hsien-hsing, November 2003, Real Estate Market and Economic Development---A Cross Countries Study, 2003年中華民國都市計畫、住宅、區域科學、地區發展學會聯合年會暨論文研討會, (Taipei).
  20. Liao, Hsien-hsing, November 2003, On the Impacts of Asian Financial Crisis on Real Estate Risk Premiums, the 11th Annual Conference on Pacific Basin Finance, Economics, and Accounting, (Taipei).
  21. 劉建宏、葉小蓁、廖咸興, March 2002, 低利率敏感性抵押貸款證券之評價-時間相依之提前清償模型與Hull-White利率模型結合應用, 台灣財務學會年會暨學術研討會, (Taichung).
  22. 楊朝成(Yang, Chau-Chen);廖咸興(Liao, Hsien-Hsing), April 1994, 台灣封閉型基金擇時能力之探討:持股比率分析, 中國財務學會年會.
Journal Paper
  1. Chen, Tsung-Kang, Hsien-Hsing Liao, Hao Kuan, Yu-Chun Lin, Yun Hao (Nov 2023 Accepted). Text-based communicative value of annual reports and corporate credit rating predictions: Using machine learning models. Review of Securities and Futures Markets, forthcoming. [TSSCI, 臺灣人文及社會科學核心第一級期刊]
  2. Chen, Tsung-Kang, Yun Hao, Hsien-Hsing Liao, Bo-Yi Lee, Chen-Hao Chiu (2024, May). Annual Report Narrative Characteristics, Short Interests, and Stock Price Crash Risk Predictions Using Machine Learning Models. Journal of Financial Studies. (Accepted). EconLit; TSSCI, 臺灣人文及社會科學核心第一級期刊; 2023 TFA JFS Best paper award.
  3. Chen, Tsung-Kang, Hsien-Hsing Liao, Geng-Dao Chen, Wei-Han Kang, Yu-Chun Lin (2023, Jun). Bankruptcy Prediction Using Machine Learning Models with the Text-based Communicative Value of Annual Reports. Expert Systems With Applications. 233, 120714.
  4. Chen, Tsung-kang, Hsien-Hsing Liao, and Jing-Syuan Ye, December, 2019  “Bank Management expertise and asset securitization policies”, Journal of Banking and Finance, Vol.109, 105667, SSCI Impact Factor: 2.600 (2011); 國科會(2020)財務領域Atier 1級期刊]
  5. Chen, Tsung-Kang, Hsien-hsing Liao, Chung-Yu Liao, August 2018, Supply Chain Relationship Uncertainty and Corporate Credit Risk, NTU Management Review 28 (2): 165-204. (TSSCI).
  6. 廖咸興、陳宗岡、盧嘉梧、蘇郁惠、林威宏，2018年，4月，“Credit Analysis of Corporate Credit Portfolios: A Cash Flow Based Conditional Independent Default Approach”，期貨與選擇權學刊 ，Vol. 11:1, 1-38. [TSSCI] 榮獲「期貨與選擇權學刊」107年度最佳論文。
  7. Chen, Tsung-kang, Hsien-hsing Liao, February 2018, Suppliers'/ Customers' Production Efficiency Uncertainty and Firm Credit Risk. Review of Quantitative Finance and Accounting , Vol.50 , No.2 , Pages 519 – 560. [國科會(2020)財務領域Atier 2級期刊]
  8. Chen, Tsung-Kang, Hsien-hsing Liao, Wen-Hsuan Chen, November 2017, CEO Ability Heterogeneity, Board's Recruiting Ability and Credit Risk. Review of Quantitative Finance and Accounting, Vol.49 , No.42 , Pages 1005 – 1039. [國科會(2020)財務領域Atier 2級期刊]
  9. Chen, Tsung-Kang, Hsien-Hsing Liao, Hui-Ju Kuo*, and Ming-Yang Kao, December, 2015  "Business Counterparties’ Information Asymmetry and the Acquirer’s Bondholders’ Wealth in Mergers"，財務金融學刊，23(4), 41-68. [TSSCI](榮獲2013台灣財務金融學會年會暨學術研討會最佳論文獎).
  10. Chen, Tsung-kang*, Hsien-hsing Liao, Wei-Lun Chen, December 2014. Production efficiency uncertainty and corporate credit risk: Structural form credit model perspectives. Journal of Empirical Finance 29, 266–280. [SSCI, 國科會(2020)財務領域Atier 1級期刊]
  11. 陳宗岡、廖咸興、李阿乙、顏汝芳，2014年，12月 “Internal Liquidity and REIT Excess Returns”，證券市場發展季刊  26:4, 113-154. (TSSCI)
  12. 嘉梧、陳宗岡、廖咸興、林慧華，2014年，4月 “A Factor-dependent Interest Rate Model---A Combination of GARCH(1,1) and Varying Coefficient Model Approach”，證券市場發展季刊26(1), 1-30. (TSSCI)
  13. Chen, Tsung-kang, Hsien-hsing Liao, and Hsiao-Chun Huang, 2014, Macroeconomic Risks of Supply Chain Counterparties and Corporate Bond Yield Spreads , Review of Quantitative Finance and Accounting , Vol.43 , No.3 , Pages 463 – 481. [國科會(2020)財務領域國科會(2020)財務領域Atier 2級期刊級期刊]
  14. Chen, Tsung-Kang, Hsien-Hsing Liao, Hui-Ju Kuo, and Yun-Yi Chien, March, 2014 (accepted) "Information Effects of Share Repurchases, Business Counterparties, and Stockholders' Wealth"，中山管理評論，22-1, 55-81.。[TSSCI].
  15. Chen, Tsung-Kang, Hsien-Hsing Liao, and Cheng-Ming Chi, January, 2014 "The Economic Consequences of Regulatory Changes in Employee Stock Options on Corporate Bond Holders: SFAS No.123R and Structural Credit Model Perspectives ", Journal of Banking and Finance, Vol.42 , No.5 , Pages 381-394. [SSCI Impact Factor: 2.600 (2011); 國科會(2020) 財務領域Atier 1級期刊]
  16. Lu, Chia-wu, Tsung-kang Chen, Hsien-Hsing Liao, 2014, Underlying Asset Liquidity, Heterogeneously Informed Investors, and REITs Excess Returns, Managerial Finance, Vol. 40 No. 1, pp. 72-96. [國科會(2020)財務領域B+級期]
  17. Huang, Wen-Haw,, H. Ping Tserng, Hsien-Hsing Liao, Samuel Y.L. Yin, Po-Cheng Chen, Man Cheng Lei, November 2013, “Contractor financial prequalification using simulation method based on cash flow model”, Automation in Construction, Volume 35, Pages 254-262. (SCI) [SCI Impact Factor: 1.820(2012)
  18. Chen, Tsung-Kang, Hsien-Hsing Liao, Hui-Ju Kuo, and Yu-Ling Hsieh, August, 2013 " Suppliers' and Customers' Information Asymmetry and Corporate Bond Yield Spreads", Journal of Banking and Finance, Vol.37, No.8 , Pages 3181 - 3191. [SSCI Impact Factor: 2.600 (2011); 國科會(2020)財務領域Atier 1級期刊]
  19. Chen, Tsung-kang, Hsien-Hsing Liao, and Hui-Ju Kuo, July, 2013  “Internal Liquidity Risk, Financial Bullwhip Effects, and Corporate Bond Yield Spreads: Supply Chain Perspectives”, Journal of Banking and Finance, Vol.37, No.7, 2434-2456. [SSCI Impact Factor: 2.600 (2011); 國科會(2020)財務領域Atier 1級期刊]
  20. Tserng, H. Ping, Hsien-Hsing Liao, Edward J. Jaselskis, L. Ken Tsai, Po-Cheng Chen,  May, 2012  “Predicting Construction Contractor Default with Barrier Option Model”, ASCE Journal of Construction Engineering and Management, Vol. 138, No. 5, pp. 621-630. (SCI, EI) [SCI Impact Factor: 0.818(2011)]
  21. Chen, Tsung-kang, Yan-Shing Chen and Hsien-Hsing Liao, August, 2011, “Labor unions, bargaining power and corporate bond yield spreads: Structural credit model perspectives”, Journal of Banking and Finance, Vol.35, No.8, 2084-2098. [SSCI Impact Factor: 2.731 (2010); 國科會(2020)財務領域Atier 1級期刊]
  22. Chen, Tsung-kang, Hsien-Hsing Liao, and Chia-wu Lu, May, 2011 “A flow-based corporate credit model”, Review of Quantitative Finance and Accounting, Volume 36, Issue 4, 517-532. [國科會(2020)財務領域Atier 2級期刊]
  23. Tserng, H. Ping, Hsien-Hsing Liao, L. Ken Tsai, Po-Cheng Chen, June, 2011 “Predicting Construction Contractor Default with Option-Based Credit Models -Models' Performance and Comparison with Financial Ratio Models”, ASCE Journal of Construction Engineering and Management, Vol.137, No.6, 412-420. (SCI, EI) [SCI Impact Factor: 0.676(2010)]
  24. Chen, Tsung-kang, Hsien-Hsing Liao and Pei-Ling Tsai, April, 2011 “Internal liquidity risk in corporate bond credit spreads”, Journal of Banking and Finance, Vol.35, No.4, 978-987. [SSCI Impact Factor: 2.731 (2010); 國科會(2020)財務領域Atier 1級期刊]
  25. 廖咸興、陳宗岡、周東立，2011年，3月，“流動性餘額之多期企業短期信用風險模型—台灣市場之應用”，證券市場發展季刊 ，23:1, 201-236。[TSSCI]
  26. Lu, Chia-Wu, Tsung-kang Chen, and Hsien-Hsing Liao, September, 2010, “Information uncertainty, information asymmetry and corporate bond yield spreads” Journal of Banking and Finance, Vol. 34, No. 9, 2265-2279. [SSCI Impact Factor: 1.908 (2009); 國科會(2020)財務領域Atier 1級期刊]
  27. 陳宗岡、廖咸興、盧嘉梧、黃文言，2009年，12月，“Managerial Option Value, Cyclicality and Credit Risk”，證券市場發展季刊 ，21:4, 1-42。[TSSCI] (榮獲2009年度優秀論文獎及「2010聯電經營管理論文獎」優等獎)
  28. 蔡榮根、廖咸興，2009年，12月，“資本結構決策與BOT專案特許公司財務風險探討－以台北市平價旅館BOT案為例”，中國土木水利工程學刊，21:4, 503-514。[EI]
  29. Liao, Hsien-Hsing, Tsung-kang Chen, and Chia-Wu Lu, August, 2009, “Bank credit risk and structural credit models: Agency and information asymmetry perspectives” Journal of Banking and Finance, Vol. 33, No. 8, 1520-1530. [SSCI Impact Factor: 1.908 (2009); 國科會(2020)財務領域Atier 1級期刊].
  30. 廖咸興、陳宗岡、盧嘉梧、楊雅智，2009年，5月，“交易應收帳款基礎商業本票之多期動態信用增強模型”，期貨與選擇權學刊 ，Vol. 2, No. 1, 69-98。[now TSSCI]
  31. Chen, Ren-Raw, Hsien-Hsing Liao and Tyler T. Yang, 2008, “Market Risk of Mortgage-Backed Securities with Consistent Measures”, Journal of Real Estate Finance & Economics, Vol.36., No. 1, 121-140。 [SSCI Impact Factor: 0.573 (2006); 國科會財務領域A級期刊].
  32. 廖咸興、陳宗岡，2008年，12月，“現金流量基礎之多期信用風險模型—台灣市場之應用”，證券市場發展季刊 ，20:4, 159-193。[TSSCI] (榮獲2008年度優秀論文獎)
  33. Liao, Hsien-Hsing, Meng-Jung Liao, Tsung-kang Chen, 2008年，6月 “Solvency Risk in Equity Returns” 財務金融學刊，Vol. 16, No. 2, 101-125。[TSSCI]。(榮獲2007台灣財務金融學會年會暨學術研討會最佳論文獎)。
  34. 廖咸興、張森林、陳仁遶、楊太樂、廖堃宇，2007年，6月，“房貸基礎證券評價與風險值---風險中立訂價法與均衡訂價法之比較”，財務金融學刊 ，Vol.15，No.2，1-42。[TSSCI] (榮獲2006台灣財務金融學會年會暨學術研討會最佳論文獎)
  35. 葉玫惠、張靖宜、廖咸興、周國端, 2007年，6月, “信用卡使用者之違約風險研究--存活分析模型之應用”,金融風險管理季刊,Volume 3, No. 2, 1-30。
  36. 廖咸興、梅原一哲, November 2005, 日本、澳洲不動產投資信託之發展, 全國律師月刊, 45 - 63.
  37. 廖咸興、陳宗岡, 2005年，3月, “多期企業短期信用風險評估模型”,金融風險管理季刊,Volume 1, No. 1, 61-86.
  38. 陸文傑，廖咸興, June 2004, 抵押貸款證券之評價– Implied Prepayment之應用, 台灣土地金融季刊, 1 - 24.
  39. Liao, Hsien-Hsing and Jianping Mei, 1999, “Institutional Factors and Real Estate Returns---A Cross Country Study,” International Real Estate Review, Vol. 2, No. 1, pp.21-34. (A Publication of Asian Real Estate Society; 國科會補助編號:35191F)
  40. 楊朝成，廖咸興，1998年，12月 ，“台灣封閉型基金擇時能力之研究-- 持股比率分析”，臺大管理論叢，Vol.9, No. 1, pp.87-112。[now TSSCI]
  41. Mei, Jianping and Hsien-Hsing Liao, 1998, “Risk Attributes of Real Estate Related Securities ---An Extension of Liu and Mei (1992)” , Journal of Real Estate Research, Vol. 16, No. 3, pp.279-290。(FLI, EconLit, 國科會B+級期刊) [博士論文改寫]
  42. 廖咸興、張芳玲，1997年，1月，“特徵價格法與逼近調整法估價模式之比較”，住宅學報，第五期，pp. 17-35。[now TSSCI]
  43. 廖咸興、張衛華，1996年，10月，“上市公司不動產相關資訊宣告對公司股 價影響之實證”，證券市場發展季刊，第八卷第四期，pp. 69-88。[now TSSCI]
  44. 陳益裕、廖咸興，陳仁遶, September 1996, 折現率變動下之收益還原法模型－台北市住宅性不動產估價之實證研究, 台灣土地金融季刊, 47 - 66, 14.
  45. 廖咸興，洪士王民，1995年，7月，“台灣市場不動產因子存在之研究”，管理與系統，第二卷第二期，pp. 265-287。[now TSSCI)]
  46. 陳仁遶、廖咸興、楊太樂，1995年，4月，“抵押貸款訂價模型之效率性--數值分析模型與封閉型解模型之比較”，證券市場發展季刊，第七卷第二期，pp. 29-46。[now TSSCI)]
  47. 叢文豪，廖咸興，1995年，1月，“影響不動產報酬率之風險因素及其敏感度之研究”，住宅學報，第三期，pp. 21-44。[now TSSCI)]
  48. 廖咸興(Liao, Hsien-Hsing), August 1992, Book Review on the Maze of Urban Housing Markets:Theory, Evidence, and Policy (by Rothenberg, Galster, Bulter, and Pitkin), Journal of American Planning Association, 29 - 46.
Book
No Data Available
Book Paper
  1. Mei, Jianping ; Hsien-hsing Liao, February 2003, Asset Pricing (Frontiers in Real Estate Finance), World Scientific Publishing Co..
  2. 陳文達，廖咸興，李阿乙, August 2002, 資產證券化---理論與實務, 智勝出版社.
  3. 林能白、王文宇、廖咸興, May 2000, 從高速鐵路及國際金融大樓兩案之經驗檢討我國BOT制度之設計, 行政院研考會.
  4. 廖咸興，李阿乙，梅建平, September 1999, 不動產投資概論3ed., 華泰書局.
  5. 廖咸興(Liao, Hsien-Hsing);李阿乙;梅建平, January 1994, 不動產投資概論, 華泰.
  6. 李存修(Lee, Tsun-Siou), January 1989, 投資學, 國立空中大學.
Technical Report
No Data Available
Other
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