馬黛 (Tai Ma)，專任教授 (Proferssor)

美國維州理工大學財務博士(Ph.D. in Finance and Statistics, Virginia Tech.)
Phone: 07-525-2000 Ext. 4810
Fax: 07-525-4899
E-mail: matai@finance.nsysu.edu.tw

研究興趣(Interests of Research) :

  1. 市場結構與機制 (Market Microstructure)
  2. 股票上市上櫃 (IPO)
  3. 公營事業民營化 (Privatization)


相關職務(Other Positions) :

  1. 中國財務學刊總編輯 (Editor, Journal of Financial Studies)
  2. 第八屆證券暨金融市場理論與實務研討會總召集人 (Program Chair, 8th SFM Conference)


研究成果目錄 (Publications):

A.期刊論文(Refered Papers)

  1. Tai Ma, " An International Comparison of IPO Returns of State-owned and Privately-owned Firms," Multinational Finance Journal.(forthcoming)
  2. Tai Ma, "Trading Frequencies and Stock Market Performance: The Case of Taiwan," Asia Pacific Journal of Finance, Vol.1, No.1, 1998, pp.1-26.
  3. Tai Ma and C. C. Tsai, "IPO Returns: State Versus Non-State Firms," Advances in Pacific Basin Financial Markets, Vol. IV, JAI Press, Greenwich, CT., Forthcoming, Spring 1998, pp.185-200.
  4. Tai Ma, "The Tax and Distributional Effects of ESOP -- An Empirical Analysis of the Effect on Stock Prices of The Employee Stock Plans in Taiwan," Journal of Financial Studies, Vol.3 .No.2, January 1996, pp.49-62.
  5. 馬黛與陳效踐, "台灣股市異常交易監視制度與股價行為關係之實務研究," 中國財務學刊, 第三卷, 第一期, 1995. 07, pp.69-94.
  6. Tai Ma and H. J. Chen, "Stock Market Surveillance and Market Performance: The Case of Taiwan," Asia Pacific Journal of Management. Vol. No.2, 1994, pp.305-325.
  7. Tai Ma, "Price Limits, Margin Requirements and Stock Market Volatility," Research in International Business and Finance, Vol. 5, 1993. Pp.229-252.
  8. Tai Ma, "On the Determinants of Stock Market Volatility: An Empirical Analysis of the Taiwan Stock Market," Pacific-Basin Capital Markets Research, Vol. III, 1992, pp.343-358.
  9. Tai Ma, "From Insider Trading Regulations to Insider Trading Profits: Case of Taiwan," (in Chinese) , Journal of Management Science, Vol. 7, no. 2, 1990, pp.87-102.
  10. Tai Ma, "The Relationships between Market Value, P/E Ratio, Trading Volume, and the Stock Return of Taiwan Stock Exchange," (with T.Y.Shaw),Pacific-Basin Capital Markets Research. Vol.I, 1990, pp.313-335.
  11. 馬黛與孫國良, "股票市場管制政策之探討," 科學發展月刊, 第十九卷, 第一期, 1990, pp.25-33.
  12. Tai Ma, R. S. Hansen and J. Pinkerton, "The Allocation Ratio Decision in the Underwritten Rights Offering," Research in Finance, Vol.7, 1988, pp.201-225.
  13. 馬黛與魏秀容, "鉅額交易價格效果之探討," 管理科學學報, 1988, pp.125-141.
  14. Tai Ma ,R. S. Hansen and J. Pinkerton, "On the Rightholder's Subscription to the Underwritten Rights Offering," Journal of Banking and Finance, Vol.10, No.4, 1986.

B. 研討會論文(Professional Presentations)

  1. Tai Ma, "The Issuer's Decision of IPO Mechanism: Fixed Price versus Auction," 6th Annual Global Finance Conference, Istanbul, Turkey, April 1999.
  2. Tai Ma, "The Issuer's Decision of IPO Mechanism: Fixed Price versus Auction," The Seventh Conference on the Theories and Practices of Security and Financial Markets, Kaohsiung, December 1998.
  3. 馬黛，「報備股票市場之研究」，1998證券暨期貨市場發展研討會，台北，1998.12。
  4. 馬黛，「避險理論與實證」，證券暨金融風險管理學術研討會，台中，1998.05。
  5. Tai Ma, "An International Comparison of IPO Returns of State-owned and Privately-owned Firms," The Joint Meeting of the Asia-Pacific Finance Association and the Nippon Finance Association, Tokyo, July 19-22, 1998.
  6. 馬黛, "公營企業股份化全民認股與釋股方式," 中國資本市場發展國際研討會, 中國北京, 1998.05.
  7. Tai Ma and Mei Lin Peng, "The Impact of Covered Warrant Listing on the Performance of the Underlying Stocks," The Sixth Conference on the Theories and Practices of Security and Financial Markets, Kaohsiung, December 1997.
  8. Tai Ma and S. D. Dong, "Trading Frequencies and Stock Market Performance: An Intraday Analysis," 1997 FMA Hawaii Annual Meeting, USA, October 15-18, 1997.
  9. Tai Ma and S. D. Dong, "Trading Frequencies and Stock Market Performance: The Case of Taiwan," APFA/PACAP Finance Conference CFA Annual Meeting, Taipei, July 1996.
  10. Tai Ma and C. C. Tsai, "IPO Returns: Private v.s. State Firms in Taiwan," National Central University's First International Conference on Pacific Basin Business and Economics, June 1996.
  11. Tai Ma, "Additional Evidence on the Determinants of Hedging : The Case of Taiwan," NTU International Conference on Finance, Taiwan, November 1995.
  12. Tai Ma and Tsu-Ming Bee, "Impact of Day Tradings on the Stock Market Performance," 4th Annual Conference on the Theories and Practices of the Security and Financial Markets, Kaohsiung, Taiwan, December 1995.
  13. Tai Ma, "An Empirical analysis on the demand for Hedging Instruments: The Case of Taiwan," The Second Annual Asian pacific Finance Association Conference, Hong Kong, July 1995.
  14. Tai Ma, "A Comparison of the Trading Mechanisms of Stock and Futures Exchange," Asia Pacific Stock and Futures Markets Development Conference, China, June 1995.
  15. 馬黛, "員工入股計畫(ESOP)對股價行為影響之理論與實證研究," 第三屆證券暨金融市場之理論與實務研討會, 高雄, 1994.12.
  16. 馬黛, "金融自由化與國際化--台灣的發展與展望," 第一屆國際金融中心研討會, 中國上海, 1994.05.
  17. 馬黛, "論民營化的方式與我國公股釋出案例之探討," 台灣地區公營事業民營化政策的回顧現況與展望研討會, 中國上海, 1994.03.
  18. 馬黛, "各國證券交易資訊系統之比較與交易資訊透明化之探討," 中外股市比較研討會, 中國上海, 1994.
  19. Tai Ma, "Privatization and Selling Shares of State Enterprises," (in Chinese), Conference on the Privatization Policies for State Enterprises in Taiwan, 1994.
  20. Tai Ma, "An Empirical Study on the Financial Decisions of Taiwanese Investments in Mainland China," (in Chinese), 1994.
  21. Tai Ma, "Financial Liberalization and Internationalization - The Case of Taiwan," The First Conference on International Financial Centers, China, 1994.
  22. Tai Ma, "On the Transparency of Transactional Information," (in Chinese), The Second Conference on the Comparative Studies of Securities Markets, China, 1994.
  23. Tai Ma, "A Theoretical & Empirical Analysis on ESOPs," (in Chinese), Proceedings of The Third Conference on Securities & Financial Markets, Taiwan, 1994.
  24. Tai Ma and H. J. Chen, "Stock Market Surveillance and Market Performance: The Case of Taiwan," The Third Annual International Conference on Asian-Pacific Financial Markets, Singapore, 1993.
  25. Tai Ma and Y. P. Lin "Investor Structure, Stabilizing Mechanisms and Behavior of Stock Price Volatility: A System Dynamic Simulation Approach," The Fifth Annual PACAP Finance Conference, H.K., 1993.06.
  26. 馬黛與余素芬, "管窺台灣創新金融工具之運用與發展," 第一屆財務學會年會, 1993.05.
  27. 馬黛與孫國良, "股票市場管制政策之探討----兼論台灣與中國大陸股市發展政策," 中國股市發展與中外股市比較研究研討會, 1992.12.
  28. 馬黛, 黃振聰與鄭莉莉, "從股份化到股份社會化 : 海峽兩岸國營事業民營化之探討," 中國股市發展與中外股市比較研究研討會, 1992.12.
  29. 馬黛與林雨柏, "投資人結構, 穩定機制與股價波動行為之系統動態研究," 第一屆證券暨金融市場之理論與實務研討會, 1992.12.
  30. 馬黛, "台灣股市波動因素及穩定措施之實證分析," 台灣股市之結構,行為與績效研討會, 1991.10.
  31. Tai Ma, "On the Liquidity of the Taiwan Stock Market," The Second Annual Pacific-Basin Finance Conference, Thailand, 1990.
  32. Tai Ma, "On the Liquidity of the Taiwan Stock Market," Second Annual Pacific-Basin FinanceConference, 1990.
  33. Tai Ma, "Stock Returns and Inflation : Evidence from the Republic of China," Proceedings of the Pan-Pacific Conference IV, 1987, pp.526-529.
  34. 馬黛, "管窺證券商經濟規模與承銷報酬之影響因素," 服務業管理學術論文研討會, 1987.
  35. Tai Ma, "Insiders Trading in the Stock Market: The Taiwan Case," Proceedings of the 1986 Academy of International Business Southeast Asia Conference, Taiwan, 1986. pp.951-960.
  36. Tai Ma, "On the Interdependency of Stock Returns," International Statistical Symposium, 1986, pp.605-622.
  37. Tai Ma, "A Model of Loan Pricing and a Portfolio Analysis of Loan Decision," Proceeding of the Inaugural Meeting of the Southeast Asia Region Academy of International Business, H.K., 1985. pp.557-565.
  38. Tai Ma, "A Simulation Model for Managing the Parking System of Kaohsiung: A System Dynamics Approach," Proceeding of the 1985 International Conference of the System Dynamics Society, Vol.2, pp.1081-1089.
  39. 馬黛, 錢才瑋與楊碩英, "利率自由化銀行放款業務之系統動態模擬," 國際資訊管理學會亞太地區資訊與縮影管理研討會, 1985, pp.475-486.


C. Research Work in Process

  1. The Issuer's Decision of IPO Mechanisms: Fixed versus Auction, Dec 1998.
  2. The Decision of Underwriting Mechanisms: IPOs and SEOs, July, 1999.
  3. The Derminants of the Stock Market spill-over effect in Aisan Financial Crisis, July 1999.
  4. Exchange Holidays, Information Asymmetry and Investor Strategies: The case of Taiwan, July 1999.


D. 專書、技術報告等(Reports and Books)

  1. "IPO Discount of State-Owned Enterprises: An International Comparison," NSC Research Report, NSC-87-2416-H-110-009, 1998.07.
  2. 「報備股票市場制度之研究與檢討唂痚磥中p企業證券交易市場交易機制之研究」 台北市券商公會委託專案研究報告, 1998.04
  3. "Trading Mechanisms Frequencies and Stock Market Performance(II): The Case of Taiwan OTC Exchange," NSC Research Report, NSC-86-2416-H-110-020, 1997.07.
  4. 「全民認股與釋股方式再檢討」, 行政院經建會專案研究成果報告, 01-3003, 1997.01.
  5. "Trading Mechanisms Frequencies and Stock Market Performance(I): The Case of Taiwan," NSC Research Report, NSC-85-2416-H-110-001, 1996.07.
  6. "On the Relationships Between the Financial Decisions of Taiwanese Investment in China and the Exchange Rates & Interest Rates Changes of Taiwan & PROC," NSC Research Report, 1995.
  7. 「高市發行公益彩券技術性分析」, 高雄市政府財政局委託研究計畫報告, 1995.02.
  8. "Stock Monitoring System: a Comparison of Stock Monitoring Systems and An Empirical Study on the Taiwan Stock Monitoring Mechanisms," NSC Research Report, 1994.
  9. 「我國實施員工入股計畫之研究」, 行政院勞工委員會委託研究報告, 1994.06.
  10. 「美日歐各國證券管理機關對於證券資訊之管理與應用之研究報告」, 財政部證管會專案研究報告, 1993.06.
  11. 「台海兩岸公營事業民營化之探討」, 行政院陸委會專案研究報告, 1993.05.
  12. 「台灣股市之結構與制度」, 中華民國管科會出版 ,1993.
  13. 「中鋼股票釋出員工配股方案之研擬與評估報告」, 中鋼工會委託研究報告, 1992.
  14. 「台灣股市穩定措施之理論與實務分析」, 國科會研究計畫, NSC-80-0301-H-110-12-P, 1991.
  15. 「股市崩盤原因之探討」, 國科會研究計畫, NSC-81-0115-C110-01-038H, 1991.
  16. 「股市崩盤之穩定措施及其影響之分析」, 國科會研究計畫, NSC-81-0115-C110-01-039H, 1991.
  17. 「淺論內線交易之意義及影響」, 證券市場發季刊創刊號, 1989.01, pp.112-117.
  18. 「證券市場功能特性之研究--台灣股市流動性之衡量與分析」, 國科會研究計畫, NSC-78-0301-H-110-06, 1989.
  19. 「鉅額交易之價格效果及其對台灣股市波動之影響」, 國科會研究計畫, NSC-76-0301-H-110-01, 1987.
  20. 「高雄市政府醫療藥品循環基金管理與運用之探討」, 高雄市政府研考會委託研究計畫報告, 1987.
  21. 「通貨澎漲與股票報酬之實證研究」, 證券管理, 第五卷, 第四期, 1987, pp.11-16.
  22. 「中國鋼鐵公司財務目標決策分析與評估」, 中鋼工會委託研究報告, 1987.
  23. 「台灣地區通貨膨漲與證券報酬之理論與實務分析」, 國科會研究計畫, NSC-75-0301-H-110-02, 1986.
  24. "簡介遠期買賣權," 台灣證券季刊, 1985, pp.35-40.
  25. "鉅額交易會助長股市波動嗎?" 台灣證券季刊, 第九期, 1985, pp.33-37.


E. 國科會補助專題計畫(Projects Sponsored by National Science Council)

  1. 計畫名稱：三個有關股市穩定措施的理論模式與實證分析：謠言、穩定基金與交叉持股(1/2)
    計畫編號：NSC-89-2416-H-110-006
    執行期限：民國88年8月1日至89年7月31日
    參與工作：計畫主持人
  2. 計畫名稱：承銷配售方式之決定及其對IPO折價之影響：競價拍賣、詢價圈購與公開抽籤
    計畫編號：NSC-88-2416-H-110-008
    執行期限：民國87年8月1日至88年7月31日
    參與工作：計畫主持人
  3. 計畫名稱：各國公營事業IPO折價與釋股方式之理論與實證分析
    計畫編號：NSC-87-2416-H-110-009
    執行期限：民國86年8月1日至87年7月31日
    參與工作：計畫主持人
  4. 計畫名稱：股市撮合制度對股價行為影響之實證研究(II) : 台灣櫃檯交易市場
    計畫編號：NSC-86-2416-H-110-020
    執行期限：民國85年8月1日至86年7月31日
    參與工作：計畫主持人
  5. 計畫名稱：股市撮合制度對股價行為影響之實證研究(I) : 台灣集中交易市
    計畫編號：NSC-85-2416-H-110-001
    執行期限：民國84年8月1日至85年7月31日
    參與工作：計畫主持人
  6. 計畫名稱：大陸台商投融資與兩岸匯率利率變動關係之研究
    計畫編號：NSC-83-0301-H-110-037
    執行期限：民國82年8月1日至83年7月31日
    參與工作：計畫主持人
  7. 計畫名稱：股市監視制度: 各國制度比較與台灣股市監視制度之實證研究
    計畫編號：NSC-83-0301-H-110-009
    執行期限：民國82年8月1日至83年7月31日
    參與工作：計畫主持人
  8. 計畫名稱：股市崩盤原因之探討
    計畫編號：NSC-81-0115-C110-01-038H
    執行期限：民國80年6月15日至80年9月15日
    參與工作：研究指導
  9. 計畫名稱：股市崩盤原因之穩定措施及其影響之分析
    計畫編號：NSC-81-0015-C110-01-039H
    執行期限：民國80年6月15日至80年9月15日
    參與工作：研究指導
  10. 計畫名稱：台灣股市穩定措施之理論與實務分析
    An Analysis of the Price Stabilizing Regulations of the Taiwan Stock Market
    計畫編號：NSC-80-0301-H-110-12-P
    執行期限：民國79年8月1日至80年7月31日
    參與工作：計畫主持人
  11. 計畫名稱：證券市場功能特性之研究--台灣股市流動性之衡量與分析
    A Study on the Liquidity of the Taiwan Stock Market
    計畫編號：NSC-78-0301-H-110-06
    執行期限：民國77年8月1日至78年7月31日
    參與工作：計畫主持人
  12. 計畫名稱：鉅額交易之價格效果及其對台灣股市波動之影響
    The Impacts of Block Trading on the Taiwan Stock Exchange
    計畫編號：NSC-76-0301-H-110-01
    執行期限：民國75年8月1日至76年7月31日
    參與工作：計畫主持人
  13. 計畫名稱：台灣地區通貨膨漲與證券報酬之理論與實務分析
    Inflation and Securities Returns : The Taiwan Case
    計畫編號：NSC-75-0301-H-110-02
    執行期限：民國74年8月1日至75年7月31日
    參與工作：計畫主持人