Prof. Po-Hsuan Hsu   

Prof. Po-Hsuan Hsu   許博炫 教授

Tsing Hua Chair Professor and Yushan Fellow

National Tsing Hua University-Delta Distinguished Talent

Department of Quantitative Finance

College of Technology Management, NTHU  |  +886-3-5162156

Room 606, TSMC Bldg., 101, Sec. 2, Kuang-Fu Rd., Hsinchu City, Taiwan


Po-Hsuan Hsu received his bachelor's degree in International Business, his master's degree in Management of Technology, and his Ph.D. degree in Finance. His research focuses on innovation economics and financial markets, but he also touches on sustainability and financial econometrics. His research has been published in prestigious journals in Economics, Finance, Technology Management, Accounting, Information System, etc. His papers won the best paper awards in various international and Asian conferences, and have been covered in media many times. He is serving on the editorial boards for various journals, such as the Research Policy, Journal of Financial and Quantitative Analysis, and Management Science. He is currently a Senior Fellow of Mack Institute for Innovation Management of The Wharton School of University of Pennsylvania, a Fellow of the Asian Bureau of Finance and Economic Research (ABFER), and a TPRI Fellow of Technology & Policy Research Initiative (TPRI) of Boston University, and was a Batten Fellow of Batten Institute for Entrepreneurship and Innovation of University Virginia's Darden School of Business. He is also active in organizing in-person and online seminars and international conferences in Innovation Economics and Sustainable Finance, and has served in the executive board of Asia Innovation and Entrepreneurship Association (AIEA). 



Ph.D. and M.Phil., Finance and Economics Division, Graduate School of Business, Columbia University, 2007 

M.B.A. in Management of Technology with Honors, Graduate Institute of Management of Technology, National Chiao-Tung University (Minors in Applied Mathematics and Statistics), 2001

B.B.A. in International Business, Department of International Business, College of Management, National Taiwan University, 1998



Tsing Hua Chair Professor and Yushan Fellow, College of Technology Management, National Tsing Hua University, 2019-present (visiting from summer 2018)

Professor, Finance Area, Faculty of Business and Economics, University of Hong Kong, 2011-2019 (on leave from summer 2018)

Assistant Professor, School of Business, University of Connecticut, 2007-2011



SSRN downloads (and a complete list of working/published papers): 

Google Scholar citations (>7,000 in March 2024): 

Scopus citations (>2,910 in March 2022):

Academic/research forum coverage: Harvard Law School Forum on Corporate Governance, Duke Law School FinReg Blog, UCLA Anderson Review, Knowledge@Wharton, PRI blog, and AsiaGlobal Online.

International media coverage: Wall Street Journal, South China Morning Post (南華早報), Wonkblog of The Washington Post, World Trademark Review, The Medicine Maker, Private Equity Finding, Harvard Business Review, and The Chronicle of Philanthropy



28.Technological innovations and aggregate risk premiums,” Journal of Financial Economics, 94 (2), 264-279, 2009 (Single-authored 唯一作者)

  • Real business cycle models and calibrations can be downloaded here (dropped in the published version upon the reviewer's comment)

27. “Mutual funds' conditional performance free of data snooping bias," with Ioannis Kyriakou, Tren Ma, and Georgios Sermpinis, Journal of Financial and Quantitative Analysis, accepted, 2023.

26. “Industry-university collaboration and commercializing Chinese corporate innovation," with David H. Hsu, Kaiguo Zhou, and Tong Zhou, Management Science (Entrepreneurship and Innovation Department), accepted, 2024.

25. “Innovation under pressure," with Heitor Almeida, Vyacheslav Fos, Mathias Kronlund, and Kevin Tseng, Journal of Financial and Quantitative Analysis, accepted, 2024.

24. “Pay transparency and inventor productivity: Evidence from state-level pay secrecy laws gender gap," with Huasheng Gao and Jin Zhang, RAND Journal of Economics, forthcoming, 2023.

23. Leviathan Inc. and corporate environmental engagement,” with Hao Liang and Pedro Matos, Management Science (Finance Department), 69(12), 7719-7758, December 2023.

  • Data of state ownership and related data can be downloaded here.

22. “The gender gap in the ownership of promising land premium," with C. Y. Cyrus Chu and Yi-Ting Wang, Proceedings of the National Academy of Sciences (PNAS), 120 (24) e2300189120, June 2023.

21. “Director job security and corporate innovation," with Yiqing Lu, Hong Wu, and Yuhai Xuan, Journal of Financial and Quantitative Analysis, 59(2), 652-689, March 2024.

20. The pollution premium,”with Kai Li (PKU) and Chi-Yang Tsou, Journal of Finance, 78(3), 1343-1392, June 2023.

19. “Currency volatility and global technological innovation,”with Mark P. Taylor, Zigan Wang, and Qi Xu, Journal of International Economics, 137, 103607, July 2022.

18. “Staggered boards and product innovations: Evidence from Massachusetts State Bill HB 5640,”with I-Ju Chen and Yanzhi Wang, Research Policy, 51(4), 104475, 2022.

17.More cash, less innovation: The effect of the American Jobs Creation Act on patent value,” with Heitor Almeida, Dongmei Li, and Kevin Tseng, Journal of Financial and Quantitative Analysis, 56(1), 1-28, 2021 (lead article 領銜文章).

16. Patent thickets, stock returns, and conditional CAPM,” with Hsiao-Hui Lee and Tong Zhou, Management Science (Finance Department), 68(11), 8343-8367, November 2022.

  • Data of patent thickets and other patent-related variables can be downloaded here.
  • Internet Appendix for a general equilibrium model based on Gomes, Koagn, and Zhang (2003) can be downloaded here.

15. Rich on paper? Chinese firms' academic publications, patents, and market values,” with David Hsu and Qifeng Zhao, Research Policy, 50(9), 104319, 2021.

14. Valuation of new trademarks,” with Dongmei Li, Qin Li, Siew Hong Teoh, and Kevin Tseng, Management Science (Finance Department), 68(1), 257-279, January 2022.

13. Consolidating product lines via mergers and acquisitions: Evidence from the USPTO trademark data,” with Kai Li (UBC), Xing Liu, and Hong Wu, Journal of Financial and Quantitative Analysis, 57(8), 2968-2992, December 2022.

12. Corporate R&D and stock returns: International Evidence,” with Kewei Hou, Shiheng Wang, Akiko Watanabe, and Yan Xu, Journal of Financial and Quantitative Analysis, 57(4), 1377-1408, June 2022.

11. Benchmarking U.S. university patent value and commercialization efforts: A new approach,” with David Hsu, Tong Zhou, and Arvids Ziedonis, Research Policy, 50(1), 104076, 2021

  • Internet Appendix for a list of university assignee codes can be downloaded here.

10. The Oscar goes to…: High-tech firms’ acquisitions in response to rivals’ technology breakthroughs,” with I-Ju Chen, Micah Officer, and Yanzhi Wang, Research Policy, 49(7), 104078, 2020 (Corresponding author 通訊作者)

9. The real effect of smoking bans: Evidence from corporate innovation,” with Huasheng Gao, Kai Li (UBC), and Jin Zhang, Journal of Financial and Quantitative Analysis, 55(2), 387-427,  2020

8. Innovative originality, profitability, and stock returns,” with David Hirshleifer and Dongmei Li, Review of Financial Studies, 31(7), 2553-2605, 2018 (Corresponding author 通訊作者) 

  • Attention models of Internet Appendix can be downloaded here.

7. Natural disasters, technology diversity, and operating performance,” with Hsiao-Hui Lee, Shu-Cing Peng, and Long Yi, Review of Economics and Statistics, 100(4), 619-630, 2018 (Corresponding author 通訊作者) 

  • A production model in Internet Appendix can be downloaded here.

6. Innovation strategy of private firms,” with Huasheng Gao and Kai Li (UBC), Journal of Financial and Quantitative Analysis, 53 (1), 1-32, 2018 (Lead article 領銜文章)

5. The real effects of real earnings management: Evidence from innovation,” with Frederick Bereskin and Wendy Rotenberg, Contemporary Accounting Research, 35 (1), 525-557, 2018

4.What affects innovation more: Policy or policy uncertainty?” with Utpal Bhattacharya, Xuan Tian, and Yan Xu, Journal of Financial and Quantitative Analysis, 52 (5), 1869-1901, 2017 

3. Technical analysis: Is it still beating the foreign exchange market?” with Mark P. Taylor and Zigan Wang, Journal of International Economics, 102, 188-208, 2016

2. Financial development and innovation: Cross-country evidence,” with Xuan Tian and Yan Xu, Journal of Financial Economics, 112 (1), 116-135, 2014 

1.Innovative efficiency and stock returns,” with David Hirshleifer and Dongmei Li, Journal of Financial Economics, 107 (3), 632-654, 2013 



Guest EditorResearch Policy's Special Issue: The Coevolution of Financial and Technological Innovations  

Associate EditorManagement Science

Associate EditorJournal of Financial and Quantitative Analysis

Associate EditorJournal of Banking & Finance

Advisory EditorResearch Policy

Editorial/Review BoardPacific-Basin Finance JournalSmall Business Economics

Reviewer Awards: Outstanding Contribution to Reviewing Award by Research Policy in 2024

Conference Best Paper Awards: China International Conference in Finance (CICF) in 2024, Sustainable and Green Finance Institute (SGFIN) Conference in 2024, Commodity and Energy Markets Association (CEMA) Meeting in 2022, Theories and Practices of Securities and Financial Markets (SFM) in 2018, China Finance and Accounting Research Symposium (Xiamen U.) in 2018,  Guanghua International Symposium on Finance (PKU) in 2018, Financial Management Association (FMA) Meeting in 2008, Dissertation Proposal Award in Investments (2nd Place) in FMA Annual Meeting in 2006.

Executive BoardAsia Innovation and Entrepreneurship Association (AIEA)

Senior FellowMack Institute for Innovation Management, The Wharton School, The University of Pennsylvania, 2023-present

FellowThe Asian Bureau of Finance and Economic Research (ABFER), 2022-present

TPRI FellowTechnology Policy & Research Initiative, Boston University, 2022-present

Batten FellowBatten Institute for Entrepreneurship and Innovation, Darden School of Business, University of Virginia, 2016-17

Advisory Committee (Academic), Graduate School of Innovation and Technology Management, College of Business, KAIST

Co-organizerTaiwan Symposium on Innovation Economics and Entrepreneurship (27 evetns by May 2023)

OrganizerNTHU Symposium on Sustainable Finance and Economics (5 evetns by June 2023)

Co-chair of executive committee and local organizer9th Darden-Cambridge Judge-HKU FBE Entrepreneurship and Innovation Research Conference, 2018

Co-chair of conference committee10th Global Entrepreneurship and Innovation Research Conference, 2019

Co-chair of organizing committee and local organizer5th AIEA-NBER Conference (2017), 9th AIEA-NBER Conference (2021), and 11th AIEA-NBER Conference (2023)

Organizer, HKU Symposium on Innovation Strategy and Entrepreneurial Finance, spring 2015, fall 2015, fall 2016

Organizer, Hong Kong Joint Finance Research Workshop, summer 2014

Distinguished Faculty Fellow, KAIST ISPI Innovation and Entrepreneurship Research Boot Camp, 2021

Panelist/Senior MentorJunior Faculty Consortium (Technology and Innovation Management Division), Academy of Management (AoM) Annual Meeting, Atlanta, GA, 2017