Dr. Po-Hsuan (Paul) Hsu   

許博炫 教授

Professor of Department of Quantitative Finance

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

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


Po-Hsuan Hsu received his bachelor degree in International Business, his master 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 leading and prestigious journals in Economics, Finance, Accounting, Management, Technology Management, Information System, etc. He has also reviewed for papers for journals in all these fields. He is active in organizing international conferences in Innovation, and has served in the executive board of Asia Innovation and Entrepreneurship Association (AIEA). He has also won the best paper awards in various international and Asian conferences.


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

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)

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


Professor and Yushan Scholar, College of Technology Management, National Tsing Hua University

Professor, Finance Area, Faculty of Business and Economics, University of Hong Kong

Assistant Professor, School of Business, University of Connecticut


The interaction between technological innovation and financial markets, sustainability, entrepreneurship, and financial econometrics.


Associate Editor, Journal of Banking & Finance


Executive Board, Asia Innovation and Entrepreneurship Association (AIEA)

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

Co-organizer, Taiwan Symposium on Innovation Economics and Entrepreneurship

Co-chair of executive committee and local organizer, 9th Darden-Cambridge Judge-HKU FBE Entrepreneurship and Innovation Research Conference, 2018

Co-chair of conference committee, 10th Global Entrepreneurship and Innovation Research Conference, 2019

Co-chair of organizing committee and local organizer, 5th AIEA-NBER Conference, August 2017

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

Organizer, Hong Kong Joint Finance Research Workshop, summer 2014

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

Panelist, Doctoral Student Consortium, 2017 FMA Asia Pacific Meeting, Taipei, Taiwan, 2017


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

Valuation of new trademarks,” with Dongmei Li, Qin Li, Siew Hong Teoh, and Kevin Tseng, Management Science, forthcoming, 2020 

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

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)

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, forthcoming, 2019 

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

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) 

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) 

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

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

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 

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

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

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