Professor of Finance
Pei-Shih Weng
翁培師 · Department of Finance, National Sun Yat-sen University, Taiwan
I study how investors actually trade, what their behavior does to prices in stock and futures markets, and how firms and their governance respond.
Research
Most of my work draws on detailed trading records from Taiwan’s stock and futures markets, which separate retail, domestic institutional and foreign investors, to test how real investors depart from textbook behavior and what that does to markets.
Investor behavior
How retail and institutional investors trade, and how sentiment, attention, weather, air quality, superstition and political preference shape their decisions and the prices that follow.
Do Political Preferences Shape Retail Investors' Decisions? Evidence from the Taiwan Stock Market
Weng Ian Hoi, Chi-Yu Chen, and Pei-Shih Weng
What's Bad for the Environment Is Also Bad for the Market: The Impact of Air Quality on the Mispricing of Dual-Listed Shares in China
Ming-Hung Wu, Wei-Ling Huang, and Pei-Shih Weng
Cost of Health Problems Caused by Stock Market Volatility: An Empirical Study in Taiwan
Pei-Shih Weng, Yu-Jen Hsiao, Kai-Yuan Hsiao, and Wei-Shan Chang
Futures markets and market microstructure
Informed trading, foreign institutional investors, herding and price discovery in futures, options and warrants markets.
Herd Behaviors in Index Futures Trading: Driving Factors and Impact on Market Volatility
Ming-Hung Wu, Wan-Ting Hu, and Pei-Shih Weng
Intraday Momentum in the VIX Futures Market
Hung-Chia Huang, Wei-Che Tsai, Pei-Shih Weng, and Jimmy Yang
Do Put Warrants Unwind Short-Sale Restrictions? Further Evidence from the Taiwan Stock Exchange
Yi-Wei Chuang, Wei-Che Tsai, Pei-Shih Weng, and Chi Yin
Corporate finance and governance
Underwriting relationships, mergers and acquisitions, dividends, board composition and corporate governance, mainly in Taiwanese firms.
COVID-19疫情對公司股價波動度之影響：投資人情緒與公司治理的角色
經濟論文, 54(2) (2026)
蔡明宏、林佳慶與翁培師
Geopolitical Tensions and Voluntary Disclosure Strategies: Evidence from U.S.-Listed Chinese Firms
Sheng-Yi Lo, Yi-Wei Chuang, Ming-Hung Wu, and Pei-Shih Weng
Examining the Information Content of Cash Dividend Announcements through Corporate Governance
Management Review (管理評論), 44(2) (2025)
Tao Wang, Chen-Yang Tsai, Pei-Shih Weng, and Yi-Wei Chuang
All publications →