李怡宗

系别：会计学系
职称：教授
办公电话：86-10-62755742
Email：ytlee@gsm.pku.edu.cn

教授简介
李怡宗，现为北京大学光华管理学院会计系教授。他目前主要研究领域为行为金融学，证券市场与财务会计，已在Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, European Finance Management, Journal of Business Finance and Accounting,Pacific Basin Finance Journal等国内外刊物发表数十篇文章。李教授是台湾数个主要金融学术期刊的编辑委员，担任国际多个重要期刊的评审委员。他的著作获得美国Sand ell Research Grant on Retirement （美国联邦社会安全署支持计划)）（2006），并曾荣获国际学术论文研讨会最佳论文奖；研究论文被美国会计师协会文摘（2004）, 美国商业周刊（2004）等多个期刊转载。李教授也曾担任台湾期货交所交易业务委员会委员及结算业务委员会召集人，证券柜台买卖中心上柜审议委员。

研究领域
行为金融学
证券市场结构
公司财务
财务会计

教育背景
1993    国立中山大学    企业管理    博士
1989    国立政治大学    企业管理    硕士
1985    国立中兴大学    统计学    学士
            

职业经历
2009~至今
光华管理学院会计系教授

2004~2009
台湾国立政治大学会计系教授

2008~2008
北京大学中国经济研究中心客座教授

2001~2004
台湾国立政治大学会计系副教授

1993~2001
台湾国立中正大学会计系副教授

研究成果
Refereed Publications (有审查制度的期刊论文发表)：
 
郑立仁、李怡宗，2008，资产减损会计信息与权益存续期间之关联性：以台湾金融机构为例，证券市场发展季刊(TSSCI)，forthcoming。
李怡宗、刘玉珍、王锦莹、陈薇如、赖文弘，2009.04，限价委托簿信息透明度与市场质量，证券市场发展季刊(TSSCI)，vol. 21, no. 1, 51-85。
Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2009.02, Just How Much Do Individual Investors Lose by Trading? Review of Financial Studies (SSCI), Vol. 22 (2), .609-632.
Lee, Yi-Tsung, Yu-Jane Liu, and Ning Zhu, 2008, The Costs of Owning Employer Stocks: Lessons from Taiwan, Journal of Financial and Quantitative Analysis (SSCI), Vol. 43 (3), 717-740.
Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2007.06, Is the Representative Investor Reluctant to Realize Losses: Evidence from Taiwan, European Financial Management (SSCI), Vol. 13 (3), 423-447.
Lin, Ji-Chai, Yi-Tsung Lee, and Yu-Jane Liu, 2007.05, IPO Auctions and Private Information, Journal of Banking and Finance (SSCI), Vol. 31 (5), 1483-1500. NSC 92-2416-H-004-031
Lee, Yi-Tsung and Ging-Ginq Pan, 2006, The Tendency of Firm Managers to Avoid Small Losses, Advances in Quantitative Analysis of Finance and Accounting (FLI), Vol. 4, Ch. 9, 195-218.
Lee, Yi-Tsung, Yu-Jane Liu, Richard Roll, and AvanidharSubrahmanyam, 2006.01, Taxes and Dividend Clientele: Evidence from Trading and Ownership Structure, Journal of Banking and Finance (SSCI), Vol 30 (1), 229-246.
Lee, Yi-Tsung, Yu-Jane Liu, Richard Roll, and AvanidharSubrahmanyam, 2004.06, Order Imbalance and Market Efficiency: Evidence from the Taiwan Stock Exchange, Journal of Financial and Quantitative Analysis (SSCI), Vol 39 (2), 327-341. NSC 91-2416-H-004-018 (has been re-summarized in The CFA Digest, Vol. 34,Iss. 4, Nov. 2004, 54-55.)
Chen, Robert W., Burton Rosenburg, and Yi-Tsung Lee, 2004, Inferring Model Parameters in Markets with Collars, Computational Finance and Its Applications, p167-175, Wessex Institute of Technology, Bologna, Italy.
Chow, Edward H., Yi-Tsung Lee, and Yu-Jane Liu, 2004.03, Intraday Information, Trading Volume, and Return Volatility: Evidence from the Order Flows on the Taiwan Stock Exchange, Academia Economic Papers (TSSCI), Vol. 32 (1), p107-146.
Lee, Yi-Tsung and GwoHorng Liao, 2002, Shareholder Heterogeneity: Further Evidence, Advances in Investment Analysis and Portfolio Management (FLI), Vol. 9 (July), 181-202. NSC 89-2416-H-194-006
Lee, Yi-Tsung, Robert C.W. Fok, and Yu-Jane Liu, 2001.03, Explaining Intraday Pattern for Trading Volume from the Order Flow Data, Journal of Business Finance and Accounting (SSCI), Jan/March, Vol. 28 (1) & (2), 199-230. NSC 88-2416-H-194-002-88-053
Lee, Yi-Tsung, 2000.10, Order Submission Decisions and Market Performance Under Different Trading Mechanisms, International Journal of Business （JEL, EconLit）, Vol. 5 (2), 119-144. NSC 87-2416-H-194-002-07-066 
李怡宗，2000.04，上市企业非法内线交易之分析，产业管理学报，第一卷，第二期，185-208页。
周行一、李怡宗、李志宏、刘玉珍、陈丽雯，2000.04，台湾证券交易所认购权证价格与标的股票价格关系之研究，证券市场发展季刊（TSSCI），第十二卷，第一期，109-146页。
李怡宗、张广宏，1999.11，政府采取BOT案所面临会计问题之初探，公营事业评论，第一卷，第四期，45 - 91页。 NSC 88-2416-H-194-029-E25
李怡宗、刘玉珍、李健玮，1999.09，Black-Scholes评价模式在台湾认购权证市场之实证，管理评论（TSSCI），第十八卷，第三期，83 - 104页。（八十八年度管理评论第一届龙邦杰出论文奖）
Lee, Yi-Tsung, Ji-Chai Lin, and Yu-Jane Liu, 1999.05, Trading Patterns of Big Versus Small Players in an Emerging Market: An Empirical Analysis, Journal of Banking and Finance（SSCI, JEL）, Vol. 23, 701-725.
Lang, Larry H.P. and Yi-Tsung Lee, 1999.02, Performance of Various Transaction Frequencies under Call Markets: The Case of Taiwan, Pacific-Basin Finance Journal （JEL, EconLit）, Vol. 7, 23-39. NSC 85-2416-H-194-014
李怡宗，1993.12，信息不对称对公司内部人交易管制效果之影响，管理科学学报（TSSCI），第十卷，第二期，261 - 284 页。
刘维琪、李怡宗，1993.07，融资顺位理论之调查研究，管理评论（TSSCI），第十二卷，119 - 144 页。NSC 80-0301-H-110-22
李怡宗，1993.04，管制公司内部人交易之政策与股市信息效率，会计评论，第二十七卷，108 - 136 页。
刘维琪、李怡宗，1990.12，经济部所属事业绩效奖金之风险诱因效果，管理科学学报（TSSCI），第七卷，第二期，103 – 110 页。
Conference Papers and Proceedings (有审查制度的学术研讨会论文及论文集)：
Han,Bing, Yi-Tsung Lee, and Yu-Jane Liu, 2008.07, Investor Trading Behavior and Returns: Evidence from Taiwan Stock Index Options, 2008 China International Conference in Finance, 麻省理工学院斯隆管理学院与北京清华大学中国金融研究中心, Dalian, China. 
Lee, Yi-Tsung, Yu-Jane Liu, and Ning Zhu, 2006.07, The Costs of Owning Employer’s Stocks: Lessons from Taiwan, 2006 China International Conference in Finance, 麻省理工学院斯隆管理学院与北京清华大学中国金融研究中心, Xi’an, China. 
Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2006.01.06, Who Loss from Trade? Evidence from Taiwan, The 2006 meeting of American Finance Association, American Finance Association, Boston, MT, US.
Lin, Ji-Chai, Yi-Tsung Lee, and Yu-Jane Liu, 2005.12.14, IPO Auctions and Private Information, The 18th Australasian Finance & Banking Conference 2005, School of Banking and Finance, The University of New South Wales, Sydney.
李怡宗、郑立仁，2005.12.02，资产减损会计信息与权益存续期间之关联性：以台湾金融中介机构为例，2005 年会计理论与实务研讨会，中华会计教育学会。
Lee, Yi-Tsung, Yu-Jane Liu, and Vivian W. Tai, 2005.10.14, Who Demand on the Brokerage House Recommendations? 2005 Annual Meeting of the Financial Management Association International, FMA, Chicago.
Lin, Ji-Chai, Yi-Tsung Lee, and Yu-Jane Liu, 2005.07.05, Why Have Auctions Been Losing Market Shares to Bookbuilding in IPO Markets? 80th Annual Conference of Western Economic Association International, Western Economic Association International, San Fransico.    
Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2004.12.21, Do Individual Day Traders Make Money? Evidence from Taiwan, 2004 NTU International Conference. (has been re-summarized by Business Week, August 16, 2004.)
Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2004.12.18, Who Gains from Trade? Evidence from Taiwan, The 12th Conference on the Theories and Practices of Securities and Financial Markets. (The Best Paper Award)
Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2004.10.16, Do Individual Day Traders Make Money? Evidence from Taiwan, Behavioral Finance Program Meeting, National Bureau Of Economic Research, Inc., 1050 Massachusetts Avenue, Cambridge, Massachusetts, USA.
Chen, Robert W., Burton J. Rosenburg, and Yi-Tsung Lee, 2004.04, Inferring Model Parameters in Markets with Collars, International Conference on Computational Finance and Its Applications, Wessex Institute of Technology, Bologna, Italy.
Lin, Ji-Chai, Yi-Tsung Lee, and Yu-Jane Liu, 2003.11, Why Are IPO Auctions Not Popular? The 11th Conference on Pacific Basin Finance, Economics, and Accounting, PBFEA, Taipei.
Lee, Yi-Tsung and Ging-Ginq Pan, 2003.11, The Tendency of Firm Managers to Avoid Earnings Losses in Taiwan, The 11th Conference on Pacific Basin Finance, Economics, and Accounting, PBFEA, Taipei.
Lee, Yi-Tsung, Ji-Chai Lin, and Yu-Jane Liu, 2003.10, The Performance of Auctions in Pricing IPO Shares: New Evidence, 2003 Annual Meeting, Financial Management Association, Denver, USA.
Lee, Yi-Tsung and Yu-Jane Liu, 2003.08, The Probit Model: An Application to the Choice of Initial Public Offerings Methods, Joint Statistical Meetings, American Statistical Association, San Francisco, U.S.
Lee, Yi-Tsung, Ji-Chai Lin, and Yu-Jane Liu, 2003.06, The Performance of Auctions in Pricing IPO Shares: New Evidence, 2003 Annual Meeting, European Financial Management Association, Helsinki, Finland.
Lee, Yi-Tsung, Ji-Chai Lin, and Yu-Jane Liu, 2003.01, The Performance of Auctions in Pricing IPO Shares: New Evidence, Pacific Rim Conference, WEAI, Taipei.
Chen, Robert W., Burton J. Rosenburg, and Yi-Tsung Lee, 2002.07, Estimating Volatility in Markets with Price Limits, The 77th Annual Conference of WEAI, Western Economic Association International, Seattle, USA. 
Lee, Yi-Tsung, Yu-Jane Liu, and John Wei, 2002.07, Institutional Order Submission Strategies, Execution Costs, and Opportunity Costs, The 77th Annual Conference of WEAI, Western Economic Association International, Seattle, USA.
Lin, George Y. C., Yi-Tsung Lee, and Wen-ding Liu, 2002.04, The Choice and Effect of SEO Underwriting Mechanisms: A Microstructure Approach, The 2002 Annual Research Conference in Finance, Taiwan Finance Association, Taichung.
Lee, Yi-Tsung, Yu-Jane Liu, and John Wei, 2001.12, Institutional Order Submission Strategies, Execution Costs, and Opportunity Costs, The 10th Conference on the Theories and Practices of Securities and Financial Markets, Department of Finance.
Chen, Robert W., Burton J. Rosenburg, and Yi-Tsung Lee, 2001.05, Estimating Volatility in Markets with Price Limits, Annual Research Conference in Finance and Financial Market in the 21st Century, Taiwan Finance Association, Tamkang.
Lee, Yi-Tsung, Robert C.W. Fok, and Yu-Jane Liu, 2000.04, Explaining Intraday Pattern of Trading Volume from the Order Flow Data, The First Annual Conference on Empirical Economics, Taiwan Economics Association and department of International Economics, Chung Cheng University. (The Best Paper Award)
Lee, Yi-Tsung, 1999.12, Exchange Rate Exposure and Corporate Hedge during Asian Financial Crisis: The Case of Taiwan Listed Firms, The 8th Conference on the Theories and Practices of Securities and Financial Markets.
Chow, Edward H. and Yi-Tsung Lee, 1999.12, Private Information, Pricing Errors and Trading Volume around the Price Limit Hits: Evidence from the Taiwan Stock Exchange, The 8th Conference on the Theories and Practices of Securities and Financial Markets.
Lee, Yi-Tsung and GwoHorng Liao, 1999.10, Shareholder Heterogeneity: Further Evidence, The 1999 FMA Annual Meeting, Financial Management Association, Orlando, U.S.
Huang, BwoNung and Yi-Tsung Lee, 1999.08, Market Crash, Instability and Lasting Effects - An Intervention Analysis with Outlier Adjustment, ACME IX International Conference, Association of Chinese Management Educator, San Francisco, U.S.
Chow, Edward and Yi-Tsung Lee, 1998.12, The Countervailing Effect of Information Trading and Trading Recess on the Return Volatility at the Open: Evidence from the Order Flow Data on the Taiwan Stock Exchange, The Seventh Conference on the Theories and Practices of Security and Financial Markets, Department of Finance, NSYSU, Kaohsiung.
李怡宗，1997.12，公用事业民营化释股规划之研究，第六届证券暨金融市场理论与实务研讨会。
Chow, Edward, Yi-Tsung Lee, and Yu-Jane Liu, 1997.10, Intraday Information, Trading Volume, and Return Volatility: Evidence from the Order Flows on the Taiwan Stock Exchange, The 1997 FMA Annual Meeting, Financial Management Association, Hawaii, US.
Yi-TsungLee,Ji-Chai Lin and Yu-Jane Liu, 1996.12, Big Versus Small Players on the Taiwan Stock Exchange, The Fifth Conference on the Theories and Practices of Security and Financial Markets, Department of Finance, NSYSU, Kaohsiung, 1996.
张玉山、李怡宗，1996.12，我国民营化审计工作的回顾与展望，第五届证券暨金融市场理论与实务研讨会。
Lang, Larry H.P. and Yi-Tsung Lee, 1996 10, The Performance of Various Transaction Frequencies under Call Markets, (with intraday data), The 1996 FMA Annual Meeting, Financial Management Association, New Orleans, US. NSC 85-2416-H-194-014.
Lee, Yi-Tsung, Ji-Chai Lin, and Yu-Jane Liu, 1996 07, On the Taiwan Exchange: Big versus Small Players, 1996 APFA/PACAP Finance Conference & CFA Annual Meetings, Taipei.
Huang, Bwo-Nung, Chin Wei Yang, Yi-Tsung Lee, and Shin-Herng Michelle Chu, 1996 07, Capital Market Integration and Segmentation: An Empirical Study of the European Community, North American Free Trade Agreement and the Asian Trade Bloc, 1996 APFA/PACAP Finance Conference & CFA Annual Meetings, Taipei.
Lang, Larry H.P. and Yi-Tsung Lee, 1995.06, The Performance of Various Transaction Frequencies under Call Markets, (with daily data) The 4th Annual Meeting of European Financial Management Association, European Financial Management Association, London, UK.
陈政雄、刘维琪、李怡宗，1994.03，在反倾销措施与学习效果情况下外销厂商的竞争策略，企业经营策略与经营绩效学术研讨会。NSC 82-0301-H-110-003
李怡宗，1993.05，逆选择问题下管制公司内部人交易之效果，第一届全国管理博士论文研讨会。
Lee, Yi-Tsung, 1992.08, Insider Trading in an Entrepreneurial Stock Market Model, International Conference on Economics/Management and Information Technology 92, The Japan Society for Management Information, Tokyo, Japan.
Other Academic Work (其它学术成果) :
李怡宗，2008.09，【前瞻学术议题深入报导】财务学的另一篇：行为财务学，人文与社会科学简讯，第九卷，第四期，29-37页。
苏瓜藤、李志宏、李怡宗、王俪玲，2006.01，智能资本评价及模式分析，智能资本管理，第十一章，273-295 页，华泰文化事业股份有限公司，台北。ISBN: 957-609-618-9
刘玉珍、李怡宗、林劭杰、李翎竹，2004.11，国内选择权市场造市者制度效益之初探 (The Preliminary Benefits Analysis of Adopting Market Makers in Option Market)，台湾期货市场双月刊，第六卷，第六期，17-28页。
刘玉珍、李怡宗、黄宝慧，2004.04，市场管理制度创新与行为财务学：信息揭露制度设计的政策意涵，证券暨期货月刊，第二十二卷，第四期，4-14页。
许崇源、李怡宗、林宛莹、郑桂蕙，2003.09，控制权与盈余分配权偏离之衡量（下），货币观测与信用评等，第四十三期，11-26页。
许崇源、李怡宗、林宛莹、郑桂蕙，2003.07，控制权与盈余分配权偏离之衡量（上），货币观测与信用评等，第四十二期，15-31页。
张玉山、李怡宗，1999.01，我国民营化审计工作的回顾与展望（下），审计季刊，第十九卷，第二期，42 - 48页。
张玉山、李怡宗，1998.10，我国民营化审计工作的回顾与展望（上），审计季刊，第十九卷，第一期，20 - 28页。
李怡宗，1997.09，认购(售)权证评价模式之论述，证券暨期货管理，第十五卷，第九期，1-19页。
张玉山，李怡宗，1997.08，公用事业民营化释股相关议题之探讨，大型释股与民营化实务研讨会。
张玉山，李怡宗，1997.05，公用事业民营化之股权规划与释股策略，公用事业之民营化释股与管制架构国际研讨会。
李怡宗，1997.01，民营化员工认股之投资效益评估，公营事业员工认股与持股管理研讨会，高雄。
刘维琪、李怡宗，1993.07，近代资本结构理论的综合探讨，企银季刊，1 - 26 页。NSC 80-0301-H-110-22
李怡宗，1992.09，浅论多国籍企业因应汇率风险之一般对策，商业职业教育季刊，第50 期，12 - 17 页。
蔡敦浩、李怡宗，1991.06，多国籍企业的政治风险评估，台北市银月刊，第二十二卷，第五期，33 - 56 页。

当前研究
1. 行为金融学
2. 证券市场结构
3. 公司财务
4. 财务会计

教授课程
1. 行为金融学
2. 证券市场结构
3. 公司财务
4. 财务会计