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Salford Business School

Professor Jia Liu

Reader in Finance

Biography

I joined the University of Salford in 2002, becoming a Senior Lecturer in 2008, a Reader in 2013 and Professor of Accounting and Finance in 2017. Previously I held posts in Business School, University of Leeds.

My research interests cover corporate finance, corporate governance, asset pricing, banking and financial institutions, financial risk management, the working and regulation of financial markets, and sustainable and responsible investment and economic growth. My researches also extend to the interface of accounting, sustainability and governance, covering accounting regulation, CSR reporting, risk disclosure and viability reporting, market-based accounting research, and the interactions between accounting and finance. My research has won prestigious awards, including the British Academy of Management and European Management Journal Best Paper Prizes and China Finance Association Best Paper Prize.

My academic related activities include: Associate Editor of the British Accounting Review, the International Review of Financial Analysis, and the Journal of Applied Accounting Research. I am a member of the editorial boards of the British Journal of Management; Corporate Governance: An International Review; the International Journal of Banking, Accounting and Finance; and the Journal of Risk Management. I am Guest Editor of a number of journals including the International Review of Financial Analysis and European Financial Management.

I actively engaged with academic communities in the fields of Accounting and Finance and Business Management.

  • Founding Chair, Corporate Finance and Asset Pricing Association, British Accounting and Finance Association
  • Chair, the British Accounting and Finance Association (Northern Region)
  • Executive member to Executive Committee of the British Accounting and Finance Association
  • Track Chair, Corporate Governance, British Academy of Management
  • Chair, Corporate Governance SIG, British Academy of Management

I consult to Financial Stability Board on compensation and compliance; have acted as Economic Consultant to the EU and Chinese government, and consulted on a number of projects, including green finance and investment and SME banking. I deliver keynote speeches to academic conferences, as well as at international institutions and government–organised conferences.  I collaborate extensively in the public and private sectors, working with scholars, practitioners, and policy-makers in the UK and overseas, to develop research projects and gain significant funding.

Teaching

My currently teaching covers: International Finance, Corporate Financial Strategy, Financial Engineering and Financial Risk Management, Quantitative Research Methods for MSc dissertations, and Advanced Research Methodology on the DBA programme.

I previous taught a range of modules:  Accounting and Finance, Corporate Finance and Accounting, Corporate Finance, Financial Engineering and Financial Risk Management; Emerging Financial Markets; Research Methods, Macroeconomics.

I am external examiner of Leeds University, MSc Accounting and Finance

My previous external examinationship for various undergraduates and postgraduates accounting, banking and finance programmes: Cardiff University, Bradford University; Coventry University

Research Interests

I have increasingly engaged in cross-disciplinary research, integrating accounting and finance with corporate social responsibility (CSR), Environment, Social and Governance (ESG), organisational behavior and strategy, R&D and innovation, and social wellbeing. and diversity and inclusivity, addressing social, political and environmental problems and seeking to determine how corporate behaviors and financial markets can be reconfigured to keep pace with the transformations produced by social and ecological factors, as well as rapidly developing internet technologies. Examples of my researches include,

  • Fintech, Big Data, and textual analysis
  • ESG with an emphasis on sustainability and climate change (such as Green bonds, renewable energy, etc.)
  • Behavioral finance and accounting, alternative finance (including Fintech and Big Data)
  • Diversity and inclusivity, such as gender, poverty and financial inclusion
  • Corporate finance, including M&A, IPO and SEO, 
  • Corporate governance, accountability and sustainability
  • Microstructure and asset prices
  • Interface of corporate finance and asset pricing
  • Audit, analysts and financial frauds
  • CEO compensation, risk disclosure
  • Market-based accounting research

I welcome Ph.D applicants who have similar research interests and have passion about research

Qualifications and Memberships

I hold a PhD in Economics from Birmingham University (UK). MA in International Business with English from the University of International Business and Economics (Beijing, China). I also gain PG-cert in Higher Education with Distinction from the University of Salford. 

I am an active member of the following international-standing associations.

American Accounting Association (2009 –) Academy of Management (2018 –); American Finance Association (2009 –); British Accounting and Finance Association (2005 –); British Academy of Management (2002 –); Chinese Economic Association (2007 – 2009); European Accounting Association (2007 –); European Finance Association (2007 –); European Economic Association (2005 –); Royal Economic Society (2009 – 2010); Southern Finance Association (2010 – 2014); International Corporate Governance Society (2017  –)

Publications

 

Books

F.N.Ngwu, Franklin N.Ngwu; O.K. Osuji; C. Ogbechie; J.Liu “Enhancing Board Effectiveness – Institutional, Regulatory and Functional Perspectives for Developing and Emerging Markets” Routledge-Taylor and Francis. Forthcoming.

Reports

European Union. (2004). European Union Delegation (EUD) Bi–Annual Reporting: Missionary Report, “China and EU Dialogue: Rule of Law” under the framework of the China–Europe Public Administration Project II (CEPAII) by Jia Liu.

 

European Union. (2005). European Union Delegation (EUD)  Bi–Annual Reporting: Missionary Report, “The Role of Civil Society Organisations in Stoical Services Delivery” by Jia Liu.

 

Selected refereed articles since 2009

Liu, J.; D, Zhang; J, Cai; Davenport, J. Legal System, National Governance, and Renewable Energy Investment: Evidence from around the World.  British Journal of Management, doi: 10.1111/1467-8551.12377.    [This paper has already had two citations by authors in their ABS-3 publication since it was online in mid-August 2019. It is expected to reach 30 citations by 2020. ]

M, Uddin; A. Chowdhury; Liu, J.; S, Shafique; S, Zafar.  Institutional Determinants of Inward FDI: Evidence from Pakistan. International Business Review, 28 (2). 344-358.

K, He; G, Tso; Y, Zou; Liu, J. (2018). Crude Oil Risk Forecasting: New Evidence from Multiscale Analysis Approach. Energy Economics. 76, 574-583.

Yu; R, Zha; K, He, Liu, J. (2019). Dependence and volatility spillovers between the oil and stock markets: New evidence from copula and VAR-BEKK-GARCH model.  International Review of Financial Analysis. https://doi.org/10.1016/j.irfa.2018.11.007.

D, Zhang; Liu, J. (2019). Is hub-based pricing a better choice than oil indexation for natural gas? Evidence from a multiple bubble test. Energy Economics. DOI: 10.1016/j.eneco.2018.11

M. Gao, H. Qian and Liu. J. (2018). Managerial overconfidence and M&A performance: Evidence from China". International Journal of Banking, Accounting and Finance. Forthcoming.

Liu, J; Wu, Y, Ye, Q and Zhang, D (2018). Does Seasoned Equity Finance promote Survival of Firms? International Review of Financial Analysis. https://doi.org/10.1016/j.irfa.2018.08.001.

Q, Ye; Y, Wu; Liu, J. (2018) Institutional preferences, demand shocks and the distress anomaly. British Accounting Review. 51(1), 72-91.

Xu, Y; Li, S; X, X., Ren, F., and J. Liu (2017) Intraday Volatility Spillover between the Shanghai and Hong Kong Stock Markets—Evidence from A+H Shares after the Launch of the Shanghai-Hong Kong Stock Connect. Journal of Management Science and Engineering; 2(4) 290-317.

Z. Shah, S. Akbar; Liu. J. (2017). CEO compensation and banks’ risk-taking during pre- and post-financial crisis periods, Research in International Business and Finance. 42(C), 1489-1503.

S. Akbar, S, Rehman; Liu, J. (2016). Credit supply constraints and financial policies of UK listed companies during the 2007-2009 financial crisis. Research in International Business and Finance. 42(C), 559-571.

Liu, J., Akbar, Z. Shah; Pang, D. (2016). Market reactions to seasoned offerings in China. Journal of Business Finance and Accounting. 43(5-6), 597–653.

Zhang, D. Y., Cai, J., Liu, J., and Kutan, A. M. (2016). Real Estate Investment and Financial Stability: Evidence from Regional Commercial Banks in China. European Journal of Finance

Liu, J. and Li. D. R. (2014). The life cycle of initial public offering companies in China. Journal of Applied Accounting Research. 15(3).

Mangena, M. and Liu, J., 2014. Accounting for value and governance. Journal of Applied Accounting Research, 15(3). ISSN 0967-5426.

Liu, J. (2013).  Fixed investment, liquidity, and access to capital markets: New evidence. International Review of Financial Analysis. 29, 189–201. 

Liu, J., Lister, R., and Pang, D. (2012). Corporate evolution following initial public offerings in China: A life–course approach. International Review of Financial Analysis.  27, 1–134.  

Liu, J. (2012).  The dynamics of listed SMEs in China. International Journal of Economics of Business. 19(3): 19(3):447–476. 

Liu, J. (2009).  Business failures and macroeconomic factors in the UK. Bulletin of Economic Research. 61(1):47–72.

Liu, J. (2009).  Financial factors and company investment decisions in transitional China.

Managerial and Decisions Economics. 30(2):91–108.

Papers under review

Thampanya, N., Nasir, M. and Liu, J. Fundamental and behavioural determinants of stock return volatility in ASEAN-5: Development level does matter. Journal of International Financial Markets, Institutions & Money.

 

Liu, J., R. Chen, H. Zhou, C. Jin. Discount or Premium? The pricing of structured products: Evidence from China’s P2P Market. International Review of Financial Analysis.

R, Shah; S, Akbar; Liu, J. The Impact of CEO Compensation on Firm Innovation. Journal of Business Research

M, Almaharmeh and Liu, J.. Mandatory IFRS Adoption, Financial Analysts, and Stock Price Informativeness. Journal of Accounting and Public Policy

H. Uddin; K. Sarkar; M. K Hassan; M, Hossain, J, Liu. Common Risk Factors in Returns on Sukuk Investment. Journal of Corporate Finance

Z.B. Zhu, M, Chen, and Liu, J Economic Policy Uncertainty and Analyst Behaviors: Evidence from UK.  British Accounting Review

Alam; B. U Bhuiyan; J, Liu. Female director expertise on audit committees and audit quality: Evidence from the UK. British Accounting Review

R. Chen; J, liu*. Returns and volatilities of energy futures markets: Roles of speculative sentiment and hedging sentiment. Journal: International Review of Financial Analysis

 

 

 

 

 

 

 

 

 

 

 

 

Postgraduate research

I have graduated ten Ph.D. students to completion in the period of 2006–2018, and currently supervise three Ph.D students. 

Their topics include:

Equity Finance and Corporate Misbehaviour in China; Regulation on Executive Remuneration Monitoring of UK Financial Institutions; Noise traders and how to reduce their impacts: Observation on U.K stock market; The Impact of Earnings Managements and Audit Timeliness on Managers' Compensation and Shareholder Wealth; Ownership, Share Repurchase, Liquidity and Stock Return; Private Equity, Textual analysis and Big Data; Environment, Social and Governance and UN SDGs, etc..